Strong Half Year Performance by Barramundi

Barramundi Limited results announcement


Results for announcement to the market
Name of issuer Barramundi Limited
Reporting Period 6 months to 31 December 2020
Previous Reporting Period 6 months to 31 December 2019
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$34,616 136%
Total Revenue $34,616 136%
Net profit/(loss) from
continuing operations
$31,608 149%
Total net profit/(loss) $31,608 149%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 1.58 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00045013
Record Date 4 March 2021
Dividend Payment Date 26 March 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.8015 $0.7079
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The financial statements attached to this report have been reviewed
by PricewaterhouseCoopers and are not subject to a qualification. A
copy of the auditor’s review report applicable to the financial
statements is attached to this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
W.A. Burns
Contact person for this
announcement
W.A. Burns
Contact phone number (09) 4840352
Contact email address enquire@barramundi.co.nz
Date of release through MAP

17 February 2021
Reviewed interim financial statements accompany this announcement.

---

¹ The total shareholder 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 at warrant expiry date, (if they were in the money).
2
The adjusted NAV return is the net return to an investor after fees and tax.
(The TSR and adjusted NAV return can be found in the Barramundi Non-GAAP Financial Information policy. A copy of the policy is available at
http://www.barramundi.co.nz/about-barramundi/barramundi-policies/
3
Benchmark index: S&P/ASX 200 Index (hedged 70% to NZD).




For immediate release:


17 February 2021


Strong Half Year Performance by Barramundi

• First half 2021 net operating profit $31.6m (1H20, $12.7m)
• Total shareholder return
1
52.8%
• Adjusted net asset value (NAV) return
2
22.5%
• 2.79 cents per share in dividends paid during the six month period

NZX-listed investment company Barramundi Limited (NZX:BRM) today announced a net
operating profit after tax of $31.6m for the six month period ended 31 December 2020 (1H20,
$12.7m).

Total shareholder return (TSR) for the six months ended 31 December 2020 was 52.8% and
adjusted net asset value (NAV) increased by 22.5%. This result was well ahead of the S&P/ASX
200 Index (hedged 70% to NZD)
3
which increased by 13.3%.

In accordance with the company’s distribution policy (2.0% of average NAV per quarter), a total
of 2.79 cents per share was paid to Barramundi shareholders during the six months ended
31 December 2020. On 17 February 2021, the Board declared a quarterly dividend of 1.58 cents
per share to be paid to shareholders on 26 March 2021 with a record date of 4 March 2021.

On 26 August 2020, Barramundi announced a new pro-rata warrant issue (BRMWF) as part of
its capital management programme. Shareholders were issued one warrant for every four
shares held on 5 October 2020. The warrants give holders the right, but not the obligation, to
purchase additional Barramundi shares on 29 October 2021 at an exercise price of $0.70
adjusted down for dividends declared during the period up to the announcement of the
exercise price. The final exercise price will be announced and an exercise form provided in early
to mid September 2021.

The first six months of Barramundi’s 2021 financial year delivered a gross performance return
of 24.9%, while the Australian S&P/ASX 200 Index (hedged 70% to NZD)
3
was up 13.3% for the
same period. Barramundi’s Chair, Alistair Ryan, said: “We’re very pleased with the strong
outperformance by the Barramundi portfolio over the first half of the 2021 financial year. We
attribute the ongoing growth of the Barramundi portfolio to the Manager’s continued focus on
investing in high quality companies. Shareholders continued to receive reliable dividends
throughout the pandemic period coupled with strong growth in the portfolio value. It remains
to be seen how the second half of the financial year will play out but the strong first half

performance has clearly demonstrated the benefits of a rigorous and detailed approach to
stock selection, retention and divestment.”

Portfolio Manager, Robbie Urquhart, said:

“It has been a great six months for our Barramundi portfolio. In addition to having a supportive
equity market backdrop, the management teams of our portfolio companies have done an
excellent job navigating the COVID environment. The broad range of portfolio holdings
delivered strong returns for Barramundi shareholders in the period.

The blend of high-quality businesses in our portfolio should stand Barramundi shareholders in
good stead as the world slowly works its way towards economic normalisation during 2021.
However, pandemic and economic uncertainties can be expected to prevail and the second half
of the year is anticipated to be no less challenging than the first half.”








For further information, please contact:
Wayne Burns
Corporate Manager
Barramundi Limited
Tel: (09) 484 0352



About Barramundi
Barramundi is a listed investment company that invests in growing Australian companies. The Barramundi portfolio is managed by Fisher Funds,
a specialist fund manager with a track record of successfully investing in growth company shares. The aim of Barramundi is to offer investors
competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single, tax-efficient
investment vehicle. Barramundi listed on the NZX Main Board on 26 October 2006 and may invest in companies listed on the Australian
Securities Exchange (with a primary focus on those outside the top 20 at the time of investment) or unlisted companies. /ends

---

BARRAMUNDI LIMITED
INTERIM FINANCIAL STATEMENTS CONTENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Page
Statement of Comprehensive Income1
Statement of Changes in Equity2
Statement of Financial Position3
Statement of Cash Flows4
Notes to the Interim Financial Statements5

BARRAMUNDI LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
6 months6 months
endedended
31/12/2031/12/19
unauditedunaudited
Notes$000$000
Interest income2 16
Dividend income1,245 1,798
Net changes in fair value of financial assets and liabilities
2
33,340 12,939
Other income/(losses)
3
29 (109)
Total net income34,616 14,644
Operating expenses
4
(3,644) (1,704)
Operating profit before tax30,972 12,940
Tax income/(expense)636 (252)
Net operating profit after tax attributable to shareholders31,608 12,688
Total comprehensive income after tax attributable to shareholders31,608 12,688
Basic earnings per share615.08c6.95c
Diluted earnings per share
614.82c6.89c
The accompanying notes form an integral part of these financial statements.
Page 1 of 9

BARRAMUNDI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Share
Capital
(Accumulated
Deficits)/
Retained
Earnings
Total
Equity
Notes
$000$000$000
Balance at 1 July 2019 (audited)143,286 (24,987) 118,299
Comprehensive income
Net operating profit after tax
0 12,688 12,688
Other comprehensive income0 0 0
Total comprehensive income for the
period ended 31 December 2019
Transactions with shareholders
Shares issued for warrants exercised
5
18,422 0 18,422
Dividends paid
5
0 (5,322) (5,322)
Shares issued from treasury stock under dividend
reinvestment plan
New shares issued under dividend
reinvestment plan
Share buybacks
5
(688) 0 (688)
Total transactions with shareholders for the
period ended 31 December 2019
19,608 (5,322) 14,286
Balance at 31 December 2019 (unaudited)162,894 (17,621) 145,273
Balance at 1 July 2020 (audited)164,928 (23,412) 141,516
Comprehensive income
Net operating profit after tax
0 31,608 31,608
Other comprehensive income0 0 0
Total comprehensive income for the
period ended 31 December 2020
Transactions with shareholders
Warrant issue costs(3) 0 (3)
Dividends paid
5
0 (5,844) (5,844)
New shares issued under dividend
reinvestment plan
Total transactions with shareholders for the
period ended 31 December 2020
2,095 (5,844) (3,749)
Balance at 31 December 2020 (unaudited)167,023 2,352 169,375
The accompanying notes form an integral part of these financial statements.
Page 2 of 9
2,098 0
12,688
31,608
734
12,688
31,608
0
0
5
2,098
734
1,140
0
Attributable to shareholders of the Company
5
5
0
1,140

BARRAMUNDI LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
31/12/2030/06/20
unauditedaudited
Notes$000$000
SHAREHOLDERS' EQUITY169,375141,516
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 2,0662,416
Trade and other receivables
56259
Financial assets at fair value through profit or loss
2
170,669140,103
Current tax receivable300
Total Current Assets
172,821142,778
Non-current Assets
Deferred tax asset5910
Total Non-current Assets
5910
TOTAL ASSETS
173,412142,778
LIABILITIES
Current Liabilities
Trade and other payables 2,3741,104
Financial liabilities at fair value through profit or loss
2
1,6636
Current tax payable094
Total Current Liabilities
4,0371,204
Non-current Liabilities
Deferred tax liability058
Total Non-current Liabilities
058
TOTAL LIABILITIES
4,0371,262
NET ASSETS
169,375141,516
These interim financial statements have been authorised for issue for and on behalf of the Board by:
A B RyanC A Campbell
ChairChair of the Audit and Risk Committee
17 February 202117 February 2021
The accompanying notes form an integral part of these financial statements.
Page 3 of 9
ABR

BARRAMUNDI LIMITED
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
6 months6 months
endedended
31/12/2031/12/19
unauditedunaudited
Notes$000$000
Operating Activities
Sale of listed equity investments27,309 16,746
Interest received2 16
Dividends received1,452 1,972
Other income received/(losses incurred)32 (70)
Purchase of listed equity investments(25,006) (28,639)
Operating expenses (1,787) (1,332)
Taxes paid(138) (555)
Net settlement of forward foreign exchange contracts1,534 1,807
Net cash inflows/(outflows) from operating activities73,398 (10,055)
Financing Activities
Proceeds from warrants exercised0 18,437
Warrant issue costs
(3) (15)
Share buybacks0 (688)
Dividends paid (net of dividends reinvested)(3,746) (3,448)
Net cash (outflows)/inflows from financing activities(3,749) 14,286
Net (decrease)/increase in cash and cash equivalents held(351) 4,231
Cash and cash equivalents at beginning of the period2,416 2,269
Effects of foreign currency translation on cash balance1 (42)
Cash and cash equivalents at end of the period2,066 6,458
The accompanying notes form an integral part of these financial statements.
Page 4 of 9

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Note 1Basis of Accounting
Reporting Entity
Basis of Preparation
Accounting Policies
The Company has applied consistent accounting policies in the preparation of these interim financial
statements as for the 2020 full year financial statements. Accounting policies that are relevant to an
understanding of the financial statements are designated by a symbol.
Critical Judgements, Estimates and Assumptions
The preparation of interim financial statements requires the directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, income and
expenses. Judgements are designated by a symbol in the notes to the interim financial statements. There
were no material estimates or assumptions required in the preparation of these interim financial statements.
Authorisation of Interim Financial Statements
The Barramundi Board of Directors authorised these interim financial statements for issue on 17 February
2021.
No party may change these interim financial statements after their issue.
Note 2Financial Assets and Liabilities at Fair Value Through Profit or Loss
31/12/2030/06/20
Financial assets and liabilities at fair value through profit or lossunauditedaudited
$000$000
Financial Assets:
Australian listed equity investments170,669 140,067
Forward foreign exchange contracts0 36
Total financial assets at fair value through profit or loss170,669 140,103
Financial Liabilities:
Forward foreign exchange contracts1,663 6
Total financial liabilities at fair value through profit or loss1,663 6
All 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 period (31 December 2019: none).
Page 5 of 9
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.
These interim financial statements cover the unaudited results from operations for the six months ended 31
December 2020.
The notional value of forward foreign exchange contracts held at 31 December 2020 was $110,323,405
(30 June 2020: $92,576,044).
The fair value of 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 fair value of forward foreign exchange contracts is determined through valuation techniques using spot
exchange rates and forward points supplied by The World Markets Company PLC via Refinitiv.
The interim financial statements do not include all of the information required for full year financial statements
and should be read in conjunction with the Company’s annual financial report for the year ended 30 June
2020.
The interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP). They comply with the International Accounting Standard 34 Interim Financial
Reporting and New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting.
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.
The impact of COVID-19 was assessed during the preparation of these interim 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.
j
j
j

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Note 2Financial Assets and Liabilities at Fair Value Through Profit or Loss (continued)
6 months6 months
endedended
31/12/2031/12/19
unauditedunaudited
Net changes in fair value of financial assets and liabilities$000$000
Australian listed equity investments33,280 12,833
Foreign exchange gains/(losses) on Australian listed equity investments219 (648)
(Losses)/gains on forward foreign exchange contracts(159)
754
Net changes in fair value of financial assets and liabilities 33,340
12,939
Note 3Other Income/(Losses)
Foreign exchange gains/(losses) on cash and cash equivalents29 (109)
Total other income/(losses)29 (109)
Note 4Operating Expenses
Management fees (note 8)1,001 840
Performance fees (note 8)2,136 378
Administration services (note 8)79 79
Directors' fees (note 8)88 87
Brokerage121 117
Investor relations and communications91 83
Custody and accounting fees31 25
NZX fees33 27
Professional fees15 27
Fees paid to the auditor:
Statutory audit and review of financial statements18 15
Non-assurance services
1
2 0
Regulatory expenses5 6
Other operating expenses24 20
Total operating expenses3,644 1,704
1
Note 5Shareholders' Equity
Share Capital
Buybacks
Warrants
Page 6 of 9
Barramundi has 211,312,030 fully paid ordinary shares on issue (30 June 2020: 208,719,740). 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.
Non-assurance services relate to agreed upon procedures performed in respect of the performance fee
calculation. No other fees were paid to the auditor (31 December 2019: Nil).
52,532,918 new Barramundi warrants were allotted on 5 October 2020, and quoted on the NZX Main Board
on 6 October 2020. One new warrant was issued to all eligible shareholders for every four shares held on
record date. The warrants are exercisable at $0.70 per warrant, adjusted down for dividends declared during
the period up to the exercise date of 29 October 2021. Warrant holders can elect to exercise some or all of
their warrants on the exercise date. The net cost of issuing the warrants is deducted from share capital.
Barramundi maintains an ongoing share buyback programme. In the six month period to 31 December 2020,
Barramundi did not acquire any shares (31 December 2019: 1,084,899 valued at $688,023) 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 (30 June 2020: nil).
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.

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Note 5Shareholders' Equity (continued)
Dividends
2020Cents per2019Cents per
$000share$000share
25 Sep 20202,797 1.3426 Sep 20192,390 1.39
18 Dec 20203,047 1.4519 Dec 20192,932 1.44
5,844 2.795,322 2.83
Dividend Reinvestment Plan
Note 6Earnings per Share6 months6 months
endedended
31/12/2031/12/19
unauditedunaudited
Basic earnings per share
Profit attributable to shareholders of the Company ($'000)31,608 12,688
Weighted average number of ordinary shares on issue net of treasury stock ('000)209,545 182,572
Basic earnings per share15.08c
6.95c
Diluted earnings per share
Profit attributable to shareholders of the Company ($'000)31,608 12,688
Weighted average number of ordinary shares on issue net of treasury stock ('000)209,545 182,572
Diluted effect of warrants on issue ('000)3,672
1,702
213,217
184,274
Diluted earnings per share14.82c
6.89c
Note 7Reconciliation of Net Operating Profit after Tax to 6 months6 months
Net Cash Flows from Operating Activitiesendedended
31/12/2031/12/19
unauditedunaudited
$000$000
Net operating profit after tax31,608 12,688
Items not involving cash flows:
Unrealised (gains)/losses on cash and cash equivalents(1) 41
Unrealised gains on revaluation of listed equity investments(26,291) (9,478)
Unrealised losses on forward foreign exchange contracts1,693 1,053
(24,599) (8,384)
Impact of changes in working capital items
Increase in trade and other payables1,270 389
Decrease in trade and other receivables203 304
Change in current and deferred tax(773) (303)
700 390
Items relating to investments
Amount paid for purchases of listed equity investments(25,006) (28,639)
Amount received from sales of listed equity investments27,309 16,746
Net amount received on settlement of forward foreign exchange contracts1,534 1,807
Realised gains on listed equity investments(8,742) (4,514)
Increase in unsettled purchases of listed equity investments594 0
Decrease in unsettled sales of listed equity investments0 (149)
(4,311) (14,749)
Net cash inflows/(outflows) from operating activities3,398 (10,055)
Page 7 of 9
Barramundi has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid
during the period comprised:
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 period ended 31 December
2020, 2,592,290 ordinary shares totalling $2,097,894 (31 December 2019: 2,981,870 ordinary shares totalling
$1,874,101) 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.

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Note 8Related 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
Fees earned, accrued and payable6 months6 months
endedended
31/12/2031/12/19
Fees earned by and accrued to the Manager for the periodunauditedunaudited
ended 31 December$000$000
Management fees1,001 840
Performance fees2,136 378
Administration services79 79
Total fees earned by and accrued to the Manager3,216 1,297
31/12/2030/06/20
unauditedaudited
$000$000
Fees payable to the Manager
Management fees183 149
Performance fees payable2,136 301
Administration services13
13
Total fees payable to the Manager2,332 463
Investment transactions with related parties
Page 8 of 9
(iii) Administration fee: Fisher Funds provides corporate administration services and a fee is payable
m
onthly in arrears.
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.
(ii)Performance fee: Fisher Funds may earn an annual performance fee of 10% plus GST of excess returns
o
ver 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"). The total performance fee amount is subject to
a cap
of
1.25% of the net asset value and is settled fully in cash.
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 period ended 31
December 2020 totalled $168,533 (31 December 2019: $3,388,954) and no sales were made (31 December
2019: $55,960).
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:
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.
For the period ended 31 December 2020 excess returns of $23,308,532 (31 December 2019: $3,725,076)
were generated and the net asset value per share before the deduction of a performance fee was $0.81 (31
December 2019: $0.71), which exceeded the HWM after adjustment for capital changes and distributions of
$0.65 (31 December 2019: $0.59). Accordingly, the Company has expensed a capped performance fee of
$2,136,254 in the Statement of Comprehensive Income for the period ended 31 December 2020 (31
December 2019: $378,096).
(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 in
terests
w
ith 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 f
ee.

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Note 8Related Party Information (continued)
Directors
6 months6 months
endedended
31/12/2031/12/19
unauditedunaudited
$000$000
Opening market value of shares held by directors or their associates3,333 1,300
Plus shares issued for warrants exercised0 302
Plus other share purchases1,609 1,345
Plus share price movements1,560 520
Closing market value of shares held by directors or their associates6,502 3,467
Opening market value of warrants held by directors or their associates0 8
Plus new warrants issued and price movements243 11
Less warrants exercised0 (19)
Closing market value of warrants held by directors or their associates243 0
Dividends of $162,047 (31 December 2019: $128,864) were also received by directors or their associates as a
result of their shareholding.
Note 9Net Asset Value
Note 10 Subsequent Events
There were no other events which require adjustment to or disclosure in these interim financial statements.
Page 9 of 9
On 17 February 2021, the Board declared a dividend of 1.58 cents per share. The record date for this
dividend is 4 March 2021 with a payment date of 26 March 2021.
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 (30 June 2020: $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 unaudited net asset value per share of Barramundi as at 31 December 2020 was $0.80 (30 June 2020:
$0.68), calculated as the net assets of $169,375,499 divided by the number of shares on issue of
211,312,030 (30 June 2020: net assets of $141,516,499 and shares on issue of 208,719,740).
The directors or their associates also held shares in the Company at 31 December 2020 and warrants on
issue. The table below shows a reconciliation of opening and closing share holdings and warrant holdings for
all directors or their associates:

Pr
icewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent auditor’s review report
To the shareholders of Barramundi Limited
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of Barramundi Limited (the Company), which
comprise the statement of financial position as at 31 December 2020, and the statement of
comprehensive income, the statement of changes in equity and the statement of cash flows for the six
months ended on that date, and significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that these
accompanying interim financial statements of the Company do not present fairly, in all material
respects, the financial position of the Company as at 31 December 2020, and its financial performance
and cash flows for the six months then ended, in accordance with International Accounting Standard
34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410
(Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ
SRE 2410 (Revised)). Our responsibility is further described in the Auditor’s responsibility for the
review of the interim financial statements section of our report.
We are independent of the Company in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. In addition to our role as auditor, our
firm carries out agreed-upon procedures for the Company over performance fee calculations. The
provision of these other services has not impaired our independence.
Directors’ responsibility for the interim financial statements
The Directors of the Company are responsible, on behalf of the Company, for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of interim financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s responsibility for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34. A review of interim financial statements
in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and International
Standards on Auditing and consequently does not enable us to obtain assurance that we might identify
in an audit. Accordingly, we do not express an audit opinion on these interim financial statements.

P
wC
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s shareholders those matters which we are required
to state to them in our review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the shareholders, as a body, for our
review procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Philip
Taylor.
For and on behalf of:
C
hartered Accountants Auckland
17 February 2021