Kingfish continues strong performance

Kingfish Limited (KFL)
Results for announcement to the market

Reporting Period 6 months to 30 September 2017
Previous Reporting Period 6 months to 30 September 2016

Amount (000s) Percentage change
Revenue from ordinary
activities
$NZ 21,420 -20.5%
Profit (loss) from ordinary
activities after tax
attributable to security
holder
$NZ 18,904 -19.2%
Net profit (loss) attributable
to security holders
$NZ 18,904 -19.2%

Dividend Amount per security Imputed amount per
security
Kingfish will pay a partially
imputed quarterly dividend
in line with its distribution
policy.
$NZ 2.83 cps $NZ 0.003511

Record Date 7 December 2017
Dividend Payment Date 22 December 2017

Comments:
The interim financial statements attached to this report
have been reviewed by PricewaterhouseCoopers and are
not subject to a qualification. A copy of the independent
review report applicable to the interim financial statements
is attached to this announcement.


Net asset value per share 30 September 2017 $1.41 (2016: $1.46)

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For immediate release:
20 November 2017

Kingfish continues strong performance

 Interim 2017 net profit $18.9m (interim 2016 net profit $23.4m)
 Gross performance return +8.7%
 Total shareholder return +4.7%
 5.56 cents per share in dividends paid during the period

The six months to 30 September 2017 saw the S&P/NZX50G continue its ascent providing a
supportive environment for NZX listed investment company Kingfish Limited (NZX: KFL). Kingfish
again performed strongly over the period reporting a net profit of $18.9m. The result includes gains
on investments of $17.1m, dividend and interest income of $4.3m, less operating expenses and tax
of $2.5m.

Total shareholder return for the six months was 4.7% which includes the change in share price,
dividends paid per share and the impact of the warrants that were on issue for the period. In
accordance with Kingfish’s quarterly distribution policy (2% of average NAV per quarter), the
company paid a total of 5.56 cents per share to shareholders during the six months ended 30
September 2017. On 20 November 2017, the Board declared a dividend of 2.83 cents per share to be
paid to shareholders on 22 December 2017 with a record date of 7 December 2017.

The Kingfish portfolio achieved a gross performance return of +8.7% for the interim period while the
S&P/NZX50G was up 10.2%. The Chair of Kingfish, Alistair Ryan said: ‘The New Zealand market has
had another strong period of returns over the six months to 30 September 2017, following a positive
trend in global equity markets. It is encouraging to see that in this environment, the Kingfish
portfolio has continued to deliver sound returns with most of the portfolio companies continuing to
thrive.”

During the period, Fisher & Paykel Healthcare, Restaurant Brands, Infratil and Mainfreight had
particularly strong returns. Senior Portfolio Manager, Sam Dickie said: “Pleasingly, our heavyweight
portfolio positions delivered solid performance and contributed the majority of returns to the
Kingfish portfolio for the six month period to 30 September.”

Sam Dickie added: “The New Zealand economy has performed well, with GDP growth ahead of
global developed economies over the past five years by 0.5% to 1% per year. While we hope this
continues, we are also seeing signs of a synchronised lift in global growth and are well positioned as
the Kingfish portfolio companies generate a notable portion of their revenues from offshore.”

For further information, please contact:

Corporate Manager
Kingfish Limited
Tel: (09) 484 0352

The total shareholder return, adjusted net asset value and gross performance return methodologies are described in the Kingfish Non-GAAP
Financial Information Policy. A copy of the policy is available at http://www.kingfish.co.nz/about-kingfish/kingfish-policies/

About Kingfish

Kingfish is a listed investment company that invests in growing New Zealand companies. The Kingfish portfolio is managed by Fisher Funds,
a specialist investment manager with a track record of successfully investing in growth company shares. Fisher Funds and its related entities
currently have over $6 billion of funds under management. The aim of Kingfish is to offer investors competitive returns through capital
growth and dividends, and access to a diversified portfolio of investments through a single tax-efficient investment vehicle. Kingfish listed
on the NZX Main Board on 31 March 2004 and may invest in companies that are listed on the NZX Main Board, NZX Alternative Market or
unlisted companies. /ends

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PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent review report
to the shareholders of Kingfish Limited


Report on the Interim Financial Statements
We have reviewed the accompanying interim financial statements of Kingfish Limited (the Company)
on pages 2 to 10, which comprise the statement of financial position as at 30 September 2017, and the
statement of comprehensive income, the statement of changes in equity and the statement of cash
flows for the period ended on that date, and notes to the interim financial statements.
Directors’ responsibility for the financial statements
The Directors are responsible on behalf of the Company for the preparation and presentation of these
financial statements in accordance with New Zealand Equivalent to International Accounting Standard
34 Interim Financial Reporting (NZ IAS 34) and for such internal control as the Directors determine
is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying financial statements based on our
review. We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the
Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the financial statements, taken as a whole, are not prepared in
all material respects, in accordance with NZ IAS 34. As the auditors of the Company, NZ SRE 2410
requires that we comply with the ethical requirements relevant to the audit of the annual financial
statements.
A review of financial statements in accordance with NZ SRE 2410 is a limited assurance engagement.
The auditor performs procedures, primarily consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and International
Standards on Auditing. Accordingly, we do not express an audit opinion on these financial statements.
We are independent of the Company. Other than in our capacity as auditor we have no relationship
with, or interests in, the Company.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these financial
statements of the Company are not prepared, in all material respects, in accordance with NZ IAS 34.

PwC 2
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s shareholders those matters which we are required
to state to them in our review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the shareholders, as a body, for our
review procedures, for this report, or for the conclusion we have formed.

For and on behalf of:



Chartered Accountants Auckland
20 November 2017