- Release Date: 26/02/15 16:16
- Summary: HALFYR: BRM: Turnaround for the Barramundi Portfolio
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BRM 26/02/2015 16:16 HALFYR PRICE SENSITIVE REL: 1616 HRS Barramundi Limited HALFYR: BRM: Turnaround for the Barramundi Portfolio Barramundi Limited Results for announcement to the market Reporting Period 6 months to 31 December 2014 Previous Reporting Period 6 months to 31 December 2013 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 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 3,441, 698.4% 431 Profit/(loss) from ordinary activities after tax attributable to security holders 1,673, N/A (1,978) Net profit/(loss) attributable to security holders 1,673, N/A (1,978) Dividend Barramundi will pay a partially imputed quarterly dividend of 1.36cps as part of its distribution policy. Ex-Dividend Date 11 March 2015 Record Date 13 March 2015 Dividend Payment Date 27 March 2015 Net asset value per share 31 December 2014: $0.67 For immediate release: 26 February 2015 Turnaround for the Barramundi portfolio despite headwinds for the Australian economy - Interim 2015 net operating profit $1.7m - Total shareholder return* +4.6% - Adjusted net asset value* per share +1.8% - 2.78 cents per share in dividends paid during the period NZX-listed investment company Barramundi Limited (NZX: BRM) today announced a net operating profit after tax of $1.7m for the six month period ended 31 December 2014 (interim 2014: net loss $2.0m). The result includes gains on investments of $2.6m, dividend and interest income of $1.5m less operating expenses and tax of $1.8m. It also includes a $2.1m foreign exchange loss which was offset by currency hedge gains of $1.5m. 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 4.6% and an increase in adjusted net asset value (NAV)* of 1.8% versus the S&P/ASX Small Ords Industrial Gross Index which rose 1.5% in the period. Since inception in October 2006, Barramundi's adjusted NAV* is up 10.1%, well ahead of the S&P/ASX Small Ords Industrial Gross Index which is down 5.1% over the same period. In accordance with company's distribution policy (2.0% of average NAV per quarter), a total of 2.78 cents per share was paid to Barramundi shareholders during the six months ended 31 December 2014. The Board has declared a dividend of 1.36 cents per share to be paid to shareholders on 27 March 2015 with a record date of 13 March 2015. Barramundi's Chairman, Alistair Ryan, said: "The Board is pleased to see the portfolio changes made by the Manager starting to have a positive effect and flow through to Barramundi's first half financial result for the 2015 financial year." Portfolio Manager, Manuel Greenland, said: "To improve the quality of the portfolio, and to generate an adequate return on its investments, we have added stronger companies to the portfolio, reduced exposure to those companies which may not sustain their competitive advantages, and enhanced portfolio diversification. " Mr Greenland added: "Our aim is to be invested in companies that are succeeding today, will still be succeeding five years from now, and will grow their earnings over time." 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:00261207 For:BRM Type:HALFYR Time:2015-02-26 16:16:44
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Ann: HALFYR: BRM: Turnaround for the Barramundi Portfolio
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