Metroglass provides 1H25 results (unaudited)

5 Lady Fisher Place
East Tamaki
Auckland, 2013

PO Box 58 144
Botany
Manukau
Auckland, 2163

P 09 927 3000
F 09 914 3325

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28 November 2024


Metroglass provides 1H25 results (unaudited)

Please refer to our half year results for the six months ended 30 September 2024.
Our revenue was down to $114 million, but in line with what we presented at the AGM,
translating to a loss of $5 million. Our net debt increased from $53m to $55.2m, again as we
suggested at AGM.
As predicted, there has been a fall in demand across the sectors we operate in. We are
confident however that it doesn’t reflect in market share, in so much as our revenue drop is less
than the market fall and we have in fact increased market share.
When I think about the business performance, I do not dwell a great deal on the market. Our
focus has been on our turnaround and the restructuring, reducing our cost base and our market
positioning for success in the future. We are focused on getting quality product to our
customers in full and on time.
Of course, we need the right capital base, which we have talked about. The business has too
much debt for this stage of the economic cycle. It also continues to carry too much debt for
what is a smaller NZ business, having lost market share and consequently revenue over the last
few years in a very different competitive landscape.
Our primary responsibility is to understand and build a predictable and profitable business. We
will not ask our shareholders for more capital to reduce debt, without confidence in our ability
to deliver future returns, and we are confident.
Our turnaround plan has been simple. Restate and confirm Me t ro’s commitment to be the best
quality processed glass and the highest service levels in the market. With the pressure on our
selling price, it was hard to fight for our market share with low service levels. In addition, we
must reduce our cost and financial shape to ensure that we are ready and profitable at the
bottom of the market cycle.
We have taken cost out where we can and continue to remain committed to this. We have
finalised the closure of two larger processing factories and relocated and scaled into a smaller

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footprint with another one pending. We have taken circa $3 million of cost out in FY25 and a
further $3 million looking forward to FY26.
We have been active and conscious in our choices about service offerings that do not add
directly to our customers’ needs, bringing about a leaning of the head office structure, with
significant cost savings as we serve our immediate customer service functions as the extension
of our plant. Our focus is on customers and product, in full - on time, to specification. We
have come some way but we have further plans and we still have a great deal of work to do.
Our service delivery is now at all-time highs. I have personally received feedback that our
customer satisfaction has improved across the c ou n t r y, from Whangarei to Invercargill. Our
customers are very engaged and we are beginning to re-state our service and quality o f f e r,
which in turn we are confident will increase market share.
Since June we have been maintaining consistent DIFOT of 90%+ in both NZ sites, to match the
benchmarks set and maintained in our Australian plants.
New Zealand DIFOT and throughput

Overall the Australian residential construction market remains soft, with market feedback that
a recovery is expected to be inline with improving consent data, mid next ye a r. NSW continues
to push into the market, as penetration rates continue to show promise and offset some of the
market volume reduction, against the reduced housing starts. The double glaze penetration
gains are on the back of the new housing insulation standards. Prior capital spend to increase
NSW capacity will be fundamental to the local supply.
AGG has continued to perform well despite the market headwinds, but has not been immune to
the domestic construction downturn. Revenue and earnings have reduced over the last several
months, however an upturn has been seen in November from this trend, as the business shifts
to supplement volume outside of the softened core residential market.
AGG’s November trajectory appears to have foreshadowed December’s demand with similar
positivity, notwithstanding pre-ordering for the imminent seasonal close.

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I talked about our April loss in NZ at the AGM. Every month since our performance has improved
and is now profitable. We expect MPG ’s second half loss to be much reduced as a result of our
actions and we have confidence that as the cost and revenue initiatives flow through early next
calendar year we will start FY26 strongly.
Our banking syndicate remains supportive, continuing to ensure the company has the time and
space to raise capital and complete the NZ turnaround. Our facilities have been extended to
the end of February 2025 as we work through the complexities associated with the announced
transactions as well as consider appropriate alternatives. There is more on our plans to follow,
but it is fair to say we have confidence to ask shareholders to invest again.
I am very grateful to our team. They have sacrificed overtime, gone without pay rises and yet
worked harder than ever to deliver the performance we need to satisfy our customers. We are in
good shape and getting better despite these difficult times.
ENDS

For further information please contact:

Simon Bennett – Executive Director: 021 036 8387

---

Interim Financial Statements
For the Half Year ended 30 September 2024
INTERIM FINANCIAL
STATEMENTS

Consolidated Interim Statement of Comprehensive Income1
Consolidated Interim Statement of Financial Position2
Consolidated Interim Statement of Changes in Equity3
Consolidated Interim Statement of Cash Flows4
Notes to the Consolidated Interim Financial Statements5
Company Directory11
CONTENTS
Metro Glass Interim Financial Statements

Consolidated Interim Statement of Comprehensive Income
for the half year ended 30 September 2024 (unaudited)
NOTESCONSOLIDATEDCONSOLIDATED
Sep-24
$’000
Sep-23
$’000
Revenue2.1114,063 130,196
Cost of sales(69,120)(75,314)
Gross profit2.144,943 54,882
Distribution and glazing-related expenses(22,396)(24,262)
Selling and marketing expenses(6,294)(6,716)
Administration expenses(16,060)(16,811)
Share of profits of associate130 254
Other income and gains and losses26 149
Profit before significant items, interest and tax349 7,496
Significant items2.2(1,434)(11,313)
Loss before interest and tax(1,085)(3,817)
Finance expense(5,717)(5,663)
Finance income 39 46
Loss before income taxation(6,763)(9,434)
Income tax benefit1,738 205
Loss for the period(5,025)(9,229)
Other comprehensive income
Items that may be reclassified to profit or loss in the future:
Exchange differences on translation of foreign operations(130)291
Change in fair value of hedging instruments (net of tax)(152)(187)
Total comprehensive loss for the period attributable to shareholders(5,307)(9,125)
Earnings per share
Basic and diluted earnings per share (cents per share)(2.7)(5.0)
The Board of Directors authorised these financial statements for issue on 28 November 2024.
For and on behalf of the board:
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Shawn Beck Julia Mayne
Chair Director
1
Metro Glass Interim Financial Statements

Consolidated Interim Statement of Financial Position
at 30 September 2024 (unaudited)
CONSOLIDATEDCONSOLIDATEDCONSOLIDATED
Sep-24
$’000
(AUDITED)
Mar-24
$’000
Sep-23
$’000
ASSETS
Current assets
Cash and cash equivalents9,312 6,634 6,709
Trade receivables31,684 33,335 37,713
Current income tax asset– 1 1
Inventories26,989 25,639 28,744
Derivative financial instruments– 175 47
Other current assets2,807 3,317 3,387
Total current assets70,792 69,101 76,001
Non-current assets
Property, plant and equipment43,271 46,137 48,357
Right-of-use assets62,163 64,459 62,256
Deferred tax assets14,219 12,443 10,707
Investment in Associate2,157 2,027 2,765
Intangible assets23,659 23,764 35,234
Other non-current assets897 990 541
Total non-current assets146,366 149,820 159,860
Total assets217,158 218,921 235,861
LIABILITIES
Current liabilities
Trade and other payables25,908 25,486 27,221
Deferred income1,826 1,709 2,485
Derivative financial instruments76 6 51
Interest-bearing liabilities62,836 57,802 –
Lease liabilities7,705 7,307 7,705
Provisions1,129 830 646
Total current liabilities99,480 93,140 38,108
Non-current liabilities
Interest-bearing liabilities1,714 1,861 59,494
Lease liabilities69,067 71,086 67,854
Provisions3,445 3,843 3,908
Total non-current liabilities74,226 76,790 131,256
Total liabilities173,706 169,930 169,364
Net assets43,452 48,991 66,497
Equity
Contributed equity307,198 307,198 307,198
Accumulated losses(93,432)(88,776)(70,493)
Group reorganisation reserve(170,665)(170,665)(170,665)
Share-based payments reserve461 1,062 876
Foreign currency translation reserve406 536 (92)
Hedge reserve(516)(364)(327)
Total equity43,452 48,991 66,497
The above consolidated interim statement of financial position should be read in conjunction with the accompanying notes.
2
Metro Glass Interim Financial Statements

Consolidated Interim Statement of Changes in Equity
for the half year ended 30 September 2024 (unaudited)
CONSOLIDATED
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 income for the period–(187)–(187)
Total comprehensive (loss)/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
Contributed
equity
$’000
Reserves
$’000
Accumulated
losses
$’000
Total
$’000
Opening balance at 1 October 2023307,198 (170,208)(70,493)66,497
Loss for the period– – (18,283)(18,283)
Movement in foreign currency translation reserve– 628 – 628
Other comprehensive (loss) for the period– (37)– (37)
Total comprehensive income/(loss) for the period– 591 (18,283)(17,692)
Expiry of share-based payments– – – –
Movement in share-based payments reserve– 186 – 186
Total transactions with owners, recognised directly in equity– 186 - 186
Audited closing balance at 31 March 2024307,198 (169,431)(88,776)48,991
Contributed
equity
$’000
Reserves
$’000
Accumulated
losses
$’000
Total
$’000
Opening balance at 1 April 2024307,198 (169,431)(88,776)48,991
Loss for the period– – (5,025)(5,025)
Movement in foreign currency translation reserve– (130)– (130)
Other comprehensive income for the period– (152)– (152)
Total comprehensive income for the period–(282)(5,025)(5,307)
Expiry of share-based payments– (369)369 –
Movement in share-based payments reserve– (232)– (232)
Total transactions with owners, recognised directly in equity– (601)369 (232)
Unaudited closing balance at 30 September 2024307,198 (170,314)(93,432)43,452
The above consolidated interim statement of changes in equity should be read in conjunction with the accompanying notes.
3
Metro Glass Interim Financial Statements

Consolidated Interim Statement of Cash Flows
for the half year ended 30 September 2024 (unaudited)
CONSOLIDATEDCONSOLIDATED
2024
$’000
2023
$’000
Cash flows from operating activities
Receipts from customers115,675 130,672
Payments to suppliers and employees(106,755)(112,135)
Government wage subsidy and grants received24 110
Interest received34 82
Interest paid(3,081)(2,978)
Interest paid on leases(2,523)(2,355)
Income tax refund received(1)–
Net cash inflow from operating activities3,373 13,396
Cash flows from investing activities
Payments for property, plant and equipment(1,522)(1,999)
Net cash outflow from investing activities(1,522)(1,999)
Cash flows from financing activities
Lease liabilities principal payments(3,750)(3,713)
Repayment of bank borrowings(1,000)(9,500)
Drawdown of borrowings6,000 1,500
Repayment of other financing(223)(282)
Net cash inflow from financing activities1,027 (11,995)
Net (decrease)/increase in cash and cash equivalents2,878 (598)
Cash and cash equivalents at the beginning of the period6,634 7,300
Effects of exchange rate changes on cash and cash equivalents(200)7
Cash and cash equivalents at end of the period9,312 6,709
The above consolidated interim statement of cash flows should be read in conjunction with the accompanying notes.
4
Metro Glass Interim Financial Statements

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 2023 to 30 September 2023.
Basis of preparation
These consolidated interim financial statements have been approved for issue by the Board of Directors on 28 November 2024.
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. 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 2024.
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 2024 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 also eliminated unless the transaction provided evidence of the impairment of the asset transferred.
5
Metro Glass Interim Financial Statements

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 2024 that would
have a material impact on the Group’s consolidated interim financial statements.
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 30 September 2024 include:
- going concern (refer: going concern disclosure below)
6
Metro Glass Interim Financial Statements

Notes to the Consolidated Interim Financial Statements (unaudited)
(continued)
Going concern
In preparing these financial statements, the Directors have considered various uncertainties facing the Group and its ability to
continue as a going concern. These uncertainties are outlined below.
The net debt increased from $53.0 million at 31 March 2024 to $55.2 million at 30 September 2024. At 30 September 2024, the Group’s
banking facility stands at $75m, of which $62.8m (31 March 2024 $57.9m) has been drawn down and presented as current liabilities in
the Consolidated Statement of Financial Position with a maturity date of 25 October 2024. As a result, total current liabilities exceeded
total current assets at 31 March 2024 by $28.7m (31 March 2024 $24.0m).
The Directors have worked closely with the bank syndicate for the last 12 months and they continue to provide support for the
Boards intention to raise capital from a combination of existing and new shareholders. The Directors taking advice from our capital
market advisor remain confident a capital raising will be successful. Based on these factors, the Directors concluded the Group’s
financial statements should be prepared on a going concern basis, though there are uncertainties about the successful execution of a
sufficient capital raise and the ability to reach an agreement with the bank syndicate for renewed loan facilities on mutually acceptable
terms including setting financial covenants that the Group can achieve.
The Directors continue to focus on debt reduction and while the board will continue to keep all options open its intention remains to
retain its investment in AGG and progress a capital raise. This will allow reduction in debt levels, create the conditions for AGG to grow
and improve the New Zealand business.
On 12 September 2024, the Directors announced that the company had entered into conditional agreements with Cowes Bay Group
Pty Ltd. Under the terms sheets, Cowes Bay would become a shareholder in Metro through a placement of new shares, provide a
commitment to invest further capital in the Company’s planned equity capital raise, and become the company’s main lender. The
terms sheets provide for Cowes Bay to subscribe for 27.8 million new ordinary shares in Metro at a price of 7 cents per share, raising
approximately $1.9 million. On completion Cowes Bay will hold a 13% shareholding in the Group. Cowes Bay is also entering into an
agreement with Metro’s existing banking syndicate to step into the lending syndicate and refinance the company’s loan facilities. Under
the terms sheets with Cowes Bay, Metro’s loan facilities would be extended to 31 October 2027.
The agreement with the banks, term sheets and resulting transactions are conditional on satisfaction of confirmatory due diligence by
Cowes Bay and completion of final documentation. The final documentation has not been completed. During this process the directors
have continued to look at other options for continued funding, including with the existing syndicate. They have taken feedback from
shareholders, both during the AGM and further to this announcement, to ensure the best value for shareholders and the right debt
terms and quantum of equity raise.
Metro announced at the end of October the extension of existing banking facilities to the end of February to allow the time to work
towards the best outcome for the company and it’s shareholders.
The Directors consider these uncertainties, which are future events that are not fully within their control, represent material
uncertainties affecting the going concern position of the Group that may cast significant doubt on the Groups ability to continue as a
going concern and therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.
However for the reasons outlined previously the financial statements do not include any adjustments that may be required if the Group
is unable to continue as a going concern.
7
Metro Glass Interim Financial Statements

Notes to the Consolidated Interim Financial Statements (unaudited)
(continued)
2 FINANCIAL PERFORMANCE
2.1 Segment information
Operating segments of the Group at 30 September 2024 have been determined based on financial information that is regularly
reviewed by the board in conjunction with the Executive Director 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-24
New Zealand
$’000
Australia
$’000
Eliminations
and other
$’000
Group
$’000
Commercial Glazing13,567 ––13,567
Residential44,493 43,248 –87,741
Retrofit12,755 ––12,755
Total revenue70,815 43,248 –114,063
Gross profit30,009 14,934 –44,943
Segmental EBITDA before significant items3,813 5,567 –9,380
Group costs––(157)(157)
Group EBITDA before significant items 9,223
Depreciation and amortisation(6,437)(2,437)–(8,874)
EBIT before significant items(2,624)3,130 (157)349
Significant items(529)(838)(67)(1,434)
EBIT(3,153)2,292 (224)(1,085)
Segment assets275,058 77,229 (135,129)217,158
Segment non-current assets (excluding deferred tax assets)80,313 51,834 –132,147
Segment liabilities83,923 30,637 59,146 173,706
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 EBITDA9,882 6,974 –16,856
Group costs––(366)(366)
Group EBITDA 16,492
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 assets298,312 70,569 (133,020)235,861
Segment non-current assets (excluding deferred tax assets)101,793 47,360 –149,153
Segment liabilities87,972 25,315 56,076 169,364
8
Metro Glass Interim Financial Statements

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 assets–9,145
Restructure of the NZ operations971 1,042
Refinancing, divestment, capital raise, equity investment and takeover related expenses463 1,126
Total significant items before taxation1,434 11,313
Tax benefit on above items(418)(629)
Total significant items after taxation1,01610,684
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.
Impairment of New Zealand intangible assets
Additional detail on impairment charges can be seen in Note 5.0 Intangible Assets.
Restructure of the NZ operations
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 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 in February 2023, the closure of the Wellington manufacturing
facility in February 2024, and other staff restructuring costs. The costs of this programme 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.
Refinancing, divestment, capital raise, equity investment and takeover related expenses
The divestment costs include those professional service costs incurred for the investigation of the Australian business sale process.
On 6 May 2024 the Group announced that it will progress a capital raise to further reduce its debt level. On 12 September 2024, the
Group announced a conditional agreement for extended and revised funding facilities, significant equity investment, and an updated
plan for capital raise by way of pro rata offer. The capital raise and refinancing costs include legal and professional fees incurred in the
exploration of this activity.
During May and June 2023 the Group had received confidential enquiries from Masfen Securities Limited and affiliates about the
possibility of acquiring all the shares in the Company. On 17 July 2023, the Group received an unsolicited, non-binding, indicative proposal
from a consortium led by Takutai Limited and supported by Masfen Securities Limited. Takeover related expenses relate to professional
and legal expenses incurred related to this activity.
3 PROPERTY, PLANT AND EQUIPMENT
During the six months ended 30 September 2024, the Group acquired assets with a total cost of $1.6 million (September 2023:
$2.0 million) and disposed of assets with a total book value of $0.05 million (September 2023: $0.07 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 2024 was $4.4 million (September 2023: $4.4 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 forward exchange contracts are $0.1 million liability (March 2024: $0.2 million asset).
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 $0.1 million (30 September 2023: $0.0 million gain), no movement on interest rate swaps
(30 September 2023: $0.1 million loss), and a gain of $0.1 million on the net investment hedge (30 September 2023: $0.1 million loss).
9
Metro Glass Interim Financial Statements

Notes to the Consolidated Interim Financial Statements (unaudited)
(continued)
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-24
$’000
(Audited)
Mar-24
$’000
New Zealand – –
Australia 23,589 23,659
23,589 23,659
To ensure that the intangible assets are not carried at above their recoverable amounts, impairment testing for both 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 tests of the
Australian cash-generating-unit (CGU) and New Zealand CGU were performed at 31 March 2024 as part of the annual tests. Goodwill
and intangible assets were reviewed at 30 September 2024, with no indicators of impairment noted and no changes made to the
estimated recoverable amount of goodwill.
6 INTEREST-BEARING LIABILITIES
SEP-24MAR-24SEP-23
$’000$’000$’000
Bank borrowings – non-current62,836 57,802 57,491
Less: cash and cash equivalents(9,312)(6,634)(6,709)
Net bank debt53,524 51,168 50,782
Other financing – non-current1,7141,861 2,003
Net debt55,238 53,029 52,785
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 2024 (30 September 2023 $0.6 million).
The payables balance in relation to services from 5R Solutions Limited was $0.1 million at 30 September 2024 (30 September 2023
$0.1 million).
In addition the Group has a receivable balance due from 5R Solutions Limited in relation to dividends declared but unpaid in the years
ended 31 March 2022 and 31 March 2024. There was a balance remaining to be paid of $1.4 million at 30 September 2024 ($1.4 million at
31 March 2024).
8 EVENTS AFTER BALANCE DATE
There are no significant subsequent events.
10
Metro Glass Interim Financial Statements

Registered Office
5 Lady Fisher Place
East Tamaki
Auckland 2013
New Zealand
Email: glass@metroglass.co.nz
Phone: +64 927 3000
Board of Directors
Shawn Beck – Chair and Non-Executive
Independent Director
Simon Bennett – Executive Non-Independent Director
Julia Mayne – Non-Executive Independent Director
Pramod Khatri – Non-Executive Independent Director
Senior Leadership Team
Simon Mander – Chief Executive Office
(left 10 May 2024)
Anthony Candy – Chief Financial Officer
Robyn Gibbard – GM North Island
Nick Hardy-Jones – GM South Island
Dayna Roberts – Human Resources Director
Steve Hamer – CEO Australia Glass Group
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 Annual 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/
COMPANY
DIRECTORY
Investor calendar
2025 Half Year balance date30 September 2024
2025 Half Year results announcementNovember 2024
2025 Full Year balance date31 March 2025
2025 Full Year results announcementMay 2025
11
Metro Glass Interim Financial Statements

metroglass.co.nz

---

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 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$114,063 Down
12%
Total Revenue $114,063 Down
12%
Net profit/(loss) from continuing
operations
$(5,025) Up 46%
Total net profit/(loss) $(5,025) Up 46%
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
$0.1068 $0.1686
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
2024. These financial statements and the half year result commentary
dated 28 November 2024 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
Tony Candy CFO
Contact person for this
announcement
Tony Candy
Contact phone number 021 842 882
Contact email address Tony.candy@metroglass.co.nz
Date of release through MAP 28 November 2024

Unaudited financial statements accompany this announcement.