Ann: FLLYR: BRM: Barramundi outperforms in diffic

• Release Date: 28/08/12 17:25
• Summary: FLLYR: BRM: Barramundi outperforms in difficult market environment
• Price Sensitive: No
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BRM
28/08/2012 15:25
FLLYR

REL: 1525 HRS Barramundi Limited

FLLYR: BRM: Barramundi outperforms in difficult market environment

Barramundi Limited
Results for announcement to the market

Reporting Period 12 months to 30 June  2012
Previous Reporting Period 12 months to 30 June 2011

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 corresponding  Period NZ$000
Total net income from ordinary activities 1,710 (83%), 9,937
(Loss)/profit from ordinary activities after tax attributable to security
holders. (884) N/A, 7,513
Net (loss)/profit attributable to security holders. (884) N/A, 7,513

Dividend
 Barramundi will pay a partially imputed quarterly dividend of 1.47cps as
part of its quarterly dividend policy.

Ex-Dividend Date 12 September 2012
Record Date 14 September 2012
Dividend Payment Date 28 September 2012

 Audited NAV per share 30 June 2012: $0.73

For immediate release:

28 August 2012

Barramundi outperforms in difficult market environment despite full year loss

o $884k loss overall for the year ended 30 June 2012 but second half (profit
of $5.2m) showed a significant turnaround from first half (loss of $6.1m)
o Results ahead of S&P/ASX Small Ords Industrial Gross Index
o 6.23 cents per share paid in dividends

NZX-listed investment company Barramundi Limited (NZX: BRM) today announced a
loss for the 12 months to 30 June 2012 of $884k. The result includes net
losses on investments of $1.7m and operating expenses and tax of $2.6m. The
end of year result incorporated a first half loss of $6.1m followed by a
significant improvement in performance and a second half profit of $5.2m.

Adjusted Net Asset Value ('NAV')* per share decreased 1.3% for the year ended
30 June 2012. Adjusted NAV*, which reflects the underlying performance of the
Barramundi portfolio plus dividends paid, is down 2.7% since inception
(October 2006).

Total Shareholder Return ('TSR')* decreased 2.3% in the year ended 30 June
2012 and is down 15.1% since inception.

Although the above figures show a decrease from last year, the Board is
pleased to announce that both the adjusted NAV* and TSR* have outperformed
the S&P/ASX Small Ords Industrial Gross Index which decreased 4.3% for the
year and is down 16.2% since Barramundi's inception.

In accordance with Barramundi's quarterly distribution policy (2% of average
NAV per quarter), the Company paid a total of 6.23 cents per share for the
year ended 30 June 2012. On 28 August 2012, the Board declared a dividend of
1.47 cents per share to be paid to shareholders on 28 September 2012 with a
record date of 14 September 2012.

Barramundi's manager Fisher Funds Management commented that through judicious
stock selection, portfolio weightings and a defensive posture (holding more
cash than usual) Barramundi was able to produce returns better than the
market. Over the year Barramundi was partially hedged from adverse movements
in the New Zealand dollar versus the Australian dollar, this hedge had a
positive effect on the portfolio in the year to 30 June 2012.

Portfolio Manager Frank Jasper said: "Despite a year of continued market
volatility, we did not make massive changes to the core positions in the
Barramundi portfolio as we remained comfortable with the outlook of our
portfolio companies. Ultimately it is the economics of the businesses that
the Barramundi portfolio invests in rather than the global macroeconomic
environment that will determine the medium term performance of the
portfolio."

During the year Barramundi added two new companies to the portfolio - The
Reject Shop and QR National - bringing its total number of investments to 18.

Mr Jasper said: "Sustainability is at the core of Fisher Funds. It's all
about companies supplying goods and services that consumers need regardless
of the economic climate and about having a strong market position to ensure
that it is our portfolio companies that supply this demand rather than a
competitor. With strong and growing demand and a stable market position a
company should be able to consistently grow its profits over time and be
rewarded with higher share prices."

Mr Jasper added: "We are very comfortable that the Barramundi portfolio is
well positioned to outperform alternative investments like bank term deposits
over the medium term. This view is predicated on the fact that the portfolio
companies are generating high free cash flow yields, that they are well
positioned to grow these cash flows and are very reasonably priced."

For further information please contact:

James Miller
Chairman
Barramundi Limited
Tel: (09) 489 7094

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

*Total Shareholder Return and Adjusted NAV assume all dividends are
reinvested but exclude imputation credits.

About Barramundi
Barramundi Limited is a listed investment company that invests in Australian
companies. The investment portfolio of Barramundi is managed by Fisher Funds
Management, a specialist fund manager with a track record of successful
investing. Barramundi aims to offer investors competitive returns and access
to a diversified portfolio of investments through a single, tax efficient
investment vehicle. Barramundi may invest in companies listed on the ASX with
a primary focus on those outside the top 100 (at the time of investment), or
unlisted Australian companies. The Company listed on the New Zealand Stock
Exchange in October 2006.
/ends
End CA:00226553 For:BRM    Type:FLLYR      Time:2012-08-28 15:25:55