Challenging period for Kingfish

Kingfish Limited results announcement


Results for announcement to the market
Name of issuer Kingfish Limited
Reporting Period 6 months to 30 September 2022
Previous Reporting Period 6 months to 30 September 2021
Currency NZ$
Amount (000s) Percentage change
Revenue/ (Loss) from
continuing operations
($45,930) -173%
Total Revenue/ (Loss) ($45,930) -173%
Net profit/(loss) from
continuing operations
($48,400) -185%
Total net profit/(loss) ($48,400) -185%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 2.86 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00123857
Record Date 2 December 2022
Dividend Payment Date 16 December 2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.3666 $1.8794
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The financial statements attached to this report have been reviewed
by PricewaterhouseCoopers and are not subject to a qualification. A
copy of the auditor’s report applicable to the financial statements is
attached to this announcement.
Authority for this announcement
Name of person

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

17 November 2022
Reviewed interim financial statements accompany this announcement.

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1
Total shareholder return – the return combines the share price performance, the warrant price performance (if any), the
net value of converting any warrants into shares (if any), 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 percentage change in the the underlying value of the investment portfolio adjusted
for dividends (and other capital management initiatives) and after expenses, fees and tax,
3
Gross performance return – The portfolio performance in terms of stock selection, before expenses, fees and tax.
4
In accordance with the Management Agreement, the management fee rate has reduced from 1.25%pa to 0.75%pa for the
period, (i.e. a 50 basis point reduction), because the six month gross performance of Kingfish (as calculated for the fulcrum
fee rebate) was 10.2 percentage points below the S&P/NZX Bank Bill 90 day index rate for the six months of positive 1.1%.
The total shareholder return, adjusted net asset value and gross performance return methodologies are described in the Kingfish Non-GAAP
Financial Information Policy. A copy of the policy is available at http://www.kingfish.co.nz/about-kingfish/kingfish-policies/

For immediate release:
17 November 2022

Challenging period for Kingfish

• Net loss for the six months ended 30 September 2022 $48.4m
• Total shareholder return
1
-12.1%
• Adjusted NAV return (after expenses, fees & tax)
2
-9.5%
• Dividends paid during the period (cents per share) 5.99 cps

NZX listed investment company Kingfish Limited (NZX: KFL) has suffered a first half loss (for the 6
months ended 30 September 2022) of $48.4m.
Key elements of the half year result include losses on investments of $50.9m, dividend and interest
income of $5.0m, and operating expenses and tax of $2.5m.

The challenges endured by listed equity markets since the beginning of the 2022 calendar year will
come as no surprise to shareholders and the Kingfish portfolio has not been immune to those
pressures.
Chair of Kingfish, Andy Coupe said: “Kingfish has experienced a challenging period with difficult and
uncertain market conditions continuing to dominate, influenced by global uncertainty about the
ongoing impact of the pandemic, and the government response, inflationary concerns (both in New
Zealand and internationally), rising interest rates, and extreme political tension on the international
front.

Energy, commodity and defensive stocks have outperformed in the New Zealand market over this
period. These stocks and sectors are not Kingfish’s natural portfolio companies, as they often lack a
durable competitive advantage and/or have weaker long-term growth prospects.

The portfolio’s gross performance return
3
before fees and expenses (for the six months) was
negative 9.1% and the adjusted net asset value (NAV) return
2
was negative 9.5%, compared to the
S&P/NZX50G Index which was negative 8.6% over the same period.

The lower return delivered by the portfolio activated the management fee rebate (the fulcrum fee
4
)
which reduced the management fee for the period from 1.25% to 0.75%. The fulcrum fee
mechanism is a particular feature of Kingfish Limited which reduces the management fee when
actual returns fall below the S&P/NZX Bank Bill 90-day rate.

Kingfish investors continued to receive distributions consistent with the company distribution policy
(2% of average NAV per quarter) with 5.99 cents per share paid to shareholders during the six
months ended 30 September 2022. On 17 November 2022, the Board declared a dividend of 2.86
cents per share to be paid to shareholders on 16 December 2022 with a record date of 2 December
2022.

Portfolio Manager, Matt Peek said: “It was a difficult period with interest rates rising to combat
inflation and concerns emerging that we may see lower economic growth. This weighed on the share
prices of most companies in the Kingfish portfolio and also share markets globally.”

Matt Peek added: “Company valuations shifting in response to macroeconomic outcomes and
expectations, will often be the key influence on share prices in the short term, as we have seen
recently. However, longer term, it tends to be the ability of companies to grow earnings over time
that is the greater driver of shareholder returns. This is what we have seen in the Kingfish portfolio
historically. Whilst having made some portfolio adjustments over the last six months, we remain
confident in the prospects for Kingfish's portfolio of high quality growth companies moving
forwards.”

For further information, please contact:

Corporate Manager
Kingfish Limited
Tel: (09) 484 0352




About Kingfish
Kingfish is a listed investment company that invests in growing New Zealand companies. The Kingfish portfolio is managed by Fisher Funds,
a specialist investment manager with a track record of successfully investing in growth company shares. Fisher Funds and its related entities
currently have over $13 billion of funds under management. The aim of Kingfish is to offer investors competitive returns through capital
growth and dividends, and access to a diversified portfolio of investments through a single tax-efficient investment vehicle. Kingfish listed
on the NZX Main Board on 31 March 2004. /Ends

---

KINGFISH LIMITED
INTERIM FINANCIAL STATEMENTS CONTENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Page
Statement of Comprehensive Income1
Statement of Changes in Equity2
Statement of Financial Position3
Statement of Cash Flows4
Notes to the Interim Financial Statements5

KINGFISH LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
6 months6 months
endedended
30-Sep-2230-Sep-21
unauditedunaudited
Notes$000$000
Interest income146 34
Dividend income4,849 4,585
Net changes in fair value of investments
2
(50,925) 57,144
Other income
7(a)(ii)
- 1,413
Total (loss)/income(45,930) 63,176
Operating expenses
3
2,458 6,237
Operating (loss)/profit before tax(48,388) 56,939
Tax expense12 9
Net operating (loss)/profit after tax attributable to shareholders
(48,400) 56,930
Total comprehensive (loss)/income after tax attributable to shareholders(48,400) 56,930
Basic (losses)/earnings per share5(15.02c) 18.17c
Diluted (losses)/earnings per share5(15.02c) 18.17c
The accompanying notes form an integral part of these financial statements.
Page 1 of 10

KINGFISH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
ShareRetainedTotal
CapitalEarningsEquity
Notes$000$000$000
Balance at 1 April 2021 (audited)376,079 175,368 551,447
Comprehensive income
Net operating profit after tax- 56,930
56,930
Total comprehensive income for the
period ended 30 September 2021
- 56,930 56,930
Transactions with shareholders
Dividends paid
4 (b)
- (22,293) (22,293)
New shares issued under dividend
reinvestment plan
Total transactions with shareholders for
the period ended 30 September 2021
8,347 (22,293) (13,946)
Balance at 30 September 2021
(unaudited)
384,426 210,005 594,431
Balance at 1 April 2022 (audited)392,554 112,855 505,409
Comprehensive income
Net operating (loss) after tax- (48,400) (48,400)
Total comprehensive (loss) for the period
ended 30 September 2022
- (48,400) (48,400)
Transactions with shareholders
Dividends paid
4 (b)
- (19,283) (19,283)
New shares issued under dividend
reinvestment plan
Costs relating to warrants issued (3) - (3)
Total transactions with shareholders for
the period ended 30 September 2022
6,640 (19,283) (12,643)
Balance at 30 September 2022
(unaudited)
399,194 45,172 444,366
The accompanying notes form an integral part of these financial statements.
Page 2 of 10
Attributable to shareholders of the Company
4 (c)
4 (c)
8,347 - 8,347
6,643 - 6,643

KINGFISH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
30-Sep-2231-Mar-22
unauditedaudited
Notes$000$000
SHAREHOLDERS' EQUITY
444,366505,409
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 8,934 8,006
Trade and other receivables 1,901 3,519
Investments at fair value through profit or loss
2
434,280 494,850
Total Current Assets 445,115 506,375
TOTAL ASSETS445,115 506,375
LIABILITIES
Current Liabilities
Trade and other payables 749 966
Total Current Liabilities 749 966
TOTAL LIABILITIES749 966
NET ASSETS444,366 505,409

These interim financial statements have been authorised for issue for and on behalf of the Board by:
R A CoupeC A Campbell
ChairmanChair of the Audit and Risk Committee
17 November 202217 November 2022
The accompanying notes form an integral part of these financial statements.
Page 3 of 10

KINGFISH LIMITED
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
6 months6 months
endedended
30-Sep-2230-Sep-21
unauditedunaudited
Notes$000$000
Operating Activities
Sale of listed equity investments49,525 37,622
Interest received144 33
Dividends received4,542 4,071
Other income received- 1,413
Purchase of listed equity investments(38,621) (31,005)
Operating expenses (2,007) (11,047)
Taxes paid(12) (9)
Net cash inflows from operating activities613,571 1,078
Financing Activities
Warrant issue costs(3) -
Dividends paid (net of dividends reinvested)(12,640)
(13,946)
Net cash outflows from financing activities(12,643) (13,946)
Net increase/(decrease) in cash and cash equivalents held928 (12,868)
Cash and cash equivalents at beginning of the period8,006 33,528
Cash and cash equivalents at the end of the period8,934 20,660
The accompanying notes form an integral part of these financial statements.
Page 4 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Note 1Basis of Accounting
Reporting Entity
The Company’s registered office is Level 1, 67-73 Hurstmere Road, Takapuna, Auckland.
Basis of Preparation
Accounting Policies
Critical Judgements, Estimates and Assumptions
Authorisation of Interim Financial Statements
No party may change these interim financial statements after their issue.
Note 2Investments
Page 5 of 10
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 interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP). They comply with the International Accounting Standard 34 Interim Financial
Reporting and New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting.
The interim financial statements do not include all of the information required for full year financial statements
and should be read in conjunction with the Company’s annual financial report for the year ended 31 March
2022.
These interim financial statements cover the unaudited results from operations for the six months ended 30
September 2022.
The Company has applied consistent accounting policies in the preparation of these interim financial
statements as for the 2022 full year financial statements. Accounting policies that are relevant to an
understanding of the financial statements are designated by a symbol.
The preparation of interim financial statements requires the directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, income and
expenses. Judgements are designated by a symbol in the notes to the interim financial statements. There
were no material estimates or assumptions required in the preparation of these interim financial statements.
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 of its investments at fair value
through profit or loss.
The fair value of investments traded in active markets are based on last sale prices at balance date, except
where the last sale price falls outside the bid-ask spread for a particular investment, in which case the bid
price will be used to value the investment.
The Kingfish Board of Directors authorised these interim financial statements for issue on 17 November 2022.
j
j

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Note 2Investments (continued)
30-Sep-2231-Mar-22
Investments at Fair Value through Profit or Lossunauditedaudited
$000$000
New Zealand listed equity investments434,280 494,850
Total investments at fair value through profit or loss434,280 494,850
All investments held by Kingfish are categorised as Level 1 in the fair value hierarchy. There have been
no transfers between levels of the fair value hierarchy during the period (30 September 2021: none).
unauditedunaudited
Net Changes in Fair Value of Investments$000$000
New Zealand listed equity investments(50,925) 57,144
Net changes in fair value of investments (50,925) 57,144
Note 3Operating Expenses
Management fees (note 7(a)(i))1,772 3,575
Performance fees (note 7(a)(i))- 2,020
Administration services (note 7(a)(i))79 79
Directors' fees (note 7(b))92 93
Custody, accounting and brokerage239 230
Investor relations and communications113 110
NZX fees50 35
Professional fees22 31
Fees paid to the auditor:
Statutory audit and review of financial statements
1
26 26
Non-assurance services
2
- 2
Regulatory expenses29 13
Other operating expenses36 23
Total operating expenses2,458 6,237
1
2
Note 4Shareholders' Equity
a. Share Capital
Page 6 of 10
Kingfish has 325,169,647 fully paid ordinary shares on issue (31 March 2022: 320,875,194). All ordinary
shares rank equally and have no par value. All shares carry an entitlement to dividends and one vote is
attached to each fully paid ordinary share.
Non-assurance services relate to additional agreed upon procedures which were accrued for but not
performed in respect of the performance fee calculation for the year ended 31 March 2021. No other fees
were paid to the auditor.
Statutory audit and review of financial statements for the prior period includes a fee of $3,622 for additional
work in respect of the financial statements for the year ended 31 March 2021.
6 months
ended
30-Sep-22
6 months
ended
30-Sep-21
j

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Note 4Shareholders' Equity (continued)
b. Dividends
2022Cents per2021Cents per
$000share$000share
23 Jun 202210,140 3.16 25 Jun 202111,233 3.60
23 Sep 20229,143 2.83 24 Sep 202111,060 3.52
19,283 5.99 22,293 7.12
c. Dividend Reinvestment Plan
Note 5Earnings per Share
unauditedunaudited
Basic Earnings per Share$000$000
Net operating (loss)/profit attributable to shareholders of the Company
($'000)(48,400) 56,930
Weighted average number of ordinary shares on issue net of treasury
stock ('000)322,150 313,246
Basic (losses)/earnings per share(15.02c) 18.17c
Diluted Earnings per Share
Net operating (loss)/profit attributable to shareholders of the Company
($'000)(48,400) 56,930
Weighted average number of ordinary shares on issue net of treasury
stock ('000)322,150 313,246
Diluted effect of warrants on issue ($'000)
1
- -
322,150 313,246
Diluted (losses)/earnings per share(15.02c) 18.17c
Page 7 of 10
6 months
ended
30-Sep-22
6 months
ended
30-Sep-21
Kingfish has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid during
the period comprised:
Kingfish has a dividend reinvestment plan which provides ordinary shareholders with the option to reinvest all
or part of any cash dividends in fully paid ordinary shares at a 3% discount to the five-day volume weighted
average share price from the date the shares trade ex-entitlement. During the period ended 30 September
2022, 4,294,453 ordinary shares totalling $6,642,697 (30 September 2021: 4,255,930 ordinary shares
totalling $8,347,770) 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.
1
Warrants on issue at the end of the period were not assumed to be exercised because they were antidilutive
in the period as the warrant exercise price (less dividends paid) of $1.90 was greater than the average share
price of $1.74 between the date of issue and 30 September 2022.

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Note 6
unauditedunaudited
$000$000
Net operating (loss)/profit after tax(48,400) 56,930
Items not involving cash flows
Unrealised losses/(gains) on revaluation of listed equity investments66,951 (41,877)
66,951 (41,877)
Impact of changes in working capital items
(Decrease)/increase in trade and other payables(217) (6,277)
Decrease/(increase) in trade and other receivables1,618 (1,248)
1,401 (7,525)
Items relating to investments
Amount paid for purchases of listed equity investments(38,621) (31,005)
Amount received from sales of listed equity investments33,499 22,355
Movements in unsettled purchases of listed equity investments173 1,487
Movements in unsettled sales of listed equity investments(1,432) 713
(6,381) (6,450)
Net cash inflows from operating activities13,571 1,078
Note 7Related Party Information
a. Fisher Funds Management Limited
Page 8 of 10
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.
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.
Administration fee: Fisher Funds provides corporate administration services and a fee is payable monthly in
arrears.
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.
6 months
ended
30-Sep-22
6 months
ended
30-Sep-21
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.
Reconciliation of Net Operating Profit after Tax to Net Cash Flows
Fisher Funds Management Limited (“Fisher Funds” or “the Manager”) is an entity that provides key
management personnel services to Kingfish by virtue of its management agreement.
In return for the performance of its duties as Manager, Fisher Funds is paid the following the fees:

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Note 7Related Party Information (continued)
a. Fisher Funds Management Limited (continued)
6 months6 months
(i) Fees earned, accrued and payableendedended
30-Sep-2230-Sep-21
unauditedunaudited
$000$000
Fees earned by and accrued to the Manager for the period
ended 30 September
Management fees (net of rebate (7(a)(ii)))1,772 3,575
Performance fees - 2,020
Administration services79 79
Operating expenses
1,851 5,674
30-Sep-2231-Mar-22
unauditedaudited
$000$000
Fees accrued and payable to the Manager
Management fees477 534
Performance fees payable- -
Administration services13 13
Related party payables
490 547
(ii) Other income earned and credit note
Income received from the Manager for the year ended 30 September 2021
GST refund
The GST refund was received by Kingfish in May 2021.
30-Sep-2231-Mar-22
unauditedaudited
Management fee credit note$000$000
Management fee credit note receivable
- 1,688
Management fee credit note accrued
1,181 -
Related party receivable
1,181 1,688
Page 9 of 10
For the six months ended 30 September 2022, the Manager did not achieve a return in excess of the
performance fee hurdle return and the HWM (30 September 2021: excess returns of $19,904,627 were
generated). Accordingly, the Company has not expensed a performance fee (2021: Performance fee of
$2,020,320 was expensed).
On 30 April 2021, Fisher Funds received a GST refund plus use of money interest (UOMI) from the Inland
Revenue. 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 only required to charge
1.5% GST on management fees. The total GST refund was $1,413,475, being overcharged GST refunded of
$1,385,125 and UOMI of $28,350.
Fisher Fund's management fee was calculated and invoiced at 1.25% of gross asset value, with a balance
date adjustment to reduce the management fee to 0.75% of gross asset value as the gross return
underperformed the NZ 90 Day Bank Bill Index by 10.3% (31 March 2022: 3.5%). The Company has accrued
a credit of $1,181,070 which is offset against the management fee expense for the period (30 September
2021: Nil).
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.

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Note 7Related Party Information (continued)
a. Fisher Funds Management Limited (continued)
(iii) Investment transactions with related parties
b. Directors
Note 8Net Asset Value
Note 9Subsequent Events
There were no other events which require adjustment to or disclosure in these interim financial statements.
Page 10 of 10
On 17 November 2022, the Board declared a dividend of 2.86 cents per share. The record date for this
dividend is 2 December 2022 with a payment date of 16 December 2022.
The unaudited net asset value per share of Kingfish as at 30 September 2022 was $1.37 (31 March
2022:$1.58) calculated as the net assets of $444,365,595 divided by the number of shares on issue of
325,169,647 (31 March 2022: net assets of $505,409,400 and shares on issue of 320,875,194).
During the period the Directors earned fees for their services of $92,417 (September 2021: $93,416). The
directors' fee pool is $157,500 (plus GST, if any) for the year ended 31 March 2023 (31 March 2022:
$157,500 + GST). There were no Director fees payable at the end of the period (31 March 2022: nil).
The Directors held shares in the Company as at 30 September 2022 which total 0.04% of total shares on
issue (31 March 2022: 0.06%). The Directors held warrants in the Company as at 30 September 2022 which
total 0.03% of total warrants on issue (31 March 2022: 0.06%).
Dividends of $7,042 (30 September 2021: $511,857) were also received by Directors as a result of their
shareholding during the period. The reduction in dividends received is a result of a change in Directors during
the previous financial year.
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). There were no purchases for the period
ended 30 September 2022 (30 September 2021: Nil) and sales totalled $3,398,118 (30 September 2021:
$1,458,243).
Kingfish considers its Board of Directors ("Directors") key management personnel. Kingfish does not have any
employees.

PricewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz

Independent auditor’s review report
To the shareholders

of Kingfish Limited

Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of Kingfish Limited (the Company), which comprise
the statement of financial position as at 30 September 2022, and the statement of comprehensive
income, the statement of changes in equity and the statement of cash flows for the six-month period
ended on that date, and significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that these
accompanying interim financial statements of the Company do not present fairly, in all material
respects, the financial position of the Company as at 30 September 2022, and its financial
performance and cash flows for the six-month period then ended, in accordance with International
Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to
International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for
the review of the interim financial statements section of our report.
We are independent of the Company in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. Other than in our capacity as auditor,
we have no relationship with, or interests in, the Company.
Responsibilities of the Directors for the interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of the interim financial statements that are free from material misstatement, whether due
to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and
International Standards on Auditing and consequently does not enable us to obtain assurance that we
might identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements.

PwC 12
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in our review
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders, as a body, for our review procedures, for this
report, or for the conclusion we have formed.

The engagement partner on the review resulting in this independent auditor’s review report is Philip
Taylor.


For and on behalf of:






Chartered Accountants Auckland
17 November 2022