Metroglass provides 1H24 results (unaudited)

NZX.MPG, ASX.MPP 29 November 2023
Metroglass provides 1H24 results (unaudited)
Summary of the unaudited results for the six months ended 30 September 2023 (1H24)
1
$m New Zealand Australia Group

1H24 1H23 1H24 1H23 1H24 1H23
Revenue 87.0 100.0 43.2 38.2 130.2 138.1

Segmental EBIT
2
3.2 3.6 4.6 2.6

EBIT
2
7.5 5.6

NPAT
3
2.1 0.6

• The Group delivered earnings result in line with August guidance supported by solid profitability in
Australia. Residential construction sector softness impacted the New Zealand business.
• New Zealand revenue declined 13% year on year partially offset by the increase in higher value LowE
sales. Easing supply chain costs helped drive margin recovery.
• AGG delivered further profitability growth with an EBIT before significant items up 79%, to $4.6 million.
• Group EBIT before significant items improved 33% to $7.5 million supported by increased LowE sales,
easing supply chain costs, and the cost-out programme in New Zealand, and solid AGG earnings.
• Net debt at the end of the period was $52.8m, in line with August guidance.
• A $9.1 million impairment to intangible assets due to the outlook for the New Zealand construction
sector resulted in a statutory net loss after tax of $9.2 million, down from $0.6 million profit in 1H23.

Metro Performance Glass (Metroglass) today reports its financial results for the 6 months to 30 September 2023
(1H24), achieving profitability growth in Australia as softer market activity impacted the New Zealand business.

Group Revenue for the six months to 30 September 2023 of $130.2 million was 6% lower than the prior year, with
New Zealand down 13% and Australia up 13%. Group EBIT before significant
2
items rose 33% to $7.5 million in line
with August guidance.
NPAT before significant items
3
increased on the prior year to $2.1 million profit. A $9.1 million impairment of intangible
assets resulted in a statutory net loss after tax of $9.2 million.
Net debt decreased $6.3 million to $52.8 million at 30 September 2023 also in line with August 2023 guidance. The
reduction was driven by a reduced working capital in the form of inventory as supply chain reliability improved. Debtor
and creditor profiles reduced also as a direct result of the softer trading conditions. Metroglass’ net debt to EBITDA ratio
improved to 2.69x at 30 September 2023 from 3.8x in the prior period.
New Zealand
Revenue declined 13% to $87.0 million with softer market activity partially offset by a higher mix of LowE glass sales.
Gross profit margin recovered as supply chain pressures eased.
In the highly competitive residential channel, revenue of $54.8 million was 16% below the prior year primarily as
lower activity was partially offset by increased LowE glass sales. The commercial glazing channel was steady with
revenue flat on the prior year at $19.0 million, however the time between tender and project acceptance has
extended. The business has a small number of legacy contracts at pre-price increase rates which impacted profit

Note: all non-Generally Accepted Accounting Principles (GAAP) financial measures are defined to a GAAP measure on slide 13 of the 1H24 results presentation, available
here: https://www.metroglass.co.nz/investor-centre/investor-presentations/.
1 All prior period comparisons are to the half year ended 30 September 2022 (1H23) unless otherwise stated.
2 Earnings before interest, tax, and significant items (1H24: Impairment of New Zealand intangible assets, restructure of New Zealand operations, AGG divestment (See
note 2.2 of the 1H24 financial statements), 1H23: none).
3 NPAT before significant items (1H24: Impairment of New Zealand intangible assets, restructure of New Zealand operations, AGG divestment (See note 2.2 of the 1H24
financial statements), 1H23: none)

margins. Retrofit revenue declined 16% to $13.2 million as cost-of-living and interest rate pressures deferred
consumer spending with many customers opting for partial house retrofit rather than full house.

Mr Mander said “It has been a challenging year for the New Zealand business, while supply chain volatility has eased,
economic pressures have softened the construction sector. These challenges are expected to continue, and our focus
remains firmly on operational efficiency and positioning the company to meet the needs of a changing market.”

Australian Glass Group (AGG)
AGG delivered stable and resilient performance with the high-performing double-glazing market appearing to be
holding. AGG achieved further profitability growth in the first half. The business remains focused on optimising
volume and pricing as a result of the slowing residential market.

In February 2023 Metroglass announced a sale process for AGG which continues to advance, the board is targeting an
announcement in the near future. If a suitable deal can be concluded the board will bring the offer to shareholders at
an extraordinary meeting in the new year.
Market conditions and outlook
In New Zealand the 12-month rolling residential consents have declined and while they are still above long-term trends,
glass demand has fallen significantly.
Demand for construction materials decreased across the sector and forecasts remain uncertain for FY24. It is the
company’s view that these conditions are likely to continue until inflation pressures and interest rates ease.
While ensuring we deliver quality products, safely and with excellent customer service, the company is resizing itself to
ensure it is efficient for the changing market demand.
With current market volatility it is difficult to forecast New Zealand earnings for the balance of the year, however it is
anticipated that the New Zealand business will continue to be operating cash positive.
In Australia the number of detached dwelling commencements declined in all states. However, the increasing use of
double-glazing in residential buildings is expected to partially offset the declines in residential construction activity.
As previously announced in the sale process, 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, AUD 7.5 million respectively.

---

Interim Financial Statements
For the Half Year ended 30 September 2023
INTERIM FINANCIAL
STATEMENTS

Interim Report FY24

Chair and CEO Letter2
Management Summary4
Consolidated Interim Financial Statements8
Consolidated Interim Statement of Comprehensive Income8
Consolidated Interim Statement of Financial Position9
Consolidated Interim Statement of Changes in Equity10
Consolidated Interim Statement of Cash Flows11
Notes to the Consolidated Interim Financial Statements12
Company Directory19
CONTENTS
Contents
1

1. Earnings before interest, tax and before significant items
In the first six months
of FY24, the company
experienced a marked change
in market momentum in both
countries of the Group’s
operations but particularly
in New Zealand.
The growing challenges facing the
New Zealand economy reduced construction
activity sooner than was predicted.
Residential consenting levels in New Zealand
came off their historical highs to 40,408
in the 12 months to September 2023.
Consequently, demand for glass for new
housing declined which impacted revenue
and profitability. In Australia, the market
has softened also, but later and to a lesser
degree. Despite this Australian Glass Group
(AGG) has succeeded in growing revenue
and profitability.
The board and management team
continue to focus their efforts to position
the company with lower costs for the
period of cyclic decline in building activity
and the opportunity to leverage changes
to building regulations.
Financial performance
In summary, the Group revenue for the
six months to 30 September 2023 of
$130.2 million was 6% lower than the
prior year, impacted by a 13% softer
revenue in New Zealand partially offset by
13% growth in AGG.
Pleasingly, gross profit margins recovered
despite lower demand supported by less
supply chain disruptions, input costs easing,
and a growing demand for higher-value
double-glazing products in New Zealand and
Australia, as new regulations embed.
Group EBIT
1
before significant items was
$7.5 million. This result was 33% greater
than the prior year and in line with
guidance provided in August 2023.
Net debt decreased by 11%, or $6.3 million,
to $52.8 million at 30 September 2023
compared to the prior year, also in line with
August 2023 guidance. The reduction was
driven by reduced working capital in the
form of inventory as supply chain reliability
improved. Debtor and creditor profiles
reduced also as a direct result of the softer
trading conditions.
Positioning for the
cycle in New Zealand
The financial benefits of the cost-out
programme initiated last year continue to
flow through, along with further structural
changes and reduced overhead cost
initiatives completed in the first half of FY24.
As a result, the New Zealand business has
16% lower headcount from one year ago.
The company continues to monitor the
trading environment closely and might
consider further initiatives to ensure that it
is appropriately positioned for the cycle and
is able to capture future opportunities.
Targeted furnace capacity and capability
investments in Auckland and Christchurch
in the last financial year have delivered
processing efficiencies and enabled the
launch of a new distribution route through
the central North Island.
It is clear that the New Zealand business
has experienced a slowdown in activity
driven by persistent inflation and higher
interest rates. These are expected to
subdue demand for some time.
PETER GRIFFITHS
Chair
CHAIR
AND CEO
LETTER
SIMON MANDER
CEO
2
Interim Report FY24

Australian Glass Group
performs to plan
AGG delivered solid operating and financial
performance in a period of cost inflation.
Revenue growth of 13% to $43.2 million
is underpinned by the high-performing
double-glazing market which appears to be
holding firmer than the emerging general
market softness.
This further period of positive performance
confirms the successful turnaround
of the business with a consistent
operational and financial stability and
a solid customer base. AGG remains
focused on maintaining its profitability
and optimising working capital.
In the first six months, the business
installed a series of equipment upgrades
in New South Wales and increased double-
glazing capacity in Victoria, by redeploying
equipment from the Mount Maunganui
plant in New Zealand.
Capital management
Net debt decreased by $6.3 million to
$52.8 million compared with 30 September
2022, driven by a 10% reduction in working
capital since 31 March 2023. The net
debt to EBITDA
2
ratio improved to 2.69x
at 30 September 2023 from 3.8x at
30 September 2022.
Good progress has been made in reducing
debt; however, the current period of softer
market activity creates further challenge.
It is the board’s view that cash flows from
operations alone, particularly in a downturn,
cannot reduce debt rapidly enough and
other alternatives need to be considered.
In February 2023 Metroglass announced
a sale process for AGG which continues
to advance, the board is targeting an
announcement in the near future. If a
suitable deal can be concluded the board
will bring the offer to shareholders at an
extraordinary meeting in the new year.
Market outlook
In New Zealand the 12-month rolling
residential consents have declined and while
they are still above long-term trends, glass
demand has fallen significantly.
Demand for construction materials
decreased across the sector and
forecasts remain uncertain for FY24. It is
the company’s view that these conditions
are likely to continue until inflation
pressures and interest rates ease.
While ensuring we deliver quality products,
safely and with excellent customer service,
the company is resizing itself to ensure it is
efficient for the changing market demand.
As a consequence of the forecasted
lower construction activity, a review of
the carrying values of Metroglass’ assets
resulted in a $9.1 million impairment on
New Zealand goodwill, which initially arose
from acquisitions completed in 2012
(prior to the Initial Public Offering-IPO).
This non-cash charge has no impact
on the company’s bank covenants and
is presented as a significant item in
the financial statements.
With current market volatility it is difficult
to forecast New Zealand earnings for
the balance of the year, however it is
anticipated that the New Zealand business
will continue to be operating cash positive.
In Australia the number of detached
dwelling commencements declined in all
states. However, the increasing use of
double-glazing in residential buildings is
expected to partially offset the declines in
residential construction activity.
As previously announced, for the 12 months
to 31 March 2024, management forecasts
are for AGG to achieve revenue, EBITDA
and EBIT
3
of approximately AUD 79.0 million,
AUD 11.5 million, AUD 7.5 million respectively.
Metroglass’ strategy is to be the leader in
glass solutions, and this is underpinned by
significant depth in expertise, proven and
world-class technology, and a dedication to
delivering to our customers.
Chair and CEO Letter
We’d like to acknowledge the 3 Directors
that have left the board in the last
6 months. Each provided valuable
contributions to the company over their
tenure. Shawn Beck joined the board
in November and brings significant
commercial and strategic expertise
to the board.
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
2. Earnings before interest, tax, depreciation and amortisation
3. Excluding $0.5 management fee, and before significant items
3

The Group delivered an
EBIT
4
result in line with
August 2023 guidance
supported by increased
LowE sales, easing supply
chain costs, and the
cost-out programme in
New Zealand, and solid
AGG earnings.
Group revenue of $130.2 million was 6%
lower than the prior comparable period
and Group EBIT
1
increased 33% to $7.5
million. Reported net profit after tax
(NPAT) was below the prior year and a
loss of $(9.2) million.
The anticipated softening of the
New Zealand market resulted in the square
metres of glass processed being 25%
lower in the first half of FY24 compared
to the prior year. However, a progressive
increase of higher-value Low E glass in
the sales mix partially offset the volume
decline with revenue 13% lower. AGG
delivered 13% revenue growth driven
by solid demand in Victoria and New
South Wales, partially offset by a softer
Tasmanian market.
International supply chains improved
significantly through 2023 and has allowed
the company to reduce inventory and
make meaningful reductions in working
capital. At 30 September 2023, working
capital was 3% lower than the prior year,
and had declined by 10% from 31 March
2023. As a result, net debt reduced
$6.3 million, to $52.8 million in line with
August guidance.
Our operations teams continue to drive
advances in reliability, quality and service
performance to our customers. During
the first half of FY24, we scaled up glass
processing output from the Auckland plant
and introduced a regional distribution route
to better service the central North Island.
In November 2023 the company conducted
its twice-yearly customer survey. The
New Zealand business achieved 7.9/10
5
, an
improved rating from our May 2023 survey
and reflected the targeted improvements
achieved in our customer experience. AGG
achieved 8.3/10, reflecting the positive
relationship and service it delivers to
our customers.
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. Lead and
lag indicators continue to trend positively,
supported by being proactive in managing
risk, ongoing compliance to systems and
quality record management.
MANAGEMENT
SUMMARY
The sonata: Photo courtesy of Location Group and Buchan
4. Earnings before interest, tax and before significant items.
5. Survey question: “On a scale of 1 to 10, how likely are you to recommend Metroglass to a friend or colleague?”
4
Interim Report FY24

New Zealand
The New Zealand business delivered
revenue of $87.0 million, 13% lower than the
prior comparable period. Improved pricing
and supportive sales mix partially offset the
impact of a softer market.
This is a significant shift in the mix of high-
performing Low E double glazing as consents
issued at the new H1 standard begin to
reach glass installation. In the first half of
FY24 Low E glass represented 43% of all
double glazing processed compared with
just 28% in the first half of FY23.
Gross profit percentage increased to 44.5%
in the six months to 30 September 2023.
In the highly competitive residential
channel, revenue of $54.8 million was 16%
below the prior year primarily as lower
activity was partially offset by increased
LowE glass sales. The commercial glazing
channel was steady with revenue flat on the
prior year at $19.0 million, however the time
between tender and project acceptance
has extended. The business unit continues
to have a small number of legacy contracts
at pre-price increase rates, which has
impacted profit margins. Retrofit revenue
declined 16% to $13.2 million as cost-of-
living and interest rate pressures deferred
consumer spending with many customers
opting for partial house retrofit rather
than full house.
EBIT
6
of $3.2 million was down 9% largely as
a result of lower revenue partially offset
by improved gross profit percentage.
Successful execution of the cost-out
programme delivered cost savings in
distribution, glazing and administration.
Management Summary
5.6
New ZealandAustralia
2.2
5.4
2.6
1.1
1.4
1.6
1.8
1.2
0.2
7.5
H1 FY23 EBIT
Change in revenue
Change in gross profit %
Distribution and glazing
Growth in revenue
Gross profit % improvement
Increases in expenses and other
Other Group costs
H1 FY24 EBIT
Administration and other
Group EBIT
6
$87.0m
$3.2m
-13%
-9%
NEW ZEALAND
SEGMENTAL REVIEW
Revenue
EBIT
6
6. Earnings before interest, tax and before
significant items
5

Australia Glass Group
Marked improvements in market pricing
offset inflationary pressures, while
continued demand for high-performing
double glazing in the Australian market saw
revenue growth of 13.0% to $43.2 million,
despite some softness across the wider
sector.
Gross profit margin increased to 37.3%
in the first half of FY24 from 33.1% in the
prior comparable period.
EBIT
1
of $4.6 million is an increase of 79%
on the prior year supported by the rise in
revenue and gross profit margin, partially
offset by an increase in variable costs to
service the greater demand.
Good profitability and working capital
requirements have allowed AGG to
generate good operating cash flows for the
Group. The business remains focused on
optimising volume and pricing as a result of
the slowing residential market.
In the first half of FY24, AGG has
commissioned a second double-glazing
line in Victoria and equipment upgrades in
New South Wales, which have provided an
uplift in quality and capacity availability for
a growing market for doubled glazed units.
The equipment was redeployed from the
Mount Maunganui plant.
Customers are pleased with AGG’s
performance, and its reputation as a
specialised high-performance double-
glazing processer continues to strengthen.
$65.3m
$54.8m
$19.0m
$19.0m
$15.7m
$38.2m
$43.2m
$138.1m
$130.2m
$13.2m
H1 FY23H1 FY24
Metro Glass GroupAustralian Glass
Group (AU)
Retrofit (NZ)Commercial
Glazing (NZ)
Residential (NZ)
-16%0%-16%
-13%
13%-6%
$43.2m
$4.6m
+13%
+79%
Group revenue by segment
AUSTRALIA GLASS
GROUP REVIEW
Revenue
EBIT
1
6
Interim Report FY24

Management Summary
7

Consolidated Interim Statement of Comprehensive Income
for the half year ended 30 September 2023 (unaudited)
NOTESCONSOLIDATEDCONSOLIDATED
Sep-23
$’000
Sep-22
$’000
Sales revenue2.1130,196 138,132
Cost of sales(75,314)(83,931)
Gross profit2.154,882 54,201
Distribution and glazing-related expenses(24,262)(24,905)
Selling and marketing expenses(6,716)(6,716)
Administration expenses(16,811)(17,284)
Share of profits of associate254 222
Other income and gains149 98
Profit before significant items, interest and tax7,496 5,616
Significant items2.2(11,313)–
Profit before interest and tax(3,817)5,616
Finance expense(5,663)(5,058)
Finance income46 –
Profit/(loss) before income taxation(9,434)558
Income tax benefit205 76
Profit/(loss) for the period(9,229)634
Other comprehensive income
Items that may be reclassified to profit or loss in the future:
Exchange differences on translation of foreign operations291 2,391
Change in fair value of hedging instruments (net of tax)(187)922
Total comprehensive income for the period attributable to shareholders(9,125)3,947
Earnings per share
Basic and diluted earnings per share (cents per share)(5.0)0.3
The Board of Directors authorised these financial statements for issue on 29 November 2023.
For and on behalf of the board:
Peter Griffiths Julia Mayne
Chair Director
The above consolidated interim statement of comprehensive income should be read in conjunction with the accompanying notes.
8
Interim Report FY24

Consolidated Interim Financial Statements
Consolidated Interim Statement of Financial Position
at 30 September 2023 (unaudited)
CONSOLIDATEDCONSOLIDATEDCONSOLIDATED
Sep-23
$’000
(AUDITED)
Mar-23
$’000
Sep-22
$’000
ASSETS
Current assets
Cash and cash equivalents6,709 7,300 12,015
Trade receivables37,113 38,083 42,827
Current income tax asset1 1 146
Inventories28,744 31,826 32,691
Derivative financial instruments47 251 1,706
Other current assets3,387 3,237 3,691
Total current assets76,001 80,698 93,076
Non-current assets
Property, plant and equipment48,357 50,674 54,334
Right-of-use assets62,256 65,335 68,708
Deferred tax assets10,707 10,398 10,571
Investment in associate2,765 2,512 2,320
Intangible assets35,23444,336 55,913
Other non-current assets541 650 737
Total non-current assets159,860173,905 192,583
Total assets235,861254,603285,659
LIABILITIES
Current liabilities
Trade and other payables27,221 27,208 35,852
Deferred income2,485 2,054 2,742
Derivative financial instruments51 107 16
Lease liabilities7,705 7,452 7,034
Provisions646 633 1,816
Total current liabilities38,108 37,454 47,460
Non-current liabilities
Interest-bearing liabilities59,494 67,370 71,067
Lease liabilities67,854 70,432 73,514
Provisions3,908 3,880 3,980
Total non-current liabilities131,256 141,682 148,561
Total liabilities169,364 179,136 196,021
Net assets66,49775,467 89,638
Equity
Contributed equity307,198 307,198 307,198
Accumulated losses(70,493)(61,901)(50,720)
Group reorganisation reserve(170,665)(170,665)(170,665)
Share-based payments reserve876 1,358 1,147
Foreign currency translation reserve(92)(383)2,432
Hedge reserve(327)(140)246
Total equity66,49775,467 89,638
The above consolidated interim statement of financial position should be read in conjunction with the accompanying notes.
9

Consolidated Interim Statement of Changes in Equity
for the half year ended 30 September 2023 (unaudited)
CONSOLIDATED
Contributed
equity
$’000
Reserves
$’000
Accumulated
losses
$’000
Total
$’000
Opening balance at 1 April 2022307,198 (169,934)(51,735)85,529
Profit for the period––634 634
Movement in foreign currency translation reserve–2,391 –2,391
Other comprehensive income for the period–922 –922
Total comprehensive income for the period–3,313 634 3,947
Expiry of share-based payments–(382)382 –
Movement in share-based payments reserve–163 –163
Total transactions with owners, recognised directly in equity–(219)382 163
Unaudited closing balance at 30 September 2022307,198 (166,840)(50,720)89,638
Contributed
equity
$’000
Reserves
$’000
Accumulated
losses
$’000
Total
$’000
Opening balance at 1 October 2022307,198 (166,840)(50,720)89,638
Loss for the period– – (11,181)(11,181)
Movement in foreign currency translation reserve– (2,815)– (2,815)
Other comprehensive loss for the period– (386)– (386)
Total comprehensive loss for the period– (3,201)(11,181)(14,382)
Expiry of share-based payments– – – –
Movement in share-based payments reserve– 211 – 211
Total transactions with owners, recognised directly in equity– 211 – 211
Audited closing balance at 31 March 2023307,198 (169,830)(61,901)75,467
Contributed
equity
$’000
Reserves
$’000
Accumulated
losses
$’000
Total
$’000
Opening balance at 1 April 2023307,198 (169,830)(61,901)75,467
Loss for the period– – (9,229)(9,229)
Movement in foreign currency translation reserve– 291 – 291
Other comprehensive loss for the period– (187)– (187)
Total comprehensive income for the period– 104 (9,229)(9,125)
Expiry of share-based payments– (637)637 –
Movement in share-based payments reserve– 155 – 155
Total transactions with owners, recognised directly in equity– (482)637 155
Unaudited closing balance at 30 September 2023307,198 (170,208)(70,493)66,497
The above consolidated interim statement of changes in equity should be read in conjunction with the accompanying notes.
10
Interim Report FY24

Consolidated Interim Financial Statements
Consolidated Interim Statement of Cash Flows
for the half year ended 30 September 2023 (unaudited)
CONSOLIDATEDCONSOLIDATED
Sep-23
$’000
Sep-22
$’000
Cash flows from operating activities
Receipts from customers130,672 130,099
Payments to suppliers and employees(112,135)(123,373)
Government wage subsidy and grants received110 99
Interest received82 –
Interest paid(2,978)(2,437)
Interest paid on leases(2,355)(2,383)
Income taxes paid–(242)
Net cash inflow from operating activities13,396 1,763
Cash flows from investing activities
Proceeds from sale of property, plant and equipment–194
Payments for property, plant and equipment(1,999)(4,893)
Payments for intangible assets–(68)
Net cash outflow from investing activities(1,999)(4,767)
Cash flows from financing activities
Lease liabilities principal payments(3,713)(3,284)
Drawdown/(repayment) of borrowings (net)(8,000)4,500
Repayment of other financing(282)(461)
Net cash inflow/(outflow) from financing activities(11,995)755
Net decrease in cash and cash equivalents(598)(2,249)
Cash and cash equivalents at the beginning of the period7,300 13,064
Effects of exchange rate changes on cash and cash equivalents7 1,200
Cash and cash equivalents at the end of the period6,709 12,015
The above consolidated interim statement of cash flows should be read in conjunction with the accompanying notes.
11

Notes to the Consolidated Interim Financial Statements (unaudited)
1 BASIS OF PREPARATION
Reporting entity
These consolidated interim financial statements are for Metro Performance Glass Limited (‘the Company’) and its subsidiaries
(together, ‘the Group’). The Group supplies processed flat glass and related products primarily to the residential and commercial
building sectors. The Company is a for-profit entity for financial reporting purposes and has operations and sales in New Zealand
and Australia.
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.
The incorporation date for Metro Performance Glass Limited was 30 May 2014 and as part of a group reorganisation was listed
on the New Zealand Securities Exchange (NZSX) on 29 July 2014.
The comparative trading results presented encompass the six-month period from 1 April 2022 to 30 September 2022.
Basis of preparation
These consolidated interim financial statements have been approved for issue by the Board of Directors on 29 November 2023.
The Group’s unaudited condensed consolidated interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (NZ GAAP). They comply with the requirements of International Accounting Standard
(IAS) 34 Interim Financial Reporting and with New Zealand Equivalent to International Accounting Standard (NZ IAS) 34 Interim
Financial Reporting.
These consolidated interim financial statements are presented in New Zealand dollars and rounded to the nearest thousand dollars.
These condensed financial statements do not include all the information required for full financial statements, and consequently
should be read in conjunction with the full financial statements of the Group for the year ended 31 March 2024. The same accounting
policies, presentation and methods of computation have been followed in these condensed financial statements as were applied in the
preparation of the Group’s audited financial statements for the year ended 31 March 2023.
Metro Performance Glass Limited is a limited liability company registered under the New Zealand Companies Act 1993 and is a Financial
Markets 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 NZX Main Board Listing Rules.
The Group’s revenue and profitability follow a seasonal pattern with lower sales and net profits typically achieved in the second half
of the financial year as a result of lower sales generated during the Christmas shutdown period.
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 consolidated interim financial statements incorporate the assets and liabilities of all subsidiaries of Metro Performance Glass
Limited (‘the company’ or ‘the parent entity’) as at 30 September 2023 and the results of all subsidiaries for the period then ended.
Subsidiaries are all entities over which the Group has control. A subsidiary is a controlled entity of Metro Performance Glass if
Metro Performance Glass 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 eliminated also unless the transaction provided evidence of the impairment of the asset transferred.
12
Interim Report FY24

Notes to the Consolidated Interim Financial Statements
13
Notes to the Consolidated Interim Financial Statements (unaudited)
(continued)
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); and
• 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.
Goods and services tax (GST)
The consolidated interim statement of comprehensive income has been prepared so that all components are stated exclusive of
GST. All items in the consolidated interim statement of financial position are stated net of GST, with the exception of receivables
and payables, which include GST invoiced.
Standards, amendments and interpretations to existing Standards that are not yet effective
There are no published new or amended standards or interpretations that become effective on or after 1 October 2023 that would
have a material impact on the Group’s consolidated interim financial statements.
Going concern
The net debt decreased from $60.1 million at 31 March 2023 to $52.8 million at 30 September 2023.
The directors have considered the forecast cash flows and covenant compliance for the foreseeable future while acknowledging the
uncertainties around forecasting in the current environment, the directors consider these uncertainties do not represent material
uncertainties affecting the going concern position of the Group. Accordingly, the financial statements are prepared on a going
concern basis.

14
Interim Report FY24
Notes to the Consolidated Interim Financial Statements (unaudited)
(continued)
2 FINANCIAL PERFORMANCE
2.1 Segment information
Operating segments of the Group at 30 September 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.
Group costs consist of insurance, professional services, director fees and expenses, listing fees and share incentive scheme costs.
SEP-23
New Zealand
$’000
Australia
$’000
Eliminations
and other
$’000
Group
$’000
Commercial Glazing18,992 ––18,992
Residential54,849 43,151 –98,000
Retrofit13,204 ––13,204
Total revenue87,045 43,151 –130,196
Gross profit38,777 16,105 –54,882
Segmental EBITDA before significant items9,882 6,974 –16,856
Group costs––(366)(366)
Group EBITDA before significant items16,492
Depreciation and amortisation(6,655)(2,339)–(8,994)
EBIT before significant items3,227 4,635 (366)7,496
Significant items(10,193)(1,120)–(11,313)
EBIT(6,966)3,515 (366)(3,817)
Segment assets298,31270,569 (133,020)235,861
Segment non-current assets (excluding deferred tax assets)110,938 47,360 –158,298
Segment liabilities87,97225,315 56,076169,364
SEP-22
New Zealand
$’000
Australia
$’000
Eliminations
and other
$’000
Group
$’000
Commercial Glazing18,997 ––18,997
Residential65,298 38,166 –103,464
Retrofit15,671 ––15,671
Total revenue99,966 38,166 –138,132
Gross profit41,584 12,617 –54,201
Segmental EBITDA10,339 5,252 –15,591
Group costs––(531)(531)
Group EBITDA15,060
Depreciation and amortisation(6,788)(2,656)–(9,444)
EBIT before significant items3,551 2,596 (531)5,616
Significant items––––
EBIT3,551 2,596 (531)5,616
Segment assets332,180 74,522 (121,043)285,659
Segment non-current assets (excluding deferred tax assets)132,636 49,376 –182,012
Segment liabilities102,094 27,010 66,917 196,021

Notes to the Consolidated Interim Financial Statements
15
Notes to the Consolidated Interim Financial Statements (unaudited)
(continued)
2.2 Significant items
CONSOLIDATEDCONSOLIDATED
Sep-23
$’000
Sep-22
$’000
Impairment of New Zealand intangible assets9,145 –
Restructure of the New Zealand operations1,042 –
Australian divestment1,126 –
Total significant items before taxation11,313 –
Tax benefit on above items(629)–
Total significant items after taxation10,684 –
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. The Australian divestment costs include those professional service costs incurred for the
investigation of the sale process undertaken in the period ended 30 September 2023.
The Australian divestment costs include those professional service costs incurred for the investigation of the sale process
undertaken in the period ended 30 September 2023. As noted in the FY23 annual report, the Group disclosed a cost out programme
to ensure that the business capacity and resources are appropriate to service demand as the construction 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 30 September 2023 are included in the
‘Restructure of NZ operations’ significant item. The nature of the costs incurred include costs incurred transporting and re-
commissioning assets from the Bay of Plenty manufacturing facility closure, and additionally, the redundancy costs incurred for the
closure of a shift at the Wellington manufacturing facility.
3 PROPERTY, PLANT AND EQUIPMENT
During the six months ended 30 September 2023, the Group acquired assets with a total cost of $2.0 million (September 2022:
$4.1 million) and disposed of assets with a total book value of $0.07 million (September 2022: $0.2 million). There have been no
material changes in the estimated useful life of key items of plant and machinery. The depreciation expense for the six months
ended 30 September 2023 was $4.4 million (September 2022: $4.9 million).
4 FINANCIAL INSTRUMENTS
Interest rate swaps and forward exchange contracts
These financial instruments were measured at fair value based on valuations provided by Westpac Banking Corporation and ASB Bank
Limited. All significant inputs were based on observable market data and accordingly have been categorised as level 2. At balance
date, the fair value of interest rate swaps is $0.0 million asset (March 2023: $0.2 million liability) and the fair value of forward exchange
contracts is $0.0 million liability (March 2023: $1.5 million liability).
The movements in fair value are disclosed in cash flow hedges (net of tax) through other comprehensive income, with a gain recognised
on forward exchange contracts of $0.0 million (30 September 2022: $1.2 million gain), a loss of $0.1 million (30 September 2022:
$0.4 million gain) on interest rate swaps, and a loss of $0.1 million on the net investment hedge (30 September 2022: $0.6 million).
5 INTANGIBLE ASSETS
The Group’s segments 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
Sep-23
$’000
(Audited)
Mar-23
$’000
New Zealand11,73420,879
Australia23,32723,167
35,06144,046

16
Interim Report FY24
Notes to the Consolidated Interim Financial Statements (unaudited)
(continued)
To ensure that the intangible assets are not carried at above their recoverable amounts, impairment testing for both Cash
Generating Units (CGUs) is completed at least annually for goodwill with indefinite lives, and where there is an indication that the
assets may be impaired. Impairment tests are performed by assessing the recoverable amount of each individual asset or 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.
The impairment testing used pre-tax cash flow projections based on financial projections approved by the directors covering
a three-year period. Directors considered the views of several economic forecasters, observable market data points (including
building consents), feedback from customers, analysis of forward work, anticipated customer wins and/or losses and other
competitive dynamics.
Australian CGU
The Australian CGU has continued to improve its performance and the business is well placed for continued growth as the
penetration of double-glazing increases supported by changing construction codes and consumer preferences. It is the Directors
view that there are no impairment indicators in relation to the Australian CGU and, therefore, no impairment test has been
performed at 30 September 2023.
New Zealand CGU
The New Zealand construction industry is now expected to face lower activity levels for the coming 12 to 36 months. In response to the
current challenges for the New Zealand CGU, management has prepared upside, base, and two downside case scenarios. Each scenario
included three-years of cash flow projections with cash flows beyond that point extrapolated using estimated long-term growth rates.
The final VIU and FVLCD calculations apply an assessed probability-weighting to the four scenarios. The probability and sensitivities
around these scenarios will continue to be reviewed.
Impairment testing for the New Zealand CGU was completed using both the VIU and FVLCD methods. The FVLCD showed a lower
impairment. The FVLCD test used the same assumptions as the VIU test, apart from some cash flow benefits from actions that a
market participant may take, which can be included in the FVLCD test. The FVLCD calculation has been determined using level three in
terms of the fair value hierarchies in NZ IFRS 13.
NEW ZEALAND SCENARIOS
Downside
case 1
Downside
case 2
Base
case
Upside
case
Assessed probability of this scenario occurring15%20%60%5%
Level of competitive intensityStatus quo
Continues to
increaseStatus quo
Some capacity
consolidation
Volume change (terminal year vs FY24 H1 actual)-30%-20%-13%8%
Resulting 3-year compound annual revenue growth-14%-7%-6%-2%
Key assumptions in the 30 September 2023 impairment assessment (VIU and FVLCD) calculations (and the equivalent assumptions in
the 31 March 2023 calculations) are as follows:
CONSOLIDATEDCONSOLIDATED
Sep-23
New Zealand
(Weighted case)
(Audited)
Mar-23
New Zealand
Compound annual revenue growth – 3 years(7.3%)(4.9%)
Long-term growth rate2.0%2.0%
Discount rate (pre-tax, post IFRS 16)15.3%14.6%
Discount rate (post-tax, post IFRS 16)11.0%10.5%
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 for
the New Zealand CGU reflects the long-term inflation expectation at 2%, being the mid-point of the Reserve Bank of New Zealand
(RBNZ) target range and based on historical inflation rates.
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).

Notes to the Consolidated Interim Financial Statements
17
Notes to the Consolidated Interim Financial Statements (unaudited)
(continued)
The discount rates used are supported by independent third-party expert advice. The discount rates at 30 September 2023 were
higher than the rates used at 31 March 2023 reflecting the market increases in interest rates (risk-free rates) and the consideration
of market-specific risks.
Sensitivity to changes in key assumptions
New Zealand CGU impairment test
Impairment
$’000
Variance
to base
assumption
$’000
Base assumption(9,145)
+0.5% Discount rate (12,362)(3,216)
-0.5% Discount rate (5,558)3,588
+0.25% Long-term growth rate(7,531)1,615
-0.25% Long-term growth rate (10,673)(1,527)
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 cash-flow element of the terminal value
calculation, which could also impact the applicable terminal growth rate.
Whilst acknowledging the current heightened uncertainties around forecasting, it is the considered view of the directors that
the forecast revenue assumptions and resulting outcome are reasonable. This is based on their understanding of the market,
supplemented by third-party forecasts, and a consensus of the reasonably foreseeable range of expected market trajectories
considered. The FVLCD approach results in a recoverable amount of $73.0 million, compared to the carrying amount of the CGU’s
net operating assets of $82.1 million. Therefore, an impairment to the goodwill balance of $9.1 million has been recognised at
30 September 2023.
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 30 September 2023 was $0.155 equating to a market capitalisation of $28.7 million. The carrying amount of the Group’s net assets
at 30 September 2023 was $66.5 million ($0.36 per share). This market value excludes any control premium. Management and the
directors have considered the reasons for this difference and concluded all relevant factors had been allowed for in their VIU and
FVLCD models.
6 INTEREST-BEARING LIABILITIES
SEP-23MAR-23SEP-22
$’000$’000$’000
Bank borrowings – non-current57,491 65,172 67,802
Less: cash and cash equivalents(6,709)(7,300)(12,015)
Net bank debt50,782 57,872 55,787
Other financing – current–––
Other financing – non-current2,003 2,198 3,265
Net debt52,785 60,070 59,052
7 RELATED-PARTY TRANSACTIONS
5R Solutions Limited (an associate) provides glass waste removal and recycling services to the Group. 5R Solutions Limited charged
the Group $0.6 million for services in the period ended 30 September 2023 (30 September 2022: $0.6 million).
The payables balance in relate to services from 5R Solutions Limited was $0.007 million at 30 September 2023 (30 September 2022:
$0.06 million).
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.
8 EVENTS AFTER BALANCE DATE
There are no significant subsequent events.

COMPANY DIRECTORY
18
Interim Report FY24

Registered Office
5 Lady Fisher Place
East Tamaki
Auckland 2013
New Zealand
Email: glass@metroglass.co.nz
Phone: +64 927 3000
Board of Directors
Peter Griffiths – Non-Executive Chair
and Member of the People and Culture Committee
Shawn Beck – Non-Executive Director
and member of the Audit and Risk Committee
Jenn Bestwick – Non-Executive Director
and Member of the Audit and Risk Committee
Julia Mayne – Non-Executive Director
and Member of the Audit and Risk Committee
Senior Leadership Team
Simon Mander – Chief Executive Officer
Tony Candy – Chief Financial Officer
Ruben Ferguson – GM Market Strategy
Robyn Gibbard – GM Upper North Island
Nick Hardy-Jones – GM South Island
Amandeep Kaur – Group Safety and Wellbeing Manager
Andreas Paxie – GM Lower North Island
Dayna Roberts – Human Resources Director
Auditor
PricewaterhouseCoopers
15 Customs Street West
Auckland 1010
New Zealand
Lawyers
Bell Gully
Vero Centre
48 Shortland Street
Auckland 1140
New Zealand
Bankers
ASB Bank Limited
Westpac New Zealand Limited
Westpac Banking Corporation
Share Registrar
Link Market Services
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
PO Box 91976
Auckland 1142
New Zealand
Further Information Online
This Interim Report, all our core governance
documents (our constitution, some of our
key policies and charters), our investor
relations policies and all our announcements
can be viewed on our website:
www.metroglass.co.nz/investor-centre/
insight
creative.co.nz
MPG029
COMPANY DIRECTORY
19
Company Directory

20
Interim Report FY24Interim Report FY24

21

metroglass.co.nz

---

M E T R O P E R F O R M A N C E G L A S S
Half yearresult
30September 2023

Key messages
•The Group delivered earnings in line with August guidance supported by solid
profitability in Australia. Residential construction sector softness impacted the
New Zealand business.
•New Zealand construction sector softness impacted glass demand and revenue,
partially offset by the increase in higher value LowE sales. Easing supply chain
costs helped drive margin recovery.
•AGG delivered resilient performance and further profitability growth in the first
half supported by continued demand for high-performing double glazing.
•Australian Glass Group divestment continues to advance.
2

NPAT
$2.1m
(1H23: $0.6m)
G RO U P
N E W Z EA L A N D
2
AU ST R A L I A
Revenue
$130.2m
(1H23: $138.1m)
-6%
EBIT
$7.5m
(1H23: $5.6m)
+33%
Revenue
$87.0, -13%
(1H23: $100.0m)
EBIT
$3.2m, -9%
(1H23: $3.6m)
Revenue
$43.2m, +13%
(1H23: $38.2m)
EBIT
$4.6m, +79%
(1H23: $2.6m)
Net debt
$52.8m
(1H23: $59.1m)
Financial highlights
1
1
Unless otherwise stated, results are shown in NZ$mand before significant items.
2
The full segment note is available in the unaudited financial statements.
Leverage ratio
2.69x
(1H23: 3.8x)
nm-6.3m
3
+229%

•In the highly competitive residential channel, revenue of $54.8 million was 16% below the prior year
primarily as lower activity was partially offset by increased LowE glass sales.
•The commercial glazing channel was steady with revenue flat on the prior year at $19.0 million,
however the time between tender and project acceptance has extended.
•Retrofit revenue declined 16% to $13.2 million as cost-of-living and interest rate pressures defered
consumer spending with many customers opting for partial house retrofit rather than full house.
•Shiftinthemixofhigh-performingLowEdoubleglazingfrom28%in1H23to43%in1H24
•Solidcustomersurveyresultof7.9/10
3
inNovember2023
•Ourmulti-yearsafetyandwellbeingprogrammecontinuestomakegoodprogress.LeadandLag
indicatorscontinuetotrendpositively
New Zealand construction
sector softness impacted
glass demand and
revenue, partially offset
by the increase in higher
value LowE sales. Easing
supply chain costs helped
drive margin recovery
Revenue
$87.0m -13%
EBIT
1
$3.2m -9%
3
Survey question: “On a scale of 1 to 10, how likely are
you to recommend Metroglass to a friend or colleague”
4

•AGG delivered stable and resilient performance with the high-performing double-glazing market
appearing to be holding. Thebusinessremainsfocusedonoptimisingvolumeandpricing.
•Commissioned a second double-glazing line in Victoria and a number of equipment upgrades in
New South Wales, providing an uplift in quality and capacity.
•CustomersarepleasedwithAGG’sperformanceandtheirreputationasaspecialisedhigh-
performancedouble-glazingprocessercontinuestostrengthen.AGGachievedan8.1/10 in their
November2023customersurvey.
•In February 2023 Metroglass announced a sale process for AGG which continues to advance, the
board is targeting an announcement in the near future. If a suitable deal can be concluded the
board will bring the offer to shareholders at an extraordinary meeting in the new year
AGG delivered resilient
performance and further
profitability growth in the
first half supported by
continued demand for
high-performing double
glazing.
Revenue
NZ $43.2m +13%
EBIT
1
NZ $4.6m +79%
5
1
Unless otherwise stated, results are shown in NZ$mand before significant items

$65.3m
$19.0m
$15.7m
$38.2m
$138.1m
$54.8m
$19.0m
$13.2m
$43.2m
$130.2m
Residential (NZ)Commercial Glazing (NZ)Retrofit (NZ)Australian Glass Group (AU)Metro Glass Group
1H231H24
1H24: Metroglass Group revenue (NZ$)
13%
-6%
-16%
0%
-16%
-13%
Note: The allocation of sales between residential and commercial applications is difficult as Metroglass doesn’t always know the end use of a piece of glass. The categorisation methodology is consistent across
periods, however Commercial Glazing revenue will include some level of residential glazing sales and services.
6

5.6
7.5
5.4
2.6
1.1
1.4
1.6
1.8
1.2
0.2
1H23 EBIT
Change in revenue
Change in Gross Profit %
Distribution and glazing
Administation and other
Growth in revenue
Gross Profit % improvements
Increases in expenses and
other
Other Group costs
1H24 EBIT
1H24: EBIT bridge (NZ$m)
Note: EBIT is before before significant items.
New Zealand
Australia (NZ$)
7

1H24: Financial results summary
Segment results
NZ$m
2,3
1H241H23% change
New Zealand
Revenue
87.0100.0-13%
Gross profit38.841.6-7%
Segmental EBIT3.23.6 -9%
Australia
Revenue
43.2 38.2 13%
Gross profit 16.1 12.628%
Segmental EBIT4.62.679%
Group results
NZ$m
1
1H241H23% change
Group
Revenue130.2138.1-6%
EBITDA before significant items16.515.19%
Depreciation & amortisation9.09.4-5%
EBIT before significant items7.55.633%
Profit for the year before
significant items
2.15.6
-229%
Significant items(11.3)0Nm
Profit / (Loss) for the period(9.2)0.6Nm
Basic EPS (cents)(5.0)0.3Nm
1
The definitions for all non-GAAP measures of financial performance, and additional detail on significant items are provided on slide 13 of this release.
2
The full segment note is available in note 2.1 of the 1H24 financial statements.
3
Unless otherwise stated, results are shown in NZ$mand before significant items
8

•An impairment review is undertaken at least every 12 months. As a result of this year’s review, the
Directors have resolved to impair the carrying value of NZ goodwill by $9.1m as at 30 September
2023
•This goodwill balance arose from historical transactions before the company’s IPO in 2014
•This is an accounting charge only with no change to cash flows and no impact on bank covenants
•Further information on this testing and the underlying assumptions is available in the 1H24 interim
report
Impairment of intangible
assets in New Zealand.
For the 6 months ended 30 September
2023
As a consequence of the significant
uncertainty regarding forecast declines
in construction activity, the carrying
values of assets were reviewed.
Discount rate applied has increased
from 10.5% to 11.0%
The review was conducted and results
considered using a set multiple future
scenarios.
9
Intangible assets (NZ$m)Goodwill on acquisitions
Opening balance –1 April 2023
44.3
Impairment of New Zealand goodwill
(9.1)
Closing balance –30 September 2023
35.2

1H24: Group summary cash flow & balance sheet
10
Key balance sheet items (NZ$m)1H241H23
Net working capital
1
38.639.7
Property plant & equipment
48.454.3
Right of use assets
Total assets
235.9285.7
Lease liabilities
Net debt
52.859.1
Total shareholders equity
66.589.6
Key cash flow items (NZ$m)1H241H23
EBIT before significant items
7.55.6
Operating cash flows
13.41.8
Capital expenditure
2.05.0
Dividends paid
- -
•Net operating cash flows were above the prior year primarily driven by reductions
working capital requirements and a lower employee costs as a result of the cost out
initiatives.
•In the first half of FY24 working capital commitments receded back to similar levels to the
prior comparable period as the business reduced inventory as supply chain reliability
improved. Debtor and creditor profiles reduced also as a direct result of the softer trading
conditions.
•Capital expenditure of $2.0m in 1H24 focussed on delivering increased capability and
quality.
•Net debt decreased by $6.2m year on year to $52.8m as at 30 September 2023
•Group gearing
2
increased to 44% from 40%
•Group net debt to EBITDA ratio
3
improved to 2.69x from 3.8x
1
Networkingcapital:trade&otherreceivables+inventory-trade&otherpayables.
2
Gearing:netdebt/(netdebt+equity).
3
Calculated on a pre-IFRS-16 (leases) basis and includes other minor adjustments.

•In New Zealand the 12-month rolling residential consents have declined and while they are still above long-term
trends, glass demand has fallen significantly.
•Demand for construction materials decreased across the sector and forecasts remain uncertain for FY24. It is the
company’s view that these conditions are likely to continue until inflation pressures and interest rates ease.
•While ensuring we deliver quality products, safely and with excellent customer service, the company is resizing itself
to ensure it is efficient for the changing market demand.
•With current market volatility it is difficult to forecast New Zealand earnings for the balance of the year, however it
is anticipated that the New Zealand business will continue to be operating cash positive.
•In Australia the number of detached dwelling commencements declined in all states. However, the increasing use of
double-glazing in residential buildings is expected to partially offset the declines in residential construction activity.
•As previously announced in the sale process, 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, AUD 7.5 million
respectively.
The longer-term outlook is uncertain, but Metro has plans in
place to respond
11
1
Excluding Group management fee of NZD 0.5 million

T h a n k y o u
Opportunity for questions

13
Non-GAAP financial information
•Group results are reported under NZ IFRS. This presentation includes non-
GAAP financial measures which are not prepared in accordance with NZ IFRS,
being:
•EBITDA: Earnings before interest, tax, depreciation and amortisation
•Segmental EBIT: Earnings before interest and tax (EBIT) for either the New
Zealand or Australia segment of the Group
•We believe that these non-GAAP financial measures provide useful information
to readers to assist in the understanding of our financial performance, financial
position or returns, but that they should not be viewed in isolation, nor
considered as a substitute for measures reported in accordance with NZIFRS
•Non-GAAP financial measures may not be comparable to similarly titled
amounts reported by other companies
Appendix: Reconciliation of non-GAAP to GAAP profit measures
Full year to 31 March 2023
1H241H23
($M)($M)
Profit for the period before significant items2.1 0.6
Less: Impairment of intangible assets(9.1)-
Less: NZ restructuring, and Australian divestment(2.2)
Profit for the period (GAAP)(9.2)0.6
Add: taxation expense(0.2)(0.1)
Add: net finance expense5.6 5.1
Earnings before interest and tax (EBIT)(3.8)5.6
Add: depreciation & amortisation9.0 9.4
EBITDA5.2 15.1
Earnings before interest and tax (EBIT)(3.8)5.6
Add: Impairment of intangible assets9.1
Add: NZ restructuring, and Australian divestment2.2 -
EBIT before significant items7.5 5.6
EBITDA5.2 15.1
Add: Impairment of intangible assets9.1 -
Add: NZ restructuring, and Australian divestment2.2
EBITDA before significant items16.5 15.1

This presentation (“Presentation”) has been prepared by Metro Performance Glass Limited (Company Number 5267882) (“Metro Performance Glass”).
Please do not read this Presentation in isolation
This presentation contains some forward-looking statements about Metro Performance Glass and the environment in which the company operates. Forward
looking statements can generally be identified by the use of forward-looking words such as “anticipate”, “expect”, “likely”, “intend”, “should”, “could”, “may”,
“propose”. “will”, “believe”, “forecast”, “estimate”, “outlook”, “target”, “guidance” and other similar expressions. Forward looking statements, opinions and
estimates provided in this presentation are inherently uncertain and are based on assumptions and estimates which are subject to certain risks, uncertainties
and change without notice. Because these statements are forward looking, Metro Performance Glass’ actual results could differ materially. Any past
performance information in this presentation should not be relied upon as (and is not) an indication of future performance.
Media releases, management commentary and investor presentations are all available on the company’s website. Please read this presentation in the wider
context of material previously published by Metro Performance Glass.
There is no offer or investment advice in this Presentation
This presentation is not an offer of securities, or a proposal or invitation to make any such offer. It is not investment advice or a securities recommendation
and does not consider any person’s individual circumstances or objectives. Every investor should make an independent assessment of Metro Performance
Glass based on independent expert financial advice.
All information in this presentation is current at the date of this presentation, and all currency amounts are in NZ dollars,unless otherwise stated. Metro
Performance Glass is under no obligation to, and does not undertake to, update the information in this Presentation, including any assumptions.
Disclaimer
To the maximum extent permitted by law, Metro Performance Glass and its affiliates and related bodies corporate, officers, employees, agents and advisors
make no representation or warranty (express or implied) as to the currency, accuracy, reliability or completeness of the information in this presentation and
disclaim all liability for the information (whether in tort (including negligence) or otherwise) to you or any other person in relation to this presentation,
including any error in it.
Disclaimer
14

Metro Performance Glass Limited
5 Lady Fisher Place, East Tamaki, Auckland 2013
Ph: + 64 9 927 3000
www.metroglass.co.nz/
Simon Mander – Chief Executive Officer
Simon.Mander@metroglass.co.nz
(+64) 029 636 2661
Tony Candy – Chief Financial Officer
Tony.Candy@metroglass.co.nz
(+64) 021 842 882
Liam Hunt – Investor Relations
Liam.hunt@metroglass.co.nz
(+64) 022 010 4377
Contact information
15

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Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 8 May 2019



Results for announcement to the market
Name of issuer Metro Performance Glass Limited
Reporting Period 6 months to 30 September 2022
Previous Reporting Period 6 months to 30 September 2023
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$130,196 down 6%
Total Revenue $130,196 down 6%
Net profit/(loss) from continuing
operations
$(9,229) down 1557%
Total net profit/(loss) $(9,229) down 1557%
Interim/Final Dividend
Amount per Quoted Equity
Security
Not Applicable
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.1686 $0.1819
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Accompanying this announcement are the Group’s unaudited
consolidated financial statements for the six months ended 30
September 2023. These financial statements and the half year result
commentary dated 29 November 2023 provide the balance of
information requirements in accordance with NZX Listing Rule 3.5 and
Appendix 2.
Authority for this announcement
Name of person

authorised to
make this announcement
Liam Hunt, Company Secretary
Contact person for this
announcement
Liam Hunt
Contact phone number +64 22 010 4377
Contact email address Liam.Hunt@metroglass.co.nz
Date of release through MAP

29 November 2023

Unaudited financial statements accompany this announcement.