Strong result for Barramundi during uncertain times

Results for announcement to the market Name of issuer Barramundi Limited Reporting Period 12 months to 30 June 2020 Previous Reporting Period 12 months to 30 June 2019 Currency NZ$ Amount (000s) Percentage change Revenue from continuing operations 15,668 +44% Total Revenue 15,668 +44% Net profit/(loss) from continuing operations 12,525 +69% Total net profit/(loss) 12,525 +69% Interim/Final Dividend Amount per Quoted Equity Security $NZ 1.34 cents per share Imputed amount per Quoted Equity Security $NZ 0.00042935 Record Date 10 September 2020 Dividend Payment Date 25 September 2020 Current period Prior comparable period Net tangible assets per Quoted Equity Security $0.68 $0.69 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 W.A. Burns 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 26 August 2020 Audited financial statements accompany this announcement. For immediate release: 26 August 2020 Strong result for Barramundi during uncertain times Highlights o Net profit of $12.5m o Total shareholder return +21.6% * o Dividend return +8.8% o Adjusted NAV return +10.6% ** o Gross performance +13.5% *** o Benchmark index return -6.6% **** Barramundi Limited (NZX: BRM) today announces a net profit of $12.5 million for the 12 months ended 30 June 2020. The result is up from last year's net profit of $7.4 million. Chair Alistair Ryan said, "Barramundi has delivered a strong result for shareholders during a period that was heavily influenced by the COVID-19 pandemic and the resulting high market volatility. The Manager's measured investment approach has enabled Barramundi to benefit from the Australian share market recovery since late March 2020. Overall Barramundi's +20% outperformance against the benchmark index, (gross performance +13.5% verses benchmark -6.6%), is a very satisfying result and speaks highly of the Manager's STEEPP process and the rigour and analytical discipline that goes with that. We are also pleased with Barramundi's total shareholder return of +21.6%* and the adjusted NAV return of +10.6%** in this volatile environment. The COVID crisis remains unpredictable, as do markets and economies around the world. Markets can be volatile at the best of times but the on-going world-wide pandemic has introduced a new level of uncertainty. As we have over the past six months, the board will continue to liaise closely with the Barramundi portfolio management team as circumstances develop over coming months. Apart from the weekly Net Asset Value advice to NZX and the quarterly Newsletter, the next report to shareholders is expected to be a three month update (July 2020 - September 2020 inclusive) at the annual shareholders' meeting on 23 October 2020. We look forward to updating many of you at that meeting." Senior Portfolio Manager Robbie Urquhart said "The Barramundi portfolio performed admirably in a difficult year, with our portfolio performance coming from a wide number of companies, particularly those providing critical goods and services to customers across the healthcare and information technology sectors. This included companies such as Resmed, CSL, Sonic Healthcare and Nanosonics. COVID-19 is accelerating the global shift to the digital economy. This has benefitted the likes of data centre operator Next DC. Next DC has seen heightened demand for data capacity as more people work from home and need access to their company data and systems remotely." Mr Urquhart said "Some of Barramundi's strong performance in the year has also come from unexpected sources. Ordinarily, in an economic downturn, global glove manufacturer Ansell would be impacted by a slowdown in activity. But COVID-19 has increased the focus on hygiene standards, driving strong demand for Ansell's products, making it one of our best performing companies this year. Having a blend of high quality companies in different industries and geographies pays off in unpredictable, volatile environments. We have increased the strength of the Barramundi portfolio in the last few months. We added to our higher quality portfolio positions including the Australian banks, Brambles, Seek and Xero. We also seized the rare opportunity to add online classified advertising company REA Group to the portfolio at an opportune price during the market turmoil in March. And we added the high quality supermarket operator Woolworths to the portfolio in May." Looking to the future, Mr Urquhart added "The COVID-19 pandemic is far from over. The economic outlook remains uncertain as evidenced by the recent Victorian lockdown. We don't know where the next challenge will come from nor what shape it will take. However, we are confident that our blend of high quality companies in the Barramundi portfolio is well placed to weather the next challenge." In accordance with Barramundi's quarterly distribution policy (2% of average NAV per quarter), the company paid a total of 5.56 cents per share to shareholders during the year ended 30 June 2020. Today, the board declared a dividend of 1.34 cents per share, payable on 25 September 2020 with a record date of 10 September 2020. For further information, please contact: Wayne Burns Corporate Manager Barramundi Limited Tel: (09) 484 0352 * Total Shareholder Return- the return combines the share price performance, the warrant price performance, the net value of converting any warrants into shares, and the dividends paid to shareholders. It assumes all dividends are reinvested in the company's dividend reinvestment plan, and that shareholders exercise their warrants, (if they were in the money), at warrant expiry date. ** Adjusted NAV return- the net return to an investor after expenses, fees & tax. *** Gross Return - The Manager's portfolio performance in terms of stock selection & currency hedging before fees and tax. **** S&P / ASX 200 index (hedged 70% to NZ). 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:00358804 For:BRM Type:FLLYR Time:2020-08-27 14:27:50