Faster computing 
by design 
Celoxica Holdings plc  Annual Report and Accounts 2006
06 delg
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CONTENTS
Highlights 1
Chairman’s review 2
Chief Executive’s review 3
Financial review 10
Board of Directors 12
Directors’ report 13
Corporate 
governance report 15
Directors’ 
remuneration report 17
Report of the  
independent auditors’ 20
Consolidated profit 
and loss account 21
Statement of Group 
total recognised gains 
and losses 21
Consolidated  
balance sheet 22
Company balance sheet 23
Consolidated cash flow
statement 24
Notes to accounts 25
Notice of Annual 
General Meeting 40
Executives/Advisors/
Business addresses 44
CELOXICA’S ACCELERATED COMPUTING solutions
address the power:performance mismatch that limits the
affordability, scalability and market growth potential of
ENTERPRISE CLASS COMPUTING in the FINANCE,
OIL & GAS AND LIFE SCIENCES sectors.
Using our technology these data intensive industries
quickly off-load processor intensive tasks to custom
co-processors, delivering MORE PERFORMANCE,
REDUCED POWER CONSUMPTION and a LOWER
TOTAL COST OF OWNERSHIP. Information
becomes intelligence more quickly, TIMELY and
INFORMED DECISIONS can be made faster and
business risk is reduced.
PROVEN TECHNOLOGY BENCHMARKS, CUSTOMER
ADOPTION and ESTABLISHED PARTNERSHIPS with
industry leaders are cementing Celoxica’s position as
one of the WORLD’S LEADING ACCELERATED
COMPUTING PROVIDERS.
AMD 
Cray 
DRC 
Hewlett
Packard
Hyper
Transport
Consortium 
IBM 
Intel
SGI
Xilinx
ACCELERATED COMPUTING PARTNERS delivering
24X
Celoxica Holdings plc Annual Report and Accounts 2006  page 1
FINANCIAL HIGHLIGHTS
$14.9bn
Celoxica’s Accelerated Computing solutions
address the high growth supercomputing and
computing server markets identified by IDC.
Highlights
2006
TURNOVER £3,564,000
GROSS PROFIT 52.4%
LOSS FOR YEAR £4,231,000
EMPLOYEES 58
improvement
SOLUTION HIGHLIGHTS
24X
performance improvement in computing
time needed to calculate the value of
derivates in real time market trading
64X
speed improvement in performing local
sequence alignment, for example
determining similar regions between two
protein sequences
16X
performance improvement in finite
difference acoustic modeling for 
seismic applications used in oil and 
gas exploration
13X
performance improvement in data
encryption and decryption standards for
the secure transmission and receipt of
mission critical data OVERVIEW
In this, my second Chairman’s review since
Celoxica became a public company, we have
just completed a very challenging year.
During the year we saw a decline in revenues
of 16% versus 2005 driven by the slowing of
the Electronic System Level Design (ESL)
market where the embedded part of this
market has traditionally been the major source
of revenues for the Group. This has been
partially offset by continued good progress in
the emerging accelerated computing market
where Celoxica technology offers significant
benefits to the customer.
Whilst it is expected that the ESL market will
regain its higher growth trajectory at some
stage in the future, in the short to medium
term, the Accelerated Computing (AC) market
offers a much better growth prospect for
Celoxica. To this end the Group has now
shifted its strategic focus to the AC market.
To support this new strategy a placing to raise
£2.9m, net of expenses was completed in
February 2007 and, in parallel a restructuring
of the Group has reduced the cost base by
£2m to approximately £4m.
FINANCIAL RESULTS
The Group’s revenue was £3.6m, down 16%
over the same period in 2005. Our operating
loss was £4.2m (2005: loss £3.2m). Net cash
at year end was £157,000. In February 2007,
the Group completed a Placing of 18,756,250
new ordinary shares at 16pence per share
raising £3.0m before expenses (£2.9m net).
On 9 January the Group announced a
restructuring programme which will lead to
savings of £2.0m a year on the 2006 cost
base of approximately £6.0m.
STRATEGY
The Group is now executing on its strategy of
taking full advantage of opportunities in the
accelerated computing market. We have
completed a number of benchmarks which
demonstrate that an FPGA co-processor
solution using Celoxica technology can offer
significant improvements in speed, power
consumption and heat generation compared
to conventional microprocessor technology.
Our strategy is to exploit these strengths in
those industries where they create maximum
value; our initial targets are Finance, Oil and
Gas and Life Sciences.
BOARD CHANGES
On 31 January 2007, Phil Bishop stepped
down as Chief Executive Officer. I would like
to thank Phil for his contribution to the Group
over the last four and a half years. A search 
is underway for a new Chief Executive Officer.
In the meantime Ian Yeoman, who was a 
Non-Executive Director of the Group, has 
been appointed as Interim Chief Executive. 
On 28 February 2007 Bernard Morgan
stepped down as Chief Financial Officer and
was succeeded by Michelle Young who was
previously Group Financial Controller for
Celoxica. I would also like to thank Bernard
for his contribution to the Group over the last
seven years.
SUMMARY
After a difficult year I am now confident that
the strategy and the shape of Celoxica are
correct to exploit the opportunities in the
accelerated computing market whilst
maintaining our relationships with existing
embedded customers. Although some
challenges remain I believe that the
accelerated computing market will provide the
growth engine for Celoxica for the years
ahead. We have just completed a painful cost
reduction exercise which was necessary to
preserve the Group’s resources and realign the
organisation to the new market opportunity. I
would like to thank our employees,including
those who have recently left us in the
restructuring, for their contribution during
2006. Finally I would like to thank our
customers, partners and shareholders for their
continued support.
Jack Fryer Chairman
page 2 Celoxica Holdings plc Annual Report and Accounts 2006
Chairman’s review
a challenging year
“I am now confident that the
strategy and the shape of
Celoxica are correct to
exploit the opportunities in
the accelerated computing
market…” “Given the industry
endorsement of Celoxica’s
technology in Accelerated
Computing and the growth
potential of that market
the Group has adopted a
re-balanced strategy. ”
OVERVIEW
2006 was an important year in Celoxica’s
development. The emerging technologies of
Accelerated Computing (AC) are being adopted
by more markets as the benefits become
compelling. Celoxica’s proprietary technology
gives it a unique position to exploit this trend
by providing our customers with a step change
in computing power.
Difficult conditions in the Group’s traditional
market of Embedded System Level Design (ESL)
constrained sales in 2006 and a restructuring
programme was implemented post year end 
to reduce headcount from 58 to 39. To
complement the lower cost base a further
funding round was initiated to give Celoxica 
the resources needed to exploit a major growth
opportunity in the AC market.
STRATEGY
Given the industry endorsement of Celoxica’s
technology in AC and the growth potential 
of that market the Group has adopted a 
re-balanced strategy which focuses on the AC
market while supporting the existing
embedded customers. 
The Group will continue to build its partner
portfolio to secure complementary
intellectual property (IP), technology and
market access with the aim of providing the
customer with a complete, easy to use
solution for accelerated computing.
Regular reviews are undertaken of proprietary
IP and the value of any deemed non-core will
be maximised through trade sale.
MARKETS
Accelerated Computing
Large IT systems are increasingly subject to
constraints on power consumption and
consequent heat dissipation. The market
trend is for faster processing of larger
amounts of data at lower power consumption
and capital cost. This issue is most acute in
the Finance, Oil and Gas and Life Sciences
markets and it is these sectors that Celoxica
is targeting with solutions that can
demonstrate performance increases of 10 to
30 times that of existing microprocessors.
Embedded Systems
Whilst there remains a tangible worldwide
demand for embedded design software tools,
growth in the market slowed during 2006
largely as a result of migration of design work
to the Indian and Asia-Pacific regions. However,
we continue to see our solutions applied in a
large variety of applications. Our presence in
the automotive sector increased and we
continue to make good progress in a number of
imaging markets where our products have
always enjoyed strong appeal.
PARTNERSHIPS
Exploitation of the AC market will depend 
on our key partner relationships with
organisations in the semiconductor and
computer systems industries, and within the
world’s research institutes and universities.
During the period the Group enhanced the
relationship with two important partners,
Xilinx and Altera, the dominant companies in
the manufacture of FPGAs. We worked with
Xilinx to ensure that we have the best joint
software and silicon offering. We also
teamed up with AMD to provide a processor
offload solution for their high performance
Opteron processor. Finally, we continue to
invest in our partnership with Toshiba by
offering development kits as a prototyping
solution for ASIC designers.
continued on page 4
Celoxica Holdings plc Annual Report and Accounts 2006  page 3  
Chief Executive’s review
an important year 
in Celoxica’s development At the hardware board and system level we have
teamed with DRC Computer Corporation to
provide a hardware and software plug-in
accelerated computing solution for AMD
Opteron based systems. This is an exciting
development that matches Celoxica’s expertise
in software with DRC’s excellence in the
provision of plug-in hardware to provide a stand
alone workstation solution. Within academia, we
put in place a partnership with the Academy of
Sciences of the Czech Republic (UTIA) research
institute giving us ownership of important IP in
relation to high-speed floating point
calculations, a critical component of our
accelerated computing strategy.
CUSTOMERS
Over 400 licenses of the core embedded design
technology are in use in a number of
application areas such as automotive,
communications, consumer, imaging and
industrial. We have also maintained a very
strong academic programme with more than
600 Universities counted as ongoing customers.
The sales channel for AC is expanding showing
firm engagements with many blue-chip
customers in the Finance, Oil and Gas, and Life
Sciences sectors. Typically, opportunities
transition through a three stage commercial
process: proof of concept, pilot study and
production roll out. It is encouraging to note
that many customers are now moving through
the commercial process where in due course we
expect to see significant revenue generation.
PRODUCTS
Celoxica sells computer acceleration. To put
that acceleration into place customers buy our
software design tool licenses, IP, hardware
boards and consulting. During the year we
continued to invest in the development of the
product set. This has made it easier to
integrate into customer solutions, further
improving performance and adding new
features that are critical for our customer base.
In addition, following the collaboration 
with UTIA we have been able to improve
significantly the degree to which our technology
accelerates calculations that are a critical
component for finance (derivative calculations),
oil and gas exploration (seismic analysis) and
bioinformatics sequencing challenges.
We have invested in our board support
packages for partners such as Cray, DRC and
SGI and also created a world class platform for
accelerated computing of our own. This uses
proprietary design to make our interface
between the main processor and co-processor
one of the fastest architectures in the industry.
FINANCIALS
Our financial performance reflects a
reduction in the number of ESL market
opportunities. Overall turnover fell 16% to
£3.6m with a commensurate increase in
losses. In January 2007 we completed the
Placing of new ordinary shares, raising
£2.9m, net of expenses. On 9 January 2007
the Group announced a restructuring and, 
as a result, implemented a cost reduction
programme with expected net savings of
approximately £2.0m per year compared 
with the 2006 operating cost base of
approximately £6.0m.
MANAGEMENT AND STAFF
During the year we had an average of 58
employees. Following the completion of the
restructuring the headcount has been reduced
to 39 with an increased weighting now being
given to AC development. I would like to
express my appreciation to all employees for
what has been a challenging year.
OUTLOOK
As we enter 2007 the Group is better
positioned to exploit opportunities for the
application of its technology in the AC
market. Partner relationships with some of the
most successful hardware and systems
companies in the industry are in place and
the level of customer interest is high. We will
also maintain our momentum in the ESL
market. In addition, we have realigned the
Group to operate on a lower cost base and
have established a much stronger platform for
growth. We believe this will provide Celoxica
the greatest chance of long term success and
will lead to a positive outcome for the year.
Ian Yeoman Chief Executive Officer
page 4 Celoxica Holdings plc Annual Report and Accounts 2006
Chief Executive’s review
As we enter 2007 the Group
is better positioned to
exploit opportunities for the
application of its technology
in the AC market.
Over 400 licenses of the
core embedded design
technology are in use in a
number of application areas
such as automotive,
communications, consumer,
imaging and industrial. FPGA based co-processors
increase supercomputer and
clustered server computing
performance, reduce power
consumption and lower the
total cost of high performance
computing ownership.
Celoxica Holdings plc Annual Report and Accounts 2006  page 5
Chief Executive’s review
about us
our business 
& markets
how we work –
meeting future  
design challenges
Accelerated Computing is
defined by the convergence of
software programmable FPGAs,
high speed interconnect and
system level design tools. These
technologies are changing the
dynamics of high performance
computing and collectively
provide a compelling solution 
to the challenges of compute
intensive processing.
In a complex data driven world, imagine what
you could do with faster computing power:
master global financial markets more quickly,
be the first to harness new energy supplies,
discover cures for diseases faster. That’s
precisely what many of our Accelerated
Computing customers are striving to achieve;
exploit advances in computing technology to
dramatically improve the timeliness and
accuracy of their information based decision
making, lower their business and investment
risk and maximise profitability.
Celoxica’s Accelerated Computing solutions
enable government and industry to design
and rapidly deploy FPGA based co-processors
that accelerate the performance of their
computing services. Our technology allows
programmers and engineers to create
application accelerators and utilize the latest
developments in computer interconnect
technology such as HyperTransport™.
Because the co-processors are FPGA based,
they can be programmed and reprogrammed
as often as is required and will scale as
application requirements change and grow. In
addition and as the name suggests, the 
co-processors work alongside and augment
existing microprocessor technology. This
means existing computation investment is
assured and the FPGA co-processors add real
and measurable value. Providing the financial and investment community 
with accelerated computing solutions
Chief Executive’s review
page 6 Celoxica Holdings plc Annual Report and Accounts 2006
Chance is not an option in
today’s 24/7 financial world
with traders and investors
increasing their reliance upon
very complex modelling and
simulation techniques to
mitigate risk and inform their
investment strategies. Some 
of the world’s leading banking
and investment institutions
are working with Celoxica to
implement accelerated
computing solutions that
deliver ever more accurate
multi-billion dollar investment
information, more quickly and
at a lower cost.
ENTERPRISE CLASS 
CO-PROCESSOR ACCELERATION
Celoxica and Appro International Inc. have
created an off-the-shelf FPGA co-processing
solution for enterprise customers built on
Appro’s XtremeServer and Celoxica’s
co-processor card. Customer benchmarks
demonstrate that this computing architecture
addresses the need for significant performance
improvement without associated power
consumption and heat dissipation issues
common in compute intensive applications.
ACCELERATING HIGH DEFINITION 
TV (HDTV)
Taiwanese company Chunghwa Picture Tubes,
Ltd (CPT) is using Celoxica technology to
expedite the development of HDTV and
advanced display technologies. Increasing
product complexity, time-to-market pressures
and evolving display standards motivated CPT
to adopt technology from Celoxica to help
deliver a high-definition future.
“Appro is pleased to support AMD’s
Torrenza Initiative and happy to support
Celoxica’s family of accelerated
computing solutions. This solution
complements our existing XtremeServer
products providing compiler and hardware
interface support to enable FPGA-based
co-processing for a wide range of high
performance and enterprise computing.”
Daniel Kim, CEO of Appro
“We identified that we could successfully
integrate design technology and IP from
Celoxica as part of our overall product
design strategy. By making use of
Celoxica’s PixelStreams IP library we can
almost immediately implement pre and
post image processing on an RC340
development board that supports the
HDTV(p) standard.”
Dr. Tai, Project Manager at TFT Business Unit, CPT “FAST, ACCURATE ANSWERS
REPRESENT A HUGE TRADING
ADVANTAGE AND LOWER
INVESTMENT RISK. BY
LEVERAGING CELOXICA’S
ACCELERATED COMPUTING
TECHNOLOGY OUR CUSTOMERS
CAN QUICKLY HARNESS THE
BENEFITS OF CO-PROCESSORS 
TO DELIVER INFORMATION
MORE QUICKLY THAN EVER
BEFORE, INFORMATION THAT
CAN DELIVER VALUABLE
INVESTMENT IMPACT.”
Ian Yeoman, CEO
Celoxica Holdings plc Annual Report and Accounts 2006  page 7
Chief Executive’s review Chief Executive’s review
page 8 Celoxica Holdings plc Annual Report and Accounts 2006
Global oil and gas companies
are tapping into Celoxica’s
Accelerated Computing
solutions to improve the
accuracy of their exploration
data and systems. With multi-
billion dollar investment
decisions becoming increasingly
complex and business critical,
companies are strengthening
their competitive advantage by
accelerating compute intensive
exploration applications, such
as seismic data collection and
analysis. These applications are
ideally suited to the coprocessor
acceleration technology
provided by Celoxica.
FPGA BASED 
ACCELERATED COMPUTING
Celoxica and SGI have teamed to deliver
solutions for algorithm acceleration using
FPGAs. SGI includes copies of Celoxica’s design
software as part of its RASC high performance
computing development kit. The reconfigurable
FPGA chips can be programmed by a customer
to optimize their specific tasks. Coprocessing
systems offer orders of magnitude performance
improvements at lower power and heat than
conventional microprocessors alone. Applications
that can benefit from this approach include
image recognition, decryption, gene comparison,
video format translation, and data compression
to name a few.
SAFETY AND SECURITY 
WTH REAL-TIME IMAGE 
RECOGNITION SYSTEMS
Calsonic Kansei Corp. developed a new 
drive-by-wire automotive system to reduce
traffic accidents and gridlock on crowded
freeways. The system uses Celoxica technology
for on-board automotive intelligent
transportation systems (ITS).
The system captures and identifies a vehicle in
real-time with more than double the
performance, inherent adaptability and with
lower power consumption than previous systems.
Using license-plate recognition to calculate
criteria such as distance and position, the system
allows the driver to maintain a safe distance
from a car in front. Connected to a car mounted
CCD (charge-coupled device) camera, total
processing time that included intensity
conversion and color sorting was reduced form
21.56ms to only 10.0ms.
providing oil and gas companies with
billion dollar investment information
“Celoxica tools give RASC customers an
easy-to-use programming environment for
accelerating their C software algorithms
using the parallel processing capabilities
of FPGA without going through hardware
description languages.”
Steve Miller, former Chief Engineer,
System Architecture, at SGI
“FPGAs are a better choice than ASICs and
Celoxica provided a distinct advantage by
helping us to design and implement
quickly the different design parameters
needed by the project.”
Mr. Masatoshi Arai, Manager, 
Advanced Engineering Development Group,
Calsonic Kansei Corp. Chief Executive’s review
Celoxica Holdings plc Annual Report and Accounts 2006  page 9
“WE BELIEVE THAT FPGA
TECHNOLOGY WILL ALLOW US
TO ACHIEVE MUCH GREATER
PERFORMANCE LEVELS THAN
ARE POSSIBLE WITH
PROCESSOR-ONLY BASED
SYSTEMS. INITIAL RESULTS
HAVE BEEN VERY PROMISING,
AND WITH OUR PARTNER
CELOXICA, WE ARE LOOKING
FORWARD TO CONTINUED
PROGRESS IN THE AREA OF
ACCELERATED COMPUTING.”
Henri Calandra, HPC Team, Total ORGANISATION
The Group consists of three primary operating
subsidiaries; UK, US and Japan. The UK office,
which is based near Oxford, England, supports
sales within Europe, Middle East, Africa and
India as well as housing our engineering
development and research teams. The US
office, based in Austin, Texas supports sales
throughout the US and Canada and the Japan
office, based in Yokohama supports sales
throughout Asia Pacific, including China,
Taiwan, South Korea and Singapore.
The Group employed an average of 58
(2005: 57) employees during the year
(including 2 executive directors). Of these 31
(2005: 29) or 53% of the total work in the
engineering department, 19 (2005: 20) or
33% in sales and marketing and 8 (2005: 8)
or 14% in administration.
Sales are primarily through our direct sales
team and this is augmented by a network of
partners and distributors.
TURNOVER
Turnover (excluding VAT) comprises the value
of sales of licenses, revenue from support,
maintenance, training and consulting
contracts and the sale of hardware boards.
Licence fees are recognised upon shipment of
the software based on customer purchase
orders, provided that all significant
obligations in respect of the software licence
are fulfilled. Where agreements involve
multiple elements, the entire fee from such
arrangements has been allocated to each of
the individual elements based on each
element’s fair value. Vendor-specific objective
evidence of fair value is determined by
reference to list price of sales to other
customers where elements are sold separately.
Turnover for the year was £3.6m, down from
£4.3m in 2005. The lower sales in the year
were due to lower sales of our embedded
systems products and the change in the US
Dollar exchange rate.
TURNOVER BY ORIGIN OF SALES
Turnover by origin of sales was Europe, Middle
East and Africa £1.1m representing 31% of
total turnover (2005: £1.3m, 30%), Asia
Pacific £1.1m representing 31% of total
turnover (2005: £1.5m, 35%) and The
Americas £1.4m, representing 38% of total
turnover (2005: £1.5m, 35%).
GROSS PROFIT
Gross profit, which represents the value of
our turnover recognised as revenue less
associated cost of goods sold was 52% in
2006 (2005: 64%). The change in the overall
gross profit percent is due to lower sales mix
of software in 2006 compared with 2005,
which is generally at a high gross profit per
cent and the write down of a number of
embedded products (total value of £82,000).
OPERATING EXPENSES
Operating expenses in the year were £6.1m, up
from the restated 2005 expenses of £5.9m.
The restatement of 2005 expenses is due to
the inclusion of FRS20 “Share-based Payments”
charge of £178,000, the equivalent charge for
2006 was £14,000. Our expenses consist of
staff and associated costs, property and related
costs, external marketing costs (including
expenses associated with exhibitions, seminars
and public relations), legal and other costs and
depreciation. Salaries and associated costs
included within administrative expenses
represent approximately 61% (2005: 64%) of
the total.
As a result of our strategic review, we have also
decided not to continue with certain research
projects and have instead written off all the
costs of such projects. These total £153,000.
Depreciation of tangible fixed assets amounted
to £88,000 (2005: £89,000) and relates
primarily to office and associated equipment.
LOSS BEFORE TAX
Loss before tax was £4.3m (2005 restated:
£2.7m). 2005 loss included a one-off credit
of £524,000 relating to non-equity finance
costs. Excluding this the loss before tax
would have been £3.3m. The increase in loss
year on year of £1.0m is due to lower
revenue contribution and one-off inventory
write off charges due to the Group focussing
its activities primarily in the accelerated
computing market.
LOSS FOR THE FINANCIAL YEAR
Loss for the financial year was £4.0m and
compares with a restated loss of £2.5m in 2005.
As noted above, the loss in 2005 included 
a one-off credit of £524,000 relating to 
non-equity finance costs. Excluding 
non-equity finance costs in 2005, the loss 
on ordinary activities after taxation was
£3.0m, compared to 2006 loss of £4.0m. 
page 10 Celoxica Holdings plc Annual Report and Accounts 2006
Financial review Financial review
In February 2007, the Group
completed a Placing of
18,756,250 new ordinary
shares at 16 pence per share,
raising £3.0m before
expenses, (£2.9m, net).
Celoxica Holdings plc Annual Report and Accounts 2006  page 11
LOSS PER SHARE
Loss per share was 8p compared with 21p in
2005. 2005 restated loss increased from 20p
to 21p due to the inclusion of FRS20 “Share-
based Payments” charge of £178,000. 
PENSIONS
UK pension contributions in respect of defined
contribution pension schemes are charged to
the profit and loss account as incurred. We also
contribute to schemes in other countries where
we have subsidiaries: 401k plan in the US and
the employees’ pension insurance in Japan.
RESEARCH & DEVELOPMENT 
TAX CREDIT (R&D)
The Group is currently loss making and has been
for a number of years. The UK R&D tax credit
enables loss making companies to sacrifice tax
losses from R&D in exchange for a cash payment
of 24p per £1 of qualifying expenditure. We
invest a significant amount in R&D and
therefore have elected to claim R&D tax credit
for SMEs. In 2006 the R&D tax credit was
£230,000 (2005: £300,000).
DEFERRED TAX
Deferred taxation is provided on a full
provision basis on timing differences, arising
from the different treatment of items for
accounts and taxation purposes, which are
expected to reverse in the future, calculated at
rates at which it is estimated that tax will arise.
The deferred taxation balance has been
measured at the rate expected to apply when
timing differences reverse. Deferred tax assets
are recognised to the extent that it is regarded
as more likely than not they will be recovered.
FOREIGN EXCHANGE
Transactions arising during the year which are
denominated in foreign currencies are
translated at the rate of exchange ruling at the
date of the transaction. Monetary assets and
liabilities denominated in foreign currencies are
retranslated at the rate of exchange ruling at
the balance sheet date. All exchange
differences are taken to the profit and loss
account in the year in which they arise.
Assets and liabilities in the accounts of the
overseas subsidiaries are translated at the rate
of exchange ruling at the Balance Sheet date
and the results of the subsidiaries are translated
at the same rate. The exchange difference
arising on the translation of the overseas
subsidiaries is taken directly to reserves. All
other foreign exchange differences are taken to
the profit and loss account as they arise.
BALANCE SHEET ITEMS
Net liabilities at 31 December 2006 were
£34,000 (2005: Net assets £4.0) and consist of:
• Tangible assets of £149,000 
(2005: £160,000) primarily office and
associated equipment
• Stock of £162,000 (2005: £154,000)
representing goods of hardware development
boards for resale
• Debtors £1.1m (2005: £1.8m) primarily
trade debtors, prepayments and corporation
tax receivable
• Cash and short-term deposits of £157,000
(2005: £4.5m)
• Creditors within one year and due after one
year £1.6m (2005: £2.6m).
Included within Debtors are trade debtors of
£492,000 (2005: £995,000) representing
outstanding invoices to customers,
corporation tax receivable of £230,000
(2005: £300,000) representing R&D tax
credit, other debtors of £81,000 (2005:
£126,000) and prepayments and accrued
income of £334,000 (2005: £359,000).
Creditors include trade creditors of £516,000
(2005: £770,000) representing outstanding
invoices for goods and services received, deferred
income of £234,000 (2005: £326,000)
representing deferred income on support and
maintenance contracts, bank loans (within one
year) of £525,000 (2005: £503,000)
representing a 3-year loan facility and other
creditors, accruals and taxation and social
security payable of £364,000 (2005: £497,000).
The loan facility will be fully repaid in 2007.
CASH FLOW
During the year, our operating cash out flow
was £4.1m (2005: £2.9m). The increase in 
out flow is due to lower revenue in 2006
compared with 2005 and higher operating
expenses. In February 2007, the Group
completed a Placing of 18,756,250 new
ordinary shares at 16 pence per share, raising
£3.0m before expenses, (£2.9m, net).
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (IRFS)
As an AIM-listed Company, the Group must
adopt IFRS for accounting periods
commencing on or after 1 January 2007 and
apply IFRS 1 “First-time Adoption of
International Financial Reporting Standards”.
The Group has considered the impact of IFRS
and is preparing for the necessary changes.
While a number of the new standards apply,
the Group does not expect a major impact on
its results as a result of adoption.
Michelle Young Chief Financial Officer a great depth of 
industry knowledge
page 12 Celoxica Holdings plc Annual Report and Accounts 2006
Board of Directors
the right people
JACK FRYER, Non-executive Chairman
Jack, 67, was appointed non-executive Chairman
in April 2001. Following the de-merger of the
defence business from GEC in November 1999,
Jack was appointed Technology and Strategy
Director for Marconi, having joined GEC in 1996
as Strategic Planning Director. Prior to this, Jack
was Managing Director of the transition team
during the Lucas Industries/Varity merger,
having joined Lucas Industries in 1986. Jack also
serves as a non-executive Director of Northgate
Information Solutions plc.
IAN YEOMAN, Acting Chief Executive Officer
Ian, 52, was appointed to the Board in
November 2005, has 28 years of international
business, finance and technology experience in 
a range of companies spanning the aerospace,
defence, chemicals and electronics industries. 
Ian was a founding member of the management
buy-out team who took over Ultra Electronics
from TI Group. Ian has also held senior executive
roles with Tioxide International, Plessey Defence
Systems and Dowty Group plc.
DAVID CHEESMAN, Non-executive Director.
David, 64, was appointed to the Board in
September 2001. David has a background in
electrical engineering and has spent 22 years
within the technology industry. Prior to joining
Advent Venture Partners in 1996 as a General
Partner, David successfully built an
IT/Electronics sector investment portfolio whilst
responsible for 3i’s High Technology Unit.
MICHELLE YOUNG, Chief Financial Officer
Michelle, 33, is a Fellow of the Chartered
Association of Certified Accountants and has
been with Celoxica since November 1999.
She has 7 years experience in senior
management roles covering various G&A
functions within Celoxica, before being
appointed CFO in February 2007. Prior to
that, Michelle had held finance roles with
Morland plc and qualified in the audit
practice of Grant Thornton UK LLP. The Directors present their report and the audited financial statements of the Company and of the Group for the year ended 31 December 2006.
PRINCIPAL ACTIVITIES
The Group’s principal activity is the provision of electronic system level design technology for the embedded systems and accelerated computing markets.
Celoxica’s technology significantly improves productivity in the design of electronics systems and greatly increases the usability, performance and range
of applications for products using programmable semiconductor devices for a diverse and growing set of markets.
REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS
The Group’s electronic system level design technology fuses system verification, hardware/software co-design and C-language synthesis into a single
flow targeting programmable logic implementations. The Group has continued to develop its strategic customer base and increased the number of new
customers. In addition, the Group has continued to strengthen its partnerships with major vendors in the FPGA market, EDA market, semiconductor
market and hardware acceleration boards market.
The Group continues to expand its product range and has launched the next versions of its software design kits in DK 4.2, PDK 4.2 and Agility 1.2. The
Group also introduced a number of high performance hardware development platforms with the introduction of the RC340, RC2000-4, and the RCHTX
platform for the accelerated computing market.
The technology is continuing to develop and remain ahead of the market and any competitors. The Group continues to expand its customer base to
develop the Group’s future trading activities.
DIRECTORS
The Directors in office through the year and to the date of this report are as listed on page 12. The only change during the year was the resignation
of Keith Hopkins on 25 January 2006. Since the year end, Philip Bishop resigned on 31 January 2007 and Bernard Morgan on 28 February 2007.
Michelle Young was appointed on 28 February 2007.
DIVIDENDS
The Directors do not recommend the payment of a dividend for the year ended 31 December 2006 (2005: £4,350,439; with accrued interest of
£729,462 then settled by issue of 16,255,682 Ordinary shares).
RESEARCH AND DEVELOPMENT
The Group continues to develop both its products and its proprietary software, as well as continuing to expand its range of hardware development
boards and consulting services. Total spend in 2006 was £977,000 (2005: £1,276,000).
POLICY ON PAYMENT OF CREDITORS
It is the Group’s normal practice to make payments to suppliers in accordance with agreed terms, provided that the supplier has performed in
accordance with the relevant terms and conditions. At 31 December 2006 the Company had no trade creditors (2005: none).
FINANCIAL INSTRUMENTS
Details regarding the Group’s use of financial instruments are given in note 16 to the financial statements.
DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE
The Group has, as permitted by S310(s) of the Companies Act 1985, maintained insurance cover on behalf of the Directors and Company Secretary
indemnifying them against certain liabilities which may be incurred by them in relation to the Group.
Celoxica Holdings plc Annual Report and Accounts 2006  page 13
Directors’ report
For the year ended 31 December 2006 STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The directors are responsible for preparing the Annual Report and the 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 elected to prepare
financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The
financial statements are required by law to give a true and fair view of the state of the affairs of the company and the group and of the profit
or loss of the group for that period. In preparing these financial statements, the directors are required to:
• select suitable accounting policies and apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company
will continue in business.
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 enable them to ensure that the 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.
In so far as the directors are aware:
• there is no relevant audit information of which the company’s auditor is unaware; and 
• the directors have taken all steps that the ought to have taken to make themselves aware of any relevant audit information and
to establish the auditor is aware of that information.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation
in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
AUDITORS
Grant Thornton UK LLP offer themselves for re-appointment as auditor in accordance with section 385 of the Companies Act 1985.
By order of the Board,
M. Young
Company Secretary
20 March 2007
Registered Office: 66 Milton Park, Abingdon, Oxfordshire OX14 4RX
Registered Number: 03870674
page 14  Celoxica Holdings plc Annual Report and Accounts 2006
Directors’ report  COMBINED CODE COMPLIANCE
Celoxica Holdings plc is an AIM-listed company and, while the AIM rules do not require the Group to comply with the Combined Code on Corporate
Governance (“the Code”), the Group agrees with the principles of the Code and adopts wherever size and resources permit.
THE BOARD
The Board structure is designed to include the appropriate range of skills and experience required to facilitate Celoxica’s growth and success in line
with expectations. The composition as at 31 December 2006 was that of two executive Directors and three Non-executive Directors, one of whom is
the Chairman. The Non-executive directors are independent of management and free from any business which could materially interfere with the
exercise of their independent judgement. Biographies are as on page 12.
The Board meets monthly and receives a Board pack containing trading and financial information (both current and forecast) along with any such
information necessary for the Board to meet its duties. In addition to the Board meetings, there are a number of informal meetings between the
Non-executive Directors and the executive Directors.
The Board are responsible for reviewing and approving the Group’s strategic direction, financial budgets, risk management and acquisition/disposals.
In addition, the Board is also required to approve financial transactions from ordinary trading that are above the authorisation limits of the executive
Directors alone.
BOARD COMMITTEES
The Directors have established an audit committee, a remuneration committee and a nomination committee with formally delegated roles and
responsibilities. Each of the committees currently comprises the Non-executive Directors. The audit committee meets at least twice each year and
the remuneration and nominations meet at least once.
AUDIT COMMITTEE
The audit committee meets at least twice each year and is responsible for ensuring that the financial performance of the Group is properly reported on
and monitored and for meeting the Auditor and reviewing the reports from the Auditor relating to accounts and internal control systems. It meets at
least once a year with the Auditor without executive Board members present. The audit committee comprises the Non-executive Directors of the
Company and is currently chaired by Dave Cheesman.
REMUNERATION COMMITTEE
The remuneration committee reviews the performance of the executive Directors and sets and reviews the scale and structure of their remuneration and
the basis of their remuneration and the terms of their service agreements with due regard to the interests of shareholders.
In determining the remuneration of executive Directors, the remuneration committee seeks to enable the Group to attract and retain executives of the
highest calibre. The remuneration committee also make recommendations to the Board concerning the allocation of share options to employees.
No Director will be permitted to participate in discussions or decisions concerning his own remuneration. The remuneration committee comprises the
Non-executive Directors and is currently chaired by Dave Cheesman.
NOMINATIONS COMMITTEE
The nominations committee meets as required for the purpose of considering new or replacement appointments to the Board. The nominations
committee comprises the Non-executive Directors of the Company and is currently chaired by Jack Fryer.
SHAREHOLDER COMMUNICATIONS
The Board meets with the Group’s institutional investors on a regular basis and communicates with its private investors wherever possible. It also
encourages attendance at the AGM where a Question & Answer session is available.
The Group’s website (www.celoxica.com) also contains an Investor Relations section which includes all available information.
Celoxica Holdings plc Annual Report and Accounts 2006  page 15
Corporate governance report INTERNAL CONTROL AND RISK MANAGEMENT
The Board is responsible for the Group’s internal control procedures and their effectiveness. Procedures in place are consistent with the Group’s
stage of development and are consistently monitored to ensure they develop as necessary and eliminate, reduce or control risk wherever possible.
There is no internal audit function within the Group currently. This is due to the size of the Group, combined with the high level of Director
authorisations of transactions.
Financial Budgets are compiled once a year and reviewed monthly by the Board, with any necessary action taken as appropriate.
SOCIAL, ETHICAL AND ENVIRONMENTAL POLICIES
As well as responsibilities to shareholders, the Group also endeavours to take into account the interests of all its stakeholders. This includes
employees, customers, suppliers, local communities and the environments in which it operates.
The Group strives for equal opportunities for all employees and has a policy of non-discrimination.
The Group has no manufacturing operations and its premises therefore consist entirely of offices without the risk of hazardous waste or emissions. It
continually monitors its impact on the environment and has a policy of recycling wherever possible – including paper, toner cartridges, aluminium
cans, mobile phones and batteries.
HEALTH & SAFETY
The safety of all employees and visitors to all Celoxica premises is a priority to the Group. Each office is reviewed for potential risks regularly and
necessary action taken.
The UK office is covered by a Health & Safety committee, compromising a Chairman, the Health & Safety manager, an employee representative and
the Chief Fire Warden. Overseas offices have similar arrangements depending on local practices, customs and requirements.
GOING CONCERN
The Board regularly review the Group’s resources to ensure they are sufficient to continue trading for the foreseeable future. It is therefore considered
appropriate to use the going concern basis to compile these financial statements.
Reducing cash balances during the second half of 2006 led the Group to raise a further round of funding. This was closed at £3m in February 2007
and secures the foreseeable future. Full details can be found in note 27.
page 16  Celoxica Holdings plc Annual Report and Accounts 2006
Corporate governance report As a member of AIM, the Group does not have to comply with the Directors’ Remuneration Report Regulations 2002. However, the Group agrees
with the principles of the report and adopts where size and resources allow.
ROLE OF THE REMUNERATION COMMITTEE
The Remuneration Committee is responsible for:
• Determining the Executive Remuneration policy;
• Ensuring remuneration is at a level to attract and retain appropriate Directors and management, and
• Ensuring remuneration of Directors and management is consistent with other employees.
The committee meet at least twice a year and currently comprises Jack Fryer and David Cheesman. It covers all elements of remuneration, including
salary, pension, bonus, share options and duration/notice periods. The committee has access to external professional advisers if required.
No Director will be permitted to participate in discussions or decisions concerning his own remuneration.
SALARY
Salary reviews are annual unless due to a promotion. All annual reviews are effective 1 April each year and take into account both Group and
personal performance.
BONUS
Performance related bonus is based on achievement of financial and other operating targets of the Group as set by the remuneration committee.
SHARE OPTIONS
Share Options form an integral part of remuneration packages within Celoxica. Every employee has options within one of the schemes, with the quantity
being dependent on role and performance. Schemes available are:
• Approved Discretionary Share Option Scheme 2000 (UK);
• Unapproved Discretionary Share Option Scheme 2000 (UK);
• Unapproved Non-Employee Discretionary Share Option Scheme 2000 (UK);
• 2000 Stock Option Plan (US), and
• Unapproved (EMI) Share Option Scheme 2002 (UK).
All options are issued in sterling at the average market price for the three days prior to grant. In line with the industry sector, none of the options have
any performance criteria attached. Vesting periods range from 1 year to 3 years.
PENSION
The Group does not operate its own pension scheme and instead contributes to a Group Personal Pension Plan for all UK employees. The contribution
rate is 5% per annum for executive Directors.
OTHER BENEFITS
Other benefits available are a car or car allowance, private fuel, life assurance, private medical insurance and permanent health insurance.
SERVICE AGREEMENTS FOR EXECUTIVE DIRECTORS
Executive Directors contracts are ongoing with a 6 month notice period by either party. Each contract contains a non-competition, non-solicitation
clause for a period of 6 months after termination. In addition, each service agreement also contains a confidentiality obligation. The two executive
Directors in office at 31 December 2006, Philip Bishop and Bernard Morgan, have service contracts dated 23 September 2005 and 7 September
2001 respectively.
Philip Bishop has since resigned on 31 January 2007 and Bernard Morgan on 28 February 2007.
Celoxica Holdings plc Annual Report and Accounts 2006  page 17
Directors’ remuneration report NON-EXECUTIVE DIRECTORS
Fees are set with reference to other companies of similar size and development, and with regard to the number of days expected to be worked per
annum. Each of the Non-executive Directors has a 2 year appointment with Terms & Conditions of appointment rather than a formal service
agreement. At the end of the two year period, the Directorship may be extended if mutually agreed. 
Non-executive Directors are not eligible to participate in bonus arrangements and their service does not qualify for pensions or other benefits.
DIRECTORS SHAREHOLDINGS
The Directors in office at 31December 2005 held the following interests in the Company’s shares:
Ordinary shares Ordinary shares
of 25p each of 25p each
31 December 31 December 
2006 2005
P. E. Bishop 29,200 29,200
J. R. Fryer 1,664 1,664
B. O. Morgan 6,200 6,200
David Cheesman and Ian Yeoman had no interests in the Company’s shares (2005: none).
INTERESTS IN SHARE OPTIONS
The Directors in office at 31 December 2006 held the following interest in options to purchase 25p Ordinary shares of the Company:
Number of Number of
25p options at 25p options
31 December 31 December Earliest date
2005 Granted Lapsed Exercised 2005 Exercise price of exercise Expiry date
P. E. Bishop 650,936 - - - 650,936 25p 01.06.2005 31.05.2014
91,996 - - - 91,996 25p 24.02.2006 23.02.2015
5,068 - - - 5,068 25p 28.02.2006 27.02.2015
J. R. Fryer 43,816 - - - 43,816 25p 09.09.2003 08.09.2012
3,328 - - - 3,328 25p 24.02.2006 23.02.2015
4,856 - - - 4,856 25p 28.02.2006 27.02.2015
B. O. Morgan 43,816 - - - 43,816 25p 01.06.2005 31.05.2014
3,328 - - - 3,328 25p 24.02.2006 23.02.2015
4,856 - - - 4,856 25p 28.02.2006 27.02.2015
David Cheesman and Ian Yeoman had no interests in the Company’s shares or options (2005: none).
page 18  Celoxica Holdings plc Annual Report and Accounts 2006
Directors’ remuneration report DIRECTORS EMOLUMENTS
Total Total
Salary Fees Benefits Bonus Pension 2005 2004
££££££ £
P. E. Bishop 168,750 - 10,100 - 8,437 187,287 329,107
D. Cheesman - 25,000 - - - 25,000 22,950
J. R. Fryer - 35,000 - - - 35,000 22,500
R. K. Hopkins - 1,667 - - - 1,667 14,583
B. O. Morgan 120,000 - 15,363 - 6,000 141,363 174,383
J. J. A. Nielsen - - - - - - 16,51 1
I. C. Yeoman - 25,000 - - - 25,000 2,683
288,750 86,667 25,463 - 14,437 415,317 582,717
D. Cheesman
Chairman of the Remuneration Committee
20 March 2007
Celoxica Holdings plc Annual Report and Accounts 2006  page 19
Directors’ remuneration report TO THE MEMBERS OF CELOXICA HOLDINGS PLC
We have audited the group and parent company financial statements (the “financial statements”) of Celoxica Holdings plc for the year ended 
31 December 2006 which comprise the consolidated profit and loss account, statement of consolidated total recognised gains and losses,
consolidated balance sheet, company balance sheet, consolidated cash flow statement and notes 1 to 27. These financial statements have been
prepared under the accounting policies set out therein.
This report is made solely to the company’s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has
been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the
company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
The directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with United Kingdom law and Accounting
Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on
Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are 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
financial statements.
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 financial statements. This other
information comprises only the Chairman’s review, the Chief Executive’s review, the case studies, the Financial review, Corporate Governance report,
Directors’ Remuneration report and the Directors’ report. We consider the implications for our report if we become aware of any apparent
misstatements or material inconsistencies with the 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 financial statements. It also includes an assessment
of the significant estimates and judgments made by the directors in the preparation of the financial statements, and of whether the accounting
policies are appropriate to the group’s and 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 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 financial statements.
OPINION
In our opinion:
• the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of
the state of the group’s and the parent company’s affairs as at 31 December 2006 and of the group’s loss for the year then ended;
• the 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 financial statements.
Grant Thornton UK LLP
Registered Auditors and Chartered Accountants, Oxford, England 
20 March 2007
page 20  Celoxica Holdings plc Annual Report and Accounts 2006
Report of the independent auditor 2006 2005
Note £ £
Turnover 2 3,563,91 1 4,267,317
Cost of sales (1,695,207) (1,542,887)
Gross profit 1,868,704 2,724,430
Administrative expenses (6,099,750) (5,876,515)
Operating loss 5 (4,231,046) (3,152,085)
Net interest 6 (33,780) (1 18,176)
Non-equity finance costs 7 - 524,085
Loss on ordinary activities before taxation (4,264,826) (2,746,176)
Tax on loss on ordinary activities 8 230,1 10 271,798
Loss for the financial year 20 (4,034,716) (2,474,378)
Basic and diluted loss per share (pence) 9 (8) (21)
The results above are all in respect of continuing operations.
The accompanying accounting policies and notes form an integral part of these financial statements.
2006 2005
£ £
Loss for the financial year (4,034,716) (2,474,378)
Currency translation differences on foreign currency net investments (6,292) 5,987
Total recognised gains and losses (4,041,008) (2,468,391)
Prior year adjustment (see note 1) (241,084)
Total gains and losses recognised since last financial statements (4,282,092)
Celoxica Holdings plc Annual Report and Accounts 2006  page 21
Consolidated profit and loss account
For the year ended 31December 2006
Statement of Group total recognised gains and losses
For the year ended 31December 2006 2006 2005
Note £ £
Fixed assets
Tangible assets 10 149,222 160,484
Current assets
Stock 12 161,888 154,227
Debtors 13 1,137,302 1,779,941
Cash at bank and in hand 157 ,160 4,517,369
1,456,350 6,451,537
Creditors: amounts falling due within one year 14 (1,639,988) (2,096,262)
Net current (liabilities)/assets (183,638) 4,355,275
Total assets less current liabilities (34,416) 4,515,759
Creditors: amounts falling due after more than one year 15 - (525,387)
Net (liabilities)/assets (34,416) 3,990,372
Capital and reserves
Called up share capital 18 12,887,796 12,885,130
Share premium account 21 1,349,339 1,349,339
Merger capital reserve 21 23,729,845 23,729,845
Other reserve 21 254,638 241,084
Profit and loss account 21 (38,256,034) (34,215,026)
Shareholders' (deficit)/funds 20 (34,416) 3,990,372
The accompanying accounting policies and notes form an integral part of these financial statements.
The financial statements were approved by the Board of Directors on 20 March 2007 and were signed on its behalf by:
I. Yeoman
Chief Executive Officer
M. Young
Chief Financial Officer
page 22  Celoxica Holdings plc Annual Report and Accounts 2006
Consolidated balance sheet
As at 31 December 2006 2006 2005
Note £ £
Fixed assets
Investments 11 120,230 120,230
Current assets
Debtors 13 12,589,780 12,489,194
Cash at bank and in hand 61,001 4,158,921
12,650,781 16,648,1 15
Net assets 12,771,01 1 16,768,345
Capital and reserves
Called up share capital 18 12,887,796 12,885,130
Share premium account 21 1,349,339 1,349,339
Profit and loss account 21 (1,466,124) 2,533,876
Shareholders’ funds 12,771,01 1 16,768,345
The accompanying accounting policies and notes form an integral part of these financial statements.
The financial statements were approved by the Board of Directors on 20 March 2007 and were signed on its behalf by:
I. Yeoman
Chief Executive Officer
M. Young
Chief Financial Officer
Celoxica Holdings plc Annual Report and Accounts 2006  page 23
Company balance sheet
As at 31 December 2006 2006 2005
Note £ £
Net cash outflow from operating activities 24 (4,1 17,434) (2,943,913)
Returns on investments and servicing of finance
Interest paid (37,492) (151,864)
Taxation
Corporation tax received 378,051 334,886
Capital expenditure
Receipts from disposal of tangible fixed assets 3,304 1,562
Payments to acquire tangible fixed assets (86,713) (77,462)
Net cash outflow from capital expenditure (83,409) (75,900)
Cash outflow before use of liquid resources and financing (3,860,284) (2,836,791)
Management of liquid resources
Decrease in short term deposits - 1,800,000
Financing
Issue of share capital (net of expenses paid) 2,666 5,189,359
Decrease in borrowings (502,591) (438,151)
Net cash (outflow)/inflow from financing (499,925) 4,751,208
(Decrease)/increase in net (debt)/funds (4,360,209) 3,714,417
Reconciliation to net (debt)/funds
(Decrease)/increase in net funds (4,360,209) 3,714,417
Cash outflow from change in short term deposits - (1,800,000)
Decrease in borrowings 502,591 438,151
Change in net funds resulting from cash flows (3,857,618) 2,352,568
Net funds brought forward 3,489,391 1,136,823
Net (debt)/funds carried forward 25 (368,227) 3,489,391
The accompanying accounting policies and notes form an integral part of these financial statements.
page 24  Celoxica Holdings plc Annual Report and Accounts 2006
Consolidated cash flow statement
For the year ended 31 December 2006 Celoxica Holdings plc Annual Report and Accounts 2006  page 25
Notes to the financial statements
for the year ended 31 December 2006
1 ACCOUNTING POLICIES
These financial statements have been prepared on the going concern basis, under the historical cost convention and in accordance with the Companies
Act 1985 and applicable Accounting Standards.
The principal accounting policies of the Company are set out below. The policies have remained unchanged from the previous year apart from the
adoption of FRS 20 ‘Share-based Payments’. This change is described in more detail below.
CHANGE IN ACCOUNTING POLICIES
In preparing the financial statements for the current period, the group has adopted FRS 20 “Share-based Payments”. The effect of this change in
policy on the prior year financial statements is to increase the administrative costs by £178,081, thus increasing the loss for the year. A corresponding
amount has then been credited to a share option reserve in accordance with FRS20, along with the balance as at 31 December 2004 of £63,003.
GOING CONCERN
The group has secured a further £3m of funding via a share issue in February 2007 (see note 27 for details) which, the Board believe, provides
adequate working capital for the group to continue trading for the foreseeable future. Therefore the directors are satisfied that it remains
appropriate to prepare the financial statements on the going concern basis.
The Group also announced a cost reduction programme in January 2007 that is expected to generate net savings of approximately £2.0m per
year compared with the 2006 operating cost base of approximately £6.0m.
The financial statements do not include any adjustments that might be necessary were the group unable to continue as a going concern.
INTERNATIONAL FINANCIAL REPORTING STANDARDS
As an AIM-listed Company, the Group must adopt IFRS for accounting periods commencing on or after 1 January 2007 and apply IFRS 1 “First-time
Adoption of International Financial Reporting Standards”. The Group has considered the impact of IFRS and is preparing for the necessary changes.
While a number of the new standards apply, the Company do not expect a major impact on its results as a result of adoption.
BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and all of its subsidiaries. All accounts are made up to
31 December. Intra-Group sales and profits are eliminated fully on consolidation.
MERGER ACCOUNTING AND MERGER RELIEF
On the acquisition of a business accounted for using merger accounting the net assets of the combining entities are combined using existing book
values and no amount is recognised as consideration for goodwill or negative goodwill.
Where equity shares are issued in consideration for the acquisition of at least 90% of the issued equity shares of another Company merger relief
is provided under Section 131 of the Companies Act 1985 and the shares issued are recorded at nominal value in the Company balance sheet.
This relief extends to the issue of non-equity shares in consideration for the acquisition of non-equity shares on the same terms.
OTHER ACQUISITIONS
On the acquisition of a business accounted for using the acquisition method of accounting, fair values are attributed to the Group’s share of net
separable assets. Where the cost of acquisition exceeds the fair values attributable to such net assets, the difference is treated as purchased
goodwill and is capitalised in the Group balance sheet in the year of acquisition.
The results and cash flows relating to a business are included in the consolidated profit and loss account and the consolidated cash flow
statement from the date of acquisition or up to the date of disposal. page 26  Celoxica Holdings plc Annual Report and Accounts 2006
Notes to accounts
1 ACCOUNTING POLICIES (CONTINUED)
GOODWILL
For the acquisition of a business accounted for using the acquisition method of accounting, purchased goodwill is capitalised in the year in which
it arises and amortised over its estimated useful life commencing on the later of the acquisition date or the date that the acquired business
generates revenue for the Group.
Where the commencement of amortisation is deferred, the Directors perform a formal impairment review at the end of each financial year to
determine whether any provision is required. Capitalised purchased goodwill in respect of subsidiaries is included within intangible fixed assets.
TANGIBLE FIXED ASSETS
The cost of tangible fixed assets is their purchase cost together with any incidental costs of acquisition. 
Depreciation is calculated so as to write off the cost of tangible assets, less their estimated residual values, over the expected useful economic
lives of the assets concerned. Depreciation is provided on a straight line basis over the following years:
Short term leasehold improvements 5 years
Plant and other equipment 3 years
Fixtures and fittings 3 years
RESEARCH AND DEVELOPMENT
Research and development expenditure is written off to the profit and loss account when incurred.
INVESTMENTS
Investments held as fixed assets are stated at cost less provision for any impairment in value. Where merger relief has been taken advantage of,
the cost represents the nominal value of the shares issued in exchange for the interest in the subsidiary.
STOCK
Stock is stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less all further costs to completion
and all relevant marketing, selling and distribution costs.
DEFERRED TAXATION
Deferred taxation is provided on a full provision basis on timing differences, arising from the different treatment of items for accounts and taxation
purposes, which are expected to reverse in the future, calculated at rates at which it is estimated that tax will arise. The deferred taxation balance
has been measured at the rate expected to apply when timing differences reverse. Deferred tax assets are recognised to the extent that it is
regarded as more likely than not that they will be recovered.
PENSION COSTS
Pension contributions in respect of defined contribution pension schemes in the UK, 401k plan in the US and the employees’ pension insurance in
Japan are charged to the profit and loss account as incurred.
OPERATING LEASES
Rentals in respect of operating leases are charged to profit and loss in equal amounts over the lease term.
REVENUE RECOGNITION
Turnover (excluding VAT) comprises the value of sales of licenses, revenue from support, maintenance, training and consulting contracts and the
sale of hardware boards.
License fees are recognised upon shipment of the software, based on customer purchase orders, provided that all significant obligations in respect
of the software license are fulfilled. Where agreements involve multiple elements, the fee from such arrangements is allocated to each of the
individual elements based on each element’s fair value. Vendor-specific objective evidence of fair value is determined by reference to list price of
sales to other customers where elements are sold separately. Celoxica Holdings plc Annual Report and Accounts 2006  page 27 
Notes to accounts
1 ACCOUNTING POLICIES (CONTINUED)
Where management has doubt as to the recoverability of fees under the arrangement, income is deferred until payment becomes due or cash is
received. In addition to the license fees, contracts generally contain an agreement to provide post contract support (support, maintenance and
training) which consists of an identified customer contact at the Group and telephonic or e-mail support. Fees for post contract support are
specified in the purchase order. The fees are determined based on the Group’s price list as if sold separately. The price list is established and
regularly reviewed by management. Revenue for post contract support is recognised on a straight-line basis over the period for which services are
contractually agreed by the Group with the licensee.
The excess of licence fees invoiced over revenue recognised in respect of such fees is recorded as deferred income. 
Revenue from consulting is recognised when the service has been provided and all obligations to the customer under the consulting agreement
have been fulfilled. For larger consulting projects containing several project milestones, revenue is recognised as each milestone is achieved or on
a percentage-to-completion basis unless management has doubt to the recoverability of fees. Consulting costs are recognised when incurred.
Revenue from hardware development boards is recognised when obligations under the relevant purchase agreement have been met and delivery
has taken place.
FOREIGN CURRENCIES
Transactions arising during the year which are denominated in foreign currencies are translated at the rate of exchange ruling at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the Balance Sheet
date. All exchange differences are taken to the profit and loss account in the year in which they arise.
Assets and liabilities in the accounts of the overseas subsidiaries are translated at the rate of exchange ruling at the Balance Sheet date and the
results of the subsidiaries are translated at the same rate. The exchange difference arising on the translation of the overseas subsidiaries is taken
directly to reserves. All other foreign exchange differences are taken to the profit and loss account as they arise.
FINANCIAL LIABILITIES
Financial liabilities are obligations to pay cash or other financial instruments and are recognised when the Group becomes a party to the contractual
provisions of the instrument. All interest-related charges are recognised as an expense in the profit and loss account. Bank loans are raised for support
of long term funding of the Group’s operations. They are recognised at proceeds received, net of direct issue costs. Finance charges, including premiums
payable on settlement or redemption, and direct issue costs are charged to the profit and loss account on an accruals basis using the effective interest
method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.
Dividend distributions payable to equity shareholders are recognised when the dividends are approved in the General Meeting prior to the
Balance Sheet date.
RELATED PARTY TRANSACTIONS
FRS 8 “Related Party Disclosures” requires the disclosure of the details of material transactions between the reporting entity and any related parties.
However transactions between the Company and its subsidiaries have not been disclosed in accordance with the exemption in FRS 8 paragraph 3(a).
FINANCIAL INSTRUMENTS
Financial assets are recognised in the Balance Sheet at the lower of cost and net realisable value. Provision is made for diminution in value
where appropriate.
Income and expenditure arising on financial instruments is recognised on the accruals basis, and credited or charged to the profit and loss account
in the financial period to which it relates.
SHARE-BASED PAYMENTS
The Group issues share options to its employees. In accordance with FRS20, the payments are measured at fair value at date of grant, using the
Black Scholes pricing model. The fair value is then expensed on a straight line basis over the vesting period, based on the Group’s estimate of
the number of shares that will eventually vest, updated at each Balance Sheet date.
The principal assumptions used to calculate the value of options issued are included in note 18. 2 SEGMENTAL REPORTING
The Directors consider there to be one class of business, being the supply of design automation tools, development boards and consulting services.
A split of turnover, net assets and loss before taxation by geographical segment is set out below:
As restated
2006 2005 
£ £
Turnover by origin of sales:
Europe, Middle East and Africa 1,107 ,761 1,261,435
Asia Pacific 1,095,979 1,494,725
The Americas 1,360,171 1,51 1,157
3,563,91 1 4,267,317
(Loss)/profit before taxation:
Europe, Middle East and Africa (4,271,102) (2,745,914)
Asia Pacific (212) (37)
The Americas 6,488 (225)
(4,264,826) (2,746,176)
Net (liabilities)/assets:
Europe, Middle East and Africa (261,176) 3,362,801
Asia Pacific 147 ,618 319,015
The Americas 79,142 308,556
(34,416) 3,990,372
3 DIRECTORS’ EMOLUMENTS
2006 2005 
£ £
All Directors
Aggregate emoluments 400,880 575,728
Pension contributions to defined contribution pension scheme 14,437 6,989
Highest paid Director
Aggregate emoluments 178,850 327,701
Pension contributions to defined contribution pension scheme 8,437 1,406
Included in the emoluments above are the following fees which were paid to third party organisations in respect of the services of Directors:
2006 2005
Director Organisation £ £
D. Cheesman Advent Venture Partners 25,000 22,950
J. J. A. Nielsen Cazenove Fund Management - 16,51 1
Retirement benefits are accruing to 2 Directors (2005: 2) under a defined contribution pension scheme.
page 28  Celoxica Holdings plc Annual Report and Accounts 2006
Notes to accounts 4 EMPLOYEE INFORMATION
The average monthly number of persons (including executive Directors) employed by the Group during the year was:
2006 2005 
Number Number
Engineering 31 29
Selling and distribution 19 20
Administration 8 8
58 57
Staff costs (for the above persons):
2006 2005 
£ £
Wages and salaries 3,370,165 3,517,656
Social security costs 398,435 423,465
Pension costs 127,294 80,010
3,895,894 4,021,131
5 OPERATING LOSS
Operating loss is after charging/(crediting):
2006 2005 
£ £
Depreciation of tangible fixed assets
Owned assets 87,952 88,747
Profit/(loss) on disposal of fixed assets 3,143 (2,844)
Rentals under operating leases 144,701 208,307
Research and development 976,621 1,275,617
Fees payable to the company's auditor for the audit of the company's financial statements 13,000 12,000
Fees payable to the company's auditor for other services:
The audits of the company's subsidiaries pursuant to legislation 20,500 20,000
Other services pursuant to legislation - 135,000
Tax services 14,000 14,200
Other services 5,000 -
Research and development is expenditure incurred by the Group in the development of its products including its range of software, hardware
development boards and consulting services. Auditor’s remuneration for other services is in relation to the, tax compliance and advisory work. The
Company’s audit fees are borne by another Group company. The cost of the other services pursuant to legislation, provided by the Company’s
auditor in respect of the Initial Public Offering, was offset against the share premium account.
6 NET INTEREST
2006 2005 
£ £
On bank loans and overdrafts 1 10,944 179,501
Other interest payable 7,680 4,709
1 18,624 184,2 10
Other interest receivable (84,844) (66,034)
33,780 11 8, 1 7 6
Celoxica Holdings plc Annual Report and Accounts 2006  page 29
Notes to accounts 7 NON-EQUITY FINANCE COSTS
2006 2005 
£ £
8% cumulative dividends on ‘A’ Ordinary shares and ‘B’ Ordinary shares - 1,546,315
Interest payable on dividends - 469,554
Discount on prior years dividends - (2,539,954)
Total Non-Equity dividends and appropriations - (524,085)
Until 10 October 2005, the Company had four classes of share, A Ordinary, B Ordinary, C Ordinary and Ordinary shares. Both ‘A’ and ‘B’ Ordinary
shareholders were entitled to a cumulative dividend of 8% per annum. Such dividends had never been paid due to a lack of distributable reserves.
Any unpaid dividends were also entitled to receive interest at 10% per annum.
A resolution was passed at an Extraordinary General Meeting on 10 October 2005 to accept a discount of one third on all outstanding dividends
and interest thereon. Settlement would be by the issue of 25p Ordinary shares. All A, B and C Ordinary shares were then converted to 25p Ordinary
shares on a 1 for 1 basis. As a result, cumulative dividends of £4,350,439 (with accrued interest of £729,462) were settled by the issue of
16,255,682 Ordinary shares of 25p each.
8 TAX ON LOSS ON ORDINARY ACTIVITIES
2006 2005 
£ £
Current tax:
Research and Development Tax Credit (230,000) (300,000)
Adjustment in respect of prior year Research and development tax credit (6,164) -
Overseas tax charge 6,054 28,202
Tax credit on loss on ordinary activities (230,1 10) (271,798)
The tax credit is lower (Year to 31 December 2005: lower) than that based upon the standard rate of corporation tax. The differences are explained below:
2006 2005 
£ £
Loss on ordinary activities before tax (4,264,826) (2,746,176)
Loss multiplied by the standard rate of tax in the UK – 30% (2005: 30%) (1,279,448) (823,853)
Income and expenses not deductible for tax purposes 1 1,366 (215,540)
Deferred tax asset not recognised 964,479 656,869
Overseas tax charge/(credit) 6,054 28,202
Research and Development Tax Credit adjustment 73,603 82,524
Adjustment re prior year Research and Development (6,164) -
(230,1 10) (271,798)
Factors that may affect future tax charges:
The Group has tax losses of £40,847,160 (2005: £37,582,204). The deferred tax asset relating to these losses has not been recognised (see note 17).
page 30  Celoxica Holdings plc Annual Report and Accounts 2006
Notes to accounts 9 LOSS PER SHARE
The calculation of basic loss per share is based on the loss attributable to Ordinary shareholders of £4,034,716 (2005: £2,474,378) divided by the
weighted average number of Ordinary shares in issue during the year which was 51,546,679 (2005: 1 1,540,383).
The issue of additional shares on the exercise of options would decrease the basic loss per share and there is, therefore, no dilutive effect of
share options.
10 TANGIBLE FIXED ASSETS
Short-term Plant 
leasehold and other Fixtures
improvements equipment and fittings Total
GROUP £££ £
Cost
At 1 January 2006 24,951 933,306 38,439 996,696
Foreign exchange translation differences (2,820) (16,830) (4,854) (24,504)
Additions 1,468 85,245 - 86,713
Disposals - (98,002) - (98,002)
At 31 December 2006 23,599 903,719 33,585 960,903
Accumulated depreciation
At 1 January 2006 7,398 806,038 22,776 836,212
Foreign exchange translation differences (728) (1 1,079) (2,835) (14,642)
Charge for the year 2,943 82,231 2,778 87,952
Disposals -(97,841) - (97,841)
At 31 December 2006 9,613 779,349 22,719 81 1,681
Net book amount
At 31 December 2006 13,986 124,370 10,866 149,222
At 31 December 2005 17,553 127,268 15,663 160,484
The Company has no tangible fixed assets.
Celoxica Holdings plc Annual Report and Accounts 2006  page 31
Notes to accounts 11 INVESTMENTS HELD AS FIXED ASSETS
Shares in
subsidiary
undertakings
COMPANY £
Cost and net book amount
At 1 January 2006 and 31December 2006 120,230
Interests in subsidiaries
Country of Percentage Nature of
Company name incorporation equity held Class of share business
Celoxica Limited
(1)
United Kingdom 100% Ordinary shares of 1p
(2)
Convertible deferred
shares of 1p
Dash Technologies Ltd United Kingdom 100% Ordinary shares of £1 Dormant
Agility Computing Ltd United Kingdom 100% Ordinary shares of £1 Dormant
Celoxica, Inc. USA 100% Common stock of US$0.01 Re-seller
Nihon Celoxica KK Japan 100% Ordinary stock of 50,000 yen Re-seller
Embedded Solutions Ltd United Kingdom 100% Ordinary shares of £1 Dormant
Instantasic Limited, Thinterface Limited and Liquid Hardware Limited were all 100% owned dormant subsidiaries within the UK and dissolved during
the year.
(1)
Investment directly held by Celoxica Holdings plc – all other investments are held by Celoxica Limited.
(2)
Provision of hardware design automation tools, development boards, IP cores and design services.
12 STOCK
2006 2005 
GROUP £ £
Goods for resale 161,888 154,227
13 DEBTORS
2006 2005 
GROUP £ £
Amounts falling due within one year
Trade debtors 492,179 994,860
Corporation Tax Receivable 230,000 300,000
Other debtors 81,400 126,340
Prepayments and accrued income 333,723 358,741
1,137,302 1,779,941
COMPANY
Amounts falling due within one year
Amounts owed by Group companies 12,589,780 12,489,194
Amounts owed by Group companies are unsecured and repayable on demand.
page 32  Celoxica Holdings plc Annual Report and Accounts 2006
Notes to accounts 14 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2006 2005 
GROUP £ £
Bank loans 525,387 502,591
Trade creditors 516,290 770,487
Other taxation and social security 77,81 1 93,146
Other creditors 1 1,954 13,61 5
Accruals and deferred income 508,546 716,423
1,639,988 2,096,262
The bank loan is secured with a debenture over the assets of the Group and bears a fixed interest rate of 13.8% per annum.
15 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2006 2005 
GROUP £ £
Bank loans - 525,387
The bank loan is secured with a debenture over the assets of the Group and bears a fixed interest rate of 13.8% per annum. It is repayable within
one year.
16 FINANCIAL INSTRUMENTS
The Group uses financial instruments such as borrowings, cash, liquid resources, trade debtors and trade creditors that arise directly from its operations.
The main risks arising from the above are interest rate risk, currency exchange risk and liquidity risk. All policies to control such risks are regularly
reviewed and approved by the Board. 
SHORT TERM DEBTORS AND CREDITORS
Short term debtors and creditors have been excluded from the following disclosures, other than currency risk disclosures.
INTEREST RATE RISK
The Group finances its operations through a mixture of bank borrowings and share capital. At the year end, surplus funds are deposited in funds with
instant access so can be moved to reduce the impact of interest rate fluctuations.
The interest rate profile of the financial assets and liabilities of the Group is as follows:
Fixed rate Floating rate Fixed rate Floating rate
financial financial 2006 financial financial 2005
liability assets Total liability assets Total 
£££ £ £ £
Sterling (525,387) 61,199 (464,188) (1,027,978) 4,182,649 3,154,671
Euro -3131 -6969
US dollar - 31,980 31,980 - 198,632 198,632
Japanese Yen - 63,950 63,950 - 136,019 136,019
(525,387) 157,160 (368,227) (1,027,978) 4,517,369 3,489,391
LIQUIDITY RISK
The use of instant access deposits ensures sufficient working capital is available at all times.
Celoxica Holdings plc Annual Report and Accounts 2006  page 33
Notes to accounts 16 FINANCIAL INSTRUMENTS (CONTINUED)
CURRENCY EXCHANGE RISK
The Group operates in overseas markets, both by use of overseas subsidiaries and directly from the UK. It is therefore subject to currency exposures
on transactions. The Group has access to a range of option contracts to balance the risk should any particular currency be a concern. There were no
material contracts in place at the year end.
BORROWINGS
The Company has a venture loan from European Technology Ventures SA which is subject to a fixed interest rate. Total debt as at 31 December 2006
was £525,387 (2005: £1,027,978) and bears an interest rate of 13.8%.
FINANCIAL ASSETS
The Group‘s financial assets consist of cash and deposits which are placed on money markets for suitable periods. All surplus cash is held in sterling.
At 31 December 2006, £61,001 (2005: £4.1m) was with HSBC in an instant access account earning Base +0.25%.
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
There are no material differences between the book values and fair values of the financial assets and liabilities of the Group.
17 DEFERRED TAXATION
Deferred taxation recognised in the financial statements and the amount not recognised of the total potential asset are as follows:
Accounts Accounts Accounts Accounts
recognised recognised unrecognised unrecognised
2006 2005 2006 2005 
£ £ £ £
Provision for deferred tax
Timing differences - - 21 1,866 193,307
Losses - - 12,254,148 1 1,308,228
- - 12,466,014 1 1,501,535
18 CALLED UP SHARE CAPITAL
2006 2005
Number of Number of 2006 2005
COMPANY 25p shares 25p shares £ £
Authorised
Ordinary 25p shares 60,000,000 60,000,000 15,000,000 15,000,000
Allotted, called up, and fully paid
Ordinary shares 51,551,184 51,540,518 12,887,796 12,885,130
CHANGES DURING THE YEAR
The only share issues during the year were as a result of option exercises by employees. These totalled 10,666 Ordinary shares.
page 34  Celoxica Holdings plc Annual Report and Accounts 2006
Notes to accounts 18 CALLED UP SHARE CAPITAL (CONTINUED)
OPTIONS AND WARRANTS
The table below summarises the exercise terms of the various options and warrants over Ordinary shares of 25p each which had been granted,
and were still outstanding, as at 31 December 2006.
The principal assumptions used to calculate the value of options issued for compliance with FRS20 “Share Based Payments” are included below
where applicable.
Exercises
Ordinary price £
shares of (unless Risk free
25p each otherwise Share pricre rate of Exercise details Exercise details
Date of issue Number stated) volatility return Earliest date Latest date
2002 EMI scheme
9 September 2002 19,188 75p - - 9 September 2003
A
8 September 2012
9 September 2002 372 75p - - 9 September 2003
D
8 September 2012
21 October 2003 400 75p 57.0% 4.84% 21 October 2004
E
20 October 2013
1 June 2004 224,968 25p 57.0% 5.20% 1 June 2005
E
31 May 2014
1 June 2004 561,692 25p 57.0% 5.20% 1 June 2005
B
31 May 2014
12 October 2004 32,728 25p 57.0% 4.69% 12 October 2005
E
1 1 October 2014
20 October 2004 1,200 25p 57.0% 4.62% 20 October 2005
E
19 October 2014
25 October 2004 5,192 25p 57.0% 4.61% 25 October 2005
E
24 October 2014
24 February 2005 76,876 25p 57.0% 4.79% 24 February 2006
C
23 October 2015
28 February 2005 191,272 25p 57.0% 4.75% 28 February 2006
A
27 February 2015
16 July 2005 20,000 25p 57.0% 4.18% 16 July 2006
A
15 July 2015
5 December 2005 4,000 35p 62.9% 4.31% 5 December 2006
A
4 December 2015
29 June 2006 12,000 36.5p 44.5% 4.86% 29 June 2007
A
28 June 2016
2000 US Stock Option plan
1 1 July 2002 4,000 75p - - 1 1 July 2002
A
10 July 2012
9 September 2002 6,664 75p - - 9 September 2003
A
8 September 2012
9 September 2002 3,332 75p - - 9 September 2003
A
8 September 2012
1 June 2004 103,868 25p 57.0% 5.20% 1 June 2004
E
31 May 2014
1 June 2004 892,536 25p 57.0% 5.20% 1 June 2004
B
31 May 2014
12 October 2004 8,000 25p 57.0% 4.69% 12 October 2004
E
1 1 October 2014
24 February 2005 142,508 25p 57.0% 4.79% 24 February 2005
C
23 October 2015
28 February 2005 1 10,088 25p 57.0% 4.75% 28 February 2005
A
27 February 2015
29 June 2006 10,000 36.5p 44.5% 4.86% 29 June 2007 28 June 2016
Celoxica Holdings plc Annual Report and Accounts 2006  page 35
Notes to accounts page 36  Celoxica Holdings plc Annual Report and Accounts 2006
Notes to accounts
18 CALLED UP SHARE CAPITAL (CONTINUED)
Exercises
Ordinary price £
shares of (unless Risk free
25p each otherwise Share pricre rate of Exercise details Exercise details
Date of issue Number stated) volatility return Earliest date Latest date
2000 Unapproved Employee scheme  
3 August 1999 19,412 75p - - 3 August 1999
D
2 August 2009
1 1 July 2002 4 75p - - 1 1 July 2003
A
10 July 2012
1 1 July 2002 2,696 75p - - 1 1 July 2003
D
10 July 2012
9 September 2002 372 75p - - 9 September 2003
D
8 September 2012
1 June 2004 68,868 25p 57.0% 5.20% 1 June 2005
B
31 May 2014
24 February 2005 5,312 25p 57.0% 4.79% 24 February 2006
C
23 October 2015
28 February 2005 9,520 25p 57.0% 4.75% 28 February 2006
A
27 February 2015
2000 Unapproved Non employee scheme  
19 January 2000 800 £41.25 - - 19 January 2000
D
18 January 2010
19 January 2000 800 $125.00 - - 19 January 2000
D
18 January 2010
19 January 2000 800 $187.50 - - 19 January 2000
D
18 January 2010
3 February 2000 1,036 £41.25 - - 3 February 2000
D
2 February 2010
1 April 2000 2,160 £165.00 - - 1 April 2000
D
31 March 2010
17 October 2001 800 £20.25 - - 17 October 2002
A
16 October 201 1
27 November 2002 400 75p 57.0% 4.63% 1 1 October 2003
A
26 November 2012
1 June 2004 137,616 25p 57.0% 5.20% 1 June 2005
B
31 May 2014
24 February 2005 3,328 25p 57.0% 4.79% 24 February 2006
C
23 February 2015
28 February 2005 4,856 25p 57.0% 4.75% 28 February 2006
A
27 February 2015
19 April 2005 600 25p 57.0% 4.56% 19 April 2006
A
18 April 2014
Warrants  
21 December 2004 960,000 31.25p - - 21 December 2004 21 December 2014
NOTES
A
Vesting over a three year period, as to one third after one year from a variable vesting commencement date and as to a further one twelfth
every subsequent three months, but for US options, all are exercisable upon grant but are subject to a repurchase right on the employee leaving,
which lapses on the same terms as the vesting period.
B
As in A but with one third not exercisable until an initial public offering or a sale of a majority of the issued share capital.
C
Vesting 100% on first anniversary.
D
Vested 100% on grant.
E
Vesting over a three year period, as to one third after one year from a variable vesting commencement date and as to a further one twelfth
every subsequent three months except that all options become exercisable in full immediately before and conditional upon, a Sale or Listing as
defined in the Articles of Association in force at the date of grant.
19 PARENT COMPANY PROFIT AND LOSS ACCOUNT
As permitted by Section 230 of the Companies Act 1985, the profit and loss account of the parent company is not presented as part of these
accounts. The parent company’s loss for the year to 31 December 2006 amounted to £4,000,000 (2005: profit of £524,085). 20 RECONCILIATION OF MOVEMENT IN SHAREHOLDERS’ FUNDS
2006 2005
£ £
Loss for the financial year (4,034,716) (2,474,378)
Reversal of preference shares appropriation - (5,603,986)
Settlement of dividends and appropriations by issue of shares - 5,079,901
Exchange adjustment offset in reserves (6,292) 5,987
Fair value of Share based payments 13,554 178,081
Proceeds from Ordinary shares issued for cash (note 18) 2,666 5,189,359
Net (decrease)/increase in shareholders’ funds (4,024,788) 2,374,964
Opening Shareholders’ funds 3,990,372 1,615,408
Closing Shareholders’ (deficit)/funds (34,416) 3,990,372
21 RESERVES
Merger Profit
Share capital Other and loss
premium reserve reserve account Total
GROUP £££ ££
At 31 December 2005 1,349,339 23,729,845 - (33,973,942) (8,894,758)
Prior year adjustment (FRS20) - - 241,084 (241,084) -
As restated 1,349,339 23,729,845 241,084 (34,215,026) (8,894,758)
Loss for the year - - - (4,034,716) (4,034,716)
Fair value of Share based payments - - 13,554 - 13,554
Net exchange adjustments - - - (6,292) (6,292)
At 31 December 2006 1,349,339 23,729,845 254,638 (38,256,034) (1 2,922,2 1 2)
Profit
Share and loss
premium account Total
COMPANY £ £ £
At 1 January 2006 1,349,339 2,533,876 3,883,215
Loss for the year - (4,000,000) (4,000,000)
At 31 December 2006 1,349,339 (1,466,124) (116,785)
22 CONTINGENT LIABILITIES
At 31 December 2006 and 31 December 2005, the Group and Company had no contingent liabilities.
Celoxica Holdings plc Annual Report and Accounts 2006  page 37
Notes to accounts page 38  Celoxica Holdings plc Annual Report and Accounts 2006
Notes to accounts
23 FINANCIAL COMMITMENTS
OPERATING LEASE COMMITMENTS
At 31 December 2006 the Group had annual commitments under non-cancellable operating leases expiring as follows:
Land and Land and
buildings Other buildings Other
2006 2006 2005 2005
££ ££
Within one year 35,208 - 102,891 2,015
Within two to five years inclusive 25,718 - 98,452 -
60,926 - 201,433 2,015
24 RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
2006 2005
£ £
Operating loss (4,231,046) (3,152,085)
Depreciation 87,952 88,747
(Profit)/loss on disposal of tangible fixed assets (3,143) 2,844
(Increase)/decrease in stocks (7,661) 62,657
Decrease/(increase) in debtors 498,410 (489,767)
(Decrease)/increase in creditors (479,070) 364,352
Share based payments 13,554 178,081
Currency translation differences 3,570 1,258
Net cash outflow from operating activities (4,1 17,434) (2,943,913)
25 ANALYSIS OF CHANGES IN NET CASH
At 1 January At 31 December
2006 Cash flows 2006
£££
Cash at bank and in hand 4,517,369 (4,360,209) 157 ,160
Debt due within one year (1,027,978) 502,591 (525,387)
Net funds/(debt) 3,489,391 (3,857,618) (368,227)
26 RELATED PARTY TRANSACTIONS
NON-EXECUTIVE
Dave Cheesman, a Non-executive Director, was paid £25,000 in fees. He is also a partner in Advent Venture Partners, a shareholder.
All transactions took place under normal trading conditions and, at 31 December 2006, the Company owed £nil (2005: £nil).
TRADE
A sale was made to Silistix Limited, a company of which Philip Bishop was Non-executive Chairman. The sale was for £10,800, took place under
normal trading conditions and there is no balance outstanding as at 31 December 2006. Celoxica Holdings plc Annual Report and Accounts 2006  page 39
Notes to accounts
27 POST BALANCE SHEET EVENTS
CHIEF EXECUTIVE OFFICER
Philip Bishop, the company’s Chief Executive Officer resigned with effect from 31 January 2007. He has been replaced by Ian Yeoman on an
interim basis.
CHIEF FINANCIAL OFFICER
Bernard Morgan, the company’s Chief Financial Officer resigned with effect from 28 February 2007. He has been replaced by Michelle Young,
previously the Group’s Financial Controller.
SHAREHOLDERS’ MEETING
The following resolutions were passed at a Meeting of Shareholders on 1 February 2007:
Resolution 1
to effect the Share Re-organisation including the creation of the Deferred Shares.
Resolution 2
to increase the authorised share capital of the Company from £15,000,000 to £20,000,000 by the creation of an additional 500,000,000 New
Ordinary Shares.
Resolution 3
to approve the changes to the Company’s Articles of Association required to create the rights attaching to the New Ordinary Shares and the Deferred
Shares and to authorise any technical variation of the rights of the Existing Ordinary Shares involved in the Share Re-organisation.
Resolution 4
to grant the Directors authority for the purposes of section 80 of the Act to allot relevant securities up to an aggregate nominal value equal to
£470,003.89 (47,000,389 New Ordinary Shares). This authority covers the issue of the Placing Shares and the issue of shares on the exercise of the
Warrant and of options granted to non-employees (as these need, for technical reasons to be authorised specifically), together with authority to allot
one-third of the enlarged issued ordinary share capital of the Company following the Placing. The authority sought by Resolution 4 will last for a
period of 15 months from the date of the passing of the Resolution or, if earlier, the date of the 2007 Annual General Meeting.
Resolution 5
to grant the Directors authority to disapply the statutory pre-emption rights contained in section 89 of the Act up to an aggregate nominal
amount of £305,953.21 (30,595,321 New Ordinary Shares) in connection with the Placing and the issue of shares pursuant to the Warrant and
options granted to non-employees and in respect of a rights issue and any other issue of equity securities for cash for up to 10 per cent. of the
enlarged issued ordinary share capital assuming full subscription of the Placing Shares. The authorities sought by Resolution 5 will last for 15
months from the date of the passing of the Resolution or, if earlier, until the Annual General Meeting in 2007. 
The passing of Resolution 1 has lead to a share split so that each 25p Ordinary share splits to a 1p Ordinary Share and a 24p Deferred Share.
INVESTMENT
As a result of the above resolutions being passed, the company has secured £3,001,000 (gross) through the issue of 18,756,250 1p New Ordinary
Shares at a price of 16p each. Associated costs were £137,976 and will be charged to the Share Premium account. page 40  Celoxica Holdings plc Annual Report and Accounts 2006
Notice of Annual General Meeting
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take
you should consult your own independent adviser. If you have sold or transferred all your shares in Celoxica Holdings plc, please forward
this document together with the accompanying Form of Proxy to the agent who arranged the sale of transfer so that they may be passed
on to the purchaser or transferee. If you have sold or transferred part only of your shares in Celoxica Holdings plc, you should retain
these documents and consult the agent who arranged the sale or transfer.
The 2007 Annual General Meeting of Celoxica Holdings plc (the “Company”) will be held at Arbuthnot House, 20 Ropemaker Street, London EC2Y 9AR
at 10.00 a.m. on 24 May 2007 for the following purposes:
ORDINARY RESOLUTIONS
To consider and, if thought fit, to pass the following resolutions which will be proposed as ordinary resolutions:
1. To receive the Directors’ report and the audited accounts for the year ended 31 December 2006 and the report of the independent auditor
on the accounts.
2. To reappoint Jack Raymond Fryer as a Director.
3. To reappoint Michelle Elizabeth Young as a Director.
4. To reappoint Grant Thornton UK LLP as auditor and to authorise the Directors to fix the remuneration of the auditor.
5. THAT the Directors be and are generally and unconditionally authorised (in substitution for all subsisting authorities to the extent unused)
pursuant to and in accordance with section 80 of the Companies Act 1985 to allot relevant securities (as defined in that section) up to an
aggregate nominal value of £307,380.72. This authority shall expire, unless previously renewed, revoked or varied by the Company in general
meeting, 15 months after the date of the passing of this resolution or, if earlier, at the conclusion of the next Annual General Meeting of the
Company in 2008, except that the Company may at any time before the expiry of this authority make any offer or agreement which would or
might require relevant securities to be allotted after such expiry and the Directors may allot relevant securities in pursuance of any such offer
or agreement as if the authority conferred by this resolution had not expired.
SPECIAL RESOLUTIONS
To consider and, if thought fit, to pass the following resolutions which will be proposed as a special resolutions:
6. THAT, subject to the passing of resolution numbered 5 in the notice of meeting dated 20 March 2007, the Directors be and are empowered
pursuant to section 95 of the Companies Act 1985 to allot equity securities (as defined in section 94(2) of that Act) for cash pursuant to
the general authority conferred on them by resolution numbered 5 in the notice of meeting dated 20 March 2007 and/or to sell equity
securities held as treasury shares for cash pursuant to section 162D of that Act, in each case as if section 89(1) of that Act did not apply to
any such allotment or sale:
(a) in connection with an issue or offer by way of rights or other pre-emptive issue or offer, open for acceptance for a period fixed by the 
Directors, to holders of ordinary shares of £0.01 each in the Company (“ordinary shares”) (other than the Company) on the register on 
any record date fixed by the Directors in proportion (as nearly as may be) to the respective number of ordinary shares deemed to be held
by them, subject to such exclusions or other arrangements as the Directors may deem necessary or expedient in relation to fractional 
entitlements, legal or practical problems arising in any overseas territory, the requirements of any regulatory body or stock exchange or 
any other matter whatsoever; and
(b) otherwise than pursuant to sub-paragraph (a) above, of equity securities for cash having, in the case of relevant shares (as defined in 
section 94(5) of that Act), an aggregate nominal value, or, in the case of other equity securities, giving the right to subscribe for or 
convert into relevant shares having an aggregate nominal value, not exceeding in aggregate the sum of £143,330.04. Celoxica Holdings plc Annual Report and Accounts 2006  page 41
Notice of Annual General Meeting
SPECIAL RESOLUTION 6(b) CONTINUED
This authority shall expire unless previously renewed, revoked or varied by the Company in general meeting, at such time as the general 
authority conferred on the Directors by resolution numbered 5 in the notice of meeting dated 20 March 2007 expires, except that the 
Company may at any time before such expiry make any offer or agreement which would or might require equity securities to be allotted 
or equity securities held as treasury shares to be sold after such expiry and the Directors may allot equity securities and/or sell equity 
securities held as treasury shares in pursuance of such an offer or agreement as if the power conferred by this resolution had not expired.
7. THAT article 4.1 of the Company’s articles of association be amended by the deletion of the first reference to “60,000,000” and by the
substitution therefore of a reference to “560,000,000”.
The Directors believe that the proposals in resolutions 1 to 7 are in the best interests of shareholders as a whole and they unanimously
recommend that you vote in favour of all the resolutions.
On behalf of the Board
Michelle Young
Company Secretary
20 March 2007
Registered Office: 66 Milton Park, Abingdon, Oxfordshire OX14 4RX 
Registered in England and Wales No: 3870674
NOTES
1. A shareholder of the Company who is entitled to attend and vote at the Annual General Meeting may appoint one or more proxies to attend and,
on a poll, vote instead of him. A proxy does not need to be a shareholder of the Company.
2. A form of proxy for use in connection with the Annual General Meeting is enclosed with the document of which this notice forms part. If you do not
have a form of proxy and believe that you should, please contact the Company’s registrars, Capita Registrars at Proxy Processing Centre, Telford Road,
Bicester, OX26 4LD. Completion and return of a form of proxy will not preclude a shareholder from attending and voting at the Annual
General Meeting.
3. To appoint a proxy or proxies shareholders must complete a form of proxy, sign it and return it, together with the power of attorney or other
authority (if any) under which it is signed, or a notarially certified copy of such authority, to the Company’s registrars, Capita Registrars at
Proxy Processing Centre, Telford Road, Bicester, OX26 4LD so that it is received no later than 1 1.00 a.m. on 22 May 2007.
4. The Company, pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, specifies that only those shareholders registered
on the Company’s share register no later than close of business on 22 May 2007 shall be entitled to attend the Annual General Meeting and
vote in respect of the number of shares registered in their names at that time. Changes to entries on the share register after close of business
on 22 May 2007 shall be disregarded in determining the rights of any person to attend or vote at the Annual General Meeting.
5. Copies of the Directors’ service contracts, the existing articles of association, the biographical information of the Directors seeking reappointment
and the register of Directors’ interests are available for inspection at the Company’s registered office during normal business hours on any
weekday (excluding Saturdays, Sundays and public holidays) until the end of the Annual General Meeting. The register of Directors’ interests will
also be available at the Annual General Meeting. page 42  Celoxica Holdings plc Annual Report and Accounts 2006
Notice of Annual General Meeting
EXPLANATORY NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING
The following notes provide an explanation as to why the resolutions set out in the notice are to be put to shareholders.
Resolutions 1 to 5 are ordinary resolutions. Each resolution will be passed if more than 50% of the votes cast are in favour.
Resolution 1 – Laying of Accounts
The Companies Act 1985 (the “Act”) requires that, for each financial year, the Directors lay the Company’s annual accounts, the Directors’ report
and the auditors’ report on the annual accounts before a general meeting.
Resolutions 2 - 3 (inclusive) – Reappointment of Jack Fryer and Michelle Young
The Company’s articles of association (the “Articles”) require that: (i) any Director who was appointed by the Board shall only hold office until the
next following Annual General Meeting; and (ii) one third of the Directors must retire by rotation at each Annual General Meeting. However, in
each case, the relevant Director may offer himself for reappointment. Accordingly, Jack Raymond Fryer and Michelle Elizabeth Young are retiring
and seeking reappointment. Biographical information for Jack Raymond Fryer and Michelle Elizabeth Young are included in the Directors’ report in
the Annual Report and Accounts.
Resolution 4 – Auditors
The Act requires that auditors be appointed at each general meeting at which accounts are laid, to hold office until the next such meeting. The resolution
also seeks authority for the Directors to determine the amount of the auditors’ fees. The Audit Committee keeps under review the independence and
objectivity of the external auditors, further information on which can be found in the Annual Report and Accounts. After appropriate consideration, the
Audit Committee recommended to the Board of Directors the reappointment of Grant Thornton UK LLP.
Resolution 5 – Authority to the Directors to allot shares
Under the Act the Directors may only allot shares if authorised to do so. If passed, this resolution will authorise the Directors to allot and issue new
equity shares and/or sell equity shares held as treasury shares up to an aggregate nominal value of £307,380.72 which is equal to approximately
one third of the current issued ordinary share capital of the Company plus the issue of ordinary shares on the exercise of the warrants granted to
ETV Panama SA and on the exercise of unallocated and non-employee options. At the date of this notice, the issued ordinary share capital of the
Company was 70,307,434 ordinary shares of 1 pence each and the Company held no treasury shares. The authority will expire 15 months after the
date of passing of the resolution or, if earlier, at the conclusion of the next Annual General Meeting of the Company in 2008.
Passing this resolution will continue the Directors’ flexibility to act in the best interests of shareholders, when opportunities arise, by issuing new
shares or selling treasury shares. The Directors currently have no intention of issuing new shares.
Resolutions 6 and 7 are special resolutions. Each resolution will be passed if not less than 75% of the votes cast for and against are
in favour.
Resolution 6 – Disapplication of statutory pre-emption rights
If the Company issues new equity shares for cash it must first offer them to existing equity shareholders in proportion to their current holdings, in
compliance with their statutory pre-emption rights. If passed, this resolution will authorise the Directors to modify these rights to deal with legal,
regulatory or practical problems that may arise on a rights or other pre-emptive offer or issue.
The resolution also seeks shareholder authority to issue a limited number of shares for cash and/or sell treasury shares without offering them to
equity shareholders first. The authority is for an aggregate nominal amount of up to 10% of the aggregate nominal value of the current issued
ordinary share capital of the Company (up to 7,030,743 new ordinary shares of 1 pence each) plus up to 7,302,261 new ordinary shares of 1 pence
each to cover the issue or shares pursuant to the warrants and options mentioned above. The authority will expire at the same time as the
authority to allot shares given pursuant to resolution 5. Celoxica Holdings plc Annual Report and Accounts 2006  page 43
Notice of Annual General Meeting
EXPLANATORY NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING CONTINUED
Resolution 6 – Disapplication of statutory pre-emption rights continued
The Directors consider this authority necessary in order to give them flexibility to deal with opportunities as they arise, subject to the restrictions
contained in this resolution.
Resolution 7 – Amendment to Article 4.1 of the Company’s Articles of Association
Resolution number 7 is the correction of a typographical error. The Company’s authorised share capital was increased at the EGM held on 1 February
2007 by the creation of a further 500,000,000 ordinary shares making a total of 560,000,000 ordinary shares rather than the 60,000,000 ordinary
shares referred to in the current version of article 4.1. The proposed amendment substitutes the correct number of 560,000,000. page 44  Celoxica Holdings plc Annual Report and Accounts 2006
Executives/Advisors/Business addresses
COMPANY SECRETARY
Michelle Young
DIRECTORS
P E Bishop (resigned 31 January 2007)
D Cheesman
J R Fryer
R K Hopkins (resigned 25 January 2006)
B O Morgan (resigned 28 February 2007)
I C Yeoman
M E Young (appointed 28 February 2007)
REGISTERED OFFICE
66 Milton Park 
Abingdon 
Oxfordshire OX14 4RX
COMPANY REGISTRATION NUMBER
03870674
NOMINATED ADVISORS
ARBUTHNOT SECURITIES LIMITED 
Arbuthnot House 
20 Ropemaker Street 
London EC2Y 9AR
SOLICITORS 
CHARLES RUSSELL LLP 7600 
The Quorum 
Oxford Business Park 
North Oxford OX4 2JZ
REGISTRARS
CAPITA IRG
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
BANKERS
HSBC BANK PLC
65 Cornmarket Street
Oxford OX1 3HY
AUDITOR
GRANT THORNTON UK LLP
1 Westminster Way
Oxford OX2 0PZ
FINANCIAL PUBLIC RELATIONS
ICIS LIMITED
3rd Floor, Aldermary House
10-15 Queen Street
London EC1N 1TX
UNITED KINGDOM
CELOXICA LTD
66 Milton Park
Abingdon
Oxfordshire OX14 4RX
United Kingdom
Tel: +44 (0)1235 863656
Fax:+44 (0)1235 863648
USA 
CELOXICA INC.
Suite 185
Lakeview Plaza
4516 Seton Center Parkway
Austin
TX 78759
USA
Tel: +1 512 795 8170
Fax:+1 512 795 8167
JAPAN
CELOXICA JAPAN K.K.
YBP West Tower, 1 1F
134 Godo-cho
Hodogaya-ku
Yokohama 240-0005
Japan
Tel: +81 (0)45 331 0218
Fax:+81 (0)45 331 0433 design: HAT Associates +44 (0)1242 253112
board photography Molyneux Associates
images on front cover, 
page 1 and pages 7 to 9: Design Pics Inc./Alamy; Getty Images; 
US DoD and Shutterstock  
printing: Alpha Colour Printing
“algorithms”
a formula or set of steps for solving a
particular problem. They can be expressed in
any language from natural languages like
English to programming languages.
“ASIC”
Application Specific Integrated Circuit, an
integrated circuit design adapted for a
specific application.
“board”
a printed circuit board that, in Celoxica’s case,
contains one or more FPGAs and additional
components such as memory chips and
interface circuitry and which can be stand alone
or can plug into a user’s personal computer.
“C language”
a powerful and versatile programming
language, used for software development.
Also known as ANSI-C or ISO-C.
“chip”
a single, flat piece of silicon on which a
specific semiconductor element or circuit has
been fabricated. Often also colloquially used
to describe an integrated circuit.
“CAGR”
compound annual growth rate.
“DSPs”
Digital Signal Processing. The manipulation
of analog information that has been
converted into a digital form.
“EDA”
Electronic Design Automation, chip design
industry using existing hardware design tools.
“ESL”
Electronic System Level.
“FPGA”
Field Programmable Gate Array, multi-purpose
logic chips which have a high density of cells
that can be programmed and re-programmed
at will.
“Handel-C”
Handel-C is a customised version of C
developed by Celoxica and is used for
hardware design.
“hardware”
integrated circuits and their associate boards,
connectors and mechanical packaging. Celoxica’s
technology focuses on integrated circuits.
“IP Cores”
reusable components or blocks of functionality
that can be integrated into a larger design.
“level of abstraction”
the level of detail at which an electrical
system is described when being designed.
“Silicon chip”
See ‘Chip’.
“SoC”
System-on-chip. A single chip that contains
all or almost all of the functions needed in a
particular system.
“System C”
A modelling language based on C++ to
facilitate system level design.
Glossary Registered Office:
Celoxica Holdings plc
66 Milton Park
Abingdon
Oxfordshire OX14 4RX
United Kingdom
Tel: +44 (0)1235 863656
Fax: +44 (0)1235 863648
www.celoxica.com
info@celoxica.com