Annual Report to Shareholders

MICHAEL HILL | 2023 ANNUAL REPORT 1
Annual Report
2023

2 MICHAEL HILL | 2023 ANNUAL REPORT
DISCLAIMER: Certain statements in this report 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 Group). The words “targets”, “believes”, “expects”, “aims”, “intends”, “plans”, “seeks”, “will”, “may”, “might”, “anticipates”, “projects”, “assumes”,
“forecast”, “likely”, “outlook”, “would”, “could”, “should”, “continues”, “estimates” or similar expressions or the negatives thereof, generally identify 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 Group’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, sustainability targets, expansion into new markets, future product launches, points of sale and production facilities. Although the Group believes that
the expectations reflected in these forward-looking statements are reasonable, they are not guarantees or predictions of future performance or statements of
fact. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the Group’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 Group’s plans
or objectives for future operations or products, including the ability to introduce new jewellery and non-jewellery products; 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 Group operates; the protection and strengthening of the Group’s intellectual property rights, including patents and trademarks; the
future adequacy of the Group’s current warehousing, logistics and information technology operations; changes in laws and regulations or any interpretation thereof,
applicable to the Group’s business; increases to the Group’s effective tax rate or other harm to the Group’s business as a result of governmental review of the
Group’s transfer pricing policies, conflicting taxation claims or changes in tax laws; and other factors referenced to in this report.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, as there can be no assurance the actual outcomes will not differ materially from the forward-looking statements in this report. Except as
required by applicable laws or regulations (including the ASX Listing Rules), the Group does not intend, and does not assume any obligation, to update any forward-
looking statements contained herein. All subsequent written and oral forward-looking statements attributable to us or to persons acting on the Group’s behalf are
expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this report.
TERMINOLOGY: In this report, unless otherwise specified or appropriate in the context, the term “Company” refers to Michael Hill International Limited, and the terms
“Group” or “Michael Hill” refer to the Company and its subsidiaries (as appropriate).

MICHAEL HILL | 2023 ANNUAL REPORT 3
CONTENTS
The Directors are pleased to present the
annual report of Michael Hill International
Limited and its subsidiaries for the year
ended 2 July 2023.
135
Corporate
Directory
5
Company Profile
6
Letter from
the Chair
8
CEO’s Message
10
Performance
Highlights
42
Executive
Leadership Team
45
Directors’
Report
56
Remuneration
Report
71
Auditor’s
Independence
Declaration
11
Key Facts
12
Performance
14
Trend Statement
16
Sustainability
73
Financial
Statements
126
Directors’
Declaration
127
Independent
Auditor’s Report
133
Additional
Information

4 MICHAEL HILL | 2023 ANNUAL REPORT

MICHAEL HILL | 2023 ANNUAL REPORT 5
COMPANY PROFILE
The Michael Hill Group is a market leading jewellery retailer, with a portfolio of
brands, operating a network of over 300 stores across Australia, New Zealand and
Canada, with multiple international digital platforms.
The first Michael Hill store opened in 1979 when Sir
Michael Hill and his wife, Lady Christine Hill launched
their unique retail jewellery formula in Whangarei, on
the North Island of New Zealand.
With engaging store designs, a product range devoted
exclusively to accessible jewellery and the clever use
of high impact advertising, Michael Hill rapidly gained
popularity and rose to national prominence.
In 2016, Michael Hill moved its primary stock exchange
listing to the Australian Securities Exchange and
maintains a secondary listing on the New Zealand
Stock Exchange (ASX/NZX: MHJ).
Over the last four years, the Company has been on
a transformative journey reshaping many aspects of
the business, underpinned by a clearly defined
strategic agenda to elevate the brand and drive
growth. The strategic framework is customer-led and
continually evolving as we adapt to the ever-changing
landscape of retail – with a focus on elevating our
Brand, growing our Loyalty membership, enhancing
and innovating our Digital & Omni-channel capabilities,
refining our Retail Fundamentals, continual Product
Evolution, exploring New Territories & Services,
maintaining a Cost Conscious Culture and with
a focus on Sustainability.
On 1 June 2023, the Group strategically acquired a
complementary and scalable Australian value-led
jewellery retailer, Bevilles.
Around the world, the Group employs over 2,800
employees across retail sales, manufacturing and
corporate roles. As of 2 July 2023, the Group operates
172 stores in Australia (including 26 Bevilles stores),
46 in New Zealand and 86 stores in Canada.
From 1979 to the present day, and as we look to the
future, Michael Hill is dedicated to creating quality
jewellery for our customers to celebrate the key
moments in their lives.
At Michael Hill, we are committed to becoming a
more sustainable and ethically responsible business,
protecting our eco-system and contributing to
the communities we serve in meaningful ways, for
generations to come.
Information on our corporate governance policies
and practices, including our Corporate Governance
Statement, is available on our Investor Centre website
at investor.michaelhill.com
Our purpose:
The people behind the
moments that matter

6 MICHAEL HILL | 2023 ANNUAL REPORT
continues on its aspirational brand journey, we will
maintain a strong connection to our rich heritage and
our founders’ vision.
COMMITMENT TO OUR PEOPLE AND OUR
VALUES
I have taken great pride in the way in which our leadership team
in New Zealand and our Group Executive team have responded
to and supported our New Zealand team members and
customers impacted by the spate of retail crime events and ram
raids we have experienced in New Zealand along with a series of
extreme weather events. It’s during these times of adversity that
our values, who we are and what we stand for get truly tested.
I’m proud to be part of a team who have clearly demonstrated
and lived the Company’s values as we have responded to these
challenges: We care, We create outstanding experiences,
We are professional and We are inclusive and diverse.
Pleasingly, our engagement survey was completed by 84% of
our workforce and resulted in an engagement score of 82%,
which is 10% higher than the global retail industry average.
Our consistently high engagement score demonstrates how
hard we continue to work to ensure that Michael Hill remains
an employer of choice and is a great place to work.
SUSTAINABILITY MANIFESTO
In August 2022, we released our 2030 sustainability manifesto
centered around three key pillars: People, Product and
Planet. During the year, we have made great progress
with our goals: reduced our scope 1 emissions by 39%,
reduced our head office waste by 65% and made significant
donations towards empowering women with Dress for
Success and Women’s Refuge.
In addition, we have launched our Re:cycle initiative in
Australia – a digitally enabled gold recycling program, that
encourages customers to recycle gold jewellery pieces in
exchange for a Michael Hill e-gift card. The opportunity in
the coming year to extend this offering to New Zealand and
Canada is exciting.
LETTER FROM
THE CHAIR
NAVIGATING CHALLENGING
MARKET CONDITIONS
FY23 has been a challenging year for Michael Hill.
We have successfully transitioned from FY22; when we
continued to benefit from Covid economic stimulus,
reduced operating costs and travel restrictions in all our
markets, which boosted domestic retail spend, to FY23
which has seen inflation in wages, gold, diamonds and
other input costs, along with rising interest rates eating into
disposable consumer spending and an increased portion
of that remaining spend being redirected to domestic and
international leisure travel.
We have also experienced a particularly challenging security
environment in New Zealand, with record levels of retail
crime necessitating a significant increase in spend on security
counter-measures, resulting in increased stock losses.
Despite these challenges we have maintained an unwavering
commitment to our strategy; with an increased investment in
elevating the Michael Hill brand and product offering, a strong
commitment to executing on the retail fundamentals, strong
cost and inventory management and investment in a series of
new brand offerings to expand our addressable market.
Against this backdrop the business has delivered a solid
performance for FY23, with record revenue, elevated
margins and strong earnings. I’m both proud and grateful
for the agility, resilience, perseverance and focus that Daniel
and the entire Michael Hill team have displayed in delivering
these results.
STRENGHTHENING THE HERITAGE OF
THE BRAND
The heritage of our brand and creative inspiration from
our founders continues to underpin the foundations of the
Company. This year saw the launch of ‘The Jewellers’ brand
campaign, which focused on our origins as a fine jeweller,
the vision of our founders, and showcasing our craftmanship,
creativity and commitment to quality. As the Michael Hill brand
Dear shareholders,

MICHAEL HILL | 2023 ANNUAL REPORT 7
In August this year, the Board appointed Dave Whittle as a
Non-Executive Director. Dave’s experience and expertise will
bring a fresh perspective, with a wealth of knowledge across
data, technology and brand which will be invaluable to the
Company. His extensive experience in marketing, omni-
channel retail and digital transformation complements the
existing Board composition.
IN CONCLUSION
I am immensely proud of Daniel, our highly capable executives
working alongside him and the broader Michael Hill team.
Even though FY23 was a particularly challenging year, the
team remained focused, executed on our strategy, delivered
a plethora of initiatives, and successfully acquired a new
brand, Bevilles, which represents a fabulous opportunity
to expand our addressable market and support our growth
ambitions for FY24.

Regards,
Robert Fyfe
Chair
CAPITAL MANAGEMENT
Last year, the Company articulated a capital management
framework for the business which included pursuing acquisition
opportunities in the jewellery sector. Pleasingly, the business
successfully acquired an earnings accretive, scalable and
complementary Australian value-led jewellery brand, Bevilles.
With the Bevilles team having successfully transitioned, the
key focus is now on expanding the store network nationally.
During the year, the Company commenced its on-market share
buy-back with 8.63m shares bought back, representing 2.2%
of issued capital for a total cash cost of A$10.2m. The directors
have decided to discontinue the on-market share buy-back.
Furthermore, we were pleased to declare a final dividend of
AU3.5 cents per share, bringing our total dividend for the
year to AU7.5 cents per share, representing ~70% of adjusted
annual NPAT, and at the higher end of the Company’s Dividend
Distribution Policy target range of 50% to 75%.
OUR BOARD
It continues to be a privilege to serve on the Michael Hill
Board alongside such a talented group of directors, including
our founder, Sir Michael Hill, a true entrepreneur and creative
spirit who continues to inspire and challenge us all.

8 MICHAEL HILL | 2023 ANNUAL REPORT
We also continued to focus on digital to modernise customer
experience, and reach new markets. The creation of a dual
language Canadian website allows us to attract a new
French speaking customer base in Quebec and across
Canada. Additionally, we have continued to expand our
marketplace strategy by opening into new markets for
the brand. In May, we partnered with Zalora to enter both
Singapore and Malaysia markets.
In October 2023, the business will launch its new bespoke
brand TenSevenSeven, focused on servicing the high-end
of the market with its unique personalised diamond ring
proposition. With these additional brands and channels,
the Michael Hill Group now services all significant customer
segments of the fine jewellery category, and delivers multiple
new growth pipelines.
CULTURE AND TEAM
And most importantly, the Michael Hill business is built on
the foundations of a great culture and a fantastic team as
evidenced by our most recent engagement survey result, with
our global engagement score above 80%.
As we approach the key trading period of Christmas, our
teams are excited and energised by the new product ranges
we will be launching, and our new emotive Christmas
campaign. While inflation and rising interest rates have
impacted consumer spending, I am confident that the Group
strategy has us well-placed to continue to take market share.

Regards,
Regards,
Daniel Bracken
Managing Director and CEO
CEO’S
MESSAGE
RECORD REVENUE WITH STRONG MARGIN
While we finished FY23 with comparable EBIT slightly below
prior year due to a more challenging second half, we still
delivered record revenue, strong elevated margin and the
second highest comparable EBIT in the Company’s history.
These results were underpinned by our clearly articulated
strategic initiatives, and most notably during the year:
• elevating ATV supported by Michael Hill’s aspirational
brand journey,
• leveraging our loyalty program, which now has over two
million members,
• continuing to evolve our product – during the year we
introduced some amazing new ranges,
• and most importantly, a relentless focus on retail
fundamentals driving continued improvement in
productivity across all markets.
INVESTING FOR GROWTH
In August 2022, the Company executed a seamless relocation
of its global headquarters to new purpose-built premises
housing the global support functions, with a reimagined
artisanal jewellery workshop and state-of-the-art Australasian
distribution centre. Our new offices provide a contemporary,
dynamic and productive environment, strategically aligned to
Michael Hill’s aspirational brand journey.
In June 2023, the Company completed the Bevilles
acquisition, successfully transitioning all team members,
stores and inventory to the Group. As the Michael Hill brand
elevates its position in the market, the Bevilles business gives
us the opportunity to capture market share at the value end of
the fine jewellery category. Currently a 26 store business, it is
primed for a significant real estate expansion strategy.
It has been a very busy year at Michael Hill and I’d like to both
acknowledge and thank the team for their unwavering focus
and energy throughout the year.

MICHAEL HILL | 2023 ANNUAL REPORT 9

$203.3M
Healthy inventory
position including
Bevilles
PERFORMANCE
HIGHLIGHTS
OPERATIONAL PERFORMANCE
2.0M+
3 1%
Quebec,
Singapore &
Malaysia
$41.3M
Digital sales were
largely flat to LY
Brilliance by Michael Hill
membership now over
Pure play brand Medley
delivered sales growth of
New digital markets
entered:
Three new stores
opened and five under-
performing stores
were closed
Executed acquisition strategy with
purchase of Bevilles
on last year
KEY FINANCIAL RESULTS
$629.6M
Group operating
revenue increased
by 5.8% to
$58.9M
Second highest
comparable earnings
before interest and
tax (EBIT)
AU 7.5
cps
Total dividends for
the year
$8.4M
Net cash position
64.2%
Strong group gross margin
10 MICHAEL HILL | 2023 ANNUAL REPORT
Successful transition to new
global headquarters

MICHAEL HILL | 2023 ANNUAL REPORT 11
KEY FACTS
TRADING RESULTS
% Change2023
$000’s
2022
$000’s
Group revenue5.8% 629,562595,210
Gross profit5.1% 404,440384,826
Earnings before interest
& tax (EBIT)*
(19.6%) 58,88373,236
Comparable EBIT*(6.3%) 58,88962,870
Net profit before
tax (NPBT)
(24.3%) 49,74765,703
Net profit after
tax (NPAT)
(24.7%) 35,18246,712
Net cash inflow from
operating activities
(28.2%) 80,072111,574
FINANCIAL POSITION
% Change2023
$000’s
2022
$000’s
Contributed
equity 379,688,884
ordinary shares
(2.4%) 11,11211,388
Total equity(3.3%) 188,615195,095
Total assets6.9% 546,488511,179
Net cash(91.3%) 8,36795,844
Capital expenditure52.5% 34,27122,471
KEY RATIOS
20232022
Return on average shareholders
funds
18.3%25.3%
Gross margin64.2%64.7%
Interest expense cover (times)5.99.7
Equity ratio34.5%38.2%
Working capital ratio 3.4 : 13.7 : 1
Current ratio 1.6 : 11.8 : 1
DIVIDENDS (including final dividend)
20232022
Per ordinary share AU7.5cAU7.5c
Times covered by net profit
after tax
1.241.60
KEY INVESTOR RATIOS
20232022
Basic earnings per share9.20c12.03c
Diluted earnings per share9.00c11.86c
EBIT to sales9.4%12.3%
Return on average
total assets
6.7%9.3%
SEGMENT REVENUE GROWTH (local currency)
20232022
Australia9.1%(2.8%)
New Zealand5.8%(1.6%)
Canada(0.5%)34.8%
Group5.8%7. 0 %
STORE NUMBERS
20232022
Australia
1
172147
New Zealand 4648
Canada 8685
Total stores
1
304280
SHARE PRICE AT YEAR END
20232022
Share price (ASX)AUD 0.90AU$0.93
* EBIT and Comparable EBIT are Non-IFRS information and are unaudited. Please refer to page 52 for an explanation of Non-IFRS information and a
reconciliation of EBIT and Comparable EBIT.
1
Includes 26 Bevilles stores in 2023

12 MICHAEL HILL | 2023 ANNUAL REPORT
64.2
62.0
60.6
62.7
64.7
%
Gross margin
FY19FY20 FY21 FY22 FY23
629.6
AU$ MILLIONS
Group revenue
492.1
569.5
556.5
595.2
FY19FY20 FY21 FY22FY23
YEAR ENDED 2 JULY 2023
Revenue by country
PERFORMANCE
AUSTRALIA
53%
CANADA
28%
NEW ZEALAND
19%
58.9
34.6
-5.2
56.6
62.9
AU$ MILLIONS
Comparable EBIT
FY19FY20 FY21 FY22FY23

MICHAEL HILL | 2023 ANNUAL REPORT 13
203.3
AU$ MILLIONS
* Includes Bevilles inventory
Inventory
179.5
178.7
171.2
181.5
FY19FY20 FY21 FY22FY23*
%
Return on
average assets
FY19FY20 FY21 FY22FY23
4.3
0.7
8.2
9.3
6.7
18.3
%
Return on average
shareholders’ funds
9.4
1.9
25.0
25.3
FY19FY20 FY21 FY22FY23
35.2
AU$ MILLIONS
Net profit from operating
activities after tax
16.5
3.1
41.0
46.7
FY19FY20 FY21 FY22FY23
7. 5
AU CENTS PER SHARE
Ordinary dividend
4.0
1.5
4.5
7. 5
FY19FY20 FY21 FY22FY23
116.6
AU$ MILLIONS
EBITDA
40.5
69.7
114.7
125.2
FY19FY20 FY21 FY22FY23

14 MICHAEL HILL | 2023 ANNUAL REPORT
TREND STATEMENT
Financial performance
2023
$’000
2022
$’000
2021
$’000
2020
$’000
2019
$’000
Group revenue 629,562 595,210 556,486 492,060 569,500
Earnings before interest, tax, depreciation and
amortisation (EBITDA)
116,607 125,180 114,733 69,690 40,481
Depreciation and amortisation 57,724 51,944 48,061 55,611 19,366
Earnings before interest and tax (EBIT) 58,883 73,236 66,672 14,079 21,115
Net interest paid 9,136 7,533 7,591 9,594 2,304
Net profit before tax (NPBT) 49,747 65,703 59,081 4,485 18,811
Income tax 14,565 18,991 18,066 1,426 2,313
Net profit after tax (NPAT) 35,182 46,712 41,015 3,059 16,498
Net operating cash flow 80,072 111,574 134,497 83,699 38,969
Ordinary dividends paid during the year 30,719 25,239 11,636 5,817 19,365
Financial position
2023
$’000
2022
$’000
2021
$’000
2020
$’000
2019
$’000
Cash 20,867 95,844 72,361 11,204 7,923
Inventories 203,260 181,539 171,246 178,742 179,503
Other current assets 20,735 14,749 27,463 31,007 35,878
Total current assets 244,862 292,132 271,070 220,953 223,304
Other non-current assets 59,546 42,121 37,729 57,857 72,742
Deferred tax assets 49,118 58,552 68,329 74,468 67,708
Total tangible assets 353,526 392,805 377,128 353,278 363,754
Right-of-use assets 139,052 107,385 105,882 123,911 –
Other Intangible assets 36,215 10,989 6,013 24,429 15,439
Goodwill 17,695----
Total assets 546,488 511,179 489,023 501,618 379,193
Total current liabilities 155,001 158,596 151,522 159,405 105,130
Non-current borrowings 12,500 – – 10,681 32,704
Lease liabilities 117,518 91,386 99,382 115,848 –
Other long term liabilities 72,854 66,102 63,806 61,878 64,607
Total liabilities 357,873 316,084 314,710 347,812 202,441
Net assets 188,615 195,095 174,313 153,806 176,752
Reserves and retained profits 177,503 183,707 163,028 142,790 165,768
Paid up capital 11,112 11,388 11,285 11,016 10,984
Total shareholder equity 188,615 195,095 174,313 153,806 176,752
Basic earnings per share9.20c12.03c10.57c0.79c4.26c
Diluted earnings per share9.00c11.86c10.53c0.79c4.25c
Dividends declared per share (interim) AU4.0c AU3.5c AU1.5c AU1.5c AU2.5c
Dividends declared per share (final) AU3.5c AU4.0c AU3.0c – AU1.5c
Net tangible asset backing$0.35$0.20 $0.16 $0.01 $0.42
TREND STATEMENT

MICHAEL HILL | 2023 ANNUAL REPORT 15
Analytical Information20232022202120202019
EBITDA to sales18.5%21.0%20.6%14.2%7.1 %
EBIT to sales9.4%12.3%12.0%2.9%3.7%
Net profit after tax to sales5.6%7. 8 %7. 4%0.6%2.9%
EBIT to total assets10.8%14.3%13.6%2.8%5.6%
Return on average shareholders funds18.3%25.3%25.0%1.9%9.4%
Return on average total assets6.7%9.3%8.2%0.7%4.3%
Working capital ratio 3.4 : 1 3.7 : 1 3.7 : 1 3.4 : 1 5.0 : 1
Current ratio 1.6 : 1 1.8 : 1 1.8 : 1 1.4 : 1 2.1 : 1
EBIT interest expense cover5.99.78.81.58.6
Effective tax rate29.3%28.9%30.6%31.8%12.3%
Net borrowings to equity(4.4%)(49.1%)(41.5%)(0.3%)23.5%
Equity ratio34.5%38.2%35.6%30.7%46.6%
Shares issued at year end excl Treasury 379,688,884388,285,374 388,142,149 387,769,105 387,750,000
Exchange rate for translating:
- New Zealand results 1.091.06 1.07 1.04 1.06
- Canadian results 0.900.92 0.95 0.90 0.95
Store numbers20232022202120202019
Australia 172
1
147 150 155 167
New Zealand 46 48 49 49 52
Canada 86 85 86 86 86
Total stores
1
304 280 285 290 305
¹ Includes 26 Bevilles stores in 2023.
“Pleasingly, FY23 delivered
record revenue with the second
highest comparable EBIT in
the company’s history, together
with continued elevated
gross margin.”
DANIEL BRACKEN, MANAGING DIRECTOR & CEO

16 MICHAEL HILL | 2023 ANNUAL REPORT
MICHAEL HILL -
THE JEWELLER THAT CARES
SUSTAINABILITY
In August 2022, we announced our Sustainability Strategy for 2030 centered around
three key pillars – People, Product and Planet. Since then, we have made significant
progress in our sustainability journey towards our goals with a rigor and discipline
that align to our Executive Management and Board Cadence.
Our new 2030 vision for environmental, social and governance (ESG) relevant issues is to transform how we source and
manufacture our products, impact our planet and improve people’s lives, and we have mapped out a new strategic architecture
with supporting pillars and goals we are striving to achieve by 2030.
Through these goals, we are committed to bringing change in how we operate to drive sustainable practices that benefit our
customers, our planet and future generations. Through our internal operations, we aim to move our business and the broader
jewellery industry toward a more sustainable, innovative and responsible future. We plan to have an active voice in key industry
sectors, while educating our customers on the choices they can make to support and drive our journey.
With our new strategic focus, combined with strong governance and direction, we look forward to providing regular updates
on our progress. We recognise these goals require consistent and long-term focus and efforts – by us, by others in the retail and
jewellery industry, by customers, and by governments – however our commitment to striving for our goals is unwavering.

MICHAEL HILL | 2023 ANNUAL REPORT 17
Responsible Suppliers
100% of all suppliers meet our expectations on their social and
environmental impacts [by 2030]
Empowering Women
Deliver initiatives and develop partnerships focused on empowering
and supporting over 100,000 women [by 2030]
Great Place to Work
Michael Hill will maintain a leading workforce engagement score
of greater than 80%
PEOPLE
We will improve the
lives of people across
our value chain
THE MICHAEL HILL SUSTAINABILITY VISION & STRATEGIC
DIRECTION
Our ESG vision is to: transform how we source and manufacture our products, impact our planet and improve people’s lives.
We aim to move our business and the broader jewellery industry towards a more sustainable, innovative, and responsible future.
This strategic framework outlines the goals Michael Hill is working to achieve by 2030.
These goals are being progressed through a structured framework of cross functional team members with a clear governance
program, linking back to the Board. An internal ESG Steering Committee has been created and meets regularly with the CEO and is
accountable for deciding on strategic orientations and accountability for progress. This Committee feeds into the Board quarterly
to update on progress and strategic information and decisions and gain strategic endorsement where required.
Transparency
100% use of certified sustainable or responsibly sourced natural
diamonds, coloured gemstones and cultured pearls [by 2030]
Metal Stewardship
100% of Michael Hill’s products will be made from certified recycled,
local, artisanal or responsibly sourced metals [by 2025]
Innovation
We will pioneer an innovation hub to champion and integrate jewellery
circularity, product innovation and laboratory created diamonds [by 2024]
PRODUCT
100% of our products
will be sustainable,
responsible or circular
Zero Carbon Operations
Acheive net zero carbon operations (scopes 1 & 2) [by 2025]
Nature Positive
Contributing to the restoration and conservation of the natural
environment in our key markets [by 2025]
Eliminate Waste
We will send zero waste to landfill and eliminate single use plastic from
our packaging [by 2027]
PLANET
We will nurture nature
and reduce our negative
impacts to net zero

18 MICHAEL HILL | 2023 ANNUAL REPORT
RESPONSIBLE JEWELLERY COUNCIL
The Responsible Jewellery Council (RJC) is the jewellery and watch industry’s leading standard setting organisation.
Membership requires companies to demonstrate compliance with rigorous codes of practices covering all aspects of the
business from sourcing and procurement to manufacturing and selling of jewellery, with a key focus on human rights.
Michael Hill is proud to continue our long standing RJC membership, with our recertification to 2025 being a major milestone in our
sustainability journey achieved this financial year. This demonstrates our commitment to responsible jewellery and promoting trust
and transparency in our supply chains.
Whilst we closely monitor ongoing developments with the RJC and the broader global impacts on the jewellery industry supply
chains, Michael Hill continues to endorse the RJC’s Code of Practices as the benchmark for our business.
As part of our recertification, Michael Hill made a provenance claim relating to the De Beers Code of Origin range. The range
includes diamonds ethically sourced from the De Beers Code of Origin Trusted Source Program, reflecting a dedication to social
and environmental responsibility. Michael Hill plans to make further provenance claims for certification by the RJC across the house
of brands in support of our sustainability strategy regarding responsible sourcing, chain of custody, sustainability certified and
provenance for Michael Hill products in the coming years.
A KEY PARTICIPANT IN INDUSTRY CHANGE
At Michael Hill, we want to be a part of the solution, advocating for change within our industry, setting high standards and
expectations of our suppliers. The jewellery industry supply chain remains long and complex. The materials we use to craft
our jewellery – namely precious metals and gemstones – come from a variety of sources, all with varying locations, risks,
and production methods. Multiple stakeholders are engaged throughout Michael Hill’s supply chain to gain confidence and
assurance over sourcing practices for materials and to ensure sourcing practices comply with Michael Hill’s sustainability strategy.
Some suppliers have the capability and capacity to meet these demands and may even be further ahead on their journey than
Michael Hill, however others have limited capability and capacity, and require drastic industry change to make this happen. For the
latter, we work closely to share knowledge, information and guidance on how those suppliers can improve their practices and align
with our high expectations.
We have become a more active member of the jewellery community this year, through championing innovative, sustainable
products and introducing new circular services for our customers, whilst working with partners, suppliers and other participants
in the jewellery industry. Our challenge is still to use our voice to advocate for industry change relating to sustainability through
industry relationships, memberships, and products we sell to our customers, however we are working hard to advocate for change
and have set this expectation for delivery throughout our entire supply chain.

MICHAEL HILL | 2023 ANNUAL REPORT 19
“We are becoming a part of
the solution, advocating for
change within our industry
and introducing innovative,
new sustainable products
and services.”
DANIEL BRACKEN, MANAGING DIRECTOR & CEO

20 MICHAEL HILL | 2023 ANNUAL REPORT
Reduced our Scope 1
emissions by
Reduced head office
waste by
39%
23,839
products crafted
in our Brisbane
manufacturing facility
Retail industry high global
engagement score at
FY23 SUSTAINABILITY
HIGHLIGHTS
82%
$150,000+
100%
towards empowering women with
Dress for Success (AU & CA) and
Women’s Refuge (NZ)
of our Scope 1 Emissions calculated
of all employees identify
as female
PEOPLE
PRODUCT
PLANET
85%
Launched Re:cycle, our
gold recycling program –
an innovative circularity
program for customers
Repaired over 401,641 pieces of our
customers’ jewellery, extending product
lifespan and preventing waste
Certified Sustainable and Carbon
Neutral Laboratory-grown diamonds
make up 7.7% of our total diamond mix
65%

MICHAEL HILL | 2023 ANNUAL REPORT 21
PEOPLE
Everything at Michael Hill originates with our people. We bring
the customer experience to life by hiring the brightest talent.
Our values of ‘We Care’, ‘We Are Inclusive and Diverse’, ‘We
are Professional’, and ‘We Create Outstanding Experiences’
pervade all of our people choices and practices, beginning
with the attraction of a new team member and continuing
throughout our people lifecycle. We welcome change or
innovation where needed. 2023 saw the introduction of
new improved people practices that continue to support
and enable our greatest attribute, our people.
GREAT PLACE TO WORK
A HIGHLY ENGAGED CULTURE
At Michael Hill we strive to ensure our culture consistently
drives the behaviours needed to deliver a remarkable
experience to our customers. Our leaders are focused on
value-adding activities to support the execution of the business
strategy and objectives. Our internal communication platforms
provide a comprehensive array of need-to-know information
and insights that enhance collaboration, productivity, and
engagement. They build trust in our workplace, improve
knowledge sharing and empower and align our team.
Our positive and rewarding environment is enhanced by
coaching and development activities that allow our team
members to be confident and comfortable in delivering a
premium service to customers, colleagues and all stakeholders.
We are focused on delivering exceptional experiences through
strong and consistent processes across the organisation as we
elevate our brand.
Our people are our priority, and we are focused on responding
to feedback, taking actions, and making the changes necessary
to ensure our engagement levels remain best in class and push
our performance to new heights. The voices of our team are
important to us. The FY23 We’re Listening process included
both an Engagement Survey and a Pulse Survey. We are proud
to have scored 82% engagement for the 2022 Engagement
Survey and 81% engagement for the 2023 Pulse Survey.
We continue to have industry leading engagement scores
and participation rates of over 80%. These results showcase
that Michael Hill is an exceptional employer of choice in the
retail environment with a culture that is unparalleled.
ATTRACTING AND RETAINING THE BEST
In 2023 we completely reinvigorated our Employee Value
Proposition (EVP) in the external market to ensure we
consistently attract the best talent, the People Behind The
Moments That Matter. We launched refreshed recruitment
campaigns with a renewed focus on benefits and delivering
the ‘what’s in it for me’ message to candidates. We now also
offer a seamless experience on desktop and mobile devices
and utilise fresh new imagery to capture attention and
showcase life at Michael Hill. Part of our EVP process was to
capture a uniquely Michael Hill experience through our EVP
video, which highlighted our employment brand, and we also
launched an updated website designed to capture candidate’s
interest by targeting what candidates are looking for today.
Diversity, equity and inclusion, wellbeing, our sustainability
journey, and career development were key focuses.
2023 was dominated by a challenging talent market and in an
effort to make Michael Hill’s offer stand out we also created
a premium pre-commencement onboarding process where
candidates receive a Digital Introduction Booklet, a new and
engaging contract of employment and a Digital Welcome To
Michael Hill Booklet. Supporting flexibility that works for all is
core to our offer.
We continue to utilise leading edge recruitment techniques
to ensure we meet the needs of the business and can quickly
modify our approach based on the needs of the business and
the candidate market. We utilise psychometric testing, video
interviewing and online reference checking to ensure we can
support the business to fill roles quickly with quality talent.
This year we introduced our Enterprise Agreement in Australia
which showcases care for our team through the introduction
of paid parental leave for primary and secondary carers and
extended definitions to allow for greater utilisation, paid
domestic violence Leave, flexible public holiday leave, and
offering our team members rates of pay greater than the
relevant Modern Award.
We also launched our exclusive rewards platform across
the organisation offering percentage off discounts, cashback,
weekly recipe inspiration, wellbeing tips and much more.
In Canada we commenced a registered retirement savings
plan that our managers can contribute to that includes a
company matching component to support our team members
comfortable retirement.
Our commitment to our culture is reinforced further in renewed
people practices throughout our People Cycle including
performance management, 360-degree reviews and talent
mapping. Our talent mapping strategies allow us to recognise
our top talent for advancement and create development
plans to retain and grow our teams and our leadership bench
strength. In 2023 we introduced a new systemised talent
mapping process to further streamline and simplify our
processes allowing greater visibility and transparency and
more meaningful conversations to support decision making.
We know that one of the key success factors of high
performing organisations is putting their people first.
We are committed to investing in our people to develop
their skills, expertise and careers and to create business
value through the execution of business strategy.

22 MICHAEL HILL | 2023 ANNUAL REPORT
Gender SplitAge Distribution
1496647316
AUSTRALIA
667
704
1088
AGED <30
AGED >50
AGED
30-50
8 5%
Female
2087 FEMALE
EMPLOYEES
886
FULL TIME
70 7
PA R T
TIME
1 5%
Male
369 MALE
EMPLOYEES
3 EMPLOYEES HAVE NOT PROVIDED
GENDER INFORMATION
CANADANEW ZEALAND
494
CASUAL
294
FULL TIME
3 9
PA R T
TIME
3 6
CAS-
UAL
OUR TEAM STATISTICS
As at 2 July 2023 employee numbers across our markets out of a total 2459
CRAFTSMANSHIP
At Michael Hill, the art of craftsmanship lies at the heart of our rich heritage, defining the essence of who we are. Our unwavering
commitment to preserving and enhancing this tradition has driven us to continually evolve and refine our capabilities. Nestled in
Brisbane, our home to 35 masterful artisans serves as the crucible where creativity meets skill.
In 2023, our dedication to craftsmanship led us to forge a significant partnership with TAFE Queensland. Together, we have
embarked on a transformative apprenticeship program, meticulously designed to nurture emerging talents in alignment with
our values and honouring our heritage. This collaboration symbolises our deep-rooted belief in passing on the torch of artisanal
excellence to the next generation.
In our relentless pursuit of excellence, we embrace not only the time-honoured techniques but also cutting-edge innovations in
our craft. We recognise that true preservation lies in the fusion of tradition and technology. To this end, we have integrated state-
of-the-art technologies and harnessed the power of modern expertise. Through strategic innovation, and nurturing the talents of
tomorrow, we embark on a journey to safeguard our legacy while propelling it into new dimensions.
We remain steadfast in our commitment to championing craftsmanship – not merely as a part of our history, but as the very soul
that guides us into a future imbued with the brilliance of human ingenuity.

MICHAEL HILL | 2023 ANNUAL REPORT 23
Engagement
Engagement Scores by Length of Service
Participation
EMPLOYEE ENGAGEMENT
We pride ourselves on having a highly engaged and enabled workforce who love what they do and where they work.
Our Engagement Survey in August 2022 was completed by 84% of our workforce and resulted in an engagement score of 82%.
This positive result sets us apart from the global retail industry average of 72% and confirms that Michael Hill remains an employer
of choice and is a great place to work.
Our results also show that across all length of service demographics we continue to outperform against the global retail average.
This enabled us to measure the experience of our
seasonal team members who are a key enabler of quarter
two performance. The survey asked our seasonal casuals
to consider our recruitment process, engagement, and
onboarding experience. We were pleased to see that
these seasonal team members were also highly engaged,
with a score of 85%.
82%84%
0%20%40%60%80%100%
< 1 YEARS85%
3-5 YEARS81%
16-20 YEARS82%
1-2 YEARS79%
11-15 YEARS79%
6-10 YEARS81%
>20 YEARS88%
ENGAGEMENT SURVEY 2022
AUSTRALIA - 81%
AU Support CentreAU Retail
85%80%
New Zealand
78%
NEW ZEALAND - 78%CANADA - 84%
CA Support CentreCA Retail
100%83%
Engagement
85%
Participation
37%
SEASONAL CASUAL 2023 SURVEY

24 MICHAEL HILL | 2023 ANNUAL REPORT
INVESTING IN OUR TEAM
At Michael Hill, our steadfast commitment to cultivating skills
and enhancing capabilities is a cornerstone of our strategic
vision to future-proof our workforce. In the realm of retail,
we have diligently ingrained a culture of learning, ensuring
that our team members receive continuous training that
encompasses vital aspects such as product knowledge,
sales techniques, and exceptional service. Our resolute
focus on learning extends further into leadership
development, with comprehensive programs centered
on retail operational leadership as well as holistic business
leadership. These programs offer a comprehensive guide
to navigating the intricacies of people practices across the
employee life cycle, equipping our leaders with the necessary
tools to inspire and empower their teams.
In tandem with these initiatives, LinkedIn Learning stands
as a pivotal resource, fostering an environment where
every team member can proactively create personalised
development plans and actively engage in a wealth of learning
opportunities. As we look to the horizon, our commitment
to skill enrichment extends beyond the confines of our retail
sphere. Our manufacturing apprenticeship program and
corporate internship initiatives, in partnership with esteemed
Australian institutions such as TAFE Queensland,
The Queensland University of Technology, and Griffith
University, lay the foundation for nurturing young talent.
These dynamic pathways not only infuse fresh perspectives
but also ensure that our teams remain fortified and adaptable
for the challenges and opportunities that lie ahead.
At Michael Hill, our resolute dedication to building a skilled
and empowered workforce is a testament to our enduring
commitment to excellence and innovation.
DIVERSITY, EQUITY & INCLUSION
Michael Hill recognises its talented and diverse workforce
as a key competitive advantage. Our business performance
reflects the quality and skill of our people and behaviours that
are aligned to our Group Values. We are firmly committed
to developing policies, practices and ways of working that
support diversity.
Michael Hill’s Diversity, Equity and Inclusion (DEI) Committee
has continued its work through the year and is formed with
a diverse representation of team members from our global
workforce. The Committee is dedicated to and is passionate
about elevating our diversity and inclusion strategy in a variety
of ways, including a calendar of cultural, world and religious
days to celebrate the diversity within our organisation and
communities, through awareness raising and educational
initiatives. The Committee promotes educational content
and works with LinkedIn Learning to promote and elevate
our team’s perspective and understanding of our teams and
communities we live in.
Our unwavering commitment to fostering diversity and
inclusion at Michael Hill is a cornerstone of our organisational
ethos. In October 2022, a pivotal milestone was reached as
we conducted our inaugural Diversity and Inclusion Pulse
Check, an integral component of the Michael Hill ‘We’re
Listening’ strategy. This initiative garnered a remarkable 834
responses from across the globe, representing 37% of our
workforce, and yielded an impressive overall DEI score of 82%.
These invaluable insights serve as a compass guiding our
endeavors to create an environment where every team
member feels a profound sense of belonging, experiences
psychological safety, and perceives their voice as impactful.
It is with great pride that we note the resounding success of
our inclusion efforts, as evidenced by scores exceeding 83%
in key areas such as open discussions of social and cultural
backgrounds, fair treatment for all, the ability to advocate
for diversity and inclusion without personal risk, and the
commitment demonstrated by our managers in handling
diversity matters adeptly.
The commendable themes that have emerged from our
assessment accentuate our strengths in inclusive hiring
practices, the harmonious integration of diverse cultures
and backgrounds, and the steadfast cultivation of a
welcoming and accepting workplace for all. As we reflect on
these achievements, we remain resolute in our dedication to
furthering diversity and inclusion across every facet of Michael
Hill, ensuring a rich tapestry of perspectives and experiences
that fuel our collective success.
GENDER EQUALITY
At Michael Hill we are committed to fostering a gender equal
workplace and providing opportunities for women to thrive
at all levels of the business. 85% of our global workforce is
female, 43% of our Executive Leadership Team is female, and
65% of our global leadership positions are held by females.
For this reason, it was important that International Women’s
Day was celebrated across all three countries Michael Hill
operates in. Teams worked together to pledge ways to
increase our allyship and continue to ‘Embrace Equity’
for females in the workforce. We shared learnings and
experiences in a panel discussion with our key senior
leaders and encouraged team members to continue to
learn how to challenge their own biases which make an
impact in their lives.

MICHAEL HILL | 2023 ANNUAL REPORT 25
DIVERSITY & INCLUSION INITIATIVES
The DEI Committee has played a pivotal role in orchestrating
a series of impactful initiatives that reflect our unwavering
commitment to diversity, equity, and inclusion. With a keen
focus on education, awareness, and community engagement,
the Committee has successfully orchestrated a range of global
diversity calendar events throughout the year. These events,
such as International Women’s Day with the empowering
theme #EmbraceEquity, International Pride month in June,
World Mental Health Day in October, and the International
Day of People with Disability in December, serve as powerful
platforms to foster understanding and advocate for an
inclusive Michael Hill community.
In addition to these calendar events, the DEI Committee’s
influence extends through thought-provoking blog posts.
These blogs, including topics such as “Brilliance in our
differences: Embracing Neurodiversity at Michael Hill,” “A guide
to gender pronouns for #PRIDEMonth,” “Ramadan blessings to
our Islamic community", “Lunar New Year”, “Today is Waitangi
Day, NZ’s National Celebration” embody the spirit of inclusivity
by addressing pertinent issues and showcasing the vibrant
tapestry of perspectives within our organisation.
Furthermore, the DEI Committee has brought forth the
enlightening “Room for All” podcast episodes, which
serve as powerful conversations on diverse subjects.
Episodes celebrating PRIDE, acknowledging Canada Day,
raising awareness about neurodiversity, commemorating
Diwali: The Festival of Lights, and initiating dialogue about
mental health exemplify the Committee’s dedication to
fostering open discussions that enrich understanding and
create an inclusive dialogue. Collectively, these endeavours
represent the remarkable impact and significance of the DEI
Committee’s efforts in driving forward our commitment to
diversity and inclusion at Michael Hill.
The next year will see the continuation of the Diversity and
Inclusion program of work. The following initiatives will be
implemented in the next financial year:
• Inclusion of diversity training in leadership
development programs
• Ongoing reporting and review of diversity metrics
• Development of ‘employee resource groups’ strategy
• Increase accessibility requirements in line with health
and wellbeing strategy.

26 MICHAEL HILL | 2023 ANNUAL REPORT

MICHAEL HILL | 2023 ANNUAL REPORT 27
HEALTH, SAFETY AND SECURITY
At Michael Hill, safeguarding the health, safety, wellbeing and security of our team members, customers and visitors remains
our utmost priority. The past few years have presented numerous challenges, including the pandemic, rising youth crime rates,
and mounting cost of living pressures. Against this backdrop, Michael Hill continues to pave the way by embracing flexible work
options, collaborating proactively with external stakeholders to establish industry-leading security measures, fortifying our
infrastructure to deter criminal activity, and implementing assistance programs and benefit schemes that underscore the value we
place on our team members at Michael Hill. As we forge ahead, fuelled by our ongoing growth, Michael Hill remains dedicated to
expanding our knowledge, presence and approach to health, safety, wellbeing, and security.
Key achievements across the health, safety and security portfolio in FY23 include:
• Continued downward trends of lost time and significant incident rates. Lost Time Injury Frequency Rate down to 5.43 compared
to 9.50 in FY 2018, and Significant Incident Frequency Rate down to 1.90 compared to 6.04 in FY 2018
• 11% of our workforce participated in our 6 week – 15 Minute Exercise Challenge
• Obtained an annual utilisation rate of 4.0% regarding our Employee Assistance Program (EAP) compared to an industry
rate of 1.7%
• Ongoing upgrades of CCTV and / or intrusion alarm systems across our stores
• Installed fog cannons, dual pendant alarms, guarding and improved store fortification requirements across a number of our store
in New Zealand in response to the increased levels of crime and incidents in our stores
• Rolled out Mental Health First Aid Training to 32 of our retail leaders.
EMPOWERING WOMEN
Gender equality is not only a fundamental human right, but a necessary foundation for a peaceful, prosperous, and sustainable
world. There has been progress over recent decades: more girls are going to school, fewer girls are forced into early marriage,
more women are serving in parliament and positions of leadership, and laws are being reformed to advance gender equality.
Despite these gains, many global challenges remain.
With over 85% of the people working at Michael Hill identifying as female, and the majority of our customer base identifying as
women, Michael Hill’s philanthropic efforts are aimed at improving the lives of women, through enabling opportunities. By 2030 we
aim to deliver initiatives and programs focused on empowering and supporting over 100,000 women and have strong roadmaps
and partnerships in development to deliver this goal in the coming years.
This year, Michael Hill was again proud to support Dress for Success in empowering women. Dress for Success is a global not-for-
profit organisation that empowers women to achieve economic independence and improve their lives; by providing a network
of support, professional attire, and the development tools to thrive in work and in life, and operate in our three markets, Australia,
New Zealand and Canada.
This year Michael Hill introduced a new partner to our Empowering Women program, The Women’s Refuge in Auckland.
Through the sales of our charity earring product, we supported their Safe Nights program, designed to provide girls and women
a safe night to escape family violence including safe clean bed, hot meal, secure transport, and helpful advice.
Coinciding with International Women’s Day in March 2023, Michael Hill launched our annual campaign to raise funds for Dress for
Success and The Women’s Refuge with various activations:
DRESS FOR SUCCESS SUPPORT OFFICE VOLUNTEERING PROGRAM:
Last year we commenced our first ever paid volunteering program with Dress for Success in Brisbane. Feedback from all teams who
participated was positive, and the program was made a permanent offering for all head office team members. The volunteering
program continued in FY23, with 117 of our team participating as a “working bee” this year. The volunteering team members
unpacked donated items, cleaned displays, and sorted clothes racks to assist Dress for Success in their daily operations. This year:
• 117 team members took up the opportunity, resulting in Michael Hill successfully donating over 468 hours, worth $23,399 of paid
volunteering hours to assist Dress for Success Brisbane
• Though an evolution of our enterprise agreement, one day of paid community service leave per calendar year has been made
available to eligible Australian retail store-based team members.

28 MICHAEL HILL | 2023 ANNUAL REPORT
EMPOWERING WOMEN EARRINGS SALES:
Between March and June this year, we asked customers to help us support our mission to empower women, by purchasing a pair
of beautiful 6mm button cultured freshwater pearl earrings in sterling silver for $25. For every purchase, Michael Hill donated $15
to Dress for Success in AU and CA, and The Women’s Refuge in NZ, raising over $150,000 to be split across our charity partners.
We supported this initiative across our entire store network as well as online, and received great engagement from our teams and
customers, connecting with the cause, and the elected charities.
AUCTION FOR ACTION:
At times through our business operations, products can become impaired or damaged, and are unable to be sold to customers.
We saw this as an opportunity to raise further funds for Dress for Success with these impaired products being repaired by our
manufacturing team and auctioned to head office team members, with all funds over the reserve price donated to Dress for
Success. This initiative saw over $4,300 donated this financial year.
ASSISTING OUR LOCAL COMMUNITY WITH RECOVERY
February 2023 saw some of the worst floods in New Zealand across the North Island, with Auckland being the most significantly
affected. In addition to ensuring our Michael Hill team were safe and supported, we wanted to support the local communities in
which we live and operate to get back on their feet. To assist in community recovery Michael Hill donated $50,000 to Auckland
City Mission, to support their front-line flood response efforts for those most in need.
About Auckland City Mission:
Every day, the Mission responds to poverty and great need in our Auckland. People come to The Mission when they need access
to permanent and sustained housing, enough nutritious food to eat, and when their physical and mental health is compromised.
“ We are grateful to partner
with Michael Hill Jeweller
to help Women’s Refuge
provide safe nights for
women and children
experiencing family
violence across Aotearoa.
Without the support of
generous partners and
community, we would
struggle to be there for the
thousands of women and
children who need our help
each year.”
DR ANG JURY, ONZM, CHIEF
EXECUTIVE, NATIONAL
COLLECTIVE OF INDEPENDENT
WOMEN’S REFUGES

MICHAEL HILL | 2023 ANNUAL REPORT 29
“Volunteering has given our head office team
the opportunity to do deeply impactful work
in the community.”
JO MATTHEWS, CHIEF PEOPLE OFFICER

30 MICHAEL HILL | 2023 ANNUAL REPORT
Legend: Achieved | Partially Achieved | Continual Improvement*
RESPONSIBLE SUPPLIERS
Michael Hill is working closely with our key suppliers across our sourcing and procurement ecosystems to ensure our suppliers’
manufacturing and operations comply with our responsible sourcing practices.
Our vision is by 2030, 100% of our suppliers will meet our expectations on their social and environmental impacts, however we are
confident our jewellery suppliers will achieve this goal sooner. To achieve this, several initiatives have commenced to enhance
awareness on product sourcing and expectations of doing business with Michael Hill. Our roadmap from our Modern Slavery
Statement outlines the timeframes and detail.
FY20 – FY21
• Established Supplier
Transparency Platform
• Identified key suppliers to engage on
supplier transparency platform
• Developed Ethical Supply
Chain Assessment
• All Tier 1 jewellery and packaging
suppliers onboarded onto
Supplier Transparency Platform
and completed the Ethical Supply
Chain Assessment (accounts for 60%
of total supplier spend)
• Updated Code of Ethics and Code of
Conduct for Suppliers
• Reviewed and updated of key
supplier contracts and supply terms
and conditions
• Covid-19 response plan and
crisis management
• 2021 Group team
engagement survey
• Updated team member Code
of Conduct
• Health, safety and wellbeing focus
• Appointment of senior leader
responsible for sustainability
• Alignment of Modern Slavery
Questionnaire to RJC standards
• Issued our first Modern
Slavery Statement
FY22 – FY24
• Establish a process for undertaking due
diligence for Tier 2 and 3 suppliers
• Reviewed new supplier onboarding
process and supplier scorecards,
including implementation of quarterly
business review processes with
suppliers conforming to adherence to
modern slavery, ESG and responsible
sourcing requirements.
• Established an Ethical Supply Chain
Assessment tailored to non-jewellery
industry suppliers
• Onboarding more suppliers
onto the supplier transparency
program. The focus was on categories
that involved human services or higher
risk industries (e.g. property, security,
maintenance, facilities management,
packaging, offshore vendors) and
marketing and digital/IT vendors.
This is representative of 30% of
Michael Hill’s supplier base and 85%
of total supplier spend.
• Recommenced the regularity
of supplier visits to high risk
production facilities.
• Developed remediation plans with
high risk supplier audits or cease
supplier engagement
• RJC certification to 2025– includes
improving compliance with COP 6
Human Rights in line with UN Guiding
Principles on Business and Human
Rights and COP 7 Due Diligence for
responsible sourcing from Conflict
Affected and High Risk Areas
• Established formal committee
for ongoing responsible
sourcing practices
• Modern Slavery Training for Michael
Hill staff in key sourcing and contract
management roles, an acceleration of
FY25+ target*
• Reviewed of current
grievance mechanisms
• Sustainability – core pillar of our
strategy and brand proposition
• All jewellery suppliers meet
‘responsibly sourced’ standards.
Target revised from: 80% of key
jewellery suppliers being RJC
certified in 2022 and 100% in 2026.
• Validating supplier certifications and
membership to confirm commitment to
social and environmental performance.*
• Revised anti-slavery contract terms
and conditions.
FY25+
• Uplifting Michael Hill’s Modern Slavery
Program for new legislation to come
into effect in our markets of operation
• Complete Modern Slavery effectiveness
review (Australia).
• Developing a Modern Slavery Risk
Scorecard for measuring effectiveness
of Michael Hill’s actions in assessing
modern slavery risk*
• Annual Modern Slavery awareness
training for all staff.
• Extend Ethical Supply Chain
Assessment to all suppliers
• Revise the process for selection of
new suppliers to include completion
of a tailored questionnaire per
industry type, visits to the facilities to
understand working conditions and
appropriate revisions to the supplier
code of conduct if required
• Embedding ongoing cycle of audits
with our third-party independent
verification and audit partner on high-
risk suppliers.
• Undertake due diligence for
all suppliers
• Consideration of corporate structure
and alignment to business strategy
(e.g. B Corp certification)
• Ongoing RJC compliance monitored
through management attestation
confirming compliance with
relevant COPs.
01. FOUNDATION02. ENHANCE03. OPTIMISE





























MICHAEL HILL | 2023 ANNUAL REPORT 31
Supporting this is our responsible supplier platform,
providing us greater visibility and understanding of our
supply chain across both jewellery and non-jewellery
suppliers. This platform gathers information including:
• Supplier RJC membership status and products included
in their certification
• Other certifications and memberships held to
confirm supplier commitment to social and
environmental performance
• Type of jewellery product supplied with tailored
questionnaires based on product risk
• Site operations, including understanding product or
material supplied by site
• Further transparency over the suppliers modern slavery
practices (e.g. training, protocols, resources responsible
for sustainable procurement)
• Details of our suppliers’ primary supply chain,
where applicable.
The platform has the capability to capture sustainability
information for gaining transparency into suppliers’
sustainability commitments as part of delivering our
sustainability strategy.
Any non-conformances from suppliers are taken seriously and
we will work with these suppliers to remediate in the first
instance and terminate relationships should they not uplift
their practices in line with our expectations.
CREATING OUR PRODUCT IN BRISBANE
Craftsmanship is one of the founding pillars, and deep in
the heritage of our business. Michael Hill first established an
in-house workshop in the 1980s, and we are one of the only
Australian jewellers to maintain a retail-led workshop to this
day, with a dedicated team of master craftsmen, diamond
specialists and quality control professionals.
Where possible, we believe it is important for our business
model and local communities to keep manufacturing
industries alive in the markets we operate, to support
local jobs and protect our supply chain from disruption.
Having our in-house workshop located alongside our
head office and Australian distribution centre ensures
our manufacturing team are a central, focal point of our
organisation as we continue to increase our focus on,
and delivery of, quality product from this area.
Michael Hill has a team of 32 people, working locally in
Brisbane, Australia who hand make and bring our quality
Made in Australia pieces to life.
We have proudly partnered with TAFE Queensland to provide
employment opportunities for talented apprentices in the
jewellery trade. Our team is committed to keeping the
jewellery trade alive and have provided three apprentice
positions into our unique artisanal jewellery manufacturing
operations, with a further intake in the coming year.
• 81% of all solitaire engagement rings were Made in Australia
• Made in Australia product made up 13% of Michael Hill’s
international sales
• 26,839 individual products were made in our Australian
manufacturing facility
• 32 full time team members in our Australian
manufacturing team

32 MICHAEL HILL | 2023 ANNUAL REPORT
In the past year, we have made solid progress towards more sustainable product offerings and business operations through
actively evolving our product ranges and we will see these changes come to fruition in FY24 due to production timelines.
Our suppliers are clear on our sustainable product goals and are actively working with us to develop and supply more
sustainable product jewellery options.
It is widely known proving product origin is a complex challenge across all industries, with the jewellery category no different.
With varied layers to our supply chain, from mine, refiner, producer, retailer then end-consumer – we are working to deepen our
understanding of our complete supply chain and ensure we can create as much transparency as possible.
We have previously mentioned that rapid and comprehensive industry change is required for us to achieve some of the product
goals outlined in our 2030 strategic direction; however, we have seen a sizeable shift in our industry over the past year, collectively
working to provide more responsible and sustainable solutions. We have been advocating for and requesting more responsible
product options from all our suppliers and have made key supplier and product decisions around what is being offered in our future
product ranges.
Our 2030 strategic direction outlines a clear focus in our Product pillar, with the aim that 100% of our products will be sustainable,
responsible, or circular. To achieve this goal, three key areas of focus are pivotal – Product Transparency, Metal Stewardship, and
Innovation, and we are confident this will be achieved within the ambitious timeframes we have committed to.
PRODUCT TRANSPARENCY
Our aim is to have 100% use of certified sustainable or responsibly sourced natural diamonds, coloured gemstones and cultured
pearls by 2030. Underpinning the rollout of this pillar includes significant industry change, particularly within the coloured
gemstones and pearls industry, including responsible sourcing practices.
We have been working with our suppliers to develop a deeper understanding of our raw material supply chain, with product
supply chain mapping being developed across all ranges We are reliant on prevailing standards of due diligence, such as the
RJC’s Code of Practices standard, to help us carry out the necessary due diligence on our supply chain and we seek ESG-related
accreditation certificates from our suppliers wherever possible.
PRODUCT

MICHAEL HILL | 2023 ANNUAL REPORT 33
NATURAL DIAMONDS
Conflict Free Diamonds:
Michael Hill remains committed to offering only conflict-free
diamonds in our jewellery. We will continue to purchase our
natural diamonds from legitimate sources in accordance
with the Kimberley Process Certification Scheme (KPCS)
as supported by the World Diamond Council System of
Warranties. As part of our business practices and supply
agreements, we require diamond suppliers to warrant,
and supply evidence, that the diamonds supplied to us
are conflict-free.
Path to Provenance:
We are continually keeping up to date with any provenance
improvements to purchasing a large volume of natural
diamonds in the market, noting the global standards
for sustainable natural/mined diamonds that have been
developed by SCS Standards and other natural diamonds
with clear provenance are becoming more readily available.
Challenges of proving provenance for bulk diamonds parcels
however are still relevant.
Whist we are exploring other options to expand our path to
provenance range for our customers, we continue to provide
our customers the De Beers Code of Origin range, our natural
diamond range with provenance for our customers.
• De Beers Code of Origin: Partnering with De Beers,
Michael Hill was proud to be one of the first global retailers
to carry a range of diamonds from the De Beers Code of
Origin Trusted Source Program. De Beers is a renowned
world-leader in diamond production, and the Code of
Origin program reflects their deep commitment to social
and environmental responsibility. Diamonds with the
Code of Origin make a significant contribution to the
people and places where they are found, helping provide
jobs, healthcare and education, and helping protect the
environment through wildlife conservation and De Beers’
commitment to be carbon neutral by 2030.
At Michael Hill, responsibility and ethical sourcing are an
important focus. We are dedicated to offering our customers
the best range of diamonds and jewellery, to reflect their
preferences and personal values. Diamonds with the Code of
Origin offer customers extra peace of mind, knowing that their
diamond has had a positive impact on people and the planet.
The De Beers Code of Origin program provides assurance that
the diamond:
1. Is a natural diamond, discovered by De Beers
2. Was discovered in Botswana, Canada, Namibia or South
Africa, where it has helped provide jobs, healthcare
and education, with a particular focus on programs
supporting women and girls
3. Is conflict-free and meets De Beers Code of Origin’s
industry-leading ethical standards
4. Has helped protect the planet through wildlife
conservation and De Beers’ commitment to be carbon
neutral by 2030.
As part of our approved RJC recertification, Michael Hill has
made a certified provenance claim relating to the De Beers
Code of Origin range.

34 MICHAEL HILL | 2023 ANNUAL REPORT
“ We are committed to
providing new and innovative
services for our customers
whilst building a more
circular economy.”
KERRIE HOCKLESS,HEAD OF SUSTAINABILITY

MICHAEL HILL | 2023 ANNUAL REPORT 35
COLOURED GEMSTONES & PEARLS
There is limited guidance and inherent risk over sourcing
practices in the coloured gemstones and pearl industries in
comparison to the diamond and precious metal industry.
In response to limited available guidance, Michael Hill has
taken the initiative to develop a risk matrix which assesses
all coloured stones and pearls based on country of origin
in accordance with the Global Slavery Index, providing
intelligence to our sourcing teams about product and
sourcing locations to avoid, and the team has acted upon this
matrix when sourcing and developing coloured stone ranges.
The RJC provides standards of due diligence, such as the
Code of Practices, to help us carry out the necessary due
diligence on our supply chain, which we are heavily reliant on.
We recognise that the challenges relating to the sourcing of
coloured gemstones and pearls cannot be solved overnight.
However, using a risk-based approach, together with the
inclusion of specific questions relating to labour standards
on the supplier transparency platform, we hope to better
understand at a supplier level the type of products supplied,
and their countries of origin. With this information we will
be in a better position to assess which suppliers might be
considered higher-risk.
METAL STEWARDSHIP
Michael Hill is committed to jewellery manufacturing using
conflict-free and responsibly sourced metals. Currently 71% of
our jewellery suppliers are RJC certified or are on the journey
to becoming certified, meaning our suppliers comply with
the RJC standards for responsible ethical, human rights, social
and environmental practices throughout the diamond, gold
and platinum group metals jewellery supply chain. We plan
to have 100% of Michael Hill’s silver and gold products made
from certified recycled, responsibly sourced, local or artisanal
sources by 2025, however we will also be working to develop
a deeper understanding of all our precious metal types.
CONFLICT FREE GOLD & SILVER
Michael Hill does not support activities which cause, support
or benefit armed conflict, contribute to human rights abuses or
breaches of international humanitarian law, money laundering
and terrorist financing.
In order to comply with our commitments, we source through
suppliers who provide assurances that the precious metals
in their products are responsibly sourced and conflict free in
accordance with recognised responsible sourcing frameworks
maintained by leading industry bodies for precious metals,
such as the London Bullion Market Association, the Dubai Multi
Commodities Centre or the Responsible Minerals Initiative.
The standards protect the integrity of the global supply chain
for the precious metal markets.
We have established internal management systems and
due diligence processes to validate our suppliers’ responsible
sourcing practices, and we are confident we will source
100% conflict free all gold and silver in accordance with
our outlined goal.
RECYCLED GOLD & SILVER
Throughout the year, several of our existing suppliers have
started to offer certified recycled silver or gold which we
can use to craft our products. We have been performing due
diligence into these metal sources whilst considering how we
can bring these to market in our upcoming ranges. 96% of
our international sales are products made from gold and silver,
therefore these metal types remain our key focus to originate
from more sustainable sources.
We will introduce both certified recycled gold and silver
into our FY24 product mix to reduce our reliance on mined
metals. To introduce these certified recycled metals to our
product mix, we have required full transparency from our
suppliers through formal certifications as well as in depth
detail around their supply chains and sourcing practices.
This is to ensure any product claims satisfy our high internal
legal and compliance standards as well as RJC provenance
claim requirements. For recycled gold or silver suppliers, this
includes ensuring suppliers:
• Meet the RJC Chain of Custody certification or are on the
journey to Chain of Custody certification; or
• Hold an alternative certification including SCS recycled
content certification. Noting this is a member voluntary
standard and the standard includes Chain of Custody
requirements of its suppliers.
We have several gold suppliers who are on the journey of RJC
Chain of Custody certification for precious metals (including
recycled gold and silver), and we are committed to working
with these suppliers to bring certified options into our
supply chain, and in turn provide our customers with more
sustainable gold and silver product options.
CHAMPIONING
PRODUCT INNOVATION
At Michael Hill, we are taking the lead in innovative
jewellery product and services in the countries we operate.
The more we challenge the industry and our suppliers for
more sustainable products to sell to our customers, the more
dramatic the industry shift.
We have launched an internal Innovation Hub, involving a
group of passionate individuals who are abreast of global
movement in the category and are tasked with developing
new and innovative services and products for the future of
Michael Hill.
Meeting quarterly, the Innovation Hub has already brought
many future thinking ideas around product sourcing
and circularity to the Group Executive team for future
consideration and rollout.

36 MICHAEL HILL | 2023 ANNUAL REPORT
RE:CYLE - OUR NEW CIRCULARITY PROGRAM
The definition for circular economy defined by the European Parliament is “a model of production and consumption, which
involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products for as long as possible.
That requires a transition from the traditional linear economy where natural resources are extracted, used and ultimately
discarded to an economic system that does not rely on virgin resources and reshapes how products are made, used and
recovered”. Michael Hill sees the circular economy playing a big part in the jewellery industry in the future and are committed to
introducing circularity wherever possible.
Due to the inherent fungible and circular nature of fine jewellery materials, precious metals used to craft jewellery can be refined
and recycled repeatedly, without losing their value or purity. We are fortunate to work with materials which allow us to provide
innovative services whilst building a more circular economy. We passionately believe this is something our industry should be
tapping into, to protect our planet’s precious natural resources, leading to a more sustainable and ethically responsible future.
Providing circularity services to our customers provides a dual opportunity – to reduce our environmental impact and the reliance
on virgin materials, as well as provide more service opportunities for our customers over the lifetime relationship with our brand,
and their product.
Our new exciting gold recycling program, “Re:cycle”, is the first phase of our new sustainable jewellery ecosystem which focuses
on the renewal and circularity of existing gold products. Through this program, we are encouraging all Australians to give “new life
to their old loves”, by recycling any broken, old, or no longer worn gold jewellery pieces in exchange for a Michael Hill gift card,
to purchase a new piece online or instore. With no clear competitor offering a premium gold recycling service, we chose to
lead the industry and create an innovative and market-first national program that provides genuine value to customers for their
gold products.
Through reputable global research, we know that recycling 1g of pure gold can reduce an estimated 3 tonnes of ore extraction
and avoid up to 16kg of carbon emissions. This program allows us and our customers to contribute towards reducing the need for
virgin-mined gold while reducing mining ore and carbon emissions. After a customer’s gold is recycled, we send a personalised
email which includes the individual amount of mining ore and carbon emissions they have helped avoid thorough recycling their
gold pieces.
From early April until the end of July 2023, the Re:cycle program has delivered:
• Pure gold recycled: 1,192 grams
• 2734.18 grams of gold alloy received
• Mining ore avoided: 3,575 tonnes
• Carbon emissions saved: 19,068 kilograms
EXTENDING PRODUCT LIFE THROUGH REPAIRS
We take pride in the quality product we sell, as well as the relationship we have with our customers, however over time jewellery
wear and tear is inevitable. We provide a quality jewellery repair offering in store for all Michael Hill product, and in New Zealand
we offer repairs on any jewellery products, working with global partners to repair and restore even the most precious jewellery
back to life.
This year Michael Hill has repaired over 401,641 pieces of jewellery for our customers, preventing waste and extending each
product’s lifespan.
THE HIGHEST STANDARD IN LABORATORY GROWN DIAMONDS
Michael Hill is still one of the few global retailers to become an Accredited Retailer for SCS-007 Certified Sustainability Rated
Laboratory Created Diamonds, and in the past year have received a raft of positive global press acknowledging the innovative and
sustainable nature of this new product we offer our customers.
Sales of this product have increased to 7.7% of our overall diamond mix while attracting a new sustainability-conscious customer to
our brand. We see our certified sustainability rated laboratory-grown diamonds providing our customer the 5th C when purchasing
a diamond – Choice. We will be expanding this range of laboratory-grown diamonds in FY24.
Setting a new standard of excellence, a Certified Sustainability Rated Diamond has been independently evaluated in accordance
with the SCS-007 Sustainability Rated Diamonds Standard and certified against five pillars of sustainability achievement provided by
SCS global. Our entire range of laboratory created diamonds are certified sustainable, meaning they have achieved:
• Verified origin traceability: Sustainability Rated Diamonds are tracked through a verified origin traceability process that provides
99.9% accuracy of the origin of each diamond through its entire chain of custody, from producer to point of sale
• Ethical stewardship: each diamond is certified to adhere to twelve core ethical principles aligned to the strictest internationally
recognized norms of business integrity
• Verified climate neutral: Sustainability Rated Diamonds are certified on their journey toward achieving full Climate Neutrality –
produced in a manner that mitigates both current annual and past (“legacy”) greenhouse gas emissions still affecting the climate

MICHAEL HILL | 2023 ANNUAL REPORT 37
• Sustainable production practices: Sustainability Rated Diamond producers are committed to the principle of doing no harm to
humans or environment, and are actively working to avoid, eliminate or offset any impacts that might be associated with the
production process
• Sustainability investments: Sustainability Rated Diamond producers engage in sustainability investments that help uplift artisanal
and small-scale miners and other vulnerable communities, clean the air, protect the climate and protect endangered watersheds
and ecosystems.
• Each certified diamond is accompanied by a detailed certificate which is provided to the customer at the point of purchase.
The certificate explains their diamond’s sustainability rating was earned, including origin traceability, conformance with rigorous
ethical and environmental requirements, progress in reaching climate neutrality and zeroing out other production-related
impacts, and sustainability investments.

38 MICHAEL HILL | 2023 ANNUAL REPORT
Our 2030 strategic vision shows our focus in our planet pillar with the aim that we will nurture nature and reduce our negative
impacts to net zero. To achieve this goal, three key areas of focus are pivotal – Zero Carbon Operations, Nature Positive and
Eliminate Waste. Since announcing these goals in August 2022, we have made great traction measuring our carbon and waste and
have crafted a clear roadmap on how we aim to achieve our goals.
The United Nations Net Zero Coalition outlines emissions need to be reduced by 45% by 2030 and reach net zero by 2050 for the
planet to stay below a 1.5°C increase in global warming. At Michael Hill, we recognise we need to move beyond the finite energy
buried in the Earth towards the infinite energy that surrounds us – with our first step to get our own house in order and establish
greenhouse gas emission baselines, and reduction targets.
Alongside global warming, companies are being challenged more and more with reducing waste, managing resources, and
diverting them from landfill. We are committed to the well-known principles of the waste hierarchy and searching for better ways
to operate so that we reduce natural resource consumption in our operations and find innovative ways to reduce the amount of
residual waste.
ZERO CARBON OPERATIONS
We are committed to consistently searching for better ways to operate, and to benefit and reduce our impact on the environment.
We have acted in the past year towards our ambition for our Scope 1 and 2 operations to be Net Zero Carbon by 2025.
Issues around the climate crisis are well comprehended across business, political and social agendas around the world.
Our customers, suppliers and team expect us to act and address the risk of climate change to our business and reduce the
impact of operating our business on the climate.
We note the release of Treasury’s consultation on climate-reporting disclosure standards in Australia, which will be based on
the International Sustainability Standards Board’s IFRS S2 Climate-related Disclosures standard. Guidance from the Australian
Accounting Standards Board, to be released later in 2023, will provide clear direction on what Michael Hill needs to report, and
by when. As we await the final standards, we are following the Green House Gas (GHG) Protocol, with guidance from our local
regulatory agencies.
PLANET

MICHAEL HILL | 2023 ANNUAL REPORT 39
SCOPE 1, 2 AND 3 PROGRESS:
Scope 1 and 2:
• A team has been tasked to identify and calculate the Group’s Scope 1 and 2 emissions. Work continues to capture and calculate
all of the Group’s emissions in these categories with significant progress achieved in the past year.
• Scope 2 emissions are being calculated across our entire store network in the markets we operate (AU, NZ, and CA). We are
confident that by the next annual report period we will have all Scope 2 emissions calculated.
• August 2022 saw the Michael Hill Brisbane Head Office move to a state-of-the-art facility which has environmental considerations
throughout many design elements. The building features a 99KW solar panel system to reduce energy consumption, water tanks
to capture rainwater to be used in the building’s facilities systems for all landscaping, insulated glass to reduce heat loss and
gain, as well as efficient LED lighting all aimed at reducing environmental impact. Through this move to a more environmentally
conscious building, we have reduced our Head Office energy consumption by 39% from the first full month of moving in.
• To support our existing solar energy generation, our Brisbane Head Office Energy supply will become 100% renewable energy
in 2024.
• We also aim to make our Head Office a Net Zero operation in 2024, supported by fully accredited net-zero emission energy
supply and offsetting residual unavoidable emissions.
• Michael Hill has entered renewable energy supply arrangements in New Zealand to ensure all NZ stores’ energy consumption is
from 100% certified renewable energy sources in 2024.
• We are currently addressing solutions with key stakeholders including landlords around the use of renewable energy for our
store electricity consumption. Landlords such as LendLease, Scentre Group, GPT and Vicinity provide various renewable energy
plans for retailers to use. These opportunities will continue to be assessed over the coming financial year.
Scope 3:
• Our focus since announcing our Net Zero goal has been on calculating and reducing our Scope 1 and 2 emissions, however we
are seeking to engage our supply chain partners about their plans to reduce their emissions in the coming year.
We are pleased with our progress towards our ambition of Net Zero carbon operations for Scope 1 and 2 by 2025.
NATURE POSITIVE
The 2022 WWF Living Planet report states that land-use change is still the biggest current threat to nature, destroying or
fragmenting the natural habitats of many plant and animal species on land, in freshwater and in the sea. Its most comprehensive
finding to date shows an average 69% decline in the relative abundance of monitored wildlife populations around the world
between 1970 and 2018. We accept that our business operations, along with many others, are indirectly connected to the
deterioration of the natural environment through the extraction and processing of raw materials upstream, the use of other finite
resources and consumption of goods and services.
Michael Hill recognises the impact that mining in particular (the core source of the majority of our product) has on the planet and
ecosystems around it. As a wider part of our ESG strategy, we wish to proactively contribute towards protecting and restoring a
part of our vulnerable environment by partnering with organisations that help to protect and restore nature.
As outlined in our 2030 manifesto, we are committed to contributing to the restoration and conservation of the natural environment
in our key markets and plans are underway to launch a program around this in FY24.
SEPTEMBERNOVEMBERFEBRUARYOCTOBERJANUARYDECEMBERMARCHM AYAPRILJUNE
FY22FY23
AUSTRALIA HEAD OFFICE ELECTRICITY CONSUMPTION

40 MICHAEL HILL | 2023 ANNUAL REPORT

MICHAEL HILL | 2023 ANNUAL REPORT 41
ELIMINATE WASTE
Our aim is to send zero waste to landfill by first minimising then diverting waste from our operations, and educating our colleagues
on reusing and recycling. We will also eliminate single use plastics from our packaging by 2027.
Eliminating waste across our entire business has required extensive auditing across all our touchpoints to collate and measure our
current baseline waste data. We are confident of the type and quantities of waste we are producing across our entire business and
are using a structured waste hierarchy to minimise and divert all waste possible.
We are consistently training and educating our internal departments on waste management and making changes wherever
possible to reduce our waste and, in turn, our impact on the environment.
REDUCING OUR HEAD OFFICE WASTE
In moving to our new Head Office at Cannon Hill, we have
made significant changes in our approach to waste resulting in
a reduction of 65%. This reduction is due to several initiatives
being implemented across our daily operations including:
• Purchasing a metal crusher in our Brisbane Distribution
Centre, to flatten and recycle all aluminum containers our
overseas suppliers transport our product in, rather than
send to landfill.
• Reducing printing stations across the office, while
introducing hot desk working environments with
limited storage.
• Introducing a new segregated waste management
system including general recycling, organic waste, paper
cardboard recycling and general waste sections with clear
labelling in all waste areas.
PRODUCT WASTE
We are fortunate to work with precious metals that can
readily contribute to the circular economy and be reused
many times over without losing their value. Our product waste
from manufacturing processes, including aged stock, is well
managed to ensure minimal waste. Michael Hill is also proud
to offer services for our customers to manage the end-of-life
journey for their preloved products, including repairs or gold
recycling under our Re:cycle program, to reduce waste to
landfill. We are exploring other innovative services for our
customers to trade up their preloved items and reduce the
need for more virgin materials in the industry.
TECHNOLOGY WASTE
Through upgrading some of our store technology, we worked
with our partner Truis to donate and repurpose 90 iPads
in November 2022. The iPads were wiped, upgraded and
donated to 3 Brisbane schools (Richland, Darra and Carol Park
State Schools) to use for primary school students’ education.
REDUCING OUR WASTE IN STORES
Store waste can come from several areas including, general
waste, packaging / transportation waste and store de-fit
waste. We are actively conversing with our landlords to
ensure we are adhering to their waste policies across our
network and educating our team members on the importance
of their adoption.
Our landlords are also actively involved in developing
innovative de-fit strategies for closed stores adopting the
waste hierarchy, however further adoption and innovation is
required in this space.
We are currently in the final stages of designing our “Store of
the Future” – a new store design for future Michael Hill stores
and are implementing our waste hierarchy into these designs
from inception through contemplating the end of life for each
of the materials used.
We aim to use materials in this design from as much recycled,
sustainable, or eco-friendly materials as possible.
A MEMBER OF APCO
Michael Hill is an Australian Packaging Covenant (APCO) Brand
Owner Member, ensuring we meet regulatory obligations
under the National Environment Protection Measure
2001 (NEPM) and as a commitment towards reducing the
environmental impact of our packaging. As a member we
have access to the Sustainable Packaging Guidelines (SPGs), a
government-supported, national resource for packaging best
practice, and have started to implement recommendations
across our business.
SEPTEMBERNOVEMBERFEBRUARYOCTOBERJANUARYDECEMBERMARCHM AYAPRILJUNE
FY22FY23
HEAD OFFICE WASTE VOLUME

42 MICHAEL HILL | 2023 ANNUAL REPORT
DANIEL BRACKEN
MANAGING DIRECTOR &
CHIEF EXECUTIVE OFFICER
Daniel has more than 25 years’ experience managing some
of the world’s most iconic brands. He has an extensive
background in retailing, fashion, and brand development in
Australia and international markets, as a Chief Executive Officer
and in senior executive positions across strategy, marketing,
merchandise, product design and digital and customer
engagement strategies.
Prior to joining Michael Hill as CEO in November 2018,
Daniel was CEO at Specialty Fashion Group and previously
held positions as the Group Vice President, Strategy for
Burberry London, as Deputy CEO and Chief Merchandise &
Customer Officer of Myer, and as CEO of The Apparel Group.
During his time at Specialty Fashion Group, Daniel led
the company’s corporate restructure and the successful
divestment of a number of brands, returning the company to
profitability. At Myer, he oversaw merchandise buying, design,
sourcing, and manufacturing, and led the Myer brand and
customer experience strategy. During his tenure, the Apparel
Group owned leading fashion brands Sportscraft, Saba,
Willow, and JAG.
His international experience includes more than 15 years at
Burberry London in the United Kingdom, where he was a key
member of the leadership team involved in their turnaround
into an iconic global brand. He performed a range of roles at
Burberry including Vice President – Strategy (Group), Head of
Merchandising & Production (Ready to Wear), and Commercial
& Operations Director (Menswear).
ANDREW LOWE
CHIEF FINANCIAL OFFICER &
COMPANY SECRETARY
Andrew joined Michael Hill in 2017 as Chief Financial Officer,
and later assumed the role of Company Secretary. He holds a
Bachelor of Commerce, a Bachelor of Laws and a Masters of
Applied Finance, and is a qualified Chartered Accountant and
a Chartered Taxation Adviser of the Taxation Institute
of Australia.
Andrew has extensive experience in corporate governance,
mergers and acquisitions, finance and leadership roles across
a range of listed corporate groups with Australian and offshore
operations, including roles with Aurizon, Cleanaway Waste
Management and Anglo American.
L-R Andrew Lowe, Amy Sznicer, Daniel Bracken, Matt Keays, Joanne Matthews, Jo Feeney, Keith Louie
EXECUTIVE
LEADERSHIP TEAM

MICHAEL HILL | 2023 ANNUAL REPORT 43
JOANNE MATTHEWS
CHIEF PEOPLE OFFICER
Joanne joined Michael Hill in January 2019 with extensive
experience in change leadership, and talent management and
development. This experience was gained across 14 years in
senior human resource leadership roles, including as Divisional
Human Resources Manager (Leisure) for Super Retail Group.
Joanne has also worked as the Executive General Manager,
Human Resources for MAX Solutions Pty Ltd, a national
organisation that delivers health, training and humanitarian
solutions for Federal and State Governments, and prior to this
she worked in retail operations with Woolworths. With a large
workforce across Australia, New Zealand and Canada, Joanne’s
experience is well aligned to deliver on the Company’s
core talent priorities of team engagement and attracting,
developing, rewarding and retaining top quality people at
Michael Hill. Joanne holds an MBA and Bachelor of Business in
Human Resources and Marketing.
AMY SZNICER
CHIEF RETAIL OFFICER
Amy has over 25 years’ leadership experience, across retail
and beauty industries, having worked with prominent retail
brands such as Witchery, GAP, Bras n Things, Guess Jeans and
Aldo. She has led the roll out of over 200 new retail stores in
Australia, New Zealand and Singapore and was named 2006
Australian Young Business Woman of the Year at the Telstra
Business Women’s Awards.
Amy’s extensive career in specialty fashion retailing has built
a broad skill set that goes beyond store operations. She has
worked as an Executive Leader in privately owned, private-
equity controlled, and listed organisations. Amy is extremely
passionate about dynamic leadership, a strong company
culture, deep retail foundations and driving high performance
in an ever-changing retail landscape. These qualities enable
her to consistently deliver the highest standard of customer
service and ultimately, strong business performance.
MATT KEAYS
CHIEF INFORMATION OFFICER
Matt joined Michael Hill in June 2015, bringing with him
extensive international IT experience in the retail space.
Prior to joining the company, Matt led the global IT strategy
for Forever New as their General Manager Information
Technology, and prior to that worked as Chief Information
Officer for Super Amart where his final project was successfully
leading a full-scale disaster recovery process after the
Queensland floods in 2011. He also worked for leading national
footwear and apparel company, Colorado Group after
enjoying his long retail apprenticeship with 11 years at Country
Road, where he worked initially as a Finance Accountant, and
also gained solid shop floor experience during his tenure.
Matt has strong technical skills and a track record of
developing an effective team focused on business alignment.
Matt’s career has seen him lead significant technology and
infrastructure programs, covering Microsoft Dynamics, Infor,
Oracle and JDE. He has helped retail businesses implement
and embrace data warehousing with his first Microsoft based
implementation as far back as 2004. The Michael Hill advanced
data warehouse went live in 2016 and his team continually
evolve our data platforms to align with the strategic shifts
across the business.
KEITH LOUIE
CHIEF DIGITAL OFFICER
Keith joined Michael Hill in August 2021, as our first Chief Digital
Officer. He brings more than 30 years’ experience in consumer
goods production, wholesale, retail and advisory across Europe
and Australasia, and deep experience of eCommerce leadership
and digital transformation over the last 15 years.
Keith led online shopping for Coles Supermarkets for six
years during its transformation under the Wesfarmers group,
rebuilding the customer experience and operating model.
Subsequently, he led online retail for Target and advised other
Wesfarmers brands on eCommerce, before becoming CEO
of the national Aussie Farmers Group, a privately-owned fresh
food production, wholesale, online retail, and logistics group.
More recently, Keith has advised various listed, private
and Government entities on eCommerce and digital
transformation, building on his earlier experience as a Director
and Associate Partner of management consulting firm PwC,
and with IBM’s Global Business Solutions team. Keith is known
for innovative ideas, thinking strategically, applying a rigorous
commercial lens, and taking action to transform businesses
digitally. In doing so, he inspires the teams he leads to deliver
change and improve customer experiences.
JO FEENEY
CHIEF MARKETING OFFICER
Jo joined Michael Hill in March 2021 as Chief Marketing Officer to lead
the revitalisation and growth of the Company’s brand, delivering
end to end marketing strategies in an omni-channel environment.
Jo is responsible for shaping the Company’s messaging,
delivering an outstanding experience to the Michael Hill
customer across both digital and traditional marketing
channels and leading the vision for a world class loyalty program.
Jo brings with her over 20 years’ experience in both local and
global organisations (including Woolworths, Telstra, Foxtel
and McDonald’s), specialising in strategic brand building, end
to end marketing communications and driving key customer
growth strategies across channels. In her most recent role
as Director of Marketing at McDonald’s Australia, she was
responsible for marketing, brand and media strategies
and driving commercial growth through innovation and
re- imagination of the brand. Jo is also a recognised leader
in creativity – winning multiple awards both locally and
internationally. She brings a fresh approach to driving the future
growth of the brand through a lens of commercial creativity.

44 MICHAEL HILL | 2023 ANNUAL REPORT
“ Even though FY23 was a
particularly challenging
year, the team remained
focused, executed on
our strategy, delivered a
plethora of initiatives, and
successfully acquired a new
brand, Bevilles”
ROB FYFE, CHAIR

MICHAEL HILL | 2023 ANNUAL REPORT 45
DIRECTORS’ REPORT
The Directors present their report on the consolidated entity (referred to hereafter
as the ‘Group’) consisting of Michael Hill International Limited ACN 610 937 598
(‘Michael Hill International’ or the ‘Company’) and all controlled subsidiaries for
the year ended 2 July 2023. FY23 is a 53-week period (27 June 2022 to 2 July 2023)
compared to FY22 a 52-week period (28 June 2021 to 26 June 2022).
PRINCIPAL ACTIVITIES
The Group operates predominately in the retail sale of jewellery and related services sector in Australia, New Zealand and Canada.
There were no significant changes in the nature of the Group’s activities during the year.
DIVIDENDS
Dividends paid to members during the financial year were as follows:
LIKELY DEVELOPMENTS AND EXPECTED RESULTS
OF OPERATIONS
Information on likely developments in the Group’s operations and the expected results of operations have been included in the
Review of Operations and Strategic Update sections of this report.
DIVIDENDS
2023
$’000
2022
$’000
Final dividend for the year ended 26 June 2022 of 4.0 cents (2021: 3.0 cents) per fully paid share
paid on 23 September 2022 (2021: 24 September 2021)
15,53111,649
Interim dividend for the year ended 2 July 2023 of 4.0 cents (2022: 3.5 cents) per fully paid share
paid on 24 March 2023 (2022: 25 March 2022)
15,18813,590
The directors have declared the payment of a final dividend of 3.5 cents per fully paid ordinary
share (2022: 4.0 cents). The final dividend will be unfranked for Australian purposes, with nil
New Zealand imputation credits and with conduit foreign income. The aggregate amount of the
proposed dividend expected to be paid on 22 September 2023 out of retained earnings, but not
recognised as a liability at year end, is:
13,28915,531

46 MICHAEL HILL | 2023 ANNUAL REPORT
REVIEW OF OPERATIONS
The Group achieved the following key outcomes for the 2023
financial year:
KEY FINANCIAL RESULTS
• Group operating revenue increased by 5.8% to $629.6m
(2022: $595.2m, 2021: $556.5m).
• Comparable EBIT* decreased by 6.3% to $58.9m

(2022: $62.9m), given inflationary cost pressures and
substantial investments in New Zealand security measures.
This compares favourably to FY21 by 4% (2021: $56.6m).
• Group gross margin decreased by 50 bps to 64.2% (2022:
64.7%), yet 150 bps ahead of FY21 (62.7%).
• Statutory net profit after tax decreased to $35.2m (2022:
$46.7m), with the variance to comparable EBIT performance
largely driven by AASB 16 Leases and IFRIC SaaS.
• Healthy inventory position to support elevated sales
at $203.3m (2022: $181.5m), with the increase mainly
attributable to the Bevilles acquisition.
• Deployment of cash on share buy-back, dividends, the
Bevilles acquisition and reinvestment in the business,
resulted in a net cash position of $8.4m (2022: $95.8m).
• A three year $90m banking facility was finalised on
favourable terms in June, providing access to an additional
$20m, to support strategic growth initiatives.
• Final dividend of 3.5 cents per share declared, delivering
total dividends for the year of 7.5 cents per share (2022: 7.5
cents per share).
OPERATIONAL PERFORMANCE
• Group revenue was up 5.8% for the year, with Australia +9.1%,
New Zealand +5.8% and Canada flat.
• Digital sales were largely flat at $41.3m (2022: $41.9m, 2021:
$34.0m) for the year, demonstrating a strong second half
recovery from -9% at the end of the first half.
• Brilliance by Michael Hill membership now over 2 million
(2022: ~1.4 million members), driving repeat customers and
higher ATV.
• Key initial focus for Bevilles is on integration and store roll
outs, with three sites secured and another three sites close
to finalisation for pre-Christmas opening, with a further
tranche of sites already identified for the second half.

The newly acquired Bevilles business contributed four
weeks of sales to the FY23 Group result.
• For Michael Hill, three new stores opened (AU: 2, CA: 1) and
five under-performing stores permanently closed (AU: 3, NZ:
2) during the year. With the inclusion of 26 acquired Bevilles
stores, the store network totals 304 across all markets at the
end of the year (2022: 280).
FY23 - GROUP BUSINESS
PERFORMANCE
The Group has reported operating revenue of $629.6m (2022:
$595.2m) for the 2023 financial year (53-week retail financial
year ended 2 July 2023). Comparable EBIT* for the Group was
reduced to $58.9m for the year (2022: $62.9m), a decline of
6.3% year on year, due to higher COGS pressure, wage inflation
and elevated New Zealand security costs.
While the Company delivered record revenue for the year,
this was driven by a particularly strong first half performance,
followed by a more challenging second half as macroeconomic
conditions deteriorated and consumer confidence declined.
Notwithstanding the impact of sustained elevated raw material
input costs (diamonds and gold), and while slightly down on
prior year, the Company still delivered strong gross margins.
This performance was underpinned by the aspirational brand
strategy and the ability to elevate ATV even in a challenging
retail environment.
Whilst the Company’s digital channels declined in the first
half as it cycled the pandemic digital surge, there was a
strong return to growth in the second half driven by improved
customer experience, traffic and conversion. Throughout the
year, the Company has continued to make good progress in its
various omni-channel offerings, with 50% of digital sales now
being fulfilled via a store.
In August 2022, the Company executed a seamless
relocation of its global headquarters to new purpose-built
leased premises housing the global support functions,
reimagined artisanal jewellery workshop and a state-of-the-art
Australasian distribution centre. These new premises provide
a contemporary, dynamic and productive environment,
strategically aligned to Michael Hill’s aspirational brand journey.
On 1 June 2023, the Company completed the Bevilles
acquisition, successfully transitioning all team members, stores
and inventory to the Group. Accordingly, four weeks of Bevilles
trade are reflected in the Group and Australian segment results.
Inventory year-end holdings were $203.3m (2022: $181.5m), with
Michael Hill on target and broadly in line with prior year. The lift
in stock holdings was largely driven by the inventory acquired
in the Bevilles transaction.
During the year, the Company benefited from strong operating
cashflows, successfully acquired Bevilles, returned capital to
shareholders through a buy-back and dividends, continued
investment in both the core business and growth initiatives,
which resulted in a year end net cash position of $8.4m (2022:
$95.8m). Furthermore, the Company refinanced a three year
$90m bank facility on favourable terms, which will support
future strategic growth initiatives.
Michael Hill opened three new stores (AU: 2, CA: 1) and closed
five under-performing stores across the network (AU: 3, NZ:
2) during the year. With the inclusion of 26 acquired Bevilles
stores, the store network totals 304 across all markets at the
end of the year (2022: 280).
*EBIT and Comparable EBIT are non-IFRS information and are unaudited. Please refer to non-IFRS information section in this report for an
explanation of non-IFRS information and a reconciliation of EBIT and Comparable EBIT.

MICHAEL HILL | 2023 ANNUAL REPORT 47
SEGMENT RESULTS
FY23 delivered strong results in all markets, despite cycling record results in FY22 and facing challenging economic market
conditions during FY23H2.
The results below are expressed in local currency.
AUSTRALIAN RETAIL PERFORMANCE
Operating Results (AU $’000)20232022202120202019
Revenue 331,007303,409 312,264 266,610 313,587
Gross profit 211,823 196,936 194,148 161,030 194,052
Gross margin64.0%64.9%62.2%60.4%61.9%
Comparable EBIT53,54951,75054,34727,64132,626
Comparable EBIT as a % of revenue16.2%17.1%1 7. 4%10.4%10.6%
Number of stores172*147 150 155 167
NEW ZEALAND RETAIL PERFORMANCE
Operating Results (NZ $’000)20232022202120202019
Revenue 132,359 125,090 127,067 106,696 120,064
Gross profit 81,961 79,288 78,771 63,641 73,011
Gross margin61.9%63.4%62.0%59.6%60.8%
Comparable EBIT25,62230,13035,11921,06724,125
Comparable EBIT as a % of revenue19.4%24.1%27.6%19.7%20.1%
Number of stores4648 49 49 52
Retail segment revenue increased by 9.1% to $331.0m for the year.
In addition to a record sales performance, the segment also delivered a strong gross margin for the year of 64.0%, slightly down on
prior year (FY22: 64.9%), yet up 210 bps on pre-pandemic levels (FY19: 61.9%).
*During the year, two stores opened, and three under-performing stores closed, resulting in 172 stores (including 26 Bevilles stores)
at year end (FY22: 147).
Retail segment revenue increased by 5.8% to NZ$132.4m for the year.
Gross margin for the year was 61.9% (FY22: 63.4%), largely attributable to the higher penetration of diamond sales in this market.
This result was still 110 bps above pre-pandemic levels (FY19: 60.8%).
New Zealand earnings were directly and adversely impacted by a ~$5m investment required to be made for uplifted and ongoing
security measures to protect our team, customers and stores. Additionally, impacted stores experienced softer sales in the period
immediately following an incident.
During the year, two under-performing stores closed, resulting in 46 stores at year end (FY22: 48).

48 MICHAEL HILL | 2023 ANNUAL REPORT
CANADIAN RETAIL PERFORMANCE
Operating Results (CA $’000)20232022202120202019
Revenue 158,894 159,661 118,445 110,799 133,146
Gross profit 100,531 103,623 72,643 63,991 80,726
Gross margin63.3%64.9%61.3%57.8%60.6%
Comparable EBIT27,11028,78512,320(2,412)9,797
Comparable EBIT as a % of revenue17.1%18.0%10.4%(2.2%)7. 4%
Number of stores8685 86 86 86
Retail segment revenue was CA$158.9m for the year, largely flat to prior year.
Gross margin declined to 63.3% for the year, as the segment cycled a record gross margin in FY22 (64.9%). This result was still 270
bps ahead of pre-pandemic levels (FY19: 60.6%).
The overall performance of this segment is a credit to the strategic focus placed on Canada in recent years. With strong and
refreshed leadership, brand awareness continues to increase, and productivity metrics have lifted significantly.
During the year, one store opened, resulting in 86 stores at year end (FY22: 85).
CAPITAL MANAGEMENT
DIVIDENDS AND SHARE BUY-BACK
Taking into consideration the Group's performance and strength of balance sheet, the Board has decided to declare a final
dividend of 3.5 cents per share, unfranked for Australian purposes, with nil New Zealand imputation credits and with conduit
foreign income.
This delivers a total dividend for the year of 7.5 cents per share, representing ~70% of adjusted annual NPAT, and at the higher end
of the Group's Dividend Distribution Policy target range of 50% to 75%.
Subject to the Company’s ongoing trading performance and growth plans, the Board’s intention is for dividends to remain at the
higher end of the target range.
The Company commenced its on-market share buy-back on 19 September 2022, which was paused on 21 November 2022.
The directors have decided to discontinue the buy-back. Under the buy-back, the Company acquired 8,631,237 shares (ASX
4,350,875; NZX 4,280,362), being 2.2% of Company's shares on issue at the commencement of the buy-back, at a total cash cost of
A$10,206,543. The total number of shares on issue following the completion of the on-market share buy-back was 379,688,884.
GROUP STRATEGY
EMPHASIS ON GROWTH
As the Michael Hill brand continues its aspirational brand journey to a more premium position, the acquisition of the Bevilles
business in late FY23 provides a vehicle to take market share at the value end of the fine jewellery category. Additionally, in the first
half of FY24, the Company will launch its new bespoke brand TenSevenSeven, focused on servicing the high-end of the market with
its unique personalised diamond ring proposition.
With these additional brands, the Michael Hill Group now services all significant customer segments of the fine jewellery category,
and delivers multiple new growth pipelines.
The Bevilles brand will deliver both sales and profit growth through a significant real estate expansion strategy, coupled with digital
growth and an optimised business model. For FY24, three sites have been secured and another three sites are close to finalisation
for pre-Christmas opening, with a further tranche of sites already identified for the second half. Leveraging group capabilities
and partnerships, Bevilles will benefit from optimisation of both supply chain and vendor relationships delivering margin and cost
benefits to the business. With system integration planned for the second half of FY24, this will drive further opportunities in both
productivity and efficiencies by leveraging a common technology platform.
TenSevenSeven is a new start-up brand designed to test a completely unique and elevated proposition, capturing an entirely new
high-end customer. The brand will be brought to life through an immersive digital experience supported by the gradual roll-out of
a limited number of showrooms in key capital cities. Customers will be invited to select from thousands of unique diamonds, paired
with a ring design of their choice and ultimate handcrafting in our artisanal Australian workshop.
The Michael Hill brand continues to deliver growth through its elevated brand strategy driving higher productivity and strong
margins across all channels.

MICHAEL HILL | 2023 ANNUAL REPORT 49
1. Brand & Loyalty
The strategy to elevate and modernise the Michael Hill brand
underpins the overarching vision for the business. Highly
engaging and emotive marketing campaigns focusing on
key life moments, with an emphasis on product, quality and
craft, are leading the transition away from price and promotion,
towards emotional long-term customer relationships.
The Brilliance by Michael Hill loyalty program underpins
customer engagement and has now grown to over two
million members.
2. Digital & Omni-channel
Michael Hill’s digital transformation continues with a
shift to a new headless website architecture, providing
greater flexibility, productivity and improved customer
experience. The role of our digital platforms is not only to
serve as a transactional channel but also to provide product
education, and brand messaging to drive traffic to our
physical stores. More than half of our online transactions are
now fulfilled from stores, and with data insights show a large
proportion of our instore sales originate from online and
digital marketing, demonstrating the success of the Michael
Hill's omni-channel strategy.
3. Retail Fundamentals
Bricks and mortar retail is at the core of the Michael
Hill business, driving more than 90% of sales. The retail
fundamentals strategy has delivered a 21% lift in productivity
per store over the last four years. During FY23, the business
invested in refreshing a significant portion of our store network
as we elevate the instore experience to align with the brand
strategy. The retail team continues to focus on productivity as
the key performance metric for stores, in conjunction with a
deliberate emphasis on lifting average transaction value.
4. Product Evolution
Product evolution is at the centre of a customer-led retail
strategy, and is critical to achieve sales growth and support
elevated margin. The laboratory grown diamond category
continues to expand, with higher sales growth and margins,
helping to offset high input costs for both mined diamonds
and gold. During the course of the year, the business invested
in new talent and capability across product, buying, sourcing
and procurement, as well as technology investments in
merchandise planning. The Michael Hill artisanal Australian
manufacturing facility was upgraded as part of the move
to new global headquarters, optimising both production
and costs.
5. New Territories & Services
As the business shifts from transformation to growth, the
opportunity to stretch the brand into new territories and
services is a key focus. The Michael Hill marketplace strategy
has continued, building on partnerships in all three core
markets, and now available in both Singapore and Malaysia
through a new partnership with Zalora. Following strong early
insights from The Bay in Canada, michaelhill.ca now has a dual
language offering to engage with French speaking customers
in both Quebec and across the country, and early signs are
very promising. The pure-play Medley business, while still
relatively small, delivered sales growth of 31% on last year,
and continues to test and trial new products in the demi-fine
jewellery category.
During the year, the Group developed a number of new
digitally-led services offerings: the new bespoke brand,
TenSevenSeven; the new gold recycling platform, Re:cycle;
and the ability to introduce jewellery insurance to customers
in Australia. Furthermore, the Company is in the process of
reinventing its repair service offering, initially with the creation
of an app to modernise and improve customer experience,
with the end goal of creating a seamless repair business to
drive incremental revenue.
6. Cost Conscious Culture
During the year, the Michael Hill business successfully
relocated its global headquarters including its Australasian
distribution centre. This new state-of-the-art distribution
centre is technology enabled and has generated significant
efficiencies in processing stock, fulfilment to stores and
delivery to customers. The embedded cost conscious culture
continues, with an absolute focus on cost discipline, inventory
and working capital management. In particular, the business
has invested in technology to support labour optimisation and
rostering to ensure targeted productivity levels can
be achieved.
7. Sustainability
In August 2022, Michael Hill announced its ESG manifesto for
2030, centered around three key pillars – People, Product and
Planet, with more detail in the Annual Report. An integral part
of this strategy is the launch of a circular jewellery ecosystem,
Re:new. During the year, the first phase was launched via
Re:cycle – a digitally enabled gold recycling program, that
encourages customers to give “new life to their old loves”,
by recycling gold jewellery pieces in exchange for a Michael
Hill gift card. The second phase, Re:store, will focus on
jewellery repairs, and the third phase, Re:imagine, a
diamond upgrade program.

50 MICHAEL HILL | 2023 ANNUAL REPORT

MICHAEL HILL | 2023 ANNUAL REPORT 51
RISK MANAGEMENT
The Board believes that a strong risk management framework supports the Group’s growth and success. The Group regularly
reviews its risk environment and has identified the following at risk areas and mitigating strategies:
RISK STRATEGIES AND MITIGATION
Global uncertainty due to
changing political landscapes and
increased sanctions of raw materials
creates volatility for the Group’s
operating environments
The Group has a growth strategy that embraces omni-channel expansion and strategic
acquisitions in markets that limit cannibalisation of sales and focusses on improving the
customer experience.
Furthermore, there is executive oversight of all drivers, both internal and external, and prudent
policy execution to adjust accordingly.
There are several sourcing options that are employed, including forward planning and securing
core ranges to curb the impact of rising prices of raw materials and to ensure financial exposures
are well managed.
Increase in cyber-attacks disrupting
operations and increased reliance on
third-party platform providers to have
robust cyber controls
The Group has tasked the Technology Governance Committee to oversee its response to cyber
risk and the maturing of our cyber resilience. The Group continues to invest in new technologies
and remove vulnerable points of attack throughout its digital network.
External partners have been engaged to uplift our capabilities, including both proactive and
reactive responses to cyber-attacks.
Penetration testing and disaster recovery planning are built into our operating rhythm to further
prepare and respond to attacks.
Theft appeal of our product increases
during periods of financial hardship
and uncertainty
The safety and security of our staff and customers is our most important priority. We are investing
in initiatives and processes which improve the overall security of our stores and contribute to
the safety of our staff and customers. We are working with both local and national law
enforcement bodies and other external parties to better the overall retail environment for our
staff and customers.
With the ongoing escalation of theft and violence in New Zealand, the Group continues to have
a dedicated executive led taskforce responding to these challenges and continue to implement
appropriate actions.
Sustainability goals and supply
chain transparency
The Group has also outlined its goals in the Sustainability Strategy of having all suppliers
meeting our expectations on their social and environmental impacts by 2030.
There are dedicated workstreams supporting each of our pillars of people, planet and product.
In the product and people pillars, the Group is working closely with our key suppliers across
our sourcing and procurement ecosystems to ensure our suppliers’ manufacturing and
operations comply with our responsible sourcing practices. Further, the Group has developed
a modern slavery roadmap to minimise the risk of modern slavery occurring in our business
and supply chains.
Talent acquisition and retention in
increasing regulated markets and higher
competition for resources
The Group has talent management strategies and processes to ensure the business is well
equipped to manage peak trading periods and fulfilment of specialised roles critical to our
business. These include succession planning, reviewing pipeline of external recruits and mentoring
and coaching of staff to promote internally.
Emphasis has been focused on ensuring our workforce engagement scores are above industry
benchmarks, and also ongoing commitment to diversity and inclusion through educating our
teams, sharing experiences and reporting on key metrics.
Breach of regulation or law in one of our
jurisdictions in an increasingly complex
compliance environment
The Group has in-house legal and compliance teams who are focused on compliance in our
three markets and utilise external firms for specialised advice when required. Any new legislative
requirements or rectification initiatives have dedicated teams focused on ensuring our compliance
and training our teams appropriately.

52 MICHAEL HILL | 2023 ANNUAL REPORT
NON-IFRS FINANCIAL INFORMATION
This report contains certain non-IFRS financial measures of historical financial performance. Non-IFRS financial measures are
financial measures other than those defined or specified under all relevant accounting standards. The measures therefore may not
be directly comparable with other companies' measures. Many of the measures used are common practice in the industry in which
the Group operates. Non-IFRS financial information should be considered in addition to, and is not intended to be a substitute
for, or more important than, IFRS measures. The presentation of non-IFRS measures is in line with Regulatory Guide 230 issued
by Australian Securities and Investments Commission (ASIC) to promote full and clear disclosure for investors and other users of
financial information, and minimise the possibility of those users being misled by such information.
The measures are used by management and directors for the purpose of assessing the financial performance of the Group and
individual segments. The directors also believe that these non-IFRS measures assist in providing additional meaningful information
on the drivers of the business, performance and trends, as well as the position of the Group. Non-IFRS financial measures are also
used to enhance the comparability of information between reporting periods by adjusting for non-recurring or controllable factors
which affect IFRS measures, to aid the user in understanding the Group's performance. Consequently, non-IFRS measures are used
by the directors and management for performance analysis, planning, reporting and incentive setting. These measures are not
subject to audit.
The non-IFRS measures used in describing the business performance include:
• Earnings before interest, tax, depreciation and amortisation (EBITDA)
• Earnings before interest and tax (EBIT)
• Comparable EBIT
• Significant items.
COMPARABLE EBIT
COMPARABLE EBIT HAS BEEN CALCULATED AS FOLLOWS:
2023
$’000
2022
$’000
Statutory EBIT58,883 73,236
Add back costs relating to:
Impact of IFRIC SaaS-related guidance7,3565,986
Employee restructure costs734-
Bevilles acquisition transaction costs1,960-
Less items relating to:
Impact of AASB 16 Leases(10,044)(13,489)
Government grants received (AU, NZ, CA)-(2,864)
Comparable EBIT58,88962,869
ENVIRONMENTAL REGULATIONS
The Group has determined that no particular or significant environmental regulations apply to it.

MICHAEL HILL | 2023 ANNUAL REPORT 53
From left: Jacqueline Naylor, Robert Fyfe, Daniel Bracken, Emma Hill, David Whittle, Sir Michael Hill and Gary Smith
ROBERT FYFE
B.Eng, F.E.N.Z., C.N.Z.M.
Rob was appointed a Director of the Company on 9 June 2016 and has served as Director of Michael Hill’s listed entity since 6
January 2014. He was appointed Chair of the Board in June 2021. Rob served as CEO of Air New Zealand between 2005 and 2012,
a period that saw a resurgence in Air New Zealand to become one of the most recognised and awarded airlines in the world and
one of the best performers in a tough industry. Prior to and subsequent to his time at Air New Zealand, Rob has gained extensive
general management and board experience in various retail businesses operating in New Zealand, Australia and Great Britain,
across sectors including retail banking, telecommunications, pay television, sport, manufacturing and outdoor apparel. In 2015
Rob was awarded an Honorary Doctor of Commerce from University of Canterbury and on New Year’s Eve 2020, Rob was
appointed as a Companion of the New Zealand Order of Merit for services to business and tourism.
Rob is also a Director of Air Canada and has not had any former directorships of listed entities in the last three years.
SPECIAL RESPONSIBILITIES
• Chair
• Non-Executive and Independent Director
• Member of ARMC
• Member of PDRC
SIR RICHARD (MICHAEL) HILL
K.N.Z.M.
Sir Michael is the founder of Michael Hill, and his visionary leadership has been the foundation for the Company’s successful
international expansion. Sir Michael had 23 years of jewellery retailing experience before establishing Michael Hill in 1979, which then
listed on the New Zealand Stock Exchange in 1987. Sir Michael led the Group as Chairman from 1987 until 2015 and was appointed
a Director of the Company on 9 June 2016, having served as Director of Michael Hill’s listed entity since its initial listing on the New
Zealand Stock Exchange. In 2008 he was recognised as Ernst & Young’s ‘Entrepreneur of the Year’ and in 2011 was appointed a Knight
Companion of the New Zealand Order of Merit for services to business and the arts. Sir Michael was appointed Founder President of
the New Zealand listed entity in 2015 in recognition of his special connection with Michael Hill for over 35 years.
Sir Michael is not a Director of any other listed entities and has not had any former directorships of listed entities in the last three years.
SPECIAL RESPONSIBILITIES
• Non-Executive Director
INFORMATION ON
DIRECTORS
DIRECTORS’ INTERESTS IN SHARES AND OPTIONS
148,330,600 Ordinary Shares
DIRECTORS’ INTERESTS IN SHARES AND OPTIONS
1,953,578 Ordinary Shares

54 MICHAEL HILL | 2023 ANNUAL REPORT
DAVID WHITTLE
B.A., B.Com
Dave has considerable brand, data, technology, omni-channel retail and digital transformation experience. He is a Founder of Lexer,
a global software company helping brands and retailers genuinely understand and engage their customers. In 2015, Dave became
the youngest ASX 200 Non-Executive Director when he joined the board of Myer. Previously, Dave spent 10 years with global
advertising group M&C Saatchi in a number of local and international leadership roles, culminating in three years as Managing
Director in Australia. Prior to joining M&C Saatchi, Dave was the first employee of a marketing services group that built four
digital service and software businesses.
SPECIAL RESPONSIBILITIES
• Non-Executive and Independent Director
GARY SMITH
B.Com, F.C.A., F.A.I.C.D.
Gary was appointed a Director of the Company upon incorporation on 24 February 2016 and has served as Director of Michael Hill’s
listed entity since 2 November 2012. Gary has had extensive Director experience across a range of boards and tourism related industry
bodies. He is Chairman of Flight Centre Travel Group Ltd, one of Australia’s top 100 public companies and is a member of their Audit
and Remuneration sub-committees. He is a Chartered Accountant and a Fellow of the Australian Institute of Company Directors.
Gary is a Director of Flight Centre Travel Group Limited and has not had any former directorships of listed entities in the last
three years.
SPECIAL RESPONSIBILITIES
• Non-Executive and Independent Director
• Chair of ARMC
• Member of PDRC
JACQUELINE NAYLOR
M.A.I.C.D.
Jacqueline was appointed a Director of the Company on 15 July 2020. Jacqueline is a highly regarded Australian retail leader with
over thirty years’ executive and board experience in retail, fashion and eCommerce. She is currently an Independent Non-Executive
Director of Myer and was previously a Director of PAS Group, Macpac and the Virgin Australia Melbourne Fashion Festival. This follows
an extensive career as a retail executive (and later an Executive Director) at the Just Group, where Jacqueline oversaw merchandising,
marketing and brand strategies across a portfolio of 800 stores.
Jacqueline is a Director of Myer Holdings Limited and has not had any former directorships of listed entities in the last three years.
SPECIAL RESPONSIBILITIES
• Non-Executive and Independent Director
• Member of ARMC
EMMA HILL
B.Com, M.B.A
Emma was appointed a Director of the Company on 9 June 2016 and has served as Director of Michael Hill’s listed entity since 22
February 2007. She served as Deputy Chair of the Group from 2011 until 2015 when she was appointed Chair. Emma stepped down
from the Chair role in June 2021. Emma has over 30 years’ experience with subsidiaries of the Company commencing on the shop
floor in Whangarei, New Zealand. She held a number of management positions in the Australian company before successfully leading
the expansion of the Group into Canada as Retail General Manager in 2002. Emma holds a Bachelor of Commerce degree and an MBA
from Bond University.
Emma is not a Director of any other listed entities and has not had any former directorships of listed entities in the last three years.
SPECIAL RESPONSIBILITIES
• Non-Executive Director
• Chair of PDRC
DIRECTORS’ INTERESTS IN SHARES AND OPTIONS
167,487,526 Ordinary Shares
DIRECTORS’ INTERESTS IN SHARES AND OPTIONS
80,000 Ordinary Shares
DIRECTORS’ INTERESTS IN SHARES AND OPTIONS
160,000 Ordinary Shares
DIRECTORS’ INTERESTS IN SHARES AND OPTIONS
Nil

MICHAEL HILL | 2023 ANNUAL REPORT 55
DANIEL BRACKEN
Daniel joined the Company as the CEO in November 2018 and was appointed to the Board in June 2021. He has more than 25
years’ experience managing some of the world’s most iconic brands. He has an extensive background in corporate strategy, brand
development, product design, customer engagement, digital expansion and has been instrumental in executing turnaround initiatives
across many retail businesses.
Daniel is not a Director of any other listed entities and has not had any former directorships of listed entities in the last three years.
SPECIAL RESPONSIBILITIES
• Managing Director
• Chief Executive Officer
MEETINGS OF DIRECTORS
The numbers of meetings of the Company’s Board of Directors and of each Board committee held during the year ended 2 July 2023,
and the numbers of meetings attended by each director were:
COMMITTEE MEMBERSHIP
As at the date of this report, Michael Hill International Limited has an Audit and Risk Management Committee and a People
Development and Remuneration Committee.
AUDIT AND RISK
MANAGEMENT COMMITTEE
Gary Smith (Chair)
Robert Fyfe
Jacqueline Naylor
PEOPLE DEVELOPMENT AND
REMUNERATION COMMITTEE
Emma Hill (Chair)
Robert Fyfe
Gary Smith
FULL MEETINGS
OF DIRECTORS
MEETING OF COMMITTEES
AUDIT AND RISK
MANAGEMENT
PEOPLE DEVELOPMENT
AND REMUNERATION
ABABAB
R I Fyfe
15155577
Sir R M Hill1215----
E J Hill1515--77
G W Smith13155577
J E Naylor151555--
D Whittle*------
D Bracken
1515----
A = Number of meetings attended
B = Number of meetings held during the time the director held office or was a member of the committee during the year
*D Whittle was appointed as director subsequent to balance sheet date.
COMPANY SECRETARIES
The Company has appointed two company secretaries, Andrew Lowe and Emily Bird.
Andrew Lowe, who is also the Chief Financial Officer of the Group, was appointed to the position of Company Secretary on 1 March
2019, having held that position previously (15 December 2017 to 22 January 2018). Andrew holds a Bachelor of Commerce, a Bachelor
of Laws (Hons) and a Masters of Applied Finance, and is a qualified Chartered Accountant and a Chartered Taxation Adviser of the
Taxation Institute of Australia. Andrew has extensive experience in finance and leadership roles across a range of listed corporate
groups with Australian and offshore operations.
Emily Bird, who is also the General Counsel of the Group, was appointed to the position of Company Secretary on 31 July 2020.
Emily joined Michael Hill in September 2019 as Senior Legal Counsel, and was appointed General Counsel & Company Secretary in
July 2020. She holds a Bachelor of Laws, Bachelor of Arts (Psychology), Graduate Diploma in Legal Practice, Graduate Diploma in
Applied Corporate Governance and Risk, and has completed the Company Directors Course at the Australian Institute of Company
Directors. Emily has broad legal experience with in-house roles at Lactalis Australia (formerly Parmalat Australia), Virgin Blue (now Virgin
Australia) and a secondment at Tarong Energy (now Stanwell Corporation), having started her legal career at top-tier firm Clayton Utz.

DIRECTORS’ INTERESTS IN SHARES AND OPTIONS
201,869 Ordinary Shares
4,331,046 Share Rights

56 MICHAEL HILL | 2023 ANNUAL REPORT
LETTER FROM THE CHAIR OF THE
PEOPLE DEVELOPMENT AND
REMUNERATION COMMITTEE
Dear Shareholders,
On behalf of Michael Hill Group, I am pleased to present the
FY23 remuneration report. The report outlines the Group’s
remuneration strategy and framework and details how the
Board has approached remuneration to retain and incentivise
key management personal (KMP) while aligning reward with
shareholder value creation.
Over the past several years Michael Hill Group has
achieved significant growth and transformation on the journey
to become a high performing, modern, differentiated, omni-
channel jewellery group. In FY23 however, the
Group experienced a decline on FY22 in Comparable EBIT.
This decline can be attributed to higher COGS pressure,
wage inflation and elevated New Zealand security costs.
In addition, we experienced a more challenging second half
as macroeconomic conditions deteriorated and consumer
confidence declined.
Key results from FY23 include:
• Total Group revenue of $629.6m (2022: $595.2m) – an
increase of 5.8%
• Statutory EBIT* of $58.9m (2022: $73.2m) – a decrease of 19.6%
• Comparable EBIT* of $58.9m (2022: $62.9m) – a decrease of 6.3%
• EPS of 9.20 cents (2022: 12.03 cents) – a decrease of 23.5%
*Statutory EBIT and Comparable EBIT are non-IFRS information and are
unaudited. Please refer to non-IFRS information section in the Directors'
Report for an explanation of non-IFRS information and a reconciliation
of EBIT and Comparable EBIT.
It is the Company’s policy to conduct Executive remuneration
benchmarking every three years and to consider outcomes
in line with Company policy including market trends.
Late last year we reviewed our remuneration practices to
ensure the structure and level of award was reflective of
modern compensation packages.
PricewaterhouseCoopers conducted benchmarking of KMP
and the broader Executive Team using a consumer
discretionary peer group of companies 50% to 200% of our
market cap as reference data. The insights from this review
resulted in changes to KMP and executive packages to ensure
continued retention of our high performing Executive Team
while more closely aligning compensation mix with long term
value creation.
The structure of compensation is designed with a mix of market
competitive fixed remuneration, short term incentives (STI)
to reward annual performance and long term incentives (LTI) to
align long term financial performance and shareholder
value creation.
As a result of the benchmarking the CEO’s base salary
increased by 4.50%, STI potential as a percentage of total fixed
remuneration reduced by 13% and LTI potential increased by
42%. The CFO’s base salary increased by 4.96%, STI potential
as a percentage of total fixed remuneration increased by 1%
and LTI potential increased by 7.5%.
FY23 Remuneration
The STI awarded for the year was 35% of potential and 70% of on
target for both the CEO and CFO. The KPI for on target EBIT was
not achieved, however, in consideration of the significant costs
related to New Zealand security which materially impacted profit
in New Zealand, the Committee applied discretion to award 50%
of the on target STI for the Financial KPI. The deliverables related
to the non financial KPIs of Strategy, Customer and People were
achieved and 100% of STI applicable to these KPIs was awarded.
LTI awarded over the year was 95% of fixed remuneration for
CEO and 40% for CFO. 570,674 awards vested to the CEO and
187,776 awards vested to the CFO in the year.
Non-Executive Director (NED) fees were increased by the Wage
Price Index (WPI) of 2.6%. There were no other changes to the
structure of NED fees.
In conclusion, the Board believes the remuneration changes and
outcomes for FY23 reflect an appropriate alignment between
pay and performance during the year and are also fair in terms of
the operating environment in which decisions have been made.
Whilst experiencing challenging trading, security and economic
conditions that contributed to a decline in comparable EBIT, the
Company did have a record year in revenue results. The Executive
remuneration set out in this report is considered by the Board to
be reflective of this performance.
Regards,
Emma Hill
Chair of the People Development
and Remuneration Committee
AUDITED REMUNERATION REPORT
The directors present the 2023 Michael Hill International Limited remuneration report, outlining key aspects of our remuneration
policy and framework, and remuneration awarded during FY23. The information provided in this remuneration report has been
audited as required by section 308(3C) of the Corporations Act 2001.

MICHAEL HILL | 2023 ANNUAL REPORT 57
REMUNERATION OVERVIEW
This report sets out the remuneration arrangements for Michael Hill International’s key management personnel (KMP). KMP have the
authority and responsibility for planning, directing and controlling the activities of the entity. All KMP listed below have held their
positions for the entire reporting period unless indicated otherwise.
NAMEPOSITIONCOMMENCEMENT AS KMP
Non-Executive Directors
Robert FyfeChair and Non-Executive Director2016
Sir Richard Michael HillFounder and Non-Executive Director2016
Emma HillNon-Executive Director2016
Gary SmithNon-Executive Director2016
Jacqueline NaylorNon-Executive Director2020
Managing Director and CEO
Daniel BrackenManaging Director and Chief Executive Officer2019
Executive
Andrew Lowe
Chief Financial Officer and
Company Secretary
2017
PEOPLE DEVELOPMENT AND REMUNERATION COMMITTEE
The primary objective of the People Development and Remuneration Committee (PDRC) is to assist the Board fulfil its corporate
governance and oversight responsibilities in relation to the Company’s people strategy including remuneration components,
performance measurements and accountability frameworks, recruitment, engagement, retention, talent management and
succession planning.
The following non-executive directors are members of the PDRC for the 2023 reporting period:
• Emma Hill – Chair of the PDRC
• Robert Fyfe – Chair of the Board of Directors
• Gary Smith – Independent Non-Executive Director
USE OF REMUNERATION CONSULTANTS
The PDRC obtains independent advice every three years on the appropriateness of remuneration practices of the Group given
trends in comparative companies and the objectives of the Group’s remuneration strategy. This advice was gained in FY22 and
considered in FY23 remuneration decisions. No advice was sought in FY23. Advice will next be gained in FY25 to assist in informing
remuneration outcomes in FY26.

58 MICHAEL HILL | 2023 ANNUAL REPORT
REMUNERATION FRAMEWORK
Our remuneration philosophy is guided by our vision to be a modern, differentiated, omni channel jewellery group. The structure
of compensation is designed with a mix of market competitive fixed remuneration, short term incentives to reward annual
performance and long term incentives to align financial performance and shareholder value creation.
OUR VALUES
01.02.03.
We care
We are
professional
We are inclusive
and diverse
We create
outstanding
experiences
Attract, motivate &
retain talent
Reward the
achievement of
strategic objectives
Align to shareholder
value creation
OUR REMUNERATION PHILOSOPHY
FIXED REMUNERATIONSHORT TERM INCENTIVELONG TERM INCENTIVE
How is it set?
Fixed remuneration is set with
reference to market competitive
rates in comparative companies for
similar positions, adjusted
to account for the experience,
ability and effectiveness of the
individual Executive.
Executive KMP participate
in the Group’s STI program
which is directed to achieving
Board approved on target and
outperformance targets.
The Company has established an LTI
plan as deferred compensation.
How is it
delivered?
Base salary plus any fixed elements
including superannuation and
leave entitlements.
Cash for on target performance and
for outperformance.
An issue of share rights is made to
Executive KMP. The rights vest at
the end of the performance period
if certain performance hurdles and
vesting conditions are met.
What is the
objective?
Attract and retain key
Executive talent.
Drive annual profit growth and align
Executive reward with achievement
of performance targets that
underpin strategy.
Reward Executive KMP for
sustainable long term growth
aligned to shareholders' interests.
OUR REMUNERATION FRAMEWORK

MICHAEL HILL | 2023 ANNUAL REPORT 59
RELATIONSHIP OF REMUNERATION TO GROUP PERFORMANCE
The remuneration framework operates to create a clear link between Executive remuneration and the Group’s performance.
Increased incentive remuneration outcomes for KMP reflect increased revenue, NPAT and dividends. The overall level of
remuneration takes into consideration the performance of the Group over several years. The performance of the Group over the
past five years is summarised below:
GROUP PERFORMANCE
20232022202120202019
Revenue ($'000)629,562595,210 556,486 492,060 569,500
Comparable EBIT* ($'000)58,889 62,870 56,594 25,686 34,608
Profit for the year attributable to
owners of the Company ($'000)
35,18246,712 41,015 3,059 16,498
Earnings per share (cents)9.20c12.03c10.57c0.79c4.26c
Dividends paid during the
financial year
1
($'000)
30,71925,239 11,636 5,817 19,365
Market capitalisation ($'000)339,822361,105 322,158 131,841 209,385
Share price at year end ($)0.900.93 0.83 0.34 0.54
Return on average total assets6.7%9.3%9.0%0.7%4.3%
*EBIT and Comparable EBIT are Non-IFRS Information and are unaudited. Please refer to Non-IFRS Information in the Directors' Report for an
explanation of Non-IFRS information and a reconciliation of EBIT and Comparable EBIT.
¹The dividends paid in FY21 are the postponed interim dividend for FY20 and the interim dividend for FY21. No final dividend was declared for FY20.
The first graph below shows the share price growth and movement compared to the ASX300 whilst the second graph shows the
dividend paid and yield per financial year.
Jan 23Jul 22Jan 22Jul 21Jan 21Jul 20Jan 20Jul 19
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Share PriceASX 300 (RHS)DividendYield (RHS)
FY23FY22FY21FY20
cents per share
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1%
0%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Share Price and ASX 300Dividend and Yield

60 MICHAEL HILL | 2023 ANNUAL REPORT
The graphs below show the relationship of KMP remuneration to revenue and Adjusted Earnings Per Share
2
for the last four
financial years.
2
Adjusted Earnings Per Share is calculated similarly to statutory Earnings Per Share except EBIT is adjusted to Comparable EBIT as set out in the
Directors' Report.
FY23 EXECUTIVE KMP REMUNERATION
In the lead up to FY23, PricewaterhouseCoopers were engaged to conduct benchmarking on KMP remuneration. As per our policy,
this formal benchmarking activity is conducted every three years. The findings from this activity contributed to the remuneration
outcomes for FY23 KMP remuneration. Any changes to remuneration mix are outlined in this section.
REMUNERATION MIX
The total remuneration for Executive KMPs comprises both fixed remuneration and at risk components in the form of on target
STI, outperformance STI and LTI. The remuneration mix is designed to compensate KMP in a way that strongly correlates to Group
performance. The outperformance STI gives the Executive KMPs the ability to earn the equivalent on target STI value in cash.

KMP
FIXED
REMUNERATION
MAXIMUM STILT ITOTAL
Daniel Bracken – CEO35.0%32.0%33.0%100.0%
Andrew Lowe – CFO49.0%32.0%19.0%100.0%
FIXED REMUNERATION
Fixed remuneration is reviewed annually, and our policy in this review is to consider the consumer price index (CPI), Executive
performance and retention, and increases to any applicable superannuation concessional contributions cap. Remuneration is set
with reference to market competitive rates in comparable companies for similar positions adjusted for the experience, ability and
effectiveness of the individual Executive KMP. Fixed remuneration includes base salary and superannuation contributions at the rate
of the concessional contributions cap. At the commencement of the reporting period, the base salary of the CEO increased by
4.50% and the base salary of the CFO increased by 4.96%. Superannuation was maintained at the concessional contributions cap of
$27,500 for both KMP.
SHORT TERM INCENTIVE SCHEME
The Group’s STI program is designed to reward delivery of annual profit targets and ensure achievement of strategic and
operational objectives. The STI is detailed in performance scorecards that are set by the PDRC. The scorecards detail the
performance goals, targets and weightings for each Executive across the key performance areas of financial, strategy, customer
and people. The CEO’s scorecard is comprised of core objectives from each Executive’s scorecard.
The program is supported by a performance management system giving visibility and transparency of progress by each Executive.
Performance against key performance indicators (KPIs) is formally measured on a biannual basis and informally in regular meetings.
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$500m
$550m
$600m
$700m
Revenue (RHS)KMP FixedKMP STIKMP LTI
FY23FY22FY21FY20
FY23FY22FY21FY20
0
(4)
(2)
2
4
6
8
10
12
14
cents per share
Adjusted EPS (RHS)KMP FixedKMP STIKMP LTI
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
KMP Remuneration and Revenue
KMP Remuneration and Adjusted
Earnings Per Share

MICHAEL HILL | 2023 ANNUAL REPORT 61
The STI program in FY23 for KMP was structured as follows:
Performance period
Annual award for Financial KPI
Six monthly award for Strategy, Customer and People KPIs
Opportunity
CEO – 92% of fixed remuneration comprised of 46% for on target performance, and 46% for
outperformance (this represents a reduction of 13% on FY22)
CFO – 66% of fixed remuneration comprised of 33% for on target performance, and 33% for
outperformance (this represents an increase of 1% on FY22)
How the STI is paid?In cash for on target performance and in cash for outperformance
On target performance measures
Financial KPI 60% weighting
Strategy, Customer and People KPIs 40% weighting
Performance measure for
outperformance component
Starting at $2.0m above FY23 budgeted EBIT and increasing progressively
How is STI assessed?
The PDRC reviews the CEO’s performance against the performance targets and objectives set
for that year. The CEO assesses the performance of the CFO, with the CEO having oversight of
his direct reports and the day-to-day functions of the Company. The PDRC reviews the assessed
performance for Board endorsement.
STI OUTCOMES
The following tables detail the FY23 STI scorecard KPIs and assessment applied to the CEO.
KPI2023 PERFORMANCE ASSESSMENT
Financial (60% weighting)
EBIT
The Committee used discretion to award 50% of the on target EBIT
STI due to the significant costs related to New Zealand security which
materially impacted profit in New Zealand
Strategy (15% weighting)
Growth, Cyber security, Store of the future, Brand ambassador
On target performance achieved for all objectives
Customer (15% weighting)
Store refresh program, Insurance, Brilliance by Michael Hill loyalty
program, data and insights
On target performance achieved for all objectives
People (10% weighting)
Culture and engagement, ESG
On target performance achieved for all objectives

62 MICHAEL HILL | 2023 ANNUAL REPORT
Performance period3 years
Opportunity
CEO – 95% of fixed remuneration (this represents an increase of 42% on FY22)
CFO – 40% of fixed remuneration (this represents an increase of 7.5% on FY22)
InstrumentShare rights
Performance metric
Total Shareholder Return (TSR) compound annual growth rate (CAGR) over 3 years
Earnings per Share (EPS) CAGR over 3 years
Vesting condition
Subject to remaining an employee of the Group at the performance hurdle assessment date (10 days
following the release of the FY25 results), and satisfaction of the TSR and EPS target metrics, share rights
will vest in accordance with a sliding vesting schedule.
The absolute TSR sliding vesting schedule is as follows:
• No rights vest if TSR is equal to or less than 10% CAGR
• 10% of share rights vest for each 1% increase in CAGR performance between 10% CAGR to 20% CAGR
• 100% of share rights vest if TSR is equal to or above 20% CAGR
The EPS sliding vesting schedule is as follows:
• No rights vest if EPS is equal to or less than 5% CAGR
• 10% of share rights vest for each 1% increase in CAGR between 5% CAGR to 10% CAGR
• 100% of share rights vest if EPS is equal to or above 10% CAGR
Awards are subject to a service condition requiring the Executive KMP to remain employed by the Group
until the performance hurdle assessment date
Rationale for the performance
metric and condition
The absolute TSR and EPS metrics have been deemed by the PDRC to be a suitable market based
measure to create alignment between the interests of Executive KMP and the interests of shareholders
What happens when a KMP
ceases employment?
If the KMP’s employment is terminated for cause, or due to resignation, all unvested share rights will
lapse, unless the Board determines otherwise
Dividends and voting rights
Share rights do not confer on the holder any entitlement to any dividends or other distributions by the
Group or any right to attend or vote at any general meeting of the Group
ANALYSIS OF BONUSES INCLUDED IN REMUNERATION
INCENTIVEREMUNERATION
KMP’s short-term
incentive cash bonuses
On target
achieved

%
Out-
performance
achieved
%
Total potential
available

$
Cash STI
component

$
Total STI
included

$
Amount forfeited

$
Daniel Bracken 70 0 979,570342,850342,850636,721
Andrew Lowe 70 0359,700125,895125,895233,805
The CEO and CFO earned 70% of their on target STI. This STI was awarded due to the achievement of 100% of the strategy,
customer and people performance measures, and 50% of on target EBIT performance due to the discretion the Committee applied.
LONG TERM INCENTIVE SCHEME
The FY23 LTI program for KMP was structured as follows:

MICHAEL HILL | 2023 ANNUAL REPORT 63
FY23 LTI OUTCOMES
Both Executive KMP were eligible to participate in the FY23 LTI
in accordance with the LTI program detailed in the preceding
table. For the CEO, the grant of share rights under the FY23 LTI
plan was approved by shareholders at the FY22 Annual General
Meeting. Further details of the number of share rights granted
to the CEO and CFO in relation to the FY23 LTI can be found
later in this report under the heading ‘Reconciliation of Options
and Share Rights held by KMP’.
OTHER BENEFITS
Executive KMP do not receive additional benefits, such as non-
cash benefits, other than superannuation, as part of the terms
and conditions of their appointment. Loans are not provided.
SERVICE CONTRACTS
It is the Group’s policy that service contracts for KMP are
unlimited in term but capable of termination on three months’
notice (six months in the case of the CEO) and that the Group
retains the right to terminate the contract immediately, by
making payment equal to three months’ pay in lieu of notice
(or six months in the case of the CEO). KMP are also entitled
to receive on termination of employment their statutory
entitlements of accrued annual and long service leave,
together with any superannuation benefits.
FY23 NON-EXECUTIVE DIRECTOR REMUNERATION
Total compensation for all Non-Executive Directors, last voted upon by shareholders on 29 June 2016, is not to exceed $840,000 per
annum. Directors’ base fees for FY23 were $106,945 per annum. The Board Chair receives twice the base fee. Additional fees are
paid where a Director is Chair of a committee.
It is the Company’s policy to consider CPI and the WPI in determining any increase to Directors’ fees annually. In FY23, CPI was
6.1% and WPI was 2.6%. It was decided that that the appropriate measure to apply was WPI and the Non-Executive Director fees
increased by the WPI percentage of 2.6%.
All Non-Executive Directors enter into a service agreement with the Company in the form of a letter of appointment. The letter
summarizes the Board policies and terms, including remuneration, relevant to the office of Director. Non-Executive Directors do
not receive performance-related compensation. Directors’ fees cover all main Board activities and membership of committees.
Non-Executive Directors are not provided with retirement benefits apart from statutory superannuation.
Committee Chair fees$
People Development and Remuneration22,095
Audit and Risk33,143

64 MICHAEL HILL | 2023 ANNUAL REPORT
DIRECTOR AND EXECUTIVE REMUNERATION OUTCOMES
FOR FY23
Details of the nature and amount of each major element of remuneration of each Director of the Company and other KMP of the
consolidated entity are:
SHORT-TERM
LONG-
TERM
POST-EMPLOYMENT
SHARE-
BASED
PAYMENTS
NameSalary &
fees*


$
STI cash
bonus


$
Non-monetary
benefits
(deferred
share rights)
$
Total



$
Long
service
leave

$
Super-
annuation
benefits

$
Termination
benefits


$
Share rights



$
Total



$
Proportion
remuneration
performance
related
$
Value of
rights as
proportion of
remuneration
$
Non-Executive Directors
Emma Jane Hill
2023 128,748-- 128,748---- 128,748--
2022121,907 --121,907 ----121,907 --
Sir Richard Michael Hill
2023 106,702-- 106,702---- 106,702--
2022101,034 --101,034 ----101,034 --
Gary Warwick Smith
2023 126,634-- 126,634- 13,454-- 140,088--
2022124,125 --124,125 -12,413 --136,538 --
Robert Ian Fyfe
2023 213,405-- 213,405---- 213,405--
2022202,068 --202,068 ----202,068 --
Jacqueline Elizabeth Naylor
2023 96,674-- 96,674- 10,390-- 107,064--
202294,759 --94,759 -9,476 --104,235--
Total Non-Executive Director Remuneration
2023 672,163-- 672,163- 23,844-- 696,007--
2022643,893 --643,893 -21,889 --665,782 --

MICHAEL HILL | 2023 ANNUAL REPORT 65
KMP
Daniel Bracken, CEO
2023 1,062,937 342,850- 1,405,787 21,252 27,500- 290,033 1,744,57219.65%16.62%
20221,050,052 535,544 535,543 2,121,139 35,231 27,500 -156,176 2,340,046 45.77%6.67%
Andrew Lowe, CFO
2023 523,568 125,895- 649,463 11,117 27,500- 78,139 766,21916.43%10.20%
2022502,689 169,179 169,179 841,047 15,673 27,500 - 47,161 931,381 36.33%5.06%
Total KMP Remuneration
2023 1,586,505 468,745- 2,055,250 32,369 55,000- 368,172 2,510,79118.67%14.66%
20221,552,741 704,723 704,722 2,962,186 50,904 55,000 - 203,337 3,271,427 43.08%6.22%
Total Director and KMP Remuneration
2023 2,258,668 468,745- 2,727,413 32,369 78,844- 368,172 3,206,79814.62%11.48%
20222,196,634 704,723 704,722 3,606,079 50,904 76,889 - 203,337 3,937,209 35.80%5.16%
*Salary and fees include the net leave entitlement accrual, calculated as leave accrued less leave taken.
SHORT-TERM
LONG-
TERM
POST-EMPLOYMENT
SHARE-
BASED
PAYMENTS
NameSalary &
fees*


$
STI cash
bonus


$
Non-monetary
benefits
(deferred
share rights)
$
Total



$
Long
service
leave

$
Super-
annuation
benefits

$
Termination
benefits


$
Share rights



$
Total



$
Proportion
remuneration
performance
related
$
Value of
rights as
proportion of
remuneration
$

66 MICHAEL HILL | 2023 ANNUAL REPORT
ADDITIONAL STATUTORY
INFORMATION
EQUITY INSTRUMENTS
All options or rights refer to options or rights over ordinary
shares of Michael Hill International Limited, which are
exercisable on a one-for-one basis under the executive
incentive plan.
MODIFICATION OF TERMS
OF EQUITY-SETTLED
SHARE-BASED PAYMENT
TRANSACTIONS
No terms of equity-settled share-based payment transactions
(including options and rights granted as compensation to
a KMP) have been altered or modified by the issuing entity
during the reporting period or the prior period. Upon exercise
of any option previously granted with a NZ$ exercise price,
the exercise price will be converted to AU$ with reference to
the Reserve Bank of Australia foreign exchange rate on that
date. The exercise price of any future option grants will be set
by using the same method, with reference to the Australian
Securities Exchange ('ASX').
ANALYSIS OF OPTIONS
AND RIGHTS OVER EQUITY
INSTRUMENTS GRANTED AS
COMPENSATION
No options were granted to KMP as compensation for the
financial year.
SHARE RIGHTS
The number of share rights issued to KMP and senior
management during FY23 was 4,001,391 share rights. Of these,
share rights issued to KMP are set out below. Refer to note D3
of the accompanying financial report for further details.
SHARE RIGHTS
KMPIssued during the year
Number
Fair value per share right
$
Daniel Bracken 1,386,750 0.85
Andrew Lowe 347,060 0.85

MICHAEL HILL | 2023 ANNUAL REPORT 67
BALANCE AT START OF THE YEAR
BALANCE AT END
OF THE YEAR
KMP share
rights movements
Vested and
exercisable
UnvestedIssuedForfeitedVestedExercisedVested and
exercisable
Unvested
Daniel Bracken*
FY19 LTI Plan
Tranche One- 27,504 - - 27,504- 27,504 -
Tranche Two- 27,504-- 27,504- 27,504-
Tranche Three- 55,010----- 55,010
FY20 LTI Plan
Tranche One- 35,615-- 35,615- 35,615-
Tranche Two- 35,615----- 35,615
Tranche Three- 71,229----- 71,229
FY21 LTI Plan
Single Issue- 2,057,738----- 2,057,738
FY22 LTI Plan
Single Issue- 634,081----- 634,081
FY22 STI Plan
Single Issue--480,051-480,051-480,051-
FY23 LTI Plan
Single Issue--906,699----906,699
RECONCILIATION OF OPTIONS AND SHARE RIGHTS HELD
BY KMP
No options are held by KMP. The number of rights over ordinary shares held during the financial year by KMP, including the number
issued, vested, exercised and forfeited is set out below:

68 MICHAEL HILL | 2023 ANNUAL REPORT
Andrew Lowe
FY18 LTI Plan
Tranche Two- 4,325 - - 4,325 (4,325) --
Tranche Three- 8,648 -- 8,648 - 8,648 -
FY19 LTI Plan
Tranche One- 8,365 - - 8,365 (8,365)--
Tranche Two- 8,365 -- 8,365 - 8,365 -
Tranche Three- 16,733 ----- 16,733
FY20 LTI Plan
Tranche One- 6,424 - 6,424 - 6,424 -
Tranche Two- 6,424 ----- 6,424
Tranche Three- 12,847 ----- 12,847
FY21 LTI Plan
Single Issue- 603,119 ----- 603,119
FY22 LTI Plan
Single Issue- 200,307 ----- 200,307
FY22 STI Plan
Single Issue--151,649151,649-151,649-
FY23 LTI Plan
Single Issue-- 195,411 ---- 195,411
Total- 3,819,853 1,733,810- 758,450(12,690) 745,760 4,795,213
*Share rights granted to Daniel Bracken during the reporting period were approved by shareholders at the Company's 2022 AGM as required
by ASX Listing Rule 10.14.
BALANCE AT START OF THE YEAR
BALANCE AT END
OF THE YEAR
Vested and
exercisable
UnvestedIssuedForfeitedVestedExercisedVested and
exercisable
Unvested

MICHAEL HILL | 2023 ANNUAL REPORT 69
SHAREHOLDINGS
The number of ordinary shares held during the financial year by KMP is set out below:
NAME
BALANCE
AT START OF
THE YEAR
RECEIVED ON
EXERCISE OF
RIGHTS
OTHER
CHANGES
BALANCE AT
END OF THE
YEAR
Non-Executive Directors
Emma Hill* 167,487,526 - - 167,487,526
Sir Richard (Michael) Hill* 148,330,600 - - 148,330,600
Gary Smith80,000 - - 80,000
Robert Fyfe 2,293,640 - (340,062)1,953,578
Jacqueline Naylor160,000 - - 160,000
KMP
Daniel Bracken201,869 - -201,869
Andrew Lowe 4,325 12,690- 17,015
*Includes common shareholding due to a related party.

70 MICHAEL HILL | 2023 ANNUAL REPORT
VOTING OF SHAREHOLDERS
AT LAST YEAR’S ANNUAL
GENERAL MEETING
The Company received 94.7% of “For” votes on its
remuneration report for FY22. The Company did not receive
any specific feedback at the AGM or throughout the year on its
remuneration practices.
INSURANCE OF OFFICERS
AND INDEMNITIES
The Company’s Constitution provides that it may indemnify
any person who is, or has been, an officer of the Group,
including the directors, the Secretaries and other officers,
against liabilities incurred whilst acting as such officers to
the extent permitted by law. The Company has entered into
a Deed of Indemnity, Insurance and Access with each of the
Company’s directors, Company Secretaries and certain other
officers. No director or officer of the Company has received
benefits under an indemnity from the Company during or
since the end of the year.
The Company has paid a premium for insurance for officers
of the Group. This insurance is against a liability for costs and
expenses incurred by officers in defending civil or criminal
proceedings involving them as such officers, with some
exceptions. The contract of insurance prohibits disclosure of
the nature of the liability insured against and the amount of the
premium paid.
To the extent permitted by law, the Company has agreed to
indemnify its auditor, Ernst & Young, as part of the terms of its
audit engagement agreement against claims by third parties
arising from the audit (for an unspecified amount). No payment
has been made to indemnify Ernst & Young during or since the
financial year.
NON-AUDIT SERVICES
The following non-audit services were provided by the entity's
auditor, Ernst & Young (Australia). The directors are satisfied
that the provision of non-audit services is compatible with the
general standard of independence for auditors imposed by the
Corporations Act 2001. The nature and scope of each type of
non-audit service provided means that auditor independence
was not compromised.
Ernst & Young (Australia) received or are due to receive the
following amounts for the provision of non-audit services:
ERNST & YOUNG (AUSTRALIA)
2023
$
2022
$
Advisory fees- 3,682
Total remuneration for non-audit services - 3,682
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 (Cth) is included in
this report.
ROUNDING OF AMOUNTS
The Company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the 'rounding off' of amounts in the
Directors' Report. Amounts in the Directors' Report have been rounded off in accordance with the instrument to the nearest
thousand dollars, or in certain cases, to the nearest dollar.
This report is made on 25 August 2023 in accordance with a resolution of directors as required by section 298 of the
Corporations Act 2001.
R I Fyfe
Chair
Brisbane
25 August 2023

MICHAEL HILL | 2023 ANNUAL REPORT 71
AUDITOR’S INDEPENDENCE DECLARATION
TO THE DIRECTORS OF MICHAEL HILL
INTERNATIONAL LIMITED
As lead auditor for the audit of the financial report of Michael Hill International Limited for the financial year ended 2 July 2023,
I declare to the best of my knowledge and belief, there have been:
a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
b. No contraventions of any applicable code of professional conduct in relation to the audit; and
c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Michael Hill International Limited and the entities it controlled during the financial year.
Ernst & YoungKellie McKenzie
Partner
25 August 2023
Ernst & Young
111 Eagle Street
Brisbane QLD 4000 Australia
GPO Box 7878 Brisbane QLD 4001
Tel: +61 7 3011 3333
Fax: +61 7 3011 3100
ey.com/au
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation

72 MICHAEL HILL | 2023 ANNUAL REPORT
“ It has been a very busy year
at Michael Hill and I’d like to
both acknowledge and thank
the team for their unwavering
focus and energy throughout
the year.”
DANIEL BRACKEN, MANAGING DIRECTOR & CEO

MICHAEL HILL | 2023 ANNUAL REPORT 73
FINANCIAL STATEMENTS
74
Consolidated
Statement of Profit
or Loss and Other
Comprehensive
Income
79
Notes to the
Financial
Statements
75
Consolidated
Statement of
Financial Position
126
Directors’
Declaration
76
Consolidated
Statement of
Changes In Equity
127
Independent
Auditor’s Report
77
Consolidated
Statement of
Cash Flow
133
ASX Listing
– Additional
Information
The Directors present the
consolidated financial statements of
Michael Hill International Limited
for the year ended 2 July 2023

74 MICHAEL HILL | 2023 ANNUAL REPORT
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
PROFIT OR LOSS
Notes 2023
$’000
2022
$’000
Revenue from contracts with customersA2629,562595,210
Other incomeA32,2568,913
Cost of goods sold(225,122)(210,384)
Employee benefits expenseD1(168,357)(155,332)
Occupancy costs(9,928)(9,446)
Marketing expenses(44,152)(41,174)
Selling expenses(20,871)(17,674)
Reversal/(impairment) of property, plant and equipment and
other assets
B12,244(3,774)
Depreciation and amortisation expenseF1(57,724)(51,944)
Loss on disposal of property, plant and equipment(116)(231)
Administrative expenses(25,533)(24,157)
Other expenses(22,581)(16,755)
Finance expensesF1(9,931)(7,549)
Profit before income tax49,74765,703
Income tax expenseF8(14,565)(18,991)
Profit for the year35,18246,712
OTHER COMPREHENSIVE INCOME
Notes 2023
$’000
2022
$’000
Item that may be reclassified subsequently to profit or loss:
Currency translation differences arising during the year(2,554)(977)
Other comprehensive income for the year, net of tax(2,554)(977)
Total comprehensive income for the year32,62845,735
Total comprehensive income for the year is attributable to:
Owners of Michael Hill International Limited
32,62845,735
EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO THE ORDINARY EQUITY HOLDERS OF THE COMPANY
Notes 2023
cents
2022
cents
Basic earnings per shareF29.2012.03
Diluted earnings per shareF29.0011.86
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

MICHAEL HILL | 2023 ANNUAL REPORT 75
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSETS
Notes 2023
$’000
2022
$’000
Current assets
Cash and cash equivalentsB120,86795,844
Trade and other receivablesF314,5337,541
InventoriesA4203,260181,539
Current tax receivables689944
Contract assetsA2452845
Other current assets5,0615,419
Total current assets244,862292,132
Non-current assets
Trade and other receivables F3995227
Right-of-use assetsA5139,052107,385
Property, plant and equipmentF457,80641,012
GoodwillG117,695-
Other intangible assetsF536,21510,989
Deferred tax assetsF849,11858,552
Contract assets A2371488
Other non-current assets374394
Total non-current assets301,626219,047
Total assets546,488511,179
LIABILITIES
Current liabilities
Trade and other payablesF671,20278,397
Lease liabilitiesA541,07538,183
Contract liabilitiesA220,68524,818
ProvisionsF713,24514,306
Current tax liabilities6,7682,093
Deferred revenue212799
Deferred considerationG11,814-
Total current liabilities155,001158,596
Non-current liabilities
Lease liabilities A5117,51891,386
Contract liabilities A259,41858,605
BorrowingsB212,500-
Provisions F710,8797, 4 9 7
Deferred considerationG12,557-
Total non-current liabilities202,872157,488
Total liabilities357,873316,084
Net assets188,615195,095
EQUITY
Contributed equityF1011,11211,388
Reserves2,6093,369
Retained profits174,894180,338
Total equity188,615195,095
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

76 MICHAEL HILL | 2023 ANNUAL REPORT
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to owners of Michael Hill
International Limited
Notes



Contributed
Equity


$’000
Share-Based
Payments
Reserve

$’000
Foreign
Currency
Translation
Reserve
$’000
Retained
Profits


$’000
Total Equity



$’000
Balance at 27 June 2021 11,2856373,579158,812174,313
Profit for the year - - - 46,71246,712
Currency translation differences - - (977)- (977)
Total comprehensive income
for the year
- - (977)46,71245,735
Transactions with members in their capacity
as owners:
Dividends paidB3- - - (25,239)(25,239)
Issue of share capital on exercise of share rightsF11103(103)- - -
Transfer option reserve on forfeiture of vested optionsD3- (53)- 53-
Share-based payments expenseD3- 286- - 286
103130(25,186)(24,953)
Balance at 26 June 202211,3887672,602180,338195,095
Profit for the year- - - 35,18235,182
Currency translation differences- - (2,554)- (2,554)
Total comprehensive income for
the year
- - (2,554)35,18232,628
Transactions with members in their capacity
as owners:
Dividends paid/providedB3- - - (30,719)(30,719)
Issue of share capital on exercise of share rightsF1024(24)- - -
Share-based payments expenseD3- 1,818- -1,818
Share buy-backF10(300) -- (9,907)(10,207)
(276)1,794- (40,626)(39,108)
Balance at 2 July 202311,1122,56148174,894188,615
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

MICHAEL HILL | 2023 ANNUAL REPORT 77
CONSOLIDATED STATEMENT OF CASH FLOWS
Notes 2023
$’000
2022
$’000
Cash flows from operating activities
Receipts from customers (inclusive of GST and sales taxes)693,744686,575
Payments to suppliers and employees (inclusive of GST
and sales taxes)
(571,361)(541,509)
122,383145,066
Proceeds from sale of in-house Canadian customer
finance debtors
-14,209
Interest received79216
Other revenue received1,4604,477
Interest paid(919)(795)
Leasing interest paidA5(8,791)(6,682)
Income tax paid(6,728)(8,280)
Net GST and sales taxes paid(28,125)(36,437)
Net cash inflow from operating activitiesB180,072111,574
Cash flows from investing activities
Proceeds from sale of property, plant and equipment6136
Payments for property, plant and equipmentF4(26,479)(15,611)
Payments for intangible assetsF5(7,792)(6,860)
Acquisition of Bevilles, net of cash acquiredG1(48,113)-
Net cash (outflow) from investing activities(82,323)(22,435)
Cash flows from financing activities
Proceeds from borrowingsB221,500-
Repayment of borrowingsB2(9,000)-
Principal portion of lease paymentsA5(45,098)(40,464)
Dividends paid to Company's shareholdersB3(30,719)(25,239)
Share buyback / share options exercisedF10(10,207)-
Net cash (outflow) from financing activities(73,524)(65,703)
Net increase in cash and cash equivalents(75,773)23,435
Cash and cash equivalents at the beginning
of the financial year
95,84472,361
Effects of exchange rate changes on cash
and cash equivalents
79648
Cash and cash equivalents at the end of the financial yearB120,86795,844
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

78 MICHAEL HILL | 2023 ANNUAL REPORT

MICHAEL HILL | 2023 ANNUAL REPORT 79
NOTES TO THE
FINANCIAL STATEMENTS
NOTES TO THE
FINANCIAL STATEMENTS
Corporate Information 80
A Financial Overview 80
A1 Segment Information 80
A2 Revenue 82
A3 Other Income 84
A4 Inventories 85
A5 Leases 85
B Cash Management 88
B1 Cash And Cash Equivalents 88
B2 Borrowings 89
B3 Dividends 89
C Financial Risk Management 90
C1 Financial Risk Management 90
C2 Derivative Financial
Instruments 94
C3 Capital Management 94
D Reward And Recognition 95
D1 Employee Benefits 95
D2 Key Management Personnel 95
D3 Share-Based Payments 95
E Related Parties 98
F Other Information 99
F1 Expenses 99
F2 Earnings Per Share 99
F3 Trade And Other Receivables 100
F4 Property, Plant And Equipment 102
F5 Intangible Assets 104
F6 Trade And Other Payables 105
F7 Provisions 105
F8 Tax 106
F9 Auditors’ Remuneration 109
F10 Contributed Equity 109
F11 Reserves 110
G Business Combination 111
G1 Acquisition Of Bevilles 111
H Group Structure 113
H1 Interests In Other Entities 113
H2 Deed Of Cross Guarantee 114
H3 Parent Entity Financial
Information 117
I Unrecognised Items 118
I1 Contingencies
And Commitments 118
I2 Events Occurring After The End Of
The Reporting Period 118
J Summary of Accounting
Policies & Significant
Estimates & Judgements 119
J1 Summary Of Significant
Accounting Policies 119
J2 Significant Estimates
And Judgements 125

80 MICHAEL HILL | 2023 ANNUAL REPORT
NOTES TO THE FINANCIAL
STATEMENTS
CORPORATE INFORMATION
The consolidated financial statements of Michael Hill International Limited and its subsidiaries (collectively, the Group) for the
year ended 2 July 2023 were authorised for issue in accordance with a resolution of the directors on 25 August 2023. Michael Hill
International Limited (the Company or Parent) is a for profit company limited by shares incorporated in Australia. The Company
is listed on the Australian Securities Exchange ('ASX') as its primary listing, and maintains a secondary listing on the New Zealand
Stock Exchange ('NZX').
A FINANCIAL OVERVIEW
A1 SEGMENT INFORMATION
Management have determined the operating segments
based on the reports reviewed by the Board and
Executive Management team (chief operating decision
makers (CODM)) that are used to make strategic
decisions. The Board and Executive Management team
consider, organise and manage the business primarily
from a geographic perspective, being the country of
origin where the sale and service was performed.
The amounts provided to the Board and Executive
Management team in respect of total assets and
liabilities are measured in a manner consistent with
the financial statements. These reports do not allocate
total assets or total liabilities based on the operations
of each segment or by geographical location.
The Group's operations are in three geographical
segments: Australia, New Zealand and Canada.
The Corporate and other segment includes revenue
and expenses that do not relate directly to the relevant
Michael Hill retail segments. These predominately relate
to corporate costs and Australian based support costs,
but also include manufacturing activities, warehouse
and distribution, interest and company tax. Inter-
segment pricing is at arm's length or market value.
The segment disclosures are prepared excluding the impact
of AASB 16 Leases and IFRIC SaaS guidance. An adjustment
column representing these entries has been included
for the purposes of reconciliation to statutory results.
TYPES OF PRODUCTS AND SERVICES
Michael Hill International Limited and its controlled
entities operate predominately in the sale of jewellery
and related services.
MAJOR CUSTOMERS
Michael Hill International Limited and its controlled entities
sell goods and provide services to a number of customers
from which revenue is derived. There is no single customer
from which the Group derives more than 10% of total
consolidated revenue.

MICHAEL HILL | 2023 ANNUAL REPORT 81
YEAR ENDED 26 JUNE 2022
Australia

$’000
New
Zealand
$’000
Canada

$’000
Corporate
& other
$’000
Group pre-
adjustments
$’000
Adjustments

$’000
Group

$’000
Operating revenue303,409 117,594 174,030 177 595,210 -595,210
Gross profit196,936 74,716 112,947 227 384,826 -384,826
Gross margin64.9%63.5%64.9%64.7%64.7%
EBITDA*58,826 30,765 39,648 (46,114)83,125 42,055 125,180
Depreciation and
amortisation
(7,021)(2,356)(5,455)(2,560)(17,392)(34,552)(51,944)
Segment EBIT*51,805 28,409 34,193 (48,674)65,733 7,503 73,236
EBIT as a % of revenue17.1%24.2%19.6%11.0%12.3%
Interest income---16 16 -16
Finance costs(50)(2)-(815)(867)(6,682)(7,549)
Net profit before tax51,755 28,407 34,193 (49,473)64,882 821 65,703
Income tax expense(18,991)
Net profit after tax46,712

*EBIT and EBITDA are non-IFRS information. Please refer to non-IFRS information in the Directors' Report for an explanation of non-IFRS information
and a reconciliation of EBIT to statutory results.
YEAR ENDED 2 JULY 2023
Australia

$’000
New
Zealand
$’000
Canada

$’000
Corporate
& other
$’000
Group pre-
adjustments
$’000
Adjustments

$’000
Group

$’000
Operating revenue331,007121,470176,442643629,562-629,562
Gross profit211,82375,193111,6295,795404,440-404,440
Gross margin64.0%61.9%63.3%64.2%64.2%
EBITDA*63,77426,84236,753(48,701)78,66837,939116,607
Depreciation and
amortisation
(10,242)(3,292)(6,742)(2,197)(22,473)(35,251)(57,724)
Segment EBIT*53,53223,55030,011(50,898)56,1952,68858,883
EBIT as a % of revenue16.2%19.4%17.0%8.9%9.4%
Interest income3--792795-795
Finance costs(155)(3)-(982)(1,140)(8,791)(9,931)
Net profit before tax53,38023,54730,011(51,089)55,850(6,103)49,747
Income tax expense(14,565)
Net profit after tax35,182
SEGMENT RESULTS

82 MICHAEL HILL | 2023 ANNUAL REPORT
2022
Timing of
revenue recognition
Australia
$’000
New Zealand
$’000
Canada
$’000
Corporate & other
$’000
Total
$’000
At a point in time286,687 111,886162,665 55 561,293
Over time16,722 5,708 11,365 122 33,917
303,409 117,594174,030 177 595,210
A2 REVENUE
2023
$’000
2022
$’000
Revenue from sale of goods and repair services595,105561,293
Revenue from Professional Care Plans (PCP)32,90530,742
Interest and other revenue from in-house customer finance program5902,437
Revenue from Lifetime Diamond Warranty (LTDW)962738
Total revenue from contracts with customers629,562595,210
DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
The Group derives revenue from the transfer of goods and services over time and at a point in time in the following
geographical regions:
2023
Timing of
revenue recognition
Australia
$’000
New Zealand
$’000
Canada
$’000
Corporate & other
$’000
Total
$’000
At a point in time311,884114,588168,248385595,105
Over time19,1236,8828,19425834,457
331,007121,470176,442643629,562
NOTES TO THE FINANCIAL STATEMENTS CONT.

MICHAEL HILL | 2023 ANNUAL REPORT 83
2023
$’000
2022
$’000
Right of return assets257577
Deferred PCP bonuses566756
Total contract assets8231,333
Deferred service revenue – PCP73,86077,148
Deferred service revenue – Lifetime Diamond Warranty5,6644,808
Right of return liabilities5791,467
Total contract liabilities80,10383,423
2023
$’000
2022
$’000
Revenue recognised that was included in the contract liability balance
at the beginning of the year
22,07524,896
Impact on revenue recognised relating to performance obligations satisfied
in previous years
2,319 -
ASSETS AND LIABILITIES RELATED TO CONTRACTS WITH CUSTOMERS
REVENUE RECOGNISED IN RELATION TO CONTRACT LIABILITIES
The following table shows how much of the revenue recognised in the current reporting year relates to carried-forward contract
liabilities and how much relates to performance obligations that were satisfied or partially satisfied in a prior year:
Revenue recognition patterns are regularly reassessed based on new and historical trends resulting in remeasurement of revenue
recognised in previous years.

84 MICHAEL HILL | 2023 ANNUAL REPORT
ACCOUNTING POLICIES AND SIGNIFICANT
ESTIMATES
(i) Sale of goods
Sales of goods are recognised when a Group entity delivers
a product to the customer. Retail sales are usually by cash,
payment and instalment plans or debit and credit cards.
The recorded revenue is the gross amount of sale (excluding
taxes), including any fees payable for the transaction and net
amounts deferred under AASB 15 Revenue from Contracts with
Customers such as significant financing components
and potential customer returns.
(ii) Repair services
Sales of services for repair work performed is recognised in the
accounting period in which the services are performed.
(iii) Deferred service revenue and expenses
The Group offers a PCP product which is considered deferred
revenue until such time that service has been provided. A PCP
is a plan under which the Group offers future services, such as
cleaning, repairs and resizing, to customers based on the type
of plan purchased. The Group subsequently recognises the
income in revenue in the Consolidated Statement of Profit
or Loss and Other Comprehensive Income once these services
are performed. An estimate based on the timing and quantum
of expected services under the plans is used as a basis to
establish the amount of service revenue to recognise in
the Consolidated Statement of Profit or Loss and
Comprehensive Income.
Direct and incremental sales staff bonuses associated with the
sale of PCPs are capitalised in contract assets and amortised in
proportion to the PCP revenue recognised.
(iv) Deferred interest revenue
Interest revenue is deferred on the in-house customer finance
program when the sale of the good or service occurs. It is
calculated as the difference between the nominal cash and
cash equivalents received from customers and the discounted
cashflows, on both interest and non-interest bearing products.
Interest revenue is brought to account over the term of the
finance agreement, and the rate used for non-interest bearing
products is in line with current, comparable market rates.
(v) Right of return assets and liabilities
Rights of return recognises the estimated returned sales under
the Group's return policy, being 30 days for all countries.
Management estimates the returned sales based on historical
sale return information and any recent trends that may suggest
future claims could differ from historical amounts. For sales
that are expected to be returned, the Group recognises a
right of return liability. The associated inventory value for
sales that are expected to be returned is recognised as a
right of return asset.
(vi) Lifetime Diamond Warranty
LTDW is a warranty provided to customers with the purchase
of jewellery items set with a diamond (excluding watches).
This has been deemed a service-type warranty and is
calculated with reference to the estimated value of service
provided to customers and the stand-alone value of customers
obtaining the service independently. Income in relation to
the LTDW is recognised in line with the estimated pattern of
customers utilising this service-type warranty.
A3 OTHER INCOME
Net foreign exchange losses of $1,570,000 have been presented in Other expenses (2022: net foreign exchange gains of $169,000).

2023
$’000
2022
$’000
Net foreign exchange gains-169
Government grants-2,864
Interest received79216
Other items1,4645,864
2,2568,913
NOTES TO THE FINANCIAL STATEMENTS CONT.