ANT plc
Annual Report 
& Accounts 
For the year ended 31 December 2010  Contents
Operational and Financial Highlights 2
Chairman's Statement 3
Chief Executive Officer's Review 4
Board of Directors 8
Corporate Governance Report 10
Directors' Report 12
Directors' Responsibilities 14
Directors' Remuneration Report 15
Independent Auditor's Report - Group 17
Consolidated Income Statement 18
Consolidated Statement of Financial Position 19
Consolidated Statement of Changes in Equity 20
Consolidated Statement of Cash Flows 21
Notes to the Financial Statements 22
Independent Auditor's Report - ANT plc 43
Company Balance Sheet - UK GAAP 44
Notes to the Financial Statements - UK GAAP 45
Notice of Annual General Meeting 49
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
ANT plc
Annual Report 
& Accounts 
For the year ended 31 December 2010 Final Results for the year to 31 December 2010
Operational Highlights
• Record level of unit shipments in traditional operator market, 
providing strong financial platform for expansion into new markets
• Entrance into Connected TV and Blu-ray markets through 
landmark contract wins with two Taiwanese silicon manufacturers
• Entrance into UK Freeview market through licence deal with 
Humax
• Successful adoption of HbbTV standard in Germany and France
• Operational team strengthened
Financial Highlights
• Revenue in period down 7% to £4.35m (2009: £4.70m)
• Gross margin maintained at 87%
• Operating costs reduced by 8% to £4.43m (2009: £4.80m)
• Loss before tax reduced by 7% to £0.58m (2009: £0.63m)
• Significant reduction in cash outflow to £78k (2009: outflow £599k)
• Strong cash balance with cash and other financial assets 
significantly ahead of expectations at £4.97m (2009: £5.05m)
• Positive cash in-flow in H2 
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
2 ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
Chairman’s Statement
ANT has increased
the scope of its
product offering.
2010 was a year of consolidation and change for both ANT and the TV industry 
as a whole. Although reported revenue was disappointing, all other key metrics in the
business were either maintained or improved in the year with the focus remaining on
driving business growth in new high growth markets.
We continue to invest in R&D whilst controlling administrative expenses. While we see
broader opportunities in new market areas, it is important to note that our historic operator
market continues to generate significant revenue and looks set to capitalise on the
technology being adopted in the retail markets. This provides ANT with a robust platform
from which to target new TV markets.
It is difficult to assess the impact of the economic climate on the Company, but current
indications are that it has lengthened our customers’ decision making processes. However,
because ANT’s web-based service functionality is core to the future of TV, these delays are
not expected to continue in what is an increasingly competitive environment where
differentiation through the inclusion of value added web-based services is key.
ANT has traditionally licensed its software predominantly to set-top box manufacturers
which in turn is deployed by operators. However, the evolving retail market and increasing
interest from TV manufacturers presents a broader range of opportunities for the business.  
Increasingly, the target markets for ANT’s products require a complete, pre-integrated set-
top box or TV software solution. This has led ANT to increase the scope of its product
offering through a combination of its own IP and pre-integrated partner IP to provide a
complete solution. This broadening of the product has also resulted in ANT being able to
successfully target the large UK Free-to-Air market.
On behalf of the Board, I would like to thank all of the team for their continued hard work in
what has been a challenging year for both the management team and employees. We have
many opportunities and remain committed to the delivery of increased shareholder value.
Royston Hoggarth, Chairman
1 March 2011
3 3 ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
Our focus during 2010 was to continue to increase
our presence in new areas of the web-enabled TV
market, building on our established position in the
operator (IPTV) market. While revenue has decreased
during the year, we have achieved successes on
many fronts and strengthened our operations while
continuing to move towards profitability.
ANT’s customers no longer comprise solely of set-
top box manufacturers and telecoms operators
targeting the IPTV market. The surge in the TV
industry towards integration of the Web with
traditional TV means our software is now being
incorporated into Freeview and Freesat set-top-boxes
in the UK and sold direct to consumers through the
retail channel. ANT’s software is also being used for
the subscription cable and satellite markets as well as
being integrated into silicon chips to be incorporated
into “Connected” television sets and Blu-ray players.
The expansion of our industry began over 18 months
ago. However the impact of the economic downturn
and the technological complexities which naturally
accompany the implementation of new
communication delivery methods mean that we are
still just at the start of this new TV era.  What is clear,
though, is that the combination of our many years’
experience and unique product set mean we
continue to have a strong competitive advantage.
Our standards based approach to software means we
can work across all technology platforms and as such
are unrestricted in our potential technology
customers and partners.
Financial Review
Revenue for the year decreased 7% to £4.35m (2009:
£4.70m). Whilst the market for our Professional
Services continues to drive revenues and shows an
increase of 22%, we saw a 15% fall in Licence and
Royalty revenue in the period.
There were 10 licences signed in the year which was
down from the prior year (2009: 14). However, the
change in focus of the licensees, such as the
Connected TV market, gives us confidence that we
are seeing traction in areas with strong growth
potential.
ANT’s software is now being
incorporated into Freeview
and Freesat set-top-boxes in
the UK.
Chief Executive Officer’s Review
4 ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
5
The total number of units shipped during the year was up by 22% to 3.57m units (2009:
2.92m). This growth was in both legacy product royalties and newer ANT Galio products.
The strength of our legacy IP business provides us with a strong foundation from which to
continue to address the new verticals of the TV market which we believe have the potential
to be significantly larger. While the number of customers shipping over 100,000 units in the
year reduced to 5 (2009: 7), one customer shipped over 1.5m units.
The product mix shifted slightly, Professional Services contributed 28% to the overall
revenue total (2009: 22%) and the gross margin was maintained at the 2009 level of 87%.
Operating costs decreased 8% to £4.43m (2009: £4.80m). Spending on R&D, excluding
customer funded elements, decreased by 11% to £2.21m (2009: £2.48m). Share option
charges in the period resulted in a credit of £0.04m (2009: charge of £0.02m). The average
headcount for the year decreased to 50 (2009: 52).
While the focus has been on
keeping a tight rein on costs,
investment has also been made
in strengthening our sales team
with the appointment of a new
Sales Director in November
2010.
Cash was significantly ahead of
expectations with cash and
cash equivalents and other
financial assets closing the year
at £4.97m (2009: £5.05m),
resulting in cash burn of
£0.08m (2009: £0.60m).
The average Sterling/US Dollar rate for the year was $1.55 (2009: $1.60). Approximately 95%
of the Group’s revenue in the year was conducted outside the UK (2009: 97%), the majority
of which was denominated in US dollars. The stability of the US dollar against sterling lead
to a minimal charge to the income statement (2009: charge of £0.08m).
Loss before tax was below that of the prior year at £0.58m (2009: £0.63m) driven by the
reduction in costs in line with revenue.  
The Group received cash relating to the 2009 R&D tax credit of £0.21m during the year
(2009: cash was received for both 2008 and 2007 equating to £0.42m). Income from
interest deposits was down to £0.05m (2009: £0.08m) due to lower interest rates. 
The Group has unrecognised tax losses available to be offset against future profits of £10.9m
(2009: £10.5m). 
No payment of final dividend will be made due to negative distributable reserves. Chief Executive Officer’s Review continued
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
The Board considers Group revenue, Gross Margin, Group loss before tax, cash and cash
equivalents and unit shipments to be the Key Performance Indicators which are the most
effective measures of the progress towards achieving the Group’s objectives.
New Markets
Retail channel
HbbTV
We have entered the retail channel through our involvement in HbbTV (Hybrid Broadcast
Broadband TV) which provides a standardised approach to the support of hybrid TV
services. Hybrid TV combines the delivery of broadcast and broadband TV services such as
on-demand and catch-up TV in one device and is an area where ANT has been particularly
focused in the last two years. We remain active within the HbbTV consortium as a founding
member.
Adopted initially by all German broadcasters, the first HbbTV devices were commercially
deployed by Humax in December 2009 using the ANT Galio Platform.  ANT’s platform
provides a fully integrated implementation of the HbbTV standard that has also now been
adopted in France. 
HbbTV is expected to continue to grow in 2011 with
deployments in both France and Germany. The UK
TV market is also converging on the use of major
elements of the HbbTV standard and ANT is already
deploying products in the UK that employ its HbbTV
platform. Most TV vendors are committed to the
deployment of HbbTV compatible products and ANT
sees this as providing an opportunity for growth.
Freeview & Freesat
In addition to HbbTV deployments, the ANT Galio
Platform has been selected for hybrid roll outs across
other regions, the most notable being the UK where
Humax has used the ANT Galio Platform in its latest
range of Freeview set-top boxes. This product range
was introduced to market in the early part of 2011.
Emerging UK opportunities, such as Freeview and Freesat products, distributed through
established retail sales channels, are likely to see increased demand driven by the digital
switch over in the UK.
Connected TV market
Many of today’s TVs include internet connectivity. This functionality is driven by the device
manufacturers’ ambition to differentiate their products and generate new revenue streams
through the delivery of on-demand web-based services such as LoveFilm or Netflix.
These positive developments have broadened ANT’s market reach and led ANT to engage
and license its products to new customer types. ANT’s entry into the Connected TV market
has been facilitated by landmark contracts signed within the year with two Taiwanese
6 system-on-a-chip (SoC) vendors. Licensing ANT’s software enables them to offer turnkey
solutions to Connected TV and Blu-ray device vendors.
Partnerships
In the autumn of 2010 ANT made two significant strategic announcements; the availability
of BBC iPlayer and Sky Player on the ANT platform. This enables UK consumers to receive
on-demand services via an internet connection on ANT enabled set-top boxes and TVs.
Humax was the first customer to launch these services, providing them to consumers as
part of its Freeview set-top box range in the UK.
Growing market complexity
While the requirement for web-based services such as those enabled by ANT becomes
ever more important to set-top box and TV manufacturers, the complexity of the solution
required to deliver these services remains challenging. Manufacturers are struggling to
address the new opportunities due to the increasing level of base line functionality now
required. This increased complexity has lead to longer product sales and development
cycles.
The clear growth potential of the TV market has attracted increased competitor activity.
These competitive entrants are viewed as providing only partial solutions and ANT remains
the most mature and a highly trusted solution provider, however this competitive activity
has contributed to the extension of sales cycles.
Outlook
The TV industry is on the verge of a new era of growth, driven by the merger of traditional
TV and the internet. ANT’s ability to deliver this functionality positions us at the heart of
these developments.  As is to be expected with this kind of major market shift, it will take
time for clarity of market direction to emerge and momentum in the industry to flow
through to ANT.
However, we continue to make progress, signing several land-mark contracts in an
increasingly competitive environment. These successes, combined with the robust nature
of our traditional operator-led business means we view the future with confidence. 
Simon Woodward, Chief Executive Officer
1 March 2011
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
7 Royston Hoggarth
NON-EXECUTIVE CHAIRMAN
Royston joined ANT as Non-executive
Chairman in March 2007. He has a wealth
of industry experience having held a variety
of senior management and CEO roles in
IBM, LogicaCMG, Cable & Wireless PLC and
BT. He is currently also UK Managing
Director of Hays PLC and Non-executive
Chairman of IPSL Limited.
Tudor Brown
NON-EXECUTIVE DIRECTOR
Tudor joined ANT as a Non-executive
Director in May 2005 and became Senior
Independent Director in May 2006. One of
the founders of ARM, Tudor is President of
ARM Holdings plc. He was at Acorn
Computers where he worked on the ARM
R&D programme, before becoming ARM's
Engineering Director and Chief Technical
Officer in 1993. In 2000, he was appointed
Executive Vice President, Global
Development during which he was
responsible for ARM's successful strategic
development in the Far East, and served as
Chief Operating Officer from 2001 until
2008. Tudor holds an MA in Electrical
Sciences from Cambridge University and is a
Fellow of the Institution of Engineering and
Technology.
David Kynaston
NON-EXECUTIVE DIRECTOR
David joined ANT as a Non-executive
Director in January 2005. David has 35 years'
experience in the electronics industry
including positions in scientific research
through to operational and strategic
management. He was Executive Senior Vice
President at Solectron Corporation, a
provider of electronics manufacturing and
supply chain services, a position from which
he retired in January 2002. Prior to joining
Solectron, David was business unit director
(Business Communications Systems) at
Philips Electronics. David was recently a
non-executive director of Achievo
Corporation, an offshore software and
information technology outsourcing
provider.
Board of Directors
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
8 Pauline Ingram
GROUP FINANCE DIRECTOR
Pauline joined ANT in June 2004 and has 
an in-depth knowledge of the business and
its customer base. In July 2007 she was
appointed as Finance Director to the trading
company, ANT Software, and then to Group
Finance Director of ANT plc in February
2008. Pauline has a BA (Hons) in Business
Studies from De Montfort University,
Leicester and is a fellow of the Association 
of Chartered Certified Accountants. Prior to
joining ANT Pauline has worked in a variety
of sectors including automotive,
pharmaceuticals, telematics and
manufacturing.
Directors and Advisers
DIRECTORS
TBrown
R Hoggarth
P Ingram
D Kynaston
S A Woodward
SECRETARY
M Lobo
REGISTERED OFFICE
Cambridge Business Park
Cowley Road
Cambridge
CB4 0WZ
REGISTRARS
Computershare Investor Services PLC
PO Box 82
The Pavillions
Bridgewater Road
Bristol
BS99 7NH
AUDITORS
Ernst & Young LLP
Compass House
80 Newmarket Road
Cambridge
CB5 8DZ
BANKERS
Barclays Bank
58 High Street
Newmarket
Suffolk
CB8 8NH
LEGAL ADVISERS
Charles Russell LLP
8 - 10 New Fetter Lane
London 
EC4A 1RS
NOMINATED ADVISER AND BROKER
Arbuthnot Securities Limited
Arbuthnot House
20 Ropemaker Street
London 
EC2Y 9AR
Simon Woodward
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Simon Woodward joined ANT in 1997 as
Chief Executive and is responsible for
developing and executing its commercial
strategy. In 2005 he led ANT to a successful
public offering on the London Stock
Exchange (AIM). Prior to joining ANT, Simon
ran an information technology management
consulting company, and during a long and
successful career in the IT industry has more
than 25 years' experience. He has covered a
range of business disciplines, including
accounting, engineering and marketing.
Simon initially trained as an accountant in
practice and in 1983 joined Acorn Computer
Group in the UK, where he held various
senior managerial positions in R&D,
marketing and business development,
including taking responsibility for negotiating
strategic relationships with a variety of major
industry partners.
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
9 Corporate Governance Report
Compliance with the Combined Code
Under the rules of AIM (The Alternative Investment Market of the London Stock Exchange)
the Group is not required to comply with the Combined Code as annexed to the Listing
Rules of the Financial Services Authority.  Nevertheless, the Group has taken steps to
comply with the provisions set out in Section 1 of the Code in so far as is practical given the
size of the Group and the nature of its operations.  
Board of Directors
As at the year end the Board consisted of the non-executive chairman, two non-executive
directors and two executive directors, and demonstrate a range of experience covering
strategy, performance and resources which are vital to the success of the business. 
Mr Tudor Brown is the Senior Director (details of the directors’ are shown on page 8 and 9).
The Board meets each month to consider those matters which are required to be brought
to it for decision, which ensures that it maintains full and effective control over appropriate
strategic, financial, operational and compliance issues. Directors receive an information pack
in advance of each Board meeting which contains background information on such
matters.
Board Committees
There are three Board committees which deal with remuneration, audit and nominations to
the Board. They are comprised solely of the non-executive directors with certain executive
directors attending by invitation when required. David Kynaston is the Chairman of the
remuneration and nominations committees and Royston Hoggarth is the Chairman of the
audit committee.  
The audit committee meets at least once a year and the Company’s external auditors are
invited to attend the meeting. Consideration is given to the auditor’s pre and post-audit
reports and these provide opportunities to review the accounting policies, internal control
assessment and the financial information contained in the Annual Reports.
Relations with Shareholders
The Company’s executive directors meet regularly with institutional shareholders, fund
managers and analysts as part of an active investor relations programme to discuss long-
term issues and obtain feedback. Private investors are encouraged to participate in the
Annual General Meeting.
Internal Control
The directors acknowledge that they are responsible for the Group’s systems of internal
control and for reviewing its effectiveness. The system is designed to manage rather than
eliminate the risk of failure to achieve the Group’s strategic objectives, and can only provide
reasonable and not absolute assurance against material misstatement or loss.
The Combined Code requires directors to review the effectiveness of the Group’s system of
internal control in the wider sense, encompassing operational and compliance matters in
addition to the traditional financial issues.
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
10 The Group’s key risk management processes and system of internal control procedures
include the following;
• Management Structure – The Group has an organisational structure with clearly 
established responsibilities and lines of accountability. Authority to operate the subsidiary 
company is delegated to executive Board members within limits set by the Board as a 
whole. The Group promotes the values of integrity and professionalism.
• Identification and evaluation of business risk – An ongoing risk management process 
has been implemented which identifies the key business risks facing the Group, including 
both financial and operational risks. The Board monitors the activities of the Group 
through the management accounts, monthly forecasts and other reports which are 
presented at the monthly Board meeting.
• Investment Appraisal – The Board has a schedule of matters expressly reserved for its 
consideration. 
The Board reviews and continues to review the effectiveness of the Group’s procedure in
managing risk and, therefore, believes it meets the requirements of the guidance.
The audit committee has considered the need for internal audit. It is of the opinion that
given the size and nature of the Group’s operations and the other controls in place it is not
necessary at this time. This matter will be reviewed formally on an annual basis.
Going Concern
The company’s business activities, and the factors likely to affect its future development and
performance are set out in the Chief Executive Officers Review on pages 4 to 7. The
financial position of the company, its cash flows, liquidity position and borrowing facilities
are described in the Director’s report on pages 12 to 13. In addition, notes 1 to 29 in the
financial statements include the company’s objectives, policies and processes for managing
its capital; its financial risk management objectives; details of its financial instruments and
hedging activities; and its exposures to credit risk and liquidity risk. 
The company has considerable financial resources together with existing contracts with a
number of customers across different geographic areas. As a consequence, the directors
believe that the company is well placed to manage its business risks successfully despite the
current uncertain economic outlook.
The directors have a reasonable expectation that the company has adequate resources to
continue in operational existence for the foreseeable future. Thus they continue to adopt
the going concern basis of accounting in preparing the annual financial statements.
Royston Hoggarth
1 March 2011
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
11 Directors’ Report
The directors present their report and financial
statements for the year ended 31 December 2010.
Results and Dividends
The consolidated loss for the year, before taxation,
amounted to £525,856 (2009: £627,428). The directors do
not recommend the payment of a dividend (2009:£nil).
Principal Activity and Review of the Business
The Group’s principal activity during the year continued
to be the development and licensing of software
solutions for use in the digital TV-related consumer
electronics market. The Group’s key financial and other
performance indicators during the year were as follows:
2010 2009 % 
£’000 £’000 change
Group revenue 4,350 4,699 (7%)
Group loss before tax (583) (627) 7%
Cash & cash equivalents  
and other financial assets 4,972 5,050 (2%)
No. of ANT-enabled product  
units shipped (‘000) 3,572 2,916 22%
Further details of the business review are contained in
the Chief Executive’s Review on pages 4 to 7.
Capital Management
The primary objective of the Group’s capital
management is to ensure an appropriate level of liquid
resources is available to fund the daily operations of the
business. Management consider cash and working
capital to be what they monitor as capital. At the time of
the Company’s IPO, March 2005, £10.3m was raised, net
of expenses, via the issue of new equity to fund foreseen
development. At this time the directors do not foresee
any requirement to raise additional capital, on the basis
that they consider that the Group has sufficient cash
resources until the Group reaches profitability.
Unutilised funds at the yearend totalled £5.0m of which
£1.5m are invested in termed deposits, with a minimum
credit rating from Fitch of “-A” to ensure maximum return
for minimal risk (2009: £3.0m of £5.0m invested in
fixed term deposits). Further discussion relating to
financial risk management objectives and exposures is
covered in note 19 to the accounts.
Principal Risks and Uncertainties
• Foreign Currency Risk
The majority of the Group’s revenues are
denominated in US dollars, while its costs are
principally denominated in sterling. As a result, the
Group is subject to the risks of foreign currency
movements. This risk will increasingly be managed
through the judicious use of foreign currency forward
contracts.
• Market and Technological Risk
The TV-related consumer electronics market is a
young and rapidly developing market in which the
Group holds a strong position, with a reputation in the
market for its innovative and robust technological
solutions. Maintenance of that position is dependent
on the Group’s ability to continue to develop its
solutions. While the directors regard the market as
providing significant opportunities for long term
growth, the exact rate and extent of the growth of that
market is very difficult to predict. The Group will
continue to utilise its strong asset position to invest in
carefully targeted technological development to
address the market’s needs and opportunities.
Research and Development
The Group undertakes continuous research and
development activities in order to bring new
innovations to market and to enhance the
effectiveness of its software solutions in the consumer
electronics market. Expenditure on research and
development in 2010 amounted to £2,366,666 (2009:
£2,656,329). Of this £157,243 (2009: £179,879) is
customer funded and included within cost of sales.
Creditor Payment Policy
The Company does not have a written code or
standard on payment practice. It negotiates settlement
terms with each of its suppliers and payments are
12
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 then made to suppliers in accordance with those terms
provided the supplier has carried out the agreed
obligations in a satisfactory manner. At the year end, the
Group had 36 days’ purchases outstanding in trade
creditors (2009: 28 days).
Overseas Branches
ANT Software Limited is a subsidiary company of ANT
plc and has a branch in Korea. The Korean branch has
been set up on a cost plus basis to enable the Group to
have a sales function in the region.
Charitable Donations
During the year, the Group made a charitable donation
of £nil (2009: £1,000).
Disabled Employees
The Group gives full consideration to applications for
employment from disabled persons where the
candidate’s particular aptitudes and abilities are
consistent with adequately meeting the requirements of
the job.   
Directors’ Indemnity Insurance
The Group has granted an indemnity to one or more of
its directors against liability in respect of proceedings
bought by third parties, subject to the conditions set out
in the Companies Act 2006. Such qualifying third party
indemnity provision remains in force as at the date of
approving the Directors’ Report.
Directors
The current directors and those who served during the
year are shown on pages 8-9. The directors who held
office at 31 December 2010 had the following interests,
including beneficial family interests, in the share capital
of the Company:
31 December 2010 31 December 2009
Ordinary Shares Ordinary Shares
R Hoggarth - -
TBrown 28,800 28,800
D Kynaston 28,800 28,800
S A Woodward 157,835 157,835
P Ingram 22,000 22,000
In addition to the above interests, directors had
options to purchase a number of shares as set out in
the Directors remuneration report.
Substantial Shareholdings
As at 14 January 2011 the following shareholders had
notified the Company that they held an investment of
3% or more in the Company’s ordinary share capital:
Number of Percentage
ordinary of ordinary 
shares share capital
Richard Farleigh 3,039,767 12.52%
ANT plc Employee Share 
Trust 2,728,497 11.23%
Fidelity Investments 2,428,636 10.00%
AXA Framlington Investment 
Management 2,014,669 8.30%
Foresight Group 1,986,596 8.18%
Blackrock Investment 
Management 1,898,619 7.82%
JM Finn & Co 1,056,375 4.35%
Inflexion Partners Limited 732,472 3.02%
Disclosure of Information to the Auditors
The directors who were members of the Board at the
time of approving the directors’ report are listed on
page 9.  Having made enquiries of fellow directors and
the Group’s auditors, each of these directors confirms
that:
• to the best of each director’s knowledge and belief, 
there is no information relevant to the preparation 
of their report of which the Group’s auditors are 
unaware: and
• each director has taken all the steps a director 
might reasonably be expected to have taken to be 
aware of relevant information and to establish that 
the Group’s auditors are aware of that information.
Auditors
A resolution to re-appoint Ernst & Young LLP as the
Company’s auditor will be put to the forthcoming
Annual General Meeting. 
On behalf of the Board
SA Woodward, Director
1 March 2011
13
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010  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 prepared the financial
statements in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the
European Union. Under company law the directors
must not approve the financial statements unless they
are satisfied that they give a true and fair view of the
state of affairs of the company and of the profit or loss
of the company for that period. In preparing these
financial statements, the directors are required to:
• select suitable accounting policies and then apply 
them consistently;
• make judgments and accounting estimates that 
are reasonable and prudent;
• state whether applicable IFRSs as adopted by the 
European Union have been followed, subject to 
any material departures disclosed and explained in 
the financial statements; 
• prepare the financial statements on the going 
concern basis unless it is inappropriate to presume
that the company will continue in business.
The directors are responsible for keeping adequate
accounting records that are sufficient to show and
explain the company's transactions and disclose with
reasonable accuracy at any time the financial position
of the company and enable them to ensure that the
financial statements comply with the Companies Act
2006. They are also responsible for safeguarding the
assets of the company and hence for taking
reasonable steps for the prevention and detection of
fraud and other irregularities.
The directors are responsible for the maintenance and
integrity of the 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.
14
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 Directors’ remuneration report
The remuneration committee comprises of David
Kynaston, Tudor Brown and Royston Hoggarth, all of
whom are non-executive directors of the Company.
The Board has accepted the remuneration
committee’s recommendations in full.
Remuneration policy
The remuneration policy is based on the need to offer
competitive packages to attract, motivate and retain
senior executives of appropriate calibre. Regular
reviews of the policy are carried out, supported by
independent advice, to ensure that the range and level
of emoluments and incentive schemes continue to
match current market practices.
Salary
Salaries are measured against performance and
market medians.
Annual Performance bonus
The service agreements provide that each executive
director shall be entitled to receive an annual bonus to
be determined by the remuneration committee based
on the Group’s financial and operational performance.
Service Agreements
The service agreements for Simon Woodward and
Pauline Ingram are terminable by both parties by
giving 12 months and 6 months notice respectively.
Benefits
Executive directors, along with other permanent
employees of the Company, are entitled to life
assurance and permanent health insurance.  In
addition to this they are able to select additional
benefits covering a pension, private medical cover and
critical illness or disability insurance up to a value of
10% of basic salary. The pension scheme is a defined
contribution scheme and requires a minimum
contribution of 5% of salary from the employee before
any contributions will be made by the Company.
Non-executive Directors
The fees of the non-executive directors are
determined by the executive directors. Non-executive
directors receive travel expenses but do not participate
in any incentive arrangements. The non-executive
directors have entered into terms of appointment,
with initial 3 year terms, terminable by either party
upon 1 month’s notice in writing.
15
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010  Basic Salary Benefits Bonus Pension Total Total
contributions 2010 2009
££ £ £ £ £
Executive directors:
S A Woodward 165,600 3,231 - 13,329 182,160 206,660
P Ingram 90,000 - - 9,000 99,000 110,410
R Hoggarth 45,000 - - - 45,000 51,250
D Kynaston 22,500 - - - 22,500 25,625
TBrown 22,500---22,50025,625
B K Anderson 
(1)
- - - - - 15,000
345,600 3,231 - 22,329 371,160 434,570
(1) Resigned 21 May 2009
The interest of the directors in share options is detailed below:
As at  Granted Exercised Lapsed As at
1 Jan 2010 31 Dec 2010
S A Woodward 1,735,095 - - 100,000 1,635,095 
P Ingram 265,217 34,783 - 200,000    100,000 
2,000,312 34,783 - 300,000   1,735,095 
Director Revenue Date Number Exercise Vesting Expiry 
Status Granted Granted Price (p) Date Date
S A Woodward Approved 07/03/2005 117,647 85.00 07/03/2005 07/03/2015
S A Woodward Unapproved 07/03/2005 1,304,145 85.00 02/07/2004 07/03/2015
S A Woodward Unapproved 16/03/2005 213,303 126.00 16/03/2005 07/03/2015
P Ingram Approved 07/03/2005 7,217  95.00 07/03/2005 07/03/2015
P Ingram Approved 14/04/2009 8,000 24.50 14/04/2012 14/04/2019
P Ingram Approved 06/10/2009 50,000 38.50 06/10/2012 06/10/2019
P Ingram Approved 01/04/2010 34,783 29.50 31/03/2013 31/03/2020
Options granted after March 2005 vest over a three year period, are subject to continued employment with the
Company for the duration of this period, and corporate performance criteria based on an increase in Group revenues
over that period.  The options expire after 10 years and there are no cash settlement alternatives. The share price at
the yearend was 25.5p.  The highest and lowest market price during the year for the ordinary shares was 21.5p and
32p respectively.
During the year the number of options exercised by the directors was nil (2009: 60,000), which had a total exercise
value of £nil (2009: £3). This gave an aggregate gain of £nil (2009: £15,597). 
D Kynaston
1 March 2011
Directors Remuneration 
16
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 Independent Auditor’s Report to the Members of ANT plc
We have audited the group financial statements of 
ANT plc for the year ended 31 December 2010 which
comprise Consolidated Income Statement,
Consolidated Statement of Comprehensive Income,
Consolidated Balance Sheet, the Consolidated
Statement of Changes in Equity, Consolidated
Statement of Cash Flows and the related notes 1 to 29.
The financial reporting framework that has been
applied in their preparation is applicable law and
International Financial Reporting Standards (IFRS’s) as
adopted by the European Union. 
This report is made solely to the company’s members,
as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. 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
As explained more fully in the Directors’ Responsibilities
Statement set out on page 14, the directors are
responsible for the preparation of the group financial
statements and for being satisfied that they give a true
and fair view. Our responsibility is to audit the group
financial statements in accordance with applicable law
and International Standards on Auditing (UK and
Ireland).  Those standards require us to comply with the
Auditing Practices Board’s Ethical Standards for
Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the
amounts and disclosures in the financial statements
sufficient to give reasonable assurance that the financial
statements are free from material misstatement,
whether caused by fraud or error. This includes an
assessment of: whether the accounting policies are
appropriate to the group’s circumstances and have
been consistently applied and adequately disclosed; the
reasonableness of significant accounting estimates
made by the directors; and the overall presentation of
the financial statements.
Opinion on financial statements
In our opinion the group financial statements:
• give a true and fair view of the state of the group’s 
affairs as at 31 December 2010 and of its loss for the 
year then ended;
• have been properly prepared in accordance with 
IFRSs as adopted by the European Union; and
• have been prepared in accordance with the 
requirements of the Companies Act 2006.
Opinion on other matter prescribed by the
Companies Act 2006
In our opinion the information given in the Directors’
Report for the financial year for which the group
financial statements are prepared is consistent with the
group financial statements.
Matters on which we are required to report
by exception
We have nothing to report in respect of the following
matters where the Companies Act 2006 requires us to
report to you if, in our opinion:
• certain disclosures of directors’ remuneration 
specified by law are not made; or
• we have not received all the information and 
explanations we require for our audit.
Other matters
We have reported separately on the parent company
financial statements of ANT PLC for the year ended 31
December 2010.
Tony McCartney (Senior Statutory Auditor)
for and on behalf of Ernst &Young LLP
Cambridge
1 March 2011
17
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010  Consolidated Income Statement
for the year ended 31 December
2010 2009
Notes £ £
Revenue 5 4,347,577 4,698,510
Cost of sales (554,315) (614,210)
Gross profit 3,793,262 4,084,300
Administrative expenses (2,219,434) (2,319,675)   
Research and Development expenses 6 (2,209,423) (2,476,450)
Loss from operations 6 (635,595) (711,825)
Finance revenue 10 52,353 84,397
Loss before tax (583,242) (627,428)
Tax on loss on ordinary activities 11 57,386 63,700
Loss for the year (525,856) (563,728)
Basic and Diluted Loss per ordinary share 12 (0.02) (0.03)
All activities relate to continuing activities
2010 2009
Notes £ £
Loss for the year (525,856) (563,728)
Other Comprehensive Income for the year - -
Total Comprehensive income for the year (525,856) (563,728)
Consolidated Statement of Comprehensive Income
for the year ended 31 December
18
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 2010 2009
Notes £ £
Non-current assets
Intangible assets 13 20,543 34,495
Property, plant and equipment 14 126,212 116,139
146,755 150,634
Current assets
Trade and other receivables 15 1,007,195 1,551,428
Other financial assets 16 1,500,000 3,000,000
Cash and cash equivalents 16 3,472,206 2,050,217
5,979,401 6,601,645
Total assets 6,126,156 6,752,279
Current Liabilities 
Trade and other payables 17 (1,474,159) (1,622,283)
(1,474,159) (1,622,283)
Net current assets 4,651,997 4,979,362
Non-Current Liabilities 
Provisions 18 (90,000) -
(90,000) -
Net assets 4,561,997 5,129,996
Capital and reserves
Called up share capital 21 1,214,318 1,214,318
Share premium account 12,066,990 12,066,990
Merger reserve 9,787,208 9,787,208
Retained losses (18,506,519) (17,938,520)
Total equity 4,561,997 5,129,996
The financial statements were approved by the Board of Directors and authorised for issue on 1 March 2011. 
They were signed on its behalf by:
S A Woodward
Director
1st March 2011
Consolidated Statement of Financial Position
as at 31 December
19
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010  Called up 
share capital Share Premium Merger account Retained losses Total equity
£££££
At January 1 2009 1,214,318 12,066,990 9,787,208 (17,390,085) 5,678,431
Total Comprehensive Income - - - (563,728) (563,728)
Share-based payments - - - 15,293 15,293
At January 1 2010 1,214,318 12,066,990 9,787,208 (17,938,520) 5,129,996
Total Comprehensive Income - - - (525,856) (525,856)
Share-based payments - - - (42,143) (42,143)
At December 31 2010 1,214,318 12,066,990 9,787,208 (18,506,519) (4,561,997)
Consolidated Statement of Changes in Equity
for the year ended 31 December
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
20 Consolidated Statement of Cash Flows
for the year ended 31 December
2010 2009
Notes £ £
Cash flows from operating activities
Loss before tax (583,242) (627,428)
Finance revenue 10 (52,353) (84,397)
(Gain) / Loss on disposal of property, plant and equipment (241) 99
Depreciation of property, plant and equipment 14 111,463 72,371
Amortisation of intangible assets 13 20,704 24,444
Foreign exchange differences (15,231) 17,448  
Share-based payments (credit) / charge 22 (42,143) 15,293
Decrease / (increase) in trade and other receivables 544,825 (64,413)
Decrease / (increase) in trade and other payables (148,124) (201,164)
Cash used in operating activities (164,342) (847,747)
Tax paid 11 (148,103) (142,095)
Research and development tax credit 205,489 420,199
Net cash used in operating activities (106,956) (569,643)
Cash flows from investing activities
Interest received 51,761 86,949
Purchase of property, plant and equipment 14 (32,419) (87,922)
Purchase of intangible assets 13 (6,752) (10,471)
Sale of property, plant and equipment 1,124 -
Disposal of other financial assets 1,500,000 500,000
Net cash generated from investing activities 1,513,714 488,556
Net decrease/(increase) in cash and cash equivalents 1,406,758 (81,087)
Foreign exchange differences 15,231 (17,448)  
Opening cash and cash equivalents 2,050,217 2,148,752 
Closing cash and cash equivalents 16, 25 3,472,206 2,050,217
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
21 Notes to the Financial Statements
as at 31 December 2010
1. Corporate information
ANT plc is a public limited company incorporated in the
United Kingdom. The address of the registered office is
Cambridge Business Park, Cowley Road, Cambridge,
Cambridgeshire CB4 0WZ. ANT plc’s shares are publicly
traded on AIM (The Alternative Investment Market of the
London Stock Exchange).
2. Basis of preparation and statement of compliance
The Group’s financial statements have been prepared in
accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union as
they apply to the financial statements of the Group for the
year ended 31 December 2010.
The accounting policies which follow set out those
policies which apply in preparing the financial statements
for the year ended 31 December 2010. 
The consolidated financial statements have been
prepared under the historical cost convention, and are
presented in Sterling.
Basis of consolidation
The consolidated financial statements comprise the
financial statement of ANT plc and its subsidiaries as at
31 December each year. The financial statements of the
subsidiaries are prepared for the same reporting year as
the parent Company, and are based on consistent
accounting policies. 
Going Concern
The company’s business activities and the factors likely to
affect its future development and performance are set out
in the Chief Executive Officers Review on pages 4 to 7.
The financial position of the company, its cash flows,
liquidity position and borrowing facilities are described in
the Director’s report on pages 9 to 11. In addition, notes
1 to 29 in the financial statements include the company’s
objectives, policies and processes for managing its
capital; its financial risk management objectives; details of
its financial instruments and hedging activities; and its
exposures to credit risk and liquidity risk. 
The company has considerable financial resources
together with existing contracts with a number of
customers across different geographic areas. As a
consequence, the directors believe that the company is
well placed to manage its business risks successfully
despite the current uncertain economic outlook.
The directors have a reasonable expectation that the
company has adequate resources to continue in
operational existence for the foreseeable future. Thus they
continue to adopt the going concern basis of
accounting in preparing the annual financial statements.
All inter-company balances and transactions have been
eliminated in full.
3. Significant judgements and major sources
of estimation uncertainty.
Judgements are made in relation to share-based payment
costs requiring the selection of an appropriate valuation
model, consideration as to the inputs necessary for the
valuation model chosen and the estimation of the number
of awards that will ultimately vest, inputs for which arise
from judgements relating to the probability of meeting
non-market performance conditions and the continuing
participation of employees (see note 22).
Research costs are not capitalised. Development costs
however will be capitalised from the point that it is
sufficiently certain that future economic benefits to the
Group will cover all selling, administration and support
costs as well as the development costs themselves.
However the Group has not currently achieved this
position. The Board will continue to review the nature of
the Group’s development activities on an ongoing basis
and consider whether the conditions are being satisfied.
Research and Development costs include work
completed on generic ANT products and customer
specific modifications.  
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
22 4. Accounting policies
a) Revenue
Revenue represents amounts receivable for goods and
services provided in the normal course of business, net of
trade discounts, VAT and other sales related taxes.
Amounts receivable consist of royalties, licence fees,
professional services and support and maintenance
payments. 
Revenue is recognised for any element of a sale when all
of the basic criteria are met for that element, these are
given below. 
Licence and Royalties fees – revenue is recognised
when persuasive evidence for the arrangement exists,
delivery has occurred, fees are fixed or determinable, non
refundable and require no further commitments with fee
collection being probable. Royalties are recognised on
receipt of appropriate third party evidence.
Professional Services – invoiced in line with customer
contracts and recognised on the basis of work
performed.  Where contracts indicate time and materials,
as the basis for charges, revenue is recognised directly in
line with work completed. Where this is not the case
project plans detailing resource requirement during a
project are used to establish percentage completion at
any point in time. In relation to Support and Maintenance
contracts these are recognised on a pro-rata basis
throughout the year.
Revenue is accrued on the above elements when revenue
can be recognised but has not been invoiced.
Revenue is deferred on the above elements when it has
not been recognised but the invoice has been raised.
Revenue relating to contracts with multiple elements is
allocated based on the fair value of each element and is
recognised in accordance with the accounting principles
for each element described above.
b) Cost of Sales
Cost of sales represents the cost to the business to
deliver its revenue. It comprises commission, internal
costs relating to customer specific projects and external
third party software and contractor costs.
c) Foreign currencies
The Groups presentational currency is Sterling. Sterling is
also the functional currency of all companies within the
group (GBP). Transactions in foreign currencies are
recorded in the functional currency at the rate 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 differences are taken to the consolidated income
statement.
d) Research and Development expenditure
Development is the application of research findings or
other existing knowledge to the design of new or
improved processes, systems or technologies.
Development includes those activities taking place over
the period from design, through implementation testing,
systems integration, productisation, engineering release,
and final product qualification, but ceases at the stage of
formal product release.
Research costs are expensed as incurred. Development
expenditure on an individual project is recognised as an
intangible asset when the Group can demonstrate the
technical feasibility of completing the intangible asset so
that it will be available for use or sale, its intention to
complete and its ability to use or sell the asset, how the
asset will generate future economic benefits, the
availability of resources to complete the asset and the
ability to measure reliably the expenditure during
development. However the Group has not currently
achieved this position. The Board will continue to review
the nature of the Group’s development activities on an
ongoing basis and consider whether the conditions have
been satisfied.  
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
23 Research and development costs include work completed
on generic ANT products and customer specific
modifications. Revenue relating to customer specific
modifications is recognised in line with the criteria set out
in note 4a. Any research and development costs relating
to the delivery of this revenue are recognised in line with
services delivered and expensed to cost of sales.
e) Intangible assets
Intangible assets acquired are stated at cost less
amortisation and any accumulated impairment losses.
Amortisation is provided on all intangible assets at rates
calculated to write off the cost, less estimated residual
value of each asset evenly over its expected useful life, as
follows:
Software - over 3 years 
The carrying values of intangible assets are reviewed for
impairment in periods if events or changes in
circumstances indicate the carrying value may not be
recoverable. Residual values are reviewed on an annual
basis.
f) Property, plant and equipment
Property, plant and equipment is stated at cost less
depreciation and any accumulated impairment losses.
Depreciation is provided on property, plant and equipment
at rates calculated to write off the cost, less estimated
residual value of each asset evenly over its expected
useful life, as follows:
Leasehold improvements - over 2 - 3 years
Office equipment - over 2 - 5 years
Computer equipment - over 3 years
The carrying values of property, plant and equipment are
reviewed for impairment in periods if events or changes in
circumstances indicate the carrying value may not be
recoverable. Residual values are reviewed on an annual
basis.
g) Taxation
Current Tax, including UK corporation tax and foreign tax,
is provided at amounts expected to be paid (or recovered)
using the rates and laws that have been enacted or
substantively enacted at the balance sheet date.
Withholding tax is recognised, as it arises, through the
income statement. It arises from customers withholding a
percentage of amount owed to ANT and remitting this to
the local tax authorities on our behalf.
Deferred income tax assets are recognised for all
temporary differences, carry-forward of unused tax assets
and unused tax losses, to the extent that it is probable
that taxable profits will be available against which the
temporary differences, and the carry-forward of unused
tax assets and unused tax losses can be utilised:
• except where the deferred income tax asset relating to 
the deductible temporary differences arises from the 
initial recognition of an asset or liability in a transaction 
that is not a business combination and, at the time of 
the transaction, affects neither the accounting profit 
nor the taxable profit or loss; and
• in respect of deductible temporary differences 
associated with investments in subsidiaries, deferred 
tax assets are only recognised to the extent that it is 
probable that the temporary differences will reverse in 
the foreseeable future and taxable profit will be 
available against which temporary differences can be 
utilised.
Deferred income tax is measured at the tax rates that are
expected to apply in the year when the asset is realised,
based on tax rates and laws that have been enacted or
substantively enacted at the balance sheet date.
The carrying amount of deferred income tax assets is
reviewed at each balance sheet date and reduced to the
extent that there is sufficient taxable profit will be available
to allow all or part of the deferred income tax asset to be
utilised. As currently this has not been satisfied there is no
deferred tax asset recognised on the balance sheet.
Notes to the Financial Statements continued
as at 31 December 2010
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
24 The Group has taken advantage of the HMRC Research
and Development (R&D) tax credit scheme that
encourages small and medium sized companies to
increase their R&D spending. A proportion of qualifying
expenditure on R&D activities can be deducted when
calculating the profit for tax purposes. Tax credits are
accounted for when cash receipt is probable in return for
surrendering tax losses. The majority of the qualifying
expenditure for the Group is made up by staff costs.
h) Share-based payments
The cost of equity-settled transactions with employees is
measured by reference to the fair value at the date at
which they are granted and is recognised as an expense
over the vesting period, which ends on the date on which
the relevant employees become fully entitled to the award.
Fair value is determined by the use of an appropriate
option pricing model. In valuing equity settled transactions
no account is taken of any vesting conditions, other than
conditions linked to the price of the shares of the
company (market conditions).  
No expense is recognised for awards that do not
ultimately vest, except for awards where vesting is
conditional upon a market condition, which are treated as
vesting irrespective of whether or not the market condition
is satisfied, provided that all other performance conditions
are satisfied.
At each balance sheet date before vesting, the cumulative
expense is calculated, representing the extent to which
the vesting period has expired and management’s best
estimate of the achievement or otherwise of non-market
conditions in relation to the number of equity instruments
that will ultimately vest. The movement in cumulative
expense since the previous balance sheet date is
recognised in the income statement with a corresponding
entry in equity. For any instrument that has vested no
reversal of charges previously recognised as an expense
will occur.
Where the terms of an equity-settled award are modified
or a new award is designated as replacing a cancelled or
settled award, the cost based on the original award terms
continues to be recognised over the original vesting
period. In addition, an expense is recognised over the
remainder of the new vesting period for the incremental
fair value of any modification, based on the difference
between the fair value of the original award and the fair
value of the modified award, both as measured on the
date of the modification. No reduction is recognised if this
difference is negative.
Where an equity-settled award is cancelled, it is treated
as if it had vested on the date of cancellation, and any
cost not yet recognised in the income statement for the
award is expensed immediately. Any compensation paid
up to the fair value of the award at the cancellation or
settlement date is deducted from equity, with any excess
over fair value being treated as an expense in the income
statement. 
i) Retirement benefit costs
The Group provides arrangements through a defined
contribution scheme. The amount charged to the
consolidated income statement in respect of pension
costs is the contributions payable in the year.
Differences between contributions payable in the year and
contributions actually paid are shown as accruals in the
balance sheet.
j) Own shares held by Employee Benefit Trust
Own shares held by the Employee Benefit Trust (EBT) are
carried at cost and as a deduction from total equity.
k) Operating lease agreements
Rentals payable under operating leases are charged to
the consolidated income statement on a straight line
basis over the lease term.
l) Trade and other receivables
Trade receivables, which generally have thirty to sixty day
terms, are recognised and carried at original invoice
amount. Provision is made when there is objective
evidence that the Group will not be able to recover
balances in full.  Balances are written off when the
probability of recovery is assessed as being remote and
when legal notification has been provided.
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
25 Notes to the Financial Statements continued
as at 31 December 2010
m) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in
hand and short-term highly liquid investments that are
readily convertible to a known amount of cash and are
subject to an insignificant risk of changes in value and
with an original maturity of three months or less.
n) Other financial assets
Other Financial assets comprise term deposits with
maturity of more than three months from commencement
that relate to a known amount of cash and are subject to
an insignificant risk in change in value.
o) Finance revenue
Revenue is recognised as interest accrues using the
effective interest method. The effective interest rate is the
rate that exactly discounts estimated future cash receipts
through the expected life of the financial instrument to its
net carrying amount.
p) Derivative financial instruments
The Group uses derivative financial instruments, such as
foreign currency contracts, to hedge its risks associated
with foreign currency fluctuations. Such derivative financial
instruments are initially recognised at fair value on the
date on which a derivate contract is entered into and are
subsequently measured for fair value. Changes in fair
value are recognised in the income statement within
administration expenses. No derivative financial
instruments were in place at the year end (2009: Nil).
q) Provisions
Provisions are recognised when the Group has an
obligation as a result of a past event, it is probable that
the Group will be required to settle that obligation and a
reliable estimate can be made of that obligation.
r) Dilapidation 
A dilapidation provision is reflected in the Group accounts
to take into account the costs that are likely to be
incurred on the cessation of the current building lease.
These costs are based on externally provided estimates
and take into account the costs likely to be incurred in
reinstating the building back to its original condition.
s) New standards and interpretations not applied
The IASB and IFRIC have issued the following standards
and interpretations with an effective date after the date of
these financial statements: 
International Accounting Standards (IAS/IFRSs)
Effective Date
IAS 24 Related Party Disclosures 1 January 2011
(Amendment)
IAS 32 Financial Instruments: 1 February 2010
Presentation – Classification
of Rights Issues (Amendment)
IFRS 9 Financial Instruments: 1 January 2013
Classification and Measurement
International Financial Reporting Interpretations
Committee (IFRIC)
Effective Date
IFRIC 14 Prepayments of a minimum (Amendment)
funding requirement
IFRIC 19 Extinguishing Financial 1 July 2010
Liabilities with Equity Instruments
5. Segmental information
Revenue represents the amounts derived from the provision
of goods and services which fall within the companies
ordinary activities stated net of value added tax. 
The Group has one segment, the provision of computer
software licensing and consultancy, originating from the
head office situated in the UK. The Chief Operating decision
makers view all current activity as being related to the
provision and enablement of licensed IP . The Revenue,
Result, Total Assets and Liabilities of the Group all relate to
this segment and are those reported in the Financial
Statements. As such no reconciliation of segmental
information to the Groups Financial Statements is
presented.
The Group operates within three geographical markets the
United States, Europe and the Rest of the World. All of the
Group’s non-current assets are held in the UK.
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
26 6. Loss from operations
This is stated after (crediting) / charging:
2010 2009
£ £
Research and development
cost   – Customer funded 157,243 179,879
– Generic 2,209,423 2,476,450
Amortisation of intangible 20,704 24,444
assets
Depreciation of property, 111,463 72,371
plant and equipment
Foreign currency (gain) / loss (13,267) 111,791
Loss / (gain) on forward 12,718 (23,825)
contracts
Operating lease rentals              146,205 146,205
– Land and buildings
(Gain) / loss on disposal of (241) 99
property, plant & equipment
Research and Development costs that are customer
funded, and included in cost of sales, relate to customer
specific modification to which ANT retains the intellectual
property.
The amortisation of intangible assets charge is charged to
the income statement in administration expenses.
7. Auditors' remuneration
The Group had the following amounts charged by its
auditors in respect of the audit of the financial statements
and for other services.
2010 2009
£ £
Audit of the financial statements
ANT plc 25,000 25,000
ANT Software Limited 9,000 4,000
34,000 29,000
Other fees to auditors
Taxation 13,250 8,000
Total 47,250 37,000
An analysis of revenue by geographical market is given
below:
2010 2009
£ £
United States 1,053,294 1,655,689
Europe 1,380,578 892,279
Rest of the World 1,913,705 2,150,542
4,347,577 4,698,510
The European segment identified above includes
£194,271 relating to revenue generated in the UK (2009:
£147,572)
The geographical segmental analysis shown above relates
to our customers geographical location, not the location
of the end users of the units or services provided.
An analysis of revenue by type is given below:
2010 2009
£ £
Licence and royalty revenue 3,118,344 3,687,830
Professional Services 1,229,233 1,010,680
4,347,577 4,698,510
An analysis of revenue by type is given below:
2010 2009
No of customers contributing 
1 4
more than 10% of revenue
The percentage contribution to revenue of customers
contributing more than 10% in the year was 17%, (2009:
15.8%, 12.2%, 11.5% and 10.1%).
Finance revenue generated during the year was £52,353
(2009: £84,397)
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
27 8. Compensation of Key Management
Compensation of key management personnel
(including executive and non-executive directors) 2010 2009
£ £
Short Term employee benefits 651,602 897,461 
Post employee benefits 45,745 61,015
Share based payments (19,536) 21,297
677,811 979,773
Short term employee benefits include wages, payroll taxes, healthcare and performance related pay.  Post employee
benefits relate specifically to contributions to defined contribution pension schemes and share based payments show IFRS 2
charges relating to the issue of share options.
The interests of the directors in the shares of the Company are detailed within the Directors’ Report.
9. Staff costs and directors’ emoluments
(a) Staff costs 2010 2009
£ £
Wages and salaries 2,727,619 2,861,913
Social security costs
(1)
309,557 302,836
Other pension costs 182,711 266,704
3,219,887 3,431,453
(1)  
Social security costs include overseas offices.
Included in wages and salaries is a total credit relating to share-based payment of £42,143 (2009: charge of £15,293)
arising from transactions accounted for as equity-settled share-based payment transactions.
The monthly average number of employees during the year was as follows:
2010 2009
Engineering 34 33
Sales 8 10
Administration 8 9
50 52
(b) Directors’ emoluments 2010 2009
£ £
Directors’ emoluments 348,831 414,109
Contributions to defined contribution pension schemes 22,329 22,667
Number of directors accruing benefits under:
Defined contribution schemes 2 2
The highest paid director received:
Emoluments 168,831 192,993
Pension contributions 13,329 13,667
Notes to the Financial Statements continued
as at 31 December 2010
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
28 10. Finance revenue
2010 2009
£ £
Bank interest receivable 52,353 84,397 
11. Tax on loss on ordinary activities
a) Tax on loss
The tax credit represents:
2010 2009
£ £
Research and development tax credit (205,489) (205,795)
Foreign tax:
Current tax on income for the period 148,103 142,095
Current tax credit for the year (57,386) (63,700)
b) Reconciliation of the tax credit
The tax assessed on the loss on ordinary activities for the year is higher than the standard rate of corporation tax in the
United Kingdom. The differences are explained below:
2010 2009
£ £
Loss on ordinary activities before tax (583,242) (627,428)
Loss on ordinary activities multiplied by standard rate of corporation tax 
in the UK of 28% (2009: 28%) (163,308) (175,680)
Effect of:
Disallowed expenses 14,000 15,187
Decelerated capital allowances 20,313 3,767
Tax losses carried forward 128,995 156,726
Research and development tax credit (205,489) (205,795)
Other temporary differences - -
Withholding tax 142,180 142,095
Foreign tax 5,923 -
Income tax credit reported in the consolidated income statement (57,386) (63,700)
Historically, research and development tax claims have resulted in losses being surrendered in return for cash and are
accounted for when receipt of cash is probable. During the year the Group surrendered £1,443,971 of tax losses in return
for £205,489 of cash which related to the R&D tax credit for 2009 of £166,379 and additional claims for 2008 of £9,569 and
2007 of £29,541 (2009: £1,385,762 losses surrendered for £205,795 for 2008 tax credit). 
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
29 11. Tax on loss on ordinary activities (continued)
c) Deferred tax
Deferred taxation assets provided in the financial statements and the amounts not provided are as follows:
2010 2009 2010 2009
£ £ £ £
Capital allowances in arrears of depreciation - - 55,275 26,155
Losses - - 2,950,397 2,944,956
- - 3,005,672 2,971,111
There are approximately £10.9m (2009: £10.5m) of tax losses available to be carried forward, subject to the agreement of
HMRC. These losses may be further adjusted to reflect the surrender of the losses relating to qualifying research and
development expenditure in accordance with the research and development tax credit scheme.
No deferred tax asset has been recognised in relation to losses carried forward as the Group is currently loss-making. The
Group will not recognise the deferred tax asset until sufficient taxable profits are available to allow all or part of the deferred
tax asset to be utilised.
d) Factors affecting future tax charge
The Chancellor announced in the emergency budget on 22 June 2010 that the standard rate of UK Corporation Tax will be
reduced from 28% to 27% from 1 April 2011; and there will be progressive annual reductions of a further 1% until a rate of
24% is reached with effect from 1 April 2014. The Finance Act (No 2) 2010 received Royal Assent on 27 July 2010, with the
first of the rate reductions being substantively enacted from 21 July 2010 under UK GAAP . 
The Chancellor also announced changes to the Capital Allowances regime. The rate of writing down allowances on
expenditure on plant and machinery allocated to the main pool will be reduced from 20% to 18%, and the writing down
allowances on expenditure allocated to the special rate pool (ie. long-life assets and integral features) will be reduced from
10% to 8%. These will have effect from 1 April 2012. In addition, the maximum amount of the annual investment allowance
(which provides 100% relief in the year of spend) will be reduced from £100,000 to £25,000, also from 1 April 2012.
12. Loss per ordinary share
The calculations of loss per share from continuing operations are based on the loss after tax for the year of £525,856 (2009:
£563,728) and the following weighted average number of shares:
2010 2009
£ £
Loss for the period (525,856) (563,728)
Weighted average number of ordinary shares 21,557,870 21,537,870
Basic and diluted loss per ordinary share (0.02) (0.03)
The options have no dilutive effect on loss making years, and hence the dilutive loss per share is the same as the basic loss
per share in these years. The weighted average number of ordinary shares excludes treasury shares held in an Employee
Benefit Trust of 2,728,497 (2009: 2,728,497).
Notes to the Financial Statements continued
as at 31 December 2010
Not Provided Provided
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
30 13. Intangible assets
Software
Cost: £
At 1 January 2009 102,496
Additions 10,471
Disposals (3,016)
At 31 December 2009 109,951
Additions 6,752
Disposals (364)
At 31 December 2010 116,339
Amortisation:
At 1 January 2009 54,028
Charge for the year 24,444
Disposals (3,016)
At 31 December 2009 75,456
Charge for the year 20,704
Disposals (364)
At 31 December 2010 95,796
Net book value:
At 1 January 2009 48,468
At 31 December 2009 34,495
At 31 December 2010 20,543
At the end of the year the Group had amounts contracted for but not provided for of £nil (2009: £nil) 
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
31 14. Property, plant and equipment
Leasehold Office Computer Total
improvements equipment equipment 
Cost: ££ £ £
At 1 January 2009 95,378 174,293 288,648 558,319
Additions 7,652 8,411 71,859 87,922
Disposals - - (43,423) (43,423)
At 31 December 2009 103,030 182,704 317,084 602,818
Additions 106,038 524 15,857 122,419
Disposals - (5,168) (14,292) (19,460)
At 31 December 2010 209,068 178,060 318,649 705,777
Depreciation:
At 1 January 2009 87,485 172,511 197,636 457,632
Charge for the year 4,240 3,231 64,900 72,371
Disposals - - (43,324) (43,324)
At 31 December 2009 91,725 175,742 219,212 486,679
Charge for the year 49,504 3,589 58,370 111,463
Disposals - (5,168) (13,409) (18,577)
At 31 December 2010 141,229 174,163 264,173 579,565
Net book value:
At 1 January 2009 7,893 1,782 91,012 100,687
At 31 December 2009 11,305 6,962 97,872 116,139
At 31 December 2010 67,838 3,897 54,476 126,212
The additions in leasehold improvements include a provision of £90,000 that relates to a dilapidation provision.
At the end of the year the Group had amounts contracted for but not provided for of £nil (2009: £nil) 
Notes to the Financial Statements continued
as at 31 December 2010
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
32 15. Trade and other receivables
2010 2009
£ £
Trade receivables 572,505 1,065,881
Prepayments 129,283 87,460
Accrued income 247,575 331,160
Other debtors 57,832 66,927
1,007,195 1,551,428
All of the trade receivables at year end are denominated in Sterling £72,032 and US dollars £500,473 (2009: US Dollars
£1,065,881).
Carrying amount Of which: neither Of which: not impaired on the reporting date and past 
impaired nor past due in the following periods
due on the less than between 30 between 61  More than
reporting date 30 days and 60 days and 90 days 90 days
££ ££ £
Trade receivables As at 31 Dec 2010 448,493 74,595 6,462 16,096 26,859
Trade receivables As at 31 Dec 2009 856,861 164,653 28,704 - 15,663
Of the receivables neither past due nor impaired none of the counterparties have a history of defaulting.
The amounts presented in the Balance Sheet are net of allowances for doubtful receivables. The total allowance for bad
debts that was charged to the Income Statement in the year was £78,895 (2009: £165,385). The bad debt provision
included in the Balance Sheet at the year end is £108,995 (2009: £192,272). Exposure to credit risk is mitigated, where
necessary, by payments in advance.
2010 2009
£ £
Opening 192,272 49,710
Arising during the year 118,084 192,272
Utilised (162,172) (22,823)
Released (39,189) (26,887)
Closing 108,995 192,272
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
33 16. Cash & Cash equivalents and other financial assets
2010 2009
£ £
Net cash and cash equivalents per cash flow 3,472,206 2,050,217
Other financial assets 1,500,000 3,000,000
Cash at bank earns interest at floating rates based on daily bank deposit rates. Cash equivalents (short term deposits) are
made for varying periods of between one day and three months depending on the immediate cash requirements of the
Group, and earn interest at pre-arranged rates.
Other financial assets are made up of cash deposits made for more than 3 months, typically less than 6 months, and earn
interest on the same basis as short term deposits.  
Net cash and cash equivalents currently held as follows;
2010 2009
£ £
Bank of Scotland plc - 1,370,980
Barclays Bank plc 604,564 673,080
NATWEST 2,860,352 -
Other 7,290 6,157
3,472,206 2,050,217
Other financial assets currently held as follows:
2010 Interest Maturity
£ Rate Date
Bank of Scotland 1,500,000 1.60% 27 June 2011
Total 1,500,000
2009 Interest Maturity
£ Rate Date
Ulster Bank 500,000 0.65% 24 March 2010
Ulster Bank 500,000 0.75% 26 April 2010
Allied Irish Bank (GB) 500,000 1.45% 25 May 2010
Allied Irish Bank (GB) 1,500,000 1.50% 28 June 2010
Total 3,000,000
Notes to the Financial Statements continued
as at 31 December 2010
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
34 17. Trade and other payables
2010 2009
£ £
Trade payables 154,378 129,241
Tax and social security 99,114 238,167
Accruals 761,625 816,504
Deferred income 459,042 438,371
1,474,159 1,622,283
18. Provisions
2010 2009
Non-Current Provision £ £
Opening - -
Movement: Lease Dilapidation provision 90,000 -
Closing 90,000 -
The lease dilapidation provision is expected to be used by April 2012, when the current lease ends. 
19. Financial instruments
The Group’s principal financial instruments are restricted to cash & cash equivalents and other financial assets. The main
purpose of these financial instruments is to fund the Group’s operations. The Group has various other financial instruments
such as trade receivables and trade payables that arise directly from its operations. The management does not consider
there to be any significant concentration of credit risk.
The main risks arising from the Group’s financial instruments are liquidity and foreign currency risks. The Board reviews and
agrees policies for managing each of these risks. 
Foreign currency risk
The Group makes sales in a number of overseas territories and therefore has transactional currency exposures. Such
exposures arise from sales made in currencies other than the underlying entity’s functional currency. The Group makes
approximately 96% (2009: 97%) of its sales outside the UK, most of which, in common with the industry, is denominated in
US dollars and therefore subject to foreign exchange movements. The Group has a small number of foreign currency
expenses which provide a natural hedge against these exposures and on occasion it has used forward contracts. No such
instruments were outstanding at the end of the current or prior year.
The table on the following page shows the Group’s currency exposures that give rise to the net currency gains and losses
recognised in the profit and loss account. Such exposures comprise the monetary assets and monetary liabilities of the
Group that are not denominated in sterling. 
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
35 19. Financial instruments continued
At 31 December, these currency exposures are as follows:
US dollar Other Total
££ £
2010 Monetary Asset 260,217 86,628 346,845
2009 Monetary Asset 168,136 41,225 209,361
2010 Debtors 500,473 - 500,473
2009 Debtors 1,258,153 - 1,258,153
2010 Accrued Income 183,077 63,379 246,456
2009 Accrued Income 329,588 - 329,588
The following table demonstrates the sensitivity to a reasonably possible weakening / strengthening in the US dollar and Euro
exchange rates, whilst all other variables were held constant.
Change in Impact on loss Impact on loss
US dollar/Euro  Rate before tax before tax 
(positive exchange movement) (negative exchange movement)
2010 – US dollar 10% / -10% (88,509) 108,178
2010 – Euro 10% / -10% (13,564) 16,578
2009 – US dollar 10% / -10% (164,211) 200,702
2009 – Euro 10% / -10% (3,899) 4,765
There is no impact on equity of changes in foreign exchange rates other than the impact on retained losses resulting from the
change in loss before tax as detailed above.
Liquidity risk
The Group’s objective is to maintain a positive cash balance at a level adequate for daily operations. This is achieved through a
detailed multicurrency forecast which assesses the Group’s requirements, taking into account all known and forecast factors.
Interest rate risk and liquidity risk of the Group’s financial assets
The Group’s policy is to minimise interest rate risk by placing funds in low risk cash deposits but also to maximise the return on
funds placed on deposit. The Group invests its funds in short and medium term bank deposits and has access to these
deposits at a maximum of 6 months notice.  
Interest rates on deposits are either fixed on the commencement of the term or are at a variable rate connected to LIBOR.  Of
these interest rates on deposit, £1,500,000 were at fixed rates (breakdown shown in note 16), £3,472,206 were at a variable
rate (2009: £3,000,000 Fixed, £2,050,217 Variable).
Based on the Groups cash reserves at the year end, it is estimated that a reduction of 1% in interest rates would lead to a
reduction in finance revenue of £46,249 (2009: £48,308), and vice versa for an increase.
Notes to the Financial Statements continued
as at 31 December 2010
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
36 Credit risk
The Group’s only material credit risk is attributable to trade receivables.  Cash, cash equivalents and other financial assets are held
across a number of banks with our cash equivalents and other financial assets being held by “-A” rated institutions to minimise risk.
Our customers are made up of organisations that we have long standing relationships with.  It is the Groups policy that all
customers who wish to trade on credit terms require the specific approval of senior management.  Receivable balances are
monitored on an ongoing basis with the result that the Group’s exposure to bad debts is not significant.  Analysis of the bad debt
provision included in the Balance Sheet is detailed in note 15.
The maximum exposure to credit risk is the carrying value of financial assets.  
Capital Management
Details of the group's objectives, policies and processes for managing capital are given in the "Capital management" section of the
Directors' Report
Borrowing facilities
The Group has no overdraft facility.
The directors consider there to be no material difference between the fair value and carrying values of the financial instruments at
the balance sheet dates.
20. Obligations under operating leases
At 31 December 2010 the Group had the following future minimum rental payable under non-cancellable operating leases:
2010 2009
£ £
Not later than one year 146,205 146,205
After one year but not more than five years 48,735 194,941
After five years - -
194,940 341,146
The Group has a commercial lease for the Company registered address for a period of 4 years, with an expiry date of April
2012. There are no restrictions, renewal options or contingent rents on the lease.
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
37 21. Share capital
2010 2010 2009 2009
No £ No £
Authorised 
Ordinary shares of 5p each 40,000,000 2,000,000 40,000,000 2,000,000
Allotted, called-up and fully paid
Ordinary shares of 5p each 24,286,367 1,214,318 24,286,367 1,214,318
22. Share-based payments
The Group operates an Enterprise Management Incentive (EMI) share option scheme relating to shares in the parent
Company for the benefit of all its employees and employees are entitled to participate once they have completed three
months’ service. Options granted to non-UK based employees or in excess of the qualifying limits for EMI are unapproved
options for UK tax purposes or are outside the scope of UK taxation.
Options granted before 31 March 2005 have all vested and are held by employees who were employed by the Group as at
the year end. These 2,369,483 options (2009: 2,376,700) are not accounted for under IFRS 2 as they predate the
introduction of the standard.  Options granted after this date are accounted for in accordance with provisions of IFRS.
Options granted after March 2005 vest over a three year period and are subject to the individual remaining an employee of
the company and corporate performance criteria based on Group revenues.  The options are all equity settled, expire after
10 years and there are no cash settlement alternatives. There are no options issued after March 2005 which have not been
accounted for under IFRS 2.
The Employee Benefit Trust, managed by an independent trust Company, holds 2,728,497 (2009: 2,728,497) ordinary
shares in the parent Company of 5p each, which were acquired at an average purchase price of 85p, all of which are the
subject of options which have been granted with a range of share values from £0.225 to £1.26. 
The Group recognised a total credit of £42,143 (2009: charge of £15,293) in the income statement in respect of options
granted to staff.
Notes to the Financial Statements continued
as at 31 December 2010
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
38 22. Share-based payments (continued)
The number of options relating to current employees over 5p ordinary shares in the parent Company granted, exercised or
lapsed during the year is as follows:
Date Exercise As atGrantedExercised Lapsed As at End Date
granted price 1 January 31 December
2010 2010
Feb 2005 95p 109,697 - - (7,217 ) 102,480 Feb 2015
Mar 2005 85p 2,053,700 - - - 2,053,700 Mar 2015
Mar 2005 126p 213,303 - - - 213,303 Mar 2015
Mar 2008 22.5p 1,000,000 - - (1,000,000 ) - Mar 2018
Sep 2008 35.5p 125,000 - - (125,000 ) - Sep 2018
Apr 2009 24.5p 451,500 - - (79,500 ) 372,000 Apr 2019
Oct 2009 38.5p 302,500 - - (30,000 ) 272,500 Oct 2019
Apr 2010 29.5p - 614,783 - (70,000 ) 544,783 Mar 2020
4,255,700 614,783 - (1,311,717 ) 3,558,766
The following table shows the number and weighted average exercise prices (WAEP) of, movements in, share options during
the year.
2010 2010 2009 2009
No. WAEP No. WAEP
Outstanding as at 1 January 4,255,700 £0.614 4,474,360 £0.615
Granted during year 614,783 £0.295 880,000 £0.309
Exercised during year -- (120,000 ) £0.00005
Forfeited during year (1,311,717 ) £0.25 (978,660 ) £0.416
Outstanding as at 31 December 
(1)
3,558,766 £0.69 4,255,700 £0.614
Exercisable as at 31 December 2,369,483 £0.89 2,376,700 £0.89
(1)
Included in this balance are options over 2,369,483 shares (2009: 2,376,700) for which no charge has been recognised in
accordance with IFRS 2 as the options vested before 1 January 2006.
For the share options outstanding as at 31 December 2010, the weighted average remaining contractual life is 5.8 years
(2009: 6.8 years). The weighted average share price of options exercised during the year was nil (2009: £0.00005).
The weighted average fair value of options granted during the year was £0.13 (2009: £0.14).  
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
39 22. Share-based payments (continued)
The fair value of equity-settled options is estimated at the date of grant using a Black-Scholes model, taking into account
the terms and conditions on which the options were granted. The following table lists the inputs to the model used for the
year ended 31 December 2010 and 31 December 2009:
2010 2009
Dividend yield (%) 0% 0%
Expected share price volatility (%) 54% 61.1%
Risk-free interest rate (%) 4% 4%
Expected life of option (years) 6 6
Weighted average share price (pence) 29.5 30.1
The expected life of the options is an estimate and is not necessarily indicative of exercise patterns which may occur.  The
expected volatility reflects the assumption that historical volatility is indicative of future trends, which may not necessarily be
the actual outcome.
No other features of options grant were incorporated into the measurement of fair value.
23. Statement of Changes in Equity
Merger reserve
This represents the difference between the fair value and the nominal value of shares issued in connection with the
acquisition of ANT Software Limited in March 2005.
Retained losses include an amount of £2,224,255 (2009: £2,224,255) in relation to treasury shares that are held in the
Employee Benefit Trust, covering 2,728,497 5p shares (2009: 2,728,497).
24. Principle Group Undertakings
Name of Company Holding Country of Registration Proportion Held Nature of Business
ANT Software Limited Ordinary shares UK 100% Trading
ANT Communications Inc. Ordinary shares USA 100% Dormant
ANT Employee Benefits Limited Ordinary shares UK 100% Dormant
ANT Software Inc. Ordinary shares USA 100% Trading
ANT Communications Inc., ANT Software Inc. and ANT Employee Benefits Limited are owned by ANT Software Limited.
ANT Software Limited is a wholly owned subsidiary of ANT plc.
Notes to the Financial Statements continued
as at 31 December 2010
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
40 25. Additional cash flow information 
Analysis of Group net debt
At 1 January Cash At 31 December
2010 Flow 2010
£ £ £
Cash and Cash equivalents 2,050,217 1,421,989 3,472,206
Other financial assets 3,000,000 (1,500,000 ) 1,500,000
5,050,217 (78,011 ) 4,972,206
At 1 January Cash At 31 December
2009 Flow 2009
£ £ £
Cash and Cash equivalents 2,148,752 (98,535 ) 2,050,217
Other financial assets 3,500,000 (500,000 ) 3,000,000
5,648,752 (598,535) 5,050,217
26. Pension commitments
The Group operates a defined contribution pension scheme for its directors and employees. The assets of the scheme are
held separately from those of the Group in an independently administered fund. At 31 December 2010 there were no
outstanding pension contributions (2009: £nil).
27. Other commitments
The Group’s total other commitments as at 31 December 2010 is £nil (2009: £nil)
28. Related party transactions
Transactions between the Company and its subsidiaries which are related parties, have been eliminated on consolidation
and are not disclosed in this note.
29. Post balance sheet events
There have been no material post balance sheet events that require disclosure in these financial statements.
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
41 The directors are responsible for preparing the Directors'
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 the financial statements
in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting
Standards and applicable law). Under company law the
directors must not approve the financial statements
unless they are satisfied that they give a true and fair view
of the state of affairs of the company and of the profit or
loss of the company for that period. In preparing these
financial statements, the directors are required to:
• select suitable accounting policies and then apply 
them consistently;
• make judgments and accounting 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; 
• prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the 
company will continue in business.
Directors’ statement of responsibilities in relation to 
the parent Company financial statements
The directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the company's transactions and disclose with reasonable
accuracy at any time the financial position of the company
and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the company
and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
The directors are responsible for the maintenance and
integrity of the 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.
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
42 We have audited the parent company financial statements
of ANT plc for the year ended 31 December 2010 which
comprise the Balance Sheet and the related notes 1 to 10.
The financial reporting framework that has been applied in
their preparation is applicable law and United Kingdom
Accounting Standards (United Kingdom Generally
Accepted Accounting Practice).
This report is made solely to the company’s members, as
a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006.  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
As explained more fully in the Directors’ Responsibilities
Statement set out on page 42, the directors are
responsible for the preparation of the parent company
financial statements and for being satisfied that they give a
true and fair view.  Our responsibility is to audit and
express an opinion on the parent company financial
statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland).
Those standards require us to comply with the Auditing
Practices Board’s Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts
and disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free
from material misstatement, whether caused by fraud or
error.  This includes an assessment of: whether the
accounting policies are appropriate to the parent
company’s circumstances and have been consistently
applied and adequately disclosed; the reasonableness of
significant accounting estimates made by the directors;
and the overall presentation of the financial statements.
Independent Auditor's Report to the Members of ANT plc
Opinion on financial statements
In our opinion the parent company financial statements:
• give a true and fair view of the state of the company’s 
affairs as at 31 December 2010;
• have been properly prepared in accordance with 
United Kingdom Generally Accepted Accounting 
Practice; and
• have been prepared in accordance with the 
requirements of the Companies Act 2006.
Opinion on other matters prescribed by the
Companies Act 2006
In our opinion the information given in the Directors’
Report for the financial year for which the financial
statements are prepared is consistent with the parent
company financial statements.
Matters on which we are required to report by
exception
We have nothing to report in respect of the following
matters where the Companies Act 2006 requires us to
report to you if, in our opinion:
• adequate accounting records have not been kept by 
the parent company, or returns adequate for our audit 
have not been received from branches not visited by 
us; or
• the parent company financial statements are not in 
agreement with the accounting records and returns; 
or
• certain disclosures of directors’ remuneration specified 
by law are not made; or
• we have not received all the information and 
explanations we require for our audit.
Other matter
We have reported separately on the group financial
statements of ANT plc for the year ended 31 December
2010.
Tony McCartney (Senior Statutory Auditor)
for and on behalf of Ernst &Young LLP , 
Cambridge
1 March 2011 
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
43 Company Balance Sheet – UK GAAP
as at 31 December
2010 2009
Restated
Notes £ £
Fixed Assets
Investments 7 664,051 706,194
664,051 706,194
Current assets
Debtors 8 17,383 15,984
Other financial assets 1,500,000 3,000,000
Cash and short term deposits 1,041,648 1,450,661
2,559,031 4,446,645
Creditors: Amounts falling due within one year 9 (74,620) (57,850)
Net current assets 2,484,411 4,408,795
Net assets 3,148,462 5,114,989
Capital and reserves
Called up share capital 10 1,214,318 1,214,318
Share premium account 11 12,066,990 12,066,990
Profit and loss account 11 (10,132,846) (8,166,319)
3,148,462 5,114,989
The financial statements were approved by the Board of Directors and authorised for issue on 1 March 2011. They were
signed on its behalf by:
S A Woodward
Director
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
44 1. Corporate Information
ANT plc (the Company) is a limited company incorporated
in England and Wales whose shares are publicly traded.
The principal activity of the Company is that of a holding
company.
2. Basis of preparation
The separate financial statements of the Company are
presented as required by the Companies Act 2006. They
have been prepared under the historical cost convention
and in accordance with the applicable United Kingdom
accounting standards and law.
As permitted by Financial Reporting Standard No.1
(Revised), “Cash flow statements”, the Company has not
included a Cash flow statement as part of its financial
statements because the consolidated financial statements
of the Group (of which the Company is a member) include
a cash flow statement and are publicly available.
The Company has taken advantage of the exemption in
Paragraph 2D of FRS 29 Financial Instruments: Disclosure
and Presentation and has not disclosed information
required by paragraphs 51 to 95 of that standard, as the
Group’s consolidated financial statements, in which the
Company is included, provide equivalent disclosures for
the Group under IFRS 7 Financial Instruments:
Disclosures.
3. Accounting policies
a) Taxation
Deferred tax is recognised in respect of all timing
differences that have originated but not reversed at the
balance sheet date where transactions or events have
occurred at that date that will result in an obligation to pay
more, or a right to pay less or to receive more, tax,
except that deferred tax assets are recognised only to the
extent that the directors consider that it is more likely than
not that there will be suitable taxable profits from which
the future reversal of the underlying timing differences can
be deducted.
Notes to the Financial Statements – UK GAAP
as at 31 December 2010
Deferred tax is measured on an undiscounted basis at the
tax rates that are expected to apply in the periods in
which timing differences reverse, based on tax rates and
laws enacted or substantively enacted at the balance
sheet date.
b) Investments
Investments are stated at cost, less any provisions for
impairment in value.
c) Trade and other receivables
Trade receivables, which generally have thirty to sixty day
terms, are recognised and carried at original invoice
amount. Provision is made when there is objective
evidence that the Group will not be able to recover
balances in full. Balances are written off when the
probability of recovery is assessed as being remote and
when legal notification has been provided and a further
month has elapsed.
d) Other financial assets
Other Financial assets comprise term deposits with
maturity of more than three months from commencement
that relate to a known amount of cash and are subject to
an insignificant risk in change in value.
e) Share-based payments
The cost of equity-settled transactions with employees is
measured by reference to the fair value at the date at
which they are granted and is recognised as an expense
over the vesting period, which ends on the date on which
the relevant employees become fully entitled to the award.
Fair value is determined by the use of an appropriate
option pricing model. In valuing equity settled transactions
no account is taken of any vesting conditions, other than
conditions linked to the price of the shares of the
company (market conditions).
No expense is recognised for awards that do not
ultimately vest, except for awards where vesting is
conditional upon a market condition, which are treated as
vesting irrespective of whether or not the market condition
is satisfied, provided that all other performance conditions
are satisfied.
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
45 e) Share-based payments (continued)
At each balance sheet date before vesting, the cumulative
expense is calculated, representing the extent to which
the vesting period has expired and management’s best
estimate of the achievement or otherwise of non-market
conditions in relation to the number of equity instruments
that will ultimately vest. The movement in cumulative
expense since the previous balance sheet date is
recognised in the income statement with a corresponding
entry in equity. For any instrument that has vested no
reversal of charges previously recognised as an expense
will occur.
Where the terms of an equity-settled award are modified
or a new award is designated as replacing a cancelled or
settled award, the cost based on the original award terms
continues to be recognised over the original vesting
period. In addition, an expense is recognised over the
remainder of the new vesting period for the incremental
fair value of any modification, based on the difference
between the fair value of the original award and the fair
value of the modified award, both as measured on the
date of the modification. No reduction is recognised if this
difference is negative.
Where an equity-settled award is cancelled, it is treated
as if it had vested on the date of cancellation, and any
cost not yet recognised in the income statement for the
award is expensed immediately. Any compensation paid
up to the fair value of the award at the cancellation or
settlement date is deducted from equity, with any excess
over fair value being treated as an expense in the income
statement.
The financial effect of awards by the Company in respect
of options over its equity shares to employees of the
subsidiary undertaking are recognised by the Company in
its individual financial statements. In particular, the
Company records an increase in its investment in
subsidiaries with a credit to equity equivalent to the
FRS20 cost in subsidiary undertakings.
4. Prior period adjustment
The requirement to retrospectively apply the most recent
amendments to FRS 20, has necessitated the
restatement of the prior period reserves of ANT plc and its
investment in ANT Software Limited. This arises because
ANT Software Limited employees receive share options in
ANT plc, issued directly by ANT plc. Consequently ANT
plc settles the share based payment transaction, whereas
ANT Software Limited receives the services associated
with the overall charge.
The effect of this has been to increase the prior period
investment by £74,739. This represents the 2009 share
option charge in ANT Software Limited of £15,293, as
well as £59,446 relating to the net share option charge for
years prior to 2009. There is also a corresponding
adjustment to the profit and loss reserves.
These requirements can result in either an increase or
decrease in the subsidiary investment, depending on
whether a share based payment charge or credit is
recognised during the year in the books of the subsidiary.
In 2010, a share based payment credit of £42,143 was
recognised in the ANT Software Limited profit and loss.
The investment held by ANT plc has accordingly
decreased by this amount, with a corresponding
reduction in the profit and loss reserve.
5. Loss for the year
As permitted by section 230 of the Companies Act 2006,
the Company has elected not to present its own profit
and loss account for the year. ANT plc reported a loss for
the financial year ended 31 December 2010 of
£1,924,384, which includes a charge of £1,164,494
relating to the removal of inter-company balances (2009:
£457,476, which includes a positive contribution of
£152,792 relating to the removal of inter-company
balances in the Company Balance Sheet). 
Directors’ emoluments are disclosed in the Directors’
Renumeration Report on pages 15 to 16.
Notes to the Financial Statements – UK GAAP continued
as at 31 December 2010
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
46 6. Investments
2010 2009
(restated)
£ £
As at 1st January 706,194 631,455
Movement relating to group share based payment arrangements (42,143) 74,739
As at 31st December 664,051 706,194
Additions relate to share option awards to employees of the subsidiary undertakings.  2009 has been restated to reflect the
retrospective application of the August 2009 amendment to FRS 20, (effective for annual periods beginning on or after 1
January 2010).
Name of Company Holding Country of Registration Proportion Held Nature of Business
ANT Software Limited Ordinary shares UK 100% Trading
7. Debtors 2010 2009
£ £
Trade receivables 6,920 4,632
Prepayments 9,871 9,780
Accrued income 592 1,572
17,383 15,984
8. Creditors: Amounts falling due within one year 2010 2009
£ £
Trade payables 14,210 7,000
Accruals 60,410 50,850
74,620 57,850
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
47 Notes to the Financial Statements – UK GAAP continued
as at 31 December 2010
9. Called-up Share Capital
2010 2010 2009 2009
No £ No £
Authorised 
Ordinary shares of 5p each 40,000,000 2,000,000 40,000,000 2,000,000
Allotted, called-up and fully paid
Ordinary shares of 5p each 24,286,367 1,214,318 24,286,367 1,214,318
10. Reconciliation of shareholders’ funds and movement on reserves
Share Share Profit and Total Equity
capital premium Loss
££ £ £
At 1 January 2009 – as previously stated 1,214,318 12,066,990 (7,783,582) 5,497,726
Prior year adjustment 59,446 59,446
At 1 January 2009 – as restated 1,214,318 12,066,990 (7,724,136) 5,557,172
Share based payment 15,293 15,293
Retained loss for the year - - (457,476) (457,476)
At 1 January 2010 1,214,318 12,066,990 (8,166,319) 5,114,989
Share based payment (42,143) (42,143)
Retained loss for the year - - (1,924,384) (1,924,384)
At 31 December 2010 1,214,318 12,066,990 (10,132,846) 3,148,462
The amount of £74,739 relating to share based payment shown in 2009 consists of £15,293 relating to 2009 and £59,446
to prior years. 
The information disclosed in the Group’s consolidated financial statements under IFRS 2 ‘Share based payments’ is
comparable with the UK GAAP disclosure requirements as required by FRS 20 ‘Share based payments’. Therefore further
information regarding the company’s equity settled share based payment arrangement can be found in note 22 of the
consolidated financial statements.
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
48 NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at Autonomy
House, Cambridge Business Park, Cowley Road, Cambridge CB4 0WZ on 24 May 2011 at 9.00 am for the
following purposes: 
ORDINARY BUSINESS
To consider and, if thought fit, to pass the following Resolutions which will be proposed as ordinary Resolutions:
1. To receive the annual accounts of the Company for the financial year ended 31 December 2010 together with the 
Directors’ report and auditors’ report on those accounts.
2. To re-appoint Ernst & Young LLP as auditors of the Company to hold office from the conclusion of the meeting to the 
conclusion of the next meeting at which accounts are laid before the Company and to authorise the Directors to 
determine their remuneration.
3. To re-elect Pauline Ingram, who retires by rotation and agrees to her re-election, as a director of the Company.
SPECIAL BUSINESS
To consider and, if thought fit, to pass the following Resolutions, of which Resolution 4 will be proposed as an ordinary
Resolution and Resolution 5 will be proposed as a special Resolution:
4. That the Directors be and they are generally and unconditionally authorised pursuant to and in accordance with section 
551 of the Companies Act 2006 (the "2006 Act") to exercise all the powers of the Company to allot Relevant Securities 
(as defined in the notes to this Resolution) up to an aggregate nominal amount of £404,772  provided that this authority 
shall expire on whichever is the earlier of (i) 15 months from the date on which this Resolution is passed or (ii) the 
conclusion of the Company's next Annual General Meeting save that the Company may pursuant to this authority make 
offers or agreements before the expiry of this authority which would or might require Relevant Securities to be allotted 
after such expiry and the Directors may allot Relevant Securities in pursuance of such offers or agreements as if the 
authority conferred by this Resolution had not expired. This resolution revokes and replaces all unexercised authorities 
previously granted to the Directors to allot Relevant Securities but without prejudice to any allotment of shares or grant of 
rights already made, offered or agreed to be made pursuant to such authorities.  
5. That, subject to the passing of Resolution 4 above, the Directors be and they are empowered pursuant to section 570 of 
the 2006 Act to allot equity securities (within the meaning of section 560 of the Act) wholly for cash, either pursuant to the 
authority conferred by Resolution 4 above or by way of a sale of treasury shares, as if section 561(1) of the 2006 Act did 
not apply to such allotment provided that this power shall be limited to the allotment of equity securities:
a) in connection with an offer of such securities by way of a rights issue to holders of ordinary shares in proportion (as
nearly as may be practicable) to their respective holdings of such shares, but subject to such exclusions or other 
arrangements as the Directors may deem necessary or expedient in relation to treasury shares, fractional entitlements, 
record dates, any legal or practical problems under the laws of any territory, or the requirements of any regulatory 
body or stock exchange; 
and
b) pursuant to the terms of any share scheme for directors and employees of the Company and/or its subsidiaries 
approved by the shareholders of the Company in general meeting; 
Notice of Annual General Meeting – ANT plc
(Registered and incorporated in England and Wales with number 05372859)
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
49 and
c) (otherwise than pursuant to sub-paragraphs (a) and (b) above) having (in the case of equity securities (as defined 
in section 560 of the 2006 Act)) a nominal amount or (in the case of any other equity securities) giving the right to 
subscribe for or convert into equity securities having a nominal amount, not exceeding in aggregate £60,715 
(representing approximately 5 per cent. of the Company’s issued share capital on 25th March 2011), and such 
power shall expire on the earlier of 15 months from the date on which this Resolution is passed or the 
conclusion of the Company's next Annual General Meeting (unless renewed, varied or revoked by the Company 
prior to or on such date) save that the Company may, before the expiry of such power, make offers or 
agreements which would or might require equity securities to be allotted after such expiry and the Directors may 
allot equity securities in pursuance of such offers or agreements as if the power conferred hereby had not expired.
This resolution revokes and replaces all unexercised powers previously granted to the Directors to allot equity 
securities as if either section 89(1) of the Companies Act 1985 or section 561(1) of the 2006 Act did not apply but
without prejudice to any allotment of equity securities already made or agreed to be made pursuant to such 
authorities. This power applies in relation to a sale of shares which is an allotment of equity securities by virtue of 
section 560(2) of the 2006 Act as if in the first paragraph of this Resolution the words "pursuant to the authority 
conferred by Resolution 4 above" were omitted.
BY ORDER OF THE BOARD REGISTERED OFFICE
M Lobo Autonomy House
Secretary Cambridge Business Park
25 March 2011 Cowley Road
Cambridge 
CB4 0WZ
Notice of Annual General Meeting – ANT plc continued
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
50 Notes
1. A member entitled to attend and vote at the meeting convened by the notice set out above is entitled to appoint one 
or more proxy or proxies to attend, to speak and to vote instead of him. A proxy need not be a member of the 
Company but must attend the meeting to represent you.
2. A form of proxy is enclosed. To be valid, it must be deposited at the office of the Company's registrars, 
Computershare Investor Services PLC at PO Box 1075, The Pavilions, Bridgwater Road, Bristol BS99 7NH, so as to 
be received not later than 48 hours before the time appointed for holding the Annual General Meeting. Completion 
and return of the form of proxy does not preclude a member from attending and voting at the meeting in person if he 
so wishes, in which case any votes cast by the proxy will be excluded and your proxy appointment will automatically 
be terminated.
3. Any corporation which is a member can appoint one or more corporate representatives who may exercise on its 
behalf all of its powers as a member provided they do not do so in relation to the same shares.
4. The memorandum and articles of association of the Company and copies of Directors' service contracts (or a 
memorandum of the terms thereof) with the Company or any of its subsidiary undertakings will be available for 
inspection at the registered office of the Company during normal business hours (Saturdays, Sundays and bank or 
public holidays in England excepted) up to the date of and during the meeting.
5. The register of interests of the Directors and their families in the securities of the Company or any of its subsidiary 
undertakings will be available for inspection on the day of the meeting at the place of the meeting from the start of 
the meeting until its conclusion.
6. The Company, pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, specifies that only those 
members entered on the Register of Members of the Company not later than 9.00 am on 22 May 2011 (or, if the 
meeting is adjourned, members entered on the Register of Members of the Company not later than 48 hours before 
the time fixed for the adjourned meeting) shall be entitled to attend and vote at the meeting. Changes to the entries 
on the Register of Members of the Company after that time shall be disregarded in determining the rights of any 
person to attend or vote at the meeting.
7. Biographical details of the Director seeking re-election are contained in the Annual Report 2010.
8. Resolution 4 gives the Directors the general power to allot Relevant Securities convertible into shares up to an 
aggregate nominal amount of £404,772, being approximately one-third of the Company's issued share capital.
“Relevant Securities” means: 
(a) Shares in the Company other than shares allotted pursuant to: 
(i) an employee share scheme (as defined by section 1166 of the Companies Act 2006 (the “2006 Act”));  
(ii) a right to subscribe for shares in the Company where the grant of the right itself constituted a Relevant 
Security; or  
(iii) a right to convert securities into shares in the Company where the grant of the right itself constituted a
Relevant Security.  
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010 
51 (b) Any right to subscribe for or to convert any security into shares in the Company other than rights to subscribe for 
or convert any security into shares allotted pursuant to an employee share scheme (as defined by section 1166 
of the 2006 Act). References to the allotment of Relevant Securities in the Resolution include the grant of such 
rights.
9. When shares are to be allotted for cash, section 561 of the Companies Act 2006 provides that existing shareholders 
have pre-emption rights and that any new shares are offered first to such shareholders in proportion to their existing 
shareholdings. Resolution 5 is seeking to authorise the Directors to allot Shares of up to an aggregate nominal 
amount of £60,715 otherwise than on a pro-rata basis. This represents approximately 5% of the Company’s issued 
share capital on 25th March 2011.
Notice of Annual General Meeting – ANT plc continued
ANT PLC ANNUAL REPORT AND ACCOUNTS 2010
52  ANT plc
Cambridge Business Park
Cowley Road
Cambridge 
CB4 0WZ
United Kingdom
T +44 (0)1223 716400
F  +44 (0)1223 716401
E info@antplc.com
www.antplc.com