Positive result for Barramundi shareholders

Barramundi Limited
Results for announcement to the market
Reporting period 6 months to 31 December 2016
Previous reporting period 6 months to 31 December 2015

The interim financial statements attached to this report have been reviewed by
PricewaterhouseCoopers and are not subject to a qualification. A copy of the independent review
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 2,674; (59.2%), 6,560;
Profit from ordinary activities after tax
attributable to security holders
1,113; (75.1%), 4,467;
Net profit attributable to security
holders
1,113; (75.1%), 4,467;



Dividend
Barramundi will pay a partially imputed dividend of
1.30cps as part of its quarterly distribution policy.
Ex-dividend date 15 March 2017
Record date 16 March 2017
Dividend payment date 31 March 2017

Net asset value per share 31 December 2016 $0.65

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For immediate release:


20 February 2017


Positive result for Barramundi shareholders

 Interim 2017 net operating profit $1.1m (interim 2016 net profit $4.5m)
 Total shareholder return¹ +8.6%
 Adjusted net asset value¹ per share +1.1%
 2.79 cents per share in dividends paid during the period

NZX-listed investment company Barramundi Limited (NZX: BRM) announced today a net operating
profit after tax of $1.1m for the six month period ended 31 December 2016 (1H16: $4.5m). The
Barramundi portfolio achieved a return² of +2.7% for the six months to 31 December 2016, lagging
the benchmark³ which was up +10.6% over the period. The six months to 31 December 2016 saw a
positive result for shareholders despite the portfolio’s limited exposure to the mining and financial
sectors that proved popular during the period.

In accordance with the company’s distribution policy (2.0% of average NAV per quarter), a total of
2.79 cents per share was paid to Barramundi shareholders during the six months ended December
2016. On 20 February 2017, the Board declared a dividend of 1.30 cents per share to be paid to
shareholders on 31 March 2017 with a record date of 16 March 2017.
On 8 November 2016, the Barramundi Board announced it would undertake a pro-rata warrant issue
as part of its capital management programme following the previous well supported warrant
exercise in 2015. Shareholders were issued one warrant for every four shares held on 21 November
2016. The warrants give holders the right, but not the obligation, to purchase additional Barramundi
shares on 24 November 2017 at an exercise price of $0.63 adjusted down for dividends declared
during the period up to the exercise date. The final exercise price will be announced and an exercise
form provided as soon as reasonably practicable after 29 September 2017.

Barramundi’s Chairman, Alistair Ryan, said: “The Board is pleased at the Manager’s continued focus
on investing in quality companies. The Barramundi portfolio aims to deliver good returns over the
medium to long term, regardless of short term changes in the markets moods and preferences, such
as those experienced in the interim period.”

Portfolio Manager, Manuel Greenland, said: “Our response to changing global dynamics, and
domestic investor preferences, is straightforward; we will take advantage of weakness in the share

prices of our preferred businesses to own more of them. Long-term investment success demands
the discipline to stick to a proven strategy even when it is temporarily out of favour, and the balance
to sensibly diversify risk at challenging moments. Our focus remains on growing the value of the
Barramundi portfolio by investing in strong companies that will succeed over time.”

For further information please contact:

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

¹The total shareholder return and adjusted net asset value methodologies are described in the Barramundi Non-GAAP
Financial Information policy. A copy of the policy is available at http://www.barramundi.co.nz/about-
barramundi/barramundi-policies/
²Gross of fees and tax and adjusting for capital management initiatives
³Benchmark index: S&P/ASX 200 Index (hedged 70% to NZD)


About Barramundi
Barramundi is a listed investment company that invests in growing Australian companies. The Barramundi portfolio is
managed by Fisher Funds, a specialist fund manager with a track record of successfully investing in growth company
shares. The aim of Barramundi 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. Barramundi listed on the NZX
Main Board on 26 October 2006 and may invest in companies listed on the Australian Securities Exchange (with a primary
focus on those outside the top 20 at the time of investment) or unlisted companies. /ends

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PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent Review Report
to the shareholders of Barramundi Limited


Report on the Interim Financial Statements
We have reviewed the accompanying financial statements of Barramundi Limited (the Company) on
pages 1 to 9, which comprise the statement of financial position as at 31 December 2016, and the
statement of comprehensive income, the statement of changes in equity and the statement of cash
flows for the period ended on that date, and a summary of significant accounting policies and selected
explanatory notes.
Directors’ Responsibility for the Financial Statements
The Directors are responsible on behalf of the Company for the preparation and presentation of these
financial statements in accordance with New Zealand Equivalent to International Accounting Standard
34 Interim Financial Reporting (NZ IAS 34) and for such internal controls as the Directors determine
are necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Our Responsibility
Our responsibility is to express a conclusion on the accompanying financial statements based on our
review. We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the
Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the financial statements, taken as a whole, are not prepared in
all material respects, in accordance with NZ IAS 34. As the auditor of the Company, NZ SRE 2410
requires that we comply with the ethical requirements relevant to the audit of the annual financial
statements.
A review of financial statements in accordance with NZ SRE 2410 is a limited assurance engagement.
The auditor performs 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. Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these financial
statements of the Company are not prepared, in all material respects, in accordance with NZ IAS 34.
Restriction on Distribution or Use
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.
For and on behalf of:



Chartered Accountants Auckland
20 February 2017