Kingfish Annual Report and Section 209C provided

31 MARCH 2018
ANNUAL REPORT
KINGFISH LIMITED

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ANNUAL REPORT
2018
CALENDAR
Next Dividend Payable
29 JUNE 2018
Annual Shareholders’ Meeting
Ellerslie Event Centre, Auckland
27 JULY 2018, 10:30AM
Interim Period End
30 SEPTEMBER 2018
03About Kingfish
06Directors’ Overview
10Manager’s Report
16The STEEPP Process
18Kingfish Portfolio Stocks
26Board of Directors
27Corporate Governance Statement
33Directors’ Statement of Responsibility
34Financial Statements Contents
50Independent Auditor’s Report
54Shareholder Information
55Statutory Information
58Directory
CONTENTS
Alistair Ryan / Chair Carmel Fisher / Director
This report is dated 20 June 2018 and is
signed on behalf of the Board of Kingfish
Limited by Alistair Ryan, Chair, and Carmel
Fisher, Director.

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2018
ABOUT KINGFISH
Kingfish Limited (“Kingfish” or “the company”) is a listed investment
company that invests in quality, growing New Zealand companies.
The Kingfish portfolio is managed by Fisher Funds Management
Limited (“Fisher Funds” or “the Manager”), a specialist investment
manager with a track record of successfully investing in quality, growth
companies. Kingfish listed on NZX Main Board on 31 March 2004
and may invest in companies that are listed on a New Zealand stock
exchange or unlisted companies.
INVESTMENT OBJECTIVES
The key investment objectives of Kingfish are to:
»achieve a high real rate of return, comprising both income and capital
growth, within risk parameters acceptable to the directors; and
»provide access to a diversified portfolio of New Zealand quality
growth stocks through a single tax efficient investment vehicle.
INVESTMENT APPROACH
The investment philosophy of Kingfish is summarised by the following
broad principles:
»invest as a medium to long-term investor exiting only on the basis of
a fundamental change in the original investment case;
» invest in companies that have a proven track record of growing
profitability; and
»construct a diversified portfolio of investments based on our
‘STEEPP’ investment criteria (see pages 16 – 17).

$
36.3m
Net profit
+12.0
%
Total shareholder return
+16.5
%
Gross performance return
$
1.45
NAV per share
$
1.31
Share price
+
14.7
%
Adjusted NAV return
DIVIDENDS PAID
DIVIDENDS PAID DURING THE YEAR ENDED 31 MARCH 2018 (CENTS PER SHARE)
29 June
2017
2.79
cps
29 September
2017
2.77
cps
22 December
2017
2.83
cps
29 March
2018
2.89
cps
FOR THE 12 MONTHS ENDED 31 MARCH 2018
AT A GLANCE
AS AT 31 MARCH 2018
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ANNUAL REPORT
2018

Fisher & Paykel
Healthcare
12
%
Mainfreight
12
%
The a2 Milk
Company
8
%
Freightways
9
%
Ryman
Healthcare
7
%
AS AT 31 MARCH 2018
LARGEST INVESTMENTS
AS AT 31 MARCH 2018
SECTOR SPLIT
Healthcare 30%
Industrials 30%
Consumer Staples 11%
Consumer Discretionary 11%
Utilities 10%
Information Technology 4%
Cash 4%
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2018

"We are pleased
to report a healthy
net profit of $36.3m
in what was another
strong period for
New Zealand shares."
DIRECTORS’ OVERVIEW
Alistair Ryan
Chair
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2018

The New Zealand share market continued
the positive trend of the past five years,
posting another double digit return for
the 12 months ended 31 March 2018.
The Kingfish portfolio lifted 14.7%
1
,
delivering a net profit of $36.3m.
While the first nine months of the financial year were
unambiguously positive, market volatility returned in
the final three months of the year, providing Kingfish
with challenges and opportunities. Such volatility
presents opportunities for active managers to add
value. Kingfish’s portfolio of high quality, growth
companies performed soundly over the period,
including during the most recent bout of volatility.
The S&P/NZX50G finished strongly, closing up 15.6%
for the 12 months to 31 March 2018. The Manager’s
performance, reflected by the gross performance
return was 16.5% for the period. Pleasingly, this strong
performance has been sustained by the Manager over
the longer term, with gross performance returns of
15.6% per annum on a five-year basis.
The 2018 net profit result comprised gains on
investments of $32.5m, dividend and interest income
of $7.9m, other income of $2.9m (a result of a
refund of GST and related use of money interest),
less operating expenses and tax of $7.0m. Fisher
Funds was paid a performance fee for the portfolio’s
performance, consistent with the terms of the
Management Agreement. Operating expenses were
$2.0m higher than the corresponding period due to
increased brokerage costs, higher management fees
(as a result of higher average portfolio values over the
year) and a larger performance fee being earned by
the Manager than the previous period.
As at 31 March 2018, the Kingfish portfolio
comprised 16 stocks and was valued at $264m with
$11m in cash available. In addition to the strong
portfolio performance, shareholders also enjoyed a
healthy total shareholder return of 12.0% for the 2018
period largely driven by the 11.28 cents per share
paid in dividends during the 2018 financial year.
Dividends were slightly higher than total dividends
paid in 2017 due to the higher average net asset
value (NAV) of the portfolio during the period.
The next dividend will be 2.89 cents per share to
be paid on 29 June 2018 with a record date of 14
June 2018. Kingfish continues to offer its dividend
reinvestment plan where shareholders are able to
reinvest all or part of any cash dividends in fully paid
ordinary shares.
2
Kingfish also has a regular warrants programme
and share buyback programme as part of its capital
management initiatives. Kingfish’s last warrant issue
expired in May 2017 and the board continually monitors
a range of factors to determine the potential timing
for further warrant issues. It is the board’s intention
that warrant issues occur regularly, pending market
conditions, and it is anticipated a further Kingfish
warrant issue will be considered later this year.
Share buybacks present an opportunity for Kingfish to
enhance shareholder value. Share buybacks are utilised
when the share price to NAV discount is greater than
8%. During the 12 months to 31 March 2018, the share
price to NAV discount fluctuated between 5% and
11%. Over the period, Kingfish took advantage of the
deeper share price to NAV discounts and purchased
approximately 2.4m shares under the buyback
programme. Shares purchased under the buyback
programme are held as treasury stock.
2018 was another positive year for Kingfish and we look
forward to discussing the performance and portfolio with
you in more depth at the upcoming Annual Shareholders'
Meeting which will be held on Friday 27 July at 10:30am
at the Ellerslie Event Centre in Auckland.
All shareholders are encouraged to attend the Annual
Shareholders' Meeting, with those who are unable to
attend invited to cast their vote on company resolutions
prior to the meeting.
We would like to thank shareholders for your continued
support of Kingfish and look forward to meeting many of
you at the annual meeting in July.
On behalf of the board,
¹
Adjusted NAV return being the underlying performance of the investment portfolio adjusted for dividends (and other capital
management initiatives) and after fees and tax.
2
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/.
Alistair Ryan / Chair
Kingfish Limited
20 June 2018
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FIGURE 1: FIVE-YEAR PERFORMANCE SUMMARY
Corporate Performance
For the year ended 31 March 20182017201620152014
5 years
(annualised)
Total Shareholder Return12.0%8.1%3.3%18.2%18.9%11.9 %
Adjusted NAV Return14.7%10.6%13.0%6.8%18.4%12.6%
Dividend Return8.7%8.5%7. 7 %8.4%8.8%
Net Profit$36.3m$22.4m$22.5m$11.9 m$26.4m
Basic Earnings per Share19. 6 0 c p s14.50 cps16.71cps9.8 5 c p s22.75cps
As at 31 March20182017201620152014
Audited NAV$1.4 5$1.40$1.37$1.34$1.36
Adjusted NAV
1
$4.07$3.54$3.20$2.84$2.66
Share Price$1.31$1.29$1.31$1.37$1.28
Warrant Price-$0.05-$0.10-
Share Price Discount/(Premium) to NAV
²
9. 7 % 7. 0 %4.4%( 4 .1%)5.9%
Manager Performance
For the year ended 31 March 20182017201620152014
5 years
(annualised)
Gross Performance Return16.5%13.3%15.7%9. 6%23.1%15.6%
S & P/N Z X 5 0 G15.6%6.6%15.7%13.5%16.2%13.5%
Performance Fee Hurdle / Benchmark Rate
3
9.0 %9. 3%10.2%10.6%9. 7 %
NB: All returns have been reviewed by an independent actuary.
1
Kingfish’s adjusted NAV historical information has been restated as a result of a correction to the warrant dilution component of
the calculation. Previously the adjusted NAV had been understated by up to $0.04.
2 Share price discount/(premium) to NAV (including warrant price on a pro-rated basis).
3
The performance fee hurdle is the Benchmark Rate (NZ 90 Day Bank Bill Index +7%).
DIRECTORS’ OVERVIEW CONTINUED
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FIGURE 2: TOTAL SHAREHOLDER RETURN
Share Price/Total Shareholder Return
Total Shareholder ReturnShare Price
$
4.00
$
3.50
$
3.00
$
2.50
$
2.00
$
1.50
$
1.00
$
0.50
$
0.00
Mar
2016
Mar
2018
Mar
2004
Mar
2005
Mar
2006
Mar
2007
Mar
2008
Mar
2009
Mar
2010
Mar
2 011
Mar
2012
Mar
2013
Mar
2014
Mar
2015
Mar
2017
Non-GAAP Financial Information
Kingfish uses non-GAAP measures, including adjusted net asset value, adjusted NAV return, 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 after fees
and tax,
»adjusted NAV return – the net return to an investor after fees and tax,
»gross performance return – the Manager’s portfolio performance in terms of stock selection, 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, adjusted NAV return, gross performance return and total shareholder return in this Annual
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/
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Sam Dickie
Senior Portfolio Manager
"For the first nine
months of the year, the
New Zealand share
market recorded new
highs every single
month, creating an
environment that felt too
good to be true. Market
volatility returned at the
start of calendar year
2018, catching
investors unaware."
MANAGER’S REPORT
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The 12 months to 31 March 2018 was an
interesting period. At a headline level, the
market performed strongly, with the S&P/
NZX50G rising 15.6% for the year, however
most of the gains occurred in the first nine
months of the year. Throughout the 2017
calendar year, the market recorded new highs
every single month with limited volatility – a
definitive bull market. Such limited volatility in
markets is unusual and the 2017 experience
was a result of very benign economic
conditions where inflation was largely
under control, interest rates low and stable
and global growth accelerating. Investors
seemingly had few worries – it felt too good
to be true.
Spoiler: it was! The start of the 2018 calendar year
coincided with a return to more volatile markets.
Triggered by renewed fears of rising inflation, interest
rates started to lift (primarily in the US) which unsettled
investors. Volatility was exacerbated by the fact that
investors had positioned for stable markets and as they
were surprised by the market’s gyrations, they hastily
changed the way their money was invested.
As the ground was shifting beneath investors’ feet, we
were pleased our approach of focusing on high quality
companies and management teams allowed the Kingfish
portfolio to outperform the market during this changing
environment. While the recent bout of volatility and
the accompanying newspaper headlines felt severe, it
was really a return to more normal levels of volatility.
And for active investors like ourselves, volatility creates
opportunity. As Warren Buffett's mentor Ben Graham
reminds us, ‘Mr Market’ can go through bouts of
euphoria and depression and offer very different prices
for the same shares from one day to the next.
NZ market performance and volatility
KINGFISH PORTFOLIO
The Kingfish portfolio delivered a strong result for
the year with a gross performance return of 16.5%,
outperforming the S&P/NZX50G. A number of portfolio
heavyweights helped drive the return. Standouts
included Fisher & Paykel Healthcare (+38%), Summerset
(+37%), Restaurant Brands (+37%) and Ryman
Healthcare (+28%).
During the 2018 financial year, we added two new
companies, Xero and The a2 Milk Company, to the
Kingfish portfolio and made the decision to exit three
positions: Trade Me, Z Energy and Tegel Group.
ADDITIONS
We added cloud accounting software provider Xero
to the portfolio in September 2017. We chose to invest
in Xero because of its leading market positions, the
high barriers to entry it has created by developing its
software platform, its long runway of future growth and
a strong culture of innovation.
Unfortunately, in November 2017, Xero announced its
intention to transition to a sole listing on the Australian
Stock Exchange on the basis it would have access to
deeper capital markets, increased trading liquidity and
a broader base of potential investors. As a result of
Xero’s decision, the Kingfish board determined that given
Kingfish’s mandate is to invest in quality New Zealand
companies and the fact that Xero would no longer be
listed on the NZX, it was appropriate that Kingfish exit
its investment in Xero.
While Xero was only in the Kingfish portfolio for a
short time, we were pleased that it became a top 10
contributor for the year.
The a2 Milk Company sells fresh milk and infant milk
formula containing only the A2 beta-casein variant.
Having only A2 beta casein reputedly gives health
benefits making digestion easier (whereas most milk
includes A1 as well as A2 beta casein). The company
has developed a leading, highly trusted brand in
Australia and China and is looking to expand into
new markets. We added a2 Milk to the Kingfish
portfolio ahead of the company announcing its 2018
interim result.
We initially looked on from the sidelines as we grappled
with whether the company had sufficiently built its brand
in China over and above its success in the “daigou”
distribution channel. However, a2 Milk has made
progress diversifying its distribution channels in China,
growing a direct business through internet channels
and rolling out product in thousands of specialist
“mother and baby” stores. The a2 Milk of today has a
more balanced distribution network and its brand has
become increasingly recognised by consumers based on
independent survey data.
S&P/NZX Gross Index
8800
8600
8400
8200
8000
7800
76 0 0
74 0 0
7200
7000
40
35
30
25
20
15
10
5
0
Mar
17
Jun
17
Sep
17
Dec
17
Mar
18
CBOE Volatility Index ('VIX')
VIX Volatility Index
S&P/NZX Gross Index
10 year average volatility
Source: Factset
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a2 Milk has also announced a deal with Fonterra that
will accelerate the company’s growth into new markets
and products, such as nutritionals, butter and cheese.
This relationship will provide a2 Milk with access to
Fonterra’s logistics and distribution networks and is
the next step in the company’s global growth story.
As Kiwis, it also means we can expect to see local
supermarket shelves well stocked with a2 Milk in the
future – good for your health and your investment!
EXITS
There are two main reasons we exit an investment –
either the thesis or reason for owning the company
has changed or there are better uses for the money
elsewhere.
TradeMe was largely an example of the latter. To help
fund Kingfish’s investments in Xero and The a2 Milk
Company, we exited TradeMe. While we still believe
TradeMe is a high quality company and remain
big fans of its classified businesses, its marketplace
business (the part where you can bid on products
for sale) is facing new challenges from a number of
well-resourced global competitors. This competition
is resulting in a bad combination for profits, slowing
revenue growth and the need to add to costs as
TradeMe invests to defend its business.
We also chose to exit Z Energy as our initial investment
thesis had largely played out. Additionally, we believe
there are likely to be longer term structural challenges
for the business as more consumers switch to electric
vehicles.
Kingfish’s investment in Tegel was sold in April 2017.
As we discussed in last year’s Annual Report, it had
become evident that Tegel had less pricing power than
we had thought due to the changes in the structure of
the poultry market.
PORTFOLIO NEWS
While there was some change to the Kingfish portfolio
this year, long-time holdings continued to deliver with
portfolio heavyweights Fisher & Paykel Healthcare,
Restaurant Brands, Summerset and Ryman Healthcare
the biggest contributors to performance.
Fisher & Paykel Healthcare is one of the largest
positions in the Kingfish portfolio and was the standout
performer for the period, up 38%. The company's
share price continued to rebound strongly following
the drag in the prior year caused by President Trump’s
rhetoric around taxing Mexican imports; and a
competitor, Resmed, launching litigation against Fisher
& Paykel Healthcare. As it turned out, both President
Trump and Resmed’s litigation had more bark than bite.
Retirement village operators Ryman Healthcare and
Summerset delivered strong share price performances
over the year up 28% and 37% respectively. Despite
potential concerns surrounding a slowdown in the
broader New Zealand housing market, both operators
have continued to post solid operating metrics and
financial performance – testament to their strong
market offering and their needs-based proposition that
is so highly valued by customers. Ry man’s Melbourne
expansion continues to gain momentum; its second
village is expected to open in 2018, it has acquired its
eighth site in Melbourne and aims to have five villages
open by 2020.
Summerset continues to post impressive earnings growth,
with underlying profit up 44% for the year. During
the period, Summerset announced it will lift its New
Zealand build rate from 450 units per annum currently
to approximately 600 units by 2020/2021, accelerating
its growth ahead of expectations. Summerset also
announced that it is investigating whether to move into
the Australian market.
During the year we increased Kingfish’s investment in
Restaurant Brands, a decision that was “finger lickin’
good", with the company’s share price gaining 37%
over the period. Restaurant Brand’s management team
has nicely bedded down its recent acquisitions in
Australia (KFC) and Hawaii (Taco Bell and Pizza Hut).
In New Zealand, the core KFC business continues to
trade strongly and the launch of an urban concept
format in downtown Auckland was very successful. The
company now has multiple growth options at its disposal,
including store rollout and refurbishments offshore,
further acquisitions, rolling out the urban concept, and
potentially trialling Taco Bell in Australasia.
While the majority of the Kingfish portfolio companies
performed well (15 of the 21 investments during the
2018 financial year rose in value), some of the portfolio
companies faced a more challenging year.
Michael Hill lost some lustre, falling 17% during the year.
Although its Canadian business continues to grow at a
healthy rate and the mature Australasian businesses are
delivering solid performance, it became evident that its
sub-scale, loss making US business would not become
profitable in the near future. The company made the hard
(and correct in our view) decision to exit the business.
The earlier stage Emma & Roe chain has also struggled
to gain traction in its current form and is being pared
back and relaunched in trial phase, with the company of
the view it can regain its sparkle.
MANAGER’S REPORT CONTINUED
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Auckland International Airport’s share price struggled
during the period. As Auckland Airport is viewed as
a yield asset by some, the increase in bond rates over
the past year hampered share price performance.
This is despite the company’s operations performing
well. Auckland Airport achieved a great price for the
sale of its 25% stake in North Queensland Airports,
exceeding all estimates of potential value and reducing
the likelihood of future capital requirements. Auckland
Airport’s interim result was solid, with earnings growth
in its on-airport retail business exceeding expectations.
We have used the share price weakness to increase the
position during the year.
Vista Group has become an ‘A-lister’ in the niche global
film software industry. However, during the period, it
underperformed as expectations of margins and the
earnings trajectory softened, despite strong revenue
growth (+20% in 2017). We believe the business
remains well placed for future growth and during the
year we increased Kingfish's holding in the company.
OTHER PORTFOLIO ACTIVITY
During the period, Abano completed its transition to
a focused dental group, announcing the sale of its
Ascot Radiology business for $17m. Abano raised
$35m additional equity to accelerate its dental practice
acquisition strategy, particularly in the Australian market.
While same-store-sales growth was disappointing, we
remain attracted to the medium-term margin expansion
opportunity.
Delegat, a producer and distributor of wine under the
Oyster Bay and Barossa Valley Estate brands, made
further progress on its multi-year strategy of growing case
volumes into the North American market. Throughout
the 2018 financial year, it doubled its reach through the
expansion of a key US distribution agreement, which
we think should help underpin double-digit growth rates
going forward – an outcome worthy of a toast.
Long-time portfolio holding, Freightways continued
to deliver solid performance in its network courier
business during the period, including benefitting from
rapidly growing business-to-consumer volumes (all those
online shopping purchases!). The company recently
invested in expanding capacity to meet demand
and acquired a small medical waste business, which
expands the growth opportunity for its Information
Management division. While we were sad to see
long-time CEO Dean Bracewell depart during the year,
we have comfort internal successor Mark Troughear
is capable. We increased the Kingfish position in
Freightways earlier this year.
Newsflow was generally positive for Infratil’s portfolio
assets over the period. Trustpower, its largest investment,
benefitted from strong hydro generation which helped
bolster short-term group earnings and its medium-
term earnings remain intact with the Tauranga Energy
Consumer Trust withdrawing its proposal to restructure
its payments to Trustpower consumers. Following on
from Infratil’s portfolio refresh in 2016/2017, we are
increasingly encouraged by the future earnings growth
and potential for value growth from its relatively new
investment in Canberra Data Centres.
*From date of first investment
Portfolio Company Returns 12 months to 31 March 2018
Fisher & Paykel Healthcare
Summerset
Restaurant Brands
The a2 Milk Company*
Delegat Group
Ryman Healthcare
Port of Tauranga
Infratil
Abano Healthcare
Mainfreight
Meridian Energy
Freightways
EBOS Group
Vista Group
Auckland International Airport
Michael Hill
Total shareholder return
-20%-10%0%10%20%30%40%
Source: Factset
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MANAGER’S REPORT CONTINUED
The strong global growth backdrop over the past 12-18
months has benefitted Mainfreight freight volumes in
many regions. The company’s Australian business has
invested in quality new facilities and is taking market
share from competitors through superior service, while
its European business is benefitting from the regional
economic recovery and becoming increasingly
competitive in tenders for major accounts. Management
continues to focus on “painting the world blue” by
growing its global freight network, including the lucrative
opportunity in the large and growing US market.
During the period, Port of Tauranga reported its
strongest half-year result in five years, with double digit
growth in each of its key cargo segments driving 13%
growth in underlying earnings. Following on from the
completion of its major dredging project in September
2016, the 2018 interim result again demonstrated Port of
Tauranga’s role as New Zealand's pre-eminent hub port,
with growth in transhipments of approximately 48% and
further gains to market share of container trading (now
approximately 30% larger than its nearest competitor).
CHANGES AFTER YEAR END
Following year end, Kingfish made a small investment in
Fletcher Building for the first time in its history.
Despite the well-publicised and somewhat turbulent
events of the last couple of years, Fletcher Building’s
key New Zealand operations, Golden Bay Cement,
Winstone Wallboards and PlaceMakers, continue to
dominate their respective markets.
Golden Bay Cement has around 50% market share and
there is only one other major player that it competes
with. Winstone Wallboards has had over 90% market
share for 15-20 years and currently generates a strong
return on invested capital and PlaceMakers consistently
has a leading market position with trade customers.
While there is no lack of competition in any building
materials business, those very high market shares with
stable industry structure backdrops are rare anywhere
in the world. It is these core businesses which score
respectably when viewed through our STEEPP investment
criteria. We believe the problem is that there are other
smaller businesses surrounding the Fletcher Building
business core that are not attractive businesses and some
of those have been the cause of the turbulence.
One of the key catalysts for the recent investment in
Fletcher Building is the strategic review the company is
undertaking, which will see it refocus on its core assets.
We are also encouraged by Fletcher’s new management
team and their clarity of vision on what Fletcher’s
strengths as a business are and what is required to fix
the key issues.
It is rare that we will invest in a business like Fletcher
Building. We have our eyes wide open about the
company’s patchy track record, the challenges that lie
ahead and the risks around the construction cycle.
To help fund the purchase of Fletcher Building, we exited
the Kingfish position in EBOS, a provider of medical
consumables, equipment, solutions and supplies. While
EBOS remains firmly on our watchlist, we believe that
deploying this money into Fletcher Building will generate
better returns. EBOS is operating in an industry where
the outlook is increasingly challenged as regulated
pharmacy revenues come under pressure and some drug
and pharmacy manufacturers are choosing to bypass
wholesale distributors and supply directly to pharmacies.
OUTLOOK
There is always a long list of worries that participants
in financial markets obsess over. Today this is not just
limited to the impact of President Donald Trump’s tweets
on the value of equities! Geopolitical risk, the US fiscal
deficit risk, China’s pace of growth and the pace of debt
creation are all valid investor concerns. At home, we
are waiting to see whether the Labour Government will
be able to carry out some of their plans and what the
impact will be on markets. But as long term investors, we
are used to having these sorts of constant worries!
As always most of our focus is on what companies
themselves are doing. Are they investing for the future
to drive earnings growth, what is the competition doing,
is management focused and on the ball? We think if
these things are done right, passing macroeconomic
concerns become less important over the long term to
share prices.
That said, the outlook for growth and inflation both in
New Zealand and offshore will have some impact on
the portfolio company earnings and market sentiment, at
least in the short term.
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2018

PORTFOLIO HOLDINGS SUMMARY
AS AT 31 MARCH 2018
Listed Companies% Holding
Abano Healthcare1.9%
Auckland International Airport5.4%
Delegat Group3.4%
EBOS Group2.4%
Fisher & Paykel Healthcare12.1%
Freightways9. 3%
Infratil7. 2 %
Mainfreight12.1%
Meridian Energy2.9%
Michael Hill4.5%
Port of Tauranga3.1%
Restaurant Brands6.1%
Ryman Healthcare7. 5 %
Summerset6.5%
The a2 Milk Company 7. 8 %
Vista Group4.0%
Equity Total96.2%
New Zealand dollar cash3.8%
TOTAL100.0%
Growth Outlook Global GDP vs NZ GDPThe recent pickup in inflation has, as mentioned in the
introduction, resulted in a pickup in market volatility. In
our view, the return of a more volatile market creates
opportunities for active investors like Fisher Funds. At the
core of the STEEPP investment approach is the idea that
quality companies with strong management, that can
grow earnings over the years, are likely to be attractive
investments. If volatile markets give us the chance to
invest in these kinds of companies at reasonable prices,
we welcome higher volatility with open arms.

Sam Dickie / Senior Portfolio Manager
Fisher Funds Management Limited
20 June 2018
4.0%
3.5%
3.0%
2.5%
2.0%
Global GDP growthNZ Real GDP growth
2017 2018 2019
Global GDP growth is expected to accelerate slightly to
c3.9% in 2018 and stay at above trend levels through
to 2019. Conversely, New Zealand’s GDP growth is
expected to decline slightly in 2018/2019.
We believe Kingfish is well positioned for this
differentiated growth outlook. We know Kiwis love to
travel and broaden their horizons – similarly, many of
the Kingfish portfolio companies have truly international
businesses. Approximately half of the revenue generated
by portfolio companies is from outside New Zealand.
As such, Kingfish is positioned to benefit from the higher
forecast global growth.
Portfolio revenue split by geography
New Zealand 50%
Australia & Asia 26%
North America 14%
Europe 8%
Other 2%
Source: IMF Forecasts, Bloomberg
Source: Fisher Funds estimates
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STRENGTH OF
THE BUSINESS
What is the company’s
competitive advantage? Is it
sustainable? Is the company a
market leader? Does it have
a dominant position? A strong
business is one that can maintain
its profit margins by employing a
unique strategy.
TRACK
RECORD
How has the company performed
in the past? Has the company
performed under the same
management team? Has it grown
organically or by acquisition? How
did the company react during a
downturn? Fisher Funds prefers to
buy established companies that
have executed well in the past.
EARNINGS
HISTORY
How fast has the company been
able to grow its earnings in the
past? How consistent has earnings
growth been? Fisher Funds prefers
to buy companies that exhibit
secular growth characteristics
where they have proven the ability
to provide a high or improving
return on invested capital.
THE STEEPP PROCESS
Fisher Funds employs an investment analysis model that it calls the STEEPP process to analyse
existing and potential portfolio companies. This analysis gives each company a score against a
number of criteria that Fisher Funds believes need to be present in a successful portfolio company.
All companies are then ranked according to their STEEPP score to broadly determine their portfolio
weighting (or indeed whether they make the grade to be a portfolio company in the first place).
The STEEPP criteria are as follows:
STE
Applying this STEEPP analysis, Fisher Funds constructed a
portfolio for Kingfish which comprised 16 securities as at
31 March 2018.
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EARNINGS
GROWTH FORECAST
What is the company’s earnings
growth forecast over the next
three to five years? What is the
probability of achieving the
forecast? What does Fisher Funds
expect the company’s earnings
potential to be? Fisher Funds
notices that too many analysts
focus on short-term earnings. As
long-term growth investors, Fisher
Funds thinks about where the
company’s earnings could be in
three to five years.
PEOPLE/
MANAGEMENT
Who are the management team
and how long have they been in
their roles? Who are the directors,
what is their history with the
company, and what do they bring
to the board? What is the depth of
management in the organisation
and is there a succession plan for
the key executive roles? Do the
management team own shares
in the business and how are
they rewarded? Has the board
and management exhibited
good corporate behaviour in the
areas of environmental, social
and governance considerations?
For Fisher Funds, the quality of
the company management and
its corporate governance is of
paramount importance.
PRICE/
VALUATI O N
How much of the future earnings
growth is already reflected in
the share price? Where does the
current share price sit in relation
to Fisher Funds' worst to best case
valuation range? A company will
generate a higher score where the
market price currently reflects little
of that company’s upside potential.
EPP
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THE KINGFISH PORTFOLIO STOCKS
WHAT DOES IT DO?
Abano Healthcare is an active investor
in dental practices in Australasia. It
owns more than 200 dental practices,
making it one of the largest Australasian
dental groups.
WHY DO WE OWN IT?
We are attracted to Abano’s strategy of
growing a well-resourced Australasian
dental network, focusing on private
revenue streams. In particular, we like
its goal of achieving a 10% share of the
Australasian dental market over the next
10 years, suggesting it has many years of
growth ahead of it.
WHAT DOES IT DO?
Auckland International Airport (AIA)
owns and operates New Zealand’s major
gateway as well as 1500 hectares of land
surrounding the airport. AIA operates under
a ‘dual till’ regulatory regime, meaning that
the company’s aeronautical operations are
subject to light-handed regulation, whereas
the other non-aeronautical operations
are unregulated. Over 50% of AIA’s
revenue is derived from non-aeronautical
operations, such as retail, parking, hotel
accommodation and property rental.
WHY DO WE OWN IT?
AIA is well-positioned to benefit from
New Zealand’s positive long-term tourism
outlook. With aspirations for 40 million
total passengers per annum by 2044,
combined with a strengthening consumer
business and leveraging its land bank, AIA’s
non-aeronautical operations are expected
to continue to deliver attractive returns on
invested capital into the future.
+11
%
Total Shareholder Return
Total shareholder return sourced from Factset and excludes imputation credits.
The following is a brief introduction to each of your portfolio companies, with a description
of why we believe they deserve a position in the Kingfish portfolio. Total shareholder return
is for the year to 31 March 2018 and is based on the closing price for each company plus
any capital management initiatives. For companies that are new additions to the portfolio
during the year, total shareholder return is from the first purchase date to 31 March 2018.
-6
%
Total Shareholder Return
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WHAT DOES IT DO?
Delegat Group produces and distributes
super-premium wine internationally under
the Oyster Bay and Barossa Valley Estate
brands. Oyster Bay is the number one
selling New Zealand wine brand in the
UK, Australia and Canada, and is growing
quickly in the US.
WHY DO WE OWN IT?
Delegat continues to grow its profits
annually despite currency fluctuations.
The company has invested for growth
by expanding its winery capacity and
increasing vineyard plantings to meet its
goal of achieving 7.5% per annum growth
in case sales over the next five years. The
majority of the growth is likely to be driven
by the still relatively immature US market.
WHAT DOES IT DO?
Fisher & Paykel Healthcare is a leading
designer, manufacturer and distributor of
innovative medical devices for patients who
require acute respiratory and obstructive
sleep apnoea care. Over 95% of its
products are sold outside New Zealand
from dedicated manufacturing facilities in
Auckland and Mexico.
WHY DO WE OWN IT?
We are attracted to the growing demand
for Fisher & Paykel Healthcare's innovative
care products as the worldwide population
ages and the incidence of chronic
respiratory diseases and obesity rises.
Through its own research and development,
Fisher & Paykel Healthcare has continued to
develop products that significantly expand
its potential patient base, while maintaining
high returns on invested capital.
+33
%
Total Shareholder Return
+38
%
Total Shareholder Return
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KINGFISH PORTFOLIO STOCKS CONTINUED
WHAT DOES IT DO?
Freightways operates a range of
nationwide courier operations with
brands including NZ Couriers, Post Haste
and DX Mail. The company has also
developed an information management
business on both sides of the Tasman,
encompassing document storage, data
services, and secure destruction services.
WHY DO WE OWN IT?
Freightways is one of two dominant
players in the New Zealand courier
market and its information management
business has a footprint across
Australasia. The company has an
impressive track record of stable organic
growth and value-accretive acquisitions
that leverage off its existing infrastructure.
Earnings have been resilient in times of
recession, and are growing at least as
strongly as the domestic economy in
more buoyant times.
WHAT DOES IT DO?
Infratil invests in a diverse range of
infrastructure businesses encompassing
renewable energy, air and road transport,
aged care, and more recently, data centres
with a focus on co-investment within
Australasia. It is externally managed by an
experienced management team.
WHY DO WE OWN IT?
We are attracted to Infratil’s portfolio of
infrastructure assets that are not easily
replicable and its track record since listing
has been exceptional.
+5
%
Total Shareholder Return
+12
%
Total Shareholder Return
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WHAT DOES IT DO?
Mainfreight is a global supply chain
logistics company. It is a specialist freight
forwarder and distributor, with interests
spanning managed warehousing,
transportation of hazardous substances,
international air and sea freight,
and both full-truckload and less-
than-truckload domestic transport. Its
operations span New Zealand, Australia,
the US, Asia and Europe.
WHY DO WE OWN IT?
Mainfreight is a very well-run company
with a special company culture that has
delivered strong performance over time.
It continues to open new trade lanes as it
spreads its logistics footprint ever wider.
Growth should come organically and
through selective acquisitions as it works
towards its goal of becoming a global
logistics provider.
WHAT DOES IT DO?
Meridian Energy is New Zealand’s
largest electricity generator, producing
approximately 30% of the country’s
electricity in an average year, sourced
100% from renewable hydro and
wind resources. The company also
has a dominant retail business in New
Zealand, operating under the Meridian
and Powershop brands, and is well
positioned to double the size of its
Australian retail base.
WHY DO WE OWN IT?
Meridian is a well-run company, with a
portfolio of long-dated, quality renewable
generation assets which provide Meridian
with the advantage of being amongst the
lowest cost marginal electricity producers.
Meridian is favourably positioned over
the long term to benefit from key sector
event risks and is generating increasing
free-cashflows given its decreasing capital
expenditure requirements.
+11
%
Total Shareholder Return
+9
%
Total Shareholder Return
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KINGFISH PORTFOLIO STOCKS CONTINUED
WHAT DOES IT DO?
Michael Hill is a specialist jewellery
retailer, manufacturing most of its
own products and selling through a
network of over 300 stores and online.
The company operates stores in New
Zealand, Australia and Canada.
WHY DO WE OWN IT?
Michael Hill’s Australasian business has
delivered solid financial performance
through executing its core retailing
disciplines well. Its Canadian business
is taking market share as competitors
fall by the wayside. The company is
seeking to differentiate itself from more
staid competitors through its collection-
based and branded product strategies
and its Emma & Roe brand of ‘demi-fine’
fashion jewellery.
WHAT DOES IT DO?
Port of Tauranga is the natural gateway to
and from international markets for many
of New Zealand’s major businesses. It is in
close proximity to many important exporters
in the forestry, dairy, meat and fruit
industries. Its investment in port facilities in
Timaru and an inland port near Christchurch
opens up the South Island hinterland for
exports to be hubbed out of Tauranga.
WHY DO WE OWN IT?
Port of Tauranga continues to grow in
importance as a leading shipping port in
New Zealand for both exports and imports.
It has many natural advantages, including
excellent access for road and rail, large
land holdings and, more recently, a deep
harbour for bigger ships to call. It has an
important strategic 10-year agreement with
Kotahi which underwrites its investment in
Primeport Timaru and its Metroport near
Christchurch.
-17
%
Total Shareholder Return
+19
%
Total Shareholder Return
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WHAT DOES IT DO?
Restaurant Brands has franchise
agreements for international fast-food
brands in New Zealand, Australia and
the Pacific (including KFC, Taco Bell,
Pizza Hut, Starbucks and Carl’s Jr.). In
recent times, the company expanded
internationally with the purchase of a
network of KFC stores in New South
Wales, plus Taco Bell and Pizza Hutt
stores in the Pacific (primarily Hawaii).
The KFC brand is the largest earner for
the group.
WHY DO WE OWN IT?
Restaurant Brands has a long history of
achieving attractive returns on invested
capital and has successfully delivered
increasing same store sales and
margins in its KFC division (including
in Australia), while changes in strategy
have improved profitability of Pizza Hut
and Starbucks. Restaurant Brands has a
leading management team and is in the
middle of a growth phase via its offshore
expansion.
WHAT DOES IT DO?
Ryman Healthcare was formed in 1984 to
develop, construct and operate retirement
villages in New Zealand. It now has 32
retirement villages around New Zealand
and is in the early stages of replicating its
model in Melbourne. Ryman Healthcare
is the largest owner and developer of
retirement villages in New Zealand.
WHY DO WE OWN IT?
Ryman Healthcare has stuck to its winning
formula since inception. Industry dynamics
are attractive, and Ryman Healthcare is
well positioned to lift its build rate of units
and beds to meet accelerating demand
from an ageing population. Melbourne
represents an area of considerable upside
with a similar ageing demographic to
that in New Zealand. The company plans
to have five retirement villages open
in Melbourne by 2020, and plans to
ultimately build at the same rate there as in
New Zealand.
+37
%
Total Shareholder Return
+28
%
Total Shareholder Return
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KINGFISH PORTFOLIO STOCKS CONTINUED
WHAT DOES IT DO?
Summerset is an integrated retirement
village builder, owner and operator. The
company has over 20 retirement villages
around New Zealand and is the second
largest developer and the third largest
owner of retirement villages in New
Zealand. It is investigating whether to
expand into the Australian market.
WHY DO WE OWN IT?
Summerset successfully operates a
continuum of care model with aged care
integrated into its villages. Summerset
has consistently lifted its build rate of
new units and beds, while expanding its
development margin. This indicates that
it is executing its business model well,
and has a large land bank to continue
the roll-out of its sought-after villages.
WHAT DOES IT DO?
The a2 Milk Company sells ‘a2’ branded
fresh milk and infant milk formula
internationally. As the name suggests,
its products contain only A2 beta-casein
protein, on the basis that it is more
comfortably digested than normal milk
(which contains a mix of both A1 and A2
proteins). In recent years, the company
has grown sales and market share rapidly
in Australia and China and is currently
also focused on its growing businesses in
the US and UK.
WHY DO WE OWN IT?
The a2 Milk Company has a small
but fast growing share of the very
lucrative Chinese infant formula market.
Management have capably executed
on its growth plans to date and we
expect its market share to continue
growing across a range of distribution
channels. In addition, there is potential
for further upside from new products and
geographies.
+37
%
Total Shareholder Return
+35
%
Total Shareholder Return
*Purchased during the year
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WHAT DOES IT DO?
Vista Group is an innovative and
profitable IT company primarily providing
sophisticated software to cinema exhibitors.
It has around 40% worldwide market
share with clients in over 90 countries. Its
integrated software systems allow cinema
exhibitors to run wide-ranging functions
such as ticketing, food and beverage sales,
staff and film scheduling, loyalty schemes,
digital signage as well as external customer
interfaces like websites, mobile apps and
call centres. Vista Group also has a range
of smaller group businesses that leverage
its depth of data and cinema industry
intellectual property.
WHY DO WE OWN IT?
We are attracted to Vista Group's profitable
core business which provides sophisticated
software to cinema operators of all sizes.
We believe that this business still has many
years of growth ahead of it, particularly in
undeveloped countries. Additionally, the
company's data analytics business (Movio)
and other early stage businesses have
exciting long term growth prospects.
EBOS GROUP
The Kingfish portfolio also held shares
in EBOS Group as at 31 March 2018;
however, as discussed on page 14 this
position has now been exited.
-3
%
Total Shareholder Return
+2
%
Total Shareholder Return
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Pictured left to right: Carol Campbell, Alistair Ryan, Carmel Fisher and Andy Coupe.
Alistair Ryan MComm (Hons), CA
Chair of the Board
Chair of Remuneration and Nominations Committee
Independent Director
Alistair Ryan is an experienced company director
and corporate executive with extensive corporate
and finance sector experience in the listed company
sector in New Zealand and Australia. He is a director
of Barramundi, Marlin Global, Christchurch Casinos,
Metlifecare and Kiwibank. He is also Chair of Evolve
Education Group and a member of the FMA appointed
Audit Oversight Committee. Alistair had a 16-year
career with SKYCITY Entertainment Group Limited (from
pre-opening and pre-listing in 1996 through 2012).
Alistair was a member of the senior executive team and
also served as a director of various SKYCITY subsidiary
and associated companies. Prior to SKYCITY, Alistair
was a Corporate Services Partner with Ernst & Young,
based in Auckland. He is a member of Chartered
Accountants Australia and New Zealand and the New
Zealand Institute of Company Secretaries. Alistair’s
principal place of residence is Auckland.
Alistair was first appointed to the Kingfish board on
10 February 2012.
Andy Coupe LLB
Chair of Investment Committee
Independent Director
Andy Coupe has extensive commercial and capital
markets experience having worked in a number of
sectors within the financial markets over the last 30
years. Andy was formerly a consultant in investment
banking at UBS New Zealand Limited, where his role
principally encompassed equity capital markets and
takeover transactions involving numerous initial public
offerings and secondary market transactions. Andy
is a director of Barramundi, Marlin Global, Briscoe
Group, Coupe Consulting and Gentrack Group. He is
also Chair of Farmright, Solid Energy New Zealand,
the New Zealand Takeovers Panel and Deputy Chair
of Television New Zealand. Andy’s principal place of
residence is Hamilton.
Andy was first appointed to the Kingfish board on
1 March 2013.
Carol Campbell BCom, CA
Chair of Audit and Risk Committee
Independent Director
Carol Campbell is a chartered accountant and
a member of Chartered Accountants Australia
and New Zealand. Carol has extensive financial
experience and a sound understanding of efficient
board governance. Carol holds a number of
directorships across a broad spectrum of companies
including T&G Global, New Zealand Post, NZME,
Kiwibank and NPT. Carol is also a director of
Barramundi and Marlin Global. Carol was a director
of The Business Advisory Group, a chartered
accountancy practice, for 11 years and prior to that
a partner at Ernst & Young for over 25 years. Carol’s
principal place of residence is Auckland.
Carol was first appointed to the Kingfish board on
5 June 2012.
Carmel Fisher BCA, INFINZ (Fellow)
Director
Carmel Fisher established Fisher Funds Management
Limited in 1998. Carmel’s interest and involvement in
the New Zealand share market spans over 30 years
and she is widely recognised as one of New Zealand’s
pre-eminent investment professionals. Carmel’s
career started when she left Victoria University with
an accounting degree to spend four years in the
sharebroking industry. She then managed funds for
Prudential Portfolio Managers and Sovereign Asset
Management before launching Fisher Funds. Carmel is
also a director of Barramundi, Marlin Global and New
Zealand Trade & Enterprise. Carmel’s principal place
of residence is Auckland.
Carmel was first appointed to the Kingfish board on
30 January 2004.
BOARD OF DIRECTORS
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FOR THE YEAR ENDED 31 MARCH 2018
CORPORATE GOVERNANCE STATEMENT
Kingfish’s board recognises the importance of good
corporate governance and is committed to ensuring
that the company meets best practice governance
principles to the extent that it is appropriate for the
nature of the Kingfish operations. Strong corporate
governance practices encourage the creation of
value for Kingfish shareholders, while ensuring the
highest standards of ethical conduct and providing
accountability and control systems commensurate with
the risks involved.
The board is responsible for establishing and
implementing the company’s corporate governance
frameworks, and is committed to fulfilling this role in
accordance with best practice having appropriate
regard to applicable laws, the NZX Corporate
Governance Best Practice Code (“NZX Code”)
and the Financial Markets Authority Corporate
Governance - Principles and Guidelines. The board
oversees the management of Kingfish, with the
day-to-day management responsibilities of Kingfish
being delegated to Fisher Funds Management Limited
(“Fisher Funds” or “the Manager”).
As at 31 March 2018, Kingfish was in compliance
with the NZX Code, with the exception of
recommendations 3.6, 4.3 and 5.3 for the reasons
explained under the relevant principles.
The corporate governance policies and procedures,
and board and committee charters, are regularly
reviewed by the board against the corporate
governance standards set by NZX, any regulatory
changes, and developments in corporate governance
practices.
The Kingfish constitution and each of the charters,
codes and policies referred to in this section are
available on the Kingfish website (www.kingfish.
co.nz) under the “About Kingfish” “Policies” section.
Principle 1 – Code of ethical behaviour
Directors should set high standards of ethical
behaviour, model this behaviour and hold
management accountable for these standards being
followed throughout the organisation.
CODE OF ETHICS & STANDARDS OF
PROFESSIONAL CONDUCT
Kingfish’s Code of Ethics & Standards of Professional
Conduct details the ethical and professional
behavioural standards required of the directors
and those employees of the Manager who work on
Kingfish matters.
The Code of Ethics & Standards of Professional
Conduct covers a wide range of areas including:
standards of behaviour, conflicts of interest, proper
use of company information and assets, compliance
with laws and policies, reporting concerns and
receiving gifts.
Any person who becomes aware of a breach or
suspected breach of the Code of Ethics & Standards
of Professional Conduct is required to report it
immediately in accordance with the procedure set
out in the Code of Ethics & Standards of Professional
Conduct.
Training on the Code of Ethics & Standards of
Professional Conduct is included as part of the
induction process for new directors and employees of
the Manager.
SECURITIES TRADING POLICY
The Securities Trading Policy details the trading
restrictions on persons nominated by Kingfish
(including its directors and employees of the Manager
who work on Kingfish matters) in Kingfish shares and
other securities.
In relation to Kingfish shares, nominated persons, with
the permission of the board of Kingfish, may trade
in Kingfish shares only during the trading window
commencing immediately after Kingfish’s weekly
disclosure of its net asset value to the New Zealand
Stock Exchange (“NZX”) and ending at the close
of trading two days following the net asset value
disclosure.
Nominated persons may not trade in Kingfish shares
when they have price sensitive information that is not
publicly available.
CONFLICTS OF INTEREST POLICY
The Conflicts of Interest Policy outlines the board’s
policy on conflicts of interest. The policy details the
process to be adopted for identifying conflicts of
interests and managing any such conflicts.
Principle 2 – Board composition and performance
To ensure an effective board, there should be
a balance of independence, skills, knowledge,
experience and perspectives.
BOARD CHARTER
Kingfish’s board operates under a written charter
which defines the respective functions and
responsibilities of the board, focusing on the values,
principles and practices that provide the corporate
governance framework.
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The board has overall responsibility for all decision
making within Kingfish. The board is responsible for
the direction and control of Kingfish and is accountable
to shareholders and others for Kingfish’s performance
and its compliance with the appropriate laws and
standards. The board has delegated the day-to-day
management of Kingfish to the Manager.
The board uses committees to address certain matters
that require detailed consideration. The board retains
ultimate responsibility for the function of its committees
and determines their responsibilities. The board is
assisted in meeting its responsibilities by receiving
reports and plans from Fisher Funds and through its
annual work programme.
Directors have access to key employees of the
Manager who are connected to the activities of
Kingfish and can request any information they consider
necessary for informed decision making.
NOMINATION AND APPOINTMENT OF
DIRECTORS
In accordance with Kingfish’s constitution and NZX
Listing Rules, one third of the directors are required to
retire by rotation and may offer themselves for re-
election by shareholders each year. Procedures for
the appointment and removal of directors are also
governed by the constitution. The Remuneration and
Nominations Committee is responsible for identifying
and nominating candidates to fill director vacancies for
board approval.
WRITTEN AGREEMENT
The company provides a letter of appointment to each
newly appointed director setting out the terms of their
appointment. The letter includes information regarding
the board’s responsibilities, expectations of directors,
tenure and independence, expected time commitments,
indemnity and insurance provisions, declaration of
interests and confidentiality. New directors are required
to consent to act as a director.
DIRECTOR INFORMATION AND INDEPENDENCE
The board comprises four directors with diverse
backgrounds, skills, knowledge, experience and
perspectives. Information about each director including
a profile of experience is available on page 26 of this
Annual Report and also on the Kingfish website.
The board takes into account guidance provided under
the NZX Main Board/Debt Market Listing Rules in
determining the independence of directors. Director
independence is considered annually. Directors have
undertaken to inform the board as soon as practicable
if they think their status as an independent director has
or may have changed.
CORPORATE GOVERNANCE STATEMENT CONTINUED
As at 31 March 2018, the board considers that
Alistair Ryan (Chair), Carol Campbell and Andy
Coupe are independent directors. As at 31 March
2018, the board considers that Carmel Fisher is not
an independent director by virtue of the Management
Agreement between Kingfish and Fisher Funds, and her
being a director of Fisher Funds.
Information in respect of directors’ ownership interests
is available on page 55.
DIVERSITY
Kingfish has a formal Diversity Policy. The board views
diversity as including but not being limited to, skills,
qualifications, experience, gender, race, age, ethnicity
and cultural background. The board recognises that
having a diverse board will enhance effectiveness in
key areas.
All appointments to the board will be based on merit,
and will include consideration of the board’s diversity
needs, including gender diversity. Under the policy,
the principal measurable diversity objective is to
embed gender diversity as an active consideration in
all succession planning for board positions. During the
year, there were no appointments to the board.
The board’s gender composition was as follows:
NumberProportion
2018 positionFemaleMaleFemaleMale
Directors2250%50%
NumberProportion
2017 positionFemaleMaleFemaleMale
Directors2250%50%
The board believes that Kingfish has achieved the
objectives set out in its Diversity Policy for the year
ended 31 March 2018.
DIRECTOR TRAINING
All directors are responsible for ensuring they remain
current in understanding their duties as directors. To
ensure ongoing education, directors are regularly
informed of developments that affect the company’s
industry and business environment.
ASSESSMENT OF DIRECTOR PERFORMANCE
The Remuneration and Nominations Committee
conducts a formal review of director, committee and
board performance annually. Appropriate strategies
for improvement are recommended to the board as
and when required. The Chair of the board also has
discussions with directors on individual performance.
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SEPARATION OF THE CHAIR AND CHIEF
EXECUTIVE
Kingfish delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement. The Chair of
Kingfish is a different person to the Chief Executive of
Fisher Funds.
Principle 3 – Board committees
The board should use committees where this will
enhance its effectiveness in key areas, while still
retaining board responsibility.
The board has three standing committees: the
Audit and Risk Committee, the Remuneration and
Nominations Committee and the Investment Committee.
Each committee operates under a charter approved by
the board. The charter of each committee is reviewed
annually.
DIRECTOR MEETING ATTENDANCE
A total of eight board meetings, two Audit and
Risk Committee meetings, one Remuneration and
Nominations Committee meeting and two Investment
Committee meetings were held in 2018. Director
attendance at board meetings and committee member
attendance at committee meetings is shown below.
DirectorBoard
Audit and
Risk
Committee
Remuneration
and
Nominations
Committee
Investment
Committee
Carol
Campbell
8/82/21/12/2
Andy
Coupe
8/82/21/12/2
Carmel
Fisher
8/82/2*1/12/2
Alistair
Ryan
8/82/21/12/2
*Carmel Fisher was an attendee at the Audit and Risk
Committee meetings.
AUDIT AND RISK COMMITTEE
The Audit and Risk Committee Charter sets out the
objectives of the Audit and Risk Committee which
are to provide assistance to the board in fulfilling its
responsibilities in relation to the company’s financial
reporting, internal controls structure, risk management
systems and the external audit function.
The Audit and Risk Committee focuses on audit
and risk management and specifically addresses
responsibilities relative to financial reporting and
regulatory compliance.
The Audit and Risk Committee is accountable for
ensuring the performance and independence of the
external auditor, including that the external auditor or
lead audit partner is changed at least every five years.
The Audit and Risk Committee also reviews the
appropriateness of any non audit services and
recommends to the board which services, other
than the statutory audit, may be provided by
PricewaterhouseCoopers as auditor.
The auditor has a clear line of direct communication
at any time with either the Chair of the Audit and Risk
Committee or the Chair of the board, both of whom are
independent directors. During the year, the Audit and
Risk Committee held private sessions with the auditor.
The Audit and Risk Committee currently comprises
independent directors Carol Campbell (Chair), Alistair
Ryan and Andy Coupe, all of whom have appropriate
financial experience and an understanding of the
industry in which Kingfish operates.
The Audit and Risk Committee may have in attendance
the Corporate Manager and/or other employees of
the Manager and such other persons including the
external auditor, as it considers necessary to provide
appropriate information and explanations.
REMUNERATION AND NOMINATIONS
COMMITTEE
The Remuneration and Nominations Committee
Charter sets out the objectives of the Remuneration and
Nominations Committee which are to set and review
the level of directors’ remuneration, ensure a formal
rigorous and transparent procedure for the appointment
of new directors to the board and evaluate the balance
of skills, knowledge and experience on the board.
The Remuneration and Nominations Committee also
assesses the performance of directors, the board and
board sub-committees.
The Remuneration and Nominations Committee
currently comprises independent directors Alistair
Ryan (Chair), Carol Campbell, Andy Coupe and non-
independent director Carmel Fisher.
INVESTMENT COMMITTEE
The Investment Committee Charter sets out the objective
of the Investment Committee which is to oversee the
investment management of Kingfish to ensure the
portfolio is managed in accordance with the investment
mandate and with the long-term performance
objectives of Kingfish.
The Investment Committee currently comprises
independent directors Andy Coupe (Chair), Carol
Campbell, Alistair Ryan and non-independent director
Carmel Fisher.
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CORPORATE GOVERNANCE STATEMENT CONTINUED
TAKEOVER RESPONSE PROTOCOLS
Since 31 March 2018, the board has adopted a
formal Takeover Response Protocol as an internal
framework that sets out the process to be followed if
there is a takeover offer for Kingfish.
Principle 4 – Reporting and disclosure
The board should demand integrity in financial and
non-financial reporting, and in the timeliness and
balance of corporate disclosures.
CONTINUOUS DISCLOSURE
Kingfish is committed to promoting investor confidence
by providing complete and equal access to
information in accordance with the NZX Listing Rules.
Kingfish has a Continuous Disclosure Policy designed
to ensure this occurs. The Corporate Manager is
responsible for ensuring compliance with the NZX
continuous disclosure requirements and overseeing
and co-ordinating disclosure to the exchange.
CHARTERS AND POLICIES
The key corporate governance documents, including
policies and charters, are available on Kingfish’s
website under the “About Kingfish” “Policies” section.
FINANCIAL REPORTING
Kingfish believes its financial reporting is balanced,
clear and objective. Kingfish is committed to
ensuring integrity and timeliness in its financial and
non-financial reporting, ensuring the market and
shareholders are provided with an objective view on
the performance of the company.
The Audit and Risk Committee oversees the quality
and integrity of external financial reporting including
the accuracy, completeness and timeliness of financial
statements. The Audit and Risk Committee reviews
half-yearly and annual financial statements and
makes recommendations to the board concerning
accounting policies, areas of judgement, compliance
with accounting standards, stock exchange and legal
requirements and the results of the external audit.
As at 31 March 2018, Kingfish does not have a
formal environmental, social and governance (ESG)
framework. Kingfish will continue to assess whether it
is appropriate that an ESG framework is adopted in
the future.
Principle 5 – Remuneration
The remuneration of directors and executives should
be transparent, fair and reasonable.
DIRECTORS’ REMUNERATION
The Director Remuneration Policy sets out the structure
of the remuneration to non-executive directors, the
review process and reporting requirements.
Directors’ fees are determined by the board on the
recommendation of the Remuneration and Nominations
Committee within the aggregate amount approved
by shareholders. The current directors’ fee pool
limit of $125,000 (plus GST if any) was approved
by shareholder resolution at the 2017 Annual
Shareholders’ Meeting and became effective on
1 August 2017.
Each year the Remuneration and Nominations
Committee reviews the level of directors’ remuneration.
The Remuneration and Nominations Committee
considers the skills, performance, experience and level
of responsibility of directors when undertaking the
review, and is authorised to obtain independent advice
on market conditions.
The following table sets out the remuneration received
by each director from Kingfish for the year ended
31 March 2018.
Directors’ remuneration* for the 12 months ended
31 March 2018
A B Ryan (Chair)$46,666
(1)
C A Campbell$35,833
(2)
R A Coupe$35,833
(3)
*excludes GST
(1)
$4,000 of this amount (being 10% of the annual fee prior
to 1 August 2017) was applied to the purchase of 3,041
shares under the Kingfish share purchase plan.
(2)
$3,250 of this amount (being 10% of the annual fee
prior to 1 August 2017) was applied to the purchase of
2,470 shares under the Kingfish share purchase plan. C
A Campbell receives $5,000 as Chair of Audit and Risk
Committee.
(3)
$3,250 of this amount (being 10% of the annual fee prior
to 1 August 2017) was applied to the purchase of 2,470
shares under the Kingfish share purchase plan. R A Coupe
receives $5,000 as Chair of Investment Committee.
For the 2018 financial year, Carmel Fisher did not
receive a director’s fee.
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2018

Details of remuneration paid to directors are also
disclosed in note 4 to the financial statements. The
directors’ fees disclosed in the financial statements
include a portion of non-recoverable GST expensed
by Kingfish.
DIRECTORS’ SHAREHOLDING - SHARE
PURCHASE PLAN
A Share Purchase Plan was introduced by the board in
2012 which requires each director to allocate 10% of
their annual director’s fee to the purchase (on market)
of Kingfish shares. Once an individual director’s
shareholding reaches 50,000 shares, the director can
elect whether to continue with the plan. The intention of
the Share Purchase Plan is to further align the interests
of directors with those of shareholders.
CEO REMUNERATION
Kingfish delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement. Consequently,
Fisher Funds is responsible for non-director
remuneration matters.
Principle 6 – Risk management
Directors should have a sound understanding of
the material risks faced by the issuer and how to
manage them. The board should regularly verify that
the issuer has appropriate processes that identify
and manage potential and material risks.
RISK MANAGEMENT FRAMEWORK
The board has overall responsibility for Kingfish’s system
of risk management and internal control. Kingfish has
in place policies and procedures to identify areas of
significant business risk and implements procedures to
manage those risks effectively.
Key risk management tools used by Kingfish include
the Audit and Risk Committee function, outsourcing of
certain functions to service providers, internal controls,
financial and compliance reporting procedures and
processes and business continuity planning. Kingfish also
maintains insurance policies that it considers adequate
to meet its insurable risks.
The Audit and Risk Committee and board receive regular
reports on the operation of risk management policies
and procedures. Significant risks are discussed at each
board meeting, and/or as required.
In addition to Kingfish’s policies and procedures in
place to manage business risks, Fisher Funds has its own
comprehensive risk management policy. The board is
informed of any changes to Fisher Funds’ policy.
HEALTH AND SAFETY
Kingfish’s Manager operates under a Health and
Safety Policy. Under this policy, Fisher Funds assumes
responsibility for the health and safety of its employees.
Principle 7 – Auditors
The board should ensure the quality and
independence of the external audit process.
Kingfish’s Audit and Risk Committee makes
recommendations to the board on the appointment
of the external auditor. The Audit and Risk Committee
monitors the independence and effectiveness of the
external auditor and approves and reviews any non-
audit services performed by the external auditor. An
External Auditor Independence Policy which documents
the framework of Kingfish’s relationship with its external
auditor was adopted in May 2018.
The Audit and Risk Committee meets with the external
auditor to approve their terms of engagement, audit
partner rotation (at least every five years) and audit fee,
and to review and provide feedback in respect of the
annual audit plan. The Audit and Risk Committee holds
private sessions with the auditor.
Kingfish’s current external auditor is
PricewaterhouseCoopers (“PwC”), was appointed by
shareholders at the 2005 annual meeting in accordance
with the provisions of the Companies Act 1993 (“the
Act”). PwC is automatically reappointed as auditor
under Part 11, Section 207T of the Act.
The Audit and Risk Committee has assessed PwC to be
independent and confirmed that the non-audit services
provided in relation to confirming the amounts used in
the performance fee calculation has not compromised
PwC’s independence.
PwC, as external auditor of the 2018 financial
statements, is invited to attend this year’s annual meeting
and will be available to answer questions about the
conduct of the audit, preparation and content of the
auditor’s report, accounting policies adopted by Kingfish
and their independence in relation to the conduct of the
audit.
Kingfish does not have an internal audit function.
Kingfish delegates the day-to-day management
responsibilities to Fisher Funds and the designated
Corporate Manager is responsible for operational and
compliance risks across Kingfish’s business.
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2018

CORPORATE GOVERNANCE STATEMENT CONTINUED
Principle 8 – Shareholder rights and relations
The board should respect the rights of shareholders
and foster constructive relationships with
shareholders that encourage them to engage with
the issuer.
INFORMATION FOR SHAREHOLDERS
The board recognises the importance of providing to
shareholders comprehensive, timely and equal access
to information about its activities. The board aims to
ensure that shareholders have available to them all
information necessary to assess Kingfish’s performance.
Kingfish’s website, www.kingfish.co.nz, provides
information to shareholders and investors about the
company. Kingfish’s ‘Investor Centre’ contains a range
of information including periodic and continuous
disclosures to the NZX, half year and annual reports
and content related to the Annual Shareholders’
Meeting. The website also contains information
about Kingfish’s directors, copies of key corporate
governance documents and general company
information.
The board recognises that other stakeholders may
have an interest in Kingfish’s activities. While there are
no specific stakeholders’ interests that are currently
identifiable, Kingfish will continue to review policies in
consideration of future interests.
COMMUNICATING WITH SHAREHOLDERS
Kingfish communicates regularly with its shareholders
through its monthly and quarterly updates. The
company receives questions from shareholders from
time to time, and has processes in place to ensure
shareholder communications are responded to within
a reasonable timeframe. The company’s website
sets out Kingfish’s appropriate contact details for
communications from shareholders. Kingfish also
provides options for shareholders to receive and send
communications by post or electronically.
SHAREHOLDER VOTING RIGHTS
In accordance with the Companies Act 1993, Kingfish’s
Constitution and the NZX Main Board Listing Rules,
Kingfish refers major decisions which may change
the nature of Kingfish to shareholders for approval.
Kingfish conducts voting at its shareholder meetings by
way of poll and on the basis of one share, one vote.
NOTICE OF ANNUAL MEETING
The 2018 Kingfish Notice of Annual Meeting will
be sent to shareholders at least 28 days prior to the
meeting and will be published on the company’s
website.
This year’s meeting will be held at 10.30am on
27 July 2018, at the Ellerslie Event Centre in Auckland.
Full participation of shareholders is encouraged at the
annual meeting and shareholders are encouraged to
submit questions in writing prior to the meeting.
MANAGEMENT AGREEMENT RENEWAL
The Management Agreement between Kingfish and
Fisher Funds is subject to renewal every five years. The
Management Agreement is next subject to renewal in
2019.
NZX WAIVERS
Kingfish outsources all investment management
functions and administration services to Fisher
Funds under the Management Agreement entered
into when Kingfish first listed. The Management
Agreement has been amended to reflect the evolving
relationship between Kingfish and Fisher Funds, with
such amendments being largely administrative. Since
December 2014, administration services previously
provided for in the Management Agreement have
been recorded in a separate Administration Services
Agreement. The rationale for this change was to create
efficiencies for Kingfish across staff utilisation and
costs. There was no substantive change to the nature or
scope of services or the actual costs payable.
Kingfish was granted a waiver by NZX Regulation
on 30 May 2017 from NZX Main Board Listing Rule
9.2.1 so that it is not required to obtain shareholder
approval for the entry into the Administration Services
Agreement and the amendments to the Management
Agreement. The waiver is provided on the conditions
specified in paragraph 2 of the waiver decision, which
is available on Kingfish’s website: www.kingfish.co.nz/
investor-centre/market-announcements/.
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2018

FOR THE YEAR ENDED 31 MARCH 2018
We present the financial statements for Kingfish Limited for the year ended 31 March 2018.
We have ensured that the financial statements for Kingfish Limited present fairly the financial position of the
company as at 31 March 2018 and its financial performance and cash flows for the year ended on that date.
We have ensured that the accounting policies used by the company comply with generally accepted
accounting practice in New Zealand and believe that proper accounting records have been kept. We have
ensured compliance of the financial statements with the Financial Markets Conduct Act 2013.
We also consider that adequate controls are in place to safeguard the company's assets and to prevent and
detect fraud and other irregularities.
The Kingfish board authorised these financial statements for issue on 21 May 2018.

Alistair Ryan Carmel Fisher

Carol Campbell Andy Coupe
DIRECTORS’ STATEMENT
OF RESPONSIBILITY
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2018

FINANCIAL
STATEMENTS CONTENTS
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35Statement of Comprehensive Income
36Statement of Changes in Equity
37Statement of Financial Position
38Statement of Cash Flows
39Notes to the Financial Statements
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ANNUAL REPORT
2018

Notes
2018
$000
2017
$000
Interest income 237 17 7
Dividend income 7, 6 7 2 6,609
Net changes in fair value of investments 2 32,493 20,644
Other income3 2,959 0
Total net income 4 3, 3 61 2 7, 4 3 0
Operating expenses4 6,996 5,006
Operating profit before tax 36,365 22,424
Total tax expense7 39 29
Net operating profit after tax attributable to shareholders 36,326 22,395
Other comprehensive (loss)/income
Items that will not be reclassified to profit or loss:
Impairment of available-for-sale financial asset 0 (289)
Total comprehensive income after tax attributable to shareholders 36,326 22,106
Basic earnings per share6 19. 62 c 14.50 c
Diluted earnings per share6 19. 51c 14 .13 c
The accompanying notes form an integral part of these financial statements.
FOR THE YEAR ENDED 31 MARCH 2018
STATEMENT OF COMPREHENSIVE INCOME
KINGFISH LIMITED
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ANNUAL REPORT
2018

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 31 March 2016 1 5 7, 6 9 1 289 607 4 9, 76 5 208,352
Comprehensive income
Profit for the year 0 0 0 22,395 22,395
Other comprehensive loss 0 (289) 0 0 (289)
Total comprehensive income for
the year ended 31 March 2017 0 (289) 0 22,395 22,106
Transactions with owners
Dividends paid5 0 0 0 ( 1 7, 2 3 6 ) ( 1 7, 2 3 6 )
New shares issued under dividend reinvestment plan5 6,452 0 0 0 6,452
Prior year Manager's performance fee to be settled
with ordinary shares 603 0 (607) 0 (4)
Manager's performance fee to be settled with
ordinary shares 0 0 417 0 417
Warrant issue costs (17 ) 0 0 0 (17 )
Total transactions with owners for
the year ended 31 March 2017 7, 0 3 8 0 (19 0) ( 1 7, 2 3 6 ) (10,388)
Balance at 31 March 2017 16 4, 729 0 417 54,924 220,070
Comprehensive income
Profit for the year 0 0 0 36,326 36,326
Other comprehensive income 0 0 0 0 0
Total comprehensive income for
the year ended 31 March 2018 0 0 0 36,326 36,326
Transactions with owners
Dividends paid 5 0 0 0 (21,215) (21,215)
Share buybacks (3,095) 0 0 0 (3,095)
Shares issued from treasury stock under dividend
reinvestment plan5 2,871 0 0 0 2,871
New shares issued under dividend reinvestment plan5 5,057 0 0 0 5,057
Shares issued for warrants exercised5 35,14 8 0 0 0 35,14 8
Prior year Manager's performance fee settled with
ordinary shares 297 0 (301) 0 (4)
Prior year Manager's performance fee settled with
treasury stock 116 0 ( 116 ) 0 0
Manager's performance fee to be settled with
ordinary shares17 0 0 1,118 0 1,118
Total transactions with owners for
the year ended 31 March 2018 40,394 0 701 (21,215) 19, 8 8 0
Balance at 31 March 2018 2 05,123 0 1,118 70,035 2 76,2 76
The accompanying notes form an integral part of these financial statements.
FOR THE YEAR ENDED 31 MARCH 2018
STATEMENT OF CHANGES IN EQUITY
KINGFISH LIMITED
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ANNUAL REPORT
2018

Notes
2018
$000
2017
$000
SHAREHOLDERS’ EQUITY52 76,2 76 220,070
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 10 10, 768 2,604
Trade and other receivables 8 4,317 5,090
Investments at fair value through profit or loss 2 264,395 213,334
Current tax receivable7 10 10
Total Current Assets 2 7 9, 4 9 0 2 21, 0 3 8
Non-current Assets
Available-for-sale financial assets 0 91
Total Non-current Assets 0 91
TOTAL ASSETS 2 7 9, 4 9 0 2 21,12 9
LIABILITIES
Current Liabilities
Trade and other payables 9 3,214 1,059
Total Current Liabilities 3,214 1, 0 59
TOTAL LIABILITIES 3,214 1, 0 59
NET ASSETS 2 76,2 76 220,070
These financial statements have been authorised for issue for and on behalf of the board by:

A B Ryan / Chair C A Campbell / Chair of the Audit and Risk Committee
21 May 2018 21 May 2018
The accompanying notes form an integral part of these financial statements.
AS AT 31 MARCH 2018
STATEMENT OF FINANCIAL POSITION
KINGFISH LIMITED
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ANNUAL REPORT
2018

FOR THE YEAR ENDED 31 MARCH 2018
Notes
2018
$000
2017
$000
Operating Activities
Sale of investments 78,079 2 5, 74 6
Interest received 236 17 7
Dividends received 7, 5 1 6 6,658
Other income received (10) 0
Purchase of investments (91,0 68) (28,14 8 )
Operating expenses (5,316) (4,724)
Taxes paid (39) (38)
Net cash outflows from operating activities10 (10,602) (329)
Financing Activities
Proceeds from warrants exercised 35,14 8 0
Share buybacks (3,095) 0
Issue costs 0 (17 )
Dividends paid (net of dividends reinvested) (13,287 ) (10,784)
Net cash inflows/(outflows) from financing activities 18, 76 6 (10, 8 01)
Net increase/(decrease) in cash and cash equivalents held 8,16 4 (11,13 0 )
Cash and cash equivalents at beginning of the year 2,604 13,734
Cash and cash equivalents at end of the year10 10, 76 8 2,604
The accompanying notes form an integral part of these financial statements.
STATEMENT OF CASH FLOWS
KINGFISH LIMITED
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ANNUAL REPORT
2018

FOR THE YEAR ENDED 31 MARCH 2018
NOTES TO THE FINANCIAL STATEMENTS
KINGFISH LIMITED
NOTE 1 — BASIS OF ACCOUNTING
Reporting Entity
Kingfish Limited (“Kingfish” or “the Company”) is listed on the NZX Main Board, is registered in New Zealand
under the Companies Act 1993 and is an FMC Reporting Entity under the Financial Markets Conduct Act 2013.
The Company’s registered office is Level 1, 67-73 Hurstmere Road, Takapuna, Auckland.
Basis of Preparation
These financial statements have been prepared in accordance with the requirements of Part 7 of the Financial
Markets Conduct Act 2013, the NZX Main Board listing rules and New Zealand Generally Accepted Accounting
Practice (NZ GAAP). They comply with New Zealand equivalents to International Financial Reporting Standards
(NZ IFRS) as appropriate for profit-oriented entities, and International Financial Reporting Standards (IFRS).
Kingfish has reported as a Tier 1 entity under the new External Reporting Board (XRB) Accounting Standards
Framework. Kingfish meets the definition of a Tier 1 entity because it is ‘publicly accountable’ as defined by the
XRB.
The functional and reporting currency used to prepare the financial statements is New Zealand dollars, rounded to
the nearest one thousand dollars.
The financial statements include GST where it is charged by other parties as it cannot be reclaimed.
The financial statements have been prepared on the historical cost basis, as modified by the fair valuation of
certain assets as identified in specific accounting policies and in the accompanying notes.
Accounting Policies
Accounting policies that summarise the recognition and measurement basis used and are relevant to an
understanding of the financial statements, are provided throughout the notes to the financial statements.
The accounting policies adopted have been consistently applied to all years presented, unless otherwise stated. NZ
IFRS 9 is a standard relevant to the Company which is not yet effective and has not yet been applied in preparing
the financial statements. Based on the Company’s assessment, NZ IFRS 9 is not expected to have a material
impact on the classification and measurement of the company’s financial assets. Minor changes are expected to
disclosures about the company’s financial assets, particularly in the year of adoption of the new standard.
There are no other accounting standards that have been issued but are not yet effective that are expected to have a
material impact on these financial statements.
Authorisation of Financial Statements
The Board of Directors authorised these financial statements for issue on 21 May 2018.
No party may change these financial statements after their issue.
Critical Judgements, Estimates and Assumptions
The preparation of financial statements requires the directors to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of assets and liabilities, income and expenses. There were
no material estimates or assumptions required in the preparation of these financial statements.
NOTE 2 — INVESTMENTS
Kingfish has classified all its listed equity investments at fair value through profit or loss. This designation on
inception is to provide more relevant information given that the investment portfolio is managed, and performance
evaluated, on a fair value basis, in accordance with a documented investment strategy. Investments are initially
recognised at fair value and are subsequently revalued to reflect changes in fair value. Net changes in the fair
value of investments are recognised in the Statement of Comprehensive Income.
The fair value of investments traded in active markets are based on last sale prices at balance date, except where
the last sale price falls outside the bid-ask spread for a particular investment, in which case the bid price will be
used to value the investment.
All purchases and sales of investments are recognised at trade date, which is the date the Company commits to
purchase or sell the investment. Transaction costs are expensed as incurred.
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ANNUAL REPORT
2018

NOTE 2 — INVESTMENTS (CONTINUED)
When an investment is sold, any gain or loss arising on the sale is included in the Statement of Comprehensive
Income. Gains or losses are calculated as the difference between the sale proceeds and the carrying amount of
the item.
Dividend income from investments is recognised in the Statement of Comprehensive Income when the Company’s
right to receive payments is established (ex-dividend date).
Investments recognised at fair value are categorised according to a fair value hierarchy that shows the extent of
judgement used in determining their fair value. Where unadjusted quoted prices are used, the investments are
categorised as Level 1. When inputs derived from quoted prices are used, the investments are categorised as Level
2 and, if inputs are not based on observable market data they are categorised as Level 3.
All investments held by Kingfish are categorised as Level 1. There have been no transfers between levels of the fair
value hierarchy during the year (2017: none).
Investments at Fair Value through Profit or Loss
2018
$000
2017
$000
New Zealand listed equity investments 264,395213,334
Total investments at fair value through profit or loss 264,395213, 33 4
Although investments 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.
Net Changes in Fair Value of Investments
2018
$000
2017
$000
Investments designated at fair value through profit or loss
New Zealand equity investments 32,608 20,663
Foreign exchange losses on equity investments (129) 0
Total gains on designated financial assets 32,479 20,663
Investments at fair value through profit or loss - held for trading
Forward foreign exchange contracts250
Available-for-sale financial assets
Impairment of investment( 11)(19)
Net changes in fair value of investments 32,49320,644

NOTE 3 — OTHER INCOME
2018
$000
2017
$000
GST refunds (note 11) 2,968 0
Underwriting income 15 0
Foreign exchange losses on cash and cash equivalents (24) 0
Total operating expenses 2,959 0

FOR THE YEAR ENDED 31 MARCH 2018
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
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NOTE 4 — OPERATING EXPENSES
2018
$000
2017
$000
Management fees (note 11) 3,348 3,131
Performance fees (note 11) 2,370 1,022
Administration services (note 11) 159 159
Directors' fees (note 11) 126 121
Custody, accounting and brokerage 702 292
Investor relations and communications 122 112
NZX fees 60 60
Professional fees 30 26
Fees paid to the auditor:
Statutory audit and review of financial statements 38 37
Other assurance services1 4 6
Non assurance services
1
6 2
Other operating expenses 31 38
Total operating expenses 6,996 5,006

1
Other assurance services relate to a share register audit and non-assurance services relate to agreed upon procedures
performed at the annual meeting and in respect of the performance fee calculation. No other fees were paid to the auditor during
the year (2017: nil).
NOTE 5 — SHAREHOLDERS EQUITY
Share Capital
Kingfish has 190,935,279 fully paid ordinary shares on issue (2017: 157,538,688). All ordinary shares are
classified as equity, rank equally and have no par value. All shares carry an entitlement to dividends and one vote
is attached to each fully paid ordinary share.
Incremental costs directly attributable to the issue of new shares and warrants are shown in equity as a deduction.
Share capital bought back by the Company reduces share capital and may be held as treasury stock at the value
of the consideration paid. Treasury stock may later be re-issued which increases share capital by the fair value of
the shares on issue date.
Warrants
On 10 May 2016, 38,176,653 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. On 5 May 2017,
29,106,763 warrants were exercised at $1.21 per warrant and the remaining 9,069,890 warrants lapsed.
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ANNUAL REPORT
2018

2017
$000
Cents per
share
24 Jun 20164,10 52.69
30 S ep 20164,3682.84
22 De c 20164 , 5112.91
31 Mar 20174,2522.72
1 7, 2 3 611.16
2018
$000
Cents per
share
29 Jun 20175 , 2112.79
29 Sep 20175,1972.77
22 Dec 20175,3362.83
29 Mar 20185,4712.89
21,21511. 2 8

NOTE 5 — SHAREHOLDERS EQUITY (CONTINUED)
Dividends
Kingfish has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid during the
year comprised:
FOR THE YEAR ENDED 31 MARCH 2018
Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the
period in which the dividends are declared by the Kingfish Board.
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 to the five-day volume weighted average
share price from the date the shares trade ex-entitlement. During the year ended 31 March 2018, 6,328,588
ordinary shares totalling $7,927,506 (2017: 4,924,109 ordinary shares totalling $6,452,054) 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 dividend record date.
Performance Fee Reserve
The portion of any performance fee paid in share capital is an equity share-based payment and is recognised at
fair value in an equity reserve until the ordinary shares are issued. See note 11(ii) for further details.
NOTE 6 — EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the
weighted average number of ordinary shares on issue during the year. Diluted earnings per share is calculated
by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary
shares plus the dilutive effect of potential ordinary shares outstanding during the year. Potential ordinary shares
include outstanding warrants.
Basic earnings per share
2018
$000
2017
$000
Profit attributable to owners of the Company 36,326 22,395
Weighted average number of ordinary shares on issue net of treasury stock ('000) 18 5,176 154,447
Basic earnings per share 19. 62 c 14.50 c
Diluted earnings per share
2018
$000
2017
$000
Profit attributable to owners of the Company 36,326 22,395
Weighted average number of ordinary shares on issue net of treasury stock ('000) 18 5,176 154,447
Diluted effect of warrants on issue ('000) 173 3, 74 9
Ordinary shares to be issued under performance fee arrangement ('000) 8 41 333
18 6,19 0 158,529
Diluted earnings per share 19. 51c 14 .13 c
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
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NOTE 7 — TAXATION
Kingfish is a Portfolio Investment Entity (“PIE”) for tax purposes.
Taxation expense comprises both current and deferred tax. Current tax is the expected tax payable on the taxable
income for the year, using tax rates enacted at balance date, and any adjustment to tax payable in respect of
previous years. Current tax for current and prior periods is recognised as a liability (or asset) to the extent that it
is unpaid (or refundable). Deferred tax (if any) is recognised as the differences between the carrying amounts of
assets and liabilities in the financial statements and the amounts used for taxation purposes. A deferred tax asset is
only recognised to the extent it is probable it will be utilised.
A deferred tax asset of $5,696,419 at 31 March 2018 (2017: $5,270,050) has not been recognised as the tax
structure of the Company is unlikely to lead to the utilisation of a deferred tax asset. This unrecognised deferred tax
asset is reviewed annually.
Taxation expense is determined as follows:
2018
$000
2017
$000
Operating profit before tax 36,365 22,424
Non-taxable realised gain on investments (20,191) (10,907)
Non-taxable unrealised gain on investments (12,189) ( 9, 737 )
Imputation credits 2,325 1,961
Non-deductible expenditure 608 194
Taxable income 6,918 3,935
Tax at 28% 1,9 37 1,10 2
Imputation credits (2,325) (1,961)
Deferred tax not recognised 427 888
Total tax expense 39 29
Current tax balance
Opening balance 10 1
Current tax expense (39) (29)
Tax paid 39 38
Current tax receivable 10 10

Imputation credits
The imputation credits available for subsequent reporting periods total $559,757 (2017: $503,755). This amount
represents the balance of the imputation credit account at the end of the reporting period, adjusted for imputation
credits that will arise from the receipt of dividends recognised as a receivable at 31 March 2018.
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NOTE 8 — TRADE AND OTHER RECEIVABLES
Trade and other receivables are classified as loans and receivables and are initially recognised at fair value, and
subsequently measured at amortised cost less any provision for impairment. Receivables are assessed on a case-
by-case basis for impairment. The fair value of trade and other receivables is equivalent to their carrying amount.
2018
$000
2017
$000
Dividends receivable 1,0 83 927
Interest receivable 1 0
Unsettled investment sales 99 4,16 3
Related party receivable (note 11) 3,10 9 0
Other receivables 25 0
Total trade and other receivables 4, 317 5,090

NOTE 9 — TRADE AND OTHER PAYABLES
Trade and other payables are classified as other financial liabilities and are initially recognised at fair value,
and subsequently measured at amortised cost. The fair value of trade and other payables is equivalent to their
carrying amount.
2018
$000
2017
$000
Related party payable (note 11) 1, 563 886
Unsettled investment purchases 1, 542 120
Other payables and accruals 109 53
Total trade and other payables 3,214 1, 0 59

NOTE 10 — CASH AND CASH FLOW RECONCILIATION
Cash and Cash Equivalents
Cash and cash equivalents are classified as loans and receivables and comprise cash on deposit at banks and
short-term money market deposits.
2018
$000
2017
$000
Cash - New Zealand 10, 768 2,604
Cash and Cash Equivalents 10, 76 8 2,604
FOR THE YEAR ENDED 31 MARCH 2018
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
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Cash Flow
The following are definitions of the terms used in the Statement of Cash Flows:
(a) Operating activities include all principal revenue producing activities and other events that are not financing
activities.
(b) Financing activities are those activities that result in changes in the size and composition of the capital structure.
Reconciliation of Net Operating Profit after Tax to Net Cash Flows
from Operating Activities
2018
$000
2017
$000
Net operating profit after tax36,32622,395
Items not involving cash flows
Unrealised gains on revaluation of investments(12,6 54)( 9, 73 6 )
(12, 6 5 4)(9, 7 3 6 )
Impact of changes in working capital items
Increase/(decrease) in fees and other payables 2,155 (137 )
Decrease/(increase) in interest, dividends and other receivables 773 (3,536)
Change in current tax 0 (9)
2,928 (3,682)
Items relating to investments
Amount paid for purchases of investments (91,0 68) (28,14 8 )
Amount received from sales of investments 77,999 25, 410
Return of capital 80 336
Realised gains on investments (19,8 41) (10,907)
(Increase)/decrease in unsettled purchases of investments (1, 422) (28)
(Decrease)/increase in unsettled sales of investments (4,064) 3,618
(3 8,316) (9, 7 19 )
Other
Performance fee to be settled by issue of shares 1,118 417
Expenses in relation to prior year's performance fee settled by issue of shares (4) (4)
1,114 413
Net cash outflows from operating activities (10,602) (329)

NOTE 11 — 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.
Transactions with related parties
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 having a director in common. In return for the
performance of its duties as Manager, Fishers Funds is paid the following fees:
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NOTE 11 — RELATED PARTY INFORMATION (CONTINUED)
(i) Management fee: 1.25% (plus GST) per annum of the gross asset value, calculated weekly and payable monthly
in arrears. The fee reduces if the Manager underperforms, thereby aligning the Manager’s interests with those of the
Kingfish shareholders. For every 1% underperformance (relative to the change in the NZ 90 Day Bank Bill Index) the
management fee percentage is reduced by 0.1%, subject to a minimum 0.75% per annum management fee.
(ii) Performance fee: Fisher Funds may earn an annual performance fee of 15% of excess returns over and above the
performance fee hurdle return (being the change in the NZ 90 Day Bank Bill Index plus 7%) subject to achieving the
High Water Mark. In accordance with the terms of the Management Agreement, when a performance fee is earned
it is paid within 30 days of the balance date and the Manager is required to apply half of the performance fee to
subscribe for shares, issued at a price equal to the audited net asset value per share at balance date. Shares issued
to the Manager rank equally in all respects with existing shares in Kingfish.
Performance fees paid to the Manager are recognised as an expense in the Statement of Comprehensive Income.
The portion paid in share capital is an equity-settled share-based payment and is recognised at the fair value of
half of the performance fee expense (excluding GST) as an equity reserve until the ordinary shares are issued. The
component paid in cash is treated in line with a typical operating expense. See note 17 for full details of how the
performance fee was settled for the year ended 31 March 2018.
(iii) Administration fee: Fisher Funds provides corporate administration services and a monthly fee is charged.
Fees paid and payable:
2018
$000
2017
$000
Fees paid to the Manager for the year ending 31 March
Management fees 3,348 3,131
Performance fees 2,370 1,022
Administration services 159 159
Total fees paid to the Manager 5,877 4, 312
Fees payable to the Manager at 31 March
Management fees 297 267
Performance fees payable in cash 1,253 606
Administration services 13 13
Total fees payable to the Manager 1, 5 6 3 886

Investments by the Manager
The Manager held shares in, and received dividends from, the Company at 31 March 2018 which total 1.42% of
the total shares on issue (2017: 1.51% and 1.56% of total warrants on issue).
Investment transactions with related parties
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). Purchases for the year ended 31 March 2018 totalled
$4,009,325 (2017: $2,513,507) and sales totalled $3,522,356 (2017: $1,045,395).
GST Refund
Fisher Funds has historically charged Kingfish GST at the standard GST rate on the provision of investment services.
Last year the Inland Revenue Department (“IRD”) confirmed that the lower GST fund manager rate of 1.5% could be
charged to Kingfish (and this rate has been applied since 1 August 2017).
FOR THE YEAR ENDED 31 MARCH 2018
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
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On 28 March 2018, Fisher Funds received confirmation from the IRD that they would receive $3,108,799 being a
refund of overcharged GST of $2,925,926 plus use of money interest (“UOMI”) of $182,873 on the provision of
investment services to Kingfish for the eight year period from 1 August 2009 to 31 July 2017. On receipt in early
April, Fisher Funds passed the refund and UOMI to Kingfish.
The GST refund and UOMI receivable of $3,108,799 from Fisher Funds has been recognised as a related party
receivable in the Statement of Financial Position. In the Statement of Comprehensive Income, the portion of the
GST refund relating to historical years of $2,785,172 and UOMI of $182,873, which totals $2,968,045, has been
recognised as other income, with the balance of $140,754 relating to the current year recognised as a reduction
in management fee expense. The GST refund and UOMI was excluded from the performance fee calculation as it
was not generated by investment activity.
Directors
The directors of Kingfish are the only key management personnel and they earn a fee for their services. The
directors’ fee pool increased from $105,000 to $125,000 (plus GST if any) per annum on 1 August 2017. The
amount paid to directors is disclosed in note 4 under directors’ fees (currently only independent directors earn a
director’s fee).
NOTE 12 — FINANCIAL RISK MANAGEMENT
The Company is subject to a number of financial risks which arise as a result of its investment activities, including
market risk, credit risk and liquidity risk.
Market Risk
All equity investments present a risk of loss of capital, often due to factors beyond the Company’s control
such as competition, regulatory changes, commodity price changes and changes in general economic
climates domestically and internationally. The Manager moderates this risk through careful stock selection
and diversification, daily monitoring of the market positions and regular reporting to the Board of Directors. In
addition, the Manager has to meet the criteria of authorised investments within the prudential limits defined in the
Management Agreement.
The maximum market risk resulting from financial instruments is determined as their fair value.
Price Risk
Price risk is the risk of gains or losses from changes in the market price of investments. The Company is exposed
to the risk of fluctuations in the underlying value of its listed portfolio companies. The following companies
individually comprise more than 10% of Kingfish’s total assets at 31 March:
20182017
Mainfreight12%13%
Fisher and Paykel Healthcare12%12%

Interest Rate Risk
Interest rate risk is the risk of movements in local interest rates. The Company is therefore exposed to the risk of
gains or losses or changes in interest income from movements in local interest rates. There is no hedge against the
risk of movements in interest rates.
Currency Risk
Currency risk is the risk that the fair value or future cash flows of an investment will fluctuate because of changes
in foreign exchange rates. The Company generally holds assets denominated in New Zealand dollars and is
therefore not directly exposed to currency risk. The portfolio companies that Kingfish invests in may be affected by
currency risk that may impact on the market value of the underlying portfolio company.
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NOTE 12 — FINANCIAL RISK MANAGEMENT (CONTINUED)
Following the migration to a sole listing of Xero on the ASX at the start of February 2018, and up until its disposal in
March 2018, Kingfish was temporarily exposed to currency risk as the value of Xero was denominated in Australian
dollars. The Manager partially mitigated this risk through the use of a forward foreign exchange contract.
Sensitivity Analysis
The table below summarises the impact on net operating profit after tax and shareholders’ equity to reasonably
possible changes in the carrying value of financial instruments to market risk exposure at 31 March as follows:
2018
$000
2017
$000
Price risk
1
Investments at fair value (listed) Carrying value 264,395 213,334
Impact of a 10% change in market prices: +/- 26,440 21,333
Available-for-sale (unlisted) Carrying value 0 91
Impact of a 10% change in market prices: +/- 0 0
Interest rate risk
2
Cash and cash equivalents Carrying value 10, 768 2,604
Impact of a 1% change in interest rates: +/- 108 26
1
A variable of 10% was selected for price risk as this is a reasonably expected movement based on historic trends in equity
prices.
2
A variable of 1% was selected as this is a reasonably expected movement based on past overnight cash rate movements. The
percentage movement for the interest rate sensitivity relates to an absolute change in the interest rate rather than a percentage
change in interest rate.
Credit Risk
Credit risk is the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Company. In the normal course of its business, the Company is exposed to credit risk from transactions with its
counterparties.
Other than cash at bank and short term unsettled trades, there are no significant concentrations of credit risk. The
Company does not expect non-performance by counterparties, therefore no collateral or security is required.
Listed securities are held by an independent custodian, Trustees Executors Limited. All transactions in listed
securities are paid for on delivery according to standard settlement instructions. The Company invests cash with
banks registered in New Zealand and Australia which carry a minimum short-term credit rating of S&P A-1+ (or
equivalent).
The maximum credit risk of financial assets is deemed to be their carrying amount as reported in the Statement of
Financial Position.
Liquidity Risk
Liquidity risk is the risk that the assets held by the Company cannot readily be converted to cash in order to meet
the Company’s financial obligations as they fall due. The Company endeavours to invest the proceeds from the
issue of shares in appropriate investments while maintaining sufficient liquidity (through daily cash monitoring) to
meet working capital and investment requirements.
Liquidity to fund investment requirements can be augmented through the procurement of a debt facility from a
registered bank to a maximum value of 20% of the gross asset value of the Company. There were no such debt
facilities at 31 March 2018 (2017: nil).
FOR THE YEAR ENDED 31 MARCH 2018
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
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NOTE 13 — CAPITAL RISK MANAGEMENT
The Company’s objective is to prudently manage shareholder capital (share capital, reserves, retained earnings
and borrowings (if any)).
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to
shareholders, return capital to shareholders, undertake share buybacks, issue new shares and make borrowings in
the short term.
The Company was not subject to any externally imposed capital requirements during the year.
Since announcing a long-term distribution policy in June 2009, the Company continues to pay 2% of average net
asset value each quarter.
NOTE 14 — NET ASSET VALUE
The audited net asset value of Kingfish as at 31 March 2018 was $1.45 per share (2017: $1.40) calculated as the
net assets of $276,275,597 divided by the number of shares on issue of 190,935,279.
NOTE 15 — COMMITMENTS AND CONTINGENT LIABILITIES
There were no unrecognised contractual commitments or contingent liabilities as at 31 March 2018 (2017: nil).
NOTE 16 — FINANCIAL REPORTING BY SEGMENTS
The Company operates in the New Zealand investment industry.
The Company is managed as a whole and is considered to have a single operating segment. There is no further
division of the Company or internal segment reporting used by the Directors when making strategic, investment or
resource allocation decisions.
There has been no change to the operating segments during the year.
NOTE 17 — SUBSEQUENT EVENTS
(i) In accordance with the terms of the Management Agreement, Kingfish settled the performance fee due to
Fisher Funds of $2,468,689 (including GST) relating to the year ended 31 March 2018 on 23 April 2018 as
follows:
1. Fisher Funds used half of the performance fee (excluding GST) to subscribe for Kingfish ordinary shares
at the audited 31 March 2018 net asset value per share of $1.45 (rounded to two decimal places).
Accordingly, Kingfish issued 840,523 ordinary shares totalling $1,216,103; and
2. The balance of $1,252,586 (including GST) was paid in cash to Fisher Funds.
(ii) A post balance date adjustment of $98,299 was made to reduce the cost of the performance fee, to recognise
the difference between audited 31 March 2018 net asset value per share ($1.45) and the share price on 23
April 2018 when the performance fee was paid to Fisher Funds ($1.33); and
(iii) The Board declared a dividend of 2.89 cents per share on 21 May 2018. The record date for this dividend
is 14 June 2018 with a payment date of 29 June 2018.
There were no other events which require adjustment to or disclosure in these financial statements.
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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 auditor’s report
To the shareholders of KingfishLimited
KingfishLimited’s financial statements comprise:
•the statement of financial position as at 31 March 2018;
•the statement of comprehensive income for the year then ended;
•the statement of changes in equity for the year then ended;
•the statement of cash flows for the year then ended; and
•the notes to the financial statements which include significant accounting policies.
Our opinion
In our opinion, the financial statements of KingfishLimited (the Company), present fairly, in all
material respects, the financial position of the Company as at 31 March 2018, its financial performance
and its cash flows for the year then ended in accordance with New Zealand Equivalents to
International Financial Reporting Standards (NZ IFRS) and International Financial Reporting
Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
NZ) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the financial statementssection of
our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1 (Revised)
Code of Ethics for Assurance Practitioners(PES 1) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’ Code of Ethics for
Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Our firm carries out other services for the Company in the area ofassurance services relating toshare
and warrant register audits andagreed upon proceduresrelating to the annual shareholder meeting
count of votesand performance fee calculation. The provision of theseservices has not impaired our
independence.


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 auditor’s report
To the shareholders of KingfishLimited
KingfishLimited’s financial statements comprise:
•the statement of financial position as at 31 March 2018;
•the statement of comprehensive income for the year then ended;
•the statement of changes in equity for the year then ended;
•the statement of cash flows for the year then ended; and
•the notes to the financial statements which include significant accounting policies.
Our opinion
In our opinion, the financial statements of KingfishLimited (the Company), present fairly, in all
material respects, the financial position of the Company as at 31 March 2018, its financial performance
and its cash flows for the year then ended in accordance with New Zealand Equivalents to
International Financial Reporting Standards (NZ IFRS) and International Financial Reporting
Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
NZ) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the financial statementssection of
our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1 (Revised)
Code of Ethics for Assurance Practitioners(PES 1) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’ Code of Ethics for
Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Our firm carries out other services for the Company in the area ofassurance services relating toshare
and warrant register audits andagreed upon proceduresrelating to the annual shareholder meeting
count of votesand performance fee calculation. The provision of theseservices has not impaired our
independence.
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PwC 6
Our audit approach
Overview
An audit is designed to obtain reasonable assurance whether the financial
statements are free from material misstatement.
Overall materiality: $1,381,300, which represents approximately 0.5% of the
net assets. We used this benchmark because, in our viewthe objective of the
Company is to provide investors with a total return on the assets, taking
account of both capital and income returns.
We agreed with the Audit and Risk Committee that we would report to them
misstatements identified during our audit above $100,000as well as
misstatements below that amount that, in our view, warranted reporting for
qualitative reasons.
Because of the significanceoftheinvestments to the financial statements, we
have determined that there is one key audit matter: valuation and existence of
investmentsdesignated at fair value through profit or loss.
Materiality
The scope of our audit was influenced by our application of materiality.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Company materiality for the financial statements as a whole as set out above.
These, together with qualitative considerations, helped us to determine the scope of our auditandthe
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in the aggregate on the financial statements as a whole.
Audit scope
We designed our audit by assessing the risks of material misstatement in the financial statements and
our application of materiality. As inall of our audits, we also addressed the risk of management
override of internal controls including among other matters, consideration ofwhether there was
evidence of bias that represented a risk of material misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the financial statements as a whole, taking into account the structure of the Company, type
of investments held by the Company, the use of the third party service providers, the accounting
processes and controls, and the industry in which the Company operates.
The Directors are responsible for the governance and the control activities of the Company. The
Directors have delegated certain responsibilities to Fisher Funds Management Limited (the
Investment Manager) and Trustees Executors Limited (the Administrator). The Company has
appointed Trustees Executors Limited (the Custodian) to act as Custodian of the Company’s
investments.
In establishing our overall audit approach we assessed the risk of material misstatement, taking into
account the nature, likelihood and potential magnitude of any misstatement. As part of our risk
assessment, we considered the Company’s interaction with the Investment Manager and
Administrator and the control environment in place at the Administrator and the Custodian.
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2018

PwC7
Key audit matter
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current year. Given the nature of the Company, we have
one key audit matter: valuation and existence of investmentsat fair value through profit or loss. The
matter was addressed in the context of our audit of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on the matter.
Key audit matterHow our audit addressed the key audit matter
Valuation and existence of investmentsat fair
value through profit or loss
Investmentsat fair value through profit orloss
(the investments) are valued at$264.4million
and represent 95% of total assets.
Further disclosures on the investments are
included at note 2to the financial statements.
This was an area of focus for our audit and an
area where significant audit effort was
directed.
As at 31 March 2018, all investments are in
companies that werelisted on the NZX Main
Boardand wereactively traded with readily
available, quoted market prices.
All investmentsare held by the Custodian on
behalf of the Companyand administered by
the Administrator.
Our audit procedures included updating our
understanding of the business processes employed by
the Company for accounting for, and valuing,their
investment portfolio.
We obtained confirmation from the Custodian that
the company was the recorded owner of allthe
recordedinvestments.
We obtained copies ofand assessedthe
Administrator’s and Custodian’s Internal Controls
Reports for Custody, Investment Accounting and
Registry services for theperiods ended 30 September
2017 and 31 March 2018.
Weagreedthe price for all investmentsheldat 31
March 2018to independent third party pricing
sources.
We had no matters arising from the procedures
performed.
Information other than the financial statements and auditor’s report
The Directors are responsible forthe annual report. The annual report is expected to be made available
to us after the date of this auditor's report.
Our opinion on the financial statements does not cover the other information included in the annual
report and we do not and will not express any form of assurance conclusion on the other information.
In connection with our audit of the financial statements, our responsibility is to read the other
information when it becomes available and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to the Directors.
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PwC8
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the financial statements in accordance with NZ IFRS and IFRS, 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.
In preparingthe financial statements, the Directors are responsible for assessing the Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Directors either intend to liquidate the Company or to
cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole,
are 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 ISAs NZ and ISAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and 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 these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-2/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
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 Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Richard Day.
For and on behalf of:
Chartered AccountantsAuckland
21May 2018

PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 (9) 355 8000, F: +64 (9) 355 8001, www.pwc.com/nz
Independent Auditor’s Report
to the shareholders of Kingfish Limited
Report on the Financial Statements
We have audited the financial statements of Kingfish Limited (“the company”) on pages 30 to 46, which
comprise the statement of financial position as at 31 March 2015, th e statement of comprehensive income, the
statement of changes in equity and the statement of cash flows for the year then ended, and the notes to the
financial statements that include a summary of significant accounting policies and other explanatory
information.
Directors’ Responsibility for the Financial Statements
The directors are responsible for the preparation and fair presentation of these financial statements in
accordance with New Zealand Equivalents to International Financial Reporting Standards and for such
internal controls as the directors determine are necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted
our audit in accordance with International Standards on Auditing (New Zealand). These standards require
that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
An audit involves performing
procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers the internal controls relevant to the company’s preparation and fair
presentation of financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal
control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
We are independent of the company. Our firm carries out other assurance and non-assurance services for the
company. The provision of these other services has not impaired our independence.
Opinion
In our opinion, the financial statements on pages 30 to 46 present fairly, in all material respects, the financial
position of the company as at 31 March 2015, and its financial performance and cash flows
for the year then
ended in accordance with New Zealand Equivalents to International Financial Reporting Standards.
Restriction on Use of our Report
This report is made solely to the company’s shareholders, as a body, in accordance with th e Companies Act
1993. Our audit work has been undertaken so that we might state those matters which we are required to state
to them in an auditor’s report and fo r no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company and the company’s shareholders, as a body,
for our audit work, for this report or for the opinions we have formed.
Chartered Accountants Auckland
18 May 2015
53
kingsh limited /
ANNUAL REPORT
2018

SHAREHOLDER INFORMATION
SPREAD OF SHAREHOLDERS AS AT 11 MAY 2018
Holding Range# of Shareholders# of Shares% of total
1 to 999279130, 4880.1
1,000 to 4,9998782,459,9691.3
5,000 to 9,9998435,965,9793.1
10,000 to 49,9992,13748,688,94025.4
50,000 to 99,9994433 0, 418, 76 415.9
100,000 to 499,99931158,777,40130.6
500,000 +3745,334,26123.6
TOTAL4,928191, 7 75, 8 0 2100.0
20 LARGEST SHAREHOLDERS AS AT 11 MAY 2018
# of Shares% of Total
ASB NOMINEES LIMITED <ACCOUNT 340941 - ML>4,902,0302.56
ASB NOMINEES LIMITED <339992 A/C>3,551,0691.85
CUSTODIAL SERVICES LIMITED <A/C 6>3,18 6,8 4 81.66
CUSTODIAL SERVICES LIMITED <A/C 4>2,523,8331.32
STEPHEN JAMES THORNTON + BERNARDINA ALEIDA MARIA
SCHOLTEN + MACALISTER MAZENGARB TRUST COMPANY LIMITED
<THE THORNTON-SCHOLTEN FAMILY A>2,123, 4941.11
FNZ CUSTODIANS LIMITED2 ,1 0 7, 0 8 11.10
INVESTMENT CUSTODIAL SERVICES LIMITED <A/C C>1,8 49, 2120.96
MICHAEL JOHN EDGAR + SUSAN MARGARET NEMEC +
CHARTERHALL TRUSTEES LIMITED <EDGAR-NEMEC FAMILY A/C>1,626,14 50.85
FORSYTH BARR CUSTODIANS LIMITED <1-CUSTODY>1,365,3420.71
MURRAY JOHN LOMBARD ALDRIDGE + LESLEY ANN ALDRIDGE +
NICHOLAS CORPORATE TRUSTEE CO LTD <ALDRIDGE FAMILY A/C>1 , 2 7 7,1 3 90.67
ALOK DHIR1,250,0000.65
CUSTODIAL SERVICES LIMITED <A/C 3>1,202,2780.63
DAVID ROBERT APPLEBY + PRUDENCE JANE COTTER <DAVID APPLEBY
INVESTMENT A/C>1,200,0000.63
CUSTODIAL SERVICES LIMITED <A/C 2>1,042,7730.54
LLOYD JAMES CHRISTIE975,5040.51
PAMELA JEAN GILLIES965,0000.50
STEPHEN THOMAS WRIGHT8 9 9,95 00.47
ALBERT JOHN HARWOOD + MARLENE MARY HARWOOD825,0000.43
VANI K APOOR818,3530.43
RODERICK GERALD ADE + SHIRLEY ANNE ADE + TANI LOUISE
HANSEN <R G & S A ADE FAMILY A/C>805,5250.42
TOTAL3 4, 496, 5 7618.0 0
54
kingfish limited /
ANNUAL REPORT
2018

STATUTORY INFORMATION
DIRECTORS’ RELEVANT INTERESTS IN EQUITY SECURITIES AT 31 MARCH 2018
Interests Register
Kingfish is required to maintain an interests register in which the particulars of certain transactions and matters
involving the directors must be recorded. The interests register for Kingfish is available for inspection at its
registered office. Particulars of entries in the interests register as at 31 March 2018 are as follows:
Ordinary Shares
Held DirectlyHeld by Associated Persons
A B Ryan
(1)
31,852
C M Fisher
(2)
4,902,030
C A Campbell
(3)
20,167
R A Coupe
(4)
18,266
(1)
A B Ryan purchased 3,041 shares in the year ended 31 March 2018 on market as per the terms of the share
purchase plan (purchase price $1.31). A B Ryan received 2,702 shares in the year ended 31 March 2018, issued
under the dividend reinvestment plan (average issue price $1.26). A B Ryan exercised 4,298 warrants and was
issued 4,298 ordinary shares in the year ended 31 March 2018.
(2)
Associated persons of C M Fisher exercised 980,406 warrants and were issued 980,406 ordinary shares in the
year ended 31 March 2018.
(3)
C A Campbell purchased 2,470 shares in the year ended 31 March 2018 on market as per the terms of the
share purchase plan (purchase price $1.31). C A Campbell received 1,711 shares in the year ended 31 March
2018, issued under the dividend reinvestment plan (average issue price $1.26). C A Campbell exercised 2,515
warrants and was issued 2,515 ordinary shares in the year ended 31 March 2018.
(4)
R A Coupe purchased 2,470 shares in the year ended 31 March 2018 on market as per the terms of the share
purchase plan (purchase price $1.31). R A Coupe received 1,549 shares in the year ended 31 March 2018,
issued under the dividend reinvestment plan (average issue price $1.26). R A Coupe exercised 2,190 warrants
and was issued 2,190 ordinary shares in the year ended 31 March 2018.
DIRECTORS HOLDING OFFICE
Kingfish’s directors as at 31 March 2018 were:
»A B Ryan (Chair)
»C M Fisher
»C A Campbell
»R A Coupe
During the year, there were no appointments to the board.
In accordance with the Kingfish constitution, at the 2017 Annual Shareholders’ Meeting, Andy Coupe retired by
rotation and being eligible was re-elected. Carol Campbell retires by rotation at the 2018 Annual Shareholders’
Meeting and being eligible, offers herself for re-election.
DIRECTORS’ INDEMNITY AND INSURANCE
Kingfish has arranged directors' and officers' liability insurance covering directors acting on behalf of Kingfish.
Cover is for damages, judgements, fines, penalties, legal costs awarded and defence costs arising from wrongful
acts committed while acting for Kingfish. The types of acts that are not covered include dishonest, fraudulent,
malicious acts or omissions, wilful breach of statute or regulations.
Kingfish has granted an indemnity in favour of all current and future directors of the company in accordance with
its constitution.
55
kingfish limited /
ANNUAL REPORT
2018

EMPLOYEE REMUNERATION
Kingfish does not have any employees. Corporate management services are provided to Kingfish by Fisher Funds
Management Limited.
DIRECTORS’ RELEVANT INTERESTS
The following are relevant interests of Kingfish’s directors as at 31 March 2018:
A B RyanBarramundi LimitedDirector
Marlin Global LimitedDirector
Christchurch Casinos LimitedDirector
Metlifecare LimitedDirector
Evolve Education Group LimitedChair
Kiwibank LimitedDirector
Audit Oversight CommitteeMember
C M Fisher Barramundi LimitedDirector
Marlin Global LimitedDirector
Fisher Funds Management LimitedDirector
New Zealand Trade & EnterpriseDirector
C A CampbellBarramundi LimitedDirector
Marlin Global LimitedDirector
T&G Global LimitedDirector
Hick Bros Holdings Limited & subsidiary companies Director
Woodford Properties LimitedDirector
alphaXRT LimitedDirector
New Zealand Post LimitedDirector
Key Assets FoundationTrustee
Key Assets NZ LimitedDirector
Kiwibank LimitedDirector
NPT LimitedDirector
NZME LimitedDirector
Nica Consulting LimitedDirector
Cord Bank LimitedDirector
T&G Insurance LimitedDirector
Bankside Chambers LimitedDirector
R A CoupeBarramundi LimitedDirector
Marlin Global LimitedDirector
New Zealand Takeovers PanelChair
Coupe Consulting LimitedDirector
Farmright LimitedChair
Solid Energy New Zealand LimitedChair
Gentrack Group LimitedDirector
Briscoe Group Limited Director
Television New Zealand LimitedDirector

STATUTORY INFORMATION CONTINUED
56
kingfish limited /
ANNUAL REPORT
2018

AUDITOR’S REMUNERATION
During the 31 March 2018 year the following amounts were paid/payable to the auditor, PricewaterhouseCoopers
New Zealand.
$000
Statutory audit and review of financial statements38
Other assurance services4
Non assurance services6
PricewaterhouseCoopers New Zealand is a registered audit firm and its audit partners are licensed auditors under
the Auditor Regulation Act 2011.
DONATIONS
Kingfish did not make any donations during the year ended 31 March 2018.
57
kingfish limited /
ANNUAL REPORT
2018

REGISTERED OFFICE
Kingfish Limited
Level 1
67 – 73 Hurstmere Road
Takapuna
Auckland 0622
DIRECTORS
Independent Directors
Alistair Ryan (Chair)
Carol Campbell
Andy Coupe
Director
Carmel Fisher
CORPORATE MANAGER
Jody Kaye
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
Private Bag 92119
Auckland 1142
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
FOR ENQUIRIES ABOUT KINGFISH CONTACT
Kingfish Limited, 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 information contained in this annual 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 annual 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.
AUDITOR
PricewaterhouseCoopers
New Zealand
Level 8
188 Quay Street
Auckland 1142
SOLICITOR
Bell Gully
Level 21
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.
DIRECTORY
58
kingfish limited /
ANNUAL REPORT
2018

---

SHAREHOLDER COMMUNICATIONS
Section 209C Notice

Electronic Annual Reports


Dear Shareholder,

We are pleased to advise that the Kingfish Annual Report for the year ended 31 March 2018 is available on our
website at http://www.kingfish.co.nz/investor-centre/reports-and-annual-meetings/. Future Annual Reports and Interim
Reports will be publically available from the same website.

Even though the Annual Report and Interim Report are available electronically, you can request that a printed copy of the
Annual Report and Interim Report (when available) be mailed to you free of charge by ticking the box below and returning
this form to Computershare in the enclosed reply paid envelope. If you make this request, we will send you a hard copy of
the Annual Report and Interim Report each year until you request us not to or you stop being a shareholder.





Keeping in touch online

We provide a number of communications to keep you informed as a Kingfish shareholder: Monthly Updates, Quarter
Update Newsletters, Annual Meeting presentations, Annual Reports and Interim Reports. Each of these communications
can be found on our website www.kingfish.co.nz under the heading Investor Centre.

You can choose to receive email notification of when the reports are available to view online by entering your email
address below and returning this form in the enclosed reply paid envelope; or fax to (09) 488 8787; or scan and email
to ecomms@computershare.co.nz






Alternatively, you can elect your preferences for shareholder communications online, by visiting
www.investorcentre.com/nz. Select ‘My profile’ and click on the ‘Update’ button on the communication preferences tile.
You will need your CSN or Holder Number and FIN to initially access Investor Centre and register your account. Once you
have registered your account you will access this service with your own User ID and Password.

Please remember that our website, www.kingfish.co.nz, contains a lot of useful information, such as the weekly NAV,
current share price, portfolio performance, market announcements and key policies which is a resource established
for you as a shareholder. Please use the website, and if there is any additional information that you would find
valuable on the website don’t hesitate to let us know by emailing us at enquire@kingfish.co.nz

If you have any questions about changing how you receive shareholder communications, please contact
Computershare using the contact details at the top of this form.




Provide your email address here
Yes, I’d like to receive all Kingfish shareholder communications electronically. These communications include
the Annual and Interim Reports, payment advices, meeting documentation and any other company related
information which is appropriate to be sent electronically.

Update your information:
Yes, I would like to receive, free of charge, a printed copy of Kingfish’s Annual and Interim Reports (when
available) each year.

Enquiries:


By Mail:
Computershare Investor Services Limited
Private Bag 92119, Auckland 1142
New Zealand
Phone: +64 9 488 8777
Fax: +64 9 488 8787
Email: ecomms@computershare.co.nz

Online:
www.investorcentre.com/nz