Amino Technologies plc  
Annual Report and Accounts 2008 
Amino Technologies plc Annual Report and Accounts 2008
Creating a personalised 
TV experience
Amino Technologies plc
Buckingway Business Park
Anderson Road
Swavesey
Cambridge CB24 4UQ
United Kingdom
Tel: +44 (0)1954 234100
Fax: +44 (0)1954 234101
Email: info@aminocom.com www.aminocom.com
_2_AMI_ar08_cover.indd   1 16/02/2009   13:59:19 Through a combination of software, hardware 
and systems know‑how, Amino T echnologies plc 
enables its global customer base to deliver and 
monetise a broad range of intelligent online video 
and broadcast services for the home and business 
consumer. The Company’s award‑winning range 
of AmiNET™ set‑ top box (STB) products provides 
telecoms, broadcast and hospitality companies 
with a ‘front door’ to Internet Protocol Television 
(IPTV) – a range of software and STB systems 
that can be tailored to offer highly scalable 
and targeted systems. Amino’s AssetHouse 
technology takes IPTV to the next level – allowing 
customers such as BT Vision to “think like retailers” 
and package and personalise new and innovative 
revenue‑generating services to viewers. 
 01   Highlights
 02   Review of our year: the Amino opportunity
 04   Review of our year: the Amino  
set‑top box business
 06  Review of our year: building our capabilities 
and improving our proposition
 08  Chairman’s report
	 1 0	 	 Ch ief 	 Ex ecutiv e 	 Of ficer’ s	 r epor t
	 1 2	 Ch ief 	 Fi nancial 	 Of ficer’ s	 r epor t
 14  Board of directors
 15 Advisors
 16  Corporate governance report
 17  Directors’ remuneration report
 20  Directors’ report
 23  Independent auditors’ report – Group
 24  Consolidated income statement 
 24  Consolidated statement of recognised 
income and expense
 25  Consolidated balance sheet
	 26	 	 Consol idat ed 	 cash 	 flo w 	 stat em ent
 27  Notes to the consolidated 
fi n a nci a l 	 s ta t e m e nts
 44  Transition to IFRS
 46 Independent auditor’s report – Company
 47  Company balance sheet
 48  Notes to the parent company 
fi n a nci a l 	 s ta t e m e nts
Con TACT de TAils
About Amino Technologies Contact details
Abou T Amino Te Chnologies
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Head office and worldwide sales
Amino Technologies plc and Amino Communications Ltd  
Buckingway Business Park 
Anderson Road
Swavesey 
Cambridge CB24 4UQ
United Kingdom
Tel: +44 (0)1954 234100
Fax: +44 (0)1954 234101
Email: info@aminocom.com
Americas
Amino Communications LLC  
3625 Brookside Parkway, Suite 150
Alpharetta GA 30022
USA
Tel: +1 678 636 6000
Fax: +1 678 636 6001
Email: info@aminocom.com
China
Amino Communications Technology Service Shanghai Co Ltd  
Suite 2702, City Gateway
398 Caoxi Lu
Shanghai 200030
China
Tel: +86 21 3368 8423
Fax: +86 21 3368 8429
Email: cninfo@aminocom.com
Sweden
Amino Communications AB
Finlandsgatan 40
SE‑164 74 Kista
Sweden
Tel: +46 8572 38643
Email: info@aminocom.com
_2_AMI_ar08_cover.indd   2 16/02/2009   13:59:35  • Amino Technologies plc • Annual Report and Accounts 2008 • 01
Highlights
highlights
Steady growth in profits:
•
  
Revenues of £31.90m; down 1. 1% (2007: £32.25m);
•
   
Gross profit up 18.2% to £13.37m (2007: £11.31m); 
•
  
Gross margins up 6.8% to 41.9% (2007: 35. 1%); and
•
  
Profit before tax up £0.75m to £2. 16m (2007: £1.41m).
Strong balance sheet and working capital: 
•
  
Total equity of £30.66m (2007: £28.98m) is equivalent 
to 53p per share (2007: 50p per share);
•
  
Net current assets of £24.32m (2007: £25.02m); and
•
  
Reduction in net cash of £2.63m to £14.4m (2007: £17 .07m) 
reflects purchase of own shares and acquisition  
of AssetHouse.
Strong operational progress:
•
  
Successful transition from MPEG‑2 Standard Definition (SD) 
to MPEG‑4 High Definition (HD) technology with a number 
of market‑leading and industry award‑winning products;
•
  
The appointment in June 2008 of Andrew Burke as 
Chief Executive Officer;
•
  
Strategically significant acquisitions of AssetHouse and, 
after the year end, Tilgin IPTV;
•
  
Licence and services sales up by £0.99m to £2. 18m;
•
  
MPEG‑4 HD shipments increased by 93%; and
•
  
A major milestone is reached as our two millionth AmiNET STB 
is sold; with the addition of Tilgin’s Mood brand, Amino now 
has over 2.5m STBs in the market.
£31 .9m
 (2007: £32.3m)
Turnover
4 1 .9%
 (2007: 35.1%)
Gross margin
£30.7m
 (2007: £29.0m)
Shareholders’ funds
£13.4m
 (2007: £11.3m)
Gross profit
£2.2m
 (2007: £1.4m)
Profit before tax
3.8p
 (2007: 4.1p)
Diluted earnings per share
Amino has continued to improve its profitability, made significant progress 
in delivering its stated strategic plans and delivered results in line 
with expectations. 
_1_AMI_ar08_front.indd   1 16/02/2009   13:58:09 02 • Amino Technologies plc • Annual Report and Accounts 2008 •
North America
HD – 40%
SD – 60%
Western Europe
HD – 50%
SD – 50%
Central & South America
HD – 10%
SD – 90%
Middle East & Africa
HD – 1%
SD – 99%
Central & Eastern Europe
HD – 25%
SD – 75%
China
HD – 5%
SD – 95%
South East Asia
HD – 20%
SD – 80%
Australasia
HD – 15%
SD – 85%
Review of our year: the Amino opportunity
Review of ou R yea R: 
the Amino opportunity The saying; “May you live in interesting 
times” is meant to be a curse. Well, the 
world of digital entertainment has never 
seen more interesting times and, for 
many traditional players, it may well be 
a curse. But for disruptors, challengers 
and innovators, there has never been 
more opportunity.
For the IPTV players and for a new 
generation of challengers that Amino 
enables, the field is wide open.
This is my first annual report as the CEO 
of Amino and, after delivering a solid year 
of results and making two strategically 
important acquisitions, I’m very excited about 
the opportunities ahead and the assets Amino 
has assembled to maximise them.
At last we’re entering the commercial phase 
of IPTV market development. Major operators 
and content players all over the world have now 
committed to the business, deployed the 
infrastructure and attracted serious customer 
numbers with innovative new services.
Now it’s time to step up a gear; to deliver 
better quality (with HD and MPEG-4 
compression); to deliver new services 
that combine traditional broadcast with 
Video-on-Demand (VoD) and Internet video 
Over-The-Top (OTT); and to start using the 
techniques of the best Internet retailers to 
actively promote relevant content rather than 
passively stacking it on a virtual TV shelf.
Amino is in the ideal position to exploit these 
trends and help power the next generation of 
IPTV. In a market characterised by a complex 
ecosystem, we are creating a compelling 
IPTV offering that is complete, open and 
sustainable. Our acquisition of AssetHouse 
in June 2008 marked a significant step in our 
transformation from a pure-play hardware 
company to a solutions business that offers 
more value to a wider range of players.
AssetHouse is a true leader in digital content 
merchandising software. In a previous role 
while launching the BT Vision service, I chose 
them to help us actively promote content to 
users. It’s an incredibly powerful solution 
and perfectly placed for the needs of the 
market today.
The recent acquisition of Tilgin’s IPTV division 
not only drives greater scale through new 
customer and partner relationships, but 
also gives us innovative new features like 
picture-in-picture and whole-home Personal 
Video Recorder (PVR) – features that help our 
operators acquire more customers, reduce 
churn and compete more effectively.
Bringing Amino, Tilgin IPTV and AssetHouse 
together gives us a bigger slice of the value 
chain and a more compelling offering for Tier 1 
operators. It also brings us a significant step 
closer to our vision of “full-circle content 
merchandising” – a combination of hardware 
and software that helps operators deliver 
a compelling, personalised experience 
to the consumer.
These are indeed interesting times. 
Andrew Burke
Chief Executive Officer
_1_AMI_ar08_front.indd   2 18/02/2009   15:11:30  • Amino Technologies plc • Annual Report and Accounts 2008 • 03
North America
HD – 40%
SD – 60%
Western Europe
HD – 50%
SD – 50%
Central & South America
HD – 10%
SD – 90%
Middle East & Africa
HD – 1%
SD – 99%
Central & Eastern Europe
HD – 25%
SD – 75%
China
HD – 5%
SD – 95%
South East Asia
HD – 20%
SD – 80%
Australasia
HD – 15%
SD – 85%
Our market: 
Our view of the global demand for pure 
IPTV HD and SD services – and our 
current STB deployments
Key:  .  Amino STB deployment
Review of our year: the Amino opportunity
The IPTV market continues to grow, creating 
more and more opportunities for Amino. 
In both established and emerging markets, 
operators have continued to add significant 
customer numbers and deliver innovative 
new services. Highlights include:
•  Informa Telecoms & Media forecasts strong 
growth, resulting in 57.0m IPTV homes 
by 2013 – triple the 2008 figure;
•  In the short term, Informa projects 18.6m 
IPTV households by the end of 2008 – 
up 8m in the year; 
•  Asia Pacific and Western Europe are each 
responsible for nearly 3m of the additional 
households, with North America adding 1.7m;
•  Eastern Europe is experiencing strong growth 
with an 85% increase in IPTV take-up over 
the last twelve months to 1.48m households 
– a number forecast to increase four-fold 
by 2012;
•  By 2013, Asia Pacific will contribute 22.2m of 
the 57.0m global total. China alone will have 
crossed the 10m mark.
(Source: Informa Telecoms & Media and IMS Research)
As subscriber bases reach critical mass for 
many operators, the opportunities for selling 
new services continue to grow. 
Beyond the operator-driven IPTV market, 
a growing adoption of OTT services – 
including Internet delivered video portals 
such as YouTube and TV 2.0 services such 
as Sezmi Corporation – opens up new 
revenue opportunities for our products.
Amino now makes money in five ways:
STB product sales – still the bulk of 
our revenue;
Licencing – our core technology ‘stack’ 
to partners in emerging markets;
Support fees – from our global installed base;
Systems integration fees – leveraging 
our expertise in IPTV delivery and 
infrastructure; and
Software and solutions – with our new 
AssetHouse platform and related solutions.
Our market – a global and  
growing opportunity Our revenue streams
_1_AMI_ar08_front.indd   3 18/02/2009   15:11:30 04 • Amino Technologies plc • Annual Report and Accounts 2008 •
Review of our year: the Amino set‑top box business
Review of ou R yea R:  
the Amino Set- t op Box B u Sine SS
“  t he award‑winning 
amiNet
tM
 range 
is known for its 
striking design, 
offering competitive 
functionality in small, 
sleek, consumer‑friendly 
packages. ”
Amino sells STBs into five markets:
•  T e l c o s – including Tier 1, 2 and 3 operators 
offering subscription and pay‑as‑you‑go 
services to residential customers;
•  TV 2.0 challengers – integrating Internet 
TV – services akin to YouTube and Hulu 
– with traditional TV and VoD;
•  Hospitality – including hotels, resorts, 
airlines and hospitals offering 
next‑generation TV and VoD 
services to guests;
•  Enterprises – who transmit video over 
proprietary networks – essentially in‑house 
IPTV – to communicate with staff, customers 
and stakeholders worldwide; and
•  Education – including schools and universities 
running their own IPTV services or offering 
commercial services to students and staff.
All of these markets are global, insulating 
the business from regional variations. 
During 2008, we worked with 738 customers 
in 58 countries.
STB products
Amino produces a growing range of 
AmiNET
TM
 IPTV STBs with a wide range 
of functionality including:
•  First‑generation IPTV – Standard Definition 
(SD) and MPEG‑2 compression, still very 
much in demand by Tier 2 and 3 operators 
and developing markets;
•  High Definition (HD) – fast establishing 
itself as the standard in North America 
and growing in Western Europe;
•  MPEG‑4 Compression – replacing 
MPEG‑2 because of its superior 
quality and bandwidth optimisation;
•  Personal Video Recorder (PVR) – allowing 
users to record entire series and rewind or 
pause live TV; and
•  Internet TV – the ability to include services 
such as YouTube “over the top” of IPTV.
We continue to innovate. We are developing 
our “full‑circle TV” offering to bring together 
a range of hybrid appliances and our 
AssetHouse solution into a powerful 
integrated offering.
The award‑winning AmiNET
TM
 range 
is known for its striking design, offering 
competitive functionality in small, sleek, 
consumer‑friendly packages.
_1_AMI_ar08_front.indd   4 16/02/2009   13:58:16 Review of our year: the Amino set‑top box business
Case study: 
From IPTV to myTV – Amino 
supports rapid Elion rollout
Elion is the largest telecommunications and 
IT provider in Estonia and began the rollout 
of IPTV in all major cities in early 2006 – 
now followed by a countrywide deployment. 
Digital television forms a key component of a 
triple‑play offering that also includes Internet 
and telephone connection, with the service 
securing over 75,000 customers since its 
launch, some 17% of all households. 
As well as 100 digital television channels, 
the IPTV service includes themed packages 
of various TV channels, digital radio stations, 
VoD and games, with a “myTV” personalised 
solution to be launched shortly. Elion chose 
Amino because of its track record as an 
industry leader and is now expanding 
its offering by adding the Amino PVR to 
its STB portfolio. Using the AmiNET
TM
 530, 
Elion will also be able to provide tiered 
triple‑play services with additional 
channels and HD TV, all based 
on state‑of‑the‑art technology.
 • Amino Technologies plc • Annual Report and Accounts 2008 • 05
_1_AMI_ar08_front.indd   5 16/02/2009   13:58:23 06 • Amino Technologies plc • Annual Report and Accounts 2008 •
Review of our year: building our capabilities and improving our proposition
Review of ou R yea R:  
Building our c Ap ABilitie S And  
improving our propo Sition The AssetHouse acquisition: 
moving Amino across the value chain
AssetHouse is the pioneer of digital 
proposition management for on‑demand 
entertainment. Our solution helps network 
operators acquire their content assets more 
effectively and turn them into profitable 
on‑demand products quickly, easily and 
at lower cost.
Amino purchased AssetHouse in June 2008 
to help us do four important things:
•  Help penetrate Tier 1 operators – BT 
is already a major AssetHouse customer, 
giving us the products and the credibility 
to sell to more Tier 1 operators;
•  Control more of the value chain – and 
help deliver whole solutions to operators 
of all sizes;
•  Differentiate our STBs – by integrating them 
with the AssetHouse platform into a full‑circle 
content merchandising solution; and 
•  Open up new markets beyond IPTV – with 
a multi‑channel solution that adds value 
for any content provider, delivering services 
through any channel.
AssetHouse recently closed a significant 
deal with Sezmi, an innovative TV 2.0 provider, 
which combines traditional TV content with 
movies and Internet TV in a single product.
Market reaction to the Amino/AssetHouse 
combination has been universally positive 
and our early discussions with existing 
and prospective customers have been 
very encouraging.
The Tilgin IPTV business acquisition: 
new product capability and partnerships
In December 2008, we bought Tilgin’s IPTV 
business – a well‑regarded product portfolio 
and engineering resource which strengthens 
our market position, product portfolio and 
ability to scale. This important acquisition:
•  Underlines our industry consolidation 
strategy – bringing together strong and 
innovative technology and software 
businesses into a single, focused 
company is very much what the market 
is demanding;
•  Enhances our offering – with products and 
software capabilities that complement and 
extend our own portfolio. New functionality 
– including picture‑in‑picture, whole home 
connectivity and green power – positions 
us strongly to meet current and future 
customer demand; and
•  Builds on our excellent industry partnerships 
– giving us access to new ecosystems, 
including Ericsson and Nokia Siemens 
Networks, that will further extend our 
customer reach.
“  Market reaction to 
the amino/asseth ouse 
combination has 
been universally 
positive and our early 
discussions with 
existing and prospective 
customers have been 
very encouraging.”
_1_AMI_ar08_front.indd   6 16/02/2009   13:58:25  • Amino Technologies plc • Annual Report and Accounts 2008 • 07
Review of our year: building our capabilities and improving our proposition
Our strengths
The combination of Amino, Tilgin’s IPTV 
business and AssetHouse brings a 
powerful set of capabilities to leverage 
our market opportunities:
•  Our systems expertise is unparalleled 
in the IPTV infrastructure marketplace;
•  Our content merchandising software is 
unique in the market and offers demonstrable 
added value to our customers;
•  Our hardware is known both for its 
consumer appeal and technical excellence 
and is now even more feature rich;
•  Our commercial flexibility allows us to 
address a wider market and to meet our 
customers’ needs with a variety of business 
models; and
•  Our management team brings together 
some of the industry’s most experienced 
executives with a thorough understanding 
of IPTV and its challenges.
The new Amino vision and strategy plays 
to these strengths and positions us well in 
the dynamic world of digital entertainment.
Our future
Amino is poised to exploit the growth of 
IPTV and support the business success 
of our customers around the world, as well 
as the emerging content players offering 
next‑generation services.
Our MPEG‑4, HD and PVR products are 
fully market ready. Our vision for full‑circle 
content merchandising has been validated 
by the market and we are strongly positioned 
to build on our success.
Case study:
Helping Sezmi put customers in control
Sezmi Corporation has developed the 
first complete personal TV offering by 
combining traditional TV content, movies 
and Internet video in a single easy‑to‑use 
product. Designed from the ground up 
with next‑generation TV functionality, 
Sezmi puts consumers in control with a 
personalised on‑demand viewing experience. 
Sezmi is working with partners 
from broadcast, broadband, content 
and advertising industries to create a 
new TV choice for consumers. Sezmi has 
selected AssetHouse’s digital proposition 
management solution to target, craft 
and deliver a wealth of different content 
offerings. At the same time, AssetHouse 
offers targeted, interactive and measurable 
advertising – a prime example of how its 
technology adds real value to the IPTV 
model. Sezmi is a dynamic company 
pushing the boundaries of TV – and 
Amino is right there with them.
_1_AMI_ar08_front.indd   7 16/02/2009   13:58:26 08 • Amino Technologies plc • Annual Report and Accounts 2008 •
Chairman’s report
Chai RMaN’s Repo Rt
Introduction
It has been another year of progress and 
delivery against our stated strategic plans. 
The year ended 30 November 2008 was a 
year of substantial change for the business, 
so I am pleased that the Group has been 
able to report results for the year in line 
with expectations. 
One of the most significant developments 
was the announcement of a new CEO for the 
Group in the form of Andrew Burke. Andrew 
brings a wealth of experience in the Internet 
Protocol TV (IPTV) space and has wasted 
no time in bringing fresh impetus to our 
plans, with strategic developments such 
as the acquisitions of AssetHouse and, 
after the year end, that of the IPTV division 
of Tilgin AB. These acquisitions enhance 
our position in the IPTV market, both 
in our traditional STB market and also 
in building a substantial new presence 
in the market for the software that drives 
IPTV systems.
As such, we enter 2009 in a robust 
position. There can be no doubt that the 
well‑documented downturn in economic 
conditions will present challenges in the 
year ahead but I am confident that, with the 
business we have today, we are well placed 
to strengthen our market position.
Results and finance 
Amino achieved steady growth in profits for 
the year ended 30 November 2008 despite 
the substantial changes made during the 
year. A 19% decrease in shipments caused 
by the transition from MPEG‑2 to MPEG‑4 
product sales, reduced revenue by only 1%
to £31.90m (2007: £32.25m) thanks to the 
increased contribution from our higher priced 
MPEG‑4 HD solutions and a stronger US 
Dollar in the fourth quarter. A further mark 
of our progress was the increasing contribution 
from our licence and support revenues, 
which grew to £2.15m (2007: £1.01m). 
Gross margins improved to 41.9% (2007: 
35.1%) as a result of our continued pressure 
on costs and the benefits from the exchange 
rate movement. Group operating expenses 
increased to £12.07m (2007: £10.63m) in line 
with our strategy to extend our product line. 
Operating profit increased by £0.63m to 
£1.30m (2007: £0.67m) and profit before 
tax increased by £0.75m to £2.16m (£1.41m). 
The Group net cash stood at £14.44m as at 
30 November 2008, down on the prior year 
(2007: £17.07m), having invested £1.42m 
in AssetHouse and a further £1.46m on 
share buy‑backs.
Strategy and competitive market position
Since taking the CEO’s role back in June, 
Andrew has been very clear about his strategic 
plan for this business. In order to grow, we must 
focus on building our offering in three core areas: 
building scale, enhancing our product line and 
moving across the value chain. The two 
acquisitions we have completed since his 
appointment demonstrate strong progress 
in the successful implementation of our strategy. 
AssetHouse gives us greater access to 
the Tier 1 operator market and significantly 
broadens our product offering beyond the 
STB arena where we have made our name. 
Tilgin IPTV also extends our product portfolio 
“  o ur robust balance 
sheet and broad 
market‑leading offering 
give us confidence that 
we are well‑placed to 
deliver on our ambitions. ”
_1_AMI_ar08_front.indd   8 16/02/2009   13:58:36  • Amino Technologies plc • Annual Report and Accounts 2008 • 09
Chairman’s report
as well as providing greater scale. 
Furthermore, the progress we have made in 
getting our MPEG‑4 HD product to market during 
the past year is a good example of the progress 
we are making in the organic STB business. 
Board
Andrew Burke assumed the role of CEO of 
the Group from his position as Non‑executive 
Director for Amino, a position which he had 
held for the previous 18 months. With his 
extensive knowledge of the IPTV marketplace, 
he is the ideal person to deliver the next 
phase of growth for Amino. Andrew took 
over the reins from Bob Giddy, who served 
as Amino’s CEO for seven years and built 
the Group from a £2m to £32m revenue 
business. I would like to record the Board’s 
thanks to Bob for his contribution and we 
wish him well with his future plans. 
In January 2008, we also announced the 
appointment of Peter Murphy, who replaced 
Olivier Hopkes as a Non‑executive Director. 
Peter Murphy is a Chartered Accountant with 
considerable experience in the technology 
and consumer industries. 
Staff
I would like, once again, to extend thanks on 
behalf of the whole Board to the employees 
of the Amino Group. The progress made 
during the past year has been thanks to their 
skill and dedication. Furthermore, we have 
expanded considerably with two acquisitions 
and it is a tribute to the new and existing 
members of staff that the integration of 
these organisations is being managed 
so quickly and effectively. 
Outlook
These are uncertain times for the global 
economy and we do not assume that we will 
be entirely immune to the downturn. As yet, 
we have not seen any negative impact to our 
business, but we are taking particular care 
to ensure that we are monitoring the markets 
carefully such that we will be in a position 
to react to a downturn in our own business 
outlook, should it occur. 
Our breadth of customer base, with 
738 customers in over 58 countries in the 
last year, gives us good market visibility and 
a high level of sensitivity to our customer and 
end‑user behaviour. In addition, our robust 
balance sheet and broad market‑leading 
offering give us confidence that we are well 
placed to deliver on our ambitions again 
in 2009 and beyond. 
Keith Todd CBE
Non‑executive Chairman
“  assethouse gives us greater 
access to the t ier 1 operator 
market and significantly 
broadens our product offering. ”
_1_AMI_ar08_front.indd   9 16/02/2009   13:58:37 10 • Amino Technologies plc • Annual Report and Accounts 2008 •
Chief Executive Officer’s report
Chief exe Cutive offi CeR’s Repo Rt
Introduction
I am delighted to be able to announce a year 
of solid progress for Amino in my first year‑end 
report to shareholders. Our intention has been 
to build Amino’s presence in its core markets 
and also to enhance its offering both through 
excellence in research and development and 
acquisition where appropriate. 
The results for the year ended 30 November 2008 
demonstrate the progress we are making with 
this plan, but much remains to be done. 
Market
These are interesting times for the IPTV 
industry. Video is being consumed over the 
Internet in new and exciting ways and more 
people are accessing video through their 
computers than ever before. In the UK, 
for example, the launch of the BBC’s iPlayer 
service a little over a year ago has triggered 
a sea change in the way that we watch 
television in this country – with some 41m 
requests in December alone. This trend has 
been replicated elsewhere around the world 
to the extent that 75% of the online population 
is now streaming video over the Internet. 
Whether it’s the Olympics, President 
Obama’s acceptance speech or short clips 
on YouTube, more and more of us are turning 
to our personal computers to watch video. 
This is the forerunner of such video content 
moving directly to the TV.
Advertising revenue is following this trend and 
telecoms operators around the world are very 
aware that doing nothing about online video 
is simply not an option. They face increasing 
competition on all fronts: from the traditional 
cable and satellite service providers as well 
as the new breed of IPTV and Internet video 
offerings (known as Over‑The‑Top). Enabling 
video over the Internet is a key way to help 
these operators to continue to build Average 
Revenue Per User (ARPU), accelerate market 
share and reduce customer churn. 
At the same time, consumers are becoming 
more demanding. They want the content they 
like and they want to view it in different ways,
through different devices. Operators need 
to better understand consumers’ needs and 
buying preferences if they are going to win 
the battle for market share in IPTV.
However, the current IPTV market offers 
interested buyers many different solutions 
from multiple suppliers. The big question for 
operators is how to make the most of these 
options to make sure the IPTV solution they 
choose is complete, open and sustainable. 
Strategy
Our ambition is to help these companies make 
sense of this complex market with a complete 
offering which enables them to deliver 
market‑leading IPTV services to their end 
customers, drawing on the skills and knowledge 
of the best of the ecosystem suppliers.
Followers of the Amino story will be familiar 
with the three pronged strategy that we 
have put in place to enable us to deliver this 
ambition. We want to build scale, to enhance 
our product line and to move across the 
value chain – and we have made positive 
strides in all three areas during the past year. 
Vision
A lot of work has been undertaken internally 
to ensure that our market proposition is 
strengthened and well communicated to 
our customer base. In order to ensure that 
we present a clear and coherent position, 
we have worked hard on developing our brand 
during the year and this is progressing well, 
to the extent that we are now seen as offering 
much more than just STBs to the industry. 
Operational efficiency
From 01 December 2008 we have reorganised 
the business into three business units: 
devices, client software and enterprise 
solutions, to ensure transparency and 
accountability in terms of business 
contribution. Finally, we are driving quality 
and efficiency through seeking ISO 9001 
compliance, complemented by new 
management information systems.
“  o ur ambition is to help 
those companies make 
sense of this complex 
market with a complete 
offering which enables 
them to deliver 
market‑leading iptv 
services to their 
end customers.”
_1_AMI_ar08_front.indd   10 16/02/2009   13:58:39  • Amino Technologies plc • Annual Report and Accounts 2008 • 11
Chief Executive Officer’s report
Acquisitions
The new divisional structure partly arose as a 
result of the strategically significant acquisition 
of AssetHouse in June last year. AssetHouse 
brings our customers greater visibility of their 
consumers’ viewing behaviours and preferences 
so that targeted content can be delivered. 
We call this offering full‑circle TV. AssetHouse 
has now been fully integrated into the Amino 
Group and in September we saw our first licence 
sale when we sold our AssetHouse solution to 
Sezmi, the US‑based TV 2.0 service provider. 
After the year end, we also completed the 
acquisition of Tilgin IPTV, a Scandinavian 
business which develops and sells a range 
of MPEG‑4 HD STBs, which are highly 
complementary to our own. The acquisition will 
enable us to extend our customer reach, notably 
in the Nordic market. The combination has also 
strengthened our channel relationships with 
leading systems integrators such as Ericsson 
and Nokia Siemens Networks. We have already 
developed an excellent working relationship 
with the Tilgin IPTV team and are now seeing 
encouraging signs of customer traction, 
winning new business in the two months 
since we acquired the business.
Research and development
Our research and development team has 
been busier than ever – not only successfully 
rolling out our new MPEG‑4 HD offering 
to the market, but also many other exciting 
new developments. 
In September, at the annual International 
Broadcasting Conference we announced 
the digital media roadmap for the unique 
Amino‑AssetHouse IPTV solution. 
At the same conference we unveiled 
our new PVR technology for our STBs. 
We also announced collaborations with the 
market leading middleware provider, Minerva, 
obtaining certification for our MPEG‑4 HD and 
PVR to run alongside Minerva’s iTVManager 
Platforms. This means that operators can deploy 
IPTV services with confidence, knowing that 
leading providers of IPTV STBs and middleware
have worked together to deliver fully tested, 
carrier‑class solutions. We also collaborated 
with content management software provider 
Cilutions to promote “out‑of‑the‑box” 
digital signage and IPTV applications 
for enterprise customers.
I was delighted to see our advancements 
recognised by the industry during 2008. 
At the Telco TV conference in November, 
our all‑digital MPEG‑4 HD product won 
“Best Customer Premise Equipment” and 
“Best in Show” awards. The same product 
then collected a prestigious global “Good 
Design” award from the world‑renowned 
Chicago Athenaeum Museum, becoming 
the only UK company to receive the accolade 
for electronics product design.
New customer wins and partnerships
These strides in innovation have also been 
recognised by our customer and partner base 
in 2008. One of the most exciting new business 
wins during the year was the sale of our 
AssetHouse solution offering to Sezmi, since this 
was the first sale that AssetHouse had achieved 
as part of the Amino Group. We had further 
positive news from the US in November, when 
we announced the first deployment of our 
AmiNET
TM
 530 STB in the North American market 
with systems integrator partner LTS. November 
also saw our all digital MPEG‑4 HD technology 
selected by Lumexis Corporation, the provider 
of in‑flight airline entertainment systems, 
to provide 100% digital HD IPTV to the 
passengers of a major global airline. 
We also announced several landmark distribution 
agreements during the latter stages of the year, 
including a global co‑operation agreement with 
Ericsson. A major contract with Estonian national 
operator Elion to deploy our MPEG‑4 HD PVR 
products was also secured. 
In December we reached an important milestone 
with the sale of our two millionth AmiNET™ STB. 
Reaching this milestone was a strong vindication 
of our leading product range, which is now 
deployed in over 80 countries worldwide.
Market prospects
There can be no doubt that these are 
challenging times for the global economy. 
We are unlikely to be immune from this downturn, 
but believe that we are well positioned to 
continue to benefit from the long term prospects 
that this market offers. We have a number of 
factors in our favour – a broad geographic reach, 
a large and loyal customer base, a strong 
balance sheet and healthy gross margins.
We believe that these attributes position us well, 
not only to weather the downturn but also to 
strengthen our market share in the year ahead. 
New markets are emerging, notably in the 
Far East, network capability is improving all the 
time and, perhaps most importantly, end users 
are consuming video online like never before 
and are becoming increasingly demanding 
in the level of service that they require.
We understand the market, we have a highly 
relevant proposition and we are ready for the 
next wave of this constantly evolving sector. 
We also believe that we have the appropriate 
strategy to drive shareholder value in this market. 
Our three pronged strategy will see us: 
•  Drive scale, enabling us to sell more products 
to a broader range of customers; 
•  Expand our product line, to ensure that 
we have the most complete product 
offering to sell to our customers; and
•  Extend across the value chain: thereby 
further increasing the loyalty and longevity 
of our customers. 
We believe that we are set fair to continue 
delivering these plans through the strength 
of our organic offering and through carefully 
selected acquisitions.
Andrew Burke
Chief Executive Officer
“  we understand the market, 
we have a highly relevant 
proposition and we are ready 
for the next wave of this 
constantly evolving sector. ”
_1_AMI_ar08_front.indd   11 16/02/2009   13:58:40 12 • Amino Technologies plc • Annual Report and Accounts 2008 •
Chief Financial Officer’s report
Chief f iNaNCial offi CeR’s Repo Rt
Basis of preparation
This is the first year that the Group has 
prepared its consolidated financial statements 
in accordance with International Financial 
Reporting Standards (IFRS). 
Also for the first time, the Group’s financial 
statements incorporate the results of 
AssetHouse Technology Ltd (AssetHouse) 
from the date of acquisition, 09 June 2008. 
The acquisition of Tilgin IPTV (Tilgin) 
was completed on 01 December 2008 
and therefore after the end of the financial 
period, so its results are not incorporated.
Results for the year
I am pleased to report that the Group has 
continued to improve its profitability despite 
the transition in demand for MPEG‑4 HD 
from MPEG‑2 SD technologies which 
resulted in lower shipments in our North 
American market. Whilst shipments of 
devices decreased by 19% to 484,000 
(2007: 598,000), revenue reduced by only 
1.1% to £31.90m (2007: £32.25m), primarily 
due to further transition in sales mix to higher 
priced MPEG‑4 HD (single stream and PVR) 
products and a stronger US Dollar in the 
fourth quarter. Shipments of MPEG‑HD 
devices increased to 89,000 (2007: 46,000). 
The Group benefited in the reduction in the 
US Dollar exchange rate from an average 
of $2.00 in FY2007 to an average of $1.89 
in FY2008. 86% of sales in the year were 
denominated in US Dollar, 12% were 
denominated in Euro.
Revenue from licence, support and 
expert services grew by £0.99m to £2.18m 
(2007: £1.19m), representing 6.8% (2007: 
3.7%) of turnover, underlining the contribution 
from our acquisition of AssetHouse. Licence 
revenue increased to £1.79m (FY2007: £0.86m), 
generated from a broad range of sources 
including partnerships for devices in the 
emerging markets and from the licence 
of AssetHouse’s technology of £0.31m 
(2007: £nil). Support revenues also increased 
by £0.21m to £0.36m (2007: £0.15m). 
Gross margins improved to 41.9% (2007: 35.1%) 
contributing to an increase in gross profit 
of 18.2% to £13.37m (2007: £11.31m). Gross 
margin on device sales improved by 3.14% 
to 39.38% (2007: 36.24%) due to further 
reductions in component prices and the 
Sterling value of component costs which 
were generally acquired when the US Dollar 
was weaker and sold after the US Dollar 
had strengthened.
Operating expenses increased by 13.6% 
to £12.08m (2007: £10.63m) in line with the 
Group’s strategy to extend its product line 
and extend along the value chain. Of the 
£1.45m increase in operating costs, £0.65m 
related directly to the purchase of AssetHouse. 
Sales, general and administrative expenses 
increased by £0.82m to £8.23m (2007: £7.41m). 
Research and development expenses, which 
are stated after net capitalisation of development 
costs of £1.08m (2007: £nil), increased by 
£0.62m to £3.85m (2007: £3.23m). On a like 
for like basis, research and development 
costs increased by £1.70m; £1.37m related 
to devices and £0.33m to AssetHouse. 
The value of the increased investment in 
development has started to be recognised 
with the prestigious awards made to the 
Group’s MPEG‑4 HD devices which are 
critical to the Group’s further success.
At the year end, headcount was 133 
(2007: 100). The average number of employees 
during the year was 119 (2007: 107).
Operating profit increased by £0.63m to 
£1.30m (2007: £0.67m), net interest received 
by £0.12m to £0.86m (2007: £0.74m) and 
profit before tax increased by £0.75m to 
£2.16m (2007: £1.41m).
“  t he investment in 
new Mpeg ‑4 h D 
products together 
with technologies 
and products gained 
through the acquisition 
of asseth ouse and 
t ilgin means that the 
group is well placed 
to grow.”
_1_AMI_ar08_front.indd   12 16/02/2009   13:58:42  • Amino Technologies plc • Annual Report and Accounts 2008 • 13
Chief Financial Officer’s report
Corporation tax receivable for the year is 
£0.04m (2007: receivable £0.93m). Usually, 
through utilising unrecognised tax losses 
to relieve taxable trading profits, the Group 
would expect to pay corporation tax at the 
prevailing rate only on net interest received. 
However, this year the corporation tax charge 
on net interest is mitigated by enhanced 
tax relief for research and development 
expenditure and research and development 
tax credits payable in the case of AssetHouse. 
In the previous year, the Group received 
research and development tax credits of 
£0.93m in respect of expenditure incurred 
in FY2005 and FY2006. 
Due to the exceptional corporate tax credit 
in 2007, profit after tax reduced by £0.14m to 
£2.20m (2007: £2.34m) and basic earnings 
per share reduced to 3.98p (2007: 4.18p).
Balance sheet
The Group has a strong balance sheet. 
Total equity of £30.66m (2007: 28.98m) 
is equivalent to 53p per share 
(2007: 50p per share). 
Net current assets of £24.32m (2007: £25.02m) 
provide the Group with a strong working 
capital base. The primary components of 
net current assets are net cash balances of 
£14.44m (2006: £17.07m), trade receivables 
of £12.23m (2007: £9.92m), stock of £5.06m 
(2007: £2.66m) and trade and other payables 
of £8.73m (2007: £5.37m). 
The reduction in net cash balances of £2.63m 
in the year to £14.44m (2007: £17.07m) reflects 
the purchase of shares for cancellation for 
£0.32m, the purchase of ordinary shares 
by the Employee Benefits Trust (EBT) 
for £1.14m and the acquisition of 
AssetHouse Technologies plc for £1.42m. 
Trade receivables of £12.23m (2007: £9.92m) 
represent 38.3% (2007: 30.8%) of revenues 
in the year, reflecting the Group’s traditionally 
strong fourth quarter. 75% of trade receivables 
at 30 November 2008 are insured. Trade 
receivables over 60 days at 30 November 2008 
but not provided for amounted to only £1.50m 
(2007: £1.04m) of which, as at 30 January 2009, 
all but £0.30m had been collected.
$11.17m (£7.25m) of net current assets 
are denominated in US Dollar and €1.39m 
(£1.15m) are denominated in Euros which 
were restated at $1.54 and €1.21 at the 
balance sheet date. Also at the balance 
sheet date, the Group had unsettled forward 
foreign exchange contracts of $7m at an 
average rate of $1.55 and €1.5m at a rate 
of €1.19. 
As at 30 November 2008, the Group had 
approximately £30m of tax losses available 
to carry forward to set against future 
taxable profits, of which losses of £6m 
are recognised by the deferred tax asset 
of £1.70m and £24m of tax losses remain 
unrecognised. At the current rate of 
corporation tax, the unrecognised 
deferred tax asset is £6.7m. 
Equity
Issued share capital reduced by 0.57m ordinary 
shares in the year to 57.84m (2007: 58.41m) 
following the company acquisition and 
cancellation of 0.62m shares and the issue 
of 0.05m shares in respect of deferred 
consideration on the second anniversary 
of the purchase of SJ Consulting Limited.
In June 2008, the Employee Benefits Trust 
acquired 2.05m ordinary shares for £1.14m. 
At the year end, the EBT held 3.30m 
(2007: 2.34m) ordinary shares representing 
6% (2007: 4%) of the issued share capital. 
Also at the year end, the total number of 
options granted primarily to current and 
former employees was 6.73m (2007: 4.36m).
Purchase of AssetHouse
On 09 June 2008, Amino acquired AssetHouse 
for £1.42m. Additionally, there is a cash 
earn‑out mechanism offering an additional 
consideration of 50% of any saving in 
corporation tax realised by Amino from 
utilisation of AssetHouse’s tax losses. 
As at 30 November 2008, AssetHouse had 
approximately £18m of tax losses available 
to carry forward to set against future taxable 
profits. At the current rate of corporation tax, 
the maximum additional consideration payable 
is approximately £2.5m, which has not been 
recognised at the balance sheet date. 
Post balance sheet event – 
purchase of Tilgin IPTV
On 01 December 2008, Amino acquired 
Tilgin IPTV for £2.71m, being the initial 
consideration and transaction costs, 
on a debt‑free basis payable in cash on 
completion. Additionally, there is a capped 
cash earn‑out mechanism offering an 
additional maximum consideration of 
SEK15.0m (approximately £1.25m) based 
on unit sales above 175,000 in financial 
year 2009. 
Summary
The Group has a strong balance sheet with 
assets primarily made up of cash and trade 
debtors. The investment in new MPEG‑4 HD 
products together with technologies and 
products gained through the acquisition of 
AssetHouse and Tilgin IPTV means that the 
Group is well placed to grow. Profits in the 
short to medium term are expected to be 
sheltered by the considerable tax losses 
carried forward. 
Stuart Darling
Chief Financial Officer
_1_AMI_ar08_front.indd   13 16/02/2009   13:58:44 14 • Amino Technologies plc • Annual Report and Accounts 2008 •
Board of directors
Boa RD of Di ReCto Rs
1. Keith Todd, MA, CBE
Non‑executive Chairman and Director
Age 55, Keith joined Amino in January 2007. 
Keith served as non‑executive chairman 
of the UK Broadband Stakeholder Group 
for three years from February 2002. He was 
also non‑executive chairman of Easynet plc, 
a broadband services company, until 
January 2006 when it was sold to BSkyB. 
He was previously chief executive of ICL plc 
from 1996 to 2000 (now Fujitsu Services). 
He held a number of other senior executive 
positions in ICL and GEC Marconi defence 
businesses. He is currently chairman 
of FFastFill plc.
2. Stuart Darling, FCA 
Chief Financial Officer and  
Company Secretary
Age 45, Stuart joined Amino as Chief Financial 
Officer in June 2001. Stuart’s track record 
is in strategic planning and financial 
management for fast growth technology 
businesses. He previously worked for 
CyberLife Technology Limited, in the field 
of artificial life technology, and Millennium 
Interactive Limited, a developer and publisher 
of entertainment software. After qualifying 
as a Chartered Accountant with Price Bailey, 
Stuart spent five years at Coopers & Lybrand, 
where he specialised in fast‑growth 
companies and corporate recovery.
3. Andrew Burke
Chief Executive Officer
Age 47, Andrew joined Amino as Chief Executive 
Officer in June 2008, having served as a 
non‑executive director since January 2007. 
Previously Andrew was chief executive officer 
of BT Entertainment where he devised and 
ran BT Vision, the company’s TV‑over‑Broadband 
initiative, chaired their Premium Rate Services 
activity, pioneered their Digital Media Services 
and led their relationships with the media world. 
Prior to that Andrew was chief executive 
officer of eVerger, a $100m investment fund. 
Andrew is also chairman of Crisp Thinking 
and a non‑executive director of the 
IT Forum Foundation.
_1_AMI_ar08_front.indd   14 16/02/2009   13:58:45  • Amino Technologies plc • Annual Report and Accounts 2008 • 15
Board of directors
4. Colin Smithers, BSc, PHD, CEng, 
FIEE, M InstD, LTCL
Non‑executive Director
Age 50, Colin joined Amino in March 2002, 
and between October 2005 and January 2007 
chaired the Remuneration Committee. 
In 1989, after working at PA Technology, 
Colin co‑founded and is managing 
director of Plextek Limited, one of the 
largest independent electronics design 
consultancies in Europe – with activities 
in telecommunications, medical, automotive 
and defence sectors. He has a background 
in communications technology products 
and systems and, through Plextek, has had 
experience of many new company situations.
5. Peter Murphy
Non‑executive Director
Age 52, Peter began his career at 
Price Waterhouse, where he qualified 
as a Chartered Accountant. His experience 
includes strategic planning, finance and 
business operations. He has held a variety 
of senior board positions in the software, 
manufacturing and consumer goods 
industries. More recently, he was finance 
and operations director for the Lionhead 
group of companies where he organised 
the sale of the business to Microsoft and 
prior to that he was a founder director, 
chief financial officer and business 
operations director of Camelot Group plc, 
the National Lottery operator.
Registered office
Prospect House
Buckingway Business Park
Anderson Road
Swavesey
Cambridge CB24 4UQ
Secretary
Stuart Darling
Nominated advisor and stockbroker
KBC Peel Hunt Ltd
111 Old Broad Street
London EC2N 1PH
Auditors
PricewaterhouseCoopers LLP
Abacus House
Castle Park
Cambridge CB3 OAN
Solicitors to the Company
Hewitsons
Shakespeare House
42 Newmarket Road
Cambridge CB5 8EP
Registrars and receiving agents
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
aDviso Rs
_1_AMI_ar08_front.indd   15 16/02/2009   13:58:46 16 • Amino Technologies plc • Annual Report and Accounts 2008 •
Corporate governance report
Corporate governan Ce report 
for the year ended 30 November 2008
Introduction
The Listing Rules require that listed companies (but not companies traded on the Alternative Investment Market (AIM)) incorporated in the 
UK should state in their report and accounts whether they comply with the Combined Code (2006) (“the Code”) on Corporate Governance 
and identify and give reasons for any area of non‑compliance. The Company is listed on AIM and therefore no disclosure is required. 
However, a number of voluntary disclosures have been given.
The Board supports the principles and aims of the Code and intends to ensure that the Group observes the provisions of the Code as it grows, 
as far as is practical. However, the Board considers that at this stage in the Group’s development the expense of full compliance with the Code 
is not appropriate.
Directors and Board
The Board comprises two executive and three non‑executive directors. The roles of non‑executive chairman, non‑executive directors and 
chief executive are separate appointments and it is Board policy that this will continue.
The non‑executive directors bring their independent judgement to bear on issues of strategy, performance, appointments, resources and 
standards of conduct. 
There is a formal schedule of matters specifically reserved for decision by the Board, who meet on a monthly basis.
All directors have access to the advice and services of the Company Secretary and there is an agreed procedure for directors to take 
independent professional advice at the Group’s expense, if necessary. 
Board committees
The Board has established three committees: the Audit, Remuneration and Nomination Committees. They are composed solely 
of non‑executive directors. Peter Murphy is the Chairman of all three committees.
Audit
The Audit committee has terms of reference that set out its remit, authority and duties and its intention to meet at least three times a year 
with the external auditors.
Relations with shareholders
The Company’s executive directors meet regularly with institutional shareholders, fund managers and analysts as part of an active investor 
relations programme to discuss long‑term issues and obtain feedback. Private investors are encouraged to participate in the Annual 
General Meeting. 
Internal financial control
The Group has established policies covering the key areas of internal financial control and the appropriate procedures, controls, authority 
levels and reporting requirements which must be applied throughout the Group. 
The key procedures that have been established in respect of internal financial control are:
.
  Internal control: the directors review the effectiveness of the Group’s system of internal controls on an annual basis;
.
  Financial reporting: there is in place a comprehensive system of financial reporting based on the annual budget approved by the Board. 
The results for the Group are reported monthly along with an analysis of key variances, and year‑end forecasts are updated on a regular 
basis; and 
.
  Investment appraisal: applications for significant expenditure of either a revenue or capital nature are made in a format which places emphasis 
on the commercial and strategic justification as well as the financial returns. All significant projects require specific Board approval.
No system can provide absolute assurance against material misstatement or loss but the Group’s systems are designed to provide reasonable 
assurance as to the reliability of financial information, ensuring proper control over income and expenditure, assets and liabilities.
Going concern
After making enquiries and taking account of the Group’s cash resources, the directors have a reasonable expectation that the Group has adequate 
resources to continue in operational existence for the next twelve months and, for this reason, they continue to adopt the going concern basis in 
preparing the financial statements.   • Amino Technologies plc • Annual Report and Accounts 2008 • 17
Directors’ remuneration report
dire Ctors’ remuneration report 
for the year ended 30 November 2008
Introduction
As a company listed on AIM, Amino Technologies plc is not required to present a Directors’ remuneration report, however a number 
of voluntary disclosures have been made.
In framing its remuneration policy and the reporting of remuneration, the committee has given consideration to the Combined Code (2006).
Remuneration committee
The Remuneration committee, chaired by Peter Murphy and including Colin Smithers and Keith Todd, determines the Group’s policy 
for executive remuneration and the individual remuneration packages for executive directors. In setting the Group’s remuneration policy, 
the committee considers a number of factors including the following:
.
  Salaries and benefits available to executive directors of comparable companies;
.
  The need to both attract and retain executives of appropriate calibre; and
.
  The continued commitment of executives to the Group’s development through appropriate incentive schemes (including the award of shares 
and share options).
Remuneration of executive directors
Consistent with this policy, benefit packages awarded to executive directors comprise a mix of basic salary and performance‑related 
remuneration that is designed as an incentive. 
The remuneration packages comprise the following elements:
.
  Base salary: the Remuneration Committee sets base salaries to reflect responsibilities and the skills, knowledge and experience 
of the individual;
.
  Bonus scheme: the executive directors are eligible to receive a bonus dependent on both individual and Group performance as determined 
by the Remuneration Committee;
.
  Equity: shares and share options; and
.
  Car allowance, Company contribution into a personal pension scheme, life assurance, private medical insurance and permanent 
health insurance. 
The executive directors are engaged under separate contracts which require a notice period of six months given at any time by the Company 
or the individual.
Remuneration of non‑executive directors
The fees and equity paid to the non‑executive directors are determined by the Board. The non‑executive directors do not receive any other forms 
of benefits such as health cover or pension. The notice periods of the non‑executive chairman and non‑executive directors are three months. 
Directors’ detailed emoluments and compensation
 Year to 30 November 2008
  Salary    Pension  
	 	 and	fees	 Bonus	 Benefits	 Sub‑total	 contributions	 T otal
Keith Todd  60,000 — — 60,000 — 60,000
Andrew Burke – CEO
6
  93,684 — 563 94,247 8,749 102,996
Andrew Burke – Non‑executive   64,105 — — 64,105 — 64,105
Stuart Darling  121,785 — 1,125 122,910 16,826 139,736
Bob Giddy
5
   113,879 — 1,127 115,006 66,997 182,003
Colin Smithers  19,490 — — 19,490 — 19,490
Peter Murphy
4
  25,625 — — 25,625 — 25,625
Olivier Hopkes
1 
  16,308 — — 16,308 — 16,308
  514,876 — 2,815 517,691 92,572 610,263 18 • Amino Technologies plc • Annual Report and Accounts 2008 •
Directors’ remuneration report
dire Ctors’ remuneration report for the year ended 30 November 2008 ( c o n T i n u e d )
Directors’ detailed emoluments and compensation (continued)
 Year to 30 November 2007
  Compensation      
 Salary for loss    Pension 
 and fees of office Bonus Benefits Sub‑total contributions T otal
Keith Todd 55,000 — — — 55,000 — 55,000
Andrew Burke – Non‑executive 25,806 — — — 25,806 — 25,806
Stuart Darling 128,138 — 30,235 1,045 159,418 6,049 165,467
Bob Giddy 114,524 — 63,000 1,604 179,128 66,996 246,124
Colin Smithers 19,000 — — — 19,000 — 19,000
Olivier Hopkes
1 
 9,288 — — — 9,288 — 9,288
Grant Masom
2
 33,573 30,000 — — 63,573 — 63,573
Paul Fellows
3
 79,884 46,666 — 836 127,386 2,979 130,365
Nick Kuenssberg
2 
 21,104 — — — 21,104 — 21,104
David Gammon
2
 4,167 — — — 4,167 — 4,167
 490,484 76,666 93,235 3,485 663,870 76,024 739,894
1
 Olivier Hopkes resigned on 23 January 2008.
2
 Grant Masom, Nick Kuenssberg and David Gammon resigned on 02 January 2007.
3
 Paul Fellows resigned on 28 September 2007.
4
 Peter Murphy was appointed on 24 January 2008.
5
 Bob Giddy resigned on 03 December 2008.
6
 Andrew Burke resigned as Non‑executive Director on 09 June 2008 and was appointed Chief Executive Officer on the same date.
Contributions were made to the personal pension schemes of three of the directors (2007: three), in accordance with their employment contracts. 
Colin Smithers’ fees are paid to Plextek Limited.
Andrew Burke’s fees were paid to APB Consultancy Ltd until his appointment as Chief Executive Officer on 09 June 2008.
Nick Kuenssberg’s fees were paid to his management company, Horizon Co‑Invest Limited. 
David Gammon’s fees were paid to Rockspring Limited.
Directors and their interests in shares
The directors held the following interests in Amino Technologies plc:
 At 30 November 2008 At 30 November 2007
     
    Ordinary Options over Ordinary Options over 
    shares ordinary shares shares ordinary shares 
    of	1p	each	 of	1p	each of 1p each of 1p each 
    Number Number Number Number
Keith Todd    128,414 250,000 — 150,000
Andrew Burke
2
    336,702 2,928,153 — 30,000
Bob Giddy     216,181 600,000 — 1,029,116
Stuart Darling
2
    50,000 440,000 — 350,000
Peter Murphy    — 30,000 — —
Colin Smithers
1
    40,000 109,959 40,000 79,959
1
 Held by The CIT Pension fund. 
2
 Ordinary shares held in personal pension fund.  • Amino Technologies plc • Annual Report and Accounts 2008 • 19
Directors’ remuneration report
Directors and their interests in shares (continued)
Full details of the directors’ options over ordinary shares of 1p each are detailed below: 
    At At 
    30 November 30 November 
   Exercise 2008 2007* 
Director  Date price Number Number
Keith Todd   01 January 2007 £0.50
e
 100,000 100,000
  01 January 2007 £1.25
f
 50,000 50,000
  01 July 2008 £0.62
d
 100,000 —
    250,000 150,000
Andrew Burke   22 January 2007 £0.50
e
 30,000 30,000
  09 June 2008 £0.00
a
 1,738,892 —
  09 June 2008 £1.50
a
 1,159,261 —
    2,928,153 30,000
Bob Giddy  19 September 2003 £0.20 — 499,999
  30 September 2003 £0.20 — 138,001
  01 February 2004 £0.32 — 391,116
  09 June 2008 £0.55
b
 500,000 —
  09 June 2008 £0.62
c
 100,000 —
    600,000 1,029,116
Stuart Darling  19 September 2003 £0.20 290,000 290,000
  25 September 2003 £0.20 37,497 37,497
  01 February 2004 £0.32 22,503 22,503
  01 July 2008 £0.62
d
 90,000 —
    440,000 350,000
Peter Murphy   24 January 2008 £0.49
e
 30,000 —
    30,000 —
The CIT Pension fund (for Colin Smithers)  30 September 2003 £0.20 55,000 55,000
  01 February 2004 £0.32 14,959 14,959
  17 May 2004 £0.70 10,000 10,000
  01 July 2008 £0.62
d
 30,000 —
    109,959 79,959
* Or date of appointment if later.
(a) The vesting conditions of these options are as follows:
 .  
50% when measured Total Shareholder Return (share price growth excluding adjustment for dividend payments) equals or exceeds 30% per annum in the 
period 09 June 2008 to 30 November 2011.
 . 
50% when measured Earnings per Share growth equals or exceeds 40% per annum in the period 01 December 2008 to 30 November 2011.
(b) These options vested on the date of grant and are exercisable at any time during the option period of 01 December 2008 to 30 November 2009. 
(c) The vesting conditions of these options are as follows:
 . 
50% when measured Total Shareholder Return equals or exceeds 30% per annum in the period 09 June 2008 to 09 June 2009. 
 . 
50% when measured Earnings per Share growth equals or exceeds 40% per annum in the period 01 December 2008 to 30 November 2009.
(d) The vesting conditions of these options are as follows:
 . 
50% when measured Total Shareholder Return equals or exceeds 30% per annum in the period 01 July 2008 to 30 November 2010.  
 . 
50% when measured Earnings per Share growth equals or exceeds 40% per annum in the period 01 December 2008 to 30 November 2010.
(e) Vested in full on the first anniversary of grant. 
(f) Vested in full on the second anniversary of grant.
All other options excluding (a) to (f) above have vested in full and are exercisable until expiry, being 10 years from date of grant. All vested 
options held by current directors lapse six months after the date of resignation.
The market price of the Company’s shares at the end of the financial year was £0.48 and ranged between £0.48 and £0.68 during the year.
Peter Murphy
c h a i rm a n , 	 R e mu n e r a t i o n 	 c o m mi t te e 20 • Amino Technologies plc • Annual Report and Accounts 2008 •
Directors’ report
dire Ctors’ report 
for the year ended 30 November 2008
The directors present their report and the audited financial statements for the year ended 30 November 2008. 
Principal activities
Amino Technologies plc (www.aminocom.com) specialises in IPTV software technologies and hardware platforms that enable delivery 
of digital programming and interactivity over IP Networks, including the Internet. 
Our AmiNET™ series of small, low cost, high functionality set‑top boxes (STBs) offer the full range of specification required; MPEG‑2 
and MPEG‑ 4 encoding standards, SD and HD TV, Personal Video Recording (PVR) and home networking. The high performance, coupled 
with the innovative design of Amino’s STBs, has brought the series industry accolades and the Company a leading position within the 
IPTV market.
Amino’s technologies have been used in commercial deployments and trials in over 80 countries worldwide. Amino’s principal customers are 
telecommunications, broadcast and hospitality service operators. 
Amino is partnered with world‑leading companies in systems integration, middleware, conditional access, silicon, head‑end systems and 
browser technologies.
Business review and future developments
A review of the Group’s performance during the financial year, research and development activities and future prospects, are contained in 
the Chairman’s report, the Chief Executive’s report and the Chief Financial Officer’s report. 
Financial risk management
The Group is exposed to a number of risks; these include credit risk, foreign exchange risk and liquidity risk. The Group has an ongoing risk 
management programme which aims to reduce adverse effects on the results and financial performance of the Group. It is the responsibility 
of the Board to ensure that these risks are reviewed and managed regularly.
.
  Credit risk: it is Group policy to insure its debtors. Where this can not be achieved due to the territory or customer involved, the necessary 
terms are placed on the customer so that monies are prepaid in full or to an adequate level so that the maximum exposure is equal to the 
margin on the sale.
.
  Foreign exchange risk: a substantial proportion of goods purchased and sold are denominated in US Dollars. The risk of exposure on the 
margin is kept to an acceptable level by buying or selling US Dollars at prevailing rates where deemed appropriate, to minimise any effect. 
The Group’s foreign exchange exposure is continuously monitored.
Principal risks and uncertainties
The Board and management of the business and the execution of the Group’s strategy are subject to a number of risks. 
The key business risks affecting the Group are set out below:
.
  Financial (see note 3);
.
  Supply chain – the Group sources its products principally from the US and China. The product includes various components which are 
only available on four month lead times. The Group mitigates this risk through effective supplier selection and procurement practices 
supplemented by appropriate insurance coverage;
.
  Recruitment – the Group’s performance depends largely on its ability to recruit and retain key individuals with the right experience and skills. 
To mitigate these issues the Group has implemented a number of schemes linked to the Group’s results that are designed to retain key 
individuals, including bonuses and share option schemes;
.
  Technology – the Group’s revenue is dependent on delivering complex viable technologies to specific markets. The Group ensures 
that cross‑functional teams of senior employees work together and with customers to ensure the timely completion of long ‑ term 
development projects;
.
  Amino IP infringement – the Group’s IP may be at risk from unauthorised parties attempting to copy or obtain and use the technology. 
The Group continues to invest heavily in protecting its IP globally; and
.
  Third‑ party IP infringement – the Group’s business and operations may be adversely affected by litigation arising from alleged 
IP infringement. The Group has implemented procedures to identify, assess, manage and report on any potential IP infringement.
Risks are formally reviewed by the Board and appropriate processes are in place to monitor and mitigate them.
Key performance indicators (KPIs)
The Board monitors progress on the overall Group strategy and the individual strategic elements by reference to KPIs, specifically revenue 
growth, gross margin and working capital levels. These KPIs have been addressed in the Chairman’s report, the Chief Executive Officer’s report 
and the Chief Financial Officer’s report.
Proposed dividend
The directors do not recommend the payment of a dividend (2007: £nil).
Purchase of own shares
The Company acquired and cancelled 620,000 of its own shares through purchases on the London Stock Exchange on 15 April 2008. 
The total amount paid to acquire these shares was £322,400. 
On 10 June 2008, the Group allotted 2,049,335 ordinary shares of 1p each at 55p per share to the Amino Communications 
Employee Benefit Trust, consideration for which was satisfied by way of an interest free loan of £1,137,302 from Amino Holdings Limited.   • Amino Technologies plc • Annual Report and Accounts 2008 • 21
Directors’ report
Research and development 
£4,958,021 was spent on research and development in 2008 (2007: £3,226,990). Under IAS 38, “Intangible Assets”, £1,110,697 of this spend 
was capitalised (2007: £nil).
The Group continues to improve its market leading range of MPEG‑ 2 STBs and continues to develop its MPEG‑ 4 SD, MPEG‑ 4 HD and 
MPEG‑4 PVR STBs and associated software technologies. In the opinion of the directors, this investment will maintain and generate significant 
revenues in future years.
Post balance sheet events
On 01 December 2008, the Group purchased 100% of the share capital of Tilgin IPTV AB, for a total consideration of £2.71m. For further details 
on the acquisition please refer to note 33.
Directors 
The directors of Amino Technologies plc, who served during the whole of the year unless otherwise stated, were as follows:
Keith Todd    Non‑executive Chairman 
Andrew Burke    Chief Executive Officer 
Bob Giddy (resigned 03 December 2008) President  
Stuart Darling    Chief Financial Officer and Company Secretary 
Colin Smithers    Non‑executive Director  
Peter Murphy (appointed 24 January 2008) Non‑executive Director 
Olivier Hopkes (resigned 23 January 2008) Non‑executive Director
Andrew Burke was a Non‑executive Director until his appointment as Chief Executive Officer on 09 June 2008. 
Bob Giddy was Chief Executive Officer until 09 June 2008, at which point he became President. 
Keith Todd retires as Director by rotation and being eligible, offers himself for reappointment at the forthcoming Annual General Meeting.
Employment policies
The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them 
as employees and on the various factors affecting the performance of the Group. This is achieved through both formal and informal meetings. 
The employee share scheme has been running successfully since its inception on 08 June 2004 and is open to all employees.
The Group gives full and fair consideration to applications for employment from disabled persons where the candidate’s particular aptitudes 
and abilities meet the requirements of the job. In the event of any staff becoming disabled while with the Group, every effort will be made to 
ensure that their employment by the Group continues and that appropriate adjustments are made to their work environment. 
Policy and practice on payment of creditors
The Group does not follow any specific code on payment of creditors; creditors are paid in accordance with the terms of the contract agreed 
between the two parties. Trade creditors of the Group at 30 November 2008 were equivalent to 55 days’ purchases for the Group (2007: 33 days). 
Substantial shareholdings 
As at 26 January 2009, the following shareholders had each notified the Company that they held an interest of 3% or more in the Company’s 
ordinary share capital:
       Percentage 
      Number of of issued 
      ordinary shares share capital
Evolution Securities Nominees Limited      7,888,916 13.6%
Chase Nominees Limited      5,290,227 9.1%
Mineworkers Pension Scheme       3,702,018 6.4%
Nutraco Nominees Limited      3,682,938 6.4%
British Coal Staff Superannuation      3,661,375 6.3%
BNY (OCS) Nominees Limited      3,435,000 5.9%
Walbrooke Trustees (Guernsey) Limited      3,304,241 5.7%
P .H. Nominees Limited      2,166,601 3.7%
The Bank of New York (Nominees) Limited      2,125,812 3.7%
Chase Nominees Limited Lend Account      2,054,772 3.6%
Britel Fund Nominees Limited      1,744,857 3.0%
      39,056,757 67.4% 22 • Amino Technologies plc • Annual Report and Accounts 2008 •
Directors’ report
dire Ctors’ report for the year ended 30 November 2008 ( c o n T i n u e d )
Political and charitable donations
The Group did not make any charitable or political donations in the year (2007: £nil).
Statement of directors’ responsibilities
The directors are responsible for preparing the Annual Report and the Group and the parent company financial statements in accordance with 
applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the 
Group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union, and 
the parent company financial in accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).
The Group and parent company financial statements are required by law to give a true and fair view of the state of affairs of the Company and 
the Group and of the profit or loss of the Company and the Group for that period.
In preparing those financial statements, the directors are required to:
.
 Select suitable accounting policies and then apply them consistently; 
.
 Make judgements and estimates that are reasonable and prudent; 
.
  State that the Group financial statements comply with IFRSs as adopted by the European Union and with regard to the parent company 
financial statements that applicable UK Accounting Standards have been followed, subject to any material departures disclosed and 
explained in the financial statements; and 
.
  Prepare the Group and parent company financial statements on the going concern basis unless it is inappropriate to presume that the 
Group will continue in business, in which case there should be supporting assumptions or qualifications as necessary. 
The directors confirm that they have complied with the above requirements in preparing the financial statements.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position 
of the Company and the Group and to enable them to ensure that the Group financial statements comply with the Companies Act 1985 and 
the parent company financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the 
Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the Group’s website. Legislation in the UK governing the preparation and 
dissemination of financial statements may differ from legislation in other jurisdictions.
Disclosure of information to auditors
So far as each director is aware, there is no relevant audit information of which the Group’s auditors are unaware. Each director has taken all 
steps that he ought to have taken in his duty as a director in order to make himself aware of any relevant audit information and to establish 
that the Group’s auditors are aware of that information. 
Auditors
The auditors, PricewaterhouseCoopers LLP, have indicated their willingness to continue in office and a resolution that they be reappointed will 
be proposed at the Annual General Meeting.
By order of the Board
S t u a r t 	d a rli n g
c o m p a ny 	 S e c r e t a r y
02 February 2009  • Amino Technologies plc • Annual Report and Accounts 2008 • 23
Independent auditors’ report
i ndependent auditors’ report 
to 	 t h e 	 m e m b e r s 	 o f	 A m i n o 	 T e c h n o l o g i e s 	 p l c
We have audited the Group financial statements of Amino Technologies plc for the year ended 30 November 2008 which comprise the 
Consolidated income statement, the Consolidated balance sheet, the Consolidated cash flow statement, the Consolidated statement of 
recognised income and expense and the related notes. These Consolidated financial statements have been prepared under the accounting 
policies set out therein. 
We have reported separately on the parent company financial statements of Amino Technologies plc for the year ended 30 November 2008. 
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and the consolidated financial statements in accordance with applicable law 
and International Financial Reporting Standards (IFRSs) as adopted by the European Union are set out in the Statement of directors’ responsibilities. 
Our responsibility is to audit the Group financial statements in accordance with relevant legal and regulatory requirements and International 
Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared for and only for the Company’s members 
as a body in accordance with section 235 of the Companies Act 1985 and for no other purpose. We do not, in giving this opinion, accept 
or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save 
where expressly agreed by our prior consent in writing.
We report to you our opinion as to whether the Group financial statements give a true and fair view and whether the Group financial statements 
have been properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the information given 
in the Directors’ report is consistent with the Group financial statements. The information given in the Directors’ report includes that specific 
information presented in the Chairman’s report, the Chief Executive Officer’s report and the Chief Financial Officer’s report that is cross referred 
from the Business review and future developments and key performance indicators (KPIs) sections of the Directors’ report. 
In addition we report to you if, in our opinion, we have not received all the information and explanations we require for our audit, or if information 
specified by law regarding directors’ remuneration and other transactions is not disclosed. 
We read other information contained in the Annual Report and consider whether it is consistent with the audited Group financial statements. 
The other information comprises only the About Amino report, Highlights, Review of the year, Chairman’s report, Chief Executive Officer’s 
report, Chief Financial Officer’s report, Corporate governance report, Directors’ remuneration report and Directors’ report. We consider the 
implications for our report if we become aware of any apparent misstatements or material inconsistencies with the Group financial statements. 
Our responsibilities do not extend to any other information. 
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. 
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the Group financial statements. It also 
includes an assessment of the significant estimates and judgements made by the directors in the preparation of the Group financial statements, 
and of whether the accounting policies are appropriate to the Group’s circumstances, consistently applied and adequately disclosed. 
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide 
us with sufficient evidence to give reasonable assurance that the Group financial statements are free from material misstatement, whether 
caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information 
in the Group financial statements. 
Opinion
In our opinion:
.
  The Group financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of the 
Group’s affairs as at 30 November 2008 and of its profit and cash flows for the year then ended; 
.
 The Group financial statements have been properly prepared in accordance with the Companies Act 1985; and 
.
 The information given in the Directors’ report is consistent with the Group financial statements.
P r i c ewa te r hou s e c o op e r s 	 L L P
c h a r te r e d 	 Ac c o u n t a n t s 	 a n d 	 R e g i s te r e d 	 Au d i to r s
c a m b r idge
(a)  The maintenance and integrity of the Amino Technologies plc website is the responsibility of the directors; the work carried out by the auditors does not 
involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial 
statements since they were initially presented on the website.
(b) Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.  24 • Amino Technologies plc • Annual Report and Accounts 2008 •
Consolidated income statement and consolidated statement of recognised income and expense
Consolidated in Come statement for the year ended 30 November 2008
      Year to  Year to 
      30 November 30 November 
      2008 2007 
     Notes £ £
Revenue     4 31,902,075 32,253,156
Cost of sales      (18,529,562) (20,945,251)
Gross	profit	      13,372,513 11,307,905
Selling, general and administrative expenses      (8,226,302) (7,406,511)
Research and development expenses      (3,847,324) (3,226,990)
operating	profit	      1,298,887 674,404
Financial income     5 870,016 967,903
Financial expense     5 (6,857) (230,831)
net	financial	income     5 863,159 737,072
Profit	before	corporation	tax     6 2,162,046 1,411,476
Corporation tax credit     9 41,092 932,573
Profit	for	the	year	attributable	to	equity	holders    24 2,203,138 2,344,049
Basic	earnings	per	1p	ordinary	share     10 3.98p 4.18p
diluted	earnings	per	1p	ordinary	share     10 3.77p 4.08p
Consolidated statement of re Cognised in Come 
and expense
for the year ended 30 November 2008
      Year to  Year to 
      30 November 30 November 
      2008 2007 
      £ £
Foreign exchange difference arising on consolidation     591,223 (149,218)
net	income	recognised	directly	in	equity      591,223 (149,218)
Profit for the year      2,203,138 2,344,049
T otal	recognised	income	for	the	financial	year	    2,794,361 2,194,831
The accompanying notes are an integral part of these consolidated financial statements.  • Amino Technologies plc • Annual Report and Accounts 2008 • 25
Consolidated balance sheet
Consolidated balan Ce sheet 
as at 30 November 2008
      30 November 30 November 
      2008 2007 
     Notes £ £
Assets       
non‑current	assets       
Property, plant and equipment     13 982,964 1,118,891
Intangible assets     12 3,431,236 960,778
Deferred income tax assets     21 1,719,000 1,719,000
Trade and other receivables     15 203,101 163,450
      6,336,301 3,962,119
Current assets       
Inventories     14 5,059,627 2,659,659
Trade and other receivables     15 13,576,759 10,720,082
Cash and cash equivalents     17 14,443,582 17,065,867
      33,079,968 30,445,608
T otal	assets      39,416,269 34,407,727
capital	and	reserves	attributable	to	equity	holders	of	the	business		    
Called‑up share capital     22 578,430 584,130
Shares to be issued     24 27,751 68,667
Share premium     24 104,249 79,749
Capital redemption reserve     24 6,200 —
Other reserves     24 16,388,755 16,388,755
Retained earnings     24 13,555,105 11,862,663
T otal	equity     24 30,660,490 28,983,964
Liabilities       
Current liabilities       
Borrowings     19 12,502 37,229
Trade and other payables     18 8,732,415 5,386,534
Derivative financial instruments     16 10,862 —
T otal	liabilities	     8,755,779 5,423,763
T otal	equity	and	liabilities      39,416,269 34,407,727
The financial statements on pages 24 to 43 were authorised for issue by the Board of directors on 02 February 2009 and were signed 
on its behalf by:
A n d r ew 	 B u r k e	 S t u a r t 	d a r li n g
d i r e c to r 	 d i r e c to r
The accompanying notes are an integral part of these financial statements.  26 • Amino Technologies plc • Annual Report and Accounts 2008 •
Consolidated cash flow statement
Consolidated C ash flow statement for the year ended 30 November 2008
      Year to  Year to 
      30 November  30 November 
      2008 2007 
     Note £ £
cash	flows	from	operating	activities       
cash	generated	from	operations     25 155,859 1,901,106
Corporation tax (paid)/received      (277) 914,186
net	cash	generated	from	operating	activities     155,582 2,815,292
cash	flows	from	investing	activities       
Acquisition of subsidiary – net of cash acquired     (881,908) —
Purchases of intangible fixed assets      (1,597,919) (408,677)
Purchases of property, plant and equipment       (228,416) (183,423)
Interest received      854,865 913,552
Interest paid      (6,857) (230,831)
Proceeds from exercise of employee share options     253,297 2,540
net	cash	(used	in)/generated	from	investing	activities     (1,606,938) 93,161
cash	flows	from	financing	activities       
Proceeds from issuance of ordinary shares      — 16,000
Repurchase of own shares      (322,400) —
Loan made to Employee Benefit Trust for purchase of shares     (1,137,302) —
Repayments of borrowings     	 (24,727) (7,397,569)
net	cash	used	in	financing	activities      (1,484,429) (7,381,569)
net	decrease	in	cash	and	cash	equivalents     (2,935,785) (4,473,116)
Cash and cash equivalents at beginning of year     17,065,867 21,658,769
Effects of exchange rate fluctuations on cash held     313,500 (119,786)
cash	and	cash	equivalents	at	end	of	year      14,443,582 17,065,867  • Amino Technologies plc • Annual Report and Accounts 2008 • 27
Notes to the consolidated financial statements
n otes to the C onsolidated finan Cial statements for the year ended 30 November 2008
1 General information
Amino Technologies plc (‘the Company’) and its subsidiaries (together ‘the Group’) specialises in IPTV software technologies and hardware 
platforms that enable delivery of digital programming and interactivity over IP Networks, including the Internet.
During the year, the Group acquired control of AssetHouse Technology Limited, a company specialising in Digital Proposition Management software. 
The Company is a public limited company which is listed on the Alternative Investment Market (AIM) of the London Stock Exchange and 
is incorporated and domiciled in the UK. The address of its registered office is given on the inside back cover. 
2 Summary of significant accounting policies
The principal accounting policies applied in the presentation of these consolidated financial statements are set out below. These policies have 
been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), 
as adopted by the European Union, IFRIC interpretations and with those parts of the Companies Act 1985 applicable to companies 
reporting under IFRS. 
The consolidated financial statements have been prepared under the historical cost convention basis except for certain financial assets and 
financial liabilities (including derivative instruments) that are measured at fair value through profit or loss, as discussed in the accounting 
polices below. 
B as i s 	 o f 	 c on s o lida t i on
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company 
(its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an acquired 
entity so as to obtain benefits from its activities. 
Subsidiaries are fully consolidated from that date on which control is transferred to the Group. They are de‑consolidated from the date that 
control ceases. 
The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured 
as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly 
attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are 
measured initially at their fair values at the acquisition date. The excess of the cost of acquisition over the fair value of the Group’s share of the 
identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary 
acquired, the difference is recognised directly in the income statement. 
Merger accounting has been used to account for the acquisition of certain subsidiaries in the Group. This means that the financial statements 
of Amino Technologies plc and those of its wholly‑ owned subsidiary, Amino Holdings Limited, have been aggregated and presented as if the 
two companies have always existed as a Group. 
The Group has taken the exemption not to apply IFRS 3, “Business Combinations”, retrospectively to business combinations that took place 
before 01 December 2006. 
Ad o p t i o n 	 o f 	 n ew 	 a c c o u n t i n g 	 s t a n d a r d s
The following IFRSs and IFRIC interpretations and amendments have been adopted in line with the transitional guidance of each standard: 
.
  IFRS 7, “Financial Instruments: Disclosures”, and the complementary amendment to IAS 1, “Presentation of Financial Statements”, issued 
in August 2005, require the Group to disclose revised and additional disclosure. This implementation has had no impact on the results 
or net assets of the Group. 
.
  IFRIC 11, “IFRS 2 – Group and Treasury Share Transactions”, issued in November 2006, provides guidance on whether share‑based 
transactions involving Group entities should be accounted for as equity‑ settled or cash‑ settled transactions. This implementation has 
had no impact on the results or net assets of the Group. 
.
  IFRIC 8, “Scope of IFRS 2” addresses the issue of whether IFRS 2, “Share‑based Payment” applies to transactions in which the entity 
cannot identify specifically some or all of the goods or services received. This standard does not have any impact on the results or net 
assets of the Group. 
The following standards, amendments and interpretations effective in the Group accounts from 01 December 2007 are not relevant to the 
operations of the Group:
.
 IFRS 4, “Insurance Contracts”;
.
 IFRIC 7, “Applying the Restatement Approach” under IAS 29, “Financial Reporting in Hyper‑inflationary Economies”; and 
.
 IFRIC 9, “Re‑assessment of Embedded Derivatives”.
F u t ur e 	 an n oun c e m e n t s
The following IFRS and IFRIC interpretations, which are relevant to the Group, have been issued by the International Accounting Standards 
Board (IASB) but are not yet effective. 
In November 2006, the IASB issued IFRS 8, “Operating Segments” which is required to be implemented in the financial year commencing 
01 December 2008. This aligns the IFRS reporting of segmental analysis with that provided in accordance with US GAAP and requires 
segmental analysis reported by an entity to be based on information used by management. This standard is not likely to have a material 
effect on the Group’s results of operations or financial position.  28 • Amino Technologies plc • Annual Report and Accounts 2008 •
Notes to the consolidated financial statements
n otes to the C onsolidated finan Cial statements for the year ended 30 November 2008 ( co n T i nu ed )
2 Summary of significant accounting policies (continued)
F u t ur e 	 an n oun c e m e n t s 	 ( c o n t i nu e d )
The following interpretations are not yet effective and are not relevant to the Group’s operations:
.
 IFRIC 12, “Service Concession Agreements”;
.
 IFRIC 13, “Customer Loyalty Programmes”;
.
 IFRIC 14, “IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction”;
.
 IFRIC 15, “Agreements for the Construction of Real Estate”; and
.
 IFRIC 17, “Distributions of Non‑cash Assets to Owners”.
S e g m ent a l 	 re po r t in g
A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that 
are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular 
economic environment that are subject to risks and returns that are different from those of segments operating in other economic environments.
The Group’s primary format for segmental reporting is by business segment. The secondary format is by geographical segment, which is 
determined by reference to the geographical location of the Group’s customers. 
R e v e n u e 	 r e c o g n i t i o n
Revenue represents the invoice value of goods sold and services provided in the period, the value of sales of licences, royalties arising from 
the resulting sale of licenced products, and support and maintenance, stated exclusive of value added tax. 
.
  Income from the sale of products is recognised when goods are delivered in accordance with the terms and conditions of sale agreed with 
the customer. Income from development and integration work required with product sales is recognised on completion of the relevant project.
.
  Licence revenues under non‑cancellable licence agreements are recognised once the economic benefit of the licenced hardware and/or 
software has been transferred to the customer and no material further obligations remain outstanding. Where the agreement provides for 
continuing material obligations to be fulfilled over a period of time, income is deferred until such time as the obligations have been fulfilled.
.
 Income from support and maintenance is recognised over the period in which the service is provided.
.
 Expert services are invoiced in line with customer contracts and revenue is recognised on the basis of contractual milestones.
Fo r eig n 	 c u r r e nc ies
(i) Functional and presentational currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment 
in which the entity operated (the functional currency). The consolidated financial statements are presented in Sterling, which is the Company’s 
functional and presentational currency.
(ii) Transactions and balances
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. 
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date.
The Group only uses derivative contracts (i.e. forward foreign exchange currency purchases or sales) to hedge known foreign currency exposures 
and does not use derivative contracts for speculative purposes. The Group’s derivative contracts do not qualify for hedge accounting and are 
valued (i.e. marked to market) at the balance sheet date and any resulting profits or losses are taken to the income statement. 
(iii) Group companies
The results and financial position of all Group entities that have a functional currency different from the presentation currency are translated 
into Sterling as follows:
(a) Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
(b) Income and expenses for each income statement are translated at the average exchange rate for the month; and
(c) All resulting exchange differences are recognised within retained earnings.
Fi n a n c i al 	 i n s t r u m e n t s
(i) Treasury policies and management
The Group’s treasury policies are designed to ensure that adequate financial resources are available for the development of the 
Group’s businesses.
(ii) Trade receivables
Trade receivables are recognised initially at fair value and subsequently held at amortised cost using the effective interest rate method, 
less provision for impairment. Trade receivables are first assessed individually for impairment, or collectively where the receivables are not 
individually significant. Where there is no objective evidence of impairment for an individual receivable, it is included in a group of receivables 
with similar credit risk characteristics and these are collectively assessed for impairment. Movements in the provision for doubtful debts are 
recorded in the income statement within selling, general and administrative expenses.  • Amino Technologies plc • Annual Report and Accounts 2008 • 29
Notes to the consolidated financial statements
2 Summary of significant accounting policies (continued)
Fi n a n c i al 	 i n s t r u m e n t s 	 ( c o n t i n u e d )
(iii) Trade payables
Trade payables are recognised initially at fair value and subsequently held at amortised cost. 
Trade payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 
twelve months after the balance sheet date. 
d e r i va t i v e 	 fi n a n c i a l 	 i n s t r u m e n t s 	 a n d 	 h e d g i n g 	 a c t i v i t i e s
Derivatives are categorised as held for trading unless they are designated as hedges. Assets in this category are classified as current assets.
The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate risk. Further details of derivative 
financial instruments are disclosed in note 16. 
Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently re‑ measured to their 
fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss immediately. A derivative is presented as 
a non‑current asset or a non‑current liability if the remaining maturity of the instrument is more than twelve months. Other derivatives 
are presented as current assets or current liabilities. 
P r o p e r t y , 	 p l a n t 	 a n d 	 e q u i p m e n t
Property, plant and equipment is stated at cost, net of depreciation and any provision for impairment in value. 
Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, 
of each asset on a straight‑line basis over its expected economic useful life. 
The principal annual rates used for this purpose are:
Computer software and equipment 33
1
/3% per annum 
Office and other equipment  25% per annum 
Leasehold improvements  Period of lease
i n t a n g ible 	 as s e t s
(i) Goodwill
Goodwill arising on acquisition represents the excess of the fair value of the consideration given over the fair value of the net assets acquired. 
Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised in the income statement 
in the period in which it was identified. Please refer to note 12 for details on how impairment reviews are performed. 
On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. 
Goodwill arising on acquisitions before 01 December 2006 has been retained at the previous UK GAAP amounts subject to being tested 
for impairment at that date and any amounts written off to reserves under UK GAAP has not been reinstated. 
The carrying value of goodwill represents its value in use computed by estimating the discounted future cash flows that are expected to arise 
from the asset. 
(ii) Software licences
Software licences are capitalised at cost as an intangible asset and amortised over their useful economic life on a straight‑ line basis. 
For the assets held at the balance sheet date, this is three years. 
i nv e n to r i e s
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first‑in, first‑out (FIFO) method. Net realisable 
value is based on estimated selling price, in the ordinary course of business, less further costs expected to be incurred to completion and sale. 
c a s h 	 a n d 	 c a s h 	 e q u i va l e n t s
Cash and cash equivalents include cash in hand and deposits held at call with banks. Highly liquid investments with original maturity dates 
of three months or less are considered to be cash equivalents.
c u r r e n t 	 a n d 	 d e f e r r e d	 t a x
UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted 
or substantially enacted at the balance sheet date. 
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities 
in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance 
sheet liability method. 
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary 
differences can be utilised. 
Deferred tax is calculated at taxation rates that are expected to apply in the period when the liability is settled or the asset is realised. 
Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, 
in which case the deferred tax is also dealt with in equity.  30 • Amino Technologies plc • Annual Report and Accounts 2008 •
Notes to the consolidated financial statements
n otes to the C onsolidated finan Cial statements for the year ended 30 November 2008 ( co n T i nu ed )
2 Summary of significant accounting policies (continued)
e m p l o y ee 	 b en e fi t s
(i) Pension obligations
The Group operates a stakeholder pension scheme and contributes to a number of personal pension schemes on behalf of its employees. 
The Group provides no other post‑retirement benefits to its employees. Pension costs are charged to the income statement in the period 
to which they relate.
(ii) Share‑based compensation 
The Group operates a number of equity‑settled, share‑based compensation plans. Equity‑settled share‑based payments are measured 
at fair value at the date of grant. The fair value determined at the grant date of the equity‑settled share‑based payments is expensed on 
a straight‑line basis over the vesting period, based on the Group’s estimate of shares that will eventually vest. Fair value is measured 
by use of the Black‑Scholes pricing model. 
The Group has applied the exemption available under IFRS 2, to apply its provisions only to those options granted after 07 November 2002 
which were outstanding at 01 December 2006. 
L e a s e s
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. 
Payments made under operating leases are charged to the income statement on a straight‑ line basis over the period of the lease. 
Re s e a rc h 	 a nd 	 d ev e l o p m e nt
All ongoing research expenditure is expensed in the period in which it is incurred. 
When the Board is sufficiently confident that all of the criteria for capitalisation are met, development costs are capitalised and amortised 
over the expected useful life, currently 24 months, of the respective product; otherwise, development costs are expensed when incurred. 
The criteria for capitalisation of development costs are that a product is technically feasible, production and sale are intended, a market exists, 
expenditure can be measured reliably, and sufficient resources are available to complete the project. The extent of capitalisation is limited 
to that amount which, taken together with further related costs, will be recovered from the future economic benefits related to the asset.
c r i t i c a l 	 a c c o u n t i n g 	 e s t i m a te s 	 a n d	 j u d g e m e n t s
The preparation of financial information in conformity with IFRS requires the directors to make critical accounting estimates and judgements 
that affect the application of policies and reported amounts of assets and liabilities, income and expenses. An assessment of the impact 
of these estimates and judgements on the financial statements is set out below. 
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future 
events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates and any subsequent 
changes are accounted for with an effect on income at the time such updated information is available. 
Estimated impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated above. 
The recoverable amounts of cash‑generating units have been determined based on value‑in‑use calculations. These calculations require 
the use of estimates (see note 12).
Fair values for employee share schemes
The establishment of fair values, in respect of employee services received in exchange for share options, requires the exercise of judgement 
and estimation in respect of the life of the option, the expected volatility of the underlying shares and the expected dividend yield. 
Assessing whether development costs meet the criteria for capitalisation
The point at which development costs meet the criteria for capitalisation is critically dependent on management’s judgement of the point 
at which technical feasibility is demonstrable. 
Assessing the amount of the deferred tax asset that has been provided for
The amount of the deferred tax asset included in the balance sheet of the Group is recognised only to the extent that it is probable that 
future taxable profits will be available against which the asset can be utilised. In estimating the amount of the deferred tax asset that may 
be recognised the directors make judgements, based on current budgets and forecasts, about the amount of future taxable profits and 
the timing of when these will be realised.
3 Financial risk management 
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and interest rate risk); credit risk; and liquidity 
risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential 
adverse effects on the Group’s financial performance.
Risk management is carried out by the Group’s finance department under policies approved by the Board of directors. These policies permit 
the use of financial instruments such as derivatives, where appropriate, but speculative transactions are not permitted. 
M a r k e t 	 r i s k
(i) Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect 
to the US Dollar. The Group is also exposed to currency risk in respect of assets and liabilities of its overseas subsidiaries.   • Amino Technologies plc • Annual Report and Accounts 2008 • 31
Notes to the consolidated financial statements
3 Financial risk management (continued)
M a r k e t 	 r i s k 	 ( c o n t i n u e d )
(i) Foreign exchange risk (continued)
The Group considers foreign exchange risk to be its principal risk and seeks to minimise its effects of foreign exchange risks by using 
derivative financial instruments where appropriate. Such contracts are entered into to hedge against known foreign exchange exposures 
only and are not used for speculative purposes. 
The Group’s derivative contracts do not qualify for hedge accounting and are valued (i.e. marked to market) at the balance sheet date and 
any resulting profits or losses are taken to the income statement. 
The Group had the following current assets and liabilities denominated in currencies other than Sterling:
	 	 	 	 	 	 dollars	 euros 
Y ear	ended	30	november	2008		 	 	 	 	 	 $	 ¤
Trade and other receivables denominated in foreign currency     18,131,547 1,622,091
Cash balances denominated in foreign currency     1,936,949 37,351
Trade and other payables denominated in foreign currency     (8,893,964)	 (266,168)
net	current	assets	denominated	in	foreign	currency	     11,174,532 1,393,274 
Outstanding forward contracts      7,000,000 1,470,000
Percentage of current assets not matched by forward contracts    37% 0%
      Dollars Euros 
Year ended 30 November 2007      $ ¤
Trade and other receivables denominated in foreign currency     19,536,040 274,707
Cash balances denominated in foreign currency     1,914,011 30,406
Trade and other payables denominated in foreign currency     (12,261,892) (137,060)
Net current assets denominated in foreign currency      9,188,159 168,053
Outstanding forward contracts      — —
Percentage of current assets not matched by forward contracts    100% 100%
At 30 November 2008, if Sterling had weakened/strengthened by 5% against the US Dollar with all other variables held constant, post‑tax profit 
for the year would have been £1.0m (2007: £0.70m) higher/lower.
(ii) Interest rate risk
The Group invests its funds in short and medium‑ term bank deposits at a maximum of six months’ notice. Cash at bank earns interest based 
on relevant LIBOR equivalents and during the year earned interest at an average fixed rate of 5.31% (2007: 5.45%).
c r e di t 	 r i s k
Credit risk is managed on Group basis. Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with 
banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. 
The Group spreads this risk by depositing cash across a number of banks. For banks and financial institutions, only independently rated 
parties with a minimum rating of ‘A’ are accepted. 
It is Group policy to insure its debtors. Where this cannot be achieved due to the territory or customer involved, where possible, the necessary terms 
are placed on the customer so that monies are prepaid in full or to an adequate level so that maximum exposure is equal to the margin on the sale. 
No credit limits were exceeded during the reporting period and management does not expect any losses from non‑performance 
by these counterparties. 
c a pi t a l 	 r isk 	 ma na g e m e n t
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns 
for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust dividends paid to shareholders, return capital to shareholders or issue new shares. 
None of the entities in the Group are subject to externally imposed capital requirements. 
4 Segmental analysis
The Group has only one class of business segment, being the development and sale of broadband network software and systems. 
All revenues, costs, assets and liabilities relate to this segment. 
The secondary, geographical analysis of revenue is as follows:
      Year to Year to 
      30 November 30 November 
      2008 2007 
      £ £
UK, Europe and Africa       19,015,627 16,313,448
North America      9,707,217 12,381,659
South America      1,437,554 2,477,275
Asia Pacific       1,741,677 1,080,774
      31,902,075 32,253,156
For this disclosure revenue is determined by the location of the customer. 32 • Amino Technologies plc • Annual Report and Accounts 2008 •
Notes to the consolidated financial statements
n otes to the C onsolidated finan Cial statements for the year ended 30 November 2008 ( co n T i nu ed )
4 Segmental analysis (continued)
The total assets of the Group by location of the asset, is as follows:
      Year to Year to 
      30 November 30 November 
      2008 2007 
      £ £
UK, Europe and Africa       28,700,326 30,278,266
North America      5,908,182 1,091,430
South America      589,348 462,481
Asia Pacific       4,218,413 2,575,550
      39,416,269 34,407,727
The capital expenditure of the Group by location of the asset, is as follows:
      Year to Year to 
      30 November 30 November 
      2008 2007 
      £ £
UK, Europe and Africa       225,525 163,699
North America      2,891 19,724
South America      — —
Asia Pacific       — —
      228,416 183,423
Further analyses of revenue by streams are given below. It is the intention of the directors that these categorise will represent the Group’s 
segments in future years.
      Year to Year to 
      30 November 30 November 
      2008 2007 
      £ £
Devices       31,465,427 32,253,156
Solutions      436,648 —
      31,902,075 32,253,156
      Year to Year to 
      30 November 30 November 
      2008 2007 
      £ £
Product       29,726,573 31,058,391
Licence      1,786,724 858,958
Support      363,291 154,027
Expert services      25,487 181,780
      31,902,075 32,253,156
5 Finance income and costs
      Year to Year to 
      30 November 30 November 
      2008 2007 
      £ £
Interest receivable and similar income      870,016 967,903
Interest payable on bank loans and overdrafts      — (227,386)
Other interest payable      (6,857) (3,445)
Finance costs      (6,857) (230,831)
Net financial income      863,159 737,072
During 2007 the Group hedged its foreign currency exposure with a US Dollar‑ denominated loan. The interest payable on the loan was offset 
by interest received.   • Amino Technologies plc • Annual Report and Accounts 2008 • 33
Notes to the consolidated financial statements
6 Profit before corporation tax
Profit before corporation tax is stated after charging:
      Year to Year to 
      30 November 30 November 
      2008 2007 
      £ £
Depreciation of owned property, plant and equipment     379,322 390,856
Amortisation of intangible fixed assets      385,874 266,824
Impairment of intangible fixed assets      140,000 46,575
Loss on disposal of property, plant and equipment     1,597 112
Operating lease rentals       
– Land and buildings      563,500 394,682
– Plant and machinery       2,820 2,820
Auditors’ remuneration:       
Audit services       
– Fees payable to Company auditor for the audit of the Company and consolidated financial statements  30,000 30,000
Other services       
– The auditing of the Company’s subsidiaries pursuant to legislation    21,500 21,500
– Other services      39,600 15,000
(Gain)/loss on foreign exchange      (779,403) 267,801
Movements in inventory provision      (9,556) (145,009)
Loss on derivative financial instruments      10,862 —
7 Staff costs
The year end and average monthly number of employees (including executive directors) was:
    As at As at  
    30 November 30 November Year to Year to 
    2008 2007 30 November 30 November 
    Year Year 2008 2007 
    end end  A verage Average 
    Number Number Number Number
Selling, general and administration    67 54 61 55
Research and development    66 46 58 52
    133 100 119 107
      Year to Year to 
      30 November 30 November 
      2008 2007 
      £ £
Their aggregate remuneration comprised:       
Wages and salaries      6,163,205 5,508,608
Social security costs       617,996 597,819
Other pension costs (see note 28)      306,038 214,918
Expense of share‑based payments       104,486 50,533
      7,191,725 6,371,878
8 Key management compensation
Details of aggregate key management emoluments for the year are as follows:
      Year to Year to 
      30 November 30 November 
      2008 2007 
      £ £
Salaries and other short‑term employee benefits      1,052,972 1,004,159
Termination benefits      — 76,666
Amounts paid to third parties for directors’ services     83,595 70,077
Company contributions to personal pension schemes     149,613 126,755
Expense for share‑based payments      96,926 40,338
      1,383,106 1,317,995
The directors are of the opinion that the key management of the Group comprises the executive and non‑executive directors of 
Amino Technologies plc along with the members of the executive team. These persons have authority and responsibility for planning, 
directing and controlling the activities of the entity, directly or indirectly. At 30 November 2008, key management comprised 14 people (2007: 15). 34 • Amino Technologies plc • Annual Report and Accounts 2008 •
Notes to the consolidated financial statements
n otes to the C onsolidated finan Cial statements for the year ended 30 November 2008 ( co n T i nu ed )
9 Corporation tax expense
      Year to Year to 
      30 November 30 November 
      2008 2007 
      £ £
Corporation tax credit for the year      16,377 932,186
Adjustment in respect of prior years      24,715 387
Total current tax      41,092 932,573 
Deferred tax      — —
Total tax in income statement      41,092 932,573
The tax charge for the year is lower than the standard rate of corporation tax in the UK (28%). The differences are explained below:
      Year to Year to 
      30 November 30 November 
      2008 2007 
      £ £
Profit on ordinary activities before corporation tax     2,162,046 1,411,476 
At the standard rate of corporation tax in the UK      605,373 423,443
Effects of:       
Amounts not allowable for tax purposes      167,771 34,322 
Enhanced deduction for research and development expenditure    (508,775) (446,004)
Adjustments to tax charge in respect of previous period research and development tax credits   — (932,186)
Adjustment in respect of prior years      (24,715) (387)
Difference between capital allowances and depreciation     15,473 36,864
Net losses utilised during the period      (319,509) —
Tax calculated at domestic tax rates applicable to profits in the respective country   26,275 —
Permanent timing differences      1,357 —
Other short‑term timing differences      (4,342) (48,625)
Tax credit      (41,092) (932,573) 
10 Earnings per share
      Year to Year to 
      30 November 30 November 
      2008 2007
Earnings attributable to ordinary shareholders £     2,203,138 2,344,049
Weighted average number of shares (basic)      55,373,030 56,056,327
Weighted average number of shares (diluted)      58,512,459 57,465,699
Earnings per share basic       3.98p 4.18p
Earnings per share diluted      3.77p 4.08p
The calculation of basic earnings per share is based on profit/(loss) after taxation and the weighted average of ordinary shares of 1p each 
in issue during the period.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive 
potential ordinary shares. The Group has two categories of dilutive potential ordinary shares; share options where the exercise price is less 
than the average market price of the Company’s ordinary shares during the year and deferred ordinary shares in respect of the acquisition 
of SJ Consulting Limited (see note 22). 
11 Dividends
The directors have not declared a dividend for the current financial year (2007: £nil).  • Amino Technologies plc • Annual Report and Accounts 2008 • 35
Notes to the consolidated financial statements
12 Intangible assets
     Software Development  
    Goodwill licences costs T otal 
    £ £ £ £
Cost       
At 01 December 2006    569,313 656,095 — 1,225,408
Additions    — 408,677 — 408,677
Reclassification    — 101,965 — 101,965
Change in value of shares to be issued (see note 22)   (37,084) — — (37,084)
At 30 November 2007    532,229 1,166,737 — 1,698,966
Additions    1,420,895 487,222 1,110,697 3,018,814
Disposals    — (26,266) — (26,266)
Change in value of shares to be issued (see note 22)   (15,916) — — (15,916)
At 30 November 2008    1,937,208 1,627,693 1,110,697 4,675,598
Amortisation       
At 01 December 2006    51,000 356,000 — 407,000
Impairment charge    46,575 — — 46,575
Charge for the year    — 266,824 — 266,824
Reclassification    — 17,789 — 17,789
At 30 November 2007    97,575 640,613 — 738,188
Impairment charge    140,000 — — 140,000
Charge for the year    — 359,882 25,992 385,874
Disposals    — (19,700) — (19,700)
At 30 November 2008    237,575 980,795 25,992 1,244,362
net	book	amount	 	 	 	 	 	 	
At 30 November 2008    1,699,633 646,898 1,084,705 3,431,236
At 30 November 2007    434,654 526,124 — 960,778
i m p a i r m e n t 	 te s t s 	 f o r 	 g o o d w ill
Goodwill acquired in a business combination is allocated to the cash‑generating units (CGUs) that are expected to benefit from that 
business combination.
The carrying amounts of goodwill by CGU at 30 November 2008 are summarised below:
       
       Group 
       £
Goodwill relating to SJ Consulting Limited       278,738
Goodwill relating to AssetHouse Technology Limited      1,420,895
       1,699,633
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. In accordance 
with IAS 36, the Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. 
These tests resulted in the identification of £0.14m impairment for SJ Consulting Limited. No impairment was noted in respect of 
AssetHouse Technology Limited.
When testing for impairment, recoverable amounts for all of the Group’s CGUs are measured at their value in use by discounting the future 
expected cash flows from the assets in the CGUs. These calculations use cash flow projections based on five year management approved 
forecasts. The cash flows have been discounted at the Group’s pre‑tax weighted average cost of capital of 8%. If the total net present value 
is in excess of the book value of goodwill then no impairment is made to the goodwill. These assumptions have been used for all CGUs 
to which goodwill has been allocated.
The key assumptions in all value in use calculations are revenue and profitability, based on historical performance and expectations about 
future performance. No reasonably likely change in a key assumption would have given rise to an impairment of the goodwill associated 
with the acquisition of AssetHouse Technology Limited.
Please refer to note 31 for further details on the addition to goodwill in the financial year. 36 • Amino Technologies plc • Annual Report and Accounts 2008 •
Notes to the consolidated financial statements
n otes to the C onsolidated finan Cial statements for the year ended 30 November 2008 ( co n T i nu ed )
13 Property, plant and equipment 
    Computer Office   
    software and and other Leasehold  
    equipment equipment improvements T otal 
    £ £ £ £
Cost       
At 01 December 2006    1,085,560 264,472 998,638 2,348,670
Foreign exchange adjustments    (2,464) (1,524) (1,052) (5,040)
Reclassification    (101,965) — — (101,965)
Additions    154,719 13,804 14,900 183,423
Disposals    (22,960) — — (22,960)
At 30 November 2007    1,112,890 276,752 1,012,486 2,402,128
Foreign exchange adjustments    18,554 12,848 6,530 37,932
Additions    194,640 1,394 32,382 228,416
Disposals    (105,575) (7,806) — (113,381)
At 30 November 2008    1,220,509 283,188 1,051,398 2,555,095
depreciation       
At 01 December 2006    635,294 97,924 201,718 934,936
Foreign exchange adjustments    (1,124) (589) (205) (1,918)
Reclassification    (17,789) — — (17,789)
Charge for the year    235,299 54,099 101,458 390,856
Disposals    (22,848) — — (22,848)
At 30 November 2007    828,832 151,434 302,971 1,283,237
Foreign exchange adjustments    11,896 6,348 3,112 21,356
Charge for the year    212,952 54,685 111,685 379,322
Disposals    (104,893) (6,891) — (111,784)
At 30 November 2008    948,787 205,576 417,768 1,572,131
net	book	amount	 	 	 	 	 	 	
At 30 November 2008    271,722 77,612 633,630 982,964
At 30 November 2007    284,058 125,318 709,515 1,118,891
14 Inventories
      As at As at 
      30 November 30 November 
      2008 2007 
      £ £
Raw materials      2,184,637 2,203,853
Finished goods      2,874,990 455,806
      5,059,627 2,659,659
The following write‑downs and obsolescence provisions were recognised in respect of inventories:
      2008 2007 
      £ £
Charged in the year      9,556 145,009
Provision at the year end      195,453 205,009  • Amino Technologies plc • Annual Report and Accounts 2008 • 37
Notes to the consolidated financial statements
15 Trade and other receivables
      As at As at 
      30 November 30 November 
      2008 2007 
      £ £
Current assets       
Trade receivables      12,232,520 9,920,886
Less: provision for impairment of receivables      — (283,634)
Trade receivables (net)      12,232,520 9,637,252
Other receivables      176,649 96,743
Corporation tax receivable      41,369 —
Prepayments       1,126,221 986,087
      13,576,759 10,720,082
non‑current	assets       
Other receivables      203,101 163,450
Other receivables comprise rent deposits.
c r e di t 	 q u a li t y 	 o f 	 fi n a n c i a l 	 a s s e t s
Trade receivables that are less than three months past due are not considered impaired. The ageing analysis of trade receivables is as follows:
      As at As at 
      30 November 30 November 
      2008 2007 
Trade receivables (gross of provision for impairment)      £ £
Under 60 days      10,728,491 8,601,449
Fully provided for      — 283,634
Over 60 days but not provided for      1,504,029 1,035,803
      12,232,520 9,920,886
Standard credit terms vary from customer to customer largely based on territory. At the year end £1.30m of debts were past due. Of this 
£0.30m was greater than 60 days past due and the remainder was less than 60 days overdue. As shown above, at 30 November 2008 
and 30 November 2007 trade receivables more than two months old but not provided for amounted to £1,504,029 and £1,035,803 respectively. 
Of these amounts, £535,359 (2007: £510,494) were covered by credit insurance. No further analysis has been provided here on the quality 
of these debts as they are not felt to pose a material threat to the Group’s future results.
Movement on the Group provision for impairment of trade receivables are as follows: 
      As at As at 
      30 November 30 November 
      2008 2007 
      £ £
At 01 December      283,634 335,725
Provision for receivables impaired      216,366 24,909
Receivables written off during year as uncollectible     (500,000) (77,000)
At 30 November      — 283,634
The Group’s overall foreign exchange risk is explained in note 3 “Financial risk management”. 
16 Derivative financial instruments
      As at As at 
      30 November 30 November 
      2008 2007 
      £ £
Forward foreign exchange contracts held for trading     10,862 —
These forward foreign exchange contracts were taken out to hedge US Dollar receivables of $7m and Euro receivables of €1.5m outstanding 
at 30 November 2008. They do not meet the criteria under IAS 39 for hedge accounting and hence are classified as “held for trading”. 
The Group’s foreign exchange risk is explained in note 3 “Financial risk management”.
The weighted average contract rates for these forward foreign exchange contracts was $1.62 for US Dollar contracts and €1.19 for Euro contracts.  38 • Amino Technologies plc • Annual Report and Accounts 2008 •
Notes to the consolidated financial statements
n otes to the C onsolidated finan Cial statements for the year ended 30 November 2008 ( co n T i nu ed )
17 Cash and cash equivalents
      As at As at 
      30 November 30 November 
      2008 2007 
      £ £
Cash at bank and in hand      14,443,582 15,065,867
Short term investments      — 2,000,000
      14,443,582 17,065,867
Short term investments comprise bank and similar deposits that are not repayable within three months.
The Group’s overall interest rate risk is explained in note 3 “Financial risk management”.
18 Trade and other payables
      As at As at 
      30 November 30 November 
      2008 2007 
      £ £
Trade payables      4,307,050 1,910,724
Social security and other taxes      215,729 181,741
Other payables      6,838 30,166
Accruals       3,579,174 2,773,878
Deferred income      623,624 490,025
      8,732,415 5,386,534
19 Borrowings
      As at As at 
      30 November 30 November 
      2008 2007 
Current      £ £
Other loans      12,502 37,229
Total borrowings      12,502 37,229
Other loans comprise unsecured borrowings from a third‑party at a fixed interest rate of 5% (2007: 5%).
20 Financial instruments
All financial assets and liabilities are stated at their fair value. The accounting policies applied subsequently are set out in note 2.
21 Deferred income tax
The Group had recognised deferred tax and had potential unrecognised deferred tax assets as follows:
 As at 30 November 2008 As at 30 November 2007
     
    Amount Amount Amount Amount 
   	 recognised	 unrecognised recognised unrecognised 
    £ £ £ £
Tax effect of timing differences because of:       
Differences between capital allowances and depreciation   — 550,229 — 262
Tax losses carried forward    1,637,422 6,830,564 1,668,264 1,809,938
Equity‑settled share options    81,578 — 50,736 —
Other short term timing differences    — 34,190 — 50,465
Deferred tax asset (see note 9)    1,719,000 7,414,983 1,719,000 1,860,665
F a c to r s 	 t h a t 	 m a y 	 a f f e c t 	 t h e 	 f u t u r e 	 t a x 	 c h a r g e
The directors have recognised a deferred tax asset in respect of taxable losses based on their expectation of the Group generating taxable 
profits in the future, though not necessarily within the next twelve months.   • Amino Technologies plc • Annual Report and Accounts 2008 • 39
Notes to the consolidated financial statements
22 Share capital
      As at As at 
      30 November 30 November 
      2008 2007 
      £ £
Authorised       
100,000,000 (2007: 100,000,000) ordinary shares of 1p each     1,000,000 1,000,000
Allotted,	called‑up	and	fully	paid       
57,843,050 (2007: 58,413,051) ordinary shares of 1p each      578,430 584,130
In respect of the acquisition of SJ Consulting Limited, 99,999 ordinary shares were issued on 20 January 2007 (the first anniversary of the date 
of acquisition) at which time the share price was £0.6425 for no further consideration. On 20 January 2008 ( the second anniversary of the date 
of acquisition) the Company issued a further 49,999 ordinary shares, again no further consideration at which time the share price was £0.50. 
It has the obligation to issue 50,002 ordinary shares of 1p each on the third anniversary of the acquisition date, contingent upon the continued 
service of certain key employees.
50,000 (2007: 50,000) shares were forfeited during the year due to certain employees leaving the Company. This resulted in a decrease 
of £17,334 (2007: £37,833) in the value of shares to be issued. 
The remaining shares to be issued are re‑valued at the balance sheet date based on the share price on that date, which resulted in an increase 
of £1,418 (2007: decrease of £7,500) in the value of the shares to be issued. 
The Company acquired and cancelled 620,000 of its own 1p shares (giving rise to a £6,200 capital redemption reserve) through purchases 
on the London Stock Exchange on 15 April 2008. The total amount paid to acquire these shares was £322,400, which has been deducted 
from retained earnings within shareholders equity (see note 24).
The share premium account at 01 December 2006 was cancelled and the balance of £21,807,240 was transferred to the profit and loss 
account. This is in accordance with the undertaking given to the Court on 06 June 2007. The full amount is now regarded as distributable.
23 Share‑ based payments
On 08 June 2004, the Company established an Unapproved Scheme and Enterprise Management Incentive Scheme for employees and 
certain former employees of Group companies, replacing those schemes operated by Amino Holdings Limited. The Company also operates 
individual share option schemes for certain non‑executive directors.
Options granted under these schemes will mainly be satisfied out of ordinary shares of 1p, each issued to an Employee Benefit Trust set up 
in February 2003. The Employee Benefit Trust was set up to encourage and facilitate the acquisition and holding of shares in the Company 
by and for the benefit of the employees and certain former employees of the Company and any other company within the Group. 
The number of shares held by the Employee Benefit Trust is as follows:
      Year to Year to 
      30 November 30 November 
      2008 2007 
      Number Number
Shares held by the Employee Benefit Trust:       
At start of financial period      2,335,453 2,395,203
Purchased      2,049,335 —
Exercised      (1,080,547) (59,750)
At end of financial period      3,304,241 2,335,453
      As at As at 
      30 November 30 November 
      2008 2007 
      Number Number
The number of subsisting options are as follows:      
Current and former employees and non‑executive directors     6,611,455 4,238,609 
Other options granted      118,812  118,812
      6,730,267  4,357,421
Options granted to current and former employees and non‑executives and others were under the following schemes:
      As at As at 
      30 November 30 November 
      2008 2007 
      Number Number
Granted:       
– Unapproved Share Option Scheme      4,926,330 1,205,451
– Enterprise Management Incentive Scheme      623,564 2,101,597
– Individual share option schemes       1,180,373 1,050,373
      6,730,267  4,357,421 40 • Amino Technologies plc • Annual Report and Accounts 2008 •
Notes to the consolidated financial statements
n otes to the C onsolidated finan Cial statements for the year ended 30 November 2008 ( co n T i nu ed )
23 Share‑ based payments (continued)
The number of options relating to current and former employees and non‑executives over ordinary shares of 1p each, granted, lapsed 
or cancelled during the year was as follows:
  As at    Undertaking As at  
  01 December    not to 30 November  
 Exercise 2007 Granted Exercised Lapsed exercise 2008  
Date granted price Number Number Number Number Number Number Notes
June 2008 £0.00 — 1,738,892 — — — 1,738,892 (k)
January 2001 £0.05 33,333 — (33,333) — — — (a)
September 2003 £0.20 1,520,550 — (653,000) — — 867,550 (a)
February 2004 £0.32 824,292 — (394,214) — — 430,078 (a)
January 2008 £0.49 — 30,000 — — — 30,000 (j)
January 2007 £0.50 130,000 — — — — 130,000 (g)
June 2008 £0.55 — 500,000 — — — 500,000 (l)
June 2008 £0.62 — 100,000 — — — 100,000 (m)
July 2008 £0.62 — 740,000 — (25,000) — 715,000 (n)
July 2008 £0.62 — 426,674 — (1,000) — 425,674 (i)
October 2007 £0.62 440,000 — — (125,000) — 315,000  (c)
May 2004 £0.70 20,000 — — — — 20,000 (a)
September 2006 £0.72 100,000 — — — — 100,000 (e)
March 2002 £0.77 30,000 — — — — 30,000 (a)
June 2004 £1.20 196,500 — — (56,000) (140,500) — (b)
January 2007 £1.25 50,000 — — — — 50,000 (h)
June 2008 £1.50 — 1,159,261 — — — 1,159,261 (k)
January 2006 £1.57 100,000 — — (100,000) — — (f)
February 2006 £1.64 618,393 — — (114,965) (503,428) — (d)
September 2004 £1.71 40,000 — — (10,000) (30,000) — (c)
February 2006 £2.20 45,070 — — (20,068) (25,002) — (d)
November 2004 £2.45 6,500 — — (6,500) — — (c)
February 2006 £2.45 83,971 — — (17,167) (66,804) — (d)
  4,238,609 4,694,827 (1,080,547) (475,700) (765,734) 6,611,455 
(a)  Following Amino Technologies plc’s admission to the Alternative Investment Market on 09 June 2004, these options have vested in full and are exercisable 
until expiry, being ten years from date of grant.
(b) Vest in equal tranches on first and second anniversaries from date of grant.
(c) Vest in equal tranches on first, second and third anniversaries from date of grant.
(d)  On 10 February 2006, options with an exercise value greater than the market price were cancelled and replaced with options with an exercise value equal 
to market price on that date. Options that had already vested were re‑issued at the same price (either £2.20 or £2.45). The remaining options vest in either 
two or three equal tranches. The options will vest subject to the growth in Amino’s share price being equal to or greater than the growth of the Techmark 100 
index from the date of admission to AIM to the vesting date. If Amino’s growth rate at the vesting date is below the tracked growth rate, 75% of the tranche 
vest if Amino’s share price is within the range of 95%‑<100% of the tracked growth, 50% if the share price is within the range 90%‑<95%. Any options that 
do not vest will be carried forward to the next anniversary and tested against the tracked growth on that date. In the event that options have not vested on 
the third anniversary, they lapse.
(e) Vest in equal tranches on first, second and third anniversaries from date of grant subject to the market price being equal to or greater than £1.20 on that day.
(f) Vest in full on the third anniversary of grant.
(g) Vest in full on the first anniversary of grant.
(h) Vest in full on the second anniversary of grant.
(i)  The first 50% of the options vest on the first anniversary of grant and the remaining 50% vest over the following two year period in equal monthly amounts at 
the end of each successive month after the first anniversary of the date of grant provided the option holder is an employee at the end of each relevant month.
(j) Vest in full on the first anniversary of grant.
(k) The vesting conditions of these options are as follows:
 .  
50% when Total Shareholder Return (share price growth excluding adjustment for dividend payments) equals or exceeds 30% growth per annum in the 
period 09 June 2008 to 30 November 2011.
 . 
50% when Earnings per Share equals or exceeds 40% growth per annum in the period 01 December 2008 to 30 November 2011.
(l) These options vested on the date of grant and are exercisable at any time during the option period of 01 December 2008 to 30 November 2009. 
(m) The vesting conditions of these options are as follows:
 . 
50% when Total Shareholder Return equals or exceeds 30% growth per annum in the period 09 June 2008 to 09 June 2009.
 . 
50% when Earnings per Share equals or exceeds 40% growth per annum in the period 01 December 2008 to 30 November 2009.
(n) The vesting conditions of these options are as follows:
 . 
50% when Total Shareholder Return equals or exceeds 30% growth per annum in the period 01 July 2008 to 30 November 2010. 
 . 
50% when Earnings per Share equals or exceeds 40% growth per annum in the period 01 December 2008 to 30 November 2010.  • Amino Technologies plc • Annual Report and Accounts 2008 • 41
Notes to the consolidated financial statements
23 Share‑ based payments (continued)
The weighted average fair value of options granted in the year was £0.57 (2007: £0.16). The weighted average share price at the date 
of exercise during the year was £0.54 (2007: £0.60).
The options outstanding at the end of the year have a weighted average contractual life of 2.5 years (2007: 1.4 years).
Other options in issue
In addition to those options granted to current and former employees and non‑executive directors, 118,812 options were granted to KBC Peel Hunt 
on 27 July 2000 in consideration for services to the Group in connection with a placing of ordinary shares. These options can be exercised at a price 
of 202p per share for a period of seven years commencing from 09 June 2004, the date of the Company’s admission to AIM.
e q u i t y ‑ s e t t l e d 	 s h a r e 	 o p t i o n 	 p l a n s
Fair values were measured by use of the Black‑Scholes pricing model. The inputs to the model were as follows:
       December 2006 
Grant date    July 2008 June 2008 January 2008 to October 2007
Weighted average share price     £0.62 £0.55 £0.49 £0.65
Weighted average exercise price     £0.62 £0.55 £0.49 £0.65
Expected volatility    40% 40% 40%  45%
Expected option life    1 to 3 years 1 to 4 years 3 years 3 years
Risk‑free interest rate    5.3% 5.3% 5.3% 5.5%
Expected dividend yield    2% 2% 2% 2%
Expected volatility was determined by calculating the historical volatility of the Group’s share price over the previous three years. The expected 
life used in the model has been based on management’s best estimate for the effects of exercise restrictions and behavioural considerations.
The risk‑free rate was based on the three year inter‑bank SWAP rate. Amino is not currently paying dividends but management intends to 
commence paying dividends, and at the time of the awards, management considers it would have been reasonable to assume a dividend 
yield of 2% per annum.
During the year the Group recognised a total expense relating to employee share‑based payments under the equity‑settled share option plans 
of £104,486 (2007: £50,532).
24 Statement of changes in equity
     Capital Profit  
 Share Share Shares to Other redemption and  
 capital premium be issued reserves reserve loss T otal 
 £ £ £ £ £ £ £
At 01 December 2006 582,630 21,807,240 171,000 16,388,755 — (12,201,681) 26,747,944
Profit for the year — — — — — 2,344,049 2,344,049
Issue of ordinary shares 
– From shares to be issued 1,000 64,249 (57,000) — — — 8,249
Forfeiture of shares to be issued — — (37,833) — — — (37,833)
Impact of movement in share price  
on shares to be issued — — (7,500) — — — (7,500)
Exercise of employee share options 500 15,500 — — — 11,740 27,740
Capital reduction — (21,807,240) — — — 21,807,240 —
Share option compensation charge — — — — — 50,533 50,533
Foreign exchange on consolidation — — — — — (149,218) (149,218)
At 30 November 2007 584,130 79,749 68,667 16,388,755 — 11,862,663 28,983,964
Profit for the year — — — — — 2,203,138 2,203,138
Issue of ordinary shares 
– From shares to be issued 500 24,500 (25,000) — — — —
Forfeiture of shares to be issued — — (17,334) — — — (17,334)
Impact of movement in share price  
on shares to be issued — — 1,418 — — — 1,418
Exercise of employee share options — — — — — 253,297 253,297
Repurchase and cancellation  
of own shares (6,200) — — — 6,200 (322,400) (322,400)
Share option compensation charge — — — — — 104,486 104,486
Purchase of own shares by ESOP trust — — — — — (1,137,302) (1,137,302)
Foreign exchange on consolidation — — — — — 591,223 591,223
At 30 November 2008 578,430 104,249 27,751 16,388,755 6,200 13,555,105 30,660,490
i n v e s t m e n t 	 i n 	 o w n 	 s h a r e s
Offset within the Group profit and loss reserve at 30 November 2008 is an amount of £2,083,435 (2007: £946,133) representing the cost 
of own shares held.  42 • Amino Technologies plc • Annual Report and Accounts 2008 •
Notes to the consolidated financial statements
n otes to the C onsolidated finan Cial statements for the year ended 30 November 2008 ( co n T i nu ed )
25 Cash generated from operations
      Year to Year to 
      30 November 30 November 
      2008 2007 
      £ £
Profit before corporation tax      2,162,046 1,411,476
Adjustments for:       
Amortisation charge      385,874 266,824
Depreciation charge      379,322 390,856
Goodwill impairment charge      140,000 46,575
Loss on disposal of property, plant and equipment     1,597 112
Share‑based payment charge      104,486 50,532
Loss on derivative financial instruments      10,862 —
Financial income – net (see note 5)      (863,159) (737,072)
Exchange differences       262,149 (33,799)
(Increase)/decrease in inventories      (2,399,968) 1,148,703
(Increase) in trade and other receivables      (2,741,446) (2,457,085)
Decrease in trade and other payables      2,714,096 1,813,984
Cash generated from operations      155,859 1,901,106
26 Operating lease commitments
The future aggregate minimum lease payments under non‑cancellable operating leases are as follows:
 2008  2007
     Plant and  Plant and 
   	 Property	 machinery Property machinery 
    £ £ £ £
Leases which expire within one year    554,567 5,269 427,952 2,820
Leases which expire within one to five years    1,190,495 2,635 1,263,415 —
Leases which expire after five years    275,000 — 550,000 —
    2,020,062 7,904 2,241,367 2,820
The Group leases offices under non‑cancellable operating lease agreements. The leases have various terms, escalation clauses and renewal 
rights. The Group also leases copier/fax machines under non‑cancellable operating lease agreements.
27 Contingent liabilities
Amino’s products incorporate third‑ party technology, usually under licence. Inadvertent actions may expose the Group to the risk of infringing 
third‑ party intellectual property rights. Potential claims can still be submitted many years after a product has been deployed. Any such claims 
are vigorously defended.
28 Pension commitments
The Group operates a defined contribution scheme for employees and also makes contributions to the private pension plans of a small 
number of employees.
The Group’s pension charge for the year was £306,038 (2007: £214,918). A creditor of £20,655 is included within the taxation and social 
security creditor at 30 November 2008 (2007: £24,752) in respect of the final month’s contributions. 
29 Financial commitments
At 30 November 2008 the Group, in accordance with the terms of a contractual agreement with a manufacturing partner, had a financial 
commitment totalling £3.2m (2007: £3.7m). The Group had also committed to £nil (2007: £0.4m) in respect of silicon chips under 
non‑cancellable orders. 
30 Capital commitments
No capital expenditure was committed to as at 30 November 2008 (2007: £nil).  • Amino Technologies plc • Annual Report and Accounts 2008 • 43
Notes to the consolidated financial statements
31 Business combinations
On 09 June 2008, the Group acquired 100% of the share capital of AssetHouse Technology Limited, a company specialising in 
Digital Proposition Management software for a cash consideration of £13. In addition, the Group also took an assignment of secured 
loan stock for a consideration of £1.38m less the amount of certain other creditors of the Company.
The acquisition contributed revenues of £414,648 and net loss of £157,017 for the period 09 June 2008 to 30 November 2008.
Details of net assets acquired and goodwill are as follows:
      £ £
Purchase consideration:       
– Cash paid       13
– Direct cost relating to the acquisition       56,998
Total purchase consideration       57,011
Fair value of net liabilities acquired (see below)      1,363,884
Goodwill       1,420,895
Satisfied	by:
Cash paid for share capital       13
Direct costs relating to acquisition       56,998
Cash paid to previous shareholders       908,440 
Cash acquired with acquisition      (26,532) 
       881,908
Pre‑acquisition net liabilities settled by Amino Communications Limited     481,976
       1,420,895
The assets and liabilities arising from the acquisition are as follows:
      Fair Carrying 
      value value 
      £ £
Cash and cash equivalents      26,532 26,532
Trade and other receivables      113,513 113,513
Trade and other payables      (1,503,929) (2,019,525)
Net liabilities acquired      (1,363,884) (1,879,480)
The directors are of the opinion that no intangible assets requiring separate identification under IAS 38 were acquired as part of this transaction.
There is a cash earn‑ out mechanism offering an additional consideration of 50% of any saving in corporation tax realised by Amino from utilisation 
of AssetHouse’s tax losses. As at 30 November 2008, AssetHouse had approximately £18m of tax losses available to carry forward to set against 
future taxable profits. At the current rate of corporation tax, the maximum additional consideration payable is approximately £2.5m, which has not 
been recognised at the balance sheet date.
See note 33 for disclosures regarding the business combination that took place after the balance sheet date but before the approval of these 
financial statements. 
32 Related party transactions
There were no related party transactions during the year.
33 Events after the balance sheet date
The Group acquired 100% of the share capital of Tilgin IPTV AB, a company specialising in IPTV software technologies and hardware platforms, 
for an initial cash consideration of £2.71m on 01 December 2008. 
The net assets are approximately 6.6m SEK. Due to the short time since acquisition we have not performed a full calculation of the fair value 
of these assets. 44 • Amino Technologies plc • Annual Report and Accounts 2008 •
Transition to IFRS
t ransition to ifrs for the year ended 30 November 2008
Explanation of transition to IFRS
An explanation of how the transition from previous GAAP to IFRS has affected the Group’s financial position, financial performance and cash 
flows is set out in the following tables and the notes that accompany the tables. The format of the UK GAAP column has been adjusted to the 
IFRS format.
The following adjustments were made to the previously reported UK GAAP information:
( i ) 	 H o li d a y 	 p a y 	 a c c r u a l
An accrual of £92,923 has been included within trade and other payables at 01 December 2006. The required accrual was assessed as 
being £64,843 at 30 November 2007 and the corresponding movement of £28,079 was credited to the income statement for the year ended 
30 November 2007 (£2,954 within selling, general and administrative expenses and £25,125 within research and development expenses). 
( i i ) 	 G o o d w i l l	
Amortisation previously charged under UK GAAP of £46,575 was reversed in the year ended 30 November 2007 and was replaced with 
an impairment charge of the same value. 
( i i i ) 	c a p i t a li s e d 	 d e v e l o p m e n t 	 c o s t s
The directors do not consider that any of the development costs incurred in the year ended 30 November 2007 meet the criteria 
for capitalisation. Additionally, the directors consider that any development costs incurred in previous periods that would have been 
capitalised would have been fully amortised by the date of transition to IFRS. 
Restatement of the balance sheet as at 01 December 2006 from UK GAAP to IFRS
     Reformatted   
     UK GAAP as Effects of As restated in 
     previously transition accordance 
     reported to IFRS with IFRS 
     £ £ £
non‑current	assets
Goodwill     518,313 — 518,313
Intangible assets     300,095 — 300,095
Property, plant and equipment     1,413,734 — 1,413,734
Trade and other receivables     195,406 — 195,406
Deferred tax assets     1,719,000 — 1,719,000
     4,146,548 — 4,146,548
Current assets
Inventories     3,808,362 — 3,808,362
Trade and other receivables     8,586,781 — 8,586,781
Cash at bank and in hand     21,658,769 — 21,658,769
     34,053,912 — 34,053,912
T otal	assets	 	 	 	 	 38,200,460	 —	 38,200,460
equity
Called‑up share capital     582,630 — 582,630
Shares to be issued     171,000 — 171,000
Share premium     21,807,240 — 21,807,240
Other reserves     16,388,755 — 16,388,755
Retained earnings     (12,108,758) (92,923) (12,201,681)
T otal	equity	attributable	to	equity	holders	of	the	parent	 	 	 	 26,840,867	 (92,923)	 26,747,944
Current liabilities
Trade and other payables     3,566,687 92,923 3,659,610
Current tax liabilities     18,707 — 18,707
Borrowings     7,774,199 — 7,774,199
T otal	liabilities	 	 	 	 	 11,359,593	 92,923	 11,452,516
T otal	equity	and	liabilities		 	 	 	 	 38,200,460	 —	 38,200,460  • Amino Technologies plc • Annual Report and Accounts 2008 • 45
Transition to IFRS
Restatement of the income statement for the year ended 30 November 2007 from UK GAAP to IFRS
     Reformatted   
     UK GAAP as Effects of As restated in 
     previously transition accordance 
     reported to IFRS with IFRS 
     £ £ £
Revenue     32,253,156 — 32,253,156
Cost of sales     (20,945,251) — (20,945,251)
Gross	profit		 	 	 	 	 11,307,905	 —	 11,307,905
Selling, general and administrative expenses     (7,409,465) 2,954 (7,406,511)
Research and development expenses     (3,252,115) 25,125 (3,226,990)
Group	operating	profit	 	 	 	 	 646,325	 28,079	 674,404
Financial income     967,903 — 967,903
Financial expenses     (230,831) — (230,831)
Group	profit	on	ordinary	activities	before	taxation	 	 	 	 1,383,397	 28,079	 1,411,476
Tax on profit on ordinary activities     932,573 — 932,573
Group	profit	on	ordinary	activities	after	taxation	being	profit	for	the	financial	period	 	 2,315,970	 28,079	 2,344,049
Attributable	to:
equity	holders	of	the	company	 	 	 	 	 2,315,970	 28,079	 2,344,049
Basic earnings per 1p ordinary share     4.1p 0.1p 4.18p
Diluted earnings per 1p ordinary shares     3.9p 0.1p 4.08p
Restatement of the balance sheet as at 30 November 2007 from UK GAAP to IFRS
     Reformatted   
     UK GAAP as Effects of As restated in 
     previously transition accordance 
     reported to IFRS with IFRS 
     £ £ £
non‑current	assets
Goodwill     434,654 — 434,654
Intangible assets     526,124 — 526,124
Property, plant and equipment     1,118,891 — 1,118,891
Trade and other receivables     163,450 — 163,450
Deferred tax assets     1,719,000 — 1,719,000
     3,962,119 — 3,962,119
Current assets   
Inventories     2,659,659 — 2,659,659
Trade and other receivables     10,720,082 — 10,720,082
Cash at bank and in hand     17,065,867 — 17,065,867
     30,445,608 — 30,445,608
T otal	assets	 	 	 	 	 34,407,727	 —	 34,407,727
equity
Called‑up share capital     584,130 — 584,130
Shares to be issued     68,667 — 68,667
Share premium     79,749 — 79,749
Other reserves     16,388,755 — 16,388,755
Retained earnings     11,927,506 (64,843) 11,862,663
T otal	equity	attributable	to	equity	holders	of	the	parent	 	 	 	 29,048,807	 (64,843)	 28,983,964
Current liabilities   
Trade and other payables     5,321,691 64,843 5,386,534
Current tax liabilities     — — —
Borrowings     37,229 — 37,229
T otal	liabilities	 	 	 	 	 5,358,920	 64,843	 5,423,763
T otal	equity	and	liabilities		 	 	 	 	 34,407,727	 —	 34,407,727 46 • Amino Technologies plc • Annual Report and Accounts 2008 •
Independent auditor’s report
i ndependent auditor’s report to 	 t h e 	 m e m b e r s 	 o f	 A m i n o 	 T e c h n o l o g i e s 	 p l c
We have audited the parent company financial statements of Amino Technologies plc the year ended 30 November 2008 which comprise 
the Company balance sheet and the related notes. These parent company financial statements have been prepared under the accounting 
policies set out therein. 
We have reported separately on the Group financial statements of Amino Technologies plc for the year ended 30 November 2008.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and the parent company financial statements in accordance with applicable 
law and UK Accounting Standards (UK Generally Accepted Accounting Practice) are set out in the Statement of directors’ responsibilities.
Our responsibility is to audit the parent company financial statements in accordance with relevant legal and regulatory requirements and 
International Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared for and only for the Company’s 
members as a body in accordance with section 235 of the Companies Act 1985 and for no other purpose. We do not, in giving this opinion, 
accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come 
save where expressly agreed by our prior consent in writing.
We report to you our opinion as to whether the parent company financial statements give a true and fair view and whether the parent company 
financial statements have been properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion 
the information given in the Directors’ report is consistent with the parent company financial statements. The information given in the Directors’ 
report includes that specific information presented in the Chairman’s report, the Chief Executive’s report and the Chief Financial Officer’s report 
that is cross referred from the Business review and future developments and key performance indicators (KPIs) sections of the Directors’ report.
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the 
information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration and other 
transactions is not disclosed.
We read other information contained in the Annual Report and consider whether it is consistent with the audited parent company financial statements. 
The other information comprises only the About Amino report, Highlights, Review of the year, the Directors’ report, the Chairman’s report, 
the Chief Executive Officer’s report, the Chief Financial Officer’s report and the Corporate governance statement. We consider the implications 
for our report if we become aware of any apparent misstatements or material inconsistencies with the parent company financial statements. 
Our responsibilities do not extend to any other information.
Basis of audit opinion 
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. 
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the parent company financial statements. 
It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the parent company 
financial statements, and of whether the accounting policies are appropriate to the Company’s circumstances, consistently applied and 
adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide 
us with sufficient evidence to give reasonable assurance that the parent company financial statements are free from material misstatement, 
whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation 
of information in the parent company financial statements.
Opinion
In our opinion:
.
  The parent company financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting 
Practice, of the state of the Company’s affairs as at 30 November 2008 for the year then ended;
.
 The parent company financial statements have been properly prepared in accordance with the Companies Act 1985; and
.
 The information given in the Directors’ report is consistent with the parent company financial statements.
P r i c ewa te r hou s e c o op e r s 	 L L P
c h a r te r e d 	 Ac c o u n t a n t s 	 a n d 	 R e g i s te r e d 	 Au d i to r s
c a m b r idge  • Amino Technologies plc • Annual Report and Accounts 2008 • 47
Company balance sheet
Company balan Ce sheet as at 30 November 2008
      30 November 30 November 
       2008 2007 
     Notes  £  £
Fixed	assets       
Investments     3 1,756,834 1,611,253
      1,756,834 1,611,253
Current assets       
Debtors: amounts falling due within one year     4 20,736,273 21,962,215
Cash at bank and in hand      500 500
net	current	assets      20,736,773 21,962,715
creditors:	amounts	falling	due	after	more	than	one	year	 	 	 	 5	 (666,397)	 (1,782,324)
Net assets      21,827,210 21,791,644
Capital and reserves       
Called‑up share capital     6 578,430 584,130
Shares to be issued      27,751 68,667
Share premium      104,249 79,749
Capital redemption reserve      6,200 —
Retained earnings      21,110,580 21,059,098
T otal	equity      21,827,210 21,791,644
The financial statements were authorised for issue by the Board of directors on 02 February 2009 and were signed on its behalf by:
A n d r ew 	 B u r k e	 S t u a r t 	d a r li n g
d i r e c to r 	 d i r e c to r 48 • Amino Technologies plc • Annual Report and Accounts 2008 •
Notes to the parent company financial statements
n otes to the parent C ompany finan Cial statements for the year ended 30 November 2008
1 Summary of significant accounting policies
The principal accounting policies applied in the presentation of these consolidated financial statements are set out below. These policies have 
been consistently applied to both the years presented, unless otherwise stated.
Basis of preparation
The financial statements have been prepared in accordance with the Companies Act 1985 and in accordance with applicable Accounting 
Standards in the UK. A summary of the more important accounting policies, which have been reviewed by the Board of directors in 
accordance with Financial Reporting Standard (FRS) 18, “Accounting Policies”, and have been applied consistently, is set out below.
The financial statements are prepared in accordance with the historical cost convention.
c a s h 	 fl o w 	 s t a te m e n t
The Company has taken advantage of the exemption in FRS 1 (Revised 1996) “Cash Flow Statements” which provides that where a company 
is a member of a group whose accounts are publicly available, the Company does not have to prepare a cash flow statement.
i nv e s t m e n t s
Investments are stated at cost, less any provisions for impairment in value. 
c u r r e n t 	 a n d 	 d e f e r r e d	 t a x
Provision is made for deferred taxation, using full provision accounting when an event has taken place by the balance sheet date which gives 
rise to an increased or reduced tax liability in the future in accordance with FRS 19, “Deferred Taxation”. Deferred tax assets and liabilities are 
not discounted.
e m p l o y e e 	 s h a r e 	 o p t i o n 	 s c h e m e s
The Company applies UITF Abstract 44, FRS 20, “Group and Treasury Share Transactions”. The Company grants options over its equity 
instruments to the employees of Amino Communications Limited and Amino Communications LLC. The carrying value of the investment 
in these subsidiaries is increased by an amount equal to the value of the share‑ based payment charge attributable to the option holders 
in the respective subsidiaries. 
Fi n a n c i al 	 i n s t r u m e n t s
The Company has taken advantage of the exemption under FRS 29, “Financial Instruments: Disclosures” for parent company financial 
statements as the disclosures in respect of the Company are included in the consolidated financial statements.
2 Profit for the year
As permitted by section 230 of the Companies Act 1985, the parent company’s profit and loss account has not been included in these financial 
statements. The parent company’s profit after tax was £nil (2007: £nil). 
Directors’ emoluments are disclosed in the Directors’ remuneration report on pages 17 and 18. The Company has no employees in either year. 
The audit fee for the parent company was £3,000 (2007: £3,000).
3 Fixed asset investments
      Year to  Year to 
      30 November 30 November 
      2008 2007 
      £ £
Cost at 01 December 2007      1,611,253 1,597,805
Additions in the year (relating to acquisition of AssetHouse Technology Limited (see note 31) 
in Group financial statements)      57,011 —
Capital contributions arising from FRS 20, “Share‑based Payments Charge”    104,486 50,532
Change in value of shares to be issued (see note 8)     (15,916) (37,084)
Cost at 30 November 2008      1,756,834 1,611,253 
i n te r e s t s 	 i n 	 G r o u p 	 u n d e r t a k i n g s
   Proportion 
   of nominal 
   value of shares 
Name of undertaking Country of incorporation Description of shares held held by the Group
Amino Holdings Limited England and Wales Ordinary shares of 1p each 100%*
Amino Communications Limited England and Wales Ordinary shares of £1 each 100%*
Amino Communications L.L.C. Delaware, USA Ordinary shares of $1 each 100%*
Amino Communications Employee Benefit Trust England and Wales Ordinary shares of £1 each 100%*
SJ Consulting Limited England and Wales Ordinary shares of £1 each 100%
AssetHouse Technology Limited England and Wales Ordinary shares of 0.005p each  100% 
  Preference shares of 0.005p each
Intact Software Limited England and Wales Ordinary shares of £1 each 100%*
Amino Communications Technology Services  
(Shanghai) Co Limited Republic of China Ordinary shares of £1 each 100%*
* Indirectly held.  • Amino Technologies plc • Annual Report and Accounts 2008 • 49
Notes to the parent company financial statements
3 Fixed asset investments (continued)
All of the above subsidiaries are included within the consolidated financial statements of Amino Technologies plc for the years ended 
30 November 2008 and 30 November 2007, with the exception of AssetHouse, which was acquired on 09 June 2008 and was included 
within the consolidation from that date.
Amino Holdings Limited is a non‑ trading intermediate holding company. 
The principal activity of Amino Communications Limited is to develop core software technologies and customer‑ premises’ products 
for the IPTV market and to partner with world‑ leading companies in content aggregation, middleware, conditional access, and 
head‑end systems.
The principal activity of Amino Communications L.L.C. is the distribution of products of Amino Communications Limited in North 
and South America.
The principal activity of Amino Communications Employee Benefit Trust is to enable a number of shares in the Company to be held 
by the trustees of the scheme for the benefit of the employees and former employees of the Company and its subsidiaries and their 
relations and dependents, to provide employees with the opportunity of acquiring shares in the Company and such other benefits 
(whether of a similar nature or not) as the trustees of the scheme might in their absolute discretion decide.
Intact Software Limited and SJ Consulting Limited are non‑ trading.
The principal activity of AssetHouse Technology Limited is the development and sale of Digital Proposition Management software 
and related services.
The principal activity of Amino Communications Technology Services (Shanghai) Company Limited is technical consulting, 
systems integration, software development services and after sales services.
4 Debtors
      Year to  Year to 
      30 November 30 November 
      2008 2007 
      £ £
Amounts owed by Group undertakings      20,736,273 21,953,015
Other debtors      — 9,200
      20,736,273 21,962,215 
Amounts owed to the Company are unsecured, interest free and repayable on‑demand. However, the Company has formally confirmed 
that it will provide continuing financial support to its subsidiary undertaking, Amino Communications Limited, for a period of not less 
than two years from the date of approval of these financial statements.
5 Creditors: amounts falling due after more than one year
      Year to  Year to 
      30 November 30 November 
      2008 2007 
      £ £
Amounts owed to Group undertakings      666,397 1,782,324
6 Share capital
      As at  As at 
      30 November 30 November 
      2008 2007 
      £ £
Authorised
100,000,000 (2007: 100,000,000) ordinary shares of 1p each     1,000,000 1,000,000
Allotted,	called‑up	and	fully	paid
57,843,050 (2007: 58,413,051) ordinary shares of 1p each      578,430 584,130
In respect of the acquisition of SJ Consulting Limited, 99,999 ordinary shares were issued on 20 January 2007 (the first anniversary of the date 
of acquisition) at which time the share price was £0.6425 for no further consideration. On 20 January 2008 ( the second anniversary of the date 
of acquisition) the Company issued a further 49,999 ordinary shares, again no further consideration at which time the share price was £0.50. 
It has the obligation to issue 50,002 ordinary shares of 1p each on the third anniversary of the acquisition date, contingent upon the continued 
service of certain key employees.
50,000 (2007: 50,000) shares were forfeited during the year due to certain employees leaving the Company. This resulted in a decrease 
of £17,334 (2007: £37,833) in the value of shares to be issued. 
The remaining shares to be issued are re‑valued at the balance sheet date based on the share price on that date, which resulted in an increase 
of £1,418 (2007: decrease of £7,500) in the value of the shares to be issued. 
The Company acquired and cancelled 620,000 of its own 1p shares (giving rise to a £6,200 capital redemption reserve) through purchases 
on the London Stock Exchange on 15 April 2008. The total amount paid to acquire these shares was £322,400, which has been deducted 
from retained earnings within shareholders equity (see note 24).
The share premium account at 01 December 2006 was cancelled and the balance of £21,807,240 was transferred to the profit and loss 
account. This is in accordance with the undertaking given to the Court on 06 June 2007. The full amount is now regarded as distributable. 50 • Amino Technologies plc • Annual Report and Accounts 2008 •
Notes to the parent company financial statements
n otes to the parent C ompany finan Cial statements for the year ended 30 November 2008 ( co n T i nu ed )
7 Share‑based payments
On 08 June 2004, the Company established an Unapproved Scheme and Enterprise Management Incentive Scheme for employees and 
certain former employees of Group companies, replacing those schemes operated by Amino Holdings Limited. The Company also operates 
individual share option schemes for certain non‑ executive directors.
Options granted under these schemes will mainly be satisfied out of ordinary shares of 1p each issued to an Employee Benefit Trust set up 
in February 2003. The Employee Benefit Trust was set up to encourage and facilitate the acquisition and holding of shares in the Company 
by and for the benefit of the employees and certain former employees of the Company and any other Company within the Group.
      As at  As at 
      30 November 30 November 
      2008 2007 
      Number Number
The number of subsisting options are as follows:
Current and former employees and non‑executive directors     6,611,455 4,238,609 
Other options granted      118,812  118,812
      6,730,267  4,357,421
Options granted to current and former employees and non‑ executives and others were under the following schemes:
      As at  As at 
      30 November 30 November 
      2008 2007 
      Number Number
Granted:
Unapproved Share Option Scheme      4,926,330 1,205,451
Enterprise Management Incentive Scheme      623,564 2,101,597
Individual share option schemes       1,180,373 1,050,373
      6,730,267  4,357,421
The number of options relating to current and former employees and non‑ executives over ordinary shares of 1p each, granted, lapsed 
or cancelled during the year was as follows:
  As at    Undertaking As at 
  01 December    not to 30 November 
 Exercise 2007 Granted Exercised Lapsed exercise 2008 
Date granted price Number Number Number Number Number Number Notes
June 2008 £0.00 — 1,738,892 — — — 1,738,892 (k)
January 2001 £0.05 33,333 — (33,333) — — — (a)
September 2003 £0.20 1,520,550 — (653,000) — — 867,550 (a)
February 2004 £0.32 824,292 — (394,214) — — 430,078 (a)
January 2008 £0.49 — 30,000 — — — 30,000 (j)
January 2007 £0.50 130,000 — — — — 130,000 (g)
June 2008 £0.55 — 500,000 — — — 500,000 (l)
June 2008 £0.62 — 100,000 — — — 100,000 (m)
July 2008 £0.62 — 740,000 — (25,000) — 715,000 (n)
July 2008 £0.62 — 426,674 — (1,000) — 425,674 (i)
October 2007 £0.62 440,000 — — (125,000) — 315,000 (c)
May 2004 £0.70 20,000 — — — — 20,000 (a)
September 2006 £0.72 100,000 — — — — 100,000 (e)
March 2002 £0.77 30,000 — — — — 30,000 (a)
June 2004 £1.20 196,500 — — (56,000) (140,500) — (b)
January 2007 £1.25 50,000 — — — — 50,000 (h)
June 2008 £1.50 — 1,159,261 — — — 1,159,261 (k)
January 2006 £1.57 100,000 — — (100,000) — — (f)
February 2006 £1.64 618,393 — — (114,965) (503,428) — (d)
September 2004 £1.71 40,000 — — (10,000) (30,000) — (c)
February 2006 £2.20 45,070 — — (20,068) (25,002) — (d)
November 2004 £2.45 6,500 — — (6,500) — — (c)
February 2006 £2.45 83,971 — — (17,167) (66,804) — (d)
  4,238,609 4,694,827 (1,080,547) (475,700) (765,734) 6,611,455   • Amino Technologies plc • Annual Report and Accounts 2008 • 51
Notes to the parent company financial statements
7 Share‑ based payments (continued)
(a)  Following Amino Technologies plc’s admission to the Alternative Investment Market on 09 June 2004, these options have vested in full and are exercisable 
until expiry, being ten years from date of grant.
(b) Vest in equal tranches on first and second anniversaries from date of grant.
(c) Vest in equal tranches on first, second and third anniversaries from date of grant.
(d)  On 10 February 2006, options with an exercise value greater than the market price were cancelled and replaced with options with an exercise value equal 
to market price on that date. Options that had already vested were re‑ issued at the same price (either £2.20 or £2.45). The remaining options vest in either 
two or three equal tranches. The options will vest subject to the growth in Amino’s share price being equal to or greater than the growth of the Techmark 100 
index from the date of admission to AIM to the vesting date. If Amino’s growth rate at the vesting date is below the tracked growth rate, 75% of the tranche 
vest if Amino’s share price is within the range of 95%–<100% of the tracked growth, 50% if the share price is within the range 90%–<95%. Any options that 
do not vest will be carried forward to the next anniversary and tested against the tracked growth on that date. In the event that options have not vested on 
the third anniversary, they lapse.
(e) Vest in equal tranches on first, second and third anniversaries from date of grant subject to the market price being equal to or greater than £1.20 on that day.
(f) Vest in full on the third anniversary of grant.
(g) Vest in full on the first anniversary of grant.
(h) Vest in full on the second anniversary of grant.
(i)  The first 50% of the options vest on the first anniversary of grant and the remaining 50% vest over the following two year period in equal monthly amounts at 
the end of each successive month after the first anniversary of the date of grant, provided the option holder is an employee at the end of each relevant month.
(j) Vest in full on the first anniversary of grant.
(k) The vesting conditions of these options are as follows:
 .  
50% when Total Shareholder Return (share price growth excluding adjustment for dividend payments) equals or exceeds 30% growth per annum in the 
period 09 June 2008 to 30 November 2011.
 . 
50% when Earnings per Share equals or exceeds 40% growth per annum in the period 01 December 2008 to 30 November 2011.
(l) These options vested on the date of grant and are exercisable at any time during the option period of 01 December 2008 to 30 November 2009. 
(m) The vesting conditions of these options are as follows:
 . 
50% when Total Shareholder Return equals or exceeds 30% growth per annum in the period 09 June 2008 to 09 June 2009.
 . 
50% when Earnings per Share equals or exceeds 40% growth per annum in the period 01 December 2008 to 30 November 2009.
(n) The vesting conditions of these options are as follows:
 . 
50% when Total Shareholder Return equals or exceeds 30% growth per annum in the period 01 July 2008 to 30 November 2010. 
 . 
50% when Earnings per Share equals or exceeds 40% growth per annum in the period 01 December 2008 to 30 November 2010.
The weighted average fair value of options granted in the year was £0.57 (2007: £0.16). The weighted average share price at the date 
of exercise during the year was £0.54 (2007: £0.60).
The options outstanding at the end of the year have a weighted average contractual life of 2.5 years (2007: 1.4 years).
Other options in issue
In addition to those options granted to current and former employees and non‑ executive directors, 118,812 options were granted to KBC Peel Hunt 
on 27 July 2000 in consideration for services to the Group in connection with a placing of ordinary shares. These options can be exercised at a price 
of 202p per share for a period of seven years commencing from 09 June 2004, the date of the Company’s admission to AIM.
e q u i t y ‑ s e t t l e d 	 s h a r e 	 o p t i o n 	 p l a n s
Fair values were measured by use of the Black‑ Scholes pricing model. The inputs to the model were as follows:
       December 2006  
Grant date    July 2008 June 2008 January 2008 to October 2007
Weighted average share price    £0.62 £0.55 £0.49 £0.65
Weighted average exercise price    £0.62 £0.55 £0.49 £0.65
Expected volatility    40% 40% 40% 45%
Expected option life    1 to 3 years 1 to 4 years 3 years 3 years
Risk‑free interest rate    5.3% 5.3% 5.3% 5.5%
Expected dividend yield    2% 2% 2% 2%
Expected volatility was determined by calculating the historical volatility of the Group’s share price over the previous three years. The expected 
life used in the model has been based on management’s best estimate for the effects of exercise restrictions and behavioural considerations.
The risk‑ free rate was based on the three year inter‑ bank SWAP rate. Amino is not currently paying dividends but management intends to 
commence paying dividends, and at the time of the awards, management considers it would have been reasonable to assume a dividend 
yield of 2% per annum.
In accordance with Urgent Issue Task Force (UITF) Abstract 44, the Company increased the carrying value of its fixed asset investments 
by recoding a capital contribution of £104,486 (2007: £50,532) in respect of share‑ based payment charges, attributable to option holders 
of subsidiary companies within the Group. 52 • Amino Technologies plc • Annual Report and Accounts 2008 •
Notes to the parent company financial statements
n otes to the parent C ompany finan Cial statements for the year ended 30 November 2008 ( co n T i nu ed )
8 Reconciliation of movements in shareholders’ funds
      Year to  Year to 
      30 November 30 November 
      2008 2007 
      £ £
Opening shareholders’ funds      21,791,644 21,750,456
Issue of ordinary share capital – capital      500 1,500
Issue of ordinary share capital – share premium     24,500 79,749
Issue of ordinary share capital – shares to be issued     (25,000) (57,000)
Repurchase and cancellation of own shares      (322,400) —
Forfeiture of shares to be issued      (17,334) (37,833)
Impact of increase/(decrease) in share price on shares to be issued    1,418 (7,500)
Exercise of employee share options      269,396 11,740
Share‑based payment charge      104,486 50,532
Closing shareholders’ funds      21,827,210 21,791,644
9 Related party transactions
There were no related party transactions during the year.
10 Post balance sheet event
There were no significant post balance sheet events. Through a combination of software, hardware 
and systems know‑how, Amino T echnologies plc 
enables its global customer base to deliver and 
monetise a broad range of intelligent online video 
and broadcast services for the home and business 
consumer. The Company’s award‑winning range 
of AmiNET™ set‑ top box (STB) products provides 
telecoms, broadcast and hospitality companies 
with a ‘front door’ to Internet Protocol Television 
(IPTV) – a range of software and STB systems 
that can be tailored to offer highly scalable 
and targeted systems. Amino’s AssetHouse 
technology takes IPTV to the next level – allowing 
customers such as BT Vision to “think like retailers” 
and package and personalise new and innovative 
revenue‑generating services to viewers. 
 01   Highlights
 02   Review of our year: the Amino opportunity
 04   Review of our year: the Amino  
set‑top box business
 06  Review of our year: building our capabilities 
and improving our proposition
 08  Chairman’s report
	 1 0	 	 Ch ief 	 Ex ecutiv e 	 Of ficer’ s	 r epor t
	 1 2	 Ch ief 	 Fi nancial 	 Of ficer’ s	 r epor t
 14  Board of directors
 15 Advisors
 16  Corporate governance report
 17  Directors’ remuneration report
 20  Directors’ report
 23  Independent auditors’ report – Group
 24  Consolidated income statement 
 24  Consolidated statement of recognised 
income and expense
 25  Consolidated balance sheet
	 26	 	 Consol idat ed 	 cash 	 flo w 	 stat em ent
 27  Notes to the consolidated 
fi n a nci a l 	 s ta t e m e nts
 44  Transition to IFRS
 46 Independent auditor’s report – Company
 47  Company balance sheet
 48  Notes to the parent company 
fi n a nci a l 	 s ta t e m e nts
Con TACT de TAils
About Amino Technologies Contact details
Abou T Amino Te Chnologies
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Head office and worldwide sales
Amino Technologies plc and Amino Communications Ltd  
Buckingway Business Park 
Anderson Road
Swavesey 
Cambridge CB24 4UQ
United Kingdom
Tel: +44 (0)1954 234100
Fax: +44 (0)1954 234101
Email: info@aminocom.com
Americas
Amino Communications LLC  
3625 Brookside Parkway, Suite 150
Alpharetta GA 30022
USA
Tel: +1 678 636 6000
Fax: +1 678 636 6001
Email: info@aminocom.com
China
Amino Communications Technology Service Shanghai Co Ltd  
Suite 2702, City Gateway
398 Caoxi Lu
Shanghai 200030
China
Tel: +86 21 3368 8423
Fax: +86 21 3368 8429
Email: cninfo@aminocom.com
Sweden
Amino Communications AB
Finlandsgatan 40
SE‑164 74 Kista
Sweden
Tel: +46 8572 38643
Email: info@aminocom.com
_2_AMI_ar08_cover.indd   2 16/02/2009   13:59:35  Amino Technologies plc  
Annual Report and Accounts 2008 
Amino Technologies plc Annual Report and Accounts 2008
Creating a personalised 
TV experience
Amino Technologies plc
Buckingway Business Park
Anderson Road
Swavesey
Cambridge CB24 4UQ
United Kingdom
Tel: +44 (0)1954 234100
Fax: +44 (0)1954 234101
Email: info@aminocom.com www.aminocom.com
_2_AMI_ar08_cover.indd   1 16/02/2009   13:59:19