Michael Hill International Limited/Announcement

Half Yearly Report and Accounts

Half Year Results23 February 2025MHJConsumer Discretionary

$'000
Down0.7% to360,169
Up12.4% to32,364
Up9.5% to16,862
Amount per
security
Franked amount
per security
cents per share cents per share
--
--
1.75-
29 December 31 December
20242023
$$
0.33 0.35
http://investor.michaelhill.com
https://meetings.lumiconnect.com/300-416-465-051
Chair
Brisbane
21 February 2025
Media & Investors:
Anthea Noble
Webcast scheduled to take place at 9.00am (AEST) on Monday, 24 February 2025. Please use the following link to register.
General Manager - Investor Relations & Treasury
Revenue from contracts with customers
Earnings before interest and taxation (EBIT)
1
Net profit after tax for the period attributable to members
investor@michaelhill.com.au
1
EBIT is non-IFRS information and is unaudited. Please refer to non-IFRS information in the Directors' Report for an explanation of non-IFRS information and a
reconciliation of EBIT.
Interim dividend for the year ended 29 June 2025
Final dividend for the year ended 30 June 2024
Interim dividend for the year ended 30 June 2024
Net tangible asset
2
backing per ordinary security
MICHAEL HILL INTERNATIONAL LIMITED
ABN 25 610 937 598
APPENDIX 4D
RESULTS FOR ANNOUNCEMENT TO THE MARKET
REPORTING PERIOD
26 weeks ending 29 December 2024
26 weeks ending 31 December 2023
Reporting period:
Previous reporting period:
R I Fyfe
This report is based on accounts which have been reviewed by the auditor of Michael Hill International Limited. There have been no matters of
disagreement and a report of the auditor's review appears in the half-year financial report.
This report should be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by Michael
Hill International Limited in accordance with the continuous disclosure requirements arising under the Corporations Act 2021 (Cth), ASX Listing
Rules and NZX Listing Rules.
Your Directors present their report on the consolidated entity consisting of Michael Hill International Limited and the entities it controlled at the end
of, or during, the half-year ended 29 December 2024.
RESULTS FOR ANNOUNCEMENT TO THE MARKET
DIVIDENDS
NET TANGIBLE ASSETS
COMPLIANCE STATEMENT
2
Net tangible assets were calculated including the Group's right-of-use assets and lease liabilities recognised under AASB16 Leases.
MICHAEL HILL INTERNATIONAL LIMITED APPENDIX 4D

FOR THE HALF-YEAR ENDED 29 DECEMBER 2024
1
2
8
9
10
11
12
13
19
20
INDEPENDENT AUDITOR'S REVIEW REPORT
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
MICHAEL HILL INTERNATIONAL LIMITED
ABN 25 610 937 598
DIRECTORS' REPORT AND FINANCIAL REPORT
TABLE OF CONTENTS
CORPORATE DIRECTORY
DIRECTORS' REPORT
CONSOLIDATED STATEMENT OF CASH FLOWS
AUDITOR'S INDEPENDENCE DECLARATION
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
DIRECTORS' DECLARATION
MICHAEL HILL INTERNATIONAL LIMITED

DISCLAIMER
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.
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 Group’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 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.
MICHAEL HILL INTERNATIONAL LIMITED

COMPANY SECRETARY
K Palethorpe LLB (Hons), BSc (Biochemistry) (Hons), GradDipLegalPrac, GradDipACGRM
E J Hill B.Com., M.B.A.
G W Smith B.Com., F.C.A., F.A.I.C.D.
D Whittle B.A., B.Com
C Batten LLB (Hons), B.Com (appointed 30 August 2024)
D Bracken
MICHAEL HILL INTERNATIONAL LIMITED
CORPORATE DIRECTORY
DIRECTORS
R I Fyfe B.Eng, F.E.N.Z., C.N.Z.M. Chair
Sir R M Hill K.N.Z.M.
PRINCIPAL REGISTERED OFFICE IN AUSTRALIA
34 Southgate Avenue
Cannon Hill QLD 4170

Australia
Computershare Investor Services Pty Ltd
Level 1

200 Mary Street
Brisbane QLD 4000

1300 552 270 (within Australia)

+61 3 9415 4000 (outside of Australia)
SHARE REGISTER
AUDITOR
Ernst & Young
Level 51
111 Eagle Street
Brisbane QLD 4000
SOLICITOR
Allens Linklaters
Level 26
480 Queen Street
Brisbane QLD 4000
BANKERS
ANZ Australia
ANZ New Zealand
HSBC Australia
Royal Bank of Canada
Bank of Montreal
Commonwealth Bank of Australia
WEBSITES
www.michaelhill.com.au
www.michaelhill.co.nz
www.michaelhill.ca
www.michaelhill.com
EMAIL
online@michaelhill.com.au
www.medleyjewellery.com.au
www.bevilles.com.au
www.watchesgalore.com.au
www.tensevenseven.com
http://investor.michaelhill.com
MICHAEL HILL INTERNATIONAL LIMITED 1

R I Fyfe
Sir R M Hill
E J Hill
G W Smith
D Whittle
C Batten
D Bracken
•
•
•
•
•
•
•
•
*EBIT and Comparable EBIT are non-IFRS information and are unaudited. Please refer to non-IFRS information section in this report for an explanation of non-
IFRS information and a reconciliation of EBIT and Comparable EBIT.
MICHAEL HILL INTERNATIONAL LIMITED
DIRECTORS' REPORT
DIRECTORS
PRINCIPAL ACTIVITIES
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
REVIEW OF OPERATIONS
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 half-year ended 29 December 2024. The
half-year ended 29 December 2024 is a 26-week period (1 July 2024 to 29 December 2024) compared to the half-year ended 31 December 2023
which was also a 26-week period (3 July 2023 to 31 December 2023).
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 half-year ended 29 December 2024.
Information on likely developments in the Group’s operations and the expected results of operations have been included in the Review of
Operations and Strategy Update sections of this report.
The Group achieved the following key outcomes for the half-year ended 29 December 2024:
The following persons were Directors of Michael Hill International Limited during the financial period and up to the date of this report:
Group revenue was $360.2m (FY24H1: $362.7m) a decrease of 0.7% in the half, and was flat on a constant currency basis.
Comparable earnings before interest and tax (EBIT)* of $24.1m (FY24H1: $31.3m), at the upper end of previous guidance.
KEY FINANCIAL RESULTS
Group gross margin improved to 61.3% for the half, in line with previous guidance and up on FY24 of 60.6%, underpinned by product and
brand initiatives which are offsetting higher input costs and aggressive retail trading conditions. Gross margin was also enhanced by the
introduction of higher margin gifting products that increased transaction volumes for the key Christmas period.
Active inventory management delivered a $6.6m reduction to $213.2m (FY24H1: $219.8m).
Closing net debt position of $9.8m (FY24H1: $11.6m), with the business remaining committed to a reduced capital expenditure profile across
both technology and stores.
Management have deployed targeted initiatives to deliver ~$5m of cost reductions in the second half as we align resources to our strategic
priorities and trading performance.
No interim dividend was declared.
Statutory net profit after tax increased to $16.9m (FY24H1: $15.4m).
MICHAEL HILL INTERNATIONAL LIMITED DIRECTORS' REPORT 2

•
•
•
•
•
•
•
•
•
The prevailing macroeconomic pressures continued to impact consumer sentiment and discretionary retail trading conditions throughout 2024,
with conditions in New Zealand remaining particularly challenging.
Strong digital traffic and deployment of Bevilles’ omni-channel initiatives have supported the increase in digital sales, resulting in $30.3m for the
half (FY24H1: $29.5m), and representing 8.4% of Group revenue.
Active management of inventory saw holdings reduced by $6.6m to $213.2m at the end of the half, reflecting a reduction in the store network
profile and steps taken to reduce stock holdings.
For the half, the Group delivered revenue of $360.2m, down 0.7%, and flat on a constant currency basis. Sales for the half reflected strong
business performance in the first three months, which was offset by a more challenging result in the second quarter as we cycled record prior
year sales in both October and November.
Given challenging broader economic conditions across all markets, the Group reported a decline in performance, with comparable earnings
before interest and tax of $24.1m for the half year ended 29 December 2024. This result was driven by a combination of more aggressive retail
competition, higher annualised operating costs across labour and occupancy and the ongoing challenges of raw material costs, particularly gold
pricing.
The operational segments below reflect the performance of the Group's retail operations in each geographic segment. The segments include
trading activity from our online channels presence and our Canadian in-house credit function. The segments exclude revenue and expenses that
do not relate directly to the relevant retail segments, and are treated as unallocated. These predominately relate to corporate costs and
Australian based support costs, but also include the manufacturing activities, warehouse and distribution, interest and company tax.
Gross margin started its recovery journey improving from 60.6% in FY24 to 61.3% for the half, underpinned by product and brand initiatives
which are offsetting higher input costs and aggressive retail trading conditions. Introduction of higher margin gifting products increased
transaction volumes for the key Christmas period.
For Michael Hill, seven stores were permanently closed (AU: 5, CA: 2), two stores were converted to Bevilles and one new NZ store was opened,
taking the network to 256 (AU: 128, NZ: 45, CA: 83). For the half, the Bevilles (AU) store network expanded to 38, with two additional conversion
stores. The Group network was 294 stores at the end of the half across all markets (June 2024: 300).
The results below are expressed in local currency.
With inflationary pressures impacting our operating cost base, the business took the decision in January 2025 to undertake a ~$5m cost
reduction program in the second half as we align resources to our strategic priorities and trading performance.
Australian segment up 3.8%,
Canadian segment up 6.7%, and
New Zealand segment down 1.9%.
FY25H1 - GROUP BUSINESS PERFORMANCE
SEGMENT RESULTS
The half saw the successful opening of the second MH global flagship store showcasing the new brand icons and offering an elevated instore
experience in Bourke St, Melbourne. The MH Queenstown, New Zealand store was also refurbished to incorporate this new brand identity.
OPERATIONAL PERFORMANCE
CURRENT TRADING UPDATE
Digital sales have continued to grow, delivering $30.3m for the half, supported by strong traffic and deployment of Bevilles’ omni-initiatives.
MH elevated its sustainable “LAB.” diamonds to the highest quality, by introducing E colour and VVS clarity into this high growth category.
On a same store sales basis (in local currency), Canada delivered another record sales performance with +2.7% growth, Australia was up
+0.6% while New Zealand was down -7.8%, as it continued to be adversely impacted by challenging economic conditions affecting consumer
confidence, declining foot traffic, and a slower return of international shoppers.
Successful launch of the MH Pendant Bar concept, with a focus on both build-your-own and ready-to-wear gifting.
In line with our store network strategy, MH has continued to optimise its store network throughout the half, while at the same time expanding
the Bevilles’ store network to 38 stores. The Group finished the half with 294 stores (FY24H1: 302).
For the first seven weeks of FY25H2, Group sales were up 1.7%, and Group same stores were up 3.2% on prior year. For same stores sales (in
local currency):
MICHAEL HILL INTERNATIONAL LIMITED DIRECTORS' REPORT 3

29 December 31 December
20242023
204,730 202,286
123,935 122,605
60.5%60.6%
22,512 25,626
11.0%12.7%
29 December 31 December
20242023
90,682 88,588
55,108 54,008
60.8%61.0%
13,672 13,895
15.1%15.7%
29 December 31 December
20242023
60,548 65,402
35,690 39,176
58.9%59.9%
9,446 10,124
15.6%15.5%
During the half, the business has remained committed to a reduced capital expenditure profile across both technology and stores, resulting in a
closing net debt position of $9.8m. As a proactive capital management measure to support seasonal working capital requirements for Christmas
trade, the existing $90m debt facility has been increased for the four-month period from 15 September 2025 by $20m (September 2024: $40m).
This lower funding requirement for the upcoming year reflects disciplined balance sheet management across cash, inventory and capital
expenditure.
Gross margin for the half was 58.9%.
HALF-YEAR ENDED
Retail segment revenue increased by 1.2% to $204.7m for the half (with five fewer stores), and increased by 0.6% on a same store basis,
underpinned by positive growth in the Michael Hill brand.
Retail segment revenue decreased by 7.4% to NZ$60.5m for the half, and decreased by 7.8% on a same store sales basis. Despite the focus and
effort from the business, external economic factors continue to present challenging retail conditions in New Zealand. An internal strategic review
of our New Zealand segment is underway as we navigate the cyclical downturn in the economy, leverage the brand’s heritage and re-establish
the profitability of this segment.
HALF-YEAR ENDED
Gross margin for the half was 60.5%.
The Australian store network finished the half with 166 stores, including 38 Bevilles stores (FY24H1: 171 including 30 Bevilles stores).
OPERATING RESULTS (AU $'000)
Gross margin
Comparable EBIT
Comparable EBIT as a % of revenue
CAPITAL MANAGEMENT
Comparable EBIT as a % of revenue
During the half year, one store opened, resulting in 45 stores at the end of the half (FY24H1: 46).
Given compressed earnings in FY25H1, and in conjunction with a commitment to prudent investment in operating and capital expenditure in
FY25, the Board has decided that no interim dividend will be declared for FY25H1.
AUSTRALIA RETAIL PERFORMANCE (INCLUDING BEVILLES)
Revenue
Comparable EBIT as a % of revenue
Retail segment revenue increased by 2.4% to CA$90.7m for the half, and increased by 2.7% on a same store basis. This result is a credit to the
Canadian team, resulting in yet another record performance, especially considering the continuing challenges in the local economy, and
indicates the business is taking market share.
Gross profit
Revenue
Gross profit
Gross margin
CANADA RETAIL PERFORMANCE
HALF-YEAR ENDED
OPERATING RESULTS (CA $'000)
Revenue
Gross profit
Gross margin
Comparable EBIT
Gross margin for the half was 60.8%.
NEW ZEALAND RETAIL PERFORMANCE
OPERATING RESULTS (NZ $'000)
Comparable EBIT
During the half, two stores closed, resulting in 83 stores at the end of the half (FY24H1: 85).
MICHAEL HILL INTERNATIONAL LIMITED DIRECTORS' REPORT 4

•
•
•
Even though market conditions continue to be challenging, the business remains committed to its multi-brand Group strategy, and the four
phases of the Group strategy, the path to 2030, as articulated in February 2024 and our FY24 Annual Report.
With the Michael Hill Group multi-brand strategy now in place, the business is firmly focused on the third phase, reinforcing that each brand is
uniquely positioned for different segments and price propositions, and with their own strategic priorities.
Bevilles
Following the acquisition, the store network expanded into the new territory of Queensland, with five new stores and two conversion stores. This
was accompanied by three new stores and two conversion stores in existing territories, increasing the total store network to 38 stores (FY24H1:
30). In FY24H2, the Bevilles operations transitioned to Group operational IT systems, and relocated its Melbourne head office and distribution
centre to Brisbane.
During FY25H1, the business delivered highly engaging discount-led promotions to capture customers in the value segment and expand brand
awareness. Given the current cost-of-living pressures in Australia, the value segment of the market was highly competitive with extensive retail
promotional activity. The business sourced new product engineered to deliver higher gross margin to counter the required level of promotional
activity.
GROUP STRATEGY, THE PATH TO 2030
PRODUCT & BRAND PROPOSITION, 2024 - 2025
Michael Hill
Successfully launched its new Pendant Bar concept, with a focus on both build-your-own and ready-to-wear gifting, which provided a unique
proposition in our markets.
In FY24Q4, the complete refresh of the Michael Hill brand was revealed, delivering a new elevated aesthetic across all brand assets, colour
palette and logos. Elements of the new brand assets were gradually brought to life across digital platforms, stores and consumer packaging.
This also saw a new global flagship store come 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. Her timeless elegance resonates in all our markets. Simultaneously, new key product offerings such as the
signature lock range and the exclusive cut 101 facet diamond collection were launched.
During FY25H1, the business continued to embrace the aspirational brand positioning, that being "aspirational and yet accessible", with the
successful opening of its second global flagship store showcasing our new brand icons and offering an elevated instore experience in Bourke St,
Melbourne. In addition, the Queenstown, New Zealand store was refurbished to incorporate this new brand identity.
Prior to the all-important Christmas trading period, the business:
Introduced a range of higher margin gifting products to drive transaction volumes for the key Christmas period.
Elevated our sustainable Laboratory Grown Diamonds to the highest quality, introducing E colour and VVS clarity into this high growth
category, so that Michael Hill represents the very best in market.
These initiatives demonstrate that the business is continuing its product evolution and tactical introduction of newness, with a focus on quality,
innovation and sustainability.
MICHAEL HILL INTERNATIONAL LIMITED DIRECTORS' REPORT 5

1.
2.
3.
•
•
•
•
Earnings before interest, tax, depreciation and amortisation (EBITDA)
Earnings before interest and tax (EBIT)
Comparable EBIT
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.
Significant item
The non-IFRS measures used in describing the business performance include:
NETWORK EXPANSION & PRODUCTIVITY, 2026 - 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. The opportunity remains for the
Bevilles network to grow in the value segment, as the Michael Hill brand continues to optimise its store network, embed its elevated brand
proposition and attract new target customers.
Since acquisition, the Bevilles business has undergone a significant transformation as it expanded into a new territory, opened 12 stores,
transitioned to new IT systems and relocated its Head Office/Distribution centre to Brisbane. The Bevilles business is now focused on instilling
core retail fundamentals with the team, articulating a clear brand identity to our customers, and continuing to create brand awareness through
highly engaging marketing. Furthermore, the team are focused on re-establishing the brand’s dominance in its core and everyday value product
offering with a more productive and streamlined product range to increase disruption in the value jewellery segment.
Internal strategic review of New Zealand to improve performance
Reinforce retail fundamentals, brand identity and awareness of the Bevilles brand, in preparation for expansion
Over the next 12 months, the Group’s primary focus is on margin recovery and building a strong foundation for sustainable growth, underpinned
by the following three key strategic priorities:
The business will continue focusing on repositioning the Michael Hill brand across all markets, with our product and our people as the key
enablers. Product newness and quality are the cornerstone of an aspirational brand positioning. As an example, the business is introducing a
new Canadian diamond range which is ethically sourced and renowned for their exceptional quality. This will further bolster our Canadian
segment, and expand our product offering in Australia and New Zealand. Along with our standard cadence of product newness, the business
will maintain its focus on margin enhancing product initiatives.
Our New Zealand segment has suffered due to the economic downturn in New Zealand. An internal strategic review has commenced to ensure
our New Zealand business is well-placed to dominate the jewellery market as the economy recovers.
Strategic Priorities
Our people are core to our business, and the continual investment in development, upskilling and training is an important lever to ensure our
people align with the repositioned Michael Hill brand. It is particularly important that our people have in-depth product knowledge to guide our
customers with their milestone moment purchases.
Embedding the repositioning of the Michael Hill brand across all markets
MICHAEL HILL INTERNATIONAL LIMITED DIRECTORS' REPORT 6

29 December 31 December
20242023
32,364
28,800
64
2,702
-
1,058
696
-
272205
(6,280)(5,509)
(3,031)
4,000
24,08531,256
Comparable EBIT has been calculated as follows:
HALF-YEAR ENDED
COMPARABLE EBIT
21 February 2025
Comparable EBIT
Less items relating to:
Reported EBIT
AUDITOR'S INDEPENDENCE DECLARATION
ROUNDING OF AMOUNTS
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 (Cth) is included in this report.
Litigation judgement
Add back costs relating to:
Impact of IFRIC SaaS-related guidance
Bevilles acquisition transaction costs
Bevilles integration costs
Employee restructure costs
Impact of AASB16 Leases
The Group is of a kind referred to in ASIC Legislative Instrument 2016/191, relation to the 'rounding off' of amounts in the financial statements.
Amounts in the financial statements have been rounded off in accordance with the instrument to the nearest thousand dollars, or in certain
cases, the nearest dollar.
The report is made on 21 February 2025 in accordance with a resolution of Directors.
R I Fyfe
Chair
Brisbane
MICHAEL HILL INTERNATIONAL LIMITED DIRECTORS' REPORT 7

NOTES
29 December 31 December
20242023
$'000$'000
2360,169 362,688
1,335 4,422
(139,282) (139,646)
(93,277) (93,816)
(8,911)(7,946)
(23,246) (22,500)
(13,685)(13,131)
(209)(202)
(31,720) (32,038)
(218)(85)
(7,049) (15,834)
(11,436)(12,974)
Finance expenses(8,720)(7,080)
Profit before income tax23,751 21,858
(6,889)(6,464)
16,862 15,394
NOTES
29 December 31 December
20242023
Other comprehensive income
$'000$'000
977 (1,234)
977 (1,234)
17,839 14,160
17,839 14,160
NOTES
29 December 31 December
20242023
cents
cents
4.38 4.02
4.31 3.95
Profit for the half-year
Depreciation and amortisation expense
Loss on disposal of property, plant and equipment
Administrative expenses
Other expenses
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.
Earnings per share for profit attributable to the ordinary equity holders of the Company:
HALF-YEAR ENDED
Revenue from contracts with customers
Other income
Cost of goods sold
Employee benefits expense
Occupancy costs
Marketing expenses
Selling expenses
Impairment of property, plant and equipment and other assets
Income tax expense
Diluted earnings per share
HALF-YEAR ENDED
Other comprehensive income for the half-year, net of tax
Currency translation differences arising during the half-year
Item that may be reclassified subsequently to profit or loss:
HALF-YEAR ENDED
Total comprehensive income for the half-year
Total comprehensive income for the half-year is attributable to:
Owners of Michael Hill International Limited
Basic earnings per share
MICHAEL HILL INTERNATIONAL LIMITED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 29 DECEMBER 2024 9

NOTESAS ATAS ATAS AT
29 December 31 December 30 June
202420232024
$'000$'000$'000
27,571 22,780 20,174
414,258 19,101 14,803
213,161 219,845 195,785
3,191 1,375 704
21,033 784 557
6,133 7,033 7,576
265,347 270,918 239,599
41,327 1,306 990
3126,707 136,629 133,988
557,882 60,342 59,707
656,396 56,552 57,803
49,492 50,413 52,507
2199 318 251
287 359 399
292,290 305,919 305,645
557,637 576,837 545,244
493,092 85,563 68,135
339,658 40,617 40,278
220,427 21,341 19,616
712,293 13,375 13,114
1,349 5,146 812
272 257 236
1,194 1,814 2,851
168,285 168,113 145,042
3106,763 113,875 114,303
253,626 59,612 52,955
37,400 34,400 58,900
76,822 8,608 7,163
- 2,557 -
204,611 219,052 233,321
372,896 387,165 378,363
184,741 189,672 166,881
812,826 11,132 12,763
833 1,714 (102)
171,082 176,826 154,220
184,741 189,672 166,881
Total equity
Contributed equity
Reserves
Retained profits
Total non-current assets
Total assets
Total current liabilities
Total non-current liabilities
Total liabilities
Net assets
Lease liabilities
Contract liabilities
Borrowings
Provisions
Deferred consideration
Deferred tax assets
Contract assets
Other non-current assets
Trade and other payables
Lease liabilities
Contract liabilities
Provisions
Current tax liabilities
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSETS
Current assets
Cash and cash equivalents
Total current assets
Trade and other receivables
Inventories
Current tax receivables
Contract assets
Other current assets
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Non-current assets
Current liabilities
Non-current liabilities
LIABILITIES
EQUITY
Trade and other receivables
Right-of-use assets
Property, plant and equipment
Intangible assets
Deferred revenue
Deferred consideration
MICHAEL HILL INTERNATIONAL LIMITED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 29 DECEMBER 2024 10

NOTES
CONTRIBUTED
EQUITY
SHARE BASED
PAYMENTS
RESERVE
FOREIGN
CURRENCY
TRANSLATION
RESERVE
RETAINED
PROFITS
TOTAL
EQUITY
$'000$'000$'000$'000$'000
11,1122,56247174,894188,615
Profit for the half-year- - - 15,39415,394
Currency translation differences

- - (1,234)- (1,234)
Total comprehensive income for the half-year

- - (1,234)15,39414,160
Transactions with members in their capacity as owners:
Dividends paid/provided
9 - - - (13,462)
(13,462)
Issue of share capital on exercise of share rights
8 20(20)- -
-
Share-based payments expense
- 359- -
359
20339- (13,462)(13,103)
11,1322,901(1,187)176,826189,672
12,7631,078(1,180)154,220166,881
Profit for the half-year- - - 16,86216,862
Currency translation differences- - 977- 977
Total comprehensive income for the half-year- - 97716,86217,839
Issue of share capital on exercise of share rights8 63(63)- - -
Transfer option reserve on forfeiture of vested options(17)(17)
Share-based payments expense- 38- - 38
63(42)- - 21
Balance at 29 December 202412,8261,036(203)171,082184,741
Attributable to owners of
Michael Hill International Limited
Balance at 2 July 2023
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Balance at 31 December 2023
Balance at 30 June 2024
Transactions with members in their capacity as owners:
MICHAEL HILL INTERNATIONAL LIMITED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 29 DECEMBER 2024 11

NOTES 29 December 31 December
20242023
$'000$'000
413,832 410,437
(324,189) (358,788)
89,643 51,649
(9)138
1,228 1,439
(2,930)(1,748)
3 (5,523)(5,172)
(6,563) (10,543)
(18,152)(13,721)
57,694 22,042
144 4
5 (5,295) (12,949)
6 (869)(4,461)
(6,020) (17,406)
38,400 100,400
(59,900) (66,000)
3 (22,851)(23,711)
9 - (13,462)
(44,351)(2,773)
7,323 1,863
20,174 20,867
74 50
27,571 22,780
Repayment of borrowings
Principal portion of lease payments
Dividends paid to Company's shareholders
Cash and cash equivalents at the end of the half-year
Net cash outflow from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Effects of exchange rate changes on cash and cash equivalents
Payments for intangible assets
Net cash outflow from investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
Interest paid
Leasing interest paid
Income tax paid
Net GST and sales taxes paid
Payments for property, plant and equipment
CONSOLIDATED STATEMENT OF CASH FLOWS
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
HALF-YEAR ENDED
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers (inclusive of GST and sales taxes)
Payments to suppliers and employees (inclusive of GST and sales taxes)
Interest received
Net cash inflow from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment
Other revenue received
MICHAEL HILL INTERNATIONAL LIMITED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 29 DECEMBER 2024 12

1
2
3
4
5
6
7
8
9
10
11
12
1
NOTES TO THE FINANCIAL STATEMENTS
SEGMENT INFORMATION
MAJOR CUSTOMERS
NOTE OVERVIEW
Financial assets and liabilities
Property, plant and equipment
Intangible assets
Provisions
Contributed equity
Dividends
Commitments
Events occuring after the end of the reporting period
Summary of accounting policies and significant estimates and judgements
Segment information
Revenue
The Group's operations are in three geographical segments: Australia, New Zealand and Canada.
Leases
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.
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 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 AND SERVICES
The Corporate and other segment includes revenue and expenses that do not relate directly to the relevant Michael Hill Group retail segments. These
predominately 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.
Michael Hill International Limited and its controlled entities sell goods and provide services to a number of customers from which revenue is derived.
There is no single customer from which the Group derives more than 10% of total consolidated revenue.
Michael Hill International Limited and its controlled entities operate predominately in the sale of jewellery and related services.
MICHAEL HILL INTERNATIONAL LIMITED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 29 DECEMBER 2024 13

AustraliaCanadaNew ZealandCorporate &
other
Group pre-
adjustments
AdjustmentsGroup
$'000 $'000 $'000$'000$'000$'000$'000
204,730 99,491 55,042 906 360,169 - 360,169
123,935 60,455 32,445 4,052 220,887 - 220,887
60.5% 60.8% 58.9%61.3%61.3%
28,592 18,635 10,439 (17,833)39,833 24,251 64,084
(6,807) (3,590) (1,866) (1,422)(13,685)(18,035) (31,720)
21,785 15,045 8,573 (19,255)26,148 6,216 32,364
10.6%15.1% 15.6%7.3%9.0%
11 --96 107 -107
(141)-- (3,056)(3,197)(5,523) (8,720)
21,655 15,045 8,573 (22,215)23,058 693 23,751
(6,889)
16,862
space
AustraliaCanadaNew ZealandCorporate &
other
Group pre-
adjustments
AdjustmentsGroup
$'000 $'000 $'000$'000$'000$'000$'000
202,286 100,106 60,577 (281)362,688 - 362,688
122,605 61,058 36,283 3,096 223,042 - 223,042
60.6%61.0% 59.9%61.5%61.5%
31,393 19,473 11,139 (22,967)39,038 21,800 60,838
(6,235) (3,844) (1,759) (1,207)(13,045)(18,993) (32,038)
25,158 15,629 9,380 (24,174)25,993 2,807 28,800
12.4%15.6% 15.5%7.2%7.9%
30 --108 138 -138
(130)-(2) (1,776)(1,908)(5,172) (7,080)
25,058 15,629 9,378 (25,842)24,223 (2,365) 21,858
(6,464)
15,394
2
space
space
29 December 31 December
space
20242023
space
$'000$'000
344,535 347,711
14,678 14,118
285 288
671 571
360,169 362,688
Half-year ended 29 December 2024
Operating revenue
Gross profit
Gross margin
EBITDA*
Depreciation and amortisation
Segment EBIT*
EBIT as a % of revenue
Interest income
Finance costs
Net profit before tax
Income tax expense
Net profit after tax
Net profit after tax
Revenue from sale of goods and repair services
Revenue from Professional Care Plans (PCP)
Interest and other revenue from in-house customer finance program
EBIT as a % of revenue
Interest income
Finance costs
Net profit before tax
Income tax expense
Total revenue from contracts with customers
*EBIT and EBITDA are non-IFRS information and is unaudited. 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.
REVENUE
HALF-YEAR ENDED
Half-year ended 31 December 2023
Operating revenue
Gross profit
Gross margin
EBITDA*
Depreciation and amortisation
Segment EBIT*
Revenue from Lifetime Diamond Warranty (LTDW)
SEGMENT RESULTS
MICHAEL HILL INTERNATIONAL LIMITED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 29 DECEMBER 2024 14

AustraliaCanadaNew ZealandCorporate &
other
Total
$'000$'000$'000$'000$'000
196,232 94,879 52,519 905 344,535
8,499 4,612 2,523 - 15,634
204,731 99,491 55,042 905 360,169
AustraliaCanadaNew ZealandCorporate &
other
Total
$'000$'000$'000$'000$'000
194,545 95,498 57,983 (315) 347,711
7,741 4,608 2,594 34 14,977
202,286 100,106 60,577 (281) 362,688
space
AS ATAS AT
29 December30 June
20242024
$'000$'000
920 426
312 382
1,232 808
space
66,055 66,041
5,939 5,652
2,059 878
74,053 72,571
3
AS ATAS AT
29 December30 June
20242024
$'000$'000
Right-of-use assets353,514 336,399
Less: Accumulated depreciation(226,807) (202,411)
126,707 133,988
space
AS ATAS AT
29 December30 June
20242024
$'000$'000
39,658 40,278
106,763 114,303
146,421 154,581
space
LEASES
space
Right of return assets
Deferred PCP bonuses
Total contract assets
Non-current
space
space
RIGHT-OF-USE ASSETS
LEASE LIABILITIES
Current
Half-year ended 29 December 2024
Timing of revenue recognition
At a point in time
Over time
Deferred service revenue - PCP
Deferred service revenue - Lifetime Diamond Warranty
Right of return liabilities
Total contract liabilities
The Group derives revenue from the transfer of goods and services over time and at a point in time in the following geographical regions:
DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
ASSETS AND LIABILITIES RELATED TO CONTRACTS WITH CUSTOMERS
Half-year ended 31 December 2023
Timing of revenue recognition
At a point in time
Over time
MICHAEL HILL INTERNATIONAL LIMITED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 29 DECEMBER 2024 15

Right-of-use
assets
Lease
liabilities
$'000$'000
133,988 154,581
14,591 14,626
799 (147)
(22,883)-
-5,523
- (28,374)
212 212
126,707 146,421
space
4
space
AS ATAS AT
space
29 December30 June
space
20242024
$'000$'000
Trade and other receivables15,585 15,793
Trade and other payables93,092 68,135
5
space
6
space
7
AS ATAS AT
29 December30 June
CurrentNon-currentTotalCurrentNon-currentTotal
$'000 $'000$'000$'000$'000$'000
Employee benefits10,118 2,231 12,349 9,932 2,195 12,127
Assurance-type warranties1,893 -1,893 2,222 -2,222
Make good provision282 4,591 4,873 597 4,968 5,565
Restructuring costs---363 -363
12,293 6,822 19,115 13,114 7,163 20,277
space
space
FINANCIAL ASSETS AND LIABILITIES
AMOUNTS RECOGNISED IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FINANCIAL ASSETS AT AMORTISED COST
Balance as at 1 July 2024
Additions
Lease modifications agreed during the half-year
Depreciation and amortisation expense
Interest expense
Lease repayments
Foreign currency translation
Balance as at 29 December 2024
space
Set out below is an overview of financial assets and liabilities, other than cash and short-term deposits, held by the Group as at 29 December 2024
and 30 June 2024:
Acquisitions and disposals
Assets with a net book value of $362,000 were disposed by the Group during the 26 weeks ended 29 December 2024 (31 December 2023: $89,000),
resulting in a net loss on disposal of $218,000 (31 December 2023: $85,000).
Acquisitions and disposals
During the 26 weeks ended 29 December 2024, the Group internally generated and acquired, primarily software development, with a total cost of
$869,000 (31 December 2023: $4,461,000).
FINANCIAL LIABILITIES AT AMORTISED COST
PROPERTY, PLANT AND EQUIPMENT
During the 26 weeks ended 29 December 2024, the Group acquired assets with a total cost of $5,295,000 (31 December 2023: $12,949,000).
20242024
INTANGIBLE ASSETS
PROVISIONS
MICHAEL HILL INTERNATIONAL LIMITED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 29 DECEMBER 2024 16

8
space
Total
MOVEMENTS IN ORDINARY SHARES
$'000
379,688,884 11,112
4,935,079 20
384,623,963 11,132
space
384,623,963 12,763
128,995 63
384,752,958 12,826
space
9
29 December 31 December
20242023
Ordinary shares
$'000 $'000
- 13,462
-6,731
- 20,193
10
space
Within one
year
One to five yearsGreater than
five years
Total
space
$'000$'000$'000$'000
Future lease payments for these non-cancellable lease contracts
310 2,857 2,681 5,848
space
11
space
DIVIDENDS
No interim dividend was declared with respect to year end 29 June 2025 (30 June 2024: AU 1.75 cents)
space
Balance at 1 July 2024
Rights converted
Balance at 29 December 2024
HALF-YEAR ENDED
The following sets out the various lease contracts that the Group has entered into and have yet to commence as at 29 December 2024.
No other matters or circumstances have occurred subsequent to half-year end that has significantly affected, or may significantly affect, the
operations of the Group, the results of those operations or the state of affairs of the Group or economic entity in subsequent financial years.
No final dividend was declared with respect to the year ended 30 June 2024 (2 July 2023: AU 3.5 cents)
COMMITMENTS
EVENTS OCCURING AFTER THE END OF THE REPORTING PERIOD
Number of
shares
CONTRIBUTED EQUITY
Balance at 3 July 2023
Rights converted
Balance at 31 December 2023
MICHAEL HILL INTERNATIONAL LIMITED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 29 DECEMBER 2024 17

12
(A)
(B)
(C)
The areas involving a higher degree of judgement or complexity and the estimates and assumptions applied are consistent
with those disclosed in the annual report for the year ended 30 June 2024.
Several other amendments and interpretations apply for the first time in the period, but do not have an impact on the consolidated financial
statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet
effective.
The consolidated financial statements of Michael Hill International Limited and its subsidiaries (collectively, the Group) for the half-year ended 29
December 2024 have been prepared in accordance with Accounting Standard AASB134 Interim Financial Reporting and the Corporations Act 2001
(Cth).
These consolidated financial statements do not include all the notes of the type normally included in an annual financial report. Accordingly, this
report is to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by Michael Hill
International Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001
(Cth), ASX Listing Rules and NZX Listing Rules.
Michael Hill International Limited (the Company) is a for profit company limited by shares, incorporated and domiciled in Australia, whose shares are
publicly traded. The Group’s principal activity is the sale of jewellery and related services.
The financial statements have been prepared on a historical cost basis, except for assets held for sale that have been measured at fair value. The
consolidated financial statements provide comparative information in respect of the previous period.
The accounting policies adopted in the preparation of the consolidated interim financial statements of the Group are consistent with those of the
previous financial year. These policies have been consistently applied to both periods presented, unless otherwise stated. Where necessary,
comparative information has been restated to conform with changes in presentation in the current year.
For reporting purposes, the Group adopts a weekly 'retail calendar' closing each Sunday. The current 26 week reporting period ended on 29
December 2024.
Due to the seasonal nature of selling jewellery and related services, higher revenues and operating profits are usually expected in the first half of the
financial year. Accordingly, inventory levels and working capital levels are higher at the end of the first half of the financial year rather than at the end
of the financial year. A comparative half-year balance sheet has been included in the consolidated statement of financial position. This information is
provided to allow for a better understanding of the results. However, management has concluded that this is not 'highly seasonal’ in accordance with
AASB134.
These consolidated financial statements of Michael Hill International Limited and its subsidiaries (collectively, the Group) for the 26 weeks ended 29
December 2024 were authorised for issue in accordance with a resolution of directors on 21 February 2025.
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results.
Management also needs to exercise judgement in applying the Group’s accounting policies. Estimates and judgements are continually evaluated and
are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are consistent with those disclosed in the annual report for the year ended 30 June 2024.
SUMMARY OF ACCOUNTING POLICIES AND SIGNIFICANT ESTIMATES AND JUDGEMENTS
BASIS OF PREPARATION
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
SIGNIFICANT ESTIMATES AND JUDGEMENTS
MICHAEL HILL INTERNATIONAL LIMITED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 29 DECEMBER 2024 18

DIRECTORS' DECLARATION
(a)
(i)
(ii)
(b)
R I Fyfe
Chair
Brisbane
21 February 2025
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable.
The directors declare that in their opinion:
This declaration is made on 21 February 2025 in accordance with a resolution of the directors.
the financial statements and notes are in accordance with the Corporations Act 2001, including:
complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations
Regulations 2001; and
giving a true and fair view of the consolidated entity's financial position as at 29 December 2024 and of its
performance for the half-year ended on that date; and
MICHAEL HILL INTERNATIONAL LIMITED FINANCIAL STATEMENTS 19

A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation

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

Independent auditor’s review report to the members of
Michael Hill International limited
Conclusion
We have reviewed the accompanying half-year financial report of Michael Hill International Limited
(the Company) and its subsidiaries (collectively the Group), which comprises the consolidated
statement of financial position as at 29 December 2024, the consolidated statement of
comprehensive income, consolidated statement of changes in equity and consolidated statement of
cash flows for the half-year ended on that date, notes comprising a summary of material accounting
policies and other explanatory information, and the directors’ declaration.
Based on our review, which is not an audit, we have not become aware of any matter that makes us
believe that the half-year financial report of the Group does not comply with the Corporations Act
2001, including:
a. Giving a true and fair view of the consolidated financial position of the Group as at 29 December
2024 and of its consolidated financial performance for the half-year ended on that date; and
b. Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations
Regulations 2001.
Basis for conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by
the Independent Auditor of the Entity (ASRE 2410). Our responsibilities are further described in the
Auditor’s responsibilities for the review of the half-year financial report section of our report. We are
independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We
have also fulfilled our other ethical responsibilities in accordance with the Code.
Directors’ responsibilities for the half-year financial report
The directors of the Company are responsible for the preparation of the half-year financial report that
gives a true and fair view in accordance with Australian Accounting Standards and the Corporations
Act 2001 and for such internal control as the directors determine is necessary to enable the
preparation of the half-year financial report that gives a true and fair view and is free from material
misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the half-year financial report
Our responsibility is to express a conclusion on the half-year financial report based on our review.
ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us
believe that the half-year financial report is not in accordance with the Corporations Act 2001
including giving a true and fair view of the Group’s financial position as at 29 December 2024 and its
performance for the half-year ended on that date, and complying with Accounting Standard AASB 134
Interim Financial Reporting and the Corporations Regulations 2001.

A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation

A review of a half-year financial report consists of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Australian Auditing Standards
and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit
opinion.

Ernst & Young

Kellie McKenzie
Partner
Brisbane
21 February 2025

FY25H1 Results call details Passing of Daniel Bracken

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