NZX Governance Explorer

How Michael Hill International Limited makes money

Where MHJ’s revenue went in FY2020: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. MHJ company profile

How Michael Hill International Limited makes money — FY2020

Revenue $492.1m · EBITDA $69.7m (14.2% of revenue) · Net profit $3.1m (0.6% of revenue) · Financial year ending June (from the issuer record)

Michael Hill International Limited (MHJ) FY2020: where revenue of $492.1m wentRevenue → EBITDA: $69.7mRevenue → Operating costs (net of other income): $422.4mEBITDA → EBIT: $14.1mEBITDA → Depreciation & amortisation: $55.6mEBIT → Net profit: $3.1mEBIT → Interest: $9.6mEBIT → Income tax: $1.4mRevenue: $492.1mRevenue$492.1mEBITDA: $69.7mEBITDA$69.7mOperating costs (net of other income): $422.4m (derived)Operating costs (net ofother income)$422.4m · derivedEBIT: $14.1mEBIT$14.1mDepreciation & amortisation: $55.6mDepreciation &amortisation$55.6mNet profit: $3.1mNet profit$3.1mInterest: $9.6mInterest$9.6mIncome tax: $1.4mIncome tax$1.4m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

Michael Hill International Limited FY2020 figures used in the chart
FY2020AmountStatusNote
Revenue$492.1mReported
Operating costs (net of other income)−$422.4mDerived *Reported operating expenses $149.2m do not reconcile; not used.
EBITDA$69.7mReported
Depreciation & amortisation−$55.6mReported
EBIT$14.1mReported
Interest (net finance costs)−$9.6mReported
Income tax−$1.4mReported
Other items (net gain)+$4kBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$3.1mReported
  • * operating costs: $422.4m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($492.1m) vs the summary table ($492.1m): agree within 2%.
  • Passed: EBITDA − D&A = $14.1m vs reported EBIT $14.1m: reconciles.
  • Not met: Reported operating expenses ($149.2m) leave $342.9m, not EBITDA of $69.7m (gap $273.2m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $0m is 0.0% of revenue (limit 25%).
  • Not met: No operating segments recorded for this year.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.

Annual report: Preliminary Final Report (PDF, NZX)

EBITDA bridge, FY2019 → FY2020

What moved EBITDA between the two years: the change in revenue, less the change in operating costs (revenue less EBITDA, net of other income; not a reported line). The costs are one net figure; no split by type is held, so none is shown.

MHJ EBITDA bridge FY2019 to FY2020FY2019 EBITDA: $40.5m$40.5mFY2019 EBITDARevenue change: −$77.4m−$77.4mRevenue changeCost change (derived): +$106.6m+$106.6mCost change (derived)FY2020 EBITDA: $69.7m$69.7mFY2020 EBITDA
MHJ EBITDA bridge FY2019 to FY2020: figures
StepFY2019FY2020Effect on EBITDAStatus
FY2019 EBITDA$40.5m$40.5mAs charted
Revenue$569.5m$492.1m−$77.4mReported
Operating costs (net, derived)$529.0m$422.4m+$106.6mDerived: revenue − EBITDA
FY2020 EBITDA$69.7m$69.7mAs charted

$40.5m −$77.4m +$106.6m = $69.7m, which equals FY2020 EBITDA of $69.7m. EBITDA is the figure stored from each statement; companies that headline an adjusted measure (EBITDAF, underlying EBITDA) can report a different number.

What changed from FY2019 to FY2020

MeasureFY2019FY2020ChangeChange %
Revenue$569.5m$492.1m−$77.4m−13.6%
EBITDA$40.5m$69.7m+$29.2m+72.2%
Net profit$16.5m$3.1m−$13.4m−81.5%
EBITDA margin7.1%14.2%+7.1 pts—
Net margin2.9%0.6%−2.3 pts—

Both years passed the same checks. Margins are shares of revenue; their change is in percentage points. n/m = not meaningful (prior-year figure at or below zero). Each year holds the figures from its own annual report; restated comparatives are not applied.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (8 of 10 years from FY2017). The shaded line is the median of 13 other listed Consumer Discretionary operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
MHJ ebitda margin by financial year, with peer median-10%10%30%FY17FY18FY20FY22FY24FY26FY2017: not charted — not from annual reportFY2018: MHJ 12.0%; peer median 11.2% (7)FY2019: MHJ 7.1%; peer median 18.3% (4)FY2020: MHJ 14.2%; peer median 18.6% (7)FY2021: MHJ 22.2%; peer median 11.9% (9)FY2022: MHJ 21.0%; peer median 10.3% (6)FY2023: not charted — not from annual reportFY2024: MHJ 12.8%; peer median 13.8% (5)FY2025: MHJ 13.1%; peer median 13.9% (7)FY2026: not charted — EBITDA not recorded or derivable for this year (EBIT only)
EBIT margin
MHJ ebit margin by financial year, with peer median-10%10%30%FY17FY18FY20FY22FY24FY26FY2017: not charted — not from annual reportFY2018: MHJ 8.7%; peer median 9.5% (7)FY2019: MHJ 3.7%; peer median 14.3% (7)FY2020: MHJ 2.9%; peer median 8.5% (7)FY2021: MHJ 13.0%; peer median 8.7% (10)FY2022: MHJ 12.3%; peer median 8.6% (9)FY2023: not charted — not from annual reportFY2024: MHJ 2.2%; peer median 9.0% (7)FY2025: MHJ 2.9%; peer median 7.3% (7)FY2026: MHJ 3.2%; peer median 11.9% (6)
Net margin
MHJ net margin by financial year, with peer median-10%10%30%FY17FY18FY20FY22FY24FY26FY2017: not charted — not from annual reportFY2018: MHJ 0.8%; peer median 7.1% (7)FY2019: MHJ 2.9%; peer median 7.0% (7)FY2020: MHJ 0.6%; peer median 5.5% (7)FY2021: MHJ 8.1%; peer median 4.8% (10)FY2022: MHJ 7.8%; peer median 3.5% (9)FY2023: not charted — not from annual reportFY2024: MHJ -0.1%; peer median 5.0% (7)FY2025: MHJ 0.3%; peer median 4.3% (7)FY2026: MHJ 1.3%; peer median 7.5% (6)

MHJ   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

MHJ margins by year with peer medians
YearEBITDA margin: MHJ · peer median (n)EBIT margin: MHJ · peer median (n)Net margin: MHJ · peer median (n)Note
FY2017—13.1% (5)—10.0% (7)—7.2% (7)Not charted: not from annual report
FY201812.0%11.2% (7)8.7%9.5% (7)0.8%7.1% (7)
FY20197.1%18.3% (4)3.7%14.3% (7)2.9%7.0% (7)
FY202014.2%18.6% (7)2.9%8.5% (7)0.6%5.5% (7)
FY202122.2%11.9% (9)13.0%8.7% (10)8.1%4.8% (10)
FY202221.0%10.3% (6)12.3%8.6% (9)7.8%3.5% (9)
FY2023—13.8% (6)—12.2% (8)—7.9% (8)Not charted: not from annual report
FY202412.8%13.8% (5)2.2%9.0% (7)-0.1%5.0% (7)
FY202513.1%13.9% (7)2.9%7.3% (7)0.3%4.3% (7)
FY2026—17.4% (6)3.2%11.9% (6)1.3%7.5% (6)EBITDA not recorded or derivable for this year (EBIT only)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2023: Figures were not read from a filed annual report (source: not recorded).
  • FY2017: Figures were not read from a filed annual report (source: not recorded).

All companies with a chart

Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

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