KFL – 30 September 2018 Interim Report

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
INTERIM REPORT
KINGFISH LIMITED

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CALENDAR
Next dividend payable
21 DECEMBER 2018
Financial year end
31 MARCH 2019
04Directors’ Overview
08Manager’s Report
17Portfolio Holdings
18Financial Statements Contents
19Statement of Comprehensive Income
20Statement of Changes in Equity
21Statement of Financial Position
22Statement of Cash Flows
23Notes to the Interim Financial Statements
32Independent Review Report
35Directory
CONTENTS
Alistair Ryan / Chair Carmel Fisher / Director
This report is dated 14 December 2018 and is
signed on behalf of the Board of Kingfish Limited by
Alistair Ryan, Chair, and Carmel Fisher, Director.

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6 MONTHS ENDED 30 SEPTEMBER 2018
BEST
PERFORMING
INVESTMENT
+36%
DIVIDENDS PAID
29 JUNE 201828 SEPTEMBER 2018
2.89
cents per
share
3.00
cents per
share
NET PROFIT
$31.0m
TOTAL SHAREHOLDER
RETURN
+12.1%
$$
$
AS AT 30 SEPTEMBER 2018
S H A R E
PRICE
$1.39
SHARE PRICE
DISCOUNT TO NAV
8.6%
(including warrant price on a
pro-rated basis)
$1.54
PER SHARE
ADJUSTED
+11.1%
Share price increase plus dividends
RETURN
N AV

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“The Board is pleased
with the strong first half
for the 2019 financial
year both in terms of
portfolio performance
and returns to
shareholders.”
DIRECTORS’ OVERVIEW
Alistair Ryan
Chair

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The S&P/NZX50G continued its
ascent over the six months to 30
September 2018 up +12.4%. Strong
performances from Vista Group,
Ryman Healthcare, Mainfreight,
Delegat Group and Auckland
International Airport helped to drive
the rise of the New Zealand market
which followed the upwards trend
of global equity markets. In this
supportive environment, Kingfish
continued to perform well delivering
an adjusted NAV return of +11.1%,
(return to shareholders after fees and
tax) which translated to a strong net
profit result of $31.0m.
The net profit of $31.0m for the six months
ended 30 September 2018 was another
strong result for Kingfish, well up on the
previous corresponding period net profit of
$18.9m. The key components of the first half
result were gains on investments of $31.6m,
dividend and interest income of $3.8m less
operating expenses and tax of $4.4m.
Management fees were higher
over the period due to an increase
in the portfolio’s gross asset value.
Performance fees of $1.9m have been
accrued for the six months, compared to
$96k in the comparative 2017 period.
These two fee increases account for the
total operating expenses being $1.9m
ahead of the previous corresponding
period. The performance fee that is
currently accruing will only be payable
if the performance criterion is met for the
full year to 31 March 2019.
The recent market volatility in October
reduced the Kingfish gross performance by
approximately 7%.
FIVE-YEAR SUMMARY
Figure 1 (on page 6) summarises the five-
year performance history for the six month
periods ended 30 September 2014-2018.
CAPITAL MANAGEMENT
Kingfish continues to distribute 2.0%
of average net asset value per quarter.
Over the six month period to 30
September 2018, Kingfish paid 5.89
cents per share in dividends (2.89 cents
per share on 29 June 2018 and 3.00
cents per share on 28 September 2018).
The next dividend of 3.04 cents per
share will be paid on 21 December 2018
with a record date of 6 December 2018.
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. Currently, shares issued under the
reinvestment plan will be issued at a 3%
discount.
1
Kingfish’s share price closed at $1.39 on
30 September 2018 and the net asset
value of the Kingfish portfolio on this date
was $1.54. Since March the share price
to net asset value discount has remained
relatively constant, at or around 10%. The
Board has a number of initiatives in place
designed to manage the discount and
enhance shareholder value including the
buyback programme. Over the six months
to 30 September, approximately 128,000
1
If you are not already participating in the dividend reinvestment plan (DRP) you can elect to join
the DRP by contacting Kingfish at enquire@kingfish.co.nz for a participation notice which must be
received by Kingfish before the next dividend 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/.

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that Kingfish continues to perform well over
the long term.
CONCLUSION
The Board is pleased with the strong first
half result for the 2019 financial year both
in terms of portfolio performance and
returns to shareholders. More details on the
portfolio and individual portfolio holdings
are included in the Manager’s Report.
On behalf of the Board,
Alistair Ryan / Chair
Kingfish Limited
14 December 2018
DIRECTORS’ OVERVIEW CONTINUED
Kingfish shares were purchased under
the buyback programme, at an average
price of $1.41 per share.
Figure 2 (on page 7) tracks the Kingfish
share price and total shareholder return
since inception.
At the time of writing this overview the
New Zealand and global share markets
are experiencing a significant increase
in volatility, with the key S&P/NZX50G
index down 6.4% for the October
month. Short periods of high volatility
can cause concern for investors, however
we believe that the Kingfish diversified
portfolio of quality companies coupled
with the robust investment philosophy of
Kingfish’s investment manager will ensure
FIGURE 1: FIVE YEAR PERFORMANCE SUMMARY
Company Performance
Six month period ended
30 September20182017201620152014
5 years
(annualised)
Total Shareholder Return12.1%4.7%9. 4%( 7. 6 % )6.7%11. 7 %
Adjusted NAV Return11.1%7. 3 %11.1%(1.8%)2.0%13.0%
Dividend Return 4.5%4.3%4.2%3.9%4.2%
Net Profit / (Loss)$31.0 m$18.9m$23.4m($2.9m)$4.2m
Basic Earnings per Share16.09cps10.44cps15.2 7c p s(2.37c p s)3.49cps
As at 30 September20182017201620152014
NAV$1.54$1. 41$1.46$1.26$1.33
Adjusted NAV
1
$4.52$3.80$3.56$2.79$2.71
Share Price$1.39$1.28$1.36$1.23$1.31
Warrant Price$0.07n/a$0.06$0.04n/a
Share Price Discount to NAV
2
8.6%9. 2 %5.8%1.6%1.5%
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 to NAV (including warrant price on a pro-rated basis).

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Portfolio Performance
Six month period ended
30 September20182017201620152014
5 years
(annualised)
Gross Performance Return13.0%8.7%13.0%(0.9%)3.6%15.8%
S&P/NZX50G Index12. 4%10.2%9.0 %( 4.1%)2.2%14.6%
NB: All returns have been reviewed by an independent actuary.
Comparative information
Kingfish’s share price discount to NAV historical information has been restated following a change in
calculation methodology from using data inputs of four decimal places to two decimal places.
Non-GAAP Financial Information
Kingfish uses non-GAAP measures, including adjusted net asset value, gross performance return and
total shareholder return. The rational 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 before
fees and tax,
» 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, and
» dividend return – how much Kingfish pays out in dividends each year relative to its share price.
All references to adjusted net asset value, gross performance return and total shareholder return in this
Interim Report are to such non-GAAP measures. The calculations applied to non-GAAP measures are
described in the Kingfish Non-GAAP Financial Information Policy, and in the Glossary on page 33.
A copy of the policy is available at http://www.kingfish.co.nz/about-kingfish/kingfish-policies/
FIGURE 2: TOTAL SHAREHOLDER RETURN
Share Price/Total Shareholder
Return
Share Price
$
4.50
$
4.00
$
3.50
$
3.00
$
2.50
$
2.00
$
1.50
$
1.00
$
0.50
$
0.00
Sep
2004
Total Shareholder Return
Sep
2005
Sep
2006
Sep
2007
Sep
2008
Sep
2009
Sep
2010
Sep
2 011
Sep
2012
Sep
2013
Sep
2014
Sep
2015
Sep
2016
Sep
2017
Sep
2018

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“Pleasingly, many of
our portfolio positions
delivered solid
performances, both in
terms of their reported
annual results and
in terms of their total
shareholder returns.”
MANAGER’S REPORT
Sam Dickie
Senior Portfolio Manager

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The six months to 30 September
2018 was another remarkable
period for the New Zealand share
market. The market shrugged off
concerns about global trade wars,
a slowdown in Chinese and global
growth and already elevated
valuations and delivered a +12.4%
return, outperforming most global
equity markets.
The New Zealand market was supported
by multi-decade lows in interest rates
relative to the US and a weak Kiwi dollar,
both of which cushion the blow from
potentially negative offshore influences.
The Kingfish portfolio had an
exceptionally strong performance for the
half year, delivering a gross return of
+13.0% and an adjusted NAV return of
+11.1% .
We have been “wearing out the shoe
leather”, visiting businesses first hand both
onshore and especially offshore to gain a
more direct perspective into what makes
them tick.
In our travels over the first six months of
this financial year we’ve been fortunate
to have seen the progress in Mainfreight’s
growing European and Australian
operations and the growth in Fisher &
Paykel Healthcare business in Europe and
manufacturing facilities in Mexico. We
also visited some distributors for The a2
Milk Company in mainland China and
Hong Kong. Closer to home, we continue
our regular local site visits, including
Summerset and Ryman Healthcare
retirement villages, Freightways’ document
storage and destruction operations in
Melbourne, and Auckland Airport’s
international terminal redevelopment.
PERFORMANCE
The Kingfish portfolio was up strongly for
the six month period, with a gross return
of +13.0%. Performance has been steady
through the period, with positive returns
in five of the six months.
Of the 19 investments held over the six
month period, the majority performed
well with thirteen gaining and only six
falling in value.
Pleasingly, many of our portfolio positions
delivered solid performances, both in
terms of their reported annual results
and in terms of their total shareholder
returns. The top performers over the six
months were Vista Group (+36%), Ryman
Healthcare (+33%), Mainfreight (+24%),
and Delegat (+22%). At the other end
of the scale Michael Hill International
(-17%) and The a2 Milk Company (-9%)
disappointed.
As always, both in strong markets and
weak markets, we remain focused on
our core approach, investing in quality
companies with sustainable competitive
advantages and the ability to grow
earnings over time.
MARKET
The S&P/NZX50G continued its ascent
for the period, up +12.4%. The strong
performance of the New Zealand share
market was set against a backdrop of
exceptionally strong global markets and
very low volatility. Almost all global
equity markets continued to make fresh
all-time highs and the New Zealand
share market outperformed most global
share markets over the six month period.
However, as I write this report the New
Zealand and global markets have, in

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October and November, experienced
significantly increased volatility. While
these recent periods of volatility look
likely to erode some (or possibly even all)
of the recent six month gains, we remain
confident that the superior companies that
Kingfish has invested in will ultimately
generate strong long term returns, as
each of them grow underlying earnings
over time.
PORTFOLIO ACTIVITY
We made one exit during the period and
initiated two new investments.
As discussed in the annual report,
Kingfish made a small investment in
Fletcher Building. The strategic review the
company completed in June has resulted
in the company exiting its non-core Roof
Tiles business. Of more importance is the
imminent exit of their much larger global
laminated panels business, Formica.
Fletcher Building re-focusing on its core
assets makes sense to us and has the
added benefit of ensuring the company
has net cash on its balance sheet at an
opportune time in the construction cycle.
We have lowered our weighting since
balance date as the impact of a slowing
construction cycle, especially in Australia,
is likely to dampen the benefits of the
Australian business improvement strategy.
Again as discussed in the annual report,
we exited the Kingfish position in EBOS,
a provider of medical consumables,
equipment, solutions and supplies. EBOS
is operating in an industry where the
outlook is increasingly challenging as
regulated pharmacy revenues come under
pressure and some drug and pharmacy
manufacturers are choosing to bypass
wholesale distributors and supply directly
to pharmacies.
In September, we initiated a new position
in Pushpay. Pushpay is a leading mobile
payments and engagement provider to
the US faith sector. Although Pushpay
remains relatively early-stage we expect
revenue growth over the next three to
five years to continue to compound at
attractive rates. The recent pull-back in
share-price provided us an attractive entry
point to initiate a small, nursery-sized
position. We attended the investor day
in the US during September and were
impressed by the depth of strength below
senior management levels and have
been especially impressed by the strong
customer feedback we have received from
our independent checks.
CHANGES AFTER PERIOD END
In October, we exited our position
in Abano Healthcare. On-going
disappointing same store sales growth
from its Australian dental business (Maven)
and limited margin improvement has meant
Abano has been on watch over the last
year and we have progressively been
decreasing our investment. Two of the key
attractions of a roll-up story are the ability
to take organic market share and the
delivery of operating leverage via scale
and Abano continues to struggle to deliver
on both of these. As always, capital is
precious and we have better uses for our
capital currently.
Up until 30 September 2018 the New
Zealand equity market had outperformed
most global equity markets, having

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shrugged off concerns about global
trade wars, a slowdown in global growth
and elevated valuations. However these
fears have returned in October and
November resulting in a more volatile
market environment than in the previous
period.
We used the proceeds from the Abano
sale to increase the size of Kingfish’s
existing positions in Fisher & Paykel
Healthcare and The a2 Milk Company
during the weakness in global stock
markets recently.
PORTFOLIO COMMENTARY
Key contributors
Mainfreight followed up its stronger than
expected full year result in May with
its Annual Meeting of Shareholders in
July. Management were upbeat with
positive outlook comments including “a
growing confidence due to improved
trading results” and that “April to June
has seen strong revenue growth; profit
has improved accordingly”. Other
comments indicated that this was likely
to translate to a strong first half result for
fiscal 2019 with the company “quietly
positive” that results will sustain through
the 2019 fiscal year. All geographies
appear to be performing well, with
particular emphasis that they “expect
to see Asia and the Americas improve
markedly” after having been below
expectations recently. This was positive
language from a company that tends to
under-promise and over-deliver! After
our recent trips to visit Mainfreight’s
operations and regional management
teams in both Australia and Europe,
these comments did not surprise us and
we are increasingly confident that those
businesses that are already important
revenue drivers will increasingly become
critical profit drivers. The company
subsequently announced a strong first half
result in mid-November.
Ryman Healthcare’s 2018 fiscal
year result was at the upper end of
its guidance range and in line with
market expectations, driven by strong
resales gains (less than 1% of portfolio
is available for resale) while new sales
volumes across New Zealand and
Australia were at their lowest level in
years as the consent and planning
process, particularly in Melbourne
has taken longer than anticipated. The
company continues to target five villages
open in Victoria by 2020. Ryman’s
second Melbourne village welcomed its
first residents in August and all going
well aims to start three additional sites
this financial year, with one of these
already consented. Combined with a
strong pipeline in New Zealand, the build
rate is expected to close to double in the
coming two years. We slightly trimmed
our holding late in the period on the back
of strong share price performance and
elevated absolute and relative valuation.
Restaurant Brands announced its first half
result for the 2019 financial year. This
was overshadowed by the concurrent
announcement that Mexican financial
investor Finaccess intends to make a
partial takeover offer for 75% of the
company at $9.45 per share (24% above
the previous close of $7.60). Finaccess is
a Mexican private equity fund that has

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MANAGER’S REPORT CONTINUED
a shareholding of almost 60% in AmRest
Holdings, a large Polish-listed fast food
operation that includes the Yum! brands
KFC and Pizza Hut. We are currently
waiting for Finaccess to formalise its offer.
Fisher & Paykel Healthcare’s full year
result was at the top end of guidance,
however underlying earnings growth
(ex-litigation) slowed to 9% in the 2018
financial year. The firm highlighted
a delay in launching obstructive
sleep apnea new masks which while
disappointing, we expect to see the
company expand their OSA mask range
later this year and with its nasal high flow
business accelerating we remain attracted
to Fisher & Paykel’s long-term earnings
growth prospects.
Vista Group announced several new
deals over the period, including its
entry into the Japanese market, signing
up the largest exhibitor in France,
and Movio signing with Disney (the
last of the big six studios to become a
customer). The company presented at
a large investor conference and laid
out a more positive view, especially for
the high growth Movio data analytics
business. The interim result in August then
demonstrated solid growth, with the core
cinema business performing ahead of
expectations with +22% revenue growth.
The company was the top performer in
the Kingfish portfolio for the period.
The period was also positive for
Infratil with the majority of its portfolio
companies performing better than
expected. Trustpower and Tilt delivered
earnings upgrades on the back of
favourable generation and Tilt secured an
agreement from the Victoria Government
to supply electricity under a 15-year
contract, providing sufficient revenue
certainty to progress its Dunndonnell
Wind Farm investment. Longroad Energy
is making good progress building a US
renewable generation and servicing
business, confirming the US$30 million
sale of its Phoebe solar development, its
first project, and its second development,
Rio Bravo windfarm, is now under
construction. Canberra Data Centre
has a strong pipeline of growth and is
expecting run-rate operating earnings
growth of 30% in the 2019 financial year.
During the period, Infratil and Mercury
launched a joint takeover for Tilt. The
two entities currently own approximately
85% of Tilt, and if successful will see
Tilt potentially become Infratil’s second
largest investment (combined with the
expected equity raising early 2019 to
fund the Dunndonnell project).
Delegat Group had another good period,
delivering a strong result for the fiscal
2018 year with net profit after tax of
$44.9 million ahead of its guidance of
at least $40.7 million. This great result
was driven by solid volume growth out
of the US. The weaker New Zealand
dollar is also progressively benefiting the
company, as hedging rolls off. Earlier, in
May, the company announced a record
harvest with New Zealand up 10% to
over 38,000 tonnes which underscores
the positive outlook for the current year.
Oyster Bay continues to rate well among
wine brands in its key US growth market.
Notable detractors
While the six months brought mostly good
news, there were two notable detractors
to performance for the period, namely
Michael Hill and The a2 Milk Company.

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Michael Hill announced first quarter 2019
sales after the period end, which revealed
a sharp -11% decline in same store
sales growth, as it cut back its practice
of allowing store staff the autonomy to
discount to close sales, and only offset by
a modest improvement in gross margin on
sales. This move was part of its change
in strategy to move away from price-
based competition on generic product
and towards more unique collections. We
were very disappointed by the worse-
than-expected decline, which suggested
a loss of share to competitors and loss of
volume and margin dollars. The company
has flagged a greater promotional
pipeline in the important December
quarter, which is expected to improve
results. We have engaged with the
company to better understand the merit of
the strategy and how it expects to achieve
improved performance moving forward.
The a2 Milk Company’s share price
weakness late in the period was primarily
driven by non-operational factors, after
the company delivered a strong result
ahead of expectations in August. The
company’s new CEO, Jayne Hrdlicka,
sold all of the shares she owned and the
market got very concerned about looming
regulatory risk in China. It is important
to recall that every year a significant
portion of Jayne’s remuneration package
will be in the form of a2 shares, so she is
still highly incentivized and leveraged to
the value of the shares. The fundamental
performance of the company had been
strong throughout this period and it was
for this reason that we added to the
company on the back of the CEO sales
and the recent market dislocation. Since
balance date, a2 gave a strong trading
update for the first four months of its 2019
financial year at its annual meeting.
Other portfolio company news
Having been a material contributor to
returns over recent periods, Summerset ’s
share price performance over the six
months to 30 September 2018 was
more moderate (but delivered broadly
in line with that of the index). Operating
performance remains solid and in line
with earlier guidance, with resale profits
benefiting from both margin and volume
growth while weak new sales have offset
record high development margins and
higher average sale prices. New sales
have been impacted by timing of new unit
delivery and mix (with increased serviced
apartments, where presales are less
common), temporary disruption notably
at its Ellerslie site in Auckland given
construction phasing and the restructure
of its Auckland sales team which caused
an additional short-term headwind. We
expect new sales to rebound over the
coming quarters.
Port of Tauranga’s full 2018 financial
year result was broadly as expected,
with total trade up 10% driving parent
EBITDA growth of 11% and Group NPAT
of 13%. Positive commentary at the time
of the result in August, combined with
an improvement in absolute and relative
valuation saw us increase our weighting.
Both Auckland Airport and Meridian
Energy delivered operating results
broadly as expected over the period.
While newsflow for both companies
was on balance incrementally positive,
their share price performance over the

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MANAGER’S REPORT CONTINUED
period better reflects the change in
local interest rate environment with each
delivering 19% total shareholder returns,
comfortably outperforming the broader
market.
Freightways had a somewhat
disappointing period, delivering modest
returns over the six months. In the period,
higher costs weighed on the 2018 fiscal
year’s result, including incurring higher
fuel costs ahead of recovering these
via higher rates on a lagged basis. We
are upbeat that the outlook for the main
courier business remains positive. The
industry has been rightfully lifting rates
after years of meagre raises, whereas
‘last mile’ delivery costs have increased
due to the growing proportion of
business-to-consumer deliveries generated
by e-commerce. New CEO Mark
Troughear has been making traction with
initiatives to appropriately “price effort”
and reconfigure the last mile component
to become more efficient.
OUTLOOK
Sometimes there are periods in financial
markets that make less sense than
others. While our portfolio companies
continued to deliver earnings in line
with our expectations, their operating
performance was by no means
spectacular. Yet some of the share price
performances were quite spectacular!
In August, New Zealand stock market
performance was the best performance
during an earnings reporting season in
18 years. Was it justified? In other words,
did companies materially outperform
consensus earnings expectations and
did we see a raft of earnings upgrades?
The answer is no. Company earnings
in aggregate were basically in-line with
consensus expectations and the outlook
comments actually resulted in 2% Net
Profit downgrades for future earnings.
Companies generally slightly beat at
the revenue line but higher costs saw
small earnings misses. On the whole, our
portfolio scorecard for the results season
was ok. We had more beats (including
outlook comments) than misses (4 misses,
5 beats and 2 inline, so 60% of results
were in-line or beats). This compares to
the market that had 16 misses, 14 beats
and 7 inline, so 56% of results were in-
line or beats.
In October, we got the inevitable
payback for the significantly strong
six month period in markets, when, in
the absence of any significantly strong
operational data, New Zealand equities
fell 6.4%. This was the second largest
monthly fall in New Zealand equities
since the depths of the GFC in early
2009, (the largest since the GFC was
May 2010). New Zealand was one of
the more insulated markets globally,
with global equities down around 7.5%
and Emerging Markets equities down
a r o u n d 9.0 % .
As always, it is hard to pinpoint the main
cause of the pull-back, but it seems to
be the sharp re-pricing of global growth
with the backdrop leading into the risk-off
event of very strong performance and
increasing complacency.

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We monitor global “economic surprise”
indices to understand whether key
economic indicators are surprising
market pundits either positively or
negatively. Global economic surprise
indices weakened sharply during
October, having peaked in early
September. Japan and especially the
Eurozone have been the key culprits in
the weakening of the global indicator
over the past eight to nine weeks. While
growth surprise in Emerging Markets
did not deteriorate in the past couple of
months, it has remained weak for some
time. In the US, the indicator remains
solid, but it was jarring for the markets
that when aggregate global growth
surprise has deteriorated so much, the
cost of capital (US bonds as a proxy) is
not coming down commensurately.
Every year presents challenges and
opportunities and our response
to changing global and local
dynamics and investor preferences is
straightforward — we will continue to
invest in high quality growth companies
with high quality management and
sustainable competitive advantages.
Sam Dickie / Senior Portfolio Manager
Fisher Funds Management Limited
14 December 2018

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MANAGER’S REPORT CONTINUED
Portfolio Company Returns – 6 months to 30 September 2018
Michael Hill
a2 Milk
Abano Healthcare
Freightways
Restaurant Brands
Port Of Tauranga
Summerset
F&P Healthcare
Auckland Airport
Infratil
Meridian Energy
Delegat
Mainfreight
Ryman Healthcare
Vista
Total shareholder return
-20%-10%0%10%20%30%40%

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PORTFOLIO HOLDINGS SUMMARY AS AT 30 SEPTEMBER 2018
Listed Companies% Holding
Abano Healthcare1.7%
Auckland International Airport5.3%
Delegat Group3.8%
Fisher & Paykel Healthcare11. 8 %
Fletcher Building3.1%
Freightways9. 2 %
Infratil7. 2 %
Mainfreight11. 4 %
Meridian Energy3.0%
Michael Hill International3.4%
Port of Tauranga3.3%
Pushpay Holdings2.0%
Restaurant Brands NZ4.1%
Ryman Healthcare7. 3 %
Summerset6.3%
The A2 Milk Company10.0%
Vista Group International4.0%
Equity Total96.9%
New Zealand dollar cash3.1%
TOTAL100.0%

19Statement of Comprehensive Income
20Statement of Changes in Equity
21Statement of Financial Position
22Statement of Cash Flows
23Notes to the Interim Financial Statements
32Independent Review Report
FINANCIAL
STATEMENTS CONTENTS
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The accompanying notes form an integral part of these financial statements.
Notes
6 months
ended
3 0/0 9/18
unaudited
$000
6 months
ended
3 0/0 9/17
unaudited
$000
Interest income 152 148
Dividend income 3,664 4,167
Net changes in fair value of investments
2 31,615 1 7, 0 9 1
Other income 0 14
Total net income 35, 431 21, 420
Operating expenses
3 4,393 2,497
Operating profit before tax 31,038 18,923
Tax expense 62 19
Net operating profit after tax 30,976 18,904
Other comprehensive income 0 0
Total comprehensive income after tax 30,976 18,904
Basic earnings per share
516.09c10.44c
Diluted earnings per share
516.02c10.42c
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
STATEMENT OF COMPREHENSIVE INCOME
KINGFISH LIMITED

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The accompanying notes form an integral part of these financial statements.
Attributable to shareholders of the company
Notes
Share
Capital
$000
Performance
Fee Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Balance at 1 April 2017 (audited) 164,729 417 54,924 220,070
Comprehensive income
Profit for the period 0 0 18,904 18,904
Other comprehensive income 0 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 exercised
4 35,149 0 0 35,149
Dividends paid
4 0 0 (10,407) (10,407)
Shares issued from treasury stock under
dividend reinvestment plan
4 1,002 0 0 1,002
New shares issued under dividend
reinvestment plan
4 2,843 0 0 2,843
Share buybacks
4 (1,20 8) 0 0 (1,20 8)
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 38,19 9 (370) (10,407) 2 7, 4 2 2
Balance at 30 September 2017 (unaudited) 202,928 47 63,421 266,396
Balance at 1 April 2018 (audited)20 5,1231,11870,035276,276
Comprehensive income
Profit for the period0030,97630,976
Other comprehensive income0000
Total comprehensive income for the period ended
30 September 20180030,97630,976
Transactions with owners
Dividends paid
4 0 0 (11, 3 4 0 ) (11, 3 4 0 )
Shares issued from treasury stock under
dividend reinvestment plan
4 156 0 0 156
New shares issued under dividend
reinvestment plan
4 4,16 6 0 0 4,16 6
Warrant issue costs
4 (18) 0 0 (18)
Share buybacks
4 (181) 0 0 (181)
Prior year Manager's performance fee
settled with ordinary shares 1,0 89 (1,0 96) 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, 3 4 0 ) (6,281)
Balance at 30 September 2018 (unaudited) 210,357 943 89,671 300,971
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
STATEMENT OF CHANGES IN EQUITY
KINGFISH LIMITED

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The accompanying notes form an integral part of these financial statements.
Notes
3 0/0 9/18
unaudited
$000
31/0 3/18
audited
$000
SHAREHOLDERS’ EQUITY300,971276,276
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 7, 8 5 4 10, 768
Trade and other receivables 1,826 4,317
Investments at fair value through profit or loss
2 292,724 264,395
Current tax receivable 0 10
Total Current Assets 302,404 2 79, 49 0
TOTAL ASSETS 302,404 2 79, 49 0
LIABILITIES
Current Liabilities
Trade and other payables 1, 4 33 3,214
Total Current Liabilities 1, 4 33 3,214
TOTAL LIABILITIES 1, 4 33 3,214
NET ASSETS 300,971 276,276
These interim financial statements have been authorised for issue for and on behalf of the Board by:
A B Ryan C A Campbell
Chair Chair of the Audit and Risk Committee
19 November 2018 19 November 2018
AS AT 30 SEPTEMBER 2018
STATEMENT OF FINANCIAL POSITION
KINGFISH LIMITED

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The accompanying notes form an integral part of these financial statements.
Notes
6 months
ended
3 0/0 9/18
unaudited
$000
6 months
ended
3 0/0 9/17
unaudited
$000
Operating Activities
Sale of investments 46,381 30,860
Interest received 154 148
Dividends received 3,490 3,670
Other income received 3,10 9 14
Purchase of investments (45,063) (49,622)
Operating expenses (3,783) (3,10 6)
Taxes paid (53) (19)
Net cash inflows/(outflows) from operating activities
6
4,235 (18,055)
Financing Activities
Proceeds from warrants exercised 0 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( 7,1 4 9 ) 2 7, 3 8 5
Net (decrease)/increase in cash and cash equivalents held(2,914) 9, 33 0
Cash and cash equivalents at beginning of the period10, 768 2,604
Cash and cash equivalents at the end of the period7, 8 5 4 11,9 3 4
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
STATEMENT OF CASH FLOWS
KINGFISH LIMITED

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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 N ovemb er 2018.
No party may change these interim financial statements after their issue.
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS
KINGFISH LIMITED

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For the six months ended 30 September 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
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.
Investments at Fair Value through Profit or Loss
3 0/0 9/18
unaudited
$000
31/03/18
audited
$000
Investments designated at fair value through profit or loss
New Zealand listed equity investments 292,724 264,395
Total investments at fair value through profit or loss 292,724 264,395
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).
Net changes in fair value of investments
6 months
ended
3 0/0 9/18
unaudited
$000
6 months
ended
3 0/0 9/17
unaudited
$000
Investments designated at fair value through profit or loss
New Zealand listed equity investments 31,615 17,102
Available-for-sale financial assets
Impairment of investment 0 (11)
Net changes in fair value of investments 31, 615 17, 0 9 1

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NOTE 3 — OPERATING EXPENSES
6 months
ended
3 0/0 9/18
unaudited
$000
6 months
ended
3 0/0 9/17
unaudited
$000
Management fees (note 7)1 ,8511 , 76 0
Performance fees (note 7)1 ,91596
Administration services (note 7)7979
Directors' fees (note 7)8054
Brokerage2 74290
Investor relations and communications7977
Custody and accounting fees 3255
NZX fees2932
Professional fees1714
Fees paid to the auditor:
Statutory audit and review of financial statements1919
Other assurance services
1
04
Non-assurance services
1
43
Regulatory expenses40
Other operating expenses1014
Total operating expenses4 ,3932 ,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.

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For the six months ended 30 September 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
NOTE 4 — SHAREHOLDERS’ EQUITY (CONTINUED)
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).
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:
2018
$000
Cents per
share
2017
$000
Cents per
share
29 Jun 2018 5,542 2.89 29 Jun 2017 5 , 211 2.79
28 Sep 2018 5,798 3.00 29 Sep 2017 5,196 2.77
11, 3 4 0 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.

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NOTE 5 — EARNINGS PER SHARE
Basic earnings per share
6 months
ended
3 0/0 9/18
unaudited
$000
6 months
ended
3 0/0 9/17
unaudited
$000
Profit attributable to owners of the company ($'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
2018
$000
2017
$000
Profit attributable to owners of the company ($'000) 30,976 18,904
Weighted average number of ordinary shares on issue net of
treasury stock ('000) 192,575 181,153
Diluted effect of warrants on issue ('000) 827 345
193,402 181, 498
Diluted earnings per share16.02c10.42c

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For the six months ended 30 September 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
NOTE 6 — RECONCILIATION OF NET OPERATING PROFIT AFTER TAX TO NET CASH
INFLOWS/(OUTFLOWS) FROM OPERATING ACTIVITIES
6 months
ended
3 0/0 9/18
unaudited
$000
6 months
ended
3 0/0 9/17
unaudited
$000
Net profit after tax 3 0,976 18,904
Items not involving cash flows
Unrealised gains on revaluation of investments (12,752) ( 7, 8 3 1 )
(12, 752) ( 7, 8 3 1)
Impact of changes in working capital items
(Decrease)/increase in fees and other payables (1,856) 435
Decrease in trade and other receivables 2,491 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 investments 46,381 30,780
Return of capital 0 80
Realised gains on investments (18,863) (9,260)
Decrease/(increase) in unsettled purchases of investments 1, 54 3 (1,027 )
Increase/(decrease) in unsettled sales of investments 425 (2,996)
(15, 57 7) (32,045)
Other
Performance fee to be settled by issue of shares 943 47
943 47
Net cash inflows/(outflows) from operating activities 4,235 (18,055)

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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.
(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.

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For the six months ended 30 September 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
NOTE 7 — RELATED PARTY INFORMATION (CONTINUED)
Fees earned, accrued and payable:
6 months
ended
3 0/0 9/18
unaudited
$000
6 months
ended
3 0/0 9/17
unaudited
$000
Fees earned by the Manager
Management fees 1,851 1, 76 0
Performance fees 1,915 96
Administration services 79 79
Total fees earned by the Manager 3,845 1,9 3 5
Fees payable to the Manager
3 0/0 9/18
unaudited
$000
31/03/18
audited
$000
Management fees 313 297
Performance fees payable in cash 972 1,253
Administration services 13 13
Total fees payable to the Manager 1,298 1, 5 6 3

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).

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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.

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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

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GLOSSARY
NET ASSET VALUE (NAV)
The NAV per share represents the market value of the total assets of Kingfish
(investments and cash) less any liabilities (expenses and tax), divided by the number of
shares on issue. The NAV is calculated at the close of business each Wednesday and
at month end. The NAV is reviewed by PwC at interim period end and audited at the
end of each financial year. The NAV is announced to the NZX each Thursday and at
month end.
This metric is useful as it reflects the underlying value of the investment portfolio.
ADJUSTED NET ASSET VALUE (ADJUSTED NAV)
The adjusted NAV per share represents the total assets of Kingfish (investments and
cash) minus any liabilities (expenses and tax), divided by the number of shares on
issue and adds back dividends paid to shareholders and adjusts for the impacts of
shares issued under the dividend reinvestment plan at the discounted reinvestment
price, shares bought off the market (share buy-backs) at a price different to the NAV
and warrants exercised at a price different to the NAV at the time exercised.
Adjusted NAV assumes all dividends are reinvested in the company’s dividend
reinvestment plan and excludes imputation credits.
This metric is useful as it reflects the underlying performance of the investment portfolio
adjusted for dividends, share buy-backs and warrants, which are a capital allocation
decisions and not a reflection of the portfolio’s performance.
The Adjusted NAV Return is the percentage change in Adjusted NAV and is calculated
monthly, so the Adjusted NAV Return for multi-month periods is the compounded
monthly returns.
The Adjusted NAV calculation and the Adjusted NAV Return are reviewed by an
independent actuary at each interim and annual reporting period.
GROSS PERFORMANCE RETURN
Gross Performance Return is an estimated investment return on a before tax and
before expenses basis. It is calculated monthly and is appropriate for assessing the
Manager’s performance against an index or benchmark.
The monthly gross performance is calculated by adding together the interest,
dividend income and investment gains (or losses) generated by Kingfish’s portfolio
of investments over the month. The Gross Performance Return represents the gross
performance divided by Kingfish’s opening asset value for the month plus the net
cash flow for the month, assuming it was paid mid-month. The result is expressed
as a percentage. The Gross Performance Return for multi-month periods are the
compounded monthly returns.

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The Gross Performance Return is used to compare the Manager’s performance against
a benchmark index return (which are also on a gross basis with no fees, costs or tax).
This metric reflects the Manager’s portfolio performance in terms of stock
selection.
The Gross Performance Return is reviewed by an independent actuary at each interim
and annual reporting period.
TOTAL SHAREHOLDER RETURN (TSR)
The TSR combines the share price performance, the warrant price performance (when
warrants are on issue), the net value of converting warrants into shares, and dividends
paid to shareholders.
TSR assumes:
» all dividends paid are reinvested in the company’s dividend reinvestment plan at
the discounted reinvestment price and excludes imputation credits.
» all shareholders that have received warrants (for free), have subsequently
exercised their warrants at the warrant expiry date and bought shares (if they
were in the money).
This metric is useful as it reflects the return of an investor who reinvests their dividends
and, if in the money, exercises their warrants at warrant maturity date for additional
shares. No metric has been included for investors who choose other investment
options. The TSR is reviewed by an independent actuary at each interim and annual
reporting period.
DIVIDEND RETURN
The dividend return is calculated by dividing the dollar value of dividends paid
per share by the opening share price. This metric is useful as it indicates how much
Kingfish pays out in dividends each year relative to its share price.
The dividend return is reviewed by an independent actuary at each interim and
annual reporting period.

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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
MANAGEMENT TEAM
Wayne Burns
Beverley Sutton
MANAGER
Fisher Funds
Management Limited
Level 1
67 – 73 Hurstmere Road
Takapuna
Auckland 0622
SHARE REGISTRAR
Computershare Investor
Services Limited
Level 2
159 Hurstmere Road
Takapuna
Auckland 0622
Phone: +64 9 488 8777
Email:
enquiry@computershare.co.nz
FOR MORE INFORMATION
For enquiries about transactions, changes of address and dividend payments contact
the share registrar above. Alternatively, to change your address, update your payment
instructions and to view your investment portfolio including transactions online, please
visit: www.investorcentre.com\NZ
AUDITOR
PricewaterhouseCoopers
Level 8
188 Quay Street
Auckland 1142
SOLICITOR
Bell Gully
Level 21, Vero Centre
48 Shortland Street
Auckland 1010
BANKER
ANZ Bank New Zealand
Limited
23-29 Albert Street
Auckland 1010
NATURE OF BUSINESS
The principal activity of
Kingfish is investment in
quality, growing New
Zealand companies.
FOR ENQUIRIES ABOUT KINGFISH CONTACT
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 interim report is provided for information purposes only and does not constitute an offer,
invitation, basis for a contract, financial advice, other advice or recommendation to conclude any
transaction for the purchase or sale of any security, loan or other instrument. In particular, the
information contained in this interim report is not financial advice for the purposes of the Financial
Advisers Act 2008 and should not be relied upon when making an investment decision. Professional
financial advice from an authorised financial adviser should be taken before making an investment.
DIRECTORY