FY21H1 Investor Presentation

FY21H1 RESULTS

DISCLAIMER
Certain statements in this announcement constitute forward-looking statements. Forward-looking statements are
statements (other than statements of historical fact) relating to future events and the anticipated or planned financial and
operational performance of Michael Hill International Limited and its related bodies corporate (the Company). The words
“targets,” “believes,” “expects,” “aims,” “intends,” “plans,” “seeks,” “will,” “may,” “might,” “anticipates,” “would,” “could,”
“should,” “continues,” “estimates” or similar expressions or the negatives thereof, identify certain of these forward-looking
statements. Other forward-looking statements can be identified in the context in which the statements are made. Forward-
looking statements include, among other things, statements addressing matters such as the Company’s future results of
operations; financial condition; working capital, cash flows and capital expenditures; and business strategy, plans and
objectives for future operations and events, including those relating to ongoing operational and strategic reviews, expansion
into new markets, future product launches, points of sale and production facilities.
Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, such
forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause
the Company’s actual results, performance, operations or achievements or industry results, to differ materially from any
future results, performance, operations or achievements expressed or implied by such forward-looking statements.
Such risks, uncertainties and other important factors include, among others: global and local economic conditions; changes
in market trends and end-consumer preferences; fluctuations in the prices of raw materials, currency exchange rates, and
interest rates; the Company’s plans or objectives for future operations or products, including the ability to introduce new
jewelleryand non-jewelleryproducts; the ability to expand in existing and new markets and risks associated with doing
business globally and, in particular, in emerging markets; competition from local, national and international companies in the
markets in which the Company operates; the protection and strengthening of the Company’s intellectual property rights,
including patents and trademarks; the future adequacy of the Company’s current warehousing, logistics and information
technology operations; changes in laws and regulations or any interpretation thereof, applicable to the Company’s business;
increases to the Company’s effective tax rate or other harm to the Company’s business as a result of governmental review of
the Company’s transfer pricing policies, conflicting taxation claims or changes in tax laws; and other factors referenced to in
this presentation.
Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect,
the Company’s actual financial condition, cash flows or results of operations could differ materially from that described
herein as anticipated, believed, estimated or expected. Accordingly, you are cautioned not to place undue reliance on any
forward-looking statements. Accordingly, you are cautioned not to place undue reliance on any forward-looking statements,
particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the
COVID-19 pandemic.
The Company does not intend, and do not assume any obligation, to update any forward-looking statements contained
herein, except as may be required by law. All subsequent written and oral forward-looking statements attributable to us or
to persons acting on the Company’s behalf are expressly qualified in their entirety by the cautionary statements referred to
above and contained elsewhere in this presentation.
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CEO and CFO FY21H1 Update
•FY21H1 Performance Overview
•FY21H1 Financial Results
•Group Results
•Key Performance Results
•Retail Segment Results
•Strategy Update –Emphasis on Growth and Margin
•Outlook
•Appendix – AASB16 Leases Impact
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Michael Hill International Limited

FY21H1 Performance Overview
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•FY20Q4 global store network shutdown
•Strong sales and margin delivery in Q1 while reopening the store
network, and maintaining priority on health and safety protocols
•Restarted global supply chain and invested in Christmas inventory
•Prioritised key strategies that were “paused” for COVID-19 lockdown:
-Brilliance by Michael Hill
-New retail incentive scheme
-Omni-channel initiatives
•Volatile trading conditions continued through the half, impacting all
segments, with significant decline in foot traffic and 3,709 lost store
trading days
•Transformational change agenda underpinned strong sales, margin
and significant profit growth
•Continuing the journey to become a modern, differentiated, omni-
channel jewellery brand

FY20H1 Financial Snapshot
•Delivered significant increase to NPAT and EBIT
•Unwavering focus on cost truly embedded in
business
•Decisive working capital management resulted in a
significant improvement in net cash position
•Focused inventory management
•Interim dividend of AU 1.5 cents per share
•Active management of global store network
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FY21H1FY20H1Change
Revenue$319.9m$329.5m-2.9%
Gross Profit$200.5m$203.4m-1.5%
EBIT$58.9m$35.3m+66.9%
EBIT - % of revenue18.4%10.6%+780bps
NPAT $39.0m$21.4m+82.1%
Interim DividendAU 1.5cAU 1.5cFlat
Inventory$170.6m$200.1m-$29.5m
Net Cash/(Debt)$90.3m$0.4m+$89.9m
Store Network289304-15
FY21H1 Group Results

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6.3%
GROUP SAME STORE
SALES
62.7%
GROUP
G ROSSMARGI N
FY20H1: 61.7%
1
STORE
CLOSED
IN FY21H1
38.4%
BRANDED COLLECTION
SALES
FY20H1:35.4%
FY21H1 Key Performance Results
+6.3%
GROUP
SAME STORE
SALES GROWTH
+12.0%
AUSTRALIA
SAME STORE
SALES GROWTH
+2.8%
NEW ZEALAND
SAME STORE
SALES GROWTH
+3.6%
CANADA
SAME STORE
SALES GROWTH
$18.5m
DIGITAL SALES
+102%
$58.9m
EBIT
FY20H1: $35.3m
289
STORE
NETWORK
FY20H1: 304

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Australia (AUD)New Zealand (NZD)Canada (CAD)
FY21H1FY20H1ChangeFY21H1FY20H1ChangeFY21H1FY20H1Change
Revenue175.1m174.2m+0.5%69.3m69.9m-0.9%75.2m79.9m-5.9%
Gross profit107.6m104.3m+3.2%42.3m41.1m+2.9%46.3m46.5m-0.5%
Gross margin61.4%59.9%+150 bps61.1%58.8%+230 bps61.5%58.2%+330 bps
Segment EBIT*43.9m22.7m+93.6%20.3m14.5m+40.1%14.2m7.9m+78.7%
EBIT as a % of revenue25.1%13.0%+1210 bps29.2%20.7%+850 bps18.8%9.9%+890 bps
Store Network154165-114952-38687-1
Michael Hill Segment Results
* Pre-AASB 16Leases
•Australian revenue performance a credit to the segment given 2,567 lost trading days
•New Zealand also resilient given the Auckland closures
•Extended store closures in Canada impacting total revenue
•Segment gross margins up by 150 bps to 330 bps

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Strategy Update - Emphasis on Growth and Margin

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Strategy Update - Emphasis on Growth and Margin
Brand
Modern, differentiated, omni-channel jewellery brand
Digital
Digital-first
Retail
Fundamentals
Elevated productivity and customer experience
Omni-channel
Customer-led & channel agnostic
Loyalty
Uniquely Michael Hill
Cost Conscious
Culture
Unwavering focus on costs
Product Evolution
Your love for jewellery rewarded

Outlook

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Appendix A: AASB 16 Leases Impact
(AUD million)
FY21H1
Stat
Impact of
AASB 16
FY21H1
pre-AASB 16
FY20H1
pre-AASB 16
Change
pre-AASB 16
Revenue319.9319.9329.5-2.9%
Cost of sales-119.4-119.4-126.1-5.3%
Gross profit200.5200.5203.4-1.5%
Employee benefits expense-80.6-80.6-82.9-2.9%
Occupancy costs-11.417.0-28.4-30.8-8.0%
Marketing expenses-17.0-17.0-20.5-17.2%
Selling expenses-9.4-9.4-12.2-22.3%
Other income/(expenses)2.52.4-15.8-115.1%
EBITDA84.617.067.541.264.0%
Depreciation and amortisation expenses-25.7-17.5-8.2-9.6-14.5%
EBIT58.9-0.559.431.687.8%
Finance expenses-3.8-3.4-0.3-1.1-72.4%
Profit before tax55.1-3.959.130.593.9%