Barramundi delivers record FY21 Profit

Barramundi Limited results announcement


Results for announcement to the market
Name of issuer Barramundi Limited
Reporting Period 12 months to 30 June 2021
Previous Reporting Period 12 months to 30 June 2020
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
57,211 +265%
Total Revenue 57,211 +265%
Net profit/(loss) from
continuing operations
52,317 +318%
Total net profit/(loss) 52,317 +318%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 1.69 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00020833
Record Date 9 September 2021
Dividend Payment Date 24 September 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.87 $0.68
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 audited by
PricewaterhouseCoopers and are not subject to a qualification. A copy
of the auditor’s 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

23 August 2021
Audited financial statements accompany this announcement.

---

For immediate release:

23 August 2021

Barramundi delivers record FY21 Profit

Highlights
• Net profit after tax for the year ended 30 June 2021 $52.3m
• Total shareholder return
1
+83.3%
• Dividend return +6.6%
• Adjusted NAV return (after expenses, fees and tax)
2
+37.6%

Barramundi Limited (NZX: BRM) announces a record net profit of $52.3m for the 12 month period
ended 30 June 2021, well ahead of last year’s net profit of $12.5m, noting that care needs to be
taken in the comparison with last year as Covid uncertainty materially impacted February, March
and April results which were then partly recovered during May and June 2020.

Key elements of the FY21 result include gains on investment of $53.9m, dividend, interest and other
income of $3.3m, offset by expenses, fees and tax of $4.9m

Chair Alistair Ryan noted that “The impact of Covid uncertainty on the prior year result (FY20) is
difficult to identify precisely and the FY21 result does inevitably include some recovery from the
previous year. Nevertheless, shareholders should be very satisfied with the record net profit of
$52.3m for FY21.”

Mr Ryan noted “Total Shareholder Return
1
was exceptionally strong at 83.3% and both Adjusted
NAV Return
2
(37.6%) and Gross Performance
3
(41.6%) were well ahead of the company’s benchmark
index
4
of 28.1%. Despite the uncertainty overhangs, this has been an excellent result for Barramundi
shareholders.”

Barramundi’s Manager, Fisher Funds, will be paid a capped performance fee of $2.5m including GST,
as the Barramundi portfolio achieved a return in excess of both the performance fee hurdle and the
High Water Mark. The performance fee earn rate was renegotiated down from 15% to 10% in FY19
and capped at 1.25%. The performance fee cap applies for FY21.
Senior Portfolio Manager Robbie Urquhart said “This has been a great year for Barramundi,
especially in the context of the global pandemic that continues to overshadow the globe.”
Mr Urquhart added “In the early part of the financial year, as the world remained mired in
lockdowns, our tech and online companies such as Wisetech, Carsales and Xero drove our portfolio
performance. From November 2020 onwards, when vaccines were approved and the global
economy began unlocking, our bank shareholdings took up the baton of portfolio performance. This
was helped by rising interest rates and rebounding credit growth. This highlights the value of having
some balance to the mix of high-quality companies across sectors in our portfolio. It reduces the
reliance of portfolio returns on any one specific economic environment.”
In accordance with Barramundi’s quarterly distribution policy (2% of average NAV per quarter), the
company paid a total of 6.00 cents per share to shareholders during the year ended 30 June 2021.
On 23 August 2021 the board declared a dividend of 1.69 cents per share, payable on 24 September
2021 with a record date of 9 September 2021.

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

1
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.
2
Adjusted NAV return- the net return to an investor after expenses, fees & tax.
3
Gross Performance Return – The Manager’s portfolio performance in terms of stock selection & currency hedging before
expenses, fees and tax.
4
S&P / ASX 200 index (hedged 70% to NZ$).

The total shareholder return, adjusted NAV return and gross performance return methodologies are described in the Barramundi Non-
GAAP Financial Information Policy. A copy of the policy is available at http://www.barramundi.co.nz/about-barramundi/barramundi-
policies/

About Barramundi
Barramundi is a listed investment company that invests in quality, 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 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.

---

BARRAMUNDI LIMITED
FINANCIAL STATEMENTS CONTENTS
FOR THE YEAR ENDED 30 JUNE 2021
Page
Statement of Comprehensive Income1
Statement of Changes in Equity2
Statement of Financial Position3
Statement of Cash Flows4
Notes to the Financial Statements5

BARRAMUNDI LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
20212020
Notes$000$000
Interest income4 27
Dividend income2,832 3,030
Net changes in fair value of financial assets and liabilities
2
53,866 12,677
Other income/(losses)
3
509 (66)
Total net income57,211 15,668
Operating expenses
4
(5,494) (3,007)
Operating profit before tax51,717 12,661
Total tax benefit/(expense)
5
600 (136)
Net operating profit after tax attributable to shareholders
52,317 12,525
Total comprehensive income after tax attributable to shareholders52,317 12,525
Basic earnings per share724.82c6.44c
Diluted earnings per share723.43c6.42c
The accompanying notes form an integral part of these financial statements.
Page 1 of 14

BARRAMUNDI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
Notes
Share
Capital
Performance
Fee Reserve
(Accumulated
Deficits)/
Retained
Earnings
Total
Equity
$000$000$000$000
Balance at 1 July 2019143,286 0 (24,987) 118,299
Comprehensive income
Net operating profit after tax0 0 12,525 12,525
Other comprehensive income0 0 0 0
Total comprehensive income for the
year ended 30 June 2020
Transactions with shareholders
Shares issued for warrants exercised18,423 0 0 18,423
Share buybacks
6
(706) 0 0 (706)
Dividends paid
6
0 0 (10,950) (10,950)
New shares issued under dividend
reinvestment plan
Shares issued from treasury stock under dividend
reinvestment plan
Total transactions with shareholders for the
year ended 30 June 2020
21,642 0 (10,950) 10,692
Balance at 30 June 2020164,928 0 (23,412) 141,516
Comprehensive income
Net operating profit after tax0 0 52,317 52,317
Other comprehensive income0 0 0 0
Total comprehensive income for the
year ended 30 June 2021
Transactions with shareholders
Warrant issue costs
6
(3) 0 0 (3)
Dividends paid
6
0 0 (12,648) (12,648)
New shares issued under dividend
reinvestment plan
Reduction to share issue costs0 0 6
Total transactions with shareholders for the
year ended 30 June 2021
4,506 0 (12,648) (8,142)
Balance at 30 June 2021169,434 0 16,257 185,691
The accompanying notes form an integral part of these financial statements.
Page 2 of 14
6
Attributable to shareholders of the Company
0
3,176
4,503 0
52,317
12,525
0
0
0
12,525
749 0
0 0
52,317
3,176
6
6
6
0
4,503
0
749

BARRAMUNDI LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
20212020
Notes$000$000
SHAREHOLDERS' EQUITY185,691141,516
Represented by:
ASSETS
Current Assets
Cash and cash equivalents
10
949 2,416
Trade and other receivables
8
1,306 259
Financial assets at fair value through profit or loss
2
185,602 140,103
Current tax receivable
5
64 0
Total Current Assets 187,921 142,778
Non-current Assets
Deferred tax asset
5
560 0
Total Non-current Assets560 0
TOTAL ASSETS188,481 142,778
LIABILITIES
Current Liabilities
Trade and other payables
9
2,790 1,104
Financial liabilities at fair value through profit or loss
2
0 6
Current tax payable
5
0 94
Total Current Liabilities 2,790 1,204
Non-current Liabilities
Deferred tax liability
50
58
Total Non-current Liabilities0 58
TOTAL LIABILITIES2,790 1,262
NET ASSETS185,691 141,516

These 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
23 August 202123 August 2021
The accompanying notes form an integral part of these financial statements.
Page 3 of 14

BARRAMUNDI LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
20212020
Notes$000$000
Operating Activities
Sale of listed equity investments43,694 50,654
Interest received4 30
Dividends received2,722 2,997
Other income/(expenses)24 (86)
GST refund492 0
Purchase of listed equity investments(36,396) (61,742)
Operating expenses (3,233) (2,728)
Taxes paid(176) (568)
Net settlement of forward foreign exchange contracts(453) 885
Net cash inflows/(outflows) from operating activities106,678 (10,558)
Financing Activities
Proceeds from warrants exercised0 18,423
Reduction to share issue costs to purchase ordinary shares6 0
Warrant issue costs(3) 0
Share buybacks0 (706)
Dividends paid (net of dividends reinvested)(8,145) (7,025)
Net cash (outflows)/inflows from financing activities(8,142) 10,692
Net increase in cash and cash equivalents held(1,464) 134
Cash and cash equivalents at beginning of the year2,416
2,269
Effects of foreign currency translation on cash balance(3) 13
Cash and cash equivalents at end of the year10949 2,416
The accompanying notes form an integral part of these financial statements.
Page 4 of 14

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 1Basis 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 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 operating expenses include GST where it is charged by other parties as it cannot be reclaimed.
The impact of COVID-19 on the Company's financial statements was considered and, other than the impact
of the post COVID-19 recovery on investment fair value gains, there have been no other impacts on the
Company's financial reporting.
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".
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 symbol in the notes to the financial statements. There were no material
estimates or assumptions required in the preparation of these financial statements.
Authorisation of Financial Statements
The Barramundi Board of Directors authorised these financial statements for issue on 23 August 2021.
No party may change these financial statements after their issue.
Page 5 of 14
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
income/(losses)".
j

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 2Financial assets and liabilities at fair value through profit or loss
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 Australian listed equity investment assets
and forward foreign exchange contracts with positive value.
Financial liabilities at fair value through profit or loss comprise 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 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.
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 (2020: none).
There were no financial instruments classified as Level 3 at 30 June 2021 (2020: none).
Financial assets and liabilities at fair value through profit or loss20212020
$000$000
Financial Assets:
Australian listed equity investments
185,471 140,067
Forward foreign exchange contracts
131 36
Total financial assets at fair value through profit or loss185,602 140,103
Financial Liabilities:
Forward foreign exchange contracts
0 6
Total financial liabilities at fair value through profit or loss0 6
Net changes in fair value of financial assets and liabilities
Australian listed equity investments
53,663 10,406
Foreign exchange gains on Australian listed equity investments
555 2,289
Losses on forward foreign exchange contracts
(352) (18)
53,866 12,677
The notional value of forward foreign exchange contracts held at 30 June 2021 was $122,191,923 (2020:
$92,576,044).
Page 6 of 14
Net changes in fair value of financial assets and liabilities through profit or
loss
j
j

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 3
Other income/(losses)
20212020
$000$000
GST refund (note 11)
492 0
Foreign exchange gains/(losses) on cash and cash equivalents
17 (66)
and outstanding settlements
Total other income/(losses)509 (66)
Note 4
Operating expenses
20212020
$000$000
Management fee (note 11)
2,107 1,705
Performance fee (note 11)
2,478 301
Administration services (note 11)
159 159
Directors' fees (note 11)
176 175
Brokerage
165 297
Investor relations and communications
145 132
Custody and accounting fees
57 49
NZX fees
62 54
Professional fees
42 42
Fees paid to the auditor:
Statutory audit and review of financial statements
38 36
Non-assurance services
1
2 2
Regulatory fees
17 15
Other operating expenses
46 40
Total operating expenses5,494 3,007
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.
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.
20212020
Taxation expense is determined as follows:
$000$000
Operating profit before tax
51,717 12,661
Non-taxable realised gain on financial assets and liabilities
(12,793) (5,747)
Non-taxable unrealised gain on financial assets and liabilities
(41,267) (6,833)
Fair Dividend Rate income
253 335
Exempt dividends subject to Fair Dividend Rate
(52) (114)
Imputation credits
91 49
Non-deductible expenses and other
174 309
Forfeit of foreign tax credits
86 0
Prior period adjustment
(27) 0
Taxable income(1,818) 660
Tax at 28%
(509) 185
Imputation credits
(91) (49)
Total tax (benefit)/expense
(600) 136
Taxation expense comprises:
Current tax
0 127
Deferred tax
(617) 9
Forfeit of tax credits
24 0
Prior period adjustment
(7) 0
Total tax (benefit)/expense
(600) 136
Page 7 of 14

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 5
Taxation (continued)
20212020
$000$000
Current tax balance
Opening balance
(94) (535)
Current tax movements
0 (127)
Tax paid
151 535
Credits used
0 33
Prior period adjustment
7 0
Current tax receivable/(payable)64 (94)
Deferred tax balance
Opening balance
(58) (49)
Accrued dividends
(48) (9)
Tax credits
93 0
Current year losses
573 0
Deferred tax asset/(liability)560 (58)
A deferred tax asset is recognised only if it is probable that future tax profits will be available to utilise against
the deferred tax asset.
Imputation credits
The imputation credits available for subsequent reporting periods total $633 (2020: $94,149). 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 2021.
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 213,764,688 fully paid ordinary shares on issue (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.
Buybacks
Barramundi maintains an ongoing share buyback programme. For the year ended 30 June 2021, Barramundi
did not acquire any shares (2020: 1,112,889 shares, $705,988) 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 (2020: nil).
Warrants
Page 8 of 14
On 5 October 2020, 52,532,918 new Barramundi warrants were allotted, 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 of $3,450 is deducted from share
capital.
j

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 6
Shareholders' Equity (continued)
Dividends
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:
2021Cents per2020Cents per
$000share$000share
25 Sep 2020
2,797 1.3426 Sep 20192,390 1.39
18 Dec 2020
3,047 1.4519 Dec 20192,932 1.44
26 Mar 20213,339 1.5827 Mar 20202,975 1.45
25 Jun 20213,465 1.6326 Jun 20202,653 1.28
12,648 6.0010,950 5.56
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 2021,
5,044,948 ordinary shares totalling $4,503,104 (2020: 6,502,038 ordinary shares totalling $3,925,414) were
issued in relation to the plan for the quarterly dividends paid. To participate in the dividend reinvestment plan,
a completed participation notice must be received by Barramundi before the next record date.
Note 7Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the
weighted average number of ordinary shares on issue during the year. Diluted earnings per share assumes
conversion of all dilutive potential ordinary shares in determining the denominator. Potential ordinary shares
include outstanding warrants.
Basic earnings per share
20212020
Profit attributable to shareholders of the Company ($'000)
52,317 12,525
Weighted average number of ordinary shares on issue net of treasury stock ('000)
210,776 194,376
Basic earnings per share24.82c6.44c
Diluted earnings per share
Profit attributable to shareholders of the Company ($'000)
52,317 12,525
Weighted average number of ordinary shares on issue net of treasury stock ('000)
210,776 194,376
Diluted effect of warrants on issue ('000)
12,558 856
223,334 195,232
Diluted earnings per share23.43c6.42c
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.
The trade and other receivables' carrying values are a reasonable approximation of fair value.
20212020
$000$000
Dividends receivable
375 211
Unsettled investment sales
922 0
Other receivables and prepayments
9 48
Total trade and other receivables1,306 259
Page 9 of 14
j

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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.
The trade and other payables' carrying values are a reasonable approximation of fair value.
20212020
$000$000
Dividends payable
59 0
Related party payable (note 11)
2,683 463
Unsettled investment purchases
0 594
Other payables and accruals
48 47
Total trade and other payables2,790 1,104
Note 10Cash 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.
20212020
$000$000
Cash - New Zealand dollars
936 528
Cash - Australian dollars
13 1,888
Cash and Cash Equivalents949 2,416
Reconciliation of Net Operating Profit after Tax to Net Cash Flows from Operating Activities
Net operating profit after tax
52,317 12,525
Items not involving cash flows:
Unrealised losses/(gains) on cash and cash equivalents
3 (13)
Unrealised gains on revaluation of investments
(41,267) (6,849)
Unrealised (gains)/losses on forward foreign exchange contracts
(101) 902
(41,365) (5,960)
Impact of changes in working capital items
Increase in trade and other payables
1,686 902
(Decrease)/increase in trade and other receivables
(1,047) 84
Change in current and deferred tax
(776) (432)
(137) 554
Items relating to investments
Amount paid for purchases of investments
(36,396) (61,742)
Amount received from sales of investments
43,694 50,654
Net amount received on settlement of forward foreign exchange contracts(453) 885
Realised gains on investments
(12,498) (6,731)
Decrease/(increase) in unsettled purchases of investments
594 (594)
Increase/(decrease) in unsettled sales of investments
922 (149)
(4,137) (17,677)
Net cash inflows/(outflows) from operating activities6,678 (10,558)

Page 10 of 14
j

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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 (2020: 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"). The total performance fee
amount is subject to a cap of 1.25% of the adjusted net asset value (prior to performance fees) and is 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 2021, excess returns of $43,716,564 (2020: $2,966,757) were generated and the
net asset value per share before the deduction of a performance fee was $0.87 (2020: $0.68), which exceeded
the HWM after adjustment for capital changes and distributions of $0.62 (2020: $0.57). Accordingly, the
Company has expensed a capped performance fee of $2,477,923 in the Statement of Comprehensive Income
for the year ended 30 June 2021 (2020: $301,126).
(iii) Administration fee: Fisher Funds provides corporate administration services and a monthly fee is
charged.
Fees earned, accrued and payable:
20212020
$000$000
Fees earned by and accrued to the Manager for the year ended 30 June
Management fees
2,107 1,705
Performance fees
2,478 301
Administration services
159 159
Total fees earned by and accrued to the Manager4,744 2,165
Fees payable to the Manager at 30 June
Management fees
192 149
Performance fees
2,478 301
Administration services
13 13
Total amount payable to the Manager2,683 463
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 2021
totalled $168,533 (2020: $3,388,954) and there were no sales (2020: $55,960).
GST refund
Page 11 of 14
On 30 April 2021, Fisher Funds received a GST refund plus use of money interest (UOMI) from the Inland
Revenue Department ("IRD"). The refund relates to the period 1 April 2004 to 31 July 2009 when the Manager
applied 15% GST on management fees, when a subsequent assessment confirmed the Manager was entitled
to charge only 1.5% GST on management fees. The total GST refund received by the Manager on behalf of
Barramundi is $491,502, being overcharged GST refunded of $481,644 plus UOMI of $9,858.

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 11
Related Party Information (continued)
GST refund (continued)
The GST refund was received by Barramundi in May 2021.
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 (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 directors or their associates also held shares in the Company at 30 June 2021 and warrants during the year.
The table below shows a reconciliation of opening and closing share holdings and warrant holdings for all
directors or their associates:
20212020
$000$000
Opening value of shares held by directors or their associates
3,333 1,300
Plus shares issued for warrants exercised
0 333
Plus other share purchases
1,620 1,353
Plus share price movements
2,434 347
Closing value of shares held by directors or their associates7,387 3,333
Opening value of warrants held by directors or their associates
0 8
Plus new warrants issued and price movements
426 11
Less warrants exercised
0 (19)
Closing value of warrants held by directors or their associates426 0
Dividends of $376,419 (2020: $260,404) were also received by directors or their associates as a result of their
shareholding.
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 2021 (2020: 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.
Page 12 of 14
The GST refund and UOMI are excluded from any performance fee calculation, consistent with how they have
been treated in the past given they are not performance related income for the year.

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 12
Financial Risk Management (continued)
Market Risk (continued)
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.
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:
20212020
$000$000
Price risk
1
Australian listed equity investmentsCarrying value185,471 140,067
Impact of a 20% change in market prices: +/-
37,094 28,013
Interest rate risk
2
Cash and cash equivalentsCarrying value949 2,416
Impact of a 1% change in interest rates: +/-
9 24
Currency risk
3
Cash and cash equivalentsCarrying value13 1,888
Impact of a +10% change in exchange rates
(1) (172)
Impact of a -10% change in exchange rates
1 210
Australian listed equity investmentsCarrying value185,471 140,067
Impact of a +10% change in exchange rates
(16,861) (12,733)
Impact of a -10% change in exchange rates
20,608 15,563
Forward foreign exchange contractsCarrying value131 30
Impact of a +10% change in exchange rates
11,108 8,416
Impact of a -10% change in exchange rates
(13,577) (10,286)
Net foreign currency payables/receivablesCarrying value1,297 (385)
Impact of a +10% change in exchange rates
(118) 35
Impact of a -10% change in exchange rates
144 (43)
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 credit risk from transactions
with its counterparties.
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.
Page 13 of 14
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.
3
A variable of 10% was selected as this is a reasonably expected movement based on historic trends in exchange rate movements.
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-.
1
A variable of 20% is considered appropriate for market price risk sensitivity analysis based on historical price movements.
2
A variable of 1% was selected as this is a reasonably expected movement based on historical volatility. The percentage movement for the
interest rate sensitivity relates to an absolute change in interest rate rather than a percentage change in interest rate.

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 12
Financial Risk Management (continued)
Credit Risk (continued)
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. All trade and other payables have contractual
maturities of three months or less.
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 2021 (2020: nil).
All derivative financial liabilities held by the Company have contractual maturities of three months or less.
There have been no subsequent events to suggest any issues with satisfying working capital and investment
requirements.
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.
Note 13
Net Asset Value
The audited net asset value per share of Barramundi as at 30 June 2021 was $0.87 (2020: $0.68), calculated
as the net assets of $185,691,037 divided by the number of shares on issue of 213,764,688 (2020: net assets
of $141,516,499 and shares on issue of 208,719,740).
Note 14
Commitments and Contingent Liabilities
There were no unrecognised contractual commitments or contingent liabilities as at 30 June 2021 (2020: 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 1.69 cents per share on 23 August 2021. The record date for this dividend is
9 September 2021 with a payment date of 24 September 2021.
On 1 July 2021 Barramundi appointed David McClatchy as an independent director. He replaced Carmel Fisher,
who retired from the board of directors on 6 August 2021.
There were no other events which require adjustment to, or disclosure, in these financial statements.
Page 14 of 14

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent auditor’s report
To the shareholders of Barramundi Limited
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 2021, 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).
What we have audited
The financial statements comprise:
●the statement of financial position as at 30 June 2021;
●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 and other
explanatory information.
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.
Independence
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. The provision of this service has not impaired our independence as
auditor of the Company.
Key audit matters
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. These matters were 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 these matters.

PwC
Description of the 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 $185.5 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 2021, all investments were
in companies that were listed on the ASX
and were actively traded with readily
available, quoted market prices. The
market prices were quoted in Australian
dollars, and were then translated to New
Zealand dollars using the exchange rate
at 30 June 2021.
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 2020 to 31 March 2021.
Trustees Executors Limited has confirmed that there
has been no material change to the control
environment in the period from 1 April 2021 to 30 June
2021.
We agreed the price for all investments held at 30
June 2021 and the exchange rate at which they have
been converted from Australian dollars to New
Zealand dollars to independent third-party pricing
sources.
No matters arose from the procedures performed.
Our audit approach
Overview
Materiality Overall materiality: $928,000, which represents approximately 0.5%
of net assets.
We chose net assets as the 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.
Key audit matters As reported above, we have one key audit matter, being: Valuation
and existence of Australian listed equity investments.
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we considered where management made
subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. 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.

PwC
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, i ndividually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the financial statements.
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 wit h 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.
How we tailored our audit scope
We tailored the scope of our audit i n order to perform sufficient work to enable us to provide an
opinion on the financial statements of the Company as a whole, taking into account the structure of the
Company, the Company’s investments and the accounting processes and controls.
The Company appointed Fisher Funds Management Limited as the Manager to provide investment
management services and administration services. The Company’s investments are held by the
Custodian, who also provides accounting services.
In completing our audit, we performed relevant audit procedures over the control environment of the
Manager and the Custodian and to support our audit conclusions.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the annual report but does not include the financial statements and our
auditor's report thereon. The annual report is expected to be made available to us after the date of this
auditor's report.
Our opinion on the financial statements does not cover the other information and we will not express
any form of audit opinion or assurance conclusion thereon.
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.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
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.

PwC
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.
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/assurance-standards/auditorsn- 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
23 August 2021
Auckland