Barramundi Limited
Results for announcement to the market
Reporting period 6 months to 31 December 2016
Previous reporting period 6 months to 31 December 2015
The interim financial statements attached to this report have been reviewed
by PricewaterhouseCoopers and are not subject to a qualification. A copy of
the independent review report applicable to the financial statements is
attached to this announcement.
Current period NZ$000; up/(down)% Previous reporting period NZ$000
Total net income from ordinary activities 2,674; (59.2%), 6,560;
Profit from ordinary activities after tax attributable to security holders
1,113; (75.1%), 4,467;
Net profit attributable to security holders 1,113; (75.1%), 4,467;
Dividend Barramundi will pay a partially imputed dividend of 1.30cps as part
of its quarterly distribution policy.
Ex-dividend date 15 March 2017
Record date 16 March 2017
Dividend payment date 31 March 2017
Net asset value per share 31 December 2016 $0.65
For immediate release:
20 February 2017
Positive result for Barramundi shareholders
o Interim 2017 net operating profit $1.1m (interim 2016 net profit $4.5m)
o Total shareholder return? +8.6%
o Adjusted net asset value? per share +1.1%
o 2.79 cents per share in dividends paid during the period
NZX-listed investment company Barramundi Limited (NZX: BRM) announced today a
net operating profit after tax of $1.1m for the six month period ended 31
December 2016 (1H16: $4.5m). The Barramundi portfolio achieved a return? of
+2.7% for the six months to 31 December 2016, lagging the benchmark? which
was up +10.6% over the period. The six months to 31 December 2016 saw a
positive result for shareholders despite the portfolio''s limited exposure to
the mining and financial sectors that proved popular during the period.
In accordance with the company''s distribution policy (2.0% of average NAV per
quarter), a total of 2.79 cents per share was paid to Barramundi shareholders
during the six months ended December 2016. On 20 February 2017, the Board
declared a dividend of 1.30 cents per share to be paid to shareholders on 31
March 2017 with a record date of 16 March 2017.
On 8 November 2016, the Barramundi Board announced it would undertake a
pro-rata warrant issue as part of its capital management programme following
the previous well supported warrant exercise in 2015. Shareholders were
issued one warrant for every four shares held on 21 November 2016. The
warrants give holders the right, but not the obligation, to purchase
additional Barramundi shares on 24 November 2017 at an exercise price of
$0.63 adjusted down for dividends declared during the period up to the
exercise date. The final exercise price will be announced and an exercise
form provided as soon as reasonably practicable after 29 September 2017.
Barramundi''s Chairman, Alistair Ryan, said: "The Board is pleased at the
Manager''s continued focus on investing in quality companies. The Barramundi
portfolio aims to deliver good returns over the medium to long term,
regardless of short term changes in the markets moods and preferences, such
as those experienced in the interim period."
Portfolio Manager, Manuel Greenland, said: "Our response to changing global
dynamics, and domestic investor preferences, is straightforward; we will take
advantage of weakness in the share prices of our preferred businesses to own
more of them. Long-term investment success demands the discipline to stick to
a proven strategy even when it is temporarily out of favour, and the balance
to sensibly diversify risk at challenging moments. Our focus remains on
growing the value of the Barramundi portfolio by investing in strong
companies that will succeed over time."
For further information please contact:
Carmel Fisher
Managing Director
Fisher Funds Management Limited
Tel: (09) 484 0342
?The total shareholder return and adjusted net asset value 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/
?Gross of fees and tax and adjusting for capital management initiatives
?Benchmark index: S&P/ASX 200 Index (hedged 70% to NZD)
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:00297063 For:BRM Type:HALFYR Time:2017-02-20 16:27:51