Kingfish Limited
Results for announcement to the market
Reporting period 12 months to 31 March 2017
Previous reporting period 12 months to 31 March 2016
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.
Current period NZ$000; up/(down)% Previous reporting period NZ$000
Total net income from ordinary activities 27,430; (0.01)%, 27,433
Profit from ordinary activities after tax attributable to security holders
22,395; (0.66)%, 22,544
Net profit attributable to security holders 22,395; (0.66)%, 22,544
Dividend
Kingfish will pay a partially imputed quarterly dividend of 2.79cps as part
of its distribution policy
Ex-dividend date 14 June 2017
Record date 15 June 2017
Dividend payment date 29 June 2017
Net asset value per share 31 March 2017: $1.40
For immediate release:
16 May 2017
Strong Kingfish result in a challenging market
o Net profit $22.4m
o Total shareholder return? +8.1%
o Portfolio return? +13.3%
o Dividend return +8.5% (11.16 cps paid)
NZX-listed investment company Kingfish Limited (NZX: KFL) today announced a
net operating profit after tax for the 12 months to 31 March 2017 of $22.4
million. The result builds on last year''s net profit of $22.5 million and
includes gains on investments of $20.6m, dividend and interest income of
$6.8m less operating expenses and tax of $5.0m.
Total shareholder return was 8.1% which included the change in share price,
dividends paid per share and the impact of the warrants that were on issue
during the year. In accordance with Kingfish''s quarterly distribution policy
(2% of average NAV per quarter), the company paid a total of 11.16 cents per
share to shareholders during the year ended 31 March 2017. On 16 May 2017,
the Board declared a dividend of 2.79 cents per share, payable on 29 June
2017 with a record date of 15 June 2017.
The Kingfish portfolio achieved a return of +13.3%? outperforming the
S&P/NZX50G which was up 6.6% over the same period. Kingfish Chair Alistair
Ryan said: "The 2017 year was a challenging period for the New Zealand share
market and it was encouraging that Kingfish generated strong returns ahead of
the market in such an environment. The Manager''s focus on investing in
quality growing companies has continued to yield healthy returns for
shareholders."
Kingfish''s Manager, Fisher Funds, was paid a performance fee of $931,653 plus
GST during the period as the Kingfish portfolio achieved a return in excess
of both the performance fee hurdle (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).
Senior Portfolio Manager Sam Dickie said: "The 2017 financial year was a
game of two halves for the New Zealand stock market with the S&P/NZX50G up
strongly in the first six months before falling as much as 10% in the second
half. It was very pleasing to see Kingfish outperform in both strong market
conditions and the choppy environment in the second half."
Sam added: "Since taking over the management of the Kingfish portfolio on 1
March, I''ve been encouraged to see the majority of the portfolio companies in
very good shape and discover a number of other fertile opportunities outside
the current crop. We are going to continue to invest in high quality
companies with sound growth prospects and sustainable competitive
advantages."
Subsequent to year end, Kingfish has had a successful uptake of its latest
warrants with 29.1m (76%) warrants being converted into ordinary shares on
the exercise date of 5 May 2017. The latest warrant issue has provided an
additional $35.2m for Kingfish to invest in quality, growing New Zealand
companies.
For further information please contact:
Glenn Ashwell
Corporate Manager
Kingfish Limited
Tel: (09) 484 0342
? The total shareholder return and adjusted net asset value 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/.
?Gross of fees and tax and adjusting for capital management initiatives
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
End CA:00301231 For:KFL Type:FLLYR Time:2017-05-16 16:47:21