BRM – 31 December 2017 Interim Report

INTERIM REPORT
2 018
FOR THE SIX MONTHS ENDED
31 DECEMBER 2017

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CALENDARCONTENTS
This report is dated 16 March 2018
and is signed on behalf of the Board
of Barramundi Limited by Alistair Ryan,
Chair, and Carmel Fisher, Director.
Alistair Ryan / Chair
Carmel Fisher / Director
04
Directors’ Overview
08
Manager’s Report
13
Portfolio Holdings
14
Financial Statements Contents
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
Independent Review Report
31
Directory
29 MARCH 2018
Next Dividend Payable
Financial Year End
30 JUNE 2018

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6 MONTHS ENDED 31 DECEMBER 2017
BEST
PERFORMING
INVESTMENT
+10 5%
DIVIDENDS PAID
29 SEPTEMBER 201722 DECEMBER 2017
NET PROFIT
$12.7m
TOTAL SHAREHOLDER
RETURN
+6.7%
GROSS
PERFORMANCE
RETURN
+14.8%
$ $
$
AS AT 31 DECEMBER 2017
SHARE
PRICE
$0.61
SHARE PRICE
DISCOUNT TO NAV
11.6%
(including warrant price on a pro-rated basis)
$0.69
PER SHARE
1.30
cents per
share
1.31
cents per
share

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The second half of 2017 has been a good one for Australian equities and
an even better one for Barramundi. After a somewhat sluggish start to the
year, the market picked up its pace in the second half of 2017 delivering
returns of 10.2%¹. Pleasingly, the Barramundi portfolio outperformed its
benchmark¹ over the period generating gross performance of 14.8%.
DIRECTORS’
OVERVIEW
Alistair Ryan / Chair
The strong performance of Australian
equities in the second half of the year was
largely driven by solid performances in the
technology sector, mirroring moves overseas
and also buoyed by resilient resources and
a higher oil price. As we’ve discussed in
the past, Barramundi’s focus on quality,
growing Australian companies means
typically the portfolio will have significant
exposure to the technology and health
sectors. This approach, coupled with good
stock selection, has benefitted the portfolio
over the interim period, with Barramundi
generating a return 4.6% ahead of its
benchmark¹. This is a positive result for
shareholders who have backed the Fisher
Funds STEEPP investment approach.
As a result of Barramundi’s strong portfolio
performance, the healthy net profit of
$12.7m was significantly up on the previous
corresponding net profit of $1.1m. The
key components of the 2018 interim result
were gains on financial assets of $12.5m,
dividend and interest income of $1.5m, a
tax benefit of $0.7m, offset by operating
expenses of $2.0m.
The 12 month result for Barramundi
was equally attractive, with a gross
performance return of 18.4% for the 12
months to 31 December 2017 compared to
the benchmark¹ which was up 14.3%. This
translated to a profit of $14.2m, which was
significantly ahead of the $2.1m net profit
for the previous corresponding period (12
months ended 31 December 2016).
As at 31 December 2017, the Barramundi
portfolio was valued at $99.7m plus
cash on hand of $12.6m. Barramundi’s
investment philosophy is to be relatively
fully invested in equities (more than 90%)
so that shareholders can make their own
asset/investment allocation decisions
depending on how they perceive the
economic outlook. Acquisitions since
year end have resulted in the equity
invested percentage moving back above
the 90% level.
Barramundi has a number of capital
initiatives in place (share buybacks,
warrants programme and a managed
distribution policy) designed to help

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reduce the discount between share price
and the net asset value of the portfolio.
Nevertheless, at market close on 2 March
2018 there was still a significant gap
between price ($0.60) and net asset value
($0.68). This discount does however
present an opportunity for Barramundi to
acquire its own shares and the company
took advantage of the discount between
net asset value and share price by acquiring
2.6m shares during the period.
Under the Barramundi Distribution Policy,
the company continues to distribute 2.0%
of average net asset value per quarter.
Over the six month period to 31 December
2017, Barramundi paid 2.61 cents per share
in dividends (1.30 cents per share on
29 September and 1.31 cents per share on
22 December). The next dividend will
be 1.38 cents per share to be paid on
29 March 2018 with a record date of
15 March 2018. Barramundi also has a
dividend reinvestment plan available which
provides 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% discount².
On 24 November 2017, 41% of Barramundi
warrants were exercised and converted
into shares, bringing in an additional
$8.6m which has been invested across the
portfolio. The Board believes warrants are
viewed favourably by shareholders and we
monitor a range of factors, including the
discount levels, to determine the potential
timing for a further warrants issue.
A good number of shareholders attended
the Annual Shareholders Meeting in
November 2017 where we had the
opportunity to discuss Barramundi’s
investment objectives, portfolio
performance and respond to shareholders’
questions. Shareholders voted to re-elect
Andy Coupe as an independent director of
Barramundi.
Since the Annual Shareholders Meeting,
Manuel Greenland announced his
resignation as the portfolio manager of
Barramundi. As noted in the Barramundi
December monthly update, Manuel was
with Fisher Funds for five years, three of
which he was responsible for managing the
Barramundi portfolio as the Senior Portfolio
Manager. The Board wishes Manuel all
the best for his future and thanks him for
his efforts to restructure the Barramundi
portfolio. A recruitment search is underway
for Manuel’s replacement. In the meantime,
Frank Jasper, Fisher Funds’ Chief Investment
Officer, is responsible for the Barramundi
portfolio and is well supported by equities
analysts Terry Tolich (Barramundi’s Senior
Investment Analyst since the company first
listed on the NZX) and Delano Gallagher.
Thank you for your continued support of
Barramundi.
On behalf of the Board,
Alistair Ryan, Chair
Barramundi Limited
16 March 2018
¹ Benchmark index: S&P/ASX 200 Index (hedged 70% to NZD)
² 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/.
DIRECTORS’
OVERVIEW

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FIGURE 1: FIVE YEAR PERFORMANCE SUMMARY
Corporate Performance
SIX MONTH PERIOD ENDED
31 DECEMBER
2 0 1720162 0152 0142 013
Total Shareholder Return6.7%8.6%(2.7%)4.6%6.3%
Adjusted NAV Return 13.9%1.1%5.1%1.9%(2.2%)
Dividend Return4.4%4.5%4 .1%4.3%4.7%
Net Profit After Tax / (Loss)$12.7m$1.1m$4.5m$1.7m($2.0m)
Basic Earnings per Share8.35cps0.77cps3.51cps1.36cps-1.66cps
AS AT 31 DECEMBER2 0 1720162 0152 0142 013
NAV$0.69$0.65$0.70$0.67$0.75
Adjusted NAV$1.50$1.30$1. 27$1.12$1.15
Share Price$0.61$0.64$0.63$0.64$0.69
Share Price Discount to NAV¹11. 6%0.9%9.6%4.5%8.0%

Manager Performance
SIX MONTH PERIOD ENDED
31 DECEMBER
2 0 1720162 0152 0142 013
Gross Performance Return14.8%2.7%7.7%4 .1%0.4%
Benchmark Index²10.2%10.6%2.7%1.5%5.4%
NB: All returns have been reviewed by an independent actuary.
¹ Share price discount/(premium) to NAV (including warrant price on a pro-rated basis)
² Benchmark 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
DIRECTORS’ OVERVIEW CONTINUED

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Comparative information
Barramundi’s share price discount to NAV historical information has been restated following a change in calculation
methodology from using data inputs of four decimal places to two decimal places.
Non-GAAP Financial Information
Barramundi uses non-GAAP measures, including adjusted net asset value, gross performance return and total
shareholder return. The rationale for using such non-GAAP measures is as follows:
» adjusted net asset value – the underlying value of the investment portfolio adjusted for capital allocation
decisions,
» gross performance return – the Manager’s portfolio performance in terms of stock selection and hedging of
currency movements, and
» total shareholder return – the return to an investor who reinvests their dividends, and if in the money, exercises
their warrants at warrant maturity date for additional shares.
All references to adjusted net asset value, gross performance return and total shareholder return in this Interim
Report are to such non-GAAP measures. The calculations applied to non-GAAP measures are described in the
Barramundi Non-GAAP Financial Information Policy. A copy of the policy is available at
http://barramundi.co.nz/about-barramundi/barramundi-policies/
FIGURE 2: TOTAL SHAREHOLDER RETURN
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
Dec
2017

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Barramundi enjoyed a strong return in the second half of 2017.
Driven in part by Barramundi’s investments in technology companies
such as WiseTech, Carsales.com and NextDC, the portfolio delivered
gross performance of 14.8% and comfortably outperformed its
benchmark¹, which rose 10.2% over the same time period. It was a
pleasing end to what has been a strong year for Barramundi which
enjoyed a rise in its adjusted net asset value of 13.9% over the six
months to 31 December 2017.
MANAGER’S
REPORT
While Australia doesn’t have a
technology sector as broad and deep as
the United States it does have a number
of technology companies that are
competing on the international stage.
Barramundi has exposure to a number
of these companies whose performance
enhanced Barramundi’s returns over
the period. The top three contributors
to Barramundi’s return over the six
months were technology-based firms
– Wisetech (+10 5%), Carsales.com
(+28%) and NextDC (+44%). The other
key contributor to returns over the
period was long time portfolio holding
ToxFree Solutions (47%), which
received an attractive takeover offer
from listed waste management firm
Cleanaway in December.
MARKET ENVIRONMENT
2017 was the first year in over a decade
where every country in the OECD was
growing, with growth rates in a majority
of those countries inflecting higher.
Investors have embraced this resurgent
economic growth outlook. Over the
course of 2017, we saw share prices
pushed higher and markets around
the globe performing impressively.
Australia was no exception. The S&P/
ASX 200 rose 11.8% (in Australian
dollar terms including dividends for the
year), up an impressive 8.4% over the
last six months. With this economic
backdrop, sectors most sensitive to
growth performed most strongly. The
energy and materials sectors, which
Frank Jasper / Chief Investment Officer
1
Benchmark index: S&P/ASX 200 Index (hedged 70% to NZD)

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include Australia’s heavyweight resources
companies, led the way, benefitting from
increased demand for basic commodities
and a higher oil price.
One of the consequences of increased
global economic activity is higher interest
rates. Sectors of the share market that
act as high yielding alternatives to fixed
income investments, like shares in real
estate companies or high yielding utilities,
tend to perform poorly as interest rates
rise. Such dynamic is precisely what we
saw in the second half of 2017, with the
telecommunications and utilities sectors
lagging over the half.
Barramundi’s focus on high quality,
growing companies means we typically
sit between these two extremes. We
prefer companies that can grow earnings
regardless of the strength of the
economy. Similarly, we don’t focus on
buying high dividend payers simply to get
exposure to income. The ideal investment
for Barramundi is a high quality company
led by management with a clear strategic
vision and the ability to grow earnings
over the long term.
A strong economic environment is
often not the most supportive of our
investment style given that investor
attention is often focused on more
economically sensitive companies. It was
pleasing we were able to identify enough
attractive opportunities that fit well
with the STEEPP investment framework
that delivered sound investment
performance over the period.
C O M PA N Y N E W S
At the heart of our STEEPP investment
process is the idea that investing in
quality, growing companies will generate
market beating returns over the medium
term. One of the key avenues for
growth that many companies employ is
acquiring other companies either to add
new customers or to bring new products
or competencies to the firm.
While this is an important avenue for
growth, it is a strategy that comes with
risk. It can be challenging to consolidate
acquired companies. Ensuring alignment
of potentially diverse corporate cultures
is invariably more difficult than it
appears. Data gathered over thousands
of acquisitions around the world
suggests that smaller “tuck in” style
acquisitions are typically more successful
than large scale, transformative “hero”
transactions. Our observations based
on companies we have owned would
support this.
We are therefore comfortable owning
companies that pursue active, but
measured, acquisition strategies as an
element of their growth algorithm.
Over the period a number of the
companies in the Barramundi portfolio
made acquisitions that we believe will
enhance the strength, quality and
growth prospects of their businesses
over the medium term.
In 2014 Carsales.com acquired a
49.9% stake in South Korean company
SK Encar. SK Encar owns and operates
MANAGER’S
REPORT

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the leading South Korean automotive
classifieds website. Over the period,
Carsales acquired the remaining 50.1%
of SK Encar that it didn’t own. This
was a strategically important move
for Carsales. Not only does it give the
company more exposure to the rapidly
growing South Korean online car market
but with full control Carsales can pivot
the Encar business model towards pay
per lead which we believe will result in
material earnings upside.
Credit Corp is Australia’s leading
purchaser of defaulted debt ledgers,
primarily from the banks. It collects
these debts along the way generating
healthy returns for shareholders. CEO
Thomas Beregi has done a wonderful
job adding to this market leading
position by building an early stage, but
rapidly scaling, business in the United
States that similarly purchases defaulted
debt. Closer to home he has developed
a lending business for credit impaired
consumers. This has been a very
successful initiative. Over the period,
Credit Corp added to this business
buying “Cash First” from Thorn Group.
Cash First provides small unsecured
personal loans and cash advances to
customers. This is a classic “tuck in”
acquisition that fits well within Credit
Corp’s core competence.
Wisetech has a clearly articulated
acquisition strategy that involves tucking
in smaller local logistics and customs
offerings in markets where Wisetech
is seeking to build depth. Wisetech’s
approach is then to port the acquired
technology and customers over its
core CargoWise One platform. This is a
strategically sound approach in our view
and means that CargoWise One builds
additional scale, customer reach and
functionality, further widening Wisetech’s
moat. Over the half, Wisetech announced
no fewer than 10 acquisitions in a range
of countries. These were typically smaller
companies that fit well with the “tuck in”
philosophy discussed above. We continue
to be very comfortable with Wisetech’s
business momentum and strategic
execution.
The other major news for the quarter
was a takeover offer for long term
Barramundi portfolio company, ToxFree
Solutions. Barramundi’s investment in
ToxFree has been a somewhat bumpy
ride as ToxFree’s earnings were greatly
impacted by a slowdown in resources
and oil and gas activity over the past few
years. However, ToxFree’s management
fought back from that challenge, pivoting
the business towards medical waste with
the Daniels acquisition and in the process
restored significant shareholder value.
In December, listed waste management
firm Cleanaway made an attractive offer
to take over ToxFree. It was pleasing to
see ToxFree’s strategy, and our patience,
rewarded with the company acquired at a
healthy premium; an outcome that we had
long thought was likely.
MANAGER’S REPORT CONTINUED

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PORTFOLIO CHANGES
We added one new company to the
Barramundi portfolio in the six months
to 31 December 2017. NextDC develops
and operates multi-tenant, carrier
neutral, secure and scalable data centres.
NextDC’s data centres host the internet
and computing capacity for a number of
Australia’s leading companies, but more
importantly they provide fast, cheap
and easy access to a rich interconnect
ecosystem. This enables companies to
more cost effectively deliver fast, content
rich applications both for internal and
external use. Datacentres play a crucial
role in the modern cloud centric internet.
Our investment thesis for NextDC
is predicated on its strong market
position in Australia, the richness of
its interconnected environment, which
confers a wide moat on the company, the
rapid movement of corporate IT volumes
to the cloud and away from on premise
solutions and increasing demand for
carrier neutral datacentres in preference
to those owned by telecommunication or
IT services companies. NextDC is a high
quality business with a strong multiyear
growth outlook.
Over the period, as discussed in the 2017
Annual Report, we exited the portfolio’s
investments in Baby Bunting and
Reliance Worldwide. Later in the year,
we also made the decision to exit the
investment in private health insurance
provider Medibank. Our decision to
exit Medibank was predicated on a
disappointing health insurance reform
package announced by the government
that intends to make health insurance
“simpler and more affordable”. We felt
this reform was unlikely to encourage
increased participation of younger
people in the health insurance market.
Participation of this demographic
is needed to improve the long term
sustainability of the system. This
dynamic, along with constant healthcare
cost inflation, is bad news for insurers.
Selling Medibank was the obvious
outcome in our view.
OUTLOOK
We think 2018 will echo many of the
same themes that were evident in the
Australian economy and equity market
over 2017. While we think Australia will
likely lag the resurgent global economy,
we do expect it to continue posting
sound economic growth. However, as
was the case in 2017, such growth varies
across the economy.
Although employment growth is strong,
Australian consumers remain over geared
and with house price growth slowing and
wages flat, they are disinclined to spend.
This trend is not particularly supportive of
a stronger domestic economy.
Businesses, on the other hand, are
much more upbeat. Where they are
exposed to export markets, companies
are benefitting from stronger economic
growth in the rest of the world. The fact
that the Reserve Bank of Australia looks
set to hold interest rates at current low

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2. Selected domestic exposures
benefitting from higher business
confidence – business confidence
is close to all-time highs and
companies are increasing investment
in both capital projects and staff.
Barramundi’s investments including
APN Outdoor, AUB Group, Ooh Media
and Seek are all well positioned to
benefit from this.
3. Disruption – disruption to existing
business models by innovative
firms is an important theme not
just in Australia but also globally.
Nanosonics, Technology One and
Wisetech are global leaders in
replacing legacy processes in their
respective areas of focus. These are
exciting long term opportunities for
Barramundi.
4. The rest – the balance of the
portfolio doesn’t so neatly fit into
one of these themes but consists of
high quality businesses with healthy
medium term growth outlooks that
we believe will enhance returns over
the next year.



Frank Jasper, Chief Investment Officer
Fisher Funds Management Limited
16 March 2018
levels and that wage growth is muted
adds to confidence. This renewed energy
is giving companies the impetus to invest
in growth, which we see in the capital
expenditure numbers, and in M&A
activity, both of which have been picking
up recently.
While our views on the Australian
economy don’t drive how we select shares
for Barramundi, they are an input into our
research process. Ultimately, the health of
the economy flows through to company
earnings and it’s the long run outlook for
company earnings that is at the heart of
the STEEPP investment process.
That said, it is interesting to look at
Barramundi through the lens of key
themes rather than just as a collection
of individual stocks. The way the
portfolio fits into those thematic
“buckets” dovetails well with our broad
economic and market outlook and gives
us confidence in how the Barramundi
portfolio is positioned for the year ahead.
1. Offshore earners – the global
economy is experiencing synchronised
economic growth for the first
time in 12 years. While Australia is
growing, we expect it will lag the
rest of the world, making exposure
to companies that generate earnings
offshore appealing. Barramundi has
investments in a number of offshore
earners. In particular, companies like
Ansell, ARB and Brambles benefit
from more economic activity offshore
while healthcare providers Ramsay
Healthcare, Resmed, Sonic and CSL all
gain if the Australian dollar weakens,
as we suspect it might.
MANAGER’S REPORT CONTINUED

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Company% Holding
Ansell3.9%
APN Outdoor1.6%
ARB Corporation4 .1%
AUB Group3.2%
Brambles3.9%
Carsales6.5%
Commonwealth Bank5.0%
Credit Corp1.8%
CSL6.9%
Domino's Pizza2.6%
Gateway LifeStyle Group1.5%
Ingenia Communities1.4%
Link Administration Holdings4 .1%
Nanosonics2.2%
National Australia Bank5.1%
NEXTDC3.1%
Ooh! Media2.5%
Ramsay Health Care4.3%
ResMed3.0%
SEEK6.6%
Sonic Healthcare4 .1%
Technology One2.3%
Toxfree Solutions0.4%
Virtus Health2.2%
Westpac2.7%
Wise Tech Global3.8%
Equity Total88.8%
Cash (AUD)9.2%
Cash (NZD)2.0%
Cash Total11. 2%
Centrebet Receivable0.1%
Forward Foreign Exchange Contracts- 0.1%
TOTAL100.0%
PORTFOLIO HOLDING SUMMARY
AS AT 31 DECEMBER 2017

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FINANCIAL STATEMENTS
CONTENTS
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

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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.
BARR AMUNDI LIMITED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
STATEMENT OF COMPREHENSIVE INCOME
NOTES
6 MONTHS
ENDED
31/12/17
UNAUDITED
6 MONTHS
ENDED
31/12/16
UNAUDITED
$000$000
Interest income 52 69
Dividend income 1,386 1,236
Other income/(losses)1(i) 127 (131)
Net changes in fair value of financial assets and liabilities1(ii) 12,40 4 1,500
Total net income 13,969 2,674
Operating expenses1(iii) (2,029) (1,261)
Operating profit before tax 11,940 1,413
Tax income/(expense) 719 (300)
Net operating profit after tax attributable
to shareholders
12,659 1,113
Other comprehensive income0 0
Total comprehensive profit after tax
attributable to shareholders
12,659 1,113
Earnings per share
Basic earnings per share
Profit attributable to owners of the company ($000) 12,659 1,113
Weighted average number of ordinary shares on issue net
of treasury stock ('000)
151,562 145,051
Basic earnings per share 8.35c 0.77c
Diluted earnings per share
Profit attributable to owners of the company ($000) 12,659 1,113
Weighted average number of ordinary shares on issue net
of treasury stock ('000)
151,562 145,051
Diluted effect of warrants on issue ('000) 494 289
152,056 145,340
Diluted earnings per share 8.33c 0.77c

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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.
BARR AMUNDI LIMITED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
STATEMENT OF CHANGES IN EQUITY
ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY
NOTES
SHARE
CAPITAL
PERFORMANCE
FEE RESERVE
ACCUMULATED
DEFICITS
TOTAL
EQUIT Y
$000$000$000$000
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
Dividends paid2 0 0 (4,043) (4,043)
Share buybacks (203) 0 0 (203)
Shares issued from treasury stock under
dividend reinvestment plan 195 0 0 195
New shares issued under dividend
reinvestment plan 1,319 0 0 1,319
Warrant issue costs (19) 0 0 (19)
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
Balance at 1 July 2017 (audited) 130,081 0 (35,316) 94,765
Comprehensive income
Profit for the period 0 0 12,659 12,659
Other comprehensive income 0 0 0 0
Total comprehensive income for the
period ended 31 December 2017
0 0 12,659 12,659
Transactions with owners
Dividends paid2 0 0 (4,066) (4,066)
Share buybacks2 (1,525) 0 0 (1,525)
Shares issued from treasury stock under
dividend reinvestment plan2 1,060 0 0 1,060
New shares issued under dividend
reinvestment plan2 406 0 0 406
Warrant exercise2 8,564 0 0 8,564
Current period Manager's performance
fee to be settled with ordinary shares
5 0 464 0 464
Total transactions with owners for
the period ended 31 December 2017
8,505 464 (4,066) 4,903
Balance at 31 December 2017 (unaudited) 138,586 464 (26,723) 112,327

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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.
BARR AMUNDI LIMITED
AS AT 31 DECEMBER 2017
STATEMENT OF FINANCIAL POSITION
NOTES
31/12/17
UNAUDITED
30/06/17
AUDITED
ASSETS$000$000
Current Assets
Cash and cash equivalents 12,613 7,703
Trade and other receivables 183 234
Financial assets at fair value through profit or loss 3 99,653 88,343
Current tax receivable 1 0
Deferred tax asset 710 0
Total Current Assets 113,16 0 96,280
Non-current Assets
Other receivable 0 186
Total Non-current Assets 0 186
TOTAL ASSETS 113,16 0 96,466
LIABILITIES
Current Liabilities
Trade and other payables 640 1,14 4
Financial liabilities at fair value through profit or loss 3 193 10
Current tax payable 0 513
Total Current Liabilities 833 1,667
Non-current Liabilities
Deferred tax liability 0 34
Total Non-Current Liabilities 0 34
TOTAL LIABILITIES 833 1,701
EQUITY
Share capital2 138,586 130,081
Performance fee reserve5 464 0
Accumulated deficits (26,723) (35,316)
TOTAL EQUITY 112,327 94,765
TOTAL EQUITY AND LIABILITIES 113,16 0 96,466
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
19 February 2018 19 February 2018

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31 December 2017
18
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.
BARR AMUNDI LIMITED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
STATEMENT OF CASH FLOWS
NOTES
6 MONTHS
ENDED
31/12/17
UNAUDITED
6 MONTHS
ENDED
31/12/16
UNAUDITED
$000$000
Operating Activities
Cash was provided from:
- Sale of investments 22,727 37, 8 6 7
- Interest received 48 67
- Dividends received 1,522 1,374
- Other income received 4 0

Cash was applied to:
- Purchase of investments (22,295) (29,042)
- Operating expenses (1,117 ) (1,272)
- Taxes paid (539) (579)
- Other losses incurred 0 (87)
Net cash inflows from operating activities4 350 8,328

Financing Activities
Cash was provided from:
- Proceeds from warrants exercised 8,564 0
Cash was applied to:
- Warrant issue costs 0 (13)
- Share buybacks (1,525) (203)
- Dividends paid (net of dividends reinvested) (2,595) (2,535)
Net cash inflows/(outflows) from financing activities 4,444 (2,751)
Net increase in cash and cash equivalents held 4,794 5,577
Cash and cash equivalents at beginning of the period 7,703 4,780
Effects of foreign currency translation on cash balance 116 (48)
Cash and cash equivalents at end of the period 12,613 10,309
All cash balances comprise short-term cash deposits.

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31 December 2017
19
GENER AL 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 19 February 2018.
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 results from operations for the six months
ended 31 December 2017.
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 2017. These interim financial statements are
unaudited.
The company has applied consistent accounting policies in the preparation of these interim
financial statements as for the 2017 full year financial statements.
BARR AMUNDI LIMITED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
NOTES TO THE INTERIM FINANCIAL STATEMENTS

BARR AMUNDI LIMITED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
Barramundi Limited
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31 December 2017
20
Critical Judgements, Estimates and Assumptions
The preparation of interim financial statements requires the directors to make material
judgements, estimates and assumptions that affect the application of policies and
reported amounts of assets and liabilities, income and expenses. There were no
material estimates or assumptions required in the preparation of these interim financial
statements.
NOTE 1 — STATEMENT OF COMPREHENSIVE INCOME
6 MONTHS
ENDED
31/12/17
UNAUDITED
6 MONTHS
ENDED
31/12/16
UNAUDITED
$000$000
(i) Other income/(losses)
Foreign exchange gains/(losses) on cash and cash equivalents 127(131)
Total other income/(losses) 127(131)

(ii) Net changes in fair value of financial assets and liabilities
Financial assets designated at fair value through profit or loss
Australian equity investments 10,8791,372
Foreign exchange gains/(losses) on equity investments 4,003(463)
Total gains on designated financial assets 14,882909

Financial assets and liabilities at fair value through profit or loss -
held for trading
(Losses)/gains on forward foreign exchange contracts (2,478)591
Total (losses)/gains on financial assets and liabilities held for trading (2,478)591
Net changes in fair value of financial assets and liabilities 12,4041,500

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
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Interim Report |
31 December 2017
21
NOTE 1 — STATEMENT OF COMPREHENSIVE INCOME
CONTINUED
6 MONTHS
ENDED
31/12/17
UNAUDITED
6 MONTHS
ENDED
31/12/16
UNAUDITED
$000$000
(iii) Operating Expenses
Management fees (note 5) 659 714
Performance fees (note 5) 941 0
Administration services (note 5) 79 80
Directors' fees (note 5) 60 72
Custody, brokerage and transaction fees 155 241
Investor relations and communications 69 76
NZX fees 21 20
Fees paid to the auditor:
Statutory audit and review of financial statements 17 17
Non-assurance services 0 2
Professional fees 14 24
Other operating expenses 14 15
Total operating expenses 2,029 1,261
Non-assurance services relate to annual shareholders meeting procedures. No other fees
were paid to the auditor during the period (31 December 2016: nil).

BARR AMUNDI LIMITED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
Barramundi Limited
|

Interim Report |
31 December 2017
22
NOTE 2 — SHARE CAPITAL
6 MONTHS
ENDED
31/12/17
UNAUDITED
YEAR
ENDED
30/06/17
AUDITED
$000$000
Opening balance 130,081 127,419
Share buybacks held as treasury stock (1,525) (225)
Shares issued from treasury stock under the dividend reinvestment plan 1,060 216
New shares issued under the dividend reinvestment plan 406 2,684
New shares issued for warrants exercised 8,564 0
Warrant issue costs 0 (13)
Closing balance138,586130,081
Ordinary Shares
As at 31 December 2017 there were 163,954,715 (30 June 2017: 149,103,903) 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 Barramundi warrants were allotted and listed on the
NZX Main Board. One warrant was issued to all eligible shareholders for every four shares
held on record date (21 November 2016). On 24 November 2017, 14,832,269 warrants were
exercised at $0.58 per warrant and the remaining 21,639,099 warrants lapsed.
Treasury stock
720,100 ordinary shares were held as treasury stock at 31 December 2017 (30 June 2017: nil).
On 16 October 2017, 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.

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
Barramundi Limited
|

Interim Report |
31 December 2017
23
Dividends
Barramundi has a distribution policy where 2% of average NAV is distributed each quarter.
Total dividends per share for the period ended 31 December 2017 were 2.61 cents per
share (31 December 2016: 2.79 cents per share). Dividends paid for the period ended
31 December 2017, prior to any reinvestment, totalled $4,065,528 (31 December 2016:
$4,043,464). Dividends paid for the period ended 31 December 2017 were 1.30 cents per
share on 29 September 2017 and 1.31 cents per share on 22 December 2017.
Dividend reinvestment plan
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 at a
3% discount. During the period ended 31 December 2017, 1,470,887 ordinary shares
(December 2016: 2,451,733 ordinary shares) 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 Barramundi before the next record date.
NOTE 3 — FINANCIAL ASSETS AND LIABILITIES AT FAIR
VALUE THROUGH PROFIT OR LOSS
31/12/17
UNAUDITED
30/06/17
AUDITED
$000$000
Financial assets designated at fair value through profit or loss
Australian listed equity investments 99,65388,343
Total financial assets at fair value through profit or loss 99,65388,343

Financial liabilities at fair value through profit or loss - held for trading
Fair value of forward foreign exchange contracts 19310
Total financial liabilities at fair value through profit or loss 19310
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 2017 was $61,890,559 (30
June 2017: $50,191,641).

BARR AMUNDI LIMITED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
Barramundi Limited
|

Interim Report |
31 December 2017
24
NOTE 4 — RECONCILIATION OF OPER ATING PROFIT AFTER
TAX TO NET CASH FLOWS FROM OPER ATING ACTIVITIES
6 MONTHS
ENDED
31/12/17
UNAUDITED
6 MONTHS
ENDED
31/12/16
UNAUDITED
$000$000
Net profit after tax 12,6591,113
Items not involving cash flows
Unrealised (gains)/losses on cash and cash equivalents (116)48
Unrealised (gains)/losses on revaluation of investments (9,670)1,562
(9,786)1,610
Impact of changes in working capital items
Decrease in fees and other payables (509)(229)
Decrease in interest, dividends and other receivables 16163
Change in current and deferred tax (1,258)(279)
(1,606)(445)
Items relating to investments
Amount paid for purchases of investments (22,295) (29,042)
Amount received from sales of investments 22,621 37,787
Return of capital 106 80
Realised gains on investments (2,734) (3,062)
Decrease in unsettled purchases of investments 921 228
Increase in unsettled sales of investments 0 59
(1,381) 6,050
Items relating to financing activities
Performance fee settled by issue of shares 464 0
464 0
Net cash inflows from operating activities 3508,328

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
Barramundi Limited
|

Interim Report |
31 December 2017
25
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 Management
Agreement and having a director in common.
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 2017, no management fee adjustment was
necessary (31 December 2016: no adjustment). Management fees for the six months
ended 31 December 2017 totalled $658,543 (31 December 2016: $714,173).
A performance fee may be earned by the Manager provided the performance fee
hurdle and a high water mark test have been met. A performance fee of $941,241 has
been accrued for the six months ended 31 December 2017 (31 December 2016: nil
and 30 June 2017: nil). This performance fee will only be payable if the performance
criteria are met for the whole year.
In accordance with the terms of the Management Agreement, half of any performance
fee payable (exclusive of GST) will be applied by the Manager to subscribe for shares in
Barramundi, issued at a price equal to the volume weighted average traded price
of ordinary shares over the last five trading days ended 30 June 2018. Included in
trade and other payables is a provision of $477,575 (31 December 2016: nil and
30 June 2017: nil) for the performance fee, being the net of the total fee of $941,241
(31 December 2016: nil and 30 June 2017: nil) less the amount expected to be
settled in shares of $463,666 (31 December 2016: nil and 30 June 2017: nil) which is
included in the performance fee reserve. Full details of the performance fee calculation
methodology are included in the Barramundi annual report for the year ended
30 June 2017.

Barramundi Limited
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Interim Report |
31 December 2017
26
NOTE 5 — RELATED PARTY INFORMATION CONTINUED
Fisher Funds provides administration services to Barramundi and during the six months
ended 31 December 2017 payments totaling $79,350 were made (31 December 2016:
$80,002).
The amount payable to Fisher Funds at 31 December 2017 in respect of management
fees, performance fees to be paid in cash and administration services was $610,991 (31
December 2016: $129,185 and 30 June 2017: $126,194).
Fisher Funds held shares in the company at 31 December 2017 which total 0.36% of
the total shares on issue (31 December 2016: 0.40% of the total shares on issue and
0.41% of the total warrants on issue and 30 June 2017: 0.40% of the total shares on
issue and 0.41% of the total warrants on issue). Dividends were also received by Fisher
Funds as a result of its shareholding.
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 in the company at 31 December 2017 which total 1.23% of
total shares on issue (31 December 2016: 1.08% of the total shares on issue and 1.49%
of the total warrants on issue and 30 June 2017: 1.07% of the total shares on issue and
1.09% of the total warrants on issue). Dividends were also received by the directors as
a result of their shareholding. The directors did not receive any other benefits which
may have necessitated disclosure under NZ IAS 24.
NOTE 6 — NET ASSET VALUE
The unaudited net asset value of Barramundi as at 31 December 2017 was $0.69 per
share (31 December 2016: $0.65 per share unaudited, 30 June 2017: $0.64 per share
audited).
NOTE 7 — SUBSEQUENT EVENTS
On 19 February 2018 the Board declared a dividend of 1.38 cents per share. The record
date for this dividend is 15 March 2018 with a payment date of 29 March 2018.
There were no other events which require adjustment to or disclosure in these interim
financial statements.
BARR AMUNDI LIMITED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED

Barramundi Limited
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Interim Report |
31 December 2017
27
PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independentreviewreport
to the shareholders of Barramundi Limited
Report ontheInterimFinancial Statements
We havereviewedtheaccompanyinginterimfinancialstatementsofBarramundi Limited(the
Company)on pages15to26, whichcomprisethe statement of financial positionas at31December
2017, and thestatement of comprehensiveincome, the statement of changesin equityand the
statementofcash flowsfortheperiodendedon that date, andnotes to theinterim financial statements.
Directors’responsibility for the interimfinancial statements
TheDirectorsare responsible on behalfof theCompanyfor the preparation and presentation ofthese
interimfinancial statements in accordance with New Zealand Equivalent to International Accounting
Standard 34InterimFinancial Reporting(NZIAS 34) and for such internal controlastheDirectors
determine isnecessaryto enable the preparation ofinterimfinancial statements that are freefrom
material misstatement, whether due to fraud or error.
Ourresponsibility
Ourresponsibility is to express aconclusion on the accompanying interimfinancial statements basedon
ourreview.Weconducted ourreview in accordance with the NewZealandStandard on Review
Engagements 2410Reviewof Financial Statements Performed by theIndependent Auditor of the
Entity(NZSRE 2410). NZ SRE 2410requires us to conclude whetheranythinghascome to our
attentionthatcauses us to believe that the interimfinancial statements,taken asa whole, are not
prepared in all material respects, in accordancewith NZ IAS 34. As theauditorof theCompany,NZ SRE
2410 requires that we comply with the ethical requirements relevanttothe audit of the annual financial
statements.
A review ofinterimfinancial statements inaccordance with NZ SRE2410is a limited assurance
engagement. The auditor performsprocedures, primarily consisting of making enquiries,primarily of
persons responsible for financial and
accountingmatters, andapplyinganalytical andother review
procedures. The procedures performed in areview are substantiallyless thanthose performedin an
audit conducted in accordance with International Standardson Auditing(NewZealand) and
International Standardson Auditing.Accordingly, we do notexpress an audit opinionon theseinterim
financial statements.
We are independent oftheCompany. Otherthan in our capacity asauditor,we have no relationship
with, or interests in,the Company.
Conclusion
Based on our review,nothing has come to ourattention that causesus to believe that these interim
financial statements of the Companyare not prepared, in all material respects, in accordancewith NZ
IAS 34.
Who wereport to
This report is madesolely to theCompany’s shareholders,as a body. Our reviewworkhas been
undertakenso that we might state to the Company’s shareholdersthose matters which we arerequired
tostate to themin our review report andfor no other purpose. To the fullest extent permittedby law, we
do notaccept or assume responsibilitytoanyone otherthan the shareholders,as a body, forourreview
procedures , forthis report, orforthe conclusion we have formed.
Forand onbehalfof:
Chartered AccountantsAuckland
19February 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
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 2017
28
N OT E S

Barramundi Limited
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N OT E S

Barramundi Limited
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30
N OT E S

Barramundi Limited
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DIRECTORY
REGISTERED OFFICE
Level 1
67 – 73 Hurstmere Road
Takapuna
Auckland 0622
DIRECTORS
Independent Directors
Alistair Ryan (Chair)
Carol Campbell
Andy Coupe
Director
Carmel Fisher
CORPOR ATE
MANAGER
Jody Kaye
MANAGER
Fisher Funds
Management Limited
Level 1
67 – 73 Hurstmere Road
Takapuna
Auckland 0622
SHARE REGISTR AR
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
AUDITOR
PricewaterhouseCoopers
188 Quay Street
Auckland 1010
SOLICITOR
Bell Gully
Level 21, Vero Centre
48 Shortland Street
Auckland 1010
BANKER
ANZ Bank New Zealand
Limited
23-29 Albert Street
Auckland 1010
NATURE OF BUSINESS
The principal activity of
Barramundi is investment
in quality, growing
Australian companies.
FOR ENQUIRIES ABOUT BARR AMUNDI 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
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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