Kingfish reports strong interim result

Kingfish Limited (KFL)
Results for announcement to the market

Reporting Period 6 months to 30 September 2018
Previous Reporting Period 6 months to 30 September 2017

Amount (000s) Percentage change
Revenue from ordinary
activities
$NZ 35,431 65.4%
Profit (loss) from ordinary
activities after tax
attributable to security
holder
$NZ 30,976 63.9%
Net profit (loss) attributable
to security holders
$NZ 30,976 63.9%

Dividend Amount per security Imputed amount per
security
Kingfish will pay a partially
imputed quarterly dividend
in line with its distribution
policy.
$NZ 3.04cps $NZ 0.003741

Record Date 6 December 2018
Dividend Payment Date 21 December 2018

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


Net asset value per share 30 September 2018 $1.54 (2017: $1.41)

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For immediate release:
19 November 2018
Kingfish reports strong interim result

 Net profit after tax $31.0m (2017: $18.9m)
 Kingfish return +11.1%
1
after fees and tax
 Total shareholder return +12.1%
 5.89 cents per share in dividends paid during the period

The six months to 30 September 2018 saw the S&P/NZX50G continue its ascent providing a supportive
environment for NZX listed investment company Kingfish Limited (NZX: KFL). Kingfish performed strongly
over the period reporting a net profit of $31.0m. The result includes gains on investments of $31.6m,
dividend and interest income of $3.8m, less operating expenses and tax of $4.4m.

Total shareholder return for the six months was +12.1% which includes the change in share price, dividends
paid per share and the impact of the warrants that were on issue for the period. In accordance with
Kingfish’s quarterly distribution policy (2% of average NAV per quarter), the company paid a total of 5.89
cents per share to shareholders during the six months ended 30 September 2018. On 19 November 2018,
the Board declared a dividend of 3.04 cents per share to be paid to shareholders on 21 December 2018
with a record date of 6 December 2018.

The Kingfish portfolio achieved a gross performance return of +13.0% before fees and tax, (11.1%
1
after
fees and tax) for the interim period while the S&P/NZX50G was up 12.4%. The Chair of Kingfish, Alistair
Ryan said: “The New Zealand market followed the positive trend of global equity markets for the six
months to 30 September 2018, and given that strong performance backdrop, the Kingfish portfolio
continued to deliver sound returns with most of the portfolio companies showing positive growth. However
recent market volatility in October reduced the Kingfish gross performance by approximately 7.0%. This
volatility has continued into November.”

During the period, Vista Group, Ryman Healthcare, Mainfreight, Delegat Group and Auckland International
Airport were the significant contributors to the rise in the value of the Kingfish portfolio. Senior Portfolio
Manager, Sam Dickie said: “Our portfolio scorecard for the results season compared well with the overall
market. We had more companies beating their forecasts than falling short, and we’ve been pleased with
the performance of our portfolio companies over the period.”

Sam Dickie added: “Up until 30 September 2018 the New Zealand equity market had shrugged off concerns
about global trade wars, a slowdown in global growth and elevated valuations, and outperformed most
global equity markets. However these fears have returned in October and November resulting in a more
volatile market environment than in the previous period.”

For further information, please contact:

Corporate Manager
Kingfish Limited
Tel: (09) 484 0352

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

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

1
Adjusted NAV return

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KINGFISH LIMITED
INTERIM FINANCIAL STATEMENTS CONTENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
Page
Statement of Comprehensive Income1
Statement of Changes in Equity2
Statement of Financial Position3
Statement of Cash Flows4
Notes to the Interim Financial Statements5

KINGFISH LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
6 months6 months
endedended
30/09/1830/09/17
unauditedunaudited
Notes$000$000
Interest income152 148
Dividend income3,664 4,167
Net changes in fair value of investments 231,615 17,091
Other income
0 14
Total net income35,431 21,420
Operating expenses34,393 2,497
Operating profit before tax31,038 18,923
Tax expense62 19
Net operating profit after tax
30,976 18,904
Other comprehensive income0 0
Total comprehensive income after tax 30,976 18,904
Basic earnings per share516.09c10.44c
Diluted earnings per share516.02c10.42c
The accompanying notes form an integral part of these financial statements.
Page 1 of 10

KINGFISH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
Share PerformanceRetainedTotal
Capital Fee ReserveEarningsEquity
Notes$000$000$000$000
Balance at 1 April 2017 (audited)164,729 417 54,924 220,070
Comprehensive income
Profit for the period0 0 18,904 18,904
Other comprehensive income0 0 0 0
Total comprehensive (loss)/income for the
period ended 30 September 2017
0 0 18,904 18,904
Transactions with owners
Shares issued for warrants exercised435,149 0 0 35,149
Dividends paid40 0 (10,407) (10,407)
Shares issued from treasury stock under
dividend reinvestment plan
41,002 0 0 1,002
New shares issued under dividend
reinvestment plan
42,843 0 0 2,843
Share buybacks4(1,208) 0 0 (1,208)
Prior year Manager's performance fee settled
with ordinary shares
297 (301) 0 (4)
Prior year Manager's performance fee settled
with treasury stock
116 (116) 0 0
Current period Manager's performance fee to
be settled with ordinary shares
0 47 0 47
Total transactions with owners for the
period ended 30 September 2017
38,199 (370) (10,407) 27,422
Balance at 30 September 2017 (unaudited)202,928 47 63,421 266,396
Balance at 1 April 2018 (audited)205,123 1,118 70,035 276,276
Comprehensive income
Profit for the period0 0 30,976 30,976
Other comprehensive income0 0 0 0
Total comprehensive income for the
period ended 30 September 2018
0 0 30,976 30,976
Transactions with owners
Dividends paid40 0 (11,340) (11,340)
Shares issued from treasury stock under
dividend reinvestment plan
4156 0 0 156
New shares issued under dividend
reinvestment plan
44,166 0 0 4,166
Warrant issue costs
4(18) 0 0 (18)
Share buybacks4(181) 0 0 (181)
Prior year Manager's performance fee settled
with ordinary shares
1,089 (1,096) 0 (7)
Prior year Manager's performance fee settled
with treasury stock
22 (22) 0 0
Current period Manager's performance fee to
be settled with ordinary shares
0 943 0 943
Total transactions with owners for the
period ended 30 September 2018
5,234 (175) (11,340) (6,281)
Balance at 30 September 2018 (unaudited)210,357 943 89,671 300,971
The accompanying notes form an integral part of these financial statements.
Page 2 of 10
Attributable to shareholders of the company

KINGFISH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2018
30/09/1831/03/18
unauditedaudited
Notes$000$000
SHAREHOLDERS' EQUITY
300,971276,276
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 7,854 10,768
Trade and other receivables 1,826 4,317
Investments at fair value through profit or loss 2292,724 264,395
Current tax receivable
0 10
Total Current Assets 302,404 279,490
TOTAL ASSETS302,404 279,490
LIABILITIES
Current Liabilities
Trade and other payables 1,433 3,214
Total Current Liabilities 1,433 3,214
TOTAL LIABILITIES1,433 3,214
NET ASSETS300,971 276,276
These interim financial statements have been authorised for issue for and on behalf of the Board by:
A B RyanC A Campbell
ChairmanChair of the Audit and Risk Committee
19 November 201819 November 2018
The accompanying notes form an integral part of these financial statements.
Page 3 of 10

KINGFISH LIMITED
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
6 months6 months
endedended
30/09/1830/09/17
unauditedunaudited
Notes$000$000
Operating Activities
Sale of investments46,381 30,860
Interest received154 148
Dividends received3,490 3,670
Other income received3,109 14
Purchase of investments(45,063) (49,622)
Operating expenses (3,783) (3,106)
Taxes paid(53) (19)
Net cash inflows/(outflows) from operating activities64,235 (18,055)
Financing Activities
Proceeds from warrants exercised0 35,149
Issue costs(25) (4)
Share buybacks(181) (1,198)
Dividends paid (net of dividends reinvested)(6,943)
(6,562)
Net cash (outflows)/inflows from financing activities(7,149) 27,385
Net (decrease)/increase in cash and cash equivalents held(2,914) 9,330
Cash and cash equivalents at beginning of the period10,768 2,604
Cash and cash equivalents at the end of the period7,854 11,934
The accompanying notes form an integral part of these financial statements.
Page 4 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
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 a 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
The interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP). They comply with the New Zealand Equivalent to International
Accounting Standard 34 Interim Financial Reporting.
The interim financial statements do not include all of the information required for full year financial
statements and should be read in conjunction with the company’s annual financial report for the year ended
31 March 2018.
These interim financial statements cover the unaudited results from operations for the six months ended 30
September 2018.
Accounting Policies
The company has applied consistent accounting policies in the preparation of these interim financial
statements as for the 2018 full year financial statements.
Critical Judgements, Estimates and Assumptions
The preparation of interim 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
interim financial statements.
Authorisation of Interim Financial Statements
The Kingfish board of directors authorised these interim financial statements for issue on 19 November
2018.
No party may change these interim financial statements after their issue.
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.
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.
30/09/1831/03/18
Investments at Fair Value through Profit or Lossunauditedaudited
$000$000
Investments designated at fair value through profit or loss
New Zealand listed equity investments292,724 264,395
Total investments at fair value through profit or loss292,724 264,395
All investments held by Kingfish are categorised as Level 1 in the fair value hierarchy. There have been
no transfers between levels of the fair value hierarchy during the period (30 September 2017: none).
Page 5 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
Note 2 Investments (continued)6 months6 months
endedended
30/09/1830/09/17
unauditedunaudited
Net changes in fair value of investments$000$000
Investments designated at fair value through profit or loss
New Zealand listed equity investments31,615 17,102
Available-for-sale financial assets
Impairment of investment0 (11)
Net changes in fair value of investments 31,615 17,091
Note 3 Operating Expenses
Management fees (note 7)1,851 1,760
Performance fees (note 7)1,915 96
Administration services (note 7)79 79
Directors' fees (note 7)80 54
Brokerage274 290
Investor relations and communications79 77
Custody and accounting fees 32 55
NZX fees29 32
Professional fees17 14
Fees paid to the auditor:
Statutory audit and review of financial statements19 19
Other assurance services
1
0 4
Non-assurance services
1
4 3
Regulatory expenses4 0
Other operating expenses10 14
Total operating expenses4,393 2,497
1
Other assurance services relate to a share and warrant register audit. Non-assurance services relate to
annual shareholders meeting procedures and agreed upon procedures performed in respect of the
performance fee calculation. No other fees were paid to the auditor during the period (30 September 2017:
nil).
Note 4 Shareholders' equity
Share Capital
Kingfish has 194,874,694 fully paid ordinary shares on issue (31 March 2018: 190,935,279). All ordinary
shares 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.
Buybacks
Kingfish maintains an ongoing share buyback programme. In the six month period to 30 September 2018,
Kingfish acquired 128,295 (30 September 2017: 934,997) shares under the programme which allows
up to 5% of the ordinary shares on issue (as at the date 12 months prior to the acquisition) to be acquired.
Shares acquired under the buyback programme are held as treasury stock and subsequently reissued to
shareholders under the dividend reinvestment plan and in settlement of the Manager's performance fee.
There were 12,787 shares held as treasury stock at balance date (31 March 2018: 15,000).
Page 6 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
Note 4 Shareholders' equity (continued)
Warrants
On 19 July 2018, 48,368,533 new Kingfish warrants were allotted and quoted on the NZX Main Board on
20 July 2018. One new warrant was issued to all eligible shareholders for every four shares held on record
date (18 July 2018). The warrants are exercisable at $1.37 per warrant, adjusted down for dividends
declared during the period up to the exercise date of 12 July 2019. Warrant holders can elect to exercise
some or all of their warrants on the exercise date subject to a minimum exercise of 200 warrants. The net
cost of issuing warrants is deducted from share capital.
On 9 May 2017, 29,106,793 warrants were exercised at $1.21 per warrant and the remaining 9,069,860
warrants lapsed.
Dividends
Kingfish has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid
during the period comprised:
2018Cents per2017Cents per
$000share$000share
29 Jun 20185,542 2.89 29 Jun 20175,211 2.79
28 Sep 20185,798 3.00 29 Sep 20175,196 2.77
11,340 5.89 10,407 5.56
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 period ended 30
September 2018, 3,227,187 ordinary shares (September 2017: 3,109,103 ordinary shares) were issued
in relation to the plan for the quarterly dividends paid. To participate in the dividend reinvestment plan, a
completed participation notice must be received by Kingfish before the next record date.
Note 5 Earnings per Share6 months6 months
endedended
30/09/1830/09/17
unauditedunaudited
Basic earnings per share$000$000
Profit attributable to owners of the company ($'000)30,976 18,904
Weighted average number of ordinary shares on issue
net of treasury stock ('000)192,575 181,153
Basic earnings per share16.09c10.44c
Diluted earnings per share
Profit attributable to owners of the company ($'000)30,976 18,904
Weighted average number of ordinary shares on issue
net of treasury stock ('000)192,575 181,153
Diluted effect of warrants on issue ('000)827 345
193,402 181,498
Diluted earnings per share16.02c10.42c
Page 7 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
Note 6 Reconciliation of Net Operating Profit after Tax to 6 months6 months
Net Cash Inflows/(Outflows) from Operating Activitiesendedended
30/09/1830/09/17
unauditedunaudited
$000$000
Net profit after tax30,976 18,904
Items not involving cash flows
Unrealised gains on revaluation of investments(12,752) (7,831)
(12,752) (7,831)
Impact of changes in working capital items
(Decrease)/increase in fees and other payables(1,856) 435
Decrease in trade and other receivables2,491 2,435
Change in current tax 10 0
645 2,870
Items relating to investments
Amount paid for purchases of investments(45,063) (49,622)
Amount received from sales of investments46,381 30,780
Return of capital0 80
Realised gains on investments(18,863) (9,260)
Decrease/(increase) in unsettled purchases of investments1,543 (1,027)
Increase/(decrease) in unsettled sales of investments425 (2,996)
(15,577) (32,045)
Other
Performance fee to be settled by issue of shares943 47
943 47
Net cash inflows/(outflows) from operating activities4,235 (18,055)
Note 7 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 during
the period. In return for the performance of its duties as Manager, Fishers Funds is paid the following fees:
(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.
Page 8 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
Note 7 Related Party Information (continued)
(ii) Performance fee: Fisher Funds may earn an annual performance fee of 15% (plus GST) 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 ("HWM").
The HWM is the dollar amount by which the net asset value per share exceeds the highest net asset value
per share (after adjustment for capital changes and distributions) at the end of any previous calculation
period in which a performance fee was payable, multiplied by the number of shares at the end of the period.
A performance fee of $1,914,970 has been accrued as an expense in the Statement of Comprehensive
Income for the six months ended 30 September 2018 (30 September 2017: $96,279). This performance
fee will only be payable if the performance fee criteria are met for the whole year in accordance with the
terms of the Management Agreement.
The portion to be 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.
(iii) Administration fee: Fisher Funds provides corporate administration services and a fee is payable
monthly in arrears.
6 months6 months
Fees earned, accrued and payable:endedended
30/09/1830/09/17
unauditedunaudited
$000$000
Fees earned by the Manager
Management fees1,851 1,760
Performance fees1,915 96
Administration services79 79
Total fees earned by the Manager
3,845 1,935
30/09/1831/03/18
unauditedaudited
$000$000
Fees payable to the Manager
Management fees313 297
Performance fees payable in cash972 1,253
Administration services13 13
Total fees payable to the Manager
1,298 1,563
Investments by the Manager
The Manager held shares in the company at 30 September 2018 which total 1.82% of the total shares on
issue (31 March 2018: 1.42%) and 1.84% of the total warrants on issue (31 March 2018: n/a). Dividends
were also paid to the Manager as a result of its shareholding.
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 period ended 30
September 2018 totalled $3,527,455 and sales totalled $453,396 (30 September 2017: $3,620,761 for
purchases and nil for sales).
Page 9 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
Note 7 Related Party Information (continued)
Directors
The directors of Kingfish are the only key management personnel and they earn a fee for their services. As
approved by the shareholders on 27 July 2018, the directors' fee pool increased from $125,000 to $157,500
(plus GST, if any) per annum from 1 July 2018 (31 March 2018: $125,000). The amount paid to directors is
disclosed in note 3.
The directors also held shares in the company at 30 September 2018 which total 2.56% of total shares on
issue (31 March 2018: 2.60%) and 2.58% of total warrants on issue (31 March 2018: n/a). Dividends were
also received by the directors as a result of their shareholding.
Note 8 Net Asset Value
The unaudited net asset value per share of Kingfish as at 30 September 2018 was $1.54 (31 March 2018
$1.45) calculated as the net assets of $300,970,769 divided by the number of shares on issue of
194,874,694.
Note 9 Subsequent Events
On 19 November 2018, the Board declared a dividend of 3.04 cents per share. The record date for this
dividend is 6 December 2018 with a payment date of 21 December 2018.
There were no other events which require adjustment to or disclosure in these interim financial statements.
Page 10 of 10

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PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent review report
to the shareholders of Kingfish Limited
Report on the Interim Financial Statements
We have reviewed the accompanying interim financial statements of Kingfish Limited (the Company)
on pages 1 to 10, which comprise the statement of financial position as at 30 September 2018, and the
statement of comprehensive income, the statement of changes in equity and the statement of cash
flows for the period ended on that date, and notes to the interim financial statements.
Directors’ responsibility for the interim financial statements
The Directors are responsible on behalf of the Company for the preparation and presentation of these
interim financial statements in accordance with New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting (NZ IAS 34) and for such internal controls as the Directors
determine are necessary to enable the preparation of interim financial statements that are free from
material misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying interim financial statements based
on our review. We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the
Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the interim financial statements, taken as a whole, are not
prepared in all material respects, in accordance with NZ IAS 34. As the auditors of the Company, NZ
SRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual
financial statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and
International Standards on Auditing. Accordingly, we do not express an audit opinion on these interim
financial statements.
Our firm carries out other services for the Company including agreed upon procedures in relation to
the performance fee calculation and annual shareholder meeting vote count. The provision of these
other services has not impaired our independence.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim
financial statements of the Company are not prepared, in all material respects, in accordance with NZ
IAS 34.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s shareholders those matters which we are required
to state to them in our review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the shareholders, as a body, for our
review procedures, for this report, or for the conclusion we have formed.
For and on behalf of:




Chartered Accountants Auckland
19 November 2018