KFL – 30 September 2017 Interim Report

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
interim
report
2018

2
kingsh limited /
INTERIM REPORT

2018
calendarcontents
22 December 2017
Next Dividend Payable
Financial year end
31 March 2018
This report is dated 15 December 2017
and is signed on behalf of the Board of
Kingfish Limited by Alistair Ryan, Chair,
and Carmel Fisher, Director.
Alistair Ryan / Chair
Carmel Fisher / Director

04
Directors’ Overview
08
Manager’s Report

15
Portfolio Holdings

16
Financial
Statements Contents
17
Statement of
Comprehensive Income

18
Statement of
Changes in Equity

19
Statement of
Financial Position

20
Statement of Cash Flows

21
Notes to the Interim
Financial Statements

28
Independent Review Report

31
Directory

3
kingsh limited /
INTERIM REPORT

2018
6 months ended 30 September 2017
BEST
PERFORMING
INVESTMENT
+34%
DIVIDENDS PAID
29 JUNE 201729 SEPTEMBER 2017
2.79
cents per
share
2.77
cents per
share
NET PROFIT
$18.9m
TOTAL SHAREHOLDER
RETURN
+4.7%
GROSS
PERFORMANCE
RETURN
+8.7%
$$
$
As at 30 September 2017
SHARE
PRICE
$1.28
SHARE PRICE
DISCOUNT TO NAV
9.2%
(including warrant price on a pro-rated basis)$1.41
PER SHARE

4
kingsh limited /
INTERIM REPORT

2018
The S&P/NZX50G continued its
ascent over the six months to 30
September 2017 up 10.2%. Stand out
performances from Kingfish investments
Fisher & Paykel Healthcare and Xero
helped to drive the rise of the New
Zealand market which followed the
upwards trend of global equity markets.
In this supportive environment, Kingfish
continued to perform well, delivering a
sound absolute return of 8.7% for the
period which translated to a strong net
profit result of $18.9m.
The net profit of $18.9m for the six months
ended 30 September 2017, was another
positive result for Kingfish, however trailing the
previous corresponding period net profit of
$23.4m. The key components of the first half
result were gains on investments of $17.1m,
dividend and interest income of $4.3m less
operating expenses and tax of $2.5m.
For the 12 months ended 30 September 2017,
Kingfish’s net profit was an encouraging
$17.9m, and while this number is lower than
the current interim result, it is reflective of the
challenging period New Zealand markets
faced in the three months to December 2016
when markets were down 6.5%, before
recovering in early 2017.
overview
Directors’
Alistair Ryan
Chair

5
kingsh limited /
INTERIM REPORT

2018
Management fees were slightly
higher over the period due to an
increase in the portfolio’s gross asset
value, however the overall operating
expenses were lower for the six
months to 30 September 2017 than
the previous corresponding period.
The reduction in operating expenses
was due to the performance fee
accrual being significantly lower at
$0.1m compared to the $1.5m that
was accrued for the six months to 30
September 2016. The performance fee
that is currently accruing will only be
payable if the performance criteria are
met for the full year.
Five-Year Summary
Figure 1 (on page 6) summarises the
five year performance history for the
six month periods ended 30 September
2013 - 2017.
Figure 2 (on page 7) tracks the Kingfish
share price and total shareholder return
since inception.
Capital Management
Kingfish continues to distribute 2.0%
of average net asset value per quarter.
Over the six month period to 30
September 2017, Kingfish paid 5.56
cents per share in dividends (2.79
cents per share on 29 June 2017 and
2.77 cents per share on 29 September
2017). The next dividend of 2.83
cents per share will be paid on 22
December 2017 with a record date of
7 December 2017.
Kingfish has a dividend reinvestment plan
which provides ordinary shareholders
with the opportunity to reinvest all or
part of any cash dividends in fully paid
ordinary shares. Currently, shares issued
under the reinvestment plan will be issued
at a 3% discount.
1
Kingfish’s share price closed at $1.28 on
30 September 2017 compared to the net
asset value of the Kingfish portfolio on
this date which was $1.41. Since March
2017 the share price to net asset value
discount has been widening. The Board
has a number of initiatives in place to
endeavour to manage the discount and
enhance shareholder value including
the buyback programme. Over the six
months to 30 September 2017, 934,997
Kingfish shares were purchased under the
buyback programme.
Conclusion
The Board is pleased with the strong first
half result for the 2018 financial year both
in terms of portfolio performance and
returns to shareholders. More details on the
portfolio and individual portfolio holdings
are included in the Manager’s Report.
On behalf of the Board,
Alistair Ryan / Chair
Kingfish Limited
15 December 2017
1
To participate in the dividend reinvestment plan, a completed participation notice must be received
by Kingfish before the next record date. Full details of the dividend reinvestment plan can be found
in the Kingfish Dividend Reinvestment Plan Offer Document, a copy of which is available at
www.kingfish.co.nz/investor-centre/capital-management-strategies/.
Directors’

6
kingsh limited /
INTERIM REPORT

2018
Figure 1: Five Year Performance Summary
Corporate Performance
Six month period
ended 30 September20172016201520142013
5 years
(annualised)
Total Shareholder Return4.7%9. 4%( 7. 6 % )6.7%13.1%13.8%
Adjusted NAV Return7. 3 %11.1%(1.8%)2.0%9. 4%13.8%
Dividend Return 4.3%4.2%3.9%4.2%4.3%
Net Profit After Tax / (Loss)$18.9m$23.4m($2.9m)$4.2m$14.9m
Basic Earnings per Share10.44cps15.2 7c p s(2.37c p s)3.49cps12.92c ps
As at 30 September20172016201520142013
NAV$1. 41$1.46$1.26$1.33$1.31
Adjusted NAV$3. 76$3.52$2. 76$2.68$2.43
Share Price$1.28$1.36$1.23$1.31$1.27
Share Price Discount to NAV
1
9. 2 %5.8%1.6%1.5%3.1%
Manager Performance
Six month period
ended 30 September20172016201520142013
5 years
(annualised)
Gross Performance Return8.7%13.0%(0.9%)3.6%11. 7 %17. 3 %
S&P/NZX50G Index10.2%9.0 %( 4.1%)2.2%7.1 %15.6%
NB: All returns have been reviewed by an independent actuary.
¹ Share price discount/(premium) to NAV (including warrant price on a pro-rated basis)

7
kingsh limited /
INTERIM REPORT

2018
Comparative information
Kingfish’s share price discount to NAV historical information has been restated following a change in
calculation methodology from using data inputs of four decimal places to two decimal places.
Non-GAAP Financial Information
Kingfish uses non-GAAP measures, including adjusted net asset value, gross performance return and total
shareholder return. The rationale for using such non-GAAP measures is as follows:
» adjusted net asset value – the underlying value of the investment portfolio adjusted for capital allocation
decisions,
» gross performance return – the Manager’s portfolio performance in terms of stock selection and
hedging of currency movements, and
» total shareholder return – the return to an investor who reinvests their dividends, and if in the money,
exercises their warrants at warrant maturity date for additional shares.
All references to adjusted net asset value, gross performance return and total shareholder return in this
Interim Report are to such non-GAAP measures. The calculations applied to non-GAAP measures 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/
Figure 2: Total Shareholder Return
Sep
2004
Sep
2005
Sep
2006
Sep
2007
Sep
2008
Sep
2009
Sep
2010
Sep
2011
Sep
2012
Sep
2014
Sep
2015
Sep
2013
Sep
2016
Share Price/Total Shareholder Return
$
2.50
$
3.00
$
2.0 0
$
1.50
$
1.00
Share PriceTotal Shareholder Return
$
0.50
$
0.00
Sep
2017
$
3.50

8
kingsh limited /
INTERIM REPORT

2018
Kingfish performed strongly over
the six months to 30 September
2017 with a gross performance
return of 8.7%.
Since taking on the responsibility of
managing the Kingfish portfolio earlier
this year I have spent a lot of time with
the team reviewing and refining the
investments in the Kingfish portfolio.
We have also taken the opportunity to
look for new investment ideas which has
resulted in us adding Xero to the portfolio
(discussed further on page 10). Since
March, we have met with over 50 New
Zealand corporates. For the most part we
have been encouraged by the world class
management teams, particularly with their
integrity and clearly articulated strategies.
One of the key events over the period
was the New Zealand election. While
the initial uncertainty over the election
outcome is now behind us, there remains
some uncertainty around the economic
impact of the new Labour-led coalition
government policy.
Although there may still be some
ambiguity around the new government’s
policy – both in content and ability
to fully implement, statements to date
suggest that on balance the economic
backdrop remains supportive of corporate
earnings growth. We expect such an
environment to continue to be beneficial
Sam Dickie
Senior Portfolio Manager
report
Manager’s

9
kingsh limited /
INTERIM REPORT

2018
for Kingfish’s portfolio companies. It
is also worth remembering that nearly
half of our portfolio companies’ revenue
is generated offshore and they are
well positioned to benefit from the
strengthening global economy.
Performance:
The Kingfish portfolio was up strongly
for the six month period, with a
gross performance return of 8.7%.
Performance has been steady over the
period, with Kingfish growing every
month (without a single down month this
calendar year). Of the 18 investments
1

held over the six month period, the
majority performed well with only six
falling in value.
Pleasingly, our heavyweight portfolio
positions delivered solid performance
and contributed the majority of returns,
with Fisher & Paykel Healthcare (+34%),
Restaurant Brands (+29%), Infratil (+12%)
and Mainfreight (+12%) among those to
outperform the broader stock market. It
was also satisfying to see smaller positions
like Abano Healthcare perform strongly for
the half (+15%). Notable detractors from
portfolio performance were Michael Hill
(-20%) and TradeMe (-8%).
As always, both in strong markets and
weak markets, we remain focused on
our core approach – investing in quality
companies with sustainable competitive
advantages and the ability to grow
earnings over time.
Manager’s
Fisher & Paykel Healthcare
Restaurant Brands
Abano Healthcare
Infratil
Mainfreight
Ryman Healthcare
Z Energy
Delegat Group
Xero*
Meridian Energy
Freightways
Port of Tauranga
Summerset
Vista Group
EBOS
Auckland Airport
Trade Me
Michael Hill
Total Shareholder Return (%)
-20 -10 0 10 20 30 40
* Purchased during the period. Total shareholder return is from the first purchase date to 30 September 2017.
¹ The Kingfish portfolio also held shares during the period in Waterman. Waterman is in the process of
winding itself up and the Kingfish portfolio received a final distribution in August 2017.

10
kingsh limited /
INTERIM REPORT

2018
Market:
The S&P/NZX50G continued its climb
for the six months to 30 September 2017,
up 10.2%. The strong performance of
the New Zealand share market was set
against a backdrop of exceptionally
strong global markets and very low
volatility. Almost all global equity markets
continue to make fresh all-time highs
and the New Zealand share market
slightly outperformed a number of global
share markets over the six month period
including Europe and Australia, while
Asian and emerging markets were ahead
of New Zealand.
Portfolio activity:
Portfolio activity during the six month
period was driven by our comprehensive
review. We introduced Xero to the
portfolio in September and exited
our small position in Tegel in June (as
discussed in the most recent Annual
Report). We also added to our positions
in Mainfreight, Restaurant Brands,
Fisher & Paykel Healthcare and Abano,
and adjusted our positions in Ryman
Healthcare, EBOS and Port of Tauranga.
In September, we took a new position
in cloud accounting software provider
Xero. We believe Xero is a quality
growth company and are attracted
to numerous aspects of the company
including its leading market positions,
the high barriers to entry it has created
through strong investment in its platform,
the material runway of future growth
ahead, and its highly innovative culture.
We also like that Xero can use strong
cash flows generated from its core
markets to fund rapid growth in less
mature and new markets. At the time of
its recent result, Xero announced that it
would be transitioning to a sole listing
on the Australian Stock Exchange (ASX)
in February 2018. The rationale for the
decision to migrate to the ASX is that
it will advance Xero’s growth goals by
having enhanced access to deeper capital
markets, increasing trading liquidity and
a broader base of potential investors.
The Company is working through the
implications for our Xero holding in the
Kingfish portfolio and will let shareholders
know the decision in due course.
Portfolio commentary:
Key contributors
The majority of our portfolio companies
had positive news stories over the six
months, including our larger portfolio
positions and those which we added to –
Mainfreight, Restaurant Brands, Fisher &
Paykel Healthcare, Abano and Infratil.
After the end of the six month period
Mainfreight released a result that showed
slower growth than usual. The result was
impacted by several abnormal drags
on performance such as the Kaikoura
earthquake and investment in new
warehouses and new IT systems. We take
a long term view on the earnings power
of our portfolio companies and expect
Mainfreight earnings to rebound strongly.
Strong earnings momentum continues
in particular in Australia and Europe as
the company continues to take share
and win new customers in these markets.
Mainfreight is leveraged to a synchronised
pick up in global growth and can achieve
above market growth should recent market
share gains continue.

11
kingsh limited /
INTERIM REPORT

2018
Restaurant Brands has been actively
pursuing growth in its new geographies.
During the period, the company
announced the acquisition of 10 new
sites in Australia, which continues to
build the company’s growing portfolio
of KFC outlets in New South Wales.
During the period we were also pleased
to see the Board announce a new Long
Term Incentive Scheme for CEO Russel
Creedy and CFO Grant Ellis, who
have both driven value creation for
shareholders over recent years and are
well incentivised for the future.
Fisher & Paykel Heathcare’s impressive
earnings growth has moderated in recent
periods, with new product releases from
competitors in both sleep apnea masks
and non-invasive ventilation masks
taking market share, ahead of a full
global rollout of Fisher & Paykel’s new
non-invasive ventilation mask and the
overdue release of a new sleep apnea
mask. Its high-flow oxygen therapy
meanwhile continues to deliver strong
revenue growth and is expected to
remain a material growth opportunity for
the company, supported by a growing
body of clinical evidence and increasing
adoption rates. Positively, the tail-risk
from patent disputes has reduced over the
period, although litigation costs continue
to weigh on overall profitability.
We participated in a $35m (NZD) capital
raising for Abano during the period.
The new capital will help accelerate
its acquisition of dental practices and
is consistent with its strategy. After the
distraction of multiple failed takeover
attempts, we are relieved that dissenting
shareholders Healthcare Partners have
sold their 19% stake in the company.
The period was also positive for Infratil
as Trustpower, its largest investment,
is currently benefiting from strong
hydro generation and both companies
increased earnings guidance for
the coming year. There was also
very positive news for Infratil’s 48%
investment in Canberra Data Centres
(CDC). Microsoft Azure has committed
to increase its space at CDC instead
of building its own data centres which,
combined with other recent contracts,
will see a material uplift to CDC’s
operating earnings.
Notable detractors
While the six months brought mostly
good news, there were two notable
detractors to performance for the period,
namely Michael Hill and Trade Me.
Michael Hill continues to deliver solid
performance in its traditional business –
with particularly impressive performance
in Canada in fiscal year 2017. This
has been somewhat overshadowed
by continued lack of traction in the
smaller US operation and also within
the immature Emma & Roe brand. The
company is currently reviewing how to
best position itself in both of its lagging
operations to improve performance in
the future.
Trade Me’s classifieds businesses
continue to grow strongly from
increasing premium revenue streams,
as evidenced in its fiscal year 2017
result in August. However, this has
been overshadowed by concern that
the arrival of Amazon in Australia
will impact performance of its core
marketplace and require Trade Me to
invest to defend its platform.

12
kingsh limited /
INTERIM REPORT

2018
Meridian also announced the retirement
of its CEO Mark Binns, replaced by
internal candidate Neal Barclay. Despite
a sharp drop-off in hydro inflows towards
the end of its financial year, Meridian
managed to maintain generation at
near average levels, highlighting the
company’s risk mitigation capabilities and
the value of its storage facilities. Meridian
remains well placed given the electricity
market is relatively balanced following
recent thermal generation closures
and we do not expect any new scale
generation capacity in the near term.
Summerset continues to deliver impressive
earnings growth, with development
margins and resale gains in particular
being very strong for the six months
to 30 June 2017. The company is on
track for its increased build rate of 450
retirement units for the current year, up
10% on 2016 levels and reaffirmed its
guidance for underlying earnings growth
of approximately 30%.
Vista Group announced the addition of
key customers Twentieth Century Fox
and Epsilon to its Movio Media platform,
which monetises its extensive filmgoer
database and enables major studios and
advertisers to accurately measure the
results of targeted advertising campaigns.
Vista also announced the acquisition of
a controlling stake in its long term Latin
American distribution partner, which will
allow it to capture greater benefits from
its push into large and under-represented
markets such as Brazil.
Other portfolio company news
Auckland Airport’s share price came
under pressure during the period as
the focus remains on near term capital
expenditure requirements and slowing
passenger growth. We remain of
the view that Auckland Airport is an
exceptional asset, and the increased
capex profile is required to support its
long term growth potential.
Delegat Group’s growth story
continues, with US growth
underpinning its recent fiscal year
2017 result. Encouragingly, the
company has recently expanded a key
distribution agreement which almost
doubles the size of the addressable
market in the US. This underpinned
an upgrade to case sale expectations
which are now set to grow almost 40%
over the next 5 years.
Freightways reported a typically
solid fiscal year 2017 result, while
concurrently reinvesting for future
growth. The company also announced
the acquisition of a medical waste
business within its Information
Management division, which increases
scope for future growth. We were
saddened to hear that long-time CEO
Dean Bracewell has announced he is
stepping down after 34 years with the
business. Dean has done a fantastic
job in leading the business and its
growth and strong shareholder returns
are largely a testament to his hard
work and acumen.

13
kingsh limited /
INTERIM REPORT

2018
Z Energy navigated a difficult period
with distractions of the major refinery
pipeline outage and the release of an
inconclusive report from the Ministry of
Business, Innovation and Employment
on the New Zealand fuel market. Near
the end of the period the company held
its Investor Day in which it laid out its
Strategy 3.0 framework to maximise
performance of the business over the
next three years.
As indicated earlier, we adjusted our
holdings in Ryman Healthcare, EBOS
and Port of Tauranga – largely to fund
the Xero acquisition.
Ryman Healthcare’s full year
result announcement in May was
overshadowed by the announcement
that CEO Simon Challies was retiring
for health reasons. As discussed in
the Kingfish Annual Report, Simon has
been an exceptional CEO. Under his
leadership Ryman’s portfolio has grown
from 12 to 31 retirement villages across
both New Zealand and Australia and
underlying earnings have grown from
$35 million to around $180 million.
We take comfort in knowing Simon’s
successor well, as Gordon MacLeod
has been a key part of the senior
management team for over a decade.
EBOS continues its reign as the best-
in-class Australasian healthcare and
animal care products distributor. The
company has given guidance for
a further 10% growth in operating
earnings for the coming year, which
has been bolstered by acquiring
HPS, Australia’s largest provider of
outsourced pharmacy services to
hospitals.
Port of Tauranga was rewarded for
its prior investment in accommodating
larger vessels with 8% growth in net
profit after tax over the 2017 fiscal
year. The increase was driven by
the arrival of larger ships and new
container services lifting container
volumes, plus the recovery in high-
margin log export volumes.
Outlook:
The New Zealand economy has
performed well, with GDP growth
exceeding global developed economies
over the past five years by 0.5% to 1%
per year. While we hope this continues,
growth is expected to moderate from
above-trend rates of greater than 3%
to the historical average of around
2.8%. Despite this potential slowdown,
these levels remain solidly supportive of
company earnings growth.

14
kingsh limited /
INTERIM REPORT

2018
Positively, we are also seeing signs of a
synchronised lift in global growth and are
well positioned as the Kingfish portfolio
companies generate approximately
45% of their revenue from offshore. We
have anticipated this shift and it has
been reflected in some of our portfolio
weighting changes.
Every year presents challenges and
opportunities and our response to
changing global and local dynamics and
investor preferences is straightforward —
we will continue to invest in high quality
growth companies with high quality
management and sustainable competitive
advantages.
Sam Dickie / Senior Portfolio Manager
Fisher Funds Management Limited
15 December 2017
% Revenue New Zealand
% Revenue United States
% Revenue other
% Revenue Australia/Asia
% Revenue Europe
Where Kingfish portfolio companies
revenue is generated

15
kingsh limited /
INTERIM REPORT

2018
Listed Companies% Holding
Abano Healthcare3.3%
Auckland International Airport4.5%
Delegat Group2.8%
EBOS Group3.6%
Fisher & Paykel Healthcare10.9%
Freightways9.0 %
Infratil7. 9 %
Mainfreight12.6%
Meridian Energy3.4%
Michael Hill International4.6%
Port of Tauranga3.4%
Restaurant Brands NZ6.9%
Ryman Healthcare7.1 %
Summerset4.6%
Trade Me2.5%
Vista Group International3.6%
Xero2.4%
Z Energy1.9%
Equity Total95.0%
New Zealand dollar cash5.0%
TOTAL100.0%
Portfolio Holdings Summary
as at 30 September 2017

16
kingsh limited /
INTERIM REPORT

2018
contents
financial statements

17
Statement of Comprehensive Income

18
Statement of Changes in Equity

19
Statement of Financial Position

20
Statement of Cash Flows

21
Notes to the Interim Financial Statements

17
kingsh limited /
INTERIM REPORT

2018
The Notes to the Interim Financial Statements set out on pages 21 to 27 should be read in conjunction
with this Statement of Comprehensive Income.
KINGFISH LIMITED
Statement of Comprehensive Income
For the six months ended 30 September 2017
Notes
6 months
ended
30/09/17
unaudited
$000
6 months
ended
30/09/16
unaudited
$000
Interest income 148 131
Dividend income 4,167 3,624
Net changes in fair value of investments
1(i) 1 7, 0 9 1 23,193
Other income 14 0
Total net income 21, 420 26,948
Operating expenses
1(ii) 2,497 3, 541
Operating profit before tax 18,923 23,407
Tax expense 19 12
Net operating profit after tax attributable to shareholders 18,904 23,395
Other comprehensive loss
Items that will not be reclassified to profit or loss:
Impairment of available-for-sale financial asset 0 (289)
Total comprehensive profit after tax attributable to shareholders 18,904 23,10 6
Earnings per share
Basic earnings per share
Profit attributable to owners of the company ($000) 18,904 23,395
Weighted average number of ordinary shares on issue
net of treasury stock ('000) 181,153 153,173
Basic earnings per share10.44c15.2 7c
Diluted earnings per share
Profit attributable to owners of the company ($000) 18,904 23,395
Weighted average number of ordinary shares on issue
net of treasury stock ('000) 181,153 153,173
Diluted effect of warrants on issue 345 2,040
181, 498 155,213
Diluted earnings per share10.42c15.07c

18
kingsh limited /
INTERIM REPORT

2018
Statement of Changes in Equity
For the six months ended 30 September 2017
The Notes to the Interim Financial Statements set out on pages 21 to 27 should be read in conjunction
with this Statement of Changes in Equity.
KINGFISH LIMITED
Attributable to shareholders of the company
Notes


Share
Capital

$000
Available-
for-Sale
Reserve
$000
Performance
Fee Reserve

$000
Retained
Earnings

$000
Total
Equity

$000
Balance at 1 April 2016 (audited) 1 5 7, 6 9 1 289 607 49,765 208,352
Comprehensive income
Profit for the period 0 0 0 23,395 23,395
Other comprehensive loss 0 (289) 0 0 (289)
Total comprehensive (loss)/income for the
period ended 30 September 2016 0 (289) 0 23,395 23,10 6
Transactions with owners
Dividends paid
2 0 0 0 (8,476) (8,476)
New shares issued under dividend
reinvestment plan 3,217 0 0 0 3,217
Warrant issue costs
2 (17 ) 0 0 0 (17 )
Prior year Manager's performance
fee settled with ordinary shares
2 603 0 (607) 0 (4)
Current period Manager's
performance fee to be settled with
ordinary shares
5 0 0 6 61 0 6 61
Total transactions with owners for the period
ended 30 September 2016 3,803 0 54 (8,476) ( 4,619)
Balance at 30 September 2016 (unaudited) 161, 494 0 6 61 64,684 226,839
Balance at 1 April 2017 (audited)164,729 0 417 54,924 220,070
Comprehensive income
Profit for the period 0 0 0 18,904 18,904
Total comprehensive income for the
period ended 30 September 2017 0 0 0 18,904 18,904
Transactions with owners
Dividends paid
2 0 0 0 (10,407) (10,407)
Share buybacks
2 (1,20 8) 0 0 0 (1,20 8)
Shares issued from treasury stock
under dividend reinvestment plan
2 1,0 02 0 0 0 1,0 02
New shares issued under dividend
reinvestment plan
2 2,843 0 0 0 2,843
Shares issued for warrants exercised
2 35,149 0 0 0 35,149
Prior year Manager's performance
fee settled with ordinary shares
2 297 0 (301) 0 (4)
Prior year Manager's performance
fee settled with treasury stock
2 116 0 (116 ) 0 0
Current period Manager's
performance fee to be settled with
ordinary shares
5 0 0 47 0 47
Total transactions with owners for the period
ended 30 September 2017 38,19 9 0 (370) (10,407) 2 7, 4 2 2
Balance at 30 September 2017 (unaudited) 202,928 0 47 63,421 266,396

19
kingsh limited /
INTERIM REPORT

2018
Statement of Financial Position
as at 30 September 2017
The Notes to the Interim Financial Statements set out on pages 21 to 27 should be read in conjunction
with this Statement of Financial Position.
KINGFISH LIMITED
Notes
30/09/17
unaudited
$000
31/0 3/17
audited
$000
ASSETS
Current Assets
Cash and cash equivalents 11,9 3 4 2,604
Trade and other receivables 2,655 5,090
Investments at fair value through profit or loss
3 253,299 213,334
Current tax receivable 10 10
Total Current Assets 2 6 7, 8 9 8 221,038
Non-current Assets
Available-for-sale financial assets 0 91
Total Non-current Assets 0 91
TOTAL ASSETS 2 6 7, 8 9 8 221,129
LIABILITIES
Current Liabilities
Trade and other payables 1, 502 1,059
Total Current Liabilities 1, 502 1,059
TOTAL LIABILITIES 1, 502 1,059
EQUITY
Share capital
2 202,928 164,729
Performance fee reserve
5 47 417
Retained earnings 63,421 54,924
TOTAL EQUITY 266,396 220,070
TOTAL EQUITY AND LIABILITIES 2 6 7, 8 9 8 221,129
These interim financial statements have been authorised for issue for and on behalf of the Board by:
A B Ryan C A Campbell
Chair Chair of the Audit and Risk Committee
20 November 2017 20 November 2017

20
kingsh limited /
INTERIM REPORT

2018
Statement of Cash Flows
For the six months ended 30 September 2017
The Notes to the Interim Financial Statements set out on pages 21 to 27 should be read in conjunction
with this Statement of Cash Flows.
KINGFISH LIMITED
Notes
6 months
ended
30/09/17
unaudited
$000
6 months
ended
30/09/16
unaudited
$000
Operating Activities
Cash was provided from:
- Sale of investments 30,860 15,098
- Interest received 148 130
- Dividends received 3,670 3,008
- Other income received 14 0
Cash was applied to:
- Purchase of investments (49,622) (16,494)
- Operating expenses (3,10 6) (2,751)
- Taxes paid (19) (12)
Net cash outflows from operating activities
4
(18,055) (1,021)
Financing Activities
Cash was provided from:
- Proceeds from warrants exercised 35,149 0
Cash was applied to:
- Share buybacks (1,198) 0
- Issue costs (4) (21)
- Dividends paid (net of dividends reinvested) (6,562) (5,259)
Net cash inflows/(outflows) from financing activities 2 7, 3 8 5 (5,280)
Net increase/(decrease) in cash and cash equivalents held 9, 33 0 (6,301)
Cash and cash equivalents at beginning of the period 2,604 13,734
Cash and cash equivalents at the end of the period 11,9 3 4 7, 4 3 3
All cash balances comprise short-term cash deposits.

21
kingsh limited /
INTERIM REPORT

2018
GENERAL INFORMATION
Entity Reporting
The interim financial statements are for Kingfish Limited (“Kingfish” or “the company”).
Legal Form and Domicile
Kingfish is incorporated and domiciled in New Zealand.
The company is a limited liability company, incorporated under the Companies Act 1993
on 30 January 2004.
The company is listed on the NZX Main Board and is an FMC Reporting Entity under the
Financial Markets Conduct Act 2013.
The company is a profit-oriented entity and began operating as a listed investment
company on 31 March 2004.
The company’s registered office is Level 1, 67 – 73 Hurstmere Road, Takapuna, Auckland.
Authorisation of Interim Financial Statements
The Kingfish Board of Directors authorised these interim financial statements for issue on
20 November 2017.
No party may change these interim financial statements after their issue.
ACCOUNTING POLICIES
Period Covered by Interim Financial Statements
These interim financial statements cover the unaudited results from operations for the six
months ended 30 September 2017.
Statement of Compliance
The interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”). They comply with the New
Zealand Equivalent to International Accounting Standard 34 (“NZ IAS 34”) Interim
Financial Reporting.
The interim financial statements do not include all of the information required for full
year financial statements and should be read in conjunction with the company’s annual
financial report for the year ended 31 March 2017.
The company has applied consistent accounting policies in the preparation of these
interim financial statements as for the 2017 full year financial statements.
Critical Judgements, Estimates and Assumptions
The preparation of these interim financial statements did not require the directors to make
material judgements, estimates and assumptions that affect the application of policies and
reported amounts of assets and liabilities, income and expenses.
Notes to the Interim Financial Statements
For the six months ended 30 September 2017
KINGFISH LIMITED

Notes to the Interim Financial Statements continued
For the six months ended 30 September 2017
22
kingsh limited /
INTERIM REPORT

2018
KINGFISH LIMITED
Note 1 — Statement of Comprehensive Income
6 months 6 months
ended ended
3 0/0 9/17 3 0/0 9/16
unaudited unaudited
$000 $000
(i) Net changes in fair value of investments
Investments designated at fair value through profit or loss
- New Zealand listed equity investments 17,102 23,212
Available-for-sale financial assets
- Impairment of investment (11) (19)
Net changes in fair value of investments 17,091 23,193
(ii) Operating Expenses
Management fees (note 5) 1,760 1,587
Performance fees (note 5) 96 1,521
Administration services (note 5) 79 80
Directors’ fees (note 5) 54 61
Custody and brokerage 345 146
Investor relations and communications 77 69
NZX fees 32 29
Fees paid to the auditor:
- Statutory audit and review of financial statements 19 18
- Other assurance services 4 6
- Non assurance services 3 2
Professional fees 14 9
Other operating expenses 14 13
Total operating expenses 2,497 3,541
Other assurance services relate to a share and warrant register audit and performance fee
review. Non assurance services relate to annual shareholders meeting procedures. No other
fees were paid to the auditor during the period (30 September 2016: nil).

23
kingsh limited /
INTERIM REPORT

2018
Note 2 — Share Capital
6 months Year
ended ended
30/09/17 31/03/17
unaudited audited
$000 $000
Opening balance 164,729 157,691
Share buybacks held as treasury stock (1,208) 0
Shares issued from treasury stock under the dividend 1,002 0
reinvestment plan
New shares issued under the dividend reinvestment plan 2,843 6,452
New shares issued for warrants exercised 35,149 0
Warrant issue costs 0 (17)
New shares issued for the Manager’s prior year 297 603
performance fee
Shares issued from treasury stock for the Manager’s prior 116 0
year performance fee
Closing balance 202,928 164,729
Ordinary Shares
As at 30 September 2017 there were 189,153,024 (31 March 2017: 157,538,688)
fully paid Kingfish shares on issue. All ordinary shares are classified as equity, rank
equally and have no par value. All shares carry an entitlement to dividends and one vote
attached to each fully paid ordinary share.
Warrants
On 10 May 2016, 38,176,653 new Kingfish warrants were allotted and listed on the
NZX Main Board. One new warrant was issued to all eligible shareholders for every four
shares held on record date (9 May 2016). On 9 May 2017, 29,106,763 warrants were
exercised at $1.21 per warrant and the remaining 9,069,890 warrants lapsed.
Treasury Stock
On 16 October 2017, Kingfish announced the continuation of its share buyback
programme of its ordinary shares in accordance with Section 65 of the Companies Act
1993. All the shares acquired under the buyback scheme are initially held as treasury
stock but are available to be re-issued. The net cost of treasury stock is deducted from
share capital.
At 30 September 2017, 41,008 ordinary shares were held as treasury stock
(31 March 2017: nil).

Notes to the Interim Financial Statements continued
For the six months ended 30 September 2017
24
kingsh limited /
INTERIM REPORT

2018
Note 2 — Share Capital continued
Dividends
Kingfish has a distribution policy where 2% of average NAV is distributed each quarter.
Total dividends per share for the period ended 30 September 2017 were 5.56 cents per
share (30 September 2016: 5.53 cents per share). Total dividends paid for the period ended
30 September 2017, prior to any reinvestment, totalled $10,407,359 (30 September 2016:
$8,475,316). Individual dividends paid for the period ended 30 September 2017 were 2.79
cents per share on 29 June 2017 and 2.77 cents per share on 29 September 2017.
Dividend Reinvestment Plan
Kingfish has a dividend reinvestment plan which provides ordinary shareholders with
the option to reinvest all or part of any cash dividends in fully paid ordinary shares at a
3% discount. During the period ended 30 September 2017, 3,109,103 ordinary shares
(September 2016: 2,407,600 ordinary shares) were issued in relation to the plan for the
quarterly dividends paid. To participate in the dividend reinvestment plan, a completed
participation notice must be received by Kingfish before the next record date.
Note 3 — Investments at Fair Value through Profit or Loss
30/09/17 31/03/17
unaudited audited
$000 $000
New Zealand listed equity investments 253,299 213,334
Total investments at fair value through profit or loss 253,299 213,334
Although investments at fair value through profit or loss are treated as current assets from an
accounting point of view, the investment strategy of the company is to hold for the medium
to long term.
All investments at fair value through profit or loss are valued using quoted last sale prices
from an active market and are classified as Level 1 in the fair value hierarchy.
KINGFISH LIMITED

25
kingsh limited /
INTERIM REPORT

2018
Note 4 — Reconciliation of Operating Profit after Tax
to Net Cash Flows from Operating Activities
6 months 6 months
ended ended
3 0/0 9/17 3 0/0 9/16
unaudited unaudited
$000 $000
Net profit after tax 18,904 23,106
Items not involving cash flows
Unrealised gains on revaluation of investments (7,831) (15,331)
( 7,831) (15,331)
Impact of changes in working capital items
Increase in fees and other payables 435 16
Decrease/(increase) in interest, dividends and other receivables 2,435 (88)
2,870 (72)
Items relating to investments
Amount paid for purchases of investments (49,622) (16,494)
Amount received from sales of investments 30,780 14,762
Return of capital 80 336
Realised gains on investments (9,260) (7,573)
(Increase)/decrease in unsettled purchases of investments (1,027) 92
Decrease in unsettled sales of investments (2,996) (508)
(32,045) (9,385)
Other
Performance fee to be settled by issue of shares 47 661
47 661
Net cash outflows from operating activities (18,055) (1,021)

Notes to the Interim Financial Statements continued
For the six months ended 30 September 2017
26
kingsh limited /
INTERIM REPORT

2018
Note 5 — Related Party Information
Parties are considered to be related if one party has the ability to control or exercise
significant influence over the other party in making financial or operational decisions.
The Manager of Kingfish is Fisher Funds Management Limited (“Fisher Funds” or “the
Manager”). Fisher Funds is a related party by virtue of the Management Agreement and a
common director.
The Management Agreement with Fisher Funds provides for the provisional payment
of a management fee equal to 1.25% (plus GST) per annum of the gross asset value,
calculated weekly and payable monthly in arrears. This management fee is reduced by
0.10% for each 1.0% per annum by which the Gross Return achieved on the portfolio
during each financial period is less than the change in the NZ 90 Day Bank Bill Index
over the same period but subject to a minimum management fee of 0.75% (plus GST) of
the average gross asset value for that period. The annual management fee is finalised at
31 March each year and any adjustment (where the management fee is less than 1.25%)
is offset against future management fee payments due to Fisher Funds. For the six months
ended 30 September 2017, no management fee adjustment was necessary (30 September
2016: no adjustment). Management fees (including GST) for the six months ended 30
September 2017 totalled $1,759,753 (30 September 2016: $1,587,382).
A performance fee may be earned by the Manager provided the performance fee hurdle
and a high water mark test have been met. A performance fee of $96,279 has been
accrued for the six months ended 30 September 2017 (30 September 2016: $1,520,569
and 31 March 2017: $1,022,408). This performance fee will only be payable if the
performance criteria are met for the whole year.
In accordance with the terms of the Management Agreement, half of any performance
fee payable (exclusive of GST) will be applied by the Manager to subscribe for shares
in Kingfish, issued at a price equal to the audited net asset value per share at 31 March
2018. Included in trade and other payables is a provision of $48,851 (30 September
2016: $859,452 and 31 March 2017: $605,574) for the performance fee, being the
net of the total fee of $96,279 (30 September 2016: $1,520,569 and 31 March 2017:
$1,022,408) less the amount expected to be settled in shares of $47,428 (30 September
2016: $661,117 and 31 March 2017: $416,834) which is included in the performance fee
reserve. Full details of the performance fee calculation methodology are included in the
Kingfish annual report for the year ended 31 March 2017.
Kingfish is party to an Administration Services Agreement with Fisher Funds for the
provision of administration services. Fisher Funds received $79,350 (including GST) for the
six months ended 30 September 2017 (30 September 2016: $79,567).
The amount payable to Fisher Funds at 30 September 2017 in respect of management
fees, performance fees to be paid in cash and administration services was $373,075
(30 September 2016: $1,141,775 and 31 March 2017 $886,140).
KINGFISH LIMITED

27
kingsh limited /
INTERIM REPORT

2018
Fisher Funds held shares in the company at 30 September 2017 which total 1.43% of
the total shares on issue (30 September 2016: 1.89% of the total shares on issue and
1.56% of the total warrants on issue and 31 March 2017: 1.51% of the total shares on
issue and 1.56% of the total warrants on issue). Dividends were also received by Fisher
Funds as a result of its shareholding.
Off-market transactions between Kingfish and other funds managed by Fisher Funds
take place for the purposes of rebalancing portfolios without incurring brokerage costs.
These transactions are conducted after the market has closed at last sale price (on
an arm’s length basis). During the six months ended 30 September 2017 off-market
transactions between Kingfish and other funds managed by Fisher Funds totalled
$3,620,761 for purchases and nil for sales (30 September 2016: purchases $2,513,507
and sales $1,045,395).
The directors of Kingfish are the only key management personnel as defined by NZ IAS
24 Related Party Disclosures and they earn a fee for their services which is disclosed
in note 1(ii) under directors’ fees (only independent directors earn a director’s fee). The
directors also held shares in the company at 30 September 2017 which total 2.63% of
total shares on issue (30 September 2016: 3.16% of the total shares on issue and 2.59%
of the total warrants on issue and 31 March 2017: 2.52% of the total shares on issue
and 2.59% of the total warrants on issue). Dividends were also received by the directors
as a result of their shareholding. The directors did not receive any other benefits which
may have necessitated disclosure under NZ IAS 24.
Note 6 — Net Asset Value
The unaudited net asset value of Kingfish as at 30 September 2017 was $1.41 per share
(30 September 2016: $1.46 per share and 31 March 2017 $1.40 per share).
Note 7 — Subsequent Events
On 20 November 2017, the Board declared a dividend of 2.83 cents per share. The
record date for this dividend is 7 December 2017 with a payment date of 22 December
2 0 1 7.
There were no other events which require adjustment to or disclosure in these interim
financial statements.

28
kingsh limited /
INTERIM REPORT

2018
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 reviewreport
to the shareholders of Kingfish Limited
Report on theInterim Financial Statements
We have reviewed the accompanyinginterimfinancial statements of Kingfish Limited(theCompany)
on pages 17to 27, which comprise the statement of financial position as at 30 September2017, and the
statement of comprehensive income, the statementof changes in equity and the statement of cash
flows for the periodended on that date, and notes to the interim financial statements.
Directors’ responsibility for the financial statements
The Directors are responsible on behalf of the Companyfor 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 controlas the Directors determine
isnecessary 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 auditorwe have no relationship
with, orinterests 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 Companyare not prepared, in all material respects, in accordance with NZ IAS 34.

29
kingsh limited /
INTERIM REPORT

2018
PwC2
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 shareholdersthose 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 AccountantsAuckland
20 November2017

30
kingsh limited /
INTERIM REPORT

2018
notes

31
kingsh limited /
INTERIM REPORT

2018
directory
Registered Office
Level 1
67 – 73 Hurstmere Road
Takapuna
Auckland 0622
Directors
Independent Directors
Alistair Ryan (Chair)
Carol Campbell
Andy Coupe
Director
Carmel Fisher
Corporate
Management Team
Brigitte Adelinger
Beverley Sutton
Kate Teppett
Manager
Fisher Funds
Management Limited
Level 1
67 – 73 Hurstmere Road
Takapuna
Auckland 0622
Share Registrar
Computershare Investor
Services Limited
Level 2
159 Hurstmere Road
Takapuna
Auckland 0622
Phone: +64 9 488 8777
Email:
enquiry@computershare.co.nz
For more information
For enquiries about transactions, changes of address and dividend payments, contact
the share registrar above. Alternatively, to change your address, update your payment
instructions and to view your investment portfolio including transactions online, please
visit: www.computershare.co.nz/investorcentre
Auditor
PricewaterhouseCoopers
188 Quay Street
Auckland 1010
Solicitor
Bell Gully
Level 21, Vero Centre
48 Shortland Street
Auckland 1010
Banker
ANZ Bank New Zealand
Limited
23 – 29 Albert Street
Auckland 1010
Nature of Business
The principal activity of
Kingfish is investment in
quality, growing New
Zealand companies.
For enquiries about Kingfish contact
Level 1, 67 – 73 Hurstmere Road, Takapuna, Auckland 0622
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 489 7094 | Fax: +64 9 489 7139 | Email: enquire@kingfish.co.nz
The interim report is provided for information purposes only and does not constitute an offer, invitation, basis for a
contract, financial advice, other advice or recommendation to conclude any transaction for the purchase or sale of any
security, loan or other instrument. In particular, the information contained in this interim report is not financial advice for
the purposes of the Financial Advisers Act 2008 and should not be relied upon when making an investment decision.
Professional financial advice from an authorised financial adviser should be taken before making an investment.

Printed onto Advance Laser, which is produced from Elemental Chlorine Free (ECF) pulp from virgin wood. This wood is sourced from
managed farmed trees in an ISO14001 and ISO9001 (International Quality Management Standard) accredited mill, that generates a
portion of their power from tree waste, saving 200 million litres of diesel oil annually.