Barramundi delivers $12.2m 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 2022
Previous Reporting Period 6 months to 31 December 2021
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$15,238 (12%)
Total Revenue $15,238 (12%)
Net profit/(loss) from
continuing operations
$12,225 (18%)
Total net profit/(loss) $12,225 (18%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 1.36 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00011485
Record Date 9 March 2023
Dividend Payment Date 24 March 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.6544 $0.8529
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

16 February 2023
Reviewed interim financial statements accompany this announcement.

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1
Total shareholder return – the return combines the share price performance, the warrant price performance (if any), the
net value of converting any warrants into shares (if any), 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 net asset value return – the percentage change in the the underlying value of the investment portfolio adjusted
for dividends (and other capital management initiatives) and after expenses, fees and tax.
3
Gross performance return – The portfolio performance in terms of stock selection & currency hedging, before expenses,
fees and tax.
4
Benchmark index: S&P/ASX 200 Index (hedged 70% to NZD).


The total shareholder return, adjusted net asset value 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/

For immediate release:
16 February 2023

Barramundi delivers $12.2m First Half Profit

• Net profit for the six months ended 31 December 2022 $12.2m
• Total shareholder return
1
-4.9%
• Adjusted NAV return (after expenses, fees & tax)
2
7.3%
• Dividends paid during the period (cents per share) 2.75 cps

NZX listed investment company Barramundi Limited (NZX: BRM) today announced a first half profit
(for the 6 months ended 31 December 2022) of $12.2m.
Key elements of the half year result include profits on investments of $13.2m, dividend and interest
income of $2.0m, and operating expenses and tax of $3.0m.

Chair of Barramundi, Andy Coupe said: “Barramundi has made a positive start to the 2023 year
against a challenging backdrop of uncertain market conditions, influenced by global uncertainty
about the ongoing impact of the pandemic, and the government response, inflationary concerns
(both in Australia and internationally), rising interest rates, and extreme political tension on the
international front.”

The portfolio’s gross performance return
3
for the six months was 8.9% and the adjusted net asset
value (NAV) return
2
was 7.3%, compared to the S&P/ASX 200 Index (hedged 70% to the NZD)
4
which
was 10.7% over the same period.

Energy and commodity stocks have outperformed in the Australian market over this period. These
stocks and sectors are not Barramundi’s natural portfolio companies, as they often lack a durable
competitive advantage and/or have weaker long-term growth prospects.

Barramundi investors continued to receive distributions consistent with the company distribution
policy (2% of average NAV per quarter) with 2.75 cents per share paid to shareholders during the six
months ended 31 December 2022. On 16 February 2023, the Board declared a dividend of 1.36 cents
per share to be paid to shareholders on 24 March 2023 with a record date of 9 March 2023.

Senior Portfolio Manager, Robbie Urquhart said: “Our portfolio companies have adapted well to the
challenging post-pandemic economic environment. In particular, we have seen a number of them

offsetting inflationary pressures by increasing prices of their own goods or services. They have also
found solutions to pandemic-related supply chain bottlenecks, which are pleasingly showing signs of
easing. This has helped the financial performance of our portfolio companies in a volatile economic
environment.
It was pleasing to see their efforts rewarded with the share price of the majority of our holdings
rebounding in the six months to December 2022.”


For further information, please contact:

Corporate Manager
Barramundi Limited
Tel: (09) 489 7074




About Barramundi
Barramundi is a listed investment company that invests in growing Australian companies. The Barramundi portfolio is managed by Fisher
Funds, a specialist investment manager with a track record of successfully investing in growth company shares. Fisher Funds and its related
entities currently have over $22 billion of funds under management. 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. /Ends

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BARRAMUNDI LIMITED
INTERIM FINANCIAL STATEMENTS CONTENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
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 2022
6 months6 months
endedended
31-Dec-2231-Dec-21
unauditedunaudited
Notes$000$000
Interest income55 4
Dividend income1,939 1,920
Net changes in fair value of investments
2
13,220 15,389
Other income/(losses)
3
24 (4)
Total income15,238 17,309
Operating expenses
4
1,674 1,887
Operating profit before tax13,564 15,422
Total tax expense(1,339) (479)
Net operating profit after tax attributable to shareholders12,225 14,943
Total comprehensive income after tax attributable to shareholders12,225 14,943
Basic earnings per share64.54c6.50c
Diluted earnings per share64.54c6.19c
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 2022
Share
Capital
(Accumulated
Deficits)/
Retained
Earnings
Total
Equity
Notes
$000$000$000
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 exercised
(net of exercise costs)
Warrant issue costs
5 (b)
(44) - (44)
Dividends paid
5 (c)
- (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
Balance at 1 July 2022 (audited)205,890 (35,213) 170,677
Comprehensive income
Net operating profit after tax
- 12,225 12,225
Total comprehensive income for the
period ended 31 December 2022
Transactions with shareholders
Shares issued for warrants exercised
(net of exercise costs)
Warrant issue costs
5 (b)
(3) - (3)
Dividends paid
5 (c)
- (7,406) (7,406)
New shares issued under dividend
reinvestment plan
Total transactions with shareholders for the
period ended 31 December 2022
2,554 (7,406) (4,852)
Balance at 31 December 2022 (unaudited)208,444 (30,394) 178,050
The accompanying notes form an integral part of these financial statements.
Page 2 of 9
5 (b)
1 - 1
30,773 - 30,773
5 (b)
Attributable to shareholders of the Company
5 (d)
-
2,877
2,556
2,877
-
5 (d)
2,556 -
14,943
12,225
14,943
12,225
-

BARRAMUNDI LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31-Dec-2230-Jun-22
unauditedaudited
Notes$000$000
SHAREHOLDERS' EQUITY178,050170,677
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 3,612 2,576
Trade and other receivables 111 1,483
Financial assets at fair value through profit or loss
2
175,731 167,114
Current tax receivable- 97
Total Current Assets 179,454 171,270
Non-current Assets
Deferred tax asset- 1,078
Total Non-current Assets- 1,078
TOTAL ASSETS179,454 172,348
LIABILITIES
Current Liabilities
Trade and other payables 314 1,516
Financial liabilities at fair value through profit or loss
2
934 155
Current tax payable156 -
Total Current Liabilities 1,404 1,671
TOTAL LIABILITIES1,404 1,671
NET ASSETS178,050 170,677
These interim financial statements have been authorised for issue for and on behalf of the Board by:
R A CoupeC A Campbell
ChairChair of the Audit and Risk Committee
16 February 202316 February 2023
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 2022
6 months6 months
endedended
31-Dec-2231-Dec-21
unauditedunaudited
Notes$000$000
Operating Activities
Sale of listed equity investments14,623 24,780
Interest received53 4
Dividends received2,347 2,282
Other income/(losses)23 (7)
Purchase of listed equity investments(15,063) (49,547)
Operating expenses (773) (4,335)
Taxes paid(9) (40)
Net settlement of forward foreign exchange contracts4,684 3,076
Net cash inflows/(outflows) from operating activities75,885 (23,787)
Financing Activities
Shares issued for warrants exercised (net of exercise costs)1 30,773
Warrant issue costs
(3) (44)
Dividends paid (net of dividends reinvested)(4,850) (5,498)
Net cash (outflows)/inflows from financing activities(4,852) 25,231
Net increase in cash and cash equivalents held1,033 1,444
Cash and cash equivalents at beginning of the period2,576 949
Effects of foreign currency translation on cash balance3 1
Cash and cash equivalents at end of the period3,612 2,394
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 2022
Note 1Basis of Accounting
Reporting Entity
Basis of Preparation
Accounting Policies
Critical Judgements, Estimates and Assumptions
Authorisation of Interim Financial Statements
No party may change these interim financial statements after their issue.
Note 2Investments at Fair Value Through Profit or Loss
31-Dec-2230-Jun-22
Investments at fair value through profit or lossunauditedaudited
$000$000
Financial Assets:
Australian listed equity investments174,657 166,205
Forward foreign exchange contracts1,074 909
Total financial assets at fair value through profit or loss175,731 167,114
Financial Liabilities:
Forward foreign exchange contracts934 155
Total financial liabilities at fair value through profit or loss934 155
Page 5 of 9
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.
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 a third party vendor.
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.
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 2021: None).
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 2022.
The notional value of forward foreign exchange contracts held at 31 December 2022 was $122,423,338 (30
June 2022: $120,648,922).
The Company has applied consistent accounting policies in the preparation of these interim financial
statements as for the 2022 full year financial statements. Accounting policies that are relevant to an
understanding of the interim financial statements are designated by a symbol.
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.
The Barramundi Board of Directors authorised these interim financial statements for issue on 16 February
2023.
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
2022.
j
j
j

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
Note 2Investments at Fair Value Through Profit or Loss (continued)
6 months6 months
endedended
31-Dec-2231-Dec-21
unauditedunaudited
Net changes in fair value of Investments$000$000
Australian listed equity investments13,761 14,697
Foreign exchange losses on Australian listed equity investments(4,611) (688)
Gains on forward foreign exchange contracts4,070 1,380
Net changes in fair value of investments throught profit or loss13,220 15,389
Note 3Other Income/(losses)
Miscellaneous income 34 -
Foreign exchange losses on cash and cash equivalents(10) (4)
Total other income/(losses)24 (4)
Note 4Operating Expenses
Management fees (note 8(a)(i))1,177 1,303
Performance fees (note 8(a)(i))- 47
Administration services (note 8(a)(i))79 79
Directors' fees (note 8(b))91 95
Investor relations and communications101 102
Custody, accounting and brokerage79 142
NZX fees45 30
Professional fees17 20
Fees paid to the auditor:
Statutory audit and review of financial statements24 24
Non-assurance services
1
- 2
Regulatory expenses27 11
Other operating expenses34 32
Total operating expenses1,674 1,887
Note 5Shareholders' Equity
a. Share Capital
b. Warrants
c. Dividends
2022Cents per2021Cents per
$000share$000share
23 Sep 20223,651 1.3624 Sep 20213,613 1.69
16 Dec 20223,755 1.3917 Dec 20214,762 1.81
7,406 2.758,375 3.50
Page 6 of 9
Barramundi has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid
during the period comprised:
1
Non-assurance services relate to additional agreed upon procedures which were accrued for but not
performed in respect of the performance fee calculation for the year ended 30 June 2022. No other fees were
paid to the auditor.
Warrant issue costs of $3,094 were incurred in July 2022, this cost relates to the May 2022 warrant issue.
Warrant exercise costs of $1,265 were incurred in July 2022, this cost is the difference between the accrual
and invoice for the November 2021 warrant exercise.
Barramundi has 272,074,641 fully paid ordinary shares on issue (30 June 2022: 268,464,628). 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.
On 29 October 2021, 48,082,491 Barramundi 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 LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
Note 5Shareholders' Equity (continued)
d. Dividend reinvestment plan
Note 6Earnings per Share6 months6 months
endedended
31-Dec-2231-Dec-21
unauditedunaudited
Basic earnings per share
Net operating profit attributable to shareholders of the Company ($'000)12,225 14,943
Weighted average number of ordinary shares on issue net of treasury stock ('000)269,524 229,720
Basic earnings per share4.54c6.50c
Diluted earnings per share
Net operating profit attributable to shareholders of the Company ($'000)12,225 14,943
Weighted average number of ordinary shares on issue net of treasury stock ('000)269,524 229,720
Diluted effect of warrants on issue ($'000)
1
- 11,641
269,524 241,361
Diluted earnings per share4.54c6.19c
Note 7Reconciliation of Net Operating Profit after Tax to 6 months6 months
Net Cash Flows from Operating Activitiesendedended
31-Dec-2231-Dec-21
unauditedunaudited
$000$000
Net operating profit after tax12,225 14,943
Items not involving cash flows:
Unrealised gains on cash and cash equivalents(3) (1)
Unrealised gains on revaluation of listed equity investments*(3,937) (3,764)
Unrealised losses on forward foreign exchange contracts614 1,696
(3,326) (2,069)
Impact of changes in working capital items
Decrease in trade and other payables(1,202) (2,394)
Decrease in trade and other receivables1,372 1,227
Change in current and deferred tax1,331 440
1,501 (727)
Items relating to investments
Amount paid for purchases of listed equity investments(15,063) (49,547)
Movements in unsettled purchases of listed equity investments1,183 -
Movements in unsettled sales of listed equity investments(45) (922)
(4,515) (35,934)
Net cash inflows/(outflows) from operating activities5,885 (23,787)
* This includes foreign exchange gains and losses on these investments
Page 7 of 9
9,410
Amount received from sales of listed equity investments net of realised
gains/(losses)
During the period ended 31 December 2022, 3,610,013 ordinary shares totalling $2,556,319 (31 December
2021: 2,987,294 ordinary shares totalling $2,876,803) 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.
1
Warrants on issue at the end of the period were not assumed to be exercised because they were antidilutive
in the period as the warrant exercise price (less dividends paid) of $0.85 was greater than the average share
price of $0.76.
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.
14,535

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
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:
(i) Fees earned, accrued and payable6 months6 months
endedended
31-Dec-2231-Dec-21
Fees earned by and accrued to the Manager for the periodunauditedunaudited
ended 31 December$000$000
Management fees 1,177 1,303
Performance fees- 47
Administration services79 79
Operating expenses1,256 1,429
31-Dec-2230-Jun-22
unauditedaudited
$000$000
Fees accrued and payable to the Manager
Management fees194 175
Administration services13 13
Related party payables207 188
(ii) Related party receivables
a. Fisher Funds Management Limited (continued)
31-Dec-2230-Jun-22
unauditedaudited
Management fee credit note$000$000
Management fee credit note receivable25 1,007
Related party receivable25 1,007
Page 8 of 9
Administration fee: Fisher Funds provides corporate administration services and a fee is payable monthly in
arrears.
Fisher Fund's management fee was calculated and invoiced at 1.25% of gross asset value, with no
adjustment to reduce the management fee as the gross return did not underperform the NZ 90 Day Bank Bill
Index (30 June 2022: Underperformed by 19.4 percentage points). The Company has an outstanding
management fee credit of $24,758 as at 31 December 2022 which will be offset against future management
fee expenses (31 December 2021: Nil).
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 six months ended 31 December 2022, the Manager did not achieve a return in excess of the
performance fee hurdle and the HWM (31 December 2021: excess returns of $458,367 were generated).
Accordingly, the Company has not expensed a performance fee for the six months ended 31 December 2022
(31 December 2021: Performance fee of $46,525 was expensed).
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.
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 adjusted net asset value (prior to performance fees) and is settled fully in cash.
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.
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.

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
Note 8Related Party Information (continued)
(iii) Investment transactions with related parties
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
There were no other events which require adjustment to or disclosure in these interim financial statements.
Page 9 of 9
During the period the Directors earned fees for their services of $90,563 (December 2021: $94,697). The
Directors' fee pool is $157,500 (plus GST, if any) for the year ended 30 June 2023 (30 June 2022: $157,500
plus GST, if any). There were no Director fees payable at the end of the period (30 June 2022: Nil).
Subsequent Performance: As at 15 February 2023 the Barramundi unaudited net asset value (NAV) had
increased to $194.9 million, up 9.5% from 31 December 2022, due to market movements. Barramundi reports
its unaudited NAV to the NZX on a weekly and monthly basis.
Dividends of $8,822 (31 December 2021: $15,491) were also received by Directors as a result of their
shareholding.
The Directors held shares in the Company as at 31 December 2022 which total 0.12% of total shares on issue
(30 June 2022: 0.11%). The Directors held warrants in the Company as at 31 December 2022 which total
0.11% of total warrants on issue (30 June 2022: 0.11%).
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). There were no purchases for the period
ended 31 December 2022 (31 December 2021: $567,988) and no sales were made (31 December 2021:
$2,679,601).
Dividend: On 16 February 2023, the Board declared a dividend of 1.36 cents per share. The record date for
this dividend is 9 March 2023 with a payment date of 24 March 2023.
The unaudited net asset value per share of Barramundi as at 31 December 2022 was $0.65 (30 June 2022:
$0.64), calculated as the net assets of $178,049,950 divided by the number of shares on issue of
272,074,641 (30 June 2022: net assets of $170,677,223 and shares on issue of 268,464,628).

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, 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 2022, 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 2022, 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. Other than in our capacity as auditor,
we have no relationship with, or interests in, the Company.
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 engagement partner on the review resulting in this independent auditor’s review report is Philip
Taylor.

For and on behalf of:



Chartered Accountants Auckland
16 February 2023