Exhibit 99.3

GoIndustry-DoveBid plc

Comparative Consolidated Financial Statements and Independent Auditor’s Report Year ended December 31, 2010 and 2009

Comparative Consolidated Financial Statements and Independent Auditor’s Report Years ended December 31, 2009 and 2008

Independent Auditor’s Report to the members of GoIndustry-DoveBid plc

We have audited the Group and Parent Company financial statements (“the financial statements”) on pages 21 to 64. 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 and, as regards the Parent Company financial statements, as applied in accordance with the provisions of the Companies Act 2006.

This report is made solely to the Parent Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Parent Company’s members those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Parent Company and the Parent Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of Directors and Auditor

As more fully explained in the Directors’ Responsibilities Statement set out on page 19, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.

Scope of the audit of the financial statements

A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/private.cfm.

Opinion on financial statements

In our opinion

•

the financial statements give a true and fair view of the state of the Group’s and the Parent Company’s affairs as at 31 December 2010 and of the Group’s loss for the year then ended;

•

the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;

•

the Parent Company financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union and as applied in accordance with the Companies Act 2006; and

•

the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•

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 CLARK (Senior Statutory Auditor)
For and on behalf of BAKER TILLY UK AUDIT LLP, Statutory Auditor
Chartered Accountants
25 Farringdon Street
London EC4A 4AB
27 May 2011

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Consolidated Statement of Comprehensive Income

For the year ended 31 December 2010

						Year ended 31 December 2010																Year ended 31 December 2009
						Before																Before
						exceptional																exceptional
						items and				Exceptional				Other								items and				Exceptional				Other
						other				items				charges								other				items				charges
						charges				(note 6)				(note 7)				Total				charges				(note 6)				(note 7)				Total
		Note				£000’s				£000’s				£000’s				£000’s				£000’s				£000’s				£000’s				£000’s
Revenue			5				40,094				—				—				40,094				41,990				—				—				41,990
Cost of sales							(12,283	)			—				—				(12,283	)			(16,716	)			—				—				(16,716	)
Direct profit							27,811				—				—				27,811				25,274				—				—				25,274
Administrative expenses							(26,926	)			(409	)			(893	)			(28,228	)			(25,857	)			(1,773	)			(1,036	)			(28,666	)
Operating profit/(loss)			8				885				(409	)			(893	)			(417	)			(583	)			(1,773	)			(1,036	)			(3,392	)
Finance costs
Finance income			11				82				—				—				82				141				—				—				141
Finance costs			11				(354	)			—				—				(354	)			(972	)			(414	)			—				(1,386	)
Finance costs — net							(272	)			—				—				(272	)			(831	)			(414	)			—				(1,245	)
Share of loss of associate							—				—				—				—				(28	)			—				—				(28	)
Profit/(loss) before income tax							613				(409	)			(893	)			(689	)			(1,442	)			(2,187	)			1,036	)			(4,665	)
Income tax			12				227				—				—				227				(170	)			—				—				(170	)
Loss for the year																			(462	)															(4,835	)
Other comprehensive income:
Exchange losses on translation of foreign subsidiaries																			(235	)															(2,130	)
Actuarial gains/(losses) on defined benefit pension scheme (note 22)																			687																(2,150	)
Other comprehensive income for the year, net of tax																			452																(4,280	)
Total comprehensive income for the year																			(10	)															(9,115	)
Loss attributable to:
Equity holders of the Company																			(359	)															(4,916	)
Non-controlling interests																			(103	)															81
																			(462	)															(4,835	)
Total comprehensive income attributable to:
Equity holders of the Company																			93																(9,196	)
Non-controlling interests																			(103	)															81
																			(10	)															(9,115	)

The tax effect on other comprehensive income is nil (2009: nil).

Revenue and operating profit/(loss) are derived from the Group’s continuing operations.

Loss per share attributable to equity holders of the Company during the year
(expressed in pence per share)

		Note				2010				2009
Basic			13				(3.7p	)			(78.2p	)
Diluted			13				(3.7p	)			(78.2p	)

2009 numbers have been restated to account for the share consolidation as disclosed in note 23.

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Consolidated Statement of Financial Position

As at 31 December 2010

						2010				2009
		Note				£000’s				£000’s
Non-current assets
Property, plant and equipment			14				350				1,026
Intangible assets			15				32,178				32,335
Deferred tax asset			21				327				—
							32,855				33,361
Current assets
Inventories			16				334				597
Trade and other receivables			17				5,515				6,649
Cash and cash equivalents			18				15,920				20,751
							21,769				27,997
Total assets							54,624				61,358
Current liabilities
Trade and other payables			19				21,422				25,611
Borrowings			20				2,053				2,317
							23,475				27,928
Non-current liabilities
Trade and other payables			19				10				358
Borrowings			20				1,162				2,048
Retirement benefit obligations			22				3,358				4,581
							4,530				6,987
Total liabilities							28,005				34,915
Net assets							26,619				26,443
Equity
Share capital			23				98				9,745
Share premium			23				22,983				22,495
Shares to be issued							—				542
Capital redemption reserve			26				28,609				18,908
Other reserves			24				54,278				54,327
Accumulated losses			25				(79,508	)			(79,836	)
Equity attributable to equity holders of the Company							26,460				26,181
Non-controlling interests							159				262
Total equity							26,619				26,443

The notes on pages 25 to 55 are an integral part of these consolidated financial statements.

The financial statements were approved by the Board, and authorised for issue on 27 May 2011. They were signed on its behalf by:

Jack Reinelt		Leslie-Ann Reed
Chief Executive Officer		Chief Financial Officer
27 May 2011		27 May 2011

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Consolidated Statement of Changes in Equity

for the year ended 31 December 2010

														Attrbutable to the owners of the parent
										Capital																Share				Foreign												Non-
		Share				Share				redemption				Shares to				Own shares				Acquisition				options				currency				Accumulated								controlling				TOTAL
		capital				premium				reserve				be issued				held in trust				reserve				reserve				reserve				losses				TOTAL				interests				Equity
		£000’s				£000’s				£000’s				£000’s				£000’s				£000’s				£000’s				£000’s				£000’s				£000’s				£000’s				£000’s
At 1 January 2009			23,583				18,872				—				542				(974	)			47,649				1,322				7,236				(71,882	)			26,348				181				26,529
Comprehensive income:
Loss for the year			—				—				—				—				—				—				—				—				(4,916	)			(4,916	)			81				(4,835	)
Other comprehensive income:
Actuarial losses on defined benefit pension scheme			—				—				—				—				—				—				—				—				(2,150	)			(2,150	)			—				(2,150	)
Exchange losses on translation of foreign subsidiaries			—				—				—				—				—				—				—				(2,130	)			—				(2,130	)			—				(2,130	)
Total comprehensive income			—				—				—				—				—				—				—				(2,130	)			(7,066	)			(9,196	)			81				(9,115	)
Transactions with owners:
Cancellation of shares			(18,908	)			—				18,908				—				888				—				—				—				(888	)			—				—				—
New shares issued			2,657				2,126				—				—				—				—				—				—				—				4,783				—				4,783
Conversion of loan notes			2,413				1,923				—				—				—				—				—				—				—				4,336				—				4,336
Cost of share issue			—				(426	)			—				—				—				—				—				—				—				(426	)			—				(426	)
Share based payments			—				—				—				—				—				—				250				—				—				250				—				250
Transfer of shares			—				—				—				—				86				—				—				—				—				86				—				86
Total transactions with owners			(13,838	)			3,623				18,908				—				974				—				250				—				(888	)			9,029				—				9,029
At 1 January 2010			9,745				22,495				18,908				542				—				47,649				1,572				5,106				(79,836	)			26,181				262				26,443
Comprehensive income:
Loss for the year			—				—				—				—				—				—				—				—				(359	)			(359	)			(103	)			(462	)
Other comprehensive income:
Actuarial gains on defined benefit pension scheme			—				—				—				—				—				—				—				—				687				687				—				687
Exchange losses on translation of foreign subsidiaries			—				—				—				—				—				—				—				(235	)			—				(235	)			—				(235	)
Total comprehensive income			—				—				—				—				—				—				—				(235	)			328				93				(103	)			(10	)
Transactions with owners:
Issue of deferred share consideration			54				488				—				(542	)			—				—				—				—				—				—				—				—
Cancellation of redeemable deferred shares held			(9,701	)			—				9,701				—				—				—				—				—				—				—				—				—
Share based payments			—				—				—				—				—				—				186				—				—				186				—				186
Total transactions with owners			(9,647	)			488				9,701				(542	)			—				—				186				—				—				186				—				186
At 31 December 2010			98				22,983				28,609				—				—				47,649				1,758				4,871				(79,508	)			26,460				159				26,619

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Consolidated Statement of Cash Flows

For the year ended 31 December 2010

						2010				2009
		Note				£000’s				£000’s
Cash flows from operating activities
Cash (used by)/generated from operations			28				(3,550	)			3,212
Interest paid							(354	)			(1,116	)
Income tax paid							(31	)			(156	)
Interest received							82				141
Net cash (used in)/generated from operating activities							(3,853	)			2,081
Cash flows from investing activities
Purchases of property, plant and equipment (PPE)							(64	)			(94	)
Proceeds from sale of PPE							542				91
Purchases of intangible assets							(615	)			(394	)
Net cash used in investing activities							(137	)			(397	)
Cash flows from financing activities
Proceeds from issuance of ordinary shares							—				4,087
Decrease in borrowings							(1,150	)			(1,815	)
Net cash (used in)/generated by financing activities							(1,150	)			2,272
Net (decrease)/increase in cash and cash equivalents							(5,140	)			3,956
Cash and cash equivalents at beginning of year							20,751				18,037
Effect of foreign exchange rate changes							309				(1,242	)
Cash and cash equivalents at end of year			18				15,920				20,751

The notes on pages 25 to 55 are an integral part of these consolidated financial statements.

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Notes to the Consolidated Financial Statements

For the year ended 31 December 2010

1.

General information

GoIndustry-DoveBid plc (the ‘Company’) and its subsidiaries (together the ‘Group’) is a global market leader in the service, management, and disposal of surplus industrial assets. The Group has offices in locations across Europe, North America, and Asia.

The Company is a public limited company, which is listed on the AIM Market of the London Stock Exchange and incorporated and domiciled in the United Kingdom. The address of its registered office is 1-6 Lombard Street, London EC3V 9JU.

2.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all of the years presented unless otherwise stated.

2.1

Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (‘IFRS’) as adopted by the European Union (IFRSs as adopted by the EU), IFRIC interpretations and the Companies Act 2006 applicable to companies reporting under IFRS.

The consolidated financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4.

2.2

Going concern

The Group had net current liabilities of £1.7m at 31 December 2010 (2009: net current assets of £0.1m), cash net of clients funds of £3.7m (2009: £4.5m) and net cash after deducting borrowings and amounts due to clients of £0.5m (2009: net cash of £0.2m). The Directors have considered the implications for going concern as set out below.

The Board remains satisfied with the Group’s funding and liquidity position, and in particular notes the continued improvement. The main sources of debt funding are the bank facilities with Barclays Bank plc in the United Kingdom, PNC Bank in the United States of America and the convertible loan notes. The Group also holds subordinated loan notes that were acquired as part of the acquisition of DoveBid, Inc.

As indicated in note 20 to the financial statements, the Group meets its day-to-day working capital requirements from its cash and working capital facilities. Subsequent to 31 December 2010, management has renegotiated the PNC Bank facilities to increase the working capital facility from US$3.5m to US$5.5m; the term loan facility has been increased to US$3.85m and had a balance of US$2.05m outstanding at 31 December 2010; the revolving credit facility for the Principal Deals at 31 December 2010 of US$3.5m has been increased to US$5.5m, of which US$0.5m was drawn down. In addition to the PNC Bank facilities, the Group has a term loan facility with Barclays Bank plc of £0.3m which is repayable in eight quarterly instalments commencing 30 September 2010.

The Board remains mindful regarding the uncertainties inherent in the current economic climate. The Group’s forecasts and projections, taking account of reasonable changes in trading performance given these uncertainties, show the Group operating within its current facilities.

The Board has reviewed the bank facilities and believes that they provide sufficient headroom going forward. Forecasts reviewed by the Board show continued compliance with covenants on the PNC Bank facilities. All other debt funding is free of covenants. Those forecasts show the Group has sufficient working capital facilities.

On the basis of these forecasts, and given the level and repayment profile of the facilities, the Board has concluded that the going concern basis of preparation continues to be appropriate.

2.3

Changes in accounting policy and disclosures

(a)

New and amended standards adopted by the Group

The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2010.

	•		IAS 38 Intangible Assets — amendments resulting from April 2009 Annual Improvements to IFRSs.
	•		IFRIC 14 IAS 19 — The limit on a defined benefit asset, minimum funding requirements and their interaction (endorsed).

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Notes to the Consolidated Financial Statements continued

For the year ended 31 December 2010

(b)

Standards, amendments and interpretations effective in 2010 but not relevant

The following standards, amendments and interpretations to published standards are mandatory for accounting periods beginning on or after 1 January 2010 but are not relevant to the Group:

	•		IFRS 1 First time adoption of IFRS — amendments relating to oil and gas assets and determining whether an arrangement contains a lease; amendment in relation to the cost of an investment in a subsidiary, jointly controlled entity or associate.
	•		IFRS 2 (amendments), ‘Group cash-settled share-based payment transactions’, effective form 1 January 2010. In addition to incorporating IFRIC 8, ‘Scope of IFRS 2’, and IFRIC 11, ‘IFRS 2 - Group and treasury share transactions’, the amendments expand on the guidance in IFRIC 11 to address the classification of group arrangements that were not covered by that interpretation.
	•		IFRS 5 (amendment), ‘Non-current assets held for sale and discontinued operations’. The amendment clarificaties that IFRS 5 specifies the disclosures required in respect of non-current assets (or disposal groups) classified as held for sale or discontinued operations. It also clarifies that the general requirement of IAS 1 still apply, in particular paragraph 15 (to achieve a fair presentation) and paragraph 125 (sources of estimation uncertainty) of IAS 1.
	•		IAS 1 (amendment), ‘Presentation of financial statements’. The amendment clarifies that the potential settlement of a liability by the issue of equity is not relevant to its classification as current or non current. By amending the definition of current liability, the amendment permits a liability to be classified as non-current (provided that the entity has an unconditional right to defer settlement by transfer of cash or other assets for at least 12 months after the accounting period) notwithstanding the fact that the entity could be required by the counterparty to settle in shares at any time.
	•		IAS 27 (revised) requires the effects of all transactions with non-controlling interests to be recorded in equity if there is no change in control and these transactions will no longer result in goodwill or gains and losses. The standard also specifies the accounting when control is lost. Any remaining interest in the entity is re-measured to fair value, and a gain or loss is recognised in profit or loss. IAS 27 (revised) has had no impact on the current period, as none of the non-controlling interests have a deficit balance; there have been no transactions whereby an interest in an entity is retained after the loss of control of that entity, and there have been no transactions with non-controlling interests.
	•		IAS 36 (amendment), ‘Impairment of assets’, effective 1 January 2010. The amendment clarifies that the largest cash-generating unit (or group of units) to which goodwill should be allocated for the purposes of impairment testing is an operating segment, as defined by paragraph 5 of IFRS 8, ‘ Operating segments’ (that is, before the aggregation of segments with similar economic characteristics).
	•		IFRIC 9, ‘Reassessment of embedded derivatives and IAS 39, Financial instruments: Recognition and measurement’, effective 1 July 2009. This amendment to IFRIC 9 requires an entity to assess whether an embedded derivative should be separated from a host contract when the entity reclassifies a hybrid financial asset out of the ‘fair value through profit or loss’ category. This assessment is to be made based on circumstances that existed on the later of the date the entity first became a party to the contract and the date of any contract amendments that significantly change the cash flows of the contract. If the entity is unable to make this assessment, the hybrid instrument must remain classified as at fair value through profit or loss in its entirety.
	•		IFRIC 16, ‘Hedges of a net investment in a foreign operation’ effective 1 July 2009. This amendment states that, in a hedge of a net investment in a foreign operation, qualifying hedging instruments may be held by any entity or entities within the Group, including the foreign operation itself, as long as the designation, documentation and effectiveness requirements of IAS 39 that relate to a net investment hedge are satisfied. In particular, the Group should clearly document its hedging strategy because of the possibility of different designations at different levels of the Group. IAS 38 (amendment), ‘Intangible assets’, effective 1 January 2010. The amendment clarifies guidance in measuring the fair value of an intangible asset acquired in a business combination and permits the grouping of intangible assets as a single asset if each asset has similar useful economic lives.
	•		IFRIC 17, ‘Distribution of non-cash assets to owners’ (effective on or after 1 July 2009). The interpretation was published in November 2008. This interpretation provides guidance on accounting for arrangements whereby an entity distributes non-cash assets to shareholders either as a distribution of reserves or as dividends. IFRS 5 has also been amended to require that assets are classified as held for distribution only when they are available for distribution in their present condition and the distribution is highly probable.
	•		IFRIC 18, ‘Transfers of assets from customers’, effective for transfer of assets received on or after 1 July 2009. This interpretation clarifies the requirements of IFRSs for agreements in which an entity receives from a customer an item of property, plant and equipment that the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services (such as a supply of electricity, gas or water). In some cases, the entity receives cash from a customer that must be used only to acquire or construct the item of property, plant, and equipment in order to connect the customer to a network or provide the customer with ongoing access to a supply of goods or services (or to do both).

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(c)

New standards, amendments and interpretations issued but not effective for the financial year beginning 1 January 2010 and not early adopted

The Group’s and Parent entity’s assessment of the impact of these new standards and interpretations is set out below.

	•		IFRS 9, ‘Financial instruments’, issued in November 2009. This standard is the first step in the process to replace IAS 39, ‘Financial instruments: recognition and measurement’. IFRS 9 introduces new requirements for classifying and measuring financial assets and is likely to affect the Group’s accounting for its financial assets. The standard is not applicable until 1 January 2013 but is available for early adoption. However, the standard has not yet been endorsed by the EU. The Group is yet to assess IFRS 9’s full impact.
	•		Revised IAS 24 (revised), ‘Related party disclosures’, issued in November 2009. It supersedes IAS 24, ‘Related party disclosures’, issued in 2003. IAS 24 (revised) is mandatory for periods beginning on or after 1 January 2011. Earlier application, in whole or in part, is permitted. However, the standard has not yet been endorsed by the EU.
			The revised standard clarifies and simplifies the definition of a related party and removes the requirement for government—related entities to disclose details of all transactions with the government and other government—related entities. The Group will apply the revised standard from 1 January 2011. When the revised standard is applied, the Group and the parent will need to disclose any transactions between its subsidiaries and its associates. The Group is currently putting systems in place to capture the necessary information. It is, therefore, not possible at this stage to disclose the impact, if any, of the revised standard on the related party disclosures.
	•		‘Classification of rights issues’ (amendment to IAS 32), issued in October 2009. The amendment applies to annual periods beginning on or after 1 February 2010. Earlier application is permitted. The amendment addresses the accounting for rights issues that are denominated in a currency other than the functional currency of the issuer. Provided certain conditions are met, such rights issues are now classified as equity regardless of the currency in which the exercise price is denominated. Previously, these issues had to be accounted for as derivative liabilities. The amendment applies retrospectively in accordance with IAS 8 ‘Accounting policies, changes in accounting estimates and errors’. The Group will apply the amended standard from 1 January 2011.
	•		IFRIC 19, ‘Extinguishing financial liabilities with equity instruments’, effective 1 July 2010. The interpretation clarifies the accounting by an entity when the terms of a financial liability are renegotiated and result in the entity issuing equity instruments to a creditor of the entity to extinguish all or part of the financial liability (debt for equity swap). It requires a gain or loss to be recognised in profit or loss, which is measured as the difference between the carrying amount of the financial liability and the fair value of the equity instruments issued. If the fair value of the equity instruments issued cannot be reliably measured, the equity instruments should be measured to reflect the fair value of the financial liability extinguished. The Group will apply the interpretation from 1 January 2011, subject to endorsement by the EU. It is not expected to have any impact on the Group or the Parent entity’s financial statements.
	•		‘Prepayments of a minimum funding requirement’ (amendments to IFRIC 14). The amendments correct an unintended consequence of IFRIC 14, ‘IAS 19 — The limit on a defined benefit asset, minimum funding requirements and their interaction’. Without the amendments, entities are not permitted to recognise as an asset some voluntary prepayments for minimum funding contributions. This was not intended when IFRIC 14 was issued, and the amendments correct this. The amendments are effective for annual periods beginning 1 January 2011. Earlier application is permitted. The amendments should be applied retrospectively to the earliest comparative period presented. The Group will apply these amendments for the financial reporting period commencing on 1 January 2011.

2.4

Consolidation

(a)

Subsidiaries

Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.

The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.

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Notes to the Consolidated Financial Statements continued

For the year ended 31 December 2010

2.4

Consolidation (continued)

Investments in subsidiaries are accounted for at cost less impairment. Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments. Cost also includes direct attributable costs of investment.

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the statement of comprehensive income.

Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Un-realised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

(b)

Transactions with non-controlling interests

The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

When the Group ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.

If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate.

(c)

Associates

Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognised at cost. The Group’s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss.

The Group’s share of its associates’ post-acquisition profits or losses is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.

Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group.

Dilution gains and losses arising in investments in associates are recognised in the income statement.

2.5

Changes in accounting policy

The Group has changed its accounting policy for transactions with non—controlling interests and the accounting for loss of control or significant influence from 1 January 2010 when revised IAS 27, ‘Consolidated and separate financial statements’, became effective. The revision to IAS 27 contained consequential amendments to IAS 28, ‘Investments in associates’, and IAS 31, ‘Interests in joint ventures’.

Previously transactions with non-controlling interests were treated as transactions with parties external to the Group. Disposals therefore resulted in gains or losses in profit or loss and purchases resulted in the recognition of goodwill. On disposal or partial disposal, a proportionate interest in reserves attributable to the subsidiary was reclassified to profit or loss or directly to retained earnings.

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2.5

Changes in accounting policy (continued)

Previously, when the Group ceased to have control or significant influence over an entity, the carrying amount of the investment at the date control or significant influence became its cost for the purposes of subsequently accounting for the retained interests as associates, jointly controlled entity or financial assets.

The Group has applied the new policy prospectively to transactions occurring on or after 1 January 2010. As a consequence, no adjustments were necessary to any of the amounts previously recognised in the financial statements.

2.6

Segment reporting

The Group presents segmental analysis by geography and by business segment. All geographical segments are engaged in providing products or services within a particular economic environment that are subject to risks and returns that are different from those of segments operating in other economic environments. The corporate centre provides support services to the Group as a whole covering IT, finance, legal and campaign marketing. Assets and liabilities are allocated according to their physical location.

Information reported to the Group’s chief operating decision maker for the purposes of resource allocation and assessment of segment performance is focussed both on the geographical region and the type of service. The Group’s reportable segments under IFRS 8 ‘Operating Segments’ are therefore as follows: North America, Europe, Asia and Corporate, as well as Commissions from Auctions, Professional Services and Principal Deals. The accounting policies of the reportable segments are the same as the Group’s accounting policies described in this note. Segment profit represents the profit earned by each segment without allocation of central administration costs and directors’ salaries. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.

2.7

Foreign currency translation

(a)

Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in ‘Sterling’ (‘£’), which is the company’s functional and presentational currency.

(b)

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

(c)

Group companies

The results and financial position of all the Group entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the presentational currency are translated into the presentational currency as follows:

i.

assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;

ii.

income and expenses are translated at weighted average monthly exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and all resulting exchange differences are recognised in other comprehensive income.

On consolidation, exchange differences arising from the translation of the net investment in foreign operations, are recognised in other comprehensive income. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in other comprehensive income are recognised in profit or loss as part of the gain or loss on sale.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

2.8

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Group’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts. Revenue is recognised when it is probable that the economic benefits will flow to the Group, when the revenues and associated costs can be reliably measured and when the stage of completion of the transaction at the balance sheet date can also be reliably measured.

www.go-dove.com		GoIndustry-DoveBid plc annual report and accounts 2010     29

Notes to the Consolidated Financial Statements continued

For the year ended 31 December 2010

2.8

Revenue recognition (continued)

In the case of Commission Sales, a buyer will usually be identified, the sale price agreed and the buyer invoiced on behalf of the client before the Group invoices the client. Accrued income receivable represents an accrual for such work completed on behalf of clients but not yet invoiced to the client. Accruals are estimated based on the expected proceeds from the sale of client owned equipment, agreed commission rates and other contractual terms.

The Group provides Professional Services by the provision of services associated with the valuation and sale of used industrial equipment. Fees and expenses are billed when incurred.

The Group may also take a position as a principal in Principal Deals, whereby they purchase and sell equipment on their own behalf. On these occasions revenue represents the percentage ownership of the value of the equipment being sold with the cost of such equipment being reported within inventory at the time of purchase and as cost of sales at the time of sale. Revenue is only recognised when the Group has transferred the significant risks and rewards of ownership of those goods to the buyer, and retains no significant managerial involvement with, nor control over, those goods.

2.9

Employee benefits

(a)

Pension obligations

The Group has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The defined benefit plan, the Henry Butcher Pension and Life Assurance Scheme, is operated by GoIndustry (UK) Limited. GoIndustry (UK) Limited is obliged to make sufficient contributions to an externally administered fund in order to satisfy future pension obligations. The Scheme was closed to new members with effect from 1 January 2002, and with effect from 31 December 2004 accrual of benefits in the Scheme ceased and active members contributed to a defined contribution scheme. The liability recognised in the balance sheet in respect of the defined benefit scheme is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets, together with adjustments for un-recognised past-service costs. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise.

For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

(b)

Share—based compensation

The Group operates a number of equity-settled, share-based compensation plans. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non- market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the Group revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

2.10

Leases

Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease.

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2.11

Current and deferred income tax

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company’s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

2.12

Property, plant and equipment

All property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.

Depreciation is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:

Buildings		10–25 years
Vehicles		4 years
Furniture, fittings and equipment		3 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

2.13

Intangible assets

(a)

Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in ‘intangible assets’. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or Groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The company allocates goodwill to each geographical business unit.

Assets that have an indefinite useful life, for example goodwill, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use.

(b)

Customer relationships

Customer relationships acquired in a business combination are recognised at fair value at the acquisition date. The customer relationships have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method over the expected life of the customer relationship, which is 5 years.

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Notes to the Consolidated Financial Statements continued

For the year ended 31 December 2010

2.13

Intangible assets (continued)

(c)

Brands

Brands acquired in a business combination are recognised at fair value at the acquisition date. The brands have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight- line method over the expected life of the brands, which is 10 years.

(d)

Trademarks

The costs associated with the acquisition, development and protection of trademarks are capitalised, and amortised over 10 years.

(e)

Other intangible assets

Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives of 2 to 3 years.

Expenditure incurred in developing and implementing the software applications necessary for the business and customer systems is capitalised, and amortised over estimated useful lives of 2 to 3 years.

2.14

Inventories

Inventories comprise used industrial equipment purchased for resale and are stated at the acquisition cost of the assets. In some cases dismantling, transportation, or warehousing costs may be incurred, which are added to the inventory value. These costs are allocated between the Group of assets acquired on a weighted average of the deemed value of the assets. Where this allocated cost is in excess of net realisable value the excess carrying amount is written off to profit or loss. Borrowing costs are not included in the inventory valuation. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.

2.15

Financial assets

The Group’s financial assets comprise trade and other receivables, cash and cash equivalents.

2.16

Trade and other receivables

Trade and other receivables comprise trade accounts receivable, accrued income receivable, auction expenses receivable, prepayments and other receivables. Trade receivables are initially recognised at fair value, and subsequently measured at amortised cost using the effective interest method less impairment. A provision for impairment is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in profit or loss within administrative expense. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against ‘administrative expense’ in profit or loss.

Accrued income receivable represents an accrual for work completed on behalf of clients but not yet invoiced. Auction expenses represent costs incurred on behalf of and recoverable from clients but not yet invoiced.

2.17

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, and monies held under guarantee.

Group companies routinely collect cash from auction sales, the proceeds of which are ultimately payable to the client whose assets are being sold. Client money owing is reported within cash on the consolidated balance sheet with a corresponding liability reported as amounts due to clients within accounts payable. Client cash that is held together with the Group’s own cash is reported within own cash on hand and at bank, but if for legal or other reasons it must be segregated from company funds it is reported separately as client cash on escrow. Short-term deposits are liquid investments that are convertible to known amounts of cash and which are subject to insignificant risk of change in value. Monies held under guarantee is cash held in accounts to which the Group enjoys legal title, which are used to meet specific client liabilities.

2.18

Financial liabilities

Financial liabilities comprise trade payables, amounts due to clients, accrued expenses and borrowings.

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2.19

Trade payables

Trade payables are initially recognised at fair value and subsequently measured at amortised cost, using the effective interest method.

2.20

Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

2.21

Provisions

Provisions for potential future costs such as those arising from the defence of a legal claim are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.

2.22

Share capital

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds.

Where any Group company purchases the Company’s equity share capital (own shares held in trust), the consideration paid, including any directly attributable incremental costs is deducted from equity attributable to the Company’s equity holders until the shares are cancelled or reissued.

3.

Financial risk management

The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and interest rate risk), credit risk and liquidity risk. Financial risk management is coordinated at Group level and seeks to minimise potential adverse effects on the Group’s financial performance.

Market risk

(a)

Foreign exchange risk

The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. In order to reduce the currency risk arising in respect of recognised foreign currency assets and net investments in foreign subsidiaries, the Group uses direct borrowings in the same currency. The risk relating to future commercial transactions and recognised liabilities is mitigated through the maintenance of cash balances in the same currency.

The effect of changing exchange rates is regularly monitored by the Group and a sensitivity analysis has been prepared to show the impact of changes in foreign exchange between Sterling, the United States Dollar and the Euro. A decrease of ten cents in the value of both the Dollar and the Euro would increase consolidated loss before tax by £0.2m (2009: Increase £0.01m) and increase total equity by £2.5m (2009: £0.1m). An increase of ten cents in the value of both the Dollar and the Euro would decrease consolidated loss before tax by £0.2m (2009: Increase £1.0m) and decrease total equity by £1.7m (2009: £2.0m).

Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the functional currency.

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Notes to the Consolidated Financial Statements continued

For the year ended 31 December 2010

3.

Financial risk management (continued)

The carrying values of the Group’s financial assets and liabilities are denominated in the following currencies:

2010

		USD				Euro				GBP				Total
		£000’s				£000’s				£000’s				£000’s
Loans and receivables
Trade receivables			2,049				347				37				2,433
Other receivables			990				106				136				1,232
Accrued income			226				—				1,136				1,362
Cash and cash equivalents			8,840				3,414				3,666				15,920
Financial liabilities measured at amortised cost
Trade payables			(503	)			(347	)			(2,605	)			(3,455	)
Amounts due to clients			(7,646	)			(2,621	)			(1,970	)			(12,237	)
Accruals and other payables			(1,143	)			(1,539	)			(933	)			(3,615	)
Borrowings			(2,311	)			—				(904	)			(3,215	)
			502				(640	)			(1,437	)			(1,575	)

2009

		USD				Euro				GBP				Total
		£000’s				£000’s				£000’s				£000’s
Loans and receivables
Trade receivables			2,130				809				464				3,403
Other receivables			767				117				6				890
Accrued income			60				324				1,066				1,450
Cash and cash equivalents			14,268				2,727				3,756				20,751
Financial liabilities measured at amortised cost
Trade payables			124				(272	)			(3,341	)			(3,489	)
Amounts due to clients			(12,635	)			(2,647	)			(954	)			(16,236	)
Accruals and other payables			(1,550	)			(1,003	)			(787	)			(3,340	)
Borrowings			(3,280	)			(500	)			(585	)			(4,365	)
			(116	)			(445	)			(375	)			(936	)

During the 12 month period the Sterling / US Dollar exchange rate fluctuated between a maximum and minimum of 1.625 and 1.442 US$ to £1.

During the 12 month period the Sterling / Euro exchange rate fluctuated between a maximum and minimum of 1.220 and 1.103 EUR to £1.

(b)

Cash flow interest rate risk

Borrowings of the Group comprise convertible loan notes issued by GoIndustry-DoveBid plc and bank loans held by GoIndustry USA Inc. and GoIndustry (UK) Limited. The Group is exposed to cash flow interest rate risk only on its bank borrowings, as the convertible loan notes attract interest at a fixed rate of 12%.

The Group has term loan facilities of US$3.0m and £0.3m (2009: US$4.0m and Euro 0.3m), as well as banking facilities available for short-term working capital and Principal Deals. The term loan facilities are repayable over the period to 30 April 2012 and 30 September 2012 respectively. Since the year-end, the US$ term facility has been increased to US$3.85m, and extended to July 2014. Before each Principal Deal, a proposal is presented to the Investment Committee projecting the profitability of the investment after the cost of finance, so that decisions can be taken based upon the prevailing interest rate at the time of investment. Due to the short time period for which these assets are held the actual finance cost is only likely to fluctuate marginally from the projection.

Further details on interest rate risk exposure are contained in note 20.

Credit risk

Credit risk arises from the risk that a counterparty defaults on its liability in relation to financial assets of the Group that they are holding. The Group is subject to credit risk on its bank deposits and trade receivables. Bank deposits are held only by institutions rated as investment grade by an independent rating agency; credit exposure is further reduced by limiting the proportion of net deposits that can be held by a single institution. Further details regarding the Group’s policy for the management of trade receivables is set out below.

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The table below shows the major counterparties at the reporting date:

				2010				2009
				Balance				Balance
Counterparty		Rating		£000’s				£000’s
PNC Bank		A			7,674				8,289
HypoVereins Bank		AAA			3,259				827
LCL		AA–			—				363
HSBC		AA			1,175				323
Deutsche Bank		AAA			—				246
Other		—			3,812				10,703
					15,920				20,751

The fair values of trade and other receivables are not materially different from the carrying values. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned in note 17, other than prepayments.

(a)

Trade receivables management

Exposure to credit risk on trade receivables from Commission Sales and Principal Deals is limited because it is the Group’s policy not to allow the title to assets to be transferred until payment is received.

(b)

Capital risk management

The Group manages its capital to ensure that subsidiary operations are able to continue as going concerns, the Group and relevant subsidiaries remain in compliance with their banking covenants, and the return to shareholders is maximised through an appropriate mix of debt and equity funding. The Group’s capital structure comprises total equity and net debt.

Surplus cash is either reinvested in the business or used to repay debt. The level of debt is monitored through the cash flow leverage ratio, which is net debt divided by EBITDA. Net debt is calculated as amounts due to clients, borrowings and both convertible and subordinated loan notes less cash and cash equivalents. EBITDA is earnings before interest, taxation, depreciation and amortisation. There are no externally imposed capital requirements.

(c)

Liquidity risk

Liquidity risk is primarily managed through the maintenance of adequate liquid resources, principally in the form of bank deposits. In addition to this, bank facilities to allow financing of working capital are also available in some business units.

The table below sets out the liquidity profile of the Group’s financial assets and liabilities:

2010

						Recognised				Contractual				Total
		Effective				asset/				interest				contractual				6 months				6–12				1–5
		interest				(liability)				payable				cashflow				or less				months				years
		rate				£000’s				£000’s				£000’s				£000’s				£000’s				£000’s
Loans and receivables
Trade receivables							2,433				—				2,433				2,433				—				—
Other receivables							1,232				—				1,232				1,232				—				—
Accrued income							1,362				—				1,362				1,362				—				—
Bank deposits			0.25	%			15,920				40				15,960				15,960				—				—
Financial liabilities measured at amortised cost
Trade payables							(3,455	)			—				(3,455	)			(3,455	)			—				—
Amounts due to clients							(12,237	)			—				(12,237	)			(12,237	)			—				—
Accrued expenses							(3,615	)			—				(3,615	)			(3,615	)			—
Bank loans and overdrafts			4	%			(2,249	)			(90	)			(2,339	)			(964	)			(213	)			(1,162	)
Subordinated loan notes			9	%			(466	)			(38	)			(504	)			(272	)			(232	)			—
Convertible loan notes			12	%			(500	)			(60	)			(560	)			(30	)			(530	)			—
							(1,575	)			(148	)			(1,723	)			414				(975	)			(1,162	)