MLN – 31 December 2016 Interim Report Provided

interim report
2 017
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
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UPCOMING EVENTS TO 30 JUNE 2017
Dividend Payment 31 March 2017
March Quarter Update Newsletter April 2017
Financial Year End 30 June 2017
CONTENTS
03
Directors’ Overview
08
Manager’s Report
16
Independent Review Report
17
Statement of Comprehensive Income
18
Statement of Changes in Equity
19
Statement of Financial Position
20
Statement of Cash Flows
21
Notes to the Interim Financial Statements
29
Directory
The interim report is provided for information purposes only and does not constitute an offer, invitation, basis for
a contract, financial advice, other advice or recommendation to conclude any transaction for the purchase or
sale of any security, loan or other instrument. In particular, the information contained in this interim report is not
financial advice for the purposes of the Financial Advisers Act 2008 and should not be relied upon when making
an investment decision. Professional financial advice from an authorised financial adviser should be taken before
making an investment.
This report is dated 6 March 2017 and is signed on behalf of the Board of Marlin Global
Limited by Alistair Ryan, Chair, and Carmel Fisher, Director.
Alistair Ryan Carmel Fisher
Chair Director
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First Half Result (six months ended 31 December 2016)
For the six months ended 31 December 2016, Marlin’s net profit was $3.6m, up on the
corresponding prior six month period net profit of $0.3m.
Total shareholder return, which includes the change in the share price, dividends paid
per share and the impact of warrants was +5.7% for the six months.
12 Month Result (12 months ended 31 December 2016)
Marlin’s net loss of $3.6m for the 12 months ended 31 December 2016 is a
disappointing result after the net profit of $12.4m achieved in the corresponding
12 month period.
For the 12 months ended 31 December 2016, shareholders received a total
shareholder return of +3.3%, including 7.04 cents per share in dividends.
Five-Year Summary
Figure 1 (on page 6) summarises the five-year performance history
for the six month periods ended 31 December 2012-2016. The
summary shows total shareholder return has been positive in
each of these periods and that shareholders have received a
consistent dividend.
Share Price and Dividends
Marlin’s share price closed at $0.80 on 31 December
2016, slightly up on the 30 June 2016 share price of
$0.79. Over the six month period the share price has
fluctuated between $0.77 and $0.83.
DIRECTORS' OVERVIEW
The 2016 year saw a number of political surprises including
the Brexit vote and the election of Donald Trump as US
President. Even more surprising was the positive market
reaction immediately following these significant events.
Marlin’s benchmark^ index rose +10.9% for the six months to
31 December 2016 and the Marlin portfolio also achieved a
positive but more subdued return of +5.3%* for the period.
Alistair Ryan,
Chair.
^ Benchmark index: S&P Large Mid Cap/S&P Small Cap Index
(hedged 50% to NZD)
* Gross of fees and tax and adjusting for capital management initiatives
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DIRECTORS' OVERVIEW CONTINUED
Marlin continues to distribute 2.0% of average net asset value per quarter, and over the
six month period, the company paid 3.44 cents per share in dividends (1.72 cents per
share on 30 September 2016 and 1.72 cents per share on 22 December 2016). The
next dividend will be 1.66 cents per share to be paid on 31 March 2017 with a record
date of 16 March 2017.
Marlin has a dividend reinvestment plan which provides ordinary shareholders with
the option to reinvest all or part of any cash dividends in fully paid ordinary shares.
Currently, shares issued under the reinvestment plan will be issued at a 3% discount.
To participate in the dividend reinvestment plan, a completed participation notice
must be received by Marlin before the next record date. Full details of the dividend
reinvestment plan can be found in the Marlin Dividend Reinvestment Plan Offer
Document, a copy of which is available at www.marlin.co.nz/investor-centre/capital-
management-strategies/.
Shareholders who invested $1 per share when Marlin listed in November 2007 have
now received back $0.51 per share in dividends. Those shareholders who reinvested
their dividends and exercised their warrants have received a total shareholder return of
51.7% since inception, equivalent to 4.7% after tax on an annualised basis.
Figure 2 (on page 7) tracks the Marlin share price and total shareholder return since
inception.
Revenue and Expenses
The key components of the first half result were gains on financial assets of $4.0m,
dividend and interest income of $0.4m, less operating expenses and tax of $1.4m. This
result includes $0.4m of foreign exchange gains and $0.2m of currency hedging gains.
People
As you know, Carmel Fisher recently announced her retirement from her role as
Managing Director of Fisher Funds, with her successor being former Co-Operative
Bank CEO, Bruce McLachlan. While no longer running Fisher Funds, Carmel will
remain a director of the Marlin Board and a member of the Board sub-committees,
including the Marlin Investment Committee. The Marlin Board has enjoyed working with
Carmel over the years, and is looking forward to her continued involvement with Marlin
in her capacity as company director.
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Marlin’s Senior Portfolio Manager Roger Garrett announced his retirement in January.
Ashley Gardyne, previously a Senior Investment Analyst in the Fisher Funds international
equities team, was appointed to the role of Senior Portfolio Manager for Marlin, effective 01
January 2017 and Roger is providing a full handover of the portfolio before his retirement
takes effect.
Conclusion
The six months to 31 December 2016 were a reminder that the global political and
economic environment can be changeable and unpredictable. This reinforces the
Manager’s strategy of focusing on well managed, quality businesses whose sustainable
competitive advantages enable them to adapt and respond to an ever changing
environment over the medium to long term.
Further details of the Marlin portfolio are discussed in the Manager’s Report.
On behalf of the Board,
Alistair Ryan
Chair
Marlin Global Limited
6 March 2017
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FIGURE 1: FIVE YEAR PERFORMANCE SUMMARY
Corporate Performance
Six month period ended
31 December
20162015201420132012
Total Shareholder Return¹5.7%2.0%4.6%19.7%0.9%
Dividend Return 4.4%4.4%4.4%5.0%5.0%
Basic Earnings per Share3 .11 c p s0.23 cps2.32 cps11.47 c p s0 .16 c p s
Adjusted NAV Return¹3.8%0.2%2.5%13 .1%0.2%
As at 31 December20162015201420132012
NAV¹$0.83$0.93$0.90$0.96$0.83
Adjusted NAV¹$1.44$1.49$1.32$1.30$1.04
Share Price$0.80$0.84$0.83$0.81$0.67
Warrant Price-$0.03---
Share Price Discount to NAV
(including warrant price on
pro-rated basis)
3.2%9.2%7.6%15.7%19.2%
Manager Performance
Six month period ended
31 December
20162015201420132012
Gross Performance²5.3%2.0%4.4%15.9%1.8%
Benchmark Index³10.9%(2.9%)7.7 %12.9%6.9%
NB: All figures are unaudited.
¹ Reviewed by an independent actuary.
² Gross of fees and tax and adjusting for capital management initiatives.
³ Blended index: World Small Cap Gross Index until 30 September 2015 & S&P Large Mid Cap/S&P Small Cap Index
(50% hedged to NZD) from 1 October 2015.
Comparative information
Marlin’s TSR and Adjusted NAV historical information has been restated due to a recent change to Non-GAAP
measures. The restated values are based on the methodology described below.
DIRECTORS' OVERVIEW CONTINUED
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Definitions of non-GAAP measures:
Adjusted Net Asset Value (NAV)
The adjusted NAV per share represents the total assets of Marlin (investments and cash) minus any liabilities
(expenses and tax), divided by the number of shares on issue. It adds back dividends paid to shareholders and
adjusts for:
» the impact of shares issued under the dividend reinvestment plan at the discounted reinvestment price;
» shares bought on-market (share buybacks) at a price different to the NAV, and;
» warrants exercised at a price different to the NAV at the time exercised.
Adjusted NAV assumes all dividends are reinvested in the company’s dividend reinvestment plan and excludes
imputation credits.
The directors believe this metric to be useful as it reflects the underlying performance of the investment portfolio
adjusted for dividends, share buybacks and warrants, which are a capital allocation decision and not a reflection of
the portfolio’s performance.
Total Shareholder Return (TSR)
The TSR combines the share price performance, the warrant price performance (when warrants are on issue), the
net value of converting warrants into shares and dividends paid to shareholders.
TSR assumes:
» all dividends paid are reinvested in the company’s dividend reinvestment plan at the discounted reinvestment
price and exclude imputation credits, and;
» all shareholders that have received warrants (for free), have subsequently exercised their warrants at the warrant
expiry date and bought shares (if they were in the money).
The directors believe this metric to be useful as it reflects the return of an investor who reinvests their dividends
and, if in the money, exercises their warrants at warrant maturity date for additional shares. No metric has been
included for investors who choose other investment options.
FIGURE 2: TOTAL SHAREHOLDER RETURN
Dec
2007
Dec
2008
Dec
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2014
Dec
2013
Share Price/Total Shareholder Return
Share PriceTotal Shareholder Return
Dec
2015
$
1.00
$
1.20
$
0.8 0
$
0.60
$
0.40
$
1.60
$
0.20
$
0.00
$
1.40
Dec
2016
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The events of 2016 reinforced our long-held belief that picking short term market
movements is pointless, however they did have an impact on the Marlin portfolio over the
last six months. Trump’s campaign promises of infrastructure spending, job creation and
tax cuts, combined with an already improving economic backdrop, spurred an abrupt
change in investor sentiment. The market quickly developed a preference for companies
in economically sensitive sectors such as industrials and financials, which were
previously out of favour given their poor growth prospects and volatility. Unfortunately for
us, this shift resulted in less demand for high quality growth businesses.
The Marlin portfolio was up 5.3%* in the six months to 31 December 2016, but the
change in market dynamics saw us underperform our benchmark (the S&P Large
Mid Cap/S&P Small Cap Index (50% hedged to NZD)), which was up 10.9%. Our
overweight positions in quality IT and healthcare stocks, and limited exposure to
more cyclical financial, industrial and energy stocks accounted for a large part of this
underperformance. While there will be periods when our strategy underperforms, we
believe that over the long run a carefully selected portfolio of quality growth companies
will outperform the market.
Portfolio Construction and Activity
There are three principles that are fundamental to how we manage the Marlin portfolio
which also provide a useful framework for discussing the recent portfolio changes.
1. We invest in competitively advantaged businesses with growth prospects we
believe are underappreciated by the market
We spend a significant amount of time looking for new investment ideas. This can be
through our own desktop research and screens, visiting new companies, attending
industry conferences, or via our ongoing monitoring of corporate and market
MANAGER'S REPORT
2016 was a year of major political and economic surprises. The
UK voted to leave the European Union, the Italian public voted
‘no’ to constitutional reform, and the assumed underdog Donald
Trump took out the US presidential election. Surprises by definition
cannot be predicted, but even with perfect foresight of these
developments few would have predicted the market reaction.
Despite Brexit, UK GDP grew ahead of expectations at 2.2% in
2016 and the FTSE 100 index rallied strongly, closing the year
12% higher than before the Brexit vote. Despite predictions equity
markets would fall on a Trump victory, the S&P 500 climbed 7%
between Trump’s election win and the end of the year.
* Gross of fees and tax and adjusting for capital management initiatives
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developments. The companies we identify are sometimes smaller businesses like
logistics software developer, Descartes, and other times they may be larger and more
obvious candidates, like MasterCard. Regardless of the size of the business or how we
find the idea, we are after the same thing; a well-run business (ideally with management
that have significant skin in the game), with a sustainable competitive advantage and
the ability to grow earnings materially over the long term. These qualities are set out
in Fisher Funds’ STEEPP investment criteria, which will be well known to many Marlin
investors. The basis of our investment style is that businesses with these qualities tend
to outperform the market over the long run.
Over the past six months we have added four new companies to the portfolio that meet
these strict criteria — Worldpay, Core Laboratories, Graco and Fresenius Medical Care.
Worldpay (United Kingdom) is a leading global payments company, with a strong
position both in ecommerce and in-store payment processing. While the payments
industry is competitive, Worldpay has the scale, technological advantages and customer
incumbency to ensure it benefits from the trend away from cash and towards non-cash
payments. We believe the market is underestimating the sustainability of Worldpay’s
growth runway and added it to the portfolio when the share price was temporarily
depressed due to Brexit and potential regulatory changes in Europe.
Core Laboratories (United States) is a leading provider of reservoir description services
to the oil and gas industry. Core Laboratories operates in over a quarter of the world’s
active oil fields and its products allow oil and gas producers to increase the volume of
oil recovered. Core Laboratories’ competitive advantage stems from their extensive (and
hard to replicate) library of reservoir data acquired over
decades of operations. As the majority of its revenue
comes from selling data, they have industry leading
margins, strong cash flow generation, and can
grow without much incremental capital. We believe
we invested in Core Laboratories at an opportune
time and that the importance of its products
to oil producers will allow it to continue
outgrowing its oil field services peers as the
energy sector recovers.
2016 was a year of major
political and economic
surprises.
Roger Garrett,
Senior Portfolio Manager.
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MANAGER'S REPORT CONTINUED
Graco (United States) is a leading manufacturer of specialised equipment used to pump,
mix and dispense a wide variety of fluids and coatings (such as paints, lubricants and
glues) across multiple sectors. The company is a leader in a niche market where fluids
need to be accurately mixed and applied with a high degree of precision. Their focus on
automation, cost control and lean manufacturing has allowed them to maintain wide profit
margins and an attractive return on capital while significantly increasing production levels.
Graco is a great example of a small cap company run by an entrepreneurial and cost-
conscious management team that will drive significant growth in the years ahead.
Fresenius Medical Care (Germany) is the global leader in dialysis care, providing dialysis
to 176,000 patients in North America (32% market share) and 110,000 patients in other
parts of the globe via a network of over 3,400 clinics. The increasing incidence of diabetes
globally is resulting in a patient population that is growing at around 5-6% per annum.
Over the past 10 years Fresenius has leveraged this trend to grow operating earnings at
11% per annum. We expect Fresenius to deliver 10%+ earnings per share growth over the
medium term through a combination of organic growth and bolt-on acquisitions.
Our highest conviction holdings
While portfolio changes since our last update are important to discuss, our concentrated
approach to investing (with approximately 30 holdings) means that the prospects of our
largest positions are often of the greatest consequence.
As high conviction investors, we want to see the largest holdings in the Marlin portfolio
contributing the most to performance. Pleasingly, this was the case over the past
six months, with four of our top five contributors to performance (eBay, Plantronics,
MasterCard and Alphabet) having portfolio weightings of 3.5% and above. On the flip
side, four of the five biggest detractors from performance had weightings of less than
2.5%. This further reinforces our approach of having significant weightings in our highest
conviction investments, and adopting a zero tolerance approach to removing companies
if our conviction in the investment thesis diminishes. Since the end of the year we have
gone further in this regard, increasing the weightings in our top holdings (including
Alphabet and PayPal) and exiting a number of smaller positions.
Our top five holdings at 31 December 2016 were Alphabet (5.4%), MasterCard
(4.6%), PayPal (4.1%), eBay (3.9%) and Alibaba (3.9%).
2. We vigilantly monitor our investments and act decisively when the facts change
Unlike politics, there are no ‘alternative facts’ in investing. Regardless of how much we like
a company now, the business environment is dynamic and we monitor each investment
closely and move quickly if an investment thesis has deteriorated. Holding onto deteriorating
businesses in the hope of a turnaround in fortunes is often a costly strategy.
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In the six months to 31 December 2016 we exited United Internet and Stericycle. We also
completed our exit of Genomma which was initiated in the first half of 2016.
United Internet is a mobile virtual network operator (think 2degrees) based in
Germany and was a good performer for the portfolio since 2012. Our decision to
exit the stock was based on a weakening growth outlook as price competition
intensifies and smartphone penetration reaches elevated levels. United Internet has
also yet to negotiate full access to a 4G network and we believe this will eventually
impact its ability to attract and retain customers. In our opinion the company’s moat
has narrowed and its growth prospects have diminished; we therefore exited the
investment.
We also sold out of Stericycle, the largest US medical waste collector. While Stericycle
is a quality business and has many of the features we find appealing, it became clear
to us that their bargaining power with large hospital chains deteriorated. This change
in the competitive dynamics resulted from a period where large US hospital groups
consolidated smaller physician practices, and are now starting to use their increasing
clout to renegotiate prices lower. Stericycle are now less able to rely on regular price
increases — impacting its growth profile.
Subsequent to year end we have also exited a number of smaller holdings including
Stratec Biomedical, Biotest, IMI plc and Wirecard.
Subtle changes in competitive dynamics, regulations
and technology can have far reaching implications for
companies and their return prospects. We continuously
monitor the portfolio to identify such developments, so
we can react appropriately.
Rather than trying to
pick market movements,
we spend our time trying
to construct a portfolio
of leading businesses
that will perform well
in a range of different
environments.
Ashley Gardyne,
Senior Portfolio Manager.
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MANAGER'S REPORT CONTINUED
3. We maintain balance across the portfolio
The importance of diversification across geographies and sectors can be readily seen
in a year like 2016, with economic and political changes coming from left field and
having a material impact on markets.
As we have seen time and again, countries and industries can have their time in and
out of the limelight. Ireland (the Celtic Tiger) was an ‘economic miracle’ in the late
1990s and early 2000s, before over-stretching and feeling the brunt of the global
financial crisis. Technology stocks had their time to shine in the late 1990s, before
the Dotcom bust evaporated years of gains. Before that, there was Japan’s post-war
economic miracle that drove equity and property markets to extremes, before slumping
into a ‘lost decade’. Sensible diversification across geographies and sectors can help
shelter a portfolio from the worst impacts of these unforeseen adjustments.
The Marlin portfolio has broad geographic diversification, with investments across a
range of countries including the US, Germany, Italy, China and the UK.
During the period we continued to introduce greater sector diversity to the portfolio,
in particular with the purchase of industrial company Graco and oil field services
company Core Laboratories.
Sector allocation
Geographical allocation
Consumer Discretionary 23%
Consumer Staples 2%
Energy 3%
Financials 5%
Healthcare 19%
Industrials 16%
Information Technology 21%
Technology 8%
Asia (ex Japan) 7%
West Europe 26%
North America 63%
Japan 2%
*The Marlin portfolio also holds cash.
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Contributors and Detractors From Performance
Biggest contributors to performance
eBay was the biggest contributor to performance in the six months to 31 December
2016, with the company gaining 30% over the period. eBay recently delivered better than
expected growth as its structured data initiatives (to improve its website and attract more
traffic) started to pay off. We continue to believe eBay has a strong position catering to
niche ecommerce segments and its recent growth acceleration is encouraging.
Plantronics, a leading manufacturer of hi-tech headsets, was up 28% over the period.
Plantronics headsets are used by call centre staff all over the globe, but their biggest
growth opportunity comes from selling headsets to the broader office market as
corporate adoption of Unified Communications (UC) increases. These systems (like
Microsoft Lync) allow office workers to exchange ideas and information more efficiently
by integrating voice calling, messaging, document sharing and web conferencing into
one common platform. In recent quarters Plantronics has started to demonstrate more
consistent growth in its UC business, which combined with management’s target of
increasing margins materially over the next two years has supported its share price.
MasterCard continued to deliver strong earnings growth in recent quarters and was up
20% over the period. MasterCard’s transaction volumes continue to grow predictably,
driven by increasing consumer spending and the steady trend away from cash and
towards credit and debit cards. MasterCard’s low variable costs allow for earnings
growth significantly ahead of revenue growth, which resulted in a 10% growth in
transaction volume in the third quarter translating into 19% growth in earnings per share.
Biggest detractors from performance
On the negative side, shares of infant milk formula company, Mead Johnson fell 19%
over the period as ongoing inventory and pricing issues in the Chinese market caused
the company to report revenue growth below investor expectations. We believe that
selling conditions should improve into 2017 as Chinese regulations significantly reduce
the number of brands in the marketplace with larger companies like Mead Johnson best
placed to succeed. Since the end of the interim reporting period, UK consumer products
company Reckitt Benckiser has launched a takeover offer for the company at a price of
$90 per share, which has resulted in a significant jump in Mead Johnson’s share price.
Park24, the Japanese car park operator and car sharing business, fell 17% during the
period despite relatively solid operating results. The decline in share price came after a
68% gain over the prior 12 months and can be partly attributed to selling pressure from
convertible bond holders who had recently converted their bonds to shares. Over the
long run Park24 has done an exceptional job — doubling profits over the past five years.
Park24’s car parking business delivers steady and predictable growth and its car sharing
business adds to the growth story.
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MANAGER'S REPORT CONTINUED
Cerner is the world’s largest healthcare information technology company, providing
software solutions to hospitals. Cerner’s share price fell 17% during the period,
impacted by both a slowdown in revenue growth and concerns that a repeal of
Obamacare by President Trump could reduce the incentive for hospitals to upgrade
IT systems. We have reduced our shareholding in Cerner given the level of political
uncertainty in the US healthcare sector.
Outlook
Over the past six months there have been subtle changes to the global economic
outlook and more material changes to the political backdrop. There have been
improvements in economic growth, consumer and business confidence, and inflation
expectations in many markets. Moderate economic growth in the US has the potential
to accelerate further should Trump follow through with proposed infrastructure
spending and corporate tax reform. In addition to a subdued yet improving economic
backdrop, we are witnessing relatively good trading commentaries from the companies
we follow. This backdrop provides a supportive environment for equity markets.
While the current global environment is supportive of equity markets, the future is
inherently unpredictable. Rather than trying to pick market movements, we spend our
time trying to construct a portfolio of leading businesses that will perform well in a
range of different environments. Diversification across geographies and sectors helps,
but more importantly we constantly review each company in the portfolio and only hold
those in which we have the highest conviction.
When the market is buoyant and most stocks are rising it can be difficult to see
the benefits of a focus on quality. It is often only when markets are difficult that the
defensiveness of quality businesses becomes apparent. While the change in market
sentiment that accompanied Trump’s election win was a drag on performance over the
past six months, we ultimately believe that our strategy of investing in a select group of
growth business will deliver attractive returns over the medium to long term.
Ashley Gardyne
Senior Portfolio Manager
Fisher Funds Management Limited
6 March 2017
Roger Garrett
Senior Portfolio Manager
Fisher Funds Management Limited
6 March 2017
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Portfolio Holding Summary as at 31 December 2016
LocationCompany% Holding
CanadaDescartes Systems Group2.2%
DenmarkColoplast 3.0%
GermanyAdidas2.0%
Biotest2.7%
Fresenius Medical Care2.0%
Stratec Biomedical2.1%
Wirecard2.7%
IrelandIcon2.8%
IsraelSarine Technologies2.8%
ItalyBrembo3.5%
JapanPark 242.4%
United KingdomIMI2.0%
Worldpay Group3.0%
United StatesAlibaba Group3.9%
Alphabet5.4%
Amazon.com2.1%
Blackhawk2.6%
Cerner Corporation2.0%
Cognizant Technology Solutions Corporation 3.2%
Core Laboratories2.8%
eBay 3.9%
Ecolab3 .1%
Expedia3 .1%
Graco2.0%
LKQ2.8%
Mastercard4.6%
Mead Johnson2.2%
Nike3.3%
PayPal Holdings4.1%
Plantronics 3.5%
United Parcel Service3.8%
Varian Medical Systems3.3%
Zoetis Inc3.3%
Equity Total98.2%
New Zealand dollar cash0.6%
Total foreign cash2.4%
Cash Total3.0%
Forward foreign exchange contracts-1. 2%
TOTAL100.0%
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Independent Auditor’s Report
to the shareholders of Barramundi Limited


Report on the Financial Statements
We have audited the financial statements of Barramundi Limited on pages 2 to 18, which comprise the statement of
financial position as at 30 June 2013, the statement of comprehensive income, the statement of changes in equity and
the statement of cash flows for the year then ended, and the notes to the financial statements that include a summary of
significant accounting policies and other explanatory information.

Directors’ Responsibility for the Financial Statements
The Directors are responsible for the preparation of these financial statements in accordance with generally accepted
accounting practice in New Zealand and that give a true and fair view of the matters to which they relate and for such
internal controls as the Directors determine are necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.

Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing (New Zealand) and International Standards on Auditing. These
standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers the internal controls relevant to the Company’s preparation of financial statements that give a true and
fair view of the matters to which they relate, in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.

We have no relationship with, or interests in, Barramundi Limited other than in our capacities as auditor and provider
of other assurance services. These services have not impaired our independence as auditor of the Company.

Opinion
In our opinion, the financial statements on pages 2 to 18:

(i) comply with generally accepted accounting practice in New Zealand;
(ii) comply with International Financial Reporting Standards; and
(iii) give a true and fair view of the financial position of the Company as at 30 June 2013, and its financial
performance and cash flows for the year then ended.

Report on Other Legal and Regulatory Requirements
We also report in accordance with Sections 16(1)(d) and 16(1)(e) of the Financial Reporting Act 1993. In relation to our
audit of the financial statements for the year ended 30 June 2013:

(i) we have obtained all the information and explanations that we have required; and
(ii) in our opinion, proper accounting records have been kept by the Company as far as appears from an
examination of those records.

Restriction on Distribution or Use
This report is made solely to the Company’s shareholders, as a body, in accordance with Section 205(1) of the
Companies Act 1993. Our audit work has been undertaken so that we might state to the Company’s shareholders those
matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s
shareholders, as a body, for our audit work, for this report or for the opinions we have formed.

Chartered Accountants Auckland
15 August 2013
Independent Review Report
to the shareholders of Marlin Global Limited
PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent ReviewReport
to the shareholders of Marlin GlobalLimited
Report on the Interim Financial Statements
We have reviewed the accompanying financial statements of Marlin GlobalLimited(theCompany) on
pages 17 to 28, which comprisethestatement of financial position as at 31 December2016, and the
statement of comprehensive income, the statement of changes in equity and the statement of cash
flows for the period ended on that date, and a summary of significant accounting policies and selected
explanatory notes.
Directors’ Responsibility for the Financial Statements
The Directors are responsible on behalf of the Companyfor the preparation and presentation of these
financial statements in accordance with New Zealand Equivalent to International Accounting Standard
34 Interim Financial Reporting(NZ IAS 34) and for such internal controls as the Directorsdetermine
are necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Our Responsibility
Our responsibility is to express a conclusion on the accompanying financial statements based on our
review. We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the
Entity(NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the financial statements, taken as a whole, are not prepared in
all material respects, in accordancewith NZ IAS 34. As the auditorof the Company, NZ SRE 2410
requires that we comply with the ethical requirements relevant to the audit of the annual financial
statements.
A review of financial statements in accordance with NZ SRE 2410 is a limited assurance engagement.
The auditorperforms procedures, primarily consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and International
Standards on Auditing. Accordingly,we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these financial
statements of the Companyare not prepared, in all material respects, in accordance with NZ IAS 34.
Restriction on Distribution or Use
This report ismade solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s shareholdersthose matters which we are required
to state to them in our review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the shareholders, as a body, for our
review procedures, for this report, or for the conclusion we have formed.
For and on behalf of:
Chartered Accountants Auckland
20February 2017
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INTERIM REPORT
31 DECEMBER 2016
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The Notes to the Interim Financial Statements set out on pages 21 to 28 should be read in conjunction with this
Statement of Comprehensive Income.
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
MARLIN GLOBAL LIMITED
STATEMENT OF
COMPREHENSIVE INCOME
Notes
6 months
ended
31/12/16
unaudited
6 months
ended
31/12/15
unaudited
$000$000
Interest income 17 18
Dividend income 337 407
Other losses1(i) (180) (7)
Net changes in fair value of financial assets and liabilities1(ii) 4,841 1,711
Total net income 5,015 2,129
Operating expenses1(iii) (1,105) (1,187)
Operating profit before tax 3,910 942

Total tax expense (337) (686)
Net operating profit after tax attributable to shareholders 3,573 256

Other comprehensive income 0 0
Total comprehensive income after tax attributable to
shareholders
3,573 256
Earnings per share
Basic earnings per share
Profit attributable to owners of the company ($000) 3,573 256
Weighted average number of ordinary shares on issue
net of treasury stock ('000)
115,020 110,172
Basic earnings per share 3.11c 0.23c
Diluted earnings per share
Profit attributable to owners of the company ($000) 3,573 256
Weighted average number of ordinary shares on issue
net of treasury stock ('000)
115,020 110,172
Diluted effect of warrants on issue ('000) 0 553
115,020 110,725
Diluted earnings per share 3.11c 0.23c
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The Notes to the Interim Financial Statements set out on pages 21 to 28 should be read in conjunction with this
Statement of Changes in Equity.
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
MARLIN GLOBAL LIMITED
STATEMENT OF
CHANGES IN EQUITY
Attributable to shareholders of the company
Notes
Share
Capital
Accumulated
Deficits
Total
Equity
$000$000$000
Balance at 1 July 2015 (audited) 105,625 1,295 106,920
Comprehensive income
Profit for the period 0 256 256
Other comprehensive income 0 0 0
Total comprehensive income for the
period ended 31 December 2015
0 256 256
Transactions with owners
Share buybacks (930) 0 (930)
Warrant issue costs (14) 0 (14)
Dividends paid2 0 (4,255) (4,255)
Dividends reinvested 1,783 0 1,783
Total transactions with owners for the
period ended 31 December 2015
839 (4,255) (3,416)
Balance at 31 December 2015 (unaudited) 106,464 (2,704) 103,760

Balance at 1 July 2016 (audited) 108,138 (13,883)94,255
Comprehensive income
Profit for the period 0 3,573 3,573
Other comprehensive income 0 0 0
Total comprehensive income for the
period ended 31 December 2016
0 3,573 3,573
Transactions with owners
Share buybacks2 (77) 0 (77)
Shares issued for warrants exercised2 1,150 0 1,150
Warrant issue costs2 (17) 0 (17)
Dividends paid2 0 (3,965) (3,965)
Dividends reinvested2 1,649 0 1,649

Total transactions with owners for the
period ended 31 December 2016

2,705

(3,965)

(1,260)
Balance at 31 December 2016 (unaudited) 110,843 (14,275) 96,568
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INTERIM REPORT
31 DECEMBER 2016
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The Notes to the Interim Financial Statements set out on pages 21 to 28 should be read in conjunction with this
Statement of Financial Position.
AS AT 31 DECEMBER 2016
MARLIN GLOBAL LIMITED
STATEMENT OF
FINANCIAL POSITION
Notes
31/12/16
unaudited
30/06/16
audited
$000$000
ASSETS
Current Assets
Cash and cash equivalents 2,749 6,321
Trade and other receivables 109 738
Financial assets at fair value through profit or loss 3 95,133 89,696
Total Current Assets 97,991 96,755
TOTAL ASSETS 97,991 96,755

LIABILITIES
Current Liabilities
Financial liabilities at fair value through profit or loss 3 1,191 16
Trade and other payables 178 1,755
Current tax payable 54 729
Total Current Liabilities 1,423 2,500
TOTAL LIABILITIES 1,423 2,500

EQUITY
Share capital2 110,843 108,138
Accumulated deficits (14,275) (13,883)
TOTAL EQUITY 96,568 94,255
TOTAL EQUITY AND LIABILITIES 97,991 96,755
These interim financial statements have been authorised for issue for and on behalf of the Board by:
A B Ryan — Chair C A Campbell — Chair of the Audit and Risk Committee
20 February 2017 20 February 2017
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The Notes to the Interim Financial Statements set out on pages 21 to 28 should be read in conjunction with this
Statement of Cash Flows.
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
MARLIN GLOBAL LIMITED
STATEMENT OF
CASH FLOWS
Notes
6 months
ended
31/12/16
unaudited
6 months
ended
31/12/15
unaudited
$000$000
Operating Activities
Cash was provided from:
- Sale of investments 14,130 15,096
- Interest received 17 18
- Dividends received 286 326
- Other income 0 681

Cash was applied to:
- Purchase of investments (15,076) (15,433)
- Operating expenses (502) (2,572)
- Taxes paid (1,012) (41)
- Other losses (252) 0
Net cash outflows from operating activities4 (2,409) (1,925)

Financing Activities
Cash was provided from:
- Proceeds from warrant issue 1,150 0

Cash was applied to:
- Warrant issue costs (17) (14)
- Share buybacks (77) (1,042)
- Dividends paid (net of dividends reinvested) (2,316) (2,472)
Net cash outflows from financing activities (1,260) (3,528)
Net decrease in cash and cash equivalents held (3,669) (5,453)
Cash and cash equivalents at beginning of the period 6,321 7,681
Effects of foreign currency translation on cash balance 97 (684)
Cash and cash equivalents at end of the period 2,749 1,544
All cash balances comprise short-term cash deposits.
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General Information
Entity Reporting
The interim financial statements are for Marlin Global Limited (“Marlin” or “the
company”).
Legal Form and Domicile
Marlin is incorporated and domiciled in New Zealand.
The company is a limited liability company, incorporated under the Companies Act
1993 on 6 September 2007.
The company is listed on the NZX Main Board and is an FMC Reporting Entity under
the Financial Markets Conduct Act 2013.
The company is a profit-oriented entity and began operating as a listed investment
company on 1 November 2007.
The company's registered office is Level 1, 67-73 Hurstmere Road, Takapuna,
Auckland.
Authorisation of Interim Financial Statements
The Marlin Board of Directors authorised these interim financial statements for issue on
20 February 2017.
No party may change these interim financial statements after their issue.
Accounting Policies
Period Covered by Interim Financial Statements
These interim financial statements cover the unaudited results from operations for the
six months ended 31 December 2016.
Statement of Compliance
The interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice ("NZ GAAP"). They comply with New Zealand
equivalent to International Accounting Standard 34 ("NZ IAS 34") Interim Financial
Reporting.
The interim financial statements do not include all of the information required for full
year financial statements and should be read in conjunction with the company's annual
financial report for the year ended 30 June 2016.
The company has applied consistent accounting policies in the preparation of these
interim financial statements as for the 2016 full year financial statements.
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM
FINANCIAL STATEMENTS
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NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
MARLIN GLOBAL LIMITED
Critical Judgements, Estimates and Assumptions
The preparation of interim financial statements requires the directors to make
judgements, estimates and assumptions that affect the application of policies and
reported amounts of assets and liabilities, income and expenses. There were no material
judgements, estimates or assumptions required in the preparation of these interim
financial statements.
Comparative Information
Diluted Earnings Per Share comparative information has been restated from 0.19 to 0.23
cents per share to be consistent with the current year's calculation which includes only
the dilutive effect of warrants exercised. There has been no impact on net operating
profit or on shareholders' funds as a result of these changes.
NOTE 1 — STATEMENT OF COMPREHENSIVE INCOME
6 months
ended
31/12/16
unaudited
6 months
ended
31/12/15
unaudited
$000$000
(i) Other Losses
Foreign exchange losses on cash and cash equivalents (180)(7)
Total other losses (180)(7)

(ii) Net Changes in Fair Value of Financial Assets and Liabilities
Financial assets designated at fair value through profit or loss
International equity investments 3,9992,060
Foreign exchange gains/(losses) on equity investments 626(1,357)
Total gains on designated financial assets 4,625703
Financial assets at fair value through profit or loss — held for trading
Gains on forward foreign exchange contracts 216 1,008
Total gains on financial assets and liabilities held for trading 216 1,008
Net changes in fair value of financial assets and liabilities 4,841 1,711
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NOTE 1 — STATEMENT OF COMPREHENSIVE INCOME
CONTINUED
6 months
ended
31/12/16
unaudited
6 months
ended
31/12/15
unaudited
$000$000
(iii) Operating Expenses
Management fees (note 5) 711 772
Custody, brokerage and transaction fees 96 112
Administration services (note 5) 80 80
Directors' fees 72 72
Investor relations and communications 67 77
NZX fees 20 23
Auditor's fees:
Statutory audit and review of financial statements 18 12
Other assurance services 0 1
Non-assurance services 2 5
Professional fees 18 15
Other operating expenses 21 18
Total operating expenses 1,10 5 1,187
Other assurance services relate to a share and warrant register audit. Non-assurance
services relate to agreed upon procedures performed at the annual meeting. No other
fees were paid to the auditor during the period (31 December 2015: nil).
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31 DECEMBER 2016
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NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
MARLIN GLOBAL LIMITED
NOTE 2 — SHARE CAPITAL
6 months
ended
31/12/16
unaudited
Year
ended
30/06/16
audited
$000$000
Opening balance 108,138 105,625
New shares issued for new warrants exercised 1,150 0
Warrant issue costs (17) (14)
Share buybacks held as treasury stock
(77) (943)
New shares issued under the dividend reinvestment plan 1,574 2,478
Shares issued from treasury stock under the dividend
reinvestment plan
75 992
Closing balance 110,843 108,138
Ordinary Shares
As at 31 December 2016 there were 116,819,908 (30 June 2016: 113,369,629) fully paid
Marlin shares on issue. All ordinary shares are classified as equity, rank equally and
have no par value. All shares carry an entitlement to dividends and one vote attached
to each fully paid ordinary share.
Warrants
On 14 July 2015, 27,546,716 new Marlin warrants were allotted and listed on the NZX
Main Board. One new warrant was issued to all eligible shareholders for every four
shares held on record date (13 July 2015). On 5 August 2016, 1,419,270 warrants were
exercised at $0.81 per warrant and the remaining 26,127,446 warrants lapsed.
Treasury stock
On 2 November 2016, Marlin announced the continuation of its share buyback
programme of its ordinary shares in accordance with Section 65 of the Companies Act
1993. All the shares acquired under the buyback scheme are initially held as treasury
stock but are available to be re-issued. The cost of treasury stock (including transaction
costs) is deducted from share capital.
At 31 December 2016, no ordinary shares were held as treasury stock (30 June 2016:
nil). The value of treasury stock at 31 December 2016 is a credit of $134,183 (30 June
2016: $132,492) as a result of treasury stock being acquired at a lower price, when the
company has bought the shares back, compared to the price when the company has
re-issued shares.
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Dividends
Total dividends per share for the period ended 31 December 2016 were 3.44 cents per
share (31 December 2015: 3.87 cents per share). Dividends for the period ended 31
December 2016, and prior to any reinvestment totalled $3,965,140 (31 December 2015:
$4,254,709).
NOTE 3 — FINANCIAL ASSETS AND LIABILITIES AT FAIR
VALUE THROUGH PROFIT OR LOSS
31/12/16
unaudited
30/06/16
audited
$000$000
Financial assets designated at fair value through profit or loss
International listed equity investments 95,133 89,334
Financial assets at fair value through profit or loss — held for trading
Fair value of forward foreign exchange contracts 0 362
Total financial assets at fair value through profit or loss 95,133 89,696
Financial liabilities at fair value through profit or loss — held for trading
Fair value of forward foreign exchange contracts 1,191 16
Total financial liabilities at fair value through profit or loss 1,191 16
Although international listed equity investments are treated as current assets from an
accounting point of view, the investment strategy of the company is to hold for the
medium to long-term.
International listed equity investments at fair value through profit or loss are valued
using last sale prices from an active market, with the exception of nine stocks where
the last sale prices were outside the bid-ask spread on 31 December 2016 (30 June
2016: nine) and therefore bid price was used. All investments are classified as Level 1
in the fair value hierarchy.
Forward foreign exchange contracts are valued using observable market prices (as
they are not quoted) and they are classified as Level 2 in the fair value hierarchy. The
notional value of forward foreign exchange contracts held at 31 December 2016 was
$38,606,484 (30 June 2016: $31,692,770).
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NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
MARLIN GLOBAL LIMITED
NOTE 4 — RECONCILIATION OF OPERATING PROFIT AFTER
TAX TO NET CASH FLOWS FROM OPERATING ACTIVITIES
6 months
ended
31/12/16
unaudited
6 months
ended
31/12/15
unaudited
$000$000
Net profit after tax 3,573256
Items not involving cash flows
Unrealised (gain)/loss on cash and cash equivalents (97) 684
Unrealised loss on revaluation of investments 100 546
3 1,230

Impact of changes in working capital items
Decrease in fees and other payables (1,577) (1,470)
Decrease/(increase) in interest, dividends and other receivables 629 (106)
Change in current tax (675) 645
(1,623) (931)

Items relating to investments
Net amount paid from investments (946) (337)
Realised gains on investments (4,940) (2,256)
Decrease in unsettled purchases of investments 1,578 0
Decrease in unsettled sales of investments (54) 0
Decrease in share buybacks payable 0 113
(4,362) (2,480)
Net cash outflows from operating activities (2,409)(1,925)
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NOTE 5 — RELATED PARTY INFORMATION
Parties are considered to be related if one party has the ability to control or exercise
significant influence over the other party in making financial or operational decisions.
The Manager of Marlin is Fisher Funds Management Limited ("Fisher Funds" or
"the Manager"). Fisher Funds is a related party by virtue of the Manager's common
directorship and a Management Agreement.
The Management Agreement with Fisher Funds provides for the provisional payment
of a management fee equal to 1.25% (plus GST) per annum of the gross asset value,
calculated weekly and payable monthly in arrears. This management fee is reduced by
0.10% for each 1.0% per annum by which the Gross Return achieved on the portfolio
during each financial year is less than the change in the NZ 90 Day Bank Bill Index
over the same period but subject to a minimum management fee of 0.75% (plus GST)
per annum of the average gross asset value for that period. The annual management
fee is finalised at 30 June and any adjustment (where the management fee is less than
1.25%) is offset against future management fee payments due to Fisher Funds.
For the six months ended 31 December 2016, no management fee adjustment was
necessary (31 December 2015: no adjustment). Management fees for the six months
ended 31 December 2016 totalled $711,007 (31 December 2015: $771,770).
In addition, a performance fee may be earned by the Manager provided the
performance fee hurdle and a high water mark test have been met. No performance
fee has been earned by the Manager for the six months to 31 December 2016
(31 December 2015: nil).
The Manager was reimbursed $80,002 for the provision of administration services for
the six month period ended 31 December 2016 (31 December 2015: $80,002).
Included in trade and other payables is an amount payable to Fisher Funds at
31 December 2016 in respect of management fees and administration services of
$131,647 (31 December 2015: $140,836 and 30 June 2016: $112,269).
The Manager held shares in and received dividends from, the company at
31 December 2016 which total 0.7% of the total shares on issue (30 June 2016: 0.7%).
Following exercise of the warrants, the Manager did not hold any warrants at
31 December 2016 (30 June 2016: 0.4%).
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NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
MARLIN GLOBAL LIMITED
NOTE 5 — RELATED PARTY INFORMATION CONTINUED
The directors of Marlin are the only key management personnel as defined by NZ IAS
24 Related Party Disclosures and they earn a fee for their services which is disclosed
in note 1(iii) under directors' fees (only independent directors earn a director's fee).
The directors also held shares in, and received dividends from the company at 31
December 2016 which total 1.14% of total shares on issue (30 June 2016: 1.14%).
Following exercise of the warrants, the directors did not hold any warrants at 31
December 2016 (30 June 2016: 0.61% of total warrants on issue). The directors did not
receive any other benefits which may have necessitated disclosure under NZ IAS 24
(paragraph 16).
Off-market transactions between Marlin and other funds managed by Fisher Funds
take place for the purposes of rebalancing portfolios without incurring brokerage
costs. These transactions are conducted after the market has closed at last sale price
(on an arm's length basis). During the period ended 31 December 2016, off-market
transactions between Marlin and other funds managed by Fisher Funds totalled nil for
purchases and nil for sales (31 December 2015: $1,675,292 for purchases, nil for sales).
NOTE 6 — NET ASSET VALUE
The unaudited net asset value of Marlin as at 31 December 2016 was $0.83 per
share (31 December 2015: $0.93 per share unaudited, 30 June 2016: $0.83 per share
audited).
NOTE 7 — SUBSEQUENT EVENTS
At 14 February 2017, the unaudited net asset value of the company was $0.85 per
share and the share price was $0.78.
On 20 February 2017 the Board declared a dividend of 1.66 cents per share. The
record date for this dividend is 16 March 2017 with a payment date of 31 March 2017.
There were no other events which require adjustment to or disclosure in these interim
financial statements.
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Nature of Business
The principal activity of Marlin is investment in growing companies based outside
New Zealand and Australia.
Registered Office
Level 1
67 — 73 Hurstmere Road
Takapuna
Auckland 0622
Directors
Independent Directors
Alistair Ryan (Chair)
Carol Campbell
Andy Coupe
Director
Carmel Fisher
Corporate Manager
Glenn Ashwell
Manager
Fisher Funds Management Limited
Level 1
67 — 73 Hurstmere Road
Takapuna
Auckland 0622
Auditor
PricewaterhouseCoopers
Level 8
188 Quay Street
Auckland 1010
Solicitor
Bell Gully
Level 21
48 Shortland Street
Auckland 1010
Banker
ANZ Bank New Zealand Limited
23-29 Albert Street
Auckland 1010
Share Registrar
Computershare Investor Services
Limited
Level 2
159 Hurstmere Road
Takapuna
Auckland 0622
Phone: +64 9 488 8777
Email: enquiry@computershare.co.nz
For more information
For enquiries about transactions, changes
of address and dividend payments,
contact the share registrar above.
Alternatively, to change your address,
update your payment instructions and to
view your investment portfolio including
transactions online, please visit:
www.computershare.co.nz/investorcentre
For enquiries about Marlin contact
Marlin Global Limited
Level 1
67 — 73 Hurstmere Road
Takapuna
Auckland 0622
Private Bag 93502
Takapuna
Auckland 0740
Phone: +64 9 484 0365
Fax: +64 9 489 7139
Email: enquire@marlin.co.nz
DIRECTORY
MARLIN GLOBAL LIMITED
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31 DECEMBER 2016
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NOTES
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FINAL-Marlin-Interim-Report-2016.indd 3210/03/2017 12:10:40 PM