AMP Amphion Innovations Plc

+----------------------+--------------+------------+--------------+--------------+--------------+ 
|                      |                                 Group                                  | 
+----------------------+------------------------------------------------------------------------+ 
|                      |    Less      |    1-3     |      3       |    Over      |              | 
|                      |    than      |            |    months    |              |              | 
+----------------------+--------------+------------+--------------+--------------+--------------+ 
|                      |      1       |  months    |    to 1      |    1 year    |    Total     | 
|                      |    month     |            |    year      |              |              | 
+----------------------+--------------+------------+--------------+--------------+--------------+ 
|                      |              |            |              |              |              | 
+----------------------+--------------+------------+--------------+--------------+--------------+ 
| 2008                 |              |            |              |              |              | 
+----------------------+--------------+------------+--------------+--------------+--------------+ 
| Trade payables &     |              |   219,674  |   1,289,367  |   1,140,739  |              | 
| other payables       |     443,738  |            |              |              |   3,093,518  | 
+----------------------+--------------+------------+--------------+--------------+--------------+ 
| Convertible          |    3,279,950 |          - |            - |            - |    3,279,950 | 
| promissory notes     |              |            |              |              |              | 
+----------------------+--------------+------------+--------------+--------------+--------------+ 
|                      |              |            |              |              |              | 
+----------------------+--------------+------------+--------------+--------------+--------------+ 
| 2007                 |              |            |              |              |              | 
+----------------------+--------------+------------+--------------+--------------+--------------+ 
| Trade payables &     |   2,181,003  |    99,796  |     188,943  |          -   |   2,469,742  | 
| other payables       |              |            |              |              |              | 
+----------------------+--------------+------------+--------------+--------------+--------------+ 
 
 
+----------------------+------------+------------+------------+-----------+------------+ 
|                      |                            Company                            | 
+----------------------+---------------------------------------------------------------+ 
|                      |    Less    |    1-3     |     3      |   Over    |            | 
|                      |    than    |            |  months    |           |            | 
+----------------------+------------+------------+------------+-----------+------------+ 
|                      |     1      |  months    |    to 1    |  1 year   |   Total    | 
|                      |   month    |            |    year    |           |            | 
+----------------------+------------+------------+------------+-----------+------------+ 
|                      |            |            |            |           |            | 
+----------------------+------------+------------+------------+-----------+------------+ 
| 2008                 |            |            |            |           |            | 
+----------------------+------------+------------+------------+-----------+------------+ 
| Trade payables &     |   282,196  |   119,640  |   236,251  |   27,632  |   665,719  | 
| other payables       |            |            |            |           |            | 
+----------------------+------------+------------+------------+-----------+------------+ 
| Convertible          |  3,279,950 |          - |          - |         - |  3,279,950 | 
| promissory notes     |            |            |            |           |            | 
+----------------------+------------+------------+------------+-----------+------------+ 
|                      |            |            |            |           |            | 
+----------------------+------------+------------+------------+-----------+------------+ 
| 2007                 |            |            |            |           |            | 
+----------------------+------------+------------+------------+-----------+------------+ 
| Trade payables &     |   193,264  |   223,391  |   171,394  |       -   |   588,049  | 
| other payables       |            |            |            |           |            | 
+----------------------+------------+------------+------------+-----------+------------+ 
 
 
The 2008 payables include US $1,104,409 (2007: US $1,734,393) of payables 
assumed from FireStar Software, Inc. as part of the Asset Purchase Agreement 
dated 20 December 2007. 
 
Market risk 
 
 
Market risk is the risk that changes in interest rates, foreign exchange rates, 
equity prices, and other rates, prices, volatilities, correlations, or other 
market conditions will have an adverse impact on the Group's financial position 
or results. Thus market risk comprises three elements - foreign currency risk, 
interest rate risk, and other price risk. Information to enable an evaluation of 
the nature and extent of these three elements of market risk are shown below. 
 
 
Amphion seeks to mitigate the risk noted above through its philosophy of working 
with a small number of rigorously selected Partner Companies, assisting them to 
grow by implementing a consistent and proven methodology developed over the 
management team's 20 years of company building experience. The Group's time 
tested model of company creation is built on a robust risk management process 
that relies on proven, defensible intellectual property sourced from some of the 
world's leading corporations and universities. 
 
 
Foreign currency risk 
 
 
The Group undertakes certain transactions denominated in foreign currencies. 
Hence, exposures to exchange rate fluctuations arise. Exchange rate exposures 
are managed by minimising the balance of foreign currencies to cover expected 
cash flows during periods where there is strengthening in the value of the 
foreign currency.  The Group has two UK Partner Companies which are denominated 
in GBP. The valuations of these two companies fluctuate along with the US 
dollar/Sterling exchange rate. No Hedging of this risk is undertaken. 
 
 
 
 
 
15. Other financial assets and liabilities, (continued) 
 
 
The carrying amounts of the Group's foreign currency denominated monetary assets 
and monetary liabilities at the reporting date are as follows: 
+--------------------+----------+-----------+----------+-------------+---------------+----------+----------+----------+----------+-------------+-------------+ 
|                    |                            Group                              |          |                          Company                           | 
+--------------------+---------------------------------------------------------------+----------+------------------------------------------------------------+ 
|                    |     Liabilities      |          |           Assets            |          |    Liabilities      |          |          Assets           | 
+--------------------+----------------------+----------+-----------------------------+----------+---------------------+----------+---------------------------+ 
|                    |  2008    |   2007    |          |    2008     |     2007      |          |  2008    |  2007    |          |    2008     |    2007     | 
+--------------------+----------+-----------+----------+-------------+---------------+----------+----------+----------+----------+-------------+-------------+ 
|                    |   US$    |    US$    |          |    US$      |      US$      |          |   US$    |   US$    |          |    US$      |    US$      | 
+--------------------+----------+-----------+----------+-------------+---------------+----------+----------+----------+----------+-------------+-------------+ 
|                    |          |           |          |             |               |          |          |          |          |             |             | 
+--------------------+----------+-----------+----------+-------------+---------------+----------+----------+----------+----------+-------------+-------------+ 
|                    |          |           |          |             |               |          |          |          |          |             |             | 
+--------------------+----------+-----------+----------+-------------+---------------+----------+----------+----------+----------+-------------+-------------+ 
| Sterling - Cash    |          |   23,700  |          |             |   1,175,621   |          |   -      |   -      |          |             |   1,175,621 | 
| equivalent         | 32,081   |           |          | 502,407     |               |          |          |          |          | 499,264     |             | 
+--------------------+----------+-----------+----------+-------------+---------------+----------+----------+----------+----------+-------------+-------------+ 
| Sterling -         |   -      |   -       |          |             |   15,536,921  |          |   -      |   -      |          |             | 15,536,921  | 
| Investment         |          |           |          | 18,586,683  |               |          |          |          |          | 18,586,683  |             | 
+--------------------+----------+-----------+----------+-------------+---------------+----------+----------+----------+----------+-------------+-------------+ 
 
 
A 10% strengthening of the US dollar against the British pound sterling at the 
reporting date would have increased profit or loss by approximately US 
$1,906,000 (2007: US $835,000). A 10% weakening of the US dollar against the 

Amphion Innovations (LSE:AMP)
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