Barramundi delivers strong interim result

Barramundi Limited results announcement


Results for announcement to the market
Name of issuer Barramundi Limited
Reporting Period 6 months to 31 December 2023
Previous Reporting Period 6 months to 31 December 2022
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$19,667 +29%
Total Revenue $19,667 +29%
Net profit/(loss) from
continuing operations
$17,027 +39%
Total net profit/(loss) $17,027 +39%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 1.45 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00006534
Record Date 7 March 2024
Dividend Payment Date 28 March 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.7532 $0.6544
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

21 February 2024
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:
21 February 2024

Barramundi delivers strong interim result

• Net profit for the six months ended 31 December 2023 $17.0m
• Total shareholder return
1
8.1%
• Adjusted NAV return (after expenses, fees & tax)
2
8.8%
• Dividends paid during the period (cents per share) 2.88 cps

NZX listed investment company Barramundi Limited (NZX: BRM) today announced a first half profit
(for the 6 months ended 31 December 2023) of $17.0m.
Key elements of the half year result include profits on investments of $17.6m, dividend and interest
income of $2.1m, less operating expenses and tax of $2.6m.

Chair of Barramundi, Andy Coupe said: “Barramundi has made a positive start to the 2024 year.
Although ongoing political tension internationally has persisted, market conditions have improved
overall, influenced by receding inflationary concerns (both in Australia and internationally) and a
resilient domestic economy in Australia.”

The portfolio’s gross performance return
3
for the six months was 10.3% and the adjusted net asset
value (NAV) return
2
was 8.8%, compared to the S&P/ASX 200 Index (hedged 70% to the NZD)
4
which
was 7.7% over the same period.

Barramundi investors continued to receive distributions consistent with the company distribution
policy (2% of average NAV per quarter) with 2.88 cents per share paid to shareholders during the six
months ended 31 December 2023. On 21 February 2024, the Board declared a dividend of 1.45 cents
per share to be paid to shareholders on 28 March 2024 with a record date of 7 March 2024.

Senior Portfolio Manager, Robbie Urquhart said: “The improved macro-economic backdrop has
somewhat mitigated investor concerns about the momentum of the slowing economy. Against this
backdrop, a range of our portfolio companies including internet and technology businesses as well as
more cyclical industrial companies have also reported strong earnings growth, bolstering their
financial returns in the period. This more than offset some earnings softness, due to idiosyncratic

factors, facing a small handful of our portfolio companies. This has underpinned a good return for
our portfolio overall for the six months to 31 December 2023.”

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. 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

---

BARRAMUNDI LIMITED
INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
CONTENTS
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 2023
6 months6 months
endedended
31-Dec-2331-Dec-22
unauditedunaudited
Notes$000$000
Interest income101 55
Dividend income1,990 1,939
Net change in fair value of investments
2
17,616 13,220
Other (losses)/income
3
(40) 24
Total income19,667 15,238
Operating expenses
4
1,847 1,674
Net profit before tax17,820 13,564
Total tax expense793 1,339
Net profit after tax attributable to shareholders17,027 12,225
Total comprehensive income after tax attributable to shareholders17,027 12,225
Basic earnings per share66.14c4.54c
Diluted earnings per share66.14c4.54c
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 2023
Share
Capital
(Accumulated
Deficits)
Total
Equity
Notes
$000$000$000
Balance at 1 July 2022 (audited)205,890 (35,213) 170,677
Comprehensive income
Net income 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
5 (d)
2,556 -
2,556
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
Balance at 1 July 2023 (audited)211,081 (11,849) 199,232
Comprehensive income
Net income after tax
- 17,027 17,027
Total comprehensive income for the
period ended 31 December 2023
Transactions with shareholders
Warrant issue costs
5 (b)
(12) - (12)
Dividends paid
5 (c)
- (7,976) (7,976)
New shares issued under dividend
reinvestment plan
Total transactions with shareholders for the
period ended 31 December 2023
2,775 (7,976) (5,201)
Balance at 31 December 2023 (unaudited)213,856 (2,798) 211,058
The accompanying notes form an integral part of these financial statements.
Page 2 of 9
12,225
17,027
12,225
17,027
5 (d)
2,787 2,787 -
-
Attributable to shareholders of the Company
-
1 - 1
5 (b)

BARRAMUNDI LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31-Dec-2330-Jun-23
unauditedaudited
Notes$000$000
SHAREHOLDERS' EQUITY211,058199,232
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 10,544 5,859
Trade and other receivables 108 551
Financial assets at fair value through profit or loss
2
201,686 194,696
Current tax receivable- 97
Total Current Assets 212,338 201,203
Non-current Assets
Deferred tax asset- 11
Total Non-current Assets- 11
TOTAL ASSETS212,338 201,214
LIABILITIES
Current Liabilities
Trade and other payables 323 1,114
Financial liabilities at fair value through profit or loss
2
308 868
Current tax payable649 -
Total Current Liabilities 1,280 1,982
TOTAL LIABILITIES1,280 1,982
NET ASSETS211,058 199,232
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
21 February 202421 February 2024
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 2023
6 months6 months
endedended
31-Dec-2331-Dec-22
unauditedunaudited
Notes$000$000
Operating Activities
Sale of investments38,469 14,623
Interest received100 53
Dividends received2,277 2,347
Other (losses)/income(42) 23
Purchase of investments(29,561) (15,063)
Operating expenses (2,704) (773)
Taxes paid(36) (9)
Net settlement of forward foreign exchange contracts1,373 4,684
Net cash inflows from operating activities79,876 5,885
Financing Activities
Shares issued for warrants exercised (net of exercise costs)- 1
Warrant issue costs
(12) (3)
Dividends paid (net of dividends reinvested)(5,189) (4,850)
Net cash (outflows) from financing activities(5,201) (4,852)
Net increase in cash and cash equivalents held4,675 1,033
Cash and cash equivalents at beginning of the period5,859 2,576
Effects of foreign currency translation on cash balance10 3
Cash and cash equivalents at end of the period10,544 3,612
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 2023
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-2330-Jun-23
Investments at fair value through profit or lossunauditedaudited
$000$000
Financial Assets:
Australian investments200,839 193,916
Forward foreign exchange contracts847 780
Total financial assets at fair value through profit or loss201,686 194,696
Financial Liabilities:
Forward foreign exchange contracts308 868
Total financial liabilities at fair value through profit or loss308 868
Page 5 of 9
The Company’s registered office is Level 1, 67-73 Hurstmere Road, Takapuna, Auckland.
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 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 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 2023.
The Company has applied consistent accounting policies in the preparation of these interim financial statements as for
the 2023 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 21 February 2024.
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 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.
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 2022: None).
The notional value of forward foreign exchange contracts held at 31 December 2023 was $143,743,325 (30 June 2023:
$136,698,280).
These interim financial statements cover the unaudited results from operations for the six months ended 31 December
2023.
j
j
j

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
Note 2Investments at Fair Value Through Profit or Loss (continued)
6 months6 months
endedended
31-Dec-2331-Dec-22
unauditedunaudited
Net change in fair value of Investments$000$000
Australian investments16,894 13,761
Foreign exchange (losses) on Australian investments(1,278) (4,611)
Gains on forward foreign exchange contracts2,000 4,070
Net change in fair value of investments throught profit or loss17,616 13,220
Note 3Other (losses)/income
Miscellaneous income - 34
Foreign exchange (losses) on cash and cash equivalents(40) (10)
Total other (losses)/income(40) 24
Note 4Operating Expenses
Management fees (note 8(a)(i))1,280 1,177
Administration services (note 8(a)(i))79 79
Directors' fees (note 8(b))103 91
Investor relations and communications110 101
Custody, accounting and brokerage139 79
NZX fees38 45
Professional fees17 17
Fees paid to the auditor:
Statutory audit and review of financial statements24 24
Regulatory expenses12 27
Other operating expenses45 34
Total operating expenses1,847 1,674
Note 5Shareholders' Equity
a. Share Capital
b. Warrants
c. Dividends
2023Cents per2022Cents per
$000share$000share
22 Sep 20233,974 1.4423 Sep 20223,651
15 Dec 20234,002 1.4416 Dec 20223,755
7,976 2.887,406
Page 6 of 9
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.
Warrant issue costs of $3,094 were incurred in July 2022, this cost relates to the May 2022 warrant issue.
Barramundi has 280,197,078 fully paid ordinary shares on issue (30 June 2023: 275,960,204). 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 26 October 2023, 69,484,210 new Barramundi warrants were allotted and quoted on the NZX Main Board. One new
warrant was issued to all eligible shareholders for every four shares held on record date (26 October 2023). The
warrants are exercisable at $0.69 per warrant, adjusted down for dividends declared during the period up to the exercise
date of 25 October 2024. Warrant holders can elect to exercise some or all of their warrants on the exercise date. The
net cost of issuing the warrants of $11,810 is deducted from share capital.
Barramundi has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid during the
period comprised:
1.36
1.39
2.75

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
Note 5Shareholders' Equity (continued)
d. Dividend reinvestment plan
Note 6Earnings per Share6 months6 months
endedended
31-Dec-2331-Dec-22
unauditedunaudited
Basic earnings per share
Net profit attributable to shareholders of the Company ($'000)17,027 12,225
Weighted average number of ordinary shares on issue net of treasury stock ('000)277,228 269,524
Basic earnings per share6.14c4.54c
Diluted earnings per share
Net profit attributable to shareholders of the Company ($'000)17,027 12,225
Weighted average number of ordinary shares on issue net of treasury stock ('000)277,228 269,524
Diluted effect of warrants on issue ($'000)131 -
277,359 269,524
6.14c4.54c
Note 7Reconciliation of Net Profit after Tax to 6 months6 months
Net Cash Flows from Operating Activitiesendedended
31-Dec-2331-Dec-22
unauditedunaudited
$000$000
Net profit after tax17,027 12,225
Items not involving cash flows:
Unrealised (gains) on cash and cash equivalents(10) (3)
Unrealised (gains) on revaluation of investments*(3,413) (3,937)
Unrealised (gains)/losses on forward foreign exchange contracts(627) 614
(4,050) (3,326)
Impact of changes in working capital items
(Decrease) in trade and other payables(791) (1,202)
Decrease in trade and other receivables443 1,372
Change in current and deferred tax757 1,331
409 1,501
Items relating to investments
Amount paid for purchases of investments(29,776) (15,063)
26,266 9,410
Movement in unsettled purchases of investments- 1,183
Movement in unsettled sales of investments- (45)
(3,510) (4,515)
Net cash inflows from operating activities9,876 5,885
* This includes foreign exchange gains and losses on these investments
Page 7 of 9
Amount received from sales of investments net of realised gains
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 2023, 4,236,874 ordinary shares totalling $2,787,153 (31 December 2022:
3,610,013 ordinary shares totalling $2,556,319) 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.
Diluted earnings per share

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
Note 8Related Party Information
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-2331-Dec-22
Fees earned by and accrued to the Manager for the periodunauditedunaudited
ended 31 December$000$000
Management fees 1,280 1,177
Administration services79 79
Operating expenses1,359 1,256
31-Dec-2330-Jun-23
unauditedaudited
$000$000
Fees accrued and payable to the Manager
Management fees221 206
Performance fees payable- 801
Administration services13 13
Related party payables234 1,020
Page 8 of 9
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.
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 and administration agreement.
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.
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.
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.
Administration fee: Fisher Funds provides corporate administration services and a fee is payable monthly in arrears.
For the six months ended 31 December 2023, the Manager did not achieve a return in excess of the performance fee
hurdle and the HWM (31 December 2022: Nil). Accordingly, the Company has not expensed a performance fee for the
six months ended 31 December 2023 (31 December 2022: Nil).

BARRAMUNDI LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
Note 8Related Party Information (continued)
(ii) Investment transactions with related parties
b. Directors
Note 9Net Asset Value
Note 10 Subsequent Events
There were no other events which require adjustment to or disclosure in these interim financial statements.
Page 9 of 9
The Directors held shares in the Company as at 31 December 2023 which total 0.14% of total shares on issue (30 June
2023: 0.12%). The Directors held warrants in the Company as at 31 December 2023 which total 0.14% of total warrants
on issue (30 June 2023: Nil, as there were no warrants on issue).
The unaudited net asset value per share of Barramundi as at 31 December 2023 was $0.75 (30 June 2023: audited net
asset value of $0.72), calculated as the net assets of $211,058,206 divided by the number of shares on issue of
280,197,078 (30 June 2023: net assets of $199,231,881 and shares on issue of 275,960,204).
On 21 February 2024, the Board declared a dividend of 1.45 cents per share. The record date for this dividend is 7
March 2024 and the payment date is 28 March 2024.
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 sales of $5,990,285 for the period ended 31 December 2023 (31
December 2022: Nil) and no purchases were made (31 December 2022: Nil).
Barramundi considers its Board of Directors ("Directors") key management personnel. Barramundi does not have any
employees.
During the period the Directors earned fees for their services of $103,363 including GST (31 December 2022: $90,563).
The Directors' fee pool is $185,500 (plus GST, if any) for the year ended 30 June 2024 (30 June 2023: $157,500 (plus
GST, if any). There were no Director fees payable at the end of the period (30 June 2023: Nil).
Dividends of $10,669 (31 December 2022: $8,822) were also received by Directors as a result of their shareholding
during the period.

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 2023, 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 notes, comprising material accounting policy information 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 2023, and its financial performance
and cash flows for the six months then ended, in accordance with International Accounting Standard
34Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting
Standard 34Interim 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 responsibilities are further described in the Auditor’s responsibilities for
the review of the interim financial statementssection 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.
Responsibilities of the DIrectors 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 thatare free from material misstatement, whether due to
fraud or error.
Auditor’s responsibilities 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 revieware 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.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, pwc.co.nz

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 AccountantsAuckland
21 February 2024
CharteredAccountants