Marlin records strong first half profit

Marlin Global Limited results announcement

Results for announcement to the market
Name of issuer Marlin Global Limited
Reporting Period 6 months to 31 December 2020
Previous Reporting Period 6 months to 31 December 2019
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$32,254 118%
Total Revenue $32,254 118%
Net profit/(loss) from
continuing operations
$25,844 109%
Total net profit/(loss) $25,844

109%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 2.21 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00000000
Record Date 4 March 2021
Dividend Payment Date 26 March 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.0989 $1.0027
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 reviewed
by PricewaterhouseCoopers and are not subject to a qualification. A
copy of the auditor’s review 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

17 February 2021
Reviewed interim financial statements accompany this announcement.

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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/
3
Benchmark Index: S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD).






For immediate release:


17 February 2021


Marlin records strong first half profit

• First half 2021 net operating profit $25.8m (1H20, $12.4m)
• Total shareholder return
1
42.4%
• Adjusted net asset value (NAV) return
2
15.8%
• 4.26 cents per share in dividends paid during the six month period

NZX-listed investment company Marlin Global Limited (NZX:MLN) today announced a net operating
profit after tax of $25.8m for the six month period ended 31 December 2020 (1H20, $12.4m).

Marlin’s key performance ratios show a total shareholder return (TSR) of 42.4% for the six months
and an increase in the adjusted net asset value
2
(NAV) of 15.8%, as compared to the S&P Large Mid
Cap/S&P Small Cap Index (50% hedged to NZD) which was up 18.9%.

In accordance with the company’s distribution policy (2.0% of average NAV per quarter), a total of
4.26 cents per share was paid to Marlin shareholders during the six months ending 31 December
2020. On 17 February 2021, the Board declared a quarterly dividend of 2.21 cents per share to be
paid to shareholders on 26 March 2021 with a record date of 4 March 2021.

On 6 November 2020, Marlin warrant holders had the option to convert their MLNWD warrants into
ordinary Marlin shares at an exercise price of $0.86 per warrant. On the same day, Marlin shares
were trading on-market at $1.20, a 39.5% premium to the exercise price. Marlin warrant holders
took advantage of this discount, with 33,399,590 warrants out of a possible 37,252,688 warrants
(90%) being converted into shares. The additional funds were invested in Marlin’s then current
portfolio of stocks, in similar proportions to the existing portfolio.

Global share markets continued to recover from the COVID pandemic shock of February/March
2020 and were buoyed by positive news about vaccine developments combined with continuing
expansive monetary and fiscal policies of most western countries. The results from the majority of
Marlin’s portfolio companies have demonstrated good resilience but, inevitably, global uncertainty
about the virus can be expected to overhang the markets for some time yet.

“Marlin’s Chair, Alistair Ryan, noted that “The six months ended 31 December 2020 continued the
strong recovery by international equities markets that was evidenced during April-June 2020. It was
pleasing to see generally strong markets continue into the new financial year and a robust and
resilient performance by the Marlin portfolio. Shareholders continued to receive reliable dividends

throughout the pandemic period coupled with strong growth in the portfolio value. It remains to be
seen how the second half of the financial year will play out but the strong first half performance has
clearly demonstrated the benefits of a rigorous and detailed approach to stock selection, retention
and divestment.”

The first six months of Marlin’s 2021 financial year saw the listed investment company deliver a
gross performance return of 19.8%, while the S&P Large Mid Cap/S&P Small Cap Index (hedged 50%
to NZD)
3
was up 18.9% for the same period.

Senior Portfolio Manager, Ashley Gardyne, said: “The Marlin portfolio continued its strong
performance over the last six months, with our portfolio companies, by and large, continuing to
deliver steady growth despite the COVID-19 pandemic and associated lockdowns“

“Pleasingly our performance was driven by strong returns from a number of our more recent
portfolio additions, including StoneCo (+117% in local currency for the period), Floor and Décor
Holdings (+61%) and Hilton Worldwide (+51%).“






For further information, please contact:
Wayne Burns
Corporate Manager
Marlin Global Limited
Tel: (09) 484 0352


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
INTERIM FINANCIAL STATEMENTS CONTENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Page
Statement of Comprehensive Income1
Statement of Changes in Equity2
Statement of Financial Position3
Statement of Cash Flows4
Notes to the Interim Financial Statements5

MARLIN GLOBAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
6 months6 months
endedended
31/12/2031/12/19
unauditedunaudited
Notes$000$000
Interest income4 10
Dividend income276 357
Net changes in fair value of financial assets and liabilities
2
32,359 14,426
Foreign exchange losses on cash and cash equivalents
3
(385)
(10)
Total net income32,254 14,783
Operating expenses
4
(3,555) (1,864)
Operating profit before tax28,699 12,919
Total tax expense
(2,855) (550)
Net operating profit after tax attributable to shareholders25,844 12,369
Total comprehensive income after tax attributable to shareholders25,844 12,369
Basic earnings per share615.99c8.39c
Diluted earnings per share
615.36c8.36c
The accompanying notes form an integral part of these financial statements.
Page 1 of 9

MARLIN GLOBAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Share
Capital
Retained
Earnings
Total
Equity
Notes$000$000$000
Balance at 1 July 2019 (audited)133,382 7,227 140,609
Comprehensive income
Net operating profit after tax0 12,369 12,369
Other comprehensive income0 0 0
Total comprehensive income for the period ended
31 December 2019
0 12,369 12,369
Transactions with shareholders
Dividends paid50 (5,774) (5,774)
Shares issued from treasury stock under dividend
reinvestment plan
New shares issued under dividend reinvestment plan
5
2,345 0 2,345
Total transactions with shareholders for the period
ended 31 December 2019
2,354 (5,774) (3,420)
135,736 13,822
149,558
Balance at 1 July 2020 (audited)138,119 18,045 156,164
Comprehensive income
Net operating profit after tax0 25,844
25,844
Other comprehensive income0 0 0
Total comprehensive income for the period ended
31 December 2020
0 25,844 25,844
Transactions with shareholders
Shares issued for warrants exercised528,651 0 28,651
Dividends paid50 (7,230) (7,230)
New shares issued under dividend reinvestment plan 5
2,847 0 2,847
Total transactions with shareholders for the period
ended 31 December 2020
31,498 (7,230) 24,268
169,617 36,659
206,276
The accompanying notes form an integral part of these financial statements.
Page 2 of 9
5
Balance at 31 December 2020 (unaudited)
Balance at 31 December 2019 (unaudited)
Attributable to shareholders of the Company
9 0 9

MARLIN GLOBAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
31/12/2030/06/20
unauditedaudited
Notes$000$000
SHAREHOLDERS' EQUITY206,276156,164
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 7,3592,640
Trade and other receivables 1491,593
Financial assets at fair value through profit or loss
2
203,693155,638
Current tax receivable
058
Total Current Assets
211,201159,929
Non-current Assets
Deferred tax asset
01
Total Non-current Assets
01
TOTAL ASSETS
211,201159,930
LIABILITIES
Current Liabilities
Trade and other payables 2,1473,309
Financial liabilities at fair value through profit or loss
223457
Current tax payable
2,7550
Total Current Liabilities
4,9253,766
TOTAL LIABILITIES
4,9253,766
NET ASSETS
206,276156,164
These interim 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
17 February 2021
17 February 2021
The accompanying notes form an integral part of these financial statements.
Page 3 of 9

MARLIN GLOBAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
6 months6 months
endedended
31/12/2031/12/19
unauditedunaudited
Notes$000$000
Operating Activities
Sale of listed equity investments38,094 15,482
Interest received4 11
Dividends received278 366
Other losses incurred(386) (14)
Purchase of listed equity investments(61,243) (11,970)
Operating expenses (3,206) (1,377)
Taxes paid(42) (382)
Net settlement of forward foreign exchange contracts
6,938 20
Net cash (outflows)/inflows from operating activities7(19,563) 2,136
Financing Activities
Proceeds from warrants exercised 28,651 0
Dividends paid (net of dividends reinvested)
(4,383) (3,420)
Net cash inflows/(outflows) from financing activities24,268 (3,420)
Net increase/(decrease) in cash and cash equivalents held4,705 (1,284)
Cash and cash equivalents at beginning of the period2,640 2,941
Effects of foreign currency translation on cash balance
14
8
Cash and cash equivalents at end of the period
7,359 1,665
The accompanying notes form an integral part of these financial statements.
Page 4 of 9

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Note 1
Basis 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
The interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP). They comply with the International Accounting Standard 34 Interim Financial
Reporting and New Zealand Equivalent to International Accounting Standard 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 2020.
These interim financial statements cover the unaudited results from operations for the six months ended
31 December 2020.
Accounting Policies
The Company has applied consistent accounting policies in the preparation of these interim financial statements
as for the 2020 full year financial statements. Accounting policies that are relevant to an understanding of the
interim financial statements are designated by a symbol.
Critical Judgements, Estimates and Assumptions
The preparation of interim financial statements requires the directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, income and
expenses. Judgements are designated by a symbol in the notes to the interim financial statements. There
were no material estimates or assumptions required in the preparation of these interim financial statements.
Authorisation of Interim Financial Statements
The Marlin Board of Directors authorised these interim financial statements for issue on 17 February 2021.
No party may change these interim financial statements after their issue.
Note 2Financial 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.
The fair value of forward foreign exchange contracts is determined through valuation techniques using spot
exchange rates and forward points supplied by The World Markets Company PLC via Refinitiv.
31/12/2030/06/20
Financial assets and liabilities at fair value through profit or lossunauditedaudited
$000$000
Financial Assets:
International listed equity investments202,185 155,625
Forward foreign exchange contracts1,508 13
Total financial assets at fair value through profit or loss203,693 155,638
Financial Liabilities:
Forward foreign exchange contracts23 457
Total financial liabilities at fair value through profit or loss23 457
The notional value of forward foreign exchange contracts held at 31 December 2020 was $96,467,937 (30 June
2020: $76,609,790).
All 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 period (31 December 2019: none).
Page 5 of 9
The impact of COVID-19 was assessed during the preparation of these interim 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.
The fair value of 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.
j
j
j

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Note 2
Financial Assets and Liabilities at Fair Value Through Profit or Loss (continued)
6 months6 months
endedended
31/12/2031/12/19
unauditedunaudited
Net changes in fair value of financial assets and liabilities$000$000
International listed equity investments36,185 14,672
Foreign exchange losses on equity investments(12,693)
(603)
Gains on forward foreign exchange contracts8,867 357
Net changes in fair value of financial assets and liabilities32,359 14,426
Note 3Foreign exchange losses on cash and cash equivalents
Foreign exchange losses on cash and cash equivalents(385)
(10)
Total foreign exchange losses on cash and cash equivalents(385)
(10)
Note 4Operating Expenses
Management fees (note 8)1,150 944
Performance fees (note 8)1,866 533
Administration services (note 8)79 79
Directors' fees (note 8) 88 86
Brokerage 152 41
Investor relations and communications90 64
Custody and accounting fees21 13
NZX fees29 28
Professional fees9 26
Fees paid to the auditor:
Statutory audit and review of financial statements18 15
Non assurance services
1
2 0
Regulatory expenses4 7
Other operating expenses47 28
Total operating expenses3,555 1,864
1
Note 5Shareholders' Equity
Share Capital
Marlin has 187,712,148 fully paid ordinary shares on issue (30 June 2020: 151,897,797). 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
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). On 6 November 2020, 33,399,590 warrants valued at $28,723,647, less issue costs of $73,125
(net $28,650,522), were exercised at $0.86 per warrant, and the remaining 3,853,098 warrants lapsed.
Dividends
Marlin has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid during the
six month period comprised:
2020Cents per2019
Cents per
$000share$000share
25 Sep 20203,129 2.0626 Sep 20192,830 1.93
18 Dec 20204,101 2.2019 Dec 20192,944 1.99
7,230 4.265,774 3.92
Page 6 of 9
Marlin maintains an ongoing share buyback programme. In the six month period to 31 December 2020, Marlin
did not acquire any shares (31 December 2019: nil) 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 (30 June 2020: nil).
Non-assurance services relate to agreed upon procedures performed in respect of the performance fee
calculation. No other fees were paid to the auditor (31 December 2019: Nil).

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Note 5
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 period ended 31 December 2020,
2,414,761 ordinary shares totalling $2,847,380 (31 December 2019: 2,514,044 ordinary shares totalling
$2,354,142) were issued in relation to the plan for the quarterly dividends paid. To participate in the dividend
reinvestment plan, a completed participation notice must be received by Marlin before the next record date.
Note 6Earnings per Share6 months6 months
endedended
31/12/2031/12/19
Basic earnings per shareunauditedunaudited
Profit attributable to shareholders of the Company ($'000)25,844 12,369
Weighted average number of ordinary shares on issue net
of treasury stock ('000)161,658 147,383
Basic earnings per share15.99c8.39c
Diluted earnings per share
Profit attributable to shareholders of the Company ($'000)25,844 12,369
Weighted average number of ordinary shares on issue net
of treasury stock ('000)161,658 147,383
Diluted effect of warrants on issue ('000)6,635 656
168,293 148,039
Diluted earnings per share15.36c8.36c
Note 7Reconciliation of Net Operating Profit after Tax to6 months6 months
Net Cash Flows from Operating Activitiesendedended
31/12/2031/12/19
unauditedunaudited
$000$000
Net operating profit after tax25,844 12,369
Items not involving cash flows
Unrealised gains on cash and cash equivalents(14) (8)
Unrealised gains on revaluation of listed equity investments(10,965) (9,975)
Unrealised gains on forward foreign exchange contracts(1,929) (337)
(12,908) (10,320)
Impact of changes in working capital items
(Decrease)/increase in trade and other payables(1,162) 500
Decrease in trade and other receivables1,444 0
Change in current and deferred tax2,814 168
3,096 668
Items relating to investments
Amount paid for purchases of listed equity investments(61,243) (11,970)
Amount received from sales of listed equity investments38,094 15,482
Net amount received on settlement of forward foreign exchange contracts6,938 20
Realised gains on listed equity investments(19,464) (4,113)
Increase in unsettled purchases of investments1,519 0
Decrease in unsettled sales of investments(1,439) 0
(35,595) (581)
Net cash (outflows)/inflows from operating activities(19,563) 2,136
Page 7 of 9

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Note 8
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 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"). The total performance fee amount is subject to a cap of 1.25%
of the net asset value and is 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.
(iii) Administration fee: Fisher Funds provides corporate administration services and a fee is payable monthly
in arrears.
Fees earned, accrued and payable6 months6 months
endedended
31/12/2031/12/19
Fees earned by and accrued to the Manager for the periodunauditedunaudited
ended 31 December$000$000
Management fees1,150 944
Performance fees1,866 533
Administration services79 79
Total fees earned by and accrued to the Manager3,095 1,556
31/12/2030/06/20
unauditedaudited
Fees payable to the Manager $000$000
Management fees227 166
Performance fees payable1,866 1,582
Administration services13 13
Total fees payable to the Manager2,106 1,761
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). Sales for the period ended 31 December 2020
totalled $494,166 (31 December 2019: nil) and no purchases were made (31 December 2019: nil).
Page 8 of 9
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.
For the period ended 31 December 2020, excess returns of $18,381,322 were generated (31 December 2019:
$5,247,562), and the net asset value per share before the deduction of a performance fee was $1.11 (31
December 2019: $1.01) which exceeded the HWM after adjustment for capital changes and distributions of $0.96
(31 December 2019: $0.92). Accordingly, the Company has expensed a performance fee of $1,865,704 in the
Statement of Comprehensive Income for the period ended 31 December 2020 (31 December 2019: $532,627).

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
Note 8
Related Party Information (continued)
Directors
6 months6 months
endedended
31/12/2031/12/19
unauditedunaudited
$000$000
Opening market value of shares held by directors or their associates3,605 957
Plus shares issued for warrants exercised664 0
Plus other share purchases1,997 1,888
Plus share price movements1,702 310
Closing market value of shares held by directors or their associates7,968 3,155
Opening market value of warrants held by directors or their associates75 0
Plus new warrants issued and price movements105 62
Less warrants exercised(180) 0
Closing market value of warrants held by directors or their associates0 62
Dividends of $205,891 (31 December 2019: $121,013) were also received by directors or their associates as a
result of their shareholding.
Note 9Net Asset Value
The unaudited net asset value of Marlin as at 31 December 2020 was $1.10 per share (30 June 2020: $1.03)
calculated as the net assets of $206,275,708 divided by the number of shares on issue of 187,712,148
(30 June 2020: net assets of $156,163,981 and shares on issue of 151,897,797).
Note 10Subsequent Events
On 17 February 2021, the Board declared a dividend of 2.21 cents per share. The record date for this dividend
is 4 March 2021 with a payment date of 26 March 2021.
There were no other events which require adjustment to or disclosure in these interim financial statements.
Page 9 of 9
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 (30 June 2020: $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 31 December 2020 and warrants during
the period. The table below shows a reconciliation of opening and closing share holdings and warrant holdings
for all directors or their associates:

P
ricewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent auditor’s review report
To the shareholders of Marlin Global Limited
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of Marlin Global Limited (the Company), which
comprise the statement of financial position as at 31 December 2020, and the statement of
comprehensive income, the statement of changes in equity and the statement of cash flows for the six
months ended on that date, and significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that these
accompanying interim financial statements of the Company do not present fairly, in all material
respects, the financial position of the Company as at 31 December 2020, and its financial performance
and cash flows for the six months then ended, in accordance with International Accounting Standard
34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410
(Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ
SRE 2410 (Revised)). Our responsibility is further described in the Auditor’s responsibility for the
review of the interim financial statements section of our report.
We are independent of the Company in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. In addition to our role as auditor, our
firm carries out agreed-upon procedures for the Company over performance fee calculations. The
provision of these other services has not impaired our independence.
Directors’ responsibility for the interim financial statements
The Directors of the Company are responsible, on behalf of the Company, for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of interim financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s responsibility for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34. A review of interim financial statements
in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
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 and consequently does not enable us to obtain assurance that we might identify
in an audit. Accordingly, we do not express an audit opinion on these interim financial statements.

PwC 2
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 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.
The engagement partner on the review resulting in this independent auditor’s review report is Philip
Taylor.
For and on behalf of:




Chartered Accountants Auckland
17 February 2021