Barramundi delivers $8.9m interim result

Barramundi Limited results announcement


Results for announcement to the market
Name of issuer Barramundi Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$11,279 -43%
Total Revenue $11,279 -43%
Net profit/(loss) from
continuing operations
$8,940 -47%
Total net profit/(loss) $8,940 -47%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 1.53 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00006677
Record Date 6 March 2025
Dividend Payment Date 28 March 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.7393 $0.7532
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

21 February 2025
Reviewed interim financial statements accompany this announcement.

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1
Total shareholder return – the return combines the share price performance, the warrant price performance (if any), the
net value of converting any warrants into shares (if any), 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, (if they were in
the money), at warrant expiry date.

2
Adjusted net asset value return – the percentage change in the the underlying value of the investment portfolio adjusted
for dividends (and other capital management initiatives) and after expenses, fees and tax.
3
Gross performance return – The portfolio performance in terms of stock selection & currency hedging, before expenses,
fees and tax.
4
Benchmark index: S&P/ASX 200 Index (hedged 70% to NZD).


The total shareholder return adjusted net asset value and gross performance 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/



For immediate release:
21 February 2025

Barramundi delivers $8.9m interim result

• Net profit for the six months ended 31 December 2024 $8.9m
• Total shareholder return
1
5.2%
• Adjusted NAV return (after expenses, fees & tax)
2
4.2%
• Dividends paid during the period (cents per share) 3.09 cps

NZX listed investment company Barramundi Limited (NZX: BRM) today announced a first half profit
for the 6 months ended 31 December 2024 of $8.9m.
Key elements of the half year result include profits on investments of $9.0m, dividend and interest
income of $2.3m, less operating expenses and tax of $2.3m.

Chair of Barramundi, Andy Coupe said: “The resilient domestic economy in Australia has continued
to be supportive for the Australian share market, and Barramundi. Ongoing political tensions
internationally have added to volatility in equity market performance in recent months. The board
remains confident in the investment strategy and the medium to long-term resilience of the
portfolio.”
The portfolio’s gross performance return
3
for the six months was +5.3% and the adjusted net asset
value (NAV) return
2
was +4.2%, compared to the S&P/ASX 200 Index (hedged 70% to the NZD)
4

which was +7.6% over the same period.

Barramundi investors continued to receive distributions consistent with the company distribution
policy (2% of average NAV per quarter) with 3.09 cents per share paid to shareholders during the six
months ended 31 December 2024. On 21 February 2025, the Board declared a dividend of 1.53 cents
per share to be paid to shareholders on 28 March 2025 with a record date of 6 March 2025.

Senior Portfolio Manager, Robbie Urquhart said: “Although positive in absolute terms, Barramundi
has had a modest six months with performance lagging the benchmark index. We have been happy
with the strong share price performance from our larger information technology, industrial and bank

holdings. While the banks have performed well, the portfolio’s lower weighting in the banks
represents most of the relative performance to the benchmark in the period, alongside some
growing pains in a small number of holdings.”

For further information, please contact:

Corporate Manager
Barramundi Limited
Tel: (09) 489 7074




About Barramundi
Barramundi is a listed investment company that invests in growing Australian companies. The Barramundi portfolio is managed by Fisher
Funds, a specialist investment 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. /Ends

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PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent auditor’s review report
To the shareholders of Barramundi Limited

Report on the interim financial statements

Our conclusion
We have reviewed the interim financial statements of Barramundi Limited (the Company), which
comprise the statement of financial position as at 31 December 2024, and the statement of
comprehensive income, the statement of changes in equity and the statement of cash flows for the six
months ended on that date, and selected explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that these
accompanying interim financial statements of the Company do not present fairly, in all material
respects, the financial position of the Company as at 31 December 2024, and its financial performance
and cash flows for the six months then ended, in accordance with International Accounting Standard
34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for
the review of the interim financial statements section of our report.
We are independent of the Company in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. Other than in our capacity as auditor we
have no relationship with, or interests in, the Company.
Responsibilities of the Directors for the interim financial statements
The Directors of the Company are responsible on behalf of the Company, for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of the interim financial statements that are free from material misstatement, whether due
to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) 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 IAS 34 and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform 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 and consequently does not enable us to obtain assurance that we
might identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements.

PwC 11
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 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 Company and the Company’s shareholders, as a body, for our
review procedures, for this report or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Samuel
Shuttleworth.

F
or and on behalf of:
P
ricewaterhouseCoopers Auckland
21 February 2025