ANNUAL MEETING OF SHAREHOLDERS · ANNUAL MEETING OF SHAREHOLDERS Kingfish Limited 20 August 2020....
Transcript of ANNUAL MEETING OF SHAREHOLDERS · ANNUAL MEETING OF SHAREHOLDERS Kingfish Limited 20 August 2020....
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ANNUAL MEETING
OF SHAREHOLDERS
Kingfish Limited
20 August 2020
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Board of Directors
Kingfish Team
Alistair Ryan Carmel Fisher Andy Coupe Carol Campbell
Sam DickieSnr Portfolio Manager
Matt PeekInvestment Analyst
Wayne BurnsCorporate Manager
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Agenda
• Preliminary matters
• Chair’s Overview
• Manager’s Review
• Q&A
• Annual Meeting Resolutions
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ONLINE ATTENDEES – QUESTION PROCESS• When the Question function is available,
the Q&A icon will appear at the top of
the app.
• To send in a question, simply click in the
‘Ask a question’ box, type your question
and the press the send
arrow
• Your question will be sent
immediately for review
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Chair’s Overview
• April 2019 – January 2020
• February – March 2020
• April – 20 August 2020
• $1.37 to $1.68 plus divs, warrants
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Kingfish’s Investment Objectives
Achieve a high real rate of return, comprising both income
and capital growth within acceptable risk parameters
Access to a diversified portfolio of New Zealand quality,
growth stocks through a single tax-efficient vehicle
Absolute Returns
Diversified Portfolio
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Corporate Governance
• Board meetings
• Investment Committee meetings
• Audit & Risk Committee meetings
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2020 Overview
Net profit Dividend NAV per share Share price
$1.7m(2019: $47.1m)
12.63cps(2019: 11.76cps)
$1.39(2019: $1.57)
$1.29(2019: $1.35)
Total shareholderreturn*
Dividend return Adjusted NAV
return*
Share price discount to NAV^
+7.2%(2019: 13.5%)
+9.4%(2019: +9.0%)
+0.4%(2019: 17.6%)
6.7%(2019: 13.1%)
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Kingfish Non-GAAP Financial Information Policy which is available on the Kingfish website. ^Share price discount to NAV (including warrant price on a pro-rated basis).
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2020 Overview – ContinuedPortfolio Performance
For the year ended 31 March
12 months3 years
(annualised)5 years
(annualised)
Adjusted NAV return*
+0.4%(2019: +17.6%)
+10.6% +11.1%
Gross performance * +2.9%(2019: +21.2%)
+13.3% +13.8%
Benchmark Index^(0.5%)
(2019: +18.3%)
+10.8% +10.9%
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Kingfish Non-GAAP Financial Information Policy which is available on the Kingfish website. ^ The S&P/NZX50G Index
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Earnings per share
Earnings
per
Share
2020 2019 2018 2017 2016
Basic
Earnings
per Share
(cents)
0.75 24.24 19.62 14.50 16.71
Diluted
Earnings
per Share
(cents)
0.75 23.81 19.51 14.13 16.43
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Use of Shareholder’s Funds
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First Four Months, FY 2021
1 April – 31 July 2020
Total shareholder return*
+34.4%Adjusted NAV return*
+26.9%NAV per share 31 July 2020
$1.73Share price 31 July 2020
$1.69Net profit
$92.6m*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Kingfish Non-GAAP Financial Information Policy which is available on the Kingfish website.
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Warrants
• Capital Management Programme
• 61.6m KFLWF warrants issued March 2020
• Exercise price is $1.64 less the dividends declared over approx. a 12 month period
• Exercise date is 12 March 2021
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Sam Dickie
Senior Portfolio Manager
Manager’s Review
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• 50+ years of Research + Development
• Leading edge innovator
• 99% of products sold outside of NZ
• 300%+ growth in core product recently
• CEO worked for company for 37 years.
Who am I?..
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Agenda
1. FY2020 review & COVID-19
2. Active management more
important than ever
3. Portfolio insights
4. Outlook
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1. FY2020 & COVID-19
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Unprecedented Stimulus
30 March 2019 30 June 2019 30 September 2019 31 December 2019 31 March 2020 30 June 2020
Roller-Coaster Year for the NZ market
Note: S&P/NZX50G index; Source: Bloomberg
FY2020 financial year
2
Global Pandemic
1
Solid global growth
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COVID-19 = Structural Change
0%
5%
10%
15%
20%
25%
30%
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
Ap
ril 2
02
0
US Ecommerce % of Retail Sales
Source: Bank of America
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+2.9%
-0.5%
-1%
-
+1%
+2%
+3%
Kingfish gross
performance return
S&P/NZX50G index
Fiscal year to 31 March 2020
Manager performance FY2020
Late COVID-19 Impact on performance
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+33.1%
+19.1%
+15%
+20%
+25%
+30%
+35%
Kingfish gross
performance return
S&P/NZX50G index
Fiscal year FY2021 to date as at 31 July 2020
Strong performance FY2021 so far
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-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Vis
ta
Au
ckla
nd
Airp
ort
Fre
igh
twa
ys
Su
mm
ers
et
De
leg
at
Rym
an
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alth
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re
Ma
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ht
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atil
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ian
En
erg
y
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shp
ay H
old
ing
s
Po
rt O
f Ta
ura
ng
a
A2
Milk
F&
P H
ea
lth
ca
re
Portfolio company return (year to 31 March 2020*)
Portfolio company performance
Note: *Only shows positions held at 31 March 2020. Source: Bloomberg
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2. Active Management more important than ever
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Segmented portfolio = staying nimble
Bucket 1 Beneficiaries
Bucket 2
Bucket 3
Bucket 4
Defensives
Cyclicals
Eye of the stormAlso (outside our portfolio):• Retail • Airlines• Hospitality • Tourism• Entertainment
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Stock Pickers Paradise
12.1%
19.1%
33.1%
5.1%
1.9%
-
+5%
+10%
+15%
+20%
+25%
+30%
+35%
F&P Healthcare
contribution
a2 Milk
contribution
Everything else
contribution
S&P/NZX50G
index
Kingfish
Gross return
Performance 31 March 2019 to 31 July 2020
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3. Portfolio insights
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Ongoing Upgrade to Quality
Decreases
(-7.5%)
Increases
(+14.5%)
Exits
(-3.0%)
Entries
(+0%)
LargerSmaller
Note: 31 March 2019 until present, logos show target weight changes of 1% or larger only
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0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
2015A 2016A 2017A 2018A 2019A 2020A 2021F
What went especially well
Source: Company data and estimates
Hospital Hardware Units Sales Annual Growth
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What went especially well
% of Customers Giving via App
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Ja
nu
ary
20
16
Ap
ril 2
01
6
Ju
ly 2
016
Oc
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er
20
16
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20
17
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01
7
Ju
ly 2
017
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20
17
Ja
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ary
20
18
Ap
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01
8
Ju
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20
18
Ja
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20
19
Ap
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01
9
Ju
ly 2
019
Oc
tob
er
20
19
Ja
nu
ary
20
20
Ap
ril 2
02
0
Monthly 6 Month Average
A2M Share of Online Bestsellers
Source: Chart on left - Company Data and estimates. Chart on Right – UBS New Zealand
0%
10%
20%
30%
40%
50%
60%
70%
80%
Pre-COVID-19 During COVID-19
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0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Ma
rch
20
19
Ap
ril 2
01
9
Ma
y 2
01
9
Ju
ne
201
9
Ju
ly 2
019
Au
gu
st 2
019
Se
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mb
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201
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20
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20
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20
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20
20
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bru
ary
202
0
Ma
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20
20
Ap
ril 2
02
0
Ma
y 2
02
0
Ju
ne
202
0
What went against us?
Source: Chart on left - BoxOfficeMojo.com. Data on right – Company data
US Monthly Box Office
$0
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
$1,400,000,000
Ma
rch
20
19
Ap
ril 2
01
9
Ma
y 2
01
9
Ju
ne
201
9
July
20
19
Au
gu
st 2
019
Se
pte
mb
er
201
9
Oc
tob
er
20
19
No
ve
mb
er
20
19
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ce
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er
20
19
Ja
nu
ary
20
20
Fe
bru
ary
202
0
Ma
rch
20
20
Ap
ril 2
02
0
Ma
y 2
02
0
Ju
ne
202
0
Monthly International Passengers
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4. Outlook
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Outlook: Active Management = Critical
• New Zealand economy was humming….
• ….but most expect some slowdown
• We retain a healthy balance between
being nimble (honed during COVID) and
thinking long term
• Active portfolio management more
important than ever
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….I am Fisher & Paykel Healthcare
Source: Bloomberg (in NZD), total return of FPH NZ EQUITY 31 March 2010 to 30 June 2020
Total Shareholder Return since March 2010
-50%
150%
350%
550%
750%
950%
Ma
rch
201
0
Ma
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201
9
Ma
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0
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General Questions from
Shareholders
(not relating to resolutions)
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ONLINE ATTENDEES – VOTING PROCESS
• When the poll is open, the vote will
be accessible by selecting the
voting icon at the top of the screen
• To vote simply select the direction in
which you would like to cast your
vote, the selected option will change
colour.
• There is no submit or send button,
your selection is automatically
recorded.
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Annual Meeting
2020 resolutions
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2020 Annual Meeting Resolutions
• Introduce and propose
• Discussion, questions
• Lodge your vote per the digital portal
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Matters of Business
• Annual Report
• Resolutions:
–Re-elect Andy Coupe
–Auditor remuneration
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Resolution 1
Re-election of Andy Coupe
To re-elect Andy Coupe as a Director of Kingfish Limited
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Resolution 2
Auditor Remuneration
That the Board of Directors be authorised to fix the remuneration of the auditor for the
ensuing year
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Conclusion
• Enter your votes via the digital portal
• Results to NZX
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Thank you