Metro Performance Glass Ltd · NZX:MPG
Metro Performance Glass — Shareholder Meeting (September 2024)
27 slides from Metro Performance Glass's shareholder meeting presentation, Sep 26, 2024
Slide 1: Metro Performance Glass Annual Shareholders' Meeting
Metro Performance Glass A n n u a l S h a r e h o l d e r s ’ M e e t i n g 3 : 0 0 p m , T h u r s d a y 2 6 th S e p t e m b e r 2 0 2 4 1
Slide 2: Agenda
AGENDA 1 Welcome and Introductions 2 Chair Address 3 Executive Director Address 4 Formal & Business Resolutions 5 General Business & Shareholder Questions 2
Slide 3: Welcome & Introductions
WELCOME & INTRODUCTIONS Shawn Beck Simon Bennett Pramod Khatri Julia Mayne Independent Chair Executive & Non- Independent Director Independent Director Independent Director 3
Slide 4: Chair Address
CHAIR ADDRESS 4
Slide 5: Priorities
PRIORITIES • Fix balance sheet • Reset NZ business Exploit • Exploit Australian grown opportunities Australian Fix balance Reset NZ • Governance Business Growth sheet Opportunities 5
Slide 6: Goal: Desirable Listed Equity Investment
GOAL: DESIRABLE LISTED EQUITY INVESTMENT Characteristics of Success • 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 Embedded In: “Earning the right to grow” & “Bui
Slide 7: Executive Directors Address
EXECUTIVE DIRECTORS ADDRESS 7
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Slide 9: Market Backdrop Remains Challenging
MARKET BACKDROP REMAINS CHALLENGING 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 8,000 7,500 39% Down
Slide 10: June 2024 Reset
JUNE 2024 RESET • More cost reduction needed • We have been fighting with price not service • Too much focus on DGU • Lack of clarity 10
Slide 11: First Steps
FIRST STEPS TURNAROUND TEAM ESTABLISHMENT OF HARD-EDGED MEASUREMENT • Simon engages Steve Hamer to • Refocus on high performance and service join and help lead our turnaround team Capability Clarity Measurement Strategy SLT STOP STRATEGIC PLANNING • Angus Wilson joins • Stop non-customer-centric act
Slide 12: Growth Opportunity in Australia
GROWTH OPPORTUNITY IN AUSTRALIA 12
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Slide 14: Drive Excellence in Service Delivery
DRIVE EXCELLENCE IN SERVICE DELIVERY DIFOT Percentage 120% 100% 80% 60% AKL CGT 40% Start of DIFOT Focus 20% 0% 14
Slide 15: Back to the Chair
BACK TO THE CHAIR 15
Slide 16: Fix Balance Sheet
FIX BALANCE SHEET • 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 shar
Slide 17: Current Solution
CURRENT SOLUTION • 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 commi
Slide 18: "Current Market" Outlook Scenarios
“CURRENT MARKET” OUTLOOK SCENARIOS • 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 18
Slide 19: Outlook Scenarios
OUTLOOK SCENARIOS NZD $'m Actual Outlook Actual Outlook 2024 2025 2017 1 2021 2022 2023 2024 2025 2026 H1 H2 H1 H2 New Zealand Sales revenue 213.8 179.8 178.0 186.7 159.6 137.2 147.2 87.0 72.5 71.1 66.1 Material costs 62.7 48.0 54.9 62.4 49.6 40.6 42.7 26.6 23.0 21.5 19.1 Factory costs 1 40.2 36.0 3
Slide 20: Resolutions
GOUGH FAMILY THEATRI RESOLUTIONS
Slide 21: Resolution 1
RESOLUTION 1 That the Board be authorised to fix the fees and expenses of PwC as Auditor for the ensuing year 21
Slide 22: Resolution 2
RESOLUTION 2 Your Subtitle Here That Shawn Beck be elected as a Director of the Company 22
Slide 23: Resolution 3
RESOLUTION 3 Your Subtitle Here That Pramod Khatri be elected as a Director of the Company 23
Slide 24: Resolution 4
RESOLUTION 4 Your Subtitle Here That Simon Bennett be elected as a Director of the Company 24
Slide 25: Questions
QUESTIONS 25
Slide 26: Thank You
THANK YOU 26
Slide 27: 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 insolation This presentation contains some forward looking statements about Metro Performance Glass and the
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