ORA CAPITAL PARTNERS LTD 
By
ORA Capital Partners Limited (AIM: ORA), the Guernsey based company involved in the growth and development of businesses, announces its audited financial results for the year ended 31 January
2013.
• Profit after tax for the year of £71.7 million (year to 31 January 2013: loss £22.1m)
• Net assets of £149.4 million (31 January 2012: £92.7 million)
• Net assets per share of 374.6p (31 January 2012: 178.1p)
• Cash balances of £2.5 million (31 January 2012: £2.0 million)
• Realisation of £17.0 million proceeds on investment portfolio disposals
• Buy-back and cancellation of 12.1 million ordinary shares at a cost of £15.1 million
• Under consideration whether to remain quoted on AIM or to delist
Commenting on the results, Richard Griffiths, Executive Chairman, stated:
"ORA has achieved a compound annual growth rate in net assets per share of 41.3% over the last six years from around when the Company became fully capitalised, with net assets per share increasing from 47.0p at the end of January 2007 to 374.6p at 31 January 2013. However, whilst ORA has been successful in growing its net asset value, its shares have traded at a sustained discount to net asset value. This is believed to be in part due to a lack of liquidity in the shares of the Company and also to the difficult capital market conditions over recent years. The Board is therefore, considering whether it is in the best interests of the company to remain quoted on AIM or whether to delist. An AIM cancellation would not alter the Board's strategy for ORA which would continue the development and growth of trading companies within its business portfolio. After a profitable year to
31 January 2013 for ORA, we expect another positive current year although the potential for volatility in capital markets remains, given that further austerity measures and structural reforms will be required to restore European public finances to a sustainable path. We continue to be committed to delivering additional value for our shareholders and will focus on increasing the worth of our existing portfolio companies through our active partnership approach. We will also retain the management disciplines and shareholder alignment around which ORA was founded, whilst running a low cost base."
A copy of the Annual Report for the year ended 31 January 2013 is being posted to shareholders and is available on the Company's website at www.oracp.com.
Richard Griffiths - Executive Chairman
Michael Bretherton - Finance Director
+44 (0)1481 738 724
Despite difficult capital market conditions, ORA Capital Partners Limited (ORA) delivered a strong performance in the year ended 31 January 2013, with Group profits before tax for the period of £71.7 million compared to a loss of £22.1 million in the previous year.
These results include the benefit of a number of significant investment portfolio disposals which generated cash proceeds of £17.0 million and realised an £11.7 million overall profit comprising £13.1 million of previously recorded unrealised gains generated in earlier periods, partially offset by a loss of
£1.4 million arising in the year. The profit in the year ended 31 January 2013 also includes unrealised revaluation gains of £69.7 million (2012: losses of £24.8 million) on the carrying values of ORA's strategic investment portfolio holdings.
As a mechanism for enhancing capital efficiency, a significant part of the investment portfolio disposal proceeds went towards completing the buy-back and cancellation of 12.1 million shares in ORA at a cost of £15.1 million, representing an average buy-back price of 123.3p per share.
Net assets attributable to holders of ORA at 31 January 2013 were £149.4 million (equivalent to
374.6p per share, excluding treasury shares held) compared with £92.7 million (equivalent to 178.1p per share) at the 31 January 2012 year end. The increase in net assets per share reflects both the profit performance in the year and the lower share capital base as reduced by share buy-backs and share cancellations.
ORA has achieved a compound annual growth rate in net assets per share of 41.3% over the last six years from around when the company became fully capitalised, with net assets per share increasing from 47.0p at the end of January 2007 to 374.6p at 31 January 2013. However, whilst ORA has been successful in growing its net asset value, its shares have traded at a sustained discount to net asset value. This is believed to be in part due to a lack of liquidity in the shares of the Company and also to the difficult capital market conditions over recent years. The Board is therefore, considering whether it is in the best interests of the Company to remain quoted on AIM or whether to delist. An AIM cancellation would not alter the Board's strategy for ORA which would continue the development and growth of trading companies within its business portfolio.
The Group continues to benefit from a strong balance sheet with cash balances of £2.5m million and liquid trading investments of £7.6 million at 31 January 2013 versus cash balances of £2.0 million and comparable liquid trading investments of £7.3 million (inclusive of derivative trading assets and liabilities) at 31 January 2012.
The principal trading companies within our business portfolio continued to make good progress in their development as more fully described in the Business portfolio update given below. These businesses remain well capitalised and are managed with disciplined cost control.
Business model
ORA is a holding and management company whose principal activity is the development and growth of trading companies within its business portfolio, the current focus of which is on high growth technology, resource and financial service opportunities. We usually take minority stakes and always invest from our own balance sheet so that we are able to work on a longer time frame of in excess of five years to generate value realisations for our shareholders. Our portfolio businesses tend to be headquartered in Europe but most also have substantial revenue potential in the wider international markets. ORA seeks to deliver capital growth by working with portfolio company managements, often through Board representation, to devise and implement development strategies that deliver significant value accretion over the medium to long term.
Investment portfolio performance
The profit before tax attributable to our Business Portfolio Return and Advisory Fees sector was £67.8 million for the year compared with a loss of £24.3 million for the year to 31 January 2012. This profit includes unrealised revaluation gains of £69.7 million (2012: loss of £24.8 million) on the carrying
values of ORA's quoted strategic holdings, partially offset by a £1.4 million loss (2012: profit of £1.5 million) realised in the year on investment portfolio disposals.
Proceeds from investment portfolio disposals amounted to £17.0 million which realised an overall profit of £11.7 million, comprising £13.1 million of previously recorded unrealised gains generated in earlier periods, partially offset by a loss of £1.4 million arising in the year (2012: proceeds £12.5 million and an overall profit of £11.0 million of which £1.5 million arose in the year).
Additional investment in strategic portfolio businesses was £5.6 million (2012: £4.2 million) and transfers of £5.4 million were made from short term investments to strategic portfolio investments (2012: £9.8 million) in respect of holdings where ORA has an aspiration to own the shares for at least the medium term whilst the entity is developed to exploit key commercial opportunities by a credible management team.
The above investment portfolio disposals and additions included full exits from two portfolio businesses including Obtala Resources Limited and the addition of three exiting new portfolio investments in Silence Therapeutics Plc, Ceres Power Holdings Plc and Plant Health Care Plc. As a result, at 31 January 2013, ORA had 13 portfolio businesses of which 10 are quoted on AIM and the remaining three are unquoted. The carrying value of strategic portfolio business holdings at 31
January 2013 was £138.9 million (2012: £76.2 million of which £133.3 million was represented by quoted holdings and £5.6 million by unquoted holdings (2012: £76.4 million of which £73.4 million was represented by quoted holdings and £3.0 million by unquoted holdings).
Business portfolio update
An overview of the activities of the portfolio businesses in which ORA has a holding of 15 per cent. or more (subject to a minimum carrying value of £1.0 million) or for which the carrying value is in excess of £5.0 million, is given below:
Nanoco Group Plc (Nanoco) is a leading AIM listed nanotechnology company involved in the development and manufacture of fluorescent semi-conducting materials called quantum dots with the ability to emit intense light of a specific colour. Nanoco is focussing on key markets covering LED lighting, displays and solar cells, where quantum dots deliver significant benefits including reduced power consumption, improved performance, lower manufacturing costs and product miniaturization. Key highlights for the company over the last 12 months included the signing of a worldwide licensing agreement with The Dow Chemical Company ("Dow") for exclusive rights to manufacture and market Nanoco quantum dots for the display industry as well as the signing of follow-on joint development agreements with Osram to finalise the design of an LED using Nanoco quantum dots in general lighting and with Tokyo Electron for the next phase of development of a nanomaterial-based solar film. The worldwide licensing agreement with Dow is transformational for Nanoco. It represents a major endorsement of Nanoco's technology, scalability and market potential and addresses the manufacture of the much larger quantities of quantum dots that are now expected to be required by the LCD display industry. Full commercial production under this agreement is expected to begin in the first half of 2014. Nanoco is well capitalised and at 31 January 2013 held cash balances of £12.5 million. ORA held 18.0 per cent. of the issued share capital in Nanoco at 31 January 2013.
Tissue Regenix Group Plc (TRG) is an AIM listed company which aims to commercialise the production of biocompatible regenerate implants using human or animal tissue that is decellularised under its proprietary platform dCELL® Technology process. When these are implanted into the body, they are repopulated with the patient's own cells without the use of anti-rejection drugs. The potential applications of this process are diverse and address many critical clinical needs in cardiac, vascular, orthopaedic and dermis. TRG's dCELL® Technology has been validated by the development of its dCELL® Vascular Patch product through to CE regulatory approval and the company is now progressing development programmes to leverage this innovative technology platform. These include its meniscus knee repair project, a human donor heart valve product and an advanced wound care human skin product, as well as a porcine heart valve product and further applications of its vascular patch. During the last year, yet more positive preclinical and clinical data has shown the benefits of the dCELL® approach. The two year dCELL® Vascular Patch data was published as well as the dCELL® Meniscus preclinical data together with a case study from the human dCELL® Dermis pilot clinical. In addition a number of different products including the ligament and cardiac patch are due to
enter preclinical studies in the near future. TRG held cash balances of £26.1 million at 31 July 2012 having raised £25m (gross) by way of a share placing in December 2011, which provides the funding to drive TRG's development plans in its four core areas of Advanced Wound Care, Orthopaedics, Cardiac and Vascular. ORA's holding in TRG at 31 January 2013 was 16.7 per cent.
Silence Therapeutics Plc (Silence) possesses one of the most comprehensive and sophisticated RNAi (Ribo Nucleic Acid interference) therapeutic platforms. RNAi is a natural phenomenon which can be used to selectively turn off the genes expressed in some diseases and thereby target the prevention of certain proteins involved in those diseases. Silence possesses a pipeline that includes a total of five different internal and partnered programs in phase II or phase I clinical trials covering treatment of pancreatic cancer, vision loss through macular degeneration, acute kidney injury and solid tumour cancer growth. In addition, the company has three early stage programs covering acute lung injury and liver cancer. ATU027 is the company's leading Oncology product and for which Silence has received formal approval from the German authorities (BfArM) for its phase 1b/2a combination trial into pancreatic cancer. The trial will test Silence's Atu027 anti-metastatic compound in combination with Gemcitabine, the leading anti-tumour drug. It is expected that the 1b element of the trial will last for three months and the 2a element is scheduled to begin in July 2013 and ending approximately in July 2014. The partnerships that Silence has with companies such as AstraZeneca, Pfizer/Quark Pharma and Dainippon Sumitomo, demonstrate the credibility of Silence's technologies. In April 2013 the company announced a share placing to raise approximately £19 million which will significantly strengthen its balance sheet and enable an aggressive expansion of its platform, drug targets and key personnel in order to accelerate commercial opportunities and create shareholder value. ORA held
20.0 per cent. of the issued share capital of Silence at 31 January 2013.
Ceres Power Holdings Plc (Ceres) is a world leading AIM-quoted alternative energy company developing fuel cell technology for use by original equipment manufacturers and partner organisations committed to developing combined heat and power products and other distributed energy generation applications. The company is committed to providing alternative energy solutions to address the global challenges of reducing emissions, increasing fuel efficiency and improving energy security. Ceres' unique metal-supported solid oxide fuel cell technology is based on ceria electrolyte which enables the fuel cells to operate at around 600°C. This low temperature of operation allows the use of low cost materials, such as stainless steels, throughout the FCM (fuel cell module) which is a key enabler to low cost products. The Group's strategy is to exploit its proprietary core fuel cell and FCM technology platform across a broad range of product and market applications by partnering with multiple OEMs (original equipment manufacturers). This strategy avoids the company needing to finance the development of multiple complete end-user products itself, potentially enabling the Group's core technology to be adopted more quickly and more extensively. The company expects to be able to generate revenues from a combination of development licences, on-going fees for services and royalties on OEM sales of mass market products incorporating Ceres technology in due course. Ceres expects to expand its pipeline of potential partners over the next year and the intention is to secure at least one commercial arrangement within that period and to have a number of other third parties evaluate Ceres' cells, stacks and FCMs during the same period. On 2 April 2013 the company raised cash of approximately £9.5 million through a placing and open offer which together with existing cash resources, places Ceres in a strong position to drive forward its commercial strategy. ORA's holding in Ceres at 31 January 2013 was 29.0 per cent.
Oxford Pharmascience Group Plc (OXP) is an AIM listed company that has a portfolio of pharmaceutic technologies which allows it to effectively "re-develop" existing drugs. The Group has continued to evolve its science and has established three solid technology platforms: the soft chew technology OXPchew™, the taste-masking platform OXPzero™ and OXPtarget™, controlled-release technology. During 2012, revenues from its OXPchew™ technology continued to grow with strong sales from Aché, one of Brazil's largest pharmaceutical companies, and importantly the company signed its first OXPchew™ licensing deal with a major global pharmaceutical company, Bayer. In addition, OXP commenced co-development work with Hermes Pharma for a range of ibuprofen direct to mouth granules using OXPzero™ taste masking/zero burn technology. This will result in clinical studies later this year to demonstrate the bio-equivalence of its OXPzero™ ibuprofen salt, a major step towards securing the first licensed medicine using the technology. OXP also announced that it had signed an exclusive global license from The School of Pharmacy, University of London, with the intention to develop and commercialise a range of lower dosage 'safer' formulations of Simvastatin and Atorvastatin which will have the equivalent existing high dose effect . This moves the company
into an area with potential for exponential growth as Statins are the leading drugs used to combat cardiovascular disease but concerns remain about potential side effects of using Statins at higher doses, a problem which OXP's technology could eradicate. The company's challenge is now to convert the OXPzero™ and OXPtarget™ technologies into real, exciting products that industry wants and to repeat the commercial success of OXPchew™ in the more attractive and higher value areas of NSAIDs (Non Steroidal Anti-Inflammatory Drugs) and Statins. In December 2012 OXP raised cash of
£2 million through a placing and in March 2013 it raised a further £5m of cash through another placing
in order to strengthen its financial position. This will allow the company to accelerate work on commercialising its technology platforms and to strengthen its IP position by developing dossiers for a range of NSAIDs which OXP will seek to license to major pharmaceutical companies. ORA's holding in OXP at 31 January 2013 was 28.2 per cent.
Plant Health Care Plc (PCH) which is AIM listed, is a leading provider of novel patent protected biological products to the global agriculture markets. PHC's key products are based on its proprietary Harpin technology which is used to trigger growth and self-defence mechanisms within the plants, stimulating more robust plant health and increased yield. These have demonstrated commercial success around the world and have been applied to over 10 million acres (approximately 4 million hectares) of crops. PHC's other products include Myconate, a biological plant growth stimulant which works by stimulating the colonisation of plant roots by beneficial micro-organisms called mycorrhizal fungi and enabling each plant to draw more nutrients and moisture out of the soil. PHC also has a range of other fertiliser and plant nutrient products. PHC's long-term vision is to establish itself as a highly profitable technology licensing business, embedded in the global agrochemical industry, earning most of its income as royalties and licensing fees. As such it intends to develop its capabilities to license out its products to larger companies in the sector by entering into exclusive joint development or licensing agreements with industry majors who have the development and marketing capabilities to maximise the potential of this portfolio. PHC intends to offer a differentiated portfolio of development peptides, which can allow it to assign meaningful exclusivity to a number of competing industry majors. The company has already formed partnerships with several of the leading agrochemical companies including Monsanto, Direct Enterprises Inc. and Arysta Life Science. PCH continues to have no debt and on 15 April 2013 it raised £13.4m ($20.3m) under a placing and subscription to fund the expansion of the R&D programme for its Harpin product platform and for commercialisation of existing products. ORA's holding in PCH at 31 January 2013 was 17.0 per cent.
Oxford Advanced Surfaces Group Plc (OAS) is an AIM listed company that develops and commercialises advanced materials and technology solutions using its patented VISARC™ nanoparticle and Onto™ reactive chemistry surface modification technologies. The VISARCTM anti- reflective coating (ARC) technology has several applications including display screens, solar cells and ophthalmic lenses for eyewear. OAS's initial focus is the displays market which has been an early adopter of ARCs for large area TV's, PC display monitors, tablets and phones. These are all being introduced to the consumer and industrial display markets with anti-reflection coatings being used as a key differentiator and value-add. Existing market leading technologies have demonstrated a performance of 1.0% reflection wheras similar ARC coatings using the VISARCTM technology has shown that reflection can be reduced to 0.3% whilst maintaining other performance properties. During
2012, OAS signed its first ARC joint development agreement which is on-going. In addition, the company has now synthesised nanoparticles with different functionalities to match substrate and formulation / binder systems covering glass and polymer substrates and which have been supplied to customers for evaluation in their formulations and coatings. OAS has also continued to develop the key technologies within OntoTM, which is a highly reactive chemistry proprietary to OAS. The company is currently focussing attention on the Onto™XL cross-linking technology which delivers both surface functionalisation and inter-layer adhesion. This has been evaluated with a broad range of coatings (inks, polyvinyl polymers) and substrates (PET, PE, PTFE, PC, etc.). Improved performance has been demonstrated against industry standard tests with data packages collected and marketed across multiple industries. The 2013 priority for this Onto technology is around marketing and commercialisation of the new demonstrated performance capability proven in 2012.OAS held cash balances of £4.3 million at 31 December 2012. ORA's holding in OAS at 31 January 2013 was 25.3 per cent.
GVC Holdings Plc (GVC) is an AIM listed company operating in the online gaming and sports betting markets. The company's principal brands are Betboo and CasinoClub. Betboo was initially focused on the Latin American market but since January 2011 has expanded into other emerging markets and in
particular Turkish speaking markets. CasinoClub is a leading online casino website for German- speaking markets. Whilst 2012 was another period of increased financial performance and returns for GVC shareholders, subsequently on 19 March 2013 it completed the most significant deal in the company's history as part of the acquisition of Sportingbet plc made conjunction with William Hill plc. The acquired Sportingbet businesses will consolidate GVC's position as one of the leading operators in a number of key markets and also provides GVC with an existing market leading sportsbook platform and trading team. As a result, GVC is well positioned for considerable growth in the future, with its portfolio of brands now including Sportingbet and serving numerous markets. ORA's holding in GVC at 31 January 2013 was 7.9 per cent.
Antisoma Group Plc (Antisoma) was founded as a biomedical company but following the discontinuation of key clinical trials in early 2011, all investment in the Group's clinical development programmes was ceased and overheads reduced to a minimum in order to preserve cash resources. The company's shareholders subsequently approved proposals to cancel Antisoma's listing on the Official List and to seek admission to trading of its shares on AIM. The company was admitted to AIM in January 2012 as an Investing company with an investing strategy under which the Board intends the company to be an active investor and to assist in the strategic development and growth of any significant acquisitions and/or investments it makes. Antisoma held cash balances of £9.4 million at
31 December 2012. ORA's holding in Antisoma at 31 January 2013 was 29.4 per cent.
East Balkan Properties Plc (EBP) is an AIM listed investment company focussing on commercial, retail and industrial property in the Balkan region. It is currently not making new investments, but is seeking to dispose of the majority of its investments. EBP's principal investments are a 40 per cent. equity interest in Glorient Investment BG (Glorient) and a 100 per cent. interest in Equest Logistics Centre SRL (Equest). Glorient is a property company which owns and develops large retail sites across Bulgaria. It owns 35 large stores and 13 development sites. Equest is the owner of a logistics park located in Romania on the outskirts of Bucharest consisting of three purpose built warehouses which between them are divided into 40 units. EPB also has interests in a number of other commercial, retail and industrial property interests in Romania and to a lesser extent in Serbia and Slovakia. The company de-listed from AIM in November 2012. At 31 January 2013, ORA held 29.9 per cent. of the issued share capital of EBP.
Novum Securities Limited (Novum) was founded as a Financial Services Authority authorised firm able to provide agency broking and corporate finance advice to intermediate customers and market counterparties. It subsequently broadened its profile to commence trading in a principal capacity, assessing stocks and acting as a market maker in UK domestic securities. Novum is now a profitable independent stockbroking house focused on the UK securities market and which specialises in providing discrete and highly professional sales and execution to institutional and high net worth clients alongside market making and corporate finance to quoted and private companies. At 31
January 2013, ORA held 43.4 per cent. of the issued share capital of Novum.
Financial Trading
Surplus cash may be committed to specific opportunities where the management team considers there to be potential for value creation which may include acquisition of equities and derivative financial instruments. These activities are reported under Financial Trading inclusive of related funding costs. The profit before tax attributable to Financial Trading in the year ended 31 January
2013 was £3.9 million compared to £2.2 million in the previous year.
Outlook
After a profitable year to 31 January 2013 for ORA, we expect another positive current year although the potential for volatility in capital markets remains, given that further austerity measures and structural reforms will be required to restore European public finances to a sustainable path. We continue to be committed to delivering additional value for our shareholders and will focus on increasing the worth of our existing portfolio companies through our active partnership approach. We will also retain the management disciplines and shareholder alignment around which ORA was founded, whilst running a low cost base.
Finally, I would like to thank our employees and the managers of our business portfolio companies for all their hard work and commitment in the continued growth and development of the Group during the period.
Richard Griffiths
Executive Chairman
24 Aprii 201 3
ORA CAPITAL PARTNERS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 January 2013 CONTINUING OPERATIONS 2013 2012 £000 £000
Gain/(loss) on portfolio and trading investments 72,477 (20,861) Revenue from services 77 73
Finance costs (55) (80)
Owners of the parent 71,675 (22,126)
Basic on profit/(loss) for year 161.10 (38.78)
Diluted on profit/(loss) for the year 156.96 (38.78)
ORA CAPITAL PARTNERS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 31 January 2013Share | Capital Redemption | Merger | Share Based Payment | Revenue | Total | |
Capital | Reserve | Reserve | Reserve | Reserve | Equity | |
£000 | £000 | £000 | £000 | £000 | £000 | |
At 31 January 2011 Total comprehensive | 707 - | 293 | 65,554 | 216 | 63,182 | 129,952 |
income for the year
Transactions with owners:Purchase of shares for
- - - (22,126) (22,126)cancellation (116) 116 - - (14,851) (14,851)
Cancellation of -
Treasury shares (13) 13 - - -
Purchase of own -
shares - - - (418) (418)
Total transactions with owners for the year (129) 129 - - (15,269) (15,269)Share based payment -
expense - - 115 - 115
At 31 January 2012 578 422 65,554 331 25,787 92,672Total comprehensive -
income for the year
Transactions with owners:Purchase of shares for
- - - 71,675 71,675cancellation (121) 121 - - (15,059) (15,059)
Cancellation of -
Treasury shares (14) 14 - - -
Total transactions with owners for the year (135) 135 - - (15,059) (15,059)Share based payment -
expense - - 106 - 106
At 31 January 2013 443 557 65,554 437 82,403 149,394 ORA CAPITAL PARTNERS LIMITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 January 2013 ASSETS Non-current assets 2013 2012 £000 £000
Investment portfolio 138,926 76,395
Property, plant and equipment 13 42
Trade and other receivables 445 3,215
Investments in trading securities 7,642 11,013
Derivative trading assets 30 106
Cash and cash equivalents 2,488 1,995
Trade and other payables (128) (84) Current tax liabilities (22) (10) TOTAL LIABILITIES (150) (94) NET ASSETS 149,394 92,672
Share capital 443 578
Capital redemption reserve 557 422
Merger reserve 65,554 65,554
Share based payment reserve 437 331
Revenue reserve 82,403 25,787
Foreign exchange - 20
Interest paid 55 80
Interest received (323) (11) Depreciation 29 30
Share base payment 106 115
Unrealised (gain)/loss on revaluation of portfolio investment (69,709) 24,774
Realised gain/(loss) on disposal of portfolio investments 1,374 (1,456) Realised gain on disposal of other trading investments (998) (673) Unrealised gains on other trading investments (1,255) (523) Operating cash inflow 976 232
Sale of portfolio Investments 16,967 12,489
Purchase of portfolio investments (5,722) (4,248) Purchase of trading securities (4,139) (18,196) Sale of trading securities 4,398 21,130
Decrease/(increase) in trade and other receivables 2,770 (3,063) Increase/(decrease) in trade and other payables 44 (23) Taxation over provision in prior period - (8) Taxation (received)/paid (10) 10
Interest received 323 11
Interest paid (55) (80) Net cash generated from investing activities 268 (69) FINANCING ACTIVITIES
Purchase of own shares - (418)
Purchase of shares for cancellation (15,059) (14,851) Net cash used in financing activities (15,059) (15,269) INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 493 (7,015) Cash and cash equivalents at start of year 1,995 9,032
Effect of foreign exchange rate changes - (22)
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