Barramundi reports $12.7m Interim Net Profit

Barramundi Limited (BRM)
Results for announcement to the market

Reporting Period 6 months to 31 December 2017
Previous Reporting Period 6 months to 31 December 2016

Amount (000s) Percentage change
Revenue from ordinary
activities
$NZ 13,969 422%
Profit (loss) from ordinary
activities after tax
attributable to security
holder
$NZ 12,659 1,037%
Net profit (loss) attributable
to security holders
$NZ 12,659 1,037%

Dividend Amount per security Imputed amount per
security
Barramundi will pay a
partially imputed quarterly
dividend in line with its
distribution policy.
$NZ 1.38 cps $NZ 0.000106

Record Date 15 March 2018
Dividend Payment Date 29 March 2018

Comments:
The interim financial statements attached to this report
have been reviewed by PricewaterhouseCoopers and are
not subject to a qualification. A copy of the independent
review report applicable to the interim financial statements
is attached to this announcement.


Net asset value per share 31 December 2017 $0.69 (2016: $0.65)

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For immediate release:


19 February 2018


Barramundi reports $12.7m Interim Net Profit
 Gross performance return +14.8%
 Total shareholder return +6.7%
 2.61cps dividends paid
The Barramundi portfolio delivered strongly during first half FY18, achieving a gross performance
return of nearly 15% and a net profit after tax of $12.7m.
Barramundi outperformed its market index¹ for the period lifting 14.8% compared to 10.2% for the
index¹. This is an excellent result for shareholders in the Australian listed equities investment
company, especially given the restrained performance of the Australian market over recent years.
As stated above, this is an excellent result for Barramundi shareholders. While market conditions
have definitely been favourable to Australian equities, the Barramundi portfolio has outperformed,
returning good results for shareholders who have backed the Fisher Funds STEEPP portfolio
approach.
In accordance with Barramundi’s consistent 8% per annum managed distribution policy, the
company will pay a partially imputed dividend of 1.38 cents per share to shareholders on 29 March,
taking total dividends for the year to date (three of four quarterly payments per annum) to just
under 4 cents per share.
Barramundi has a number of capital initiatives in place (share buybacks, warrants programme,
managed distribution policy) designed to help reduce the discount between share price and the net
asset value of the portfolio. Nevertheless, at market close on 16 February there was still a significant
gap between price ($0.58) and net asset value ($0.67). This discount does however present an
opportunity for Barramundi to acquire its own shares and the company took advantage of the
discount between net asset value and share price by acquiring 2.6m shares during the period.
41% of Barramundi warrants were exercised and converted into shares on 24 November 2017,
bringing in an additional $8.6m which has been invested across the portfolio. The board believes
warrants are viewed favourably by shareholders and monitors a range of factors, including the
discount levels, to determine the potential timing for a further warrants issue.
As at 31 December 2017, the Barramundi portfolio was valued at $99.7m plus cash on hand of
$12.6m. Barramundi’s investment philosophy is to be relatively fully invested in equities (more than
90%) so that shareholders can make their own asset/investment allocation decisions depending on

how they perceive the economic outlook. Acquisitions during the month of January 2018 meant
that the invested percentage had moved back above the 90% level by close of month.
The key components of the 2018 interim result were gains on financial assets of $12.5m, dividend
and interest income of $1.5m, a tax benefit of $0.7m, offset by operating expenses and tax of $2.0m.
Barramundi’s Chair, Alistair Ryan, said “Barramundi’s focus on quality, growth Australian companies
has provided good returns during the half year period. The Manager has not compromised its
rigorous approach to stock selection and retention that aligns with its long-established STEEPP
criteria, which has provided robust returns to the Barramundi portfolio.”
Barramundi’s Acting Portfolio Manager (and Fisher Funds’ Chief Investment Officer), Frank Jasper
said, “Sticking to our focus of investing in high quality, growth companies has paid off in the six
months to 31 December 2017 with Barramundi’s investments in technology companies such as
WiseTech, Carsales.com and NextDC all gaining to new highs. It was also pleasing to receive a
takeover offer for long time portfolio holding Toxfree Solutions in December. While we don’t invest
in anticipation of a takeover, it is a good outcome when other companies also recognise the quality
of a portfolio holding and we can exit at an attractive price.”
For further information please contact:

Corporate Manager
Barramundi Limited
Tel: (09) 484 0345

¹ S&P/ASX 200 Index (hedged 70% to NZD)
The adjusted net asset value, gross performance return and total shareholder return methodologies are described in the
Barramundi Non-GAAP Financial Information policy. A copy of the policy is available at
http://www.barramundi.co.nz/about-barramundi/barramundi-policies/


About Barramundi
Barramundi is a listed investment company that invests in growing Australian companies. The Barramundi portfolio is
managed by Fisher Funds, a specialist fund manager with a track record of successfully investing in growth company shares.
The aim of Barramundi is to offer investors competitive returns through capital growth and dividends, and access to a
diversified portfolio of investments through a single, tax-efficient investment vehicle. Barramundi listed on the NZX Main
Board on 26 October 2006 and may invest in companies listed on the Australian Securities Exchange (with a primary focus
on those outside the top 20 at the time of investment) or unlisted companies.

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PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent review report
to the shareholders of Barramundi Limited


Report on the Interim Financial Statements
We have reviewed the accompanying interim financial statements of Barramundi Limited (the
Company) on pages 1 to 9, which comprise the statement of financial position as at 31 December 2017,
and the statement of comprehensive income, the statement of changes in equity and the statement of
cash flows for the period ended on that date, and notes to the interim financial statements.
Directors’ responsibility for the interim financial statements
The Directors are responsible on behalf of the Company for the preparation and presentation of these
interim financial statements in accordance with New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting (NZ IAS 34) and for such internal control as the Directors
determine is necessary to enable the preparation of interim financial statements that are free from
material misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying interim financial statements based
on our review. We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the
Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the interim financial statements, taken as a whole, are not
prepared in all material respects, in accordance with NZ IAS 34. As the auditor of the Company, NZ
SRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual
financial statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and
International Standards on Auditing. Accordingly, we do not express an audit opinion on these interim
financial statements.
We are independent of the Company. Other than in our capacity as auditor, we have no relationship
with, or interests in, the Company.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim
financial statements of the Company are not prepared, in all material respects, in accordance with NZ
IAS 34.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s shareholders those matters which we are required
to state to them in our review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the shareholders, as a body, for our
review procedures, for this report, or for the conclusion we have formed.

For and on behalf of:



Chartered Accountants Auckland
19 February 2018