ant plc
annual report 
 accounts 
for the year ended 31 december 2010  contents
operational and financial highlights 2
chairmans statement 3
chief executive officers review 4
board of directors 8
corporate governance report 10
directors report 12
directors responsibilities 14
directors remuneration report 15
independent auditors 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 auditors 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 bluray 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 £435m 2009 £470m
• gross margin maintained at 87
• operating costs reduced by 8 to £443m 2009 £480m
• loss before tax reduced by 7 to £058m 2009 £063m
• significant reduction in cash outflow to £78k 2009 outflow £599k
• strong cash balance with cash and other financial assets 
significantly ahead of expectations at £497m 2009 £505m
• positive cash inflow 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 rd 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 webbased 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 webbased services is key
ant has traditionally licensed its software predominantly to settop 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 preintegrated 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 preintegrated 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 freetoair 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 webenabled 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 settopboxes
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 bluray 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 £435m 2009
£470m 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 settopboxes 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 357m units 2009
292m 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 100000 units in the
year reduced to 5 2009 7 one customer shipped over 15m 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 £443m 2009 £480m spending on rd excluding
customer funded elements decreased by 11 to £221m 2009 £248m share option
charges in the period resulted in a credit of £004m 2009 charge of £002m 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 £497m 2009 £505m
resulting in cash burn of
£008m 2009 £060m
the average sterlingus dollar rate for the year was 155 2009 160 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 £008m
loss before tax was below that of the prior year at £058m 2009 £063m driven by the
reduction in costs in line with revenue  
the group received cash relating to the 2009 rd tax credit of £021m during the year
2009 cash was received for both 2008 and 2007 equating to £042m income from
interest deposits was down to £005m 2009 £008m due to lower interest rates 
the group has unrecognised tax losses available to be offset against future profits of £109m
2009 £105m 
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
ondemand and catchup 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 settop 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 ondemand webbased 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 systemonachip soc vendors licensing ant’s software enables them to offer turnkey
solutions to connected tv and bluray 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
ondemand services via an internet connection on ant enabled settop boxes and tvs
humax was the first customer to launch these services providing them to consumers as
part of its freeview settop box range in the uk
growing market complexity
while the requirement for webbased services such as those enabled by ant becomes
ever more important to settop 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 landmark contracts in an
increasingly competitive environment these successes combined with the robust nature
of our traditional operatorled 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
nonexecutive chairman
royston joined ant as nonexecutive
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 nonexecutive
chairman of ipsl limited
tudor brown
nonexecutive director
tudor joined ant as a nonexecutive
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
rd programme before becoming arms
engineering director and chief technical
officer in 1993 in 2000 he was appointed
executive vice president global
development during which he was
responsible for arms 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
nonexecutive director
david joined ant as a nonexecutive
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
nonexecutive 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 indepth 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 rd
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 nonexecutive chairman two nonexecutive
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 nonexecutive 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 postaudit
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 £525856 2009 £627428 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 tvrelated 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 4350 4699 7
group loss before tax 583 627 7
cash  cash equivalents  
and other financial assets 4972 5050 2
no of antenabled product  
units shipped ‘000 3572 2916 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 £103m 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 £50m of which
£15m are invested in termed deposits with a minimum
credit rating from fitch of “a” to ensure maximum return
for minimal risk 2009 £30m of £50m 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 tvrelated 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 £2366666 2009
£2656329 of this £157243 2009 £179879 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 £1000
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 89 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 28800 28800
d kynaston 28800 28800
s a woodward 157835 157835
p ingram 22000 22000
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 3039767 1252
ant plc employee share 
trust 2728497 1123
fidelity investments 2428636 1000
axa framlington investment 
management 2014669 830
foresight group 1986596 818
blackrock investment 
management 1898619 782
jm finn  co 1056375 435
inflexion partners limited 732472 302
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 reappoint 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 companys 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 nonexecutive 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
nonexecutive directors
the fees of the nonexecutive directors are
determined by the executive directors nonexecutive
directors receive travel expenses but do not participate
in any incentive arrangements the nonexecutive
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 165600 3231  13329 182160 206660
p ingram 90000   9000 99000 110410
r hoggarth 45000    45000 51250
d kynaston 22500    22500 25625
tbrown 225002250025625
b k anderson 
1
     15000
345600 3231  22329 371160 434570
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 1735095   100000 1635095 
p ingram 265217 34783  200000    100000 
2000312 34783  300000   1735095 
director revenue date number exercise vesting expiry 
status granted granted price p date date
s a woodward approved 07032005 117647 8500 07032005 07032015
s a woodward unapproved 07032005 1304145 8500 02072004 07032015
s a woodward unapproved 16032005 213303 12600 16032005 07032015
p ingram approved 07032005 7217  9500 07032005 07032015
p ingram approved 14042009 8000 2450 14042012 14042019
p ingram approved 06102009 50000 3850 06102012 06102019
p ingram approved 01042010 34783 2950 31032013 31032020
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 255p  the highest and lowest market price during the year for the ordinary shares was 215p and
32p respectively
during the year the number of options exercised by the directors was nil 2009 60000 which had a total exercise
value of £nil 2009 £3 this gave an aggregate gain of £nil 2009 £15597 
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 4347577 4698510
cost of sales 554315 614210
gross profit 3793262 4084300
administrative expenses 2219434 2319675   
research and development expenses 6 2209423 2476450
loss from operations 6 635595 711825
finance revenue 10 52353 84397
loss before tax 583242 627428
tax on loss on ordinary activities 11 57386 63700
loss for the year 525856 563728
basic and diluted loss per ordinary share 12 002 003
all activities relate to continuing activities
2010 2009
notes £ £
loss for the year 525856 563728
other comprehensive income for the year  
total comprehensive income for the year 525856 563728
consolidated statement of comprehensive income
for the year ended 31 december
18
ant plc annual report and accounts 2010 2010 2009
notes £ £
noncurrent assets
intangible assets 13 20543 34495
property plant and equipment 14 126212 116139
146755 150634
current assets
trade and other receivables 15 1007195 1551428
other financial assets 16 1500000 3000000
cash and cash equivalents 16 3472206 2050217
5979401 6601645
total assets 6126156 6752279
current liabilities 
trade and other payables 17 1474159 1622283
1474159 1622283
net current assets 4651997 4979362
noncurrent liabilities 
provisions 18 90000 
90000 
net assets 4561997 5129996
capital and reserves
called up share capital 21 1214318 1214318
share premium account 12066990 12066990
merger reserve 9787208 9787208
retained losses 18506519 17938520
total equity 4561997 5129996
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 1214318 12066990 9787208 17390085 5678431
total comprehensive income    563728 563728
sharebased payments    15293 15293
at january 1 2010 1214318 12066990 9787208 17938520 5129996
total comprehensive income    525856 525856
sharebased payments    42143 42143
at december 31 2010 1214318 12066990 9787208 18506519 4561997
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 583242 627428
finance revenue 10 52353 84397
gain  loss on disposal of property plant and equipment 241 99
depreciation of property plant and equipment 14 111463 72371
amortisation of intangible assets 13 20704 24444
foreign exchange differences 15231 17448  
sharebased payments credit  charge 22 42143 15293
decrease  increase in trade and other receivables 544825 64413
decrease  increase in trade and other payables 148124 201164
cash used in operating activities 164342 847747
tax paid 11 148103 142095
research and development tax credit 205489 420199
net cash used in operating activities 106956 569643
cash flows from investing activities
interest received 51761 86949
purchase of property plant and equipment 14 32419 87922
purchase of intangible assets 13 6752 10471
sale of property plant and equipment 1124 
disposal of other financial assets 1500000 500000
net cash generated from investing activities 1513714 488556
net decreaseincrease in cash and cash equivalents 1406758 81087
foreign exchange differences 15231 17448  
opening cash and cash equivalents 2050217 2148752 
closing cash and cash equivalents 16 25 3472206 2050217
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 intercompany balances and transactions have been
eliminated in full
3 significant judgements and major sources
of estimation uncertainty
judgements are made in relation to sharebased 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
nonmarket 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 prorata 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 carryforward 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 carryforward 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 rd tax credit scheme that
encourages small and medium sized companies to
increase their rd spending a proportion of qualifying
expenditure on rd 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 sharebased payments
the cost of equitysettled 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 nonmarket
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 equitysettled 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 equitysettled 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 shortterm 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 iasifrss
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 noncurrent 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 157243 179879
– generic 2209423 2476450
amortisation of intangible 20704 24444
assets
depreciation of property 111463 72371
plant and equipment
foreign currency gain  loss 13267 111791
loss  gain on forward 12718 23825
contracts
operating lease rentals              146205 146205
– 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 25000 25000
ant software limited 9000 4000
34000 29000
other fees to auditors
taxation 13250 8000
total 47250 37000
an analysis of revenue by geographical market is given
below
2010 2009
£ £
united states 1053294 1655689
europe 1380578 892279
rest of the world 1913705 2150542
4347577 4698510
the european segment identified above includes
£194271 relating to revenue generated in the uk 2009
£147572
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 3118344 3687830
professional services 1229233 1010680
4347577 4698510
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
158 122 115 and 101
finance revenue generated during the year was £52353
2009 £84397
ant plc annual report and accounts 2010 
27 8 compensation of key management
compensation of key management personnel
including executive and nonexecutive directors 2010 2009
£ £
short term employee benefits 651602 897461 
post employee benefits 45745 61015
share based payments 19536 21297
677811 979773
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 2727619 2861913
social security costs
1
309557 302836
other pension costs 182711 266704
3219887 3431453
1  
social security costs include overseas offices
included in wages and salaries is a total credit relating to sharebased payment of £42143 2009 charge of £15293
arising from transactions accounted for as equitysettled sharebased 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 348831 414109
contributions to defined contribution pension schemes 22329 22667
number of directors accruing benefits under
defined contribution schemes 2 2
the highest paid director received
emoluments 168831 192993
pension contributions 13329 13667
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 52353 84397 
11 tax on loss on ordinary activities
a tax on loss
the tax credit represents
2010 2009
£ £
research and development tax credit 205489 205795
foreign tax
current tax on income for the period 148103 142095
current tax credit for the year 57386 63700
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 583242 627428
loss on ordinary activities multiplied by standard rate of corporation tax 
in the uk of 28 2009 28 163308 175680
effect of
disallowed expenses 14000 15187
decelerated capital allowances 20313 3767
tax losses carried forward 128995 156726
research and development tax credit 205489 205795
other temporary differences  
withholding tax 142180 142095
foreign tax 5923 
income tax credit reported in the consolidated income statement 57386 63700
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 £1443971 of tax losses in return
for £205489 of cash which related to the rd tax credit for 2009 of £166379 and additional claims for 2008 of £9569 and
2007 of £29541 2009 £1385762 losses surrendered for £205795 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   55275 26155
losses   2950397 2944956
  3005672 2971111
there are approximately £109m 2009 £105m 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 lossmaking 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 longlife 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 £100000 to £25000 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 £525856 2009
£563728 and the following weighted average number of shares
2010 2009
£ £
loss for the period 525856 563728
weighted average number of ordinary shares 21557870 21537870
basic and diluted loss per ordinary share 002 003
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 2728497 2009 2728497
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 102496
additions 10471
disposals 3016
at 31 december 2009 109951
additions 6752
disposals 364
at 31 december 2010 116339
amortisation
at 1 january 2009 54028
charge for the year 24444
disposals 3016
at 31 december 2009 75456
charge for the year 20704
disposals 364
at 31 december 2010 95796
net book value
at 1 january 2009 48468
at 31 december 2009 34495
at 31 december 2010 20543
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 95378 174293 288648 558319
additions 7652 8411 71859 87922
disposals   43423 43423
at 31 december 2009 103030 182704 317084 602818
additions 106038 524 15857 122419
disposals  5168 14292 19460
at 31 december 2010 209068 178060 318649 705777
depreciation
at 1 january 2009 87485 172511 197636 457632
charge for the year 4240 3231 64900 72371
disposals   43324 43324
at 31 december 2009 91725 175742 219212 486679
charge for the year 49504 3589 58370 111463
disposals  5168 13409 18577
at 31 december 2010 141229 174163 264173 579565
net book value
at 1 january 2009 7893 1782 91012 100687
at 31 december 2009 11305 6962 97872 116139
at 31 december 2010 67838 3897 54476 126212
the additions in leasehold improvements include a provision of £90000 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 572505 1065881
prepayments 129283 87460
accrued income 247575 331160
other debtors 57832 66927
1007195 1551428
all of the trade receivables at year end are denominated in sterling £72032 and us dollars £500473 2009 us dollars
£1065881
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 448493 74595 6462 16096 26859
trade receivables as at 31 dec 2009 856861 164653 28704  15663
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 £78895 2009 £165385 the bad debt provision
included in the balance sheet at the year end is £108995 2009 £192272 exposure to credit risk is mitigated where
necessary by payments in advance
2010 2009
£ £
opening 192272 49710
arising during the year 118084 192272
utilised 162172 22823
released 39189 26887
closing 108995 192272
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 3472206 2050217
other financial assets 1500000 3000000
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 prearranged 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  1370980
barclays bank plc 604564 673080
natwest 2860352 
other 7290 6157
3472206 2050217
other financial assets currently held as follows
2010 interest maturity
£ rate date
bank of scotland 1500000 160 27 june 2011
total 1500000
2009 interest maturity
£ rate date
ulster bank 500000 065 24 march 2010
ulster bank 500000 075 26 april 2010
allied irish bank gb 500000 145 25 may 2010
allied irish bank gb 1500000 150 28 june 2010
total 3000000
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 154378 129241
tax and social security 99114 238167
accruals 761625 816504
deferred income 459042 438371
1474159 1622283
18 provisions
2010 2009
noncurrent provision £ £
opening  
movement lease dilapidation provision 90000 
closing 90000 
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 260217 86628 346845
2009 monetary asset 168136 41225 209361
2010 debtors 500473  500473
2009 debtors 1258153  1258153
2010 accrued income 183077 63379 246456
2009 accrued income 329588  329588
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 dollareuro  rate before tax before tax 
positive exchange movement negative exchange movement
2010 – us dollar 10  10 88509 108178
2010 – euro 10  10 13564 16578
2009 – us dollar 10  10 164211 200702
2009 – euro 10  10 3899 4765
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 £1500000 were at fixed rates breakdown shown in note 16 £3472206 were at a variable
rate 2009 £3000000 fixed £2050217 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 £46249 2009 £48308 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 groups 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 noncancellable operating leases
2010 2009
£ £
not later than one year 146205 146205
after one year but not more than five years 48735 194941
after five years  
194940 341146
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 40000000 2000000 40000000 2000000
allotted calledup and fully paid
ordinary shares of 5p each 24286367 1214318 24286367 1214318
22 sharebased 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 nonuk 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 2369483 options 2009 2376700 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 2728497 2009 2728497 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 £0225 to £126 
the group recognised a total credit of £42143 2009 charge of £15293 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 sharebased 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 109697   7217  102480 feb 2015
mar 2005 85p 2053700    2053700 mar 2015
mar 2005 126p 213303    213303 mar 2015
mar 2008 225p 1000000   1000000   mar 2018
sep 2008 355p 125000   125000   sep 2018
apr 2009 245p 451500   79500  372000 apr 2019
oct 2009 385p 302500   30000  272500 oct 2019
apr 2010 295p  614783  70000  544783 mar 2020
4255700 614783  1311717  3558766
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 4255700 £0614 4474360 £0615
granted during year 614783 £0295 880000 £0309
exercised during year  120000  £000005
forfeited during year 1311717  £025 978660  £0416
outstanding as at 31 december 
1
3558766 £069 4255700 £0614
exercisable as at 31 december 2369483 £089 2376700 £089
1
included in this balance are options over 2369483 shares 2009 2376700 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 58 years
2009 68 years the weighted average share price of options exercised during the year was nil 2009 £000005
the weighted average fair value of options granted during the year was £013 2009 £014  
ant plc annual report and accounts 2010 
39 22 sharebased payments continued
the fair value of equitysettled options is estimated at the date of grant using a blackscholes 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  54 611
riskfree interest rate  4 4
expected life of option years 6 6
weighted average share price pence 295 301
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 £2224255 2009 £2224255 in relation to treasury shares that are held in the
employee benefit trust covering 2728497 5p shares 2009 2728497
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 2050217 1421989 3472206
other financial assets 3000000 1500000  1500000
5050217 78011  4972206
at 1 january cash at 31 december
2009 flow 2009
£ £ £
cash and cash equivalents 2148752 98535  2050217
other financial assets 3500000 500000  3000000
5648752 598535 5050217
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 companys 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 auditors 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 664051 706194
664051 706194
current assets
debtors 8 17383 15984
other financial assets 1500000 3000000
cash and short term deposits 1041648 1450661
2559031 4446645
creditors amounts falling due within one year 9 74620 57850
net current assets 2484411 4408795
net assets 3148462 5114989
capital and reserves
called up share capital 10 1214318 1214318
share premium account 11 12066990 12066990
profit and loss account 11 10132846 8166319
3148462 5114989
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 no1
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 sharebased payments
the cost of equitysettled 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 sharebased 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 nonmarket
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 equitysettled 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 equitysettled 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 £74739 this represents the 2009 share
option charge in ant software limited of £15293 as
well as £59446 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 £42143 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
£1924384 which includes a charge of £1164494
relating to the removal of intercompany balances 2009
£457476 which includes a positive contribution of
£152792 relating to the removal of intercompany
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 706194 631455
movement relating to group share based payment arrangements 42143 74739
as at 31st december 664051 706194
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 6920 4632
prepayments 9871 9780
accrued income 592 1572
17383 15984
8 creditors amounts falling due within one year 2010 2009
£ £
trade payables 14210 7000
accruals 60410 50850
74620 57850
ant plc annual report and accounts 2010 
47 notes to the financial statements – uk gaap continued
as at 31 december 2010
9 calledup share capital
2010 2010 2009 2009
no £ no £
authorised 
ordinary shares of 5p each 40000000 2000000 40000000 2000000
allotted calledup and fully paid
ordinary shares of 5p each 24286367 1214318 24286367 1214318
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 1214318 12066990 7783582 5497726
prior year adjustment 59446 59446
at 1 january 2009 – as restated 1214318 12066990 7724136 5557172
share based payment 15293 15293
retained loss for the year   457476 457476
at 1 january 2010 1214318 12066990 8166319 5114989
share based payment 42143 42143
retained loss for the year   1924384 1924384
at 31 december 2010 1214318 12066990 10132846 3148462
the amount of £74739 relating to share based payment shown in 2009 consists of £15293 relating to 2009 and £59446
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 900 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 reappoint 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 reelect pauline ingram who retires by rotation and agrees to her reelection 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 £404772  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 companys 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 5611 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 andor 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 subparagraphs 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 £60715 
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 companys 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 891 of the companies act 1985 or section 5611 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 5602 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 companys 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 900 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 reelection 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 £404772 being approximately onethird of the companys 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 preemption 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 £60715 otherwise than on a prorata 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 01223 716400
f  44 01223 716401
e infoantplccom
wwwantplccom


Summary:
 ant plc annual report and accounts 2010
our focus during 2010 was to continue to increase
our presence in new areas of the webenabled 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 settopboxes
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 bluray 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 £435m 2009
£470m 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 settopboxes 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 357m units 2009
292m 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 100000 units in the
year reduced to 5 2009 7 one customer shipped over 15m 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 £443m 2009 £480m spending on rd excluding
customer funded elements decreased by 11 to £221m 2009 £248m share option
charges in the period resulted in a credit of £004m 2009 charge of £002m 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 £497m 2009 £505m
resulting in cash burn of
£008m 2009 £060m
the average sterlingus dollar rate for the year was 155 2009 160 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 £008m
loss before tax was below that of the prior year at £058m 2009 £063m driven by the
reduction in costs in line with revenue  
the group received cash relating to the 2009 rd tax credit of £021m during the year
2009 cash was received for both 2008 and 2007 equating to £042m income from
interest deposits was down to £005m 2009 £008m due to lower interest rates 
the group has unrecognised tax losses available to be offset against future profits of £109m
2009 £105m 
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
ondemand and catchup 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 settop 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 ondemand webbased 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 systemonachip soc vendors licensing ant’s software enables them to offer turnkey
solutions to connected tv and bluray 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
ondemand services via an internet connection on ant enabled settop boxes and tvs
humax was the first customer to launch these services providing them to consumers as
part of its freeview settop box range in the uk
growing market complexity
while the requirement for webbased services such as those enabled by ant becomes
ever more important to settop 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 landmark contracts in an
increasingly competitive environment these successes combined with the robust nature
of our traditional operatorled business means we view the future with confidence 
simon woodward chief executive officer
1 march 2011
ant plc annual report and accounts 2010 
7