Fuel cell
systems
Annual Report 2009
2 Gresham Street
London
EC2V 7QP
UK
IdaTech plc Annual Report 2009 C on t e n ts
01 Highlights
02 Our Markets
04 Our Products
06 Chairman’s Statement
07 Chief Executive’s Business Review
12 Directors’ Report
14 Directors and Senior Management
16 Corporate Governance
17  Report of the Remuneration Committee 
18  Statement of Directors’ Responsibilities
19 Independent Auditors’ Report
20 Consolidated Statement of Comprehensive Income
21  Consolidated Statement of Changes  
in Shareholders’ Equity
22 Consolidated Balance Sheet
23 Consolidated Cash Flow Statement
24  Notes to the Consolidated Financial Statements 
46 Independent Auditors’ Report
47 Balance Sheet of IdaTech plc
48  Statement of Changes in Shareholders’ Equity of 
IdaTech plc
49 Notes to the Financial Statements
53 Corporate Information
54 Background to IdaTech 01 IdaTech plc Annual Report 2009
Ida T ech is a global leader in the 
development of environmentally 
friendly fuel processing technology 
and fuel cell systems for stationary 
and remote electric power generation.
n
Finished year with 
largest backlog of orders 
in Company’s history
Further cost and 
reliability progress  
made
n
Commenced development 
of next generation XTR 
and XTi systems
Significant reduction  
in cost
Due for launch in  
second half of 2010
n
Completion of 
two development 
contracts; transition 
of development 
resources to completed 
commercial product 
development
n
Average order size more 
than doubled compared 
with 2008
US$4.5m US$6.6m
300 35
445
Revenue from product 
sales almost doubled to 
US$4.5million  
(2008 US$2.4 million)
Total revenue increased 
to US$6.6 million  
(2008 US$5.9 million)
Launched ElectraGen
TM 
H2 and sold over 300 
systems
Total number of 
channel partners 
increased by 4 to 35
Addition of ACME 
Telepower as a 
distributor for India
445 systems shipped 
and sold more than five 
times 2008 volume
Highlights 02 IdaTech plc Annual Report 2009
Overcoming the hydrogen barrier
Opportunities 
Backup products based on fuel cell technology deliver 
a number of significant advantages over conventional 
batteries and diesel generators, including: higher 
reliability over a wide range of operating conditions; 
lower maintenance costs; longer operating life; 
reduced size, weight, installation footprint  
and environmental input.
The hydrogen barrier
Hydrogen can be bulky, expensive and difficult to 
refuel. This has been a significant barrier to mass 
market adoption of fuel cell solutions.
The IdaTech solution
IdaTech’s reformer technology breaks through the 
hydrogen barrier producing hydrogen on site, 
economically and only as needed from convenient 
liquid fuels. IdaTech’s multi-fuel capability is listed in 
the table below – IdaTech’s multi-fuel capability.
Our Markets
The Market
The telecommunications backup power market is the 
current focus for IdaTech. IdaTech’s system provides a 
compelling value proposition with lower total cost of 
ownership and the operational usage and power 
requirements fit very well with its fuel cells.
The developing world is experiencing a rapid growth 
and build out of the telecommunications 
infrastructure and suffers from unreliable power and 
often severe climates. The developed world is shifting 
to wireless communication, requiring extreme 
reliability and secure sources of backup power. 
IdaTech’s fuel cell solutions can provide these market 
needs.
Benefit fo fuel cell over incumbent technology
Characteristic Genset/ Fuel Cell
 Battery
Reliability X ✓
Remote monitoring X ✓
Operating cost X ✓
Maintenance cost X ✓
Efficiency X ✓
Temperature range X ✓
Weight X ✓
Environmental X ✓
+
=
=
220 litres methanol + water
   30 hydrogen cylinders
50hrs 03 IdaTech plc Annual Report 2009
Europe
Austria
Denmark
France
Germany
Greece
Hungary
Italy
Portugal
Russia
Spain
Sweden
Turkey
United 
Kingdom 
North America
Canada
USA
Latin America  
and Caribbean
Mexico
Guatemala
Puerto Rico
Trinidad & Tobago
Africa and Middle East
South Africa
Asia Pacific
Japan
Australia
Philippines
Malaysia
India
Indonesia
South Korea
Taiwan
Opportunities
Wireless telecom opportunity
 
US$2+ billion/yr spent on DC telecom backup.
 
Expect total ~300,000 base station additions.
 
Expect 2010 total addressable telecom  
fuel cell market ~25,000 units
Best fuel cell opportunities:
 
New sites as part of a network deployment
 
Sites where diesel generators are costly  
or difficult to site
 
Site upgrades where additional batteries  
are problematic (rooftop)
n AsiaPac
n ME & Africa
n W. Europe
n C./S. America
n N. America
n E. Europe
58%
22%
8%
6%
3%
3%
Growth in Asia  
Pacific and Africa,  
where backup to grid 
needed most.
2010 Cellular Base Station Additions
Commercial Locations
Commercial products
Over 600 systems developed 
into commercial markets
Corporate Headquarters
Oregon, USA 04 IdaTech plc Annual Report 2009
Our Products
Ida Tech has two ranges of products:
•  Direct hydrogen gas fuelled – 
ElectraGen™ H2 and ElectraGen™
•  Methanol/water fuelled reformer 
systems – ElectraGen™ XTi and 
ElectraGen™ XTR
Background
Developed over the last 12 years, IdaTech’s portfolio of 
industry-certified products are based on the Group’s 
fuel processing, fuel cell stack, power module and fuel 
cell system integration capabilities. With the support 
of strategic partners and customers, IdaTech’s fuel cell 
products are being deployed worldwide for stationary, 
remote and other advanced applications.
IdaTech’s technology
IdaTech has proprietary technology in fuel reforming, 
hydrogen purification and PEM fuel cells which it 
combines with engineering expertise to produce 
integrated fuel cell systems. 
Fuel reforming and hydrogen purification
IdaTech has technology in all three key reforming 
technologies; steam, auto thermal and partial 
oxidation and hydrogen purification technology that 
can transform a variety of fuels into greater than 
99.95% pure hydrogen. This distinguishes IdaTech 
from its competitors and allows IdaTech to  
break through the hydrogen barrier to mass fuel  
cell adoption.
Integrated fuel cell systems
IdaTech’s 12 years of experience enables it to combine 
its proprietary technologies into complete, integrated 
systems that target specific commercial markets. 
IdaTech’s fuel cell systems are based on a flexible 
modular design supporting interchangeable 
components and enabling more rapid expansion into 
additional product lines.
PEM fuel cell stacks
IdaTech’s integrated fuel cell systems use either its 
own internally generated PEM fuel cell stacks or 
externally, to achieve the most competitive overall 
product performance and cost.
Our technology development
Fully integrated fuel reforming  
and purification
Multi-fuel
Efficient, simple, compact, 
reliable 
Near zero emissions
Overcomes the hydrogen barrier
IdaTech’s multi-fuel capability 
Typical Fuel IdaT ech Capability
Methanol ✓
Natural gas ✓
LPG ✓
 
 
Typical Fuel IdaT ech Capability
Diesel ✓
JP8 ✓
Fuel
H2
Power
Clean exhaust and waste
Water
Air
Fuel
reformer
Purifier
Fuel cell
stack
PEMFC 05 IdaTech plc Annual Report 2009
ElectraGen™ XTR ElectraGen™ H2
ElectraGen™ ME
ElectraGen™ ElectraGen™ XTi
ElectraGen™ XTi
Launched in September 2007, the ElectraGen™ XTi is a 
3 or 5kW fully integrated fuel cell system, combining 
an ElectraGen™ XTR fuel reformer unit in a single 
cabinet and was developed following a number of 
customer-driven design improvements over the 
original skid-mounted ElectraGen™ XTR.
ElectraGen™ XTR
A reformer-based system commercially launched 
at the beginning of 2007, the ElectraGen™ XTR is 
designed for longer duration backup times and 
requires only approximately 10% of the floor area 
needed by a comparable system fuelled by bottled 
compressed hydrogen. This and the convenience of 
using a simple liquid fuel has proved to be very 
attractive to IdaTech’s target customer base.
ElectraGen™ H2  
(new product in 2009)
The ElectraGen™ H2 System is a backup power fuel cell 
system, available in 2.5kW and 5kW configurations. 
These systems provide reliable backup power for 
telecommunications applications.
445
ElectraGen™ units sold 
x5 2008
iGen™
The iGen™ Industrial is a compact certified 250W 
integrated fuel cell and reformer system for charging 
batteries in industrial application. It is designed to 
work with battery packs and renewable energy 
systems such as solar and wind power in challenging 
environments.
ElectraGen™ ME 
(next generation XTi in 2010)
The next generation reformer-base system which will 
be smaller, less expensive and more efficient than the 
XTi and XTRs. 06 IdaTech plc Annual Report 2009
Chairman’s 
Statement
IdaTech made very good progress both commercially 
and technically in 2009. Commercially the Group has 
added a number of key customers with whom it is 
certified and has achieved an increase in the average 
order size compared with the prior year. The Group 
believes these are indications that the rate of 
adoption of IdaTech’s systems is increasing.
In addition, a number of strategic decisions were 
made during the year to ensure the Group remains 
firmly on track to reach near-term profitability. 
Amongst these were the decisions to renegotiate  
with ACME Telepower and to suspend the further 
development of the 250W iGen™ product line. IdaTech 
has identified a much larger opportunity for lower 
power output products and plans to redesign iGen™ 
to meet that opportunity. 
Technically, IdaTech made breakthroughs which will 
be utilised in the next generation systems currently 
under development. These breakthroughs 
significantly reduce cost whilst improving both the 
performance and the reliability of the system. 
IdaTech is on track to release these next generation 
systems in late 2010 and early 2011 and it is expected 
that they will lead the Group to cash breakeven.
Financial overview
Total sales increased 12% to US$6.6 million compared 
with US$5.9 million in 2008. Of particular note is the 
increase in revenue from product sales which 
increased from US$2.4 million in 2008 to US$4.5 
million in 2009. This increase was offset by a decrease 
in revenue from project work from US$3.4 million to 
US$2.0 million, highlighting the planned transition of 
the business to commercial product development. 
The operating loss before tax widened to US$33.5 
million from US$21.9 million in 2008. The majority of 
this increase arose due to the decision to cancel the 
development of the current version of the iGen™, 
which resulted in an accelerated write down of 
intangibles of US$4.5 million, and the unexpected loss 
of a US$2.5 million tax credit from the State of Oregon, 
the state in which IdaTech’s development activity 
occurs. IdaTech is appealing the loss of this tax credit. 
These financial statements have been prepared 
excluding the tax credit for 2009 (all amounts relating 
to prior years have been received by the Group) in the 
event the appeal is unsuccessful.
Funding
IdaTech’s majority shareholder, the Investec Group, 
has indicated its current intention to ensure that the 
Group is in a position to meet its debts as and when 
they fall due.
The loan note funding provided by Investec together 
with further funding required during the current year, 
will be repayable on 31 March 2011. The Directors are 
actively considering the options available to refinance 
these amounts ahead of the repayment date. 
After due consideration, the Directors have concluded 
it is appropriate to continue to prepare the financial 
statements on a going concern basis.
Further details are provided in the Directors’ Report  
on page 12.
People
2009 has been another challenging but encouraging 
year for IdaTech. Without the ongoing commitment, 
dedication and hard work of all of its employees, 
IdaTech would not be in the position it is to take 
advantage of the opportunities in its markets over  
the next few years and to ensure the Group fulfills  
its potential. 
On behalf of the Board, I would like to thank everyone 
at IdaTech for their contribution during the year.
Sir John Jennings
Chairman
16 March 2010 07 IdaTech plc Annual Report 2009
Chief Executive’s
Business Review
Overview of 2009 and path to profitability
In 2009, the Group refined its strategic plan to 
achieve cash break even and profitable growth at the 
earliest opportunity – IdaTech’s “Path to Profitability.” 
The principal objective of the Group’s path to 
profitability is to achieve sustainable cash break even 
and profitability as soon as possible and ahead of 
market expectations. This will be achieved by 
designing, manufacturing and selling products that 
are efficient, reliable and offer a compelling value 
proposition by significantly lowering the total cost of 
ownership. Against the backdrop of a very difficult 
year for businesses globally, IdaTech successfully 
executed against this plan and, despite its increased 
losses in the year, continued to move towards 
profitable growth. IdaTech’s path to profitability has 
four key elements:
Seeding the market: Prepare the worldwide • 
customer base for rapid adoption of IdaTech’s fuel 
cell products.
New product development: Identify and pursue • 
next generation fuel cell products that can 
compete directly in the diesel generator market 
and simultaneously derive attractive gross margins 
for the Group.
Lean production: Establishing and validating • 
flexible, low cost and high quality production 
capabilities.
Focusing on execution: Eliminate or de-emphasise • 
activities that distract the Group from its primary 
path to profitability and align resources to ensure 
success.
Seeding the market
IdaTech’s initial commercial focus is on the critical 
power backup market for the telecommunication 
industry. This market has been estimated to be worth 
around US$2 billion per annum, covering around 3 
million sites globally. Geographically, the Group is 
targeting the key markets of Asia, India and the 
Americas.
During 2009, IdaTech significantly expanded its reach 
into its target markets and increased its distributor 
network to 35 worldwide. IdaTech believes that its 
selective use of distribution partners leverages its 
ability to cost effectively expand across wide 
geographies. To date, the Group has achieved 
certification for its products with 25 
telecommunications companies, including five of the 
top 10 telecommunications companies worldwide by 
revenue. This strategy of seeding the market is paying 
off. In 2009, IdaTech recorded sales volume growth of 
over five times that shipped in 2008 and ended the 
year with a backlog of 108 units representing almost 
25% of the 2010 full year expected system sales, with 
significant initial and repeat orders in each of the 
Group’s key regions.
IdaTech sold and shipped 445 systems in 2009. All of 
these systems were in the targeted critical power 
backup application in the telecommunications 
market. Sales to customers for commercial 
deployments of IdaTech’s systems represented almost 
all of the system sales in the year, demonstrating the 
increasing commercialisation of IdaTech’s fuel cell 
systems, and with the average order size more than 
doubling compared with 2008.
As well as achieving a near doubling of unit sales of 
the ElectraGen™, ElectraGen™ XTR and XTi over 2008 
levels, IdaTech sold 300 ElectraGen™ H2 systems to 
ACME Telepower (the direct hydrogen fuelled product 
developed during the year). Deployment of these 
systems is expected to be completed by the end of 
the second quarter of 2010. In addition to these sales, 
there was significant interest in these products 
outside of India.
IdaTech ended the year receiving an order for 108 
ElectraGen™ H2 systems. At the date of this report all 
have been shipped and approximately one third of the  08 IdaTech plc Annual Report 2009
Chief Executive’s Business 
Review continued
systems have been deployed. These systems 
represent an important step toward profitability, 
making a positive contribution to overheads.
New Product Development
IdaTech believes there have been two main barriers to 
the mass adoption of stationary fuel cells; the cost 
and availability of hydrogen as a fuel (the so called 
hydrogen barrier) and the capital, or first cost of the 
fuel cell systems. IdaTech, through its proprietary 
multi-fuel reforming capability has eliminated the 
hydrogen barrier as its products can use a convenient, 
readily available and inexpensive liquid fuel rather 
than compressed bottled hydrogen gas. Bottled 
hydrogen gas is relatively expensive, difficult to store 
and to transport to site and makes refuelling, 
especially in difficult environments, extremely 
challenging. During 2009, IdaTech conducted 
intensive development of three new fuel cell 
products. The objective of this development was to 
produce products that can compete directly with 
traditional diesel generators and provide the Group 
with attractive margins. The new products will also 
have increased reliability and durability resulting in 
reduced life cycle costs to the customer.
The first product, the ElectraGen™ H2, was completed 
in less than eight months and under budget. 300 of 
these systems were sold and shipped to ACME for 
deployment in India. A variant of this product was also 
produced and 108 systems were sold to an Asian 
customer.
The second product is the next generation of the 
liquid fueled fuel cell systems, the ElectraGen™ ME.  
t will be launched in the second half of 2010 and 
represents the core product supporting the Group’s 
drive to profitable growth. The ElectraGen™ ME’s cost 
base will be significantly less than that of its 
predecessor system. Additionally, the durability of key 
components will increase while reducing its size by 
approximately 30%. The Group believes this product 
can compete directly with diesel generator systems.
Currently, due to product cost, IdaTech believes that it 
only has addressed 1% of the potential 
telecommunications market. However, the Group 
believes the ElectraGen™ ME will expand the 
addressable market to around 1.8 million base 
stations.
The third product, the ElectraGen™ NG, started 
development in late 2008 and continued throughout 
2009. This product will expand IdaTech’s fuel 
capability to include natural gas in its commercial 
products. As previously announced, this programme 
was delayed due to the time taken to develop the 
necessary global supply chain base and to fully test 
components. This latter issue arose as, after compiling 
usage data from the ElectraGen™ H2 systems 
deployed earlier in the year, it became apparent that 
the operational profile of the systems in India meant 
that the systems would cycle on and off many more 
times per day than originally expected. This resulted 
in the need to re-examine and test all components 
and modules to ensure the necessary reliability and 
durability of the system. It is believed that the ability 
to use natural gas as a fuel will open additional 
telecom opportunities and potential adjacent 
applications in the future. Full production of this 
product is expected in 2011.
In each case, IdaTech’s new products systems are 
being developed using a design for manufacturability 
methodology which was established at the end of 
2008 and fully implemented in early 2009. 
Additionally, enhanced design validation testing 
procedures have been introduced. These processes, 
coupled with modifications to the long-term testing 
procedures, significantly increase the level of pre-
production readiness and reliability testing of 
components, sub-assemblies, modules and complete 
systems. These changes are believed also to increase 
the reliability of the end product as well as reduce the 
overall cost of developing, manufacturing and 
servicing them. 09 IdaTech plc Annual Report 2009
The Group’s product cost and performance objectives 
are being met through the following specific initiatives: 
proprietary technological advances; • 
product design simplification; • 
increased use of off the shelf parts; and • 
establishment of a global supply chain, taking • 
advantage of lower cost jurisdictions.
Lean Production
In 2007 IdaTech opened its production plant in 
Tijuana, Mexico. This facility gives the Group a 
flexible, low cost volume manufacturing operation 
without the need for large capital investment. These 
operations were expanded in 2009, with the 
introduction of a gravity fed production line and an 
upgraded test facility. These improvements enabled 
the successful delivery of the ElectraGen™ H2 product 
in the second half of the year, positioning the facility 
for the production of the ElectraGen™ ME in 2010. The 
ability of the facility to ramp up to higher volume was 
demonstrated the last quarter of 2009 when the 300 
ElectraGen™ H2 systems were assembled and 
shipped, following a successful handover from the 
development team. In early 2010, the Tijuana facility 
was awarded ISO 9001 certification. 
In the second half of the year, IdaTech established an 
Indian entity, which is currently focusing on building 
the low cost supply chain outside of North America 
for the ElectraGen™ ME and NG product lines. Once 
fully equipped, following order growth, the Indian 
facility can achieve a production capacity of 
approximately 10,000 units per year.
Focusing on execution
During the year, IdaTech took a number of tough 
decisions in its path to profitability. Among the most 
significant of these was the decision to renegotiate 
the contract with ACME Telepower for the natural gas 
fuelled fuel cell system as the Group chose not to 
pursue a potentially loss making contract. Instead, the 
Group renegotiated the contract into a distribution 
agreement, allowing for improved pricing and more 
time for component verification and testing.
Additionally, IdaTech took the decision to cease 
development on its iGen™ 250W fuel cell product. The 
Group believes the sub-one kilowatt market for its 
fuel cell products is attractive, but is conducting 
research into the specific product attributes, such as 
maximum power output, that are required. 
Additionally, the ElectraGen™ product family offers 
significantly greater near term potential for profitable 
growth. Consequently, the Group has made the 
decision to cancel the development of the iGen™ 
product and focus resources on the ElectraGen™ ME 
in the near term and until the lower power product 
specification has been completed. The current version 
of the iGen™ product will continue to be sold to 
support development of that market. Consequently, 
an impairment to the carrying value of the iGen™ was 
made – see financial overview below.
IdaTech successfully completed the final stage (US$0.9 
million) of a three year, US$3.0 million contract for the 
development of a large scale palladium metal 
membrane for a Japanese group in 2009. 
The Group also successfully completed a development 
programme with the US Department of Energy during 
the year, recognising around US$0.2 million in the year 
and restarted a portion of the programme with the 
US Army for the development of a dual fuel integrated 
system which had been deferred from 2008. Of the 
US$0.5 million deferred at the end of 2008, US$0.3 
million was recorded in 2009 leaving US$0.2 million 
carried into 2010.
Financial overview
Revenue for 2009 was US$6.6 million (2008 US$5.9 
million) of which US$4.5 million was from the sale of 
products, an almost doubling of revenue from the 
2008 level of US$2.4 million, reflecting the increased 
number of systems sold. There was a decrease in the 
average selling price, as 300 of the 445 systems  10 IdaTech plc Annual Report 2009
Chief Executive’s Business 
Review continued
shipped were the lower priced ElectraGen™ H2 
systems sold to ACME Telepower. 
Revenue from development contracts, derived from 
Government and industrial customers was US$2.0 
million (2008 US$3.4 million) in line with IdaTech’s 
strategy of realigning development resources to next 
generation product development.
A gross loss of US$5.0 million (2008 loss of US$3.3 
million) was recorded. This loss arose as a result of 
increased product sales which were made at a loss, a 
decrease in project related revenue which attracts a 
higher positive margin and the cost of expansion of 
the Tijuana facility in Mexico.
The operating loss for 2009 was US$33.5 million  
(2008 US$21.9 million). This increased loss was 
materially impacted by two factors: 
the write off of the carrying value of the intangible • 
assets relating to the iGen™ product line as 
discussed above of US$4.5 million.
Withdrawal of the Business Energy Tax Credit • 
(“BETC”) by the State of Oregon of US$2.5 million. 
Since 2006, IdaTech has received approximately 
25% of the cost of relevant development expenses 
as a rebate from the State of Oregon. In early 2010, 
the Oregon Department of Energy notified the 
Group that BETC would not be available for 2009, 
despite the assurances that had been made to the 
Group during the course of the year. IdaTech has 
appealed but has taken a cautious approach and 
has prepared these financial statements as if the 
appeal is unsuccessful. 
Allowing for these factors, EBITDA loss stated on a 
comparable basis to 2008 (“normalised EBITDA”) for 
the year US$25.3 million (2008 US$ 16.3 million) and 
the operating loss would be US$26.5 million (2008 US$ 
21.9 million) both in line with management and 
market expectations. 
Research and development costs in the year were 
US$17.7 million (2008 US$7.8 million). Allowing for the 
potential withdrawal of the BETC of US$2.5 million 
and the write off of the intangible assets relating to 
the iGen™ product of US$4.5 million, the costs for 
2009 would have been US$10.7 million. This increase 
over the prior year is due to the full year cost of the 
expansion that occurred during late 2008 and the cost 
of concurrently developing the three next generation 
products; ElectraGen™ H2, ME and NG products. Of 
the $17.7 million total cost, US$7.0 million relate to 
non-cash amortisation costs (2008 US$2.4 million).
Sales, general and administrative expenses were flat 
at US$10.8 million (2008 US$10.8 million). Overall 
administrative expenses fell by US$0.2 million versus 
2008 due to reduced insurance, legal and professional 
fees. Sales related expenses also fell US$0.2 million 
compared to the prior year despite the addition of 
extra sales resources in North America due to lower 
travel, trade shows and advertising expenditures. 
These decreases were offset by the cost of 
establishing the operation in India.
Finance costs increased to US$1.6 million (2008 US$0.2 
million) as the business was funded by its principal 
shareholder, the Investec Group. The loan is unsecured 
and interest is charged at 8% per annum.
The income tax credit increased to US$2.6 million 
(2008 US$0.9 million) due to the write back of the 
deferred tax credit no longer required following the 
write down in the carrying value of the intangible 
assets relating to the iGen™ product line.
Cash flow utilised by operations increased to US$23.1 
million in the year (2008 US$18.1 million) mainly due to 
a planned increase in development costs as recorded 
above. Purchase of tangible assets of US$0.4 million 
was in line with the 2008 capital expenditure levels. 
Three-quarters of this expenditure was invested in 
the Tijuana plant to increase its capacity for 
production and testing. Expenditure on intangible  11 IdaTech plc Annual Report 2009
assets fell US$0.5 million to US$1.3million (2008 US$1.8 
million), reflecting the Group’s focus on cash 
management in the year.
The other principal changes in the balance sheet are 
the decreases in inventory, intangible assets and 
deferred tax and an increase in accounts receivable 
and borrowings.
There was a decrease in the level of inventories at the 
end of 2009 compared to 2008 of US$0.7 million to 
US$2.5 million resulting from a reduction in the level 
of raw materials and work-in-progress. This reduction 
occurred due to a better alignment of sales forecast 
and the purchasing cycle. Finished goods inventory 
remained constant at US$0.2 million. 
Accounts receivable increased by US$0.1 million to 
US$3.9 million. This increase was due to two factors: 
an increase in the trade receivables resulting from the 
higher sales made in the last two months of the year 
of $1.9 million which was largely offset by the fact the 
BETC receivable for 2009 has not been included in the 
financial statements whereas the balance sheet for 
2008 included US$1.9 million. 
The carrying value of intangible assets decreased by 
US$5.7 million to US$18.1 million compared with the 
prior year. This was mainly due to the write off of the 
intangible assets relating to the iGen™ product of 
US$4.5 million, the annual amortisation charge of 
US$2.5 million offset by the part-capitalisation of 
development work in the year relating to the 
ElectraGen™ ME and NG products of US$1.3 million.
During the year, IdaTech drew upon its loan facility 
with the Investec Group, its principal shareholder. 
During 2009, IdaTech drew down $25 million. At the 
end of the year the balance was $32 million. The loan 
is due for repayment on 31 March 2011 – see note 15.
Funding and going concern
These financial statements have been prepared on a 
going concern basis as the Investec Group, IdaTech’s 
main shareholder, has indicated its willingness to fund 
the business. Additional disclosure surrounding the 
going concern and future funding is given in the 
Directors’ Report on page 12.
Current funding is via debt. Although the timing is yet 
to be finalised, the Board believes it would be 
desirable to raise additional equity funding.
Outlook
The Group believes that 2010 will mark a significant 
turning point for IdaTech, driving its product margin 
into positive territory, while bringing its product 
pricing into direct competition with diesel generators. 
Demonstrating the initial step in this change, the first 
108 systems shipped in 2010 will be at a positive 
contribution margin. During the second half of 2010, 
IdaTech plans to release for commercial sale the next 
generation ElectraGen™ ME systems. These are 
expected to be significantly lower cost and to have 
higher performance than the current ElectraGen™ 
XTR and XTi systems. 
Consequently, the Group expects to see a reduction in 
the cash burn rate as the next generation systems 
begin to make a positive gross margin and 
contribution to the operational expenses of the 
business. 
The Board believes IdaTech is well positioned to take 
advantage of the significant market opportunities 
that it sees for its next generation systems and is 
confident of achieving increased profitable sales.
Hal Koyama
Chief Executive Officer
16 March 2010 1 2 IdaTech plc Annual Report 2009
Directors’ Report
The Directors present their annual report and audited consolidated 
financial statements for the year ended 31 December 2009.
Principal activities and business review and future 
development
The Group’s principal activity during the year was the 
development, design, manufacture and sale of fuel cells and 
related systems.
The Chairman’s Statement and Chief Executive’s Business Review 
on pages 6 to 11 provide a review of the performance of the Group 
in the year together with an indication of future developments 
and prospects.
Going concern
These financial statements have been prepared on a going 
concern basis. As reported in the Chairman’s Statement and Chief 
Executive’s Business Review, IdaTech’s main shareholder, the 
Investec Group has indicated its current intention to ensure the 
business is managed and/or appropriately funded so that it is in a 
position to meet its debts as and when they fall due. This has been 
provided as a current intention only and does not represent a 
legally binding obligation by the Investec Group. Whilst the 
Directors have a reasonable expectation that the shareholder will 
continue to support the Group, in view of the nature of the 
support, there can be no certainty in this matter. 
Additionally, the loan notes amounting to US$32 million, as 
disclosed in note 15 to the financial statements, are repayable on 
31 March 2011. The Directors will be working with the shareholder 
to refinance the existing loan notes and additional funding drawn 
down in the current financial year.
In view of the above, the Directors have concluded that a material 
uncertainty exists that may cast significant doubt upon the 
Group’s ability to continue as a going concern. Nevertheless after 
making enquiries, and considering the uncertainties described 
above, the Directors have concluded that it is appropriate to 
continue to adopt the going concern basis in preparing the 
financial statements. 
The income statement and balance sheet show no intention or 
necessity to liquidate or curtail significantly the operations of the 
Group. Specifically, the assets of the Group have been valued and 
reported on the basis that they will be used for the purpose for 
which they were purchased in the ongoing operation of the 
business and no liabilities have been included that may arise on a 
significant curtailment of the Group’s activities. 
Results and dividends
IdaTech plc (the “Company”) was incorporated on 25 May 2007. 
With effect from 7 June 2007, the Company became the legal 
Parent Company of IdaTech UK Limited and its subsidiary 
undertakings. This business combination, effected through an 
exchange of equity interests, was accounted for as a reverse 
acquisition in accordance with International Financial Reporting 
Standards (“IFRSs”) 3 ‘Business Combinations’. IdaTech UK 
Limited was incorporated on 13 July 2006 and acquired IdaTech 
Technologies, Inc, (“ITI”) IdaTech, LLC and IdaTech Fuel Cells 
GmbH on 20 July 2006. 
The consolidated retained earnings reserves of the Group as at 
31 December 2009 include the retained earnings of IdaTech UK 
Limited and its subsidiaries as required by IFRS 3 prior to their 
acquisition by IdaTech plc.
The statutory loss on ordinary activities after taxation for the year 
ended 31 December 2009 was US$32.5 million (2008 US$21.1 
million). 
In view of the accumulated realised losses, no dividends will be 
paid (2008 £ nil).
Research and development
IdaTech continues to invest in sophisticated, innovative new 
products and technologies which require ongoing expenditure in 
research and development. In the year ended 31 December 2009, 
gross expenditure on such programmes was US$17.7 million. For 
the year to 31 December 2008 expenditure was US$12.0 million 
(before deducting tax credits of US$1.8million). 
Directors
The Directors who held office during the year were as follows:
Director Role
Sir John Jennings Non-executive Chairman
Harol Koyama Chief Executive
James Cooke Chief Financial Officer
Angus Fraser Non-executive Director
Michael Lacey-Solymar Non-executive Director
Alan Lloyd Non-executive Director
David Smith Non-executive Director
During the year the Group maintained insurance providing liability 
cover to its Directors and officers.
In accordance with the Articles of Association, Sir John Jennings, 
Harol Koyama and David Smith retire and being eligible offer 
themselves for election at the forthcoming Annual General 
Meeting.
Substantial shareholdings
At the date of this report the Company has been informed that the 
following shareholders held substantial holdings in the issued 
Ordinary Shares of the Company:
 Holding of Issued share 
 Ordinary Shares capital
Investec Asset Management  36,169,887 70.4%
Pacol Properties (Pty) Limited  7,500,000 14.6%
Ogier Employee Benefit Trustee (i)  3,088,433 6.0%
(i)  Employee benefit trust holding shares for the Executive Directors, key management 
and certain employees. 13 IdaTech plc Annual Report 2009
Health and safety policy
IdaTech has a Safety Committee which covers its activities in Bend 
and Tijuana. As Delhi comes on stream, this will be monitored in 
the same way. The Safety Committee is composed of 
representatives from management, engineering, and operations 
and meets monthly. The principal activities are:
Reviews of equipment safety and operation. •	
Conducts accident investigations. •	
Audits the Company for health & safety hazards. •	
Recommends safety measures to management. •	
Provides employee safety training. •	
The findings of the Safety Committee are made to the Board of 
Directors monthly. There were no major incidents or hours of work 
lost due. 
Environmental policy
The Group’s environmental policy is to meet the statutory 
requirements placed upon it and to apply good environmental 
practice in its operation. IdaTech encourages its employees to 
reduce energy usage and recycle materials wherever possible. 
There are recycling points for paper, plastic bottles and cans 
throughout its facilities. 
Creditor payment policy
The Group’s strategy is to build mutually beneficial relationships 
with its suppliers and agree terms with its suppliers when it enters 
into binding purchase contracts. When the Group is satisfied that a 
supplier has provided the goods or services in accordance with 
those agreed terms, the Group’s policy is to pay in accordance 
with those terms.
At the year end the aggregate creditor days for the Company was 
nil as the Company has no trade creditors. Taking the Group as a 
whole and including the trading subsidiaries, the aggregate 
creditor days was 34 days (2008: 34 days).
Charitable donations
There were no charitable donations in the year (2008 nil).
Key Performance Indicators
The principal financial and non financial key performance 
indicators (“KPIs”) are listed below:
Product unit sales •	
Number of customers with whom IdaTech is certified •	
Total product revenue •	
Product gross margin •	
Operating loss •	
Operating cash flow •	
Working capital management •	
Development milestones •	
These key performance indicators are included in the Chairman’s 
Statement and Chief Executive’ Business Review.
Key Risk and Uncertainties
As disclosed above, the key risk is the fact that funding of the 
business is currently provided as a current intention only, until the 
Group has secured alternative funding, and does not represent a 
legally binding obligation by the shareholder. Whilst the Directors 
have a reasonable expectation that the shareholder will continue to 
support the Group, in view of the nature of the support, there can 
be no certainty in this matter.
Key to the Group achieving profitability is the requirement that the 
costs of the next generation products are lower than those of the 
current products. Good progress to date has been made on such 
cost reduction but the final cost will only be known at the time the 
products are finally launched.
Annual General Meeting
The notice of the Annual General Meeting to be held on 29 June 
2010 at 12:00 BST at the registered office of the Company, 
2 Gresham Street, London EC2V 7QP is contained in a separate 
letter from the Chairman accompanying this Report.
Disclosure of information to auditors
The Directors who held office at the date of approval of this 
Directors’ Report confirm that, so far as they are each aware, there 
is no relevant information of which the Company’s auditors are 
unaware; and each Director has taken all the steps that he ought 
to have taken as a Director to make himself aware of any relevant 
information and to establish that the Company’s auditors are 
aware of that information.
Auditors
The Auditors, PricewaterhouseCoopers LLP, have indicated their 
willingness to continue in office and a resolution concerning their 
reappointment will be proposed at the Annual General Meeting.
By order of the Board.
James Cooke
Company Secretary
16 March 2010 14 IdaTech plc Annual Report 2009
Directors and Senior Management 
Board of Directors
Sir John Jennings Independent Non-executive  
 Chairman 
Harol Koyama Chief Executive Officer 
James Cooke Chief Financial Officer 
Angus Fraser Independent Non-executive  
 Director 
Michael Lacey-Solymar Non-executive Director 
Alan Lloyd Independent Non-executive  
 Director 
David Smith Independent Non-executive  
 Director 
Sir John Jennings, Independent Non-executive Chairman 
Sir John Jennings became a Group Managing Director of Shell in 
1987 and chaired the Shell Transport and Trading Company – the 
British parent of the Anglo/Duch Group, from 1994–1997. As a 
Managing Director he had responsibility for the Group’s business 
throughout Asia and Australasia and in addition, for his last four 
years, was a Director of Shell Oil Company in the USA and 
Chairman of Shell Canada. He retired from Shell in 1997 but 
remained a Non-executive Director until 2001. 
Currently he is a Non-executive Director of Nexant Inc – an energy 
consultancy based in San Francisco, and member of the Advisory 
Board of Xyleco – a cellulose ethanol company based in Boston, 
Massachusetts. He was appointed CBE in 1985 and Knighted in 
1997 and has received a number of other awards and honorary 
degrees. He is also Chancellor of Loughborough University.
Harol Koyama, Chief Executive Officer 
Harol (Hal) Koyama is IdaTech’s Chief Executive Officer and joined 
IdaTech in 2003. Hal has had more than 13 years of diversified 
international sales & marketing experience and general strategic 
business development for worldwide onsite generation 
applications within the Combined Heat and Power, Oil and Gas 
and Waste Fuel power generation markets. Throughout his career, 
Mr. Koyama has been responsible for identifying promising 
markets for new technologies and converting these into 
commercial opportunities. 
Before IdaTech, Mr. Koyama was Senior Vice President of Sales 
and Marketing at Capstone Turbine Corporation (Capstone), a 
leading micro-turbine producer where he streamlined sales and 
marketing and accelerated market development efforts worldwide. 
Prior to his work at Capstone, Mr. Koyama was Vice President of 
Business Development for fuel cell company International Fuel 
Cells (a United Technologies Corporation business) and also 
worked in the Corporate offices of United Technologies focusing 
on mergers and acquisitions. 
Mr. Koyama also has over five years’ experience as a management 
consultant with the international consulting firm, McKinsey & 
Company, focusing on energy and operations issues and five 
years’ experience as a nuclear submarine officer for the United 
States Navy. Mr. Koyama holds a degree in Physics and 
Mathematics from the University of Oregon, a Masters Equivalent 
in Nuclear Engineering from the Naval Nuclear Power School and 
a Masters in Business Administration from the Stanford University 
Graduate School of Business. 
James Cooke, Chief Financial Officer 
James Cooke is IdaTech’s Chief Financial Officer having joined in 
February 2007. Mr. Cooke is a member of the Institute of 
Chartered Accountants in England & Wales and has more than 
14 years’ experience of senior financial and operational 
management positions in a number of industries. From May 2000 
to October 2006, he was the Finance Director of Datong 
Electronics PLC, a defence electronics company which is admitted 
to trading on AIM. Before that he worked at the Investec Group for 
over eight years, acting as Managing Director of a Division trading 
in endowment policies, managing and finding appropriate exits for 
the private equity portfolio and as a financial controller of one of 
their divisions. Before working at the Investec Group, Mr. Cooke 
was the Group Financial Controller of a privately owned 
international leisure group reporting directly to the owner on all 
financial matters, controls and acquisition targets. Mr. Cooke holds 
a Bachelor of Science in Biochemistry. 
Angus Fraser, Independent Non-executive Director 
Angus Fraser was an Executive Director of Chloride Group PLC 
from 1984 to 1988. He served as a Non-executive Director until 
2006 and was Senior Independent Director from 2001. From 1989 
to 1994, he was the Managing Director of Imperial College of 
Science, Technology and Medicine and subsequently Chief 
Executive of Scruttons plc. Since 1997, Mr. Fraser has held a 
number of independent director appointments with public and 
private companies. He is currently Chairman of The Caldecott 
Foundation and a Director of QuickVox Limited and a private 
consulting company.
Michael Lacey-Solymar, Non-executive Director 
Michael Lacey-Solymar joined the Investec Group in October 2005 
after 18 years with UBS Investment Bank. At UBS, Mr. Lacey-
Solymar spent 10 years in international M&A and became head of 
the UK mid-market team from 1999 to 2005. At Investec, he 
remains focused on mid-market companies across all sectors. 
Alan Lloyd, Independent Non-executive Director 
Dr. Alan C. Lloyd is the President of the International Council on 
Clean Transportation. He served as the Secretary of the California 
Environmental Protection Agency from 2004 through February 
2006 and as the Chairman of the California Air Resources Board 
(“CARB”) from 1999 to 2004. Prior to joining CARB, Dr. Lloyd was 
the Executive Director of the Energy and Environmental 
Engineering Center for the Desert Research Institute at the 
University and Community College System of Nevada, Reno, and 
the chief scientist at the South Coast Air Quality Management 
District from 1988 to 1996. Dr. Lloyd’s work focuses on the viable 
future of advanced technology and renewable fuels, with attention 
to urban air quality issues and global climate change. A proponent 
of alternate fuels eventually leading to a hydrogen economy, Dr. 
Lloyd is currently a member of the ETAAC of CARB and Chairman 
of HTAC, was the 2003 Chairman of the California Fuel Cell 
Partnership and a co-founder of the California Stationary Fuel Cell 
collaborative. He earned both his B.S. in Chemistry and Ph.D. in 
Gas Kinetics at the University College of Wales, Aberystwyth, U.K. 15 IdaTech plc Annual Report 2009
David Smith, Independent Non-executive Director 
David Smith has more than 20 years of experience in research and 
development and business management, having spent most of his 
career in various management positions with BP. In 1987 he was 
appointed a Vice-President of R&D at BP America, before 
returning to BP Research Centre, Sunbury as a General Manager. 
In 1992 he was appointed Head of BP Group Research and 
Engineering, the senior BP technical post directly and indirectly 
associated with the Group’s technical population of around 9000. 
During 1994–2001 Dr. Smith served as CEO and Chief Technology 
Officer of Whatman PLC. He is currently a Non-executive Director 
of Murphy Oil Corporation. He holds a PhD and a Bachelor of 
Science. He was awarded the CBE in 1999 for services to 
technology transfer. 
Senior Management
David Beatty Vice President of Engineering  
Margo Maddux Vice President of Human Resources
Michael Otterbach Vice President of Operations 
William Pledger Chief Engineer 
Richard Romer Vice President of Marketing and Sales 
Eric Simpkins Vice President of Business Development 
David Beatty, Vice President of Engineering 
David Beatty joined IdaTech in June 2007 and has more than 
15 years of engineering and programme management experience. 
Prior to joining IdaTech, Mr. Beatty was the Vice President of 
Engineering at Active Power, Inc., based in Austin, Texas. In this 
role, Mr. Beatty was responsible for an engineering department 
tasked with developing two new products and supporting three 
existing product platforms. Prior to this, Mr. Beatty was an 
Engineering Technical Manager at Honeywell International Inc. 
where he was responsible for new product development, from 
first prototype to production launch. Mr. Beatty holds a Bachelors 
of Science degree in Mechanical Engineering and a Masters 
degree in Mechanical Engineering, both from the University of 
Illinois, Urbana. 
Margo Maddux, Vice President of Human Resources 
Margo Maddux is IdaTech’s VP of Human Resources and joined 
IdaTech in November 2006. Mrs. Maddux has more than 25 years 
of Human Resource Management, Recruiting and Training 
experience. She has held senior level positions in a variety of 
companies that includes WalMart Stores, Inc. and others in the 
Communications, Sales, Retail and Manufacturing sectors. She 
has been involved in the early stages of two start-up companies; 
helping them grow and mature into highly successful companies.
Michael Otterbach, Vice President of Operations 
Michael Otterbach is the Company’s Vice President of Operations 
and is responsible for production, system integration, quality, 
supply chain, service, and information technology, activities at 
IdaTech. Mr. Otterbach has more than 20 years of high-level 
experience in project and programme management, engineering 
and operations management. Prior to joining IdaTech, Mr. 
Otterbach was in programme management and manufacturing 
operations with Honeywell, Inc. Most recently, he ran the 
manufacturing operations for the Pulp and Paper Group in 
Cupertino, California. Prior to that role at Honeywell, he guided a 
team of specialists to facilitate worldwide product launches as the 
programme manager. He worked with Honeywell in both Germany 
and California. Mr. Otterbach holds a Bachelor’s degree in 
Computer Science from Fachhochschule Kirchheim unter Teck, 
Germany and is a certified Six Sigma Black Belt and a certified 
quality assessor. 
William Pledger, Chief Engineer 
William Pledger co-founded IdaTech in 1996 and has remained 
with the Company as Chief Engineer. Mr. Pledger has more than 
20 years’ experience in the design, construction and testing of 
membrane-based modules, transformer gas analysers, fuel 
processors and fuel cell systems. Prior to joining IdaTech, 
Mr. Pledger worked at Bend Research Inc. from 1985 until 1994 
where he was responsible for designing and constructing 
prototype membrane-based systems and pilot plants for use in 
food and pharmaceutical processing. Mr. Pledger holds a 
Bachelors degree in Chemical Engineering from Oregon State 
University, is a member of the American Institute of Chemical 
Engineers and the American National Standards Institute, as well 
as a registered Professional Engineer in Oregon. 
Richard Romer, Vice President of Marketing and Sales 
Richard Romer joined IdaTech in June 2007 and has over 10 years 
of international sales and marketing experience. Most recently, Mr. 
Romer was Vice President of Sales and Marketing with Cyclics 
Corporation, a polymer resin manufacturer that provided innovative 
solutions to customers with engineered thermoplastic issues. Prior 
to Cyclics, he started and managed the Plug Power Inc global 
sales force as Director of Sales. Mr. Romer’s other previous 
positions include Product Manager for Saint-Gobain Performance 
Plastics and Director of Product Development at Berkshire 
Corporation. Mr. Romer holds a Bachelor of Science degree in 
Mechanical Engineering from Union College and a Master of 
Business Administration from the State University of New York at 
Albany. 
Eric Simpkins, Vice President of Business Development 
Eric Simpkins is responsible for managing and directing 
government affairs, and developing strategic programmes with 
federal and state government agencies. 
Prior to joining IdaTech, Mr. Simpkins spent eight years as 
VP – Business Development for FuelCell Energy Inc. Between 
1992 and 1994, Mr. Simpkins was Manager of Technology 
Business Development for General Electric Space Systems and 
between 1988 and 1992, he was Programme Manager – Quality & 
Reliability Engineering for Lockheed Martin Aerospace.
Directors and Senior Management continued 16 IdaTech plc Annual Report 2009
Corporate Governance
The Directors support high standards of corporate governance. 
Whilst as an AIM quoted company it is not required to follow any 
governance code the Board have sought to comply with the UK 
main market Combined Code insofar as it is appropriate and 
practicable for a company of the size and nature of the Company. 
There have been no changes to the Company’s Corporate 
Governance during 2009.
The Board structure
The Board consists of the Chairman, two Executive Directors and 
four Non-executive Directors. The Board has not nominated a 
senior independent Non-executive Director. Save in respect of 
Michael Lacey-Solymar, who was nominated by the Investec 
Group, the Company regards all of its Non-executive Directors as 
independent Non-executive Directors within the meaning of 
‘‘independent’’ as defined in the Combined Code and free from 
any business or other relationship which could materially interfere 
with the exercise of their independent judgement. 
The composition of the Board is not fully Combined Code 
compliant. However, because the Board includes three 
independent Non-executive Directors, the Directors regard this as 
an appropriate board structure given the size and nature of the 
Company. The Company has adopted a share dealing code for the 
members of the Board and certain employees which is appropriate 
for a company whose shares are admitted to trading on AIM 
(particularly in order to comply with Rule 21 of the AIM Rules for 
Companies) and the Company will take all reasonable steps to 
ensure compliance with such code by members of the Board and 
any relevant employees. 
The Board has also established an audit committee, a nominations 
committee and a remuneration committee.
Audit committee
The audit committee is chaired by Angus Fraser and its other 
members are Sir John Jennings, Michael Lacey-Solymar, Alan 
Lloyd and David Smith. The audit committee meets not less than 
three times a year and has responsibility for, amongst other things, 
monitoring the integrity of the Group’s financial statements and 
reviewing its annual and interim reports. It oversees the Group’s 
relationship with its external auditors and reviews its compliance 
with the provisions of the Combined Code (insofar as it is 
appropriate and practicable for a company of the size and nature 
of the Company) and the requirements of the AIM Rules. It also 
has responsibility for reviewing the effectiveness of the Group’s 
systems of internal controls and risk management. The ultimate 
responsibility for reviewing and approving the interim and annual 
financial statements remains with the Board.
Nominations committee
The nominations committee is chaired by Sir John Jennings and 
its other members are Angus Fraser, Alan Lloyd and David Smith. 
The committee is due to meet not less than twice a year and has 
responsibility for making recommendations to the Board on the 
composition of the Board and its committees and on retirements 
and appointments of additional and replacement Directors and 
ensuring compliance with the Combined Code insofar as it is 
appropriate and practicable for a company of the size and nature 
of the Company.
Remuneration committee
The remuneration committee is chaired by David Smith and its 
other members are Sir John Jennings, Angus Fraser and Alan 
Lloyd. The remuneration committee meets not less than two times 
a year and has responsibility for making recommendations to the 
Board (i) on the Group’s policy on the remuneration of Senior 
Management, (ii) for the determination, within agreed terms of 
reference, of the remuneration of the Chairman and of specific 
remuneration packages for each of the Executive Directors and 
the members of Senior Management, including pension rights and 
any compensation payments and (iii) for the implementation of 
long-term incentive plans. The Remuneration Committee also 
ensures compliance with the Combined Code in this respect and 
insofar as it is appropriate and practicable for a company of the 
size and nature of the Company.
Internal control and risk management
The Board has overall responsibility for the Group’s system of 
internal control and for reviewing its effectiveness. The Group 
maintains systems which are designed to provide reasonable but 
not absolute assurance against material loss and to manage rather 
than eliminate risk.
The key features of the Group’s system of internal control are 
as follows:
management structure with clearly defined responsibilities; •	
timely production of comprehensive management information; •	
detailed budgeting and forecasting; •	
analyses of risks and threats reviewed by the Senior •	
Management at their regular meetings; and
ISO accredited business processes which are externally •	
audited.
Performance evaluation
The performance of the Board, its individual members and its 
Committees is regularly reviewed as required by the revised 
Combined Code.
Communication with shareholders
The Board is keen to encourage the participation of a broad base 
of both institutional and private investors in the Group. 
Communication with investors will be maintained through the 
Annual General Meeting, annual and interim reports, press 
releases and through the Group website. 17 IdaTech plc Annual Report 2009
Report of the Remuneration Committee
Introduction
The following report provides information relating to the pay and benefits policy for the Company’s Directors. 
Members of the Remuneration Committee
Details relating to the Remuneration Committee can be found in the corporate governance statement on pages 15 and 16. The 
Committee meets during the year to determine all aspects of the remuneration of the Executive Directors. The remuneration of the 
Non-executive Directors is determined by the Board as a whole.
Remuneration policy
The Committee believes remuneration levels should be competitive and set to attract, retain and motivate Executive Directors and to align 
their interests as closely as possible with the interests of the shareholders.
The Company makes contributions to Group personal pension schemes on behalf of Executive Directors. The Company operates an 
approved Equity Incentive Share Scheme for the Executive Directors, key management and employees.
Emoluments of the Directors
The emoluments of the Directors are disclosed in aggregate in Note 19 of these financial statements on page 40.
Directors’ interests
The Directors held the following interests in the shares of the Company:
  As at 
Name Type  31 December 2009
Sir John Jennings Ordinary Shares of £0.01 each 200,000 
Harol Koyama Ordinary Shares of £0.01 each 655,639 
James Cooke Ordinary Shares of £0.01 each 331,826 
Angus Fraser Ordinary Shares of £0.01 each 7,500 
David Smith Ordinary Shares of £0.01 each 15,000 
The number of shares disclosed by Harol Koyama and James Cooke above include shares held by the IdaTech Employee Benefit Trust. 
These shares will become freely transferable to the individuals as below.
Allocation Date      Harol Koyama  James Cooke
18 March 2010*       19,748    17,373 
1 October 2010**       64,562    89,671 
18 March 2011*       9,874    8,687 
1 April 2011*       102,171    76,667 
1 April 2012*       51,086    38,333 
       247,441    230,731 
* This grant is based on the performance of the share price. For the allocation (as above) to be awarded in full requires a doubling of the share price over a three year period as 
detailed in note 13. For any increase above the share price at the date of award but below the target price at the end of three years will result in a pro-rata number of shares 
being awarded based on the actual increase in share price as compared to the target of a 100% increase.
** The only condition is that the individual must remain in the employment of the Group at the Allocation Date. 18 IdaTech plc Annual Report 2009
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report, the 
Directors’ Remuneration Report and the Group and the Parent 
Company financial statements in accordance with applicable law 
and regulations.
Company law requires the Directors to prepare financial 
statements for each financial year. Under that law the Directors 
have prepared the Group financial statements in accordance with 
International Financial Reporting Standards (“IFRSs”) as adopted 
by the European Union, and the Parent Company financial 
statements in accordance with applicable law and United Kingdom 
Accounting Standards (United Kingdom Generally Accepted 
Accounting Practice). The Group and Parent Company financial 
statements are required by law to give a true and fair view of the 
state of affairs of the Company and the Group and of the profit or 
loss of the Company and Group for that period.
In preparing those financial statements, the Directors are  
required to:
select suitable accounting policies and then apply them •	
consistently;
make judgements and estimates that are reasonable and •	
prudent;
state that the Group financial statements comply with IFRSs as •	
adopted by the European Union, and with regard to the Parent 
Company financial statements that applicable UK Accounting 
Standards have been followed, subject to any material 
departures disclosed and explained in the financial statements;
prepare the Group and Parent Company financial statements •	
on the going concern basis unless it is inappropriate to 
presume that the Group will continue in business, in which case 
there should be supporting assumptions or qualifications as 
necessary. 
The Directors are responsible for keeping proper accounting 
records that disclose with reasonable accuracy at any time the 
financial position of the Company and the Group and to enable 
them to ensure that the Group financial statements comply with 
the Companies Act 2006 and Article 4 of the IAS Regulation and 
the Parent Company financial statements and the Directors’ 
Remuneration Report comply with the Companies Act 2006. They 
are also responsible for safeguarding the assets of the Company 
and the Group and hence for taking reasonable steps for the 
prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of 
the Company’s website. Legislation in the United Kingdom 
governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions.
Each of the Directors, whose names and functions are listed in the 
Directors’ Report, confirms that, to the best of their knowledge:
the Group financial statements, which have been prepared in •	
accordance with IFRSs as adopted by the EU, give a true and 
fair view of the assets, liabilities, financial position and loss of 
the Group; and
the Chairman’s Report includes a fair review of the •	
development and performance of the business and the position 
of the Group, together with a description of the principal risks 
and uncertainties that it faces. 19 IdaTech plc Annual Report 2009
Independent Auditors’ Report to the Members of IdaTech plc
We have audited the Group financial statements of IdaTech plc for 
the year ended 31 December 2009 which comprise the 
Consolidated Statement of Comprehensive Income, the 
Consolidated Balance Sheet, the Consolidated Cash Flow 
Statement, the Consolidated Statement of Changes in Equity and 
the related notes. The financial reporting framework that has been 
applied in their preparation is applicable law and International 
Financial Reporting Standards (“IFRSs”) as adopted by the 
European Union.
Respective responsibilities of Directors and auditors
As explained more fully in the Directors’ Responsibilities 
Statement, 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 the financial statements 
in accordance with applicable law and International Standards on 
Auditing (UK and Ireland). Those standards require us to comply 
with the Auditing Practices Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only 
for the Company’s members as a body in accordance with 
Chapter 3 of Part 16 of the Companies Act 2006 and for no other 
purpose. We do not, in giving these opinions, accept or assume 
responsibility for any other purpose or to any other person to 
whom this report is shown or into whose hands it may come save 
where expressly agreed by our prior consent in writing.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and 
disclosures in the financial statements sufficient to give reasonable 
assurance that the financial statements are free from material 
misstatement, whether caused by fraud or error. This includes an 
assessment of: whether the accounting policies are appropriate to 
the Group’s circumstances and have been consistently applied 
and adequately disclosed; the reasonableness of significant 
accounting estimates made by the Directors; and the overall 
presentation of the financial statements.
Opinion on financial statements 
In our opinion the Group financial statements: 
give a true and fair view of the state of the Group’s affairs as at •	
31 December 2009 and of its loss and cash flows for the year 
then ended;
have been properly prepared in accordance with IFRSs as •	
adopted by the European Union; and 
have been prepared in accordance with the requirements of the •	
Companies Act 2006.
Emphasis of matter – Going Concern
In forming our opinion on the financial statements, which is not 
qualified, we have considered the adequacy of the disclosures 
made in note 2 to the financial statements (basis of preparation) 
concerning the Group’s ability to continue as a going concern. The 
Company’s principal shareholder the Investec Group (“Investec”), 
has indicated its intention to ensure the Group is managed and/or 
appropriately funded so that it is in a position to meet its liabilities 
as and when they fall due for at least 12 months from the date of 
approval of these financial statements. This has been provided 
through a wholly-owned subsidiary of Investec (Investec Group 
Investment (UK) Limited) as a current intention only and does not 
represent a legally binding obligation by the shareholder. 
Additionally, we draw attention to the fact that the loan notes 
amounting to $32 million, as disclosed in note 15 to the financial 
statements, are repayable on 31 March 2011. The Directors 
believe the settlement of these loan notes and additional funding 
drawn down in the current financial year will be refinanced before 
this date. In view of the nature of the intention received from 
Investec and the need to refinance the loan notes and additional 
funding by 31 March 2011, there exists a material uncertainty 
which may cast significant doubt about the Group’s ability to 
continue as a going concern. The financial statements do not 
include the adjustments that would result if the Group was unable 
to continue as a going concern.
Opinion on other matter prescribed by the Companies 
Act 2006
In our opinion the information given in the Directors’ Report for the 
financial year for which the Group financial statements are 
prepared is consistent with the Group financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters 
where the Companies Act 2006 requires us to report to you if, in 
our opinion: 
certain disclosures of Directors’ remuneration specified by law •	
are not made; or 
we have not received all the information and explanations we •	
require for our audit. 
Other matter 
We have reported separately on the Parent Company financial 
statements of IdaTech plc for the year ended 31 December 2009. 
That report is modified by the inclusion of an emphasis of matter.
David A Snell (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
16 March 2010 20 IdaTech plc Annual Report 2009
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2009 
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
      Note US$’000 US$’000
Revenue      4,5 6,550.6 5,930.7
Cost of sales       (11,537.2) (9,226.2)
Gross loss       (4,986.6) (3,295.5)
Research and development costs       (17,708.8) (7,835.8)
Sales, general and administrative expenses       (10,797.6) (10,743.9)
Other expense       (3.7) (48.2)
Operating loss       (33,496.7) (21,923.4)
Operating loss before exceptional cost       (28,989.7) (21,923.4)
Research & development exceptional cost      8 (4,507.0) –
Operating loss       (33,496.7) (21,923.4)
Finance income      20 6.3 139.8
Finance costs      20 (1,595.1) (166.4)
Finance costs – net       (1,588.8) (26.6)
Loss before income tax       (35,085.5) (21,950.0)
Income tax credit      28 2,571.6 857.6
Loss for the year       (32,513.9) (21,092.4)
Other comprehensive income
Gains/losses recognised directly in equity
Other       409.8 (66.0)
Currency translation differences       (3.4) (5.0)
Other comprehensive loss for the year       406.4 (71.0)
Total comprehensive loss for the year       (32,107.5) (21,163.4)
Basic and diluted loss per share (US$)      27 (0.63) (0.43)
The notes on pages 24 to 45 are an integral part of these consolidated financial statements. 21 IdaTech plc Annual Report 2009
     Employee  Reverse Total Share- 
   Share Share benefit trust Retained acquisition holders’ 
   capital premium reserve earnings reserve equity 
   US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
As at 31 December 2007   991.2 57,754.8 (2,371.8) (15,902.9) 9,477.7 49,949.0
Comprehensive income   – – – – – –
Loss for the year   – – – (21,092.4) – (21,092.4)
Other   – – – (66.0) – (66.0)
Currency exchange differences   – – – (5.0) – (5.0)
Share-based payments   – – – 2,995.3 – 2,995.3
As at 31 December 2008   991.2 57,754.8 (2,371.8) (34,071.0) 9,477.7 31,780.9
Loss for the year   – – – (32,513.9) – (32,513.9)
Other   – 346.7 – – – 346.7
Currency exchange differences   – – – (3.4) – (3.4)
Share-based payments   – – – 2,906.6 – 2,906.6
Treasury shares   – – (1,037.3) – – (1,037.3)
Shares sold by employee benefit trust   – – 1,319.7 – – 1,319.7
Share-based payments utilised   – – – (1,729.5) – (1,729.5)
Issuance of shares to employee benefit trust   28.4 – – – – 28.4
As at 31 December 2009   1,019.6 58,101.5 (2,089.4) (65,411.2) 9,477.7 1,098.2
The notes on pages 24 to 45 are an integral part of these consolidated financial statements.
Reverse acquisition reserve: The reverse acquisition reserve arose as a result of the share for share exchange undertaken in advance of 
the initial public offering. This reserve comprises the excess of the market value of the IdaTech plc shares issued to the IdaTech UK 
Limited shareholders over and above the nominal value of these shares.
Consolidated Statement of Changes in Shareholders’ Equity
for the year ended 31 December 2009 2 2 IdaTech plc Annual Report 2009
       As at As at 
       31 December 31 December 
       2009 2008 
      Note US$’000 US$’000
ASSETS
Non-current assets
Property, plant and equipment      6 1,102.5 1,005.6
Goodwill      7 18,001.2 18,001.2
Intangible assets      8 18,098.2 23,792.9
Trade and other receivables      10 100.0 100.0
       37,301.9 42,899.7
Current assets
Inventories      11 2,506.4 3,233.3
Trade and other receivables      10 3,910.4 3,814.5
Cash and cash equivalents      9 756.9 620.0
       7,173.7 7,667.8
Total assets       44,475.6 50,567.5
LIABILITIES
Current liabilities
Trade and other payables      14 (5,972.1) (4,022.3)
Borrowings      15 – (53.0)
Provisions for other liabilities and charges      16 (35.3) (124.1)
Deferred income tax liabilities      28 (493.5) (768.8)
       (6,500.9) (4,968.2)
Net current assets       672.8 2,699.6
Non-current liabilities
Borrowings      15 (32,000.0) (7,002.3)
Provisions for other liabilities and charges      16 (688.9) (332.2)
Deferred income tax liabilities      28 (4,187.6) (6,483.9)
       (36,876.5) (13,818.4)
Total liabilities       (43,377.4) (18,786.6)
Total net assets       1,098.2 31,780.9
EQUITY
Capital and reserves
Share capital      12 1,019.6 991.2
Share premium       58,101.5 57,754.8
Retained earnings – deficit       (67,500.6) (36,442.8)
Reverse acquisition reserve       9,477.7 9,477.7
Total shareholders’ equity       1,098.2 31,780.9
The notes on pages 24 to 45 are an integral part of these consolidated financial statements.
The financial statements on pages 20 to 45 were approved by the Board of Directors on 16 March 2010.
Harol Koyama    James Cooke
Chief Executive Officer   Chief Financial Officer
Consolidated Balance Sheet
as at 31 December 2009 23 IdaTech plc Annual Report 2009
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
      Note US$’000 US$’000
Cash outflows from operating activities
Cash outflows from operations      21 (23,104.4) (18,055.3)
Interest paid      20 (25.1) (19.2)
Net cash outflow from operating activities       (23,129.5) (18,074.5)
Cash flows from investing activities
Purchase of property, plant and equipment      6 (409.9) (401.4)
Purchase of intangible assets      8 (1,272.4) (1,838.2)
Interest received      20 6.3 139.8
Net cash outflow from investing activities       (1,676.0) (2,099.8)
Cash flows from financing activities
Proceeds from borrowings      15 24,997.7 7,000.0
Repayments of borrowings       (55.3) (2.9)
Net cash inflow from financing activities       24,942.4 6,997.1
Net (decrease)/increase in cash and cash equivalents       136.9 (13,177.2)
Cash and cash equivalents at beginning of the year       620.0 13,797.2
Cash and cash equivalents at end of the year      9 756.9 620.0
The notes on pages 24 to 45 are an integral part of these consolidated financial statements.
Consolidated Cash Flow Statement
for the year ended 31 December 2009 24 IdaTech plc Annual Report 2009
Notes to the Consolidated Financial Statements 
1. General Information
IdaTech plc and its subsidiaries (together “the Group”) manufacture and distribute fuel cells both directly and through distribution 
partners. The Group has manufacturing facilities in the US and Mexico. Our distribution network includes sales offices in the US, 
Germany, France and Malaysia. During the year, the Group expanded into India with possible manufacturing facilities in the near future.
IdaTech plc is a public limited company which is quoted on the Alternative Investment Market (“AIM”) of the London Stock Exchange and 
is registered and domiciled in the UK.
IdaTech plc (the “Company”) was incorporated on 25 May 2007. With effect from 7 June 2007, the Company became the legal Parent 
Company of IdaTech UK Limited and its subsidiary undertakings. This business combination, effected through an exchange of equity 
interests, has been accounted for as a reverse acquisition in accordance with IFRS 3 “Business Combinations”. IdaTech UK Limited was 
incorporated on 13 July 2006 and acquired IdaTech Technologies, Inc, (“ITI”) IdaTech, LLC and IdaTech Fuel Cells GmbH on 20 July 2006.
2. Significant accounting policies
The principal accounting policies applied in the preparation of this financial information are set out below. These policies have been 
consistently applied.
Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) and IFRIC 
interpretations endorsed by the European Union and with those parts of the Companies Act 2006 applicable to companies reporting 
under IFRS. The consolidated financial statements have been prepared under the historic cost convention. They have been prepared 
under the going concern principle – see also Directors’ Report.
Going concern
These financial statements have been prepared on a going concern basis. As reported in the Chairman’s Statement and Chief 
Executive’s Business Review, IdaTech’s main shareholder, the Investec Group has indicated its current intention to ensure the business 
is managed and/or appropriately funded so that it is in a position to meet its debts as and when they fall due. This has been provided as 
a current intention only and does not represent a legally binding obligation by the Investec Group. Whilst the Directors have a reasonable 
expectation that the shareholder will continue to support the Group, in view of the nature of the support, there can be no certainty in 
this matter.
Additionally the loan notes amounting to $32 million, as disclosed in note 15 to the financial statements, are repayable on 31 March 2011. 
The Directors will be working with the shareholder to refinance the existing loan notes and additional funding drawn down in the current 
financial year.
In view of the above, the Directors have concluded that a material uncertainty exists that may cast significant doubt upon the Group’s 
ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described above, the 
Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.
The income statement and balance sheet show no intention or necessity to liquidate or curtail significantly the operations of the Group. 
Specifically, the assets of the Group have been valued and reported on the basis that they will be used for the purpose for which they 
were purchased in the ongoing operation of the business and no liabilities have been included that may arise on a significant curtailment 
of the Group’s activities.
Application of new standards
(a) The Group has adopted the following new and amended IFRSs as of 1 January 2009:
IAS 1 (revised), ‘‘Presentation of financial statements’’. The revised standard prohibits the presentation items of income and expenses •	
(that is “non-owner changes in equity”) in the statement of changes in equity, requiring ‘‘non-owner changes in equity’’ to be 
presented separately from owner changes in equity. All ‘‘non-owner changes in equity’’ are required to be shown in a performance 
statement. The Group has elected to present single statement of comprehensive income. The financial statements have been 
prepared under the revised disclosure requirements.
IFRS 8 “Operating segments” – This replaces IAS 14 “Segment reporting” and requires a “management approach” under which •	
segment information is presented on the same basis as that used for internal reporting purposes.
IFRS 2 (amendment), “Share-based payment” deals with vesting conditions and cancellations. It clarifies that vesting conditions are •	
service conditions and performance conditions only. Other features of a share-based payment are not vesting conditions. These 
features would need to be included in the grant date fair value for transactions with emloyees and others providing similiar services; 
they would not impact the number of awards expected to vest or valuation there of subsequent to grant date. All cancellations, 
whether by the entity or by other parties, should receive the same accounting treatment. The amendment does not have a material 
impact on the Group or Company's financial statements. 25 IdaTech plc Annual Report 2009
2. Significant accounting policies continued
(b)  The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial year, but are 
not currently relevant for the Group:
IAS 23 – Borrowing cost. •	
IFRS 7 – Financial instruments. •	
IFRIC 12 “Service concession arrangements”. •	
IFRIC 13 “Customer loyalty programmes”. •	
IFRIC 14 “IAS 19 – the limit on a defined benefit asset, minimum funding requirements and their interaction”. •	
IFRIC 15 “Agreement for the Construction of Real Estate”. •	
IFRIC 16 “Hedges of a Net Investment in a Foreign Operation”. •	
IFRIC 17 “Distribution of Non-cash Assets”. •	
IFRIC 18 “Transfers of Assets from Customers”. •	
IFRS 3 (amendment) “Business combinations” and consequential amendments to IAS 27 “Consolidated and separate financial •	
statements”.
(c)  The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial 
year:
IAS 28 “Investments in associates” and IAS 31 “Interests in joint ventures”, effective prospectively to business combinations for which •	
the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009.
IAS 27 (revised), “Consolidated and separate financial statements”. •	
IAS 38 (amendment), “Intangible Assets”. •	
IFRS 5 (amendment), “Non-current assets held for sale and discontinued operations”. •	
Subsidiaries
Subsidiaries are those entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the 
financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that are 
presently exercisable or convertible are taken into account. The results of all subsidiary undertakings acquired or disposed of are 
included in the income statement from the effective date of control until the date that control ceases. The purchase method of accounting 
is used to account for the acquisition of subsidiaries and adjustments are made if necessary to ensure consistency of subsidiaries’ 
accounting policies with the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued 
and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired 
and liabilities and contingent liabilities assumed are measured initially at their fair values at the acquisition date. The excess of the cost of 
acquisition over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. All intra-Group 
transactions and unrealised gains are eliminated as part of the consolidation process.
Foreign currency translation
These financial statements are presented in US dollars (“US$”), which is the presentational and functional currency of the Group. 
Amounts included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic 
environment in which the entity operates (the functional currency). Transactions in foreign currencies are translated into the functional 
currency using the exchange rate prevailing at the date of transaction.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates 
of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
On consolidation, the assets and liabilities of all Group companies that have a functional currency other than US$ are translated at the 
rate prevailing at the balance sheet date, and their income and expenses are translated at average exchange rates for the year. Resulting 
exchange differences are recorded as a separate component of equity. When a foreign operation is sold, these exchange differences are 
recognised in the income statement as part of the gain or loss on sale.
Goodwill and fair value adjustments on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are 
translated at the closing rate.
Property, plant and equipment
Property, plant and equipment are shown at original historical cost, or acquired fair value, net of accumulated depreciation and any 
provision for impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs 
are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future 
economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount 
of a replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial year in 
which they are incurred. 26 IdaTech plc Annual Report 2009
Depreciation is provided at rates calculated to write off the cost, or acquired fair value, less estimated residual value, of each asset on a 
straight-line basis over its expected useful life. The expected useful lives of office equipment, production and research equipment are 
three to six years. Leasehold improvements are depreciated over the shorter of the life of the lease and the life of the improvement. The 
assets’ residual values and useful lives are reviewed and adjusted if appropriate at each balance sheet date. An asset’s carrying value is 
written down immediately to its recoverable amount if the asset’s carrying value is greater than its estimated recoverable amount. Gains 
and losses on disposal of property, plant and equipment are determined by comparing the proceeds with the carrying amount and are 
recognised in the income statement.
The Group does not revalue its assets.
Research and development
Expenditure on research activities is charged as an expense in the year in which the cost is incurred. Development costs have been 
capitalised where they meet all of the criteria specified in International Accounting Standard (“IAS”) 38 “Intangible Assets”.
Intangible assets
Intangible assets include intellectual property, core technology and licence fees. The Group has capitalised patents covering many 
aspects of the Group’s proprietary technology, including issued patents as well as pending applications and disclosures presently at 
various stages of preparation for application.
The Group’s intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any provision for 
impairment. Amortisation is calculated using the straight line method to allocate the cost of the intangible assets over their estimated 
useful economic lives as follows:
Core technology  20 years
Intellectual property  10 years
Licence fees  1 to 3 years
Upon the acquisition of the Group by the Investec Group on 20 July 2006, certain intangible assets were recognised. These assets relate 
to the core technology of IdaTech, LLC and the intellectual property of its two most advanced products.
The valuation of the core technology is calculated using a discounted cash flow method on an expected royalty fee that would be 
generated if such technology were to be licensed. The valuation of the intellectual property has been calculated using the discounted 
cash flow of the expected profitability of the products over their useful lives.
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of the 
acquired subsidiary at the date of acquisition. Goodwill is allocated to cash-generating units (“CGUs”) identified according to business 
segments; as there is only one business segment there is only one corresponding CGU. Separately recognised goodwill is tested 
annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains 
and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Impairment
Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the 
carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds 
its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. For the 
purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-
generating units). Non financial assets that have suffered impairment are reviewed for possible reversal of impairment at each balance 
sheet date.
Employee benefit trust
The cost of the Company’s shares held in the employee benefit trust is included within equity as Treasury Shares.
Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Group’s Board.
Financial instruments
Financial assets
Under IFRS 7 “Financial Instruments: Disclosures”, financial assets are classified as one of financial assets held at fair value through the 
income statement, loans and receivables, held-to-maturity investments or available for sale financial assets. The Group only holds loans 
and receivables.
Notes to the Consolidated Financial Statements continued 27 IdaTech plc Annual Report 2009
2. Significant accounting policies continued
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. 
They are included in current assets. The Group’s loans and receivables comprise “trade and other receivables” and “cash and cash 
equivalents” in the balance sheet.
Loans and receivables with fixed or determinable payments are carried at amortised cost using the effective interest method, with 
changes in carrying value recognised in the income statement. Loans and receivables exclude items that the Group intends to sell 
immediately or in the short term (which are classified as held for trading) and those for which the Group may not recover substantially all 
of its initial investment other than because of credit deterioration (which are classified as available for sale).
Trade receivables
Trade receivables are measured on initial recognition at fair value and subsequently measured at amortised cost using the effective 
interest method. Appropriate provisions for impairment are recognised where there is objective evidence that the full amount of the trade 
receivable is not collectible and are recognised in the income statement. Significant financial difficulties of the debtor, probability that the 
debtor will enter bankruptcy or financial reorganisation and default or delinquency in payments (more than three months overdue) are 
considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset’s carrying 
amount and the present value of estimated cash flows, discounted at the original effective interest rate. The carrying amount of the asset 
is reduced through the use of an allowance account and the amount of the loss is recognised in the income statement within “sales, 
general and administrative expenses”. When a trade receivable is uncollectable, it is written off against the allowance account for trade 
receivables. Subsequent recoveries of amounts previously written off are credited against “sales, general and administrative expenses” in 
the income statement.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with 
original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the 
balance sheet.
Financial liabilities
Financial liabilities are stated at fair value adjusted for transaction costs attributable to the issue of financial liabilities. Financial liabilities 
are subsequently measured at amortised cost using the effective interest method.
Trade payables are recognised initially at fair value and subsequently at amortised cost using the effective interest rate method.
Derivative financial instruments and hedging activities
The Group’s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. The Group neither 
holds nor has issued any derivative financial instruments and does not enter into hedging arrangements.
Treasury policies
The objectives of management are to manage the Group’s financial risk and secure cost-effective funding for the Group’s operations.
The Group has financed its activities with a combination of loans and cash as disclosed in notes 9 and 15. Other financial assets and 
liabilities, such as trade debtors and trade creditors, arise directly from the Group’s operating activities. The Group does not trade in 
financial instruments.
Borrowing costs
Borrowing costs are recognised as an expense in the year in which they are incurred.
Financial risk management
Financial risk factors
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow 
interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management programme focuses on the 
unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance.
The main risks associated with the Group’s financial assets and liabilities are set out below.
(a) Market risk
Foreign currency risk
The Group has invested in operations outside the United States of America and also buys and sells goods denominated in currencies 
other than US dollars. As a result the value of the Group’s non-US dollar revenues, expenses, financial assets and liabilities and cash 
flows can be affected by movements in exchange rates in general, although at present these operations are not significant. The Group’s 
transactional currency exposures arise from sales or purchases by Group companies in currencies other than its functional currency. The 
Group currently does not have significant exposures to foreign exchange due to the small size of the operations outside of the United 
States. The Group currently does not enter into forward contracts due to this small exposure. 28 IdaTech plc Annual Report 2009
The only foreign currency held is that in UK pounds by IdaTech plc. The amount held is not significant and related foreign currency risk 
is immaterial.
Interest rate risk
Since the initial public offering on 7 August 2007 until September 2008, the Group has been financed by the cash it raised during that 
process. Prior to that date, and since September 2008, the Group has been financed by loans from the Investec Group, the ultimate 
parent undertaking on a floating interest rate. Whilst fixed rate interest bearing debt is not exposed to cash flow interest rate risk, there is 
no opportunity for the Group to enjoy a reduction in borrowing costs in markets where rates are falling. In addition, the fair value risk 
inherent in fixed rate borrowing means that the Group is exposed to unplanned costs should debt be restructured or repaid early as part 
of the liquidity management process. Floating rate interest is exposed to cash flow US interest rate risk, with any increases in the cost of 
finance increasing the cost of servicing the debt. Floating rate interest debt does allow the Group to take advantage of restructuring the 
debt without incurring fixed interest charges.
(b) Credit risk
Credit risk arises from cash and cash equivalents and credit exposures to customers. When the Group has liquid resources available, it 
places them with a range of financial institutions and is therefore exposed to credit solvency risk from these institutions. The Group has a 
policy that defines at which institutions funds can be placed and an instrument dealt, and defines credit limits based on those institutions’ 
credit ratings.
Group policies are aimed at minimising losses, and require that deferred terms are granted only to customers who demonstrate an 
appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored with customers subject to 
credit limits to ensure that the Group’s exposure to bad debts is not significant.
(c) Liquidity risk
The Group aims to mitigate liquidity risk by controlling cash management within its operations. Investment is carefully controlled, with 
authorisation limits operating up to Group Board level and cash payback years applied as part of the investment appraisal process. 
Excess cash used in managing liquidity is only invested in financial instruments exposed to insignificant risk of changes in market value.
Note 15 contains an analysis of the Group’s financial liabilities into maturity groupings.
Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide 
returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In 
order to maintain or adjust the capital structure, the Group may issue new shares or sell assets.
        As at As at 
       ended ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Total borrowings (note 15)       32,000.0   7,055.3
Less: cash and cash equivalents (note 9)        (756.9) (620.0)
Net debt        31,243.1   6,435.3
Total equity        2,135.5   31,780.9
Total capital        33,378.6   38,216.2
Gearing ratio       94% 17%
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (“FIFO”) method. The cost 
of work in progress and finished goods includes materials, labour and factory overheads. Net realisable value is the estimated selling 
price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Any 
inventory item which does not form part of a current product line is declared as obsolete and fully written off.
Taxation
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and 
liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it 
arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction 
affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates and laws that have been enacted 
or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or 
the deferred income tax liability is settled.
Notes to the Consolidated Financial Statements continued 29 IdaTech plc Annual Report 2009
2. Significant accounting policies continued
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the 
temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing 
of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in 
the foreseeable future.
Employee benefits
(a) Pension obligations
The Group has a defined contribution plan covering substantially all full-time employees. A defined contribution plan is a pension plan 
under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further 
contributions if the fund does not hold sufficient assets to pay all employees the benefit relating to employee service in the current and 
prior years. The contributions are recognised as employee benefit expense when they are due.
(b) Share-based compensation
The Group operates a number of share based remuneration schemes. These schemes are accounted for in accordance with IFRS 2 
“Share Based Payment” under which a charge is recognised in the income statement based on the fair value (the economic value) of the 
grant, measured at the grant date. The charge is spread over the vesting year and non-market conditions may be subject to adjustment if 
the number of options or shares actually vesting differs from that assumed at the outset. This must be revisited each balance sheet date. 
The valuation methodology takes into account future share price volatility, future dividend yield, future risk-free interest rate, an estimate of 
the earnings per share and exercise behaviour and is based on the Binomial Lattice method.
Provisions
Provisions for warranty and installation and for onerous contracts are recognised when the Group has a present legal or constructive 
obligation as a result of past events, it is probable that an outflow of economic resources will be required to settle the obligation and the 
amount has been reliably estimated. Where there are a number of similar obligations, the likelihood that an outflow will be required in 
settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow 
with respect to one item included in the same class of obligations may be small. Provisions are measured at the present value (based on 
a discounted cash flow) of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects the current 
market assessments of the time value of money and the risks specific to the obligation. Any increase in provisions due to the passage of 
time is recognised as an interest expense.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and 
services provided in the normal course of business, net of trade discounts and sales related taxes.
Sale of goods
Sales of goods are recognised when equipment is shipped, when title passes or when specific milestones are met, as specified in a 
customer’s contract, or, in the case of trial units, on the customer’s acceptance of the product.
Development contracts
The amount of profit attributable to the stage of completion of a long-term contract is recognised when the outcome of the contract can 
be seen with reasonable certainty. Revenue for such contracts is stated at cost appropriate to their stage of completion plus attributable 
profits, less amounts recognised in previous years. Provision is made for any losses which are foreseen. In respect of the Group’s cost 
reimbursement contracts with certain customers (where the customer contract defines the sales value in terms of actual costs incurred 
on the projects), revenue is recognised as the costs of the contract are incurred.
Contract work in progress is stated at costs incurred less those transferred to the income statement, after deducting foreseeable losses 
and payments on account not matched with revenue.
Amounts recoverable on contracts are included in trade and other receivables and represents revenue recognised in excess of payments 
on account.
Leases
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. 
Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a 
straight-line basis over the life of the lease.
Research and development related tax credit
The Group receives a tax credit based on the value of qualifying research and development expenditure. This is based on a percentage 
of the expenditure incurred and is received as cash periodically in arrears. The tax credit is accrued for as the qualifying expenditure is 
incurred and to the extent the cash has not been received, the amount due to the Group is included in trade and other receivables. 30 IdaTech plc Annual Report 2009
3. Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of 
future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely equal 
the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying 
amounts of assets and liabilities within the next financial year are outlined below.
Warranty provision
At 31 December 2009, the Group has recorded a liability of US$724,200 (31 December 2008 US$456,271) for warranty and installation 
costs. As the Group and the industry in which it operates are in the development stage, there is little historical data upon which to 
establish a reserve for warranty and installation costs. The liability recorded represents management’s best estimate of the potential 
future costs of warranty and repair, which is calculated as a percentage of product costs based on experience.
Share-based payments
The Group operates a number of share-based remuneration schemes. The valuation requires a number of estimates and assumptions to 
be made. See Note 13.
Impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy in note 2. 
Management’s assumptions in performing this test are a source of estimation uncertainty.
Valuation of intangible assets on acquisition
Intangible assets that existed at the date of the acquisition were identified through an assessment of the economics of the transaction 
and split into core technology and intellectual property R&D attributable to the existing products. There are a number of assumptions 
underlying the valuation of these intangibles. Therefore this is a source of estimation uncertainty.
4. Revenue
The Group’s revenue, all of which is derived from continuing operations, is from the sale of goods and delivery of development contracts:
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Sale of goods – current products        4,469.7   2,429.3
Development contracts        1,957.6   3,356.4
Other        123.3   145.0
        6,550.6   5,930.7
5. Segmental information
The Company has two operating segments; products sales and revenue from projects. These segments have been determined based on 
how the key decision makers direct the resources available to the business and what information is used to make strategic decisions.
Products are the sales of fuel cell systems. Projects include government and other customer driven development within our core 
technology. Additional consideration is given to geographic locations.
(a) Segments
IdaTech’s management team and the Board believe that segmented results at the gross loss level are the drivers in the decision making 
process of resource allocation and strategic direction. Consequently segmental information is only provided to this level.
 Year ended 31 December 2009 
|
 Year ended 31 December 2008
   Products Projects Total Products Projects Total
Revenue    4,469.7   2,080.9  6,550.6   2,429.3   3,501.4   5,930.7
Product cost    (6,070.0)  (1,134.3)  (7,204.3)  (3,622.4)  (2,454.4) (6,076.8)
Other cost    (2,956.5)  (1,376.4)  (4,332.9)  (1,434.4)  (2,151.7) (3,586.1)
Gross loss    (4,556.7)  (429.9)  (4,986.6)  (2,679.5)  (1,052.7) (3,732.2)
Other costs related to product sales includes expansion costs in Mexico.
Notes to the Consolidated Financial Statements continued 3 1 IdaTech plc Annual Report 2009
5. Segmental information continued
(b) Further segment by geography
The country of the operations is the USA. Revenue is allocated below based on the country in which the Customer is based.
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Revenue
United States        569.0   3,059.3
Japan        1,363.2   1,351.9
Mexico        387.1   918.6
Europe        1,090.8   313.1
India        1,536.8 –
Other        1,603.7   287.8
Total Revenue        6,550.6   5,930.7
6. Property, plant and equipment
    Production Research Office Leasehold  
    equipment equipment equipment improvements Total 
    US$’000 US$’000 US$’000 US$’000 US$’000
Cost
As at 1 January 2009    1,305.7 1,301.0 667.4 388.3 3,662.4
Additions    308.7 91.4 9.8 – 409.9
Disposals    (10.7) – (30.0) – (40.7)
As at 31 December 2009    1,603.7 1,392.4 647.2 388.3 4,031.6
Accumulated depreciation
As at 1 January 2009    619.7 1,074.7 574.1 388.3 2,656.8
Charge in period    182.0 83.4 37.3 – 302.7
On disposals    (5.2) – (25.2) – (30.4)
As at 31 December 2009    796.5 1,158.1 586.2 388.3 2,929.1
Net book amount
At 31 December 2009    807.2 234.3 61.0 – 1,102.5
At 31 December 2008    686.0 226.3 93.3 – 1,005.6
Depreciation expense is charged as follows:
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Cost of sales       182.0 90.2
Research and development       83.4 87.0
Sales, general and administrative expenses       37.3 47.7
       302.7 224.9
7. Goodwill
       As at As at 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
At the beginning and the end of the year       18,001.2 18,001.2
Goodwill acquired represents a payment made by the Group in anticipation of future economic benefits from assets that are not capable 
of being individually identified and separately recognised. The goodwill arising is attributable to the workforce of the acquired business, 
the expected future production and sale of currently undeveloped products and goodwill arising from the deferred tax liability. 32 IdaTech plc Annual Report 2009
The carrying value of goodwill was tested for impairment against its value in use, based on pre-tax discounted cash flow projections. 
Cash flow projections to 2014 prepared by management were used. These cash flow projections reflect management’s best estimate of 
the future growth of the business, principally the expected increase in unit sales as customer adoption rates increase, aided by the launch 
in 2010 of the next generation of lower cost and higher performance products. Cash flows beyond this five year period are extrapolated 
using an estimated growth rate of 2.5%.
An estimated pre tax discount rate of 25% (2008: %) has been used which is by reference to the rate of return required in development 
stage enterprises (with products available for sale) funded by venture capital financing. The assumptions are those which a market 
participant would make in assessing the fair value less cost to sell.
No impairment was identified.
In order for the cash generating unit recoverable amount to equal its carrying value, the product cost reductions implicit in its cash flow 
projections would have to be delayed for 18 months beyond their expected realisation date. This would reduce the expected sales volume 
and defer cash breakeven out for a further 18 months.
8. Intangible assets
     Licence Intellectual Core 
     fees property technology Total 
     US$’000 US$’000 US$’000 US$’000
Cost
At 1 January 2009     443.5 19,107.0 9,856.0 29,406.5
Additions     251.8 1,020.6 – 1,272.4
Disposals     – – – –
As at 31 December 2009     695.3 20,127.6 9,856.0 30,678.9
Accumulated amortisation
At 1 January 2009     438.4 4,095.2 1,080.0 5,613.6
Charge in year     131.4 1,835.9 492.8 2,460.1
Impairment     – 4,507.0 – 4,507.0
On disposals     – – – –
As at 31 December 2009     569.8 10,438.1 1,572.8 12,580.7
Net book amount
At 31 December 2009     125.5 9,689.5 8,283.2 18,098.2
At 31 December 2008     5.1 15,011.8 8,776.0 23,792.9
Intellectual property additions include US$567,584 (year ended 31 December 2008 US$801,873) of internally generated development costs.
During the year, having considered the overall business strategy, the Directors took a decision to cease the development and marketing 
of iGen. As a result, the remaining net book value associated with the intangible asset of $4,506,951 is impaired in full in 2009. This is 
classified as an exceptional item in the consolidated statement of comprehensive income.
9. Cash and cash equivalents
       As at As at 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Cash and cash equivalents       756.9 620.0
Under the provisions of German statutory law, in conjunction with legally incorporating in Germany, the Group must keep €25,000 in a 
bank account as restricted cash to cover any expenses associated with the Group ceasing operations in that country. At the end of each 
year, the account is translated into US$ using the year end closing rate.
Notes to the Consolidated Financial Statements continued 33 IdaTech plc Annual Report 2009
10. Trade and other receivables
       As at As at 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Current
Trade receivables       3,477.7 1,534.1
Less: provision for impairment of receivables       (45.7) (33.1)
Trade receivables – net       3,432.0 1,501.0
Other receivables       4.0 1,901.0
Prepayments and accrued income       474.4 412.5
Total current portion       3,910.4 3,814.5
Non-current
Long-term deposits       100.0 100.0
As at 31 December 2009 US$100,000 (2008 US$100,000) was held in a long-term certificate of deposit. Movements on the provision for 
impairment of trade receivables are as follows:
       Year to Year to 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
At beginning of year       (33.1) (17.4)
Provision for receivables impairment       (12.6) (16.9)
Unused amounts reversed       – 1.2
At end of year       (45.7) (33.1)
The creation and release of provisions for impaired receivables have been included in selling, general and administrative expenses in the 
income statement. Trade receivables are written off when there is no expectation of recovering additional cash.
The other classes within trade and other receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable. The Group does not hold any 
collateral as security.
As at 31 December 2009, trade receivables which were past due but not impaired are as follows:
       As at As at 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Up to three months past due (but not impaired)       990.1 227.1
Three to six months past due (but not impaired)       207.6 5.0
Over six months past due (but not impaired)       – 82.6
       1,197.7 314.7
These relate to trade receivables for whom there is no recent history of default. No impairment has been recognised as it is expected that 
all the amounts will be received in full.
All trade receivables are denominated in US dollars.
11. Inventories
       As at As at 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Raw materials       2,223.4 2,567.0
Work-in-progress       89.9 484.0
Finished goods       193.1 182.3
       2,506.4 3,233.3 3 4 IdaTech plc Annual Report 2009
12. Called up share capital
       As at As at 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
IdaTech plc
Authorised
100,000,000 Ordinary Shares of £0.01 each       2,002.4 2,002.4
51,405,524 (2008: 49,499,969) allotted, called up and fully paid      1,019.6 991.2
Begininning period       991.2 991.2
Issuance of shares (see note e)       28.4 –
As at 31 December 2009       1,019.6 991.2
IdaTech plc
IdaTech plc was incorporated with an authorised and issued share capital of £50,000 divided into 5,000,000 Ordinary Shares of £0.01 each.
The following changes have occurred in the share capital of the Company since its date of incorporation:
(a)  On 7 June 2007, the Company issued 27,313,475 Ordinary Shares to the Investec Group in consideration for the transfer of all of the 
issued shares of IdaTech UK Limited;
(b)  On 21 June 2007, the Company issued 2,686,525 Ordinary Shares to the trustee of the IdaTech Employee Trust;
(c)  On 7 June 2007, the authorised share capital of the Company was increased from £50,000 to £1,000,000 by the creation of 
95,000,000 Ordinary Shares of £0.01 each; and
(d)   On 7 August 2007, the Company issued a further 14,499,969 shares in connection with the Admission of the Company to AIM.
(e)  On 3 April 2009, the Company issued 1,905,825 Ordinary Shares to the trustee of the IdaTech Employee Trust for $28,400. The result 
was no increase in share premium.
All issued shares are fully paid.
13. Share-based payments
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
2006 Restricted Stock Plan       728.6 439.4
2006 Stock Option Plan       735.6 597.1
2008 IdaTech Restricted Stock Plan       737.6 1,645.0
2008 Restricted Stock Plan 2       – 313.8
2009 Restricted Stock Plan       704.8 –
       2,906.6 2,995.3
(a) 2006 Restricted Stock Plan
On 20 July 2006, senior management was awarded a total of 10,000 shares of restricted stock of ITI under the Restricted Stock Plan. 
Pursuant to a 500 to 1 stock split undertaken by ITI in December 2006, these 10,000 shares of restricted stock were converted into 
5,000,000 shares of restricted stock of ITI. On 21 June 2007, the executives transferred all their shares of restricted stock of ITI to IdaTech 
plc in exchange for a total of 2,686,525 Ordinary Shares (the ‘‘Restricted Stock’’). The Restricted Stock is held subject to the same terms 
and conditions as applied to the restricted stock of ITI held under the Restricted Stock Plan. The terms and conditions applying to the 
Restricted Stock are summarised below. No further awards will be made under this plan.
A restriction period applies to the Restricted Stock. During this period, the Restricted Stock may not be transferred and participants do 
not have voting rights. Participants are entitled to any dividends paid on the Restricted Stock during the restriction period subject to any 
restrictions applied to such dividends as deemed appropriate by the Remuneration Committee of the Board. On the termination of a 
participant’s employment with the Group, all the participant’s Restricted Stock will generally be forfeited, except in cases where the 
employment was terminated without ‘‘cause’’, where the participant is entitled to retain a proportion of his or her Restricted Stock. The 
trustee of the IdaTech Employee Trust holds legal title to the Restricted Stock during the restriction period.
The restriction period ends in relation to proportionate parts of the Restricted Stock at different dates which relate to the date of 
Admission. Different dates apply depending on the dates of the original awards.
Notes to the Consolidated Financial Statements continued 35 IdaTech plc Annual Report 2009
13. Share-based payments continued
The movement in the number of shares under the plan is as follows.
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       Shares Shares
At beginning of period       – –
Forfeited
(i)
       – (1,812,232)
As at 31 December
(ii)
       – (1,812,232)
(i) Shares in IdaTech Technologies, Inc.
(ii) Shares in IdaTech plc.
The weighted average remaining life of the restricted stock grants as at 31 December 2009 was nil (at 31 December 2008 nil).
The market value as at 31 December 2007 after the transfer to IdaTech plc was US$0.365 per share.
The charge recorded in respect of this scheme for the year to 31 July 2009 was US$728,617 (31 December 2008 US$439,371).
The fair value has been calculated using the Binomial Lattice model and the key assumptions used are as follows:
Vesting period        3 years
Sale or public offering by       19 July 2007
Risk-free rate
 12 month anniversary of grant        5.23%
 third anniversary of grant        5.01%
Stock dividend yield        Nil
Expected stock volatility
 12 month anniversary of grant        62.1%
 third anniversary of grant        56.5%
Average fair value (US$)        0.6785
Average exercise price        Nil
The expected stock volatility was based on comparable companies over an equivalent period from the valuation date to the exit date.
(b) 2006 Stock Option Plan
On 21 December 2006, options over 4.975% of the share capital of ITI were issued to the employees of the Group at exercise price of 
US$0.6791 per share which was calculated to be the fair value of the share on the date of grant. These are equity settled options. Under 
this scheme the maximum fair value amount that can be awarded is US$100,000.
On 7 June 2007, pursuant to the provisions of the 2006 Option Plan, the Board resolved to grant options to acquire Ordinary Shares in 
IdaTech plc in exchange for the cancellation of all the options granted under the 2006 Option Plan. The new options are subject to the 
same terms and conditions as applied to the options before the exchange, including the provisions of the 2006 Option Plan, amended as 
necessary so as to apply to Ordinary Shares rather than shares of stock in ITI.
Options will generally lapse on termination of the option holder’s employment, provided that, except where the termination was for 
‘‘cause’’, options that have become exercisable as of the date of such termination will remain exercisable. Options are not transferable 
other than on the death of the option holder. Certain restrictive covenants apply to the options, the terms of which provide that options 
and any shares held by the option holder will be forfeited where, for example, the option holder engages in certain competitive activity, 
solicits employees or breaches confidentiality.
The expected stock volatility is based on comparable companies over an equivalent year from the valuation date.
The charge recorded in respect of this scheme for the year to 31 December 2009 was US$735,644 (December 2008 the charge was 
US$597,000). 3 6 IdaTech plc Annual Report 2009
13. Share-based payments continued
   Year ended  Year ended 
   31 December 2009 
|
 31 December 2008
     Average  Average 
     exercise  exercise 
     price Options price Options
At beginning of year/period
(i)
     £0.49 1,571,697 £0.49 1,859,881
Forfeited
(ii)
     £0.49 (204,239) £0.49 (209,526)
Exercised
(ii)
     £0.49 (98,638) £0.49 (78,658)
As at 31 December
(ii)
     £0.49 1,268,820 £0.49 1,571,697
(i) Shares in IdaTech Technologies, Inc.
(ii) Shares in IdaTech plc.
As at 31 December 2009, 164,459 options were exercisable (31 December 2008, 167,579).
The weighted average remaining life of the options as at 31 December 2009 was seven years and two months (at 31 December 2008 
was 8 years and 2 months).
Options outstanding at the end of the year have the following expiry dates and exercise prices:
       As at As at 
      Exercise 31 December 31 December 
Expiry date      price 2009 2008
2017      £0.49 1,268,820 1,571,697
Options in IdaTech plc
(c) 2008 IdaTech Restricted Stock Plan
On 18 March 2008, a Restricted Stock grant totaling 593,969 options were granted to the senior management and employees. These 
awards are subject to certain performance conditions as detailed below:
a doubling of the share price from the price on the day of award £.99 to £1.98 over a three year period; •	
up to two thirds of the grant can be awarded on the second anniversary of the award; •	
on the third anniversary of grant up to the whole of the award, less those awarded on the second anniversary, can be awarded to •	
the holders
proportional awards are allowable, so if the share price increased by 80% (target 100%) over the three years, then 80% of the grant •	
would be awarded upon the third anniversary.
The charge recorded in respect of this scheme for the year to 31 December 2009 was US$737,600 (2008 $1,645,000).
The movement in the number of shares under the plan is as follows.
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       Number of Number of 
       shares shares
At beginning of period       574,529 –
Granted       – 593,969
Forfeited       (33,600) (19,440)
Exercised       – –
As at 31 December       540,929 574,529
The weighted average remaining life of the restricted stock grants as at 31 December 2009 was seven months (at 31 December 2008 one 
year and seven months).
Notes to the Consolidated Financial Statements continued 37 IdaTech plc Annual Report 2009
13. Share-based payments continued
The fair value has been calculated using the Binomial Lattice model and the key assumptions used are as follows:
Vesting period        3 years
Grant date       18 March 2008
Risk-free rate
 second anniversary of grant        1.94%
 third anniversary of grant        1.94%
Stock dividend yield        Nil
Expected stock volatility
 second anniversary of grant        65.0%
 third anniversary of grant        65.0%
Average fair value (US$)        1.69
Average exercise price        Nil
The expected stock volatility is based on comparable companies over an equivalent period from the valuation date to the exit date.
(d) 2008 Restricted Stock Plan 2
On 1 October 2008, senior management and staff were awarded 1,757,808 Restricted Shares.
A restriction period applies to the Restricted Stock. During this period, the Restricted Stock may not be transferred and participants do 
not have voting rights. Participants are entitled to any dividends paid on the Restricted Stock during the restriction period subject to any 
restrictions applied to such dividends as deemed appropriate by the Remuneration Committee of the Board. On the termination of a 
participant’s employment with the Group, all the participant’s Restricted Stock will generally be forfeited, except in cases where the 
employment was terminated without ‘‘cause’’, where the participant is entitled to retain a proportion of his or her Restricted Stock. The 
trustee of the IdaTech Employee Trust holds legal title to the Restricted Stock during the restriction period.
The restriction period will lapse as to 1,357,881 Ordinary Shares on the first anniversary of grant and a further 399,927 Ordinary Shares 
on the second anniversary of the grant.
The movement in the number of shares under the plan is as follows.
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       Number of Number of 
       shares shares
At beginning of period       1,757,808 –
Granted       – 1,757,808
Forfeited       – –
Exercised       (1,757,808) –
As at 31 December       – 1,757,808
The charge recorded in respect of this scheme for the year was US$737,590 (2008 US$313,800).
The fair value has been calculated using the Binomial Lattice model and the key assumptions used are as follows:
Vesting period        1.75 years
Grant date       1 October 2008
Risk-free rate
 First year anniversary of grant        0.25%
 Second year anniversary of grant        0.25%
Stock dividend yield        Nil
Expected stock volatility
 First year anniversary of grant        65.0%
 Second year anniversary of grant        65.0%
Average fair value (US$)        2.403
Average exercise price        Nil
The expected stock volatility is based on comparable companies over an equivalent period from the valuation date to the exit date. 38 IdaTech plc Annual Report 2009
13. Share-based payments continued
(e) 2009 IdaTech Restricted Stock Plan
On 1 April 2009, a Restricted Stock grant totaling 1,349,326 options were granted to the senior management and employees. These 
awards are subject to certain performance conditions as detailed below:
a doubling of the share price from the price on the day of award over a three year period; •	
up to two thirds of the grant can be awarded on the second anniversary of the award; •	
on the third anniversary of grant up to the whole of the award, less those awarded on the second anniversary, can we awarded to •	
the holders; and
proportional awards are allowable, so if the share price increased by 80% (target 100%) over the three years, then 80% of the grant •	
would be awarded upon the third anniversary.
The price of the shares issued on 1 April 2009 was £0.91.
The charge recorded in respect of this scheme for the year to 31 December 2009 was US$704,832 (2008 nil).
The movement in the number of shares under the plan is as follows.
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       Number of Number of 
       shares shares
At beginning of period       – –
Granted       1,349,326 –
Forfeited       (35,962) –
Exercised        –
As at 31 December       1,313,364 –
The weighted average remaining life of the restricted stock grants as at 31 December 2009 was one year and seven months  
(at 31 December 2008 nil).
The fair value has been calculated using the Binomial Lattice model and the key assumptions used are as follows:
Vesting period        3 years
Grant date       1 April 2009
Risk-free rate
 second anniversary of grant        1.94%
 third anniversary of grant        1.94%
Stock dividend yield        Nil
Expected stock volatility
 second anniversary of grant        30.0%
 third anniversary of grant        30.0%
Average fair value (US$)        1.63
Average exercise price        Nil
The expected stock volatility is based on comparable companies over an equivalent period from the valuation date to the exit date.
14. Trade and other payables
       As at As at 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Trade payables       2,339.4 1,133.8
Accruals       3,632.7 2,888.5
       5,972.1 4,022.3
Notes to the Consolidated Financial Statements continued 39 IdaTech plc Annual Report 2009
15. Borrowings
       As at As at 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Non-current
Other loans       – 2.3
Amounts due to Investec Group       32,000.0 7,000.0
       32,000.0 7,002.3
Current
Other loans       – 53.0
       – 53.0
Total Borrowings       32,000.0 7,055.3
On 23 July 2007, the Company entered into a Loan Note US$10.0 million from the Investec Group. The outstanding principal amount 
under the Loan Note is to be repaid on 31 March 2011 (the ‘‘Final Repayment Date’’). Interest on the principal amount outstanding under 
the Loan Note accrues at a fixed rate of 8% per annum and is payable annually in arrears. The Company may prepay part of or the entire 
outstanding principal amount under the Loan Note prior to the Final Repayment Date without penalty.
In September 2008, the Group began to drawdown funds under this facility from the Investec Group. As at 31 December 2009, this 
amounted to US$32 million plus accrued interest (2008 US$7 million).
The table below analyses the Group’s financial liabilities and financial liabilities into relevant maturity groupings based on the remaining 
year at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash 
flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.
       Less than Between 
       1 year 1 and 2 years 
At 31 December 2009       US$’000 US$’000
Borrowings        32,000.0
Trade and other payables       2,339.4
       Less than Between 
       1 year 1 and 2 years 
At 31 December 2008       US$’000 US$’000
Borrowings       563.0 8,120.0
Trade and other payables       1,133.8
16. Provisions for other liabilities and charges
        Warranty 
        and 
        installation 
        US$’000
At 1 January 2008        462.4
Charged to the income statement        330.0
Utilised during year        (336.1)
At 31 December 2008        456.3
Charged to the income statement        478.0
Utilised during year        (210.1)
At 31 December 2009        724.2
(a) Warranty and installation
A provision is recognised for the present value of costs to be incurred for two year warranties issued to customers. The provision 
expected to be utilised for year one is $35.3 (2008 $124.1) for year two is $688.9 (2008 $332.2). 40 IdaTech plc Annual Report 2009
17. Expenses by nature
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Employee benefit expenses (note 19)       14,240.8 13,168.6
Materials and supplies       13,385.5 8,456.2
Subcontractors       233.4 1,145.0
Freight and postage       534.0 635.3
Warranty costs       478.0 312.0
Operating leases – land and buildings       683.0 616.1
Operating leases – plant and machinery       5.8 22.2
Amortisation and impairment       6,967.1 2,374.1
Depreciation       302.7 224.9
Inventory written off       56.7 170.3
Professional fees       2,157.5 1,347.4
Travel and entertainment       646.0 841.5
Telephone and related       220.4 184.4
Research and development related tax credit       – (1,816.0)
Other       132.7 172.1
       40,043.6 27,854.1
18. Services provided by the Company’s auditors
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Audit services
  Company and consolidated financial statements       84.0 110.1
Fees payable to the Company’s auditors for taxation services      129.8 11.5
19. Employee benefit expense
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Wages and salaries and benefits       10,324.0 9,245.2
Social security costs       516.3 464.5
Pension costs – defined contribution plans       493.9 463.6
Share-based payment charge       2,906.6 2,995.3
       14,240.8 13,168.6
       Number Number
Average number of employees (including Directors)       97 87
Emoluments of Directors and key management
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Directors
Aggregate emoluments       1,309.4 1,417.5
Gain on long-term incentive plans*       987.0 –
Contributions to pension schemes       33.0 31.0
Sums paid to third parties for Directors’ services       47.1 55.7
* Actual amounts paid to individuals on stock vesting over a three year period.
Notes to the Consolidated Financial Statements continued 41 IdaTech plc Annual Report 2009
19. Employee benefit expense continued
The fees for services provided by Michael Lacey-Solymar are paid to Investec (note 24).
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Key management
Aggregate emoluments       1,249.6 1,394.0
Gain on long term incentive plans*       763.0 –
Contributions to pension schemes       67.1 71.2
Highest paid director
Total amount of emoluments       611.8 590.7
Contributions to pension schemes       16.5 15.5
* Actual amounts paid to individuals on stock vesting over a three year period.
See note 13 for share-based payment charge.
20. Net finance costs
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Finance costs
– to the Investec Group       (1,570.0) (145.3)
– other       (25.1) (21.1)
Total finance costs       (1,595.1) (166.4)
Finance income on bank deposits
– from the Investec Group       0.3 78.6
– other       6.0 61.2
Total finance income       6.3 139.8
Finance cost       (1,588.8) (26.6)
21. Cash outflow from operations
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Loss before income tax       (35,085.5) (21,950.0)
Adjustments for:
– Depreciation        302.7  224.9
– Amortisation        6,967.1  2,374.1
– Share-based payment charge (net of equity awards settled in cash)     2,906.6  2,929.3
– Loss on disposal of property, plant and equipment       10.3  8.9
– Net finance costs – Note 20       1,588.8  26.6
– Inventories        726.9  (1,564.2)
– Trade and other receivables        (95.9) (596.6)
– Trade payables       (804.0) 502.8
– Other payables       378.6  (11.1)
Net cash utilised by operating activities        (23,104.4) (18,055.3)
Net book amount of property, plant and equipment disposed      10.3  8.9
Total proceeds from disposal of plant, equipment and property      –  –
Loss on disposal       10.3  8.9 42 IdaTech plc Annual Report 2009
22. Contingencies
The Group does not have any contingent liabilities at the balance sheet date 31 December 2009 (31 December 2008: nil).
23. Capital commitments
The Group had no capital commitments at 31 December 2009 (31 December 2008: US$169,293).
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
       As at As at 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
No later than one year       852.5 678.6
Between two to five years       472.1 506.0
       1,324.6 1,184.6
The Group leases various offices and warehouses under non-cancellable operating lease agreements. The leases have varying terms, 
escalation clauses and renewal rights.
24. Related-party transactions
The Investec Group’s ownership as at 31 December 2009 is 70.4% (as at 31 December 2008 73.1%).
The following transactions were carried out with related parties.
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
(a) Purchases of services:
Management services to the immediate parent       5.8  –
Fees paid to Investec plc for Director’s services       47.1  55.7
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
(b) Borrowings – at year/period end
Loans due to Investec plc Group       32,000.0  7,000.0
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
(c) Interest
Interest paid to Investec on borrowings       1,570.0  145.3
Interest received from Investec plc Group (on bank deposits)      0.3  78.6
25. Events after the balance sheet date
There were no material post balance sheet events.
Notes to the Consolidated Financial Statements continued 43 IdaTech plc Annual Report 2009
26. Financial instruments
Qualitative disclosures describing management’s objectives, policies and processes for managing foreign currency, interest rate, credit 
and liquidity risks are included in note 2.
Set out below is a comparison by category of carrying amounts and fair values of all of the Group’s financial instruments that are carried 
in the financial statements.
 Carrying amount 
|
 Fair Value
     As at As at  As at  As at 
     31 December 31 December 31 December 31 December 
     2009 2008 2009 2008 
     US’000 US’000 US’000 US’000
Financial assets
Trade and other receivables     4,947.7  3,502.0  4,947.7  3,502.0
Cash and cash equivalents     756.9  620.0  756.9  620.0
Financial liabilities
Borrowings     32,000.0  7,055.3  32,000.0  7,055.3
Trade payables     5,817.7  4,074.4  5,817.7  4,074.4
Trade and other receivables are categorised as loans and receivables under IAS 39 “Financial Instrument (Recognition and 
Measurement)”. The carrying value approximates the fair value for all short-term trade receivables and payables. All financial liabilities are 
measured at amortised cost.
The Group’s financial liabilities are all due within one year at the balance sheet date (other than as shown in note 15). The amount due 
after more than one year is fully payable between one and two years from the balance sheet date. The amounts disclosed are the 
contractual undiscounted cash flows.
Sensitivity analysis
IFRS 7 requires a sensitivity analysis to be performed for each type of market risk to which the entity is exposed at the reporting date, 
showing how the income statement and equity would have been affected by changes in the relevant risk variable that were reasonably 
possible at that date.
Management has identified movements in the US dollar to the UK pound and US dollar to the euro to be the only exposures. 
Management identified a change in the US interest rate as the only exposure due to the level of borrowings. In 2007 these borrowings 
were either converted into equity or repaid reducing the exposure. The borrowings incurred since September 2009 (see note 15) are at a 
fixed interest rate of 8%.
Foreign Currency Exposure
The Group has costs (but negligible liabilities) in the UK pound and the euro with a transactional currency of the US dollar. A sensitivity 
analysis technique has been used to estimate the impact of changes in these currencies on the income statement and equity. An 
increase or decrease of 10% in the exchange rates for these currencies from those as at 31 December 2009 would have the following 
impact. It is based on the costs recorded in the income statement originally incurred in either the UK pound or euro.
   As at 31 December   As at 31 December  
   2009 
|
 2008
       Impact of  Impact of 
      10% decrease  10% decrease
      in exchange  in exchange 
      rates:  rates:  
      increased  increased 
      cost and  cost and 
     Costs decrease in Costs decrease 
     incurred equity
(ii)
 incurred in equity
(ii)
Incurred in UK pounds     910.3  91.0  790.3  79.0
Incurred in euros     898.3  89.8  1,267.4  126.7
Incurred in Indian rupees     18,927.0  1,892.7
Share based payment charge (i)     3,000.0  300.0  2,995.3  299.5
(i) The fair value of the various equity plans operated by the Group are calculated in UK pounds, the currency of the shares. The share based payment charge is recorded as a 
US dollar denominated expense which will vary dependent upon the exchange rate.
(ii) An increase of 10% in the exchange rates would have the opposite impact. 44 IdaTech plc Annual Report 2009
27. Loss per share
(a) Basic
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of 
Ordinary Shares in issue during the year.
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Loss attributable to the equity holders of the Company       (32,513,900) (21,092,400)
Weighted average number of Ordinary Shares in issue       51,405,524  49,499,969
Basic loss per share (US$ per share)       (0.63) (0.43)
(b) Diluted
Diluted loss per share is calculated by adjusting the weighted average number of Ordinary Shares outstanding to assume conversion of 
all dilutive potential Ordinary Shares. For the share options, a calculation is done to determine the number of shares that could have been 
acquired at fair value (determined as the average annual market share price of the Company’s shares) based on the monetary value of the 
subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of 
shares that would have been issued assuming the exercise of the share options.
The impact of the share options is anti-dilutive. Therefore the diluted loss per share is the same as the basic loss per share.
28. Taxation
The principal operating company, IdaTech LLC, is a limited liability company and elected to be treated as a partnership under the Internal 
Revenue Code and comparable state income tax statutes in the United States. Accordingly, income taxes were the obligations of the 
Company’s members. Prior to 20 July 2006, the tax losses of LLC were utilised by IDACORP, Inc. as the ultimate parent the ITI Group. 
IDACORP, Inc. paid IdaTech, LLC for these losses at full value through their intercompany arrangements.
Since 20 July 2006, IdaTech, LLC has continued to incur losses available for tax relief. Additionally, there are no tax losses in IdaTech 
Technologies Inc. since the acquisition by IdaTech UK Limited. To the extent that the Investec Group did not utilise the tax losses of 
IdaTech plc and IdaTech UK Limited whilst under its ownership, these entities have unutilised losses. IdaTech plc has a UK corporation 
tax liability arising on the interest received on its cash deposits.
Due to the uncertainty as to when the Company will become profitable, a deferred income tax asset has not been recognised in respect 
of carried forward losses.
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Current tax credit       –  –
Prior year adjustment        (88.8)
Deferred tax       (2,571.6) (768.8)
       (2,571.6) (857.6)
A reconciliation between the statutory tax rate and the effective rate is as follows:
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Loss       (35,085.5) (21,950.0)
Tax at 28% (2008 28.5%)       (9,823.9) (6,255.8)
Expenses not deductible for tax purposes       354.3  630.4
Unrecognised deferrred income tax at foreign rates       (225.4) (929.3)
Losses not recognised for deferred income tax       7,123.4  5,785.8
Prior year adjustment        (88.8)
       (2,571.6) (857.6)
Effective tax rate (credit)       7.3% 3.9%
       As at As at 
       31 December  31 December 
       2009 2008 
       US$’000 US$’000
Estimated unrealised carried forward losses       28,487.9  18,792.8
Unrecognised deferred tax asset       7,976.6  5,262.0
Notes to the Consolidated Financial Statements continued 45 IdaTech plc Annual Report 2009
28. Taxation continued
During the year the UK Corporation tax rate remained at 28%.
Upon recognition of additional intangible assets (note 8) a deferred tax liability of US$9,137,869 was recognised and included in the 
balance sheet. This is equal to 40% (being the estimated US tax rate) of the value of intangible assets in excess of the book value of 
intangible assets that were acquired by IdaTech UK Limited in July 2006.
This liability will be credited to the income statement over the same years as those used for the underlying assets:
Core technology 20 years
Intellectual property 10 years
During the year, having considered the overall business strategy, the Directors took a decision to cease the development and marketing 
of iGen
TM
. As a result, the remaining net book value associated with the intangible asset was impaired in full in 2009 (note 8). The 
remaining balance of the deferred tax liability that was recognised at the time this asset was recorded of US$1,802,800 was also written 
back through the tax line in the income statement.
The movement in the deferred income tax liability is as follows:
       Year ended Year ended 
       31 December 31 December 
       2009 2008 
       US$’000 US$’000
Opening balance       7,252.7  8,021.5
Credited to the income statement       (2,571.6) (768.8)
       4,681.1  7,252.7
       As at As at 
       31 December  31 December 
       2009 2008 
       US$’000 US$’000
Deferred income tax
Current liability: due within one year       493.5 768.8
Non current: due after more than one year       4,187.6  6,483.9
       4,681.1  7,252.7
No deferred tax is recognised on unremitted earnings of overseas subsidiaries.
29. Principal subsidiaries
IdaTech plc subsidiaries, which are all consolidated:
  Proportion of      
  share capital      
 Country of held and     
Subsidiary incorporation voting rights Nature of business 
Idatech UK Limited UK 100% Holding company
IdaTech Technologies, Inc USA 100% Holding company
IdaTech, LLC USA 99.9% Development of fuel cell technology
IdaTech Fuel Cells GmbH Germany 100% Sales and marketing for European operations
IdaTech India Fuel Cell Systems PVT Ltd India 100% Manufacturing and sales operation 46 IdaTech plc Annual Report 2009
We have audited the Parent Company financial statements of 
IdaTech plc for the year ended 31 December 2009 which comprise 
the Balance Sheet and the reconciliation of movements in 
shareholders’ funds and the related notes. The financial reporting 
framework that has been applied in their preparation is applicable 
law and United Kingdom Accounting Standards (United Kingdom 
Generally Accepted Accounting Practice).
Respective responsibilities of directors and auditors
As explained more fully in the Directors’ Responsibilities Statement 
set out on page 18, the Directors are responsible for the 
preparation of the Parent Company financial statements and for 
being satisfied that they give a true and fair view. Our responsibility 
is to audit the Parent Company financial statements in accordance 
with applicable law and International Standards on Auditing (UK 
and Ireland). Those standards require us to comply with the 
Auditing Practices Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only 
for the Company’s members as a body in accordance with 
Chapter 3 of Part 16 of the Companies Act 2006 and for no other 
purpose. We do not, in giving these opinions, accept or assume 
responsibility for any other purpose or to any other person to 
whom this report is shown or into whose hands it may come save 
where expressly agreed by our prior consent in writing.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and 
disclosures in the financial statements sufficient to give reasonable 
assurance that the financial statements are free from material 
misstatement, whether caused by fraud or error. This includes an 
assessment of: whether the accounting policies are appropriate to 
the Parent Company’s circumstances and have been consistently 
applied and adequately disclosed; the reasonableness of 
significant accounting estimates made by the Directors; and the 
overall presentation of the financial statements.
Opinion on financial statements
In our opinion the Parent Company financial statements:
give a true and fair view of the state of the Company’s affairs as •	
at 31 December 2009;
have been properly prepared in accordance with United •	
Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the •	
Companies Act 2006.
Emphasis of Matter – Going Concern
In forming our opinion on the financial statements, which is not 
qualified, we have considered the adequacy of the disclosures 
made in note 2 to the financial statements (basis of preparation) 
concerning the Company’s ability to continue as a going concern. 
The Company’s principal shareholder the Investec Group 
(“Investec”), has indicated its intention to ensure the Company is 
managed and/or appropriately funded so that it is in a position to 
meet its liabilities as and when they fall due for at least 12 months 
from the date of approval of these financial statements. This has 
been provided through a wholly-owned subsidiary of Investec 
(Investec Group Investment (UK) Limited) as a current intention 
only and does not represent a legally binding obligation by the 
shareholder.
Additionally, we draw attention to the fact that the loan notes 
amounting to US$32 million, as disclosed in note 15 to the 
consolidated financial statements on page 39, are repayable on 31 
March 2011. The Directors believe the settlement of these loan 
notes and additional funding drawn down in the current financial 
year will be refinanced before this date. In view of the nature of the 
intention received from Investec and the need to refinance the loan 
notes and additional funding by 31 March 2011, there exists a 
material uncertainty which may cast significant doubt about the 
Company’s ability to continue as a going concern. The financial 
statements do not include the adjustments that would result if the 
Company was unable to continue as a going concern.
Opinion on other matter prescribed by the Companies Act 
2006
In our opinion the information given in the Directors’ Report for the 
financial year for which the Parent Company financial statements 
are prepared is consistent with the Parent Company financial 
statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where 
the Companies Act 2006 requires us to report to you if, in our 
opinion:
adequate accounting records have not been kept by the Parent •	
Company, or returns adequate for our audit have not been 
received from branches not visited by us; or
the Parent Company financial statements are not in agreement •	
with the accounting records and returns; or
certain disclosures of Directors’ remuneration specified by law •	
are not made; or
we have not received all the information and explanations we •	
require for our audit.
David A Snell (Senior Statutory Auditor) 
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors
London
16 March 2010
Independent Auditors’ Report to the Members of IdaTech plc 47 IdaTech plc Annual Report 2009
       As at As at 
       31 December  31 December 
      Note 2009 2008 
       £’000 £’000
ASSETS
Non-current assets
Investments in subsidiaries      4 31,982.2  30,098.8
Amounts due from subsidiary undertakings      5 21,618.0  4,937.4
       53,600.2  35,036.2
Current assets
Debtors      6 110.1  93.6
Amounts due from subsidiary undertakings      7 815.0  973.7
Cash at bank and in hand       65.5  21.1
       990.6  1,088.4
Total assets       54,590.8  36,124.6
LIABILITIES
Creditors: amounts falling due within one year      8 (1,886.3) (624.4)
Net current (liabilities)/assets       (895.7) 464.0
Non-current liabilities
Borrowings      9 (21,511.8) (4,831.2)
Total liabilities       (23,398.1) (5,455.6)
Total net assets       31,192.7  30,669.0
EQUITY
Capital and reserves attributable to equity holders of the Company
Share capital      10 512.8  495.0
Share premium       28,934.3  28,716.3
Retained earnings       1,745.6  1,457.7
Total shareholders’ equity       31,192.7  30,669.0
The financial statements on pages 47 to 57 were approved by the Board of Directors on 16 March 2010.
Harol Koyama    James Cooke
Chief Executive Officer    Chief Financial Officer
Balance Sheet of IdaTech plc 
as at 31 December 2009 48 IdaTech plc Annual Report 2009
      Employee   
      benefi t  Total Share- 
    Share Share trust Retained holders’ 
    capital premium reserve earnings equity 
    £’000 £’000 £’000 £’000 £’000
As at 31 December 2007    495.0  28,716.3  (1,198.0) 1,781.9  29,795.2
Share-based payments    –  –  –  1,153.0  1,153.0
Other    –  –  –  (35.6) (35.6)
Loss for year    –  –  –  (243.5) (243.5)
Currency translation differences    –   –  (0.1) (0.1)
As at 31 December 2008    495.0  28,716.3  (1,198.0) 2,655.7  30,669.0
Share-based payments    –  –  –  1,883.4  1,883.4
Other    –  218.0  –  –  218.0
Loss for year    –  –  –  (687.9) (687.9)
Treasury shares    – – (651.2) – (651.2)
Shares sold by employee benefit trust    – – 828.5  – 828.5
Share-based payments utilised       (1,085.8) (1,085.8)
Issuance of shares to employee benefit trust    17.8  –  –  – 17.8
Currency translation differences    –  – –  0.9  0.9
As at 31 December 2009    512.8  28,934.3  (1,020.7) 2,766.3  31,192.7
As permitted under section 408 of the Companies Act 2006, the income statement of the Parent Company, IdaTech plc is not presented 
separately as part of these financial statements. The Parent Company’s loss after tax for the year ended 31 December 2009 was 
£687,918 (2008 £243,500)
Statement of Changes in Shareholders’ Equity of IdaTech plc 
for the year ended 31 December 2009 49 IdaTech plc Annual Report 2009
1. Introduction
The principal activity of IdaTech plc (the “Company”) is to act as a holding company for IdaTech UK Limited and its subsidiary companies. 
The Company was incorporated on 25 May 2007.
2. Accounting policies
The financial statements have been prepared on the historical cost basis of accounting and in accordance with applicable accounting 
standards in the United Kingdom and the Companies Act 2006.
The principal accounting policies are set out below.
Basis of preparation
Going concern
These financial statements have been prepared on a going concern basis. As reported in the Chairman’s Statement and Chief Executive’s 
Business Review, IdaTech’s main shareholder, the Investec Group has indicated its current intention to ensure the business is managed 
and/or appropriately funded so that it is in a position to meet its debts as and when they fall due. This has been provided as a current 
intention only and does not represent a legally binding obligation by the Investec Group. Whilst the Directors have a reasonable 
expectation that the shareholder will continue to support the Company, in view of the nature of the support, there can be no certainty in 
this matter.
Additionally, the loan notes amounting to $32 million, as disclosed on page 39, note 15 to the consolidated financial statements, are 
repayable on 31 March 2011. The Directors will be working with the shareholder to refinance the existing loan notes and additional 
funding drawn down in the current financial year.
In view of the above, the Directors have concluded that a material uncertainty exists that may cast significant doubt upon the Company’s 
ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described above, the 
Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.
The income statement and balance sheet show no intention or necessity to liquidate or curtail significantly the operations of the 
Company. Specifically, the assets of the Company have been valued and reported on the basis that they will be used for the purpose for 
which they were purchased in the ongoing operation of the business and no liabilities have been included that may arise on a significant 
curtailment of the Company’s activities.
Investments
Investments in subsidiaries are stated at cost less any provision for impairment. The valuation of the investments in subsidiary companies 
is calculated using a discounted cash flow method based on management’s future cash flow projections.
Related party transactions
Financial Reporting Standard (“FRS”) 8, “Related Party Transactions”, requires the disclosure of the details of material transactions 
between the reporting entity and related parties. The Company has taken advantage of exemptions under FRS 8 not to disclose 
transactions between Group companies.
Share-based payments
The Company operates a number of share-based remuneration schemes. These schemes are accounted for in accordance with IFRS 2 
“Share-Based Payment” under which a charge is recognised in the income statement based on the fair value (the economic value) of the 
grant, measured at the grant date. The charge is spread over the vesting year and non-market conditions may be subject to adjustment if 
the number of options or shares actually vesting differs from that assumed at the outset. This must be revisited each balance sheet date. 
The valuation methodology takes into account future share price volatility, future dividend yield, future risk-free interest rate, an estimate of 
the earnings per share and exercise behaviour and is based on the Binomial Lattice method.
The actual charge is allocated to the subsidiary companies in which the employees are employed. IdaTech plc has no employees who are 
members of the scheme and consequently there is no related share-based payment charge.
Foreign currency translation
These financial statements are presented in British pounds “£” which is the presentational and functional currency of the Company. 
Amounts included in the financial statements are measured using the currency of the primary economic environment in which the entity 
operates (the functional currency). Transactions in foreign currencies are translated into the functional currency using the exchange rate 
prevailing at the date of transaction.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates 
of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Non-monetary assets and liabilities are held at the historic rates at the date of the transaction.
Notes to the Financial Statements 50 IdaTech plc Annual Report 2009
2. Accounting policies continued
Taxation
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and 
liabilities and their carrying amounts in these financial statements. However, the deferred income tax is not accounted for if it arises from 
initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects 
neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates and laws that have been enacted or 
substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the 
deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the 
temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing 
of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in 
the foreseeable future.
Cash flow statement
The Company is the Parent Company of the IdaTech plc Group and is included in the consolidated financial statements of IdaTech plc. 
Consequently, the Company has taken advantage of the exemption from preparing a cash flow statement under the terms of Financial 
Reporting Standard 1 (revised 1996).
3. Directors and employees
The Parent Company employs three Non-executive Directors and pays fees to a third party for the services of a fourth Non executive 
Director. The aggregate amounts for the Group are disclosed in note 19 on page 40 of the consolidated financial statements of the Group.
4. Principal subsidiaries
IdaTech plc subsidiaries:
  Proportion of      
  share capital      
 Country of held and     
Subsidiary incorporation voting rights Nature of business 
Idatech UK Limited UK 100% Holding company
IdaTech Technologies, Inc USA 100% Holding company
IdaTech, LLC USA 99.9% Development of fuel cell technology
IdaTech India Fuel Cell Systems Pvt Ltd India 100.0% Manufacturing and sales operations
IdaTech Fuel Cells GmbH Germany 100% Sales and marketing for European operations
       As at As at 
       31 December  31 December 
       2009 2008 
       £’000 £’000
At beginning of year/period       30,098.8 24,883.2
Additional funding       – 4,098.2
Share-based payment charge relating to the employees of the subsidiary companies of IdaTech plc shares  1,883.4 1,117.4
       31,982.2 30,098.8
The carrying value of the investment in subsidiaries was tested for impairment against its value in use, based on pre-tax discounted cash 
flow projections. Cash flow projections to 2014 prepared by management were used. These cash flow projections reflect management’s 
best estimate of the future growth of the business, principally the expected increase in unit sales as customer adoption rates increase, 
aided by the launch in 2010 of the next generation of lower cost and higher performance products. Cash flows beyond this five year 
period are extrapolated using an estimated growth rate of 2.5%.
An estimated pre tax discount rate of 25% (2008: 25%) has been used which is by reference to the rate of return required in development 
stage enterprises (with products available for sale) funded by venture capital financing. The assumptions are those which a market 
participant would make in assessing the fair value less cost to sell.
No impairment was identified.
Notes to the Financial Statements continued 51 IdaTech plc Annual Report 2009
5. Amounts due from subsidiary undertakings
       As at As at 
       31 December  31 December 
       2009 2008 
       £’000 £’000
Non-Current
Amounts due from subsidiary undertakings       21,618.0 4,937.4
This is an amount due from IdaTech, LLC and is due for repayment after more than one year. In the year interest was charged at 8%  
per annum. The loan is denominated in US dollars and the principal amount standing as at 31 December 2009 was US$32 million  
(2008 $7 million). The loan is due for repayment on 31 March 2011.
No impairment of this asset was identified – see note 4.
6. Debtors
       As at As at 
       31 December  31 December 
       2009 2008 
       £’000 £’000
Current
Prepayments       110.1 93.6
7. Amounts due from subsidiary undertakings
       As at As at 
       31 December  31 December 
       2009 2008 
       £’000 £’000
Current
Amounts due from subsidiary undertakings       815.0 973.7
The amount is repayable on demand and is interest free.
8. Creditors: Amounts falling due within one year
       As at As at 
       31 December  31 December 
       2009 2008 
       £’000 £’000
Amounts due to subsidiary undertakings       1,000.6 421.4
Accruals       885.7 203.0
       1,886.3 624.4
The amount is repayable on demand and is interest free.
9. Creditors: Amounts falling due after more than one year
       As at As at 
       31 December  31 December 
       2009 2008 
       £’000 £’000
Amounts due to Investec       21,511.8 4,831.2
       As at As at 
       31 December  31 December 
       2009 2008 
       £’000 £’000
Due after more then one year:
Unsecured loans       21,511.8 4,831.2 52 IdaTech plc Annual Report 2009
9. Creditors: Amounts falling due after more than one year continued
On 23 July 2007, the Company entered into a Loan Note US$10.0 million from the Investec Group. The outstanding principal amount 
under the Loan Note is to be repaid on 31 March 2011 (the ‘‘Final Repayment Date’’). Interest on the principal amount outstanding under 
the Loan Note accrues at a fixed rate of 8% per annum and is payable quarterly in arrears. The Company may prepay part or the entire 
outstanding principal amount under the Loan Note prior to the Final Repayment Date without penalty.
In September 2008, the Group began to borrow funds under this facility from the Investec Group. As at 31 December 2009, the 
borrowings amounted to £21.5 million (2008 £4.8 million).
As the interest rate is fixed, there is no exposure of the Company to interest rate movements. The book value and the carrying value are 
the same.
10. Share capital
       As at As at 
       31 December  31 December 
       2009 2008 
       £’000 £’000
Authorised
100,000,000 Ordinary Shares of £0.01 each       1,000.0 1,000.0
Begininning period       495.0 495.0
Additions       17.8 –
As at 31 December 2009       512.8 495.0
IdaTech plc was incorporated with an authorised and issued share capital of £50,000 divided into 5,000,000 Ordinary Shares of 
£0.01 each.
The following changes have occurred in the share capital of the Company since its date of incorporation:
(a)  On 7 June 2007, the Company issued 27,313,475 Ordinary Shares to the Investec Group in consideration for the transfer of all of the 
issued shares of IdaTech UK Limited;
(b)  On 21 June 2007, the Company issued 2,686,525 Ordinary Shares to the trustee of the IdaTech Employee Trust;
(c)  On 7 June 2007, the authorised share capital of the Company was increased from £50,000 to £1,000,000 by the creation of 
95,000,000 Ordinary Shares of £0.01 each; and
(d)  On 7 August 2007, the Company issued a further 14,499,969 shares in connection with the Admission of the Company to AIM.
(e)  On 3 April 2009, the Company issued 1,905,825 Ordinary Shares to the trustee of the IdaTech Employee Trust.
All issued shares are fully paid.
Notes to the Financial Statements continued 53 IdaTech plc Annual Report 2009
Registered Office
2 Gresham Street
London
EC2V 7QP
UK
Registered number: 06260318
Nominated Adviser
Numis Securities Limited
The London Stock Exchange Building
10 Paternoster Square
London
EC4M 7LT
UK
Legal advisers to the Company
White & Case LLP
5 Old Broad Street
London
EC2N 1DW
UK
Auditors
PricewaterhouseCoopers LLP
1 Embankment Place
London
WC2N 6RH
UK
Registrars
Capita Registrars Limited
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 0GA
UK
Public Relations Consultants
Buchanan Communications Limited
45 Moorfields
London
EC2Y 9AE
UK
Corporate Information 54 IdaTech plc Annual Report 2009
Background to IdaTech
IdaTech is a global leader in the development and manufacturing of clean and reliable PEM fuel cell solutions for telecommunications, 
commercial and industrial backup power from 250W to 15kW. IdaTech’s unique technologies provide solutions for a wide range of 
applications from portable to off grid power and directly support movement to sustainable energy. 
Developed over the last 13 years, IdaTech’s portfolio of industry-certified products are based on the Company’s fuel processing, fuel cell 
stack and power module and fuel cell system integration capabilities. With the support of strategic partners and customers, the 
Company’s energy solutions are being deployed domestically and internationally for stationary, portable and other advanced applications.
IdaTech’s technology
IdaTech has proprietary technology in fuel reforming, hydrogen purification and PEM fuel cells which it combines with engineering 
expertise to produce integrated fuel cell systems. 
Fuel reforming and hydrogen purification
IdaTech has technology in all three key reforming technologies; steam, auto thermal and partial oxidation and hydrogen purification 
technology that can transform a variety of fuels into greater than 99.95% pure hydrogen.
PEM fuel cell systems
IdaTech’s PEM fuel cell systems can be powered by stored hydrogen or by hydrogen reformed from alcohol and hydrocarbon fuels (such 
as diesel) and then purified.
Integrated fuel cell systems
IdaTech is able to combine its proprietary technologies into complete, integrated systems. IdaTech’s fuel cell systems are based on a 
flexible modular design supporting interchangeable components.  55 IdaTech plc Annual Report 2009
Notes 5 6 IdaTech plc Annual Report 2009
Notes C on t e n ts
01 Highlights
02 Our Markets
04 Our Products
06 Chairman’s Statement
07 Chief Executive’s Business Review
12 Directors’ Report
14 Directors and Senior Management
16 Corporate Governance
17  Report of the Remuneration Committee 
18  Statement of Directors’ Responsibilities
19 Independent Auditors’ Report
20 Consolidated Statement of Comprehensive Income
21  Consolidated Statement of Changes  
in Shareholders’ Equity
22 Consolidated Balance Sheet
23 Consolidated Cash Flow Statement
24  Notes to the Consolidated Financial Statements 
46 Independent Auditors’ Report
47 Balance Sheet of IdaTech plc
48  Statement of Changes in Shareholders’ Equity of 
IdaTech plc
49 Notes to the Financial Statements
53 Corporate Information
54 Background to IdaTech Fuel cell
systems
Annual Report 2009
2 Gresham Street
London
EC2V 7QP
UK
IdaTech plc Annual Report 2009