Kingfish portfolio delivers continued growth

Kingfish Limited results announcement


Results for announcement to the market
Name of issuer Kingfish Limited
Reporting Period 6 months to 30 September 2019
Previous Reporting Period 6 months to 30 September 2018
Currency NZ$

Amount (000s) Percentage change
Revenue from continuing
operations
$20,591 -42%
Total Revenue $20,591 -42%
Net profit/(loss) from
continuing operations
$17,807 -43%
Total net profit/(loss) $17,807 -43%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 3.09 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00232117
Record Date 5 December 2019
Dividend Payment Date 19 December 2019
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.5185 $1.5447
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The financial statements attached to this report have been reviewed
by PricewaterhouseCoopers and are not subject to a qualification. A
copy of the auditor’s report applicable to the financial statements is
attached to this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
W.A. Burns
Contact person for this
announcement
W.A. Burns
Contact phone number (09) 4840352
Contact email address enquire@kingfish.co.nz
Date of release through MAP

18 November 2019
Reviewed interim financial statements accompany this announcement.

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For immediate release:
19 November 2019

Kingfish portfolio delivers continued growth

 Interim 2019 net profit $17.8m
 Return of 5.2% after expenses, fees and tax
 Total shareholder return +13.9%
 6.3 cents per share in dividends paid during the period

NZX listed investment company Kingfish Limited (NZX: KFL) today announced a net operating profit
for the six months ended 30 September 2019 of $17.8m (interim 2018: $31.0m). The result includes
gains on investments of $17.0m, dividend and interest income of $3.5m, less operating expenses
and tax of $2.7m.

Total shareholder return for the six months was +13.9% which includes the change in share price,
dividends paid per share and the impact of the warrants that were on issue during the period. The
Kingfish portfolio achieved a gross performance return of +7.0% for the six month period, lagging the
S&P/NZX50G which was up 11.0% over the same period.

In accordance with Kingfish’s quarterly distribution policy (2% of average NAV per quarter), the
company paid a total of 6.3 cents per share to shareholders during the six months ended 30
September 2019. On 18 November 2019, the Board declared a dividend of 3.09 cents per share to be
paid to shareholders on 19 December 2019 with a record date of 5 December 2019.

Chair of Kingfish, Alistair Ryan said: “During the first half of the financial year the Kingfish portfolio
continued to produce positive returns for shareholders. We were pleased to see 87% of the Kingfish
warrants exercised by our shareholders, which accounted for additional investment of $52.4m.”

During the period, Meridian Energy, Summerset Group, Infratil, Mainfreight and Auckland
International Airport helped to drive the rise in the value of the Kingfish portfolio, offset by negative
returns from a2 Milk and Vista Group. Senior Portfolio Manager, Sam Dickie said: “of the fifteen
investments held by Kingfish over the six month period, the majority performed well with eleven
gaining in value and four falling in value.”

Sam Dickie added: “There remains a relatively favourable backdrop for New Zealand shares,
although the market has experienced more than its share of volatility over the period, in part due to
concerns about global trade wars, a slowdown in global growth and elevated valuations.”

For further information, please contact:

Corporate Manager
Kingfish Limited
Tel: (09) 484 0352

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

About Kingfish
Kingfish is a listed investment company that invests in growing New Zealand companies. The Kingfish portfolio is managed by Fisher Funds,
a specialist investment manager with a track record of successfully investing in growth company shares. Fisher Funds and its related entities
currently have over $10 billion of funds under management. The aim of Kingfish is to offer investors competitive returns through capital
growth and dividends, and access to a diversified portfolio of investments through a single tax-efficient investment vehicle. Kingfish listed
on the NZX Main Board on 31 March 2004 and may invest in companies that are listed on the NZX Main Board, NZX Alternative Market or
unlisted companies. /ends

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PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent review report
To the shareholders of Kingfish Limited
Report on the interim financial statements
We have reviewed the accompanying interim financial statements of Kingfish Limited (the Company) on
pages 1 to 10, which comprise the statement of financial position as at 30 September 2019, 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 fair presentation of these
interim financial statements in accordance with International Accounting Standard 34 Interim Financial
Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34 Interim
Financial Reporting (NZ IAS 34) and for such internal control as the Directors determine is necessary to
enable the preparation and fair presentation 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 IAS 34 and NZ IAS 34. As the auditor 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.
We are independent of the Company. Other than in our capacity as auditors and providers of other related
assurance services we have no relationship with, or interests in, the Company.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim financial
statements of the Company do not present fairly, in all material respects, the financial position of the
Company as at 30 September 2019 and its financial performance and cash flows for the period then ended,
in accordance with IAS 34 and 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 Company’s 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
18 November 2019