Marlin impacted by weak global markets

Marlin Global Limited (MLN)
Results for announcement to the market

Reporting Period 6 months to 31 December 2018
Previous Reporting Period 6 months to 31 December 2017

Amount (000s) Percentage change
Revenue/ (loss) from
ordinary activities
($NZ 12,913) (201.6%)
Profit (loss) from ordinary
activities after tax
attributable to security
holder
($NZ 14,357) (232.9%)
Net profit (loss) attributable
to security holders
($NZ 14,357) (232.9%)

Dividend Amount per security Imputed amount per
security
Marlin will pay a partially
imputed quarterly dividend
in line with its distribution
policy.
$NZ 1.80 cps $NZ 0.001528

Record Date 14 March 2019
Dividend Payment Date 28 March 2019

Comments:
The interim financial statements attached to this report
have been reviewed by PricewaterhouseCoopers and are
not subject to a qualification. A copy of the independent
review report applicable to the interim financial statements
is attached to this announcement.


Net asset value per share 31 December 2018 $0.8559 (2017: $0.95)

---

¹ The total shareholder return combines the share price performance, the warrant price performance, the net value of converting any warrants into
shares, and the dividends paid to shareholders. It assumes all dividends are reinvested in the company’s dividend reinvestment plan, and that
shareholders exercise their warrants at warrant expiry date, (if they were in the money).
2
The adjusted NAV return is the net return to an investor after fees and tax.
(The TSR and adjusted NAV return can be found in the Marlin Non-GAAP Financial Information policy. A copy of the policy is available at
http://marlin.co.nz/about-marlin/marlin-policies/





For immediate release:



25 February 2019


Marlin impacted by weak global markets


 Interim 2019 net operating loss $14.4m (interim 2018 net profit 10.8m)
 Total shareholder return
1
0.7%
 Adjusted net asset value (NAV) return
2
-12.1%
 4.12 cents per share in dividends paid during the period

NZX-listed investment company Marlin Global Limited (NZX:MLN) announced today a net operating
loss after tax of $14.4m for the six month period ending 31 December 2018 (interim 2018: net profit
$10.8m).

Marlin’s key performance ratios show a total shareholder return (TSR) of 0.7% for the six months,
but a decrease in the adjusted net asset value
2
(NAV) of 12.1% for the period, as compared to the
S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD) which was down 11.6% for the
period.

Global share markets weakened significantly over the six month period, with the US S&P 500 falling
7.8%, the MSCI Europe Index falling 10.8%, and the Shanghai Composite falling 12.4%. This volatility
in global markets has followed disappointing global economic data, a continuation of US-China
trade tensions, and concerns that interest rate hikes by the US Federal Reserve may be impacting
economic growth.

In accordance with the company’s distribution policy (2.0% of average NAV per quarter), a total of
4.12 cents per share was paid to Marlin shareholders during the six months ending 31 December
2018. On 25 February 2019, the Board declared a dividend of 1.80 cents per share to be paid to
shareholders on 28 March 2019 with a record date of 14 March 2019.

On 16 April 2018, Marlin sent shareholders a new pro-rata warrant issue as part of its capital
management programme. Shareholders were issued one warrant for every four shares held on 1
May 2018. The warrants give holders the right, but not the obligation, to purchase additional Marlin
shares on 12 April 2019 at an exercise price of $0.83 adjusted down for dividends declared during
the period up to the exercise date. The final exercise price will be announced and an exercise form
provided as soon as reasonably practical after 18 March 2019.

Marlin’s Chair, Alistair Ryan, said: “After a period of strong returns from global share markets, the
elevated volatility of recent months would have been disappointing for investors. The Marlin team
has remained disciplined through the period, focussing on quality companies and adhering to a
robust investment process.”

Senior Portfolio Manager, Ashley Gardyne, said: “While the weak market backdrop has impacted
portfolio returns, sharp share price declines globally did provide us with the opportunity to add new
investments to the portfolio and increase a number of our existing holdings. This has helped the
Marlin portfolio outperform its global benchmark over the last year, and we believe it positions the
portfolio well to meet our objective of delivering long term outperformance. We saw the benefit of
this in January, with the Marlin portfolio up strongly and ahead of global markets.”

For further information, please contact:

Corporate Manager
Marlin Global Limited
Tel: (09) 484 0352


¹The total shareholder return and adjusted net asset value methodologies are described in the Barramundi Non-GAAP Financial Information policy. A
copy of the policy is available at http://marlin.co.nz/about-marlin/marlin-policies/

About Marlin Global
Marlin Global is a listed investment company that invests in growing companies based outside of New Zealand and Australia. The Marlin portfolio is
managed by Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Marlin
is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single,
tax-efficient investment vehicle. Marlin listed on the NZX Main Board on 1 November 2007 and may invest in companies that are listed on any
approved stock exchange (excluding New Zealand or Australia) or unlisted international companies not incorporated in New Zealand or Australia.