Metro Performance Glass Ltd · NZX:MPG

Metro Performance Glass — H1 2024 Earnings Presentation

15 slides from Metro Performance Glass's earnings presentation, Nov 29, 2023

  1. Slide 1: Metro Performance Glass Half year result 30 September 2023

    For personal use only METRO PERFORMANCE GLASS Half year result 30 September 2023

  2. Slide 2: Key messages

    Key messages • The Group delivered earnings in line with August guidance supported by solid For personal use only profitability in Australia. Residential construction sector softness impacted the New Zealand business. • New Zealand construction sector softness impacted glass demand and revenue, part

  3. Slide 3: Financial highlights

    Financial highlights 1 GROUP Revenue 2 NEW ZEALAND $130.2m -6% For personal use only (1H23: $138.1m) Revenue EBIT $87.0, -13% $3.2m, -9% EBIT NPAT (1H23: $100.0m) (1H23: $3.6m) $7.5m +33% $2.1m +229% (1H23: $5.6m) (1H23: $0.6m) AUSTRALIA Revenue EBIT Net debt Leverage ratio $43.2m, +13% $4.6m, +79%

  4. Slide 4: New Zealand construction sector softness impacted glass demand and revenue

    New Zealand construction sector softness impacted • In the highly competitive residential channel, revenue of $54.8 million was 16% below the prior year glass demand and primarily as lower activity was partially offset by increased LowE glass sales. revenue, partially offset • The commercial glazing

  5. Slide 5: AGG delivered resilient performance and further profitability growth

    AGG delivered resilient performance and further • AGG delivered stable and resilient performance with the high-performing double-glazing market appearing to be holding. The business remains focused on optimising volume and pricing. profitability growth in the first half supported by • Commissioned a

  6. Slide 6: 1H24: Metroglass Group revenue (NZ$)

    1H24: Metroglass Group revenue (NZ$) $138.1m $130.2m For personal use only $65.3m $54.8m $43.2m $38.2m $19.0m $19.0m $15.7m $13.2m Residential (NZ) Commercial Glazing (NZ) Retrofit (NZ) Australian Glass Group (AU) Metro Glass Group -16% 0% -16% 13% -6% -13% 1H23 1H24 6 Note: The allocation of sales

  7. Slide 7: 1H24: EBIT bridge (NZ$m)

    7 For personal use only 1H23 EBIT 5.6 Change in revenue 5.4 Note: EBIT is before before significant items. 2.6 Change in Gross Profit % 1H24: EBIT bridge (NZ$m) New Zealand Distribution and glazing 1.1 1.4 Administation and other Growth in revenue 1.6 1.8 Gross Profit % improvements Australia (NZ$)

  8. Slide 8: 1H24: Financial results summary

    1H24: Financial results summary Group results Segment results 1H24 1H23 % change 1H24 1H23 % change NZ$m1 NZ$m2,3 Group New Zealand Revenue 130.2 138.1 -6% Revenue 87.0 100.0 -13% For personal use only EBITDA before significant items 16.5 15.1 9% Gross profit 38.8 41.6 -7% Depreciation & amortisatio

  9. 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 2023 44.3 Impairment of New Zealand goodwill (9.1) Closing balance – 30 September 2023 35.2 For personal use only For the 6 months ended 30 September 2023 • An impairment revie

  10. Slide 10: 1H24: Group summary cash flow & balance sheet

    1H24: Group summary cash flow & balance sheet Key cash flow items (NZ$m) 1H24 1H23 • 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 EBIT before significant items 7.5 5.6 initiatives

  11. 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 • 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 sect

  12. Slide 12: Thank you

    For personal use only Tha nk yo u Opportunity for questions

  13. Slide 13: Appendix: Reconciliation of non-GAAP to GAAP profit measures

    Appendix: Reconciliation of non-GAAP to GAAP profit measures 1H24 1H23 Full year to 31 March 2023 Non-GAAP financial information ($M) ($M) Profit for the period before significant items 2.1 0.6 • Group results are reported under NZ IFRS. This presentation includes non- GAAP financial measures which

  14. Slide 14: Disclaimer

    Disclaimer This presentation (“Presentation”) has been prepared by Metro Performance Glass Limited (Company Number 5267882) (“Metro Performance Glass”). For personal use only Please do not read this Presentation in isolation This presentation contains some forward-looking statements about Metro Perf

  15. Slide 15: Contact information

    Contact information Metro Performance Glass Limited 5 Lady Fisher Place, East Tamaki, Auckland 2013 For personal use only 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@

Metro Performance Glass — H1 2024 Earnings Presentation on 6ix