Golndustry-DoveBid plc
1-6 Lombard Street
London EC3V 9JU
Telephone: +44 (0)20 7098 3700
www.go-dove.com
Golndustry-DoveBid plc
Annual Report and Accounts 2009
Asset Sales and Valuations Worldwide
Va Va
c102671_Cover.indd   1 21/5/10   10:21:40 Corporate Statement
 
GoIndustry-DoveBid plc is the global market leader in the 
provision of asset management, auction and valuation services 
relating to industrial equipment. 
The company delivers innovative solutions that help to value 
assets accurately, optimise asset utilisation and reduce costs. 
We combine our asset, industry and market expertise, with 
eCommerce technology to service the needs of multi-national 
corporations, financial institutions, insolvency practitioners, used 
equipment dealers and asset based lenders around the world.
GoIndustry-DoveBid plc Annual report and accounts 2009
Summary results
For the year ended 31 December 2009
In thousands of pounds   2009 2008
Direct profit   25,274 23,217
Adjusted loss before taxation   (1,442) (4,339)
Exceptional items   (2,187) (23,758)
Other charges   (1,036) (788)
Loss before taxation   (4,665) (28,885)
Adjusted loss per share   (0.3p) (1.0p)
Loss per share basic and fully diluted   (0.8p) (6.9p)
* Adjusted loss before tax and adjusted loss per share are before exceptional items and other charges (see notes 6, 7 
and 14).
Summary results IFC
Financial and group highlights 1
Chairman’s statement 2
Chief Executive’s review 3
Board of directors 4
Directors’ report 5
Independent auditor’s report 10
Consolidated statement of comprehensive income 11
Consolidated statement of financial position 12
Consolidated statement of changes in equity 13
Consolidated statement of cash flows 14
Notes to the consolidated financial statements 15
Company statement of financial position 44
Company statement of changes in equity 45
Company statement of cash flows 46
Notes to the company financial statements 47
Advisers and secretary IBC
Regional headquarters IBC
Advisers and Secretary Regional Headquarters
Broker & Nominated Advisers
Oriel Securities Limited
125 Wood Street
London EC2V 7AN
Auditor
Baker Tilly UK Audit LLP
2 Bloomsbury Street
London WC1B 3ST
Solicitors
SJ Berwin LLP
10 Queen Street Place
London EC4R 1BE
Registered office
1-6 Lombard Street
London EC3V 9JU
Bankers
Barclays Bank PLC
155 Bishopsgate
London EC2M 3XA
Company Secretary
David Horne
1-6 Lombard Street
London EC3V 9JU
Registrars
Capita Registrars
The Registry
34 Beckenham
Kent BR3 4TU
Registered in England No. 5381812
Europe
1-6 Lombard Street
London, EC3V 9JU
United Kingdom
T: +44 20 7098 3700
F: +44 20 7098 3795
North America
11425 Cronhill Drive
Owings Mills, Baltimore
Maryland 21117
USA
T: +1 410 654 7500
F: +1 410 654 5876
Asia
Room 1104
China Chem Leighton Plaza
29 Leighton Road
Causeway Bay
Hong Kong, PR China
T: +852 2528 9313
F: +852 2528 1371
c102671Book.indb   2 20/5/10   11:45:05 www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 1 
 
Financial & group highlights
l
	 	 The	gr oup	 w as	pr ofitable	in 	the	second	hal f ,	ha ving	gener ated	adjusted	pr ofit	bef or e	tax*	of	£0.2	mi l lion,	f ol lowing	
an	adjusted	loss	bef or e	tax*	of	£1.6	mi l lion	in	the	first	hal f
l
	 	 Str engthened	the	gr oup’ s	financial	posi tion	wi th	£4 .1	mi l lion 	(net	cash)	of	new	equi t y	capi tal	and	con v erted	£4 .5	
million of convertible debt into equity
l
	 Gr oss	asse t	sales	(GA S)	of	 £116	mi l lion	(2008:	£115	mi l lion )	
l
 Online sales accounted for 70% of GAS (2008: 59%) 
l
 Proposing a 1:100 share consolidation to be voted on by shareholders
*			Adjusted	pr ofit/loss	bef or e	tax	ar e	bef or e	ex ceptional	items	and	other	char ges	(see	notes	6	and	7)
Direct Profit by Geography 
2009 2008
Direct Profit by Business Service 
2009 2008
Asia
13%
Europe
35%
North America
52%
Asia
13%
North America
47%
Europe
40%
Professional
services
21%
Principal
9%
Commissions
70%
Professional
services
21%
Principal
10%
Commissions
69%
c102671Book.indb   1 20/5/10   11:45:06 2 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Chairman’s statement
Business and Financial Review 
2009	w as	a	y ear	of	tr ansi tion	f or	GoI ndustry	Do v eB id.	F ol lowing	the	global	financial	crisis	in	the	autumn	of	2008,	we	
took	steps	in	the	first	f ew	months	of	the	y ear	to	cut	£6	mil lion	of	annual ised	costs,	ensuring	the	gr oup	w as	able	to	
tr ade	pr ofitably	at	r educed	lev els	of	r ev enue	and	Dir ect	Pr ofit.	F ol lowing	losses	in	the	first	quarter	of	2009,	the	gr oup’ s	
adjusted	EBITDA*	w as	posi tiv e	in	the	second	quarter ,	and	we	del iv er ed	adjusted	pr ofit	bef or e	tax*	in	the	second	hal f .	
I n	S eptember ,	we	str engthened	the	gr oup’ s	financial	posi tion	b y	r aising	£4 .1	mi l lion	(net	of	expenses)	in	cash	thr ough	
the	placing	of	251	mi l lion	new	or dinary	shar es	at	1.8p	per	shar e,	and	b y	con v erting	£4 .5	mi l lion	of	con v ertible	loan	notes	
into 241 million new ordinary shares. 
I n	the	y ear	to	31	December	2009,	the	gr oup	r ecor ded	an	adjusted	loss	bef or e	tax*	of	£1.4	mi l lion	(2008:	adjusted	loss	
bef or e	tax*	£4 .3	mi l lion),	and	a	loss	bef or e	tax	of	£4 . 7	mil lion	(2008:	loss	bef or e	tax	£28.9	mi l lion),	on	Dir ect	Pr ofit	 
of	£25.3	mi l lion	(2008:	£23.2	mi l lion)	and	gr oss	asset	sales	of	£116	mil lion	(2008:	£115	mi l lion).	Ex ceptional	costs	of	 
£2.2	mi l lion	(2008:	£23.8	mi l lion)	r elated	primarily	to	the	cost	cut ting	ex er cise	r ef err ed	to	abo v e	and	r estructuring	the	
group’s debt into equity. The adjusted loss per share* was 0.3p (2008: 1.0p) and the loss per share was 0.8p (2008: 
6.9p)
Board Changes
I n	Ma y ,	the	compan y	announced	the	appointment	of	Jack	R einel t	as	Chief	Ex ecutiv e	Officer .	Jack	has	30	y ears	of	
management and executive responsibility in the Information Technology industry, including software, Internet, database 
and services companies.
In September, we strengthened the Board with the appointment of Max Steinkopf as a Non-Executive Director. Max has 
had over 20 years of experience in mergers and acquisitions, operational management and fund raising.
As previously reported, both David MacNamara and John Allbrook stood down from the Board in 2009; we thank them 
for their contributions.
Employees
We continue to strengthen our global management team, with two key appointments made. In March 2009, Glenn 
B ishop	joined	as	Chief	T echnology	Officer .	Glenn	has	25	y ears’	experience	managing	international	IT	teams	and	
developing complex systems architecture and web-enabled technologies. In January 2010, Mike Sorensen joined as 
Senior Vice President, North American Sales and Corporate Solutions. Mike has over 30 years of experience in sales and 
sales management roles in the corporate software, supply chain and outsourcing markets.
On behalf of the board and the shareholders I would like to thank all GoIndustry DoveBid employees for their sterling 
ef f orts	during	a	v ery	di fficul t	y ear .	B y	continuing	to	pr o vide	the	highest	lev els	of	service	to	our	cl ients,	they	demonstr ated	
their critical importance to the group and they will continue to be a key factor in our future success.
Share consolidation
The board intends to undertake a 1:100 share consolidation of its existing ordinary shares. Further details will be 
included in a notice to shareholders.
Current Trading and Outlook
T r ading	activities	impr o v ed	in	the	second	quarter	of	2009,	f ol lowing	the	late	2008	financial	crisis,	and	ha v e	appear ed	
to	stabi liz e	thr ough	the	r emainder	of	2009	and	into	2010.	T r ading	in	the	first	quarter	of	2010	has	been	in	l ine	wi th	our	
expectations. 
Business volumes were relatively steady throughout 2009, and we are seeing an uptick in activity in 2010, from several 
large corporate clients. Our core strategic focus is on increasing the depth of our relationships and the volume of 
business we undertake with major global manufacturing companies, many of which are seeking to improve their control 
over capital costs and to better utilise their existing asset base. Using our proprietary software, particularly AssetZone 
that is integrated with our online auction engine, these clients are better able to buy, sell, redeploy and value their 
assets. These systems have been at the heart of the group’s capital expenditure programme, and we continue to invest 
in them. We will also continue to serve our other clients, including corporations, insolvency practitioners, asset based 
lenders and dealers.
Wi th	a	str engthened	financial	posi tion,	a	significantly	r educed	and	tightly	contr ol led	cost	base,	a	compel ling	business	
model	and	a	talented	and	commi t ted	workf or ce,	we	bel iev e	that	the	gr oup	wi l l	tr ade	pr ofitably	in	2010	and	del iv er	
f urther	pr ofitable	gr owth	ther eafter .
Neville Davis 
Non-Executive Chairman
*			Adjusted	EBITDA	and	pr ofit/loss	bef or e	tax	ar e	bef or e	ex ceptional	items	and	other	char ges	(see	notes	6	and	7)
c102671Book.indb   2 20/5/10   11:45:06 Chief Executive’s Review
www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 3 
 
This	is	m y	first	r eport	to	shar eholders	since	joining	GoI ndustry	Do v eB id	as	Chief	Ex ecutiv e.	I	am	pleased	to	be	a	part	of	
this organisation and am very excited by the opportunities. I am fortunate to have an opportunity to lead a talented and 
highly experienced group of employees who are dedicated to growing the business by providing industry-leading services 
throughout the world. Customer satisfaction is high and many customers are interested in a deeper partnership with the 
group.
The	gr oup	is	now	well	positioned	f or	gr owth	and	impr o v ed	pr ofitabi li t y	after	experiencing	extr emely	adv erse	business	
conditions as a result of the unprecedented global economic turmoil in late 2008 and early 2009. We are pleased that  
f or	the	second	half	of	2009	the	business	achiev ed	oper ating	pr ofitabi li t y ,	which	w as	our	top	priorit y ,	and	also	had	
posi tiv e	cash	flow	f r om	oper ations.	W e	wer e	also	able	to	gr ow	Dir ect	Pr ofit	of	the	gr oup	in	2009	to	£25.3	mi l lion	
(f r om	£23.2	mi l lion)	whi le	pr o viding	a	high	qual i t y	of	service	to	cl ients,	despi te	significant	r eductions	of	personnel	and	
consolidation of some operations. 
I n	the	first	half	of	2009,	the	gr oup	r educed	oper ating	costs	dr amatical ly	to	be	able	to	achiev e	pr ofitabi li t y	at	a	r educed	
lev el	of	r ev enues.	I n	the	second	hal f ,	we	str engthened	the	gr oup’ s	financial	posi tion	b y	suc cessf ul ly	r aising	addi tional	
capi tal	of	£4 .1	mi l lion	(net	of	expenses)	and	con v erting	£4 .5	mi l lion	of	debt	into	equi t y ,	r educing	our	inter est	expense	
significantly .	The	impr o v ed	second	hal f	r esul ts,	coupled	with	the	lower	cost	structur e	and	str onger	financial	posi tion,	puts	
the	gr oup	on	a	sol id	platf orm	financial ly	to	gr ow	the	business	and	continue	to	impr o v e	our	pr ofitabi li t y .	
Looking forward, we expect to continue to grow revenues in 2010, primarily from increased corporate customer 
penetration, improvement in asset values, and from an expansion of activity in the insolvency market, where we are well 
positioned. 
We believe that the group has several compelling differentiators upon which we will capitalise:
l
  Our exceptional knowledge of the used equipment market, combined with a broad service offering and global 
coverage, has put us in the forefront of helping large companies to pro-actively manage their surplus industrial 
assets.
l
  We offer them a comprehensive platform to recover value from used assets through our appraisal services, 
our	AssetZ one	r edeplo yment	tool,	onl ine	or	l iv e	auctions,	and	b y	participating	in	our	industry	specific	onl ine	
marketplaces, such as our highly successful BioPharma Exchange.
l
  Typically, our clients can achieve outstanding results through our platform, including Capex savings and cash 
generation from asset sales of several million dollars each year.
l
  Evidence of our success can be found in our winning Supplier Awards from both PepsiCo (2010 Supplier of the 
Year) and Proctor & Gamble (2009 Corporate Supplier Excellence Award) demonstrating GoIndustry DoveBid’s 
industry leadership and commitment to customer satisfaction. 
The global corporate market will continue to be an important area of focus for future growth, providing more recurring 
revenues than the traditional auction business, which is more transactional in nature. In late 2009 and early 2010 we 
made some substantial enhancements to our service offerings for corporate clients, as well as expanding our corporate 
sales team to better penetrate this market. 
Another area of focus is Asia, where we have operations in ten countries and where we had many successful 
engagements	f or	mul ti-national	companies	in	2009	comprising	o v er	£5	mil lion	in	Gr oss	Asset	Sales,	as	wel l	as	local	and	
regional auctions. We have substantially increased our marketing efforts to attract both Asian buyers and sellers, and 
are now seeing much greater participation of Asian buyers in online auctions. In particular, in 2009 we enjoyed excellent 
success in China, holding what we believe are the largest online auctions ever for used industrial goods in that country; 
these	highly	suc cessf ul	auctions	gener ated	o v er	£3	mil lion	in	cash	f or	our	client,	a	global	electr onics	manuf actur er .
GoIndustry DoveBid is committed to continually improve the quality of our services to clients and to improve our 
oper ational	ex cel lence,	efficiency	and	financial	r esul ts.	F or	example,	in	2009	our	gr oup	r eleased	major	upgr ades	to	our	
customer-facing systems to improve the user experience for both new and old customers, including our external website, 
AssetZone redeployment tools, and auction systems. These enhancements continue on a monthly basis, and are an 
important priority in 2010. 
Final ly ,	I	would	l ik e	to	thank	our	customers	and	shar eholders	f or	their	continued	confidence	in	our	business,	and	to	our	
employees for their dedication in providing outstanding services for our customers and improving our group every week. 
I	look	f orw ar d	to	a	suc cessf ul	and	pr ofitable	2010.
Jack Reinelt 
Chief	Ex ecutiv e	Officer
c102671Book.indb   3 20/5/10   11:45:06 4 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Board of Directors
Neville Davis (54)
Non-executive Chairman
Neville Davis was formerly Chief Executive of Compel Group plc, an IT solutions business, which was quoted for 12 
y ears	prior	to	i ts	sale	in	2007 .	He	held	this	posi tion	f or	o v er	20	y ears,	gr owing	the	business	f r om	r ev enue	of	£5mi l lion	
(30	emplo y ees)	to	£300mil lion	(1,300	emplo y ees)	and	optimising	perf ormance	in	both	good	and	di fficul t	mark et	
conditions. He is a Chartered Accountant, qualifying with Deloitte in London. Neville is also Chairman of Amor Group Ltd, 
a privately held IT solutions company, and of Ascribe Group Ltd, a privately held healthcare solutions company and is a 
Non-executive Director of Tikit Group plc, an AIM quoted provider of consultancy services and software solutions to the 
legal and accountancy sectors.
David Bailey (61)
Non-executive Senior Independent Director
David Bailey was a stockbroker with Phillips and Drew for 18 years from 1970, specialising in equity and derivative 
markets. Since 1988, he has been a non-executive director of a number of public and private companies. He is currently 
Non-executive Deputy Chairman of DataCash Group plc, the AIM listed payment service provider, and Non-executive 
Chairman of Sport Media Group plc, the AIM listed multi-media publisher.
Jack Reinelt (54)
Chief	Ex ecutiv e	Officer
Jack Reinelt joined GoIndustry DoveBid in May 2009. Previously, he was Managing Director and COO, EMEA at TeleAtlas, 
a global leader in providing digital data to the automotive, internet, consumer electronics, wireless and enterprise 
markets. Under his leadership over a four-year period, this business grew revenues from e78 million to e217 million and 
EBITDA from e6 million to e110 million. Prior to this, he was VP of e-Marketplace Management at Commerce One, and 
was President of Software Services Corporation for most of the 1990s. He began his career in sales at IBM. Jack is also a 
director of GDI Infotech, a private IT consultancy based in Michigan, USA.
David Horne (47)
Chief	Financial	Officer
David Horne was previously Group Finance Director of Huveaux PLC, the AIM listed media and publishing group. He has 
run his own consultancy practice and was formerly European Finance Director of BSMG Worldwide, the international 
PR agency. After qualifying as a Chartered Accountant with Price Waterhouse (now part of PricewaterhouseCoopers LLP) 
in	Canada	he	mo v ed	wi th	them	to	Zurich.	He	then	held	senior	financial	posi tions	wi th	A T&T	in	Zurich	and	London,	and	
with the BBC.
Kamal Advani (49)
Non-executive Director
Kamal Advani is currently a Managing Director at Internet Capital Group, Inc. (NASDAQ: ICGE). In this capacity, Kamal 
holds directorships with Freeborders, Inc., and WhiteFence, Inc. Prior to this Kamal was with Advanta Corporation Inc. 
(NA SDAQ:	ADVNA)	wher e	he	held	sev er al	positions	including	S enior	Vice	Pr esident	and	Chief	Financial	Officer	of	Adv anta	
Business Cards, a leading issuer of credit cards to small businesses. Earlier in his career, Kamal was a senior manager 
in	the	financial	advisory	services	gr oup	at	Coopers	&	L ybr and	(now	part	of	Pricew aterhouseCoopers	LLP),	wher e	he	
pr o vided	financial	consul ting	services	to	a	br oad	r ange	of	companies	in	connection	wi th	mer gers,	acquisi tions,	financing	
transactions and business reorganisations.
Max Steinkopf (54)
Non-executive Director
Max is currently an executive director of Bond Capital Partners (UK) Limited. Prior to that he worked at GB Railways 
Group Plc where he was a founding director and major shareholder. He has had over 20 years of experience in M&A, 
operational management and property development. Max holds an LL.B. from the University of Western Ontario, Canada 
and	qual ified	as	a	barrister	and	sol ici tor	in	Ontario	and	as	an	at torney	at	la w	in	New	Y ork.	
c102671Book.indb   4 20/5/10   11:45:06 Directors’ report
www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 5 
 
The results for the group are shown on page 11 and show a loss before taxation for the year ended 31 December 2009 
of	£4 . 7	mil lion	(2008:	£28.9	mi l lion).	
Principal activities
The principal activities of the group are asset management, auction and valuation services relating to industrial 
equipment. 
Business review 
In addition to the commentary contained in the Chairman’s Statement and the Chief Executive’s Review, the directors set 
out their review of the business as follows: 
Review of Business Performance
The split of business performance in 2009 shows growth in North America and Asia and a decline in Europe. The year-
on- y ear	gr owth	in	both	North	America	and	Asia	is	due	to	a	combination	of	thr ee	f actors:	the	2008	figur es	only	include	
10 months of results from the DoveBid acquisition; changes in exchange rates; and organic growth. 
By Geography
In thousands of pounds 2009 2008 Variance
North America 13,143 10,984 20%
Europe 8,798 9,257 -5%
Asia 3,333 2,976 12%
Group 25,274 23,217 9%
Dir ect	pr ofit	b y	r ev enue	t ype	shows	the	impact	of	the	gr oup’ s	concentr ation	on	both	commission	and	f ees.	Commission	
business	gener ated	70%	of	dir ect	pr ofit,	up	f r om	69%	in	2008,	whi lst	f ee-based	services	(principal ly	v aluations)	
gener ated	21%	of	dir ect	pr ofit,	the	same	as	in	2008.	The	principal	business	continues	to	decl ine	in	shar e	of	the	total,	
now 9%, down from 10% in 2008.
By Revenue Type
In thousands of pounds 2009 2008 Variance
Commission 17,746 16,081 10%
Principal 2,228 2,215 1%
Fees 5,300 4,921 8%
Group 25,274 23,217 9%
Financial Review 
As	noted	in	the	Chairman’ s	Statement	and	the	Chief	Ex ecutiv e’ s	R eview ,	the	gr oup	achiev ed	an	adjusted	pr ofit	bef or e	tax	
of	£0.2	mi l lion	in	the	second	hal f	of	2009,	f ol lowing	completion	of	the	cost	r eduction	ex er cise	carried	out,	al though	the	
f ul l- y ear	r esul ts	show	an	adjusted	loss	of	£1.4	mi l lion	(2008:	£4 .3	mi l lion).
The	f undr aising	and	con v ersion	of	debt	to	equit y	in	September	2009	str engthened	the	gr oup’ s	financial	posi tion.	The	
gr oup	ended	the	y ear	wi th	bank	borr owings	of	£3.4	mi l lion	(2008:	£6. 7	mil lion)	dr a wn	against	total	f aci li ties	of	£6.9	
mil lion.	Other	borr owings	comprised	con v ertible	loan	notes	of	£0.5	mi l lion	(2008:	£3.0	mi l lion)	and	subor dinated	loan	
notes	of	£0.5	mi l lion	(2008:	£0.8	mi l lion).	Since	the	end	of	the	financial	y ear	the	gr oup	has	r e-negotiated	i ts	main	bank	
facilities for another year.
Risks and uncertainties
GoIndustry-DoveBid operates in a market where deals are awarded on an individual basis. Although the strength of our 
relationships often mean that customers award deals to the group on a regular basis, there are few guaranteed revenue 
str eams	 and	 i t	 is	 di fficul t	 to	 f or ecast	 the	 business	 r esul ts	 mor e	 than	 a	 f ew	 months	 into	 the	 f utur e.	 Addi tional ly ,	 the	 impact	
of	major	auction	sales	can	be	significant	on	the	gr oup’ s	r esul ts,	al though	our	r egularly	scheduled	Ex change	auctions,	
which	ar e	mainly	sour ced	f r om	corpor ate	f orw ar d	flow	clients,	help	to	mi tigate	this	risk.
An	incr easing	portion	of	GoI ndustry -Do v eB id’ s	gr oss	asset	sales	and	dir ect	pr ofit	is	deriv ed	using	our	IT	inf r astructur e	
and	the	internet.	An y	downtime	in	ei ther	of	these	can	disrupt	sales	in	mid- auction	and	undermine	buy er	confidence.	
Short-term service interruptions can affect sales realisations on individual jobs, whilst long-term service interruptions 
would	material ly	af f ect	the	financial	r esul ts	of	the	gr oup .
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Directors’ report continued
One of our key competitive advantages is our database of potential buyers located in over 200 countries around the 
world. Guidelines and regulations about marketing practices and data protection laws vary from country to country and 
can change at short notice. Substantial changes may prohibit us from direct marketing or increase the risk of lawsuits.
There are a number of other organisations that offer similar services to those of GoIndustry-DoveBid. Such organisations 
may be better funded or operate with a lower cost base than GoIndustry-DoveBid. Aggressive competition from such 
or ganisations	could	ha v e	a	negativ e	impact	on	the	financial	perf ormance	of	the	gr oup .
Key performance indicators (KPIs) 
The group measures and monitors a number of performance ratios and statistics, the most important of which are gross 
asset	sales	(GA S),	dir ect	pr ofit	and	pr ofit	bef or e	tax.	
Gross asset sales (GAS) is the sum of the prices of all assets sold at auction or in a negotiated sale. Total GAS in the year 
w as	£116	mi l lion	(2008:	£115	mi l lion).	The	dev elopment	of	onl ine	sales	is	critical	to	the	f utur e	suc cess	of	the	gr oup ,	and	
in 2008 we increased the share of GAS sold online from 59% to 70%. This level of GAS sold online is unlikely to increase 
significantly	in	f utur e,	as	ther e	wil l	alw a ys	be	an	element	of	business	that	is	run	ei ther	as	a	priv ate	tr eat y	sale	or	a	l iv e	
auction.
Dir ect	pr ofit	r epr esents	the	gr oss	pr ofit	on	our	jobs	bef or e	administr ativ e	expenses.	This	is	the	r ev enue	tar get	that	is	
used	f or	measuring	the	perf ormance	and	gr owth	in	each	of	our	business	uni ts.	Dir ect	pr ofit	is	used	r ather	than	gr oss	
revenue as reported on the Statement of comprehensive income, because the latter can be skewed from one year to 
the	next	depending	on	the	v olume	of	principal	tr ansactions	undertak en.	Additional ly ,	the	dir ect	pr ofit	mar gin	(as	a	%	of	
GA S)	shows	the	pr ofit	mar gin	of	ex ecuting	on	our	auction	sales.	I n	each	of	our	thr ee	r ev enue	str eams,	dir ect	pr ofit	is	
measured as follows:
i.	 	 Commissio n	sales	–	Wher e	GoI ndustry	Do v eB id	acts	as	age nt	and	sel ls	equipment	on	behal f	of	a	sel ler ,	dir ect	pr ofit	
represents the sum of the buyer’s premium, seller’s commission and expenses billed to the seller, less the cost of 
expenses incurred and any commissions paid to third parties.
ii.  Principal sales – In certain circumstances GoIndustry DoveBid acts as principal, either purchasing the equipment 
for sale outright or guaranteeing a minimum price to the seller; this is explained further under Principal deals, 
below .	I n	the	ev ent	of	a	pur chase	deal,	dir ect	pr ofit	r epr esents	the	sum	of	GA S	on	the	job	and	buy er ’ s	pr emium,	
less the cost of the assets purchased, expenses incurred and any commissions paid to third parties. In the event 
of	a	guar antee	deal,	dir ect	pr ofit	r epr esents	the	sum	of	GA S	on	the	job	and	buy er ’ s	pr emium,	less	the	guar anteed	
value of the assets, the seller’s share of any upside realised above the guarantee, expenses incurred and any 
commissions paid to third parties. In both cases, should GAS on the job fall below the purchase or guarantee 
amount	then	it	wi l l	be	deducted	f r om	the	buy er ’ s	pr emium;	if	GA S	is	significantly	lower	we	r ecor d	this	as	a	loss	
against	dir ect	pr ofit.
iii.	 	 Pr of essional	services	–	Whe r e	GoI ndustry	Do v eB id	pr o vides	pr of essional	services	to	i ts	customers,	dir ect	pr ofit	
represents the professional fees and expenses billed, less the cost of expenses incurred and any commissions paid 
to third parties.
Dir ect	pr ofit	incr eased	b y	9%	to	£25.3	mi l lion	(2008:	£23.2	mi l lion)	and	the	dir ect	pr ofit	mar gin	f r om	auction	sales	as	a	
percentage of GAS was 17% (2008: 16%).
Our	k ey	perf ormance	indicator	f or	pr ofitabi li t y	is	adjusted	pr e-tax	pr ofit	(i.e.	ex cluding	the	impact	of	ex ceptional	items	
and	other	char ges).	I n	2009,	the	gr oup	incurr ed	an	adjusted	pr e-tax	loss	of	£1.4	mi l lion	(2008:	adjusted	pr e-tax	loss	
£4 .3	mi l lion).	
Future developments
The shifting of industrial production from developed western economies to China, India and the emerging economies 
of Eastern Europe is set to continue for many years. Data published by The Economist shows that 25% of global 
manufacturing output is still produced in North America, and the major economies of the European Union follow close 
behind.
Gr owing	ac ceptance	of	the	internet	as	a	medium	f or	tr ansacting	business	ar ound	the	world	wi l l	also	pla y	a	significant	
part in the future growth of the group, and the group’s regularly scheduled Exchange auctions are a key engine for 
future growth and improved visibility of earnings. 
Principal deals
In certain circumstances, the group will take a principal position in assets that are being offered for sale, either by 
buying them from the seller outright or by guaranteeing a minimum sale price to the seller. The group will then sell those 
assets	on	i ts	own	ac count	and	r ecognise	the	f ul l	financial	impact	f r om	that	tr ansaction.	
c102671Book.indb   6 20/5/10   11:45:07 www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 7 
 
 
This	r epr esents	an	addi tional	risk	that	the	gr oup	tak es	on,	in	r eturn	f or	the	expectation	of	a	higher	pr ofit.	GoI ndustry -
DoveBid’s ability to bid for and win principal deals is predicated on continued access to credit facilities. In order to control 
the risks and protect the group from downside exposure, all principal transactions require the approval of an investment 
committee, and transactions above a pre-set amount require the approval of the group’s global investment committee, 
which is made up of both equipment experts from across the group and business professionals.
The expertise of our valuers and appraisers is critical to the success of the group when assessing whether to take a 
principal position. Our global valuation database is a key resource, in addition to the knowledge of the assets and the 
global markets for disposing of those assets held by our valuers and appraisers.
Directors 
The	f ol lowing	wer e	dir ectors	of	the	compan y	during	the	financial	y ear	under	r eview	and	up	to	the	date	of	signing	these	
financial	statements:
Neville Davis
David Bailey
Jack Reinelt Appointed on 6 May 2009
David Horne
Kamal Advani
Max Steinkopf Appointed on 11 September 2009
John Allbrook Resigned on 6 May 2009
David MacNamara Resigned on 31 March 2009
 
Directors’ Interests
On	the	dates	giv en,	the	inter ests	of	dir ectors	and	their	beneficial	inter ests	in	the	issued	or dinary	shar es	of	the	compan y	
were as follows:
At 31 December 2009 At 31 December 2008
or date of joining
Number of shares
Neville Davis 1,055,556 500,000
David Bailey 3,935,000 1,935,000
Jack Reinelt 5,555,556 —
David Horne 2,080,361 969,250
 
Options over ordinary shares
Number of options
At 31  
December 
2009
At 31  
December
2008
Exercise  
price Date from which exercisable Expiry date
David Bailey 750,000 750,000 10p 1 April 2005 1 April 2012
David Horne 1,000,000 1,000,000 18p Vesting evenly between 
1 June 2009 and 1 June 2012
24 July 2017
250,000 250,000 10.5p 22 May 2011 21 May 2018
Jack Reinelt 29,233,000 — 2p 28 September 2012 27 September 2019
 
Substantial shareholdings
The following individual shareholdings, other than directors, represented 3% or more of the issued share capital of the 
company as at 14 May 2010:
ICG Holdings, Inc. 26.0%
Bond Capital Partners 1 Limited 19.4%
Atlas Venture Fund IV LP (and related funds) 11.0%
Fidelity International Limited 9.2%
ODL Nominees Limited 4.3%
Axa Investment Management Limited 3.8%
 
c102671Book.indb   7 20/5/10   11:45:07 8 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
 Directors’ report continued
Corporate Governance
The company is listed on the AIM market and is therefore not required to comply with the provisions of the Combined 
Code. However, the board is committed to ensuring that proper standards of corporate governance operate and has 
established governance procedures and policies that are considered appropriate to the nature and size of the group. 
The board considers that at this stage in the company’s development, the expense of full compliance with the Combined 
Code is not appropriate although it intends, as the company grows, to ensure that it observes the provisions of the Code, 
so far as is practicable.
The	dir ectors	ar e	r esponsible	f or	the	gr oup’ s	and	the	compan y ’ s	system	of	internal	financial	contr ol,	saf eguar ding	the	
assets of the group and the company and for taking reasonable steps for the prevention and detection of fraud and 
other irregularities. In carrying out their responsibilities the directors have put in place a framework of controls to ensure 
ongoing	financial	perf ormance	is	monitor ed	in	a	timely	and	corr ectiv e	manner	and	risk	is	identified	as	early	as	pr acticably	
possible.	Clear	l ines	of	authorit y ,	r esponsibili t y	and	financial	ac counting	exist	between	the	r elev ant	heads	of	department	
and the directors. The directors have reviewed the effectiveness of the system of internal control. Such a system can 
only provide reasonable and not absolute assurance against material misstatement or loss.
The Audit Committee is comprised of Neville Davis, David Bailey, Kamal Advani and Max Steinkopf, and is chaired by 
David Bailey. The committee meets not less than three times annually and provides a link between the board and the 
group’s auditors on matters falling within the scope of the group’s audit. These matters include accounting standards 
and	pol icies,	internal	financial	contr ol	pr ocedur es	and	the	gr oup’ s	financial	statutory	r eports,	which	ar e	intended	f or	
publication. A formal statement of independence is received from the external auditors each year.
The Remuneration Committee consists of Neville Davis, David Bailey, Kamal Advani and Max Steinkopf, and is chaired by 
Da vid	B ailey .	The	R emuner ation	Commit tee	tak es	the	f ol lowing	into	ac count	in	determining	the	salaries	and	benefits	of	
executive directors:
l
 The need to pay salaries comparable to those of competitor companies
l
	 The	pr o vision	of	r elated	benefits	which	include	medical	insu r ance	and	insur ance	r elated	to	the	dir ectors’	duties
l
  The need to link individuals to the long-term success of the group through the award of share options with 
amounts allocated determined by importance of the role and performance of the executive concerned
l
	 The	use	of 	a	pr ofit -r elated	incentiv e	scheme	to	r ew ar d	indiv idual	contribution	to	at tainment	of	pr ofit	tar gets
The	boar d	r eviews	the	salaries	and	benefits	of	ex ecutiv e	dir ectors	each	y ear	b y	considering	the	r ecommendations	of	the	
Remuneration Committee and having regard to personal performance, affordability and comparable pay levels in the 
market.
Going Concern 
As	set	out	in	note	2,	the	dir ectors	ar e	of	the	opinion	that	at	the	time	of	appr o ving	the	financial	statements,	the	compan y	
and the group as a whole have adequate resources to continue in operational existence for the foreseeable future. For 
this	r eason,	they	continue	to	adopt	the	going	concern	basis	in	pr eparing	the	financial	statements.
Dialogue with Shareholders 
The company reports formally to shareholders twice a year, when its half-year and full-year results are announced; 
an Interim Report is made available on our website and an Annual Report is sent to shareholders. The Annual Report 
includes notice of the Annual General Meeting of the company at which a presentation is given and the directors are 
available to take questions both formally during the meeting and informally after the meeting. Management is available 
for dialogue with major shareholders on the company’s plans and objectives and meets with them periodically.
Political and charitable contributions
During	the	y ear ,	the	compan y	and	its	subsidiaries	made	charitable	contributions	of	£2,000	(2008:	£2,000).	The	compan y	
and its subsidiaries made no political contributions during the year (2008: nil). 
Creditor payment policy
The group agrees the terms and conditions under which business transactions with suppliers are conducted. It complies 
wi th	these	pa yment	terms,	pr o vided	that	it	is	satisfied	that	the	suppl ier	has	pr o vided	the	goods	or	services	in	ac cor dance	
with agreed terms and conditions. The average number of days group companies take to pay suppliers, based on trade 
creditors as at 31 December 2009 is 76 (2008: 87).
c102671Book.indb   8 20/5/10   11:45:07 www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 9 
 
 
Financial Instruments
Note	3	to	the	gr oup	financial	statements	sets	out	the	risk	in	r espect	of	financial	instruments.	The	boar d	r eviews	and	
agr ees	o v er al l	tr easury	policies,	delegating	appr opriate	authori t y	to	the	Chief	Ex ecutiv e	and	Chief	Financial	Officer .	
Financial	instruments	ar e	used	to	manage	the	financial	risks	f acing	the	gr oup	–	speculativ e	tr ansactions	ar e	not	
permitted. Treasury operations are reported at each board meeting and are subject to weekly internal reporting.
Statement as to disclosure of information to auditors
The	 dir ectors	 who	 wer e	 in	 office	 on	 the	 date	 of	 appr o v al	 of	 these 	 financial	 statements	 ha v e	 confirmed	 that,	 as	 f ar	 as	 they	
ar e	a w ar e,	ther e	is	no	r elev ant	audit	inf ormation	of	which	the	audi tor	is	una w ar e.	Each	of	the	dir ectors	ha v e	confirmed	
that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any 
relevant audit information and to establish that it has been communicated to the auditor.
Statement of Directors’ responsibilities 
The	dir ectors	ar e	r esponsible	f or	pr eparing	the	Dir ectors’	R eport	and	the	financial	statements	in	ac cor dance	wi th	
applicable law and regulations.
Compan y	la w	r equir es	the	dir ectors	to	pr epar e	gr oup	and	compan y	financial	statements	f or	each	financial	y ear .	The	
dir ectors	ar e	r equir ed	b y	the	AIM	R ules	of	the	London	Stock	Ex change	to	pr epar e	gr oup	financial	statements	in	
accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“EU”) and have 
elected	under	compan y	la w	to	pr epar e	the	compan y	financial	statements	in	ac cor dance	wi th	IFRS	as	adopted	b y	the	EU .
The	financial	statements	ar e	r equir ed	b y	la w	and	IFRS	adopted	b y	the	EU	to	pr esent	f airly	the	financial	posi tion	of	the	
gr oup	and	the	compan y	and	the	financial	perf ormance	of	the	gr oup .	The	Companies	Act	2006	pr o vides	in	r elation	to	
such	financial	statements	that	r ef er ences	in	the	r elev ant	part	of	that	Act	to	financial	statements	giving	a	true	and	f air	
view are references to their achieving a fair presentation.
Under	compan y	la w	the	dir ectors	must	not	appr o v e	the	financial	statements	unless	they	ar e	satisfied	that	they	giv e	a	
true	and	f air	view	of	the	state	of	af f airs	of	the	gr oup	and	the	compan y	and	of	the	pr ofit	or	loss	of	the	gr oup	f or	that	
period. 
I n	pr eparing	the	gr oup	and	compan y	financial	statements,	the	dir ectors	ar e	r equir ed	to:
(a) select suitable accounting policies and then apply them consistently;
(b) make judgements and accounting estimates that are reasonable and prudent;
(c) state whether they have been prepared in accordance with IFRSs adopted by the EU;
(d)	 	 pr epar e	the	financial	statem ents	on	the	going	concern	basi s	unless	it	is	inappr opriate	to	pr esume	that	the	gr oup	
and the company will continue in business.
The	 dir ectors	ar e	 r esponsible	 f or	 k eeping	 adequate	 ac counting	 r ecor ds	 that	 ar e	 sufficient	 to	 show	 and	 explain	 the	 gr oup’ s	
and	the	compan y ’ s	tr ansactions	and	disclose	wi th	r easonable	ac cur acy	at	an y	time	the	financial	posi tion	of	the	gr oup	and	
the	compan y	and	enable	them	to	ensur e	that	the	financial	statements	comply	with	the	Companies	Act	2006.	They	ar e	
also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the 
prevention and detection of fraud and other irregularities.
The	dir ectors	ar e	r esponsible	f or	the	maintenance	and	integri t y	of	the	corpor ate	and	financial	inf ormation	included	on	
the GoIndustry DoveBid website.
Legislation	in	the	Uni ted	Kingdom	go v erning	the	pr epar ation	and	dissemination	of	financial	statements	ma y	di f f er	f r om	
legislation in other jurisdictions.
Auditor 
B ak er	 Til ly	 UK	 A udi t	 LLP	 has	 indi cated	 i ts	 wi l lingness	 to	 continue	 in	 office,	 and	 a	 r esolution	 pr oposing	 their	 r eappointment	
will be presented at the Annual General Meeting.
By order of the board.
David Horne 
Company Secretary
14 May 2010
c102671Book.indb   9 20/5/10   11:45:07 10 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
W e	ha v e	audi ted	the	gr oup	and	par ent	compan y	financial	statements	(“the	financial	statements”)	on	pages	11	to	
52.	The	financial	r eporting	f r amework	that	has	been	appl ied	in	their	pr epar ation	is	appl icable	la w	and	I nternational	
Financial	R eporting	Standar ds	(IFRSs)	as	adopted	b y	the	Eur opean	Union	and,	as	r egar ds	the	par ent	compan y	financial	
statements, as applied in accordance with the provisions of the Companies Act 2006. 
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the 
Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those 
matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted 
by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a 
body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As more fully explained in the Directors’ Responsibilities Statement set out on page 9, the directors are responsible for 
the	pr epar ation	of	the	financial	statements	and	f or	being	satisfied	that	they	giv e	a	true	and	f air	view .	Our	r esponsibili t y	
is	to	audit	the	financial	statements	in	ac cor dance	wi th	appl icable	la w	and	I nternational	Standar ds	on	A udi ting	(UK	and	
Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A	description	of	the	scope	of	an	audi t	of	financial	statements	is	pr o vided	on	the	APB’ s	websi te	at	 
www .f r c.or g.uk/apb/scope/UKNP .
Opinion on the financial statements
In our opinion 
l
	 	 the	financi al	statements	giv e	a	true	and	f air	view	of	the	sta te	of	the	gr oup’ s	and	the	par ent ’ s	af f airs	as	at	
31 December 2009 and of the group’s loss for the year then ended;
l
	 	 the	gr oup	 financial	statements	ha v e	been	pr operly	pr epar ed	in	ac cor dance	wi th	IFRSs	as	adopted	b y	the	Eur opean	
Union;
l
	 	 the	par ent	financial	statements	ha v e	been	pr operly	pr epar ed	in	ac cor dance	wi th	IFRSs	as	adopted	b y	the	Eur opean	
Union and as applied in accordance with the Companies Act 2006; and
l
	 the	financi al	statements	ha v e	been	pr epar ed	in	ac cor dance	wi th	the	r equir ements	of	the	Companies	Act	2006.
Opinion on other matter prescribed by the Companies Act 2006
I n	our	opinion	the	inf ormation	giv en	in	the	Dir ectors’	R eport	f or	the	financial	y ear	f or	which	the	financial	statements	ar e	
pr epar ed	is	consistent	wi th	the	financial	statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to 
you if, in our opinion:
l
  adequate accounting records have not been kept by the parent company, or returns adequate for our audit have 
not been received from branches not visited by us; or
l
	 the	par ent	compan y	financ ial	statements	ar e	not	in	agr eement	wi th	the	ac counting	r ecor ds	and	r eturns;	or
l
	 certain	disclosur es	of	dir ec tors’	r emuner ation	specified	b y	la w	ar e	not	made;	or
l
 we have not received all the information and explanations we require for our audit.
David Clark (Senior Statutory Auditor) 
For and on behalf of BAKER TILLY UK AUDIT LLP, Statutory Auditor 
Chartered Accountants 
2 Bloomsbury Street 
London WC1B 3ST
14 May 2010
Independent auditor’s report to the members of GoIndustry-DoveBid plc
c102671Book.indb   10 20/5/10   11:45:07 Consolidated statement of comprehensive income
For the year ended 31 December 2009
www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 11
2009 2008
In thousands of pounds Note
Before
except-
ional
items and
other
charges
Except-
ional
items
(note 6)
Other
charges
(note 7) Total
Before
except-
ional
items and
other
charges
Except-
ional
items
(note 6)
Other
charges
(note 7) Total
Revenue 5 41,990 — — 41,990 36,898 — — 36,898
Cost of sales (16,716) — — (16,716) (13,681) — — (13,681)
Direct profit 25,274 — — 25,274 23,217 — — 23,217
Administrative expenses (25,857) (1,773) (1,036)(28,666) (27,200) (23,758) (788) (51,746)
Operating loss 8 (583) (1,773) (1,036) (3,392) (3,983) (23,758) (788) (28,529)
Finance costs
Interest income 11 141 — — 141 369 — — 369
Finance costs 11 (972) (414) — (1,386) (698) — — (698)
Share of loss of associate (28) — — (28) (27) — — (27)
Loss before income tax (1,442) (2,187) (1,036) (4,665) (4,339) (23,758) (788) (28,885)
Income tax expense 12 (170) — — (170) (73) — — (73)
Loss for the year from 
continuing operations (1,612) (2,187) (1,036) (4,835) (4,412) (23,758) (788) (28,958)
Loss for the year from 
discontinued operations 13 — (1,303)
Loss for the year (4,835) (30,261)
Other comprehensive income
Ex change	(losses)	/	gains	on	
translation of foreign subsidiaries (2,130) 8,043
Actuarial	(losses)	/	gains	on	
defined benefit pension scheme (2,150) 430
Other comprehensive income 
for the year (4,280) 8,473
Total comprehensive income 
for the year (9,115) (21,788)
Loss attributable to:
Owners of the Parent (4,916) (30,323)
Non-controlling interests 81 62
(4,835) (30,261)
Total comprehensive loss 
attributable to:
Owners of the Parent (9,196) (21,850)
Non-controlling interests 81 62
(9,115) (21,788)
Loss per share for loss from continuing operations attributable to owners of the parent during the year 
(expressed in pence per share)
Basic 14 (0.8p) (6.6p)
Diluted 14 (0.8p) (6.6p)
Loss per share for loss attributable to owners of the parent during the year (expressed in pence per share)
Basic 14 (0.8p) (6.9p)
Diluted 14 (0.8p) (6.9p)
The tax effect on other comprehensive income is nil (2008: nil).
The notes on pages 15 to 43 are an integral part of these consolidated financial statements
c102671Book.indb   11 20/5/10   11:45:07 12 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Consolidated statement of financial position
As at 31 December 2009
In thousands of pounds Note 2009 2008
Non-current assets
Property, plant and equipment 15 1,026 1,429
Intangible assets 16 32,335 35,750
Investment in associate 17 — 28
33,361 37,207
Current assets
Inventories 597 2,743
Trade and other receivables 18 6,649 10,853
Cash and cash equivalents 19 20,751 18,037
27,997 31,633
Total assets 61,358 68,840
Current liabilities
Trade and other payables 20 25,611 27,803
Borrowings 21 2,317 9,970
27,928 37,773
Non-current liabilities
Trade and other payables 20 358 1,094
Borrowings 21 2,048 546
Retirement benefit obligations 22 4,581 2,898
6,987 4,538
Total liabilities 34,915 42,311
Net assets 26,443 26,529
Equity
Share capital 23 9,745 23,583
Share premium 23 22,495 18,872
Shares to be issued 23 542 542
Own shares held in trust 24 — (974)
Capital redemption reserve 27 18,908 —
Other reserves 25 54,327 56,207
Accumulated losses 26 (79,836) (71,882)
Capital and reserves attributable to owners of the parent 26,181 26,348
Non-controlling interests 262 181
Total equity 26,443 26,529
The notes on pages 15 to 43 are an integral part of these consolidated financial statements
The financial statements were approved by the board of directors and authorised for issue on 14 May 2010. They were 
signed on its behalf by :
Jack Reinelt David Horne
Chief Executive Officer Chief Financial Officer
c102671Book.indb   12 20/5/10   11:45:07 Consolidated statement of changes in equity
For the year ended 31 December 2009
www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 13
Attributable to owners of the parent
In thousands of pounds
Share
capital
Share
premium
Capital
redemption
reserve
Shares to
be issued
Own
shares
held in
trust
Acquisition
reserve
Share
options
reserve
Foreign
currency
reserve
Accumu-
lated
losses TOTAL
Non-
controlling
interest
TOTAL
Equity
At 1 January 2008 13,250 9,578 — — (1,042) 47,649 1,149 (807) (41,989) 27,788 119 27,907
Comprehensive income:
Loss for the year — — — — — — — — (30,323) (30,323) 62 (30,261)
Other comprehensive income:
Actuarial gain on defined benefit 
pension scheme — — — — — — — — 430 430 — 430
Currency translation differences — — — — — — — 8,043 — 8,043 — 8,043
Total comprehensive income: — — — — — — — 8,043 (29,893) (21,850) 62 (21,788)
Transactions with owners:
Issue of share capital to finance the 
acquisition of DoveBid Inc. 9,250 9,250 — — — — — — — 18,500 — 18,500
Shares issued as consideration for the 
acquisition of DoveBid Inc. 1,083 1,083 — 542 — — — — — 2,708 — 2,708
Cost of share issue — (1,039) — — — — – — — (1,039) — (1,039)
Share based payments — — — — — — 173 — — 173 — 173
Transfer of shares — — — — 68 — — — — 68 — 68
Total transactions with owners: 10,333 9,294 — 542 68 — 173 — — 20,410 — 20,410
At 1 January 2009 23,583 18,872 — 542 (974) 47,649 1,322 7,236 (71,882) 26,348 181 26,529
Comprehensive income:
Loss for the year — — — — — — — — (4,916) (4,916) 81 (4,835)
Other comprehensive income:
Actuarial loss on defined benefit pension 
scheme — — — — — — — — (2,150) (2,150) — (2,150)
Currency translation differences — — — — — — — (2,130) — (2,130) — (2,130)
Total comprehensive income: — — — — — — — (2,130) (7,066) (9,196) 81 (9,115)
Transactions with owners:
Cancellation of shares (18,908) — 18,908 — 888 — — — (888) — — —
New shares issued 2,657 2,126 — — — — — — — 4,783 — 4,783
Conversion of loan notes 2,413 1,923 — — — — — — — 4,336 — 4,336
Cost of share issue — (426) — — — — — — — (426) — (426)
Share based payments — — — — — — 250 — — 250 — 250
Transfer of shares — — — — 86 — — — — 86 — 86
Total transactions with owners: (13,838) 3,623 18,908 — 974 — 250 — (888) 9,029 — 9,029
At 31 December 2009 9,745 22,495 18,908 542 — 47,649 1,572 5,106 (79,836) 26,181 262 26,443
The notes on pages 15 to 43 are an integral part of these consolidated financial statements
c102671Book.indb   13 20/5/10   11:45:08 14 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Consolidated statement of cash flows
For the year ended 31 December 2009
In thousands of pounds 2009 2008
Cash flows from operating activities
Loss before income tax (4,665) (28,885)
Adjustments for:
Depreciation 434 360
Amortisation 935 672
Goodwill impairment charge — 19,378
Net interest expense 1,245 329
Share based payments 336 241
Net retirement benefit cost 117 176
Share of loss of associate 28 27
Changes in working capital:
Decr ease	/	(incr ease)	in	in v entories 1,943 (1,855)
Decrease in accounts receivable 3,719 1,785
(Decr ease)	/	incr ease	in	ac counts	pa y able (2,563) 1,209
I ncr ease	/	(decr ease)	in	r etir ement	benefi t	obligations 1,683 (367)
Operating cash flows before interest and taxes 3,212 (6,930)
Interest paid (1,116) (698)
Interest received 141 369
Income and corporation taxes paid (156) (108)
Net cash generated from / (used in) operating activities 2,081 (7,367)
Cash flows from investing activities
Purchases of property, plant and equipment (94) (471)
Disposals of property, plant and equipment 91 —
Purchases of intangible assets (394) (1,786)
Loan granted to associate — (55)
Disposal of subsidiary — (129)
Acquisition of subsidiary net of cash acquired — (7,044)
Net cash used in investing activities (397) (9,485)
Cash flows from financing activities
Proceeds on issue of shares 4,087 17,461
(Decr ease)	/	incr ease	in	borr owings (1,815) 3,379
Net cash generated from financing activities 2,272 20,840
Net increase in cash and cash equivalents 3,956 3,988
Cash and cash equivalents at beginning of year 18,037 14,797
Effect of foreign exchange rate changes (1,242) (748)
Cash and cash equivalents at end of year 20,751 18,037
The notes on pages 15 to 43 are an integral part of these consolidated financial statements
c102671Book.indb   14 20/5/10   11:45:08 Notes to the consolidated financial statements
For the year ended 31 December 2009
www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 15 
 
1. General information
GoIndustry-DoveBid plc (‘the company’) and its subsidiaries (together ‘the group’) is a global market leader in the 
service, management, and disposal of surplus industrial assets. The group has offices in locations across Europe, North 
America, and Asia.
The company is a public limited company incorporated and domiciled in the United Kingdom. The address of its 
registered office is 1-6 Lombard Street, London, EC3V 9JU.
The company is listed on the Alternative Investment Market (AIM) of the London Stock Exchange.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. 
These policies have been consistently applied to all of the years presented unless otherwise stated.
Basis of preparation
These consolidated financial statements include the accounts of GoIndustry-DoveBid plc and all of its subsidiaries made 
up to 31 December each year.
The consolidated financial statements have been prepared in accordance with International Financial Reporting 
Standards (‘IFRS’) adopted for use in the EU and IFRIC interpretations as at 31 December 2009 (‘adopted IFRS’) and the 
Companies Act applicable to companies reporting under IFRS.
The financial statements are presented in Sterling, rounded to the nearest thousand, and have been prepared on a 
historical cost basis.
The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. 
It also requires management to exercise its judgment in the process of applying the group’s accounting policies. The 
areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to 
the consolidated financial statements are disclosed in note 4.
(a) Standards, amendments and interpretations effective in 2009
	 l  IAS 1 (revised), “Presentation of financial statements”. The revised standard has introduced terminology 
changes (including revised titles for the financial statements) and changes in the format and content of the 
financial statements. In addition, the revised standard prohibits the presentation of items of income and 
expenses (that is ‘non-owner changes in equity’) in the statement of changes in equity, requiring ‘non-owner 
changes in equity’ to be presented separately from owner changes in equity. All ‘non-owner changes in equity’ 
are required to be shown in a performance statement.
   Entities can choose whether to present one performance statement (the statement of comprehensive income) 
or two statements (the income statement and statement of comprehensive income). The group has elected to 
present one statement: a statement of comprehensive income.
 l  IFRS 8, ‘Operating segments’. The group has adopted IFRS 8 “Operating segments” during the period. The 
standard supersedes IAS 14, ‘Segment reporting’ and is effective for the year ended 31 December 2009. IFRS 
8 provides segmental information for the group on the basis of information reported internally to the chief 
operating decision-maker for decision-making purposes. The group considers that the role of chief operating 
decision-maker is performed by the group board of directors. IAS 14 required segmental information to be 
reported for business segments and geographical segments based on assets and operations that provided 
products or services subject to different risks and returns. The adoption of IFRS 8 has not had any impact 
on the performance or position of the group or on the presentation of these financial statements as internal 
reporting is based upon geographical segments.
 l IFRS 2 Share-based payment – amendments relating to group cash-settled share-based payment transactions
 l  IFRS 3 Business combinations – comprehensive revision on applying the acquisition method adopted early by 
the group
 l IFRS 9  Financial Instruments – amendments relating to classification and measurement
 l  IAS 1 Presentation of financial statements – amendments resulting from April 2009 Annual Improvements to 
IFRSs adopted early by the group
 l IAS 7 Statement of Cash Flows – amendments resulting from April 2009 Annual Improvements to IFRSs
 l IAS 17 Leases – amendments resulting from April 2009 Annual Improvements to IFRSs
 l IAS 24 Related Party Disclosures – revised definition of related parties
 l  IAS 27 Consolidated and Separate Financial Statements – consequential amendments arising from 
amendments to IFRS 3 early adopted by the group
c102671Book.indb   15 20/5/10   11:45:08 16 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
 l IAS 36 Impairment of Assets – amendments resulting from April 2009 Annual Improvements to IFRSs
 l IAS 38 Intangible Assets – amendments resulting from April 2009 Annual Improvements to IFRSs
 l  IFRIC 14 IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction 
(endorsed).
(b) Standards, amendments and interpretations effective in 2009 but not relevant
The following standards, amendments and interpretations to published standards are mandatory for accounting periods 
beginning on or after 1 January 2009 but are not relevant to the group:
 l  IFRS 1 First time adoption of IFRS – amendments relating to oil and gas assets and determining whether 
an arrangement contains a lease; amendment in relation to the cost of an investment in a subsidiary, jointly 
controlled entity or associate
 l IFRS 5 Non-current Assets Held for Sale and Discontinued Operations – amendment
 l IAS 28 Interests in Joint Ventures – consequential amendments arising from amendments to IFRS 3
 l IAS 32 Financial instruments: presentation – amendments relating to classification of rights issues
 l IAS 39 Financial instruments: recognition and measurement – amendments for eligible hedged items
 l  IFRIC 2 Members’ shares in co-operative entities and similar instruments – consequential amendments arising 
from amendments to IAS 32
 l IFRIC 12 Service concession arrangements
 l IFRIC 13 Customer loyalty programs (endorsed)
 l IFRIC 16 Hedges of a net investment in a foreign operation
 l IFRIC 17 Distributions of non-cash assets to owners
 l IFRIC 18 Transfer of assets from Customers
 l  IAS 28 (amendment), ‘Investment in associates’ (and consequential amendments to IAS 32, ‘Financial 
instruments: Recognition and measurement’ and IFRS 7, ‘Financial instruments: Disclosures’)
 l IAS 29 (amendment), ‘Financial reporting in hyperinflationary economies’
 l IAS 31 Investment in joint ventures – consequential amendments arising from amendments to IFRS 3
 l  IAS 31 (amendment), ‘Interests in joint ventures’ (and consequential amendments to IAS 32, ‘Financial 
instruments: Recognition and measurement’ and IFRS 7, ‘Financial instruments: Disclosures’)
 l  IAS 32 (amendment), ‘Financial instruments: Presentation’ and IAS 1 (amendment) ‘Presentation of financial 
statements – Puttable financial instruments and obligations arising on liquidation’
 l  IAS 40 (amendment), ‘Investment property’ (and consequent amendments to IAS 16, ‘Property, plant and 
equipment’)
 l IAS 41 (amendment), ‘Agriculture’.
Going concern
The	gr oup	had	net	curr ent	assets	of	£69	thousand	at	31	December	2009	(2008:	net	curr ent	liabili ties	of	£6,140	
thousand),	gr oss	cash	of	£20, 751	thousand	(2008:	£18,037	thousand)	and	net	cash	after	deducting	borr owings	and	
amounts	due	to	cl ients	of	£150	thousand	(2008:	net	debt	of	£8,658	thousand).	The	dir ectors	ha v e	consider ed	the	
implications for going concern as set out below.
The board remains satisfied with the group’s funding and liquidity position, and in particular notes the significant 
improvement from 2008. The main sources of debt funding are the bank facilities with Barclays Bank plc in the United 
Kingdom, PNC Bank in the United States of America, Hypo Vereins Bank in Germany and the convertible loan notes. The 
group also holds subordinated loan notes that were acquired as part of the acquisition of DoveBid, Inc.
As indicated in note 21 to the financial statements, the group meets its day-to-day working capital requirements from its 
cash and overdraft facilities. Subsequent to 31 December 2009, management has renegotiated the PNC Bank facilities 
to reduce the principal deal facility from $5 million to $3.5 million, with a corresponding increase in the working capital 
facility from $2 million to $3.5 million; the $3 million term loan facility remains unchanged and had a balance of $2.65 
million outstanding at 31 December 2009. In addition to the PNC Bank facilities, the group has facilities with Barclays 
B ank	plc	of	£300	thousand	and	Hypo	V er eins	B ank	of	£300	thousand,	both	of	which	ar e	r epa y able	on	demand.
c102671Book.indb   16 20/5/10   11:45:08 www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 17 
 
The board remains mindful regarding the uncertainties inherent in the current economic climate. The group’s forecasts 
and projections, taking account of reasonable changes in trading performance given these uncertainties, show the group 
operating within its current facilities.
The board has reviewed the bank facilities and believes that they provide sufficient headroom going forward. Forecasts 
reviewed by the board, including forecasts adjusted for worse economic conditions together with appropriate cost 
containment measures already in place show continued compliance with covenants on the PNC Bank facilities. All other 
debt funding is free of covenants. Those forecasts show the group has sufficient working capital facilities.
On the basis of these forecasts, both base case and sensitised as described above, and given the level and repayment 
profile of the facilities, the board has concluded that the going concern basis of preparation continues to be appropriate.
Consolidation
Subsidiaries are all entities over which the group has the power to govern the financial and operating policies generally 
accompanying a shareholding of more than one half of the voting rights. Subsidiaries are fully consolidated from the date 
on which control is transferred to the group. They are de-consolidated from the date that control ceases.
The purchase method of accounting is used to account for the acquisition of subsidiaries by 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 in a business combination are measured initially at their fair values at the acquisition date, 
irrespective of the extent of any minority interest. 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. If the cost of acquisition is less than the fair value of 
the net assets of the subsidiary acquired, the difference is recognised directly in the income statement.
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. 
Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies 
of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Investments in associates are all entities over which the group has significant influence but not control, generally 
accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are included in 
the consolidated financial statements using the equity method.
The group’s share of its associates’ post-acquisition profits or losses is recognised in profit or loss. The cumulative post-
acquisition movements are adjusted against the carrying value of the investment.
Segment reporting
The group presents segmental analysis by geography. All geographical segments are engaged in providing products or 
services within a particular economic environment that are subject to risks and returns that are different from those of 
segments operating in other economic environments. The corporate centre provides support services to the group as a 
whole covering IT, finance, legal and campaign marketing. Assets and liabilities are allocated according to their physical 
location.
Information reported to the group’s chief operating decision maker for the purposes of resource allocation and 
assessment of segment performance is more specifically focussed on the geographical region and not the type of service. 
The group’s reportable segments under IFRS 8 are therefore as follows: North America, Europe, Asia and Corporate. 
The accounting policies of the reportable segments are the same as the group’s accounting policies described in this 
note. Segment profit represents the profit earned by each segment without allocation of central administration costs 
and directors’ salaries. This is the measure reported to the chief operating decision maker for the purposes of resource 
allocation and assessment of segment performance.
Foreign currency translation
(a) Functional and presentation currency
 Items 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’). The consolidated financial 
statements	are	presented	in	‘Sterling’	(‘£’),	which	is	the	company’s	functional	and	presentation	currency.
(b) Transactions and balances
 Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the 
dates of the transactions. 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 profit or loss.
c102671Book.indb   17 20/5/10   11:45:08 18 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
(c) Group companies
 The results and financial position of all the group entities (none of which has the currency of a hyper-inflationary 
economy) that have a functional currency different from the presentation currency are translated into the 
presentation currency as follows:
 i.  assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that 
balance sheet;
 ii.  income and expenses are translated at weighted average monthly exchange rates (unless this average is 
not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in 
which case income and expenses are translated at the rate on the dates of the transactions); and all resulting 
exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of the net investment in foreign operations, 
are recognised in other comprehensive income. When a foreign operation is partially disposed of or sold, exchange 
differences that were recorded in other comprehensive income are recognised in profit or loss as part of the gain or loss 
on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of 
the foreign entity and translated at the closing rate.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the 
ordinary course of the group’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts.
The primary business of the group is the provision of services associated with the valuation and sale of used industrial 
equipment. In such circumstances group companies act as an agent on behalf of their clients, and revenues represent 
commissions or fees charged to clients in connection with the provision of these services. Group companies may also 
take a position as a principal whereby they purchase and sell equipment on their own behalf. On these occasions 
revenues represent the percentage ownership of the value of the equipment being sold with the cost of such equipment 
being reported within inventory at the time of purchase and as cost of sales at the time of sale.
Revenue is recognised when it is probable that the economic benefits will flow to the group, when the revenues and 
associated costs can be reliably measured and when the stage of completion of the transaction at the balance sheet 
date can also be reliably measured. In addition in the case of principal sales of equipment the group company must have 
transferred to the buyer the significant risks and rewards of ownership of those goods, and must retain no significant 
managerial involvement with, nor control over, those goods.
In the case of agency sales a buyer will usually be identified, the sale price agreed and the buyer invoiced on behalf of 
the client before the group invoices the client. Accrued income receivable represents an accrual for such work completed 
on behalf of clients but not yet invoiced to the client. Accruals are estimated based on the expected proceeds from the 
sale of client owned equipment, agreed commission rates and other contractual terms.
Employee benefits
(a) Pension obligations
 The group has both defined benefit and defined contribution plans. 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 benefits 
relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is 
not a defined contribution plan. Typically defined benefit plans define an amount of pension benefit that an 
employee will receive on retirement, usually dependent on one or more factors such as age, years of service and 
compensation.
 The defined benefit plan, the Henry Butcher Pension and Life Assurance Scheme, is operated by GoIndustry UK 
Limited. GoIndustry UK Limited is obliged to make sufficient contributions to an externally administered fund in 
order to satisfy future pension obligations. The Scheme was closed to new members with effect from 1 January 
2002, and with effect from 31 December 2004 accrual of benefits in the Scheme ceased and active members 
contributed to a defined contribution scheme. The liability recognised in the balance sheet in respect of the defined 
benefit scheme is the present value of the defined benefit obligation at the balance sheet date less the fair value 
of plan assets, together with adjustments for unrecognised past-service costs. The defined benefit obligation is 
calculated annually by independent actuaries using the projected unit credit method. The present value of the 
defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of 
high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have 
terms to maturity approximating to the terms of the related pension liability.
 
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 Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged 
or credited to other comprehensive income in the period in which they arise.
 For defined contribution plans, the group pays contributions to publicly or privately administered pension insurance 
plans on a mandatory, contractual or voluntary basis. The group has no further payment obligations once the 
contributions have been paid. The contributions are recognised as an employee benefit expense when they are 
due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future 
payments is available.
(b) Share-based compensation
 The group operates a number of equity-settled, share-based compensation plans. The fair value of the employee 
services received in exchange for the grant of the options is recognised as an expense. The total amount to be 
expensed over the vesting period is determined by reference to the fair value of the options granted, excluding 
the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-
market vesting conditions are included in assumptions about the number of options that are expected to vest. At 
each balance sheet date, the group revises its estimates of the number of options that are expected to vest. It 
recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment 
to equity.
 The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal 
value) and share premium when the options are exercised.
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 
profit or loss on a straight-line basis over the period of the lease.
Current and deferred income tax
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance 
sheet date in the countries where the company’s subsidiaries and associates operate and generate taxable income. 
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax 
regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to 
be paid to the tax authorities.
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 substantively 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.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and 
associates, and interests in joint ventures, except where the group is able to control the reversal of the temporary 
difference and it is probable that the temporary difference will not reverse in the foreseeable future.
Property, plant and equipment
All property, plant and equipment is stated at historical cost less depreciation. 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. All other repairs and maintenance are charged to profit or loss during the financial period in 
which they are incurred.
c102671Book.indb   19 20/5/10   11:45:08 20 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
Depreciation is calculated using the straight-line method to allocate their cost to their residual values over their estimated 
useful lives, as follows:
Buildings 10-25 years 
Vehicles 4 years 
Furniture, fittings and equipment 3 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is 
greater than its estimated recoverable amount.
Intangible assets
(a) 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 on acquisitions of subsidiaries is 
included in ‘intangible assets’. 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.
 Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to 
those cash-generating units or groups of cash-generating units that are expected to benefit from the business 
combination in which the goodwill arose. The company allocates goodwill to each geographical business unit.
 Assets that have an indefinite useful life, for example goodwill, are not subject to amortisation and are tested 
annually for 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 value in use.
(b)  Customer relationships
 Customer relationships acquired in a business combination are recognised at fair value at the acquisition date. The 
customer relationships have a finite useful life and are carried at cost less accumulated amortisation. Amortisation 
is calculated using the straight-line method over the expected life of the customer relationship, which is 5 years.
(c)  Brands
 Brands acquired in a business combination are recognised at fair value at the acquisition date. The brands have a 
finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-
line method over the expected life of the brands, which is 10 years.
(d) Other intangible assets
 Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use 
the specific software. These costs are amortised over their estimated useful lives of 2 to 3 years.
 In line with IFRS, the group does not recognise internally generated intangible assets arising from expenditures 
such as research, branding or the creation of its customer and equipment databases. Expenditures associated with 
internal systems development and with internally generated goodwill are charged against profit in the period in 
which they are incurred.
Inventories
Inventories comprise used industrial equipment purchased for resale and are stated at the acquisition cost of the assets. 
In some cases dismantling, transportation, or warehousing costs may be incurred, which are added to the inventory 
value. These costs are allocated between the group of assets acquired on a weighted average of the deemed value of 
the assets. Where this allocated cost is in excess of net realisable value the excess carrying amount is written off to 
profit or loss. Borrowing costs are not included in the inventory valuation. Net realisable value is the estimated selling 
price in the ordinary course of business, less applicable variable selling expenses.
Financial assets
The group’s financial assets comprise trade and other receivables, cash and cash equivalents.
Trade and other receivables
Trade and other receivables comprise trade accounts receivable, accrued income receivable, auction expenses receivable, 
prepayments and other receivables. Trade receivables are initially recognised at fair value, and subsequently measured 
at amortised cost using the effective interest method less impairment. A provision for impairment is established when 
there is objective evidence that the group will not be able to collect all amounts due according to the original terms of 
the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial 
c102671Book.indb   20 20/5/10   11:45:08 www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 21 
 
reorganisation, and default or delinquency in payments 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 
future cash flows. The carrying amount of the asset is reduced through the use of an allowance account, and the 
amount of the loss is recognised in profit or loss within administrative expense. When a trade receivable is uncollectible, 
it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written 
off are credited against ‘administrative expense’ in profit or loss.
Accrued income receivable represents an accrual for work completed on behalf of clients but not yet invoiced. Auction 
expenses represent costs incurred on behalf of and recoverable from clients but not yet invoiced.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, monies held under guarantee, and 
bank overdrafts.
Group companies routinely collect cash from auction sales, the proceeds of which are ultimately payable to the client 
whose assets are being sold. Client money owing is reported within cash on the consolidated balance sheet with a 
corresponding liability reported as amounts due to clients within accounts payable. Client cash that is held together 
with the group’s own cash is reported within own cash on hand and at bank, but if for legal or other reasons it must 
be segregated from company funds it is reported separately as client cash on escrow. Short-term deposits are liquid 
investments that are convertible to known amounts of cash and which are subject to insignificant risk of change in value. 
Monies held under guarantee is cash held in accounts to which the group enjoys legal title, which are used to meet 
specific client liabilities.
Trade payables
Trade payables are initially recognised at fair value and subsequently measured at amortised cost, using the effective 
interest method.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at 
amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised 
in profit or loss over the period of the borrowings using the effective interest method.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the 
liability for at least 12 months after the balance sheet date.
Provisions
Provisions for potential future costs such as those arising from the defence of a legal claim 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 resources 
will be required to settle the obligation and the amount has been reliably estimated.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a 
pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.
Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the 
proceeds.
Where any group company purchases the company’s equity share capital (own shares held in trust), the consideration 
paid, including any directly attributable incremental costs is deducted from equity attributable to the company’s equity 
holders until the shares are cancelled or reissued.
3. Financial risk management
The group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and interest 
rate risk), credit risk and liquidity risk. Financial risk management is coordinated at group level and seeks to minimise 
potential adverse effects on the group’s financial performance.
Market risk
(a) Foreign exchange risk
 The group operates internationally and is exposed to foreign exchange risk arising from various currency 
exposures. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities 
and net investments in foreign operations. In order to reduce the currency risk arising in respect of recognised 
foreign currency assets and net investments in foreign subsidiaries, the group uses direct borrowings in the same 
c102671Book.indb   21 20/5/10   11:45:08 22 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
currency. The risk relating to future commercial transactions and recognised liabilities is mitigated through the 
maintenance of cash balances in the same currency.
 The effect of changing exchange rates is regularly monitored by the group and a sensitivity analysis has been 
prepared to show the impact of changes in foreign exchange between Sterling, the United States Dollar and 
the Euro. A decrease of twenty cents in the value of both the Dollar and the Euro would increase consolidated 
loss	before	tax	by	£12	thousand	(2008:	Decrease	£393	thousand)	and	increase	total	equity	by	£5,000	thousand	
(2008:	£5,618	thousand).	An	increase	of	five	cents	in	the	value	of	both	the	Dollar	and	the	Euro	would	decrease	
consolidated	loss	before	tax	by	£1	thousand	(2008:	Increase	£522	thousand)	and	decrease	total	equity	by	£999	
thousand	(2008:	£8,459	thousand).
 Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are 
denominated in a currency that is not the functional currency.
 The carrying values of the group’s financial assets and liabilities are denominated in the following currencies:
2009
In thousands of pounds USD Euro GBP Total
Loans and receivables:
Trade receivables 2,130 809 464 3,403
Other receivables 767 117 6 890
Accrued income 60 324 1,066 1,450
Cash and cash equivalents 14,268 2,727 3,756 20,751
Amortised Costs:
Trade payables 124 (272) (3,341) (3,489)
Amounts due to clients (12,635) (2,647) (954) (16,236)
Accruals and other payables (1,550) (1,003) (787) (3,340)
Borrowings (3,280) (500) (585) (4,365)
(116) (445) (375) (936)
2008
In thousands of pounds USD Euro GBP Total
Trade receivables 1,857 1,094 628 3,579
Other receivables 849 165 30 1,044
Accrued income 621 791 3,401 4,813
Cash and cash equivalents 13,036 1,217 3,784 18,037
Amortised Costs:
Trade payables (1,501) (841) (2,365) (4,707)
Amounts due to clients (9,695) (1,881) (4,603) (16,179)
Accruals and other payables (3,176) (1,160) (1,042) (5,378)
Borrowings (5,290) — (5,226) (10,516)
 (3,299) (615) (5,393) (9,307)
	 	 During	the 	12	month	perio d	the	Sterl ing	/	US	Dollar	ex change	r ate	fluctuated	between	a	maximum	and	minimum	
of	1.653	and	1.421	US	$	to	£1.
	 	 During	the 	12	month	perio d	the	Sterl ing	/	Eur o	ex change	r ate	fluctuated	between	a	maximum	and	minimum	of	
1.176	and	1.076	EUR	to	£1.
(b)	 Cash	flow	i nter est	r ate	risk
 Borrowings of the group comprise convertible loan notes issued by GoIndustry-DoveBid plc and bank loans held 
by GoIndustry USA Inc., GoIndustry UK Limited and GoIndustry AG. The group is exposed to cash flow interest 
rate risk only on its bank borrowings as the convertible loan notes attract interest at a fixed rate of 12%. Bank 
borrowings are used mainly for working capital to finance the purchase of assets for resale and therefore are 
generally held only for a short time period.
 Before the purchase of each group of assets a proposal is presented to an investment committee projecting the 
profitability of the investment after the cost of finance and therefore decisions can be taken based upon the 
prevailing interest rate at the time of investment. Due to the short time period for which these assets are held the 
actual finance cost is only likely to fluctuate marginally from the projection. There is also a term loan facility of 
£1,663	thousand	(2008:	nil)	that	is	repayable	over	the	period	to	30	April	2012.
c102671Book.indb   22 20/5/10   11:45:08 www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 23 
 
 A sensitivity analysis has been prepared to model the impact on profit before tax of a change in the effective 
interest	rate	for	bank	borrowings.	A	+/-	variance	of	100	basis	points	in	the	effective	interest	rate	would	have	an	
impact	of	£77	thousand	(2008:	£77	thousand)	on	profit	before	tax.	Further	details	on	interest	rate	risk	exposure	
are contained in note 21.
Credit risk
Credit risk arises from the risk that a counterparty defaults on its liability in relation to financial assets of the group that 
they are holding. The group is subject to credit risk on its bank deposits and trade receivables. Bank deposits are held 
only by institutions rated as investment grade by an independent rating agency; credit exposure is further reduced by 
limiting the proportion of net deposits that can be held by a single institution. Further details regarding the group’s policy 
for the management of trade receivables is set out below.
The table below shows the major counterparties at the reporting date:
In thousands 2009
Counterparty Rating Balance
PNC Bank A 8,289
Barclays Bank plc AA- —
Hypo Vereins Bank AAA 827
LCL AA- 363
HSBC AA 323
Deutsche Bank AAA 246
Other – 10,703
20,751
The fair values of trade and other receivables are not materially different from the carrying values. The maximum 
exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned in note 18, other 
than prepayments, and cash.
Trade receivables management
Exposure to credit risk on trade receivables from commission and principal sales is limited because it is the group’s policy 
not to allow the title to assets to be transferred until payment is received.
Capital risk management
The group manages its capital to ensure that subsidiary operations are able to continue as going concerns, the 
group and relevant subsidiaries remain in compliance with their banking covenants, and the return to shareholders is 
maximised through an appropriate mix of debt and equity funding. The group’s capital structure comprises total equity 
and net debt.
Surplus cash is either reinvested in the business or used to repay debt. The level of debt is monitored through the cash 
flow leverage ratio, which is net debt divided by EBITDA. Net debt is calculated as amounts due to clients, borrowings 
and both convertible and subordinated loan notes less cash and cash equivalents. EBITDA is earnings before interest, 
taxation, depreciation and amortisation.
Liquidity risk
Liquidity risk is primarily managed through the maintenance of adequate liquid resources, principally in the form of bank 
deposits. In addition to this, bank facilities to allow financing of working capital are also available in some business units.
c102671Book.indb   23 20/5/10   11:45:08 24 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
The table below sets out the liquidity profile of the group’s financial assets and liabilities:
2009
In thousands of pounds
Effective
interest
rate
Recognised
asset /
(liability)
Contractual
interest
payable
Total
Contractual
cash flow
6 months
or less
6-12
months 1-5 years
 
Loans and receivables:
Trade receivables — 3,403 — 3,403 2,999 404 —
Other receivables — 890 — 890 890 — —
Accrued income — 1,450 — 1,450 1,450 — —
Cash and cash 
equivalents 2% 20,751 — 20,751 20,751 — —
Amortised Cost:
Trade payables — (3,489) — (3,489) (3,365) (124) —
Amounts due to clients — (16,236) — (16,236) (16,236) — —
Accrued expenses — (3,340) — (3,340) (3,340) — —
Bank loans and 
overdrafts 4% (3,371) — (3,371) (3,371) — —
Subordinated loan notes 9% (494) — (494) (116) (116) (262)
Convertible loan notes 12% (500) — (500) — — (500)
(936) — (936) (338) 164 (762)
2008 
 
In thousands of pounds
Effective
interest
rate
Recognised
asset	/
(liability)
Contractual
interest
payable
Total
Contractual
cash	flow
6 months
 orless 6-12 months 1-5 years
 
Loans and receivables:
Trade receivables — 3,579 — 3,579 3,526 53 —
Other receivables — 1,044 — 1,044 1,044 — —
Accrued income — 4,813 — 4,813 4,813 — —
Cash and cash 
equivalents 2% 18,037 — 18,037 18,037 — —
Amortised Cost:
Trade payables — (4,707) — (4,707) (4,583) (124) —
Amounts due to clients — (16,179) — (16,179) (16,179) — —
Accruals and other 
payables — (5,378) — (5,378) (5,378) — —
Bank loans and 
overdrafts 4% (6,722) — (6,722) (6,722) — —
Subordinated loan notes 9% (804) (72) (876) (170) (170) (536)
Convertible loan notes 8% (2,990) (60) (3,050) (3,050) — —
(9,307) (132) (9,439) (8,662) (241) (536)
The group is not contractually bound to make interest payments on any financial instruments except bank loans and 
overdrafts, convertible and subordinated loan notes.
4. Critical accounting estimates and judgements
The preparation of financial statements requires management to make estimates and assumptions that affect the 
reported amounts of assets and liabilities at the date of the financial statements and of revenues and expenses during 
the year. Significant items subject to such estimates and judgments include goodwill, the defined benefit pension 
obligation, the equity settled share-based payment charge, and the direct profit margin for principal sales. Actual 
amounts recognised may differ from those estimated. The estimates and assumptions which have a potentially material 
impact on the carrying amount of assets and liabilities are discussed below:
(a) Impairment of goodwill
  The group is required to test, at least annually, whether goodwill has suffered any impairment. The recoverable 
amount is determined based on value in use calculations. The use of this method requires the estimation of future 
cash flows and the choice of a suitable discount rate in order to calculate the present value of these cash flows. 
Actual outcomes could vary. See note 16 for further details.
c102671Book.indb   24 20/5/10   11:45:09 www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 25 
 
(b)	 P ost	r etir ement	benefits
 The determination of the defined benefit pension obligation depends upon the selection of certain assumptions, 
which include the discount rate, inflation rate, mortality and expected return on scheme assets. Differences arising 
from actual experience or future changes in assumptions will be reflected in subsequent periods. See note 22 for 
further details.
(c)  Equity settled share based payments
 The group recognises a charge in profit or loss for the fair value of equity settled share based payments over the 
vesting period. Those instruments vesting in the period are principally options over ordinary shares and the fair 
value of these at the balance sheet date is estimated using the Black-Scholes model. This model is dependent upon 
several assumptions such as the risk free interest rate and the expected life of the options. Actual experience may 
differ from that estimated. Note 23 contains further details on these assumptions.
(d)	 Dir ect	pr ofit	mar gin	f or	prin cipal	sales
 When the group acquires equipment for principal sales an estimate is made of the expected sales value for the 
whole project, and from this a projected margin is calculated. This projected margin is then used to estimate the 
actual margin to be recorded as individual items of equipment are sold. The actual margin achieved may vary from 
this initial estimate. Any incremental losses that are foreseeable at the year-end are provided for, non-foreseeable 
losses and any incremental profits are taken to the income statement in the period in which they occur.
5. Segmental analysis
In thousands of pounds Europe
North 
America Asia Corporate
2009 
Consolidated
Revenue 15,165 22,016 4,809 — 41,990
Segment result 321 766 499 (2,169) (583)
Other charges — — — (1,036) (1,036)
Exceptional items (620) 4 (223) (934) (1,773)
Operating (loss) / profit (299) 770 276 (4,139) (3,392)
Finance	(costs)	/	income	–	net (57) (590) 18 (202) (831)
Convertible loan note
restructuring interest — — — (414) (414)
Share of loss of associate — (28) — — (28)
(Loss) / profit before
income tax (356) 152 294 (4,755) (4,665)
Income tax expense (6) (45) (119) — (170)
(Loss) / profit for the year
from continuing operations (362) 107 175 (4,755) (4,835)
Depreciation and amortisation 290 511 240 328 1,369
Impairment of goodwill — — — — —
Segment assets 25,849 15,077 3,410 17,022 61,358
Segment liabilities 8,367 7,991 2,403 16,154 34,915
c102671Book.indb   25 20/5/10   11:45:09 26 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
In thousands of pounds Europe
North
America Asia Corporate
2008
Consolidated
Revenue 16,140 16,380 4,378 — 36,898
Segment result (1,764) 241 (94) (2,366) (3,983)
Other charges (314) (373) (101) — (788)
Exceptional items (6,877) (12,074) (4,153) (654) (23,758)
Operating loss (8,955) (12,206) (4,348) (3,020) (28,529)
Finance	(costs)	/	income	–	net (6) (209) 4 (118) (329)
Share of loss of associate — (27) — — (27)
Loss before income tax (8,961) (12,442) (4,344) (3,138) (28,885)
I ncome	tax	(expense)	/	cr edi t (31) 17 (59) — (73)
Loss for the year (8,992) (12,425) (4,403) (3,138) (28,958)
Depreciation and amortisation 328 367 169 168 1,032
Impairment of goodwill 5,392 10,311 3,675 — 19,378
Segment assets 49,012 15,193 4,617 18 68,840
Segment liabilities 16,442 19,281 5,379 1,209 42,311
Revenue from external customers:
In thousands of pounds 2009 2008
Entity’s country of domicile – United Kingdom 10,407 10,493
Foreign countries from which the Group derives revenue
USA 22,016 16,380
Germany 3,592 3,361
Other Europe 1,166 2,134
Asia Pacific 4,809 4,530
41,990 36,898
Revenues are allocated to countries from which the group derives revenue based on the location of the customer.
Non-current assets :
In thousands of pounds 2009 2008
Located in the entity’s country of domicile – United Kingdom 15,362 22,160
Located in foreign countries in which the Group holds assets
USA 6,327 2,706
Germany 9,052 11,866
Other Europe 1,727 274
Asia Pacific 893 201
33,361 37,207
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6.  Exceptional items
In thousands of pounds 2009 2008
Reorganisation costs 1,140 3,726
Costs associated to ZetaBid 265 —
Board change costs 368 —
Convertible loan note restructuring interest 414 —
Impairment of trade receivables — 354
Impairment of inventory — 822
Impairment of goodwill — 19,378
Gain on translation of foreign currency — (522)
2,187 23,758
Reorganisation costs arise from the restructuring of global operations following the downturn in global economic activity 
in the fourth quarter of 2008 and from the group’s decision to exit from the associate investment in ZetaBid.
The costs denoted as Board change costs include termination payments, recruitment fees and associated legal fees 
arising from the change in Chief Executive Officer during the year.
7.  Other charges
In thousands of pounds 2009 2008
Equity settled share based payments 336 241
Amortisation of customer relationships and brands (note 16) 700 547
 1,036 788
8. Operating loss
In thousands of pounds 2009 2008
Oper ating	loss	is	stated	after	char ging	/	(cr edi ting):
Direct profit categories:
Sale of goods (1,742) (1,646)
Rendering of services (23,532) (21,571)
Included in cost of sales:
Cost of inventories recognised as an expense 4,138 5,662
Included in administrative expenses:
Employee benefit expenses 19,914 20,718
Depreciation of property plant and equipment 434 360
Amortisation of intangible assets 935 672
Rentals under operating leases 2,106 1,781
Impairment of goodwill — 19,378
Loss/(gain)	on	the	tr anslation	of	f or eign	curr encies 109 (1,248)
Direct profit represents the gross profit on our jobs before administrative expenses. This is the revenue target that is 
used for measuring the performance and growth in each of our business units. Direct profit is used rather than gross 
revenue as reported on the Statement of comprehensive income, because the latter can be skewed from one year to the 
next depending on the volume of principal transactions undertaken.
c102671Book.indb   27 20/5/10   11:45:09 28 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
In addition to the cost of inventories, cost of sales consisted primarily of disposal expenses and third party commissions. 
The	additional	in v entory	pr o vision	f or	the	y ear	is	£200	thousand	(2008:	£205	thousand).
Auditor’s remuneration: 2009 2008
Fees payable to the company’s auditor for the audit of parent company
and consolidated financial statements 65 75
Fees payable to the company’s auditor and its associates for other services:
The audit of the company’s subsidiaries pursuant to legislation 167 137
Tax services 68 128
Other services 35 33
335 373
9.  Employee benefit expenses
In thousands of pounds 2009 2008
Wages and salaries 17,554 18,295
Social security costs 1,449 1,476
Pension costs – defined benefit plan (note 22) 273 338
Pension costs – defined contribution plans 302 368
Share options granted to directors and employees (note 23) 336 241
19,914 20,718
The number of employees of the group, averaged on a monthly basis over the year is as follows:
2009 2008
Number Number
Sales 92 115
Operations 216 264
Central services 19 25
327 404
Employee benefit expense is included within administrative expenses.
10.  Directors’ Emoluments
In thousands of pounds 2009 2008
Emoluments 502 500
Termination Benefits 173 —
Employers national insurance contributions 39 55
Share based payments (note 23) 69 36
Pension contributions – defined contribution 28 33
811 624
The	emoluments	of	the	highest	paid	dir ector	wer e	£262	thousand	(2008:	£257	thousand)	and	compan y	pension	
contributions	of	£6	thousand	(2008:	£25	thousand)	wer e	made	to	a	money	pur chase	scheme	on	the	dir ector ’ s	behalf .
Two (2008: two) directors are accruing benefits under money purchase schemes.
No share options were exercised during the current year.
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The total remuneration of the key management of GoIndustry DoveBid in the year was as follows:
In thousands of pounds 2009 2008
Short-term employee benefits 1,813 1,588
Post-employment benefits 173 79
Share based payments (note 23) 151 99
2,137 1,766
Key management costs relate to the benefits earned by the Global Management Team and the non-executive directors 
for their services rendered in managing the group globally.
11.  Finance income and costs
In thousands of pounds 2009 2008
Finance income:
Interest income on short-term bank deposits 141 369
Finance costs:
Bank borrowings (358) (491)
Convertible loan notes (614) (207)
Convertible loan note restructuring interest (note 6) (414) —
(1,245) (329)
12.  Income tax expense
In thousands of pounds 2009 2008
Current tax:
Adjustments to prior year tax charges — 19
Overseas corporation tax on profits in the year 170 54
170 73
In thousands of pounds 2009 2008
Loss before income tax (4,665) (28,885)
Tax at the UK corporation tax rate of 28% (1,306) (8,088)
Effect of lower income tax rate of other countries (70) (70)
Adjustment in respect of current income tax of previous years — 19
Deferred tax not recognised 262 (197)
Tax losses not utilised 1,111 2,659
Share based payments expense not deductible 94 76
Expenditure not allowable for income tax purposes 79 221
Goodwill amortisation and impairment — 5,453
170 73
Def err ed	tax	assets	arising	f r om	cumulativ e	taxable	losses	of	£34 , 705	thousand	(2008:	£37 ,292	thousand)	and	f r om	
other	tempor ary	di f f er ences	of	£308	thousand	(2008:	£886	thousand)	ha v e	not	been	r ecognised	as	i t	is	not	suf ficiently	
foreseeable that they will be recoverable against future taxable profits.
c102671Book.indb   29 20/5/10   11:45:09 30 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
13. Discontinued operations
On 26 June 2008 the group decided to dispose of GoIndustry Benelux NV, its subsidiary operation in Belgium. The 
business was sold for consideration of e1.
Financial information relating to GoIndustry Benelux NV for the period is set out below. The statement of comprehensive 
income and statement of cash flows distinguish discontinued operations from continuing operations. The amounts 
recognised in the statement of comprehensive income are as set out below:
In thousands of pounds 2009 2008
Revenue — 229
Expenses — (335)
Loss before income tax from discontinued operation — (106)
Tax — —
Loss after income tax from discontinued operation — (106)
Loss on disposal of discontinued operation — (1,197)
Loss from discontinued operation — (1,303)
14.  Earnings per share
Loss per share from continuing operations: 2009 2008
Loss from continuing operations attributable to owners of the parent
(thousands of pounds) (4,916) (29,020)
Weighted average number of ordinary shares in issue (thousands) 628,415 437,834
B asic	/	diluted	loss	per	shar e	(pence	per	shar e) (0.8p) (6.6p)
Loss per share from continuing and discontinued operations:
2009 2008
Loss attributable to owners of the parent (thousands of pounds) (4,916) (30,323)
Weighted average number of ordinary shares in issue (thousands) 628,415 437,834
B asic	/	diluted	loss	per	shar e	(pence	per	shar e) (0.8p) (6.9p)
Loss per share before exceptional items and other charges:
2009 2008
Loss for the year before exceptionals and other charges (thousands of pounds) (1,612) (4,412)
Weighted average number of ordinary shares in issue (thousands) 628,415 437,834
Adjusted	basic/	di luted	loss	per	shar e	(pence	per	shar e) (0.3p) (1.0p)
The calculation of the weighted average number of shares including shares to be issued has been made after having 
deducted those shares held in trust for the company. As there is a loss for the year, there are no dilutive ordinary shares.
Potentially dilutive shares include 178,571 thousand convertible loan notes and 55,167 thousand share options.
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15.  Property, plant and equipment
In thousands of pounds
Freehold
Buildings Vehicles
Furniture,
fittings	and
equipment Total
Cost:
At 1 January 2008 815 432 1,873 3,120
Exchange differences 269 44 190 503
Additions 36 104 206 346
Additions through acquisition 52 15 242 309
Disposals — (112) (44) (156)
At 1 January 2009 1,172 483 2,467 4,122
Exchange differences (77) (12) (276) (365)
Additions — 59 35 94
Disposals (23) (39) (208) (270)
At 31 December 2009 1,072 491 2,018 3,581
Accumulated depreciation:
At 1 January 2008 290 220 1,452 1,962
Exchange differences 93 99 239 431
Charge for the year 87 47 226 360
Disposals — (27) (33) (60)
At 1 January 2009 470 339 1,884 2,693
Exchange differences (50) (5) (338) (393)
Charge for the year 83 40 311 434
Disposals (13) (11) (155) (179)
At 31 December 2009 490 363 1,702 2,555
Net book value:
At 31 December 2009 582 128 316 1,026
At 1 January 2009 702 144 583 1,429
At 1 January 2008 525 212 421 1,158
c102671Book.indb   31 20/5/10   11:45:09 32 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
16.  Intangible assets
In thousands of pounds Goodwill
Customer
relationships Brands
Software and
systems
development Total
Cost:
At 1 January 2008 24,900 — — 2,158 27,058
Exchange differences 8,508 877 283 554 10,222
Additions — — — 362 362
Additions through acquisition 18,450 2,369 768 — 21,587
Disposals (1,147) — — — (1,147)
At 1 January 2009 50,711 3,246 1,051 3,074 58,082
Exchange differences (4,225) (295) (96) (393) (5,009)
Additions — — — 394 394
Disposals — — — (12) (12)
At 31 December 2009 46,486 2,951 955 3,063 53,455
Accumulated amortisation:
At 1 January 2008 — — — 1,992 1,992
Exchange differences — — — 290 290
Charge for the year — 413 134 125 672
Impairment of goodwill 19,378 — — — 19,378
At 1 January 2009 19,378 413 134 2,407 22,332
Exchange differences (1,848) 67 (57) (297) (2,135)
Charge for the year — 602 98 235 935
Disposals — — — (12) (12)
At 31 December 2009 17,530 1,082 175 2,333 21,120
Net book value:
At 31 December 2009 28,956 1,869 780 730 32,335
At 1 January 2009 31,333 2,833 917 667 35,750
At 1 January 2008 24,900 — — 166 25,066
Goodwill is allocated to the segments as follows:
In thousands of pounds 2009 2008
Europe 8,390 8,717
North America 15,109 16,673
Asia 5,457 5,943
28,956 31,333
The group tests annually for impairment or more frequently if there are indications that goodwill might be impaired. 
The recoverable amounts of the CGUs are determined from value in use calculations. Value in use was determined by 
discounting future cash flows generated from the cash generating units and was based on the following assumptions 
which the board believes to be highly conservative:
•	 Cash	flows 	for	2010	were	forecast	based	on	the	budget	for	2010;
•	 Cash	flows 	for	2011-12	we re	using	forecast	direct	profit	growth	rates	at	7.5%,	and	expense	growth	rates	of	
3.75%.
•	 Cash	flows 	beyond	2012	ar e	extrapolated	using	a	long-term 	growth	rate	of	2.25%;
•	 Central	overheads	are	born e	by	the	CGUs	where	deemed	a ppropriate	by	management	and	allocated	based	on	
management’s best estimates;
•	 Cash	flows 	were	discounted	using	a	rate	of	10%.
c102671Book.indb   32 20/5/10   11:45:10 www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 33 
 
The amortisation and impairment charge for the year is included within administrative expenses.
If	the	gr owth	r ates	set	out	abo v e	wer e	1/3r d	lower	f or	2011	and	2012,	the	Goodwi l l	impairment	would	be	£4	mi l lion.
17. Investment in Associate
In thousands of pounds 2009 2008
Investment in ZetaBid associate 28 55
Share of loss for the year of associate (28) (27)
— 28
The investment in associate represents the group’s share of the cost of establishing ZetaBid and the group’s share of its 
losses during the year.
The group’s share of the result of ZetaBid, which is unlisted, and its aggregated assets and liabilities are as follows:
2009
%
Country of Profit/ interest
Name incorporation Assets Liabilities Revenue (Loss) held
ZetaBid Holdings LLC USA — — 150 (28) 0%
2008
%
Country of Pr ofit/ interest
Name incorporation Assets Liabilities Revenue (Loss) held
ZetaBid Holdings LLC USA 28 — 34 (27) 25%
On 31 December 2009 the group disposed of its interest in ZetaBid Holdings LLC.
18.  Trade and other receivables
In thousands of pounds 2009 2008
Trade receivables 3,403 3,579
Prepayments and accrued income 2,047 5,580
Other taxes 309 650
Other receivables 890 1,044
6,649 10,853
A provision has been made against all past due receivables that are considered impaired at the balance sheet date as 
follows:
In thousands of pounds 2009 2008
Trade receivables 3,564 4,256
Provision for doubtful debts (161) (677)
3,403 3,579
c102671Book.indb   33 20/5/10   11:45:10 34 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
It is not practicable or meaningful to produce an analysis of past due trade receivables because the group does not have 
standard credit terms on all its sales. In the majority of auction sales, the group’s receivables form part of the auction 
proceeds that are collected into the client account and settled with the group at the same time as they are settled with 
the client, typically within 4-6 weeks of the auction. However, in more complex cases the payment terms may be linked 
to the dismantling and shipping of an asset from one location to another, such that a drawdown might only be made 
when the assets have reached shipping point. An ageing analysis of trade receivables is shown below:
In thousands of pounds 2009 2008
Up to three months 2,334 3,301
Three to six months 665 225
Greater than six months 404 53
3,403 3,579
The provision for doubtful debt movement for the year is as follows:
In thousands of pounds 2009 2008
Opening balance (677) (314)
Increase in provision (97) (402)
Utilised against bad debt written off 613 39
(161) (677)
19.  Cash and cash equivalents
In thousands of pounds 2009 2008
Own cash on hand and at bank 2,672 3,411
Short-term bank deposits 12,060 9,739
Monies held under guarantee 6,019 4,887
20,751 18,037
20. Trade and other payables
In thousands of pounds 2009 2008
Current
Trade payables 3,489 4,707
Amounts due to clients 16,236 16,179
Social security and other taxes 2,546 1,539
Accrued expenses 3,340 5,378
25,611 27,803
In thousands of pounds 2009 2008
Non-current
Social security and other taxes 156 704
Provisions 202 390
358 1,094
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21.  Borrowings
In thousands of pounds 2009 2008
Current
Bank loans and overdrafts 2,084 6,722
Convertible loan notes — 2,990
Subordinated loan notes 233 258
2,317 9,970
In thousands of pounds 2009 2008
Non-current
Bank loans 1,287 —
Convertible loan notes 500 —
Subordinated loan notes 261 546
2,048 546
The group’s borrowings are split between fixed and floating rate as set out below:
In thousands of pounds 2009 2008
Floating rate:
Expiring within one year 2,084 6,722
 
Fixed rate:
Expiring within one year 233 3,248
Expiring beyond one year 2,048 546
4,365 10,516
The fair value of current and non-current borrowings equals their carrying amount, as the impact of discounting is not 
significant.
The	loans	total ling	£3,067	thousand	ar e	used	to	f und	principal	tr ansactions	and	working	capi tal	and	ar e	secur ed	b y	
charges over the assets of those companies and a parent company guarantee from GoIndustry-DoveBid plc. Subsequent 
to year-end these facilities were re-negotiated and are in place until 30 April 2011. There is also a term loan facility that 
matures on 30 April 2012. These loans bear floating interest at a rate of 0.75% above US Prime Rate.
The	loan	held	of	£209	thousand	is	r epa y able	on	demand,	bears	inter est	at	a	floating	r ate	of	2.5%	abo v e	UK	B ase	R ates	
and is secured by a guarantee over the assets of that company.
The	loan	of	£95	thousand	is	r epa y able	on	demand,	bears	inter est	at	a	floating	r ate	of	9.25%	and	is	secur ed	b y	a	char ge	
over the real estate assets of that company.
The convertible loan notes are held by GoIndustry-DoveBid plc, mature on 31 December 2011 and bear interest at 12% 
per annum. The notes are convertible at any time into 1p Ordinary shares at a price of 2.8p per share. The notes may be 
redeemed by the company at par at any time after 31 December 2010.
The subordinated loan notes are held by DoveBid, Inc. and do not bear interest. The loan notes are unsecured, 
subordinated to other debt of the group and are repayable in 60 monthly instalments ending 30 November 2011.
22. Retirement benefit obligations
The group contributes to a number of defined contribution pension plans for UK and overseas employees. Costs relating 
to these arrangements are expensed in full to profit or loss as they occur and are disclosed in note 9.
GoIndustry UK Limited also maintains a defined benefit scheme: the Henry Butcher Pension and Life Assurance Scheme. 
This scheme is closed to new members and with effect from 31 December 2004, active members ceased to accrue 
benefits on a defined benefit basis and salary linkage was broken to their accrued rights. A new money purchase section 
was opened with effect from 1 January 2005 in which existing defined benefit members and new entrants were invited 
to join.
The	scheme	is	f unded	and	GoI ndustry	UK	Limi ted	is	curr ently	making	a	gr oss	annual	contribution	of	£595	thousand	
(2008:	£588	thousand)	to	r educe	the	defined	benefi t	liabili t y	and	to	f und	certain	administr ativ e	expenses	of	the	scheme.	
c102671Book.indb   35 20/5/10   11:45:10 36 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
The company is currently re-negotiating the level of contributions with the trustees. Contributions are expected to 
continue for the next ten years.
The valuations have been based upon the most recent full valuation performed on 15 January 2010 as updated by the 
actuaries to reflect the projected scheme liabilities at 31 December 2009. Scheme assets have been presented at their 
market value at 31 December 2009.
The defined benefit liability recognised at the end of the year and the statement of comprehensive income charge for the 
year are as follows:
In thousands of pounds 2009 2008
Balance sheet obligations for:
Pension benefits 4,581 2,898
Income statement charge for:
Pension benefits (note 9) 273 338
In thousands of pounds 2009 2008
Present value of funded obligations 13,828 11,071
Fair value of plan assets (9,247) (8,173)
Liability in the balance sheet 4,581 2,898
The present value of scheme liabilities has changed over the year as analysed below:
In thousands of pounds 2009 2008
Beginning of year 11,071 12,696
Current service cost 11 17
Interest cost 696 730
Actuarial	loss	/	(gain)	on	plan	l iabili ties 2,454 (2,122)
Benefits paid (404) (250)
End of year 13,828 11,071
Changes in the fair value of scheme assets are as set out below:
In thousands of pounds 2009 2008
Fair value of scheme assets at start of year 8,173 9,177
Expected return on scheme assets 579 554
Employer contributions 740 529
Benefits paid (404) (250)
Scheme administration costs borne by the group (145) (145)
Actuarial	gain	/	(loss)	on	scheme	assets 304 (1,692)
Fair value of scheme assets at end of year 9,247 8,173
The	actual	r eturn	on	plan	assets	in	the	y ear	w as	a	gain	of	£883	thousand	(2008:	loss	of	£1,138	thousand).
The amounts recognised in the profit or loss are as follows:
In thousands of pounds 2009 2008
Current service cost 11 17
Interest on obligation 696 730
Expected return on scheme assets (579) (554)
Scheme administration costs borne by the group 145 145
Total, included in staff costs (note 9) 273 338
c102671Book.indb   36 20/5/10   11:45:10 www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 37 
 
The cumulative amount recognised in the statement of other comprehensive income and expense in respect of actuarial 
losses	is	£402	thousand	(2008:	gain	of	£1, 748	thousand).
The major categories of scheme assets and the proportion they represent of total scheme assets are as set out below:
2009 2009
Percentage
2008 2008
Percentage In thousands of pounds
Equity instruments 4,759 51% 3,781 46%
Debt instruments 4,419 48% 4,368 54%
Other 69 1% 24 0%
Pension assets 9,247 100% 8,173 100%
The history of experience gains and losses has been as follows:
In thousands of pounds 2009 2008 2007 2006 2005
At 31 December
Present value of defined benefit obligation 13,828 11,071 12,696 12,147 13,098
Fair value of plan assets (9,247) (8,173) (9,200) (8,573) (7,774)
Deficit 4,581 2,898 3,496 3,574 5,324
Experience adjustments on plan liabilities (2,454) 2,122 (243) 1,412 (1,086)
Experience adjustments on plan assets 304 (1,692) 22 149 715
The principal assumptions used by the actuaries in the preparation of their valuation are set out below. The assumptions 
used are selected from a range of possible outcomes and represent the best estimate at the balance sheet date. Due to 
the inherent subjectivity of this process the actual outcome may vary.
 
2009 2008
Percentage Percentage
Discount rate 5.7% 6.4%
Expected return on scheme assets 6.5% 7.0%
Rate of increase in salaries — —
Price inflation 3.6% 2.8%
Pension increases:
Pensions accrued before 6 April 1997 — —
Pensions accrued after 6 April 1997 3.6% 2.8%
The expected return on scheme assets has been determined based on the weighted average yield on 15 year AA rated 
corporate bonds and global equities.
The assumptions regarding future mortality experience are set out below:
The average life expectancy in years of a pensioner retiring at age 65, at the balance sheet date is as follows:
2009 2008
Male 88.0 87.9
Female 90.6 90.5
The average life expectancy in years of a pensioner retiring at age 65, aged 45 years at the balance sheet date is as 
follows:
2009 2008
Male 91.0 90.8
Female 93.6 93.4
c102671Book.indb   37 20/5/10   11:45:10 38 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
23.  Share capital and premium
Number of shares in thousands In thousands of pounds
Ordinary 5p Redeemable
deferred shares
4p
Ordinary 1p Ordinary
share capital
Deferred
share capital
Share
premium
01-Jan-08 Opening balance 264,998 — — 13,250 — 9,578
25-Feb-08  Issue of share capital to finance 
the acquisition of DoveBid Inc. 185,000 — — 9,250 — 9,250
25-Feb-08 Proceeds from shares issued 21,660 — — 1,083 — 1,083
25-Feb-08 Less: cost of share issue — — — — — (1,039)
01-Jan-09 Opening balance 471,658 — — 23,583 — 18,872
02-Jan-09 Sub-division of ordinary shares (471,658) 471,658 471,658 (18,866) 18,866 —
25-Jun-09 Cancellation of own shares held — (4,239) (4,239) (42) (170) —
11-Sep-09 Proceeds from shares issued — — 265,723 2,657 — 2,126
11-Sep-09 Conversion of loan notes — — 241,288 2,413 — 1,923
11-Sep-09  Cancellation of redeemable 
deferred shares held
11-Sep-09 Less: cost of share issue
— (467,419) — — (18,696) —
— — — — — (426)
31-Dec-09 Closing balance — — 974,430 9,745 — 22,495
On 2 January, shareholders approved the sub-division of each issued 5p Ordinary share into one new 1p Ordinary share 
and one effectively worthless 4p Redeemable Deferred share. The company had the right at any time to redeem all of 
the	R edeemable	Def err ed	shar es	f or	an	aggr egate	consider ation	of	£0.01,	and	these	wer e	r edeemed	and	cancel led	on	
25 June and 11 September. The Redeemable Deferred shares had no voting rights, no rights to dividends and negligible 
rights on a return of capital. The Redeemable Deferred shares were not listed on any stock exchange and were not 
capable of transfer. No share certificates were issued for any of the Redeemable Deferred shares.
On 25 June, the company cancelled 4,239 thousand 1p Ordinary shares and 4,239 thousand 1p Redeemable Deferred 
shares that it was holding.
On 11 September, in addition to cancelling the remaining Redeemable Deferred shares, the company issued 250,723 
thousand	new	1p	Or dinary	shar es	f or	cash,	241,288	thousand	new	1p	Or dinary	shar es	in	r eturn	f or	£4 ,500	thousand	of	
2011 convertible loan notes and 15,000 thousand new 1p Ordinary shares in settlement of a restructuring fee payable to 
the converting note holders.
The authorised share capital is set out in the table below:
In thousands of pounds 2009 2008
Authorised ordinary shares of 1p each 1,613,367 thousand 16,134 —
Authorised redeemable deferred shares of 4p each 471,658,157 thousand — —
Authorised ordinary shares of 5p each 700,000 thousand — 35,000
Equity ordinary shares to be issued of 1p each (2008: 5p each) 5,420 thousand 542 542
c102671Book.indb   38 20/5/10   11:45:10 www.go-dove.com GoIndustry-DoveBid plc annual report and accounts 2009 39 
 
Share based payments
All of the Share based payment arrangements entered into by the group are equity settled.
The weighted average exercise price and number of warrants and share options is set out below:
Options
Weighted
average
exercise price
Pence per 
share
Number of
shares
Thousands
Outstanding at 1 January 2008 22p 27,564
Granted 9p 7,300
Lapsed or forfeited 22p (2,781)
Outstanding at 1 January 2009 19p 32,083
Granted 2p 30,033
Lapsed or forfeited 22p (6,949)
Outstanding at 31 December 2009 10p 55,167
Exercisable at 31 December 2009 10p 25,934
Exercisable at 31 December 2008 23p 23,619
Options outstanding at 31 December 2009 and 31 December 2008 had weighted average remaining contractual lives as 
follows:
At 31 December 2009:
Weighted average remaining contractual life 10.9
At 31 December 2008:
Weighted average remaining contractual life 6.5
c102671Book.indb   39 20/5/10   11:45:10 40 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
Share options in issue at the year end are as follows:
Exercise price Vesting Shares in thousands
Date of grant in pence condition 2009 2008
28-Sep-09 2.00 1 29,233 —
28-Sep-09 2.42 2 800 —
05-Dec-08 5.00 2 100 100
27-Jun-08 10.00 2 975 2,200
22-May-08 10.50 2 1,150 2,750
30-Jan-08 11.75 2 500 600
25-Jul-07 5.00 2 5,467 5,467
25-Jul-07 18.00 2 1,000 1,000
25-Jul-07 17.00 2 600 600
19-Jul-07 18.75 2 1,035 1,675
20-Nov-06 54.45 — 16 31
20-Nov-06 27.00 — 16 31
04-Mar-06 12.80 — 3,044 3,176
01-Apr-05 10.00 — 3,000 3,000
31-Dec-04 12.78 — 1,322 2,485
01-May-03 15.00 — 639 639
01-May-03 14.99 — 107 109
01-Jan-03 54.45 — 145 145
01-Jan-03 27.22 — 145 145
31-Oct-02 54.45 — 554 917
31-Oct-02 27.22 — 546 1,026
19-Oct-02 44.73 — 659 938
30-Aug-02 44.73 — 2,984 2,984
01-Mar-02 44.73 — 159 159
01-Oct-01 22.36 — 365 976
01-Oct-01 12.78 — 289 289
01-Sep-01 12.78 — 27 27
12-Dec-00 141.62 — 128 142
01-Sep-00 141.62 — 39 39
01-Aug-00 141.62 — 14 260
11-Jul-00 44.09 — 7 71
12-May-00 44.09 — 33 33
02-Mar-00 44.73 2 69 69
55,167 32,083
Vesting Conditions:
Condition 1: The options are exercisable from the third to the tenth anniversary from the date of grant, subject to 
acceleration or termination in certain circumstances. Exercise of the options is subject to a performance condition such 
that the market value of the company’s ordinary shares on, after or within 6 months prior to the date the relevant option 
first becomes exercisable must be equal to or greater than 130% of the market value of the company’s ordinary shares 
on the relevant date of grant.
Condition 2: The options are exercisable from the third to the tenth anniversary from the date of grant, subject to 
acceleration or termination in certain circumstances. Exercise of the options is subject to earnings per share exceeding 
by 2% the RPI growth over any period of three consecutive financial years commencing no earlier than the financial year 
in which the relevant option is granted.
Other than as indicated, no further vesting or performance conditions apply.
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As permitted by IFRS2 “Share based payments” no charge has been taken to the income statement for options vesting 
prior to 7 November 2002.
The fair value of services received in return for share options granted are measured by the fair value of those 
instruments. For grants in the current and prior years the pricing models used and inputs into those models were as 
follows:
2009 2008
Valuation method Black-Scholes Black-Scholes
Share price at the date of grant 2p – 10p 3p – 10p
Expected volatility 58.3% – 38.5% 58.3% – 38.5%
Expected option life at grant date (years) 3 3
Risk-free interest rate 1.02% – 4.46% 1.02% – 4.46%
Weighted average fair value per option at the grant date 5p 5p
The calculation of expected volatility is performed taking into account historical movements in the market value of 1p 
ordinary shares in GoIndustry-DoveBid plc.
24.  Own shares held in trust
In thousands of pounds
 
At 1 January 2008 (1,042)
Transfer of shares 68
At 1 January 2009 (974)
Cancellation of own Shares held 888
Transfer of shares 86
At 31 December 2009 —
Zero (2008: 6,493 thousand) 1p ordinary shares of GoIndustry-DoveBid plc are held in trust.
25. Other reserves
In thousands of pounds
Acquisition
reserve
Foreign
currency
reserve
Share
options
reserve Total
At 1 January 2008 47,649 (807) 1,149 47,991
Currency translation differences — 8,043 — 8,043
Share based payments — — 173 173
At 1 January 2009 47,649 7,236 1,322 56,207
Currency translation differences — (2,130) — (2,130)
Share based payments — — 250 250
At 31 December 2009 47,649 5,106 1,572 54,327
c102671Book.indb   41 20/5/10   11:45:11 42 GoIndustry-DoveBid plc annual report and accounts 2009 www.go-dove.com
Notes to the consolidated financial statements continued
For the year ended 31 December 2009
26. Accumulated Losses
In thousands of pounds
At 1 January 2008 (41,989)
Actuarial gain on defined benefit pension scheme 430
Loss for the year (30,323)
At 31 December 2008 (71,882)
Actuarial loss on defined benefit pension scheme (2,150)
Loss for the year (4,916)
Cancellation of shares (888)
At 31 December 2009 (79,836)
27. Capital redemption reserves
In thousands of pounds
At 1 January 2008 and 2009 —
Cancellation of own shares held 18,908
At 31 December 2009 18,908
28. Operating lease arrangements
In thousands of pounds
Land and
buildings Vehicles Other Total
Amounts falling due:
Within one year 946 118 25 1,089
More than one but less than five years 1,338 203 10 1,551
More than five years 55 — — 55
As at 31 December 2009 2,339 321 35 2,695
In thousands of pounds
Land and
buildings Vehicles Other Total
Amounts falling due:
Within one year 383 117 203 703
More than one but less than five years 1,713 435 271 2,419
More than five years 1,618 — 364 1,982
As at 31 December 2008 3,714 552 838 5,104
Operating lease rentals represent rentals payable by the group for certain of its office properties, motor vehicles and 
office equipment.
29. Contingent liability
Several group companies are parties to a lawsuit from a former employee in respect of alleged breaches of his contract 
of	emplo yment,	which	has	been	br ought	in	the	A ustr alian	courts.	The	total	claim	is	f or	A$1,366	thousand	(£766	
thousand),	including	a	claim	f or	al leged	damages	in	the	amount	of	A$1,174	thousand	(£658	thousand).	The	gr oup’ s	view	
is that this claim is without merit and will be strongly contested.
30. Event after the balance sheet date
Part of the consideration for the acquisition of DoveBid, Inc. in 2008 was to be satisfied by the issue of up to 5,420,000 
shares on the second anniversary of completion. On 25 February 2010, the company issued 5,420,000 1p Ordinary 
shares to the vendors of DoveBid, Inc. in full satisfaction of this obligation.
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31. Significant investments
The table below sets out the significant members of the GoIndustry DoveBid group. DoveBid, Inc., GoIndustry AG and 
GoIndustry Nordic AB are direct subsidiaries of GoIndustry-DoveBid plc while the remaining companies are direct or 
indirect subsidiaries of GoIndustry AG or DoveBid, Inc. All of the companies listed below are included in the consolidated 
accounts.
Company name
Country of
incorporation
Ownership/
Voting Control Principal activity
1 AssetTRADE.com, Inc. USA 100% Holding company
2 DoveBid (S) Pte. Ltd. SINGAPORE 100% Asset sales and services
3 DoveBid Trading France Sarl FRANCE 100% Asset sales and services
4 DoveBid UK Limited UK 100% Asset sales and services
5 DoveBid Valuation Consultants, Inc USA 100% Asset sales and services
6 DoveBid, Inc. USA 100% Asset sales and services
7 GoIndustry (Austria) GmbH AUSTRIA 100% Asset sales and services
8 GoIndustry (Canada) Limited CANADA 100% Asset sales and services
9 GoIndustry (UK) Limited UK 100% Asset sales and services
10 GoIndustry AG GERMANY 100% Asset sales and services
11 GoIndustry Deutschland GmbH GERMANY 100% Asset sales and services
12 GoIndustry Operations Limited UK 100% Asset sales and services
13 GoIndustry Operations, Inc. USA 100% Holding company
14 GoIndustry Quippo Valuers & Auctioneers Pvt. Ltd. INDIA 50% Asset sales and services
15 GoIndustry Trading Limited UK 100% Asset sales and services
16 GoIndustry USA, Inc. USA 100% Asset sales and services
17 GoIndustry-DoveBid (Asia) Limited HONG KONG 100% Asset sales and services
18 GoIndustry-DoveBid (Australia) Pty. Ltd. AUSTRALIA 100% Asset sales and services
19 GoIndustry-DoveBid (Hong Kong) Limited HONG KONG 100% Asset sales and services
20 GoIndustry-DoveBid (Malaysia) Sdn. Bhd. MALAYSIA 70% Asset sales and services
21 GoIndustry-DoveBid (Shanghai) Co. Limited CHINA 100% Asset sales and services
22 GoIndustry-Dovebid (Taiwan) Ltd TAIWAN 100% Asset sales and services
23 GoIndustry-DoveBid (Thailand) Limited THAILAND 100% Asset sales and services
24 GoIndustry DoveBid Japan K.K. JAPAN 100% Asset sales and services
25 GoIndustry-DoveBid Korea Co. Ltd. KOREA 100% Asset sales and services
26 GoIndustry-DoveBid Mexico SA de CV MEXICO 100% Asset sales and services
27 GoIndustry-DoveBid Philippines, Inc. PHILIPPINES 100% Asset sales and services
28 GoIndustry-DoveBid Valuation (Thailand) Limited THAILAND 100% Asset sales and services
c102671Book.indb   43 20/5/10   11:45:11 44 GoIndustry-DoveBid plc annual report and account 2009 www.go-dove.com
Company statement of financial position
As at 31 December 2009
In thousands of pounds Note 2009 2008
Non-current assets
Intangible assets 3 — 5
Investments in subsidiaries 4 22,873 31,651
Investment in associate 5 — 68
Loans to subsidiary undertakings 8,975 15,986
31,848 47,710
Current assets
Trade and other receivables 6 81 30
Cash and cash equivalents 7 3,073 4,353
3,154 4,383
Total assets 35,002 52,093
Current liabilities
Trade and other payables 8 814 552
Borrowings 9 — 4,970
814 5,522
Non-current liabilities
Borrowings 9 500 —
500 —
Total liabilities 1,314 5,522
Net assets 33,688 46,571
Capital and reserves attributable to equity holders of the 
company
Called-up equity share capital 10 9,745 23,583
Share premium 10 22,495 18,872
Shares to be issued 10 542 542
Own shares held in trust 11 — (974)
Capital redemption reserve 12 18,908 —
Other reserves 13 20,196 19,946
Accumulated losses 14 (38,198) (15,398)
Total equity 33,688 46,571
The	notes	on	pages	47	to	52	ar e	an	integr al	part	of	these	compan y	financial	statements.
The	financial	statements	wer e	appr o v ed	b y	the	boar d	of	dir ectors	and	authorised	f or	issue	on	14	Ma y	2010.	They	wer e	
signed on its behalf by:
Jack Reinelt David Horne 
Chief	Ex ecutiv e	Officer	 Chief	Financial	Officer
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Company statement of changes in equity
In thousands of pounds
Share
capital
Share
premium
Capital
redem-
ption
reserve
Shares 
to be 
issued
Own
shares
held in
trust
Acquis-
ition
reserve
Share
options
reserve
Accum-
ulated
losses TOTAL
At 1 January 2008 13,250 9,578 – – (1,042) 18,624 944 (1,138) 40,216
Comprehensive income:
Loss for the year — — — — — — — (14,260) (14,260)
Transactions with owners:
Issue of share capital to finance the acquisition 
of DoveBid, Inc. 9,250 9,250 — — — — — — 18,500
Shares issued as consideration for the 
acquisition of DoveBid, Inc. 1,083 1,083 — 542 — — — — 2,708
Less: cost of share issue — (1,039) — — — — — — (1,039)
Share based payments — — — — — — 378 — 378
Transfer of shares — — — — 68 — — — 68
Total transaction with owners: 10,333 9,294 — 542 68 — 378 — 20,615
At 1 January 2009 23,583 18,872 — 542 (974) 18,624 1,322 (15,398) 46,571
Comprehensive income:
Loss for the year — — — — — — — (21,912) (21,912)
Transactions with owners:
Cancellation of shares (18,908) — 18,908 — 888 — — (888) —
New shares issued 2,657 2,126 — — — — — — 4,783
Conversion of loan notes 2,413 1,923 — — — — — — 4,336
Less: cost of share issue — (426) — — — — — — (426)
Share based payments — — — — — — 250 — 250
Transfer of shares — — — — 86 — — — 86
Total transaction with owners: (13,838) 3,623 18,908 — 974 — 250 (888) 9,029
At 31 December 2009
9,745 22,495 18,908 542 — 18,624 1,572 (38,198) 33,688
The	notes	on	pages	47	to	52	ar e	an	integr al	part	of	these	compan y	financial	statements
c102671Book.indb   45 20/5/10   11:45:11 Company statement of cash flows
For the year ended 31 December 2009
46 GoIndustry-DoveBid plc annual report and account 2009 www.go-dove.com
In thousands of pounds 2009 2008
Cash flows from operating activities
Loss before income tax (21,912) (14,260)
Adjustments for:
Share based payments 130 125
Net	inter est	expense	/	(income) 713 (323)
Amortisation 5 3
Impairment of investments 11,564 14,912
Changes in working capital:
Decr ease	/	(I ncr ease)	in	tr ade	and	other	r eceiv ables 4,448 (7,587)
(Decr ease)	/	I ncr ease	in	amounts	due	f r om	tr ade	pa y ables 262 64
Operating cash flows before interest and taxes (4,790) (7,066)
Interest paid (757) (267)
Interest received 314 590
Net cash used in operating activities (5,233) (6,743)
Cash flows from investing activities
Investment in subsidiary undertakings — (12,803)
Investment in associate — (68)
Net cash used in investing activities — (12,871)
Cash flows from financing activities
Proceeds on issue of shares 4,087 17,461
(Decr ease)	/	I ncr ease	in	bank	loans,	loan	notes	and	o v er dr afts (134) 1,980
Net cash from financing activities 3,953 19,441
Net decrease in cash and cash equivalents (1,280) (173)
Cash and cash equivalents at beginning of year 4,353 4,526
Cash and cash equivalents at end of year 3,073 4,353
The	notes	on	pages	47	to	52	ar e	an	integr al	part	of	these	compan y	financial	statements
c102671Book.indb   46 20/5/10   11:45:11 www.go-dove.com GoIndustry-DoveBid plc annual report and account 2009 47 
 
Notes to the company financial statements
For the year ended 31 December 2009
1. Summary of significant accounting policies
Basis of preparation
The	compan y	has	elected	to	pr epar e	i ts	financial	statements	in	ac cor dance	wi th	I nternational	Financial	R eporting	
Standar ds	(‘IFRS’)	adopted	f or	use	in	the	EU	as	at	31	December	2009	(‘adopted	IFRS’).	The	financial	statements	ar e	
presented under the historical cost convention.
The accounting policies applied by the GoIndustry DoveBid group are described in detail in note 2 to the consolidated 
accounts. The other important company accounting policies are summarised below.
Loss for the year
The company has taken advantage of section 408 of the Companies Act 2006 and consequently has not presented a 
statement	of	compr ehensiv e	income	f or	the	compan y	alone.	The	compan y	made	a	loss	of	£21,912	thousand	in	the	y ear	
(2008:	£14 ,260	thousand	loss).	Ther e	w as	no	other	r ecognised	income	or	expense	in	the	y ear	(2008:	ni l).
Investments
Investments in subsidiaries are recorded at cost less any provision for impairment losses.
I n v estments	in	associates	ar e	al l	enti ties	o v er	which	the	gr oup	has	significant	influence	but	not	contr ol,	gener al ly	
accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are included in 
the	compan y	financial	statements	at	cost.
2. Financial risk management
The	compan y ’ s	activi ties	expose	i t	to	a	v ariet y	of	financial	risks:	mark et	risk	(including	f or eign	ex change	risk	and	inter est	
rate risk), credit risk and liquidity risk. Financial risk management is coordinated at group level and seeks to minimise 
potential	adv erse	ef f ects	on	the	gr oup’ s	financial	perf ormance.
Market risk
(a) Foreign exchange risk
The company’s exposure to foreign exchange risk is limited as it does not engage in trading activity. The company does 
enter into transactions with overseas group undertakings, but these are denominated predominantly in sterling. Where 
balances with group undertakings denominated in foreign currency do exist these are long-standing and therefore 
changes	in	f or eign	ex change	r ates	do	not	ha v e	an y	impact	on	cash	flows.
(b) Interest rate risk
The	con v ertible	loan	notes	ar e	at	a	fix ed	inter est	r ate	of	12%	and	ther ef or e	the	compan y	is	not	subject	to	cash	flow	
interest rate risk.
Credit risk
Cr edi t	risk	arises	f r om	the	risk	that	a	counterpart y	def aul ts	on	i ts	l iabili t y	in	r elation	to	financial	assets	of	the	compan y	
that they are holding. The company is subject to credit risk on its bank deposits. Bank deposits are held only by 
institutions rated as investment grade by an independent rating agency; credit exposure is further reduced by limiting 
the proportion of net deposits that can be held by a single institution.
Liquidity risk
Liquidity risk is primarily managed through the maintenance of adequate liquid resources, principally in the form of bank 
deposits.
c102671Book.indb   47 20/5/10   11:45:11 48 GoIndustry-DoveBid plc annual report and account 2009 www.go-dove.com
Notes to the company financial statements continued
For the year ended 31 December 2009
The	table	below	sets	out	the	maturit y	pr ofi le	of	the	compan y ’ s	financial	assets	and	l iabili ties:
2009
In thousands of pounds
Effective
interest
rate
Recog-
nised
asset /
(liability)
Contra-
ctual
interest
payable
Total
Contra-
ctual
cash flow
6 months
or less
6-12
months
1-5
years
Loans to subsidiary 
undertakings — 8,975 — 8,975 — — 8,975
Bank deposits 2% 3,073 — 3,073 3,073 — —
Amortised cost:
Trade payables — (118) — (118) (118) — —
Amounts payable to 
subsidiary undertakings — (285) (285) (285) — —
Accrued expenses — (371) — (371) (371) — —
Convertible loan notes 12% (500) (500) — — (500)
10,774 — 10,774 2,299 — 8,475
2008
In thousands of pounds
Effective
interest
rate
Recognised
asset	/
(liability)
Contractual
interest
payable
Total
Contractual
cash flow
6 months
or less
6-12
months 1-5 years
Loans to subsidiary 
undertakings — 15,986 — 15,986 — — 15,986
Bank deposits 6% 4,353 — 4,353 3,662 — 691
Amortised cost:
Trade payables — (100) — (100) (100) — —
Amounts payable to 
subsidiary undertakings — (220) — (220) (220) — —
Accrued expenses — (207) — (207) (207) — —
Borrowings 4% (1,980) — (1,980) (1,980) — —
Convertible loan notes 8% (2,990) (60) (3,050) (3,050) — —
14,842 (60) 14,782 (1,895) — 16,677
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3. Intangible Assets
In thousands of pounds
Software and
systems
development
Cost:
At 1 January 2008 10
Additions —
At 1 January 2009 10
Additions —
At 31 December 2009 10
Accumulated depreciation:
At 1 January 2008 2
Charge for the year 3
At 1 January 2009 5
Charge for the year 5
At 31 December 2009 10
Net book value:
At 31 December 2009 —
At 1 January 2009 5
At 1 January 2008 8
4. Investment in subsidiaries
In thousands of pounds
At 1 January 2008 30,731
Acquisition of DoveBid, Inc. 15,511
Impairment of investments (14,912)
Capital contribution to subsidiary undertaking 321
At 1 January 2009 31,651
Impairment of investments (11,496)
Capital contribution to subsidiary undertaking 206
Additional investment in subsidiary 2,512
At 31 December 2009 22,873
An	impairment	r eview	w as	perf ormed	on	the	compan y	in v estments	r esul ting	in	a	char ge	of	£11,496	thousand.	Ful l	
details of the assumptions underlying the impairment calculations are set out in note 16 to the consolidated accounts.
Further details of the investments held by the company are contained in note 31 to the consolidated accounts.
5. Investment in associate
In thousands of pounds 2009 2008
Investment in ZetaBid associate — 68
c102671Book.indb   49 20/5/10   11:45:11 50 GoIndustry-DoveBid plc annual report and account 2009 www.go-dove.com
Notes to the company financial statements continued
For the year ended 31 December 2009
6. Trade and other receivables
In thousands of pounds 2009 2008
Current
Taxes Receivable 68 —
Prepayments 13 30
81 30
7. Cash and cash equivalents
In thousands of pounds 2009 2008
Own cash on hand and at bank 100 —
Short-term bank deposits 2,973 4,353
3,073 4,353
8. Trade and other payables
In thousands of pounds 2009 2008
Trade payables 118 100
Amounts payable to subsidiary undertakings 285 220
Social security and other taxes 40 25
Accrued expenses 371 207
814 552
9. Borrowings
In thousands of pounds 2009 2008
Current
Bank loans and overdrafts — 1,980
Convertible loan notes — 2,990
— 4,970
In thousands of pounds 2009 2008
Non-current
Convertible loan notes 500 —
The convertible loan notes are denominated in sterling, mature on 31 December 2011 and bear interest at 12% per 
annum, payable quarterly in arrears. The notes are convertible at any time into 1p Ordinary shares at a price of 2.8p per 
share.
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10. Share capital and premium
Number of shares in thousands In thousands of pounds
Ordinary 5p
Redeemable
deferred
 shares Ordinary 1p
Ordinary
Share Capital
Deferred
Share Capital
Share
premium
01-Jan-08 Opening balance 264,998 — — 13,250 — 9,578
25-Feb-08 Issue of share capital to finance the acquisition  
of DoveBid, Inc.
185,000 — — 9,250 — 9,250
25-Feb-08 Proceeds from shares issued 21,660 — — 1,083 — 1,083
25-Feb-08 Less: cost of share issue — — — — — (1,039)
01-Jan-09 Opening balance 471,658 — — 23,583 — 18,872
02-Jan-09 Sub-division of ordinary shares (471,658) 471,658 471,658 (18,866) 18,866 —
25-Jun-09 Cancellation of own shares held — (4,239) (4,239) (42) (170) —
11-Sep-09 Proceeds from shares issued — — 265,723 2,657 — 2,126
11-Sep-09 Conversion of loan notes — — 241,288 2,413 — 1,923
11-Sep-09 Cancellation of redeemable deferred  
shares held
— (467,419) — — (18,696) —
11-Sep-09 Less: cost of share issue — — — — — (426)
31-Dec-09 Closing balance — — 974,430 9,745 — 22,495
The authorised share capital is set out in the table below:
In thousands of pounds 2009 2008
Authorised ordinary shares of 1p each 1,613,367 thousand 16,134 —
Authorised redeemable deferred shares of 4p each 471,658,157 — —
Authorised ordinary shares of 5p each 700,000 thousand — 35,000
Equity ordinary shares to be issued of 1p each (2008: 5p each) 5,420 thousand 542 542
On 2 January, shareholders approved the sub-division of each issued 5p Ordinary share into one new 1p Ordinary share 
and one effectively worthless 4p Redeemable Deferred share. The company had the right at any time to redeem all of 
the	R edeemable	Def err ed	shar es	f or	an	aggr egate	consider ation	of	£0.01,	and	these	wer e	r edeemed	and	cancel led	on	
25 June and 11 September. The Redeemable Deferred shares had no voting rights, no rights to dividends and negligible 
rights on a return of capital. The Redeemable Deferred shares were not listed on any stock exchange and were not 
capable	of	tr ansf er .	No	shar e	certificates	wer e	issued	f or	an y	of	the	R edeemable	Def err ed	shar es.
On 25 June, the company cancelled 4,239 thousand 1p Ordinary shares and 4,239 thousand 1p Redeemable Deferred 
shares that it was holding.
On 11 September, in addition to cancelling the remaining Redeemable Deferred shares, the company issued 250,723 
thousand	new	1p	Or dinary	shar es	f or	cash,	241,288	thousand	1p	Or dinary	shar es	in	r eturn	f or	£4 ,500	thousand	of	2011	
convertible loan notes and 15,000 thousand new 1p Ordinary shares in settlement of a restructuring fee payable to the 
converting note holders.
11. Own shares held in trust
In thousands of pounds
At 1 January 2008 (1,042)
Transfer of shares 68
At 1 January 2009 (974)
Cancellation of own Shares held 888
Transfer of shares 86
At 31 December 2009 —
Zero (2008: 6,943 thousand) 1p ordinary shares of GoIndustry-DoveBid plc are held in trust.
c102671Book.indb   51 20/5/10   11:45:12 52 GoIndustry-DoveBid plc annual report and account 2009 www.go-dove.com
Notes to the company financial statements continued
For the year ended 31 December 2009
12. Capital redemption reserves
In thousands of pounds
At 1 January 2008 and 2009 —
Cancellation of own shares held 18,908
At 31 December 2009 18,908
13. Other reserves
In thousands of pounds
Acquisition
reserve
Share
options
reserve Total
At 1 January 2008 18,624 944 19,568
Share based payments — 57 57
Capital contribution to subsidiary undertaking — 321 321
At 31 December 2008 18,624 1,322 19,946
Share based payments — 44 44
Capital contribution to subsidiary undertaking — 206 206
At 31 December 2009 18,624 1,572 20,196
The acquisition reserve arose on the reverse acquisition of GoIndustry AG by GoIndustry-DoveBid plc.
14. Accumulated losses
In thousands of pounds
At 1 January 2008 (1,138)
Loss for the year (14,260)
At 1 January 2009 (15,398)
Loss for the year (21,912)
Cancellation of shares (888)
At 31 December 2009 (38,198)
15. Related party transactions
During the year the company has entered into transactions with subsidiary companies of the GoIndustry DoveBid 
gr oup	of	£2,038	thousand	(2008:	£958	thousand)	comprising	of	inter est,	management	f ees	and	loans.	B alances	wi th	
these	companies	at	31	December	2009	and	2008	ar e	detai led	in	note	8	and	the	statement	of	financial	posi tion.
The total remuneration of the key management of GoIndustry-DoveBid plc (the company) in the year was as follows:
In thousands of pounds 2009 2008
Short-term employee benefits 410 1,588
Post-employment benefits 173 79
Share based payments 44 99
627 1,766
c102671Book.indb   52 20/5/10   11:45:12 Corporate Statement
 
GoIndustry-DoveBid plc is the global market leader in the 
provision of asset management, auction and valuation services 
relating to industrial equipment. 
The company delivers innovative solutions that help to value 
assets accurately, optimise asset utilisation and reduce costs. 
We combine our asset, industry and market expertise, with 
eCommerce technology to service the needs of multi-national 
corporations, financial institutions, insolvency practitioners, used 
equipment dealers and asset based lenders around the world.
GoIndustry-DoveBid plc Annual report and accounts 2009
Summary results
For the year ended 31 December 2009
In thousands of pounds   2009 2008
Direct profit   25,274 23,217
Adjusted loss before taxation   (1,442) (4,339)
Exceptional items   (2,187) (23,758)
Other charges   (1,036) (788)
Loss before taxation   (4,665) (28,885)
Adjusted loss per share   (0.3p) (1.0p)
Loss per share basic and fully diluted   (0.8p) (6.9p)
* Adjusted loss before tax and adjusted loss per share are before exceptional items and other charges (see notes 6, 7 
and 14).
Summary results IFC
Financial and group highlights 1
Chairman’s statement 2
Chief Executive’s review 3
Board of directors 4
Directors’ report 5
Independent auditor’s report 10
Consolidated statement of comprehensive income 11
Consolidated statement of financial position 12
Consolidated statement of changes in equity 13
Consolidated statement of cash flows 14
Notes to the consolidated financial statements 15
Company statement of financial position 44
Company statement of changes in equity 45
Company statement of cash flows 46
Notes to the company financial statements 47
Advisers and secretary IBC
Regional headquarters IBC
Advisers and Secretary Regional Headquarters
Broker & Nominated Advisers
Oriel Securities Limited
125 Wood Street
London EC2V 7AN
Auditor
Baker Tilly UK Audit LLP
2 Bloomsbury Street
London WC1B 3ST
Solicitors
SJ Berwin LLP
10 Queen Street Place
London EC4R 1BE
Registered office
1-6 Lombard Street
London EC3V 9JU
Bankers
Barclays Bank PLC
155 Bishopsgate
London EC2M 3XA
Company Secretary
David Horne
1-6 Lombard Street
London EC3V 9JU
Registrars
Capita Registrars
The Registry
34 Beckenham
Kent BR3 4TU
Registered in England No. 5381812
Europe
1-6 Lombard Street
London, EC3V 9JU
United Kingdom
T: +44 20 7098 3700
F: +44 20 7098 3795
North America
11425 Cronhill Drive
Owings Mills, Baltimore
Maryland 21117
USA
T: +1 410 654 7500
F: +1 410 654 5876
Asia
Room 1104
China Chem Leighton Plaza
29 Leighton Road
Causeway Bay
Hong Kong, PR China
T: +852 2528 9313
F: +852 2528 1371
c102671Book.indb   2 20/5/10   11:45:05 Golndustry-DoveBid plc
1-6 Lombard Street
London EC3V 9JU
Telephone: +44 (0)20 7098 3700
www.go-dove.com
Golndustry-DoveBid plc
Annual Report and Accounts 2009
Asset Sales and Valuations Worldwide
Va Va
c102671_Cover.indd   1 21/5/10   10:21:40