Annual Report 2010
2 Gresham Street 
London 
EC2V 7QP 
United Kingdom
www.idatech.com
IdaTech plc Annual Report 2010 IdaTech plc is a global leader in 
the development, manufacture 
and seller of clean and reliable 
PEM fuel cell products for the 
critical backup power market.
Background to Ida Tech
IdaTech is a global leader in the development and manufacturing of clean  
and reliable PEM fuel cell products for telecommunications, commercial and 
industrial backup power from 250W to 15kW. IdaTech’s unique technologies 
provide solutions for a wide range of applications from portable to off-grid 
power and directly support movement to sustainable energy.  
Developed over the last 13 years, IdaTech’s portfolio of industry-certified 
products are based on the Company’s fuel processing, fuel cell stack and  
power module and fuel cell system integration capabilities. With the support 
of strategic partners and customers, the company’s energy solutions are being 
deployed domestically and internationally for stationary, portable and other 
advanced applications.
Ida Tech’s technology
IdaTech has proprietary technology in fuel reforming, hydrogen purification 
and PEM fuel cells which it combines with engineering expertise to produce 
integrated fuel cell systems. 
Fuel reforming and hydrogen purification
IdaTech has technology in all three key reforming technologies; steam, auto 
thermal and partial oxidation and hydrogen purification technology that can 
transform a variety of fuels into greater than 99.95 per cent pure hydrogen.
PEM fuel cell systems
Ida Tech’s PEM fuel cell systems can be powered by stored hydrogen or by 
hydrogen reformed from alcohol and hydrocarbon fuels (such as diesel)  
and then purified.
Integrated fuel cell systems
Ida T ech is able to combine its proprietary technologies into complete, integrated 
systems. IdaTech’s fuel cell systems are based on a flexible modular design 
supporting interchangeable components. 
	 C o nt ent s
01 Highlights
02 Our markets
04 Our products
06 Chairman’s statement
07 Chief Executive’s business review
11 Directors’ report
13 Directors and key management
15 Corporate governance
16  Report of the remuneration committee 
17  Statement of Directors’ responsibilities
18 Independent auditors’ report
20 Consolidated statement of  
comprehensive income
21  Consolidated statement of  
changes in shareholders’ equity
22 Consolidated balance sheet
23 Consolidated cash flow statement
24  Notes to the consolidated  
financial statements 
53 Independent auditors’ report
54 Balance sheet of IdaTech plc
55  Statement of changes in shareholders’  
equity of IdaTech plc
56 Notes to the financial information
60 Corporate information IdaTech plc Annual Report 2010 01 Business overview
Operational highlights
2010 was a significant turning point for the Group
350 Focus on path to profitability progressing well – Shipped 350 systems,  
280 profitable (2009: 445 and 9 respectively)
New product launches achieved – Launched ElectraGen™ME
– Profitable and competitive with diesel generators on price
– Reduced size and footprint
– Improved durability
– Reduced complexity, simplified maintenance
US$1.6m Growing order book – Entered 2011 with backlog of orders of US$1.6m  
(2009: US$0.8m)
Acquired Plug Power Inc.’s LPG fueled off-grid fuel cell product line
– Commenced design testing of system
– Re-branded iGen™LP
US$0.5m Expanded Mexico production facility to support new ElectraGen™ME  
unit production with US$0.5 million invested
 Financial highlights
US$4.0m Revenue from product sales US$4.0 million (2009: US$4.5 million)
– Limited sales of loss making earlier generation products 
US$4.5m Total revenue US$4.5 million (2009: US$6.6 million)
34%
Gross loss reduced substantially by 34% as a result of shift to profitable 
product sales (2009: US$5.0 million loss) despite costs of expansion of  
facility in Mexico
22.5%
22.5% improvement in EBITDA loss of US$20.0 million (2009: US$25.3 million), 
in line with market expectations
Continued financial support of the Investec Group, major shareholder
10.6%
Cash usage, excluding funding for the acquisition of the Plug Power Inc.  
assets and IP license, fell by 10.6% to US$22.8 million (2009: US$24.9 million)  
despite investment in working capital IdaTech plc Annual Report 2010 Business overview 02
Business lines
IdaTech’s initial commercial focus is on the critical 
power backup market for the telecommunication 
industry. This market has been estimated to be 
worth around US$2 billion per annum, covering 
around three million sites globally. Geographically, 
the Group is targeting the key markets of Asia, 
India and the Americas. 
With the addition of the iGen™LP product line, 
IdaTech can now enter the off-grid market much 
earlier than previously expected. Around 1.6 
billion people have no access to on-grid electricity 
and the need for electricity is expected to double 
by 2030. Initially IdaTech’s iGen™LP will be 
targeted at telecommunications applications as 
many of its customers have no satisfactory 
off-grid product.
Opportunities 
IdaTech’s products based on fuel 
cell technology deliver a number 
of significant advantages over 
conventional batteries and diesel 
generators, including: higher 
reliability over a wide range of 
operating conditions; lower 
maintenance costs; longer 
operating life; reduced size, 
weight, installation footprint  
and environmental input.
The hydrogen barrier
Hydrogen can be bulky, 
expensive and difficult to refuel. 
This has been a significant barrier 
to mass market adoption of fuel 
cell solutions.
The IdaTech solution
IdaTech’s reformer technology 
breaks through the hydrogen 
barrier producing hydrogen  
on site, economically and only 
as needed from convenient 
liquid fuels. IdaTech’s multi-fuel 
capability allows it to access both 
the on-grid and off-grid markets.
+
=
=
220 litres methanol + water
24 hydrogen cylinders
40hrs
for 5kw
The market
Overcoming the hydrogen barrier
Backup power – IdaTech’s ElectraGen™ family of products are focused on 
telecommunications backup power, supplementing existing electric grid power 
to varying degrees depending on the location of operation.
Off-grid power – IdaTech’s soon to launch product line, the iGen™LP , will 
expand Ida Tech into the telecommunications off-grid power market, where 
there is no electric grid.
Electragen™ME IdaTech plc Annual Report 2010 Business overview 03
Opportunities
Grid connected
The new ElectraGen™ME pricing point expands  
its accessible market by about six-fold to around 
1.8 million base stations. US$2 billion is spent 
annually on DC telecommunications backup. 
Off-grid
The estimated market size of this market is 
approximately US$3 billion, with over 100,000 
potential sites worldwide. IdaTech believes that  
the iGen™LP could provide a reliable and cost 
effective solution for such customers and displace 
a large number of inefficient, polluting and noisy 
diesel generators with the iGen™LP . The Company 
will continue testing the iGen™LP and incorporating 
technical and cost saving synergies through most 
of 2011.
Global leader in critical power
North America
Canada
USA
Latin America  
and Caribbean
Bahamas
Chile
Guatemala
Mexico
Puerto Rico
Trinidad & Tobago
Europe
Austria
Denmark
France
Germany
Greece
Hungary
Italy
Portugal
Russia
Spain
Sweden
Turkey
United Kingdom
Africa and Middle East
South Africa
Asia
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Australasia
Australia IdaTech plc Annual Report 2010 04 Business overview
Our products
IdaTech’s portfolio of fuel cell products 
are based on the Company’s fuel 
processing, purification and fuel cell 
system integration capabilities. With 
the support of strategic partners and 
customers, the Company’s extended 
run backup power products are being 
deployed worldwide for stationary 
applications.
Grid based
The ElectraGen™ME, the new generation, 
methanol/water fuelled product was launched at 
the end of the year. This family of products 
incorporates substantial cost and performance 
improvements which can be sold profitably in 
significantly higher volumes than previous 
generation products. These improvements offer 
customers a compelling value proposition against 
diesel generators whilst yielding positive margins 
for IdaTech.
Off-grid
iGen™LP, IdaTech’s soon to be launched off-grid 
prime power product line, will provide continuous 
power in circumstances where there is no grid. 
This product will be fueled by liquid petroleum 
gas which is readily available in the key markets. 
The Company will continue testing the iGen™LP 
and incorporating technical and cost saving 
synergies through most of 2011.
Why Are IdaTech’s Fuel Cells Green?
Low emissions: (methanol fuel cells vs.  •	
diesel genset)
50% reduction in CO –
2
 emissions
More than 95% reduction in CO, NOx and  –
SOx emissions
No particulate matter emissions –
At least 20% more efficient than a  •	
diesel generator
Very quiet (background noise level) •	
Renewable liquid fuel (bio-methanol) •	
ElectraGen™ME iGen™LP IdaTech plc Annual Report 2010 Business overview 05
ElectraGen™H2
Product Configurations:
2.5kW or 5kW •	
48 Vdc •	
Fuel: Hydrogen •	
Features:
Low cost of ownership:
Low first cost •	
High efficiency •	
Low maintenance •	
Ease of use:
Installation & operation •	
Service & maintenance •	
Modular & scalable •	
Clean technology – zero emissions •	
ElectraGen™ME
Product Configurations:
2.5kW or 5kW •	
+24 Vdc or -48 Vdc •	
Fuel: HydroPlus (Methanol/Water) •	
Features:
Low cost of ownership:
Low first cost •	
High efficiency/low fuel consumption •	
Low maintenance •	
Ease of use:
Installation & operation •	
Service & maintenance •	
Fueling •	
Modular & scalable •	
Integrated fuel storage for extended run time •	
Fuel Cell System Fuel Power Voltage Benefits
Electragen™H2
Hydrogen 2.5 kW or 5kW 48 Vdc Reliable, quiet and 
zero emissions
Electragen™ME
Liquid fuel 
(Methanol water)
2.5 kW or 5kW 48 Vdc or 24 Vdc Reliable, quiet and 
negligible 
emissions IdaTech plc Annual Report 2010 Business overview 06
Chairman’s statement
2010 was a successful year of 
transition for the Group as the new 
generation of ElectraGen™ products 
were introduced and older generation 
products began to be phased out.  
Of particular significance is that the 
new generation products are profitable 
at the gross margin contribution level 
(before overheads) and can still 
compete with diesel generators on 
price, whereas the older generation 
products were loss making even when 
sold at higher prices. IdaTech believes 
this is a game changing event, and 
this, together with increasing volumes 
will drive the business into sustainable 
cash generation.
An unexpected, yet very exciting opportunity for 
IdaTech, was the purchase from Plug Power Inc. 
(“Plug”), for a total consideration of US$5 million, of 
its off-grid liquid petroleum fueled product line, 
including most of the assets of the business and 
license to all relevant intellectual property. This 
enables IdaTech to develop the off-grid market 
much earlier than anticipated.
IdaTech will continue to release variants of its new 
generation ElectraGen™ product line throughout 
2011. These are designed to meet its customers’ 
specific needs in expanding geographies around 
the world, whilst maximising profit potential.
Financial overview
Revenue for the year was US$4.5 million, with  
a significantly improved gross margin loss of 
US$3.2 million over the prior year. In 2009 revenue 
was US$6.6 million with a gross loss of $5.0 million. 
During 2010 IdaTech did not pursue any 
development projects, concentrating its activities 
on the profitable commercialisation of its products 
which is in line with IdaTech’s Path to Profitability 
strategy as announced last year. This accounted 
for the decrease in revenue.
The operating loss before tax fell significantly to 
US$23.5 million from US$33.5 million in 2009. 
US$1.8 million of this decrease was due to the 
improved gross margin loss, US$2.7 million from 
reduced operating overheads and US$4.5 million 
was as a result of the decision in 2009 to cancel 
the development of the 250W fuel cell system 
which resulted in an accelerated write down of 
intangibles in the prior year.
Funding
As in previous years, IdaTech’s majority shareholder, 
the Investec Group, has indicated its current 
intention to ensure that the Group is in a position to 
meet its debts as and when they fall due.
The loan note funding provided by Investec 
together with further funding required during the 
current year, will be repayable on 31 March 2012. 
The Directors remain active in considering the 
options available to refinance these amounts 
ahead of the repayment date.
After due consideration, the Directors have 
concluded it is appropriate to continue to prepare 
the financial statements on a going concern basis.
Further details are provided in the Directors’ Report 
on page 11.
People
2010 was the first full year of execution of IdaTech’s 
Path to Profitability strategy to achieve sustainable 
cash generation. This has required a great deal of 
hard work, commitment and tenacity from its 
employees, the result of which is a portfolio of truly 
commercial profitable products.
On behalf of the Board, I would like to thank 
everyone at IdaTech for their contribution during 
the year.
Sir John Jennings
Chairman
22 March 2011
Sir John Jennings
Chairman IdaTech plc Annual Report 2010 Business overview 07
Chief Executive’s business review
Overview of 2010 and Path to  
Profitability strategy
IdaTech commenced shipments of its new 
generation methanol/water fueled product, the 
ElectraGen™ME, in December 2010. This is  
the second of the new generation ElectraGen™ 
products to be launched and is an exciting and 
important development for IdaTech as it provides 
the cornerstone in its Path to Profitability strategy 
to cash breakeven and profitable growth. 
The new generation ElectraGen™ family of 
products incorporates substantial cost and 
performance improvements which can be sold 
profitably in significantly higher volumes than  
earlier versions. These improvements offer 
customers a compelling value proposition  
against diesel generators whilst yielding positive 
margins for IdaTech.
As mentioned in the Chairman’s statement, in 
October 2010, IdaTech completed the purchase of 
Plug Power Inc’s (“Plug”) off-grid liquid petroleum 
fueled product line (now called the iGen™LP) 
together with a worldwide, royalty free, perpetual 
license to all relevant intellectual property (“IP”). 
Under the terms of the agreement, IdaTech is able 
to leverage the Plug IP with its own IP and future 
inventions, creating one of the largest portfolios of 
commercial fuel cell related technology in the 
world. This puts IdaTech in a unique position to 
serve both the on-grid market with its ElectraGen™ 
range of backup power systems and the off-grid 
market with the iGen™LP. This acquisition doubles 
the Company’s effective potential market and opens 
the door to a substantially larger non-telecom 
market for off-grid products, as discussed below. 
Additionally, the acquisition provides IdaTech with 
state of the art, core fuel cell stack technology that 
has been proven for over a decade and which can 
be used in all of IdaTech’s markets.
As announced last year, IdaTech’s Path to 
Profitability strategy has four key elements. These 
remain unchanged, although the addition of the 
iGen™LP product accelerates the Group’s entry 
into new products.
Seeding the market: Prepare the worldwide •	
customer base for rapid adoption of IdaTech’s 
fuel cell products by the sale of profitable and 
reliable systems.
New product development: Identify and pursue •	
next generation fuel cell products that can 
compete directly in the diesel generator market 
and simultaneously derive attractive gross 
margins for the Group.
Lean production: Establishing and validating •	
flexible, low cost and high quality production 
capabilities.
Focusing on execution: Eliminate or •	
de-emphasise activities that distract the Group 
from its primary path to profitability and align 
resources to ensure success.
IdaTech successfully executed against this plan 
during the year, continuing to move towards 
profitable growth, achieving a substantially 
reduced gross margin loss and overall  
operating loss.
Seeding the market
IdaTech’s initial commercial focus is on the critical 
power backup market for the telecommunication 
industry. This market has been estimated to be 
worth around US$2 billion per annum, covering 
around three million sites globally. Geographically, 
the Group is targeting the key markets of Asia, 
India and the Americas. IdaTech believes that the 
new ElectraGen™ME pricing point expands its 
accessible market by about six-fold to around  
1.8 million base stations.
During 2010, IdaTech increased the number of 
distribution partners to 38, using this extensive 
network to cost effectively expand across wide 
geographies and gain access to the key decision 
markets within its target customer base. To date, 
the Group has achieved certification for its 
products with 27 telecommunications companies, 
including five of the top 10 telecommunications 
companies worldwide by revenue. 
During the year, IdaTech sold over 350 systems, 
280 of which (the new generation ElectraGen™H2 
and ElectraGen™ME products) were sold at  
a positive gross contribution margin (2009: 9 units). 
In order to manage its cash resources, IdaTech 
restricted the number of loss making earlier 
generation ElectraGen™ products and targeted 
the systems it sold to new and existing key 
customers that are able to support material volume 
growth in the future. This reduced the number of 
system sales and revenue compared to 2009.
The sales order pipeline at the end of the year had 
doubled to US$1.6 million (2009: US$0.8 million).
New product development
IdaTech’s intensive development and testing of the 
ElectraGen™ME ensured the launch of the new 
product in December 2010. This system currently 
represents the core product supporting the Group’s 
Hal Koyama
Chief Executive Officer IdaTech plc Annual Report 2010 Business overview 08
Chief Executive’s business review continued
drive to profitable growth. The ElectraGen™ME 
cost base is significantly less than that of its 
predecessor system and is profitable at the gross 
margin level. Additionally, the durability of key 
components will increase while reducing its size by 
approximately 30%. The Group believes this 
product successfully competes directly with diesel 
generator systems.
With the addition of the iGen™LP product line, 
IdaTech can now enter the off-grid market much 
earlier than previously expected. This is of 
particular significance as the global off-grid market 
is very large. Around 1.6 billion people have no 
access to on-grid electricity and the need for 
electricity is expected to double by 2030. 
Additionally, around 95%, or 10,000mW (2 million 
5kW equivalents) of the off-grid power requirement 
is served by diesel generators. Initially IdaTech’s 
iGen™LP will be targeted at telecommunications 
applications as many of its customers have no 
satisfactory off-grid product. The estimated market 
size of this market is approximately US$3 billion, 
with over 100,000 potential sites worldwide. 
IdaTech believes that the iGen™LP could provide a 
reliable and cost effective solution for such 
customers and displace a large number of 
inefficient, polluting and noisy diesel generators 
with the iGen™LP. The Company will continue 
testing the iGen™LP and incorporating technical 
and cost saving synergies through most of 2011.
The Group’s product cost and performance 
objectives are being met through the following 
specific initiatives: 
proprietary technological advances; •	
product design simplification; •	
increased use of off-the-shelf parts; and •	
establishment of a global supply chain,  •	
taking advantage of lower cost jurisdictions.
Far left: IdaTech’s  
plant in Mexico
Lean production
During 2010, IdaTech expanded the capacity of its 
production plant in Tijuana, Mexico adding key 
technical fabrication capabilities. This improved 
facility and manufacturing line gives the Group a 
flexible, low cost volume manufacturing operation 
without the need for large capital investment.
These improvements enable the facility to produce 
all lines of the ElectraGen™ range in an efficient 
and flexible manner with a capacity to build up to 
approximately 5,000 units. In early 2010, the 
Tijuana facility was awarded ISO 9001 certification. 
Focusing on execution
A key element to IdaTech’s successful completion 
and launch of the ElectraGen™ME during the year 
was the decision in 2009 to focus purely on product 
development for its core market in providing power 
for telecommunication applications. This approach 
was also instrumental in preparing production and 
conducting a smooth transition with key customers 
from the older products to the new ElectraGen™ 
products.
Financial overview
Revenue for 2010 was US$4.5 million, of which  
US$4.0 million was from the sale of products.  
In 2009 revenue was US$6.6 million in total, 
US$4.5 million from product sales and  
US$2.1 million relating to projects.
During 2010, IdaTech sold over 350 systems, 280 
of which were sold at a positive gross contribution 
margin (2009: 445 and nine units respectively). 
IdaTech’s next generation systems, the 
ElectraGen™H2 and the ElectraGen™ME, 
accounted for 280 of the 2010 unit sales. The 
remainder of the sales consisted of now 
discontinued, earlier generations of its products. 
This occurred because of the decisions taken in 
2009 as part of IdaTech’s Path to Profitability 
strategy. 
To restrict the sales of older, loss making •	
products during 2010 in order to manage the 
Group’s resources; and 
Not to pursue development projects but to focus •	
on new generation products.
A significant development during the year as a 
result of these decisions was the significant 
improvement in the gross loss of US$1.8 million 
which fell to US$3.2 million from US$5.0 million  
in 2009. This was despite the large fall in revenue 
from projects which typically have a much higher 
gross margin than product sales. Excluding the 
gross margin from projects, the gross loss from 
products improved from US$6.2 million to  
US$3.2 million. IdaTech plc Annual Report 2010 Business overview 09
In total, operating expenses fell by US$8.0 million 
to US$20.5 million compared with 2009. Research 
and development costs in the year were US$11.5 
million (2009: US$17.7 million). Allowing for the 
US$4.5 million impact in 2009 of the write-off of IP 
relating to the IdaTech’s 250W product, recurring 
expenses fell by US$1.7 million year-on-year due to 
the refocusing of the development team solely on 
the ElectraGen™ME product range.
Sales, general and administrative expenses were 
also lower at US$9.0 million (2008: US$10.8 
million). Overall administrative expenses fell by 
US$1.6 million versus 2009 mainly due to reduced 
share based payment charges in relation to the 
Groups employee equity plans and reduced legal 
and professional fees. Sales related expenses also 
fell US$0.2 million compared with the prior year 
despite the addition of extra sales resources in 
Asia Pacific due to lower travel, trade shows and 
advertising expenditures. 
EBITDA (earnings before interest, taxes, 
depreciation and amortisation) loss decreased 
significantly by US$5.3 million to US$20.0 million 
(2009: US$25.3 million) as a result of the lower 
gross margin loss of US$1.8 million and lower 
operating overheads of US$3.5 million (excluding 
the write-off of IP relating to the IdaTech’s 250W 
product in 2009).
There was also a material decrease in the 
operating loss for 2010 compared with 2009  
of US$9.8 million, falling from US$33.5 million in 
2009 to US$23.7 million as explained above.
Finance costs increased to US$3.6 million (2009: 
US$1.6 million) as the business was debt funded 
by its principal shareholder, the Investec Group. 
The loan is unsecured and interest is charged at 
8% per annum.
Right: IdaTech™ME 
in situ at site
The income tax credit decreased to US$0.5 million 
(2009: US$2.6 million) due to the impact in 2009 of 
the write back of the deferred tax credit no longer 
required following the write down in the carrying 
value of the intangible assets relating to the 250W 
product line.
Cash outflow utilised by operations decreased to 
US$20.5 million in the year (2009: US$23.1 million). 
This occurred because of a lower operational loss 
of US$5.5 million (using the EBITDA measure 
which discounts the impact of non-cash charges), 
a decrease in accounts receivable of US$1.4m, 
offset by an increase in inventories of US$2.5 
million. These movements are explained below.
There was a large increase in the level of 
inventories of US$2.2 million at the end of 2010 
compared to 2009. There were three main reasons 
for this increase; the acquisition of materials 
relating to the off-grid iGen™LP product line 
acquired from Plug of US$0.7 million, the purchase 
of components for the newer generation products 
of $0.8 million and a buildup of work in progress  
of prior versions of the ElectraGen™XTIs of  
US$0.4 million ahead of shipment in early 2011 
which had been delayed from 2010. 
Accounts receivable decreased by US$1.4 million 
to US$2.4 million. This was due to two factors: the 
delayed shipment of ElectraGen™XTIs and a lower 
concentration of sales in the last quarter of the year 
compared to 2009.
Trade and other payables increased to US$9.3 
million from US$6.0 million in 2009. US$2.0 million 
is as a result of the increase in interest payable 
under the loan to Investec. The balance relates to 
extended credit from suppliers. IdaTech plc Annual Report 2010 Business overview 10
Chief Executive’s business review continued
Investment in tangible assets of US$0.9 million was 
more than double the amount spent in the prior 
year of US$0.4 million. This was due to the 
consolidation and expansion of the production 
plant in Tijuana of US$0.5 million and the purchase 
of certain equipment and tooling relating to the 
assets acquired from Plug for iGen™LP of 
US$0.4 million. 
There was a significant increase in expenditure on 
intangible assets of US$6.2 million (2009: US$1.3 
million). Of this, US$1.5 million was internally 
generated intellectual property relating to the 
development of the new generation ElectraGen™ 
products (2009: US$0.8 million), US$0.5 million 
(2009: US$0.5 million) of new IdaTech patents, 
reflecting the technological breakthroughs made in 
the new generation products and US$4.1 million 
related to the IP acquired as part of the acquisition 
from Plug.
During the year, IdaTech drew upon its loan facility 
with the Investec Group, its principal shareholder. 
During 2010, IdaTech drew down US$28 million 
including funding for the purchase of the assets 
and IP from Plug. At the end of the year the 
balance was $60 million. The loan is due for 
repayment on 31 March 2012 – see note 15.
Funding and going concern
These financial statements have been prepared  
on a going concern basis as the Investec Group, 
IdaTech’s main shareholder, has indicated its 
willingness to continue to fund the business. 
Additional disclosure surrounding the going concern 
and future funding is given in the Directors’ Report 
on page 11.
Current funding is via debt. Although the timing is 
yet to be finalised, the Board believes it would be 
desirable to raise additional equity funding, 
Left: IdaTech™ME produces 
power at a remote 
telecommunications site
Outlook
2010 was a significant turning point for IdaTech 
with the launch of its profitable products that are 
price comparable with diesel generators. This price 
competitiveness is expected to stimulate sales 
growth and further improve the gross margin. 
Progress towards this can already be seen in the 
results for 2010, which show a reduction in the 
gross loss from US$5.0 million to US$3.2 million in 
2009 and the increase in the sale of profitable 
systems of 280 in the year compared to just nine in 
2009. This positions the Group well for sustainable 
growth into 2011. 
During 2011 IdaTech will launch additional 
ElectraGen™ products and continue to develop 
the iGen™LP so it is ready for commercial 
deployments in 2012. 
The Board believes IdaTech is well positioned to 
take advantage of the significant market 
opportunities that it sees for its next generation 
systems and is confident of achieving increased 
profitable sales.
Hal Koyama
Chief Executive Officer
22 March 2011 IdaTech plc Annual Report 2010 Corporate governance 11
Directors’ report
The Directors present their annual report and audited consolidated 
financial statements for the year ended 31 December 2010.
Principal activities and business review  
and future development
The Group’s principal activity during the year was the 
development, design, manufacture and sale of fuel cells  
and related systems.
The Chairman’s statement and Chief Executive’s business review 
on pages 6 to 10 provide a review of the performance of the 
Group in the year together with an indication of future 
developments and prospects.
Going concern
These financial statements have been prepared on a going concern 
basis. As reported in the Chairman’s statement and Chief 
Executive’s business review, IdaTech’s principal shareholder, 
Investec Group Investments (UK) Limited, has indicated its 
current intention to ensure the business is managed and/or 
appropriately funded so that it is in a position to meet its debts 
as and when they fall due. This has been provided as a current 
intention only and does not represent a legally binding obligation 
by the Investec Group. Whilst the Directors have a reasonable 
expectation that the principal shareholder will continue to support 
the Group, in view of the nature of the support, there can be no 
certainty in this matter.
Additionally the loan notes amounting to US$60 million, as 
disclosed in note 15 to the financial statements, are repayable on 
31 March 2012. The Directors will be working with the principal 
shareholder to refinance the existing loan notes and additional 
funding drawn down in the current financial year.
In view of the above, the Directors have concluded that a material 
uncertainty exists that may cast significant doubt upon the Group’s 
ability to continue as a going concern. Nevertheless after making 
enquiries, and considering the uncertainties described above, 
the Directors have concluded that it is appropriate to continue to 
adopt the going concern basis in preparing the financial statements.
The statement of comprehensive income and balance sheet show 
no intention or necessity to liquidate or curtail significantly the 
operations of the Group. Specifically, the assets of the Group 
have been valued and reported on the basis that they will be used 
for the purpose for which they were purchased in the ongoing 
operation of the business and no liabilities have been included that 
may arise on a significant curtailment of the Group’s activities. 
Results and dividends
IdaTech plc, registered in England & Wales 06260318, (the 
“Company”) was incorporated on 25 May 2007. With effect from 
7 June 2007, the Company became the legal Parent Company  
of IdaTech UK Limited and its subsidiary undertakings. This 
business combination, effected through an exchange of equity 
interests, was accounted for as a reverse acquisition in accordance 
with International Financial Reporting Standards (“IFRS”) 3 
“Business Combinations”. IdaTech UK Limited was incorporated 
on 13 July 2006 and acquired IdaTech Technologies, Inc, (“ITI”) 
IdaTech, LLC and IdaTech Fuel Cells GmbH on 20 July 2006.
The consolidated retained earnings reserves of the Group as at 
31 December 2010 include the retained earnings of IdaTech UK 
Limited and its subsidiaries as required by IFRS 3 prior to their 
acquisition by IdaTech plc.
The statutory loss on ordinary activities after taxation for the  
year ended 31 December 2010 was US$26.9 million (2009: 
US$32.5 million).
In view of the accumulated realised losses, no dividends will be 
paid (2009: £ nil).
Research and development
IdaTech continues to invest in sophisticated, innovative new 
products and technologies which require ongoing expenditure  
in research and development. In the year ended 31 December 
2010, gross expenditure on such programs was US$11.5 million. 
For the year to 31 December 2009 expenditure was US$17.7 
million, which included an intangible asset impairment charge of 
US$4.5 million).
Financial instruments
Note 26 includes details of the Group’s financial instruments.
Directors
The Directors who held office during the year were as follows:
Director Role
Sir John Jennings Non-executive Chairman
Harol Koyama Chief Executive Officer
James Cooke Chief Financial Officer
Angus Fraser Non-executive Director
Michael Lacey-Solymar Non-executive Director
Alan Lloyd Non-executive Director
David Smith Non-executive Director
During the year the Group maintained insurance providing 
liability cover to its Directors and officers.
In accordance with the Articles of Association, James Cooke, 
Angus Fraser and Michael Lacey-Solymar retire and being 
eligible offer themselves for election at the forthcoming Annual 
General Meeting.
Substantial shareholdings
At the date of this report the Company has been informed that 
the following shareholders held substantial holdings in the issued 
Ordinary Shares of the Company:
Holding of 
Ordinary 
Shares
Issued 
share 
capital
Investec Group Investments  
(UK) Limited
36,169,887 69.1 %
Pacol Properties (Pty) Limited 7,500,000 14.3%
Ogier Employee Benefit Trustee (i) 4,367,986 8.3%
Employee benefit trust holding shares for the Executive Directors,  (i) 
key management and certain employees. IdaTech plc Annual Report 2010 Corporate governance 12
Directors’ report continued
Health and safety policy
IdaTech has a Safety Committee which covers its activities  
in Bend and Tijuana. The Safety Committee is composed of 
representatives from management, engineering, and operations 
and meets monthly. The principal activities are:
Reviews of equipment safety and operation; •	
Conducts accident investigations; •	
Audits the Company for health & safety hazards; •	
Recommends safety measures to management; and •	
Provides employee safety training. •	
The findings of the Safety Committee are made to the Board  
of Directors monthly. There were no major incidents or hours  
of work lost due.
Environmental policy
The Group’s environmental policy is to meet the statutory 
requirements placed upon it and to apply good environmental 
practice in its operation. IdaTech encourages its employees to 
reduce energy usage and recycle materials wherever possible. 
There are recycling points for paper, plastic bottles and cans 
throughout its facilities.
Creditor payment policy
The Group’s strategy is to build mutually beneficial relationships 
with its suppliers and agrees terms with its suppliers when it enters 
into binding purchase contracts. When the Group is satisfied that 
a supplier has provided the goods or services in accordance with 
those agreed terms, the Group’s policy is to pay in accordance 
with those terms.
At the year end the aggregate creditor days for the Company was 
nil as the Company has no trade creditors. Taking the Group as 
a whole and including the trading subsidiaries, the aggregate 
creditor days was 34 days (2009: 34 days).
Charitable donations
There were no charitable donations in the year (2009: nil).
Key Performance Indicators
The principal financial and non financial key performance 
indicators (“KPI”) are listed below:
Product unit sales •	
Number of customers with whom IdaTech is certified •	
Total product revenue •	
Product gross margin •	
Operating loss •	
Operating cash flow •	
Working capital management •	
Development milestones. •	
These key performance indicators are discussed in the Chairman’s 
statement and Chief Executive’s business review on pages 6  
to 10.
Key risk and uncertainties
As disclosed above, the key risk is the fact that funding of the 
business is currently provided as a current intention only, until 
the Group has secured alternative funding, and does not represent 
a legally binding obligation by the principal shareholder. Whilst 
the Directors have a reasonable expectation that the principal 
shareholder will continue to support the Group, in view of the 
nature of the support, there can be no certainty in this matter.
Annual General Meeting
The notice of the Annual General Meeting to be held on 28 June 
2011 at 12:00 BST at the registered office of the Company,  
2 Gresham Street, London EC2V 7QP is contained in a separate 
letter from the Chairman accompanying this report.
Disclosure of information to auditors
The Directors who held office at the date of approval of this 
Directors’ report confirm that, so far as they are each aware, there 
is no relevant information of which the Company’s auditors are 
unaware; and each Director has taken all the steps that he ought 
to have taken as a Director to make himself aware of any relevant 
information and to establish that the Company’s auditors are 
aware of that information.
Auditors
The Auditors, PricewaterhouseCoopers LLP, have indicated their 
willingness to continue in office and a resolution concerning their 
re-appointment will be proposed at the Annual General Meeting.
By order of the Board.
James Cooke
Company Secretary
22 March 2011 IdaTech plc Annual Report 2010 Corporate governance 13
Directors and key management 
Board of Directors
Sir John Jennings Independent Non-executive Chairman 
Harol Koyama Chief Executive Officer 
James Cooke Chief Financial Officer 
Angus Fraser Independent Non-executive Director 
Michael Lacey-Solymar Non-executive Director 
Alan Lloyd Independent Non-executive Director 
David Smith Independent Non-executive Director 
Sir John Jennings, Independent Non-executive Chairman 
Sir John Jennings became a Group Managing Director of Shell 
in 1987 and chaired the Shell Transport and Trading Company 
– the British parent of the Anglo/Dutch Group, from 1994 to 
1997. As a Managing Director he had responsibility for the 
Group’s business throughout Asia and Australasia and in 
addition, for his last four years, was a Director of Shell Oil 
Company in the USA and Chairman of Shell Canada. He retired 
from Shell in 1997 but remained a Non-executive Director  
until 2001.
Currently he is Deputy Chairman and a member of the Advisory 
Board of Xyleco – a cellulosic fuels company based in Boston, 
Massachusetts. Sir John Jennings holds a BSc and PhD in 
Geology and was appointed a Fellow of the Royal Society of 
Edinburgh in 1992. He is also a Sloan Fellow of the London 
Business School. He was appointed CBE in 1985 and Knighted 
in 1997 and has received a number of other awards and 
honorary degrees.
Harol Koyama, Chief Executive Officer 
Harol (Hal) Koyama is IdaTech’s Chief Executive Officer and joined 
IdaTech in 2003. Hal has had more than 13 years of diversified 
international sales & marketing experience and general strategic 
business development for worldwide onsite generation applications 
within the Combined Heat and Power, Oil and Gas and Waste Fuel 
power generation markets. Throughout his career, Mr. Koyama 
has been responsible for identifying promising markets for new 
technologies and converting these into commercial opportunities.
Before IdaTech, Mr. Koyama was Senior Vice President of Sales 
and Marketing at Capstone Turbine Corporation (Capstone), a 
leading micro-turbine producer where he streamlined sales and 
marketing and accelerated market development efforts worldwide. 
Prior to his work at Capstone, Mr. Koyama was Vice President  
of Business Development for fuel cell company International Fuel 
Cells (a United Technologies Corporation business) and also 
worked in the corporate offices of United Technologies focusing 
on mergers and acquisitions. 
Mr. Koyama also has over five years experience as a management 
consultant with the international consulting firm, McKinsey & 
Company, focusing on energy and operations issues and five 
years experience as a nuclear submarine officer for the United 
States Navy. Mr. Koyama holds a degree in Physics and 
Mathematics from the University of Oregon, a Masters 
Equivalent in Nuclear Engineering from the Naval Nuclear Power 
School and a Masters in Business Administration from the 
Stanford University Graduate School of Business. 
James Cooke, Chief Financial Officer 
James Cooke is IdaTech’s Chief Financial Officer having joined  
in February 2007. Mr. Cooke is a member of the Institute of 
Chartered Accountants in England & Wales and has more  
than 14 years experience of senior financial and operational 
management positions in a number of industries. From May 2000 
to October 2006, he was the Finance Director of Datong Electronics 
PLC, a defence electronics company which is admitted to trading 
on AIM. Before that he worked at the Investec Group for over 
eight years, acting as Managing Director of a Division trading in 
endowment policies, managing and finding appropriate exits for 
the private equity portfolio and as a financial controller of one of 
their divisions. Before working at the Investec Group, Mr. Cooke 
was the Group Financial Controller of a privately owned international 
leisure group reporting directly to the owner on all financial matters, 
controls and acquisition targets. Mr. Cooke holds a Bachelor of 
Science in Biochemistry. 
Angus Fraser, Independent Non-executive Director 
Angus Fraser was an executive director of Chloride Group PLC 
from 1984 to 1988. He served as a Non-executive Director until 
2006 and was senior independent director from 2001. From 1989 
to 1994, he was the Managing Director of Imperial College of 
Science, Technology and Medicine and subsequently Chief 
Executive of Scruttons plc. Since 1997, Mr. Fraser has held  
a number of independent director appointments with public  
and private companies. He is currently Chairman of The 
Caldecott Foundation.
Michael Lacey-Solymar, Non-executive Director 
Michael Lacey-Solymar joined the Investec Group in October 
2005 after 18 years with UBS Investment Bank. At UBS, Mr. 
Lacey-Solymar spent ten years in international M&A and became 
head of the UK mid-market team from 1999 to 2005. At Investec, 
he remains focused on mid-market companies across all sectors.
Alan Lloyd, Independent Non-executive Director 
Dr. Alan C. Lloyd is the President of the International Council on 
Clean Transportation. He served as the Secretary of the California 
Environmental Protection Agency from 2004 through February 
2006 and as the Chairman of the California Air Resources Board 
(“CARB”) from 1999 to 2004. Prior to joining CARB, Dr. Lloyd was 
the Executive Director of the Energy and Environmental Engineering 
Center for the Desert Research Institute at the University and 
Community College System of Nevada, Reno, and the chief 
scientist at the South Coast Air Quality Management District 
from 1988 to 1996. Dr. Lloyd’s work focuses on the viable future 
of advanced technology and renewable fuels, with attention to 
urban air quality issues and global climate change. A proponent 
of alternate fuels eventually leading to a hydrogen economy,  
Dr. Lloyd is currently a member of the ETAAC of CARB and 
Chairman of HTAC, was the 2003 Chairman of the California  
Fuel Cell Partnership and a co-founder of the California Stationary 
Fuel Cell collaborative. He earned both his B.S. in Chemistry  
and Ph.D. in Gas Kinetics at the University College of Wales, 
Aberystwyth, U.K. IdaTech plc Annual Report 2010 Corporate governance 14
David Smith, Independent Non-executive Director 
David Smith has more than 20 years of experience in research 
and development and business management, having spent most 
of his career in various management positions with BP. In 1987 
he was appointed a Vice-President of R&D at BP America, before 
returning to BP Research Centre, Sunbury as a General Manager. 
In 1992 he was appointed Head of BP Group Research and 
Engineering, the senior BP technical post directly and indirectly 
associated with the Group’s technical population of around 9000. 
From 1994 to 2001 Dr. Smith served as CEO and Chief 
Technology Officer of Whatman PLC. He is currently a Non-
executive Director of Murphy Oil Corporation. He holds a Ph.D. 
and a Bachelor of Science. He was awarded the CBE in 1999 for 
services to technology transfer.
Key Management
Margo Maddux Vice President of Human Resources
Michael Otterbach Vice President of Operations
William Pledger Chief Engineer
Richard Romer Vice President of Marketing and Sales
Kathryn Schwiebert Acting Vice President of Engineering
Vivek Seth Managing Director of India
Margo Maddux, Vice President of Human Resources 
Margo Maddux is IdaTech’s VP of Human Resources and joined 
IdaTech in November 2006. Mrs. Maddux has more than 25 years 
of Human Resource Management, Recruiting and Training 
experience. She has held senior level positions in a variety of 
companies that includes WalMart Stores, Inc. and others in the 
Communications, Sales, Retail and Manufacturing sectors. She 
has been involved in the early stages of two startup companies; 
helping them grow and mature into highly successful companies.
Michael Otterbach, Vice President of Operations 
Michael Otterbach is the Company’s Vice President of Operations 
and is responsible for production, system integration, quality, 
supply chain, service, and information technology, activities at 
IdaTech. Mr. Otterbach has more than 20 years of high-level 
experience in project and program management, engineering and 
operations management. Prior to joining IdaTech, Mr. Otterbach 
was in program management and manufacturing operations 
with Honeywell Inc. Most recently, he ran the manufacturing 
operations for the pulp and paper group in Cupertino, California. 
Prior to that role at Honeywell, he guided a team of specialists to 
facilitate worldwide product launches as the program manager. 
He worked with Honeywell in both Germany and California.  
Mr. Otterbach holds a Bachelor’s degree in Computer Science 
from Fachhochschule Kirchheim unter Teck, Germany and is a 
certified Six Sigma Black Belt and a certified quality assessor. 
William Pledger, Chief Engineer 
William Pledger co-founded IdaTech in 1996 and has remained 
with the Company as Chief Engineer. Mr. Pledger has more than 
25 years experience in the design, construction and testing  
of membrane-based modules, transformer gas analysers,  
fuel processors and fuel cell systems. Prior to joining IdaTech, 
Mr. Pledger worked at Bend Research Inc. from 1985 until 1994 
where he was responsible for designing and constructing prototype 
membrane-based systems and pilot plants for use in food and 
pharmaceutical processing. From 1994 to 1996, Mr. Pledger 
worked at Micromonitors, Inc. developing transformer fault gas 
analysers. Mr. Pledger holds a Bachelors degree in Chemical 
Engineering from Oregon State University, is a member of the 
American Institute of Chemical Engineers as well as a registered 
Professional Engineer in Oregon.
Richard Romer, Vice President of Marketing and Sales 
Richard Romer joined IdaTech in June 2007 and has over 10 years 
of international sales and marketing experience. Most recently, 
Mr. Romer was Vice President of Sales and Marketing with 
Cyclics Corporation, a polymer resin manufacturer that provided 
innovative solutions to customers with engineered thermoplastic 
issues. Prior to Cyclics, he started and managed the Plug Power 
Inc global sales force as Director of Sales. Mr. Romer’s other 
previous positions include Product Manager for Saint-Gobain 
Performance Plastics and Director of Product Development at 
Berkshire Corporation. Mr. Romer holds a Bachelor of Science 
degree in Mechanical Engineering from Union College and a 
Master of Business Administration from the State University  
of New York at Albany.
Kathryn Schwiebert, Acting Vice President of Engineering 
Kathryn Schwiebert joined IdaTech in January 2006 and is 
IdaTech’s acting Vice President of Engineering. She has more 
than 10 years of experience in research and product development 
for fuel cell components and systems. At IdaTech she has directed 
research, development, design, testing and commercialisation  
of fuel cell stacks and fuel processors, as well as managed the 
development of two commercial fuel cell systems, ElectraGen™ 
H2 and ElectraGen™ ME. Prior to joining IdaTech, Dr. Schwiebert 
spent 10 years at E. I. du Pont de Nemours and Company. From 
1999 to 2005 she led research and development of membrane 
electrode assemblies and proton exchange membranes at 
DuPont Fuel Cells, first as a principal investigator and later as  
a technology manager. Holder of five U.S. patents, she received 
a Bachelor of Arts degree in Chemistry from Carleton College 
and a Ph.D. in Inorganic Chemistry from Indiana University.
Vivek Seth, Managing Director of India 
Vivek joined IdaTech in 2009 as the Managing Director of IdaTech’s 
India enterprise. He has over 20 years of experience with leading 
automotive industry manufacturing companies in India, including 
Delphi, Schefenacker, Denso Corporation and the Honda Motors 
Group. Mr. Seth has expertise in a wide range of international 
businesses, particularly in the development of manufacturing 
processes based on global supply chain techniques.
Directors and key management continued IdaTech plc Annual Report 2010 Corporate governance 15
Corporate governance
The Directors support high standards of corporate governance. 
Whilst as an AIM quoted company it is not required to follow any 
governance code the Board have sought to comply with the UK 
main market Combined Code insofar as it is appropriate and 
practicable for a company of the size and nature of the Company.
There have been no changes to the Company’s Corporate 
Governance during 2010.
The Board structure
The Board consists of the Chairman, two Executive Directors and 
four Non-executive Directors. The Board has not nominated a 
senior independent Non-executive Director. Save in respect of 
Michael Lacey-Solymar, who was nominated by the Investec 
Group, the Company regards all of its Non-executive Directors 
as independent Non-executive Directors within the meaning of 
‘‘independent’’ as defined in the Combined Code and free from 
any business or other relationship which could materially interfere 
with the exercise of their independent judgement.
The composition of the Board is not fully Combined Code 
compliant. However, because the Board includes three 
independent Non-executive Directors, the Directors regard this 
as an appropriate board structure given the size and nature of 
the Company. The Company has adopted a share dealing code 
for the members of the Board and certain employees which is 
appropriate for a company whose shares are admitted to trading 
on AIM (particularly in order to comply with Rule 21 of the AIM 
Rules for Companies) and the Company will take all reasonable 
steps to ensure compliance with such code by members of the 
Board and any relevant employees.
The Board has also established an audit committee, a nominations 
committee and a remuneration committee.
Audit committee
The audit committee is chaired by Angus Fraser and its other 
members are Sir John Jennings, Michael Lacey-Solymar, Alan 
Lloyd and David Smith. The audit committee meets not less than 
three times a year and has responsibility for, amongst other things, 
monitoring the integrity of the Group’s financial statements and 
reviewing its annual and interim reports. It oversees the Group’s 
relationship with its external auditors and reviews its compliance 
with the provisions of the Combined Code (insofar as it is 
appropriate and practicable for a company of the size and nature 
of the Company) and the requirements of the AIM Rules. It also 
has responsibility for reviewing the effectiveness of the Group’s 
systems of internal controls and risk management. The ultimate 
responsibility for reviewing and approving the interim and annual 
financial statements remains with the Board.
Nominations committee
The nominations committee is chaired by Sir John Jennings and 
its other members are Angus Fraser, Alan Lloyd and David Smith. 
The committee is due to meet not less than twice a year and has 
responsibility for making recommendations to the Board on the 
composition of the Board and its committees and on retirements 
and appointments of additional and replacement Directors and 
ensuring compliance with the Combined Code insofar as it is 
appropriate and practicable for a company of the size and nature 
of the Company.
Remuneration committee
The remuneration committee is chaired by David Smith and its 
other members are Sir John Jennings, Angus Fraser and Alan 
Lloyd. The remuneration committee meets not less than two times 
a year and has responsibility for making recommendations to  
the Board (i) on the Group’s policy on the remuneration of Senior 
Management, (ii) for the determination, within agreed terms of 
reference, of the remuneration of the Chairman and of specific 
remuneration packages for each of the Executive Directors and 
the members of Senior Management, including pension rights 
and any compensation payments and (iii) for the implementation 
of long-term incentive plans. The Remuneration Committee also 
ensures compliance with the Combined Code in this respect 
and insofar as it is appropriate and practicable for a company  
of the size and nature of the Company.
Internal control and risk management
The Board has overall responsibility for the Group’s system of 
internal control and for reviewing its effectiveness. The Group 
maintains systems which are designed to provide reasonable 
but not absolute assurance against material loss and to manage 
rather than eliminate risk.
The key features of the Group’s system of internal control are  
as follows:
management structure with clearly defined responsibilities; •	
timely production of comprehensive management information; •	
detailed budgeting and forecasting; •	
analyses of risks and threats reviewed by the Senior •	
Management at their regular meetings; and
ISO accredited business processes which are externally audited. •	
Performance evaluation
The performance of the Board, its individual members and its 
Committees is regularly reviewed as required by the revised 
Combined Code.
Communication with shareholders
The Board is keen to encourage the participation of a broad 
base of both institutional and private investors in the Group. 
Communication with investors will be maintained through the 
Annual General Meeting, annual and interim reports, press 
releases and through the Group website. IdaTech plc Annual Report 2010 Corporate governance 16
Report of the remuneration committee 
Introduction
The following report provides information relating to the pay and benefits policy for the Company’s Directors.
Members of the remuneration committee
Details relating to the Remuneration Committee can be found in the corporate governance statement on page 15. The Committee 
meets during the year to determine all aspects of the remuneration of the Executive Directors. The remuneration of the Non-executive 
Directors is determined by the Board as a whole.
Remuneration policy
The Committee believes remuneration levels should be competitive and set to attract, retain and motivate Executive Directors and  
to align their interests as closely as possible with the interests of the shareholders.
The Company makes contributions to Group personal pension schemes on behalf of Executive Directors. The Company operates  
an approved Equity Incentive Share Scheme for the Executive Directors, key management and employees.
Emoluments of the Directors
The emoluments and remuneration of the Directors are disclosed in aggregate and detail in Note 19 of these financial statements  
on page 47.
Directors’ interests
The Directors held the following interests in the shares of the Company:
Name Type
As at 
31 December 
2010
As at
31 December
2009
Sir John Jennings Ordinary Shares of £0.01 each 200,000  200,000 
Harol Koyama Ordinary Shares of £0.01 each 805,059  655,639 
James Cooke Ordinary Shares of £0.01 each 402,769  331,826 
Angus Fraser Ordinary Shares of £0.01 each 7,500  7,500 
David Smith Ordinary Shares of £0.01 each 15,000  15,000 
The number of shares disclosed by Harol Koyama and James Cooke above include shares held by the IdaTech Employee Benefit Trust.*
Allocation Date Harol Koyama James Cooke
April 1 2011 102,171  76,667 
April 1 2012 184,419  131,666 
April 1 2013 66,667  46,667 
 353,257  255,000 
*  This grant is based on the performance of the share price. For the allocation (as above) to be awarded in full requires a doubling of the share price over a two or three year 
period as detailed in note 13. For any increase above the share price at the date of award but below the target price at the end of the period will result in a pro-rata 
number of shares being awarded based on the actual increase in share price as compared to the target of a 100% increase. IdaTech plc Annual Report 2010 Corporate governance 17
Statement of Directors’ responsibilities
The Directors are responsible for preparing the Annual Report, 
the Report of the Remuneration Committee and the Group and 
the Parent Company financial statements in accordance with 
applicable law and regulations.
Company law requires the Directors to prepare financial 
statements for each financial year. Under that law the Directors 
have prepared the Group financial statements in accordance 
with International Financial Reporting Standards (IFRS) as 
adopted by the European Union, and the Parent Company 
financial statements in accordance with applicable law and  
United Kingdom Accounting Standards (United Kingdom 
Generally Accepted Accounting Practice). The Group and  
Parent Company financial statements are required by law to  
give a true and fair view of the state of affairs of the Company  
and the Group and of the profit or loss of the Company and 
Group for that period.
In preparing those financial statements, the Directors are 
required to:
select suitable accounting policies and then apply  •	
them consistently;
make judgements and estimates that are reasonable  •	
and prudent;
state that the Group financial statements comply with IFRS  •	
as adopted by the European Union, and with regard to the 
Parent Company financial statements that applicable UK 
Accounting Standards have been followed, subject to  
any material departures disclosed and explained in the 
financial statements;
prepare the Group and Parent Company financial statements •	
on the going concern basis unless it is inappropriate to 
presume that the Group will continue in business, in  
which case there should be supporting assumptions  
or qualifications as necessary.
The Directors are responsible for keeping proper accounting 
records that disclose with reasonable accuracy at any time the 
financial position of the Company and the Group and to enable 
them to ensure that the Group financial statements comply with 
the Companies Act 2006 and Article 4 of the IAS Regulation and 
the Parent Company financial statements and the Report of the 
Remuneration Committee comply with the Companies Act 2006. 
They are also responsible for safeguarding the assets of the 
Company and the Group and hence for taking reasonable steps 
for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity 
of the Company’s website. Legislation in the United Kingdom 
governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions.
Each of the Directors, whose names and functions are listed in 
the Directors’ report, confirms that, to the best of their knowledge:
the Group financial statements, which have been prepared in •	
accordance with IFRS as adopted by the EU, give a true and 
fair view of the assets, liabilities, financial position and loss  
of the Group; and
the Chairman’s report includes a fair review of the development •	
and performance of the business and the position of the Group, 
together with a description of the principal risks and 
uncertainties that it faces. IdaTech plc Annual Report 2010 Corporate governance 18
We have audited the Group financial statements of IdaTech plc 
for the year ended 31 December 2010 which comprise the 
Consolidated balance sheet, the Consolidated statement of 
Comprehensive income, the Consolidated cash flow statement, 
the Consolidated statement of changes in shareholder’s equity, 
the Accounting Policies and the related notes. The financial 
reporting framework that has been applied in their preparation  
is applicable law and International Financial Reporting Standards  
(IFRSs) as adopted by the European Union.
Respective responsibilities of Directors and auditors
As explained more fully in the Directors’ responsibilities statement 
set out on page 1 7 , the Directors are responsible for the preparation 
of the financial statements and for being satisfied that they give a 
true and fair view. Our responsibility is to audit and express an 
opinion on the financial statements in accordance with applicable 
law and International Standards on Auditing (UK and Ireland). 
Those standards require us to comply with the Auditing Practices 
Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and 
only for the Company’s members as a body in accordance with 
Chapter 3 of Part 16 of the Companies Act 2006 and for no other 
purpose. We do not, in giving these opinions, accept or assume 
responsibility for any other purpose or to any other person to 
whom this report is shown or into whose hands it may come 
save where expressly agreed by our prior consent in writing.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and 
disclosures in the financial statements sufficient to give reasonable 
assurance that the financial statements are free from material 
misstatement, whether caused by fraud or error. This includes an 
assessment of: whether the accounting policies are appropriate 
to the Group’s circumstances and have been consistently applied 
and adequately disclosed; the reasonableness of significant 
accounting estimates made by the Directors; and the overall 
presentation of the financial statements.
Opinion on financial statements 
In our opinion the Group financial statements: 
give a true and fair view of the state of the Group’s affairs as  •	
at 31 December 2010 and of its loss and cash flows for the 
year then ended;
have been properly prepared in accordance with IFRSs  •	
as adopted by the European Union; and 
have been prepared in accordance with the requirements  •	
of the Companies Act 2006.
Emphasis of matter – going concern
In forming our opinion on the financial statements, which is not 
modified, we have considered the adequacy of the disclosures 
made in note 2 to the financial statements concerning the Group’s 
ability to continue as a going concern. The Company’s principal 
shareholder Investec Group Investments (UK) Limited (“Investec”), 
has indicated its intention to ensure the Group is managed and/
or appropriately funded so that it is in a position to meet its 
liabilities as and when they fall due for at least 12 months from 
the date of approval of these financial statements. 
Additionally, we draw attention to the fact that the loan notes 
amounting to $60 million, as disclosed in note 15 to the financial 
statements, are repayable on 31 March 2012. The Directors will 
be working with the principal shareholder to refinance the existing 
loan notes and additional funding drawn down in the current 
financial year. In view of the nature of the intention received from 
Investec and the need to refinance the loan notes and additional 
funding by 31 March 2012, there exists a material uncertainty 
which may cast significant doubt about the Group’s ability to 
continue as a going concern. The financial statements do not 
include the adjustments that would result if the Group was 
unable to continue as a going concern.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report for 
the financial year for which the Group financial statements are 
prepared is consistent with the Group financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters 
where the Companies Act 2006 requires us to report to you if,  
in our opinion: 
certain disclosures of Directors’ remuneration specified by  •	
law are not made; or 
we have not received all the information and explanations we •	
require for our audit. 
Other matter
We have reported separately on the Parent Company financial 
statements of IdaTech plc for the year ended 31 December 
2010. That report is modified by the inclusion of an emphasis  
of matter – going concern. 
Simon O’Brien (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
22 March 2011
Independent auditors’ report to the members of IdaTech plc  Contents
20 Consolidated statement of  
comprehensive income
21  Consolidated statement of  
changes in shareholders’ equity
22 Consolidated balance sheet
23 Consolidated cash flow statement
24  Notes to the consolidated  
financial statements 
53 Independent auditors’ report
54 Balance sheet of IdaTech plc
55  Statement of changes in shareholders’  
equity of IdaTech plc
56 Notes to the financial information
60 Corporate information
Financial statements IdaTech plc Annual Report 2010 Financial statements 20
Consolidated statement of comprehensive income  
for the year ended 31 December 2010
Note
Year ended 
31 December
2010
US$’000
Year ended 
31 December
2009
US$’000
Revenue 4, 5 4,465.4  6,550.6 
Cost of sales (7,704.8) (11,537.2)
Gross loss (3,239.4) (4,986.6)
Research and development costs (11,493.1) (17,708.8)
Sales, general and administrative expenses (9,032.0) (10,797 .6)
Other expense 17.9  (3.7)
Operating loss (23,746.6) (33,496.7)
Operating loss before exceptional cost (23,746.6) (28,989.7)
Research and development exceptional cost  – (4,507.0)
Operating loss (23,746.6) (33,496.7)
Finance income 20 1.1  6.3 
Finance costs 20 (3,648.7) (1,595.1)
Finance costs – net (3,647.6) (1,588.8)
Loss before income tax (27,394.2) (35,085.5)
Income tax credit 28 493.5  2,571.6 
Loss for the year (26,900.7) (32,513.9)
Other comprehensive income
Gains/losses recognised directly in equity
Other 484.0  409.8 
Currency translation differences 6.5  (3.4)
Other comprehensive loss for the year 490.5  406.4 
Total comprehensive loss for the year (26,410.2) (32,107.5)
Basic and diluted loss per share (US$) 27 (0.52) (0.63)
The notes on pages 24 to 52 are an integral part of these consolidated financial statements. IdaTech plc Annual Report 2010 Financial statements 21
Consolidated statement of changes in shareholders’ equity  
for the year ended 31 December 2010
Share
capital
US$'000
Share
premium
US$'000
Employee
benefit trust
reserve
US$'000
Retained
earnings
US$'000
Reverse
acquisition
reserve
US$'000
Total
shareholders’
equity
US$'000
As at 31 December 2008 991.2  57,754.8  (2,371.8) (34,071.0) 9,477.7  31,780.9 
Comprehensive income – - – – – –
Loss for the year – – – (32,513.9) – (32,513.9)
Other  – 346.7  – – – 346.7 
Currency exchange differences – – – (3.4) – (3.4)
Share based payments – – – 2,906.6  – 2,906.6 
Treasury shares – – (1 ,037.3) – – (1 ,037.3)
Shares sold by employee benefit trust – – 1,319.7  - – 1,319.7 
Share based payments utilised – – – (1,729.5) – (1,729.5)
Issuance of shares to employee benefit trust 28.4  – – – – 28.4 
As at 31 December 2009 1,019.6  58,101.5  (2,089.4) (65,411.2) 9,477.7  1,098.2 
Comprehensive income
Loss for the year – – – (26,900.7) – (26,900.7)
Other – – – 484.0  – 484.0 
Currency exchange differences – – – 6.5  – 6.5 
Share based payments – – – 1,600.0  – 1,600.0 
Purchase of treasury shares - – – 73.4  – 73.4 
Shares sold by employee benefit trust – – 442.4  – – 442.4 
Share based payments utilised – – – (200.8) – (200.8)
Issuance of shares to employee benefit trust – – – – – –
As at 31 December 2010 1,019.6  58,101.5  (1,647.0) (90,348.8) 9,477.7  (23,397.0)
The notes on pages 24 to 52 are an integral part of these consolidated financial statements.
Reverse acquisition reserve: The reverse acquisition reserve arose as a result of the share for share exchange undertaken in advance 
of the initial public offering. This reserve comprises the excess of the market value of the IdaTech plc shares issued to the IdaTech UK 
Limited shareholders over and above the nominal value of these shares. IdaTech plc Annual Report 2010 Financial statements 22
Consolidated balance sheet  
as at 31 December 2010
Note
As at
31 December
2010
US$'000
As at
31 December
2009
US$'000
Assets
Non-current assets
Property, plant and equipment 6 1,703.2 1,102.5 
Goodwill 7 18,001.2  18,001.2 
Intangible assets 8 22,350.7  18,098.2 
Trade and other receivables 10 100.0  100.0 
 42,155.1  37,301 .9 
Current assets
Inventories 11 4,956.1  2,506.4 
Trade and other receivables 10 2,381.7  3,910.4 
Cash and cash equivalents 9 1,140.7  756.9 
 8,478.5  7,173.7 
Total assets 50,633.6  44,475.6 
Liabilities
Current liabilities
Trade and other payables 14 (9,062.1) (5,972.1)
Provisions for other liabilities and charges 16 (396.6) (35.3)
 (9,458.7) (6,007.4)
Net current (liabilities)/assets  (980.2) 1,166.3 
Non-current liabilities
Borrowings 15 (60,000.0) (32,000.0)
Provisions for other liabilities and charges 16 (384.4) (688.9)
Deferred tax 28 (4,187.5) (4,681.1)
 (64,571.9) (37,370.0)
Total liabilities (74,030.6) (43,377.4)
Total net (liabilities)/assets (23,397.0) 1,098.2 
Equity
Capital and reserves
Share capital 12 1,019.6  1,019.6 
Share premium 58,101.5  58,101.5 
Retained earnings – deficit (91,995.8) (67,500.6)
Reverse acquisition reserve 9,477.7  9,477.7 
Total shareholders’ (deficit)/equity (23,397.0) 1,098.2 
The notes on pages 24 to 52 are an integral part of these consolidated financial statements.
The financial statements on pages 20 to 52 were approved by the Board of Directors on 22 March 2011.
Harol Koyama   James Cooke
Chief Executive Officer  Chief Financial Officer 
IdaTech plc: Registered Number 06260318 IdaTech plc Annual Report 2010 Financial statements 23
Note
As at
31 December
2010
US$'000
As at
31 December
2009
US$'000
Cash outflows from operating activities
Cash outflows from operations 21 (20,467.2) (23,104.4)
Interest paid 20 (37.3) (25.1)
Net cash outflow from operating activities (20,504.5) (23,129.5)
Cash flows from investing activities
Purchase of property, plant and equipment 6 (932.2) (409.9)
Purchase of intangible assets 8 (6,180.6) (1,272.4)
Interest received 20 1.1  6.3 
Net cash outflow from investing activities (7,111.7) (1,676.0)
Cash flows from financing activities
Proceeds from borrowings 15 28,000.0  24,997.7 
Repayments of borrowings –  (55.3)
Net cash inflow from financing activities 28,000.0  24,942.4 
Net (decrease)/increase in cash and cash equivalents 383.8  136.9 
Cash and cash equivalents at beginning of the year 756.9  620.0 
Cash and cash equivalents at end of the year 9 1,140.7  756.9
The notes on pages 24 to 52 are an integral part of these consolidated financial statements.
Consolidated cash flow statement  
for the year ended 31 December 2010 IdaTech plc Annual Report 2010 Financial statements 24
1. General information
IdaTech plc and its subsidiaries (together the “Group”) manufacture and distribute fuel cells both directly and through distribution 
partners. The Group has manufacturing facilities in the US and Mexico. Our distribution network includes sales offices in the US, 
Germany, France and Malaysia. During the year, the Group expanded into India with possible manufacturing facilities in the  
near future.
IdaTech plc is a public limited company which is quoted on the Alternative Investment Market (“AIM”) of the London Stock Exchange 
and is registered and domiciled in the UK.
IdaTech plc (the “Company”) was incorporated on 25 May 2007. With effect from 7 June 2007, the Company became the legal 
Parent Company of IdaTech UK Limited and its subsidiary undertakings. This business combination, effected through an exchange 
of equity interests, has been accounted for as a reverse acquisition in accordance with International Financial Reporting Standards 
(IFRS) 3 “Business Combinations”. IdaTech UK Limited was incorporated on 13 July 2006 and acquired IdaTech Technologies, Inc, 
(“ITI”) IdaTech, LLC and IdaTech Fuel Cells GmbH on 20 July 2006. 
2. Significant accounting policies
The principal accounting policies applied in the preparation of this financial information are set out below. These policies have been 
consistently applied.
Basis of preparation
These financial statements have been prepared in accordance with Interpretations Committee (“IFRS”) and endorsed by the European 
Union (“EU”) and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated 
financial statements have been prepared under the historic cost convention modified for certain fair values. They have been prepared 
under the going concern principle – see also Directors’ Report.
Going concern
These financial statements have been prepared on a going concern basis. As reported in the Chairman’s statement and Chief 
Executive’s business review, IdaTech’s principal shareholder, the Investec Group Investments (UK) Limited has indicated its current 
intention to ensure the business is managed and/or appropriately funded so that it is in a position to meet its debts as and when they 
fall due. This has been provided as a current intention only and does not represent a legally binding obligation by the Investec Group. 
Whilst the Directors have a reasonable expectation that the principal shareholder will continue to support the Group, in view of the 
nature of the support, there can be no certainty in this matter. 
Additionally the loan notes amounting to US$60 million, as disclosed in note 15 to the financial statements, are repayable on  
31 March 2012. The Directors will be working with the principal shareholder to refinance the existing loan notes and additional 
funding drawn down in the current financial year.
In view of the above, the Directors have concluded that a material uncertainty exists that may cast significant doubt upon the Group’s 
ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described above, the 
Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. 
The statement of comprehensive income and balance sheet show no intention or necessity to liquidate or curtail significantly the 
operations of the Group. Specifically, the assets of the Group have been valued and reported on the basis that they will be used for 
the purpose for which they were purchased in the ongoing operation of the business and no liabilities have been included that may 
arise on a significant curtailment of the Group’s activities. 
Notes to the consolidated financial statements  IdaTech plc Annual Report 2010 Financial statements 25
2. Significant accounting policies continued
Application of new standards
New and amended standards adopted by the Group (a) 
The following new standards and amendments to standards are mandatory for the first time for the financial year beginning  
1 January 2010:
IFRS 3 (revised), “Business combinations”, and consequential amendments to International Accounting Standard (“IAS”) 27, •	
“Consolidated and separate financial statements”, IAS 28, “Investments in associates”, and IAS 31, “Interests in joint ventures”, 
are effective prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual 
reporting period beginning on or after 1 July 2009.
The revised standard continues to apply the acquisition method to business combinations but with some significant changes •	
compared with IFRS 3. For example, all payments to purchase a business are recorded at fair value at the acquisition date, with 
contingent payments classified as debt subsequently remeasured through the statement of comprehensive income. There is a 
choice on an acquisition-by-acquisition basis to measure the non-controlling interest in the acquiree either at fair value or at the 
non-controlling interest’s proportionate share of the acquiree’s net assets. All acquisition-related costs are expensed.
IAS 27 (revised) requires the effects of all transactions with non-controlling interests to be recorded in equity if there is no •	
change in control and these transactions will no longer result in goodwill or gains and losses. The standard also specifies the 
accounting when control is lost. Any remaining interest in the entity is remeasured to fair value, and a gain or loss is recognised 
in profit or loss. IAS 27 (revised) has had no impact on the current period, as none of the non-controlling interests have a deficit 
balance; there have been no transactions whereby an interest in an entity is retained after the loss of control of that entity, and 
there have been no transactions with non-controlling interests.
New and amended standards, and interpretations mandatory for the first time for the financial year beginning 1 January 2010 but (b) 
not currently relevant to the Group (although they may affect the accounting for future transactions and events).
The following standards and amendments to existing standards have been published and are mandatory for the Group’s 
accounting periods beginning on or after 1 January 2010 or later periods, but the Group has not early adopted them:
IFRIC 17, “Distribution of non-cash assets to owners” (effective on or after 1 July 2009). This interpretation provides guidance •	
on accounting for arrangements whereby an entity distributes non-cash assets to shareholders either as a distribution of 
reserves or as dividends. IFRS 5 has also been amended to require that assets are classified as held for distribution only when 
they are available for distribution in their present condition and the distribution is highly probable.
IFRIC 18, “Transfers of assets from customers”, effective for transfer of assets received on or after 1 July 2009. This •	
interpretation clarifies the requirements of IFRS for agreements in which an entity receives from a customer an item of property, 
plant and equipment that the entity must then use either to connect the customer to a network or to provide the customer with 
ongoing access to a supply of goods or services (such as a supply of electricity, gas or water). In some cases, the entity 
receives cash from a customer that must be used only to acquire or construct the item of property, plant, and equipment in 
order to connect the customer to a network or provide the customer with ongoing access to a supply of goods or services (or 
to do both).
IFRIC 9, “Reassessment of embedded derivatives and IAS 39, Financial instruments: Recognition and measurement”, effective •	
1 July 2009. This amendment to IFRIC 9 requires an entity to assess whether an embedded derivative should be separated 
from a host contract when the entity reclassifies a hybrid financial asset out of the “fair value through profit or loss” category. 
This assessment is to be made based on circumstances that existed on the later of the date the entity first became a party  
to the contract and the date of any contract amendments that significantly change the cash flows of the contract. If the entity  
is unable to make this assessment, the hybrid instrument must remains classified as at fair value through profit or loss in  
its entirety.
IFRIC 16, “Hedges of a net investment in a foreign operation” effective 1 July 2009. This amendment states that, in a hedge of  •	
a net investment in a foreign operation, qualifying hedging instruments may be held by any entity or entities within the Group, 
including the foreign operation itself, as long as the designation, documentation and effectiveness requirements of IAS 39 that 
relate to a net investment hedge are satisfied. In particular, the Group should clearly document its hedging strategy because  
of the possibility of different designations at different levels of the Group. IAS 38 (amendment), “Intangible assets”, effective  
1 January 2010. The amendment clarifies guidance in measuring the fair value of an intangible asset acquired in a business 
combination and permits the grouping of intangible assets as a single asset if each asset has similar useful economic lives.
IAS 1 (amendment), “Presentation of financial statements”. The amendment clarifies that the potential settlement of a liability by •	
the issue of equity is not relevant to its classification as current or non-current. By amending the definition of current liability, the 
amendment permits a liability to be classified as non-current provided that the entity has an unconditional right to defer 
settlement by transfer of cash or other assets for at least 12 months after the accounting period) notwithstanding the fact that 
the entity could be required by the counterparty to settle in shares at any time. IdaTech plc Annual Report 2010 Financial statements 26
Notes to the consolidated financial statements continued
2. Significant accounting policies continued
IAS 36 (amendment), “Impairment of assets”, effective 1 January 2010. The amendment clarificaties that the largest •	
cash-generating unit (“CGU”) (or group of units) to which goodwill should be allocated for the purposes of impairment testing is 
an operating segment, as defined by paragraph 5 of IFRS 8, “Operating segments” (that is, before the aggregation of segments 
with similar economic characteristics).
IFRS 2 (amendments), “Group cash-settled share based payment transactions”, effective from 1 January 2010. In addition to •	
incorporating IFRIC 8, “Scope of IFRS 2”, and IFRIC 11, “IFRS 2 – Group and treasury share transactions”, the amendments 
expand on the guidance in IFRIC 1 1 to address the classification of Group arrangements that were not covered by that interpretation. 
IFRS 5 (amendment), “Non-current assets held for sale and discontinued operations”. The amendment clarifies that IFRS 5 •	
specifies the disclosures required in respect of non-current assets (or disposal groups) classified as held for sale or discontinued 
operations. It also clarifies that the general requirement of IAS 1 still apply, in particular paragraph 15 (to achieve a fair 
presentation) and paragraph 125 (sources of estimation uncertainty) of IAS 1.
New standards, amendments and interpretations issued but not effective for the financial year beginning 1 January 2010 and  (c) 
not early adopted The Group’s and Parent entity’s assessment of the impact of these new standards and interpretations is set  
out below.
IFRS 9, “Financial instruments”, issued in November 2009. This standard is the first step in the process to replace IAS 39, •	
“Financial instruments: recognition and measurement”. IFRS 9 introduces new requirements for classifying and measuring 
financial assets and is likely to affect the Group’s accounting for its financial assets. The standard is not applicable until  
1 January 2013 but is available for early adoption. However, the standard has not yet been endorsed by the EU. The Group  
is yet to assess IFRS 9’s full impact. 
Revised IAS 24 (revised), “Related party disclosures” It supersedes IAS 24, “Related party disclosures”, issued in 2003. IAS 24 •	
(revised) is mandatory for periods beginning on or after 1 January 2011. Earlier application, in whole or in part, is permitted. 
However, the standard has not yet been endorsed by the EU. The revised standard clarifies and simplifies the definition of a 
related party and removes the requirement for government-related entities to disclose details of all transactions with the 
government and other government-related entities. The Group will apply the revised standard from 1 January 2011. When the 
revised standard is applied, the Group and the parent will need to disclose any transactions between its subsidiaries and its 
associates. The Group is currently putting systems in place to capture the necessary information. It is, therefore, not possible  
at this stage to disclose the impact, if any, of the revised standard on the related party disclosures.
“Classification of rights issues” (amendment to IAS 32), issued in October 2009. The amendment applies to annual periods •	
beginning on or after 1 February 2010. Earlier application is permitted. The amendment addresses the accounting for rights 
issues that are denominated in a currency other than the functional currency of the issuer. Provided certain conditions are met, 
such rights issues are now classified as equity regardless of the currency in which the exercise price is denominated. 
Previously, these issues had to be accounted for as derivative liabilities. The amendment applies retrospectively in accordance 
with IAS 8 “Accounting policies, changes in accounting estimates and errors”. The Group will apply the amended standard from 
1 January 2011.
IFRIC 19, “Extinguishing financial liabilities with equity instruments”, effective 1 July 2010. The interpretation clarifies the •	
accounting by an entity when the terms of a financial liability are renegotiated and result in the entity issuing equity instruments 
to a creditor of the entity to extinguish all or part of the financial liability (debt for equity swap). It requires a gain or loss to be 
recognised in profit or loss, which is measured as the difference between the carrying amount of the financial liability and the 
fair value of the equity instruments issued. If the fair value of the equity instruments issued cannot be reliably measured, the 
equity instruments should be measured to reflect the fair value of the financial liability extinguished. The Group will apply the 
interpretation from 1 January 2011, subject to endorsement by the EU. It is not expected to have any impact on the Group or 
the parent entity’s financial statements. 
“Prepayments of a minimum funding requirement” (amendments to IFRIC 14). The amendments correct an unintended •	
consequence of IFRIC 14, “IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction”. 
Without the amendments, entities are not permitted to recognise as an asset some voluntary prepayments for minimum 
funding contributions. This was not intended when IFRIC 14 was issued, and the amendments correct this. The amendments 
are effective for annual periods beginning 1 January 2011. Earlier application is permitted. The amendments should be applied 
retrospectively to the earliest comparative period presented. The Group will apply these amendments for the financial reporting 
period commencing on 1 January 2011. IdaTech plc Annual Report 2010 Financial statements 27
2. Significant accounting policies continued
Subsidiaries
Subsidiaries are those entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern 
the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights 
that are presently exercisable or convertible are taken into account. The results of all subsidiary undertakings acquired or disposed  
of are included in the statement of comprehensive income from the effective date of control until the date that control ceases. The 
purchase method of accounting is used to account for the acquisition of subsidiaries and adjustments are made if necessary to 
ensure consistency of subsidiaries’ accounting policies with the Group. The cost of an acquisition is measured as the fair value of the 
assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to 
the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed are measured initially at their fair values at 
the acquisition date. The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired 
is recorded as goodwill. All intra-Group transactions and unrealised gains are eliminated as part of the consolidation process.
Foreign currency translation
These financial statements are presented in US dollars (“US$”), which is the presentational and functional currency of the Group. 
Amounts included in the financial statements of each of the Group’s entities are measured using the currency of the primary 
economic environment in which the entity operates (the functional currency). Transactions in foreign currencies are translated  
into the functional currency using the exchange rate prevailing at the date of transaction. 
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange 
rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.
On consolidation, the assets and liabilities of all Group companies that have a functional currency other than US$ are translated at 
the rate prevailing at the balance sheet date, and their income and expenses are translated at average exchange rates for the year. 
Resulting exchange differences are recorded as a separate component of equity. When a foreign operation is sold, these exchange 
differences are recognised in the statement of comprehensive income as part of the gain or loss on sale.
Goodwill and fair value adjustments on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and 
are translated at the closing rate.
Property, plant and equipment
Property, plant and equipment are shown at original historical cost, or acquired fair value, net of accumulated depreciation and any 
provision for impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent 
costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that 
future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The 
carrying amount of a replaced part is derecognised. All other repairs and maintenance are charged to the statement of 
comprehensive income during the financial year in which they are incurred.
Depreciation is provided at rates calculated to write off the cost, or acquired fair value, less estimated residual value, of each asset on 
a straight-line basis over its expected useful life. The expected useful lives of office equipment, production and research equipment 
are three to six years. Leasehold improvements are depreciated over the shorter of the life of the lease and the life of the improvement. 
The assets’ residual values and useful lives are reviewed and adjusted if appropriate at each balance sheet date. An asset’s carrying 
value is written down immediately to its recoverable amount if the asset’s carrying value is greater than its estimated recoverable 
amount. Gains and losses on disposal of property, plant and equipment are determined by comparing the proceeds with the 
carrying amount and are recognised in the statement of comprehensive income.
The Group does not revalue its assets.
Research and development
Expenditure on research activities is charged as an expense in the year in which the cost is incurred. Development costs have been 
capitalised where they meet all of the criteria specified in IAS 38 “Intangible Assets”. IdaTech plc Annual Report 2010 Financial statements 28
Notes to the consolidated financial statements continued
2. Significant accounting policies continued
Intangible assets
Intangible assets include intellectual property, core technology and license fees. The Group has capitalised patents covering many 
aspects of the Group’s proprietary technology, including issued patents as well as pending applications and disclosures presently at 
various stages of preparation for application.
The Group’s intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any provision for 
impairment. Amortisation is calculated using the straight-line method to allocate the cost of the intangible assets over their estimated 
useful economic lives as follows:
Core technology     20 years
Intellectual property   10 years
License fees    one to three years
Upon the acquisition of the Group by the Investec Group on 20 July 2006, certain intangible assets were recognised. These assets 
relate to the core technology of IdaTech, LLC and the intellectual property of its two most advanced products. 
The valuation of the core technology is calculated using a discounted cash flow method on an expected royalty fee that would be 
generated if such technology were to be licensed. The valuation of the intellectual property has been calculated using the discounted 
cash flow of the expected profitability of the products over their useful lives.
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets  
of the acquired subsidiary at the date of acquisition. Goodwill is allocated to CGUs identified according to business segments; as 
there is only one material business segment (product sales) there is only one corresponding CGU. Separately recognised goodwill  
is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not 
reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Impairment
Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the 
carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount 
exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. 
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash 
flows CGUs. Non-financial assets that have suffered impairment are reviewed for possible reversal of impairment at each balance 
sheet date.
Employee benefit trust
The cost of the Company’s shares held in the employee benefit trust is included within equity as treasury shares.
Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Group’s Board.
Financial instruments
Financial assets
Under IFRS 7 “Financial Instruments: Disclosures”, financial assets are classified as one of financial assets held at fair value through 
the statement of comprehensive income, loans and receivables, held-to-maturity investments or available for sale financial assets. 
The Group only holds loans and receivables.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active 
market. They are included in assets. The Group’s loans and receivables comprise “trade and other receivables” and “cash and cash 
equivalents” in the balance sheet. IdaTech plc Annual Report 2010 Financial statements 29
2. Significant accounting policies continued
Loans and receivables with fixed or determinable payments are carried at amortised cost using the effective interest method, with 
changes in carrying value recognised in the statement of comprehensive income. Loans and receivables exclude items that the 
Group intends to sell immediately or in the short term (which are classified as held for trading) and those for which the Group may  
not recover substantially all of its initial investment other than because of credit deterioration (which are classified as available for sale).
Trade receivables
Trade receivables are measured on initial recognition at fair value and subsequently measured at amortised cost using the effective 
interest method. Appropriate provisions for impairment are recognised where there is objective evidence that the full amount of the 
trade receivable is not collectible and are recognised in the statement of comprehensive income. Significant financial difficulties of 
the debtor, probability that the debtor will enter bankruptcy or financial reorganisation and default or delinquency in payments (more 
than three months overdue) are considered indicators that the trade receivable is impaired. The amount of the provision is the 
difference between the asset’s carrying amount and the present value of estimated cash flows, discounted at the original effective 
interest rate. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is 
recognised in the statement of comprehensive income within “sales, general and administrative expenses”. When a trade receivable 
is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously 
written off are credited against “sales, general and administrative expenses” in the statement of comprehensive income.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with 
original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on 
the balance sheet. 
Financial liabilities
Financial liabilities are stated at fair value adjusted for transaction costs attributable to the issue of financial liabilities. Financial 
liabilities are subsequently measured at amortised cost using the effective interest method.
Trade payables are recognised initially at fair value and subsequently at amortised cost using the effective interest rate method.
Derivative financial instruments and hedging activities
The Group’s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. The Group 
neither holds nor has issued any derivative financial instruments and does not enter into hedging arrangements.
Treasury policies
The objectives of management are to manage the Group’s financial risk and secure cost-effective funding for the Group’s operations. 
The Group has financed its activities with a combination of loans and cash as disclosed in notes 9 and 15. Other financial assets and 
liabilities, such as trade debtors and trade creditors, arise directly from the Group’s operating activities. The Group does not trade in 
financial instruments. 
Borrowing costs
Borrowing costs are recognised as an expense in the year in which they are incurred.
Financial risk management
Financial risk factors
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow 
interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management programme focuses on the 
unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance.  IdaTech plc Annual Report 2010 Financial statements 30
Notes to the consolidated financial statements continued
2. Significant accounting policies continued
The main risks associated with the Group’s financial assets and liabilities are set out below.
(a) Market risk
Foreign currency risk
The Group has invested in operations outside the US and also buys and sells goods denominated in currencies other than US$.  
As a result the value of the Group’s non-US$ revenues, expenses, financial assets and liabilities and cash flows can be affected  
by movements in exchange rates in general, although at present these operations are not significant. The Group’s transactional 
currency exposures arise from sales or purchases by Group companies in currencies other than its functional currency. The Group 
currently does not have significant exposures to foreign exchange due to the small size of the operations outside of the U.S.  
The Group currently does not enter into forward contracts due to this small exposure.
The only foreign currency held is that in sterling by IdaTech plc. The amount held is not significant and related foreign currency risk is 
immaterial.
Interest rate risk
Since the initial public offering on 7 August 2007 until September 2008, the Group has been financed by the cash it raised during 
that process. Since September 2008, the Group has been financed by loans from the Investec Group, the ultimate parent 
undertaking on a fixed interest rate. Whilst fixed rate interest bearing debt is not exposed to cash flow interest rate risk, there is no 
opportunity for the Group to enjoy a reduction in borrowing costs in markets where rates are falling. In addition, the fair value risk 
inherent in fixed rate borrowing means that the Group is exposed to unplanned costs should debt be restructured or repaid early as 
part of the liquidity management process. 
(b) Credit risk
Credit risk arises from cash and cash equivalents and credit exposures to customers. When the Group has liquid resources 
available, it places them with a range of financial institutions and is therefore exposed to credit solvency risk from these institutions. 
The Group has a policy that defines at which institutions funds can be placed and an instrument dealt, and defines credit limits 
based on those institutions’ credit ratings. 
Group policies are aimed at minimising losses, and require that deferred terms are granted only to customers who demonstrate an 
appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored with customers subject to 
credit limits to ensure that the Group’s exposure to bad debts is not significant. 
(c) Liquidity risk
The Group aims to mitigate liquidity risk by controlling cash management within its operations. Investment is carefully controlled, with 
authorisation limits operating up to Group Board level and cash payback years applied as part of the investment appraisal process. 
Excess cash used in managing liquidity is only invested in financial instruments exposed to insignificant risk of changes in market value.
Note 15 contains an analysis of the Group’s financial liabilities into maturity groupings.
Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to 
provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of 
capital. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets.
The following table provides the gearing ratio of the Group compared to the prior year:
As at 
 ended  
31 December  
2010
US$’000
As at 
 ended 
 31 December  
2009 
US$’000
Total borrowings (note 15) 60,000.0  32,000.0 
Less: cash and cash equivalents (note 9) (1,140.7) (756.9)
Net debt 58,859.3  31,243.1 
Total equity (23,397.0) 2,135.5 
Total capital 35,462.3  33,378.6 
Gearing ratio 166% 94% IdaTech plc Annual Report 2010 Financial statements 31
2. Significant accounting policies continued
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (“FIFO”) method. The 
cost of work in progress and finished goods includes materials, labour and factory overheads. Net realisable value is the estimated 
selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make 
the sale. Any inventory item which does not form part of a current product line is declared as obsolete and fully written off.
Taxation
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets 
and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted 
for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the 
transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates and laws that 
have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income 
tax asset is realised or the deferred income tax liability is settled. 
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the 
temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the 
timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not 
reverse in the foreseeable future.
Employee benefits 
(a) Pension obligations
The Group has a defined contribution plan covering substantially all full-time employees. A defined contribution plan is a pension plan 
under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay 
further contributions if the fund does not hold sufficient assets to pay all employees the benefit relating to employee service in the 
current and prior years. The contributions are recognised as employee benefit expense when they are due.
(b) Share based compensation
The Group operates a number of share based remuneration schemes. These schemes are accounted for in accordance with IFRS 2 
“Share Based Payment” under which a charge is recognised in the statement of comprehensive income based on the fair value (the 
economic value) of the grant, measured at the grant date. The charge is spread over the vesting year and non-market conditions 
may be subject to adjustment if the number of options or shares actually vesting differs from that assumed at the outset. This must 
be revisited each balance sheet date. The valuation methodology takes into account future share price volatility, future dividend yield, 
future risk-free interest rate, an estimate of the earnings per share and exercise behaviour and is based on the Binomial Lattice method.
Provisions
Provisions for warranty and installation and for onerous contracts are recognised when the Group has a present legal or constructive 
obligation as a result of past events, it is probable that an outflow of economic resources will be required to settle the obligation and 
the amount has been reliably estimated. Where there are a number of similar obligations, the likelihood that an outflow will be 
required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the 
likelihood of an outflow with respect to one item included in the same class of obligations may be small. Provisions are measured at 
the present value (based on a discounted cash flow) of the expenditures expected to be required to settle the obligation using a 
pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the obligation. Any 
increase in provisions due to the passage of time is recognised as an interest expense.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and 
services provided in the normal course of business, net of trade discounts and sales related taxes.
Sale of goods
Sales of goods are recognised when equipment is shipped, when title passes or when specific milestones are met, as specified in a 
customer’s contract, or, in the case of trial units, on the customer’s acceptance of the product.  IdaTech plc Annual Report 2010 Financial statements 32
Notes to the consolidated financial statements continued 
2. Significant accounting policies continued
Development contracts
The amount of profit attributable to the stage of completion of a long-term contract is recognised when the outcome of the contract 
can be seen with reasonable certainty. Revenue for such contracts is stated at cost appropriate to their stage of completion plus 
attributable profits, less amounts recognised in previous years. Provision is made for any losses which are foreseen. In respect of the 
Group’s cost reimbursement contracts with certain customers (where the customer contract defines the sales value in terms of 
actual costs incurred on the projects), revenue is recognised as the costs of the contract are incurred.
Contract work in progress is stated at costs incurred less those transferred to the statement of comprehensive income, after 
deducting foreseeable losses and payments on account not matched with revenue.
Amounts recoverable on contracts are included in trade and other receivables and represents revenue recognised in excess of 
payments on account.
Leases
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating 
leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the statement of 
comprehensive income on a straight-line basis over the life of the lease. 
Research and development related tax credit
The Group receives a tax credit based on the value of qualifying research and development expenditure. This is based on a percentage 
of the expenditure incurred and is received as cash periodically in arrears. The tax credit is accrued for as the qualifying expenditure 
is incurred and to the extent the cash has not been received, the amount due to the Group is included in trade and other receivables.
3. Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations 
of future events that are believed to be reasonable under the circumstances. 
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely 
equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the 
carrying amounts of assets and liabilities within the next financial year are outlined below.
Warranty provision
At 31 December 2010, the Group has recorded a liability of US$569,300 (31 December 2009 US$724,200) for warranty and installation 
costs. As the Group and the industry in which it operates are in the development stage, there is little historical data upon which to 
establish a reserve for warranty and installation costs. The liability recorded represents management’s best estimate of the potential 
future costs of warranty and repair, which is calculated as a percentage of product costs based on experience.
Share based payments
The Group operates a number of share based remuneration schemes. The valuation requires a number of estimates and 
assumptions to be made. See note 13.
Impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy in note 2. 
Management’s assumptions in performing this test are a source of estimation uncertainty as disclosed in note 7. 
Valuation of intangible assets on acquisition
Intangible assets that existed at the date of the acquisition were identified through an assessment of the economics of the 
transaction and split into core technology and intellectual property research and development attributable to the existing products. 
There are a number of assumptions underlying the valuation of these intangibles. Therefore this is a source of estimation uncertainty. IdaTech plc Annual Report 2010 Financial statements 33
4. Revenue 
The Group’s revenue, all of which is derived from continuing operations, is from the sale of goods and delivery of development contracts.
 
Year ended
31 December
2010
US$’000
Year ended
31 December
2009
US$’000
Sale of goods – current products 4,048.6  4,469.7
Development contracts 206.2  1 ,957.6
Other 210.6  123.3 
 4,465.4  6,550.6
5. Segmental information
The Company has two operating segments; products sales and revenue from development contracts. These segments have been 
determined based on how the key management team directs the resources available to the business and what information is used to 
make strategic decisions.
Products are the sales of fuel cell systems. Projects include government and other customer driven development within our core 
technology. Additional consideration is given to geographic locations. 
(a) Segments:
IdaTech’s management team and the Board believe that segmented results at the gross loss level are the drivers in the decision 
making process of resource allocation and strategic direction. Consequently segmental information is only provided to this level. 
Year ended 31 December 2010 Year ended 31 December 2009
Products Projects Total Products Projects Total
Revenue 4,048.6  416.8  4,465.4  4,469.8  2,080.8  6,550.6 
Product cost (4,162.6) (543.9)  (4,706.5) (6,070.0) (1,134.3) (7,204.3)
Other cost (2,718.4) (279.9) (2,998.3) (2,956.5) (1,376.4) (4,332.9)
Gross loss (2,832.4) (407.0) (3,239.4) (4,556.7) (429.9) (4,986.6)
Other costs related to product sales includes expansion costs in Mexico.
(b) Further segment by geography:
The country of operation is the U.S. Revenue is allocated below based on the country in which the customer is based. 
Year ended 
31 December
2010
US$’000
Year ended 
 31 December
2009
US$’000
Revenue
US 235.5  569.0 
Japan 34.1  1,363.2 
Mexico 624.6  387.1 
Europe 250.7  1,090.8 
Indonesia 2,293.5  79.5 
India –  1,536.8 
Other 1,027.0  1,524.2 
Total revenue 4,465.4 6,550.6
Revenues of approximately US$2.83m (2009: US$3.94m) are derived from two external customers. These revenues are attributable  
to the product segment.
The Directors believe the assets and liabilities of the Group relate to product sales and consequently to that business segment only. IdaTech plc Annual Report 2010 Financial statements 34
Notes to the consolidated financial statements continued
6. Property, plant and equipment 
 Production 
 equipment 
 US$’000 
 Research 
 equipment 
 US$’000 
 Office 
 equipment 
 US$’000 
 Leasehold  
improvements 
 US$’000 
 Total 
 US$’000 
Cost
As at 1 January 2009 1,305.7  1,301.0  667.4  388.3  3,662.4 
Additions 308.7  91.4  9.8  –  409.9 
Disposals (10.7) –  (30.0) – (40.7)
As at 31 December 2009 1,603.7  1,392.4  647.2  388.3  4,031.6 
Accumulated depreciation    
As at 1 January 2009 619.7  1,074.7  574.1  388.3  2,656.8 
Charge in period 182.0  83.4  37.3  – 302.7 
On disposals (5.2)  – (25.2) –  (30.4)
As at 31 December 2009 796.5  1,158.1  586.2  388.3  2,929.1 
Net book amount    
At 31 December 2009 807.2  234.3  61.0  –  1,102.5 
Cost     
As at 1 January 2010 1,603.7  1,392.4  647.2  388.3  4,031.6 
Additions 891.6  11.4  29.2  –  932.2 
Disposals (25.1) –  (3.8)  –  (28.9)
As at 31 December 2010 2,470.2  1,403.8  672.6  388.3  4,934.9 
Accumulated depreciation    
As at 1 January 2010 796.5 1,158.1 586.2 388.3 2,929.1 
Charge in period 210.2  72.3  30.9 –  313.4 
On disposals (7.5)  – (3.3) –  (10.8)
As at 31 December 2010 999.2  1,230.4  613.8  388.3  3,231.7 
Net book amount    
At 31 December 2010 1,471.0  173.4  58.8  –  1,703.2 
Depreciation expense is charged as follows:
 
 
 
Year ended
31 December 
2010 
 US$’000 
Year ended
31 December 
2009 
 US$’000 
Cost of sales  210.2  182.0 
Research and development  72.3  83.4 
Sales, general and administrative expenses  30.9  37.3
 313.4  302.7 
7. Goodwill 
 
 
 
As at
31 December 
2010 
 US$’000 
As at
31 December 
2009 
 US$’000 
At the beginning and the end of the year 18,001.2  18,001.2 
Goodwill acquired represents a payment made by the Group in anticipation of future economic benefits from assets that are not 
capable of being individually identified and separately recognised. The goodwill arising is attributable to the workforce of the  
acquired business, the expected future production and sale of currently undeveloped products and goodwill arising from the 
deferred tax liability.  IdaTech plc Annual Report 2010 Financial statements 35
7. Goodwill continued
The carrying values of both goodwill and intangible assets were tested for impairment against their value in use, based on pre-tax 
discounted cash flow projections. Cash flow projections to 2015 prepared by management were used. These cash flow projections 
reflect management’s best estimate of the future growth of the business, principally the expected increase in unit sales as customer 
adoption rates increase, aided by the launch in 2010 of the next generation of lower cost and higher performance products. Cash 
flows beyond this five year period are extrapolated using an estimated growth rate of 2.5%.
An estimated pre tax discount rate of 25% (2009: 25%) has been used which is by reference to the rate of return required in 
development stage enterprises (with products available for sale) funded by venture capital financing. The assumptions are those 
which a market participant would make in assessing the fair value less cost to sell. 
No impairment in the carrying value of goodwill and intangible assets was identified. 
In order for the CGU recoverable amount to equal its carrying value, the product cost reductions implicit in its cash flow projections 
would have to be delayed for 18 months beyond their expected realisation date. This would reduce the expected sales volume and 
defer cash breakeven out for a further 18 months.
8. Intangible assets 
 Licence 
 fees 
 US$’000 
 Intellectual 
 property 
 US$’000 
 Core 
 technology 
 US$’000 
 Total 
 US$’000 
Cost
At 1 January 2009 443.5  19,107.0  9,856.0  29,406.5 
Additions 251.8  1,020.6  –  1,272.4 
Disposals –  –  –  – 
As at 31 December 2009 695.3  20,127.6  9,856.0  30,678.9 
Accumulated amortisation
At 1 January 2009 438.4  4,095.2  1,080.0  5,613.6 
Charge in year 131.4  6,342.9  492.8  6,967.1 
Accelerated amortisation – –  –  – 
As at 31 December 2009 569.8  10,438.1  1,572.8  12,580.7 
Net book amount
At 31 December 2009 125.5  9,689.5  8,283.2  18,098.2 
Cost
At 1 January 2010 695.3  20,127.6  9,856.0  30,678.9 
Additions 177.6  517.4  5,485.6  6,180.6 
Disposals –  –  –  – 
As at 31 December 2010 872.9  20,645.0  15,341.6  36,859.5 
Accumulated amortisation
At 1 January 2010 569.8  10,438.1  1,572.8  12,580.7 
Charge in year 190.9  173.6  1,491.6  1,856.1 
Accelerated amortisation – –  72.0  72.0 
As at 31 December 2010 760.7  10,611.7  3,136.4  14,508.8 
Net book amount
At 31 December 2010 112.2  10,033.3  12,205.2  22,350.7
Intellectual property additions include US$1,475,632 (year ended 31 December 2009 US$567 ,584) of internally generated development 
costs. During the year an increase of $4,010,000 for the value of IP purchased from competitor. See note 7 for details of the 
impairment review. IdaTech plc Annual Report 2010 Financial statements 36
9. Cash and cash equivalents 
 
 
 
As at
31 December 
2010 
 US$’000 
As at
31 December 
2009 
 US$’000 
Cash and cash equivalents 1,140.7  756.9 
Under the provisions of German statutory law, in conjunction with legally incorporating in Germany, the Group must keep €25,000 in 
a bank account as restricted cash to cover any expenses associated with the Group ceasing operations in that country. At the end of 
each year, the account is translated into US$ using the year end closing rate.
10. Trade and other receivables 
 As at  
31 December 
2010
 US$’000 
 As at  
31 December 
2009
 US$’000 
Current
Trade receivables 2,017.3  3,477.7 
Less: provision for impairment of receivables (10.0) (45.7)
Trade receivables – net 2,007.3  3,432.0 
Other receivables –  4.0 
Prepayments and accrued income 374.4  474.4 
Total current portion 2,381.7  3,910.4 
Non-current
Long-term deposits 100.0 100.0
As at 31 December 2010 US$100,000 (2009: US$100,000) was held in a long-term certificate of deposit. 
Movements on the provision for impairment of trade receivables are as follows:
Year to  
31 December
2010
 US$’000 
Year to  
31 December
2009
 US$’000 
At beginning of year (45.7) (33.1)
Provision for receivables impairment (10.0) (12.6)
Unused amounts reversed 45.7 –
At end of year (10.0) (45.7)
The creation and release of provisions for impaired receivables have been included in selling, general and administrative expenses in 
the statement of comprehensive income. Trade receivables are written off when there is no expectation of recovering additional cash.
The other classes within trade and other receivables do not contain impaired assets. 
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable. The Group does not hold any 
collateral as security. 
Notes to the consolidated financial statements continued IdaTech plc Annual Report 2010 Financial statements 37
10. Trade and other receivables continued
As at 31 December 2010, trade receivables which were past due but not impaired are as follows:
As at  
31 December
2010
 US$’000 
As at  
31 December
2009
 US$’000 
Up to three months past due (but not impaired) 16.0  990.1 
Three to six months past due (but not impaired) 593.6  207.6 
Over six months past due (but not impaired) 560.7 –
 1,170.3  1,197.7 
These relate to trade receivables for whom there is no recent history of default. No impairment has been recognised as it is expected 
that all the amounts will be received in full.
All trade receivables are denominated in US$. 
11. Inventories 
As at  
31 December
2010
 US$’000 
As at  
31 December
2009
 US$’000 
Raw materials 3,989.4  2,223.4 
Work in progress 948.7  89.9 
Finished goods 18.0  193.1 
 4,956.1  2,506.4
12. Called up share capital 
As at  
31 December
2010
 US$’000 
As at  
31 December
2009
 US$’000 
IdaTech plc
Authorised
100,000,000 Ordinary Shares of £0.01 each 2,002.4  2,002.4 
51,405,524 (2009: 51,405,524) allotted, called up and fully paid 1,019.6  1,019.6 
Beginning period 1,019.6  991.2 
Issuance of shares (see note e) – 28.4 
As at 31 December 2010 1,019.6  1,019.6 
IdaTech plc
IdaTech plc was incorporated with an authorised and issued share capital of £50,000 divided into 5,000,000 Ordinary Shares of 
£0.01 each.
The following changes have occurred in the share capital of the Company since its date of incorporation: 
On 7 June 2007, the Company issued 27,313,475 Ordinary Shares to the Investec Group in consideration for the transfer of all of (a) 
the issued shares of IdaTech UK Limited;
On 21 June 2007, the Company issued 2,686,525 Ordinary Shares to the trustee of the IdaTech Employee Trust; (b) 
On 7 June 2007, the authorised share capital of the Company was increased from £50,000 to £1,000,000 by the creation of (c) 
95,000,000 Ordinary Shares of £0.01 each; 
On 7 August 2007, the Company issued a further 14,499,969 shares in connection with the admission of the Company to AIM; (d) 
and
On 3 April 2009, the Company issued 1,905,825 Ordinary Shares to the trustee of the IdaTech Employee Trust for US$28,400.  (e) 
The result was no increase in share premium.
All issued shares are fully paid. IdaTech plc Annual Report 2010 Financial statements 38
13. Share based payments 
Year ended  
31 December 
2010
US$’000
Year ended  
31 December 
2009
US$’000
2006 Restricted Stock Plan  – 728.6 
2006 Stock Option Plan 550.3  735.6 
2008 IdaTech Restricted Stock Plan 136.4  737.6 
2009 Restricted Stock Plan 653.8  704.8 
2010 Restricted Stock Plan 232.9 –
 1,573.4  2,906.6
This table sums up the share based payment charge by stock plan.
(a) 2006 Restricted Stock Plan 
On 20 July 2006, senior management was awarded a total of 10,000 shares of Restricted Stock of ITI under the Restricted Stock 
Plan. Pursuant to a 500 to 1 stock split undertaken by ITI in December 2006, these 10,000 shares of restricted stock were converted 
into 5,000,000 shares of restricted stock of ITI. On 21 June 2007, the executives transferred all their shares of restricted stock of ITI to 
IdaTech plc in exchange for a total of 2,686,525 Ordinary Shares (the “Restricted Stock”). The Restricted Stock is held subject to the 
same terms and conditions as applied to the restricted stock of ITI held under the Restricted Stock Plan. The terms and conditions 
applying to the Restricted Stock are summarised below. No further awards will be made under this plan.
A restriction period applies to the Restricted Stock. During this period, the Restricted Stock may not be transferred and participants 
do not have voting rights. Participants are entitled to any dividends paid on the Restricted Stock during the restriction period subject 
to any restrictions applied to such dividends as deemed appropriate by the remuneration committee of the Board. On the termination 
of a participant’s employment with the Group, all the participant’s Restricted Stock will generally be forfeited, except in cases where 
the employment was terminated without “cause”, where the participant is entitled to retain a proportion of his or her Restricted Stock. 
The trustee of the IdaTech Employee Trust holds legal title to the Restricted Stock during the restriction period. 
The restriction period ends in relation to proportionate parts of the Restricted Stock at different dates which relate to the date of 
Admission. Different dates apply depending on the dates of the original awards. 
The movement in the number of shares under the plan is as follows:
Year ended  
31 December 
2010
Number 
of shares
Year ended  
31 December 
2009
Number 
of shares
At the beginning of period  – – 
Forfeited (i) – –
As at 31 December (ii) –  –
Shares in IdaTech Technologies, Inc. (i) 
Shares in IdaTech plc. (ii) 
The weighted average remaining life of the Restricted Stock grants as at 31 December 2010 was nil (at 31 December 2009 nil).
The market value as at 31 December 2007 after the transfer to IdaTech plc was US$0.365 per share. 
Notes to the consolidated financial statements continued IdaTech plc Annual Report 2010 Financial statements 39
13. Share based payments continued
The fair value has been calculated using the Binomial Lattice model and the key assumptions used are as follows:
Vesting period Three years 
Sale or public offering by 19 July 2007
Risk-free rate
 12 month anniversary of grant 5.23%
 Third anniversary of grant 5.01%
Stock dividend yield Nil 
Expected stock volatility
 12 month anniversary of grant 62.1 %
 Third anniversary of grant 56.5%
Average fair value (US$) 0.6785
Average exercise price Nil
The expected stock volatility was based on comparable companies over an equivalent period from the valuation date to the exit date. 
(b) 2006 Stock Option Plan 
On 21 December 2006, options over 4.975% of the share capital of ITI were issued to the employees of the Group at exercise price 
of US$0.6791 per share which was calculated to be the fair value of the share on the date of grant. These are equity settled options. 
Under this scheme the maximum fair value amount that can be awarded is $100,000. 
On 7 June 2007, pursuant to the provisions of the 2006 Option Plan, the Board resolved to grant options to acquire Ordinary Shares 
in IdaTech plc in exchange for the cancellation of all the options granted under the 2006 Option Plan. The new options are subject to 
the same terms and conditions as applied to the options before the exchange, including the provisions of the 2006 Option Plan, 
amended as necessary so as to apply to Ordinary Shares rather than shares of stock in ITI.
Options will generally lapse on termination of the option holder’s employment, provided that, except where the termination was for 
“cause”, options that have become exercisable as of the date of such termination will remain exercisable. Options are not transferable 
other than on the death of the option holder. Certain restrictive covenants apply to the options, the terms of which provide that 
options and any shares held by the option holder will be forfeited where, for example, the option holder engages in certain 
competitive activity, solicits employees or breaches confidentiality. 
The expected stock volatility is based on comparable companies over an equivalent year from the valuation date.
The charge recorded in respect of this scheme for the year to 31 December 2010 was US$550,300 (December 2009 the charge was 
US$735,644).
Year ended 31 December 2010 Year ended 31 December 2009
Average  
exercise  
price Options
Average  
exercise  
price Options
At beginning of year/period (i) £0.49 1,268,820 £0.49 1,571,697 
Forfeited (ii) £0.49 (124,203) £0.49 (204,239)
Exercised (ii) £0.49 (537,275) £0.49 (98,638)
As at 31 December (ii) £0.49  607,342  £0.49  1,268,820
Shares in IdaTech Technologies, Inc. (i) 
Shares in IdaTech plc. (ii)  IdaTech plc Annual Report 2010 Financial statements 40
13. Share based payments continued
As at 31 December 2010, 607,342 options were exercisable (31 December 2009: 164,459).
The weighted average remaining life of the options as at 31 December 2010 was six years and two months (at 31 December 2009 
was seven years and two months).
Options outstanding at the end of the year have the following expiry dates and exercise prices:-
 
Expiry date
Exercise  
price
As at  
31 December 
2010
As at  
31 December 
2009
2017 £0.49  607,342 1,268,820
c) 2008 IdaTech Restricted Stock Plan
On 18 March 2008, a Restricted Stock grant totalling 593,969 options was granted to the senior management and employees. 
These awards are subject to certain performance conditions as detailed below:
a doubling of the share price from the price on the day of award £0.99 to £1.98 over a three year period; •	
up to two thirds of the grant can be awarded on the second anniversary of the award; •	
on the third anniversary of the grant up to the whole of the award, less those awarded on the second anniversary, can be awarded  •	
to the holders; and
proportional awards are allowable, so if the share price increased by 80% (target 100%) over the three years, then 80% of the •	
grant would be awarded upon the third anniversary.
The charge recorded in respect of this scheme for the year to 31 December 2010 was US$136,400 (2009: $737,600).
The movement in the number of shares under the plan is as follows:
Year ended  
31 December 
2010
Number  
of shares
Year ended  
31 December 
2009
Number  
of shares
At beginning of period 540,929  574,529 
Granted – –
Forfeited (82,272) (33,600)
Exercised (15,143) – 
As at 31 December  443,514  540,929
The weighted average remaining life of the restricted stock grants as at 31 December 2010 was nil (at 31 December 2009 seven months).
The fair value has been calculated using the Binomial Lattice model and the key assumptions used are as follows:
Vesting period Three years 
Grant date 18 March 2008
Risk-free rate
 Second anniversary of grant 1.94%
 Third anniversary of grant 1.94%
Stock dividend yield Nil 
Expected stock volatility
 Second anniversary of grant 65.0%
 Third anniversary of grant 65.0%
Average fair value (US$) 1.69
Average exercise price Nil
The expected stock volatility is based on comparable companies over an equivalent period from the valuation date to the exit date. 
Notes to the consolidated financial statements continued IdaTech plc Annual Report 2010 Financial statements 41
13. Share based payments continued
(d) 2008 Restricted Stock Plan 2
On 1 October 2008, senior management and staff were awarded 1,757,808 Restricted Shares.
A restriction period applies to the Restricted Stock. During this period, the Restricted Stock may not be transferred and participants 
do not have voting rights. Participants are entitled to any dividends paid on the Restricted Stock during the restriction period subject 
to any restrictions applied to such dividends as deemed appropriate by the remuneration committee of the Board. On the termination 
of a participant’s employment with the Group, all the participant’s Restricted Stock will generally be forfeited, except in cases where 
the employment was terminated without “cause”, where the participant is entitled to retain a proportion of his or her Restricted Stock. 
The trustee of the IdaTech Employee Trust holds legal title to the Restricted Stock during the restriction period. 
The restriction period will lapse as to 1,357,881 Ordinary Shares on first anniversary of grant and a further 399,927 Ordinary Shares 
on the second anniversary of the grant. 
The movement in the number of shares under the plan is as follows:
Year ended  
31 December 
2010
Number 
of shares
Year ended  
31 December 
2009
Number 
of shares
At beginning of period –  1,757,808 
Granted –  –
Forfeited – – 
Exercised –  (1,757,808)
As at 31 December – –
The charge recorded in respect of this scheme for the year was US$nil (2009: US$737,590).
The fair value has been calculated using the Binomial Lattice model and the key assumptions used are as follows:
Vesting period 1.75 years
Grant date 1 October 2008
Risk-free rate
 One year anniversary of grant 0.25%
 Two year anniversary of grant 0.25%
Stock dividend yield Nil 
Expected stock volatility
 One year anniversary of grant 65.0%
 Two year anniversary of grant 65.0%
Average fair value (US$) 2.403
Average exercise price Nil
The expected stock volatility is based on comparable companies over an equivalent period from the valuation date to the exit date. 
(e) 2009 IdaTech Restricted Stock Plan
On 1 April 2009, a Restricted Stock grant totalling 1,349,326 options were granted to the senior management and employees.  
These awards are subject to certain performance conditions as detailed below:
a doubling of the share price from the price on the day of award over a three year period; •	
up to two thirds of the grant can be awarded on the second anniversary of the award; •	
on the third anniversary of the grant up to the whole of the award, less those awarded on the second anniversary, can be awarded  •	
to the holders; and
proportional awards are allowable, so if the share price increased by 80% (target 100%) over the three years, then 80% of the •	
grant would be awarded upon the third anniversary. IdaTech plc Annual Report 2010 Financial statements 42
Notes to the consolidated financial statements continued
13. Share based payments continued
The price of the shares issued on 1 April 2009 was £0.91.
The charge recorded in respect of this scheme for the year to 31 December 2010 was US$653,800 (2009: $704,832).
The movement in the number of shares under the plan is as follows:
Year ended  
31 December 
2010
Number of 
shares
Year ended  
31 December 
2009
Number of 
shares
At beginning of period 1,313,364 –
Granted – 1,349,326 
Forfeited (157,01 4) (35,962)
Exercised – – 
As at 31 December  1,156,350  1,313,364 
The weighted average remaining life of the restricted stock grants as at 31 December 2010 was seven months (at 31 December 2009  
one year and seven months).
The fair value has been calculated using the Binomial Lattice model and the key assumptions used are as follows:
Vesting period Three years 
Grant date 1 April 2009
Risk-free rate
 Second anniversary of grant 1.94%
 Third anniversary of grant 1.94%
Stock dividend yield Nil 
Expected stock volatility
 Second anniversary of grant 30.0%
 Third anniversary of grant 30.0%
Average fair value (US$) 1.63
Average exercise price Nil 
The expected stock volatility is based on comparable companies over an equivalent period from the valuation date to the exit date. 
(f) 2010 IdaTech Restricted Stock Plan
On 1 April 2010, a Restricted Stock grant totalling 1,561,000 options was granted to the senior management and employees.  
These awards are subject to certain performance conditions as detailed below:
a 50% increase of the share price from the price on the day of award over a three year period after the first year; •	
100% of the grant can be awarded on the second anniversary of the award. •	
The price of the shares issued on 1 April 2010 was £0.60.
The charge recorded in respect of this scheme for the year to 31 December 2010 was US$232,900. IdaTech plc Annual Report 2010 Financial statements 43
13. Share based payments continued
The movement in the number of shares under the plan is as follows:
Year ended  
31 December 
2010
Number of 
shares
Year ended  
31 December 
2009
Number of 
shares
At beginning of period – –
Granted 1,561,000 – 
Forfeited (81,000) –
Exercised – –
As at 31 December  1,480,000 –
The weighted average remaining life of the restricted stock grants as at 31 December 2010 was one year and seven months.
The fair value has been calculated using the Binomial Lattice model and the key assumptions used are as follows:
Vesting period Three years 
Grant date 01 April 2010
Risk-free rate
 Second anniversary of grant 1.94%
 Third anniversary of grant 1.94%
Stock dividend yield Nil 
Expected stock volatility
 Second anniversary of grant 30.0%
 Third anniversary of grant 30.0%
Average fair value (US$) 1.08
Average exercise price Nil 
The expected stock volatility is based on comparable companies over an equivalent period from the valuation date to the exit date. 
14. Trade and other payables 
As at
31 December
2010
US$’000
As at
31 December 
2009
US$’000
Trade payables 3,094.0 2,339.4
Accruals 5,968.1 3,632.7
9,062.1 5,972.1 IdaTech plc Annual Report 2010 Financial statements 44
15. Borrowings
 As at
31 December 
2010
US$’000
 As at
31 December 
2009
US$’000
Non-current
Other loans – – 
Amounts due to Investec Group 60,000.0  32,000.0 
 60,000.0  32,000.0 
Total borrowings 60,000.0  32,000.0 
Accrued interest 5,236.7  1,715.3 
On 23 July 2007, the Company entered into a Loan Note $10.0 million from the Investec Group. The outstanding principal amount 
under the Loan Note is to be repaid on 31 March 2012 (“the Final Repayment Date”). This repayment date was extended from  
31 March 2011 during the year. Interest on the principal amount outstanding under the Loan Note accrues at a fixed rate of 8% 
per annum and is payable annually in arrears. The Company may prepay part of or the entire outstanding principal amount under  
the Loan Note prior to the Final Repayment Date without penalty. 
In September 2008, the Group began to drawdown funds under this facility from the Investec Group. As at 31 December 2010,  
this amounted to $60 million plus accrued interest (2009: US$32 million).
The table below analyses the Group’s financial liabilities and financial liabilities into relevant maturity groupings based on the remaining 
year at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash 
flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.
Less than 
one year 
US$’000
Between one 
and two years 
US$’000
At 31 December 2010
Borrowings – 60,000.0 
Trade and other payables 3,094.0 –
Less than 
one year 
US$’000
Between one 
and two years 
US$’000
At 31 December 2009
Borrowings – 32,000.0 
Trade and other payables 2,339.4 –
Notes to the consolidated financial statements continued IdaTech plc Annual Report 2010 Financial statements 45
16. Provisions for other liabilities and charges
 Warranty and 
installation 
US$’000
Customer 
deposits 
US$’000
Onerous 
contract 
US$’000
At 1 January 2009 456.3 – – 
Charged to the income statement: 478.0 – – 
Utilised during year (210.1) – – 
At 31 December 2009  724.2 – – 
Charged to the income statement: 167.6 – 200.0 
Utilised during year (322.4) 11.6 –
At 31 December 2010  569.4  11.6 200.0 
The amount due in one year or less is US$396.6 (2009: US$35.3). Greater than one year is US$394.4 (2009: US$688.9).
(a) Warranty and installation 
A provision is recognised for the present value of costs to be incurred for two year warranties issued to customers. The provision 
expected to be utilised for year one is $185.0 (2009: $35.3) for year two is $336.7 (2009: $688.9). 
(b) Customer deposits
Prepayment collected for a customer shipment in 2011.
(c) Onerous contract
A provision for exiting a lease obligation for a building in India.
17. Expenses by nature 
 
Year ended
31 December 
2010
US$’000
Year ended
31 December 
2009
US$’000
Employee benefit expenses (note 19) 13,014.8  14,240.8 
Materials and supplies 8,040.0  13,385.5 
Subcontractors 540.7  233.4 
Freight and postage 388.2  534.0 
Warranty costs 167.6  478.0 
Operating leases – land and buildings 1,148.3  683.0 
Operating leases – plant and machinery 5.9  5.8 
Amortisation and impairment 2,001.1  6,967.1 
Depreciation  313.4  302.7 
Inventory written off 52.5  56.7 
Professional fees 1,539.6  2,157.5 
Travel and entertainment 634.6  646.0 
Telephone and related  178.2  220.4 
Other 199.5  132.7 
 28,224.4  40,043.6  IdaTech plc Annual Report 2010 Financial statements 46
Notes to the consolidated financial statements continued
18. Services provided by the Company’s auditors
Year ended
31 December
2010
US$’000
Year ended
31 December 
2009
US$’000
Audit services
Company and consolidated financial statements 114.4  84.0 
Fees payable to the Company’s auditors for taxation services 38.8  129.8 
19. Employee benefit expense
US$’000 US$’000
Wages and salaries and benefits 10,432.7 10,324.0
Social security costs 477.2 516.3
Pension costs – defined contribution plans 504.9 493.9
Share based payment charge 1,600.0 2,906.6
 13,014.8  14,240.8 
Employee count Number Number
Operations (cost of sales) 18  25 
Research and development 43  46 
Sales, general and administrative 22  26 
Average number of employees (including Directors) 83  97 
Emoluments of Directors and key management
Year ended
31 December 
2010
US$’000
Year ended
31 December 
2009
US$’000
Directors
Aggregate emoluments 1,262.9  1,309.4 
Gain on long-term incentive plans* 146.3  987.0 
Contributions to pension plans 45.5  33.0 
Sums paid to third parties for Director’s services** 46.3  47.1  IdaTech plc Annual Report 2010 Financial statements 47
19. Employee benefit expense continued
Directors’ remuneration
Salary
US$’000
Bonus
US$’000
Benefits
US$’000
Pension plan
US$’000
Incentive plan
US$’000
Total
US$’000
Executive Directors
Harol Koyama 400.0  175.0  13.4  24.5  61.2  674.1 
James Cooke 280.0  135.1  4.7  21.0  85.1  525.9 
Non-executive Directors  
Sir John Jennings 92.6 – – – – 92.6 
Angus Fraser 54.0 – – – – 54.0 
Alan Lloyd 54.2 – – – – 54.2 
David Smith 54.0 – – – – 54.0 
Michael Lacey-Solymar** 46.3 – – – – 46.3 
 981.1  310.1  18.1  45.5  146.3  1,501.1 
One key management member left during the year.
* Actual amounts paid to individuals on stock vesting over a three year period.
** The fees for services provided by Michael Lacey-Solymar are paid to Investec Bank plc (note 24).
See note 13 for share based payment charge.
Year ended
31 December 
2010
US$’000
Year ended
31 December
2009
US$’000
Key management
Aggregate emoluments 1,368.9 1,249.6 
Gain on long-term incentive plans* 239.9  763.0 
Contributions to pension schemes 65.8  67. 1
* Actual amounts paid to individuals on stock vesting over a three year period.
20. Net finance costs
Year ended
31 December
2010
US$’000
Year ended
31 December
2009
US$’000
Finance costs
– to the Investec Group (3,611.4) (1,570.0)
– other (37.3) (25.1)
Total finance costs (3,648.7) (1,595.1)
Finance income on bank deposits
– from the Investec Group 0.2  0.3 
– other 0.9  6.0 
Total finance income 1.1  6.3 
Finance cost (3,647.6) (1,588.8) IdaTech plc Annual Report 2010 Financial statements 48
21. Cash outflow from operations 
Year ended
31 December
2010
US$’000
Year ended
31 December
2009
US$’000
Loss before income tax (27,394.2) (35,085.5)
Adjustments for:
– Depreciation  313.4  302.7 
– Amortisation  1,928.1  6,967.1 
– Share based payment charge (net of equity awards settled in cash) 1,600.0  2,906.6 
– Loss on disposal of property, plant and equipment 3.9  10.3 
– Net finance costs – note 20 3,647.6  1,588.8 
– Inventories  (2,548.0) 726.9 
– Trade and other receivables  1,408.6  (95.9)
– Trade payables 1,901.6  (804.0)
– Other payables (1,328.2) 378.6 
Net cash utilised by operating activities  (20,467.2) (23,104.4)
Net book amount of property, plant and equipment disposed 18.1 10.3
Total proceeds from disposal of plant, equipment and property – –
Loss on disposal 18.1 10.3
22. Contingencies 
The Group does not have any contingent liabilities at the balance sheet date 31 December 2010 (31 December 2009: nil).
23. Capital commitments
The Group had no capital commitments at 31 December 2010 (31 December 2009: nil).
The future aggregate minimum lease payments under non-cancellable operating leases are as follows: 
As at
31 December
2010
US$’000
As at
31 December
2009
US$’000
No later than one year 486.1  852.5 
Between two to five years – 472.1 
 486.1  1,324.6 
The Group leases various offices and warehouses under non-cancellable operating lease agreements. The leases have varying 
terms, escalation clauses and renewal rights. 
Notes to the consolidated financial statements continued IdaTech plc Annual Report 2010 49 Financial statements
24. Related-party transactions 
The Investec Group’s ownership as at 31 December 2010 is 69.1% (as at 31 December 2009 70.4%).
The following transactions were carried out with related parties:
 
Year ended
31 December
2010
US$’000
Year ended
31 December
2009
US$’000
(a) Purchases of services:
Management services to the immediate parent – 5.8
Fees paid to Investec plc for Director’s services 46.3 47. 1
Year ended
31 December
2010
US$’000
Year ended
31 December
2009
US$’000
(b) Borrowings – at year/period end
Loans due to Investec Group Investments (UK) Ltd 60,000.0  32,000.0 
Year ended
31 December
2010
US$’000
Year ended
31 December
2009
US$’000
(c) Interest
Interest charged on Investec Group Investment (UK) Ltd borrowings 3,611.4  1,570.0 
Interest received from Investec Bank (on bank deposits) 0.2  0.3 
25. Events after the balance sheet date 
There were no material post balance sheet events.
26. Financial instruments 
Qualitative disclosures describing management’s objectives, policies and processes for managing foreign currency, interest rate, 
credit and liquidity risks are included in note 2. 
Set out below is a comparison by category of carrying amounts and fair values of all of the Group’s financial instruments that are 
carried in the financial statements. 
Carrying amount Fair Value
As at
31 December
2010
US’000
As at
31 December
2009
US’000
As at
31 December
2010
US’000
As at
31 December
2009
US’000
Financial assets
Trade and other receivables 2,017.3  4,947.7  2,017.3  4,947.7 
Cash and cash equivalents 1,140.7  756.9  1,140.7  756.9 
Financial liabilities
Borrowings 60,000.0  32,000.0  60,000.0  32,000.0 
Trade payables 3,094.0  5,817.7  3,094.0  5,817.7  IdaTech plc Annual Report 2010 Financial statements 50
Notes to the consolidated financial statements continued
26. Financial instruments continued
Trade and other receivables are categorised as loans and receivables under IAS 39 “Financial Instrument (Recognition and Measurement)”. 
The carrying value approximates the fair value for all short-term trade receivables and payables. All financial liabilities are measured at 
amortised cost. 
The Group’s financial liabilities are all due within one year at the balance sheet date (other than as shown in note 15). The amount due 
after more than one year is fully payable between one and two years from the balance sheet date. The amounts disclosed are the 
contractual undiscounted cash flows. 
Sensitivity analysis 
IFRS 7 requires a sensitivity analysis to be performed for each type of market risk to which the entity is exposed at the reporting date, 
showing how the statement of comprehensive income and equity would have been affected by changes in the relevant risk variable 
that were reasonably possible at that date. 
Management has identified movements in the US$ to sterling and US$ to the euro to be the only exposures. Management identified 
a change in the US interest rate as the only exposure due to the level of borrowings. In 2007 these borrowings were either converted 
into equity or repaid reducing the exposure. The borrowings incurred since September 2009 (see note 15) are at a fixed interest rate 
of 8%.
Foreign currency exposure
The Group has costs (but negligible liabilities) in sterling and the euro with a functional currency of the US$. A sensitivity analysis 
technique has been used to estimate the impact of changes in these currencies on the statement of comprehensive income and 
equity. An increase or decrease of 10% in the exchange rates for these currencies from those as at 31 December 2010 would have 
the following impact. It is based on the costs recorded in the statement of comprehensive income originally incurred in either the UK 
pound or euro.
 
As at 31 December 2010 As at 31 December 2009
Costs
incurred (ii)
Impact of  
10% decrease 
in exchange 
rates: 
increased cost 
and decrease 
in equity (ii)
Costs
incurred (ii)
Impact of  
10% decrease 
in exchange 
rates: 
increased cost 
and decrease 
in equity (ii)
Incurred in UK pounds 542.1  54.2  910.3  91.0 
Incurred in euros 812.7  81.3  898.3  89.8 
Incurred in Indian rupees 25,043.8  2,504.4  18,927.0 –
Share based payment charge (i) 1,600.0  160.0  3,000.0  300.0 
The fair value of the various equity plans operated by the Group are calculated in UK pounds, the currency of the shares. The share based payment charge is recorded (i) 
as a US$ denominated expense which will vary dependent upon the exchange rate.
An increase of 10% in the exchange rates would have the opposite impact. (ii) 
27. Loss per share 
(a) Basic 
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number 
of Ordinary Shares in issue during the year.
Year ended
31 December
2010
US$
Year ended
31 December
2009
US$
Loss attributable to the equity holders of the Company (26,900,700) (32,513,900)
Weighted average number of Ordinary Shares in issue 51,405,524  51,405,524 
Basic loss per share (US$ per share) (0.52) (0.63) IdaTech plc Annual Report 2010 Financial statements 51
27. Loss per share continued
(b) Diluted 
Diluted loss per share is calculated by adjusting the weighted average number of Ordinary Shares outstanding to assume conversion 
of all dilutive potential Ordinary Shares. For the share options, a calculation is done to determine the number of shares that could 
have been acquired at fair value (determined as the average annual market share price of the Company’s shares) based on the 
monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is 
compared with the number of shares that would have been issued assuming the exercise of the share options. 
The impact of the share options is anti-dilutive. Therefore the diluted loss per share is the same as the basic loss per share. 
28. Taxation
The principal operating company, IdaTech, LLC, is a limited liability company and elected to be treated as a partnership under the 
Internal Revenue Code and comparable state income tax statutes in the US. Accordingly, income taxes were the obligations of the 
Company’s members. Prior to 20 July 2006, the tax losses of LLC were utilised by IDACORP, Inc. as the ultimate parent the ITI 
Group. IDACORP, Inc. paid IdaTech, LLC for these losses at full value through their inter-Company arrangements. 
Since 20 July 2006, IdaTech, LLC has continued to incur losses available for tax relief. Additionally, there are no tax losses in IdaTech 
Technologies Inc. since the acquisition by IdaTech UK Limited. To the extent that the Investec Group did not utilise the tax losses of 
IdaTech plc and IdaTech UK Limited whilst under its ownership, these entities have unutilised losses. IdaTech plc has a UK 
Corporation Tax liability arising on the interest received on its cash deposits.
Due to the uncertainty as to when the Company will become profitable, a deferred income tax asset has not been recognised in 
respect of carried forward losses.
Year ended
31 December
2010
US$’000
Year ended
31 December
2009
US$’000
Current tax credit – –
Deferred tax (493.5) (2,571.6)
 (493.5) (2,571.6)
A reconciliation between the statutory tax rate and the effective rate is as follows: 
Year ended
31 December
2010
US$’000
Year ended
31 December
2009
US$’000
Loss (27,194.2) (35,085.5)
Tax at 28% (2009: 28%) (7,614.4) (9,823.9)
Expenses not deductible for tax purposes 315.2  354.3 
Unrecognised deferred income tax at foreign rates (213.0) (225.4)
Losses not recognised for deferred income tax 7,018.7  7,123.4 
Prior year adjustment –  – 
 (493.5) (2,571.6)
Effective tax rate (credit) 1.8% 7.3%
Year ended
31 December
2010
US$’000
Year ended
31 December
2009
US$’000
Estimated unrealised carried forward losses 36,000.1  28,487.9 
Unrecognised deferred tax asset 10,080.0  7,976.6 
During the year the UK Corporation Tax rate remained at 28%. IdaTech plc Annual Report 2010 Financial statements 52
Notes to the consolidated financial statements continued
28. Taxation continued
Upon recognition of additional intangible assets (note 8) a deferred tax liability of US$9,137,869 was recognised and included in the 
balance sheet. This is equal to 40% (being the estimated US tax rate) of the value of intangible assets in excess of the book value of 
intangible assets that were acquired by IdaTech UK Limited in July 2006. 
This liability will be credited to the statement of comprehensive income over the same years as those used for the underlying assets:
Core technology     20 years
Intellectual property   10 years
The movement in the deferred income tax liability is as follows: 
Year ended
31 December
2010
US$’000
Year ended
31 December
2009
US$’000
Opening balance 4,681.1  7,252.7 
Credited to the income statement (493.5) (2,571.6)
 4,187.6  4,681.1 
Year ended
31 December
2010
US$’000
Year ended
31 December
2009
US$’000
Deferred income tax 
Current liability: due within one year 493.5 493.5
Non-current: due after more than one year 3,694.1  4,187.6 
 4,187.6  4,681.1 
No deferred tax is recognised on unremitted earnings of overseas subsidiaries. 
29. Principal subsidiaries 
IdaTech plc subsidiaries, which are all consolidated:
Subsidiary Country of incorporation
Proportion of share capital 
held and voting rights Nature of business
IdaTech UK Limited UK 100% Holding company
IdaTech Technologies, Inc US 100% Holding company
IdaTech, LLC US 99.9% Development of fuel cell technology`
IdaTech Fuel Cells GmbH Germany 100% Sales and marketing for European operations
IdaTech India Fuel Cell Systems PVT Ltd India 100% Sales and market development operation IdaTech plc Annual Report 2010 Financial statements 53
Independent auditors’ report to the members of IdaTech plc 
We have audited the financial statements of IdaTech plc for the 
year ended 31 December 2010 which comprise the Balance 
Sheet, the Statement of Changes in Shareholders’ Equity, the 
Accounting Policies and the related notes. The financial reporting 
framework that has been applied in their preparation is applicable 
law and United Kingdom Accounting Standards (United Kingdom 
Generally Accepted Accounting Practice).
Respective responsibilities of Directors and auditors
As explained more fully in the Directors’ Responsibilities Statement 
set out on page 17, the Directors are responsible for the 
preparation of the financial statements and for being satisfied 
that they give a true and fair view. Our responsibility is to audit 
and express an opinion on the Parent Company financial 
statements in accordance with applicable law and International 
Standards on Auditing (UK and Ireland). Those standards require 
us to comply with the Auditing Practices Board’s Ethical Standards 
for Auditors.
This report, including the opinions, has been prepared for and 
only for the Company’s members as a body in accordance with 
Chapter 3 of Part 16 of the Companies Act 2006 and for no other 
purpose. We do not, in giving these opinions, accept or assume 
responsibility for any other purpose or to any other person to 
whom this report is shown or into whose hands it may come 
save where expressly agreed by our prior consent in writing.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and 
disclosures in the financial statements sufficient to give reasonable 
assurance that the financial statements are free from material 
misstatement, whether caused by fraud or error. This includes an 
assessment of: whether the accounting policies are appropriate 
to the Parent Company’s circumstances and have been consistently 
applied and adequately disclosed; the reasonableness of 
significant accounting estimates made by the Directors; and  
the overall presentation of the financial statements.
Emphasis of matter – going concern
In forming our opinion on the financial statements, which is not 
qualified, we have considered the adequacy of the disclosures 
made in note 2 to the financial statements (basis of preparation) 
concerning the Company’s ability to continue as a going concern. 
The Company’s principal shareholder the Investec Group 
Investments (UK) Limited (“Investec”), has indicated its intention 
to ensure the Company is managed and/or appropriately funded 
so that it is in a position to meet its liabilities as and when they 
fall due for at least 12 months from the date of approval of these 
financial statements.
Additionally, we draw attention to the fact that the loan notes 
amounting to US$60 million, as disclosed in note 15 to the 
consolidated financial statements, are repayable on 31 March 
2012. The Directors believe the settlement of these loan notes 
and additional funding drawn down in the current financial year 
will be refinanced before this date. In view of the nature of the 
intention received from Investec and the need to refinance the 
loan notes and additional funding by 31 March 2012, there exists 
a material uncertainty which may cast significant doubt about 
the Company’s ability to continue as a going concern. The 
financial statements do not include the adjustments that would 
result if the Company was unable to continue as a going concern.
Opinion on financial statements 
In our opinion the Parent Company financial statements: 
give a true and fair view of the state of the Company’s affairs •	
as at 31 December 2010;
have been properly prepared in accordance with United •	
Kingdom Generally Accepted Accounting Practice; and 
have been prepared in accordance with the requirements  •	
of the Companies Act 2006.
Opinion on other matter prescribed by the  
Companies Act 2006
In our opinion the information given in the Directors’ Report  
for the financial year for which the Parent Company financial 
statements are prepared is consistent with the Parent Company 
financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters 
where the Companies Act 2006 requires us to report to you if,  
in our opinion: 
adequate accounting records have not been kept by the •	
Parent Company, or returns adequate for our audit have not 
been received from branches not visited by us; or 
the Parent Company financial statements are not in •	
agreement with the accounting records and returns; or 
certain disclosures of Directors’ remuneration specified by  •	
law are not made; or 
we have not received all the information and explanations  •	
we require for our audit.
Other matter 
We have reported separately on the Group financial statements 
of IdaTech plc for the year ended 31 December 2010. That report 
is modified by the inclusion of an emphasis of matter. 
Simon O’Brien (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
22 March 2011 IdaTech plc Annual Report 2010 Financial statements 54
Balance sheet of IdaTech plc  
as at 31 December 2010
Note
As at
31 December
2010
£’000
As at
31 December
2009
£’000
Assets
Non-current assets
Investments in subsidiaries 4 33,016.4  31,982.2 
Amounts due from subsidiary undertakings 5 42,333.4  21,618.0 
 75,349.8  53,600.2 
Current assets
Debtors 6 27.1  110.1 
Amounts due from subsidiary undertakings 7 700.7  815.0 
Cash at bank and in hand 9.3  65.5 
 737.1  990.6 
Total assets 76,086.9  54,590.8 
Liabilities
Creditors: amounts falling due within one year 8 (1,820.4) (1,886.3)
Net current liabilities (1,083.3) (895.7)
Non-current liabilities
Borrowings 9 (42,227.2) (21,51 1.8)
Total liabilities (44,047.6) (23,398.1)
Total net assets 32,039.3  31,192.7 
Equity
Capital and reserves attributable to equity holders of the Company
Share capital 10 512.8  512.8 
Share premium 28,934.3  28,934.3 
Retained earnings 2,592.2  1,745.6 
Total shareholders’ equity 32,039.3  31,192.7 
The financial statements on pages 54 to 59 were approved by the Board of Directors on 22 March 2011.
Harol Koyama   James Cooke
Chief Executive Officer  Chief Financial Officer  IdaTech plc Annual Report 2010 Financial statements 55
Statement of changes in shareholders’ equity of IdaTech plc  
for the year ended 31 December 2010
Share
capital
£’000
Share
premium
£’000
Employee
benefit trust
reserve
£’000
Retained
earnings
£’000
Total
shareholders’
equity
£’000
As at 31 December 2008 495.0  28,716.3  (1,198.0) 2,655.7  30,669.0 
Share based payments – – – 1,883.4  1,883.4 
Other – 218.0 – –  218.0 
Loss for year – – – (687.9) (687.9)
Treasury shares – – (651.2) – (651.2)
Shares sold by employee benefit trust – – 828.5 – 828.5 
Share based payments utilised – – – (1,085.8) (1,085.8)
Issuance of shares to employee benefit trust 1 7.8 – – – 1 7.8 
Currency translation differences – – – 0.9  0.9 
As at 31 December 2009 512.8  28,934.3  (1,020.7) 2,766.3  31,192.7 
Share based payments – – – 1,034.2  1,034.2 
Other – – – 312.9  312.9 
Loss for year – – – (708.3) (708.3)
Treasury shares – – – 47.4  47.4 
Shares sold by employee benefit trust – – 286.0 – 286.0 
Share based payments utilised – – (129.8) – (129.8)
Issuance of shares to employee benefit trust – – – – –
Currency translation differences – – – 4.2  4.2 
As at 31 December 2010 512.8  28,934.3  (864.5) 3,456.7  32,039.3 
As permitted under section 408 of the Companies Act 2006, the income statement of the Parent Company, IdaTech plc is not 
presented separately as part of these financial statements. The Parent Company’s loss after tax for the year ended 31 December 
2010 was £708,300 (2009: £687,918). IdaTech plc Annual Report 2010 Financial statements 56
Notes to the financial information
1. Introduction
The principal activity of IdaTech plc (the “Company”) is to act as a holding company for IdaTech UK Limited and its subsidiary 
companies. The Company was incorporated on 25 May 2007.
2. Accounting policies
The financial statements have been prepared on the historical cost basis of accounting and in accordance with applicable 
accounting standards in the United Kingdom and the Companies Act 2006.
The principal accounting policies are set out below.
Basis of preparation
Going concern
These financial statements have been prepared on a going concern basis. As reported in the Chairman’s statement and Chief 
Executive’s business review, IdaTech’s principal shareholder, the Investec Group Investments (UK) Ltd has indicated its current 
intention to ensure the business is managed and/or appropriately funded so that it is in a position to meet its debts as and when they 
fall due. This has been provided as a current intention only and does not represent a legally binding obligation by the Investec Group. 
Whilst the Directors have a reasonable expectation that the principal shareholder will continue to support the Company, in view of the 
nature of the support, there can be no certainty in this matter. 
Additionally, the loan notes amounting to US$60 million, as disclosed in note 15 to the consolidated financial statements, are 
repayable on 31 March 2012. The Directors will be working with the shareholder to refinance the existing loan notes and additional 
funding drawn down in the current financial year.
In view of the above, the Directors have concluded that a material uncertainty exists that may cast significant doubt upon the 
Company’s ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described 
above, the Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing the financial 
statements. 
The balance sheet shows no intention or necessity to liquidate or curtail significantly the operations of the Company. Specifically, the 
assets of the Company have been valued and reported on the basis that they will be used for the purpose for which they were 
purchased in the ongoing operation of the business and no liabilities have been included that may arise on a significant curtailment of 
the Company’s activities. 
Investments
Investments in subsidiaries are stated at cost less any provision for impairment. The valuation of the investments in subsidiary 
companies is calculated using a discounted cash flow method based on management’s future cash flow projections.
Related party transactions
Financial Reporting Standard (“FRS”) 8, “Related Party Transactions”, requires the disclosure of the details of material transactions 
between the reporting entity and related parties. The Company has taken advantage of exemptions under FRS 8 not to disclose 
transactions between Group companies.
Share based payments
The Company operates a number of share based remuneration schemes. These schemes are accounted for in accordance with 
FRS 20, “Share based payments” under which a charge is recognised in the statement of comprehensive income based on the fair 
value (the economic value) of the grant, measured at the grant date. The charge is spread over the vesting year and non-market 
conditions may be subject to adjustment if the number of options or shares actually vesting differs from that assumed at the outset. 
This must be revisited each balance sheet date. The valuation methodology takes into account future share price volatility, future 
dividend yield, future risk-free interest rate, an estimate of the earnings per share and exercise behaviour and is based on the 
Binomial Lattice method.
The actual charge is allocated to the subsidiary companies in which the employees are employed. IdaTech plc has no employees 
who are members of the scheme and consequently there is no related share based payment charge.
Foreign currency translation
These financial statements are presented in sterling “£” which is the presentational and functional currency of the Company. 
Amounts included in the financial statements are measured using the currency of the primary economic environment in which the 
entity operates (the functional currency). Transactions in foreign currencies are translated into the functional currency using the 
exchange rate prevailing at the date of transaction.  IdaTech plc Annual Report 2010 Financial statements 57
2. Accounting policies continued
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange 
rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.
Non-monetary assets and liabilities are held at the historic rates at the date of the transaction.
Taxation
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets 
and liabilities and their carrying amounts in these financial statements. However, the deferred income tax is not accounted for if it 
arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the 
transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates and laws that 
have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income 
tax asset is realised or the deferred income tax liability is settled. 
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the 
temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the 
timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will 
not reverse in the foreseeable future.
Cash flow statement
The Company is the Parent Company of the IdaTech plc Group and is included in the consolidated financial statements of  
IdaTech plc. Consequently, the Company has taken advantage of the exemption from preparing a cash flow statement under  
the terms of FRS 1.
Profit and loss account
The Company has also taken advantage of the exemption from preparing a profit and loss account under the terms of FRS 1.
3. Directors and employees
The Parent Company employs three Non-executive Directors and pays fees to a third party for the services of a fourth Non-executive 
Director. The aggregate amounts for the Group are disclosed in note 19 of the consolidated financial statements of the Group. 
4. Principal subsidiaries 
IdaTech plc subsidiaries:
Subsidiary Country of incorporation
Proportion of share capital 
held and voting rights Nature of business
IdaTech UK Limited UK 100% Holding company
IdaTech Technologies, Inc US 100% Holding company
IdaTech, LLC US 99.9% Development of fuel cell technology
IdaTech India Fuel Cell Systems Pvt Ltd India 100.0% Sales and market development operations
IdaTech Fuel Cells GmbH Germany 100% Sales and marketing for European operations
As at
31 December
2010
£’000
As at
31 December
2009
£’000
At beginning of year/period 31,982.2  30,098.8 
Additional funding – –
Share based payment charge relating to the employees of the subsidiary companies of IdaTech plc shares 1,034.2  1,883.4 
 33,016.4  31,982.2 
The carrying value of the investment in subsidiaries was tested for impairment against its value in use, based on pre-tax discounted 
cash flow projections. Cash flow projections to 2014 prepared by management were used. These cash flow projections reflect 
management’s best estimate of the future growth of the business, principally the expected increase in unit sales as customer 
adoption rates increase, aided by the launch in 2010 of the next generation of lower cost and higher performance products.  
Cash flows beyond this five year period are extrapolated using an estimated growth rate of 2.5%. IdaTech plc Annual Report 2010 Financial statements 58
Notes to the financial information continued
4. Principal subsidiaries continued
An estimated pre-tax discount rate of 25% (2009: 25%) has been used which is by reference to the rate of return required in 
development stage enterprises (with products available for sale) funded by venture capital financing. The assumptions are those 
which a market participant would make in assessing the fair value less cost to sell. 
No impairment was identified. 
5. Amounts due from subsidiary undertakings
As at
31 December
2010
£’000
As at
31 December
2009
£’000
Non-current
Amounts due from subsidiary undertakings 42,333.4  21,618.0 
This is an amount due from IdaTech, LLC and is due for repayment after more than one year. In the year interest was charged at 8% 
per annum. The loan is denominated in US$ and the principal amount standing as at 31 December 2010 was US$60 million (2009: 
$32 million). The loan is due for repayment on 31 March 2012.
No impairment of this asset was identified – see note 4.
6. Debtors 
As at
31 December
2010
£’000
As at
31 December
2009
£’000
Current
Prepayments 27.1  110.1 
7. Amounts due from subsidiary undertakings
 
As at
31 December
2010
£’000
As at
31 December
2009
£’000
Current
Amounts due from subsidiary undertakings 700.7  815.0 
The amounts repayable on demand and is interest free.
8. Creditors: amounts falling due within one year
As at
31 December
2010
£’000
As at
31 December
2009
£’000
Amounts due to subsidiary undertakings 1,635.7  1,000.6 
Accruals 184.7  885.7 
 1,820.4  1,886.3 
The amount due to subsidiary undertakings is repayable on demand and is interest free. IdaTech plc Annual Report 2010 Financial statements 59
9. Creditors: amounts falling due after more than one year
As at
31 December
2010
£’000
As at
31 December
2009
£’000
Amounts due to Investec Group Investments (UK) Ltd 42,227.2  21,511.8 
Due after more then one year:
As at
31 December
2010
£’000
As at
31 December
2009
£’000
Unsecured loans 42,227.2  21,511.8 
On 23 July 2007, the Company entered into a Loan Note $10.0 million from the Investec Group. The outstanding principal amount 
under the Loan Note is to be repaid on 31 March 2012 (the “Final Repayment Date”). Interest on the principal amount outstanding 
under the Loan Note accrues at a fixed rate of 8% per annum and is payable quarterly in arrears. The Company may prepay part  
or the entire outstanding principal amount under the Loan Note prior to the Final Repayment Date without penalty. 
In September 2008, the Group began to borrow funds under this facility from the Investec Group. As at 31 December 2010, the 
borrowings amounted to £42.7 million (2009: £21.5 million).
As the interest rate is fixed, there is no exposure of the Company to interest rate movements. The book value and the carrying value 
are the same.
10. Share capital
 
As at
31 December
2010
£’000
As at
31 December
2009
£’000
Authorised
100,000,000 Ordinary Shares of £0.01 each 1,000.0  1,000.0 
Beginning period 512.8  495.0 
Additions – 1 7.8 
As at 31 December 2009 512.8  512.8 
IdaTech plc was incorporated with an authorised and issued share capital of £50,000 divided into 5,000,000 Ordinary Shares of 
£0.01 each.
The following changes have occurred in the share capital of the Company since its date of incorporation:
On 7 June 2007, the Company issued 27,313,475 Ordinary Shares to the Investec Group in consideration for the transfer of all of (a) 
the issued shares of IdaTech UK Limited;
On 21 June 2007, the Company issued 2,686,525 Ordinary Shares to the trustee of the IdaTech Employee Trust; (b) 
On 7 June 2007, the authorised share capital of the Company was increased from £50,000 to £1,000,000 by the creation of (c) 
95,000,000 Ordinary Shares of £0.01 each; 
On 7 August 2007, the Company issued a further 14,499,969 shares in connection with the admission of the Company to AIM; (d) 
and
On 3 April 2009, the Company issued 1,905,825 Ordinary Shares to the trustee of the IdaTech Employee Trust. (e) 
All issued shares are fully paid. IdaTech plc Annual Report 2010 Financial statements 60
Corporate information
Registered office
2 Gresham Street
London
EC2V 7QP
UK
Registered number: 06260318
Nominated adviser
Numis Securities Limited
The London Stock Exchange Building
10 Paternoster Square
London
EC4M 7LT
UK
Legal advisers to the Company 
White & Case LLP
5 Old Broad Street
London
EC2N 1DW
UK
Auditors 
PricewaterhouseCoopers LLP
1 Embankment Place
London
WC2N 6RH
UK
Registrars
Capita Registrars Limited
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 0GA
UK
Public relations consultants
Buchanan Communications Limited
45 Moorfields
London
EC2Y 9AE
UK IdaTech plc is a global leader in 
the development, manufacture 
and seller of clean and reliable 
PEM fuel cell products for the 
critical backup power market.
Background to Ida Tech
IdaTech is a global leader in the development and manufacturing of clean  
and reliable PEM fuel cell products for telecommunications, commercial and 
industrial backup power from 250W to 15kW. IdaTech’s unique technologies 
provide solutions for a wide range of applications from portable to off-grid 
power and directly support movement to sustainable energy.  
Developed over the last 13 years, IdaTech’s portfolio of industry-certified 
products are based on the Company’s fuel processing, fuel cell stack and  
power module and fuel cell system integration capabilities. With the support 
of strategic partners and customers, the company’s energy solutions are being 
deployed domestically and internationally for stationary, portable and other 
advanced applications.
Ida Tech’s technology
IdaTech has proprietary technology in fuel reforming, hydrogen purification 
and PEM fuel cells which it combines with engineering expertise to produce 
integrated fuel cell systems. 
Fuel reforming and hydrogen purification
IdaTech has technology in all three key reforming technologies; steam, auto 
thermal and partial oxidation and hydrogen purification technology that can 
transform a variety of fuels into greater than 99.95 per cent pure hydrogen.
PEM fuel cell systems
Ida Tech’s PEM fuel cell systems can be powered by stored hydrogen or by 
hydrogen reformed from alcohol and hydrocarbon fuels (such as diesel)  
and then purified.
Integrated fuel cell systems
Ida T ech is able to combine its proprietary technologies into complete, integrated 
systems. IdaTech’s fuel cell systems are based on a flexible modular design 
supporting interchangeable components. 
	 C o nt ent s
01 Highlights
02 Our markets
04 Our products
06 Chairman’s statement
07 Chief Executive’s business review
11 Directors’ report
13 Directors and key management
15 Corporate governance
16  Report of the remuneration committee 
17  Statement of Directors’ responsibilities
18 Independent auditors’ report
20 Consolidated statement of  
comprehensive income
21  Consolidated statement of  
changes in shareholders’ equity
22 Consolidated balance sheet
23 Consolidated cash flow statement
24  Notes to the consolidated  
financial statements 
53 Independent auditors’ report
54 Balance sheet of IdaTech plc
55  Statement of changes in shareholders’  
equity of IdaTech plc
56 Notes to the financial information
60 Corporate information   
Annual Report 2010
2 Gresham Street 
London 
EC2V 7QP 
United Kingdom
www.idatech.com
IdaTech plc Annual Report 2010