Barramundi outperforms in first half of year

Barramundi Limited results announcement


Results for announcement to the market
Name of issuer Barramundi Limited
Reporting Period 6 months to 31 December 2019
Previous Reporting Period 6 months to 31 December 2018
Currency NZ$

Amount (000s) Percentage change
Revenue from continuing
operations
$14,644 N/A
Total Revenue $14,644 N/A
Net profit/(loss) from
continuing operations
$12,688 N/A
Total net profit/(loss) $12,688 N/A
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 1.45 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00020387
Record Date 13 March 2020
Dividend Payment Date 27 March 2020
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.7079 $0.5989
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The financial statements attached to this report have been reviewed
by PricewaterhouseCoopers and are not subject to a qualification. A
copy of the auditor’s review report applicable to the financial
statements is attached to this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
W.A. Burns
Contact person for this
announcement
W.A. Burns
Contact phone number (09) 4840352
Contact email address enquire@barramundi.co.nz
Date of release through MAP

24 February 2020
Reviewed interim financial statements accompany this announcement.

---

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:


24 February 2020


Barramundi outperforms in first half of year

 Interim 2020 net operating profit $12.7m (interim 2019 net loss $12.2m)
 Total shareholder return
1
+21.2%
 Adjusted net asset value (NAV) return
2
+10.5%
 2.83 cents per share in dividends paid during the period

NZX-listed investment company Barramundi Limited (NZX:BRM) announced today a net
operating profit after tax of $12.7m for the six month period ended 31 December 2019 (interim
2019: net loss $12.2m).

Barramundi achieved a total shareholder return (TSR) of 21.2% for the six months, and an
increase in the adjusted net asset value (NAV) of 10.5% for the period, as compared to the
S&P/ASX 200 Index (hedged 70% to NZD)
3
which was up 3.1% for the period.

In accordance with the company’s distribution policy (2.0% of average NAV per quarter), a total
of 2.83 cents per share was paid to Barramundi shareholders during the six months ended
31 December 2019. On 24 February 2020, the Board declared a dividend of 1.45 cents per share
to be paid to shareholders on 27 March 2020 with a record date of 13 March 2020.

The first six months of Barramundi’s 2020 financial year saw the listed investment company
return a gross performance return of 12.4%, while the Australian S&P/ASX 200 Index (hedged
70% to NZD)
3
was up 3.1% for the same period. Barramundi’s Chair, Alistair Ryan, said: “We’re
extremely pleased with the outperformance generated by the Barramundi portfolio over the
first half of the 2020 financial year. We attribute the ongoing growth of the Barramundi
portfolio to the Manager’s continued focus on investing in quality companies.”

Portfolio Manager, Robbie Urquhart, said:

“It has been a great six months for our Barramundi portfolio. In addition to having a supportive
equity market backdrop, the management teams of our portfolio companies have done an
excellent job. We are particularly pleased with the returns of some of our larger positions such
as CSL which returned +29% and Carsales which returned +26% in the half year.

We remain confident that our portfolio of quality and growing companies will perform well for
Barramundi shareholders over the longer term.”

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