Barramundi 2020 Annual Report

ANNUAL REPORT
2020
30 JUNE

03 About Barramundi
06 Directors’ Overview
10 The STEEPP Process
12 Manager’s Report
18 Barramundi Portfolio Stocks
26 Board of Directors
27 Corporate Governance
Statement
33 Directors’ Statement of
Responsibility
34 Financial Statements Contents
53 Independent Auditor’s Report
57 Shareholder Information
58 Statutory Information
61 Directory
CONTENTSCALENDAR
Next Dividend Payable
Interim Period End
25 SEPTEMBER 2020
31 DECEMBER 2020
Annual Shareholders’ Meeting
Ellerslie Event Centre, Auckland
10:30am
23 OCTOBER 2020
2
Barramundi Limited
|

Annual Report |
2020

This report is dated 7 September 2020 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
ABOUT BARRAMUNDI
Barramundi Limited (“Barramundi” or “the Company”) is a listed investment
company that invests in growing Australian companies. The Barramundi portfolio
is managed by Fisher Funds Management Limited (“Fisher Funds” or “the
Manager”), a specialist investment manager with a track record of successfully
investing in quality, growth companies. Barramundi listed on NZX Main Board on
26 October 2006 and may invest in companies that are listed on an Australian stock
exchange (with a primary focus on those outside the top 20 at the time of investment)
or unlisted companies.
INVESTMENT OBJECTIVES
The key investment objectives of Barramundi are to:
• achieve a high real rate of return, comprising both income and capital growth,
within risk parameters acceptable to the directors; and
• provide access to a diversified portfolio of Australian quality, growth stocks through
a single tax efficient investment vehicle.
INVESTMENT APPROACH
The investment philosophy of Barramundi is summarised by the following broad
principles:
• invest as a medium to long-term investor exiting only on the basis of a fundamental
change in the original investment case;
• invest in companies that have a proven track record of growing profitability; and
• construct a diversified portfolio of investments, based on the ‘STEEPP’ investment
criteria (see pages 10 and 11).
3
Barramundi Limited
|

Annual Report |
2020

4
Barramundi Limited
|

Annual Report |
2020
Dividends paid during the year ended 30 June 2020 (cents per share)
Total for the year ended 30 June 2020 5.56 cents per share (2019: 5.38 cps)
DIVIDENDS PAID
26 September
2019
1.39
19 December
2019
1.44
27 March
2020
1.45
26 June
2020
1.28
For the 12 months ended 30 June 2020
AT A GLANCE
$12.5M
Net profit
+13.5%
Gross performance return
+21.6%
Total shareholder return
As at 30 June 2020
$0.69
Share price
$0.68
NAV per share
+10.6%
Adjusted NAV return

5
Barramundi Limited
|

Annual Report |
2020
As at 30 June 2020
SECTOR SPLIT
As at 30 June 2020
LARGEST INVESTMENTS
7%
Carsales.com
7%
CSL Limited
7%
SEEK
6%
Commonwealth
Bank
6%
Xero
Financials 26%
Communication Services 21%
Healthcare 20%
Information Technology 16%
Consumer Discretionary 8%
Industrials 4%
Consumer Staples 3%
The Barramundi portfolio also holds some cash
These are the largest five percentage holdings in the Barramundi portfolio. The full Barramundi portfolio and percentage holding
data as at 30 June 2020 can be found on page 17.

DIRECTORS’ OVERVIEW
“... s t r o n g
performance in a
turbulent year with
Net Profit After
Tax at $12.5m,
significantly up on
last year’s $7.4m.”
Alistair Ryan
Chair
6
Barramundi Limited
|

Annual Report |
2020

Barramundi’s $12.5m net tax-paid profit
equated to an adjusted NAV return (gross
return after expenses, fees and tax) of +10.6%
1

with the portfolio materially outperforming
its benchmark index, returning a positive gross
performance of 13.5%
2
(before expenses, fees
and tax), whereas the comparative benchmark
index was in negative territory at -6.6%
3
.
The Australian sharemarket, along with all global
sharemarkets, suffered from the uncertainty brought
about by the COVID-19 pandemic, with the benchmark
index
3
falling -28% during February and March.
However, over the June quarter the Barramundi
portfolio recovered almost all of that lost performance,
and it was therefore pleasing to see Barramundi finish
the year to 30 June 2020 well in positive territory.
It has been encouraging to see global markets,
including Australia, recover much of the lost ground
during the period since March 2020. However, markets
(and economies) around the world remain volatile and
the ongoing impact of the COVID-19 pandemic is highly
uncertain. However, the Barramundi portfolio provides
a good spread of quality Australian businesses that
are closely monitored and continuously analysed by an
experienced and capable portfolio team and should be
well placed to weather future volatilities as they arise.
During the COVID crisis, the board maintained close
contact with the Barramundi portfolio team led
by Robbie Urquhart and with Fisher Funds’ Chief
Investment Officer Frank Jasper, and we are satisfied
that the STEEPP process and the rigour and analytical
discipline that goes with that has helped buffer the
portfolio from some of the more extreme market
movements of recent times. Your portfolio team has
had regular contact with the Barramundi investee
companies prior to and throughout the lockdown
period and this will of course continue. Discussions
have centred on balance sheet strength, liquidity and
availability of capital, underlying strength of earnings
and the calibre of key management – factors that the
STEEPP process focuses on and which have held the
portfolio in good stead over the years.
Total shareholder return (TSR) benefitted from a 9.5%
increase in share price (from $0.63 to $0.69) which, when
combined with the continuing dividend stream and the
impact of warrants, elevated TSR to 21.6%
4
for the year.
REVENUES AND EXPENSES
The 2020 net profit result comprised gains on
investments of $12.7m, dividend and interest income of
$3.0m, less operating expenses of $3.0m and less tax
of $0.1m. Operating expenses were $0.7m higher than
the corresponding period due to the management fee
payable to the Manager being $300k higher in 2020,
due to the average gross asset value of the portfolio over
the course of the year being higher when compared to
the previous year. There has also been a performance
fee of $300k payable to the Manager, due to the strong
performance. (As we advised last year the performance
fee methodology was renegotiated with the Manager in
2019, such that the percentage applied is now 10% of
the performance above the performance fee benchmark
and high water mark, rather than the previous 15%).
DIVIDENDS
Barramundi continues to distribute 2.0% of average net
asset value per quarter. Over the 12-month period to
30 June 2020, Barramundi paid 5.56 cents per share in
dividends. The next dividend will be 1.34 cents per share,
payable on 25 September 2020 with a record date of 10
September 2020.
Barramundi’s dividend reinvestment plan (DRP) provides
shareholders with the option to reinvest all or part of any
cash dividends in fully paid ordinary shares. Currently,
shares issued under the DRP are issued at a 3% discount.
To participate in the DRP, a completed participation
notice must be received by Barramundi before the next
record date. Full details of the 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/.
WARRANTS
Barramundi has a regular warrant programme. On 25
October 2019, Barramundi warrant holders had the
option to convert their warrants into ordinary Barramundi
shares at an exercise price of $0.59 per warrant. On the
same day, Barramundi shares were trading on-market
at $0.65, a 10% premium to the exercise price. Warrant
holders took advantage of this discount, with 31.3m
warrants out of a possible 42.2m warrants (74%) being
converted into ordinary shares. The new shares were
allotted to warrant holders on 1 November 2019. The
additional funds were invested during November 2019
in Barramundi’s investment portfolio of stocks, in similar
proportions to the existing portfolio.
1
Adjusted NAV return – the net return to an investor after expenses, fees and tax.
2
Gross Performance Return – the Manager’s portfolio performance in terms of stock selection & currency hedging before expenses,
fees and tax.
3
Benchmark Index – S&P / ASX 200 index (hedged 70% to NZ).
4
Total Shareholder Return – the return combines the share price performance, the warrant price performance, the net value of
converting any warrants into shares and the dividends paid to shareholders. It assumes all dividends are reinvested in the company’s
dividend reinvestment plan, and that shareholders exercise their warrants (if they were in the money) at warrant expiry date.
7
Barramundi Limited
|

Annual Report |
2020

DIRECTORS’ OVERVIEW CONTINUED
COMPANY PERFORMANCE
FOR THE YEAR ENDED 30 JUNE2020201920182 0 1720165 YEARS
(ANNUALISED)
Total Shareholder Return21.6%15.5%10.1%6.2%0.4%10.5%
Adjusted NAV Return10.6%5.6%22.6%2.7%6.2%9.3%
Dividend Return8.8%9.0%8.9%8.7%8.2% -
Net Profit$12.5m$7. 4 m$20.5m$2.7m$5.4m -
Basic Earnings per Share6.45cps4.40cps12.99cps1.82cps4 .17c p s -
OPEX ratio2.0%2.0%3.7%2.1%2.1% -
OPEX ratio (before performance fee)1.8%2.0%1.8%2.1%2.1% -
AS AT 30 JUNE2020201920182 0 172016
NAV (as per financial statements)$0.68$0.69$0.71$0.64$0.67
Adjusted NAV$1. 89$1.70$1.61$1.32$1. 28
Share Price$0.69$0.63$0.60$0.60$0.62
Warrant Price -$0.02 -$0.01 -
Share Price Discount/(Premium) to NAV¹(1.5%)8.7%15.5%6.3%7. 5%
On 26 August 2020, the board announced a new
Barramundi warrant and in September we will be
writing to shareholders with information in regards
to the new warrant, which is expected to be allotted
to eligible shareholders in early October. Warrants
continue to be a part of Barramundi’s overall capital
management programme.
SHARE BUYBACKS
Share buybacks are utilised when the share price
to NAV discount is greater than 8%. During the 12
months to 30 June 2020, the share price to NAV
discount fluctuated between 0% and 22%. Over the
period, Barramundi took advantage of the deeper share
price to NAV discounts and purchased approximately
1.1m shares. Shares purchased under the buyback
programme are held as treasury stock and subsequently
reissued to shareholders under the DRP.
ANNUAL SHAREHOLDERS’ MEETING
The 2020 Annual Shareholders’ Meeting will be held
on Friday 23 October at 10:30am at the Ellerslie Event
Centre in Auckland and online. All shareholders are
encouraged to attend, with those who are unable
to attend invited to cast their vote on company
resolutions prior to the meeting. All information
presented at the annual meeting will be available
on Barramundi’s website at the conclusion of the
meeting.
Andy Coupe, director since 2013 and chair of the
Investment Committee, retires by 3-year rotation at
this year’s annual meeting and will stand for re-
election. The board fully endorses Andy’s re-election.
The board has resolved that Carmel Fisher, retired
from Fisher Funds since July 2017, is an independent
director (previously non-independent). All four of the
current board are therefore deemed independent.
CONCLUSION
The 2020 year has certainly been another challenging
period for the Australian share market which has
been strongly influenced by global events, as well
as those closer to home. It was encouraging that
Barramundi was able to generate a significant return
against such a backdrop. The board is pleased at the
Manager’s continued focus on investing in quality
Australian companies which have continued to grow
and yield satisfying returns for shareholders.
We would like to thank you for your continued
support and look forward to seeing many of you
at our Annual Shareholders’ Meeting in October,
subject to any restrictions on indoor gatherings that
may be applicable at that time.
On behalf of the board,
Alistair Ryan, Chair
Barramundi Limited
7 September 2020
8
Barramundi Limited
|

Annual Report |
2020

NON-GAAP FINANCIAL INFORMATION
Barramundi uses the following non-GAAP measures:
• adjusted net asset value – the underlying value of the investment portfolio adjusted for capital allocation
decisions after expenses, fees and tax,
• adjusted NAV return – the net return to an investor after expenses, fees and tax,
• gross performance return – the Manager’s portfolio performance in terms of stock selection and currency
hedging before expenses, fees and tax,
• total shareholder return – the return combines the share price performance, the warrant price performance, the
net value of converting any warrants into shares, and the dividends paid to shareholders. It assumes all dividends
are reinvested in the company’s dividend reinvestment plan, and that shareholders exercise their warrants, (if
they were in the money), at warrant expiry date,
• OPEX ratio – the percentage of Barramundi’s assets used to cover operating expenses, excluding tax and
brokerage, and
• dividend return – how much Barramundi pays out in dividends each year relative to its share price.
All references to the above measures in this Annual 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/.
TOTAL SHAREHOLDER RETURN
Oct
2007
Oct
2006
Oct
2008
Oct
2009
Oct
2010
Oct
2011
Oct
2012
Oct
2013
Oct
2014
Oct
2015
Oct
2016
Oct
2017
Oct
2018
Oct
2019
Share Price/Total Shareholder Return
$
1.00
$
1.50
$
2 .00
$
2 .50
$
0.50
$
0.00
Share Price Total Shareholder Return
PORTFOLIO PERFORMANCE
FOR THE YEAR ENDED 30 JUNE2020201920182 0 1720165 YEARS
(ANNUALISED)
Gross Performance Return13.5%10.0%24.3%6.0%11. 0%12.8%
Blended Index²(6.6%)10.2%14.9%14.7%3.3%7. 0%
Performance Fee Hurdle³8.2%9.0%9.0%9.2%9.9%
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 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. Returns shown gross in NZ dollar terms.
³ The performance fee hurdle is the Benchmark Rate (NZ 90 Day Bank Bill Index +7%).
9
Barramundi Limited
|

Annual Report |
2020

10
Barramundi Limited
|

Annual Report |
2020
STRENGTH OF
THE B USINESS
What is the company’s
competitive advantage? Is it
sustainable? Is the company a
market leader? Does it have a
dominant position? A strong
business is one that can maintain
its profit margins by employing a
unique strategy.
TR A CK
RECORD
How has the company performed
in the past? Has the company
performed under the same
management team? Has it grown
organically or by acquisition? How
did the company react during a
downturn? Fisher Funds prefers to
buy established companies that
have executed well in the past.
EARNINGS
HISTO R Y
How fast has the company
been able to grow its earnings
in the past? How consistent
has earnings growth been?
Fisher Funds prefers to buy
companies that exhibit secular
growth characteristics where the
company has proven its ability
to provide a high or improving
return on invested capital.
Fisher Funds employs a process that it calls STEEPP to analyse existing and potential portfolio
companies. This analysis gives each company a score against a number of criteria that Fisher Funds
believes need to be present in a successful portfolio company. All companies are then ranked
according to their STEEPP score to broadly determine their portfolio weighting (or indeed whether
they make the grade to be a portfolio company in the first place).
The STEEPP criteria are as follows:
STE
THE STEEPP PROCESS
Applying this STEEPP analysis, Fisher Funds constructed a portfolio
for Barramundi which comprised 25 securities as at 30 June 2020.

11
Barramundi Limited
|

Annual Report |
2020
EARNINGS GROWTH
FORECAST
What is the company’s earnings
growth forecast over the next
three to five years? What is the
probability of achieving the
forecast? What does Fisher Funds
expect the company’s earnings
potential to be? Fisher Funds
notices that too many analysts
focus on short-term earnings. As
long-term growth investors, Fisher
Funds thinks about where the
company’s earnings could be in
three to five years.
PEOPLE/
MANAGEMENT
Who are the management team
and how long have they been in
their roles? Who are the directors,
what is their history with the
company, and what do they bring
to the board? What is the depth of
management in the organisation
and is there a succession plan for
the key executive roles? Do the
management team own shares
in the business and how are
they rewarded? Has the board
and management exhibited
good corporate behaviour in the
areas of environmental, social
and governance considerations?
For Fisher Funds, the quality of
the company management and
its corporate governance is of
paramount importance.
PRICE/
VALUATION
How much of the future earnings
growth is already reflected in
the share price? Where does the
current share price sit in relation
to Fisher Funds’ worst to best case
valuation range? A company will
generate a higher score where the
market price currently reflects little
of that company’s upside potential.
EPP

MANAGER’S REPORT
Robbie Urquhart
Senior Portfolio Manager
“Barramundi’s all-
weather portfolio
of high quality and
growing companies
delivered for
shareholders in a
tumultuous year for
global sharemarkets.”
12
Barramundi Limited
|

Annual Report |
2020

SUMMARY AND MARKET REVIEW
For the year ending 30 June 2020, the Barramundi
portfolio strongly outperformed the market with
a gross performance return (the return before
expenses, fees and tax) of +13.5%. This compares
to the benchmark S&P/ASX 200 Index (70% hedged
into NZ$) which was down – 6.6% for the year.
The financial year was characterised by six months
of relative tranquility up to 31 December 2019,
during which time the benchmark index returned
+3.1%. This market performance was assisted by a
stable political environment, and a strengthening
economy. Australian GDP growth rose from a
+1.6% annualised run rate in June to +2.2% by
the end of the calendar year.
But this tranquility did not last. Domestic anguish
about the impact of the devastating Australian
bushfires in December was soon superseded by
global anguish as the COVID-19 virus took root
across the world in early 2020. Governments
sought to contain the spread of the virus by
shutting down economies across the globe.
This created a tremendous strain on the global
economy. Share markets consequently traded
sharply lower in March. At its lowest point in
March, the S&P / ASX200 Index had entered a
bear market and was down –31.2% (70% hedged
into NZ$) for the calendar year. And by the end of
June, the Australian economy was in a recession
for the first time since the 1990s.
In positive developments, stability to share
markets began returning in late March as
significant fiscal and monetary policy stimulus was
unleashed globally by governments and central
banks. In Australia, the fiscal stimulus alone
totalled A$165bn or a whopping 9% of GDP. The
Reserve Bank of Australia (RBA) grudgingly added
to this firepower by embarking on quantitative
easing measures for the first time.
Improving COVID-19 health-related outcomes
also helped as Australian states started opening
up their economies. Coupled with the stimulus,
this laid a foundation for an economic recovery.
This in turn buttressed equity markets, and the
S&P/ASX 200 Index rose and pared its losses from
the March lows, ending down – 9.4% in the six
months to 30 June 2020.
As discussed later on, the war on COVID-19 is far
from over. Virus outbreaks and a resumption of
lockdowns in Victoria post financial year end and the
recent closure of inter-state borders as at the time of
writing have driven home the unpredictability of the
pandemic and the need for vigilance.
THE BARRAMUNDI PORTFOLIO
YEAR IN REVIEW
Against this backdrop, the Barramundi portfolio
has performed admirably. It outperformed the
benchmark index in the tranquil six months to 31
December 2019, returning +12.4% (gross) over that
time. It also pleasingly outperformed the benchmark
index during the volatile six months to 30 June where
it returned +1.1%.
Our investment philosophy is focused on investing
in high quality and growing businesses, with strong
durable competitive advantages, run by passionate
management teams. This has served Barramundi
shareholders well in this unpredictable, volatile
environment.
High quality businesses have been rewarded
during the year
Our investment process has resulted in a large
proportion of our portfolio being invested in companies
in the Healthcare, Information Technology and
Communication Services (online & outdoor advertising)
sectors. Many companies in these industries provide
critical goods and services to customers that need to
be used in good and bad economic times. This helps
insulate their earnings from economic shocks such as
the COVID-19 pandemic.
Consistent with this, we saw our Healthcare
companies such as Resmed (+62% in A$), CSL (+35%),
Nanosonics (+21%) and Sonic Healthcare (+16%)
perform strongly over the year.
Resmed, for example, is one of the largest global
manufacturers of ventilators and masks which are used
by patients with sleep apnoea and other respiratory
conditions. As a respiratory related virus, the COVID-19
pandemic has seen global demand soar for ventilators
as well as associated equipment. Resmed has increased
its ventilator manufacturing output three-fold to help
meet this demand. Although its sleep apnoea business
has been negatively affected, overall Resmed has been
a beneficiary of this crisis.
13
Barramundi Limited
|

Annual Report |
2020

MANAGER’S REPORT CONTINUED
Within Information Technology, Next DC (+52%)
and Xero (+50%) have also benefitted. They have
capitalised on the accelerated shift towards a more
digital global economy. Next DC is the premier
owner and operator of data centres in Australia.
As more firms have adopted ‘working from home’
habits, their demand for flexible access to company
systems and information from different locations has
risen. This data is increasingly stored in data centres,
benefitting firms like Next DC.
Similarly, the demand for accounting data and
services (accessible from any location) by small and
medium-sized businesses has also risen. This has
benefitted Xero which specialises in the provision
of cloud-based accounting software to these
businesses.
COVID-19 has highlighted the importance
of strong balance sheets and an all-weather
portfolio
The equity market impacts of the COVID-19 virus
have been widespread and highly unpredictable. A
few companies such as Next DC and others in the
technology arena have benefitted. But they are in the
minority. The earnings of the majority of companies
have been negatively affected by the spread of the
virus.
Companies that have previously been deemed by
the market to have reliable, or defensive earnings
have in many cases been found to have the
opposite characteristics through this pandemic.
So for example, airports have historically been
thought to have defensive earnings. Consequently
they have typically funded their operations with a
material amount of debt because they felt they had
the predictability of earnings to meet their debt
repayments. As many people can relate to, in an
environment where airlines are grounded, these
predictable earnings have disappeared. A number
of airports have consequently been forced to raise
equity to repay their debt obligations.
We have no airport shareholdings in the Barramundi
portfolio. But COVID-19 has driven home the
importance of having companies in the portfolio
with strong balance sheets. This provides protection
against running out of cash and preserving access to
funding during an economic shock.
Within our portfolio we had one company caught
in the eye of the COVID-19 storm in March.
oOH!Media saw its share price fall 70% in March as
the market became concerned about its debt levels.
oOH!Media is one of the largest outdoor advertising
companies in Australia (think of billboards on
roadsides). oOH!Media is a well-managed company
in an advertising category that has structural
growth. It is winning advertising market share from
traditional forms of advertising such as television and
print advertising. Even so, underneath this structural
earnings growth, there is cyclicality to its earnings
from one year to the next. In a sharp economic
downturn when organisations cut their advertising
spend, oOH!Media’s earnings will fall.
While oOH!Media had debt levels that were fine for
most environments, it had too much debt for a 1 in
a 100 year event. To its credit, the company acted
quickly to address this issue. It raised $167m in equity
to substantially reduce its debt. We think oOH!Media
is well placed to benefit from the recovery in
advertising markets when it eventually does occur.
In addition to the focus on balance sheets, the
COVID-19 pandemic has also driven home the
importance of having an all-weather portfolio. As
with these examples discussed above, regardless
of how strong an individual business is, there are
unforeseen circumstances in which it might not
perform as well as expected. Having a blend of
companies from different industries plays a crucial
role in balancing a portfolio’s performance through a
range of unpredictable market conditions.
Ansell (+40%) is an example of a portfolio
company that has played a pivotal role in helping
Barramundi weather the COVID-19 crisis. Ansell
is a global manufacturer of gloves and protective
equipment worn by people in industrial (e.g. in car
manufacturing facilities) and healthcare settings (e.g.
in hospitals). As the largest global player in industrial
and surgical gloves, Ansell is a good quality business
that benefits from a scale advantage relative to
competition. Ansell operates in a relatively mature
industry. It is not growing as quickly as some other
Barramundi portfolio companies. However, demand
for its products has soared because COVID-19 has
highlighted the importance of wearing protective
equipment like gloves from a hygiene perspective. Its
earnings through the crisis have been resilient despite
the global shock to world economic growth.
Domino’s Pizza Enterprises (+87%), our best
performing company in the year, has been another
important cog in our portfolio this year. With an
expanding pizza store roll-out underway in Europe,
Domino’s has a reasonable earnings growth runway
in front of it. It has managed to keep stores in many
of its jurisdictions open during lockdown. During this
14
Barramundi Limited
|

Annual Report |
2020

time, lower foot traffic has resulted in dining-in and
take-out sales falling. But Domino’s has successfully
mastered ‘contactless’ delivery of pizza leading to a
strong increase in delivery sales instead.
As with Ansell, at the start of the year we would
not necessarily have guessed that Domino’s would
perform as well as it has relative to other portfolio
companies during an economic crisis. However the
nature of this specific crisis has played into both
Domino’s and Ansell’s hands.
Incidentally, we hasten to add that management and
employees at Domino’s and Ansell have played a
critical role in their success and are to be applauded.
Both companies run physical supply chains which
have been tremendously disrupted during the
economic lockdown. Physical goods cannot be
transported over a Zoom call! It is testament to all
those who work at these companies that pizzas and
gloves continue to be delivered to their customers
during this period of disruption.
As outlined in our outlook commentary, we don’t yet
know when the COVID-19 crisis will end. We certainly
don’t know when the next challenge for the global
economy will emerge and what form it will take.
Regardless, we think our mix of high-quality
companies, with strong competitive positions, run
by sound management teams will stand Barramundi
shareholders in good stead through time.
KEY PORTFOLIO CHANGES
BETWEEN JUNE AND DECEMBER
2019 (PRIOR TO THE ONSET OF
COVID-19)
We added PWR Holdings to the portfolio in July
2019. PWR specialises in manufacturing cooling
systems for global high-end motorsport teams such
as in Formula One and Nascar. It also provides cooling
systems to high-priced car manufacturers including
Aston Martin and Porsche. Driven by its focus on
innovation and development, PWR can grow its
revenues for many years. As part of this, we expect it
to expand its contracts with car manufacturers and to
broaden its customer base into other industries.
We re-jigged our bank shareholdings in December.
We added Australia and New Zealand Banking
Group (“ANZ”) back into the portfolio. We
commensurately reduced our shareholdings in
Westpac, National Australia Bank and CBA. ANZ
benefits from similar scale and funding advantages
to our other major bank shareholdings. We were also
attracted by the lengthening tenure and solid track
record of current management. Under CEO Shayne
Elliott, ANZ has returned its focus to the domestic
Australian and New Zealand markets. Similar to its
peers, this plays to ANZ’s scale advantages. This is in
our view less risky than the offshore growth strategy
undertaken by the previous CEO.
We exited our position in gaming machine
manufacturer Aristocrat in November. While the
company had performed adequately, the digital
gaming division had not quite met our expectations,
and displayed signs of ‘investment thesis drift’. Mostly
however, we have become increasingly uncomfortable
about Aristocrat from an Environmental, Social and
Governance perspective and so we sold our shares.
KEY PORTFOLIO CHANGES
BETWEEN DECEMBER 2019 AND
JUNE 2020 (POST THE ONSET OF
COVID-19)
In February 2020, we reduced our shareholding in
online recruitment advertiser SEEK Ltd given the
deteriorating outlook for employment advertising in
light of the COVID-19 pandemic.
As the COVID-19 crisis unfolded, we ramped up
our engagement with our portfolio companies. We
assessed how the different businesses would be
affected and the steps management were taking to
mitigate the effects of the crisis.
As alluded to earlier, we focused particularly on the
strength of their balance sheets. Companies with
strong balance sheets and access to plenty of cash
in our view would be well positioned to weather an
unpredictable economic shock such as this. Coming
out of the crisis, these companies would also have
the funding and capacity to invest in growth and
capitalise on opportunities as and when the economic
recovery took root. This would ultimately be to their
shareholders’ benefit.
With this in mind, we participated in capital raisings
undertaken by oOH!Media, Credit Corp and National
Australia Bank.
The plunge in share markets in March also gave us
the opportunity to add to our higher quality company
shareholdings at materially lower valuations. To this
end we increased our weightings in our Australian bank
shareholdings. Their valuations had fallen as low as they
had been since the recession in the early 1990s. Yet
the banks entered the crisis with the strongest balance
sheets they’ve had in decades. In our view they were
well positioned to weather the storm.
15
Barramundi Limited
|

Annual Report |
2020

MANAGER’S REPORT CONTINUED
We also increased our weighting in pallet
manufacturer Brambles and topped up our Wisetech
and SEEK positions.
We funded these changes by reducing or exiting
positions in companies with either narrower
competitive advantages or that we thought did
not offer the same upside return potential. To this
end, we exited our shareholdings in Rio Tinto and
retirement accommodation provider Ingenia. We
also reduced our weightings in Domino’s Pizza, Link
Group and ARB Corporation.
The market turmoil also enabled us to invest
opportunistically in some high-quality companies.
REA Group Ltd is one example. We have followed
REA for a long time. It is Australia’s dominant online
real estate advertising business. Almost all real estate
agents across the country advertise houses for sale
on the site. While REA’s near-term profit outlook has
been negatively affected, its long-term prospects
remain sound. The drop in REA’s share price in
March offered us a rare opportunity to buy shares in
the company at a reasonable valuation.
In this vein, we also added Woolworths to the
portfolio in May. Woolworths is a high-quality
dominant supermarket operator in Australia and has
a strong presence in New Zealand. It has predictable,
defensive earnings (even in the COVID-19
environment). It strengthens the all-weather blend of
the Barramundi portfolio.
In May, we exited our position in Technology One.
We like the Technology One business. It provides
mission critical software to its customers including
local councils and education organisations. However,
its growth in our view continues to fall behind
management’s stated longer-term objectives. Linked
to this, its valuation is stretched. Should business
performance improve and/or the valuation adjust,
we could see it back in the portfolio in the future.
INVESTMENT SUMMARY AND
OUTLOOK
Australia initially seemed to manage the spread of
COVID-19 really well. As the virus spread throughout
March 2020, the country went into a nationwide
economic lockdown. This resulted in Australian
economists slashing their near-term economic
growth and employment forecasts.
However, soon the virus seemed to have been
contained. The Australian states began rolling back
their lockdown measures and it seemed as if the
COVID-19 health and economic outcomes would be
significantly better than originally anticipated at the
start of March.
Coupled with the significant fiscal and monetary
policy stimulus that I mentioned earlier, this laid a
foundation for an economic recovery in Australia.
Feedback from a number of our portfolio companies
suggests that the early signs of recovery seen in April
continued to broaden out and strengthen in May and
June. Allied to this, we have seen a strong rebound
in the Australian share market since the March lows.
Economists began paring back their expectations
around the extent of the economic damage expected
to be wrought by this virus.
However at the time of writing, we’ve seen a surge
in COVID-19 cases in Melbourne in Victoria, and a
smaller flare up in New South Wales.
The Premier of Victoria has re-imposed stringent
lockdown measures across the state. This is a material
setback for the Australian economic recovery. If it
proves to be successful in curtailing and bringing this
Victorian outbreak under control, this setback could
prove to be short-lived. However, if it spreads out
further, or takes a long time to be brought under
control, the economic damage could be more material.
In summary, the economic and near-term investment
outlook in Australia remains uncertain. The flare up in
Victoria is a setback to Australia’s economic recovery.
How much of a setback this is remains to be seen.
Globally, a huge effort is underway to find a vaccine
for the virus. Some early stage trial results have looked
promising. Should these prove to be successful,
this could result in further unwinding of lockdown
restrictions in time. Again, it is too soon to tell how
this will play out.
The Australian federal government is determined
to buttress the economy through this period. In
response to the Victorian outbreak, the government
has announced a six-month extension to its sizeable
fiscal stimulus measures beyond September 2020. This
provides businesses with meaningful fiscal support
until March 2021. Reserve Bank Governor Lowe has
also pledged additional monetary policy support
should that be needed.
We suspect that more fiscal and monetary policy
stimulus and support is likely to be in the offing. This
is supportive for the share market.
16
Barramundi Limited
|

Annual Report |
2020

None of the Barramundi portfolio companies are solely
focused on the Victorian market. We do have some
portfolio companies with a domestic, nationwide
focus, including our bank shareholdings and online
classified advertising businesses. Near-term earnings of
these companies will be impacted to varying degrees
by this lockdown.
However, the earnings from a number of our
Australian facing companies are relatively defensive
in nature, such as Woolworths (supermarkets), Next
DC (data centres) and AUB Group (insurance brokers).
Demand for their goods and services is unlikely to be
hampered much in this environment. In addition, we
have a meaningful proportion of portfolio company
earnings derived from international markets that
are also not likely to be impacted by the Victorian
lockdown. This includes the likes of CSL, Resmed,
Ansell, Brambles, Sonic Healthcare and Wisetech.
Drawing this all together, we think our portfolio is well
placed to weather this next COVID-19 challenge. And
we will continue to focus on capitalising on investment
opportunities that arise in this environment as we have
done in the past few months through adding REA and
Woolworths to the portfolio.


Robbie Urquhart / Senior Portfolio Manager
Fisher Funds Management Limited
7 September 2020

PORTFOLIO HOLDINGS
SUMMARY AS AT 30 JUNE 2020
Company
%
Holding
Ansell3.2%
ANZ Banking Group4.3%
ARB Corporation3.1%
AUB Group4.5%
Brambles4.0%
Carsales7. 5%
Commonwealth Bank6.5%
Credit Corp3.6%
CSL7. 2%
Domino's Pizza2.7%
Link Administration Holdings2.2%
Nanosonics2.6%
National Australia Bank3.5%
NEXTDC3.5%
Ooh! Media1.7%
PWR Holdings2.2%
REA Group5.0%
ResMed3.6%
SEEK7. 2%
Sonic Healthcare3.2%
Westpac4.0%
Wise Tech Global4 .1%
Woolworths Group3.1%
Xero Limited6.0%
Equity Total98.5%
Australian dollar cash1.3%
New Zealand dollar cash0.4%
Total Cash1.7%
Centrebet Rights 0.0%
Forward foreign exchange contracts(0.2%)
TOTAL100.0%
17
Barramundi Limited
|

Annual Report |
2020

18
Barramundi Limited
|

Annual Report |
2020
THE BARRAMUNDI
PORTFOLIO STOCKS
WHAT DOES IT DO?
Ansell designs, develops,
manufacturers and markets a wide
range of hand and arm protection
solutions for use in various
industrial and manufacturing
activities and in healthcare. It is
essentially an industrial materials
business that transforms natural
rubber latex and synthetic latex
into these value added products. It
is a leading player (#1 or #2) in all
its key market segments.
WHY DO WE OWN IT?
Ansell has an attractive
combination of businesses that
benefit when the world economy
grows, and those that enjoy
relatively resilient demand even
when economies are weak. We
expect the company’s earnings
to grow over time as better
occupational safety standards are
adopted in emerging markets and
as it successfully differentiates its
products from the commodity-end
of the markets it serves through
both branding and product
innovation. A heightened focus
on hygiene standards post the
outbreak of the COVID-19 virus
has led to increased demand for
Ansell’s products.
WHAT DOES IT DO?
Australia and New Zealand Banking
Group Limited (ANZ) has significant
retail and business banking
operations in its home markets
of Australia and New Zealand. It
has a leading agricultural banking
business in New Zealand.
WHY DO WE OWN IT?
ANZ has largely withdrawn from its
Asian expansion strategy over the
past few years, and has renewed
its focus of its investments and
resources in its home markets,
reducing its investment risk. Along
with the other major Australian
banks, ANZ enjoys a supportive
industry structure and has a wide
economic moat. The major banks’
scale, capital strength, regulatory
expertise, technology and brands
constitute significant barriers to
entry for potential competitors,
allowing the banks to earn healthy
returns on their capital. These
characteristics position them well
to navigate the COVID-19 related
economic downturn.
WHAT DOES IT DO?
ARB is Australia’s largest
manufacturer and distributor of
4×4 accessories. The company’s key
strength is its product leadership,
with ARB-branded products
enjoying a material price premium
to competitors. This has been
established through a prolonged
R&D focus which has resulted in
ARB having the best products. ARB
products are distributed through a
network of its own stores in Australia,
and a network of distributors around
the world that sees it export to more
than 100 countries.
WHY DO WE OWN IT?
ARB dominates a very specific
market niche. This leaves potential
competitors little scope to successfully
enter its market. The company is
run by its founders who have taken
a long-term view in building the
business. This has produced an
excellent record of growth, capital
allocation and returns. ARB is exiting
a high investment phase that has
suppressed apparent growth in
recent years. It is now positioned to
grow sales and profit, particularly
from its export markets, without
a commensurate need to invest
in capacity. Based on supportive
trends in its home market, and the
probability and potential scale of
success in its export market, we
believe the market under-estimates
ARB’s long-term earnings power.
+4 0 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
The following is a brief introduction to each of your portfolio companies, with a description
of why they deserve a position in the Barramundi portfolio. Total shareholder return is for
the year to 30 June 2020 and is based on the closing price for each company plus any capital
management initiatives. For companies that are new additions to the portfolio during the
year, total shareholder return is from the first purchase date to 30 June 2020.
-25 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
-0.3%
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
Total shareholder returns in Australian dollar terms sourced from Bloomberg.

19
Barramundi Limited
|

Annual Report |
2020
WHAT DOES IT DO?
AUB Group operates a general
insurance broking network
focused on the small to medium-
sized business market.
WHY DO WE OWN IT?
We like AUB’s owner-driven
business model where member
firms are strongly incentivised
to grow. We believe insurance
broking is an industry ripe for
consolidation, allowing AUB
to be an aggregator of smaller
broking firms. The combination
of adding more firms to the
network, long-term organic
growth in the insurance market
and the benefits of scale should
drive healthy earnings growth
for AUB over time.
+4 6 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
-11 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
+3 6 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
WHAT DOES IT DO?
Brambles is a supply-chain
logistics company operating in
more than 50 countries. The
group specialises in the pooling
of unit-load equipment and
associated services, focusing on
the outsourced management
of pallets (CHEP), crates and
containers.
WHY DO WE OWN IT?
Although Brambles is a capital
intensive business, it generates
attractive returns on capital. It is
difficult for potential competitors
to replicate the scale of Brambles’
pallet pool (US$5b) and its
extensive service centre network.
Moreover, there is considerable
IP in managing the flow of pallets
through the supply chain and
keeping control of the assets.
We expect sound growth from
Brambles for many years to come
as the penetration of pooled,
rental unit-load equipment
continues to increase in developed
markets and as modern supply
chains are established in emerging
markets.
WHAT DOES IT DO?
Carsales owns a network of
classified advertising websites in
Australia. Carsales’ main website,
www.carsales.com.au, is the
leading automotive classifieds
website in Australia.
WHY DO WE OWN IT?
A first mover advantage is
important in establishing
network-effect moats in online
marketplaces: think of eBay,
Amazon or TradeMe. Carsales
enjoys the first mover advantage
in all its markets, making it hard
for competition to encroach on its
dominance. Carsales is a strong
business with attractive growth
prospects and interesting global
options.

20
Barramundi Limited
|

Annual Report |
2020
BARRAMUNDI PORTFOLIO STOCKS CONTINUED
WHAT DOES IT DO?
Commonwealth Bank of
Australia (CBA) operates a
leading banking franchise in
both Australia and New Zealand
and has a strong presence in all
spheres of retail and business
banking. CBA has built a very
profitable portfolio of assets
and positioned itself to benefit
from key growth areas in the
Australian economy. The bank
also enjoys an enviable scale
advantage in gathering deposits,
allowing it an important source
of stable and low-cost funding.
WHY DO WE OWN IT?
The big four Australian banks
enjoy a supportive industry
structure and wide economic
moats. Their scale, capital
strength, regulatory expertise,
technology and brands
constitute significant barriers to
entry for potential competitors,
allowing the banks to earn
healthy returns on their capital.
These characteristics position
the major banks well to navigate
the COVID-19 related economic
downturn. CBA’s significant
share in core Australian lending
and deposit gathering should
ensure it continues to profit and
grow over time.
WHAT DOES IT DO?
Credit Corp purchases and then
collects, on its own account,
portfolios of defaulted debt.
These are primarily bought from
banks. In more recent times,
the company has diversified,
leveraging its understanding of
the sub-prime market to provide
consumer credit. It also has a
developing US purchased debt
ledger (PDL) operation.
WHY DO WE OWN IT?
We like Credit Corp’s leading
market position and strong
reputation with Australia’s major
banks, which have allowed it a
healthy share of the PDL market.
The business enjoys a scale
advantage versus competitors,
has a conservative balance sheet
and is tightly managed. The
mature Australian PDL business
should deliver sound growth,
with the company’s burgeoning
consumer lending business and
US PDL operation providing
significant growth opportunities.
-12 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
-4 0 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
+3 5 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
WHAT DOES IT DO?
CSL is a leader in the growing
global plasma therapies and
influenza markets. Plasma
therapies address severe
autoimmune and nerve
degeneration conditions.
WHY DO WE OWN IT?
CSL’s therapies address
conditions for which drug trials
are typically difficult to conduct,
giving existing companies with
approved therapies a tremendous
advantage. As a result, CSL enjoys
healthy returns on capital and
strong earnings growth over
very long product lifecycles.
In addition to owning several
leading therapies, CSL continue
to invest significant resources in
plasma supply and research and
development, securing future
earnings growth.

21
Barramundi Limited
|

Annual Report |
2020
+ 87 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
-15 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
+21 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
WHAT DOES IT DO?
Link is the largest provider of
fund administration services
to Australia’s superannuation
industry. It is the second largest
Australasian share registry and the
leading provider of shareholder
management and analytics.
The company also has registry
businesses in a number of other
countries.
WHY DO WE OWN IT?
Link has many of the qualities
that we look for in a company:
the leading market position
by a significant margin in
outsourced Australian super fund
administration; a strong value
proposition for its customers;
defensive, recurring revenues and
a high level of customer captivity.
We expect the company to
produce solid earnings growth as
it integrates an acquisition made
in 2014 that doubled the size of
its funds administration business.
With the scale advantage
that Link now enjoys it is well
positioned to participate in further
expected consolidation of the
fund administration sector.
WHAT DOES IT DO?
Domino’s Pizza is the master
franchisor of the Domino’s
brand in Australia, New Zealand,
France, Belgium, the Netherlands,
Monaco and Japan. The company
has revolutionised the pizza
restaurant industry in its key
markets by focusing on meeting
consumer taste, convenience and
value needs.
WHY DO WE OWN IT?
Dominos is a clear Australian
growth stock with store
expansion, productivity
and margin improvement
opportunities. The business has
significant scale, technology
expertise and a powerful brand,
all of which combine to create
a formidable barrier to entry
for potential competitors.
With meaningful contributions
from businesses around the
world, Dominos offers quality
diversification from the Australian
economy.
WHAT DOES IT DO?
Nanosonics has developed an
innovative technology for point of
use, high-level disinfection. The
company’s first product to market,
the Trophon EPR, is revolutionising
disinfection in the sonograph
market and is now being
distributed globally by Nanosonics
and in partnership with leading
companies like GE Healthcare,
Phillips and Miele.
WHY DO WE OWN IT?
Hospitals, medical facilities and
healthcare regulators around the
world are increasingly focused
on preventing infection through
more stringent disinfection
requirements. With a strong patent
portfolio and the first product
to market, the Trophon EPR,
Nanosonics is well positioned for
healthy future earnings growth.

22
Barramundi Limited
|

Annual Report |
2020
WHAT DOES IT DO?
Ooh! Media is a leading Out
of Home advertising company
with a dominant share in the
retailing sector. The company sells
advertising opportunities on its
wide network of signs and digital
screens, allowing advertisers to
reach consumers in new and
exciting ways.
WHY DO WE OWN IT?
There are two major prevailing
dynamics in the advertising
industry. Firstly, audiences are
increasingly fragmented, meaning
that advertisers have to find ways
to reach small target audiences
with relevant adverts, or risk being
ignored. Secondly, technology
is disrupting traditional media
causing major categories like Print
and Television to lose audiences,
and new categories like Online,
Mobile and Out of Home to gain
audiences. With the advent of
digital screens, Out of Home
advertising offers a new, dynamic,
high-tech media through which
to reach consumers. These two
powerful industry dynamics
should see sustained growth in
Out of Home advertising for the
foreseeable future.
BARRAMUNDI PORTFOLIO STOCKS CONTINUED
WHAT DOES IT DO?
Next DC is an Australian data
centre business. It currently
operates eight data centres across
Australia and has a few new
data centre developments in the
pipeline. Next DC provides only
the data centre infrastructure
within which its customers can
locate their servers. Its unique
proposition is to create a valuable
ecosystem within its data centres
by assembling a community of
customers for whom it makes
commercial sense to be in close
data proximity.
WHY DO WE OWN IT?
Next DC benefits from the
strong secular growth trends
in cloud computing, data use
and connectivity. The Australian
cloud services market is forecast
to grow three-fold by 2022. The
growth in demand for cloud
services has been accelerated by
the COVID-19 crisis. Assisted by
this tailwind, Next DC’s earnings
should multiply as the capacity of
its existing data centres becomes
fully utilised and as the capacity
of its new data centres comes
on-stream over the next couple
of years.
WHAT DOES IT DO?
National Australia Bank (NAB)
is one of Australia’s “big four”
banks. It operates a leading
banking franchise in both
Australia and New Zealand and
has a strong presence in all
spheres of retail and business
banking. NAB has a formidable
stable of brands supporting its
top tier position in both deposit
gathering and lending.
WHY DO WE OWN IT?
The big four Australian banks
enjoy a supportive industry
structure and wide economic
moats. Their scale, regulatory
expertise, technology and brands
constitute significant barriers to
entry for potential competitors,
allowing the banks to earn
healthy returns on their capital.
These characteristics position
the major banks well to navigate
the COVID-19 related economic
downturn. NAB has emerged
from a restructuring with a
relatively strong balance sheet
and compelling portfolio of
opportunities, positioning it well
for the future.
-28 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
+52 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
-70 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN

23
Barramundi Limited
|

Annual Report |
2020
+10 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
+11 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
+62 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
WHAT DOES IT DO?
ResMed is a global leader in the
treatment of sleep disordered
breathing conditions like
obstructive sleep apnea. The
company provides a range of
treatment options for patients
with these conditions including
CPAP flow generators and
consumables. The firm is a global
leader in what is an oligopoly
market with competitors
Respironics and New Zealand’s
Fisher & Paykel Healthcare.
WHY DO WE OWN IT?
ResMed benefits from an aging
and fattening population and
increasing awareness and
treatment of sleep disordered
breathing. ResMed has also
been a beneficiary of increased
demand across healthcare
systems globally for ventilators
and associated equipment as
a means of combatting the
COVID-19 virus. The company has
posted solid profit growth over
a number of years, leveraging
heavy ongoing investment in
research and development (R&D).
This R&D investment provides
a strong intellectual property
advantage from which long-
run earnings growth should
follow. The company is highly
cash generative, has net cash
on the balance sheet and is led
by a capable and experienced
management team.
WHAT DOES IT DO?
PWR specialises in manufacturing
cooling solutions for global high
end motorsport teams such
as Formula One, NASCAR and
Formula E. PWR is recognised as
a world leader when it comes
to high performance cooling
and it has used its expertise to
win a number of contracts to
provide cooling solutions for
high-priced limited run supercar
manufacturers such as Aston
Martin and Porsche.
WHY DO WE OWN IT?
PWR has a culture of innovation
and invests a meaningful
proportion of its revenues back
into researching and developing
new cooling solutions each year.
We think this not only keeps PWR
at the forefront of its existing
markets but has the potential to
broaden PWR’s customer base
to include companies in other
industries.
WHAT DOES IT DO?
REA operates the leading online
classified real estate advertising
portal in Australia. It also operates
market-leading property portals
in five South East Asian countries
and holds significant holdings in
similar businesses in the United
States and India.
WHY DO WE OWN IT?
In Australia, REA operates in a
largely duopolistic market. It
benefits from a strong network
moat. Close to 100% of real
estate agents in Australia
advertise for sale and for rent,
residential and commercial
properties on its portals.
Its residential property site,
realestate.com.au, has the largest
and most engaged audience
in Australia with 84m visits
per month, 2.95x its nearest
competitor. REA is a strong
business with attractive growth
prospects both domestically and
offshore.

24
Barramundi Limited
|

Annual Report |
2020
WHAT DOES IT DO?
Westpac is Australia’s oldest bank
and corporation. It operates a
leading banking franchise in both
Australia and New Zealand and has
a strong presence in all spheres
of retail and business banking.
Westpac has a formidable stable
of brands supporting its top tier
position in both deposit gathering
and lending.
WHY DO WE OWN IT?
The big four Australian banks
enjoy a supportive industry
structure and wide economic
moats. Their scale, regulatory
expertise, technology and brands
constitute significant barriers to
entry for potential competitors,
allowing the banks to earn
healthy returns on their capital.
These characteristics position
the major banks well to navigate
the COVID-19 related economic
downturn. Westpac’s significant
share in core Australian lending
and deposit gathering should
ensure it continues to profit and
grow over time.
BARRAMUNDI PORTFOLIO STOCKS CONTINUED
+6 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
+16 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
-35 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
WHAT DOES IT DO?
SEEK is the largest global online
employment marketplace.
Operating across Australia, New
Zealand, South East Asia, China,
Brazil, Mexico, Bangladesh and
Africa, SEEK’s employment
marketplaces are exposed to
approximately 2.6 billion people
and more than 20% of global GDP.
WHY DO WE OWN IT?
In Australia and New Zealand
SEEK has a strong competitive
position by virtue of being
“front of mind” for job seekers.
It will continue to benefit from
the migration of employment
advertising from traditional media
to online. Domestically, successful
development of its talent search
platform would provide a high
value new revenue stream while
its international investments give
SEEK exposure to faster growing,
less mature employment markets.
WHAT DOES IT DO?
Sonic Healthcare is a leading
global provider of medical
diagnostic services. It is a global
leader in pathology testing, and a
significant player in the Australian
diagnostic imaging market.
WHY DO WE OWN IT?
The combination of an ageing
population, an increasing focus
on preventative medicine and
more effective diagnostic tests
drives Sonic’s substantial long-
term growth opportunity.
Regulated medical prices are
typically set to allow small
independent companies to make
a reasonable profit, which allows
Sonic to achieve significant
additional profitability from its
substantial scale.

25
Barramundi Limited
|

Annual Report |
2020
-3 0 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
+9 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
+5 0 %
TOTAL SHAREHOLDER RETURNTOTAL SHAREHOLDER RETURN
WHAT DOES IT DO?
WiseTech Global is a logistics
software business with a
presence in key global regions
and key global customers. Its
main product, Cargowise One,
offers clients a complete suite
of logistics services and general
business solutions. An early lead
in the freight forwarding software
domain confers a key technology
moat, increases customer
switching costs and establishes
a nascent network benefit to
participants using its technology.
WHY DO WE OWN IT?
While increasing trade flows
are supportive, customers need
better technology to help them
manage greater supply chain
complexity, comply with more
onerous regulation and address
vociferous competition. WiseTech
is an early leader in an industry
with low penetration of a clear
internet-based technology
solution, making for significant
growth prospects should the
company retain its leading
position in the sphere.
WHAT DOES IT DO?
Woolworths Group operates the
largest food retailer in Australia.
It also operates New Zealand’s
second-largest food retailer
Countdown, Australian discount
department store chain Big W
and is the largest liquor store
operator in Australia.
WHY DO WE OWN IT?
Woolworths Group is a leading
player in two of the most highly
consolidated food markets
globally in Australia and New
Zealand. This favourable
competitive structure and the
scale advantages afforded by
its extensive store network
have underpinned Woolworths’
industry-leading profit margins.
WHAT DOES IT DO?
Xero is the market leading
provider of cloud based
accounting software for small-
to-medium businesses and their
accountants in NZ, Australia and
the UK, with growing presences
in the US and other markets
such as SE Asia and Africa.
WHY DO WE OWN IT?
Xero’s software is consistently
rated as best in class and it
continues to pioneer innovative
new functionality to attract and
retain customers. As a result,
Xero has a significant share of
the cloud-based accounting
software market and is growing
subscriber numbers rapidly. The
size of the ultimate opportunity
for Xero is significant and there
are many years of material
growth ahead given the industry
is only in the early stages of
migration to the cloud. Xero is
now on the cusp of profitability
and its business model means
revenue growth will translate
strongly into earnings growth
in the future. Xero’s 2 million
small and medium-size business
customers globally have been
difficult and expensive to acquire
but the flip side is the customer
base represents a significant
sustainable competitive
advantage.

Pictured left to right: Carol Campbell, Carmel Fisher, Andy Coupe and Alistair Ryan.
ALISTAIR RYAN MComm (Hons), FCA
Chair of the Board
Chair of Remuneration and Nominations Committee
Independent Director
Alistair Ryan is an experienced company director
and corporate executive with extensive corporate
and finance sector experience in the listed company
sector in New Zealand and Australia. He is a director
of Kingfish, Marlin Global, Metlifecare, and a member
of the FMA’s Audit Oversight Committee. Alistair had
a 16-year career with SKYCITY Entertainment Group
Limited (from pre-opening and pre-listing in 1996
through 2012). Alistair was a member of the senior
executive team and also served as a director of various
SKYCITY subsidiary and associated companies. Prior
to SKYCITY, Alistair was a Corporate Services Partner
with Ernst & Young, based in Auckland. He is a fellow
of Chartered Accountants Australia and New Zealand.
Alistair’s principal place of residence is Auckland.
Alistair was first appointed to the Barramundi board
on 10 February 2012.
ANDY COUPE LLB, CMInstD
Chair of Investment Committee
Independent Director
Andy Coupe has extensive commercial and capital
markets experience having worked in a number of
sectors within the financial markets for over 30 years,
principally with international investment bank UBS.
His senior roles principally encompassed large equity
capital market and takeover transactions. Andy is a
director of Kingfish, Marlin Global, Briscoe Group,
Coupe Consulting and Gentrack Group. He is also
Chair of the New Zealand Takeovers Panel and Chair
of Television New Zealand. Andy’s principal place of
residence is Tamahere, Hamilton.
Andy was first appointed to the Barramundi board on
1 March 2013.
CAROL CAMPBELL BCom, CA, CMInstD
Chair of Audit and Risk Committee
Independent Director
Carol Campbell is a chartered accountant and a
member of Chartered Accountants Australia and New
Zealand. Carol has extensive financial experience and
a sound understanding of efficient board governance.
Carol holds a number of directorships across a broad
spectrum of companies, including T&G Global, New
Zealand Post, NZME and Kiwibank. Carol is also a
director of Kingfish and Marlin Global. Carol was a
director of The Business Advisory Group, a chartered
accountancy practice, for 11 years and prior to that
a partner at Ernst & Young for over 25 years. Carol’s
principal place of residence is Auckland.
Carol was first appointed to the Barramundi board on
5 June 2012.
CARMEL FISHER CNZM, BCA, INFINZ (Fellow)
Independent Director
Carmel Fisher established Fisher Funds Management
Limited in 1998. Carmel’s interest and involvement in
the New Zealand share market spans over 30 years and
she is widely recognised as one of New Zealand’s most
experienced investment professionals. Carmel was an
investment analyst and portfolio manager for several
stockbroking and institutional firms before launching
Fisher Funds as a boutique fund manager. She was
managing director of Fisher Funds for 20 years before
retiring and selling the company in 2017. Carmel is
also a director of Kingfish and Marlin Global. Carmel’s
principal place of residence is Auckland.
Carmel was made a Companion of the New Zealand
Order of Merit in the 2019 New Year’s honours for her
services to the New Zealand finance industry.
Carmel was first appointed to the Barramundi board on
8 September 2006.
BOARD OF DIRECTORS
26
Barramundi Limited
|

Annual Report |
2020

FOR THE YEAR ENDED 30 JUNE 2020
CORPOR ATE
GOVERNANCE STATEMENT
Barramundi’s board recognises the importance of good
corporate governance and is committed to ensuring that
the Company meets best practice governance principles
to the extent that it is appropriate for the nature of the
Barramundi operations. Strong corporate governance
practices encourage the creation of value for Barramundi
shareholders, while ensuring the highest standards of
ethical conduct and providing accountability and control
systems commensurate with the risks involved.
The board is responsible for establishing and implementing
the Company’s corporate governance frameworks, and
is committed to fulfilling this role in accordance with best
practice, having appropriate regard to applicable laws, the
NZX Corporate Governance Code (“NZX Code”) and the
Financial Markets Authority Corporate Governance in New
Zealand - Principles and Guidelines. The board oversees
the management of Barramundi, with the day-to-day
portfolio and administrative management responsibilities
of Barramundi being delegated to Fisher Funds
Management Limited (“Fisher Funds” or “the Manager”).
As at 30 June 2020, Barramundi was in compliance with
the NZX Code, with the exception of recommendations
4.3
(1)
and 5.3
(2)
for the reasons explained under the
relevant principles.
The corporate governance policies and procedures, and
board and committee charters, are regularly reviewed by
the board against the corporate governance standards
set by New Zealand Stock Exchange (“NZX”), any
regulatory changes and developments in corporate
governance practices.
The Barramundi constitution and each of the charters,
codes and policies referred to in this section are available
on the Barramundi website (www.barramundi.co.nz)
under the “About Barramundi” “Policies” section.
Principle 1 – Code of ethical behaviour
Directors should set high standards of ethical
behaviour, model this behaviour and hold
management accountable for these standards being
followed throughout the organisation.
CODE OF ETHICS & STANDARDS OF
PROFESSIONAL CONDUCT
Barramundi’s Code of Ethics & Standards of Professional
Conduct details the ethical and professional behavioural
standards required of the directors and those employees
of the Manager who work on Barramundi matters.
The Code of Ethics & Standards of Professional Conduct
covers a wide range of areas including standards of
behaviour, conflicts of interest, proper use of Company
information and assets, compliance with laws and
policies, reporting concerns and receiving gifts.
Any person who becomes aware of a breach or
suspected breach of the Code of Ethics & Standards of
Professional Conduct is required to report it immediately
in accordance with the procedure set out in the Code of
Ethics & Standards of Professional Conduct.
Training on the Code of Ethics & Standards of Professional
Conduct is included as part of the induction process for
new directors and relevant employees of the Manager.
The Code of Ethics & Standards of Professional Conduct
is also available on the Barramundi website for directors
and staff to access at any time.
SECURITIES TRADING POLICY
Barramundi’s Securities Trading Policy details the
restrictions on persons nominated by Barramundi
(including its directors and employees of the Manager
who work on Barramundi matters) (“Nominated
Persons”) on trading in Barramundi shares and other
securities.
Nominated Persons, with the permission of the board
of Barramundi, may trade in Barramundi shares only
during the trading window commencing immediately
after Barramundi’s weekly disclosure of its net asset value
to the NZX and ending at the close of trading two days
following the net asset value disclosure.
Nominated Persons may not trade in Barramundi shares
when they have price sensitive information that is not
publicly available.
The Securities Trading Policy is available on the
Barramundi website.
CONFLICTS OF INTEREST POLICY
The Conflicts of Interest Policy outlines the board’s policy
on conflicts of interest. The policy details the process
to be adopted for identifying conflicts of interests and
managing any such conflicts.
Principle 2 – Board composition and
performance
To ensure an effective board, there should be
a balance of independence, skills, knowledge,
experience and perspectives.
BOARD CHARTER
Barramundi’s board operates under a written
charter which defines the respective functions and
1
Barramundi does not have a formal environmental, social and governance (ESG) framework. However, the Manager has a
formal ESG framework which governs its stock selection which the board is fully supportive of and committed to.
2
There is no CEO remuneration disclosure as Barramundi delegates its management personnel requirements to Fisher Funds
pursuant to an Administration Services Agreement.
27
Barramundi Limited
|

Annual Report |
2020

CORPORATE GOVERNANCE STATEMENT CONTINUED
responsibilities of the board, focusing on the values,
principles and practices that provide the corporate
governance framework.
The board has overall responsibility for all decision
making within Barramundi. The board is responsible
for the direction and control of Barramundi and is
accountable to shareholders and others for Barramundi’s
performance and its compliance with the appropriate
laws and standards. The board has delegated the day-to-
day management of Barramundi to the Manager.
The board uses committees to address certain matters
that require detailed consideration. The board retains
ultimate responsibility for the function of its committees
and determines their responsibilities. The board is
assisted in meeting its responsibilities by receiving
reports and plans from the Manager and through its
annual work programme.
Directors have access to key employees of the Manager
who are connected to the activities of Barramundi and
can request any information they consider necessary for
informed decision making.
The board charter is available on the Barramundi website.
NOMINATION AND APPOINTMENT OF
DIRECTORS
In accordance with Barramundi’s constitution and NZX
Listing Rules, a director must not hold office without
re-election past the third annual meeting following his
or her appointment or three years (whichever is the
longer). A director appointed by the board must not hold
office (without re-election) past the next annual meeting
following his or her appointment. Procedures for the
appointment and removal of directors are contained in
Barramundi’s constitution and the board charter. The
Remuneration and Nominations Committee is responsible
for identifying and nominating candidates to fill director
vacancies for board approval.
WRITTEN AGREEMENT
Barramundi provides a letter of appointment to
each newly appointed director setting out the terms
of their appointment which they are required to
sign. The letter includes information regarding the
board’s responsibilities, expectations of directors and
independence, expected time commitments, indemnity
and insurance provisions, declaration of interests and
confidentiality. New directors are required to formally
consent to act as a director.
DIRECTOR INFORMATION AND
INDEPENDENCE
The board comprises four directors with diverse
backgrounds, skills, knowledge, experience and
perspectives. Information about each director including
a profile of experience, length of service and attendance
at board meetings is available on page 26 of this Annual
Report and also on the Barramundi website.
The board takes into account guidance provided under
the NZX Listing Rules and the factors specified in the
NZX Corporate Governance Code in determining the
independence of directors. Director independence is
considered annually. Directors have undertaken to inform
the board as soon as practicable if they think their status
as an independent director has or may have changed.
As at 30 June 2020, the board considers that Alistair
Ryan (Chair), Carol Campbell, Andy Coupe and Carmel
Fisher are independent directors and therefore all of the
board are independent directors.
Information in respect of directors’ ownership interests is
available on page 58.
DIVERSITY
Barramundi has a formal Diversity Policy. The board
views diversity as including but not being limited
to, skills, qualifications, experience, gender, race,
age, ethnicity and cultural background. The board
recognises that having a diverse board will enhance
effectiveness in key areas.
All appointments to the board are based on merit,
and include consideration of the board’s diversity
needs, including gender diversity. Under the Diversity
Policy, the principal measurable diversity objective is to
embed gender diversity as an active consideration in
all succession planning for board positions. During the
year, there were no appointments to the board.
The board’s gender composition was as follows:
NumberProportion
2020FemaleMaleFemaleMale
Directors2250%50%
NumberProportion
2019FemaleMaleFemaleMale
Directors2250%50%
The board believes that Barramundi has achieved the
objectives set out in its Diversity Policy for the year
ended 30 June 2020.
DIR ECTOR TR A INING
All directors are responsible for ensuring they remain
current in understanding their duties as directors.
To ensure ongoing education, directors are regularly
informed of developments that affect the Company’s
industry and business environment.
ASSESSMENT OF DIRECTOR
PERFORMANCE
The Remuneration and Nominations Committee
conducts a formal review of director, committee and
board performance annually. Appropriate strategies
for improvement are recommended to the board as
and when required. The Chair of the board also has
discussions with directors on individual performance.
INDEPENDENT CH A IR AND
SEPARATION OF THE CHAIR AND
CHIEF EXECUTIVE
The Chair of the board is an independent director.
Barramundi delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement. The Chair of the
28
Barramundi Limited
|

Annual Report |
2020

board is a different person to the Chief Executive of
Fisher Funds.
Principle 3 – Board committees
The board should use committees where this will
enhance its effectiveness in key areas, while still
retaining board responsibility.
The board has three standing committees: the
Audit and Risk Committee, the Remuneration
and Nominations Committee and the Investment
Committee.
Each committee operates under a charter approved
by the board. The charter of each committee is
reviewed annually.
DIRECTOR MEETING ATTENDANCE
A total of eight board meetings, two Audit and
Risk Committee meetings, one Remuneration and
Nominations Committee meeting and two Investment
Committee meetings were held in the 2020 financial
year. Director attendance at board meetings and
committee member attendance at committee meetings
is shown below.
DirectorBoard
Audit and
Risk
Committee
Remuneration
and
Nominations
Committee
Investment
Committee
Carol
Campbell
8/82/21/12/2
Andy
Coupe
8/82/21/12/2
Carmel
Fisher*
8/82/21/12/2
Alistair
Ryan
8/82/21/12/2
* Carmel Fisher was an attendee at the Audit and Risk
Committee meetings but was not at the time a member of
the Audit and Risk Committee.
AUDIT AND RISK COMMITTEE
The Audit and Risk Committee Charter sets out the
objectives of the Audit and Risk Committee, which
are to provide assistance to the board in fulfilling its
responsibilities in relation to the Company’s financial
reporting, internal controls structure, risk management
systems and the external audit function. The Audit and
Risk Committee charter is available on the Barramundi
website.
The Audit and Risk Committee focuses on audit
and risk management and specifically addresses
responsibilities relative to financial reporting and
regulatory compliance.
The Audit and Risk Committee is accountable for
ensuring the performance and independence of the
external auditor, including that the external auditor or
lead audit partner is changed at least every five years.
The Audit and Risk Committee also reviews the
appropriateness of any non-audit services and
recommends to the board which services, other
than the statutory audit, may be provided by
PricewaterhouseCoopers as auditor.
The auditor has a clear line of direct communication
at any time with either the Chair of the Audit and Risk
Committee or the Chair of the board, both of whom are
independent directors. During the year, the Audit and
Risk Committee held private sessions with the auditor.
The Audit and Risk Committee currently comprises all of
the directors and is chaired by Carol Campbell.
The Audit and Risk Committee may invite the Corporate
Manager and/or other employees of the Manager and
such other persons including the external auditor to
attend meetings as it considers necessary to provide
appropriate information and explanations.
REMUNER ATION AND NOMINATIONS
COMMIT TEE
The Remuneration and Nominations Committee
Charter sets out the objectives of the Remuneration and
Nominations Committee, which are to set and review the
level of directors’ remuneration, ensure a formal rigorous
and transparent procedure for the appointment of new
directors to the board and evaluate the balance of skills,
knowledge and experience on the board. The Remuneration
and Nominations Committee also assesses the performance
of directors, the board and board sub-committees.
The Remuneration and Nominations Committee currently
comprises all of the directors and is chaired by Alistair Ryan.
The Remuneration and Nominations Committee may invite
the Corporate Manager and/or other employees of the
Manager and such other persons including the external
auditor to attend meetings as it considers necessary to
provide appropriate information and explanations.
The Remuneration and Nominations Committee charter is
available on the Barramundi website.
INVESTMENT COMMITTEE
The Investment Committee Charter sets out the objective
of the Investment Committee, which is to oversee the
investment management of Barramundi to ensure the
portfolio is managed in accordance with the investment
mandate and with the long-term performance objectives
of Barramundi. The Investment Committee Charter is
available on the Barramundi website.
The Investment Committee currently comprises all of the
directors and is chaired by Andy Coupe.
TAKEOVER RESPONSE PROTOCOLS
The board has adopted a formal Takeover Response
Protocol as an internal framework that sets out the process
to be followed if there is a takeover offer for Barramundi.
Principle 4 – Reporting and disclosure
The board should demand integrity in financial and
non-financial reporting, and in the timeliness and
balance of corporate disclosures.
CONTINUOUS DISCLOSURE
Barramundi is committed to promoting investor
confidence by providing complete and equal access to
29
Barramundi Limited
|

Annual Report |
2020

information in accordance with the NZX Listing Rules.
Barramundi has a Continuous Disclosure Policy designed
to ensure this occurs and a copy of the policy is available
on the Barramundi website. The Corporate Manager
is responsible for ensuring compliance with the NZX
continuous disclosure requirements and overseeing and
co-ordinating disclosure to the exchange.
CHARTERS AND POLICIES
Barramundi’s key corporate governance documents,
including its Code of Ethics and Standards of Professional
Conduct, board and committee charters and other
policies, are available on Barramundi’s website under the
“About Barramundi” “Policies” section.
FINANCIAL REPORTING
Barramundi believes its financial reporting is balanced,
clear and objective. Barramundi is committed to ensuring
integrity and timeliness in its financial and non-financial
reporting, ensuring the market and shareholders are
provided with an objective view on the performance of
the Company.
The Audit and Risk Committee oversees the quality
and integrity of external financial reporting including
the accuracy, completeness and timeliness of financial
statements. The Audit and Risk Committee reviews
half-yearly and annual financial statements and makes
recommendations to the board concerning accounting
policies, areas of judgement, compliance with accounting
standards, stock exchange and legal requirements and
the results of the external audit.
As at 30 June 2020, Barramundi does not have a
formal environmental, social and governance (ESG)
framework. Barramundi considers that, given the nature
of its operations (as an investment company), it is not
appropriate to maintain an ESG framework due to the lack
of available metrics relevant to its business against which
it could report on such matters. Barramundi will continue
to assess the relevance of adopting an ESG framework.
However, Fisher Funds Management Limited has a formal
ESG framework which governs its stock selection, which
the board is fully supportive of and committed to.
Principle 5 – Remuneration
The remuneration of directors and executives
should be transparent, fair and reasonable.
DIRECTORS’ REMUNERATION
The Director Remuneration Policy sets out the structure
of the remuneration to directors, the review process
and reporting requirements. The Director Remuneration
Policy is available on the Barramundi website.
Directors’ fees are determined by the board on the
recommendation of the Remuneration and Nominations
Committee within the aggregate amount approved by
shareholders. The current directors’ fee pool limit of
$157,500 (plus GST if any) was approved by shareholder
resolution at the 2018 Annual Shareholders’ Meeting.
Each year the Remuneration and Nominations Committee
reviews the level of directors’ fees. The Remuneration and
Nominations Committee considers the skills, performance,
experience and level of responsibility of directors when
undertaking the review, and is authorised to obtain
independent advice on market conditions.
The following table sets out the remuneration received
by each director from Barramundi for the year ended 30
June 2020.
Directors’ remuneration* for the 12 months ended
30 June 2020
A B Ryan (Chair)$50,000
(1)
C A Campbell$ 37, 5 0 0
(2)
R A Coupe$ 37, 5 0 0
(3)
C M Fisher$32,500
(4)
* excludes GST
(1) $5,000 of this amount was applied to the purchase of
7,781 shares under the Barramundi share purchase plan.
(2) Included in this total amount is $5,000 that Carol Campbell
receives as the Chair of Audit and Risk Committee. $3,750
of this amount was applied to the purchase of 5,835 shares
under the Barramundi share purchase plan.
(3) Included in this total amount is $5,000 that Andy Coupe
receives as the Chair of Investment Committee. $3,750 of
this amount was applied to the purchase of 5,835 shares
under the Barramundi share purchase plan.
(4) Carmel Fisher is a substantial Barramundi shareholder and
has holdings in excess of the 50,000 threshold set out
in the director share purchase plan. (Details of director
holdings can be found in the Statutory Information section
on page 58).
Details of remuneration paid to directors are also
disclosed in note 11 to the financial statements for the
financial year ended 30 June 2020. The directors’ fees
disclosed in the financial statements include a portion of
non-recoverable GST expensed by Barramundi.
DIRECTORS’ SHAREHOLDING - SHARE
PURCHASE PLAN
A Share Purchase Plan was introduced by the board in
2012 which requires each director to allocate 10% of
their annual director’s fee to the purchase (on market)
of Barramundi shares. Once an individual director’s
shareholding reaches 50,000 shares, the director can
elect whether to continue with the plan. The intention of
the Share Purchase Plan is to further align the interests of
directors with those of shareholders.
CHIEF EXECUTIVE OFFICER
R EMUNER ATION
Barramundi delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement. For this reason,
Barramundi does not have a Chief Executive Officer and
it does not consider it appropriate to make disclosures
about remuneration for the Manager’s personnel. The
fees paid to Fisher Funds for administration services are
set out in note 11 to Barramundi’s financial statements
for the year ended 30 June 2020.
Principle 6 – Risk management
Directors should have a sound understanding of
the material risks faced by the issuer and how to
manage them. The board should regularly verify
that the issuer has appropriate processes that
identify and manage potential and material risks.
CORPORATE GOVERNANCE STATEMENT CONTINUED
30
Barramundi Limited
|

Annual Report |
2020

RISK MANAGEMENT FRAMEWORK
The board has overall responsibility for Barramundi’s
system of risk management and internal control.
Barramundi has in place policies and procedures
to identify areas of significant business risk and
implements procedures to manage those risks
effectively.
Key risk management tools used by Barramundi include
the Audit and Risk Committee function, outsourcing of
certain functions to service providers, internal controls,
financial and compliance reporting procedures and
processes and business continuity planning. Barramundi
also maintains insurance policies that it considers
adequate to meet its insurable risks.
The board is actively involved in tracking the
development of existing risks and the emergence of
new risks to Barramundi’s business. The Audit and Risk
Committee and board receive regular reports on the
operation of risk management policies and procedures.
Significant risks are discussed at each board meeting,
and/or as required.
In addition to Barramundi’s policies and procedures in
place to manage business risks, Fisher Funds has its own
comprehensive risk management policy. The board is
informed of any changes to Fisher Funds’ policy.
The spread of COVID-19 has severely impacted
economies around the globe. In many countries,
businesses have been forced to cease or limit
operations for long or indefinite periods of time. Global
stock markets have experienced great volatility and a
significant weakening.
The board of Barramundi has, since the initial period
of share market volatility (from March and through
April 2020), held special additional meetings with the
Manager to ensure that appropriate risk management
processes and procedures, including the rigorous
application of the STEEPP process, are being adhered
to. The application of the STEEPP process ensures stock
selection, de-selection and the in-depth testing of the
stock assessment processes. These additional meetings
have enabled the board to monitor and closely oversee
the portfolio management process undertaken by the
Manager as part of their mandated approach.
During the period of rapid volatility in the Australian
equity market, Barramundi increased its usual weekly NAV
reporting from once per week on Thursdays, to twice
per week, with the NAVs published on both Mondays
and Thursdays. This continued through the NZ lockdown
period with Barramundi reverting to once per week NAV
reporting from the week commencing 18 May 2020.
The duration and impact of the COVID-19 pandemic, as
well as the effectiveness of government and central bank
responses, remains unclear at this time. It is not possible
to reliably estimate the duration and severity of these
consequences, as well as their impact on the financial
position and results of Barramundi for future periods.
The preparation of the Barramundi Limited financial
statements has not required the addition of any new
judgements or estimates.
HEALTH AND SAFETY
The Manager operates under a Health and Safety Policy.
Under this policy, Fisher Funds assumes responsibility
for the health and safety of its employees.
Principle 7 – Auditors
The board should ensure the quality and
independence of the external audit process.
Barramundi’s Audit and Risk Committee makes
recommendations to the board on the appointment of the
external auditor. The Audit and Risk Committee monitors
the independence and effectiveness of the external
auditor and approves and reviews any non-audit services
performed by the external auditor. An External Auditor
Independence Policy which documents the framework
of Barramundi’s relationship with its external auditor was
adopted in May 2018. This policy includes procedures:
(a) to sustain communication with Barramundi’s external
auditor;
(b) to ensure that the ability of the external auditor to
carry out its statutory audit role is not impaired, or
could reasonably be perceived to be impaired;
(c) to address what, if any, services (whether by type or
level) other than their statutory audit roles may be
provided by the auditor to Barramundi; and
(d) to provide for the monitoring and approval by the
Barramundi Audit and Risk Committee of any service
provided by the external auditor to the issuer other
than in their statutory audit role.
The Audit and Risk Committee meets with the external
auditor, without management present, to approve their
terms of engagement, audit partner rotation (at least
every five years) and audit fee, and to review and provide
feedback in respect of the annual audit plan. The Audit
and Risk Committee holds private sessions with the
external auditor.
Barramundi’s current external auditor,
PricewaterhouseCoopers (“PwC”), was appointed by
shareholders at the 2007 annual meeting in accordance
with the provisions of the Companies Act 1993. PwC
is automatically reappointed as auditor under Part 11,
Section 207T of the Companies Act.
The Audit and Risk Committee has assessed PwC to be
independent and confirmed that the non-audit services
provided in relation to confirming the amounts used in
the performance fee calculation has not compromised
PwC’s independence. Written confirmation of PwC’s
independence has been obtained by the board.
PwC, as external auditor of the 2020 financial statements,
will attend this year’s annual meeting and will be
available to answer questions about the conduct of the
audit, preparation and content of the auditor’s report,
accounting policies adopted by Barramundi and their
independence in relation to the conduct of the audit.
Barramundi does not have an internal audit function;
however, the Company regularly reviews all areas of
risk management and focuses on all operating and
compliance risk obligations. Barramundi delegates day-
to-day management responsibilities to Fisher Funds and
31
Barramundi Limited
|

Annual Report |
2020

the Corporate Manager is responsible for operational and
compliance risks across Barramundi’s business.
Principle 8 – Shareholder rights and relations
The board should respect the rights of shareholders
and foster constructive relationships with
shareholders that encourage them to engage with
the issuer.
INFORMATION FOR SHAREHOLDERS
The board recognises the importance of providing
shareholders comprehensive, timely and equal access to
information about its activities. The board aims to ensure
that shareholders have available to them all information
necessary to assess Barramundi’s performance.
Barramundi’s website, www.barramundi.co.nz, provides
information to shareholders and investors about the
Company. Barramundi’s ‘Investor Centre’ part of its
website contains a range of information, including
periodic and continuous disclosures to the NZX,
half-year and annual reports and content related to
the Annual Shareholders’ Meeting. The website also
contains information about Barramundi’s directors,
copies of key corporate governance documents and
general Company information.
The board recognises that other stakeholders may have
an interest in Barramundi’s activities. While there are
no specific stakeholders’ interests that are currently
identifiable, Barramundi will continue to review policies
in consideration of future interests.
COMMUNICATING W ITH
SHAREHOLDERS
Barramundi communicates regularly with its
shareholders through its monthly and quarterly updates.
The Company receives questions from shareholders
from time to time, and has processes in place to ensure
shareholder communications are responded to within
a reasonable timeframe. The Company’s website
sets out Barramundi’s appropriate contact details for
communications from shareholders. Barramundi also
provides options for shareholders to receive and send
communications by post or electronically.
SHAREHOLDER VOTING RIGHTS
When required by the Companies Act 1993, Barramundi’s
Constitution and the NZX Listing Rules, Barramundi will
refer decisions to shareholders for approval. Barramundi’s
policy is to conduct voting at its shareholder meetings by
way of poll and on the basis of one share, one vote.
NOTICE OF ANNUAL MEETING
The 2020 Barramundi Notice of Annual Meeting will be
sent to shareholders at least 20 working days prior to the
meeting and will be published on the Company’s website.
This year’s meeting will be held at 10.30am on 23
October 2020, at the Ellerslie Event Centre in Auckland.
CORPORATE GOVERNANCE STATEMENT CONTINUED
Full participation of shareholders is encouraged at the
annual meeting and shareholders are encouraged to
submit questions in writing prior to the meeting.
MANAGEMENT AGREEMENT RENEWAL
The Management Agreement between Barramundi
and Fisher Funds is subject to renewal every five
years. The Management Agreement is next subject to
renewal in 2021.
NZX WAIVERS
Barramundi outsources all investment management
functions and administration services to Fisher Funds
under the Management Agreement entered into when
Barramundi first listed. The Management Agreement
has been amended to reflect the evolving relationship
between Barramundi and Fisher Funds, with such
amendments being largely administrative. Since
December 2014, administration services previously
provided for in the Management Agreement have
been recorded in a separate Administration Services
Agreement. The rationale for this change was to create
efficiencies for Barramundi across staff utilisation and
costs. There was no substantive change to the nature or
scope of services or the actual costs payable.
Barramundi was granted a waiver by NZX Regulation
on 30 May 2017 from (pre 1 January 2019) NZX Listing
Rule 9.2.1 so that it is not required to obtain shareholder
approval for the entry into the Administration Services
Agreement and specific amendments to the Management
Agreement. The waiver is provided on the conditions
specified in paragraph 2 of the waiver decision, which
is available on Barramundi’s website: www.barramundi.
co.nz/investor-centre/market-announcements/.
CAPITAL RAISINGS
Barramundi Warrant Issue (BRMWE)
On 25 October 2019, Barramundi warrant holders had the
option to convert their warrants into ordinary Barramundi
shares at an exercise price of $0.59 per warrant. On the
same day, Barramundi shares were trading on-market at
$0.65, a 10% premium to the exercise price.
Warrant holders took advantage of this discount, with
31,249,518 warrants out of a possible 42,153,796 warrants
(74%) being converted into Barramundi ordinary shares.
The new shares were allotted to warrant holders on 1
November 2019. All new shares have the same rights as
current Barramundi shares, including participating in the
Company’s quarterly dividend policy.
The remaining 10,904,278 warrants which were not
exercised lapsed, and all rights in regards to them expired.
The additional funds were invested during November
2019 in Barramundi’s investment portfolio of stocks, in
similar proportions to the existing portfolio.
32
Barramundi Limited
|

Annual Report |
2020

We present the financial statements for Barramundi Limited for the year ended 30 June 2020.
We have ensured that the financial statements for Barramundi Limited present fairly the financial position of the
Company as at 30 June 2020 and its financial performance and cash flows for the year ended on that date.
We have ensured that the accounting policies used by the Company comply with generally accepted accounting
practice in New Zealand and believe that proper accounting records have been kept. We have ensured
compliance of the financial statements with the Financial Markets Conduct Act 2013.
We also consider that adequate controls are in place to safeguard the Company’s assets and to prevent and
detect fraud and other irregularities.
The Barramundi board authorised these financial statements for issue on 26 August 2020.
Alistair Ryan Carmel Fisher
Carol Campbell Andy Coupe
FOR THE YEAR ENDED 30 JUNE 2020
DIRECTORS’ STATEMENT
OF RESPONSIBILITY
33
Barramundi Limited
|

Annual Report |
2020

FINANCIAL
STATEMENTS CONTENTS
35 Statement of Comprehensive Income
36 Statement of Changes in Equity
37 Statement of Financial Position
38 Statement of Cash Flows
39 Notes to the Financial Statements
53 Independent Auditor’s Report
34
Barramundi Limited
|

Annual Report |
2020

The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2020
NOTES 2020 2019
$000$000
Interest income 27 81
Dividend income 3,030 3,273
Net changes in fair value of financial assets and liabilities2 12,677 7,573
Other losses3 (66) (76)
Total net income 15,668 10,851
Operating expenses4 (3,007) (2,265)
Operating profit before tax 12,661 8,586
Total tax expense5 (136) (1,15 8)
Net operating profit after tax attributable to shareholders 12,525 7, 4 28
Total comprehensive income after tax attributable to shareholders 12,525 7, 4 28
Basic earnings per share7 6.44c 4.40c
Diluted earnings per share7 6.42c 4.37c
35
Barramundi Limited
|

Annual Report |
2020

The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2020
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 2018 139,492 1,002 (23,330)117,16 4
Comprehensive income
Net operating profit after tax 0 0 7, 428 7, 428
Other comprehensive income 0 0 0 0
Total comprehensive income for the year ended
30 June 2019
0 0 7, 4 28 7, 4 28
Transactions with owners
Share buybacks6 (416) 0 0 (416)
Warrant issue costs (27) 0 0 (27)
Dividends paid6 0 0 (9,085) (9,085)
New shares issued under dividend reinvestment plan6 2,919 0 0 2,919
Shares issued from treasury stock under dividend
reinvestment plan
6 322 0 0 322
Prior year Manager's performance fee to be settled
with ordinary shares
917 (923) 0 (6)
Prior year Manager's performance fee to be settled
with treasury stock
79 (79) 0 0
Total transactions with owners for the year
ended 30 June 2019 3,794 (1,002) (9,085) (6,293)
Balance at 30 June 2019 143,286 0 (24,987) 118, 299
Comprehensive income
Net operating profit after tax 0 0 12,525 12,525
Other comprehensive income 0 0 0 0
Total comprehensive income for the year ended
30 June 2020 0 0 12,525 12,525
Transactions with owners
Shares issued for warrants exercised6 18,423 0 0 18,423
Share buybacks6 (706) 0 0 (706)
Dividends paid6 0 0 (10,950) (10,950)
New shares issued under dividend reinvestment plan6 3,176 0 0 3,176
Shares issued from treasury stock under dividend
reinvestment plan
6 749 0 0 749
Total transactions with owners for the year
ended 30 June 2020
21,642 0 (10,950) 10,692
Balance at 30 June 2020 164,928 0 (23,412) 141,516
36
Barramundi Limited
|

Annual Report |
2020

The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020
NOTES 2020 2019
$000$000
SHAREHOLDERS' EQUITY141,516118, 299
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 10 2,416 2,269
Trade and other receivables 8 259 343
Financial assets at fair value through profit or loss 2 14 0,103 116 , 4 9 0
Total Current Assets 142,778 119,102
TOTAL ASSETS 142,778 119,102

LIABILITIES
Current Liabilities
Trade and other payables 9 1,10 4 202
Financial liabilities at fair value through profit or loss2 6 17
Current tax payable5 94 535
Total Current Liabilities 1,204 754

Non-current Liabilities
Deferred tax liability5 58 49
Total Non-current Liabilities 58 49
TOTAL LIABILITIES 1,262 803
NET ASSETS 141,516 118, 299
These 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
26 August 2020 26 August 2020
37
Barramundi Limited
|

Annual Report |
2020

The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2020
NOTES 2020 2019
$000$000
Operating Activities
Sale of listed equity investments 50,654 30,873
Interest received 30 84
Dividends received 2,997 3,397
Other expenses (86) (6)
Purchase of listed equity investments (61,742) (31,082)
Operating expenses (2,728) (3,267)
Taxes paid (568) (264)
Net settlement of forward foreign exchange contracts 885 1,271
Net cash (outflows)/inflows from operating activities10 (10,558) 1,006

Financing Activities
Proceeds from warrants exercised 18,423 0
Warrant issue costs 0 (27)
Share buybacks (706) (434)
Dividends paid (net of dividends reinvested) ( 7, 025 ) (5,844)
Net cash inflows/(outflows) from financing activities 10,692 (6,305)
Net increase/(decrease) in cash and cash equivalents held 134 (5,299)
Cash and cash equivalents at beginning of the year 2,269 7, 6 4 4
Effects of foreign currency translation on cash balance 13 (76)
Cash and cash equivalents at end of the year10 2,416 2,269
38
Barramundi Limited
|

Annual Report |
2020

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
NOTE 1 BASIS OF ACCOUNTING
Reporting Entity
Barramundi Limited (“Barramundi” or “the Company”) is listed on the NZX Main Board, is registered
in New Zealand under the Companies Act 1993 and is a FMC Reporting Entity under the Financial
Markets Conduct Act 2013.
The Company’s registered office is Level 1, 67-73 Hurstmere Road, Takapuna, Auckland.
Basis of Preparation
These financial statements have been prepared in accordance with the requirements of Part 7
of the Financial Markets Conduct Act 2013, the NZX Main Board listing rules and New Zealand
Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS) as appropriate to for profit-orientated entities,
and International Financial Reporting Standards (IFRS).
The financial statements have been prepared on the historical cost basis, except for financial assets
and liabilities at fair value through profit or loss.
The functional and reporting currency used to prepare the financial statements is New Zealand
dollars, rounded to the nearest one thousand dollars.
The financial statements include GST where it is charged by other parties as it cannot be reclaimed.
The impact of COVID-19 was assessed during the preparation of these financial statements and
whether there were any indicators affecting the Company’s ability to operate as a going concern.
No indicators were identified, and the Company remains a going concern.
Foreign Currency Transactions and Translations
Foreign currency transactions are converted into New Zealand dollars using exchange rates
prevailing at transaction date. Foreign currency assets and liabilities are translated into New Zealand
dollars using the exchange rates prevailing at the balance date.
Foreign exchange gains or losses relating to the financial assets and liabilities at fair value through
profit or loss are presented in the Statement of Comprehensive Income within “Net changes in fair
value of financial assets and liabilities”.
Foreign exchange gains and losses relating to cash and cash equivalents, trade and other
receivables, and trade and other payables are presented in the Statement of Comprehensive Income
within “Other losses”.
Accounting Policies
Accounting policies that summarise the recognition and measurement basis used and are relevant
to an understanding of the financial statements, are provided throughout the notes to the financial
statements and are designated by a
symbol.
The accounting policies adopted have been consistently applied to all years presented, unless
otherwise stated.
There are no new accounting standards, amendments to standards and interpretations that
have a material impact on these financial statements. The same applies for any new standards,
amendments to standards and interpretations that have been issued but are not yet effective.
Critical Judgements, Estimates and Assumptions
The preparation of financial statements requires the directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities,
income and expenses.
Judgements are designated by a
j

symbol in the notes to the financial statements. There were no
material estimates or assumptions required in the preparation of these financial statements.
Changes to comparatives
Prior year comparatives in the Statement of Changes in Equity have been restated by reclassifying
$78,549 from Prior year Manager’s performance fee settled with ordinary shares to Prior year
Manager’s performance fee settled with treasury stock.
39
Barramundi Limited
|

Annual Report |
2020

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2020
Authorisation of Financial Statements
The Barramundi Board of Directors authorised these financial statements for issue on 26 August 2020.
No party may change these financial statements after their issue.
NOTE 2 FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH
PROFIT OR LOSS
j
Given that the investment portfolio is managed, and performance is evaluated, on a fair value
basis in accordance with a documented investment strategy, Barramundi has classified all of its
investments at fair value through profit or loss.
Investments are initially recognised at fair value and are subsequently revalued to reflect changes
in fair value. Net changes in the fair value of financial assets and liabilities are recognised in the
Statement of Comprehensive Income.
Financial assets at fair value through profit or loss comprise of Australian listed equity investment
assets and forward foreign exchange contracts with positive value.
Financial liabilities at fair value through profit or loss comprise of forward foreign exchange
contracts with negative value.
Forward foreign exchange contracts can be used as economic hedges for equity investments
against currency risk. They are accounted for on the same basis as those investments and are
recognised at their fair value.
All purchases and sales of investments are recognised at trade date, which is the date the
Company commits to purchase or sell the investment and transaction costs are expensed as
incurred. When an investment is sold, any gain or loss arising on the sale is included in the
Statement of Comprehensive Income. Realised gains or losses are calculated as the difference
between the sale proceeds and the carrying amount of the item.
The fair value of listed equity investments traded in active markets are based on last sale prices
at balance date, except where the last sale price falls outside the bid-ask spread for a particular
investment, in which case the bid price will be used to value the investment. The decline in equity
markets as a result of COVID-19 adversely impacted the value of investments during the year, with
markets since recovering by year end. Trading was not suspended as at year end for any of the
investments held by the Company.
The fair value of forward foreign exchange contracts is determined by using valuation techniques
based on spot exchange rates and forward points supplied by The World Markets Company PLC
via Refinitiv.
Dividend income from investments is recognised in the Statement of Comprehensive Income when
the Company’s right to receive payments is established (ex-dividend date).
Investments recognised at fair value are categorised according to a fair value hierarchy that shows
the extent of judgement used in determining their fair value. Where unadjusted quoted prices
are used in an active market, the investments are categorised as Level 1. When significant inputs
derived from quoted prices are used, the investments are categorised as Level 2. If significant
inputs are not based on observable market data, they are categorised as Level 3.
j
All listed equity investments held by Barramundi are categorised as Level 1 and all forward
foreign exchange contracts are classified as Level 2 in the fair value hierarchy. There have been
no transfers between levels of the fair value hierarchy during the year (2019: none).
There were no financial instruments classified as Level 3 at 30 June 2020 (2019: none). There have
been no changes to the fair value hierarchy classification of investments as a result of COVID-19.
40
Barramundi Limited
|

Annual Report |
2020

20202019
$000$000
Financial assets and liabilities at fair value through profit or loss
Financial Assets:
Australian listed equity investments 140,067 115,540
Forward foreign exchange contracts 36 950
Total financial assets at fair value through profit or loss 140,103 116,490
Financial Liabilities:
Forward foreign exchange contracts 6 17
Total financial liabilities at fair value through profit or loss 6 17

Net changes in fair value of financial assets and liabilities
Australian listed equity investments 10,406 8,618
Foreign exchange gains/(losses) on Australian listed equity investments 2,289 (3,930)
(Losses)/gains on forward foreign exchange contracts (18) 2,885
Net changes in fair value of financial assets and liabilities through
profit or loss
12,677 7, 573
The notional value of forward foreign exchange contracts held at 30 June 2020 was
$92,576,044 (2019: $76,440,015).
NOTE 3 OTHER LOSSES
20202019
$000$000
Foreign exchange losses on cash and cash equivalents
and outstanding settlements
(66) (76)
Total other (losses)/income (66) (76)
NOTE 4 OPER ATING EXPENSES
Management fee (note 11) 1,705 1,4 40
Performance fee (note 11) 301 0
Administration services (note 11) 159 159
Directors' fees (note 11) 175 176
Brokerage 297 163
Investor relations and communications 132 116
Custody and accounting fees 49 47
NZX fees 54 54
Professional fees 42 31
Fees paid to the auditor:
Statutory audit and review of financial statements 36 35
Non-assurance services
1
2 0
Regulatory fees 15 13
Other operating expenses 40 31
Total operating expenses 3,007 2,265
1
Non-assurance services relate to agreed upon procedures performed in respect of the performance fee
calculation. No other fees were paid to the auditor.

41
Barramundi Limited
|

Annual Report |
2020

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2020
NOTE 5 TAXATION
Barramundi is a Portfolio Investment Entity (“PIE”) for tax purposes.
Taxation expense comprises both current and deferred tax. Current tax is the expected tax payable
on the taxable income for the year, using tax rates enacted or substantively enacted at balance
date, and any adjustment to tax payable in respect of previous years. Current tax for current and
prior periods is recognised as a liability or asset to the extent that it is unpaid (or refundable).
Deferred tax (if any) is recognised as the difference between the carrying amounts of assets and
liabilities in the financial statements and the amounts used for taxation purposes. A deferred tax
asset is only recognised to the extent it is probable it will be utilised.
20202019
$000$000
Taxation expense is determined as follows:
Operating profit before tax 12,661 8,586
Non-taxable realised gain on financial assets and liabilities (5,747) (7,862)
Non-taxable unrealised loss/(gain) on financial assets and liabilities (6,833) 3,192
Fair Dividend Rate income 335 335
Exempt dividends subject to Fair Dividend Rate (114) (124)
Imputation credits 49 61
Non-deductible expenses and other 309 166
Taxable income 660 4,354
Tax at 28% 185 1,219
Imputation credits (49) (61)
Total tax expense 136 1,15 8
Taxation expense comprises:
Current tax 127 799
Deferred tax 9 359
Total tax expense 136 1,15 8
Current tax balance
Opening balance (535) 1
Current tax movements (127) (799)
Tax paid 535 224
Credits used 33 39
Current tax payable (94) (535)
Deferred tax balance
Opening balance (49) 309
Losses utilised 0 (390)
Accrued dividends (9) 35
Other 0 (3)
Deferred tax (liability)/asset (58) (49)
42
Barramundi Limited
|

Annual Report |
2020

j
A deferred tax asset is recognised only if it is probable that future tax profits will be available to utilise
the deferred tax asset.
Imputation credits
The imputation credits available for subsequent reporting periods total $94,149 (2019: $546,590).
This amount represents the balance of the imputation credit account at the end of the reporting
period, adjusted for imputation credits that will arise from the receipt of dividends recognised as a
receivable at 30 June 2020.
NOTE 6 SHAREHOLDERS’ EQUITY
Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares and warrants are shown in equity as a deduction.
When shares are acquired by the Company, the amount of consideration paid is recognised
directly in equity. Acquired shares are classified as treasury stock and presented as a deduction
from share capital. When treasury stock is subsequently sold or reissued, the cost of treasury
stock is reversed and the realised gain or loss on sale or reissue, net of any directly attributable
incremental transaction costs, is recognised within share capital.
Barramundi has 208,719,740 fully paid ordinary shares on issue (2019: 172,081,073). All ordinary
shares rank equally and have no par value. All shares carry an entitlement to dividends and one vote
is attached to each fully paid ordinary share.
Buybacks
Barramundi maintains an ongoing share buyback programme. For the year ended 30 June 2020,
Barramundi had acquired 1,112,889 shares valued at $705,988 (2019: 671,901 shares, $415,837)
under the programme which allows up to 5% of the ordinary shares on issue (as at the date 12
months prior to the acquisition) to be acquired. Shares acquired under the buyback programme are
held as treasury stock and subsequently reissued to shareholders under the dividend reinvestment
plan. There were no shares held as treasury stock at balance date (2019: 33,210).
Warrants
On 1 November 2018, 42,153,796 Barramundi warrants were allotted and quoted on the NZX Main
Board. One new warrant was issued to all eligible shareholders for every four shares held on record
date (31 October 2018). On 1 November 2019, 31,249,518 warrants valued at $18,437,166, less
issue costs of $14,639 (net $18,422,527), were exercised at $0.59 per warrant, and the remaining
10,904,278 warrants lapsed.
Dividends
j
Dividend distributions to the Company’s shareholders are recognised as a liability in the financial
statements in the period in which the dividends are declared by the Barramundi Board.
Barramundi has a distribution policy where 2% of average NAV is distributed each quarter.
Dividends paid during the year comprised:
2020
$000
CENTS PER
SHARE
2019

$000
CENTS PER
SHARE
26 Sep 2019 2,390 1.3928 Sep 2018 2,337 1.40
19 Dec 2019 2,932 1.4 421 Dec 2018 2,389 1.42
27 Mar 2020 2,975 1.4528 Mar 2019 2,121 1.25
26 Jun 2020 2,653 1.2827 Jun 2019 2,238 1.31
10,950 5.56 9,085 5.38
43
Barramundi Limited
|

Annual Report |
2020

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2020
NOTE 6 SHAREHOLDERS’ EQUITY CONTINUED
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 to the five-
day volume weighted average share price from the date the shares trade ex-entitlement. During the
year ended 30 June 2020, 6,502,038 ordinary shares totalling $3,925,414 (2019: 5,506,913 ordinary
shares totalling $3,241,095) 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 7 EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the
Company by the weighted average number of ordinary shares on issue during the year. Diluted
earnings per share assumes conversion of all dilutive potential ordinary shares in determining the
denominator. Potential ordinary shares include outstanding warrants.
20202019

Basic earnings per share
Profit attributable to owners of the Company ($'000) 12,525 7, 428
Weighted average number of ordinary shares on issue
net of treasury stock (‘000)

194,376

168,926
Basic earnings per share 6.44c 4.40c

Diluted earnings per share
Profit attributable to owners of the Company ($'000) 12,525 7, 428
Weighted average number of ordinary shares on issue net of treasury stock
('000)
194,376 168,926
Diluted effect of warrants on issue ('000) 856 1,045
195,232 169,971
Diluted earnings per share 6.42c 4.37c
44
Barramundi Limited
|

Annual Report |
2020

NOTE 8 TRADE AND OTHER RECEIVABLES
Trade and other receivables are classified as financial assets at amortised cost and are initially
recognised at fair value, and subsequently measured at amortised cost less any provision for
impairment. Receivables are assessed on a case-by-case basis for impairment.
j
The trade and other receivables’ carrying values are a reasonable approximation of fair value.
20202019
$000$000
Interest receivable 0 3
Dividends receivable 211 172
Unsettled investment sales 0 149
Other receivables and prepayments 48 19
Total trade and other receivables 259 343
NOTE 9 TRADE AND OTHER PAYABLES
Trade and other payables are classified as other financial liabilities and are initially recognised at
fair value, and subsequently measured at amortised cost.
j
The trade and other payables' carrying values are a reasonable approximation of fair value.
20202019
$000$000
Related party payable (note 11) 463 137
Unsettled purchases of investments 594 0
Other payables and accruals 47 65
Total trade and other payables 1,104 202
45
Barramundi Limited
|

Annual Report |
2020

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2020
NOTE 10 CASH AND CASH FLOW RECONCILIATION
Cash and Cash Equivalents
Cash and cash equivalents are classified as financial assets at amortised cost and comprise cash on
deposit at banks.
20202019
$000$000
Cash - New Zealand dollars 528 745
Cash - Australian dollars 1,888 1,524
Cash and Cash Equivalents 2,416 2,269

Reconciliation of Net Operating Profit after Tax to Net Cash Flows
from Operating Activities
Net operating profit after tax 12,525 7, 4 28

Items not involving cash flows:
Unrealised (gains)/losses on cash and cash equivalents (13) 76
Unrealised (gains)/losses on revaluation of investments (6,849) 3,216
Unrealised losses/(gains) on forward foreign exchange contracts 902 (1,614)
(5,960) 1,678

Impact of changes in working capital items
Increase/(decrease) in trade and other payables 902 (2,301)
Decrease in trade and other receivables 84 21
Change in current and deferred tax (432) 894
554 (1,386)
Items relating to investments
Amount paid for purchases of investments (61,742) (31,082)
Amount received from sales of investments 50,654 30,873
Net amount received on settlement of forward foreign exchange contracts 885 1,271
Realised gains on investments (6,731) (9,176)
(Increase)/decrease in unsettled purchases of investments (594) 1,233
(Decrease)/increase in unsettled sales of investments (149) 149
(17,677) (6,732)

Other
Decrease in share buybacks payable 0 18
0 18
Net cash (outflows)/inflows from operating activities (10,558) 1,006
46
Barramundi Limited
|

Annual Report |
2020

NOTE 11 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.
Transactions with related parties
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. In return for
the performance of its duties as Manager, Fisher Funds is paid the following fees:
(i) Management fee: 1.25% (plus GST) per annum of the gross asset value, calculated weekly and
payable monthly in arrears. The fee reduces if the Manager underperforms, thereby aligning the
Manager’s interests with those of the Barramundi shareholders. For every 1% underperformance
(relative to the change in the NZ 90 Day Bank Bill Index) the management fee percentage is reduced
by 0.1%, subject to a minimum 0.75% per annum management fee.
(ii) Performance fee: Fisher Funds may earn an annual performance fee of 10% plus GST
(2019: 15% plus GST) of excess returns over and above the performance fee hurdle return (being
the change in the NZ 90 Day Bank Bill Index plus 7%) subject to achieving the High Water Mark
(“HWM”). From 1 July 2019 the total performance fee amount is subject to a cap of 1.25% of the
net asset value and is no longer partially settled by equity share payment, but settled fully in cash.
The HWM is the dollar amount by which the net asset value per share exceeds the highest net asset
value per share (after adjustment for capital changes and distributions) at the end of any previous
calculation period in which a performance fee was payable, multiplied by the number of shares at
the end of the period.
In accordance with the terms of the Management Agreement, when a performance fee is earned, it
is paid within 60 days of the balance date.
Performance fees paid to the Manager are recognised as an expense in the Statement of
Comprehensive Income and treated in line with a typical operating expense.
For the year ended 30 June 2020, excess returns of $2,966,757 (2019: $nil ) were generated and the
net asset value per share before the deduction of a performance fee was $0.68 (2019: $0.69), which
exceeded the HWM after adjustment for capital changes and distributions of $0.57 (2019: $0.70).
Accordingly, the Company has expensed a performance fee of $301,126 (2019: $nil was expensed).
(iii) Administration fee: Fisher Funds provides corporate administration services and a monthly fee
is charged.
Fees earned, accrued and payable:
20202019
$000$000
Fees earned by and accrued to the Manager
for the year ended 30 June
Management fees 1,705 1,4 40
Performance fees 301 0
Administration services 159 159
Total fees earned by and accrued to the Manager 2 ,165 1,599

Fees payable to the Manager at 30 June
Management fees 149 124
Performance fees payable in cash 301 0
Administration services 13 13
Total amount payable to the Manager 463 137
47
Barramundi Limited
|

Annual Report |
2020

NOTE 11 RELATED PARTY INFORMATION CONTINUED
Investments by the Manager
The Manager held shares in the Company until August 2019 when its holding was sold (2019:
$1,390,621). No dividends were paid to the Manager during the year (2019: $118,755).
Investment transactions with related parties
Off-market transactions between Barramundi and other funds managed by Fisher Funds take place
for the purposes of rebalancing portfolios without incurring brokerage costs. These transactions
are conducted after the market has closed at last sale price (on an arm’s length basis). Purchases
for the year ended 30 June 2020 totalled $3,388,954 (2019: $169,685) and sales totalled $55,960
(2019: $464,230).
Directors
The directors of Barramundi are the only key management personnel and they are paid a fee for
their services. The directors’ fee pool is $157,500 (plus GST if any) per annum (2019: $157,500).
The amount paid to directors (inclusive of GST for three directors) is disclosed in note 4 under
directors’ fees (all directors earn a director’s fee).
The directors or their associates also held shares in the Company at 30 June 2020 and previously
held warrants on issue at 30 June 2019. The table below shows a reconciliation of opening and
closing share holdings and warrant holdings for all directors or their associates:
20202019
$000$000
Opening value of shares held by directors or their associates 1,30 0 1,215
Plus shares issued for warrants exercised 333 23
Plus other share purchases 1,353 0
Plus share price movements 347 62
Closing value of shares held by directors or their associates 3,333 1,300
Opening value of warrants held by directors or their associates 8 0
Plus new warrants issued and price movements 11 8
Less warrants exercised (19) 0
Closing value of warrants held by directors or their associates 0 8
Dividends of $260,404 (2019: $156,434) were also received by directors or their associates as a
result of their shareholding.
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2020
48
Barramundi Limited
|

Annual Report |
2020

NOTE 12 FINANCIAL RISK MANAGEMENT
The Company is subject to a number of financial risks which arise as a result of its investment
activities, including market risk, credit risk and liquidity risk.
The Management Agreement between Barramundi and Fisher Funds details permitted
investments. Financial instruments currently recognised in the financial statements also comprise
cash and cash equivalents, forward foreign exchange contracts, trade and other receivables and
trade and other payables.
Market Risk
All equity investments present a risk of loss of capital, often due to factors beyond the Company’s
control such as competition, regulatory changes, commodity price changes and changes in general
economic climates domestically and internationally. The Manager moderates this risk through
careful stock selection, diversification and daily monitoring of the market positions. For corporate
governance purposes there is also regular reporting to the Board of Directors. In addition, the
Manager has to meet the criteria of authorised investments within the prudential limits defined in
the Management Agreement.
The market risk of the Company is concentrated in Australia.
Price Risk
Price risk is the risk of gains or losses from changes in the market price of investments. The Company
is exposed to the risk of fluctuations in the underlying value of its listed portfolio companies. There
were no companies individually comprising more than 10% of Barramundi’s total assets at 30 June
2020 (2019: none).
Interest Rate Risk
Interest rate risk is the risk of movements in interest rates. Surplus cash is held in interest bearing
Australian and New Zealand bank accounts. The Company is therefore exposed to the risk of
changes in interest income from movements in both Australian and New Zealand interest rates.
There is no hedge against the risk of movements in interest rates.
Currency Risk
Currency risk is the risk that the fair value or future cash flows of an investment will fluctuate
because of changes in foreign exchange rates. The Company holds assets denominated in Australian
dollars and it is therefore exposed to currency risk as the value of these assets in Australian dollars
will fluctuate with changes in the relative value of the New Zealand dollar. The Company mitigates
this risk by entering into forward foreign exchange contracts as and when the Manager deems
it appropriate. At any time during the year the portfolio may be hedged by an amount deemed
appropriate by the Manager.

49
Barramundi Limited
|

Annual Report |
2020

NOTE 12 FINANCIAL RISK MANAGEMENT CONTINUED
Market Risk (continued)
Sensitivity Analysis
The table below summarises the impact on net operating profit after tax and shareholders’ equity to
reasonably possible changes arising from market risk exposure at 30 June as follows:
20202019
$000$000

Price risk
1

Australian listed equity investmentsCarrying value 140,067 115,540
Impact of a 20% change in market prices: +/- 28,013
Impact of a 10% change in market prices: +/- 11, 55 4
Interest rate risk
2

Cash and cash equivalentsCarrying value 2,416 2,269
Impact of a 1% change in interest rates: +/- 24 23
Currency risk
3

Cash and cash equivalentsCarrying value 1,888 1,524
Impact of a +10% change in exchange rates (172) (139)
Impact of a -10% change in exchange rates 210 169
Australian listed equity investmentsCarrying value 140,067 115,540
Impact of a +10% change in exchange rates (12,733) (10,504)
Impact of a -10% change in exchange rates 15,563 12,838
Forward foreign exchange contractsCarrying value 30 933
Impact of a +10% change in exchange rates 8,416 6,949
Impact of a -10% change in exchange rates (10,286) (8,493)
Net foreign currency payables/receivablesCarrying value (385) 323
Impact of a +10% change in exchange rates 35 (29)
Impact of a -10% change in exchange rates (43) 36
1
The impact of COVID-19 caused the Company to review the adequacy of the market price risk sensitivity
analysis. A variable of 20% (2019: 10%) is considered appropriate for market price risk sensitivity based on the
impact of COVID-19, as well as based on historical price movements.

2
Current market circumstances caused the Company to review the adequacy of the interest rate risk sensitivity.
The 1% variable used in the previous period is considered to continue to be appropriate to illustrate the impact
of COVID-19, as well as a reasonable possible movement based on historic trends. The percentage movement
for the interest rate sensitivity relates to an absolute change in the interest rate rather than a percentage
change in interest rate.

3
Current market circumstances caused the Company to review the adequacy of the currency risk sensitivity. The
10% variable used in the previous period is considered to continue to be appropriate to illustrate the impact of
COVID-19, as well as a reasonable possible movement based on historic trends.



BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2020
50
Barramundi Limited
|

Annual Report |
2020

Credit Risk
Credit risk is the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Company. In the normal course of its business, the Company is exposed to credi
risk from transactions with its counterparties.
Australian listed equity investments are held by an independent custodian, Trustees Executors
Limited. All transactions in listed securities are paid for on delivery according to standard settlement
instructions and are normally settled within three business days. Dividends receivable are due from
listed Australian companies and are normally settled within a month after the Ex-Dividend date. The
Company has cash and forward foreign exchange contracts with banks registered in New Zealand
and Australia which carry a minimum short-term credit rating of S&P AA-.
The Company measures credit risk and expected credit losses using probability of default, exposure
at default and loss given default. Management considers both historical analysis and forward
looking information in determining any expected credit loss. At balance date, cash at bank was held
with counterparties with a credit rating of S&P AA- or equivalent. Trade and other receivables are
normally settled within three business days.
Management considers the probability of default to be close to zero as the counterparties have a
strong capacity to meet their contractual obligations in the near term. As a result, no loss allowance
has been recognised based on 12 month expected credit losses as any such impairment would be
wholly insignificant to the Company.
The maximum credit risk of financial assets is deemed to be their carrying amount as reported in the
Statement of Financial Position.
Other than cash at bank, short term unsettled trades and dividends receivable, there are no
significant concentrations of credit risk. The Company does not expect non-performance by
counterparties, therefore no collateral or security is required.
Liquidity Risk
Liquidity risk is the risk that the assets held by the Company cannot readily be converted to cash
in order to meet the Company’s financial obligations as they fall due. The Company endeavours to
invest the proceeds from the issue of shares in appropriate investments while maintaining sufficient
liquidity (through daily cash monitoring) to meet working capital and investment requirements.
Liquidity to fund investment requirements can be augmented through the procurement of a debt
facility from a registered bank to a maximum value of 20% of the gross asset value of the Company.
There were no such debt facilities at 30 June 2020 (2019: nil).
All derivative financial liabilities held by the Company have contractual maturities of 3 months or
less.
There have been no subsequent events to suggest any issues with satisfying working capital and
investment requirements and COVID-19 has not impacted the liquidity risk profile.
Capital Risk Management
The Company’s objective is to prudently manage shareholder capital (share capital, reserves,
accumulated deficits) and borrowings (if any).
In order to maintain or adjust the capital structure, the Company may adjust the amount of
dividends paid to shareholders, return capital to shareholders, undertake share buybacks, issue new
shares and secure borrowings in the short term.
The Company was not subject to any externally imposed capital requirements during the year.
Since announcing a long-term distribution policy in August 2009, the Company continues to pay 2%
of average net asset value each quarter.
51
Barramundi Limited
|

Annual Report |
2020

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2020
NOTE 13 NET ASSET VALUE
The audited net asset value per share of Barramundi as at 30 June 2020 was $0.68 (2019: $0.69),
calculated as the net assets of $141,516,499 divided by the number of shares on issue of 208,719,740
(2019: net assets of $118,299,331 and shares on issue of 172,081,073).
NOTE 14 COMMITMENTS AND CONTINGENT LIABILITIES
There were no unrecognised contractual commitments or contingent liabilities as at 30 June 2020
(2019: nil).
NOTE 15 FINANCIAL REPORTING BY SEGMENTS
The Company operates in a single operating segment, being Australian financial investment.
The Company is managed as a whole and is considered to have a single operating segment. There is
no further division of the Company or internal segment reporting used by the Directors when making
strategic, investment or resource allocation decisions.
There has been no change to the operating segment during the year.
NOTE 16 SUBSEQUENT EVENTS
The Board declared a dividend of 1.34 cents per share on 26 August 2020. The record date for this
dividend is 10 September 2020 with a payment date of 25 September 2020.
There were no other events which require adjustment to, or disclosure, in these financial
statements.
52
Barramundi Limited
|

Annual Report |
2020

Independent auditor’s report
To the shareholders of Barramundi Limited
Barramundi Limited’s financial statements comprise:
•the statement of financial position as at 30 June 2019;
•the statement of comprehensive income for the year then ended;
•the statement of changes in equity for the year then ended;
•the statement of cash flows for the year then ended; and
•the notes to the financial statements, which include significant accountingpolicies.
Our opinion
In our opinion, the financial statements of Barramundi Limited (the Company), present fairly, in all
material respects, the financial position of the Company as at30 June 2019, its financial performance
and its cash flows for the year then ended in accordance with New Zealand Equivalents to
International Financial Reporting Standards (NZ IFRS) and International Financial Reporting
Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand)ISAs
(NZ) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in theAuditor’s responsibilities for the auditof thefinancialstatementssectionof
our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1 (Revised)
Code of Ethics for Assurance Practitioners (PES 1) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’Code of Ethics for
Professional Accountants(IESBA Code), and we have fulfilled our otherethicalresponsibilitiesin
accordance with these requirements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Company.
PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz


PricewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 (9) 355 8000, F: +64 (9) 355 8001, www.pwc.co.nz
Independent auditor’s report
To the shareholders of Barramundi Limited
We have audited the financial statements which comprise:
● the statement of financial position as at 30 June 2020;

● the statement of comprehensive income for the year then ended;
● the statement of changes in equity for the year then ended;
● the statement of cash flows for the year then ended; and
● the notes to the financial statements, which include significant accounting policies.
Our opinion
In our opinion, the accompanying financial statements of Barramundi Limited (the Company)
present fairly, in all material respects, the financial position of the Company as at 30 June 2020, its
financial performance and its cash flows for the year then ended in accordance with New Zealand
Equivalents to International Financial Reporting Standards (NZ IFRS) and International Financial
Reporting Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand)
(ISAs (NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those
standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out an agreed-upon procedures engagement for the Company in relation to the
performance fee calculation. Our firm also provided factual tax information to Fisher Funds
Management Limited (the Investment Manager) that was generic but relevant to the Company. The
provision of these other services has not impaired our independence as auditor of the Company.
Key audit matter
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the financial statements of the current year. Given the nature of the Company, we
have one key audit matter: Valuation and existence of Australian listed equity investments. The
matter was addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on the matter.

53
Barramundi Limited
|

Annual Report |
2020

PwC 2
Key audit matter How our audit addressed the key audit
matter
Valuation and existence of Australian listed
equity investments
Australian listed equity investments (the
investments) are valued at $140.1 million and
represent 98% of total assets.
Further disclosures on the investments are
included in note 2 to the financial statements.
This was an area of focus for our audit and an
area where a significant proportion of audit
effort was directed.
As at 30 June 2020, all investments were in
companies that were listed on the ASX and
were actively traded with readily available,
quoted market prices. The market prices are
quoted in Australian dollars, which are then
translated to New Zealand dollars using the
exchange rate at 30 June 2020.
Management assessed the impact of COVID-19
on the Company’s financial statements
including the investments and included
additional disclosures in relation to the
investments, market price risk sensitivity and
liquidity risk.
All investments are held by Trustees Executors
Limited (the Custodian) on behalf of the
Company. Trustees Executors Limited also
provides administration services for the
Company.
Our audit procedures included updating our
understanding of the business processes
employed by the Company for accounting
for, and valuing, its investment portfolio.
We obtained confirmation from the
Custodian that the Company was the
recorded owner of all the recorded
investments.
We obtained copies of and assessed Trustees
Executors Limited’s Internal Controls
Reports for Custody, Investment Accounting
and Registry services for the period from 1
April 2019 to 31 March 2020. Trustees
Executors Limited has confirmed that there
has been no material change to the control
environment in the period from 1 April 2020
to 30 June 2020.
We agreed the price for all investments held
at 30 June 2020 and the exchange rate at
which they have been converted from
Australian dollars to New Zealand dollars to
independent third-party pricing sources.
We have considered the impact of COVID-19
on the valuation of investments, including
the disclosures provided in note 2.
No matters arose from the procedures
performed.

Our audit approach
Overview

An audit is designed to obtain reasonable assurance whether the financial
statements are free from material misstatement.
Overall materiality: $707,000, which represents approximately 0.5% of the
net assets. We used this benchmark because, in our view, the objective of
the Company is to provide investors with a total return on its assets, taking
account of both capital and income returns.
As reported earlier, we have one key audit matter, being: Valuation and
existence of Australian listed equity investments.


54
Barramundi Limited
|

Annual Report |
2020

PwC 3
Materiality
The scope of our audit was influenced by our application of materiality.
Based on our professional judgement, we determined certain quantitative thresholds for
materiality, including the overall materiality for the financial statements as a whole as set out
above. These, together with qualitative considerations, helped us to determine the scope of our
audit, the nature, timing and extent of our audit procedures and to evaluate the effect of
misstatements, both individually and in aggregate, on the financial statements as a whole.
Audit scope
We designed our audit by assessing the risks of material misstatement in the financial statements
and our application of materiality. As in all of our audits, we also addressed the risk of management
override of internal controls including among other matters, consideration of whether there was
evidence of bias that represented a risk of material misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the financial statements as a whole, taking into account the structure of the Company,
the type of investments held by the Company, the use of third-party service providers, the related
accounting processes and controls, and the industry in which the Company operates.
The Directors are responsible for the governance and the control activities of the Company. The
Directors have delegated certain responsibilities to the Investment Manager and Trustees
Executors Limited (the Administrator and the Custodian).
In establishing our overall audit approach, we assessed the risk of material misstatement, taking
into account the nature, likelihood and potential magnitude of any misstatement. As part of our
risk assessment, we considered the Company’s interaction with the Investment Manager and the
Administrator and the control environment in place at the Administrator and the Custodian.
Information other than the financial statements and auditor’s report
The Directors are responsible for the annual report. Our opinion on the financial statements does
not cover the other information included in the annual report and we do not and will not express
any form of assurance conclusion on the other information.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated. If, based on the work we have performed on the other information that we
obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report in this
regard, except that not all other information was available to us at the date of our signing.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation
of the financial statements in accordance with NZ IFRS and IFRS, and for such internal control as
the Directors determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Directors either intend to liquidate the
Company or to cease operations, or have no realistic alternative but to do so.
55
Barramundi Limited
|

Annual Report |
2020

PwC 4
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a
whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-2/

This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an
auditor’s 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 Company and the Company’s shareholders, as a
body, for our audit work, for this report or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Philip Taylor.
For and on behalf of:





Chartered Accountants Auckland
26 August 2020


56
Barramundi Limited
|

Annual Report |
2020

SHAREHOLDER INFORMATION
SPREAD OF SHAREHOLDERS AS AT 7 AUGUST 2020
Holding Range
# of
Shareholders# of Shares% of Total
1 to 99917776,6750.04
1,000 to 4,9995691,471,0710.7
5,000 to 9,9998215,529,1952.65
10,000 to 49,9992,21450,461,15024 .18
50,000 to 99,99954437, 2 21, 4 0217. 8 3
100,000 to 499,99942978,062,98737. 4 0
500,000 +3435,897,26017. 20
TOTAL4,788208,719,740100%
20 LARGEST SHAREHOLDERS AS AT 7 AUGUST 2020
Holder Name# of Shares% of Total
ASB NOMINEES LIMITED <ACCOUNT 340941 - ML>4,492,5752.15
HOE SENG LIM2,10 8 ,9 051.01
ANTHONY JOHN SIMMONDS + MAUREEN SIMMONDS <AJ & M
SIMMONDS PARTNERSHIP A/>
2,010,13 40.96
FORSYTH BARR CUSTODIANS LIMITED <1-CUSTODY>1,769,4340.85
FNZ CUSTODIANS LIMITED1,692,4660.81
TAREWAI FISHING COMPANY LIMITED1,6 4 4,4780.79
CUSTODIAL SERVICES LIMITED <A/C 4>1, 55 7,76 00.75
IVOR ANTHONY MILLINGTON1,400,0000.67
FRANZ CHRISTIAN ELIAS1,30 0,0340.62
LEWIS TAIT SUTHERLAND1,102,0370.53
ROGER GEORGE JOBSON1,10 0,9150.53
BRYAN THOMAS SEDDON + DOROTHY EDITH ALLISON SEDDON1,100,0000.53
NEW ZEALAND DEPOSITORY NOMINEE LIMITED <A/C 1 CASH
ACCOUNT>
966,0080.46
DEREK JOHN SMITH + MAUREEN MARGARET SMITH900,0000.43
MIRJANA VILKE779,6000.37
CUSTODIAL SERVICES LIMITED <A/C 2>769,9340.37
FORSYTH BARR CUSTODIANS LIMITED <2-33>764,0560.37
GRAEME EDWARDS + GRAEME RAMSEY <G R EDWARDS FAMILY A/C>750,0000.36
LAPAUGE LIMITED743,7830.36
BARRY NEVILLE COLMAN710,0000.34
TOTAL27,6 62 ,11913.26
57
Barramundi Limited
|

Annual Report |
2020

DIRECTORS’ RELEVANT INTERESTS IN EQUITY SECURITIES AS AT 30 JUNE 2020
STATUTORY INFORMATION
INTERESTS REGISTER
Barramundi is required to maintain an interests register in which the particulars of certain transactions and matters
involving the directors must be recorded. The interests register for Barramundi is available for inspection at its
registered office. Particulars of entries in the interests register as at 30 June 2020 are as follows:
Ordinary Shares
Held Directly
Held by Associated
Persons
A B Ryan
(1)
8,648135,4 65
C M Fisher
(2)
4,492,575
C A Campbell
(3)
110 , 3 92
R A Coupe
(4)
82,956
(1) A B Ryan purchased 7,904 shares on market in the year ended 30 June 2020 as per the Barramundi share purchase plan
(purchase price $0.63). A B Ryan and associated persons acquired 11,872 shares in the year ended 30 June 2020, issued
under the dividend reinvestment plan (average issue price $0.61). A B Ryan exercised 23,975 warrants in the year ended 30
June 2020.
(2) Associated persons of C M Fisher purchased 2,207,335 shares off market in the year ended 30 June 2020. Associated
persons of C M Fisher exercised 457,048 warrants in the year ended 30 June 2020.
(3) C A Campbell purchased 5,928 shares on market in the year ended 30 June 2020 as per the Barramundi share purchase
plan (purchase price $0.63). C A Campbell acquired 9,101 shares in the year ended 30 June 2020, issued under the dividend
reinvestment plan (average issue price $0.61). C A Campbell exercised 18,070 warrants in the year ended 30 June 2020.
(4) R A Coupe purchased 5,928 shares on market in the year ended 30 June 2020 as per the Barramundi share purchase
plan (purchase price $0.63). R A Coupe acquired 6,846 shares in the year ended 30 June 2020, issued under the dividend
reinvestment plan (average issue price $0.61). R A Coupe exercised 13,298 warrants in the year ended 30 June 2020.
DIRECTORS HOLDING OFFICE
Barramundi’s directors as at 30 June 2020 were:
• A B Ryan (Chair)
• C M Fisher
• C A Campbell
• R A Coupe
During the year, there were no appointments to the Board.
In accordance with the Barramundi constitution, at the 2019 Annual Shareholders’ Meeting, Alistair Ryan and
Carmel Fisher retired by rotation and being eligible were re-elected. Andy Coupe retires by rotation at the 2020
Annual Shareholders’ Meeting and being eligible, offers himself for re-election.
DIRECTORS’ INDEMNITY AND INSURANCE
Barramundi has arranged Directors’ and Officers’ liability insurance covering directors acting on behalf of
Barramundi. Cover is for damages, judgements, fines, penalties, legal costs awarded and defence costs arising
from wrongful acts committed while acting for Barramundi. The types of acts that are not covered include
dishonest, fraudulent, malicious acts or omissions, and wilful breach of statute or regulations.
Barramundi has granted an indemnity in favour of all current and future directors of the Company in accordance
with its constitution.
58
Barramundi Limited
|

Annual Report |
2020

DIRECTORS’ RELEVANT INTERESTS
The following are relevant interests of Barramundi’s Directors as at 30 June 2020:
A B RyanKingfish LimitedChair
Marlin Global LimitedChair
Metlifecare LimitedDirector
Kiwibank LimitedDirector*
FMA Audit Oversight CommitteeMember
C M FisherKingfish LimitedDirector
Marlin Global LimitedDirector
C A CampbellKingfish LimitedDirector
Marlin Global LimitedDirector
T&G Global LimitedDirector
Hick Bros Holdings Limited & subsidiary companies Director
Woodford Properties LimitedDirector
alphaXRT LimitedDirector
New Zealand Post LimitedDirector
Key Assets FoundationTrustee
Key Assets NZ LimitedDirector
Kiwibank LimitedDirector
Asset Plus LimitedDirector
Nica Consulting LimitedDirector
NZME LimitedDirector
Cord Bank LimitedDirector
T&G Insurance LimitedDirector
Bankside Chambers LtdDirector
Chubb Insurance New Zealand LimitedDirector
R A CoupeKingfish LimitedDirector
Marlin Global LimitedDirector
New Zealand Takeovers PanelChair
Coupe Consulting LimitedDirector
Gentrack Group LimitedDirector
Briscoe Group Limited Director
Television New Zealand LimitedChair
STATUTORY INFORMATION CONTINUED
* Retired 30 August 2020
59
Barramundi Limited
|

Annual Report |
2020

AUDITOR’S REMUNERATION
During the 30 June 2020 year the following amounts were paid/payable to the auditor, PricewaterhouseCoopers
New Zealand.
$000
Statutory audit and review of financial statements36
Non assurance services2
PricewaterhouseCoopers New Zealand is a registered audit firm and its audit partners are licensed auditors under
the Auditor Regulation Act 2011.
DONATIONS
Barramundi did not make any donations during the year ended 30 June 2020.
60
Barramundi Limited
|

Annual Report |
2020

REGISTERED OFFICE
Barramundi Limited
Level 1
67 – 73 Hurstmere Road
Takapuna
Auckland 0622
DIRECTORS
Independent Directors
Alistair Ryan (Chair)
Carol Campbell
Andy Coupe
Carmel Fisher
CORPOR ATE
MANAGEMENT TEAM
Wayne Burns
Beverley Sutton
MANAGER
Fisher Funds Management
Limited
Level 1
67 – 73 Hurstmere Road
Takapuna
Auckland 0622
SHARE REGISTRAR
Computershare Investor
Services Limited
Level 2
159 Hurstmere Road
Takapuna
Auckland 0622
Private Bay 92119
A u c k l a n d 114 2
Phone +64 9 4888777
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.investorcentre.com/NZ
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
AUDITOR
PricewaterhouseCoopers
New Zealand
Level 27
P wC Tower
15 Customs Street West
Auckland 1010
SOLICITOR
Bell Gully
Level 21
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
The information contained in this annual 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 annual 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.
DIRECTORY
61
Barramundi Limited
|

Annual Report |
2020