Ann: FLLYR: KFL: KFL continues to produce positive returns for...

• Release Date: 19/05/15 10:47
• Summary: FLLYR: KFL: KFL continues to produce positive returns for shareholders
• Price Sensitive: No
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					KFL
19/05/2015 10:47
FLLYR
PRICE SENSITIVE
REL: 1047 HRS Kingfish Limited

FLLYR: KFL: KFL continues to produce positive returns for shareholders

Kingfish Limited
Results for announcement to the market

Reporting period 12 months to 31 March 2015
Previous reporting period 12 months to 31 March 2014

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  15,232; (52%),  31,553
Profit from ordinary activities after tax attributable to security holders
11,932; (55%),  26,448
Net profit attributable to security holders  11,932; (55%),  26,448

Dividend Kingfish will pay a partially imputed quarterly dividend of 2.71cps
as part of its distribution policy
Ex-dividend date 10 June 2015
Record date 12 June 2015
Dividend payment date 26 June 2015

Net asset value per share 31 March 2015: $1.34

For immediate release:

19 May 2015

Kingfish continues to produce positive returns for shareholders

o Net profit $11.9m
o Total shareholder return* +16.1%
o Adjusted net asset value* per share +6.7%
o 10.74cps paid in dividends

NZX-listed investment company Kingfish Limited (NZX: KFL) today announced a
net profit for the 12 months to 31 March 2015 of $11.9 million. The New
Zealand share market provided a positive backdrop for the Kingfish portfolio,
with the NZX50G Index up 13.5% over the same period. Kingfish's result
follows last year's very strong net profit of $26.4 million.

The result includes gains on investments of $9.3m, dividend and interest
income of $5.9m less operating expenses and tax of $3.3m.

For the year ended 31 March 2015, adjusted net asset value (NAV)* per share
increased 6.7%, lagging the NZX50G Index. However, Total Shareholder Return
(TSR)* was 16.1%.

Over the last five years, adjusted NAV* has increased 78.2%, in line with the
NZX50G Index (up 78.5%). Over the same period, Kingfish shareholders have
achieved a compound annual growth rate of 18.6%.

In accordance with Kingfish's quarterly distribution policy (2% of average
NAV per quarter), the company paid a total of 10.74 cents per share to
shareholders during the year ended 31 March 2015. On 18 May 2015, the Board
declared a dividend of 2.71 cents per share to be paid on 26 June 2015 with a
record date of 12 June 2015.

New warrants were issued during the year. The final exercise price will be
announced in October 2015, but is currently expected to be $1.18.  All
warrants must be exercised on 6 November 2015 or they will lapse. Warrants
are quoted on the NZX Main Board as KFLWC and may be bought or sold
independently of Kingfish shares.

Kingfish Chairman Alistair Ryan said: "The Company has delivered another
positive year of returns for shareholders. Despite the portfolio lagging the
market this year, shareholder returns have exceeded the market.

Portfolio Manager Murray Brown said:  "We were pleased with the positive
return achieved over the year. The 'hunt for yield' was the major driver of
the market during the year, with the 'gentailers' and property companies in
particular pushing the Index higher. These companies do not typically score
highly in our investment process (STEEPP), but were the major reason why we
lagged the market. We tend to favour quality growth companies and look at
their prospects on a minimum 3-5 year view. The only portfolio company that
disappointed in this respect was Kathmandu, and we took the decision to exit
the company completely in the fourth quarter."

Additions to the Kingfish portfolio included  Auckland International Airport,
Meridian Energy, Metro Performance Glass and Restaurant Brands. The total
number of investments currently stands at 20 stocks.

Mr Brown added: "The 11 year successful track record of Kingfish has been
based on investing in quality companies with sustainable competitive
advantages and good growth prospects. That will continue to be our focus
going forward."

For further information please contact:
Carmel Fisher
Managing Director
Fisher Funds Management Limited
Tel: (09) 484 0342

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 has over $6 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 and may invest in companies that are listed on
the NZX Main Board, NZX Alternative Market or unlisted companies. /ends
End CA:00264480 For:KFL    Type:FLLYR      Time:2015-05-19 10:47:11