An n u a l R eport 2 008
Advancing our strategy
Ida T ech plc An n ual Report 2008
www . i d a tech . c o m Ida T ech is a global leader  
in the development of 
en vi r o n m en ta l ly fr i en d ly  
fuel processing technology  
and fuel cell systems for  
stationary and remote  
el ect r i c po w er g en era t i o n .
Contents
01 Highlights
02 Our customers
04 Technology
06 Chairman’s Statement
08 Chief Executive’s Business Review
14 Directors’ Report
16 Directors and Senior Management
18 Corporate Governance
19  Report of the Remuneration Committee 
20  Statement of Directors’ Responsibilities
21 Independent Auditors’ Report
22 Consolidated Income Statement
23 Consolidated Balance Sheet
24 Consolidated Cash Flow Statement
25  Consolidated Statement of Changes  
in Shareholders’ Equity
26  Notes to the Consolidated Financial 
Statements 
51 Independent Auditors’ Report
52 Balance Sheet of IdaTech plc
53  Statement of Changes in Shareholders’ 
Equity of IdaTech plc
54 Notes to the Financial Information
58 Corporate Information 0 1 IdaTech plc Annual Report 2008
Highlights
Significant contract signed in October • 
2008 with ACME Telepower (“ACME”)  
for 10,000 5kW units. Potential for up  
to 30,000 units in total over four years 
Commenced the development of two • 
systems under the ACME agreement
83 ElectraGen • ™ units delivered  
(an increase of 2.5 times over 2007)
Nine iGen • ™ Industrial units delivered to 
key potentially high growth customers
The number of telecommunications • 
companies IdaTech is certified with 
doubled to 10 
35 unit order from US telecommunications • 
company in December, all now deployed 
and working in the field
16.8
%
Sales increased 16.8% to US$5.9 million
250
%
24.7
%
Increased investment in R&D up 24.7% to 
US$12.0 million (2007 US$9.7 million)
Product revenue increased 250%  
to US$2.4 million 02 IdaTech plc Annual Report 2008
Commercial products/T echnological advantage/
T eamwork/Focused execution/T ransformational
Our Customers
Countries where IdaTech ElectraGen™ 
Fuel Cell Systems have been sold
Manufacturing
Head office
Commercial products:
We have deployed over 150 systems  
into commercial markets
ElectraGen™ XTi
Launched in September 2007, the 
ElectraGen™ XTi is a 5kW fully 
integrated fuel cell system, combining 
an ElectraGen™ XTR fuel reformer unit 
in a single cabinet and was developed 
following a number of customer-driven 
design improvements over the original 
skid-mounted ElectraGen™ XTR. 0 3 IdaTech plc Annual Report 2008
North America
USA
 
Latin America and Caribbean
Mexico
Guatemala
Colombia
Puerto Rico
 
Africa and Middle East
South Africa
 
Asia Pacific
Japan
Australia
Philippines
Malaysia
Europe
Austria
Denmark
France
Germany
Greece
Italy
Portugal
Spain
Sweden
Turkey
United Kingdom
iGen™
The iGen™ Industrial is a compact 
certified 250W integrated fuel cell and 
reformer system for charging batteries 
in industrial application. It is designed to 
work with battery packs and renewable 
energy systems such as solar and wind 
power in challenging environments.
ElectraGen™ XTR
A reformer-based system commercially 
launched at the beginning of 2007, the 
ElectraGen™ XTR is designed for longer 
duration backup times and requires only 
approximately 10% of the floor area 
needed by a comparable system fuelled 
by bottled compressed hydrogen.  
This and the convenience of using  
a simple liquid fuel has proved to be 
very attractive to IdaTech’s target 
customer base. 04 IdaTech plc Annual Report 2008
Commercial products/T echnological advantage/
T eamwork/Focused execution/T ransformational
T echnology
Technological advantage: 
We have unique technology 
which overcomes the 
hydrogen barrier to accelerate
mass commercial adoption 
of fuel cells.
Our technology development
Fully integrated fuel reforming 
and purifi cation
Multi-fuel • 
Effi cient, simple, compact, reliable • 
Near zero emissions • 
Overcomes the hydrogen barrier • 
IdaTech’s multi-fuel capability
Typical Fuel IdaT ech Capability
Methanol ✓
Natural gas ✓
LPG ✓
Typical Fuel IdaT ech Capability
Diesel ✓
JP8 ✓
Fuel
H2
Power
Clean exhaust and waste
Water
Air
Fuel
reformer
P u rifi e r
Fuel cell
stack
PEMFC
Overcoming the hydrogen barrier
Opportunities 
Backup products based on fuel cell 
technology deliver a number of 
signifi cant advantages over conventional 
batteries and diesel generators, 
including: higher reliability over a wide 
range of operating conditions; lower 
maintenance costs; longer operating life; 
reduced size, weight, installation 
footprint and environmental input.
The hydrogen barrier
Hydrogen can be bulky, expensive 
and diffi cult to refuel. This has been 
a signifi cant barrier to mass market 
adoption of fuel cell solutions.
The IdaTech solution
IdaTech’s reformer technology breaks 
through the hydrogen barrier producing 
hydrogen on site, economically and 
only as needed from convenient liquid 
fuels. IdaTech’s multi-fuel capability is 
listed in the table below – IdaTech’s 
multi-fuel capability.
+
=
120 litres methanol + water
   18 hydrogen cylinders 05 IdaTech plc Annual Report 2008
83
ElectraGen™ units delivered  
(an increase of 2.6 times over 2007)
Ida Tech’s portfolio covers 
two product ranges as well 
as proprietary technology  
in fuel reforming and 
purification.
Background to IdaTech
Developed over the last 12 years, IdaTech’s 
portfolio of industry-certified products 
are based on the Group’s fuel processing, 
fuel cell stack and power module and  
fuel cell system integration capabilities. 
With the support of strategic partners  
and customers, IdaTech’s fuel cell 
products are being deployed worldwide 
for stationary, remote and other 
advanced applications.
IdaTech’s technology
IdaTech has proprietary technology in  
fuel reforming, hydrogen purification  
and PEM fuel cells which it combines  
with engineering expertise to produce 
integrated fuel cell systems. 
Integrated  
fuel cell systems
IdaTech’s 12 years of experience enables it 
to combine its proprietary technologies 
into complete, integrated systems that 
target specific commercial markets. 
IdaTech’s fuel cell systems are based on  
a flexible modular design supporting 
interchangeable components and 
enabling more rapid expansion into 
additional product lines.
Fuel reforming  
and hydrogen 
purification
IdaTech has technology in all three key 
reforming technologies; steam, auto 
thermal and partial oxidation and 
hydrogen purification technology that 
can transform a variety of fuels into 
greater than 99.95% pure hydrogen.  
This distinguishes IdaTech from its 
competitors and allows IdaTech to  
break through the hydrogen barrier  
to mass fuel cell adoption.
PEM fuel  
cell stacks
IdaTech’s integrated fuel cell systems  
use either its own internally generated 
PEM fuel cell stacks or externally, to 
achieve the most competitive overall 
product performance and cost. 06 IdaTech plc Annual Report 2008
Commercial products/T echnological advantage/
Tea mwork/Focused execution/T ransformational
Chairman’ s Statement
IdaTech made good progress 
towards its long-term goals  
in what was a challenging year 
due to the worldwide economic 
downturn. The key objectives  
of IdaTech during the year  
were to increase the number  
of units sold into commercial 
field deployments, increase  
the number of customers with 
whom IdaTech’s products are 
certified and drive down costs.
In 2008, revenue derived from product 
sales increased 2.5 times to US$2.4 
million over that in 2007, with 83 
ElectraGen™ units and nine iGen™ sold 
(2007 32 and nil respectively), the vast 
majority within Latin America and 
North America. In addition, IdaTech 
doubled the number of customers with 
whom it is qualified as a certified vendor 
to 10.
In October 2008, IdaTech entered into 
an agreement for a large scale order 
with the Indian ACME Telepower Group 
(“ACME”) for the development and 
delivery of 10,000 units commencing  
in 2009 with a possibility for a further  
two orders of 10,000 each for delivery 
between 2011 and 2013. The successful 
delivery of a contract of this size 
inevitably carries significant cost  
and specification challenges. 
Notwithstanding these challenges, 
IdaTech has made huge steps forward 
during the year.
Good progress towards our long-term goals
Teamwork: 
T eamwork is essential 
to the success of our 
bus i ness, a nd we 
recognise the 
importance of 
fostering cooperation 
among our employees 
and with all our 
bu s i nes s contacts. 07 IdaTech plc Annual Report 2008
Latin America 
and  Caribbean
A frica
and 
Middle 
East
Asia Pacific Europe
   North
America
Financial overview
The prior period reported in the financial 
statements consists of a long period  
of account from 13 July 2006 to  
31 December 2007. In order to present  
a meaningful overview of the Group’s 
activities the following financial 
overview compares the results for 2008 
with the unaudited pro forma results  
for the year to 31 December 2007.
Total sales increased 16.8% to US$5.9 
million in 2008 compared with the 
unaudited pro forma result for the year 
to 31 December 2007 of US$5.1 million. 
The increase in product sales of US$1.4 
million over that in 2007 was offset by  
a decrease in project-related revenue of 
US$0.4 million as IdaTech concentrated 
its focus on the ACME agreement in the 
latter part of 2008.
The operating loss for the year to  
31 December 2008 was US$21.9 million 
(2007 US$16.3 million) as a result of  
the planned investment in operations, 
research and development and sales. 
Cash flow utilised by operations 
increased to US$18.1 million in the year 
(2007 US$13.6 million after a tax receipt 
of US$0.3 million).
Funding
IdaTech’s majority shareholder, Investec, 
has indicated its intention to provide 
financial support for the Company  
for at least 12 months from the date  
of signing these financial statements.  
As a result of this support, these 
financial statements have been 
prepared on a going concern basis.  
The Board believes additional funding 
will be needed in order to reach cash 
breakeven. Further details are included 
in the Director’s Report.
People
On behalf of the Board, I would like to 
thank everyone at IdaTech for their hard 
work, dedication and ability to rise to 
the numerous challenges that faced the 
Company in 2008.
With the skill and experience within the 
Group, IdaTech is very well placed to 
take advantage of the significant 
opportunities that will arise over the 
next few years.
Sir John Jennings
Chairman
30 March 2009
Worldwide  
sa l es
2008
Saw a
250%
increase in revenue derived from  
product sales 08 IdaTech plc Annual Report 2008
Commercial products/T echnological advantage/
Tea mwork/Focused execution/T ransformational
Chief Executive’s Business Review
Strategy
Despite the current global recession, 
IdaTech made significant progress 
achieving further commercial 
penetration and developing a more 
focused approach to achieve mass 
adoption of its fuel cell products.  
The Group’s approach to capturing  
the opportunity in its critical power 
markets is two-fold: continue to lay  
the foundation for mass commercial 
adoption of IdaTech’s ElectraGen™  
line of fuel cell products, and execute 
against the large scale commercial 
contract with ACME in India.
Achieving adoption
During 2008, IdaTech continued to 
differentiate itself with its ability to make 
hydrogen on site and as needed from 
liquid fuel using its proprietary reformer 
technology. The Group has found that 
this is a key competitive advantage and 
an enabler to early adoption of its fuel 
cell products. By the end of the year, 
IdaTech doubled the number of 
telecommunication companies it is 
certified with to 10. Five of these are  
from the top 10, ranked by global 
revenue. The Company also signed a 
national sales agreement with a top  
US telecommunication operator and 
began its first significant deployments  
in the USA. IdaTech is now certified in  
the USA, Mexico, Guatemala, Spain,  
Italy, UK and France. Certification by a 
telecommunications operator is a major 
commercial milestone which enables the 
Group’s products to be sold throughout 
the telecommunication network.
The ACME agreement
In October 2008, the Company signed  
a contract with ACME to develop and 
deliver up to 10,000 5kW fuel cell 
systems. ACME is a leading provider of 
comprehensive passive infrastructure 
solutions to wireless telecommunication 
operators in India. These systems are for 
deployment principally in India by 2010 
with a possible two additional 10,000 
unit orders. If successful, this contract 
will be highly important as it will 
validate a mass market for the Group’s 
products and will establish a base 
production platform for low cost,  
high volume fuel cell products and 
components which IdaTech believes  
will help early adoption. The advances 
that IdaTech has made to date have 
resulted in product simplification  
and performance improvements at 
significantly reduced overall cost.  
Our accelerated strategy
Focused 
execution: 
Our team is highly 
focused on securing 
top commercial 
relationships and 
contracts worldwide 
and achieving 
technological 
breakthroughs that 
will fuel Ida Tech’s 
growth and 
profitability. 09 IdaTech plc Annual Report 2008
The systems delivered under the ACME 
agreement will be the first to benefit 
from these changes; these will be 
followed by the next generation 
ElectraGen™ and iGen™ products.
While IdaTech’s commercial efforts 
remain squarely focused on these two 
strategies, the Group continues to drive 
development in advanced diesel-based 
fuel cell systems and industrial 
applications for metal membrane 
hydrogen production, prioritising 
resources and deliverables as necessary.
ACME agreement 
and update
The agreement is a three party contract 
between IdaTech, ACME and Ballard 
Power Systems Inc. (“Ballard”). Under 
the agreement, IdaTech will supply 
ACME with an initial 310 hydrogen fuel 
cell systems in 2009. In 2010 IdaTech  
will sell natural gas reformed fuel cell 
systems to ACME which will incorporate 
an IdaTech specially designed natural 
gas reformer. The fuel cell stacks will  
be supplied by Ballard. The agreement  
is subject to IdaTech and Ballard 
demonstrating certain design and 
performance criteria for the systems 
ahead of full deployment in early 2010.
ACME intends to deploy the systems 
throughout its key markets in India, 
principally as long duration backup 
power for base stations of its 
telecommunication customers. The 
systems will provide ACME’s customers 
with a more economic, reliable and 
environmentally acceptable product and 
will take advantage of the anticipated 
build-out over the next three years  
of over 200,000 new base stations 
throughout India.
The ACME agreement provides 
validation of the Group’s key 
competitive advantages which include 
its proprietary multi-fuel reforming and 
systems integration capabilities. 
IdaTech’s ability to reform a variety of 
commonly available fuels to produce 
hydrogen on site and as needed,  
enables IdaTech’s products to overcome 
the so called hydrogen barrier, the 
difficulties in supplying and managing 
compressed hydrogen gas which has 
previously been one of the key factors 
which has deterred the mass adoption 
of fuel cells.
The prototype of the hydrogen system 
has been running for six weeks and the 
five long-test units have been built and 
are commencing design validation 
testing. Shipments are expected to 
commence at the end of the second 
quarter and be complete by the end  
of 2009.
The development of the natural gas 
system is on schedule and is expected 
to be ready for shipment at the 
beginning of 2010 as planned.
The initial 310 systems deliverable under 
the ACME agreement will be built at 
IdaTech’s manufacturing facility in 
Tijuana, Mexico, which is currently  
being expanded and upgraded. These 
improvements will be used to produce 
the next generation ElectraGen™ 
systems once the hydrogen systems 
have been produced and shipped by  
the end of 2009.
IdaTech is in the process of establishing 
a manufacturing facility in the Delhi 
region of India to produce the natural 
gas-fuelled systems. This factory will 
benefit from proximity to the customer 
and the competitive supply chain that 
India offers and a flexible and skilled 
workforce. The production facility will 
be established in the second half of 
2009 and will be fully operational by  
the end of that year. This facility will be 
based on a similar model to that used  
in Tijuana, which was successfully 
completed on schedule and budget in 
2007 at a low capital cost. The Indian 
facility’s capacity will be four to five 
times larger than that of Tijuana, giving 
the ability to produce approximately 
10,000 units per annum. IdaTech 
anticipates using this production facility 
as an additional platform for IdaTech’s 
2008
In October 2008 the Company  
signed a contract with ACME to  
develop and deliver up to
10,000
5kW fuel cell systems. 1 0 IdaTech plc Annual Report 2008
Commercial products/T echnological advantage/
T eamwork/Focused execution/T ransformational
low cost manufacturing of fuel cell 
systems. IdaTech will continue to 
produce systems at its Mexican facility 
for its non-Indian business.
Commercial update
ElectraGen™
The ElectraGen™ is IdaTech’s primary 
family of fuel cell products with 5kW 
and 3kW power outputs. In 2008, 
IdaTech secured an additional five 
vendor qualifications, bringing the total 
as at the end of the year to 10. IdaTech 
continued to distribute its products 
through its global channel partner 
network as well as directly to the end 
user telecommunication companies.  
The Group’s focus was on those 
customers and geographies, such as 
North America, Latin America and South 
Africa, where IdaTech can demonstrate a 
compelling value proposition and where 
the Group believes there is significant 
potential for early market adoption.
As well as seeding the market with  
a number of telecommunication 
companies this year, the Group sold  
83 ElectraGen™ systems, substantially 
more than the 32 in the previous year.  
Of these, 70 were sold to six key 
telecommunication companies in  
North America and Latin America for 
commercial field deployment which 
IdaTech believes may produce larger 
scale deployments in 2009 and 2010. 
These systems are providing power in 
remote and difficult locations, some of 
which have never had backup capability 
before. Of the 83 systems, 94% were 
fully integrated reformed products 
using a methanol-water mix as a fuel, 
further demonstrating the preference 
for IdaTech’s fuel reforming technology.
As previously announced, IdaTech is  
also targeting deployments in which 
there are incentives for fuel cells. The  
US currently provides a tax incentive  
for fuel cell deployments, which was 
recently extended until 2016. During  
the year, the Group secured a national 
sales agreement with a major US 
telecommunications operator and won 
an order for 35 ElectraGen™ XTi systems 
which were successfully shipped  
to Florida to support sites at risk  
from hurricanes.
In Europe, IdaTech is participating in  
a German government-sponsored 
programme, the National Programme 
for Innovation, through its German 
distributor, b+w Electronics GmbH 
(“b+w”). In September 2008, IdaTech 
received an order from b+w for 30 direct 
hydrogen systems, 18 of which will  
be sold to b+w under this programme  
in 2009.
At the end of the year, IdaTech had 
received orders for 32 ElectraGen™ 
systems which were not yet shipped 
(2007 nil).
iGen™
The iGen™ Industrial is a compact 
certified 250W integrated fuel cell  
and reformer system for charging 
batteries in industrial applications.  
It is designed to work with battery  
packs and renewable energy systems 
such as solar and wind power in 
challenging environments.
The iGen™ Industrial product is currently 
under trial in a number of applications 
such as traffic signalling and portable 
traffic signage. Once these trials are 
completed, IdaTech expects iGen™  
sales to increase and the Group will 
continue to drive the larger scale 
commercialisation of the product.  
In total nine iGen™ systems were  
sold (2007 nil).
Chief Executive’s Business Review continued
T ransformational: 
Ida Tech is undergoing a 
transformational change as  
a result of the commercial  
and technological advances  
made in 2008. 11 IdaTech plc Annual Report 2008
Technical 
development
The focus of the technical development 
during the year has been on advancing 
IdaTech’s proprietary core competences 
in multi-fuel reforming, purification, 
integration and control technologies. In 
these areas, IdaTech has made a number 
of significant advancements which will 
be incorporated into the natural gas 
product developed under the ACME 
agreement and into the next generation 
ElectraGen™ and iGen™ products, due 
for launch in 2011. These will enable 
IdaTech to produce more robust and 
significantly more cost-effective 
integrated fuel cell systems. The first  
of these products to be launched will  
be the natural gas fuelled system for 
deployment in early 2010 under the 
ACME contract.
Hydrogen system for ACME
Development on the hydrogen  
system under the ACME agreement 
commenced in the second half of  
the year. The hydrogen system is  
due for launch at the end of the first 
half of 2009 and remains on target.  
A prototype has been successfully 
running for two months and units for 
long-term testing are being assembled.
Natural gas system development 
for ACME
The development of the natural gas 
system also commenced in the second 
half of the year. This product is due for 
launch in the first quarter of 2010 and 
the development remains on target to 
meet that due date. This product has 
significant cost and specification 
challenges which are being addressed 
by incorporating the technological 
advances in natural gas reforming, 
purification, integration and control 
technologies made in the year. 
Additionally the system will benefit 
from a drive to simplify significantly the 
product, a reduction in the number of 
components used, the use of the supply 
chain to assemble modules and the 
ability to purchase in quantities 1,000 
times greater than previously possible.
ElectraGen™ and iGen™
A 24V version of the ElectraGen™ was 
released at the beginning of the year in 
order to meet the demands of IdaTech’s 
customers in North America and Latin 
America. Due to the ACME agreement, 
the development of the next generation 
of these products was deferred until the 
second half of 2009. By leveraging the 
technical advances made in the ACME 
programme, the Group will effectively 
accelerate a generation of ElectraGen™ 
and iGen™ product development, 
resulting in a lower cost, more robust 
version of these products by 2011.
Stack development
Prior to the ACME agreement, IdaTech 
had entered into supply contracts with 
Ballard to supply their fuel cell stacks to 
IdaTech for incorporation into the next 
generation of ElectraGen™ and iGen™ 
products. IdaTech continues to seek the 
best technology for its products in order 
to bring greater value to its customers 
and shareholders. The Ballard stack  
was selected as it met all of IdaTech’s 
technical requirements at a lower 
overall cost.
IdaTech’s own internal stack research, 
development and production capability 
continues to give the Group the ability 
both to evaluate outsourced stacks, and 
develop its own stack in order to remain 
on the leading edge of an evolving 
technology. These stacks will be 
evaluated as part of the development  
of the next generation of products and 
enables IdaTech to focus on the fuel 
reforming, purification, controls and 
integration requirements of these 
94%
of ElectraGen™ systems sold were 
reformer-based versus hydrogen  
only, reinforcing IdaTech’s lead  
in fuel reforming 1 2 IdaTech plc Annual Report 2008
products, areas where the Group has 
successfully differentiated itself.
Third party developments
In 2007, IdaTech successfully delivered a 
dual fuel (diesel and military) integrated 
system to the US Army. During 2008, 
the second phase of this project was 
partially delivered; completion was 
deferred until 2009 which allowed 
IdaTech to concentrate upon delivering 
the ACME agreement. This resulted in a 
deferral of approximately US$0.5 million 
of revenue into 2009. The project will 
recommence in the second quarter 
of 2009.
During the year IdaTech continued 
to deliver two private commercial 
development contracts worth US$1.4 
million. Of this, US$1.3 million derived 
from the three year agreement, 
awarded at the end of 2006, with a 
large Japanese company to develop 
a palladium metal membrane system 
based on IdaTech’s patented HyPurium™ 
metal membrane for potential future 
applications of industrial scale hydrogen 
purifi cation. This contract continues 
into 2009 and the other contract was 
successfully concluded in 2008.
Financial overview
As noted in the Chairman’s Statement, 
the prior period for statutory reporting 
purposes consists of a long period of 
account (13 July 2006 to 31 December 
2007). The following fi nancial overview 
compares the audited results for the 
year to 31 December 2008 with those 
of the unaudited pro forma results for 
the year ended 31 December 2007.
Revenue for 2008 was US$5.9 million 
(2007 US$5.1 million) of which US$2.4 
million was from the sale of products 
in the ElectraGen™ and iGen™ ranges 
(2007 product revenue US$1.0 million). 
This refl ected increased product sales 
in 2008. Revenue from development 
contracts, derived from government and 
industrial customers was US$3.4 million, 
down from US$3.7 million in 2007 due 
to the deferral of US$0.5 million project 
revenue from 2008 to 2009 in order 
to focus the research and development 
resource on the fulfi lment of the 
ACME agreement.
A gross loss of US$3.3 million (2007 
profi t of US$0.4 million) was recorded. 
This loss arose as a result of the 
transition of production to Tijuana, 
Mexico from Bend, USA and a change 
in the revenue mix, with a decrease in 
project-related revenue which attracts 
a higher margin than product sales, 
which increased signifi cantly over the 
prior year level.
The operating loss for 2008 was US$21.9 
million (2007 US$16.3 million). This 
anticipated increase arose following an 
expansion in capability in the key areas 
of research and development and in 
sales, with the addition of a net 12 
employees during the year (2007 14 net 
gain). In addition, the manufacturing 
facility in Tijuana, Mexico, expanded to 
support the growing sales volumes in 
the second half of 2008.
For the year to 31 December 2008 
research costs including the 
amortisation of intangible assets of 
US$2.4 million were US$12.0 million 
(before deducting tax credits of US$1.8 
million). For the year to 31 December 
2007 research costs were US$9.7 million 
including amortisation of intangible 
assets of US$2.1 million (before 
deducting tax credits of US$1.6 million). 
The vast majority of this increase was 
due to the increase in headcount in 
2008 (and the full year costs of those 
hired in 2007) which rose by 20% to 
broaden and deepen the resources 
available, the incorporation of a 
long-term testing Group and the 
commencement in October 2008 of 
the hydrogen and natural gas system 
developments for ACME.
Sales, general and administrative 
expenses were US$0.1 million higher 
at US$10.8 million in the year ended 
31 December 2008 compared with 2007. 
There was a minor decrease in sales 
and marketing related expenses of US$0.1 
million. The costs of setting up the offi ce 
in Malaysia and the resultant increase in 
headcount were offset by reduced 
advertising expenses, travel expenses 
and consultant costs. Expenditure on 
trade shows fell in 2008 compared with 
2007 but this was offset by an increase in 
investment in demonstration equipment. 
General and administrative expenses 
increased by US$0.2 million as a result of 
Commercial products/T echnological advantage/
T eamwork/Focused execution/T ransformational
Chief Executive’s Business Review continued 13 IdaTech plc Annual Report 2008
the costs associated with entering into 
the ACME agreement.
Cash fl ow utilised by operations 
increased to US$18.1 million in the year 
(2007 US$13.6 million after a tax receipt 
of US$0.3 million) principally as a result 
of the planned increase in overheads, 
funding the gross loss and the build 
up of inventory.
The principal changes in the balance 
sheet are the increases in inventory, 
accounts receivable and borrowings. 
Inventory increased US$1.6 million 
to support the order backlog of 
32 ElectraGen™ systems as well as 
the ACME systems development and 
third party contract work.
Accounts receivable increased by 
US$0.6 million. Trade receivables 
increased by US$0.7 million as a result of 
the shipment of a 35 unit order in 
December, which were not due for 
payment by the end of the year.
During the year, IdaTech drew upon its 
loan facility with Investec, its principal 
shareholder. At the end of the year, 
US$7 million had been drawn. 
Funding and 
going concern
These fi nancial statements have been 
prepared on a going concern basis as 
Investec, IdaTech’s main shareholder, 
has indicated its willingness to fund the 
business for at least one year after the 
approval of these fi nancial statements. 
Additional disclosure surrounding the 
going concern and future funding is 
given in the Directors’ Report.
Current funding is via debt and it is the 
intention of IdaTech to seek additional 
equity to fund its operations until 
breakeven and not to draw upon this 
debt fi nance further than is absolutely 
necessary. Although the timing of this 
is yet to be fi nalised, it is highly likely 
IdaTech will seek to raise additional 
funds over the next 12 months.
Outlook
As previously announced, IdaTech plans 
to sell 310 hydrogen systems under the 
ACME agreement. Full deployment of 
systems for ACME is due to commence 
in early 2010 and in preparation for these 
shipments, IdaTech will complete the 
production facilities in Mexico and India. 
In addition to the sales under the ACME 
agreement, IdaTech expects to ship 
150–200 systems from organic sales 
growth, targeting customer accounts 
which will increase adoption and 
establish the base for large scale growth. 
During the year, IdaTech will continue 
to expand its sales network and seek 
to gain certifi cation by additional 
telecommunication customers.
In 2009, IdaTech expects iGen™ will 
conclude some of its initial fi eld trials, 
leading to higher volume deployments.
There are regional incentives for fuel cells 
despite the diffi cult current economic 
climate. The funding underlying the 
German government-sponsored 
programme National Innovation 
Programme is due to be fi nalised in 
2009. IdaTech and its partner, b+w, 
will benefi t from this scheme.
At the end of 2008, the US Federal 
Government extended the tax incentive 
scheme for fuel cells to 2016 and 
increased the incentive to US$3,000 
per kilowatt or 30%, whichever is lower. 
Additionally, the US American Recovery 
and Reinvestment Act of 2009 has 
incentives for alternative energy.
During the initial phase of the ACME 
agreement in 2009, management 
intends to pursue third party 
development efforts selectively. 
As resources become available 
from the ACME project, third party 
contracts, which align with the 
product development strategy of 
the business, will be pursued.
Notwithstanding the fi nancial 
downturn and ongoing uncertainty, the 
Board believes that the developments 
made by IdaTech over the last year have 
signifi cantly improved its prospects for 
the future.
Hal Koyama
Chief Executive Offi cer
30 March 2009
Backlog of 
systems at the end of 2008
32 14 IdaTech plc Annual Report 2008
The Directors present their Annual Report and audited consolidated 
financial statements for the year ended 31 December 2008.
Principal activities and business review
The Group’s principal activity during the year was the 
development, design, manufacture and sale of fuel cells  
and related systems.
The Chairman’s Statement and Chief Executive’s Business Review 
on pages 6 to 13 provide a review of the performance of the  
Group in the year together with an indication of future 
developments and prospects.
Going concern
These financial statements have been prepared on a going 
concern basis. As reported in the Chief Executive’s Business 
Review, IdaTech’s main shareholder Investec, has indicated its 
current intention to provide additional funding to the business, 
which would enable the Company to meet its liabilities as they  
fall due for at least 12 months from the date of approval of these 
financial statements.
The additional funding has been agreed to be provided as a 
current intention only, until the Company has secured alternative 
funding, and does not represent a legally binding obligation by the 
shareholder. Whilst the Directors have a reasonable expectation 
that the shareholder will continue to support the Group, in view of 
the nature of the support, there can be no certainty in this matter.
In view of the above, the Directors have concluded that a material 
uncertainty exists that may cast significant doubt upon the Group’s 
ability to continue as a going concern. Nevertheless after making 
enquiries, and considering the uncertainties described above, the 
Directors have concluded that it is appropriate to continue to 
adopt the going concern basis in preparing the accounts.
The income statement and balance sheet show no intention or 
necessity to liquidate or curtail significantly the operations of the 
Group. Specifically, the assets of the Group have been valued  
and reported on the basis that they will be used for the purpose  
for which they were purchased in the ongoing operation of the 
business and no liabilities have been included that may arise on  
a significant curtailment of Group activities.
Results and dividends
IdaTech plc (the “Company”) was incorporated on 25 May 2007. 
With effect from 7 June 2007, the Company became the legal 
Parent Company of IdaTech UK Limited and its subsidiary 
undertakings. This business combination, effected through an 
exchange of equity interests, was accounted for as a reverse 
acquisition in accordance with International Financial Reporting 
Standards (“IFRS”) 3 “Business Combinations”. IdaTech UK 
Limited was incorporated on 13 July 2006 and acquired IdaTech 
Technologies, Inc. (“ITI”) IdaTech, LLC and IdaTech Fuel Cells 
GmbH on 20 July 2006.
For statutory accounting purposes, the prior reporting period of 
the Company is on the basis of a long period of account 
commencing on 13 July 2006 to 31 December 2007. Hence the 
consolidated income statement includes the results of IdaTech UK 
Limited and its subsidiaries for the period 13 July 2006 to 31 
December 2007, with the results of IdaTech plc since 25 May 2007.
In addition to disclosing the information relating to this long period 
of account, the Directors believe it is useful to disclose an annual 
record of the Group’s operations for 2007 and have therefore also 
disclosed an unaudited pro forma income statement and cash  
flow statement (together with the notes) for the year ending  
31 December 2007. This presentation has been selected to ensure 
comparability between the information presented herein for 2008.
These additional unaudited pro forma disclosures for the year 
ending 31 December 2007 comprise the results of IdaTech UK 
Limited and its subsidiaries for the year ended 31 December 2007 
and the results of IdaTech plc since 25 May 2007.
The consolidated retained earnings reserves of the Group as at  
31 December 2008 include the retained earnings of IdaTech UK 
Limited and its subsidiaries as required by IFRS 3 prior to their 
acquisition by IdaTech plc.
The statutory loss on ordinary activities after taxation for the  
year ended 31 December 2008 was US$21.1 million (prior  
period 13 July 2006 to 31 December 2007 US$19.0 million).  
On an unaudited pro forma basis, the loss for the year ended  
31 December 2007 was US$15.3 million.
The Directors do not recommend the payment of a dividend 
(2007 nil).
Research and development
IdaTech continues to invest in sophisticated, innovative new 
products and technologies which require ongoing expenditure in 
research and development. In the year ended 31 December 2008, 
gross expenditure on such programmes was US$12.0 million 
(before deducting tax credits of US$1.8 million but including 
amortisation of intangible assets of US$2.1 million). For the 
statutory prior period 13 July 2006 to 31 December 2007 gross 
expenditure on such programmes was US$14.3 million (before 
deducting tax credits of US$5.1 million but including amortisation 
of intangible assets of US$3.1 million).
For the unaudited pro forma year to 31 December 2007 expenditure 
including the amortisation of intangible assets of US$2.1 million 
was US$9.7 million (before deducting tax credits of US$1.6 million).
Directors
The Directors who held office during the year were as follows:
Director Role
Sir John Jennings Non-executive Chairman
Harol Koyama Chief Executive
James Cooke Chief Financial Officer
Angus Fraser Non-executive Director
Michael Lacey-Solymar Non-executive Director
Alan Lloyd Non-executive Director
David Smith Non-executive Director
During the year the Group maintained insurance providing liability 
cover to its Directors and officers.
In accordance with the Articles of Association, James Cooke, 
Angus Fraser and David Smith retire and being eligible offer 
themselves for election at the forthcoming Annual General Meeting.
Directors’ Report 15 IdaTech plc Annual Report 2008
Substantial shareholdings
At the date of this report the Company has been informed that the 
following shareholders held substantial holdings in the issued 
Ordinary Shares of the Company:
 Holding of Issued 
 Ordinary Shares share capital
Investec Asset Management 36,169,887 73.1%
Pacol Properties (Pty) Limited 7,500,000 15.2%
Ogier Employee Benefit Trustee (i) 1,913,996 3.9%
(i) Employee benefit trust holding shares for the Executive Directors, key 
management and certain employees.
Environmental policy
The Group’s environmental policy is to meet the statutory 
requirements placed upon it and to apply good environmental 
practice in its operation. IdaTech encourages its employees to 
reduce energy usage and recycle materials wherever possible. 
There are recycling points for paper, plastic bottles and cans 
throughout its facilities.
Creditor payment policy
The Group’s strategy is to build mutually beneficial relationships 
with its suppliers and agree terms with its suppliers when it enters 
into binding purchase contracts. When the Group is satisfied that a 
supplier has provided the goods or services in accordance with 
those agreed terms, the Group’s policy is to pay in accordance 
with those terms.
At the year end the aggregate creditor days for the Company was 
nil as the Company has no trade creditors. Taking the Group as a 
whole and including the trading subsidiaries, the aggregate 
creditor days was 34 days (2007 31 days).
Charitable donations
There were no charitable donations in the year (2007 nil).
Key Performance Indicators
The principal financial and non-financial Key Performance 
Indicators (“KPI”) are listed below:
Product unit sales •	
Number of customers with whom IdaTech is certified •	
Total product revenue •	
Operating loss •	
Operating cash flow •	
Working capital management •	
Development milestones •	
These KPI are included in the Chairman’s Statement and Chief 
Executive’s Business Review.
Key risk and uncertainties
As disclosed above, the key risk is the fact that funding of the 
business is currently provided as a current intention only, until the 
Company has secured alternative funding, and does not represent 
a legally binding obligation by the shareholder. Whilst the Directors 
have a reasonable expectation that the shareholder will continue to 
support the Group, in view of the nature of the support, there can 
be no certainty in this matter.
Annual General Meeting
The notice of the Annual General Meeting to be held on 30 June 
2009 at 11.00 am at the offices of Numis Securities Ltd is 
contained in a separate letter from the Chairman accompanying 
this Report.
Disclosure of information to auditors
The Directors who held office at the date of approval of this 
Directors’ Report confirm that, so far as they are each aware, there 
is no relevant information of which the Company’s auditors are 
unaware; and each Director has taken all the steps that he ought 
to have taken as a Director to make himself aware of any relevant 
information and to establish that the Company’s auditors are 
aware of that information.
Auditors
The auditors, PricewaterhouseCoopers LLP, have indicated their 
willingness to continue in office and a resolution concerning their 
reappointment will be proposed at the Annual General Meeting.
By order of the Board.
James Cooke
Company Secretary
30 March 2009 16 IdaTech plc Annual Report 2008
Directors and Senior Management
Board of Directors
Sir John Jennings Independent Non-executive Chairman
Harol Koyama Chief Executive Officer
James Cooke Chief Financial Officer
Angus Fraser Independent Non-executive Director
Michael Lacey-Solymar Non-executive Director
Alan Lloyd Independent Non-executive Director
David Smith Independent Non-executive Director
Sir John Jennings, Independent Non-executive Chairman
Sir John Jennings became a Group Managing Director of Shell in 
1987 and chaired the Shell Transport and Trading Company – the 
British parent of the Anglo/Dutch Group, from 1994–1997. As a 
Managing Director he had responsibility for the Group’s business 
throughout Asia and Australasia and in addition, for his last four 
years, was a Director of Shell Oil Company in the USA and 
Chairman of Shell Canada. He retired from Shell in 1997 but 
remained a Non-executive Director until 2001.
Currently he is a Non-executive Director of Nexant Inc – an energy 
consultancy based in San Francisco, and member of the Advisory 
Board of Xyleco – a cellulose ethanol company based in Boston, 
Massachusetts. He was appointed CBE in 1985 and Knighted in 
1997 and has received a number of other awards and honorary 
degrees. He is also Chancellor of Loughborough University.
Harol Koyama, Chief Executive Officer
Harol (Hal) Koyama is IdaTech’s Chief Executive Officer and joined 
IdaTech in November 2003. Hal has had more than 13 years of 
diversified international sales and marketing experience and 
general strategic business development for worldwide onsite 
generation applications within the Combined Heat and Power, Oil 
and Gas and Waste Fuel power generation markets. Throughout 
his career, Mr. Koyama has been responsible for identifying 
promising markets for new technologies and converting these  
into commercial opportunities.
Most recently, Mr. Koyama was Senior Vice President of Sales and 
Marketing at Capstone Turbine Corporation (“Capstone”), a leading 
micro-turbine producer where he streamlined sales and marketing 
and accelerated market development efforts worldwide. Prior to 
his work at Capstone, Mr. Koyama was Vice President of Business 
Development for fuel cell company International Fuel Cells  
(a United Technologies Corporation business).
Mr. Koyama also has over five years’ experience as a management 
consultant with the international consulting firm, McKinsey & 
Company, focusing on energy and operations issues. Mr. Koyama 
holds a degree in Physics/Mathematics from the University  
of Oregon, a Masters Equivalent in Nuclear Engineering from  
the Naval Nuclear Power Training School and a Masters in 
Business Administration from the Stanford University Graduate 
School of Business.
James Cooke, Chief Financial Officer
James Cooke is IdaTech’s Chief Financial Officer, having joined  
in February 2007. Mr. Cooke is a member of the Institute of 
Chartered Accountants in England and Wales and has more  
than 14 years’ experience of senior financial and operational 
management positions in a number of industries. From May 2000 
to October 2006, he was the Finance Director of Datong 
Electronics PLC, a defence electronics company which is admitted 
to trading on AIM. Before that he worked at Investec for over eight 
years, acting as Managing Director of a division trading in 
endowment policies, managing and finding appropriate exits for 
the private equity portfolio and as a financial controller of one of 
their divisions. Before working at Investec, Mr. Cooke was the 
Group Financial Controller of a privately owned international leisure 
group reporting directly to the owner on all financial matters, 
controls and acquisition targets. Mr. Cooke holds a Bachelor  
of Science in Biochemistry.
Angus Fraser, Independent Non-executive Director
Angus Fraser joined Chloride Group PLC in 1976 in their overseas 
operations and was an Executive Director of the Company from 
1984 to 1988. Mr. Fraser worked in Europe and the Far East and 
was Chairman of Chloride Europe between 1983 and 1985. 
Between 1988 and 2006, he served as a Non-executive Director 
of Chloride Group PLC, becoming Senior Independent Director in 
2001 and chairing the audit committee between 2001 and 2005. 
From 1989 to 1994, Mr. Fraser was the Managing Director of 
Imperial College of Science, Technology and Medicine and from 
1995 until 1997 he was the Chief Executive of Scruttons plc, an 
industrial company admitted to trading on AIM. Mr. Fraser has 
since held a number of independent director appointments with 
public and private companies, including an early stage technology 
development company.
Michael Lacey-Solymar, Non-executive Director
Michael Lacey-Solymar joined Investec in October 2005 after 
18 years with UBS Investment Bank. At UBS, Mr. Lacey-Solymar 
spent 10 years in international M&A and became head of  
the UK mid-market team from 1999 to 2005. As such, he had 
responsibility for coverage of UK listed companies with a market 
cap up to £1 billion across all sectors. At Investec, he remains 
focused on mid-market companies across all sectors.
Alan Lloyd, Independent Non-executive Director
Dr. Alan C. Lloyd is the President of the International Council on 
Clean Transportation. He served as the Secretary of the California 
Environmental Protection Agency from 2004 through February 2006 
and as the Chairman of the California Air Resources Board (“CARB”) 
from 1999 to 2004. Prior to joining CARB, Dr. Lloyd was the 
Executive Director of the Energy and Environmental Engineering 
Center for the Desert Research Institute at the University and 
Community College System of Nevada, Reno, and the chief scientist 
at the South Coast Air Quality Management District from 1988 to 
1996. Dr. Lloyd’s work focuses on the viable future of advanced 
technology and renewable fuels, with attention to urban air quality 
issues and global climate change. A proponent of alternate fuels 
eventually leading to a hydrogen economy, Dr. Lloyd is currently  
a member of the ETAAC of CARB and Chairman of HTAC, was  
the 2003 Chairman of the California Fuel Cell Partnership and a 
co-founder of the California Stationary Fuel Cell collaborative. He 
earned both his BS in Chemistry and PhD in Gas Kinetics at the 
University College of Wales, Aberystwyth, UK.
David Smith, Independent Non-executive Director
David Smith has more than 20 years of experience in research  
and development and business management, having spent most 
of his career in various management positions with BP. In 1987  
he was appointed a Vice President of R&D at BP America, before 
returning to BP Research Centre, Sunbury as a General Manager. 
In 1992 he was appointed Head of BP Group Research and 
Engineering, the senior BP technical post directly and indirectly 
associated with the Group’s technical population of around 9,000.  17 IdaTech plc Annual Report 2008
During 1994–2001 Dr. Smith served as CEO and Chief Technology 
Officer of Whatman PLC. He is currently a Non-executive Director 
of Murphy Oil Corporation. He holds a PhD and a Bachelor of 
Science. He was awarded the CBE in 1999 for services to 
technology transfer.
Senior Management
David Beatty Vice President of Engineering 
Margo Maddux Vice President of Human Resources
Michael Otterbach Vice President of Operations
William Pledger Chief Engineer
Richard Romer Vice President of Marketing and Sales
Eric Simpkins Vice President of Business Development
David Beatty, Vice President of Engineering
David Beatty joined IdaTech in June 2007 and has more than 
15 years of engineering and programme management experience. 
Prior to joining IdaTech, Mr. Beatty was the Vice President of 
Engineering at Active Power, Inc., based in Austin, Texas. In this role, 
Mr. Beatty was responsible for an engineering department tasked 
with developing two new products and supporting three existing 
product platforms. Prior to this, Mr. Beatty was an Engineering 
Technical Manager at Honeywell International Inc. where he was 
responsible for new product development, from first prototype to 
production launch. Mr. Beatty holds a Bachelor of Science degree 
 in Mechanical Engineering and a Masters degree in Mechanical 
Engineering, both from the University of Illinois, Urbana.
Margo Maddux, Vice President of Human Resources
Margo Maddux is IdaTech’s Vice President of Human Resources 
and joined IdaTech in November 2006. Mrs. Maddux has more 
than 25 years of Human Resource Management, Recruiting and 
Training experience. She has held senior level positions in a variety 
companies that includes WalMart Stores, Inc. and others in the 
Communications, Sales, Retail and Manufacturing sectors. She 
has been involved in the early stages of two start-up companies; 
helping them grow and mature into highly successful companies.
Michael Otterbach, Vice President of Operations
Michael Otterbach is the Company’s Vice President of Operations 
and is responsible for production, system integration, quality, supply 
chain, service, and information technology activities at IdaTech.  
Mr. Otterbach has more than 20 years of high-level experience in 
project and programme management, engineering and operations 
management. Prior to joining IdaTech, Mr. Otterbach was in 
programme management and manufacturing operations with 
Honeywell, Inc. Most recently, he ran the manufacturing operations 
for the pulp and paper Group in Cupertino, California. Prior to that 
role at Honeywell, he guided a team of specialists to facilitate 
worldwide product launches as the programme manager. He 
worked with Honeywell in both Germany and California. Mr. 
Otterbach holds a Bachelor’s degree in Computer Science from 
Fachhochschule Kirchheim unter Teck, Germany and is a certified 
Six Sigma Black Belt and a certified quality assessor.
William Pledger, Chief Engineer
William Pledger cofounded IdaTech in 1996 and has remained  
with the Company as Chief Engineer. Mr. Pledger has more than 
20 years’ experience in the design, construction and testing of 
membrane-based modules, transformer gas analysers, fuel 
processors and fuel cell systems. Prior to joining IdaTech, 
Mr. Pledger worked at Bend Research Inc. from 1985 until  
1994 where he was responsible for designing and constructing 
prototype membrane-based systems and pilot plants for use  
in food and pharmaceutical processing. Mr. Pledger holds a 
Bachelor’s degree in Chemical Engineering from Oregon State 
University, is a member of the American Institute of Chemical 
Engineers and the American National Standards Institute,  
as well as a registered Professional Engineer in Oregon.
Richard Romer, Vice President of Marketing and Sales
Richard Romer joined IdaTech in June 2007 and has over 10 years 
of international sales and marketing experience. Most recently,  
Mr. Romer was Vice President of Sales and Marketing with Cyclics 
Corporation, a polymer resin manufacturer that provided innovative 
solutions to customers with engineered thermoplastic issues. Prior 
to Cyclics, he started and managed the Plug Power Inc global 
sales force as Director of Sales. Mr. Romer’s other previous 
positions include Product Manager for Saint-Gobain Performance 
Plastics and Director of Product Development at Berkshire 
Corporation. Mr. Romer holds a Bachelor of Science degree  
in Mechanical Engineering from Union College and a Master of 
Business Administration from the State University of New York  
at Albany.
Eric Simpkins, Vice President of Business Development
Eric Simpkins is responsible for managing and directing 
government affairs, and developing strategic programmes with 
federal and state government agencies.
Prior to joining IdaTech, Mr. Simpkins spent eight years as Vice 
President – Business Development for FuelCell Energy Inc., 
establishing and managing federal and state fuel cell programmes. 
Between 1992 and 1994, Mr. Simpkins was Manager of Technology 
Business Development for General Electric Space Systems and 
between 1988 and 1992, he was Programme Manager – Quality 
and Reliability Engineering for Lockheed Martin Aerospace.
From 2006 to 2007, Mr. Simpkins served as President of the US 
Fuel Cell Council, the industry trade association. He has been  
a senior member of the Executive Committee and technical 
committees for eight years. Mr. Simpkins has authored and 
coauthored more than 70 papers on the subjects of space  
and energy and holds a Bachelor of Science degree in Physics 
from the State University of New York. 18 IdaTech plc Annual Report 2008
Corporate Governance
The Directors support high standards of corporate governance. 
Whilst as an AIM quoted company it is not required to follow any 
governance code the Board have sought to comply with the UK 
main market Combined Code insofar as it is appropriate and 
practicable for a company of the size and nature of the Company.
There have been no changes to the Company’s corporate 
governance during 2008.
The Board structure
The Board consists of the Chairman, two Executive Directors  
and four Non-executive Directors. The Board has not nominated  
a senior independent Non-executive Director. Save in respect  
of Michael Lacey-Solymar, who was nominated by Investec,  
the Company regards all of its Non-executive Directors as 
independent Non-executive Directors within the meaning of 
“independent” as defined in the Combined Code and free from 
any business or other relationship which could materially interfere 
with the exercise of their independent judgement.
The composition of the Board is not fully Combined Code 
compliant. However, because the Board includes three 
independent Non-executive Directors, the Directors regard this as 
an appropriate board structure given the size and nature of the 
Company. The Company has adopted a share dealing code for the 
members of the Board and certain employees which is appropriate 
for a company whose shares are admitted to trading on AIM 
(particularly in order to comply with Rule 21 of the AIM Rules for 
Companies) and the Company will take all reasonable steps to 
ensure compliance with such code by members of the Board and 
any relevant employees.
The Board has also established an audit committee, a nominations 
committee and a remuneration committee.
Audit committee
The audit committee is chaired by Angus Fraser and its other 
members are Sir John Jennings, Michael Lacey-Solymar, Alan 
Lloyd and David Smith. The audit committee meets not less than 
three times a year and has responsibility for, amongst other things, 
monitoring the integrity of the Group’s financial statements and 
reviewing its Annual and Interim Reports. It oversees the Group’s 
relationship with its external auditors and reviews its compliance 
with the provisions of the Combined Code (insofar as it is 
appropriate and practicable for a company of the size and nature 
of the Company) and the requirements of the AIM Rules. It also 
has responsibility for reviewing the effectiveness of the Group’s 
systems of internal controls and risk management. The ultimate 
responsibility for reviewing and approving the interim and annual 
financial statements remains with the Board.
Nominations committee
The nominations committee is chaired by Sir John Jennings and 
its other members are Angus Fraser, Alan Lloyd and David Smith. 
The committee is due to meet not less than twice a year and has 
responsibility for making recommendations to the Board on the 
composition of the Board and its committees and on retirements 
and appointments of additional and replacement Directors and 
ensuring compliance with the Combined Code insofar as it is 
appropriate and practicable for a company of the size and nature 
of the Company.
Remuneration committee
The remuneration committee is chaired by David Smith and its 
other members are Sir John Jennings, Angus Fraser and Alan 
Lloyd. The remuneration committee meets not less than two times 
a year and has responsibility for making recommendations to the 
Board (i) on the Group’s policy on the remuneration of Senior 
Management, (ii) for the determination, within agreed terms of 
reference, of the remuneration of the Chairman and of specific 
remuneration packages for each of the Executive Directors and 
the members of Senior Management, including pension rights  
and any compensation payments and (iii) for the implementation  
of long-term incentive plans. The remuneration committee also 
ensures compliance with the Combined Code in this respect  
and insofar as it is appropriate and practicable for a company  
of the size and nature of the Company.
Internal control and risk management
The Board has overall responsibility for the Group’s system of 
internal control and for reviewing its effectiveness. The Group 
maintains systems which are designed to provide reasonable but 
not absolute assurance against material loss and to manage rather 
than eliminate risk.
The key features of the Group’s system of internal control are  
as follows:
management structure with clearly defined responsibilities; •	
timely production of comprehensive management information; •	
detailed budgeting and forecasting; •	
analyses of risks and threats reviewed by the Senior •	
Management at their regular meetings; and
ISO accredited business processes which are externally audited. •	
Performance evaluation
The performance of the Board, its individual members and its 
committees is regularly reviewed as required by the revised 
Combined Code.
Communication with shareholders
The Board is keen to encourage the participation of a broad  
base of both institutional and private investors in the Group. 
Communication with investors will be maintained through the 
Annual General Meeting, Annual and Interim Reports, press 
releases and through the Group website. 19 IdaTech plc Annual Report 2008
Report of the Remuneration Committee
Introduction
The following report provides information relating to the pay and benefits policy for the Company’s Directors.
Members of the remuneration committee
Details relating to the remuneration committee can be found in the corporate governance statement on page 18. The committee meets 
during the year to determine all aspects of the remuneration of the Executive Directors. The remuneration of the Non-executive Directors 
is determined by the Board as a whole.
Remuneration policy
The committee believes remuneration levels should be competitive and set to attract, retain and motivate Executive Directors and to align 
their interests as closely as possible with the interests of the shareholders.
The Company makes contributions to Group personal pension schemes on behalf of Executive Directors and employees. The Company 
operates an approved Equity Incentive Share Scheme for the Executive Directors, key management and employees.
Emoluments of the Directors
The emoluments of the Directors are disclosed in aggregate in note 19 of these financial statements on page 44.
Directors’ interests
The Directors held the following interests in the shares of the Company:
        As at 
        31 December 
Name      Type  2008
Sir John Jennings    Ordinary Shares of £0.01 each  200,000 
Harol Koyama    Ordinary Shares of £0.01 each  670,528 
James Cooke    Ordinary Shares of £0.01 each  299,555 
Angus Fraser    Ordinary Shares of £0.01 each  7,500 
David Smith    Ordinary Shares of £0.01 each  15,000 
The number of shares disclosed by Harol Koyama and James Cooke above include shares held by the IdaTech Employee Benefit Trust. 
These shares will become freely transferable to the individuals as below.
Allocation Date      Harol Koyama  James Cooke
October 1, 2009**      535,872  183,824 
March 18,2010*      19,748  17,373 
October 1, 2010**      64,562  89,671 
March 18,2011*      9,874  8,687 
       630,056  299,555 
* This grant is based on the performance of the share price. For the allocation (as above) to be awarded in full requires a doubling of the share price over a three year period. 
For any increase above the share price at the date of award (£0.99 per share) but below the target price (£1.98 per share at the end of three years) will result in a pro rata 
number of shares being awarded based on the actual increase in share price as compared to the target of a 100% increase.
** The only condition is that the individual must remain in the employment of the Group at the Allocation Date. 20 IdaTech plc Annual Report 2008
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report,  
the Directors’ Remuneration Report and the Group and the Parent 
Company 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 Group financial statements in accordance with 
International Financial Reporting Standards (“IFRSs”) as adopted 
by the European Union, and the Parent Company financial 
statements in accordance with applicable law and United Kingdom 
Accounting Standards (United Kingdom Generally Accepted 
Accounting Practice). The Group and Parent Company financial 
statements are required by law to give a true and fair view of the 
state of affairs of the Company and the Group and of the profit or 
loss of the Company and Group for that period.
In preparing those financial statements, the Directors are  
required to:
select suitable accounting policies and then apply  •	
them consistently;
make judgements and estimates that are reasonable  •	
and prudent;
state that the Group financial statements comply with IFRSs  •	
as adopted by the European Union, and with regard to the 
Parent Company financial statements that applicable UK 
Accounting Standards have been followed, subject to any 
material departures disclosed and explained in the financial 
statements; and
prepare the Group and Parent Company financial statements •	
on the going concern basis unless it is inappropriate to 
presume that the Group will continue in business, in which  
case there should be supporting assumptions or qualifications 
as necessary.
The Directors are responsible for keeping proper accounting 
records that disclose with reasonable accuracy at any time the 
financial position of the Company and the Group and to enable 
them to ensure that the financial statements and the Directors’ 
Remuneration Report comply with the Companies Act 1985  
and, as regards the Group financial statements, Article 4 of  
the IAS Regulation. They are also responsible for safeguarding  
the assets of the Company and the Group 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 Company’s website. Legislation in the United Kingdom 
governing the preparation and dissemination of financial statements 
may differ from legislation in other jurisdictions.
Each of the Directors, whose names and functions are listed in the 
Directors’ Report, confirms that, to the best of their knowledge:
the Group financial statements, which have been prepared in •	
accordance with IFRSs as adopted by the EU, give a true and 
fair view of the assets, liabilities, financial position and loss of 
the Group; and
the Chairman’s Report and Chief Executive’s Business Review •	
include a fair review of the development and performance of  
the business and the position of the Group, together with a 
description of the principal risks and uncertainties that it faces. 21 IdaTech plc Annual Report 2008
Independent Auditors’ Report to the Members of IdaTech plc
We have audited the Group financial statements of IdaTech plc  
for the year ended 31 December 2008 which comprise the 
Consolidated Income Statement, the Consolidated Balance Sheet, 
the Consolidated Cash Flow Statement, the Consolidated 
Statement of Change in Shareholders’ Equity and the related 
notes. These Group financial statements have been prepared 
under the accounting policies set out therein.
We have not audited the pro forma information in relation to the 
comparative period in the financial statements which is marked  
as unaudited.
We have reported separately on the Parent Company financial 
statements of IdaTech plc for the year ended 31 December 2008.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report  
and the Group financial statements in accordance with applicable 
law and International Financial Reporting Standards (IFRSs) as 
adopted by the European Union are set out in the Statement  
of Directors’ Responsibilities.
Our responsibility is to audit the Group financial statements in 
accordance with relevant legal and regulatory requirements and 
International Standards on Auditing (UK and Ireland). This report, 
including the opinion, has been prepared for and only for the 
Company’s members as a body in accordance with Section 235 of 
the Companies Act 1985 and for no other purpose. We do not, in 
giving this opinion, accept or assume responsibility for any other 
purpose or to any other person to whom this report is shown or 
into whose hands it may come save where expressly agreed by 
our prior consent in writing.
We report to you our opinion as to whether the Group financial 
statements give a true and fair view and whether the Group 
financial statements have been properly prepared in accordance 
with the Companies Act 1985. We also report to you if, in our 
opinion, the Directors’ Report is not consistent with the Group 
financial statements, if we have not received all the information  
and explanations we require for our audit, or if information 
specified by law regarding Director’s remuneration and other 
transactions is not disclosed.
We read other information contained in the Annual Report and 
consider whether it is consistent with the audited Group financial 
statements. The other information comprises only the Chief 
Executive’s Business Review, the Directors’ Report and the 
Chairman’s Statement. We consider the implications for our report 
if we become aware of any apparent misstatements or material 
inconsistencies with the Group financial statements. Our 
responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International 
Standards on Auditing (UK and Ireland) issued by the Auditing 
Practices Board. An audit includes examination, on a test basis,  
of evidence relevant to the amounts and disclosures in the Group 
financial statements. It also includes an assessment of the 
significant estimates and judgements made by the Directors in the 
preparation of the Group financial statements, and of whether the 
accounting policies are appropriate to the Group’s circumstances, 
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the 
information and explanations which we considered necessary in 
order to provide us with sufficient evidence to give reasonable 
assurance that the Group financial statements are free from 
material misstatement, whether caused by fraud or other 
irregularity or error. In forming our opinion we also evaluated the 
overall adequacy of the presentation of information in the Group 
financial statements.
Opinion
In our opinion:
the Group financial statements give a true and fair view, in •	
accordance with IFRSs as adopted by the European Union,  
of the state of the Group’s affairs as at 31 December 2008  
and of its loss and cash flows for the year then ended; and
the Group financial statements have been properly prepared  •	
in accordance with the Companies Act 1985; and
the information given in the Directors’ Report is consistent  •	
with the Group financial statements.
Going concern
In forming our opinion on the financial statements, which is not 
qualified, we have considered the adequacy of the disclosures 
made in note 1 to the financial statements (basis of preparation) 
concerning the Group’s ability to continue as a going concern.  
The Company’s principal shareholder has confirmed that it will 
provide further funding to enable the Group to meet its liabilities  
as they fall due for at least 12 months from the date of approval of 
these financial statements. This confirmation of funding has been 
agreed as a current intention only and does not represent a legally 
binding obligation by the shareholder. In view of the nature of the 
undertaking, there exists a material uncertainty which may cast 
significant doubt about the Group’s ability to continue as a going 
concern. The financial statements do not include the adjustments 
that would result if the Group was unable to continue as a  
going concern.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London
30 March 2009 2 2 IdaTech plc Annual Report 2008
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
     Note US$’000 US$’000 US$’000
Revenue     3,4 5,930.7 7,680.7 5,076.7
Cost of sales      (9,226.2) (6,754.2) (4,695.7)
Gross profit      (3,295.5) 926.5 381.0
Research and development costs      (7,835.8) (6,097.3) (5,990.0)
Sales, general and administrative expenses      (10,792.1) (14,319.5) (10,716.8)
Adjusted EBITDA*      (16,329.1) (12,092.0) (10,997.2)
Depreciation     5 (224.9) (498.4) (309.8)
Amortisation of intangible assets     7 (2,374.1) (3,108.8) (2,089.7)
Share-based payments     13 (2,995.3) (3,791.1) (2,929.1)
Operating loss      (21,923.4) (19,490.3) (16,325.8)
Finance income     20 139.8 420.0 396.9
Finance costs     20 (166.4) (1,290.7) (354.5)
Loss for the year/period before tax      (21,950.0) (20,361.0) (16,283.4)
Income tax credit     29 857.6 1,358.1 1,010.5
Loss for the year/period      (21,092.4) (19,002.9) (15,272.9)
Basic and diluted loss per share (US$)     28 (0.43) (0.39) (0.42)
* Earnings before interest, tax, depreciation, amortisation and share-based payments.
The notes on pages 26 to 50 are an integral part of these consolidated financial statements.
The income statement for the Group since incorporation on 13 July 2006 to 31 December 2007 is shown in the second column above as 
the statutory prior period comparative. The column headed “Unaudited pro forma year ended 31 December 2007” is disclosed to show 
the trade of the business for the comparable 12 month period – see note 1 to these financial statements.
All amounts relate to continuing activities.
Consolidated Income Statement
for the year ended 31 December 2008 23 IdaTech plc Annual Report 2008
Consolidated Balance Sheet
as at 31 December 2008
       As at As at 
       31 December 31 December 
       2008 2007 
      Note US$’000 US$’000
ASSETS
Non-current assets
Property, plant and equipment      5 1,005.6 838.0
Goodwill      6 18,001.2 18,001.2
Intangible assets      7 23,792.9 24,328.8
Trade and other receivables      10 100.0 100.0
        42,899.7 43,268.0
Current assets
Inventories      11 3,233.3 1,669.1
Trade and other receivables      10 3,814.5 3,217.9
Cash and cash equivalents      9 620.0 13,797.2
        7,667.8 18,684.2
Total assets       50,567.5 61,952.2
LIABILITIES
Current liabilities
Trade and other payables      14 (4,022.3) (3,461.1)
Borrowings      15 (53.0) (3.0)
Provisions for other liabilities and charges      16 (456.3) (462.4)
Deferred income tax liabilities      29 (768.8) (768.8)
        (5,300.4) (4,695.3)
Net current assets       2,367.4 13,988.9
Non-current liabilities
Borrowings      15 (7,002.3) (55.2)
Deferred income tax liabilities      29 (6,483.9) (7,252.7)
        (13,486.2) (7,307.9)
Total liabilities       (18,786.6) (12,003.2)
Total net assets       31,780.9 49,949.0
EQUITY
Capital and reserves
Share capital      12 991.2 991.2
Share premium       57,754.8 57,754.8
Retained earnings – deficit       (36,442.8) (18,274.7)
Reverse acquisition reserve       9,477.7 9,477.7
Total shareholders’ equity       31,780.9 49,949.0
The notes on pages 26 to 50 are an integral part of these consolidated financial statements.
The financial statements on pages 26 to 50 were approved by the Board of Directors on 30 March 2009.
Hal Koyama     James Cooke
Chief Executive Officer    Chief Financial Officer 24 IdaTech plc Annual Report 2008
Consolidated Cash Flow Statement
for the year ended 31 December 2008
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
     Note US$’000 US$’000 US$’000
Cash flows from operating activities
Cash outflows from operations     21 (18,055.3) (13,441.6) (13,596.1)
Tax received     29 – 330.7 330.7
Interest paid     20 (19.2) (1,290.7) (354.5)
Net cash outflow from operating activities      (18,074.5) (14,401.6) (13,619.9)
Cash flows from investing activities
Purchase of property, plant and equipment     5 (401.4) (621.3) (456.7)
Purchase of intangible assets     7 (1,838.2) (1,947.3) (1,575.1)
Acquisition of subsidiaries, net of cash     8 – (34,380.6) –
Interest received     20 139.8 420.0 396.9
Net cash outflow from investing activities      (2,099.8) (36,529.2) (1,634.9)
Cash flows from financing activities
Proceeds of issue of shares (net of expenses)     – 64,982.9 27,839.8
Proceeds from borrowings      7,000.0 44,262.5 8,161.7
Repayments of borrowings       (2.9) (44,517.4) (8,320.0)
Net cash inflow from financing activities      6,997.1 64,728.0 27,681.5
Net (decrease)/increase in cash and cash equivalents     (13,177.2) 13,797.2 12,426.7
Cash and cash equivalents at beginning of the year/period    13,797.2 – 1,370.5
Cash and cash equivalents at end of the year/period    9 620.0 13,797.2 13,797.2
The notes on pages 26 to 50 are an integral part of these consolidated financial statements.
The cash flow statement for the Group since incorporation on 13 July 2006 to 31 December 2007 is shown in the second column above 
as the statutory prior period comparative. The column headed “Unaudited pro forma year ended 31 December 2007” is disclosed to 
show the trade of the business for the comparable 12 month period – see note 1 to these statements. 25 IdaTech plc Annual Report 2008
Consolidated Statement of Changes in Shareholders’ Equity
for the year ended 31 December 2008
     Employee 
     benefi t  Reverse Total 
   Share Share trust Retained acquisition shareholders’ 
   capital premium reserve earnings reserve equity 
   US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
As at 13 July 2006  
(date of incorporation of IdaTech UK limited)  – – – – – –
Shares issued by IdaTech UK Limited to acquire ITI Group  37,300.8 – – – – 37,300.8
Shares issued in IdaTech UK Limited   6,961.6 – – – – 6,961.6
Shares issued by IdaTech plc upon incorporation at par  99.2 – – – – 99.2
Shares issued by IdaTech plc to acquire IdaTech UK Limited 540.8 34,019.7 – – – 34,560.5
Shares issued by IdaTech plc to employee benefit trust  53.5 2,606.9 (2,660.4) – – –
Shares issued by IdaTech plc upon the initial public offering 297.7 29,475.5 – – – 29,773.2
Expenses relating to initial public offering   – (8,347.3) – – – (8,347.3)
Reverse acquisition reserve   (44,262.4) – – – 9,477.7 (34,784.7)
Share-based payments   – – – 3,791.1 – 3,791.1
Loss for the period   – – – (19,002.9) – (19,002.9)
Shares sold by employee benefit trust   – – 288.6 – – 288.6
Share-based payments – utilised   – – – (621.2) – (621.2)
Currency translation differences   – – – (69.9) – (69.9)
As at 31 December 2007   991.2 57,754.8 (2,371.8) (15,902.9) 9,477.7 49,949.0
Share-based payments   – – – 2,995.3 – 2,995.3
Loss for the year   – – – (21,092.4) – (21,092.4)
Equity awards settled in cash   – –  (66.0) – (66.0)
Currency translation differences   – – – (5.0) – (5.0)
As at 31 December 2008   991.2 57,754.8 (2,371.8) (34,071.0) 9,477.7 31,780.9
The notes on pages 26 to 50 are an integral part of these consolidated financial statements.
Reverse acquisition reserve: the reverse acquisition reserve arose as a result of the share for share exchange undertaken in advance of 
the initial public offering. This reserve comprises the excess of the market value of the IdaTech plc shares issued to the IdaTech UK 
Limited shareholders over and above the nominal value of these shares. 26 IdaTech plc Annual Report 2008
Notes to the Consolidated Financial Statements
1. Significant accounting policies
The principal accounting policies applied in the preparation of this financial information are set out below. These policies have been 
consistently applied.
Basis of preparation
Introduction
IdaTech plc is a public limited company which is listed on the Alternative Investment Market (“AIM”) of the London Stock Exchange and  
is registered and domiciled in the UK.
These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and IFRIC 
interpretations endorsed by the European Union and with those parts of the Companies Act 1985/2006 applicable to companies 
reporting under IFRS. The consolidated financial statements have been prepared under the historic cost convention. They have been 
prepared under the going concern principle – see also Directors’ Report.
IdaTech plc (the “Company”) was incorporated on 25 May 2007. With effect from 7 June 2007, the Company became the legal Parent 
Company of IdaTech UK Limited and its subsidiary undertakings. This business combination, effected through an exchange of equity 
interests, has been accounted for as a reverse acquisition in accordance with IFRS 3 “Business Combinations”. IdaTech UK Limited was 
incorporated on 13 July 2006 and acquired IdaTech Technologies, Inc. (“ITI”) IdaTech, LLC and IdaTech Fuel Cells GmbH on 20 July 2006.
For statutory reporting, the prior period comparative requirement is to prepare financial statements on the basis of a long period of 
account commencing on 13 July 2006 to 31 December 2007. Hence the consolidated income statement includes the prior period  
results of IdaTech UK Limited and its subsidiaries for the period 13 July 2006 to 31 December 2007, with the results of IdaTech plc  
since 25 May 2007.
Going concern
These financial statements have been prepared on a going concern basis. As reported in the Chief Executive’s Business Review, 
IdaTech’s main shareholder Investec, has indicated its current intention to provide additional funding to the business, which would  
enable the Company to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements.
The additional funding has been agreed to be provided as a current intention only, until the Company has secured alternative funding,  
and does not represent a legally binding obligation by the shareholder. Whilst the Directors have a reasonable expectation that the 
shareholder will continue to support the Group, in view of the nature of the support, there can be no certainty in this matter.
In view of the above, the Directors have concluded that a material uncertainty exists that may cast significant doubt upon the Group’s 
ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described above, the 
Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing the accounts.
The income statement and balance sheet show no intention or necessity to liquidate or curtail significantly the operations of the Group. 
Specifically, the assets of the Group have been valued and reported on the basis that they will be used for the purpose for which they 
were purchased in the ongoing operation of the business and no liabilities have been included that may arise on a significant curtailment 
of Group activities.
Unaudited pro forma results
In addition to disclosing the information relating to 2007 long period of account, the Directors believe it is useful to disclose the unaudited 
pro forma income statement and cash flow statement for the year ending 31 December 2007. This presentation has been selected to 
ensure comparability between the information presented herein for 2008 and 2007.
These additional unaudited pro forma disclosures for the year ending 31 December 2007 comprise the results of IdaTech UK Limited  
and its subsidiaries for the year ended 31 December 2007, with the results of IdaTech plc since 25 May 2007.
The consolidated retained earnings reserves of the Group as at 31 December 2008 include the pre-IdaTech plc acquisition retained 
earnings of IdaTech UK Limited and its subsidiaries as required by IFRS 3.
Prior to the incorporation of IdaTech plc, IdaTech UK Limited was the holding company of the ITI Group. Until the Admission  
to the AIM market of the London Stock Exchange on 7 August 2007, IdaTech UK Limited was a wholly-owned subsidiary of the  
Investec plc Group (“Investec”).
Prior to the acquisition by IdaTech UK Limited, the ITI Group was wholly owned by IDACORP, a US state utility company.
Interpretations effective in 2008 but not relevant to the Group:
IFRIC 12, “Service concession arrangements”.
IFRIC 13, “Customer loyalty programmes”.
IFRIC 14, “IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction”. 27 IdaTech plc Annual Report 2008
The following standards, amendments and interpretations to existing standards have been published and are mandatory for the Group’s 
accounting periods beginning on or after 1 January 2009 or later periods, but the Group has not early adopted them: 
IAS 23 (Revised), “Borrowing costs” (effective from 1 January 2009). It requires an entity to capitalise borrowing costs directly attributable 
to the acquisition, construction or production of a qualifying asset (one that takes a substantial year of time to get ready for use or sale) as 
part of the cost of that asset. The option of immediately expensing those borrowing costs will be removed. The Group will apply IAS 23 
(Amended) from 1 January 2009 but is currently not applicable to the Group as there are no qualifying assets.
 
IFRS 8, “Operating segments” (effective from 1 January 2009). IFRS 8 replaces IAS 14 and aligns segment reporting with the 
requirements of the US standard SFAS 131, “Disclosures about segments of an enterprise and related information”. The new standard 
requires a “management approach”, under which segment information is presented on the same basis as that used for internal reporting 
purposes. As goodwill is allocated to Groups of cash-generating units based on segment level, the change will also require management 
to reallocate goodwill to the newly identified operating segments. Management does not anticipate that this will result in any material 
impairment to the goodwill balance.
 
Interpretation and amendments to existing standards that are not yet effective and not relevant for the Group’s operations:
IFRIC 15, “Agreements for construction of real estates” (effective from 1 January 2009).
IFRIC 16, “Hedges of a net investment in a foreign operation” (effective from 1 October 2008).
IFRIC 17, “Distributions of non-cash assets to owners” (effective for annual accounting periods beginning on or after 1 July 2009).
IFRIC 18, “Transfer of assets from customers” (effective for periods beginning on or after 1 July 2009).
Subsidiaries
Subsidiaries are those entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the 
financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that are 
presently exercisable or convertible are taken into account. The results of all subsidiary undertakings acquired or disposed of are 
included in the income statement from the effective date of control until the date that control ceases. The purchase method of accounting 
is used to account for the acquisition of subsidiaries and adjustments are made if necessary to ensure consistency of subsidiaries’ 
accounting policies with the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued 
and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired 
and liabilities and contingent liabilities assumed are measured initially at their fair values at the acquisition date. The excess of the cost of 
acquisition over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. All intra-Group 
transactions and unrealised gains are eliminated as part of the consolidation process.
Foreign currency translation
These financial statements are presented in US dollars (US$), which is the presentational and functional currency of the Group. Amounts 
included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment 
in which the entity operates (the functional currency). Transactions in foreign currencies are translated into the functional currency using 
the exchange rate prevailing at the date of transaction.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates 
of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
On consolidation, the assets and liabilities of all Group companies that have a functional currency other than US$ are translated at the 
rate prevailing at the balance sheet date, and their income and expenses are translated at average exchange rates for the year. Resulting 
exchange differences are recorded as a separate component of equity. When a foreign operation is sold, these exchange differences are 
recognised in the income statement as part of the gain or loss on sale.
Goodwill and fair value adjustments on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are 
translated at the closing rate.
Property, plant and equipment
Property, plant and equipment are shown at original historical cost, or acquired fair value, net of accumulated depreciation and any 
provision for impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent  
costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future 
economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount 
of a replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial year in 
which they are incurred.
Depreciation is provided at rates calculated to write off the cost, or acquired fair value, less estimated residual value, of each asset on a 
straight-line basis over its expected useful life. The expected useful lives of office equipment production and research equipment are 
three to six years. Leasehold improvements are depreciated over the shorter of the life of the lease and the life of the improvement. The 
assets’ residual values and useful lives are reviewed and adjusted if appropriate at each balance sheet date. An asset’s carrying value is 
1. Significant accounting policies continued 28 IdaTech plc Annual Report 2008
Notes to the Consolidated Financial Statements continued
written down immediately to its recoverable amount if the asset’s carrying value is greater than its estimated recoverable amount. Gains 
and losses on disposal of property, plant and equipment are determined by comparing the proceeds with the carrying amount and are 
recognised in the income statement.
The Group does not revalue its assets.
Research and development
Expenditure on research activities is charged as an expense in the year in which the cost is incurred. Development costs have been 
capitalised where they meet all of the criteria specified in International Accounting Standard (“IAS”) 38 “Intangible Assets”.
Intangible assets
Intangible assets include intellectual property, core technology and licence fees. The Group has capitalised patents covering many 
aspects of the Group’s proprietary technology, including issued patents as well as pending applications and disclosures presently  
at various stages of preparation for application.
The Group’s intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any provision for 
impairment. Amortisation is calculated using the straight-line method to allocate the cost of the intangible assets over their estimated 
useful economic lives as follows:
Core technology  20 years
Intellectual property 10 years
Licence fees  one to three years
Upon the acquisition of the Group by the Investec Group on 20 July 2006, certain intangible assets were recognised. These assets relate 
to the core technology of IdaTech, LLC and the intellectual property of its two most advanced products.
The valuation of the core technology is calculated using a discounted cash flow method on an expected royalty fee that would be 
generated if such technology were to be licensed. The valuation of the intellectual property has been calculated using the discounted 
cash flow of the expected profitability of the products over their useful lives.
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of the 
acquired subsidiary at the date of acquisition. Goodwill is allocated to cash-generating units (“CGUs”) identified according to business 
segments; as there is only one business segment there is only one corresponding CGU. Separately recognised goodwill is tested 
annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed.  
Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Impairment
Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the 
carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount  
exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use.  
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash  
flows (cash-generating units). Non-financial assets that have suffered impairment are reviewed for possible reversal of impairment  
at each balance sheet date.
Segmental reporting
A segment is a distinguishable component of the Group that is engaged either in providing products or services within a particular 
economic environment (geographical segment) or providing products or services that are subject to risks and rewards that are different  
to other segments (business segment). Shared costs are allocated to segments based on arms-length service agreements, or allocated 
on a basis consistent with the consumption of the associated goods or services.
Financial instruments
Financial assets
Under IFRS 7 “Financial Instruments: Disclosures”, financial assets are classified as one of financial assets held at fair value through the 
income statement, loans and receivables, held-to-maturity investments or available for sale financial assets. The Group only holds loans 
and receivables.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. 
They are included in current assets. The Group’s loans and receivables comprise “trade and other receivables” and “cash and cash 
equivalents” in the balance sheet.
1. Significant accounting policies continued 29 IdaTech plc Annual Report 2008
Loans and receivables with fixed or determinable payments are carried at amortised cost using the effective interest method, with 
changes in carrying value recognised in the income statement. Loans and receivables exclude items that the Group intends to sell 
immediately or in the short term (which are classified as held for trading) and those for which the Group may not recover substantially  
all of its initial investment other than because of credit deterioration (which are classified as available for sale).
Trade receivables
Trade receivables are measured on initial recognition at fair value and subsequently measured at amortised cost using the effective 
interest method. Appropriate provisions for impairment are recognised where there is objective evidence that the full amount of the trade 
receivable is not collectible and are recognised in the income statement. Significant financial difficulties of the debtor, probability that the 
debtor will enter bankruptcy or financial reorganisation and default or delinquency in payments (more than three months overdue) are 
considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset’s carrying 
amount and the present value of estimated cash flows, discounted at the original effective interest rate. The carrying amount of the asset 
is reduced through the use of an allowance account and the amount of the loss is recognised in the income statement within “sales, 
general and administrative expenses”. When a trade receivable is uncollectable, it is written off against the allowance account for trade 
receivables. Subsequent recoveries of amounts previously written off are credited against “sales, general and administrative expenses”  
in the income statement.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with  
original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities  
on the balance sheet.
Financial liabilities
Financial liabilities are stated at fair value adjusted for transaction costs attributable to the issue of financial liabilities. Financial liabilities 
are subsequently measured at amortised cost using the effective interest method.
Trade payables are recognised initially at fair value and subsequently at amortised cost using the effective interest rate method.
Derivative financial instruments and hedging activities
The Group’s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. The Group neither 
holds nor has issued any derivative financial instruments and does not enter into hedging arrangements.
Treasury policies
The objectives of management are to manage the Group’s financial risk and secure cost-effective funding for the Group’s operations.
The Group has financed its activities with a combination of loans and cash as disclosed in notes 9 and 15. Other financial assets and 
liabilities, such as trade debtors and trade creditors, arise directly from the Group’s operating activities. The Group does not trade in 
financial instruments.
Borrowing costs
Borrowing costs are recognised as an expense in the year in which they are incurred.
Financial risk management
Financial risk factors
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow 
interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management programme focuses on the 
unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance.
The main risks associated with the Group’s financial assets and liabilities are set out below.
(a) Market risk
Foreign currency risk
The Group has invested in operations outside the United States of America and also buys and sells goods denominated in currencies 
other than US dollars. As a result the value of the Group’s non-US dollar revenues, expenses, financial assets and liabilities and cash 
flows can be affected by movements in exchange rates in general, although at present these operations are not significant. The Group’s 
transactional currency exposures arise from sales or purchases by Group companies in currencies other than its functional currency.  
The Group currently does not have significant exposures to foreign exchange due to the small size of the operations outside of the US. 
The Group currently does not enter into forward contracts due to this small exposure.
The only foreign currency held is that in UK pounds by IdaTech plc. The amount held is not significant and related foreign currency risk  
is immaterial.
1. Significant accounting policies continued 30 IdaTech plc Annual Report 2008
Notes to the Consolidated Financial Statements continued
Interest rate risk
Since the initial public offering on 7 August 2007 until September 2008, the Group has been financed by the cash it raised during that 
process. Prior to that date, and since September 2008, the Group has been financed by loans from the Investec Group, the ultimate 
parent undertaking on a floating interest rate. Whilst fixed rate interest bearing debt is not exposed to cash flow interest rate risk, there  
is no opportunity for the Group to enjoy a reduction in borrowing costs in markets where rates are falling. In addition, the fair value risk 
inherent in fixed rate borrowing means that the Group is exposed to unplanned costs should debt be restructured or repaid early as part 
of the liquidity management process. Floating rate interest is exposed to cash flow US interest rate risk, with any increases in the cost of 
finance increasing the cost of servicing the debt. Floating rate interest debt does allow the Group to take advantage of restructuring the 
debt without incurring fixed interest charges.
(b) Credit risk
Credit risk arises from cash and cash equivalents and credit exposures to customers. When the Group has liquid resources available, it 
places them with a range of financial institutions and is therefore exposed to credit solvency risk from these institutions. The Group has a 
policy that defines at which institutions funds can be placed and an instrument dealt, and defines credit limits based on those institutions’ 
credit ratings.
Group policies are aimed at minimising losses, and require that deferred terms are granted only to customers who demonstrate an 
appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored with customers subject to 
credit limits to ensure that the Group’s exposure to bad debts is not significant.
(c) Liquidity risk
The Group aims to mitigate liquidity risk by controlling cash management within its operations. Investment is carefully controlled,  
with authorisation limits operating up to Group level and cash payback years applied as part of the investment appraisal process.  
Excess cash used in managing liquidity is only invested in financial instruments exposed to insignificant risk of changes in market value.
Note 15 contains an analysis of the Group’s financial liabilities into maturity groupings.
Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide 
returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.  
In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets.
       As at ended  As at ended 
       31 December 31 December 
       2008 2007 
       US$’000 US$’000
Total borrowings (note 15)       7,055.3 58.2
Less: cash and cash equivalents (note 9)       (620.0) (13,797.2)
Net debt       6,435.3 (13,739.0)
Total equity       31,668.6 49,949.0
Total capital       38,103.9 36,210.0
Gearing ratio       17% Nil
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (“FIFO”) method.  
The cost of work in progress and finished goods includes materials, labour and factory overheads. Net realisable value is the estimated 
selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the 
sale. Any inventory item which does not form part of a current product line is declared as obsolete and fully written off.
Taxation
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and 
liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it 
arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction 
affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates and laws that have been enacted 
or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or 
the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the 
temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing 
of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in 
the foreseeable future.
1. Significant accounting policies continued 3 1 IdaTech plc Annual Report 2008
Employee benefits
(a) Pension obligations
The Group has a defined contribution plan covering substantially all full-time employees. A defined contribution plan is a pension plan 
under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further 
contributions if the fund does not hold sufficient assets to pay all employees the benefit relating to employee service in the current and 
prior years. The contributions are recognised as employee benefit expense when they are due.
(b) Share-based compensation
The Group operates a number of share-based remuneration schemes. These schemes are accounted for in accordance with IFRS 2 
“Share-Based Payment” under which a charge is recognised in the income statement based on the fair value (the economic value) of the 
grant, measured at the grant date. The charge is spread over the vesting year and non-market conditions may be subject to adjustment if 
the number of options or shares actually vesting differs from that assumed at the outset. This must be revisited each balance sheet date. 
The valuation methodology takes into account future share price volatility, future dividend yield, future risk-free interest rate, an estimate  
of the earnings per share and exercise behaviour and is based on the Binomial Lattice method.
Provisions
Provisions for warranty and installation and for onerous contracts are recognised when the Group has a present legal or constructive 
obligation as a result of past events, it is probable that an outflow of economic resources will be required to settle the obligation and the 
amount has been reliably estimated. Where there are a number of similar obligations, the likelihood that an outflow will be required in 
settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow 
with respect to one item included in the same class of obligations may be small. Provisions are measured at the present value (based on 
a discounted cash flow) of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects the current 
market assessments of the time value of money and the risks specific to the obligation. Any increase in provisions due to the passage of 
time is recognised as an interest expense.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and 
services provided in the normal course of business, net of trade discounts and sales related taxes.
Sale of goods
Sales of goods are recognised when equipment is shipped, when title passes or when specific milestones are met, as specified in a 
customer’s contract, or, in the case of trial units, on the customer’s acceptance of the product.
Development contracts
The amount of profit attributable to the stage of completion of a long-term contract is recognised when the outcome of the contract can 
be seen with reasonable certainty. Revenue for such contracts is stated at cost appropriate to their stage of completion plus attributable 
profits, less amounts recognised in previous years. Provision is made for any losses which are foreseen. In respect of the Group’s cost 
reimbursement contracts with certain customers (where the customer contract defines the sales value in terms of actual costs incurred 
on the projects), revenue is recognised as the costs of the contract are incurred.
Contract work in progress is stated at costs incurred less those transferred to the income statement, after deducting foreseeable losses 
and payments on account not matched with revenue.
Amounts recoverable on contracts are included in trade and other receivables and represents revenue recognised in excess of payments 
on account.
Leases
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. 
Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a 
straight-line basis over the life of the lease.
Research and development related tax credit
The Group receives a tax credit based on the value of qualifying research and development expenditure. This is based on a percentage 
of the expenditure incurred and is received as cash periodically in arrears. The tax credit is accrued for as the qualifying expenditure is 
incurred and to the extent the cash has not been received, the amount due to the Group is included in trade and other receivables.
1. Significant accounting policies continued 32 IdaTech plc Annual Report 2008
2. Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations  
of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely equal 
the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying 
amounts of assets and liabilities within the next financial year are outlined below.
Warranty provision
At 31 December 2008, the Group has recorded a liability of US$456,271 (31 December 2007 US$462,400) for warranty and installation 
costs. As the Group and the industry in which it operates are in the development stage, there is little historical data upon which to 
establish a reserve for warranty and installation costs. The liability recorded represents management’s best estimate of the potential 
future costs of warranty and repair, which is calculated as a percentage of product costs based on experience.
Share-based payments
The Group operates a number of share-based remuneration schemes. The valuation requires a number of estimates and assumptions  
to be made. See note 13.
Impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy in note 1. 
Management’s assumptions in performing this test are a source of estimation uncertainty.
Valuation of intangible assets on acquisition
Intangible assets that existed at the date of the acquisition were identified through an assessment of the economics of the transaction 
and split into core technology and intellectual property R&D attributable to the existing products.
There are a number of assumptions underlying the valuation of these intangibles. Therefore this is a source of estimation uncertainty.
3. Revenue
The Group’s revenue, all of which is derived from continuing operations, is from the sale of goods and delivery of development contracts:
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Sale of goods – current products      2,429.3 1,681.8 983.5
Development contracts      3,356.4 5,218.0 3,719.0
Other      145.0 780.9 374.2
       5,930.7 7,680.7 5,076.7
4. Geographic and business segments
Given the current phase of the business and the presently limited definitive product lines available for sale, management considers the 
Group to be operating in one primary market segment, related to fuel cells. The secondary segment is considered to be geographic.
The country of the operations is the USA. Revenue is allocated below based on the country in which the Customer is based.
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Revenue
United States      3,059.3 4,696.3 2,720.3
Japan      1,351.9 710.5 710.5
Mexico      918.6 30.0 30.0
Europe      313.1 1,995.9 1,437.6
Other      287.8 248.0 178.3
Total revenue      5,930.7 7,680.7 5,076.7
Notes to the Consolidated Financial Statements continued 33 IdaTech plc Annual Report 2008
       As at  As at 
       31 December 31 December 
       2008 2007 
       US$’000 US$’000
Total assets
United States       48,946.9 52,287.1
Japan       – –
Mexico       1,559.9 597.5
Europe       60.7 9,067.6
Other       – –
Total assets       50,567.5 61,952.2
Total assets are allocated on the basis of where the assets are located. Identifiable intangible assets and goodwill are assumed to reside 
in the country in which the principal activity to which it relates is based.
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Capital expenditure
United States      243.7 36,860.5 248.6
Japan      – – –
Mexico      157.7 208.1 208.1
Europe      – – –
Other      – – –
Total capital expenditure      401.4 37,068.6 456.7
Capital expenditure is allocated based on where the assets are located.
The capital expenditure for the period 13 July 2006 to 31 December 2007includes the purchase by IdaTech UK Limited of ITI, IdaTech, 
LLC and IdaTech GmbH Fuel Cells GmbH at a cost US$34,500,000 – see note 8 for further details.
5. Property, plant and equipment
    Production Research Office Leasehold  
    equipment equipment equipment improvements Total 
    US$’000 US$’000 US$’000 US$’000 US$’000 
Cost
As at 1 January 2008    1,025.9 1,231.2 658.4 388.3 3,303.8
Additions    289.2 86.8 25.4 – 401.4
Disposals    (9.4) (17.0) (16.4) – (42.8)
As at 31 December 2008    1,305.7 1,301.0 667.4 388.3 3,662.4
Accumulated depreciation
As at 1 January 2008    563.4 987.7 538.1 376.6 2,465.8
Charge in period    90.2 87.0 36.0 11.7 224.9
On disposals    (33.9) – – – (33.9)
As at 31 December 2008    619.7 1,074.7 574.1 388.3 2,656.8
Net book amount
At 31 December 2008    686.0 226.3 93.3 – 1,005.6
At 31 December 2007    462.5 243.5 120.3 11.7 838.0
4. Geographic and business segments continued 3 4 IdaTech plc Annual Report 2008
Depreciation expense is charged as follows:
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Cost of sales      90.2 96.8 65.4 
Research and development      87.0 314.6 182.2 
Sales, general and administrative expenses      47.7 87.0 62.2 
       224.9 498.4 309.8 
6. Goodwill
       As at  As at 
       31 December 31 December 
       2008 2007 
       US$’000 US$’000
Cost and net book amount
At the beginning of the year/period       18,001.2 –
Additions (note 8)       – 18,001.2
At the end of the period       18,001.2 18,001.2
Goodwill acquired represents a payment made by the Group in anticipation of future economic benefits from assets that are not capable 
of being individually identified and separately recognised. The goodwill arising is attributable to the workforce of the acquired business, 
the expected future production and sale of currently undeveloped products and goodwill arising from the deferred tax liability.
The carrying value of goodwill was tested for impairment against its value in use, based on pre-tax discounted cash flow projections. 
Cash flow projections to 2013 prepared by management were used. Cash flows beyond this five year period are extrapolated using an 
estimated growth rate of 2.5%.
An estimated pre-tax discount rate of 25% (2007 25%) has been used which is by reference to the rate of return required in development 
stage enterprises (with products available for sale) funded by venture capital financing. The assumptions are those which a market 
participant would make in assessing the fair value less cost to sell.
No impairment was identified.
In order for the cash generating unit recoverable amount to equal its carrying value, the product cost reductions implicit in its cash flow 
projections would have to be delayed for 18 months beyond their expected realisation date. This would reduce the expected sales volume 
and defer cash breakeven out for a further 18 months.
7. Intangible assets
     Licence Intellectual Core  
     fees property technology Total 
     US$’000 US$’000 US$’000 US$’000 
Cost
At 1 January 2008     264.1 17,448.2 9,856.0 27,568.3
Additions     179.4 1,658.8 – 1,838.2
Disposals     – – – –
As at 31 December 2008     443.5 19,107.0 9,856.0 29,406.5
Accumulated amortisation
At 1 January 2008     242.2 2,410.2 587.1 3,239.5
Charge in period     196.2 1,685.0 492.9 2,374.1
On disposals     – – – –
As at 31 December 2008     438.4 4,095.2 1,080.0 5,613.6
Net book amount
At 31 December 2008     5.1 15,011.8 8,776.0 23,792.9
At 31 December 2007     21.9 15,038.0 9,268.9 24,328.8
Notes to the Consolidated Financial Statements continued
5. Property, plant and equipment continued 35 IdaTech plc Annual Report 2008
Intellectual property additions include US$801,873 (period 13 July 2006 to 31 December 2007 US$774,400) of internally generated 
development costs.
The amortisation charge is separately disclosed on the face of the income statement.
8. Acquisitions
On 20 July 2006 IdaTech UK Limited acquired the entire issued share capital of the ITI Group. The acquired business contributed 
revenues of US$2,604,336 and a net loss of US$2,097,307 to the Group for the period from 20 July 2006 to 31 December 2007.
The ITI Group contributed revenues of US$5,076,686 and net loss of US$10,636,082 to the Group for the year ended 31 December 2007.
Details of net assets acquired and goodwill are as follows:
      Carrying   
      values Fair value  
      pre-acquisition adjustment Total 
      US$’000 US$’000 US$’000
Assets
Property, plant and equipment      800.6 (7.5) 793.1
Intangible assets      2,647.7 22,842.6 25,490.3
Inventories      634.5 24.7 659.2
Trade and other receivables      994.1 (6.2) 987.9
Cash and cash equivalents      119.4 – 119.4
       5,196.3 22,853.6 28,049.9
Liabilities
Borrowings      313.1 – 313.1
Trade and other payables      1,627.6 – 1,627.6
Provisions      483.7 (11.2) 472.5
Deferred income tax liability      – 9,137.9 9,137.9
       2,424.4 9,126.7 11,551.1
Fair value of net assets acquired        16,498.8
Goodwill        18,001.2
Cash consideration        34,500.0
Goodwill acquired represents a payment made in anticipation of future economic benefits from assets that are not capable of being 
individually identified and separately recognised. The goodwill arising is attributable to the workforce of the acquired business, the 
expected future production and sale of currently undeveloped products and goodwill arising from the deferred tax liability.
9. Cash and cash equivalents
       As at  As at 
       31 December 31 December 
       2008 2007 
       US$’000 US$’000
Cash and cash equivalents       620.0 13,797.2
Under the provisions of German statutory law, in conjunction with legally incorporating in Germany, the Group must keep €25,000 in a 
bank account as restricted cash to cover any expenses associated with the Group ceasing operations in that country. At the end of each 
year, the account is translated into US dollars using the year end closing rate.
7. Intangible assets continued 3 6 IdaTech plc Annual Report 2008
Notes to the Consolidated Financial Statements continued
10. Trade and other receivables
       As at  As at 
       31 December 31 December 
       2008 2007 
       US$’000 US$’000
Current
Trade receivables       1,534.1 808.8
Less: provision for impairment of receivables       (33.1) (17.4)
Trade receivables – net       1,501.0 791.4
Other receivables       1,901.0 1,565.5
Prepayments and accrued income       412.5 861.0
Total current portion       3,814.5 3,217.9
Non-current
Long-term deposits       100.0 100.0
As at 31 December 2008 US$100,000 (2007 US$100,000) was held in a long-term certificate of deposit.
Movements on the provision for impairment of trade receivables are as follows:
        13 July 
       Year to 2006 to 
       31 December 31 December 
       2008 2007 
       US$’000 US$’000
At beginning of year/period       (17.4) –
Provision for receivables impairment       (16.9) (50.3)
Unused amounts reversed       1.2 32.9
At end of period       (33.1) (17.4)
The creation and release of provisions for impaired receivables have been included in selling, general and administrative expenses in the 
income statement. Trade receivables are written off when there is no expectation of recovering additional cash.
The other classes within trade and other receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable. The Group does not hold any 
collateral as security.
As at 31 December 2008, trade receivables which were past due but not impaired are as follows:
       As at  As at 
       31 December 31 December 
       2008 2007 
       US$’000 US$’000
Up to three months past due (but not impaired)      227.1 20.0
Three to six months past due (but not impaired)      5.0 –
Over six months past due (but not impaired)       82.6 8.2
        314.7 28.2
These relate to trade receivables for whom there is no recent history of default. No impairment has been recognised as it is expected that 
all the amounts will be received in full.
All trade receivables are denominated in US dollars. 37 IdaTech plc Annual Report 2008
11. Inventories
       As at  As at 
       31 December 31 December 
       2008 2007 
       US$’000 US$’000
Raw materials       2,567.0 1,220.3
Work-in-progress       484.0 448.8
Finished goods       182.3 –
        3,233.3 1,669.1
12. Called up share capital
       As at  As at 
       31 December 31 December 
       2008 2007 
       US$’000 US$’000
IdaTech plc
Authorised
100,000,000 Ordinary Shares of £0.01 each       2,002.4 2,002.4
49,499,969 (2007 49,499,969) allotted, called up and fully paid     991.2 991.2
IdaTech plc
IdaTech plc was incorporated with an authorised and issued share capital of £50,000 divided into 5,000,000 Ordinary Shares of 
£0.01 each.
The following changes have occurred in the share capital of the Company since its date of incorporation:
(a)  On 7 June 2007, the Company issued 27,313,475 Ordinary Shares to Investec in consideration for the transfer of all of the issued 
shares of IdaTech UK Limited;
(b)  On 21 June 2007, the Company issued 2,686,525 Ordinary Shares to the trustee of the IdaTech Employee Trust;
(c)  On 7 June 2007, the authorised share capital of the Company was increased from £50,000 to £1,000,000 by the creation of 
95,000,000 Ordinary Shares of £0.01 each; and
(d)  On 7 August 2007, the Company issued a further 14,499,969 shares in connection with the Admission of the Company to AIM.
All issued shares are fully paid.
13. Share-based payments
        Unaudited 
       13 July pro forma 
      Year ended 2006 to Year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
2006 Restricted Stock Plan      439.4 2,224.5 1,372.8
2006 Stock Option Plan      597.1 1,566.6 1,556.3
2008 IdaTech Restricted Stock Plan      1,645.0 – –
2008 Restricted Stock Plan 2      313.8 – –
       2,995.3 3,791.1 2,929.1
(a) 2006 Restricted Stock Plan
On 20 July 2006, senior management was awarded a total of 10,000 shares of restricted stock of ITI under the Restricted Stock Plan. 
Pursuant to a 500 to 1 stock split undertaken by ITI in December 2006, these 10,000 shares of restricted stock were converted into 
5,000,000 shares of restricted stock of ITI. On 21 June 2007, the executives transferred all their shares of restricted stock of ITI to IdaTech 
plc in exchange for a total of 2,686,525 Ordinary Shares (the “Restricted Stock”). The Restricted Stock is held subject to the same terms 
and conditions as applied to the restricted stock of ITI held under the Restricted Stock Plan. The terms and conditions applying to the 
Restricted Stock are summarised below. No further awards will be made under this plan. 38 IdaTech plc Annual Report 2008
Notes to the Consolidated Financial Statements continued
A restriction period applies to the Restricted Stock. During this period, the Restricted Stock may not be transferred and participants  
do not have voting rights. Participants are entitled to any dividends paid on the Restricted Stock during the restriction period subject  
to any restrictions applied to such dividends as deemed appropriate by the remuneration committee of the Board. On the termination  
of a participant’s employment with the Group, all the participant’s Restricted Stock will generally be forfeited, except in cases where  
the employment was terminated without “cause”, where the participant is entitled to retain a proportion of his or her Restricted Stock.  
The trustee of the IdaTech Employee Trust holds legal title to the Restricted Stock during the restriction period.
The restriction period ends in relation to proportionate parts of the Restricted Stock at different dates which relate to the date of 
Admission. Different dates apply depending on the dates of the original awards.
This plan was cancelled during the year.
The movement in the number of shares under the plan is as follows:
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      shares shares shares
At beginning of period      1,812,232 – 5,000,000
Granted     (i) – 5,000,000  –
Forfeited     (i) (1,812,232) (6,459) –
Exchanged for shares in IdaTech plc     (i) – (4,993,541) –
Shares issued in IdaTech plc     (ii) – 2,686,525 –
Exercised     (ii) – (874,293) –
As at 31 December     (ii) – 1,812,232 5,000,000
(i) Shares in IdaTech Technologies, Inc.
(ii) Shares in IdaTech plc.
The weighted average remaining life of the restricted stock grants as at 31 December 2008 was nil (at 31 December 2007 was one year 
and seven months).
The market value as at 31 December 2007 after the transfer to IdaTech plc was US$0.365 per share.
The charge recorded in respect of this scheme for the year to 31 July 2008 was US$439,371 until the time the scheme was cancelled  
(for the period 13 July to 31 December 2007 US$2,224,500).
The fair value has been calculated using the Binomial Lattice model and the key assumptions used are as follows:
Vesting period        3 years
Sale or public offering by        19 July 2007
Risk-free rate 
12 month anniversary of grant        5.23% 
third anniversary of grant        5.01%
Stock dividend yield        Nil
Expected stock volatility 
12 month anniversary of grant        62.1% 
third anniversary of grant        56.5%
Average fair value (US$)        0.6785
Average exercise price        Nil
The expected stock volatility was based on comparable companies over an equivalent period from the valuation date to the exit date.
(b) 2006 Stock Option Plan
On 21 December 2006, options over 4.975% of the share capital of ITI were issued to the employees of the Group at exercise price  
of US$0.6791 per share which was calculated to be the fair value of the share on the date of grant. These are equity settled options. 
Under this scheme the maximum fair value amount that can be awarded is US$100,000.
On 7 June 2007, pursuant to the provisions of the 2006 Option Plan, the Board resolved to grant options to acquire Ordinary Shares in 
IdaTech plc in exchange for the cancellation of all the options granted under the 2006 Option Plan. The new options are subject to the 
same terms and conditions as applied to the options before the exchange, including the provisions of the 2006 Option Plan, amended  
as necessary so as to apply to Ordinary Shares rather than shares of stock in ITI.
13. Share-based payments continued 39 IdaTech plc Annual Report 2008
Options will generally lapse on termination of the option holder’s employment, provided that, except where the termination was for 
“cause”, options that have become exercisable as of the date of such termination will remain exercisable. Options are not transferable 
other than on the death of the option holder. Certain restrictive covenants apply to the options, the terms of which provide that options 
and any shares held by the option holder will be forfeited where, for example, the option holder engages in certain competitive activity, 
solicits employees or breaches confidentiality.
The expected stock volatility is based on comparable companies over an equivalent year from the valuation date.
The charge recorded in respect of this scheme for the year to 31 December 2008 was US$597,100 (for the period 13 July to 31 December 
2007 the charge was US$1,566,600. The charge for the unaudited pro forma year to 31 December 2007 was US$1,556,300.
     Unaudited pro forma 
 Year ended  13 July 2006 to  year ended 
 31 December 2008 
| 
31 December 2007 
| 
31 December 2007
   Average  Average  Average  
   exercise price Options exercise price Options exercise price Options
At beginning of year/period  (i) £0.49 1,859,881  – $0.6791 2,487,500
Granted  (i) – – $0.6791 3,664,346 $0.6791 1,176,846
Forfeited  (i) – – $0.6791 (300,000) $0.6791 (300,000)
Exchanged for options in IdaTech plc  (i) – – $0.6791 (3,364,346) $0.6791 (3,364,346)
Options issued in IdaTech plc  (ii) – – £0.49 1,810,093 £0.49 1,810,093
Granted  (ii) – – £0.49 538,032 £0.49 538,032
Forfeited  (ii) £0.49 (209,526) £0.49 (170,349) £0.49 (170,349)
Exercised  (ii) £0.49 (78,658) £0.49 (317,895) £0.49 (317,895)
As at 31 December  (ii) £0.49 1,571,697 £0.49 1,859,881 £0.49 1,859,881
(i) Shares in IdaTech Technologies, Inc.
(ii) Shares in IdaTech plc.
As at 31 December 2008, 167,579 options were exercisable (31 December 2007, 74,410).
The weighted average remaining life of the options as at 31 December 2008 was eight years and two months (at 31 December 2007  
was nine years and two months).
Of the 1,571,697 shares outstanding as at 31 December 2008, 167,579 were exercisable (of the 1,859,881 shares outstanding as at 
31 December 2007, 74,410 were exercisable).
Options outstanding at the end of the year have the following expiry dates and exercise prices:
       As at  As at 
      Exercise 31 December 31 December  
Expiry date      price 2008 2007
2017      £0.49 1,571,697 1,859,881 
Options in IdaTech plc
(c) 2008 IdaTech Restricted Stock Plan
On 18 March 2008, a Restricted Stock grant totalling 593,969 options were granted to the senior management and employees.  
These awards are subject to certain performance conditions as detailed below:
a doubling of the share price from the price on the day of award £0.99 to £1.98 over a three year period; •	
up to two thirds of the grant can be awarded on the second anniversary of the award; •	
on the third anniversary of grant up to the whole of the award, less those awarded on the second anniversary, can we awarded to the •	
holders; and 
proportional awards are allowable, so if the share price increased by 80% (target 100%) over the three years, then 80% of the grant •	
would be awarded upon the third anniversary.
The charge recorded in respect of this scheme for the year to 31 December 2008 was US$1,345,000 (2007 nil).
13. Share-based payments continued 40 IdaTech plc Annual Report 2008
Notes to the Consolidated Financial Statements continued
The movement in the number of shares under the plan is as follows:
        Unaudited 
       13 July pro forma 
      Year ended 2006 to Year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      number of  number of number of 
      shares shares shares
At beginning of period      – – –
Granted      593,969 – –
Forfeited      (19,440) – –
Exchanged for shares in IdaTech plc      – – –
Shares issued in IdaTech plc      – – –
Exercised      – – –
As at 31 December      574,529 – –
The weighted average remaining life of the restricted stock grants as at 31 December 2008 was one year and seven months  
(at 31 December 2007 nil).
The fair value has been calculated using the Binomial Lattice model and the key assumptions used are as follows:
Vesting period        3 years
Grant date       18 March 2008
Risk-free rate 
second anniversary of grant        1.09% 
third anniversary of grant        1.09%
Stock dividend yield        Nil
Expected stock volatility 
second anniversary of grant        65.0% 
third anniversary of grant        65.0%
Average fair value (US$)        3.5
Average exercise price        Nil
The expected stock volatility is based on comparable companies over an equivalent period from the valuation date to the exit date.
(d) 2008 Restricted Stock Plan 2
On 1 October 2008, senior management and staff were awarded 1,757,808 Restricted Shares.
A restriction period applies to the Restricted Stock. During this period, the Restricted Stock may not be transferred and participants  
do not have voting rights. Participants are entitled to any dividends paid on the Restricted Stock during the restriction period subject  
to any restrictions applied to such dividends as deemed appropriate by the remuneration committee of the Board. On the termination  
of a participant’s employment with the Group, all the participant’s Restricted Stock will generally be forfeited, except in cases where  
the employment was terminated without “cause”, where the participant is entitled to retain a proportion of his or her Restricted Stock.  
The trustee of the IdaTech Employee Trust holds legal title to the Restricted Stock during the restriction period.
The restriction period will lapse as to 1,357,881 Ordinary Shares on first anniversary of grant and a further 399,927 Ordinary Shares on 
the second anniversary of the grant.
13. Share-based payments continued 41 IdaTech plc Annual Report 2008
The movement in the number of shares under the plan is as follows:
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      number of  number of number of 
      shares shares shares
At beginning of period      – – –
Granted      1,757,808 – –
Forfeited      – – –
Exchanged for shares in IdaTech plc      – – –
Shares issued in IdaTech plc      – – –
Exercised      – – –
As at 31 December      1,757,808 – –
The weighted average remaining life of the restricted stock grants as at 31 December 2008 was one year.
The value as at 31 December 2008 after the transfer to IdaTech plc is US$2.40 per share.
The charge recorded in respect of this scheme for the year was US$313,800.
The fair value has been calculated using the Binomial Lattice model and the key assumptions used are as follows:
Vesting period        1.75 years
Grant date       1 October 2008
Risk-free rate 
one year anniversary of grant        0.25% 
two year month anniversary of grant        0.25%
Stock dividend yield        Nil
Expected stock volatility 
one year anniversary of grant        65.0% 
two year month anniversary of grant        65.0%
Average fair value (US$)        2.403
Average exercise price        Nil
The expected stock volatility is based on comparable companies over an equivalent period from the valuation date to the exit date.
14. Trade and other payables
       As at  As at 
       31 December 31 December 
       2008 2007 
       US$’000 US$’000
Trade payables       1,133.8 1,230.7
Corporation tax       – 89.0
Accruals       2,888.5 2,141.4
        4,022.3 3,461.1
13. Share-based payments continued 42 IdaTech plc Annual Report 2008
15. Borrowings
       As at  As at 
       31 December 31 December 
       2008 2007 
       US$’000 US$’000
Non-current
Other loans       2.3 55.2
Amounts due to Investec plc Group       7,000.0 –
        7,002.3 55.2
Current
Other loans       53.0 3.0
        53.0 3.0
Total borrowings       7,055.3 58.2
On 23 July 2007, the Company entered into a Loan Note US$10.0 million from Investec. The outstanding principal amount under the Loan 
Note is to be repaid on 23 July 2010 (the “Final Repayment Date”). Interest on the principal amount outstanding under the Loan Note 
accrues at a fixed rate of 8% per annum and is payable annually in arrears. The Company may prepay part of or the entire outstanding 
principal amount under the Loan Note prior to the Final Repayment Date without penalty.
In September 2008, the Group began to drawdown funds under this facility from Investec. As at 31 December 2008, this amounted to 
US$7 million plus accrued interest (2007 nil).
From 1 January to 30 June 2007, interest bearing funds continued to be borrowed from Investec to fund the business ahead of the initial 
public offering which occurred on 7 August 2007. These borrowings were converted into equity on 30 June 2007. The funding for the year 
1 July to 6 August 2007 was provided by Investec in the form of an interest bearing loan which was repaid from the proceeds of the initial 
public offering.
IdaTech UK Limited borrowed funds from Investec to fund the acquisition of the ITI Group and interest was charged to the income 
statement and increased the carrying amount of the loan. On 29 December 2006, these borrowings were converted into 19,000,000 
shares of £1 each.
The table below analyses the Group’s financial liabilities and financial liabilities into relevant maturity groupings based on the remaining 
year at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash 
flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.
      Less than Between Between 
      1 year 1 and 2 years 2 and 5 years 
At 31 December 2008      US$’000 US$’000 US$’000
Borrowings      563.0 8,120.0 –
Trade and other payables      1,133.8 
      Less than Between Between 
      1 year 1 and 2 years 1 and 2 years 
At 31 December 2007      US$’000 US$’000 US$’000
Borrowings      3.0 55.2 –
Trade and other payables      1,230.7 – –
16. Provisions for other liabilities and charges
      Warranty  
      and Onerous  
      installation contracts Total 
      US$’000 US$’000 US$’000
At 1 January 2007      543.4 108.3 651.7
Charged to the income statement      142.4 – 142.4
Utilised during year      (223.4) (108.3) (331.7)
At 31 December 2007      462.4 – 462.4
Charged to the income statement      330.0 – 330.0
Utilised during year      (336.1) – (336.1)
At 31 December 2008      456.3 – 456.3
Notes to the Consolidated Financial Statements continued 43 IdaTech plc Annual Report 2008
(a) Warranty and installation
A provision is recognised for the present value of costs to be incurred less one year warranties issued to customers. It is expected that 
the entire provision will be used within one year.
(b) Onerous contracts
A provision is recognised in relation to a lease held by the Group over a property which is no longer used by the Group. The lease expired 
in May 2007.
17. Expenses by nature
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Employee benefit expenses (note 19)      13,168.6 16,400.6 11,724.5
Materials and supplies      8,456.2 5,641.8 3,983.3
Subcontractors      1,145.0 1,444.2 1,321.2
Freight and postage      635.3 425.5 366.5
Warranty costs      312.0 183.1 157.0
Operating leases – land and buildings      616.1 845.6 606.2
Operating leases – plant and machinery      22.2 8.9 6.3
Amortisation      2,374.1 3,108.8 2,089.7
Depreciation      224.9 498.4 309.8
Inventory written off      170.3 (33.4) (33.4)
Professional fees      1,347.4 1,614.2 1,266.4
Travel and entertainment      841.5 709.1 537.5
Telephone and related      184.4 121.9 98.6
Research and development related tax credit     (1,816.0) (5,096.0) (1,565.5)
Other      172.1 1,298.3 534.4
       27,854.1 27,171.0 21,402.5
18. Services provided by the Company’s auditors
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Audit services
 Company and consolidated financial statements     110.1 136.2 52.0
 The audit of the Company’s subsidiaries pursuant to legislation    – 6.0 6.0
Fees payable to the Company’s auditors for taxation service    11.5 – –
Fees payable to the Company’s auditors in relation to the Initial Public Offering   – 1,378.4 1,378.4
19. Employee benefit expense
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Wages and salaries and benefits      9,245.2 11,260.2 7,934.0
Social security costs      464.5 756.2 445.8
Pension costs – defined contribution plans      463.6 593.1 415.6
Share-based payment charge      2,995.3 3,791.1 2,929.1
       13,168.6 16,400.6 11,724.5
      Number Number Number
Average number of employees (including Directors)     87 75 80
16. Provisions for other liabilities and charges continued 44 IdaTech plc Annual Report 2008
Emoluments of Directors and key management
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Directors
Aggregate emoluments      1,417.5 1,952.3 1,377.1
Share-based payments      – 205.7 205.7
Contributions to pension schemes      31.0 52.5 34.1
Sums paid to third parties for Directors’ services     55.7 39.9 39.9
The fees for services provided by Michael Lacey-Solymar are paid to Investec (note 25).
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Key management
Short-term employee benefit      1,394.0 1,317.1 1,028.5
Share-based payments      – 143.0 143.0
Post employment benefits      71.2 72.5 54.2
Highest paid Director
Total amount of emoluments      590.7 1,212.5 836.3
Contributions to pension schemes      15.5 21.7 15.0
20. Net finance costs
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Finance costs
– to the Investec Group      (145.3) (1,255.3) (335.4)
– other      (21.1) (35.4) (19.1)
Total finance costs      (166.4) (1,290.7) (354.5)
Finance income on bank deposits
– from the Investec Group      78.6 295.9 295.9
– other      61.2 124.1 101.0
Total finance costs      139.8 420.0 396.9
Finance (cost)/income      (26.6) (870.7) 42.4
Notes to the Consolidated Financial Statements continued
19. Employee benefit expense continued 45 IdaTech plc Annual Report 2008
21. Cash outflow from operations
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Loss before income tax      (21,950.0) (20,361.0) (16,283.4)
Adjustments for:
– depreciation      224.9 498.8 309.8
– amortisation      2,374.1 3,108.8 2,089.7
– share-based payment charge (net of equity awards settled in cash)    2,929.3 3,791.1 2,929.1
– loss on disposal of property, plant and equipment     8.9 78.0 19.5
– net finance costs – note 20      26.6 870.7 (42.4)
– inventories      (1,564.2) (1,009.9) (1,141.5)
– trade and other receivables      (596.6) (2,330.5) (2,261.9)
– trade payables      502.8 1,922.5 974.3
– other payables      (11.1) (10.1) (189.3)
Net cash utilised by operating activities      (18,055.3) (13,441.6) (13,596.1)
Net book amount of property, plant and equipment disposed    8.9 78.0 19.5
Total proceeds from disposal of plant, equipment and property    – – –
Loss on disposal      8.9 78.0 19.5
22. Contingencies
The Group does not have any contingent liabilities at the balance sheet date 31 December 2008 (31 December 2007 nil).
23. Capital commitments
The Group had capital commitments of US$169,293 as at 31 December 2008 (31 December 2007 US$45,800).
24. Capital and other financial commitments
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
       As at  As at 
       31 December 31 December 
       2008 2007 
       US$’000 US$’000
No later than one year       678.6 552.6
Between two to five years       506.0 1,058.8
        1,184.6 1,611.4
The Group leases various offices and warehouses under non-cancellable operating lease agreements. The leases have varying terms, 
escalation clauses and renewal rights. 46 IdaTech plc Annual Report 2008
25. Related-party transactions
On 20 July 2006, IdaTech UK Limited, a wholly owned subsidiary of the Investec plc Group, acquired the ITI Group. With effect from 7 June 
2007, IdaTech plc, also a wholly owned subsidiary of the Investec plc Group became the legal parent of the IdaTech UK Limited Group.
On 7 August 2007, the Investec plc Group’s ownership was reduced to 73.1%.
The following transactions were carried out with related parties.
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
(a) Sale of goods and services
Sale of goods to Investec      – 88.0 46.9 
Goods are sold based on the price list in force and terms that would be available to third parties.
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
(b) Purchases of services
Management services to the immediate parent     – – – 
Fees paid to Investec plc for Director’s services     55.7 39.9 39.9 
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
(c) Borrowings – at year/period end
Loans due to Investec plc Group      7,000.0 – –
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
(d) Interest
Interest paid to Investec on borrowings      145.3 1,255.3 335.4
Interest received from Investec plc Group (on bank deposits)    78.6 295.9 295.9
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
(e) Group relief payment received      – 330.7 330.7
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
(f) Change in control upon acquisition by IdaTech UK Limited    – 4,348.5 –
Concurrent with the acquisition of ITI and its subsidiaries by IdaTech UK Limited, this was paid to executives of the ITI Group for 
termination of employment contracts, as a result of incentives related specifically to completion of the sale of the ITI Group and to satisfy 
related obligations that were negotiated between IDACORP and Investec plc Group.
Notes to the Consolidated Financial Statements continued 47 IdaTech plc Annual Report 2008
26. Events after the balance sheet date
There were no adjusting post balance sheet events
27. Financial instruments
Qualitative disclosures describing management’s objectives, policies and processes for managing foreign currency, interest rate, credit 
and liquidity risks are included in note 1.
Set out below is a comparison by category of carrying amounts and fair values of all of the Group’s financial instruments that are carried 
in the financial statements.
  Carrying amount 
| 
Fair value
     As at  As at As at As at 
     31 December 31 December 31 December 31 December 
     2008 2007 2008 2007 
     US$’000 US$’000 US$’000 US$’000
Financial assets
Trade and other receivables     3,502.0 2,356.9 3,502.0 2,356.9
Cash and cash equivalents     620.0 13,897.2 620.0 13,897.2
Financial liabilities
Borrowings     7,055.3 58.2 7,055.3 58.2
Trade payables     4,074.4 3,132.7 4,074.4 3,132.7
Trade and other receivables are categorised as loans and receivables under IAS 39 “Financial Instrument (Recognition and 
Measurement)”. The carrying value approximates the fair value for all short-term trade receivables and payables. All financial liabilities are 
measured at amortised cost.
The Group’s financial liabilities are all due within one year at the balance sheet date (other than as shown in note 15). The amount due 
after more than one year is fully payable between one and two years from the balance sheet date. The amounts disclosed are the 
contractual undiscounted cash flows.
Sensitivity analysis
IFRS 7 requires a sensitivity analysis to be performed for each type of market risk to which the entity is exposed at the reporting date, 
showing how the income statement and equity would have been affected by changes in the relevant risk variable that were reasonably 
possible at that date.
Management has identified movements in the US dollar to the UK pound and US dollar to the euro to be the only exposures. In 2006 
management identified a change in the US interest rate as the only exposure due to the level of borrowings. In 2007 these borrowings 
were either converted into equity or repaid reducing the exposure. The borrowings incurred since September 2008 (see note 15) are at a 
fixed interest rate of 8%.
Foreign currency exposure
The Group has costs (but negligible liabilities) in the UK pound and the euro with a transactional currency of the US dollar. A sensitivity  
analysis technique has been used to estimate the impact of changes in these currencies on the income statement and equity.  
An increase or decrease of 10% in the exchange rates for these currencies from those as at 31 December 2008 would have the  
following impact. It is based on the costs recorded in the income statement originally incurred in either the UK pound or euro.
 As at 31 December 2008 
| 
As at 31 December 2007
      Impact of 10%  Impact of 10% 
      decrease in  decrease in 
      exchange rates:  exchange rates: 
      increased cost  increased cost 
      and decrease  and decrease 
     Costs incurred in equity Costs incurred in equity
Incurred in UK pounds     790.3 79.0 538.0 53.8 
Incurred in euros     1,267.4 126.7 468.5 46.9 
Share-based payment charge    (i) 2,995.3 299.5 2,929.1 292.9 
An increase of 10% in the exchange rates would have the opposite impact.
(i) The fair value of the various equity plans operated by the Group are calculated in UK pounds, the currency of the shares. The share-based payment charge is recorded as a 
US dollar denominated expense which will vary dependent upon the exchange rate. 48 IdaTech plc Annual Report 2008
28. Loss per share
(a) Basic
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of 
Ordinary Shares in issue during the year/period.
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Loss attributable to the equity holders of the Company     (21,092,400) (19,002,900) (15,272,900)
Weighted average number of Ordinary Shares in issue     49,499,969 48,616,724 36,119,874
Basic loss per share (US$ per share)      (0.43) (0.39) (0.42)
(b) Diluted
Diluted loss per share is calculated by adjusting the weighted average number of Ordinary Shares outstanding to assume conversion of 
all dilutive potential Ordinary Shares. For the share options, a calculation is done to determine the number of shares that could have been 
acquired at fair value (determined as the average annual market share price of the Company’s shares) based on the monetary value of the 
subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of 
shares that would have been issued assuming the exercise of the share options.
The impact of the share options is anti-dilutive. Therefore the diluted loss per share is the same as the basic loss per share.
29. Taxation
The principal operating company, IdaTech, LLC, is a limited liability company and elected to be treated as a partnership under the Internal 
Revenue Code and comparable state income tax statutes in the United States. Accordingly, income taxes were the obligations of the 
Company’s members. Prior to 20 July 2006, the tax losses of LLC were utilised by IDACORP, Inc. as the ultimate parent the ITI Group. 
IDACORP, Inc. paid IdaTech, LLC for these losses at full value through their intercompany arrangements.
Since 20 July 2006, IdaTech, LLC has continued to incur losses available for tax relief. Additionally, there are no tax losses in IdaTech 
Technologies Inc. since the acquisition by IdaTech UK Limited. To the extent that Investec did not utilise the tax losses of IdaTech plc and 
IdaTech UK Limited whilst under its ownership, these entities have unutilised losses. IdaTech plc has a UK corporation tax liability arising 
on the interest received on its cash deposits.
Due to the uncertainty as to when the Company will become profitable, a deferred income tax asset has not been recognised in respect 
of carried forward losses.
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Current tax charge/(credit)      – 89.0 89.0
Prior year adjustment      (88.8)
Deferred tax      (768.8) (1,116.4) (768.8)
Group relief from Investec plc Group      – (330.7) (330.7)
       (857.6) (1,358.1) (1,010.5)
Notes to the Consolidated Financial Statements continued 49 IdaTech plc Annual Report 2008
A reconciliation between the statutory tax rate and the effective rate is as follows:
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Loss      (21,950.0) (20,361.0) (16,283.4)
Tax at 28.5% (2007 30%)      (6,255.8) (6,108.3) (4,885.0)
Expenses not deductible for tax purposes      630.4 2,183.9 1,610.1
Unrecognised deferred income tax at foreign rates     (929.3) (1,195.1) (1,010.1)
Losses not recognised for deferred income tax     5,785.8 3,761.4 3,274.5
Prior year adjustment      (88.8) – –
       (857.6) (1,358.1) (1,010.5)
Effective tax rate (credit)      3.9% 6.7% 6.2%
       As at  As at 
       31 December 31 December  
       2008 2007 
       US$’000 US$’000
Estimated unrealised carried forward losses       18,792.8 12,538.0 
Unrecognised deferred tax asset       5,262.0 3,761.4 
During the year the UK corporation tax rate decreased from 30% to 28%.
Upon recognition of additional intangible assets (note 8) a deferred tax liability of US$9,137,869 was recognised and included in the 
balance sheet. This is equal to 40% (being the estimated US tax rate) of the value of intangible assets in excess of the book value of 
intangible assets that were acquired by IdaTech UK Limited in July 2006.
This liability will be credited to the income statement over the same years as those used for the underlying assets:
Core technology  20 years
Intellectual property 10 years
The movement in the deferred income tax liability is as follows:
        Unaudited 
       13 July pro forma 
      Year ended 2006 to year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Opening balance      8,021.5 – 8,790.3
On acquisition – note 8       9,137.9 
Credited to the income statement      (768.8) (1,116.4) (768.8)
       7,252.7 8,021.5 8,021.5
        Pro forma 
      As at As at year ended 
      31 December 31 December 31 December 
      2008 2007 2007 
      US$’000 US$’000 US$’000
Deferred income tax 
Current liability: due within one year      768.8 768.8 768.8
Non-current: due after more than one year      6,483.9 7,252.7 7,252.7
       7,252.7 8,021.5 8,021.5
No deferred tax is recognised on unremitted earnings of overseas subsidiaries.
29. Taxation continued 50 IdaTech plc Annual Report 2008
30. Principal subsidiaries
IdaTech plc subsidiaries, which are all consolidated:
   Proportion of share capital held 
Subsidiary Country of incorporation  and voting rights Nature of business
IdaTech UK Limited UK  100.0% Holding company
IdaTech Technologies, Inc. USA  100.0% Holding company
IdaTech, LLC USA  99.9% Development of fuel cell technology
IdaTech Fuel Cells GmbH Germany   100.0% Sales and marketing for European operations
Notes to the Consolidated Financial Statements continued 51 IdaTech plc Annual Report 2008
Independent Auditors’ Report to the Members of IdaTech plc
We have audited the Parent Company financial statements of IdaTech plc for the year ended 31 December 2008 which comprise the 
Balance Sheet, the Statement of changes in Shareholders’ equity and the related notes. These Parent Company financial statements 
have been prepared under the accounting policies set out therein.
We have reported separately on the Group financial statements of IdaTech plc for the year ended 31 December 2008. That report is 
modified by the inclusion of an emphasis of matter.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report and the parent company financial statements in accordance with 
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out  
in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the Parent Company financial statements in accordance with relevant legal and regulatory requirements  
and International Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared for and only for the 
Company’s members as a body in accordance with Section 235 of the Companies Act 1985 and for no other purpose. We do not, in 
giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into 
whose hands it may come save where expressly agreed by our prior consent in writing.
We report to you our opinion as to whether the Parent Company financial statements give a true and fair view and whether the Parent 
Company financial statements have been properly prepared in accordance with the Companies Act 1985. We also report to you whether 
in our opinion the information given in the Directors’ Report is consistent with the Parent Company financial statements. The information 
given in the Directors’ Report includes that specific information presented in the Chief Executive’s Business Review that is cross referred 
from the Business Review section of the Directors’ Report.
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the 
information and explanations we require for our audit, or if information specified by law regarding Directors’ remuneration and other 
transactions is not disclosed.
We read other information contained in the Annual Report and consider whether it is consistent with the audited Parent Company 
financial statements. The other information comprises only Chief Executive’s Business Review, the Directors’ Report and the Chairman’s 
Statement and all of the other information listed on the contents page. We consider the implications for our report if we become aware of 
any apparent misstatements or material inconsistencies with the Parent Company financial statements. Our responsibilities do not extend 
to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. 
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the Parent Company financial 
statements. It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation of the 
Parent Company financial statements, and of whether the accounting policies are appropriate to the Company’s circumstances, 
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to 
provide us with sufficient evidence to give reasonable assurance that the Parent Company financial statements are free from material 
misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy  
of the presentation of information in the Parent Company financial statements.
Opinion
In our opinion:
the Parent Company financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted •	
Accounting Practice, of the state of the Company’s affairs as at 31 December 2008 and of its cash flows for the year then ended;
the Parent Company financial statements have been properly prepared in accordance with the Companies Act 1985; and •	
the information given in the Directors’ Report is consistent with the Parent Company financial statements. •	
Going concern
In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in 
note 1 to the financial statements (basis of preparation) concerning the Company’s ability to continue as a going concern. The Company’s 
principal shareholder has confirmed that it will provide further funding to enable the Company to meet its liabilities as they fall due for  
at least 12 months from the date of approval of these financial statements. This confirmation of funding has been agreed as a current 
intention only and does not represent a legally binding obligation by the shareholder. In view of the nature of the undertaking, there exists 
a material uncertainty which may cast significant doubt about the Company’s ability to continue as a going concern. The financial 
statements do not include the adjustments that would result if the Company was unable to continue as a going concern.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London
30 March 2009 52 IdaTech plc Annual Report 2008
Balance Sheet of IdaTech plc
as at 31 December 2008
       As at  As at 
       31 December 31 December  
       2008 2007 
      Note £’000 £’000
ASSETS
Non-current assets
Investments in subsidiaries      4 30,098.8 24,883.2 
Amounts due from subsidiary undertaking      5 4,937.4 – 
        35,036.2 24,883.2 
Current assets
Debtors      6 93.6 93.3 
Amounts due from subsidiary undertakings      7 973.7 645.7 
Cash at bank and in hand       21.1 4,513.7 
        1,088.4 5,252.7 
Total assets       36,124.6 30,135.9 
LIABILITIES
Creditors: amounts falling due within one year     8 (624.4) (340.7)
Net current assets       464.0 4,912.0 
Non-current liabilities
Borrowings      9 (4,831.2) – 
Total liabilities       (5,455.6) (340.7)
Total net assets       30,669.0 29,795.2 
EQUITY
Capital and reserves attributable to equity holders of the Company
Share capital      10 495.0 495.0 
Share premium       28,716.3 28,716.3 
Retained earnings       1,457.7 583.9 
Total shareholders’ equity       30,669.0 29,795.2 
The financial statements on pages 52 to 57 were approved by the Board of Directors on 30 March 2009.
Hal Koyama     James Cooke
Chief Executive Officer    Chief Financial Officer 53 IdaTech plc Annual Report 2008
      Employee  Total- 
    Share Share benefit trust Retained shareholders’ 
    Capital Premium reserve earnings equity 
    £’000 £’000 £’000 £’000 £’000
Shares issued upon incorporation at par    50.0 – – – 50.0
Shares issued to acquire IdaTech UK Limited    273.1 17,183.4 – – 17,456.5
Shares issued to the employee benefit trust    26.9 1,316.9 (1,343.8) – 0.0
Shares issued by IdaTech plc upon the initial public offering  145.0 14,355.0 – – 14,500.0
Expenses relating to initial public offering    – (4,139.0) – – (4,139.0)
Shares sold by employee benefit trust    – – 145.8 – 145.8
Share-based payments    – – – 1,862.9 1,862.9
Share-based payments – utilised    – – – (307.9) (307.9)
Loss for period    – – – (162.6) (162.6)
Currency translation differences    – – – 389.5 389.5
As at 31 December 2007    495.0 28,716.3 (1,198.0) 1,781.9 29,795.2
Share-based payments    – – – 1,153.0 1,153.0
Equity award settled in cash    – – – (35.6) (35.6)
Loss for year    – – – (243.5) (243.5)
Currency translation differences    –  – (0.1) (0.1)
As at 31 December 2008    495.0 28,716.3 (1,198.0) 2,655.7 30,669.0
As permitted under section 230 of the Companies Act 1985, the income statement of the Parent Company, IdaTech plc (and for 2006 
IdaTech UK Limited) is not presented separately as part of these financial statements. The Parent Company’s profit after tax for the year 
ended 31 December 2008 was £243,500 (25 May to 31 December 2007 £162,612).
Statement of Changes in Shareholders’ Equity of IdaTech plc
for the year ended 31 December 2008 54 IdaTech plc Annual Report 2008
Notes to the Financial Information
1. Introduction
The principal activity of IdaTech plc (the “Company”) is to act as a holding company for IdaTech UK Limited and its subsidiary companies. 
The Company was incorporated on 25 May 2007.
2. Accounting policies
The financial statements have been prepared on the historical cost basis of accounting and in accordance with applicable accounting 
standards in the United Kingdom and the Companies Act 1985.
The principal accounting policies are set out below.
Basis of preparation
Going concern
These financial statements have been prepared on a going concern basis. As reported in the Chief Executive’s Business Review, 
IdaTech’s main shareholder Investec, has indicated its current intention to provide additional funding to the business, which would enable 
the Company to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements.
The additional funding has been agreed to be provided as a current intention only, until the Company has secured alternative funding,  
and does not represent a legally binding obligation by the shareholder. Whilst the Directors have a reasonable expectation that the 
shareholder will continue to support the Company, in view of the nature of the support, there can be no certainty in this matter.
In view of the above, the Directors have concluded that a material uncertainty exists that may cast significant doubt upon the Company’s 
ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described above,  
the Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing the accounts.
The income statement and balance sheet show no intention or necessity to liquidate or curtail significantly the operations of the 
Company. Specifically, the assets of the Company have been valued and reported on the basis that they will be used for the purpose for 
which they were purchased in the ongoing operation of the business and no liabilities have been included that may arise on a significant 
curtailment of activities.
Investments
Investments in subsidiaries are stated at cost less any provision for impairment.
Related party transactions
Financial Reporting Standard (“FRS”) 8, “Related Party Transactions”, requires the disclosure of the details of material transactions 
between the reporting entity and related parties. The Company has taken advantage of exemptions under FRS 8 not to disclose 
transactions between Group companies.
The Company operates a number of share-based remuneration schemes. These schemes are accounted for in accordance with IFRS 2 
“Share-Based Payment” under which a charge is recognised in the income statement based on the fair value (the economic value) of the 
grant, measured at the grant date. The charge is spread over the vesting year and non-market conditions may be subject to adjustment if 
the number of options or shares actually vesting differs from that assumed at the outset. This must be revisited each balance sheet date. 
The valuation methodology takes into account future share price volatility, future dividend yield, future risk-free interest rate, an estimate of 
the earnings per share and exercise behaviour and is based on the Binomial Lattice method.
The actual charge is allocated to the subsidiary companies in which the employees are employed. IdaTech plc has no employees who are 
members of the scheme and consequently there is no related share-based payment charge.
Foreign currency translation
These financial statements are presented in British pounds “£” which is the presentational and functional currency of the Company. 
Amounts included in the financial statements are measured using the currency of the primary economic environment in which the entity 
operates (the functional currency). Transactions in foreign currencies are translated into the functional currency using the exchange rate 
prevailing at the date of transaction.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates 
of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Non-monetary assets and liabilities are held at the historic rates at the date of the transaction. 55 IdaTech plc Annual Report 2008
Taxation
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets  
and liabilities and their carrying amounts in these financial statements. However, the deferred income tax is not accounted for if it arises 
from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects 
neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates and laws that have been enacted or 
substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised  
or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the 
temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing 
of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in 
the foreseeable future.
Cash flow statement
The Company is the Parent Company of the IdaTech plc Group and is included in the consolidated financial statements of IdaTech plc. 
Consequently, the Company has taken advantage of the exemption from preparing a cash flow statement under the terms of Financial 
Reporting Standard 1 (revised 1996).
3. Directors and employees
The Parent Company employs three Non-executive Directors and pays fees to a third party for the services of a fourth Non-executive 
Director. The aggregate amounts for the Group are disclosed in note 19 on page 44 of the consolidated financial statements of the Group.
4. Principal subsidiaries
IdaTech plc subsidiaries:
   Proportion of share capital held 
Subsidiary Country of incorporation  and voting rights Nature of business
IdaTech UK Limited UK  100.0% Holding company
IdaTech Technologies, Inc. USA  100.0% Holding company
IdaTech, LLC USA  99.9% Development of fuel cell technology
IdaTech Fuel Cells GmbH Germany   100.0% Sales and marketing for European operations
       As at  As at 
       31 December  31 December 
       2008 2007 
       £’000 £’000
At beginning of year/period       24,883.2 –
Acquired during the period       – 17,456.5
Additional funding       4,098.2 5,563.8
Share-based payment charge relating to the employees of the subsidiary companies of IdaTech plc shares  1,117.4 1,862.9
        30,098.8 24,883.2
5. Amounts due from subsidiary undertaking
       As at  As at 
       31 December  31 December 
       2008 2007 
       £’000 £’000
Non-current
Amounts due from subsidiary undertakings       4,937.4 –
This is an amount due from IdaTech, LLC and is due for repayment after more than one year. In the year no interest was charged.  
The loan is denominated in US dollars and the principal amount standing as at 31 December 2008 was US$7 million (2007 nil).
2. Accounting policies continued 5 6 IdaTech plc Annual Report 2008
6. Debtors
       As at  As at 
       31 December  31 December 
       2008 2007 
       £’000 £’000
Current
Prepayments       93.6 93.3
7. Amounts due from subsidiary undertakings
       As at  As at 
       31 December  31 December 
       2008 2007 
       £’000 £’000
Current
Amounts due from subsidiary undertakings       973.7 645.7
The amount is repayable on demand.
8. Creditors: Amounts falling due within one year
       As at  As at 
       31 December  31 December 
       2008 2007 
       £’000 £’000
Amounts due to subsidiary undertakings       421.4 227.8
Accruals       203.0 112.9
        624.4 340.7
9. Creditors: Amounts falling due after more than one year
       As at  As at 
       31 December  31 December 
       2008 2007 
       £’000 £’000
Amounts due to Investec       4,831.2 –
       As at  As at 
       31 December  31 December 
       2008 2007 
       £’000 £’000
Due after more then one year:
Unsecured loans       4,831.2 –
On 23 July 2007, the Company entered into a Loan Note US$10.0 million from Investec. The outstanding principal amount under the Loan 
Note is to be repaid on 23 July 2010 (the “Final Repayment Date”). Interest on the principal amount outstanding under the Loan Note 
accrues at a fixed rate of 8% per annum and is payable quarterly in arrears. The Company may prepay part or the entire outstanding 
principal amount under the Loan Note prior to the Final Repayment Date without penalty.
In September 2008, the Group began to borrow funds under this facility from Investec. As at 31 December 2008, the borrowings 
amounted to £4.8 million plus accrued interest (2007 nil).
As the interest rate is fixed, there is no exposure of the Company to interest rate movements. The book value and the carrying value  
are the same.
Notes to the Financial Information continued 57 IdaTech plc Annual Report 2008
10. Share capital
       As at  As at 
       31 December  31 December 
       2008 2007 
       £’000 £’000
Authorised
100,000,000 Ordinary Shares of £0.01 each       1,000.0 1,000.0
49,499,969 (2007 49,499,969) allotted, called up and fully paid     495.0  495.0
IdaTech plc was incorporated with an authorised and issued share capital of £50,000 divided into 5,000,000 Ordinary Shares of 
£0.01 each
The following changes have occurred in the share capital of the Company since its date of incorporation:
(a)  On 7 June 2007, the Company issued 27,313,475 Ordinary Shares to Investec in consideration for the transfer of all of the issued 
shares of IdaTech UK Limited;
(b)  On 21 June 2007, the Company issued 2,686,525 Ordinary Shares to the trustee of the IdaTech Employee Trust;
(c)  On 7 June 2007, the authorised share capital of the Company was increased from £50,000 to £1,000,000 by the creation of 
95,000,000 Ordinary Shares of £0.01 each; and
(d)  On 7 August 2007, the Company issued a further 14,499,969 shares in connection with the Admission of the Company to AIM.
All issued shares are fully paid. 58 IdaTech plc Annual Report 2008
Corporate Information
Registered office
2 Gresham Street
London
EC2V 7QP
UK
Registered number: 06260318
Nominated adviser
Numis Securities Limited
The London Stock Exchange Building
10 Paternoster Square
London
EC4M 7LT
UK
Legal advisers to the Company 
White & Case LLP
5 Old Broad Street
London
EC2N 1DW
UK
Auditors 
PricewaterhouseCoopers LLP
1 Embankment Place
London
WC2N 6RH
UK
Registrars
Capita Registrars Limited
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 0GA
UK
Public relations consultants
Buchanan Communications Limited
45 Moorfields
London
EC2Y 9AE
UK 59 IdaTech plc Annual Report 2008
Background to IdaTech
IdaTech is a global leader in the development and manufacturing of clean and reliable PEM fuel cell solutions for telecommunications, 
commercial and industrial backup power from 250W to 15kW. IdaTech’s unique technologies provide solutions for a wide range of 
applications from portable to off grid power and directly support movement to sustainable energy. 
Developed over the last 12 years, IdaTech’s portfolio of industry-certified products are based on the Company’s fuel processing, fuel  
cell stack and power module and fuel cell system integration capabilities. With the support of strategic partners and customers, the 
Company’s energy solutions are being deployed domestically and internationally for stationary, portable and other advanced applications.
IdaTech’s technology
IdaTech has proprietary technology in fuel reforming, hydrogen purification and PEM fuel cells which it combines with engineering 
expertise to produce integrated fuel cell systems. 
Fuel reforming and hydrogen purification
IdaTech has technology in all three key reforming technologies; steam, auto thermal and partial oxidation and hydrogen purification 
technology that can transform a variety of fuels into greater than 99.95% pure hydrogen.
PEM fuel cell systems
IdaTech’s PEM fuel cell systems can be powered by stored hydrogen or by hydrogen reformed from alcohol and hydrocarbon fuels  
(such as diesel) and then purified.
Integrated fuel cell systems
IdaTech is able to combine its proprietary technologies into complete, integrated systems. IdaTech’s fuel cell systems are based on  
a flexible modular design supporting interchangeable components.  60 IdaTech plc Annual Report 2008
Notes Ida T ech is a global leader  
in the development of 
en vi r o n m en ta l ly fr i en d ly  
fuel processing technology  
and fuel cell systems for  
stationary and remote  
el ect r i c po w er g en era t i o n .
Contents
01 Highlights
02 Our customers
04 Technology
06 Chairman’s Statement
08 Chief Executive’s Business Review
14 Directors’ Report
16 Directors and Senior Management
18 Corporate Governance
19  Report of the Remuneration Committee 
20  Statement of Directors’ Responsibilities
21 Independent Auditors’ Report
22 Consolidated Income Statement
23 Consolidated Balance Sheet
24 Consolidated Cash Flow Statement
25  Consolidated Statement of Changes  
in Shareholders’ Equity
26  Notes to the Consolidated Financial 
Statements 
51 Independent Auditors’ Report
52 Balance Sheet of IdaTech plc
53  Statement of Changes in Shareholders’ 
Equity of IdaTech plc
54 Notes to the Financial Information
58 Corporate Information An n u a l R eport 2 008
Advancing our strategy
Ida T ech plc An n ual Report 2008
www . i d a tech . c o m