Company registered number: 608059
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
CONTENTS
Company Information
Directors’ Report
-
Directors’ Responsibility Statement6
Independent Auditor’s Report7 - 14
Statement of Comprehensive Income
Statement of Financial Position16
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
-
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 1
COMPANY INFORMATION
DIRECTORS
Aileen Mannion (appointed 16November 2022)
Raja Gul
Romira Hoxha (resigned on 16 November 2022)
Jerrick Sy (appointed 30 June 2023 and resigned 3 July 2023)
Jane McCullough (appointed 30 December 2022 and resigned 30
December 2022)
COMPANY REGISTRATION NUMBER
608059
COMPANYSECRETARYAND
ADMINISTRATOR
NOTE TRUSTEE, PRINCIPAL
PAYINGAGENT,SWAPCOLLATERAL
CUSTODIAN AND ACCOUNT BANK
TMF Administration ServicesLimited
3rd Floor, Kilmore House
Park Lane
Spencer Dock
Dublin 1
Ireland
D01 YE64
The Bankof New York
One Canada Square
London E14 5AL
England
SWAPCOUNTERPARTYAND
CALCULATION AGENT
Natixis S.A.
30 Avenue
PierreMendes-France75013
Paris
France
GraniteSharesJersey Limited
28 Esplanade
St. Helier
JerseyJE23QA
Channel Islands
Grant Thornton
Chartered Accountants and Statutory Audit Firm
13 – 18 City Quay
Dublin2,D02 ED70
Ireland
Irish Law Advisers/Irish Listing Agent
Matheson 70 Sir John Rogerson’s Quay
Grand Canal Dock
Dublin2
Ireland
EnglishLawAdvisers
Linklaters LLP
One Silk Street
London,EC2Y8HQ
United Kingdom
JerseyLawAdvise
Carey Olsen
47Esplanade
St Helier
JerseyJE10BD
Channel Islands
ARRANGER
LEGAL ADVISERS
INDEPENDENT AUDITORS
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 2
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2023
The directors present the Annual Report and the audited financial statements of Graniteshares Financial Public Limited
Company (the "Company") for the financial year ended 30 June 2023.
PRINCIPAL ACTIVITIES
The Company is a public limited company, incorporated in Ireland on 17 July 2017, in accordance with the laws of Ireland
with a registration number 608059.
The Company has been formed for the purpose of issuing collateralised exchange traded products (“ETP Securities” or
(“ETPs”)) and entering into a fully funded Swap agreements. Commercial activity commenced in September 2019 with the
ETP Securities initially listed on the London Stock Exchange for trading on the secondary market.
The Company established a Collateralised ETP Securities Programme under which the Company issues, on an ongoing
basis, collateralised exchange traded products of different classes (each a “Class”) linked into indices providing exposure to a
range of asset classes including equities, commodities, fixed income and currencies. The ETP Securities may have long or
short, leveraged or unleveraged, exposure to the daily performance of the referenced index.
Each Class constitutes limited recourse obligations of the Company, secured on and payable solely from the assets
constituting the ETP Securities in respect of such Class. EachClass of ETPSecurities may compriseoneor more tranches.
The ETP Securities have been listed for trading on the London Stock Exchange, Borsa Italiana S.p.A. (the “Italian Stock
Exchange”), Euronext Paris and Deutsche Borse (the "Frankfurt Stock Exchange"). The Company uses the net proceeds of
the issuance of the ETP Securities to enter into Total Return Swap Transactions (“TRSs”) to hedge its payment
obligations in respect of each Class of the ETP with one or more Swap Providers once the Swap Provider has delivered
eligible collateral. The TRS for each Class of ETP Securities will produce cash flows to service all of the Company’s
payment obligations in respect of that Class.
As at financial year ended 30 June 2023, there were 109 ETPs in issuance (2022: 106 ETPs). The purchases over the
financial year amounted to €240,977,908 (2022: €317,268,102) with sales of €231,042,886 (2022: €202,073,273).
Cash flows are a result of subscriptions and redemptions of ETP securities and expenses incurred. A movement on
collateral does not generate a cash flow. The proceeds of the issuance of a tranche of ETP Securities of a Class will be paid
by the Company to one or more of the Swap Providers with whom the Company has entered by the Company in relation
that Class in proportion to the increase in the number of ETP Securities of that Class then outstanding.
The Company’s payment obligations in respect of the ETP Securities of a Class will be covered entirely from payments
received by the Company from the Swap Providers in respect of such TRS. Pursuant to the terms of each credit support
document, the Company will be obliged to pay amounts equal to each distribution made on collateral held by it to the
relevant Swap Provider upon receipt.
The ETP Securities do not bear interest at a prescribed rate. The return (if any) on the ETP Securities shall be calculated in
accordance with the redemption provisions. The Classes of ETP Securities are disclosed in note 11.
There were no acquisitions of own shares by the Company during the financial year (2022:nil).
The Company does not have any branches.
The principal financial risks and uncertainties facing the Company during the financial year relate to the financial
instruments held by it and are set out in note 14 to the financial statements and the Company expects the nature of these risks
and uncertainties to remain the same for the foreseeable future.
On 24 February 2022, Russia engaged in military actions in the sovereign territory of Ukraine. The current political and
financial uncertainty surrounding Russia and Ukraine may increase market volatility and the economic risk of trading in
these countries and other impacted countries within the region. Management is closely monitoring the situation.
FUTURE DEVELOPMENTS
The plan for the foreseeable future is to continue with the issuance of ETPs under the programme mentioned above which
may include listings on other stock exchanges.
RESULTS AND DIVIDENDS
The results for the financial year and the Company’s financial position at the end of the financial year are set out on page 15
and 16, respectively. Profit on ordinary activities before taxation amounted to €1,000 (2022: €1,000). The corporation tax
charge for the financial year is €250 (2022: €250).
No dividends were recommended to be paid for the financial year ended 30 June 2023 (2022: €nil).
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 3
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2023 (CONTINUED)
Key performance indicators
(a) Net gain/loss on financial assets at FVTPL
Financial year
ended
30 June
2023
€
35,822,145
Financial year
ended
30 June
2022
€
(113,921,136)
(b) Net loss/gain on financial liabilities at FVTPL
(35,822,145)
113,921,136
(c) Financial assets at FVTPL
165,698,150
119,940,983
(d) Financial liabilities at FVTPL
(165,698,150)
(119,940,983)
PRINCIPAL RISKS AND UNCERTAINTIES
The operations of the Company are subject to various risks. Information about the financial risk management objectives and
policies of the Company, along with exposure of the Company to market risk, currency risk, liquidity risk, concentration risk and
operational risk, are disclosed in note 14 to the financial statements.
GOING CONCERN
The directors have assessed the ability of the Company to continue in operational existence for twelve months from the date
of approvalof thefinancialstatements (‘theperiodof assessment’) andhaveconcludedthat it is appropriate to prepare the
financial statements on a going concern basis.
In making this assessment the directors have considered the impact of Ukraine-Russia war on the Company’s business.
The nature of the Company’s business dictates that the outstanding ETPs may be redeemed at any time by any authorised
participant who has entered into an authorised participant agreement with the Company. As the redemption of ETPs will
coincide with the sale of an equal amount of the TRS’s, no liquidity risk is considered to arise. The Company has entered into
its primary service contracts with service providers on a non-recourse basis and these costs are being met by
GraniteShares Jersey Limited. Therefore, the directors are confident that the Company will have the ability to continue to pay
its operating costs and any redemptions that may arise within the period of assessment.
Based on the above, the directors have concluded that the Company has no material uncertainties which would cast a
significant doubt on the Company’s ability to continue as a going concern over the period of assessment.
DIRECTORS AND COMPANY SECRETARY
The Secretary of the company is TMF Administration Services Limited. Raja Gul and Aileen Mannion are the current active
directors. During the financial year Romira Hoxha resigned as a director additionally Jerrick Sy and Jane McCullough also
served as alternative directors. The directors and the company secretary had no material interest in any contract of
significance in relation to the business of the Company. The directors and company secretary who held office on 30 June
2023 did not hold any shares, debentures or loan stock of the Company on that date or during the financial year (2022:
same).
POWERS OF DIRECTORS
TheBoardis responsiblefor managingthebusinessaffairs oftheCompanyinaccordancewith theCompany’s Constitution.
Thedirectorsmay delegatecertainfunctions toTMF AdministrationServices Limited(the“Administrator”) andother parties,
subject to the supervision and direction of the directors.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 4
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2023 (CONTINUED)
DIRECTORS’ COMPLIANCE STATEMENT
The directors, in accordance with Section 225(2)(a) of the Companies Act 2014 (the “Act”), acknowledge that they are
responsible for securing the Company’s compliance with its relevant obligations. Relevant obligations, in the context of the
Company, are the Company’s obligations under:
(a) the Act, where a breach of the obligations would be a category 1 or category 2 offence;
(b) the Act, where a breach of the obligation would be a serious Market Abuse or Prospectus offence; and
(c) tax law.
Pursuant to Section 225(2)(b) of the Act, the directors confirm that:
(i) a compliance policy statement has been drawn upas required by Section225(3)(a) of the Actsetting out the Company’s
policies (that, in the directors’ opinion, are appropriate to the Company) respecting compliance by the Company with its
relevant obligations;
(ii) appropriate arrangements and structures have been put in place that, in their opinion, secure material compliance with
the Company’s relevant obligations; and
(iii) a review has been conducted, in the financial year, of the arrangements and structures referred to in paragraph (ii).
CORPORATE GOVERNANCE STATEMENT
The directors have established processes regarding internal controls and risk management systems to ensure effective
oversight of the financial reporting process. These include appointing the Administrator to maintain the accounting records of
the Company. The Administrator is contractually obliged to maintain adequate accounting records and to that end the
Administrator performs reconciliations of its records to those of Graniteshares Jersey Limited (“the Arranger”). The
Administrator is also contractually obliged to prepare the annual report including financial statements for review and
approval by the directors. The directors evaluate and discuss significant accounting and reporting issues as the need
arises.
From time to time the directors also examine and evaluate the Administrator’s financial accounting and reporting routines and
monitor and evaluate the external auditors’ performance, qualifications and independence. The Administrator has
operating responsibility for internal control in relation to the financial reporting process and reports to the directors. The
directors are responsible for assessing the risk of irregularities whether caused by fraud or error in financial reporting and
ensuring the processes are in place for the timely identification of internal and external matters with a potential effect on
financial reporting. The directors have also put in place processes to identify changes in accounting rules and
recommendations and to ensure that these changes are accurately reflected in the Company’s financial statements.
The Administrator is contractually obliged to design and maintain control structures to manage the risks which the directors
judge to be significant for internal control over financial reporting. These control structures include appropriate segregation of
responsibilities and specific control activities aimed at detecting or preventing the risk of significant deficiencies in financial
reporting for every significant account in the financial statements and the related notes in the Company’s financial statements.
The directors delegate the asset valuation function to the Arranger who operates a sophisticated system of controls to
ensure appropriate valuation. All the values for the financial instruments held by the Company have been provided by the
Arranger and in our opinion, they are the most appropriate and reliable source of such fair values in its capacity as Arranger.
We are satisfied that the amounts as stated in the Company’s financial statements represent a reasonable approximation
of those values.
TheCompany’spolicies andthedirectors’instructions with relevancefor financialreportingareupdatedandcommunicated
via appropriate channels, such as e-mail, correspondence and meetings to ensure that all financial reporting information
requirements are met in a complete and accurate manner. The directors have an annual process to ensure that appropriate
measures are taken to consider and address any shortcomings identified and measures recommended by the independent
auditors. Given the contractualobligations of the Administrator, the directors haveconcludedthat there is currently no need for
the Company to have a separate audit committee or internal audit function in order for the directors to perform effective
monitoring and oversight of the internal controls and risk management systems of the Company in relation to the financial
reporting process. Therefore, the Company has taken the exemption available for Section 110 companies as set out under
Section 1551 of the Companies Act 2014 S 11 (c) not to have a a separate audit committee.
No director has a significant direct or indirect holding of securities in the Company. No person has any special rights of
control over the Company’s share capital. There are no restrictions on voting rights.
The directors are responsible for managing the business affairs of the Company in accordance with the Company
Constitution. The directors may delegate certain functions to the Administrator and other parties, subject to the supervision and
direction by the directors. The Board consists of three directors.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 5
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE2023 (CONTINUED)
ACCOUNTING RECORDS
The Directors are responsible for ensuring that adequate accounting records, as outlined in Section 281 to 285 of the
Companies Act 2014, are kept by the Company. The measures are taken by the directors to ensure compliance with the
Company’s obligation to keep adequate accounting records are the use of appropriate systems and procedures and
ensuring that a competent service provider is responsible for the preparation and maintenance of the accounting records.
Theaccounting recordsarekeptat the Company’sregistered office at 3rd Floor,Kilmore House, Park Lane,Spencer Dock,
Dublin 1, D01 YE64, Ireland.
SHAREHOLDER MEETINGS
The shareholder’s rights and the operations of the shareholders meetings are defined in the Company’s Constitution and
complies with the Companies Act 2014.
RELATED PARTY TRANSACTIONS
The related party transactions in relation to the Company are disclosed in note 16.
SIGNIFICANT SUBSEQUENT EVENTS
The significant subsequent events in relation to the Company are disclosed in note 17.
POLITICAL DONATIONS
The Company did not make any political donations during the financial year (2022: nil).
RESEARCHANDDEVELOPMENT
The Company did notengage in any research and development activity during the financial year (2022: nil).
INDEPENDENT AUDITOR
Grant Thornton, Chartered Accountants and Statutory Audit Firm is the independent auditor for the Company and will
continue in office in accordance with section 383(2) of the Companies Act 2014.
RELEVANT AUDIT INFORMATION
Each of the persons who are directors at the time when this Directors’ report is approved has confirmed that:
•so far as that director is aware, there is no relevant audit information of which the Company’s auditors are unaware;
and
•that director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant
audit information and to establish that the Company’s auditors are aware of that information.
This report was approved by the Board on 27/10/2023 and signed on its behalf by:
................................... ......
AileenMannion
Director
.........................................
RajaGul
Director
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 6
DIRECTORS’ RESPONSIBILITY STATEMENT
The Directorsare responsible forpreparingthe Directors’ Reportand the financialstatements in accordance with applicable
Irish company law and regulations.
Irish company law, requires the directors to prepare financial statements for each financial year. Under that law, they have
elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as
adopted by the European Union and applicable Irish law.
Under Irish company law, the directors must not approve the financial statements unless they are satisfied that they give a
true and fair view of the assets, liabilities and financial position of the Company and of its profit or loss for that financial year
and otherwise comply with Companies Act 2014. In preparing these financial statements, the directors are required to:
•select suitable accountingpolicies and then apply them consistently; •
make judgments and estimates that are reasonable and prudent;
•state whether they have been prepared in accordance with IFRS as adopted by the European Union;
•assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern; and
•use the going concern basis of accounting, unless they either intend to liquidate the Company or to cease operations,
or have no realistic alternative, but to do so.
The directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any
time the assets, liabilities, financial position and profit or loss of the Company and enable them to ensure that the financial
statements comply with the Companies Act 2014. They are responsible for such internal controls as they determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the
Company and to prevent and detect fraud and other irregularities. The directors are also responsible for preparing a
Directors’ Report that complies with the requirements of the Companies Act 2014.
This report was approved by the Board on 27/10/2023 and signed on its behalf by:
................................... ......
AileenMannion
Director
.........................................
RajaGul
Director
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ing
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
,
w
e
h
a
v
e
conclud
e
d
t
h
at
t
h
e
dir
e
c
t
ors
’
us
e
o
f
going conc
e
rn b
a
sis o
f
a
ccoun
t
ing in
t
h
e
pr
e
p
a
r
at
ion o
f
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s is
a
ppropri
ate.
Our
e
v
a
lu
at
ion o
f
t
h
e
dir
e
c
t
ors
’
a
ss
e
ssm
e
n
t
o
f
t
h
e
Comp
a
n
y’
s
a
bili
ty
t
o con
t
inu
e
a
s
a
going conc
e
rn b
a
sis o
f
a
ccoun
t
ing includ
e
d
:
·
Ob
ta
ining
a
nd r
e
v
i
e
wing
t
h
e
dir
e
c
t
ors
’
f
orm
a
l
a
ss
e
ssm
e
n
t
o
f
going conc
e
rn
;
·
R
e
vi
e
w
in
g
po
st
y
ea
r-
e
n
d
p
e
rform
a
nc
e
a
n
d
b
us
in
e
ss
a
c
t
ivi
t
i
e
s
;
·
M
a
k
ing
e
nquiri
e
s wi
t
h m
a
n
a
g
e
m
e
n
t
a
nd r
e
v
i
e
wing
t
h
e
bo
a
rd minu
te
s in ord
e
r
t
o und
e
rs
ta
nd
t
h
e
f
u
t
ur
e
pl
a
ns
a
nd
t
o id
e
n
t
i
f
y
po
te
n
t
i
a
l con
t
r
a
dic
t
or
y
in
f
orm
at
ion
;
a
nd
·
Ass
e
ssing
t
h
e
a
d
e
qu
a
c
y
o
f
t
h
e
disclosur
e
s wi
t
h r
e
sp
e
c
t
t
o
t
h
e
going conc
e
rn
a
ssump
t
ion
.
Ind
e
p
e
nd
e
n
t
a
u
di
t
or
’s
r
e
por
t
t
o
t
h
e
m
e
mb
e
r
s
of
Gr
a
ni
t
e
s
h
a
r
e
s
Fin
a
nci
a
l
P
L
C
Conclusions
relating
to
going
concern
(continued)
B
a
s
e
d on
t
h
e
wor
k
w
e
h
a
v
e
p
e
r
f
orm
e
d
,
w
e
h
a
v
e
no
t
id
e
n
t
i
f
i
e
d
a
n
y
m
ate
ri
a
l unc
e
r
ta
in
t
i
e
s r
e
l
at
ing
t
o
e
v
e
n
t
s or
condi
t
ions
t
h
at,
indi
v
idu
a
ll
y
or coll
e
c
t
i
v
e
l
y,
m
ay
c
a
s
t
signi
f
ic
a
n
t
doub
t
on
t
h
e
Comp
a
n
y’
s
a
bili
ty
t
o con
t
inu
e
a
s
a
going conc
e
rn
f
or
a
p
e
riod o
f
at
l
ea
s
t
t
w
e
l
v
e
mon
t
hs
f
rom
t
h
e
d
ate
wh
e
n
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
a
r
e
a
u
t
horis
e
d
f
or issu
e.
Our r
e
sponsibili
t
i
e
s
a
nd
t
h
e
r
e
sponsibili
t
i
e
s o
f
t
h
e
dir
e
c
t
ors wi
t
h r
e
sp
e
c
t
t
o going conc
e
rn
a
r
e
d
e
scrib
e
d in
t
h
e
r
e
l
e
v
a
n
t
s
e
c
t
ions o
f
t
his r
e
por
t.
Key
audit
matters
K
e
y
a
ud
i
t
m
a
tt
e
r
s
a
r
e
t
ho
s
e
m
a
tt
e
r
s
t
h
a
t,
in o
u
r prof
e
ss
ion
a
l j
udg
e
m
e
n
t,
w
e
r
e
of mo
st
s
i
g
nific
a
nc
e
in o
u
r
a
ud
i
t
o
f
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s o
f
t
h
e
curr
e
n
t
f
in
a
nci
a
l p
e
riod
a
nd includ
e
t
h
e
mos
t
signi
f
ic
a
n
t
a
ss
e
ss
e
d ris
k
s o
f
m
ate
ri
a
l miss
tate
m
e
n
t
(wh
et
h
e
r or no
t
du
e
t
o
f
r
a
ud) w
e
id
e
n
t
i
f
i
e
d
,
including
t
hos
e
which h
a
d
t
h
e
gr
eate
s
t
e
ff
e
c
t
on
:
t
h
e
o
v
e
r
a
ll
a
udi
t
s
t
r
ate
g
y,
t
h
e
a
lloc
at
ion o
f
r
e
sourc
e
s in
t
h
e
a
udi
t,
a
nd
t
h
e
dir
e
c
t
ing o
f
e
ff
or
t
s o
f
t
h
e
e
ng
a
g
e
m
e
n
t
tea
m
.
Th
e
s
e
m
atte
rs w
e
r
e
a
ddr
e
ss
e
d in
t
h
e
con
te
x
t
o
f
our
a
udi
t
o
f
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
a
s
a
whol
e,
a
nd in
f
orming our opinion
t
h
e
r
e
on
,
a
nd
t
h
e
r
e
f
or
e
w
e
do no
t
pro
v
id
e
a
s
e
p
a
r
ate
opinion on
t
h
e
s
e
m
atte
rs
.
Overall audit strategy
W
e
d
e
sign
e
d our
a
udi
t
b
y
d
ete
rmining m
ate
ri
a
li
ty
a
nd
a
ss
e
ssing
t
h
e
ris
k
s o
f
m
ate
ri
a
l miss
tate
m
e
n
t
in
t
h
e
fin
a
nci
a
l
st
a
t
e
m
e
n
ts.
In p
a
r
t
ic
u
l
a
r
,
w
e
look
e
d
a
t
w
h
e
r
e
t
h
e
d
ir
e
c
t
or
s
m
a
d
e
su
bj
e
c
t
iv
e
j
udg
e
m
e
n
ts,
for
e
x
a
mpl
e
,
in
r
e
s
p
e
c
t
of
s
i
g
nific
a
n
t
a
cco
u
n
t
in
g
e
st
im
a
t
e
s
t
h
a
t
involv
e
d
m
a
kin
g
a
ssu
mp
t
ion
s
a
n
d
con
s
i
d
e
rin
g
f
utu
r
e
e
v
e
n
ts
t
h
at
a
r
e
inh
e
r
e
n
t
l
y
unc
e
r
ta
in /
t
h
e
s
e
l
e
c
t
ion o
f
pricing sourc
e
s
t
o
v
a
lu
e
t
h
e
in
v
e
s
t
m
e
n
t
por
t
f
olio
.
W
e
a
lso
a
ddr
e
ss
e
d
t
h
e
ris
k
o
f
m
a
n
a
g
e
m
e
n
t
o
v
e
rrid
e
o
f
in
te
rn
a
l con
t
rols
,
including
e
v
a
lu
at
ing wh
et
h
e
r
t
h
e
r
e
w
a
s
a
n
y
e
v
id
e
nc
e
o
f
po
te
n
t
i
a
l bi
a
s
t
h
at
could r
e
sul
t
in
a
ris
k
o
f
m
ate
ri
a
l miss
tate
m
e
n
t
du
e
t
o
f
r
a
ud
.
B
a
s
e
d on our consid
e
r
at
ions
a
s s
et
ou
t
b
e
low
,
our
a
r
ea
s o
f
f
ocus includ
e
d
:
·
E
x
is
te
nc
e
o
f
f
in
a
nci
a
l
a
ss
et
s
a
nd li
a
bili
t
i
e
s
at
f
a
ir
v
a
lu
e
t
hrough pro
f
i
t
or loss
·
V
a
lu
at
ion o
f
f
in
a
nci
a
l
a
ss
et
s
a
nd li
a
bili
t
i
e
s
at
f
a
ir
v
a
lu
e
t
hrough pro
f
i
t
or loss
How we tailored the audit scope
Th
e
Comp
a
n
y
is
a
public limi
te
d comp
a
n
y
a
nd qu
a
li
f
i
e
s
f
or
t
h
e
r
e
gim
e
con
ta
in
e
d in
S
e
c
t
ion 110 o
f
t
h
e
Irish
T
a
x
e
s Consolid
at
ion Ac
t,
1997
.
Th
e
Comp
a
n
y
h
a
s lis
te
d
e
x
ch
a
ng
e
t
r
a
d
e
d produc
t
s (
“
ET
P
S
e
curi
t
i
e
s
”
or
(
“
ET
P
s
”
)) on
t
h
e
London
S
t
oc
k
E
x
ch
a
ng
e,
I
ta
li
a
n
S
t
oc
k
E
x
ch
a
ng
e,
Euron
e
x
t
P
a
ris
,
a
nd Fr
a
n
kf
ur
t
S
t
oc
k
E
x
ch
a
ng
e.
Th
e
Dir
e
c
t
ors con
t
rol
t
h
e
a
ff
a
irs o
f
t
h
e
Comp
a
n
y
a
nd
t
h
ey
a
r
e
r
e
sponsibl
e
f
or
t
h
e
o
v
e
r
a
ll
in
v
e
s
t
m
e
n
t
polic
y,
which
t
h
ey
d
ete
rmin
e
d
.
Th
e
Comp
a
n
y
e
ng
a
g
e
s TMF Adminis
t
r
at
ion
S
e
r
v
ic
e
s Limi
te
d (or
t
h
e
“
Adminis
t
r
at
or
”
)
t
o m
a
n
a
g
e
c
e
r
ta
in du
t
i
e
s
a
nd r
e
sponsibili
t
i
e
s including
t
h
e
m
a
in
te
n
a
nc
e
o
f
t
h
e
a
ccoun
t
ing r
e
cords
.
Th
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
,
which r
e
m
a
in
t
h
e
r
e
sponsibili
ty
o
f
t
h
e
dir
e
c
t
ors
,
a
r
e
pr
e
p
a
r
e
d on
t
h
e
ir b
e
h
a
l
f
b
y
t
h
e
Adminis
t
r
at
or
.
W
e
ta
ilor
e
d
t
h
e
scop
e
o
f
our
a
udi
t
ta
k
ing in
t
o
a
ccoun
t
t
h
e
ty
p
e
s o
f
in
v
e
s
t
m
e
n
t
s wi
t
hin
t
h
e
Comp
a
n
y,
t
h
e
involv
e
m
e
n
t
of
t
hir
d
p
a
r
ty
s
e
rvic
e
provi
d
e
r
s,
t
h
e
a
cco
u
n
t
in
g
proc
e
ss
e
s
a
n
d
con
t
rol
s,
a
n
d
t
h
e
in
dust
r
y
in
w
hich
t
h
e
Comp
a
n
y
op
e
r
ate
s
.
Ind
e
p
e
nd
e
n
t
a
u
di
t
or
’s
r
e
por
t
t
o
t
h
e
m
e
mb
e
r
s
of
Gr
a
ni
t
e
s
h
a
r
e
s
Fin
a
nci
a
l
P
L
C
Key
audit
matters
(continued)
How we tailored the audit scope (continued)
In
e
s
ta
blishing
t
h
e
o
v
e
r
a
ll
a
ppro
a
ch
t
o our
a
udi
t
w
e
a
ss
e
ss
e
d
t
h
e
ris
k
o
f
m
ate
ri
a
l miss
tate
m
e
n
t
at
a
Comp
a
n
y
l
e
v
e
l
,
ta
k
ing in
t
o
a
ccoun
t
t
h
e
n
at
ur
e,
li
k
e
lihood
a
nd po
te
n
t
i
a
l m
a
gni
t
ud
e
o
f
a
n
y
miss
tate
m
e
n
t.
As p
a
r
t
o
f
our ri
s
k
a
ss
e
ss
m
e
n
t,
w
e
con
s
i
d
e
r
e
d
t
h
e
C
omp
a
n
y’s
in
t
e
r
a
c
t
ion
w
i
t
h
t
h
e
A
d
mini
st
r
a
t
or
,
a
n
d
w
e
a
ss
e
ss
e
d
t
h
e
con
t
rol
e
n
v
ironm
e
n
t
in pl
a
c
e
at
t
h
e
Adminis
t
r
at
or
.
Materiality and audit approach
Th
e
scop
e
o
f
our
a
udi
t
is in
f
lu
e
nc
e
d b
y
our
a
pplic
at
ion o
f
m
ate
ri
a
li
ty.
W
e
s
et
c
e
r
ta
in qu
a
n
t
i
tat
i
v
e
t
hr
e
sholds
f
or
m
ate
ri
a
li
ty.
Th
e
s
e,
t
og
et
h
e
r wi
t
h qu
a
li
tat
i
v
e
consid
e
r
at
ions
,
such
a
s our und
e
rs
ta
nding o
f
t
h
e
e
n
t
i
ty
a
nd i
t
s
e
n
v
ironm
e
n
t,
t
h
e
his
t
or
y
o
f
miss
tate
m
e
n
t
s
,
t
h
e
compl
e
x
i
ty
o
f
t
h
e
Comp
a
n
y
a
nd
t
h
e
r
e
li
a
bili
ty
o
f
t
h
e
con
t
rol
e
n
v
ironm
e
n
t
,
h
e
lp
e
d us
t
o d
ete
rmin
e
t
h
e
scop
e
o
f
our
a
udi
t
a
nd
t
h
e
n
at
ur
e,
t
iming
a
nd
e
x
te
n
t
o
f
our
a
udi
t
proc
e
dur
e
s
a
nd
t
o
e
v
a
lu
ate
t
h
e
e
ff
e
c
t
o
f
miss
tate
m
e
n
t
s
,
bo
t
h indi
v
idu
a
ll
y
a
nd on
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
a
s
a
whol
e.
B
a
s
e
d on our pro
f
e
ssion
a
l judg
e
m
e
n
t,
w
e
d
ete
rmin
e
d m
ate
ri
a
li
ty
f
or
t
h
e
Comp
a
n
y
a
s
f
ollows
:
1
%
o
f
To
ta
l
Ass
et
s
at
30
J
un
e
2023
.
W
e
consid
e
r
e
d To
ta
l Ass
et
s
t
o b
e
t
h
e
mos
t
a
ppropri
ate
b
e
nchm
a
r
k
on which
t
o b
a
s
e
our
m
ate
ri
a
li
ty,
b
a
s
e
d on
t
h
e
princip
a
l
a
c
t
i
v
i
t
i
e
s o
f
t
h
e
Comp
a
n
y
a
nd
t
h
e
signi
f
ic
a
nc
e
o
f
t
h
e
a
ss
et
s
t
h
ey
hold
.
W
e
h
a
v
e
s
et
p
e
r
f
orm
a
nc
e
m
ate
ri
a
li
ty
f
or
t
h
e
Comp
a
n
y
at
60
%
,
h
a
v
ing consid
e
r
e
d our prior
yea
r
e
x
p
e
ri
e
nc
e,
busin
e
ss ris
k
s
a
nd
f
r
a
ud ris
k
s
a
ssoci
ate
d wi
t
h
t
h
e
e
n
t
i
ty
a
nd i
t’
s
t
h
e
con
t
rol
e
n
v
ironm
e
n
t.
This is
t
o r
e
duc
e
t
o
a
n
a
ppropri
ate
l
y
low l
e
v
e
l
t
h
e
prob
a
bili
ty
t
h
at
t
h
e
a
ggr
e
g
ate
o
f
uncorr
e
c
te
d
a
nd und
ete
c
te
d miss
tate
m
e
n
t
s in
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
e
x
c
ee
ds m
ate
ri
a
li
ty
f
or
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
a
s
a
whol
e.
W
e
a
gr
ee
d wi
t
h
t
h
e
Dir
e
c
t
ors
t
h
at
w
e
would r
e
por
t
t
o
t
h
e
m miss
tate
m
e
n
t
s id
e
n
t
i
f
i
e
d during our
a
udi
t
a
bo
v
e
5
%
o
f
m
ate
ri
a
li
ty
a
s w
e
ll
a
s miss
tate
m
e
n
t
s b
e
low
t
h
at
a
moun
t
t
h
at,
in our
v
i
e
w
,
w
a
rr
a
n
te
d r
e
por
t
ing
f
or
qu
a
li
tat
i
v
e
r
ea
sons
.
Significant matters identified
Th
e
ris
k
s o
f
m
ate
ri
a
l miss
tate
m
e
n
t
t
h
at
h
a
d
t
h
e
gr
eate
s
t
e
ff
e
c
t
on our
a
udi
t,
including
t
h
e
a
lloc
at
ion o
f
our
r
e
sourc
e
s
a
nd
e
ff
or
t,
a
r
e
s
et
ou
t
b
e
low
a
s signi
f
ic
a
n
t
m
atte
rs
t
og
et
h
e
r wi
t
h
a
n
e
x
pl
a
n
at
ion o
f
how w
e
ta
ilor
e
d our
a
udi
t
t
o
a
ddr
e
ss
t
h
e
s
e
sp
e
ci
f
ic
a
r
ea
s in ord
e
r
t
o pro
v
id
e
a
n opinion on
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
a
s
a
whol
e.
This is
no
t
a
compl
ete
lis
t
o
f
a
ll ris
k
s id
e
n
t
i
f
i
e
d b
y
our
a
udi
t.
Existence of financial assets and liabilities at fair value through profit or loss (Notes 2, 8, 11, and 14)
D
e
s
c
r
i
p
t
i
on of s
ig
n
i
f
ic
an
t
ma
tte
r
Fin
a
nci
a
l
a
ss
e
ts
a
n
d
li
a
bili
t
i
e
s
a
t
f
a
ir v
a
l
u
e
t
hrough pro
f
i
t
or loss r
e
pr
e
s
e
n
t
a
princip
a
l
e
l
e
m
e
n
t
o
f
t
h
e
f
in
a
nci
a
l
s
tate
m
e
n
t
s
.
W
e
consid
e
r
e
d
t
h
e
ris
k
t
h
at
t
h
e
T
R
S
s
a
nd ET
P
S
e
curi
t
i
e
s includ
e
d in
t
h
e
S
tate
m
e
n
t
o
f
Fin
a
nci
a
l
P
osi
t
ion did
no
t
e
x
is
t
or
t
h
at
t
h
ey
w
e
r
e
no
t
h
e
ld in
t
h
e
Comp
a
n
y’
s n
a
m
e
at
t
h
e
f
in
a
nci
a
l
yea
r
e
nd
,
which could r
e
sul
t
in
a
m
ate
ri
a
l
miss
tate
m
e
n
t.
A
ud
i
t
r
e
spons
e
t
o s
ig
n
i
f
ic
an
t
ma
tte
r
Th
e
f
ollowing
a
udi
t
wor
k
h
a
s b
ee
n p
e
r
f
orm
e
d
t
o
a
ddr
e
ss
t
h
e
ris
k
s
:
·
w
e
h
e
ld discussions wi
t
h m
a
n
a
g
e
m
e
n
t
a
nd conduc
te
d
a
w
a
l
k
t
hrough
t
o g
a
in
a
n und
e
rs
ta
nding o
f
t
h
e
T
R
S
a
nd
ET
P
e
x
is
te
nc
e
proc
e
ss including r
e
l
e
v
a
n
t
con
t
rols
;
·
w
e
ob
ta
in
e
d dir
e
c
t
ind
e
p
e
nd
e
n
t
con
f
irm
at
ion o
f
t
h
e
e
x
is
te
nc
e
o
f
t
h
e
T
R
S
s wi
t
h
t
h
e
r
e
l
e
v
a
n
t
coun
te
rp
a
r
ty,
N
at
i
x
is
S
.
A
.,
ch
a
rg
e
d wi
t
h s
a
f
e
gu
a
rding
t
h
e
Comp
a
n
y’
s
a
ss
et
s
a
nd
a
gr
ee
d
t
o
a
ccoun
t
ing r
e
cords
;
a
nd
Ind
e
p
e
nd
e
n
t
a
u
di
t
or
’s
r
e
por
t
t
o
t
h
e
m
e
mb
e
r
s
of
Gr
a
ni
t
e
s
h
a
r
e
s
Fin
a
nci
a
l
P
L
C
S
igni
f
ic
a
n
ta
udi
t
or
’
s
atte
n
t
ionw
a
s
d
ee
m
e
d
a
ppropri
ate
b
e
c
a
us
e
o
f
t
h
e
m
ate
ri
a
li
ty
o
f
t
h
e
f
in
a
nci
a
l
a
ss
et
s
at
f
a
ir
v
a
lu
e
t
hrough pro
f
i
t
or loss
.
In
a
ddi
t
ion
,
t
h
e
v
a
lu
at
ion is
a
lso
a
k
ey
con
t
ribu
t
or
t
o
t
h
e
f
in
a
nci
a
lp
e
r
f
orm
a
nc
e
o
f
t
h
e
Comp
a
n
y.
·
w
e
ob
ta
in
e
d dir
e
c
t
ind
e
p
e
nd
e
n
t
con
f
irm
at
ion o
f
t
h
e
e
x
is
te
nc
e
o
f
t
h
e
ET
P
s wi
t
h
t
h
e
r
e
l
e
v
a
n
t
no
te
t
rus
tee,
t
h
e
B
a
n
k
o
f
N
e
w Yor
k
,
ch
a
rg
e
d wi
t
h s
a
f
e
gu
a
rding
t
h
e
Comp
a
n
y’
s li
a
bili
t
i
e
s
a
nd
a
gr
ee
d
t
o
a
ccoun
t
ing r
e
cords
.
Our pl
a
nn
e
d
a
udi
t
proc
e
dur
e
s w
e
r
e
compl
ete
d wi
t
hou
t
m
ate
ri
a
l
e
x
c
e
p
t
ion
.
Valuation of financial assets and liabilities at fair value through profit or loss (Notes 2, 8, 11, and 14)
S
igni
f
ic
a
n
ta
udi
t
or
’
s
atte
n
t
ionw
a
s
d
ee
m
e
d
a
ppropri
ate
b
e
c
a
us
e
o
f
t
h
e
m
ate
ri
a
li
ty
o
f
t
h
e
f
in
a
nci
a
l
a
ss
et
s
at
f
a
ir
v
a
lu
e
t
hrough pro
f
i
t
or loss
.
In
a
ddi
t
ion
,
t
h
e
v
a
lu
at
ion is
a
lso
a
k
ey
con
t
ribu
t
or
t
o
t
h
e
f
in
a
nci
a
lp
e
r
f
orm
a
nc
e
o
f
t
h
e
Comp
a
n
y.
D
e
s
c
r
i
p
t
i
on of s
ig
n
i
f
ic
an
t
ma
tte
r
Th
e
r
e
is
a
ris
k
t
h
at
t
h
e
f
in
a
nci
a
l
a
ss
et
s
a
nd li
a
bili
t
i
e
s
at
f
a
ir
v
a
lu
e
t
hrough pro
f
i
t
or loss includ
e
d in
t
h
e
S
tate
m
e
n
t
o
f
Fin
a
nci
a
l
P
osi
t
ion
a
s
at
30
J
un
e
2023
a
r
e
no
t
v
a
lu
e
d
at
f
a
ir
v
a
lu
e
in lin
e
wi
t
h IF
R
S
9 Fin
a
nci
a
l Ins
t
rum
e
n
t
s
.
A
ud
i
t
r
e
spons
e
t
o s
ig
n
i
f
ic
an
t
ma
tte
r
Th
e
f
ollowing
a
udi
t
wor
k
h
a
s b
ee
n p
e
r
f
orm
e
d
t
o
a
ddr
e
ss
t
h
e
ris
k
s
:
·
w
e
h
e
ld discussions wi
t
h m
a
n
a
g
e
m
e
n
t
a
nd conduc
te
d
a
w
a
l
k
t
hrough
t
o g
a
in
a
n und
e
rs
ta
nding o
f
t
h
e
T
R
S
a
nd
ET
P
v
a
lu
at
ion proc
e
ss including r
e
l
e
v
a
n
t
con
t
rols
;
·
w
e
t
e
st
e
d
a
s
a
mpl
e
of T
R
S p
u
rch
a
s
e
s
a
n
d
s
a
l
e
s
b
y
t
r
a
cin
g
t
h
e
s
a
mpl
e
t
o con
f
irm
at
ion r
e
por
t
s
,
a
nd ET
P
subscrip
t
ions
a
nd r
e
d
e
mp
t
ions b
y
t
r
a
cing
t
o issu
a
nc
e
d
ee
ds
a
nd r
e
d
e
mp
t
ion no
t
ic
e
s
a
nd r
e
pricing
t
o
ind
e
p
e
nd
e
n
t
pricing sourc
e
;
·
w
e
r
e
-p
e
r
f
orm
e
d
t
h
e
a
ssign
e
d
v
a
lu
at
ion o
f
ea
ch
ins
t
rum
e
n
t
using ind
e
p
e
nd
e
n
t
pricing i
.e.
B
loomb
e
rg
;
·
w
e
r
e
v
i
e
w
e
d
t
h
e
corr
e
c
t
cl
a
ssi
f
ic
at
ion o
f
f
a
ir
v
a
lu
e
hi
e
r
a
rch
y
cl
a
ssi
f
ic
at
ion b
a
s
e
d on IF
R
S
13
;
a
nd
·
w
e
r
e
v
i
e
w
e
d
t
h
e
r
e
l
ate
d disclosur
e
s in
t
h
e
f
in
a
nci
a
l
s
tate
m
e
n
t
s in
a
ccord
a
nc
e
wi
t
h IF
R
S
a
s
a
dop
te
d b
y
t
h
e
E
U
.
O
u
r pl
a
nn
e
d
a
ud
i
t
proc
e
du
r
e
s
w
e
r
e
compl
e
t
e
d
w
i
t
ho
ut
m
a
t
e
ri
a
l
e
x
c
e
p
t
ion
.
No
te
s 2
,
8
,
11
a
nd 14
t
o
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s d
eta
il
e
d
t
h
e
a
ccoun
t
ing polici
e
s
,
v
a
lu
at
ion
a
nd
e
x
is
te
nc
e
o
f
t
h
e
f
in
a
nci
a
l
a
ss
et
s
a
nd
f
in
a
nci
a
l li
a
bili
t
i
e
s
at
f
a
ir
v
a
lu
e
t
hrough pro
f
i
t
or loss h
e
ld b
y
t
h
e
Comp
a
n
y
at
t
h
e
f
in
a
nci
a
l
yea
r-
e
nd
a
nd
f
in
a
nci
a
l ris
k
m
a
n
a
g
e
m
e
n
t,
r
e
sp
e
c
t
i
v
e
l
y.
Other
information
O
t
h
e
r in
f
orm
at
ion compris
e
s in
f
orm
at
ion includ
e
d in
t
h
e
a
nnu
a
l r
e
por
t,
o
t
h
e
r
t
h
a
n
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
a
nd
t
h
e
a
udi
t
or
’
s r
e
por
t
t
h
e
r
e
on
,
including
t
h
e
Dir
e
c
t
ors
’
R
e
por
t,
which con
ta
ins
a
Corpor
ate
Go
v
e
rn
a
nc
e
S
tate
m
e
n
t.
Th
e
dir
e
c
t
ors
a
r
e
r
e
sponsibl
e
f
or
t
h
e
o
t
h
e
r in
f
orm
at
ion
.
Our opinion on
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
do
e
s no
t
co
v
e
r
t
h
e
o
t
h
e
r in
f
orm
at
ion
a
nd
,
e
x
c
e
p
t
t
o
t
h
e
e
x
te
n
t
o
t
h
e
rwis
e
e
x
plici
t
l
y
s
tate
d in our r
e
por
t,
w
e
do
no
t
e
x
pr
e
ss
a
n
y
f
orm o
f
a
ssur
a
nc
e
conclusion
t
h
e
r
e
on
.
In conn
e
c
t
ion wi
t
h our
a
udi
t
o
f
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
,
our r
e
sponsibili
ty
is
t
o r
ea
d
t
h
e
o
t
h
e
r in
f
orm
at
ion
a
nd
,
in doing so
,
consid
e
r wh
et
h
e
r
t
h
e
o
t
h
e
r in
f
orm
at
ion is m
ate
ri
a
ll
y
inconsis
te
n
t
wi
t
h
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
or our
k
nowl
e
dg
e
ob
ta
in
e
d in
t
h
e
a
udi
t,
or o
t
h
e
rwis
e
a
pp
ea
rs
t
o b
e
m
ate
ri
a
ll
y
miss
tate
d
.
Ind
e
p
e
nd
e
n
t
a
u
di
t
or
’s
r
e
por
t
t
o
t
h
e
m
e
mb
e
r
s
of
Gr
a
ni
t
e
s
h
a
r
e
s
Fin
a
nci
a
l
P
L
C
Other information (continue)
I
f
w
e
id
e
n
t
i
f
y
such m
ate
ri
a
l inconsis
te
nci
e
s in
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
,
w
e
a
r
e
r
e
quir
e
d
t
o d
ete
rmin
e
wh
et
h
e
r
t
h
e
r
e
is
a
m
ate
ri
a
l miss
tate
m
e
n
t
in
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s or
a
m
ate
ri
a
l miss
tate
m
e
n
t
o
f
t
h
e
o
t
h
e
r
in
f
orm
at
ion
.
I
f
,
b
a
s
e
d on
t
h
e
wor
k
w
e
h
a
v
e
p
e
r
f
orm
e
d
,
w
e
conclud
e
t
h
at
t
h
e
r
e
is
a
m
ate
ri
a
l miss
tate
m
e
n
t
o
f
t
his
o
t
h
e
r in
f
orm
at
ion
,
w
e
a
r
e
r
e
quir
e
d
t
o r
e
por
t
t
h
at
f
a
c
t.
W
e
h
a
v
e
no
t
hing
t
o r
e
por
t
in
t
his r
e
g
a
rd
.
Matters
on
which
we
are
required
to
report
by
the
Companies
Act
2014
·
W
e
h
a
v
e
ob
t
a
in
e
d
a
ll
t
h
e
inform
a
t
ion
a
n
d
e
xpl
a
n
a
t
ion
s
w
hich
w
e
con
s
i
d
e
r n
e
c
e
ss
a
r
y
for
t
h
e
p
u
rpo
s
e
s
o
f
our
a
udi
t.
·
In our opinion
t
h
e
a
ccoun
t
ing r
e
cords o
f
t
h
e
Comp
a
n
y
w
e
r
e
su
ff
ici
e
n
t
t
o p
e
rmi
t
t
h
e
f
in
a
nci
a
l
s
tate
m
e
n
t
s
t
o b
e
r
ea
dil
y
a
nd prop
e
rl
y
a
udi
te
d
.
·
Th
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
a
r
e
in
a
gr
ee
m
e
n
t
wi
t
h
t
h
e
a
ccoun
t
ing r
e
cords
.
In our opinion
t
h
e
in
f
orm
at
ion gi
v
e
n in
t
h
e
Dir
e
c
t
ors
’
R
e
por
t
is consis
te
n
t
wi
t
h
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
.
B
a
s
e
d sol
e
l
y
on
t
h
e
wor
k
und
e
r
ta
k
e
n in
t
h
e
cours
e
o
f
our
a
udi
t,
in our opinion
,
t
h
e
Dir
e
c
t
ors
’
r
e
por
t
h
a
s b
ee
n
pr
e
p
a
r
e
d in
a
ccord
a
nc
e
wi
t
h
t
h
e
r
e
quir
e
m
e
n
t
s o
f
t
h
e
Comp
a
ni
e
s Ac
t
2014
.
Matters
on
which
we
are
required
to
report
by
exception
B
a
s
e
d on our
k
nowl
e
dg
e
a
nd und
e
rs
ta
nding o
f
t
h
e
Comp
a
n
y
a
nd i
t
s
e
n
v
ironm
e
n
t
ob
ta
in
e
d in
t
h
e
cours
e
o
f
t
h
e
a
udi
t,
w
e
h
a
v
e
no
t
id
e
n
t
i
f
i
e
d m
ate
ri
a
l miss
tate
m
e
n
t
s in
t
h
e
Dir
e
c
t
ors
’
R
e
por
t.
U
n
d
e
r
t
h
e
C
omp
a
ni
e
s
A
c
t
2014
w
e
a
r
e
r
e
qu
ir
e
d
t
o r
e
por
t
t
o
y
o
u
if
,
in o
u
r opinion
,
t
h
e
d
i
s
clo
su
r
e
s
of
d
ir
e
c
t
or
s’
r
e
mun
e
r
at
ion
a
nd
t
r
a
ns
a
c
t
ions sp
e
ci
f
i
e
d b
y
s
e
c
t
ions 305
t
o 312 o
f
t
h
e
Ac
t
h
a
v
e
no
t
b
ee
n m
a
d
e.
W
e
h
a
v
e
no
e
x
c
e
p
t
ions
t
o r
e
por
t
a
rising
f
rom
t
his r
e
sponsibili
ty.
Corporate governance statement
In our opinion
,
b
a
s
e
d on
t
h
e
wor
k
und
e
r
ta
k
e
n in
t
h
e
cours
e
o
f
our
a
udi
t
o
f
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
,
t
h
e
d
e
scrip
t
ion o
f
t
h
e
m
a
in
f
eat
ur
e
s o
f
t
h
e
in
te
rn
a
l con
t
rol
a
nd ris
k
m
a
n
a
g
e
m
e
n
t
s
y
s
te
ms in r
e
l
at
ion
t
o
t
h
e
f
in
a
nci
a
l r
e
por
t
ing proc
e
ss
,
sp
e
ci
f
i
e
d
f
or our consid
e
r
at
ion
a
nd includ
e
d in
t
h
e
Corpor
ate
Go
v
e
rn
a
nc
e
S
tate
m
e
n
t,
is consis
te
n
t
wi
t
h
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
a
nd h
a
s b
ee
n pr
e
p
a
r
e
d in
a
ccord
a
nc
e
wi
t
h s
e
c
t
ion
1373(2)(c) o
f
t
h
e
Comp
a
ni
e
s Ac
t
2014
.
B
a
s
e
d on our
k
nowl
e
dg
e
a
nd und
e
rs
ta
nding o
f
t
h
e
Comp
a
n
y
a
nd i
t
s
e
n
v
ironm
e
n
t
ob
ta
in
e
d in
t
h
e
cours
e
o
f
our
a
udi
t
o
f
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
,
w
e
h
a
v
e
no
t
id
e
n
t
i
f
i
e
d m
ate
ri
a
l miss
tate
m
e
n
t
s in
t
h
e
d
e
scrip
t
ion o
f
t
h
e
m
a
in
f
eat
ur
e
s o
f
t
h
e
in
te
rn
a
l con
t
rol
a
nd ris
k
m
a
n
a
g
e
m
e
n
t
s
y
s
te
ms in r
e
l
at
ion
t
o
t
h
e
f
in
a
nci
a
l r
e
por
t
ing proc
e
ss
includ
e
d in
t
h
e
Corpor
ate
Go
v
e
rn
a
nc
e
S
tate
m
e
n
t.
Responsibilities
of
management
and
those
charged
with
governance
for
the
financial
statements
A
s
e
x
pl
a
in
e
d mor
e
f
ull
y
in
t
h
e
Dir
e
c
t
ors
’
r
e
sponsibili
t
i
e
s s
tate
m
e
n
t,
m
a
n
a
g
e
m
e
n
t
is r
e
sponsibl
e
f
or
t
h
e
pr
e
p
a
r
at
ion o
f
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s which gi
v
e
a
t
ru
e
a
nd
f
a
ir
v
i
e
w in
a
ccord
a
nc
e
wi
t
h IF
R
S
a
s
a
dop
te
d b
y
t
h
e
Europ
ea
n
U
nion
,
a
nd
f
or such in
te
rn
a
l con
t
rol
a
s
t
h
ey
d
ete
rmin
e
n
e
c
e
ss
a
r
y
t
o
e
n
a
bl
e
t
h
e
pr
e
p
a
r
at
ion o
f
f
in
a
nci
a
l s
tate
m
e
n
t
s
t
h
at
a
r
e
f
r
ee
f
rom m
ate
ri
a
l miss
tate
m
e
n
t,
wh
et
h
e
r du
e
t
o
f
r
a
ud or
e
rror
.
Ind
e
p
e
nd
e
n
t
a
u
di
t
or
’s
r
e
por
t
t
o
t
h
e
m
e
mb
e
r
s
of
Gr
a
ni
t
e
s
h
a
r
e
s
Fin
a
nci
a
l
P
L
C
Responsibilities
of
management
and
those
charged
with
governance
for
the
financial
statements
(continued)
In pr
e
p
a
ring
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
,
m
a
n
a
g
e
m
e
n
t
is r
e
sponsibl
e
f
or
a
ss
e
ssing
t
h
e
Comp
a
n
y’
s
a
bili
ty
t
o
con
t
inu
e
a
s
a
going conc
e
rn
,
disclosing
,
a
s
a
pplic
a
bl
e,
m
atte
rs r
e
l
ate
d
t
o going conc
e
rn
a
nd using
t
h
e
going
conc
e
rn b
a
sis o
f
a
ccoun
t
ing unl
e
ss m
a
n
a
g
e
m
e
n
t
e
i
t
h
e
r in
te
nds
t
o liquid
ate
t
h
e
Comp
a
n
y
or
t
o c
ea
s
e
op
e
r
at
ions
,
or h
a
s no r
ea
lis
t
ic
a
l
te
rn
at
i
v
e
bu
t
t
o do so
.
Tho
s
e
ch
a
r
g
e
d
w
i
t
h
g
ov
e
rn
a
nc
e
a
r
e
r
e
s
pon
s
ibl
e
for ov
e
r
s
ee
in
g
t
h
e
C
omp
a
n
y’s
fin
a
nci
a
l r
e
por
t
in
g
proc
e
ss.
Responsibilities
of
the
auditor
for
the
audit
of
the
financial
statements
Th
e
obj
e
c
t
i
v
e
s o
f
a
n
a
udi
t
or
a
r
e
t
o ob
ta
in r
ea
son
a
bl
e
a
ssur
a
nc
e
a
bou
t
wh
et
h
e
r
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
a
s
a
whol
e
a
r
e
f
r
ee
f
rom m
ate
ri
a
l miss
tate
m
e
n
t,
wh
et
h
e
r du
e
t
o
f
r
a
ud or
e
rror
,
a
nd
t
o issu
e
a
n
a
udi
t
or
’
s r
e
por
t
t
h
at
includ
e
s our opinion
.
R
ea
son
a
bl
e
a
ssur
a
nc
e
is
a
high l
e
v
e
l o
f
a
ssur
a
nc
e,
bu
t
is no
t
a
gu
a
r
a
n
tee
t
h
at
a
n
a
udi
t
conduc
te
d in
a
ccord
a
nc
e
wi
t
h I
S
As (Ir
e
l
a
nd) will
a
lw
ay
s d
ete
c
t
a
m
ate
ri
a
l miss
tate
m
e
n
t
wh
e
n i
t
e
x
is
t
s
.
Miss
tate
m
e
n
t
s c
a
n
a
ris
e
f
rom
f
r
a
ud or
e
rror
a
nd
a
r
e
consid
e
r
e
d m
ate
ri
a
l i
f
,
indi
v
idu
a
ll
y
or in
t
h
e
a
ggr
e
g
ate,
t
h
ey
could r
ea
son
a
bl
y
b
e
e
x
p
e
c
te
d
t
o in
f
lu
e
nc
e
t
h
e
e
conomic d
e
cisions o
f
us
e
rs
ta
k
e
n on
t
h
e
b
a
sis o
f
t
h
e
s
e
f
in
a
nci
a
l
s
tate
m
e
n
t
s
.
A
f
ur
t
h
e
r d
e
scrip
t
ion o
f
our r
e
sponsibili
t
i
e
s
f
or
t
h
e
a
udi
t
o
f
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s is loc
ate
d on
t
h
e
Irish
A
ud
i
t
in
g
a
n
d
A
cco
u
n
t
in
g
S
u
p
e
rvi
s
or
y
A
ut
hori
ty’s
w
e
b
s
i
t
e
a
t
:
458b-9b8
f
-
a
98202dc9c3
a
/D
e
scrip
t
ion_o
f
_
a
udi
t
ors_r
e
sponsibili
t
i
e
s_
f
or_
a
udi
t.
pd
f
.
This d
e
scrip
t
ion
f
orms
p
a
r
t
o
f
our
a
udi
t
or
’
s r
e
por
t.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irr
e
gul
a
ri
t
i
e
s
,
including
f
r
a
ud
,
a
r
e
ins
ta
nc
e
s o
f
non-compli
a
nc
e
wi
t
h l
a
ws
a
nd r
e
gul
at
ions
.
W
e
d
e
sign
proc
e
dur
e
s in lin
e
wi
t
h our r
e
sponsibili
t
i
e
s
,
ou
t
lin
e
d
a
bo
v
e,
t
o d
ete
c
t
m
ate
ri
a
l miss
tate
m
e
n
t
s in r
e
sp
e
c
t
o
f
irr
e
gul
a
ri
t
i
e
s
,
including
f
r
a
ud
.
Owing
t
o
t
h
e
inh
e
r
e
n
t
limi
tat
ions o
f
a
n
a
udi
t,
t
h
e
r
e
is
a
n un
a
v
oid
a
bl
e
ris
k
t
h
at
m
ate
ri
a
l miss
tate
m
e
n
t
in
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s m
ay
no
t
b
e
d
ete
c
te
d
,
e
v
e
n
t
hough
t
h
e
a
udi
t
is prop
e
rl
y
pl
a
nn
e
d
a
nd p
e
r
f
orm
e
d in
a
ccord
a
nc
e
wi
t
h
t
h
e
I
S
As (Ir
e
l
a
nd)
.
B
a
s
e
d on our und
e
rs
ta
nding o
f
t
h
e
Comp
a
n
y
a
nd indus
t
r
y,
w
e
id
e
n
t
i
f
i
e
d
t
h
at
t
h
e
princip
a
l ris
k
s o
f
non-
compli
a
nc
e
wi
t
h l
a
ws
a
nd r
e
gul
at
ions r
e
l
ate
d
t
o compli
a
nc
e
wi
t
h London
S
t
oc
k
E
x
ch
a
ng
e,
B
ors
a
I
ta
li
a
n
a
(I
ta
li
a
n
S
t
oc
k
E
x
ch
a
ng
e
)
,
Euron
e
x
t
P
a
ris (
P
a
ris s
t
oc
k
E
x
ch
a
ng
e
)
a
nd D
e
u
t
sch
e
B
o
e
rs
e
(Fr
a
n
kf
ur
t
S
t
oc
k
E
x
ch
a
ng
e
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(continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
(continued)
In r
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The
purpose
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audit
work
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to
whom
we
owe
our
responsibilities
This r
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por
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is m
a
d
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C
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or
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opinions w
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Report on other legal and regulatory requirements
W
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w
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ppoin
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J
un
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2023
.
Th
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For
a
nd on b
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a
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f
o
f
Grant Thornton
Ch
a
r
te
r
e
d Accoun
ta
n
t
s
&
S
tat
u
t
or
y
Audi
t
Firm
13-18 Ci
ty
Q
u
ay
Dublin 2
27 Oc
t
ob
e
r 2023
Page 15
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
STATEMENTOFCOMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
Financial year
ended
30 June
2023
€
Financial year
ended
30 June
2022
€
Note
Net gain/(loss) on financial assets at fair value through profit and loss
Net (loss)/gain on financial liabilities at fair value through profit or loss
35,822,145
(35,822,145)
(113,921,136)
113,921,136
Net operating Income
-
-
Other income
Administrative expenses
2,448,254
(2,447,254)
2,499,905
(2,498,905)
Profit for the financial year before taxation
1,000
1,000
Taxation
(250)
(250)
Profit for the financial year after taxation
750
750
Other comprehensive income
-
-
Total comprehensive income for the financial year
750
750
All amounts relate to continuing operations.
The accompanying notes on pages
to
form an integral part of these financial statements.
Page 16
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
STATEMENT OFFINANCIALPOSITION
AS AT 30 JUNE 2023
As at
30 June
2023
Note€
As at
30 June
2022
€
Assets
Financial assets at fair value through profit or loss
Cash and cash equivalents
Other receivables
8 165,698,150
10 1,354,119
9 135,290
119,940,983
1,036,729
249,455
167,187,559
121,227,167
Liabilities
Financial liabilities at fair value through profit or loss
Other payables
11
165,698,150
12
1,461,409
119,940,983
1,258,934
167,159,559
121,199,917
Equity
Share capital
Retainedearnings
Total equity
13 25,000
3,000
25,000
2,250
Total equity and liabilities
167,187,559
121,227,167
28,000
27,250
The accompanying notes on pages 19 to 44 form an integral part of these financial statements.
The audited financial statements were approved and authorised for issue by the Board on 27/10/2023 and signed on its
behalf by:
................................... ......
AileenMannion
Director
.........................................
RajaGul
Director
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 17
STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
For the financial year ended 30 June 2023
Share capital
€
Retained
earnings Total
€ €
As at 1 July 2022
Total comprehensive income for the financial year
As at 30 June 2023
25,000
3,000
28,000
25,000
-
2,250 27,250
750 750
Financial year ended 30 June 2022
At 1 July 2021
Total comprehensive income for the financial year
As at 30 June 2022
25,000
2,250
27,250
Share capital
€
25,000
-
Retained
earnings Total
€ €
1,500 26,500
750 750
The accompanying notes on pages
to
form an integral part of these financial statements.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 18
STATEMENT OF CASH FLOWS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
Financial year
ended
30 June
2023
Note€
Financial year
ended
30 June
2022
€
Cash flows from operating activities
Profit on ordinary activities before taxation
1,000
1,000
Adjustments:
Net losses on financial assets at fair value through profit or loss
Net gains on financial liabilities at fair value through profit or loss
Movement in other receivables
Movement in other payables
317,640
1,021,658
35,822,145
(35,822,145)
114,165
202,475
(113,921,136)
113,921,136
(38,487)
1,059,145
Taxation paid
Net cash flows generated from operating activities
317,390
1,021,408
(250)
(250)
Cash flows from investing activities
TRS purchases
TRS sales
(240,977,908)
231,042,886
(317,268,102)
202,073,273
Net cash used in investing activities
(9,935,022)
(115,194,829)
Cash flows from financing activities
Issuance of ETP Securities
Repayment of ETP Securities
240,977,908
(231,042,886)
317,268,102
(202,073,273)
Net cash flows generated from financing activities
Net increase in cash and cash equivalents
317,390
1,021,408
9,935,022
115,194,829
Cash and cash equivalents at the beginning of financial year
Cash and cash equivalents at the end of financial year
1,354,119
1,036,729
1,036,729
15,321
The accompanying notes on pages
to
form an integral part of these financial statements.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
1 GENERAL INFORMATION
The Company was incorporated on 17 July 2017 in accordance with the laws applicable in Ireland under registration
number 608059. The Company is a public limited company and qualifies for the regime contained in Section 110 of the Irish
Taxes Consolidation Act, 1997 (the “TCA, 1997”). This provides that a qualifying company will be liable to corporation tax at
the rate of 25% under Case III of Schedule D of the TCA in respect of taxable profits. The Company’s registered office is
at 3rd Floor, Kilmore House, Park Lane, Spencer Dock, Dublin 1, D01 YE64, Ireland.
The Company has been formed for the purpose of issuing collateralised ETP Securities and entering into a fully funded
Swap agreement. Commercialactivity commencedin September 2019 with the ETP Securities initially listed on theLondon
Stock Exchange for trading on the secondary market.
The Company established a Collateralised ETP Securities Programme under which the Company issues, on an ongoing
basis, collateralised exchange traded products of different classes (each a “Class”) linked into indices providing exposure to a
range of asset classes including equities, commodities, fixed income and currencies. The ETP Securities may have long or
short, leveraged or unleveraged, exposure to the daily performance of the referenced index.
The ETP Securities have been listed for trading on the London Stock Exchange, Borsa Italiana S.p.A. (the “Italian Stock
Exchange”), Euronext Paris and Deutsche Boerse (the "Frankfurt Stock Exchange"). The Company uses the net proceeds of
theissuanceof theETP Securities to enter intoTotalReturnSwap Transactions (“TRS”) tohedgeits payment obligations in
respect of each Class of the ETPs with one or more Swap Providers once the Swap Provider has delivered eligible
collateral. The TRS for each Class of ETP Securities will produce cash flows to service all of the Company’s payment
obligations in respect of that Class.
The Company’s principal activity is the listing and issue of ETPs. The securities are issued as demand requires. The
Company purchases a matching TRS from swap providers to hedge its liabilities and ensure the assets can service its
liabilities. The number and terms of ETPs outstanding will match the number and terms of ETP Swap Contracts so that the
obligations of the Company and the Swap Provider Match. The price of an ETP Swap Contract will equal the price of an ETP.
GraniteShares Jersey Limited (the “Arranger”) supplied and/or arranged for the supply of all administrative services to the
Company and paid all management and administration costs of the Company, in return for which the Company pays the
Arranger an arranger fee.
The Company considers the capital management and its current capital resources to be adequate to maintain the ongoing
listing and issue of the ETPs.
2 Accounting policies
2.1Statement of compliance
The audited financial statements have been prepared in accordance with International Financial Reporting Standards
(IFRS) as adopted by the European Union and those parts of Companies Act 2014 applicable to companies reporting
under IFRS. The accounting policies adopted by the Company have been applied consistently. The audited financial
statements have been prepared on a going concern basis.
2.2Basis of preparation
The financial statements have been prepared on a going concern basis and under the historical cost convention except for
the Company’s financial assets and liabilities at fair value through profit and loss.
2.3New and amended standards and interpretations
Standards, amendments, and interpretations are not yet effective and have not been adopted early by the Company.
At the date of authorisation of these financial statements, the Company has not applied the following new and revised IFRS
Standards that have been issued but are not yet effective:
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
2 Accounting policies (continued)
2.3New and amended standards and interpretations (continued)
Standard
IFRS 17 and Amendments to IFRS 17
Amendments to IAS 1
Effective date
1January 2023
1 January 2023
Amendments to IAS 12
Title of Standard or Interpretation
IFRS 17 Insurance Contracts and Amendments to IFRS 17
Classification of Liabilities as Current or Non-current
Deferred Tax related to Assets and Liabilities arising from a
Single Transaction
1 January 2023
Amendments to IAS 8
Definition of Accounting Estimates
1 January 2023
The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial
statements of the Company in future periods.
2.4Use of estimates and judgements
The preparation of the audited financial statements requires the directors to make judgments, estimates and assumptions that
may affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual
results may differ from these estimates.
Estimates and underlying assumptions will be reviewed on an ongoing basis. Revisions to accounting estimates will be
recognised in the period in which the estimates are revised and in any future periods affected.
The principal application of judgement and sources of estimation of uncertainty arise with respect to determining the
business model (see note 2.6), determining the functional currency (see note 2.5) and financial instruments at fair value. See
note 14 for further discussion on how the fair values of the assets and liabilities are determined.
2.5Functional and presentation currency
These audited financial statements are presented in Euro (“EUR” or “€”) which is the Company’s presentation currency. The
Directors of the Company believe that Euro is the appropriate presentation currency as it reports to the Central Bank of
Ireland in Euro.
Functional currency is the currency of the primary economic environment in which the entity operates. The ETP Securities
issued by the Company and swap transactions entered into by the Company are denominated in Euro (“EUR” or “€”),
Pound Sterling (“GBP” or “£”) and US Dollars (US or “$). The Directors of the Company believe that Euro most faithfully
represents the economic effects of the underlying transactions, events and conditions.
2.6Financial instruments
Classification
The Company has adopted the following classifications for financial instruments:
Financial assets:
•At fair value through profit or loss: TRS.
•Amortised cost: Cash and cash equivalents and other receivables.
Financial liabilities:
•At fair value through profit or loss: ETP Securities. •
Amortised cost: other payables.
The classification is determined by both:
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
2 Accounting policies (continued)
2.6Financial instruments (continued)
•The Company’s business model for managing the financial asset and financial liability.
The Company purchases a matching total return swaps from swap providers to hedge its liabilities and ensure the
assets can service its liabilities. The number and terms of ETP Securities outstanding will match the number and
terms of swap contracts so that the obligations of the Company and the swap provider match.
•The contractual cash flow characteristics of the financial assets and financial liability.
The Company uses the net proceeds of the issuance of the ETP Securities to enter total return swaps to hedge its
payment obligations in respect of each Class of the ETP Securities with one or more swap providers. The total
return swaps for each Class of ETP Securities produce cash flows to service all the Company’s payment obligations in
respect of that Class.
Recognition
Purchases and sales of financial instruments are recognised using trade date accounting, the day that the Company
commits to purchase orsell the asset. From this date any gains and losses arisingfrom changes in fair value of the financial
assets or financial liabilities are recorded through the Statement of Comprehensive Income.
Measurement
Financial instruments that are held within a different business model other than ‘hold to collect’ or ‘hold to collect and sell’ are
categorised at fair value through profit or loss. Financial instruments are measured initially at fair value (transaction price)
plus, in case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly
attributable to the acquisition or issue of the financial asset or financial liability. Subsequent to initial recognition, all
instruments classified as at fair value through profit or loss, are measured at fair value with changes in their fair value
recognised in profit or loss in the Statement of Comprehensive Income.Transaction costs on financial assets and financial
liabilities at fair value through profit or loss are expensed immediately.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
The price per ETP Securities is calculated daily to reflect the daily change in the relevant index of the ETP Securities, and will
take into account all applicable fees and adjustments. On the issue date of the class, the price per ETP Securities will be equal
to its issue price. On any valuation date thereafter, the price per ETP is calculated according to a formula which reflects the
price per ETP on the immediately preceding valuation date.
The TRSs are valued at fair value utilising predefined formula and market prices consistent with the ETP valuation process. In
the absence of readily available market prices, the Swap Provider will provide the inputs for the valuation. Where
possible, the Company independently calculates the fair value and verifies the Swap Providers valuation with any variation
investigated. The valuation determined by the Swap counterparty may be based on assumptions of market conditions at the
time of valuation, similar arm’s length market transactions if available, reference to the current fair value of similar
instruments and a variety of different valuation techniques such as the discounted cash flow techniques, option pricing
models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions. All
TRSs are carried as assets when fair value is positive and as liabilities when fair value is negative.
Transfer between levels of the fair value hierarchy
There were no transfers between levels of the fair value hierarchy in the financial year.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position where the
Company currently has a legally enforceable right to set-off the recognised amounts and there is an intention to settle on a
net basis or realise the asset and settle the liability simultaneously.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
2 Accounting policies (continued)
2.6Financial instruments (continued)
Derecognition
The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or
when it transfers the financial asset in a transaction in which substantially all the risks and rewards of ownership of the
financial asset are transferred or in which the Company neither transfers nor retains substantially all the risks and rewards of
ownership and does not retain control of the financial asset.
Any interest in transferred financial assets that qualify for derecognition that is created or retained by the Company is
recognised as a separate asset or liability in the Statement of Financial Position.
On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount
allocated to the portion of the asset derecognised), and the consideration received (including any new asset obtained less any
new liability assumed) is recognised in the Statement of Comprehensive Income.
The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expired.
Net gain/(loss) on financial instruments at fair value through profit or loss
Realised gain/(loss) on financial assets are recorded as part of net gain/(loss) on financial assets (or liabilities) at fair value
through profit or loss within the Statement of Comprehensive Income.
Unrealised gain/(loss) relates to gains and losses arising from changes in fair value of financial instruments during the
financial year. Unrealised gain/(loss) on financial instruments are recognised within net gain/(loss) on financial assets (or
liabilities) at fair value through profit or loss within the Statement of Comprehensive Income.
Expected credit losses
Under IFRS 9, the classification of financial assets is generally based on the business model in which a financial asset is
managed and it’s contractual cashflow characteristics. The impairment model applies to financial assets measured at
amortised cost and debt investments at FVOCI, but not to investments in equity instruments.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at
FVTPL:
•it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
•It’s contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding.
These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is
reduced by impairment losses. The financial assets at amortised cost consist of cash and cash equivalents and other
receivables.
Loss allowances are measured on either of the following bases:
•12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting
date; and
•lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial
instrument.
The Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are
measured as 12-month ECLs:
•debt securities that are determined to have low credit risk at the reporting date; and
•other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected
life of the financial instrument) has not increased significantly since initial recognition.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when
estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without
undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company’s
historical experience and informed credit assessment and including forward-looking information.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
2 Accounting policies (continued)
2.6Financial instruments (continued)
The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is
exposed to credit risk.
See note 14.2 further discussion on credit risk.
2.7Cash and cash equivalents
Cash and cash equivalents includes cash held with banks which is subject to insignificant risk in terms of changes of fair
value with original maturities of three months or less, and are used by the Company in the management of its short-term
commitments.
2.8Other receivables and payables
Other receivables and payables with no stated interest rate and receivable within one year are recorded at transaction
price.
2.9Ordinary share capital presented as equity
Ordinary shares are not redeemable and do not participate in the net income of the Company are classified as equity as
per the Company’s Constitution.
2.10Taxation
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the Statement of
Comprehensive Income except to the extent that it relates to items recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax payable on the taxable income for the financial year using the tax rates applicable to the
Company’s activities enacted or substantively enacted at the reporting date, and adjustments to tax payable in respect of
previous financial years, if any.
Deferred taxation is accounted for, without discounting, in respect of all temporary differences between the treatment of
certain items for taxation and accounting purposes which have arisen but have not been reversed by the financial year end date
except as otherwise required by IAS 12 ‘Deferred Tax’. Provision is made at the tax rates that are expected to apply in the
financial year in which the temporary differences reverse. Deferred tax assets are recognised only to the extent that it is
considered more likely than not that they will be recovered. A deferred tax asset is recognised only to the extent that it is
probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are
reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be
realised.
2.11Other income
The Company is entitled to receive a management fee which is calculated and paid by the Swap Provider by reference to a
management fee rate under the specified terms of each relevant TRS by charging the applicable fee rate on the daily market
value of each security.
The Company receives income from the Arranger to cover any expenses that are incurred. This is classified as ‘other
income’ in the Statement of Comprehensive Income.
2.12Administration expenses
The Company pays an arranger fee to the Arranger which is calculated based on the amount of fees received from the
Swap Provider. The arranger fees are accrued on a daily basis and are recorded in the Statement of Comprehensive
income.
Creation and Redemption fees are charged to the Company by the Paying Agent. The Company then charges these to
the Authorised Participants. They are charged on a per transaction basis.
Administration expenses include amounts accrued for expenses such as administration and management incurred during
the financial year.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
2 Accounting policies (continued)
2.13Foreign currency transaction
Transactions in foreign currencies are translated to the functional currency of the Company at exchange rates at the dates of
the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the
functional currency at the exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currencies
that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value
was determined. Foreign currency differences arising on retranslation are recognised in the Statement of Comprehensive
Income.
2.14Unearned Income
This relates to the excess cash the that company received from the Arranger to cover for expenses.
The Company receives cash from the Arranger to cover for expenses. Whenever the cash is yet to be received it is
recorded as a receivable from the Arranger.
However, when more cash was received from the Arranger to cover for expenses it is recorded as a payable.
3 Net gain/(loss) on financial assets at fair value through profit or loss
Financial year
ended
30 June
2023
€
Financial year
ended
30 June
2022
€
Unrealised gain/(loss) on financial assets at fair value through profit or loss
Realised (losses) on financial assets at fair value through profit or loss
35,822,145
(113,921,136)
50,127,132
(14,304,987)
(84,198,104)
(29,723,032)
Net losses on financial assets at fair value through profit or loss arises from changes in fair value on ETPs listed on the
London Stock Exchange, Borsa Italiana S.p.A. (the “Italian Stock Exchange”), Euronext Paris and Deutsche Boerse (the
"Frankfurt Stock Exchange").
4 Net (loss)/gain on financial liabilities at far value through profit or loss
Financial year
ended
30 June
2023
€
Financial year
ended
30 June
2022
€
Unrealised (loss)/gain on financial liabilities at fair value through profit or loss
Realised gain/(loss) on financial liabilities at fair value through profit or loss
(35,822,145)
113,921,136
(50,127,132)
14,304,987
84,198,104
29,723,032
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
5 Other Income
Financial year
ended
30 June
2023
€
Financial year
ended
30 June
2022
€
1,000
1,000
Issuer profit
Other income
Management fee income
2,448,254
2,499,905
901,897
1,545,357
533,905
1,965,000
6 Administrative expenses
Financial year
ended
30 June
2023
€
Financial year
ended
30 June
2022
€
Audit and tax compliance fees
Corporate service fees
Other costs
Management fees
(72,432)
(13,311)
(816,154)
(1,545,357)
(73,258)
(12,131)
(448,516)
(1,965,000)
(2,447,254)
(2,498,905)
Auditors remuneration for the financial year is as follows:
Financial year
ended
30 June
2023
€
Financial year
ended
30 June
2022
€
Audit fees
Tax compliance
(72,432)
(73,258)
(61,718)
(10,714)
(64,884)
(8,374)
The Company has no employees and services required are contracted from third parties. TMF Administration Services
Limited allocated approximately EUR 1,000 (2022: EUR 1,000) from the corporate service fee received as consideration for
the making available of individuals to act as directors of the Company.
7 Taxation
Financial year
ended
30 June
2023
€
Corporation tax based on profit for the financial year
250
Financial year
ended
30 June
2022
€
250
Factors affecting Company tax charge for the financial year are explained below:
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
7 Taxation (continued)
Financial year
ended
30 June
2023
€
Financial year
ended
30 June
2022
€
Profit on ordinary activities before taxation
1,000
1,000
Profit on ordinary activities multiplied by the standard rate of Irish corporation
tax for the financial period of 12.5%
Effect of higher tax rate (25%) applicable under Section 110 TCA, 1997
(125)
(125)
Current tax credit for the financial year
(250)
(250)
(125)
(125)
Financial year
ended
30 June
2023
€
Financial year
ended
30 June
2022
€
Corporation tax charged
Corporation tax paid
250
(250)
250
(250)
Ending corporation tax payable
-
-
The Company is a qualifying company within the meaning of Section 110 of the TCA, 1997. As such, the profits are
chargeable to corporation tax under Case III of Schedule D of the TCA at a rate of 25%, but are computed in accordance with
the provisions applicable to Case I of Schedule D of the TCA. There was no deferred tax during the financial year (2022: nil).
8 Financial assets at fair value through profit or loss
9 Other receivables
Asat Asat 30
June 30 June
2023 2022
€€
Fair value of TRS165,698,150 119,940,983
Asat Asat
30 June 30 June
2023 2022
€€
Issuer profit receivable
Share capital receivable
Other receivable
135,290
249,455
4,000
18,750
112,540
3,000
18,750
227,705
Based on the review of the Directors, no impairment was recorded for the year (2022:Nil) as the expected losses are
considered to be immaterial.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
10 Cash and cash equivalents
Asat
30 June
2023
€
Asat
30 June
2022
€
Cash and cash equivalents
1,354,119
1,036,729
Based on the review of the Directors, no impairment is recorded (2022:Nil) as the cash and cash equivalents have a low
credit risk based on theexternal credit ratings of the counterparty and any expected losses are considered to be immaterial.
11 Financial liabilities at fair value through profit or loss
Asat
30 June
2023
€
Asat
30 June
2022
€
1 July 2022
119,940,983
118,667,290
Cash flows:
Proceeds
Repayment
240,977,908
(231,042,886)
317,268,102
(202,073,273)
Non-cash:
Fair value movement
35,822,145
(113,921,136)
Fair value of ETP Securities
165,698,150
119,940,983
As at 30 June 2023, the following are the ETP Securities in issue which are listed on the London Stock Exchange, Borsa
Italiana S.p.A. (the “Italian Stock Exchange”), Euronext Paris and Deutsche Boerse (the "Frankfurt Stock Exchange").
The table below shows ETPs cross listed in London Stock Exchange, Borsa Italiana, Euronext Paris, and Deutsche
Boerse
Security Name
GraniteShares 3x Long FAANG Daily ETP
GraniteShares 3x Long FATANG Daily ETP
GraniteShares 3x Short FATANG Daily ETP
GraniteShares FAANG ETP
GraniteShares FATANG ETP
GraniteShares GAFAM ETP
GraniteShares 1x Short FATANG Daily ETP
ISIN
XS2305050804
XS2305051877
XS2305051950
XS2305050556
XS2305050713
XS2305050630
XS2305052172
BBG
Ticker
main
listing
3FNG
3FTG
3SFT
FANG
FTNG
GFAM
SFTG
Launch date
4 March 2021
4 March 2021
4 March 2021
4 March 2021
4 March 2021
4 March 2021
4 March 2021
3,664,820
Fair value
€
808,948
599,061
51,891
738,320
578,156
576,394
312,050
The table below shows ETPs cross listed in London Stock Exchange, Borsa Italiana, and Euronext Paris.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
11 Financial liabilities at fair value through profit or loss (continued)
Security Name
GraniteShares 3x Long GAFAM Daily ETP
ISIN
XS2305051281
BBG
Ticker
main
listing
3GFM
Fair value
€
1,250,094
Launch date
4 March 2021
GraniteShares 3x Long AMD Daily ETP
Securities
GraniteShares 3x Long Apple Daily ETP
XS2377112110
XS2193969883
3LAM
3LAP
1,088,583
1,940,533
27 August 2021
29 June 2020
GraniteShares 3x Long Moderna Daily ETP
Securities
XS2613356620
XS2617255687
XS2600249812
XS2193971947
3LMO
3LNF
3LNI
3LNV
326,058
1,925,922
2,239,257
12,973,904
1 September 2021
1 July 2020
8 March 2021
29 June 2020
GraniteShares 3x Long Netflix Daily ETP
GraniteShares 3x Long NIO Daily ETP
GraniteShares 3x Long NVIDIA Daily ETP
GraniteShares 3x Long Palantir Daily ETP
Securities
XS2620728860
3LPA
1,502,440
30 August 2021
GraniteShares 3x Short AMD Daily ETP
Securities
XS2377112201
XS2305051018
XS2305051448
3SAM
3SFG
3SGF
106,765
50,318
106,735
27 August 2021
4 March 2021
4 March 2021
GraniteShares 3x Short FAANG Daily ETP
GraniteShares 3x Short GAFAM Daily ETP
GraniteShares 3x Short Moderna Daily ETP
Securities
XS2377112540
XS2193970386
XS2626290311
XS2613356893
3SMO
3SMS
3SNI
3SNV
220,371
314,041
526,203
1,560,837
27 August 2021
29 June 2020
8 March 2021
1 July 2020
GraniteShares 3x Short Microsoft Daily ETP
GraniteShares 3x Short NIO Daily ETP
GraniteShares 3x Short NVIDIA Daily ETP
GraniteShares 3x Short Palantir Daily ETP
Securities
GraniteShares 3x Short UBER Daily ETP
GraniteShares 1x Short FAANG Daily ETP
GraniteShares 1x Short GAFAM Daily ETP
XS2377112037
XS2626290238
XS2305051109
XS2305051521
3SPA
3SUB
SFNG
SGFM
27 August 2021
1 July 2020
4 March 2021
4 March 2021
27,787,284
687,378
316,322
323,789
327,734
The table below shows ETPs cross listed in London Stock Exchange and Borsa Italiana.
Fair value
€
Security Name
GraniteShares 2x Long Zoom Daily ETP
GraniteShares 2x Short Zoom Daily ETP
GraniteShares 3x Long Alibaba Daily ETP
GraniteShares 3x Long Alphabet Daily ETP
GraniteShares 3x Long Coinbase Daily ETP
GraniteShares 3x Long Facebook Daily ETP
GraniteShares 3x Long MicroStrategy Daily ETP
GraniteShares 3x Long Microsoft Daily ETP
GraniteShares 3x Long Spotify Daily ETP
GraniteShares 3x Long PayPal Daily ETP
GraniteShares 3x Long Square Daily ETP
GraniteShares 3x Long Tesla Daily ETP
GraniteShares 3x Long UBER Daily ETP
GraniteShares 3x Long Amazon Daily ETP
ISIN
XS2376991654
XS2435549188
XS2435549857
XS2193968307
XS2575914176
XS2193971350
XS2617255760
XS2193970204
XS2435549261
XS2596087671
XS2596085972
XS2193972598
XS2193972838
XS2193969537
BBG
Ticker
main
listing
2LZM
2SZM
3LAA
3LAL
3LCO
3LFB
3LMI
3LMS
3LPO
3LPP
3LSQ
3LTS
3LUB
3LZN
239,072
97,055
912,543
1,675,469
2,267,026
6,575,459
340,090
2,940,798
601,420
1,212,656
396,961
60,538,920
1,980,148
2,777,379
Launch date
4 February 2022
4 February 2022
4 February 2022
29 June 2020
4 February 2022
29 June 2020
4 February 2022
29 June 2020
4 February 2022
12 January 2022
12 January 2022
29 June 2020
29 June 2020
29 June 2020
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
11 Financial liabilities at fair value through profit or loss (continued)
BBG
Ticker
main
listing
3SAA
Security Name
GraniteShares 3x Short Alibaba Daily ETP
GraniteShares 3x Short Alphabet Daily ETP
GraniteShares 3x Short Apple Daily ETP
GraniteShares 3x Short Facebook Daily ETP
GraniteShares 3x Short MicroStrategy Daily ETP
GraniteShares 3x Short Netflix Daily ETP
GraniteShares 3x Short Spotify Daily ETP
GraniteShares 3x Short PayPal Daily ETP
GraniteShares 3x Short Square Daily ETP
GraniteShares 3x Short Tesla Daily ETP
GraniteShares 3x Short Amazon Daily ETP
ISIN
XS2435550194
XS2193968729
XS2193970030
XS2193971517
XS2633105197
XS2193970899
XS2435549774
XS2376992389
XS2376991738
XS2193972671
XS2193969701
3SAL
3SAP
3SFB
3SMI
3SNF
3SPO
3SPP
3SSQ
3STS
3SZN
Launch date
3 February 2022
29 June 2020
29 June 2020
29 June 2020
4 February 2022
29 June 2020
4 March 2021
12 January 2022
12 January 2022
29 June 2020
29 June 2020
96,571,053
Fair value
€
916,217
443,734
1,221,183
324,159
356,680
1,280,574
88,842
285,752
572,140
8,277,300
249,476
The table below shows ETPs cross listed in London Stock Exchange and Euronext Paris.
ISIN
BBG
Ticker
main
listing
Fair value
€
Launch date
Security Name
GraniteShares 3x Long Airbus Daily ETP
Securities
XS2376933375
3LAR
589,440
27 August 2021
GraniteShares 3x Long Volkswagen Daily ETP
Securities
XS2376990417
3LVW
486,179
27 August 2021
XS2376937442
3SAR
129,113
27 August 2021
GraniteShares 3x Short AirbusDaily ETP
Securities
GraniteShares 3x Short Volkswagen Daily ETP
Securities
XS2376991142
3SVW
27 August 2021
1,912,311
707,579
The table below shows ETPs cross listed in London Stock Exchange.
ISIN
XS2066793287
XS2066799995
XS2066849923
XS2066792396
XS2066793790
XS2066789251
BBG
Ticker
main
listing
3LAZ
3LBA
3LBC
3LBP
3LDO
3LGL
Fair value
€
672,564
1,385,127
1,147,075
1,495,768
626,705
1,158,201
Launch date
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
Security Name
GraniteShares 3x Long AstraZeneca Daily ETP
GraniteShares 3x Long BAE Systems Daily ETP
GraniteShares 3x Long Barclays Daily ETP
GraniteShares 3x Long BP Daily ETP
GraniteShares 3x Long Diageo Daily ETP
GraniteShares 3x Long Glencore Daily ETP
GraniteShares 3x Long Lloyds Banking Group
Daily ETP
XS2066792982
3LLL
992,408
4 November 2019
GraniteShares 3x Long Royal Dutch Shell Daily
ETP
GraniteShares 3x Long Rio Tinto Daily ETP
GraniteShares 3x Long Rolls-Royce Daily ETP
GraniteShares 3x Long Vodafone Daily ETP
XS2066850343
XS2066849501
XS2633107052
XS2009195566
3LRD
3LRI
3LRR
3LVO
1,674,522
1,259,226
11,837,367
522,603
4 November 2019
4 November 2019
6 November 2019
13 September 2019
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
11 Financial liabilities at fair value through profit or loss (continued)
BBG
Ticker
main
listing
3SAZ
ISIN
XS2066793444
XS2066849337
XS2620728605
XS2620728274
XS2066793873
XS2596087242
3SBA
3SBC
3SBP
3SDO
3SGL
Fair value
€
329,541
286,533
438,799
395,729
217,422
552,220
Launch date
4 November 2019
4 November 2019
4 November 2019
6 November 2019
4 November 2019
6 November 2019
Security Name
GraniteShares 3x Short AstraZeneca Daily ETP
GraniteShares 3x Short BAE Systems Daily ETP
GraniteShares 3x Short Barclays Daily ETP
GraniteShares 3x Short BP Daily ETP
GraniteShares 3x Short Diageo Daily ETP
GraniteShares 3x Short Glencore Daily ETP
GraniteShares 3x Short Lloyds Banking Group
Daily ETP
XS2066793014
3SLL
162,931
4 November 2019
GraniteShares 3x Short Royal Dutch Shell Daily
ETP
GraniteShares 3x Short Rio Tinto Daily ETP
GraniteShares 3x Short Rolls-Royce Daily ETP
GraniteShares 3x Short Vodafone Daily ETP
XS2066850699
XS2596086350
XS2305052255
XS2009195640
3SRD
3SRI
3SRR
3SVO
4 November 2019
6 November 2019
4 November 2019
29 August 2019
28,359,425
879,326
601,697
1,057,312
666,349
The table below shows ETPs listed in Borsa Italiana.
ISIN
XS2435550947
XS2435551242
XS2435552216
BBG
Ticker
main
listing
3LCR
3LEN
3LNL
Fair value
€
859,772
386,901
295,222
Launch date
4 February 2022
4 February 2022
4 February 2022
Security Name
GraniteShares 3x Long UniCredit Daily ETP
GraniteShares 3x Long Eni Daily ETP
GraniteShares 3x Long Enel Daily ETP
GraniteShares 3x Long Intesa Sanpaolo Daily
ETP
XS2435551598
XS2531766363
XS2435551168
XS2435551325
XS2531766447
XS2435552729
3LSP
3MIB
3SCR
3SEN
3SIT
3SNL
592,578
22,660
467,829
183,513
17,516
150,953
4 February 2022
9 June 2023
4 February 2022
4 February 2022
9 June 2023
4 February 2022
GraniteShares 3x Long MIB Daily ETF
GraniteShares 3x Short UniCredit Daily ETP
GraniteShares 3x Short Eni Daily ETP
GraniteShares 3x Short MIB Daily ETF
GraniteShares 3x Short Enel Daily ETP
GraniteShares 3x Short Intesa Sanpaolo Daily
ETP
GraniteShares 5x Long MIB Daily ETF
GraniteShares 5x Short MIB Daily ETF
XS2435551671
XS2531767502
XS2531767767
3SSP
5MIB
5SIT
4 February 2022
9 June 2023
9 June 2023
3,102,815
85,412
24,507
15,952
The table below shows ETPs cross listed in Euronext Paris.
ISIN
BBG
Ticker
main
listing
Fair value
€
Launch Date
GraniteShares 3x Long AXA Daily ETP
Securities
XS2376944224
3LAX
616,471
27 August 2021
GraniteShares 3x Long BNP Daily ETP
Securities
XS2376951948
3LBN
225,785
27 August 2021
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
11 Financial liabilities at fair value through profit or loss (continued)
ISIN
BBG
Ticker
main
listing
Fair value
€
Launch Date
GraniteShares 3x Long Danone Daily ETP
Securities
XS2376974304
3LDA
162,156
27 August 2021
GraniteShares 3x Long LVMH Daily ETP
Securities
XS2376975020
3LLV
416,242
27 August 2021
GraniteShares 3x Long L’Oreal Daily ETP
Securities
XS2376974726
3LOR
223,863
27 August 2021
GraniteShares 3x Long Safran Daily ETP
Securities
XS2376975533
3LSA
331,916
27 August 2021
GraniteShares 3x Long Schneider Electric Daily
ETP Securities
XS2376976770
3LSE
412,408
27 August 2021
GraniteShares 3x Long Sanofi Daily ETP
Securities
XS2376975962
3LSN
299,987
27 August 2021
GraniteShares 3x Long STMicroelectronics Daily
ETP Securities
XS2376978982
3LST
215,786
27 August 2021
GraniteShares 3x Long TotalEnergies Daily ETP
Securities
XS2376979790
3LTO
125,865
27 August 2021
GraniteShares 3x Short AXA Daily ETP
Securities
XS2376951781
3SAX
118,207
27 August 2021
GraniteShares 3x Short BNP Daily ETP
Securities
XS2376952243
3SBN
179,582
27 August 2021
GraniteShares 3x Short Danone Daily ETP
Securities
XS2376974486
3SDA
88,799
27 August 2021
GraniteShares 3x Short LVMH Daily ETP
Securities
XS2376975376
3SLV
232,007
27 August 2021
GraniteShares 3x Short L’Oreal Daily ETP
Securities
XS2376974999
3SOR
86,797
27 August 2021
GraniteShares 3x Short Safran Daily ETP
Securities
XS2376975616
3SSA
126,840
27 August 2021
GraniteShares 3x Short Schneider Electric Daily
ETP Securities
XS2376976853
3SSE
58,739
27 August 2021
GraniteShares 3x Short Sanofi Daily ETP
Securities
XS2376976341
3SSN
81,817
27 August 2021
XS2376979287
3SST
253,522
27 August 2021
GraniteShares3x Short STMicroelectronics
Daily ETP Securities
GraniteShares 3x Short TotalEnergies Daily ETP
Securities
XS2376979873
3STO
27 August 2021
4,300,442
43,653
As at 30 June 2022, the following are the ETP Securities in issue which are listed on the London Stock Exchange, Borsa
Italiana S.p.A. (the “Italian Stock Exchange”), Euronext Paris and Doutsche Boerse (the "Frankfurt Stock Exchange").
The table below shows ETPs cross listed in London Stock Exchange, Borsa Italiana, and Euronext Paris.
Fair value
€
GraniteShares 3x Leveraged Alphabet ETP
GraniteShares -3x Short Alphabet ETP
GraniteShares 3x Leveraged Amazon ETP
ISIN
XS2193968307
XS2193968729
XS2193969537
BBG
Ticker
main
listing
3LAL
3SAL
3LZN
2,345,292
1,209,284
2,434,646
Launch Date
29 June 2020
29 June 2020
29 June 2020
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 32
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
11 Financial liabilities at fair value through profit or loss (continued)
BBG
Ticker
main
listing
3SZN
GraniteShares -3x Short Amazon ETP
GraniteShares 3x Leveraged Apple ETP
GraniteShares -3x Short Apple ETP
GraniteShares 3x Leveraged Facebook ETP
GraniteShares -3x Short Facebook ETP
GraniteShares 3x Leveraged Microsoft ETP
GraniteShares -3x Short Microsoft ETP
GraniteShares 3x Leveraged Netflix ETP
GraniteShares -3x Short Netflix ETP
GraniteShares 3x Leveraged NVDIA ETP
GraniteShares -3x Short NVDIA ETP
GraniteShares 3x Leveraged Tesla ETP
GraniteShares -3x Short Tesla ETP
GraniteShares 3x Leveraged UBER ETP
GraniteShares -3x Short UBER ETP
GraniteShares 3x Leveraged NIO ETP
GraniteShares -3x Short NIO ETP
GraniteShares 3x Leveraged FAANG ETP
GraniteShares -3x Short FAANG ETP
GraniteShares 1x Leveraged GAFAM ETP
GraniteShares 3x Leveraged GAFAM ETP
GraniteShares -1x Short GAFAM ETP
GraniteShares -3x Short GAFAM ETP
GraniteShares 1x Leveraged FATANG ETP
GraniteShares 3x Leveraged FATANG ETP
GraniteShares -1x Short FATANG ETP
GraniteShares -3x Short FATANG ETP
ISIN
XS2193969701
XS2193969883
XS2193970030
XS2193971350
XS2193971517
XS2193970204
XS2193970386
XS2193970543
XS2193970899
XS2193971947
XS2193972168
XS2193972598
XS2193972671
XS2193972838
XS2193973059
XS2193973133
XS2193973216
XS2305050804
XS2305051018
XS2305050630
XS2305051281
XS2305051521
XS2305051448
XS2305050713
XS2305051877
XS2305052172
XS2305051950
3LAP
3SAP
3LFB
3SFB
3LMS
3SMS
3LNF
3SNF
3LNV
3SNV
3LTS
3STS
3LUB
3SUB
3LNI
3SNI
3FNG
3SFG
GFAM
3GFM
SGFM
3SGF
FTNG
3FTG
SFTG
3SFT
Launch Date
29 June 2020
29 June 2020
29 June 2020
29 June 2020
29 June 2020
29 June 2020
29 June 2020
29 June 2020
29 June 2020
29 June 2020
29 June 2020
29 June 2020
29 June 2020
29 June 2020
29 June 2020
4 March 2021
4 March 2021
4 March 2021
4 March 2021
4 March 2021
4 March 2021
4 March 2021
4 March 2021
4 March 2021
4 March 2021
4 March 2021
4 March 2021
82,104,101
Fair value
€
1,807,927
1,015,447
1,568,470
1,919,711
1,746,007
1,134,749
1,314,031
750,360
3,001,828
2,082,391
2,058,130
22,685,496
16,717,071
694,886
4,289,622
7,619,450
1,991,091
195,575
191,819
131,439
755,372
499,840
521,006
235,310
266,562
539,365
381,924
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 33
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
11 Financial liabilities at fair value through profit or loss (continued)
The table below shows ETPs cross listed in Borsa Italiana and Euronext Paris.
BBG
Ticker
mainFair value
ISINlisting€Launch Date
GraniteShares 3x Long Palantir Daily ETP
Securities
XS2377111906
3LPA
321,575
27 August 2021
GraniteShares 3x Short Palantir Daily ETP
Securities
XS2377112037
3SPA
230,770
27 August 2021
GraniteShares 3x Long AMD Daily ETP
Securities
XS2377112110
3LAM
99,487
27 August 2021
GraniteShares 3x Short AMD Daily ETP
Securities
XS2377112201
3SAM
432,799
27 August 2021
XS2377112466
3LMO
921,722
27 August 2021
GraniteShares 3x Long Moderna Daily ETP
Securities
GraniteShares 3x Short Moderna Daily ETP
Securities
XS2377112540
27 August 2021
2,251,077
3SMO244,724
The table below shows ETPs listed in London Stock Exchange.
GraniteShares 3x Leveraged Vodafone ETP
GraniteShares -3x Short Vodafone ETP
GraniteShares 3x Leveraged Glencore ETP
GraniteShares -3x Short Glencore ETP
GraniteShares 3x Leveraged Lloyds TSB ETP
GraniteShares -3x Short Lloyds TSB ETP
GraniteShares 3x Leveraged BP ETP
GraniteShares -3x Short BP ETP
GraniteShares 3x Leveraged AstraZeneca ETP
GraniteShares -3x Short AstraZeneca ETP
GraniteShares 3x Leveraged Diagio ETP
GraniteShares -3x Short Diagio ETP
GraniteShares 3x Leveraged BAE ETP
GraniteShares -3x Short BAE ETP
GraniteShares 3x Leveraged RIO ETP
GraniteShares -3x Short RIO ETP
GraniteShares 3x Leveraged Barclays ETP
GraniteShares -3x Short Barclays ETP
GraniteShares 3x Leveraged Royal Dutch ETP
GraniteShares -3x Short Royal Dutch ETP
GraniteShares 3x Leveraged Rolls Royce ETP
GraniteShares -3x Short Rolls Royce ETP
ISIN
XS2009195566
XS2009195640
XS2066789251
XS2066789335
XS2066792982
XS2066793014
XS2066792396
XS2066792636
XS2066793287
XS2066793444
XS2066793790
XS2066793873
XS2066799995
XS2066849337
XS2066849501
XS2066849766
XS2066849923
XS2066850004
XS2066850343
XS2066850699
XS2066850772
XS2305052255
BBG
Ticker
main
listing
3LVO
3SVO
3LGL
3SGL
3LLL
3SLL
3LBP
3SBP
3LAZ
3SAZ
3LDO
3SDO
3LBA
3SBA
3LRI
3SRI
3LBC
3SBC
3LRD
3SRD
3LRR
3SRR
Fair value
€
1,064,207
61,508
2,042,234
789,715
1,074,286
294,540
1,780,830
432,798
427,345
174,554
336,734
226,578
1,189,374
550,042
1,362,149
746,166
1,885,403
831,499
2,229,539
329,643
9,707,458
468,746
Launch Date
13 September 2019
29 August 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
4 November 2019
28,005,348
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
11 Financial liabilities at fair value through profit or loss (continued)
The table below shows ETPs listed in Euronext Paris.
ISIN
BBG
Ticker
main
listing
Fair value
€
Launch Date
GraniteShares 3x Long Airbus Daily ETP
Securities
XS2376933375
3LAR
87,773
27 August 2021
GraniteShares 3x Short Airbus Daily ETP
Securities
XS2376937442
3SAR
7,915
27 August 2021
GraniteShares 3x Long AXA Daily ETP
Securities
XS2376944224
3LAX
351,259
27 August 2021
GraniteShares 3x Short AXA Daily ETP
Securities
XS2376951781
3SAX
7,580
27 August 2021
GraniteShares 3x Long BNP Daily ETP
Securities
XS2376951948
3LBN
5,072
27 August 2021
GraniteShares 3x Short BNP Daily ETP
Securities
XS2376952243
3SBN
5,927
27 August 2021
GraniteShares 3x Long Danone Daily ETP
Securities
XS2376974304
3LDA
5,708
27 August 2021
GraniteShares 3x Short Danone Daily ETP
Securities
XS2376974486
3SDA
9,912
27 August 2021
GraniteShares 3x Long L’Oreal Daily ETP
Securities
XS2376974726
3LOR
125,075
27 August 2021
GraniteShares 3x Short L’Oreal Daily ETP
Securities
XS2376974999
3SOR
34,017
27 August 2021
GraniteShares 3x Long LVMH Daily ETP
Securities
XS2376975020
3LLV
161,229
27 August 2021
GraniteShares 3x Short LVMH Daily ETP
Securities
XS2376975376
3SLV
155,451
27 August 2021
GraniteShares 3x Long Safran Daily ETP
Securities
XS2376975533
3LSA
114,498
27 August 2021
GraniteShares 3x Short Safran Daily ETP
Securities
XS2376975616
3SSA
35,327
27 August 2021
GraniteShares 3x Long Sanofi Daily ETP
Securities
XS2376975962
3LSN
12,542
27 August 2021
GraniteShares 3x Short Sanofi Daily ETP
Securities
XS2376976341
3SSN
4,995
27 August 2021
GraniteShares 3x Long Schneider Electric Daily
ETP Securities
XS2376976770
3LSE
166,743
27 August 2021
GraniteShares 3x Short Schneider Electric Daily
ETP Securities
XS2376976853
3SSE
12,420
27 August 2021
GraniteShares 3x Long STMicroelectronics Daily
ETP Securities
XS2376978982
3LST
98,889
27 August 2021
GraniteShares 3x Short STMicroelectronics
Daily ETP Securities
XS2376979287
3SST
422,422
27 August 2021
GraniteShares 3x Long TotalEnergies Daily ETP
Securities
XS2376979790
3LTO
21,931
27 August 2021
GraniteShares 3x Short TotalEnergies Daily ETP
Securities
XS2376979873
3STO
101,686
27 August 2021
GraniteShares 3x Long Volkswagen Daily ETP
Securities
XS2376990417
3LVW
244,448
27 August 2021
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 35
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
11 Financial liabilities at fair value through profit or loss (continued)
ISIN
BBG
Ticker
main
listing
Fair value
€
Launch Date
GraniteShares 3x Short Volkswagen Daily ETP
Securities
XS2376991142
3SVW
27 August 2021
3,115,562
922,743
The table below shows ETPs listed in Borsa Italia.
ISIN
XS2376992629
XS2376992389
XS2376992207
XS2376991738
XS2377112896
XS2377112623
XS2376991654
XS2435549188
XS2435549261
XS2435549774
XS2435549857
XS2435550194
XS2435550350
XS2435550780
XS2435550947
XS2435551168
XS2435551242
XS2435551325
BBG
Ticker
main
listing
3LPP
3SPP
3LSQ
3SSQ
3LCO
3SCO
2LZM
2SZM
3LPO
3SPO
3LAA
3SAA
3LMI
3SMI
3LCR
3SCR
3LEN
3SEN
Fair value
€
163,967
764,425
7,835
104,342
67,723
16,375
151,942
9,964
58,424
21,266
82,695
1,753
6,325
124,004
399,516
13,731
285,551
11,030
Launch Date
12 January 2022
12 January 2022
12 January 2022
12 January 2022
4 February 2022
4 February 2022
4 February 2022
4 February 2022
4 February 2022
4 February 2022
4 February 2022
4 February 2022
4 February 2022
4 February 2022
4 February 2022
4 February 2022
4 February 2022
4 February 2022
GraniteShares 3x Long PayPal Daily ETP
GraniteShares 3x Short PayPal Daily ETP
GraniteShares 3x Long Square Daily ETP
GraniteShares 3x Short Square Daily ETP
GraniteShares 3x Long Coinbase Daily ETP
GraniteShares 3x Short Coinbase Daily ETP
GraniteShares 2x Long Zoom Daily ETP
GraniteShares 2x Short Zoom Daily ETP
GraniteShares 3x Long Spotify Daily ETP
GraniteShares 3x Short Spotify Daily ETP
GraniteShares 3x Long Alibaba Daily ETP
GraniteShares 3x Short Alibaba Daily ETP
GraniteShares 3x Long MicroStrategy Daily ETP
GraniteShares 3x Short MicroStrategy Daily ETP
GraniteShares 3x Long UniCredit Daily ETP
GraniteShares 3x Short UniCredit Daily ETP
GraniteShares 3x Long Eni Daily ETP
GraniteShares 3x Short Eni Daily ETP
GraniteShares 3x Long Intesa Sanpaolo Daily
ETP
XS2435551598
3LSP
289,011
4 February 2022
GraniteShares 3x Short Intesa Sanpaolo Daily
ETP
GraniteShares 3x Long Enel Daily ETP
GraniteShares 3x Short Enel Daily ETP
XS2435551671
XS2435552216
XS2435552729
3SSP
3LNL
3SNL
4 February 2022
4 February 2022
4 February 2022
3,651,350
435,119
195,622
440,730
The table below shows ETPs cross listed in London Stock Exchange, Borsa Italiana, Euronext Paris, and Deutsche
Boerse.
BBG
Ticker
main
ISINlisting
Fair value
€Launch Date
GraniteShares 1x Leveraged FAANG ETP
XS2305050556
4March2021
GraniteShares -1x Short FAANG ETP
XS2305051109
4 March 2021
813,545
FANG 223,036
SFNG 590,509
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 36
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
12 Other payables
Asat
30 June
2023
€
Asat
30 June
2022
€
Corporate admin fee payable
Audit and tax payables
Arranger fees payable
Other payables
Unearned income
1,461,409
1,258,934
5,403
80,096
185,517
12,888
1,177,505
5,153
58,478
239,836
8,284
947,183
Unearned Income
TheCompany receives cashfrom theArranger tocoverfor expenses. Whenever thecashisyet tobereceivedit is recorded as
a receivable from the Arranger. However, when more cash was received from the Arranger to cover for expenses it is
recorded as a payable.
13 Sharecapital
Ordinary shares of €1 each
100,000,000
100,000,000
100,000,000
100,000,000
Ordinary shares of €1 each
25,000
25,000
25,000
25,000
The Company’s capital as at the financial year end is best represented by the ordinary shares outstanding.
The Company issued 25,000 shares which are held by TMF Management (Ireland) Limited on trust for charitable
purposes. On 26 March 2019, the shareholder paid up 25% of the share capital.
The Company monitors capital on the basis of the carrying amount of equity, less cash as presented in the Statement of
Financial Position.
14 Financial Risk Management
The Company’s financial instruments include the financial assets at fair value through profit or loss, other receivables, cash and
cash equivalents, financial liabilities at fair value through profit or loss and other payables that arise directly from its
operations.
The Board has overall responsibility for the establishment and oversight of the Company’s risk management framework.
Authorised
As at 30 June 2023
No.€
As at 30 June 2022
No.€
Allotted and called up
As at 30 June 2023
No.€
As at 30 June 2022
No.€
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 37
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
14 Financial Risk Management (continued)
The Company has exposure to the following risks from its use of financial instruments:
-Market risk;
-Credit risk;
-Liquidity risk;
-Operational risk; and
-Concentration risk
This note presents information about the Company’s exposure to each of the above risks, the Company’s objectives,
policies and processes for measuring and managing risk and the Company’s management of capital.
14.1Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and securities prices, will affect the
Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to
manage and control market risk exposures within acceptable parameters, while optimising the return on risk. Market risk
embodies the potential for both losses and gains and includes currency risk and market price risk. The impact of the
COVID-19 pandemic and the impact of Russia-Ukraine war on the Company is covered by the existing risk management
framework.
Foreign exchange risk
Foreign exchange risk is the risk that the fair value or cash flows of a financial instrument will fluctuate because of changes in
foreign currency.
The ETP Securities issued by the Company are denominated in Euro, Pound Sterling and US Dollars. The proceeds of
these issuances are used to fund the purchase of the TRSs in Pound Sterling and US Dollars. These are retranslated to EUR
using the applicable exchange rates. As the base currency of the TRSs matches the base currency of the ETP Securities
there is deemed to be no currency risk to the Company.
The closing exchange rates used are as follows:
USD
GBP
30/06/2023
EUR/USD 1.0866
EUR/GBP 0.85828
30/06/2022
EUR/USD 1.0452
EUR/GBP 0.8582
TRS
Nominal
EUR equivalent
ETP issued
Nominal
EUR equivalent
Net exposure
Nominal
EUR equivalent
128,023,157
(128,023,157)
-
As at 30 June 2023
USD
GBP
EUR
28,359,425
9,315,568
(28,359,425)
(9,315,568)
-
-
165,698,150
(165,698,150)
-
As at 30 June 2022
TRS
Nominal
EUR equivalent
ETP issued
Nominal
EUR equivalent
Net exposure
Nominal
EUR equivalent
Financial assets
USD
GBP
EUR
86,749,763
28,005,348
5,185,872
119,940,983
(119,940,983)
-
(86,749,763)
(28,005,348)
(5,185,872)
-
-
-
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 38
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
14 Financial Risk Management (continued)
14.1Marketrisk (continued)
Price risk
Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices (other than those arising from currency risk), whether those changes are caused by factors specific to the
individual financial instrument or its seller, or factors affecting similar financial instruments traded in the market. The
Arranger monitors the cash flows of the financial assets at fair value through profit or loss on a daily basis.
The Company uses the hierarchy below for determining and disclosing the fair value of financial instruments by valuation
technique:
The level in the fair value hierarchy in which each fair value measurement is categorised includes:
•Level 1: quoted prices (unadjusted) in an active market for identical assets or liabilities;
•Level 2: inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly
(i.e. prices) or indirectly (i.e. derived from prices); and
•Level 3: inputs for the asset or liabilities that are not based on observable market data (unobservable inputs).
Financial instruments measured at fair value through profit or loss
30 June 2023
Level 2
€
Total
€
Financial assets at FVTPL
Financial assets at fair value through profit or loss
165,698,150
165,698,150
165,698,150
165,698,150
Financial liabilities at FVTPL
Financial liabilities at fair value through profit or loss
(165,698,150)
(165,698,150)
(165,698,150)
(165,698,150)
30 June 2022
Level 2
€
Total
€
Financial assets at FVTPL
Financial assets at fair value through profit or loss
119,940,983
119,940,983
119,940,983
119,940,983
Financial liabilities at FVTPL
Financial liabilities at fair value through profit or loss
(119,940,983)
(119,940,983)
(119,940,983)
(119,940,983)
The ETP Securities and TRSs have the same value and are considered to be fair valued under level 2 as the prices are
compiled according to a formula which utilises a daily index for each ETP, based on market data as given by a third party
provider, net of expenses incurred.
The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the last day of the
accounting year. There were no transfers during the financial year between levels of the fair value hierarchy for financial
assets and liabilities which are recorded at fair value, (2022: same).
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 39
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
14 Financial Risk Management (continued)
14.1Market risk (continued)
Pricerisk(continued)
Sensitivity analysis:
Any changes in the values of the TRSs held by the Company would not have any effect on the equity or profit or loss of the
Company as any fair value fluctuations are ultimately borne by the holders of the ETP Securities issued by the Company.
A 10% change in the value of the portfolio of TRSs held will result in a change in value of EUR 16,569,815 (2022: EUR
11,994,098). This will be offset by an equal change in the value of ETP securities issued, resulting in a net zero impact to
the equity or profit of the Company. Therefore, the Company is fully economically hedged against changes in prices of
underlying securities.
Interest rate risk
Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates.
As the Company has invested in TRSs to match the ETP Securities, there is deemed to be no interest rate risk to the
Company.
The Company has a bank balance at The Bank of New York. Due to the level of cash held in the bank account, the
directors do not believe that any movement in interest rates would affect the operations of the Company.
14.2Credit risk
Credit risk arises from the possibility of obligors failing to meet their obligations to the Company and represents the most
significant category of risk.
The maximum exposure to the credit risk of the ETP holders at the reporting date was:
Asat
30 June
2023
€
Asat
30 June
2022
€
Financial assets at fair value through profit or loss
Other receivables
Cash and cash equivalents
167,187,559
121,227,167
165,698,150
135,290
1,354,119
119,940,983
249,455
1,036,729
The Swap counterparty is Natixis S.A.. which has A (2022: A) credit rating from Standard & Poor’s.
The Company has 5 active bank accounts with The Bank of New York in currencies EUR,GBP and USD with a total Euro
equivalent balance of EUR 1,354,119 (2022:EUR 1,036,729).
Other receivables were settled after the financial year end (2022: same).
14.3Liquidity risk
Liquidity risk is the risk that the Company may be unable to fulfil its obligations, whether expected or unexpected. ETP
Securities cannot be issued without a matching investment in a TRS being put in place. ETP Securities can be issued and
redeemed daily, therefore this is the earliest maturity date for the purposes of the maturity analysis below.
The return on each issuance of ETP Securities will be linked to the daily performance of the corresponding TRS. The
redemption amount of the ETP Securities will be derived from the liquidation of the corresponding TRS.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 40
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
14 Financial Risk Management (continued)
14.3Liquidity risk (continued)
The following are the earliest contractual maturities of financial assets and financial liabilities:
Carrying
amount
€
Less than one
year
€
One to five
years
€
More than five
years
€
As at 30 June 2023
Financial assets at fair value through
profit or loss
Other receivables
Cash and cash equivalents
167,187,559
167,187,559
-
-
165,698,150
135,290
1,354,119
165,698,150
135,290
1,354,119
-
-
-
-
-
-
Financial liabilities atfairvalue
through profit or loss
(165,698,150)
(165,698,150)
-
-
Corporation tax payable
Other payables
(167,159,559)
(167,159,559)
-
-
-
(1,461,409)
-
(1,461,409)
-
-
-
-
Carrying
amount
€
Less than one
year
€
One to five
years
€
More than five
years
€
As at 30 June 2022
Financial assets at fair value through
profit or loss
119,940,983
119,940,983
-
-
Other receivables
Cash and cash equivalents
121,227,167
121,227,167
-
-
249,455
1,036,729
249,455
1,036,729
-
-
-
-
Financial liabilities atfairvalue
through profit or loss
Corporation tax payable
Other payables
(119,940,983)
-
(1,258,934)
(119,940,983)
-
(1,258,934)
-
-
-
-
-
-
(121,199,917)
(121,199,917)
-
-
14.4Operational risk exposure
Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the Company’s
processes, personnel and infrastructure, and from external factors other than credit, markets and liquidity issues such as
those arising from legal and regulatory requirements and generally accepted standards of corporate behaviour.
The Board has established processes to manage operational risks. Those processes include appropriate segregation of
responsibilities and specific control activities. The Board delegates management and administration function to the
Administrator.
14.5Concentration risk
Concentration risk can arisefrom the type of assets held in the portfolio, thematurity ofassets, the concentration ofsources
of funding, concentration of counterparties or geographical locations.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 41
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
14 Financial Risk Management (continued)
14.5Concentration risk (continued)
The following is the classification of ETPs per industry:
Asat
30 June
2023
Number of ETP
issuances
Asat
30 June
2022
Number of ETP
issuances
Aerospace and Defence
Automobiles
Banking
Beverages
Coal
Communication Technology
Customer Discretionary
Customer Staples
Financials
Healthcare
Industrials
Information technology
Metal and Mining
Oil and Gas
Pharmaceuticals
Telecommunication services
Technology
Large Cap
4
6
4
2
2
2
8
2
9
4
4
2
2
10
2
2
40
4
4
6
4
2
2
2
8
2
10
4
4
2
2
10
2
2
40
-
109
106
Due to the nature of the ETPs issued, any profit or loss arising from the concentration risk will pass on to the holders of the
ETPs. There is no residual risk remaining to the Company.
14.6Offsetting Financial assets and Financial liabilities
The Company does not offset financial assets and financial liabilities. These are presented separately in the Statement of
Financial Position.
Financial assets and liabilities are offset, and the net amount presented in the Statement of Financial Position when, and only
when, the Company has a legal right to set off the amounts and intends either to settle on a net basis or to realise the asset and
settle the liability simultaneously.
As at 30 June 2023
Gross amount of
recognised
financial assets
€
Netamountof
recognised
financial assets
€
Financial
instruments
received
€
Net amount
€
Financial assets at fair value through
profit or loss
165,698,150
165,698,150
-
-
Financial liabilities atfairvalue
through profit or loss
165,698,150
165,698,150
-
-
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 42
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
14 Financial Risk Management (continued)
14.6Offsetting Financial assets and Financial liabilities (continued)
As at 30 June 2022
Gross amount of
recognised
financial assets
€
Netamountof
recognised
financial assets
€
Financial
instruments
received
€
Net amount
€
Financial assets at fair value through
profit or loss
Financial liabilities atfairvalue
through profit or loss
119,940,983
119,940,983
-
-
119,940,983
119,940,983
-
-
The following is a reconciliation of the liabilities arising from financing activities.
Long-term
borrowings
€
Short-term
borrowings
€
Lease Liabilities
€
Total
€
Beginning balance 1 July 2022
119,940,983
-
-
119,940,983
Cash flows:
- Repayment
- Proceeds
(231,042,886)
240,977,908
-
-
-
-
(231,042,886)
240,977,908
Non-cash:
- Fair value
- Reclassification
35,822,145
-
-
-
-
-
35,822,145
-
As at 30 June 2023
165,698,150
-
-
165,698,150
Long-term
borrowings
€
Short-term
borrowings
€
Lease Liabilities
€
Total
€
Beginning balance 1 July 2021
118,667,290
-
-
118,667,290
Cash flows:
- Repayment
- Proceeds
(202,073,273)
317,268,102
-
-
-
-
(202,073,273)
317,268,102
Non-cash:
- Reclassification
(113,921,136)
-
-
(113,921,136)
As at 30 June 2022
119,940,983
-
-
119,940,983
15 Contingent assets, liabilities and commitments
There were no contingent liabilities or commitments as of 30 June 2023 (2022: nil). Contingent liabilities are assessed
continually to determine whether transfers of economic benefits have become probable. Where future transfers of
economic benefits change from previously disclosed contingent liabilities, provisions are recognised in the financial year in
which the changes in probability occur.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 43
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
16 Related party transactions
GraniteShares Jersey Limited is a related party as they act as the Arranger for the Company. It supplies and/or arranges for
the supply of all administrative services to the Company. In return, the Company pays the Arranger an arranger fee. Total
arranger fee for the year amounted to EUR 1,545,357 (2022: EUR 1,965,000).
The Board is considered the key management personnel of the Company for the financial year ended 30 June 2023. The
Board is considered to have authority and responsibility for planning and directing activities of the Company being the
purchase and sale of the underlying portfolio. Raja Gul and Aileen Mannion, employees of TMF Management Ireland
Limited were directors of the Company during the financial year.
The Company engages the Corporate Administrator for all management and administration functions to manage the
operational risk of direct or indirect loss arising from a wide variety of causes associated with the Company’s processes, and
from external factors other than credit, market and liquidity risks such as those arising from legal and regulatory
requirements and generally accepted standards of corporate behaviour. The Corporate Administrator is entitled to receive
administrative fees for the services it provides per the terms and conditions of their agreement. TMF Administration
Services Limited provides corporate administration services to the Company at arm’s length commercial rates.
Duringthefinancialyear, theCompanyincurredafeeof EUR13,311(2022: EUR12,131) relatingtoadministrationservices
provided by the Corporate Administrator. The directors, as employees of the Corporate Administrator, had an interest in
these fees in their capacity as directors.
The terms of the corporate services agreement in place between the Company and the Corporate Administrator provides for
a single fee for the provision of corporate administration services (including the making available of individuals to act as
directors of the Company). As a result, the allocation of fees between the different services provided is a subjective and
approximate calculation.
Pursuant to Section 305A(1)(a) of the Companies Act 2014 TMF Administration Services Limited allocated EUR 1000
(2022: EUR 1,000) of the corporate service fee received as consideration for the making available of individuals to act as
directors of the Company.
The individuals acting as directors do not (and will not), in their personal capacity or any other capacity, receive any fee for
acting or having acted as directors of the Company.
There were no other contracts of any significance in relation to the business of the Company in which the director had any
interest, as defined in the Companies Act 2014, at any time during the financial year.
The Company has issued nil shares (2022: Nil) to TMF Management (Ireland) Limited on trust for GraniteShares Financial
plc.
Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given
or received. Outstanding balances are usually settled in cash.
17 Significant subsequent events
The current political and financial uncertainty surrounding Russia and Ukraine may increase market volatility and the
economic risk of trading in these countries and other impacted countries within the region. Management is closely
monitoring the evolving situation. Management has not yet observed or determined the financial impact of these events.
There were no other significant subsequent events which need to be adjusted or disclosed in the audited financial
statements.
18 Charges
The Issuer’s obligations to the Noteholders (and certain other Issuer secured parties) are secured pursuant to the Security
Deed between, amongst others, the Issuer and BNY Mellon Corporate Trustee Services Limited in its capacity as Note
Trustee.
Page 44
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (CONTINUED)
19 Approval of financial statements
The audited financial statements were approved and authorised for issue by the Board on 27/10/2023.
