Marlin maintains strong performance

Marlin Global Limited results announcement

Results for announcement to the market
Name of issuer Marlin Global Limited
Reporting Period 12 months to 30 June 2020
Previous Reporting Period 12 months to 30 June 2019
Currency NZ$

Amount (000s) Percentage change
Revenue from continuing
operations
26,938 +128%
Total Revenue 26,938 +128%
Net profit/(loss) from
continuing operations
22,557 +169%
Total net profit/(loss) 22,557 +169%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 2.06 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00000001
Record Date 10 September 2020
Dividend Payment Date 25 September 2020
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.03 $0.96
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The financial statements attached to this report have been audited by
PricewaterhouseCoopers and are not subject to a qualification. A copy
of the auditor’s report applicable to the financial statements is
attached to this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
W.A. Burns
Contact person for this
announcement
W.A. Burns
Contact phone number (09) 4840352
Contact email address enquire@marlin.co.nz
Date of release through MAP

26 August 2020
Audited financial statements accompany this announcement.

---

For immediate release:

26 August 2020

Marlin maintains strong performance

Highlights
 Net profit of $22.6m
 Total shareholder return +21.5%
1

 Dividend return +8.8% (7.90 cps paid)
 Adjusted NAV return 16.6%
2

 Gross performance return +19.8%
3

 Benchmark Index +0.04%
4


Marlin Global Limited (NZX: MLN) today announces a net operating profit after tax for the 12 months ended 30
June 2020 of $22.6 million. The result is up from last year’s net profit of $8.4 million.

Chair Alistair Ryan said, “The directors are very pleased with Marlin’s performance over what has been a
challenging period, impacted by the global economic and market reaction to the COVID-19 pandemic. Marlin
had achieved a strong performance prior to the significant market correction in February and March 2020, and
it was pleasing to see the performance momentum continue into the June quarter.”

Mr Ryan added, “The excellent +19% outperformance of the Marlin portfolio (gross performance +19.8%
verses benchmark return of +0.04%), demonstrates the rewards of active investment management, with its
rigour and analytical discipline. This has in turn lead to a strengthening share price over the period which,
when combined with warrants and dividends collectively delivered a very strong total shareholder return for
the period of +21.5%
1


The COVID crisis remains unpredictable and while share markets can be volatile at the best of times the on-
going world-wide pandemic has introduced a new level of uncertainty.

The board has liaised closely with the Marlin portfolio management team throughout the COVID-19 crisis and
will continue to do so. In addition to the weekly Net Asset Value advice to the NZX and the quarterly
Newsletter, the next report to shareholders is expected to be a three month update (July 2020 – September
2020 inclusive) at the annual shareholders’ meeting on 30 October 2020. We look forward to updating many
of you at that meeting.”

Senior Portfolio Manager Ashley Gardyne said: “Despite a difficult market backdrop the Marlin portfolio rose
20%
3
before expenses, fees and tax for the year, compared with its market benchmark index
4
which was flat.
This strong portfolio performance demonstrates the value of active management in a turbulent market
environment. The Marlin portfolio benefited from the continued outperformance of our growth stocks,
combined with better than expected results from a number of our quality portfolio companies.”

Mr Gardyne added, “The market declines in February and March provided the opportunity to increase our
holdings in long-term positions like PayPal, Facebook and Edwards Lifesciences. It also allowed us to add a
handful of new investments to the portfolio at attractive prices. These new investments included small cap
growth companies like Floor and Décor and Stone Co that we have followed for a number of years. In this
turbulent market environment, our focus is on safety and capital preservation first, with a secondary focus on
using market declines to identify and act on compelling opportunities as they arise.”
In accordance with Marlin’s quarterly distribution policy (2% of average NAV per quarter), the company paid a
total of 7.90 cents per share to shareholders during the year ended 30 June 2020. Today, the Board declared a
dividend of 2.06 cents per share, payable on 25 September 2020 with a record date of 10 September 2020.

For further information, please contact:

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

1
Total shareholder return – the 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, (if they were in the money), at warrant expiry date.
2
Adjusted net asset value return – the net return to an investor after expenses, fees and tax.
3
Gross performance return – The Manager’s portfolio performance in terms of stock selection and currency hedging before expenses, fees
and tax.
4
S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD).



The total shareholder return, adjusted NAV return and gross performance return methodologies are described in the Marlin Global 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.

---

MARLIN GLOBAL LIMITED
FINANCIAL STATEMENTS CONTENTS
FOR THE YEAR ENDED 30 JUNE 2020
Page
Statement of Comprehensive Income1
Statement of Changes in Equity2
Statement of Financial Position3
Statement of Cash Flows4
Notes to the Financial Statements5

MARLIN GLOBAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2020
20202019
Notes$000$000
Interest income16 42
Dividend income635 964
Net changes in fair value of financial assets and liabilities
2
26,421 10,577
Other (losses)/income
3
(134) 208
Total net income26,938 11,791
Operating expenses
4
(4,348) (2,367)
Operating profit before tax22,590 9,424
Total tax expense
5
(33) (1,054)
Net operating profit after tax attributable to shareholders
22,557 8,370

Total comprehensive income after tax attributable to shareholders22,557 8,370
Basic earnings per share715.17c6.68c
Diluted earnings per share715.09c6.49c
The accompanying notes form an integral part of these financial statements.
Page 1 of 14

MARLIN GLOBAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2020
Notes
Share
Capital
Retained
Earnings
Total
Equity
$000$000$000
Balance at 1 July 2018112,620 8,784 121,404
Comprehensive income
Net operating profit after tax0 8,370 8,370
Other comprehensive income0 0 0
Total comprehensive income for the year ended
30 June 2019
Transactions with owners
Share buybacks
6
(931) 0 (931)
Shares issued for warrants exercised
6
17,550 0 17,550
Dividends paid
6
0 (9,927) (9,927)
New shares issued under dividend reinvestment plan
6
3,247 0 3,247
Shares issued from treasury stock under
dividend reinvestment plan
Total transactions with owners for the year ended
30 June 2019
20,762 (9,927) 10,835
Balance at 30 June 2019133,382 7,227 140,609
Comprehensive income
Net operating profit after tax0 22,557 22,557
Other comprehensive income0 0 0
Total comprehensive income for the year ended
30 June 2020
Transactions with owners
Warrant issue costs
6
(2) 0 (2)
Dividends paid
6
0 (11,739) (11,739)
New shares issued under dividend reinvestment plan
6
4,730 0 4,730
Shares issued from treasury stock under
dividend reinvestment plan
Total transactions with owners for the year ended
30 June 2020
4,737 (11,739) (7,002)
Balance at 30 June 2020138,119 18,045 156,164
The accompanying notes form an integral part of these financial statements.
Page 2 of 14
6
6
9 0 9
22,557 22,557 0
0
Attributable to shareholders of the
Company
8,370 8,370
896 0 896

MARLIN GLOBAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020
20202019
Notes$000$000
SHAREHOLDERS' EQUITY156,164140,609
Represented by:
ASSETS
Current Assets
Cash and cash equivalents
10
2,640 2,941
Trade and other receivables
8
1,593 150
Financial assets at fair value through profit or loss
2
155,638 138,132
Current tax receivable
5
58 0
Total Current Assets 159,929 141,223
Non-current Assets
Deferred tax asset
5
1 0
Total Non-current Assets
1 0
TOTAL ASSETS159,930 141,223
LIABILITIES
Current Liabilities
Trade and other payables
9
3,309 240
Financial liabilities at fair value through profit or loss
2
457 47
Current tax payable
5
0 327
Total Current Liabilities 3,766 614
TOTAL LIABILITIES3,766 614
NET ASSETS156,164 140,609
These financial statements have been authorised for issue for and on behalf of the Board by:
A B RyanC A Campbell
ChairChair of the Audit and Risk Committee
26 August 202026 August 2020
The accompanying notes form an integral part of these financial statements.
Page 3 of 14

MARLIN GLOBAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2020
20202019
Notes$000$000
Operating Activities
Sale of listed equity investments66,965 51,317
Interest received18 41
Dividends received648 958
Other (expenses)/income(174) 290
Purchase of listed equity investments(55,653) (56,013)
Operating expenses (2,803) (5,064)
Taxes paid(418) (327)
Net settlement of forward foreign exchange contracts(1,906) (3,306)
Net cash inflows/(outflows) from operating activities106,677 (12,104)
Financing Activities
Proceeds from warrants exercised0 17,550
Warrant issue costs(2) 0
Share buybacks0 (931)
Dividends paid (net of dividends reinvested)(7,000) (5,784)
Net cash (outflows)/inflows from financing activities(7,002) 10,835
Net decrease in cash and cash equivalents held(325) (1,269)
Cash and cash equivalents at beginning of the year2,941 4,287
Effects of foreign currency translation on cash balance24 (77)
Cash and cash equivalents at end of the year102,640 2,941
The accompanying notes form an integral part of these financial statements.
Page 4 of 14

MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Note 1Basis of Accounting
Reporting Entity
Marlin Global Limited ("Marlin" or "the Company") is listed on the NZX Main Board, is registered in New Zealand
under the Companies Act 1993 and is a FMC Reporting Entity under the Financial Markets Conduct Act 2013.
The Company’s registered office is Level 1, 67-73 Hurstmere Road, Takapuna, Auckland.
Basis of Preparation
These financial statements have been prepared in accordance with the requirements of Part 7 of the Financial
Markets Conduct Act 2013, the NZX Main Board listing rules and New Zealand Generally Accepted Accounting
Practice (NZ GAAP). They comply with New Zealand equivalents to International Financial Reporting Standards
(NZ IFRS) as appropriate to for profit-orientated entities, and International Financial Reporting Standards (IFRS).
The financial statements have been prepared on the historical cost basis, except for financial assets and
liabilities at fair value through profit or loss.
The functional and reporting currency used to prepare the financial statements is New Zealand dollars, rounded
to the nearest one thousand dollars.
The financial statements include GST where it is charged by other parties as it cannot be reclaimed.
The impact of COVID-19 was assessed during the preparation of these financial statements and whether
there were any indicators affecting the Company's ability to operate as a going concern. No indicators were
identified, and the Company remains a going concern.
Foreign Currency Transactions and Translations
Foreign currency transactions are converted into New Zealand dollars using exchange rates prevailing at
transaction date. Foreign currency assets and liabilities are translated into New Zealand dollars using the
exchange rates prevailing at the balance date.
Foreign exchange gains or losses relating to the financial assets and liabilities at fair value through profit or loss
are presented in the Statement of Comprehensive Income within "Net changes in fair value of financial assets
and liabilities".
Foreign exchange gains and losses relating to cash and cash equivalents, trade and other receivables, and
trade and other payables are presented in the Statement of Comprehensive Income within "Other (losses)/
income".
Accounting Policies
Accounting policies that summarise the recognition and measurement basis used and are relevant to an
understanding of the financial statements, are provided throughout the notes to the financial statements and
are designated by a symbol.
The accounting policies adopted have been consistently applied to all years presented, unless otherwise
stated.
There are no new accounting standards, amendments to standards and interpretations that have a material
impact on these financial statements. The same applies for any new standards, amendments to standards
and interpretations that have been issued but are not yet effective.
Critical Judgements, Estimates and Assumptions
The preparation of 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.
Judgements are designated by a symbol in the notes to the financial statements. There were no material
estimates or assumptions required in the preparation of these financial statements.
Authorisation of Financial Statements
The Marlin Board of Directors authorised these financial statements for issue on 26 August 2020.
No party may change these financial statements after their issue.
Note 2
Financial assets and liabilities at fair value through profit or loss
Given that the investment portfolio is managed, and performance is evaluated, on a fair value basis in
accordance with a documented investment strategy, Marlin has classified all of its investments at fair value
through profit or loss.
Investments are initially recognised at fair value and are subsequently revalued to reflect changes in fair value.
Net changes in the fair value of financial assets and liabilities are recognised in the Statement of Comprehensive
Income.
Page 5 of 14
j
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MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Note 2Financial assets and liabilities at fair value through profit or loss (continued)
Financial assets at fair value through profit or loss comprise of international listed equity investment assets and
forward foreign exchange contracts with positive value.
Financial liabilities at fair value through profit or loss comprise of forward foreign exchange contracts with
negative value.
Forward foreign exchange contracts can be used as economic hedges for equity investments against currency
risk. They are accounted for on the same basis as those investments and are recognised at their fair value.
All purchases and sales of investments are recognised at trade date, which is the date the Company commits to
purchase or sell the investment and transaction costs are expensed as incurred. When an investment is sold,
any gain or loss arising on the sale is included in the Statement of Comprehensive Income. Realised gains or
losses are calculated as the difference between the sale proceeds and the carrying amount of the item.
The fair value of listed equity investments traded in active markets are based on last sale prices at balance
date, except where the last sale price falls outside the bid-ask spread for a particular investment, in which case
the bid price will be used to value the investment. The decline in equity markets as a result of COVID-19
adversely impacted the value of investments during the year, with markets since recovering by year end. Trading
was not suspended as at year end for any of the investments held by the Company.
The fair value of forward foreign exchange contracts is determined by using valuation techniques based on spot
exchange rates and forward points supplied by The World Markets Company PLC via Refinitiv.
Dividend income from investments is recognised in the Statement of Comprehensive Income when the
Company's right to receive payments is established (ex-dividend date).
Investments recognised at fair value are categorised according to a fair value hierarchy that shows the extent
of judgement used in determining their fair value. Where unadjusted quoted prices are used in an active market,
the investments are categorised as Level 1. When significant inputs derived from quoted prices are used, the
investments are categorised as Level 2. If signficant inputs are not based on observable market data, they are
categorised as Level 3.
All listed equity investments held by Marlin are categorised as Level 1 and all forward foreign exchange contracts
are classified as Level 2 in the fair value hierarchy. There have been no transfers between levels of the fair value
hierarchy during the year (2019: none).
There were no financial instruments classified as Level 3 at 30 June 2020 (2019: none). There have been
no changes to the fair value hierarchy classification of investments as a result of COVID-19.
Financial assets and liabilities at fair value through profit or loss20202019
$000$000
Financial Assets:
International listed equity investments
155,625 136,890
Forward foreign exchange contracts
13 1,242
Total financial assets at fair value through profit or loss155,638 138,132
Financial Liabilities:
Forward foreign exchange contracts
457 47
Total financial liabilities at fair value through profit or loss457 47
Net changes in fair value of financial assets and liabilities
International listed equity investments
25,047 10,809
Foreign exchange gains on equity investments
4,920 189
Losses on forward foreign exchange contracts
(3,546) (421)
26,421 10,577
The fair value of 7 stocks was determined using the bid price (2019: 16 stocks).
The notional value of forward foreign exchange contracts held at 30 June 2020 was $76,609,790 (2019:
$61,370,217).
Note 3Other (losses)/income
20202019
$000$000
Foreign exchange (losses)/gains on cash and cash equivalents
and outstanding settlements
(134) 208
Total other (losses)/income(134) 208
Page 6 of 14
Net changes in fair value of financial assets and liabilities through profit or
loss
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MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Note 4Operating expenses
20202019
$000$000
Management fee (note 11)
1,897 1,553
Performance fee (note 11)
1,582 0
Administration services (note 11)
159 159
Directors' fees (note 11)
175 176
Brokerage
191 165
Custody and accounting fees
55 57
Investor relations and communications
101 97
NZX fees
56 56
Professional fees
44 30
Fees paid to the auditor:
Statutory audit and review of financial statements
36 35
Non-assurance services
1
2 0
Regulatory fees
14 9
Other operating expenses
36 30
Total operating expenses4,348 2,367
1
Non-assurance services relate to agreed upon procedures performed in respect of the performance fee
calculation. No other fees were paid to the auditor.
Note 5
Taxation
Marlin is a Portfolio Investment Entity ("PIE") for tax purposes.
Taxation expense comprises both current and deferred tax. Current tax is the expected tax payable on the
taxable income for the year, using tax rates enacted or substantively enacted at balance date, and any
adjustment to tax payable in respect of previous years. Current tax for current and prior periods is recognised
as a liability or asset to the extent that it is unpaid (or refundable). Deferred tax (if any) is recognised as the
difference between the carrying amounts of assets and liabilities in the financial statements and the amounts
used for taxation purposes. A deferred tax asset is only recognised to the extent it is probable it will be utilised.
20202019
Taxation expense is determined as follows:
$000$000
Operating profit before tax
22,590 9,424
Non-taxable realised gain on financial assets and liabilities
(20,676) (12,374)
Non-taxable unrealised (gain)/loss on financial assets and liabilities
(8,792) 1,236
Fair Dividend Rate income
7,300 6,268
Exempt dividends subject to Fair Dividend Rate
(632) (963)
Non-deductible expenses and other
208 173
Forfeit of tax credits
326 0
Prior period adjustment
(207) 0
Taxable income117 3,764
Tax at 28%
33 1,054
Taxation expense comprises:
Current tax
0 846
Deferred tax
0 208
Forfeit of tax credits
91 0
Prior period adjustment
(58) 0
Total tax expense33 1,054
Current tax balance
Opening balance
(327) 192
Prior period adjustment
58 0
Current tax movements
0 (846)
Tax paid
327 185
Credits used
0 142
Current tax receivable/(payable)58 (327)
Page 7 of 14

MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Note 5
Taxation (continued)
20202019
$000$000
Deferred tax balance
Opening balance
0 208
Current year losses
0 (206)
Other
1 (2)
Deferred tax asset1 0
A deferred tax asset is recognised only if it is probable that future tax profits will be available to utilise against
the deferred tax asset.
Imputation credits
The imputation credits available for subsequent reporting periods total $nil (2019: $326,609). This amount
represents the balance of the imputation credit account at the end of the reporting period, adjusted for
imputation credits that will arise from the receipt of dividends recognised as a receivable at 30 June 2020.
Note 6
Shareholders' Equity
Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares and
warrants are shown in equity as a deduction.
When shares are acquired by the Company, the amount of consideration paid is recognised directly in equity.
Acquired shares are classified as treasury stock and presented as a deduction from share capital. When
treasury stock is subsequently sold or reissued, the cost of treasury stock is reversed and the realised gain
or loss on sale or reissue, net of any directly attributable incremental transaction costs, is recognised within
share capital.
Marlin has 151,897,797 fully paid ordinary shares on issue (2019: 146,635,412). All ordinary shares rank equally
and have no par value. All shares carry an entitlement to dividends and one vote is attached to each fully paid
ordinary share.
Buybacks
Marlin maintains an ongoing share buyback programme. For the year ended 30 June 2020, Marlin did not
acquire any shares (2019: 1,044,627 shares, $931,387) under the programme which allows up to 5% of the
ordinary shares on issue (as at the date 12 months prior to the acquisition) to be acquired. Shares acquired
under the buyback programme are held as treasury stock and subsequently reissued to shareholders under
the dividend reinvestment plan. There were no shares held as treasury stock at balance date (2019: 10,000).
Warrants
On 7 November 2019, 37,252,688 new Marlin warrants were allotted and quoted on the NZX Main Board. One
new warrant was issued to all eligible shareholders for every four shares held on record date (6 November 2019).
The warrants are exercisable at $0.94 per warrant, adjusted down for dividends declared during the period up to
the exercise date of 6 November 2020. Warrant holders can elect to exercise some or all of their warrants on the
exercise date. The net cost of issuing the warrants is deducted from share capital.
On 2 May 2018, 29,684,140 new Marlin warrants were allotted and quoted on the NZX Main Board on 3 May
2018. One new warrant was issued to all eligible shareholders for every four shares held on record date
(1 May 2018). On 12 April 2019, 23,452,115 warrants valued at $17,589,086, less issue costs of $38,941
(net $17,550,145), were exercised at $0.75 per warrant, and the remaining 6,232,025 warrants lapsed.
Dividends
Dividend distributions to the Company's shareholders are recognised as a liability in the financial statements in
the period in which the dividends are declared by the Marlin Board.
Marlin has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid during the
year comprised:
2020Cents per2019Cents per
$000share$000share
26 Sep 20192,830 1.9328 Sep 20182,436 2.05
19 Dec 20192,943 1.9921 Dec 20182,480 2.07
27 Mar 20203,043 2.0428 Mar 20192,179 1.80
26 Jun 20202,923 1.9427 Jun 20192,832 1.95
11,739 7.909,927 7.87
Page 8 of 14
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MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Note 6
Shareholders' Equity (continued)
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 to the five-day volume weighted average
share price from the date the shares trade ex-entitlement. During the year ended 30 June 2020, 5,262,385
ordinary shares totalling $4,738,947 (2019: 4,923,386 ordinary shares totalling $4,143,043) were issued
in relation to the plan for the quarterly dividends paid. To participate in the dividend reinvestment plan, a
completed participation notice must be received by Marlin before the next record date.
Note 7Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the
weighted average number of ordinary shares on issue during the year. Diluted earnings per share assumes
conversion of all dilutive potential ordinary shares in determining the denominator. Potential ordinary shares
include outstanding warrants.
20202019
Basic earnings per share
Profit attributable to owners of the Company ($'000)
22,557 8,370
Weighted average number of ordinary shares on issue net of treasury stock ('000)
148,671 125,307
Basic earnings per share15.17c6.68c
Diluted earnings per share
Profit attributable to owners of the Company ($'000)
22,557 8,370
Weighted average number of ordinary shares on issue net of treasury stock ('000)
148,671 125,307
Diluted effect of warrants on issue ('000)
778 3,659
149,449 128,966
Diluted earnings per share15.09c6.49c
Note 8
Trade and Other Receivables
Trade and other receivables are classified as financial assets at amortised cost and are initially recognised at
fair value, and subsequently measured at amortised cost less any provision for impairment. Receivables are
assessed on a case-by-case basis for impairment.
The trade and other receivables' carrying values are a reasonable approximation of fair value.
20202019
$000$000
Interest receivable
0 1
Dividends receivable
2 15
Unsettled investment sales
1,441 0
Other receivables and prepayments
150 134
Total trade and other receivables1,593 150
Note 9
Trade and Other Payables
Trade and other payables are classified as other financial liabilities and are initially recognised at fair value, and
subsequently measured at amortised cost.
The trade and other payables' carrying values are a reasonable approximation of fair value.
20202019
$000$000
Related party payable (note 11)
1,761 159
Unsettled investment purchases
1,511 0
Other payables and accruals
37 81
Total trade and other payables3,309 240
Page 9 of 14
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MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Note 10Cash and Cash Flow Reconciliation
Cash and Cash Equivalents
Cash and cash equivalents are classified as financial assets at amortised cost and comprise cash on deposit at
banks.
20202019
$000$000
Cash - New Zealand dollars
989 1,287
Cash - International currency
1,651 1,654
Cash and Cash Equivalents2,640 2,941
Reconciliation of Net Operating Profit after Tax to Net Cash Flows from Operating Activities
Net operating profit after tax
22,557 8,370
Items not involving cash flows:
Unrealised (gains)/losses on cash and cash equivalents
(24) 77
Unrealised (gains)/losses on revaluation of investments
(8,792) 1,236
Unrealised losses/(gains) on forward foreign exchange contracts
1,640 (2,885)
(7,176) (1,572)
Impact of changes in working capital items
Increase/(decrease) in trade and other payables
3,069 (2,721)
(Increase)/decrease in trade and other receivables
(1,446) 23
Change in current and deferred tax
(386) 727
1,237 (1,971)
Items relating to investments
Amount paid for purchases of investments
(55,653) (56,013)
Amount received from sales of investments
66,965 51,317
Net amount paid on settlement of forward foreign exchange contracts(1,906) (3,306)
Realised gains on investments
(19,267) (8,929)
Increase in unsettled purchases of investments
(1,519) 0
Decrease in unsettled sales of investments
1,439 0
(9,941) (16,931)
Net cash inflows/(outflows) from operating activities6,677 (12,104)
Note 11
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.
Transactions with related parties
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. In return for the performance of its duties as Manager,
Fisher Funds is paid the following fees:
(i) Management fee: 1.25% (plus GST) per annum of the gross asset value, calculated weekly and payable
monthly in arrears. The fee reduces if the Manager underperforms, thereby aligning the Manager's interests with
those of the Marlin shareholders. For every 1% underperformance (relative to the change in the NZ 90 Day Bank
Bill Index) the management fee percentage is reduced by 0.1%, subject to a minimum 0.75% per annum
management fee.
(ii) Performance fee: Fisher Funds may earn an annual performance fee of 10% plus GST (2019:
15% plus GST) of excess returns over and above the performance fee hurdle return (being the change
in the NZ 90 Day Bank Bill Index plus 5%) subject to achieving the High Water Mark ("HWM"). From 1 July
2019 the total performance fee amount is subject to a cap of 1.25% of the net asset value and payment
continues to be settled fully in cash.
The HWM is the dollar amount by which the net asset value per share exceeds the highest net asset value per
share (after adjustment for capital changes and distributions) at the end of any previous calculation period in
which a performance fee was payable, multiplied by the number of shares on issue at the end of the period.
Page 10 of 14

MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Note 11
Related Party Information (continued)
(ii) Performance fee (continued):
In accordance with the terms of the Management Agreement, when a performance fee is earned, it is paid
within 60 days of the balance date.
Performance fees paid to the Manager are recognised as an expense in the Statement of Comprehensive
Income in line with a typical operating expense.
For the year ended 30 June 2020, excess returns of $15,586,074 (2019: $59,973) were generated and the net
asset value per share before the deduction of a performance fee was $1.04 (2019: $0.96), which exceeded the
HWM after adjustment for capital changes and distributions of $0.88 (2019: $0.96). Accordingly, the Company
has expensed a performance fee of $1,581,986 for the year ended 30 June 2020 (2019: the Manager
waived its right to a performance fee of $9,131 (including GST)).
(iii) Administration fee: Fisher Funds provides corporate administration services and a monthly fee is charged.
Fees earned, accrued and payable:
20202019
$000$000
Fees earned by and accrued to the Manager for the year ended 30 June
Management fees
1,897 1,553
Performance fees
1,582 0
Administration services
159 159
Total fees earned by and accrued to the Manager3,638 1,712
Fees payable to the Manager at 30 June
Management fees
166 146
Performance fees
1,582 0
Administration services
13 13
Total amount payable to the Manager1,761 159
Investments by the Manager
The Manager held shares in the Company until August 2019 when its holding was sold (2019: $1,807,236).
No dividends were paid to the Manager during the year (2019: $142,967).
Investment transactions with related parties
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). Purchases for the year ended 30 June 2020 totalled $nil
(2019: $nil) and sales totalled $nil (2019: $4,011,035).
Directors
The directors of Marlin are the only key management personnel and they are paid a fee for their services. The
directors' fee pool is $157,500 (plus GST if any) per annum (2019: $157,500). The amount paid to directors
(inclusive of GST for three directors) is disclosed in note 4 under directors' fees (all directors earn a director's
fee).
The directors or their associates also held shares in the Company at 30 June 2020 and held warrants at
30 June 2019 (2019: nil). The table below shows a reconciliation of opening and closing share holdings and
warrant holdings for all directors or their associates:
20202019
$000$000
Opening value of shares held by directors or their associates
957 720
Plus shares issued for warrants exercised
0 177
Plus other share purchases
2,354 23
Plus share price movements
294 37
Closing value of shares held by directors or their associates3,605 957
Opening value of warrants held by directors or their associates
0 13
Plus new warrants issued and price movements
75 3
Less warrants exercised
0 (16)
Closing value of warrants held by directors or their associates75 0
Dividends of $252,721 (2019: $70,880) were also received by directors or their associates as a result of their
shareholding.
Page 11 of 14

MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Note 12
Financial Risk Management
The Company is subject to a number of financial risks which arise as a result of its investment activities,
including market risk, credit risk and liquidity risk.
The Management Agreement between Marlin and Fisher Funds details permitted investments. Financial
instruments currently recognised in the financial statements also comprise cash and cash equivalents, forward
foreign exchange contracts, trade and other receivables and trade and other payables.
Market Risk
All equity investments present a risk of loss of capital, often due to factors beyond the Company's control such
as competition, regulatory changes, commodity price changes and changes in general economic climates
domestically and internationally. The Manager moderates this risk through careful stock selection, diversification,
and daily monitoring of the market positions. For corporate governance purposes there is also regular
reporting to the Board of Directors. In addition, the Manager has to meet the criteria of authorised investments
within the prudential limits defined in the Management Agreement.
The country in which Marlin's exposure is 10% or greater of the portfolio is the United States 87% (2019: United
States 77%).
Price Risk
Price risk is the risk of gains or losses from changes in the market price of investments. The Company is
exposed to the risk of fluctuations in the underlying value of its listed portfolio companies. There were no
companies individually comprising more than 10% of Marlin's total assets at 30 June 2020 (2019: none).
Interest Rate Risk
Interest rate risk is the risk of movements in interest rates. Surplus cash is held in interest bearing foreign
currency and New Zealand bank accounts. The Company is therefore exposed to the risk of changes in
interest income from movements in both international and New Zealand interest rates. There is no hedge
against the risk of movements in interest rates.
Currency Risk
Currency risk is the risk that the fair value or future cash flows of an investment will fluctuate because of changes
in foreign exchange rates. The Company holds assets denominated in international currencies and it is therefore
exposed to currency risk as the value of assets held in international currencies will fluctuate with changes in the
relative value of the New Zealand dollar. The Company mitigates this risk by entering into forward foreign
exchange contracts as and when the Manager deems it appropriate. At any time during the year the portfolio
may be hedged by an amount deemed appropriate by the Manager.
Sensitivity Analysis
The table below summarises the impact on net operating profit after tax and shareholders' equity to reasonably
possible changes arising from market risk exposure at 30 June as follows:
20202019
$000$000
Price risk
1
International listed equity investmentsCarrying value155,625 136,890
Impact of a 20% change in market prices: +/-
31,125
Impact of a 10% change in market prices: +/-
13,689
Interest rate risk
2
Cash and cash equivalentsCarrying value2,640 2,941
Impact of a 1% change in interest rates: +/-
26 29
Page 12 of 14
1
The impact of COVID-19 caused the Company to review the adequacy of the market price risk sensitivity analysis. A variable of 20% (2019: 10%)
is considered appropriate for market price risk sensitivity based on the impact of COVID-19, as well as based on historical price movements.
2
Current market circumstances caused the Company to review the adequacy of the interest rate risk sensitivity. The 1% variable used in the
previous period is considered to continue to be appropriate to illustrate the impact of COVID-19, as well as a reasonable possible movement based
on historic trends. The percentage movement for the interest rate sensitivity relates to an absolute change in the interest rate rather than a
percentage change in interest rate.

MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Note 12
Financial Risk Management (continued)
Market Risk (continued)
Sensitivity Analysis (continued)
20202019
$000$000
Currency risk
3
Cash and cash equivalentsCarrying value1,651 1,654
Impact of a +10% change in exchange rates
(150) (150)
Impact of a -10% change in exchange rates
183 184
International listed equity investmentsCarrying value155,625 136,890
Impact of a +10% change in exchange rates
(14,148) (12,445)
Impact of a -10% change in exchange rates
17,292 15,210
Forward foreign exchange contractsCarrying value(444) 1,195
Impact of a +10% change in exchange rates
6,965 5,579
Impact of a -10% change in exchange rates
(8,512) (6,819)
Net foreign currency payables/receivablesCarrying value36 129
Impact of a +10% change in exchange rates
(3) (12)
Impact of a -10% change in exchange rates
4 14
Credit Risk
Credit risk is the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Company. In the normal course of its business, the Company is exposed to credit risk from transactions with its
counterparties.
Listed securities are held by an independent custodian, Trustees Executors Limited. All transactions in listed
securities are paid for on delivery according to standard settlement instructions and are normally settled within
three business days. Dividends receivable are due from listed international companies and are normally settled
within a month after the Ex-Dividend date. The Company has cash and forward foreign exchange contracts with
banks registered in New Zealand, and internationally, which carry a minimum short-term credit rating of S&P AA-
or equivalent.
The Company measures credit risk and expected credit losses using probability of default, exposure at default
and loss given default. Management considers both historical analysis and forward looking information in
determining any expected credit loss. At balance date, cash at bank was held with counterparties with a credit
rating of S&P AA- or equivalent. Trade and other receivables are normally settled within three business days.
Management considers the probability of default to be close to zero as the counterparties have a strong capacity
to meet their contractual obligations in the near term. As a result, no loss allowance has been recognised
based on 12 month expected credit losses as any such impairment would be wholly insignificant to the Company.
The maximum credit risk of financial assets is deemed to be their carrying amount as reported in the Statement
of Financial Position.
Other than cash at bank, short term unsettled trades and dividends receivable, there are no significant
concentrations of credit risk. The Company does not expect non-performance by counterparties, therefore no
collateral or security is required.
Liquidity Risk
Liquidity risk is the risk that the assets held by the Company cannot readily be converted to cash in order to meet
the Company's financial obligations as they fall due. The Company endeavours to invest the proceeds from the
issue of shares in appropriate investments while maintaining sufficient liquidity (through daily cash monitoring) to
meet working capital and investment requirements.
Liquidity to fund investment requirements can be augmented through the procurement of a debt facility from a
registered bank to a maximum value of 20% of the gross asset value of the Company. There were no such debt
facilities at 30 June 2020 (2019: nil).
All derivative financial liabilities held by the Company have contractual maturities of 3 months or less.
There have been no subsequent events to suggest any issues with satisfying working capital and investment
requirements and COVID-19 has not impacted the liquidity risk profile.
Page 13 of 14
3
Current market circumstances caused the Company to review the adequacy of the currency risk sensitivity. The 10% variable used in the
previous period is considered to continue to be appropriate to illustrate the impact of COVID-19, as well as a reasonable possible movement based
on historic trends.

MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Note 12
Financial Risk Management (continued)
Capital Risk Management
The Company’s objective is to prudently manage shareholder capital (share capital, reserves, retained earnings)
and borrowings (if any).
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to
shareholders, return capital to shareholders, undertake share buybacks, issue new shares and secure
borrowings in the short term.
The Company was not subject to any externally imposed capital requirements during the year.
Since announcing a long-term distribution policy in August 2010, the Company continues to pay 2% of average
net asset value each quarter.
Note 13
Net Asset Value
The audited net asset value per share of Marlin as at 30 June 2020 was $1.03 (2019: $0.96),
calculated as the net assets of $156,163,981 divided by the number of shares on issue of 151,897,797
(2019: net assets of $140,609,104 and shares on issue of 146,635,412).
Note 14
Commitments and Contingent Liabilities
There were no unrecognised contractual commitments or contingent liabilities as at 30 June 2020 (2019: nil).
Note 15
Financial Reporting by Segments
The Company operates in a single operating segment, being international financial investment.
The Company is managed as a whole and is considered to have a single operating segment. There is no
further division of the Company or internal segment reporting used by the Directors when making strategic,
investment or resource allocation decisions.
There has been no change to the operating segment during the year.
Note 16
Subsequent Events
The Board declared a dividend of 2.06 cents per share on 26 August 2020. The record date for this dividend is
10 September 2020 with a payment date of 25 September 2020.
There were no other events which require adjustment to, or disclosure, in these financial statements.
Page 14 of 14

PricewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 (9) 355 8000, F: +64 (9) 355 8001, www.pwc.co.nz
Independent auditor’s report
To the shareholders of Marlin Global Limited
We have audited the financial statements which comprise:
●the statement of financial position as at 30 June 2020;
●t
he statement of comprehensive income for the year then ended;
●the statement of changes in equity for the year then ended;
●the statement of cash flows for the year then ended; and
●the notes to the financial statements, which include significant accounting policies.
Our opinion
In our opinion, the accompanying financial statements of Marlin Global Limited (the Company)
present fairly, in all material respects, the financial position of the Company as at 30 June 2020, its
financial performance and its cash flows for the year then ended in accordance with New Zealand
Equivalents to International Financial Reporting Standards (NZ IFRS) and International Financial
Reporting Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand)
(ISAs (NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those
standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out an agreed-upon procedures engagement for the Company in relation to the
performance fee calculation. The provision of this service has not impaired our independence as
auditor of the Company.
Key audit matter
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the financial statements of the current year. Given the nature of the Company, we
have one key audit matter: Valuation and existence of listed equity investments. The matter was
addressed in the context of our audit of the financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on the matter.

PwC

Key audit matter How our audit addressed the key audit
matter
Valuation and existence of listed equity
investments
Listed equity investments (the investments)
are valued at $155.6 million and represent 97%
of total assets.
Further disclosures on the investments are
included in note 2 to the financial statements.
This was an area of focus for our audit and an
area where a significant proportion of audit
effort was directed.
As at 30 June 2020, all investments were in
companies that were listed on recognised stock
exchanges and were actively traded with
readily available, quoted market prices. The
market prices are quoted in foreign currencies,
which are then translated to New Zealand
dollars using the exchange rate at 30 June
2020.
Management assessed the impact of COVID-19
on the Company’s financial statements
including the investments and included
additional disclosures in relation to the
investments, market price risk sensitivity and
liquidity risk.
All investments are held by Trustees Executors
Limited (the Custodian) on behalf of the
Company. Trustees Executors Limited also
provides administration services for the
Company.
Our audit procedures included updating our
understanding of the business processes
employed by the Company for accounting
for, and valuing, its investment portfolio.
We obtained confirmation from the
Custodian that the Company was the
recorded owner of all the recorded
investments.
We obtained copies of and assessed Trustees
Executors Limited’s Internal Controls
Reports for Custody, Investment Accounting
and Registry services for the period from 1
April 2019 to 31 March 2020. Trustees
Executors Limited has confirmed that there
has been no material change to the control
environment in the period from 1 April 2020
to 30 June 2020.
We agreed the price for all investments held
at 30 June 2020 and the exchange rate at
which they have been converted from foreign
currencies to New Zealand dollars to
independent third-party pricing sources.
We have considered the impact of COVID-19
on the valuation of investments, including
the disclosures provided in note 2.
No matters arose from the procedures
performed.
Our audit approach
Overview
An
audit is designed to obtain reasonable assurance whether the financial
statements are free from material misstatement.
Overall materiality: $780,000, which represents approximately 0.5% of the
net assets. We used this benchmark because, in our view, the objective of
the Company is to provide investors with a total return on its assets, taking
account of both capital and income returns.
As reported earlier, we have one key audit matter, being: Valuation and
existence of listed equity investments.

PwC

Materiality
The scope of our audit was influenced by our application of materiality.
Based on our professional judgement, we determined certain quantitative thresholds for
materiality, including the overall materiality for the financial statements as a whole as set out
above. These, together with qualitative considerations, helped us to determine the scope of our
audit, the nature, timing and extent of our audit procedures and to evaluate the effect of
misstatements, both individually and in aggregate, on the financial statements as a whole.
Audit scope
We designed our audit by assessing the risks of material misstatement in the financial statements
and our application of materiality. As in all of our audits, we also addressed the risk of management
override of internal controls including among other matters, consideration of whether there was
evidence of bias that represented a risk of material misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the financial statements as a whole, taking into account the structure of the Company,
the type of investments held by the Company, the use of third-party service providers, the related
accounting processes and controls, and the industry in which the Company operates.
The Directors are responsible for the governance and the control activities of the Company. The
Directors have delegated certain responsibilities to Fisher Funds Management Limited (the
Investment Manager) and Trustees Executors Limited (the Administrator and the Custodian).
In establishing our overall audit approach, we assessed the risk of material misstatement, taking
into account the nature, likelihood and potential magnitude of any misstatement. As part of our
risk assessment, we considered the Company’s interaction with the Investment Manager and the
Administrator and the control environment in place at the Administrator and the Custodian.
Information other than the financial statements and auditor’s report
The Directors are responsible for the annual report. Our opinion on the financial statements does
not cover the other information included in the annual report and we do not and will not express
any form of assurance conclusion on the other information.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated. If, based on the work we have performed on the other information that we
obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report in this
regard, except that not all other information was available to us at the date of our signing.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation
of the financial statements in accordance with NZ IFRS and IFRS, and for such internal control as
the Directors determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Directors either intend to liquidate the
Company or to cease operations, or have no realistic alternative but to do so.

PwC

Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a
whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-2/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state 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.
The engagement partner on the audit resulting in this independent auditor’s report is Philip Taylor.
For and on behalf of:
Ch
artered Accountants Auckland
26 August 2020