BRM – 31 December 2016 Interim Report Provided

interim report
2 017
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
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Upcoming Events to 30 June 2017
Dividend Payment 31 March 2017
March Quarter Update Newsletter April 2017
Financial Year End 30 June 2017
Contents
03 Directors’ Overview
08 Manager’s Report
14 Independent Review Report
15 Statement of Comprehensive Income
16 Statement of Changes in Equity
17 Statement of Financial Position
18 Statement of Cash Flows
19 Notes to the Interim Financial Statements
27 Directory
The interim report is provided for information purposes only and does not constitute an offer, invitation, basis
for a contract, financial advice, other advice or recommendation to conclude any transaction for the purchase or
sale of any security, loan or other instrument. In particular, the information contained in this interim report is not
financial advice for the purposes of the Financial Advisers Act 2008 and should not be relied upon when making
an investment decision. Professional financial advice from an authorised financial adviser should be taken before
making an investment.
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31 December 2016
This report is dated 6 March 2017 and is signed on behalf of the Board of
Barramundi Limited by Alistair Ryan, Chair, and Carmel Fisher, Director.
Alistair Ryan Carmel Fisher
Chair Director
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First Half Result (six months ended 31 December 2016)
Barramundi achieved a net profit of $1.1m for the first half of the 2017 financial year, down
on the pleasing net profit of $4.5m for the same period last year.
Shareholders enjoyed better returns than the underlying portfolio due to a narrowing of
the share price discount to net asset value and the company’s distribution policy. Total
shareholder return, which includes the change in the share price, dividends paid per share
and the impact of warrants, was +8.6% for the six months.
12 Month Result (12 months ended 31 December 2016)
In the 12 months ended 31 December 2016, Barramundi recorded a net profit of $2.1m,
markedly lower than the corresponding year’s net profit of $11.1m.
For the 12 months ended 31 December 2016, shareholders received a total shareholder
return of +12.1%, including 5.54 cents per share in dividends.
Five-Year Summary
Figure 1 (on page 6) summarises the five-year performance history for the
six month periods ended 31 December 2012 — 2016. The summary
shows that in four of the five periods to 31 December, total
shareholder return has been positive. Shareholders have also
received a consistent dividend over this period.
Share Price and Dividends
Barramundi’s share price closed at $0.64 on 31 December
2016, slightly up from $0.62 at 30 June 2016. Over the
six month period the share price traded in a range
between $0.62 and $0.67.
Barramundi continues to distribute 2.0% of average
net asset value per quarter. Over the six month period
to 31 December 2016, Barramundi paid 2.79 cents per
Directors’ Overview
The Barramundi portfolio achieved a return of +2.7%* for the six
months to 31 December 2016, lagging the benchmark^ which was
up +10.6% over the period. The benchmark index was buoyed by the
mining and financial services sectors that rallied in response to a
strong recovery in commodity prices and expectations of improved
global growth following the election of Donald Trump in the US.
Alistair Ryan,
Chair.
* Gross of fees and tax and adjusting for capital management initiatives
^ Benchmark index: S&P/ASX 200 Index (hedged 70% to NZD)
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Directors’ Overview continued
share in dividends (1.40 cents per share on 30 September 2016 and 1.39 cents per share on
22 December 2016). The next dividend will be 1.30 cents per share to be paid on 31 March
2017 with a record date of 16 March 2017.
Barramundi 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. Currently,
shares issued under the reinvestment plan will be issued at a 3% discount. To participate
in the dividend reinvestment plan, a completed participation notice must be received by
Barramundi before the next record date. Full details of the dividend reinvestment plan can
be found in the Barramundi Dividend Reinvestment Plan Offer Document, a copy of which is
available at www.barramundi.co.nz/investor-centre/capital-management-strategies/.
Shareholders who invested $1 per share when Barramundi listed in October 2006 have
now received back $0.49 per share in dividends. Those shareholders who reinvested their
dividends and exercised their warrants have received a total shareholder return of 35.6%
since inception, equivalent to 3.0% after tax on an annualised basis.
Figure 2 (on page 7) tracks the Barramundi share price and total shareholder return since
inception.
Revenues and Expenses
The key components of the first half result were gains on investments of $1.4m, dividend
and interest income of $1.3m, less operating expenses and tax of $1.6m. The result also
includes a $0.6m foreign exchange loss which was offset by currency hedge gains of $0.6m.
Operating expenses were higher by $214k than the corresponding period mainly due to
increased brokerage resulting from trading activity and higher management fees due to
higher average portfolio values for the six months.
Warrants
Warrants continue to be an important part of Barramundi’s overall capital management
programme. The Board announced a new issue of warrants to shareholders in November
2016. The warrants give holders the right, but not the obligation, to purchase additional
shares in Barramundi at an exercise price of $0.63, less dividends declared between 22
November 2016 and 24 November 2017. The exercise date for Barramundi warrants is 24
November 2017. The final exercise price will be announced and an exercise form will be sent
to warrant holders as soon as reasonably practicable after 29 September 2017. All warrants
must be exercised by 24 November 2017 or they will lapse. Warrants are quoted on NZX
Main Board as BRMWD and may be bought or sold independently of Barramundi shares.
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People
As you know, Carmel Fisher recently announced her retirement from her role as Managing
Director of Fisher Funds, with her successor being former Co-Operative Bank CEO, Bruce
McLachlan. While no longer running Fisher Funds, Carmel will remain a director of the
Barramundi Board and a member of the Board sub-committees, including the Barramundi
Investment Committee. The Barramundi Board has enjoyed working with Carmel over the
years, and is looking forward to her continued involvement with Barramundi in her capacity
as company director.
Conclusion
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.
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.
More details on the portfolio and individual portfolio holdings are included in the
Manager’s Report.
On behalf of the Board,
Alistair Ryan
Chair
Barramundi Limited
6 March 2017
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31 December 2016
Figure 1: Five-Year Performance Summary
Corporate Performance
Six month period ended
31 December
2 0 162 0 152 0 142 0 132 0 12
Total Shareholder Return¹8.6%(2.7%)4.6%6.3%15.1%
Dividend Return 4.5%4 .1%4.3%4.7%4.9%
Basic Earnings per Share0.77 cps3.51 cps1.36 cps(1.66 cps)11. 6 6 c p s
Adjusted NAV Return¹1.1%5.1%1.9%(2.2%)16.2%
As at 31 December2 0 162 0 152 0 142 0 132 0 12
NAV¹$0.65$0.70$0.67$0.75$0.81
Adjusted NAV¹$1.30$1. 27$1.12$1.15$1.13
Share Price$0.64$0.63$0.64$0.69$0.67
Warrant Price$0.02$0.01---
Share Price Discount to NAV
(including warrant price on
pro-rated basis)
1.2%9.9%4.7%8.3%17. 3%
Manager Performance
Six month period ended
31 December
2 0 162 0 152 0 142 0 132 0 12
Gross Performance²2.7%7.7%4 .1%0.4%18.3%
Benchmark Index³10.6%2.7%1.5%5.4%11.7%
NB: All figures are unaudited.
¹ Reviewed by an independent actuary.
² Gross of fees and tax and adjusting for capital management initiatives.
³ Blended index: S&P/ASX Small Ords Industrial Gross Index until 30 September 2015 & S&P/ASX 200 Index (hedged 70%
to NZD) from 1 October 2015
Comparative information
Barramundi’s TSR and Adjusted NAV historical information has been restated due to a recent change to Non-GAAP
measures. The restated values are based on the methodology described below.
Directors’ Overview continued
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Figure 2: Total Shareholder Return
Definitions of non-GAAP measures:
Adjusted Net Asset Value (NAV)
The adjusted NAV per share represents the total assets of Barramundi (investments and cash) minus any liabilities
(expenses and tax), divided by the number of shares on issue. It adds back dividends paid to shareholders and adjusts for:
» the impact of shares issued under the dividend reinvestment plan at the discounted reinvestment price;
» shares bought on-market (share buybacks) at a price different to the NAV, and;
» warrants exercised at a price different to the NAV at the time exercised.
Adjusted NAV assumes all dividends are reinvested in the company’s dividend reinvestment plan and excludes imputation
credits.
The directors believe this metric to be useful as it reflects the underlying performance of the investment portfolio
adjusted for dividends, share buybacks and warrants, which are a capital allocation decision and not a reflection of the
portfolio’s performance.
Total Shareholder Return (TSR)
The TSR combines the share price performance, the warrant price performance (when warrants are on issue), the net
value of converting warrants into shares and dividends paid to shareholders.
TSR assumes:
» all dividends paid are reinvested in the company’s dividend reinvestment plan at the discounted reinvestment price and
exclude imputation credits, and;
» all shareholders that have received warrants (for free), have subsequently exercised their warrants at the warrant expiry
date and bought shares (if they were in the money).
The directors believe this metric to be useful as it reflects the return of an investor who reinvests their dividends and, if
in the money, exercises their warrants at warrant maturity date for additional shares. No metric has been included for
investors who choose other investment options.
Dec
2006
Dec
2007
Dec
2008
Dec
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
2015
Dec
2016
Dec
2014
Share Price/Total Shareholder Return
$
1.00
$
1.20
$
0.8 0
$
0.60
$
0.40
Share PriceTotal Shareholder Return
$
1.60
$
0.20
$
0.00
$
1.40
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The under-performance of the Barramundi portfolio versus the Australian market is mainly
explained by how our investment approach affects the kinds of companies we like. We
prefer investing in companies whose strengths allow them some power in setting the prices
for the goods and services they sell. Generally, we are averse to investing in companies
dependent on prices beyond their influence. This determines how the Barramundi portfolio
differs from the Australian market. The portfolio has a greater exposure to companies in the
healthcare, consumer, industrial and technology sectors, and a lesser exposure to miners
and banks.
Our sector positioning has been favourable over the past few years as miners and banks
sold off. However, 2016 saw a reversal in investor appetite. The shares of miners followed
a rapid rise in commodity prices, while a changing interest rate outlook, combined with the
easing of regulatory pressure, saw banking shares stage a strong comeback. Financials and
miners comprise around 60% of the Australian market, so their rally attracts an immense
volume of money, which is generated by selling in the other sectors. As a result, the
portfolio suffered the twin effects of weakness in the sectors where we typically have large
exposure and strength in the sectors where we tend to have limited exposure.
Throughout the second half of 2016, the Australian economy continued to show
encouraging signs. Strong house prices in Sydney and Melbourne, a falling unemployment
rate and benign inflation saw consumer sentiment remain robust. The successful rebalancing
of the economy away from the mining sector continued, with strong growth in residential
investment and consumer spending. In China an increase in government infrastructure
spending and a resurgent property market drove demand for Australia’s commodity
exports, while restrictions in production limited their supply. The net result was a recovery
in commodity prices that was nothing short of spectacular. Expectations for a rebound
in global growth followed Donald Trump’s victory in the US election, further fuelling
bullishness for lenders and commodity producers.
Manager’s Report
Over the second half of 2016, the Barramundi portfolio’s gross
performance was up 2.7%*, comparing unfavourably with the fund
benchmark^ — up 10.6% in New Zealand dollars. The Australian share
market was strong on significant rallies in financials and resources;
sectors in which Barramundi typically has relatively low levels
of exposure. There was a small positive result from the foreign
exchange hedge although the New Zealand Dollar traded relatively
tightly to its Australian counterpart over the period.
* Gross of fees and tax and adjusting for capital management initiatives
^

Blended index: S&P/ASX 200 Index (hedged 70% to NZD)
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Portfolio Changes
Over the period we added three new companies to the portfolio, and exited eight holdings.
In our last interim review, we highlighted the increasing attractiveness of the mining sector.
Barramundi has historically avoided investing in miners because they are ‘price takers’
meaning no miner can influence the price of the commodities it sells. However, profits
are determined as much by low costs as by high prices. Those miners with the lowest
production costs earn higher profits in the good times, and remain viable when commodity
prices are weak. Analysing a company’s cost advantage is key for the moat investor looking
to invest in a mining company. Size is important, as larger mines produce more for a given
cost. The amount of metal per tonne of rock dug up is called the “grade”. Higher grades
offer greater sales potential. The ease with which miners can extract valuable metals from
rocks is referred to as the metallurgy. Simple metallurgy means lower production costs.
Finally, having mines close to customers reduces transport costs. The best miners are large,
work high grade deposits with simple metallurgy, and are close to key customers.
Australia has a large mining sector, but only a few of the miners meet our quality criteria.
During September we added Rio Tinto to our portfolio. The business has among the
lowest production costs in the copper and iron ore markets, and has been a great profit
generator over the long term. Changes in the global economy have improved the prospects
of an upturn in demand for metals going forward, creating an attractive earnings outlook
for the best quality miners.
We are particularly excited by companies that make their customers
more successful. The growth in online sales and global trade has
created a great opportunity for freight-forwarders, but also
presented them with greater complexity and a significant
regulatory compliance burden. The freight forwarding sector
is highly fragmented, very competitive, and companies
earn slim profit margins, making cost effectiveness and
operational efficiency critical to success.
New portfolio addition WiseTech Global’s leading
technology, CargoWise One, saves customers
money, improves their productivity, and helps them
The shares of miners followed
a rapid rise in commodity prices,
and a changing interest rate
outlook combined with the easing
of regulatory pressure, saw
banking shares stage a strong
comeback.
Manuel Greenland,
Senior Portfolio Manager.
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31 December 2016
comply with regulations. This technology is critical to operations, making it very expensive
for clients to switch to competing products. Every new customer using CargoWise One
enhances the value of the system to other potential customers. WiseTech is an early leader
in the segment, making for significant growth prospects should the company retain its
position in the sphere.
The Commonwealth Bank of Australia (“CBA”) is ideally positioned to benefit from
a number of changing dynamics in Australia. Higher commodity prices have had several
positive effects; loans to miners are now more likely to be repaid, as are those to other
borrowers in Western Australia and Queensland. Incomes and tax collections are set to rise
and businesses may begin to borrow and invest again. Rising interest rates are positive for
the earnings of banks, as are the cost-cutting efforts of CBA itself. Regulators in Australia
appear to have softened their stance towards banks, making capital raisings and dividend
cuts less likely. Given the improved outlook, we thought it an opportune time to add this
quality company to our long-term holdings in the banking sector.
Bapcor has been a very profitable portfolio holding over time. The business has grown from
a trade-focussed local auto-parts supplier, to service both trade and retail customers across
Australia. Anticipating the challenge that integrating its assembly of new businesses may
present, we exited Bapcor choosing to take profit on the position for now.
When we first bought it, we believed that as Australia’s largest insurer Medibank was
critical to meeting the country’s growing medical bill. Over the medium term we envisaged
a larger, more efficient and more profitable company. In fact, Medibank delivered far more
quickly than we expected, and we chose to exit on this strength. Going forward we are
particularly encouraged by the reputation and record of new CEO Craig Drummond, and
Medibank may well be part of the portfolio again in the future.
After enduring a significant loss on Henderson Group last year, the share recovered its
fall when the company announced a merger with global giant, Janus Capital. We had
anticipated that Henderson’s distribution advantages and unique savings solutions might
make it an acquisition target, and were pleased to exit the position on this strength.
We exited our position in accounting software company MYOB as it was not delivering on
our investment thesis. Two years after first investing in MYOB we were not seeing sufficient
delivery of subscriber growth. We could not rule out that challenger Xero is out-competing
MYOB for new customers. MYOB has a large sticky customer base and will have a long time
to resuscitate growth in its franchise, but we prefer to see clear indications of emerging
competitiveness before investing for that journey.
We exited Vocus Communications when the company reported results we could not
reconcile with a meeting we had with management just months prior. We exited Regis
Healthcare when the company’s vulnerability to regulated pricing caused significant
earnings downgrades; we cannot say a company is strong when its prospects are
determined by the stroke of a regulator’s pen. We sold out of Aconex on some ambiguity
Manager’s Report continued
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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.
in its reported results combined with perplexing sales of the company’s shares by senior
management. We completed our exit of CSG having made a substantial profit on the
position as our original investment thesis fully played out.
Key Portfolio News
APN Outdoor and Ooh! Media announced a proposed merger of equals. In our
last interim report we wrote, “We chose to own both businesses because they are
complementary, with APN Outdoor dominating billboards and transit locations, and Ooh!
Media dominating shopping precincts. In combination the two enjoy strong market share,
ensuring they compete rationally for sites and advertising dollars”. Clearly we support the
business combination. Should the Australian competition authorities approve the merger,
we expect the resulting company to be very competitive in a growing sector.
Reliance Worldwide announced a deal making it the sole supplier of push-to-connect
plumbing fittings to Lowe’s, a leading US retailer. The deal puts Reliance’s “SharkBite”
brand into 1700 new stores, improving the brand’s penetration and allowing it to win share.
However simultaneously, Reliance’s previously exclusive relationship with The Home Depot
changed. Going forward The Home Depot can sell products which compete with SharkBite.
As The Home Depot accounts for around a third of Reliance’s sales, any indication of
deterioration in the relationship between the two is unwelcome. Balancing the benefits of
the new Lowe’s relationship, with the risks from changes in The Home Depot relationship,
we chose to reduce our position in Reliance.
In October, Tox Free Solutions announced the acquisition of Daniels Health Australia.
Daniels is Australia’s leading medical waste services provider. Its services include
medical waste collection, particularly the treatment of sharp medical
instruments. We view the acquisition positively as it is consistent
with Tox’s strategic focus on the treatment of specialist waste
streams, and further diversifies Tox away from the Western
Australian resources sector.
Carmel Fisher,
Managing Director.
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Manager’s Report continued
We love companies that can compound your capital by reinvesting in their core businesses
and widening their moats. Under its current management, Credit Corp has been a striking
example. It has continually strengthened its leading position in Australian debt ledger
purchasing and over the past five years has built a niche consumer lending business that is
generating attractive returns on capital. Its fledgling US debt ledger purchasing operation
is now also showing signs of gaining traction; providing a further opportunity to deploy
capital and deliver growth over the years ahead. Having grown profits by 20% over the 2016
financial year, Credit Corp is guiding for a further 15%-20% increase this year.
Outlook and Strategy
In 2017, we will see the 19th National Congress of the Communist Party of China held in
Beijing, shaping the new leadership and future of China. While investor focus is currently on
the short-term sustainability of the recovery in Chinese demand and commodity prices, the
more relevant test is likely to be the extent of further Chinese political and economic reform.
In the US, leadership of the world’s largest economy and most powerful military has
changed hands. Britain looks set to exit the European Union. Three key Eurozone countries,
France, Germany and the Netherlands, will hold elections in which a multi-decade consensus
on the free movement of capital, goods and people will be tested.
By comparison, Australia looks relatively stable. The economy has proven itself by
successfully rebalancing away from the mining sector and growing in other areas.
Commodity prices have rebounded powerfully providing support to incomes, confidence,
employment and inflation. However, a more positive outlook has not been unequivocally
positive for the Barramundi portfolio. Investor affection has shifted away from the stable
companies with reliable earnings which we prefer, toward more risky companies whose
earnings may rise with a general improvement in conditions.
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 the growing value of
the Barramundi portfolio by investing in strong companies that will succeed over time.
Manuel Greenland
Senior Portfolio Manager
Fisher Funds Management Limited
6 March 2017
Carmel Fisher
Managing Director
Fisher Funds Management Limited
6 March 2017
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31 December 2016
Portfolio Holding Summary as at 31 December 2016
Company% Holding
Ansell3.0%
APN Outdoor2.8%
AUB Group3.0%
Brambles5.5%
Carsales5.4%
Coca-Cola Amatil2.2%
Commonwealth Bank of Australia2.5%
Credit Corp1.9%
CSL5.5%
Domino's Pizza2.9%
Gateway LifeStyle Group1.8%
Ingenia Communities2.3%
Link Administration2.0%
Nanosonics2.1%
National Australia Bank4.7%
Ooh! Media2.4%
Ramsay Health Care6.5%
Reliance Worldwide Corp3.2%
ResMed5.1%
Rio Tinto Limited3.4%
SEEK5.2%
Sonic Healthcare3.2%
Technology One3.4%
Toxfree Solutions3.3%
Westpac4.2%
Wise Tech Global1.5%
Equity Total89.0%
Australian dollar cash9.9%
New Zealand dollar cash0.8%
Cash Total 10.7%
Centrebet rights0.3%
Forward foreign exchange contracts 0.0%
TOTAL100.0%
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31 December 2016
Independent Review Report
to the shareholders of Barramundi Limited



PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 (9) 355 8000, F: +64 (9) 355 8001, www.pwc.com/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 10, which comprise the statement of financial position as at 31 December 2015, 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
other explanatory information.
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 interim 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). Accordingly we do not express an audit opinion on these financial statements.
We are independent of the Company. Our firm carries out other services for Barramundi Limited in
the areas of other assurance and non-assurance related services. The provision of these other
services has not impaired our independence.

PricewaterhouseCoopers, 188 Quay Street, PrivateBag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent ReviewReport
to the shareholders of BarramundiLimited
Report on the Interim Financial Statements
We have reviewed the accompanying financial statements of BarramundiLimited(theCompany) on
pages 15to 26, which comprise thestatement of financial position as at 31 December2016, 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 Companyfor 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 Directorsdetermine
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 financialstatements, taken as a whole, are not prepared in
all material respects, in accordancewith NZ IAS 34. As the auditorof 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 auditorperforms 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 Companyare 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 shareholdersthose 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
20February 2017
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31 December 2016
Barramundi Limited
For the six months ended 31 December 2016
The Notes to the Interim Financial Statements set out on pages 19 to 26 should be read in conjunction with this
Statement of Comprehensive Income.
STATEMENT OF COMPREHENSIVE INCOME
Notes
6 months
ended
31/12/16
unaudited
6 months
ended
31/12 /15
unaudited
$000$000
Interest income 69 79
Dividend income 1,236 1,403
Other losses1(i) (131) (492)
Net changes in fair value of financial assets and liabilities1(ii) 1,500 5,570
Total net income 2,674 6,560
Operating expenses1(iii) (1,261) (1,047)
Operating profit before tax1,413 5,513
Total tax expense(300) (1,046)
Net operating profit after tax attributable to shareholders1,113 4,467
Other comprehensive income0 0
Total comprehensive income after tax attributable
to shareholders
1,113 4,467
Earnings per share
Basic earnings per share
Profit attributable to owners of the company ($000)1,113 4,467
Weighted average number of ordinary shares on issue net of
treasury stock ('000)
145,051 127,088
Basic earnings per share0.77c 3.51c
Diluted earnings per share
Profit attributable to owners of the company ($000)1,113 4,467
Weighted average number of ordinary shares on issue net of
treasury stock (‘000)
145,051 127,088
Diluted effect of warrants on issue (‘000) 289 93
145,340 127,181
Diluted earnings per share 0.77c 3.51c
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31 December 2016
The Notes to the Interim Financial Statements set out on pages 19 to 26 should be read in conjunction with this
Statement of Changes in Equity.
Barramundi Limited
For the six months ended 31 December 2016
STATEMENT OF CHANGES IN EQUITY
Attributable to shareholders of the company
Notes
Share
Capital
Performance
Fee Reserve
Accumulated
Deficits
Tot al
Equity
$000$000$000$000
Balance at 1 July 2015 (audited) 116,194 68 (28,246) 88,016
Comprehensive income
Profit for the period 0 0 4,467 4,467
Other comprehensive income 0 0 0 0
Total comprehensive income for the
period ended 31 December 2015
0 0 4,467 4,467
Transactions with owners
Share buybacks (9) 0 0 (9)
Prior year Manager’s performance fee
settled with ordinary shares
68 (68) 0 0
Dividends paid2 0 0 (3,517) (3,517)
Dividends reinvested 1,295 0 0 1,295
Total transactions with owners for the
period ended 31 December 2015
1,354 (68) (3,517) (2,231)
Balance at 31 December 2015 (unaudited) 117, 5 4 8 0 (27, 29 6) 90,252

Balance at 1 July 2016 (audited) 127, 419 0 (30,087) 97, 332
Comprehensive income
Profit for the period 0 0 1,113 1,113
Other comprehensive income 0 0 0 0
Total comprehensive income for the
period ended 31 December 2016
0 0 1,113 1,113
Transactions with owners
Share buybacks2 (203) 0 0 (203)
Warrant issue costs2 (19) 0 0 (19)
Dividends paid2 0 0 (4,043) (4,043)
Dividends reinvested2 1,514 0 0 1,514
Total transactions with owners for the
period ended 31 December 2016
1,292 0 (4,043) (2,751)
Balance at 31 December 2016 (unaudited) 128,711 0 (33,017) 95,694
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31 December 2016
STATEMENT OF CHANGES IN EQUITY
The Notes to the Interim Financial Statements set out on pages 19 to 26 should be read in conjunction with this
Statement of Financial Position.
Barramundi Limited
As at 31 December 2016
STATEMENT OF FINANCIAL POSITION
Notes
31/12/16
unaudited
30/06/16
audited
ASSETS
$000$000
Current Assets
Cash and cash equivalents 10,309 4,780
Trade and other receivables 123 186
Financial assets at fair value through profit or loss 3 85,442 93,056
Total Current Assets 95,874 98,022
Non-current Assets
Other receivable 241 287
Total Non-current Assets 241 287
TOTAL ASSETS 96,115 98,309
LIABILITIES
Current Liabilities
Trade and other payables
171 400
Current tax payable
250 491
Financial liabilities at fair value through profit or loss
3 0 48
Total Current Liabilities
421 939
Non-current Liabilities
Deferred tax liability 0 38
Total Non-Current Liabilities 0 38
TOTAL LIABILITIES 421 977
EQUITY
Share capital2 128,711 127,419
Accumulated deficits (33,017) (30,087)
TOTAL EQUITY 95,694 97,332
TOTAL EQUITY AND LIABILITIES 96,115 98,309
These interim financial statements have been authorised for issue for and on behalf of the Board by:
A B Ryan — Chair C A Campbell — Chair of the Audit and Risk Committee
20 February 2017 20 February 2017
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31 December 2016
The Notes to the Interim Financial Statements set out on pages 19 to 26 should be read in conjunction with this
Statement of Cash Flows.
Barramundi Limited
For the six months ended 31 December 2016
STATEMENT OF CASH FLOWS
Notes
6 months
ended
31/12/16
unaudited
6 months
ended
31/12 /15
unaudited
$000$000
Operating Activities
Cash was provided from:
- Sale of investments 37,867 12,084
- Interest received 67 83
- Dividends received 1,374 1,570
- Other income 0 159

Cash was applied to:
- Purchase of investments (29,042) (12,678)
- Operating expenses
(1,272) (1,252)
- Taxes paid (579) (49)
- Other losses (87) 0
Net cash inflows/(outflows) from operating activities4 8,328 (83)

Financing Activities
Cash was provided from:
- Manager's application of the performance fee to
purchase ordinary shares
0 68

Cash was applied to:
- Warrant issue costs (19) 0
- Share buybacks (203) (9)
- Dividends paid (net of dividends reinvested) (2,529) (2,222)
Net cash outflows from financing activities (2,751) (2,163)
Net increase/(decrease) in cash and cash equivalents held 5,577 (2,246)
Cash and cash equivalents at beginning of the period 4,780 9,130
Effects of foreign currency translation on cash balance (48) (625)
Cash and cash equivalents at end of the period 10,309 6,259
All cash balances comprise short-term cash deposits.
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31 December 2016
General Information
Entity Reporting
The interim financial statements are for Barramundi Limited (“Barramundi” or “the
company”).
Legal Form and Domicile
Barramundi is incorporated and domiciled in New Zealand.
The company is a limited liability company, incorporated under the Companies Act 1993 on
8 September 2006.
The company is listed on the NZX Main Board and is an FMC Reporting Entity under the
Financial Markets Conduct Act 2013.
The company is a profit-oriented entity and began operating as a listed investment company
on 26 October 2006.
The company’s registered office is Level 1, 67-73 Hurstmere Road, Takapuna, Auckland.
Authorisation of Interim Financial Statements
The Barramundi Board of Directors authorised these interim financial statements for issue
on 20 February 2017.
No party may change these interim financial statements after their issue.
Accounting Policies
Period Covered by Interim Financial Statements
These interim financial statements cover the unaudited results from operations for the six
months ended 31 December 2016.
Statement of Compliance
The interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”). They comply with New Zealand
equivalent to International Accounting Standard 34 (“NZ IAS 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 30 June 2016.
The company has applied consistent accounting policies in the preparation of these interim
financial statements as for the 2016 full year financial statements.
Barramundi Limited
For the six months ended 31 December 2016
STATEMENT OF CASH FLOWSNOTES TO THE INTERIM FINANCIAL STATEMENTS
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31 December 2016
Barramundi Limited
For the six months ended 31 December 2016
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
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. There were no material judgements, estimates
or assumptions required in the preparation of these interim financial statements.
Comparative Information
Diluted Earnings Per Share comparative information has been restated from 2.82 to 3.51
cents per share to be consistent with the current year’s calculation which includes only the
dilutive effect of warrants exercised. There has been no impact on net operating profit or on
shareholders’ funds as a result of these changes.
Note 1 — Statement of Comprehensive Income
6 months
ended
31/12/16
unaudited
6 months
ended
31/12 /15
unaudited
$000$000
(i) Other Losses
Foreign exchange losses on cash and cash equivalents (131)(492)
Total other losses (131)(492)
(ii) Net Changes in Fair Value of Financial Assets and Liabilities
Financial assets designated at fair value through profit or loss
Australian equity investments 1,372 6,602
Foreign exchange losses on equity investments (463) (4,600)
Total gains on designated financial assets 909 2,002

Financial assets at fair value through profit or loss — held for trading
Gains on forward foreign exchange contracts 591 3,568
Total gains on financial assets and liabilities held for trading 591 3,568
Net changes in fair value of financial assets and liabilities 1,500 5,570
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31 December 2016
Note 1 — Statement of Comprehensive Income continued
6 months
ended
31/12/16
unaudited
6 months
ended
31/12 /15
unaudited
$000$000
(iii) Operating Expenses
Management fees (note 5) 714 629
Custody, brokerage and transaction fees 241 118
Administration services (note 5) 80 80
Directors' fees 72 72
Investor relations and communications 76 83
NZX fees 20 18
Fees paid to the auditor:
Statutory audit and review of financial statements 17 15
Other assurance services 0 1
Non-assurance services 2 2
Professional fees 24 15
Other operating expenses 15 14
Total operating expenses 1,261 1,047
Other assurance services relate to a share and warrant register audit. Non-assurance services
relate to agreed upon procedures performed at the annual meeting. No other fees were paid
to the auditor during the period (31 December 2015: nil).
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31 December 2016
Barramundi Limited
For the six months ended 31 December 2016
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
Note 2 — Share Capital
6 months
ended
31/12/16
unaudited
Ye ar
ended
30/06/16
audited
$000$000
Opening balance 127,419 116,194
New shares issued for warrants exercised 0 9,053
Warrant issue costs (19) 0
Share buybacks held as treasury stock (203) (573)
New shares issued under the dividend reinvestment plan 1,319 2,128
Shares issued from treasury stock under the dividend reinvestment plan 195 549
Manager's performance fee settled with ordinary shares 0 68
Closing balance 128,711 127,419
Ordinary Shares
As at 31 December 2016 there were 146,762,446 (30 June 2016: 144,623,221) fully paid
Barramundi shares on issue. All ordinary shares are classified as equity, rank equally and have
no par value. All shares carry an entitlement to dividends and one vote attached to each fully
paid ordinary share.
Warrants
On 22 November 2016, 36,471,368 new Barramundi warrants were allotted and listed on
the NZX Main Board. One new warrant was issued to all eligible shareholders for every four
shares held on record date (21 November 2016). The warrants are exercisable at $0.63 per
warrant, adjusted down for dividends declared during the period up to the exercise date of
24 November 2017. Warrant holders can elect to exercise some or all of their warrants on the
exercise date subject to a minimum exercise of 500 warrants.
Treasury stock
On 2 November 2016, Barramundi announced the continuation of its share buyback
programme of its ordinary shares in accordance with Section 65 of the Companies Act 1993.
All the shares acquired under the buyback scheme are initially held as treasury stock but are
available to be re-issued. The net cost of treasury stock is deducted from share capital.
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31 December 2016
At 31 December 2016, no ordinary shares were held as treasury stock (30 June 2016: nil).
The value of treasury stock at 31 December 2016 is a credit of $185,951 (30 June 2016:
$177,762) as a result of treasury stock being acquired at a lower price, when the company
has bought the shares back, compared to the price when the company has re-issued shares.
Dividends
Total dividends per share for the period ended 31 December 2016 were 2.79 cents per
share (31 December 2015: 2.77 cents per share). Dividends paid for the period ended 31
December 2016, and prior to any reinvestment totalled $4,043,464 (31 December 2015:
$3,517,536).
Note 3 — Financial Assets and Liabilities at Fair Value
Through Profit or Loss
31/12/16
unaudited
30/06/16
audited
$000$000
Financial assets designated at fair value through profit or loss
Australian listed equity investments85,14593,056
Financial assets at fair value through profit or loss — held for trading
Fair value of forward foreign exchange contracts2970
Total financial assets at fair value through profit or loss85,44293,056
Financial liabilities at fair value through profit or loss — held for trading
Fair value of forward foreign exchange contracts048
Total financial liabilities at fair value through profit or loss048
Although Australian listed equity investments are treated as current assets from an
accounting point of view, the investment strategy of the company is to hold for the medium
to long-term.
Australian listed equity investments designated at fair value through profit or loss are valued
using last sale prices from an active market and are classified as Level 1 in the fair value
hierarchy.
Forward foreign exchange contracts are valued using observable market prices (as they are
not quoted), and they are classified as Level 2 in the fair value hierarchy. The notional value
of forward foreign exchange contracts held at 31 December 2016 was $47,258,239 (30
June 2016: $47,461,675).
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31 December 2016
Barramundi Limited
For the six months ended 31 December 2016
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
Note 4 — Reconciliation of Operating Profit after Tax to
Net Cash Flows from Operating Activities
6 months
ended
31/12/16
unaudited
6 months
ended
31/12 /15
unaudited
$000$000
Net profit after tax 1,113 4,467
Items not involving cash flows
Unrealised loss on cash and cash equivalents 48 625
Unrealised losses / (gains) on revaluation of investments 1,562 (6,524)
1,610 (5,899)

Impact of changes in working capital items
Decrease in fees and other payables (229) (105)
Decrease in interest, dividends and other receivables 63 1,387
Change in current and deferred tax (279) 997
(445) 2,279

Items relating to investments
Net amount received / (paid) for investments 8,825 (594)
Realised (gains) / losses on investments (3,062) 954
Decrease in unsettled purchases of investments 228 0
Increase / (decrease) in unsettled sales of investments 59 (1,222)
6,050 (862)

Other
Performance fee settled by issue of shares 0 (68)
0 (68)
Net cash inflows/(outflows) from operating activities 8,328 (83)
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31 December 2016
Note 5 — Related 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.
The Manager of Barramundi is Fisher Funds Management Limited (“Fisher Funds” or “the
Manager”). Fisher Funds is a related party by virtue of the Manager’s common directorship
and a Management Agreement.
The Management Agreement with Fisher Funds provides for the provisional payment of a
management fee equal to 1.25% (plus GST) per annum of the gross asset value, calculated
weekly and payable monthly in arrears. This management fee is reduced by 0.10% for each
1.0% per annum by which the Gross Return achieved on the portfolio during each financial
year is less than the change in the NZ 90 Day Bank Bill Index over the same period but
subject to a minimum management fee of 0.75% (plus GST) per annum of the average gross
asset value for that period. The annual management fee is finalised at 30 June each year
and any adjustment (where the management fee is less than 1.25%) is offset against future
management fee payments due to Fisher Funds.
For the six months ended 31 December 2016, no management fee adjustment was necessary
(31 December 2015: no adjustment). Management fees for the six months ended 31
December 2016 totalled $714,173 (31 December 2015: $628,653).
In addition, a performance fee may be earned by the Manager provided the performance fee
hurdle and a high water mark test have been met. No performance fee has been earned by
the Manager for the six months to 31 December 2016 (31 December 2015: nil).
The Manager was reimbursed $80,002 for the provision of administration services for the six
month period ended 31 December 2016 (31 December 2015: $80,002) .
Included in trade and other payables is an amount payable to Fisher Funds at 31 December
2016 in respect of management fees and administration services of $129,185 (31 December
2015: $122,009 and 30 June 2016: $117,062).
The Manager held shares and warrants in, and received dividends from, the company at
31 December 2016 which total 0.4% of the total shares on issue (30 June 2016: 0.4%) and
0.4% of total warrants on issue (30 June 2016: nil).
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31 December 2016
Barramundi Limited
For the six months ended 31 December 2016
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
Note 5 — Related Party Information continued
The directors of Barramundi are the only key management personnel as defined by NZ IAS
24 Related Party Disclosures and they earn a fee for their services which is disclosed in note
1(iii) under directors’ fees (only independent directors earn a director’s fee). The directors
also held shares and warrants in, and received dividends from, the company at 31 December
2016 which total 1.48% of total shares on issue (30 June 2016: 1.49%) and 1.49% of total
warrants on issue (30 June 2016: nil). The directors did not receive any other benefits which
may have necessitated disclosure under NZ IAS 24 (paragraph 16).
Note 6 — Net Asset Value
The unaudited net asset value of Barramundi as at 31 December 2016 was $0.65 per share
(31 December 2015: $0.70 per share unaudited, 30 June 2016: $0.67 per share audited).
Note 7 — Subsequent Events
At 15 February 2017, the unaudited net asset value of the company was $0.65 per share and
the share price was $0.64.
On 20 February 2017 the Board declared a dividend of 1.30 cents per share. The record date
for this dividend is 16 March 2017 with a payment date of 31 March 2017.
There were no other events which require adjustment to or disclosure in these interim
financial statements.
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31 December 2016
Registered Office
Level 1
67 — 73 Hurstmere Road
Takapuna
Auckland 0622
Directors
Independent Directors
Alistair Ryan (Chair)
Carol Campbell
Andy Coupe
Director
Carmel Fisher
Corporate Manager
Glenn Ashwell
Manager
Fisher Funds Management Limited
Level 1
67 — 73 Hurstmere Road
Takapuna
Auckland 0622
Auditor
PricewaterhouseCoopers
Level 8
188 Quay Street
Auckland 1010
Solicitor
Bell Gully
Level 21
48 Shortland Street
Auckland 1010
Banker
ANZ Bank New Zealand Limited
23-29 Albert Street
Auckland 1010
Directory
Nature of Business
The principal activity of Barramundi is investment in growing Australian companies.
Share Registrar
Computershare Investor Services
Limited
Level 2
159 Hurstmere Road
Takapuna
Auckland 0622
Phone: +64 9 488 8777
Email: enquiry@computershare.co.nz
For more information
For enquiries about transactions, changes
of address and dividend payments, contact
the share registrar above. Alternatively,
to change your address, update your
payment instructions and to view your
investment portfolio including transactions
online, please visit: www.computershare.
co.nz/investorcentre
For enquiries about
Barramundi contact
Barramundi Limited
Level 1
67 — 73 Hurstmere Road
Takapuna
Auckland 0622
Private Bag 93502
Takapuna
Auckland 0740
Phone: +64 9 489 7074
Fax: +64 9 489 7139
Email: enquire@barramundi.co.nz
FINAL-Barramundi-Interim-Report-2016.indd 2710/03/2017 12:13:21 PM

Printed onto Advance laser, which is produced
from Elemental Chlorine Free (ECF) pulp from virgin
wood. This wood is sourced from managed farmed
trees in an ISO14001 and ISO9001 (International
Quality Management Standard) accredited mill, that
generates a portion of their power from tree waste,
saving 200 million litres of diesel oil annually.
FINAL-Barramundi-Interim-Report-2016.indd 2810/03/2017 12:13:22 PM