Metroglass Annual Report for the year ended 31 March 2023

2023 Annual Report

2023 Annual Report

Our Year in Review2
Chair and CEO Report4
Management Summary6
New Zealand and Australian Market Review8
Board of Directors10
Senior Leadership Team12
Consolidated Financial Statements 15
Notes to the Consolidated Financial Statements21
Independent Auditor’s Report50
Corporate Governance 56
Remuneration Report64
Statutory Information68
Company Directory73
CONTENTS
Contents
1

OUR YEAR
$
263.5
m
GROUP REVENUE
(FY22: $236.1m)
Net Debt
(FY22: $52.3m)
$
60.1
m
Capex
(FY22: $11.9m)
$
6.4
m
Group EBIT
1
(FY22: $5.9m)
$
11.8
m
Leverage Ratio
2
(FY22: 3.8x)

3.2
x
1 Earnings before interest, tax and significant items2 Net debt to EBITDA, measured on a pre-IFRS-16 basis
AUSTRALIAN GLASS
GROUP REVENUE
NEW ZEALAND
REVENUE
$
186.7
m
+5%
$
76.8
m
+32%
EBIT
1

$
6.4
m
(-14%)EBIT
$
6.4
m
+$6.7m
2
2023 Annual Report

IN REVIEW
Customer survey results show
sustained satisfaction
1
Our Year in Review
1 Survey question: “On a scale of 1 to 10, how likely are you to recommend Metroglass to a friend or colleague?”
AUSTRALIAN GLASS GROUP
DOUBLE GLAZING SALES
GROWTH
+
31%
NOV
2022
MAY
2022
DEC
2021
MAY
2021
NOV
2020
JUN
2020
NOV
2019
JUN
2019
NOV
2022
MAY
2022
DEC
2021
MAY
2021
NOV
2020
JUN
2020
NOV
2019
JUN
2019
7.3
7.6
7.3
7.97.97.9
7.8
8.1
8.08.08.0
8.1
7.7
7.8
7.77.7
New ZealandAustralian Glass Group
3

4
2023 Annual Report
The last year was yet
another challenging one
for the Metro Performance
Glass Group.
The New Zealand supply chain continued
to be disrupted by the flow-on effects
of the pandemic, cost inflation appeared,
and the early signs of a construction
sector down-turn became apparent.
The New Zealand business took a series
of actions to manage these challenges.
Australian Glass Group (AGG) delivered
a milestone year, achieving revenue
growth and a return to profitability.
The focus for both businesses remains
on supporting customers by delivering
quality products that meet the changing
requirements of the market and the
increasing need for high-performing glass.
Financial performance
Group revenue for the year to 31 March
2023 of $263.5 million was 12% higher than
the prior year, supported by 32% growth in
Australia and a modest 5% in New Zealand.
Operational and financial performance
in AGG supported the significant increase
in profitability this year, as progressive
margin improvements and cost saving
initiatives bolstered the New Zealand
business. Group EBIT before significant
items rose 100% to $11.8 million.
Net debt increased from $52.3 million to
$60.1 million at 31 March 2023, reflecting
the higher value of inventory and trade
receivables, a greater stock quantity on
hand to cover the lack of reliability in the
supply chain and the increased working
capital requirements to support the
growth in the AGG business.
Positioning New Zealand for
a changing market
The business made good progress to
address the inflationary pressures and
supply chain volatility. While the challenges
are expected to continue, our focus
remains firmly on operational efficiency
and positioning the company to meet the
needs of a changing market dynamic.
In the year, we reset the business
structure; ceasing manufacturing at
the Bay of Plenty plant, corporate
restructuring and reducing headcount.
These changes will achieve annual
savings of $8.0 to $9.0 million in FY24.
Gross profit margin has progressively
recovered through quarter four as supply
chain disruption reduced, international
freight costs began to ease and cost-out
initiatives were implemented.
Our investments to increase furnacing
capacity ‘debottlenecked’ our
manufacturing network, increased
capability for processing Low Emissivity
(Low E) glass and improved quality. We also
launched a first for the residential market
product, SunX™ Grey, which is the latest
in solar control technology. These positive
steps will satisfy the growing demand for
high-performing Low E glass in line with the
H1 building code changes which apply now.
Australian Glass Group (AGG)
turnaround and the decision
to explore divestment
In FY23 AGG has performed well, even
with disruptions to supply chains and
labour availability. AGG’s improved
profitability delivered a 32% increase
in revenue to $76.8 million and EBIT of
$6.4 million, an improvement of $6.7 million
on the prior year.
PETER GRIFFITHS
Chair
CHAIR
AND CEO
REPORT
SIMON MANDER
CEO

Chair and CEO Report
The focus for both businesses
remains on supporting
customers by delivering quality
products that meet the
changing needs of the market
and the increasing need for
high-performing glass.
5
The FY23 result is a positive payback for
consistent operational stability. Customers
have remained supportive, the Australian
construction sector has strengthened
and AGG’s domestic raw material supply
was able to recover quickly from disruption.
Marked improvements in market pricing
offset inflationary pressures, which
also reflected the increased need for
high-performing double glazing in the
Australian markets.
In February 2023 Metroglass announced
its intention to explore divestment options
for the Australian business. This process
continues to progress and is expected to
take a number of months.
AGG has solid fundamentals and a strong
growth plan that leverages the adoption
of double glazing in the south-east of
Australia in line with National Construction
Code changes. As AGG enters the next
phase of its growth strategy and serving
increasing demand for double glazing
across the Australian residential market, it
is now an appropriate time to consider the
options for this business.
The proceeds from any transaction will be
directed towards the reduction of debt.
Metroglass is targeting a leverage ratio of
1.0x net debt to EBITDA. This net debt level
will significantly improve the resilience of
the New Zealand business as it manages
the dynamics of a changing cycle.
Capital management
Metroglass’ net debt increased by $7.8 million
to $60.1 million during the year, driven by
working capital. Its net debt to EBITDA (on
a pre-IFRS 16 basis) ratio decreased to
3.2x at 31 March 2023 from 3.8x.
Working capital grew by 22% to $43.2
million at 31 March 2023. This was the
result of higher-value inventory and
trade receivables, a greater safety stock
quantity on hand and the working capital
requirements of a growing business in AGG.
Metroglass has begun to reduce working
capital commitments in line with the
improving reliability of the international
supply chain and this is expected to
materially reduce working capital
requirements through the first half
of FY24.
During the year, Metroglass concluded an
extension of its current syndicated banking
facilities out to the end of October 2024
(previously October 2023).
Market outlook
The 12-month rolling number of residential
consents issued in New Zealand has
declined from its peak through the first
quarter of 2023. Activity levels in the
beginning of FY24 have remained within
expectations and customers continue
to indicate a stable pipeline of work in
the near term. However, the economic
outlook presents significant uncertainty
for the number of consents issued and the
dwellings ultimately constructed in FY24.
As a consequence of the forecasted
lower construction activity, a review of
the carrying values of Metroglass’ assets
resulted in a $10.0 million impairment
on New Zealand goodwill, which initially
arose from acquisitions completed in 2012
(pre-IPO). This non-cash charge has no
impact on the company’s bank covenants
and is presented as a significant item in
the FY23 financial statements.
As international freight costs and
disruption moderate through the next
six months, combined with the increasing
demand for Low E products driven by the
new H1 building code, the level of financial
performance in the first half of FY24 in
New Zealand is expected to be better
than the prior comparable period.
Economic headwinds from inflation,
lower house prices and other external
pressures are likely to accelerate the
decline in building activity through the
second half of FY24. Metroglass continues
to monitor a range of scenarios and has
appropriate plans to continue to improve
the profitability of the New Zealand
business. The cost-out programme and
restructuring of the New Zealand business
announced in November 2022 will continue,
delivering operational and financial benefits
throughout FY24.
An improvement in the financial
performance of the New Zealand business
in the first half of FY24, an unwinding
of working capital and a continued
contribution from AGG will allow for
a meaningful reduction in net debt in the
first half of FY24. Net debt is expected
to be below $55.0 million at the half year.
As announced in March 2023, for the
12 months to 31 March 2024 management
forecasts are for AGG to achieve revenue,
EBITDA and EBIT of approximately
AUD 79.0 million, AUD 11.5 million and
AUD 7.5 million
1
respectively.
Despite the signalled declines in economic
conditions, Metroglass continues to
operate well, and through a combination
of the price increases to recover rising
input costs, cost-saving initiatives and
building code changes that will support
sales of higher-value products, Metroglass
is well positioned to continue improving
its performance.
To conclude, we’d like to take this
opportunity, on behalf of the board and
management team, to thank our employees,
customers, suppliers and shareholders for
their continued commitment and support.
PETER GRIFFITHS
Metro Performance Glass Chair

SIMON MANDER
Metro Performance Glass
Chief Executive Officer
1 Excluding Group Management fee of NZD 0.5 million.

Metroglass is the
largest glass processor
in New Zealand and
operates a diversified
channel strategy across
residential, commercial
glazing and retrofit.
In FY23 the Group made positive steps
forward. The capital invested in furnace and
glass-processing improvements positions
the business well ahead of supportive
regulatory changes in both countries,
we have begun to progressively recover
margins as the elevated freight cost and
supply chain disruption eases, and we
restructured the New Zealand business as
the market dynamic changes.
Group revenue of $263.5 million was an
increase of 12% over the prior comparable
period and Group EBIT
2
increased 100%
to $11.8 million.
The carrying values of the company’s
intangible assets were reviewed in
the context of a declining outlook on
construction activity and resulted in a
$10.0 million impairment to New Zealand
goodwill, which initially arose from
acquisitions completed in 2012 (pre-IPO).
This non-cash charge has no impact on the
company’s bank covenants and is presented
as a significant item in the FY23 financial
statements. As a result, statutory net loss
after tax (NLAT) was $(10.5) million.
2 Earnings before interest, tax and significant items
MANAGEMENT
SUMMARY
6
2023 Annual Report

Total group revenueAustralian Glass GroupRetro NZCommercial
Glazing NZ
Residential NZ
$115.6m
$122.2m
$33.5m
$36.9m
$28.9m
$27.6m
FY22FY23
5%
10%(5%)6%
$76.8m
$58.1m
$263.5m
$236.1m
32%
12%
Good progress was made on customer-
focused initiatives during the year. Our
collaborative efforts with customers
to remain connected and support our
integrated supply chains were positive.
While Metroglass experienced some
service performance challenges, the most
recent customer survey in November 2022
continued to reflect strong results with
the New Zealand business achieving 7.9/10
and AGG 8.0/10.
The safety of our teams is paramount and
underlines our efforts to ensure our people
are staying safe and living well. Our multi-year
safety and wellbeing programme continues to
make good progress and achieved
improvements in safety performance in FY23.
For the New Zealand business, there were the
Total Recordable Injury Frequency Rate
(TRIFR) reducing to 2.5 in FY23, from 5.5 in
the prior year. While we will continue to drive
this number lower, we are pleased that the
improvements in tools, processes and
systems are having positive effects on
our people.
The labour market remains tight in both
New Zealand and Australia. We continue
to emphasise our internal training and
apprenticeship programme to build
capability and provide opportunities for
our people to grow and this is developing a
strong pipeline of senior leaders within the
business. We continue to see ongoing skill
development with 20 apprentices qualifying
this year.
Management Summary
5.9
New ZealandAustraliaOther
3.7
2.1
0.9
0.9
2.6
6.4
4.64.4
0.211.8
FY22 EBIT
FY23 EBIT
Change in net revenue
Lower gross profit margin
Distribution and glazing
Savings in sales &
marketing, and
administration
Other income
and other
Growth in revenue
Gross profit margin
improvements
Increases in expenses
and other
Other Group costs
Group revenue by segment
Group EBIT
7

New Zealand segmental review
The New Zealand business delivered
revenue of $186.7 million, up 5%, primarily
as a result of the additional trading days
and steady operational execution of its
forward work.
In the residential segment, revenue
of $122.2 million was 6% above the
prior year. Commercial glazing activity
remained resilient as revenue rose 10%
to $36.9 million; however, profit margins
in fixed-price contracts were impacted by
rising glass costs. After consecutive years
of growth retrofit revenue declined 5%
to $27.6 million as homeowners reassessed
household spending.
In the Highbrook and Christchurch
plants, we commissioned furnaces to
‘debottleneck’ production capacity
and enhance our capabilities in the
processing of high-performing Low E glass.
As dwellings under the new H1 changes
begin to be built we expect the proportion
of Low E in our sales mix to significantly
increase and our investments ensure we
can satisfy this demand.
The business has begun its recovery
of gross margin and working capital
reductions as supply chain disruptions and
rising input costs abate. Price increases
introduced in FY23 partially offset elevated
input costs and progressively improved
gross margins. This is expected to continue
through the first half of FY24.
Completion of the cost-out programme
at the end of 2022 delivered incremental
cost savings in factory costs (gross profit),
administration expenses and distribution
and glazing costs. Annualised savings of
$8.0 million to $9.0 million are expected
in FY24. Overall, EBIT of $6.4 million was
down 14% compared to the prior year.
NZ revenue
$
186.7
m
+5%
NZ EBIT
$
6.4
m
(-14%)
8
2023 Annual Report

New Zealand and Australian Market Review
Australian Glass Group (AGG)
review
AGG successfully delivered its turnaround
with stable operating performance and a
significant improvement in market pricing,
despite ongoing disruptions and cost
inflation. EBIT of $6.4 million reflects an
improvement of $6.7 million year-on-year.
This was supported by the increase in
revenue and gross profit margin, partially
offset by an increase in variable costs to
service the growth in demand.
Throughout the year, market conditions
have remained positive in the construction
sector and AGG’s reputation as a
specialised high-performance double-
glazing processor continues to strengthen.
As operational performance continues
to improve and disruptions to supply and
resource availability abate, AGG is well
prepared for further growth as double-
glazing adoption increases with the
National Construction Code (NCC) changes.
The NCC changes in energy efficiency will
impact AGG and the Australian glazing
industry. This amendment increases the
thermal performance requirements for
new residential buildings and will result
in a minimum standard of double glazing in
colder climate zones, for example Canberra,
the majority of Victoria and all of Tasmania.
Currently compliance with the industry
standard and construction code is satisfied
through single-glazed windows. In addition,
where standard aluminium frames are used
in colder climates (which is the majority of
our market), there will be higher demand in
more advanced high Low E double glazing.
AGG revenue
$
76.8
m
+32%
AGG EBIT
$
6.4
m
+$6.7m compared
to prior year
9

JENN BESTWICK
Independent, Non-Executive Director,
Member of the Audit and Risk Committee
Appointed: May 2022
Jenn’s background is in strategy and
organisational performance and she
has previously held a number of senior
management roles and performed
various reviews for government agencies.
Jenn currently works across sectors
as diverse as science and Innovation,
education, tourism, engineering and
environment. She is also the Chair
of Tonkin + Taylor Group Limited, Chair
of the Tertiary Education Commission,
and holds directorships for Invercargill
City Holdings Limited and Antarctica
New Zealand. Jenn has a Bachelor of
Laws from the University of Nottingham,
UK, and is a Member of the Institute
of Directors.
PETER GRIFFITHS
Independent, Non-Executive Chair
and Member of the People and
Culture Committee
Appointed: September 2016
After a career in the energy industry
Peter has become a professional
director. His last executive position
was as Managing Director of BP Oil
New Zealand, retiring in 2009. He has
previously served on a number of boards
including Z Energy, Marsden Maritime
Holdings, The New Zealand Refining
Company, and New Zealand Oil and Gas.
He is also Chair of the New Zealand
Business and Parliament Trust and has
private interests in general aviation.
Peter holds a Bachelor of Science
(Honours) from Victoria University
of Wellington.
JULIA MAYNE
Independent, Non-Executive Director,
Member of the Audit and Risk Committee
Appointed: September 2021
Julia is Sydney based and is currently the
Head of Commercial at Scottish Pacific
Business Finance. Prior to this, she
completed several consulting, programme
management and Acting CEO roles
focused on business improvement. From
2001 to 2015, Julia held senior financial
leadership positions across the Fletcher
Building Group, including the roles of
General Manager Finance – Building
Products division, the CFO of the Crane
Division, and Divisional Finance Manager
– Stramit Building Products. Julia is a
qualified CPA, has a CPA MBA from Deakin
University, a Bachelor of Commerce
(Honours) from the University of NSW
and a Bachelor of Commerce from the
University of Wollongong.
BOARD OF
DIRECTORS
10
2023 Annual Report

Board of Directors
GRAHAM STUART
Independent, Non-Executive Director,
Chair of the Audit and Risk Committee
Appointed: December 2019
Graham has over 30 years’ experience in
senior executive and governance roles
in New Zealand and internationally. He
was previously the CEO of Sealord Group
from 2007 to 2014 and prior to that was
CFO and Director of Strategy with the
Fonterra Co-operative Group from 2001
to 2007. Graham is the Chair of EROAD
Limited, an independent director and
Chair of the audit committee of Tower
Limited and independent director and
Chair of Northwest Healthcare Property
Management Limited. He is a Fellow
of Chartered Accountants Australia
& New Zealand. Graham has a Master
of Science from Massachusetts Institute
of Technology and a Bachelor of Commerce
from the University of Otago.
MARK EGLINTON
Independent, Non-Executive
Director, Chair of the People
and Culture Committee
Appointed: April 2020
Mark is currently the Group CEO and
a director of NDA Group, a leading
international engineering and fabrication
business. Prior to this, he was the CEO
of Tenon Limited (NZX listed at that time)
from 2005 to 2009 and held several senior
positions with Fletcher Building, including
the role of Managing Director of Fletcher
Aluminium & Plyco Doors from 1999 to
2001. Mark has a Bachelor of Commerce
and a Bachelor of Laws from the University
of Otago.
RHYS JONES
Independent, Non-Executive
Director, Member of the People
and Culture Committee
Appointed: April 2018
Rhys has had a 30-year career working
in the Australasian building material and
packaging industries. He is currently the
Managing Director and CEO of Vulcan
Steel Limited, a dual-listed trans-
Tasman steel distributor with over 30
business units across Australasia. He
is also a director of Carbine Aginvest
Corporation Limited (formally Tru-
Test Corporation Limited) and Ridley
Corporation Limited. Prior to joining
Vulcan Steel in 2006, Rhys has held
senior roles, in particular with Carter
Holt Harvey Ltd and Fletcher Challenge,
including as Chief Operating Officer of
the Pulp, Paper and Packaging business
of Carter Holt Harvey. He holds a Master
of Business Studies from Massey
University and a Bachelor of Science
from Victoria University of Wellington.
11

SENIOR
LEADERSHIP
TEAM
12
2023 Annual Report

SIMON MANDER
Chief Executive Officer
Simon has broad leadership expertise at
senior levels across industries ranging
from ag-tech, building products, to
flexible and fibre-based packaging.
During Simon’s career, he has specialised
in performance improvement, as well as
in strategy development and execution.
He has worked internationally in a
number of industries and has recent
experience in the New Zealand and
Australian building products market.
Simon joined Metroglass from Tru-Test
Corporation Limited, a world-leading
New Zealand-based ag-tech company
where he was CEO. Prior roles have been
with well-known companies such as
Fletcher Building, DS Smith, Carter Holt
Harvey, Partners in Performance, Lion
Nathan and McKinsey. He was also a
director of NZX-listed Wellington Drive
Technologies for 10 years.
Simon has a trade background in aircraft
engineering and holds a Bachelor of
Engineering (Mech) from the University
of Auckland. In addition, he represented
New Zealand in yachting on a number of
occasions including in the International
470 class at the 1988 Olympic Games.

BRENT MEALINGS
Chief Financial Officer
Brent was appointed as Chief Financial
Officer in January 2020. He joined Metroglass
following a 17-year career with Fonterra
Co-operative Group where he held various
leadership positions, most recently Director
Commercial Global Operations. Prior to
Fonterra Brent worked within New Zealand
and internationally in other industries
including brewing, management consulting,
electricity generation and gold mining.
Brent is a Chartered Accountant and holds
a Master of Business Administration from
the University of Canterbury.

ROBYN GIBBARD
General Manager
Upper North Island
Robyn leads the Upper North Island region
for Metroglass and has worked in the
business for more than 20 years. She has
previously led Metroglass’ sales force
nationally and held many customer-facing
roles across commercial glazing, branch
management and sales management.
ANDREAS PAXIE
General Manager
Lower North Island
Andreas leads the Lower North Island
region and joined the company in March
2022. He has a strong background in
commercial sales, project management and
general management across a wide variety
of industries and was most recently
National Sales Manager for Securely and
General Manager for the Lower North
Island for Wormald. Andreas has also been
a senior leader for a diverse range of
other companies including IBM, Pacific
Wallcoverings and ACCO brands.
He holds a Bachelor of Technology
(Operations Research) from Massey
University, and a postgraduate Diploma in
Business from Henley Management College.

NICK HARDY-JONES
General Manager South Island
Nick leads the South Island region for
Metroglass and has been with the company
since 2016. He previously spent five years
in leadership roles within Metroglass’ South
Island Commercial and Glazing businesses.
Prior to working in the glass industry,
Nick held category, product and sales
management roles within the commercial
and residential roofing and cladding
industries.
He holds a Bachelor of Commerce from the
University of Canterbury.

AMANDEEP KAUR
Group Safety and Wellbeing Manager
Amandeep leads Group Health and Safety
across both our New Zealand and
Australian businesses, responsible for
the development and implementation of
our health and safety strategy. She
brings with her a wealth of experience,
with strengths in creating and
implementing a high-performing safety
culture. Before joining the company,
Amandeep held senior health and safety
roles at Harrison Grierson, Sinclair
Knight Merz, and Compass Group, after
starting her career in quality assurance
with Nestlé, Frucor and Real Foods.
Amandeep holds a Master in Food
Science Technology as well as a
Graduate Diploma in Occupational
Health and Safety.
DAYNA ROBERTS
Human Resources Director
Dayna leads Metroglass’ Human Resources
team nationally. She has over 10 years’
experience in HR, Talent and Recruitment,
spending eight years at Fletcher Building
before commencing with Metroglass.
Dayna holds a Bachelor of Business in
Marketing and Management and a
New Zealand Diploma in Business from
the Auckland University of Technology.

RUBEN FERGUSON
General Manager – Market Strategy
Ruben leads Metroglass’ Marketing,
National Sales and Technical teams and
has been with the company since 2019.
He joined Metroglass from Fletcher
Building, where he held a variety of roles
ranging from commercial finance, business
Transformation, through to national sales
and distribution leadership.
Earlier in his career, Ruben gained
commercial finance experience in the media
industry, leading project
development throughout New Zealand,
the UK and China.
Ruben holds a Bachelor of Commerce
from the University of Otago.
Senior Leadership Team
13

Non-GAAP Financial Information
NON-GAAP FINANCIAL INFORMATION
Metroglass’ standard profit measure prepared under New Zealand Generally Accepted Accounting Practice (GAAP) is profit for the
period, or net profit after tax. Metroglass has used non-GAAP measures which are not prepared in accordance with New Zealand
International Financial Reporting Standards (NZ IFRS) when discussing financial performance in this document. The directors and
management believe that these non-GAAP financial measures provide useful information to readers to assist in the understanding
of the Group’s financial performance, financial position or returns, and used internally to evaluate the performance of business units
and to establish operational goals. These measures should not be viewed in isolation, nor considered as a substitute for measures
reported in accordance with NZ IFRS. Non-GAAP financial measures may not be comparable to similarly titled amounts reported
by other companies.
Definitions of non-GAAP financial measures used in this report:
* EBITDA: Earnings before interest, tax, depreciation and amortisation.
* NPATA: Profit for the Period before the amortisation of acquisition-related intangibles and its associated tax effect.
GAAP TO NON-GAAP RECONCILIATION
Full year to 31 March
FY22
($M)
FY21
($M)
Profit for the period before significant items1.5 (0.5)
Less: Impairment of intangible assets(10.0)–
Less: NZ restructuring, and Australian divestment(2.0)–
Profit for the period (GA AP)(10.5)(0.5)
Add: taxation expense(0.0)0.0
Add: net finance expense10.3 6.3
Earnings before interest and tax (EBIT) (GAAP)(0.2)5.9
Add: depreciation & amortisation19.0 18.7
EBITDA18.7 24.6
EBIT (GAAP)(0.2)5.9
Add: Impairment of intangible assets10.0 –
Add: NZ restructuring, and Australian divestment2.0 –
EBIT before significant items11.8 5.9
EBITDA18.7 24.6
Add: Impairment of intangible assets10.0 –
Add: NZ restructuring, and Australian divestment2.0 –
EBITDA before significant items30.7 24.6
Profit for the period (GA AP)(10.5)(0.5)
Add back: amortisation of acquisition-related intangibles and its associated tax effect–1.2
NPATA(10.5)0.7
14

Consolidated Statement of Comprehensive Income16
Consolidated Statement of Financial Position17
Consolidated Statement of Changes in Equity18
Consolidated Statement of Cash Flows19
Notes to the Consolidated Financial Statements 21
1. Basis of Preparation21
2. Financial Performance22
3. Working Capital26
4. Long-Term Assets35
5. Debt and Equity41
6. Other45
CONTENTS
OUR
RESULTS
15

Consolidated Statement of Comprehensive Income
for the year ended 31 March 2023
NOTESCONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Revenue2.1263,520236,063
Cost of sales2.3(158,453)(142,472)
Gross profit2.1105,067 93,591
Distribution and glazing-related expenses2.3(47,269)(45,441)
Selling and marketing expenses2.3(12,796)(13,160)
Administration expenses2.3(33,935)(32,446)
Share of profits of associate4.4414 –
Other income and gains2.6303 3,367
Profit before significant items, interest and tax11,784 5,911
Significant items2.4(12,032)–
Profit before interest and tax(248) 5,911
Finance expense2.7(10,870)(6,327)
Finance income537 –
Loss before income taxation(10,581)(416)
Income tax benefit/(expense)6.133 (43)
Loss for the year(10,548)(459)
Other comprehensive income
Items that may be reclassified to profit or loss in the future:
Exchange differences on translation of foreign operations(424)(474)
Change in fair value of hedging instruments (net of tax)3.5536 612
Total comprehensive loss for the year attributable to shareholders(10,436)(321)
Earnings per share
Basic and diluted earnings per share (cents per share)2.5(5.7)(0.2)
The Board of Directors authorised these financial statements for issue on 14 June 2023.
For and on behalf of the Board:
Peter Griffiths Graham Stuart
Chairman Director
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
16
2023 Annual Report

Consolidated Statement of Financial Position
at 31 March 2023
NOTESCONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
(Restated)
1
ASSETS
Current assets
Cash and cash equivalents7,300 13,064
Trade receivables3.138,083 35,799
Inventories3.231,826 27,402
Derivative financial instruments3.5251 68
Current income tax asset1 –
Other current assets3.73,237 2,570
Total current assets80,698 78,903
Non-current assets
Property, plant and equipment4.150,674 54,748
Right-of-use assets4.265,335 70,505
Deferred tax assets6.210,398 10,965
Investment in associate4.42,512 –
Financial assets at fair value through profit or loss3.5– 2,098
Intangible assets4.344,336 54,710
Other non-current assets3.7650 1,051
Total non-current assets173,905 194,077
To t a l a s s e t s254,603 272,980
LIABILITIES
Current liabilities
Trade and other payables3.327,208 30,626
Deferred income3.42,054 3,450
Income tax liability– 518
Derivative financial instruments3.5107 274
Lease liabilities5.27,452 6,535
Provisions3.6633 1,920
Total current liabilities37,454 43,323
Non-current liabilities
Interest-bearing liabilities5.167,370 65,319
Derivative financial instruments3.5– 274
Lease liabilities5.270,432 74,745
Provisions3.63,880 3,790
Total non-current liabilities141,682 144,128
Total liabilities179,136 187,451
Net assets75,467 85,529
Equity
Contributed equity5.3307,198 307,198
Accumulated losses(61,901)(51,735)
Group reorganisation reserve6.3(170,665)(170,665)
Share-based payments reserve6.31,358 1,366
Foreign currency translation reserve(383)41
Hedge reserve(140)(676)
Total equity75,467 85,529
1 Certain comparative amounts have been restated; refer note 6.7
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
17

Consolidated Statement of Changes in Equity
for the year ended 31 March 2023
CONSOLIDATED 2023
Notes
Contributed
equity
$'000
Reserves
$'000
Accumulated
losses
$'000
Total
$'000
Opening balance at 1 April 2022307,198 (169,934)(51,735)85,529
Loss for the year––(10,548)10,548)
Movement in foreign currency translation reserve–(424)–(424)
Other comprehensive income for the year–536 –536
Total comprehensive income/(loss) for the year–112(10,548)(10,436)
Expiry of share-based payments–(382)382 –
Movement in share-based payments reserve–374 –374
Total transactions with owners, recognised directly in equity–(8)382 374
Balance at 31 March 2023307,198 (169,830)(61,901)75,467
CONSOLIDATED 2022
Notes
Contributed
equity
$'000
Reserves
$'000
Accumulated
losses
$'000
Total
$'000
Opening balance at 1 April 2021307,198 (170,226)(51,571)85,401
Loss for the year– – (459)(459)
Movement in foreign currency translation reserve– (474)– (474)
Other comprehensive income for the year– 613 – 613
Total comprehensive income/(loss) for the year– 139 (459)(320)
Expiry of share-based payments– (295)295 –
Movement in share-based payments reserve– 448 – 448
Total transactions with owners, recognised directly in equity– 153 295 448
Balance at 31 March 2022307,198 (169,934)(51,735)85,529
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
18
2023 Annual Report

Consolidated Statement of Cash Flows
for the year ended 31 March 2023
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Cash flows from operating activities
Receipts from customers259,338 235,939
Payments to suppliers and employees(244,547)(218,051)
Government wage subsidy and grants received157 2,470
Repayment of balance due from associate850 –
Interest received41 100
Interest paid(5,749)(3,448)
Interest paid on leases(4,847)(3,139)
Income taxes paid(113)(617)
Net cash inflow from operating activities5,130 13,254
Cash flows from investing activities
Proceeds from sale of property, plant and equipment528 358
Payments for property, plant and equipment(6,734) (10,399)
Payments for intangible assets(76)(89)
Net cash outflow from investing activities(6,282)(10,130)
Cash flows from financing activities
Lease liability principal payments(6,873)(6,940)
Drawdown of borrowings (net)3,00010,257
Repayment of other financing(794)(803)
Net cash (outflow)/inflow from financing activities(4,667)2,514
Net (decrease)/increase(5,819)5,638
Cash and cash equivalents at the beginning of the year13,064 7,530
Effects of exchange rate changes on cash and cash equivalents55(104)
Cash and cash equivalents at the end of the year7,300 13,064
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
The table below sets out the annual movement in net debt:
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Opening balance of interest-bearing liabilities at 1 April65,319 55,519
Drawdown/(repayment) of borrowings (net)3,00010,257
Other financing movement (net)(794)(803)
Foreign exchange and other adjustments(155)346
Closing balance of interest-bearing liabilities at 31 March67,370 65,319
Less: cash and cash equivalents(7,300)(13,064)
Net debt at 31 March60,070 52,255
19

Consolidated Statement of Cash Flows (continued)
for the year ended 31 March 2023
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Reconciliation of profit/(loss) after income tax to net cash inflow from operating activities
Loss for the year(10,548)(459)
Adjustments for:
Depreciation and amortisation18,960 18,687
Impairment of intangible assets10,000 –
Share-based payments expense374 448
COVID-19 rent relief–(138)
Gain on disposal of assets(146)(42)
Movement in financial asset at fair value through profit or loss and associated non-cash income–(789)
Lease modification(1)(222)
Share of profit from associate(414)–
Other160 451
28,933 18,395
Impact of changes in working capital items
Trade and other receivables(2,942)(1,262)
Inventory(4,477)(5,073)
Related party receivables353–
Other current assets(623) (293)
Trade accounts payable and employee entitlements(3,277)1,817
Deferred income(1,396)1,375
Interest accruals(51)(69)
Provisions(1,197)195
Movement in deferred tax341(751)
Movement in credit loss provision559(635)
Income tax liability(545)14
(13,255)(4,682)
Net cash inflow from operating activities5,130 13,254
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
20
2023 Annual Report

Notes to the Consolidated Financial Statements
1 BASIS OF PREPARATION
Reporting entity
These financial statements are for Metro Performance Glass Limited (‘the Company’ or ‘the parent entity’) and its subsidiaries
(together, ‘the Group’). The Group supplies processed flat glass and related products primarily to the residential and commercial
building sectors.
Statutory base
The Company is a limited liability company incorporated and domiciled in New Zealand. The address of its registered office is
5 Lady Fisher Place, East Tamaki, Auckland.
Basis of preparation
These consolidated financial statements have been approved for issue by the Board of Directors on 14 June 2023.
The consolidated financial statements of the Group have been prepared in accordance with Generally Accepted Accounting Practice
in New Zealand (NZ GAAP). The Group is a for-profit entity for the purposes of complying with NZ GAAP and has operations and sales
in New Zealand and Australia. The consolidated financial statements comply with New Zealand equivalents to International Financial
Reporting Standards (NZ IFRS), other New Zealand accounting standards and authoritative notices that are applicable to entities that
apply NZ IFRS. The consolidated financial statements also comply with International Financial Reporting Standards (IFRS).
Metro Performance Glass Limited is registered under the New Zealand Companies Act 1993 and is a Financial Market Conduct
reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The financial statements of the Group have been prepared in
accordance with the requirements of the New Zealand Stock Exchange (NZX) Main Board Listing Rules.
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for the revaluation of certain financial
assets and financial liabilities at fair value.
Principles of consolidation
The financial statements incorporate the assets and liabilities of all subsidiaries of Metro Performance Glass Limited as at
31 March 2023 and the results of all subsidiaries for the year then ended.
Subsidiaries are all entities over which the Group has control. It is a controlled entity of the Group if the Group is exposed and has
a right to variable returns from the entity and is able to use its power over the entity to affect those returns. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses
are also eliminated unless the transaction provided evidence of the impairment of the asset transferred.
Goods and Services Tax (GST)
The statement of comprehensive income has been prepared so that all components are stated exclusive of GST. All items in the
statement of financial position are stated net of GST, with the exception of receivables and payables, which include GST invoiced.
Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal
the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are discussed in each accounting note as appropriate.
The critical accounting estimates and judgements at 31 March 2023 include:
• economic lives of intangible assets and property, plant and equipment (refer: 4.1 Property, plant and equipment)
• goodwill (refer: 4.3 Intangible assets).
Going concern
The net debt increased from $52.3 million at 31 March 2022 to $60.1 million at 31 March 2023, the adjusted EBITDA (used for the
Group’s financial covenants) increased from $13.9 million in the year ended 31 March 2022 to $18.7 million in the year ended 31 March
2023 (note 5.3).
The Directors have considered the forecast cash flows and covenant compliance for the foreseeable future and have concluded that
the Group will be able to comply with those covenants with reasonable headroom for the 12 months following the date of approval of
the consolidated financial statements.
Notes to the Consolidated Financial Statements
21

Notes to the Consolidated Financial Statements (continued)
Further detail on the Group’s forecasts, which reflect the matters referred to above and are used in the assessment of both forecast
financial covenant compliance and the carrying value of goodwill, is provided in note 4.3.
The Group’s loan facilities have been renewed and extended to October 2024. There is no indication that these will not be able to be
renewed or refinanced at that time. This period of time provides the Group with various options to refinance its borrowings.
Taking regard of the above and while acknowledging the uncertainties around forecasting in the current environment, the Directors
consider these uncertainties do not represent material uncertainties that would cast significant doubt on the Group’s ability to
continue as a going concern. Accordingly, the financial statements are prepared on a going concern basis.
Foreign currency translation
Functional and presentation currency
The consolidated financial statements are presented in New Zealand dollars, which is the Company’s functional and presentation
currency, and rounded where necessary to the nearest thousand dollars.
Transactions and balances
Foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the translation at period end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. They are deferred in equity if they
relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a
foreign operation.
The results and financial position of foreign operations that have a functional currency different from the presentation currency are
translated into the presentation currency as follows:
• assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
• income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average
exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are translated at the dates of the transactions);
• all resulting exchange differences are recognised in ‘Other comprehensive income’.
• on consolidation, exchange differences arising from the translation of any net investment in foreign entities, and the borrowings
and other financial instruments designated as hedges of such investments, are recognised in other comprehensive income. When a
foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are
reclassified to profit or loss, as part of the gain or loss on sale.
Changes in accounting policy and disclosures
New and amended standards adopted by the Group
The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 March 2022, and as
described in those annual financial statements.
2 FINANCIAL PERFORMANCE
2.1 Segment information
Operating segments of the Group at 31 March 2023 have been determined based on financial information that is regularly reviewed
by the Board in conjunction with the Chief Executive Officer and Chief Financial Officer, collectively known as the Chief Operating
Decision-maker for the purpose of allocating resources, assessing performance and making strategic decisions.
Substantially all of the Group’s revenue is derived from the sale of glass and related products and services. This revenue is split by
channel only at the revenue level into commercial glazing, residential and retrofit. Commercial glazing revenue reflects sales through
four specific commercial glazing operations in New Zealand. Retrofit revenue reflects sales through four specific retrofit operations in
New Zealand and the retrofit channel sales from all (Metro Direct) branches across New Zealand. Residential revenue reflects all other
sales channels. The allocation of sales between residential and commercial can be difficult as the Group does not always know the
end-use application. Following the acquisition of Australian Glass Group Pty Ltd (AGG) on 1 September 2016 the Group operates in two
geographic segments, New Zealand and Australia.
In the tables below:
• Group costs consist of insurance, professional services, director fees and expenses, listed company fees and share incentive
scheme costs.
• Refer to note 2.4 for details of significant items.
22
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
CONSOLIDATED 2023
New Zealand
$'000
Australia
$'000
Eliminations
and Other
$'000
Group
$'000
Commercial glazing36,945 ––36,945
Residential122,19176,774 –198,965
Retrofit27,610 ––27,610
Total revenue186,746 76,774 –263,520
Gross profit78,78726,280 –105,067
Segmental EBITDA before significant items20,080 11,603 –31,683
Group costs––(939)(939)
Group EBITDA before significant items30,744
Depreciation and amortisation(13,725)(5,235)–(18,960)
EBIT before significant items6,355 6,368 (939)11,784
Significant items(11,878)(154)–(12,032)
EBIT(5,523) 6,214 (939)(248)
Segment assets307,901 70,501 (123,799)254,603
Segment non-current assets (excluding deferred tax assets)117,023 46,484 –163,507
Segment liabilities88,745 25,975 64,416 179,136
CONSOLIDATED 2022
New Zealand
$'000
Australia
$'000
Eliminations
and Other
$'000
Group
$'000
Commercial glazing33,457 ––33,457
Residential115,592 58,077 (4)173,665
Retrofit28,941 ––28,941
Total revenue177,990 58,077 (4)236,063
Gross profit77,107 16,488 (4)93,591
Segmental EBITDA before significant items21,189 4,558 –25,747
Group costs––(1,149)(1,149)
Group EBITDA before significant items24,598
Depreciation and amortisation(13,822)(4,865)–(18,687)
EBIT before significant items7,367 (307)(1,149)5,911
Significant items––––
EBIT7,367 (307)(1,149)5,911
Segment assets326,989 69,997 (124,006)272,980
Segment non–current assets (excluding deferred tax assets)135,316 47,796 –183,112
Segment liabilities98,67926,968 61,804 187,451
2.2 Revenue
Accounting policy
Revenue comprises the value of the consideration received for the sale of goods and services, net of GST, rebates and discounts, and
after eliminating sales within the Group.
The Group derives revenue from the sale of customised glass products. Revenue is recognised at a point in time when a Group entity
has transferred control, which is when it has delivered the glass products to the customer, the customer has accepted the products
and collectability of the related receivables is highly probable.
The Group also provides glazing services along with the sale of its glass products. Revenue is recognised for the glazing and associated
glass products when the glazing services have been completed, the customer has approved the installation services and collectability
of the related receivables is highly probable.
23

Notes to the Consolidated Financial Statements (continued)
2.3 Operating expenditure
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Raw materials and consumables used86,643 72,421
Employee benefit expenses99,750 100,239
Subcontractor costs7,401 6,220
Depreciation and amortisation18,960 18,687
Transportation and logistics9,423 9,221
Occupancy costs2,076 1,405
Advertising757 938
Repairs and maintenance5,515 4,795
Electricity4,007 4,032
Insurance1,756 1,487
Other expenses16,16514,074
Total cost of sales, distribution and glazing-related expenses,
selling and marketing expenses, and administration expenses252,453233,519
Amortisation of intangible assets is included within administration expenses as reported in the consolidated statement of comprehensive income.
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Audit and review of financial statements
Audit of financial statements - PwC - current year699 581
Audit of financial statements - PwC - prior year18 –
Other services performed by PwC
Tax advice relating to the long-term incentive plan– 5
Assurance report relating to the Group’s covenant compliance certificate– 6
Agreed upon procedures relating to the Group's covenant compliance certificate6 –
Agreed upon procedures relating to financial information attached to a visa application4 –
727 592
2.4 Significant items
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Impairment of New Zealand intangible assets10,000–
Restructure of the New Zealand operations1,878 –
Australian divestment154 –
Total significant items before taxation12,032 –
Tax benefit on above items(570)–
Total significant items after taxation11,462 -
Accounting policy
Significant items are a non-GAAP measure and are based on the Group’s internal policy as follows. Transactions considered for
classification as significant items are material restructuring costs, acquisition and disposal costs, impairment or reversal of impairment
of assets, business integration, and transactions or events outside of the Group’s ongoing operations that have a significant impact on
reported profit.
24
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
Additional detail on impairment charges can be seen in the Intangible Assets Note 4.3.
The Australian divestment costs include those professional service costs incurred for the investigation of initial sale process
undertaken in the period ended 31 March 2023.
On 18 November 2022 the Group announced the initiation of a cost out programme to ensure that the business capacity and resources
are appropriate to service demand as the contruction sector cycle changes, including a comprehensive review of its organisational
structure and manufacturing footprint. This review culminated in the closure of the manufacturing facility in Bay of Plenty in December
2022, closure of the hardware procurement function, and other staff restructuring costs. The costs of this programme that were
incurred in the period ended 31 March 2023 are included in the 'Restructure of NZ operations' significant item. The nature of the costs
incurred include redundancy payments, loss on disposal of inventory, and costs incurred transporting and re-commissioning assets.
2.5 Earnings per share
Basic
Basic earnings per share is calculated by dividing the profit or loss after tax of the Group by the weighted average number of ordinary
shares outstanding during the period. Due to the losses the diluted earnings per share are the same as the basic earnings per share.
CONSOLIDATEDCONSOLIDATED
20232022
Profit/(loss) after tax ($'000)(10,548)(459)
Weighted average number of ordinary shares outstanding ('000s)185,378 185,378
Basic earnings per share (cents per share)(5.7)(0.2)
Net tangible assets
Net tangible assets per share is a non-GAAP measure that is required to be disclosed by the NZX Listing Rules.
The calculation of the Group’s net tangible assets per share and its reconciliation to the consolidated balance sheet is presented below:
CONSOLIDATEDCONSOLIDATED
20232022
Total assets ($’000)254,603 272,980
Less: intangible assets(44,336)(54,710)
Less: total liabilities(179,136)(187,451)
Net tangible assets ($’000)31,131 30,819
Shares on issue at the end of the period (‘000s)185,378 185,378
Net tangible assets per share (cents per share)16.79 16.62
2.6 Other income and gains and losses
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
NZ Government Wage Subsidy and Grants157 2,470
Financial assets at fair value through profit or loss – fair value movement and income receipts
from the investment– 889
Gain on disposal of asset146–
Other– 8
Total Other income and gains and losses303 3,367
NZ Government Wage Subsidy and Grants
Grants from the Government are recognised at their fair value where there is reasonable assurance that the grant will be received and
when the Group will comply with the attached conditions. Government grants relating to income are deferred and recognised in profit
or loss over the period necessary to match them with the conditions that they are intended to compensate.
25

Notes to the Consolidated Financial Statements (continued)
2.7 Finance expenses
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Interest on borrowings and derivatives5,7063,628
Interest on lease liabilities4,9603,302
Unrealised foreign currency gains and losses on borrowings and other finance expenses204(603)
Total finance expenses10,8706,327
3 WORKING CAPITAL
3.1 Trade receivables
The following table summarises the impact of the credit loss provision on the trade receivables balance:
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Restated
1
Trade receivables39,321 36,478
Credit loss provision(1,238)(679)
Total trade receivables38,083 35,799
1. Certain comparative amounts have been restated; refer note 6.7.
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Movements in the credit loss provision are as follows:
Opening balance679 1,317
Provision increased/(reversed) during the year1,055 (141)
Receivables written off during the year as uncollectable(496)(497)
Balance at the end of the year1,238 679
Credit risk
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, and credit exposures to wholesale and
retail customers, including outstanding receivables and committed transactions, and is managed at Group level.
The table below sets out information about the credit quality of trade receivables net of the expected credit loss provision:
CURRENT0–59 DAYS60–89 DAYS
90 DAYS
AND LATERTOTAL
31 March 2023$'000$'000$'000$'000$'000
Gross carrying amount31,0555,5617581,94739,321
Baseline5122131096
Specific–21371,0841,142
Total expected credit loss rate0.16%0.77%6.60%56.19%3.15%
Credit loss provision5143501,0941,238
26
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
CURRENT0–59 DAYS
1
60–89 DAYS90 DAYS
AND LATER
TOTAL
31 March 2022$'000$'000$'000$'000$'000
Gross carrying amount27,1285,6291,1722,54936,478
Baseline50272866171
Specific–––508508
Total expected credit loss rate0.18%0.48%2.39%22.52%1.86%
Credit loss provision502728574679
1. Certain comparative amounts have been restated, refer note 6.7
The Group extends credit to its customers based on an assessment of creditworthiness. Terms differ by customer and may extend to
60 days past invoice date. Ageing is based on agreed credit terms and at balance date, a portion of the Group’s receivables are also
subject to contractual retentions which can last up to and exceed 12 months.
As of 31 March 2023, allowing for retention balances of $1.2 million (2022: $1.5 million), trade receivables of $5.9 million (2022: $6.4 million)
were past due but not impaired.
Estimates and judgements
Credit loss provision
To measure expected credit losses, trade receivables have been grouped and reviewed on the basis of the number of days past due.
The credit loss provision has been calculated by considering the impact of the following characteristics:
• The baseline loss rate takes into account the write-off history of the Group over a five-year period as a predictor of future
conditions and applies an increasing expected credit loss estimate by trade receivables ageing profiles.
• Specific credit loss provisions are made based on any specific customer collection issues that are identified. Collections and
payments from the Group’s customers are continuously monitored and a credit loss provision is maintained to cover any specific
customer credit losses anticipated.
Accounting policy - trade receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, less provision for estimated
uncollectable amounts and expected credit losses. The carrying amount of the asset is reduced through the use of provision accounts,
and the amount of the loss is recognised in the statement of comprehensive income within ‘Administration expenses’. Individual
debtor accounts are reviewed for impairment and a provision is raised based on management’s best estimate of recoverability. Trade
receivables are also assessed for credit risk on a forward-looking basis with a provision raised where a credit loss is considered likely.
When a trade receivable is uncollectable, it is written off against the provision account for trade receivables. Subsequent recoveries
of amounts previously written off are credited to the income statement against the impairment losses on receivables.
3.2 Inventories
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Raw materials, primarily flat glass stock-sheets23,890 19,122
Spare parts5,083 4,616
Work in progress2,853 3,664
31,826 27,402
The cost of inventories recognised as an expense and included in ‘Cost of sales’ amounted to $86.5 million (2022: $72.4 million). As
part of an operational change to outsource the procurement of hardware via a third party, during the year ended 31 March 2023 the
Group sold $2.5 million of (hardware) raw materials held at 31 March 2022 to the third party, incurring a $0.5 million loss on sale (refer
note 2.4).
Accounting policy - inventories
Raw materials, spare parts, and work in progress are stated at the lower of cost and net realisable value. Cost comprises direct
materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the
basis of normal operating capacity. Costs are assigned to individual items of inventory on the basis of weighted average costs. Net
realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the
estimated costs necessary to make the sale. Inventories also comprise spare parts, which are used to maintain service to, and repair,
the Group’s plant assets. Spare parts are stated at the lower of weighted average cost and net realisable value.
27

Notes to the Consolidated Financial Statements (continued)
3.3 Trade and other payables
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Trade accounts payable17,756 21,952
Employee entitlements7,545 8,209
GST payable1,124 173
Other interest accruals241 292
Management incentive accrual542 –
Total trade and other payables27,208 30,626
Trade accounts payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial period which are
unpaid. The carrying amount represents fair value due to their short-term nature.
Employee entitlements
Liabilities for wages and salaries, including non-monetary benefits, annual leave and leave in lieu, are recognised in respect of employees’
services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for
non-accumulating sick leave are recognised when the leave is taken and measured at the rates paid or payable.
Management incentive accrual
The Group recognises a liability and an expense for bonuses on a formula that takes into consideration the profit attributable to the
Group’s shareholders. The Group recognises a provision where contractually obliged or where there is a past practice that has created
a constructive obligation.
3.4 Deferred income
The Group recognises a contract liability when a deposit is received before the product or service is transferred to the customer.
Deposits are required from Retrofit and Retail customers in advance. Deposits are typically held for approximately three to four months.
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Restated
1
Customer contract liabilities2,054 3,450
Deferred income2,054 3.450
1. Certain comparative amounts have been restated; refer note 6.7.
$3.4 million of the deferred income at the 31 March 2022 balance date has been recognised as revenue in the year ended 31 March 2023.
3.5 Financial instruments
Financial instruments
Management determines the classification of the Group’s financial assets and liabilities at initial recognition. The Group’s financial
liabilities for the periods covered by these consolidated financial statements consist of overdrafts, loans, trade and other payables,
interest rate swaps and forward exchange contracts. The Group’s financial assets for the periods covered by these consolidated
financial statements include cash, accounts receivable, and those that are classified at fair value through profit or loss (FVTPL), rather
than cost.
The Group measures all financial liabilities, with the exception of interest rate swaps and forward exchange contracts, at amortised
cost. Interest rate swaps and forward exchange contracts are measured at fair value with changes in fair value recognised in ‘Other
comprehensive income’.
Financial liabilities measured at amortised cost are non-derivative financial liabilities with fixed or determinable payments that are
not quoted in an active market. Trade and other payables, bank overdrafts and loans are classified as financial liabilities measured at
amortised cost.
28
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
Fair value measurement of financial assets and liabilities
The Group’s financial assets and liabilities by category are summarised as follows:
Cash and cash equivalents
These are short term in nature and their carrying value is equivalent to their fair value.
Trade and other receivables
These assets are short term in nature and are reviewed for impairment; their carrying value approximates their fair value.
Trade payables and borrowings
The fair value of trade and other payables approximates carrying value due to their short-term nature. The carrying value of the
Group’s bank borrowings also represents the fair value of the borrowings due to management’s assessment that the interest rates
approximate the market interest rate for a commercial loan of a comparable lending period.
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow
interest rate risk), credit risk and liquidity risk. The Group’s overall financial risk management is carried out by a central finance function
(the head-office finance team) under policies approved by the Board of Directors, including the Treasury policy. The head-office finance
team focuses on the unpredictability of financial markets and identifies, evaluates and seeks to hedge financial risks in close co-
operation with the Group’s operating units to minimise potential adverse effects on the financial performance of the Group. The Board
approves policies covering foreign exchange risk, interest rate risk and credit risk. The Group uses derivative financial instruments such
as foreign exchange contracts and interest rate swaps to hedge certain risk exposures. The Group uses different methods including
sensitivity analysis in the case of interest rate, foreign exchange and other price risks and ageing analysis for credit risk to measure risk.
Leases
The Group has leases for property, vehicles and equipment. Contracts are usually for fixed periods, but there may be options to extend.
Right-of-use assets and lease liabilities arising from a lease are initially measured on a present-value basis of remaining lease payments,
discounted using a discount rate derived from the incremental borrowing rate. Right-of-use assets are depreciated using the straight-
line method from the commencement date to the end of the lease term.
Derivatives and hedging activity
The Group holds hedging instruments to hedge its foreign currency exposure and interest costs. The Group has designated forward
exchange contracts and interest rate swap derivatives as cash flow hedges. In October 2021, the Group designated its AUD bank
borrowings, which are in a New Zealand entity, as a hedge of the net investment in the Australia business (net investment hedge).
Cash flow hedge instruments hedge the exposure to variability in cash flows that (i) is attributable to a particular risk associated with a
recognised asset or liability or a highly probable forecast transaction and (ii) could affect profit or loss.
At 31 March 2023 and 31 March 2022, all derivatives measured at fair value (interest rate swaps and forward exchange contracts) were
valued using valuation techniques where all significant inputs were based on observable market data. Accordingly they are categorised
as level 2.
Specific valuation techniques used to value the Group’s derivatives are as follows:
• The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date, with
the resulting value discounted back to present value.
• The fair value of interest rate swap contracts is determined using forward interest rates at the balance sheet date, with the
resulting value discounted back to present value.
These fair values are based on valuations provided by the Westpac Banking Corporation and ASB Bank Limited as at 31 March 2023 and
31 March 2022.
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument (the portion of the AUD bank borrowings designated as the hedging instrument) relating to the effective portion of the
hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective
portion is recognised immediately in profit or loss with finance expenses. Gains and losses accumulated in equity are reclassified to
profit or loss when the foreign operation is partially disposed of or sold.
The gains and losses from the AUD bank borrowings arise from the translation of these foreign currency borrowings to NZD at the
period end spot exchange rates.
29

Notes to the Consolidated Financial Statements (continued)
The Group's hedging reserves relate to the following hedging instruments:
CONSOLIDATED 2023
Spot component
of currency
forwards
$'000
Interest rate
swaps
$'000
Net investment
hedge
$'000
Total hedge
reserve
$'000
Opening balance 1 April 2022147 194 335 676
Change in fair value of hedging instrument recognised
in ‘Other comprehensive income’ (OCI)(188)(436)(131)(755)
Deferred tax55 127 37 219
Balance at 31 March 202314 (115)241 140
CONSOLIDATED 2022
Spot component
of currency
forwards
$'000
Interest rate
swaps
$'000
Net investment
hedge
$'000
Total hedge
reserve
$'000
Opening balance 1 April 2021167 1,121 – 1,288
Change in fair value of hedging instrument recognised
in ‘Other comprehensive income’ (OCI)(32)(1,301)465(868)
Deferred tax12 374 (130) 256
Balance at 31 March 2022147 194335 676
The effects of the foreign-currency-related hedging instruments on the Group’s financial position and performance are as follows:
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Foreign currency forwards
Carrying amount asset/(liability)(18)(206)
Notional amount12,188 23,277
Maturity dateApr 23-Mar 24Apr 22-Mar 23
Hedge ratio
1
1:11:1
Change in discounted spot value of outstanding hedging instruments since 1 April(188)(32)
Change in value of hedged item used to determine hedge effectiveness188 32
Weighted average hedged EUR/NZD rate for the year (including forward points)0.5792 0.6088
Weighted average hedged USD/NZD rate for the year (including forward points)0.6214 0.6897
Weighted average hedged EUR/AUD rate for the year (including forward points)– 0.6317
Weighted average hedged USD/AUD rate for the year (including forward points)0.98360.7292
1. The foreign currency forwards are denominated in the same currency as the highly probably future inventory purchases (USD and EUR); therefore, the hedge is 1:1.
30
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
The effects of the interest rate swaps on the Group’s financial position and performance are as follows:
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Interest rate swaps
Carrying amount of asset/(liability)162 (274)
Notional amount23,196 23,284
Maturity dateAug 23Aug 23
Hedge ratio1:11:1
Change in fair value of outstanding hedging instruments since 1 April(436)(1,301)
Change in value of hedged item used to determine hedge effectiveness436 1,301
Average proportion of debt hedged during the year35.03%38.70%
The effects of the net investment hedge on the Group’s financial position and performance are as follows:
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Net investment hedge
NZD carrying amount of non-current interest-bearing liabilities(16,044) (16,176)
AUD carrying amount of non-current interest-bearing liabilities(15,000) (15,000)
Hedge ratio1:11:1
Change in fair value of hedging instrument recognised in OCI for the year(131)465
Change in value of hedged item used to determine hedge effectiveness131(465)
Financial instruments by category
CONSOLIDATED 2023
Assets at
amortised
cost
$'000
Asset at fair
value through
profit or loss
$'000
Derivatives used
for hedging
$'000
Total
$'000
Assets as per statement of financial position
Cash and cash equivalents7,300 ––7,300
Derivatives – foreign exchange contracts––89 89
Derivatives – interest rate swaps––162 162
Financial assets at fair value through profit or loss––––
Other non-current assets915 ––915
Trade and other receivables38,083 ––38,083
Balance at 31 March 202346,298 –251 46,549
31

Notes to the Consolidated Financial Statements (continued)
CONSOLIDATED 2022
Assets at
amortised
cost
$'000
Asset at fair
value through
profit or loss
$'000
Derivatives
used for
hedging
$'000
Total
$'000
Assets as per statement of financial position
Cash and cash equivalents13,064 – – 13,064
Derivatives – foreign exchange contracts– – 68 68
Financial Assets at fair value through profit or loss– 2,098 – 2,098
Other non-current assets1,268 – – 1,268
Trade and other receivables35,799 – – 35,799
Balance at 31 March 202250,131 2,098 68 52,297
CONSOLIDATED 2023
Liabilities at
amortised cost
$'000
Derivatives used
for hedging
$'000
Total
$'000
Liabilities as per statement of financial position
Trade and other payables excluding non-financial liabilities24,569 –24,569
Derivatives – foreign exchange contracts (current liabilities)–107 107
Derivatives – interest rate swaps (non-current liabilities)–––
Interest-bearing liabilities67,370 –67,370
Lease liabilities77,884 –77,884
Balance at 31 March 2023169,823 107 169,930
CONSOLIDATED 2022
Liabilities at
amortised cost
$'000
Derivatives used
for hedging
$'000
Total
$'000
Liabilities as per statement of financial position
Trade and other payables excluding non-financial liabilities30,168 – 30,168
Derivatives – foreign exchange contracts (current liabilities)– 274 274
Derivatives – interest rate swaps (non-current liabilities)– 274 274
Interest-bearing liabilities65,319 – 65,319
Lease liabilities81,280 –81,280
Balance at 31 March 2022176,767 548 177,315
Accounting policy - hedging
On initial designation of a derivative as a cash flow hedging instrument or a foreign currency borrowing as a net investment hedging
instrument, the Group formally documents the relationship between the hedging instrument and hedged item, including the risk
management objectives and strategy in undertaking the hedge transaction. Documentation includes the nature of the risk being
hedged, together with the methods that will be used to assess the hedging instrument's effectiveness. The Group also documents its
assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether the hedging instruments are
expected to be highly effective in offsetting the changes in cash flows or net investment of the respective hedged items.
The effective portion of the changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised
in ‘Other comprehensive income’ and presented in the hedging reserve in equity. The gain or loss relating to the ineffective portion is
recognised immediately in the profit or loss section of the statement of comprehensive income.
32
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
Foreign exchange risk
Foreign exchange risk arises when future commercial transactions and purchases of recognised assets are denominated in a currency
that is not New Zealand Dollars (NZD) which is the company’s functional currency. Approximately 95% of annual flat-sheet glass raw
materials are purchased in foreign currencies, being United States Dollar (USD), Euro (EUR) and Australian Dollar (AUD). In accordance
with the Company’s Treasury policy, foreign exchange risk is managed prospectively over a period to a maximum period of 12 months
with allowable limits of coverage up to 100% over the six-month term, reducing to 50% up to the 12-month term. Where deemed
acceptable by the directors, coverage can be extended over a longer period.
Exposure to foreign exchange risk
CONSOLIDATED 2023
AUD
$'000
USD
$'000
EUR
$'000
31 March 2023
Cash and cash equivalents1,271 734 965
Trade receivables11,862 ––
Trade accounts payable(5,334)(2,358)(237)
Balance at 31 March 20237,799 (1,624)728
CONSOLIDATED 2022
AUD
$'000
USD
$'000
EUR
$'000
31 March 2022
Cash and cash equivalents3,253 425 1,023
Trade receivables9,157 – –
Trade accounts payable(6,235)(2,478)(1,005)
Balance at 31 March 20226,175 (2,053)18
Cash flow hedge reserve movement shown in the statement of comprehensive income reflects the tax-affected change in fair value
of forward foreign exchange currency contracts during the reporting period.
Sensitivity analysis
The following table details the Group’s sensitivity to a 10% strengthening/weakening of the NZD against the following currencies
at the reporting date. The table shows the (decrease)/increase in profit or loss and equity as a result of the 10% movements.
The analysis assumes that all other variables, in particular interest rates, remain constant. The same basis has been applied for all
periods presented.
CONSOLIDATEDCONSOLIDATED
2023
$’000
2022
$’000
Profit or loss
10% strengthening of the NZD against:
AUD(709)(561)
USD148 187
EUR(66)(2)
10% weakening of the NZD against:
AUD867 686
USD(180)(228)
EUR81 2
33

Notes to the Consolidated Financial Statements (continued)
CONSOLIDATEDCONSOLIDATED
2023
$’000
2022
$’000
Equity
10% strengthening of the NZD against:
USD(1,062)(1,702)
EUR50 222
10% weakening of the NZD against:
USD1,298 2,080
EUR50 222
Profit or loss movements are mainly attributable to the exposure outstanding on AUD trade receivables at the end of the reporting
period. Equity movements are the result of changes in fair value of derivative instruments designated as hedging instruments in cash
flow hedges.
Commodity cost risk
The primary raw material used by the Group is flat glass which is imported from suppliers around the world. While there are numerous
manufacturers of flat sheet glass, the Group is exposed to commodity price risk and therefore manages access to supply through
close relationships with suppliers. Cost is an important variable in the determination of supply, and the Group is clearly exposed to
changes in the cost of glass.
3.6 Provisions
Warranty
provision
$’000
Employee
expenses
$’000
Lease
make-good
$’000
Total
$’000
Carrying amount at the beginning of the year1151,7953,8005,710
Increase in balance53–102155
Settled or utilised–(1,330)(22)(1,352)
Carrying amount at the end of the year1684653,8804,513
2023
$’000
2022
$’000
Current portion663 1,972
Non-current portion3,8803,790
Carrying amount at the end of the year4,513 5,762
Accounting policy - provisions
Provisions are recognised when the Group has a present obligation as a result of a past event, where it is probable that a cost will be
incurred to settle the obligation and a reliable estimate of that obligation is able to be made.
Warranty provisions represent an estimate of potential liability for defective products that are shipped out and the defect is identified
within the short term, and products that fail over a long time, but within their product life cycle.
The employee expenses provision recognises the remediation payments to settle historical Holidays Act compliance matters.
Make-good provisions represent the estimated cost to return a leased property to its original condition at the end of the lease.
34
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
3.7 Other current assets and other non-current assets
CONSOLIDATEDCONSOLIDATED
2023
$’000
2022
$’000
Prepaid expenses1,972 1,859
Related party receivable (5R Solutions Ltd)265 217
Other receivables1,000 494
Total other current assets3,237 2,570
Related party receivable (5R Solutions Ltd)650 1,051
Total other non-current assets650 1,051
Other receivables includes sundry debtor balances and outstanding amounts at 31 March 2023 for the sale of the hardware inventory
to a third party during the period ended 31 March 2023.
4 LONG-TERM ASSETS
4.1 Property, plant and equipment
CONSOLIDATED 2023
Plant and
equipment
$'000
Furniture,
fittings and
equipment
$'000
Motor vehicles
$'000
Total
$'000
Opening balance
Cost96,074 4,911 12,718 113,703
Accumulated depreciation(48,567)(3,997)(6,391)(58,955)
Net book value at 1 April 202247,507 914 6,327 54,748
Reclassificaton
Cost(2,524) 680 57 (1,787)
Accumulated depreciation2,108 (263) (58) 1,787
Net book value at 1 April 2022(416) 417 (1) –
Additions5,516 316 603 6,435
Disposals(265)(50)(284)(599)
Depreciation expense(8,013)(598)(1,267)(9,878)
Foreign exchange impact(82)48 2 (32)
Closing net book value at 31 March 202344,247 1,047 5,380 50,674
Represented by:
Cost98,720 5,904 13,095 117,719
Accumulated depreciation(54,473)(4,857)(7,715)(67,045)
Net book value at 31 March 202344,247 1,047 5,380 50,674
Following the implementation of new financial accounting software for AGG, a reclassification of asset category was required for a
number of AGG assets.
35

Notes to the Consolidated Financial Statements (continued)
CONSOLIDATED 2022
Plant and
equipment
$'000
Furniture,
fittings and
equipment
$'000
Motor vehicles
$'000
Total
$'000
Opening balance
Cost87,099 4,378 10,882 102,359
Accumulated depreciation(41,359)(3,451)(5,082)(49,892)
Net book value at 1 April 202145,740 927 5,800 52,467
Additions9,236 533 2,135 11,904
Disposals(64)–(267)(331)
Depreciation expense(7,208)(546)(1,308)(9,062)
Foreign exchange impact(197)–(33)(230)
Closing net book value at 31 March 202247,507 914 6,327 54,748
Represented by:
Cost96,074 4,911 12,718 113,703
Accumulated depreciation(48,567)(3,997)(6,391)(58,955)
Net book value at 31 March 202247,507 914 6,327 54,748
Critical estimates and judgements
Economic lives of intangible assets and property, plant and equipment
Property, plant and equipment are long-lived assets that are amortised/depreciated over their estimated useful lives. The estimated
useful lives are reviewed annually and may change if necessary. The actual useful life of an asset may be shorter or longer than what
had been estimated, which will affect amortisation, depreciation and the carrying values of these assets.
Accounting policy
All property, plant and equipment is stated at historical cost less depreciation and impairment. Historical cost includes expenditure that
is directly attributable to the acquisition of the items.
Depreciation of property, plant and equipment is calculated using the straight-line value method to allocate the cost of assets over
their expected useful lives. The rates are as follows:
Depreciation
rate
Depreciation
basis
Plant and equipment7 – 15%Straight line
Motor vehicles12 – 20%Straight line
Furniture, fixtures and fittings20 – 25%Straight line
36
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
4.2 Right-of-use assets
CONSOLIDATED 2023
Property
$'000
Motor vehicles
$'000
Equipment
$'000
Total
$'000
Opening balance
Cost101,013 7,894 358 109,265
Accumulated depreciation(37,076)(1,598)(86)(38,760)
Net book value at 1 April 202263,937 6,296 272 70,505
Additions1,277 3,594 –4,871
Disposals(1,118)(66)–(1,184)
Depreciation expense(6,972)(1,763)(86)(8,821)
Foreign exchange impact(39)3 –(36)
Closing net book value at 31 March 202357,085 8,064 186 65,335
Represented by:
Cost100,827 11,419 358 112,604
Accumulated depreciation(43,742)(3,355)(172)(47,269)
Net book value at 31 March 202357,085 8,064 186 65,335
CONSOLIDATED 2022
Property
$'000
Motor vehicles
$'000
Equipment
$'000
Total
$'000
Opening balance
Cost83,280 2,765 210 86,255
Accumulated depreciation(34,973)(554)(102)(35,629)
Net book value at 1 April 202148,307 2,211 108 50,626
Additions23,211 5,138 284 28,633
Disposals(766)(4)(28)(798)
Depreciation expense(6,730)(1,049)(92)(7,871)
Foreign exchange impact(85)––(85)
Closing net book value at 31 March 202263,937 6,296 272 70,505
Represented by:
Cost101,013 7,894 358 109,265
Accumulated depreciation(37,076)(1,598)(86)(38,760)
Net book value at 31 March 202263,937 6,296 272 70,505
In determining the lease term, the Group includes any periods covered by options to the extent where the Group is reasonably certain
to exercise that option.
Accounting policy
The Group leases mainly relate to buildings which are typically made for fixed periods of 1 to 16 years but may have extension options.
Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions. The lease agreements do not
impose any covenants, but leased assets may not be used as security for borrowing purposes.
Assets and liabilities arising from a lease are initially measured on a present-value basis. Lease liabilities include the net present value
of the following lease payments:
• fixed payments, less any lease incentives receivable; and
• variable lease payments that are based on an index or a rate.
Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability and any restoration
costs. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in
profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small
items of office furniture with a purchase cost below $1,000.
37

Notes to the Consolidated Financial Statements (continued)
4.3 Intangible assets
CONSOLIDATED 2023
Customer
relationships
$'000
Goodwill on
acquisitions
$'000
Computer
software
$'000
Total
$'000
Opening balance
Cost13,055 149,364 6,588 169,007
Accumulated amortisation and impairment(13,055)(95,128)(6,114)(114,297)
Net book value at 1 April 2022–54,236 474 54,710
Additions––77 77
Disposals––––
Amortisation expense––(261)(261)
Impairment–(10,000)–(10,000)
Foreign exchange impact–(190)–(190)
Closing net book value at 31 March 2023–44,046 290 44,336
Represented by:
Cost13,014 149,103 9,606 171,723
Accumulated amortisation and impairment(13,014)(105,057)(9,316)(127,387)
Net book value at 31 March 2023–44,046 290 44,336
CONSOLIDATED 2022
Customer
relationships
$'000
Goodwill on
acquisitions
$'000
Computer
software
$'000
Total
$'000
Opening balance
Cost13,055 149,712 9,493 172,260
Accumulated amortisation and impairment(11,847)(95,221)(8,560)(115,628)
Net book value at 1 April 20211,208 54,491 933 56,632
Additions––61 61
Amortisation expense(1,208)–(547)(1,755)
Foreign exchange impact–(255)27 (228)
Closing net book value at 31 March 2022–54,236 474 54,710
Represented by:
Cost13,055 149,364 6,588 169,007
Accumulated amortisation and impairment(13,055)(95,128)(6,114)(114,297)
Net book value at 31 March 2022–54,236 474 54,710
Critical estimates and judgements: Goodwill
The Group tests intangible assets for impairment to ensure they are not carried at above their recoverable amounts:
• at least annually for goodwill with indefinite lives; and
• where there is an indication that the assets may be impaired (which is assessed at least at each reporting date).
Impairment tests are performed by assessing the recoverable amount of each individual asset or Cash-generating unit (CGU). The
recoverable amount is determined as the higher amount calculated under a value-in-use (VIU) or a fair value less costs of disposal
(FVLCD) calculation. Both methods utilise pre-tax cash flow projections based on financial projections approved by the directors.
38
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
Impairment tests for goodwill
The Group's segments and cash generating units (CGU's) have been classified as New Zealand and Australia aligning with the way the
business is reviewed. The New Zealand goodwill balance arose prior to the Group's Initial Public Offering (IPO) in July 2014.The Australian
goodwill arose in August 2016 with the acquisition of AGG. Goodwill balances are as follows:
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
New Zealand20,879 30,879
Australia23,167 23,357
Total goodwill balances44,046 54,236
Impairment testing for both CGUs was completed using the VIU method.
Key assumptions in the 31 March 2023 impairment assessment (VIU) calculations (and the equivalent assumptions in the 31 March 2022
calculations) are as follows:
CONSOLIDATEDCONSOLIDATED
20232022
New ZealandAustraliaNew ZealandAustralia
Compound annual revenue growth – 3 years(4.9%)5.7%7.1%14.3%
Long-term growth rate2.0%1.3%1.3%1.3%
Discount rate (pre tax, post IFRS 16)14.6%12.9%13.2%11.9%
Discount rate (post tax, post IFRS 16)10.5%9.0%9.5%8.3%
Cash flow projections
The impairment testing used pre-tax cash flow projections for both CGUs based on financial projections approved by the directors
covering a three-year period. In forming these projections, the directors considered the views of several economic forecasters,
observable market data points (including building consents), feedback from customers, analysis of existing forward books of work,
anticipated customer wins and/or losses and other competitive dynamics.
The directors have referenced longer term independent forecast estimates in a consistent way compared to previous years.
New Zealand
Disruptions to the supply chain for the New Zealand CGU have eased and are expected to improve in the medium-term earnings
outlook. The number of new homes consented has declined from the historically elevated levels and the expectation is that consenting
levels will continue to decline in the short term before flattening out. The value of non-residential building consents softened on
last year but are not expected to decline at the same rate as residential work. The changes to the building code (H1 Standards)
are progressively effective from November 2022 require an increase in the thermal properties of window units as part of a suite of
changes designed to improve the thermal performance of New Zealand homes. Earnings performance for the NZ CGU is expected to
improve compared to F23 even with the anticipated reducing building activity driven by a reduction in global supply chain freight rates,
the successful implementation of the cost out programme and the gradual adoption of the H1 building code. The medium-term outlook
for the NZ CGU is for current consenting levels to progressively decline, offset to some degree by the positive impact from the change
in the H1 standards and other planned cost out initiatives. Within the next three-year period, the business would be at the bottom of
the forecast building cycle with no consenting recovery assumed for the New Zealand CGU, which is also reflected in the extrapolation
of the terminal year.
The impairment test of the New Zealand goodwill balance has resulted in an impairment of $10.0 million, which is presented in the
consolidated statement of comprehensive income as a significant item (note 2.4) and in the New Zealand segment (note 2.1). The
recoverable amount of the New Zealand CGU was determined to be $84.6m.
Impairment testing for the New Zealand CGU was completed using both the VIU and FVLCD methods, with the VIU discounted cash flow
method showing the higher recoverable amount. The VIU test used the same assumptions as the FVLCD test. The FVLCD calculation
has been determined using level three in terms of the fair value hierarchies in NZ IFRS 13.
Australia
On 24 February 2023 the Group announced their intention to explore the divestment of the Australian CGU. The business has made
significant improvements in its operational and financial performance and remains well placed for growth in the coming years as the
penetration of double-glazing increases alongside changing construction codes and consumer preferences. At 31 March 2023 the
process is in the early stages and is ongoing. It is not possible to estimate the fair value of AGG that is likely to be achieved through
sale, and therefore the VIU method is used when testing if the goodwill associated with the Australian CGU is impaired.
39

Notes to the Consolidated Financial Statements (continued)
Long-term growth rate
Cash flows beyond the three-year period are extrapolated using an estimated long-term growth rate. The long-term growth rate
assumptions have typically been supported by long-term population growth rates in New Zealand and Australia and the increased use
and prevalence of glass products in the Group's markets. The long-term growth rate for the NZ CGU has been increased to reflect the
long-term inflation expectation at 2%, being the mid-point of the RBNZ target range and based on historical inflation rates. The long-
term growth rates have been left unchanged in the 2023 testing for the Australian CGU (1.3%)
Discount rate
The discount rate (post tax) represents the current market assessment of the risks specific to the CGU, taking into account the time
value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount
rate calculation is based on the specific circumstances of the CGU and its operating segments and is derived from its weighted
average costs of capital (WACC).
The discount rates used are supported by independent third-party expert advice. The discount rates at 31 March 2023 were higher
than the prior year on account of market increases in interest rates (risk-free rates) and the consideration of market-specific risks.
Market capitalisation comparison
The Group compares the carrying amount of net assets with the market capitalisation value at each balance date. The share price at
31 March 2023 was $0.171 equating to a market capitalisation of $31.7 million. This market value excludes any control premium and may
not reflect the value of all of the Group's net assets. The carrying amount of the Group's net assets at 31 March 2023 was $75.5 million
($0.41 per share). Management and the Directors have considered the reasons for this difference and concluded all relevant factors
had been allowed for in their VIU model.
Sensitivity to changes in key assumptions
IMPAIRMENTVARIANCE
TO BASE
ASSUMPTION
$'000$'000
New Zealand CGU impairment test
Base assumption(10,000)
+0.5% Discount rate(16,200)(6,200)
-0.5% Discount rate(3,100)6,900
+0.5% Change to forecast revenue in each year (with associated changes to cost of materials)(4,900)5,100
-0.5% Change to forecast revenue in each year (with associated changes to cost of materials)(15,100)(5,100)
+0.25% Long-term growth rate(6,300)3,700
-0.25% Long-term growth rate(13,500)(3,500)
The results of the assessment of impairment testing calculations for the New Zealand CGU are most sensitive to assumed compound
revenue contraction over the forecast period, the discount rate and the terminal growth rate. The implied position of the construction
cycle following year three (FY26) is also important as this supports the cashflow element of the terminal value calculation, which could
also impact the applicable terminal growth rate.
Whilst acknowledging the uncertainties around forecasting, it is the considered view of the directors that the forecast revenue
assumptions and resulting outcome is reasonable. This is based on their understanding of the market, supplemented by third-party
forecasts, and a consensus of the range of expected market trajectories considered. Therefore, an impairment to the goodwill balance
of $10.0 million has been recognised at 31 March 2023.
The impairment assessments confirmed that, for the Australian business units, the recoverable amount exceed carrying values as at
31 March 2023.There are no reasonably possible changes in key assumptions used in the determination of the recoverable value of
Australian CGU’s that would result in a material impairment to the Group.
Accounting policy
Goodwill
Goodwill represents the excess of the consideration paid for an acquisition over the fair value of the Group’s share of the net
identifiable assets of the acquired subsidiary at the date of acquisition. Any goodwill arising on acquisitions of subsidiaries is included
in intangible assets. Goodwill acquired in business combinations is not amortised. Instead, goodwill is tested for impairment annually,
or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated
impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
40
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs
of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed
For the purposes of impairment testing, goodwill acquired in a business combination is allocated to each group of the CGUs that is
expected to benefit from the synergies of the combination. Each unit to which the goodwill is allocated represents the lowest level
within the entity at which the goodwill is monitored for internal management purposes.
Computer software
Acquired computer software licences that are not defined as a ‘software as a service’ arrangement are capitalised on the basis of the
costs incurred to acquire and bring to use the specific software. Costs that are directly associated with the production of identifiable
and unique software products controlled by the Group are recognised as intangible assets when management intends to use the
software and anticipate it will generate probable future economic benefits.
Directly attributable costs that are capitalised as part of the software product include the software development employee costs
and an appropriate portion of relevant overheads.
Amortisation of computer software is calculated on a straight-line basis over a useful life of four years.
Contractual customer relationships
Contractual customer relationships acquired in a business combination are recognised at fair value at the acquisition date.
The contractual customer relationships acquired are estimated to have a finite useful life and are carried at cost less accumulated
amortisation. Amortisation is calculated on a straight-line method over the expected life, being 10 years of the customer relationship
in New Zealand.
4.4 Investment in associates
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
5R Solutions Limited2,512–
Total investments in associates2,512–
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Carrying amount at the beginning of the year––
Additions2,098–
Share of profits of associate414–
Disposals––
Carrying amount at the end of the year2,512–
Accounting policy - associates
Associates are those entities in which the Group has significant influence, but not control, over financial and operating policies.
Associates are accounted for under the equity method of accounting.
In the year ended 31 March 2022 the Group’s interest in 5R Solutions Limited was recognised as fair value through the profit or loss. On
1 April 2022 an option was exercised with the Group becoming a 50% owner of 5R Solutions Limited. The Group has 33.3% voting rights
for 5R Solutions Limited. There were no dividends received from 5R Solutions Limited in the year ended 31 March 2023.
Cash flows for repayments of balances due from associates are included in operating activities within the consolidated statement
of cash flows, while the share of profits from associates is equity accounted and disclosed in the consolidated statement of
comprehensive income.
Management is comfortable that there are no indicators requiring an impairment of the asset.
41

Notes to the Consolidated Financial Statements (continued)
5 DEBT AND EQUITY
5.1 Interest-bearing liabilities
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Bank borrowings65,172 62,296
Other asset financing2,198 3,023
Total interest-bearing liabilities67,370 65,319
Bank borrowings are secured by a first-ranking composite general security deed. The Group’s bank borrowing facilities were amended
on 18 November 2022 to comprise a syndicated revolving loan facility of $75 million for a three-year term expiring in October 2024, a
$5 million standby facility that will expire in October 2024, as well as overdraft and bank guarantees totalling $11.9 million. The Group
received temporary covenant amendments during the year. The Group complied with all covenants throughout the year.
Other asset financing comprises outstanding balances of third-party financing for the purchase of motor vehicles and ‘software as a
service’ application. In the period ended 31 March 2020, the Group concluded two sale and leaseback agreements relating to the New
Zealand vehicle fleet, but retained ownership of the heavy truck bodies.
Assets pledged as security
The bank loans are secured under both a General Security Deed and Specific Security Deed which results in registered charges over
assets of the Group. In addition, there are positive and negative pledge undertakings through shares held of various subsidiaries.
Accounting policy
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised
cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is expensed in the statement of
comprehensive income over the period of the borrowings using the effective interest method.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at
least 12 months after the statement of financial position date.
Other asset financing is treated as a financing arrangement, with assets remaining in the Group’s asset register and remaining useful
life adjusted to mirror the lease term. A finance liability is recognised equal to the sale proceeds. Interest expense is recognised over
the term of the lease where applicable.
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an
adequate amount of committed credit facilities and the ability to close-out market positions.
As at 31 March 2023 the Group had cash of $7.3 million (2022: $13.1 million). Information in respect of negotiated credit facilities is
shown below.
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Committed credit facilities pursuant to syndicated facility88,458 83,145
Drawdown at balance date(69,995)(66,664)
Available credit facilities18,463 16,481
The table below analyses both of the Group's non-derivative financial liabilities and derivative financial liabilities into relevant maturity
groupings based on the remaining period at the balance sheet date to the contractual maturity date. Derivative financial liabilities are
included in the analysis if their contractual maturities are essential for an understanding of cash flows. Where relevant, cashflows
include both interest and principal payments.
42
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
CONSOLIDATED 2023
Less than
1 year
$'000
Between
1 and 2 years
$'000
Between
2 and 5 years
$'000
> 5 years
$'000
Total
$'000
Carrying
amount
$’000
Interest-bearing liabilities and interest owing5,43668,31484072775,31767,370
Interest rate swap(162)–––(162)(162)
Foreign exchange contracts107–––107107
Lease liabilities11,84011,65627,95958,887110,34277,884
Trade accounts payable17,756–––17,75617,756
Total at 31 March 202334,97779,97028,79959,614203,360162,955
CONSOLIDATED 2022
Less than 1
year
$'000
Between
1 and 2 years
$'000
Between
2 and 5 years
$'000
> 5 years
$'000
Total
$'000
Carrying
amount
$’000
Interest-bearing liabilities and interest owing3,452 64,139 866 1,228 69,685 65,319
Interest rate swap–274 ––274 274
Foreign exchange contracts274 –––274 274
Lease liabilities11,072 10,828 28,213 67,941 118,054 81,280
Trade accounts payable21,952 –––21,952 21,952
Total at 31 March 202236,750 75,241 29,079 69,169 210,239 169,099
Interest rate risk
The Group’s interest rate risk arises from borrowings. Borrowings issued at variable rates expose the Group to cash flow interest
rate risk. During the period, the Group’s borrowings at variable rates were denominated in both NZD and AUD. If interest rates in
New Zealand and Australia increased by 10% the impact would be an additional cost of $0.49 million and a subsequent decrease of
$0.49 million if rates decreased by 10%. (In 2022 an interest rate increase of 10% would have resulted in additional costs of $0.26 million
and a subsequent decrease of $0.26 million if rates decreased by 10%.)
The Group adopts a policy of ensuring that its exposure to changes in interest rates on borrowings is on a fixed-rate basis by entering
into interest rate swaps.
5.2 Lease liabilities
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Opening lease liabilities recognised at 1 April 81,280 60,601
Additions4,880 28,613
Termination(1,303)(799)
Interest for the period4,819 3,201
COVID-19 rent relief–(138)
Lease payments made(11,699)(10,091)
Foreign exchange impact(93)(107)
Lease liabilities at 31 March 202377,884 81,280
Current lease liabilities7,452 6,535
Non-current lease liabilities70,432 74,745
Total lease liabilities77,884 81,280
43

Notes to the Consolidated Financial Statements (continued)
Lease liabilities maturity analysis
Minimum lease
payments
$'000
Interest
$'000
Present value
$'000
Within one year11,840 (4,388)7,452
One to five years39,616 (13,772)25,844
Beyond five years58,887 (14,29944,588
Lease liabilities at 31 March 2023110,343 (32,459)77,884
Minimum lease
payments
$'000
Interest
$'000
Present value
$'000
Within one year11,071 (4,536)6,535
One to five years39,041 (14,788)24,253
Beyond five years67,941 (17,449)50,492
Lease liabilities at 31 March 2022118,053 (36,773)81,280
Estimates and judgements: Incremental borrowing rates and lease terms
Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group’s
incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain
an asset of similar value in a similar economic environment with similar terms and conditions.
5.3 Contributed equity
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Opening balance307,198 307,198
Closing balance307,198 307,198
At 31 March 2023 the Company had issued 185,378,086 fully-paid ordinary shares (2022: 185,378,086 fully-paid ordinary shares).
No shares were issued or cancelled during the year (2022: nil). Ordinary shares entitle the holder to participate in dividends, and
to share in the proceeds of winding up the Company in proportion to the number of shares held. Every holder of ordinary shares
present at a meeting in person or by proxy is entitled to one vote, and on a poll each share in entitled to one vote. The Company
does not have a limited amount of authorised capital.
Accounting policy
Ordinary shares are classified as equity.
Incremental costs directly attributable to the Group’s issue of new shares or acquiring its own shares are shown in equity as a
deduction, net of tax, from the proceeds.
Dividends
Provision is made for the amount of any dividend declared on or before the end of the financial year but not distributed at balance date.
Dividend distribution to Group shareholders is recognised as a liability in the Group’s financial statements in the period in which the
dividends are declared by the board.
Metro Performance Glass paid no dividends in 2022 and 2023.
Capital management
The Group’s syndicated revolving loan facility agreement restricts the Group from making a distribution to shareholders unless
the leverage ratio before and after the distribution is below 2.0 (up to 31 December 2021: below 1.5).
The Group and the parent entity’s objectives when managing capital are to safeguard their ability to continue as a going concern,
so that they can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital
structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital
to shareholders, issue new shares or sell assets to reduce debt.
44
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
The Group is subject to capital requirements imposed by the bank syndicate through covenants agreed as part of the lending facility
arrangements. The Group met all externally imposed capital requirements for the twelve months ended 31 March 2023.
The following summarises the key banking covenants:
1. Interest cover ratio no less than 2.75x to the quarter ended June 2023 and no less than 3.0x for reporting periods thereafter.
2. The leverage ratio (net debt to pre-NZ IFRS 16 EBITDA, calculated in accordance with the bank syndicate agreement) no greater
than 3.25x to the quarter ended June 2023 and no greater than 2.75x for reporting periods thereafter.
The covenant testing for 2023 is to be normalised by excluding the costs associated with the restructure of the New Zealand business.
The Group's gearing ratio (not part of the banking covenants) and the leverage ratio at 31 March 2023 were as follows:
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Interest-bearing liabilities67,370 65,319
Add: Prepaid financing costs372 380
Less: Cash and cash equivalents(7,300)(13,064)
Adjusted net debt60,442 52,635
Equity75,467 85,529
Gearing ratio44.5%38.1%
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Interest-bearing liabilities67,370 65,319
Add: Prepaid financing costs372 380
Less: Cash and cash equivalents(7,300)(13,064)
Adjusted net debt60,442 52,635
Adjusted profit before interest, tax, depreciation and amortisation
1
18,720 13,921
Leverage ratio3.23 : 13.78 : 1
1. Calculated on pre-IFRS 16 basis, excluding significant items as per bank covenant definitions.
6 OTHER
6.1 Income taxation
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
(Loss)/Profit before income taxation(10,581)(416)
Income taxation benefit at the Group's effective tax rate2,849116
Tax effect of (non-deductible) and non-assessable items (2,826)44
Prior year adjustment10 (203)
Income tax benefit/(expense)33 (43)
Represented by:
Current taxation405(794)
Deferred taxation(372) 751
33 (43)
45

Notes to the Consolidated Financial Statements (continued)
Imputation credit account
The amount of imputation credits at balance date available for future distributions is $28.4 million at 31 March 2023 ($28.3 million
at 31 March 2022).
6.2 Deferred taxation
Consolidated deferred tax assets and liabilities are attributable to the following:
CONSOLIDATED 2023
Assets
$'000
Liabilities
$'000
Net
$'000
Property, plant and equipment–(1,350)(1,350)
Right-of-use assets–(18,154)(18,154)
Inventory and receivables108 –108
Cash flow hedge85 (34)51
Intangibles73–73
Lease liabilities21,674 –21,674
Provisions and accruals3,478 –3,478
Tax losses4,518 –4,518
29,936 (19,538)10,398
CONSOLIDATED 2022
Assets
$'000
Liabilities
$'000
Net
$'000
Property, plant and equipment–(1,731)(1,731)
Right-of-use assets–(19,393)(19,393)
Inventory and receivables29 –29
Cash flow hedge269 –269
Intangibles146 – 146
Lease liabilities22,526 –22,526
Provisions and accruals3,693 –3,693
Tax losses5,426 –5,426
32,089 (21,124)10,965
Movement in temporary differences during the year:
CONSOLIDATED 2023
Opening balance
1 Apr 2022
$'000
Recognised in
profit or loss
$'000
Recognised in
OCI
$'000
Balance
31 Mar 2022
$'000
Property, plant and equipment(1,731)324 57 (1,350)
Right-of-use assets(19,393)1,211 28 (18,154)
Inventory and receivables29 79 –108
Cash flow hedge269 –(218)51
Intangibles146 (73)–73
Lease liabilities22,526 (850)(2)21,674
Provisions and accruals3,693 (200)(15)3,478
Tax losses5,426 (863)(45)4,518
10,965 (372)(195)10,398
46
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
CONSOLIDATED 2022
Opening balance
1 Apr 2020
$'000
Recognised in
profit or loss
$'000
Recognised in
OCI
$'000
Balance
31 Mar 2021
$'000
Property, plant and equipment(1,855)552 (428)(1,731)
Right-of-use assets(13,701)(5,724)32 (19,393)
Inventory and receivables32 (3)(0)29
Cash flow hedge524 –(255)269
Intangibles(360)168 338 146
Lease liabilities16,409 6,149 (32)22,526
Provisions and accruals3,810 (99)(18)3,693
Tax losses5,779 (292)(61)5,426
10,638 751 (424)10,965
Accounting policy
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it
relates to items recognised in ‘Other comprehensive income’ (OCI) or directly in equity. In this case, the tax is also recognised in OCI or
directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance date.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. However, deferred income tax is not accounted for if it arises from
initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects
neither accounting nor taxable profit or loss. No deferred tax liability was recognised on initial recognition of goodwill. Deferred income
tax is determined using tax rates (and laws) that have been enacted, or substantively enacted, by the statement of financial position
date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised for unused tax losses and deductible temporary differences to the extent that it is
probable that future taxable profit will be available against which they can be utilised. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income tax assets and liabilities relate to income tax levied by the same taxation authority
on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
6.3 Group reserves
Group reorganisation reserve
On acquisition of Metroglass Holdings Limited in July 2014, the assets and liabilities acquired were measured at their pre-combination
carrying amounts without fair value uplift. The difference between the consideration transferred and the carrying value of the assets
and liabilities acquired of $170.7 million (2022: $170.7 million) was recorded in the group reorganisation reserve.
Accounting policy
Where an acquisition occurs through Group reorganisation, the identifiable assets and liabilities acquired are measured at their
pre-combination carrying amounts without fair value uplift. No new goodwill is recorded. Any difference between the consideration
transferred and the carrying value of the assets and liabilities acquired is recorded in equity.
Share-based payments reserve
The Group currently has a long-term incentive (LTI) plan for selected employees. The plan’s participants are members of the Senior
Leadership Team and other selected senior managers. The reserve is used to record the accumulated value of the plan which
has been recognised in the statement of comprehensive income.
The plan is designed to secure those employees’ retention in Metro Performance Glass and to reward performance that underpins
the achievement of Metro Performance Glass’ business strategy and long-term shareholder wealth creation. Participants are offered
an annual award of a specified number of both performance rights and share options in Metro Performance Glass (in accordance with
the plan rules).
The performance rights enable participants to acquire shares in Metro Performance Glass with no consideration payable, subject
to Metro Performance Glass achieving set performance hurdles and meeting certain vesting conditions.
The share options enable participants to acquire shares in Metro Performance Glass at a market-based exercise price, subject
to Metro Performance Glass achieving set performance hurdles and meeting certain vesting conditions.
47

Notes to the Consolidated Financial Statements (continued)
In the event that the respective performance hurdles are not met on the vesting date, retesting will be permitted after a further
six and twelve months from the measurement date.
The following share options and performance share rights (PSR) have been issued and had not lapsed or been exercised at
31 March 2023.
Plan name Date issued
Number of
options
Number of
PSR
Options
exercise priceVesting date
2020 LTI plan23-May-193,434,5561,287,961$0.456-Jun-22
2021 LTI plan19-Jun-202,704,7171,442,516$0.203-Jul-23
2022 LTI plan21-May-211,563,033808,464$0.424-Jun-24
2023 LTI plan27-May-223,480,7171,740,361$0.2510-Jun-25
Accounting policy
The long-term incentive plan is an equity-settled share-based payment which provides eligible employees with the opportunity to
acquire shares in the Group, accounted for under NZ IFRS 2. The fair value of shares granted is recognised as an employee benefit
expense with a corresponding increase in equity. The fair value is measured at grant date and recognised over the vesting period.
The fair value of the plan has been assessed by an independent valuer.
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Share-based payments reserve
Opening balance1,366 1,212
Transfer to equity on vesting of employee share purchase scheme(382)(294)
Movement in share-based payments reserve374 448
Closing balance1,358 1,366
6.4 Related party transactions
5R Solutions Limited
5R Solutions Limited (an associate, note 4.4) provides glass waste removal and recycling services to the Group. This arrangement has
not changed following 5R Solutions Limited becoming an associate of the Group during the year ended 31 March 2023. 5R Solutions
Limited charged the Group $1.3 million for services in the year ended 31 March 2023.
The payables balance in relation to services from 5R Solutions Limited was $0.05 million at 31 March 2023.
In addition the Group has a receivable from 5R Solutions Limited in relation to a dividend declared but unpaid in the year ended 31
March 2022. During the year ended 31 March 2023 5R Solutions paid the Group $0.85 million in relation to this previously declared
dividend and there was a balance remaining to be paid of $0.9 million at 31 March 2023 (note 3.7).
Subsidiaries
The Group’s principal subsidiaries at 31 March 2023 and 31 March 2022 are set out below. Unless otherwise stated, they have share
capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interest held equals
the voting rights held by the Group. The country of incorporation or registration is also their principal place of business.
Name of entity
Country of
incorporation2023 Interest2022 Interest
Metropolitan Glass & Glazing LimitedNew Zealand100%100%
Metroglass Finance LimitedNew Zealand100%100%
Australian Glass Group Holding Pty LtdAustralia100%100%
Australian Glass Group Finance Pty LtdAustralia100%100%
Directors
The names of persons who were directors of the Company at any time during the financial period are as follows: Peter Griffiths,
Angela Bull, Rhys Jones, Graham Stuart, Mark Eglinton, Jenn Bestwick and Julia Mayne.
Angela Bull retired on 4 April 2022. Jenn Bestwick was appointed on 1 May 2022.
48
2023 Annual Report

Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements (continued)
Key management and Board of Directors’ compensation
Key management comprises members of the Executive Team, being direct reports of the CEO. The compensation paid to key
management for employee service is shown below:
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Salaries and other short-term employee benefits2,428 2,459
Management incentive1–819
Share-based payments333 220
2,761 3,498
1. Relates to amounts paid pursuant to prior year financial and operating performance.
Board of Directors’ compensation
CONSOLIDATEDCONSOLIDATED
2023
$'000
2022
$'000
Directors' fees602 605
602 605
6.5 Contingencies
At 31 March 2023 the Group had no contingent liabilities or assets.
6.6 Commitments
At 31 March 2023 the Group had no commitments (2022: $1.1 million).
6.7 Prior period adjustments
Impact on the statement of financial position at 31 March 2022
2022
as reported
$'000
Debtors
reclassification
change
$'000
2022
Restated
$'000
Trade receivables34,957 842 35,799
Total current assets78,061 842 78,903
To t a l a s s e t s272,138 842 272,980
Deferred income2,608 842 3,450
Total current liabilities42,481 842 43,323
The debtors reclassification arose from a review of the process to identify and reclassify customer deposits from trade receivables to
the deferred income balance. During the current year, this review identified that there was a further $842,000 of deposits that had not
been reclassified to deferred income as at 31 March 2022. There is no impact on the consolidated statement of comprehensive income
or consolidated statement of cash flows as a result of this reclassification.
6.8 Subsequent events
There are no significant subsequent events.
49

PricewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz

Independent auditor’s report
To the shareholders of Metro Performance Glass Limited
Our opinion
In our opinion, the accompanying consolidated financial statements of Metro Performance Glass
Limited (the Company), including its subsidiaries (the Group), present fairly, in all material respects,
the financial position of the Group as at 31 March 2023, its financial performance and its cash flows for
the year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
What we have audited
The Group's consolidated financial statements comprise:
● the consolidated statement of financial position as at 31 March 2023;
● the consolidated statement of comprehensive income for the year then ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the consolidated financial statements, which include significant accounting
policies and other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the consolidated financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of agreed upon procedures relating to the
Group’s covenant compliance certificate and financial information attached to a visa application and,
subsequent to 31 March 2023, a comparison of the Group's long-term incentive plan to market
practice. The provision of these other services have not impaired our independence as auditor of the
Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the consolidated financial statements of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

50
2023 Annual Report

PwC


Description of the key audit matter How our audit addressed the key audit matter
New Zealand cash generating unit
goodwill impairment test
During the year ended 31 March 2023 an
impairment of $10.0 million was
recognised in relation to the goodwill
balance to reduce the carrying amount of
the Group’s New Zealand cash
generating unit (NZ CGU). Following the
impairment, as at 31 March 2023, the
carrying amount of the NZ CGU’s
goodwill balance amounted to $20.9
million (note 4.3).
This impairment was calculated using a
recoverable amount determined by
management on a ‘value in use’ basis.
The value in use model was based on
discounted future cash flows.
The key assumptions in the impairment
assessment were the compound annual
revenue growth rate over the next three
years, the discount rate and the long-
term growth rate.
As part of the impairment assessment
process, management performed a
comparison of the Group’s net assets to
the market capitalisation of the Company
and prepared an analysis and
explanation of the difference.
Management considered the reasons for
this difference in finalising their
assessment of the recoverable amounts
of the Group’s CGUs.
The impairment testing of the NZ CGU’s
goodwill is considered a key audit matter
due to the materiality of the goodwill
balance, the presence of impairment
indicators, and the significant level of
management estimation and judgement
applied in determining key assumptions
used in the impairment assessment.

Our audit focused on assessing and challenging the
key assumptions used by management in their
impairment assessment. Our procedures included:
● evaluating the appropriateness of the identification
of the Group’s CGUs;
● considering whether the valuation methodology
applied was appropriate;
● agreeing the cash flows included in management’s
impairment model to the board approved plans;
● assessing the Group’s forecasting accuracy by
comparing historical forecasts to actual results and
considering the impact on the current impairment
test’s cash flow forecasts;
● discussing with management the basis for the cash
flow forecasts and the key drivers of change in the
forecasts, including internal and external factors;
● engaging our valuation expert to assist us with:
- assessing whether the discount rates and long-
term growth rates used by management are
reasonable in the context of the forecasts; and
- considering management’s paper comparing
the net assets and the market capitalisation of
the Company, in the context of our stand back
assessment of the impairment test;
● testing the accuracy of the calculations in
management’s impairment model, and checking
that the carrying amount for the CGU’s net assets
was correctly included in the impairment
assessment;
● evaluating the reasonableness of management’s
forecast cash flows by constructing a top-down
forecast based on evidence from external sources
and trends in the Group's operational data and
financial information;
● performing sensitivity analyses for the effect of
reasonably possible changes in key assumptions
on the impairment assessment;
● assessing whether a ‘fair value less costs of
disposal’ approach to the impairment test would
result in a lower or no impairment;
● evaluating the effect of the trading results up to the
date of our report; and
● considering the appropriateness of disclosures in
the consolidated financial statements.

51

PwC


Description of the key audit matter How our audit addressed the key audit matter
Forecast compliance with bank
financial covenants
As at 31 March 2023 the Group’s net
debt was $60.1 million. Notes 1.1, 5.1
and 5.3 to the consolidated financial
statements explain that the Group’s bank
borrowings comprise a syndicated
revolving loan facility, with certain
financial covenants. This facility expires
in October 2024.
During the year the Group obtained
temporary financial covenant
amendments to ease its financial
covenants on future test dates and as a
result the Group complied with all
financial covenants throughout the year.
As disclosed in note 1.1, the Group has
forecast compliance with these financial
covenants for the foreseeable future and
the Directors have concluded that the
Group will be able to comply with those
financial covenants for at least 12 months
after the approval of the consolidated
financial statements.
Forecast compliance with bank financial
covenants is considered a key audit
matter due to the significant level of
management judgement applied in
estimating the future performance of the
Group which is used to calculate financial
covenant compliance in the future.


We have read the syndicated revolving loan facility
agreement and the amendments to that agreement.
We obtained the Group’s financial covenant
compliance forecast for the next 12 months from the
date of the approval of the consolidated financial
statements. Our procedures included:
● assessing the reasonableness of management’s
forecasts in light of historical performance, our
analysis of the forecasts used in the goodwill
impairment tests, the trading results for the month
of April 2023 and the preliminary financial
information for the month of May 2023;
● calculating the thresholds required to comply with
the financial covenants for the next 12 months and
the headroom between those thresholds and
management’s forecasts;
● evaluating the level of forecasting risk at each test
date by comparing the available headroom against
our sensitivities and stress tests of significant
assumptions regarding forecast earnings, interest
expense and net debt levels; and
● reading the disclosures in notes 1.1, 5.1 and 5.3 to
ensure they accurately reflect our understanding of
the circumstances.



52
2023 Annual Report

PwC


Our audit approach

Overview

Overall group materiality: $772,000, which represents approximately
2.5% of earnings before interest, tax, depreciation, amortisation and
significant items (impairment of intangible assets and restructuring
and divestment expenses) (EBITDA).
We chose EBITDA as the benchmark because, in our view, it
provides a more stable measure of the performance of the Group
without the impact of significant and irregular expenses. EBITDA is
also a key measure of the performance of the Group.
Following our assessment of the risk of material misstatement, we
performed:
● full scope audits on the Group’s two trading entities
● substantive audit procedures on selected significant balances in
the remaining non-trading entities and on consolidation entries, and
● analytical review procedures on all the remaining non-trading
entities.
As reported above, we have two key audit matters, being:
● New Zealand cash generating unit goodwill impairment test
● Forecast compliance with bank financial covenants

As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant accounting estimates
that involved making assumptions and considering future events that are inherently uncertain. As in all
of our audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out
above. These, together with qualitative considerations, helped us to determine the scope of our audit,
the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate, on the consolidated financial statements as a whole.

53

PwC


How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the consolidated financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates.
We performed audit procedures over components considered financially significant in the context of
the Group (full scope audit) or in the context of individual primary statement account balances (audit of
specific account balances). The materiality levels used for the audits of the full scope audits were
calculated by reference to a portion of Group materiality appropriate to the relative scale of these
entities. We visited a selection of locations in New Zealand and Australia for stocktake procedures,
management interviews and performing other audit procedures.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual report, but does not include the consolidated financial statements
and our auditor's report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do
not express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated. If, based on the work we have performed on the other information
that we obtained prior to the date of this auditor’s report, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in
this regard.
Responsibilities of the Directors for the consolidated financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal
control as the Directors determine is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Directors either intend to liquidate
the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements, as a whole, are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report.
54
2023 Annual Report

PwC


Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.

The engagement partner on the audit resulting in this independent auditor’s report is Troy Florence.
For and on behalf of:
Chartered Accountants
14 June 2023
Auckland
55

Metro Performance Glass’
(Metroglass, the company)
board and Senior Leadership
Team (SLT) recognise the
importance of sound corporate
governance and consider it
core to ensuring the creation,
protection and enhancement
of shareholder value.
Together, the board and SLT are
committed to making sure that the
company applies and adheres to
practices and principles that ensure
good governance and maintain the
highest ethical standards to protect the
interests of all stakeholders.
This corporate governance statement
reflects a summary of the company’s
corporate governance framework,
policies and procedures and how
they comply with the NZX Corporate
Governance Code (the Code). The full
corporate governance framework has
been approved by the board and key
policies and charters are available in the
Investor Centre section of the company’s
website at http://www.metroglass.co.nz/
investorcentre/governance/
The information in this section is
current as at 14 June 2023 and has
been approved by the board. Metroglass
considers that, during the year to
31 March 2023 (reporting period),
the company materially complied with
the Code.
Metroglass’ shares are also listed on the
Australian Securities Exchange (ASX)
with ASX Foreign Exempt Listing status.
Given this status, the ASX requires the
company to comply with the NZX Main
Board Listing Rules and confirm its
adherence to these rules annually, and to
comply with a specific subset of the ASX
Listing Rules.
PRINCIPLE 1: CODE OF
ETHICAL BEHAVIOUR
“Directors should set high standards of
ethical behaviour, model this behaviour,
and hold management accountable
for these standards being followed
throughout the organisation.”
Code of Ethics
Metroglass has a Code of Ethics
that establishes a framework of
standards by which the directors,
employees, contractors and advisors
of Metroglass are expected to carry
out their responsibilities. It is not an
exhaustive list of acceptable behaviour;
rather it facilitates decision-making
that is consistent with Metroglass’
values, business goals and legal and
policy obligations.
The Code of Ethics also imposes a
number of obligations on directors,
including requirements that they give
proper attention to the matters before
them; be up to date on their regulatory,
legal, fiduciary and ethical obligations;
undertake training; manage breaches
of the Code of Ethics; and act honestly
and in the best interests of the issuer,
shareholders and stakeholders and as
required by law.
Metroglass monitors compliance
with the Code of Ethics through
its management processes as
well as through the whistleblowing
procedures set out in the Code of
Ethics and separate Whistleblower
Protection Policy. The Code of Ethics
and Whistleblower Protection Policy
were both reviewed and updated in
November 2021.
Securities Trading Policy
The company’s Securities Trading Policy
governs trading in the company’s shares
and any associated financial products
(during the reporting period these were
Metroglass’ NZX- and ASX-listed shares).
The policy applies to all directors,
employees and contractors of
Metroglass and its subsidiaries
(“Metroglass Personnel”). The policy is
a critical part of ensuring all Metroglass
Personnel are aware of their obligations
and legal requirements and takes into
account the insider trading prohibitions
in the Financial Markets Conduct Act
2013 (NZ) and the Corporations Act 2001
(Australia), and the company’s obligations
under the NZX Code.
The policy also sets out a set of more
stringent rules which apply to directors
and certain employees of Metroglass
when dealing in Metroglass Securities
(“Restricted Persons”). These additional
rules include trading being prohibited
during the “blackout” periods set out in
the policy and consent being obtained
prior to trading with the Restricted
Person required to confirm they hold
no material information.
The policy is reviewed at least every
two years and was last reviewed in
September 2021.
CORPORATE
GOVERNANCE
METRO PERFORMANCE GLASS LIMITED:
FY23 CORPORATE GOVERNANCE STATEMENT
56
2023 Annual Report

PRINCIPLE 2: BOARD COMPOSITION
AND PERFORMANCE
“To ensure an effective board,
there should be a balance of
independence, skills, knowledge,
experience and perspectives.”
The board has ultimate responsibility
for the strategic direction of
Metroglass and for overseeing
Metroglass’ management for the
benefit of its shareholders.
Metroglass’ constitution provides
for a minimum of four directors and,
subject to this limitation, the number
of directors to hold office shall be
fixed from time to time by the board.
At least two directors must be ordinarily
residents of New Zealand and at least
two must be independent directors.
The Chair of the board cannot be the
CEO or the Chair of the Audit and
Risk Committee.
The directors bring a wide range of
skills to the board including expertise
in corporate strategy, national and
international business and financial
management, sales, marketing, mergers
and acquisitions, legal, capital markets,
industry experience and corporate
governance. As at 29 May 2023, the
board comprised six independent
directors. Director profiles and length of
service are detailed on pages 10 and 11
of this report.
Board Charter
The board operates under a written
Charter, which describes the board’s
authority, duties, responsibilities,
composition and framework for
operation. This Charter also affirms
that the board, in performing its
responsibilities, should act at all times
in a manner designed to create and
build sustainable value for shareholders
and in accordance with the duties and
obligations imposed on the board by
Metroglass’ constitution and by law.
The Charter is reviewed at least every
two years and was last reviewed in
April 2021.
Management of Metroglass on a day-
to-day basis is undertaken by the CEO
and senior managers through a set
of delegated authorities that clearly
define the CEO and senior managers’
responsibilities and those retained
by the board.
Metroglass’ board-and CEO-delegated-
authority policies are reviewed at least
annually and were last reviewed in
December 2022. The board meets its
responsibilities by receiving reports and
plans from management and through
its annual work programme. The board
uses committees to address issues
that require detailed consideration.
Committee work is undertaken by
directors; however, the board retains
ultimate responsibility for the functions
of its committees and determines their
responsibilities.
Nomination and appointment
of directors
The provisions regarding the election and
retirement of directors are contained in
the Metroglass constitution.
Metroglass strives to ensure that the
company has the right mix of skills and
experience it requires to enable it to
achieve its strategic aims in a prudent
and responsible manner. The board
will review its composition from time
to time and will identify and evaluate
suitable individuals for appointment as
a director as and when an appointment
is to be made. In evaluating a candidate
for appointment as a director, the board
will consider criteria including the skill
sets required at the time as well as the
individual’s experience and professional
qualifications. To support the board in
its deliberations, the directors consider
a skills matrix that sets out the mix of
skills and diversity of the directors and
evaluates whether the collective skills
and experience of the directors meet
Metroglass’ requirements both now
and into the future.
New directors provide the company
with a written consent to act as a
director and receive a formal Letter of
Appointment that sets out the Terms
and Conditions of Appointment and
Remuneration Schedule. It also sets
out the expectations of the company,
the director’s duties, responsibilities
and powers, insurance and indemnity
arrangements, and rights of access
to information. All new board members
are also provided with an extensive
briefing on the company and industry-
related matters within a thorough
induction process.
Selection of Chair
The Metroglass constitution
provides that the directors may elect
a chairperson of the company and also
determine the period for which the
chairperson is to hold office. Peter
Griffiths is an independent director and
is currently the appointed chairperson.
Retirement and re-election
The company’s constitution and NZX
Main Board Listing Rules require a
newly appointed director to stand for
election at the next Annual Shareholders’
Meeting (ASM). Julia Mayne and Jenn
Bestwick were elected as directors
of Metro Performance Glass at the
company’s ASM on 9 August 2022.
Graham Stuart and Mark Eglinton will
each retire by rotation and stand for
re-election at the company’s 2023 ASM.
Director independence
Directors are considered to be
independent if they are non-executive
and do not have an interest or
relationship that could be perceived
to unreasonably influence their
decisions relating to the company or
interfere with their ability to act in the
company’s best interests. An individual
being appointed as an independent
director must be independent according
to NZX definitions and not have any
disqualifying relationships as defined
in the Board Charter.
Directors are required to ensure
that they immediately advise the
board of any relevant new or changed
relationships to enable the board to
consider and determine any impact on
the director’s independence.
As at 14 June 2023, all six directors
are considered by the board to be
independent directors in accordance
with the NZX Main Board Listing Rules.
Information in respect of each director’s
ownership interests are detailed on
page 71 of this report. Metroglass’
directors are not formally required
to own Metroglass shares but are
encouraged to do so.
Director training
The company encourages directors to
continue to develop their knowledge
and skills as a director. With the prior
approval from the Chair, directors
may attend appropriate courses or
seminars for continuing education
at the company’s cost.
57
Corporate Governance

Board, director and committee evaluation
In accordance with the Board and Committee Charters, the board annually reviews its performance, policies and practices. It also
reviews annually the performance of each director and board committee. These reviews are carried out both formally and informally.
The last full board performance review was completed in May 2021 with the assistance of governance services firm Propero
Consulting. The next review will take place during the current financial year. The Audit and Risk Committee was last reviewed in
March 2023 and the People and Culture Committee was last reviewed in May 2023.
Directors’ skills matrix as at 31 March 2023
Strategic board skillsNumber of
directors
with high and
moderate
capabilities
Area of future
learning or
potential
appointment
Building products and manufacturing

Australian market knowledge

Safety
Commercial/risk – former CEO
Financial expert
Strategic investment banking

B2B marketing and customer insight

People and culture
Governance
Diversity (gender, age, ethnicity etc.)

Key
High capability Moderate capability
As at 31 March 2023 (and 31 March 2022 for the prior comparative period), the mix of gender among the company’s board and
SLT was:
31 March 2023FemaleMaleTotal% Female
Board24633%
Senior Leadership Team35838%
31 March 2022FemaleMaleTotal% Female
Board24633%
Senior Leadership Team36933%
58
2023 Annual Report

Diversity and inclusion
Metroglass and its board believe that
an equal opportunity workplace in which
differences in gender, age, ethnicity,
nationality, religion, sexual orientation,
physical ability, marital status, experience
and perspective are well represented
results in a competitive advantage and
helps the company to better connect
with its diverse set of customers and
other stakeholders.
The company believes that an ability to
attract and retain a diverse and inclusive
workforce broadens the recruitment
pool of high-calibre candidates, enhances
innovation and improves business
performance. A copy of the company’s
Diversity and Inclusion Policy is available
on the company’s website.
Metroglass has an ethnically diverse
workforce, reflective of the communities
in which it operates, represented by
employees from over 20 countries.
Metroglass is committed to providing
an inclusive and diverse environment
throughout the company. The company’s
focus in FY24 is on making deliberate
and conscious steps towards building a
greater awareness of the importance of
diversity and inclusion in the workplace.
In the 2023 financial year the diversity
and inclusion objectives were:
• To review current recruitment
practices, remove any bias in vacancy
wording or imagery and tell the
Metroglass story by developing videos
showcasing employee diversity.
• Continuing to build on the progress
made to date with each hiring manager
receiving unconscious bias training.
• Introducing and rolling out a flexible
workplace policy – implemented in
May 2022.
How is our workforce made up?
Gender (March 2023)
Female: 14%Male: 86%
Age (March 2023)
10%
21%
25%25%
15%
4%
16-2425-3435-4445-5455-6565+
Note: Workforce diversity data sourced from staff surveys
59
Corporate Governance

The board periodically reviews the
need for additional committees. Each
committee operates under charters
approved by the board, and any
recommendation committee members
make are directed to the board.
Management attendance at committee
meetings is by invite only.
The board’s committees and their
members as at 13 June 2023 were: :
• Audit and Risk Committee:
Graham Stuart (Chair), Jenn Bestwick
and Julia Mayne
• People and Culture Committee:
Mark Eglington (Chair),
Peter Griffiths and Rhys Jones.
Audit and Risk Committee
The Audit and Risk Committee is
responsible for overseeing the risk
management framework, treasury,
insurance, accounting and audit activities
of Metroglass. It reviews the adequacy
and effectiveness of internal controls,
reviews the performance of external
auditors, oversees internal audit
matters, and makes recommendations
on financial and accounting policies.
The Audit and Risk Committee Charter
is reviewed at least every two years and
was last reviewed in November 2022.
Members of the Audit and Risk
Committee are appointed by the
board and comprise a minimum of three
members who are each non-executive
directors of Metroglass. A majority of
members must be independent directors
and at least one director must have an
accounting or financial background.
People and Culture Committee
The People and Culture Committee’s
mandate is to assist the board in
ensuring the elements of people,
organisation and culture support the
company’s strategy and business plan.
The committee achieves its goals by
considering capability of the organisation
at the senior levels, the remuneration
strategy required to secure the desired
level of organisational capability,
company values and policies related to
people, and the nominations process for
the appointment and succession planning
of the CEO. The People and Culture
Committee Charter is reviewed at least
every two years and was last reviewed
in April 2023.
The People and Culture Committee is
comprised of at least two, and not more
than four, independent directors.
Takeover protocol
Metroglass has adopted a Takeover
Response Policy to assist in guiding the
board and management in the event
that the company receives an offer or
an approach by a potential acquirer for
a controlling stake in Metroglass. This
policy is reviewed at least every three
years and was last approved by the
board in December 2020.
PRINCIPLE 3: BOARD COMMITTEES
“The board should use committees where this will enhance its effectiveness in key areas, while still retaining board responsibility.”
In the year to 31 March 2023, the board had two standing committees, being the Audit and Risk Committee and the People and
Culture Committee.
Board and Committee Composition and Attendance 12 Months to 31 March 2023
DirectorBoard meetings
attended
Audit and Risk
Committee
meetings attended
People and Culture
Committee meetings
attended
Appointed/
Resigned
Meetings held1564
Standing directors
Peter Griffiths15/15
(c)
5/6Appointed: 02/09/16
Mark Eglinton14/154/4
(c)
Appointed: 01/04/20
Rhys Jones15/154/4Appointed: 01/04/18
Graham Stuart14/156/6
(c)
Appointed: 01/12/19
Julia Mayne9/94/4Appointed: 01/09/21
Jenn BestwickAppointed 01/05/22
Past directors
Angela Bull15/154/4Appointed: 05/05/17
Resigned: 04/04/22
(c) indicates Chair
60
2023 Annual Report

PRINCIPLE 4: REPORTING AND
DISCLOSURE
“The board should demand integrity in
financial and non-financial reporting,
and in the timeliness and balance of
corporate disclosures.”
Metroglass is committed to providing
financial reporting that is balanced, clear
and objective and informs shareholders
(both current and prospective) and
market participants of all information
that might have a material effect on the
price of its traded financial products.
The quality, integrity and timeliness of
external reporting and the company’s
compliance with the disclosure and
reporting obligations imposed under
the Listing Rules of NZX, ASX, the
Companies Act and other relevant
legislation are overseen by the Audit
and Risk Committee.
The company’s full-year statements,
which have been prepared in accordance
with the relevant financial standards,
are set out from pages 14 to 49 of
this Annual Report.
Market Disclosure Policy
The board has adopted a Market
Disclosure Policy, available on the
company’s website, which sets out
how the company will comply with its
disclosure and reporting obligations.
Metroglass is committed to ensuring
the timely disclosure of material
information about the Metroglass
Group and to making sure that the
company complies with NZX Main Board
Listing Rules. The Board of Directors
is ultimately responsible for ensuring
Metroglass complies with the Market
Disclosure Policy and continuous
disclosure obligations. The board has
established a Disclosure Committee to
achieve this. The board also considers
at each board meeting whether any
information discussed at the meeting
requires disclosure.
The policy is reviewed at least every two
years and was last reviewed in May 2021.
Non-financial reporting
Metroglass is committed to providing
non-financial disclosures on matters
including strategic and operational
priorities for the year, risk management,
safety and wellbeing, and diversity and
inclusion. In the last year the company
has undertaken work to understand its
carbon emissions profile and has begun to
develop an understanding of climate risk.
The Environmental Sustainability Policy
can be found on the company’s website.
The Group continues to integrate
Environmental, social, and governance
(ESG) principles into its business
operations and will continue to develop
these in future reporting.
PRINCIPLE 5: REMUNERATION
“The remuneration of directors and
executives should be transparent,
fair and reasonable.”
The Metroglass board believes its
practices ensure fair and reasonable
remuneration. The company’s
remuneration policies are aimed
at ensuring that the remuneration
of directors and all staff properly
reflects each person’s accountabilities,
duties, responsibilities and their level
of performance. They are also aimed
at making sure that remuneration
is competitive in attracting, motivating
and retaining staff of the highest calibre.
The company’s remuneration policies
and disclosures are covered in the
Remuneration section on pages 64 to 67
of this Annual Report.
PRINCIPLE 6: RISK MANAGEMENT
“Directors should have a sound
understanding of the material risks
faced by the issuer and how to manage
them. The board should regularly
verify that the issuer has appropriate
processes that identify and manage
potential and material risks.”
The identification and effective
management of the company’s risks is
a priority of the board. It is responsible
for identifying the principal risks
of Metroglass’ business, ensuring
an appropriate system of internal
compliance and control in managing and
mitigating risks is in place and monitoring
internal and external reporting, including
reporting to stakeholders.
The board has made the CEO
accountable for all operational and
compliance risks across the Group
including safety and wellbeing (see
below). The Chief Financial Officer (CFO)
has management accountability for the
implementation of the risk framework
across all the company’s businesses.
As part of its risk management
framework, Metroglass continually
assesses risks against all relevant
areas of material business risk.
Metroglass’ main risks and mitigation
plans are reviewed every six months.
Metroglass holds insurance policies to
meet its insurable risks.
The company engages external expertise
where relevant to ensure risks are
adequately understood and managed.
Safety and wellbeing
The safety and wellbeing of the
company’s people is fundamental to the
business. Accordingly, all regular board
meetings and risk reviews specifically
look at safety and wellbeing matters.
Metroglass has a clearly articulated
safety and wellbeing vision and strategy
which is understood and recognised
throughout the business. This vision is
underpinned by a clear set of principles
and a workplan to embed a strong safety
and wellbeing management system.
The company maintains a safety
and wellbeing risk register for both
New Zealand and Australia, which is
reviewed at least annually. During the
year a comprehensive and systematic
risk assessment of all operations across
the business was completed providing
a considered view of the most critical
safety risks to the business. Also
introduced was a very comprehensive
and structured internal assessment of
all processes and practices that are
important to delivery of safe outcomes.
This ensures focus in the right areas.
Metroglass believes that all injuries
are preventable and that its people
should get home safe every day. The
company has placed focus on mitigating
risks by automating activities and
providing mechanical assistance where
possible to reduce the manual handling
required across the business. The use
of appropriate personal protective
equipment and training in correct manual
handling practices also contributes to
reducing injuries.
Metroglass continues to focus on
other factors affecting the safety
and wellbeing of staff in their working
environment, such as noise and air
quality. A series of environmental
monitoring exercises took place during
the year ensuring staff are working in
safe environments. The company also
offers staff health and wellbeing checks
with occupational health experts.
61
Corporate Governance

Group Safety Performance
F23 F22 F21F20F19F18
NZAGGGroup
15.33
7.94
6.31
10.37
8.03
5.48
5.89
5.89
3.38
2.50
4.76
6.28
7.24
20.01
15.74
8.68
7.52
6.00
Total Reportable Incident Frequency Rate (TRIFR) is measured by calculating the number of medical treatment cases and
lost-time injuries per 200,000 hours worked.
PRINCIPLE 7: AUDITORS
“The board should ensure the quality
and independence of the external
audit process.”
The Metroglass Audit and Risk
Committee is charged with overseeing
all aspects of the external and internal
audit of the company. The Audit and Risk
Committee monitors the independence,
quality and performance of the external
auditors and recommends any change in
auditor appointment or audit fees.
The company does not have a stand-
alone internal audit function. External
advisors are employed to evaluate
and improve the effectiveness of the
company’s risk management and internal
processes. Progress and results on
these projects are reported regularly
to the Audit and Risk Committee or
the board.
The Audit and Risk Committee is
authorised by the board, at Metroglass’
expense, to obtain such outside legal
or other independent information
and advice including market surveys
and reports, and to consult with such
management consultants and other
outside advisors as it views necessary
to carry out its responsibilities.
On at least one occasion each year,
the Audit and Risk Committee meets
with the external auditors without
management present.
Annual Shareholders’ Meeting
Shareholders have the opportunity
to ask questions of the board and
of the external auditors, who attend
the Annual Shareholders’ Meeting.
The external auditors are available to
answer questions from shareholders
in relation to the conduct of the
audit, the independent audit report
and the accounting policies adopted
by Metroglass.
PRINCIPLE 8: SHAREHOLDER RIGHTS
AND RELATIONS
“The board should respect the
rights of shareholders and foster
constructive relationships with
shareholders that encourage them
to engage with the issuer.”
Metroglass endeavours to keep its
shareholders informed of important
developments concerning the company
and encourages them to follow its
announcements. Metroglass believes
that effective engagement with
investors will benefit both the company
and investors. The Investor Centre
section of the company website
provides easy access to information.
Metroglass also communicates with
its shareholders through periodic
market announcements, periodic
investor briefings or site tours and
annual and interim reports. These are
released in accordance with NZX and
ASX disclosure requirements. The board
welcomes questions at the Annual
Shareholders’ Meeting.
The company’s Chair, CEO, CFO and
Investor Relations Officer currently lead
engagement with shareholders and, in
line with Metroglass’ Market Disclosure
Policy, aim to be responsive, to provide
clear, accurate and timely disclosures,
and to provide meaningful insight into
the company and the industry.
Electronic communications
Shareholders are encouraged to
receive communications from, and
send communications to, the company
and its security registry electronically.
The shareholder contact point at the
company is: glass@metroglass.co.nz.
.
Climate-related financial risk
Metroglass recognises the importance of
building resilience in its business strategy
and operations, while overlaying the
potential long-term implications of
climate change and the important role its
products play in reducing the operating
carbon within New Zealand’s buildings.
The Group has commenced a programme
of work to ensure that the process and
systems to incorporate climate change
are appropriate for the business and
align with the External Reporting Board’s
standards. In the coming 12 months
Metroglass will focus on developing an
understanding of the potential risks and
opportunities of climate change and
reporting thereof.
The key focus areas in the next year
are to:
• incorporate climate-related risks
into Metroglass’ Enterprise Risk
Management framework
• collection of the Metroglass FY23
greenhouse gas emissions profile
• develop Metroglass’ climate-related
risks and opportunities that can
impact business operations and
strategy
• consider potential and appropriate
metrics and targets
62
2023 Annual Report

Annual Report
Metroglass’ Annual Reports and
Interim Reports are all available on
the company’s website at: http://www.
metroglass.co.nz/investor-centre/
annual-interim-reports. Shareholders
can elect to receive a printed copy
of these reports by contacting the
company’s share registrar, Link Market
Services. Any shareholder who does
request a hard copy of the Metroglass
Annual Report will be sent one in the
regular post.
Shareholder voting rights
In accordance with the Companies Act
1993, Metroglass’ Constitution and
the NZX Main Board Listing Rules, the
company refers major decisions which
may change the nature of the company
to shareholders for approval.
Metroglass conducts voting at its
shareholder meetings by way of a
poll and on the basis of one share,
one vote. Further information on
shareholder voting rights is set out
in Metroglass’ Constitution.
Notice of Annual Meeting
Metroglass’ previous annual meeting was
held on 9 August 2022. The notice of the
meeting was released to the market on
12 July 2022. Minutes of the meeting are
available on the company’s website at:
https://www.metroglass.co.nz/investor-
centre/annual-shareholders-meeting/.
The 2023 Annual Shareholders’ Meeting
is expected to be held on 1 August 2023
in Auckland. The time and place will be
provided by notice to all shareholders
nearer to that date.
63
Corporate Governance

DIRECTOR REMUNERATION
The company distinguishes the structure of non-executive directors’ remuneration from that of executive directors. Non-executive
directors are paid a fixed fee in accordance with the determination of the board. The total amount of remuneration and other
benefits received by each director during the year ended 31 March 2023 is set out below.
DirectorResponsibilities2023 Directors’ Fees
Standing Directors
Peter GriffithsChair of the Board, Member of the Audit and Risk Committee$160,000
Mark EglintonDirector, Chair of the People and Culture Committee $85,000
Rhys JonesDirector, Member of the People and Culture Committee $85,000
Graham StuartDirector, Chair of the Audit and Risk Committee$100,000
Julia MayneDirector, Member of the Audit and Risk Committee $90,000
Jenn BestwickDirector, Member of the Audit and Risk Committee $82,500
*
Total$602,500
* Jenn Bestwick was appointed to the board on 1 May 2022, and as a member of the Audit and Risk Committee with effect from 1 May 2022.
The Chair of the board receives $160,000 per annum (with no additional committee fees paid) and the non-executive directors receive
$80,000 per annum. The Chair of the Audit and Risk Committee receives an additional $20,000 per annum and other members of the
Audit and Risk Committee receive an additional $10,000 per annum. The Chair and members of the People and Culture Committee
receive an additional $5,000 per annum. Directors may also seek the board’s approval for special remuneration should the specific
circumstances justify this (2023: Nil). The company currently has no executive directors on the board.
The board reviews its fees on a periodic basis. The maximum aggregate amount of remuneration payable by Metroglass to the non-
executive directors (in their capacity as directors) is set at $614,000. This fee pool was last changed in May 2017.
Directors’ fees exclude GST, where appropriate. No retirement or termination benefits are paid to non-executive directors. Directors
are entitled to be refunded for reasonable travel and other expenses incurred by them in connection with their attendance at
board or shareholder meetings, or otherwise in connection with the Metroglass business. The company does not offer an equity-
based remuneration scheme for directors. The board considers that director and executive remuneration is appropriate and is not
excessive.
Directors and officers also have the benefit of Directors and Officers’ Liability insurance. This covers risks normally included in such
policies arising out of acts or omissions of directors and employees in their capacity as such. The insurance cover is supplemented by
the provision of director and officer indemnities from the company but this does not extend to criminal acts.
Executive remuneration
The remuneration of members of senior management (CEO, SLT and certain direct reports) is designed to promote a higher-
performance culture, to secure the participant’s retention in Metroglass and to reward performance that underpins the
achievement of Metroglass’ business strategy and long-term shareholder wealth creation. The board is assisted in delivering its
responsibilities and objectives for executive remuneration by the People and Culture Committee.
The CEO’s performance is reviewed annually by the board. The CEO reviews the performance of the SLT and makes recommendations
to the board for approval in relation to the team’s remuneration and achievement of key performance indicators (KPIs).
The compensation structures of the CEO and senior management are made up of three elements:
• a fixed base salary
• a discretionary short-term incentive (STI)
• a long-term incentive (LTI).
REMUNERATION
REPORT
64
2023 Annual Report