MLN – 31 December 2017 Interim Report

INTERIM REPORT
2 018
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
INTERIM REPORT
2 018
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

CALENDARCONTENTS
This report is dated 16 March 2018
and is signed on behalf of the Board
of Marlin Global Limited by Alistair
Ryan, Chair, and Carmel Fisher,
Director.
Alistair Ryan / Chair
Carmel Fisher / Director
04
Directors’ Overview
08
Manager’s Report
15
Portfolio Holdings
16
Financial Statement Contents
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
Independent Review Report
31
Directory
Next Dividend Payable
29 March 2018
Financial Year End
30 June 2018
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6 months ended 30 September 2017
6 MONTHS ENDED 31 DECEMBER 2017
BEST
PERFORMING
INVESTMENT
+37%
DIVIDENDS PAID
29 SEPTEMBER 201722 DECEMBER 2017
1.83
cents per
share
1.87
cents per
share
NET PROFIT
$10.8m
TOTAL SHAREHOLDER
RETURN
+12.7%
GROSS
PERFORMANCE
RETURN
+12.2%
$$
$
AS AT 31 DECEMBER 2017
SHARE
PRICE
$0.85
SHARE PRICE
DISCOUNT TO NAV
10.5%
(including warrant price on a
pro-rated basis)
$0.95
PER SHARE
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Marlin shareholders have enjoyed a very strong result for the first half of
the 2018 financial year, with the company reporting a net profit after tax of
$10.8m for the six months ended 31 December 2017, three times ahead of
the previous corresponding period.
DIRECTORS’
OVERVIEW
Alistair Ryan / Chair
This is an excellent result for
shareholders. While market conditions
have been favourable to international
equities over 2017, the Marlin portfolio has
performed very well, returning a gross
performance of 12.2% for the six months
ended 31 December 2017.
The 12 month result for Marlin was
equally positive, with a gross performance
return of 30.1% for the 12 months to
31 December 2017 compared to the
benchmark which was up 21.5%¹. These
strong returns have driven a healthy
profit of $22.9m, which is a substantial
improvement from the $3.6m net loss for
the previous corresponding period (12
months ended 31 December 2016).
As at 31 December 2017, the Marlin
portfolio was valued at $104.4m plus cash
on hand of $8.4m. Marlin’s investment
philosophy is to be relatively fully
invested in equities (more than 90%) so
that shareholders can make their own
asset/investment allocation decisions
depending on how they perceive the
economic outlook.
Since 30 June 2017, Marlin’s net asset
value has increased from $0.89 to $0.95
(as at 31 December 2017). Throughout
the six months to 31 December 2017,
we have seen Marlin’s share price move
upwards from $0.79 to $0.85 which,
together with the dividends, has driven
an attractive total shareholder return of
12.7% for the interim period. While the
share price has moved positively, the
share price to net asset value discount
has persisted.
The Board has a number of initiatives
designed to help reduce this discount
and enhance shareholder value, including
the Marlin buyback programme. Over the
six months to 31 December 2017, Marlin
took advantage of the share price to net
MARLIN GLOBAL LIMITED
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asset value discount and purchased
approximately 2.7m shares under the
buyback programme.
Marlin’s warrant programme has been
on hold, given the size of the share price
discount over recent months. The board
believes warrants are viewed favourably
by shareholders, and monitors a range
of factors including the discount, to
determine the potential timing for a further
warrant issue.
Under the Marlin Distribution Policy, the
company continues to distribute 2.0% of
average net asset value per quarter. Over
the six month period to 31 December
2017, Marlin paid 3.70 cents per share
in dividends (1.83 cents per share on
29 September and 1.87 cents per share
on 22 December). The next dividend
will be 1.93 cents per share to be paid
on 29 March 2018 with a record date of
15 March 2018. Marlin offers a dividend
reinvestment plan which provides
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
2
.
During the interim period, Marlin also
renewed its Management Agreement with
Fisher Funds for a further five year term to
31 October 2022. This decision was made
on 21 August 2017 after a comprehensive
review of the requirements of the
Management Agreement and considered
both investment performance and the
provision of administrative and corporate
services.
In November 2017, we were pleased
to welcome a number of shareholders
to the Marlin Annual Shareholders
Meeting. At this meeting we discussed
Marlin’s portfolio performance, capital
management initiatives and responded
to shareholders’ questions. Shareholders
also chose to re-elect Andy Coupe as an
independent director of Marlin.
2017 has seen Ashley Gardyne complete
his first year as Marlin’s Senior Portfolio
Manager after a number of years as
Marlin’s Senior Investment Analyst.
Shareholders can be pleased with the
rigorous efforts of the Marlin investment
team over recent years in positioning and
managing the portfolio. Ashley outlines
examples of recent efforts and further
details of the Marlin portfolio in the
Manager’s Report on page 8.
We would like to take this opportunity
to thank you as shareholders for your
continued support of Marlin.
On behalf of the Board,

Alistair Ryan, Chair
Marlin Global Limited
16 March 2018
1
Benchmark Index: S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD)
2
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/.
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FIGURE 1: FIVE YEAR PERFORMANCE SUMMARY
Corporate Performance
Six month period ended
31 December
20172016201520142013
Total Shareholder Return12.7%5.7%2.0%4.6%19.7%
Adjusted NAV Return 10.3%3.8%0.2%2.5%13 .1%
Dividend Return4.7%4.4%4.4%4.4%5.0%
Net Profit After Tax / (Loss)$10.8m$3.6m$0.3m$2.5m$12.2m
Basic Earnings per Share9.16 c p s3 .11 c p s0.23 cps2.32 cps11.47 c p s
As at 31 December20172016201520142013
NAV$0.95$0.83$0.93$0.90$0.96
Adjusted NAV$1.79$1.44$1.49$1.32$1.30
Share Price$0.85$0.80$0.84$0.83$0.81
Share Price Discount to NAV¹10.5%3.6%8.9%7. 8 %15.6%
Manager Performance
Six month period ended
31 December
20172016201520142013
Gross Performance Return12.2%5.3%2.0%4.4%15.9%
Benchmark Index²13.0%10.9%(2.9%)7.7 %12.9%
NB: All returns have been reviewed by an independent actuary.
1
Share price discount/(premium) to NAV (including warrant price on a pro-rated basis)
2
Benchmark 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.
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Comparative information
Marlin’s share price discount to NAV historical information has been restated following a change in calculation
methodology from using data inputs of four decimal places to two decimal places.
Non-GAAP Financial Information
Marlin uses non-GAAP measures, including adjusted net asset value, gross performance return and total shareholder
return. The rationale for using such non-GAAP measures is as follows:
» adjusted net asset value – the underlying value of the investment portfolio adjusted for capital allocation decisions,
» gross performance return – the Manager’s portfolio performance in terms of stock selection and hedging of
currency movements, and
» total shareholder return – the return to an investor who reinvests their dividends, and if in the money, exercises their
warrants at warrant maturity date for additional shares.
All references to adjusted net asset value, gross performance return and total shareholder return in this Interim Report
are to such non-GAAP measures. The calculations applied to non-GAAP measures are described in the Marlin Non-
GAAP Financial Information Policy. A copy of the policy is available at http://marlin.co.nz/about-marlin/marlin-policies/
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
$
1.80
$
0.20
$
0.00
$
1.40
Dec
2016
$
1.60
Dec
2017
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2017 was both an extraordinary year in financial markets and a lucrative
one for investors. Lucrative because major global share markets were up
significantly, with the US market up 19.4%, emerging markets up 27.8%,
Japan up 19.1%, New Zealand up 17.3%, and Europe the only laggard –
but still up 7.7%
1
. The market environment was extraordinary for several
reasons, with the bull market becoming one of the longest on record and
volatility sitting at unusually low levels.
Focusing on the US market alone, the
S&P 500 Index was up over 300% from
its GFC bottom in March 2009 and has
delivered positive returns every year since
then. The bull market is entering its 9th
year and has become the third longest
bull market in the past 100 years.
To put this in context there have been over
1,100 All Blacks in New Zealand sporting
history, with only 57 players playing 50 or
more tests and only seven players with 100
test caps. While this bull market is not yet in
the 100-cap club in terms of rarity, it would
certainly make it into the 50-cap camp.
700
600
500
400
300
200
100
-
Growth of $100
US Bull Markets since 1871
Duration (months)
16
11
16
21
26
31
36
41
46
51
56
61
66
71
76
81
86
91
96
101
106
111
116
121
126
131
136
141
146
151
156
161
166
1934
2017
1937
1881
1946
1872
1909
1906
1973
2007
1902
1968
1929
2000
1961
1987
MANAGER’S
REPORT
Ashley Gardyne / Senior Portfolio Manager
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Not only have we witnessed a long bull market, but volatility has also been low. The
S&P500 was up every month in 2017 and the largest decline in the index during the year
(from peak to trough) was 3%. A commonly used measure of market volatility, the VIX,
showed that the S&P 500 had its lowest level of volatility since records began (although
this dynamic has changed since the end of the year).
While this strong market performance can
be rationalised in hindsight, the size of
the advance wasn’t anticipated by many
investors this time last year, given concern
around elevated valuations and a strained
geopolitical backdrop. Drivers of market
optimism in 2017 included a host of solid
economic data, such as steady economic
growth in the US, a pickup in Europe,
strong business confidence readings,
falling unemployment and increasing
wages. Late in the year, the passage of
new US tax legislation slashed corporate
tax rates and provided a cash windfall
to consumers which also supported the
market’s buoyancy.
I will save commentary on outlook until
later in this report, but the environment we
have witnessed has translated into a good
year for Marlin and its investors. For the
full calendar year Marlin delivered gross
performance of 30.1% for the year ending
31 December 2017 compared to our
market benchmark
2
which was up 21.5%.
For the six month period under review and
discussed in this interim report, the Marlin
portfolio delivered gross performance
of 12.2%, slightly behind our market
benchmark which was up 13.0%.
1
Market returns represented by S&P 500 Index, MSCI Emerging Markets Index, Nikkei 225 Index, S&P/NZX50 Index
and STOXX Europe 600 Index respectively
2
S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD)
160
140
120
100
80
60
40
20
-
Average Daily VIX by Year
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
20032004
2005
2006
2007
2008
2009
2010
2 011
2012
2013
2014
2015
2016
2017
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Portfolio review
While it is always interesting to discuss
and debate economic developments and
market dynamics, there will inevitably
be good and bad periods. Our goal as
an active manager is to outperform the
market across the course of an economic
cycle, by investing in a portfolio of
competitively advantaged and growing
businesses. On your behalf, we hold a
concentrated portfolio of businesses
(26 as at 31 December) and our
performance will ultimately be dictated
by the success of these businesses,
our ability to accurately assess their
prospects, and the discipline with which
we make buy and sell decisions. With that
in mind, it is worth discussing how some
of the portfolio holdings have impacted
our performance, as well as the recent
changes we have made to the portfolio.
Significant contributors to
performance
PayPal is the second largest holding in
the Marlin portfolio and was the largest
contributor to performance over the
past six months, with its share price up
37%. PayPal is a leading online payment
provider and we believe it is uniquely
positioned to benefit from rapid growth
in digital payments and ecommerce. As
an increasing proportion of ecommerce
is conducted on mobile rather than PC,
many customers prefer the convenience
of using the PayPal wallet instead of
entering credit card and address details
every time they purchase something.
Likewise, the security PayPal offers
compared with entering credit card details
into a merchant’s website continues to
see PayPal take market share. PayPal has
also recently announced a deal to sell its
portfolio of customer loans to Synchrony
Financial, which not only frees up cash
to return to shareholders, but also allows
PayPal to grow its credit offering more
rapidly without retaining the credit risk.
PayPal continues to grow its payment
volumes and revenue in excess of 20%
per annum and its earnings even more
rapidly given the inherent operating
leverage in payment networks.
LKQ Corp was also a strong performer
over the interim period, with its share
price up 23%. LKQ is a relatively straight
forward business, being the largest
distributor of replacement parts and
components needed to repair cars and
trucks in the US and Europe. Despite
LKQ’s scale, the market is highly
fragmented and LKQ has a history of
taking market share – both organically
and via acquisition. Over the past six
months LKQ has witnessed a slight
pickup in organic growth. Looking
forward to late 2018 and 2019, we expect
improving margins as the company ramps
up the use of new distribution facilities
and integrates the recent acquisition of
Andrew Page in the UK. In December
LKQ also announced the acquisition of
large German competitor, Stahlgruber,
which has the potential to deliver material
synergies. We continue to be impressed
by management’s disciplined execution of
its growth strategy.
Abbott Laboratories, the diversified
healthcare company, had a good run,
gaining 19% on a series of solid earnings
results and improved investor confidence
as the market began to more accurately
assess Abbott’s longer-term growth
prospects. When we first invested in
Abbott in early 2017, the company traded
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at a discount to its historical levels, which
partly reflected investors taking a ‘wait
and see’ approach to its acquisition of St
Jude (medical device manufacturer) and
Alere (medical diagnostics). Management
have since made strong progress
integrating these businesses and have
also driven an acceleration in core organic
growth via new product launches in both
the medical devices and diagnostics
businesses.
Significant detractors from
performance
The two biggest detractors from
performance were Expedia (-19%) and
Blackhawk Network (-18%).
Expedia’s third quarter results fell short
of expectations, partly impacted by
the August hurricanes in the US and
Caribbean, but also due to weaker than
expected results in its Trivago subsidiary.
However, what concerned the market
more was that guidance for 2018 was
weaker than expected. This was for two
reasons. Firstly, the company is hiring
more sales staff to increase the number
of hotels on its website, and secondly
Expedia is also investing heavily in its
recently acquired HomeAway business
(the owner of Bookabach in New
Zealand). While the 19% share price
decline is disappointing, we believe these
investments by Expedia will ultimately
create a more valuable business. More
choice will ultimately attract more
customers as travellers increasingly seek
to book travel online. We have used this
price weakness to add to the position.
Blackhawk distributes gift cards via
supermarkets (for example, iTunes gift
cards or movie vouchers). While third
quarter revenue grew 19% year-on-year
and earnings per share were up 14%, the
company guided to lower than expected
growth for the fourth quarter, which saw
the share price fall. Also of concern was the
increasing competition from key competitor,
Incomm. While these pressures were
unfortunate, our view was that Blackhawk
has faced them before, successfully beaten
them and we believed it would again. On
this basis we decided to retain Blackhawk
in the portfolio and added slightly to our
position at the time. Since the end of the
year we have had some vindication on our
Blackhawk investment, with US private
equity firm Silver Lake announcing a
takeover offer at $45.25 per share, a 27%
jump from where Blackhawk traded at on
31 December.
Portfolio progression, additions
and exits
It is now a year since I took over as
Senior Portfolio Manager and assumed
responsibility for the Marlin portfolio. In my
first interim report last year I talked about
three principles that are fundamental to
how we manage the Marlin portfolio: (1)
we invest in competitively advantaged
businesses, with growth prospects that
aren’t fully appreciated by the market; (2)
we vigilantly monitor our investments and
act decisively if the facts or investment
fundamentals change; and (3) we maintain
balance across the portfolio.
Our implementation of these principles
resulted in more companies being exited
from the portfolio than I would expect
in a typical six-month period. However,
we believe this turnover was necessary
to ensure we were positioned in the
most attractive investment opportunities
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and were disciplined around removing
positions where we no longer had
confidence in a company’s management
team, the growth outlook or competitive
dynamics.
We are well aware of the strong
performance of technology stocks
over the last year and our exposure
to them. During the year we worked
hard to introduce more diversity to the
portfolio, without compromising return
expectations. We spent a lot of time
looking for new ideas in the financial
and industrial sectors, but we found it
very hard to find businesses that met
our quality threshold - and those that
did generally offered weak prospective
returns. That said, the portfolio additions
discussed below did meet our quality and
return criteria and also add diversity.
Portfolio additionsPortfolio exits
HexcelWorldPay
Signature BankGraco
Park 24
Nike
Brembo
During the past six months we added
two new positions - Hexcel and Signature
Bank. We also exited five holdings –
Worldpay, Graco, Park 24, Nike and
Brembo. In addition we increased the
positions in Essilor, Fresenius, Abbott,
Adidas and UPS.
Hexcel is a leading supplier of advanced
carbon fibre composite materials for the
aerospace sector. We believe Hexcel is
a high quality business and that barriers
to entry in this space are very high.
Continued improvement in material
technology has seen the composite
content of aircraft increase significantly
over time, with latest generation aircraft
such as the A380 or A350 having up
to 50% composite material in the body
structure. We expect this trend to
continue, providing Hexcel with a long
growth runway.
Signature Bank is a specialist regional
bank, lending primarily to wealthy families
and private businesses, with a loyal
deposit base that comes from managing
transactional business accounts for
businesses like law firms, accounting
firms and property management
companies. Signature Bank is still a small
bank (<$50bn in assets) and we believe its
model will allow it to deliver double-digit
growth in assets and earnings over the
medium term.
A noteworthy exit from the portfolio
is Brembo, a premium auto braking
system supplier. Brembo initially built its
product edge by supplying Formula One
teams. The company then capitalised
on its technological lead by supplying
manufacturers of high-end sports cars
(Ferrari, Lamborghini, Porsche), before
then moving down to mid-premium cars
like the Audi S series and BMW M series.
Brembo was added to the portfolio
near the depths of the global financial
crisis at €1.32 a share and it was a great
performer for the portfolio with the recent
exit at over €13.75 a share. While the
company has been a great performer, we
believe the profit margin and market share
gains it has made over recent years are
becoming more difficult to sustain. We
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also think that the auto cycle is a lot closer
to the end than the beginning, and despite
the potential cyclicality of the business, the
company is still priced on peak valuation
multiples.
We exited Park24 (Japanese car park
operator) after its growth became
increasingly reliant on its car sharing
business and its international operations,
and Graco (pumps and industrial painting
equipment) after strong share price
performance resulted in a valuation that we
believed was very stretched. We sold out
of Nike due to the headwinds in its core US
market. Declining sales at retailers like Foot
Locker, a highly promotional environment
and design/style misses by Nike provide
headwinds that we believe are stronger
than the market currently appreciates. We
also took the opportunity to sell WorldPay
after it received a takeover offer from Vantiv
and its share price spiked.
These actions have resulted in a more
concentrated portfolio, reflecting the
best investment ideas we can find in the
current market. We are comfortable with
the current structure of the portfolio and
the long term growth prospects of all of the
businesses we hold on your behalf.
Current opportunities
We try to spend about half of our time
hunting for new investments. This includes
reading broadly every day, running financial
screens in a range of foreign markets,
attending conferences and meeting with
the management teams of businesses we
admire. The task of finding fresh investment
ideas is certainly harder than it was five
years ago, with elevated valuations making
attractive opportunities harder to come by.
While market valuations in the US are the
most elevated and attractive opportunities
are becoming harder to find, we are
still finding enough ideas to research in
certain sectors and geographies.
We have recently been looking at a
number of market leading businesses in
Europe and selected emerging markets.
The retail and consumer sectors are also
presenting interesting opportunities, partly
driven by the panic caused by Amazon
and depressed US retail foot traffic. While
we are investors in Amazon, that doesn’t
preclude us from believing that other
retailers (particularly branded retailers)
can still have a bright future. An example
of this is Pandora. Since 31 December
we have invested in Pandora, a European
company that is one of the world’s leading
branded jewellery companies. While we
will talk about the investment case in
detail in the 2018 Marlin Annual Report,
we believe we were presented with an
attractive investment opportunity as
both the retail sector is out of favour and
Pandora has been facing some company
specific issues that we believe investors
have overreacted to.
Good opportunities often come from
unexpected places when investing. There
has been a lot of fanfare about Amazon
recently (its share price is up 350% over
the five years to 31 December 2017),
however one of the retailers directly in its
cross-hairs, Best Buy (think Noel Leeming
or JB Hi Fi), has also been a standout
performer (up more than 450% over the
same period). Best Buy’s share price has
rallied strongly as investors stepped out
of their depression and decided that the
business could potentially still exist and
thrive alongside ecommerce competitors.
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Amazon vs Best Buy
Total return over last five years
On the other hand, the bears will say that
we are in the late stages of a nine-year
bull market. Bears will point to pockets
of euphoria (e.g. in cryptocurrencies)
and elevated inflows into equity funds
signalling investor complacency and
excess risk taking. Valuations (on some
measures) are at levels only ever seen
during the dotcom bubble and are
unjustified. Valuations should ultimately
return to more normal levels – pushing the
market lower. Also convincing?
We can see both sides of the argument.
The global economy is strong and
corporate earnings growth has been
picking up, but on the other hand we
can also see signs of complacency and
excess. Unfortunately as an investor you
can never have a definitive answer on
where the market will head next - this is
the very essence of risk. Even if you have
an unfair coin that flips heads 75% of the
time (broadly the same percentage as up-
years in the share market), it will still land
MANAGER’S REPORT CONTINUED
While we would be unlikely to ever
invest in a retailer in a highly competitive
space like consumer electronics, it does
highlight that investment ideas can come
from unexpected places. In the current
market it is important to search broadly
and look in places that other investors
may be neglecting.
Outlook
Views on the market are highly polarised
at present. On one hand you have the
bulls, who argue that while valuations
may be elevated, they are reasonable
relative to bonds. We are witnessing
synchronised global growth for the first
time in many years, unemployment
is hitting lows in the US and wages
are finally starting to rise, which is
encouraging consumers to spend. To top
it off, in the US most tax-payers have just
received a meaningful tax cut – which
should further support economic growth,
corporate earnings and the market.
Sounds convincing right?
Amazon Best Buy
800
700
600
500
400
300
200
100
-
Growth of $100
2012 2013 2014 2015 2016 2017
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HeadquartersCompany% Holding
CanadaDescartes
Systems Group
2.9%
ChinaAlibaba Group3.9%
DenmarkWilliam Demant
Holding
2.9%
FranceEssilor International4.6%
GermanyAdidas2.9%
Fresenius
Medical Care
4.3%
IrelandIcon2.8%
IsraelSarine Technologies1.2%
United StatesAbbott Laboratories3.5%
Alphabet6.0%
Amazon.com2.4%
Blackhawk3.0%
Cerner Corporation2.8%
Cognizant Technology
Solutions Corporation
3.9%
Core Laboratories2.6%
eBay 3.7%
Ecolab3.0%
Edwards Lifesciences
Corp.
3.9%
Expedia3.8%
Hexcel Corporation3.5%
LKQ4.0%
Mastercard4.5%
PayPal Holdings5.4%
Signature Bank4.0%
United Parcel Service3.0%
Zoetis Inc3.0%
Equity Total91.5%
New Zealand
dollar cash
1.4%
Total foreign cash6 .1%
Cash Total7. 5%
Forward foreign
exchange contracts
1.0%
TOTAL100.0%
Portfolio Holdings Summary
as at 31 December 2017
on tails fairly regularly. As investors we
need to accept that there will be down
years, but in return for bearing this
risk, returns in the share market over
the long term can be attractive.
2018 has started as a very interesting
year in financial markets. Markets
marched higher in January (one of
the strongest starts to the year since
1987), before correcting sharply and
seeing a spike in volatility in early
February. While this sharp adjustment
comes as a shock after such a long
period of low volatility, share market
corrections are relatively common and
share market investing is often a case
of two steps forward, one step back.
With Marlin we manage a fully invested
portfolio, meaning we don’t try to
time the market or hold large cash
balances. Instead of trying to time
our exit and entry points, we focus
our efforts on building a portfolio
of great businesses (like Alphabet,
Abbott and Mastercard) that we
believe will outperform the market and
generate good returns over the long
run. I look forward to updating you
on the businesses you own and the
performance of the portfolio later in
the ye a r.
Ashley Gardyne
Senior Portfolio Manager
Fisher Funds Management Limited
16 March 2018
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

15

FINANCIAL STATEMENTS
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
CONTENTS
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

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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 2017
MARLIN GLOBAL LIMITED
STATEMENT OF
COMPREHENSIVE INCOME
Notes
6 months
ended
31/12/17
unaudited
6 months
ended
31/12/16
unaudited
$000$000
Interest income 21 17
Dividend income 254 337
Other income/(losses)1(i) 160 (180)
Net changes in fair value of financial assets and liabilities1(ii) 12,270 4,841
Total net income 12,705 5,015
Operating expenses1(iii) (1,996) (1,105)
Operating profit before tax 10,709 3,910

Tax income/(expense) 90 (337)
Net operating profit after tax attributable to shareholders10,799 3,573

Other comprehensive income 0 0
Total comprehensive income after tax attributable to
shareholders
10,799 3,573
Earnings per share
Basic earnings per share
Profit attributable to owners of the company ($000) 10,799 3,573
Weighted average number of ordinary shares on issue net
of treasury stock (‘000)
117,919 115,020
Basic earnings per share 9.16c 3.11c
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

17

FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
MARLIN GLOBAL LIMITED
STATEMENT OF
CHANGES IN EQUITY
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.
Attributable to shareholders of the company
Notes
Share
Capital
Retained
Earnings/
(Accumulated
Deficits)
Tot al
Equity
$000$000$000
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
Dividends paid2 0 (3,965) (3,965)
Share buybacks (77) 0 (77)
Shares issued from treasury stock under
dividend reinvestment plan 75 0 75
New shares issued under dividend
reinvestment plan 1,574 0 1,574
Shares issued for warrants exercised 1,150 0 1,150
Warrant issue costs (17) 0 (17)
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
Balance at 1 July 2017 (audited) 112,036 (6,110)105,926
Comprehensive income
Profit for the period 0 10,799 10,799
Other comprehensive income 0 0 0
Total comprehensive income for the
period ended 31 December 2017
0 10,799 10,799
Transactions with owners
Dividends paid2 0 (4,346) (4,346)
Share buybacks2 (2,190) 0 (2,190)
Shares issued from treasury stock under
dividend reinvestment plan2 1,530 0 1,530
New shares issued under dividend
reinvestment plan2 260 0 260
Warrant issue costs2 (8) 0 (8)
Total transactions with owners for the
period ended 31 December 2017
(408) (4,346) (4,754)
Balance at 31 December 2017 (unaudited) 111,628 343 111,971
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

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AS AT 31 DECEMBER 2017
MARLIN GLOBAL LIMITED
STATEMENT OF
FINANCIAL POSITION
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.
Notes
31/12/17
unaudited
30/0 6/17
audited
$000$000
ASSETS
Current Assets
Cash and cash equivalents 8,407 4,865
Trade and other receivables 111 150
Financial assets at fair value through profit or loss 3 104,366 103,235
Deferred tax asset 133 0
Total Current Assets 113,017 108,250
TOTAL ASSETS 113,017 108,250

LIABILITIES
Current Liabilities
Trade and other payables 1,027 1,928
Financial liabilities at fair value through profit or loss 3 19 96
Current tax payable 0 300
Total Current Liabilities 1,046 2,324
TOTAL LIABILITIES 1,046 2,324

EQUITY
Share capital2 111,628 112,036
Retained earnings/(accumulated deficits) 343 (6,110)
TOTAL EQUITY 111,971 105,926
TOTAL EQUITY AND LIABILITIES 113,017 108,250
These interim financial statements have been authorised for issue for and on behalf of the Board by:

A B Ryan C A Campbell
Chair Chair of the Audit and Risk Committee
19 February 2018 19 February 2018
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

19

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.
Notes
6 months
ended
31/12/17

unaudited
6 months
ended
31/12/16

unaudited
$000$000
Operating Activities
Cash was provided from:
- Sale of investments 25,333 14,130
- Interest received 20 17
- Dividends received 268 286
- Other income received 147 0

Cash was applied to:
- Purchase of investments (14,272) (15,076)
- Operating expenses (2,832) (502)
- Taxes paid (343) (1,012)
- Other losses incurred 0 (252)
Net cash inflows/(outflows) from operating activities4 8,321 (2,409)

Financing Activities
Cash was provided from:
- Proceeds from warrants exercised 0 1,139

Cash was applied to:
- Warrant issue costs (8) 0
- Share buybacks (2,228) (77)
- Dividends paid (net of dividends reinvested) (2,551) (2,322)
Net cash outflows from financing activities (4,787) (1,260)
Net increase/(decrease) in cash and cash equivalents held 3,534 (3,669)
Cash and cash equivalents at beginning of the period 4,865 6,321
Effects of foreign currency translation on cash balance 8 97
Cash and cash equivalents at end of the period 8,407 2,749
All cash balances comprise short-term cash deposits.
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
MARLIN GLOBAL LIMITED
STATEMENT OF
CASH FLOWS
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

20

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 19
February 2018.
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 results from operations for the six months
ended 31 December 2017.
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 2017. These interim financial statements are
unaudited.
The company has applied consistent accounting policies in the preparation of these
interim financial statements as for the 2017 full year financial statements.
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM
FINANCIAL STATEMENTS
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

21

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM
FINANCIAL STATEMENTS CONTINUED
Critical Judgements, Estimates and Assumptions
The preparation of interim financial statements requires the directors to make material
judgements, estimates and assumptions that affect the application of policies and
reported amounts of assets and liabilities, income and expenses. There were no
material estimates or assumptions required in the preparation of these interim financial
statements.
NOTE 1 — STATEMENT OF COMPREHENSIVE INCOME
6 months
ended
31/12/17

unaudited
6 months
ended
31/12/16

unaudited
$000$000
(i) Other income/(losses)
Foreign exchange gains/(losses) on cash and cash equivalents160(180)
Total other income/(losses)160(180)

(ii) Net changes in fair value of financial assets and liabilities
Financial assets designated at fair value through profit or loss
International equity investments 10,536 3,999
Foreign exchange gains on equity investments 3,089 626
Total gains on designated financial assets 13,625 4,625
Financial assets and liabilities at fair value through profit or loss - held
for trading
(Losses)/gains on forward foreign exchange contracts (1,355) 216
Total (losses)/gains on financial assets and liabilities held for
trading
(1,355) 216
Net changes in fair value of financial assets and liabilities 12,270 4,841
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

22
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

NOTES TO THE INTERIM
FINANCIAL STATEMENTS CONTINUED
NOTE 1 — STATEMENT OF COMPREHENSIVE INCOME
CONTINUED
6 months
ended
31/12/17
unaudited
6 months
ended
31/12/16
unaudited
$000$000
(iii) Operating Expenses
Management fees (note 5) 733 711
Performance fees (note 5) 859 0
Administration services (note 5) 79 80
Directors' fees (note 5) 60 72
Custody, brokerage and transaction fees 119 96
Investor relations and communications 60 67
NZX fees 21 20
Fees paid to the auditor:
Statutory audit and review of financial statements 17 18
Other assurance services 1 0
Non-assurance services 2 2
Professional fees 27 18
Other operating expenses 18 21
Total operating expenses 1,996 1,10 5
Other assurance services relate to a share and warrant register audit. Non-assurance
services relate to annual shareholders meeting procedures and performance fee review.
No other fees were paid to the auditor during the period (31 December 2016: nil).
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

23

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM
FINANCIAL STATEMENTS CONTINUED
NOTE 2 — SHARE CAPITAL
6 months
ended
31/12/17

unaudited
Year
ended
30/0 6/17

audited
$000$000
Opening balance 112,036 108,138
Share buybacks held as treasury stock (2,190) (529)
Shares issued from treasury stock under the dividend
reinvestment plan 1,530 392
New shares issued under the dividend reinvestment plan 260 2,896
New shares issued for new warrants exercised 0 1,139
Warrant issue costs (8) 0
Closing balance 111,628 112,036
Ordinary shares
As at 31 December 2017 there were 118,044,713 (30 June 2017: 118,431,288) 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 Marlin warrants were allotted and listed on the NZX Main
Board. One 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
908,780 ordinary shares were held as treasury stock at 31 December 2017 (30 June
2017: 16 5,6 81).
On 16 October 2017, 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.
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

24
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

NOTES TO THE INTERIM
FINANCIAL STATEMENTS CONTINUED
Dividends
Marlin has a distribution policy where 2% of average NAV is distributed each quarter.
Total dividends per share for the period ended 31 December 2017 were 3.70 cents per
share (31 December 2016: 3.44 cents per share). Dividends paid for the period ended
31 December 2017, prior to any reinvestment, totalled $4,345,915 (31 December 2016:
$3,965,140). Dividends paid for the period ended 31 December 2017 were 1.83 cents per
share on 29 September 2017 and 1.87 cents per share on 22 December 2017.
Dividend reinvestment plan
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 at a
3% discount. During the period ended 31 December 2017, 2,300,828 ordinary shares
(December 2016: 2,128,753 ordinary shares) were issued in relation to the plan for the
quarterly dividends paid. To participate in the dividend reinvestment plan, a completed
participation notice must be received by Marlin before the next record date.
NOTE 3 — FINANCIAL ASSETS AND LIABILITIES AT FAIR
VALUE THROUGH PROFIT OR LOSS
31/12/17
unaudited
30/0 6/17
audited
$000$000
Financial assets designated at fair value through profit or loss
International listed equity investments 103,269 103,047
Financial assets at fair value through profit or loss - held for trading
Fair value of forward foreign exchange contracts 1,097 188
Total financial assets at fair value through profit or loss 104,366 103,235
Financial liabilities at fair value through profit or loss - held for trading
Fair value of forward foreign exchange contracts 19 96
Total financial liabilities at fair value through profit or loss 19 96
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 ten stocks where the last
sale prices were outside the bid-ask spread on 31 December 2017 (30 June 2017: eight)
and therefore bid price was used. All investments are classified as Level 1 in the fair value
hierarchy.
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

25

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM
FINANCIAL STATEMENTS CONTINUED
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 2017 was $44,967,416
(30 June 2017: $40,740,999).
NOTE 4 — RECONCILIATION OF OPERATING PROFIT AFTER
TAX TO NET CASH FLOWS FROM OPERATING ACTIVITIES
6 months
ended
31/12/17

unaudited
6 months
ended
31/12/16

unaudited
$000$000
Net profit after tax 10,7993,573
Items not involving cash flows
Unrealised gain on cash and cash equivalents(8)(97)
Unrealised (gains)/losses on revaluation of investments(3,749)100
(3,757)3

Impact of changes in working capital items
Decrease in fees and other payables (906)(1,577)
Decrease in interest, dividends and other receivables 39629
Change in current and deferred tax (433)(675)
(1,300)(1,623)

Items relating to investments
Amount paid for purchases of investments (14,272)(15,076)
Amount received from sales of investments 25,33314,130
Realised gains on investments (8,520)(4,940)
Decrease in unsettled purchases of investments 01,578
Decrease in unsettled sales of investments 0(54)
2,541(4,362)

Items classified as financing activities
Decrease in share buybacks payable 38 0
38 0
Net cash inflows/(outflows) from operating activities8,321(2,409)
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

26
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

NOTES TO THE INTERIM
FINANCIAL STATEMENTS CONTINUED
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 Management Agreement and
having a director in common.
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 2017, no management fee adjustment was necessary
(31 December 2016: no adjustment). Management fees for the six months ended 31
December 2017 totalled $732,576 (31 December 2016: $711,007).
A performance fee may be earned by the Manager provided the performance fee hurdle
and a high water mark test have been met. A performance fee of $858,863 has been
accrued for the six months ended 31 December 2017 (31 December 2016: nil and 30
June 2017: $1,645,381). This performance fee will only be payable if the performance
criteria are met for the whole year.
Fisher Funds provides administration services to Marlin and during the six month period
ended 31 December 2017 payments totaling $79,350 were made (31 December 2016:
$80,002).
The amount payable to Fisher Funds at 31 December 2017 in respect of management
fees, performance fees and administration services was $994,352 (31 December 2016:
$131,647 and 30 June 2017: $1,787,632).
Fisher Funds held shares in the company at 31 December 2017 which total 1.08% of the
total shares on issue (31 December 2016: 0.70% and 30 June 2017: 0.69%). Dividends
were also received by Fisher Funds as a result of its shareholding.
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

27

NOTE 5 — RELATED PARTY INFORMATION CONTINUED
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 2017, off-market transactions
between Marlin and other funds managed by Fisher Funds totalled nil for purchases and
$488,980 for sales (31 December 2016: nil for purchases, nil for sales).
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 the company at 31 December 2017 which total 0.70% of
total shares on issue (31 December 2016: 0.43% and 30 June 2017: 0.43%). Dividends
were also received by the directors as a result of their shareholding. The directors did
not receive any other benefits which may have necessitated disclosure under NZ IAS 24.
NOTE 6 — NET ASSET VALUE
The unaudited net asset value of Marlin as at 31 December 2017 was $0.95 per share
(31 December 2016: $0.83 per share unaudited, 30 June 2017: $0.89 per share audited).
NOTE 7 — SUBSEQUENT EVENTS
On 19 February 2018 the Board declared a dividend of 1.93 cents per share. The record
date for this dividend is 15 March 2018 with a payment date of 29 March 2018.
There were no other events which require adjustment to or disclosure in these interim
financial statements.
MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM
FINANCIAL STATEMENTS CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

28

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 review report
to the shareholders of Marlin Global Limited
Report on the Interim Financial Statements
We have reviewed the accompanying interim financial statementsof Marlin Global Limited (the
Company) on pages 17 to 28, which comprise the statement of financial position as at 31 December
2017,and the statement of comprehensive income, the statement of changes in equityand the statement
ofcash flows for the period ended onthat date, and notes to the interim financial statements.
Directors’ responsibility for the interim financial statements
The Directors are responsible onbehalfof the Company for the preparation and presentationof these
interim financial statements in accordance with NewZealand Equivalent toInternational Accounting
Standard 34Interim Financial Reporting(NZ IAS 34) and for such internal control as the Directors
determine is necessary to enable the preparation of interim financial statementsthat are free from
material misstatement, whetherdue to fraud or error.
Our responsibility
Our responsibility is to express a conclusion onthe accompanying interim financial statements based on
our review.We conducted our review in accordancewith the New Zealand Standard on Review
Engagements2410Reviewof Financial Statements Performed by the Independent Auditor of the
Entity(NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anythinghas come to our
attentionthatcauses us tobelieve thatthe interim financial statements,taken as a whole, are not
prepared in all material respects, in accordance withNZ IAS 34. As the auditor of the Company, NZ SRE
2410 requires that we comply with theethical requirements relevant tothe audit of the annual financial
statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement.The auditor performs procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analyticaland other review
procedures. The proceduresperformed in a review are substantiallyless than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and
InternationalStandards onAuditing. Accordingly, wedo notexpress an audit opinion on these interim
financial statements.
We are independent of the Company. Other than in our capacity asauditor, we have no relationship
with, or interests in, the Company.
Conclusion
Based on our review, nothing has cometoour attention that causesus to believe that these interim
financial statements of the Company are not prepared, in all material respects,inaccordancewith NZ
IAS 34.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s shareholders those matters which we arerequired
to state to themin our review report and for no other purpose. To thefullest extent permitted by law, we
do not acceptor assume responsibility to anyoneother than the shareholders, as a body, for our review
procedures, for this report, or for the conclusion wehave formed.
For and onbehalf of:
Chartered AccountantsAuckland
19 February 2018
PricewaterhouseCoopers, 188 Quay Street, PrivateBag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent ReviewReport
to the shareholders of BarramundiLimited
Report on the Interim Financial Statements
We have reviewed the accompanying financial statements of BarramundiLimited(theCompany) on
pages 15to 26, which comprise thestatement 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 financialstatements, 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 is made 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
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

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NOTES
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
l

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DIRECTORY
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
Jody Kaye
Manager
Fisher Funds
Management Limited
Level 1
67 – 73 Hurstmere Road
Takapuna
Auckland 0622
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
Auditor
PricewaterhouseCoopers
188 Quay Street
Auckland 1010
Solicitor
Bell Gully
Level 21, Vero Centre
48 Shortland Street
Auckland 1010
Banker
ANZ Bank New Zealand
Limited
23-29 Albert Street
Auckland 1010
Nature of Business
The principal activity
of Marlin is investment
in quality, growing
companies based
outside New Zealand and
Australia.
For enquiries about Marlin contact
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
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.
MARLIN GLOBAL LIMITED
INTERIM REPORT
31 DECEMBER 2017
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Printed onto Advance laser, which is produced from Elemental Chlorine Free (ECF) pulp from virgin wood. This wood
is sourced from managed farmed trees in an ISO14001 and ISO9001 (International Quality Management Standard)
accredited mill, that generates a portion of their power from tree waste, saving 200 million litres of diesel oil annually.