Ann: FLLYR: KFL: Appendix 1 and commentary result

• Release Date: 29/05/12 19:01
• Summary: FLLYR: KFL: Appendix 1 and commentary results
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KFL
29/05/2012 17:01
FLLYR

REL: 1701 HRS Kingfish Limited

FLLYR: KFL: Appendix 1 and commentary results

Kingfish Limited
Results for announcement to the market

Reporting Period 12 months to 31 March 2012
Previous Reporting Period 12 months to 31 March 2011

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 corresponding Period NZ$000
Total net income from ordinary activities* 9,655 (20%), 12,032
Profit from ordinary activities after tax attributable to security holder.
7,403 (24%), 9,738
Net profit attributable to security holders. 7,403 (24%), 9,738

Dividend
Kingfish will pay a partially imputed quarterly dividend of 2.21cps as part
of its long term distribution policy.

Ex-Dividend Date 13 June 2012
Record Date 15 June 2012
Dividend Payment Date 29 June 2012

*The total net income from ordinary activities includes a net $6.2million
increase in fair value of financial assets held.

Audited NAV per share 31 March 2012: $1.11

For immediate release:

29 May 2012

Kingfish posts strong end of year result

o Adjusted Net Asset Value* per share increased 6.1%
o Total Shareholder Return* of 6.6%
o 8.84 cents per share paid in dividends
o Continued commitment to international best practice for Board governance
o Hand-picked portfolio companies have good growth prospects

NZX-listed investment company Kingfish Limited (NZX: KFL) today announced a
surplus for the 12 months to 31 March 2012 of $7.4 million. The result
includes interest of $0.3m, dividend income of $3.1m as well as net gains on
investments of $6.2m.

Adjusted Net Asset Value ('NAV')* per share increased 6.1% for the year ended
31 March 2012. Adjusted NAV, which reflects the underlying performance of the
Kingfish portfolio, has increased 61.6% since inception (March 2004).

Total Shareholder Return ('TSR')* amounted to 6.6% in the year ended 31 March
2012 and is up 43.1% since inception.

Both the adjusted NAV* and TSR* have outperformed the NZX50 Gross Index which
has increased by 2.0% for the year and 35.3% since Kingfish's inception.

In accordance with Kingfish's quarterly distribution policy (2% of average
NAV per quarter), the Company paid a total of 8.84 cents per share for the
year ended 31 March 2012. On 29 May 2012, the Board declared a dividend of
2.21 cents per share to be paid to shareholders on 29 June 2012 with a record
date of 15 June 2012.

Kingfish Chairman Mr James Miller said he is pleased to report a successful
year which has seen a positive performance in a difficult financial
environment as well as the continued commitment to international best
practice for Board governance. The Board have introduced a Remuneration &
Nominations Committee and a Share Purchase Plan. Further details on these
corporate governance initiatives will be presented at Kingfish's Annual
Shareholders Meeting.

Mr Miller said: "Our intention is to further align the interests of
Kingfish's independent directors with those of shareholders. The Board
recognises that best practice governance is an ongoing process and will
continue to ensure shareholders' interests are held paramount."

Kingfish manager Fisher Funds Management commented that the Kingfish
portfolio ended the year well with a strong fourth quarter and produced a
solid result, especially when compared to the broader market (NZX50).

During the year Kingfish added four new companies to the portfolio -
Summerset, Trade Me, Sky TV and Port of Tauranga - bringing its total number
of investments to 20.

Fisher Funds managing director Carmel Fisher said: "All additions to the
portfolio meet our STEEPP criteria, and have given the Kingfish portfolio
greater liquidity as the free-floats of these companies are generally larger
than average."

The fundamentals of the Kingfish portfolio remain relatively sound compared
to the broader market. According to the consensus of analysts' forecasts, the
earnings of Kingfish's investments are projected to grow by 15% in the coming
year and their shares trade at a price around 13.5 times those earnings. The
earnings growth is higher than the wider market, whilst the price to earnings
ratio is lower than the market average.

Ms Fisher said: "We believe that the companies in our hand-picked portfolio
have good growth prospects and solid 'moats' around their businesses. The
cyclical domestic elements of their businesses are starting to see a gradual
improvement, and this will build as the economic recovery gathers momentum."

*Assumes all dividends are reinvested. Excludes imputation credits.

For further information please contact:

James Miller
Chairman
Kingfish Limited
Tel: (09) 489 7094

Carmel Fisher
Managing Director
Fisher Funds Management
Tel: (09) 484 0342

About Kingfish
Kingfish Limited is a listed investment Company that invests in New Zealand
companies. The investment portfolio of Kingfish is managed by Fisher Funds
Management Limited a specialist New Zealand investment manager. Kingfish was
listed on the New Zealand Exchange in March 2004, and provides investors with
an opportunity to invest in a diversified portfolio of investments through a
single company. Kingfish may invest in companies that are listed on the NZX,
NZAX and unlisted companies. /ends
End CA:00223370 For:KFL    Type:FLLYR      Time:2012-05-29 17:01:26