Ann: MONTHLY: MHI: 6 Months trading update to 31

• Release Date: 11/01/13 10:30
• Summary: MONTHLY: MHI: 6 Months trading update to 31 December 2012
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MHI
11/01/2013 08:30
MONTHLY

REL: 0830 HRS Michael Hill International Limited

MONTHLY: MHI: 6 Months trading update to 31 December 2012

Michael Hill International Limited
6 months trading update to 31 December 2012

Note that these figures represent 5 months accounting adjusted sales results
plus December preliminary sales figures prior to final accounting adjustments
and are unaudited. Revenue figures stated below include the Professional Care
Plan (PCP) revenues brought to income during the period.

Revenue from sale of goods for the 6 months to 31 December 2012:

The following figures are in NZ dollars      Last Year      This
Year    % Var
Australia same stores     183,753,900     188,454,454      2.6%
New Zealand same stores   60,553,893   62,455,857       3.1%
Canada same stores     29,516,675       30,128,794       2.1%
United States same stores   6,634,201    6,684,981
0.8%
Total same stores        $280,458,669  $287,724,086
2.6%

Australia all stores
189,550,222    206,699,761 9.0%
New Zealand all stores       60,907,953     63,188,946
 3.7%
Canada all stores     30,353,540   36,235,725 19.4%

United States all stores
      6,634,201        6,684,981     0.8%
Total all stores     $287,445,916  $312,809,413        8.8%

Exchange rates used for the 6 months:
Australia      0.78          0.79
Canada    0.80        0.81
United States         0.79      0.82

The following figures are in local currency         Last Year
 This Year    % Var
Australia same stores  AUD  142,607,491    148,531,784       4.2%
New Zealand same stores    NZD   60,553,893  62,455,857
3.1%
Canada same stores     CAD    23,596,688      24,523,620  3.9%
United States same stores    USD      5,271,525        5,478,247     3.9%

Australia all stores      AUD
147,090,553    162,925,790  10.8%
New Zealand all stores   NZD    60,907,953    63,188,946       3.7%
Canada all stores      CAD 24,256,876
  29,505,246  21.6%
United States all stores    USD     5,271,525      5,478,247
3.9%

December quarter sales, including the critical Christmas trading period, fell
short of our forecasts and didn't deliver the improvement over last year that
the company had expected. However while all four markets struggled to gain
traction over last year's sales in the second quarter, it is still pleasing
that all four markets achieved solid "same store" store sales for the half
year.

Cash flow remains strong and our Professional Care Plan product continues to
deliver good cash flow as well as contributing solidly to the Group's revenue
line (see below).

It should be noted that the revenue figures stated above include the current
portion of income from the sale of PCP's. The revenue from these plans is
carried on the balance sheet as deferred revenue and is then brought to
income over the life of the plans (three year and life time plans).

The following figures are in NZ Dollars       Last Year  This
Year        % Var
PCP revenue collected for the 6 months      NZD   14,411,408
18,063,228  25.3%
PCP revenue brought to income for the 6 months     NZD     1,466,312
 5,059,515     245.1%

Half year EBIT for the Group is expected to be in the range of $34m to $36m
compared to $34.775m for the corresponding period last year. The full half
year results for the 6 months to 31 December 2012 are due for release to the
NZX on 15 February, 2013.

Sir Michael Hill     11 January 2013
Chairman

All enquiries should be made to either Mike Parsell CEO phone +61 403 246655
or Phil Taylor CFO +61 413 709066
End CA:00231949 For:MHI    Type:MONTHLY    Time:2013-01-11 08:30:09