AMP Amphion Innovations Plc

British pound sterling would have decreased profit or loss of the Group by 
approximately US $1,906,000 (2007: US $835,000). A 10% strengthening of the US 
dollar against the British pound sterling at the reporting date would have 
increased profit or loss of the Company by approximately US $1,909,000 (2007: US 
$835,000). A 10% weakening of the US dollar against the British pound sterling 
would have decreased profit or loss of the Company by approximately US 
$1,909,000 (2007: US $835,000). The GBP/USD rate used at 31 December 2008 was 
1.4619 (2007: 1.9843). In management's opinion, the sensitivity analysis is 
unrepresentative of the inherent foreign exchange risk as the sensitivity 
analysis is based on balances at the end of the year and does not reflect the 
exposure during the year. 
 
 
Interest Rate Risk 
 
 
The Group's exposure to interest rate risk is restricted to the cash and cash 
equivalent balance of US $630,404 (US $4,594,007 in 2007). At 31 December 2008, 
the Group maintains interest bearing accounts with a corporate bank at variable 
rates. The average monthly rate for 2008 was approximately 3% (2007: 4%). An 
increase of 100 basis points in interest rates would have increased profit or 
loss of the Group by US $10,000 (2007: US $17,000). A decrease of 100 basis 
points in interest rates would have decreased profit or loss of the Group by US 
$10,000 (2007: US $17,000). An increase of 100 basis points in interest rates 
would have increased profit or loss of the Company by $10,000 (2007: US 
$17,000). A decrease of 100 basis points in interest rates would have decreased 
profit or loss of the Company by US $10,000 (2007: US $17,000). The Group 
manages its exposure to interest rate risk by managing its cash balances and 
deposits to maximize its return while ensuring the Group has sufficient 
available cash to meet its needs. The Group does not enter into interest rate 
derivatives. 
 
 
Other price risks 
 
 
The Group is exposed to equity price risks arising from equity investments. 
Equity investments are held for strategic rather than trading purposes. The 
Group does not actively trade these investments. 
 
 
At the reporting date, the potential effect of using reasonably possible 
alternative assumptions as inputs to valuation techniques from which the fair 
values of the investments are determined would be an approximate decrease of US 
$8.8 million (2007: US $7.6 million) to profit or loss of the Group and the 
Company using less favorable assumptions.  Due to the current economic 
environment, the Group and Company are not using possible favorable assumptions 
for 2008. The effect of using reasonably possible alternative assumptions using 
more favorable assumptions for 2007 results in an increase of approximately US 
$12 million.  The more favorable assumptions used in 2007 were an increase in 
price of 33% to 54%.  The less favorable assumptions used were a reduction in 
price of 10% to 15% (2007: 10% to 15%). The determination of reasonably possible 
alternative assumptions is subject to considerable judgment. 
 
 
The amounts generated from the sensitivity analysis are estimates of the impact 
of market risk assuming that specified changes occur. Actual results in the 
future may differ materially from these results due to developments in the 
global financial markets which may cause exchange rates to vary from the 
hypothetical amounts disclosed above, which therefore should not be considered a 
projection of likely future events and losses. 
 
 
 
 
 
16. Trade and other payables 
 
 
Group 
 
 
Trade and other payables principally comprise amounts outstanding for purchases 
and ongoing costs. Other payables include US $1,104,409 of debt relating to 
DataTern, Inc. assumed as part of the Asset Purchase Agreement with FireStar 
Software Inc. in 2007. 
 
 
Company 
 
 
Trade and other payables principally comprise amounts outstanding for trade 
purchases and ongoing costs. 
 
 
The Directors consider that the carrying amount of trade and other payables 
approximates to their fair value. 
 
 
17. Convertible promissory notes 
 
 
The convertible promissory notes were issued on 30 December 2008. The notes are 
convertible into ordinary shares of the Company at any time prior to 31 December 
2013 at a conversion price of eighteen pence per ordinary share.  In the event 
that the closing market price of the ordinary shares is equal to or greater than 
25 pence per ordinary share for 25 consecutive trading dates at any time prior 
to 31 December 2013, the notes will automatically be converted into fully paid 
ordinary shares. 
 
 
Richard C.E. Morgan, Chief Executive Officer, has subscribed for GBP900,000 of 
the convertible promissory notes. 
 
 
If the notes have not been converted, they will be repaid on 31 December 2013. 
Interest of 7 per cent will be paid quarterly until the date of repayment. 
 
 
For each note issued, the Company also issued 1.11 warrants. Each warrant will 
entitle the holder to subscribe for one ordinary share at 20 pence per ordinary 
share. 
 
 
The net proceeds received from the issue of the convertible promissory notes are 
classified as a financial liability due to the fact that the notes are 
denominated in a currency other than the Company's functional currency. 
 
 
 
18. Share capital 
+--------------------------------------+--------------+----------+--------------+ 
|                                      |         2008 |          |         2007 | 
+--------------------------------------+--------------+----------+--------------+ 
|                                      |          GBP |          |          GBP | 
+--------------------------------------+--------------+----------+--------------+ 
|                                      |              |          |              | 
+--------------------------------------+--------------+----------+--------------+ 
| Authorised:                          |              |          |              | 
+--------------------------------------+--------------+----------+--------------+ 
| 150,000,000 ordinary shares of 1p    |   1,500,000  |          |   1,500,000  | 
| each                                 |              |          |              | 
+--------------------------------------+--------------+----------+--------------+ 
 
 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|                                      |     Number  |  |       GBP |  |      US $ | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|                                      |             |  |           |  |           | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
| Balance as at 31 December 2006       | 100,100,224 |  | 1,001,003 |  | 1,808,983 | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|                                      |             |  |           |  |           | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
| Issued for cash:                     |             |  |           |  |           | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|   Ordinary shares of 1p each         |     320,000 |  |     3,200 |  |     6,278 | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|   Ordinary shares of 1p each         |   9,690,000 |  |    96,900 |  |   194,411 | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|   Ordinary shares of 1p each         |  18,181,805 |  |   181,817 |  |   378,399 | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|                                      |             |  |           |  |           | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
| Balance as at 31 December 2007       | 128,292,029 |  | 1,282,920 |  | 2,388,071 | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|                                      |             |  |           |  |           | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
| Issued for cash:                     |             |  |           |  |           | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|   Ordinary shares of 1p each         |     246,603 |  |     2,466 |  |     4,884 | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|   Ordinary shares of 1p each         |     521,897 |  |     5,219 |  |    10,320 | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|   Ordinary shares of 1p each         |   1,136,364 |  |    11,364 |  |    22,667 | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|   Ordinary shares of 1p each         |      81,780 |  |       818 |  |     1,528 | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|   Ordinary shares of 1p each         |     100,184 |  |     1,002 |  |     1,872 | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
|                                      |             |  |           |  |           | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
| Balance as at 31 December 2008       | 130,378,857 |  | 1,303,789 |  | 2,429,342 | 
+--------------------------------------+-------------+--+-----------+--+-----------+ 
 
 
Holders of the ordinary shares are entitled to receive dividends and other 
distributions and to attend and vote at any general meeting. 
 
 
During the year ended 31 December 2008, the following changes occurred to the 
share capital of the Company: 
 
 
On 2 January 2008, the Company issued 246,603 ordinary 1p shares at a premium of 
20.5p per share (US $100,116) to directors in lieu of 2007 directors' fees. 
 
 
On 1 April 2008, the Company issued 521,897 ordinary 1p shares at a premium of 

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