Kingfish Result impacted by February/March uncertainty

Kingfish Limited results announcement


Results for announcement to the market
Name of issuer Kingfish Limited
Reporting Period 12 months to 31 March 2020
Previous Reporting Period 12 months to 31 March 2019
Currency NZ$

Amount (000s) Percentage change
Revenue from continuing
operations
$7,729 -86%
Total Revenue $7,729 -86%
Net profit/(loss) from
continuing operations
$1,742 -96%
Total net profit/(loss) $1,742 -96%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 3.06 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00095650
Record Date 11 June 2020
Dividend Payment Date 26 June 2020
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.39 $1.57
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 audited 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

23 June 2020
Audited financial statements accompany this announcement.

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1
Adjusted net asset value return – the net return to an investor after expenses, fees and tax.

2
Gross performance return – The Manager’s portfolio performance in terms of stock selection, before expenses, fees and
tax.

For immediate release:

23 June 2020

Kingfish Result impacted by February/March uncertainty
 Net profit after tax for year ended 31 March 2020 $1.7m
 Total shareholder return +7.2%
 Adjusted NAV return (after expenses, fees and tax) 0.4%
1

 Dividend return +9.4% (12.63cps)

NZX-listed investment company Kingfish Limited (NZX:KFL) today announced a net operating profit
after tax for the year ended 31 March 2020 of $1.7 million, well down on last year’s profit of $47.1
million. At the end of January 2020 Kingfish was on track for a record result for FY20, immediately
prior to the significant disruption to equities markets during February and March as the Covid-19
pandemic and its implications delivered high levels of uncertainty and anxiety to equities markets
around the world. The 10 month NPAT result at end of January was all but reversed in the
subsequent two month period leaving the final result for the full year at just above break-even.
Key elements of the FY20 result include gains on investments of $1.6m, dividend and interest
income of $6.1m, offset by fees and expenses of $6.0m.
The Kingfish portfolio achieved a gross performance return before fees and expenses of +2.9%
2
or
+0.4%
1
after fees and expenses, compared to the S&P/NZX50G which reported negative 0.5% for the
12 month period. No performance fee is payable.
Total shareholder return was +7.2% which included share price increase, dividends paid, and the
impact of the warrants that were on issue during the year. In accordance with Kingfish’s quarterly
distribution policy (2.0% of average NAV per quarter), the company paid out 12.63 cents per share to
shareholders during the year ended 31 March 2020. On 18 May 2020, the board declared a dividend
of 3.06 cents per share, payable on 26 June 2020 with a record date of 11 June. The directors
confirm that they expect the current distribution policy to continue as Kingfish is well-placed to
maintain its tax-effective quarterly distributions.
Kingfish investors have enjoyed the benefits of a sustained period of strong NZX market
performance over recent years but the disruptions from the Covid crisis have created a new
uncertainty. As the crisis and the lockdown period developed, the Kingfish board initiated a series of
regular update meetings (by teleconference) with the portfolio management team and was
reassured by the disciplined approach being maintained through the rational application of the
strong disciplines and rigour of the STEEPP investment process.
Chair Alistair Ryan said “The significant losses of the February/March two month period appear to
have been materially recovered by the NZX during the subsequent months, but it remains to be seen
where and when the market will settle into a more normalised trading pattern.

The Covid crisis remains unpredictable as therefore do financial and economic markets in New
Zealand and around the world. Markets can be volatile at the best of times but the arrival of a
world-wide pandemic has introduced a new level of uncertainty.
The board will continue to liaise closely with the Kingfish portfolio management team as
circumstances develop over coming months. Apart from our weekly Net Asset Value advice to NZX,
our next report to shareholders is expected to be a four month update (April 2020 – July 2020 incl)
at the annual shareholders’ meeting on 20 August. We look forward to updating many of you at that
meeting.”
Senior Portfolio Manager Sam Dickie notes that “Our investment process, along with the
enhancements we made over the year, have meant that we have outperformed the S&P/NZX50
prior to Covid-19 and during the worst of the crisis in March.


For further information please contact:

Corporate Manager
Kingfish Limited
Tel: (09) 484 0352





















Non-GAAP Financial Information
The adjusted net asset value, gross performance return and total shareholder 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.
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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KINGFISH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Page
CONTENTS
Statement of Comprehensive Income1
Statement of Changes in Equity2
Statement of Financial Position3
Statement of Cash Flows4
Notes to the Financial Statements5

KINGFISH LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2020
20202019
Notes$000$000
Interest income
292 279
Dividend income
5,834 6,545
Net changes in fair value of investments
21,575 49,488
Other income
28 0
Total net income7,729 56,312
Operating expenses35,957 9,170
Operating profit before tax1,772 47,142
Total tax expense430
79
Net operating profit after tax attributable to shareholders
1,742 47,063
Total comprehensive income after tax attributable to shareholders1,742 47,063
Basic earnings per share60.75c24.24c
Diluted earnings per share
60.75c23.81c
The accompanying notes form an integral part of these financial statements.
Page 1 of 13

KINGFISH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
SharePerformanceRetainedTotal
NotesCapitalFee ReserveEarningsEquity
$000$000$000$000
Balance at 31 March 2018205,123 1,118 70,035 276,276
Comprehensive income
Net operating profit after tax0 0 47,063 47,063
Other comprehensive income0 0 0 0
Total comprehensive income for
the year ended 31 March 20190 0 47,063
47,063
Transactions with owners
Dividends paid
50 0 (22,816) (22,816)
Share buybacks5(546) 0 0 (546)
Shares issued from treasury stock under dividend
reinvestment plan
5462 0 0 462
New shares issued under dividend reinvestment
plan
58,165 0 0 8,165
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
Manager's performance fee to be settled with
ordinary shares
0 2,043 0 2,043
Warrant issue costs
(19) 0 0 (19)
Total transactions with owners for
the year ended 31 March 2019
9,173 925 (22,816) (12,718)
Balance at 31 March 2019214,296 2,043 94,282 310,621
Comprehensive income
Net operating profit after tax
0 0 1,742
1,742
Other comprehensive income0 0 0 0
Total comprehensive income for
the year ended 31 March 2020
0 0
1,742
1,742
Transactions with owners
Dividends paid
50 0 (29,474) (29,474)
Share buybacks5(681) 0 0 (681)
Shares issued from treasury stock under dividend
reinvestment plan
5600 0 0 600
New shares issued under dividend reinvestment
plan
510,358 0 0 10,358
Shares issued for warrants exercised
552,247 0 0 52,247
Prior year Manager's performance fee settled with
ordinary shares
1,898 (1,907) 0 (9)
Prior year Manager's performance fee settled with
treasury stock
136 (136) 0 0
Total transactions with owners for
the year ended 31 March 2020
64,558 (2,043) (29,474) 33,041
Balance at 31 March 2020278,854 0 66,550 345,404
The accompanying notes form an integral part of these financial statements.
Page 2 of 13
Attributable to shareholders of the company

KINGFISH LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2020
20202019
Notes$000$000
Operating Activities
Sale of investments
97,963 92,589
Interest received
292 280
Dividends received
6,296 6,636
Other income received27 3,109
Purchase of investments
(130,186) (73,140)
Operating expenses
(8,191) (6,147)
Taxes paid
(30) (69)
Net cash (outflows)/inflows from operating activities9(33,829) 23,258
Financing Activities
Proceeds from warrants exercised
52,247 0
Share buybacks
(683) (544)
Warrant issue costs0 (19)
Dividends paid (net of dividends reinvested)
(18,516) (14,189)
Net cash inflows/(outflows) from financing activities33,048 (14,752)
Net (decrease)/increase in cash and cash equivalents held(781) 8,506
Cash and cash equivalents at beginning of the year19,274 10,768
Cash and cash equivalents at end of the year918,493 19,274
The accompanying notes form an integral part of these financial statements.
Page 4 of 13

KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Note 1Basis of Accounting
Reporting Entity
Kingfish Limited ("Kingfish" or "the Company") is listed on the NZX Main Board, is registered in New
Zealand under the Companies Act 1993 and is an FMC Reporting Entity under the Financial Markets
Conduct Act 2013.
The Company’s registered office is Level 1, 67-73 Hurstmere Road, Takapuna, Auckland.
Basis of Preparation
These financial statements have been prepared in accordance with the requirements of Part 7 of the Financial
Markets Conduct Act 2013, the NZX Main Board listing rules and New Zealand Generally Accepted Accounting
Practice (NZ GAAP). They comply with New Zealand equivalents to International Financial Reporting
Standards (NZ IFRS) as appropriate for profit-oriented entities, and International Financial Reporting
Standards (IFRS).
The financial statements have been prepared on the historical cost basis, as modified by the fair valuation of
certain assets as identified in specific accounting policies and in the accompanying notes.
The functional and reporting currency used to prepare the financial statements is New Zealand dollars,
rounded to the nearest one thousand dollars.
The financial statements include GST where it is charged by other parties as it cannot be reclaimed.
The impact of COVID-19 was assessed during the preparation of these financial statements and
whether there were any indicators affecting the Company's ability to operate as a going concern. No
indicators were identified, and the Company remains a going concern.
Accounting Policies
Accounting policies that summarise the recognition and measurement basis used and are relevant to an
understanding of the financial statements, are provided throughout the notes to the financial statements and
are designated by a symbol.
The accounting policies adopted have been consistently applied to all years presented, unless otherwise
stated.
There are no new accounting standards, amendments to standards and interpretations that have a material
impact on these financial statements. The same applies for any new standards, amendments to standards
and interpretations that have been issued but are not yet effective.
Critical Judgements, Estimates and Assumptions
The preparation of financial statements requires the directors to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgements are designated by a symbol in the notes to the financial statement. There were no material
estimates or assumptions required in the preparation of these financial statements.
Authorisation of Financial Statements
The Kingfish Board of Directors authorised these financial statements for issue on 22 June 2020.
No party may change these financial statements after their issue.
Note 2Investments
Given that the investment portfolio is managed, and performance is evaluated, on a fair value basis in
accordance with a documented investment strategy, Kingfish has classified all its investments at fair value
through profit or loss.
Investments are initially recognised at fair value and are subsequently revalued to reflect changes in fair value.
Net changes in the fair value of investments are recognised in the Statement of Comprehensive Income.
Financial assets at fair value through profit or loss comprise of New Zealand listed equity investment assets.
Page 5 of 13
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KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Note 2Investments (continued)
All purchases and sales of investments are recognised at trade date, which is the date the Company commits
to purchase or sell the investment and transaction costs are expensed as incurred. When an investment is
sold, any gain or loss arising on the sale is included in the Statement of Comprehensive Income. Realised
gains or losses are calculated as the difference between the sale proceeds and the carrying amount of the
item.
The fair value of listed equity 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. The decline in equity markets as a result of the
COVID-19 adversely impacted the closing value of investments as at 31 March 2020. Trading was not
suspended as at year-end for any of the investments held by the Company.
Dividend income from investments is recognised in the Statement of Comprehensive Income when the
Company's right to receive payments is established (ex-dividend date).
Investments recognised at fair value are categorised according to a fair value hierarchy that shows the extent
of judgement used in determining their fair value. Where unadjusted quoted prices are used, the investments
are categorised as Level 1. When inputs derived from quoted prices are used, the investments are categorised
as Level 2. If inputs are not based on observable market data, they are categorised as Level 3.
All listed equity investments held by Kingfish are categorised as Level 1. There have been no transfers
between levels of the fair value hierarchy during the year (31 March 2019: none).
There were no financial instruments classified as Level 2 or 3 at 31 March 2020 (31 March 2019: none).
There have been no changes to the fair value hierarchy classification of investments as a result of COVID-19.
Note 3Operating Expenses20202019
$000$000
Management fees (note 10)4,671 3,657
Performance fees (note 10)0 4,322
Administration services (note 10)159 159
Directors' fees (note 10)174 168
Custody, accounting and brokerage612 548
Investor relations and communications136 128
NZX fees55 62
Professional fees50 40
Fees paid to the auditor:
Statutory audit and review of financial statements40 39
Non assurance services
1
0 2
Other operating expenses60 45
Total operating expenses5,957 9,170
1
Non-assurance services in the prior period relate to the audit of the prior period performance fee.
Note 4Taxation
Kingfish is a Portfolio Investment Entity ("PIE") for tax purposes.
Taxation expense comprises both current and deferred tax. Current tax is the expected tax payable on the
taxable income for the year, using tax rates enacted or substantively enacted at balance date, and any
adjustment to tax payable in respect of previous years. Current tax for current and prior periods is recognised
as a liability or asset to the extent that it is unpaid (or refundable). Deferred tax (if any) is recognised as the
difference between the carrying amounts of assets and liabilities in the financial statements and the amounts
used for taxation purposes. A deferred tax asset is only recognised to the extent it is probable it will be utilised.
A deferred tax asset of $8,813,609 at 31 March 2020 (2019: $7,780,623) has not been recognised as the tax
structure of the Company is unlikely to lead to the utilisation of a deferred tax asset. This unrecognised
deferred tax asset is reviewed annually.
Page 6 of 13
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KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Note 4Taxation (continued)
Taxation expense is determined as follows:20202019
$000$000
Operating profit before tax1,772 47,142
Non-taxable realised gain on investments(33,427)
(24,910)
Non-taxable unrealised loss/(gain) on investments31,879
(24,556)
Imputation credits1,696
2,133
Non-deductible expenditure554
490
Taxable income2,474 299
Tax at 28%693
84
Imputation credits(1,696) (2,133)
Deferred tax not recognised1,033
2,085
Forfeit of foreign tax credits0
43
Total tax expense30 79
Taxation expense comprises:
Current tax30 79
30 79
Current tax balance
Opening balance0 10
Current tax expense (30) (79)
Tax paid30 69
Current tax receivable0 0
Imputation credits
The imputation credits available for subsequent reporting periods total $237,774 (2019: $501,366). This
amount represents the balance of the imputation credit account at the end of the reporting period, adjusted
for imputation credits that will arise from the receipt of dividends recognised as a receivable at 31 March 2020.
Note 5Shareholders' Equity
Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares and
warrants are shown in equity as a deduction.
When shares are acquired by the Company, the amount of consideration paid is recognised directly in equity.
Acquired shares are classified as treasury stock and presented as a deduction from share capital. When
treasury stock is subsequently sold or reissued, the cost of treasury stock is reversed and the realised gain or
loss on sale or reissue, net of any directly attributable incremental transaction costs, is recognised within share
capital.
Kingfish has 248,587,907 fully paid ordinary shares on issue (2019: 197,889,673). All ordinary shares are
classified as equity, rank equally and have no par value. All shares carry an entitlement to dividends and one
vote is attached to each fully paid ordinary share.
Buybacks
Kingfish maintains an ongoing share buyback programme. For the year ended 31 March 2020, Kingfish
acquired 472,965 shares valued at $680,614 (2019: 395,172 shares, $545,832) 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. There were no shares held as treasury stock at
balance date (31 March 2019: 46,377 shares held as treasury stock).
Warrants
61,578,083 new Kingfish warrants were allotted on 9 March 2020, and quoted on the NZX Main Board on
10 March 2020. One new warrant was issued to all eligible shareholders for every four shares held on record
date (6 March 2020). The warrants are exercisable at $1.64 per warrant, adjusted down for dividends declared
during the period up to the exercise date of 12 March 2021. Warrant holders can elect to exercise some or all
of their warrants on the exercise date. The net cost of issuing the warrants is deducted from share capital.
On 12 July 2019, 41,889,557 warrants valued at $52,361,927, less issue costs of $115,176 (net $52,246,751),
were exercised at $1.25 per warrant and the remaining 6,478,976 warrants lapsed.
Page 7 of 13

KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Note 5Shareholders' Equity (continued)
Dividends
Dividend distributions to the Company's shareholders are recognised as a liability in the financial statements in
the period in which the dividends are declared by the Kingfish board.
Kingfish has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid during
the year comprised:
2020Cents per2019Cents per
$000share$000share
27 Jun 20196,114 3.0729 Jun 20185,542 2.89
26 Sep 20197,827 3.2328 Sep 20185,798 3.00
19 Dec 20197,553 3.0921 Dec 20185,919 3.04
27 Mar 20207,980 3.2428 Mar 20195,557 2.83
29,474 12.6322,816 11.76
Dividend Reinvestment Plan
Kingfish has a dividend reinvestment plan which provides ordinary shareholders with the option to reinvest all
or part of any cash dividends in fully paid ordinary shares at a 3% discount to the five-day volume weighted
average share price from the date the shares trade ex-entitlement. During the year ended 31 March 2020,
7,872,492 ordinary shares totalling $10,957,572 (2019: 6,509,043 ordinary shares totalling $8,627,664) were
issued in relation to the plan for the quarterly dividends paid. To participate in the dividend reinvestment plan,
a completed participation notice must be received by Kingfish before the next dividend record date.
Note 6Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by
the weighted average number of ordinary shares on issue during the year. Diluted earnings per share assumes
conversion of all dilutive potential ordinary shares in determining the denominator. Potential ordinary shares
include outstanding warrants.
20202019
$000$000
Basic earnings per share
Profit attributable to owners of the Company
1,742
47,063
Weighted average number of ordinary shares on issue net of treasury stock ('000)
231,182 194,119
Basic earnings per share0.75c24.24c
Diluted earnings per share
Profit attributable to owners of the Company
1,742
47,063
Weighted average number of ordinary shares on issue net of treasury stock ('000)
231,182 194,119
Diluted effect of warrants ('000)1,796
2,162
Ordinary shares to be issued under performance fee arrangement ('000)0
1,409
232,978
197,690
Diluted earnings per share0.75c23.81c
Page 8 of 13

KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Note 7Trade and Other Receivables
Trade and other receivables are classified as financial assets at amortised cost and are initially recognised at
fair value, and subsequently measured at amortised cost less any provision for impairment. Receivables are
assessed on a case-by-case basis for impairment.
The trade and other receivables' carrying values are a reasonable approximation of fair value.
20202019
$000$000
Dividends receivable529 991
Unsettled investment sales
1
1,837 11,778
Other receivables21 41
Total trade and other receivables2,387 12,810
1
On 6 March 2019, Kingfish accepted an unconditional and irrevocable takeover offer for the Restaurant Brand
shares subject to a scaled back acceptance ratio. This was settled on 2 April 2019.
Note 8Trade and Other Payables
Trade and other payables are classified as other financial liabilities and are initially recognised at fair value,
and subsequently measured at amortised cost.
The trade and other payables' carrying values are a reasonable approximation of fair value.
20202019
$000$000
Related party payable (note 10)388 2,620
Unsettled investment purchases0 334
Other payables and accruals41
56
Total trade and other payables429 3,010
Note 9Cash and Cash Flow Reconciliation
Cash and Cash Equivalents
Cash and cash equivalents are classified as financial assets at amortised cost and comprise cash on deposit
at banks and short-term money market deposits.
20202019
$000$000
Cash - New Zealand18,493 19,274
Cash and Cash Equivalents18,493 19,274
Page 9 of 13
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KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Note 9Cash and Cash Flow Reconciliation (continued)
Reconciliation of Net Operating Profit after Tax to Net Cash Flows20202019
from Operating Activities$000$000
Net operating profit after tax
1,742 47,063
Items not involving cash flows
Unrealised losses/(gains) on revaluation of investments
31,879
(24,556)
31,879
(24,556)
Impact of changes in working capital items
Decrease in fees and other payables(2,581) (204)
Decrease/(increase) in interest, dividends and other receivables10,423
(8,493)
Change in current tax0
10
7,842 (8,687)
Items relating to investments
Amount paid for purchases of investments(130,186) (73,140)
Amount received from sales of investments97,963
92,589
Realised gains on investments(33,454)
(24,932)
Decrease in unsettled purchases of investments334
1,208
(Decrease)/increase in unsettled sales of investments(9,941)
11,679
(75,284) 7,404
Other
Performance fee to be settled by issue of shares0 2,043
Increase in share buybacks payable2
(2)
Expenses in relation to prior year's performance fee settled by issue of shares(10) (7)
(8) 2,034
Net cash (outflows)/inflows from operating activities(33,829) 23,258
Note 10 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. 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 10% plus GST (31 March
2019: 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"). From 1 April
2019 the total performance fee amount is subject to a cap of 1.25% of the net asset value and is no longer
partially settled by equity share payment, but settled fully in cash.
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.
In accordance with the terms of the Management Agreement, when a performance fee is earned, it is paid
within 60 days of the balance date.
Page 10 of 13

KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Note 10 Related Party Information (continued)
(ii) Performance fee (continued):
Performance fees paid to the Manager are recognised as an expense in the Statement of Comprehensive
Income and are treated in line with a typical operating expense.
For the year ended 31 March 2020, the Manager did not achieve a return in excess of the performance fee
hurdle return and the HWM (2019: $29,492,561). Accordingly, the Company has not expensed a performance
fee (2019: $4,321,567).
(iii) Administration fee: Fisher Funds provides corporate administration services and a monthly fee is
charged.
Fees earned, accrued and payable:20202019
$000$000
Fees earned by and accrued to the Manager for the year ending 31 March
Management fees4,671 3,657
Performance fees0 4,322
Administration services159
159
Total fees earned by and accrued to the Manager4,830
8,138
Fees payable to the Manager at 31 March
Management fees375 329
Performance fees payable in cash0 2,278
Administration services13
13
Total amount payable to the Manager388 2,620
Investments by the Manager
The Manager held shares in the Company until August 2019 when its holding was sold (31 March 2019: 1.81%
of the total shares on issue). 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 year ended 31 March
2020 totalled $1,816,526 (2019: $3,527,455) and sales totalled $767,561 (2019: $453,396).
Directors
The directors of Kingfish are the only key management personnel and they are paid a fee for their services.
The directors' fee pool is $157,500 (plus GST if any) per annum (31 March 2019: $157,500). The amount
paid to directors, inclusive of GST for three directors, is disclosed in note 3 under directors' fees (all directors
earn a director's fee).
Note 11 Financial Risk Management
The Company is subject to a number of financial risks which arise as a result of its investment activities,
including market risk, credit risk and liquidity risk.
Market Risk
All equity investments present a risk of loss of capital, often due to factors beyond the Company's control
such as competition, regulatory changes, commodity price changes and changes in general economic
climates domestically and internationally. The Manager moderates this risk through careful stock selection,
diversification and daily monitoring of the market positions. For corporate governance purposes there is also
regular reporting to the Board of Directors. In addition, the Manager has to meet the criteria of authorised
investments within the prudential limits defined in the Management Agreement.
The maximum market risk resulting from financial instruments is determined as their fair value.
Page 11 of 13
The directors or their associates also held shares in the Company at 31 March 2020 which total 4.51% of
total shares on issue (31 March 2019: 2.52%) and warrants totalling 4.55% of warrants on issue (31 March
2019: 2.58%). Dividends were also received by the directors as a result of their shareholding.

KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Note 11 Financial Risk Management (continued)
Price Risk
Price risk is the risk of gains or losses from changes in the market price of investments. The Company is
exposed to the risk of fluctuations in the underlying value of its listed portfolio companies. The following
companies individually comprise more than 10% of Kingfish’s total assets at 31 March 2020, and therefore
fluctuations in the value of these portfolio companies will have a greater impact on the overall investments
balance.
20202019
Fisher and Paykel Healthcare Corporation Limited19%15%
The A2 Milk Company Limited17%15%
Mainfreight Limited16%12%
Infratil Limited10%6%
Interest Rate Risk
Interest rate risk is the risk of movements in local interest rates. The Company is exposed to the risk of gains
or losses or changes in interest income from movements in local interest rates. There is no hedge against
the risk of movements in interest rates.
The Company may use short-term fixed rate borrowings to fund investment opportunities. There were no
borrowings at 31 March 2020 (2019: nil).
Currency Risk
Currency risk is the risk that the fair value or future cash flows of an investment will fluctuate because of
changes in foreign exchange rates. The Company generally holds assets denominated in New Zealand dollars
and is therefore not directly exposed to currency risk. The portfolio companies that Kingfish invests in may be
affected by currency risk that may impact on the market value of the underlying portfolio company.
Sensitivity Analysis
The table below summarises the impact on net operating profit after tax and shareholders' equity to reasonably
possible changes in the carrying value of financial instruments to market risk exposure at 31 March as follows:
20202019
$000$000
Price risk
1
Investments at fair value through profit or loss (listed)Carrying value324,953 281,547
Impact of a 20% change in market prices: +/-
64,991
Impact of a 10% change in market prices: +/-
28,155
Interest rate risk
2
Cash and cash equivalentsCarrying value18,493 19,274
Impact of a 1% change in interest rates: +/-
185
193
Credit Risk
Credit risk is the risk that a counterparty will default on its contractual obligations resulting in financial loss to
the Company. In the normal course of its business, the Company is exposed to credit risk from transactions
with its counterparties.
Listed securities are held by an independent custodian, Trustees Executors Limited. All transactions in
listed securities are paid for on delivery according to standard settlement instructions. Dividends receivable
are due from listed New Zealand companies and are normally settled within a month after the Ex-Dividend
date.
Page 12 of 13
1
The impact of COVID-19 caused the Company to review the adequacy of the market price risk sensitivity analysis. A variable of 20% (2019: 10%)
is considered appropriate for market price risk sensitivity based on the impact of COVID-19, as well as based on historical price movements.
2
Current market circumstances caused the Company to review the adequacy of the interest rate risk sensitivity. The 1% variable used in the
previous period is considered to continue to be appropriate to illustrate the impact of COVID-19, as well as a reasonable possible movement based
on historic trends. The percentage movement for the interest rate sensitivity relates to an absolute change in the interest rate rather than a
percentage change in interest rate.

KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Note 11 Financial Risk Management (continued)
Credit Risk (continued)
The Company measures credit risk and expected credit losses using probability of default, exposure at default
and loss given default. Management considers both historical analysis and forward looking information in
determining any expected credit loss. At balance date, cash at bank was held with counterparties with a credit
rating of S&P A-1+ or equivalent. In April 2020 the credit rating of the bank was reduced to S&P AA-. Trade
and other receivables are normally settled within three business days. Management considers the probability
of default to be close to zero as the counterparties have a strong capacity to meet their contractual obligations
in the near term. As a result, no loss allowance has been recognised based on 12 month expected credit losses
as any such impairment would be wholly insignificant to the Company.
The maximum credit risk of financial assets is deemed to be their carrying amount as reported in the
Statement of Financial Position.
Other than cash at bank, short term unsettled trades and dividends receivable, there are no significant
concentrations of credit risk. The Company does not expect non-performance by counterparties, therefore no
collateral or security is required.
Liquidity Risk
Liquidity risk is the risk that the assets held by the Company cannot readily be converted to cash in order to
meet the Company's financial obligations as they fall due. The Company endeavours to invest the proceeds
from the issue of shares in appropriate investments while maintaining sufficient liquidity (through daily cash
monitoring) to meet working capital and investment requirements.
Liquidity to fund investment requirements can be augmented through the procurement of a debt facility from
a registered bank to a maximum value of 20% of the gross asset value of the Company. There were no such
debt facilities at 31 March 2020 (2019: nil).
There have been no subsequent events to suggest any issues with satisfying working capital and investment
requirements and COVID-19 has not impacted the liquidity risk profile.
Capital Risk Management
The Company’s objective is to prudently manage shareholder capital (share capital, reserves, retained
earnings and borrowings (if any)).
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid
to shareholders, return capital to shareholders, undertake share buybacks, issue new shares and make
borrowings in the short term.
The Company was not subject to any externally imposed capital requirements during the year.
Since announcing a long-term distribution policy in June 2009, the Company continues to pay 2% of average
net asset value each quarter.
Note 12 Net Asset Value
The audited net asset value of Kingfish as at 31 March 2020 was $1.39 per share (2019: $1.57)
calculated as the net assets of $345,403,828 divided by the number of shares on issue of 248,587,907
(2019: net assets of $310,621,130 and shares on issue of 197,889,673).
Note 13 Commitments and Contingent Liabilities
There were no unrecognised contractual commitments or contingent liabilities as at 31 March 2020 (2019: nil).
Note 14 Financial Reporting by Segments
The Company operates in the New Zealand investment industry.
The Company is managed as a whole and is considered to have a single operating segment. There is no
further division of the Company or internal segment reporting used by the Directors when making strategic,
investment or resource allocation decisions.
There has been no change to the operating segments during the year.
Note 15 Subsequent Events
The Board declared a dividend of 3.06 cents per share on 18 May 2020. The record date for this dividend
is 11 June 2020 with a payment date of 26 June 2020.
There were no other events which require adjustment to or disclosure in these financial statements.
Page 13 of 13

PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 (9) 355 8000, F: +64 (9) 355 8001, www.pwc.com/nz
Independent auditor’s report
To the shareholders of Kingfish Limited
We have audited the financial statements which comprise:
භ the statement of financial position as at 31 March 2020;

භ the statement of comprehensive income for the year then ended;
භ the statement of changes in equity for the year then ended;
භ the statement of cash flows for the year then ended; and
භ the notes to the financial statements, which include significant accounting policies.
Our opinion
In our opinion, the accompanying financial statements of Kingfish Limited (the Company) present
fairly, in all material respects, the financial position of the Company as at 31 March 2020, its financial
performance and its cash flows for the year then ended in accordance with New Zealand Equivalents to
International Financial Reporting Standards (NZ IFRS) and International Financial Reporting
Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the financial statements section of
our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1 (Revised)
Code of Ethics for Assurance Practitioners (PES 1) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’ Code of Ethics for
Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Company.
Key audit matter
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current year. Given the nature of the Company, we have one
key audit matter: Valuation and existence of investments at fair value through profit or loss. The
matter was addressed in the context of our audit of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on the matter.

PwC 2
Key audit matter How our audit addressed the key audit
matter
Valuation and existence of investments at fair
value through profit or loss
Investments at fair value through profit or loss
(the investments) are valued at $325 million
and represent 94% of total assets.
Further disclosures on the investments are
included at note 2 to the financial statements.
This was an area of focus for our audit and an
area where a significant proportion of audit
effort was directed.
As at 31 March 2020, all investments were in
companies that were listed on the NZX Main
Board and were actively traded with readily
available, quoted market prices.
Management assessed the impact of COVID-19
on the Company’s financial statements
including investments at fair value through
profit or loss and included additional
disclosures in relation to the fair value of
investments and market price risk sensitivity.
All investments are held by Trustees Executors
Limited (the Custodian) on behalf of the
Company. Trustees Executors Limited also
provides administration services for the
Company.
Our audit procedures included updating our
understanding of the business processes
employed by the Company for accounting
for, and valuing, its investment portfolio.
We obtained confirmation from the
Custodian that the Company was the
recorded owner of all the recorded
investments.
We obtained copies of and assessed Trustees
Executors Limited’s Internal Controls
Reports for Custody, Investment Accounting
and Registry services for the period from 1
April 2019 to 31 March 2020.
We agreed the price for all investments held
at 31 March 2020 to independent third-party
pricing sources.
We have considered the impact of COVID-19
on the valuation of investments at fair value
through profit or loss, including the
disclosures provided in note 2.
No matters arose from the procedures
performed.

Our audit approach
Overview

An audit is designed to obtain reasonable assurance whether the financial
statements are free from material misstatement.
Overall materiality: $1,700,000, which represents approximately 0.5% of
the net assets. We used this benchmark because, in our view, the objective
of the Company is to provide investors with a total return on its assets,
taking account of both capital and income returns.
We agreed with the Audit and Risk Committee that we would report to them
misstatements identified during our audit above $150,000, as well as
misstatements below that amount that, in our view, warranted reporting for
qualitative reasons.
As mentioned earlier, we have determined that there is one key audit
matter: Valuation and existence of investments at fair value through profit
or loss.

PwC 3
Materiality
The scope of our audit was influenced by our application of materiality.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall materiality for the financial statements as a whole as set out above. These,
together with qualitative considerations, helped us to determine the scope of our audit, the nature,
timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate, on the financial statements as a whole.
Audit scope
We designed our audit by assessing the risks of material misstatement in the financial statements and
our application of materiality. As in all of our audits, we also addressed the risk of management
override of internal controls including among other matters, consideration of whether there was
evidence of bias that represented a risk of material misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the financial statements as a whole, taking into account the structure of the Company, the
type of investments held by the Company, the use of the third-party service providers, the related
accounting processes and controls, and the industry in which the Company operates.
The Directors are responsible for the governance and the control activities of the Company. The
Directors have delegated certain responsibilities to Fisher Funds Management Limited (the
Investment Manager) and Trustees Executors Limited (the Administrator and the Custodian).
In establishing our overall audit approach, we assessed the risk of material misstatement, taking into
account the nature, likelihood and potential magnitude of any misstatement. As part of our risk
assessment, we considered the Company’s interaction with the Investment Manager and the
Administrator and the control environment in place at the Administrator and the Custodian.
Information other than the financial statements and auditor’s report
The Directors are responsible for the annual report. Our opinion on the financial statements does not
cover the other information included in the annual report and we do not and will not express any form
of assurance conclusion on the other information.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If, based on the work we have performed on the other information that we obtained prior to
the date of this auditor’s report, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard, except that
not all other information was available to us at the date of our signing.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the
Directors determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Directors either intend to liquidate the Company or to
cease operations, or have no realistic alternative but to do so.

PwC 4
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole,
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that
an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-2/

This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Philip Taylor.
For and on behalf of:




Chartered Accountants Auckland
22 June 2020