creating a clean energy world economy
Annual Report and Accounts
for the year ended 31 December 2010
Camco International Limited Annual Report and Accounts 2010
www.camcoglobal.com
Camco Investor Relations
172 Tottenham Court Road    
London  
W1T 7NS
Tel: +44 (0)20 7121 6100    
Fax: +44 (0)20 7121 6101 2007 - 2008 - 2009
T o find out more about our Carbon Project Development Services ( Carbon) see page 6
T o find out more about our Clean Energy Project Development and Investments (Investments ) see page 1 0
 
T o find out more about our Energy and Carbon Advisory Services (Advisory ) see page 1 4
Business successfully refocused  
to deliver profits and enhanced 
prospects for growth
“ The Company is in a strong position across all  
our markets after its 2010 turnaround and best 
performing year. Given the performance and focus  
of the business, we are in a prime position to seize  
the current opportunities, grow our projects business, 
deliver the current portfolio and build value for our 
customers and shareholders.”
 Scott McGregor, Camco Chief Executive Officer 
An Award-winning Business
2010
Previous Awards
Printed on Greencoat 55 Silk. 
Greencoat 55 Silk is an FSC-recognised paper, produced  
from well-managed forests. This publication was printed  
with vegetable oil-based inks by an FSC-recognised printer  
that holds an ISO 14001 certification. Overview Business Review Governance Financial Statements
1
Overview Business Review
Business Review 
4 Our Business Lines
6  Camco Carbon Project  
Development Services
10  Camco Clean Energy Project 
Development and Investment
14  Camco Energy and Carbon 
Advisory Services 
18 Camco Business Risks Mitigation
19 Examples of the Work We Do
20 Chairman’s Report
22 Chief Executive Officer’s Statement
24 Financial Review
26 Positive Impact
28 Board of Directors
30 Management Team
Governance Financial Statements
Camco Annual Report and Accounts 2010
Profit in 2010 of €10.1m (2009: loss of €10.9m)
Increased revenues to €30.0m in 2010 (2009: €27.8m)
Net assets of €61.2m of which €31.7m is net accrued income 
from carbon projects, which are registered, operational and 
expected to deliver cash in the next 2.5 years
More than doubled the amount of carbon credits, 8.1m tonnes 
issued in 2010 (2009: 3.3m tonnes)
Expansion of the Carbon portfolio including 30m tonnes of 
carbon credits contracts signed, delivering into phase three  
of the EU-Emissions Trading Scheme (EU-ETS)
Formed a financial and operational partnership with Khazanah 
Nasional Berhad (a Malaysian sovereign wealth fund) into Camco 
South East Asia Joint Venture, with USD 30m cash to expand 
business growth in one of the fastest growing regions in our 
sector
Established joint ventures in North America creating an investable 
pipeline greater than USD 300m of clean energy projects in the 
agricultural methane and industrial energy efficiency sectors 
Turned around our Advisory business to deliver a strong profit  
of €0.8m 
➜
➜
➜
➜
➜
➜
➜
➜
Overview 
1 Highlights
2 What We Do 
Governance
32 Directors’ Report
38  Report of the Remuneration 
Committee
41  Statement of Directors’ 
Responsibilities in Respect  
of the Annual Report and the  
Financial Statements
42  Independent Auditor’s Report  
to the Members of Camco  
International Limited
Financial Statements
44  Consolidated Statement  
of Financial Position
46  Consolidated Statement of 
Comprehensive Income
48  Consolidated Statement of  
Changes in Equity
50  Consolidated Statement of  
Cash Flow
51 Notes
88 Shareholder Information
90 Corporate Directory
91 Glossary
Camco
*
 Highlights 201 0 
as at 31 December 2010
*Camco International Limited and all its subsidiaries (Camco) Camco Annual Report and Accounts 2010 2
 Camco’s core capabilities are to reduce emissions  ➜ ➜
and develop clean energy projects
 Camco has a 20-year track record in sustainable ➜ ➜
development
 We are focused on North America and Asia, regions with ➜ ➜
the world’s highest emissions, where we are regional 
market leader in our sectors
 We also have regional hubs in those markets where we  ➜ ➜
see growth potential: Africa and Europe
 Camco’s Carbon projects have been delivering emission ➜ ➜
reductions and cash over the last three years and delivery  
is increasing
 Camco Investments has developed a pipeline of clean ➜ ➜
energy projects in Asia and North America which is now 
ready for investment
Overview
What We Do  3 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Energy
Energy
Steel
Steel
Example: A mill which produces emissions through manufacturing steel
Emissions
Camco Clean Energy Project 
Development and Investments  
(Camco owns project)
Camco develops, constructs,  
owns and operates the clean 
energy project. 
Camco fully manages what is a 
non-core business for the Steel Mill. 
For this work Camco receives an 
ownership interest in the project. 
This project will generate both 
carbon and energy revenue 
streams.
Camco Carbon Project 
Development  
(Steel Mill owns project)
Our engineers design, implement 
and manage an emission reduction 
project to comply with an incentive 
scheme (locally or internationally). 
The client invests in the project 
benefiting from Camco’s financial 
structuring experience to maximise 
their financial return. We work with 
the Steel Mill to maximise delivery 
of emission reductions according  
to the relevant regulation. For  
this work Camco receives a 
percentage of carbon deliveries  
on a success basis.
Camco Energy and  
Carbon Advisory
(Steel Mill owns project) 
Camco advises the Steel Mill on 
local and international regulations 
regarding emissions.
Camco identifies any potential 
regulatory incentives to reduce 
emissions, complete a carbon 
footprint, design a carbon 
reduction strategy and identify 
projects to reduce emissions  
and improve energy efficiency. 
For this work Camco receives 
payment as an advisor.
Camco Advisory  
Services
Camco Carbon
Development
Camco Project 
Development
Carbon 
Credits Camco Annual Report and Accounts 2010 4 Camco Annual Report and Accounts 2010 4
Business Review
Our Business Lines 
Carbon Project 
Development Services
Carbon Project 
Development Services
Business  
Strategic Focus
 
Key Performance Indicators for 2010
Carbon Credit Delivery
Delivered 8.13m carbon credits  
in 2010.
 
 
Registration Success
64% of projects under  
development are registered  
(as of 31 December 2010).
Carbon and Energy 
Advisory Services
Carbon and Energy 
Advisory Services
Clean Energy Project
Development and Investment
Clean Energy Project
Development and Investment
Profit Margin
Camco’s Advisory business 
achieved a profit margin of  
€0.8m in 2010.
 
Sales
Achieved sales of €9.9m in  
the advisory business in 2010.
Pipeline Size
Built a pipeline of clean energy 
projects with a project value 
greater than USD 300m ready  
for investment. 
Capital Raised
Raised USD 30m in capital  
for investments in clean energy 
projects in South East Asia.
Camco will focus on delivering  
an ongoing annuity from carbon 
projects, capitalise on its market 
position and expand regionally 
based on regulatory opportunities.
Camco will expand development 
and investment services to exploit 
regulatory incentives in Asia and 
North America, building clean 
energy projects.
Camco will continue to provide 
advisory services and products  
to new and returning clients.
Focus in 2011
2010
2011
2012+
Deliver
Deliver
Deliver
Originate and Secure Capital
Invest
Growth
Turnaround
Recurring Revenue Growth
Recurring Revenue Growth 5
Overview Business Review Governance Financial Statements
Camco Annual Report and Accounts 2010 5 Camco Annual Report and Accounts 2010 6
Business Review
Camco Carbon Project Development Services
Camco provides bespoke carbon reduction services for large emitters.  
We have unique expertise in projects across a range of sectors including 
waste heat, steel, power, cement, wind, hydro, biomass, biogas,  
agriculture, landfill and coal mine methane. 
64%
of Camco’s carbon projects are registered
Our technical experts manage the project development 
process through registration, monitoring and issuance. 
Our carbon commercial experts assist with the 
monetisation and commercialisation of carbon credits. 
We currently have a portfolio of over 200 projects, 
representing more than 200m tonnes of emission 
reductions over a ten-year period.
 •	 Design: Our in-country teams work with our partners  
to identify opportunities and design projects to reduce 
emissions. We then assess whether a project is eligible 
under regulatory incentive schemes. Our experts will 
advise our partner on appropriate technical and 
financial structuring solutions. 
 Register: •	 Where we assess that a project is eligible 
under a relevant regulatory incentive scheme, our 
experts will work with our partners to document and 
process the project to registration approval stage.
 Monitor: •	 Once a project is approved by a regulator 
then our operations teams will monitor emission 
reductions under the approved scope. 
 Issuance: •	 We work with our partners to maximise  
the delivery of emission reductions for their project.
 •	 Monetise: We work with our partners to maximise  
the financial benefit from the delivery of their project.
2007 2008 2009 2010 201120122013
0
1
2
3
4
5
6
7
8
9
10
2014 2015 2016 2017 2018 2019 2020 2021
0
1
2
3
4
5
Issuance Delivery 
Tonnes carbon issued (m)
These projects are eligible under the EU-ETS scheme and are in line  
with current EU guidelines subject to registration before the end of 2012.  
These numbers are risk adjusted taking into account known and anticipated 
regulatory, registration, verification, delay, operating and commercial risks 
across all projects in Camco’s portfolio. 
*  Carbon Share – CERs and ERUs Camco receives to its account for 
services performed (excludes VERs). 
†  Cash Share – CERs for which Camco receives commission revenue  
for services when delivered.
Carbon Share * 
Cash Share 
† 7 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
200+ projects
Camco has one of the largest carbon credit  
portfolios worldwide
China
Camco is the leading carbon project developer in China. 
We have unique expertise in the methane abatement, 
industrial energy efficiency and clean energy sectors. 
The projects developed in China are eligible under the  
Clean Development Mechanism (CDM) and each tonne  
of carbon reduced is sold to European or Japanese 
utilities and industrial emitters. 
European emitters are required to comply with the EU 
Emissions Trading Scheme (EU-ETS) and offset any 
excess emissions. Japanese emitters comply with 
voluntary caps agreed with the government. The EU-ETS 
operates until at least 2020 and the projects Camco 
develops in China, which are registered before 2012,  
are currently eligible as offsets for European companies 
to buy through to the end of the 2020 compliance period. 
Russia
Camco has been actively developing projects in Russia 
since the commencement of the Russian market in 2005. 
The projects developed in Russia are eligible under  
the Joint Implementation (JI) scheme. European and 
Japanese emitters buy these JI credits as part of their 
compliance obligations in their local regulatory schemes. 
Camco has successfully gained approval for two of its 
projects during 2010.
Growth Markets
Camco also develops CDM projects in South East Asia 
within its joint venture operation. The projects developed  
in this region, which are registered before 2012, are eligible 
as offsets for European companies to buy through to the 
end of the 2020 compliance period. 
Other markets where Camco develops JI and CDM 
credits include Africa, Eastern Europe, former Soviet 
Union republics and the Middle East.
Within the US, Camco has developed a portfolio of 
projects which are eligible under the Climate Action 
Reserve (CAR). Camco is the leading carbon developer 
in the agricultural waste-to-energy sector in the US.
Core markets 
Growth markets Camco Annual Report and Accounts 2010 8
Examples of Camco’s Carbon Project Development Services 
Baogang – Waste Gas to Energy
Helping set the standard for China’s iron and steel industry
Waste gases from iron and steel production are potent 
greenhouse gases, yet in production plants in China  
they are typically flared or vented into the atmosphere. 
China is by far the largest steel producer in the world.  
The Baogang Group, owner of the project is one of the 
largest steel manufacturers in China, exporting to more 
than 30 countries worldwide.
Recycling and utilisation of waste gases within the  
iron and steel industry is not common practice in China 
because these gases have a low heat value and require 
cleaning to remove impurities and render them usable. 
The custom modified gas turbines used in this project  
are specifically designed to burn the low heat value fuel. 
The system incorporates a combination of gas and  
steam turbine technology that is not yet commercially 
established in China. Due to the high upfront costs of such 
projects, the technology was perceived as not financially 
viable. Without revenues from the carbon component such 
a project would not have been implemented.
The project in Baotou in Inner Mongolia captures the 
waste gases and utilises them in a Combined Cycle  
Power Plant (CCPP) to generate electricity which is  
fed back to the grid. The 300 MW CCPP generates 
2057GWh in electricity annually, reducing GHG emissions 
by 1.8m tonnes CO
2
e per year through displacing power 
that would otherwise be taken from the local power grid.  
Over the crediting period of the project, the project is 
expected to reduce emissions by 9.2m tonnes.
Camco worked closely with Baogang Iron and Steel Group 
to secure registration with the CDM executive board within 
two months. Apart from reducing the emissions of GHGs, 
the project significantly reduces odour pollution from the 
steel plant, improving working conditions at the plant and 
living conditions in the surrounding communities. 
Emission Reductions
9.2m tonnes over seven years
Project Status
Implemented, Registered, Issued emission reductions 
to date: 2.2m Certified Emission Reductions (CERs) 9 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
9 Camco Annual Report and Accounts 2010
Anhui Conch Cement – Waste Heat Recovery
Pioneering cleaner cement production in China
Cleaner Cement
Camco has been working with Anhui Conch Cement 
Company Limited, the largest cement producer in  
China on over 30 projects since 2006, developing and 
implementing a programme of energy efficiency projects 
at multiple production facilities. The projects use 
technology never before commercially financed in China. 
Carbon financing was crucial for the project, making it 
economically viable and allowing Conch to leverage 
scale to achieve large aggregated emission reductions 
across their portfolio. 
 CDM Pipeline of cement projects in China. 
Source: Unep Risoe, as of December 31, 2010.
0
10
20
30
At Validation Registered
Project Status
Issued
CDM Pipeline*
Camco
Number of Chinese Cement Projects under Development
Project Status
Camco has the largest cement project pipeline  
in China
The projects capture and utilise waste heat from the  
cement making process to generate electricity in onsite 
power plants ranging in size from 8 to 47 MW. Camco  
is working closely with Anhui Conch Cement Company  
Limited enabling them to access carbon financing to  
make this series of projects possible. Camco continues  
its services to Conch and 2010 has seen further successes 
with eight of the projects registered under the Kyoto  
Protocol and 7.5m tonnes of greenhouse emissions  
will be avoided at the various plants. Camco Annual Report and Accounts 2010 10
Business Review
Camco Clean Energy Project  
Development and Investment
Camco is expanding its clean energy project development services. Camco 
specialises in developing projects, which take emissions and turn these into 
energy. We place emphasis on the two regions, which are the largest emitters  
in the world: Asia and North America. In these regions, we capitalise on 
proprietary knowledge and project development expertise to target two 
distinct sectors: methane-to-energy and industrial energy efficiency. 
2010 has seen important steps towards the development 
of build-own-operate schemes in these sectors. The way 
we finance these projects is by structuring investments 
through joint ventures in North America and South East 
Asia.
Camco’s low risk approach focuses on developing 
projects with the following attributes:
Using proven equipment (no new technology) •	
Quick to deploy projects (six to 18 months) •	
Replicable projects (many projects of the same type) •	
Counterparties with strong credit ratings •	
Secure long-term supply contracts •	
Long-term off-take (PPA) agreements •	
Target 20% IRR levered project return •	
USD 30million
Capitalisation of Camco’s South East Asian Joint  
Venture to invest in clean energy projects
Cash In
Camco’s
Developer Fee
Camco’s
Developer Carry
Camco’s Project Revenues
Cash Out
Yr 0
Yr 1
Yr 2
Yr 3Yr 4Yr 5Yr 6Yr 7 ...
...
...
Yr 20
Capital
Expenditure
Grants Equity
Debt
Operating Costs
(debt servicing, etc.) 
Operating 
Revenues
(energy, etc.) 
Design Construction Operation
Project Structure 
A typical financial structure for a clean  
energy project 11 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
China/South East Asia
In South East Asia Camco formed a joint venture  
(JV) with Khazanah Nasional Berhad, the investment 
holding arm of the Government of Malaysia. The joint 
venture is capitalised at an initial amount of USD 30m. 
Investments in Asia will focus on biogas, biomass, 
industrial energy efficiency and methane-to-energy 
technologies. In the coming year the region will be  
a focus as we are looking to deploy the capital and  
build our energy assets base in Asia.
North America
Camco has continued to grow its project development 
operations in North America. Camco has incorporated 
and is leading a consortium, AgPower Group LLC 
(AgPower), through which Camco will deploy capital  
to build, own and operate emissions-to-energy projects  
in the agricultural sector. Together with Camco, AgPower’s 
members have extensive local experience in building 
anaerobic digesters that convert manure and other 
agricultural waste products into energy. Camco Annual Report and Accounts 2010 12
2010 Highlight: Joint Venture in South East Asia
Camco has been operating in South East Asia for the  
last three years and 2010 marked the launch of Camco 
South East Asia Limited (Camco SEA), a joint venture 
with Khazanah Nasional Berhad (Khazanah). Khazanah 
is the investment holding arm of the Government of 
Malaysia entrusted to hold and manage the commercial 
assets of the Government and to undertake strategic 
investments. Our partner is involved in various key 
sectors including power, telecommunications, banking, 
automotive manufacturing, airport management, 
infrastructure, property development, broadcasting, 
semiconductors, steel production, electronics and 
technology. 
The joint venture expands our operations in all of our 
three key areas: Carbon Project Development, Clean 
Energy Project Development and Energy and Carbon 
Advisory Services. Already Camco SEA has more than  
20 carbon development projects in the region. These 
projects are diversified by technology and host country 
and comprise end-to-end management of the entire 
carbon project process. 
Camco SEA provides both project development skills 
and capital to clean energy projects in partnership with 
manufacturers, developers, technology providers and 
investor groups. The company has available equity to 
invest in projects worth up to USD 120m. 
Camco SEA also provides energy and carbon advisory 
services to companies to identify and implement 
cost-effective sustainable solutions, including emissions 
assessments, carbon management strategies and 
energy efficiency improvement programmes.
Camco SEA’s first advisory project emanating from  
the partnership with Khazanah Nasional Berhad was 
announced in 2010: an engagement for a sustainability 
scoping study for Teluk Datai Resorts in Langkawi, 
Malaysia. The study will deliver sustainable 
recommendations and options to Teluk Datai Resorts 
while considering the needs of the surrounding 
environment. Camco SEA will also design a long-term 
strategy to support the conservation of rainforest  
on Teluk Datai Resorts’ land bank as well as exploring 
opportunities to form alliances with local partners  
to conserve natural assets and deliver social benefits  
to the local community. 
The launch of Camco SEA is a reflection of the growing 
opportunities in the sustainable development sector  
in South East Asia. The region has a high potential for 
reducing GHG emissions and generating clean energy 
from sustainable sources. The joint venture allows us  
to participate in this from the pole position.
“ Camco Khazanah South East Asian 
partnership will pave the way for 
Malaysia and countries in South 
East Asia to unlock and capture 
immense value.” 
  YB Dato’ Sri Peter Chin Fah Kui, Minister of Energy, Green 
Technology and Water of Malaysia, on the occasion of the  
launch of Camco South East Asia. 13 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
13 Camco Annual Report and Accounts 2010 Camco Annual Report and Accounts 2010 14
Wembley City Project
Camco developed the Site Wide Energy Strategy for the Wembley City 
project and identified solutions that deliver CO
2
 emission reductions in a 
commercially viable way, without reducing the net development value of 
the site. The project potentially is the largest commercially-led combined 
heat and power (CHP) project within a development in London.
Business Review
Camco Energy and Carbon Advisory Services
Camco Advisory has a 20-year track record in decentralised clean energy and 
energy efficiency. Camco works with a broad range of multinational, regional and 
local companies. Our advisory benefits from a large share of repeat business 
with many of our clients choosing to work with Camco time and again.
Our advisory team generates cost savings on energy 
expenditure for large and small corporations and  
local and regional governments. They ensure technical 
delivery on energy investments and generate revenue 
from energy and carbon investments on behalf of our 
customers. We reduce the financial impact of energy  
and carbon risk and prepare our clients for energy  
and carbon regulation.
Our advisory business provides:
Policy work for governments, NGOs and  •	
international organisations on national and  
sectoral policy frameworks;
Industrial energy efficiency programmes for  •	
large corporations;
Energy efficiency and carbon reduction  •	
software solutions;
Energy efficiency program monitoring equipment; •	
Advice for property developers and local governments •	
on zero carbon or low carbon developments and 
compliance with local regulation;
Carbon strategy and foot-printing services; •	
Business strategy, financing and appraisal for •	
emissions reduction projects; and
Renewable energy development. •	
Euro 0.8 million 
profit achieved by the advisory business in 2010 15 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
UK
Camco has been focusing its advisory business in the  
UK supplying consistent profits throughout 2010. 
This was delivered by focusing on opportunities for  
cost reduction with large industrial and manufacturing 
clients, exploiting an early mover position in the low 
carbon building retrofit market and maintaining our 
market-leader position in the delivery of carbon 
management programmes and renewable energy 
assessment for the public sector. In addition to our 
advisory services, Camco’s Carbon and Energy desktop 
software has now been installed at over 200 sites. Camco 
continues to demonstrate its leading position, winning 
contracts for providing advisory services, to national and 
local government bodies as well as a number of larger 
corporates on the back of regulatory drivers including  
the Carbon Reduction Commitment (CRC), the 
introduction of feed-in-tariffs and the Renewable  
Heat Incentive Scheme. 
In 2010 we have expanded our provision of technical  
and financial due diligence on clean energy projects.
Africa
Camco is a respected provider of advisory services  
to companies and governments in Africa. Following  
our work with the South African Government on the 
Renewable Energy Feed-In-Tariff (REFIT) we have also 
worked with the governments of Uganda and Botswana in 
establishing similar regulatory frameworks there, creating 
a reputation as key experts in the establishment of REFITs 
on the continent. 
A seminal piece of work, funded by the UK Foreign and 
Commonwealth Office (FCO) assessed the key risks and 
opportunities related to climate change for the major 
industry sectors within the South African economy.
In Tanzania, Camco has established itself as a reputable 
and preferred sustainable development partner, providing 
advisory services to a range of clients including national 
and local governments, international development 
institutions and blue-chips.
An important aspect of Camco’s work in Kenya is the 
creation of policy frameworks for promoting sustainable 
energy. Camco is at the forefront in analysing risk in 
relation to biomass sourcing and supply, and working 
with government and business to support the switch  
from fossil fuels to sustainable biomass energy utilisation.
Reducing Emissions from Deforestation and Forest 
Degradation (REDD) is set to be a central element in 
global emission reduction policies. On a project level,  
we continue to be leaders in East Africa, Camco’s REDD+ 
centre of excellence.
81%
Share of repeat business in Camco’s  
advisory business 16 Camco Annual Report and Accounts 2010
Examples of our Advisory Services work 
Sustainable T ees
Anvil Knitwear, a leading apparel company 
headquartered in the US, is committed to constantly 
evolving their Corporate Social Responsibility (CSR)
goals and surpassing previously achieved CSR 
objectives. We have worked with Anvil for over two 
years, to analyse their environmental impact by 
quantifying the carbon footprints of their operations  
and products including the AnvilOrganic® Tee, the 
AnvilRecycled® tee, the AnvilSustainable™ tee, and  
the Anvil® Adult Heavyweight Tee. Our work together  
is highlighted in many of Anvil’s outreach initiatives 
including their first formal CSR Report through the 
Global Reporting Initiative, a consumer-oriented online 
interactive website detailing the life-cycle of footprinted 
products called TrackMyT.com, and qualifying for the 
Carbonfund.org’s CarbonFree® label. In addition, Anvil 
and Camco have jointly contributed to the development 
of the first internationally recognized greenhouse gas  
product carbon footprinting methodology through  
the road testing of The GHG Protocol Initiative’s  
Product Accounting and Reporting Standard.  
We look to continue our relationship with Anvil in  
the future to quantify their carbon footprints to reflect 
the naturally dynamic nature of business operations 
over time, footprinting accounting methodologies  
and reporting guidelines. Overview Business Review Governance Financial Statements
17
Advising on a Clean Energy Economy in Africa
Early 2010 saw the South African Renewable Energy 
Feed-In Tariff scheme (REFIT) come into force. In 2009 
Camco worked with the National Energy Regulator  
in South Africa (NERSA) to help set up the country’s 
REFIT scheme. Camco worked with NERSA to model  
the economics and financial costs of the scheme, and  
to help develop the framework for the tariff structure.  
The REFIT is in line with wider energy policy and national 
integrated resource planning. There has been extensive 
interest from developers and it looks set to achieve 
government targets of adding over 10,000 GWh of 
renewable energy by 2013.
Following the publication of the South African scheme, 
Camco was contracted by the Ugandan Energy 
Regulatory Authority to help establish Uganda’s first 
REFIT. Camco submitted its final report in 2010 and the 
Uganda Electricity Transmission Company Limited 
subsequently published the guidelines, demonstrating  
a keen commitment to implementing the programme. 
Since publication the Ugandan REFIT programme has 
received very positive feedback and has been hailed  
as ‘one of the most sophisticated, if not the most 
sophisticated programme in Africa’. The programme 
offers a tariff for a diversified mix of technologies, 
including hydro, bagasse, biomass and biogas, solar  
PV, wind, geothermal and landfill gas. The tariffs are 
differentiated by technology and an innovative approach 
was taken for hydro to smooth the tariff, thus ensuring 
appropriate sizing by developers. 
In addition, the team developed a tool to allow increased 
tariffs during early years to assist with debt servicing by 
developers, thus reducing tariffs in later years, but still 
maintaining the same overall net present value (NPV)  
for the project. 
The government of Botswana also contracted Camco  
to help design a REFIT for the country and work 
commenced in June 2010 on tariff modelling and 
guideline development. It is expected that this work  
will be completed in early February 2011.
At present, Camco is investigating how international 
climate change funds can be utilised to support the 
expansion of feed-in tariffs in sub-Saharan Africa,  
in particular for higher cost technologies such as  
solar PV and CSP. Camco is also looking at the role  
of feed-in tariffs for off-grid rural energy programmes.
“ But it is Uganda that will set  
heads spinning this week. Quietly, 
without fanfare, Uganda has 
announced one of the most 
sophisticated, if not the most 
sophisticated programme in Africa.”
  Paul Gipe, renewable energy industry analyst and author
Energy Efficient Drinks
Since 2008 Camco has worked with one of the world’s 
largest alcoholic beverage manufacturers on its global 
energy efficiency programme. Detailed audits have  
been performed at 14 sites across sub-Saharan Africa 
and the UK, as well as in Jamaica. Over 300 individual 
opportunities have been identified, with a total savings 
potential of over £7m per year. Camco is now in the 
process of implementing enhanced energy management 
solutions across these sites. 
Camco Annual Report and Accounts 2010 Camco Annual Report and Accounts 2010 18
Risk Mitigation Strategy
Carbon Project 
Development Services
Regulatory Risk 
This relates to the development of future 
regulation, administrative efficiency of 
regulation and current regulation affecting 
future business.
 
Camco develops projects under existing 
regulation, applying our extensive 
in-house policy knowledge.
Project Delivery Risk
This relates to the risk of the underlying 
project delivering less or no carbon credits. 
This can be due to operational problems, 
monitoring failure or technology problems.
 
We have strong local engineering teams 
that operate in partnership with the 
client to monitor all aspects of project 
development.
Price Risk
This relates to price fluctuations in the 
carbon credit market.
 
Our award winning in-house 
commercialisation team, together  
with internal market analysis, allows  
us to time trading activities to the  
best possible market scenarios.
Clean Energy Project 
Development and Investment
T echnical Delivery Risk
This relates to issues surrounding operational 
production performance using new 
technologies.
 
We use proven equipment and 
technology based on our extensive 
technological expertise.
Feedstock, Off-take Risks
This relates to securing stable supply of 
feedstock and stable secure off-take for  
the life of the project.
 
Camco secures long-term contracts 
for existing projects.
Counterparty Risk 
This relates to the risk that the counterparty 
may face credit issues.
 
Camco works with large established 
partners.
Carbon and Energy 
Advisory Services
Cyclical Business Risk
This relates to business cycles or other 
economic cycles adversely affecting  
the returns that can be achieved in the 
business line.
 
Camco has a strong, stable and recurring 
client base.
Commoditisation of Services
This relates to the risk that services become 
commoditised and margins are reduced by 
excessive competition.
 
Focus on high value policy and  
energy efficiency implementation 
sectors.
Fragmented Market with Abundant 
Opportunities Could Defocus the Business
This relates to the risk that the business 
pursues loss making initiatives without 
delivering a core return.
 
 
Camco focuses on repeatable business, 
products and services.
Business Review
Camco Business Risks Mitigation 19 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Cement
Taishan Cement
This is the world’s first cement sector project to achieve 
Clean Development Mechanism (CDM) registration,  
and the first industrial waste heat-to-power project that  
was undertaken in China. The project captures waste heat 
from the cement making process and utilises it to produce 
power in a 13.2 MW power plant.
Wind
Taonan
Located in Taonan, Jilin Province, China, this 49.3 MW 
grid connected wind farm demonstrates the economic 
viability of wind power in a region where, until now, it has 
been seen as marginal. It generates over 100,000 MWh  
of electricity per annum, and delivers greenhouse gas 
emission reductions equal to 92,508t CO
2
e.
Coal Mine Methane (CMM)
Yangquan Coal Mine Methane Project
This is a ground-breaking project in China and the first  
of its kind in the world. It is the largest CMM project 
registered under the CDM and the largest non-HFC/N2O 
project in China. Located in the Yangquan coal mining 
area of Shanxi, the project utilises CMM for both power 
generation and industrial heat applications and is 
registered as two projects generating more than  
three million CERs per year in total. 
Landfill Gas
Dallas Clean Energy LLC
The McCommas Bluff landfill gas processing plant is  
the third largest landfill gas operation in the US. Landfill 
gas is a by-product of waste decomposition over time, 
composed largely of methane (55%) and carbon dioxide 
(54%). It can be used as industrial heating fuel, natural 
gas substitute or vehicle fuel. More than 300 wells were 
installed at the project site producing 5m cubic feet of 
pipeline-quality gas daily. 
Iron and Steel
Taigang Saturated Steam
Taigang Stainless Steel, an iron and steel manufacturer  
in China, is host to two projects that capture waste heat 
and gas to generate electricity. Waste heat from several 
different places in the iron and steel plant is collected  
and used to run 41.25 MW steam turbine and deliver 
greenhouse gas emission reductions of 103,025t CO
2
e per 
annum. Also waste heat from the sinter process is used to 
generate power in a 32 MW power plant (greenhouse gas 
emission reductions of 194,717t CO
2
e per annum).
Biomass
Kaidi – Jianli Kaidi Biomass Power Project
The project comprises 12 biomass residue-to-power 
projects located across China. The Kaidi projects generate 
power from locally sourced waste biomass such as rice 
husk, rice, wheat and corn straw. All 12 projects are 
registered and generating green electricity while creating 
a new revenue stream for local farmers.
Grid-connected Electricity Generation
Taiyanggong
The Beijing Taiyanggong Trigeneration Project is a 780 MW 
grid connected natural gas fired combined cycle gas 
turbine power plant (CCGT), demonstrating that, with 
carbon financing, gas-fired power generation can be 
economically competitive with coal-fired power in China. 
The Taiyanggong CCGT generates 3,266 GWh of electricity 
per annum, displacing coal fired power on the local grid. 
Hydro
Maguan
Located in the remote Maguan County in Yunnan 
Province, China, this small-scale 32 MW hydro power 
project delivers real benefits to the local community as 
well as significant greenhouse gas emission reductions. 
This project was the first hydro power CDM project to 
issue CERs. It generates over 156,000 MWh of electricity 
per annum and delivers emissions reductions of 97,667t 
CO
2
e per annum through displacing principally coal-fired 
power on the local power grid.
Industrial Waste Gas
Jigang Industrial Waste Gas
The largest project of its kind to be registered with the 
CDM this is widely regarded as the benchmark CDM 
project in the Chinese iron and steel industry. The project 
captures waste gases from the steel making process  
and uses them in a combined cycle power plant (CCPP). 
A 544 MW CCPP generates 2,295,000 MWh of electricity 
and emission reductions of 2,089,883t CO
2
e per annum.
Examples of the Work We Do 
Camco delivers emission reduction and sustainable 
development projects across a range of sectors  Camco Annual Report and Accounts 2010 20
Business Review
Chairman’s Report
 “ Our strategy of expanding our 
services to build a clean energy 
development business is right and 
achievable and is underpinned by 
the increasing regulatory incentives  
to reduce emissions.“
I am delighted to report an exciting and profitable year  
for the Company. It has been nine months since I moved 
into my new role as the Acting Chairman and I am happy  
to note 2010 was a highly successful and thriving year for 
Camco. We have seen market consolidation, which has 
changed the competitive landscape while Camco has 
secured its market leading position in our key regions.  
Our strategy of expanding our services to build a clean 
energy development business is right and achievable, and 
is underpinned by the increasing regulatory incentives to 
reduce emissions and develop clean energy in our markets. 
The European Union has confirmed it will accept  
CDM projects registered before 2012 into the EU-ETS 
phase three, which operates until 2020. This is a major 
development for Camco, as in 2010 we have contracted  
a large portfolio of projects which are eligible under  
this legislative development (Camco does not own  
any carbon credits from HFC or N2O projects which  
are expected not to be eligible for phase three of the  
EU-ETS). While there has been recent press coverage  
on fraudulent trading in EUA allowances, this does  
not directly affect Camco, as we do not trade EUA 
allowances. Camco as a carbon project developer 
delivers, from its projects, CERs or ERUs, which we  
can sell either OTC or spot. 
Unfortunately, in the short term these EUA allowance 
activities have resulted in negative sentiment in the 
European market generally. The positive consequence  
of such activities will, in the long-term, be a more  
tightly controlled regulated market, which is better  
for all participants. 
In Asia the last year has seen a push by governments  
and the corporate sector to reduce emissions and create  
a cleaner economy. China aims to cut the amount of 
carbon it emits per unit of economic output to 40-45% 
less than the 2005 level by the year 2020. It has started 
developing internal cap and trade systems, with pilot 
schemes to run in five provinces and eight cities, 
including Beijing. Other countries across South East Asia  
are also adopting a range of legislative steps to promote 
a cleaner economy. In Malaysia, for example, the feed  
in tariff legislative initiative has passed its first hearing  
in Parliament. This is just one of many regional initiatives  
to meet the ambitious emission reduction goals and our 
joint venture with Khazanah Nasional Berhad will see 
increasing market opportunities as a result of such 
legislative change. 
In North America, the California Air Resources Board 
adopted regulations that permit the use of carbon  
credit offsets to meet compliance targets from four project 
types, one of which is livestock projects. Camco has been 
working with eligible dairy farmers for the past two and  
a half years and we have the largest number of projects 
registered under the Climate Action Reserve’s Livestock 
Protocol. This enables Camco to offer large, assured 
volumes of offsets into the Californian market. We expect 
an increasing demand from the scheduled start date  
of 1 January 2012. 
Our advisory business extends our global reach and  
we have continued to provide thought leadership for  
our corporate and government clients. We have supported 
several governments on their Feed-In Tariffs legislation 
and our service in the UK on the Carbon Reduction 
Commitment has expanded considerably. These 
legislative developments create additional opportunities 
and we are in an excellent position to exploit them.
The COP16 in Cancun in December last year, has 
provided clear guidance on a number of issues,  
not least the adoption of measures to speed up the 
registration and delivery process of Clean Development 
Mechanism projects and strong support to prepare this 
mechanism to operate effectively beyond 2012. 
Dr Jeff Kenna, (Acting) Chairman 21 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Our recent experience is that these changes are  
already improving the time it takes to register our 
projects. There is still insufficient clarity regarding 
international cap and trade mechanisms and we do  
not expect this to improve in the near term. However,  
in the absence of an international agreement on caps  
we are seeing strong development of regional schemes 
and bi-lateral agreements, which will underwrite the 
market and reduce emissions in the near term.
We expect to see more regulatory developments over  
the near to medium term which will have a positive impact 
on our business creating additional sources of revenues. 
These include: incentives in China to reduce emissions 
and introduce cap and trade pilot schemes; a regional 
offset scheme in Japan; a cap and trade scheme in  
South Korea; inclusion of other North American states 
and provinces in the Californian cap and trade scheme; 
and the development of emission reduction incentives  
in Australia.
Last year saw two Board changes. I am happy to 
welcome Yariv Cohen as an Executive Director to the 
Board. Mr. Cohen joined the board in May last year and 
has been a valuable addition to the team. David Potter 
resigned from the Board and I would like to thank him  
and our Non-Executive Directors for the contribution  
that they made to the Company during the year.
Camco has taken important steps this year in delivering 
strong performance in all its business activities and 
preparing for the future. We have increased our efforts  
to work and communicate with shareholders and 
stakeholders. This will be a central focus in 2011.  
We have continued to be awarded industry accolades, 
such as the ‘2010 Commodity Business Award for the 
Renewable Energy Markets’ and have once again been 
chosen as Best Project Developer in 2010 following 
similar awards over the previous three years. I would  
like to congratulate our management and staff on their 
achievements in 2010 and I look forward to another 
successful year in 2011.
Dr Jeff Kenna, (Acting) Chairman
21 February 2011
Shaping Our Market
Our policy focus complements our advisory and project based expertise.  
We use innovative projects or technical work to help set frameworks and show 
they work, helping policy makers, whether public sector or private, to see  
the benefits. 
An excerpt of our policy work:
Theme: Carbon Market Development Regulatory Input and Market Analysis
The carbon market forms the basis for much of our work in our carbon, 
advisory and, to a great extent, investment business. Showing our expertise  
on all matters related to the market, such as climate change science and 
legislation, renewable energy and energy efficiency technologies and 
legislation or overall environmental legislation at an international, national, 
regional or local level is therefore crucial to our success. 
1. ‘CMIA Response to UNFCCC Secretariat and EB calls for input on review 
and issuance procedures following the Copenhagen 5th CMP’, Camco 
co-author of CMIA submission to the UNFCCC Secretariat, March 2010. 
2. ‘Adapting CDM Methodologies to stimulate investment in clean energy 
technology to capture flared gas for electricity generation’, GGFR, World 
Bank, Washington, DC, March 2010.
3. ‘LDCs and Carbon Markets: What’s in Store for the World’s Poorest 
Countries?’, Cancun CMP5, December 2010. 
Theme: Carbon and Clean Energy Finance
Financing is a key issue in the clean energy and carbon markets, enabling  
the development of new projects in both. Presenting on Camco’s extensive 
experience in mobilising, structuring, and packaging finance deals helps us 
to ensure potential clients are well aware of our expertise in the field. 
1. ‘How to mobilise financial resources in Africa’, Africa DNA Forum in Nairobi, 
March 2010.
2. ‘Global Climate Change: Carbon Market Financial Mechanisms’, USAID 
Economic Growth Officers’ Conference, Washington, DC, June 2010.
Theme: REDD+
REDD+ is set to be a central element in global emission reduction policies. 
Hence we are positioning Camco as one of the world’s thought leaders and 
practitioners in REDD+. Working with trade associations and key stakeholders 
we were instrumental in setting the agenda for the Cancun REDD+ discussions 
and outcomes. 
1. ‘Laying the Foundation for a REDD+ Mechanism’, Analysis and stance/ 
recommendations on key REDD+ policy issues, CMIA Discussion paper. 
April 2010.
2. ‘Addressing REDD project leakage’, IETA Guidance Note – Quantifying and 
putting in place measures to address leakage in REDD projects, June 2010, 
IETA.
3. ‘Options for REDD National Reference Levels’, IETA Discussion Paper 
– Analysis and recommendations on REDD national reference levels under 
the proposed California cap and trade scheme, Camco lead author, 
November 2010, IETA and California ARB 32 policy makers.
Theme: Energy and Climate Change in Africa
Most would acknowledge that Africa will be one of the worst-affected areas of the 
world if the deleterious effects of global climate change are not seriously tackled. 
African countries will be among the main hosts of emission reduction and clean 
energy projects in the next several years. Camco worked with nearly a dozen 
governments over the last year to help set policy frameworks in the region. 
1. ‘Towards Low Carbon Growth in South Africa’, Low Carbon Growth 
Seminar, Protea Hotel Balalaika Sandton, May 2010.
2. Presentation to the Congress of South African Trade Unions (COSATU) on 
‘Climate Change: Risks and Opportunities for the South African Economy’, 
COSATU Climate Change Workshop, July 2010.
3. Presentation to Fossil Fuel Foundation on ‘Climate Change: Risks and 
Opportunities for the South African Coal Sector’, July 2010. Camco Annual Report and Accounts 2010 22
“ We have, in 2010, achieved  
our ambitious business targets  
and delivered significant impact  
to our customers and partners.” 
During 2010, we completed a company turnaround to 
re-focus our activities in each of our regions. Strategically 
and operationally, the business is now focused on 
reducing emissions and developing clean energy  
within an increasingly positive regulatory environment.
Across all regions we operate in, there is consensus by 
regulators that emissions must be reduced and clean 
energy developed. This creates different regulation, 
incentives and opportunities with the same goal – 
reducing emissions.
Camco’s core capability is taking emissions and 
transforming them into energy. Moreover, we help  
create policies and transform regulation into business 
action. Across Camco this is the single activity we all 
share around the world. We help clients adapt to the 
evolving policies, thus creating better business and  
a cleaner economy.
Our in-country local teams work with businesses  
and governments to deliver emission reductions and 
develop clean energy. With our core technical and 
financial capabilities we have, in 2010, achieved our 
ambitious business targets and delivered significant 
impact to our customers and partners. 
Now firmly in its delivery phase our Carbon Project 
Development business is performing well. During the year, 
we developed a large pipeline of clean energy projects  
in North America and Asia, which will turn emissions into 
energy. We also raised capital for a joint venture in South 
East Asia and established a development platform in North 
America. Lastly, we have successfully restructured our 
advisory business to deliver its largest profit to date.
Performance
Carbon Project Development
In the carbon business, in China we accelerated 
registration of new projects and at 8.1m tonnes we  
have delivered more than double the issuance of the 
previous year (2009: 3.3m tonnes). This is thanks to  
our diligent and experienced technical team as well  
as efficiency improvements in the registration process 
implemented this summer by the UN Executive Board.  
Our emphasis this year was to accelerate carbon credit 
delivery and get our projects through the qualification 
process and issuing. This will continue in 2011. During  
the past year, we were also able to execute a number of 
profitable commercial transactions in the European and in 
the US markets delivering additional value through sales.
In South East Asia we developed a large portfolio  
of carbon projects, mainly in Vietnam, Indonesia  
and Thailand. The portfolio covers a range of project 
types, such as hydropower, waste-water treatment and 
cogeneration technologies. These were transferred to  
our recent joint venture in South East Asia, which is certain 
to further develop our efforts in the region. For more 
information on the joint venture please see page 12.
Russia completed the first tender approval of Joint 
Implementation (JI) carbon projects. Our team had a 
great success receiving two approvals from the first 
batch of tenders. 
In the US our team has rapidly developed our agricultural 
carbon portfolio and in addition we purchased a portfolio 
of existing US carbon projects. Camco is now the leading 
carbon developer in the agricultural waste-to-energy 
sector in the United States and is a leading provider  
of offsets from livestock projects through the Climate 
Action Reserve (CAR). This positions us well as a  
primary supplier of credits to the California carbon 
market, which is due to commence at the end of 2011.
Business Review
Chief Executive Officer’s Statement
Scott McGregor, Chief Executive Officer 23 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Clean Energy Project Development and Investments
This year marked a quantum leap forward for Camco in 
developing clean energy projects. In our target regions 
South East Asia and China we have secured funds 
available for investment in emissions-to-energy projects 
and have developed a pipeline of projects ready for 
investment in the US. In North America we established  
a development platform for agricultural methane to 
energy projects.
In South East Asia we have formed a joint venture  
with Khazanah Nasional Berhad, the investment holding 
arm of the Government of Malaysia. The joint venture  
has been capitalised at an initial amount of USD 30m, 
which is available for investing in clean energy project 
development in the region. Investments in Asia will focus 
on industrial energy efficiency, biogas and biomass, 
leveraging our growing expertise in these sectors and  
the developing regulatory environment. In the coming 
year this will be an area of focus and we are planning to 
deploy this capital and build up our energy asset base. 
Energy and Carbon Advisory 
Our advisory business has done exceptionally well  
this year; moving from a €1.7m loss in 2009 to a profit  
of €0.8m. This was only possible thanks to the success  
of our team in winning new business, focusing delivery  
and growing our client base in the UK and Africa. 
Management restructuring has also led to significant  
cost reductions. 
In the UK, we have won €5.8m in new contracts. Across 
the business, 2010 sales targets have been exceeded. 
This year we will be looking to enhance our offering  
by strengthening client relationships and cross sales 
between the different sector consultants. We will continue 
to grow our client base supported by regulatory changes 
as well as a growing demand for clean energy and 
energy efficiency programmes.
In Africa, we have established ourselves as industry 
experts and have implemented a number of high impact 
projects in Kenya, South Africa and Tanzania. Last year 
Camco won several new advisory contracts such as 
developing the Climate Change Strategy for some of  
the largest platinum mining companies in the world.  
Other advisory successes include the development  
of South Africa’s Renewable Energy Feed-in Tariff 
Structure and follow-on contracts in Botswana and 
Uganda. Our REDD projects in Eastern Africa will  
furthermore provide us with great operational  
credibility as this sector develops. 
Outlook
The Company is in a strong position across all our 
markets after its 2010 turnaround and best performing 
year to date. Governments and industry agree, across  
all the markets we operate in, that carbon emissions  
must be reduced and there is a push through incentives 
and policy to build clean energy projects. Given the 
performance and focus of the business, we are in a  
prime position to seize the current opportunities, grow  
our project business, deliver the current portfolio and 
build value for our customers and shareholders. 
I am looking forward to an exciting year of growth ahead 
as we build on our 2010 achievements.
Scott McGregor, Chief Executive Officer
21 February 2011
“ Given the performance and focus  
of the business, we are in a prime 
position to seize the current 
opportunities, grow our project 
business, deliver the current 
portfolio and build value for our 
customers and shareholders.” Camco Annual Report and Accounts 2010 24
Accrued Income
The Group has net current assets of €43.8m (2009: 
€44.7m). Net Carbon Development Contract (CDC) 
accruals (in accrued income and other payables) 
accounts for a substantial portion of net current assets 
and grew from €28.0m at the beginning of the year to 
€31.7m at 31 December 2010. This balance represents 
the current fair value of consideration and future delivery 
cost of our registered and operational carbon projects. 
These are projects where our work is significantly 
complete and we’re awaiting delivery. This net fair  
value accrued balance of €31.7m is a proxy for future 
cash and will shortly convert to cash as these projects 
deliver carbon credits, the majority of which are 
scheduled within the next 0 to 2.5 years. The increase  
in the year (net €3.7m) comes from new projects being 
registered and reaching operational stage (the point at 
which we recognise revenue and hence fair value our 
consideration) in 2010, deliveries of prior year net fair 
value balance and true-ups to the fair value of pre-2010 
registered and operational projects. Each year as the 
Group completes its work and more projects become 
operational the Fair Value balance will increase. The 
balancing effect on this is cash collection which occurs 
as projects deliver.
Joint Venture in South East Asia
In September, the Group entered into a Joint Venture 
agreement to create a new business in South East Asia. 
Camco SEA Ltd was set up with Khazanah Nasional 
Berhad contributing cash €18.3m in the form of equity 
and convertible bonds. Camco contributed its South  
East Asia carbon portfolio valued at €12.5m and cash of 
€3.8m. The realisation of this value in the carbon portfolio 
led to other Carbon income in the period of €5.8m.
Cash and Cash Equivalents
At 31 December 2010, the Group had cash and  
cash equivalents of €12.4m (2009: €28.5m). The key 
movements in cash during 2011 were: carbon deliveries 
in 2010 (inflow €23.8m), carbon payables on deliveries in 
2010 (outflow €10.9m), working capital prepayments for 
carbon (outflow €13.3m), advisory net contribution (inflow 
€0.9m), operating expenditure (outflow €14.6m), investment 
in Camco SEA JV (outflow €3.8m), new shares issued 
(inflow €2.2m) and other capital items (outflow €0.4m) 
complete the cash flow for the year.
“ 2010 was a successful year  
for Camco. The Carbon project 
development business accelerated 
delivery of projects providing  
a segment result of €1 2.3m whilst 
the Advisory business moved to 
profitability with €0.8m profit.” 
 
 
2010 was a successful year for Camco across all 
business segments. The Carbon project development 
business accelerated delivery of projects providing  
a segment result of €12.3m (2009: €8.4m) whilst the 
Advisory business moved to profitability with €0.8m  
profit (2009: loss €1.7m). The Investment Clean Energy 
Project Development business also progressed well  
with significant contractual rights developed over  
future project revenues. 
Headline revenues grew by 8% to €30.0m (2009: €27.8m) 
whilst administration expenses reduced by 7% or €1.4m  
as the Group received the full benefit of prior year 
restructuring programmes and tight cost control generally.
Business Review
Financial Review
Andrew Twynam, Finance Director 25 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Where possible, Camco waited with carbon sales from 
our own ‘in specie’ portfolio to capture a higher carbon 
price in the future. The Company was successful in 
receiving upfront cash on a number of large carbon 
transactions (notable when the carbon price was higher) 
in 2009 and earlier which led to payable commitments in 
2010. The net reduction in cash from capital transactions 
was €2m and included Camco’s investment in the JV  
in SEA and new shares issued. The cash reduction from 
recurring operating activities was only €0.8m in the year.
The Directors consider the Group to be in a strong 
position to manage this cash position and continue 
creating value and profits in the future.
Carbon
The Carbon teams continued to achieve key regulatory 
milestones resulting in the Camco portfolio continuing  
to deliver as expected. This has led to accelerated 
issuances of 8.13m tonnes for 2010. Camco continues  
to originate projects which we expect to be registered 
prior to the end of 2012 and hence eligible for delivery 
into the EU-ETS phase 3 and will therefore provide the 
company with a revenue and cash stream from this 
business until at least 2020.
Advisory
The Advisory business moved to profitability with a 23% 
increase in gross margin and 21% decrease in costs.  
This led to a segment profit of €0.8m following a loss  
of €1.7m in 2009. This performance is based on a re-
focused operation and a re-balanced cost base following 
the 2009 restructuring. The net profit margin for this 
business has increased to 14% from loss making 
percentage in 2009. Order book value has increased to 
€2.0m during the year which bodes well for 2011. Also in 
early 2011, it was announced that the two UK advisory 
businesses are merging which should bring additional 
synergies across business development, operations and 
administration. This business segment is well placed for 
continued growth in 2011.
Investments
The significant achievements for the project Investment 
team were the creation of the South East Asian joint 
venture to focus on developing clean energy projects  
in the region and in the US the establishment of an 
Agricultural Methane to energy development platform. 
The US business has developed rights for a portfolio  
of projects being major dairy farms. As these projects 
close, Camco then receives management service fee 
revenue and an equity stake in the future operating 
revenues. The Camco SEA joint venture has successfully 
raised €22m to invest in emissions to energy projects.
Andrew Twynam, Finance Director
21 February 2011 Camco Annual Report and Accounts 2010 26
Business Review
Positive Impact
Camco’s Impact in Africa
Rural Electrification – Tanzania
Camco has been working with and for the Swedish 
International Development Agency (SIDA) to stimulate 
commercial rural electrification in Africa since 2003.  
SIDA funded us to work with Tanzania’s Ministry of  
Energy and Minerals (MEM) from 2003 to 2006 to help set 
up the Rural Energy Agency (REA), one of Africa’s most 
dynamic rural electrification agencies. We worked with 
them to develop the National Rural Energy Act in 2004.
Solar PV Distribution – Tanzania
Camco worked with SIDA and the Tanzanian Ministry of 
Energy, to implement one of the world’s most innovative 
rural photovoltaic (PV) projects, working with hundreds  
of businessmen and technicians to sell and install PV 
systems throughout rural Tanzania. Less than 3% of rural 
Tanzanians (who make up over 80% of the population) 
have access to electricity. Camco, with SIDA assistance, 
has helped bring electricity to more than 50,000 
Tanzanian homes and thousands of businesses over  
the past five years.
Rural Electrification – Uganda
Camco has also worked with SIDA in Uganda to set up 
financing schemes through the Ugandan Energy for Rural 
Transformation Programme since 2002. SIDA funded 
Camco to work with the Zambian Rural Electrification 
Authority to train up personnel, develop financing 
schemes through commercial banks, and carry out 
feasibility studies for a number of ‘flagship’ rural 
electrification projects. 
Camco is committed to creating a clean energy world economy.  
T o achieve our vision we actively participate in projects that enhance  
sustainable development in our local communities.
Camco’s Impact on Global Emission Abatement
    
 Achieved Emission Estimated 
 Reductions to Date  Emission Reductions  
  (to end of 2010) 2011-2020 Inclusive  
 (Mtonnes CO
2 equivalent) (Mtonnes CO 2 equivalent)* 
Asia 38.3 331.4
North America 0.2 1.2
EMEA 12.1 64.4
Total 50.6 396.9
* Includes all active projects, assumes that projects will reduce emissions to 
2020, in some cases beyond the crediting period, as per the PDD volumes 
during the crediting period.
Small-Scale CDM – Eastern and Southern Africa
Camco is working with SIDA and the Swedish Energy 
Agency (SEA) to identify and develop small-scale CDM 
projects in Eastern and Southern Africa. We currently 
have three rural electrification CDM projects in Tanzania 
and Kenya being supported by this programme and 
several more in the pipeline.
Helping T owards a Brighter Future  
for Street Children in South Africa
In 2010 Camco provided financial assistance to Twilight 
Children, a support and refuge centre for street children  
in Johannesburg, South Africa. 
Twilight Children offers quality support to the community  
of Hillbrow and greater Johannesburg, especially for boys 
between 8 and 18 years of age. The centre currently provides 
refuge for, on average, 90 boys and operates a community 
outreach programme and provides meals to over 300 people 
daily, as well as counselling. Overview Business Review Governance Financial Statements
27 Camco Annual Report and Accounts 2010
Corporate Social Responsibility
Camco works worldwide to reduce greenhouse gas 
emissions and energy use and to develop renewable 
energy sources. Our own environmental impact is 
therefore carefully monitored as we work continuously  
to reduce it. At the same time we are conscious of our 
responsibility towards our staff and the communities  
we operate in and with.
Our Environment
Camco is a carbon neutral business. In 2010 our global 
carbon footprint was 949 tonnes CO
2
 equivalent, a net 
decrease of 21% from our 2009 (1,200t CO
2
e) footprint 
and a 25% decrease in emissions per employee. We 
reduce our energy use and carbon footprint wherever 
possible and offset all remaining greenhouse gas 
emissions through emission reduction projects. Camco 
purchased carbon emission reduction certificates from 
Plan Vivo projects to offset all remaining emissions for 
2010. Plan Vivo projects are located in Latin America and 
Africa and promote environmental protection, education, 
local capacity building and poverty relief.
Camco and its staff strive to ensure that the principles of 
environmental stewardship are implemented throughout 
our company’s operations. We adhere to environmental 
policies that govern the way we use our facilities, conduct 
business travel, and procure resources. Camco aims to 
set best practice examples of energy reduction, energy 
efficiency, renewable energy, and waste and water 
management in all of its offices. Some of our offices 
benefit from renewable energy including biomass heating  
and a solar energy system. 
Our People
Camco takes pride in its workforce. We recognise it is  
the combined skills, knowledge and experience of our 
employees that enables Camco to promote clean energy 
and to be successful in creating value for our clients, 
partners and investors.
Diversity is an asset to our business, allowing us to 
respond creatively to our clients worldwide with solutions 
that match their local requirements. Camco follows a 
comprehensive Equal Opportunities Policy to make sure all 
employees are valued and can achieve their full potential.
Our Community
Each year local Camco offices identify projects that 
provide the greatest contribution towards creating 
sustainable communities whether in terms of climate 
change or poverty alleviation. Camco contributes to these 
selected projects through cash contributions, pro-bono 
consulting services, and staff time spent on the projects. 
In Kenya, Camco staff participate in the Standard 
Chartered Marathon each year. Proceeds are directed 
towards ‘Seeing is Believing’, a Standard Chartered Bank 
Global initiative for eradication of avoidable blindness in 
children under the age of nine years. Proceeds from the 
marathon allowed Seeing is Believing to restore eyesight 
for more than 750 children.
In 2010, Sean O’hIarnain, a member of Camco’s legal 
team, completed the 1,350 mile ‘Race Around Ireland’.  
He finished 3rd with a time of 127 hours 58 mins. Camco 
matched donations employees made. Proceeds from the 
race go to Fauna and Flora International – the world’s 
oldest conservation charity.
In South Africa, Camco donated in cash and kind to  
a number of charities, including Orlando Children’s  
Home and the Twilight Centre (see box inset). 
Our Contribution
In 2010 Camco assisted with donations and staff from our 
Johannesburg office undertook several visits to the centre. 
The team learned more about the home during these visits 
and assisted in cleaning and maintenance work. Work was 
done in the library, including setting up blinds and shelves. 
Camco also led a clothes donation drive, seeking to 
provide adequate winter clothing for the boys. 
Camco plans to assist with the Senior Bridging 
Programme of the centre, to offer CV writing skills  
and also general interview guidance and training.  
The potential for energy and water efficiency 
opportunities are also being investigated, which  
will be offered pro-bono to assist the home to reduce 
its operational costs and expenditure.  Camco Annual Report and Accounts 2010 28
Business Review
Board of Directors
Dr Jeff Kenna † ‡
(Acting) Chairman
Jeff Kenna has 30 years experience, managing small  
and medium-sized enterprises in the sustainable energy 
sector, from incubation to full commercial development. 
Jeff was one of the founders of Camco and served as 
Camco’s CEO until October 2009. Jeff has worked on 
low carbon projects in Europe, Africa, Asia and the  
US, providing strategic assessment for businesses, 
energy policy analysis and evaluation of clean energy 
technologies. He has been an adviser to the European 
Commission, the World Bank, the UN and the UK 
government on energy policy and market growth.
Michael Farrow * † ‡
Non-Executive Director 
Michael Farrow is a Principal and Director of Consortia 
Partnership Limited, a Jersey-licensed trust company.  
He currently sits on the boards of a number of listed 
companies and substantial private funds. He has  
also been Group Company Secretary of Cater Allen 
Jersey, a banking, trustee and investment management 
group. Michael has been a member of Camco’s  
Board of Directors since March 2006, is a member  
of the Audit and Nomination Committees and the 
Chairman of the Remuneration Committee. 
Scott McGregor 
Chief Executive Officer 
Scott McGregor, as CEO, has been a member of the 
Camco Board of Directors since March 2006 and served  
as CFO before being appointed to his current position  
in October 2009. With strong exposure to fund raising 
and strategic development within early-stage and high  
growth companies, Scott has worldwide experience  
in the mining, finance and technology industries and  
has advised leading corporations in North America  
and Europe on environmental initiatives. Former positions 
include finance and development roles for Rio Tinto, 
Merrill Lynch and Skype Technologies. Scott has an  
MBA from the London Business School, a B.Econ  
from Monash University and qualified as a Chartered 
Accountant through PriceWaterhouseCoopers. 
Dr Herta von Stiegel * † ‡
Non-Executive Director 
Herta von Stiegel is Executive Chairman of Ariya Capital 
Group, a private equity firm focusing on sustainable 
investments in Africa. Through senior positions at 
Citibank and JP Morgan, as well as a Managing Director 
role at AIG Financial Products and a more recent role at 
American International Group Inc., Herta has extensive 
experience in building profitable and regulated structured 
finance businesses. She holds a Juris Doctor degree 
from Thomas M. Cooley Law School in Michigan and  
a Masters of Law degree in Taxation from New York 
University School of Law. 29 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Yariv Cohen
President
Yariv Cohen is President of Camco and joined its Board of 
Directors in May last year. During the last three years he has 
led and transformed Camco’s three business units, starting 
with Investment, moving to Carbon and then Advisory in 
succession. He led the teams which executed market leading 
carbon transactions creating cash proceeds of over €30m. 
Mr. Cohen has a proven track record in transformational 
change coming from experience of over a decade as CEO, 
CTO and lead negotiator in high growth companies. During 
this time, Mr. Cohen has worked across Europe, China,  
the Middle East and the US. Mentorship and teaching is  
at the heart of Mr. Cohen’s recipe for delivering success  
for organisations and their individuals. He is a recognised 
business teacher, and holds an MBA with high distinction  
and a Master in Research on Negotiations, both from the 
London School of Business. He also holds several patents.
Paolo Pietrogrande * ‡ 
Non-Executive Director
Paolo Pietrogrande has extensive experience in 
renewables and clean technology. He is currently serving 
as Executive Chairman of 9REN Group and as a board 
member of Ryanair. He has formerly served as CEO  
of Enel Greenpower, CEO of Nuovi Cantieri Apuania, 
Chairman of Netplan Management Consulting, Chairman  
of Atmos Holding and Chairman of Solar Energy Italia.  
He has held executive positions at Enel Group, General 
Electric, KTI, Bain & Company and board membership  
at Ducati Motor Holding and Trinergy.
* Audit Committee 
† Remuneration Committee 
‡ Nomination Committee  Camco Annual Report and Accounts 2010 30
Arthur Houston
Managing Director, Camco EMEA (Carbon) 
As Managing Director of the Camco EMEA Carbon team, 
Arthur is developing and expanding Camco’s Carbon 
business into Africa. He has several years of experience 
in carbon project development and implementation and 
has been with Camco for more than five years. Previously 
he was the Managing Director of Russia and FSU. 
Kent Carter
Camco South East Asia Joint Venture
Kent brings more than 25 years of international 
experience in infrastructure development and investment 
in diverse industries and markets. Prior to joining Camco, 
Kent was at Peak Pacific Investment Company, Asian 
Energy Ventures, a power development firm, and the  
Ipco Group, one of SE Asia’s leading infrastructure 
development and construction firms. Kent holds a  
BSc from the University of British Columbia, Canada.
Business Review
Management T eam
Andrew Twynam
Finance Director
Andrew has been with Camco since 2006. Previous posts 
include Arthur Andersen, Interpublic Group Inc and 3i plc. 
Andrew is a qualified Chartered Accountant, qualifying in 
2003. He heads the London finance team and is responsible 
for financial reporting, financial systems and controls, 
external audit, tax and treasury. He holds a BEng in 
Aeronautical Engineering and an MSc in Computational 
Fluid Dynamics.
Henrik Dalsgard MSc, PhD
Managing Director, Camco China 
Henrik is Managing Director of Camco China. After 
working at StatOil, Denmark and COWI he joined Camco 
in 2007, initially as Director of Operations. Henrik has 
handled the development of CDM processes and technical 
issues, supporting business development and project 
evaluation. Henrik holds an MSc and PhD in Mechanical 
Engineering from the Technical University of Denmark.
Jim Wiest
Managing Director, Camco North America
Jim is responsible for the coordination of Camco’s North 
American carbon origination and commercialization 
activities. He has over 18 years of transactional 
experience in the finance sector with a focus on mergers 
and acquisitions and institutional development financing. 
Jim received his accounting degree from Colorado State 
University and is a Certified Public Accountant.
Stephen Mutimba
Managing Director, Camco Advisory, Kenya
Stephen has been with Camco for nine years, he is an 
environment and renewable energy specialist, with 20 
years’ experience in clean energy, biofuels, forestry, 
policy, institutional research and project management. 
Recently he headed the team that developed the National 
Climate Change Strategy for Kenya. He holds an MSc  
in Forestry, Land Use and Change from Oxford University 
and a Certificate of Economics of Climate Change from 
Cambridge University. 
Craig Holden
Managing Director, Camco Advisory, United Kingdom
Craig is a Professional Mechanical Engineer with 20 years 
industrial experience. He has been with Camco for over 
seven years, specialising in industrial energy management. 
Craig has a bachelor’s degree in mechanical engineering 
from Manchester Metropolitan and a Master in process 
related research from Manchester University. Craig also 
holds project management and engineering management 
qualifications.
Jeff Felten
Managing Director, Camco Advisory, Tanzania
Jeff is the Managing Director of Camco Advisory 
Services Tanzania, and has been with Camco since 
2005. He has been working in the field of sustainable 
development in Africa for over 20 years. He is an 
experienced project manager, team leader, trainer and 
facilitator. He has successfully introduced a variety of 
new technologies into new developing markets, such as 
Jiko stoves in Mali and Benin and solar PV in Tanzania.
Jonathan Curren
Managing Director, Camco Advisory, South Africa
Jonathan has 12 years experience in the sustainable 
energy and climate chance sector, largely in sub-Saharan 
Africa. Jonathan established Camco’s advisory services  
in the region, opening our office there in 2007. He has 
extensive experience in policy and legislation related to 
energy, renewable energy and climate change, and in the 
development and strengthening of institutional frameworks. 
He holds an MSc in Renewable Energy Systems 
Technology and a BSc Hons in Environmental Science. Overview Business Review Governance Financial Statements
31 Camco Annual Report and Accounts 2010 Camco Annual Report and Accounts 2010 32
Governance
Directors’ Report
The Directors present their Directors’ report and financial statements for the year ended 31 December 2010  
(the ‘year’).
Tax and Company Status
Camco International Limited (the ‘Company’) is a public company admitted to the London Stock Exchange’s Alternative 
Investment Market (‘AIM’). The Company is incorporated in Jersey under the Companies (Jersey) Law 1991 as a 
registered public company and regulated by the Jersey Financial Services Commission (‘JFSC’). Until 31 December 
2008 the Company had been granted tax exempt status by the Jersey Comptroller of Income Tax for the year. Effective  
1 January 2009, Jersey’s tax regime changed, the effect of this is limited to the change of status from exempt to liable  
to Jersey income tax at 0%. The Company will apply for and expects to be granted this status for future years.
Principal Activities
The principal activity of the Company and its subsidiaries (together the ‘Group’) is to identify and develop emission 
reduction and clean energy projects.
Financial Review
2010 was a successful year for Camco across all business segments. The Carbon project development business 
accelerated delivery of projects providing a segment result of €12.3m (2009: €8.4m) whilst the Advisory business 
moved to profitability with €0.8m profit (2009: loss €1.7m). The Investment clean energy project development business 
also progressed well with significant contractual rights developed over future project revenues.
Headline revenues grew by 8% to €30.0m (2009: €27.8m) whilst administration expenses reducing by 7% or €1.4m  
as the Group received the full benefit of prior year restructuring programmes and tight cost control generally.
Accrued Income
The Group has net current assets of €43.8m (2009: €44.7m). Net CDC accruals (in accrued income and other payables) 
accounts for a substantial portion of net current assets and grew from €28.0m at the beginning of the year to €31.7m  
at 31 December 2010. This balance represents the current fair value of consideration and future delivery cost of our 
registered and operational carbon projects. These are projects where our work is significantly complete and we are 
awaiting delivery. This net fair value accrued balance of €31.7m is a proxy for future cash and will shortly convert to cash 
as these projects deliver carbon credits, the majority of which are scheduled within the next 0 to 2.5 years. The increase 
in the year (net €3.7m) comes from new projects being registered and reaching operational stage (the point at which we 
recognise revenue and hence fair value our consideration) in 2010 and true-ups to the fair value of pre-2010 registered 
and operational projects. Each year as the Group completes its work and more projects become operational the Fair 
Value balance will increase. The balancing effect on this is cash collection which occurs as projects deliver.
Joint Venture in South East Asia
In September, the Group entered into a Joint Venture agreement to create a new business in South East Asia. Camco 
SEA Ltd was set up with Khazanah Nasional Berhad contributing cash €18.3m in the form of equity and convertible 
bonds. Camco contributed its South East Asia carbon portfolio valued at €12.5m and cash of €3.8m. The realisation  
of this value in the carbon portfolio led to other carbon income in the period of €5.8m. 33 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Cash and Cash Equivalents
At 31 December 2010, the Group had cash and cash equivalents of €12.4m (2009: €28.5m). 
The key movements in cash during 2011 were: carbon deliveries in 2010 (inflow €23.8m), carbon payables on 
deliveries in 2010 (outflow €10.9m), working capital prepayments for carbon (outflow €13.3m), advisory net 
contribution (inflow €0.9m), operating expenditure (outflow €14.6m), investment in Camco SEA JV (outflow €3.8m), 
new shares issued (inflow €2.2m) and other capital items (outflow €0.4m) complete the cash flow for the year.
Where possible, Camco waited with carbon sales from our own ‘in specie’ portfolio to capture higher carbon price in 
the future. The Company was successful in receiving upfront cash on a number of large carbon transactions (notable 
when the carbon price was higher) in 2009 and earlier which lead to payable commitments in 2010. The net reduction 
in cash from capital transactions was €2m and included Camco’s investment in the JV in SEA and new shares issued. 
The cash reduction from recurring operating activities was only €0.8m in the year.
The Directors consider the Group to be in a strong position to manage this cash position and continue creating value 
and profits in the future.
Carbon
The Carbon teams continued to achieve key regulatory milestones resulting in the Camco portfolio continuing to 
deliver as expected. This has led to accelerated issuances of 8.13m tonnes in 2010. Camco continues to originate 
projects which we expect to be registered prior to the end of 2012 and hence eligible for delivery into the EU-ETS 
phase 3 and will therefore provide the Company with a revenue and cash stream from this business until at least 2020.
Advisory
The Advisory business moved to profitability with a 23% increase in gross margin and 21% decrease in costs.  
This led to a segment profit of €0.8m following a loss of €1.7m in 2009. This performance is based on a re-focussed 
operation and a re-balanced cost base following the 2009 restructuring. The net profit margin for this business has 
increased to 14% from loss making percentage in 2009. Order book value has increased to €2.0m during the year 
which bodes well for 2011. In early 2011 it was announced that the two UK advisory businesses are merging which 
should bring additional synergies across business development, operations and administration. This business 
segment is well placed for continued growth in 2011.
Investments
The significant achievements for the project Investment team was the creation of the South East Asian joint venture  
to focus on developing clean energy projects in the region and in the US the establishment of an Agricultural Methane 
to energy development platform. The US business has developed rights for a portfolio of projects being major dairy 
farms. As these projects close, Camco then receives management service fee revenue and an equity stake in the 
future operating revenues. The Camco SEA joint venture has successfully raised €22m to invest in emissions to  
energy projects.
Operations
The Group operates through a network of offices in Europe, Africa, Asia and North America. In general, these offices  
do not enter into Carbon Development Contracts (CDCs) but provide marketing, origination and advisory services to the 
Company to enable it to do so. Once the Company has entered into CDCs the offices may also provide management 
services in respect of these contracts.
Charitable Contributions
The Group has made a charitable contribution of €2,300 during the year (2009: nil). Camco Annual Report and Accounts 2010 34
Directors’ Interests
Details of Directors’ interests in the Company’s shares are shown in Note 30. Save as shown in Note 30, no Director 
had any disclosable interest in the shares of the Company or its subsidiaries during the year.
Corporate Governance
The Directors are committed to a high standard of corporate governance for which they are accountable to stakeholders 
and particularly shareholders. The Group and Company applies, having regard to its size and nature, and so far as it 
considers practical and appropriate, the principles contained in Part 1 of the Combined Code appended to the Listing 
Rules published by the UK Listing Authority. The Company continues to monitor developments in the area of corporate 
governance.
The Board
The Board is ultimately responsible for the effectiveness of the Group’s system of internal control. The roles and 
responsibilities of the Board and senior management are clearly defined and regularly reviewed. The Board includes 
an appropriate balance of executive and Non-Executive Directors and meets formally four times a year and on such 
other occasions as required by the demands of the business. It is supplied with information by senior management  
in a timely and accurate manner, appropriate to enable it to discharge its duties of reviewing and approving the 
Company’s strategy, budgets, major items of capital expenditure and acquisitions.
The Roles of the Chairman and the Chief Executive Officer
The division of responsibilities between Chairman of the Board and the Chief Executive Officer is clearly defined.  
Their responsibilities are outlined below.
The Chairman
The Chairman leads the Board in the determination of its strategy and in the achievement of its objectives. The 
Chairman is responsible for organising the business of the Board, ensuring its effectiveness and setting its agenda. 
The Chairman has no involvement in the day-to-day business of the Group. The Chairman facilitates the effective 
contribution of Non-Executive Directors and manages constructive relations between Non-Executive and Executive 
Directors. The Chairman ensures that regular reports from the Company’s brokers are circulated to the Non-Executive 
Directors to enable Non-Executive Directors to remain aware of shareholders’ views. The Chairman ensures effective 
communication with the Company’s shareholders.
The Chief Executive Officer
The Chief Executive Officer has direct charge of the Group on a day-to-day basis and is accountable to the Board  
for the financial and operational performance of the Group. The Chief Executive Officer has formed a Management 
Committee to enable him to carry out the responsibilities delegated to him by the Board. The Management Committee 
comprises all Executive Directors and senior managers from each business region. The Management Committee meet 
on a regular basis to consider operational matters and implement the Group’s strategy.
The Directors
David Potter Non-Executive Chairman Resigned on 17 May 2010
Jeffrey Kenna  Vice Chairman  
Non-Executive Acting Chairman Appointed on 17 May 2010
Scott McGregor Chief Executive Officer  
Yariv Cohen Executive Director Appointed on 4 May 2010
Michael Farrow Non-Executive 
Dr Herta von Stiegel Non-Executive 
Paolo Pietrogrande Non-Executive 
Directors’ Report (continued) 35 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
The Board’s Committees
The Board has formally established three committees in accordance with the Combined Code to provide oversight  
to support the proper governance of the Company, these are outlined below.
The Audit Committee
The Audit Committee comprises Paolo Pietrogrande (Chairman), Michael Farrow and Dr Herta von Stiegel who are  
all Non-Executive Directors.
The Committee is responsible for the following functions recommended by the Combined Code including:
Review of the annual financial statements and interim reports prior to approval, focusing on changes in accounting •	
policies and practices, major judgemental areas, significant audit adjustments, going concern and compliance with 
accounting standards, Stock Exchange and legal requirements;
Receive and consider reports on internal financial controls, including reports from the auditors and report their •	
findings to the Board;
Consider the appointment of the auditors and their remuneration including reviewing and monitoring of •	
independence and objectivity;
Meet with the auditors to discuss the scope of the audit, issues arising from their work and any matters the auditors •	
wish to raise;
Develop and implement policy on the engagement of the external auditor to supply non-audit services; •	
Review the Group’s corporate review procedures and any statement on internal control prior to endorsement by  •	
the Board; 
Responsibility for a study and review of risk management process and making recommendations to the Board; and •	
Review the requirement for an internal audit function. •	
The Remuneration Committee
The Remuneration Committee comprises Michael Farrow (Chairman), Dr Herta von Stiegel and Jeff Kenna, who are 
Non-Executive Directors.
The Committee has the following key duties:
Reviewing and recommending the emoluments, pension entitlements and other benefits of the Executive Directors •	
and as appropriate other senior executives; and
Reviewing the operation of share option schemes and Long-Term Incentive Plans and the granting of such options. •	
The Nomination Committee
The Nomination Committee comprises Jeff Kenna (Acting Chairman), Michael Farrow, Dr Herta von Stiegel and Paolo 
Pietrogrande who are Non-Executive Directors.
The Committee is responsible for considering all potential appointments to the Board and to make suitable proposals 
to the Board in relation to potential appointments.
The Company Secretary
The Company secretary is Consortia Partnership Limited, a Jersey-based limited liability company regulated by the 
Jersey Financial Services Commission. Michael Farrow is a Director of this company. Camco Annual Report and Accounts 2010 36
Relations with Shareholders
The Company provides shareholders and stakeholders with relevant information in a timely and balanced manner.  
We understand and respect the rights of shareholders, will convene Annual General Meetings in full consideration  
of these rights and encourage full participation of both institutional and private investors.
Internal Control
The Audit Committee is responsible on behalf of the Board for the Group’s system of internal control and has taken into 
account the relevant provisions of the Combined Code in formulating the systems and procedures in operation by the 
Group. Such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and 
provide only reasonable and not absolute assurance against material misstatement or loss. The Board is aware of the 
need to conduct regular risk assessments to identify any deficiencies in the controls currently operating over all aspects 
of the Group. The Board will conduct a formal risk assessment on an annual basis but will also report by exception on 
any material changes during the year.
Risk Assessment
In determining what constitutes a sound system of internal control the Board considers:
The nature and extent of the risks regarded as acceptable for the Company to bear within its particular business; •	
The threat of such risks becoming reality; •	
The Company’s ability to reduce the incidence and impact on business if the risk crystallises; •	
The costs and benefits resulting from operating relevant controls; and •	
Recommendations from the Audit Committee as part of its overall responsibility for risk. •	
Policies 
Through the regular meetings of the Board and the schedule of matters reserved for the Board’s committees, the 
Board aims to maintain full and effective control over appropriate strategic, financial, operational and compliance 
issues. The Board has put in place an organisational structure with clearly defined lines of responsibility and 
delegation of authority. For each financial year, the Board considers and approves a strategic plan and financial 
budget. In addition, there are established procedures and processes for planning and controlling expenditure  
and making investments.
Processes
Review of monthly management accounts with comparison of actual performance against budget and •	
consideration of the outturn for the year; 
Monthly reconciliation of all control accounts; •	
Approval by the Board is required for major investments outside the budget; and •	
Segregation of duties between relevant functions and departments. •	
Directors’ Report (continued) 37 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Going Concern
The Group’s business activities, together with the factors likely to affect its future development, performance and 
position are set out in the Financial Review. The financial position of the Group, its cash flows and liquidity position are 
described in the same review. In addition, Notes 22 to 23 to the financial statements includes the Group’s objectives, 
policies and processes for managing its capital; its financial risk management objectives; details of its financial 
instruments and its exposures to credit risk and liquidity risk.
The Group has considerable financial resources together with long-term relationships with a number of customers 
across different geographic areas and industries. As a consequence, the Directors believe that the Group is well 
placed to manage its business risks successfully. 
After making enquires the Directors are satisfied that the Group and the Company have adequate resources to 
continue to operate for the foreseeable future. For this reason, they consider it appropriate for the financial statements 
to be prepared on a going concern basis.
Audit Information
Each of the Directors confirms that: (a) so far as they are aware, there is no relevant audit information of which the 
Group’s auditors are unaware; and (b) they have taken all steps they ought to have taken to make themselves aware  
of any relevant audit information and to establish that the Group’s auditors are aware of such information.
Auditors
On 17 May 2010 the Company resolved to reappoint KPMG Audit Plc as the Group’s auditors for the year ended  
31 December 2010.
By Order of the Board
Michael Farrow
Consortia Partnership Limited 
Company Secretary
21 February 2011
Registered Office: 
Channel House 
Green Street 
St Helier 
JE2 4UH  Camco Annual Report and Accounts 2010 38
Governance
Report of the Remuneration Committee
Composition and Terms of Reference
The Remuneration Committee was established on admission to AIM on 25 April 2006 and comprises only independent 
Non-Executive Directors. Its members during the year were Michael Farrow (Chairman), Dr Herta von Stiegel and Jeff 
Kenna. David Potter resigned on 17 May 2010. The Committee’s terms of reference take into account the provisions of 
the Combined Code on corporate governance for smaller companies and ensure that processes designed to retain 
and remunerate the Executive Directors and management are consistent with current best practice.
Directors’ Remuneration Policy
Non-Executive Directors
The Company’s policy for Non-Executive Directors (including the Chairman) is to pay fees which are competitive with 
fees paid by other similar AIM listed companies of commensurate size and growth prospects. Non-Executives are not 
currently eligible for bonuses, share options, long-term incentives, pensions or performance related remuneration.
Executive Directors
The Company’s policy for Executive Directors is to provide remuneration and other benefits sufficient to attract, retain 
and motivate executives of the calibre required. Total remuneration includes salary, performance related bonuses, 
share options and long-term incentives. Bonuses are provided at the discretion of the Remuneration Committee and 
are performance related. Share options and long-term incentives are provided to motivate and retain Executive 
Directors’ services.
Directors’ Remuneration During the Year
      2010 2010 2010 2010 
     Salaries Performance Pension  
     and fees bonus contribution Total 
     €’000 €’000 €’000 €’000
Executive Directors 
Scott McGregor     227 232 11 470
Yariv Cohen*     153 232 8 393
    
Non-Executive Directors    
David Potter**     76 – – 76
Jeffrey Kenna***     168 – 8 176
Michael Farrow     38 – – 38
Dr Herta von Stiegel     38 – – 38
Paolo Pietrogrande     41 – – 41
Total     741 464 27 1,232
 
* Yariv Cohen’s remuneration is disclosed from 4 May 2010, the date of his appointment as an Executive Director. 
**  Includes an ex-gratia payment of €30,000 and payment of €46,000 in accordance with his service contract to 17 May 2010. As part of his settlement, Mr Potter 
was awarded a grant of 200,000 shares at an exercise price of €0.01 on 15 June 2010.
*** Until 17 May 2010 Jeffrey Kenna was an Executive Director in his capacity as Vice Chairman. 39 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
      2009 2009 2009 2009 
     Salaries Performance Pension  
     and fees bonus contribution Total 
     €’000 €’000 €’000 €’000
Executive Directors
Scott McGregor     173 – 9 182
Jeffrey Kenna     194 – 10 204
    
Non-Executive Directors    
David Potter     72 – – 72
Michael Farrow     36 – – 36
Dr Herta von Stiegel     36 – – 36
Paolo Pietrogrande     6 – – 6
Total     517 – 19 536
 
Defined Contribution Retirement Benefit Plan
The Group operates a defined contribution retirement benefit plan for qualifying Directors and employees. The assets 
of this plan are held separately from those of the Group. The only obligation of the Group is to make the contributions.
Long-Term Incentive Plan (LTIP)
The Board has approved the LTIP under which Directors and employees are entitled to equity-settled payment following 
vesting years after 31 December 2010, 2011 and 2012 and upon certain market and non-market performance conditions 
being met for reporting years ending 31 December 2010, 2011 and 2012.
The purpose of the LTIP is to incentivise Directors and employees to ensure profit and share price performance 
targets are met over the vesting year. The LTIP will align Directors’ objectives with those of the shareholders.
The LTIP will vest at different levels depending on the Company’s share price performance as compared with 
comparator groups and industry comparables over the vesting year. The comparator groups consist of a basket of 
SmallCap companies at the grant date (adjusted for mergers, demergers and delistings during the performance year) 
and a basket of companies in the same sector. The Company’s percentage rank is its rank in a comparator group 
divided by the number of companies in the group at the end of the performance year expressed as a percentage.
The LTIP will vest at differing levels at the discretion of the remuneration committee depending on the achievement  
of profit targets and performance as compared with comparator groups over the vesting year. Camco Annual Report and Accounts 2010 40
    At 31    At 31 
   December 2009    December 2010 
   Share awards    Share awards Price payable 
   outstanding Granted Forfeited Vested outstanding (per share) 
   Number Number Number Number Number €
Scott McGregor   3,029,393 – – (779,393) 2,250,000 0.01
Jeffrey Kenna*   1,948,480 – (798,987) (500,000) 649,493 0.01
Yariv Cohen   3,408,333 – – (1,158,333) 2,250,000 0.01
Total   8,386,206 – (798,987) (2,437,726) 5,149,493 
 
* Jeffrey Kenna’s awards relate to the period in the year when he was an Executive Director.
The Company’s share price at the end of the year was €0.18 (2009: €0.16). The highest share price in the year was 
€0.21 (2009: €0.18) and the lowest €0.14 (2009: €0.12). LTIP awards are scheduled to vest annually after audited 
results for each of 2010, 2011 and 2012 financial year results are confirmed.
The share-based payment charge booked in these financial statements for Scott McGregor, Yariv Cohen and Jeff 
Kenna is €71,000 (2009: €74,000).
Directors’ Service Contracts
Non-Executive Directors, including the Chairman, hold office under the Company’s Articles of Association and do not 
have service contracts. The Chairman is entitled to six months notice prior to termination of his appointment. The other 
Non-Executive Directors are entitled to three months notice prior to termination of their appointment. Following these 
notice periods there is no further entitlement to compensation or other benefits.
The Group’s policy is that Executive Directors’ notice periods should not exceed one year. Scott McGregor and  
Yariv Cohen have employment contracts with the Group dated 16 March 2006 and 4 May 2010 respectively and  
are terminable with three months’ notice given by the Group or employee. There are no provisions for compensation  
for early termination of these contracts, with the exception of change of role in the event of a merger or acquisition.
Audit
The tables above compromise part of the audited financial statements.
By Order of the Board
Michael Farrow
Remuneration Committee Chairman
21 February 2011
Governance 
Report of the Remuneration Committee (continued) 41 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Governance
Statement of Directors’ Responsibilities in Respect  
of the Annual Report and the Financial Statements
The Directors are responsible for preparing the Annual Report and the Group financial statements in accordance with 
applicable law and regulations.
Company law requires the Directors to prepare group financial statements for each financial year. As required by the 
AIM Rules of the London Stock Exchange they are required to prepare the group financial statements in accordance 
with IFRSs as adopted by the EU and applicable law.
Under Jersey Company law the Directors must not approve the financial statements unless they are satisfied that they 
give a true and fair view of the state of affairs of the Group and of its profit or loss for that period.
In preparing each of these 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 whether they have been prepared in accordance with IFRSs as adopted by the EU; and •	
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company •	
will continue in business. 
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain  
the Group’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and 
enable them to ensure that its financial statements comply with the Companies (Jersey) Law 1991. They have general 
responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to 
prevent and detect fraud and other irregularities.
The Directors have decided to prepare voluntarily a Directors’ Remuneration Report in accordance with Schedule 8 to 
the Companies Act 2006 The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 
2008, as if those requirements were to apply to the Company. 
The Directors are responsible for the maintenance and integrity of the corporate and financial information included  
on the Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements 
may differ from legislation in other jurisdictions. Camco Annual Report and Accounts 2010 42
Governance
Independent Auditor’s Report to the  
Members of Camco International Limited
We have audited the Group financial statements (the ‘financial statements) of Camco International Limited for the  
year ended 31 December 2010 which comprise the Consolidated Statement of Financial Position, the Consolidated 
Statement of Comprehensive Income, the Consolidated Statement of Changes in Equity, the Consolidated Statement 
of Cash Flow and 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 EU.
In addition to our audit of the financial statements, the Directors have engaged us to audit the information in the 
Directors’ Remuneration Report that is described as having been audited, which the Directors have decided to 
prepare as if the company were required to comply with the requirements of Schedule 8 to the Companies Act 2006 
The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008 No. 410).
This report is made solely to the Company’s members, as a body, in accordance with Article 113A of the Companies 
(Jersey) Law 1991 and, in respect of the separate opinion in relation to the Directors’ Remuneration Report and 
reporting on corporate governance, on terms that have been agreed. Our audit work has been undertaken so that  
we might state to the Company’s members those matters we are required to state to them in an auditor’s report and,  
in respect of the separate opinion in relation to the Directors’ Remuneration Report, those matters that we have agreed 
to state to them in our report, and for no other purpose. To the fullest extent permitted by law, we do not accept or 
assume responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, 
for this report, or for the opinions we have formed.
Respective Responsibilities of Directors and Auditor
As explained more fully in the Directors’ Responsibilities Statement, 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 (APB’s) Ethical 
Standards for Auditors.
Scope of the Audit of the Financial Statements
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/
scope/private.cfm.
Opinion on Financial Statements
In our opinion:
The financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2010 and  •	
of the group’s profit for the year then ended;
The group financial statements have been properly prepared in accordance with IFRSs as adopted by the EU; and •	
The financial statements have been prepared in accordance with the requirements of the Companies (Jersey)  •	
Law 1991. 43 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Opinion on Other Matters Under the Terms of Our Engagement
In our opinion:
The part of the Directors’ Remuneration Report which we were engaged to audit has been properly prepared in •	
accordance with Schedule 8 to the Companies Act 2006 The Large and Medium-sized Companies and Groups 
(Accounts and Reports) Regulations 2008, as if those requirements were to apply to the Company.
Matters on Which We Are Required to Report by Exception
Under the Companies (Jersey) Law 1991 and under the terms of our engagement we are required to report to you if,  
in our opinion:
Adequate accounting records have not been kept by the company, or returns adequate for our audit have not been •	
received from branches not visited by us; or
The financial statements and the part of the Directors’ Remuneration Report which we were engaged to audit are •	
not in agreement with the accounting records and returns; or
We have not received all the information and explanations we require for our audit. •	
Adrian John Wilcox (Senior Statutory Auditor) 
for and on behalf of KPMG Audit Plc, Statutory Auditor
 
Chartered Accountants 
Registered Auditor
8 Salisbury Square 
London
21 February 2011  Camco Annual Report and Accounts 2010 44
Financial Statements
Consolidated Statement of Financial Position
at 31 December 2010
        2010 2009  
      Notes €’000 €’000
Non-current assets   
Property, plant and equipment      13 740 728
Goodwill on acquisition      14 1,959 2,149
Other intangible assets      14 452 789
Intangible assets – carbon in specie      14 2,030 –
Investments in associates and joint ventures     15 11,921 1,146
Other investments      16 236 225
Deferred tax assets      11 192 216
        17,530 5,253
   
Current assets   
Work in progress – carbon development contracts     17 6,053 7,321
Prepayments and accrued income      18 45,510 37,096
Trade and other receivables      19 5,563 4,640
Cash and cash equivalents      20 12,382 28,463
        69,508 77,520
Total assets       87,038 82,773
   
Current liabilities   
Loans and borrowings      24 (485) (236)
Trade and other payables      21 (25,078) (31,474)
Tax payable       (143) (1,123)
Deferred consideration      25 – (27)
        (25,706) (32,860)
   
Non-current liabilities   
Loans and borrowings      24 (12) (5)
Deferred consideration      25 – (32)
Deferred tax liabilities      11 (126) (221)
        (138) (258)
Total liabilities       (25,844) (33,118)
Net assets       61,194 49,655 45 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
        2010 2009  
      Notes €’000 €’000
Equity attributable to equity holders of the parent 
Share capital      26 1,856 1,730
Share premium       74,861 72,277
Share-based payment reserve       1,173 1,856
Retained earnings       (15,645) (25,711)
Translation reserve       (890) (106)
Own shares       (161) (391)
Total equity       61,194 49,655
   
These financial statements were approved and authorised for issue by the Board of Directors on 21 February 2011 and 
were signed on its behalf by:
Michael Farrow
Director Camco Annual Report and Accounts 2010 46
Financial Statements
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2010
        2010 2009*  
      Notes €’000 €’000
Continuing operations 
Revenue      3 30,036 27,774
Cost of sales       (9,482) (7,097)
   
Gross profit       20,554 20,677
Other income – carbon      4 5,770 –
Other income – net gain on disposal of investment     4 – 310
Other income – negative goodwill arising on acquisition    4 – 303
Administrative expenses      5 (17,836) (18,890)
Restructuring charges      5 (82) (432)
Impairment of goodwill on acquisition      14 – (11,973)
   
Results from operating activities       8,406 (10,005)
Financial income      9 2,624 1,228
Financial expenses      9 (1,223) (1,948)
Net financing income/(expense)       1,401 (720)
   
Share of loss of equity-accounted investees      (187) –
   
Profit/(loss) before tax       9,620 (10,725)
Income tax expense      11 894 (130)
Profit/(loss) from continuing operations       10,514 (10,855)
   
Discontinued operation   
Loss from discontinued operation (net of income tax)      (449) (60)
   
Profit/(loss) for the year       10,065 (10,915)
   
Other comprehensive income   
Exchange differences on translation of foreign operations     (784) 353
Total comprehensive income for the year       9,281 (10,562)
   
Profit/(loss) for the year attributable to:   
Equity holders of the parent       10,065 (10,597)
Non-controlling interest       – (318)
Profit/(loss) for the year       10,065 (10,915)
   
Total comprehensive income for the year attributable to:   
Equity holders of the parent       9,281 (10,277)
Non-controlling interest       – (285)
Total comprehensive income for the year       9,281 (10,562)
   
* Restated as per Note 10.    47 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
       Notes 2010 2009* 
Basic profit/(loss) per share in € cents
From continuing operations      12 5.93 (6.40)
From continuing and discontinued operations     12 5.67 (6.43)
   
Diluted profit/(loss) per share in € cents   
From continuing operations      12 5.92 (6.34)
From continuing and discontinued operations     12 5.67 (6.38)
   
* Restated as per Note 10.  Camco Annual Report and Accounts 2010 48
Financial Statements
Consolidated Statement of Changes in Equity
for the year ended 31 December 2010
   2010 2010 2010 2010 2010 2010 2010 2010 2010 
        Total equity to  
    Share-based    attributable Non-  
  Share Share payment Retained Translation Own shareholders controlling Total 
  capital premium reserve earnings reserve shares of the Company interest equity 
 Notes €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000
Balance as at 1 January  1,730 72,277 1,856 (25,711) (106) (391) 49,655 – 49,655
Total comprehensive  
income for the year          
Profit for the year  – – – 10,065 – – 10,065 – 10,065
Other comprehensive income          
Foreign currency  
transaction differences  – – – – (784) – (784) – (784)
Total comprehensive  
income for the year  – – – 10,065 (784) – 9,281 – 9,281
Transactions with owners,  
recorded directly in equity          
Contributions by and  
distributions to owners          
Share-based payments 7 – – 102 1 – – 103 – 103
Issuance of shares  126 2,584   – (555) 2,155 – 2,155
Own shares  – – (785) – – 785 – – –
Total contributions by and  
distributions to owners  126 2,584 (683) 1 – 230 2,258 – 2,258
Changes in ownership interests  
in subsidiaries that do not  
result in a loss of control          
Acquisition & settlement of  
non-controlling interest  – – – – – – – – –
Total changes in ownership  
interests in subsidiaries  – – – – – – – – –
Total transactions with owners 126 2,584 (683) – – 230 2,258 – 2,258
Balance at 31 December  1,856 74,861 1,173 (15,645) (890) (161) 61,194 – 61,194
           49 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
   2009 2009 2009 2009 2009 2009 2009 2009 2009 
        Total equity to  
    Share-based    attributable Non-  
  Share Share payment Retained Translation Own shareholders controlling Total 
  capital premium reserve earnings reserve shares of the Company interest equity 
 Notes €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000
Balance as at 1 January  1,675 71,619 2,751 (14,972) (426) (1,170) 59,477 102 59,579
Total comprehensive  
income for the year          
Loss for the year  – – – (10,597) – – (10,597) (318) (10,915)
Other comprehensive income          
Foreign currency  
transaction differences  – – – – 320 – 320 33 353
Total comprehensive  
income for the year  – – – (10,597) 320 – (10,277) (285) (10,562)
Transactions with owners,  
recorded directly in equity          
Contributions by and  
distributions to owners          
Share-based payments 7 – – 296 41 – – 337 – 337
Issuance of shares  55 658 – – – (412) 301 – 301
Own shares  – – (1,191) – – 1,191 – – –
Total contributions by and  
distributions to owners  55 658 (895) 41 – 779 638 – 638
Changes in ownership interests  
in subsidiaries that do not  
result in a loss of control          
Acquisition & settlement of  
non-controlling interest  – – – (183) – – (183) 183 –
Total changes in ownership 
interests in subsidiaries  – – – (183) – – (183) 183 –
Total transactions with owners 55 658 (895) (142) – 779 455 183 638
Balance at 31 December  1,730 72,277 1,856 (25,711) (106) (391) 49,655 – 49,655
           Camco Annual Report and Accounts 2010 50
Financial Statements
Consolidated Statement of Cash Flow
for the year ended 31 December 2010
        2010 2009  
      Notes €’000 €’000
Continuing operations 
Cash flows from operating activities   
Revenue, payments on account and deferred income received     32,193 26,162
Cash paid to suppliers       (35,728) (10,750)
Cash paid to employees       (12,298) (11,861)
Interest received       83 126
Interest paid       (16) (74)
Income tax paid       (146) (657)
Net cash (outflow)/inflow from operating activities      (15,912) 2,946
   
Cash flows from investing activities   
Proceeds from sales of investments       1,303 2
Payment for acquisition of joint venture       (3,791) –
Settlement of deferred consideration      25 – (163)
Acquisition of property, plant and equipment     13 (309) (127)
Net cash outflow from investing activities      (2,797) (288)
   
Cash flows from financing activities   
Proceeds from the issue of share capital       2,188 55
Proceeds from new loan       – 17
Repayment of borrowings       (18) (312)
Payment of finance lease liabilities       (87) (200)
Net cash inflow/(outflow) from financing activities      2, 083 (440)
Net (decrease)/increase in net cash and cash equivalents     (16,626) 2,218
Net cash and cash equivalents at 1 January       28,324 26,155
Effect of foreign exchange rate fluctuations on cash held     209 (49)
Net cash and cash equivalents at 31 December     20 11,907 28,324 51 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Financial Statements
Notes
(forming part of the financial statements)
1 Accounting Policies
 
Camco International Limited (the ‘Company) is a public company incorporated in Jersey under the Companies 
(Jersey) Law 1991. The address of its registered office is Channel House, Green Street, St Helier, Jersey JE2 4UH.  
The consolidated financial statements of the Company for the year ended 31 December 2010 comprise the Company, 
its subsidiaries and associates and jointly controlled entities (together the ‘Group). The Company is admitted to the 
Alternative Investment Market (AIM) of the London Stock Exchange.
A Statement of Compliance       
These consolidated financial statements have been prepared and approved by the Directors in accordance with 
International Financial Reporting Standards as adopted by the European Union (adopted IFRS).
These consolidated financial statements have been prepared in accordance with and in compliance with the Companies 
(Jersey) Law 1991 an amendment to which means separate parent company financial statements are now not required.
These consolidated financial statements were approved by the Board on 21 February 2011.
B Basis of Preparation       
The financial statements are presented in Euros, the functional currency of the Company, rounded to the nearest 
thousand Euros.         
The preparation of financial statements in conformity with adopted IFRS requires management to make judgements, 
estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income 
and expenses. The estimates and associated assumptions are based on historical experience and other factors that are 
believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about 
carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from 
these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are 
recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision 
and future years if the revision affects both current and future years. The most significant techniques for estimation are 
described in the accounting policies below and Note 31.
The accounting policies set out below have been applied consistently in the year and presented in these consolidated 
financial statements. The accounting policies have been consistently applied across all Group entities for the 
purposes of producing these consolidated financial statements. 
The financial statements have been prepared on the historical cost basis and on a going concern basis. The Group’s 
business activities, together with the financial position of the Group, its performance, cash flows and liquidity position  
are set out in the Directors’ Report on pages 32-37. In addition Notes 22 and 23 to the financial statements include the 
Group’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of 
its financial instruments; and its exposures to credit risk and liquidity risk.
The Group has considerable financial resources together with long-term contracts with a number of customers and 
suppliers across different geographic areas and industries. As a consequence, the Directors believe that the Group  
is well placed to manage its business risks successfully.
After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate 
resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going 
concern basis in preparing the annual report and accounts. Camco Annual Report and Accounts 2010 52
1 Accounting Policies (continued)
Basis of Consolidation 
Subsidiaries 
Subsidiaries are entities controlled by the Group. Control exists when the Group has the power 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 currently are exercisable are taken into account. The financial statements of subsidiaries are included in  
the consolidated financial statements from the date that control commences until the date that control ceases. The 
accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted  
by the Group.
Associates and jointly controlled entities 
Associates are those entities in which the Group has significant influence, but not control, over the financial and 
operating policies. Significant influence is presumed to exist when the Group holds between 20 and 50 percent of  
the voting power of another entity. Joint ventures are those entities over whose activities the Group has joint control, 
established by contractual agreement and requiring unanimous consent for strategic financial and operating decisions. 
Associates and jointly controlled entities are accounted for using the equity method and are initially recognised  
at cost. The Group’s investment includes goodwill identified on acquisition, net of any accumulated impairment  
losses. The consolidated financial statements include the Group’s share of the income and expenses and equity 
movements of equity accounted investees, after adjustments to align the accounting policies with those of the Group, 
from the date that significant influence or joint control commences until the date that significant influence or joint 
control ceases. When the Group’s share of losses exceeds its interest in an equity accounted investee, the carrying 
amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is 
discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee.
Transactions eliminated on consolidation 
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, 
are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity 
accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised 
losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
Business Combinations
The Group adopted IFRS 3 Business Combinations (2008) and IAS 27 Consolidated and Separate Financial Statements 
(2008) for all business combinations occurring in the financial year starting 1 January 2009. All business combinations 
occurring on or after 1 January 2009 are accounted for by applying the acquisition method. The change in accounting 
policy is applied prospectively, although there have been no business combinations in the year.
Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.  
In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The acquisition 
date is the date on which control is transferred to the acquirer. Judgement is applied in determining the acquisition date and 
determining whether control is transferred from one party to another.
The Group adopted IFRS 3 Business Combinations (2008) and IAS 27 Consolidated and Separate Financial Statements 
(2008) for acquisitions of non-controlling interests occurring in the financial year starting 1 January 2009. The Group  
also applied IAS 27 (2008) for the disposal and acquisition of non-controlling interests that do not result in loss of control.
Notes (continued) 53 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Acquisitions and disposals of non-controlling interests are accounted for as transactions with equity holders in their 
capacity as equity holders and therefore no goodwill is recognised as a result of such transactions. Previously, goodwill 
was recognised arising on the acquisition of a non-controlling interest in a subsidiary; and that represented the excess of 
the cost of the additional investment over the fair value of the interest in the net assets acquired at the date of exchange. 
The change in accounting policy was applied prospectively and had no material impact on earnings per share.
The Group applied IAS 27 (2008) in accounting for transactions which result in the loss of control of subsidiaries (see 
Note 4). Under the accounting policy transactions that result in loss of control are accounted for by derecognising the 
previously consolidated assets and liabilities of the subsidiary and the carrying amount of any non-controlling interests 
in the former subsidiary and recognising the retained investment at its fair value at the date when control is lost and 
any consideration received. The resulting difference, including any related gains or losses previously recognised in 
other comprehensive income that qualify to be recycled to profit or loss, is recognised in profit or loss as a gain or  
loss on the disposal.
C Accounting for Carbon Development Contracts (CDCs)     
The Group enters into CDCs with clients from which carbon credits are received. Carbon credits under the Kyoto 
Protocol, also known as Certified Emission Reductions (CERs) or Emission Reduction Units (ERUs) are generated 
through the highly regulated Carbon Development Mechanism (CDM) and Joint Implementation (JI) processes 
respectively. These follow a number of steps including the approval of the project methodology and monitoring 
procedures, project design, project approval by the Designated National Authority (DNA), project validation  
by a Designated Operational Entity or equivalent (DOE), project acceptance by the host country, registration, 
verification and certification by a DOE. Verification of carbon credit production takes place at least once a year  
during the production year. The Group works with the client at all stages of the process using proprietary knowledge 
and experience to negotiate this complex process. Carbon credits are also generated outside the Kyoto Protocol 
under voluntary or regional emission reduction schemes.
Revenue recognition on CDC consultancy services      
The Group derives revenue from the provision of consultancy services to carbon project clients under CDCs. The 
Group receives payment for the services by either cash commission or non-cash carbon credit. Revenue from CDCs 
is only recognised once the Group’s services to secure the production of carbon credits are significantly complete 
and receipt of the consideration, be it cash or carbon credits, can be forecast reliably. Revenue is recognised once  
a CDC is registered by a DOE (where payment is due to Camco irrespective of a CDC’s registration this criteria will  
not apply) and Camco has provided significantly all of its services.
The timing of revenue collection is uncertain as carbon credits may be generated over subsequent years as they are 
issued. The amount and timing of commission or carbon credits to be received may be dependent upon the number  
of carbon credits received by the customers, which is determined by assessing the specific technical, contract and 
economic risks identified on the project.
Revenue is recognised at the fair value of the consideration receivable from the contracts, at which point accrued  
income is recognised. The fair value is the estimated net value of the carbon credits to be received, which is dependent 
upon the expected number to be delivered and the intrinsic value. If the expected number or value of the carbon credits 
subsequently changes an adjustment is made to the accrued income balance with an associated credit or debit taken  
to revenue. The unwinding of any financing element of accrued income is recognised as finance income or expense.
The CDCs are scheduled to deliver of carbon credits under Clean Development Mechanism and other regional 
schemes until at least 2020. The Group and Company has taken advantage of the own use exemption in relation  
to carbon credits and as such does not account for the contract under IAS 39 and 32. Camco Annual Report and Accounts 2010 54
1 Accounting Policies (continued) 
Treatment of CDC costs
CDC costs are presented under current assets as work in progress. CDCs acquired by the Group are recorded 
initially at cost (or fair value if through business combination).
Subsequently, the directly attributable costs are added to the carrying amount of CDCs. These costs are only carried 
forward to the extent that they are expected to be recouped through the successful completion of the contracts. The 
costs comprise consultancy fees, license costs, technical work and directly attributable administrative costs. All other 
costs are expensed as incurred. CDC costs carried as work in progress are stated at the lower of cost and net 
realisable value. 
Once the revenue recognition criteria on these contracts are met the CDC costs incurred on them are expensed in full. 
Accrued income is derecognised when the CERs or cash commission receivable under the CDC consultancy 
contracts are sold.
D Revenue Recognition on Other Consultancy Services 
Advisory revenue from consultancy services provided is recognised in the income statement in proportion to the stage  
of completion of the consultancy contract. The stage of completion is assessed by reference to the overall contract value.
Investment revenue consists of management service fees which are recognised pro-rata over the period of the service 
contract.
E Goodwill on Acquisition  
Subsidiary 
Acquisition since 1 January 2009 the Group measures goodwill as the fair value of the consideration transferred 
including the recognised amount of any non-controlling interest in the acquiree, less the net recognised amount 
(generally fair value) of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date.
Consideration transferred includes the fair values of the assets transferred, liabilities incurred by the Group to the 
previous owners of the acquiree, and equity interests issued by the Group. Consideration transferred also includes  
the fair value of any contingent consideration.
A contingent liability of the acquiree is assumed in a business combination only if such a liability represents a present 
obligation and arises from a past event, and its fair value can be measured reliably. 
The Group measures any non-controlling interest at its proportionate interest in the identifiable net assets of the acquiree.
Transaction costs that the Group incurs in connection with a business combination, such as finder’s fees, legal fees, 
due diligence fees and other professional and consulting fees are expensed as incurred.
Acquisitions prior to 1 January 2009 
For acquisitions prior to 1 January 2009, goodwill represents the excess of the cost of the acquisition over the Group’s 
interest in the recognised amount (generally fair value) of the identifiable assets, liabilities and contingent liabilities of 
the acquiree. When the excess was negative, a bargain purchase gain was recognised immediately in profit or loss.
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurred in 
connection with business combinations were capitalised as part of the cost of the acquisition.
Notes (continued) 55 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Acquisitions of non-controlling interests 
Acquisitions of non-controlling interests are accounted for as transactions with equity holders in their capacity as 
equity holders and therefore no goodwill is recognised as a result of such transactions.
Subsequent measurement 
Goodwill is measured at cost less accumulated impairment losses. In respect of equity accounted investees, the 
carrying amount of goodwill is included in the carrying amount of the investment, and an impairment loss on such  
an investment is not allocated to any asset, including goodwill, that forms part of the carrying amount of the equity 
accounted investee.
Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment.
F Intangible Assets       
Research and development 
Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge  
and understanding, is recognised in profit or loss when incurred.
Development activities involve a plan or design for the production of new or substantially improved products and 
processes. Development expenditure is capitalised only if development costs can be measured reliably, the product or 
process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and 
has sufficient resources to complete development and to use or sell the asset. The expenditure capitalised includes the 
cost of materials, direct labour and overhead costs that are directly attributable to preparing the asset for its intended 
use. Other development expenditure is recognised in profit or loss as incurred.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated 
impairment losses.      
Other intangible assets 
Other intangible assets are considered to have a finite life and are stated at cost less accumulated amortisation. 
Amortisation is charged to the income statement on a straight line basis over the expected life of the asset. 
Subsequent expenditure 
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific 
asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is 
recognised in profit or loss as incurred.
Carbon in specie 
The Group has a number of carbon credit registry accounts used to receive carbon credits from its projects. These 
carbon credits are either transferred to buyers under existing sales contracts or, in the case of in specie consideration 
to the Group, sold for cash. Carbon credits held at the balance sheet date are recognised as an intangible asset and 
valued at the relevant market price or contract price.
G Property, Plant and Equipment
Computer and office equipment 
Computer and office equipment is held at historical cost less accumulated depreciation and impairment losses. 
Depreciation is charged to the income statement on a straight line basis over the estimated useful life of three years.
Leasehold improvements 
Leasehold improvements are held at historical cost less accumulated depreciation and impairment losses. 
Depreciation is charged to the income statement on a straight line basis over the remaining life of the lease. Camco Annual Report and Accounts 2010 56
1 Accounting Policies (continued)
H Investments in Subsidiaries 
Investments in subsidiaries are carried at cost less provision for impairment.
I Impairment 
The carrying amounts of the Group’s property, plant and equipment, goodwill on acquisition and other intangibles  
are reviewed at least annually to determine whether there is any indication of impairment. If any such indication exists, 
the asset’s recoverable amount is estimated. For assets that have an indefinite useful life the recoverable amount is 
estimated at each balance sheet date.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its 
recoverable amount. Impairment losses are recognised immediately in the income statement. The recoverable amount 
is the greater of the fair value less cost to sell and the value in use. Value in use is calculated as the present value of 
estimated future cash flows discounted using a pre-tax discount rate that reflects current market assessments of the 
time value of money and the risks specific to the asset.
Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of 
any goodwill allocated to cash-generating units and then to reduce the carrying amount of the other assets in the unit 
on a pro-rata basis. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that 
are largely independent of the cash inflows from other assets or groups of assets. 
An impairment loss is reversed when there is an indication that the impairment loss may no longer exist and there has 
been a change in the estimates used to determine the recoverable amount, only to the extent that the asset’s carrying 
amount does not exceed the carrying amount that would have been determined net of depreciation and amortisation, 
if no impairment loss had been recognised. An impairment loss in respect of goodwill on acquisition is not reversed.
J Discontinued Operations       
A discontinued operation is a component of the Group’s business that represents a separate major line of business or 
geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively 
with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets  
the criteria to be classified as held for sale, if earlier. When an operation is classified as a discontinued operation,  
the comparative statement of comprehensive income is re-presented as if the operation had been discontinued from 
the start of the comparative period.
K Foreign Exchange       
Foreign currency transactions 
Transactions in currencies different from the functional currency of the Group entity entering into the transaction are 
translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign 
currencies at the balance sheet date are translated at the exchange rate ruling at that date. Foreign exchange differences 
arising on translation are recognised in the income statement. Non-monetary assets and liabilities that are measured in 
terms of historical cost in a foreign currency are translated using the foreign exchange rate at the date of transaction.
L Available-for-sale Financial Assets       
The Group’s investments in equity securities are classified as available-for-sale financial assets. Subsequent to initial 
recognition, they are measured at fair value and changes therein, other than impairment losses, and foreign exchange 
gains and losses on available-for-sale monetary items, are recognised directly in equity. When an investment is 
derecognised, the cumulative gain or loss in equity is transferred to profit or loss.
M Cash and Cash Equivalents       
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits with  
an original maturity of three months or less. For the purposes of the cash flow statement, cash and cash equivalents 
comprise cash and short-term deposits as defined above and other short-term highly liquid investments that are 
readily convertible into cash and are subject to insignificant risk of changes in value, net of bank overdrafts.
Notes (continued) 57 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
N Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement 
except to the extent that it relates to a business combinations, or items recognised directly in equity, or in 
comprehensive income.
Current tax is the expected tax payable or recoverable on the taxable income for the year, using tax rates enacted or 
substantively enacted at the balance sheet date, and any adjustment to the tax payable in respect of previous years.
O Employee Benefits       
Long-Term Incentive Plan       
The Group enters into arrangements that are equity-settled share-based payments with certain employees (including 
Directors) under a Long-Term Incentive Plan. These are measured at fair value at the date of grant, which is then 
recognised in the income statement on a straight line basis over the vesting year, based on the Group’s estimate of 
shares that will eventually vest. Fair value is measured by use of an appropriate model (Black-Scholes). In valuing 
equity-settled transactions, no account is taken of any vesting conditions, other than market conditions linked to the 
price of the shares of the Company. The charge is adjusted at each balance sheet date to reflect the actual number of 
shares expected to vest based on non-market performance conditions such as Group profit targets and employment 
service conditions. The movement in cumulative charges since the previous balance sheet is recognised in the 
income statement, with a corresponding entry in equity. 
Where the Company grants share-based payment awards over its own shares to employees of its subsidiaries it 
recognises the corresponding movement directly in equity and recharges in the full the share-based payment charge 
to the relevant subsidiary. 
Defined contribution pension scheme       
In the UK, the Group operates two defined contribution retirement benefit plans for qualifying employees. A defined 
contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate  
entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined 
contribution pension plans are recognised as an employee benefit expense in profit or loss when they are due. Prepaid 
contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available.
P Own Shares Held by the Employee Benefit Trust (EBT)     
Transactions of the Company-sponsored EBT are treated as being those of the Company and are therefore reflected 
in the parent company and Group financial statements. In particular, the EBT’s purchases of shares in the Company 
are debited directly to equity.
Q Operating Segments       
An operating segment is a component of the Group that engages in business activities from which it may earn 
revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s 
other components. All operating segments’ operating results are reviewed regularly by the Group’s CEO to make 
decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial 
information is available.
Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can 
be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets corporate expenses, and 
income tax assets and liabilities.
Segment capital expenditure is the total cost incurred during the year to acquire property, plant and equipment, and 
intangible assets other than goodwill. Camco Annual Report and Accounts 2010 58
1 Accounting Policies (continued)
R Earnings per Share       
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated 
by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number  
of ordinary shares outstanding during the year.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted 
average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise 
convertible notes and share options granted to employees. 
S Provisions       
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that  
can be estimated reliably, and it is probable that an outflow of economic benefit will be required to settle the obligation. 
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market 
assessments of the time value of money and the risks specific to the liability.
T Leased Assets       
Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the 
lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the 
lease.
Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction 
of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a 
constant periodic rate of interest on the remaining balance of the liability.
Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of  
the lease when the lease adjustment is confirmed.
Determining whether an arrangement contains a lease
At inception of an arrangement, the Group determines whether such an arrangement is or contains a lease.  
A specific asset is the subject of a lease if fulfilment of the arrangement is dependent on the use of that specified 
asset. An arrangement conveys the right to use the asset if the arrangement conveys to the Group the right to control 
the use of the underlying asset.
At inception or upon reassessment of the arrangement, the Group separates payments and other consideration 
required by such an arrangement into those for the lease and those for other elements on the basis of their relative  
fair values. If the Group concludes for a finance lease that it is impracticable to separate the payments reliably, then  
an asset and a liability are recognised at an amount equal to the fair value of the underlying asset. Subsequently the 
liability is reduced as payments are made and an imputed finance charge on the liability is recognised using the 
Group’s incremental borrowing rate.
Notes (continued) 59 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
U Finance Income and Expense       
Finance income comprises interest income on surplus funds, unwinding of the discount on provisions and accrued 
costs. Interest income is recognised as it accrues in profit or loss using the effective interest method.  
Finance expenses comprise interest expense on borrowings, finance leases and unwinding of the discount on 
provisions and accrued costs. All borrowing costs are recognised in profit or loss using the effective interest method.
Foreign currency gains and losses arising from a group of similar transactions are reported on a net basis. 
V Derivative Financial Instruments
The Group recognises derivatives financial instruments initially at fair value with attributable transaction costs recognised 
in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value. When a derivative 
financial instrument is not held for trading, and is not designated in a qualifying hedge relationship, all changes in its fair 
value are recognised immediately in profit or loss.
W Non-derivative Financial Liabilities
The Group has the following non-derivative financial liabilities: loans and borrowings, bank overdrafts, trade and other 
payables and payments on account. Such financial liabilities are recognised initially at fair value plus any directly 
attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortised 
cost using the effective interest method.
X New Accounting Standards and Interpretations Not Yet Adopted  
A number of new standards, amendments to standards and interpretations endorsed by the EU are not yet effective 
for the year ended 31 December 2010, and have not been applied in preparing these consolidated financial 
statements:       
IFRS 7 ’Financial Instruments Disclosure-Amendments to Disclosures’ (effective periods beginning on or after 1 •	
January 2011): This standard is expected to result in additional disclosure in the consolidated financial statements;
Revised IAS 24 ‘Related Party Disclosure’ (mandatory for years commencing on or after 1 January 2011): This •	
standard is expected to result in additional disclosure in the consolidated financial statements; and
IAS 1 ‘Presentation of Statement of Changes in Equity’ (effective periods beginning on or after 1 January 2011):  •	
The application will result in additional disclosure in the consolidated financial statements.  Camco Annual Report and Accounts 2010 60
2 Segmental Reporting 
Operating Segments
The Group comprises of the following main reporting segments:
1. Carbon: The Carbon Project Development teams provide CDC consultancy services on carbon asset 
development, commercialisation and portfolio management.
2. Advisory: The Energy and Carbon Advisory teams provide strategic, commercial and technical expertise 
accrued over two decades to deliver low carbon energy and sustainable development solutions.
3. Investments: The Clean Energy Project Development and Investment teams collaborate with industry, project 
developers, equipment providers and investor groups to create emissions-to-energy projects and maximise 
sustainable energy production across a range of industries including: agricultural methane, industrial energy 
efficiency, coal mine methane, municipal solid waste, biomass and landfill gas.
Intersegment transactions are carried out at arm’s length.
Notes (continued) 61 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
  Carbon Advisory Investment Eliminations Consolidated
  2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Operating segments €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000
Revenue 20,380 21,470 9,191 6,093 465 211 – – 30,036 27,774
Intersegment revenue – – 1,967 818 – – (1,967) (818) – –
           
Total segment revenue 20,380 21,470 11,158 6,911 465 211 (1,967) (818) 30,036 27,774
Segment gross margin 14,444 15,821 5,762 4,670 348 186 – – 20,554 20,677
Other income – carbon 5,770 – – – – – – – 5,770 –
Segment result 12,286 8,385 789 (1,658) (638) (773) – – 12,437 5,954
           
Unallocated expenses         (3,847) (3,258)
Share-based payments         (102) (296)
Restructuring charges         (82) (432)
Impairment of goodwill  
on acquisition         – (11,973)
Results from operating activities        8,406 (10,005)
           
Finance income         2,624 1,228
Finance expense         (1,223) (1,948)
Share of loss of equity  
accounted investees         (187) –
Taxation         894 (130)
Loss from  
discontinued operation  
(net of income tax)         (449) (60)
Profit/(loss) for the year         10,065 (10,915)
           
Segment assets 75,995 72,579 5,294 5,710 4,733 3,189 – – 86,022 81,478
Other investments – – – – 236 225 – – 236 225
Unallocated assets         780 1,070
Total assets         87,038 82,773
           
Segment liabilities (21,201) (28,788) (3,485) (2,448) – (1,153) – – (24,686) (32,389)
Unallocated liabilities         (1,158) (729)
Total liabilities         25,844 (33,118)
           
Capital expenditure 156 268 137 162 235 3 – – 528 433
Depreciation 273 413 240 299 27 2 – – 540 714
Amortisation of  
intangible assets – – 337 337 – – – – 337 337
Impairment losses on  
goodwill, intangible assets  
and property, plant  
and equipment – – 120 11,690 – 283 – – 120 11,973 Camco Annual Report and Accounts 2010 62
3 Revenue
       2010 2009*  
By operating segments:       €’000 €’000
Carbon       20,380 21,470
Advisory       9,191 6,093
Investments       465 211
Total revenue       30,036 27,774
  
       2010 2009*  
By domicile of Group entity:       €’000 €’000
Europe       26,581 26,798
Asia       387 –
North America       773 338
Africa       2,295 638
Total revenue       30,036 27,774
 
In presenting information on the basis of geographical segments, segment revenue is based on the geographical 
location of its customers. The Group derives carbon revenue from the provision of consultancy services to carbon 
clients under CDCs. With respect to this carbon revenue, the geographic analysis has been prepared based on the 
geographic location of the project that will generate the carbon credits. This location is not the geographic location  
of the carbon credit buyer and not necessarily where the services were performed. This distinction means that only 
€387,000 (2009: Nil*) of the revenue €17,127,000 (2009: €21,174,000*) is derived from the Republic of China was 
invoiced by Group entities domiciled in that region (all of which relates to the advisory business).
       2010 2009*  
By geographic region:       €’000 €’000
United Kingdom       7,232 5,512
Russian Federation       2,535 –
The People’s Republic of China       17,127 21,174
United States of America       465 338
Africa       2,497 638
Other       180 112
Total revenue       30,036 27,774
 
In presenting information on the basis of geographic region, revenue is based on the geographic location of the 
Group’s customer. 
*Restated as per Note 10.
Notes (continued) 63 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
4 Other Income 
Other Income – Carbon 
On 27 September 2010, Camco International Limited (CIL) signed an agreement with Khazanah Nasional Berhad 
(Khazanah) to establish a developer of emission reduction and clean energy projects in South East Asia. Camco 
South East Asia Limited, a wholly-owned subsidiary of the Company, issued 39.9% of the share capital to Khazanah  
in exchange for €10.8m of cash. Camco contributed its existing South East Asian carbon portfolio, exclusivity to the 
region, brand and other intellectual property for €12.5m (carrying value of €0.6m) and cash of €3.8m in return for 
60.1% holding.
On the same day, Camco South East Asia Limited issued a convertible bond to Khazanah for €7.5m, convertible to 
shares at the end of 3 years or sooner under certain conditions. Camco Mauritius Limited (CML) was issued a warrant 
over Camco South East Asia Limited shares amounting to €2.8m, exercisable at any period over the next three years. 
If both instruments are fully exercised then the shareholdings would become 51% for CML and 49% for Khazanah  
(see Note 15).
The warrant gives rise to a derivative financial asset whose initial fair value is deemed to be nil. The fair value of this 
asset will be re-assessed each balance sheet and any movement taken to profit and loss. The fair value will be 
calculated as the difference between the fair value of the warrant shares and the fixed warrant price.
       2010 2009  
       €’000 €’000
Initial recognition of Group’s ownership interest in joint venture     10,140 –
Assets of the Camco South East Asia Limited business derecognised    (4,370) –
Net gain on loss of control of the Camco South East Asia business    5,770 –
 
Other Income – Gain on Disposal of Investment 
On 9 July 2009, the Group disposed of its entire interest in ESD Bulgaria Limited for consideration of €2,000. The 
disposed entity had net liabilities resulting in a net gain on disposal of €45,000.
       2010 2009  
       €’000 €’000
Disposal proceeds       – 2
Net liabilities/(assets) disposed       – 43
Net gain on disposal of investment       – 45
 
On 31 December 2009, Renewable Energy Dynamics Holding Limited issued a call option as detailed in Note 16 
which resulted in the loss of control of the business. The business ceased to be consolidated and is now equity 
accounted for as an associate.  Camco Annual Report and Accounts 2010 64
4 Other Income (continued) 
Other Income – Gain on Disposal of Investment (continued)
Upon de-recognition of assets and non-controlling interest held by the Group in relation to this business and 
recognition of the Group’s share of net assets at fair value a net gain of €265,000 arose which has been presented  
in the income statement.
       2010 2009  
       €’000 €’000
Recognition of Group’s ownership interest in associate at the end of the period   – 1,146
Assets of the Re-Fuel business derecognised      – (1,246)
Non-controlling interest de-recognised       – 365
Net gain on loss of control of the Re-Fuel business      – 265
 
Under the adopted IFRS 3 Business Combinations (2008) and IAS 27 Consolidated and Separate Financial Statements 
(2008) the non-controlling interest derecognised is transferred to the income statement and the gain on loss on control  
is recognised in the income statement.
Other Income – Negative Goodwill Arising on Acquisition
During the previous year negative goodwill arose on the business combination MCF Finance and Consulting Co. Ltd 
as a result of review to deferred consideration.     
       2010 2009  
       €’000 €’000
MCF Finance and Consulting Co. Ltd       – 303
Negative goodwill arising on acquisition       – 303
 
5 Expenses and Auditors’ Remuneration 
 
Included in comprehensive income are the following:
       2010 2009  
       €’000 €’000
Depreciation of property, plant and equipment – owned assets     460 563
Depreciation of property, plant and equipment – leased assets     80 151
Amortisation of intangible assets       337 337
Share-based payments       102 296
Other administrative costs       16,857 17,543
  
Administration expenses       17,836 18,890
Other expenses – restructuring charges       82 432
Total       17,918 19,322
  
Notes (continued) 65 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Services provided by the Group’s auditor:
During the year the Group obtained the following services from the Company’s auditors, KPMG Audit Plc and its 
associates:
       2010 2009  
       €’000 €’000
Audit of these financial statements       166 137
Amounts receivable by auditors and their associates in respect of:  
Audit of financial statements of subsidiaries pursuant to legislation    86 91
Total services       252 228
 
Fees payable to the Company’s auditor for the audit of the Company’s annual accounts includes a charge of €36,000 
(2009: €35,000) for the review of the Group’s interim financial report.
Non-audit Services 
These services are those that could be provided by a number of firms. Work is only allocated to the auditors if it is 
regarded by the Audit Committee that it does not impact the independence of the audit team.
6 Staff Numbers and Costs
 
The average number of persons employed by the group (including Directors) during the year, analysed by category, 
was as follows: 
Number of employees       2010 2009
Carbon       75 89
Advisory       89 116
Investments       10 9
Group       29 27
Total       203 241
 
The aggregate payroll costs of these persons were as follows:
       2010 2009  
       €’000 €’000
Wages and salaries       9,151 10,099
Share-based payments (see Note 7)       102 296
Social security costs       906 1,022
Contributions to defined contribution plans       288 295
Total       10,447 11,712
 
Wages and salaries shown above include salaries paid in the year and bonuses relating to the year. These costs are 
charged within administration expenses. Camco Annual Report and Accounts 2010 66
7 Share-based Payments
During the year, the Group operated a share-based incentive plan for its employees called the Long-Term Incentive 
Plan (LTIP). The charge for this scheme is as follows: 
        2010 2009  
       €’000 €’000
Long-Term Incentive Plan       102 296
Total       102 296
 
Long-Term Incentive Plan 
The Board has approved the LTIP under which Directors and employees are entitled to equity-settled payment following 
vesting years after 31 December 2010, 2011 and 2012 and upon certain market and non-market performance conditions 
being met for the reporting years ending 31 December 2010, 2011 and 2012. 
Purpose 
The purpose of the LTIP is to incentivise Directors and employees to ensure profit and share price performance 
targets are met over the vesting years. The LTIP will align management’s objectives with those of the shareholders.
Market-based performance condition 
The LTIP will vest at different levels depending on the Company’s share price performance as compared with 
comparator group over the vesting year. The comparator group consists of a basket of SmallCap companies at the 
grant date (adjusted for mergers, demergers and delistings during the performance year). The Company’s percentage 
rank is its rank in a comparator group divided by the number of companies in the Group at the end of the performance 
year expressed as a percentage.
Non-market performance conditions 
The LTIP will vest at differing levels depending on the achievement of profit targets over the vesting years. The employee 
or Director must remain employed by the Group throughout the entire vesting year in order to remain entitled to LTIP shares.
The LTIP shares are valued by multiplying the market price of the Company’s ordinary shares at date of grant with a 
number of weighting factors that reflect the expected outcome given the criteria set out in the performance conditions. 
The market-based performance condition uses the Company’s and comparator group’s historic share price data to 
predict the most likely future percentage rank. The market-based performance condition is not updated at each valuation 
date. The non-market-based performance conditions (profit and service) use management’s forecasts to estimate the 
likely outcome under the LTIP rules. The non-market-based weighting factors are updated at each valuation date to 
include all relevant actual information.
Notes (continued) 67 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
        2010 2009 
       Number Number 
       of options of options
Outstanding at the beginning of the year       12,605,013 9,954,689
Granted during the year       340,000 8,987,981
Forfeited during the year       (2,545,823) (2,795,269)
Vested during the year       (3,329,755) (3,542,388)
Outstanding at the end of the year       7,069,435 12,605,013
Exercisable at the end of the year       273,530 1,570,000
    
        2010 2009
Weighted average share price at grant (€ cents)      24.9 26.8
Weighted average fair value of option (€ cents)      4.1 6.9
Exercise price (€ cents)       1.0 1.0
Weighted average life at grant (years)       2.1 1.9
 
The shares outstanding at the end of the year have a remaining contractual life ranging from zero to two years.
8 Retirement Obligations
 
Defined Contribution Plans 
In the UK, the Group operates two defined contribution retirement benefit plan for qualifying employees. The assets  
of this plan are held separately from those of the Group. The only obligation of the Group is to make the contributions.
The total expense recognised in income statement is €288,000 (2009: €295,000), which represents the contributions 
paid to the plan. There were no outstanding payments due to the plan at the balance sheet date.
9 Net Finance Income/Expense 
        2010 2009  
       €’000 €’000
Finance income  
Interest on bank deposits       83 122
Unwinding of discount on accrued revenue       1,085 695
Other interest – receivable       142 54
Foreign exchange movements – unrealised       1,281 –
Foreign exchange movements – realised       33 357
Total       2,624 1,228
Finance expense  
Unwinding of discount on deferred consideration (see Note 26)     – (11)
Unwinding of discount on accrued costs       (90) (82)
Interest on overdraft and borrowings       (18) (25)
Interest on finance lease creditor       (17) (28)
Other interest – payable arising on payment on account     (1,098) (1,197)
Foreign exchange movements – unrealised       – (101)
Foreign exchange movements – realised       – (504)
        (1,223) (1,948)
Net finance income/(expenses)       1,401 (720)
   Camco Annual Report and Accounts 2010 68
10 Discontinued Operation
 
In May 2010, the Group made the decision to close the operations of Camco Advisory Services (Beijing) Limited 
(formerly known as Sinosphere Beijing (WOFE) Ltd). This separate business unit was not classified as a discontinued 
operation as at 31 December 2009 and the comparative Consolidated Statement of Comprehensive Income has been 
represented to show the discontinued operation separately from continuing operations. The only material effect is the 
write down of goodwill associated with the business (€120,000). The fixed assets of the business are being transferred 
to the China Carbon business (located in the same office) at net book value. 
        2010 2009 
       €’000 €’000
Results of discontinued operation  
Revenue       172 741
Expenses       (501) (801)
Impairment of goodwill (see Note 14)       (120) –
Results before and after tax       (449) (60)
  
Basic earnings per share in € cents       (0.25) (0.03)
Diluted earnings per share in € cents       (0.25) (0.04)
  
Cash flows used in discontinued operation  
Net cash used in operating activities       (3) (242)
Net cash from investing activities       (4) (1)
Effect on cash flows       (7) (243)
 
Effect of the Closure on the Position of the Group
Goodwill associated with the business (€120,000) has been written down. The fixed assets of the business are being 
transferred to the China Carbon business (located in the same office) at net book value. The working capital of the 
company is being wound down and any surplus cash will be returned to Group.
11 Taxation
 
Recognised in the Income Statement
        2010 2009 
       €’000 €’000
Current tax expense:  
Jersey corporation tax       – –
Foreign tax       (126) (36)
Adjustments recognised in the current year in relation to the current tax of prior years   960 (47)
        834 (83)
  
Deferred tax expense:  
Movement in deferred tax asset and liabilities      60 (47)
Total income tax in the income statement      894 (130)
  
Notes (continued) 69 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
The tax charge for the period is different to the 0% rate (2009: 0%) of corporation tax in Jersey and the differences are 
explained below:
Reconciliation of Effective Tax Rate
        2010 2009 
       €’000 €’000
Profit/(loss) before tax       9,620 (10,785)
  
Profit before tax multiplied by 0% rate of corporation tax in Jersey (2009:0%)   – –
Effects of:  
Effect of different tax rates of subsidiaries operating in other jurisdictions    (334) (40)
Non-deductible expenses       187 (165)
Change in temporary timing differences       60 201
Deferred tax movement not recognised       (1) (79)
Adjustments recognised in the current year in relation to prior years    960 (47)
Prior year unrecognised losses utilised       22 –
Total income taxes in the income statement      894 (130)
  
Tax Recognised Directly in Equity
        2010 2009 
       €’000 €’000
Deferred tax recognised directly in equity       1 41
Total tax recognised directly in equity       1 41
 
The Company is liable to Jersey income tax at 0%. The Company will apply for and expects to be granted this status 
for future years.
The Company’s subsidiaries carry on business in other tax regimes where the corporation tax rate is not zero.  
At 31 December 2010, the Group had UK tax losses carried forward for utilisation in future periods amounting to 
€557,000 (2009: €795,000). Within subsidiaries where future profits are expected to arise deferred tax assets have 
been recognised. However, in other subsidiaries, due to the uncertainty as to the timing and extent of future profits  
no deferred tax assets have been recognised in respect of these tax losses carried forward.
Deferred Tax
Deferred tax assets, liabilities and movements in the period are shown as follows:
        2010 2009 
       €’000 €’000
Deferred tax asset at 1 January       216 292
Arising on acquisition of ESD in respect of losses carried forward  
Foreign exchange movement       9 24
Current year charge       1 (141)
Adjustments recognised in the current year in relation to prior years    (35) –
Deferred tax recognised for share-based payment directly in equity    1 41
Deferred tax asset 31 December       192 216
   Camco Annual Report and Accounts 2010 70
11 Taxation (continued)
        2010 2009 
       €’000 €’000
Deferred tax liability at 1 January       (221) (315)
Utilised in the period       95 94
Deferred tax liability 31 December       (126) (221)
 
12 Profit/Loss per Share
 
Profit/loss per share attributable to equity holders of the Company is calculated as follows:
        2010 2009  
       € cents per share € cents per share
Basic profit/(loss) per share  
From continuing operations       5.93 (6.40)
From continuing and discontinued operation      5.67 (6.43)
Diluted profit/(loss) per share  
From continuing operations       5.92 (6.34)
From continuing and discontinued operation      5.67 (6.38)
  
        €’000 €’000
Profit/(loss) used in calculation of basic and diluted profit/(loss) per share
From continuing operations       10,514 (10,855)
From continuing and discontinued operation      10,065 (10,915)
  
Weighted average number of shares used in calculation  
Basic       177,375,319 169,634,966
Diluted       177,648,693 171,204,246
  
Weighted average number of shares used in calculation – basic 
        2010 2009  
       Number Number
Number in issue at 1 January       173,007,585 167,509,965
Effect of own shares held       (4,627,388) (4,000,619)
Effect of share options exercised       3,718,830 1,817,870
Effect of shares issued in the year       5,276,292 4,307,750
Weighted average number of basic shares at 31 December     177,375,319 169,634,966
  
Weighted Average Number of Shares Used in Calculation – Diluted 
        2010 2009  
       Number Number
Number in issue at 1 January       173,007,585 167,509,965
Effect of own shares held       (4,627,388) (4,000,619)
Effect of share options exercised       3,718,830 1,817,870
Effect of shares issued in the year       5,276,292 4,307,750
Dilutive effect of share options granted       273,374 1,569,280
Weighted average number of diluted shares at 31 December     177,648,693 171,204,246
Notes (continued) 71 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
13 Property, Plant and Equipment
 
Computer and Office Equipment   
        2010 2009 
       €’000 €’000
Cost at 1 January       1,690 1,560
Additions       528 122
Disposals       (27) (106)
Effect of movements in foreign exchange       120 114
Cost at 31 December       2,311 1,690
   
Accumulated depreciation at 1 January       (1,250) (693)
Charge for the year       (460) (563)
Disposals       11 53
Effect of movements in foreign exchange       (90) (47)
Accumulated depreciation at 31 December      (1,789) (1,250)
Net book value at 1 January       440 867
Net book value at 31 December       522 440
   
Leasehold Improvements   
        2010 2009 
       €’000 €’000
Cost at 1 January       592 566
Additions       – 5
Disposals       (40) (4)
Effect of movements in foreign exchange       37 25
Cost at 31 December       589 592
   
Accumulated depreciation at 1 January       (304) (151)
Charge for the year       (80) (151)
Disposals       40 2
Effect of movements in foreign exchange       (27) (4)
Accumulated depreciation at 31 December      (371) (304)
Net book value at 1 January       288 415
Net book value at 31 December       218 288
    Camco Annual Report and Accounts 2010 72
13 Property, Plant and Equipment (continued)
Total Property, Plant and Equipment   
        2010 2009 
       €’000 €’000
Cost at 1 January       2,282 2,126
Additions       528 127
Disposals       (67) (110)
Effect of movements in foreign exchange       157 139
Cost at 31 December       2,900 2,282
   
Accumulated depreciation at 1 January       (1,554) (844)
Charge for the year       (540) (714)
Disposals       51 55
Effect of movements in foreign exchange       (117) (51)
Accumulated depreciation at 31 December      (2,160) (1,554)
Net book value at 1 January       728 1,282
Net book value at 31 December       740 728
 
Finance Leases 
The Group leases equipment under a number of finance lease agreements. Some leases provide the Group with the 
option to purchase the equipment at a beneficial price. Arrangements which are not in the legal form of a lease are  
still accounted for as such based on their terms and conditions. The leased equipment secures lease obligations.  
At 31 December 2010 the net carrying amount of leased computer and office equipment was €10,500 (2009: €93,000).
Notes (continued) 73 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
14 Intangible Assets
 
Goodwill on Acquisition and Other Intangible Assets 
     
    2010 2010  2009 2009  
   €’000 €’000  €’000 €’000  
   Goodwill Other 2010 Goodwill Other 2009 
   on intangible €’000 on intangible €’000 
   acquisition assets Total acquisition assets Total
Cost at 1 January   14,122 1,852 15,974 14,120 2,520 16,640
Acquisitions – internally developed   – – – – 198 198 
Revision to original purchase consideration   (55) – (55) – – –
Disposal   – – –  (929) (929)
Foreign exchange movement   (15) – (15) 2 63 65
Cost at 31 December   14,052 1,852 15,904 14,122 1,852 15,974
      
Amortisation at 1 January   (11,973) (1,063) (13,036) – (726) (726)
Amortisation charge   – (337) (337) – (337) (337)
Impairment loss   (120) – (120) (11,973) – (11,973)
Accumulated amortisation & impairment  
at 31 December   (12,093) (1,400) (13,493) (11,973) (1,063) (13,036)
Net book value at 1 January   2,149 789 2,938 14,120 1,794 15,914
Net book value at 31 December   1,959 452 2,411 2,149 789 2,938
 
In May 2010, the Group made the decision to close the operations of Camco Advisory Services (Beijing) Limited 
(formerly known as Sinosphere Beijing (WOFE) Ltd). The only material effect is the write down of goodwill associated 
with the business (€120,000), see Note 10.
In 2009, the Group’s Advisory business was subject to difficult trading conditions in the UK that resulted in a first half 
performance significantly below management’s expectations. This led to a goodwill impairment of €11.7m arising on the 
acquisition of ESD Partners Ltd in April 2007. Note 31 details the valuation methods used to determine the carrying value. 
Also in 2009, following divestment in the Re-Fuel business, the Director’s considered there was no further support for the 
related goodwill on this business and a €283,000 impairment charge was made to remove this balance.
Carbon in Specie
At 31 December 2010 the Group held carbon credits with a market value of €2,030,000 in its registry accounts.  
The majority of these carbon credits have sale contracts and will be delivered in 2011. Camco Annual Report and Accounts 2010 74
15 Investments in Associates and Joint Ventures
 
The Group’s share of loss in its equity accounted investees and joint ventures for the year was €187,000 (2009: nil). 
The Group has not recognised losses relating to ESD Biomass Ltd and Camco International Ltd (UK registered), 
totalling nil (2009: €22,000) since acquisition through business combination, since the Group has no obligation in 
respect of these losses. The Group has recognised its share of the net assets and cost of investment of AG Power  
LLC €558,000, Camco South East Asia Limited (CSEA) being €10,283,000, Renewable Energy Dynamics Holdings 
Limited (REDH) being €1,080,000 (2009: €1,146,000).
Summary financial information for equity accounted investees, not adjusted for the percentage ownership held by  
the Group.
2010    Total 
   Total assets liabilities Net assets Revenue Expenses Profit/(loss) 
 Investment Holding €’000 €’000 €’000 €’000 €’000 €’000
CSEA Joint Venture 60.1%** 30,392 (6,230) 24,162 – (310) (310)
Group elimination***   (7,052) – (7,052) – – –
CSEA Total Joint Venture 60.1%** 23,340 (6,230) 17,110 – (310) (310)
AG Power LLC Joint Venture 40% 1,089 (1,089) – – – –
ESD Biomass Ltd Joint Venture 50% – (83) (83) – – –
Camco Int. Ltd Joint Venture 50% – – – – – –
REDH Associate 62.9%* 1,958 (241) 1,717 13 (15) 2
2009    Total 
   Total assets liabilities Net assets Revenue Expenses Profit/(loss) 
 Investment Holding €’000 €’000 €’000 €’000 €’000 €’000
ESD Biomass Ltd Joint Venture 50% 1 (80) (79) – (3) (3)
Camco Int. Ltd Joint Venture 50% – – – – – –
REDH Associate 68.7%* 1,667 – 1,667 – – –
 
*  On 16 December 2009 REDH issued a call option that was immediately exercisable which if exercised would result in the Group no longer having control and as 
such the Group has accounted for REDH as an associate from this date onwards. REDH issued shares during 2010 which has reduced our shareholding from 
68.7% to 62.9%.
** CSEA is a joint venture partnership between the Group and Khazanah Nasional Berhad (Khazanah) where the contractual agreement sets joint control and 
unanimous consent of members for key strategic financial and operational activities of the company. On 27 September 2010, CSEA issued a convertible bond 
to Khazanah for €7.6m, convertible to shares after three years or earlier in certain circumstances. Camco Mauritius Limited (CML) was issued a warrant over 
Camco South East Asia Limited shares amounting to €2.8m, exercisable at any period over the next three years. If both instruments are fully exercised then the 
shareholdings would become 51% for CML and 49% for Khazanah. 
***  Group elimination has resulted due to the transfer of carbon assets (at carrying value of €0.6m) for €12.5m to the CSEA; therefore the Group is eliminating its 
share of gain.
The Group has made no provisions in respect of ESD Biomass Ltd and Camco Int. Ltd as there is no constructive or 
legal obligation for the Group to settle any future liabilities on their behalf investments which have nil or net liabilities 
hence are not recognised in these financial statements. 
Notes (continued) 75 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
16 Other Investments
        2010 2009 
       €’000 €’000
Fair value at 1 January       225 209
Foreign exchange movements       11 16
Fair value at 31 December       236 225
Share of loss at 1 January       – –
Share of loss at 31 December       – –
Net book value at 1 January       225 209
Net book value at 31 December       236 225
 
The available for sale investments held at 31 December 2010 are listed below. The investments are recorded at fair value.
       2010 2009 
      Holdings €’000 €’000
Renewable Energy Partnerships Ltd      10% 233 222
Energy Mixx AG      0.02% 3 3
Fair value at 31 December       236 225
     
17 Work in Progress 
 
       2010 2009 
       €’000 €’000
Carbon development contracts       6,053 7,321
        6,053 7,321
   
18 Prepayments and Accrued Income
        2010 2009 
       €’000 €’000
Prepayments       3,261 3,326
Accrued income – CDC accruals       40,907 32,450
Accrued income – other       1,342 1,320
Total       45,510 37,096
   
19 Trade and Other Receivables
        2010 2009 
       €’000 €’000
Interest receivable       140 54
Trade receivables       2,106 2,089
Other receivables       3,317 2,497
Total       5,563 4,640
    Camco Annual Report and Accounts 2010 76
20 Cash and Cash Equivalents
        2010 2009 
       €’000 €’000
Cash on deposit       9,382 25,463
Cash equivalents – 3 month deposit       3,000 3,000
Cash and cash equivalents       12,382 28,463
   
Bank overdrafts used for cash management purposes (see Note 24)    (475) (139)
Net cash and cash equivalents in the cash flow statement     11,907 28,324
 
21 Trade and Other Payables
        2010 2009 
       €’000 €’000
Trade payables and non-CDC accruals       3,944 8,862
Other accruals – CDC accruals       9,207 4,473
Payment on account received       10,200 17,100
Deferred income       1,727 1,039
Total       25,078 31,474
 
22 Financial Risk Management
 
The Group Financial Risk Management framework addresses the following key risks:
Market Risk 
The carbon market is subject to political and regulatory risk on a national, regional and global basis.
The consequence of the interaction of these frameworks and regulation is that the market price for carbon credits may 
be significantly affected by demand and supply considerations which leads to large fluctuations in market prices. The 
Group does not actively manage this risk however does seek to lock in contract certainty in floor price when beneficial 
opportunities arise. Currently a €1 per tonne increase in the market price for CERs would affect a €13m increase in 
income over the next three years.
Price Risk 
The Group manages the CER price risk exposure through forward sales of CERs it is due to receive.
Credit Risk 
The Group’s exposure to credit risk arises from the Group’s receivables from customers. The Group has implemented 
a credit scoring process using an external credit scoring organisation for all new customers (and existing customers of 
a certain size) that highlights credit risk and aids the prevention of bad debt. Credit risk is analysed further in Note 23.
Liquidity Risk 
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s 
approach is to maintain sufficient funds on call to meet these requirements as they fall due with the rest of cash on 
term deposit in the relevant currencies as set out below. Liquidity risk is analysed further in Note 23.
Notes (continued) 77 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Foreign Exchange Risk 
The Group is exposed to foreign exchange risk on sales, purchases and cash when transactions denominated in a 
currency other than the functional currency of the Group which is the Euro. The currency exposure on cash held is set 
out below: 
Cash and Cash Equivalents
       South 
    Russian Chinese African 
 Euro Sterling US Dollar Rouble Yuan Rand Other Total 
 €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000
Balances at 31 December 2010 10,584 (51) 593 33 532 52 164 11,907
Balances at 31 December 2009 26,514 239 259 158 814 39 301 28,324
 
The Group also faces exposure on other assets and liabilities such as intercompany debt and investments. The majority 
of this exposure is to the USD and GBP exchange rate. At the balance sheet date, a 5% movement in these rates would 
result in a €324,000 and €266,000 unrealised income statement gain or loss.
Interest Rate Risk 
The Group has €475,000 (2009: €139,000) of borrowing in the form of an overdraft over which interest is charged. The 
Directors consider interest rate risk to be immaterial. The majority of the Group’s cash is deposited at a competitive 
money market rate based on LIBOR.
Fair Value of Financial Assets and Liabilities 
The Directors are of the view that there is no difference between the carrying values and fair values of the Group’s 
financial assets and liabilities except for deferred consideration which is held at a discount that has unwound by €nil 
(2009: €11,000).
Capital Management 
The Group’s capital is solely equity. The Board’s policy is to maintain a strong capital base so as to maintain investor, 
creditor and market confidence and to sustain future development of the business. From time to time the Group 
purchases its own shares on the market primarily to be used for issuing shares under the Group’s share option 
programme. The Group does not have a defined share buy-back plan or dividend policy. The Group is not subject  
to any externally imposed capital adequacy maintenance requirements.
23 Financial Instruments
 
Credit Risk
The Directors consider that the carrying value of certain financial assets represents the maximum credit exposure. 
The maximum exposure to credit risk is as follows: 
        2010 2009 
       €’000 €’000
Trade and other receivables       5,563 4,640
Cash on deposit       12,382 28,463
Total       17,945 33,103
    Camco Annual Report and Accounts 2010 78
23 Financial Instruments (continued) 
The maximum exposure to credit risk for trade and other receivables by geographic region is as follows:
        2010 2009 
       €’000 €’000
European Countries       3,176 2,747
Russian Federation       – –
The People’s Republic of China       360 129
United States of America       1,754 1,535
Africa       250 228
South East Asia       – –
Other       23 1
Total       5,563 4,640
 
Impairment Losses
The aging of trade and other receivables at the balance sheet date was:
      Gross Impairment Gross Impairment 
     2010 2010 2009 2009 
     €’000 €’000 €’000 €’000
Current     1,590 – 3,760 –
Past due under 30 days     436 – 358 –
Past due between 31 and 120 days     1,029 – 203 (17)
Past due between 121 days and 1 year     1,099 – 130 –
Past due more than 1 year     1,445 (36) 255 (49)
Total     5,599 (36) 4,706 (66)
 
The movement in the allowance for impairment in respect of trade and other receivables during the year was as follows:
        2010 2009 
       €’000 €’000
Balance at 1 January       (66) (258)
Utilised and released in the period       66 258
Impairment loss recognised       (36) (66)
Balance at 31 December       (36) (66)
    
Based on historic default rates, the Group believes that no general impairment allowance is necessary in respect of 
trade receivables past a certain age.
Notes (continued) 79 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Liquidity Risk
Carbon credit issuance is highly regulated under the Kyoto Protocol. Since the majority of credits will be delivered  
over the 2008-2012 phase the Group believes it is most appropriate to analyse liquidity risk over the years 
corresponding to this.
The following are the contractual maturities of financial liabilities including estimated interest payments and excluding 
the impact netting agreements:
Non-derivative Financial Instruments
          
        More than  
  Carrying Contractual 1 year or less 1-2 years 2-3 years 3-4 years 4 years 
  2010 2010 2010 2010 2010 2010 2010 
  €’000 €’000 €’000 €’000 €’000 €’000 €’000
Finance lease liabilities  22 (22) (10) (12) – – –
Unsecured loans  – – – – – – –
Bank overdraft  475 (475) (475) – – – –
Non-CDC trade and other payables  3,944 (3,944) (3,944) – – – –
Non-derivative Financial Instruments     
        More than  
  Carrying Contractual 1 year or less 1-2 years 2-3 years 3-4 years 4 years 
  2009 2009 2009 2009 2009 2009 2009 
  €’000 €’000 €’000 €’000 €’000 €’000 €’000
Finance lease liabilities  85 (100) (93) (7) – – –
Unsecured bank loans  17 (17) (17) – – – –
Bank overdraft  139 (139) (139) – – – –
Non-CDC trade and other payables  8,862 (8,862) (8,862) – – – –
        
There are no derivative financial instruments. The Group has taken advantage of the own use exemption in relation to 
carbon credits.
24 Loans and Borrowings
   Nominal  2010 2009 
 Currency Rate Maturity €’000 €’000
Non-current liabilities     
Finance lease liabilities GBP Various 2011 12 5
Total    12 5
      
   Nominal  2010 2009 
 Currency Rate Maturity €’000 €’000
Current liabilities 
Secured bank overdraft GBP Base+2.5% 2011 475 139
Unsecured loan GBP 0% 2010 – 17
Finance lease liabilities GBP Various 2011 10 80
Total    485 236
       Camco Annual Report and Accounts 2010 80
25 Deferred Consideration
        2010 2009 
       €’000 €’000
Balance at 1 January       59 750
Revision to original purchase consideration of MCF      (55) (303)
Settled in the year *       – (407)
Unwinding of discount       – 11
Foreign exchange movements       (4) 8
Balance at 31 December       – 59
 
* Settlement in 2009 was made in cash (€163,000) and shares (€244,000).
26 Issued Share Capital and Reserves
      Number  Number 
     2010 2010 2009 2009 
     ’000 €’000 ’000 €’000
Authorised     
Ordinary shares of €0.01     1,250,000 12,500 1,250,000 12,500
     
Issued and fully paid     
All ordinary shares of €0.01 (all classified in shareholders’ funds)     
Issued on 1 January     173,008 1,730 167,510 1,675
Issued as in year     9,281 93 – –
Issued for share-based payments     3,330 33 5,498 55
Issued at 31 December     185,619 1,856 173,008 1,730
 
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one 
vote per share at meetings of the Company. During the year the Company issued 12,610,668 ordinary shares for a 
consideration of €2,709,404; €2,155,095 were settled in cash and shares transferred to employees to satisfy share-
based payments (€555,000).
As at 31 December 2010, the EBT held 132,093 ordinary shares of the Company (2009: 203,313), acquired for a total 
consideration of €115,888. Transactions of the EBT are treated as being those of the Company and shares held by the 
EBT are therefore reflected in the financial statements as a reduction in reserves of €115,888. The EBT shares have a 
nominal value of €1,321 representing 0.07% (2009:0.12%) of the issued share capital of the Company.
The shares held by the EBT had a market value of €23,777 at 31 December 2010 (2009: €45,181).
Share-based Payment Reserve 
The share-based payment reserve comprises the equity component of the Company’s share-based payments charges.
Translation Reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial 
statements of foreign operations.
Own Shares
The reserve for the Group and Company’s own shares comprises the cost of the Company’s shares held by the 
Group. At 31 December 2010 the Group held 132,093 ordinary shares of the Company’s shares (2009: 203,313).
Notes (continued) 81 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
27 Financial Commitments
 
The Group’s financial commitments are outlined below:
        2010 2009 
       €’000 €’000
Operating lease commitments 
Office rental charges within 1 year       766 671
Office rental charges between 1 year and 5 years      504 792
Total       1,270 1,463
 
28 Related Parties
 
The Group has various related parties stemming from relationships with founding shareholders, a related business 
partner and key management personnel.
Shareholders and Related Business Partners
The founding shareholders who continue to hold a significant interest in the Company and who provide services to the 
Group are ClearWorld Energy Limited (CWE) and the shareholders of KWI Consulting AG (KWI).
CWE provided support, management and environmental services to the Group under a number of separate agreements. 
KWI provides accountancy services to the Group. The amounts charged to administration expenses in respect of these 
services are shown in the table below. 
The related business partner is Consortia Partnership Limited (Consortia) who has been appointed Company 
Secretary. Michael Farrow, a Non-Executive Director of the Company, is a Director of Consortia. Consortia also 
provide accounting services to the Company. The amounts charged to administration expenses in respect of  
these services are shown in the table below.
Joseph Wildburger is a shareholder of Camco GMBH and provides strategic advice to the Board of Camco 
International Limited.
Income Statement   
        2010 2009 
       €’000 €’000
Administrative expenses:   
ClearWorld Energy Limited       45 25
Consortia Partnership Limited       101 123
KWI Consulting AG       6 30
Joseph Wildburger       18 –
   
Other income statement:   
ClearWorld Energy Limited – revenue       – 3
ClearWorld Energy Limited – interest expense      – 25
    Camco Annual Report and Accounts 2010 82
28 Related Parties (continued)
Balance Sheet   
        2010 2009 
       €’000 €’000
Trade and other receivables:
KWI Consulting AG       47 47
   
Trade and other payables:   
ClearWorld Energy Limited       27 9
Consortia Consulting       9 25
KWI Consulting AG       5 –
 
Key Management Personnel 
The Group’s key management personnel comprise the Board of Directors whose emoluments are shown in the Report 
of the Remuneration Committee. Directors’ interests in the shares of the Company are disclosed in Note 30.
In addition to the emoluments outlined in the Report of the Remuneration Committee and shares held in the Company 
(Note 30), Jeffrey Kenna also has a beneficial interest (50% voting rights) in two companies that receive payments 
from the Group for use of office premises owned by the companies. The companies are Overmoor Ltd and Overmoor 
SSAS and they received €28,011 (2009: €27,000) each during the year.
Equity Accounted Investees and Joint Ventures
The net amounts receivable from equity accounted investees and joint venture is €1,247,328 (2009: €9,000).
Notes (continued) 83 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
29 Group Entities 
 
Significant Subsidiaries
Investment Country of Incorporation Principal Activity Ownership
    2010 2009 
Direct subsidiary undertakings
Camco Services (UK) Limited England & Wales Support Services 100% 100%
CI Camco (Cyprus) Limited Cyprus Holding company 100% 100%
Carbon Asset Management International GmbH Austria Business Services 100% 100%
Camco (Mauritius) Limited Mauritius Holding company 100% 100%
Camco Ventures (China) Limited Hong Kong Holding company 100% 100% 
  & Consultancy
ESD Partners Limited England & Wales Holding company 100% 100% 
  & Consultancy
Camco Carbon Credits Limited Jersey Holding company 100% 100%
Camco Carbon Russia Limited Jersey Carbon contractor 100% 100%
Camco Carbon Pool Limited Jersey Carbon contractor 100% 100%
Camco Credit Pool Limited Jersey Carbon contractor 100% 100%
Camco Sales Limited England & Wales Trading Desk 100% 100%
Camco Voluntary Credits Limited Jersey Carbon contractor 100% 100%
Camco Ventures (Hong Kong) Limited Hong Kong Carbon contractor 100% 100%
Camco Yangquan Carbon Limited Jersey Carbon contractor 100% 100%
Camco Luxembourg S.ar.l Luxembourg Holding Company 100% –
Camco Taiyangshan Carbon Limited Jersey Carbon contractor 100% –
Camco Huajin Carbon Limited Jersey Carbon contractor 100% –
Camco Xiyang Carbon Limited Jersey Carbon contractor 100% –
Camco Carbon Int. Limited Jersey Carbon contractor 100% –
Camco Carbon Limited Jersey Carbon contractor 100% – Camco Annual Report and Accounts 2010 84
29 Group Entities (continued)
 
Significant Subsidiaries (continued)
Investment Country of Incorporation Principal Activity Ownership
    2010 2009 
Indirect subsidiary undertakings
Camco Russia Branch Russia Business Services 100% 100%
Camco International Carbon Assets Information The People’s Republic of China Business Services 100% 100%
Consulting (Beijing) Co. Limited
Camco Asset Management Company Republic of South Africa Business services 100% 100%
(Proprietary) Limited
Camco Advisory Services Limited England & Wales Research & Consultancy 100% 100%
Camco Ventures Limited England & Wales Research & Consultancy 100% 100%
ESD Carbon Services Limited England & Wales Dormant Company 100% 100%
ESD Carbon Systems Limited England & Wales Research & Consultancy 100% 100%
Real Energy Projects Limited England & Wales Dissolved 100% 100%
EPES Limited England & Wales Building certification 85% 85%
   software
Re-Fuel Technology Limited England & Wales Fuel Cell Research 71% 78%
   & Development
Camco International Group, Inc. United States of America Business services 100% 100%
Camco Environmental Solutions Limited England & Wales Software consultancy 100% 100%
Climate Leaders Fund Management Limited England & Wales Dormant 100% 100%
Camco Advisory Services (Kenya) Limited Kenya Software consultancy 100% 100%
Camco Advisory Services (Tanzania) Limited Tanzania Software consultancy 100% 100%
Camco International Limited England & Wales Dormant 100% 100%
Edinburgh Centre for Carbon Management Limited England & Wales Research & Consultancy 100% 100%
Camco Advisory Services (Hong Kong) Limited Hong Kong Holding company 100% 100%
   & Consultancy
Camco Advisory Services (Beijing) Limited China Research & Consultancy 100% 100%
AG Power Jerome LLC United States of America AG Methane project 100% –
   development
AG Power Visalia LLC United States of America AG Methane project 100% –
   development
Camco Offsets LLC United States of America Carbon contractor 100% –
 
Each of the above subsidiary undertaking is included in the consolidated accounts of the Group.
Notes (continued) 85 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
30 Directors’ Share Interests
 
The beneficial interests of the Directors in the ordinary share capital of the Company are shown below. In addition to the 
above, the Executive Directors have conditional rights to acquire shares arising from awards granted under the Long-
Term Incentive Plan. These awards are detailed in the Report of the Remuneration Committee on pages 39 to 40.
       Number of shares
        2010 2009
Executive Directors
Scott McGregor       1,213,321 1,033,929
Yariv Cohen       1,200,000 –
Non-Executive Directors    
Jeffrey Kenna       4,079,763 3,579,763
David Potter*       – 222,513
Michael Farrow       81,158 81,158
Dr Herta von Stiegel       81,239 81,239
 
*David Potter resigned on 17 May 2010.
31 Accounting Estimates and Judgements
 
Below is a discussion of the key assumptions concerning the future and key sources of estimation or uncertainty at the 
balance sheet date that may cause material adjustment to the carrying amounts of assets or liabilities within the next 
financial year.
        2010 2009 
       €’000 €’000
Work in progress – carbon development contracts      6,053 7,321
 
Recoverability of work in progress CDCs 
The Group policy is to perform regular realisable value reviews to ensure the carrying amount of CDCs is not above 
net realisable value. The net realisable value is determined by discounting the expected revenue from CDCs to identify 
the net present value of each specific contract. Contracts are defined as project or projects collectively under one 
legal contract (Carbon Asset Development Agreement (CADA) or Emission Reduction Purchase Agreement (ERPA)). 
Each contract is considered an individual cash generating unit (CGU).
The key assumptions made in this calculation relate to amount and timing of cash flows (project development risk) and 
revenue cash flows (price risk, see Note 22).
Initial allocation of CDC cost on acquisition of projects 
The CDC purchase cost has been determined by first allocating the acquisition price to the fair value of the likely CDCs 
with the remaining value classified as a customer relationship intangible asset and then goodwill on acquisition. CDC 
purchases were generally for multiple contracts at varying degrees of completion ranging from those in the advanced 
stages of the CER process to those considered pipeline projects. The CDC purchase cost has been allocated to 
individual projects. For the purposes of this exercise the Directors have only allocated purchase cost to CDCs that were 
considered 100% certain to progress to signed CDC status. This assumption excludes pipeline projects from the initial 
allocation. The allocation was made pro rata based on the Directors’ valuation of these projects at date of acquisition.
The initial impact of this policy is that more of the total purchase cost has been attributed to less CDCs. However, these 
CDCs are more certain to provide future profits. This policy directly affects the amount and timing of future write-downs 
in the event that a CDC fails to deliver the forecast carbon credit revenue. Camco Annual Report and Accounts 2010 86
31 Accounting Estimates and Judgements (continued)
Capitalisation of project costs under development 
Carbon development projects of which the Group has contracted and under development, incur certain costs. These 
direct costs are capitalised as CDC costs work in progress. These CDC work in progress costs are expensed once 
the project delivers carbon credit revenue and project revenue respectively.
Fair value of consideration receivable under CDCs 
Revenue is recognised from the provision of consultancy services to clients. Consideration receivable is a non-cash 
consideration success fee contract in the form of commission share or receipt of carbon credits. The key assumptions 
made in the fair value calculation relate to the amount and timing of cash flows from delivery of carbon credits (project 
development risk) and revenue cash flows (price risk). 
The project development risk is managed by the Group’s internal control systems to forecast and maximise delivery of 
carbon credits. The forecast production of carbon credits is adjusted for specific technical, counterparty and economic 
risks identified on the project. 
The carbon credit price used in the calculation is a contracted sales price or conservative estimate in line with the year end 
market price less a discount for assumed selling costs or exit value of the contract. The carbon credit price is based on that 
which is currently widely accepted by brokers and analysts when valuing the Group and our competitors.
Future service costs 
On determination of the fair value of consideration receivable under CDCs an estimate is made of any future service 
costs related to the revenue and an accrual recognised. The future service costs comprise the minimal verification 
and monitoring costs associated with ensuring that the carbon credits produced by the projects are registered and 
Camco receives its reward. These costs do not represent any significant services to be provided under the CDCs  
as significantly all services are provided prior to revenue recognition.
Impairment Testing for Cash Generating Units Containing Goodwill
For the purpose of impairment testing, the aggregate carrying amounts of goodwill allocated to each of the acquisitions 
have been allocated to cash generating units as follows: 
       CGUs
        Total 
     Carbon Advisory Investments 2010 
2010     €’000 €’000 €’000 €’000
Non-current assets 
ESD Partners Limited     – 1,203 – 1,203
Camco Environmental Solutions Limited     – 324 – 324
Re-Fuel Tech Ltd     – – – –
ClearWorld Energy Ventures Limited     288 – 144 432
Camco Advisory Services (Beijing) Limited     – – – –
      288 1,527 144 1,959
Notes (continued) 87 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
       CGUs
        Total 
     Carbon Advisory Investments 2009 
2009     €’000 €’000 €’000 €’000
Non-current assets 
ESD Partners Limited     – 1,203 – 1,203
Camco Environmental Solutions Limited     – 394 – 394
Re-Fuel Tech Ltd     – – – –
ClearWorld Energy Ventures Limited     288 – 144 432
Camco Advisory Services (Beijing) Limited     – 120 – 120
      288 1,717 144 2,149
      
The Directors have carried out their impairment review based on current and future business plans for each CGU.  
The business plans are considered to be an appropriate basis on which to consider whether goodwill is impaired.
Value in use has been determined by discounting future cash flows generated from the continuing use of the CGU  
and has been based on the following key assumptions:
For ESD Partners Limited, Camco Environmental Solutions Limited and Camco Advisory Services (Beijing) Limited,  •	
a year on year profit growth of 10% (2009: 10%) has been assumed for three years after which a growth rate of 0% 
(2009: 0%). The growth assumption is considered appropriate due to the low starting point. A cost reduction plan was 
implemented in 2009 across the Group which has driven down costs leading to additional improvements to margins;
For the Advisory CGU a discount rate of 6% (2009: 6%) has been used. For Carbon and Investment CGUs a •	
discount rate of 12% (2009: 12%) has been used. These rates represent the investment hurdles over which the 
Board will authorise investment decisions for the business units;
For Advisory businesses we have assumed flat market price and cost base growth assumptions relevant to •	
uncertain economic outlook and industry competitiveness; 
For ClearWorld Energy Ventures Limited, value is expected to be realised through contribution to the Carbon and •	
Investment CGUs, specifically the origination of carbon projects and placement of managed funds into carbon 
projects. To this end, the goodwill has been tested against the NPV of specific projects and investment plans 
expected to occur in 2011 and beyond; and
Sensitivities for discount rate (2.5% variance) and CGU growth rates (5% variance for advisory) have been •	
considered and would not cause the carrying amount to exceed its recoverable amount. Camco Annual Report and Accounts 2010 88
Shareholder Information
Shareholder Enquiries
Shareholders who have questions relating to Camco’s business or wish to receive further copies of annual or interim 
reports should contact the Marketing Team on +44 (0)20 7121 6100 or email investorrelations@camcoglobal.com
If you have any queries about your shareholding please contact the Company’s registrar, Computershare Investor 
Services, at the address below.
Computershare Investor Services (Jersey) Limited
Queensway House
Hilgrove Street
St Helier
JE1 1ES
Tel: +44 (0) 1534 281200
Fax: +44 (0) 870 873 5851
email: ssd@capitaregistrars.com
Investor Centre
Through the website of the registrar, Computershare Investor Services, shareholders can manage their shareholding 
online by registering for the Investor Centre, a free, secure, online access to their shareholding.
Facilities include the following:
Holding enquiry
This allows shareholders to access their personal shareholding and view balances, values, history, payments, and 
reinvestments.
Payments enquiry
This allows shareholders to view dividends and other payment types.
The site also allows shareholders to change their registered address and details, sign up for electronic communication 
and buy and sell shares in the Company.
Further details are available at www-uk.computershare.com or by contacting the helpline on +44 (0) 870 707 4040.
Warning to shareholders
Over the last few years many companies have become aware that their shareholders have received unsolicited phone 
calls or correspondence concerning investment matters. Fraudulent emails have been distributed which appear to be 
sent from Computershare, requesting you to provide private/commercially sensitive information. 
One of the most prevalent methods of scams is ‘phishing’. Phishing: (pronounced fishing) emails are used by 
fraudsters to trick people into revealing personal information such as bank account details. They then use this 
information for illegal purposes, such as transferring funds or purchasing goods. Phishing emails will look as  
though they come from a bank or other financial institution, and may include links to a convincing replica home  
page. Never click on a link in an email that looks suspicious. 
What to look for:
With more communication being conducted through email, it is important to always be aware and alert to any form  
of unsolicited request to provide your private information. Phishing often conveys a sense of urgency, prompting  
the recipient to respond immediately without thinking, such as suspended account access due to potential security 
breaches. 
Computershare upholds strict security standards and processes, and does not use or endorse the use of emails for 
disclosure of personal or account information. 89 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
What to do:
If you receive any suspicious email message requesting account reactivation for online services such as Investor 
Centre, there are some steps you could take to protect yourself from online threats. 
Phishing scams will require you to update your details by clicking on a link within the email. Under no circumstance •	
should you click on that link, reply to the email or provide any of the requested details. 
If you have responded to any email by providing your confidential information, please contact us immediately. •	
Only in very exceptional circumstances will we ever ask you to fax us and we will never specify fax as the only •	
communication option. We will never ask you to tell us your PIN or password.
Computershare takes scams and email hoaxes seriously. You can help us fight it by forwarding the suspicious email •	
as an attachment to spoof@computershare.com
 
Check that they are properly authorised by the FSA before getting involved. You can check at www.fsa.gov.uk  
The FSA also maintains on its website a list of unauthorised overseas firms who are targeting, or have targeted, UK 
investors and any approach from such organisations should be reported to the FSA so that this list can be kept up  
to date and any other appropriate action can be considered. If you deal with an unauthorised firm, you would not  
be eligible to receive payment under the Financial Services Compensation Scheme. The FSA can be contacted by 
completing an online form at www.fsa.gov.uk Camco Annual Report and Accounts 2010 90
Corporate Directory
Company Registration Number
92432
Directors
Jeffrey Kenna PhD BSc. (Vice Chairman, 
 Non-Executive Acting Chairman)
Scott McGregor MBA B Econ ACA (Chief Executive Officer)
Yariv Cohen MBA (hons) MRes (President)
Dr Herta von Stiegel (Iur.) LL.M BA (Non-Executive Director)
Michael Farrow MSc FCIS (Non-Executive Director)
Paolo Pietrogrande (Non-Executive Director)
Secretary
Consortia Partnership Limited
Registered Office
Channel House
Green Street
St Helier
JE2 4UH
Auditors
KPMG Audit Plc
Chartered Accountants
Registered Auditor
8 Salisbury Square
London
EC4Y 8BB
Bankers
HSBC
PO Box 14 
St Helier
Jersey 
JE4 8NU
Nominated Adviser and Broker
Peel Hunt
4th Floor
111 Old Broad Street
London
EC2N 1PH
Registrars
Computershare Investor Services (Jersey) Limited
Queensway House
Hilgrove Street
St Helier
JE1 1ES 91 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
Glossary
A
Abatement
Reduction in the quantity or intensity of greenhouse gas emissions.
Afforestation and Reforestation (A/R) Projects:
Afforestation and reforestation (A/R) projects involve the growing of forest on 
land that has not been forested for a period of at least 50 years (afforestation)  
or on non-forested land (reforestation) through planting, seeding and/or the 
promotion of natural seed sources.
Allowance
Legally defined unit (EUAs, AAUs, RGAs, NZUs and others) that entitles the holder 
to emit one tonne of CO
2
e or another quantity of greenhouses gases. Also known 
as emission allowance or emission permit. See also European Union Allowance 
(EUA).
Annex I Countries
Include the industrialised OECD countries and countries with economies in 
transition listed in Annex I of the UNFCCC. Belarus and Turkey are listed in Annex I 
but not in Annex B; and Croatia, Liechtenstein, Monaco and Slovenia are listed in 
Annex B but not in Annex I. In practice, however, Annex I of the UNFCCC and 
Annex B of the Kyoto Protocol are often used interchangeably.
Assigned Amount (AA) and Assigned Amount Units (AAUs)
The assigned amount is the total volume of greenhouse gases that each Annex B 
country is allowed to emit during the first commitment period (see explanation 
below) of the Kyoto Protocol. An Assigned Amount Unit (AAU) is a tradable unit  
of 1 tonne CO
2
e.
Auctioning
Sale of allowances, as opposed to allocating them for free. 
B
Banking
The transfer of allowances or credits from one compliance period to the next. 
Parties to the Kyoto Protocol may bank as many AAUs they wish as long as they 
follow commitment period reserve rules. The EU ETS allows unlimited banking 
from the second compliance period (2008-12) onwards. Also known as 
carry-over or hoarding.
C
Carbon Credit Note
A fully underwritten obligation (in the form of a note or bond) to deliver a carbon 
credit (Certified Emission Reduction) to the purchaser at a specified future date.
California Climate Action Registry (CCAR)
A non-profit voluntary registry for greenhouse gas emissions in California and the 
official registry for AB32. The purpose of the Registry is to help companies and 
organisations with operations in the state to establish GHG emission baselines 
against which any future GHG emission reduction requirements may be applied.
Cap and Trade
A design for emissions trading systems under which total emissions are limited  
or ‘capped’. Tradable emission allowances corresponding to the total allowed 
emission volume are allocated to participants for free or through auctioning. 
Contrasts with baseline-and-credit approaches where only deviations from a 
baseline are tradable. Examples are the EU ETS, international emissions trading 
under the Kyoto Protocol and the proposed emissions trading scheme in the 
Climate Security Act of Senators Lieberman and Warner.
Carbon Dioxide Equivalent (CO
2
e)
Measurement unit used to indicate the global warming potential (GWP) of 
greenhouse gases. Carbon dioxide is the reference gas against which other 
greenhouse gases are measured. 
CDM, see Clean Development Mechanism.
CDM Registry
System of accounts into which the CDM EB issues CERs from registered CDM 
project activities (CDM Registry).
Certified Emission Reductions (CERs)
CERs are permits generated through the CDM. They can be used to meet an 
Annex B Party’s emission commitment or as the unit of trade in GHG emissions 
trading systems.
Clean Development Mechanism (CDM)
The CDM is a mechanism for project-based emission reduction activities in 
developing countries (non-Annex B countries). Carbon credits (CERs) are 
generated from projects that lead to certifiable emissions reductions that  
would otherwise not occur.
The Climate Registry (TCR)
A collaboration between states and provinces in the United States, Canada and 
Mexico aimed at developing and managing a common GHG emissions reporting 
system. The registry supports various greenhouse gas emission reporting and 
reduction policies for its member states and reporting entities. TCR hopes to 
become the national standard under a US federal cap and trade scheme.
Conference of the Parties (COP)
The COP is the supreme body of the UNFCCC. It meets once a year to review  
the progress. COP-11 took place in Montreal, Canada in November/December 
2005 and was also the first Meeting of the Parties to the Kyoto Protocol 
(MOP-1). COP-12 was held in Nairobi in November 2006 and COP-13 in 
December 2007 in Bali. COP-14 was held in Poznan, Poland in 2008, while 
COP-15 took place in Copenhagen, Denmark in 2009, COP-16 took place in 
December 2010. COP-17 is scheduled to take place in December 2011 in 
Durban, South Africa.
Crediting Period
The crediting period is the duration when a project generates carbon credits. The 
crediting period shall not extend beyond the operational lifetime of the project. 
For CDM projects crediting period continues either a 7-year period, which can  
be renewed twice to make a total of 21 years, or a one-off 10-year period; for  
JI projects crediting period overlaps with the first commitment period under the 
Kyoto Protocol (2008-2012).
D
Determination, see also Validation and Verification
The process of independent evaluation of a JI project by an Accredited 
Independent Entity whether the Project Design Document (PDD) fulfil all 
requirements for JI projects under Article 6 of the Kyoto Protocol and the  
JI guidelines. 
E
Emission Reduction Unit (ERU)
Permits achieved through a Joint Implementation project.
Emission Reduction Purchase Agreement (ERPA)
Binding purchase agreement signed between buyer of CERs or ERUs – or other 
emission reduction credits – and seller. 
Emissions Reductions (ERs)
Emissions reductions generated by a project that have not undergone a 
validation/verification process, but are contracted for purchase.
Emissions Trading, see also Kyoto Mechanisms
Emissions Trading, a recognised flexible mechanism under the Kyoto Protocol 
allows parties to the Kyoto Protocol to buy ‘Kyoto units’ from other countries  
to help meet their domestic emission reduction targets.
European Union Allowances (EUA)
EU Allowances, the tradable unit under the EU ETS. Each allowance equals 1 tonne 
of CO
2
.
European Union Emissions Trading Scheme (EU ETS)
Trading Scheme within the European Union, which was launched on January 1, 
2005. The scheme is based on Directive 2003/87/EC, which entered into force 
on 25 October 2003. Camco Annual Report and Accounts 2010 92
F
Flexible Mechanisms, see Kyoto Mechanisms
A set of three mechanisms defined under the Kyoto Protocol. The mechanisms 
enable Parties to achieve emission reductions or to remove carbon from the 
atmosphere cost-effectively in other countries. The mechanisms include: Clean 
Development Mechanism, Joint Implementation and Emissions Trading.
G
Global Warming Potential (GWP)
The global warming potential is the impact a greenhouse gas (GHG) has on global 
warming. By definition, CO
2
 is used as reference case, hence it always has the 
GWP of 1. GWP changes with time, and the IPCC has suggested using 100-year 
GWP for comparison purposes. Below is a list of 100-year GWPs used in the 
Kyoto Protocol for the six Kyoto gases:
Carbon dioxide (CO
2
) GWP: 1
Methane (CH4) GWP: 21
Nitrous oxide (N2O) GWP: 310
Hydrofluorcarbons (HFCs) GWP: GWP: 150 – 11 700
Perfluorcarbons (PFCs) GWP: 6500 – 9 200
Sulphur hexafluoride (SF6) GWP: 23 900
See also Carbon Dioxide Equivalent. 
Greenhouse Gases (GHGs)
Greenhouse gases (GHGs) are trace gases that absorb infra-red radiation in the 
Earth’s atmosphere. GHGs occur naturally in the atmosphere, there significant 
increase in the last 100 years is attributed to human activities. The Kyoto Protocol 
covers six GHGs: carbon dioxide (CO
2
), methane (CH4), nitrous oxide (N2O), 
hydrofluorocarbons (HFCs), perfluorocarbons (PFCs) and sulphur hexafluoride 
(SF6). CO
2
 is the most important GHG released by human activities.
H
Host Country
A host country is the country where a JI or CDM project is physically located.  
A project has to be approved by the host country to receive CERs or ERUs.
I
International Emissions Trading (IET)
International emissions trading, one of the three flexible mechanisms under  
the Kyoto Protocol, allows for transfer of AAUs across international borders or 
emission allowances between companies covered by a cap-and-trade scheme. 
See EU ETS.
Intergovernmental Panel on Climate Change (IPCC)
IPCC was established in 1988 to assess scientific, technical and socio- economic 
information relevant for the understanding of climate change, its potential impacts 
and options for adaptation and mitigation. It is open to all Members of the UN and of 
WMO (www.ipcc.ch).
J
Joint Implementation (JI)
Joint Implementation is one of the three flexible mechanisms under the Kyoto 
Protocol, for transfer of emissions permits from one Annex B country to another. 
JI generates ERUs on the basis of emission reduction projects leading to 
quantifiable emissions reductions.
K
Kyoto Protocol
The Kyoto Protocol originated at COP-3 to the UNFCCC in Kyoto, Japan, December 
1997. It specifies emission obligations for the Annex B countries and defines the 
three so-called Kyoto flexible mechanisms: JI, CDM and emissions trading. It entered 
into force on 16 February 2005.
Kyoto Mechanisms, see Flexible Mechanisms
M
Memorandum of Understanding (MoU)
An MoU is an agreement between two parties that aims to formally recognise a 
joint desire to ultimately conclude an agreement or to achieve goals jointly. It may 
or may not have legal backing of sanction, depending upon how it is constructed. 
MoUs between host and investor country are often used as a basis for CDM/JI 
projects.
Methodologies Panel (Meth Panel)
The Methodologies Panel was established to develop recommendations to the 
Executive Board on guidelines for methodologies for baselines and monitoring 
plans and prepare recommendations on submitted proposals for new baseline  
and monitoring methodologies.
Monitoring
Monitoring refers to the collection and archiving of all relevant data necessary  
for determining the baseline, measuring anthropogenic emissions by sources of 
greenhouse gases (GHG) within the project boundary of a project activity and 
leakage, as applicable.
N
National Allocation Plan (NAP)
Plan from a Member State for how to distribute EU allowances across installations 
taking part in the EU ETS in that given country.
Non-Annex I Countries
Countries that have ratified or acceded to the UNFCCC, but not included in Annex 
I and have no emission reduction targets. Non-Annex I countries can be hosts to 
CDM projects under the Kyoto Protocol.
O
Offset Credits or Offsets
Emission reduction credits from project-based activities that can be used to meet 
compliance or corporate objectives as a supplement or alternative to reducing 
one’s own emissions. In a cap-and-trade scheme, offsets may be used instead  
of allowances, sometimes up to a limit (see credit limit). CERs and ERUs are types 
of offset credits.
Over the Counter (OTC) Market
Trades arranged by brokers, as opposed to trades on exchanges or bilateral 
(direct) trades.
R
Reduced Emissions from Deforestation and Degradation (REDD)
REDD is an effort to create a financial value for the carbon stored in forests, 
offering incentives for developing countries to reduce emissions from forested 
lands and invest in low-carbon paths to sustainable development. ‘REDD+’  
goes beyond deforestation and forest degradation, and includes the role of 
conservation, sustainable management of forests and enhancement of forest 
carbon stocks.
Regional Greenhouse Gas Initiative (RGGI)
A regional cap and trade system that currently includes Connecticut, Delaware, 
Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode 
Island and Vermont. In addition, the District of Columbia, Pennsylvania, the Eastern 
Canadian Provinces, and New Brunswick are observers in the process. The scheme 
initially covers CO
2
 emissions from power plants in the region. The scheme has run 
since 1 January 2009.
Registration
Registration is the formal acceptance by the Executive Board of a validated 
project activity as a project activity. Registration is the prerequisite for the 
verification, certification and issuance of credits related to that project activity.
Regional Greenhouse Allowance (RGA)
Tradable unit under the Regional Greenhouse Gas Initiative, corresponds to  
1 short ton (0.907 metric tonne).
Glossary (continued) 93 Camco Annual Report and Accounts 2010
Overview Business Review Governance Financial Statements
S
Supplementarity
Supplementarity is a provision in the Kyoto Protocol stating that emissions trading 
should be a supplement to domestic action. This provision is the basis for the 
European Union’s limitation on the imports of CERs and ERUs.
U
United Nations Framework Convention on Climate Change 
(UNFCCC)
The UNFCCC was established 1992 at the Rio Earth Summit. It is the overall 
framework guiding the international climate negotiations. Its main objective is 
‘stabilisation of greenhouse gas concentrations in the atmosphere at a level that 
would prevent dangerous anthropogenic (man-made) interference with the 
climate system’.
UK Emissions Trading Scheme
Voluntary domestic emissions trading scheme running from March 2002 to the 
end of 2007.
V
Validation, see also Determination
The process of independent evaluation of a CDM project by an designated 
operational entity according to requirements to CDM projects.
Verification, see also Determination
The process of formal confirmation by a recognized independent third party  
that inventories and carbon reduction claimed by participants in carbon trading 
schemes conform with reality and established rules. Under the CDM, verification 
is performed by designated operational entities (DOEs).
Verified Emission Reductions (VERs)
VERs are generated by carbon reduction projects that are assessed and verified 
by third party organisations rather than through the UNFCCC.
Voluntary Carbon Market
The sum of all transaction of carbon credits in non-compliance markets. The 
generation of non-compliance credits — or voluntary offset credit supply — 
comprises the reduction of GHG emissions for the purpose of selling them to 
voluntary end users and not to compliance buyers. Voluntary markets for emissions 
reductions include generation and transaction of carbon credits in non-compliance 
markets. The voluntary market permits the use of credits such as verified emission 
reductions (VERs), non-verified emission reductions (ERs) and prospective emission 
reductions (PERs), as well as the non-compliance use of CERs, ERUs, EUAs and 
other credits and allowances generated for the compliance market.
W
Western Climate Initiative (WCI)
Regional initiative by states and provinces along the western rim of the United 
States, Canada and Mexico. The initiative, which is based on the combined goals of 
the participants’ individual states, looks to develop a mulit-sector cap-and-trade 
system.
Members: Arizona, British Columbia, California, Manitoba, Montana, New Mexico, 
Oregon, Utah and Washington.
Observers: Alaska, Colorado, Idaho, Kansas, Nevada, Ontario, Quebec, 
Saskatchewan, Wyoming and the Mexican states of Sonora and Tamaulipas. Camco Annual Report and Accounts 2010 94
Notes
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Overview Business Review Governance Financial Statements
Notes
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Notes
This page has intentionally been left blank. 2007 - 2008 - 2009
T o find out more about our Carbon Project Development Services ( Carbon) see page 6
T o find out more about our Clean Energy Project Development and Investments (Investments ) see page 1 0
 
T o find out more about our Energy and Carbon Advisory Services (Advisory ) see page 1 4
Business successfully refocused  
to deliver profits and enhanced 
prospects for growth
“ The Company is in a strong position across all  
our markets after its 2010 turnaround and best 
performing year. Given the performance and focus  
of the business, we are in a prime position to seize  
the current opportunities, grow our projects business, 
deliver the current portfolio and build value for our 
customers and shareholders.”
 Scott McGregor, Camco Chief Executive Officer 
An Award-winning Business
2010
Previous Awards
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with vegetable oil-based inks by an FSC-recognised printer  
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Annual Report and Accounts
for the year ended 31 December 2010
Camco International Limited Annual Report and Accounts 2010
www.camcoglobal.com
Camco International Limited
Channel House  
Green Street                                     
St Helier                                               
Jersey  
JE2 4UH