Annual Report to Shareholders

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
ANNUAL
REPORT
2024

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ANNUAL REPORT 2024
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, the term
“Group” or “Michael Hill Group” refer to the Company and its subsidiaries (as appropriate), and the use of “Michael Hill”, “Bevilles”, “TenSevenSeven” and “Medley”
is reference to the relevant brand within the Michael Hill Group.

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CONTENTS
04 COMPANY PROFILE
06 LETTER FROM THE CHAIR
08 CEO’S MESSAGE
10 PERFORMANCE HIGHLIGHTS
11 KEY FACTS
12 PERFORMANCE
14 TREND STATEMENT
17 SUSTAINABILITY SNAPSHOT
22 EXECUTIVE LEADERSHIP TEAM
25 DIRECTORS’ REPORT
35 INFORMATION ON DIRECTORS
41 REMUNERATION REPORT
52 ADDITIONAL STATUTORY INFORMATION
56 AUDITOR’S INDEPENDENCE DECLARATION
58 FINANCIAL STATEMENTS
63 NOTES TO FINANCIALS
100 CONSOLIDATED ENTITY DISCLOSURE STATEMENT
101 DIRECTORS’ DECLARATION
102 INDEPENDENT AUDITOR’S REPORT
108 ADDITIONAL SHAREHOLDER INFORMATION
110 CORPORATE DIRECTORY
The Directors are pleased to present
the annual report of Michael Hill
International Limited and its subsidiaries
for the year ended 30 June 2024.

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Additionally, in late 2023, the Group soft launched its new
bespoke brand TenSevenSeven, focused on servicing the high-
end of the market with its unique personalised diamond ring
proposition. With these new brands, the Michael Hill Group
now services all significant customer segments of the fine
jewellery category, and delivers multiple new growth pipelines.
Around the world, the Group employs over 3,400 employees
across retail sales, manufacturing and corporate roles. As at
30 June 2024, the Group operates 171 stores in Australia, 44
in New Zealand and 85 stores in Canada.
From 1979 to the present day, and as we look to the future,
the Michael Hill Group is dedicated to offering quality
jewellery and service for our customers to celebrate the key
moments in their lives.
At Michael Hill Group, 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
COMPANY
PROFILE
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 to
attainable jewellery with a high concentration of diamonds,
and the clever use of high impact advertising, Michael Hill
rapidly gained popularity and rose to national prominence.
In 2016, the Company 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 Group has been on a transformative
journey reshaping many aspects of the business, underpinned
by a clearly defined strategic agenda to elevate the Michael
Hill brand and drive growth. The strategic framework is
customer-led and continually evolving as we adapt to the
ever-changing landscape of retail. As the Michael Hill brand
continues its aspirational brand journey to a more premium
position, the acquisition of the Bevilles business in June 2023
provided a vehicle to retain market share at the value end of
the fine jewellery category.
THE MICHAEL HILL GROUP IS A MARKET LEADING JEWELLERY RETAILER, WITH A PORTFOLIO
OF BRANDS, OPERATING A NETWORK OF 300 STORES ACROSS AUSTRALIA, NEW ZEALAND
AND CANADA, WITH MULTIPLE INTERNATIONAL DIGITAL PLATFORMS.

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OUR PURPOSE
The people behind the
moments that matter

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OUR PEOPLE AND OUR VALUES
Retention and development of our team is a top Board and
management priority, and we see a strong correlation between
staff retention, sales performance and customer satisfaction.
Our people are the heart of our business, with our values
of “We care”, “We are inclusive and diverse”, “We are
professional”, and “We create outstanding experience”
truly embedded across the entire Company.
Pleasingly, our engagement survey was completed by 85%
of our workforce and resulted in an engagement score of
80%. Our results continue to outperform the global retail
averages demonstrating how hard we continue to work to
ensure that Michael Hill remains an employer of choice and
is a great place to work.
SUSTAINABILITY COMMITMENT
The challenging retail conditions have not dimmed our focus
on sustainability which is embraced across the organisation
as we pursue new initiatives and seek greater transparency
across the Group and throughout our supply chains.
I’m particularly proud of the launch of The Michael Hill
Foundation in late February 2024 representing our ongoing
commitment to meaningful change, and our dedication to
a better world. The Michael Hill Foundation encompasses
two key areas of focus: Empowering Women and Nature
Restoration.
Since the launch of the Foundation, we have planted over
50,000 trees across Australia, New Zealand and Canada,
and we have established a long-term partnership with the
Collective Good Foundation in India, with a focus on driving
projects to empower local women.
LETTER FROM
THE CHAIR
DEAR SHAREHOLDERS
CHALLENGING MARKET CONDITIONS
Undoubtedly, FY24 has been the most challenging year
I’ve experienced since joining the Board in 2014, as we
cycled record sales performance and were faced with
significant headwinds of low consumer confidence, a tough
macro-economic environment impacting retail trading
conditions and inflationary forces placing pressure on
operating costs across the business.
Pleasingly, we have now seen interest rate reductions in
both Canada and New Zealand, and while we are seeing
some early signs of improvement in trading performance,
we expect that the recovery will be gradual.
Given the difficult trading environment, the business
made some tough yet prudent decisions in order to navigate
the Group through one of the worst retail cycles for some
decades - exiting a number of senior leadership roles,
reducing unit operating costs, reducing capital expenditure,
and executing an inventory optimisation strategy.
COMMITMENT TO GROUP STRATEGY
Despite these challenges, we are seeing the benefits from
the geographic and demographic diversity of our business
and remain committed to our group multi-brand strategy,
with each brand uniquely positioned to a differentiated
customer segment and price proposition.
The gradual elevation of the Michael Hill brand to a more
premium position is key to this multi-brand strategy. The
refresh of the Michael Hill brand across digital platforms,
new brand logos and colour palette, together with Miranda
Kerr as our brand ambassador is resonating well across
all geographies.
During the year, we embedded the newly-acquired Bevilles
brand into the Group and are currently testing the extension
of the brand, with some new stores in the Queensland
market, some new product ranges and differentiated
marketing campaigns, in order to capture the value end
of the fine jewellery category.

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CAPITAL MANAGEMENT
As a proactive capital management measure, the Board
and Management have been focused on strengthening the
balance sheet and underpinning the earnings performance
by securing an uplift to our existing debt facility to support
seasonal working capital requirements for the Christmas
trade period. In addition, Management has taken action
to reduce capital expenditure across both technology and
stores throughout FY25, as well as taken steps to improve
inventory productivity and reduce costs.
Given compressed earnings in FY24, and in conjunction
with a commitment to prudent investment in operating and
capital expenditure in FY25, the Board has determined that
no final dividend will be declared for FY24, resulting in
a total dividend for the year of AU1.75 cents per share.
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.
As a cycle of board renewal, we are pleased to welcome
Claudia Batten as a Non-Executive Director. Claudia brings
a wealth of knowledge and experience particularly in
technology and digital growth strategies which will be
invaluable to the Company. Her extensive international and
corporate development experience also complements the
existing Board composition.
Furthermore, Jacquie Naylor stepped down from the Board
in April 2024. Jacquie’s deep retail and leadership experience
has been invaluable to the Company. We are thankful for the
contribution and counsel she provided.
IN CONCLUSION
The FY24 results were deeply disappointing, but please be
assured that your Board and the entire Michael Hill team are
resolutely focused on driving sales, refreshing the Michael Hill
brand, embedding and expanding the new Bevilles business
and restoring the financial performance of the Group.
I am extremely proud and grateful for the resilience,
perseverance and commitment of Daniel and the entire team.
Regards,
Robert Fyfe
Chair

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pressure on gross margin, and prompting some repricing
across the business. With this in mind, the business has
implemented a number of initiatives to drive margin
recovery, with a deliberate reduction in inventory to make
way for higher margin product in FY25.
WELCOMING THE NEW ERA – MICHAEL HILL BRAND
In April a key milestone of the Michael Hill brand elevation
journey was unveiled – The New Era:
• A complete brand refresh of Michael Hill, delivering a
new elevated aesthetic across digital platforms, brand
assets, colour palette and logos. These assets combine
to bring both a more contemporary and feminine
perspective to the brand.
• Our first global flagship store at Chadstone in
Melbourne, the most premium centre in the Australian
market, incorporating all aspects of the “store of the
future” with elevated in-store experience, extended
product offer, and an inviting environment that includes
private selling spaces.
• Partnering with our first ever global Brand Ambassador,
Miranda Kerr. Her timeless elegance resonates in all our
markets, she embodies our brand values, is aspirational
and yet accessible.
I am extremely proud of the enthusiasm, passion and
dedication demonstrated by all our team involved in the
meticulous and considered delivery of such a pivotal moment
for the Michael Hill brand.
EMBEDDING AND EXPANDING - BEVILLES
With the repositioning of the Michael Hill brand to a more
aspirational position well underway, this provides the perfect
opportunity for the newly acquired Bevilles business to take
market share at the value end of the fine jewellery category.
CEO’S
MESSAGE
Following a period of record performances, I was extremely
disappointed by the Company’s financial results in FY24.
NAVIGATING CHALLENGING RETAIL TRADING CONDITIONS
Our earnings underperformance was a combination of both
weaker sales and margin deterioration, coupled with the
rising cost of doing business. All markets were faced with
challenging economic conditions and inflationary pressures
impacting consumer confidence, which in turn required
management to make a number of difficult structural and
cost-out decisions in order to protect and improve the
longer-term financial performance of the business. Each
market is at a different stage of the economic cycle and
recovery, with Canada showing the earliest signs of
financial improvement.
Our Australian segment (including our Bevilles brand),
while missing our financial expectations, did perform
strongly against the broader jewellery market, taking
market share albeit fuelled by incremental promotional
activity. Our Canadian segment continued to be our most
resilient market, delivering another year of consistent sales
performance, even with cycling a record prior year. And
finally, on to New Zealand which was, and continues to be,
our most challenging market – with the toughest economic
environment, coupled with our ongoing elevated focus on
security.
Pleasingly, our collaboration with the New Zealand Police
and the measures we have put in place seem to be working.
Furthermore, our National Retail Manager, has been
appointed to a position on the NZ Government Advisory
Council for a two year term, reporting to the Minister of
Justice, with a focus on Retail Crime Prevention across
NZ and driving legislative changes.
Clearly margin was under pressure from both input costs
and promotional activity due to market conditions, with
inflationary forces driving elevated costs across many
aspects of the business, which together, impacted EBIT.
Throughout the year, the price of key raw materials (gold
and diamonds) continued to elevate to record highs placing

During the first year of ownership, we executed a number
of key strategic initiatives in the Bevilles business:
• Expanding the store network, with five new stores
and two conversion stores in a new territory,
Queensland, along with three new stores in existing
territories, ending the year with 36 stores
• Transitioning to Group operational IT systems across
point-of-sale, finance and inventory
• Relocating the head office and distribution centre
from Melbourne to Brisbane
• Undertaking an extensive product range review with
a view to creating a more productive and streamlined
range focused on core and everyday value
Select Michael Hill stores have been converted to the
Bevilles brand in a cost-efficient test & learn model,
with further conversion stores planned, subject to the
performance of these trials.
CULTURE AND TEAM
And most importantly, the Michael Hill Group 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 of 80%. I’d like
to acknowledge and thank the ongoing determination,
commitment and effort from our people across all levels
of the business.
As we approach the key trading period of Christmas,
our teams are excited and energised by the brand refresh,
new product ranges, and our Christmas campaign. While
there is no doubt that market conditions will continue to
be challenging, our strategies and the focus of our team
will be on sales growth, margin expansion and continued
cost control, with the aim of improving financial
performance in FY25.
Daniel Bracken
Managing Director and CEO
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PERFORMANCE
HIGHLIGHTS
OPERATIONAL PERFORMANCE
KEY FINANCIAL RESULTS
$15.9M
Comparable
EBIT of
2.5M
Digital sales
grew 16% to
$48M
Brilliance by Michael Hill
membership now over
Successful
relocation of the
Bevilles head office
to Queensland
Opened 10 new
Bevilles stores,
including entry
into Queensland
with 7 stores
Launched the
Michael Hill
Foundation
Complete refresh of the Michael Hill brand
The Michael Hill brand opened its
first global flagship store, at Chadstone
$645M
Group revenue
increased by 4.2%* to
$196M
Active management
of inventory - ~$7m
reduction to
Average
transaction
value grew by
6%
$39M
Closing net debt
position of
60.6%
Group gross margin
settled at
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*on a 52-week basis (including Bevilles)

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KEY FACTS
TRADING RESULTS
%
Change
2024
$000’s
2023
$000’s
Group revenue2.4% 644,929 629,562
Group revenue
(52-week basis)
4.2% 644,929 619,054
Gross profit(3.3%) 390,918 404,440
Earnings before interest
and tax (EBIT)*
(75.8%) 14,228 58,883
Comparable earnings
before interest and tax
(EBIT)*
(73.0%) 15,898 58,889
Net profit before tax
(NPBT)
(100.7%) (368) 49,747
Net profit after tax
( N PAT )
(101.4%) (479) 35,182
Net cash inflow from
operating activities
(52.8%) 37,773 80,072
FINANCIAL POSITION
%
Change
2024
$000’s
2023
$000’s
Contributed equity
(384,623,963
ordinary shares)
14.9% 12,763 11,112
Total equity(11.5%) 166,881 188,615
Total assets(0.2%) 545,244 546,488
Net (debt)/cash(562.8%) (38,726) 8,367
Capital expenditure(19.4%) 27,609 34,269
KEY RATIOS
20242023
Return on average
shareholders funds
(0.3%)18.3%
Gross margin60.6%64.2%
Interest expense cover (times)1.05.9
Equity ratio30.6%34.5%
Working capital ratio 3.5 : 1 3.4 : 1
Current ratio 1.7 : 1 1.6 : 1
DIVIDENDS (including final dividend)
20242023
Per Ordinary Share AU1.75c AU7.5c
Times covered by net profit
after tax
(0.02) 1.15
KEY INVESTOR RATIOS
20242023
Basic earnings per share(0.12c)9.20c
Diluted earnings per share(0.12c)9.00c
EBIT to sales2.2%9.4%
Return on average total assets(0.1%)6.7%
SEGMENT REVENUE GROWTH (LC)
20242023
Australia8.5%9.1%
New Zealand(13.3%)5.8%
Canada(1.1%)(0.5%)
Group2.4%5.8%
STORE NUMBERS
20242023
Australia
1
171 172
New Zealand 44 46
Canada 85 86
Total stores 300 304
SHARE PRICE AT YEAR END
20242023
Share price (ASX)AUD 0.45AUD 0.90
1
Includes 36 Bevilles stores (FY23 includes 26 Bevilles stores).
* EBIT and Comparable EBIT are non-IFRS information. Please refer to page 34 for an explanation of non-IFRS information and a reconciliation of EBIT and Comparable EBIT.

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PERFORMANCE
YEAR ENDED 30 JUNE 2024
REVENUE BY COUNTRY
AUSTRALIA 55.9%NEW ZEALAND 16.6%CANADA 27.5%
AU$ MILLIONS
GROUP REVENUE
629.6
492.1
556.5
595.2
644.9
2020
2024
2023
2022
2021
%
GROSS MARGIN
64.2
60.6
62.7
64.7
60.6
2020
2024
2023
2022
2021
AU$ MILLIONS
DIGITAL SALES
41.3
24.7
34.0
41.9
47.9
2024
2023
2022
2021
2020
AU$ MILLIONS
EBITDA
82.2
116.6
69.7
114.7
125.2
2020
2024
2023
2022
2021
AU$ MILLIONS
INVENTORY
203.3
178.7
171.2
181.5
195.8
2020
2024*
2023*
2022
2021
AU$ MILLIONS
COMPARABLE EBIT
58.9
(5.2)
56.6
62.9
15.9
2024
2023
2022
2021
AU CENTS PER SHARE
ORDINARY DIVIDEND
7.5
1.75
1.5
4.5
7.5
2020
2024
2023
2022
2021
AU$ MILLIONS
NET PROFIT FROM
OPERATING ACTIVITIES
AFTER TAX
3.1
41.0
46.7
35.2
(0.5)
2020
2024
2023
2022
2021
%
18.3
1.9
25.0
25.3
(0.3)
2020
2024
2023
2022
RETURN ON AVERAGE
SHAREHOLDERS’ FUNDS
2021
*Includes Bevilles inventory
2020

I am extremely proud of the enthusiasm,
passion and dedication demonstrated
by all our team in delivering the
refresh of the Michael Hill brand.
DANIEL BRACKEN
MANAGING DIRECTOR & CEO

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TREND STATEMENT
FINANCIAL PERFORMANCE (AUD)
2024
$’000
2023
$’000
2022
$’000
2021
$’000
2020
$’000
Group revenue 644,929 629,562 595,210 556,486 492,060
Earnings before interest, tax, depreciation and
amortisation (EBITDA)
82,241 116,607 125,180 114,733 69,690
Depreciation and amortisation 68,013 57,724 51,944 48,061 55,611
Earnings before interest and tax (EBIT) 14,228 58,883 73,236 66,672 14,079
Net interest paid 14,596 9,136 7,533 7,591 9,594
Net profit before tax (NPBT) (368) 49,747 65,703 59,081 4,485
Income tax 111 14,565 18,991 18,066 1,426
Net profit after tax (NPAT) (479) 35,182 46,712 41,015 3,059
Net operating cash flow 37,773 80,072 111,574 134,497 83,699
Ordinary dividends paid during the year 20,915 30,719 25,239 11,636 5,817
FINANCIAL POSITION (AUD)
2024
$’000
2023
$’000
2022
$’000
2021
$’000
2020
$’000
Cash 20,174 20,867 95,844 72,361 11,204
Inventories 195,785 203,260 181,539 171,246 178,742
Other current assets 23,640 20,735 14,749 27,463 31,007
Total current assets 239,599 244,862 292,132 271,070 220,953
Other non-current assets 61,347 59,546 42,121 37,729 57,857
Deferred tax assets 52,507 49,118 58,552 68,329 74,468
Total tangible assets 353,453 353,526 392,805 377,128 353,278
Right-of-use assets 133,988 139,052 107,385 105,882 123,911
Intangible assets57,80353,910 10,989 6,013 24,429
Total assets 545,244 546,488 511,179 489,023 501,618
Total current liabilities 145,042 155,001 158,596 151,522 159,405
Non-current borrowings 58,900 12,500 - - 10,681
Lease liabilities 114,303 117,518 91,386 99,382 115,848
Other long term liabilities 60,118 72,854 66,102 63,806 61,878
Total liabilities 378,363 357,873 316,084 314,710 347,812
Net assets 166,881 188,615 195,095 174,313 153,806
Reserves and retained profits 154,118 177,503 183,707 163,028 142,790
Paid up capital 12,763 11,112 11,388 11,285 11,016
Total shareholder equity 166,881 188,615 195,095 174,313 153,806
Basic earnings per share(0.12c)9.20c12.03c10.57c0.79c
Diluted earnings per share(0.12c)9.00c11.86c10.53c0.79c
Dividends declared per share (interim) AU1.75c AU4.0c AU3.5c AU1.5c AU1.5c
Dividends declared per share (final) - AU3.5c AU4.0c AU3.0c -
Net tangible asset backing$0.28 $0.35 $0.20 $0.16 $0.01

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ANALYTICAL INFORMATION (AUD)20242023202220212020
EBITDA to sales12.8%18.5%21.0%20.6%14.2%
EBIT to sales2.2%9.4%12.3%12.0%2.9%
Net profit after tax to sales(0.1%)5.6%7.8%7.4%0.6%
EBIT to total assets2.6%10.8%14.3%13.6%2.8%
Return on average shareholders funds(0.3%)18.3%25.3%25.0%1.9%
Return on average total assets(0.1%)6.7%9.3%8.2%0.7%
Working capital ratio 3.5 : 1 3.4 : 1 3.7 : 1 3.7 : 1 3.4 : 1
Current ratio 1.7 : 1 1.6 : 1 1.8 : 1 1.8 : 1 1.4 : 1
EBIT interest expense cover1.05.99.78.81.5
Effective tax rate30.2%29.3%28.9%30.6%31.8%
Net borrowings to equity23.2%(4.4%)(49.1%)(41.5%)(0.3%)
Equity ratio30.6%34.5%38.2%35.6%30.7%
Shares issued at year end excl Treasury 384,623,963 379,688,884 388,285,374 388,142,149 387,769,105
Exchange rate for translating:
- New Zealand results 1.09 1.09 1.06 1.07 1.04
- Canadian results 0.92 0.90 0.92 0.95 0.90
STORE NUMBERS2023202220212020
Australia
1
171 172 147 150 155
New Zealand 44 46 48 49 49
Canada 85 86 85 86 86
TOTAL STORES
1
300 304 280 285 290
¹ Includes 36 Bevilles stores (FY23 includes 26 Bevilles stores).
While there is no doubt market conditions will
continue to be challenging, our strategies and the
focus of our team will be on sales growth, margin
expansion and continued cost control, with the
aim of improving financial performance in FY25.
DANIEL BRACKEN
MANAGING DIRECTOR & CEO

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I am also pleased to report our progress in achieving Net-
Zero scope 1 and 2 emissions by 2025, having calculated
our Scope 1 and 2 emissions for FY23 and FY24. By the end
of this financial year, we achieved a 34 per cent reduction
in scope 1 and 2 emissions across the Group since the same
time last year.
As a Group, our brands continue to offer both natural
diamond and lab grown diamond (LGD) products to our
customers, and we continue to stay at the forefront of
global changes in standards for both products to maintain
our leadership position. From the Responsible Jewellery
Council (RJC)’s draft LGD standard forming part of a wider
Code of Practices uplift, to the Kimberley Process and World
Diamond Council’s potentially expanded definition of conflict
diamonds, we monitor ongoing developments closely.
Sustainability is now embedded into our core business and
practices, and while there is still a lot of work to do, we
are all committed to achieving our 2030 goals and remain
focussed on ever improving and moving our business and
the broader jewellery industry towards a more sustainable,
innovative, and responsible future.
We are proud to publish our eighth Sustainability Report.
This year, our Sustainability Report sets out our progress
against our sustainability strategy in a standalone
document, published separately to this Annual Report. The
Sustainability Report 2024 is available to download on our
investor website.
Daniel Bracken
CEO and Managing Director
The jeweller
that cares.
EXECUTIVE COMMENTARY
REFLECTING ON THE PAST YEAR, I AM
INCREDIBLY PROUD OF THE IMMENSE
CHANGE WE HAVE BEEN ABLE TO MAKE IN
OUR BUSINESS FROM A SUSTAINABILITY
PERSPECTIVE IN SUCH A SHORT TIME.
SINCE OUR LAST SUSTAINABILITY REPORT,
WE HAVE BEEN RECOGNISED FOR OUR
SUSTAINABILITY INITIATIVES ACROSS
AUSTRALIA, NEW ZEALAND AND CANADA,
WITH PRAISE OF OUR SUSTAINABILITY
STANDARDS AND EFFORTS IN BOTH THE
RETAIL AND JEWELLERY INDUSTRIES.
I am particularly proud of the launch of The Michael Hill
Foundation, dedicated towards empowering women and
restoring nature. This initiative demonstrates our deep
commitment to empowering the lives of women in need,
as well as recognising the impact our industry has on
the planet through a strong restoration program in our
countries of operation. Our team are incredibly engaged
with the program, and we look forward to achieving our
ambitious goals.
Our focus on innovation has also not gone unnoticed, with
the expansion of our gold recycling program re:cycle from
Australia, to now also cover Canada and New Zealand.
This program is now offered in all markets for the Michael
Hill brand and continues to save carbon emissions and
mining ore through trading broken or old gold jewellery
from our customers’ homes, then repurposing the alloy to
be crafted into something new – a true circularity program
in our industry.
SUSTAINABILITY
SNAPSHOT

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%
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 lab grown diamonds [by 2024]
ZERO CARBON OPERATIONS
Achieve 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]
OUR PILLARS Our 2030 goals are outlined below:
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ANNUAL REPORT 2024
PRODUCT
100% OF OUR PRODUCTS
WILL BE SUSTAINABLE,
RESPONSIBLE OR
CIRCULAR
PLANET
WE WILL NURTURE
NATURE AND REDUCE
OUR NEGATIVE IMPACTS
TO NET ZERO
PEOPLE
WE WILL IMPROVE THE
LIVES OF PEOPLE ACROSS
OUR VALUE CHAIN

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HIGHLIGHTS FOR FY24
AUGUST 2023
BEVILLES STORES ON
RENEWABLE ENERGY
Following the acquisition,
Bevilles stores were incorporated
into existing renewable
energy agreements.
SEPTEMBER 2023
CONFLICT FREE GOLD
ANNOUNCED
98% of all gold products for Michael
Hill were crafted in certified Conflict
Free Gold, with Medley and
TenSevenSeven achieving 100%
OCTOBER 2023
DIAMOND TRADE UP
PROGRAM LAUNCHED
Re:imagine, our circular diamond
trade up program is launched
in New Zealand
NOVEMBER 2023
CONTINUED TRANSITION
TO RENEWABLES
Our head office, repairs centre and
NZ head office energy is successfully
transitioned to supporting 100%
renewable energy – heading towards
Net Zero scope 2 emissions.
JANUARY 2024
RECYCLING OUR
PRODUCTION WASTE
The Group agreed terms for a new
product circularity arrangement
under which we have returned 5
kilos of gold from manufacturing
scrap to the gold supply chain.
MARCH 2024
CUSTOMER CIRCULARITY
IS EXPANDED
We expanded re:cycle, our gold
recycling service to both Canada
and New Zealand markets.
FEBRUARY 2024
THE MICHAEL HILL
FOUNDATION LAUNCHED
Aimed at Empowering Women
and Restoring nature across the
markets in which we operate.
MAY 2024
FIRST CANADIAN
MODERN SLAVERY
STATEMENT LODGED
To prevent and reduce the risk
of forced/child labour
in our supply chain.
JUNE 2024
APCO ACTION
PLAN PUBLISHED
Michael Hill publishes its 2024
Action Plan for sustainable packaging.

OVERALL GOAL
PROGRESSION
GROWTH OVER THE YEAR
Here is a snapshot of our progress over the past year across
our three key sustainability pillars and 2030 goals:
100%
CONFLICT FREE
DIAMONDS ACROSS
MICHAEL HILL, MEDLEY
AND TENSEVENSEVEN
FIRST
APCO REPORT
AND ACTION PLAN
SUBMITTED
68%
OF OUR SPEND
WITH VENDORS IS
ASSESSED THROUGH
OUR MODERN
SLAVERY PLATFORM
34%
REDUCTION IN SCOPE 1
AND 2 EMISSIONS ACROSS
THE GROUP SINCE THE
SAME TIME LAST YEAR
ANNOUNCED
TARGET TO
EMPOWER
100,000
WOMEN
SAVED
64,423
KILOGRAMS
OF CARBON EMISSIONS
THROUGH OUR RE:CYCLE
PROGRAM
PLANTED
51,981 TREES
ACROSS A MIX OF INDIGENOUS-LED AND
NATIVE REFORESTATION PROJECTS IN
AUSTRALIA, NEW ZEALAND AND CANADA.
80%
WORKFORCE
ENGAGEMENT
SCORE OF
98%
MICHAEL HILL
ACHIEVED
CONFLICT

FREE GOLD
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ANNUAL REPORT 2024

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ANDREW LOWE
CHIEF FINANCIAL OFFICER & COMPANY SECRETARY
Andrew joined Michael Hill Group 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 with Aurizon, Cleanaway
Waste Management and Anglo American.
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, developing
strong company culture and deep retail foundations and
EXECUTIVE
LEADERSHIP TEAM
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 Group 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, which owned leading fashion brands
Sportscraft, Saba, Willow and JAG.
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.
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, Head of Merchandising & Production, and
Commercial & Operations Director.
FROM LEFT: AMY SZNICER, MATT KEAYS, DANIEL BRACKEN, JO FEENEY, ANDREW LOWE, TABITHA PEARSON.

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ANNUAL REPORT 2024
Jo has held senior marketing roles in a variety of industries,
gaining early retail experience at Woolworths before a shift
to telecommunications, spending over four years at Telstra
as Group Manager Brand and Retail. Jo then moved to Foxtel
as Head of Acquisition and Brand before her most recent
role as Director of Marketing at McDonald’s Australia. In
this role she was responsible for marketing, brand and media
strategies and driving commercial growth through innovation
and re-imagination of the McDonald’s brand. In her time
with McDonald’s, she was pivotal in the development
and execution of key business platforms including the
introduction of McCafé in Drive Thru and Create Your Taste.
Jo is also a recognised leader in creativity - winning multiple
awards both locally and internationally as well as being a
judge for industry advertising awards. Jo brings with her
a fresh approach to driving the future growth of the brand
through a lens of commercial creativity.
TABITHA PEARSON
CHIEF PEOPLE OFFICER
Tabitha joined Michael Hill Group in May 2024 as Chief
People Officer.
With 30 years’ experience in people and culture across a
number of ASX listed companies, including Bunnings, Super
Retail Group, Myer and G8 Education, Tabitha’s strength
lies in her commercial and people driven approach. She is
experienced in leading large and diverse teams, integrating
large scale acquisitions, and implementing modern
people and culture strategies. She has a focus on building
capability and talent, while driving a strong performance
culture in organisations.
With a workforce of over 3,000 people across Australia, New
Zealand and Canada, Tabitha’s experience will be invaluable
in delivering Michael Hill Group’s strategic priority of
attracting, retaining and developing top quality teams across
the Group.
Tabitha holds a Bachelor of Arts in Psychology and Post
Graduate Diploma in Human Resources and Industrial Relations.
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 TECHNOLOGY OFFICER
Matt joined Michael Hill Group in June 2015, bringing with
him extensive international IT experience in the retail space.
Prior to joining the Group, 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 a long retail apprenticeship with
11 years at Country Road, where he worked as a Finance
Accountant, and also gained solid shop floor experience.
Matt has strong technical skills and a track record of
building team capabilities aligned with business purpose
and strategies. Matt’s career has seen him lead significant
technology and infrastructure programs, covering Microsoft
Dynamics 365 Retail & ERP, Infor, Oracle, Adobe, Dayforce
and JDE. He has helped retail businesses implement and
embrace data warehousing (B.I) with his first Microsoft based
implementation as far back as 2004 and more recently
cloud-based data warehousing with Snowflake.
JO FEENEY
CHIEF MARKETING OFFICER
Jo joined Michael Hill Group in March 2021 as Chief
Marketing Officer to lead the revitalisation and growth of the
Group’s brands, delivering end to end marketing strategies
in an omnichannel environment. Responsible for shaping
the Group’s messaging, delivering an outstanding experience
to the Group’s customers across both digital and traditional
marketing channels, and leading the vision for a world
class loyalty program, the role has direct accountability for
the performance of the Brand, Marketing, Campaign and
Content, and Visual Merchandising in all stores, as well as
leading the Customer Data and Insights teams.
Jo Brings with her over 24 years’ experience in both local and
global organisations, specialising in strategic brand building,
end to end marketing communications and driving key
customer growth strategies across channels.

The FY24 results were deeply disappointing,
but please be assured that your Board and
the entire Michael Hill team are resolutely
focused on driving sales, refreshing the
Michael Hill brand, embedding and expanding
the new Bevilles business and restoring
the financial performance of the Group.
ROB FYFE
CHAIR

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ANNUAL REPORT 2024
REVIEW OF OPERATIONS
The Group achieved the following key outcomes for the
2024 financial year:
KEY FINANCIAL RESULTS
• Group revenue increased by 4.2% on a 52-week basis
(including Bevilles) to $644.9m, and by 2.4% on a
statutory basis (FY23: 53 weeks).
• Group gross margin settled at 60.6% in line with previous
guidance, impacted by higher input costs and increased
promotional activity in response to more aggressive
retail trading conditions. In addition, during the last
two months of FY24, there was deliberate focus on
promoting inventory to make way for higher margin
product in FY25.
• Comparable earnings before interest and tax (EBIT)*
of $15.9m, at the upper end of previous guidance.
• Statutory net profit after tax decreased to a loss
of $0.5m with the variance to comparable EBIT
performance largely driven by AASB16
Leases
& SaaS, finance costs and normalisations.
• Active management of inventory delivering a ~$7m
reduction to $195.8m.
• As a proactive capital management measure, the existing
debt facility has been increased by $40m for the four-
month period from 15 September 2024 to support
seasonal working capital requirements for Christmas
trade.
• Closing net debt position of $38.7m, having deployed
cash to support ongoing investment in the business.
• No final dividend was declared, delivering total dividends
for the year of AU1.75 cents per share.
* Comparable EBIT is non-IFRS information. Please refer to non-IFRS information
section in this report for an explanation of non-IFRS information and a
reconciliation of Comparable EBIT.
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 30 June 2024.
FY24 is a 52- week period (3 July 2023 to 30 June 2024)
compared to FY23 a 53-week period (27 June 2022 to
2 July 2023).
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:
2024
$’000
2023
$’000
Final dividend for the year
ended 2 July 2023 of 3.5
cents (2022: 4.0 cents) per
fully paid share paid on
22 September 2023 (2022:
23 September 2022)
13,28915,531
Interim dividend for the year
ended 30 June 2024 of 1.75
cents (2023: 4.0 cents) per
fully paid share paid on
22 March 2024 (2023:
24 March 2023)
6,90615,188
No final dividend was
declared for the year ended
30 June 2024 (2023: 3.5 cents)
-13,289
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.

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
Given this environment, the Group reported a decline in
performance, with comparable earnings before interest and
tax of $15.9m for the year ended 30 June 2024. This result
was driven by a combination of lower gross margins and
inflationary cost pressures.
The Group delivered revenue of $644.9m, up 4.2% on a
52-week basis including Bevilles, and up 2.4% on a statutory
basis (FY23: 53 weeks). Pleasingly, average transaction value
grew by 6% during the year, as further demonstration of the
traction of the Michael Hill aspirational brand journey.
Higher input costs for both gold and mined diamonds
continued through the year and combined with heightened
competitor activity, resulted in gross margin of 60.6%.
During May and June, there was a deliberate focus on
clearing inventory to make way for newness and higher
margin product in FY25 to drive the recovery of recent
margin declines. In addition, to reflect the inflated gold raw
material pricing the group does periodically lift retail prices
accordingly.
Inflationary cost pressures impacted the majority of
operating expenses across the business, the most significant
being store labour and occupancy. With this in mind,
throughout the year management took action to reduce
discretionary spend, corporate roles and overheads,
reflecting the underperformance of the business, with many
of these savings annualising through FY25. Omni-channel
continues to be a key strategic focus for the Group with
further advancements across ship from store, click & collect,
and virtual selling, all contributing to annual growth in
digital sales of 16% to $47.9m.
Active management of inventory saw year-end holdings
reduced by $7m to $195.8m, as the Group took deliberate
steps to ensure the right product mix, newness and high
margin profile.
During the first year of ownership, the Bevilles brand
expanded its store network by ten stores to 36. This included
entry into a new territory, Queensland, with five new stores
and two conversion stores, along with three new stores in
existing territories. In addition, in the second half of the
year, the business completed a full transition to Group
operational IT systems across retail, finance and inventory,
and seamlessly relocated its Melbourne head office and
distribution centre to Brisbane.
In line with our store network strategy, the core Michael
Hill brand has continued to optimise its store network
throughout the year, while at the same time expanding the
Bevilles’ store network. The Group finished the year with 300
stores (FY23: 304).
OPERATIONAL PERFORMANCE
• Group revenue was up 4.2% for the year on a 52-week
basis, with Australia +10.3%, New Zealand -11.8% and
Canada flat.
• Digital sales grew 16% to $47.9m for the year,
demonstrating a strong return to growth.
• Complete refresh of the Michael Hill brand, across
digital platforms, new brand logos, colour palette,
instore visual merchandising and packaging.
• Partnering with our first ever global Brand Ambassador,
Miranda Kerr, who perfectly embodies our brand values
and sustainable business practices.
• Aligned with the brand relaunch, the Michael Hill brand
opened its first true global flagship store, at Chadstone,
Australia’s leading fashion destination.
• Launched the
Michael Hill Foundation, focused on
empowering women and restoring nature.
• Expanded our
re:new sustainable jewellery ecosystem:
extending our re:cycle offering to Canada and New
Zealand, launched diamond trade up program,
re:imagine in New Zealand, and invested in our repairs
network to grow our re:store (repairs) capability and
service offering.
• Integration of Bevilles onto Group operational systems
and successful relocation of the head office, supply chain
and distribution centre from Victoria to Queensland.
• In line with our store network strategy, the core Michael
Hill brand has continued to optimise its store network
throughout the year, while at the same time expanding
the Bevilles’ store network from 26 to 36 stores. The
Group finished the year with 300 stores (FY23: 304).
FY24 - GROUP BUSINESS PERFORMANCE
Following a period of record results for the Group, retail
conditions for the fine jewellery sector over the last 18
months have been challenging due to low consumer
confidence and broader macroeconomic pressures.
Notwithstanding the difficult conditions, third-party data
suggests that the Michael Hill brand has continued to
outperform the broader jewellery market.
DIRECTORS’ REPORT,
CONTINUED.

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ANNUAL REPORT 2024
SEGMENT RESULTS
The results below are expressed in local currency.
AUSTRALIAN RETAIL PERFORMANCE
20242023202220212020
OPERATING RESULTS (AU $’000)
Revenue359,102331,007303,409312,264266,610
Gross profit217,074211,823196,936194,148161,030
Gross margin60.4%64.0%64.9%62.2%60.4%
Comparable EBIT29,56853,54951,75054,34727,641
Comparable EBIT as a % of revenue8.2%16.2%17.1%17.4%10.4%
Number of stores171172147150155
Retail segment revenue increased by 10.3% to $359.1m for the year on a 52-week basis (including Bevilles),
and increased by 8.5% on a statutory basis (FY23: 53 weeks).
Gross margin for the year was 60.4%.
The Australian store network finished the year with 171 stores, including 36 Bevilles stores (FY23: 172, including 26 Bevilles stores).
NEW ZEALAND RETAIL PERFORMANCE
20242023202220212020
OPERATING RESULTS (NZ $’000)
Revenue114,785132,359125,090127,067106,696
Gross profit68,45381,96179,28878,77163,641
Gross margin59.6%61.9%63.4%62.0%59.6%
Comparable EBIT14,56725,62230,13035,11921,067
Comparable EBIT as a % of revenue12.7%19.4%24.1%27.6%19.7%
Number of stores4446484949
Retail segment revenue decreased by 11.8% to NZ$114.8m for the year on a 52-week basis, and decreased by 13.3% on a
statutory basis (FY23: 53 weeks).
Gross margin for the year was 59.6%.
Given the heightened level of security incidents experienced in New Zealand and in order to protect our customers, teams and
stores, significant investment in security measures continued throughout the year and had a ~$5m direct impact on earnings.
During the year, two stores closed, resulting in 44 stores at year end (FY23: 46).

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DIRECTORS’ REPORT,
CONTINUED.
CANADA RETAIL PERFORMANCE
20242023202220212020
OPERATING RESULTS (CA $’000)
Revenue157,094158,894159,661118,445110,799
Gross profit95,222100,531103,62372,64363,991
Gross margin60.6%63.3%64.9%61.3%57.8%
Comparable EBIT18,77527,11028,78512,320(2,412)
Comparable EBIT as a % of revenue12.0%17.1%18.0%10.4%(2.2)%
Number of stores8586858686
Retail segment revenue increased by 0.6% to CA$157.1m for the year on a 52-week basis, and decreased by 1.1% on a statutory
basis (FY23: 53 weeks). This result is a credit to the segment considering last year was another record performance.
Gross margin for the year was 60.6%.
During the year, one store closed, resulting in 85 stores at year end (FY23: 86).
CAPITAL MANAGEMENT
During the year, the business deployed cash for a number of strategic initiatives, including refresh of the Michael Hill brand,
the Chadstone global flagship store, development of TenSevenSeven, along with digital and data investments, resulting in a
closing net debt position of $38.7m.
As a proactive capital management measure, the existing debt facility has been increased by $40m for the four-month period
from 15 September 2024, to support seasonal working capital requirements for Christmas trade. In addition, the business
has taken decisive action to reduce capital expenditure across both technology and stores throughout FY25.
Given compressed earnings in FY24, and in conjunction with a commitment to prudent investment in operating and capital
expenditure in FY25, the Board has decided that no final dividend will be declared for FY24, resulting in a total dividend for
the year of AU1.75 cents per share.
GROUP STRATEGY, THE PATH TO 2030 - EMPHASIS ON SALES AND MARGIN GROWTH
While market conditions continue to be challenging, the business remains committed to its multi-brand group strategy with
an emphasis on sales and margin growth.
2020-2023
REPOSITION
MICHAEL HILL BRAND
2023-2024
ESTABLISH PORTFOLIO
OF BRANDS
LUXURY
PREMIUM
VALUE
PURE-PLAY
2024-2025
PRODUCT & BRAND
PROPOSITION
PREMIUM PRICE / LUXURY
Uniquely modern, high end bespoke
Premium contemporary classics,
milestone moments
Everyday essentials, great value
Fashion forward, accessible style
LOW PRICE / VALUE
BRAND & FASHION
POSITIONING
2025-2030
NETWORK EXPANSION
& PRODUCTIVITY
$492m$556m$595m$619m
FY20FY21FY22FY23FY24FY30
290285280278
264
36
$645m
revenue
NETWORK EXPANSION
(number of stores)
Michael Hill Bevilles TenSevenSeven Medley

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ANNUAL REPORT 2024
REPOSITION MICHAEL HILL BRAND, 2020 - 2023
Much of the strong performance over the last three years can
be attributed to the strategic transformation of the Michael
Hill brand – the strategy to elevate and modernise the brand
has underpinned the overarching vision for the business.
The aspirational brand journey to a more premium market
position continues, with consistent customer-led business
imperatives:
• Brand & Loyalty – Contemporary premium jewellery
brand, leveraging best-in-class loyalty program
• Retail Fundamentals – Elevated customer experience,
unwavering focus on productivity
• Digital & Omni-channel – Omni-first, channel agnostic,
digitally-led new markets
• Product Evolution – Premium yet accessible, with
diamonds at our core
• Sustainability – “the jeweller that cares”,
global category leader
The Company has demonstrated the success of the
aspirational brand journey strategy, firstly through an
increasing average transaction value of ~30% over
this period, validating our focus on elevated customer
experience, higher quality product and attraction of a
new modern customer. Secondly, retail productivity has
lifted considerably across all markets, delivering increased
revenues from an optimised store network.
ESTABLISH PORTFOLIO OF BRANDS, 2023 - 2024
With the Michael Hill brand having been repositioned to
a more premium position, the acquisition of the Bevilles
business provided a vehicle to take market share at the value
end of the fine jewellery category. Additionally, in the first half
of FY24, the Company soft launched 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 Group now services all
significant customer segments of the fine jewellery category,
and delivers multiple new growth pipelines.
In addition to our core fine jewellery brands, Medley
continues to establish itself as an emerging brand in the
fashion demi-fine/fine jewellery category.
PRODUCT & BRAND PROPOSITION, 2024 - 2025
With the Michael Hill Group multi-brand strategy now in place,
each brand is uniquely positioned for different segments and
price propositions, and its own strategic priorities:
Michael Hill
• In April 2024, the complete refresh of the Michael Hill
brand was revealed, delivering a new elevated aesthetic
across all brand assets, colour palette and logos. Over
the months that followed, elements of the new brand
assets were gradually brought to life across digital
platforms, stores and consumer packaging.
• This was soon followed by the exciting milestone of the
brand’s first “store of the future”. In late April 2024, a
new global flagship store came to life in Chadstone, the
most premium centre in the Australian market. The new
store incorporated all aspects of the new brand product
and proposition, with a new high value product offering,
elevated in-store experience, and private selling spaces.
• To coincide with the brand refresh, and our first flagship
store of the future, Michael Hill partnered with its first
ever global Brand Ambassador, Miranda Kerr.
• Miranda Kerr’s timeless elegance resonates in all our
markets, she embodies our brand values, is aspirational
and yet accessible. Michael Hill has the ambition to be
one of the most sustainable jewellery brands in the world
and this aligns perfectly with the sustainable business
practices that Miranda follows.
LUXURY
PREMIUM
VALUE
PURE-PLAY
PREMIUM PRICE / LUXURY
Uniquely modern, high end bespoke
Premium contemporary classics,
milestone moments
Everyday essentials, great value
Fashion forward, accessible style
LOW PRICE / VALUE
BRAND & FASHION
POSITIONING

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• Product evolution continues with a focus on quality,
innovation and sustainability and simultaneously, the
development of key signature ranges that embody
the premium brand positioning. These are best
demonstrated by the new signature lock range and
the exclusive cut 101 facet diamond collection.
• Launch of the
Michael Hill Foundation in late February
represents our ongoing commitment to meaningful
change, and our dedication to a better world. The
Michael Hill Foundation encompasses two key areas
of focus: Empowering Women and Nature Restoration.
Bevilles
• During the first year of ownership, the store network
expanded into a new territory, Queensland, with five new
stores and two conversion stores, along with three new
stores in existing territories, increasing the store network
to 36 stores (FY23: 26).
• In the second half of the year, the business transitioned
across to the group operational IT systems, and
seamlessly relocated its Melbourne head office &
distribution centre to Brisbane.
• An increased focus on enhancing the brand’s
differentiated proposition to increase disruption in the
value segment.
• After trading the all-important Christmas period, an
extensive range review was undertaken with a view to
rebalancing the product offering and visual presentation
to take advantage of clearly identified market
opportunities and in turn, maximising sales and margin.
• Re-establishing the brand’s dominance in its core and
everyday value product offering with a more productive
and streamlined product range.
• In support of the clearly defined network expansion
plan, building a cost-effective marketing strategy that
resonates with both existing and new customers.
TenSevenSeven
• New start-up brand with a unique and elevated
proposition, capturing an entirely new high-end
customer.
• Continued enhancements of the digital customer
experience, with product extensions and an increased
unique diamond offering.
• Investment in customer acquisition intended to be
reignited as Group performance returns to growth.
Medley
• Building on fashion positioning across both demi-fine
and fine jewellery to a younger demographic.
• Successfully trialled a pop-up kiosk in Chadstone.
NETWORK EXPANSION & PRODUCTIVITY, 2025 - 2030
With each brand uniquely positioned for their target
customer segments, and with both product and brand
propositions established, the Group will be well-placed to
grow revenue and profits through a more productive and
expanded distribution network.
Michael Hill
• Store productivity has proven to be a key lever of growth
over recent years and as the brand continues to elevate
and attract new target customers, it is anticipated that
this will continue.
• As the network aligns over time to the elevated product
proposition, and with the continued focus on brand
evolution, it is expected that average transaction values
will continue to increase and support revenue growth.
• Gross margin recovery will be a key focus, underpinned
by product evolution, increased penetration of higher
margin product, category mix and leveraging the
Brilliance by Michael Hill loyalty program
• The brand refresh of our direct-to-consumer digital
platforms is already delivering improved customer
experience and conversion rates, which in conjunction
with investments in data and insights, will increase
productivity across all channels.
DIRECTORS’ REPORT,
CONTINUED.
$492m$556m$595m$619m
FY20FY21FY22FY23FY24FY30
290285280278
264
36
$645m
revenue
NETWORK EXPANSION
(number of stores)
Michael Hill Bevilles TenSevenSeven Medley

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• Beyond the brand’s leading position in bridal, promoting
other key milestone moments like birthdays, provides
significant revenue growth opportunities for the
business.
• Data insights from the
Brilliance by Michael Hill
loyalty program have identified further opportunities
in targeting the self-purchasing customer, providing
additional revenue growth opportunities.
Bevilles
• Even with the challenging trading conditions in the
fine jewellery sector, the business has held firm on its
strategic intent to grow the footprint and strengthen its
position in the market.
• The business has grown the Bevilles network from 26 to
36 stores in the first year of ownership.
• With the expansion of the network into Queensland,
the business will focus on optimising the store layout,
product range, and building brand presence prior to
rolling out further stores.
• Based on Michael Hill experience, data insights and
competitor analysis, the opportunity to grow the
network to over 100 stores in Australia remains firmly
in place.
• As the Michael Hill brand elevates to a more premium
position, this presents opportunities with select stores
to transition to the Bevilles brand in a cost-efficient
model. Three trial conversion stores are already as a test
& learn and further conversion stores will be subject to
performance.
• A streamlined product offering will enable a step-change
in visual presentation and customer experience, leading
to a more efficient store footprint and an increase in
productivity.
• Investment in our people and training to upskill
leadership, lift performance, and drive productivity.
TenSevenSeven
• Given the current trading conditions, the Group has
prioritised resources to the Michael Hill and Bevilles
brands.
• As and when trading conditions improve, a resumption
of the
TenSevenSeven strategy will see delivery of key
initiatives including: leveraging group data for customer
acquisition, expansion of product offering, and opening
a small number of flagship showrooms in key capital city
destinations.
Medley
• Continue to optimise core digital platform, through
customer acquisition and increased purchase frequency.
• Following the initial success of the Chadstone pop-up
kiosk, it was extended for Christmas 2024.
Leveraging Group Capabilities
The multi-brand strategy is underpinned by a philosophy
of leveraging group capabilities to drive productivity across
all brands:
• Group technology investments and capabilities
• Customer data and insights
• Distribution and logistics synergies to optimise the
cost of doing business
• Portfolio vendor management to support product
quality and margins
• Digital capabilities to drive efficiency and growth
• Property management to optimise real estate network
• Core support and specialist functions across Human
Resources, Finance and Legal.

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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:
RISKSTRATEGIES AND MITIGATION
Continued uncertainty of timeframes for
global recovery and changing geopolitical
risks 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 and governance mechanisms to respond accordingly.
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 increasing escalation of theft and violence in all operating environments, the Group has
expanded the remit of the dedicated executive led taskforce responding to New Zealand challenges
to consider all jurisdictions we operate in and develop tailored and 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. Michael Hill’s
sustainability vision is to transform how we source and manufacture our products, impact our
planet and improve peoples lives.
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.
Increasing price gaps between mined and
laboratory created diamonds impacts
pricing of our range and could influence
consumer behaviours to the detriment
of one or both precious stones
The Group regularly reviews its product range to ensure it satisfies consumer demand and offers
choices in the markets we operate. This is supported by a long-standing vendor relationships
with key jewellery manufacturers and buyers who have global insights and can advise on market
trends.
Both mined and laboratory created diamonds feature in our core range and collections targeted
to specific consumer preferences.
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.
Ability to respond to rapidly changing
customer demographics, requirements
and behaviours.
The Group regularly conducts range reviews to ensure product mix is on trend and meets
customer demands and customer demographics. We are investing in customer analytic platforms
to better understand our current and future customers and tailoring our channels and product
mix to meet the desired customer demands.

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DIRECTORS’ REPORT,
CONTINUED.
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 item
COMPARABLE EBIT
Comparable EBIT has been calculated as follows:
2024
$’000
2023
$’000
Reported EBIT14,22858,883
Add back costs relating to:
Impact of IFRIC SaaS-related
guidance
4,4507,356
Litigation judgement
1
4,000-
Bevilles acquisition
transaction costs
-1,960
Bevilles integration costs2,372-
Employee restructure costs962734
Less items relating to:
Impact of AASB16
Leases(10,114)(10,044)
Comparable EBIT15,89858,889
1
Refer to note I2 in the Financial Statements for events occurring after the end
of the reporting period for information regarding the litigation judgement.
ENVIRONMENTAL REGULATIONS
AND CLIMATE REPORTING
The Group has determined that no particular or significant
environmental regulations apply to it.
Under New Zealand’s Financial Markets Conduct (Climate-
related Disclosures for Foreign Listed Issuers) Exemption
Notice 2024 (Notice), Michael Hill International Limited does
not have a large presence in New Zealand and has a primary
listing on the ASX. Michael Hill International Limited relied
on the exemption in clause 6 of the Notice in respect of its
FY24 period and is therefore an exempt entity. In the FY24
period, Michael Hill International Limited was not required
to comply with any Australian climate-related disclosure
requirements. The climate statements voluntarily prepared
by Michael Hill International Limited can be found in the
FY24 Sustainability Report.

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INFORMATION
ON DIRECTORS
DIRECTORRobert Fyfe B.Eng, F.E.N.Z., C.N.Z.M.
EXPERIENCE AND DIRECTORSHIPS
Rob was appointed a Director of the Company on 9 June 2016 having previously served as
Director of Michael Hill’s listed entity in New Zealand commencing 6 January 2014. He was
appointed Chair of the Board in June 2021. Prior to joining the Company, Rob served as CEO
of Air New Zealand between 2005 and 2012, a period that saw a resurgence of 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. Rob also has 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. He has not had any other directorships of listed entities in
the last three years.
SPECIAL RESPONSIBILITIES
Chair
Non-executive and independent director
Member of ARMC
Member of PDRC
DIRECTORS’ INTERESTS
IN SHARES AND OPTIONS
1,953,578 Ordinary Shares
FROM LEFT: CLAUDIA BATTEN, ROBERT FYFE, DANIEL BRACKEN, SIR MICHAEL HILL, DAVID WHITTLE, EMMA HILL, AND GARY SMITH.

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DIRECTORSir Richard (Michael) Hill K.N.Z.M.
EXPERIENCE AND DIRECTORSHIPS
Sir Michael is the founder of Michael Hill, and his visionary leadership has been the foundation
for the Company’s listing on the New Zealand Stock Exchange (NZX) in 1987 and successful
international expansion. Sir Michael’s dedication to the jewellery retailing industry and his
commitment to excellence have been evident throughout his career. He had 23 years of jewellery
retailing experience before establishing Michael Hill in 1979, and his strategic decisions and
innovative approaches have played a significant role in the growth and success of Michael Hill.
Sir Michael led the Group as Chairman from when it listed on NZX in 1987 until 2015, and was
appointed a Director of the Company on 9 June 2016. 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. As a Knight Companion of the New
Zealand Order of Merit, Sir Michael’s contribution to both business and the arts has been widely
recognised and celebrated. His leadership continues to inspire those within the company and the
industry as a whole.
Sir Michael is not a Director of any other listed entities and has not had any directorships of listed
entities in the last three years.
SPECIAL RESPONSIBILITIESNon-executive director
DIRECTORS’ INTERESTS
IN SHARES AND OPTIONS
148,330,600 Ordinary Shares
DIRECTOREmma Hill B.Com, M.B.A
EXPERIENCE AND DIRECTORSHIPS
Emma was appointed a Director of the Company on 9 June 2016 having previously served as
Director of Michael Hill’s listed entity in New Zealand commencing 22 February 2007. She served
as Deputy Chair of the Group from 2011 until 2015 and as Chair from 2015 until June 2021.
Emma has over 30 years’ experience working in various roles within the Group, 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 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
DIRECTORGary Smith B.Com, F.C.A., F.A.I.C.D.
EXPERIENCE AND DIRECTORSHIPS
Gary was appointed a Director of the Company on 24 February 2016 having previously served as
Director of Michael Hill’s listed entity in New Zealand commencing 2 November 2012. Gary has
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. He has not had any other directorships of
listed entities in the last three years.
SPECIAL RESPONSIBILITIES
Non-executive and independent director
Chair of ARMC
Member of PDRC
DIRECTORS’ INTERESTS
IN SHARES AND OPTIONS
102,000 Ordinary Shares
INFORMATION ON
DIRECTORS, CONTINUED.

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DIRECTORJacqueline Naylor M.A.I.C.D.
EXPERIENCE AND DIRECTORSHIPS
Jacqueline was appointed a Director of the Company on 15 July 2020, and retired as a Director of
the Company on 8 April 2024. 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. She has not had any other directorships of
listed entities in the last three years.
SPECIAL RESPONSIBILITIES
Non-executive and independent director
Member of ARMC
DIRECTORS’ INTERESTS
IN SHARES AND OPTIONS
160,000 Ordinary Shares (as at date of retirement as a director)
DIRECTORDavid Whittle B.A., B.Com
EXPERIENCE AND DIRECTORSHIPS
Dave was appointed a Director of the Company on 2 August 2023. 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 several local and international leadership roles, culminating in three years as Managing
Director in Australia.
Dave is a Director of Myer Holding Limited. He has not had any other directorships of listed
entities in the last three years.
SPECIAL RESPONSIBILITIES
Non-executive and independent director
Member of ARMC
DIRECTORS’ INTERESTS
IN SHARES AND OPTIONS
70,431 Ordinary Shares
DIRECTORClaudia Batten LLB (Hons), B.Com
EXPERIENCE AND DIRECTORSHIPS
Claudia was appointed a Director of the Company on the 30 August 2024. Claudia started her
professional career at law firm Russell McVeagh specialising in contract, IP, and technology law
before moving to New York in 2002. Claudia was a member of the founding team of Massive
Incorporated, a network for advertising in video games which helped pioneer “digital” as a media
buy. Massive was sold to Microsoft in 2006, where Claudia spent 3 years scaling the in-game
network. In 2009 she co-founded Victors & Spoils, the first advertising agency built on the
principles of crowdsourcing which was acquired by French holding company Havas Worldwide
just two years later.
Claudia has been widely recognised for her work supporting the technology and start up scene
in New Zealand and spent three years running North American operations for NZTE, supporting
disruptive thinking for the growth of NZ exports in North America. Claudia is a graduate of
Victoria University of Wellington with degrees in Law (Hons) and Commerce.
Claudia is currently a Director of Air New Zealand Limited, Vista Group International Limited and
is Chair of Serko Limited. She has not had any other directorships of listed entities in the last
three years.
SPECIAL RESPONSIBILITIES
Non-executive and independent director
Member of PDRC
DIRECTORS’ INTERESTS
IN SHARES AND OPTIONS
Nil Ordinary Shares

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INFORMATION ON
DIRECTORS, CONTINUED.
DIRECTORDaniel Bracken
EXPERIENCE AND DIRECTORSHIPS
Daniel joined the Group as the CEO in November 2018 and was appointed to the Board as an
executive Director 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 and 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 other directorships of
listed entities in the last three years.
SPECIAL RESPONSIBILITIES
Managing Director
Chief Executive Officer
DIRECTORS’ INTERESTS
IN SHARES AND OPTIONS
2,845,693 Ordinary Shares
2,826,226 Share Rights

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COMPANY SECRETARIES
The Company has appointed two company secretaries, Andrew Lowe and Kate Palethorpe.
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 also held that position previously from 15 December 2017 to 22 January 2018. Andrew has extensive
experience in finance and leadership roles across a range of listed corporate groups with Australian and offshore operations.
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.
Kate Palethorpe, who is also the General Counsel of the Group, was appointed to the position of Company Secretary on 18 March
2024. Kate is an experienced ASX company secretary and governance professional, starting her career at top-tier law firm Minter
Ellison before moving to in-house roles including Aesop, Aussie Farmers Direct and Australian Dairy Nutritionals. She has broad
legal, commercial and governance experience and a strong background in retail and consumer brands/products.
Emily Bird held the position of Company Secretary from 31 July 2020 until 5 January 2024.
MEETINGS OF DIRECTORS
The numbers of meetings of the Company’s Board of Directors and of each Board committee held during the year ended
30 June 2024, and the numbers of meetings attended by each director were:
FULL MEETINGS
OF DIRECTORS
MEETING OF COMMITTEES
Audit and Risk Management
People Development
and Remuneration
ABABAB
R I Fyfe11114455
Sir R M Hill1011----
E J Hill1111--55
G W Smith10114455
J E Naylor^6623--
D Whittle*101022--
D Bracken1111----
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
^ J E Naylor ceased to be a director of the company on 8 April 2024. She also ceased to be a member of the ARMC on that date.
* D Whittle was appointed as director of the company on 2 August 2023 and was appointed as a member of the ARMC on 13 November 2023.
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 PEOPLE DEVELOPMENT AND REMUNERATION COMMITTEE
Gary Smith (Chair) Emma Hill (Chair)
Robert Fyfe Robert Fyfe
Jacqueline Naylor
(ceased membership on 8 April 2024) Gary Smith
David Whittle (commenced membership on 13 November 2023) Claudia Batten (commenced membership on 30 August 2024)

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AUDITED REMUNERATION
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
FY24 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 has transformed to become a
modern, differentiated, omni- channel jewellery group. In
FY24 however, persistent cost of living pressures has led to
significant declines in consumer confidence and discretionary
spending, which weighed heavily on the Group’s financial
performance.
Key results from FY24 include:
• Total Group revenue of $644.9m (2023: $629.6m) -
an increase of 2.4%
• Reported EBIT* of $14.2m (2023: $58.9m) -
a decrease of 75.8%
• Comparable EBIT* of $15.9m (2023: $58.9m) -
a decrease of 73.0%
* Reported EBIT and Comparable EBIT are non-IFRS information. 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.
On 1 June 2023, the Company completed the acquisition
of jewellery and watch retailer ‘Bevilles’. The Bevilles
acquisition included a portfolio of 26 Australian stores and
350 team members. During the year 10 new Bevilles stores
opened, establishing a brand presence in the Queensland
market, with a total of seven stores to date. Throughout
FY24 there was a strong focus on integration of the Bevilles
business including relocation of the Bevilles head office
from Melbourne to Brisbane to leverage the Group’s existing
distribution and support capability.
In response to challenging trading conditions during the year
a cost optimisation program was undertaken. This program
resulted in a review of the support centre structure and
costs. A number of departments were restructured, resulting
in the exit of some senior leadership roles and one executive
role, which resulted in the redistribution of responsibilities to
other executives.
It was pleasing to see an increase of two percentage points in
our most recent engagement survey and we continue to rate
well above industry average across all countries.
FY24 REMUNERATION
The Group’s KMP and executive remuneration structure
comprises 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. There were no
changes to the Group remuneration structure during FY24.
The STI awarded for the year was 9.7% of potential and
19.5% of target for the CEO and 9.2% of potential and
18.5% of target for the CFO. The STI payment was for
achievement of H1 KPIs which were awarded at the end of
the half in accordance with policy. As a result of continued
profit decline during H2 the STI program was suspended with
no further payments made, despite the delivery of a number
of strategic and operational objectives being achieved.
Under the Group’s LTI program, 1,123,592 share rights were
awarded to the CEO and 241,871 share rights were awarded
to the CFO in FY24. These share rights are subject to the
satisfaction of certain performance metrics over a three year
performance period. In addition, in FY24 the CEO was issued
2,628,412 shares in the Company on vesting of his FY20
and FY21 LTI share rights and FY22 STI share rights. The CFO
was issued 778,205 shares in the Company on vesting of his
FY20 and FY21 LTI share rights and FY22 STI share rights.
At the 2023 Annual General Meeting shareholders
approved an increase in the Non-Executive Director (NED)
remuneration pool from $840,000 to $1,200,000. Non-
Executive Director (NED) fees were increased by the Wage
Price Index (WPI) of 3.6%. There were no other changes to
the structure of NED fees.
The directors present the 2024 Michael Hill International Limited remuneration report, outlining key aspects of our remuneration
policy and framework, and remuneration awarded during FY24. The information provided in this remuneration report has been
audited as required by section 308(3C) of the
Corporations Act 2001.

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AUDITED REMUNERATION
REPORT, CONTINUED.
FY25 REMUNERATION UPDATE
In recognition of the challenging trade environment and
FY24 decline in profit, no increase will be applied to Director
fees for the FY25 year. In line with our remuneration policy
the executive salaries were reviewed and an increase of 3%
awarded, which was below CPI of 3.8% for 12 months to
June 2024. Daniel Bracken as Managing Director and CEO
elected to forgo a base salary increase for FY25. As a result
of the Pay IQ review the structure of STI has moved from
individual KPIs that are measured and awarded on a six
monthly basis, to annual performance targets and payment.
The Outperformance component of the STI, which grants
the opportunity to double the On-Target award for financial
outperformance, has moved from a stepped to linear
payment curve awarded for above budget performance.
The maximum award performance hurdle has moved to
165% of EBIT target from the previous 112% of EBIT.
In conclusion, the Board believes the remuneration outcomes
for FY24 reflect an appropriate alignment between pay
and performance during the year and are also reasonable in
terms of the challenging operating environment.
Regards,

Emma Hill
Chair of the People Development
and Remuneration Committee

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
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
David Whittle
1
Non-executive director2024
Jacqueline Naylor
2
Non-executive director2020
Managing Director and CEO
Daniel BrackenManaging Director and Chief Executive Officer2019
Executive
Andrew LoweChief Financial Officer and Company Secretary2017
1
David Whittle was appointed a non-executive director on 2 August 2023.
2
Jacqueline Naylor resigned as a non-executive director effective 8 April 2024.
PEOPLE DEVELOPMENT AND REMUNERATION
COMMITTEE (PDRC)
The primary objective of the People Development and
Remuneration Committee (PDRC) is to assist the Board to
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 2024 reporting period:
• Emma Hill - Chair of the PDRC
• Robert Fyfe - Chair of the Board of Directors
• Gary Smith - Chair of the Audit and Risk Committee
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. In FY22 PriceWaterhouse
Coopers were engaged to benchmark KMP and Executive
team remuneration and the results were considered in FY24
remuneration decisions.
In FY24 PayIQ were engaged to review the Group’s STI
Framework, which informed changes to FY25 Remuneration
Framework. The fees paid to PayIQ for the remuneration
recommendations were $25,300.

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
AUDITED REMUNERATION
REPORT, CONTINUED.
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 REMUNERATION FRAMEWORK
FIXED REMUNERATIONSHORT TERM INCENTIVE (STI)LONG TERM INCENTIVE (LTI)
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 prioritising
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. Under the LTI plan rules
the Board also has discretion to
settle an issue of vested shares
via an equivalent cash payment.
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 VALUES
WE CARE
•
WE ARE PROFESSIONAL
•
WE ARE INCLUSIVE AND DIVERSE
•
WE CREATE OUTSTANDING EXPERIENCES
OUR REMUNERATION
PHILOSOPHY
ATTRACT, MOTIVATE AND RETAIN TALENT
•
REWARD THE ACHIEVEMENT OF STRATEGIC OBJECTIVES
•
ALIGN TO SHAREHOLDER VALUE CREATION

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
RELATIONSHIP OF REMUNERATION TO GROUP PERFORMANCE
The remuneration framework operates to create a clear link between Executive remuneration and the Group’s performance.
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:
20242023202220212020
Revenue ($'000)644,929629,562595,210556,486492,060
Comparable EBIT* ($'000)15,89858,88962,87056,59425,686
Profit for the year attributable to owners
of the Company ($'000)
(479)35,18246,71241,0153,059
Earnings per share (cents)(0.12c)9.20c12.03c10.57c0.79c
Dividends paid during the financial year
1
($'000)20,19530,71925,23911,6365,817
Market capitalisation ($'000)173,081339,822361,105322,158131,841
Share price at year end ($)0.450.900.930.830.34
Compound annual growth rate(20.1%)(2.2%)13.9%148.5%(34.3%)
Return on average total assets(0.1%)6.7%9.3%9.0%0.7%
* EBIT and Comparable EBIT 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 and Comparable EBIT.
1
The 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.
SHARE PRICE AND ASX 300DIVIDEND AND YIELD
KMP REMUNERATION AND REVENUEKMP REMUNERATION AND ADJUSTED EARNINGS PER SHARE
$1.7
$1.5
$1.3
$1.1
$0.9
$0.7
$0.5
$0.3
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
$700m
$650m
$600m
$550m
$500m
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
(2.0)
(4.0)
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
cents per share
cents per share
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Share price ASX 300 (RHS)
FY21FY22FY23FY24
FY21FY22FY23FY24
JUN 20DEC 20JUN 21DEC 21JUN 22DEC 22JUN 23DEC 23JUN 24
Dividend Yield (RHS)
KMP Fixed KMP STI KMP LTI Adjusted EPS (RHS)KMP Fixed KMP STI KMP LTI Revenue (RHS)
SHARE PRICE AND ASX 300DIVIDEND AND YIELD
KMP REMUNERATION AND REVENUEKMP REMUNERATION AND ADJUSTED EARNINGS PER SHARE
$1.7
$1.5
$1.3
$1.1
$0.9
$0.7
$0.5
$0.3
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
$700m
$650m
$600m
$550m
$500m
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
(2.0)
(4.0)
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
cents per share
cents per share
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Share price ASX 300 (RHS)
FY21FY22FY23FY24
FY21FY22FY23FY24
JUN 20DEC 20JUN 21DEC 21JUN 22DEC 22JUN 23DEC 23JUN 24
Dividend Yield (RHS)
KMP Fixed KMP STI KMP LTI Adjusted EPS (RHS)
KMP Fixed KMP STI KMP LTI Revenue (RHS)
The graphs below show the relationship of KMP remuneration to revenue and Adjusted Earnings Per Share
1
for the last
four financial years.
1
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.

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
AUDITED REMUNERATION
REPORT, CONTINUED.
FY24 EXECUTIVE KEY MANAGEMENT PERSONNEL (KMP) REMUNERATION
As per our Remuneration Policy, formal benchmarking of KMP remuneration is conducted every three years. The last review was
conducted in the lead up to FY23 and the findings from this activity were used to inform the FY24 KMP remuneration outcomes.
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. Maximum STI and LTI incentives are calculated as a % of the relevant Executive KMPs
Fixed Remuneration component, with the actual amount delivered to the KMP subject to satisfaction of certain performance
conditions. 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 % of the On-Target STI value, paid in cash.
KMPFixed RemunerationMaximum STILT ITotal
Daniel Bracken - CEO34.8%32.1%33.1%100.0%
Andrew Lowe - CFO48.5%32.0%19.4%100.0%
FIXED REMUNERATION
Fixed Remuneration is reviewed annually, and our policy 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, CPI was at 6%, which had decreased from the
previous quarter, in addition the minimum wage was increased 5.75%. Due to wage inflation the base salary of the CEO increased
by 5% and the base salary of the CFO increased by 5%. Superannuation was maintained at the concessional contributions cap of
$27,500 for both KMP.

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ANNUAL REPORT 2024
SHORT TERM INCENTIVE (STI) SCHEME
The Group’s STI program is designed to reward delivery of annual profit targets and ensure achievement of strategic and
operational objectives. The maximum STI is calculated as a % of the relevant Executive KMP’s Fixed Remuneration component
and detailed in performance scorecards that are set by the People, Development and Remuneration Committee (PDRC). The
scorecards detail the performance targets, indicators 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 STI 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.
The STI program in FY24 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
CFO - 66% of Fixed Remuneration comprised of 33% for On-Target performance,
and 33% for Outperformance
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 FY24 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 his direct reports which include the CFO.
The PDRC reviews the assessed performance for Board endorsement.
STI OUTCOMES
The following tables detail the FY24 STI scorecard KPIs and assessment applied to the CEO and CFO. In H1 the majority of the
individual KPIs for both KMP were achieved and payment made, as detailed in the table below. At the end of the FY24 financial
year, both KMP achieved their strategic and customer targets, with an improvement on the people target. However, with the
decline in profit in H2 the STI program was suspended with no further payments made at the end of the year for the second half.
KPI2024 Performance Assessment
FINANCIAL (60% weighting)
EBIT
Target not achieved
STRATEGY (15% weighting)
Growth, Cyber security, Store of the future
Achieved
CUSTOMER (15% weighting)
Brand refresh
Achieved
PEOPLE (10% weighting)
Culture and engagement, ESG
Engagement improvement on FY23 but not to target and not awarded. ESG achieved.

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
AUDITED REMUNERATION
REPORT, CONTINUED.
ANALYSIS OF BONUSES INCLUDED IN REMUNERATION
IncentiveRemuneration
Amount
Forfeited
On-Target
achieved
Out-
performance
achieved
Total potential
available
Cash STI
component
Total STI
included
%%$$$$
Daniel Bracken19.5%0.0%1,027,283100,160100,160927,123
Andrew Lowe18.5%0.0%376,77734,85234,852341,925

LTI SCHEME
The FY24 LTI program for KMP was structured as follows:
Performance period3 years
Opportunity
CEO - 95% of Fixed Remuneration
CFO - 40% of Fixed Remuneration
InstrumentShare rights
Performance metrics
Total Shareholder Return (TSR) compound annual growth rate (CAGR) over 3 years
Earnings per Share (EPS) CAGR over 3 years
Service condition
Awards are subject to a service condition requiring the Executive KMP to remain employed by the Group until the
performance hurdle assessment date (being 10 ASX trading days following the release of the Group’s FY26 results).
Vesting schedule
for the Performance
metrics
Subject to the KMP meeting the Service condition, share rights attached to the TSR and EPS performance metrics
vest in accordance with a sliding vesting schedule:
The TSR 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 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
Rationale for the
performance metric
and condition
The 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?
The treatment of the KMP’s share rights (both vested and unvested) will depend on the circumstances of cessation
of their employment. For example, where the KMP ceases employment due to resignation or termination for
cause, they will be entitled to retain their vested and unexercised share rights but will forfeit all of their unvested
share rights (unless the Board determines a different treatment). In other cases such as redundancy or bona fide
retirement, the KMP will be entitled to retain their vested and unexercised share rights, and their unvested share
rights. Any unvested share rights will be retained on a pro rata basis (based on the proportion of the vesting period
for those share rights that will have lapsed on the date the KMP’s employment ceased). In addition, any vesting
conditions applicable to a KMP’s unvested share rights will automatically be waived, unless the Board determines a
different treatment.
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.

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
FY24 LTI OUTCOMES
Both Executive KMP were eligible to participate in the
FY24 LTI in accordance with the LTI program detailed in the
preceding table. For the CEO, the grant of share rights under
the FY24 LTI plan was approved by shareholders at the
2023 Annual General Meeting held on 14 November 2023.
Further details of the number of share rights granted to the
CEO and CFO in relation to the FY24 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 and leave
entitlements, 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 six months’
notice (twelve 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 twelve 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.
FY24 NON-EXECUTIVE DIRECTOR
REMUNERATION
Total compensation for all Non-Executive Directors, voted
upon by shareholders on 14 November 2023, is not to
exceed $1,200,000 per annum. Directors’ base fees for
FY24 were $110,795 per annum. The Board Chair receives
twice the base fee. Additional fees are paid where a Director
is Chair of a committee.
COMMITTEE CHAIR FEES
$
People Development and Remuneration22,890
Audit and Risk34,336
It is the Company’s policy to consider CPI and the WPI in
determining any increase to Directors’ fees annually. In FY24,
CPI was 6% and WPI was 3.6%. It was decided that that the
appropriate measure to apply was WPI and the Non-Executive
Director fees increased by the WPI percentage of 3.6%.
All Non-Executive Directors enter into a service agreement
with the Company in the form of a letter of appointment. The
letter summarises 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.

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
AUDITED REMUNERATION
REPORT, CONTINUED.
DIRECTOR AND EXECUTIVE REMUNERATION OUTCOMES FOR FY24
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:
Name
Short-termLong-term
Post-
employment
Share-based payments
Proportion
remuneration
performance
related
Value of
rights as
proportion
of
remuneration
Salary
& fees*
STI cash
bonus
Total
Long service
leave
Super-
annuation
benefits
Termination
benefits
Share rightsTotal
$$$$$$$$%%
NON-EXECUTIVE DIRECTORS
Emma Jane Hill
2024133,544-133,544----133,544--
2023128,748-128,748----128,748--
Sir Richard Michael Hill
2024110,678-110,678----110,678--
2023106,702-106,702----106,702--
Gary Warwick Smith
2024130,602-130,602-14,529--145,131--
2023126,634-126,634-13,454--140,088--
Robert Ian Fyfe
2024221,356-221,356----221,356--
2023213,405-213,405----213,405--
David Whittle (appointed 2 August 2023)
202491,477-91,477-10,187--101,664--
2023----------
Jacqueline Elizabeth Naylor (resigned 8 April 2024)
202476,781-76,781-8,446--85,227--
202396,674-96,674-10,390--107,064--
EXECUTIVE DIRECTOR
Daniel Bracken, CEO
20241,149,265100,1601,249,42522,13927,500-150,8221,449,8866.91%10.40%
20231,062,937342,8501,405,78621,25227,500-290,0331,744,57219.65%16.62%
TOTAL DIRECTOR REMUNERATION
20241,913,703100,1602,013,86322,13960,662-150,8222,247,4856.91%10.40%
20231,735,100342,8502,077,94921,25251,344-290,0332,440,57819.65%16.62%
* Salary and fees include the net leave entitlement accrual, calculated as leave accrued less leave taken.

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ANNUAL REPORT 2024

Name
Short-termLong-term
Post-
employment
Share-based payments
Proportion
remuneration
performance
related
Value of
rights as
proportion
of
remuneration
Salary
& fees*
STI cash
bonus
Total
Long service
leave
Super-
annuation
benefits
Termination
benefits
Share rightsTotal
$$$$$$$$%%
NON-DIRECTOR KMP
Andrew Lowe, CFO
2024528,32634,852563,17811,45427,500-32,056634,1895.50%5.05%
2023523,568125,895649,46311,11727,500-78,139766,22016.43%10.20%
TOTAL NON-DIRECTOR KMP REMUNERATION
2024528,32634,852563,17811,45427,500-32,056634,1895.50%5.05%
2023523,568125,895649,46311,11727,500-78,139766,22016.43%10.20%
TOTAL KMP REMUNERATION
20242,442,029135,0122,577,04133,59388,162-182,8782,881,6744.64%6.29%
20232,258,668468,7452,727,41332,36978,844-368,1723,206,79814.62%11.48%
* Salary and fees include the net leave entitlement accrual, calculated as leave accrued less leave taken.

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
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 Company’s
Equity Incentive Plan (Plan).
MODIFICATION OF TERMS OF EQUITY-
SETTLED SHARE-BASED PAYMENT
TRANSACTIONS
The terms of the Plan were approved by shareholders
at the Company’s 2023 Annual General Meeting held
on 14 November 2023. The Plan replaced the Group’s
previous incentive scheme approved by shareholders
to address significant changes to the
Corporations Act
covering employee share schemes. No changes were
otherwise made to the terms of the Plan during the
reporting period.
The Plan applies to any rights or shares issued after
14 November 2023 as part of the Company’s LTI
remuneration strategy.
The terms of equity-settled share-based payment
transactions (including options and rights granted as
compensation to a KMP) entered into prior to 14 November
2023 have not been altered or modified by the Company
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 FY24 was 1,365,463 share rights. Of
these, the number of share rights issued to KMP are set out
below. Refer to note D3 of the accompanying financial report
for further details.
Issued during
the year
Fair value per
share right
KMPNumber$
Daniel Bracken1,123,5920.45
Andrew Lowe241,8710.45

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
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:
Balance at start of the yearBalance at end of the year
Vested and
Exercisable
UnvestedIssuedForfeitedVestedExercised
Vested and
Exercisable
Unvested
DANIEL BRACKEN
FY19 LTI Plan
Tranche one27,504----(27,504)--
Tranche two27,504----(27,504)--
Tranche three-55,010-55,010
FY20 LTI Plan
Tranche one35,615----(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(2,057,738)--
FY22 LTI Plan
Single Issue-634,081-----634,081
FY22 STI Plan
Single Issue480,051---- (480,051)--
FY23 LTI Plan
Single Issue-906,699-----906,699
FY24 LTI Plan
Single Issue--1,123,592----1,123,592

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024

Balance at start of the yearBalance at end of the year
Vested and
Exercisable
UnvestedIssuedForfeitedVestedExercised
Vested and
Exercisable
Unvested
ANDREW LOWE
FY18 LTI Plan
Tranche three8,648---(8,648)--
FY19 LTI Plan
Tranche two8,365---(8,365)--
Tranche three-16,733----16,733
FY20 LTI Plan
Tranche one6,424---(6,424)--
Tranche two-6,424----6,424
Tranche three-12,847----12,847
FY21 LTI Plan
Single Issue-603,119-603,119(603,119)--
FY22 LTI Plan
Single Issue-200,307----200,307
FY22 STI Plan
Single Issue151,649---(151,649)--
FY23 LTI Plan
Single Issue-195,411----195,411
FY24 LTI Plan
Single Issue--241,871---241,871
T O TA L745,7604,795,2131,365,463-2,660,857(3,406,617)-3,499,819
* Share rights granted to Daniel Bracken during the reporting period were approved by shareholders at the Company’s 2023 AGM as required by ASX Listing Rule 10.14.
SHAREHOLDINGS
The number of ordinary shares held during the financial year by KMP is set out below:
Balance at start
of the year
Received on
exercise of rights
Other changes
Balance at end
of the year
NON-EXECUTIVE DIRECTORSNumberNumberNumberNumber
Emma Hill* 167,487,526 - - 167,487,526
Sir Richard (Michael) Hill* 148,330,600 - - 148,330,600
Gary Smith 80,000 - 22,000 102,000
Robert Fyfe 1,953,578 - - 1,953,578
David Whittle - - 70,43170,431
Jacqueline Naylor 160,000 - (160,000)-
EXECUTIVE DIRECTOR
Daniel Bracken 201,869 2,628,41215,4122,845,693
NON- DIRECTOR
Andrew Lowe17,015778,205-795,220
* Includes common shareholding due to a related party.
ADDITIONAL STATUTORY
INFORMATION, CONTINUED.

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
VOTING OF SHAREHOLDERS AT LAST YEAR’S ANNUAL GENERAL MEETING
The Company received 99.08% of “For” votes on its remuneration report for FY23. The Company also obtained approval
to increase the Non-Executive Director remuneration pool from $840,000 to $1,200.000 at the 2023 AGM. 77.73% of
shareholders voted “For” this resolution. The Company did not otherwise 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
There were no non-audit services provided by the entity’s auditor, Ernst & Young (Australia).
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 30 August 2024 in accordance with a resolution of directors as required by section 298 of the
Corporations Act 2001.
R I Fyfe
Chair
Brisbane
30 August 2024

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
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
30 June 2024, 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 & Young


Kellie McKenzie
Partner
30 August 2024
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

FINANCIAL
STATEMENTS
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ANNUAL REPORT 2024

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Notes
2024
$’000
2023
$’000
Revenue from contracts with customersA2644,929 629,562
Other incomeA32,856 2,256
Cost of goods sold(254,011)(225,122)
Employee benefits expenseD1(182,670)(168,357)
Occupancy costs(13,468)(9,928)
Marketing expenses(42,052)(44,152)
Selling expenses(22,330)(20,871)
Impairment reversal of property, plant and equipment and other assets265 2,244
Depreciation and amortisation expenseF1(68,013)(57,724)
Loss on disposal of property, plant and equipment(413)(116)
Administrative expenses(26,847)(25,533)
Other expenses(23,700)(22,581)
Finance expensesF1(14,914)(9,931)
Profit/(loss) before income tax(368)49,747
Income tax expenseF8(111)(14,565)
Profit/(loss) for the year(479)35,182
OTHER COMPREHENSIVE INCOME
Notes
2024
$’000
2023
$’000
Item that may be reclassified subsequently to profit or loss:
Currency translation differences arising during the year(1,228)(2,554)
Other comprehensive income for the year, net of tax(1,228)(2,554)
Total comprehensive income/(loss) for the year(1,707)32,628
Total comprehensive income/(loss) for the year is attributable to:
Owners of Michael Hill International Limited (1,707)32,628
EARNINGS PER SHARE FOR PROFIT/(LOSS) ATTRIBUTABLE
TO THE ORDINARY EQUITY HOLDERS OF THE COMPANY
Notes
2024
cents
2023
cents
Basic earnings per shareF2(0.12)9.20
Diluted earnings per shareF2(0.12)9.00

The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

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CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
ASSETS
Notes
2024
$’000
2023
$’000
CURRENT ASSETS
Cash and cash equivalentsB120,174 20,867
Trade and other receivablesF314,803 14,533
InventoriesA4195,785 203,260
Current tax receivables704 689
Contract assetsA2557 452
Other current assets7,576 5,061
Total current assets239,599 244,862
NON-CURRENT ASSETS
Trade and other receivables F3990 995
Right-of-use assetsA5133,988 139,052
Property, plant and equipmentF459,707 57,806
Intangible assetsF557,803 53,910
Deferred tax assetsF852,507 49,118
Contract assets A2251 371
Other non-current assets399 374
Total non-current assets305,645 301,626
Total assets545,244 546,488
LIABILITIES
CURRENT LIABILITIES
Trade and other payablesF668,135 71,202
Lease liabilitiesA540,278 41,075
Contract liabilities A219,616 20,685
ProvisionsF713,114 13,245
Current tax liabilities812 6,768
Deferred revenue236 212
Deferred consideration 2,851 1,814
Total current liabilities145,042 155,001
NON-CURRENT LIABILITIES
Lease liabilities A5114,303 117,518
Contract liabilitiesA252,955 59,418
Borrowings B258,900 12,500
Provisions F77,163 10,879
Deferred consideration- 2,557
Total non-current liabilities233,321 202,872
Total liabilities378,363 357,873
Net assets166,881 188,615
EQUITY
Contributed equityF1012,763 11,112
Reserves(102)2,609
Retained profits154,220 174,894
Total equity166,881 188,615
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

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CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
ATTRIBUTABLE TO OWNERS OF
MICHAEL HILL INTERNATIONAL LIMITED
Notes
Contributed
Equity
Share Based
Payments
Reserve
Foreign
Currency
Translation
Reserve
Retained
Profits
Total Equity
$’000$’000$’000$’000$’000
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 rights24(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
Loss for the year- - - (479)(479)
Currency translation differences- - (1,228)- (1,228)
Total comprehensive income/(loss) for the year- - (1,228)(479)(1,707)
Transactions with members in their capacity as owners:
Dividends paid/providedB3- - - (20,195)(20,195)
Issue of share capital on exercise of share rights1,651(1,651)- - -
Share-based payments expenseD3- 168- - 168
1,651(1,483)- (20,195)(20,027)
Balance at 30 June 202412,7631,078(1,180)154,220166,881
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

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CONSOLIDATED STATEMENT OF CASH FLOWS
CASH FLOWS FROM OPERATING ACTIVITIES
Notes
2024
$’000
2023
$’000
Receipts from customers (inclusive of GST and sales taxes)720,045 693,744
Payments to suppliers and employees (inclusive of GST and sales taxes)(624,642)(571,361)
95,403 122,383
Interest received318 792
Other revenue received1,674 1,460
Interest paid(3,641)(919)
Leasing interest paidA5(10,640)(8,791)
Income tax paid(11,912)(6,728)
Net GST and sales taxes paid(33,429)(28,125)
Net cash inflow from operating activitiesB137,773 80,072
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment10 61
Payments for property, plant and equipmentF4(21,099)(26,479)
Payments for intangible assetsF5(6,510)(7,790)
Acquisition of businessG1(250)(48,113)
Net cash (outflow) from investing activities(27,849)(82,321)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowingsB2124,500 21,500
Repayment of borrowingsB2(65,600)(9,000)
Principal portion of lease paymentsA5(49,240)(45,098)
Dividends paid to company's shareholdersB3(20,195)(30,719)
Share buyback / share options exercisedF10- (10,207)
Net cash (outflow) from financing activities(10,535)(73,524)
Net increase in cash and cash equivalents(611)(75,773)
Cash and cash equivalents at the beginning of the financial year20,867 95,844
Effects of exchange rate changes on cash and cash equivalents(82)796
Cash and cash equivalents at the end of the financial yearB120,174 20,867
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

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ANNUAL REPORT 2024
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 30 June 2024 were authorised for issue in accordance with a resolution of the directors on 30 August 2024. 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 Group
retail segments. These predominantly relate to refining income, head office staff sales, 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 and inter-segment revenue is eliminated on consolidation.
The segment disclosures are prepared excluding the impact of AASB16
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
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.
SEGMENT RESULTS
AustraliaNew ZealandCanada
Corporate
& other
Group pre-
adjustments
AdjustmentsGroup
Year ended 30 June 2024$’000$’000$’000$’000$’000$’000$’000
Operating revenue359,102106,283176,6692,875644,929-644,929
Gross profit217,07463,386107,1153,343390,918-390,918
Gross margin60.4%59.6%60.6%60.6%60.6%
EBITDA*41,72617,22428,811(52,596)35,16547,07682,241
Depreciation and amortisation(12,515)(3,715)(7,772)(2,599)(26,601)(41,412)(68,013)
Segment EBIT*29,21113,50921,039(55,195)8,5645,66414,228
EBIT as a % of revenue8.1%12.7%11.9%1.3%2.2%
Interest income4--314318-318
Finance costs(233)(27)-(4,014)(4,274)(10,640)(14,914)
Net profit/(loss) before tax28,98213,48221,039(58,895)4,608(4,976)(368)
Income tax expense(111)
Net loss after tax(479)

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
SEGMENT RESULTS, CONTINUED.
AustraliaNew ZealandCanada
Corporate
& other
Group pre-
adjustments
AdjustmentsGroup
Year ended 2 July 2023$’000$’000$’000$’000$’000$’000$’000
Operating revenue331,007 121,470 176,442 643 629,562
-
629,562
Gross profit211,823 75,193 111,629 5,795 404,440
-
404,440
Gross margin64.0%61.9%63.3%64.2%-64.2%
EBITDA*63,774 26,842 36,753 (48,701)78,668 37,939 116,607
Depreciation and amortisation(10,242)(3,292)(6,742)(2,197)(22,473)(35,251)(57,724)
Segment EBIT*53,532 23,550 30,011 (50,898)56,195 2,688 58,883
EBIT as a % of revenue16.2%19.4%17.0%-8.9%
-
9.4%
Interest income3 -
-
792 795
-
795
Finance costs(155)(3)
-
(982)(1,140)(8,791)(9,931)
Net profit/(loss) before tax53,380 23,547 30,011 (51,089)55,850 (6,103)49,747
Income tax expense(14,565)
Net profit after tax35,182
* 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.
A2. REVENUE
2024
$’000
2023
$’000
Revenue from sale of goods and repair services609,337595,105
Revenue from Professional Care Plans (PCP)32,70032,905
Interest and other revenue from in-house customer finance program1,216590
Revenue from Lifetime Diamond Warranty (LTDW)1,676962
Total revenue from contracts with customers644,929629,562
DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
The Group derives revenue from the transfer of goods and services over time and at a point in time in the following
geographical regions:
2024
Australia
New
Zealand
Canada
Corporate
& other
Group
Timing of revenue recognition$’000$’000$’000$’000$’000
At a point in time339,948100,167166,0573,165609,337
Over time18,8246,11610,6124035,592
358,772106,283176,6693,205644,929
2023
Australia
New
Zealand
Canada
Corporate
& other
Group
Timing of revenue recognition$’000$’000$’000$’000$’000
At a point in time311,884114,588168,248385595,105
Over time19,1236,8828,19425834,457
331,007121,470176,442643629,562

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NOTES TO THE FINANCIAL STATEMENTS
ASSETS AND LIABILITIES RELATED
TO CONTRACTS WITH CUSTOMERS
2024
$’000
2023
$’000
Right of return assets426257
Deferred PCP bonuses382566
Total contract assets808823
Deferred service revenue - PCP66,04173,860
Deferred service revenue -
Lifetime Diamond Warranty
5,6525,664
Rights of return liabilities878579
Total contract liabilities72,57180,103
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:
2024
$’000
2023
$’000
Revenue recognised that
was included in the contract
liability balance at the
beginning of the year
23,37122,075
Impact on revenue recognised
relating to performance
obligations satisfied
in previous years
4,3172,319
Revenue recognition patterns are regularly reassessed based
on new and historical trends resulting in remeasurement of
revenue recognised in previous years.
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 AASB15
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
2024
$’000
2023
$’000
Net foreign exchange gains863-
Interest received318792
Other items1,6751,464
2,8562,256
Net foreign exchange gains of $863,000 (2023: net foreign exchange
losses of $1,570,000).

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ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
A4. INVENTORIES
2024
$’000
2023
$’000
Raw materials4,2249,547
Finished goods183,908185,602
Packaging and other consumables7,6538,111
195,785203,260
Finished goods are held at the lower of cost and net realisable value (NRV). During the year, finished goods incurred a write-down
of $1,106,000 (2023: $805,000) to be carried at NRV. This is recognised in cost of goods sold.
A5. LEASES
RIGHT-OF-USE ASSETS
2024
$’000
2023
$’000
Right-of-use assets336,399296,237
Less: Accumulated depreciation(202,411)(156,575)
Less: Accumulated impairment-(610)
133,988139,052
RECONCILIATION OF RIGHT-OF-USE ASSETS
Notes
2024
$’000
2023
$’000
Opening carrying value139,052107,385
Additional right-of-use assets relating to leases entered into during the year33,58258,683
Lease modifications agreed during the year12,04214,486
Depreciation expenseF1(49,646)(42,211)
Impairment of right-of-use assets-(54)
Foreign currency translation(1,042)763
Closing carrying value133,988139,052
LEASE LIABILITIES
2024
$’000
2023
$’000
Current40,27841,075
Non-current114,303117,518
154,581158,593
RECONCILIATION OF LEASE LIABILITIES
Notes
2024
$’000
2023
$’000
Opening carrying value158,593129,569
Additional lease liabilities entered into during the year35,24758,697
Lease modifications agreed during the year11,40014,446
Interest expenseF110,6408,791
Lease repayments(59,880)(53,889)
Foreign currency translation(1,419)979
Closing carrying value154,581158,593
The incremental borrowing rate used in determining the lease liability ranged between 2.13% and 10.06% (2023: 1.44% and 10.06%).

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NOTES TO THE FINANCIAL STATEMENTS
ACCOUNTING POLICIES AND SIGNIFICANT JUDGEMENTS
The Group assesses at contract inception whether a contract
is, or contains, a lease. That is, if the contract conveys the right
to control the use of an identified asset for a period of time in
exchange for consideration.
Group as a lessee
The Group applies a single recognition and measurement
approach for all leases, except for short-term leases and leases
of low-value assets which are recognised in the profit or loss.
The Group recognises lease liabilities to make lease payments
and right-of-use assets representing the right to use the
underlying assets.
Right-of-use assets
The Group recognises right-of-use assets at the commencement
date of the lease (i.e., the date the underlying asset is available
for use). Right-of- use assets are measured at cost, less any
accumulated depreciation and impairment losses, and adjusted
for any remeasurement of lease liabilities. The cost of right-of-
use assets includes the amount of lease liabilities recognised,
initial direct costs incurred, and lease payments made at or
before the commencement date less any lease incentives
received. Right-of-use assets are depreciated on a straight-line
basis over the lease
The right-of-use assets are also subject to impairment. Refer to
the accounting policies in note J1(F).
If ownership of the leased asset transfers to the Group at the
end of the lease term or the cost reflects the exercise of a
purchase option, depreciation is calculated using the estimated
useful life of the asset.
Lease liabilities
At commencement date of the lease, the Group recognises
lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments
include fixed payments (including in-substance fixed payments)
less any lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts expected to
be paid under residual value guarantees. The lease payments
also include the exercise price of a purchase option reasonably
certain to be exercised by the Group and payments of penalties
for terminating the lease, if the lease term reflects the Group
exercising the option to terminate. Variable lease payments that
do not depend on an index or a rate are recognised as expenses
(unless they are incurred to produce inventories) in the period in
which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the
Group uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the
lease is not readily determinable. After the commencement
date, the amount of lease liabilities is increased to reflect
the accretion of interest and reduced for the lease payments
made. In addition, the carrying amount of lease liabilities is
remeasured if there is a modification, a change in the lease
term, a change in the lease payment (e.g., changes to future
payments resulting from a change in an index or rate used to
determine such lease payments) or a change in the assessment
of an option to purchase the underlying asset.
The Group has several lease contracts that include extension
options. These options are negotiated by management to
provide flexibility in managing the leased-asset portfolio and
align with the Group’s business needs. Management exercises
significant judgement in determining whether these extension
options are reasonably certain to be exercised (refer to note J1).
Set out below are the undiscounted potential future rental payments relating to the period following the exercise date
of extension options that are not included in the lease term:
20242023
Within five
years
More than
five years
Total
Within five
years
More than
five years
Total
$’000$’000$’000$’000$’000$’000
Extension options expected not to be exercised---1,0581441,202
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases
that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the
lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on
short-term leases and leases of low-value assets are expensed on a straight-line basis over the lease term.

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
B. CASH MANAGEMENT
B1. CASH AND CASH EQUIVALENTS
2024
$’000
2023
$’000
Cash at bank and on hand 20,174 20,867
RECONCILIATION OF PROFIT AFTER INCOME TAX TO NET CASH
INFLOW FROM OPERATING ACTIVITIES
Notes
2024
$’000
2023
$’000
Profit/(loss) for the year(479)35,182
Adjustment for:
Depreciation of property, plant and equipmentF414,335 12,632
Depreciation of right-of-use assetsA549,646 42,211
Amortisation of intangible assetsF54,032 2,881
Impairment of property, plant and equipmentF4- (2,293)
Impairment of other assets- 49
Non-cash employee benefits expense - share-based paymentsD3168 1,818
Make good interest288 220
Net loss on sale of non-current assets413 116
Net exchange differences981 (2,508)
Change in operating assets and liabilities
(Increase)/decrease in trade and other receivables(147)(8,446)
(Increase)/decrease in inventories7,349 (2,772)
(Increase)/decrease in deferred tax assets(3,388)9,433
(Increase)/decrease in other non-current assets98 137
(Increase)/decrease in other current assets(2,616)1,249
(Decrease)/increase in trade and other payables(14,321)(15,839)
(Decrease)/increase in current tax liabilities(5,972)4,931
(Decrease)/increase in provisions(5,067)5,080
(Decrease)/increase in contract liabilities(7,547)(4,009)
Net cash inflow from operating activities37,773 80,072
B2. BORROWINGS
20242023
CurrentNon-currentTotalCurrentNon-currentTotal
$’000$’000$’000$’000$’000$’000
Bank loans-58,900 58,900 -12,500 12,500
Total secured borrowings-58,900 58,900 -12,500 12,500
In 2023, the Group extended its financing agreement with ANZ Banking Group and HSBC Australia for an availability period of three
years, maturing on the 31 August 2026. The financial arrangement includes a $92 million multi-option borrowing facility and ancillary
working capital facilities in line with the business requirements of the Group. At balance date, $58.9m was drawn on these facilities.
Refer to note C3 for details of covenants relating to the financing facilities.

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
B3. DIVIDENDS
ORDINARY SHARES
2024
$’000
2023
$’000
Final dividend for the year ended 2 July 2023 of 3.5 cents (2022: 4.0 cents) per
fully paid share paid on 22 September 2023 (2022: 23 September 2022)
13,289 15,531
Interim dividend for the year ended 30 June 2024 of 1.75 cents (2023: 4.0
cents) per fully paid share paid on 22 March 2024 (2023: 24 March 2023)
6,906 15,188
20,195 30,719
DIVIDENDS NOT RECOGNISED AT THE END OF THE REPORTING PERIOD
2024
$’000
2023
$’000
No final dividend was declared with respect to the year ended
30 June 2024 (2 July 2023: AU 3.5 cents)
-13,289
FRANKING AND IMPUTATION CREDITS
2024
$’000
2023
$’000
Franking credits available for subsequent reporting periods
based on a tax rate of 30.0% (2024: 30.0%)
9,822 2,812
Imputation credits (NZ$) available for subsequent reporting periods
based on New Zealand tax rate of 28.0% (2024: 28.0%)
2,775 2,196
The dividends paid during the current financial period were not fully imputed and not franked. The dividends paid in the previous
financial period were fully imputed and not franked.
The franking credit amounts represent the balance of the franking account as at the end of the financial year, adjusted for franking
credits that will arise from the payment and refund of income tax payable.
The above imputation credit amounts represent the balance of the imputation account as at the end of the financial year, adjusted
for imputation credits that will arise from the payment and refund of income tax payable.
No dividend was recommended by the Directors since year end.

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
C. FINANCIAL RISK MANAGEMENT
C1. FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and price risk), credit
risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the financial performance of the Group. The Group seeks to use derivative financial instruments
such as foreign exchange contracts and interest rate swaps to hedge certain risk exposures as required by its treasury policy. Derivatives
are exclusively used for hedging purposes, i.e. not as trading or other speculative instruments. The Group may use different methods to
measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate and foreign
exchange risks and ageing analysis for credit risk.
RISKEXPOSURE ARISING FROMMEASUREMENTMANAGEMENT
Market risk
- foreign exchange
Future commercial transactions
Recognised financial assets and
liabilities not denominated in AUD
Cash flow forecasting and
sensitivity analysis
Forward exchange
contracts (FEC)
- interest rateLong-term borrowings at variable ratesSensitivity analysisInterest rate swaps
- input pricesComponents of finished goodsSensitivity analysisEnd product pricing flexibility
Credit risk
Cash and cash equivalents
and trade receivables
Ageing analysis
Diversification of bank deposits,
credit limits and letters of credit
Liquidity riskBorrowings and other liabilitiesRolling cash flow forecasts
Availability of committed credit
lines and borrowing facilities
The Group’s overall risk management program includes a focus on financial risk including the unpredictability of financial markets
and foreign exchange risk.
The policies are overseen by the Board and executed by management who undertake regular reviews to enable prompt identification
of financial risks so that appropriate actions may be taken.
MARKET RISK
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities that are denominated in a
currency that is not the entity’s functional currency and net investments in foreign operations.
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, including the
purchase of inventory. Where it is considered appropriate, the Group enters into forward foreign exchange contracts to buy specified
amounts of various foreign currencies in the future at a pre-determined exchange rate.
Exposure
The Group’s exposure to foreign currency risk at the end of the reporting year, expressed in the presentation currency, was as follows:
20242023
USD
$’000
NZD
$’000
CAD
$’000
EUR
$’000
USD
$’000
NZD
$’000
CAD
$’000
EUR
$’000
Cash and cash equivalents529 - 5 - 520 -1 20
Trade receivables6 38 83 27 (54)4 67 89
Trade payables(7,229)(84)(89)(359)(12,825)- (33)(1,288)
Forward exchange contracts:
Buy foreign currency- - - - 8,163 - - -
Sell foreign currency- - - - - - - -
Net foreign currency exposure(6,694)(46)(1)(332)(4,196)4 35 (1,179)

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
Sensitivity
The following table summarises the sensitivity of the Group’s financial assets and financial liabilities to foreign currency risk. The foreign
exchange sensitivities are based on the Group’s exposure existing at balance date. Sensitivity figures are pre-tax.
Impact on pre-tax profit
Impact on other components
of equity
2024202320242023
Foreign exchange rate sensitivities $’000$’000$’000$’000
AUD increases 10%643 485 --
AUD decreases 10%(786)(593)--
INTEREST RATE RISK
The Group’s main interest rate risk arises from long-term borrowings and cash. Borrowings issued at variable rates expose the Group to
cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. Group policy is to maintain
fixed interest cover of core debt in line with the Group’s treasury policy. As the Group has a working capital facility, no core debt
(corporate long term debt) was identified.
To manage variable interest rate borrowings risk, the Group may enter into interest rate swaps in which the Group agrees to exchange, at
specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional
principal amount. At 30 June 2024, the Group had no core debt and there were no swaps in place (2023: no swaps in place).
The interest rate derivatives require settlement of net interest receivable or payable each 30 days and are settled on a net basis.
The exposure of the Group’s borrowings to interest rate changes at the end of the reporting year are as follows:
2024
% of
total loans
2023
% of
total loans
$’000$’000
Variable rate borrowings58,900 100%12,500 100%
58,900 100%12,500 100%
An analysis by maturities is provided below. The percentage of total loans shows the proportion of loans that are currently at variable
rates in relation to the total amount of borrowing.
The details of the variable rate borrowings outstanding are outlined below.
30 June 20242 July 2023
Weighted
average
interest rate
Balance
Weighted
average
interest rate
Balance
%$’000%$’000
Bank overdrafts and bank loans6.30%58,9006.01%12,500
Net exposure to cash flow interest rate risk58,90012,500
Sensitivity
Profit or loss is sensitive to higher/lower interest income from cash and cash equivalents as a result of changes in interest rates. Other
components of equity change as a result of an increase/decrease in the fair value of the cash flow hedges of borrowings. All other non-
derivative financial liabilities have a contractual maturity of less than 6 months.
Impact on pre-tax profit
Impact on other
components of equity
2024202320242023
$’000$’000$’000$’000
Interest rates - increase by 100 basis points(387)84--
Interest rates - decrease by 100 basis points387(84)--

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
CREDIT RISK
Credit risk is managed on a Group basis and refers to the risk of
a counterparty failing to discharge an obligation. In the normal
course of business, the Group incurs credit risk from trade
receivables and transactions with financial institutions. The
Group places its cash and short term deposits with only high
credit quality financial institutions. Sales to retail customers
are required to be settled via cash, major credit cards or passed
onto various credit providers in each country.
At the reporting date, no material credit risk exposure existed
in relation to potential counterparty failure on financial
instruments. The Group provides interest-free consumer credit
in Canada as a secondary product and the credit risk exposure
which exists against this financial instrument is detailed in note
F3. Other than the loss allowance recognised in trade and other
receivables in note F3, no financial assets were impaired or past
due. The maximum exposure to credit risk at the end of the
reporting year is the carrying amount of each class of financial
assets disclosed in note F3.
LIQUIDITY RISK
The Group maintains prudent liquidity risk management with
sufficient cash and the availability of funding through an
adequate amount of committed credit facilities.
Financing arrangements
The Group’s objectives when managing capital are to ensure
sufficient liquidity to support its financial obligations and
execute the Group’s operational and strategic plans. The
Group continually assesses its capital structure and makes
adjustments to it with reference to changes in economic
conditions and risk characteristics associated with its underlying
assets.
The Group had access to an overdraft facility, as well as a $90m
working capital facility which increases by $40 million for
the four-month period from 15 September 2024 to support
seasonal working capital requirements for Christmas trade. The
following were undrawn from these facilities at the end of the
reporting year:
FLOATING RATE
2024
$’000
2023
$’000
- Expiring beyond one year
(bank overdrafts)
2,0001,914
- Expiring beyond one
year (bank loans)
31,10077,500
33,10079,414
The maturity date of the financing facilities provided to the
Group by both Australia and New Zealand Banking Group
Limited and The Hongkong and Shanghai Banking Corporation
Limited, Sydney Branch is 31 August 2026.
Maturities of financial liabilities
The tables below analyse the Group’s financial liabilities
into relevant maturity groupings based on their contractual
maturities for:
• all non-derivative financial liabilities, and
• net and gross settled derivative financial instruments
for which the contractual maturities are essential for
an understanding of the timing of the cash flows.
The amounts disclosed in the table are the contractual
undiscounted cash flows. Balances due within 12 months equal
their carrying balances as the impact of discounting is not
significant.

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MICHAEL HILL INTERNATIONAL LIMITED
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ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
CONTRACTUAL MATURITIES
OF FINANCIAL LIABILITIES
Less than
6 months
6-12
months
Between 1
and 2 years
Between
2 and 5
years
Over 5
years
Total
contractual
cash flow
At 30 June 2024$’000$’000$’000$’000$’000$’000
Non-derivatives
Lease liabilities24,93922,94236,14054,19817,343155,563
Trade payables68,135----68,135
Borrowings---58,900-58,900
Total non-derivatives93,07422,94236,140113,09817,343282,598
The Group did not hold any derivatives at financial year end.
At 2 July 2023
Non-derivatives
Lease liabilities25,69920,06933,27448,33615,766143,144
Trade payables71,202----71,202
Borrowings---12,500-12,500
Total non-derivatives96,90120,06933,27460,83615,766226,846
Derivatives
Outward payments FECs8,011----8,011
Inward receipts FECs(8,163)----(8,163)
(152)----(152)
C2. DERIVATIVE FINANCIAL INSTRUMENTS
The Group is exposed to certain risks relating to its ongoing business operations. The primary risks managed using derivative
instruments are foreign currency risk and interest rate risk. The Group does not apply hedge accounting.
C3. CAPITAL MANAGEMENT
The Group’s objectives when managing capital are to:
• safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other
stakeholders, and
• maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital
to shareholders, issue new shares or sell assets to reduce debt.
There are a number of external bank covenants in place relating to debt facilities. These covenants are calculated and reported to
the banks quarterly on a pre-AASB16
Leases basis. The principal covenants relating to capital management are the EBIT fixed cover
charge ratio, consolidated debt to EBITDA, consolidated debt to capitalisation, and consolidated debt to inventory. There have been no
breaches of these covenants for the quarters up to and including 30 June 2024.