Barramundi Ltd. · NZX:BRM
Barramundi — Shareholder Meeting (October 2023)
40 slides from Barramundi's shareholder meeting presentation, Oct 13, 2023
Slide 1: Annual Meeting of Shareholders
ANNUAL MEETING OF SHAREHOLDERS 13 October 2023
Slide 2: Board of Directors and Barramundi Team
Board of Directors Andy Coupe Carol Campbell David McClatchy Fiona Oliver Barramundi Team Robbie Terry Tolich Delano Wayne Burns Urquhart Snr Gallagher Corporate Snr Portfolio Investment Snr Manager Manager Analyst Investment Analyst
Slide 3: Agenda
Agenda • Preliminary matters • Chair’s Overview • Manager’s Review • Q&A • Annual Meeting Resolutions
Slide 4: Online Attendees – Question Process
ONLINE Attendees – Question Process Written Questions: If you have a question to submit please select the Q&A tab on the right half of your screen. Type your question into the field and press submit. Your question will be immediately submitted. Help: The Q&A tab can also be used for immediate help.
Slide 5: Chair's Overview
eee is Chair's Overview ~— Barramundi »
Slide 6: Barramundi's Investment Objectives
Barramundi’s Investment Objectives Absolute Returns Achieve a high real rate of return, comprising both income and capital growth within acceptable risk parameters. Diversified Portfolio Access to a diversified portfolio of Australian quality, growth stocks in a single tax-efficient vehicle.
Slide 7: Corporate Governance, ESG, Climate Related Disclosure
Corporate Governance • ESG • Climate Related Disclosure • Director skill matrix reporting
Slide 8: 2023 Overview
2023 Overview Net profit / (loss) Dividend NAV per share Share price $38.3m 5.52cps $0.72 $0.71 (2022: $-34.6m) (2022: 6.68cps) (2022: $0.64) (2022: $0.77) Share price Total shareholder Adjusted NAV Dividend return # (discount) / return* return* premium to NAV^ -1.1% +7.5% 23.1% (1.4%) (2022: premiu
Slide 9: 2023 Overview - Continued
2023 Overview - Continued Portfolio Performance For the year 3 years 5 years ended 12 months (annualised) (annualised) 30 June Adjusted NAV return* +23.1% +12.4% +10.7% Gross Performance * +26.4% +14.9% +13.6% Benchmark Index^ +14.8% +11.7% +7.5% *These metrics are Non-GAAP measures calculated in ac
Slide 10: Earnings Per Share
Earnings Per Share Earnings Per 2023 2022 2021 2020 2019 Share Basic Earnings per Share 14.15 -13.99 24.82 6.44 4.40 (cents) Diluted Earnings Per Share 14.15 -13.99 23.43 6.42 4.37 (cents)
Slide 11: Movements in Shareholders' Funds
Movements in Shareholders’ Funds 12 Months to 30 June 2023 ($m)
Slide 12: Quarter 1, 2024
Quarter 1, 2024 30 June – 30 September 2023 Net loss NAV per share $27k $0.71 Adjusted NAV Return* Benchmark Index -0.01% -0.9% Share price Total shareholder return* $0.72 3.5% *These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Barramundi Non-GAAP Fin
Slide 13: Warrants
WARRANTS • Announced on NZX 9 October 2023 • Full details will be sent to shareholders circa 17 October 2023 • Pro rata issue of circa 69.5m warrants 26 October 2023 to eligible shareholders • Initial exercise price $0.69 • The final exercise price will be announced in early September 2024 • Exercis
Slide 14: Manager's Review
Manager’s Review 13 October 2023
Slide 15: Know your philosophy & style
Know your philosophy & style
Slide 16: What a difference a year makes
What a difference a year makes ASX 200 Index 30 June 2021 – 30 June 2023 8,950 4.5% Australian 10yr Government Bond Yield 8,650 4.0% 8,350 3.5% 8,050 3.0% ASX 200 Index 7,750 2.5% 7,450 2.0% 7,150 1.5% 6,850 1.0% 6,550 0.5% 6,250 0.0% Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 ASX 200 Australian 10yr Govern
Slide 17: Information Technology has led the market higher
Information Technology has led the market higher ASX 200 index rose 15% over the year to 30 June 2023 60% 50% 48% 40% 30% 21% 18% 20% 15% 14% 11% 11% 8% 5% 10% 4% 4% 0% ASX Sector Return ASX Total Return
Slide 18: How our companies have navigated this environment
How our companies have navigated this environment
Slide 19: A strong rebound for Barramundi
A strong rebound for Barramundi Performance in FY2023 *ASX200 Index 70% hedged into NZ$; Includes preliminary data from Bloomberg
Slide 20: Portfolio company performance in FY2023
Portfolio company performance in FY2023 6% 111% 5% 4% Contribution AUD (%) 70% 3% 55% 34% 2% 38% 30% 41% 19% 50% 39% 25% 16% 1% 24% 28% 23% 8% 16% 15% 13% 4% 6% 0% 4% 1% 2% 0% -1% -30% -2% Contribution (AUD) Notes: Labels (%) on the bars are the total return for the stock over the period owned
Slide 21: Cost discipline in tech companies rewarded by investors
Cost discipline in tech companies rewarded by investors Operating Expenses as Percentage of Revenue 85% 84% 82% 81% 81% 80% 78% 75% 75% 70% FY19 FY20 FY21 FY22 FY23 FY24 Target
Slide 22: 23% annualised return over 5 years
23% annualised return over 5 years $35 $30 AUB Share Price (AUD) $25 $20 New CEO $15 $10 $5 $0 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23
Slide 23: A number of companies continued lifting prices
A number of companies continued lifting prices…. increased component costs passed on to customers - “Net sales increased 9% to a record $2.8bn driven “with an increase of 18% in average selling by strong price mix growth of 11%.” price” (James Hardie CFO commenting on FY23 North American results) (A
Slide 24: Domino's pushed price too far
….although Domino’s pushed price too far In 2022… ꓫ Acute inflationary pressures ꓫ Prices increased without extensive trials ꓫ Delivery service fee introduced ꓫ ‘Dining-out’ favoured over delivery as COVID subsided …in 2023 ✓ Inflation pressures have eased ✓ Delivery service fee removed ✓ ‘Flex’ pri
Slide 25: Portfolio management: FY2023 and FY2024 to date
Portfolio management: FY2023 and FY2024 to date Target weight changes (net) Smaller Larger
Slide 26: Johns Lyng Group
Johns Lyng Group Johns Lyng Revenue Growth “Our brand is our people, and our people are our culture.” CEO, Scott Didier
Slide 27: A balanced blend of companies
A balanced blend of companies CAR CARSALES CONSUMER OML OOH!MEDIA INFORMATION SERVICES REA REA GROUP TECHNOLOGY SEK SEEK LTD XRO CAR DMP DOMINO'S WTC OML PWH PWR HOLDINGS REA WOW WOOLWORTHS NXT AUB AUB GROUP FCL SEK ANZ AUSTRALIA AND NZ BANKING GROUP AD8 CONSUMER COMMONWEALTH BANK OF DMP DISCCRETION
Slide 28: A positive start to the FY24 year
A positive start to the FY24 year Performance in FY24** to date *ASX200 Index 70% hedged into NZ$; Includes preliminary data from Bloomberg **Period from 30/06/2023-30/09/2023
Slide 29: Our portfolio companies are well positioned for the future
Our portfolio companies are well positioned for the future ➢ Interest rate hikes by central banks have so far delivered the desired effect ➢ Economic activity is slowing, but remains resilient ➢ Central banks have tempered interest rate hikes recently ➢ Australia is in a sound position relative to m
Slide 30: Thank You
Barramundi ) LANDING TOMORROW’ "S TROPHIES THANK YOU
Slide 31: General Questions from Shareholders
General Questions from Shareholders (not relating to resolutions)
Slide 32: Online Attendees – Voting Process
Online Attendees – Voting Process Shareholder & Proxyholder Voting Once the voting has been opened, the resolutions and voting options will allow voting. To vote, simply click on the Vote tab, and select your voting direction from the options shown on the screen. You can vote for all resolutions at
Slide 33: Annual Meeting 2023 resolutions
Annual Meeting 2023 resolutions
Slide 34: 2023 Annual Meeting Resolutions
2023 Annual Meeting Resolutions • Introduce and propose • Questions • Lodge your vote
Slide 35: Matters of Business
Matters of Business • Annual Report • Resolutions: – Re-elect Andy Coupe – Increase directors’ fee pool – Approve auditor remuneration
Slide 36: Re-election of Andy Coupe
Resolution 1 Re-election of Andy Coupe To re-elect Andy Coupe as a Director of Barramundi Limited
Slide 37: Increase Directors' fee pool
Resolution 2 Increase Directors’ fee pool To authorise an increase in the Directors’ fee pool from $157,500 (plus GST if any) to $185,500 (plus GST if any), with effect from 1 July 2023.
Slide 38: Auditor Remuneration
Resolution 3 Auditor Remuneration That the Board of Directors be authorised to fix the remuneration of the auditor for the ensuing year
Slide 39: Conclusion
Conclusion • Complete and sign voting paper • Voting papers in the voting boxes • If you need a voting paper please see Computershare • Results to NZX
Slide 40: Thank You
Barramundi ) LANDING TOMORROW’ "S TROPHIES THANK YOU