Table Of ContentHUON AQUACULTURE GROUP LIMITED ABN 79 114 456 781 
PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2016
APPENDIX 4E – GIVEN TO ASX UNDER LISTING RULE 4.3A 
1. DETAILS OF THE REPORTING PERIOD
Reporting period:    For the year ended 30 June 2016
Previous corresponding period:    For the year ended 30 June 2015
2. RESULTS FOR ANNOUNCEMENT TO THE MARKET
Up/(down) Amount 
$’000 % change $’000
Revenue from ordinary activities 42,013 21.91% 233,743
Profit from ordinary activities after tax for the period attributable to members (13,176) (79.36)% 3,427
Net Profit for the period attributable to members (13,176) (79.36)% 3,427
3. DIVIDENDS AND DISTRIBUTIONS
Amount  Franked amount
Dividends per security per security per security
Final dividend None nil
Interim dividend None nil
Record date for determining entitlements to dividends
•  Final dividend Not applicable
•  Interim dividend Not applicable
Dividend payment date
•  Final dividend Not applicable
•  Interim dividend Not applicable
Brief explanation of any of the figures reported above necessary to enable the figures to be understood: Refer to the Directors’ 
Report within the attached Financial Report
4. NET TANGIBLE ASSETS PER SECURITY
2016 2015
Net tangible assets per security $2.84 $3.09
5. OTHER INFORMATION
This report is based on, and should be read in conjunction with the attached audited Financial Report.
Details of entities over which control has been gained or lost during the period:  None
Details of associates and joint venture entities:  None
Details of any dividend or distribution reinvestment plans in operation:  None
Any other information required pursuant to ASX Listing Rule 4.3A not contained in this Appendix 4E is found in the attached 
Financial Report.
Attachement A
HUON AQUACULTURE GROUP LIMITED ABN 79 114 456 781 
ANNUAL REPORT 30 JUNE 2016
MANAGING  
SUSTAINABLE GROWTH
HUON AQUACULTURE GROUP LIMITED
ANNUAL REPORT 2016
HUON IS A VERTICALLY INTEGRATED 
AUSTRALIAN AQUACULTURE COMPANY. 
ACTIVE RISK MANAGEMENT,  
TOGETHER WITH A COMMITMENT  
TO SHAREHOLDER VALUE WILL DRIVE 
SUSTAINABLE LONG-TERM GROWTH.
Contents
02  Chairman’s Message
10  Managing Director’s Review
15  Financial Summary
18  Board of Directors
21  Directors’ Report
37  Corporate Governance Statement
44  Financial Statements
Annual General Meeting
49  Notes to the Financial Statements
94  Director’s Declaration The 2016 Annual General Meeting  
95  Independent Auditor’s Report of Huon Aquaculture Group Limited  
97  Shareholder Information will be held at The Henry Jones Art Hotel  
99  Glossary 25 Hunter St, Hobart, 
101  Corporate Directory November 30, 2016.
WE PROUDLY PRODUCE 
THE WORLD’S MOST LOVED 
TASMANIAN SALMON
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Huon Aquaculture Group Limited Annual Report 2016
CHAIRMAN’S MESSAGE 
– Actively managing risk
– Delivering on our commitment to invest in the business
– Driving sustainable, long term growth
Since listing on the ASX in 2014, Huon Aquaculture Group Limited (Huon) 
has been implementing a program of transformational change, with the dual 
objectives of securing our long-term sustainable profitability and of actively 
managing risk.
Business Performance  lower margin export market which, together 
with increased costs associated with freight, 
In late 2015/early 2016 we experienced one of 
adversely impacted margins.
the most severe El Niño events on record. Huon 
was well prepared, having taken the decision  The fair value adjustment of biological assets 
to bring forward the salmon harvest to avoid  declined by $1.50 million as a result of reduced 
the negative impacts on fish health and growth  fish biomass, but reflects the improved pricing 
that arise from leaving large salmon in rapidly  conditions and channel mix.
warming waters. This adversely impacted Huon’s  Importantly, during FY2016 the Company 
profitability for the 2016 Financial Year (FY2016)  continued to invest in its capital assets as part of 
but was necessary in order to provide a solid  its Controlled Growth Strategy (CGS) including 
platform for the future – one that is underpinned  a state of the art hatchery at Forest Home 
Peter Margin  by an unrelenting focus on fish husbandry,  (Judbury, Tasmania), patented seal proof pens, 
Chairman  product quality and a robust risk management  feed barges and mooring systems. This recognises 
framework. that operational efficiency, along with product 
Creating a safer working environment for our  quality and security, will be the key drivers of 
people makes safety the top priority at all our sites.  this Company’s future competitive advantage.
The “Safety First” culture at Huon has been pivotal  The balance sheet remains strong at the end 
in achieving a significant improvement in our  of FY2016 and while gearing increased due to 
safety record over the past year. During that time  the implementation of the CGS and associated 
the Lost Time Injury Frequency Rate (LTIFR) fell by  capital expenditure commitments, it remains 
74% from 27 to 7.  comfortable at 24.8% (net debt/net assets).
As we look ahead, both Board and Management 
are very confident that the Company is well placed  Strategy
to improve its profitability this year and beyond. 
Over the past three years we have significantly  The strategic focus for Huon during the past two 
strengthened the business through a major capital  years has been the implementation of the CGS. 
expenditure programme and in 2016 the market  I am pleased to report this had been completed 
fundamentals for salmon sales globally have  by the end of FY2016 and is expected to improve 
moved from one of over to under supply for the  efficiency, reduce earnings volatility and lower the 
first time in many years.  Company’s risk profile over time. 
Huon recorded strong sales revenue for FY2016  The CGS improves and strengthens each stage 
of 233.74 million, up 22% on the previous  of our production process including our ability to 
comparable period (pcp). However Operating  respond quickly to extreme weather events and 
EBITDA reduced from $40.45 million to  other risks. The full benefits of our CGS investment 
$26.45 million. The Company recorded a statutory  should accrue from FY2018.
net profit after tax of $3.43 million, a decline from  Earlier this year our Managing Director Peter 
the $16.60 million profit reported for the pcp.  Bender delivered an investor presentation 
While the accelerated harvest program resulted  entitled ‘Making Your Own Luck’. As Peter noted, 
in a record increase in annual revenue, the  chance does not drive success in the aquaculture 
increased tonnages of fish that had to be sold  business. Huon is ‘making its own luck’ by 
into the market in the first half of FY2016 created  getting the production basics right and creating 
downward pressure on average pricing. This  opportunities through technical and market 
was accentuated by the fact that the majority  innovation, including strategic geographical and 
of this additional stock was sold through the  species diversification. 
2
The Huon three pillar business strategy
Growing   Growing production and  Growing safety 
the market operational efficiency and sustainability
The Asia Pacific region is a market that offers  International prices rose sharply through the 
considerable potential for our products, particularly  first half of calendar 2016 as the available supply 
now that there is a world-wide shortage of supply  of high quality salmon products fell short of the 
and Australia has a competitive advantage in  steady growth in demand. While Huon’s FY2017 
terms of its geographic location. We will continue  profitability will benefit significantly from this 
to take advantage of the growing demand for  improvement in pricing, the impact of El Niño 
high quality fish products from China and other  will continue to be felt through the business until 
Asian economies. Concurrently, management is  the 2015 Year Class concludes harvest in early 
investigating opportunities for diversification into  calendar 2017. We anticipate further growth in 
other fish species such as Kingfish. profit in FY2018, the first year in which Huon’s 
production will reflect a full cycle, from egg to 
Both of these initiatives are consistent with Huon’s 
harvest, on the platform created by the CGS. 
stated objectives of producing sustainable earnings 
growth with reduced year-on-year fluctuation.  Longer term Huon is pursuing initiatives to take 
maximum advantage of the growing demand for 
The Company is well-placed to take advantage of 
salmon, including increasing our retail presence 
rising demand for high quality salmon products, 
and continuing to focus on our key wholesale 
estimated to be around 5-7% p.a. globally if the 
markets and product innovation to increase market 
market wasn’t supply constrained. The Australian 
share domestically.
salmon market is predicted to grow at around 
10% p.a. over the next five years. 
Conclusion
In summary, the Company’s business strategy 
continues to be supported by three pillars: I have been privileged to lead the Board in the first 
– Grow the market through increased  two years as a listed company and I acknowledge 
consumption, better channel mix and  my fellow Directors for the extensive business 
enhancement of sales and brand value; and financial management skills that they have 
– Build production and enhance operational  brought to all our deliberations during that time.
efficiency as a result of investment made  On 30 August 2016 I will retire from the Huon 
via the CGS program and marine lease  Board to take up a full-time Executive Chairman 
optimisation; and role at a regional beverage company. Neil Kearney, 
–  Safely and sustainably developing our   who has served on the Huon Board since listing in 
people, including the universal adoption   2014, will take over as Chairman. Mr Tony Dynon 
of the Company’s Safety First program   will fill the casual vacancy created by my retirement, 
and the adoption of a culture of continuous  bringing valuable expertise in marketing, stock 
improvement. feed management, finance and strategy to the 
Board from his senior management roles in the 
food and beverage sector. 
Capital Management
On behalf of the Board I wish to thank 
The challenging operating environment 
our customers, suppliers, employees, local 
experienced over the past year combined with 
communities and our shareholders for their 
our commitment to complete the final stage 
support. Your Directors are confident that Huon’s 
of implementation of the CGS has required 
business strategy is sound and that the Company’s 
increased focus on retaining cash within the 
approach to risk management, together with a 
business. As a result the Board has determined 
long-term commitment to building sustainable 
not to declare a dividend for FY2016.
revenue and earnings, can secure the Company’s 
future and reward shareholders’ confidence 
Outlook and Strategic Focus in Huon.
The Board is confident that the successful   
implementation of the CGS program, on 
time and on budget, has enhanced Huon’s 
competitive position and placed the Company 
on a surer footing both to execute its business 
strategy and to continually improve its 
environmental performance. Peter Margin, Chairman
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Huon Aquaculture Group Limited Annual Report 2016
THE LIFECYCLE OF A HUON SALMON IS TWO TO 
THREE YEARS AND AT EACH STAGE THE COMPANY’S 
OPERATIONS ARE UNDERPINNED BY A COMMITMENT 
TO THE HIGHEST LEVEL OF ANIMAL HUSBANDRY, 
ENVIRONMENTAL MANAGEMENT AND QUALITY.
Hatcheries Marine Farms Harvesting Processing Market
Selective  Feeding Fallowing Value Added 
Breeding  Processing
Program
Maintenance
Fish  Lighting
Husbandry
Net  Bathing Predator 
Management Control
Huon’s Controlled Growth Strategy drives 
innovation and improvement at each stage 
of the production process, supported by our 
experienced and highly trained workforce.
4
SUSTAINABILITY  
THROUGH INNOVATION
Huon has a reputation for leading innovation across all areas of our operations,  
supported by a highly skilled workforce. Continued innovation in technology and  
farming practices strengthens our competitive advantage.
Hatcheries  Marine Farms 
Hatcheries allow Huon to mimic the  Huon has been the first salmon  The pens provide enhanced protection 
natural life cycle of salmon, synchronising  producer to roll out 168m and 240m  from predators, particularly seals, 
batches of salmon to go to sea at  circumference Fortress Pens to all  through a unique design that prevents 
different times of the year, enabling the  its sites, making a safer, healthier  them from entering the pens and 
supply of fresh healthy fish all year round.  environment for fish and a safer working  becoming trapped. 
Located throughout Tasmania, they allow  environment for Huon employees. 
Innovative net cleaning technology has 
Huon to take advantage of different 
Fortress Pens are allowing Huon to  been an essential part of the rollout and 
water and environmental conditions and 
move farming to offshore sites such as  the pens have won two safety awards.
maintain high standards of biosecurity. 
Storm Bay, where water flow is higher 
The new Huon owned Forest Home  and temperature fluctuations lower. 
hatchery produces larger smolt, 
meaning less grow out time at sea.
Feeding Fish Husbandry Processing 
High tech feed barges feed fish more  Huon’s well-boat now conducts all  The Parramatta Creek processing 
efficiently, using pellet recognition  freshwater bathing of salmon, doing  facility is one of the most advanced in 
software and a Huon designed  away with the need to bathe fish in  the World, ensuring the fish are as fresh 
spreader, ensuring fish are fed to  liners, reducing the stress on the salmon  as possible when they go to market. 
appetite and substantially reducing  and reducing the impact on nearby 
With the addition of the Product 
waste. The barges carry up to  communities. Highly efficient, it recycles 
Innovation Centre and Smokehouse, 
320 tonnes of feed to feed all pens  fresh water and is also used to transport 
in 2015, the Company is able to 
on a grid at the same time. smolt to sea, and fish to harvest.
achieve new standards in quality in 
its value added range.
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Huon Aquaculture Group Limited Annual Report 2016
MANAGING SUSTAINABLE 
ENVIRONMENTS
Huon Aquaculture is building sustainable long term revenues by 
actively and expertly managing the risks inherent in aquaculture.  
The Huon Method promotes healthy fish, keeps the impact on the 
surrounding environment and local communities to a minimum 
and ensures that the business remains strong.
Agricultural Risk  Wildlife
Reducing the threat of disease Reducing interactions  
with seals and birds
The Huon Method: Careful site 
management, strong biosecurity and good  The Huon Method: Fortress Pens substantially 
husbandry practices throughout the salmon  reduce the risk to the fish from seals and birds 
lifecycle keeps disease to a minimum.  and protect wildlife by preventing them gaining 
Huon’s low stocking densities and offshore  access both above and below the water line. 
pens maintain water quality and allow  Huon’s environmental management team works 
the fish to thrive and grow more quickly.  closely with the Tasmanian Department of 
Freshwater bathing of the fish on site with  Primary Industries, Parks, Water and Environment 
the well-boat keeps amoebic gill disease  to monitor and record seal interactions.
(AGD) at bay and reduces fish stress. 
Industry Partnerships: Huon maximises  Safety Risk
salmon growth efficiencies by participating 
in the Salmon Industry’s ‘Selective Breeding  Keeping our people safe 
Program’, this delivers reduced bathing,  is Huon’s highest priority
lower feed conversion ratios and improved 
fish growth due to more resistance to AGD. The Huon Method: Huon’s dedicated safety 
team manages and monitors all aspects of 
employee’s safety at work. The Company has 
Environmental Risk elected health and safety representatives at 
all sites. All staff, including Board members, 
Managing the business for  have undertaken safety culture training. 
weather variations and Huon’s   Fortress pens and the well-boat provide a 
impact on the surrounding  safer working platform. 
environment and communities
The Huon Method: Carefully managing  Market Risk
the harvest schedule in response to 
environmental conditions minimises the  Staying on top of the competition 
risk to the harvest and ensures earnings  and consumer preferences The new Fortress Pens 
are maximised in given market conditions.  in Hideaway Bay.
The Huon Method: The cutting edge 
The move to offshore pens reduces the risk 
Parramatta Creek Smokehouse and Product 
to the local environment and reduces noise 
Innovation Centre in Northern Tasmania 
and visual impact on local communities. 
promotes our retail capability and capacity. 
Technologically advanced feed barges 
New products are targeted at import 
deliver feed efficiently and reduce waste. 
replacement. 
6
Description:The fair value adjustment of biological assets declined .. 2 Statutory EBITDA is a non-IFRS financial measure which is used to measure business performance, . $/HOG kg. % of sales. JUN 14. DEC 15. DEC 13. JUN 15. DEC 14. JUN 16. 4.0 . including Chiquita Brands, Southcorp and Ernst & Young.