Kingfish delivers a record result

Kingfish Limited results announcement


Results for announcement to the market
Name of issuer Kingfish Limited
Reporting Period 12 months to 31 March 2021
Previous Reporting Period 12 months to 31 March 2020
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$155,966 +1,918%
Total Revenue $155,966 +1,918%
Net profit/(loss) from
continuing operations
$142,713 +8,092%
Total net profit/(loss) $142,713 +8,092%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 3.60 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00072607
Record Date 10 June 2021
Dividend Payment Date 25 June 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.77 $1.39
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

27 May 2021
Audited financial statements accompany this announcement.

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1
Total shareholder return – the return combines the share price performance, the warrant price performance, the net value
of converting any warrants into shares, and the dividends paid to shareholders. It assumes all dividends are reinvested in
the company’s dividend reinvestment plan, and that shareholders exercise their warrants, (if they were in the money), at
warrant expiry date.
2
Adjusted net asset value return – the net return to an investor after expenses, fees and tax.
3
Dividend return is the dividends paid for the period over the average share price for the period.

4
Gross performance return – The Manager’s portfolio performance in terms of stock selection, before expenses, fees and
tax.

For immediate release:

27 May 2021

Kingfish delivers a record result
• Net profit after tax for year ended 31 March 2021 $142.7m
• Total shareholder return
1
+65.1%
• Adjusted NAV return (after expenses, fees and tax)
2
41.1%


• Dividend return
3
+7.7% (13.48cps)

NZX-listed investment company Kingfish Limited (NZX:KFL) today announced a net operating after
tax profit for the year ended 31 March 2021 of $142.7 million, in contrast with last year’s COVID-19
impacted profit of only $1.7 million. The result, driven by the recovery of key portfolio stocks,
demonstrates the sharemarket recovery post the initial COVID pandemic shock, which had
materially impacted Kingfish’s prior year March 2020 result.
Key elements of the FY21 result include gains on investments of $150.5m, dividend and interest
income of $5.4m, offset by fees and expenses of $13.2m.
The Kingfish portfolio achieved a gross performance return
4
before fees and expenses of +46.0% and
an Adjusted net asset value (NAV) return
2
of +41.1%, compared to the S&P/NZX50G which reported
+28.2% for the 12 month period. Total shareholder return
1
of +65.1% included share price increase,
dividends paid, and the impact of the warrants that were exercised during the year.
In accordance with Kingfish’s quarterly distribution policy (2.0% of average NAV per quarter), the
company paid a total of 13.48 cents per share to shareholders during the year ended 31 March 2021.
On 27 May 2021, the board declared a dividend of 3.60 cents per share, payable on 25 June 2021
with a record date of 10 June.
Chair Alistair Ryan said “Kingfish has experienced a year of recovery after the COVID impacted
performance of the previous financial year. The Manager’s focus on investing in quality and growing
companies has again demonstrated the benefits of active investment management and rewarded
shareholders with very strong returns.”
Kingfish’s Manager, Fisher Funds, will be paid a performance fee of $6.2m plus GST, as the Kingfish
portfolio achieved a return in excess of both the performance fee hurdle (the change in the Bank Bill
Index rate plus 7%) and the High Water Mark (the highest net asset value at the end of the previous
financial year in which a performance fee was paid, adjusted for changes in capital). The
performance fee earn rate was renegotiated down from 15% to 10% in FY19 and capped at
1.25%. The performance fee cap applies for FY21.

Senior Portfolio Manager Sam Dickie noted that “It is rare as investors that we get to test our
investment process in very different market conditions over the course of a year. It was pleasing to
see Kingfish outperform the benchmark index in each of the distinct market phases.”



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 2021
Page
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 2021
20212020
Notes$000$000
Interest income
49 292
Dividend income
5,410 5,834
Net changes in fair value of investments
2150,504 1,575
Other income
3 28
Total net income155,966 7,729
Operating expenses313,233 5,957
Operating profit before tax142,733 1,772
Total tax expense420
30
Net operating profit after tax attributable to shareholders
142,713 1,742
Total comprehensive income after tax attributable to shareholders142,713 1,742
Basic earnings per share656.28c0.75c
Diluted earnings per share
654.65c0.75c
The accompanying notes form an integral part of these financial statements.
Page 1 of 14

KINGFISH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
SharePerformanceRetainedTotal
NotesCapitalFee ReserveEarningsEquity
$000$000$000$000
Balance at 31 March 2019214,296 2,043 94,282 310,621
Comprehensive income
Net operating profit after tax0 0 1,742 1,742
Other comprehensive income0 0 0 0
Total comprehensive income for
the year ended 31 March 20200 0 1,742
1,742
Transactions with shareholders
Dividends paid
50 0 (29,474) (29,474)
Share buybacks5(681) 0 0 (681)
Shares issued from treasury stock under dividend 5
reinvestment plan
New shares issued under dividend
5
reinvestment plan
Shares issued for warrants exercised
552,247 0 0 52,247
Prior year Manager's performance fee settled with
ordinary shares
Prior year Manager's performance fee settled with
treasury stock
Total transactions with shareholders 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
Comprehensive income
Net operating profit after tax
0 0 142,713
142,713
Other comprehensive income0 0 0 0
Total comprehensive income for
the year ended 31 March 2021
0 0
142,713
142,713
Transactions with shareholders
Dividends paid
50 0 (33,895) (33,895)
New shares issued under dividend 5
reinvestment plan
Shares issued for warrants exercised
584,823 0 0 84,823
Total transactions with shareholders for
the year ended 31 March 2021
97,225 0 (33,895) 63,330
Balance at 31 March 2021376,079 0 175,368 551,447
The accompanying notes form an integral part of these financial statements.
Page 2 of 14
12,402 0 0 12,402
0 600
10,358 0 0 10,358
Attributable to shareholders of the Company
136
1,898 (1,907) 0 (9)
(136) 0 0
600 0

KINGFISH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
20212020
Notes$000$000
SHAREHOLDERS' EQUITY551,447345,404
Represented by:
ASSETS
Current Assets
Cash and cash equivalents
9
33,528
18,493
Trade and other receivables
7
369
2,387
Investments at fair value through profit or loss
2
526,523
324,953
Total Current Assets
560,420345,833
TOTAL ASSETS
560,420345,833
LIABILITIES
Current Liabilities
Trade and other payables
8
8,973
429
Total Current Liabilities
8,973429
TOTAL LIABILITIES
8,973429
NET ASSETS551,447345,404
These financial statements have been authorised for issue for and on behalf of the Board by:
A B Ryan
C A Campbell
ChairChair of the Audit and Risk Committee
27 May 202127 May 2021
The accompanying notes form an integral part of these financial statements.
Page 3 of 14

KINGFISH LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
20212020
Notes$000$000
Operating Activities
Sale of listed equity investments
81,493 97,963
Interest received
49 292
Dividends received
5,612 6,296
Other income received1 27
Purchase of listed equity investments
(129,235) (130,186)
Operating expenses
(6,195) (8,191)
Taxes paid
(20) (30)
Net cash outflows from operating activities9(48,295) (33,829)
Financing Activities
Proceeds from warrants exercised
84,823 52,247
Share buybacks0 (683)
Dividends paid (net of dividends reinvested)
(21,493) (18,516)
Net cash inflows from financing activities63,330 33,048
Net increase/(decrease) in cash and cash equivalents held15,035 (781)
Cash and cash equivalents at beginning of the year18,493 19,274
Cash and cash equivalents at end of the year933,528 18,493
The accompanying notes form an integral part of these financial statements.
Page 4 of 14

KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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 entities, and International Financial Reporting Standards (IFRS).
The financial statements have been prepared on the historical cost basis, except for investment assets at fair
value through profit or loss.
The functional and reporting currency used to prepare the financial statements is New Zealand dollars,
rounded to the nearest one thousand dollars.
The operating expenses include GST where it is charged by other parties as it cannot be reclaimed.
The impact of COVID-19 on the Company's financial statements was considered and, other than the impact
of the post COVID-19 recovery on investment fair value gains, there have been no other impacts on the
Company's financial reporting.
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 27 May 2021.
No party may change these financial statements after their issue.
Note 2Investments at Fair Value Through Profit or Loss
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.
Investments at fair value through profit or loss comprise New Zealand listed equity investment assets.
Page 5 of 14
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KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Note 2Investments at Fair Value Through Profit or Loss (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.
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 significant 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 (2020: none).
There were no financial instruments classified as Level 2 or 3 at 31 March 2021 (2020: none).
Note 3Operating Expenses20212020
$000$000
Management fees (note 10)5,671 4,671
Performance fees (note 10)6,291 0
Administration services (note 10)159 159
Directors' fees (note 10)176 174
Custody, accounting and brokerage594 612
Investor relations and communications150 136
NZX fees64 55
Professional fees19 50
Fees paid to the auditor:
Statutory audit and review of financial statements41 40
Non assurance services
1
3 0
Other operating expenses65 60
Total operating expenses13,233 5,957
1
Non-assurance services relate to agreed upon procedures performed in respect of the performance fee
calculation. No other fees were paid to the auditor.
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 $11,943,247, resulting from tax losses of $42,138,868, at 31 March 2021 (2020: tax
asset of $8,813,609, tax losses of $31,235,101) 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 14
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KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Note 4Taxation (continued)
Taxation expense is determined as follows:20212020
$000$000
Operating profit before tax142,733 1,772
Non-taxable realised gain on investments(24,146)
(33,427)
Non-taxable unrealised (gain)/loss on investments(126,351)
31,879
Imputation credits1,499
1,696
Non-deductible expenditure513
554
Taxable (loss)/income(5,752) 2,474
Tax at 28%(1,611)
693
Imputation credits(1,499)
(1,696)
Deferred tax not recognised3,130
1,033
Total tax expense20 30
Taxation expense comprises:
Current tax20 30
20 30
Current tax balance
Opening balance0 0
Current tax expense (20) (30)
Tax paid20 30
Current tax receivable0 0
Imputation credits
The imputation credits available for subsequent reporting periods total $226,561 (2020: $237,774). 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 2021.
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 312,037,141 fully paid ordinary shares on issue (2020: 248,587,907). 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 2021, Kingfish did
not acquire any shares (2020: 472,965 shares to the value of $680,614) under the programme which allows up t
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 (2020: nil).
Warrants
On 9 March 2020, 61,578,083 new Kingfish warrants were allotted and quoted on the NZX Main Board. One
new warrant was issued to all eligible shareholders for every four shares held on record date (6 March 2020).
On 12 March 2021, 56,285,634 warrants valued at $84,991,307, less issue costs of $167,824
(net $84,823,483), were exercised at $1.51 per warrant and the remaining 5,292,449 warrants lapsed.
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 14

KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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:
2021Cents per2020Cents per
$000share$000share
26 Jun 20207,607 3.0627 Jun 20196,114 3.07
25 Sep 20208,139 3.2526 Sep 20197,827 3.23
18 Dec 20208,729 3.4619 Dec 20197,553 3.09
26 Mar 20219,420 3.7127 Mar 20207,980 3.24
33,895 13.4829,474 12.63
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 2021,
7,163,600 ordinary shares totalling $12,401,697 (2020: 7,872,492 ordinary shares totalling $10,957,572) were
issued in relation to the plan for the quarterly dividends paid. To participate in the dividend reinvestment plan,
a completed participation notice must be received by Kingfish before the next record date.
Note 6Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by
the weighted average number of ordinary shares on issue during the year. Diluted earnings per share assumes
conversion of all dilutive potential ordinary shares in determining the denominator. Potential ordinary shares
include outstanding warrants.
20212020
Basic earnings per share
Profit attributable to shareholders of the Company ($'000)
142,713
1,742
Weighted average number of ordinary shares on issue net of treasury stock ('000)
253,583 231,182
Basic earnings per share56.28c0.75c
Diluted earnings per share
Profit attributable to shareholders of the Company ($'000)
142,713
1,742
Weighted average number of ordinary shares on issue net of treasury stock ('000)
253,583 231,182
Diluted effect of warrants ('000)7,570
1,796
261,153
232,978
Diluted earnings per share54.65c0.75c
Page 8 of 14

KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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.
20212020
$000$000
Dividends receivable327 529
Unsettled investment sales0 1,837
Other receivables42
21
Total trade and other receivables369 2,387
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.
20212020
$000$000
Related party payable (note 10)7,345 388
Unsettled investment purchases1,487 0
Other payables and accruals141 41
Total trade and other payables8,973 429
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.
20212020
$000$000
Cash - New Zealand dollars33,528 18,493
Cash and Cash Equivalents33,528 18,493
Page 9 of 14
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KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Note 9Cash and Cash Flow Reconciliation (continued)
Reconciliation of Net Operating Profit after Tax to Net Cash Flows20212020
from Operating Activities$000$000
Net operating profit after tax
142,713 1,742
Items not involving cash flows
Unrealised (gains)/losses on revaluation of investments
(126,351)
31,879
(126,351)
31,879
Impact of changes in working capital items
Increase/(decrease) in trade and other payables8,544 (2,581)
Decrease in trade and other receivables2,018
10,423
10,562 7,842
Items relating to investments
Amount paid for purchases of investments(129,235) (130,186)
Amount received from sales of investments81,493
97,963
Realised gains on investments(24,153)
(33,454)
(Increase)/decrease in unsettled purchases of investments(1,487)
334
Decrease in unsettled sales of investments(1,837)
(9,941)
(75,219) (75,284)
Other
Increase in share buybacks payable0 2
Expenses in relation to prior year's performance fee settled by issue of shares0 (10)
0 (8)
Net cash outflows from operating activities(48,295) (33,829)
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, Fisher 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 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 total performance fee amount is subject to a cap of
1.25% of the adjusted net asset value (prior to performance fees) and is 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 14

KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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 2021, excess returns of $125,658,709 were generated (31 March 2020: no
excess returns were generated) and the net asset value per share before the deduction of a performance fee
was $1.79 (2020: $1.39), which exceeded the HWM after adjustment for capital changes and distributions of
$1.26 (2020: $1.37). Accordingly, the Company has expensed a capped performance fee of $6,290,731 in
the Statement of Comprehensive Income for the year ended 31 March 2021 (2020: no performance fee was
expensed).
(iii) Administration fee: Fisher Funds provides corporate administration services and a fee is payable
monthly in arrears.
Fees earned, accrued and payable:20212020
$000$000
Fees earned by and accrued to the Manager for the year ended 31 March
Management fees5,671 4,671
Performance fees6,291 0
Administration services159 159
Total fees earned by and accrued to the Manager12,121
4,830
Fees payable to the Manager at 31 March
Management fees1,028 375
Performance fees 6,291 0
Administration services26 13
Total amount payable to the Manager7,345 388
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
2021 totalled $nil (2020: $1,816,526) and no sales were made (2020: $767,561).
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 (2020: $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).
2021
2020
$000$000
Opening market value of shares held by directors or their associates14,464 6,734
Plus shares issued for warrants exercised4,232
1,557
Plus other share purchases61
6,872
Plus share price movements7,937
(699)
Closing market value of shares held by directors or their associates
26,694 14,464
Opening market value of warrants held by directors or their associates84 75
Plus new warrants issued and price movements785 184
Less warrants exercised(869)
(175)
Closing market value of warrants held by directors or their associates
0 84
Dividends of $1,513,160 (2020: $1,224,783) were also received by directors or their associates as a result of
their shareholding.
Page 11 of 14
The directors or their associates also held shares in the Company at 31 March 2021 and warrants during the
year. The table below shows a reconciliation of opening and closing share holdings and warrant holdings for
all directors or their associates:

KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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.
The Management Agreement between Kingfish and Fisher Funds details permitted investments. Financial
instruments currently recognised in the financial statements also comprise cash and cash equivalents, trade
and other receivables and trade and other payables.
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.
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 2021, and therefore
fluctuations in the value of these portfolio companies will have a greater impact on the overall investments
balance.
20212020
Mainfreight Limited18%16%
Fisher and Paykel Healthcare Corporation Limited16%19%
Infratil Limited14%10%
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 2021 (2020: 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:
20212020
$000$000
Price risk
1
Investments at fair value through profit or loss (listed)Carrying value526,523 324,953
Impact of a 20% change in market prices: +/-
105,305
64,991
Interest rate risk
2
Cash and cash equivalentsCarrying value33,528 18,493
Impact of a 1% change in interest rates: +/-
335
185
Page 12 of 14
1
A variable of 20% is considered appropriate for market price risk sensitivity analysis based on historical price movements.
2
A variable of 1% was selected as this is a reasonably expected movement based on historical volatility. The percentage movement for the
interest rate sensitivity relates to an absolute change in interest rate rather than a percentage change in interest rate.

KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Note 11 Financial Risk Management (continued)
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 and are normally settled within
three business days. Dividends receivables are due from listed New Zealand companies and are normally
settled within a month after the Ex-Dividend date.
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 AA- or equivalent. 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. All trade and other payables have contractual
maturities of 3 months or less.
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 2021 (2020: nil).
There have been no subsequent events to suggest any issues with satisfying working capital and investment
requirements.
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 secure
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 2021 was $1.77 per share (2020: $1.39)
calculated as the net assets of $551,446,689 divided by the number of shares on issue of 312,037,141
(2020: net assets of $345,403,828 and shares on issue of 248,587,907).
Note 13 Commitments and Contingent Liabilities
There were no unrecognised contractual commitments or contingent liabilities as at 31 March 2021 (2020: nil).
Page 13 of 14

KINGFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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
(ii) In accordance with the terms of the Management Agreement, Kingfish will settle the performance fee due
to Fisher Funds of $6,290,731 relating to the year ended 31 March 2021, on or before 28 May 2021.
(iii) On 26 May 2021, the Board declared a dividend of 3.60 cents per share . The record date for this dividend
is 10 June 2021 with a payment date of 25 June 2021.
There were no other events which require adjustment to or disclosure in these financial statements.
Page 14 of 14
The GST refund and UOMI are excluded from any performance fee calculation, consistent with how they
have been treated in the past given they are not performance related income for the year.
The GST refund has been received by Kingfish in May 2021.
(i) On 30 April 2021, Fisher Funds received a GST refund plus use of money interest (UOMI) from the IRD.
The refund relates to the period 1 April 2004 to 31 July 2009 when the Manager applied 15% GST on
management fees, when a subsequent assessment confirmed the Manager was entitled to charge 1.5% GST
on management fees. The total GST refund received by the Manager is $1,413,475, being overcharged GST
refunded of $1,385,125 and UOMI of $28,350.

PricewaterhouseCoopers, PwC Tower 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, pwc.co.nz
Independent auditor’s report
To the shareholders of Kingfish Limited
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 2021, 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).
What we have audited
The financial statements comprise:
xthe statement of financial position as at 31 March 2021;
xthe statement of comprehensive income for the year then ended;
xthe statement of changes in equity for the year then ended;
xthe statement of cash flows for the year then ended; and
xthe notes to the financial statements, which include significant accounting policies and other
explanatory information.
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.
Independence
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out agreed-upon procedures for the Company in relation to the performance fee
calculation. The provision of this service has not impaired our independence as auditor of 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
Description of the 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 $527 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 2021, all investments were in
companies that were listed on the NZX Main
Board and were actively traded with readily
available, quoted market prices.
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, Superannuation Member
Administration, Investment Accounting and
Registry for the period from 1 April 2020 to 31
March 2021.
We agreed the price for all investments held at
31 March 2021 to independent third-party pricing
sources.
No matters arose from the procedures
performed.
Our audit approach
Overview
Materiality Overall materiality: $2,753,000, 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.
Key audit mattersAs reported above, we have one key audit matter, being:Valuation
and existence of investments at fair value through or loss.
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we considered where management made
subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. 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
accounting processes and controls, and the industry in which the Company operates.

PwC
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the financial statements.
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.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the annual report, but does not include the financial statements and our
auditor's report thereon. The annual report is expected to be made available to us after the date of this
auditor's report.
Our opinion on the financial statements does not cover the other information and we will not express
any form of audit opinion or assurance conclusion thereon.
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.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
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.
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.

PwC
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/assurance-standards/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:
Auckland Chartered Accountants
27 May 2021