Ann: HALFYR: BRM: Weak Australian economy impacts

• Release Date: 25/02/14 10:56
• Summary: HALFYR: BRM: Weak Australian economy impacts Barramundi interim result
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					BRM
25/02/2014 08:56
HALFYR

REL: 0856 HRS Barramundi Limited

HALFYR: BRM: Weak Australian economy impacts Barramundi interim result

Barramundi Limited
 Results for announcement to the market
Reporting Period 6 months to 31 December 2013
Previous Reporting Period 6 months to 31 December 2012

The interim 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 Period NZ$000
Total net income from ordinary activities 431, (97.2%), 15,283
(Loss)/profit from ordinary activities after tax attributable to security
holders (1,978), N/A, 13,664
Net (loss)/profit attributable to security holders (1,978), N/A, 13,664

Dividend
 Barramundi will pay a partially imputed quarterly dividend of 1.53cps as
part of its distribution policy.

Ex-Dividend Date 12 March 2014
Record Date 14 March 2014
Dividend Payment Date 28 March 2014

The loss from ordinary activities of $1,978,000 comprises an operating loss
before tax of $613,000 and a total tax expense of $1,365,000 which includes
tax of $1,521,000 on forward foreign exchange gains.

Net asset value per share 31 December 2013: $0.75

For immediate release:

25 February 2014

Weak Australian economy impacts Barramundi interim result

o Interim 2013 operating loss before tax $613k
o Operating loss $2.0m after tax of $1.4m relating to currency hedge gains
o Total shareholder return* +6.3%
o Adjusted net asset value* per share -2.6%
o 3.21 cents per share in dividends paid during the period

NZX-listed investment company Barramundi Limited (NZX: BRM) today announced a
net operating loss after tax of $2.0m for the six month period ended 31
December 2013 (interim 2012: net profit $13.7m).

Two portfolio companies issued earnings downgrades in the period reflecting a
weaker Australian economy and contributing to an overall disappointing result
for the Barramundi portfolio.

The result includes gains on investments of $814k, dividend and interest
income of $1.4m less operating expenses and tax of $2.4m. It also includes a
$7.2m foreign exchange loss which was offset by currency hedge gains of
$5.4m. The Manager has currency hedging in place to reduce portfolio
volatility and help protect the value of the portfolio in New Zealand dollar
terms.

Barramundi's key performance ratios show a growth in total shareholder return
(TSR)* of 6.3% but a decrease in adjusted net asset value (NAV)* of 2.6%
versus the S&P/ASX Small Ords Industrial Gross Index which rose 5.4% in the
period.

Since inception in October 2006, Barramundi's adjusted NAV* is up 13.6%, well
ahead of the S&P/ASX Small Ords Industrial Gross Index which is down 4.2%
over the same period.

In accordance with company's distribution policy (2.0% of average NAV per
quarter), a total of 3.21 cents per share was paid to Barramundi shareholders
during the six months ended 31 December 2013. The Board has declared a
dividend of 1.53 cents per share to be paid to shareholders on 28 March 2014
with a record date of 14 March 2014.

After seven years of managing the Barramundi portfolio, Frank Jasper is to
hand over the portfolio management responsibilities to a new Portfolio
Manager, Manuel Greenland. Manuel joined Fisher Funds in May 2012 and has
been working alongside Roger Garrett and Ashley Gardyne on Barramundi's
sister company, Marlin Global. Manuel is an experienced investment
professional and will assume responsibility of the Barramundi portfolio from
1 April 2014. In his new role, Manuel will be supported by Barramundi's
current Senior Investment Analyst, Terry Tolich.

Barramundi's Chairman, Alistair Ryan, said: "Although the Australian economy
will continue to present challenges for the Barramundi portfolio, the Board
has confidence in the Manager's ability to identify quality companies that
will generate returns over the medium to long-term."

Mr Ryan added: "The change to the Barramundi management team will bring a
fresh perspective to the portfolio whilst maintaining the Fisher Funds STEEPP
investment approach and philosophy."

Current Portfolio Manager, Frank Jasper, said: "Notwithstanding a couple of
negative earnings surprises we are encouraged by the performance of our
portfolio companies through the recent profit reporting season with some of
our newer investments, in particular, delivering strong profit outcomes."

For further information please contact:

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

*Adjusted NAV and total shareholder return assume all dividends are
reinvested, but exclude imputation credits

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. 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:00247435 For:BRM    Type:HALFYR     Time:2014-02-25 08:56:01