Barramundi delivers $14.9m First Half Profit

Barramundi Limited results announcement


Results for announcement to the market
Name of issuer Barramundi Limited
Reporting Period 6 months to 31 December 2021
Previous Reporting Period 6 months to 31 December 2020
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$17,309 (50%)
Total Revenue $17,309 (50%)
Net profit/(loss) from
continuing operations
$14,943 (53%)
Total net profit/(loss) $14,943 (53%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 1.68 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00022774
Record Date 10 March 2022
Dividend Payment Date 25 March 2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.8529 $0.8015
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

28 February 2022
Reviewed interim financial statements accompany this announcement.

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1
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/ )
2
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).
3
Benchmark index: S&P/ASX 200 Index (hedged 70% to NZD).
4
The undiluted NAV per share is released to the NZX and published on the Company’s website every Thursday, (based on the previous
Wednesday closing market values) and the month end undiluted NAV per share is released after every month end.





For immediate release:


28 February 2022


Barramundi delivers $14.9m First Half Profit

• Interim 2022 net profit to 31/12/2021 $14.9m
• Adjusted NAV return (after expenses, fees & tax)
1
7.7%
• Total shareholder return
2
(7.1%)
• Dividends paid during the period (cents per share) 3.5cps

NZX-listed investment company Barramundi Limited (NZX:BRM) has today announced a net
operating profit after tax of $14.9m for the six month period ended 31 December 2021 (1H21,
$31.6m).

Key elements of the half year result include gains on investments of $15.4m, dividend and
interest income of $1.9m, offset by operating expenses and tax of $2.4m.

Barramundi’s adjusted net asset value (NAV)
1
increased by 7.7%, ahead of the S&P/ASX 200
Index (hedged 70% to the NZD)
3
which was up 3.7%. However, TSR
2
is down (7.1%) mainly due
to a reduction in the BRM NZX share price during the same period.

In the period since the half-year balance date (31 December 2021) and consistent with the
weekly disclosure of NAV
4
, the Barramundi share portfolio has been negatively affected by
recent adverse sharemarket movements and is currently reporting an 11.8% (unaudited)
reduction in NAV, from NZ$225.9 million to NZ$199.1 million as at 23 February 2022.

Barramundi shareholders benefited from the consistent 2% of average NAV per quarter
distribution policy, with 3.5 cents per share paid to shareholders during the six month period
ended 31 December 2021. On 28 February 2022, the Board declared a quarterly dividend of
1.68 cents per share to be paid to shareholders on 25 March 2022 with a record date of 10
March 2022.

On 29 October 2021, Barramundi warrant holders exercised 48.1m out of 52.5m warrants
(91.5%) with the new shares issued on 3 November 2021. The additional funds were invested
across the existing portfolio in similar proportions to the previous holdings.

Barramundi’s Chair, Alistair Ryan, said: “We were pleased with the performance of the
Barramundi portfolio over the first half of the 2022 financial year. Uncertainty in regards to the

Omicron Covid variant and inflationary concerns have tempered Australian share market gains
over the period, which created a challenging backdrop for the management of the Barramundi
portfolio. However, the Manager’s continued focus on investing in high quality companies has
delivered returns ahead of the benchmark index
3
.

It remains to be seen how the second half of the financial year will play out given the ongoing
Covid uncertainty, inflationary concerns, political uncertainty in Europe (the Ukraine/Russia
situation), and the resulting market volatility that has dominated the first two months of
calendar year 2022.”

Portfolio Manager, Robbie Urquhart, said:

“It has been a good six months for our Barramundi portfolio. Against a disrupted Australian
economic backdrop, the management teams of our portfolio companies have done well in
navigating the COVID environment. The broad range of portfolio holdings delivered good
returns for Barramundi shareholders in the period.

Entering 2022, we are seeing supply chain and labour disruption and inflationary concerns as
economies re-adjust to this environment, alongside the European political uncertainty, creating
some risk aversion. These concerns have fed into equity market volatility and falling share
prices at the start of the new calendar year.

This volatility may continue for some time. However, we have been encouraged by the resilient
financial results reported recently by a number of our portfolio companies. We continue to
think that the blend of high-quality businesses in our portfolio provide a sound foundation for
future investment returns.”



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 2021
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 2021
6 months6 months
endedended
31-Dec-2131-Dec-20
unauditedunaudited
Notes$000$000
Interest income4 2
Dividend income1,920 1,245
Net changes in fair value of financial assets and liabilities215,389 33,340
Other (losses)/income3(4) 29
Total net income17,309 34,616
Operating expenses4(1,887) (3,644)
Operating profit before tax15,422 30,972
Tax (expense)/income(479) 636
Net operating profit after tax attributable to shareholders14,943 31,608
Total comprehensive income after tax attributable to shareholders14,943 31,608
Basic earnings per share66.50c15.08c
Diluted earnings per share66.19c14.82c
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 2021
Share
Capital
(Accumulated
Deficits)/
Retained
Earnings
Total
Equity
Notes
$000$000$000
Balance at 1 July 2020 (audited)164,928 (23,412) 141,516
Comprehensive income
Net operating profit after tax
- 31,608 31,608
Total comprehensive income for the
period ended 31 December 2020
Transactions with shareholders
Warrant issue costs5(3) - (3)
Dividends paid5- (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
Balance at 1 July 2021 (audited)169,434 16,257 185,691
Comprehensive income
Net operating profit after tax
- 14,943 14,943
Total comprehensive income for the
period ended 31 December 2021
Transactions with shareholders
Shares issued for warrants exercised530,773 - 30,773
Warrant issue costs(44) - (44)
Dividends paid5- (8,375) (8,375)
New shares issued under dividend
reinvestment plan
Total transactions with shareholders for the
period ended 31 December 2021
33,606 (8,375) 25,231
Balance at 31 December 2021 (unaudited)203,040 22,825 225,865
The accompanying notes form an integral part of these financial statements.
Page 2 of 9
2,877 -
31,608
14,943
31,608
14,943
-
52,877
2,098
-
Attributable to shareholders of the Company
5
-
2,098

BARRAMUNDI LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
31-Dec-2130-Jun-21
unauditedaudited
Notes$000$000
SHAREHOLDERS' EQUITY225,865185,691
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 2,394 949
Trade and other receivables 79 1,306
Financial assets at fair value through profit or loss
2
225,196 185,602
Current tax receivable96 64
Total Current Assets 227,765 187,921
Non-current Assets
Deferred tax asset88 560
Total Non-current Assets88 560
TOTAL ASSETS227,853 188,481
LIABILITIES
Current Liabilities
Trade and other payables 396 2,790
Financial liabilities at fair value through profit or loss
2
1,592 -
Total Current Liabilities 1,988 2,790
TOTAL LIABILITIES1,988 2,790
NET ASSETS225,865 185,691
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
28 February 202228 February 2022
The accompanying notes form an integral part of these financial statements.
Page 3 of 9

BARRAMUNDI LIMITED
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
6 months6 months
endedended
31-Dec-2131-Dec-20
unauditedunaudited
Notes$000$000
Operating Activities
Sale of listed equity investments24,780 27,309
Interest received4 2
Dividends received2,282 1,452
Other income received/(losses incurred)(7) 32
Purchase of listed equity investments(49,547) (25,006)
Operating expenses (4,335) (1,787)
Taxes paid(40) (138)
Net settlement of forward foreign exchange contracts3,076 1,534
Net cash (outflows)/inflows from operating activities7(23,787) 3,398
Financing Activities
Proceeds from warrants exercised30,773 -
Warrant issue costs
(44) (3)
Share buybacks- -
Dividends paid (net of dividends reinvested)(5,498) (3,746)
Net cash inflows/(outflows) from financing activities25,231 (3,749)
Net increase/(decrease) in cash and cash equivalents held1,444 (351)
Cash and cash equivalents at beginning of the period949 2,416
Effects of foreign currency translation on cash balance1 1
Cash and cash equivalents at end of the period2,394 2,066
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 2021
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 2021 full year financial statements. Accounting policies that are relevant to an
understanding of the interim 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 28 February
2022.
No party may change these interim financial statements after their issue.
Note 2Financial Assets and Liabilities at Fair Value Through Profit or Loss
31-Dec-2130-Jun-21
Financial assets and liabilities at fair value through profit or lossunauditedaudited
$000$000
Financial Assets:
Australian listed equity investments225,168 185,471
Forward foreign exchange contracts28 131
Total financial assets at fair value through profit or loss225,196 185,602
Financial Liabilities:
Forward foreign exchange contracts1,592 -
Total financial liabilities at fair value through profit or loss1,592 -
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 2020: 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 2021.
The notional value of forward foreign exchange contracts held at 31 December 2021 was $141,210,800 (30
June 2021: $122,191,923).
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 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 2021.
The impact of COVID-19 on the Company's interim financial statements was considered and, other than
impact of COVID-19 on fair value gains and losses, there have been no other impacts on the Company's
financial reporting.
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.
j
j
j

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
Note 2Financial Assets and Liabilities at Fair Value Through Profit or Loss (continued)
6 months6 months
endedended
31-Dec-2131-Dec-20
unauditedunaudited
Net changes in fair value of financial assets and liabilities$000$000
Australian listed equity investments14,697 33,280
Foreign exchange (losses)/gains on Australian listed equity investments(688) 219
Gains/(losses) on forward foreign exchange contracts1,380 (159)
Net changes in fair value of financial assets and liabilities 15,389 33,340
Note 3Other (Losses)/Income
Foreign exchange (losses)/gains on cash and cash equivalents(4) 29
Total other (losses)/income(4) 29
Note 4Operating Expenses
Management fees (note 8)1,303 1,001
Performance fees (note 8)47 2,136
Administration services (note 8)79 79
Directors' fees (note 8)95 88
Brokerage115 121
Investor relations and communications102 91
Custody and accounting fees27 31
NZX fees30 33
Professional fees20 15
Fees paid to the auditor:
Statutory audit and review of financial statements24 18
Non-assurance services
1
2 2
Regulatory expenses11 5
Other operating expenses32 24
Total operating expenses1,887 3,644
1
Note 5Shareholders' Equity
Share Capital
Warrants
Dividends
2021Cents per2020Cents per
$000share$000share
24 Sep 20213,613 1.69 25 Sep 20202,797 1.34
17 Dec 20214,762 1.81 18 Dec 20203,047 1.45
8,375 3.505,844 2.79
Page 6 of 9
Barramundi has 264,834,473 fully paid ordinary shares on issue (30 June 2021: 213,764,688). 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 2020: Nil).
On 5 October 2020, 52,532,918 Barramundi warrants were allotted and quoted on the NZX Main Board. On 29
October 2021, 48,082,491 warrants valued at $30,772,794 less issue costs of $44,097 (net $30,728,697 were
exercised at $0.64 per warrant, and the remaining 4,450,427 warrants lapsed.
Barramundi has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid
during the period comprised:

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
Note 5Shareholders' Equity (continued)
Dividend reinvestment plan
Note 6Earnings per Share6 months6 months
endedended
31-Dec-2131-Dec-20
unauditedunaudited
Basic earnings per share
Profit attributable to shareholders of the Company ($'000)14,943 31,608
Weighted average number of ordinary shares on issue net of treasury stock ('000)229,720 209,545
Basic earnings per share6.50c15.08c
Diluted earnings per share
Profit attributable to shareholders of the Company ($'000)14,943 31,608
Weighted average number of ordinary shares on issue net of treasury stock ('000) 229,720 209,545
Diluted effect of warrants on issue ('000)11,641 3,672
241,361 213,217
Diluted earnings per share6.19c14.82c
Note 7Reconciliation of Net Operating Profit after Tax to 6 months6 months
Net Cash Flows from Operating Activitiesendedended
31-Dec-2131-Dec-20
unauditedunaudited
$000$000
Net operating profit after tax14,943 31,608
Items not involving cash flows:
Unrealised gains on cash and cash equivalents(1) (1)
Unrealised gains on revaluation of listed equity investments*(3,764) (26,291)
Unrealised losses on forward foreign exchange contracts1,696 1,693
(2,069) (24,599)
Impact of changes in working capital items
(Decrease)/Increase in trade and other payables(2,394) 1,270
Decrease in trade and other receivables1,227 203
Change in current and deferred tax440 (773)
(727) 700
Items relating to investments
Amount paid for purchases of listed equity investments(49,547) (25,006)
Amount received from sales of listed equity investments24,780 27,309
Net amount received on settlement of forward foreign exchange contracts3,076 1,534
Realised gains on listed equity investments*(10,245) (7,208)
Realised gains on forward foreign exchange contracts(3,076) (1,534)
Increase in unsettled purchases of listed equity investments- 594
Decrease in unsettled sales of listed equity investments(922) -
(35,934) (4,311)
Net cash (outflows)/inflows from operating activities(23,787) 3,398
* This includes foreign exchange gains and losses on these investments
Page 7 of 9
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 2021, 2,987,294 ordinary shares totalling $2,876,803 (31 December
2020: 2,592,290 ordinary shares totalling $2,097,894) 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 2021
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.
a. Fisher Funds Management Limited
In return for the performance of its duties as Manager, Fisher Funds is paid the following fees:
Fees earned, accrued and payable6 months6 months
endedended
31-Dec-2131-Dec-20
Fees earned by and accrued to the Manager for the periodunauditedunaudited
ended 31 December$000$000
Management fees1,303 1,001
Performance fees47 2,136
Administration services79 79
Total fees earned by and accrued to the Manager1,429 3,216
31-Dec-2130-Jun-21
unauditedaudited
$000$000
Fees accrued and payable to the Manager at 31 December
Management fees241 192
Performance fees accrued47 -
Performance fees payable- 2,478
Administration services13 13
Total fees accrued and payable to the Manager301 2,683
Page 8 of 9
(iii) Administration fee: Fisher Funds provides corporate administration services and a fee is payable monthly
in arrears.
(ii) Performance fee: Fisher Funds may earn an annual performance fee of 10% 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 net asset value 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.
For the period ended 31 December 2021 excess returns of $458,367 (31 December 2020: $23,308,532) were
generated and the net asset value per share before the deduction of a performance fee was $0.85 (31
December 2020: $0.81), which exceeded the HWM after adjustment for capital changes and distributions of
$0.79 (31 December 2020: $0.65). Accordingly, the Company has expensed a performance fee of $46,525 in
the Statement of Comprehensive Income for the six months ended 31 December 2021 (31 December 2020:
$2,136,254).
(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.
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.
Fisher Funds Management Limited (“Fisher Funds” or “the Manager”) is an entity that provides key
management personnel services to Barramundi by virtue of its management agreement.

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
Note 8Related Party Information (continued)
a. Fisher Funds Management Limited (continued)
Transactions with other funds managed by Fisher Funds
b. Directors
Barramundi considers its Board of Directors ("Directors") key management personnel. Barramundi does not
have any employees.
Note 9Net Asset Value
Note 10Subsequent Events
Dividend
Subsequent Performance
There were no other events which require adjustment to or disclosure in these interim financial statements.
Page 9 of 9
The unaudited net asset value per share of Barramundi as at 31 December 2021 was $0.85 (30 June 2021:
$0.87), calculated as the net assets of $225,865,444 divided by the number of shares on issue of 264,834,473
(30 June 2021: net assets of $185,691,037 and shares on issue of 213,764,688).
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 2021 totalled $567,988 (31 December 2020: $168,533) and sales of $2,679,601 were made (31
December 2020: Nil).
The Directors held shares in the Company as at 31 December 2021 which total 0.19% of total shares on issue
(30 June 2021: 3.14%). The reduction in Director shareholding is a result of changes in Directors during the
period. The Directors did not hold warrants in the Company as at 31 December 2021, as there were none on
issue (30 June 2021: 2.31%).
During the period the Directors earned fees for their services of $94,697 (December 2020: $88,123). The
Directors' fee pool is $157,500 (plus GST, if any) for the year ended 30 June 2022 (30 June 2021: $157,500
plus GST, if any). There were no Director fees payable at the end of the period (30 June 2021: Nil).
As at 23 February 2022 the Barramundi unaudited net asset value (NAV) had reduced to $199.1 million, down
11.8% from 31 December 2021, due to market movements. Barramundi reports its unaudited NAV to the NZX
on a weekly and monthly basis.
Dividends of $15,491 (31 December 2020: $162,047) were also received by Directors as a result of their
shareholding.
On 28 February 2022, the Board declared a dividend of 1.68 cents per share. The record date for this dividend
is 10 March 2022 with a payment date of 25 March 2022.

P
ricewaterhouseCoopers, 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 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 2021, 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 2021, 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.

PwC
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 en
gagement partner on the review resulting in this independent auditor’s review report is Philip
Taylor.
For and on behalf of:
Chart
ered Accountants Auckland
28 February 2022