Marlin delivers $10.2m 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 2023
Previous Reporting Period 6 months to 31 December 2022
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$12,351 (n/a)
Total Revenue $12,351 (n/a)
Net profit/(loss) from
continuing operations
$10,185 (n/a)
Total net profit/(loss) $10,185

(n/a)
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 1.86 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00000000
Record Date 7 March 2024
Dividend Payment Date 28 March 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.9435 $0.7952
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

21 February 2024
Reviewed interim financial statements accompany this announcement.

---

1
Total shareholder return – the return combines the share price performance, the warrant price performance (if any), the net value of
converting any warrants into shares (if any), 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 percentage change in the the underlying value of the investment portfolio adjusted for
dividends (and other capital management initiatives) and after expenses, fees and tax.
3
Gross performance return – The portfolio performance in terms of stock selection & currency hedging, before expenses, fees and tax.
4
Benchmark Index: S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to the NZD).

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








For immediate release:


21 February 2024


Marlin delivers $10.2m First Half Profit

• Net profit for the six months ended 31 December 2023 $10.2m
• Total shareholder return
1
6.2%
• Adjusted NAV return (after expenses, fees & tax)
2
5.4%
• Dividends paid during the period (cents per share) 3.65 cps

NZX-listed investment company Marlin Global Limited (NZX:MLN) today announced a net operating profit
after tax of $10.2m for the six month period ended 31 December 2023.

Key elements of the half year result include profits on investments of $11.9m, dividend, interest and other
income of $0.5m, less operating expenses and tax of $2.2m.

Marlin’s Chair, Andy Coupe, noted that “while it has been a positive period for international markets, with
ongoing global inflationary concerns, high interest rates and geo-political conflicts, the Marlin team has
remained disciplined through the period, focussing on well-managed, quality businesses and adhering to a
robust investment process, which has produced a satisfying half year result.”

The portfolio’s gross performance return
3
for the six months was up 6.6% and the adjusted net asset value
(NAV) return
2
was up 5.4%, compared to the S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to the
NZD)
4
which was up 5.6% over the same period.

Marlin investors continued to receive distributions consistent with the company distribution policy (2% of
average NAV per quarter) with 3.65 cents per share paid to shareholders during the six months ended 31
December 2023. On 21 February 2024, the Board declared a dividend of 1.86 cents per share to be paid to
shareholders on 28 March 2024 with a record date of 7 March 2024.

Senior Portfolio Manager, Sam Dickie, said: “The market has ended the 2023 calendar year excited about a
soft economic landing, declaring victory on inflation, and enjoying a much lower interest rate
environment. Regardless of the volatile macroeconomic backdrop, we have continued to upgrade the quality
of the portfolio. “

For further information, please contact:

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.
/Ends

---

MARLIN GLOBAL LIMITED
INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
CONTENTS
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 2023
6 months6 months
endedended
31-Dec-2331-Dec-22
unauditedunaudited
Notes$000$000
Interest income140 97
Dividend income238 219
Net change in fair value of investments
2
11,852 (9,683)
Other income/(losses)3
121
(36)
Total income/(loss)12,351 (9,403)
Operating expenses
4
1,750 1,203
Net profit/(loss) before tax10,601 (10,606)
Total tax expense
416 961
Net profit/(loss) after tax attributable to shareholders10,185 (11,567)
Total comprehensive income/(loss) after tax attributable to shareholders10,185 (11,567)
Basic earnings/(losses) per share64.88c (5.74c)
Diluted earnings/(losses) per share64.88c (5.74c)
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 2023
Share
Capital
(Accumulated
Deficits)/ Retained
Earnings
Total
Equity
Notes$000$000$000
Balance at 1 July 2022 (audited)185,857 (7,763) 178,094
Comprehensive (loss)
Net (loss) after tax
-
(11,567)
(11,567)
Total comprehensive (loss) for the period ended 31
December 2022
- (11,567) (11,567)
Transactions with shareholders
Shares issued for warrants exercised
(net of exercise costs)
Warrant issue costs5 (b)(11)
-
(11)
Dividends paid5 (c)
-
(7,448) (7,448)
New shares issued under dividend reinvestment plan
5 (d)
2,861 -
2,861
Total transactions with shareholders for the period
ended 31 December 2022
2,833 (7,448) (4,615)
Balance at 31 December 2022 (unaudited)
188,690 (26,778) 161,912
Balance at 1 July 2023 (audited)191,334 1,418 192,752
Comprehensive income
Net income after tax
-
10,185
10,185
Total comprehensive income for the period ended 31
December 2023
- 10,185 10,185
Transactions with shareholders
Shares issued for warrants exercised
(net of exercise costs)
Dividends paid5 (c)
-
(7,641) (7,641)
New shares issued under dividend reinvestment plan
5 (d)
2,829 -
2,829
Total transactions with shareholders for the period
ended 31 December 2023
6,298 (7,641) (1,343)
Balance at 31 December 2023 (unaudited)
197,632 3,962 201,594
The accompanying notes form an integral part of these financial statements.
Page 2 of 9
Attributable to shareholders of the Company
5 (b)
3,469 - 3,469
5 (b)
(17) - (17)

MARLIN GLOBAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31-Dec-2330-Jun-23
unauditedaudited
Notes$000$000
SHAREHOLDERS' EQUITY201,594 192,752
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 3,479 16,246
Trade and other receivables 124 2,623
Financial assets at fair value through profit or loss
2
198,567 183,358
Current tax receivable
-
2
Total Current Assets
202,170 202,229
Non-current Assets
Deferred tax asset-
137
Total Non-current Assets -
137
TOTAL ASSETS202,170 202,366
LIABILITIES
Current Liabilities
Trade and other payables 326 8,143
Financial liabilities at fair value through profit or loss
2
-
1,471
Current tax payable250 -
Total Current Liabilities 576 9,614
TOTAL LIABILITIES576 9,614
NET ASSETS201,594 192,752
These interim financial statements have been authorised for issue for and on behalf of the Board by:
R A CoupeC A Campbell
ChairChair of the Audit and Risk Committee
21 February 202421 February 2024
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 2023
6 months6 months
endedended
31-Dec-2331-Dec-22
unauditedunaudited
Notes$000$000
Operating Activities
Sale of investments41,811 49,377
Interest received142 97
Dividends received
198 224
Other gains/(losses)66 (31)
Purchase of investments(49,158) (38,151)
Operating expenses (1,771) (758)
Taxes paid(27) (847)
Net settlement of forward foreign exchange contracts
(2,665) (2,396)
Net cash (outflows)/inflows from operating activities7(11,404) 7,515
Financing Activities
Shares issued for warrants exercised (net of exercise costs)
3,469
(17)
Warrants issue costs-
(11)
Dividends paid (net of dividends reinvested)(4,812) (4,587)
Net cash (outflows) from financing activities(1,343) (4,615)
Net (decrease)/increase in cash and cash equivalents held(12,747) 2,900
Cash and cash equivalents at beginning of the period16,246 2,609
Effects of foreign currency translation on cash balance
(20)
(6)
Cash and cash equivalents at end of the period3,479 5,503
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 2023
Note 1
Basis of Accounting
Reporting Entity
Basis of Preparation
Accounting Policies
Critical Judgements, Estimates and Assumptions
Authorisation of Interim Financial Statements
Note 2Investments at Fair Value Through Profit or Loss
31-Dec-2330-Jun-23
Investments at fair value through profit or lossunauditedaudited
$000$000
Financial Assets:
International investments194,454 183,358
Forward foreign exchange contracts4,113 -
Total financial assets at fair value through profit or loss198,567 183,358
Financial Liabilities:
Forward foreign exchange contracts- 1,471
Total financial liabilities at fair value through profit or loss- 1,471
Page 5 of 9
The Company has applied consistent accounting policies in the preparation of these interim financial statements as
for the 2023 full year financial statements. Accounting policies that are relevant to an understanding of the interim
financial statements are designated by a symbol.
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.
The Marlin Board of Directors authorised these interim financial statements for issue on 21 February 2024.
The notional value of forward foreign exchange contracts held at 31 December 2023 was $98,391,359 (30 June
2023: $86,489,730).
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.
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 2023.
These interim financial statements cover the unaudited results from operations for the six months ended 31
December 2023.
All 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 2022: None).
No party may change these interim financial statements after their issue.
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 fair value of forward foreign exchange contracts is determined through valuation techniques using spot
exchange rates and forward points supplied by a third party vendor.
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.
j
j
j

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
Note 2
Investments at Fair Value Through Profit or Loss (continued)
6 months6 months
endedended
31-Dec-2331-Dec-22
unauditedunaudited
Net change in fair value of Investments$000$000
International investments13,846 (7,443)
Foreign exchange (losses) on investments(4,913) (2,261)
Gains on forward foreign exchange contracts2,919 21
Net change in fair value of investments through profit or loss11,852 (9,683)
Note 3Other Income/(Losses)
Foreign exchange income/(losses) on cash and cash equivalents121 (36)
Total other income/(losses)121 (36)
Note 4Operating Expenses
Management fees (net of rebate - note 8(a)(i))1,232 680
Administration services (note 8(a)(i))79 79
Directors' fees (note 8(b)) 103 91
Investor relations and communications103 104
Custody, accounting and brokerage79 63
NZX fees36 46
Professional fees16 19
Fees paid to the auditor:
Statutory audit and review of financial statements24 24
Regulatory expenses12 36
Other operating expenses66 61
Total operating expenses1,750 1,203
Note 5Shareholders' Equity
a. Share Capital
b. Warrants
c. Dividends
2023Cents per2022Cents per
$000share$000share
22 Sep 20233,761 1.8223 Sep 2022 3,711 1.85
15 Dec 20233,880 1.8316 Dec 2022 3,737 1.85
7,641 3.657,448 3.70
Page 6 of 9
Marlin has 213,675,736 fully paid ordinary shares on issue (30 June 2023: 206,666,696). 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 3 November 2022, 50,502,702 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 (2 November 2022). The
warrants are exercisable at $0.99 per warrant, adjusted down for dividends declared during the period up to the
exercise date of 10 November 2023. Warrant holders can elect to exercise some or all of their warrants on the
exercise date. The net cost of issuing the warrants of $11,418 is deducted from share capital.
Marlin has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid during the
period comprised:
Warrant exercise costs of $16,838 were incurred in July 2022, relating to the May 2022 warrant exercise.
On 15 November 2023, 3,802,140 warrants valued at $3,491,301, less exercise costs of $22,160 (net $3,469,141),
were exercised at $0.92 per warrant, and the remaining 46,700,562 warrants lapsed.

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
Note 5
Shareholders' Equity (continued)
d. Dividend reinvestment plan
Note 6Earnings per Share6 months6 months
endedended
31-Dec-2331-Dec-22
Basic earnings/(losses) per shareunauditedunaudited
Net profit/(loss) attributable to shareholders of the Company ($'000)10,185 (11,567)
Weighted average number of ordinary shares on issue net
of treasury stock ('000)208,601 201,489
Basic earnings/(losses) per share4.88c (5.74c)
Diluted earnings/(losses) per share
Net profit/(loss) attributable to shareholders of the Company ($'000)10,185 (11,567)
Weighted average number of ordinary shares on issue net
of treasury stock ('000)208,601 201,489
Diluted effect of warrants on issue ($'000)
1
- -
208,601 201,489
Diluted earnings/(losses) per share4.88c (5.74c)
Note 7Reconciliation of Net Profit/(Loss) after Tax to6 months6 months
Net Cash Flows from Operating Activitiesendedended
31-Dec-2331-Dec-22
unauditedunaudited
$000$000
Net profit/(loss) after tax10,185 (11,567)
Items not involving cash flows
Unrealised losses on cash and cash equivalents20 6
Unrealised (gains)/losses on revaluation of investments*(10,752) 10,862
Unrealised (gains) on forward foreign exchange contracts(5,584) (2,417)
(16,316) 8,451
Impact of changes in working capital items
(Decrease) in trade and other payables(7,817) -
Decrease in trade and other receivables2,499 447
Change in current and deferred tax389 116
(4,929) 563
Items relating to investments
Amount paid for purchases of investments
(49,207) (38,151)
43,629 48,219
Movement in unsettled purchases of investments7,790 -
Movement in unsettled sales of investments(2,556) -
(344) 10,068
Net cash (outflows)/inflows from operating activities(11,404) 7,515
* This includes foreign exchange gains and losses on these investments
Page 7 of 9
Amount received from sales of investments net of realised gains
1
Warrants on issue during the period were not assumed to be exercised because they were antidilutive.There were
no outstanding warrants on issue at 31 December 2023 (31 December 2022: Warrants were antidilutive as exercise
price of $0.97 was greater than average share price of $0.92).
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 2023, 3,206,900
ordinary shares totalling $2,828,618 (31 December 2022: 2,995,031 ordinary shares totalling $2,860,838) 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 2023
Note 8
Related Party Information
a. Fisher Funds Management Limited
(i) Fees earned, accrued and payable6 months6 months
endedended
31-Dec-2331-Dec-22
Fees earned by and accrued to the Manager for the periodunauditedunaudited
ended 31 December$000$000
Management fees 1,232 680
Administration services79 79
Operating expenses
1,311 759
31-Dec-2330-Jun-23
unauditedaudited
Fees accrued and payable to the Manager $000$000
Management fees215 197
Administration services13 13
Related party payables228 210
Page 8 of 9
Administration fee: Fisher Funds provides corporate administration services and a fee is payable monthly in arrears.
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 and administration agreement.
In return for the performance of its duties as Manager, Fisher Funds is paid the following fees:
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
adjusted net asset value (prior to performance fees) and is settled fully in cash.
For the six months ended 31 December 2023, the Manager did not achieve a return in excess of the performance
fee hurdle and the HWM (31 December 2022: Nil). Accordingly, the Company has not expensed a performance fee
for the six months ended 31 December 2023 (31 December 2022: Nil).
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.
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.
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.
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.

MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
Note 8
Related Party Information (continued)
(ii) Investment transactions with related parties
b. Directors
Note 9Net Asset Value
Note 10Subsequent Events
Page 9 of 9
Marlin considers its Board of Directors ("Directors") key management personnel. Marlin does not have any
employees.
During the period the Directors earned fees for their services of $103,363 including GST (31 December 2022:
$90,563). The Directors' fee pool is $185,500 (plus GST, if any) for the year ended 30 June 2024 (30 June 2023:
$157,500 (plus GST, if any)). There were no Director fees payable at the end of the period (30 June 2023: nil).
The Directors held shares in the Company as at 31 December 2023 which total 0.14% of total shares on issue (30
June 2023: 0.13%). The Directors did not hold any warrants in the Company as at 31 December 2023, as there
were none on issue (30 June 2023: 0.12%).
Dividends of $10,384 (31 December 2022: $9,112) 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). There were sales of $146,300 for the period ended 31
December 2023 (31 December 2022: Nil) and no purchases (31 December 2022: Nil).
The unaudited net asset value of Marlin as at 31 December 2023 was $0.94 per share (30 June 2023: audited net
asset value of $0.93) calculated as the net assets of $201,593,583 divided by the number of shares on issue of
213,675,736 (30 June 2023: net assets of $192,751,584 and shares on issue of 206,666,696).
There were no other events which require adjustment to or disclosure in these interim financial statements.
On 21 February 2024, the Board declared a dividend of 1.86 cents per share. The record date for this dividend is 7
March 2024 and the payment date is 28 March 2024.

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 2023, 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 notes, comprising material accounting policy information 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 Co
mpany as at 31 December 2023, 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 responsibilities are further described in the Auditor’s responsibilities 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. Other than in our capacity as auditor,
we have no relationship with, or interests in, the Company.
Responsibilities of t
he Directors 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 misstate
ment, whether due to
fraud or error.
Auditor’s responsibilities 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 id
entify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, pwc.co.nz

PwC
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
21 February 2024
Chartered Accountants