Metro Performance Glass Ltd · NZX:MPG
Metro Performance Glass — Shareholder Meeting (August 2017)
27 slides from Metro Performance Glass's shareholder meeting presentation, Aug 24, 2017
Slide 1: Annual Shareholders' Meeting
Metro Performance Glass Annual Shareholders’ Meeting 24 August 2017 Strictly confidential and not for public release
Slide 2: 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 3: Meeting agenda
Meeting agenda 1. Chairman’s address 2. Chief Executive’s address 3. Ordinary business and resolutions 4. Voting 5. General business Strictly confidential and not for public release 2
Slide 4: Chairman's address
Chairman’s address Strictly confidential and not for public release
Slide 5: Board of directors
Board of directors SIR JOHN GOULTER KNZM, JP NIGEL RIGBY ANGELA BULL GORDON BUSWELL INDEPENDENT, NON‐EXECUTIVE EXECUTIVE DIRECTOR AND INDEPENDENT, NON‐ INDEPENDENT, NON‐EXECUTIVE CHAIR, MEMBER OF AUDIT & CHIEF EXECUTIVE OFFICER EXECUTIVE DIRECTOR DIRECTOR AND MEMBER OF RISK COMMITTEE AND CHAIR OF Ap
Slide 6: FY17: Full year result highlights
FY17: Full year result highlights 1 Group revenue rose 30% to $244.3m1 including seven months of trading from Australian Glass Group (AGG)2. Excluding AGG, NZ revenue rose 14% to $213.8m 2 Normalised EBITDA3 rose 20% to $44.9m; Normalised NPAT3 rose 11% to $21.3m 3 Completed the acquisition and i
Slide 7: Year to date trading and FY18 outlook
Year to date trading and FY18 outlook While we remain optimistic on the medium term picture, activity levels in New Zealand have been soft so far this financial year, with revenue growth in the first four months being relatively flat, including continuing declines in Canterbury Given the current con
Slide 8: Chief Executive's address
Chief Executive’s address Strictly confidential and not for public release
Slide 9: Residential and non-residential backdrops remained supportive in FY17
Residential and non‐residential backdrops remained supportive in FY17 New Zealand – # of residential consents1 Victoria & New South Wales – # of detached dwelling approvals3 • Residential dwelling 65,263 • Detached dwelling 30,626 63,589 27,789 consents for the 12 (house) approvals for months to 31
Slide 10: Further upside in the NZ construction cycle is expected until at least FY20
Further upside in the NZ construction cycle is expected until at least FY20 The Reserve Bank of NZ noted in its most recent Monetary Policy Statement that it expects “low interest rates, sustained population growth, and elevated house prices” to drive residential construction, but acknowledges “conc
Slide 11: A longer-term view: Metro Glass' production profile has been transformed
A longer‐term view: Metro Glass’ production profile has been transformed New Zealand's first ever Before the Building Code up‐cycle for double glazing changes in 2007, circa. 90%+ of 35,000 90% NZ Dwelling Consents (Last 12 Months) Metro Glass’ window 80% manufacturing were single 30,000 panes of gl
Slide 12: What did we set out to achieve in FY17?
What did we set out to achieve in FY17? 1 Drive top line growth Achieved 2 Deliver manufacturing excellence +/‐ Mixed progress 3 Increase our presence in commercial projects Achieved 4 Expand our Retrofit double glazing business +/‐ Good growth, but below target 5 Support and integrate Australia
Slide 13: Expanded senior leadership team with three new members in 2017
Expanded Metro Glass’ senior leadership team with three new members in 2017 to grow talent and drive improved execution accountability NIGEL RIGBY JOHN FRASER‐MACKENZIE GEOFF RASMUSSEN DEAN BROWN BARRY PATERSON BRENDAN SIMPSON EXECUTIVE DIRECTOR AND CHIEF FINANCIAL OFFICER GENERAL MANAGER GENERAL MA
Slide 14: FY17: Revenue and EBITDA summary
FY17: Revenue and EBITDA summary Revenue bridge: FY16 to FY17 ($m) Normalised EBITDA bridge: FY16 to FY17 ($m) 244.3 44.9 30.5 4.7 4.2 37.5 4.3 1.7 0.4 188.0 13.0 8.6 2.3 1.4 Core business growth development businesses (1) FY16 Revenue Growth of new distribution AGG revenue FY17 Revenue Core busines
Slide 15: Continuing to build on position as leading downstream glass processor in Australasia
Metro Glass is continuing to build on its position as the leading downstream glass processer in Australasia Metro Glass’ strategy is to lead Australasian glass markets by: Delivering a broad range of market‐leading, customised, high‐performance glass products at a cost that is competitive with both
Slide 16: Key focus areas for FY18
Key focus areas for FY18 1. Drive top line growth and glass category share, by ensuring that customers continue to see Metro Performance Glass as the glass supplier of choice 2. Focus on improving manufacturing efficiency (including automation, processes and costs) to achieve our desired service and
Slide 17: Metro Glass' 3 year financial aspirations
Metro Glass’ 3 year financial aspirations • Continued link to 9 month lagged NZ residential consents that are assumed to grow by mid single figure growth rates per annum FY18‐FY20 Group revenue +5‐12% • Increased commercial and retrofit presence supporting increased total glass market share • Antici
Slide 18: Formal business
Formal business Strictly confidential and not for public release
Slide 19: Ordinary business and resolutions
Ordinary business and resolutions To consider and, if thought fit, pass the following ordinary resolution: Resolution 1: That the Board be authorised to fix the fees and expenses of PwC as Auditor for the ensuing year Votes received in advance of today’s meeting: For Open Against Total votes % of is
Slide 20: Ordinary business and resolutions
Ordinary business and resolutions To consider and, if thought fit, pass the following ordinary resolution: Resolution 2: That Bill Roest, who retires by rotation and is eligible for re‐election, be elected as a Director of Metro Performance Glass Limited Votes received in advance of today’s meeting
Slide 21: Ordinary business and resolutions
Ordinary business and resolutions To consider and, if thought fit, pass the following ordinary resolution: Resolution 3: That Sir John Goulter, who retires by rotation and is eligible for re‐election, be elected as a Director of Metro Performance Glass Limited Votes received in advance of today’s me
Slide 22: Ordinary business and resolutions
Ordinary business and resolutions To consider and, if thought fit, pass the following ordinary resolution: Resolution 4: That Peter Griffiths (appointed by the Board as a Director on 2 September 2016), who retires and is eligible for election, be elected as a Director of Metro Performance Glass Limi
Slide 23: Ordinary business and resolutions
Ordinary business and resolutions To consider and, if thought fit, pass the following ordinary resolution: Resolution 5: That Angela Bull (appointed by the Board as a Director on 5 May 2017), who retires and is eligible for election, be elected as a Director of Metro Performance Glass Limited Votes
Slide 24: General business & shareholder questions
General business & shareholder questions Strictly confidential and not for public release
Slide 25: FY17: Full year results summary
FY17: Full year results summary NZ$ million FY17 FY16 % change Revenue 244.3 188.0 29.9 Normalised EBITDA1,2 44.9 37.5 19.6 Depreciation & amortisation 11.0 7.4 48.3 Normalised EBIT1,2 33.9 30.1 12.5 Normalised NPAT2 21.3 19.3 10.8 Abnormal items (2.0) 1.2 nm Reported NPAT 19.4 20.5 (5.5) Basic EPS
Slide 26: FY17: Summary cash flow & balance sheet
FY17: Summary cash flow & balance sheet Key cash flow items (NZ$m) FY17 FY16 Normalised EBITDA rose +20% to $44.9m in FY17 Normalised EBITDA1,2 44.9 37.5 Operating cash flow conversion adversely impacted by $6.1m due to timing of tax payments, AGG acquisition expenses of Operating cash flows 17.6 27
Slide 27: Explanation of non-GAAP profit measures
Explanation of non‐GAAP profit measures Non‐GAAP financial measures Group results are reported under NZ IFRS. This presentation includes Full Year to 31 March; $M FY17 FY16 non‐GAAP financial measures which are not prepared in accordance Normalised net profit after tax 21.3 19.3 with NZ IFRS, being:
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