Ann: FLLYR: KFL: Strong result for Kingfish

• Release Date: 29/05/13 11:06
• Summary: FLLYR: KFL: Strong result for Kingfish
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KFL
29/05/2013 09:06
FLLYR

REL: 0906 HRS Kingfish Limited

FLLYR: KFL: Strong result for Kingfish

Kingfish Limited
 Results for announcement to the market

Reporting Period 12 months to 31 March 2013
Previous Reporting Period 12 months to 31 March 2012

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 32,576,   237%,   9,655
Profit from ordinary activities after tax attributable to security holders
26,476,   258%,   7,403
Net profit attributable to security holders 26,476,   258%,   7,403

Dividend
 Kingfish will pay a partially imputed quarterly dividend of 2.47cps as part
of its long term distribution policy.

Ex-Dividend Date 12 June 2013
Record Date 14 June 2013
Dividend Payment Date 28 June 2013

 Audited NAV per share 31 March 2013: $1.24

For immediate release:

29 May 2013

Strong result for Kingfish

o Net profit $26.5m
o Total Shareholder Return* +37.3%
o Adjusted net asset value* per share +21.4%
o 9.10cps paid in dividends

NZX-listed investment company Kingfish Limited (NZX: KFL) today announced a
profit for the 12 months to 31 March 2013 of $26.5 million, reflecting a
strong overall performance by the New Zealand sharemarket (NZX50 Gross Index
up 26.0%) during the year. The result includes gains on investments of
$27.8m, dividend and interest income of $4.8m, and operating expenses and tax
of $6.1m.

Adjusted net asset value (NAV)* per share increased 21.4% for the year ended
31 March 2013. Excluding the dilutionary effect of the warrants exercised in
the year, Kingfish's adjusted NAV increased 23.7%.

Since Kingfish's inception in March 2004, adjusted NAV*, which reflects the
underlying performance of the Kingfish portfolio, has increased 96.2%, well
ahead of the NZX50 Gross Index which has increased by 70.6% over the same
period.

Kingfish's Total Shareholder Return (TSR)* was 37.3% for the year ended 31
March 2013 and is up 96.5% since inception.

In accordance with Kingfish's quarterly distribution policy (2% of average
NAV per quarter), the company paid a total of 9.10 cents per share to
shareholders during the year ended 31 March 2013. On 28 May 2013, the Board
declared a dividend of 2.47 cents per share to be paid on 28 June 2013 with a
record date of 14 June 2013.

In accordance with the Management Agreement, and in addition to the normal
management fee, Kingfish's Manager, Fisher Funds, earned a performance fee
for achieving a return for the year in excess of the Bank Bill Index plus 7%
and above the High Water Mark (the highest NAV at the end of the previous
financial year in which a performance fee was paid, adjusted for changes in
capital). This is the first time since the 2007 financial year that
Kingfish's Manager has earned a performance fee.

Kingfish Chairman Alistair Ryan said the company is pleased to report another
successful year which has built on last year's positive performance. "On
behalf of shareholders, we are pleased to report the progress of the Kingfish
portfolio which has performed well in a strong market. The Board constantly
monitors the performance of the Manager both in terms of portfolio outcomes
and compliance with the investment mandate and the Management Agreement."

During the year Kingfish added one investment - Fonterra Shareholders' Fund -
and sold out of two - Acurity Health and Metlifecare - bringing its total
number of investments to 19. Additionally, weighting adjustments were made to
the existing portfolio positions during the year.

Portfolio Manager Murray Brown said:  "Fonterra Shareholders' Fund entered
the portfolio when it listed in November last year. This has been a highly
successful float, and Fonterra easily met our STEEPP criteria."

In addition, Kingfish participated in a number of placements of existing
shares in companies already owned within the portfolio comprising Trade Me,
Sky Network TV and Summerset. Mr Brown said: "Active management and our deep
knowledge of the companies within the portfolio meant that we were able to
quickly decide whether to participate in these placements within very short
timeframes."

Mr Brown added: "We continue to believe that the companies in Kingfish's
hand-picked portfolio have good growth prospects and solid 'moats' around
their businesses which should do well no matter the economic backdrop."

For further information please contact:

Alistair Ryan
Chairman
Kingfish Limited
Tel: 021 649 102

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

*Total shareholder return and adjusted NAV assume all dividends are
reinvested, but exclude imputation credits.

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 $5
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:00236772 For:KFL    Type:FLLYR      Time:2013-05-29 09:06:41