Metro Performance Glass Ltd · NZX:MPG
Metro Performance Glass — FY2022 Earnings Presentation
17 slides from Metro Performance Glass's earnings presentation, Mar 31, 2022
Slide 1: Full year result 31 March 2022
MET RO P E R FORM ANCE GL AS S Full year result 31 March 2022
Slide 2: Key messages
Key messages • The Metroglass Group has managed frequent Covid-19 disruptions and other external pressures well, limiting supply volatility to our customers • Solid revenue in New Zealand was aided by resilient activity before and after the lockdown, however higher input costs and supply chain disru
Slide 3: Our Environmental, Social and Governance
Our Environmental, Social and Governance This year we have continued to build on our approach and reporting of ESG, including; • Good progress improving safety and wellbeing, with Metroglass TRIFR trending lower • Continue to invest in our apprenticeship scheme with 8 apprentices qualified in FY22 a
Slide 4: Financial highlights
Financial highlights GROUP 1 Revenue NEW ZEALAND 1 $236.1m +2% (FY21: $232.3m) Revenue EBIT $178.0, -1% $7.4m, -61% EBIT NPAT (FY21: $179.8m) (FY21: $18.7m) $5.9m -66% $(0.5)m -$7.6m (FY21: $17.2m) (FY21: $7.2m) AUSTRALIA Revenue EBIT Net debt Leverage ratio $58.1m, +11% $(0.3)m, +57% $52.3m +4.3m 3
Slide 5: Solid revenue was aided by resilient activity before and after the lockdown
Solid revenue was aided • Metroglass’ focus on strong and clear communications, safety stock levels, and operational by resilient activity before stability, provided certainty to the market and tempered volatility for our customers. and after the lockdown, • A mix of external pressures from lockdown
Slide 6: AGG's transformation into a specialist double-glazing business gained momentum
AGG’s transformation • Australian Glass Group (AGG) generated a strong 11% increase in revenue despite the disruptive into a specialist double- environment, as they managed evolving state-by-state operating conditions well. glazing business gained • Gross profit margin improved to 28.4%, (FY21: 23.7
Slide 7: FY22: Metroglass Group revenue (NZ$)
FY22: Metroglass Group revenue (NZ$) FY21 FY22 $232.3m $236.1m $118.2m $115.6m $52.5m $58.1m $36.8m $33.5m $24.9m $28.9m Residential NZ Commercial Glazing NZ Retrofit NZ Australian Glass Group Total group revenue (2%) (9%) 16% 11% 2% (1%) 7 Note: The allocation of sales between residential and comme
Slide 8: FY22: Financial results summary
FY22: Financial results summary Group results Segment results FY22 FY212 % change FY22 FY212 % change NZ$m1 NZ$m1,3 Group New Zealand Revenue 236.1 232.3 2% Revenue 178.0 179.8 (1)% EBITDA before significant items 24.6 37.5 (34)% Gross profit 77.1 86.4 (11)% Depreciation & amortisation 18.7 20.3 (8)
Slide 9: FY22: EBIT bridge (NZ$m)
FY22: EBIT bridge (NZ$m) New Zealand Australia (NZ$) 17.2 4.5 0.9 4.0 1.2 5.9 3.6 7.2 0.7 1.3 1 Net restatement Change in net revenue FY21 EBIT All expenses and other income FY22 EBIT Increase in expenses and other Freight detention costs NZ Govt wage subsidy, rent relief, and Change in Gross Profit
Slide 10: Group summary cash flow & balance sheet
FY21: Group summary cash flow & balance sheet Key cash flow items (NZ$m) FY22 FY214 • Net operating cash flows were significantly below last year primarily as a result of the rapid increases in material costs that are partially offset by price increases, and the lower EBIT before significant items 5
Slide 11: Our capital allocation methodology continues to guide our structured thinking
Our capital allocation methodology shared with the market last year continues to guide our structured thinking • The priority order for the use of capital going forward will be: New Zealand AGG Net operating cash flow Net operating cash flow 1. Capital expenditure to maintain operational capability,
Slide 12: A healthy pipeline and strategic positioning sets up Metroglass for the future
A healthy pipeline and strategic positioning sets up Metroglass for the future • New Zealand residential building consents have reached record levels in the last 12 months. Capacity constraints in the industry mean that we expect building activity to remain at current levels for the balance of the y
Slide 13: We remain focussed on our strategy and near-term goals
We remain focussed on our strategy and near-term goals Building resilience and Grow profitability in Ensure our balance defending Metroglass’ Australia, benefiting from sheet is robust to cope leadership position in increasing demand for with future risks and New Zealand double-glazing opportunities
Slide 14: Thank you: Opportunity for questions
T h a nk yo u Opportunity for questions
Slide 15: Appendix: Non-GAAP financial information
Appendix: Non-GAAP financial information • Group results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS, being: • EBITDA: Earnings before interest, tax, depreciation and amortisation • Segmental EBIT: Earnings befo
Slide 16: 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 17: 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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