Australian sharemarket volatility impacts BRM 6mth result

Barramundi Limited (BRM)
Results for announcement to the market

Reporting Period 6 months to 31 December 2018
Previous Reporting Period 6 months to 31 December 2017

Amount (000s) Percentage change
Revenue/ (loss) from
ordinary activities
($NZ 10,425) (174.6%)
Profit (loss) from ordinary
activities after tax
attributable to security
holder
($NZ 12,205) (196.4%)
Net profit (loss) attributable
to security holders
($NZ 12,205) (196.4%)

Dividend Amount per security Imputed amount per
security
Barramundi will pay a
partially imputed quarterly
dividend in line with its
distribution policy.
$NZ 1.25 cps $NZ 0.001524

Record Date 14 March 2019
Dividend Payment Date 28 March 2019

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 2018 $0.5989 (2017: $0.69)

---

¹ The total shareholder 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 at warrant expiry date, (if they were in the money).
2
The adjusted NAV return is the net return to an investor after fees and tax.
(The TSR and adjusted NAV return can be found 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/ )
3
Benchmark index: S&P/ASX 200 Index (hedged 70% to NZD)






For immediate release:


25 February 2019


Australian sharemarket volatility impacts Barramundi interim result

 Interim 2019 net operating loss $12.2m (interim 2018 net profit 12.7m)
 Total shareholder return
1
1.3%
 Adjusted net asset value (NAV) return
2
-11.5%
 2.82 cents per share in dividends paid during the period

NZX-listed investment company Barramundi Limited (NZX:BRM) announced today a net
operating loss after tax of $12.2m for the six month period ended 31 December 2018 (interim
2018: net profit $12.7m).

Barramundi achieved a total shareholder return (TSR) of 1.3% for the six months, but a
decrease in the adjusted net asset value (NAV) of 11.5% for the period, as compared to the
S&P/ASX 200 Index (hedged 70% to NZD)
3
which was down 7.8% for the period.

In accordance with the company’s distribution policy (2.0% of average NAV per quarter), a total
of 2.82 cents per share was paid to Barramundi shareholders during the six months ended
31 December 2018. On 25 February 2019, the Board declared a dividend of 1.25 cents per share
to be paid to shareholders on 28 March 2019 with a record date of 14 March 2019.

After a strong first nine months of the calendar year, major developed global equity markets,
including the S&P/ASX 200 index, experienced a spike in share price volatility and fell sharply in
the last three months of the year. There was no single catalyst for the sell-off. Rather, a
number of factors contributed to the negative market returns. These included concerns around
slowing global growth coupled with rising interest rates and tightening monetary policy by
major central banks as well as concerns about the escalation of trade disputes between the US
and China.

Post balance date, equity markets including the S&P/ASX 200 index rebounded strongly in
January as some of these concerns abated. The Barramundi adjusted NAV lifted 5.3% in January
2019.

Barramundi’s Chair, Alistair Ryan, said: “Short periods of high equity market volatility can cause
concern for investors, however the Board remains satisfied with the Manager’s continued focus
on investing in quality companies.”

Portfolio Manager, Robbie Urquhart, said:

“Against the backdrop of falling global equity markets, Barramundi had a tough period in the six
months to 31 December. We remain confident in the longer-term outlook of our portfolio
companies and accordingly used this opportunity to reduce our cash balance as we added to a
number of positions during the last few months of the year. It has been pleasing to see the
portfolio rebound strongly in January 2019.

Although market volatility may remain elevated, we are optimistic that this environment will
present us with investment opportunities during 2019.”

On 16 October 2018, the Barramundi Board announced it would undertake another pro-rata
warrant issue as part of its capital management programme. Shareholders were issued one
warrant for every four shares held on 31 October 2018. The warrants give holders the right, but
not the obligation, to purchase additional Barramundi shares on 25 October 2019 at an exercise
price of $0.64 adjusted down for dividends declared during the period up to the exercise date.
The final exercise price will be announced and an exercise form provided as soon as reasonably
practical after 30 September 2019.


For further information, please contact:
Wayne Burns
Corporate Manager
Barramundi Limited
Tel: (09) 484 0352



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. /ends