Marlin delivers record FY21 Result

Marlin Global Limited results announcement

Results for announcement to the market
Name of issuer Marlin Global Limited
Reporting Period 12 months to 30 June 2021
Previous Reporting Period 12 months to 30 June 2020
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
78,062 +190%
Total Revenue 78,062 +190%
Net profit/(loss) from
continuing operations
69,180 +207%
Total net profit/(loss) 69,180 +207%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 2.52 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00980000
Record Date 9 September 2021
Dividend Payment Date 24 September 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.28 $1.03
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

23 August 2021
Reviewed interim financial statements accompany this announcement.

---

For immediate release:

23 August 2021

Marlin delivers record FY21 Result

Highlights
• Net profit after tax for the year ended 30 June 2021 $69.2m
• Total shareholder return
1
+88.5%
• Dividend return +6.9%
• Adjusted NAV return (after expenses, fees and tax)
2
+40.3%

Marlin Global Limited (NZX: MLN) today announces a record net profit of $69.2m for the 12 month
period ended 30 June 2021, well ahead of last year’s strong net profit of $22.6m.

Key elements of the FY21 result include net gains on investment of $77.3m, dividend, interest and
other income of $0.8m, offset by expenses, fees and tax of $8.9m.

Chair Alistair Ryan noted “Global sharemarkets have performed well over the last two years, despite
the prevailing Covid uncertainty, and the Marlin portfolio has delivered strongly, recording a record
result for FY21. Investors have benefitted from a Total Shareholder Return
1
of 88.5%, with the
Adjusted NAV return
2
(at 40.3%) and the Gross Performance return
3
(at 46.7%) both exceeding the
company’s benchmark index
4
of 37.8%.

In accordance with Marlin’s quarterly distribution policy (2.0% of average NAV per quarter), the
company paid a total of 8.84 cents per share to shareholders during the year ended 30 June 2021.
On 23 August 2021, the board declared a dividend of 2.52 cents per share, payable on 24 September
2021 with a record date of 9 September.
Marlin’s Manager, Fisher Funds, will be paid a capped performance fee of $2.9m including GST, as
the Marlin portfolio achieved a return in excess of both the performance fee hurdle and the High
Water Mark. The performance fee earn rate was renegotiated down from 15% to 10% in FY19 and
capped at 1.25%. The performance fee cap applies for FY21.

Senior Portfolio Manager Ashley Gardyne said: “Economic reopening, government and fiscal
stimulus, and a surge in consumer spending in many parts of the globe all contributed to one of the
strongest global share market rallies in more than two decades. The portfolio benefited from the
actions we took at the depths of the Covid sell-off, where we were able to capitalise on market over-
reaction and position the portfolio for economic reopening.”

Mr Gardyne added, “We are pleased the new investments made by the team last year at the depths
of the Covid crisis have been rewarded. New additions like Hilton, Gartner, StoneCo and Floor and
Décor have benefited from the economic reopening and added significantly to portfolio
performance. While we are seeing pockets of excess in share markets, particularly in new-to-market
growth companies, we are still finding attractive opportunities. With market sentiment euphoric, we
believe it is best to stick to less glamourous areas of the market and invest in companies with proven
track records.”

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 2021
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 2021
20212020
Notes$000$000
Interest income6 16
Dividend income612 635
Net changes in fair value of financial assets and liabilities
2
77,688 26,421
Other income/(losses)
3
(244) (134)
Total net income78,062 26,938
Operating expenses
4
(6,556) (4,348)
Operating profit before tax71,506 22,590
Total tax expense
5
(2,326) (33)
Net operating profit after tax attributable to shareholders
69,180 22,557

Total comprehensive income after tax attributable to shareholders69,180 22,557
Basic earnings per share739.55c15.17c
Diluted earnings per share738.60c15.09c
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 2021
Notes
Share
Capital
Retained
Earnings
Total
Equity
$000$000$000
Balance at 1 July 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 shareholders
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 shareholders for the year ended
30 June 2020
4,737 (11,739) (7,002)
Balance at 30 June 2020138,119 18,045 156,164
Comprehensive income
Net operating profit after tax0 69,180 69,180
Other comprehensive income0 0 0
Total comprehensive income for the year ended
30 June 2021
Transactions with shareholders
Shares issued for warrants exercised
6
28,652 0 28,652
Warrant issue costs
6
(14) 0 (14)
Dividends paid
6
0 (15,859) (15,859)
New shares issued under dividend reinvestment plan
6
6,258 0 6,258
Total transactions with shareholders for the year ended
30 June 2021
34,896 (15,859) 19,037
Balance at 30 June 2021173,015 71,366 244,381
The accompanying notes form an integral part of these financial statements.
Page 2 of 14
0
Attributable to shareholders of the
Company
22,557 22,557
9 0 9
6
69,180 69,180 0

MARLIN GLOBAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
20212020
Notes$000$000
SHAREHOLDERS' EQUITY244,381156,164
Represented by:
ASSETS
Current Assets
Cash and cash equivalents
10
5,102 2,640
Trade and other receivables
8
111 1,593
Financial assets at fair value through profit or loss
2
246,851 155,638
Current tax receivable
5
0 58
Total Current Assets 252,064 159,929
Non-current Assets
Deferred tax asset
5
0 1
Total Non-current Assets
0 1
TOTAL ASSETS252,064 159,930
LIABILITIES
Current Liabilities
Trade and other payables
9
3,227 3,309
Financial liabilities at fair value through profit or loss
2
2,277 457
Current tax payable
5
2,179 0
Total Current Liabilities 7,683 3,766
TOTAL LIABILITIES7,683 3,766
NET ASSETS244,381 156,164

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
23 August 202123 August 2021
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 2021
20212020
Notes$000$000
Operating Activities
Sale of listed equity investments85,825 66,965
Interest received6 18
Dividends received643 648
Other expenses(438) (174)
GST refund198 0
Purchase of listed equity investments(105,043) (55,653)
Operating expenses (5,120) (2,803)
Taxes paid(88) (418)
Net settlement of forward foreign exchange contracts7,433 (1,906)
Net cash (outflows)/inflows from operating activities10(16,584) 6,677
Financing Activities
Proceeds from warrants exercised28,652 0
Warrant issue costs(14) (2)
Dividends paid (net of dividends reinvested)(9,601) (7,000)
Net cash inflows/(outflows) from financing activities19,037 (7,002)
Net increase/(decrease) in cash and cash equivalents held2,453 (325)
Cash and cash equivalents at beginning of the year2,640 2,941
Effects of foreign currency translation on cash balance9 24
Cash and cash equivalents at end of the year105,102 2,640
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 2021
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 for profit 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 operating expenses include GST where it is charged by other parties as it cannot be reclaimed.
The impact of COVID-19 on the Company's financial statements was considered and, other than the impact
of the post COVID-19 recovery on investment fair value gains, there have been no other impacts on the
Company's financial reporting.
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 income/
(losses)".
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 23 August 2021.
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
j

MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 2Financial assets and liabilities at fair value through profit or loss (continued)
Financial assets at fair value through profit or loss comprise international listed equity investment assets and
forward foreign exchange contracts with positive value.
Financial liabilities at fair value through profit or loss comprise 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 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 significant 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 (2020: none).
There were no financial instruments classified as Level 3 at 30 June 2021 (2020: none).
Financial assets and liabilities at fair value through profit or loss20212020
$000$000
Financial Assets:
International listed equity investments
246,847 155,625
Forward foreign exchange contracts
4 13
Total financial assets at fair value through profit or loss246,851 155,638
Financial Liabilities:
Forward foreign exchange contracts
2,277 457
Total financial liabilities at fair value through profit or loss2,277 457
Net changes in fair value of financial assets and liabilities
International listed equity investments
79,980 25,047
Foreign exchange (losses)/gains on equity investments
(7,897) 4,920
Gains/(losses) on forward foreign exchange contracts
5,605 (3,546)
77,688 26,421
The fair value of 6 stocks was determined using the bid price (2020: 7 stocks).
The notional value of forward foreign exchange contracts held at 30 June 2021 was $113,445,741 (2020:
$76,609,790).
Note 3Other income/(losses)
20212020
$000$000
GST refund (note 11)
198 0
Foreign exchange losses on cash and cash equivalents
and outstanding settlements
(442) (134)
Total other losses(244) (134)
Page 6 of 14
Net changes in fair value of financial assets and liabilities through profit or
loss
j

MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 4Operating expenses
20212020
$000$000
Management fee (note 11)
2,607 1,897
Performance fee (note 11)
2,883 1,582
Administration services (note 11)
159 159
Directors' fees (note 11)
176 175
Brokerage
298 191
Investor relations and communications
132 101
Custody and accounting fees
99 55
NZX fees
60 56
Professional fees
41 44
Fees paid to the auditor:
Statutory audit and review of financial statements
38 36
Non-assurance services
1
2 2
Regulatory fees
16 14
Other operating expenses
45 36
Total operating expenses6,556 4,348
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.
20212020
Taxation expense is determined as follows:
$000$000
Operating profit before tax
71,506 22,590
Non-taxable realised gain on financial assets and liabilities
(28,628) (20,676)
Non-taxable unrealised gain on financial assets and liabilities
(43,221) (8,792)
Fair Dividend Rate income
8,965 7,300
Exempt dividends subject to Fair Dividend Rate
(616) (632)
Non-deductible expenses and other
307 208
Forfeit of tax credits
0 326
Prior period adjustment
(1) (207)
Tax losses utilised
(4) 0
Taxable income8,308 117
Tax at 28%
2,326 33
Taxation expense comprises:
Current tax
2,327 0
Deferred tax
0 0
Forfeit of tax credits
0 91
Prior period adjustment
(1) (58)
Total tax expense2,326 33
Current tax balance
Opening balance
58 (327)
Prior period adjustment
0 58
Current tax movements
(2,327) 0
Tax paid
0 327
Credits used
88 0
Losses utilised
2 0
Current tax (payable)/receivable(2,179) 58
Page 7 of 14

MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 5
Taxation (continued)
20212020
$000$000
Deferred tax balance
Opening balance
1 0
Current year losses
0 0
Tax credits
(1)
Other
0 1
Deferred tax asset0 1
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 $2,179,877 (2020: $nil). 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 2021.
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 190,259,965 fully paid ordinary shares on issue (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
Marlin maintains an ongoing share buyback programme. For the year ended 30 June 2021, Marlin did not acquire
any shares (2020: 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 (2020: nil).
Warrants
On 17 May 2021, 47,256,870 new Marlin warrants were allotted, and quoted on the NZX Main Board on 18 May
2021. One new warrant was issued to all eligible shareholders for every four shares held on record date
(14 May 2021). The warrants are exercisable at $1.28 per warrant, adjusted down for dividends declared during
the period up to the exercise date of 20 May 2022. Warrant holders can elect to exercise some or all of their
warrants on the exercise date. The net cost of issuing the warrants of $13,644 is deducted from
share capital.
On 6 November 2020, 33,399,590 warrants valued at $28,723,647, less exercise costs of $71,879
(net $28,651,768), were exercised at $0.86 per warrant, and the remaining 3,853,098 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:
2021Cents per2020Cents per
$000share$000share
25 Sep 20203,129 2.0626 Sep 20192,830 1.93
18 Dec 20204,101 2.2019 Dec 20192,943 1.99
26 Mar 20214,149 2.2127 Mar 20203,043 2.04
25 Jun 20214,480 2.3726 Jun 20202,923 1.94
15,859 8.8411,739 7.90
Page 8 of 14
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MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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 2021, 4,962,578
ordinary shares totalling $6,258,001 (2020: 5,262,385 ordinary shares totalling $4,738,947) were issued in
relation to the plan for the quarterly dividends paid. To participate in the dividend reinvestment plan, a completed
participation notice must be received by Marlin before the next record date.
Note 7Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the
weighted average number of ordinary shares on issue during the year. Diluted earnings per share assumes
conversion of all dilutive potential ordinary shares in determining the denominator. Potential ordinary shares
include outstanding warrants.
20212020
Basic earnings per share
Profit attributable to shareholders of the Company ($'000)
69,180 22,557
Weighted average number of ordinary shares on issue net of treasury stock ('000)
174,940 148,671
Basic earnings per share39.55c15.17c
Diluted earnings per share
Profit attributable to shareholders of the Company ($'000)
69,180 22,557
Weighted average number of ordinary shares on issue net of treasury stock ('000)
174,940 148,671
Diluted effect of warrants ('000)
4,262 778
179,202 149,449
Diluted earnings per share38.60c15.09c
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.
20212020
$000$000
Dividends receivable
0 2
Unsettled investment sales
0 1,441
Other receivables and prepayments
111 150
Total trade and other receivables111 1,593
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.
20212020
$000$000
Dividends payable
28 0
Related party payable (note 11)
3,152 1,761
Unsettled investment purchases
0 1,511
Other payables and accruals
47 37
Total trade and other payables3,227 3,309
Page 9 of 14
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MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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.
20212020
$000$000
Cash - New Zealand dollars
4,606 989
Cash - International currency
496 1,651
Cash and Cash Equivalents5,102 2,640
Reconciliation of Net Operating Profit after Tax to Net Cash Flows from Operating Activities
Net operating profit after tax
69,180 22,557
Items not involving cash flows:
Unrealised gains on cash and cash equivalents
(9) (24)
Unrealised gains on revaluation of investments
(43,220) (8,792)
Unrealised losses on forward foreign exchange contracts
1,828 1,640
(41,401) (7,176)
Impact of changes in working capital items
(Decrease)/increase in trade and other payables
(82) 3,069
Decrease/(increase) in trade and other receivables
1,482 (1,446)
Change in current and deferred tax
2,238 (386)
3,638 1,237
Items relating to investments
Amount paid for purchases of investments
(105,043) (55,653)
Amount received from sales of investments
85,825 66,965
Net amount paid on settlement of forward foreign exchange contracts7,433 (1,906)
Realised gains on investments
(36,296) (19,267)
Increase/(decrease) in unsettled purchases of investments
1,519 (1,519)
Decrease in unsettled sales of investments
(1,439) 1,439
(48,001) (9,941)
Net cash (outflows)/inflows from operating activities(16,584) 6,677
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 (2020: 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"). The total performance fee amount
is subject to a cap of 1.25% of the adjusted net asset value (prior to performance fee) and payment 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.
Page 10 of 14

MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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 2021, excess returns of $62,049,218 (2020: $15,586,074) were generated and the
net asset value per share before the deduction of a performance fee was $1.30 (2020: $1.04), which exceeded
the HWM after adjustment for capital changes and distributions of $0.92 (2020: $0.88). Accordingly, the
Company has expensed a capped performance fee of $2,883,200 in the Statement of Comprehensive Income
for the year ended 30 June 2021 (2020: $1,581,986).
(iii) Administration fee: Fisher Funds provides corporate administration services and a monthly fee is charged.
Fees earned, accrued and payable:
20212020
$000$000
Fees earned by and accrued to the Manager for the year ended 30 June
Management fees
2,607 1,897
Performance fees
2,883 1,582
Administration services
159 159
Total fees earned by and accrued to the Manager5,649 3,638
Fees payable to the Manager at 30 June
Management fees
255 166
Performance fees
2,884 1,582
Administration services
13 13
Total amount payable to the Manager3,152 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). Purchases for the year ended 30 June 2021 totalled
$1,105,088 (2020: $nil) and sales totalled $494,166 (2020: $nil).
GST refund
The GST refund was received by Marlin in May 2021.
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 (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 30 June 2021 and warrants during the
year. The table below shows a reconciliation of opening and closing share holdings and warrant holdings for
all directors or their associates:
Page 11 of 14
The GST refund and UOMI are excluded from any performance fee calculation, consistent with how they have
been treated in the past given they are not performance related income for the year.
On 30 April 2021, Fisher Funds received a GST refund plus use of money interest (UOMI) from the Inland
Revenue Department ("IRD"). The refund relates to the period 1 April 2004 to 31 July 2009 when the Manager
applied 15% GST on management fees, when a subsequent assessment confirmed the Manager was entitled
to charge only 1.5% GST on management fees. The total GST refund received by the Manager on behalf of
Marlin is $197,560, being overcharged GST refunded of $193,598 and plus UOMI of $3,962.

MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 11
Related Party Information (continued)
Directors (continued): 20212020
$000$000
Opening value of shares held by directors or their associates
3,605 957
Plus shares issued for warrants exercised
664 0
Plus other share purchases
2,011 2,354
Less share sales
0 0
Plus share price movements
3,544 294
Closing value of shares held by directors or their associates9,824 3,605
Opening value of warrants held by directors or their associates
75 0
Plus new warrants issued and price movements
503 75
Less warrants exercised
(180) 0
Closing value of warrants held by directors or their associates398 75
Dividends of $486,741 (2020: $252,721) were also received by directors or their associates as a result of their
shareholding.
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 88% (2020: United
States 87%).
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. One company
comprised more than 10% of Marlin's total assets at 30 June 2021 (2020: none). Facebook Inc. comprised 11%
(2020: 7%) of Marlin's total assets, and therefore fluctuations in the value of this portfolio company will have
a greater impact on the overall investments balance.
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.
Page 12 of 14

MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 12
Financial Risk Management (continued)
Market Risk (continued)
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:
20212020
$000$000
Price risk
1
International listed equity investmentsCarrying value246,847 155,625
Impact of a 20% change in market prices: +/-
49,369 31,125
Interest rate risk
2
Cash and cash equivalentsCarrying value5,102 2,640
Impact of a 1% change in interest rates: +/-
51 26
Currency risk
3
Cash and cash equivalentsCarrying value496 1,651
Impact of a +10% change in exchange rates
(45) (150)
Impact of a -10% change in exchange rates
55 183
International listed equity investmentsCarrying value246,847 155,625
Impact of a +10% change in exchange rates
(22,441) (14,148)
Impact of a -10% change in exchange rates
27,427 17,292
Forward foreign exchange contractsCarrying value(2,273) (444)
Impact of a +10% change in exchange rates
10,378 6,965
Impact of a -10% change in exchange rates
(12,684) (8,512)
Net foreign currency payables/receivablesCarrying value101 36
Impact of a +10% change in exchange rates
(9) (3)
Impact of a -10% change in exchange rates
11 4
3
A variable of 10% was selected as this is a reasonably expected movement based on historic trends in exchange rate movements.
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.
Page 13 of 14
2
A variable of 1% was selected as this is a reasonably expected movement based on historical volatility. The percentage movement for the
interest rate sensitivity relates to an absolute change in interest rate rather than a percentage change in interest rate.
1
A variable of 20% is considered appropriate for market price risk sensitivity analysis based on historical price movements.

MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 12
Financial Risk Management (continued)
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. All trade and other payables have contractual maturities of
three months or less.
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 2021 (2020: nil).
All derivative financial liabilities held by the Company have contractual maturities of three months or less.
There have been no subsequent events to suggest any issues with satisfying working capital and investment
requirements.
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 2021 was $1.28 per share (2020: $1.03),
calculated as the net assets of $244,381,374 divided by the number of shares on issue of 190,259,965
(2020: net assets of $156,163,981 and shares on issue of 151,897,797).
Note 14
Commitments and Contingent Liabilities
There were no unrecognised contractual commitments or contingent liabilities as at 30 June 2021 (2020: 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 2.52 cents per share on 23 August 2021. The record date for this dividend is
9 September 2021 with a payment date of 24 September 2021.
On 1 July 2021 Marlin appointed David McClatchy as an independent director. He replaced Carmel Fisher, who
retired from the board of directors on 6 August 2021.
There were no other events which require adjustment to, or disclosure, in these financial statements.
Page 14 of 14

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent auditor’s report
To the shareholders of Marlin Global Limited
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 2021, 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).
What we have audited
The financial statements comprise:
● the statement of financial position as at 30 June 2021;
● the 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 and other
explanatory information.

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.
Independence
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 matters
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. These matters were 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 these matters.

PwC
Description of the 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 $246.8 million
and represent 98% 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 2021, 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
were quoted in foreign currencies, and
were then translated to New Zealand
dollars using the exchange rate at 30
June 2021.
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 2020 to 31 March 2021.
Trustees Executors Limited has confirmed that there
has been no material change to the control
environment in the period from 1 April 2021 to 30 June
2021.
We agreed the price for all investments held at 30
June 2021 and the exchange rate at which they
have been converted from foreign currencies to
New Zealand dollars to independent third-party
pricing sources.
No matters arose from the procedures performed.
Our audit approach
Overview
Materiality
Overall materiality: $1,221,000, which represents approximately
0.5% of net assets.
We chose net assets as the 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.
Key audit matters As reported above, we have one key audit matter, being: Valuation
and existence of listed equity investments.
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we considered where management made
subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. 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.

PwC
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the financial statements.
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.
How we tailored our audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the financial statements of the Company as a whole, taking into account the structure of the
Company, the Company’s investments and the accounting processes and controls.
The Company appointed Fisher Funds Management Limited as the Manager to provide investment
management services and administration services. The Company’s investments are held by the
Custodian who also provides accounting services.
In completing our audit, we performed relevant audit procedures over the control environment of the
Manager and the Custodian and to support our audit conclusions.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the annual report but does not include the financial statements and our
auditor's report thereon. The annual report is expected to be made available to us after the date of this
auditor's report.
Our opinion on the financial statements does not cover the other information and we will not express
any form of audit opinion or assurance conclusion thereon.
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.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
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.

PwC
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.
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/assurance-standards/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:
Chartered Accountants
23 August 2021
Auckland