Ann: FLLYR: BRM: Barramundi achieves profit turnaround

• Release Date: 18/08/15 16:12
• Summary: FLLYR: BRM: Barramundi achieves profit turnaround
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					BRM
18/08/2015 16:12
FLLYR
PRICE SENSITIVE
REL: 1612 HRS Barramundi Limited

FLLYR: BRM: Barramundi achieves profit turnaround

Barramundi Limited
Results for announcement to the market
Reporting period 12 months to 30 June 2015
Previous reporting period 12 months to 30 June 2014

The financial statements attached to this report have been audited by
PricewaterhouseCoopers and are not subject to a qualification. A copy of the
auditor's report applicable to the financial statements is attached to this
announcement.

Current period NZ$000; up/(down)% Previous reporting period NZ$000
Total net income / (loss) from ordinary activities 10,569; N/A,  (3,021);
Profit / (loss) from ordinary activities after tax attributable to security
holders 8,272; N/A,   (6,241);
Net profit / (loss) attributable to security holders 8,272; N/A,  (6,241);

Dividend Barramundi will pay a partially imputed quarterly dividend of
1.42cps as part of its distribution policy
Ex-dividend date 9 September 2015
Record date 11 September 2015
Dividend payment date 25 September 2015

Net asset value per share 30 June 2015: $0.70

For immediate release:

18 August 2015

Barramundi achieves profit turnaround

o Net profit $8.3m (2014, loss of $6.2m)
o Adjusted net asset value* per share +9.8%
o Total shareholder return* +14.2%
o 5.56cps paid in dividends

A refreshed portfolio has resulted in an improved result for the Barramundi
portfolio.

NZX-listed investment company Barramundi Limited (NZX: BRM) today announced a
net profit for the 12 months to 30 June 2015 of $8.3 million, following last
year's loss of $6.2 million. The improved performance can largely be
attributed to a comprehensive portfolio review and restructure undertaken by
the portfolio management team.

The result includes gains on investments and foreign exchange gains of $7.9m,
dividend and interest income of $2.7m, offset by expenses (including
management and performance fees) and tax of $2.3m.

Adjusted net asset value (NAV)* per share increased 9.8% for the year ended
30 June 2015 (S&P/ASX Small Ords Industrial Gross Index up 13.0%).

While Barramundi's hedging policy has added value over the long term, this
year an unhedged portfolio would have performed better as the New Zealand
dollar fell sharply in value.

Barramundi's total shareholder return (TSR)* was 14.2% for the year ended 30
June 2015 and has outperformed the index in each of the last three years.

Since Barramundi's inception in October 2006, adjusted NAV*, which reflects
the underlying performance of the Barramundi portfolio, has increased 18.9%,
well ahead of the S&P/ASX Small Ords Industrial Gross Index which is up 5.6%
over the same period.

In accordance with Barramundi's quarterly distribution policy (2.0% of
average NAV per quarter), the company paid a total of 5.56 cents per share to
shareholders during the year ended 30 June 2015. In August, the Board
declared a dividend of 1.42 cents per share to be paid to shareholders on 25
September 2015 with a record date of 11 September 2015.

In May, the Barramundi Board announced it would undertake a pro-rata warrant
issue as part of its capital management programme, to put Barramundi in a
better position to grow, improve liquidity and operate efficiently. One
warrant was issued for every four Barramundi shares held on 3 June 2015. The
warrants give holders the right to purchase additional Barramundi shares in
May 2016 at an Exercise Price of $0.68 adjusted down for dividends declared
after issue date and prior to May 2016.

Chairman Alistair Ryan said: "The Board is pleased that over the past 12
months the Barramundi portfolio has produced positive returns for
shareholders and remains confident that the Manager has positioned the
portfolio well for future growth, while being mindful of risks."

Barramundi's Manager, Fisher Funds said: "Last year we described a programme
of change to increase the portfolio's exposure to companies with strong
sustainable competitive advantages, and to enhance portfolio diversification
and liquidity."

Changes to the portfolio included the addition of 14 new stocks - Ramsay
Healthcare, Medibank, MYOB, Burson Group, Veda, Ansell, Brambles, Infomedia,
SEEK, Domino's Pizza, Carsales.com, Westpac, ANZ and Nick Scali. While four
stocks - Woolworths, The Reject Shop, Reckon and Crowe Horwath - were
realised. The total number of investments at 30 June 2015 stood at 29 stocks
(up from 18 stocks at 30 June 2014).

Fisher Funds added: "We remain focused on our core investment philosophy,
which is to invest in quality companies with the ability to grow earnings
over time. We have a strong, well-diversified and liquid portfolio of quality
companies, positioning Barramundi well for medium-term success."

For further information please contact:

Carmel Fisher
Managing Director
Fisher Funds Management Limited
Tel: (09) 484 0342

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. Fisher Funds and its related entities currently have over $5 billion
of funds under management. 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 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
End CA:00268620 For:BRM    Type:FLLYR      Time:2015-08-18 16:12:38