Kogan.com

Annual Report 
2024

Highlights 2024
Over 
502,000 
Kogan FIRST Subscribers 
with over 25% growth YoY
Record 
year for 
Verticals
with $20.0m revenue
69.5%
of our 2.6 million 
Group Active Customers1 
are repeat shoppers
1.	
Combined Active Customers of Kogan.com and Mighty Ape at 30 June 2024.
kogan.com Ltd  Annual Report 2024

Improved 
operating 
leverage
delivering strong 
bottom line profitability
$40.0m
Adjusted EBITDA2
15.0 cps 
dividend with strong 
Balance Sheet
CONTENTS
02	 Chairman’s Letter
04	 Founder & CEO’s Report
06	 Operating & Financial Review
20	 Directors’ Report
27	 Remuneration Report
44	 Environmental, Social 
and Governance
46	 Auditor’s Independence Declaration
47	 Financial Report
52	 Notes to the Financial Statements
94	 Consolidated Entity 
Disclosure Statement
95	 Directors’ Declaration
96	 Independent Auditor’s Report
101	 Shareholder Information
104	Corporate Directory
2.	
Non-IFRS measure. Adjusted EBITDA excludes non-cash items such as unrealised gains/(losses), and equity-based compensation, 
and one-off non-recurring items.
01
kogan.com Ltd  Annual Report 2024

Chairman’s Letter
It is with great pleasure that I present the 
FY24 Annual Report for Kogan.com Ltd 
(Kogan.com; the Company). This year 
we achieved a return to strong operating 
leverage and profitability. Key achievements 
during the year included the growth of our 
Kogan FIRST community to over 502,000 
Subscribers, a record year of Verticals 
Revenue, and seeing the renewed growth 
of our Products Division during the final 
quarter. This return to strength has allowed 
the Board to continue the Share buy-back 
program and reinstate a Dividend of 
15.0 cents per Ordinary Share for FY24.
Dear Kogan.com Shareholders,
FY24 has been an outstanding year for the Company. 
We served over 2.6 million customers, recorded 
Adjusted EBITDA of 40.0 million, maintained a healthy 
Balance Sheet with no debt, continued our share 
buy-back and reintroduced dividends this year. 
These results demonstrate our focused strategy 
on operational efficiency and commitment 
to delivering exceptional value for both our 
customers and shareholders.
At Kogan.com, operational efficiency is at the core 
of our business strategy. By streamlining our processes, 
we’re able to manage operating costs, improve 
productivity, and deliver exceptional value to our 
customers. This focus on efficiency not only helps 
us maintain competitive pricing but also enables us 
to quickly adapt to market changes. Our financial 
results this year demonstrate this approach. Our Gross 
Margin and Contribution Margin of 36.6% and 22.5%, 
respectively, is the highest it has ever been, while 
our Adjusted EBITDA margin of 8.7% is back to our 
historical strong performance.
A key driver of our operational efficiency has been 
the growing contribution of Platform-based Sales. 
In FY24, these sales accounted for 62% of Kogan.com’s 
Gross Sales (excluding Mighty Ape), up from 57% 
in FY23. Revenue from Platform-based Sales delivers 
100% Gross Margin, with minimal operating overheads, 
making it a highly efficient and scalable part of our 
business. The primary factors behind this year’s growth 
have been the continued success of Kogan FIRST and 
our Verticals.
The Kogan FIRST loyalty program plays a pivotal role 
in our strategy by rewarding our most loyal customers 
with exclusive discounts on millions of products and 
essential services, prize giveaways, free shipping, Kogan 
reward credits, and double Qantas points. This year, 
Kogan FIRST grew to over half-a-million subscribers, 
representing over 25% year-on-year growth. This strong 
subscriber growth underscores the program’s success 
and its resonance with our customers. As we continue 
to prioritise operational efficiency, Kogan FIRST is key 
to our strategy to deepen customer loyalty, improve 
marketing ROI and drive sustainable business growth.
Our Verticals deliver a wide range of essential 
services, including telecommunications, utilities, 
insurance, and credit cards; serving hundreds 
of thousands of customers each year. In FY24, the 
division achieved a record year, with revenue growing 
20.5% to $20.0 million, highlighting the strength of our 
offerings. This year also marked the exciting launch 
of Mighty Mobile in New Zealand, further expanding 
our services portfolio, and marks the first in a series 
of planned Verticals launches with Mighty Ape.
02
kogan.com Ltd  Annual Report 2024

Throughout the year, we effectively managed our 
Balance Sheet and working capital, supported by the 
strong operating leverage we achieved. This resulted 
in $28.2 million in operating cash flow, enabling key 
strategic investments. These included a $23.8 million 
contribution to our ongoing share buy-back program, 
the final tranche payment of $10.9 million for the 
Mighty Ape acquisition, a $13.4 million cash-settlement 
for Executive Options, and the payment of a $6.5 million 
Interim Dividend, net of the Dividend Reinvestment 
Plan. We ended the year with $41.2 million of cash and 
no debt, reflecting our commitment to delivering value 
to shareholders while maintaining financial discipline 
and investing in the company’s long-term growth.
During FY24, we maintained a majority independent 
Board, along with independent Audit & Risk 
and Remuneration & Nomination Committees. 
Our dedication to maintaining rigorous governance 
standards and strong risk management practices 
remains unwavering across all aspects of our business. 
We are committed to ensuring transparency, 
accountability, and integrity in our operations.
Our Corporate Governance Statement and other 
policies and charters are available on the Company’s 
corporate website, www.kogancorporate.com.
STRATEGIC OPPORTUNITIES
Looking forward to FY25, we anticipate further 
improvements in our Gross Margin and operating 
leverage, driven by strong contributions and expansion 
of our Platform-based Sales. Expansion will be driven 
by new Verticals as well as the soon to be launched 
Mighty Ape Marketplace. Our Products Division 
returned to growth in the final quarter of FY24, and 
we expect this positive momentum to carry forward 
into the new year. Following a record year, we remain 
confident that Kogan Verticals will continue to expand. 
We expect further growth and improvement in the 
Kogan FIRST and Mighty Ape PRIMATE loyalty programs.
OUR TEAM
On behalf of the Kogan.com leadership, I want to 
sincerely thank each member of our incredible team. 
Your unwavering commitment and dedication have 
been crucial to our success. Despite the challenges 
faced, your tireless efforts have allowed us to 
continue delivering exceptional results. Your hard 
work is truly appreciated.
DIVIDEND & CAPITAL MANAGEMENT
Following the outstanding results of FY24, the 
Board was delighted to declare a total Dividend 
of 15.0 cents Per Ordinary Share, fully franked. 
The Dividend Reinvestment Plan (DRP) was 
available for the FY24 Interim Dividend and the 
DRP will also be available for the FY24 Final Dividend.
In FY24, Kogan.com continued its share buy-back 
program, purchasing 4,465,514 shares during the 
year. This represented 4.2% of the shares on issue. 
The buy-back program was extended until May 2025, 
with the Board continuing to focus on maximising 
returns to shareholders.
LOOKING AHEAD
Thanks to the exceptional year we’ve had in FY24, the 
Board is confident that Kogan.com is well positioned 
for another strong year in FY25 and beyond. We are 
excited to deliver even greater value to our customers 
and shareholders as we move forward, building on our 
strong platform and driving sustainable growth for 
the future.

Greg Ridder
Chairman
03
kogan.com Ltd  Annual Report 2024

Founder & CEO’s Report
In FY24 both of our loyalty programs, 
Kogan FIRST and Mighty Ape PRIMATE, 
saw impressive double-digit growth in 
subscriptions, as more shoppers embraced 
their remarkable value. This growing 
community has been a key driver 
of our success this year.
Dear Kogan.com Shareholders,
I’m pleased to share with you the results of 
Kogan.com Ltd for FY24. It has been a year 
in which we have showcased the strength and 
resilience of our business model, and is testament 
to the dedication of our team, and the loyalty 
of our customers. Our return to profitability 
with a strong Balance Sheet has ensured we are 
very well positioned to continue delivering 
remarkable value to millions of customers 
well into the future.
We achieved Gross Sales of $809.0 million, and 
Revenue of $459.7 million. While this represented 
a slight decline from the previous year, we achieved 
an impressive improvement in Gross Margin, which 
increased by 8.7pp to 36.6%. This improvement was 
driven by the growth of our higher-margin, capital-light 
Platform-based Sales, which contributed 62% 
of Kogan.com’s (excluding Mighty Ape) Gross Sales. 
We recorded Adjusted EBITDA of $40.0 million, 
a substantial increase from FY23, and we delivered 
a total dividend of 15 cents per Ordinary Share, 
fully franked.
A key pillar of our success this year has been the 
continued growth of our Platform-based Sales, 
which includes Kogan Marketplace, Verticals, 
Kogan FIRST and our newly launched Advertising 
Platform. Platform-based Sales are central to our 
strategy to deliver scalable, high-margin, recurring 
revenue streams. In FY24, our Platform-based Sales 
contributed more than 53% of the Group’s Gross Profit. 
In the first half of this year we added Mighty Mobile 
and the Kogan Advertising Platform to the portfolio. 
Both have performed well since launch.
Our loyalty programs, Kogan FIRST and Mighty Ape 
PRIMATE, have also been critical to our success in FY24. 
Kogan FIRST subscriptions grew by more than 25%, 
reaching over 502,000 Subscribers by 30 June 2024. 
This program has become a cornerstone of our business, 
with Kogan FIRST Subscribers accounting for over 61% 
of Kogan.com’s (excluding Mighty Ape) Gross Sales. 
The loyalty and repeat purchasing behaviour of these 
customers had a significant impact on our marketing 
efficiency, as we continue to grow this valuable 
community. We also placed renewed focus on the 
Mighty Ape PRIMATE program this year, and the 
results speak for themselves. We achieved strong 
growth, with Subscribers increasing by more than 
35% during the year. We are continuing to improve 
and expand both programs, and look forward 
to welcoming many more Subscribers in FY25.
04
kogan.com Ltd  Annual Report 2024

This year, we made significant strides in streamlining 
our operations and improving efficiency across the 
business. Our focus on maintaining healthy levels of 
inventory and improving our Gross Margin delivered 
positive results. Throughout the year we held 
approximately 40% less inventory on average 
than FY23, allowing us to operate more efficiently 
while maintaining strong product offerings for our 
customers. This reduction allowed for better capital 
management, and helped us to achieve a 39% increase 
in Gross Profit in the Products Division. Importantly, 
our Products Division, which offers both our Exclusive 
and Third-Party Brands inventory, returned to revenue 
growth in the final quarter of the year, following a 
positive trend in the first three quarters. This Division 
provides unique offerings that make customers want to 
return, which is why it is fundamental to our operations.
Mighty Ape achieved Adjusted EBITDA of $7.4 million 
this year. The continued initiative to grow the Mighty 
Ape private label offering delivered Gross Margin 
growth of 7.7% in FY24, despite a very challenging 
retail market. This offset a revenue decline, to grow 
Gross Profit by 2.0% year-on-year. Ongoing operational 
initiatives, including the new Christchurch warehouse 
to better serve the New Zealand South island 
community, did however increase operating costs 
during the year. Finally, we announced a leadership 
change during the second half of the year, with 
Daniel Balasoglou being appointed CEO of Mighty Ape, 
following a successful period as its CFO.
As a result of a fantastic financial year and maintenance 
of a strong cash position and overall Balance Sheet, we 
reintroduced a dividend for our Shareholders. This year 
we have announced a total dividend of 15.0 cents per 
Ordinary Share, with the Dividend Reinvestment Plan 
being available.
FY25 & BEYOND
“We have significant and exciting initiatives planned 
for launch in FY25. This includes the launch of the new 
Mighty Ape Marketplace in the new financial year. 
This initiative will further strengthen Mighty Ape’s 
position in the New Zealand market and contribute 
to the growth of the Group’s Platform-based Sales.”
As we look to FY25 and beyond, we are excited about 
the opportunities ahead. We are confident that our 
strategic focus on Platform-based Sales and return 
to growth of our Products Division, combined with 
the continued enhancement of our loyalty programs 
and the launch of new initiatives such as the Mighty 
Ape Marketplace, will drive further growth and 
profitability for the Group.
We remain committed to delivering remarkable value 
to our customers, helping them to live their best lives. 
Our business is well-positioned to continue thriving 
in a competitive and rapidly changing environment, 
and we are excited about the next chapter of growth 
for Kogan.com.

Ruslan Kogan 
Founder & CEO
05
kogan.com Ltd  Annual Report 2024

Operating & Financial Review
ORGANISATIONAL OVERVIEW & BUSINESS MODEL
OUR BUSINESS MODEL
Kogan.com is a leading Australian consumer brand renowned for price leadership through digital 
efficiency. It is a portfolio of retail and service businesses that includes Kogan Retail, Mighty Ape, 
Kogan Marketplace and Verticals. The Company is focused on helping customers live their best lives 
by delivering remarkable value.
We have established a dynamic business model that allows us to be nimble, bold and innovative. 
Over the years we have added much loved brands such as Dick Smith, Matt Blatt, Mighty Ape and 
Brosa to the Kogan Group. We harness our platform to seize opportunities like the Kogan Marketplace 
and partner with industry leading companies to offer our Verticals, driving growth and bringing 
best-in-market offers to our millions of customers.
Our objective is to continue growing our portfolio of businesses, while also delivering exceptional value 
and service to our customers.
WHO WE ARE
Kogan.com is an Australian eCommerce company, focused on making the most 
in-demand products and services more affordable and accessible. We have built 
a vertically integrated eCommerce business across Australia and New Zealand, 
with millions of products on our platform as well as offering everyday essential 
services in partnership with industry leaders such as TPG and NAB.
As at 30 June 2024, we had 2,609,000 Group Active Customers3. Within this 
group, we had over 502,000 Kogan FIRST Subscribers4, who received exclusive 
deals, discounts, draw entries for prize giveaways and reward points every time 
they shop with us.
Kogan Retail & Kogan Marketplace
Kogan.com’s technology and sourcing driven business model is more than just 
an innovative, low cost distribution platform. In combining data analytics, systems 
and culture with the deep technological expertise of its management and team, 
Kogan.com has created a vertically integrated business model with a market 
leading Exclusive Brands capability. This is complemented by a compelling range 
of in-demand Third-Party Brands, supporting website traffic and cash generation.
Kogan Marketplace partners with thousands of select sellers and distributors, 
giving them access to our Kogan Community, in addition to our marketing and 
online distribution capability. Our curated marketplace works with sellers and 
distributors who generate incremental sales with exposure on the Kogan.com 
platform and marketing initiatives to the Kogan Community. In FY24 the 
Advertising Platform was introduced, allowing Kogan Marketplace sellers 
to gain further prominence on the platform to drive further sales.
3.	
Group Active Customers refers to unique customers who have purchased in the last twelve months from reference date on either the Kogan.com 
or Mighty Ape platforms, rounded down to the nearest thousand.
4.	
Kogan FIRST Subscribers excludes Kogan FIRST customers who are in a trial period, and includes only non-trial members.
06
kogan.com Ltd  Annual Report 2024

Kogan FIRST
Kogan FIRST loyalty program was launched in the last quarter of FY19, and grew 
to over 502,000 subscribers at 30 June 2024, representing 25.0% growth 
year-on-year.
Kogan FIRST Subscribers4 are offered exclusive deals on top of everyday 
discounts on the platform, Kogan FIRST Reward Credits, free shipping, double 
Qantas Rewards points, entries to win major prizes and priority Customer Care.
Kogan Mobile Australia
Kogan Mobile Australia launched in October 2015 offering pre-paid mobile 
phone plans online. We partner with part of TPG to deliver this essential service. 
The unique model means that TPG is responsible for operations, while Kogan 
is responsible for branding, marketing and customer acquisition.
Kogan Travel
Kogan Travel originally launched in May 2015 and was temporarily paused during 
the COVID-19 pandemic. Kogan Travel, in partnership with TRAVLR, now gives 
Kogan FIRST members exclusive access to deals on hotels, results and holiday 
travel packages.
Kogan Insurance
Kogan Insurance launched in August 2017 to offer general insurance, covering 
home, contents, landlord, car and travel insurance, with a focus on value for 
money. Following a new agreement during FY22, QBE underwrites our general 
insurance policies, with Kogan.com earning commission on the sale of all 
insurance policies. Similarly to our other Verticals, Kogan.com provides 
branding, marketing and customer acquisition for all insurance offerings.
Kogan Internet
Under an expanded partnership with part of TPG that was announced 
in June 2017, Kogan Internet launched in April 2018, providing fixed line 
NBN plans.
Kogan Mobile New Zealand
Kogan Mobile New Zealand launched in 1HFY20 in partnership with One NZ, 
offering telecommunications services in New Zealand. One NZ is New Zealand’s 
largest mobile network operator.
Kogan Energy
Kogan Energy offers competitive power and gas deals and was launched 
in September 2019 in partnership with part of Shell Energy Operations Pty Ltd.
Kogan Money Credit Cards
Kogan Credit Cards, in partnership with NAB, is a credit card with uncapped 
Kogan reward points, no annual fee, complimentary Kogan FIRST membership, 
and competitive rates and fees. It was launched in October 2019.
Dick Smith 
In 2016, Kogan.com acquired Dick Smith, one of Australia’s premier 
consumer electronics brands and a pioneer of the consumer electronics 
industry in Australia.
07
kogan.com Ltd  Annual Report 2024

Operating & Financial Review continued
Matt Blatt 
In May 2020, Kogan.com acquired Matt Blatt, one of Australia’s premier furniture 
and homewares brands and a pioneer of the online furniture industry in Australia.
Mighty Ape 
In December 2020, Kogan.com acquired Mighty Ape, one of New Zealand’s largest 
online retailers with a focus on gaming, toys and other entertainment categories.
Brosa 
In December 2022, Kogan.com acquired Brosa, one of Australia’s largest 
online luxury furniture retailers.
Mighty Mobile
Represents the first Vertical introduced through the Mighty Ape Brand. 
It was launched in August 2023 in partnership with One NZ, offering 
telecommunication services in New Zealand.
Mighty Ape PRIMATE
The Mighty Ape loyalty program grew by over 35% in FY24, as renewed focus 
was placed on the program. It offers free shipping, discounted Jungle Express 
delivery, exclusive deals on Mighty Ape Travel and early access to exclusive deals.
08
kogan.com Ltd  Annual Report 2024

HOW WE DELIVER VALUE TO OUR CUSTOMERS:
Compelling offering:
We aim to bring market leading prices to our customers on in‑demand products and services across our portfolio 
of businesses.
We achieve this by leveraging our 18+ years’ experience in Exclusive Brands and Third‑Party Brands offering. 
We also use the strength of the Kogan platform to partner with thousands of Marketplace sellers and industry 
leaders across our many Verticals.
We are able to pass on savings to customers by streamlining and minimising overheads in our supply chains 
and marketing.
Customer-centric approach and industry leading IT platform:
The Kogan.com platform is renowned for price leadership through digital efficiency. We believe ‘There is always 
a better way’ and our vision is to harness the power of technology and personalisation to change the way our 
customers shop online.
Understanding and servicing our customers’ needs is central to what we do. We employ the power of technology 
and personalisation to offer a seamless shopping experience. Our data analytics capability enable us to know what 
our customers want and when they want it. Our investment in automation has driven faster fulfilment of products and 
services, leading to happier customers.
Along with data analytics, we are investing in AI to optimise our marketing campaigns and merchandising, making 
our offers more relevant than ever. Our projects today include improved search results for our customers and we’re 
shortly rolling out immediate customer service resolutions, any time of day. 
As the technology improves, we anticipate leveraging generative AI to dynamically create in-situ product placement 
images. This will enable customers to personalise the product images to their environment, and provide savings 
on expensive product staging and photography costs.
High margin Platform-based Sales
Since the launch of the first Vertical in 2013, Kogan.com has steadily been building its portfolio of Platform-based Sales. 
Today these sales are generated from Kogan Verticals, Kogan Marketplace, Kogan FIRST and Advertising. It excludes 
sales from the Products Division and Mighty Ape.
In FY23, Kogan.com reached a significant milestone, with the majority of Gross Sales (excluding Mighty Ape) 
coming from Platform-based Sales for the first time. This contribution continued to grow in FY24, reaching 62%.
This growth has driven increased profitability, enabling Kogan.com to adopt a more capital-light operating model with 
higher levels of recurring revenue. The strategic shift towards Platform-based Sales has been vital in strengthening 
the company’s resilience and long-term sustainability.
Kogan.com remains focused on identifying new opportunities to further expand its Platform-based sales portfolio. 
In August 2023, the business launched Mighty Mobile, and it plans to introduce the Mighty Ape Marketplace alongside 
additional Verticals in the first half of FY25.
09
kogan.com Ltd  Annual Report 2024

Operating & Financial Review continued
Figure 1.1 Kogan.com (excluding Mighty Ape) Platform-Based5 Gross Sales contribution
FY24
FY23
FY22
FY21
FY20
FY19
FY18
FY17
4%
62%
57%
48%
38%
36%
27%
5%
 
Kogan FIRST
The Kogan FIRST program is the largest driver of Platform-based Sales. In FY24, the subscriber base grew to over 
502,000, reflecting a 25% year-on-year increase. Over the past three years, the program achieved a compound 
annual growth rate of 60.7%, underscoring its strong long-term growth and sustained success.
The Kogan FIRST Subscribers are very important to Kogan.com’s success. Although they represent just 26.3% of 
Kogan.com’s (excluding Mighty Ape) Active Customer base, they account for over 61% of Kogan.com’s Gross Sales 
(excluding Mighty Ape). This highlights the strong loyalty and repeat purchasing behaviour of Kogan FIRST Subscribers, 
making them a key driver of the Company’s financial performance.
Figure 1.2 Kogan FIRST Subscribers
FY24
FY23
FY22
FY21
Kogan FIRST Subscribers
120,352 
372,684 
502,000
401,594 
60.7% 3-year CAGR
+25.0% YoY
 
5.	
Refers to sales generated by Kogan Marketplace, Kogan FIRST, Kogan Verticals and Advertising & Other Income. It excludes sales by Exclusive 
Brands, Third-Party Brands and Mighty Ape.
10
kogan.com Ltd  Annual Report 2024

THE KOGAN.COM PLATFORM
The Kogan.com Platform is one of the Company’s most significant assets. It is what has allowed the business to drive 
its expansion into Platform-based Sales over the years. In FY24 it was underpinned by 2,609,000 Active Customers 
across Australia and New Zealand. This comprised 1,909,000 for Kogan.com and 700,000 for Mighty Ape. Of particular 
significance was the proportion of repeat customers during the year, with the proportion following the positive 
historical trend and increasing to 69.5% in FY24. This repeat shopping behaviour highlights the remarkable value 
we’re able to offer to our customers, driving higher customer retention and deepening their engagement with our 
platform. The consistent increase in repeat customers not only strengthens our revenue streams but also underscores 
the value we deliver for our customers. By fostering loyalty and delivering a seamless shopping experience, we continue 
to build long-term value and position Kogan.com for sustained growth in the years ahead. This foundation of loyal 
customers is crucial as we expand into new verticals and develop additional services, ensuring that our platform 
remains a key driver of future success.
Figure 2.1 Proportion of Group Repeat Customers
FY24
FY23
FY22
FY21
FY20
51.0%
58.3%
65.0%
67.9%
69.5%
(%)
Marketing efficiency
Our owned and earned traffic sources remained strong at 68% for the period, underscoring the effectiveness of 
our marketing strategies. This success is further strengthened by the growing number of repeat customers and 
the expansion of our Kogan FIRST and Mighty Ape PRIMATE subscriber bases, both of which have significantly 
improved overall marketing effectiveness.
The focus of Kogan.com’s (excluding Mighty Ape) marketing efforts has shifted primarily toward expanding the 
Kogan FIRST program. Through strong retention results and the amplified impact from word-of-mouth, marketing 
spend per Kogan FIRST Subscriber reduced by 9.2% year-on-year, while the program membership grew by 25.0%.
11
kogan.com Ltd  Annual Report 2024

Operating & Financial Review continued
Figure 3.1 FY24 Group traffic – owned & earned vs paid	
Figure 3.2 Marketing spend per Kogan FIRST Subscriber
Paid
32%
Owned & Earned
68%
	
FY24
FY23
($)
97.8
88.8
Owned & Earned Sources
•	 Direct website traffic
•	 Direct App traffic
•	 Brand searches
•	 Other organic search queries
•	 Email-based direct marketing
•	 Others
Products division recovery
Our Products Division, comprising both our Exclusive Brands and Third-Party Brands, offers a diverse range 
of unique products sourced directly from the manufacturers, alongside globally recognised brands.
In FY24 the division cycled a prior period of increased promotional activity which optimised inventory levels. 
The result was growth in Gross Profit of over 39% as margins rapidly recovered, and a return to Revenue growth 
in the final quarter of the year, following a positive trend through the first 3 quarters.
The Products Division is a vital part of our strategy, because it gives us unique products and prices that separate 
our offering from our competition, and keep our loyal customers coming back for more.
Figure 4.1 Products division Gross Profit	
Figure 4.2 FY24 Products division revenue comps, 
by quarter
FY24
FY23
Gross Profit ($m)
+39.6%
28.1
39.3
	
4QFY24
3QFY24
2QFY24
1QFY24
Revenue YoY Comps (%)
-31.3%
-21.0%
3.8%
-6.1%
12
kogan.com Ltd  Annual Report 2024

PERFORMANCE REVIEW & OUTLOOK
RESULTS SUMMARY
Table 1 FY24 Kogan Group Results
$m
FY23
FY24
Gross Sales6 
849.7
809.0
Revenue7 
489.5
459.7
Cost of sales
(352.9)
(291.3)
Gross Profit
136.6
168.4
Gross Margin
27.9%
36.6%
Variable costs
(19.3)
(16.9)
Marketing costs
(48.5)
(48.0)
Contribution profit
68.8
103.5
Contribution margin
14.1%
22.5%
People costs
(67.1)
(49.1)
Other costs
(22.6)
(18.3)
Total operating costs
(157.5)
(132.3)
Unrealised gain/(loss)
0.1
(0.1)
EBITDA
(20.8)
36.0
EBITDA margin
(4.2%)
7.8%
Unrealised gain/(loss)
2.0
(0.1)
Realised (loss) on Wonderfi shares
(2.1)
–
Equity-based compensation
(31.3)
(3.9)
Bitbuy.com domain sale
(0.1)
–
Mighty Ape Tranche 4 acquisition costs
3.9
–
Adjusted EBITDA8 
6.8
40.0
Depreciation
(8.7)
(7.5)
Amortisation
(7.9)
(7.5)
EBIT
(37.4)
20.9
Adjusted EBIT8
(6.4)
28.3
Interest (expense)/income
(0.7)
0.3
(Loss)/Profit before tax
(38.1)
21.2
Income tax benefit/(expense)
12.2
(21.1)
NPAT
(25.9)
0.1
Adjusted NPAT8
(4.3)
21.0
EPS
(0.24)
0.00
Adjusted EPS8
(0.04)
0.20
Any discrepancies between totals, sums of components and percentage variances in this table are due to rounding.
6.	
Non-IFRS measure.
7.	
The differential between Revenue and Gross Sales is reflective of Kogan Marketplace and Verticals recognising only commission-based Revenue 
while the gross transaction values are recognised within Gross Sales.
8.	
Adjusted EBITDA, Adjusted EBIT, Adjusted NPAT, and Adjusted EPS are measures of the underlying performance of the business. They exclude 
non-cash items such as unrealised gains/losses, equity-based compensation, and one-off non-recurring items. Refer to page 18 of this Annual 
Report for a detailed reconciliation of the adjusting items.
13
kogan.com Ltd  Annual Report 2024

Operating & Financial Review continued
In FY24, Kogan.com strategically shifted its focus to building more resilient, consistent, and sustainable revenue 
streams by expanding its Platform-based Sales. This transition impacted the Products Division’s revenue, especially 
as the Company cycled a prior year of increased promotional activity aimed at realigning inventory to post-pandemic 
market conditions. Despite these challenges, the Company saw improvements in Gross Margins, the two loyalty 
programs, and overall profitability.
Kogan.com achieved a 23% year-on-year growth in Gross Profit in FY24, driven by the increased contribution of 
Platform-based Sales and a recovery in margins within the Products Division. The company’s overall Gross Margin 
expanded to 36.6%, representing an 8.7pp increase. This improvement was the result of better product ranging 
and improved inventory management.
The growth of Kogan.com’s Platform-based Sales was pivotal in FY24. Kogan FIRST and Mighty Ape PRIMATE saw 
strong double-digit growth in their subscriber bases, highlighting the strength of the loyalty programs. Kogan FIRST 
Subscribers grew by 25.0% year-on-year, reaching over 502,000 members, and generating $43.7 million in subscription 
revenue. Meanwhile, Mighty Ape PRIMATE subscribers grew by over 35%, reaching 23,000 members by the end 
of the year.
The Verticals division achieved record performance, with $20.0 million in revenue, reflecting a 20.5% year-on-year 
growth. The year included the launch of Mighty Mobile, which has been performing well and to the Company's 
high expectations.
Despite a 15.6% decline in revenue year-on-year for the Products Division, Kogan.com achieved a 3.8% year-on-year 
revenue growth in the fourth quarter. This return to growth was largely attributed to strategic improvements 
in inventory management and product mix. The division’s Gross Profit for the year increased by 39.6%, reaching 
$39.3 million. These results were driven by improved product ranging and the successful return to normalised 
inventory levels.
Kogan Marketplace remains a key driver of Kogan.com’s platform-based sales model. The Marketplace allows the 
company to offer millions of products without investing capital into researching, sourcing, purchasing, warehousing, 
or dispatching inventory. In FY24, Kogan Marketplace achieved $228.6 million in Gross Sales and $21.9 million in 
Revenue. Following on from the success of the Kogan Marketplace, a new Mighty Ape Marketplace is expected 
to be launched in FY25.
The launch of the Advertising Platform in FY24 further supported Kogan’s marketplace model by enabling sellers 
to promote their products and increase their visibility within the Kogan.com ecosystem. Though still in its early 
stages, the platform contributed $2.9 million in advertising revenue, and Kogan.com is optimistic about its future 
growth potential.
Mighty Ape, Kogan.com’s New Zealand-based subsidiary, delivered an increase of 7.7% in Gross Margin in FY24, 
driven by the continued expansion of its private-label offerings. Despite a topline reduction year-on-year, this margin 
expansion helped deliver 2.0% Gross Profit growth for Mighty Ape. Ongoing operational initiatives, including the 
establishment of a new warehouse in Christchurch, temporarily increased operating costs, resulting in an Adjusted 
EBITDA of $7.4 million, a decline year-on-year. However, with the warehouse setup nearing completion, Kogan.com 
expects these costs to decrease in the near future, leading to further margin improvements.
Kogan.com successfully reduced its variable costs by over 12% year-on-year in FY24. This reduction was primarily driven 
by inventory realignment efforts, which allowed the company to streamline its logistics network and consolidate costs. 
Additionally, the company shifted its marketing focus to engage its most loyal customers through the Kogan FIRST and 
Mighty Ape PRIMATE loyalty programs. As a result, both programs saw substantial growth while keeping marketing 
costs relatively stable.
Personnel costs decreased in FY24, largely due to the completion in the prior year of both the Mighty Ape acquisition 
tranches and the vesting of the 2020 AGM Options Package. Additionally, other costs were reduced by 19.2% 
year-on-year through the renegotiation of service contracts and IT efficiency improvements.
The combination of these strategic initiatives led to a return to strong profitability for Kogan.com in FY24. 
The company reported Adjusted EBITDA of $40.0 million, Adjusted EBIT of $28.3 million, and Adjusted NPAT 
of $21.0 million. Having returned to a stable and healthy operating position, Kogan.com expects continued 
profitability and growth moving into FY25.
14
kogan.com Ltd  Annual Report 2024

STATEMENT OF FINANCIAL POSITION
Table 2 Summary of Kogan Group Net Assets at 30 June 2023 and 30 June 2024
$m
30-Jun-23
30-Jun-24
Current assets
142.9
125.2
Non-current assets
131.2
118.3
Total assets
274.1
243.4
Current liabilities
(97.7)
(103.9)
Non-current liabilities
(8.7)
(15.9)
Total liabilities
(106.4)
(119.8)
Net assets
167.7
123.6
Any discrepancies between totals, sums of components and percentage variances in this table are due to rounding.
We ended the year with $41.2 million in cash and no debt, despite significant cash outflows, including the $10.9 million 
final payment for the Mighty Ape acquisition, $23.8 million invested in the share buy-back program, $6.5 million 
for the FY24 Interim Dividend (net of the Dividend Reinvestment Plan), and $13.4 million for the cash settlement 
of Executive Options upon exercise.
The reduction in non-current assets was due to the release of a deferred tax asset provision, which had no impact 
on FY24 tax liabilities or future tax payable. This release stemmed from the difference between the expensed value 
of the 2020 AGM Executive Options ($66.5 million, based on fair value at the time of grant) and the actual cash 
payment upon exercise ($17.6 million).
The increase in current liabilities reflects a higher deferred income balance, caused by the FY24 year-end falling 
on a weekend, unlike FY23. Additionally, non-current liabilities increased due to the rise in lease liabilities following 
the opening of the new Mighty Ape Christchurch warehouse at the end of FY24.
CASH FLOWS
Table 3 Summary of Kogan Group Statutory Cash Flow from Operating Activities.
$m
FY23
FY24
Receipts from customers
509.9
519.2
Payments to suppliers and employees
(432.3)
(488.7)
Interest received
0.9
1.6
Finance costs paid
(2.0)
(1.2)
Income tax paid
(5.6)
(2.7)
Net cash provided by Operating Activities
70.9
28.2
Any discrepancies between totals, sums of components and percentage variances in this table are due to rounding.
We continued to generate positive cash flows from operating activities, with the reduction year-on-year reflective 
of the significant sell-through of inventory in FY23, as well as the inclusion of the cash settlement of the 2020 AGM 
Options package in FY24.
15
kogan.com Ltd  Annual Report 2024

Operating & Financial Review continued
OUTLOOK
As the Company commences FY25, it has a lot to look forward to and high expectations.
In FY25, we expect:
•	
Continued strong contribution from Platform-based Sales;
•	
Improving Gross Margin and Operating Leverage;
•	
Continued improvement in our Product Division and return to growth;
•	
Strong growth of Verticals and the new Advertising Platform;
•	
Launch of the Mighty Ape Marketplace and mobile app;
•	
Further growth of the Kogan FIRST and Mighty Ape PRIMATE loyalty programs and community; and 
•	
Maintenance of a strong Balance Sheet, while continuing the share buy-back.
NON-IFRS MEASURES
Throughout this report, Kogan.com has included certain non‑IFRS financial information, including Gross Sales, 
EBITDA, Adjusted EBITDA, EBIT, Adjusted EBIT, Adjusted NPAT and Adjusted EPS. Kogan.com believes that these 
non‑IFRS measures provide useful information to recipients for measuring the underlying operating performance 
of Kogan.com’s business. Non‑IFRS measures have not been subject to audit.
The table below provides details of the Non‑IFRS measures used in this report.
Table 4 Non-IFRS Measures
Gross Sales
The gross transaction value, on a cash basis, of products and services sold, of Kogan 
Retail, Mighty Ape, Kogan Marketplace, Kogan FIRST, Mighty Ape PRIMATE, the 
Verticals, Advertising Income and the commission of Kogan Money (due to limitations 
of Kogan Money Gross Sales reporting).
EBITDA
Earnings before interest, tax, depreciation and amortisation.
Adjusted EBITDA
Earnings before interest, tax, depreciation, amortisation, unrealised gain/(loss), 
equity-based compensation and one-off non-recurring items. Refer to page 18 
of this Annual Report for a detailed reconciliation of adjusting items.
EBIT
Earnings before interest and tax.
Adjusted EBIT
Earnings before interest, tax, unrealised gain/(loss), equity-based compensation and 
one-off non-recurring items. Refer to page 18 of this Annual Report for a detailed 
reconciliation of adjusting items.
Adjusted NPAT
Net profit after tax and before unrealised FX gain/(loss), equity-based compensation 
and one-off non-recurring items. Refer to page 18 of this Annual Report for a 
detailed reconciliation of adjusting items
Adjusted EPS
Earnings per share before unrealised FX gain/(loss), equity-based compensation and 
one-off non-recurring items. Refer to page 18 of this Annual Report for a detailed 
reconciliation of adjusting items
16
kogan.com Ltd  Annual Report 2024

RISKS
Set out below are the key financial and operational risks facing the Business. Kogan.com manages and seeks 
to mitigate these risks through internal review and control processes at the Board and management level.
Australian retail 
environment and 
general economic 
conditions may worsen
Many of Kogan.com’s products are discretionary goods and, as a result, sales levels are 
sensitive to consumer sentiment. Kogan.com’s offering of products, and its financial and 
operational performance, may be affected by changes in consumers’ disposable incomes, 
or their preferences as to the utilisation of their disposable incomes. Any reduction 
in the disposable incomes of Kogan.com’s customers as a result of changes to factors 
such as economic outlook, interest rates, unemployment levels and taxation may 
decrease consumer confidence and consumer demand, which may subsequently 
result in lower levels of revenue and profitability.
Competition may 
increase and change
Kogan.com could be adversely affected by increased competition in the various 
segments in which it operates. The Australian online retail market is highly competitive 
and is subject to changing customer preferences.
Inventory management
In order to operate its business successfully, Kogan.com must maintain sufficient 
inventory and also avoid the accumulation of excess inventory.
Key supplier, 
service provider 
and counterparty 
factors
Kogan.com has a large number of international suppliers and service providers, from 
which it sources a broad range of products and services. There is a risk that Kogan.com 
may be unable to continue to source products or services from existing suppliers or 
service providers, and in the future, to source products from new suppliers or services 
from new service providers, at favourable prices, on favourable terms, in a timely manner 
or in sufficient volume.
Manufacturing and 
product quality
Kogan.com currently uses a wide range of third‑party suppliers to produce its Exclusive 
Brands products. While Kogan.com employs dedicated engineers to assess product 
samples, and uses third‑party inspection agencies for quality control and inspections, 
there is no guarantee that every supplier will meet Kogan.com’s cost, quality and 
volume requirements.
Marketplace operations
As the Kogan Marketplace continues to grow, Kogan.com must maintain the 
integrity of the platform by ensuring the quality of sellers and products being 
offered. Additionally, processes are in place to ensure fair competition on the 
website amongst all sellers.
Performance and 
reliability of Kogan.com’s 
websites, databases and 
operating systems
Kogan.com’s websites, Apps, databases, IT and management systems, including 
its ERP and security systems, are critically important to its success. The satisfactory 
performance, reliability and availability of Kogan.com’s websites, Apps, databases, 
IT and management systems are integral to the operation of the Business.
Reputational product 
sourcing factors
The Kogan.com portfolio of Exclusive Brands names and related intellectual property 
are key assets of the Business. In addition, Kogan.com sells a range of Third‑Party 
Branded products, where the intellectual property is owned by third‑parties.
Exposure to litigation
Kogan.com may be subject to litigation, claims, disputes and regulatory investigations, 
including by customers, suppliers, government agencies, regulators or other third 
parties. These disputes may be related to advertising, consumer terms, warranties, 
product descriptions, personal injury, health, environmental, safety or operational 
concerns, nuisance, negligence or failure to comply with applicable laws 
and regulations.
Changes in GST and 
other equivalent taxes
Changes in local indirect tax, such as the goods and services tax in Australia (“GST”), 
and duty treatment of any of the markets in which Kogan.com operates, could have 
an impact on the sales of imported brands.
17
kogan.com Ltd  Annual Report 2024

Operating & Financial Review continued
Retention of key 
team members
Kogan.com relies on the expertise, experience and strategic direction provided by its 
Executive Directors and key team members. These individuals have extensive experience 
in, and knowledge of, Kogan.com’s business and the Australian online retail market. 
Additionally, successful operation of Kogan.com’s business depends on its ability 
to attract and retain quality team members.
Reliance on third‑party 
payment providers
Kogan.com is exposed to risks in relation to the methods of payment that it currently 
accepts, including credit card, PayPal and vouchers. Kogan.com may incur loss from 
fraud or erroneous transactions.
Reconciliation to Adjusted EBITDA, Adjusted EBIT and Adjusted NPAT
Table 5 Reconciliation to Adjusted EBIT, Adjusted EBITDA and Adjusted NPAT
$m
Unadjusted
Unrealised 
(loss)
Equity-based 
compensation
Non-cash 
DTA release
Non-cash 
depreciation & 
amortisation
Adjusted
Revenue
459.7
459.7
Cost of sales
(291.3)
(291.3)
Gross Profit
168.4
168.4
Gross Margin
36.6%
36.6%
Variable costs
(16.9)
(16.9)
Marketing costs
(48.0)
(48.0)
People costs
(49.1)
3.9
(45.2)
Other costs
(18.3)
(18.3)
Total operating costs
(132.3)
(128.4)
Unrealised (loss)
(0.1)
0.1
0.0
EBITDA
36.0
40.0
Depreciation
(7.5)
0.2
(7.3)
Amortisation
(7.5)
3.2
(4.4)
EBIT
20.9
28.3
Interest
0.3
0.3
Profit before tax
21.2
28.6
Income tax expense
(21.1)
(0.0)
(1.2)
14.7
(7.6)
NPAT
0.1
21.0
EPS
0.00
0.20
Any discrepancies between totals, sums of components and percentage variances in this table are due to rounding.
18
kogan.com Ltd  Annual Report 2024

Adjusted EBITDA, Adjusted EBIT, Adjusted NPAT and Adjusted EPS: are measures of the underlying performance 
of the Business, they remove non-cash items including the unrealised gain/(loss), equity-based compensation and 
one-off non-recurring items. In respect of FY24 the below items have been adjusted:
•	
Unrealised FX gain/(loss): unrealised loss at full-year end related to shares still held and open forward foreign 
exchange contracts.
•	
Equity-based compensation: relates to Performance Rights and Options granted to team members as a form 
of long-term incentive.
•	
Non-cash DTA release: The release has no impact on the tax payable in FY24 or in future years. The release was 
as a result of the tax impact difference between the value expensed for the 2020 AGM Executive Options 
($66.5 million – based on fair value at time of grant), and the actual cash payment that occurred upon exercise 
($17.6 million).
•	
Non-cash depreciation & amortisation: Included within the Mighty Ape assets purchased upon acquisition was:
–	 the Mighty Ape and Gorilla brands (intangible assets) totalling $40.0 million. The Group is amortising these 
brands over 15 and 10 years, respectively.
–	 Software worth $3.2 million. The Group is amortising this software over 7 years.
–	 Right-of-use Assets (RoU Assets) and associated liabilities. Under the requirements of the financial reporting 
standards, the fair value of these RoU Assets and associated liabilities was remeasured, resulting in an increase 
of $1.6 million to the RoU Assets and $0.5 million for the lease liability.
	
The amortisation & depreciation associated with these is non-cash and therefore has been adjusted.
19
kogan.com Ltd  Annual Report 2024

Directors’ Report
The Directors of Kogan.com Ltd and its controlled entities (“The Group”) present their report together with the 
consolidated financial report of the Group for the financial year ended 30 June 2024 and the audit report thereon.
DIRECTORS
The following persons were Directors of the Group at any time during the financial year and up to the date of signing 
this report.
Greg Ridder – Independent, Non-Executive Chairman
Janine Allis – Independent, Non-Executive Director
David Shafer – Chief Financial Officer, Chief Operating Officer and Executive Director
Harry Debney – Independent, Non-Executive Director
James Spenceley – Independent, Non-Executive Director
Ruslan Kogan – Founder, Chief Executive Officer and Executive Director
Particulars of each Director’s experience and qualifications are set out later in this report.
COMPANY SECRETARY
Kogan.com engages Acclime Australia Pty Ltd to provide company secretarial services, with Mark Licciardo 
as Kogan.com’s Company Secretary.
PRINCIPAL ACTIVITIES
Kogan.com is a portfolio of retail and services businesses that includes Kogan Retail, Kogan Marketplace, 
Kogan Mobile, Kogan Internet, Kogan Insurance, Kogan Travel, Kogan Money, Kogan Energy, Mighty Mobile, 
Dick Smith, Matt Blatt, Brosa and Mighty Ape during the year ended 30 June 2024.
Kogan.com earns the majority of its Revenue and profit through the sale of goods and services to Australian and 
New Zealand customers. Kogan.com’s product offerings include a range of private label brands, such as Kogan, 
Ovela, Fortis, Vostok, and Komodo, alongside third-party brands like Apple, Canon, Swann, and Samsung. 
These products are managed under Kogan.com’s Products Division.
In addition to product offerings, Kogan.com earned seller-fee based Revenue from Kogan Marketplace and 
commission-based Revenue from the Verticals including Kogan Mobile, Kogan Internet, Kogan Insurance, 
Kogan Money, Kogan Energy, Kogan Travel and Mighty Mobile.
The results of Kogan HK Limited, a Hong Kong registered entity and Mighty Ape Limited, a New Zealand registered 
entity, have been compiled using International Financial Reporting Standards (IFRS), as issued by the International 
Accounting Standards Board.
An operating and financial review of the Group during the financial year and the results of these operations are 
contained on pages 06 to 19 of this report.
No significant change in the nature of other activities occurred during the year.
20
kogan.com Ltd  Annual Report 2024

EVENTS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
The Directors have declared a final Dividend of 7.5 cents per Ordinary Share, fully franked. The final Dividend was not 
determined until after the Balance Sheet date and accordingly no provision has been recognised at 30 June 2024.
The Dividend Reinvestment Plan will apply to the final Dividend at a 2.5% discount to the 5-day volume weighted 
average price of shares sold on the ASX from the trading day prior to the record date. 
There are no other subsequent events post reporting date 30 June 2024.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
Kogan.com has entered into a deed of indemnity, insurance and access with each Director confirming the Director’s 
right of access to Board papers and requires Kogan.com to indemnify the Director, on a full indemnity basis and to the 
full extent permitted by law against all losses or liabilities (including all reasonable legal costs) insured by the Director 
as an officer of Kogan.com or of a related body corporate.
Under the deeds of indemnity, insurance and access, Kogan.com must maintain a Directors’ and Officers’ insurance 
policy insuring a Director (among others) against liability as a Director and Officer of Kogan.com related to body 
corporate for a period of seven years (or the date any relevant proceedings commenced during the seven year period, 
have been finally resolved).
Disclosure of the total amount of the premiums paid under this renewed insurance policy is not permitted under the 
provisions of the insurance contract.
INDEMNIFICATION AND INSURANCE OF AUDITORS
No indemnities have been given or insurance premiums paid, during or since the end of the year, for any person 
who is or has been an auditor of the Group.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any 
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company 
for all or any part of those proceedings.
The Company was not a party to any such proceedings during the year.
DIVIDENDS
In respect of the financial year ended 30 June 2024, the Directors:
•	
Declared a fully franked Interim Dividend of 7.5 cents per Ordinary Share. The record date for the Interim Dividend 
was 15 April 2024 and was paid on 31 May 2024.
•	
Declared a fully franked Final Dividend of 7.5 cents per Ordinary Share. The record date for the Final Dividend 
was 12 September 2024 and will be paid on 29 November 2024.
Details with respect to the distribution paid during the year are provided in Note 3.4.
A Dividend Reinvestment Plan (DRP) was available for the FY24 interim Dividend and the DRP will also apply for the 
FY24 Final Dividend at a 2.5% discount to the 5-day volume weighted average price of shares sold on the ASX from 
the trading day prior to the record date.
21
kogan.com Ltd  Annual Report 2024

Directors’ Report continued
NON-AUDIT SERVICES
During the year KPMG, the Group’s auditors, performed certain other services in addition to the audit and review 
of the financial statements.
The Board of Directors has considered the non-audit services provided during the year by the auditor and is satisfied 
that the provision of those non-audit services during the year is compatible with, and did not compromise the auditor’s 
independence requirements of the Corporations Act 2001. The Directors are satisfied that the services disclosed 
below did not compromise the external auditor’s independence for the following reasons:
•	
All non-audit services were subject to the corporate governance procedures adopted by the Group and have been 
reviewed by the Audit & Risk Management Committee to ensure they did not adversely affect the integrity and 
objectivity of the auditor; and
•	
The non-audit services provided do not undermine the general principles relating to auditor independence as set 
out in APES 110: Code of Ethics for Professional Accountants, as they did not involve reviewing or auditing the 
auditor’s own work, acting in a management or decision making capacity for the Group, acting as an advocate 
for the Group or jointly sharing risks and rewards.
The following fees were paid or payable to KPMG for non-audit services provided during the year ended 30 June 2024:
$
Tax advisory and compliance
43,909
43,909
LEAD AUDITOR’S INDEPENDENCE DECLARATION
The lead auditor’s independence declaration for the financial year ended 30 June 2024 can be found on page 46 
of the financial report and forms part of the Directors Report.
THE BOARD OF DIRECTORS AND COMPANY SECRETARY
Greg Ridder 
(BBus (Acc), Grad Dip (Mktg), GAICD, CPA) 
Independent, Non-Executive Chairman
Mr Ridder was appointed to the Board of Kogan.com in May 2016 as Independent, 
Non-Executive Chairman.
Formerly Asia Pacific Regional President at NYSE listed Owens-Illinois, he is experienced 
in leading businesses in multiple countries, cultures, economic circumstances and market 
conditions. Mr Ridder also serves as Non-Executive Director at a number of not-for-profit 
and private entities.
Mr Ridder holds a Bachelor of Business in Accounting from RMIT, a Graduate Diploma 
in Marketing from Monash University, and has completed the Advanced Management 
Programme at INSEAD in France. He is a CPA and a graduate member of the Australian 
Institute of Company Directors.
Directorship of listed entities within the past three years 
•	
Director of Spirit Technology Solutions Ltd (ceased August 2024)
Board Committee membership 
•	
Member of the Audit and Risk Management Committee
•	
Member of the Remuneration and Nomination Committee
22
kogan.com Ltd  Annual Report 2024

Janine Allis 
Independent Non-Executive Director
Ms Allis was appointed to the Board of Kogan.com in April 2021, as an Independent,
Non-Executive Director and also serves as a member of the Remuneration and Nomination 
Committee and Audit and Risk Management Committee.
Ms Allis is the Founder of Boost Juice and Founder and Non-Executive Chair of Retail Zoo 
group of food retail brands. Ms Allis has been Telstra Businesswoman of the Year, Excellence 
in Women’s Leadership, Amex Franchisor of the Year, ARA Retailer of the Year and was inducted 
into the Australian Franchise Hall of Fame.
Ms Allis was listed as one of BRW’s top 15 people who have changed the way we do business 
in the last 20 years and is an ambassador for UNHCR.
Directorship of listed entities within the past three years
•	
Director of Australian Pharmaceuticals Industries (API) (ceased March 2022)
Board Committee membership
•	
Member of the Audit and Risk Management Committee
•	
Member of the Remuneration and Nomination Committee
David Shafer 
(LLB (Hons), BCom, CFA) 
Chief Financial Officer, Chief Operating Officer and Executive Director
Mr Shafer has worked with Kogan.com since 2006, moving to a full time role as Chief Financial 
Officer, Chief Operating Officer and Executive Director in November 2010.
Prior to joining Kogan.com, Mr Shafer was Senior Associate at Arnold Bloch Leibler.
Mr Shafer holds a Bachelor of Law (Honours) and Bachelor of Commerce from The University 
of Melbourne and is a Chartered Financial Analyst.
Harry Debney 
(BAppSc (Hons))
Independent Non-Executive Director
Mr Debney was appointed to the Board of Kogan.com in May 2016, as an Independent, 
Non-Executive Director and also serves as Chairman of the Audit and Risk 
Management Committee.
Mr Debney previously served as Chief Executive Officer of Costa Group over two 
periods, from September 2010 to March 2021 and from September 2022 to February 2024. 
During his time at Costa Group he oversaw the business’ transition from a privately-owned 
Company to a member of the S&P/ASX 200 Index.
Prior to joining the Costa Group, Mr Debney spent 24 years at Visy Industries, including eight 
years as Chief Executive Officer. During this time, he substantially grew the Visy business, 
both organically and through acquisitions and oversaw a progressive renewal of core 
manufacturing assets to ensure that Visy had the most advanced technology, and lowest 
cost manufacturing base in the industry.
Mr Debney holds a Bachelor of Applied Science (Honours) from the University of Queensland.
Directorship of listed entities within the past three years
•	
Non-Executive Director of Costa Group Holdings Ltd (appointed on 1 July 2021)
Board Committee membership
•	
Chairman of the Audit and Risk Management Committee
•	
Member of the Remuneration and Nomination Committee
23
kogan.com Ltd  Annual Report 2024

Directors’ Report continued
James Spenceley 
Independent Non-Executive Director
Mr Spenceley was appointed to the Board of Kogan.com in March 2021, as an Independent, 
Non-Executive Director and also serves as Chairman of the Remuneration and Nomination 
Committee and as a member of the Audit and Risk Management Committee.
Mr Spenceley founded Vocus Communications (now Vocus Group, ASX:VOC) in 2007 and 
built it into an ASX100 company through organic growth and acquisitions. Mr Spenceley 
is Chairman at Swoop Telecom and up until May 2023, was Chairman of Airtasker.
Mr Spenceley was the former owner of Illawarra Hawks NBL team and has twice won Ernst 
& Young Australian Entrepreneur of the Year recognition. In 2018, he was inducted into the 
Telecommunications Hall of Fame.
Directorship of listed entities within the past three years
•	
Chairperson of Swoop Telecom (appointed in February 2019)
•	
Chairperson of Airtasker Limited (ceased in May 2023)
•	
Non-Executive Director at Think Childcare (ceased October 2021)
Board Committee membership
•	
Member of the Audit and Risk Management Committee
•	
Chairman of the Remuneration and Nomination Committee
Ruslan Kogan 
(BBS) 
Founder, Chief Executive Officer and Executive Director
Mr Kogan founded Kogan.com in 2006, and has been its CEO since inception, growing 
the Business into Australia’s leading Pure Play Online Retailer in under a decade.
Prior to founding Kogan.com, Mr Kogan held roles in the IT departments of Bosch and GE, 
and as a consultant at Accenture.
Mr Kogan holds a Bachelor of Business Systems from Monash University.
Mark Licciardo (Acclime Australia Pty Ltd) 
(B Bus (Acc), GradDip CSP, FGIA, GAICD) 
Company Secretary
Mark is the founder of Mertons Corporate Services, now part of Acclime Australia, 
and is responsible for Acclime Australia’s Listed Services Division.
He is also an ASX-experienced director and chair of public and private companies, with 
expertise in the listed investment, infrastructure, bio-technology and digital sectors. 
He currently serves as a director on a number of Australian company boards as well 
as foreign-controlled entities and private companies.
During his executive career, Mark held roles in banking and finance, funds management, 
investment and infrastructure development businesses, including being the Company 
Secretary for ASX:100 companies Transurban Group and Australian Foundation Investment 
Company Limited.
Mark holds a Bachelor of Business degree in accounting, a Graduate Diploma in Governance 
and is a Fellow of the Chartered Governance Institute, the Governance Institute of Australia 
and the Australian Institute of Company Directors.
24
kogan.com Ltd  Annual Report 2024

MEETINGS OF DIRECTORS
Directors’ meetings held between 1 July 2023 and 30 June 2024:
BOARD
AUDIT & RISK
REMUNERATION 
& NOMINATION
A
B
A
B
A
B
Greg Ridder
12
11
3
3
3
3
Janine Allis
12
12
3
2
3
3
David Shafer
12
12
3
3 9 
3
1 9
Harry Debney
12
10
3
3
3
3
James Spenceley
12
12
3
3
3
3
Ruslan Kogan
12
12
3
3 9
3
1 9
A.	
Number of meetings held during the time the Director held office or was a member of the committee during the year.
B.	
Number of meetings attended.
CORPORATE GOVERNANCE STATEMENT
The Board is committed to achieving and demonstrating the highest standards of Corporate Governance. The Board 
continues to refine and improve the governance framework and practices in place to ensure they meet the interest 
of Shareholders.
The Company complies with the Australian Securities Exchange Corporate Governance Council’s Corporate 
Governance Principles and Recommendations 4th Edition (‘the ASX Principles’). Kogan.com’s Corporate Governance 
Statement, which summarises the Company’s Corporate Governance practices and incorporates the disclosures 
required by the ASX Principles, can be viewed at www.kogancorporate.com.
ENVIRONMENTAL REGULATIONS
The Group is not subject to any significant environmental regulations under Commonwealth or State legislation.
DIRECTORS INTERESTS
The following table sets out each Director’s relevant interest in shares of the Company at the date of this report.
Ordinary Shares
Ruslan Kogan
15,853,321
David Shafer
3,225,642
Greg Ridder
158,000
Harry Debney
98,099
Janine Allis
14,761
James Spenceley
10,000
9.	
Indicates that a Director is not a member of a specific committee and attended by invitation.
25
kogan.com Ltd  Annual Report 2024

Directors’ Report continued
SHARE RIGHTS
Unissued Shares under Rights
At 30 June 2024 the Group had 1,750,502 unissued shares under Rights which are expected to vest up until 
31 December 2027, all unissued shares under Rights are Ordinary Shares of the Company.
Shares Issued on Exercise of Rights
During the financial year, the Group issued 253,225 Ordinary Shares as a result of the Rights vesting.
RETENTION OPTIONS
Unissued Shares under Options
At 30 June 2024 the Group had 670,632 unissued shares under Options which are expected to vest up until 
27 February 2027, all unissued shares under Options are Ordinary Shares of the Company.
26
kogan.com Ltd  Annual Report 2024

Remuneration Report
INTRODUCTION
The Directors are pleased to present the FY24 Remuneration Report, detailing the Board’s approach to compensating 
Key Management Personnel (KMP).
The Board acknowledges that the Group’s success relies on the quality and motivation of its team members. 
Consequently, the Group’s remuneration strategy aims to effectively attract, reward, and retain employees at all 
levels, with a particular focus on management and key executives. To accomplish this, the Board has designed 
executive remuneration packages that combine fixed compensation, short-term incentives, and long-term incentives.
The audited Remuneration Report covers the following matters:
1.	 FY24 remuneration framework;
2.	 FY24 outcomes at a glance;
3.	 Details of Key Management Personnel;
4.	 Remuneration governance;
5.	 Remuneration policy;
6.	 Company’s performance;
7.	 Details of remuneration;
8.	 Equity instruments;
9.	 Executive Directors and Other KMP Service Agreements; and
10.	Key Management Personnel transactions.
27
kogan.com Ltd  Annual Report 2024

Remuneration Report continued
FY24 REMUNERATION FRAMEWORK
For FY24, the Board engaged Godfrey Remuneration Group (GRG) as an independent remuneration advisor to help 
develop a new remuneration framework. As part of the process, the following areas were reviewed:
1.	 The overall remuneration governance framework;
2.	 Market and stakeholder feedback;
3.	 Current peer practices;
4.	 Variable remuneration design; and
5.	 Market benchmarking for top executives, using a comparator group of 20 ASX listed companies of comparable 
market value, with 10 larger and 10 smaller (balanced), and limited to a range of half to double the Company’s 
market value.
GRG was paid $55,000, inclusive of GST, for the remuneration recommendations in respect of the areas listed above, 
and was not engaged for any other service during the year. The engagement was conducted in isolation from Executive 
Management to ensure independence. The Board is satisfied that the remuneration recommendations made by GRG 
were free from undue influence by members of the key management personnel about whom the 
recommendations related.
1.	 The Board has adopted a policy for current and future equity grants, to limit the opportunity for major discrepancies 
between intended equity remuneration value, and the remuneration value shareholders will be asked to approve. 
The policy is based on a 20-day trading volume weighted average price (VWAP) commencing the day after release 
of the audited financial results. The VWAP is divided into the intended maximum/stretch grant dollar value, to 
determine the grant number;
2.	 Fixed remuneration has been reviewed to align with market peers as at the end of FY23, as indicated 
by independent benchmarking;
3.	 A short-term incentive (STI) plan and opportunity was introduced to ensure that there are separate components 
of remuneration, creating links between reward and performance over both the short and long term. The STI is an 
‘at risk’ component of remuneration payable where Adjusted EBITDA of the Company exceeds at least 95% of the 
Board established forecast estimate for the full financial year. The amount of STI payable to Executive Management 
may range between 37.5% of base remuneration (if the company achieved at least 95% of forecast estimates) and 
up to a maximum of 112.5% of base remuneration (if the Company achieves at least 110% of forecast estimates);
4.	 The long-term incentive (LTI) program will continue and will be a significant and appropriate weighting in the 
remuneration mix. LTIs also represent an ‘at risk’ component of remuneration whereby Executive Management 
will be awarded Performance Rights which are subject to vesting conditions determined by the Board and approved 
by shareholders, in order to support the long-term growth of the Company.
	
See item 6 below for further details.
5.	 The Board has determined that grants of equity will be made annually, which is consistent with typical ASX 
market practices;
6.	 The grant of equity to Executive Management in FY24 included the following features:
a.	 Performance Rights will be used;
b.	 The measurement period over which performance service will be tested will be 3 years;
i.	
For the FY24 introductory/transitory grant there is a tranche (50%) that is eligible to vest after 2 financial 
years, to smooth the transition into annual granting processes.
ii.	 Grants made in future years are not intended to include a 2-year tranche, noting that long-term incentives 
are generally defined as having a 3-year minimum vesting period i.e. the FY24 grant is intended to be 
a one-off arrangement.
28
kogan.com Ltd  Annual Report 2024

c.	 The Performance Rights will be awarded based on achieving relative Total Shareholder Return (TSR) and is paid 
if Kogan.com’s TSR outperforms the 50th percentile and 75th percentile as compared to the Peer Group TSR. 
The LTI is prorated between the two hurdles and is paid as 2% additional LTI per 1% of percentile achieved 
against the Peer Group. There is no LTI payment if the Kogan.com TSR is below the 50th percentile of the 
Peer Group TSR.
	
Measurement of the TSR is the comparison of the Peer Group’s total return against the Company’s total return 
for the period.
	
The Board determined a fixed group of more than 100 consumer companies listed on the ASX at 1 July 2023 
to constitute the Peer Group, and this will remain static for the measurement period.
	
The conversion of LTI dollar value into the number of shares is performed using the 20-day VWAP of trading 
in Kogan.com Shares for the period starting the day after the FY23 financial results were released to the market, 
being 22 August 2023.
	
The performance test period is from 1 July to 30 June for the test period (being 2 and 3 years) with vesting 
(if appropriate) to be confirmed at the appropriate next Board Meeting after presentation of the audited results 
of the performance test. The LTI is split into two equal tranches. Tranche 1 has a two-year measurement (and 
vesting) period and Tranche 2 has a three-year measurement (and vesting) period.
d.	 The Board may consider additional tranches and performance metrics in future years, as the business’s 
circumstances change.
7.	 The total remuneration packages of Executive Management in FY24 are composed of fixed remuneration, 
short-term incentives and long-term incentives (the latter having been approved by Shareholders at the 2023 
AGM), set relative to market benchmarks and assessments obtained by the Board. Fixed remuneration is intended 
to be positioned around P50, +20% to recognise the exceptional talent and performance of the incumbents and 
noting that a +/–20% range is a common policy adopted by ASX listed company boards to recognise individual 
differences and calibre of executives. The total remuneration packages, including target short-term and long-term 
incentives, are intended to fall in the high end of the range of observed relevant market practices, to also recognise 
the high performance and high calibre of the incumbents, and to recognise differences in the roles of the incumbents 
compared to typical ASX roles.
a.	 The incumbent executives are deeply invested in the business; the success of the business has been driven 
by this team over many years and the Board and key stakeholders intend to continue to retain and incentivise 
the incumbents to make exceptional contributions. The business has significantly outperformed peers and 
typical ASX market returns in most years, due to the contributions of the incumbents;
b.	 Both the ED/CEO and ED/CFO/COO roles are larger-than-typical roles, in terms of their scope, accountability, 
and impact on the business; where in most ASX listed companies these roles would be supported by a large 
team of highly experienced ASX executive veterans, Kogan runs-lean and seeks to retain loyal employees 
in supporting roles. As a result, many of the functions, responsibilities, accountabilities and key impacts that 
would usually be the responsibility of the executive team, are carried by or in large part guided by, the founders 
as the strategic drivers;
c.	 The CFO/COO role is not typical, and cannot be directly compared to peers on the ASX; being a broader 
operational role, the incumbent is able to bring a level of strategy and engagement with the rest of the 
business that is exceptional, making the assessed job size largely than a typical CFO and/or COO role; and
d.	 As a result of the foregoing, it is the Board’s view that it is appropriate to position the remuneration of the 
executive team high in the market compared to peers, but with the majority of the package subject to the 
achievement of challenging performance conditions.
29
kogan.com Ltd  Annual Report 2024

Remuneration Report continued
2024 OUTCOMES AT A GLANCE
Chief Executive Officer (CEO) remuneration
Chief Financial Officer (CFO) remuneration
In FY24, our CEO:
•	
Received total cash salary inclusive 
of superannuation of $800,000; 
•	
Earned a short-term incentive of $900,000 based 
on achievement of over 110% of the Board 
established Adjusted EBITDA forecast estimates 
for FY24 at the commencement of the year;
•	
Earned unrealised remuneration from unvested 
Performance Rights of $389,280;
•	
Received total statutory remuneration of $2,161,605;
•	
Exercised Options granted during the November 
2020 AGM, which were cash-settled by the 
Company for $10,562,400; and
•	
Received total realised remuneration of $11,362,400.
In FY24, our CFO:
•	
Received total cash salary inclusive 
of superannuation of $576,000;
•	
Earned a short-term incentive of $648,000 
based on achievement of over 110% of the Board 
established Adjusted EBITDA forecast estimates 
for FY24 at the commencement of the year;
•	
Earned unrealised remuneration from unvested 
Performance Rights of $280,281;
•	
Received total statutory remuneration of $1,555,638;
•	
Exercised Options granted during the November 
2020 AGM, which were cash-settled by the 
Company for $7,041,600; and
•	
Received total realised remuneration of $7,617,600.
Non Executive Directors (NEDs) fees
During the year, James Spenceley was appointed as Chairman of the Remuneration & Nomination Committee, 
resulting in an additional $15,000 in compensation to reflect the increased responsibilities of the role. There were 
no other changes in total fees for the Other Non-Executive Directors.
DETAIL OF KEY MANAGEMENT PERSONNEL
Key Management Personnel (KMP) are individuals who have authority and responsibility for planning, directing and 
controlling the activities of the Group, directly or indirectly, and comprise the Directors and the Senior Executives 
of the Group, as listed below.
KMP
POSITION HELD
TERM AS KMP
Independent Non-Executive Directors
Greg Ridder
Chairman, 
Independent Non-Executive Director
Full year
Janine Allis
Independent 
Non-Executive Director
Full year
Harry Debney
Independent 
Non-Executive Director
Full year
James Spenceley
Independent 
Non-Executive Director 
Full year
Executive Directors
David Shafer
CFO, COO & Executive Director
Full year
Ruslan Kogan
CEO & Executive Director
Full year
Other KMPs
Daniel Balasoglou10 
Mighty Ape, CEO
Full year 
Gracie MacKinlay10
Mighty Ape, CEO
Part year
10.	 Daniel Balasoglou held the position of CFO – Mighty Ape between the period 1 July 2023 to 7 April 2024. On 8 April 2024 he was appointed CEO 
– Mighty Ape following Gracie MacKinlay’s resignation on the same date.
30
kogan.com Ltd  Annual Report 2024

REMUNERATION GOVERNANCE
The Board appointed the Remuneration and Nomination Committee (“the Committee”) whose objective is to assist 
the Board in relation to the Group remuneration strategy, policies and actions. In performing this responsibility, 
the Committee must give appropriate consideration to the Company’s performance and objectives, employment 
conditions and external remuneration relativities.
Remuneration and Nomination Committee
Kogan.com’s Remuneration and Nomination Committee is composed of Independent Non-Executive Directors. 
The responsibilities of the Committee include to:
•	
Develop criteria for Board membership and identify specific individuals for nomination;
•	
Establish processes for the review of the performance of individual Directors, Board Committees and the Board 
as a whole and implementation of such processes;
•	
Review and make recommendations to the Board on board succession planning generally;
•	
Review and make recommendations to the Board on the process for recruiting a new Director, including 
evaluating the balance of skills, knowledge, experience, independence and diversity on the Board;
•	
Review and make recommendations to the Board on the Company’s remuneration framework, remuneration 
packages and policies applicable to the members of the executive management of the Company (“Senior 
Management”) and Directors;
•	
Review and make recommendations to the Board on equity-based remuneration plans for senior executives 
and other employees;
•	
Define levels at which the Chief Executive Officer must make recommendations to the Committee on proposed 
changes to remuneration and employee benefit policies;
•	
Ensure that remuneration packages and policies attract, retain and motivate high calibre executives; and
•	
Ensure that remuneration policies demonstrate a clear relationship between key executive performance 
and remuneration.
All Directors who are not members of the Committee are entitled to attend any meeting of the Committee. 
The Committee may invite any Director, including members of Senior Management.
A full Charter outlining the Committee’s responsibilities and the Process for Evaluation of Performance are available 
at www.kogancorporate.com.
31
kogan.com Ltd  Annual Report 2024

Remuneration Report continued
REMUNERATION POLICY
The Group has established incentive arrangements to assist in the attraction, motivation and retention of the executive 
team and other selected team members. To align the interests of its team members and goals of the Group, the 
Directors have decided the remuneration packages of the executive team and other selected team members will 
consist of the following components:
•	
Fixed remuneration (inclusive of superannuation);
•	
Short-term cash-based incentives; and
•	
Long-term equity-based incentives.
The payment of any cash and award of equity under the incentive arrangement will be subject to the achievement 
of performance criteria or hurdles set by the Board. The remuneration packages of the senior management team 
are determined by the Committee and reported to the Board. The remuneration of senior management is reviewed 
annually by the Committee. At the absolute discretion of the Committee, Kogan.com may seek external advice on the 
appropriate level and structure of the remuneration packages of the senior management team from time to time.
Fixed remuneration
Fixed remuneration consists of the base salary and team members benefits which include superannuation, leave 
entitlements and other benefits.
Executive KMP received a change to their remuneration structure outlined earlier in this report.
Year
Cash salary 
($)
Superannuation 
($)
AL & LSL 
($)
Total
($)
Executive KMPs
R. Kogan
2024
772,601
27,399
72,326
872,326
D. Shafer
2024
548,601
27,399
51,356
627,356
Other KMPs
D. Balasoglou
2024
298,871
11,718
23,910
334,499
G. MacKinlay 11 
2024
190,398
9,021
34,431
233,850
Total
1,810,471
75,536
182,023
2,068,031
Executive KMPs
R. Kogan
2023
423,500
25,292
39,645
488,437
D. Shafer
2023
363,000
25,292
33,982
422,274
Other KMPs
G. MacKinlay
2023
228,879
6,866
30,040
265,785
S. Barton
2023
170,399
–
5,060
175,459
Total
1,185,778
57,451
108,726
1,351,955
Any discrepancies between totals, sums of components and percentage variances in this table are due to rounding.
11.	 Remuneration relates to the period 1 July 2023 to 7 April 2024.
32
kogan.com Ltd  Annual Report 2024

Short-term incentives (STI) – Cash-based
The following table outlines the significant aspects of the STI for senior management excluding KMPs.
Purpose of STI plan
Provide a link between remuneration and both short-term Company and 
individual performance. 
Create sustainable shareholder value.
Reward individuals for their contribution to the success of the Group.
Actively encourage team members to take more ownership over the Adjusted 
EBITDA12.
Eligibility
Offers of cash incentives may be made to any team member of the Group 
(including a Director employed in an executive capacity) or any other person 
who is declared by the Board to be eligible to receive a grant of cash incentive 
under the STI.
Calculation & target
The Adjusted EBITDA12 of Kogan.com shall exceed the Board established budget 
for the full financial year (after payment of the STI).
25% of the outperformance will be allocated to a ‘bonus pool’.
The ‘bonus pool’ will then be shared in cash bonuses among a number of team 
members in fixed proportions.
Maximum opportunity
The maximum payable is 25% of the outperformance and 35% of the team 
member’s annual salary.
Performance conditions
Outperformance of the budgeted Adjusted EBITDA12. Adjusted EBITDA12 represents 
the underlying performance of the business.
Continuation of employment.
Why were the performance 
conditions chosen
To achieve successful and sustainable financial business outcomes as well as any 
annual objectives that drive short-term and long-term business success 
and sustainability.
Performance period
1 July 2023 to 30 June 2024.
Time of assessment
August 2024, following completion of the 30 June 2024 accounts.
Form of payment
Paid in cash.
Board discretion
Targets are reviewed annually and the Board has discretion to adapt appropriately 
to take into account exceptional items.
12.	 Non-IFRS measure.
33
kogan.com Ltd  Annual Report 2024

Remuneration Report continued
Senior Management did not receive a payment under the STI plan in the 2024 financial year (FY23: Nil). 
Ruslan Kogan and David Shafer were subject to this arrangement in FY23. In FY24, they were subject 
to the below outlined STI arrangement.
The following table outlines the significant aspects of the STI for Executive Management.
Purpose of the Executive 
Management STI plan
Create a link between reward and performance of the Group over both the short 
and long term, for the Executive Management.
Eligibility
Offers of cash incentives may be made to Executive Management, being Ruslan 
Kogan (CEO) and David Shafer (CFO & COO).
Calculation & target
A STI is payable if the Adjusted EBITDA12 of Kogan.com exceeds at least 95% 
of the Board established forecast estimate for the full financial year. The value 
of STI payable to Executive Management may range between 37.5% of base 
remuneration (if the Company achieved at least 95% of forecast estimates) 
and up to a maximum of 112.5% of base remuneration (if the Company achieved 
at least 110% of forecast estimates).
Maximum opportunity
The maximum payable is 112.5% of base remuneration if the Company achieves 
at least 110% of forecast estimates.
Performance conditions
Achievement of at least 95% of Board established forecast estimate of Adjusted 
EBITDA12 for the full financial year. Adjusted EBITDA12 represents the underlying 
performance of the business.
Continuation of employment.
Why were the performance 
conditions chosen
To achieve successful and sustainable financial business outcomes as well 
as any annual objectives that drive short-term and long-term business success 
and sustainability.
Performance period
1 July 2023 to 30 June 2024.
Time of assessment
August 2024, following completion of the 30 June 2024 accounts.
Form of payment
Paid in cash.
Board discretion
Targets are reviewed annually and the Board has discretion to adapt appropriately 
to take into account exceptional items.
In FY24, Executive Management achieved the required targets to earn an STI. The following was accrued 
as at 30 June 2024, with payment occurring in FY25:
•	
Ruslan Kogan: $900,000 (FY23: n/a13)
•	
David Shafer: $648,000 (FY23: n/a13)
13.	 In FY23 Executive Management participated in the STI for Senior Management. No STI was earned in FY23 by Executive Management.
34
kogan.com Ltd  Annual Report 2024

Long-term incentives (LTI) – Equity Incentive Plan (EIP)
The Group has established an Equity Incentive Plan (EIP), which is designed to align the interests of eligible team 
members more closely with the interests of Shareholders in the listed entity. Under the EIP, eligible team members 
may be offered Performance Rights or Options which may be subject to vesting conditions. The Group may offer 
additional long-term incentive schemes to senior management and other team members over time.
The following table outlines the significant aspects of the current EIP.
Purpose of LTI plan
Support the strategy and business plan of the Group.
Align the interests of team members more closely with the interests 
of Shareholders.
Reward individuals for their contribution to the success of the Group over 
the long-term.
Eligibility
Offers of Incentive Securities (Performance Rights or Options) may be made to any 
team member of the Group (including a Director employed in an executive capacity) 
or any other person who is declared by the Board to be eligible to receive a grant of 
Incentive Securities under the EIP.
Service condition on vesting
Individuals must be employed by the Group at the time of vesting and not be 
in their notice period.
Form of award and payment
Performance Rights or Options.
Board discretion
The Board has the absolute discretion to determine the terms and conditions 
applicable to an offer under the EIP.
Consideration
Nil.
Rights
Each Right confers on its holder an entitlement to a Share, subject to satisfaction 
of applicable conditions.
Restrictions on dealing
Shares allocated upon exercise of Performance Rights will rank equally with all 
existing Ordinary Shares from the date of issue (subject only to the requirements 
of Kogan.com’s Securities Trading Policy).
Upon vesting, there will be no disposal restrictions placed on the Ordinary Shares 
issued to participants (subject only to the requirements of Kogan.com’s Securities 
Trading Policy).
Lapse of Rights
A Right will lapse upon the earliest to occur of:
•	
Expiry date (relevant for Options);
•	
Failure to meet vesting conditions;
•	
Employment termination;
•	
The participant electing to surrender the Right; and
•	
Where, in the opinion of the Board, a participant deals with 
a Right in contravention of any dealing restrictions under the EIP.
35
kogan.com Ltd  Annual Report 2024

Remuneration Report continued
Performance Rights awarded to KMPs
The statutory values below represent the expenses incurred through the Consolidated Income Statement 
and Consolidated Statement of Other Comprehensive Income Statement in accordance with AASB 2 
Share-Based Payments.
STATUTORY VALUE
Year
Value
Year
Value
Executive KMPs
R. Kogan
2024
389,280
2023
–
D. Shafer
2024
280,281
2023
–
Other KMPs
D. Balasoglou (from 1 July 2023)
2024
74,273
2023
–
G. MacKinlay (until 8 April 2024)
2024
(75,155)
2023
75,155
S. Barton (until 31 March 2023)
2024
–
2023
–
Total
668,679
75,155
Any discrepancies between totals, sums of components and percentage variances in this table are due to rounding.
The movement during the reporting period, by number of Performance Rights over Ordinary Shares in Kogan.com Ltd 
held, directly, indirectly or beneficially, by each key management person, including their related parties, is as follows:
Held at 
1 July 2023
Granted
Exercised
Lapsed
Forfeited
Held at 
30 June 
2024
Vested 
during 
FY24
Vested & 
Exercisa­
ble at 
30 June 
2024
Executive KMP
R.Kogan
–
303,504
–
–
–
303,504
–
–
D. Shafer
–
218,523
–
–
–
218,523
–
–
Other KMP
G. MacKinlay
84,270
5,748
–
–
(90,018)
–
–
–
D. Balasoglou
40,000
57,498
–
(13,333)
–
84,165
–
–
Total
124,270
585,273
–
(13,333)
(90,018)
606,192
–
–
Performance Rights awarded to R. Kogan and D. Shafer were granted on 21 December 2023, following approval 
at the 2023 AGM. Details of the grant, including vesting conditions, have been outlined earlier in this report within 
the section FY24 Remuneration Framework.
Performance Rights awarded to D. Balasoglou were granted on 30 June 2024. Vesting of the FY24 granted 
Performance Rights is scheduled as 50% at the end of August 2026 and 50% at the end of August 2027. 
Vesting of the Performance Rights is subject to Adjusted EBITDA of Mighty Ape being at least 5% higher 
per annum compounded since FY24, and subject to his ongoing employment with the Group.
Lapsed Performance Rights for D. Balasoglou were a result of not meeting the relevant vesting conditions attached.
Forfeited Performance Rights for G. MacKinlay were a result of her resignation on 8 April 2024.
36
kogan.com Ltd  Annual Report 2024

Options awarded to KMPs
The statutory values below represent the expenses incurred through the Consolidated Income Statement 
and Consolidated statement of Other Comprehensive Income Statement in accordance with AASB 2 
Share‑Based Payments.
STATUTORY VALUE
Year
Value
Year
Value
Executive KMPs
R. Kogan
2024
–
2023
16,691,237
D. Shafer
2024
–
2023
11,127,491
Other KMPs
D. Balasoglou (from 1 July 2023)
2024
–
2023
–
G. MacKinlay (until 8 April 2024)
2024
–
2023
–
S. Barton (until 31 March 2023)
2024
–
2023
34,137
Total
–
27,852,865
Any discrepancies between totals, sums of components and percentage variances in this table are due to rounding.
The movement during the reporting period, by number of Options over Ordinary Shares in Kogan.com Ltd held, 
directly, indirectly or beneficially, by each key management person, including their related parties, is as follows:
Held at 
1 July 2023
Granted
Exercised
Lapsed
Forfeited
Held at 
30 June 
2024
Vested 
during 
FY24
Vested & 
Exercisa­
ble at 
30 June 
2024
Executive KMP
R. Kogan
3,600,000
–
(3,600,000)
–
–
–
–
–
D. Shafer
2,400,000
– (2,400,000)
–
–
–
–
–
Other KMP
G. MacKinlay
–
–
–
–
–
–
–
–
D. Balasoglou
–
–
–
–
–
–
–
–
Total
6,000,000
– (6,000,000)
–
–
–
–
–
It was announced on 4 April 2024 that both Ruslan Kogan and David Shafer had collectively exercised 6,000,000 
Options granted to them during the 2020 AGM.
The Deed associated with these Options allowed for either equity-settlement or cash-settlement, based on the 
Board’s discretion. At the time of granting the Options, they were valued in-the-money and the intention was to 
equity-settle them upon vesting. The Options were fully vested by 30 June 2023, with the value of the share-based 
payment reserve amounting to $66,536,098.
On 4 April 2024, the Board exercised their discretion to cash-settle the Options primarily to avoid dilution of other 
Shareholders’ interest. This discretion was exercised following a review of the Company’s Balance Sheet and current 
initiatives (no immediate merger & acquisition activity and available cash reserves following the commencement 
of a Buy Back).
At the time of exercise, the 20-day VWAP was $8.224 per Option, and the strike price associated with the 
Options was $5.29. This resulted in a cash payment of $17,604,000, being [$8.224 – $5.29] x 6,000,000 Options, 
against the share-based payments reserve. The remaining value of the Options in the Share-based Payments 
reserve, of $48,932,098, will remain indefinitely.
37
kogan.com Ltd  Annual Report 2024

Remuneration Report continued
Independent Non-Executive Directors remuneration
Kogan.com’s Independent Non-Executive Director remuneration policy is set up to attract and retain Directors with 
the experience, knowledge, expertise and acumen to manage the Company.
Each of the Independent Non-Executive Directors has entered into appointment letters with Kogan.com, confirming 
the terms of their appointment, their roles and responsibilities and Kogan.com’s expectations of them as Directors.
Under the Constitution, the Board may decide the remuneration from Kogan.com to which each Director is entitled 
for their services as a Director. However, under the ASX Listing Rules, the total amount paid to all Non-Executive 
Directors for their services must not exceed in aggregate in any financial year the amount fixed at Kogan.com’s 
general meeting.
This amount has been fixed by Kogan.com at $800,000 per annum (FY23: $800,000 per annum). Any change to that 
aggregate annual sum needs to be approved by Shareholders.
The annual Independent Non-Executive Directors’ fees paid or payable to Greg Ridder (as Chairman of the Board), 
Harry Debney (as Chairman of the Audit & Risk Management Committee), Janine Allis and James Spenceley 
(as Chairman of the Remuneration & Nomination Committee) for FY24 was $185,000, $110,000, $95,000 and 
$110,000, respectively.
Included within Harry Debney’s and James Spenceley’s fees is $15,000 per annum to acknowledge the additional 
duties linked to chairing the Audit & Risk Management Committee and Remuneration & Nomination Committee.
Independent Non-Executive Directors are not eligible to participate in Kogan.com’s short-term or long-term 
incentive programs.
All Directors’ fees include superannuation payments, to the extent applicable.
COMPANY PERFORMANCE
Relationship to remuneration policy
In considering the consolidated entity’s performance and the benefits of Shareholder wealth, the Committee 
considered a range of indicators in respect of senior executive remuneration and linked these to the previously 
described short and long term incentives.
At Kogan.com, we remunerate our KMP in a way which:
•	
Aims to align executive interests with Shareholders;
•	
Is sufficiently competitive in the marketplace to enable us to attract, retain, and motivate exceptional talent; and
•	
Encourages and rewards the behaviours and outcomes that will deliver business success and a good return for 
our Shareholders.
To achieve this, we set challenging targets and monitor performance against them closely.
We have strengthened the connection between our key reward metrics and our business strategy by adapting the 
performance conditions used for our STI.
We remain committed to the use of stretch performance metrics, and recognise the importance of having 
performance conditions that are linked to customer engagement.
38
kogan.com Ltd  Annual Report 2024

Shareholder wealth
The following table presents these indicators showing the impact of the Company’s performance on Shareholder 
wealth, during the financial years:
FY20
FY21
FY22
FY23
FY24
Revenue ($m)
497.9
780.7
718.5
489.5
459.7
Net Profit/(Loss) after income tax (NPAT)
26.8
3.5
(35.5)
(25.9)
0.1
Adjusted NPAT14 
30.0
44.9
0.5
(6.4)
21.0 
Earnings per Share (EPS)
0.29
0.03
(0.33)
(0.24)
0.00
Adjusted EPS
0.32
0.42
0.00
(0.04)
0.20
EBITDA12 ($m)
46.5
22.5
(21.8)
(20.8)
36.0
Adjusted EBITDA14 ($m)
49.7
61.8
18.9
6.8
40.0
Dividends paid ($m)
14.8
31.3
–
–
7.5
Share price at 30 June
14.72
11.58
2.78
4.85
4.17
Any discrepancies between totals, sums of components and percentage variances in this table are due to rounding.
Profit amounts have been calculated in accordance with Australian Accounting Standards (AASB). 
EBITDA12 is calculated based on the operating profit before interest, tax, depreciation and amortisation.
DETAILS OF REMUNERATION
KMP realised remuneration
The table below is a voluntary non-statutory disclosure that displays actual cash remuneration (“realised remuneration”) 
that the KMPs received in FY24 and FY23. It includes cash salary, amounts paid out upon resignation, superannuation 
contributions, STI received, LTI that vested during the period and cash from the exercise of Options.
This information differs from the statutory remuneration table found on the following page, which includes the 
expense from vested & unvested awards, along with other long-term benefits, in accordance with Australian 
Accounting Standards.
Year
Fixed 
Remunera­
tion15 
Payment 
upon 
resignation
Received 
on exercise 
of Options
Mighty Ape 
– acquisition 
related 
remuneration
Total realised 
remuneration
Executive KMPs
R. Kogan
2024
800,000
–
10,562,400
–
11,362,400
D. Shafer
2024
576,000
–
7,041,600
–
7,617,600
Other KMPs
D. Balasoglou
2024
310,589
–
–
–
310,589
G. MacKinlay
2024
199,419
179,216
–
–
378,635
Total
1,886,008
179,216
17,604,000 16 
–
19,669,224
Executive KMPs
R. Kogan
2023
448,792
–
–
–
448,792
D. Shafer
2023
388,292
–
–
–
388,292
Other KMPs
G. MacKinlay
2023
235,745
–
–
–
235,745
S. Barton
2023
170,399
–
–
14,242,881
14,413,280
Total
1,243,229
–
–
14,242,881
15,486,109
Any discrepancies between totals, sums of components and percentage variances in this table are due to rounding.
14.	 Non-IFRS measure. Adjusted EBITDA and Adjusted NPAT excludes non-cash items such as unrealised gains/(losses), equity-based compensation, 
and one-off non-recurring items.
15.	 Includes cash salary and superannuation consistent with statutory remuneration table in the next section, excluding accrued annual 
leave entitlements.
16.	 As at 30 June 2024, a final outstanding payment in relation to PAYG was owing to the ATO of $4,184,827. Amounts owing directly to R. Kogan and 
D. Shafer were fully paid as at 30 June 2024.
39
kogan.com Ltd  Annual Report 2024

Remuneration Report continued
KMP statutory remuneration
Details of the statutory remuneration to the executive Key Management Personnel is set out below.
SHORT‑TERM
POST- 
EMPLOYMENT
LONG- 
TERM 
BENEFITS
EQUITY-
BASED 
COMPEN­
SATION
OTHER 
LONG- 
TERM 
BENEFITS
Year
Cash 
Salary
($)
Short-
Term 
Incentives 
($)
Super­
annua­
tion 
($)
Payment 
upon 
resigna­
tion
($)
Annual 
& Long 
Service 
Leave
($)
Share-
Based 
Payments
($)
Total 
($)
Mighty 
Ape 
– acquisi­
tion 
related 
remunera­
tion 
($)
Total 
($)
Executive KMPs
R. Kogan
2024
772,601
900,000
27,399
–
72,326
389,280
2,161,605
–
2,161,605
D. Shafer
2024
548,601
648,000
27,399
–
51,356
280,281
1,555,638
–
1,555,638
Other KMPs
D. Balasoglou
2024
298,871
–
11,718
–
23,910
74,273
408,772
–
408,772
G. MacKinlay
2024
190,398
–
9,021
179,216
34,431
(75,155)
337,911
–
337,911
Total
1,810,471 1,548,000
75,536
179,216
182,023
668,679
4,463,926
–
4,463,926
Executive KMPs
R. Kogan
2023
423,500
–
25,292
–
39,645
16,691,237
17,179,675
–
17,179,675
D. Shafer
2023
363,000
–
25,292
–
33,982
11,127,491
11,549,765
–
11,549,765
Other KMPs
G. MacKinlay
2023
228,879
–
6,866
–
30,040
75,155
340,940
–
340,940
S. Barton
2023
170,399
–
–
–
5,060
34,137
209,596 (3,885,469) (3,675,873)
Total
1,185,778
–
57,451
–
108,726 27,928,021 29,279,976 (3,885,469) 25,394,507
Any discrepancies between totals, sums of components and percentage variances in this table are due to rounding.
Mighty Ape – acquisition-related remuneration
Mighty Ape acquisition related remuneration refers to the payment of Mighty Ape Tranche 4 purchase price 
instalment as a part of the Sale Agreement. Tranche 4 was contingent on the Mighty Ape Founder, Simon Barton, 
remaining with the business until the delivery of the financial year 2023 result. In line with accounting standards, 
the Tranche 4 payment was considered as compensation for post-combination services, and as such, treated as 
employee remuneration for accounting purposes. The company accounted for these expenses up until 31 March 2023.
The negative statutory value of $3,885,469 in FY23 relates to a reversal of the over provision for Tranche 4 payment 
of the Mighty Ape Acquisition in prior years.
40
kogan.com Ltd  Annual Report 2024

Non-Executive Directors’ remuneration
The table below sets out the remuneration paid to Non-Executive Directors:
SHORT-TERM 
BENEFITS
POST-
EMPLOYMENT­
BENEFITS
Year
Total fees ($)
Superannuation 
($)
Total 
($)
Greg Ridder
2024
185,000
–
185,000 
Harry Debney
2024
110,000
–
110,000
Janine Allis
2024
95,000
–
95,000
James Spenceley
2024
110,000
–
110,000
Total
500,000
–
500,000
Greg Ridder
2023
185,000
–
185,000
Harry Debney
2023
110,000
–
110,000
Janine Allis
2023
95,000
–
95,000
James Spenceley
2023
95,000
–
95,000
Total
485,000
–
485,000
Any discrepancies between totals, sums of components and percentage variances in this table are due to rounding.
EQUITY INSTRUMENTS
Kogan.com successfully listed on the ASX on 7 July 2016. The following table presents the interests of each 
Director/Key Management Personnel held directly, indirectly or beneficially, including their related parties.
No. Shares held 
2024
% ownership 
2024
No. shares held 
2023
% ownerships 
2023
Ruslan Kogan
15,853,321
15.76%
15,853,321
15.08%
David Shafer
3,225,642
3.21%
5,225,642
4.97%
Greg Ridder
158,000
0.16%
158,000
0.15%
Harry Debney
98,099
0.10%
98,099
0.09%
Janine Allis
14,761
0.01%
14,761
0.01%
James Spenceley
10,000
0.01%
10,000
0.01%
Gracie MacKinlay
500
0.00%
500
0.00%
Daniel Balasoglou
–
–%
–
–%
Simon Barton
–
–%
–
–%
41
kogan.com Ltd  Annual Report 2024

Remuneration Report continued
EXECUTIVE DIRECTORS AND OTHER KMP SERVICE AGREEMENTS
Notice and termination payments
Executives are on contracts with no fixed end date.
The following table captures the notice periods applicable to the termination of the Executive KMP and Other 
KMP employment:
Termination 
notice by 
Kogan.com
Termination 
notice by 
employee
Termination 
payments 
provided 
for under 
contract
Executive KMP
CEO
12 months
12 months
12 months
CFO, COO
6 months
6 months
6 months
Other KMP
CEO – Mighty Ape
6 months
6 months
6 months 
CFO – Mighty Ape
6 months
6 months
6 months
Executive and Other KMP Service Agreements
Prior to the Company’s ASX Listing on 7 July 2016, Ruslan Kogan and David Shafer were not subject to employment 
arrangements and instead received profit distributions proportional to their shareholding in the Group.
Subsequent to Listing, Ruslan Kogan and David Shafer entered into employment contracts.
Gracie MacKinlay was determined to be a KMP following her promotion to Chief Executive Officer – Mighty Ape 
on 6 June 2022, until her resignation on 8 April 2024.
Daniel Balasoglou was determined to be a KMP as of 1 July 2023, in his capacity as CFO, having joined the business 
in May 2023. He continues to be considered a KMP, as CEO of Mighty Ape since 8 April 2024.
Chief Executive Officer
Mr. Kogan is employed in the position of Chief Executive Officer of Kogan.com.
Kogan.com has entered into an employment contract with Mr. Kogan to govern his employment with Kogan.com.
Mr. Kogan or Kogan.com may terminate Mr. Kogan’s employment by giving 12 months’ notice. Kogan.com may elect 
to make payment in lieu of notice. Kogan.com may terminate Mr. Kogan’s employment without notice in circumstances 
warranting summary dismissal.
Upon termination of Mr. Kogan’s employment, Mr. Kogan will be subject to a restraint of trade period of 12 months 
during which time Mr. Kogan cannot compete with Kogan.com or provide services in any capacity to a competitor 
of Kogan.com or solicit suppliers, clients or employees of Kogan.com. The enforceability of the restraint clause 
is subject to all usual legal requirements.
The Board may invite Mr. Kogan to participate in Kogan.com’s incentive programs. 
42
kogan.com Ltd  Annual Report 2024

Chief Financial Officer and Chief Operating Officer
Mr. Shafer is employed in the position of Chief Financial Officer and Chief Operating Officer of Kogan.com.
Kogan.com has entered into an employment contract with Mr. Shafer to govern his employment with Kogan.com.
Mr. Shafer and Kogan.com may terminate Mr. Shafer’s employment by giving 6 months’ notice. Kogan.com may elect 
to make payment in lieu of notice. Kogan.com may terminate Mr. Shafer’s employment without notice in circumstances 
warranting summary dismissal.
Upon termination of Mr. Shafer’s employment, Mr. Shafer will be subject to a restraint of trade period of 6 months 
during which time Mr. Shafer cannot compete with Kogan.com or provide services in any capacity to a competitor 
of Kogan.com or solicit suppliers, clients or employees of Kogan.com. The enforceability of the restraint clause 
is subject to all usual legal requirements.
The Board may invite Mr. Shafer to participate in Kogan.com’s incentive programs. 
Chief Executive Officer – Mighty Ape
Mrs. MacKinlay resigned on 8 April 2024 from her position as Chief Executive Officer of Mighty Ape. Upon her 
resignation, no restraint of trade period was applied.
Mr. Balasoglou has been employed in the position of Chief Executive Officer of Mighty Ape since 8 April 2024.
Kogan.com has entered into an employment contract with Mr. Balasoglou to govern his employment with Mighty Ape.
Mr. Balasoglou or Mighty Ape may terminate Mr. Balasoglou’s employment by giving 6 months’ notice. Mighty Ape 
may elect to make payment in lieu of notice. Mighty Ape may terminate Mr. Balasoglou’s employment without notice 
in circumstances warranting summary dismissal.
Upon termination of Mr. Balasoglou’s employment, Mr. Balasoglou will be subject to a restraint of trade period 
of 6 months during which time Mr Balasoglou cannot compete with Mighty Ape or provide services in any capacity 
to a competitor of Mighty Ape or solicit suppliers, clients or employees of Mighty Ape. The enforceability of the 
restraint clause is subject to all usual legal requirements.
The Board may invite Mr. Balasoglou to participate in Kogan.com’s incentive programs.
KEY MANAGEMENT PERSONNEL TRANSACTIONS
Transactions between related parties are on normal commercial terms and conditions no more favourable than those 
available to other parties unless otherwise stated.
The following transactions occurred with related parties:
Kogan Australia Pty Ltd entered into a logistics Services Agreement with eStore Logistics Pty Ltd (“eStore”), in a prior 
financial period, in relation to the provision of warehousing, distribution and logistics services by eStore to Kogan 
Australia Pty Ltd. Mr Kogan is a minority shareholder and Director of eStore. The agreement was entered into on arm’s 
length terms.
CONSOLIDATED GROUP
KMP
Transaction type
2024 
$000
2023 
$000
Ruslan Kogan
Purchases from eStore warehousing
1,852
3,851
As at 30 June 2024, the total liability to eStore Logistics Pty Ltd was $117,994 (30 June 2023: $253,873).
The Directors’ report is signed on behalf of the Board in accordance with a resolution of the Directors.
43
kogan.com Ltd  Annual Report 2024

Environmental, Social and Governance
GOVERNANCE
At Kogan.com, the Board of Directors and senior management prioritise strong corporate governance and 
transparency. Our Board operates with a majority of independent members and is supported by the independent 
Audit & Risk Committee and the Remuneration & Nomination Committee. Both the Audit & Risk Management 
Committee and the Remuneration & Nomination Committee meet at least 3 times per year to carry out 
their responsibilities.
Kogan.com is committed to upholding the ASX Listing Rules and the Corporations Act 2001 (Cth) through our 
Continuous Disclosure Policy. We ensure that key information, including financial reports and continuous disclosure 
announcements, is filed with the ASX and is readily accessible on our Corporate Website.
MODERN SLAVERY AND ETHICAL SOURCING
Kogan.com is dedicated to adhering to the Australian Modern Slavery Act 2018 and continuously improving our 
efforts to uphold human rights. Our Modern Slavery Statement, aligned with the Commonwealth Modern Slavery 
Act 2018 Guidance for Reporting Entities, details the measures we take to mitigate modern slavery risks in our 
operations and supply chain. This statement is available on our Corporate Website.
With a complex global supply chain, Kogan.com is committed to ethical sourcing. We partner exclusively with 
suppliers who meet the stringent requirements of our Ethical & Sustainable Sourcing Policy and prefer those with 
internationally recognised accreditations, such as BSCI. Our risk-based approach identifies areas prone to modern 
slavery, and we detail our risk assessments and mitigation strategies in our Modern Slavery Statement.
OUR TEAM
Our success is driven by a dynamic, high-performing team. Central to our business, our team embodies a culture 
of innovation and efficiency, helping us deliver remarkable value for our customers. 
Our training initiatives, such as Lunch & Learns and hackathons, are designed to enhance engagement, foster career 
development, and create growth opportunities for our team members. Additionally, our highly skilled Software 
Engineering team hosts “Tech Talks” and industry Meetups to share insights and connect with other professionals 
in their field.
At Kogan.com, we are committed to nurturing talent from within. We support the professional growth of our team 
members and frequently promote internally, reflecting our dedication to their career advancement.
We believe that a diverse workplace is built through merit-based decision-making, which is essential for fostering 
equal opportunity, diversity, and inclusion. Our Equal Opportunity, Merit, and Diversity Policy, available on our 
Corporate Website, guides our approach to creating an inclusive culture.
We remain steadfast in our commitment to gender and cultural diversity, ensuring that all team members have equal 
opportunities based on merit. Our learning and development budget is allocated to further enhance the skills of our 
team members in their respective fields.
Our people and culture are the core of our business operations and crucial to our success.
SAFETY, HEALTH AND WELLBEING
The safety, health, and wellbeing of our team are top priorities. We have implemented a flexible work model for our 
team members as well as providing all the necessary facilities to offer a productive and safe office environment.
The health and wellbeing, including mental health, of our team members is imperative. There are various health and 
wellbeing related activities the team are encouraged to participate in including yoga, pilates, meditation, Kogan.com 
Fitness Squad activities including marathons, fun runs, Corporate Games, team group social activities and team 
event celebrations (onsite and virtual) to keep the team connected. In addition, all team members have access 
to the Company’s independent and confidential Employee Assistance Program (EAP).
44
kogan.com Ltd  Annual Report 2024

OUR VALUES
Each team member is encouraged to work according to the Company’s core values, which ensure that we individually 
and collectively maintain focus on putting our customers first, being honest with ourselves and each other and being 
the pioneers of our industry to deliver on the Company’s long term growth strategy.
Put our customer first
Deliver on promises and delight customers. Win customers for life. Use your creativity, imagination and energy 
to deliver value.
Have fun
Don’t take yourself too seriously. Be positive and work as a team. Treat others as you'd like to be treated.
Be honest
With yourself, customers & co-workers. Confront the facts, even the hard ones. Think from first principles.
Pioneer
Experiment, fail fast, learn quickly, fix things quickly, and repeat. Embrace technology and change. Have an 
open mind and don’t be afraid of a challenge. We're changing the way people shop. There is always a better 
way – challenge the status quo.
Do more with less
Do things in the most efficient way possible. Being frugal allows us to keep prices low for customers.
Keep it real
Focus on doing good, not looking good. Ensure merit-based decisions by placing facts at the heart of your 
processes. Concentrate on real life results and being objective. Always put health and safety first; nothing is 
more important.
Have high expectations
Work collaboratively, give your best in your work, and expect the same of the team.
Think long term
We're creating customers for life and a company that's built to last. Take the short term pain for a long term gain.
Step up
Do what it takes. Solve problems that need to be solved. Be a doer.
45
kogan.com Ltd  Annual Report 2024

 
 
 
  
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG 
International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used 
under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under 
Professional Standards Legislation. 
Lead Auditor’s Independence Declaration under 
Section 307C of the Corporations Act 2001 
To the Directors of Kogan.com Ltd 
I declare that, to the best of my knowledge and belief, in relation to the audit of Kogan.com Ltd for the 
financial year ended 30 June 2024 there have been: 
i. 
no contraventions of the auditor independence requirements as set out in the 
Corporations Act 2001 in relation to the audit; and 
ii. 
no contraventions of any applicable code of professional conduct in relation to the audit. 
 
 
 
KPM_INI_01 
 
 
 
 
 
 
 
 
 
 
PAR_SIG_01 
PAR_NAM_01 
PAR_POS_01 
PAR_DAT_01 
PAR_CIT_01 
 
 
 
 
 
 
 
 
 
KPMG 
Suzanne Bell 
 
Partner 
 
Melbourne 
 
26 September 2024 
 
 
 
 
 
 
 
 
 
 
Auditor’s Independence Declaration
46
kogan.com Ltd  Annual Report 2024

Financial Report
CONTENTS
48	 Consolidated Income Statement and Consolidated 
Statement of Other Comprehensive Income
49	 Consolidated Statement of Financial Position
50	 Consolidated Statement of Changes in Equity
51	
Consolidated Statement of Cash Flows
52	 Notes to the Financial Statements
52	 BASIS OF PREPARATION
52	 a.  Principles of Consolidation
52	 b.  Uses of Judgements and Estimates
53	 c.  Common Control Transaction
53	 d.  Functional and Presentation Currency
53	 e.  Adoption of new or amended accounting standards 
and future accounting developments
54	 SEGMENT INFORMATION
54	 a.  Basis of segmentation
54	 b.  Segment information provided to the Board
55	 SECTION 1:  BUSINESS PERFORMANCE
55	 1.1  Revenue
57	 1.2  Expenses
57	 1.3 Tax Balances
60	 1.4  Notes to the Cash Flow Statement
61	
SECTION 2:  OPERATING ASSETS AND LIABILITIES
61	
2.1  Working Capital
65	 2.2  Intangible Assets
69	 2.3  Property, Plant and Equipment
71	
SECTION 3:  CAPITAL STRUCTURE AND FINANCING
71	
3.1  Loans and Borrowings
72	 3.2  Capital and Financial Risk Management
80	 3.3  Issued Capital and Reserves
82	 3.4  Dividends
82	 3.5  Earnings per Share
83	 SECTION 4:  GROUP STRUCTURE
83	 4.1  Controlled Entities
84	 4.2  Deed of Cross Guarantee
84	 4.3  Parent Entity Disclosures
85	 4.4  Related Parties
86	 SECTION 5:  EMPLOYEE REWARD AND RECOGNITION
86	 5.1  Key Management Personnel Compensation
87	 5.2  Incentive Plans
93	 SECTION 6:  OTHER
93	 6.1  Subsequent Events
93	 6.2  Remuneration of Auditors
93	 6.3  Commitments
93	 6.4  Contingent Liabilities
93	 6.5  Company Information
94	 Consolidated Entity Disclosure Statement
95	 Directors’ Declaration
96	 Independent Auditor’s Report
101	 Shareholder Information
104	 Corporate Directory
47
kogan.com Ltd  Annual Report 2024

Consolidated Income Statement 
and Consolidated Statement 
of Other Comprehensive Income
For the Year Ended 30 June 2024
CONSOLIDATED GROUP
Note
2024
$000’s
2023
$000’s
Revenue
1.1
459,703
489,494
Cost of sales
1.2a
(291,266)
(352,931)
Gross profit
168,437
136,563
Selling and distribution expenses
(57,528)
(54,215)
Warehouse expenses
(7,376)
(13,549)
Administrative expenses
(81,140)
(103,073)
Other expenses
(2,135)
(2,072)
Results from operating activities
20,258
(36,346)
Finance income
1,614
853
Finance costs
1.2b
(545)
(2,660)
Unrealised (loss)/gain
(107)
96
Net finance income/(cost)
962
(1,711)
Profit/(Loss) before income tax
21,220
(38,057)
Tax (expense)/benefit
1.3
(21,137)
12,205
Profit/(Loss) after income tax
83
(25,852)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange (loss)/gain on translation of foreign operations
(181)
451
Other comprehensive (loss)/income for the year
(181)
451
Total comprehensive (loss) for the year
(98)
(25,401)
Basic earnings/(losses) per Ordinary Share
3.5a
0.00
(0.24)
Diluted earnings/(losses) per Ordinary Share
3.5b
0.00
(0.23)
The accompanying notes form part of these financial statements.
48
kogan.com Ltd  Annual Report 2024

Consolidated Statement 
of Financial Position
As at 30 June 2024
CONSOLIDATED GROUP
Note
2024 
$000’s
2023 
$000’s
ASSETS
CURRENT ASSETS
Cash and cash equivalents
41,183
65,438
Trade and other receivables
2.1.2a
6,770
5,432
Inventories
2.1.1
73,391
68,158
Other financial assets
152
146
Prepayments and other assets
2.1.2b
3,467
2,928
Current tax assets
1.3
217
755
TOTAL CURRENT ASSETS
125,180
142,857
NON-CURRENT ASSETS
Property, plant and equipment
2.3
24,693
17,214
Intangible assets
2.2
84,243
88,153
Deferred tax assets
1.3
9,314
25,834
TOTAL NON-CURRENT ASSETS
118,250
131,201
TOTAL ASSETS
243,430
274,058
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
2.1.3a
72,886
61,429
Acquisition payables
2.1.3a
–
10,957
Lease liabilities
2.1.3b
7,553
7,532
Current tax liabilities
1.3
1,353
–
Employee benefits
1,958
1,743
Provisions
3,012
2,862
Deferred income
2.1.3c
17,167
13,155
TOTAL CURRENT LIABILITIES
103,929
97,678
NON-CURRENT LIABILITIES
Lease liabilities
2.1.3b
15,482
8,200
Employee benefits
416
462
TOTAL NON-CURRENT LIABILITIES
15,898
8,662
TOTAL LIABILITIES
119,827
106,340
NET ASSETS
123,603
167,718
EQUITY
Issued capital
3.3a
270,012
291,014
Merger reserve
3.3c
(131,816)
(131,816)
Other reserves
55,776
71,431
Accumulated losses
(70,369)
(62,911)
TOTAL EQUITY
123,603
167,718
The accompanying notes form part of the financial statements.
49
kogan.com Ltd  Annual Report 2024

Consolidated Statement 
of Changes in Equity
For the Year Ended 30 June 2024
CONSOLIDATED GROUP
Note
Share 
Capital 
$000
Accum­
ulated 
losses 
$000
Merger 
reserve 
$000
Transla­
tion 
reserve 
$000
Share-
based 
payments 
reserve 
$000
Total 
Equity 
$000
Balance at 1 July 2022
301,082
(37,059)
(131,816)
(828)
41,257
172,636
Comprehensive income
Net loss after tax
–
(25,852)
–
–
–
(25,852)
Other comprehensive income
–
–
–
451
–
451
Total net loss and other 
comprehensive income/(expense) 
for the year
–
(25,852)
–
451
–
(25,401)
Transactions with owners, in their 
capacity as owners
Issue of Ordinary Shares under 
performance plans
3.3b
716
–
–
–
(716)
–
Tax deduction for difference between 
accounting expense and funds paid 
to issue incentive plans
3
–
–
–
–
3
Equity-settled share-based payments
5.2c
–
–
–
–
31,267
31,267
Share buy-back
3.3b
(10,787)
–
–
–
–
(10,787)
Total transactions with owners and 
other transfers
(10,068)
–
–
–
30,551
20,483
Balance at 30 June 2023
291,014
(62,911)
(131,816)
(377)
71,808
167,718
Balance at 1 July 2023
291,014
(62,911)
(131,816)
(377)
71,808
167,718
Comprehensive income
Net profit after tax
–
83
–
–
–
83
Other comprehensive expense
–
–
–
(181)
–
(181)
Total net profit and other 
comprehensive income/(expense) 
for the year
–
83
–
(181)
–
(98)
Transactions with owners, in their 
capacity as owners
Issue of Ordinary Shares under 
performance plans
3.3b
1,809
–
–
–
(1,809)
–
Equity-settled share-based payments
5.2c
–
–
–
–
3,939
3,939
Share buy-back17 
3.3b
(23,849)
–
–
–
–
(23,849)
Repurchase of equity18 
–
–
–
–
(17,604)
(17,604)
Dividend reinvestment plan
3.3b
1,038
(1,038)
–
–
–
–
Dividends paid
3.4
–
(6,504)
–
–
–
(6,504)
Total transactions with owners 
and other transfers
(21,002)
(7,542)
–
–
(15,474)
(44,018)
Balance at 30 June 2024
270,012
(70,369)
(131,816)
(558)
56,334
123,603
The accompanying notes form part of the financial statements.
17.	 Out of $23,849 thousand of share buy-back, $23,799 thousand was paid during FY24, leaving $50 thousand payables as at 30.06.2024.
18.	 Refer to the ASX announcement dated 4 April 2024 for details regarding the Exercise of Options for Cash Settlements.
50
kogan.com Ltd  Annual Report 2024

Consolidated Statement of Cash Flows
For the Year Ended 30 June 2024
CONSOLIDATED GROUP
Note
2024 
$000’s
2023 
$000’s
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
519,229
509,930
Payments to suppliers and employees19 
(488,724)
(432,295)
Interest received
1,614
853
Finance costs paid
(1,210)
(2,040)
Income tax paid
(2,723)
(5,591)
Net cash provided by operating activities
1.4
28,186
70,857
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(1,563)
(404)
Purchase of intangible assets
(3,452)
(3,756)
Disposal of financial assets
-
351
Business acquisition net of acquired cash20 
(10,943)
(14,243)
Net cash (used in) investing activities
(15,958)
(18,052)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid net of dividend reinvestment plan
(6,504)
-
Repayment of loans & borrowings
(10,000)
(36,033)
Draw down on debt facility
10,000
1,033
Payments for shares bought back
(23,799)
(10,787)
Repayment of lease liabilities
(6,089)
(8,004)
Net cash (used in) financing activities
(36,392)
(53,791)
Net (decrease) in cash held
(24,164)
(986)
Cash and cash equivalents at beginning of financial year
65,438
66,230
Effects of exchange rate changes on cash
(91)
194
Cash and cash equivalents at end of financial year
3.2
41,183
65,438
The accompanying notes form part of the financial statements
19.	 Payments to suppliers and employees FY24 includes a $13,419 thousand payment for cash-settlement of the 2020 AGM Executive Options. 
The total settlement value was $17,604 thousand, with the outstanding value relating to PAYG withholding payable to the ATO, which was settled 
in August 2024 (FY25). Refer to the ASX announcement dated 4 April 2024 for details regarding the Exercise of Options for Cash Settlements.
20.	 FY24 related to the Mighty Ape acquisition Tranche 4 payment. FY23 related to the Mighty Ape acquisition Tranche 3 payment and the 
Brosa acquisition.
51
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements
For the Year Ended 30 June 2024
BASIS OF PREPARATION
The financial report of Kogan.com Ltd and its controlled entities (“the Group”; “Kogan.com”) for the year ended 
30 June 2024 was authorised for issue in accordance with a resolution of the Directors on 26 September 2024.
The Group is a for-profit entity for financial reporting purposes under Australian Accounting Standards and the 
nature of its operations and principal activities are described in the Director’s Report on page 20.
These General Purpose Financial Statements have been prepared in accordance with the Corporations Act 2001, 
Australian Accounting Standards, and Interpretations issued by the Australian Accounting Standards Board, as well 
as International Financial Reporting Standards issued by the International Accounting Standards Board (IASB).
Accounting policies adopted in the preparation of these financial statements are presented below and have been 
consistently applied unless stated otherwise.
The accounting policies applied in these financial statements are the same as those applied in the Group’s 
consolidated financial statements as at and for the year ended 30 June 2023.
Except for cash flow information, the financial statements have been prepared on an accruals basis and are 
based on historical costs, modified, where applicable, by the measurement at fair value of financial assets and 
financial liabilities.
Kogan.com is a Company of the kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) 
Instrument 2016/191 and in accordance with that instrument, amounts in the Directors’ Report and the Financial 
Report are rounded to the nearest thousand dollars, except where otherwise indicated.
a.  Principles of Consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the Group, in line with 
AASB 10 Consolidated Financial Statements. Subsidiaries are entities the parent controls. The parent controls an 
entity when it’s exposed to, or has rights to, variable returns from the involvement with the entity and has the ability 
to affect those returns through its power over the entity. A list of the subsidiaries is provided in Note 4.1.a.
The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group 
from the date on which control is obtained by the Group. The consolidation of a subsidiary is discontinued from the 
date that the control ceases. Intercompany transactions, balances and unrealised gains or losses on transactions 
between group entities are fully eliminated on consolidation. Accounting policies of subsidiaries have been changed 
and adjustments made where necessary to ensure uniformity of the accounting policies adopted by the Group.
b.  Uses of Judgements and Estimates
In preparing the financial report, management has made judgements, estimates and assumptions that affect the 
application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. 
Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are 
recognised prospectively.
52
kogan.com Ltd  Annual Report 2024

Estimates that have the most significant effect on the amounts recognised in the financial statements are:
•	
the valuation of Goodwill, which is based on value in use calculations.
•	
the assessment of the carrying value of non-current assets, including intangible assets, which is based on 
management’s assessment of the nature of the capitalised costs and their expected continued contribution 
of economic benefit to the Group, having regard to actual and forecast performance and profitability.
•	
the provision for slow moving and obsolete inventory, which is based on estimates of net realisable value.
Key estimates and judgements have not changed from those disclosed in the Group financial report for the year 
ended 30 June 2023.
c.  Common Control Transaction
On 6 July 2016 Kogan.com Ltd acquired control of Kogan Operations Holdings Pty Ltd and subsidiaries at book value 
for consideration in preparation for the Initial Public Offering and the Group’s admission to the ASX on 7 July 2016 
pursuant to a replacement prospectus dated 24 June 2016.
d.  Functional and Presentation Currency
These consolidated financial statements are presented in Australian dollars, which is the Parent’s functional currency.
e.  Adoption of new or amended accounting standards and future accounting developments
In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the 
Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective for the current 
annual reporting period. Their adoption has not had any material impact on the disclosures or on amounts reported 
in these financial statements.
Additionally, the Group has incorporated a consolidated entity disclosure statement, a new mandatory annual disclosure 
for public companies required under Section 295(3A) of the Corporations Act 2001 (Cth), effective from 1 July 2023.
The following Standards and Interpretations are issued but not yet effective. The effects of adopting these in the 
following financial years are not expected to be material:
(i)	 AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current 
or Non-current and AASB 2020-6 Amendments to Australian Accounting Standards – Classification 
of Liabilities as Current or Non-current – Deferral of Effective Date (effective 1 January 2024);
(ii)	 AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants 
(effective 1 January 2024);
(iii)	AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements 
(effective 1 January 2024);
(iv)	AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability 
(effective 1 January 2025); and
(v)	 AASB 18 Presentation and Disclosure in Financial Statements (effective 1 January 2027).
53
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
SEGMENT INFORMATION
a.  Basis of segmentation
The Group has the following two operating divisions, Kogan.com and Mighty Ape. These operating divisions offer 
different products and services and are managed separately because they require different product sourcing and 
marketing strategies.
The Board considers the business primarily from an operating divisions perspective, and receives monthly reports 
that allow them to make strategic decisions about resource allocation to each. On this basis, management has 
identified the operating divisions as the Group’s two reporting segments.
The Board monitors the performance of these two segments separately. The Group does not operate under any other 
operating division.
REPORTABLE SEGMENTS
OPERATIONS
Kogan.com
Online retailer selling in-house and third-party brand products, providing premium 
memberships, generating Platform-based revenue including seller fees for 
marketplace sellers, commission-based telecommunication, internet, insurance, 
utilities, and travel as well as advertising fees on Advertising platform.
Mighty Ape
Online specialist retailer of gaming and entertainment products, also providing 
premium subscriptions and commission-based telecommunication services 
to customers.
b.  Segment information provided to the Board
Information related to each reportable segment, split by primary geographical market, is set out below. Segment 
Adjusted EBITDA is used to measure performance as management believes that this information is the most relevant 
in evaluating the results of the respective segments relative to other entities that operate in the same sectors.
REPORTABLE SEGMENT
KOGAN.COM
MIGHTY APE
TOTAL
30 June 2024
(Australia) 
$000’s
(New 
Zealand) 
$000’s
(Australia) 
$000’s
(New 
Zealand) 
$000’s
$000’s
Segment revenue
277,816
35,354
11,197
135,336
459,703
Adjusted EBITDA
28,961
3,686
462
6,925
40,034
EBITDA
25,334
3,224
464
6,965
35,987
Depreciation and amortisation
(9,403)
–
–
(5,651)
(15,054)
EBIT
15,931
3,224
464
1,314
20,933
Interest expense
(680)
–
–
(647)
(1,327)
Interest income
1,302
–
–
312
1,614
Profit before income tax
16,553
3,224
464
979
21,220
Capital expenditure
(3,925)
–
–
(1,090)
(5,015)
Other segment information
Segment Assets
200,681
2,727
351
39,671
243,430
Non-current Segment Assets21 
96,538
–
–
12,398
108,936
Segment liabilities
94,466
1,872
–
23,489
119,827
21.	 Non-current segment assets do not include deferred tax assets in accordance with AASB 8 Operating Segments 33(b).
54
kogan.com Ltd  Annual Report 2024

REPORTABLE SEGMENT
KOGAN.COM
MIGHTY APE
TOTAL
30 June 2023
(Australia) 
$000’s
(New 
Zealand) 
$000’s
(Australia) 
$000’s
(New 
Zealand) 
$000’s
$000’s
Segment revenue
300,816
33,882
14,845
139,951
489,494
Adjusted EBITDA
(2,003)
(226)
603
8,439
6,813
EBITDA
(26,470)
(2,982)
577
8,080
(20,795)
Depreciation and amortisation
(11,412)
–
–
(5,172)
(16,584)
EBIT
(37,882)
(2,982)
577
2,908
(37,379)
Interest expense
(1,133)
–
–
(398)
(1,531)
Interest income
751
–
–
102
853
Profit before income tax
(38,264)
(2,982)
577
2,612
(38,057)
Capital expenditure
(3,850)
–
–
(310)
(4,160)
Other segment information
Segment Assets
204,178
23,836
1,536
44,508
274,058
Non-current Segment Assets22 
92,869
–
–
12,498
105,367
Segment liabilities
78,638
2,726
–
24,976
106,340
SECTION 1:  BUSINESS PERFORMANCE
1.1  Revenue
Sale of goods
Revenue is recognised when the Group satisfies its performance obligation by transferring a promised good 
to a customer. When a performance obligation is satisfied, the Group recognises as revenue the amount of the 
transaction price which excludes the associated costs and possible return of goods. Prior to these conditions being 
met, receipts from the sale of the goods are recorded in deferred income. Revenue is measured net of returns, trade 
discounts and volume rebates.
The majority of sales undertaken by Kogan.com are through the website, where payment is received upfront.
Kogan.com is an online-only retailer. Each sale represents a separate identified contract with a customer for which 
generally two performance obligations are expected: sales of goods and delivery revenue.
The timing of transfer of control varies depending on the individual terms of the sales agreement. For sale of goods, 
transfer usually occurs upon dispatch of the goods, where control is contractually transferred to the customer.
For delivery income, the Company utilises various data points, including reports from Australia Post, to estimate 
delivery completion times. Delivery fees are recognised from deferred income based on these estimates, typically 
3 to 4 business days after dispatch.
22.	 Non-current segment assets do not include deferred tax assets in accordance with AASB 8 Operating Segments 33(b).
55
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
Rendering of services
Revenue from the rendering of services is recognised when management has fulfilled its service obligations to the 
Group’s customers, recovery of the consideration is probable, and the amount of revenue can be measured reliably. 
Revenue is measured net of returns and trade discounts.
The timing of revenue recognition varies depending on the individual terms of the services agreement and the 
contractual obligations of the Group.
Revenue from the rendering of services is deferred when a customer has paid up front but the Group has not yet 
fulfilled its obligations to the customer, in line with the terms and conditions of sale.
Kogan FIRST Subscriptions
Revenue from Kogan FIRST Subscriptions is recognised when management has fulfilled its membership service 
obligations to the Group's customers, noting collection of consideration is performed at the commencement 
of the membership and is therefore able to be reliably measured. Revenue is measured net of returns.
There are two types of Kogan FIRST Subscriptions:
•	
1 month subscription: revenue is recognised in the month when the Group received the membership fee;
•	
12 month subscription: revenue is recognised over the 12-month subscription period in line with usage of 
the subscription.
Advertising
Revenue from Advertising is recognised when management has fulfilled its advertising service obligations, recovery 
of the consideration is probable, and the amount of revenue can be measured reliably. Revenue is measured net 
of refunds.
The timing of revenue recognition varies depending on the individual terms of the advertising services agreement 
and the contractual obligations of the Group.
Revenue from Advertising is deferred when a customer has paid up front but the Group has not yet fulfilled its 
obligations to the customer, in line with the terms and conditions of advertising.
2024 
$000
2023 
$000
Revenue
Sales revenue:
Sale of goods23
370,193
419,992
Rendering of services
41,941
40,474
Kogan FIRST Subscriptions
43,667
26,283
455,801
486,749
Advertising & Other revenue:
Advertising
3,474
1,627
Other
428
1,118
3,902
2,745
Total revenue
459,703
489,494
23.	 Includes associated delivery fee income.
56
kogan.com Ltd  Annual Report 2024

1.2  Expenses
1.2a  Operating activities
2024 
$000
2023 
$000
Cost of sales
291,266
352,931
Employee benefit expense
	
Share based payments expense
3,939
31,267
	
Defined contribution superannuation expense
2,054
1,976
	
Other employee benefit expense
43,145
33,808
49,138
67,051
Depreciation and amortisation expense
15,054
16,584
1.2b  Finance costs
2024 
$000
2023 
$000
Realised foreign exchange (gains)/losses
(1,270)
305
Finance costs on debt facilities
107
921
Interest expense– lease liabilities
1,219
609
Interest expense – other
1
1
Bank fees
488
824
Total finance costs
545
2,660
1.3 Tax Balances
Income tax expense/(income) for the year comprises current income tax expense/(income) and deferred tax 
expense/(income).
Current income tax expense charged to profit or loss is the tax payable on taxable income. Current tax liabilities/
(assets) are measured at the amounts expected to be paid to/(recovered from) the relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax assets and deferred tax liability balances during 
the year as well as unused tax losses.
Current and deferred income tax expense/(income) is charged or credited outside profit or loss when the tax relates 
to items that are recognised outside profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the 
asset is realised or the liability is settled and their measurement also reflects the manner in which management 
expects to recover or settle the carrying amount of the related assets or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is 
probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised.
Deferred tax assets and liabilities are offset where: (i) a legally enforceable right of set-off exists; and (ii) the deferred 
tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity 
or different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the 
respective asset and liability will occur in future periods in which significant amounts of deferred tax assets or liability 
are expected to be recovered or settled.
57
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
CONSOLIDATED GROUP
2024 
$000
2023 
$000
The components of tax expense/(benefit) comprise:
Current Tax
4,620
3,702
Deferred Tax
16,520
(17,761)
(Over)/Under provision in respect of prior year
(3)
1,854
Income tax expense/(benefit) attributable to the Group
21,137
(12,205)
The prima facie tax on profit/(loss) from ordinary activities before income tax 
is reconciled to income tax as follows:
Profit/(loss) before tax from continuing operations
21,220
(38,057)
Prima facie tax on profit/(loss) from ordinary activities before income tax at 30% 
(2023: 30%):
6,366
(11,417)
•	
Effect of expenses that are not deductible in determining taxable profit24 
14,843
119
•	
Effect of revaluations that are not deductible in determining taxable profit
–
(569)
•	
Effect of other deductibles in determining taxable profit
(142)
95
•	
Effect of other non-allowable items (Mighty Ape Tranche 3 & 4)
(4)
(1,166)
•	
Effect of capital loss on disposal of Wonderfi shares
–
623
•	
Effect of prior year losses recognised in current tax
–
(1,842)
•	
Effect of variations in tax rates of foreign controlled entities
(99)
(134)
•	
(Over)/Under provision in respect of prior year
(3)
1,854
•	
Other
176
232
Income tax expense/(benefit) attributable to the Group
21,137
(12,205)
The applicable weighted average effective tax rates are as follows:
100%
32%
Effective tax is impacted by the differences between when an amount of revenue or expense is recognised for 
accounting purposes and when income and deductions are recognised under the tax laws. The Group’s consolidated 
effective tax rate for the 12 months ended 30 June 2024 was 100% (for the 12 months ended 30 June 2023: 32%).
The FY24 income tax expense includes the release of a Deferred Tax Asset (DTA) that has no impact on the tax 
payable in FY24 or in future years. The release was as a result of the difference between the value expensed for 
the 2020 AGM Executive Options ($66,536 thousand – based on fair value at time of grant), and the actual cash 
payment that occurred upon exercise ($17,604 thousand). Removing this non-cash adjustment, the Group’s 
effective tax rate in FY24 was 30%.
CONSOLIDATED GROUP
2024 
$000
2023 
$000
Current and deferred tax balances
Assets
Current tax asset
217
755
Deferred tax asset
9,314
25,834
Total
9,531
26,589
Liabilities
Current tax liabilities
1,353
–
Total
1,353
–
24.	 Includes $14,680 thousand non-cash deferred tax asset (DTA) adjustment, with corresponding impact to Income Tax Expense, arising from 
cash-settlement of the 2020 AGM Executive Options. 
58
kogan.com Ltd  Annual Report 2024

Movements in deferred tax balances
2024
BALANCE AT 30 JUNE
$000
Net 
balance 
at 1 July
Under/
Over
Recog­
nised 
in profit 
or loss
Recog­
nised 
in OCI
Recog­
nised 
directly 
to equity
Acquisi­
tions
Other
Net
Deferred 
tax 
assets
Deferred 
tax 
liabilities
Property, plant 
& equipment
(3,491)
–
(408)
–
–
–
–
(3,899)
–
(3,899)
Intangible assets
(9,625)
–
1,292
–
–
–
–
(8,333)
657
(8,990)
Financial assets
(29)
–
29
–
–
–
–
–
–
–
Employee benefits
811
–
41
–
–
–
–
852
852
–
Provisions
2,066
–
(1,119)
–
–
–
–
947
947
–
Deferred Income
–
–
–
–
–
–
–
–
–
–
Lease Liability
2,518
–
1,241
–
–
–
–
3,759
3,759
–
Other items
493
–
(141)
–
–
–
–
352
358
(6)
Share-based 
payments reserve
21,542
–
(19,321)
–
–
–
–
2,221
2,221
–
Tax losses carried 
forward
11,549
–
1,866
–
–
–
–
13,415
13,415
–
Tax assets/(liabilities) 
before set-off
25,834
–
(16,520)
–
–
–
–
9,314
22,209
(12,895)
Set-off of tax
–
(12,895)
12,895
Net tax assets/
(liabilities)
9,314
9,314
–
2023
BALANCE AT 30 JUNE
$000
Net 
balance 
at 1 July
Under/
Over
Recog­
nised 
in profit 
or loss
Recog­
nised 
in OCI
Recog­
nised 
directly 
to equity
Acquisi­
tions
Other
Net
Deferred 
tax 
assets
Deferred 
tax 
liabilities
Property, plant 
& equipment
(5,256)
–
1,765
–
–
–
–
(3,491)
55
(3,546)
Intangible assets
(10,832)
–
1,207
–
–
–
–
(9,625)
256
(9,880)
Financial assets
–
–
(29)
–
–
–
–
(29)
–
(29)
Employee benefits
828
–
(17)
–
–
–
–
811
811
–
Provisions
3,001
–
(935)
–
–
–
–
2,066
2,066
–
Deferred Income
86
–
(86)
–
–
–
–
–
–
–
Lease Liability
4,419
–
(1,901)
–
–
–
–
2,518
2,518
–
Other items
825
–
(332)
–
–
–
–
493
493
–
Share-based 
payments reserve
12,377
–
9,165
–
–
–
–
21,542
21,542
–
Tax losses carried 
forward
2,625
–
8,924
–
–
–
–
11,549
11,549
–
Tax assets/(liabilities) 
before set-off
8,073
–
17,761
–
–
–
–
25,834
39,290
(13,456)
Set-off of tax
–
(13,456)
13,456
Net tax assets/
(liabilities)
25,834
25,834
–
59
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
1.4  Notes to the Cash Flow Statement
2024 
$000’s
2023 
$000’s
Reconciliation of Cash Flows from Operating Activities with Profit/(Loss) after 
Income Tax
Profit/(Loss) after income tax
83
(25,852)
Non-cash flows in profit:
•	
depreciation & amortisation
15,054
16,584
•	
provision for aged and slow-moving stock
(2,617)
(3,632)
•	
issue of Performance Rights and Shares
3,939
31,267
•	
income tax expense/(benefit)
21,137
(12,205)
•	
unrealised loss/(gain)
107
(96)
•	
Realised foreign exchange gain on Mighty Ape Tranche 4 payment
(14)
-
•	
Mighty Ape Tranche 3 & 4 Accrual
-
(3,885)
•	
Accrued short-term incentive payment
1,548
-
•	
other
(121)
101
Changes in assets and liabilities:
•	
(increase) in trade and term receivables
(1,363)
(1,063)
•	
(increase) in prepayments and other assets
(645)
(139)
•	
(increase)/decrease in inventories
(2,698)
95,919
•	
(decrease) in trade payables and accruals
(7,847)
(20,709)
•	
increase/(decrease) in deferred income
4,022
(647)
•	
increase in provisions
324
805
•	
tax paid
(2,723)
(5,591)
Cash flows from operating activities
28,186
70,857
60
kogan.com Ltd  Annual Report 2024

SECTION 2:  OPERATING ASSETS AND LIABILITIES
2.1  Working Capital
2.1.1  Inventories
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the weighted 
average cost principle and includes all direct costs attributable to purchase, such as freight and insurance.
CONSOLIDATED GROUP
2024 
$000
2023 
$000
CURRENT
Inventory in transit
5,487
7,553
Inventory on hand
67,904
60,605
Total inventories
73,391
68,158
In 2024, inventories of $291,266 thousand (2023: $352,931 thousand) were recognised as an expense during the year 
and included in ‘cost of sales’.
In addition, inventories were reduced by $1,258 thousand (2023: $3,876 thousand) as a result of the write-down to net 
realisable value, which was recognised as an expense during the year.
2.1.2a  Trade and other receivables
Trade and other receivables include amounts due from customers for goods sold and services performed in the 
ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting 
period are classified as current assets.
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using 
the effective interest method, less any provision for impairment.
CONSOLIDATED GROUP
2024 
$000
2023 
$000
CURRENT
Trade receivables
3,468
4,422
Other receivables
3,302
1,010
Total trade and other receivables
6,770
5,432
61
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
Credit risk
The Group has no significant concentration of credit risk with respect to any single counterparty or group 
of counterparties other than those receivables specifically provided for and mentioned within Note 3.2. 
The class of assets described as “trade and other receivables” is considered to be the main source of credit 
risk related to the Group.
On a geographical basis, the Group has significant credit risk exposures in Australia given the substantial operations 
in this region. The Group’s exposure to credit risk for receivables at the end of the reporting period in those regions 
is as follows:
CONSOLIDATED GROUP
AUD
2024 
$000
2023 
$000
Australia
6,329
4,834
New Zealand
441
598
6,770
5,432
The following table details the Group’s trade and other receivables exposed to credit risk with ageing analysis 
and impairment provided for thereon. Amounts are considered as “past due” when the debt has not been settled, 
within the terms and conditions agreed between the Group and the customer or counterparty to the transactions. 
Receivables that are past due are assessed for impairment by ascertaining solvency of the debtors and are provided 
for where there are specific circumstances indicating that the debt may not be fully repaid to the Group.
The balance of receivables that remain within initial trade terms (as detailed in the table) is considered to be of high 
credit quality.
PAST DUE BUT NOT IMPAIRED (DAYS OVERDUE)
Gross 
Amount 
$000
Past Due 
and 
Impaired 
$000
< 30 
$000
31-60 
$000
61-90 
$000
> 90 
$000
2024
Trade and term receivables
4,977
–
2,569
1,998
82
328
Other receivables
1,793
–
1,793
–
–
–
Total
6,770
–
4,362
1,998
82
328
2023
Trade and term receivables
4,422
–
3,962
165
68
227
Other receivables
1,010
–
1,010
–
–
–
Total
5,432
–
4,972
165
68
227
62
kogan.com Ltd  Annual Report 2024

2.1.2b  Prepayments and Other Current Assets
CONSOLIDATED GROUP
2024 
$000
2023 
$000
CURRENT
Prepayments
3,220
2,681
Rental bond
247
247
Total prepayments and other assets
3,467
2,928
2.1.3a  Trade and other payables
Trade and other payables represent the liabilities for goods and services received by the entity that remain unpaid at 
the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid within 
45 days of recognition of the liability.
CONSOLIDATED GROUP
2024 
$000
2023 
$000
CURRENT
Trade payables
47,174
40,924
Other payables
25,712
20,505
Total Trade and other payables
72,886
61,429
CURRENT
Mighty Ape Tranche 4
–
10,957
Total Acquisition payables
–
10,957
Mighty Ape – acquisition-related remuneration
Mighty Ape acquisition related remuneration refers to the provision for the likely payment of Mighty Ape Tranche 4 
purchase price instalments as part of the Sale Agreement. Tranche 4 was contingent on the Mighty Ape Founder 
& former CFO, Simon Barton, remaining with the Business until the delivery of the financial year 2023 results.
In line with accounting standards, in FY23 Tranches 4 payment was considered as compensation for post-combination 
services, and as such, treated as employee remuneration for accounting purposes. The Group proportionately 
accounted for these expenses up until the payment date in Oct 2023.
In FY24, Tranche 4 of the Mighty Ape acquisition was paid to Simon Barton, totalling $10,957 thousand, completing 
the final Mighty Ape acquisition tranche payment.
63
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
2.1.3b  Lease liability
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, 
a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for 
consideration. Lease liability contracts of the Group relate to warehouse space commitments, office premises and 
logistics equipment, including forklifts. To assess whether a contract conveys the right to control the use of an 
identified asset, the Group assesses whether:
•	
The contract involves the use of an identified asset – this may be specified explicitly, and should be physically, or 
represent substantially, all the capacity of a physically distinct asset. If the supplier has a substantive substitution 
right, then the asset is not identified;
•	
The Group has the right to obtain substantially all of the economic benefits from the use of the asset throughout 
the period of use; and
•	
The Group has the right to direct the use of asset. The Group has this right when it has the decision-making rights 
that are most relevant to determining how and for what purpose the asset is used. In rare cases where all the 
decisions about how and for what purpose the asset is used are predetermined, the Group has the right to direct 
the use of the asset if either:
–	 The Group has the right to operate the asset; or
–	 The Group designed the asset in a way that predetermines how and for what purpose it will be used.
As a lessee
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use 
asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease 
payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs 
to dismantle and remove the underlying asset or to restore the underlying asset, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date 
to the earlier of the end of the useful life of the right-of-use or the end of the lease term. The estimated useful lives 
of the right-of-use assets are determined on the same basis as those property, plant and equipment. In addition, 
the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements 
of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the 
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily 
determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate 
as the discount rate.
Lease payments included in the measurement of the lease liability comprise:
•	
fixed payments, including in-substance fixed payments;
•	
amounts expected to be payable under a residual guarantee; and
•	
lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, 
and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there 
is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s 
estimate of the amount expected to be payable under a residual value guarantee or if the Group changes its 
assessment of whether it will exercise a purchase, extension or termination option.
When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount 
of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been 
reduced to zero.
64
kogan.com Ltd  Annual Report 2024

The Group presents right-of-use assets that do not meet the definition of investment property in ‘property, plant and 
equipment’ and lease liabilities separately in the statement of financial position. As at 30 June 2024, the net carrying 
amount of the right-of-use asset is $21,695 thousand (2023: $15,130 thousand), please refer to note 2.3.
The lease liability as of 30 June 2024 is presented below:
Lease liability – Maturity analysis
Maturity analysis – contractual undiscounted cash flows
2024 
$000
2023 
$000
Less than one year
8,737
8,644
One to five years
16,400
8,070
More than five years
1,052
–
Total undiscounted lease liabilities as at 30 June
26,189
16,714
Lease liabilities included in the statement of financial position as at 30 June
23,035
15,732
Current
7,553
7,532
Non-current
15,482
8,200
2.1.3c  Deferred Income
Deferred Income relates to receipts from the sale of the goods which have not been dispatched, unfulfilled services 
to be performed under the Group’s Kogan FIRST and Mighty Ape PRIMATE loyalty programs and advertising fees 
received upfront with the obligation to be fulfilled in a future period as per the agreement.
Recognition of the deferred income balance from 30 June 2023 was recognised in its entirety in FY24, subject to any 
subsequent refunds processed.
2024 
$000
2023 
$000
CURRENT
Deferred Income
17,167
13,155
Total Deferred Income
17,167
13,155
2.2  Intangible Assets
(i)  Patents and Trademarks
Patents and Trademarks relate to the Company’s private label exclusive products as well as brand names and 
associated images across the various brands including Mighty Ape, Brosa, Matt Blatt, Dick Smith and Kogan.com. 
They are measured at cost less any accumulated amortisation and accumulated impairment losses.
(ii)  Website development and software costs
Website development and software costs are measured at cost less any accumulated amortisation and accumulated 
impairment losses. Such development costs are only capitalised if they can be reliably measured, the process is 
technically and commercially feasible, future economic benefits are probable, and the Group has sufficient resources 
to complete development.
(iii)  Intellectual property
Acquired intellectual property, including customer lists, which enable direct marketing of products and services, 
are capitalised to the extent it is probable that expected future economic benefits attributable to the asset will 
flow to the entity, and the cost can be reliably measured.
65
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
(iv)  Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific 
asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, 
is recognised in profit or loss as incurred.
(v)  Amortisation
Amortisation is calculated to write-off the cost of intangible assets less their estimated residual values using 
the straight-line method over their estimated useful lives and is generally recognised in the Statement 
of Comprehensive Income.
Intangibles that are considered to have indefinite useful lives are not subject to amortisation. 
The estimated useful lives for the current and comparative periods are as follows:
Patents and trademarks – general
2.5 years
Patents and trademarks – Matt Blatt
10.0 years
Website development costs
2.0 years
Software costs
2.5 years
Intellectual property
2.0 years
Brand Names
10.0 – 15.0 years
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted, if appropriate.
(vi)  Impairment of Assets
At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories and 
deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the 
asset’s recoverable amount is estimated.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows 
from continuing use that are largely independent of the cash inflows of other assets or Cash Generating Units (CGU).
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. 
Value in use is based on the estimated future cash flows, discounted to their present value using a post-tax discount rate 
that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.
An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. 
Impairment losses are recognised in the Statement of Comprehensive Income. They are allocated to reduce the 
carrying amount of assets in the CGU on a pro-rata basis only if Goodwill has been fully impaired. An impairment 
loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that 
would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 
An impairment loss in respect of goodwill is not reversed.
(vii)  Impairment testing for Goodwill
Goodwill arising on the acquisition of Mighty Ape in New Zealand of $46,311 thousand, has been allocated to the 
Mighty Ape Cash Generating Unit (“CGU”) based on its expected earnings contribution to the Group arising 
from the acquisition.
The recoverable amount of the Mighty Ape CGU has been determined based on a value in use calculation using cash 
flow projections over a 5-year period based on financial budgets approved by the Group’s Board for FY25 together 
with projected growth in future years. The projected cash flows have been updated to reflect current economic 
forecasts and business growth opportunities.
66
kogan.com Ltd  Annual Report 2024

The Group performed its annual impairment test applying the following key assumptions:
In percent
FY24
FY23
Discount rate (post-tax)*
13.9
14.8
Terminal growth rate
2.0
2.0
Revenue growth rate – 5 year CAGR25 
9.9
14.0
EBITDA growth rate – 5 year CAGR25
29.2
28.7
*	
The equivalent pre-tax discount rates are 17.2% for FY24 and 19.3% for FY23.
The increase in the EBITDA growth rate is a result of the expected impact of the Mighty Ape PRIMATE loyalty program 
and launch of new Verticals in New Zealand in FY25, in addition to a number of other initiatives. EBITDA growth is 
expected to outpace Revenue as these are largely Platform-based sales with high margin earnings.
The calculation of value in use for the Mighty Ape CGU is most sensitive to the following assumptions:
•	
Discount rates – based on Mighty Ape’s weighted average costs of capital (WACC). The discount rate is a post-tax 
measure estimated based on the average rates of return required by providers of debt and equity capital to 
compensate for the time value of money and the perceived risk or uncertainty of the cashflow, weighted in the 
proportion to the market value of the debt and equity capital provided.
•	
Revenue and EBITDA 5-year CAGR – reflects Mighty Ape’s forecasted operating and financial performance based 
on past experience, a number of initiatives, improvements from efficiencies and market factors such as forecast 
growth in the New Zealand online retail industry.
Sensitivity Analysis
The estimated recoverable amount of the Mighty Ape CGU exceeded its carrying amount by $22,653 thousand 
(2023: $19,544 thousand). A reasonable possible change to the financial performance, including key assumptions, 
could lead to an impairment. The following outlines the amount by which the key assumptions would need to change 
for the estimated recoverable amount to equal the carrying amount.
•	
The discount rate would be required to increase by 2.5pp before goodwill would need to be impaired, with all other 
key assumptions remaining constant.
•	
The 5-year Revenue CAGR would need to decrease by 2.5pp, before goodwill would need to be impaired. In this 
sensitivity analysis, the same reduction is applied to COGS and variable operating costs, with a flow on impact 
to EBITDA 5-year CAGR. Other key assumptions remain constant.
•	
The 5-year EBITDA CAGR would need to decrease by 4.7pp before goodwill would need to be impaired. Other key 
assumptions remain constant.
25.	 Compound Annual Growth Rate.
67
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
CONSOLIDATED GROUP
2024 
$000
2023 
$000
Patents and trademarks:
Cost
45,695
45,595
Accumulated amortisation
(12,801)
(9,580)
Net carrying amount
32,894
36,015
Website development costs:
Cost
20,287
16,935
Accumulated amortisation
(15,480)
(11,861)
Net carrying amount
4,807
5,074
Software costs:
Cost
1,288
1,288
Accumulated amortisation
(1,287)
(1,236)
Net carrying amount
1
52
Intellectual property:
Cost
23,770
23,770
Accumulated amortisation
(23,540)
(23,069)
Net carrying amount
230
701
Goodwill:
Cost
46,311
46,311
Accumulated amortisation
–
–
Net carrying amount
46,311
46,311
Total intangibles
84,243
88,153
68
kogan.com Ltd  Annual Report 2024

Patents and 
trademarks 
$000
Website
develop­
ment costs 
$000
Software 
costs 
$000
Intellectual 
property 
$000
Goodwill 
$000
Total 
$000
Consolidated Group:
Year ended 30 June 2023
Balance at the beginning 
of the year
39,191
5,001
188
1,386
46,311
92,077
Additions
73
3,142
4
537
–
3,756
Disposals
–
–
–
–
–
–
Amortisation
(3,247)
(3,069)
(140)
(1,222)
–
(7,678)
Foreign Currency exchange 
differences
(2)
–
–
–
–
(2)
Closing value at 30 June 2023
36,015
5,074
52
701
46,311
88,153
Year ended 30 June 2024
Balance at the beginning 
of the year
36,015
5,074
52
701
46,311
88,153
Additions
100
3,352
–
–
–
3,452
Disposals
–
–
–
–
–
–
Amortisation
(3,221)
(3,619)
(51)
(471)
–
(7,362)
Foreign Currency 
exchange differences
–
–
–
–
–
–
Closing value at 30 June 2024
32,894
4,807
1
230
46,311
84,243
2.3  Property, Plant and Equipment
Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation 
and impairment losses.
Property, plant and equipment is measured on a cost basis and therefore carried at cost less accumulated depreciation 
and any accumulated impairment losses. In the event the carrying amount of property, plant and equipment is greater 
than the estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable 
amount and impairment losses are recognised either in profit or loss or as a revaluation decrease if the impairment 
losses relate to a revalued asset. A formal assessment of the recoverable amount is made when impairment indicators 
are present.
The carrying amount of property, plant and equipment is reviewed annually by management to ensure it is not in excess 
of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net 
cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows 
have been discounted to their present values in determining recoverable amounts.
The cost of fixed assets constructed within the Group includes the cost of materials, direct labour, borrowing costs 
and an appropriate proportion of fixed and variable overheads.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, 
only when it is probable that future economic benefits associated with the item will flow to the Group and the 
cost of the item can be measured reliably. All other repairs and maintenance are recognised as expenses in the 
Statement of Comprehensive Income during the financial period in which they are incurred.
69
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
Depreciation
The depreciable amount of all fixed assets purchased is depreciated on a straight-line basis over the asset’s useful 
life to the Group commencing from the time the asset is held ready for use. Leasehold improvements are depreciated 
over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. 
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset
Depreciation Rates
Equipment & Vehicles (straight-line basis)
6%-67%
Leasehold improvements
20%
Class of Fixed Asset
Lease Term
Right of use asset
2-10 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each 
reporting period.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains 
and losses are recognised in the Statement of Comprehensive Income in the period in which they arise.
CONSOLIDATED GROUP
2024 
$000
2023 
$000
Equipment & Vehicles:
Cost
6,639
5,089
Accumulated depreciation
(3,641)
(3,006)
Net carrying amount
2,998
2,083
Leasehold improvements:
Cost
39
40
Accumulated depreciation
(39)
(39)
Net carrying amount
–
1
Right-of-use asset:
Cost
54,305
40,778
Accumulated depreciation
(32,610)
(25,648)
Net carrying amount
21,695
15,130
Total property, plant and equipment
24,693
17,214
70
kogan.com Ltd  Annual Report 2024

Movements in carrying amounts
Movements in the carrying amounts for each class of property, plant and equipment between the beginning and the 
end of the current financial year:
Equipment 
& Vehicles 
$000
Leasehold 
improve­
ments 
$000
Right-of-use 
asset 
$000
Total 
$000
Consolidated Group:
Year ended 30 June 2023
Balance at the beginning of the year
2,551
4
22,087
24,642
Additions
404
–
1,363
1,767
Disposals
(277)
–
–
(277)
Depreciation Expense
(601)
(3)
(8,220)
(8,824)
Foreign Currency exchange differences
6
–
(100)
(94)
Closing value at 30 June 2023
2,083
1
15,130
17,214
Year ended 30 June 2024
Balance at the beginning of the year
2,083
1
15,130
17,214
Additions
1,563
–
13,527
15,090
Disposals
(13)
–
–
(13)
Depreciation Expense
(630)
(1)
(7,009)
(7,640)
Foreign Currency exchange differences
(5)
–
47
42
Closing value at 30 June 2024
2,998
–
21,695
24,693
SECTION 3:  CAPITAL STRUCTURE AND FINANCING
3.1  Loans and Borrowings
Debt Facilities
The group has multiple debt facilities, referred to as loans and borrowings in the balance sheet. The tables below set 
out the various structures of the debt facilities for Kogan.com and Mighty Ape as at balance dates.
KOGAN
MIGHTY APE
Debt Facility
2024 
$000 
AUD
2023 
$000 
AUD
Debt Facility
2024
$000
NZD
2023
$000
NZD
Multi-option facility
35,000
35,000
Overdraft facility
1,500
1,500
Total Debt Facility
35,000
35,000
Trade finance facility
–
6,000
Total Debt Facility
1,500
7,500
Mighty Ape trade finance account was closed in December 2023.
71
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
For details relating to the amounts drawn down against these facilities, please refer to the table below. 
Mighty Ape drawn down amount is $Nil for the financial year ended 30 June 2024 (FY23: Nil).
CONSOLIDATED GROUP
Reconciliation of liabilities arising from financing activities
2024 
$000 
AUD
2023 
$000 
AUD
Opening loans & borrowings
–
34,869
Drawdown of loans & borrowings
10,000
1,033
Repayment of loans & borrowings
(10,000)
(36,033)
Amortisation of borrowing costs
–
131
Balance at 30 June
–
–
3.2  Capital and Financial Risk Management
The Group’s financial instruments consist mainly of deposits with banks, local money market instruments, short-term 
investments and payable derivatives.
Financial risk management policies
The Board’s overall risk management strategy seeks to assist the Group in meeting its financial targets, while 
minimising potential adverse effects on financial performance. This includes the review of the use of hedging 
derivative instruments, credit risk policies and future cash flow requirements.
Specific financial risk exposures and management
The main risks the Group is exposed to through its financial instruments are credit risk, liquidity risk, and market 
risk consisting of interest rate risk and foreign currency risk. There have been no substantive changes in the types 
of risks the Group is exposed to, how these risks arise, or the Board’s objectives, policies and processes for managing 
or measuring the risks from the previous period.
Credit risk
Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties 
of contract obligations that could lead to a financial loss to the Group.
Credit risk is managed through internal procedures (such as the utilisation of systems for the approval, granting and 
renewal of credit limits, regular monitoring of exposures against such limits and monitoring of the financial stability 
of significant customers and counterparties), ensuring to the extent possible, that customers and counterparties 
to transactions are of sound credit worthiness. Such monitoring is used in assessing receivables for impairment.
Risk is also minimised through investing surplus funds in financial institutions that maintain a high credit rating, or 
in entities that the Board has otherwise assessed as being financially sound. Where the Group is unable to ascertain 
a satisfactory credit risk profile in relation to a customer or counterparty, the risk may be further managed through 
title retention clauses over goods or obtaining security by way of personal or commercial guarantees over assets 
of sufficient value which can be claimed against in the event of any default.
72
kogan.com Ltd  Annual Report 2024

Credit risk exposures
The maximum exposure to credit risk by class of recognised financial assets at the end of the reporting period 
excluding the value of any collateral or other security held, is equivalent to the carrying amount and classification 
of those financial assets (net of any provisions) as presented in the Statement of Financial Position. Credit risk also 
arises through the provision of financial guarantees, as approved at Board level, given to parties’ security liabilities 
of certain subsidiaries.
The Group has no significant concentrations of credit risk with any single counterparty or group of counterparties.
However, the Group has significant credit risk exposures to Australia given the substantial operations in this region. 
Details with respect to credit risk of trade and other receivables are provided in Note 2.1.2a. The Group’s exposure 
to credit risk is minimised given a significant portion of sales are paid for at the time purchase.
Management has assessed that trade and other receivables are either not past due or are considered to be of good 
credit rating. Aggregates of such amounts are detailed in Note 2.1.2a.
Cash and cash equivalents
Credit and risk related to balances with banks and other financial institutions is managed by management.
The Group held cash and cash equivalents of $41,183 thousand as at 30 June 2024 and $65,438 thousand as at 
the end of 30 June 2023. The cash and cash equivalents are held with bank and financial institution counterparties, 
which are rated A to AA–, based on S&P Global Ratings.
Impairment of cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the 
short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based 
on the external credit ratings of the counterparties.
The Group uses a similar approach for assessment of expected credit losses (ECLs) for cash and cash equivalents 
to those used for debt securities.
No impairment allowance was recognised during FY24 (FY23: Nil).
Liquidity risk
Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise 
meeting its obligations related to financial liabilities. The Group manages this risk through the following mechanisms:
•	
preparing forward-looking cash flow analysis in relation to its operating, investing and financing activities;
•	
using derivatives that are only traded in highly liquid markets;
•	
monitoring undrawn credit facilities;
•	
maintaining a reputable credit profile;
•	
managing credit risk related to financial assets; and
•	
only investing surplus cash with major financial institutions.
The table below reflects an undiscounted contractual maturity analysis for financial liabilities.
Cash flows realised from financial assets reflect management’s expectation as to the timing of realisation.
Actual timing may therefore differ from that disclosed. The timing of cash flows presented in the table to settle 
financial liabilities reflects the earliest contractual settlement dates.
73
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
Financial liability and financial asset maturity analysis
WITHIN 1 YEAR
1 TO 5 YEARS
OVER 5 YEARS
TOTAL
Consolidated Group
Note
2024 
$000
2023 
$000
2024 
$000
2023 
$000
2024 
$000
2023 
$000
2024 
$000
2023 
$000
Financial liabilities 
due for payment
Trade and other payables
2.1.3a
(72,886)
(61,429)
–
–
–
–
(72,886)
(61,429)
Acquisition payables
–
(10,957)
–
–
–
–
–
(10,957)
Lease liabilities
2.1.3b
(7,553)
(7,532)
(14,501)
(7,934)
(981)
(266)
(23,035)
(15,732)
Loan & borrowings
3.1
–
–
–
–
–
–
–
–
Financial liabilities
–
–
–
–
–
–
–
–
Total expected outflows
(80,439)
(79,918)
(14,501)
(7,934)
(981)
(266)
(95,921)
(88,118)
Financial assets – 
cash flows realisable
Cash and cash equivalents
41,183
65,438
–
–
–
–
41,183
65,438
Trade and other receivables
2.1.2a
6,770
5,432
–
–
–
–
6,770
5,432
Other financial assets
152
146
–
–
–
–
152
146
Total anticipated inflows
48,105
71,016
–
–
–
–
48,105
71,016
Net (Outflow)/inflow 
on financial instruments
(32,334)
(8,902)
(14,501)
(7,934)
(981)
(266)
(47,816)
(17,102)
Market risk
a.  Interest rate risk
Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting 
period whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial 
instruments. The Group is also exposed to earnings volatility on floating rate instruments.
The financial instruments that primarily expose the Group to interest rate risk are borrowings and cash and 
cash equivalents.
b.  Foreign exchange risk
Exposure to foreign exchange risk may result in the fair value or future cash flows of a financial instrument fluctuating 
due to movement in foreign exchange rates of currencies in which the Group holds financial instruments which are 
other than the functional currency of the Group.
With instruments being held by overseas operations, fluctuations in the US dollar may impact on the Group’s financial 
results unless those exposures are appropriately hedged.
Foreign currency transactions
Functional and presentation currency
The functional currency of each of the Group’s entities is measured using the currency of the primary economic 
environment in which that entity operates. The consolidated financial statements are presented in Australian dollars, 
which is the parent entity’s functional currency.
74
kogan.com Ltd  Annual Report 2024

Foreign exchange forward contracts
The Group has open foreign exchange forward contracts at the end of the reporting period relating to highly probable 
forecast transactions and recognised financial assets and financial liabilities. These contracts commit the Group to 
buy and sell specified amounts of foreign currencies in the future at specified exchange rates. It is the Group’s policy 
to manage pricing of its products (with exception of ageing and obsolete inventory) according to specified target 
Gross Margins, rather than to sacrifice Gross Margin to drive sales volumes. In an environment where the Australian 
dollar may be declining, in particular, relative to the United States dollar, the Group’s ability to price Third-Party branded 
international products competitively in comparison with other Australian retailers deteriorates (to the extent that those 
retailers have not adjusted retail prices). As a result, lower volumes of Third-Party branded international products are 
generally sold during periods of sharp decline in the Australian dollar, leading to lower revenues in that product segment. 
The reverse occurs in periods in which there is a sharp increase in the Australian dollar, while there has historically been 
a neutral revenue impact in periods in which the currency is relatively stable, whether that is at high or low levels.
The following table summarises the notional amounts of the Group’s commitments in relation to foreign exchange 
forward contracts. The notional amounts do not represent amounts exchanged by the transaction counterparties 
and are therefore not a measure of the exposure of the Group through the use of the contracts.
NOTIONAL AMOUNTS
AVERAGE 
EXCHANGE RATE
Consolidated Group
2024 
$000
2023 
$000
2024 
$
2023 
$
Buy USD/sell AUD
Settlement
•	
less than 6 months
151
16,373
0.67
0.67
•	
6 months to 1 year
–
–
–
–
The fair value of foreign exchange contracts at 30 June 2024 totalled $386 (2023: $96,476).
Sensitivity analysis
The following table illustrates sensitivities to the Group’s exposures to changes in exchange rates. The table indicates 
the impact of how profit and equity values reported at the end of the reporting period would have been affected 
by changes in the relevant risk variable that management considers to be reasonably possible.
These sensitivities assume that the movement in a particular variable is independent of other variables.
CONSOLIDATED GROUP
Profit 
$000
Equity 
$000
Year ended 30 June 2024
+/-10bps in foreign exchange rates
–
–
Year ended 30 June 2023
+/-10bps in foreign exchange rates
16
16
The Group, through its hedging of foreign exchange using forward contracts, reduces its exposure to foreign 
exchange risk by locking in the exchange rate with the bank on deal date. Any movement in interest rates has 
been deemed to be immaterial.
75
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
Fair values
The Group measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis, 
depending on the requirements of the applicable Accounting Standards.
Fair value estimation
The carrying value of financial assets and financial liabilities are not materially different to their fair values.
Financial Instruments
Initial recognition and measurement
Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions 
to the instrument. For financial assets, this is equivalent to the date that the entity commits itself to either the purchase 
or sale of the asset (i.e. trade date accounting is adopted).
Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified 
“at fair value through profit or loss”, in which case transaction costs are expensed to profit or loss immediately.
Classification and subsequent measurement
Financial instruments are subsequently measured at fair value, amortised cost using the effective interest method, 
or cost.
Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at initial 
recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation 
of the difference between that initial amount and the maturity amount calculated using the effective interest method.
The effective interest method is used to allocate interest income or interest expense over the relevant period and 
is equivalent to the rate that discounts estimated future cash payments or receipts (including fees, transaction costs 
and other premiums or discounts) over the expected life (or when this cannot be reliably predicted, the contractual 
term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to 
expected future net cash flows will necessitate an adjustment to the carrying amount with a consequential recognition 
of an income or expense item in profit or loss.
Financial assets and financial liabilities at fair value through profit or loss (FVTPL) are initially recognised at fair 
value and thereafter carried at fair value.
a.  Financial assets at amortised cost
Financial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are 
not quoted in an active market and are subsequently measured at amortised cost. Gains or losses are recognised 
in profit or loss through the amortisation process and when the financial asset is derecognised.
b.  Financial assets/financial liabilities at fair value through profit or loss
Financial assets/financial liabilities relating to foreign exchange forward contracts are measured at fair value and 
fair value changes are recognised in profit or loss.
c.  Financial liabilities at amortised cost
Non-derivative financial liabilities other than financial guarantees are subsequently measured at amortised cost. 
Gains or losses are recognised in profit or loss when the financial liability is derecognised.
76
kogan.com Ltd  Annual Report 2024

Derivative instruments
The Group enters into forward contracts to manage the cash flow risk attached to inventory purchased in foreign 
currency. The Group has elected not to adopt hedge accounting, with any period movements in the fair value of the 
derivative contract taken to the income statement.
Impairment
The Group recognises loss allowances for expected credit loss (ECL) on: 
•	
financial assets measured at amortised cost; and
•	
financial assets measured at FVTPL.
The Group measured loss allowances at an amount equal to lifetime ECLs.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and 
when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available 
without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the 
Group’s historical experience and informed credit assessment and including forward looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days 
past due.
The Group considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the 
Group in full, without recourse by the Group to actions.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after 
the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).
The maximum period considered when estimating ECLs is the maximum contractual period over which the Group 
is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash 
shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash 
flows that the Group expects to receive).
ECLs are discounted at the effective interest rate of the financial asset.
Credit-impaired financial assets
At each reporting date, the Group assesses whether financial assets carried at amortised cost and financial assets 
at FVTPL are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental 
impact on the estimated future cash flows of the financial asset have occurred.
Evidence that a financial asset is credit-impaired includes the following observable data:
•	
significant financial difficulty of the borrower or issuer;
•	
a breach of contract such as a default or being more than 90 days past due;
•	
the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; 
•	
it is probable that the borrower will enter bankruptcy or other financial reorganisation; or 
•	
the disappearance of an active market for security because of financial difficulties.
77
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
Presentation of allowance for ECL in the statement of financial position
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount 
of the assets.
For financial assets at FVTPL, the loss allowance is charged to profit or loss.
Write-off
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations 
of recovering a financial asset in its entirety or a portion thereof. For individual customers, the Group has a policy 
of writing off the gross carrying amount when the financial asset is 180 days past due based on historical experience 
of recoveries of similar assets. For corporate customers, the Group individually makes an assessment with respect 
to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group 
expects no significant recovery from the amount written off. However, financial assets that are written off could still 
be subject to enforcement activities in order to comply with the Group’s procedures for recovery of amounts due.
The Group holds the following financial assets and financial liabilities at reporting date:
CONSOLIDATED GROUP
Note
2024 
$000
2023 
$000
Financial assets
Cash and cash equivalents
41,183
65,438
Trade and other receivables
6,770
5,432
Foreign exchange forward contracts
–
96
Other financial assets
152
50
Total financial assets
48,105
71,016
Financial liabilities
Financial liabilities at amortised cost:
Trade and other payables
72,886
61,429
Acquisitions payable – current
–
10,957
Lease liability – current
7,553
7,532
Lease liability – non-current
15,482
8,200
Total financial liabilities
95,921
88,118
Fair value measurements
The Group measures and recognises the following assets and liabilities at fair value on a recurring basis after 
initial recognition:
•	
cash and cash equivalents; and
•	
foreign exchange forward contracts.
The Group does not subsequently measure any liabilities at fair value on a non-recurring basis.
78
kogan.com Ltd  Annual Report 2024

a.  Fair value hierarchy
AASB 9 Financial Instruments requires the disclosure of fair value information by level of the fair value hierarchy, 
which categorises fair value measurements into one of three possible levels based on the lowest level that an input 
that is significant to the measurement can be categorised into as follows:
Level 1
Level 2
Level 3
Measurements based on quoted 
prices (unadjusted) in active 
markets for identical assets 
or liabilities that the entity can 
access at the measurement date.
Measurements based on inputs other 
than quoted prices included in Level 1 
that are observable for the asset or 
liability, either directly or indirectly.
Measurements based on 
unobservable inputs for 
the asset or liability.
Cash & cash equivalents and shares are Level 1 measurements, whilst foreign exchange contracts are Level 2. 
The fair values of assets and liabilities that are not traded in an active market are determined using one or more 
valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market 
data. If all significant inputs required to measure fair value are observable, the asset or liability is included in Level 2. 
If one or more significant inputs are not based on observable market data, the asset or liability is included in Level 3.
The table below sets out the fair value of foreign exchange contracts and the shares as at 30 June 2024. 
This represented the amount ‘in/(out) of the money’ on financial instruments as at the reporting dates.
CONSOLIDATED GROUP
Fair Value
2024 
$000
2023 
$000
Foreign exchange contracts
–
96
b.  Disclosed fair value measurements
The carrying amounts of assets and liabilities are the same as their carrying values.
The Group enters into forward exchange contracts to manage the foreign exchange risk attached to inventory 
purchased in foreign currency. The Group has elected not to adopt hedge accounting, with any period movements 
in the fair value of the derivative contract taken to the income statement.
The fair value of forward exchange contracts is determined based on an external valuation report using forward 
exchange rates at the balance sheet date.
79
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
3.3  Issued Capital and Reserves
a.  Ordinary Shares
CONSOLIDATED GROUP
2024 
$
2023 
$
2024 
No.
2023 
No.
Fully paid ordinary shares
270,011,699
291,013,771
100,616,298
104,690,203
Ordinary Shares participate in dividends and the distribution of proceeds upon the winding-up of the parent entity, 
in proportion to the number of shares held. They carry one vote per share, with each shareholder entitled to one vote 
on a show of hands or one vote per share in a poll. The Company does not have authorised capital or par value for its 
issued shares.
b.  Movement in Ordinary Shares
Details
Date
Shares No.
Issue 
price
$
Balance
30 June 2022
106,927,603
301,081,639
Shares issued to eligible employees under 
an incentive plan
23 August 2022
116,495
$3.99
464,945
Tax deduction for difference between accounting 
expense and funds paid to issue incentive plans
31 December 2022
–
–
2,757
Shares issued to eligible employees under 
an incentive plan
27 February 2023
32,445
$7.74
251,018
On-market share buy-back
30 June 2023
(1,563,000)
$4.44
(6,944,159)
On-market share buy-back
30 June 2023
(823,340)
$4.67
(3,842,429)
Balance
30 June 2023
104,690,203
291,013,771
Shares issued to eligible employees under 
an incentive plan
22 August 2023
174,928
$8.11
1,418,103
On-market share buy-back
15 September 2023
(1,521,734)
$5.24
(7,980,869)
On-market share buy-back
6 October 2023
(309,119)
$5.14
(1,590,249)
On-market share buy-back
10 November 2023
(580,239)
$4.75
(2,757,631)
Shares issued to eligible employees under 
an incentive plan
29 November 2023
3,307
$5.21
17,229
On-market share buy-back
29 December 2023
(1,033,964)
$5.22
(5,393,199)
On-market share buy-back
12 January 2024
(447,076)
$4.95
(2,211,185)
Shares issued to eligible employees under 
an incentive plan
26 February 2024
78,297
$4.77
373,497
On-market share buy-back
15 March 2024
(367,010)
$8.22
(3,015,605)
Dividend reinvestment plan
31 May 2024
135,077
$7.68
1,037,797
On-market share buy-back
28 June 2024
(206,372)
$4.36
(899,960)
Balance
30 June 2024
100,616,298
270,011,699
80
kogan.com Ltd  Annual Report 2024

c.  Merger reserve
The acquisition of Kogan Operations Holdings Pty Ltd by Kogan.com Ltd has been treated as a common control 
transaction at book value for accounting purposes, and no fair value adjustments have been made. Consequently, 
the difference between the fair value of issued capital and the book value of net assets acquired was recorded 
within a merger reserve of $131,816,250.
d.  Share-based payments reserve
The reserve of $56,334,373 (FY23: $71,808,120) has been used to recognise the value of equity-based compensation 
provided to employees as part of their remuneration. The Group measured the cost of equity-based compensation 
with employees by reference to the fair value of the Ordinary Shares at the date at which they were granted. The fair 
value has been determined using a discounted cash flow valuation model, taking into account the terms and conditions 
upon which the equity instruments were granted, as discussed in Note 5.2.
It was announced on 4 April 2024 that Ruslan Kogan and David Shafer had collectively exercised 6,000,000 Options 
granted to them during the 2020 AGM.
The Deed associated with these Options allowed for either equity-settlement or cash-settlement, based on the 
Board’s discretion. At the time of granting the Options, they were valued in-the-money and the intention was to 
equity-settle them upon vesting. The Options were fully vested by 30 June 2023, with the value of share-based 
payments reserve amounting to $66,536,098.
On 4 April 2024, the Board exercised their discretion to cash-settle the Options primarily to avoid dilution of other 
Shareholders’ interest. This discretion was exercised following a review of the Company’s Balance Sheet and current 
initiatives (no immediate merger & acquisition activity and available cash reserves following the commencement 
of a Buy Back).
At the time of exercise, the 20-day VWAP was $8.224 per Option, and the strike price associated with the Options 
was $5.29. This resulted in a cash payment of $17,604,000, being [$8.224 – $5.29] x 6,000,000 Options, against 
the share-based payments reserve. The remaining value of the Options in the Share-based Payments reserve, 
of $48,932,098, will remain indefinitely.
e.  Share buy-back
The Group commenced an on-market share buy-back program in May 2023, anticipated to remain ongoing until 
May 2025. The Group purchased $23,849 thousand of shares during the year (FY23: $10,878 thousand), resulting 
in a reduction of Issued Capital.
f.  Capital management
Management controls the capital of the Group in order to maintain a sustainable debt to equity ratio, generate 
long-term shareholder value and ensure that the Group can fund its operations and continue as a going concern.
The Group’s debt and capital include ordinary share capital and financial liabilities, supported by financial assets.
The Group is not subject to any externally imposed capital requirements.
Management effectively manages the Group’s capital by assessing the Group’s financial risks and adjusting its capital 
structure in response to changes in these risks and in the market. These responses include the management of debt 
levels, distributions to shareholders and share issues.
There have been no changes in the strategy adopted by management to control the capital of the Group since the 
prior year.
81
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
3.4  Dividends
During FY24, The Board declared and paid an Interim Dividend at 7.5 cents per Ordinary Shares. The Dividend 
Reinvestment Plan (DRP) applied to the Interim Dividend at a 2.5% discount to the 5-day volume weighted 
average price of shares sold on the ASX from the trading day prior to the record date.
Details of the Interim Dividend along with the DRP applicable is below.
CONSOLIDATED GROUP
2024 
$000
2023 
$000
Dividends paid during the year
7,542
–
Dividend reinvestment plan
(1,038)
–
Dividends paid net of dividend reinvestment plan
6,504
–
a.  Recognition and measurement
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the 
discretion of the entity before or at the end of the financial year but not distributed at balance date.
The final 2024 Dividend has not been declared at the reporting date and therefore is not reflected in the consolidated 
financial statements for the year ended 30 June 2024 and will be recognised in subsequent financial reports.
Dividends
2024 
Final
2024 
Interim
2023 
Final
2023 
Interim
Dividends per Share (in cents)
7.5
7.5
–
–
Franking percentage
100%
100%
–
–
Payment date
29 Nov 2024
31 May 2024
–
–
Dividend record date
12 Sep 2024
15 Apr 2024
–
–
b.  Franking credits
The franking account balance as at 30 June 2024 is $10,383,084 (2023: $10,528,182).
3.5  Earnings per Share
a.  Basic earnings per share
CONSOLIDATED GROUP
2024
2023
Net profit/(loss) for the reporting period
83,347
(25,852,194)
Net profit/(loss) for the reporting period used in calculating EPS
83,347
(25,852,194)
Weighted average number of ordinary shares of the entity
102,522,369
107,613,697
Basic Earnings per Share
0.00
(0.24)
82
kogan.com Ltd  Annual Report 2024

b.  Diluted earnings per share
CONSOLIDATED GROUP
2024
2023
Profit/(Loss) for the reporting period
83,347
(25,852,194)
Weighted average number of ordinary shares of the entity on issue
102,522,369
107,613,697
Adjustments to reflect potential dilution for Performance Rights & Options
1,498,488
6,174,935
Diluted weighted average number of Ordinary Shares of the entity
104,020,857
113,788,632
Diluted Earnings per Share
0.00
(0.23)
SECTION 4:  GROUP STRUCTURE
4.1  Controlled Entities
a.  Information about Principal Subsidiaries
The subsidiaries listed below have share capital consisting solely of Ordinary Shares or, in the case of Kogan 
Technologies Unit Trust, Ordinary Units, which are held directly by the Group. Kogan.com Holdings Pty Ltd is the 
Trustee of the Kogan Technologies Unit Trust. The Trustee and the Trust are wholly-owned entities within the 
Group. The proportion of ownership interests held equals the voting rights held by the Group. Each subsidiary’s 
principal place of business is also its country of incorporation.
OWNERSHIP INTEREST 
HELD BY THE GROUP
Name of subsidiary
Principal place of business
2024 
%
2023 
%
Kogan Mobile Operations Pty Ltd 
(formerly Kogan Mobile Australia Pty Ltd)
Australia
100
100
Kogan Mobile Pty Ltd
Australia
100
100
Kogan Australia Pty Ltd
Australia
100
100
Kogan International Holdings Pty Ltd
Australia
100
100
Kogan HK Limited
Hong Kong
100
100
Kogan HR Pty Ltd
Australia
100
100
Kogan Travel Pty Ltd
Australia
100
100
Dick Smith IP Holdings Pty Ltd 
(formerly Kogan Technologies UK Pty Ltd)
Australia
100
100
Online Business Number 1 Pty Ltd
Australia
100
100
Kogan Technologies Unit Trust
Australia
100
100
Kogan.com Holdings Pty Ltd
Australia
100
100
Kogan Operations Holdings Pty Ltd
Australia
100
100
Kogan Superannuation Pty Ltd
Australia
100
100
Matt Blatt Pty Ltd
Australia
100
100
Mighty Ape Limited
New Zealand
100
100
Mighty Ape Australia Pty Ltd
Australia
100
100
83
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
b.  Significant restrictions
There are no significant restrictions over the Group’s ability to access or use assets, and settle liabilities, of the Group.
4.2  Deed of Cross Guarantee
A deed of cross guarantee between Kogan.com Ltd and its entities listed above was enacted during FY22 and relief 
was obtained from preparing individual financial statements for the Group under ASIC Corporations (Wholly-owned 
Companies) Instrument 2016/785. Under the deed, Kogan.com Ltd guarantees to support the liabilities and obligations 
of its subsidiaries listed above. As its entities are a party to the deed the income statement and balance sheet 
information of the combined class-ordered group is equivalent to the consolidated information presented in this 
financial report.
4.3  Parent Entity Disclosures
The following information has been extracted from the books and records of the parent (Kogan.com Ltd) and has 
been prepared in accordance with Australian Accounting Standards.
2024 
$000
2023 
$000
Statement of Financial Position
ASSETS
Current assets
3,718
23,248
Non‑current assets
182,009
178,675
TOTAL ASSETS
185,727
201,923
LIABILITIES
Current liabilities
1,854
392
Non‑current liabilities
22,508
–
TOTAL LIABILITIES
24,362
392
NET ASSETS
161,365
201,531
EQUITY
Share capital
270,012
291,014
Merger reserve
(131,816)
(131,816)
Performance Rights reserve
56,334
71,808
Dividends
–
–
Retained earnings
(33,165)
(29,475)
TOTAL EQUITY
161,365
201,531
Statement of Profit or Loss and Other Comprehensive Income
Total loss
(4,195)
(21,247)
Total comprehensive income
(4,195)
(21,247)
There are no contingent liabilities or contractual commitments by the parent entity as at 30 June 2024 (2023: nil).
84
kogan.com Ltd  Annual Report 2024

4.4  Related Parties
a.  The Group’s main related parties are as follows:
(i)  Entities exercising control over the Group:
The ultimate parent entity that exercised control over the Group at year-end was Kogan.com Ltd, which is incorporated 
in Australia.
(ii)  Key Management Personnel:
Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, 
directly or indirectly, including any Director (whether executive or otherwise) of the entity, are considered Key 
Management Personnel (refer to 5.1).
(iii)  Entities subject to significant influence by the Group:
An entity that has the power to participate in the financial and operating policy decisions of an entity, but does not 
have control over those policies, is an entity which holds significant influence. Significant influence may be gained 
by share ownership, statute or agreement. There are no such entities at year end (2023: nil).
(iv)  Other related parties:
Other related parties include entities controlled by the ultimate parent entity and entities over which Key Management 
Personnel have joint control.
b.  Transactions with related parties:
Transactions between related parties are on normal commercial terms and conditions no more favourable than those 
available to other parties unless otherwise stated.
The following transactions occurred with related parties:
Kogan Australia Pty Ltd entered into a Logistic Services Agreement with eStore Logistics Pty Ltd (“eStore”), in a prior 
financial period, in relation to the provision of warehousing, distribution and logistics services by eStore to Kogan 
Australia. Ruslan Kogan is a minority Shareholder and Director of eStore. The agreement was entered into on arm’s 
length terms.
CONSOLIDATED GROUP
2024 
$
2023 
$
Services provided by eStore warehousing
1,851,851
3,851,485
Amounts payable to eStore as at 30 June
117,994
253,873
85
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
SECTION 5:  EMPLOYEE REWARD AND RECOGNITION
5.1  Key Management Personnel Compensation
As deemed under AASB 124 Related Party Disclosures, Key Management Personnel (KMP) include each of the 
Directors, both Executive and Non-Executive, and those members who have authority and responsibility for 
planning, directing and controlling activities within the business. 
A summary of the KMP compensation is set out in the following table. Refer to the Remuneration Report for full details.
CONSOLIDATED GROUP
2024
$
2023
$
Cash Salary
2,310,471
1,670,778
Short-term incentives
1,548,000
–
Post-employment
75,536
57,451
Payment upon resignation
179,216
–
Long-term benefits
182,023
108,726
Equity-based compensation
668,679
27,928,021
Other long-term benefits
–
(3,885,469)
4,963,925
25,879,507
Movement in shares
The movement during the reporting period in the number of Ordinary Shares in Kogan.com held, directly, 
indirectly or beneficially, by each key management person, including their related parties, is as follows:
Executive KMP
Held at 
1 July 2023
Received 
on exercise 
of rights
Shares 
purchased
Shares Sold
Held at 
30 June 2024
Ruslan Kogan
15,853,321
–
–
–
15,853,321
David Shafer
5,225,642
–
–
(2,000,000)
3,225,642
Other Non-Executive KMP
Held at 
1 July 2023
Received 
on exercise 
of rights
Shares 
purchased
Shares Sold
Held at 
30 June 2024
Gracie MacKinlay26 
500
–
–
–
500
Daniel Balasoglou
–
–
–
–
–
Non-Executive Directors
Held at 
1 July 2023
Received 
on exercise 
of rights
Shares 
purchased
Shares Sold
Held at 
30 June 2024
Greg Ridder
158,000
–
–
–
158,000
Harry Debney
98,099
–
–
–
98,099
Janine Allis
14,761
–
–
–
14,761
James Spenceley
10,000
–
–
–
10,000
26.	 Gracie Mackinlay was a Non-Executive KMP from 01 July 2023 to 8 April 2024.
86
kogan.com Ltd  Annual Report 2024

5.2  Incentive Plans
Kogan.com Ltd has adopted an Equity Incentive Plan (EIP) to assist in the motivation and retention of management 
and selected team members.
The Group has established incentive arrangements subsequent to listing on the ASX to assist in the attraction, 
motivation and retention of the executive team and other selected team members. To align the interests of its 
employees and the goals of the Group, the Directors have decided the remuneration packages of the executive 
team and other selected team members will consist of the following components:
•	
fixed remuneration (inclusive of superannuation); 
•	
short-term cash-based incentives; and
•	
equity based long-term incentives.
The Group has established the EIP, which is designed to align the interests of eligible employees more closely with 
the interests of Shareholders in the listed entity post 7 July 2016. Under the EIP, eligible employees may be offered 
Restricted Shares, Options or Rights which may be subject to vesting conditions. The Group may offer additional 
long-term incentive schemes to senior management and other employees over time.
Short-term incentives – Cash-based
The following table outlines the significant aspects of the STI for senior management excluding KMPs.
Purpose of STI plan
Provide a link between remuneration and both short-term Company and 
individual performance. 
Create sustainable Shareholder value. 
Reward individual for their contribution to the success of the Group. 
Actively encourage team members to take more ownership over the 
Adjusted EBITDA27.
Eligibility
Offers of cash incentives may be made to any team members of the Group 
(including a Director employed in an executive capacity) or any other person 
who is declared by the Board to be eligible to receive a grant of cash incentive 
under the STI.
Calculation & Target
The actual Adjusted EBITDA27 of Kogan.com shall exceed the Board established 
budget for the full financial year (after payment of the STI). 
25% of the outperformance will be allocated to a ‘bonus pool’. 
The ‘bonus pool’ will then be shared in cash bonuses among a number of team 
members in fixed proportions.
Maximum opportunity
The maximum payable is 25% of the outperformance and 35% of the team 
member’s annual salary.
Performance conditions
Outperformance of the Adjusted EBITDA27. Adjusted EBITDA27 represents the 
underlying performance of the business
Continuation of employment.
Why were the performance 
condition chosen
To achieve successful and sustainable financial business outcomes as well 
as any annual objectives that drive short-term and long-term business success 
and sustainability.
Performance period
1 July 2023 to 30 June 2024.
Timing of assessment
August 2024, following the completion of the 30 June 2024 accounts.
Form of payment
Paid in cash.
Board discretion
Targets are reviewed annually and the Board has discretion to adapt 
appropriately to take into account exceptional items.
27.	 Non-IFRS measure.
87
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
The following table outlines the significant aspects of the STI for Executive Management.
Purpose of the Executive 
Management STI plan
Create a link between reward and performance of the Group over both 
the short and long term, for the Executive Management.
Eligibility
Offers of cash incentives may be made to Executive Management, 
being Ruslan Kogan (CEO) and David Shafer (CFO & COO).
Calculation & target
A STI is payable if the Adjusted EBITDA28 of Kogan.com exceeds at least 
95% of the Board established forecast estimate for the full financial year. 
The value of STI payable to Executive Management may range between 
37.5% of base remuneration (if the Company achieved at least 95% of 
forecast estimates) and up to a maximum of 112.5% of base remuneration 
(if the Company achieved at least 110% of forecast estimates).
Maximum opportunity
The maximum payable is 112.5% of base remuneration if the Company 
achieves at least 110% of forecast estimates.
Performance conditions
Achievement of at least 95% of Board established forecast estimate 
of Adjusted EBITDA28 for the full financial year.
Continuation of employment.
Why were the performance 
conditions chosen
To achieve successful and sustainable financial business outcomes as well as 
any annual objectives that drive short-term and long-term business success 
and sustainability.
Performance period
1 July 2023 to 30 June 2024.
Time of assessment
August 2024, following completion of the 30 June 2024 accounts.
Form of payment
Paid in cash.
Board discretion
Targets are reviewed annually and the Board has discretion to adapt 
appropriately to take into account exceptional items.
Long-term incentives – Equity Incentive Plan
The Group has established an Equity Incentive Plan (EIP), which is designed to align the interests of eligible team 
members more closely with the interests of Shareholders in the listed entity. Under the EIP, eligible team members 
may be offered Performance Rights or Options which may be subject to vesting conditions. The Group may offer 
additional long-term incentive schemes to senior management and other team members over time.
The following table outlines the significant aspects of the current EIP.
Purpose of LTI plan
Support the strategy and business plan of the Group.
Align the interests of team members more closely with the interests 
of Shareholders.
Reward individuals for their contribution to the success of the Group 
over the long-term.
Eligibility
Offers of Incentive Securities (Performance Rights or Options) may be made to 
any team member of the Group (including a Director employed in an executive 
capacity) or any other person who is declared by the Board to be eligible to 
receive a grant of Incentive Securities under the EIP.
Service condition on vesting
Individuals must be employed by the Group at the time of vesting and 
not be in their notice period.
Form of award and payment
Performance Rights or Options.
Board discretion
The Board has the absolute discretion to determine the terms and conditions 
applicable to an offer under the EIP.
Consideration
Nil.
28.	 Non-IFRS measure.
88
kogan.com Ltd  Annual Report 2024

Rights
Each Right confers on its holder an entitlement to a Share, subject to 
satisfaction of applicable conditions.
Restrictions on dealing
Shares allocated upon exercise of Performance Rights will rank equally 
with all existing Ordinary Shares from the date of issue (subject only to 
the requirements of Kogan.com’s Securities Trading Policy). 
Upon vesting, there will be no disposal restrictions placed on the Ordinary 
Shares issued to participants (subject only to the requirements of Kogan.com’s 
Securities Trading Policy).
Lapse of Rights
A Right will lapse upon the earliest to occur of:
•	
Expiry date (relevant for Options);
•	
Failure to meet vesting conditions;
•	
Employment termination;
•	
The participant electing to surrender the Right; and
•	
Where, in the opinion of the Board, a participant deals with a Right 
in contravention of any dealing restrictions under the EIP.
Recognition and measurement 
a.  Equity-settled transactions
The charge related to equity-settled transactions with team members is measured by reference to the fair value 
of the equity instruments at the date they are granted, using an appropriate valuation model selected according 
to the terms and conditions of the grant. The fair value is determined using a discounted cash flow valuation model. 
Judgement is applied in determining the most appropriate valuation model and in determining the inputs to the 
model. Third-party experts are engaged to advise in this area where necessary. Judgements are also applied in 
relation to estimations of the number of rights which are expected to vest, by reference to historic leaver rates 
and expected outcomes under relevant performance conditions.
The Group issues equity-settled share-based payments to certain team members, whereby team members render 
services in exchange for Shares or Rights over Shares of the Parent Company.
Equity-settled awards are measured at fair value at the date of grant. The cost of these transactions is recognised 
in the Consolidated Income Statement and Consolidated Statement of Comprehensive Income and credited to equity 
on a straight-line basis over the vesting period after allowing for an estimate of shares that will eventually vest. 
The level of vesting is reviewed annually and the charge adjusted to reflect actual and estimated levels of vesting.
Where an equity-settled share-based payment scheme is modified during the vesting period, an additional charge 
is recognised over the remainder of that vesting period to the extent that the fair value of the revised scheme at the 
modification date exceeds the fair value of the original scheme at the modification date. Where the fair value of the 
revised scheme does not exceed the fair value of the original scheme, the Group continues to recognise the charge 
required under the conditions of the original scheme. Individuals must be employed by the Group at the time of 
vesting, and not in their notice period, to be entitled to the equity incentives.
b.  Cash-settled transactions
The amount payable to team members in respect of cash-settled share-based payments is recognised as an expense, 
with a corresponding increase in liabilities, over the period which the team members become unconditionally entitled 
to the payment. The liability is measured at each reporting date and at settlement date based on the fair value, with 
any changes in the liability being recognised in profit or loss.
89
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
c.  Expense recognised in profit or loss
During the period the Group recognised a share-based payment expense of $3,939,081 (2023: $31,267,008) 
which relates to Performance Rights and Options granted during the year or in previous years.
The Group has recognised an expense of $1,548 thousand in relation to cash-based short-term incentives in 2024 
(2023: nil).
Long-term incentives – Equity
Disclosure of outstanding Options
Grant date
Vesting date
Expiry date
Exercise price
No. of 
shares
3 Dec 2020
1 Apr 2023
1 Apr 2025
$16.38
61,632
7 Oct 2021
29 Feb 2024
31 Aug 2024
$9.88
280,000
30 Jun 2022
27 Feb 2024
27 Feb 2026
$3.78
15,000
30 Jun 2022
27 Feb 2025
27 Feb 2027
$3.78
15,000
30 Jun 2022
27 Feb 2026
28 Feb 2028
$3.78
15,000
30 Jun 2022
27 Feb 2027
28 Feb 2029
$3.78
15,000
4 Oct 2022
1 Sep 2024
1 Sep 2026
$3.68
178,773
4 Oct 2022
31 Dec 2024
31 Dec 2026
$3.68
72,233
13 Jan 2023
30 Jun 2024
30 Jun 2026
$3.68
1,359
26 Sep 2023
30 Jun 2025
30 Jun 2027
$4.35
16,635
Total share options
670,632
Disclosure of outstanding Performance rights
Grant date
Vesting date
Share price 
at grant date
No. of 
shares
17 Aug 2020
31 Dec 2024
$20.51
170
29 Jan 2021
30 Jun 2024
$17.99
34,273
16 Apr 2021
30 Jun 2024
$13.31
3,133
30 Jun 2021
30 Jun 2024
$11.58
90,349
25 Aug 2021
30 Jun 2024
$10.80
2,245
25 Aug 2021
30 Jun 2025
$10.80
1,768
7 Oct 2021
30 Jun 2024
$9.74
1,000
6 Apr 2022
30 Jun 2024
$5.59
164,980
6 Apr 2022
30 Jun 2025
$5.59
155,200
30 Jun 2022
30 Jun 2024
$2.78
23,147
23 Aug 2022
30 Jun 2024
$3.55
3,686
23 Aug 2022
30 Jun 2025
$3.55
9,828
3 Oct 2022
30 Jun 2024
$2.93
94,391
3 Oct 2022
31 Dec 2024
$2.93
9,511
3 Oct 2022
30 Jun 2025
$2.93
29,887
3 Oct 2022
30 Jun 2026
$2.93
4,077
12 Jan 2023
30 Jun 2024
$4.02
5,468
12 Jan 2023
31 Dec 2024
$4.02
11,951
31 Jan 2023
30 Jun 2024
$4.50
5,935
90
kogan.com Ltd  Annual Report 2024

Grant date
Vesting date
Share price 
at grant date
No. of 
shares
31 Jan 2023
30 Jun 2025
$4.50
5,935
14 Apr 2023
30 Jun 2024
$3.61
13,333
14 Apr 2023
31 Dec 2024
$3.61
19,126
14 Apr 2023
30 Jun 2025
$3.61
13,333
14 Apr 2023
31 Dec 2025
$3.61
12,317
14 Apr 2023
30 Jun 2026
$3.61
13,334
14 Apr 2023
31 Dec 2026
$3.61
9,756
22 Aug 2023
30 Jun 2025
$5.07
7,500
22 Aug 2023
30 Jun 2026
$5.07
7,500
26 Sep 2023
30 Jun 2024
$5.10
50,722
26 Sep 2023
31 Dec 2024
$5.10
14,292
26 Sep 2023
30 Jun 2025
$5.10
14,943
26 Sep 2023
31 Dec 2025
$5.10
29,884
26 Sep 2023
30 Jun 2026
$5.10
4,598
26 Sep 2023
31 Dec 2026
$5.10
29,890
29 Nov 2023
29 Nov 2023
$5.21
3,307
29 Nov 2023
30 Jun 2024
$5.21
3,307
21 Dec 2023
31 Dec 2024
$5.10
65,242
21 Dec 2023
30 Jun 2025
$5.10
261,013
21 Dec 2023
30 Jun 2026
$5.10
322,179
26 Feb 2024
31 Dec 2024
$7.57
10,195
1 Apr 2024
31 Dec 2024
$8.00
2,250
1 Apr 2024
31 Dec 2025
$8.00
2,250
1 Apr 2024
31 Dec 2026
$8.00
2,250
6 May 2024
30 Jun 2025
$4.71
13,000
6 May 2024
30 Jun 2026
$4.71
13,000
28 Jun 2024
30 Jun 2025
$4.17
4,271
28 Jun 2024
30 Jun 2026
$4.17
3,023
28 Jun 2024
31 Dec 2026
$4.17
1,898
28 Jun 2024
31 Dec 2027
$4.17
1,898
30 Jun 2024
30 Jun 2025
$4.17
1,708
30 Jun 2024
31 Dec 2025
$4.17
2,000
30 Jun 2024
30 Jun 2026
$4.17
32,165
30 Jun 2024
31 Dec 2026
$4.17
39,667
30 Jun 2024
30 Jun 2027
$4.17
28,749
30 Jun 2024
31 Dec 2027
$4.17
39,668
Total shares
1,750,502
91
kogan.com Ltd  Annual Report 2024

Notes to the Financial Statements continued
Incentive Plans inputs
Disclosure of fair value measurement for Options granted this financial year
The fair value of the share-based payment plan has been measured using the Black-Scholes formula.
The expected volatility for options granted during the year ended 30 June 2024 is based on the daily closing share 
prices for the years leading up to the options' vesting, as they are anticipated to be exercised immediately upon vesting.
The inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plan 
were as follows:
2024
2023
Fair value at grant date
$1.73
$1.30
Share price at grant date
$4.85
$3.47
Exercise price
$4.35
$3.68
Expected volatility (weighted average)
60.36%
69.18%
Expected life (weighted average)
3.80
4.17
Expected dividend yield
0.00%
1.40%
Risk-free interest rate (based on government bonds)
3.37%
3.26%
Reconciliation of outstanding Long-term Incentive Plans
The following table details the total movement in Options issued by the Group during the year:
LONG-TERM INCENTIVE PLANS
OPTIONS
2024
2023
No. of 
shares
Weighted 
average 
exercise 
price
No. of 
shares
Weighted 
average 
exercise 
price
Outstanding at beginning of period
6,653,997
$5.51
6,401,632
$5.51
Granted during the period
16,635
$4.35
274,035
$3.68
Forfeited during the period
–
–
(21,670)
$3.78
Exercised during the period
(6,000,000)
$5.29
–
–
Expired during the period
–
–
–
–
Outstanding at the end of the period
670,632
$7.46
6,653,997
$5.51
Due to vest/exercisable at the end of the period
1,359
$3.68
6,000,000
$5.29
The following table details the total movement in Performance Rights issued by the Group during the year:
LONG-TERM INCENTIVE PLANS
PERFORMANCE RIGHTS
2024
2023
No. of 
shares
No. of 
shares
Outstanding at beginning of period
1,199,661
963,331
Granted during the period
1,033,631
452,618
Exercised during the period
(253,225)
(148,940)
Forfeited during the period
(229,565)
(67,348)
Expired during the period
–
–
Outstanding at the end of the period
1,750,502
1,199,661
Due to vest/exercisable at the end of the period
495,969
179,142
92
kogan.com Ltd  Annual Report 2024

SECTION 6:  OTHER
6.1  Subsequent Events
The Directors have declared a final Dividend of 7.5 cents per Ordinary Share, fully franked. The final Dividend was not 
determined until after the Balance Sheet date and accordingly no provision has been recognised at 30 June 2024.
The Dividend Reinvestment Plan will apply to the final Dividend at a 2.5% discount to the 5-day volume weighted 
average price of shares sold on the ASX from the trading day prior to the record date.
There are no other subsequent events post reporting date 30 June 2024.
6.2  Remuneration of Auditors
CONSOLIDATED GROUP
2024
$
2023
$
Remuneration of the auditors for:
Auditing or reviewing the financial statements
500,731
465,938
Non-audit services – Tax advisory and compliance
43,909
119,774
544,640
585,712
6.3  Commitments
There were no Commitments as at 30 June 2024 (30 June 2023: $2,139 thousand expense annually over a 2 year 
period for the lease of a Sydney warehouse).
6.4  Contingent Liabilities
As at 30 June 2024, the Group had bank guarantees of A$1,200 thousand (30 June 2023: A$1,200 thousand) 
and NZ$2,600 thousand (30 June 2023: NZ$8,600 thousand) with Westpac Banking Corporation in relation 
to its ordinary course of business. Additionally, the Group had a bank guarantee of NZ$1,000 thousand with 
the Bank of New Zealand (BNZ).
6.5  Company Information
The registered office of the Company is:
Kogan.com Ltd 
Level 7 
330 Collins Street 
Melbourne VIC 3000
The principal place of business is:
Kogan.com Ltd 
139 Gladstone Street
South Melbourne VIC 3205
93
kogan.com Ltd  Annual Report 2024

Consolidated Entity Disclosure Statement
For the Year Ended 30 June 2024
Set out below is relevant information relating to entities that are consolidated in the consolidated financial 
statements as at the end of the financial year as required by the Corporations Act 2001 (s. 295(3A)(a)).
Each entity is a tax resident in the jurisdiction it was formed or incorporated, other than Kogan HK Limited. 
Kogan HK Limited, though established in Hong Kong, is considered to be an Australian resident company for 
tax purposes because it carries on a business in Australia, it is centrally managed and controlled in Australia 
and it has a controlling shareholder that is an Australian resident.
Entity Name
Body corporate, 
partnership or 
trust
Place 
incorporated/
formed
% of share 
capital held 
directly or 
indirectly 
by the 
body 
corporate
Australian 
or Foreign 
tax resident
Jurisdiction 
for Foreign 
tax resident
Kogan.com Ltd
Body Corporate
Australia
Australian
N/A
Kogan Australia Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Kogan Mobile Operations Pty Ltd 
(formerly Kogan Mobile 
Australia Pty Ltd)
Body Corporate
Australia
100%
Australian
N/A
Kogan Mobile Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Kogan International Holdings Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Kogan HK Limited
Body Corporate
Hong Kong
100%
Australian
N/A
Kogan HR Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Kogan Travel Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Dick Smith IP Holdings Pty Ltd 
(formerly Kogan Technologies 
UK Pty Ltd)
Body Corporate
Australia
100%
Australian
N/A
Online Business Number 1 Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Kogan Technologies Unit Trust
Trust
Australia
N/A
Australian
N/A
Kogan.com Holdings Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Kogan Operations Holdings Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Kogan Superannuation Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Matt Blatt Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Mighty Ape Limited
Body Corporate
New Zealand
100%
Foreign
New Zealand
Mighty Ape Australia Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
94
kogan.com Ltd  Annual Report 2024

Directors’ Declaration
1	
In the opinion of the Directors of Kogan.com Ltd (‘the Company’):
(a)	 the consolidated financial statements and notes that are set out on pages 47 to 93 and the 
Remuneration report in sections 27 to 43 in the Directors’ report, are in accordance with the 
Corporations Act 2001, including:
(i)	 giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its 
performance and its cash flows, for the financial year ended on that date; and
(ii)	 complying with Accounting Standards and the Corporations Regulations 2001; and
(b)	the Consolidated entity disclosure statement as at 30 June 2024 set out on page 94 is true and correct; and
(c)	 there are reasonable grounds to believe that the Company will be able to pay its debts as and when 
they become due and payable.
2	 There are reasonable grounds to believe that the Company and the group entities identified in Note 4.1 will 
be able to meet any obligations or liabilities to which they are or may become subject to by virtue of the 
Deed of Cross Guarantee between the Company and those group entities pursuant to ASIC Corporations 
(Wholly-owned Companies) Instrument 2016/785.
3	 The Directors have been given the declarations required by Sections 295A of the Corporations Act 2001 from 
the Chief Executive Officer and Chief Financial Officer for the financial year ended 30 June 2024.
4	 The Directors draw attention to the Basis of Preparation note to the consolidated financial statements, 
which includes a statement of compliance with International Financial Reporting Standards.
5	 This declaration has been made after receiving the declarations required to be made to the Directors 
in accordance with section 295A of the Corporations Act 2001 from the Chief Executive Officer and 
Chief Financial Officer for the financial year ending 30 June 2024.
Signed in accordance with a resolution of the Directors:
David Shafer 
Executive Director
Melbourne, 26 September 2024
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KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated 
with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and 
logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by 
a scheme approved under Professional Standards Legislation. 
 
Independent Auditor’s Report 
 
 
To the shareholders of Kogan.com Ltd 
Report on the audit of the Financial Report 
 
Opinion 
We have audited the Financial Report of 
Kogan.com Ltd (the Company). 
In our opinion, the accompanying Financial 
Report of the Company gives a true and fair view, 
including of the Group’s financial position as at 
30 June 2024 and of its financial performance for 
the year then ended, in accordance with the 
Corporations Act 2001, in compliance with 
Australian 
Accounting 
Standards 
and 
the 
Corporations Regulations 2001.  
The Financial Report comprises: 
•  Consolidated statement of financial position as at 30 
June 2024 
 Consolidated income statement and consolidated 
statement 
of 
other 
comprehensive 
income, 
Consolidated statement of changes in equity, and 
Consolidated statement of cash flows for the year 
then ended 
 Consolidated 
entity 
disclosure 
statement 
and 
accompanying basis of preparation as at 30 June 
2024 
•  Notes, including material accounting policies  
 Director’s Declaration 
The Group consists of the Company and the entities it 
controlled at the year-end or from time to time during 
the financial year. 
Basis for opinion 
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit 
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the 
audit of the Financial Report section of our report. 
We are independent of the Group in accordance with the Corporations Act 2001 and 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 Financial 
Report in Australia. We have fulfilled our other ethical responsibilities in accordance with these 
requirements. 
 
Independent Auditor’s Report
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Key Audit Matters 
The Key Audit Matters we identified are: 
 Revenue recognition 
 Valuation of goodwill 
 
 
Key Audit Matters are those matters that, in our 
professional judgement, were of most significance in our 
audit of the Financial Report of the current period.  
These matters were addressed in the context of our audit 
of the Financial Report as a whole, and in forming our 
opinion thereon, and we do not provide a separate 
opinion on these matters. 
Revenue recognition ($459.7m) 
Refer to Note 1.1 to the financial report 
The key audit matter 
How the matter was addressed in our audit 
Revenue recognition from sale of goods 
is a key audit matter due to the:  
- 
relative size of sale of goods revenue 
(being 81% of total revenue) within 
the Group’s consolidated income 
statement; 
 
- 
significant audit effort to test the 
high volume of sale of goods 
transactions recorded as revenue by 
the Group; 
 
- 
the Group has specific processes 
and controls they perform at year 
end to check revenue is recognised 
in the right period. This increases the 
risk of bias and our audit effort to 
check revenue transactions are 
recorded in the correct reporting 
period. 
  
 
 
 
 
 
 
 
 
 
 
Revenue recognition from the Group’s 
Kogan FIRST Subscriptions (Kogan 
Our procedures included: 
 
Evaluating the Group’s accounting policies for 
revenue recognition against the requirements of the 
accounting standards and our understanding of the 
business;  
 
 
Understanding processes and testing key controls 
relating to the sale of goods; 
 
 
For a sample of sale of goods revenue recognised by 
the Group throughout the year, we checked the 
amount of revenue recorded by the Group to the 
customer sales invoice and cash receipts obtained 
from the Group’s bank or payment gateway 
statements. We checked the date revenue was 
recognised by the Group to the underlying shipping 
documentation and against the terms of sale of 
goods; 
 
 
Selecting a sample of revenue transactions before 
and after the year end due to the increased risk of 
potential bias. For each sample selected we: 
o checked the amount of revenue recorded by the 
Group to the amount of the sales invoice to the 
customer and cash receipts to the Group’s bank 
or payment gateway statements; and 
o checked the date the revenue was recognised 
to shipping documents; and 
 
Evaluating the adequacy of the disclosures made in 
the financial report against the requirements of the 
accounting standards. 
 
Our procedures included: 
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kogan.com Ltd  Annual Report 2024

Independent Auditor’s Report continued
 
 
 
 
 
FIRST) is a key audit matter due to 
the judgements made by the Group in 
the recognition and measurement of 
revenue and associated deferred 
income and the level of audit effort 
required by us in assessing the Group’s 
assumptions underlying the timing of its 
recognition based on the usage trend of 
member benefits over the 12-month 
membership period. 
 
 
 
Evaluating the Group’s accounting policies for 
revenue recognition against the requirements of the 
accounting standards and our understanding of the 
business; 
 
 
Understanding processes and key elements to the 
accounting estimate by management in determining 
Kogan FIRST revenue and deferred income; 
 
 
For a sample of Kogan FIRST payments received 
during the year, we checked the amount of gross 
revenue recorded by the Group to the customer sales 
invoice and cash receipts;  
 
 
Assessing the Group’s deferred income assumptions, 
including evaluating the underlying deferral rate used 
in the Group’s assessment of Kogan FIRST deferred 
income and assessing the deferral rate against 
historical usage; 
 
 
Recalculating the deferred income recognised as at 
the end of the year; and  
 
 
Evaluating the adequacy of the disclosures made in 
the financial report against the requirements of the 
accounting standards. 
Valuation of goodwill (AUD $46.3m) 
Refer to Note 2.2 to the financial report 
The key audit matter 
How the matter was addressed in our audit 
A key audit matter was the Group’s 
annual testing of the recoverability of 
goodwill valuation associated with 
Mighty Ape given the size of the balance 
(being 19% of total assets) and the 
estimation uncertainty associated with 
current economic and market conditions.  
 
The Group assessed valuation of the 
Mighty Ape Cash Generating Unit via 
detailed value in use (VIU) discounted 
cash flow modelling, which contains a 
number of assumptions. 
 
The Mighty Ape VIU model is internally 
developed and uses a range of internal 
and external data as inputs. Forward 
looking estimates may be prone to 
greater risk for potential bias, error and 
Our audit procedures included: 
 
Assessing the Group’s value in use (VIU) model for 
Mighty Ape and key assumptions by: 
o evaluating the appropriateness of the VIU 
method applied by the Group against accounting 
standard requirements; 
o assessing the integrity of the model used, 
including the accuracy of the underlying 
calculation formulas; 
o comparing significant inputs into the relevant 
cash flow forecasts to the Group’s Board 
approved budget; 
o assessing the accuracy of previous Group 
forecasts to inform our evaluation of forecasts 
incorporated in the model 
o using our knowledge of the Group, its past 
performance, published studies on industry 
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kogan.com Ltd  Annual Report 2024

 
 
 
 
 
inconsistent application. These 
conditions necessitate additional scrutiny 
by us, over key assumptions including 
forecast cash flows, forecast growth 
rates over the forecast period and 
discount rate. 
 
trends and our industry knowledge to challenge 
and assess key assumptions including forecast 
cash flows, forecast growth rates over the 
forecast period and terminal growth rate; and 
o working with our valuation specialists, we 
independently developed a discount rate range 
using publicly available market data for 
comparable entities, adjusted by risk factors 
specific to Mighty Ape; 
 
 
Considering the sensitivity of the model by varying 
key assumptions, such as forecast growth rates and 
discount rate within a reasonably possible range; 
and  
 
 
Assessing the disclosures in the financial report 
using our understanding of the recoverability 
assessment obtained from our testing and against 
the requirements of the accounting standards. 
 
 
Other Information  
 
Other Information is financial and non-financial information in Kogan.com Ltd’s annual report which is 
provided in addition to the Financial Report and the Auditor’s Report. The Directors are responsible for the 
Other Information. 
Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not 
express an audit opinion or any form of assurance conclusion thereon, with the exception of the 
Remuneration Report and our related assurance opinion. 
In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In 
doing so, we consider whether the Other Information is materially inconsistent with the Financial Report 
or our knowledge obtained in the audit, or otherwise appears to be materially misstated. 
We are required to report if we conclude that there is a material misstatement of this Other Information, 
and based on the work we have performed on the Other Information that we obtained prior to the date of 
this Auditor’s Report we have nothing to report. 
Responsibilities of the Directors for the Financial Report  
The Directors are responsible for: 
 preparing the Financial Report in accordance with the Corporations Act 2001, including giving a true 
and fair view of the financial position and performance of the Group, and in compliance with 
Australian Accounting Standards and the Corporations Regulations 2001 
 implementing necessary internal control to enable the preparation of a Financial Report in accordance 
with the Corporations Act 2001, including giving a true and fair view of the financial position and 
performance of the Group, and that is free from material misstatement, whether due to fraud or error 
 assessing the Group and Company’s ability to continue as a going concern and whether the use of 
the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters 
related to going concern and using the going concern basis of accounting unless they either intend 
99
kogan.com Ltd  Annual Report 2024

Independent Auditor’s Report continued
 
 
 
 
 
to liquidate the Group and Company or to cease operations, or have no realistic alternative but to do 
so. 
Auditor’s responsibilities for the audit of the Financial Report 
Our objective is:  
•   to obtain reasonable assurance about whether the Financial Report as a whole is free from material 
misstatement, whether due to fraud or error; and  
•   to issue an Auditor’s Report that includes our opinion.  
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with Australian Auditing Standards will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error. They are considered material if, individually or in the 
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the 
basis of the Financial Report. 
A further description of our responsibilities for the audit of the Financial Report is located at the Auditing 
and Assurance Standards Board website at: 
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf. This description forms part of our 
Auditor’s Report. 
Report on the Remuneration Report 
Opinion 
In our opinion, the Remuneration Report of 
Kogan.com Ltd for the year ended 30 June 
2024, complies with Section 300A of the 
Corporations Act 2001.  
 
 
 
 
 
 
 
 
The Directors of the Company are responsible for the 
preparation and presentation of the Remuneration 
Report in accordance with Section 300A of the 
Corporations Act 2001. 
 
Our responsibilities 
We have audited the Remuneration Report included in 
pages 27 to 43 of the Directors’ Report for the year 
ended 30 June 2024. 
Our responsibility is to express an opinion on the 
Remuneration Report, based on our audit conducted 
in accordance with Australian Auditing Standards. 
 
 
KPMG 
Suzanne Bell 
 
Partner 
 
Melbourne 
 
26 September 2024 
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kogan.com Ltd  Annual Report 2024

Shareholder Information
The Shareholder information set out below was applicable as at 13 September 2024.
Additional information required by the Australian Securities Exchange Limited Listing Rules and not disclosed 
elsewhere in this report, is listed below.
A.  NUMBER OF HOLDERS OF EQUITY SECURITIES
Ordinary Share Capital
100,737,647 fully paid ordinary shares are held by 33,870 individual shareholders.
All issued ordinary shares carry one vote per share and the rights to dividends.
Performance Rights
1,512,299 performance rights are held by 107 individuals.
All performance rights are unvested and do not carry a right to vote.
B.  DISTRIBUTION OF EQUITY SECURITY
Total 
Ordinary 
share 
holders
Total 
Performance 
Rights 
holders
Total 
Options
holders
1 – 1000
25,523
12
–
1,001 – 5,000
6,669
44
1
5,001 – 10,000
1,013
30
6
10,001 – 100,000
622
18
8
100,001 and over
43
3
2
33,870
107
17
Holdings less than a marketable parcel
8,828
101
kogan.com Ltd  Annual Report 2024

Shareholder Information continued
C.  EQUITY SECURITY HOLDERS
Twenty largest quoted equity security holders
Name
Units
% units
KOGAN MANAGEMENT PTY LTD 
15,515,701
15.40%
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
9,977,290
9.90%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
8,670,288
8.61%
CITICORP NOMINEES PTY LIMITED
6,494,073
6.45%
SHAFER CORPORATION PTY LTD 
3,075,642
3.05%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED-GSCO ECA
1,629,424
1.62%
MORGAN STANLEY AUSTRALIA SECURITIES (NOMINEE) PTY LIMITED 
1,408,616
1.40%
NATIONAL NOMINEES LIMITED
1,390,756
1.38%
BNP PARIBAS NOMINEES PTY LTD 
1,020,614
1.01%
TOM HADLEY ENTERPRISES PTY LTD
600,000
0.60%
MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED
572,713
0.57%
BNP PARIBAS NOMINEES PTY LTD 
535,641
0.53%
BNP PARIBAS NOMS PTY LTD 
491,006
0.49%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED – A/C 2
441,077
0.44%
BNP PARIBAS NOMINEES PTY LTD 
313,838
0.31%
IOOF INVESTMENT SERVICES LIMITED 
297,841
0.30%
MR GORAN STEFKOVSKI
288,384
0.29%
FINCLEAR SERVICES PTY LTD 
257,567
0.26%
CITICORP NOMINEES PTY LIMITED 
237,308
0.24%
UBS NOMINEES PTY LTD
234,997
0.23%
Total
53,452,776
53.06%
Total Remaining Holders Balance
47,284,871
46.94%
D.  SUBSTANTIAL SECURITY HOLDERS
The Company has received no substantial holder notices from shareholders who hold relevant interest in the 
Company’s Ordinary Shares as at 13 September 2024.
E.  VOTING RIGHTS
The voting rights attaching to each class of equity securities are set out below:
Ordinary Shares
Each Share is entitled to one vote when poll is called, otherwise each member present at a meeting or by proxy has 
one vote on a show of hands.
Performance Rights
All Performance Rights are unvested and do not carry a right to vote.
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kogan.com Ltd  Annual Report 2024

F.  STOCK EXCHANGE LISTING
Quotation has been granted for all of the Ordinary Shares of the Company on all Member Exchanges of the ASX Limited.
G.  UNQUOTED SECURITIES
1,512,299 Performance Rights held by 107 holders.
670,632 Options held by 17 holders.
H.  SECURITIES SUBJECT TO VOLUNTARY ESCROW
There are no securities subject to voluntary escrow.
I.  ON MARKET BUY-BACK
The Group commenced an on-market share buy-back program in May 2023, anticipated to remain ongoing 
until May 2025. The Group purchased $34,635,287 of shares by 30 June 2024 ($10,786,588 in FY23 and 
$23,848,699 in FY24), resulting in a reduction of Issued Capital.
103
kogan.com Ltd  Annual Report 2024

Corporate Directory
COMPANY SECRETARY
Mark Licciardo, Acclime Australia
PRINCIPAL REGISTERED OFFICE
KOGAN.COM LTD
C/– Acclime Australia 
7/330 Collins Street 
Melbourne VIC 3000
+61 3 8689 9997
PRINCIPAL PLACE OF BUSINESS
KOGAN.COM LTD
139 Gladstone Street 
South Melbourne VIC 3205
+61 3 6285 8572
LOCATION OF SHARE REGISTRY
AUTOMIC GROUP
Suite 5 Level 12 
530 Collins Street 
Melbourne VIC 3000
1300 288 664
STOCK EXCHANGE LISTING
Kogan.com Ltd (KGN) shares are listed on the ASX.
AUDITORS
KPMG
Tower Two, Collins Square 
727 Collins Street 
Docklands VIC 3008
104
kogan.com Ltd  Annual Report 2024

colliercreative.com.au  #KOG0019