Barramundi 2025 Annual Report
ANNUAL REPORT
2025
30 JUNE
03 About Barramundi
06 Directors’ Overview
10 Manager’s Report
16 The STEEPP Process
18 Barramundi Portfolio Stocks
26 Board of Directors
27 Corporate Governance
Statement
36 Directors’ Statement of
Responsibility
37 Financial Statements
56 Independent Auditor’s Report
60 Shareholder Information
61 Statutory Information
64 Directory
CONTENTSCALENDAR
Next Dividend Payable
Interim Period End (1H26)
26 SEPTEMBER 2025
31 DECEMBER 2025
Annual Shareholders’ Meeting
Ellerslie Event Centre, Auckland
10:30am
31 OCTOBER 2025
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This report is dated 10 September 2025 and is signed on behalf of the Board of
Barramundi Limited by Andy Coupe, Chair, and Carol Campbell, Director.
Andy Coupe, Chair Carol Campbell, Director
ABOUT BARRAMUNDI
Barramundi Limited (“Barramundi” or “the Company”) is a listed investment
company that invests in growing Australian companies. The Barramundi portfolio
is managed by Fisher Funds Management Limited (“Fisher Funds” or “the
Manager”), a specialist investment manager with a track record of successfully
investing in quality, growth companies. Barramundi listed on NZX Main Board on
26 October 2006 and may invest in companies that are listed on an Australian stock
exchange (with a primary focus on those outside the top 20 at the time of investment)
or unlisted companies.
INVESTMENT OBJECTIVES
The key investment objectives of Barramundi are to:
• achieve a high real rate of return, comprising both income and capital growth,
within risk parameters acceptable to the directors; and
• provide access to a diversified portfolio of Australian quality, growth stocks through
a single tax efficient investment vehicle.
INVESTMENT APPROACH
The investment philosophy of Barramundi is summarised by the following broad
principles:
• invest as a medium to long-term investor exiting only on the basis of a fundamental
change in the original investment case;
• invest in companies that have a proven track record of growing profitability; and
• construct a diversified portfolio of investments, based on the ‘STEEPP’ investment
criteria (see pages 16 and 17).
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Dividends paid during the year ended 30 June 2025 (cents per share)
Total for the year ended 30 June 2025 6.00 cents per share (2024: 5.88 cps)
DIVIDENDS PAID
27 September
2024
1.53
20 December
2024
1.56
28 March
2025
1.53
27 June
2025
1.38
For the 12 months ended 30 June 2025
AT A GLANCE
$7.9 M
Net profit
6 .0
%
Gross performance return
9.9
%
Total shareholder return
As at 30 June 2025
$0.69
Share price
$ 0 .7 1
NAV per share
3.9
%
Adjusted NAV return
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As at 30 June 2025
SECTOR SPLIT
As at 30 June 2025
LARGEST INVESTMENTS
7
%
CSL Limited
7
%
WiseTech
6
%
SEEK
6
%
Brambles
5
%
Macquarie
Financials 21%
Information Technology 21%
Healthcare 17%
Communication Services 17%
Industrials 11%
Cash and FFX 9%
Consumer Discretionary 4%
These are the five largest percentage holdings in the Barramundi portfolio
1
. The full Barramundi portfolio and percentage holding
data as at 30 June 2025 can be found on page 15.
1
Percentage holdings have been rounded to the nearest 1%.
DIRECTORS’ OVERVIEW
“Barramundi
had a relatively
disappointing
year, with the
company recording
a net profit after
expenses, fees and
tax of $7.9m for the
2025 financial year.”
Andy Coupe
Chair
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The 2025 financial year was a year of two halves.
The resilient domestic economy in Australia
was very supportive for the Australian share
market, and Barramundi in the first six months,
even though there were ongoing political
tensions internationally. However, the second
six months of the financial year saw heightened
share market volatility after the US announced
a raft of tariff proposals and this created a
lot of consternation in the financial market.
Pleasingly, after the initial shock, the Australian
share market rebounded and finished the year
strongly.
For the financial year to 30 June 2025, Barramundi
recorded a net profit, after expenses, fees and tax, of
$7.9m, which equated to an adjusted net asset value (NAV)
return
1
of 3.9%. Barramundi’s gross performance return
2
was 6.0%, as compared to the Company’s benchmark
(S&P/ASX 200 Index, hedged 70% to NZD) which returned
13.5%.
Barramundi’s higher weighting of healthcare companies
relative to the sector’s index weight was a headwind for
relative performance in the year. Tariff uncertainty related
to pharmaceuticals and global healthcare was a key driver
for the underperformance. Similarly, our low weighting in
financials (mainly the banks) relative to their index weights
also impacted relative performance given financials was
the best performing sector on the ASX in the year.
Despite these challenges, the board is pleased by the
robust earnings growth from many of the companies
within Barramundi’s portfolio. This strong underlying
performance reinforces our confidence in the portfolio’s
composition. Notwithstanding the past financial year’s
underperformance relative to the benchmark, the
portfolio’s historic outperformance against its benchmark
over 3, 5, and 10-year periods underscores its resilience
through market cycles and macro-economic events.
We are also satisfied that the Manager’s STEEPP process
and the discipline that is applied within this process
positions the portfolio well and has helped insulate
the portfolio from some of the more extreme market
movements of recent times.
Barramundi shareholders have seen a flat share price over
the course of the 2025 financial year. However, the total
shareholder return
3
, which represents the change in share
price, dividends paid per share and the impact of warrants,
was 9.9%
REVENUES AND EXPENSES
The 2025 net profit comprised gains on investments of
$7.8m, dividend, interest and other income of $4.7m, less
operating expenses and tax of $4.5m.
DIVIDENDS
We have maintained the Company’s distribution policy of
2% of NAV per quarter. We recognise that the regularity
of the tax-effective quarterly dividends is important for
many shareholders. Over the 12-month period to 30 June
2025, Barramundi paid 6.00 cents per share in dividends.
The next dividend will be 1.41 cents per share, payable on
26 September 2025 with a record date of 4 September
2025.
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. Full details of the dividend reinvestment plan
4
can
be found in the Barramundi Dividend Reinvestment Plan
Offer Document, a copy of which is available at
barramundi.co.nz/investor-centre/capital-management-
strategies.
WARRANTS
On 7 August 2025, 85.2m new warrants were allotted.
One new warrant was issued to eligible shareholders
for every four shares held on the record date (6 August
2025). The warrants are exercisable on 7 August 2026 at
$0.70 per warrant, adjusted down for dividends declared
during the period commencing from the allotment of the
warrants, up to the announcement of the 7 August 2026
exercise price.
The prior Barramundi warrants (BRMWH) had an exercise
date of 25 October 2024, when warrant holders had the
option to convert their warrants into ordinary shares at an
exercise price of $0.63 per warrant. On the exercise date,
50.1m warrants (72%) out of a possible 69.5m warrants
were converted into Barramundi ordinary shares. The new
shares were allotted to warrant holders on 30 October
2024 and the additional funds were invested in early
November 2024.
1
The adjusted net asset value return is the underlying performance of the investment portfolio adjusted for dividends, (and other
capital management initiatives) and after expenses, fees, and tax.
2
Gross performance return – the Manager’s portfolio performance in terms of stock selection & currency hedging before expenses,
fees and tax. It is an appropriate return measure for assessing the Manager’s performance against an index or benchmark.
3
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.
4
Participation forms for the Dividend Reinvestment Plan (DRP) can be obtained by contacting either Barramundi or Computershare
Investor Services Limited.
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DIRECTORS’ OVERVIEW CONTINUED
COMPANY PERFORMANCE
FOR THE YEAR ENDED 30 JUNE
20252024202320222021
5 YEARS
(ANNUALISED)
Total Shareholder Return9.9%7.1%(1.1%)(23.5%)83.3%10.3%
Adjusted NAV Return3.9%14.5%2 3.1%(16.2%)37. 6%11. 0%
Dividend Return
1
8.7%8.2%7. 5%7.1%6.6% -
Net Profit / (Loss)$7.9 m$28 .1m$38.3m($34.6m)$52.3m -
Basic Earnings per Share2.49cps10.07cps14 .15 c p s(13.99)cps24.82cps -
OPEX Ratio1.6%1.9%2.1%1.2%3.3% -
OPEX Ratio (before performance fee)1.6%1.7%1.7%1.2%1.7% -
AS AT 30 JUNE20252024202320222021
NAV (as per financial statements)$0.71$0.76$0.72$0.64$0.87
Adjusted NAV$3.18$3.06$2.68$2.17$2.59
Share Price$0.69$0.69$0.71$0.77$1.10
Warrant Price-$0.035-$0.025$0.35
Share Price Discount/(Premium) to NAV
2
2.8%7.9%1.4%(21.9%)(36.8%)
SHARE BUYBACKS
Share buybacks
5
are another part of Barramundi’s capital
management programme. Share buybacks only occur
when the share price to NAV discount exceeds 6%. During
the 12 months to 30 June 2025 there were 3.4m shares
purchased in the buyback (FY24: 1.2m).
ANNUAL SHAREHOLDERS’ MEETING
The 2025 annual shareholders’ meeting will be held
on Friday 31 October 2025 at 10:30am at the Ellerslie
Event Centre in Auckland and online. All shareholders
are encouraged to attend, with those who are unable
to attend the meeting invited to cast their vote on the
Company resolutions prior to the meeting.
CONCLUSION
2025 has been a challenging year for Barramundi.
Changeable market conditions, like those experienced over
the period, continue to reinforce the Manager’s strategy
of focusing on well-managed, quality businesses, whose
sustainable competitive advantages enable them to adapt
and respond to an ever-changing environment over the
medium to long term.
We would like to thank you for your continued support
and look forward to seeing many of you at the annual
meeting on 31 October 2025.
On behalf of the board,
Andy Coupe, Chair
Barramundi Limited
10 September 2025
5
Shares purchased under the buyback programme are held as treasury stock and subsequently utilised under the dividend
reinvestment plan.
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NON-GAAP FINANCIAL INFORMATION
Barramundi uses the following non-GAAP measures:
• adjusted net asset value – the underlying value of the investment portfolio adjusted for dividends (and other
capital management initiatives) and after expenses, fees and tax,
• adjusted NAV return – the percentage change in the adjusted net asset value,
• gross performance return – the Manager’s portfolio performance in terms of stock selection and currency
hedging before expenses, fees and tax,
• 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,
• OPEX ratio – the percentage of Barramundi’s assets used to cover operating expenses, excluding tax and
brokerage, and
• dividend return – how much Barramundi pays out in dividends each year relative to its average share price
during the period. (Dividends paid by Barramundi may include dividends received, interest income, investment
gains and/or return of capital.)
All references to the above measures in this Annual Report are to such non-GAAP measures. The calculations applied
to non-GAAP measures are described in the Barramundi Non-GAAP Financial Information Policy. A copy of the policy
is available at barramundi.co.nz/about-barramundi/barramundi-policies/.
TOTAL SHAREHOLDER RETURN
PORTFOLIO PERFORMANCE
FOR THE YEAR ENDED 30 JUNE20252024202320222021
5 YEARS
(ANNUALISED)
Gross Performance Return6.0%17. 4%26.4%(15.3%)41.6%13.5%
Benchmark Index
3
13.5%13.1%14.8%(5.3%)28 .1%12.3%
Performance Fee Hurdle
4
11.7%12.8%11.1%7. 8%7. 3%
NB: All returns have been reviewed by an independent actuary.
1
Barramundi’s dividend return is calculated by dividing the dividends paid in a given year by the average share price for that
year. (The dividend policy of paying a quarterly dividend that is 2% of average NAV has been consistently applied.)
2
Share price discount/(premium) to NAV (including warrant price on a pro-rated basis).
3
Index: S&P/ASX 200 index (hedged 70% to NZ$). Returns shown gross in NZ$ terms.
4
The performance fee hurdle is the Benchmark Rate (the change in the NZ 90 Day Bank Bill Index +7%).
Share Price/Total Shareholder Return
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
Oct
2006
Oct
2007
Oct
2011
Oct
2013
Oct
2014
Oct
2015
Oct
2008
Oct
2009
Oct
2010
Oct
2016
Oct
2020
Oct
2012
Oct
2022
Oct
2023
Oct
2024
Share Price Total Shareholder Return
Oct
2017
Oct
2018
Oct
2019
Oct
2021
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MANAGER’S REPORT
Robbie Urquhart
Senior Portfolio Manager
“We had the shine
taken off a good
year by a handful of
positions that faced
company-specific
challenges.”
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SUMMARY AND MARKET REVIEW
Barramundi had a relatively underwhelming year in
FY2025, with a gross performance return of +6.0%
for the year (return before expenses, fees and tax).
Barramundi underperformed both the S&P/NZX Bank Bill
90 day index +7% threshold of +11.7% and materially
lagged the ASX200 index which returned +13.5%.
Offsetting some outstanding results from a number of
our companies, Barramundi’s underperformance was
substantially driven by a small handful of companies,
each of which had a torrid year for different company-
specific reasons. We address this in our portfolio review
below.
From a broader market perspective, FY2025 was a good
year for equities. Positive economic growth in Australia
and internationally, coupled with contained inflation
pressures, underpinned the increase in global equity
indices. This positive picture for investors was sharply
interrupted in early April 2025 when the US announced
a raft of tariff proposals for many of their trading
partners, sending share markets plummeting. At the
stroke of a pen, these proposals were then put on hold
and in some cases, reduced. This in turn buoyed share
markets and led to the ASX200 closing out June 2025 at
12-month highs.
At the time of writing, the outlook for tariffs and global
trade remains uncertain. However, thus far the global
economy and corporate profitability has remained
resilient. Tariffs and trade will remain a key focus for
investors in FY2026.
Share price returns across the ASX200 index were mixed
during the year. Financials (+24.5% in A$), led by the
banks (more on them later), was the highest performing
sector. Given the large weighting of banks in the index,
this was a key driver of overall market returns in the
year. Information Technology (+24%), Communication
Services (+23%) and Industrials (+22%) were not far
behind.
Five of the 11 market sectors finished the year in the
red. Energy (-14%) was the worst performing sector, as
global energy prices remained subdued and domestic
coal and gas producers delivered soft results in the
year. Materials (-6%) also lagged as tepid economic
growth in China weighed on the large diversified
miners. Healthcare (-6%) was also a meaningful
laggard as tariff uncertainty clouded the outlook (and
investor perception) over sector constituents’ (including
bellwether CSL’s) earnings prospects.
All up there was a wide dispersion of returns across
sectors and individual companies during the year. This
highlights the benefit of having a portfolio sufficiently
diversified in order to balance the upside of each
position against the risk that individual companies can be
side swiped by abrupt changes in trade policy.
THE BARRAMUNDI PORTFOLIO
YEAR IN REVIEW
Company specific factors drove our best
performers for the year...
Starting with our top performers, Brambles (+66%
in A$) was our best performing company in the year.
Brambles has been a quiet achiever for the portfolio over
a number of years. As the largest global pooled pallet
operator (managing pallets for global supermarkets
amongst other customers), Brambles does not have
explosive revenue growth from one year to the next.
Well run, its management team has been focused
on reinvesting cash generated by its operations into
improving its pallet network and traceability of pallets
as they move through supply chains. Management
embarked on this deliberate programme in 2021. This
polarised the market at the time and led to an 18-month
period of poor share price performance. We remained
invested through this period and in testament to our
investment process and longer-term orientation to
investing, we have been well rewarded for staying the
course.
These initiatives have helped lift productivity. With
better data on what it costs to serve individual
customers, Brambles has also successfully lifted prices
across its customer base. Together all these initiatives
have translated into rising profits and cash flows and
improving returns for shareholders. This has been
helped recently by the subsidence of COVID pandemic
related disruption to supply chains which had impacted
Brambles’ profitability. Brambles confidence in
maintaining the increased levels of cash flow is evident
in its decision to lift the dividend payout rate and in the
announcement of a US$500m buyback during the year.
Software companies Fineos (+38%) and Xero (+32%),
both had particularly good years as well. Fineos has
been working hard at building out its range of software
products to accelerate its growth in managing claims
and other elements within the North American Life,
Accident and Health (“LA&H”) insurance market. In
November 2024, it hosted a particularly successful
investor day where it outlined the ‘roadmap’ of how it
aims to use these products to grow strongly within that
market. It counts two of the top 10 North American
LA&H insurers as customers using its comprehensive
product suite. It has a further six of the top 10 LA&H
insurers using one or more Fineos modules. Fineos is
seeing strong interest across customers to increase their
use of its software, suggesting its product development
and marketing efforts are building traction. This bodes
well for earnings growth in the future .
We’ve been invested in Fineos for a number of years
now. We would have preferred to see that company
grow its earnings faster than it has over that time. That
said, our confidence levels in its growth outlook have
increased in the last year.
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MANAGER’S REPORT CONTINUED
Xero has continued building on the momentum
established in FY2024. In FY2025, it has again increased
prices and grown revenue (and cash flow) strongly across
its key product lines and within the key geographies
of Australia, New Zealand and the UK. Encouragingly,
Xero has made in-roads into the key US market which
remains a large, untapped opportunity for the company.
To broaden its product suite and bolster its growth
prospects in the US, Xero acquired bill payment platform
Melio for US$2.5bn in June 2025.
CEO Sukhinder Singh-Cassidy cogently described to us
how Melio adds to the robustness and appeal of Xero’s
US product offering, enhancing its chances of success
in what is a large market. Given the track record of her
management team to date, we back the acquisition and
participated in the capital raising affiliated with funding
Melio’s purchase. We will be monitoring Xero’s progress
in the US closely over the next few years.
The advent of a range of new weight-loss drugs has
weighed on Resmed (+36%) for a few years. The
market’s fear is that increased adoption of these drugs
will materially reduce the number of people with sleep
disordered breathing and hence negatively impact
Resmed’s growth. Results during the year suggested
that (thus far), the impact has been negligible. Helped by
strong revenue growth and good cost control, Resmed’s
earnings grew strongly, leading to its strong share price
performance.
Rounding out our top performers, domestic Australian
outdoor advertising business oOH!Media (+33%) had a
good year. Outdoor advertising as a category continued
to win share from other advertising formats. Although
oOH!Media lost some contracts, investors warmed to
stronger earnings prospects for the year, underpinned by
a strong uplift in advertising revenue during the first few
months of 2025.
... and company specific factors also drove our
worst performers for the year
As with our top performing companies, share prices
of our portfolio laggards fell primarily because the
businesses themselves faced specific challenges.
After an outstanding year in 2024 where it returned
+70%, Audinate (-53%) was our worst performing
position in 2025. Its revenue fell sharply in 2025 as it
became apparent that customers had over-ordered
networked audio chips during the prior year as
pandemic-related supply chain constraints eased. This
pandemic bull-whip effect of rising and then falling
manufacturer inventory levels boosted earnings for
Audinate in 2024 and significantly dampened earnings
in 2025. While very disappointing, we are comfortable
that the long-term growth outlook for Audinate remains
sound. It continues to be an industry leader in producing
software in addition to hardware products (chips) that
will drive the shift from analogue to digital networked
audio and video products. That said, it will take a few
more months before the ordering patterns for Audinate’s
key customers return to ‘normal’.
Domino’s (-44%) had another torrid year, led by
continued poor performance of two key geographies
(Japan and France). It has not been helped by a tepid
global environment for fast food operators more
generally. Domino’s chairman and largest shareholder,
Jack Cowin, seemed to run out of patience with the lack
of improvement in these geographies. Long-serving CEO
Don Meij was replaced by Mark van Dyck in November
2024. Mr van Dyck proceeded to accelerate initiatives
to close down under-performing stores, particularly in
Japan, and to improve Domino’s overall cost base. While
directionally the steps he implemented make sense, the
speed and/or scale of implementation did not seem to
match Mr Cowin’s expectations. Consequently, Mr van
Dyck resigned in July 2025. A global search is underway
for his replacement.
Domino’s has frustratingly been a thorn in our portfolio’s
side for a few years now as it has sought to find the
right solution for Japan and France. We note that other
key geographies, including Australia, Germany and the
Benelux region, seem to be performing solidly. The
business model itself is not broken. Domino’s scale and
strong brand presence provide it with a strong platform
for growth and with the right management execution
we can see significant upside in the valuation of the
company. But with the management team in flux, it may
still take some time for Mr Cowin and the board to get
the leadership sorted out. Given this, and the turnover
in personnel, we have reduced our target weight in the
company. We are monitoring the CEO search and the
underlying performance of the company closely.
Poor execution by management was also a key driver
of insurance remediation services provider Johns Lyng’s
(-43%) woes during 2025. Poor execution saw a key
insurance customer in Australia re-allocate work to
Johns Lyng’s competitors. This put a deep dent in its
profitability which was further exacerbated by benign
weather (hence fewer insurance claims were made).
After year end, in July 2025, a private equity firm took
advantage of the share price weakness and made an
opportunistic takeover offer for the company. The
structure of the offer (including management support)
is such that it has a high probability of being completed.
Taking this into account, we are engaged with Johns
Lyng and working through our best course of action
from here.
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Manufacturer of cooling products for high end
vehicles (including formula one cars), PWR Holdings
(-36%) saw its share price sink as it has spent the year
physically moving its Australian manufacturing facility
(and equipment) to a far larger and more efficient site
in Brisbane. This move enables PWR to pursue larger
contracts with customers. This will add to long-term
earnings growth. However, until the move is complete,
it has put a dampener on its nearer-term (FY2025)
earnings growth. Despite the poor reaction of the
market to this short-term earnings headwind, we
believe PWR is doing the right thing for long-term value
creation. As such, we have taken advantage of this
weakness and topped up our shareholding.
Market factors also influenced our relative returns
in the year
Our bank shareholdings led by CBA (+50%) and to a
lesser extent National Australia Bank (“NAB”) (+14%)
and ANZ (+9%) did well for us in absolute terms.
However, the earnings growth outlook for the Australian
banks is not as good as a number of other companies in
our portfolio. So we reduced our weighting in the banks
(especially CBA) during the year as their share prices
rose. This contributed to our relative underperformance
compared to the ASX200 given the banks are a large
weighting in the index. In time, we believe the earnings
prospects of our other companies in the portfolio will
translate into better share price performance, reversing
this relative performance headwind.
Conversely, we have had a larger shareholding in
healthcare bellwether CSL (-18%) which has sound
earnings growth prospects over the next few years. Its
share price has been weighed down by pharmaceutical
tariff related uncertainty that has yet to be resolved. This
has also been a headwind to our relative performance in
the year. In light of this uncertainty, we have reduced our
shareholding in CSL, albeit it remains a large position in
our portfolio. Notwithstanding the tariffs, we believe the
company will deliver robust earnings growth in the next
few years.
Maas Group benefits from growth in Australian
infrastructure and renewable power generation
Maas Group (-9%) was a key new position that we
added to the portfolio in the year. It is a founder-led,
Australian focused industrial business. With over 40
quarries and 20 concrete plants, construction materials
contribute approximately 40% of its earnings. The
strategic location of these plants across eastern Australia
positions Maas to benefit from the long-term structural
growth in infrastructure projects (road and rail), assisted
by population growth trends. The location and long life
nature of these assets is a key source of its economic
moat. Aggregates (crushed rock) are heavy and don’t
cost a lot. They can’t economically be transported far
distances. Maas’ quarries are well positioned across the
infrastructure growth corridors in Victoria, New South
Wales and Queensland.
It also has a large civil construction and plant hire
division that stands to benefit from the development
of renewable energy power generation projects. These
projects are key to the transition of the Australian
energy grid from ageing coal-fired infrastructure to more
sustainable, renewable generation. This transition is
nascent. We expect the pace of development to ramp up
in coming years.
Led by founder Wes Maas, the company has an
entrepreneurial culture. It has opportunistically invested
in residential and commercial property over the years.
These divisions are a smaller (yet valuable) part of the
overall business.
Wes Maas owns about 50% of the shares in the
company. His high quality management team is aligned
with shareholders with over 80 of them incentivised
through share-based remuneration. The Maas team
genuinely think like owners. They run the company in
order to maximise long-term shareholder value. We are
excited by the company’s prospects.
OTHER KEY PORTFOLIO CHANGES IN
THE YEAR
Share prices of many companies fell during the tariff
related turmoil. We were selective in which shares we
bought, or, despite the share price weakness, that we
sold during this turmoil. A key differentiator between the
buying and/or selling decision came down to how the
company itself was performing.
James Hardie (-8.5%) is a good case in point. The
company announced the acquisition of a large US
building products company that is a leader in composite
(including recycled PVC) decking for homes. Although
the business is complementary, this was poorly received
by the market. James Hardie management is deemed
to be paying too much and has structured the deal
in a way that looks to destroy value for James Hardie
shareholders. Management also deprived shareholders
of the right to vote on the transaction.
Through this transaction, we lost faith in the James
Hardie board and management team. Evaluating the
‘people’ running the companies we invest in is a key part
of our investment process. In this instance, despite the
fall in the share price, we therefore sold our position.
We also exited our Woolworths (-9%) position also due
to poor management execution.
More generally, in addition to some changes referenced
above, over the year we sought to add to positions
or increase our weighting in high quality businesses
where management teams have been performing well.
These companies tend to be leaders in their field, with
broad economic moats around their core divisions.
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MANAGER’S REPORT CONTINUED
This included adding to the likes of online classified
businesses CAR Group (+9%) and SEEK (+15%) as well
as the global leader in treating profound hearing loss,
Cochlear (+10%).
INVESTMENT SUMMARY AND
OUTLOOK
At the time of writing, the market had begun the
FY2026 year well, with a broad-based rally across share
markets during July. But as mentioned at the start of the
annual review, tariff and trade disruption is still being
ironed out. How this evolves could have a strong bearing
on share price returns in FY2026. Even where trade deals
have been announced, details are scant. There is likely
still a lot of detail to be worked through (and possibly
re-negotiated) before companies receive clarity on the
global trade outlook.
The market’s calm in the face of this uncertainty
suggests to us an expectation that even if tariff related
share market volatility ensues, the US will ultimately land
on a sensible conclusion on trade policy. These decisions
are within the control of policy makers, they are not
exogenous shocks. As we saw in April, draconian policies
can be wound back as quickly as they’re proposed.
Consequently, although cautious on the near-term
outlook, given share market valuations in Australia are
no longer cheap, we are confident in the medium-term
outlook for equities.
The Australian economy is in reasonable shape.
Economic growth is solid (better than in New Zealand)
and unemployment remains low. The outlook for the
domestic economy is positive. With the re-elected Labor
government expected to keep stimulating the economy,
this provides a tailwind for domestic focused businesses.
Internationally, the US economy also looks to be robust,
despite the tariff turmoil. This helped drive solid earnings
growth for corporates across a range of sectors in the
first half of the 2025 calendar year. With European
countries, especially Germany, looking as if they are
going to lift expenditure near term, this too could bolster
global growth.
Specific to our portfolio, a number of portfolio
companies that faced company specific headwinds
this past year (such as PWR Holdings, and to a lesser
extent Maas Group), remain well positioned given their
valuation and earnings outlook over the next couple of
years.
Tariff uncertainty is currently weighing on a range
of industries, including portfolio companies in the
industrial and healthcare sectors. We believe in time that
each of these businesses have the ability to mitigate a
draconian tariff shock (if it eventuates). In CSL’s case for
example, it has flexibility to re-direct capital investment
into expanding its US facility, and to more closely align
manufacturing volumes with geographies where end
products are sold (i.e. selling US manufactured product
in the US, and selling Australian manufactured product
outside of the US). In Ansell’s case, gloves are made in
jurisdictions facing higher tariff imposts. But relative to
its competition, Ansell is well positioned. This is one of
the reasons management has confirmed that Ansell will
pass on the tariffs through lifting US prices.
In summary, the economic moats around the companies
we invest in provide our companies with the capacity to
adjust to tariff costs and mitigate some if not all of any
potential impact. We remain confident in our medium-
term outlook. Overall, we believe our portfolio of high
quality and growing companies with strong business
models will stand Barramundi in good stead.
Robbie Urquhart, Senior Portfolio Manager
Fisher Funds Management Limited
10 September 2025
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PORTFOLIO HOLDINGS
SUMMARY AS AT 30 JUNE 2025
Company
%
Holding
Ansell1.6%
ANZ Banking Group2.4%
AUB Group4.9%
Audinate Group1.6%
Brambles5.7%
CAR Group5.2%
Cochlear Limited3.4%
Commonwealth Bank1.9%
Credit Corp3.3%
CSL7. 2%
Domino's Pizza1.5%
Fineos Corporation Holdings3.0%
Johns Lyng Group3.3%
Maas Group Holdings Limited2.6%
Macquarie Group5.3%
National Australia Bank3.1%
NEXTDC3.6%
oOh! Media3.0%
PWR Holdings2.2%
REA Group1.9%
ResMed4.9%
SEEK6.4%
WiseTech 7. 0%
Xero Limited5.7%
Equity Total90.7%
Australian cash7.1%
New Zealand cash2.0%
Total cash9.1%
Forward foreign exchange contracts 0.2%
Total 100.0%
The information in the Directors’ Overview and in this Manager’s Report (including all text, data and charts) was prepared as at
mid August 2025. The information was prepared as a general summary of the matters covered only, and it is by necessity brief.
The information and opinions are based upon sources which are believed to be reliable, but Barramundi Limited and its officers
and directors make no representation as to its accuracy or completeness. The report is not intended to constitute professional
or investment advice and should not be relied upon in making any investment decisions. Professional financial advice from
a financial adviser should be taken before making an investment. To the extent that the report contains data relating to the
historical performance of Barramundi Limited or its portfolio companies, please note that fund performance can and will vary
and that future results may have no correlation with results historically achieved.
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STRENGTH OF
THE B USINESS
What is the company’s
competitive advantage? Is it
sustainable? Is the company a
market leader? Does it have a
dominant position? A strong
business is one that can maintain
its profit margins by employing a
unique strategy.
TR A CK
RECORD
How has the company performed
in the past? Has the company
performed under the same
management team? Has it grown
organically or by acquisition? How
did the company react during a
downturn? Fisher Funds prefers to
buy established companies that
have executed well in the past.
EARNINGS
HISTO R Y
How fast has the company been
able to grow its earnings in
the past? How consistent has
earnings growth been? Fisher
Funds prefers to buy companies
that exhibit secular growth
characteristics where they have
the proven ability to provide
a high or improving return on
invested capital.
Fisher Funds employs an investment analysis model that it calls the STEEPP process to analyse
existing and potential portfolio companies. This analysis gives each company a score against a
number of criteria that Fisher Funds believes need to be present in a successful portfolio company.
All companies are then ranked according to their STEEPP score to broadly determine their portfolio
weighting (or indeed whether they make the grade to be a portfolio company in the first place).
The STEEPP criteria are as follows:
STE
THE STEEPP PROCESS
Applying this STEEPP analysis, Fisher Funds constructed a portfolio
for Barramundi which comprised 24 securities as at 30 June 2025 .
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EARNINGS GROWTH
FORECAST
What is the company’s earnings
growth forecast over the next
three to five years? What is the
probability of achieving the
forecast? What does Fisher Funds
expect the company’s earnings
potential to be? Fisher Funds
notices that too many analysts
focus on short-term earnings. As
long-term growth investors, Fisher
Funds thinks about where the
company’s earnings could be in
three to five years.
PEOPLE/
M A N AGEMENT
Who are the management team
and how long have they been in
their roles? Who are the directors,
what is their history with the
company, and what do they bring
to the board? What is the depth of
management in the organisation
and is there a succession plan for
the key executive roles? Do the
management team own shares
in the business and how are
they rewarded? Has the board
and management exhibited
good corporate behaviour in the
areas of environmental, social
and governance considerations?
For Fisher Funds, the quality of
the company management and
its corporate governance is of
paramount importance.
PRICE/
VALUATION
How much of the future earnings
growth is already reflected in
the share price? Where does the
current share price sit in relation
to Fisher Funds worst to best case
valuation range? A company will
generate a higher score where the
market price currently reflects little
of that company’s upside potential.
EPP
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WHAT DOES IT DO?
AUB Group operates a general
insurance broking network
across Australia and New
Zealand that is primarily focused
on the small to medium-sized
business market. The broking
network is complemented and
supported by AUB’s ownership
of a range of insurance
underwriting agencies and of
Tysers, a large London-based
wholesale insurance broker.
WHY DO WE OWN IT?
We like AUB’s owner-driven
business model where member
firms are strongly incentivised
to grow. The insurance broking
industry remains ripe for
consolidation, allowing AUB
to be an aggregator of smaller
broking firms. The combination
of adding more firms to the
network, long-term organic
growth in the insurance market,
and the benefits of scale should
drive healthy earnings growth
for AUB over time.
+15
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
THE BARRAMUNDI
PORTFOLIO STOCKS
WHAT DOES IT DO?
Ansell designs, develops,
manufactures and markets a
wide range of personal protective
equipment (predominantly gloves)
for use in various industrial and
manufacturing activities and in
healthcare. It is essentially an
industrial materials business that
transforms natural rubber latex and
synthetic latex into these value-
added products. It is a leading
player (#1 or #2) in all its key
market segments.
WHY DO WE OWN IT?
Ansell has an attractive
combination of businesses that
benefit when the world economy
grows and that enjoy relatively
resilient demand even when
economies are weak. We expect
the company’s earnings to grow
over time as better health and
safety standards are adopted
in emerging markets and as it
successfully differentiates its
products from the commodity-end
of the markets it serves through
both branding and product
innovation.
WHAT DOES IT DO?
Australia and New Zealand Banking
Group Limited (ANZ) has significant
retail and business banking
operations in its home markets
of Australia and New Zealand. It
has a leading agricultural banking
business in New Zealand.
WHY DO WE OWN IT?
Along with the other major
Australian banks, ANZ enjoys
a supportive industry structure
and has a wide economic moat.
The major banks’ scale, capital
strength, regulatory expertise,
technology and brands constitute
significant barriers to entry for
potential competitors, allowing the
banks to earn healthy returns on
their capital.
+16
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
The following is a brief introduction to each of your portfolio companies, with a description
of why Fisher Funds believes they deserve a position in the Barramundi portfolio. Total share
return is for the year to 30 June 2025 and is based on the closing price for each company plus
any capital management initiatives. For companies that are new additions to the portfolio
during the year, total share return is from the first purchase date to 30 June 2025.
+9
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
Total share returns in Australian dollar terms sourced from Bloomberg.
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+66
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+9
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Brambles is a supply-chain
logistics company operating in
more than 50 countries. The
group specialises in the pooling
of unit-load equipment and
associated services, primarily
the outsourced management of
pallets (CHEP).
WHY DO WE OWN IT?
Although Brambles is a capital-
intensive business it generates
attractive returns on capital.
It is difficult for potential
competitors to replicate the scale
of Brambles’ pallet pool and its
extensive service centre network.
Moreover, there is considerable
IP in managing the flow of pallets
through the supply chain and
keeping control of the assets.
We expect sound growth from
Brambles for many years to come
as the penetration of pooled
pallets continues to increase in
developed markets and as modern
supply chains are established in
emerging markets.
WHAT DOES IT DO?
CAR owns a network of leading
classified advertising websites
in Australia and internationally
including in South Korea, the
US and Brazil. This geographic
breadth diversifies its earnings
base and provides it with a
broad runway for future earnings
growth.
WHY DO WE OWN IT?
CAR benefits from a wide
network-effect moat across its
key markets, making it hard for
competition to encroach on its
dominance. Management has
developed a credible track record
by replicating CAR’s success
in the Australian market in its
overseas markets. The company
is consequently in a strong
position to capitalise on a range
of attractive growth prospects in
the future.
WHAT DOES IT DO?
Audinate is the leading provider
of professional digital audio
networking technologies.
Audinate’s technology, branded
as ‘Dante’, distributes digital audio
signals over computer networks.
It is sold to and incorporated in
professional sound equipment
produced by global manufacturers
(such as speakers and amplifiers).
Dante technology is displacing
analogue networking technology.
WHY DO WE OWN IT?
Dante technology has become
the standard technology globally
for digital networking of sound
systems. For products from one
manufacturer (say speakers) to be
digitally networked with products
from another manufacturer (say
a microphone), both products
need the Dante technology.
This creates a virtuous circle of
demand for Dante technology as
more and more sound systems
are digitally networked. This
acts as a significant competitive
advantage and helps cement
Audinate’s leading position in
the development of the digital
professional audio networking
market which is still nascent and
offers a lot of future growth.
-53
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
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BARRAMUNDI PORTFOLIO STOCKS CONTINUED
WHAT DOES IT DO?
Commonwealth Bank of
Australia (CBA) operates a
leading banking franchise in
both Australia and New Zealand
and has a strong presence in all
spheres of retail and business
banking. CBA has built a very
profitable portfolio of assets
and positioned itself to benefit
from key growth areas in the
Australian economy. The bank
also enjoys an enviable scale
advantage in gathering deposits,
giving it an important source of
stable and low-cost funding.
WHY DO WE OWN IT?
The big four Australian banks
enjoy a supportive industry
structure and wide economic
moats. Their scale, capital
strength, regulatory expertise,
technology and brands
constitute significant barriers to
entry for potential competitors,
allowing the banks to earn
healthy returns on their capital.
CBA’s significant share in core
Australian lending and deposit
gathering should ensure it
continues to profit and grow
over time.
WHAT DOES IT DO?
Cochlear is the global leader
in the severe and profound
hearing-impaired device market.
Cochlear implants allow people
who cannot hear receive and
process sound and speech.
WHY DO WE OWN IT?
Cochlear has helped over
700,000 recipients of Cochlear
Implants hear again. Yet there
remains a significant, unmet
and addressable need that
is expected to continue to
underpin long-term growth of
the business. It has a long-term
focused culture of excellence.
It spends 12-14% of revenues
on research and development
each year, looking for the
next advancement in helping
people hear again. This too will
contribute to its future growth
longer term.
WHAT DOES IT DO?
Credit Corp purchases and then
collects, on its own account,
portfolios of defaulted debt.
These are primarily bought
from banks. The company
has successfully replicated
its Australasian debt buying
operation in the US. It has also
leveraged its understanding of
the sub-prime market to build an
Australasian consumer lending
business that focuses on credit
impaired borrowers.
WHY DO WE OWN IT?
We like Credit Corp’s leading
market position and strong
reputation with Australia’s major
banks, which have allowed it a
healthy share of the PDL market.
The business enjoys a scale
advantage versus competitors,
has a conservative balance
sheet and is tightly managed.
The Australian PDL business
is mature but the company’s
consumer lending business and
US PDL operation provide growth
opportunities.
+50
%
+10
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
TOTAL SHARE RETURNTOTAL SHARE RETURN
-6
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
Total share returns in Australian dollar terms sourced from Bloomberg.
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-18
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
CSL is a global leader in the
development and manufacture
of plasma derived therapies,
influenza vaccines, and iron
deficiency and nephrology
therapies.
WHY DO WE OWN IT?
CSL’s therapies address
conditions for which drug trials
are typically difficult to conduct,
giving existing companies with
approved therapies a tremendous
advantage. As a result, CSL enjoys
healthy returns on capital and
strong earnings growth over
very long product lifecycles. In
addition to owning several leading
therapies, CSL has historically
and currently continued to
invest significant resources in
plasma supply and research and
development, securing future
earnings growth.
-44
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+38
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Fineos is a leading provider of
policy administration systems
software to the Life, Accident &
Health (LA&H) insurance industry.
Its Claims product is used by
seven of the top 10 LA&H insurers
in the US and six of the top 10
insurers in Australia, as well as the
ACC in New Zealand.
WHY DO WE OWN IT?
LA&H insurers are in the early
stages of switching from legacy
mainframe centric systems to fully
digital solutions like those offered
by Fineos. Fineos’s core Claims
product is best in class, mission-
critical software. Given the quality
of its software, and the credibility
of its large customer base, it is
well positioned to keep winning
contracts and increase penetration
within existing clients.
WHAT DOES IT DO?
Domino’s Pizza Enterprises is the
master franchisor of the Domino’s
brand in Australia, New Zealand,
France, Germany, Belgium, the
Netherlands, Monaco, Japan,
Taiwan, Malaysia, Singapore and
Cambodia. The company has
established a leading position
in its key markets by focusing
on meeting consumer taste,
convenience, and value needs.
WHY DO WE OWN IT?
The combination of store rollout,
same store sales growth and
margin improvement will drive
earnings growth for Domino’s.
The business has significant
scale and a strong brand, which
combine to place it in a healthy
competitive position. With
over half its network sales and
operating earnings generated
by its international businesses,
Domino’s offers diversification
from the Australian economy.
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+15
%
-9
%
-43
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
TOTAL SHARE RETURNTOTAL SHARE RETURNTOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Domiciled in Australia, Macquarie
Group is a global financial services
company spanning four divisions.
The majority of its profit comes
from its asset management and
commodity & global markets
divisions. Macquarie also runs an
Australian investment bank as well
as a small retail bank.
WHY DO WE OWN IT?
Macquarie’s strong culture and
people development, helped by
its global scale, has been key
to its 50+ consecutive years of
profitability – an enviable track
record. Macquarie develops
expertise and focuses its resources
on long-term structural growth
areas of the economy (such as
the growth in green, renewable
energy). As such, it is well
positioned to continue growing its
earnings for many years to come.
WHAT DOES IT DO?
MAAS is a diversified industrial
business. It operates four distinct
business units: construction
materials, civil construction and
hire, residential property and
commercial property. It operates
many quarries and concrete plants
across New South Wales, Victoria
and Melbourne, and supplies
aggregate and concrete to the
Australian building industry. It also
provides construction, equipment
hire and electrical transmission
services to major infrastructure and
renewable projects across Australia.
WHY DO WE OWN IT?
The location and remaining life
of the quarries provide MAAS
with a reasonable ‘moat’ and a
sustainable competitive advantage.
Because of the cost to transport
aggregates and the low price-
to-weight ratio of aggregates,
the location of quarries is very
important. The proximity of MAAS’
quarries to large civil, residential
and commercial construction
means MAAS is the lowest cost
provider in many regions. It is not
easy obtaining permits to build new
quarries, nor to expand quarries.
This means MAAS’ quarries are very
valuable. MAAS is led by a strong
and experienced management
team, and they own a lot of shares
in MAAS. They genuinely think
like owners and run the company
in order to maximise long-term
shareholder value.
WHAT DOES IT DO?
Johns Lyng Group is Australia’s
leading service provider of
insurance building and restoration
services in Australia and has
nascent repair and restoration
businesses in the US and New
Zealand.
WHY DO WE OWN IT?
It is the largest service provider of
insurance repair work in Australia.
Its national and regional scale
afford it the ability to respond
quickly, and provide make-
safe work and repairs reliably,
efficiently and effectively. This
has enabled it to grow its share
of the repair and restoration
market. It has complemented this
baseload of day-to-day repair
and maintenance work with
make-safe and cleanup work
resulting from catastrophe events.
This work is a big but lumpy
revenue opportunity and offers
countercyclical upside. It is in the
early stages of building a similar
business in the US.
Its strong performance-based
culture has been key to its growth
story. Johns Lyng operates
an equity partnership model,
where the majority of its 130+
subsidiary businesses are partially
owned by management. This
creates a strong alignment with
shareholders.
Total share returns in Australian dollar terms sourced from Bloomberg.
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WHAT DOES IT DO?
oOh!Media is Australasia’s
largest Out of Home advertising
company. It has over 37,000
digital and static advertising
billboards and screens that can be
mainly found in or on roadsides,
retail centres, airports, train
stations, bus stops and office
towers. This extensive network
enables advertisers to get their
messages to a large number of
people as they move about in the
course of their daily lives.
WHY DO WE OWN IT?
The audiences for traditional
broadcast media like free-to-
air TV and print are shrinking
and fragmenting as they are
disrupted by new digital media.
Against this backdrop, Out of
Home advertising remains a very
effective broadcast medium as it
cannot be avoided by audiences.
At the same time, increasing
digitalisation of Out of Home
sites is enabling more dynamic,
real-time messaging by advertisers
and more sophisticated audience
measurement is confirming to
them the returns they are getting
on this spend. These factors
should enable the Out of Home
format to capture an increasing
share of the total advertising pie,
to the benefit of Ooh!Media.
WHAT DOES IT DO?
Next DC is an Australian data
centre business. It currently
operates 17 data centres across
Australia. It has a further 10
new data centre developments
underway across Australia,
Malaysia, Japan and New Zealand.
Its unique proposition is to create
a valuable ecosystem within
its data centres by assembling
a community of customers for
whom it makes commercial sense
to be in close data proximity.
WHY DO WE OWN IT?
Next DC benefits from the strong
secular growth trends in cloud
computing, data use, connectivity
and more recently AI use. Assisted
by these tailwinds, Next DC’s
earnings should multiply as the
capacity of its existing data
centres becomes fully utilised and
as the capacity of its new data
centres comes on-stream over the
next couple of years.
WHAT DOES IT DO?
National Australia Bank (NAB)
operates a leading banking
franchise in both Australia and
New Zealand and has a strong
presence in all spheres of retail
and business banking.
WHY DO WE OWN IT?
The big four Australian banks
enjoy a supportive industry
structure and wide economic
moats. Their scale, regulatory
expertise, technology and brands
constitute significant barriers to
entry for potential competitors,
allowing the banks to earn
healthy returns on their capital.
+14
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
-18
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+33
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
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+23
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+36
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
ResMed manufactures cloud-
connected devices and
consumables that are used to
treat sleep-disordered breathing
(“SDB”) and other respiratory
disorders (COPD, neuro-muscular,
asthma). It has developed
software platforms that use the
data from its devices to improve
patient outcomes and healthcare
ecosystem productivity. ResMed
also has a portfolio of Software-
as-a-Service businesses that
enable healthcare providers to
manage patients and deliver
services to them as they move
between various out-of-hospital
settings.
WHY DO WE OWN IT?
ResMed is the global leader in
the treatment of SDB. It has a
strong competitive position based
on its scale, intellectual property
and customer captivity. There is
a long growth runway in SDB.
The addressable market is large
(potentially 20%+ of adults have
SDB), growing (ageing & obesity)
and under-penetrated (even in
the US less than 20% of SDB
sufferers are treated). As the
number of people on treatment
rises, ResMed not only benefits
from the initial sale of a device
but from a recurring stream of
consumable sales that grows as
its installed device base increases.
As a result, the company is highly
cash generative. It is led by a
very capable and experienced
management team.
WHAT DOES IT DO?
REA operates the leading online
classified real estate advertising
portal in Australia. It also holds
significant holdings in similar
businesses in the US and India.
WHY DO WE OWN IT?
In Australia, REA operates in a
largely duopolistic market. It
benefits from a strong network
moat. Close to 100% of real
estate agents in Australia
advertise for sale and for rent,
residential and commercial
properties on its portals. Its
residential property platform,
realestate.com.au, has the largest
and most engaged audience
in Australia with 131m visits
per month, 4x more compared
to its nearest competitor.
REA is a strong business with
attractive growth prospects both
domestically and offshore.
Total share returns in Australian dollar terms sourced from Bloomberg.
-36
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
PWR is recognised as a world
leader in performance cooling. It
manufacturers cooling solutions
for global high-end motorsport
teams such as Formula One and
Nascar, high-priced limited run
supercar manufacturers such
as Aston Martin and Porsche,
and more recently emerging
technologies like vertical take-off
and landing aircraft.
WHY DO WE OWN IT?
PWR has a culture of innovation
and invests a meaningful
proportion of its revenues back
into researching and developing
new cooling solutions each year.
We think this not only keeps PWR
at the forefront of its existing
markets but has the potential to
broaden PWR’s customer base
to include companies in other
industries.
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+15
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
SEEK is the leading online
employment marketplace in
Australia, New Zealand and
Southeast Asia.
WHY DO WE OWN IT?
In Australia and New Zealand,
SEEK has a strong competitive
position by virtue of being
“front of mind” for job seekers.
Domestically, successful
development of new products
like its talent search platform
will provide high-value new
revenue streams. Its international
investments give SEEK exposure
to faster-growing, less mature
employment markets.
+9
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
WiseTech Global is a logistics
software business with a presence
in key global regions and key
global customers. Their main
product, Cargowise One, offers
clients a complete suite of logistics
services and general business
solutions. An early lead in the
freight forwarding software
domain confers a key technology
advantage over competing
software systems, increases
customer switching costs and
establishes a nascent network
benefit to participants using its
technology.
WHY DO WE OWN IT?
While increasing trade flows
are supportive, customers need
better technology to help them
manage greater supply chain
complexity, comply with more
onerous regulation and address
vociferous competition. WiseTech
is an early leader in an industry
with low penetration of a clear
internet-based technology
solution, making for significant
growth prospects should the
company retain its leading
position in the sphere.
+32
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Xero is the market-leading
provider of cloud-based
accounting software for small-
to-medium businesses and their
accountants in New Zealand,
Australia and the UK, with
growing presences in the US.
It also has a presence in other
markets such as SE Asia and
South Africa.
WHY DO WE OWN IT?
Xero’s software is highly rated,
and it continues to pioneer
innovative new functionality to
attract and retain customers. As
a result, Xero has a significant
share of the cloud-based
accounting software market
and is growing subscriber
numbers strongly. The size of the
ultimate opportunity for Xero is
significant and there are many
years of growth ahead given a
lot of the industry still has to
migrate to the cloud. With a
strong, disciplined focus on costs
and cash generation, Xero’s
revenue growth should translate
strongly into earnings and free
cash flow growth in the future.
Xero’s small and medium-size
business customers globally have
not been easy to acquire but the
flip side is, switching costs mean
the customer base represents
a significant, sustainable
competitive advantage.
DAVID McCL ATCH Y BCom
Chair of Investment Committee
Independent Director
David McClatchy is an experienced company director
who has had extensive investment management
experience across New Zealand and international
markets over the last 35 years. David is a director of
Kingfish, Marlin Global and on the board of Guardians
of NZ Superannuation. Before returning to New
Zealand in 2019, David was Group Chief Investment
Officer for Insurance Australia Group and Director and
Head of IAG Asset Management. Prior to this, David
had a 16-year career with ING as Chief Executive and
Chair of ING Investment Management in Australia
and Chief Investment Officer and Director of ING
New Zealand. David’s principal place of residence is
Tauranga.
David was first appointed to the Barramundi board on
1 July 2021.
FIONA OLIVER LLB, BA, CFInstD
Independent Director
Fiona Oliver is an experienced director, with governance
roles across a range of business sectors, including
infrastructure (renewable energy, natural gas),
technology, retirement villages, professional and
financial services and sport. She is a director of Kingfish
and Marlin Global. Fiona is also a director of Gentrack
Group Limited, Clarus Group, Freightways Limited,
Summerset Holdings Limited, Wynyard Group Limited
(in liquidation) and a board member of the Guardians
of the New Zealand Superannuation Fund. Fiona’s
Executive roles included Chief Operating Officer of
Westpac NZ’s investment arm, BT Funds Management
and General Manager of AMP NZ’s Wealth
Management division. In Sydney and London, Fiona
managed the Risk and Operations function for AMP’s
private capital division. Prior to this, Fiona was a senior
corporate and commercial solicitor in New Zealand
and overseas, specialising in mergers and acquisitions.
Fiona is a Chartered Fellow of the Institute of Directors
and a member of Global Women. Fiona was awarded
the Beacon Award by the New Zealand Shareholders
Association. Fiona’s principal place of residence is
Auckland.
Fiona was first appointed to the Barramundi board on
1 June 2022.
CAROL CAMPBELL BCom, FCA, CFInstD
Chair of Audit and Risk Committee
Independent Director
Carol Campbell is an experienced company director
who has a sound understanding of efficient board
governance and extensive financial experience. Carol is
a director and Chair of the Audit and Risk Committees
of Kingfish and Marlin Global, and Chair of the Audit
and Risk Committee of Barramundi. Carol also holds
a number of directorships across a broad spectrum of
companies, including T&G Global, Chubb Insurance
New Zealand and NZME, where she is also the
Chair of the Audit and Risk Committees. Carol was
previously a Director of New Zealand Post, being also
Chair of the Audit and Risk Committee for eight years
and Chair for three years. Carol is a fellow of both
Chartered Accountants Australia and New Zealand
and the Institute of Directors and is a member of
the Disciplinary Tribunal of New Zealand Institute of
Chartered Accountants.
Carol had her own chartered accountancy practice for
11 years after a successful career as a partner at EY for
over 25 years. Carol’s principal place of residence is
Auckland.
Carol was first appointed to the Barramundi board on
5 June 2012.
ANDY COUPE LLB, CFInstD
Chair of the Board
Chair of Remuneration and Nominations Committee
Independent Director
Andy Coupe is a professional company director with
a wide range of governance experience. Prior to that,
he held senior roles in investment banking, with a
particular focus on equity capital markets. Andy is
Chair of Kingfish and Marlin Global, and is also a
director of Briscoe Group. Andy was formerly Chair of
Television New Zealand, Farmright, Solid Energy New
Zealand and the New Zealand Takeovers Panel. Andy’s
principal place of residence is Hamilton.
Andy was first appointed to the Barramundi board on
1 March 2013.
Pictured left to right: David McClatchy, Carol Campbell, Fiona Oliver and Andy Coupe.
BOARD OF DIRECTORS
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FOR THE YEAR ENDED 30 JUNE 2025 AND CURRENT AS AT THE DATE OF
THIS ANNUAL REPORT
CORPOR ATE
GOVERNANCE STATEMENT
Barramundi’s board recognises the importance of good
corporate governance and is committed to ensuring
that the Company meets best practice governance
principles to the extent that they are appropriate for
the nature of Barramundi’s operations as an investment
entity limited in its activities to holding shares in
other listed companies. Strong corporate governance
practices encourage the creation of value for Barramundi
shareholders, while ensuring the highest standards of
ethical conduct and providing accountability and control
systems commensurate with the risks involved.
The board is responsible for establishing and
implementing the Company’s corporate governance
framework and is committed to fulfilling this role in
accordance with best practice, having appropriate
regard to applicable laws, the NZX Corporate
Governance Code (“NZX Code”) and the Financial
Markets Authority’s Corporate Governance in New
Zealand - Principles and Guidelines. The board oversees
the management of Barramundi, with the day-to-day
portfolio and administrative management responsibilities
of Barramundi being delegated to Fisher Funds
Management Limited (“Fisher Funds” or “the Manager”).
The Company’s corporate governance policies and
procedures and board and committee charters are
regularly reviewed by the board against the corporate
governance standards recommended by NZX Limited
(“NZX”) and to reflect any changes required by NZX
listing rules, applicable laws, guidance from other
relevant regulators and developments in corporate
governance practices.
REPORTING AGAINST THE NZX CODE
This Corporate Governance Statement reports against
the amended NZX Code which came into effect on 1
April 2025
1
. It is current as at the date of this Annual
Report and has been approved by the board.
Over the financial year ended 30 June 2025,
Barramundi was in compliance with the NZX Code,
with the exception of recommendations 4.3, 5.2 and
5.3. The Company is not in compliance with those
recommendations due to the specific nature of the
Company’s business model, as outlined above. In
particular:
• in relation to recommendation 4.3, Barramundi
does not have a formal environmental, social
and governance (ESG) framework. However, the
Manager has a formal ESG framework which
governs its stock selection, which the board is
fully supportive of and committed to;
• in relation to recommendation 5.2, Barramundi
does not have a remuneration policy for executives
as Barramundi delegates its management
personnel requirements to Fisher Funds pursuant
to an Administration Services Agreement and does
not have its own employees or executives; and
• in relation to recommendation 5.3, there is no
Chief Executive Officer remuneration disclosure as
Barramundi delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement and does not
have its own Chief Executive Officer.
These matters are explained below in the commentary
regarding the relevant NZX Code principles. The
alternative governance practices adopted by Barramundi
in respect of those matters (also described below) have
the approval of the board.
WHERE TO FIND CORPORATE
GOVERNANCE MATERIALS ON
BARRAMUNDI’S WEBSITE
Barramundi’s constitution and each of the Company’s
charters, codes and policies referred to in this section are
available on the Barramundi website (barramundi.co.nz),
under the “About Barramundi” and “Policies” sections.
Principle 1 – Ethical standards
Directors should set high standards of ethical
behaviour, model this behaviour and hold
management accountable for these standards being
followed throughout the organisation.
CODE OF ETHICS & STANDARDS OF
PROFESSIONAL CONDUCT
Barramundi’s Code of Ethics & Standards of
Professional Conduct details the ethical and
professional behavioural standards required of the
directors of the Company and those employees of the
Manager who work on Barramundi matters.
The Code of Ethics & Standards of Professional Conduct
covers a wide range of areas including: standards of
ethical behaviour, conflicts of interest, proper use of
Company information and assets, compliance with laws
and policies, reporting concerns and receiving gifts.
Any person who becomes aware of a breach or
suspected breach of the Code of Ethics & Standards of
Professional Conduct is required to report it immediately
in accordance with the procedure set out in the Code of
Ethics & Standards of Professional Conduct.
1
Since Barramundi’s last annual report, the NZX Code was amended with effect from 1 January 2025 and 1 April 2025.
Issuers (such as Barramundi) with a 30 June balance date will be required to report on the 1 April 2025 amendments in their
annual report for the financial year ended 30 June 2026. However, Barramundi has complied with those amendments in this
Corporate Governance Statement.
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Compliance with the Code of Ethics & Standards of
Professional Conduct is monitored through education
and notification by individuals who become aware of
any breach.
Training on the requirements of the Code of Ethics &
Standards of Professional Conduct is included as part
of the induction process for new directors and relevant
new employees of the Manager.
The Code of Ethics & Standards of Professional Conduct
is available on Barramundi’s website for directors of the
Company and employees of the Manager to access at
any time.
SECURITIES TRADING POLICY
Barramundi’s Securities Trading Policy details the
restrictions on persons nominated by Barramundi
(including its directors and employees of the Manager
who work on Barramundi matters) (“Nominated
Persons”) relating to their trading in Barramundi
shares and other securities.
Nominated Persons, with the permission of the board
of Barramundi, may trade in Barramundi shares only
during the trading window commencing immediately
after Barramundi’s weekly disclosure of its net asset
value on NZX’s market announcement platform and
ending at the close of trading two days following the
net asset value disclosure.
Nominated Persons may not trade in Barramundi
shares when they have price sensitive information that
is not publicly available.
The Securities Trading Policy is available on
Barramundi’s website.
Principle 2 – Board composition and
performance
To ensure an effective board, there should be
a balance of independence, skills, knowledge,
experience and perspectives.
BOARD CHARTER
Barramundi’s board operates under a written
charter which defines the respective functions and
responsibilities of the board, focusing on the values,
principles and practices that provide the Company’s
corporate governance framework.
The board has overall responsibility for all decision
making within Barramundi. The board is responsible
for the direction and control of Barramundi and
is accountable to shareholders and others for
Barramundi’s performance and its compliance
with applicable laws and standards. The board has
delegated the day-to-day portfolio and administrative
management responsibilities relating to Barramundi
to the Manager. The responsibilities of the Manager
are clear as they are described in the Management
Agreement and Administration Services Agreement
with Barramundi.
The board uses committees to address certain
matters that require detailed consideration. The board
retains ultimate responsibility for the function of its
committees and determines their responsibilities.
The board is assisted in meeting its responsibilities by
receiving regular reports and plans from the Manager
and through its annual work programme.
Directors have access to key employees of the Manager
who are connected to the activities of Barramundi and
can request any information they consider necessary for
informed decision making.
Individual directors may (with the prior approval of the
Chair) engage and consult with independent external
professional advisors from time to time, with any costs
being met by the Company.
The Barramundi Board Charter is available on
Barramundi’s website.
NOMINATION AND APPOINTMENT
OF DIRECTORS
In accordance with Barramundi’s constitution and NZX
Listing Rules, a director must not hold office without
re-election past the third annual shareholders’ meeting
following his or her appointment or three years
(whichever is the longer). A director appointed by the
board must not hold office (without re-election) past
the next annual shareholders’ meeting following his or
her appointment.
Procedures for the nomination, appointment and
removal of directors are contained in Barramundi’s
constitution and the Board Charter. The Remuneration
and Nominations Committee of the board is responsible
for identifying and nominating candidates to fill
director vacancies for board approval. The board uses
a skills matrix to help ensure the correct mix of skills is
achieved when considering appropriate appointments
for the board.
WRITTEN AGREEMENT
Barramundi provides a letter of appointment to
each newly appointed director setting out the terms
of their appointment which they are required to
sign. The letter includes information regarding the
board’s responsibilities, expectations of directors and
independence, expected time commitments, indemnity
and insurance arrangements, obligations to declare
relevant conflicting interests, and confidentiality. New
directors are required to formally consent to act as a
director.
DIRECTOR INFORMATION
The current board comprises four directors with
diverse backgrounds, skills, knowledge, experience
and perspectives. Information about each Barramundi
director, including a profile of their experience,
length of service, the board’s assessment of their
independence, and attendance at board meetings and
committee meetings held during the financial year
ended 30 June 2025 is available on pages 26 and 29 of
this Annual Report and also on Barramundi’s website.
CORPORATE GOVERNANCE STATEMENT CONTINUED
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Information in respect of each director’s ownership
interests in Barramundi shares is available on page 60
of this Annual Report.
INDEPENDENCE
The board takes into account guidance provided under
the NZX Listing Rules including the factors specified
in the NZX Code in determining the independence
of directors. Director independence is considered
by the board annually having regard to all relevant
factors, including the directors’ interests, position and
relationships, without regard to the Company’s conflict
management arrangements. Directors have undertaken
to inform the board as soon as practicable if they think
their status as an independent director has or may have
changed.
As at 30 June 2025, the board considered that each of
Andy Coupe (Chair), Carol Campbell, David McClatchy
and Fiona Oliver are independent directors and
therefore the board had determined that all of the
current directors are independent directors.
DIVERSITY AND INCLUSION
Barramundi has a formal Diversity and Inclusion Policy
applicable to the Company’s directors. The board
recognises that having a diverse and inclusive board
will enhance effectiveness in key areas and that
membership of the board is best served by having a
mix of individuals with appropriate expertise and a
breadth of experience, who are each encouraged to
regularly contribute their views. These objectives are
recognised in the Diversity and Inclusion Policy.
All appointments to the board are based on merit
and include consideration of the board’s diversity. The
measurable diversity objective adopted by the board is
to embed gender diversity as an active consideration
in all succession planning for board positions. The
board assesses annually both the objective set out in
the Diversity and Inclusion Policy and the Company’s
progress in achieving that objective.
The board’s gender composition as at the two most
recent annual balance dates was as follows:
NumberProportion
30 June 2025FemaleMaleFemaleMale
Directors2250%50%
NumberProportion
30 June 2024FemaleMaleFemaleMale
Directors2250%50%
The Remuneration and Nominations Committee’s annual
assessment of the board’s diversity and progress on
achieving the diversity objectives of the board concluded
that the board had met the diversity objectives set out in
the Diversity and Inclusion Policy.
The Diversity and Inclusion Policy is available on
Barramundi’s website.
BOARD SKILLS MATRIX
The board skills matrix sets out the key skills, expertise
and qualities that the board believes are necessary
now and into the future, taking into account the
nature of Barramundi’s operations. The skills matrix
shown below demonstrates the current alignment
between the board’s desired and actual range of skills
and expertise.
Andy
Coupe
Carol
Campbell
David
McClatchy
Fiona
Oliver
Qualifications
LLB;
CFInstD
BCom;
FCA;
CFInstD
BComLLB;
BA;
CFInstD
Capability
Investment
management
◊◊O◊
Listed
company
governance
OO◊O
Capital
markets/
capital
structure
O◊OO
Audit and
accounting
◊O◊O
Risk
management
experience
OOOO
Environment
and corporate
social
responsibility
◊OO◊
Investor
and other
stakeholder
relations
O◊◊◊
Geographical
location
HamiltonAucklandTaurangaAuckland
Tenure (years)
12.013.04.03.0
Gender
MFMF
O = High capability
= Medium capability
The board has limited High Capability to a maximum
of four for each director.
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Set out below is a description of the capabilities
adopted by the board in its skills matrix.
Investment
management
Experience in the investment
management industry in governance,
leadership or equity portfolio
management roles in other than
Kingfish Limited, Barramundi Limited
or Marlin Global Limited
Listed company
governance
Listed company governance
experience other than in Kingfish
Limited, Barramundi Limited or Marlin
Global Limited
Capital
markets/capital
structures
Experience in capital markets
and strong knowledge of capital
management instruments
Audit and
accounting
Audit or accounting experience in a
professional advisory firm or Audit
and Risk committee experience other
than in Kingfish Limited, Barramundi
Limited or Marlin Global Limited
Risk
management
Experience in identification and
mitigation of financial and non-
financial risk
Environmental
and corporate
social
responsibility
Experience in assessing or overseeing
environmental, social, and governance
initiatives, and specifically knowledge
of the implications for and application
of climate related disclosures
obligations on listed companies
Investor
and other
stakeholder
relations
Experience in formal and informal
communications with shareholders and
other stakeholders
DIR ECTOR TR A INING
All directors are responsible for ensuring they remain
current in understanding how best to perform their
duties as directors. To ensure ongoing education,
directors are regularly informed of developments
that affect the Company’s industry and business
environment.
ASSESSMENT OF BOARD AND
DIRECTOR PERFORMANCE
The Remuneration and Nominations Committee
conducts a formal review of director, committee
and board performance annually, except that every
three years the review is carried out by an external
party. Appropriate strategies for improvement are
recommended to the board as and when required.
The Chair of the board also has discussions with
directors on individual performance as considered
appropriate.
INDEPENDENT CH A IR AND
SEPARATION OF THE CHAIR AND
CHIEF EXECUTIVE OFFICER
The current Chair of the board is an independent
director. Barramundi does not have a Chief Executive
Officer as it delegates its management personnel
requirements to the Manager pursuant to an
Administration Services Agreement. The Chair of the
board is not a director, officer or employee of the
Manager.
INDEPENDENT DIR ECTOR S
The board has determined that all four current
directors are independent. In reaching that
determination the board considered the particular
matters in table 2.4 of the NZX Code noted below.
• None of the directors are or have previously
been employed in an executive role by either the
Company or the Manager.
• None of the directors have derived any revenue
(other than director fees) from either the
Company or the Manager.
• None of the directors provide, or have previously
provided professional services to or been in a
business or contractual relationship (other than as
a director) with the Company or the Manager.
• None of the directors are, or have previously been
employed by the external auditor to the Company
or the Manager.
• None of the directors hold a material
shareholding or warrant holding in the Company
or the Manager (or are or have been senior
managers of, or persons associated with, a
substantial shareholder or warrant holder of the
Company).
• None of the directors have close family ties
or personal relationships with anyone in the
categories listed above.
The factors specified in table 2.4 of the NZX Code also
include whether a director has held their position for
a period of 12 years or more. As two of the directors
of the Company have been directors for more than 12
years
2
, the Board has carefully considered the effect of
the tenure of those directors when considering their
independence.
David McClatchy and Fiona Oliver have been directors
of Barramundi for four and three years respectively.
Andy Coupe has been a Barramundi director for just
over 12 years, having joined the Barramundi board
on 1 March 2013, but notwithstanding that, in view
of the other factors referred to above, the board has
determined that Andy is an independent director. The
board’s view is that Andy’s length of service brings
important knowledge and skills to the board and he is
independent from the Manager. He has also during his
time as a director demonstrated a strong commitment
2
A period of 12 years is referred to here as it is the length of service referred to in the NZX Code which may cause a board to
determine that a director is not independent.
CORPORATE GOVERNANCE STATEMENT CONTINUED
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to bringing an independent judgment to bear on
issues before the board, acting in the best interests
of the Company and representing the interests of
shareholders generally.
Carol Campbell has been a Barramundi director for
just over 13 years, having joined the Barramundi board
on 5 June 2012, but notwithstanding that, in view
of the other factors referred to above, the board has
determined that Carol is an independent director. The
board’s view is that Carol’s length of service brings
important knowledge and skills to the board and
she is independent from the Manager. She has also
during her time as a director demonstrated a strong
commitment to bringing an independent judgment
to bear on issues before the board, acting in the
best interests of the Company and representing the
interests of shareholders generally.
Principle 3 – Board committees
The board should use committees where this will
enhance its effectiveness in key areas, while still
retaining board responsibility.
The board has three standing committees: the
Audit and Risk Committee, the Remuneration
and Nominations Committee and the Investment
Committee.
Each committee operates under a charter approved by
the board. The charter of each committee is reviewed
annually.
DIRECTOR, BOARD AND COMMITTEE
MEETING ATTENDANCE
A total of eight board meetings, three Audit and
Risk Committee meetings, one Remuneration and
Nominations Committee meeting and two Investment
Committee meetings were held in the financial year
ended 30 June 2025. Director attendance at board
meetings and committee meetings is shown below.
DirectorBoard
Audit and
Risk
Committee
Remuneration
and
Nominations
Committee
Investment
Committee
Carol
Campbell
8/83/31/12/2
Andy
Coupe
8/83/31/12/2
David
McClatchy
8/83/31/12/2
Fiona
Oliver
8/83/31/12/2
AUDIT AND RISK COMMITTEE
The Audit and Risk Committee Charter sets out the
objectives of the Audit and Risk Committee, which
are to provide assistance to the board in fulfilling
its responsibilities in relation to the Company’s
financial reporting, internal controls structure, risk
management systems and the external audit function.
The Audit and Risk Committee Charter is available on
Barramundi’s website.
The Audit and Risk Committee focuses on audit
and risk management and specifically addresses
responsibilities relative to financial reporting and
regulatory compliance.
The Audit and Risk Committee is accountable for
ensuring the performance and independence of
the Company’s external auditor, including that the
external auditor or lead audit partner is changed at
least every five years.
The Audit and Risk Committee also reviews the
appropriateness of any non-audit services and
recommends to the board which services, other
than the statutory audit, may be provided by
PricewaterhouseCoopers as external auditor.
The external auditor has a clear line of direct
communication at any time with either the Chair of
the Audit and Risk Committee or the Chair of the
board, both of whom are independent directors.
During the financial year ended 30 June 2025, the
Audit and Risk Committee held private sessions with
the external auditor.
The Audit and Risk Committee currently comprises
all of the directors, each of whom are non-executive
and are also considered to be independent. The
board considers that one member of the committee
has an adequate accounting and finance background
based on the NZX’s Governance Guidance Note. The
committee is chaired by Carol Campbell.
The Audit and Risk Committee may invite the
Corporate Manager and/or other employees of the
Manager and such other persons, including the
external auditor, to attend meetings as it considers
necessary to provide appropriate information and
explanations.
REMUNER ATION AND NOMINATIONS
COMMIT TEE
The Remuneration and Nominations Committee
Charter sets out the objectives of the Remuneration
and Nominations Committee, which are to set and
review the level of directors’ remuneration, ensure
a formal, rigorous and transparent procedure for
the appointment of new directors to the board,
and evaluate the balance of skills, knowledge
and experience on the board. The Remuneration
and Nominations Committee also assesses the
performance of individual directors, the board and
board committees.
The Remuneration and Nominations Committee
currently comprises all of the directors, each of
whom are considered to be independent. Andy
Coupe is Chair of the Remuneration and Nominations
Committee. The board does not consider it necessary
to have a separate nomination committee given
that all directors are members of the Remuneration
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and Nominations Committee. It is considered more
efficient to combine the functions of remuneration
and nomination committees into a single committee
of the Company.
The Remuneration and Nominations Committee may
invite the Corporate Manager and/or other employees
of the Manager and such other persons, including the
external auditor, to attend meetings as it considers
necessary to provide appropriate information and
explanations.
The Remuneration and Nominations Committee
Charter is available on Barramundi’s website.
INVESTMENT COMMITTEE
The Investment Committee Charter sets out the
objectives of the Investment Committee, which
are to oversee the investment management of
Barramundi to ensure the portfolio is managed in
accordance with the investment mandate and with
the long-term performance objectives of Barramundi.
The Investment Committee Charter is available on
Barramundi’s website.
The Investment Committee currently comprises all
of the directors, each of whom are considered to
be independent. David McClatchy is Chair of the
Investment Committee.
CONTROL TR ANSACTION
RESPONSE PROTOCOL
The board has adopted a formal Control Transaction
Response Protocol (previously the Takeover Response
Protocol) as an internal framework that sets out the
process to be followed if there is a control transaction,
such as a takeover or scheme of arrangement for
Barramundi.
Principle 4 – Reporting and disclosure
The board should demand integrity in financial and
non-financial reporting, and in the timeliness and
balance of corporate disclosures.
CONTINUOUS DISCLOSURE
Barramundi is committed to promoting investor
confidence by providing complete and equal access
to information in accordance with the NZX Listing
Rules. Barramundi has a Continuous Disclosure
Policy designed to ensure this occurs and a copy of
the policy is available on Barramundi’s website. The
Corporate Manager is responsible for overseeing and
co-ordinating required disclosures to the market.
CHARTERS AND POLICIES
Barramundi’s key corporate governance documents,
including its Code of Ethics & Standards of
Professional Conduct, board and committee charters
and other policies, are available on Barramundi’s
website under the “About Barramundi” and “Policies”
sections.
FINANCIAL REPORTING
Barramundi believes its financial reporting is balanced,
clear and objective. Barramundi is committed to
ensuring integrity and timeliness in its financial and
non-financial reporting and ensuring the market and
shareholders are provided with an objective view on
the performance of the Company.
The Audit and Risk Committee oversees the quality
and integrity of external financial reporting, including
the accuracy, completeness and timeliness of financial
statements. The Audit and Risk Committee reviews
half-yearly and annual financial statements and
makes recommendations to the board concerning
accounting policies, areas of judgement, compliance
with accounting standards, stock exchange and legal
requirements, and the results of the external audit.
ESG FRAMEWORK
The NZX Code recommends that an issuer provide
non-financial disclosure at least annually, including
considering environmental, social sustainability and
governance factors and practices. As at 30 June 2025,
Barramundi did not have a formal environmental,
social and governance (ESG) framework. Barramundi
considers that, given the nature of its activities (as an
investment company solely investing in shares of other
listed companies), it is not appropriate to maintain an
ESG framework independent to that of the Manager.
Barramundi will continue to assess the relevance of
adopting an ESG framework. However, the Manager
has a formal ESG framework which governs its
stock research, selection and reporting, which the
Barramundi board is fully supportive of and committed
to. Details of the Manager’s ESG framework can be
found on the Manager’s website at fisherfunds.co.nz/
responsible-investing.
CLIMATE-RELATED DISCLOSURES
As a climate reporting entity (CRE), Barramundi is
required to produce an annual climate statement
within four months after its balance date that
identifies and reports on matters concerning
the impact of climate change on the Company’s
businesses and disclose greenhouse gas emissions.
The New Zealand External Reporting Board (XRB)
has developed the Aotearoa New Zealand Climate
Standards, which set out the disclosure requirements
applicable to CREs for each of the four thematic areas
(Governance, Strategy, Risk Management and Metrics
and Targets). Barramundi is committed to reporting
on a basis consistent with the standards to the extent
applicable to its business.
The Barramundi board has determined the appropriate
climate risk reporting for Barramundi in accordance
with the Climate Standards and Barramundi will issue
its second annual climate statement by 31 October
2025. A copy will be available on the Barramundi
website.
CORPORATE GOVERNANCE STATEMENT CONTINUED
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Principle 5 – Remuneration
The remuneration of directors and executives
should be transparent, fair and reasonable.
DIRECTORS’ REMUNERATION
The Company’s Director Remuneration Policy sets
out the structure of the remuneration for directors,
the review process and reporting requirements.
The Director Remuneration Policy is available on
Barramundi’s website.
Directors’ fees are determined by the board on
the recommendation of the Remuneration and
Nominations Committee within the aggregate amount
approved by shareholders. The current directors’ fee
pool limit of $185,500 (plus GST if any) was approved
by shareholder resolution passed at the 2023 Annual
Shareholders’ Meeting. The director remuneration
information below reflects the increase in fees
approved by shareholders in 2023.
Each year, the Remuneration and Nominations
Committee reviews the level of directors’ fees. The
Remuneration and Nominations Committee considers
the skills, performance, experience and level of
responsibility of directors when undertaking the review
and is authorised to obtain independent advice on
market conditions.
The table below sets out the remuneration received
by each director from Barramundi for the financial
year ended 30 June 2025. No director received fees or
payment for any other services to the Company. No
retirement payments were made or agreed to be made
to any current or former director during the financial
year ended 30 June 2025.
Directors’ remuneration* for the 12 months
ended 30 June 2025
Andy Coupe (Chair)$58,500
(1)
Carol Campbell $44,000
(2)
David McClatchy$44,000
(3)
Fiona Oliver$39,000
(4)
* excludes GST
(1) $11,700 of this amount was applied to the purchase of
16,077 shares under the Barramundi Share Purchase Plan.
(Andy Coupe holds in excess of the 50,000 share threshold
set out in the Barramundi Share Purchase Plan but has
elected to continue in the plan and has elected to apply
20% of his director fees to the purchase of Barramundi
shares.)
(2) Included in this total amount is $5,000 that Carol Campbell
received as Chair of the Audit and Risk Committee. $4,400
of this amount was applied to the purchase of 5,996
shares under the Barramundi Share Purchase Plan. (Carol
Campbell holds in excess of the 50,000 share threshold set
out in the Barramundi Share Purchase Plan but has elected
to continue in the plan.)
(3) Included in this total amount is $5,000 that David
McClatchy received as Chair of the Investment Committee.
$4,400 of this amount was applied to the purchase of
6,076 shares under the Barramundi Share Purchase Plan.
(4) $3,900 of this amount was applied to the purchase of
5,302 shares for Fiona Oliver under the Barramundi Share
Purchase Plan.
Details of remuneration paid to directors are also
disclosed in note 4 and note 11 to the audited financial
statements for the financial year ended 30 June 2025.
The directors’ fees disclosed in the audited financial
statements include a portion of non-recoverable GST
expensed by Barramundi.
DIRECTORS’ SHAREHOLDING -
SHARE PURCHASE PLAN
The Barramundi Share Purchase Plan was introduced by
the board in 2012 and requires each director to allocate
10% of their annual director’s fees to the purchase
(on market) of Barramundi shares. Once an individual
director’s shareholding reaches 50,000 shares, the
director can elect whether or not to continue in the
plan. The intention of the Share Purchase Plan is to
further align the interests of directors with those of
Barramundi shareholders.
EXECUTIVE REMUNERATION
Barramundi delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement. For this reason,
Barramundi does not have a Chief Executive Officer and
it does not have a remuneration policy for executives.
In addition, the board does not consider it appropriate
to make disclosures about the remuneration of the
Manager’s personnel or include those personnel in the
application of the Company’s remuneration policies.
Barramundi does not set the remuneration policies
applicable to the Manager’s personnel. The fees paid
to Fisher Funds for administration services are set by
the Administration Services Agreement and described
in note 11 to Barramundi’s audited financial statements
for the financial year ended 30 June 2025.
Principle 6 – Risk management
Directors should have a sound understanding of
the material risks faced by the issuer and how to
manage them. The board should regularly verify
that the issuer has appropriate processes that
identify and manage potential and material risks .
RISK MANAGEMENT FRAMEWORK
The board has overall responsibility for Barramundi’s
system of risk management and internal control.
Barramundi has in place policies and procedures
to identify areas of significant business risk and
implements procedures to manage those risks
effectively.
Key risk management tools used by Barramundi
include the Audit and Risk Committee function,
outsourcing of certain functions to service providers,
internal controls, financial and compliance reporting
procedures and processes, and business continuity
planning. Barramundi also maintains insurance policies
that it considers adequate to meet its insurable risks.
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The board is actively involved in tracking the
development of existing risks and the emergence of
new risks to Barramundi’s business. The Audit and
Risk Committee and board receive regular reports
on the operation of risk management policies and
procedures from the Manager. As part of the robust
risk assessment process, significant risks are discussed
at each board meeting, and/or as required.
In addition to Barramundi’s policies and procedures
in place to manage business risks, the Manager has
its own comprehensive risk management policy. The
board is informed of any changes to the Manager’s
risk management policies.
Barramundi provides shareholders and warrant
holders with regular communications covering the
performance of the Company and of the underlying
stocks invested in by the Company. These types of
communications include monthly updates, quarterly
newsletters and annual reports. Numerous NZX
announcements are also made, including weekly and
month-end NAV per share updates, as well as interim
and annual financial statements.
HEALTH AND SAFETY
The Manager operates under a Health and Safety
Policy. Under this policy, Fisher Funds assumes
responsibility for the health and safety of its
employees.
Principle 7 – Auditors
The board should ensure the quality and
independence of the external audit process.
Barramundi’s Audit and Risk Committee makes
recommendations to the board on the appointment
of the external auditor. The Audit and Risk Committee
monitors the independence and effectiveness of the
external auditor and approves and reviews any non-audit
services performed by the external auditor. An External
Auditor Independence Policy, which documents the
framework of Barramundi’s relationship with its external
auditor, was adopted by the board in 2018. This policy
includes procedures:
(a) to sustain communication with Barramundi’s external
auditor;
(b) to ensure that the ability of the external auditor to
carry out its statutory audit role is not impaired, or
could reasonably be perceived to be impaired;
(c) to address what, if any, services (whether by type
or level) other than its statutory audit roles may be
provided by the external auditor to Barramundi; and
(d) to provide for the monitoring and approval by the
Audit and Risk Committee of any service provided by
the external auditor to Barramundi other than in its
statutory audit role.
3
The current PwC audit partner was appointed in 2024 and rotation will therefore occur no later than the end of 2029.
The Audit and Risk Committee meets with the external
auditor, without representatives of the Manager present,
to approve its terms of engagement, audit partner
rotation
3
(at least every five years) and the audit fee, as
well as to review and provide feedback in respect of the
annual audit plan.
Barramundi’s current external auditor,
PricewaterhouseCoopers (“PwC”), was appointed by
shareholders at the 2008 annual meeting in accordance
with the provisions of the Companies Act 1993. PwC
is eligible to be automatically reappointed as auditor
under Part 11, Section 207T of the Companies Act at
the Annual Shareholders’ Meeting, except in the limited
circumstances set out in the Act.
The Audit and Risk Committee has assessed PwC to be
independent and has received written confirmation of
this fact from PwC.
PwC, as external auditor of Barramundi’s 30 June
2025 audited annual financial statements, will attend
this year’s Annual Shareholders’ Meeting and will be
available to answer questions about the conduct of the
audit, preparation and content of the auditor’s report,
accounting policies adopted by Barramundi, and its
independence in relation to the conduct of the audit.
Barramundi does not have an internal audit function;
however the Company regularly reviews all areas of
risk management and focuses on all operating and
compliance risk obligations as described above in relation
to Principle 6. Barramundi delegates day-to-day portfolio
and administrative management responsibilities relating
to Barramundi to the Manager, and the Corporate
Manager is responsible for managing operational and
compliance risks across Barramundi’s business and
reporting on those matters to the board.
Principle 8 – Shareholder rights and relations
The board should respect the rights of shareholders
and foster constructive relationships with
shareholders that encourage them to engage with
the issuer.
INFORMATION FOR SHAREHOLDERS
The board recognises the importance of providing
shareholders with comprehensive, timely and equal
access to information about its activities. The board
aims to ensure that shareholders have available to
them all information necessary to assess Barramundi’s
performance.
Barramundi’s website, barramundi.co.nz, provides
information to shareholders and investors about
the Company. Barramundi’s ‘Investor Centre’ part
of its website contains a range of information,
including periodic and continuous disclosures to NZX,
annual reports and content related to the Annual
Shareholders’ Meeting. The website also contains
information about Barramundi’s directors, copies of key
corporate governance documents and general company
information.
CORPORATE GOVERNANCE STATEMENT CONTINUED
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The board recognises that other stakeholders may
have an interest in Barramundi’s activities. While there
are no specific stakeholder interests that are currently
identifiable, Barramundi will continue to review policies
in consideration of future interests.
COMMUNICATING W ITH
SHAREHOLDERS
Barramundi communicates regularly with its
shareholders through its monthly and quarterly
updates. The Company receives questions from
shareholders from time to time and has processes
in place to ensure shareholder communications are
responded to within a reasonable timeframe. The
Company’s website sets out Barramundi’s appropriate
contact details for communications from shareholders.
Barramundi also provides options for shareholders
to receive and send communications by post or
electronically.
SHAREHOLDER VOTING RIGHTS
When required by the Companies Act 1993,
Barramundi’s Constitution or the NZX Listing Rules,
Barramundi will refer decisions to shareholders for
approval. Barramundi’s policy is to conduct voting at its
shareholder meetings by way of poll and on the basis
of one share, one vote.
NOTICE OF ANNUAL
SHAREHOLDERS’ MEETING
The 2025 Barramundi Notice of Annual Shareholders’
Meeting will be sent to shareholders at least 20
working days prior to the meeting and will be
published on Barramundi’s website.
This year’s Annual Shareholders’ Meeting will be held
at 10.30am on 31 October 2025, at the Ellerslie Event
Centre in Auckland and online. Full participation of
shareholders is encouraged at the Annual Shareholders’
Meeting and shareholders are also encouraged to
submit questions in writing prior to the meeting if they
are unable to attend either form of the meeting.
M A N AGEMENT AGR EEMENT
RENEWAL
The Management Agreement between Barramundi and
Fisher Funds is subject to renewal every five years. The
Management Agreement is next subject to renewal in
October 2026.
NZX WAIVERS
There was one new waiver granted by NZX and relied
upon by the Company in the financial year ended 30
June 2025.
On 23 July 2024, NZX granted Barramundi a waiver
relating to the definitions of Primary Authorised
Representative and Secondary Authorised
Representative under the NZX Listing Rules, to the
extent that they require Authorised Representatives
to fall within limb (a) of the definition of an Employee
under the NZX Listing Rules or be a director (as defined
in the NZX Listing Rules) of the issuer. The waiver was
necessary because the Authorised Representatives
of Barramundi did not qualify as an employee or as
a director. They are employees of the Manager. NZX
exercised its discretion to not publish this decision in
accordance with NZX Listing Rule 9.7.2(b).
CAPITAL RAISINGS
Barramundi Share Issue (Warrant Conversion BRMWH)
On 25 October 2024, Barramundi warrant holders
had the option to convert their warrants into ordinary
Barramundi shares at an exercise price of $0.63 per
warrant.
On the exercise date 50,119,078 warrants out of a
possible 69,484,210 warrants (72.13%) were converted
into Barramundi ordinary shares and the new shares
were allotted to warrant holders on 31 October
2024. The remaining 19,365,132 warrants which
were not exercised lapsed, and all rights in regard to
them expired. The additional funds were invested in
Barramundi’s then current investment portfolio of
stocks.
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We present the financial statements for Barramundi Limited for the year ended 30 June 2025.
We have ensured that the financial statements for Barramundi Limited present fairly the financial position of the
company as at 30 June 2025 and its financial performance and cash flows for the year ended on that date.
We have ensured that the accounting policies used by the company comply with generally accepted accounting
practice in New Zealand and believe that proper accounting records have been kept. We have ensured
compliance of the financial statements with the Financial Markets Conduct Act 2013.
We also consider that adequate controls are in place to safeguard the Company’s assets and to prevent and
detect fraud and other irregularities.
The Barramundi board authorised these financial statements for issue on 18 August 2025.
Andy Coupe Carol Campbell
David McClatchy Fiona Oliver
FOR THE YEAR ENDED 30 JUNE 2025
DIRECTORS’ STATEMENT
OF RESPONSIBILITY
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FINANCIAL
STATEMENTS CONTENTS
38 Statement of Comprehensive Income
39 Statement of Changes in Equity
40 Statement of Financial Position
41 Statement of Cash Flows
42 Notes to the Financial Statements
56 Independent Auditor’s Report
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The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
NOTES 2025 2024
$000$000
Interest income 582 332
Dividend income 4,266 3,839
Net change in fair value of investments2 7,75 3 28,853
Other (loss)/income3 (146) 95
Total income 12,455 33,119
Operating expenses4 3,990 4,10 4
Net profit before tax 8,465 29,015
Total tax expense5 554 903
Net profit after tax attributable to shareholders 7,911 28 ,112
Total comprehensive income after tax attributable to shareholders 7,911 28 ,112
Basic earnings per share7 2.49c 10.07c
Diluted earnings per share7 2.49c 9.92c
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The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY
NOTES
SHARE
CAPITAL
(ACCUMULATED
DEFICITS)
TOTAL
EQUIT Y
$000$000$000
Balance at 1 July 2023 211,081 (11,8 49) 199,232
Comprehensive income
Net profit after tax - 28 ,112 28 ,112
Total comprehensive income for the
year ended 30 June 2024
- 28 ,112 28 ,112
Transactions with shareholders
Share buybacks6 (b) (855) - (855)
Warrant issue costs6 (c) (12) - (12)
Dividends paid6 (d) - (16,398) (16,398)
New shares issued under dividend reinvestment plan6 (e) 5,15 4 - 5,15 4
Shares issued from treasury stock under dividend
reinvestment plan
6 (e) 630 - 630
Total transactions with shareholders for the
year ended 30 June 2024 4,917 (16,398) (11,4 81)
Balance at 30 June 2024 215,998 (135) 215,863
Comprehensive income
Net profit after tax - 7,911 7,911
Total comprehensive income for the year ended
30 June 2025 - 7,911 7,911
Transactions with shareholders
Share buybacks6 (b) (2,315) - (2,315)
Shares issued for warrants exercised
(net of exercise costs)
6 (c) 31,467 - 31,467
Dividends paid6 (d) - (19,318) (19,318)
New shares issued under dividend reinvestment plan6 (e) 4,585 - 4,585
Shares issued from treasury stock under dividend
reinvestment plan
6 (e) 2,435 - 2,435
Total transactions with shareholders for the
year ended 30 June 2025
36,172 (19,318) 16,854
Balance at 30 June 2025 252 ,170 (11,542) 240,628
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The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
NOTES 2025 2024
$000$000
SHAREHOLDERS' EQUITY240,628215,863
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 10 22,005 5,780
Receivables 8 637 602
Financial assets at fair value through profit or loss 2 219,10 0 212,298
Total Current Assets 241,742 218,680
TOTAL ASSETS 241,742 218,680
LIABILITIES
Current Liabilities
Trade and other payables 9 444 722
Financial liabilities at fair value through profit or loss 2 60 1,387
Current tax payable5 451 558
Total Current Liabilities 955 2,667
Non-current Liabilities
Deferred tax liability 5 159 150
Total Non-current Liability 159 150
TOTAL LIABILITIES 1,114 2,817
NET ASSETS 240,628 215,863
These financial statements have been authorised for issue for and on behalf of the Board by:
R A Coupe / Chair C A Campbell / Chair of the Audit and Risk Committee
18 August 2025 18 August 2025
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The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
NOTES 2025 2024
$000 $000
Operating Activities
Sale of investments 5 7, 3 4 0 61,686
Interest received 553 335
Dividends received 4,176 3,589
Other (loss)/income (49) 27
Purchase of investments (59,021) (50,663)
Operating expenses (4,309) (4,551)
Taxes paid (652) (87)
Net settlement of forward foreign exchange contracts 1,453 962
Net cash (outflows)/inflows from operating activities10 (509) 11, 298
Financing Activities
Proceeds from warrants exercised (net of exercise costs) 31,467 -
Warrant issue costs - (12)
Share buybacks (2,341) (829)
Dividends paid (net of dividends reinvested) (12,298) (10,614)
Net cash inflows/(outflows) from financing activities 16,828 (11,455)
Net increase/(decrease) in cash and cash equivalents held 16,319 (157)
Cash and cash equivalents at beginning of the year 5,780 5,859
Effects of foreign currency translation on cash balance (94) 78
Cash and cash equivalents at end of the year10 22,005 5,780
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BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
NOTE 1 BASIS 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 Generally Accepted
Accounting Practice in New Zealand (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 Accounting Standards (IFRS Accounting Standards).
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. Where relevant, prior year comparatives have
been reclassified to conform with current year financial statement presentation.
On 10 September 2024 the Company registered for GST, effective from 1 September 2024. From
this date, revenue, expenses and liabilities are recognised net of GST except to the extent that GST
is not recoverable from the Inland Revenue. In these circumstances, GST is recognised as part of the
expense or the cost of the asset. Prior to 1 September 2024, operating expenses include GST where
it is charged by other parties as it could not be reclaimed.
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 change in fair
value of investments”.
Foreign exchange gains and losses relating to cash and cash equivalents, receivables, and trade
and other payables are presented in the Statement of Comprehensive Income within “Other (loss)/
i n c o m e”.
Material 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 standards and no new amendments to or interpretations of standards that have
been effective for the reporting period that have a material effect on these financial statements.
In May 2024, the XRB introduced NZ IFRS 18 Presentation and Disclosure in Financial Statements
(effective for annual reporting periods beginning on or after 1 January 2027). This standard replaces
NZ IAS 1 Presentation of Financial Statements and primarily introduces a defined structure for the
statement of comprehensive income, and disclosure of management-defined performance measures
(a subset of non-GAAP measures) in a single note together with reconciliation requirements. The
Company has not early adopted this standard and is yet to assess its impacts.
There are no other new standards and no other new amendments to or interpretations of standards
that have been issued but are not yet effective that are expected to materially impact these financial
statements.
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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.
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; none of these judgements are considered critical to these financial statements. There
were no material estimates or assumptions required in the preparation of these financial statements.
Authorisation of Financial Statement
The Barramundi Board of Directors authorised these financial statements for issue on
18 August 2025.
No party may change these financial statements after their issue.
NOTE 2 INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
j
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 change in the fair value of financial assets and liabilities is recognised in the
Statement of Comprehensive Income.
Financial assets at fair value through profit or loss comprise Australian investment assets and
forward foreign exchange contracts with a positive value.
Financial liabilities at fair value through profit or loss comprise forward foreign exchange contracts
with a negative value.
Forward foreign exchange contracts can be used as economic hedges for 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 investments traded in active markets are based on last sale prices at balance date,
except where the last sale price (which may have been prior to balance date) falls outside the bid-
ask spread at close of business on balance date 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 a reputable pricing vendor.
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 observable market data 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.
j
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NOTE 2 INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS CONTINUED
j
All Australian 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 (30 June 2024: None). There
were no financial instruments classified as Level 3 as at 30 June 2025 (30 June 2024: None).
20252024
Investments at Fair Value through Profit or Loss$000$000
Financial Assets:
Australian investments
1
218,991 211,76 3
Forward foreign exchange contracts 109 535
Total financial assets at fair value through profit or loss 219,100 212,298
Financial Liabilities:
Forward foreign exchange contracts 60 1,387
Total financial liabilities at fair value through profit or loss 60 1,387
Net Changes in Fair Value of Investments
Gains on Australian investments 8,382 27, 216
Foreign exchange (losses)/gains on Australian investments (2,982) 1,4 40
Gains on forward foreign exchange contracts 2,353 197
Net change in fair value of investments through profit or loss 7,753 28,853
1
Within Australian investments is the placement of new shares by Xero Limited. The settlement of the new Xero
Limited shares occurred on 30 June 2025, with allotment (and normal trading in the shares) occurring on 1st July
2025. The value of this investment at 30 June 2025 was $975,963.
No stocks were valued at the bid price as at 30 June 2025 (30 June 2024: Nil).
The notional value of forward foreign exchange contracts held as at 30 June 2025 was
$161,572,700 (30 June 2024: $149,481,780).
NOTE 3 OTHER (LOSS)/INCOME
20252024
$000$000
Foreign exchange (losses)/gains on cash and cash equivalents and
outstanding settlements
(146) 95
Total other (loss)/income (146) 95
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2025
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NOTE 4 OPER ATING EXPENSES
20252024
$000$000
Management fee (note 11(a)(i)) 2,948 2,648
Performance fee (note 11(a)(i)) - 364
Administration services (note 11(a)(i)) 14 4 159
Directors' fees (note 11(b)) 190 207
Custody, accounting and brokerage 261 242
Investor relations and communications 164 171
NZX fees 71 69
Professional fees 52 65
Fees paid to the auditor:
Statutory audit and review of financial statements 50 57
Non-assurance services
1
- 4
Regulatory fees 35 33
Other operating expenses 75 85
Total operating expenses 3,990 4,104
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.
Most of Barramundi’s investment gains are exempt from tax, as they relate to tax exempt
investments listed on the ASX. Consequently, the tax expense may not align with accounting profit.
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.
20252024
$000$000
Taxation expense is determined as follows:
Net profit before tax 8,465 29,015
Non-taxable realised (gain) on financial assets and liabilities (17,9 92) (19,314)
Non-taxable unrealised loss/(gain) on financial assets and liabilities 12,60 6 (9,268)
Fair Dividend Rate hedge (gain)/loss
1
(2,256) 1,70 0
Fair Dividend Rate income 1,127 1,087
Exempt dividends subject to Fair Dividend Rate (99) (110 )
Imputation credits 42 33
Non-deductible expenses and other 211 199
Taxable income for tax purposes 2,104 3,342
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20252024
$000$000
Tax at 28% 589 936
Imputation credits (42) (33)
Forfeit of foreign tax credits 7 -
Total tax expense 554 903
Taxation expense comprises:
Current tax 542 741
Deferred tax 12 162
Total tax expense 554 903
Current tax balance
Opening balance (558) 97
Current tax movements (542) (741)
Tax paid and other items 649 86
Current tax (payable) (451) (558)
Deferred tax balance $000 $000
Opening balance (150) 11
Losses utilised - (151)
Accrued dividends (9) (8)
Tax credits - (2)
Deferred tax (liability) (159) (150)
1
From 1 October 2023 onwards, Fair Dividend Rate hedging rules per the Income Tax Act 2007 were adopted,
and taxable gains and losses on eligible forward exchange rate contracts have been calculated as a pro-rated
5% of their daily opening market value. This broadly aligns the tax treatment of eligible forward exchange rate
contracts with the tax treatment of the relevant investments. Prior to this, tax was calculated on all gains and
losses on forward exchange rate contracts.
Imputation credits
The imputation credits available for subsequent reporting periods total $473,833 (30 June 2024:
$19,972). 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 as at 30 June 2025.
NOTE 6 SHAREHOLDERS’ EQUITY
a. 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 LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2025
NOTE 5 TAXATION CONTINUED
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Barramundi has 340,710,757 fully paid ordinary shares on issue (30 June 2024: 283,339,843). 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.
b. Buybacks
Barramundi maintains an ongoing share buyback programme. For the year ended 30 June 2025,
Barramundi acquired 3,375,044 shares valued at $2,315,444 (30 June 2024: 1,188,248 shares
valued at $855,446) 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 as at balance date (30 June
2024: 283,000).
c. Warrants
On 25 October 2024, 50,119,078 new Barramundi warrants valued at $31,575,019 less exercise
costs of $107,760 (net $31,467,259) were exercised at $0.63 per warrant, and the remaining
19,365,132 warrants lapsed.
On 26 October 2023, 69,484,210 new Barramundi warrants were allotted and quoted on the NZX
Main Board from 27 October 2023. One new warrant was issued to all eligible shareholders for
every four shares held on record date (25 October 2023). The warrants are exercisable at $0.69 per
warrant, adjusted down for dividends declared during the period up to 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 was deducted from share capital.
d. 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:
2025
$000
CENTS PER
SHARE
2024
$000
CENTS PER
SHARE
27 Sep 2024 4,325 1.5322 Sep 2023 3,974 1.4 4
20 Dec 2024 5,197 1.5615 Dec 2023 4,002 1.4 4
28 Mar 2025 5,13 0 1.5328 Mar 2024 4,060 1.45
27 Jun 2025 4,666 1.3827 Jun 2024 4,362 1.55
19,318 6.00 16,398 5.88
e. 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 2025, 10,626,880 ordinary shares totalling $7,020,099 (30 June 2024:
8,567,887 ordinary shares totalling $5,784,057) were issued in relation to the plan for the quarterly
dividends paid.
(i) 6,968,836 ordinary shares totalling $4,585,034 were issued under the dividend reinvestment
plan (30 June 2024: 7,662,639 ordinary shares totalling $5,153,975); and
(ii) 3,658,044 ordinary shares totalling $2,435,065 were utilised from treasury stock under the
dividend reinvestment plan (30 June 2024: 905,248 ordinary shares totalling $630,082)
To participate in the dividend reinvestment plan, a completed participation notice must be received
by Barramundi before the next record date.
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NOTE 7 EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the
Company by the weighted average number of ordinary shares on issue during the year. Diluted
earnings per share assumes conversion of all dilutive potential ordinary shares in determining the
denominator. Potential ordinary shares include outstanding warrants.
20252024
Basic earnings per share
Net profit after tax attributable to shareholders ($'000) 7,911 28 ,112
Weighted average number of ordinary shares on issue
net of treasury stock ('000)
318,293 279,034
Basic earnings per share 2.49c 10.07c
Diluted Earnings per Share
Net profit after tax attributable to shareholders ($'000) 7,911 28 ,112
Weighted average number of ordinary shares on issue
net of treasury stock ('000)
318,293 279,034
Diluted effect of warrants on issue ($'000) - 4,237
318,293 283,271
Diluted earnings per share 2.49c 9.92c
NOTE 8 RECEIVABLES
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.
j
The receivables’ carrying values are a reasonable approximation of fair value.
20252024
$000$000
Interest receivable 45 16
Dividends receivable 565 535
GST receivable 9 -
Prepayments 18 51
Total receivables 637 602
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2025
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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.
j
The trade and other payables’ carrying values are a reasonable approximation of fair value.
20252024
$000$000
Dividends payable 134 46
Related party payables (note 11(a)(i)) 261 600
Unsettled investment purchases 2 -
Share buyback payable - 26
Other payables and accruals 47 50
Total trade and other payables 444 722
NOTE 10 CASH 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.
20252024
$000$000
Cash - New Zealand Dollars 4,939 543
Cash - Australian Dollars 17, 0 6 6 5,237
Cash and cash equivalents 22,005 5,780
Reconciliation of Net Profit after Tax to Net Cash Flows
from Operating Activities
Net profit after tax 7,911 28 ,112
Items not involving cash flows:
Unrealised losses/(gains) on cash and cash equivalents 94 (78)
Unrealised losses/(gains) on revaluation of investments 12,60 6 (9,268)
Unrealised (gains)/losses on forward foreign exchange contracts (9 01) 764
11,799 (8,582)
Impact of change in working capital items
(Decrease) in trade and other payables (excluding share buyback payable) (252) (418)
(Increase) in receivables (35) (51)
Change in current and deferred tax (98) 816
(385) 347
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NOTE 10 CASH AND CASH FLOW RECONCILIATION CONTINUED
20252024
$000$000
Items relating to investments
Amount paid for purchases of investments (59,165) (50,878)
Amount received from sales of investments net of realised gains 39,333 42,299
Movement in unsettled purchases of investments (2) -
(19,834) (8,579)
Net cash (outflows)/inflows from operating activities (509) 11, 298
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.
a. Fisher Funds Management Limited
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.
In return for the performance of its duties as Manager, Fisher Funds is paid the following fees:
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.
Performance fees paid to the Manager are recognised as an expense in the Statement of
Comprehensive Income when incurred.
Administration fee: Fisher Funds provides corporate administration services and a fee is payable
monthly in arrears.
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2025
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(i) Fees Earned and Payable:
20252024
$000$000
Fees earned by the Manager for the year ended 30 June
Management fees 2,948 2,648
Performance fees - 364
Administration services 14 4 159
Operating expenses 3,092 3,171
For the year ended 30 June 2025, the Manager did not achieve a return in excess of the
performance fee hurdle return (30 June 2024: Excess returns of $3,587,875 were generated).
Accordingly, the Company has not expensed a performance fee (30 June 2024: Performance fee of
$364,168 was expensed).
20252024
Fees payable to the Manager at 30 June
$000$000
Management fees 248 223
Performance fees - 364
Administration services 13 13
Related party payables 261 600
(ii) 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. There were no purchases for the year ended
30 June 2025 (30 June 2024: Nil) and no sales (30 June 2024: $5,990,285).
b. Directors
Barramundi considers its Board of Directors (“Directors”) key management personnel. Barramundi
does not have any employees.
During the financial year the Directors earned fees for their services of $189,957 inclusive of
unclaimable GST (30 June 2024: $206,725 inclusive of GST). The Directors’ fee pool was $185,500
(exclusive of GST, if any) for the year ended 30 June 2025 (30 June 2024: $185,500 (exclusive of GST,
if any)). There were no Directors fees payable at the end of the financial year (30 June 2024: Nil).
The Directors held shares in the Company as at 30 June 2025 which total 0.17% of total shares on
issue (30 June 2024: 0.14%).The Directors did not hold warrants in the Company as at 30 June 2025
as there are no warrants on issue (30 June 2024: 0.14% of total warrants on issue).
Dividends of $31,382 (30 June 2024: $22,524) were also received by directors or their associates as a
result of their shareholding during the period.
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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 of cash and cash
equivalents, forward foreign exchange contracts, 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 both 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.
Barramundi considers that the market prices of the investments factor in climate change impacts
and, as such, no adjustment has been made to balances or transactions in these financial statements
as a result of climate change.
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. No
companies comprise more than 10% of Barramundi’s total assets as at 30 June 2025 (30 June
2024: One). CSL Limited comprised 7% (30 June 2024: 11%) of Barramundi’s total assets, and
therefore fluctuations in the value of this portfolio company will have a greater impact on the overall
investments balance.
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.
The Company may use short-term fixed rate borrowings to fund investment opportunities. There
were no borrowings as at 30 June 2025 (30 June 2024: Nil).
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.
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2025
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Sensitivity Analysis
The table below summarises the impact on net profit after tax and shareholders’ equity to
reasonably possible changes arising from market risk exposure as at 30 June as follows:
20252024
$000$000
Price risk
1
Australian investmentsCarrying value 218,991 211,76 3
Impact of a 20% change in market prices: +/- 43,798 42,353
Interest rate risk
2
Cash and cash equivalentsCarrying value 22,005 5,780
Impact of a 1% change in interest rates: +/- 220 58
Currency risk
3
Cash and cash equivalentsCarrying value 17, 0 6 6 5,237
Impact of a +10% change in exchange rates (1,556) (478)
Impact of a -10% change in exchange rates 1,901 584
Australian investmentsCarrying value 218,991 211,76 3
Impact of a +10% change in exchange rates (19,908) (19,251)
Impact of a -10% change in exchange rates 24,332 23,529
Forward foreign exchange contractsCarrying value 49 (852)
Impact of a +10% change in exchange rates 14,688 13,589
Impact of a -10% change in exchange rates (17,9 5 3) (16,609)
Net foreign currency payables/receivablesCarrying value 563 567
Impact of a +10% change in exchange rates (51) (52)
Impact of a -10% change in exchange rates 63 63
An increase/(decrease) in market prices and interest rates would increase/(decrease) profit after
tax and shareholders’ equity. For changes in exchange rate a decrease in profit after tax and
shareholders’ equity is denoted with brackets.
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.
3
A variable of 10% was selected as this is a reasonably expected movement based on historic trends in
exchange rate movements.
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.
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NOTE 12 FINANCIAL RISK MANAGEMENT CONTINUED
Credit Risk continued
Australian investments are held by an independent custodian, Apex Investment Administration (NZ)
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 A+ (2024: A+).
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 A+ or equivalent (2024: A+). Receivables are normally
settled within three business days.
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.
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, interest receivable 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 as at 30 June 2025 (30 June 2024: 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 in dividends.
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2025
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NOTE 13 NET ASSET VALUE
The net asset value per share of Barramundi as at 30 June 2025 was $0.71 (30 June 2024:
$0.76), calculated as the net assets of $240,627,695 divided by the number of shares on
issue of 340,710,757 (30 June 2024: net assets of $215,863,321 and shares on issue of
283,339,843).
NOTE 14 COMMITMENTS AND CONTINGENT LIABILITIES
There were no unrecognised contractual commitments or contingent liabilities as at 30
June 2025 (30 June 2024: Nil).
NOTE 15 SUBSEQUENT EVENTS
On 18 August 2025, the Board declared a dividend of 1.41 cents per share. The record
date for this dividend is 4 September 2025 with a payment date of 26 September 2025.
On 7 August 2025, the Company issued 85,179,108 new warrants. The warrants were
allotted to Eligible Barramundi Shareholders in accordance with the 30 June 2025 Warrant
Terms Offer Document. The new warrants are listed on the NZX Main Board under the
ticker code BRMWI, and commenced trading from 8 August 2025. The warrants have an
initial Exercise Price of $0.70 and a 7 August 2026 Exercise Date.
For recent share price, net asset value and performance, please visit
barramundi.co.nz/investor-centre/portfolio-performance/ (note, this information is
unaudited).
There were no other events which require adjustment to, or disclosure, in these financial
statements.
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Indepen den t auditor ’s r epor t
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 2025, its financial
performance, and its cash flows for the year then ended in accordance with New Zealand Equivalents
to Interna
tional Financial Reporting Standards (NZ IFRS) and International Financial Reporting
Standards Accounting Standards (IFRS Accounting Standards).
What we have audited
The Company's financial statements comprise:
● the statement of financial position as at 30 June 2025;
● the statement of comprehensive income for the year then ended;
● the statement of changes in equity for the year then ended;
● th
e statement of cash flows for the year then ended; and
● the notes to the financial statements, comprising material accounting policy information 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
fu
rther 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 (includi
ng 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.
Other than in our capacity as auditor we have no relationship with, or interests in, 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. Given the nature of the Company, we have
one key audit matter: Valuation and existence of investments a
t fair value through profit or loss. This
matter was 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 this matter.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz
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Description of the key audit matter How our audit addressed the key audit matter
Valuation and existence of investments
at fair value through profit or loss
Investments at fair value through profit or
loss (the investments) are comprised of
listed investments valued at
$219.0
million (representing 91% of total assets)
and net forward foreign exchange
contracts valued at $0.05 million as at 30
Jun
e 2025.
Further investment disclosures are
included in note 2 of the financial
statements.
This was an area of focus for our audit as
investments represent the majority of the
net assets of the Company.
Valuation
Listed investments (categorised as level 1
in the fair value hierarchy) are in actively
traded companies listed on the ASX Main
Board and the fair value of these
investments are based on
quoted market
prices at 30 June 2025.
The fair value of forward foreign
exchange contracts (categorised as level
2 in the fair value hierarchy) are based on
valuation techniques using observable
inputs.
For the listed investments quoted in
Australian dollars, these are translated to
New Zealand dollars using the exchange
rate at the reporting date.
Existence
Holdings of listed investments are he
ld by
Apex Investment Administration (NZ)
Limited (the Custodian) on behalf of the
Company.
For investments at fair value through
profit or loss that are not held by the
Custodian, the position is recorded by the
financial institutions.
We assessed the processes employed by the
Manager, for recording and valuing investments
including the relevant controls operated by the
third-party service organ
isation, Apex Investment
Administration (NZ) Limited (the Administrator). Our
assessment of the processes included obtaining
internal control reports over investment accounting
provided by the Administrator.
We evaluated the evidence provided by the internal
controls reports over the design and operating
ef fectiveness of the relevant controls operated by the
Administrator for the period 1 April 20
24 to 31 March
2025. We also obtained confirmation from the
Administrator that there had been no material change
to the control environment in the period from 1 April
2025 to 30 June 2025.
We agreed the price for all listed investments held at
30 June 2025 to independent third-party pricing
sources.
For forward foreign exchange contracts, we agreed
the observable inputs of the forward foreign exch
ange
contracts to third-party pricing sources and used our
valuation experts to evaluate the fair value, using
independent valuation models.
We have assessed the reasonableness of the
exchange rate used to translate listed investments
quoted in Australian dollars.
We obtained confirmation from the Custodian and
financial institutions of all investment holdings held by
the Company as at 30 June 202
5.
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Our audit approach
Overview
Materiality Overall materiality: $1.203 million, which represents approximately
0.5% of net assets.
We used this 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 matter As reported above, we have one key audit matter, being the valuation
and existence of investments at fair value through profit or loss.
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.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the financial statements as a whole, taking into account the structure of the Company, the
accounting processes and controls, and the industry in which the Company operates.
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, individually or in the
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 with 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 the aggregate, on the financial statements as a whole.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual Report and the Company’s climate statement prepared in
accordance with Section 461Z of the Financial Markets Conduct Act 2013 (the Climate Statement), but
does not include the financial statements and our auditor’s report thereon. The Annual Report and the
Climate Statement are 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.
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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 Accounting Standards, 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.
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/auditors-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 Samuel
Shuttleworth.
For and on behalf of
PricewaterhouseCoopers Auckland
18 August 2025
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SHAREHOLDER INFORMATION
SPREAD OF SHAREHOLDERS AS AT 1 AUGUST 2025
Holding Range
# of
Shareholders# of Shares% of Total
1 to 99923893,2940.03
1,000 to 4,9995411,426,3550.42
5,000 to 9,9996504,544,0111.33
10,000 to 49,9992,09751, 251,14515.04
50,000 to 99,99964344,587,65113.09
100,000 to 499,999690135,011,00239.63
500,000 +8610 3,7 97, 2 9 930.46
TOTAL4,945340,710,757100%
20 LARGEST SHAREHOLDERS AS AT 1 AUGUST 2025
Holder Name# of Shares% of Total
NEW ZEALAND DEPOSITORY NOMINEE LIMITED <A/C 1 CASH
ACCOUNT>
9,624,0292.82
CUSTODIAL SERVICES LIMITED <A/C 4>6,308,3551.85
ASB NOMINEES LIMITED <ACCOUNT 340941 - ML>5,459,3481.60
ANTHONY JOHN SIMMONDS & MAUREEN SIMMONDS <AJ & M
SIMMONDS PARTNERSHIP A/C>
5 ,118 , 0 471.50
LEVERAGED EQUITIES FINANCE LIMITED5,010,4771.47
FORSYTH BARR CUSTODIANS LIMITED <1-CUSTODY>3,972,5061.17
ASB NOMINEES LIMITED <A/C 802302 ML>2, 2 97, 6 270.67
NZX WT NOMINEES LIMITED <CASH ACCOUNT>2,294,8750.67
JOHN ROBERT MACDONNELL2,034,3970.60
LAWRENCE GIBB KNIGHT1, 8 07, 3280.53
RUSSELL NOEL HARRIS & ELLEN CHRISTINE HARRIS1, 617, 8190.47
FRANZ CHRISTIAN ELIAS1,525,5340.45
IVOR ANTHONY MILLINGTON1,400,0000.41
KIRSTIE JANE NICHOLLS & PAUL FRANCIS NICHOLLS1,300,0000.38
FNZ CUSTODIANS LIMITED1,289,3690.38
LINDA LOUISE CREEDY1,208,1980.35
GLENDA BEVERLEY ADAMS & DONALD JOHN ADAMS1, 207, 0 5 80.35
LAWRENCE GIBB KNIGHT & HELENA GERTRUIDA CHRSITINA KNIGHT &
DOMAIN INDEPENDENT TRUSTEES LTD <THE L G KNIGHT FAMILY A/C>
1,172, 8 430.34
ANDREW PAUL LISSAMAN EVERIST <EVERIST A/C>1,122,5550.33
BARRY NEVILLE COLMAN1,10 9,3750.33
TOTAL56,879,74016.69
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DIRECTORS’ RELEVANT INTERESTS IN EQUITY SECURITIES AS AT 30 JUNE 2025
STATUTORY INFORMATION
INTERESTS REGISTER
Barramundi is required to maintain an interests register in which the particulars of certain transactions and matters
involving the directors must be recorded. The interests register for Barramundi is available for inspection at its
registered office. Particulars of entries in the interests register as at 30 June 2025 are as follows:
SharesShares
Held Directly
Held by Associated
Persons
R A Coupe
(1)
249,877
C A Campbell
(2)
286,080
D M McClatchy
(3)
25,814
F A Oliver
(4)
10,5954,673
(1)
R A Coupe purchased 16,077 shares on market in the year ended 30 June 2025 as per the Barramundi share purchase
plan (purchase price $0.72). R A Coupe acquired 20,436 shares in the year ended 30 June 2025, issued under the dividend
reinvestment plan (average issue price $0.67). R A Coupe exercised 40,485 warrants at an exercise price of $0.63 in the year
ended 30 June 2025.
(2)
C A Campbell purchased 5,996 shares on market in the year ended 30 June 2025 as per the Barramundi share purchase plan
(purchase price $0.72). C A Campbell acquired 23,345 shares in the year ended 30 June 2025, issued under the dividend
reinvestment plan (average issue price $0.67). C A Campbell exercised 48,715 warrants at an exercise price of $0.63 in the
year ended 30 June 2025.
(3)
D M McClatchy purchased 6,076 shares on market in the year ended 30 June 2025 as per the Barramundi share purchase
plan (purchase price $0.72). D M McClatchy acquired 2,130 shares in the year ended 30 June 2025, issued under the
dividend reinvestment plan (average issue price $0.67). D M McClatchy exercised 3,341 warrants at an exercise price of
$0.63 in the year ended 30 June 2025.
(4)
F A Oliver purchased 5,302 shares on market in the year ended 30 June 2025 as per the Barramundi share purchase
plan (purchase price $0.72). F A Oliver acquired 399 shares in the year ended 30 June 2025, issued under the dividend
reinvestment plan (average issue price $0.67). F A Oliver exercised 1,059 warrants at an exercise price of $0.63 in the year
ended 30 June 2025.
DIRECTORS HOLDING OFFICE
Barramundi’s directors as at 30 June 2025 were:
• R A Coupe (Chair)
• C A Campbell
• D M McClatchy
• F A Oliver
During the year, there were no appointments to the board.
In accordance with the Barramundi constitution and NZX Listing Rules, Carol Campbell and David McClatchy
retired by rotation at the 2024 Annual Shareholders’ Meeting and being eligible were re-elected. Fiona Oliver
retires by rotation at the 2025 Annual Shareholders’ Meeting and being eligible, offers herself for re-election.
DIRECTORS’ INDEMNITY AND INSURANCE
Barramundi has arranged Directors’ and Officers’ Liability Insurance covering directors acting on behalf of
Barramundi. Cover is for damages, judgements, fines, penalties, legal costs awarded and defence costs arising
from wrongful acts committed while acting for Barramundi. The types of acts that are not covered include
dishonest, fraudulent, malicious acts or omissions, and wilful breach of statute or regulations.
Barramundi has granted an indemnity in favour of all current and future directors of the Company in accordance
with its constitution.
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DIRECTORS’ RELEVANT INTERESTS
The following are relevant interests of Barramundi’s Directors as at 30 June 2025:
R A CoupeKingfish LimitedChair
Marlin Global LimitedChair
Coupe Consulting LimitedDirector
Briscoe Group Limited Director
C A CampbellKingfish LimitedDirector
Marlin Global LimitedDirector
T&G Global LimitedDirector
Hick Bros Holdings Limited & subsidiary companies Director
Woodford Properties 2018 LimitedDirector
alphaXRT LimitedDirector
New Zealand Post LimitedDirector
Asset Plus LimitedDirector
Nica Consulting LimitedDirector
NZME LimitedDirector
Cord Bank LimitedDirector
T&G Insurance LimitedDirector
Bankside Chambers LtdDirector
Chubb Insurance New Zealand LimitedDirector
D M McClatchyKingfish LimitedDirector
Marlin Global LimitedDirector
Guardians of NZ SuperannuationBoard Member
F A OliverKingfish LimitedDirector
Marlin Global LimitedDirector
Gentrack Group LimitedDirector
ClarusDirector
Freightways LimitedDirector
Wynyard Group Limited (in liquidation)Director
Summerset Group Holdings LimitedDirector
Guardians of NZ SuperannuationBoard Member
STATUTORY INFORMATION CONTINUED
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AUDITOR’S REMUNERATION
During the 30 June 2025 year, the following amounts were paid/payable to the auditor, PricewaterhouseCoopers
New Zealand.
$000
Statutory audit and review of financial statements50
Other assurance services0
Non-assurance services0
PricewaterhouseCoopers New Zealand is a registered audit firm and its audit partners are licensed auditors under
the Auditor Regulation Act 2011.
DONATIONS
Barramundi did not make any donations during the year ended 30 June 2025.
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REGISTERED OFFICE
Barramundi Limited
Level 1
67 – 73 Hurstmere Road
Takapuna
Auckland 0622
DIRECTORS
Independent Directors
Andy Coupe (Chair)
Carol Campbell
David McClatchy
Fiona Oliver
CORPOR ATE
MANAGEMENT TEAM
Wayne Burns
Beverley Sutton
MANAGER
Fisher Funds Management
Limited
Level 1
67 – 73 Hurstmere Road
Takapuna
Auckland 0622
SHARE REGISTRAR
Computershare Investor
Services Limited
Level 2
159 Hurstmere Road
Takapuna
Auckland 0622
Private Bag 92119
A u c k l a n d 114 2
Phone +64 9 488 8777
Email: enquiry@computershare.co.nz
FOR MORE INFORMATION
For enquiries about transactions, changes of address and dividend payments, contact the share registrar above.
Alternatively, to change your address, update your payment instructions and to view your investment portfolio
including transactions online, please visit: investorcentre.com/NZ
FOR ENQUIRIES ABOUT BARRAMUNDI CONTACT
Barramundi Limited
Level 1, 67 – 73 Hurstmere Road, Takapuna, Auckland 0622
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 489 7074 | Email: enquire@barramundi.co.nz
AUDITOR
PricewaterhouseCoopers
New Zealand
Level 27
P wC Tower
15 Customs Street West
Auckland 1010
SOLICITOR
Bell Gully
Level 14
1 Queen Street
Auckland 1010
BANKER
ANZ Bank New Zealand Limited
23 – 29 Albert Street
Auckland 1010
NATURE OF BUSINESS
The principal activity of
Barramundi is investment in
quality, growing Australian
companies.
The information contained in this annual report is provided for information purposes only and does not constitute an offer,
invitation, basis for a contract, financial advice, other advice or recommendation to conclude any transaction for the purchase
or sale of any security, loan or other instrument. In particular, the information contained in this annual report is not financial
advice for the purposes of the Financial Markets Conduct Act 2013, as amended and should not be relied upon when making an
investment decision. Professional financial advice from a financial adviser should be taken before making an investment.
DIRECTORY
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Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.