Barramundi Ltd. · NZX:BRM
Barramundi — Shareholder Meeting (October 2024)
35 slides from Barramundi's shareholder meeting presentation, Oct 30, 2024
Slide 1: Annual Meeting of Shareholders
ANNUAL MEETING OF SHAREHOLDERS 30 October 2024
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: Chair's Overview
eee is Chair's Overview ~— Barramundi »
Slide 5: 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 6: Corporate Governance
Corporate Governance • ESG • Climate Related Disclosure
Slide 7: 2024 Overview
2024 Overview Net profit / (loss) Dividend NAV per share Share price $28.1m 5.88cps $0.76 $0.69 (2023: $38.3m) (2023: 5.52cps) (2023: $0.72) (2023: $0.71) Share price Total shareholder Adjusted NAV Dividend # (discount) to return* return* NAV^ +7.1% +8.2% 14.5% (7.9%) (2023: -1.1%) (2023: +7.5%) (20
Slide 8: 2024 Overview - Continued
2024 Overview - Continued Portfolio Performance For the year 3 years 5 years ended 12 months (annualised) (annualised) 30 June Adjusted NAV return* +14.5% +5.7% +12.4% Gross Performance * +17.4% +7.9% +15.1% Benchmark Index^ +13.1% +7.1% +8.0% *These metrics are Non-GAAP measures calculated in accor
Slide 9: Earnings Per Share
Earnings Per Share Earnings Per 2024 2023 2022 2021 2020 Share Basic Earnings per Share 10.07 14.15 -13.99 24.82 6.44 (cents) Diluted Earnings Per Share 9.92 14.15 -13.99 23.43 6.42 (cents)
Slide 10: Movements in Shareholders' Funds
Movements in Shareholders’ Funds 12 Months to 30 June 2024 ($m)
Slide 11: Quarter 1, FY2025
Quarter 1, FY2025 30 June – 30 September 2024 Net Profit NAV per share $13.6m $0.79 Adjusted NAV Return* Benchmark Index +6.3% +8.0% Share price Total shareholder return* $0.67 -1.0% *These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Barramundi Non-GA
Slide 12: Warrants
WARRANTS • Pro rata issue of circa 69.5m warrants 26 October 2023 to eligible shareholders • Final exercise price $0.63 • Exercise date 25 October 2024 • Over 60% exercised their warrants • New shares to be issued 31 October 2024
Slide 13: Manager's Review
Manager’s Review 30 October 2024
Slide 14: Stabilising interest rates supportive for equities in FY24
Stabilising interest rates supportive for equities in FY24 AU 10yr Govt Bond yield 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24
Slide 15: Information Technology has led the market higher
Information Technology has led the market higher ASX 200 index rose 12% over the year to 30 June 2024 30% 28% 23% 19% 20% 17% 10% 7% 6% 0% 0% -2% -6% -7% -7% -10% Info. Tech. Financials Consumer Real Health Utilities Industrials Comm. Materials Consumer Energy Disc. Estate Care Services Staples ASX
Slide 16: A strong year for Barramundi
A strong year for Barramundi Performance for FY24 Gross Return NZD (%) Benchmar Stoc F BRM ross Inde Selection Return * ASX200 70% hedged into NZ$; Includes preliminary data from Bloomberg
Slide 17: Portfolio company performance in FY2024
Portfolio company performance in FY2024 3.0% 26% 51% 2.5% Contribution AUD (bps) 2.0% 42% 33% 39% 70% 1.5% 45% 8% 19% 1.0% 15% 18% 19% 28% 27% 10% 0.5% 0% 10% 20% 4% 2% 0.0% 1% -0.5% -12%-10%-22% -21%-37% -1.0% Contribution (AUD) Notes: Labels are the total return for the stock over the period owned
Slide 18: The 'Microsoft 5' for logistics
The ‘Microsoft 5’ for logistics Majority of top 25 global logistics companies use Cargowise 40 CargoWise global rollout CargoWise global customs rollout Non - CargoWise clients Gross Logistics Revenue (US$bn) 35 30 25 20 15 10 5 - LX Pantos DACHSER DHL Bolloré CTS DSV Kerry Sinotrans Kintetsu Hellma
Slide 19: Supporting our companies in their growth ambitions
Supporting our companies in their growth ambitions Investing in core business >A$2bn in equity raisings Acquisitions to accelerate growth A$465m equity A$200m equity A$70m equity raising raising raising
Slide 20: Disciplined & clear rationale for acquisition led growth
Disciplined & clear rationale for acquisition led growth Australia North America Latin America Asia Investments 2% 6% 10% 11% 16% 41% 17% 72% 25% Revenue Split FY19 Revenue Split FY24
Slide 21: Growing pains: Not the end of a growth runway
Growing pains: Not the end of a growth runway De-stocking of pandemic inventory to weigh on FY25 growth Benign weather. Insurer reduced allocation (underperformance), since resolved Adding employee expertise and expanding manufacturing capacity ahead of anticipated contract wins
Slide 22: Portfolio management: FY2024 and FY2025 to date
Portfolio management: FY2024 and FY2025 to date Target weight changes (net) Smaller Larger
Slide 23: A balanced blend of companies
A balanced blend of companies CAR CARSALES CONSUMER SEK SEEK LTD INFORMATION SERVICES OML OOH!MEDIA TECHNOLOGY REA REA GROUP DMP DOMINO'S NXT CAR PWH PWR HOLDINGS SEK WOW WOOLWORTHS XRO CONSUMER MQG MACQUARIE GROUP LTD DISCCRETIONARY AUB AUB GROUP WTC DMP CONSUMER CBA COMMONWEALTH BANK OF AUSTRALIA
Slide 24: BRM up +7% for Q1 in 2025
BRM up +7% for Q1 in 2025 Performance in FY25** to date Gross Return NZD (%) 5 Benchmar Stoc F BRM ross Inde Selection Return *ASX200 Index 70% hedged into NZ$; Includes preliminary data from Bloomberg **Period from 30/06/2023-30/09/2023
Slide 25: Cautiously optimistic outlook
Cautiously optimistic outlook ➢ China’s renewed efforts in September to stimulate its economy li ely benefits Australia ➢ Global interest rate cutting cycle has begun – mortgage rate relief on the horizon ➢ A resilient economy, helped by July ‘ ta cuts are supportive for Australian consumers ➢ Our p
Slide 26: Thank You
Barramundi ) LANDING TOMORROW’ "S TROPHIES THANK YOU
Slide 27: General Questions from Shareholders
General Questions from Shareholders (not relating to resolutions)
Slide 28: 2024 Resolutions
Annual Meeting 2024 Resolutions
Slide 29: 2024 Annual Meeting Resolutions
2024 Annual Meeting Resolutions • Introduce and propose • Questions • Lodge your vote per the digital portal
Slide 30: Matters of Business
Matters of Business • Annual Report • Resolutions: – Re-elect Carol Campbell – Re-elect David McClatchy – Auditor remuneration
Slide 31: Re-election of Carol Campbell
Resolution 1 Re-election of Carol Campbell To re-elect Carol Campbell as a Director of Barramundi Limited
Slide 32: Re-election of David McClatchy
Resolution 2 Re-election of David McClatchy To re-elect David McClatchy as a Director of Barramundi Limited
Slide 33: 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 34: 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 35: Thank You
Barramundi ) LANDING TOMORROW’ "S TROPHIES THANK YOU