2024 Annual Shareholder Meeting

Annual Shareholders’ Meeting 3:00pm, Thursday 26
th
S e p t e m b e r 2 0 2 4
Metro Performance Glass
1

AGENDA
1 Welcome and Introductions
2 Chair Address
3 Executive Director Address
4 Formal & Business Resolutions
5 General Business & Shareholder Questions
2

WELCOME & INTRODUCTIONS
Shawn Beck
Independent Chair
Simon Bennett
Executive & Non-
Independent Director
Pramod Khatri
Independent Director
Julia Mayne
Independent Director
3

CHAIR
ADDRESS
4

PRIORITIES
Fix balance
sheet
Reset NZ
Business
Exploit
Australian
Growth
Opportunities
5
•Fix balance sheet
•Reset NZ business
•Exploit Australian grown opportunities
•Governance

GOAL: DESIRABLE LISTED EQUITY INVESTMENT
Characteristics of Success
Embedded In:
“Earning the right
to grow” & “Built
to Last”
6
•Motivated team and customer praise
•Embedded in: ‘earning the right to grow’ and ‘built to last’
•More predictable growing earnings, paying dividends
•Frank and open communication

EXECUTIVE
DIRECTORS
ADDRESS
7

8

New Zealand’s housing activity remains subdued, and while we are aiming to be
profitable at current levels, we see substantial upside once volumes recover
NEW ZEALAND RESIDENTIAL NEW BUILDING CONSENTS – BY FLOOR AREA (000s) – ROLLING 12 MONTH
MARKET BACKDROP REMAINS CHALLENGING
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
8,000
Jul-14Jul-15Jul-16Jul-17Jul-18Jul-19Jul-20Jul-21Jul-22Jul-23Jul-24
39%
Down
from
Peak
Source: Statistics New Zealand – Building Consents Issued: July 2024
9

JUNE 2024 RESET
10
•More cost reduction needed
•We have been fighting with price not service
•Too much focus on DGU
•Lack of clarity

FIRST STEPS
StrategyCapabilityClarityMeasurement
ESTABLISHMENT OF HARD-EDGED MEASUREMENT
•Refocus on high performance and service
STRATEGIC PLANNING
•Strategy formulated
•Implementation
TURNAROUND TEAM
•Simon engages Steve Hamer to
join and help lead our
turnaround team
STOP
•Stop non-customer-centric activities
•Stop noise and distraction that
doesn’t add value to the strategy
SLT
•Angus Wilson joins
from AGG
11

GROWTH OPPORTUNITY IN AUSTRALIA
12

13

DRIVE EXCELLENCE IN SERVICE DELIVERY
14
0%
20%
40%
60%
80%
100%
120%
DIFOT Percentage
AKL
CGT
Start of DIFOT
Focus

BACK TO THE
CHAIR
15

FIX BALANCE SHEET
16
•Metro over-geared for several years
•At August 2024 current gross debt $65.5m, net debt $56.8m
•Leverage of 4.65 times FY24 EBITDA (Pre-IFRS,) as at 31 March 2024
•Never sustainable in a high fixed cost, cyclical industry
•Sale of 100% of AGG wrong strategy for banks and shareholders
•Capital raise (with equal participation rights) key part of solution
•Loan extension and relaxation required to execute medium term
strategies

CURRENT SOLUTION
17
•Banks refinanced by Cowes Bay Group (CBG)
•Three year extension and new facility terms to provide time for
turnaround
•CBG is a well resourced, Australian family office investor
•Pro rate offer to raise $10-15m
•Deeply discounted (3c) with oversubscription facility
•CBG committed to take up entitlement
•CBG intends to apply for oversubscriptions
•Above is subject to CBG confirmatory due diligence and
documentation
•Expect refinance to complete (or not) in circa 3 weeks
•Expect offer documents in approximately 3-4 weeks

“CURRENT MARKET” OUTLOOK SCENARIOS
18
•Draft outlook scenarios for offer documents
•Current market conditions continue throughout
•NZ turnaround continues
•AGG maintains, invests in growth either low cost greenfield or
existing

19
OUTLOOK SCENARIOS
NZD $'m
H1H2H1H2
New Zeal andSal es revenue213.8179.8178.0186.7159.6137.2147.287.072.571.166.1
Materi al cos ts62.748.054.962.449.640.642.726.623.021.519.1
Factory cos ts
1
40.236.038.237.031.828.027.517.514.315.013.0
Gros s profi t
5
110.995.884.987.378.268.677.043.035.234.733.9
Gros s profi t %52%53%48%47%49%50%52%49%49%49%51%
Other operati ng cos ts
1
49.246.047.046.944.741.440.723.820.921.919.5
Overheads20.516.116.720.319.116.015.09.39.89.07.0
Leas e payments
1
n/a
1
6.77.88.99.39.99.84.64.74.95.0
EBITDA (pre-IFRS16)41.227.113.411.15.21.311.55.3(0.1)(1.1)2.4
EBIT (pre-IFRS16)33.118.66.63.9(1.6)(5.2)5.01.8(3.4)(4.4)(0.9)
PPE Capi tal expendi ture
2
5.90.67.83.80.91.51.8(0.1)1.00.60.9
Aus tral i a
3
Sal es revenue30.552.558.176.879.786.095.243.236.644.042.1
Materi al cos ts9.517.118.824.524.727.430.113.711.014.013.4
Factory cos ts
1
11.118.318.220.721.526.128.411.010.513.412.7
Gros s profi t
5
9.917.121.131.533.532.536.718.515.116.516.0
Gros s profi t %32%32%36%41%42%38%39%43%41%38%38%
Other operati ng cos ts
1

4
0.77.68.49.310.111.112.25.44.75.55.6
Overheads
4
4.74.98.210.511.99.69.96.15.85.24.4
Leas e payments
1
n/a
1
2.22.42.73.03.53.61.51.51.71.8
EBITDA (pre-IFRS16)4.42.32.29.08.58.411.05.53.14.14.2
EBIT (pre-IFRS16)3.2(0.8)(0.6)6.16.55.98.14.42.13.02.9
PPE Capi tal expendi ture1.21.42.22.43.02.72.82.10.91.11.6
El i mi nati ons and otherEBITDA (pre-IFRS16)(1.0)(0.7)(1.1)(0.9)(0.9)(0.3)(0.5)(0.4)(0.5)(0.1)(0.2)
EBIT (pre-IFRS16)(2.4)(2.2)(2.4)(0.9)(0.9)(0.3)(0.5)(0.4)(0.5)(0.1)(0.2)
GroupEBITDA (pre-IFRS16)44.628.714.419.212.99.322.010.42.52.96.4
EBIT (pre-IFRS16)33.915.63.69.04.00.312.55.9(1.8)(1.5)1.8
Si gni fi cant i tems1.0(1.0)0.012.025.41.61.511.314.11.00.6
Profi t / (Los s ) for the peri od19.48.1(0.5)(10.5)(27.5)(5.8)4.3(9.2)(18.3)(4.5)(1.2)
PPE Capi tal expendi ture7.12.110.06.23.94.24.62.01.91.72.5
Gros s debt94.755.565.367.459.749.443.159.559.764.549.4
Net debt94.548.052.360.153.041.834.452.853.055.341.8
1
- 2017 factory and operati ng cos ts are on a pre-IFRS bas i s and i ncl ude l eas e payments , whi ch are excl uded from other year repres entati ons
2
- 2024 H1 capi tal expendi ture i n New Zeal and i ncl udes proceeds of as s et s al es to Aus tral i a
3
- Aus tral i a repres ented i n NZD us i ng exchange rates at ti me of reporti ng
4
- Aus tral i an chart of accounts al i gnment made i n rel ati on to fi nanci al s oftware mi grati on i mpacted al l ocati on of certai n cos ts between Overheads and Operati ng cos ts pri or to 2022
5
- Gros s Profi t cal cul ati on i s Sal es Revenue l es s Materi al Cos ts l es s Factory Cos ts
2026
20242025
ActualOutlookActualOutlook
2017
1
20212022202320242025

RESOLUTIONS
20

RESOLUTION 1
21
That the Board be authorised to fix the fees and
expenses of PwC as Auditor for the ensuing year

RESOLUTION 2
22
That Shawn Beck be elected as a
Director of the Company
Your Subtitle Here

RESOLUTION 3
23
That Pramod Khatri be elected as a
Director of the Company
Your Subtitle Here

RESOLUTION 4
24
That Simon Bennett be elected as a
Director of the Company
Your Subtitle Here

QUESTIONS
25

THANK YOU
26

27
DISCLAIMER
This presentation (“Presentation”) has been prepared by Metro Performance Glass Limited (Company Number 5267882) (“Metro Performance
Glass”).
Please do not read this Presentation in insolation
This presentation contains some forward looking statements about Metro Performance Glass and the environment in which the company
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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
be relied upon as (and is not) an indication of future performance. Media releases, management commentary and analysts presentations are
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