Marlin delivers $3.6m 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 2021
Previous Reporting Period 6 months to 31 December 2020
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$6,257 (81%)
Total Revenue $6,257 (81%)
Net profit/(loss) from
continuing operations
$3,599 (86%)
Total net profit/(loss) $3,599

(86%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 2.49 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00000671
Record Date 10 March 2022
Dividend Payment Date 25 March 2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.2556 $1.0989
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

28 February 2022
Reviewed interim financial statements accompany this announcement.

---

1
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/ )
2
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).
3
Benchmark Index: S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD).
4
The undiluted NAV per share is released to the NZX and published on the Company’s website every Thursday, (based on the previous Tuesday closing
market values) and the month end undiluted NAV per share is released after every month end.








For immediate release:


28 February 2022


Marlin delivers $3.6m First Half Profit

• Interim 2022 net profit to 31/12/2021 $3.6m
• Adjusted NAV return (after expenses, fees & tax)
1
1.5%
• Total shareholder return
2
(5.0%)
• Dividends paid during the period (cents per share) 5.06cps

NZX-listed investment company Marlin Global Limited (NZX:MLN) today announced a net operating
profit after tax of $3.6m for the six month period ended 31 December 2021 (1H21, $25.8m).

Key elements of the half year result include gains on investments of $6.0m, dividend and interest
income of $0.2m, offset by operating expenses and tax of $2.6m.

Marlin’s adjusted net asset value (NAV)
1
increased 1.5%, compared to the S&P Large Mid Cap/S&P
Small Cap Index (hedged 50% to the NZD)
3
which was up 4.2%. A reduction in the MLN NZX share
price, during the same period, reduced TSR
2
by (5.0%).

In the period since the half-year balance date (31 December 2021) and consistent with the weekly
disclosure of NAV
4
, the Marlin share portfolio has been negatively affected by recent adverse
sharemarket movements and is currently reporting a 14.7% (unaudited) reduction in NAV, from
NZ$242.1 million to NZ$206.6 million as at 22 February 2022.

Marlin shareholders benefited from the consistent 2% of average NAV per quarter distribution
policy, with 5.06 cents per share paid to shareholders during the six month period ended 31
December 2021. On 28 February 2022, the Board declared a quarterly dividend of 2.49 cents per
share to be paid to shareholders on 25 March 2022 with a record date of 10 March 2022.

Global share markets experienced renewed volatility during the period. This was caused by
concerns regarding the Covid Omicron variant and central banks starting to unwind their
accommodative monetary policy settings. The results from the majority of Marlin’s portfolio
companies have demonstrated resilience but, global uncertainty about the ongoing implications of
Covid, inflationary concerns, and political uncertainty in Europe (Ukraine/Russia) are dominating
market sentiment.

“Marlin’s Chair, Alistair Ryan, noted that “Changeable and unpredictable market conditions, like
those experienced over the period, continue to reinforce the Manager’s strategy of focusing on
well-managed, quality businesses, whose sustainable competitive advantages enable them to adapt
and respond to an ever-changing environment over the medium to long-term. While Marlin’s
performance underperformed the benchmark index
3
over the period, shareholders continued to
receive consistent dividends throughout the pandemic-impacted period.”

Senior Portfolio Manager, Ashley Gardyne, said: “The Marlin portfolio, whilst producing positive
returns, lagged its global benchmark index
3
over the last six months, with weakness in our emerging
market companies Alibaba, Tencent and StoneCo the main detractors from performance.
Notwithstanding selective stock price weakness, our portfolio companies, by and large, are
continuing to deliver solid earnings growth.

Entering 2022, we have started to see more volatility in markets, with supply chain disruptions,
inflation, less supportive central banks and heightened European political tension, causing investor
uncertainty. Despite these market movements, the underlying economic backdrop currently
remains supportive, with low unemployment, a strong consumer and solid corporate earnings
growth.

We have been encouraged by the resilient financial results reported in recent weeks by the Marlin
portfolio companies. We continue to believe that the competitively advantaged businesses in our
portfolio are positioned for continued growth in the years ahead.”




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 2021
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 2021
6 months6 months
endedended
31-Dec-2131-Dec-20
unauditedunaudited
Notes$000$000
Interest income6 4
Dividend income195 276
Net changes in fair value of financial assets and liabilities26,081 32,359
Other (losses)/income
3(25)
(385)
Total net income6,257 32,254
Operating expenses4(2,084) (3,555)
Operating profit before tax4,173 28,699
Total tax expense
(574) (2,855)
Net operating profit after tax attributable to shareholders3,599 25,844
Total comprehensive income after tax attributable to shareholders3,599 25,844
Basic earnings per share61.88c15.99c
Diluted earnings per share61.79c15.36c
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 2021
Share
Capital
Retained
Earnings
Total
Equity
Notes$000$000$000
Balance at 1 July 2020 (audited)138,119 18,045 156,164
Comprehensive income
Net operating profit after tax- 25,844 25,844
Total comprehensive income for the period ended
31 December 2020
- 25,844 25,844
Transactions with shareholders
Shares issued for warrants exercised528,651 - 28,651
Dividends paid5- (7,230) (7,230)
New shares issued under dividend reinvestment plan
52,847 - 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
Balance at 1 July 2021 (audited)173,015 71,366 244,381
Comprehensive income
Net operating profit after tax- 3,599
3,599
Total comprehensive income for the period ended
31 December 2021
- 3,599 3,599
Transactions with shareholders
Dividends paid5- (9,659) (9,659)
New shares issued under dividend reinvestment plan
53,755 - 3,755
Total transactions with shareholders for the period
ended 31 December 2021
3,755 (9,659) (5,904)
176,770 65,306 242,076
The accompanying notes form an integral part of these financial statements.
Page 2 of 9
Balance at 31 December 2021 (unaudited)
Balance at 31 December 2020 (unaudited)
Attributable to shareholders of the Company

MARLIN GLOBAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
31-Dec-2130-Jun-21
unauditedaudited
Notes$000$000
SHAREHOLDERS' EQUITY242,076 244,381
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 4,472 5,102
Trade and other receivables 166 111
Financial assets at fair value through profit or loss 2238,561 246,851
Total Current Assets 243,199 252,064
TOTAL ASSETS243,199 252,064
LIABILITIES
Current Liabilities
Trade and other payables 357 3,227
Financial liabilities at fair value through profit or loss
2223 2,277
Current tax payable
543 2,179
Total Current Liabilities 1,123 7,683
TOTAL LIABILITIES1,123 7,683
NET ASSETS242,076 244,381
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
28 February 202228 February 2022
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 2021
6 months6 months
endedended
31-Dec-2131-Dec-20
unauditedunaudited
Notes$000$000
Operating Activities
Sale of listed equity investments50,704 38,094
Interest received5 4
Dividends received204 278
Other losses incurred(25) (386)
Purchase of listed equity investments(32,247) (61,243)
Operating expenses (5,020) (3,206)
Taxes paid(2,208) (42)
Net settlement of forward foreign exchange contracts
(6,138) 6,938
Net cash inflows/(outflows) from operating activities75,275 (19,563)
Financing Activities
Proceeds from warrants exercised - 28,651
Dividends paid (net of dividends reinvested)(5,904) (4,383)
Net cash (outflows)/inflows from financing activities(5,904) 24,268
Net (decrease)/increase in cash and cash equivalents held(629) 4,705
Cash and cash equivalents at beginning of the period5,102 2,640
Effects of foreign currency translation on cash balance
(1)
14
Cash and cash equivalents at end of the period4,472 7,359
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 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
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 2021.
These interim financial statements cover the unaudited results from operations for the six months ended
31 December 2021.
Accounting Policies
The Company has applied consistent accounting policies in the preparation of these interim financial statements
as for the 2021 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 28 February 2022.
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-Dec-2130-Jun-21
Financial assets and liabilities at fair value through profit or lossunauditedaudited
$000$000
Financial Assets:
International listed equity investments236,786 246,847
Forward foreign exchange contracts1,775 4
Total financial assets at fair value through profit or loss238,561 246,851
Financial Liabilities:
Forward foreign exchange contracts223 2,277
Total financial liabilities at fair value through profit or loss223 2,277
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 2020: None).
Page 5 of 9
The impact of COVID-19 on the Company's interim financial statements was considered and, other than impact
of COVID-19 on fair value gains and losses, there have been no other impacts on the Company's financial
reporting.
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.
The notional value of forward foreign exchange contracts held at 31 December 2021 was $113,962,693 (30
June 2021: $113,445,741).
j
j
j

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
Note 2Financial Assets and Liabilities at Fair Value Through Profit or Loss (continued)
6 months6 months
endedended
31-Dec-2131-Dec-20
unauditedunaudited
Net changes in fair value of financial assets and liabilities$000$000
International listed equity investments5,057 36,185
Foreign exchange gains/(losses) on equity investments3,338 (12,693)
(Losses)/gains on forward foreign exchange contracts(2,314) 8,867
Net changes in fair value of financial assets and liabilities6,081 32,359
Note 3Other (Losses)/Income
Foreign exchange losses on cash and cash equivalents(25) (385)
Total other (losses)/income(25) (385)
Note 4Operating Expenses
Management fees (note 8)1,563 1,150
Performance fees (note 8)- 1,866
Administration services (note 8)79 79
Directors' fees (note 8) 95 88
Brokerage 103 152
Investor relations and communications92 90
Custody and accounting fees20 21
NZX fees31 29
Professional fees16 9
Fees paid to the auditor:
Statutory audit and review of financial statements24 18
Non assurance services
1
2 2
Regulatory expenses11 4
Other operating expenses48 47
Total operating expenses2,084 3,555
1
Note 5Shareholders' Equity
Share Capital
Warrants
Dividends
Marlin has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid during the
period comprised:
2021Cents per2020Cents per
$000share$000share
24 Sep 20214,795 2.5225 Sep 20203,129 2.06
17 Dec 20214,864 2.5418 Dec 20204,101 2.20
9,659 5.067,230 4.26
Page 6 of 9
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.
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 2020: Nil).
Marlin has 192,793,979 fully paid ordinary shares on issue (30 June 2021: 190,259,965). 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.
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.

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
Note 5Shareholders' Equity (continued)
Dividend reinvestment plan
Note 6Earnings per Share6 months6 months
endedended
31-Dec-2131-Dec-20
Basic earnings per shareunauditedunaudited
Profit attributable to shareholders of the Company ($'000)3,599 25,844
Weighted average number of ordinary shares on issue net
of treasury stock ('000)191,022 161,658
Basic earnings per share1.88c15.99c
Diluted earnings per share
Profit attributable to shareholders of the Company ($'000)3,599 25,844
Weighted average number of ordinary shares on issue net
of treasury stock ('000)191,022 161,658
Diluted effect of warrants on issue ('000)10,022 6,635
201,044 168,293
Diluted earnings per share1.79c15.36c
Note 7Reconciliation of Net Operating Profit after Tax to6 months6 months
Net Cash Flows from Operating Activitiesendedended
31-Dec-2131-Dec-20
unauditedunaudited
$000$000
Net operating profit after tax3,599 25,844
Items not involving cash flows
Unrealised gains on cash and cash equivalents- (14)
Unrealised losses/(gains) on revaluation of listed equity investments*13,579 (10,965)
Unrealised gains on forward foreign exchange contracts(3,824) (1,929)
9,755 (12,908)
Impact of changes in working capital items
Decrease in trade and other payables(2,870) (1,162)
(Increase)/decrease in trade and other receivables(55) 1,444
Change in current and deferred tax(1,637) 2,814
(4,562) 3,096
Items relating to investments
Amount paid for purchases of listed equity investments(32,247) (61,243)
Amount received from sales of listed equity investments50,704 38,094
Net amount (paid)/received on settlement of forward foreign exchange contracts(6,138) 6,938
Realised gains on listed equity investments*(21,974) (12,526)
Realised losses/(gains) on forward foreign exchange contracts6,138 (6,938)
Increase in unsettled purchases of investments- 1,519
Decrease in unsettled sales of investments- (1,439)
(3,517) (35,595)
Net cash inflows/(outflows) from operating activities5,275 (19,563)
* This includes foreign exchange gains and losses on these investments
Page 7 of 9
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
2021, 2,534,014 ordinary shares totalling $3,755,497 (31 December 2020: 2,414,761 ordinary shares totalling
$2,847,380) 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.

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
Note 8Related 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.
a. Fisher Funds Management Limited
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-Dec-2131-Dec-20
Fees earned by and accrued to the Manager for the periodunauditedunaudited
ended 31 December$000$000
Management fees1,563 1,150
Performance fees- 1,866
Administration services79 79
Total fees earned by and accrued to the Manager1,642 3,095
31-Dec-2130-Jun-21
unauditedaudited
Fees accrued and payable to the Manager at 31 December$000$000
Management fees257 255
Performance fees payable- 2,884
Administration services13 13
Total fees accrued and payable to the Manager270 3,152
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 2021, no excess returns were generated (31 December 2020: $18,381,322).
While net asset value per share before the deduction of a performance fee was $1.26 (31 December 2020: $1.11)
and this exceeded the HWM after adjustment for capital changes and distributions of $1.23 (31 December 2020:
$0.96) the performance fee hurdle return was not met. Accordingly, the Company has not incurred a performance
fee in the Statement of Comprehensive Income for the period ended 31 December 2021 (31 December 2020:
$1,865,704).
Fisher Funds Management Limited (“Fisher Funds” or “the Manager”) is an entity that provides key
management personnel services to Marlin by virtue of its management agreement.

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
Note 8Related Party Information (continued)
a. Fisher Funds Management Limited (continued)
Transactions with other funds managed by Fisher Funds
b. Directors
Note 9Net Asset Value
Note 10Subsequent Events
Dividend
Subsequent Performance
There were no other events which require adjustment to or disclosure in these interim financial statements.
Page 9 of 9
During the period the Directors earned fees for their services of $94,696 (December 2020: $88,122). The
Directors' fee pool is $157,500 (plus GST, if any) for the year ended 30 June 2022 (30 June 2021: $157,500
plus GST, if any). There were no Director fees payable at the end of the period (31 December 2020: nil).
Dividends of $15,975 (31 December 2020: $205,891) were also received by the Directors as a result of their
shareholding during the period.
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 2021 totalled
$7,322,160 (31 December 2020: $494,166) and no purchases were made (31 December 2020: Nil).
Marlin considers its Board of Directors ("Directors") key management personnel. Marlin does not have any
employees.
The Directors held shares in the Company as at 31 December 2021 which total 0.17% of total shares on issue
(30 June 2021: 3.23%). The Directors also held warrants in the Company as at 31 December 2021 which total
0.16% of total warrants on issue (30 June 2021: 3.25%).The reduction in Director shareholding and warrants
held is the result of changes in Directors during the period.
The unaudited net asset value of Marlin as at 31 December 2021 was $1.26 per share (30 June 2021: $1.28)
calculated as the net assets of $242,076,332 divided by the number of shares on issue of 192,793,979 (30
June 2021: net assets of $244,381,374 and shares on issue of 190,259,965).
On 28 February 2022, the Board declared a dividend of 2.49 cents per share. The record date for this dividend
is 10 March 2022 with a payment date of 25 March 2022.
As at 22 February 2022 the Marlin unaudited net asset value (NAV) had reduced to $206.6 million, down 14.7%
from 31 December 2021, due to market movements. Marlin reports its unaudited NAV to the NZX on a weekly
and monthly basis.

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 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 2021, 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 2021, 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.

P
wC
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
28 February 2022