Typically when you perform a 'restore to factory defaults' procedure on a device, the original firmware of the device is reinstalled, thereby reversing any firmware upgrades.
With the FR55 this does not seem to be the case, because after I performed the reset procedure to reset the data and all settings the firmware was still version 11.03. While performing this procedure I had my phone that was connected to the watch turned off to make sure no automatic updates would take place. During the reset, I refused to connect to my phone and I turned the 'automatically update' option off at the first opportunity. Is this as designed? Is there another way to reset the firmware to the original version?
I tried both reset procedures that you can invoke via the Settings -> reset menu, both 'delete data and reset settings' and 'Reset default settings'. None of them did reset the firmware version.