Announcement

FLLYR: BRM: Positive Profit Result for Barramundi 12:28pm 
BRM
20/08/2019 12:28
FLLYR
PRICE SENSITIVE
REL: 1228 HRS Barramundi Limited

FLLYR: BRM: Positive Profit Result for Barramundi

Results for announcement to the market
Name of issuer Barramundi Limited
Reporting Period 12 months to 30 June 2019
Previous Reporting Period 12 months to 30 June 2018
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing operations $10,851 -55%
Total Revenue $10,851 -55%
Net profit/(loss) from continuing operations $7,428 -64%
Total net profit/(loss) $7,428 -64%
Interim/Final Dividend
Amount per Quoted Equity Security $NZ 1.39 cents per share
Imputed amount per Quoted Equity Security $NZ 0.003178
Record Date 12 September 2019
Dividend Payment Date 26 September 2019
Current period Prior comparable period
Net tangible assets per Quoted Equity Security $0.69 $0.71
A brief explanation of any of the figures above necessary to enable the
figures to be understood 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.
Authority for this announcement
Name of person authorised to make this announcement A.B. Ryan
Contact person for this announcement W.A. Burns
Contact phone number (09) 4840352
Contact email address enquire@barramundi.co.nz
Date of release through MAP 20 August 2019

Audited financial statements accompany this announcement

20 August 2019

Positive profit result for Barramundi

Highlights
o Net profit after tax of $7.4m
o Total shareholder return +15.5%*
o Adjusted NAV return +5.6%#
o Dividend return 9.0% (5.38 cps)

Barramundi Limited (NZX: BRM) today announces a net profit of $7.4 million
for the 12 months ended 30 June 2019, (2018 : $20.5m).

Chair Alistair Ryan said, "Barramundi has performed well for shareholders in
what was a period of high market volatility. The Australian share market was
not immune from the sharp correction experienced in global share markets in
the December 2018 quarter which tested the resolve of investors worldwide.
Our measured investment approach enabled Barramundi to benefit from the
strong rally as share prices snapped back in the half year to 30 June 2019.
We are pleased with Barramundi's total shareholder return of +15.5%* and the
adjusted NAV return of +5.6%# in this volatile environment. Barramundi's
gross performance return was 10.0%** which was comparable to the company's
market benchmark## which was up 10.2% for the twelve month period to 30 June
2019."

"It was certainly a year of two halves," Senior Portfolio Manager Robbie
Urquhart said. "The December quarter sell-off provided us with the
opportunity to put capital to work in some high quality companies and we were
positioned well for the strong market rebound in the second half. The key
drivers of portfolio performance were those companies in defensive sectors
and with growth momentum in international markets such as Nanosonics and
Xero. Those companies with significant domestic operations such as ARB and
Carsales were impacted by softening conditions in Australia and uncertainty
ahead of the Federal election in May."

Mr Urquhart added, "Barramundi enters the new financial year with a sound
portfolio and a proven and patient investment approach which we believe will
allow us to exploit investment opportunities, irrespective of the direction
and momentum of the overall market."
In accordance with Barramundi's quarterly distribution policy (2% of average
NAV per quarter), the company paid a total of 5.38 cents per share to
shareholders during the year ended 30 June 2019. Today, the Board declared a
dividend of 1.39 cents per share, payable on 26 September 2019 with a record
date of 12 September 2019.
The Barramundi board is pleased to advise that it has negotiated a 33%
reduction to the Manager's performance fee earn rate (above the performance
hurdle) from 15% to 10% together with the introduction of a cap (1.25%) on
the total performance fee amount, in conjunction with moving to payment of
any performance fee 100% in cash rather than 50% cash and 50% shares. The
changes take effect from 1 July 2019. The Board wishes to acknowledge the
positive response from Fisher Funds Management Limited to enter into fee
discussions and for agreeing to these changes which will be of significant
benefit for Barramundi shareholders in the circumstances when a performance
fee is earned.

There has been no change to the fulcrum fee, where the base management fee
can be reduced on a sliding scale below 1.25% to as low as 0.75% depending on
the performance of the fund. The Board considers that the combination of the
fulcrum fee for lower performance, with the potential for the Manager to
receive upside benefit for performance above the nominated threshold level is
an equitable fee structure for shareholders and the Manager.

For further information, please contact:
Corporate Manager
Barramundi Limited
Tel: (09) 484 0352

* Total shareholder return - the return to an investor who reinvests their
dividends, and if in the money, exercises their warrants at warrant maturity
date for additional shares.
# Adjusted net asset value return - the net return to an investor after
expenses, fees and tax.
** Gross Performance Return - the Manager's portfolio performance in terms
of stock selection and currency hedging before fees, expenses and tax.
## Benchmark - S&P/ASX 200 index (hedged 70% to NZD).

The total shareholder return, adjusted NAV return and gross performance
return methodologies are described in the Barramundi Non-GAAP Financial
Information Policy. A copy of the policy is available at
http://www.barramundi.co.nz/about-barramundi/barramundi-policies/

About Barramundi
Barramundi is a listed investment company that invests in quality, 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 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.
End CA:00339445 For:BRM Type:FLLYR Time:2019-08-20 12:28:46

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