Barramundi ASM Presentation 3 November 2017

ANNUAL MEETING
OF SHAREHOLDERS
Barramundi Limited
3 November 2017

Agenda
•Preliminary matters (Annual Report, minutes
& class financial advice)
•Chair’s Overview
•Manager’s Review
•Q&A
•Annual Meeting Resolutions

Board of Directors
Investment Team
Alistair RyanCarmel Fisher
Andy Coupe
Carol Campbell
Manuel Greenland
Snr Portfolio Manager
Terry Tolich
Snr Investment Analyst
Delano Gallagher
Investment Analyst

Chair’s Overview
Presentation of Annual Result

Barramundi’s Investment Objectives
Achieveahighrealrateofreturn,comprisingboth
incomeandcapitalgrowthwithinacceptablerisk
parameters
AccesstoadiversifiedportfolioofAustralian
quality,growthstockssingletax-efficientvehicle
Absolute Returns
Diversified Portfolio

2017 Overview
Net profitDividend NAV per share
$2.7m
(2016: $5.4m)
5.40cps
(2016: 5.52cps)
$0.64
(2016: $0.67)
Total shareholder
return*
Dividend return
Adjusted NAV
return*
+6.2%
(2016: +0.4%)
+8.7%
(2016: +8.2%)
+2.7%
(2016: +6.2%)
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Barramundi Non-GAAP
Financial Information Policy which is available on the Barramundi website.

Use of Shareholder Funds
Year ended 30 June 2017
97
+3
-8
+3
75
80
85
90
95
100
105
Opening
NAV
Net
Profits
Dividends PaidDividends ReinvestedBuybacksClosing
NAV
95
$ million

Portfolio Performance
For the year ended
30 June
12 months
3years
(annualised)
5 years (annualised)
Gross
Performance
Return*
+6.0%+9.9%+10.0%
Benchmark
Index^
+14.7%+10.2%+8.3%
^S&P/ASX Small OrdsIndustrial Gross Index until 30 September 2015 & S&P/ASX 200 Index (hedged 70% to
NZD) from 1 October 2015
*This metric is a Non-GAAP measure and calculated in accordance with the methodology described in the Barramundi Non-GAAP
Financial Information Policy which is available on the Barramundi website.

Warrants
•Warrant exercise date: 24 November
•Final date for trading warrants: 22
November
•Warrant exercise price is $0.58

2017/2018 First Four Months
30 June –31 October 2017
Total shareholder return*
+0.3%
Gross performance
return*
+11.2%
NAV per share
$0.69
Benchmark Index^
+7.0%
Net profit
$10.0m
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Barramundi Non-GAAP
Financial Information Policy which is available on the Barramundi website.
^S&P/ASX Small OrdsIndustrial Gross Index until 30 September 2015 & S&P/ASX 200 Index (hedged 70% to
NZD) from 1 October 2015

Manager’s Review
Manuel Greenland
Senior Portfolio Manager

Underperformed vs. ASX200

Core Holdings Continue to Grow Profitably
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
CSLSeekCarSales.comResMedDomino'sTech One
Barramundi company annual earnings growth 2014 to 2018e

Super Sensitive Share Prices
-7%
-8%
-10%
-50%
-43%
-27%
-60%
-50%
-40%
-30%
-20%
-10%
0%
VocusDomino'sAPN Outdoor
RevisionShare Performance

What went especially well
CSL
+25%
NAB
+25%
ResMed
+23%

What went against us
Vocus
-50%
Aconex
-40%
Domino’s
-22%

$100 invested after the GFC...
-
50
100
150
200
250
300
350
400
450
AustraliaEuropeNew ZealandUSUS technology
NZD

The RBA has rung the bell...
Commodity prices +++Retail sales +++Jobs +++

E-commerce is increasing ............. but so is regulation
Why do we like Wisetech?
•it makes its customers more profitable
•leading technology
•every customer enhances the
solution
•their knowledge is hard to replicate
•the sales opportunity is huge
•positive customer feedback
What does Wisetech do?
•software for freight forwarders
•manages compliance
•reduces staff costs
•improves customer efficiencies
•presence in strategic global
trade locations
Changing logistics

What does ARB do?
•4x4 vehicle upgrades
•high tech suspension systems
•innovative storage solutions
•wide range of accessories
•advice, service, social
Why do we like ARB?
•it enjoys a niche dominance
•great long-term track record
•growing opportunity locally
and globally
Stronger safer vehicles

Future of advertising
Traditional media
audiences are
falling, especially
among the youth ...
... but so are online
ad blockers.
... and online
advertising is
growing fast ...
Out of Home
Media Solution

Multitude of Opportunity Ahead

GeneralQuestions
from Shareholders
(not relating to resolutions)

AnnualMeeting
2017 resolutions

2017 Annual Meeting Resolutions
•Introduce and propose
•Discussion, questions
•Enter your vote on voting paper and
lodge your voting paper at end of
resolutions

Matters of Business
•Annual Report
•Resolutions:
–Re-elect Andy Coupe
–Auditor’s remuneration

Proxy Count
ResolutionForAgainstDiscretionaryTotalAbstain
Re-elect
Andy Coupe
9,525,8752,057,4892,705,98614,289,35044,013
Fix auditor’s
remuneration
10,947,968202,3813,102,97614,253,32580,038
Proxy votes to date: 14.3 million

Resolution 1
Re-election of Andy Coupe
To re-elect Andy Coupe as a director of
Barramundi Limited

Resolution 2
Auditor’s Remuneration
To authorise the Board of Directors to fix the
remuneration of the auditor for the ensuing
year

Conclusion
•Complete and sign voting paper
•Voting papers in the voting boxes
•If you need a voting paper please see
Computershare
•Results to NZX

THANK YOU