This is the Annual Report of CSR plc for the 52 week period ended 31 December 2010. It complies with UK regulations and is the Annual Report on Form 20-F for the US Securities and Exchange Commission to meet US regulations. Cross references to the itemized headings of the Form 20-F are included here. This Annual Report has been sent to shareholders who have elected to receive a copy. A separate notice of the annual general meeting to be held on 18 May 2011 has been issued to all shareholders.
In this Annual Report, references to “CSR”, “the Group”, “the Company”, “we”, and “our” are to CSR plc and its subsidiaries (including SiRF Technology Holdings, Inc., which became a subsidiary of CSR in June 2009) and lines of business, or any of them as the context may require.
References to the years 2010, 2009 and 2008 are to the financial periods ended 31 December 2010, (for 2010), 1 January 2010 (for 2009) and 2 January 2009 (for 2008). Unless otherwise stated, all non-financial statistics are at 31 December 2010.
This Annual Report contains forward looking statements with respect to the Group’s financial condition, operating results and business strategy, plans and objectives. Please see the section entitled “Cautionary Note Regarding Forward Looking Statements” and the discussion of our principal risks and uncertainties in the section entitled “Risk Factors”.
This Annual Report includes measures which are not defined by generally accepted accounting principles, or GAAP, such as International Financial Reporting Standards, or IFRS. These non-GAAP measures are included in this Annual Report because the directors believe they are useful to investors. Our management uses these non-GAAP measures, along with the most directly comparable GAAP financial measures, in evaluating our operating performance and value creation. These non-GAAP measures include “underlying research and development expenses”, “underlying sales, marketing and administration expenses”, “underlying gross profit”, “underlying operating profit”, “underlying net profit”, “underlying diluted earnings per share” , “underlying tax”, “underlying cost of sales”, and “free cash flow”. For a detailed discussion of the reasons behind this presentation and full reconciliations of each measure to the most directly comparable IFRS measure, refer to the discussion here and here.
Statutory income statement information is given here of the financial statements. This Annual Report contains references to CSR’s website. These references are for convenience only – we are not incorporating by reference any information posted on www.csr.com.
This Annual Report has been drawn up and presented in accordance with and in reliance upon applicable English company law and the liabilities of the directors in connection with this report shall be subject to the limitations and restrictions provided by such law.
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 information differs from legislation in other jurisdictions.
