Ann: FLLYR: BRM: Barramundi posts loss for the year

• Release Date: 25/08/14 16:13
• Summary: FLLYR: BRM: Barramundi posts loss for the year
• Price Sensitive: No
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					BRM
25/08/2014 16:13
FLLYR

REL: 1613 HRS Barramundi Limited

FLLYR: BRM: Barramundi posts loss for the year

Barramundi Limited
 Results for announcement to the market

Reporting Period 12 months to 30 June  2014
Previous Reporting Period 12 months to 30 June 2013

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 / (loss) from ordinary activities (3,021) ;  N/A ; 20,982
Profit / (loss) from ordinary activities after tax attributable to security
holders. (6,241) ;  N/A ; 16,772
Net profit / (loss) attributable to security holders. (6,241) ;  N/A ; 16,772

Dividend
 Barramundi will pay a fully imputed quarterly dividend of 1.38 cps as part
of its distribution policy.

Ex-Dividend Date 10 September 2014
Record Date 12 September 2014
Dividend Payment Date 26 September 2014

Audited net asset value per share 30 June 2014: $0.69

For immediate release:

25 August 2014

Barramundi posts loss for the year

- Net loss $6.2m (2013, profit of $16.8m)
- Adjusted net asset value* per share (7.3%)
- Total shareholder return* +3.2%
- 6.15cps paid in dividends

NZX-listed investment company Barramundi Limited (NZX: BRM) today announced a
net loss for the 12 months to 30 June 2014 of $6.2 million. This
disappointing result reflects underperformance by a small number of portfolio
companies and follows last year's strong profit after tax of $16.8 million.

The result includes losses on financial assets of $4.3m, foreign exchange
losses on cash of $1.2m, operating expenses and tax of $3.2m, offset by
dividend and interest income of $2.5m.

Adjusted net asset value (NAV)* per share decreased 7.3% for the year ended
30 June 2014 (S&P/ASX Small Ords Industrial Gross Index up 2.8%). Since
Barramundi's inception in October 2006, adjusted NAV*, which reflects the
underlying performance of the Barramundi portfolio, has increased 8.2%, well
ahead of the S&P/ASX Small Ords Industrial Gross Index which is down 6.5%
over the same period.

Barramundi's total shareholder return (TSR)* was 3.2% for the year ended 30
June 2014 and up 7.4% since inception.

In accordance with Barramundi's quarterly distribution policy (2.0% of
average NAV per quarter), the company paid a total of 6.15 cents per share to
shareholders during the year ended 30 June 2014. In August, the Board
declared a dividend of 1.38 cents per share to be paid to shareholders on 26
September 2014 with a record date of 12 September 2014.

Chairman Alistair Ryan said: "Although the 2013/14 financial year has been a
tough year for Barramundi, the Board is pleased with the comprehensive
portfolio review and restructure that the Manager has undertaken."

Barramundi's Manager, Fisher Funds said: "A majority of portfolio investments
contributed positively over the year, but the overall result was unduly
impacted by a minority of poor performers. The entire Barramundi portfolio
was reviewed in the context of our STEEPP investment framework, with
management and portfolio changes introduced in the second half of the year."

Changes to the portfolio included the addition of Coca-Cola Amatil, CSL,
Flight Centre, ResMed and Sonic Healthcare while Bravura Solutions, McMillan
Shakespeare, McPherson's, Noni B and Universal Biosensors were realised. The
total number of investments at 30 June 2014 stood at 18 stocks.

Fisher Funds added: "We aim to increase the portfolio's exposure to companies
with strong sustainable competitive advantages, to further diversify the
portfolio by spreading risk across a wider range of investments and to
enhance portfolio liquidity by investing in more deeply traded names. We are
looking for these fundamental changes in our portfolio construction to
deliver more stable, positive returns in the future."

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 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
End CA:00254347 For:BRM    Type:FLLYR      Time:2014-08-25 16:13:39