Ann: HALFYR: BRM: Barramundi Limited half year pr

• Release Date: 29/02/12 17:32
• Summary: HALFYR: BRM: Barramundi Limited half year preliminary result
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BRM
29/02/2012 15:32
HALFYR

REL: 1532 HRS Barramundi Limited

HALFYR: BRM: Barramundi Limited half year preliminary result

Barramundi  Limited
Results for announcement to the market

Reporting Period 6 months to 31 December 2011
Previous Reporting Period 6 months to 31 December 2010

The financial statements attached to this report have been reviewed by
PricewaterhouseCoopers and are not subject to a qualification. A copy of the
Accountants' Report applicable to the interim financial statements is
attached to this announcement.

 Current period NZ$000,  Up/(Down) %,  Previous corresponding Interim Period
NZ$000
Total net (loss)/income from ordinary activities* (4,998) , N/A, 21,699
(Loss)/profit from ordinary activities after tax attributable to security
holder. (6,121) , N/A, 20,770
Net (loss)/profit attributable to security holders. (6,121) , N/A, 20,770

Dividend
Barramundi will pay a partially imputed dividend of 1.49cps as part of its
long term distribution policy.

Ex-Dividend Date 14 March 2012
Record Date 16 March 2012
Dividend Payment Date 30 March 2012

*The total net loss from ordinary activities includes a $7.2 million decrease
in fair value of financial assets held.

Unaudited NAV per share 31 December 2011: $0.71

For Immediate release:
29 February 2012
Barramundi Limited half year preliminary result

o Adjusted NAV* fell 7%, outperforming the S&P/ASX Small Ords Industrial
Gross Index
o Company paid 3.2 cents per share in dividends over the six month period
o Discount narrows to 11%, improving from year-end level of 14%
o Total shareholder return* falls 4%
o New director appointed to the board

NZX-listed investment company Barramundi Limited (NZX: BRM) today announced a
net operating loss for the six months to 31 December 2011 of $6.1 million,
reflecting a reduction in the New Zealand dollar value of assets held.

For the six months, the adjusted net asset value (NAV) per share* was down
7%, however it was ahead of the S&P/ASX Small Ords Industrial Gross Index
which fell 9%. Barramundi's share price closed at 63 cents at 31 December
2011, which compares with 69 cents at 30 June 2011. Total shareholder return
for the period was -4%.

"The board appreciates a decline in portfolio value is discouraging. The
absence of global economic momentum, combined with an already challenged
Australian economy made for a difficult six month period for the portfolio,"
said Barramundi chairman James Miller. "However Barramundi has begun the New
Year on the right foot with its adjusted NAV per share* rising 6% (1 January
2012 to 22 February 2012)."

In accordance with Barramundi's distribution policy (2% of average NAV per
quarter), the company paid 3.2 cents per share in dividends over the six
months. The next payment under the policy will be for 1.49 cents per share,
payable on 30 March 2012.

The discount between Barramundi's share price and its NAV was 11% at 31
December 2011, improving from its year-end level of 14%. The board remains
committed to its capital management initiatives, assisting in the management
of discount volatility.

During the six months Fisher Funds' management fee was calculated and accrued
at 0.75% of Gross Asset Value as opposed to 1.25% for the corresponding
period last year**.

At a governance level, the board saw some change toward the end of 2011
following the announcement of long-serving director Annabel Cotton's intended
retirement this year.  In February 2012, the board welcomed Alistair Ryan as
a director. Over the past 15 years Alistair has been the chief financial
officer and company secretary of listed company SKYCITY Entertainment Group
Limited and held directorship roles on their various subsidiary company
boards.

"Alistair met our specific professional criteria for selection as director
and, in addition, brings strong finance skills providing leadership in the
audit and risk domain," James Miller commented. After a transition period,
Alistair will take over as chair of the Audit and Risk Committee.

The board recognises it is a difficult time to be an investor but is
confident in the manager's positioning of the Barramundi portfolio in quality
businesses purchased at reasonable valuations.

Barramundi's portfolio performance for the six months was impacted by the
takeover of CSG Limited (5% of portfolio) not being consummated, as the
bidding party exited talks amid fears over the global growth outlook.
Successes included upgraded profit expectations from Credit Corp and an
acquisition from Toxfree Solutions that is both strategically sound and
boosts the company's long term growth outlook.

The manager, Fisher Funds, acknowledge that 2012 has begun with a greater
menu of uncertainties than is typical at the start of most years, however it
has built the Barramundi portfolio with these perspectives in mind.

"You will see us deploy more cash into the market over the next few quarters
and can expect to see us add companies that are, on average, larger in size
than many of the investments Barramundi has made in the past," said Carmel
Fisher, managing director of Fisher Funds. "We are increasingly comfortable
with the outlook for markets and this will be reflected in putting
Barramundi's cash to work in new investments."

For further information please contact:

James Miller
Chairman
Barramundi Limited
Tel: (09) 489 7074

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

*Assumes all dividends are reinvested. Excludes imputation credits.

**Barramundi's management fee was reduced due to underperformance relative to
the change in the NZX 90 day bank bill index.

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 Exchange
in October 2006.  /ends
End CA:00220184 For:BRM    Type:HALFYR     Time:2012-02-29 15:32:11