Metro Performance Glass Ltd · NZX:MPG
Metro Performance Glass — FY2023 Earnings Presentation
16 slides from Metro Performance Glass's earnings presentation, Mar 31, 2023
Slide 1: Full year result 31 March 2023
Full year result 31 March 2023 METRO PERFORMANCE GLASS
Slide 2: Key messages
Key messages • The Metroglass Group delivered a result at the upper end of February guidance • From the start of 2023, New Zealand is improving gross margin performance and working capital is reducing as supply chain disruption and rising input costs abate. However, the debt legacy remains • AGG ach
Slide 3: Financial highlights
Financial highlights GROUP 1 Revenue 2 NEW ZEALAND $263.5m +12% (FY22: $236.1m) Revenue EBIT $186.7, +5% $6.4m, -14% EBIT NPAT (FY22: $178.0m) (FY22: $7.4m) $11.8m +100% $1.5m nm (FY22: $5.9m) (FY22: $(0.5)m) AUSTRALIA Revenue EBIT Net debt Leverage ratio $76.7m, +32% $6.4m, +$6.7m $60.1m +7.8m 3.3x
Slide 4: New Zealand has begun its recovery of gross margin and working capital
• The residential segment grew 6% to $122.1 million New Zealand has begun its recovery of gross margin • Commercial glazing activity remained resilient as revenue rose 10% to $36.9 million, however profit margins in fixed price contracts were impacted by rising glass costs. and working capital reduc
Slide 5: AGG achieved a milestone year with significant improvements in profitability
AGG achieved a • Australian Glass Group (AGG) achieved a milestone year with a significant improvement in milestone year profitability to $6.4 million with significant • Generated a 32% increase in revenue despite the disruptive environment and includes a further improvements in 33% growth in double
Slide 6: FY23: Metroglass Group revenue (NZ$)
FY23: Metroglass Group revenue (NZ$) FY22 FY23 263.5 236.1 115.6 122.1 76.8 58.1 33.5 36.9 28.9 27.6 Residential NZ Commercial Glazing NZ Retrofit NZ Australian Glass Group Total group revenue 6% 10% 5% 32% 12% 5% 6 Note: The allocation of sales between residential and commercial applications is dif
Slide 7: FY23: EBIT bridge (NZ$m)
7 5.9 FY22 EBIT Change in net revenue 3.7 Note: EBIT is before before significant items. 2.1 Lower gross profit margin FY23: EBIT bridge (NZ$m) Distribution and glazing 0.9 New Zealand Savings in Sales & Marketing, 1.1 and Administration 2.8 Other income and other 6.4 Growth in revenue Gross Profit
Slide 8: FY23: Financial results summary
FY23: Financial results summary Group results Segment results FY23 FY22 % change FY23 FY22 % change NZ$m1 NZ$m1,3 Group New Zealand Revenue 263.5 236.1 12% Revenue 186.7 178.0 5% EBITDA before significant items 30.8 24.6 25% Gross profit 78.8 77.1 2% Depreciation & amortisation 19.0 18.7 1% Segmenta
Slide 9: Impairment of intangible assets in New Zealand
Impairment of intangible assets in New Zealand. Intangible assets (NZ$m) Goodwill on acquisitions Opening balance – 1 April 2022 54.2 Impairment of New Zealand goodwill (10.0) Foreign exchange impact (0.2) Closing balance – 31 March 2023 44.0 For the year ended 31 March 2023 As a consequence of the
Slide 10: FY23: Group summary cash flow & balance sheet
FY23: Group summary cash flow & balance sheet Key cash flow items (NZ$m) FY23 FY22 • Net operating cash flows were below last year primarily driven by a higher value of inventory and trade receivables, a greater stock quantity on hand to cover the ongoing EBIT before significant items 11.9 5.9 lack
Slide 11: The longer-term outlook is uncertain, but Metro has plans in place to respond
The longer-term outlook is uncertain, but Metro has plans in place to respond • The 12-month rolling number of residential consents issued in New Zealand has declined from its peak. • Activity levels in the beginning of FY24 have remained within expectations and customers continue to indicate a stab
Slide 12: Improving group performance to be sustained through NZ gross profit uplift and cost reductions
Improving group performance to be sustained through NZ gross profit uplift and cost reductions • As international freight costs and disruption moderate through the next 6 months and combined with the increasing demand for Low E products driven by new H1 building code, the level of financial performa
Slide 13: Opportunity for questions
T ha nk yo u Opportunity for questions
Slide 14: Appendix: Reconciliation of non-GAAP to GAAP profit measures
Appendix: Reconciliation of non-GAAP to GAAP profit measures FY23 FY22 Full year to 31 March 2023 Non-GAAP financial information ($M) ($M) Profit for the period before significant items 1.5 (0.5) • Group results are reported under NZ IFRS. This presentation includes non- GAAP financial measures whic
Slide 15: Disclaimer
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 isolation This presentation contains some forward-looking statements about Metro Performance Glass and the
Slide 16: Contact information
Contact information 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 Brent Mealings – Chief Financial Officer Brent.Mealings@metroglass.co.
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