BRM 2.82% 73.0¢ barramundi limited ordinary shares

Ann: HALFYR: BRM: Turnaround for the Barramundi Portfolio

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    • Release Date: 26/02/15 16:16
    • Summary: HALFYR: BRM: Turnaround for the Barramundi Portfolio
    • Price Sensitive: No
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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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