Kingfish announces $42.8m Interim Result

Kingfish Limited results announcement


Results for announcement to the market
Name of issuer Kingfish Limited
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZ$
Amount (000s) Percentage change
Revenue/ (Loss) from
continuing operations
46,436 +478%
Total Revenue/ (Loss) 46,436 +478%
Net profit/(loss) from
continuing operations
42,770 +391%
Total net profit/(loss) 42,770 +391%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 2.85 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00265470
Record Date 5 December 2024
Dividend Payment Date 20 December 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.4138 $1.2961
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 review 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

21 November 2024
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.

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:
21 November 2024

Kingfish announces $42.8m Interim Result

• Net profit for the six months ended 30 September 2024 $42.8m
• Total shareholder return
1
+5.8%
• Adjusted NAV return (after expenses, fees & tax)
2
+9.5%
• Dividends paid during the period (cents per share) 5.31 cps

NZX listed investment company Kingfish Limited (NZX: KFL) has reported a first half profit (for the six
months ended 30 September 2024) of $42.8m.
Key elements of the half year result include profits on investments of $40.9m, plus dividend and
interest income of $5.5m, less operating expenses and tax of $3.7m.

Chair of Kingfish, Andy Coupe said: “New Zealand economic data indicates that difficult trading
conditions have continued through the 2024 calendar year, with many companies lowering their
forward earnings expectations. However, it has been pleasing to see Kingfish outperform the
broader New Zealand sharemarket over the six months ended 30 September 2024.”

The portfolio’s gross performance return
3
before fees and expenses (for the six months) was +10.4%
and the adjusted net asset value (NAV) return
2
was +9.5%, compared to the S&P/NZX50G Index
which was up +2.6% over the same period.

Kingfish investors continued to receive distributions consistent with the company distribution policy
(2% of average NAV per quarter) with 5.31 cents per share paid to shareholders during the six
months ended 30 September 2024. On 21 November 2024, the Board declared a dividend of 2.85
cents per share to be paid to shareholders on 20 December 2024 with a record date of 5 December
2024.

Portfolio Manager, Matt Peek said: “It was pleasing to see Kingfish perform well during the period.
Our portfolio companies have been performing admirably, considering the tough economic
environment in New Zealand, which is credit to the quality of their business models and
management teams. We have also seen inflationary pressures reduce, enabling the transition to
lower interest rates, which we expect over time to result in more conducive trading conditions for
New Zealand companies.”

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. 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
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
CONTENTS
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 2024
6 months6 months
endedended
30-Sep-2430-Sep-23
unauditedunaudited
Notes$000$000
Interest income244 452
Dividend income5,270 5,217
Net change in fair value of investments 240,922 (17,966)
Total income/(loss)46,436 (12,297)
Operating expenses33,655 2,391
Net profit/(loss) before tax42,781 (14,688)
Total tax expense11 12
Net profit/(loss) after tax attributable to shareholders42,770 (14,700)
Total comprehensive income/(loss) after tax attributable to shareholders42,770 (14,700)
Basic earnings/(losses) per share512.54c (4.44c)
Diluted earnings/(losses) per share512.54c (4.44c)
The accompanying notes form an integral part of these interim financial statements.
Page 1 of 10

KINGFISH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
ShareRetainedTotal
CapitalEarningsEquity
Notes$000$000$000
Balance at 1 April 2023 (audited)405,928 55,656 461,584
Comprehensive (loss)
Net (loss) after tax
-
(14,700) (14,700)
Total comprehensive (loss) for the period
ended 30 September 2023
- (14,700) (14,700)
Transactions with shareholders
Dividends paid4 (d)-
(18,576) (18,576)
Shares utilised from treasury stock under
dividend reinvestment plan
New shares issued under dividend
reinvestment plan
Costs relating to warrants issued
4 (c)(13) -
(13)
Share buybacks
4 (b)(492) - (492)
Total transactions with shareholders for
the period ended 30 September 2023
6,129 (18,576) (12,447)
Balance at 30 September 2023
(unaudited)
412,057 22,380 434,437
Balance at 1 April 2024 (audited)418,207 39,414 457,621
Comprehensive income
Net profit after tax
-
42,770 42,770
Total comprehensive income for the
period ended 30 September 2024
- 42,770 42,770
Transactions with shareholders
Shares issued for warrants exercised
4 (c)
1,324 - 1,324
Dividends paid4 (d)-
(18,108) (18,108)
Shares utilised from treasury stock under
dividend reinvestment plan
New shares issued under dividend
reinvestment plan
Share buybacks
4 (b)(3,733) - (3,733)
Total transactions with shareholders for
the period ended 30 September 2024
4,388 (18,108) (13,720)
Balance at 30 September 2024
(unaudited)
422,595 64,076 486,671
The accompanying notes form an integral part of these interim financial statements.
482 - 482
Attributable to shareholders of the Company
4 (e)
4 (e)
4 (e)
6,152 -
4 (e)
6,152
3,269 - 3,269
3,528 - 3,528
Page 2 of 10

KINGFISH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30-Sep-2431-Mar-24
unauditedaudited
Notes$000$000
SHAREHOLDERS' EQUITY
486,671457,621
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 1,462 4,887
Trade and other receivables 2,313 673
Investments at fair value through profit or loss 2483,699 453,301
Total Current Assets 487,474 458,861
TOTAL ASSETS487,474 458,861
LIABILITIES
Current Liabilities
Trade and other payables 803 1,240
Total Current Liabilities 803 1,240
TOTAL LIABILITIES803 1,240
NET ASSETS486,671 457,621

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
21 November 202421 November 2024
The accompanying notes form an integral part of these interim financial statements.
Page 3 of 10

KINGFISH LIMITED
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
6 months6 months
endedended
30-Sep-2430-Sep-23
unauditedunaudited
Notes$000$000
Operating Activities
Sale of investments44,444 53,489
Interest received246 451
Dividends received2,283 3,175
Purchase of investments(33,142) (40,791)
Operating expenses (3,628) (1,262)
Taxes paid(11) (12)
Net cash inflows from operating activities610,192 15,050
Financing Activities
Proceeds from warrants exercised (net of exercise costs)1,324
-
Warrant issue costs
-
(13)
Share buybacks(3,630) (492)
Dividends paid (net of dividends reinvested)(11,311)
(11,942)
Net cash (outflows) from financing activities(13,617) (12,447)
Net (decrease)/increase in cash and cash equivalents held(3,425) 2,603
Cash and cash equivalents at beginning of the period4,887 6,396
Cash and cash equivalents at the end of the period1,462 8,999
The accompanying notes form an integral part of these interim financial statements.
Page 4 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
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
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
2024.
These interim financial statements cover the unaudited results from operations for the six months ended 30
September 2024.
The Company has applied consistent accounting policies in the preparation of these interim financial
statements as for the 2024 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 Kingfish Board of Directors authorised these interim financial statements for issue on 21 November 2024.
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. All investments were valued at last sale price (31 March 2024: All
investments were valued at last sale price).
j
j
Page 5 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Note 2Investments (continued)
30-Sep-2431-Mar-24
Investments at Fair Value through Profit or Lossunauditedaudited
$000$000
New Zealand investments483,699 453,301
Total investments at fair value through profit or loss483,699 453,301
unauditedunaudited
Net Change in Fair Value of Investments$000$000
New Zealand investments40,922 (17,966)
Net change in fair value of investments 40,922 (17,966)
unauditedunaudited
Note 3Operating Expenses$000$000
Management fees (note 7(a)(i))2,951 1,736
Administration services (note 7(a)(i))79 79
Directors' fees (note 7(b))103 93
Custody, accounting and brokerage211 222
Investor relations and communications132 124
NZX fees38 31
Professional fees57 21
Fees paid to the auditor:
Statutory audit and review of financial statements 32 26
Regulatory expenses16 23
Other operating expenses36 36
Total operating expenses3,655 2,391
Note 4Shareholders' Equity
a. Share Capital
b. Buybacks
c. Warrants
Warrant issue costs of $13,413 were incurred in August relating to the July 2023 warrant issue.
6 months
ended
30-Sep-24
6 months
ended
30-Sep-23
Kingfish has 344,229,264 fully paid ordinary shares on issue (31 March 2024: 340,543,107). 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.
Kingfish maintains an ongoing share buyback programme. In the six-month period to 30 September 2024,
Kingfish acquired 3,032,282 shares valued at $3,733,607 (30 September 2023: 379,378 shares valued at
$491,624) 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 utilised under the dividend reinvestment plan. There were 282,379 shares
held as treasury stock at balance date (30 September 2023: nil).
On 6 July 2023, 83,105,144 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 (5 July 2023).
On 26 July 2024, 1,067,092 new Kingfish warrants valued at $1,344,536 less exercise costs of $20,186 (net
$1,324,350) were exercised at $1.26 per warrant, and the remaining 82,038,052 warrants lapsed.
6 months
ended
30-Sep-24
6 months
ended
30-Sep-23
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 2023: none).
j
Page 6 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Note 4Shareholders' Equity (continued)
d. Dividends
2024Cents per2023Cents per
$000share$000share
27 Jun 20249,007 2.65 23 Jun 20239,301 2.82
27 Sep 20249,101 2.66 22 Sep 20239,275 2.79
18,108 5.31 18,576 5.61
e. Dividend Reinvestment Plan
Note 5Earnings per Share
unauditedunaudited
Basic earnings/(losses) per Share
Net profit/(loss) attributable to shareholders of the Company
($'000)42,770 (14,700)
Weighted average number of ordinary shares on issue net of treasury
stock ('000)341,146 331,418
Basic earnings/(losses) per share12.54c (4.44c)
Diluted earnings/(losses) per Share
Net profit/(loss) attributable to shareholders of the Company
($'000)42,770 (14,700)
Weighted average number of ordinary shares on issue net of treasury
stock ('000)341,146 331,418
Diluted effect of warrants on issue ($'000)
1
- -
341,146 331,418
Diluted earnings/(losses) per share12.54c (4.44c)
6 months
ended
30-Sep-24
6 months
ended
30-Sep-23
Kingfish has a distribution policy whereby 2% of the average net asset value is distributed each quarter.
Dividends paid during the period comprised:
To participate in the dividend reinvestment plan, a completed participation notice must be received by Kingfish
before the next record date.
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
2024, 5,651,347 ordinary shares totalling $6,797,531 (30 September 2023: 5,356,008 ordinary shares totalling
$6,634,498) were issued in relation to the plan for the quarterly dividends paid which comprised:
(i) 2,780,335 ordinary shares totalling $3,269,495 of new shares issued under dividend reinvestment plan ( 30
September 2023: 4,976,630 ordinary shares totalling $6,152,271); and
(ii) 2,871,012 ordinary shares totalling $3,528,036 of shares utilised from treasury stock under dividend
reinvestment plan (30 September 2023: 379,378 ordinary shares totalling $482,227)
1
Warrants on issue at the end of the period 30 September 2023 were not assumed to be exercised because
they were antidilutive. There were no outstanding warrants on issue at 30 September 2024.
Page 7 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Note 6
unauditedunaudited
$000$000
Net profit/(loss) after tax42,770 (14,700)
Items not involving cash flows
Unrealised (gains)/losses on revaluation of investments(21,266) 36,041
(21,266) 36,041
Impact of changes in working capital items
(Decrease)/increase in trade and other payables(540) 126
(Increase)/decrease in trade and other receivables(1,640) 340
(2,180) 466
Items relating to investments
Purchases of investments(35,800) (42,048)
Sales of investments net of realised gains/(losses)24,788 35,414
Movement in unsettled purchases of investments580 (123)
Movement in unsettled sales of investments
1,300 -
(9,132) (6,757)
Net cash inflows from operating activities10,192 15,050
Note 7Related Party Information
a. Fisher Funds Management Limited
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-24
6 months
ended
30-Sep-23
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 Profit/(Loss) after Tax to Net Cash Flows
In return for the performance of its duties as Manager, Fisher Funds is paid the following fees:
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 and administration
agreement.
Page 8 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Note 7Related Party Information (continued)
a. Fisher Funds Management Limited (continued)
6 months6 months
(i) Fees Earned, Accrued and Payableendedended
30-Sep-2430-Sep-23
unauditedunaudited
$000$000
Fees earned by and accrued to the Manager for the period
ended 30 September
Management fees
1
2,951 1,736
Administration services79 79
Operating expenses
3,030 1,815
30-Sep-2431-Mar-24
unauditedaudited
$000$000
Fees accrued and payable to the Manager
Management fees506 479
Administration services13 13
Related party payables
519 492
(ii) Investment Transactions With Related Parties
b. Directors
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 purchases totalling $822,429
for the period ended 30 September 2024 (30 September 2023: Nil) and no sales (30 September 2023:
$2,741,515).
For the six months ended 30 September 2024, the Manager did not achieve a return in excess of the
performance fee hurdle return and the HWM (30 September 2023: No excess returns were generated).
Accordingly, the Company has not expensed a performance fee for the six months ended 30 September 2024
(2023: Nil).
1
Management fees for the six months ended 30 September 2023 were accrued at 0.75% per annum due to
underperformance relative to the change in the NZ 90 Day Bank Bill Index.
The Directors held shares in the Company as at 30 September 2024 which total 0.05% of total shares on
issue (31 March 2024: 0.04%). The Directors held no warrants in the Company as at 30 September 2024 as
there were no warrants on issue (31 March 2024: 0.04%).
Dividends of $9,175 (30 September 2023: $7,827) were also received by Directors as a result of their
shareholding during the period.
Kingfish considers its Board of Directors ("Directors") key management personnel. Kingfish does not have any
employees.
During the period the Directors earned fees for their services of $103,363 including GST (September 2023:
$92,954 including GST). The Directors' fee pool for the year ended 31 March 2025 is $185,500 plus GST, if
any (31 March 2024: $176,167 plus GST). There were no Directors fees payable at the end of the period (31
March 2024: Nil).
Page 9 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Note 8Net Asset Value
Note 9Subsequent Events
The unaudited net asset value per share of Kingfish as at 30 September 2024 was $1.41 (31 March 2024:
audited net asset value of $1.34) calculated as the net assets of $486,671,346 divided by the number of
shares on issue of 344,229,264 (31 March 2024: net assets of $457,621,124 and shares on issue of
340,543,107).
There were no other events which require adjustment to or disclosure in these interim financial statements.
On 21 November 2024, the Board declared a dividend of 2.85 cents per share. The record date for this
dividend is 5 December 2024 with a payment date of 20 December 2024.
Page 10 of 10

Independentauditor’sreviewreport
TotheshareholdersofKingfishLimited
Reportontheinterimfinancialstatements
OurConclusion
WehavereviewedtheinterimfinancialstatementsofKingfishLimited(theCompany),whichcomprisethe
statementoffinancialpositionasat30September2024,andthestatementofcomprehensiveincome,the
statementofchangesinequityandthestatementofcashflowsforthesixmonthsendedonthatdate,and
notes,comprisingmaterialaccountingpolicyinformationandotherexplanatoryinformation.
Basedonourreview,nothinghascometoourattentionthatcausesustobelievethattheseaccompanying
interimfinancialstatementsoftheCompanydonotpresentfairly,inallmaterialrespects,thefinancial
positionoftheCompanyasat30September2024,anditsfinancialperformanceandcashflowsforthesix
monthsthenended,inaccordancewithInternationalAccountingStandard34InterimFinancialReporting
(IAS34)andNewZealandEquivalenttoInternationalAccountingStandard34InterimFinancialReporting
(NZIAS34).
Basisforconclusion
WeconductedourreviewinaccordancewiththeNewZealandStandardonReviewEngagements2410
(Revised)ReviewofFinancialStatementsPerformedbytheIndependentAuditoroftheEntity(NZSRE
2410(Revised)).OurresponsibilitiesarefurtherdescribedintheAuditor’sresponsibilitiesforthereviewof
theinterimfinancialstatementssectionofourreport.
WeareindependentoftheCompanyinaccordancewiththerelevantethicalrequirementsinNewZealand
relatingtotheauditoftheannualfinancialstatements,andwehavefulfilledourotherethical
responsibilitiesinaccordancewiththeseethicalrequirements.Otherthaninourcapacityasauditor,we
havenorelationshipwith,orinterestsin,theCompany.
ResponsibilitiesoftheDirectorsfortheinterimfinancialstatements
TheDirectorsoftheCompanyareresponsible,onbehalfoftheCompany,forthepreparationandfair
presentationoftheseinterimfinancialstatementsinaccordancewithIAS34andNZIAS34andforsuch
internalcontrolastheDirectorsdetermineisnecessarytoenablethepreparationandfairpresentationof
theinterimfinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.
Auditor’sresponsibilitiesforthereviewoftheinterimfinancialstatements
Ourresponsibilityistoexpressaconclusionontheinterimfinancialstatementsbasedonourreview.NZ
SRE2410(Revised)requiresustoconcludewhetheranythinghascometoourattentionthatcausesusto
believethattheinterimfinancialstatements,takenasawhole,arenotpreparedinallmaterialrespects,in
accordancewithIAS34andNZIAS34.
AreviewofinterimfinancialstatementsinaccordancewithNZSRE2410(Revised)isalimitedassurance
engagement.Weperformprocedures,primarilyconsistingofmakingenquiries,primarilyofpersons
responsibleforfinancialandaccountingmatters,andapplyinganalyticalandotherreviewprocedures.The
proceduresperformedinareviewaresubstantiallylessthanthoseperformedinanauditconductedin
accordancewithInternationalStandardsonAuditing(NewZealand)andInternationalStandardson
Auditingandconsequentlydoesnotenableustoobtainassurancethatwemightidentifyinanaudit.
Accordingly,wedonotexpressanauditopinionontheseinterimfinancialstatements.
PricewaterhouseCoopers,PwCTower,15CustomsStreetWest,PrivateBag92162,Auckland1142,NewZealand
T:+6493558000,pwc.co.nz

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 Samuel
Shuttleworth.
For and on behalf of:
PricewaterhouseCoopersAuckland
21 November 2024
PwC
12