Kingfish delivers $57m First Half Profit

Kingfish Limited results announcement


Results for announcement to the market
Name of issuer Kingfish Limited
Reporting Period 6 months to 30 September 2021
Previous Reporting Period 6 months to 30 September 2020
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$63,176 -34%
Total Revenue $63,176 -34%
Net profit/(loss) from
continuing operations
$56,930 -35%
Total net profit/(loss) $56,930 -35%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 3.67 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00150448
Record Date 3 December 2021
Dividend Payment Date 17 December 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.8794 $1.6749
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 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

22 November 2021
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 net return to an investor 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:
22 November 2021

Kingfish delivers $57m First Half Profit

• Interim 2022 net profit $56.9m
• Total shareholder return
1
10.7%
• Adjusted NAV return (after expenses, fees & tax)
2
10.4%
• Dividends paid during the period (cents per share) 7.12 cps

NZX listed investment company Kingfish Limited (NZX: KFL) has delivered a strong first half result (for
the 6 months ended 30 September 2021) with net profit at $56.9m. Whilst this result is down on last
year’s first half record profit of $87.0m, it needs to be remembered that the result for the
corresponding period last year was due to two major factors, being the robust performance inherent
in the portfolio coupled with the recovery from the adverse impact of the initial phase of the Covid
uncertainty which manifested itself negatively in the February/March 2020 period but was
significantly recovered during the subsequent period, being the early months of KFL’s 1H21.
Key elements of the half year result include gains on investments of $57.1m, dividend and interest
income of $4.6m, other income $1.4m, offset by operating expenses and tax of $6.2m.

The Kingfish portfolio achieved a gross performance return
3
before fees and expenses (for the six
months) of 11.4% and an adjusted net asset value (NAV) return
2
of 10.4%, compared to the
S&P/NZX50G which was up 5.7% over the same period. Total shareholder return
1
of 10.7% included
the share price increase and dividends paid.

Kingfish investors benefited from the consistent and resilient (2% of average NAV per quarter)
distribution policy with 7.12 cents per share paid to shareholders during the six months ended 30
September 2021. On 22 November 2021, the Board declared a dividend of 3.67 cents per share to be
paid to shareholders on 17 December 2021 with a record date of 3 December 2021.

Kingfish announced a new warrant issue on 18 October 2021 (KFLWG). Based on the record date of
12 November 2021, Kingfish shareholders were allotted (on 15 November 2021) one warrant for
every four shares held. The exercise date for the new warrants is 18 November 2022. The exercise
price of each warrant is $2.03 less the dividends per share declared by the company between 15
November 2021 and the announcement of the 18 November 2022 exercise price.

Chair of Kingfish, Alistair Ryan said: “During the first half of the financial year the Kingfish portfolio
delivered significant returns for shareholders with a stable strong share price and regular dividends.

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 net return to an investor 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/

The Kingfish portfolio value has continued to build on the previous year’s significant gains, growing
towards the $600m mark, benefiting from continuation of the rigorous and robust analytical
approach applied by the Manager. We trust that the recent issue of KFL warrants will prove
beneficial to shareholders at exercise date in November next year.”

Senior Portfolio Manager, Sam Dickie said: “During the six months, some of the largest portfolio
positions significantly outperformed the market. The Kingfish strategy of actively handpicking a
concentrated portfolio of high-quality companies delivered a robust performance.”

Sam Dickie added: “Looking ahead, we see an increasing need for active management. Valuations
are generally elevated. This is a classic scenario for lower investment returns generally – which is
precisely why active decision making is imperative.”


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. Fisher Funds and its related entities
currently have over $14 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. /ends

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KINGFISH LIMITED
INTERIM FINANCIAL STATEMENTS CONTENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
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 2021
6 months6 months
endedended
30/09/2130/09/20
unauditedunaudited
Notes$000$000
Interest income34 28
Dividend income
4,585 2,949
Net changes in fair value of investments
2
57,144 92,593
Other income
7(a)
1,413
3
Total net income63,176 95,573
Operating expenses
3
6,237 8,602
Operating profit before tax56,939 86,971
Tax expense9 12
Net operating profit after tax attributable to shareholders
56,930 86,959
Total comprehensive income after tax attributable to shareholders56,930 86,959
Basic earnings per share518.17c34.84c
Diluted earnings per share
518.17c34.49c
The accompanying notes form an integral part of these financial statements.
Page 1 of 10

KINGFISH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
ShareRetainedTotal
CapitalEarningsEquity
Notes$000$000$000
Balance at 1 April 2020 (audited)278,854 66,550 345,404
Comprehensive income
Net operating profit after tax0 86,959
86,959
Other comprehensive income0 0 0
Total comprehensive income for the
period ended 30 September 2020
0 86,959 86,959
Transactions with shareholders
Dividends paid
4
0 (15,746)
(15,746)
New shares issued under dividend
reinvestment plan
Warrant issue costs
(2) 0 (2)
Total transactions with shareholders for
the period ended 30 September 2020
5,938 (15,746) (9,808)
Balance at 30 September 2020
(unaudited)
284,792 137,763 422,555
Balance at 1 April 2021 (audited)376,079 175,368 551,447
Comprehensive income
Net operating profit after tax0 56,930 56,930
Other comprehensive income0 0 0
Total comprehensive income for the
period ended 30 September 2021
0 56,930 56,930
Transactions with shareholders
Dividends paid
4
0 (22,293)
(22,293)
New shares issued under dividend
reinvestment plan
Total transactions with shareholders for
the period ended 30 September 2021
8,347 (22,293) (13,946)
Balance at 30 September 2021
(unaudited)
384,426 210,005 594,431
The accompanying notes form an integral part of these financial statements.
Page 2 of 10
Attributable to shareholders of the Company
4
5,940
4
8,347 0 8,347
0 5,940

KINGFISH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2021
30/09/2131/03/21
unauditedaudited
Notes$000$000
SHAREHOLDERS' EQUITY
594,431551,447
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 20,66033,528
Trade and other receivables
1,617369
Investments at fair value through profit or loss
2
574,850526,523
Total Current Assets 597,127560,420
TOTAL ASSETS
597,127560,420
LIABILITIES
Current Liabilities
Trade and other payables 2,6968,973
Total Current Liabilities
2,6968,973
TOTAL LIABILITIES
2,6968,973
NET ASSETS
594,431551,447
These interim financial statements have been authorised for issue for and on behalf of the Board by:
A B RyanC A Campbell
ChairmanChair of the Audit and Risk Committee
22 November 202122 November 2021
The accompanying notes form an integral part of these financial statements.
Page 3 of 10

KINGFISH LIMITED
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
6 months6 months
endedended
30/09/2130/09/20
unauditedunaudited
Notes$000$000
Operating Activities
Sale of listed equity investments37,622 46,978
Interest received33 27
Dividends received
4,071 3,073
Other income received1,413 3
Purchase of listed equity investments
(31,005) (46,993)
Operating expenses (11,047) (3,242)
Taxes paid(9) (12)
Net cash inflows/(outflows) from operating activities61,078 (166)
Financing Activities
Issue costs0 (2)
Dividends paid (net of dividends reinvested)
(13,946)
(9,806)
Net cash outflows from financing activities(13,946) (9,808)
Net decrease in cash and cash equivalents held(12,868) (9,974)
Cash and cash equivalents at beginning of the period33,528 18,493
Cash and cash equivalents at the end of the period20,660 8,519
The accompanying notes form an integral part of these financial statements.
Page 4 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
Note 1
Basis of Accounting
Reporting Entity
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 a FMC Reporting Entity under the Financial Markets
Conduct Act 2013.
The Company’s registered office is Level 1, 67-73 Hurstmere Road, Takapuna, Auckland.
Basis of Preparation
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 2021.
The impact of COVID-19 on the Company's financial statements was considered and, other than the
impact of COVID-19 on fair value gains and losses, there have been no other impacts on the Company's
financial reporting.
These interim financial statements cover the unaudited results from operations for the six months ended
30 September 2021.
Accounting Policies
The Company has applied consistent accounting policies in the preparation of these interim financial
statements as for the 2021 full year financial statements. Accounting policies that are relevant to an
understanding of the financial statements are designated by a symbol.
Critical Judgements, Estimates and Assumptions
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.
Authorisation of Interim Financial Statements
The Kingfish Board of Directors authorised these interim financial statements for issue on 22 November
2021.
No party may change these interim financial statements after their issue.
Note 2Investments
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 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.
Page 5 of 10
j
j

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
Note 2
Investments (continued)
30/09/21
31/03/21
Investments at Fair Value through Profit or Lossunauditedaudited
$000$000
New Zealand listed equity investments574,850 526,523
Total investments at fair value through profit or loss574,850
526,523
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 2020: none).
6 months
6 months
endedended
30/09/2130/09/20
unauditedunaudited
Net changes in fair value of investments$000$000
New Zealand listed equity investments57,144 92,593
Net changes in fair value of investments 57,144
92,593
Note 3Operating Expenses
Management fees (note 7)3,575
2,625
Performance fees (note 7)2,020
5,349
Administration services (note 7)79
79
Directors' fees (note 7)93
88
Brokerage186
238
Investor relations and communications110
90
Custody and accounting fees 44
46
NZX fees35
30
Professional fees31
11
Fees paid to the auditor:
Statutory audit and review of financial statements
1
26 19
Non-assurance services
2
2 0
Regulatory expenses13 9
Other operating expenses23 18
Total operating expenses6,237
8,602
1
Statutory audit and review of financial statements include a fee of $3,622 for additional work in respect
of the financial statements for the year ended 31 March 2021.
2
Non-assurance services relate to additional agreed upon procedures performed in respect of the
performance fee calculation for the year ended 31 March 2021. No other fees were paid to the auditor.
Note 4Shareholders' Equity
Share Capital
Kingfish has 316,293,071 fully paid ordinary shares on issue (31 March 2021: 312,037,141). 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.
Page 6 of 10
j

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
Note 4
Shareholders' Equity (continued)
Dividends
Kingfish has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid
during the period comprised:
2021Cents per2020
Cents per
$000share$000share
25 Jun 202111,233 3.60 26 Jun 20207,607 3.06
24 Sep 202111,060 3.52 25 Sep 20208,139
3.25
22,293 7.12 15,746
6.31
Dividend Reinvestment Plan
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 2021, 4,255,930 ordinary shares totalling $8,347,770 (30 September 2020: 3,693,234 ordinary
shares totalling $5,939,852) were issued in relation to the plan for the quarterly dividends paid. To
participate in the dividend reinvestment plan, a completed participation notice must be received by
Kingfish before the next record date.
Note 5Earnings per Share6 months6 months
endedended
30/09/2130/09/20
unauditedunaudited
Basic earnings per share$000$000
Profit attributable to shareholders of the Company ($'000)56,930 86,959
Weighted average number of ordinary shares on issue
net of treasury stock ('000)313,246
249,605
Basic earnings per share18.17c
34.84c
Diluted earnings per share
Profit attributable to shareholders of the Company ($'000)56,930
86,959
Weighted average number of ordinary shares on issue
net of treasury stock ('000)313,246 249,605
Diluted effect of warrants on issue ('000)0 2,508
313,246 252,113
Diluted earnings per share18.17c34.49c
Page 7 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
Note 6
Reconciliation of Net Operating Profit after Tax to 6 months6 months
Net Cash Flows from Operating Activitiesendedended
30/09/2130/09/20
unauditedunaudited
$000$000
Net operating profit after tax56,930 86,959
Items not involving cash flows
Unrealised gains on revaluation of listed equity investments(41,877)
(73,698)
(41,877)
(73,698)
Impact of changes in working capital items
(Decrease)/increase in trade and other payables(6,277)
5,432
(Increase)/decrease in trade and other receivables(1,248)
1,467
(7,525)
6,899
Items relating to investments
Amount paid for purchases of listed equity investments(31,005)
(46,993)
Amount received from sales of listed equity investments37,622
46,978
Realised gains on listed equity investments (15,267)
(18,895)
Decrease in unsettled purchases of listed equity investments1,487
0
Increase/(decrease) in unsettled sales of listed equity investments713 (1,416)
(6,450)
(20,326)
Net cash inflows/(outflows) from operating activities1,078
(166)
Note 7Related Party Information
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.
a. Fisher Funds Management Limited
(i) 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.
(ii) 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 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.
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.
Page 8 of 10
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.
In return for the performance of its duties as Manager, Fisher Funds is paid the following the fees:

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
Note 7
Related Party Information (continued)
a. Fisher Funds Management Limited (continued)
(ii) Performance fee (continued)
For the six months ended 30 September 2021, excess returns of $19,904,627 were generated (30
September 2020: $68,551,515) and the net asset value per share before the deduction of a performance
fee was $1.89 (30 September 2020: $1.70), which exceeded the HWM after adjustment for capital
changes and distributions of $1.69 (30 September 2020: $1.30). Accordingly, the Company has
expensed a performance fee of $2,020,320 in the Statement of Comprehensive Income for the six
months ended 30 September 2021 (30 September 2020: $5,348,702).
(iii) Administration fee: Fisher Funds provides corporate administration services and a fee is payable
monthly in arrears.
6 months
6 months
Fees earned, accrued and payableendedended
30/09/2130/09/20
unauditedunaudited
$000$000
Fees earned by and accrued to the Manager for the period
ended 30 September
Management fees3,575
2,625
Performance fees 2,020
5,349
Administration services79
79
Total fees earned by and accrued to the Manager
5,674
8,053
30/09/21
31/03/21
unauditedaudited
$000$000
Fees payable to the Manager at 30 September
Management fees609
1,028
Performance fees2,020
6,291
Administration services13
26
Total amount payable to the Manager
2,642
7,345
GST refund
The GST refund was received by Kingfish in May 2021.
Transactions with other funds managed by Fisher Funds
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 on an arm's length basis. Purchases for the period ended 30 September
2021 totalled $nil and sales totalled $1,458,243 (30 September 2020: there were no purchases and there
were no sales).
Page 9 of 10
On 30 April 2021, Fisher Funds received a GST refund plus use of money interest (UOMI) from the
Inland Revenue. The refund relates to the period 1 April 2004 to 31 July 2009 when the Manager
applied 15% GST on management fees, when a subsequent assessment confirmed the Manager was
only required to charge 1.5% GST on management fees. The total GST refund was $1,413,475, being
overcharged GST refunded of $1,385,125 and UOMI of $28,350.
The GST refund and UOMI are excluded from any performance fee calculation, consistent with how
they have been treated in the past given they are not performance related income for the year.

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
Note 7
Related Party Information (continued)
b. Directors
Note 8Net Asset Value
The unaudited net asset value per share of Kingfish as at 30 September 2021 was $1.88 (31 March 2021:
$1.77) calculated as the net assets of $594,430,617 divided by the number of shares on issue of
316,293,071 (31 March 2021: net assets of $551,446,689 and shares on issue of 312,037,141).
Note 9Subsequent Events
On 22 November 2021, the Board declared a dividend of 3.67 cents per share. The record date for this
dividend is 3 December 2021 with a payment date of 17 December 2021.
There were no other events which require adjustment to or disclosure in these interim financial statements.
Page 10 of 10
On 18 October 2021 the directors of Kingfish announced that the Company would undertake a new pro
rata offer of warrants to shareholders. On the record date (12 November 2021) shareholders were
issued one warrant for every four shares held. In total, 79.1 million warrants were issued. The exercise
price is $2.03 less any dividends declared by the Company with a record date during the period
commencing on the date of allotment of the warrants (15 November 2021) and up to the announcement
of the final exercise price. The exercise date for the warrants is 18 November 2022.
Dividends of $511,857 (30 September 2020: $708,079) were also received by the Directors as a result
of their shareholding during the period.
The Directors held shares in the Company as at 30 September 2021 which total 0.1% of total shares on
issue (31 March 2021: 4.5%). The reduction in Director shareholding is a result of changes in Directors
during the period. The Directors do not hold any warrants as at 30 September 2021 (31 March 2021:
nil).
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 $93,416 (September 2020: $88,123).
The Directors' fee pool is $157,500 (plus GST, if any) for the year ended 31 March 2022 (31 March
2021: $157,500 + GST). There were no Director fees payable at the end of the period (30 September
2020: nil).

Independent auditor’s review report
To the shareholders of Kingfish Limited
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of Kingfish Limited (the Company), which comprise
the statement of financial position as at 30 September 2021, and the statement of comprehensive
income, the statement of changes in equity and the statement of cash flows for the six months ended
on that date, and significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that these
accompanying interim financial statements of the Company do not present fairly, in all material
respects, the financial position of the Company as at 30 September 2021, and its financial
performance and cash flows for the six months then ended, in accordance with International
Accounting Standard 34Interim Financial Reporting(IAS 34) and New Zealand Equivalent to
International Accounting Standard 34Interim FinancialReporting(NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised)Review of Financial Statements Performedby the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibility is further described in theAuditor’s responsibility for the
review of the interim financial statementssectionof our report.
We are independent of the Company in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. In addition to our role as auditor, our
firm carries out agreed-upon procedures for the Company over performance fee calculations. The
provision of these other services has not impaired our independence.
Directors’ responsibility for the interim financial statements
The Directors of the Company are responsible, on behalf of the Company, for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of interim financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s responsibility for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34. A review of interim financial statements
in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and International
Standards on Auditing and consequently does not enable us to obtain assurance that we might identify
in an audit. Accordingly, we do not express an audit opinion on these interim financial statements.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, 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 to the Company’s shareholders 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 Philip
Taylor.
For and on behalf of:
Chartered AccountantsAuckland
22 November 2021
PwC