Spruce Point Capital
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Disclaimer Spruce Point Capital
This research presentation report expresses our research opinions, which we have based upon interpretation of certain facts and observations, all of which are based upon publicly available information, and all of which are set out in this research presentation report. Any investment involves substantial risks, including complete loss of capital. Any forecasts or estimates are for illustrative purpose only and should not be taken as limitations of the maximum possible loss or gain. Any information contained in this report may include forward looking statements, expectations, pro forma analyses and projections. You should assume these types of statements, expectations, pro forma analyses and projections may turn out to be incorrect for reasons beyond Spruce Point Cap ital Management LLC’s control. This is not investment advice nor should it be construed as such. Use of Spruce Point Capital Management LLC’s research is at your own risk. You should do your own research and due diligence before making any investment decision with respect to securities covered herein. You should assume that as of the publication date of any presentation, report or letter, Spruce Point Capital Management LLC (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our subscribers has a short position in all stocks (and/or are long puts/short call options of the stock) covered herein, including without limitat ion AMETEK Inc. (“AME”), and therefore stand to realize significant gains in the event that the price of its stock declines. Following p ublication of any presentation, report or letter, we intend to continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Spruce Point Capital Management LLC is not registered as an investment advisor or broker/dealer. To the best of our ability and belief, as of the date hereof, all information contained herein is accurate and reliable and d oes not omit to state material facts necessary to make the statements herein not misleading, and all information has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer, or to any other person or entity that was breached by the transmission of information to Spruce Point Capital Management LLC. However, Spruce Point Capital Management LLC recognizes that there may be non-public information in the possession of AMETEK Inc. or other insiders of AMETEK Inc. that has not been publicly disclosed by AMETEK Inc. Therefore, such information contained herein is presented “as is,” without warranty of any kind – whether express or implied. Spruce Point Capital Management LLC makes no other representations, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. 2
Brief Overview of Ametek Spruce Point Capital
Business Description Ametek is a global manufacturer of electronic instruments and electromechanical devices with operations in North America, Europe, Asia and South America. The Company is listed on the New York Stock Exchange (symbol: AME). The common stock of AMETEK is a component of the S&P 500 and the Russell 1000 Indices
$ in mm except per share amounts Stock Price Shares Outstanding Net Exercisable Options Fully Diluted Shares Market Capitalization Total Debt Less: Cash (1) Total Enterprise Value
$52.20 245.9 2.2 248.1 $12,953 $1,636 $370 $14,219
Valuation on Company Reported Metrics Metrics LTM Sept 14 2014E 2015E EV/Sales 3.6x 3.5x 3.3x EV/EBITDA 13.8x 13.7x 12.5x Price/EPS 22.2x 21.7x 19.5x Debt/EBITDA 1.6x 1.6x 1.4x
(1) $307.1m of cash is outside of the U.S.
The Company markets its products worldwide through two operating groups, the Electronic Instruments Group (“EIG”) and the Electromechanical Group (“EMG”). EIG provides monitoring, testing, calibration and display devices for the process, aerospace, power and industrial markets. EMG produces engineered electrical connectors for electronic applications; precision motion control solutions; specialty metals and alloys; and electric motors, blowers and heat exchangers. End markets include aerospace and defense, medical devices, factory automation, mass transit, petrochemical and other industrial markets. The Company grows primarily through strategic acquisitions focused on markets in instrumentation and electromechanical devices.
EIG EMG Total Sales % growth
2008 $1,403 $1,128 $2,531 18.5%
Fiscal Year Ended Dec 31, 2009 2010 2011 2012 $1,147 $1,324 $1,647 $1,873 $952 $1,147 $1,343 $1,462 $2,098 $2,471 $2,990 $3,334 -17.1% 17.8% 21.0% 11.5%
2013 $2,035 $1,560 $3,594 7.8%
LTM Sept '14 $2,344 $1,596 $3,940 12.8%
Gross Profit % margin
$801 31.6%
$662 31.6%
$824 33.3%
$1,034 34.6%
$1,180 35.4%
$1,270 35.3%
$1,397 35.5%
EBITDA % margin
$496 19.6%
$432 20.6%
$555 22.5%
$722 24.2%
$851 25.5%
$934 26.0%
$1,030.6 26.2%
Diluted EPS
$1.03
$0.85
$1.18
$1.58
$1.88
$2.10
$2.35
Cash from Ops Less: Capex Less: Acquisitions Adj Free Cash Flow Source: Ametek
$247 ($44) ($463) ($260)
$365 ($33) ($73) $259
$423 ($39) ($539) ($155)
$509 ($51) ($474) ($17)
$612 ($57) ($748) ($193)
$661 ($63) ($414) $183
$723 ($73) ($824) ($175)
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Spruce Point Capital
Ametek’s Historic Stock Price Rise Defies Numerous Red Flags Ametek Appears to Have Mislead Investors About the Results of Dunkermotoren, its Largest Deal Ever Completed. Its CFO “Retires” and its Cost Savings Estimates Explode Higher
$50.00 Theron Matthews, Director of Operations at Chandler Engineering Files Whistleblower Case Under Sarbanes Oxley; Claims Improper Inventory and Revenue Booking
$40.00
$30.00
$20.00
Acquires Beleaguered Zygo for $280m
Added to the S&P 500 Index
$60.00
“Lower of Cost or Market” Language Dropped From Inventory Disclosure Approx 50/50 LIFO vs. FIFO Accounting
Updates Equity Clawback Language for Fraud and Financial Misstatements
Head of Audit Committee Quietly Resigns
Announces Departure of Electronics Division President
$10.00
Accelerates Change From LIFO to FIFO
$0.00
Management Adjusts Operating Income Bonus Target for ‘Excess Inventory’
30.0
25.0 French Auditor No Longer Audits Cameca
20.0
Ametek India Auditor Issues Qualified Opinion; Notes Continued Failure of Internal Controls Tied to Sales 15.0 and Inventory Acct’g
FBI Charged Chris Stehm, Former Controller and Head Accountant at Chandler Engineering, and Later VP Finance and Accounting at Ametek’s HCC Division w/ Wire Fraud
10.0
5.0
0.0
Volume
Stock Price
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Executive Summary
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
Spruce Point Capital
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Spruce Point Sees 30 - 50% Downside Risk in Ametek For the Following Reasons:
Ametek Is An Aggressive Roll-up, Aiding EBITDA Margin Overstatement: With Limited Organic Growth, Ametek is Under Pressure as its Strategy Appears to be Hitting a Brick Wall. It Underinvests in R&D and Buys What it Cannot Develop. This Strategy Inherently Benefits its Margins and EPS, Which We Have Evidence that Suggests Are Overstated By Up to 600bps. It Has Among the Highest Goodwill/Intangibles to Assets of Industrial Peers at 69% and Appears to Be Using Aggressive Purchase Price Acct’g to Amortize Costs Too Slowly. Its Cumulative Cash Flow After Acquisition is Negative and its Dependence on External Debt is Rising; Foreign Financial Filings Also Point to Funding Issues Ametek Appears to Have Misled Investors: About the Performance of its Largest Acquisition Ever in 2012. Curiously, its CFO “Retired” Quickly After and Equity Clawback Language Was Modified to Cover Acts of Fraud. We’ve Found Other Instances Where Ametek Grossly Overestimated the Performance of its Acquisitions A Whistleblower Case and FBI Indictment Appear Linked: A Whistleblower in 2009 Claimed He Observed Revenue and Inventory Acct’g Irregularities. Curiously, in 2013 the FBI Charged Ametek’s VP of Finance For Embezzlement By Submitting Phony Travel Expenses. The Two Individuals Worked Together at Ametek Chandler During the Same Period Inventory Acct’g Changes Enable EPS Inflation: Ametek Has Surreptitiously Changed From LIFO to FIFO and Dropped the “Lower of Cost or Market” Provision. Mgmt Has Made Quiet Adjustments to its Bonus Target for Obsolete Inventory, (Yet Has Never Disclosed to Investors a Single Inventory Write-down!). It Appears Ametek is Spinning a Story of Superior Procurement and Supply Chain Cost Savings as a Cookie Jar To Cover its Expanding Margins E&Y Has Been Ametek’s Auditor Since the 1930s: Three Non-E&Y Auditors Abroad Appear to Have Concerns. In France, Two Auditors Appear to Have Resigned. In India, its Auditor Issued a Qualified Opinion and Noted Inventory, Sales and Travel Expense Issues! The Chairman of Ametek’s Audit Committee Mysteriously Retired in 2011 and its Current Head of Internal Audit Is Not Even a Currently Licensed CPA Despite the Company’s Claim Concerns With the “Asia Growth” Story: Ametek’s Head of Asia Recently Retired and Our Review of Some Key Businesses Found Substantial Red Flags About its Success in the Region, Including Filing Delinquencies, an Insolvent Operation, and Declining Financial Performance at its Oldest Asian Operating Entity Massive Overvaluation, Insider Alignment w/Shareholders Is Broken: Insiders Own Just 2% and Ownership Declines Every Year. Ametek Trades at a Huge Premium to the Sum of its Acquired Businesses on the Belief it Can Add Superior Lasting Value Through Operational Improvements, Which Result in Abnormally High EBITDA Margins 6 and Continued 15%+ Growth Through Acquisitions. We Believe These Assumptions Need to Be Challenged
Spruce Point Capital
Evidence Suggesting Ametek’s EBITDA Margins May Be Overstated By 400 – 600 bps
1. Ametek’s voracious acquisition strategy has resulted in a balance sheet bloated with goodwill + intangible assets: currently 69% of total assets! I.
Its fastest growing intangible asset category is “customer relationships,” which is unusual given it tends to announce its acquisition rational as acquiring ‘complementary’ products or “expanding penetration” further in existing markets to current customers. Few businesses enjoy nearly two decade relationships, yet Ametek amortizes customer relationships over an avg period of 19 yrs, which appears very high relative to industrial peers
II.
We estimate this accounting maneuver adds ~5% to the overstatement of its EBITDA and 2.5% to EPS
2. Ametek underinvests in self-funded R&D, and acquires what it does not build internally. In various deals we’ve analyzed, it has acquired companies where the seller’s have borne the cost of R&D investment. Therefore, Ametek is essentially capitalizing the acquired R&D on its balance sheet vs. funding and expensing R&D internally. We estimate Ametek’s underinvestment in R&D flatters its EBIT margins by approximately 200bps 3. A peer analysis of industrial competitors on gross margin vs. EBITDA margin suggests Ametek is an extreme outlier. Given its relatively low consolidated gross margin, it has an unusually high EBITDA margin. A peer regression suggests its EBITDA margin should be closer to 20 – 21%, not 26% 4. We’ve obtained over 14 public financial statements across 10 countries of Ametek’s business entities. In total, we find the average EBITDA margin of these targets to be approximately 21%. Our analysis shows evidence of recent margin contraction, not margin expansion across these operating businesses
5. Inventory accounting assumptions greatly affect both Gross and EBITDA margins. We have observed significant red flags warranting caution: I.
Ametek does not discuss factors affecting its Cost of Sales or Gross Margin in its SEC Filings, which is suspicious and opaque for its investors
II.
A whistleblower case in 2009 claimed irregular revenue booking and accounting designed to understate the true cost of inventory. While the case was never proven, we observe that Ametek’s Chandler Instruments, where the irregularities were noted, recently had its former Financial Controller and Chief Accountant charged with embezzlement of submitting phony travel expenses by the FBI in October 2013!
III.
Ametek’s consolidated inventory accounts dropped the “Lower of Cost or Market” provision, and it has quietly changed its mix from LIFO to FIFO. These changes accelerated around the time of the whistleblower complaint. Its inventory turnover had also been steadily declining from 2011 to Q2’14
IV.
Ametek’s management mysteriously added language in its Proxy Statement to adjust its operating income bonus target for ‘excess/obsolete inventory,’ yet it has never disclosed an inventory write-down to investors. Furthermore, management is also awarded annual bonuses tied to working capital management. Inventory valuation is a critical component in the calculation of working capital
V.
In India, where Ametek markets over 30 of its global products, the local auditor noted issues of “continuing failure to correct a major weakness in the internal control system.” Specific problems: highlighted ageing and valuation of inventory, travel expenses, and poor working capital management
VI.
Ametek notes an usually high amount of off-balance sheet inventory purchase obligations, approx. 75% of current inventory. An analysis of peers suggests that 45% is industry best practice. Ametek also uses inventory consignment strategies designed to keep inventory off its balance sheet
VII.
Ametek repeatedly raises its estimated supply chain and procurement cost savings. We think this could be a cookie jar used as a cover to explain the margin increases. We note the savings estimates exploded in size in mid 2012, a period we believe Ametek was strained from a botched acquisition in Germany and facing cash flow issues from its European businesses. Its CFO resigned shortly after the German acquisition was announced and its equity 7 clawback language was changed to explicitly cover fraud and intentional conduct
Spruce Point Capital
Aggressive Acquisition and Financial Strategy is Core to Facilitating Margin Overstatement
Facing challenges in its core vacuum motors market, Ametek embarked on an aggressive acquisition strategy. Since 2000, Ametekhas invested $4.6bn for over 60 acquisitions; cumulative operating cash flows, after capital expenditures and recurring acquisitions has been -$627m. This aggressive roll-up strategy has allowed Ametek to beat Wall Street EPS estimates an astounding 95% of the time in the past decade, a result that trounces its industrial peers’ ability to satisfy Wall Street, and appears too good to be true
Goodwill and Intangibles / Assets = 69% is the highest among industrial peers, signaling possible overpayment Quality and actionable acquisition targets appear to be shrinking in number and valuations rising; latest deals to acquire Zygo (Nasdaq: ZIGO) and Amptek are recent examples of paying richly for no growth businesses Since 2010, Ametek has acquired 11 companies from private equity (“PE”) firms for $1.8bn.Questionable what added value Ametek can bring to the table, especially to PE-owned targets. PE firms are known to streamline costs and accelerate growth opportunities for portfolio companies No demonstrated revenue synergies from acquisitions >> organic growth essentially 1% p.a. in 2012 and 2013
Appears to be hitting a wall in terms of cost cutting and working capital efficiency gains Underinvests in R&D + capex. Acquisitions must be accounted for in evaluating true cash flow
Ametek conducts minimal share buybacks (essentially to offset share dilution) and its dividends paid are effectively debt-funded when viewed in context of its capital allocation preference for deals Dependence on short-term debt was rising with ~75% of its credit revolver having to cover short-term debt obligations utilized at the end of Q2’14. We believe Ametek’s main European funding and holding entities, Ametek Netherlands B.V and Ametek European Holdings, both of which stopped filing financials in 2012, showed limited cash holdings and declining equity. Ametek’s recent need to raise $700m in private placement notes in Oct. ‘14 illustrates our concerns that its ‘strong operating cash flow’ to fund deals is not as it appears. By accessing the private placement market, Ametek was able to avoid SEC registration and scrutiny of its financial filings, which we believe are cryptic and provide an incomplete picture for investors to fully assess its condition. For example, Ametek does not even discuss factors affecting its gross margins Warning Signs of a Stressed Financial Model Have Appeared: Whistleblower Case and FBI Indictment
In a 2009 whistleblower case, Matthews vs. Ametek, claimed Ametek was booking revenue and inventory improperly at Chandler Engineering. In 2013, the FBI indicted Chris Stehm, former Chandler Chief Accounting Officer and VP of Finance at its HCC division for embezzlement. The two men worked together, with Matthews even warning Stehm he observed things that “looks, smells, and tastes like fraud.” Curiously, Ametek set-up a CV/BV tax structure in 2006. We pulled the public filing for Ametek International C.V. in the Netherlands, and found none other than Chandler listed as its only Limited Partner. We do not understand the significance of Chandler, a 8 tiny business based in Oklahoma, but it appears to play a significant financial role within the organization.
Spruce Point Capital
Highly Suspect and Aggressive Accounting Appears to Bolster Margins and EPS
Ametek Appears to Use Aggressive Acquisition Accounting To Bolster EBITDA Margins and EPS: Ametek has allocated >$1.0 billion of deal values to “customer relationships” and amortizes these costs over 19yrs vs. 10yrs (median of peers). Customer relationships account for 80% of its intangible asset allocation vs. 50% for peers. We believe Ametek is really purchasing technology and products it does not develop internally, and according to most of its own deal commentary, is buying complimentary products to sell to existing customers We estimate the impact of amortizing costs too slowly adds 130bps to EBITDA margins and overstates EPS by approximately 2.5%. Furthermore, we estimate that if Ametek were to boost its R&D expenditure to 6% (peer average) instead of capitalizing costs via acquisitions, its EBITDA margins would contract by ~200bps and its EPS would be 4 – 5% lower
Ametek Is Primarily a Manufacturer and its Inventory Accounting is Highly Suspect: Ametek’s margins continue to expand to record levels, despite inventory turns that have declined since 2011. AME has surreptitiously been changing from LIFO to FIFO in a material way. In 2005 the FIFO/LIFO split was 50/50%, and now it’s 80/20%, In an inflationary env’t, this classic accounting switch bolsters reported EPS. AME also doesn’t appear to apply “Lower of Cost or Market - LCM” GAAP accounting; its SEC filing curiously omit this LCM language! Ametek holds a high % of raw materials in inventory relative to peers given its claims of lean/JIT manufacturing. It reports significant fixed-price off-balance sheet purchase commitments (75% of inventory); unusually high relative to its peers that report ~45%. This would make sense if Ametek had a high degree of customer demand visibility; in our opinion, unlikely given its cyclical end markets. Ametek uses inventory consignment strategies w/suppliers, and may be using tactics to understate inventory Management’s operating income bonuses have been adjusted for the past 3yrs for a mysterious “estimated tax benefit realized through the disposal of excess/obsolete inventory,” yet Ametek claims to have never taken an inventory write-down or charge! In our opinion, Ametek may be using its ever-expanding ‘sourcing cost savings’ as a cookie jar to bolster margins Warning: Ametek’s Non-Ernst & Young Auditors Abroad Appear to Have Accounting Reservations Ametek’s relationship with its auditor E&Y goes back to the 1930s. Ametek entered India in 2009, and has most recently received a “qualified” audit opinion from its local auditor. The auditor noted changes to inventory valuation that made the impact on the financials indeterminable, along with continuing failure to strengthen internal controls tied to sales of goods and services. In France, Ametek’s statutory auditors for both its Cameca and Antavia businesses have resigned. Historically, each has been audited by both E&Y and an affiliate of Deloitte and Touche 9
Spruce Point Capital
Opaque Disclosures and Questionable Oversight Amplify Our Concerns
Opaque SEC Financial Disclosures and Non-Transparent, Complex Business Model In light of our concerns about inventory accounting, we observe that Ametek does not discuss any factors affecting its cost of sales or gross margin in any of its recent SEC filings. Unusually high spread between its relatively (low) gross and (high) EBITDA margins are difficult to evaluate in the absence of more information; Ametek is an extreme outlier to peers It has jammed all its acquisitions into just two reporting segments, even though it appears some businesses such its Maintenance Repair and Operations (MRO) and Specialty Metals units have nothing to do with Electronics or Testing Equip. Because Ametek makes frequent and small acquisitions relative to its large size, it does not regularly disclose the EBITDA or EPS impact of acquisitions and can hide under the cover of “immateriality” Ametek’s income statement is “too clean;” and doesn’t separately identify recurring acquisition costs by segment like its peers. The company rarely has any one-time items or inventory charges - a remarkable achievement for a company its size!
Warning Signs With Management, Audit and Governance Concerns Ametek’s senior management has been in place for a long time. However, we note significant leadership role changes in 2012 involving its CFO, Treasurer and COO all occurred after Ametek announced the acquisition of Dunkermotoren, its largest in history. After reviewing its German financial statements, it appears management shamefully misled investors about the performance of the target. In light of our concerns about the integrity of the financial statements, we observe that Ametek changed its “equity clawback” language to include the word “fraud,” and sharply boosted supply cost saving estimates shortly after Ametek’s auditor since the ‘30s is E&Y. At the whistleblower deposition, E&Y admitted that it doesn’t audit all of Ametek. Its Audit Chairman mysteriously departed in 2011 and its newly promoted VP of Internal Audit, is not even a CPA, despite it claiming otherwise. We also note that three of Ametek’s foreign auditors have distanced themselves from the company Ametek has been touting its major growth opportunities in Asia, yet its long time VP of Asia resigned in Jan 2014. Curiously, Ametek’s initial JV formed in Taiwan to enter China appears to have gone dark, while its main Asian operating entity out of Singapore was delinquent in its filings for most of 2014. Recent results from the entity suggest a progressive decay of the business Insiders own under 2% of the company. Key division heads and a corporate development officer have all sold shares this year. The management team as a whole owns less and less of the company each year. Ametek’s classified board may be asleep at the wheel! Ametek’s board is among the smallest, oldest, and most entrenched among industrial peers we reviewed. Board members have been particularly aggressive sellers of shares in 2014. 10
Spruce Point Capital
Irrational and Unsustainable Valuation Premium to its Acquired Assets and Peers
Ametek Trades at an Irrational Premium to Its Acquired Assets Since 2000, Ametek has purchased over 60 businesses at an estimated average EV/Sales and EBITDA multiples of 1.7x and 9.0x, respectively. The notion that they’ve seamlessly acquired and integrated these businesses, while extracting perpetual margin increases and missing just 1 quarter of EPS expectations in a decade seems too good to be true In light of our numerous concerns, Ametek trades at an unjust valuation premium to peers at 3.5x, 13.5x, and 22x 2014E revenue, EBITDA and EPS, respectively. We think a conglomerate discount is more appropriate, not a premium! Investors’ seemingly believe that Ametek’s conglomerate-like structure can add superior lasting value to acquired businesses, above and beyond what private ownership can achieve. Many of Ametek’s acquired companies were flipped from private equity; these prior owners are supposed to add value through cost cutting and supplying growth opportunities. What lasting incremental benefits Ametek can add are a question open for debate In contrast to the optimistic sell-side analyst views that Ametek is a proven acquirer capable of delivering steady EPS growth of 15%+ per year, we believe Ametek’s model is showing signs of strain and that its valuation premium is unwarranted. Ametek has failed to demonstrate revenue synergies, underinvests in R&D, and will become increasingly challenged to meet earnings targets in the absence of fresh acquisitions. It also appears to be covering its issues by repeated boosts to cost procurement savings estimates. With Ametek recently having stretched its short-term debt obligations to 75% of revolver capacity at Q2’14, it raised $700m of external debt. We believe this illustrates that its reportedly “strong operating cash flow” for acquisitions and debt repayment cannot be relied upon as an indicator of the company’s financial health If Ametek Were to Be Valued Correctly, Its Share Price Would Be 30 - 50% Lower Given our concerns about aggressive acquisition and inventory accounting, Ametek’s true EBITDA margin may be 400600 bps lower than reported. Our opinion is also supported by our review of at least 14 of its operating entities, which suggest EBITDA margins closer to 20 - 21%. Furthermore, our plot of large cap industrial peers’ gross vs. EBITDA margins would also suggest Ametek’s EBITDA margins are closer to 20% - 21% to be on trend. If Ametek were valued in line w/ peers at 2x and 10-11x ‘14E revenues and EBITDA, its stock would be worth $27-$36/share, implying 30 - 50% downside from its current share price 11
30% – 50% Downside in Ametek’s Shares Spruce Point Capital
In our opinion, Ametek’s EBITDA margins appear overstated and are likely a few hundred basis points lower than the 26% indicated in its filings, potentially up to 400 – 600 bps lower. This estimate is supported by our peer regression analysis, evaluation of various Ametek foreign filings, and pro forma amortization analysis. If Ametek were to be valued closer to peers at 2x and 10-11x EV / 2014E Sales and EBITDA, respectively, its share price would have downside to $27 - $36 per share. $ in millions True EBITDA Margin: 14E Adj. EBITDA
$ in millions 20% $799.0
21% $839.3
22% $879.6
23% $920.0
24% $960.3
25% $1,001
26% $1,041
$3,797
$3,874
9.00x
$7,191
$7,554
$7,917
$8,280
$8,643
$9,006
$9,369
10.00x
$7,990
$8,393
$8,796
$9,200
$9,603
$10,007
$10,410
11.00x
$8,789
$9,232
$9,676 $10,120 $10,564
$11,007
$11,451
12.00x
$9,588 $10,072 $10,556 $11,040 $11,524
$12,008
$12,492
Less: Debt Plus: Cash FD Shares
($1,636) ($1,636) ($1,636) ($1,636) ($1,636) $370 $370 $370 $370 $370 248.1 248.1 248.1 248.1 248.1
($1,636) $370 248.1
($1,636) $370 248.1
$6,644
$6,780
$6,918
$7,060
$7,201
$7,345
$7,492
2.00x
$7,594
$7,749
$7,907
$8,068
$8,229
$8,394
$8,562
2.25x
$8,543
$8,717
$8,895
$9,077
$9,258
$9,443
$9,632
2.50x
$9,492
$9,686
$9,883
$10,085
$10,287
$10,492
$10,702
Less: Debt Plus: Cash FD Shares
($1,636) $370 248.1
($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) $370 $370 $370 $370 $370 $370 248.1 248.1 248.1 248.1 248.1 248.1 Implied Stock Price
9.00x
$23.90
$25.30
$26.80
$28.30
$29.70
$31.20
$32.70
10.00x
$27.10
$28.70
$30.30
$32.00
$33.60
$35.20
$36.90
11.00x
$30.30
$32.10
$33.90
$35.70
$37.50
$39.30
$41.00
12.00x
$33.50
$35.50
$37.40
$39.40
$41.30
$43.30
$45.20
EV/'14E Sales
EV/'14E EBITDA
$4,281
1.75x
Implied Stock Price 1.75x
$21.70
$22.20
$22.80
$23.30
$23.90
$24.50
$25.10
2.00x
$25.50
$26.10
$26.80
$27.40
$28.10
$28.70
$29.40
2.25x
$29.30
$30.00
$30.70
$31.50
$32.20
$33.00
$33.70
2.50x
$33.20
$33.90
$34.70
$35.50
$36.40
$37.20
$38.00
Implied Downside From Current Price
9.00x
-54%
-51%
-48%
-46%
-43%
-40%
-37%
10.00x
-48%
-45%
-42%
-38%
-35%
-32%
-29%
11.00x
-42%
-38%
-35%
-31%
-28%
-24%
-21%
12.00x
-36%
-32%
-28%
-24%
-21%
-17%
-13%
EV/'14E Sales
Implied Downside From Current Price
EV/'14E EBITDA
$4,197
Implied Enterprise Value
EV/'14E Sales
EV/'14E EBITDA
Implied Enterprise Value
2014E Revenues $3,953 $4,034 $4,115
1.75x
-58%
-57%
-56%
-55%
-54%
-53%
-52%
2.00x
-51%
-50%
-48%
-47%
-46%
-45%
-43%
2.25x
-44%
-42%
-41%
-39%
-38%
-37%
-35%
2.50x
-36%
-35%
-33%
-32%
-30%
-28%
-27%
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Signs of An Aggressive, “Too Good To Be True” Financial Strategy
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
Spruce Point Capital
Early Warning: Email From Whistleblower Matthews to Ametek Financial Controller
Financial Controller – Remember This Name!
SOX Whistleblower Case: Matthews v. Ametek (2009)
Matthews claims Ametek’s Chandler Engineering in Oklahoma improperly booked revenue to mislead investors, and improperly accounted for inventory in an attempt to under-report costs and inventory balances Source: Matthews v. Ametek, legal docket Publicly available via Freedom of Information Act (FOIA) request with the DOL/OSHA
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Spruce Point Capital
Ametek’s Ability to Never Disappoint Wall St. = Too Good To Be True?
We analyzed over 10 years of quarterly EPS results for a broad set of diversified and cyclical industrial peers. Ametek’s predictable and stable financial results defy logic – the company has missed Wall St. estimates just once (by a fraction of cent), and even beat estimates during every quarter of the great financial crisis. These remarkable results deserve further scrutiny! Beats EPS Est.
Meets EPS Est.
Misses EPS Est.
% Beats
% Meets
% Misses
Avg. Surprise
AMETEK
42
1
1
95.5%
2.3%
2.3%
3.4%
Danaher
39
0
5
88.6%
0.0%
11.4%
2.4%
Eaton
37
0
7
88.4%
0.0%
11.6%
6.3%
Hubbell
36
3
5
81.8%
6.8%
11.4%
7.1%
Thermo Fisher
35
1
8
79.5%
2.3%
18.2%
4.0%
Parker Hannifan
35
0
9
79.5%
0.0%
20.5%
13.0%
Rockwell Auto.
35
1
9
77.3%
2.3%
20.5%
7.1%
Emerson
32
0
12
72.7%
0.0%
27.3%
3.9%
Agilent
23
2
13
60.5%
5.3%
34.2%
2.9%
Source: Bloomberg Earnings Surprise Analysis: AME
SURP
15
Spruce Point Capital
Superior Financial Model, Outlier or Accounting Gimmickry?
EBITDA is a big driver of firm valuation, and subject to numerous business decisions and accounting assumptions by management. In our opinion, Ametek’s EBITDA margin is being artificially enhanced by its overly aggressive acquisition strategy designed to circumvent R&D expense, and amortize costs too slowly to earnings. Furthermore surreptitious inventory accounting changes from LIFO to FIFO appear to also inflate its EPS. Ametek appears to be an extreme outlier relative to peers. Were Ametek to fall closer to trend, its EBITDA margins would be closer to 20 - 21% or 500 - 600bps lower.
30.0% AME
EBITDA Margins
25.0%
DHR RXN
FEIC
HUB
20.0%
ROK
EMR OXIG
15.0%
ETN PH
TDY
MTD KEYS SXS
BRKR
AIMC RBC 10.0%
5.0% 20.0%
30.0%
Note: Bubble size represents relative size of enterprise value Source: Company financial filings
40.0%
50.0%
FEIC: FEI Company DH: Danaher RXN: Rexnord OXIG: Oxford Instruments SXS: Spectris Plc BRKR: Bruker Bioscience TDY: Teledyne Tech RBC: Regal-Beloit PH: Parker-Hannifan ETN: Eaton Plc KEYS: Keysight Tech. EMR: Emerson Electric AIMC: Altra Industrial Motion ROK: Rockwell Automation MTD: Mettler-Toledo HUB: Hubbell Inc.
60.0%
Gross Margins 16
Spruce Point Capital
Presentation of Ametek’s Financials, Extremely Simple for a Complex Company
Ametek’s presentation of its Income Statement is extremely simplified for a complex and diverse company assembled from over 60 acquisitions. Inventory charges and other one-time items are never separately identified. “Other net expense” are primarily explained as acquisition costs and currency effects.
Source: Ametek’s 10K (here)
17
Ametek’s Secret Sauce: Create a Complex Roll-up Spruce Point Capital
Dynamics of an Effective Roll-up(1) Ametek’s target acquisitions do not receive its stock. All deals are cash financed. Furthermore, Ametek does not repurchase its own shares beyond a token amount. Insiders are significant net sellers of stock
Observations of Ametek’s M&A Strategy • Ametek uses cash acquisitions to fuel its growth, and believes it will continue to play an important part of its business strategy. Since 2000 through Q3’14, Ametek has completed over 60 acquisitions totaling $4.6 billion (See Appendix for complete list). Recent operating cash flow may be illusory. To illustrate, Ametek recently raised $700m of long-term debt to pay down revolver debt that it could not pay down with operating cash flow
• Its goodwill and intangibles amount to $4.5 billion (~69% of assets), indicating it places a substantial premium on its ability to extract synergies from deals. Industrial peer average goodwill+intangibles to assets is ~40% • Ametek targets businesses with revenues between $50-$200m, which are often private companies with limited financial disclosures. Ametek typically discloses only the revenue contribution of its targets. We estimate it has paid ~1.7x revenues for its targets vs. its current revenue multiple of 3.5x and 9.0x EBITDA vs. its current valuation of 14.5x. The large spread in value reflects the market’s perception of Ametek’s ability to continue its growth and to extract substantial value from deals
Ametek has extracted limited/no revenue synergies from acquisitions (see slides 28-29). Rather, it has relied on heavy cost cutting and aggressive accounting to achieve earnings growth. We view this as an unsustainable strategy fraught with issues and inherent limitations 1) Paul F Kocourek, Steven Y Chung, and Matthew G McKenna, “Strategic Rollups: Overhauling the Multi-Merger Machine,” Strategy & Business, second quarter 2000
• Ametek’s capex and funded R&D margins are 1.7% and 2.6%, which is dramatically lower than industrial peer averages at 3.0% and 6.0%, respectively. Given the underinvestment in its business, we must analyze its financial performance after acquisitions since it is essentially buying R&D and new products it would otherwise develop internally • Since 2000, Ametek has burned -$627m after capital expenditures and cash acquisitions. Viewed from this perspective, cumulative dividends paid of $411m and share repurchases of $270m have effectively been debt-financed 18
Ametek is a Roll-Up w/Limited Organic Growth; Financial Performance Needs to Adjust For Recurring Acquisitions Spruce Point Capital
• The roll-up strategy flatters income statement figures like EBITDA and EPS, along with operating cash flow metrics for a period of time due to the inherent financial statement mechanics of acquisition accounting (which run through the Investing section of the Statement of Cash Flows), so Ametek is able to inherit a new income and operating cash flow (“OCF”) stream upon deal closing, without any OCF outlay • Moreover, as Ametek liquidates the working capital of the acquired company in the normal course of business – collecting on receivables or selling inventory – it can realize an unsustainable OCF boost that has virtually nothing to do with the performance of its business • We believe this strategy has significantly aided Ametek’s ability to never disappoint Wall Street with an earnings miss. Therefore, it’s extremely important to dig beneath the surface to critically analyze what’s really going on at Ametek
AME’s Earnings to Cash Flow Appears High $ in mm
Cash from Operations begins to dramatically depart from Net Income, aided by cost cutting, aggressive acquisitions and potentially aggressive inventory accounting (note: whistleblower allegations in 2009)
$700 $600 $500 $400
FBI Indicts VP of Finance CFO Retires After Dunkermotoren Snafu
Free Cash Flow Adjusted for Capex/M&A is Negative $ in mm
$800
Deal pace accelerates $600
$400
$200
$300 $0
$200
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD
$100
($200)
$0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD Net Income Source: Ametek financials
Cash from Operations
($400) Cash from Operations
Capex
Acquisitions
FCF After Capex and Acquisitions
19
Diminishing Returns to Ametek’s Strategy Are Rapidly Becoming Evident Spruce Point Capital
• We believe Ametek appears to be underinvesting in its business and using acquisitions to create the appearance of superior cash flow generation. As such, cumulative free cash flow after capex and acquisitions is a key metric for analyzing Ametek, and presents a better picture of its financial performance over time. In this case, it demonstrates that Ametek appears to be hitting a wall with its aggressive acquisition strategy and has burned -$627m since FY 2000. We believe that Ametek’s deal pace has accelerated postfinancial crisis, and its true operating cash flow may be struggling. $ in mm
$5,500
Period of Post Financial Crisis. Company Restructures, Inventory Turns Peak at 5.5x in 2011. Deal-Making Activity Accelerates After Whistleblower Complaint (2009). Head of Audit Committee Resigns (2011), CFO Resigns (2012). Ametek’s Short-Term Debt Swells, and it Issues $800m of Long-Term Debt in 2007-2008
$4,500
$3,500 Early Gains From the Strategy Are Evident with Slow and Steady Appreciation of Financial Results
$2,500
Notice How the Slope of the Curve Flattens, Inventory Turnover Declines, Capital Required for Acquisitions and Multiples Paid Rise, Short-term Credit Utilization Swells;. Ametek raises $700m in Debt
$500.0 $450.0 $400.0
$350.0 $300.0 $250.0 $200.0
$1,500
$150.0
$100.0
$500
$50.0 ($500)
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Cumulative Cash from Ops.
Cumulative Cash for Acquisitions
Cumulative FCF after Acquisitions
Short Term Debt
Source: Ametek financials Note: Short-term credit usage = Short Term Debt Outstanding / ( Revolver and A/R Facility Capacity )
2012
2013 Q1'14 Q2'14 Q3'14
$0.0
Cumulative Capex
20
Spruce Point Capital
Ametek Never Discusses or Discloses Drivers of its Gross Profit Margins 2013 Management, Discuss and Analysis (MD&A)
Total international sales for 2013 were $1,984.5 million or 55.2% of net sales, an increase of $276.9 million or 16.2%, compared with international sales of $1,707.6 million or 51.2% of net sales in 2012. The $276.9 million increase in international sales resulted from the acquisitions mentioned above, primarily driven by Dunkermotoren and Micro-Poise, and includes the effect of foreign currency translation. Both reportable segments of the Company maintain strong international sales presences in Europe and Asia. Export shipments fr om the United States, which are included in total international sales, were $1,037.0 million in 2013, an increase of $174.4 million or 20.2%, compared with $862.6 million in 2012. Export shipments improved due to increased exports from the 2013 and 2012 acquisitions noted above, excluding Creaform and Dunkermotoren. New orders for 2013 were a record at $3,621.9 million, an increase of $86.8 million or 2.5%, compared with $3,535.1 million in 2012. The increase in orders was primarily attributable to 2013 and 2012 acquisitions. As a result, the Company’s backlog of unfilled orders at December 31, 2013 was $1,140.0 million, an increase of $27.7 million or 2.5%, compared with $1,112.3 million at December 31, 2012.
Segment operating income for 2013 was $861.5 million, an increase of $72.2 million or 9.1%, compared with segment operating income of $789.3 million in 2012. The increase in segment operating income resulted primarily from the acquisitions mentioned above, as well as the benefits of the Company’s lower cost structure through Operational Excellence initiatives. Segment operating income, as a percentage of net sales, increased to 24.0% in 2013, compared with 23.7% in 2012. The increase in segment operating margins resulted primarily from the benefits of the Company’s lower cost structure through Operational Excellence initiatives. Selling, general and administrative (“SG&A”) expenses for 2013 were $398.2 million, an increase of $17.7 million or 4.7%, com pared with $380.5 million in 2012. As a percentage of net sales, SG&A expenses were 11.1% for 2013, compared with 11.4% in 2012. Selling expenses increased $14.8 million or 4.4% for 2013 primarily driven by the increase in net sales noted above. Selling expenses, as a percentage of net sales, decreased to 9.8% for 2013, compared with 10.1% in 2012. Base business selling expenses decreased approximately 2% for 2013 compared to 2012, primarily due to cost containment initiatives.
Ametek Never Discusses and Omits Factors Affecting its Cost of Goods Sold or Gross Margins in its MD&A of its 10K’s/10Q’s
21
Warning Indicator: Margins Always Expand Spruce Point Capital
• Ametek’s margins are continually expanding, and experienced only a brief hiccup during the great financial crisis. Ametek would have you believe this a result of; 1) continuous cost cutting ability and operational improvements and 2) its strategy shift to ac quire higher margin businesses that are differentiated • We believe this story is too good to be true and have evidence that margins are being enhanced by: 1) underinvesting in R&D expense, 2) aggressive acquisition accounting which amortizes costs too slowly, 3) changes in inventory accounting method and potentially the avoidance of recording inventory charges 4) Suspicious boosts to supply chain cost estimates after its CFO ‘retired’
• We’ve collected publicly filed foreign financial statements for 15 of Ametek’s operating entities, and the majority have shown evidence of margin contraction, not margin enhancement!
EBITDA Margins Always Expand
Gross Margins Starting To Show Stress 37.0%
35.0%
Financial crisis
Sign of Issues Mounting; Acquiring Lower Quality Companies
27.0% 26.0%
Financial crisis
25.0% 24.0% 23.0%
33.0%
22.0% 21.0%
31.0%
20.0%
19.0%
29.0%
18.0% 27.0%
17.0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1'14 Q2'14 Q3'14
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1'14 Q2'14 Q3'14
Source: Ametek SEC filings 22
Spruce Point Capital
Warning: Inventory Turnover Had Been Persistently Declining
A persistently declining inventory turnover is at odds with a healthy, growing company and supports our belief that Ametek may be experiencing inventory accounting issues. Ametek gives investors limited insights to evaluate the factors affecting Cost of Goods/Services that drive inventory turns. It is unclear to what degree product/service mix shifts are affecting results
5.50x 5.40x 5.30x 5.20x 5.10x
5.00x 4.90x 4.80x 2011
2012
2013
Source: Ametek Company Financials Note: Inventory Turnover = LTM Cost of Sales / Average (Beginning and Ending Period Inventory)
Q1'14
Q2'14 23
Spruce Point Capital
Summary: Foreign Operating Subsidiaries Show Margin Contraction
•
We’ve examined public documents of businesses that contribute ~$731m of revenue (~20% of Ametek’s $3.6 billion total in 2013)
•
We find that on average:
•
•
Its operating businesses have an EBITDA margin of ~21% and;
•
Are experiencing both contracting Gross Margins of ~0.2% and EBITDA margins of ~1.3%
Paradoxically, Ametek’s corporate EBITDA margin continues to expand and is in the 26% range. However, few businesses we examined have EBITDA margins anywhere close to this level. We have excluded Zygo and Amptek from our analysis because the results have not yet been fully consolidated on an annual basis into Ametek’s financials
i n l oca l a nd forei gn currency (mi l l i ons )
Company Dunkermotoren GmbH Zygo Corporation (1)
Last Public Foreign Reporting LTM Country Period Sales Germany 2012 € 136.4 US 2013 $162.8
US$ LTM Sales $168.6 $162.8
LTM Gross Margin 57.8% 46.7%
YoY Change in Sales -3.0% 3.3%
YoY Ch. Gross Margin -0.4% 0.3%
SPECTRO Analytical Taylor Hobson Limited Cameca SAS
Germany UK France
2012 2013 2013
€ 108.3 £54.8 € 59.1
$133.8 $82.4 $75.5
53.8% 49.9% 50.9%
4.8% 1.3% 5.5%
2.3% -2.1% -3.2%
€ 25.0 £13.2 € 9.0
23.1% 24.1% 15.3%
AMETEK Airtechnology Group Atlas Material Testing (2) AEM Limited Amptek
UK Germany UK US
2012 2012 2013 2013
£47.5 € 32.0 £25.3 $29.2
$72.4 $39.6 $38.0 $29.2
22.2% 56.0% 46.2% --
7.8% Decline 9.0% -3.6%
-1.9% --1.0% --
£5.1 € 1.6 £5.7 --
Land Instruments Lloyd Instruments Muirhead Aerospace Ltd
UK UK UK
2013 2012 2013
£18.3 £18.0 £16.4
$27.5 $27.5 $24.6
41.0% 60.3% 41.8%
-9.6% -31.4% 16.6%
2.7% 8.9% -3.4%
-$19.7 $12.3 $7.7 $2.4 $731.9
-46.3% 74.2% -81.4%
-11.0% 7.6% 63.0% 12.3%
--1.3% -0.5% --3.3% -0.2%
Ametek Denmark A/S Denmark 2013 -Antavia SAS France 2013 € 15.4 Grabner Instruments Austria 2013 € 9.6 AMETEK Instruments India India 2012 $7.7 AMETEK Nordic AB Sweden 2013 SEK 15.9 Total Implied EBITDA Margin and Average YoY Change (3)
LTM LTM YoY Operating Operating Change in Income Margin Op. Income € 6.2 4.6% -29.5% $15.4 9.5% -25.7%
Foreign LTM EBITDA € 24.4 $26.8
US$ LTM EBITDA $30.2 $26.8
LTM EBITDA Margin 17.9% 16.5%
YoY Yoy Change Change EBITDA in EBITDA Margin -10.9% -1.7% -13.4% -3.2%
23.5% -9.8% -7.4%
€ 28.3 £14.2 € 9.4
$35.0 $21.4 $12.0
26.1% 25.9% 15.8%
23.6% -8.7% -6.8%
4.0% -1.1% -2.1%
10.8% 4.9% 22.4% --
-3.3% -47.0% 21.7% --
£6.6 € 2.9 £6.4 $13.1
$10.0 $3.5 $9.6 $13.1
13.8% 9.0% 25.4% 44.9%
-5.1% -35.5% 18.1% 7.2%
-1.9% -2.0% 4.5%
£1.9 £8.1 £3.4
10.5% 29.4% 20.9%
-26.3% 0.3% 7.5%
£2.2 £8.7 £3.7
$3.3 $13.3 $5.6
12.2% 48.3% 22.7%
-16.1% 0.0% 6.9%
-2.0% 14.1% -1.8%
DKK 33.3 € 3.0 € 2.4 -SEK 2.3
-19.3% 25.0% -14.8%
-11.3% 24.0% -8.0% -39.5%
DKK 33.6 € 3.2 € 2.5 $1.1 SEK 2.4
$5.8 $4.1 $3.2 $1.1 $0.4 $152.6
-20.6% 26.3% 14.6% 15.2% 20.9%
-11.4% 11.7% -6.9% 19.9% 27.4% -0.9%
-0.1% -4.0% -5.3% 1.7% -1.3%
Sources: Public Foreign Financial Filings (1) ZYGO results through 12/31/13. EBITDA also adds back stock compensation (2) Estimated 2012 results (3) Our average implied EBITDA margin is an estimation which is limited by our financial data and we recognized that it includes data from 2012 and 2013. Excludes ZYGO, Amptek and Lloyd Instruments from 2012, which had an unusual EBITDA margin increase despite a 30% decline in sales. Currencies converted at average annual exchange rates provided by the IRS
24
Spruce Point Capital
Ametek Appears To Underinvest In Its Businesses
There are clear indications that Ametek underinvests in its businesses from a capital expenditure and research and development perspective. As a result, we argue that Ametek’s financial performance (esp. its operating cash flow) needs to be evaluated after the cost of acquisitions. Ametek’s recurring acquisition strategy is geared toward acquiring products and assets it believes complement its existing businesses. If Ametek were to invest in its business directly through greater R&D expense, its margins would be significantly lower.
Capital Expenditures / Sales 8.0%
R&D Expense / Sales 14.0%
7.0%
12.0%
6.0%
10.0%
5.0% 4.0%
8.0%
3.0%
6.0%
2.0%
4.0%
1.0%
2.0%
0.0%
0.0%
2011
2012
2013
Average
Source: Company filings Note: Includes net company funded R&D expense; Agilent is pro forma for Keysight Technologies spin-off
2011
2012
2013
Average
25
Ametek Appears To Underinvest in R&D Spruce Point Capital
Current Ametek Job Openings
Just 1 out of 202 jobs (<0.5%) are classified as R&D
Source: Ametek Job Openings (here) Note: As of 10/30/2014
26
Pro Forma Impact of Expensing vs. Capitalizing Research and Development Costs Spruce Point Capital
$ millions 2005
2006
2007
2008
2009
2010
2011
2012
2013
Total Revenues
$1,434
$1,819
$2,137
$2,531
$2,098
$2,471
$2,990
$3,334
$3,594
Actual Net R&D Expense Target R&D Margin Target R&D Expense R&D Underinvestment Amortization Add-back (1) Net R&D Expense
$34.8 6.0% $86.1 ($51.3) $3.2 ($48.1)
$42.0 6.0% $109.2 ($67.2) $7.4 ($59.8)
$52.9 6.0% $128.2 ($75.3) $12.1 ($63.2)
$57.5 6.0% $151.9 ($94.4) $18.0 ($76.4)
$50.5 6.0% $125.9 ($75.4) $22.7 ($52.7)
$56.8 6.0% $148.3 ($91.5) $28.4 ($63.0)
$78.0 6.0% $179.4 ($101.4) $34.8 ($66.6)
$84.9 6.0% $200.1 ($115.2) $42.0 ($73.2)
$93.9 6.0% $215.6 ($121.7) $49.6 ($72.2)
Reported EBITDA % margin Less: Net R&D Expense Pro Forma EBITDA % margin
$269.9 18.8% ($48.1) $221.8 15.5%
$351.4 19.3% ($59.8) $291.6 16.0%
$433.9 20.3% ($63.2) $370.7 17.3%
$489.4 19.3% ($76.4) $413.0 16.3%
$428.0 20.4% ($52.7) $375.3 17.9%
$545.9 22.1% ($63.0) $482.9 19.5%
$712.2 23.8% ($66.6) $645.6 21.6%
$842.7 25.3% ($73.2) $769.5 23.1%
$916.3 25.5% ($72.2) $844.1 23.5%
Margin Enhancement % Decline in EBITDA
3.4% -17.8%
3.3% -17.0%
3.0% -14.6%
3.0% -15.6%
2.5% -12.3%
2.6% -11.5%
2.2% -9.4%
2.2% -8.7%
2.0% -7.9%
Effective Tax Rate After-tax R&D Net Expense Diluted Shares
31.2% ($15.0) 237.6
31.0% ($18.5) 239.9
32.2% ($20.4) 242.1
32.6% ($24.9) 241.7
30.2% ($15.9) 242.7
30.7% ($19.3) 241.3
30.9% ($20.6) 243.2
30.7% ($22.5) 244.0
28.7% ($20.7) 246.1
Reported Diluted EPS less: After-tax R&D impact Pro forma EPS % change
$0.57 ($0.06) $0.51 -11.0%
$0.76 ($0.08) $0.68 -10.2%
$0.94 ($0.08) $0.86 -8.9%
$1.02 ($0.10) $0.92 -10.1%
$0.85 ($0.07) $0.78 -7.7%
$1.18 ($0.08) $1.10 -6.8%
$1.58 ($0.08) $1.50 -5.4%
$1.88 ($0.09) $1.79 -4.9%
$2.10 ($0.08) $2.02 -4.0%
• Ametek extracts significant earnings benefits from continually buying vs. developing many of its own products. • R&D that would need to be expensed, is instead capitalized on the balance sheet and amortized over a period ranging up to 19yrs (more on this later) • If we assume that Ametek targeted a 6% R&D margin (peer average), we estimate its EBITDA margins would be 200bps lower and its EPS 4% lower
1) Cumulative benefit based on a 16yr amortization period
27
Warning: No Organic Growth Revenue in 2012
Spruce Point Capital
Ametek failed miserably to achieve its organic revenue goals in 2012, driven by a horrific miss of 9.3% in its Electromechanical Group, which represents 43% of sales.
CEO
Former CFO
CFO
COO
President Electromechanical Group
President Electronic Instruments
Source: Ametek Proxy (here)
28
Warning: And Again.....No Organic Revenue Growth in 2013 Too!
Spruce Point Capital
Ametek failed even more miserably to achieve its organic revenue goals in 2013. The company lowered the bar by reducing the organic revenue growth goal to 3.62% from 5.27% in 2012. While the Electromechanical Group’s growth improved to 0.8%, the Electronic Instruments’ growth plummeted from 4.32% to -0.2%.
CEO
CFO
COO
President Electromechanical Group
President Electronic Instruments
Source: Ametek Proxy (here)
29
Warning: Limited Opportunity for Further Working Capital or Cost Efficiencies
Spruce Point Capital
Ametek presents itself with an unusually low consolidated SG&A margin, and has working capital management in line with its peers. We are skeptical of its incredibly low cost base and its ability to extract further cost savings or working capital efficiencies to extract added benefits.
Working Capital / Sales 30.0%
Sales, General and Admin Expense / Sales 40.0% 35.0%
25.0%
30.0%
20.0%
25.0% 20.0%
15.0%
15.0%
10.0%
10.0%
5.0%
5.0%
0.0%
0.0%
2011
2011
2012
2013
2012
2013
Average
Series5
Working Capital = Inventory + Acct’s Receivable – Acct’s Payable Source: Company filings Note: Agilent is pro forma for Keysight Technologies Spin-off
30
Spruce Point Capital
Warning: Revolver Debt Dependency Was Rising For a Year Despite “Strong Operating Cash Flows”
$ i n mi l l i ons
Reported LTM EBITDA Margin
Leverage At Various Assumed EBITDA Margins
26.2%
25.0%
24.0%
23.0%
22.0%
21.0%
20.0%
LTM EBITDA
$1,031
$985.1
$945.7
$906.3
$866.9
$827.5
$788.1
Current Debt
$1,637
$1,637
$1,637
$1,637
$1,637
$1,637
$1,637
Debt/EBITDA
1.6x
1.7x
1.7x
1.8x
1.9x
2.0x
2.1x
$ in millions
Short Term Debt
Q3'13
Q4'13
Q1'14
Q2'14
Amptek
$125.7
$164.9
$273.3
$454.4
$68.2
PF Q2'14
Q3'14
$522.6
$163.2
LT Debt
$1,118.1 $1,135.1 $1,141.7 $1,148.2
$1,148.2 $1,473.5
Total Debt
$1,243.7 $1,300.0 $1,415.0 $1,602.6
$1,670.8 $1,636.7
Credit Facility ST Debt / Facility
$700 18%
$700 24%
$700 39%
$700 65%
$700 75%
$700 23%
Note: short-term debt includes current portion of LT debt
Source: Company filings Note: Assumes Amptek acquisition was funded with the credit facility
Short-term debt to Revolver capacity reached dangerously high levels in Q2’14
In our opinion, we estimate EBITDA margins closer to 2021% which makes Ametek’s leverage closer to 2.0x. Its debt covenant is 3.25x
Ametek’s dependency on using its revolver as a bridge for deals had been rising for over a year. The company has approximately $195m of long-term debt coming due in 2015. While Ametek lists $369.6m of cash on its balance sheet, $307.1m is listed as being outside of the U.S. as of 9/30/14. A majority of Ametek’s earnings and cash flow is derived from foreign entities, and would be taxed upon repatriation.
31
Spruce Point Capital
A Closer Look Into Ametek’s Main Foreign Holding Companies Stopped Reporting Financials in 2012. Dwindling Cash and Equity Value Last Financials Available in 2012; Currently Past Due on Updated Financials; Two Directors Recently Resigned in 2014 Asian Head and Director Resigned in 2014. Financial Filings Delinquent for Most of 2014. Amekai Appears Insolvent
Source: Company Subsidiary List Ex. 21 (here) Note: Subsidiary list under AMETEK European Holdings Limited is truncated
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Spruce Point Capital
Signs of Financing Problems in Europe at Ametek? A Closer Look at Ametek Holdings B.V. Spruce Point Observations
Almost out of Cash!
No Equity Growth Sources: Dutch public information (here) Ametek 2011 Credit Agreement (here) 2013 Credit Amendment #1 (here) Ametek Q2’13 Press Release (here)
• Ametek Holdings B.V. (Netherlands) is one of two main original parties to Ametek Inc’s credit agreement dated Sept 22, 2011 • The Dutch entity stopped filing public financial statements after 2012: a period where we believe organic growth struggled, its largest acquisition wasn’t going according to plan, its CFO resigned and the company boosted its supply chain cost saving assumptions • The entity’s ‘liquid middelen’ or cash has fallen dramatically from 2010-2012, despite its ‘financiele vaste active’ or current financial assets rising sharply. We suspect this is partially explained by the use of cash for the acquisition of Dunkermotoren in April 2012 • Overall, “eigen vermogen” or shareholder of equity at Ametek Holdings B.V. fell from EUR 833m to EUR 822m and its working capital at year end was in a negative financial position • On 7/18/13 Ametek amended its credit facility to include a special carve-out for AMETEK Material Analysis Holdings GmbH, as a borrower. This entity controls Cameca, Spectro, Dunkermotoren and EM Test • On 8/7/13, Ametek announced the acquisition of Controls Southeast for $160m. On 8/17/13, Ametek announced Q2 earnings: “We are very pleased with our results this quarter given the continued soft economic environment. We delivered record operating performance as a result of the strength in our long-cycle businesses combined with our Operational Excellence initiatives.” In H1’13 Ametek reported record operating cash flow of $284.9m • We have evidence that suggests Cameca and Dunkermotoren have struggled significantly from an operational point of view, and terminated the CEOs of both companies. Cameca’s 2nd auditor, required by statutory law in France, recently departed 33
Spruce Point Capital
Signs of Financing Problems in Europe at Ametek? A Closer Look at Ametek European Holdings Ltd.
• Ametek European Holdings Limited is past due in filing current financials. The last filed financials are for year end 2012 • It holds as investments multiple subsidiary businesses in Asia and Europe including Dunkermotoren, Cameca, Antavia, Spectro Analytical, Muirhead, Taylor Hobson and others • Recently, Robert Mandos and John Mockler have resigned as directors in April and September 2014, respectively
Sources: UK Public filings (here)
Not the sign of healthy company with the value of subsidiary investment holdings rising less than 1%; cash holdings fall to virtually 0 and equity shrinks
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Spruce Point Capital
• •
• •
Signs of Financing Problems in Asia? A Closer Look at Ametek Singapore
Ametek Singapore is the company’s oldest Asian operation. We obtained its 2013 financials, which weren’t filed until late September 2014. We believe Ametek Singapore was late in holding its Annual General Meeting, potentially as a result of its Director Lee Meng Kee having resigned Top line revenues decreased by 12.6% while other income, which is primarily investment income from its main operating subsidiaries including China, declined by 15% from $10.7m to $9.1m Overall, profitability fell from $13.4m to $12.2m or 8%. More importantly, operating cash flow plummeted from $28.6m to $7.3m, -75%, while the dividend paid to its holding company, Ametek European Holdings Limited, declined from $19.1m to $10.1m or -47% Responding to an analyst question about emerging market performance on the Q4’13 conference call, the CEO said “Yes, it's actually amazing. We were very delighted in the quarter when we looked at our international businesses, actually, believe it or not, both in Eu rope and in Asia. In Asia, the organic growth was up about 25%, in Asia. So a truly outstanding quarter.” The performance from Ametek’s Singapore entity (which conducts business in Taiwan, China, Malaysia and India), suggests that full year results were disappointing, not spectacular
Note: Figures in Singapore Dollars Source: www.bizfile.gov.sg and Q4’13 earnings conf call (here)
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Spruce Point Capital
Where’s the Strong Operating Cash Flow? Ametek’s $700 Debt Private Placement
To illustrate our point that Ametek’s ‘strong operating cash flows’ may not be as advertised, we note that it raised $700 million through a private placement announced on October 1 st, 2014 Why Do We Think Ametek Used the Private Placement Market to Issue Debt?
• No SEC registration is required, which means that Ametek could avoid scrutiny and review of its financial statements by the SEC. We note that the last comment letters Ametek received from the SEC date back over 4 years to 2010 • No credit ratings are required by agencies such as S&P or Moody’s • Ametek could structure a financing solution to meet its cash flow gaps. In this case, Ametek decided to tap $500m of debt for immediate usage to pay down its ballooning credit facility. The remaining $200m of debt will be tapped in 2015 when the company has needs to fund its maturing debt obligations • Ametek was able to issue the debt to a syndicate of insurance companies at a ridiculously low average rate of 3.88% Covenants state that Ametek will not permit: a) Consolidated Debt to EBITDA – at any time to exceed 3.50 times EBITDA for the four consecutive fiscal quarters then most recently ended; or b) Interest Coverage -- the ratio of (i) EBITDA to (ii) Interest Expense, in each case for the four consecutive fiscal quarters then most recently ended, to be less than 2.5 to 1.00
Source: Private Placement Announcement (here)
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Spruce Point Capital
Ametek’s Recent Job Reviews Show Cautionary Signs
“A lack of decentralized organic growth. With most of the focus on meeting acquisition synergy metrics organic growth can eventually fall by the wayside. This creates a feeling for the smaller newly acquired companies of being "gutted" over a few years/decade after the full synergies have been met and it is time for new investment into the business. This focus stifles these companies prematurely and can drive talent out of the organization.” -- Sept 7, 2014
“Some business units are not on stable footing.” -- Sept 18, 2014 “Ametek is too short term focused.” -- Jan 27, 2014 “Big corporate mentality. If sales do not meet forecast, expect layoffs/furloughs to recover for shareholder benefit.” -- Dec 29, 2013 “horrible benefits, low moral, management doesn't work with employees. Company is much too money hungry and does not reinvest in its people. Only in other companies (which are bought and then dissolved into Shanghai)” -- Nov 14, 2013 “Tremendous amount of pressure from upper management to meet the monthly/quarterly/annual numbers at seemingly any cost.” -- Sept 7, 2013 “Layoffs and pay cuts are used to meet the unrealistic/inflated profitability goals. Of course morale suffers as a result of these cost cutting measures. There is a general lack of honesty throughout the entire Ametek organization.” -- Nov 5, 2012 Source: Glassdoor reviews (here)
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Is Management, the Board and Auditors Looking Out For Shareholders?
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
Spruce Point Capital
Early Warning: Email From Whistleblower Matthews to Ametek Financial Controller
Financial Controller – Remember This Name!
SOX Whistleblower Case: Matthews v. Ametek (2009)
Matthews claims Ametek’s Chandler Engineering in Oklahoma improperly booked revenue to mislead investors, and improperly accounted for inventory in an attempt to under-report costs and inventory balances Source: Matthews v. Ametek, legal docket Publicly available by FOI DOL/OSHA request
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Whistleblower Case: Matthews v. Ametek Spruce Point Capital
The Whistleblower Claim Theron Matthews, former Director of Operations at Ametek’s Chandler Engineering business employed from 2007-2008, filed a whistleblower complaint in May 2009 for being terminated on the basis of reporting what he believed to be serious irregularities in the areas of revenue recognition and inventory accounting that were contrary to GAAP. He aired his concerns in an email to Ametek’s CEO, and claims he was terminated as a result of his actions. Matthews claimed that: •
•
In Q4’2007, Ametek received over $3m in bookings or orders that, under GAAP, should have been reported in 2007. After putting the 2008 budget in place, the $3m was reported, distorting the financial condition of the company. The deviation decreased backlog, which is reported on quarterly statements to the SEC. Ametek made shipments of goods on sale in March 2008, but reported the income in February 2008
Ametek manipulated the value of its inventory by intentionally deviating from the standard cost method of calculating total inventory value. Ametek set the standard cost below the actual cost, resulting in higher inventory turns, which are viewed by analysts as a sign of a healthy and well run business.
The Outcome The case was litigated for over 2yrs and ultimately dismissed during what the judge described as a “long and contentious” discovery process. Ultimately, the judge’s decision to dismiss was based on Matthews’ refusal to produce documents related to his new employment. In rendering his decision, ALJ judge Patrick Rosenow made the following statement: “...in spite of hours spent in conference calls and dozens of letters, motions, objections, responses, and rulings, I am still unable to say that both sides have had a full and fair opportunity to complete the discovery to which they are entitled under the applicable rules. In that regard, it would be fair to note that Respondent’s (Ametek) Counsel appeared to fully exhaust his client’s entitlement to affirmative discovery and similarly raise all available protective motions in an attempt to foreclose some of Complainant’s (Matthews) discovery requests. In many ways, Respondent (Ametek) may have been more proactive and even aggressive than Complainant (Matthews) in the exercise of its rights to discovery.”
Source: Matthews v. Ametek, legal docket, Publicly available via Freedom of Information Act (FOIA) request Dept of Labor, Administrative Review Board (here)
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Spruce Point Capital
Three and Half Years Later: FBI Charges Chris Stehm w/Fraud
FBI ANNOUNCEMENT October 21, 2013
Is Ametek a company with good or faulty financial controls? Is Chris Stehm the fall guy for broader issues at Ametek, or simply just a rogue employee? Note: That Ametek’s Indian Auditor also noted issues with controls of travel expense
PHILADELPHIA, PA— Christopher Stehm, 51, of Mason, Ohio, was charged today by information with defrauding his employer, Berwyn-based Ametek Inc., of at least $659,731, announced United States Attorney Zane David Memeger. According to the information, Stehm was the chief accounting officer at two different offices of the company when he submitted phony claims for expense reimbursements, many of which he supported with doctored receipts. Stehm is charged with two counts of wire fraud and two counts of filing false tax returns.
Stehm was the controller for Ametek’s Chandler division in Broken Arrow, Oklahoma, from about January 2006 through March 2010. In April 2010, Ametek promoted Stehm to be the vice president of finance at its HCC division in Cincinnati, Ohio, and Stehm held that position until November 2012. In both positions, Stehm was his office’s chief accounting officer. According to the information, throughout his employment at Ametek, Stehm used a variety of methods to obtain “reimbursements” for expenses that he either never incurred or that were wholly personal in nature. These methods allegedly included cutting off the tops of receipts or “whiting out” portions of receipts that Stehm submitted with his expense reimbursement claims to make them appear to be business-related. Stehm also allegedly used copies of the same receipts to support multiple expense reimbursement claims. Ametek is a publicly traded company (symbol AME on the New York Stock Exchange) that manufactures electronic instruments and electromechanical devices for sale in numerous countries. The company is headquartered in Berwyn, Pennsylvania, but it has offices in numerous locations in the U.S. and overseas. Source: FBI Press Releases (here) US Court for Eastern District of Pennsylvania (here)
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What is Going on at Chandler? Spruce Point Capital
Chandler Instruments, a small company acquired in 2003 with sales of ~$30m at the time, appears to have a large significance to Ametek. In 2006, Ametek appears to have reorganized many of its holdings around a Netherlands CV/BV tax structure by creating Ametek International CV. Why did it choose Chandler Instruments as its partner in the transaction – a company where its former Controller/Chief Accounting Officer has been charged by the FBI of embezzlement and its former Director of Operations claimed he witnessed accounting irregularities? We note that Chandler’s own website indicates that it does not have any local sales representative in the Netherlands. (1)
Ametek International C.V. Formed 2006
Ametek Holdings B.V. Formed 1992
Source: Publicly available at http://www.kvk.nl/zoeken/handelsregister/ (1) Chandler’s sales contacts (here) (2) Ametek subsidiary list (here)
At Least 70 entities including Holdco and Opcos (2) 42
Spruce Point Capital
Ametek Appears To Have Misled Investors About its Largest Acquisition Ever in 2012
Ametek To Acquire Dunkermotoren (Germany) On April 26, 2012 Ametek said, “The privately held manufacturer has expected 2012 sales of approximately €155 million ($200 million) ” But, according to German public filings, Ametek may have already known that Dunkermotoren’s business was deteriorating when they made this statement. Actual 2012 revenues came in at EUR 136.4m, or 12% less than expected. Revenues declined 3% YoY!!
Business Commentary From Its German Filing “Overall, Dunkermotoren could not reach the turnover of EUR 140.1m from the previous year. Sales amounted to EUR 136.4M, which is about 3% below the planned levels. The good level of the first quarter could not be sustained in the subsequent quarters. The global economy also influenced the regional distribution of sales. In Germany, sales remained broadly stable. With a slight decline in the fourth quarter, sales declined in Germany for the year by approx. 1%. Exports to other European countries were about 6% lower than last year, the same applies to exports to Asia. Positive Sales developments in North America, here were 9% increase was recorded.”
Ametek Spins a Misleading Story to Wall Street Matt McConnell - Citigroup - Analyst Great, thank you. I wonder if I could slip in a quick follow-up on Dunkermotoren. I know it has been probably two or three quarters since that closed. Could you give an update on how that integration has been going and maybe profitability? I think it was a 1-point drag to the EMG margin. Was that roughly in line with your expectation?
AMETEK, Inc. - Chairman, CEO
Profit Increased, but mostly because Ametek repaid some of its debts
Source: Dunkermotoren’s public German financials (Google Translated); Available (here)
Yeah, it’s now performing very good. I’m very, very pleased with the operating team there. We just did a review recently and that team has embraced the Ametek culture, and they’re very good and their profit margins are lower – there’s no question. We knew that when we acquired them. As we do with most acquisitions, we’re going to continue to work and improve those margins, and your analysis is right – it was about 100 basis points improvement. Source: Q4 2012 Ametek Earnings Conf Call (here) Note: Dunkermotoren’s key leadership would all leave in 2013
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Spruce Point Capital
Ametek’s CFO Conveniently “Retires” Fast! New COO Appointed
Robert R. Mandos, Jr. Elected Executive Vice President & Chief Financial Officer
Days After Announcing Dunkermotoren!
BERWYN, Pa., May 1, 2012 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that the Board of Directors has elected Mr. Robert R. Mandos, Jr., as Executive Vice President and Chief Financial Officer, effective July 1, 2012. Mr. Mandos currently serves as Senior Vice President and Comptroller of AMETEK. He replaces John J. Molinelli who has announced his retirement after 43 years with AMETEK, including 18 years as Chief Financial Officer. William J. Burke Elected Senior Vice President, Comptroller & Treasurer BERWYN, Pa., May 1, 2012 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that the Board of Directors has elected William J. Burke as Senior Vice President, Comptroller & Treasurer, effective July 1, 2012. Mr. Burke currently serves as Vice President and Treasurer.
David A. Zapico Named Executive Vice President and Chief Operating Officer BERWYN, Pa., Dec. 18, 2012 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced the election of David A. Zapico as Executive Vice President and Chief Operating Officer, effective January 1, 2013. Mr. Zapico has held a variety of engineering and general management positions since joining AMETEK's Process & Analytical Instruments Division in 1990 as a Product Engineer. He was promoted to Division Vice President of the Process Instruments Business Unit for the Process & Analytical Instruments Division in 1996. In 1999, Mr. Zapico was named Vice President and General Manager of AMETEK's Aerospace and Power Instruments Division. In 2003, he was named President, Electronic Instruments.
Mr. Burke, a 25 year AMETEK veteran, served in a number of financial, operational and business unit management roles prior to being named Vice President, Investor & Corporate Relations in 1999. He was named Vice President – Investor Relations & Treasurer in 2007. Sources: New CFO elected (here) New VP Controller appointed (here) New COO appointed (here)
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Spruce Point Capital
Just Before the CFO Leaves, “Clawback Policy” Language is Altered
Clawback Policy (March 2012) The Company reserves the right to recover, or clawback, from a current or former executive officer any wrongfullyearned performance-based compensation, including stockbased awards, upon the determination by the Compensation Committee of the following: •
There has been restatement of Company financials, due to the material noncompliance with any financial reporting requirement (other than a restatement caused by a change in applicable accounting rules or interpretations), and such executive officer engaged in fraud or intentional illegal conduct which materially contributed to the need for such restatement,
•
The cash incentive or equity compensation to be recouped was calculated on, or its realized value affected by, the financial results that were subsequently restated,
•
The cash incentive or equity compensation would have been less valuable than what was actually awarded or paid based upon the application of the correct financial results, and
•
The pay affected by the calculation was earned or awarded within three years of the determination of the necessary restatement.
Sources: Proxy Statement – March 2012 (here) Prior Proxy Statement (here)
Clawback Policy Prior to 2012 If we are required to prepare an accounting restatement due to misconduct, any participant who is determined by a Court of competent jurisdiction to have engaged in, or failed to prevent, the misconduct, will be required to repay proceeds from the sale of shares issued upon exercise of a stock option or stock appreciation right, or vesting of restricted stock or stock unit, occurring during the 12-month period following the first public issuance or filing with the Securities and Exchange Commission of the financial statements required to be restated.
Pay Close Attention! Ametek changed its language to explicitly call out “current or former executive officers ” and lists “fraud or intentional illegal misconduct” as a factor. Also Ametek subtly makes it more difficult to clawback equity from these officers by changing from “a Court of competent jurisdiction” to “the determination of the Compensation Committee.”
Who would you rather be judged by...your buddies on the Board or the U.S. legal system?
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Spruce Point Capital
Cozy U.S. Auditor Relationship May Hinder Adequate Oversight of Ametek
Ametek appears to have a special relationship with its auditor. In its proxy, the company notes that “Ernst & Young LLP and its predecessor has served continuously as our independent auditors since our incorporation in 1930” During the period of the whistleblower allegations/investigation and significant reported growth in its business, we observe that Ametek’s audit fees did not increase. Ironically, E&Y had no issues extracting increased audit fees from other large industrial clients during this time period Curiously, Ametek noted an increase in “Audit-related fees paid” during this time period, which now included payments to its auditor for “due diligence in connection with acquisitions.” For 2013, Ametek paid E&Y $4.96m of audit fees, an amount barely larger than the $4.76m paid in 2008. Ametek has used ‘tax fees’ as way to increase payments to E&Y $ in millions
Company
Auditor
Eaton Danaher Agilent Ametek Mettler-Toledo Teledyne
E&Y E&Y PWC E&Y PWC E&Y
Ametek Audit-related Fees Tax Fees All Other Source: Proxy filings
Fiscal Yr Audit Fee 2009 2010 2011 $15.0 $10.6 $5.7 $4.3 $2.8 $2.1
$0.05 $0.10 $0.00
$15.7 $12.3 $7.4 $4.2 $3.0 $2.2
$0.26 $1.30 $0.00
$17.1 $16.6 $7.5 $4.2 $3.5 $2.3
$0.33 $0.72 $0.00
'09-'11 CAGR Audit Fee Sales 6.8% 25.1% 15.0% -0.6% 10.2% 3.2%
16% 24% 22% 19% 16% 8%
M&A Deals 14 47 2 12 4 8
Note: 2011 language change to Audit-related fees – “include fees for audits of employee benefit plans and due diligence in connection with acquisitions”
Note spike in tax fees in 2010: “relate to federal and state tax advice, acquisition tax planning, assistance with international tax compliance and international tax consulting”
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Spruce Point Capital
E&Y Lavishes Its Client With A Very Prestigious Award....
EY announces winners for the EY Entrepreneur Of The Year™ 2014 Greater Philadelphia Award Philadelphia, 13 June 2014 EY is pleased to announce the winners of the EY Entrepreneur Of The Year™ Award in Greater Philadelphia. This group of leading entrepreneurs was selected by an independent judging panel made up of previous winners of the award, leading CEOs, private capital investors and other regional business leaders. The winners were revealed at a special gala on June 12, at the Terrace Ballroom of the Pennsylvania Convention Center, in Philadelphia. “EY has honored outstanding entrepreneurs for the past 28 years,” said Mike Nichols, EY Entrepreneur Of The Year Program Director for Greater Philadelphia. “These business leaders are accomplished entrepreneurs who have contributed a tremendous amount to the community.” The EY Entrepreneur Of The Year 2014 Greater Philadelphia Award winners are: Frank Hermance - Chairman and Chief Executive Officer, AMETEK, Inc. Gerri Henwood - Chief Executive Officer, Recro Pharma, Inc. Ari Jacoby - Co-Founder and Chief Executive Officer, Solve Media Ryan Caplan - Chief Executive Officer, ColdLight Solutions, LLC Jeffrey Bartos - Chief Executive Officer, Mark Group, Inc. Mark Casale - Chairman, CEO & President, Essent Group Ltd. J. Jeffrey Fox - Chief Executive Officer, Source4Teachers Nick Auger, Anthony Bucci and Matt Kull - Co-Founders, RevZilla Motorsports In addition to recognizing the regional award winners, Michael Cardone Jr., Owner and Chief Strategy Officer of Cardone Industries, was presented with the EY Entrepreneur Of The Year Lifetime Achievement Award for his sustained business and philanthropic leadership. Jeffrey Brown, CEO of Brown’s Super Stores, was the recipient of the EY Entrepreneur Of The Year Social Entrepreneur Award for his commitment to the community. Source: E&Y Press Release (here)
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Spruce Point Capital
Exercise Caution When Auditor Awards Are Lavished on Client CEO’s
Lets GOWEX: Billion Dollar Scheme Jenaro Garcia Martin E&Y Spanish Entrepreneur of YearTM 2011
Gowex CEO (here)
Lexi Holdings - £100m Scheme Shaid Luqman E&Y Entrepreneur of the YearTM 2004
Lexi Holdings CEO (here)
Satyam: Billion Dollar Scheme Ramalinga Raju E&Y Tech Entrepreneur of YearTM 2011
Source: Satyam CEO (here)
InnoVida Holdings: $50m Scheme Claudio Osorio E&Y Entrepreneur of the YearTM 2007
InnoVida Holdings CEO (here)
TechnoDyne: $450m Scheme Padma and Reddy Allen E&Y Entrepreneur of YearTM 2010
Source: TechnoDyne (here)
IT Factory: $186m Scheme Stein Bagger E&Y Danish Entrepreneur of the YearTM 2007
IT Factory CEO (here)
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Spruce Point Capital
Ametek’s Structure Makes it Difficult to Audit in its Entirety Ametek is comprised of dozens of disparate businesses scattered across the world
The average revenue of an acquired company in the past 10yrs is approximately $100m Ametek’s structure makes it difficult to audit because no single business is necessarily material to the whole enterprise In this deposition from the whistleblower case, Ametek’s head outside auditor from E&Y explains the process of how it develops its audit In the case of Chandler Engineering, it noted that no audit was performed during the period accounting irregularities were claimed as it was not deemed a significant business
Source: Ametek vs. Matthews, deposition document Publicly available via DOL FOIA Request
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Spruce Point Capital
Who Internally at Ametek is Working With Outside Auditors?
AMETEK Names Robert J. Amodei Vice President, Audit Services
BERWYN, Pa., July 25, 2014 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that the Board of Directors has elected Robert J. Amodei as Vice President, Audit Services. He most recently has served as Director, Operational Accounting in AMETEK's Corporate Office. "I am pleased to announce Rob's promotion to Vice President, Audit Services. Rob has done an outstanding job for AMETEK over an extended period of time," commented Frank S. Hermance, AMETEK Chairman and Chief Executive Officer. "Rob has been instrumental in overseeing AMETEK's compliance with Sarbanes-Oxley and has played a key role in the Company's acquisition due diligence process."
Our Audit of Ametek’s Head of Audit Services Uncovered a Problem > His Claim of Being a CPA is False! We also spoke to the PA State Board of Accountancy and were informed that all persons holding themselves out as CPAs who are physically located in PA are required to have a current licensure in the state. We believe it could be improper for Ametek to identify him as a CPA in the press release announcing his promotion to VP of Audit Services at Ametek’s Corporate Office
Mr. Amodei joined AMETEK in 1989 as part of its Financial Management Development Program, where he held several rotational assignments within the Company. Upon completion of the program, he was named Senior Auditor in 1992. From 1995 to 1998, Mr. Amodei held a number of financial and accounting roles within our Chemical Products Division, including Plant Controller. In 1998, he was named Manager, Audit Services, and in 2000, was promoted to Director, Audit Services. In 2001, Mr. Amodei was named Division Vice President and Controller, Floorcare & Specialty Motors, North America, a position he held until his promotion to Director, Operational Accounting in 2005. Mr. Amodei holds a Bachelor of Science degree in Finance with a Minor in Accounting from St. Joseph's University. He is also a Certified Public Accountant and a member of both the American and Pennsylvania Institutes of Certified Public Accountants.
Source: Ametek press release (here)
Source: PA State License Check (here)
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Spruce Point Capital
Why Did Ametek’s Audit Committee Chairman Mysteriously Resign in 2011?
•
We also observe that Ametek appears to have deliberately obscured the retirement/resignation of its Audit Committee Chairman – Mr. Gordon Sheldon. Mr. Sheldon had served as the Audit Committee chairman since at least 2001, according to previous proxy statement filings, and served on its Board since 1989. Mr. Gordon resigned from the Board on May 3, 2011 according to the proxy statement filed on March 19, 2 012. We observe that Ametek did not file an 8-K or include any public disclosure that Mr. Sheldon would not stand for re-election and would resign. In contrast, in February 2011 Ametek did make an 8-K filing that David P. Steinmann would not stand for re-election.(1)
•
Prior to Mr. Gordon’s departure, we observe that the Audit Committee expanded from 3 members to 5 members in 2011. Mr. Conti, who was appointed to the Board on July 30, 2010 joined the Audit Committee and is now the Chairman. Mr. Conti is an accounting professional by background. In our opinion, these Audit Committee changes may suggest that Ametek was trying to modify its audit oversight in the wake of the Matthews Whistleblower case
Audit Committee Expands From 3 to 5
Source: (1) Steinmann resignation (here) Proxy Statement – Filed 3/19/12 (here) Proxy Statement – Filed 3/28/11 (here)
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Auditor Reminder...Pay Close Attention! Spruce Point Capital
Throughout the world, Ernest and Young has audited Ametek’s financial statements
According to Ametek’s Proxy Statement, “Ernst & Young LLP and its predecessor has served continuously as our independent auditors since our incorporation in 1930”
There’s a place in the world we found Ametek is not audited by Ernst & Young or a big global audit firm...
In India, where Ametek entered in 2009, its financials are audited by a local/independent firm S.V. Ghatalia & Associates 52
Ametek Moves into India w/Great Promise... Spruce Point Capital
Q3’2009 Earnings Conference Call To Discuss Move Into India
“At the end of the third quarter, we announced that we have acquired Unispec Marketing and Thelsha Technical Services, two privately owned and affiliated businesses headquartered in Mumbai, India. These acquisitions provide us with an established sales distribution and service network with a total of 11 offices across India serving the quality control and the analytical instruments markets.
Unispec Marketing currently represents our SPECTRO Analytical Instruments business in India, while its Thelsha Technical Services affiliate provides an installation and wholesale service for those instruments. This acquisition provides AMETEK an immediate sales distribution in service infrastructure in India that otherwise would have taken several years to build. We plan to leverage this distribution structure across other AMETEK business units to increase sales to this very important market We have the financial and managerial capacity to continue to do acquisitions. Our balance sheet is strong and our cash flow and financing facilities provide us with ample liquidity to pursue this strategy.” Source: Q3’2009 Earnings Conference Call (here)
Next Slide Please! 53
Spruce Point Capital
Ametek India 3 Years Later...2012 Auditor’s Report Highlights Major Concerns
Special Note: The Chris Stehm FBI embezzlement case center around submission of fraudulent travel claims
Source: Publicly available at http://www.mca.gov.in/
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Spruce Point Capital
“Continuing Failures” Cited Tied to Inventory Acct’g and Audit Systems
Inadequate!
Delays in Payment of Taxes!
Source: Publicly available at http://www.mca.gov.in/
Continuing failure for ascertaining aging of inventory and collection of receivables! Described as a Major Weakness
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Spruce Point Capital
Funding Issues and Bad Working Capital Practice Noted in India
Ametek often cites its superior working capital practices to its investors. However, we note it received a citation for funding issues from using short-term bank borrowing for long-term investment and funding of losses.
Source: Publicly available at http://www.mca.gov.in/
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Spruce Point Capital
Ametek’s Indian Auditor Notes the Exact Same Issues the Whistleblower Claimed
Ametek India’s 2013 Form 23AC continued to list the same unresolved issues and specifically listed its opinion as qualified and containing adverse remarks!
Spruce Point Note: Our review of Ametek Singapore Private Limited, the immediate holding company, along with Ametek European Holdings Limited (the holding company above Ametek Singapore) does not state the inventory valuation method used. Furthermore, both entities stopped filing financial statements in 2012. Regardless, why after 5yrs of starting its India operations does Ametek not appear to have control procedures in place?
Source: http://www.mca.gov.in/
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Ametek India: Qualified Audit Opinion! Spruce Point Capital
Source: Publicly available at http://www.mca.gov.in/
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Ametek India Markets Many of its Products Spruce Point Capital
Ametek India markets many of Ametek’s products and brands, yet its auditor noted it lacked internal control for sales of goods, services, and inventory!
Source: Publicly available at http://www.mca.gov.in/
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Insider Ownership Declines Year After Year Spruce Point Capital
Alignment of insiders’ interest with public shareholders’ interests appears to be rapidly eroding. Insiders (management and its directors) own only 2% of the company. Insiders own less and less of the company every single year. We view this as an alarming trend to carefully consider.
Outstanding Shares Options to Acquire Supplemental Exec Retirement Plan Insider Total Beneficial Ownership Shares Outstanding Reserved for issuance under incentive plans Total Shares
2/5/2007 6,899,924 2,907,504 469,577 10,277,006 239,042,061 14,307,422 253,349,483
3/7/2008 6,186,845 2,727,554 493,261 9,407,660 239,517,380 19,575,000 259,092,380
2/2/2009 5,726,439 3,032,771 476,885 9,236,095 240,227,168 18,000,000 258,227,168
2/1/2010 5,593,988 2,599,380 494,098 8,687,466 240,122,572 15,525,000 255,647,572
3/18/2011 5,289,752 2,226,668 522,638 8,039,057 241,271,336 12,450,000 253,721,336
3/16/2012 4,493,964 2,110,215 552,245 7,156,424 241,091,172 23,100,000 264,191,172
1/31/2013 3,621,259 1,475,554 452,719 5,549,532 243,281,716 19,898,922 263,180,638
1/31/2014 3,390,177 1,474,207 466,306 5,330,690 245,067,108 18,200,000 263,267,108
4.1%
3.6%
3.6%
3.4%
3.2%
2.7%
2.1%
2.0%
Insiders Ownership / Total Shares Adjusted for 3:2 stock split on Nov 2010 and May 2012 Source: Ametek Proxy Statements
60
Insiders Sales Are Rampant... Spruce Point Capital
Source: Bloomberg; AME GPTR
61
Insiders Racing to the Exit With Rapid Sales in 2014 Spruce Point Capital
Person, Title William Eginton, SVP Corp. Development Elizabeth Varet, Director Tim Jones, President Electromechanical Group Elizabeth Varet, Director Elizabeth Varet, Director Elizabeth Varet, Director James Malone, Director Charles Klein, Director Elizabeth Varet, Director James Malone, Director Steve Kohlhagen, Director Steve Kohlhagen, Director Elizabeth Varet, Director Elizabeth Varet, Director Elizabeth Varet, Director Elizabeth Varet, Director James Malone, Director Elizabeth Varet, Director John Hardin, President EIG James Malone, Director Elizabeth Varet, Director Charles Klein, Director Steven Kohlhagen, Director
Sale Date 2/24/2014 2/27/2014 3/4/2014 3/6/2014 3/7/2014 3/17/2014 5/12/2014 5/16/2014 6/20/2014 6/20/2014 8/7/2014 8/8/2014 8/18/2014 8/18/2014 9/2/2014 9/4/2014 9/4/2014 9/5/2014 9/5/2014 9/10/2014 9/11/2014 11/4/2014 11/6/2014 Total/Avg Sale:
Shares Sold 10,000 2,000 20,000 1,000 1,000 1,000 400 3,000 1,820 1,250 3,550 3,401 1,000 1,000 1,000 1,000 12,464 4,908 10,000 1,755 1,000 8,167 3,436 94,151
Sale Price $53.07 $52.99 $53.60 $53.75 $54.26 $53.61 $53.21 $52.67 $54.00 $53.98 $51.12 $50.91 $52.07 $52.14 $53.20 $53.28 $52.98 $53.10 $53.00 $52.85 $52.75 $51.47 $51.43 $52.83
Key senior executives were the largest sellers of stock in early 2014. Many Directors have followed with numerous stock liquidations. Having sold stock at an avg. price of $52.83 and near the high prints of the year
62
Spruce Point Capital
Is Ametek’s Board Equipped to Look Out For Shareholders’ Interests?
We wonder if Ametek’s Board of Directors is fully equipped to question management’s decisions, and oversee the best interest of shareholders’ •
First, we observe that Ametek has among the smallest sized Board among its peer group consisting of just 9 members (includes its CEO and a recently appointed director on Sept 4, 2014). Secondly, Ametek has among the oldest Board, with an average age of 65 years old and, lastly, the average length of tenure per Board member is 13 years (15yrs excluding the recent appointee).
•
It’s easy to see why Ametek’s Board is so entrenched and wouldn’t want to go anywhere! Directors receive restricted stock with just a 2yr vesting period. Board members have been racing to sell stock this year. Collectively, the entire Board group (excluding the CEO) owns approximately 0.36% of the stock
•
Ametek also makes nice retirement benefits available to its Board, encouraging them to stick around. For example, Directors who first became elected prior to January 1, 1997 participate in a retirement plan. Under this plan, each non-employee Director who has provided at least three years of service receives an annual retirement benefit equal to 100% of that Director’s highest annual rate of cash compensation during the Director’s service with the Board. Also, Directors who first became members of the Board prior to July 22, 2004 participate in Ametek’s Death Benefit Program
$ in millions
Enterprise Value LTM Revenues Board Members Average Age Avg. Length of Tenure
Danaher $52,413 $19,562 10 62 18
Emerson $47,437 $24,540 13 61 9
Eaton $40,147 $22,393 12 61 9
Rockwell $15,183 $6,557 10 62 8
Ametek $14,302 $3,798 9 65 13
Mettler Toledo $8,044 $2,435 9 60 11
Hubbell $7,195 $3,258 12 60 9
Average* $28,403 $13,124 11 61 11
* excludes Ametek Source: Company filings.
63
Signs of Aggressive Inventory Accounting
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
Warning: It’s All About the Inventory Spruce Point Capital
Ametek is obsessive about touting its “Operational Excellence” and its “Working Capital Efficiency.” Ametek regularly highlights its “Working Capital to Sales” metric on its quarterly earnings conference calls, and management bonuses are tied to this metric. One lever the company can pull to make itself more working capital efficient is by minimizing its investment in inventory. We note the following paraphrased quote from the indicted former VP of Finance below.
Source: Ametek vs. Matthews Whistleblower Case Publicly available by FOIA Request
65
Warning: Inventory Turnover Has Been Persistently Declining
Spruce Point Capital
A persistently declining inventory turnover is at odds with a healthy, growing company and supports our belief that Ametek may be experiencing inventory accounting issues. Ametek gives investors limited insights to evaluate the factors affecting Cost of Goods/Services that drive inventory turns.
5.50x 5.40x 5.30x 5.20x 5.10x
5.00x 4.90x 4.80x 2011
2012
2013
Source: Ametek Company Financials Note: Inventory Turnover = LTM Cost of Sales / Average ( Beginning and Ending Period Inventory)
Q1'14
Q2'14 66
Spruce Point Capital
Reminder: Ametek Never Discusses or Discloses Drivers of its Gross Profit Margins 2013 Management, Discuss and Analysis (MD&A)
Total international sales for 2013 were $1,984.5 million or 55.2% of net sales, an increase of $276.9 million or 16.2%, compared with international sales of $1,707.6 million or 51.2% of net sales in 2012. The $276.9 million increase in international sales resulted from the acquisitions mentioned above, primarily driven by Dunkermotoren and Micro-Poise, and includes the effect of foreign currency translation. Both reportable segments of the Company maintain strong international sales presences in Europe and Asia. Export shipments fr om the United States, which are included in total international sales, were $1,037.0 million in 2013, an increase of $174.4 million or 20.2%, compared with $862.6 million in 2012. Export shipments improved due to increased exports from the 2013 and 2012 acquisitions noted above, excluding Creaform and Dunkermotoren. New orders for 2013 were a record at $3,621.9 million, an increase of $86.8 million or 2.5%, compared with $3,535.1 million in 2012. The increase in orders was primarily attributable to 2013 and 2012 acquisitions. As a result, the Company’s backlog of unfilled orders at December 31, 2013 was $1,140.0 million, an increase of $27.7 million or 2.5%, compared with $1,112.3 million at December 31, 2012.
Segment operating income for 2013 was $861.5 million, an increase of $72.2 million or 9.1%, compared with segment operating income of $789.3 million in 2012. The increase in segment operating income resulted primarily from the acquisitions mentioned above, as well as the benefits of the Company’s lower cost structure through Operational Excellence initiatives. Segment operating income, as a percentage of net sales, increased to 24.0% in 2013, compared with 23.7% in 2012. The increase in segment operating margins resulted primarily from the benefits of the Company’s lower cost structure through Operational Excellence initiatives. Selling, general and administrative (“SG&A”) expenses for 2013 were $398.2 million, an increase of $17.7 million or 4.7%, com pared with $380.5 million in 2012. As a percentage of net sales, SG&A expenses were 11.1% for 2013, compared with 11.4% in 2012. Selling expenses increased $14.8 million or 4.4% for 2013 primarily driven by the increase in net sales noted above. Selling expenses, as a percentage of net sales, decreased to 9.8% for 2013, compared with 10.1% in 2012. Base business selling expenses decreased approximately 2% for 2013 compared to 2012, primarily due to cost containment initiatives.
Ametek Never Discusses and Omits Factors Affecting its Cost of Goods Sold or Gross Margins
67
Spruce Point Capital
High Level Indications of Potential Inventory Accounting Shenanigans
Ametek appears to be engaging in classic inventory accounting shenanigans to leave costs on the balance sheet and artificially boost profits •
First, we observe that Ametek no longer states its inventory at “lower of cost or market” according to the change in its inventory footnote language from its Annual Reports. If inventory declines in value below original cost, GAAP prescribes that the inventory must be written down to market to report the loss. By removing the lower of cost or market condition, it appears that Ametek could be avoiding write-down charges. We observe that, in recent years, Ametek appears to have never taken an inventory write-down charge
•
Secondly, we observe that Ametek has systematically and materially changed its inventory accounting methods from LIFO to FIFO over the past decade. The choice of First-in/First-out (FIFO) vs. Last-in/Last-out (LIFO) has a pronounced impact on a company’s reported Net Income. In a general inflationary environment, FIFO results in lower Cost of Goods Sold, and higher Net Income. Conversely, in the same inflationary environment, LIFO results in higher Cost of Goods Sold, and lower Net Income. Therefore, Ametek’s choice of shifting to FIFO over LIFO represents a move towards more aggressive accounting treatment that bolsters Net Income Ametek FY 2004 Inventory Disclosure
Ametek FY 2013 Inventory Disclosure
Inventories are stated at the lower of cost or market, cost being determined for more than half of inventories by the last-in, first-out (LIFO) method of inventory valuation, and market on the basis of the lower of replacement cost or estimated net proceeds from sales
The Company uses the first-in, first-out (“FIFO”) method of accounting, which approximates current replacement cost, for approximately 80% of its inventories at December 31, 2013. The last-in, first-out (“LIFO”) method of accounting is used to determine cost for the remaining 20% of its inventory at December 31, 2013
2004 Annual Report (here)
2013 Annual Report (here)
68
Spruce Point Capital
Material and Systematic Change to More Aggressive FIFO Accounting
•
Ametek appears to be deliberately and systematically changing its inventory accounting policy from LIFO (conservative) to FIFO (aggressive). This policy change has accelerated post-financial crisis. While it’s possible that some of this shift is the result of integrating acquired companies under FIFO, we don’t believe it can entirely be explained by this. Under IFRS, LIFO is not allowed, but Ametek has made only two meaningful foreign acquisitions (Dunkermotoren and EM Test) – adding ~$220m of sales. In the case of Dunkermotoren, its 2012 public financials show that it reports under German GAAP, and listed just €13.6m of inventories. Furthermore, according to our review of Ametek’s peers, and an empirical study on inventory policy choice by the American Institute of CPAs (AICPA), approximately 50% of companies reported using LIFO or Average Cost (1). As a result, we find it difficult to believe that all acquired companies are brought into Ametek and kept as using LIFO
•
As per Financial Accounting Standards (FAS) 154, accounting policy changes that are made voluntarily require retrospective application to prior periods’ financial statements. If Ametek is simply covering up an accounting error or mistake, then its historical financials would also have to be restated (2)
100% 90% 80% 70%
50%
45%
26%
21%
20%
38%
34%
31%
74%
80%
62%
62%
69%
79%
66%
2007
2008
2009
2010
2011
2012
2013
38%
60%
50% 40% 30% 20%
50%
55%
2005
2006
10% 0%
Inventory Accounted Under FIFO
Notice Ametek re-accelerates the change to FIFO starting in 2009, during a period of financial distress and when a whistleblower claimed inventory accounting irregularities
Inventory Accounted Under LIFO
Note: Spruce Point Capital Management is not an accounting firm and does not offer definitive accounting guidance. Consult your own Accounting experts on any matter related to accounting interpretations 1) FASB Statement 154 (here) 2) AICPA study - 2009 (here)
69
Spruce Point Capital
Management Paying Itself Bonuses on Adjustments for Excess Inventory....Really!
A hint of the severity of the inventory issue first appeared in 2010 through Ametek’s Proxy Statement. Management kindly adjusted its operating income bonus performance target for the ‘tax benefit realized through the disposal of excess and obsolete inventory.’ Unfortunately, investors have been completely left in the dark surrounding the magnitude of the issue. The company made no disclosures of this excess inventory in its 10K, 10Q or on its conference calls. Diluted earnings per share (EPS) — We believe that the paramount objective of a principal executive officer is to increase stockholder return significantly, and that for a large, well established industrial corporation, EPS is typically a key metric affecting share price. Therefore, we believe EPS is an excellent measure of our executive officers’ performance. Sales — Sales growth is key to the long-term vitality of a business and we believe this is an indicator of our executive officers’ performance. This measure is applied either on a Companywide basis, or, for our group presidents, with regard to their respective operating groups. We define our sales measure as actual sales compared to budgeted sales without giving effect to (i) increases in revenues from businesses that we acquired during the year and (ii) foreign currency adjustments. Group operating income — This measure applies to our group presidents with regard to their respective operating groups, and reflects adjustments deemed appropriate by the Compensation Committee. We believe this measure is a reliable indicator of operating group performance. Adjustments to operating unit income in 2010 included estimated tax benefits pertaining to the disposal of excess and obsolete inventory and the inclusion of specified financing costs related to acquisitions. We increased operating unit income by the estimated tax benefit realized through the disposal of excess and obsolete inventory. We reduced operating unit income by the estimated amount of interest cost we incur on funds borrowed to finance an acquisition where the results of operations of the acquired business are included in the unit’s operating results. We believe that reducing the operating unit income derived from an acquired business by these interest costs better reflects the contribution of the acquisition to the operating unit’s performance. Group operating working capital — This measure represents inventory plus accounts receivable less accounts payable as a percentage of sales. We use this measure to encourage our group presidents to manage our working capital in a manner that increases cash available for investment. Working Capital is reported at the Corporate and Group level. A lower working capital percentage is an indicator of a group president’s and the CFO’s success in increasing our cash resources.
Discretionary — A small portion of each executive’s award is based on discretionary factors that are deemed appropriate by the Compensation Committee. In the case of the group presidents, these factors take into account acquisition activity of their respective operating groups Source: Proxy Statement (here)
70
Spruce Point Capital
And the Problem Appears Big Enough to Still Be Ongoing Three Years Later.... From the 2013 Proxy Statement
The target goal for each non-discretionary measure in 2013 was derived from our 2013 budget. Consistent with past practice, the Compensation Committee can make adjustments on a case-by-case basis, such as for group operating income, as described below. Diluted earnings per share (EPS) – We believe that the paramount objective of a principal executive officer is to increase stockholder return significantly, and that for a large, well-established industrial corporation, EPS is typically a key metric affecting share price. Therefore, we believe EPS is an excellent measure of our executive officers’ performance. Organic revenue growth – Revenue growth is key to the long-term vitality of a business and we believe this is an indicator of our executive officers’ performance. This measure is applied either on a Companywide basis, or, for our group presidents, with regard to their respective operating groups. We define our organic revenue growth measure as actual revenue compared to prior-year revenue without giving effect to (i) increases in revenues from businesses that we acquired during the year and (ii) foreign currency effects. Operating income – This measure applies to our chief operating officer and group presidents with regard to corporate and their respective operating groups, and reflects adjustments deemed appropriate by the Compensation Committee. We believe this measure is a reliable indicator of corporate and operating group performance. Adjustments to operating unit income in 2013 included estimated tax benefits pertaining to the disposal of excess and obsolete inventory and the inclusion of specified financing costs related to acquisitions. We increased operating unit income by the estimated tax benefit realized through the disposal of excess and obsolete inventory. We reduced operating unit income by the estimated amount of interest cost we incur on funds borrowed to finance an acquisition where the results of operations of the acquired business are included in the unit’s operating results. We believe that reducing the operating unit income derived from an acquired business by these interest costs better reflects the contribution of the acquisition to the operating unit’s performance. Operating working capital – This measure represents inventory plus accounts receivable less accounts payable as a percentage of sales. We use this measure to encourage our executives to manage our working capital in a manner that increases cash available for investment. Operating working capital is reported at the Corporate and Group level. A lower working capital percentage is an indicator of the executives’ success in increasing our cash resources.
Discretionary – A portion of each executive’s award, ranging from 10% to 20%, is based on discretionary factors that are deemed appropriate b y the Compensation Committee. In the case of the chief operating officer and group presidents, these factors take into account acquisition activity of the Company and their respective operating groups. Source: Latest Proxy Statement (here)
71
Spruce Point Capital
Benchmarking Peer Inventory Accounting Policies
We analyzed a broad array of Ametek’s peers to benchmark inventory accounting policies. We observe that Ametek is the only company we’ve analyzed that explicitly avoids the “Lower of Cost or Market” language in its SEC filings, and has been changing inventory accounting methods in the last 5 years
Applies Lower Last 5yrs Change of Cost or Market of Inventory to Inventory Value Acct'g Method
Primary Acct'g Method
Secondary Acct'g Method
Emerson Danaher Agilent Hubbell Eaton Bruker Mettler-Toledo FEI Company National Instrument
Yes Yes Yes Yes Yes Yes Yes Yes Yes
No No No No No No No No No
Avg Cost FIFO FIFO LIFO (85%) LIFO FIFO FIFO FIFO FIFO
FIFO LIFO -FIFO (15%) FIFO Avg Cost ----
Ametek
No
Yes
FIFO
LIFO
Source: Compa ny SEC fi l i ngs 72
Indications of Inventory Shenanigans Spruce Point Capital
Ametek carries a substantial amount of ‘Raw Materials and purchased parts’ as a percentage of its reported inventory. This appears at odds with its claim of being an efficient and lean manufacturer. We note that on average, its peers carry just 31% of inventory in the form of raw materials.
Ending Inventory Balances - 12/31/13 $ i n mi l l i ons
Raw Materials and parts Work-in-Process Finished Goods Demo Units/Other Total Gross Inventory Less: Adjustments Ending Inventory, Net
% of Gross Inventory Raw Materials and parts Work-in-Process Finished Goods Demo Units
Ametek $291.2
Mettler Toledo $98.2
Emerson Electric N/A
Bruker $189.7
Eaton $955.0
$85.5 $76.1 -$452.8 ($23.3) $429.5
$38.1 $74.1 -$210.4 -$210.4
N/A $678.0 -$1,895.0 -$1,895.0
$196.5 $155.3 $48.3 $589.8 -$589.8
$428.0 $1,115.0 -$2,498.0 ($116.0) $2,382.0
64% 19% 17% 0%
47% 18% 35% 0%
N/A N/A 36% 0%
32% 33% 26% 8%
38% 17% 45% 0%
Altra Danaher Industrial $610.6 $56.8 $287.0 $885.9 -$1,783.5 -$1,783.5
34% 16% 50% 0%
$18.4 $68.4 -$143.7 -$143.7
40% 13% 48% 0%
Hubbell $122.3
Thermo Fisher $347.4
Parker Hannifan $111.4
$87.2 $259.4 -$468.9 ($83.2) $385.7
$157.7 $989.4 -$1,494.5 -$1,494.5
$777.7 $559.5 -$1,448.6 -$1,448.6
26% 19% 55% 0%
23% 11% 66% 0%
8% 54% 39% 0%
Average 1 31% 23% 44% 1%
1. Excludes Ametek. Source: Company Annual Reports
73
Spruce Point Capital
Indications of Inventory Shenanigans: A Closer Look at Purchase Commitments
•
Buried deep within the financial statements, public company’s must produce a table showing contractual obligations over the next few years
•
In this case, Ametek is reporting that it has committed to purchasing $335m of fixed-price inventories, with a majority coming due within one year
•
To assess the reasonableness of this reported amount, we compare it with current inventory amounts, historical figures, and across Ametek’s peer group
Source: Ametek 2013 10-K filing (here)
74
Closer Look at Purchase Commitments (cont’d) Spruce Point Capital
•
On average, our analysis suggests that peer companies commit to purchasing approximately 45% of their current inventory on a forward basis. Intuitively in our opinion, this appears to be sensible strategy to ensure adequate raw material supplies, ensure price stability, and ‘hedge’ approximately half of costs against inflationary cost pressures
•
On the other hand, Ametek appears to commit to purchase approximately 75% of current inventories forward. This could be viewed from a variety of perspectives: 1) Ametek has an aggressive inventory purchasing strategy; 2) it has superior ability to forecast customer demand and manage inventory (in the cyclical industries it operates in) or 3) its actual inventory balances are much higher than reported to investors. $ in millions Total Inventories FY 2011 FY 2012 FY 2013 Eaton Thermo Fisher Danaher Emerson Agilent (1) Keysight Tech Hubbell Mettler Toledo
Ametek
$1,701 $1,330 $1,781 $2,105 $898 -$318 $241
$380
$2,336 $1,444 $1,813 $2,125 $1,014 -$342 $199
$429
Source: SEC financial filings Note: Agilent includes Keysight results for all years
$2,382 $1,495 $1,784 $1,895 $1,066 $502 $386 $210
$453
Fixed Price Purchase Obligations FY 2011 FY 2012 FY 2013 $869 $243 $960 $1,176 $385 -$181 $99
$276
$1,108 $275 $899 $1,220 $450 -$213 $94
$326
$1,236 $291 $1,032 $1,087 $400 $208 $181 $75
Purch. Obligations / Inventories FY 2011 FY 2012 FY 2013 51.1% 18.3% 53.9% 55.9% 42.9% -56.9% 40.8%
47.4% 19.0% 49.6% 57.4% 44.4% -62.2% 47.2%
51.9% 19.5% 57.8% 57.4% 37.5% 41.4% 47.0% 35.7%
Max: Average: Min:
56.9% 45.7% 18.3%
62.2% 46.8% 19.0%
57.8% 43.5% 19.5%
$335
72.4%
75.9%
74.0% 75
Aggressive Supplier Deals the Culprit? Spruce Point Capital
•
Ametek has noted on its Floorcare and Specialty motors website, that “We compete in a very competitive continuously evolving market that has seen significant price erosion in recent years”
•
According to a letter published to its vendors and potential vendors, Ametek offers advantaged payment terms to its vendors that can consign inventory
•
What is inventory consignment? Consigned inventory is inventory available to a manufacturer such as Ametek, which is immediately available for use, but title to the inventory and the risk remains with the supplier until the inventory is consumed
•
There are various pros and cons to inventory consignment strategies to a manufacturer Benefits 1.
Reduces working capital tied up in the inventory. Keeping inventory off its balance sheet would allow a company to improve its reported inventory turnover, and other key financial metrics
2.
Risk remains with the supplier until consumed. As a result, the inventory would not appear on the manufacturer’s balance sheet since title is not held
Negatives 1.
Suppliers may feel pressured that the manufacturer is using too much leverage to accept the terms
2.
Added time and financial costs of managing the consignment process include storage, logistics and warehousing of the inventory
3.
Specialized accounting systems may have to be designed to accommodate any added complexity of the particular consignment strategy
Aggressive consignment strategies and advantaged payment terms to suppliers may be another culprit for why Ametek’s off-balance sheet purchase commitments vastly exceed its reported inventory balance. Ametek may be using this strategy to bolster its reporting financial results. While we don’t know this for sure, in our opinion it is one plausible explanation. Source: Ametek website
76
Remember What the Indian Auditor Said.... Spruce Point Capital
Spruce Point Note: Our review of Ametek Singapore Private Limited, the immediate holding company, along with Ametek European Holdings Limited (the holding company above Ametek Singapore) does not state the inventory valuation method used. Furthermore, both entities stopped filing financial statements in 2012. Regardless, after 5yrs of starting its India operations, Ametek still does not appear to have control procedures in place! Source: Publicly available at http://www.mca.gov.in/
77
Spruce Point Capital
How We Think Ametek “Covers its Tracks” > > Cookie Jar Accounting?
• Ametek has pitched investors on its “Operational Excellence” strategy, commitment to lean manufacturing, and its Six Sigma approach to business. On every quarterly conference call, the company articulates its estimation of its ability to achieve costs from strategic procurement/global sourcing, and operational improvements • We’ve reviewed every call since 2009, and graphed Ametek’s annual guidance on estimated sourcing and operational cost savings vs. its quarterly realized benefit. Curiously, its estimation of annual sourcing benefits exploded higher right after its CFO retired. The explanation was due to “weakness in its markets” and not that it had uncovered miraculous cost saving synergies from its previously announced large acquisition of Dunkermotoren (more on the problems facing Dunkermotoren in the next section!). • Ametek’s sourcing benefit estimation has tripled since 2009 from $20m annual to $70m as of Q3’14, yet its total COGS have only grown 62% over the same period. In our opinion, this growing estimation appears to be providing Ametek a cookie jar to justify its ever-expanding margins, even in the face of “weak markets” and evidence of underlying business issues. See appendix for complete details. $ in millions
$80.0 $70.0 $60.0
7/24/12: Ametek Cites “Softening We Are Seeing” as rationale for increased sourcing savings, not cost synergies from the Dunkermotoren acquisition announced in May. The CFO also “retired” in May.
Sourcing savings estimation exploding faster than realized benefits
$140.0
$120.0 $100.0
$50.0 $80.0 $40.0 $60.0 $30.0 $40.0
$20.0
Source: Ametek earnings conference calls
$10.0
$20.0
$0.0
$0.0
Realized Quarterly Sourcing Benefit (LHS)
Estimated Annual Sourcing Benefit (LHS)
Other Operational Savings (RHS)
78
Spruce Point Capital
Even the Analysts Appear Confused About its Limitless Opportunities to Cut Costs
When pressed for clarity by an analyst about its big increase in sourcing cost reductions, the CEO provides an answer that sounds elegant, but offers little in terms of specifics. A recent study by the McKinsey Global Institute on Global Manufacturing noted that the post-financial crisis period has made the manufacturing sector more uncertain, volatile and with greater supply-chain risks, increasing costs and forcing companies to become more productive. On the other hand, Ametek says it is able to get more cost efficient as it grows in size, scale and complexity. We are skeptical of this claim.
R. Scott Graham, Jefferies LLC, Research Division Just wanted to ask about this $90 million maybe in a little bit of different way it was asked previously. I don't know if you're counting this differently because I remember you were saying at some point in the last 2 years that $60 million was the baseline target. And when things were -- the economy was better, that was the number; and when the economy was weaker, you pushed that number up. Or -- did you at that point not include acquisition cost takeout? Or is this $90 million just a big acceleration off of some of the value engineering [ph] and other things you talked about? Ametek CEO: Now basically, Scott, we have included acquisitions continually in terms of providing that metric. I think the key answer to your question is that the company has just gotten larger so that there are more opportunities to take cost out. And we view this cost journey as a never-ending kind of activity that we expect our businesses every year, independent of where they are on the maturity curve, to be looking at cost improvements in their business. And the number is definitely larger, but I think if you stood it up aside the growth of the business, it's not that much different than what it has been historically on a percentage basis. Source: Q4’13 earnings call (here) Mckinsey Global Manufacturing Report (here)
79
Signs of Deal Desperation and Aggressive Acquisition Accounting
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
Ametek: The Undisputed King of Goodwill and Intangible Assets
Spruce Point Capital
Ametek aggressively marks its acquisitions with high goodwill and intangible assets relative to peers. This is a possible sign of overpaying for acquisitions and/or ways to minimize allocations to tangible and intangible assets such as inventory or purchased technology. 80% 69%
70%
61% 62%
60%
52% 52% 54% 46%
50%
35% 36% 37% 37% 33% 32%
40% 27%
30% 20%
13%
16%
10% 0%
Source: Company filings
81
Detailed Look at Acquisition Accounting Spruce Point Capital
•
Closer scrutiny of Ametek’s goodwill and intangible assets requiring amortization is warranted
•
Large amounts allocated to goodwill and to ‘customer relationships’
•
The level of financial disclosure is low surrounding working capital, with key components such as inventory and accounts payable not separately identified Allocation of Total Deal Purchase Purchase Prices Per Year $ i n mi l l i ons
YTD 2014 $61.8 $267.4
Limited Allocation to PP&E and Technology.
$44.0 $133.4 $33.9 $0.0 $211.3 ($58.8) $36.0 $414.3
$52.7 $175.8 $46.6 $0.8 $275.9 ($70.9) $39.4 $573.6
Large allocation to goodwill and customer relationships
$31.2
$33.9
2005 2006 2007 2008 Property, Plant and Equipment $40.9 $16.5 $34.4 $26.2 Goodwill $221.4 $112.4 $170.5 $271.1
2009 2010 2011 2012 2013 $4.8 $23.3 $13.6 $52.3 $12.3 $17.4 $313.5 $238.1 $384.7 $213.5
Indefinite Lived Trademarks Customer Relationships Purchased Technology Other Total Intangibles Deferred Inc Tax Net Working Cap and Other* Total Purchase Price
----$36.1 -$14.6 $72.9
$80.6 $159.7 $36.0 $0.0 $276.3 ($80.6) $6.1 $538.6
$63.0 $178.9 $18.1 $0.0 $260.0 ($37.0) $0.2 $474.9
$96.6 $233.0 $35.2 $1.7 $366.5 ($102.9) $47.1 $747.7
--
--
$28.3
$61.1
*Acct's Receivable Source: Ametek Annual Reports
----------------$40.0 $22.1 $81.7 $136.7 ----$38.4 $26.6 $14.0 $29.0 $340.7 $177.6 $300.6 $463.0 --
--
--
--
Lack of Disclosure on Inventories; Grouped in Net Working Capital
* Accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal
82
Spruce Point Capital
•
Examples of Good Acquisition Accounting SEC Disclosures
Many of Ametek’s peers give better disclosures for marking of asset and liability valuations, especially on matters of working capital and inventory
Danaher’s 2013 Acquisitions
Source: Company Annual Reports
Agilent’s Varian Acquisition
83
Ametek Aggressively Marks Intangible Asset Valuation >> Bolsters EPS
Spruce Point Capital
•
Customer lists are the fast growing and largest proportion of Ametek’s intangibles subject to amortization
•
We also observe that Ametek amortizes customer lists over 19yrs, which is 3yrs longer than purchased technology •
This creates an incentive for management to mark more of its deal costs to customer lists which spreads out the expense and hit to earnings over a longer period
Definte-Lived Intangible Assets Subject to Amortization $ in millions
Amortization Period Patents 16 Purchased Technology 16 Customer Lists 19 Other acquired intangibles 3-20yrs Total definite-lived intangibles Patents Purchased Technology Customer Lists Other acquired intangibles % of Total
2008 $51.0 $69.0 $203.4 $38.4 $361.9 14% 19% 56% 11% 100%
Fiscal Yr Ended December 31st 2009 2010 2011 2012 2013 $54.2 $52.4 $53.0 $54.3 $55.3 $75.6 $107.2 $124.8 $163.2 $198.5 $319.8 $479.9 $657.2 $897.1 $1,037.7 $25.1 $25.9 $24.9 $25.9 $28.3 $474.6 $665.5 $859.8 $1,140.5 $1,319.8 11% 16% 67% 5% 100%
8% 16% 72% 4% 100%
6% 15% 76% 3% 100%
5% 14% 79% 2% 100%
CAGR 2% 24% 39% -6% 30%
4% 15% 79% 2% 100%
Source: Company filings Note: figures are gross amounts
84
Peer Analysis Supports View That Ametek Aggressively Marks Customer Relationships Spruce Point Capital
•
We analyzed a broad array of Ametek’s peers to see what % of intangibles are being allocated to customer relationships and lists. Our analysis shows that, on average, peers allocated ~50% to this category vs. the ~80% that Ametek allocates
•
Danaher, a peer at 73%, may not be comparable since they put other intangibles into their customer relationship category Eaton $ in millions
Customer Relationships Patents and Technology Other acquired intangibles Total definite-lived intangibles
% of Total Amort. Period 2012 2013 16yrs $3,838.0 $3,859.0 17 $1,626.0 $1,588.0 $1,160.0 $1,155.0 $6,624.0 $6,602.0
2012 58% 25% 18% 100%
Amort. Period 2012 2013 14yrs $3,528.1 $3,640.0 $1,289.2 $1,376.5 $4,817.3 $5,016.5
% of Total 2012 2013 73% 73% 27% 27% 100% 100%
Danaher $ in millions
Customer Relationships and other Patents and Technology Total definite-lived intangibles
2013 58% 24% 17% 100%
Teledyne Technologies
$ in millions
Purchased Technology Customer Relationships Trademark/Tradename Backlog Total amortizable intangibles
% of Total
Customer Relationships
Amort. Period 2012 2013 8-9yrs $1,019.0 $849.0 4 $401.0 $391.0 12 $176.0 $168.0 $14.0 $14.0 $1,610.0 $1,422.0
2012 63% 25% 11% 1% 100%
Technology/IPRD Trademarks Patents and Engineering Non-compete Agreements Total amortizable intangibles
Amort. Period 5-12yrs 3-10yrs 5-10yrs
% of Total 2012 2013 9% 10% 91% 90% 0% 0% 100% 100%
1
2013 60% 27% 12% 1% 100%
2012 $176.3 $91.1 $0.7 $0.9 $3.3 $12.3 $284.6
2013 $191.3 $100.5 $0.7 $0.9 $3.3 $12.9 $309.6
2012 62% 32% 0% 0% 1% 4% 100%
2012 $244.9
2013 $253.8
% of Total 2012 2013 54% 57%
$147.5 $32.7 $16.6 $8.2 $449.9
$133.0 $32.6 $16.6 $8.3 $444.3
33% 7% 4% 2% 100%
Regal-Beloit $ in millions
Agilent
% of Total
Amort. Period1 Proprietary Technology 10yrs Customer lists/relationships 10 Patents Non-compete Agreements Trademarks Backlog Total definite-lived intangibles
$ in millions
Amort. Period 3-14yrs 3-9 3-20 10 3-5
Mettler-Toledo Bruker Corp $ in millions
Customer relationships Existing Technology/Patents Trade names Total amortizable intangibles
2012 $15.3 $151.5 $0.2 $167.0
2013 $18.0 $157.9 $0.2 $176.1
Amort. Period1,2 2012 Customer Relationships 18yrs $96.6 Proven Technology/Patents 10 $43.0 Tradenames (finite life) 15 $4.0 Other $0.7 Total amortizable intangibles $144.3
$ in millions
2013 62% 32% 0% 0% 1% 4% 100%
30% 7% 4% 2% 100%
% of Total 2013 $98.4 $43.2 $4.3 $0.8 $146.7
2012 67% 30% 3% 1% 100%
2013 67% 29% 3% 1% 100%
Source: Company filings; Note: Gross Historical Cost 1. Inferred from recent acquisitions. 2. Weighted-average life for relationships and patents
85
Pro Forma Impact of Aggressive Amortization Assumptions Spruce Point Capital
• Based on a peer analysis, we estimate an appropriate amortization period for customer relationships to be 10yrs, not the 19yrs Ametek uses on average • Furthermore, we estimate the compounded effect of Ametek’s aggressive amortization assumptions has provided approximately a 130 basis point improvement to its EBIT margins and a 5% improvement to EBIT. We estimate the impact to EPS to be ~2.5% $ i n mi l l i ons
2007
2008
2009
2010
2011
2012
2013
Total Revenues
$2,137
$2,531
$2,098
$2,471
$2,990
$3,334
$3,594
Reported Customer Lists Annual Addition Annual Amort Expense (1) Cummulative Expense
$118.0 $38.1 $2.0 $2.0
$203.4 $85.3 $4.5 $6.5
$319.8 $116.5 $6.1 $12.6
$479.9 $160.1 $8.4 $21.1
$657.2 $177.2 $9.3 $30.4
$897.1 $239.9 $12.6 $43.0
$1,037.7 $140.6 $7.4 $50.4
Pro Forma Adjusted EBIT Annual Amort. Expense (2) Cummulative
$3.8 $3.8
$8.5 $12.3
$11.6 $24.0
$16.0 $40.0
$17.7 $57.7
$24.0 $81.7
$14.1 $95.8
$432.7 17.1% ($5.8) $426.8 16.9%
$366.1 17.4% ($11.4) $354.7 16.9%
$482.2 19.5% ($18.9) $463.2 18.7%
$635.9 21.3% ($27.3) $608.6 20.4%
$745.9 22.4% ($38.7) $707.2 21.2%
$815.1 22.7% ($45.4) $769.7 21.4%
-1.4% 0.2%
-3.1% 0.5%
-3.9% 0.8%
-4.3% 0.9%
-5.2% 1.2%
-5.6% 1.3%
Effective Tax Rate After-tax impact Diluted Shares
32.6% ($1.9) 241.7
30.2% ($3.4) 242.7
30.7% ($5.8) 241.3
30.9% ($8.4) 243.2
30.7% ($11.9) 244.0
28.7% ($13.0) 246.1
Reported Diluted EPS less: After-tax Amort. Impact Pro forma EPS % change
$1.02 ($0.01) $1.01 -0.8%
$0.85 ($0.01) $0.83 -1.7%
$1.18 ($0.02) $1.15 -2.0%
$1.58 ($0.03) $1.55 -2.2%
$1.88 ($0.05) $1.83 -2.6%
$2.10 ($0.05) $2.05 -2.5%
AME Reported EBIT % margin Deduct: Incremental Amort. Pro Forma EBIT % margin % Decline in EBIT Margin enhancement
(1) Assumes amortization period of 19yrs as per Ametek's 10k filing (2) Assumes 10yr amortization period
Customer Relationships Company Amortization Yrs Mettler Toledo 18.0 Eaton 16.0 Danaher 14.0 Teledyne 10.0 Parker Hannifan 10.0 Regal Beloit 8.5 Bruker 8.5 FEI Co. 7.5 Agilent 4.0 Average 10.7 Median 10.0 Source: company filings, midpoint of ranges where provided
86
Desperation for Deals: Zygo Acquisition Underscores Struggle for Fresh Targets
Spruce Point Capital
On April 11, 2014 Ametek announced the acquisition of Zygo (Nasdaq: ZIGO) for an enterprise value of $280 million. 1 •
Headquartered in Middlefield, CT, Zygo is a provider of optical metrology solutions, high precision optics, and optical assemblies for use in a wide range of scientific, industrial, and medical applications
•
In our opinion, the acquisition highlights the struggles that Ametek is having in identifying quality acquisition targets to continue its growth strategy. We note that Ametek’s press release failed to outline any specific revenue or cost synergies in this transaction that would be accretive to EPS
•
Ametek paid a $19.25/share, 31% stock price premium, 1.7x, 10x, and 33x trailing sales, EBITDA, and EPS, respectively.
•
Valuation paid for Zygo appears rich given significant issues / problems: 1.
No Revenue Growth:
2.
Margin Contraction:
FY 2011: $150.1m > FY 2013: $149.4m
a.
Gross Margin:
FY 2011: 47% > FY 2013: 44%
b.
Operating Profit: FY 2011: 14% > FY 2013: 8%
c.
Profit Margin:
FY 2011: 13% > FY 2013: 5%
3.
Management Turmoil: On October 21, 2013 the Chairman/CEO Chris Koliopoulos stepped down; three weeks later, David Basila, VP of Business Development also ceased employment with the company2
4.
Accounting Issues: Zygo received a Nasdaq notice that it was no longer in compliance with listing rules due to a delinquency in filing its 10Q.3 In its last earnings release, Zygo reported numerous errors in its income tax expense, but explained them as not being material. However, in its recent earnings report, the restated diluted EPS fell by 50% from $0.08c to $0.04c (we hardly think a 50% reduction is immaterial)4
Sources: 1) Deal Announcement (here) 2) CEO resignation (here) and VP resignation (here) 3) Nasdaq notification (here) 4) Zygo Q2’14 Earnings report (here)
87
Spruce Point Capital
Latest Amptek Deal – Another Example of Overpaying for (No) Growth
On August 5, 2014 Ametek announced the acquisition of both Amptek Inc concurrent with its Q2’14 earnings. In its recent 10Q filing, Ametek would later disclose that Amptek was acquired for ~$115m and has estimated sales of $30m •
Headquartered in Bedford, MA, Amptek provides instrumentation and detectors used in non-destructive materials analysis applications. Commenting on the acquisition, the CEO said “Amptek provides us with attractive sensor and detector technology as well as strong R&D development capabilities which will help to accelerate future technology developments for our served markets“
•
We’ve done further diligence on Amptek and discovered that it was owned by JZ Capital Partners, a publicly traded entity in London. A closer look reveals that Amptek had no revenue growth from 2012 to 2013! In fact, revenues declined modestly from $30.2m to $29.2m. Its EBITDA, a number inherently susceptible to accounting assumptions, appears unusually high at 45% of revenues
•
In our opinion, the Amptek deal further highlights Ametek’s desperation to acquire revenues at any cost. Having paid 3.9x revenues and 8.8x EBITDA for a business with no recent sales growth appears extremely rich, and may be detrimental to shareholder value
Source: JZ Capital 2013 and 2014 Annual Reports (here) and (here)
88
Spruce Point Capital
Ametek’s Largest Deal Ever: Dunkermotoren Major Issues and Deception Ametek Press Release
April 26, 2012 Ametek announced that it would acquire Dunkermotoren, a leader in advanced motion control solutions for a wide range of industrial automation applications. Dunkermotoren had expected 2012 sales of ~ €155m (~US$200m). Ametek acquired the business from Triton, a European private equity firm for ~€250m ($320 million) or 1.61x EV/Sales. Ametek’s deal Commentary: “Dunkermotoren is a global leader in highly engineered advanced motion control solutions for niche applications. It is an excellent strategic and highly complementary fit with our Precision Motion Control business. It expands our leadership position in niche rotary and linear motion applications. In addition, it broadens our manufacturing capabilities in both Europe and China, and greatly expands our presence in key industrial end markets."
Triton Press Release Triton bought Dunkermotoren in Nov 2009 when it was a non-core business of the telecommunications provider Alcatel-Lucent. Triton paid EUR 145m to acquire the business, which was producing EUR 100m of sales (EV/Sales:1.45x) Triton’s deal commentary: "Despite a challenging market environment, we have doubled investment in R&D and managed to improve the company's ability to innovate. In addition we have supported targeted acquisitions in the field of technology and a rapid expansion of sales operations and technology centres in the US, China and Europe. The company has extended its product range and sales network and enhanced customer proximity, all of which has strengthened Dunkermotoren's ability to compete in the long term” Triton to Acquire Dunkermotoren from Alcatel Lucent Announcement Triton Sale to Ametek Announcement Ametek Deal Announcement
Spruce Point Observations • Where was Ametek to purchase this business in 2009 and why did they pay $100m more for it in 2012?
• Triton’s commentary suggests it invested substantial R&D to grow the business. None of this R&D will accurately flow through Ametek’s income statement, enabling the overstatement of EPS • In the purchase price allocation, we observe Ametek attributed the smallest amount to purchased technology of $16.4m, and is amortizing it over 15yrs, so just $1.1m/yr of amortization expense will hit future earnings
Dunkermotoren Purchase Price Allocation $ in millions
Amortized
Years
$34.0
Yes
Various
Goodwill
$140.5
No
Customer Relationships
$103.7
Yes
16-20
Purchased Technology
16.4
Yes
15.0
Indefinite Lived Trademarks
44.5
No
Property, Plant and Equip.
Total Intangibles Deferred Inc Tax Net Working Cap and Other Total Purchase Price
$164.6 (19.2) (2.7) $317.2
Source: Q1-Q3 2012 Ametek 10Q SEC Financials
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Spruce Point Capital
Dunkermotoren’s German Filings Tell a Different Story
Dunkermotoren’s 2012 German Public Filings On May 21, 2012 Ametek said, “The privately held manufacturer has expected 2012 sales of approximately €155 million ($200 million)” But, according to public filings, Ametek would have already known that Dunkermotoren’s business was deteriorating when they made this statement. Actual 2012 revenues came in at EUR 136.4m, or 12% less than expected. Revenues declined 3% YoY!!
Business Commentary From German Filing “Overall, Dunkermotoren could not reach the turnover of EUR 140.1m from the previous year. Sales amounted to EUR 136.4M, which is about 3% below the planned levels. The good level of the first quarter could not be sustained in the subsequent quarters. The global economy also influenced the regional distribution of sales. In Germany, sales remained broadly stable. With a slight decline in the fourth quarter, sales declined in Germany for the year by approx. 1%. Exports to other European countries were about 6% lower than last year, the same applies to exports to Asia. Positive Sales developments in North America, here were 9% increase was recorded.”
Ametek Spins a Misleading Story to Wall St. Matt McConnell - Citigroup - Analyst Great, thank you. I wonder if I could slip in a quick follow-up on Dunkermotoren. I know it has been probably two or three quarters since that closed. Could you give an update on how that integration has been going and maybe profitability? I think it was a 1-point drag to the EMG margin. Was that roughly in line with your expectation? AMETEK, Inc. - Chairman, CEO
Profit Increased, but mostly because Ametek repaid some of its debts
Source: Dunkermotoren’s public German financials (Google Translated); Available https://www.bundesanzeiger.de
Yeah, it’s now performing very good. I’m very, very pleased with the operating team there. We just did a review recently and that team has embraced the Ametek culture, and they’re very good and their profit margins are lower – there’s no question. We knew that when we acquired them. As we do with most acquisitions, we’re going to continue to work and improve those margins, and your analysis is right – it was about 100 basis points improvement. 90 Source: Q4 2012 Ametek Earnings Conf Call (here)
So Much for the Dunkermotoren Team “Embracing Ametek’s Culture”.... Struggles Continue in 2013 Spruce Point Capital
German Article on Dunkermotoren – Aug 8th, 2013
English Interpretation
Manfred Bergsch wird Leiter der Geschäftsführung Bonndorf - Manfred Bergsch ist ab sofort neuer Leiter der Geschäftsführung bei der Dunkermotoren GmbH. Das teilte die Unternehmensleitung bei einem Pressegespräch mit. Die Organisation ist soweit stabil, dass wir uns gemeinsam mit Ametek entschlossen haben, die bisherigen Geschäftsführer freizustellen“, so Uwe Lorenz, der den Geschäftsführerposten von Volker Brunner übernommen hat und bereits vorher im Leitungsteam der Firma tätig war. Die drei bisherigen Geschäftsführer von Dunkermotoren, Nikolaus Gräf, Volker Brunner und Frank Guckelberger hatten gekündigt. Manfred Bergsch war bisher Aufsichtsratsvorsitzender der Dunkermotoren GmbH. „In der Rolle als Geschäftsführer kann ich die Firma aber besser begleiten.“ Bergsch selbst betrachtet sein Engagement als Leiter der Geschäftsführung als ein vorübergehendes. Er ist gleichzeitig Geschäftsführer der Spectro Analytical Instruments in Kleve, die seit 2005 zum Ametek-Konzern gehört. „Ich werde ab jetzt aber drei Tage die Woche hier sein“, versicherte er. Derzeit laufe die Suche nach einem ständigen Leiter der Geschäftsführung über Ametek. Ob die Position des Leiters des Rechnungs- und Finanzsektors (bisher Frank Guckelberger) künftig auch Geschäftsführungsfunktion habe, wisse man noch nicht. Bergsch lobte den Zustand der Firma: „Das ist eine motivierte und erfolgreiche Mannschaft, die Dinge wirklich bewegen will. Das macht wirklich Spaß hier.“ Der Leiter der Geschäftseinheit, in der Dunkermotoren organisiert ist, Matt French, war aus den USA nach Bonndorf gekommen. Daran sehe man, wie wichtig Dunkermotoren für Ametek sei, erläuterte Bergsch. Der Konzern hat 16 solche Einheiten und 70 Firmen. „Ich bin froh, dass wir eine solch stabile Managementsituation haben, die es ermöglicht hat, die bisherigen Geschäftsführer freizugeben“, so French.
“Manfred Bergsch is now the new head of management (CEO) at Dunkermotoren, announced at a press conference” “The three former managing directors of Dunker engines , Nikolaus Graf, Volker Brunner and Frank Guckelberger were terminated.”
“It is not known what will happen to the Head of Finance and Accounting position (previously Frank Guckelberger).”
IT WOULD TAKE 1 YEAR FOR THE COMPANY TO FINALLY ANNOUNCE MARKUS ROTH AS ITS NEW CEO1
Manfred Bergsch ist 58 Jahre alt, verheiratet, hat zwei Kinder und drei Enkel. Seit 29 Jahren ist er bei Spectro Analytical Instruments, dort hat er als Servicetechniker angefangen. Er war drei Jahre in den USA tätig und ist seit 2006 Alleingeschäftsführer Source: Public German Article (here) translated by Google Translate 1) New CEO Appointed (here)
91
Spruce Point Capital
Insights from Cameca: Failed Revenue Expectations and Now Covering Tracks? Ametek Announces Acquisition of Cameca
August 13, 2007: PAOLI, Pa.--(BUSINESS WIRE)--AMETEK, Inc. (NYSE:AME) announced that it has acquired CAMECA SAS, a manufacturer of high-end elemental analysis systems used in advanced laboratory research, semiconductor and nanotechnology applications. CAMECA, based in Paris, France, was purchased from an investment group led by the Carlyle Group for approximately €82 million ($112 million). CAMECA has estimated annual sales of €60 million ($82 million). “CAMECA is an excellent acquisition that significantly broadens our technical capabilities in differentiated, high-end analytical instrumentation. Its global customer base includes many of the world’s leading semiconductor manufacturers and academic, government, and industrial research facilities engaged in nano-science and other materials science research” “CAMECA is an excellent acquisition that significantly broadens our technical capabilities in differentiated, high-end analytical instrumentation. Its global customer base includes many of the world’s leading semiconductor manufacturers and academic, government, and industrial research facilities engaged in nano-science and other materials science research,” states Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
Observations and Commentary Observations: •
Ametek estimated Cameca’s sales at €60m for 2008. According to public filings we obtained, its 2008 actual results were €45m (25% below plan), with virtually no revenue growth in 2009. According to public filings, Cameca still had not hit €60m of revenues by year end 2013!
•
Its CEO resigned according to a French filing made on 3/31/14 and one of its auditors appears to have resigned too
Years Would Pass Until Ametek Started Touting Cameca on Earnings Conference Calls...Why? • Q1’2012 (here): “Europe is an interesting story for us. Overall, our
organic growth in Europe was quite good. It was up actually about 7% in the first quarter. And we saw very, very strong performance in our Aerospace businesses. And also one of our companies in France, CAMECA, which makes a very high-end analytic type instrumentation, saw excellent, excellent sales”
• Q3’2012 (here): “Interestingly though, at the very high end of our
business, it’s absolutely the opposite, where I think you’re familiar with our CAMECA business and that business tends to go countercyclical to the semiconductor cycle and when things are weaker in semiconductor, basically the semiconductor companies put more investment in RD&E. So that business is just doing incredibly well for us”
• Q1’2013 (here): “Actually, our strongest organic growth was in
Sources: Cameca acquisition announcement Cameca public filings: here
Europe, and the reason for that was really twofold. One was that we have our commercial and some of our business in regional aircraft, European businesses were very strong and the MRO business in Europe was very strong. That was one factor. And the second factor was CAMECA, which is one of our highest, and EIG businesses had very large shipments into Europe in the first quarter.”
92
Cameca’s Gains Appear To Be Hitting A Wall Spruce Point Capital
We’ve obtained Cameca’s historical financial filings and presented the results below for ease of display. Our observations mirror many of our concerns about Ametek’s current predicament. Cameca appears to have hit a wall in terms of margin expansion, while its revenue growth has severely disappointed.
Cameca’s Income Statement – FY Ended 12/31
Observations and Commentary
euros in millions
Net Turnover (Sales) % growth Cost of Materials+ other pruchases Gross Profit % margin Salaries and Wages % margin Depreciation and Amort. Operating Taxes/Levies Provision for Current Asset Charges Provision for Operating Liablities Other Expenses EBIT % margin EBITDA % margin
2007 € 45.0 -€ 26.0 € 19.0 42.2% € 12.6 28.0% € 0.2 € 1.0 € 0.2 € 0.6 € 0.3 € 4.2 9.3% € 4.4 9.7%
2008 € 45.8 1.7% € 23.3 € 22.5 49.1% € 13.4 29.2% € 0.2 € 1.1 € 0.4 € 2.0 € 0.1 € 5.3 11.6% € 5.5 12.1%
2009 € 32.0 -30.1% € 15.7 € 16.3 51.0% € 13.0 40.5% € 0.3 € 0.9 € 0.4 € 1.3 € 0.1 € 0.4 1.4% € 0.7 2.2%
2010 € 44.0 37.4% € 20.2 € 23.8 54.1% € 12.5 28.5% € 0.3 € 1.1 € 0.7 € 3.6 € 0.1 € 5.5 12.5% € 5.8 13.1%
2011 € 48.8 10.8% € 24.4 € 24.4 50.0% € 13.6 28.0% € 0.3 € 1.1 € 0.3 € 3.8 € 0.1 € 5.2 10.6% € 5.4 11.1%
2012 € 55.9 14.6% € 25.6 € 30.3 54.2% € 13.9 24.9% € 0.3 € 1.4 € 0.7 € 4.2 € 0.1 € 9.7 17.4% € 10.0 18.0%
No te: We exclude items belo w net revenues such as pro ductio n o f invento ried pro ducts and large reversals o f amo rtizatio n and pro viso ns
Sources: Cameca public filings: here
2013 € 59.1 5.8% € 29.0 € 30.1 50.9% € 14.4 24.4% € 0.3 € 1.8 € 0.3 € 4.1 € 0.2 € 9.0 15.3% € 9.4 15.8%
CAGR 4.6%
2013 Net Revenues of €59.1m are still below the forecasted revenues of €60.0m announced in 2007! Revenue growth slowed significantly in 2013.
1.8% 8.0% 2.3% 9.4% 9.6% 9.7% 39.6% -7.9% 13.6%
Claims of continuous improvements and ability to strategically source and drive input costs lower is not evident in Cameca’s gross margins, which have been largely stagnant since 2008
Research and development expenses, listed in the footnotes of the financials, have held stable at ~€4.8m per year. This also underscores our belief that the company underinvests in R&D
13.5% EBITDA margins peaked in 2012 and are significantly below Ametek’s corporate margin of 26%
93
Spruce Point Capital
Cameca’s Auditor Resignation.... Trouble Brewing?
2011 Financials Have 2 Auditors
Latest 2013 Financials Shows Auditor Departure
By French Commercial Code (article L823-2), Cameca must have two statutory auditors.(1) Cameca’s latest filing in 2013 has just one auditor - Constantin Associates has been omitted.
Cameca public filings (here) 1) Dual Statutory Audit Rule (here)
94
Trouble Brewing at Cameca.... Spruce Point Capital
Recent public filings in France and UK indicate troubles at Cameca. Its CEO recently departed, and its UK subsidiary was declared insolvent. Furthermore, according to Ametek’s recent private placement filing, Schedule 5.15 indicates $13.1 m of previously undisclosed capital lease debt assumed by Cameca. This may indicate an unwillingness by Ametek to internally fund the business. Cameca’s French Filings Show Cause For Concern
Sources: Cameca French (here) and UK (here) filings Private Placement Filing (here)
Cameca’s UK Subsidiary Recently in Liquidation
95
Spruce Point Capital
Another French Auditor Disappearance at Ametek’s Antavia SAS
Antavia is a French MRO company that employs 70 people to support efficiently its worldwide customers such as Boeing and Airbus. Umeco, based in England, acquired Antavia for £8.7m in October 2006 to create its first repair and overhaul base in mainland Europe. Approximately 1 year later in October 2007, Ametek acquired Umeco’s MRO division (which included Antavia and AEL Ltd) for approximately £36m ($73m), which together had estimated annual sales of approximately £28m ($57m) Our review of recent filings, indicates that Antavia produced €15.4m of revenue in 2014, and increase of 11% from 2013. We calculate its EBITDA to be €3.2m or 20.6% of revenue. However, we believe that Antavia’s financial results should be viewed cautiously. We observe that its second auditor, Deloitte Marque & Gendrot, mysteriously disappeared from signing the audit opinion after 2012. As we highlighted earlier, Ametek’s Antavia must have two statutory auditors by French Commercial Law
Sources: Antavia SAS public filings: here Ametek acquires Umeco MRO (here) Umeco acquires Antavia (here)
No Signature
96
Spruce Point Capital
Insights From the Acquisition of Land Instruments Int’l Ltd.
Land Instruments Acquisition Sounds Promising According to the Announcement On June 16, 2006 Ametek announced it acquired Land Instruments International Limited (“Land Instruments”), a global supplier of high-end analytical instrumentation. With its headquarters in Dronfield, United Kingdom, Land Instruments had annual sales of approximately £22 million ($41 million). It was acquired from an investor group led by 3i plc • According to Ametek, “Land Instruments is an excellent addition to our high-end process and analytical instruments business. It offers an extensive range of infrared temperature measurement, combustion efficiency and emissions monitoring instruments.” • “Land Instruments offers a full range of on-line optical temperature measurement instrumentation for industrial applications, including spot thermometers, line scanners and thermal imagers. These instruments, which measure temperatures up to 3000 degrees Celsius, are widely used by the metal, glass and mineral processing industries. The addition of Land Instruments’ high temperature monitoring and control systems expands AMETEK’s on-line process monitoring capabilities, adding to our existing strengths in on-line composition and moisture analysis,” continued Mr. Hermance”
Sources: Land Instruments Acquisition Announcement (here) Land’s UK public filings accessible at www.companieshouse.gov.uk
Spruce Point Commentary •
Land’s revenue did not appear to hit the target of £22m stated in the press release. We estimate on a calendarized basis, Land produced ~£15m of revenues, or 31% less than expected
Commentary from Land’s 2006 Annual Report •
“Turnover for the 9 month period ended 31 December 2006 was 30% lower than for the 12 month period ended 31 March 2006. After adjusting for the different length in reporting periods, turnover for the 9 month period ended 31 December 2006 was broadly comparable with the prior period.”
•
“Operating profit before exceptional items decreased by 64% during the period. After adjusting for the different length in reporting periods, the operating profit before exceptional items was 50% lower than in the prior period, reflecting reduced margins arising from a change of mix in products and pricing pressure. The company incurred exceptional costs of £990,000 in the period, arising from the write off of a loan to a loss making subsidiary (now in liquidation), curtailment of the Employee Benefit Trust and redundancy costs, details of which are set out in note 3 to the financial statements.” 97
Spruce Point Capital
Years Later and Land Instruments Is Still Struggling...
Observations From Recent Performance
Spruce Point Commentary •
Land’s revenue in 2013 is still 17% below its £22m estimated revenue at acquisition in 2006, and its operating profit margin has contracted by 467bps over the past 3 years
2012 Commentary from Land’s Annual Report •
“Core markets underwent significant retrenchment during 2012. This negatively impacted both volumes and pricing. These effects were partially offset by the improved penetration of new market sectors and new product launches. Cost reduction and other commercial activities were successfully initiated to address the market challenges, leaving the business well positioned to deliver strong performance in 2013 and beyond.”
2013 Commentary from Land’s Annual Report •
“The Company’s core market business, while stabilizing in 2013, continued to show some sales deterioration against the previous year. This was partly due to lack of growth in these mature markets, but was also due to a more selective targeting of sales opportunities, which was a contributing factor to the higher underlying operating profit performance noted below”
Source: Land’s UK public filings accessible at www.companieshouse.gov.uk
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Spruce Point Capital
Insights from Taylor Hobson UK filings: No Growth, Margins Shrinking
Recent Zygo/Luphos Deal Synergistic w/Taylor Hobson? On June 16, 2004 Ametek announced it acquired Taylor Hobson Holdings Ltd. (“Taylor Hobson”) manufacturer of ultra-precision measurement instrumentation for a variety of markets, including optics, semiconductors, hard disk drives and nanotechnology research. Taylor Hobson was acquired from funds advised by Permira for a purchase price of GBP 51m (~US$ 95m). Taylor Hobson had expected 2004 sales of ~GBP 38 million (~$US 70m) (1) • Ametek recently cited Taylor Hobson in its Q2’14 conference call, saying, “During the second quarter, we closed the acquisition of Zygo Corporation and acquired Luphos, a technology acquisition which is highly synergistic with Zygo and our Taylor Hobson and metrology businesses” • We wanted to investigate Taylor Hobson further, so pulled its recent UK financial filings. Again, we found evidence of a struggling company with only 1.3% revenue growth, gross margins contraction of 200bps to 49.8% from 51.9% and operating margin contraction of 295bps from 27.07% to 24.12% • Our take: Taylor Hobson’s financials show it is struggling, while Zygo’s business appears challenged and under margin pressure. We are skeptical of Ametek’s ability to drive ‘synergies’ between two no growth companies with contracting margins 1) Note: Ametek acquired the Solartron Group (2005) with sales declared at GBP 25m (US$50m), and is holding Solartron Metrology as a 100% subsidiary of Taylor Hobson. Taylor Hobson Deal Announcement Solartron Deal Announcement
2013 Commentary from the Annual Report
• “Financial performance in our Leicester division returned to just below 2011 levels with an overall decrease in sales of 11% from the peak 2012. Sales to the Far East in particular were much weaker than last year, the relative decrease due to the unusually high sales to our Japanese sister-company in 2012. Most product lines were affected with core surface and roundness products bearing the brunt. Sales in our Solartron ISA division were up 54% on the previous year as a result of increased activity in all product and geographic sectors. Asia and the Americas saw particularly strong growth.” • “At the operating profit level, we made 24.1% (2012: 27.1%). Whilst this was down on the previous year, the return remains very respectable in the context of reduced volumes, adverse foreign exchange movements and increased R&D investment.” Source: UK public filings accessible at www.companieshouse.gov.uk
99
Spruce Point Capital
Insights from the Acquisition of Muirhead Aerospace
Ametek Announces Acquisition of Muirhead Aerospace
On Nov 3rd 2008, Ametek announced the acquisition of UK-based, Muirhead Aerospace Limited, a leading manufacturer of motion technology products and a provider of avionics repair and overhaul services for the aerospace and defense markets. Muirhead Aerospace was a subsidiary of Esterline Technologies Corporation, a NYSE-listed company (NYSE:ESL), and has estimated 2008 sales of approximately $54 million (£33 million). Key Deal Commentary From Ametek: “Muirhead Aerospace expands AMETEK’s penetration in motion control products for the aerospace and defense markets, including actuators and other specialized linear motors, complementing our existing technical motor capabilities. Muirhead Aerospace’s motion control products are used in many applications including fuel controls, flight controls, power systems and guidance systems on a wide variety of aircraft, land vehicles, ships and missiles” “Additionally, Muirhead Aerospace further strengthens AMETEK’s position as a leading independent provider of MRO services to the European aviation industry. It provides avionics repair services to a wide variety of commercial, business jet and defense customers,” Source: UK public filings accessible at www.companieshouse.gov.uk Muirhead deal announcement (here)
Spruce Point Commentary • Muirhead’s revenues do not appear to have achieved the estimated results articulated in the press release. Even with the benefit of the 14 month period from Nov 1, 2099 to Dec 31, 2009, revenues only achieved £31.2m Annual Report Commentary
• “The company performed well in the 14 months to 31 December 2009 despite a difficult economic environment. The impact of the global economic downturn however was greater than anticipated and the business needed to align its cost structure with market conditions as a result. The restructuring, coupled with a rebranding exercise following its acquisition by Ametek Inc resulted in operational restructuring costs of £925k • Adjusting for this, operating profits for the lengthened period and the 14 month financial position were considered to be satisfactory. The company continues to seek out new opportunities in its repair and overhaul business. We continue to be cautiously optimistic about the near term economic outlook and our differentiated business continues to enjoy a healthy order book. This gives us good reason to be confident that 2010 should be another good year 100
Spruce Point Capital
Muirhead Aerospace’s Recent Performance: Margins in Persistent Decline
Observations From Recent Performance
Muirhead Aerospace Financial Performance
Spruce Point Commentary • December 31 2009, as part of a group re-organization, Muirhead sold the trade and assets of its motion business for a consideration of GBP 18.9m to Airscrew Limited, a fellow subsidiary of Ametek Inc. Subsequent to this transaction, January 8, 2010 Airscrew Limited changed its name to AMETEK Airtechnology Group Limited (see next slide for details)
• While Muirhead’s revenues have expanded since 2010, its margins have contracted. Gross Margins peaked in 2011 at 52% and have contracted to 41.8% in 2013. EBITDA margins also hit a 4 year low in 2013 at 22.7%. These margins are significantly below Ametek’s parent level margins in the 26% range. These margin contractions directly call into question Ametek’s “Operational Excellence” and continued ability to raise its margins
pounds in millions
Sales % growth Gross Profit margin Operating Profit margin Depreciation and Amort. EBITDA margin
2010
2011
2012
2013
£11.4 -£5.5 48.5% £2.6 22.6% £0.2 £2.7 24.0%
£11.0 -3.3% £5.7 52.0% £2.4 21.5% £0.2 £2.6 23.2%
£14.1 27.9% £6.4 45.2% £3.2 22.7% £0.3 £3.5 24.7%
£16.4 16.6% £6.8 41.8% £3.4 20.9% £0.3 £3.7 22.7%
• We also note that Muirhead invested virtually nothing in its R&D for the four years we reviewed Muirhead Annual Report Commentary • 2011: “Despite the general downturn in the UK economy with particular emphasis on defence spending programme reductions and curtailments, the operating profits of the company were considered good” • 2013: “Muirhead continued to show strong year on year growth in both sales and operating profit...the increased level of turnover was largely derived from government contracts”
UK public filings accessible at www.companieshouse.gov.uk
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Spruce Point Capital
Insights from AMETEK Airtechnology: Margin Contraction
Observations From Recent Performance Spruce Point Commentary •
AMETEK Airtechnology has not filed updated financials since 2012. In 2014, three of its directors resigned: Robert Mandos, John Mockler, and Jason Fenn
•
While revenues increased 7.7% from 2011 to 2012, gross margins contacted from 24.1% to 22.2% (190bps), while Operating profit (EBIT) margins contracted from 12.0% to 10.8% (120bps)
AMETEK Airtechnology 2012 Annual Report Commentary •
•
“The level of order intake in 2012 reduced by £1.7m or 3.9% to £42.6m. A reduction of orders in our track ball product line which benefited from a large multi-year in 2011 drove this reduction. We continue to invest heavily in new product development to ensure we are well placed to achieve our long term growth objectives. During 2012 we spent £3.2m on research, development and engineering to support our New Product investment programs. New Product investment for 2012 was 6.8% of sales (2011 8.4%). The level of enquiries and the future prospects remain encouraging.” “The company operates in a competitive env’t, and our customers have the ability to switch supply sources if they judge that the competitor product offers better value. Further, it is becoming apparent that a trend is developing with our defence and industrial markets whereby customers are placing orders close to if not within stated lead times. This business believes this change in procurement behavior is as a direct result of our customers coming to terms with reduced defence budgets and general tightening of spending within industrial and commercial markets driven principally by continuing concerns over the robustness of economic growth in developed and developing economies.”
Margin contraction!
Margin contraction!
Source: UK public filings accessible at www.companieshouse.gov.uk Note: During 2012 the company recorded £0.9m provision to reflect additional costs associated with a development program which will not be recoverable under the terms of the contract
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Spruce Point Capital
Recent Problems at Ametek Airtechnology?
Financial Accounts Overdue
Source: UK public filings accessible at www.companieshouse.gov.uk
Recent Director Resignations
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Spruce Point Capital
Insights from Lloyd Instruments: Dramatic Revenue Decline in 2012 Overview of Lloyd Instruments
Lloyd Materials Testing (formerly Lloyd Instruments) is an AMETEK, Inc. company and part of AMETEK Test & Calibration Instruments. It manufactures testing machines and testing systems, polymer test equipment and texture analysis instruments. Originally known as JJ Lloyd Instruments, the company has been around for over 40 years. Spruce Point Commentary • Llyod instruments has not yet filed 2013 financials, so we cannot assess its recovery vs. 2012’s dramatic revenue decline
• Echoing our concerns about underinvestment in R&D, we observe that Lloyd’s invested just GBP 168k in R&D on GBP 18m of revenues – a small amount Lloyd’s 2012 Annual Report Commentary • “Turnover has decreased by 31.5% to £18,049,000. This was due to funding issues, unfavorable European economic climate and increased competitive activity in our AMETEK Advanced Measurement Technology Division and a change in business processes for the Lloyd Instruments Division, with sales to certain markets being replaced by a commission arrangement”
• “A favorable product mix resulted in an improvement in gross margin in our AMETEK Advanced Measurement Technology Division which was offset by the effect of the changed business structure in the Lloyd Instruments Division” Source: UK public filings accessible at www.companieshouse.gov.uk
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Spruce Point Capital
Insights from SPECTRO Analytical Instrument’s German Filings Ametek Press Release
Recent Business Commentary
June 14, 2005 – SPECTRO Analytical Instruments is pleased to announce that it has been acquired by AMETEK, Inc. (NYSE: AME) a leading global manufacturer of electronic instruments and electric motors. SPECTRO was acquired from an investor group led by German Equity Partners BV for approximately €80 million ($98 million). With its headquarters in Kleve, Germany, SPECTRO has annual sales of approximately €85 million ($104 million). "We are very excited about the acquisition of SPECTRO," comments AMETEK Chairman and Chief Executive Officer Frank S. Hermance. "SPECTRO is a highly differentiated business which significantly expands our elemental analysis capabilities, bringing new technologies and market opportunities to AMETEK. With this acquisition, our high-end analytical businesses now total nearly $375 million in annual revenue.” 2008 € 104.5 € 53.8 € 50.6
2009 € 74.7 € 39.6 € 35.1
2010 € 91.9 € 45.1 € 46.8
2011 € 103.3 € 50.1 € 53.2
2012 € 108.3 € 50.0 € 58.2
% margin R&D % margin Distribution Costs % margin G&A % margin D&A EBIT
48% € 4.5 4.3% € 20.8 19.9% € 5.0 4.8% € 2.4 € 17.8
47% € 4.3 5.8% € 15.8 21.1% € 5.2 7.0% € 3.1 € 6.7
51% € 4.5 4.9% € 18.8 20.5% € 4.7 5.1% € 2.4 € 16.5
52% € 5.0 4.9% € 20.4 19.8% € 4.9 4.7% € 2.7 € 20.2
54% € 5.0 4.6% € 20.2 18.7% € 4.7 4.4% € 3.3 € 25.0
% margin EBITDA % margin
17.1% € 20.3 19.4%
9.0% € 9.8 13.1%
17.9% € 18.8 20.5%
19.6% € 22.9 22.2%
23.1% € 28.3 26.1%
$ in millions
Sales COGS Gross Profit
• “The year 2012 showed a stable trend over the previous year, although in the sale of analyzers no overall volume growth was achieved. A significant increase in sales was achieved but in the service and aftermarket business.” • “The upward trend after the crisis of 2009 remains stable and is expected to continue to moderate. This further assumes the outlook for the next 3 years is a market growth of around 3-5% per year.” • “A major reason for the stable demand for our products is due to the continued stable conditions on the metal producing markets and the secondary industries associated with it”
Spruce Point Observations • Revenues have been largely stagnant and grown under 1% per annum for the past 5 years. 2012 revenues finally exceeded pre-recession levels • SPECTRO is one of the few businesses with EBITDA margins comparable to Ametek’s corporate EBITDA margin
• SPECTRO mirrors our concern that Ametek may be underinvesting in R&D among its businesses. We observe that its R&D margin has largely been flat, while the company reports “no volume growth” Source: http://www.spectro.com/pages/e/p060080.htm https://www.bundesanzeiger.de (Google Translation)
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Spruce Point Capital
Insights from Atlas Material Testing’s German Operations Ametek Press Release
PAOLI, Pa., Nov. 9, 2010 /PRNewswire-FirstCall/ -- AMETEK, Inc. (NYSE: AME) today announced that it has acquired Atlas Material Testing Technology LLC, the world's leading provider of weathering test instruments and related testing and consulting services, from Industrial Growth Partners for approximately $159 million in cash. Atlas is headquartered in Chicago with additional manufacturing operations in Germany and a network of outdoor and laboratory testing facilities around the globe. It has expected 2011 sales of approximately $85 million. Atlas' products include weather exposure test systems, corrosion-testing instruments, specialty lighting systems, and large-scale weathering test chambers. In addition, Atlas offers indoor laboratory and outdoor testing services, photovoltaic and solar testing, and consulting. Its customers include testing laboratories and leading aerospace, paint, coating, polymer, plastic, solar/photovoltaic, pharmaceutical, LED and automotive manufacturers. Atlas' products and services are used by their customers in both new product development and quality assurance applications, to assess product performance, reliability and compliance with industry standards and specifications. These instruments test the effects of weathering by simulating exposure to sunlight, temperature, moisture and corrosion. ATLAS Material Testing Technology GmbH
Observations and Commentary • Observations: Atlas’ German operation appears to account for ~50% of its total revenues with EBITDA margins in the 9-10% range • Translated Commentary: For 2012, we expect revenue of about EUR 32 million and a profit on ordinary activities of approximately EUR 2.0 million. Thus, sales would indeed be higher than in 2010 but lower than 2011, the hitherto most successful year in company history. For 2013, we expect revenue and profit on ordinary activities at approximately the same level as in the 2012
• The continuing weakness of the U.S. dollar against the EURO and EURO erstarktem again after overcoming the crisis in some European Member States on the one hand, we expect continued pressure on prices for our products. Approximately 30% of our revenue is denominated in USD. On the other hand, we expect a further improvement in the economy with positive effects on the demand for our products. • The main focus in the 2012 financial year was the development of new products in the low-end range and test equipment for the solar industry. In this context, cooperation with the American parent company has intensified and led to a lively exchange of technical knowhow. The use of these synergies will in future lead to a significant cost reduction and acceleration in the development area. In 2013, the parent company has decided to shift the entire production gradually until 2014 to Chicago. Our company will then buy the products and sell as before.
Sources: German Public Filings (here); (Google translation) Atlas acquisition announcement
• From this displacement, approximately 10 to 12 employees would be affected. Currently still negotiations with the 106 works council on the release procedures.
Insights From Grabner Instruments (Austria) Spruce Point Capital
Grabner Instruments was acquired by Chandler Engineering in 2002. In 2003, Chandler reorganized its ownership in a separate company named Chandler Instruments LLC. Ametek acquired Chandler Instruments Company, LLC, a manufacturer of measurement instrumentation for the oil and gas industry, for approximately $50 million. With its headquarters in Tulsa, OK, Chandler had 2003 expected sales of approximately $30 million. Grabner develops and manufactures automatic petroleum testing equipment. Grabner Instruments’ are fully automated, portable, rugged and fast & easy to operate fuel and oil analyzers for the quality control in the laboratory as well as for f ast onsite tests in mobile laboratories
Spruce Point Observations
Grabner Instruments Financial Summary Euro in millions Sales % growth Cost of materials/services Gross Profit % margin Personnel Expenses
2008 €8.7 -€1.5 €7.1 82.3% €2.8
2009 €5.6 -35.7% €1.1 €4.5 79.9% €3.0
2010 €6.5 17.4% €1.4 €5.1 77.9% €2.6
2011 -------
2012 €9.0 -€2.3 €6.7 74.7% €3.0
2013 €9.6 7.6% €2.5 €7.1 74.2% €3.2
10.1% 0.0% 2.1%
Depr+Amortization Other Operating Expenses EBIT Add: Depr/Amort EBITDA % margin
€1.1 €1.3 €1.9 €1.1 €3.0 34.4%
€1.1 €0.9 -€0.4 €1.1 €0.6 11.6%
€0.2 €1.0 €1.3 €0.2 €1.5 23.0%
-------
€0.1 €1.0 €2.6 €0.1 €2.7 30.3%
€0.1 €1.5 €2.4 €0.1 €2.5 26.2%
-33.4% 2.3% 4.6% -33.4% -3.3% -
Note: Grabner’s income statement was not filed in 2011 Sources: Grabner public filings (here).
CAGR 2.1%
• Grabner appears to be a small, but niche business with EBITA margins close to the parent level margins • Long-term revenue growth rate of 2% p.a. is not impressive, and may be more of a function of price increases than volume growth • More notably, gross margins and EBITDA margins have declined sharply since 2008, which directly contradicts management’s claims of its ability to extract continual improvements from cost cutting 107
Spruce Point Capital
Insights from Ametek Denmark – Margin Erosion and Plunging Return Metrics
•
We obtained public documents on Ametek Denmark: Part of Ametek Measurement and Calibration Technologies (“AMCT”) and comprises R+D, production and worldwide sales of temperature, pressure and signal calibration instruments as well as developm ent and production of temperature sensors sold primarily in Denmark. The division AMCT, which Ametek Denmark is part of, handles sales, service and calibration in the US and Canada. The affiliated companies in Germany and France handle sale, service and calibration in those markets.
•
The business does not report revenues or COGS, However, Gross Profit and Operating Profit fell by 3.1% and 11.3% respectively in 2013. Return on Net Assets and on Equity plunged to a 4 year low. Cash flow from operations fell from DKK 29.3m to 4.6m
•
Selected Commentary: “In 2013, the export share of Ametek Denmark was 86% compared with 85% in 2012. Gross Profit for the year was a net decrease primarily due to a change in product mix and also a drop in the US Dollar. In 2014, Ametek Denmark expects a moderate increase in gross profit and in earnings due to the expected general pick-up of the global market, continuing introduction of new productions and expansion in existing and new market areas”
Key Return Metrics Plunge to 5yr Low Sources: Public Financial Filings of Ametek Denmark (here)
108
Insights from Ametek Nordic AB (Sweden) Spruce Point Capital
• We obtained public documents on Ametek Nordic AB: Handles the marketing, sales and distribution of electronic instruments such as spectrometers in Sweden. According to its website www.ameteknordic.se it markets the Spectro and Spectum brands. Spectro is a member of AMETEK Materials Analysis Division.
Income Statement
• Spruce Point’s Observations: 1. Revenues peaked in 2011 at SEK 14.1m (down 27.5%) and are still below 2010 revenue levels 2. Its EBITDA improved to SEK 2.4m in 2013, and its EBITDA margin stood at 15% -- significantly below the parent level EBITDA of 26%
Financial Summary “D&A” “Operating Profit (EBIT)”
“Net Revenues” “Profit after financial items” “Total Assets”
Sources: Public Financial Filings of Ametek Nordic AB available in Sweden (here)
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Insights into Ametek’s Specialty Metal Products Spruce Point Capital
Ametek Specialty Metal Products is a collection of 4 business units, and include three acquisitions in recent years (Coining, Reading Alloys, and Hamilton Precision Metals). These companies produce metal powders, master alloys, clad metals, specialty wire products, metal strip, engineered shaped components, thermal management products, foil, and precision strip & coined parts. These materials are used in a variety of applications, including automotive, aerospace, micro-electronics, appliance, lock & hardware, telecommunications, marine, medical and general industrial. Reading Alloys
Acquired April 2008 with estimated sales of $80m at the time Specialty titanium master alloys and highly engineered metal powders used in the aerospace, medical implant, military and electronics markets Hamilton Precision Metals
Metal Strip, Engineered Shapes/Wire
Based in Wallingford, CT Products include metal strip (nickel/cobalt), shaped and profile wires, engineered Shaped components and thermal management products. Wallingford has recently been in violation of state environmental compliance reporting1 Metal Alloy Powders/Clad Materials
Acquired June 2007 for $42m and had estimated sales of $25m
Stainless steel powders; nickel and cobalt alloy powders.
Produces precision metal strip and foil for medical, electronic and instrumentation market
Acquired Coining in May 2011 for $148m and had estimated sales of $65m. Coining manufactures solder preforms and brazing preforms used for joining applications in microelectronics packaging and assembly
Source: Company announcements 1) Ametek environmental non-compliance (here)
Spruce Point Observations
• We estimate Ametek’s SCP division does approximately $200m of annual revenues • Specialty metal business are generally commodity-like in nature, have extreme competition, characterized by capital intensity, high operating costs, and low returns on capital
• Ametek paid 1.7x revenues for Hamilton Precision Metals and 2.3x revenues for Coining. In the absence of additional information, these appear to be rich multiples paid for specialty metals businesses 110
Spruce Point Capital
Specialty Metals Business Don’t Carry High Valuations
According to our review of publicly traded specialty metal and engineered performance materials companies, they have struggled to grow revenues and generate free cash flow in the current environment We believe the two best small-cap comparables for Ametek’s Specialty Metals business are: 1. Haynes Int’l (developer, manufacturer and marketer of high-performance nickel and cobalt-based alloys used in corrosion and high-temperature applications) 2. Luxfer Holding (a global materials technology company specializing in the design, manufacture and supply of highperformance materials for various end market)
Specialty metals and engineered performance materials companies trade for approximately 1.0x and 7.0-7.5x forward sales and EBITDA, respectively. ($ i n mi l l i ons , except per s ha re fi gures )
Name
Stock % of Price 52-wk Ticker 11/12/2014 High
Ent. Value
Allegheny Technologies Carpenter Technology Globe Specialty Metals RTI Metals Materion Haynes Int'l Luxfer Holdings
ATI CRS GSM RTI MTRN HAYN LXFR
$4,838 $3,304 $1,411 $876 $839 $529 $475
$4,090 $2,224 $753 $782 $1,125 $451 $481
5.9% -1.2% -0.5% 3.0% -9.5% 2.0% -0.9%
6.2% 16.4% 15.6% 22.2% 17.7% 16.3% 23.9%
4.3% 13.1% 14.7% 13.4% 9.1% 4.0% 14.8%
4.5% -4.6% 3.0% -1.8% 2.7% 4.1% -0.4%
NM 21.4x 25.0x 23.1x 24.9x 54.8x 12.7x
19.7x 17.6x 16.6x 15.8x 16.3x 15.0x 9.9x
17.0x 9.7x 10.4x 7.5x 9.1x 16.1x 6.5x
8.2x 8.1x 7.9x 5.8x 7.4x 6.9x 6.1x
1.1x 1.5x 1.7x 1.1x 0.7x 1.1x 0.9x
1.0x 1.3x 1.5x 1.0x 0.7x 0.9x 0.9x
Max Average Min
$4,090 $1,415 $451
5.9% -0.2% -9.5%
23.9% 16.9% 6.2%
14.8% 10.5% 4.0%
4.5% 1.1% -4.6%
54.8x 19.7x 27.0x 15.9x 12.7x 9.9x
17.0x 10.9x 6.5x
8.2x 7.2x 5.8x
1.7x 1.2x 0.7x
1.5x 1.1x 0.7x
$32.37 $51.99 $18.78 $23.58 $38.66 $46.83 $15.61
Source: Company financials, Wall St. estimates
70% 78% 85% 65% 97% 79% 71%
Last 12 Months Total YoY Gross EBITDA FCF P/E Sales Sales Margin Margin Margin 2014E 2015E
Enterprise Value/ EBITDA Sales 2014E 2015E 2014E 2015E
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Spruce Point Capital
Insights into Ametek’s Floor Care and Specialty Motors Business
Segment Overview: Ametek’s specialty motors and motor-blowers are used in a wide range of products, such as floor care products, ranging from hand-held, canister and upright vacuums to central vacuums for residential use to commercial floor care equipment; household and personal care appliances; fitness equipment; electric materials handling vehicles; and sewing machines. Additionally, its products are used in outdoor power equipment, such as electric chain saws, leaf blowers, string trimmers and power washers. Spruce Point Observations: Over decade ago, floor care and motor products contributed ~20% of Ametek’s total company sales ( 6.5% as of 2013). This market has gotten intensely competitive with deflationary price effects as noted on Ametek’s own website. In our opinion, part of Ametek’s motivation for its acquisition strategy has been to rapidly diversify away from the floor care and motor market. This can be seen in the bottom left chart, where % of EMG revenues coming from floor care and specialty motor markets has decreased from 44% in 2005 to just 15% in 2013. The segment’s revenue implied from these percentages can be seen on the bottom right chart. We estimate current segment revenues of ~$230 million, which appear to have structurally declined from over $300 million pre-financial crisis Implied Floor Care and Specialty Motors Revenues
Electromechanical Group (EMG) Sales Breakdown 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
$ in millions
44%
18%
38%
35%
27%
38%
31%
29%
40%
27%
24%
22%
18%
15%
15%
$350
15%
10%
$300 33%
40%
27%
49%
31%
47%
37%
45%
35%
50%
5%
31%
$250
54%
0%
$200
-5%
$150
-10%
-15%
$100
-20% 2005
2006
2007
2008
2009
2010
2011
2012
Floor care and Specialty Motor Markets and Products Engineered Materials, Interconnects and Packaging Markets and Products
2013
$50
-25%
$0
-30% 2005 2006 2007 2008 2009 2010 2011 2012 2013
Technical Motors and Systems Source: Ametek SEC Filings. Ametek FSM website (here)
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Spruce Point Capital
Growth and Margins in the Floor Care and Specialty Motors Business Not So Good...
Spruce Point Observations: We believe Ametek has faced pressure in its floor care and specialty motor business from Asia. As a result, we’ve looked at both Techtronic Industries (HK: 0669) and Johnson Electric (HK: 0179) for additional insights Techtronic Industries: Leader in Power Tools, Outdoor Power Equipment, and Floor Care for consumers, professionals, and industrial users in the home improvement, repair and construction industries. 6yr revenue CAGR for floor care is 2.5% and power equipment 5.6%. Corporate EBITDA margins are in the 10% range, with floor care ~8%. Key floor care brands include Hoovers, Oreck, Vax and DIrt Devil Johnson Electric: Leader in motion products, control systems and flexible interconnects. Its industrial products segment serves a broad range of end markets, including floor care. 6yr revenue CAGR for its Industry Products segment is 0%! Its corporate EBITDA margins are approximately 15%. The company has noted commoditized pressures in its Industry Products segment. The company expects margins to contract in 2014.
Johnson Electric
Techtronic Industries Financial Performance $ i n mi l l i ons
2008
FY Ended December 31st 2009 2010 2011
$ i n mi l l i ons
2012
2013
Power Equipment % growth Floor care (1) % growth Total Sales % growth
$2,388.6 14.5% $1,023.7 4.9% $3,412.2 7.4%
$2,183.2 -8.6% $891.7 -12.9% $3,074.9 -9.9%
$2,401.9 10.0% $981.1 10.0% $3,383.0 10.0%
$2,662.7 10.9% $1,004.3 2.4% $3,667.0 8.4%
$2,864.6 7.6% $987.8 -1.6% $3,850.0 5.0%
$3,143.9 9.8% $1,155.8 17.0% $4,299.7 11.7%
Total Gross Profit % margin
$1,052.1 30.8%
$961.0 31.3%
$1,089.0 32.2%
$1,193.6 32.5%
$1,289.2 33.5%
$1,472.3 34.2%
$7.5 0.7% $212.3 8.9%
$43.3 4.9% $180.3 8.3%
$82.3 8.4% $191.5 8.0%
$76.6 7.6% $268.0 10.1%
$78.1 7.9% $319.0 11.1%
$96.2 8.3% $355.3 11.3%
EBITDA (2) Floor care % margin Power Equip % margin
FY Ended March 31st 2011 2012
2009
2010
$905.0 -21.8% $654.0 -1.5% $269.0 $1,828.0 -17.7%
$933.7 3.2% $579.0 -20.3% $208.2 $1,741.0 -4.8%
$1,149.6 23.1% $726.8 0.0% $226.4 $2,104.0 20.9%
Gross Profit % margin
$425.7 23.3%
$481.5 27.7%
Total EBITDA % margin
$136.1 7.4%
$197.9 11.4%
Auto Products growth Industry Products growth Other Total Sales growth
2013
2014
$1,272.8 10.7% $753.8 3.7% $114.2 $2,140.8 1.7%
$1,303.9 2.4% $685.9 -9.0% $69.9 $2,059.7 -3.8%
$1,436.8 10.2% $660.8 -3.7% $30.2 $2,097.6 1.8%
$579.7 27.6%
$584.4 27.3%
$577.7 28.0%
$618.9 29.5%
$322.5 15.3%
$314.3 14.7%
$304.3 14.8%
$321.8 15.3%
(1) Floor care includes acquisition of ORECK brand in H2 2013 (includes ~$31m of sales) (2) Segment EBIT plus depreciation and amortization Source: TTI Group (here)
Source: Johnson Electric (here)
113
Spruce Point Capital
Summary: Foreign Operating Subsidiaries Show Margin Contraction
•
We’ve examined public documents of businesses that contribute ~$732m of revenue (~20% of Ametek’s $3.6 billion total in 2013)
•
We find that on average:
•
•
Its operating businesses have an EBITDA margin of ~21% and;
•
Are experiencing both contracting Gross Margins of ~0.2% and EBITDA margins of ~1.3%
Paradoxically, Ametek’s corporate EBITDA margin continues to expand and is in the 26% range. However, the only meaningful large business with margins close to this level is its Spectro unit. We have excluded Zygo and Amptek from our analysis because the results have not yet been fully consolidated on an annual basis into Ametek’s financials
i n l oca l a nd forei gn currency (mi l l i ons )
Company Dunkermotoren GmbH Zygo Corporation (1)
Last Public Foreign Reporting LTM Country Period Sales Germany 2012 € 136.4 US 2013 $162.8
US$ LTM Sales $168.6 $162.8
LTM Gross Margin 57.8% 46.7%
YoY Change in Sales -3.0% 3.3%
YoY Ch. Gross Margin -0.4% 0.3%
SPECTRO Analytical Taylor Hobson Limited Cameca SAS
Germany UK France
2012 2013 2013
€ 108.3 £54.8 € 59.1
$133.8 $82.4 $75.5
53.8% 49.9% 50.9%
4.8% 1.3% 5.5%
2.3% -2.1% -3.2%
€ 25.0 £13.2 € 9.0
23.1% 24.1% 15.3%
AMETEK Airtechnology Group Atlas Material Testing (2) AEM Limited Amptek
UK Germany UK US
2012 2012 2013 2013
£47.5 € 32.0 £25.3 $29.2
$72.4 $39.6 $38.0 $29.2
22.2% 56.0% 46.2% --
7.8% Decline 9.0% -3.6%
-1.9% --1.0% --
£5.1 € 1.6 £5.7 --
Land Instruments Lloyd Instruments Muirhead Aerospace Ltd
UK UK UK
2013 2012 2013
£18.3 £18.0 £16.4
$27.5 $27.5 $24.6
41.0% 60.3% 41.8%
-9.6% -31.4% 16.6%
2.7% 8.9% -3.4%
-$19.7 $12.3 $7.7 $2.4 $731.9
-46.3% 74.2% -81.4%
-11.0% 7.6% 63.0% 12.3%
--1.3% -0.5% --3.3% -0.2%
Ametek Denmark A/S Denmark 2013 -Antavia SAS France 2013 € 15.4 Grabner Instruments Austria 2013 € 9.6 AMETEK Instruments India India 2012 $7.7 AMETEK Nordic AB Sweden 2013 SEK 15.9 Total Implied EBITDA Margin and Average YoY Change (3)
LTM LTM YoY Operating Operating Change in Income Margin Op. Income € 6.2 4.6% -29.5% $15.4 9.5% -25.7%
Foreign LTM EBITDA € 24.4 $26.8
US$ LTM EBITDA $30.2 $26.8
LTM EBITDA Margin 17.9% 16.5%
YoY Yoy Change Change EBITDA in EBITDA Margin -10.9% -1.7% -13.4% -3.2%
23.5% -9.8% -7.4%
€ 28.3 £14.2 € 9.4
$35.0 $21.4 $12.0
26.1% 25.9% 15.8%
23.6% -8.7% -6.8%
4.0% -1.1% -2.1%
10.8% 4.9% 22.4% --
-3.3% -47.0% 21.7% --
£6.6 € 2.9 £6.4 $13.1
$10.0 $3.5 $9.6 $13.1
13.8% 9.0% 25.4% 44.9%
-5.1% -35.5% 18.1% 7.2%
-1.9% -2.0% 4.5%
£1.9 £8.1 £3.4
10.5% 29.4% 20.9%
-26.3% 0.3% 7.5%
£2.2 £8.7 £3.7
$3.3 $13.3 $5.6
12.2% 48.3% 22.7%
-16.1% 0.0% 6.9%
-2.0% 14.1% -1.8%
DKK 33.3 € 3.0 € 2.4 -SEK 2.3
-19.3% 25.0% -14.8%
-11.3% 24.0% -8.0% -39.5%
DKK 33.6 € 3.2 € 2.5 $1.1 SEK 2.4
$5.8 $4.1 $3.2 $1.1 $0.4 $152.6
-20.6% 26.3% 14.6% 15.2% 20.9%
-11.4% 11.7% -6.9% 19.9% 27.4% -0.9%
-0.1% -4.0% -5.3% 1.7% -1.3%
Sources: Public Foreign Financial Filings (1) ZYGO results through 12/31/13. EBITDA also adds back stock compensation (2) Estimated 2012 results (3) Our average implied EBITDA margin is an estimation which is limited by our financial data and we recognized that it includes data from 2012 and 2013. Excludes ZYGO, Amptek and Lloyd Instruments from 2012, which had an unusual EBITDA margin increase despite a 30% decline in sales. Currencies converted at average annual exchange rates provided by the IRS
114
Spruce Point Capital
Estimating the EBITDA Contribution From Ametek’s Remaining Businesses
•
We’ve compiled all of our revenue and EBITDA estimates for Ametek’s businesses in the following table. We’ve placed all of our known items in the grey columns (foreign entity financials, deals disclosed with EBITDA multiples paid), along with our estimates of EBITDA contributions for Ametek Specialty Metals, Floor care and Motors. Corporate general and administrative costs along with depreciation and amortization are also factored into our analysis. This represents a fixed cost without any revenue contribution that must be accounted for
•
This allows us to estimate the contribution from all of Ametek’s other businesses by subtracting its consolidated 2013 reported results in column (6) from the sum of columns (1) – (5). We estimate the remaining portion of Ametek’s businesses must contribute approximately $2.1bn and $670 $692m of EBITDA, which implies an average EBITDA margin of approximately 32.0 – 33.0%
$ in mm
14 Foreign Entities (1)
Disclosed Deals (2)
Floor care / specialty motors (3)
Specialty Metals (4)
Corporate G&A and D&A Expenses (5)
All Other Businesses
2013 Reported Total (6)
Estimated Revenues % of total
~$732m 20.4%
~$331m 9.2%
~$230m 6.4%
~$200m 5.6%
--
~$2,101 bn 58.5%
$3,594 bn 100%
Estimated EBITDA % margin
~$153m between 20 – 21%
$75m ~22.8%
$23 - $35m between 10 – 15%
$20 - $30m between 10 – 15%
($45.6m)
Comments
From global entity public filings
Includes MicroPoise, EM Test, Reichert Tech, TMC, and O’Brien. Sales disclosed in press releases, and EBITDA multiples paid on conference calls (See Appendix)
Margin ranges based on Asian floor care and motion control peers
Margin ranges based on publicly traded Specialty Metals peers
Annual Report, Note 15 shows corporate administrative expenses of $46.4m and D&A of $0.8m. The net cost has no associated revenue contribution
Sources: Ametek SEC and Foreign Filings; Earnings conf calls
$670 - $692m between 32.0 – 33.0% We estimate Ametek’s remaining businesses (over 30) would have to produce 32 – 33% EBITDA margins to reach the 2013 reported corporate EBITDA margin of 25.5%.
$916m 25.5%
2013 reported amounts on a consolidated basis
115
Spruce Point Capital
What’s the Chance the Rest of Ametek’s Businesses Have >30% EBITDA Margins?
•
According to our research, Amptek is the only acquired company with an EBITDA margin above 30%. Amptek’s previous owner reported margins of 45%
•
To assess the chance that Ametek’s remaining businesses contribute 32 – 33% EBITDA margins, we try to get a sense of how common it is for a business to produce such high margins
•
To accomplish this, we’ve analyzed all of the industrial businesses in the Russell 3000 index (ex: transportation, leasing, staffing and service companies) and plotted their frequency of occurrence in the chart below
•
In total, we identified 289 companies, with just 3% reporting EBITDA margins greater than 30%. This makes it extremely unlikely that all of its remaining businesses have the necessary EBITDA margin profile to hit its consolidated margin
Percent of Industrial Companies in the Russell 3000 by EBITDA Margin 35.0%
29.5%
30.0%
26.7%
25.0% 19.8%
20.0% 15.0%
8.7%
10.0%
5.0%
6.9% 2.4%
3.1%
2.8%
25-30%
>30%
0.0% < 0%
0-5%
5-10%
10-15%
15-20%
20-25%
Top EBITDA Margins – Russell 3000 Industrials Com pany TransDigm Group Incorporated US Ecology, Inc. Waste Connections Inc. Roper Industries Inc. Allison Transmission Holdings, Inc. Sun Hydraulics Corp. Precision Castparts Corp. Copart, Inc. Stericycle, Inc. Graco Inc. Republic Services, Inc. Covanta Holding Corporation 3M Company Ametek Inc. Thermon Group Holdings, Inc. Douglas Dynamics, Inc. RBC Bearings Inc.
Exchange/Ticker NYSE:TDG Nasdaq:ECOL NYSE:WCN NYSE:ROP NYSE:ALSN Nasdaq:SNHY NYSE:PCP Nasdaq:CPRT Nasdaq:SRCL NYSE:GGG NYSE:RSG NYSE:CVA NYSE:MMM NYSE:AME NYSE:THR NYSE:PLOW NasdaqGS:ROLL
EBITDA Margin 44.2% 35.4% 34.3% 33.1% 32.9% 31.7% 31.4% 30.8% 29.3% 28.7% 28.7% 28.2% 26.4% 26.2% 26.2% 25.2% 25.1%
EBITDA margin
Sources: Capital IQ
116
A Closer Look Into Ametek’s Asia Growth Story....
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
A Closer Look into Ametek Asia Spruce Point Capital
Source: Ametek Subsidiaries as of 12/31/13 (here)
118
Spruce Point Capital
Head of Ametek Asia “Retires” In 2014; Problems Brewing in Asia?
BERWYN, Pa., Jan. 14, 2014 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced the appointment of Volker Dreisbach as Vice President, Asia. He replaces Lim Meng Kee, who retires after 21 years with the Company. "Volker brings extensive international experience to his new position, and we expect him to play a key role in the continued growth and success of our Asian businesses," notes Frank S. Hermance, AMETEK Chairman and Chief Executive Officer. "Volker previously served as Division Vice President for AMETEK's Materials Analysis Division and was responsible for all of our Electronic Instruments Group businesses in Asia.“ Volker has 31 years of experience with AMETEK and its SPECTRO Analytical Instruments business, where he most recently served as Managing Director, Asia Pacific, and as Director of International Sales and President of SPECTRO USA. AMETEK acquired SPECTRO, a global leader in high-end analytical instruments, in 2005. "Meng Kee, whom Volker replaces, was instrumental in AMETEK's growth and success in China and across Asia. Under his leadership, our Asian sales grew from $16 million in 1992 to now approximately $700 million," adds Mr. Hermance. Meng Kee joined AMETEK in 1992 as General Manager of AMETEK Singapore – AMETEK's first Asian operation. He played a key role in 1995 in the formation of AmeKai, AMETEK's first Asian joint venture. He was elected a Corporate Vice President in 1999 and added responsibility for AMETEK Motors Shanghai.
Let’s Take A Closer Look At Ametek Singapore and its first JV Amekai Source: Ametek press release (here)
119
Spruce Point Capital
Unusual Time For Asia Head To Retire... Just As Business is “Booming?” Recent Conference Call Comments About Asia Are Bullish
“Organic sales in Asia were up mid-teens on a percentage basis in the second quarter, with broadbased strength across our businesses.”
“If you look at the BRIC countries, just another cut, the BRIC countries were up 21% overall and about 13% organically. China, just is superb. China was up organically, almost 25% and in total I think it was a number like 35%“ “So, all the efforts and you’ve heard me talking about the expansion in the BRIC countries, the expansion in Asia, they are really coming to fruition now and it’s just an exciting time and even though, many of our peer companies are talking about issues in China and issues in Asia” “We are simply outgrowing the market from both a product point of view and also we got very strong distribution capability there now. In Asia, we have approximately 300 people who are engaged in selling our products and that doesn’t include people who in some cases were distributors, not direct sales.”
Source: Q2’2014 Earnings Conf Call (here)
120
Spruce Point Capital
So Much Growth For Ametek in Asia.... That Hiring is Non-Existent
Ametek Career Search Just 1 Single Job Opening in Asia out of Shanghai, China. No Job Openings in Brazil, Russia India, Hong Kong, Malaysia!
Ametek Career Website (here)
121
Here’s What it Really Takes to Win in China Spruce Point Capital
Mettler Toledo (MTD) is a global manufacturer and marketer of precision instruments for use in laboratory, industrial and food retailing applications. The Company has strong worldwide leadership positions. A significant majority of its instrument sales are in segments in which it is the global leader. The company described China as “challenging” on its recent conference call and is committing significant resources to hire people to grow further. Mettler is hiring for a significant amount of Sales Consulting jobs, since business in China is very relationship driven.
Mettler Career Website (here) and Q3’14 conf call (here)
122
Spruce Point Capital
Ametek’s Main Singapore Entities Were Not in Compliance for Most of 2014
Source: www.bizfile.gov.sg Note: As of Aug 2014
123
Is Ametek Singapore Hiding Big Problems? Spruce Point Capital
•
• • •
We obtained Ametek Singapore’s 2013 financials, which weren’t filed until late September 2014. We believe Ametek Singapore wa s late in holding its Annual General Meeting, potentially as a result of its Director Lee Meng Kee having resigned Top line revenues decreased by 12.6% while other income, which is primarily investment income from its main operating subsidiaries including China, declined by 15% from $10.7m to $9.1m Overall, profitability fell from $13.4m to $12.2m or 8%. More importantly, operating cash flow plummeted from $28.6m to $7.3m, -75%, while the dividend paid to its holding company, Ametek European Holdings Limited, declined from $19.1m to $10.1m or -47% Responding to an analyst question about emerging market performance on the Q4’13 conference call, the CEO said “Yes, it's actually amazing. We were very delighted in the quarter when we looked at our international businesses, actually, believe it or not, both in Eu rope and in Asia. In Asia, the organic growth was up about 25%, in Asia. So a truly outstanding quarter.” The performance from Ametek’s Singapore entity (which conducts business in Taiwan, China, Malaysia and India), suggests that full year results were disappointing, not spectacular
Note: Figures in Singapore Dollars Source: www.bizfile.gov.sg and Q4’13 earnings conf call (here)
124
Spruce Point Capital
Ametek Singapore’s 2011-2012 Results Further Illustrate Declining Trends Spruce Point Observations • Top line revenues increased, which we believe relates to additions to its MRO business. However, we note that this new revenue reduced gross margins by 186 basis points1 • Other income (dividends) dropped dramatically from $17.1m to $10.7, or by 37%. We believe this drop is directly attributable to its main operating subsidiaries, particularly its China operating entity • The main subsidiaries include: • Ametek Commercial Enterprises (Shanghai) • Ametek Instruments India Pte Ltd • Ametek Engineered Materials Sdn Bhd (Malaysaia) • Amekai Singapore Pte Ltd • Amekai Taiwan Co. Ltd • Overall, profitability fell from $19.0m to $13.4m or 29.4%, while dividend income rose from $17.1m to $19.2m • Responding to a question about China on the Q3’12 earnings conf call, the company responded: “China did well for us. If you look at our total Asia sales, they were about 19% of our company and China in rough numbers is half of that. And they performed, not as strong as it had a year and half ago when we were seeing organic growth rates out of China that were 20% plus but we are now more in that single digit category. But again if you look at it from a worldwide basis it’s surely stronger than the U.S. and we are going to continue to invest in that part of the world.”
Note: Figures in Singapore Dollars Source: www.bizfile.gov.sg
1. 2.
Q2’12 Earnings call (here) Q3’12 Earnings call (here)
125
Amekai Taiwan Co. Ltd...Ametek’s First Asian Joint Venture Appears Insolvent!
Spruce Point Capital
Website Does Not Work
Address: 2-FLoor, No. 214 Alley 1 Lane 138, Chang-An Street Pan-Chiao, Taipei Taiwan
Liabilities > Assets = Insolvency?
Source: www.bizfile.gov.sg
Source: Google Maps. http://www.ametek.com/locations/amekai-taiwan-location.aspx
126
Spruce Point Capital
Amekai Taiwan Co., Ltd. No Longer Even Registered in Taiwan
Source: http://gcis.nat.gov.tw/ 127
And of Course...Ametek India Doesn’t Make Money and Has Acct’g Issues! Spruce Point Capital
While revenues grew 63% YoY, EBITDA grew just 20% with EBITDA margins declining from 19.9% to 14.6% > 530bps!
Losses increased by 31%! Source: http://www.mca.gov.in/
128
Sell-Side Analyst Misperceptions and Variant Valuation View
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
Ametek Has Many Bullish Analysts Spruce Point Capital
Ametek has attracted a roster of smaller sell-side brokers, that generally have bullish opinions on the stock. However, a few analysts appear reluctant to upgrade the stock to a buy given its rich valuation. We do not believe any analysts have incorporated of our accounting concerns and unique research insights. Broker
Rating
Langenberg & Co
Buy
$63
Jefferies
Buy
$61
Janney Montgomery
Buy
$61
Keybanc
Buy
$60
RBC
Outperform
$60
Oppenheimer
Buy
$59
Longbow
Buy
$55
Atlantic Equities
Buy
$58
Baird
Neutral
$53
Morgan Stanley
Hold / Equal weight
$52
Wells Fargo
Outperform Average Price % Implied Upside % Max Upside
Price Target
$59 13% 21%
Ratings Distribution
33% 67%
Buys
Hold
Source: Bloomberg; may not reflect all recent price changes
130
Spruce Point Capital
Analysts’ Views Are Too Rosy and Regurgitate Ametek’s Own Story
Wall St. Analysts’ Views of Ametek
Spruce Point’s Quick Rebuttal
“AME aims to grow EPS 15% annually via a mixture of organic growth and acquisitions. In normal growing economies, AME targets 15% annual EPS growth, with roughly one-third via organic growth and two-thirds from acquired companies”
AME’s EPS growth is heavily financially engineered with aggressive accounting assumption for acquisitions and suspect inventory accounting. It has demonstrated almost no organic growth in recent years
“Mgmt’s track record for closing attractive deals within the company’s sweet spot ($50-$200m) is impressive.”
When you overpay for low margin, low/no growth assets, of course your closure rate will be impressive! AME seems to be running out of quality/actionable targets
“Strong cash flow qualities underlying AME's businesses support continued strategic growth, debt reduction and the dividend. AME has ~$800M of liquidity available from cash and existing credit lines. AME maintains adequate resources to fund its stated acquisition strategy”
AME’s cash flow is obscured by its dozens of deals. Free cash flow after capex and acquisitions is negative. ST debt has been rising (to effectively pay its dividend), and its liquidity is misleading given significant cash trapped abroad which would be taxable upon repatriation
“Management are seasoned operators and have demonstrated an impressive ability to expand segment margins. Proactive cost reductions in 2009 drove margin rebound in 2010/2011, aided by operating leverage from core volume growth. Further cost actions amid sluggish global growth drove margin expansion in CY12.”
Strong evidence that mgmt has not executed flawless M&A and misguided sales estimates on key deals. Its margin expansion is likely to be overstated given our analysis of various operating entities. Cost cuts appear to be hitting a wall, and margins have been aided by aggressive inventory acct’g changes and amortizing expenses too slowly
“Best-in-class Industrial. We view AME’s premium vs. the sector as sustainable given best-in-class combination of EPS growth/volatility and M&A story”
AME’s record of missing only one quarterly earnings estimate in a decade is a major red flag. Its valuation is at a substantial premium to what it has paid for its underlying businesses 131
Spruce Point Capital
Spruce Point’s Variant View: Ametek Deserves a Conglomerate Discount, Not a Premium
Ametek is a Poorly Constructed, Opaque and Complex Company Trading at an Irrational Premium to Peers. Its Financials Are Littered With Red Flags Pointing To Inflation of Earnings, and Are at High Risk of Restatement 1. Ametek has acquired over 60 businesses in the past decade for $4.6bn, consuming -$627m in net cash flow at an average revenue multiple of 1.7x. Yet, its current trading revenue multiple is 3.5x, which is a significant premium to the sum of its parts 2. Ametek has not demonstrated an ability to extract revenue synergies from acquisitions that are often touted as “complementary” products for existing customers. Organic growth in 2012 and 2013 were 1.1% and 1.2%, respectively. Pricing power in its businesses appears low 3. To continue its historical growth rate, Ametek will have to continue acquiring at a rapid pace, and face many challenges a. Competition intensifying for a shrinking pool of actionable targets in the sub $200m enterprise value range it targets b. Multiples for private companies in its markets are rising; Ametek had to pay rich EV/sales and EBITDA multiples for newly acquired targets such as Zygo (1.7x / 9x) and Amptek (3.9x / 10x), respectively c. Agilent’s recently spun-out Electronic Measurement Technology unit (FY ‘13 Revenues: $2.9bn) will be newly capitalized and incentivized to growth through acquisitions 4. SEC financial disclosures are weak: a. Ametek cannot adequately explain its gross margins to investors, or its operating margin improvements; margin improvements are continually attributed to “endless cost cuts and savings” with few tangible examples ever given b. Ametek has jammed all its acquisitions into just two operating segments. Once companies are acquired, very little disclosure is given about their continued performance Evidence supports the view that Ametek’s EBIT/EBITDA margins are overstated and aggressive accounting is at work: a. Ametek appears to use aggressive acquisition accounting; marking significant intangible assets as customer relations, and amortizing them over 19yrs. Over $1 billion has been allocated to this account! b. A whistleblower complaint, a “qualified” audit opinion, and surreptitious conversion from LIFO to FIFO, all point to creative inventory accounting being used to inflate margins and earnings c. We’ve acquired foreign filings for 14 operating entities constituting ~$732m of revenue, few have EBITDA margins close to the consolidated margin of 26%. Many units have been experiencing decreasing margins, not increasing! 5. Insider ownership alignment with shareholders is weak, and getting worse! Insiders have been net sellers every single year 132
Ametek’s Extreme Valuation Premium is Not Justified
Spruce Point Capital
($ i n mi l l i ons , except per s ha re fi gures )
Name
Stock % of Price 52-wk Ticker 11/12/2014 High
Danaher DHR Emerson EMR Eaton ETN Parker Hannifan PH Rockwell Automation ROK Mettler-Toledo MTD Hubbell HUB Keysight Tech. KEYS Rexnord RXN Teledyne TDY Spectris PLC SXS.Lon Regal-Beloit Corp RBC FEI Company FEIC Bruker BRKR Oxford Instruments OXIG.Lon Altra Industrial AIMC
Ametek Inc.
AME
$82.36 $64.05 $67.64 $128.57 $112.44 $284.70 $112.50 $30.83 $27.25 $106.67 $30.26 $71.47 $83.09 $18.42 $17.29 $31.95
$52.20
Source: Company financials, Wall St. estimates.
99% 91% 85% 99% 86% 99% 88% 93% 88% 100% 71% 89% 74% 74% 58% 81%
100%
Ent. Value
'14E-'15E Revenue EPS Growth Growth
LTM Gross EBITDA FCF P/E Margin Margin Margin 2014E 2015E
Enterprise Value EBITDA Sales 2014E 2015E 2014E 2015E
Debt/ Capital
$57,948 $47,684 $40,173 $19,561 $15,119 $8,814 $6,571 $5,610 $4,453 $4,516 $3,798 $3,640 $3,047 $3,125 $1,195 $1,063
5.5% 3.7% 2.8% 2.6% 5.0% 4.5% 4.3% 2.7% 5.1% 4.7% 5.6% 4.4% 9.7% 4.5% 8.5% 2.8%
9.2% 8.6% 16.1% 14.0% 9.2% 11.2% 10.1% 2.0% 18.6% 2.4% 8.3% 18.4% 35.2% 20.0% 11.4% 17.2%
52.4% 41.4% 30.4% 23.3% 41.6% 54.2% 33.3% 55.4% 36.3% 37.6% 57.7% 24.5% 47.1% 44.9% 43.4% 30.0%
22.1% 21.5% 14.5% 14.2% 20.2% 21.4% 18.4% 21.5% 19.9% 15.8% 19.0% 13.6% 21.6% 13.2% 16.4% 14.9%
15.3% 12.1% 5.3% 8.7% 13.5% 12.1% 10.0% 15.1% 9.8% 10.5% 10.3% 6.7% 12.5% 7.6% 6.0% 7.4%
22.4x 16.7x 14.7x 17.7x 17.8x 24.5x 21.0x 12.1x 18.0x 19.4x 15.8x 16.6x 27.6x 24.6x 15.9x 17.8x
20.5x 15.4x 12.7x 15.5x 16.3x 22.0x 19.1x 11.9x 15.1x 18.9x 14.6x 14.0x 20.4x 20.5x 14.3x 15.1x
12.9x 9.1x 11.1x 9.8x 11.0x 16.3x 11.2x 9.1x 10.4x 12.3x 10.8x 8.1x 15.2x 12.6x 11.1x 9.2x
11.9x 9.0x 10.5x 9.1x 10.0x 15.1x 10.4x 8.6x 9.6x 11.2x 10.0x 7.5x 11.7x 10.8x 9.8x 8.4x
2.9x 1.9x 1.8x 1.5x 2.3x 3.5x 2.0x 1.9x 2.1x 1.9x 2.1x 1.1x 3.2x 1.7x 1.8x 1.3x
2.8x 1.9x 1.7x 1.4x 2.1x 3.4x 1.9x 1.9x 2.0x 1.8x 2.0x 1.1x 2.9x 1.6x 1.6x 1.3x
11% 36% 35% 25% 32% 36% 23% 56% 77% 27% 14% 24% 0% 30% 65% 48%
Max Average Min
9.7% 4.8% 2.6%
35.2% 13.2% 2.0%
57.7% 40.8% 23.3%
22.1% 18.0% 13.2%
15.3% 10.2% 5.3%
27.6x 22.0x 18.9x 16.7x 12.1x 11.9x
16.3x 11.3x 8.1x
15.1x 10.2x 7.5x
3.5x 2.1x 1.1x
3.4x 2.0x 1.1x
77% 34% 0%
$14,219
6.1%
11.2%
35.5%
26.1%
15.8%
21.7x 19.5x
13.7x
12.5x
3.5x
3.3x
32%
Ametek’s Margins Vastly Superior
133
Enterprise Value / 2015E Revenues
Enteprise Value / 2015E EBITDA
4.0x
15.0x
3.5x
13.0x
Average
3.0x
11.0x
Average
2.5x
9.0x
2.0x
7.0x
1.5x
5.0x
1.0x 3.0x 0.5x
2015E Revenue Growth
AME
MTD
FEIC
DHR
TDY
ETN
BRKR
ROK
HUB
SXS.Lon
OXIG.Lon
PH
RXN
EMR
KEYS
RBC
-1.0x
AIMC
MTD
FEIC
AME
ROK
DHR
RXN
SXS.L…
HUB
EMR
TDY
KEYS
ETN
PH
BRKR
RBC
AIMC
OXIG.…
1.0x 0.0x
2015E EPS Growth 40.0%
12.0%
35.0%
10.0% 30.0%
8.0%
25.0% 20.0%
Average
6.0%
15.0%
4.0%
Average
10.0% 2.0%
5.0%
FEIC
AME
OXIG.Lon
DHR
SXS.Lon
RXN
ROK
TDY
MTD
RBC
BRKR
HUB
ETN
EMR
KEYS
AIMC
0.0%
PH
Spruce Point Capital
Ametek’s Extreme Valuation Premium is Not Justified
0.0%
134
Spruce Point Capital
Public Investors Paying a Big Premium to Own Quick Flipped Private Equity Deals
Ametek appears to be the buyer of last resort for many private equity firms looking to flip their investments after a 3 – 5 year holding period. With each private equity firm claiming to add operational expertise and strong financial controls to its portfolio companies, we question what additional value Ametek can extract from these acquisitions. $ in millions Enterprise
LTM
EV/
Announced
Location
Target
Private Equity Sponsor (Year Invested)
Target Description
Value
Sales
Sales
8/8/2014
Bedford, MA
Amptek
Edgewater Growth (2012) Bouler Capital; JZ Capital
x-ray detectors used to identify the composition of materials using x-ray fluorescence (XRF) within the metal
$115.0
$29.2
3.94x
2/10/2014
Irvine, CA
VTI Instruments
Merit Capital Partners; Alerion Capital Group (2008)
high precision test and measurement instrumentation, esp in Aerospace
$74.0
$38.0
1.95x
Powervar
Pfingsten Partners (2006)
power protection equipment used by the medical, retail and telecommunication industries
$128.0
$70.0
1.83x
Controls SouthEast
Industrial Growth Partners (2010)
manufacturer of custom-engineered thermal solutions
$160.0
$50.0
3.20x
$320.0
$168.6
1.90x
12/4/2013 8/7/2013
Waukegan, IL Chalotte, NC
5/21/2012
Bonndorf, Germany
Dunkermotoren
Triton Partners (2009)
engineered advanced motion control solutions for niche applications
1/26/2012
St Louis, MO
O'Brien Corp
Industrial Growth Partners (2009)
manufacturer of fluid and gas handling solutions, sample conditioning equipment and process analyzers
$175.0
$80.0
2.19x
Equipment used to perform electrical immunity and electromagnetic compatibility testing
$93.0
$41.0
2.27x
$170.0
$125.0
1.36x
$150.0
$55.0
2.73x
$159.0
$85.0
1.87x
$270.0
$85.0
3.18x
$89.5
$50.0
1.79x
$158.6 $1,903.5
$73.1 $876.8
2.35x --
10/25/2011
Reinach, Switzerland
EM Test
Riverside Company (2008)
10/23/2012
Streetsboro, OH
Micro-Poise Measurement Systems
American Industrial Partners (2007)
10/17/2011
Depew, NY
11/9/2010
Chicago, IL
7/1/2010
Waterbury, CT
6/1/2010
Arlington, MN
Reichert Technologies Atlas Material Testing Technology Haydon Enterprises Technical Services for Electronics
integrated test and measurement solutions for the tire industry instruments used by ophthalmologists, optometrists, and Beecken Petty O'Keefe (2007) opticians for vision correction and the screening Industrial Growth weathering test instruments and related testing and Partners (2007) consulting services linear actuators and lead screw assemblies for diverse Harbor Group (2007) industrial end markets manufacturer of engineered interconnect solutions for the Pfingsten Partners (2006) medical device industry Average: Total:
Source: Company filings; public information
135
30% – 50% Downside in Ametek’s Shares Spruce Point Capital
In our opinion, Ametek’s EBITDA margins appear overstated and are likely a few hundred basis points lower than the 26% indicated in its filings, potentially up to 400 – 600 bps. This estimate is supported by our peer regression analysis, evaluation of various Ametek foreign filings, and pro forma amortization analysis. If Ametek were to be valued closer to peers at 2x and 10-11x EV / 2014E Sales and EBITDA, respectively, its share price would have downside to $27 - $36 per share. $ in millions True EBITDA Margin: 14E Adj. EBITDA
$ in millions 20% $799.0
21% $839.3
22% $879.6
23% $920.0
24% $960.3
25% $1,001
26% $1,041
$3,797
$3,874
9.00x
$7,191
$7,554
$7,917
$8,280
$8,643
$9,006
$9,369
10.00x
$7,990
$8,393
$8,796
$9,200
$9,603
$10,007
$10,410
11.00x
$8,789
$9,232
$9,676 $10,120 $10,564
$11,007
$11,451
12.00x
$9,588 $10,072 $10,556 $11,040 $11,524
$12,008
$12,492
Less: Debt Plus: Cash FD Shares
($1,636) ($1,636) ($1,636) ($1,636) ($1,636) $370 $370 $370 $370 $370 248.1 248.1 248.1 248.1 248.1
($1,636) $370 248.1
($1,636) $370 248.1
$6,644
$6,780
$6,918
$7,060
$7,201
$7,345
$7,492
2.00x
$7,594
$7,749
$7,907
$8,068
$8,229
$8,394
$8,562
2.25x
$8,543
$8,717
$8,895
$9,077
$9,258
$9,443
$9,632
2.50x
$9,492
$9,686
$9,883
$10,085
$10,287
$10,492
$10,702
Less: Debt Plus: Cash FD Shares
($1,636) $370 248.1
($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) $370 $370 $370 $370 $370 $370 248.1 248.1 248.1 248.1 248.1 248.1 Implied Stock Price
9.00x
$23.90
$25.30
$26.80
$28.30
$29.70
$31.20
$32.70
10.00x
$27.10
$28.70
$30.30
$32.00
$33.60
$35.20
$36.90
11.00x
$30.30
$32.10
$33.90
$35.70
$37.50
$39.30
$41.00
12.00x
$33.50
$35.50
$37.40
$39.40
$41.30
$43.30
$45.20
EV/'14E Sales
EV/'14E EBITDA
$4,281
1.75x
Implied Stock Price 1.75x
$21.70
$22.20
$22.80
$23.30
$23.90
$24.50
$25.10
2.00x
$25.50
$26.10
$26.80
$27.40
$28.10
$28.70
$29.40
2.25x
$29.30
$30.00
$30.70
$31.50
$32.20
$33.00
$33.70
2.50x
$33.20
$33.90
$34.70
$35.50
$36.40
$37.20
$38.00
Implied Downside From Current Price
9.00x
-54%
-51%
-48%
-46%
-43%
-40%
-37%
10.00x
-48%
-45%
-42%
-38%
-35%
-32%
-29%
11.00x
-42%
-38%
-35%
-31%
-28%
-24%
-21%
12.00x
-36%
-32%
-28%
-24%
-21%
-17%
-13%
EV/'14E Sales
Implied Downside From Current Price
EV/'14E EBITDA
$4,197
Implied Enterprise Value
EV/'14E Sales
EV/'14E EBITDA
Implied Enterprise Value
2014E Revenues $3,953 $4,034 $4,115
1.75x
-58%
-57%
-56%
-55%
-54%
-53%
-52%
2.00x
-51%
-50%
-48%
-47%
-46%
-45%
-43%
2.25x
-44%
-42%
-41%
-39%
-38%
-37%
-35%
2.50x
-36%
-35%
-33%
-32%
-30%
-28%
-27%
136
Valuation Multiples Near All-Time Highs Spruce Point Capital
Despite our concerns about Ametek’s business and its financial earnings quality, its stock is trading near all-time valuation multiples. In our opinion, investors should carefully consider if its valuation premium is warranted.
Historic EV/Sales and EV/EBITDA Valuation (trailing) 16.0x
Historic Price/EPS Valuation (trailing) 4.0x
28.0x 26.0x
15.0x
3.5x
14.0x
3.0x
13.0x
12.0x
2.5x
24.0x 22.0x 20.0x 18.0x
11.0x
2.0x
10.0x 1.5x
9.0x
16.0x 14.0x 12.0x
8.0x
1.0x 2006
2007
2008
2009
2010
EV/EBITDA
Source: Bloomberg Average Multiples
2011
2012
2013 Current
10.0x
2006
2007
2008
2009
2010
2011
2012
2013 Current
EV/Sales
137
Appendix
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
List of Ametek Acquisitions (2011-2014) Spruce Point Capital
$ in millions Announced
Location
Target
8/5/2014
Germany
Luphos
8/5/2014 4/11/2014
Bedford, MA Middlefield, CT
Amptek Zygo Corp
2/10/2014
Irvine, CA
VTI Instruments
1/3/2014
Switzerland
Teseq Group
12/4/2013
Waukegan, IL
Powervar
10/29/2013 8/7/2013
Lévis, Québec Chalotte, NC
Creaform Controls SouthEast
1/3/2013
Athens, OH
Sunpower Inc
1/3/2013
San Luis Obispo, CA
12/17/2012
Miami, FL
10/23/2012
Streetsboro, OH
5/21/2012
Bonndorf, Germany Dunkermotoren GmbH
1/26/2012
St Louis, MO
O'Brien Corp
1/3/2012
Peabody, MA
Techinical Manufacturing Corp
10/17/2011
Depew, NY
Crystal Engineering Aero Components / Avtech Avionics Micro-Poise Measurement Systems
Reichert Technologies
10/25/2011
Switzerland
EM Test
5/9/2011
Montvale, NJ
Coining Holding
4/28/2011
Montevideo, MN
Avicenna Technology
Private Equity Sponsor
Target Description Technology utilizing multi-wavelength laser interferometry
provider of x-ray detectors used to identify the Edgewater Growth (2012) composition of materials using x-ray fluorescence (XRF) Bouler Capital; JZ Capital within the metal metrology solutions and optical systems Merit Capital/ Alerion high precision test and measurement instrumentation, Capital Group esp in Aerospace test and measurement instruments for electromagnetic compatibility testing. power protection equipment used by the medical, retail Pfingsten Partners and telecommunication industries developer and manufacturer of portable 3D measurement technologies and a provider of 3D engineering services Industrial Growth Partners manufacturer of custom-engineered thermal solutions
Enterprise Value
LTM Sales
LTM EBITDA
EBITDA Margin
Electronic Instruments
$12.7
--
--
--
--
--
Electronic Instruments Electronic Instruments
$115.0 $280.0
$29.2 $162.9
$13.1 $28.9
44.9% 17.7%
3.94x 1.72x
8.78x 9.69x
Electronic Instruments
$74.0
$38.0
--
--
1.95x
--
Electronic Instruments
$92.0
$53.0
--
--
1.74x
--
Electronic Instruments
$128.0
$70.0
--
--
1.83x
--
Electronic Instruments Electronic Instruments
$120.0 $160.0
$52.0 $50.0
---
---
2.31x 3.20x
---
N/A
N/A
--
--
--
--
Electronic Instruments
N/A
N/A
--
--
--
--
Electromechanical Group
~$80
N/A
--
--
--
--
Electronic Instruments
$170.0
$125.0
$22.6
18.1%
1.36x
7.52x
Electromechanical Group
$318.5
$168.6
$34.0
20.2%
1.89x
9.37x
Electronic Instruments
$179.3
$80.0
$19.9
24.9%
2.24x
9.01x
Electronic Instruments
$48.9
$30.0
$7.5
25.1%
1.63x
6.50x
Electronic Instruments
$150.0
$55.0
$15.0
27.3%
2.73x
10.00x
$93.0
$41.0
$10.3
25.2%
2.27x
9.00x
$148.0
$65.0
--
--
2.28x
--
$35.0
$25.0
--
--
1.40x
--
Segment
development of Stirling cycle cryocoolers and externally heated Stirling engine technology for various markets Electronic Instruments high-end pressure measurement technology and manufactures high-end portable digital pressure calibrators and digital test gauges repairs and overhauls fuel, hydraulic, pneumatic, power generation and heat exchanger components American Industrial integrated test and measurement solutions for Partners the tire industry engineered advanced motion control solutions for Triton Partners niche applications manufacturer of fluid and gas handling solutions, sample Industrial Growth Partners conditioning equipment and process analyzers custom active piezoelectric vibration cancellation systems for life sciences, photonics and semiconducter equipment Beecken Petty O'Keefe
River Associates Investments
instruments used by ophthalmologists, optometrists, and opticians for vision correction and the screening
Equipment used to perform electrical immunity and electromagnetic compatibility testing Electronic Instruments supplier of custom-shaped metal preforms, microstampings and bonding wire solutions for interconnect applications in microelectronics packaging and assembly Electromechanical Group fine-featured catheter and other medical components for leads, guide wires and custom medical assemblies Electromechanical Group
Source: Press releases, SEC filings, Earnings Calls, Public information
Enterprise Value / LTM Revenues EBITDA
139
List of Ametek Acquisitions (2008-2010) Spruce Point Capital
$ in millions Announced
Location
Target
Private Equity Sponsor
11/9/2010
Chicago, IL
Atlas Material Testing Technology
weathering test instruments and related testing and Industrial Growth Partners consulting services
N/A
American Reliance Power Division
direct current power supplies and electronic loads for the automated linear actuatorstest andequipment lead screw market assemblies for the
Haydon Enterprises
Harbor Group
medical, industrial equipment, aerospace, analytical instrument, computer peripheral and semiconductor
Pfingsten Partners
manufacturer of engineered interconnect solutions for the medical device industry
8/19/2010 7/1/2010
Waterbury, CT
6/1/2010
Arlington, MN
4/1/2010
Madison, WI
Technical Services for Electronics Imago Scientific Instruments (1)
1/26/2010
Tampa, FL
Sterling Ultra Precision
12/1/2009
Baldwin Park, CA
Ameron Global
1/1/2009
Miami, FL
High Standard Aviation
11/3/2008
United Kingdom
Murihead Aerospace
7/28/2008
San Diego, CA
Programmable power business of Xantrex
6/12/2008
Wayne, NJ
Vision Research
4/14/2008
Robesonia, PA
Reading Alloys
2/26/2008
Tulsa, OK
Drake Air
2/26/2008 2/20/2008
Minneapolis, MN N/A
Motion Control Group Newage Testing
Enterprise Value
LTM Sales
LTM EBITDA
EBITDA Margin
Electronic Instruments
$159.0
$85.0
--
--
1.87x
--
Electronic Instruments
N/A
N/A
--
--
--
--
Electromechanical Group
$270.0
$85.0
--
--
3.18x
--
Electromechanical Group
$89.5
$50.0
--
--
1.79x
--
manufacturer of 3D atom probes
Electronic Instruments
$6.0
$7.0
--
--
--
--
reseller of machine tools for the ophthalmic lens market manufacturer of highly engineered pressurized gas components and systems for commercial and military aerospace customers electrical and electromechanical, hydraulic and pneumatic repair services to the aerospace industry manufacturer of motion technology products and a provider of avionics repair and overhaul services for A&D markets
Electronic Instruments
$3.2
N/A
--
--
--
--
Electromechanical Group
$32.7
$20.0
--
--
1.64x
--
Electromechanical Group
$40.2
$31.0
--
--
1.30x
--
Aerospace/Defense
~$64
$54.0
--
--
1.20x
--
Electronic Instruments
$120.0
$80.0
--
--
1.50x
--
Electronic Instruments
N/A
$37.0
--
--
--
--
Electromechanical Group
N/A
$80.0
--
--
--
--
Electronic Instruments
N/A
$15.0
--
--
--
--
Electromechanical Group Electronic Instruments
N/A N/A
$26.0 N/A
---
---
---
---
Target Description
AC/DC programmable power supplies used to test electrical and electronic products manufacturer of high-speed digital imaging systems used for motion capture and analysis in numerous test and measurement applications pecialty titanium master alloys and highly engineered metal powders used in the aerospace, medical implant, military and electronics markets heat-transfer repair services to the commercial aerospace industry customized motors and motion control solutions for the medical, life sciences, industrial automation, semiconductor and aviation markets manufacturer of hardness testing equipment
1) Information based on public article Source: Press releases, SEC filings, Earnings Calls, Public information
Segment
Enterprise Value / LTM Revenues EBITDA
140
List of Ametek Acquisitions (2006-2007) Spruce Point Capital
$ in millions Private Equity Sponsor
Announced
Location
Target
12/14/2007 10/18/2007 8/13/2007
San Diego, CA United Kingdom Paris, France
California Instruments Umeco R&O Cameca SAS
6/14/2007
Lancaster, PA
6/5/2007 4/18/2007
Witchita, KS Westerly, RI
Hamilton Precision Metals Advanced Industries B&S Aircraft Parts & Acces. Seacon Phoenix
4/18/2007
N/A
Siemens' Power Control
and related Power Control Systems technology and products
12/13/2006
Tulsa, OK
Southern Aeroparts
3rd Party MRO services to the commercial aerospace
12/12/2006 11/6/2006
N/A Keene, NH
General Ceramics Precitech
6/15/2006
Dronfield, UK
5/15/2006 2/18/2006
Harleysville, PA Coral Springs, FL
Land Instruments Int'l PennEngineering Motion Tech. Pulsar Technologies
Carlyle
Enterprise Value
LTM Sales
LTM EBITDA
EBITDA Margin
Electronic Instruments joins Ametek A&D division Electronic Instruments
~$38 $73.0 $112.0
$22.0 $57.0 $82.0
----
----
1.73x 1.28x 1.37x
----
Electromechanical Group
$42.0
$25.0
--
--
1.68x
--
~'$20 $38.0
$25.0 $17.0
---
---
0.80x 2.24x
---
Electronic Instruments
--
--
--
--
--
--
Electronic Instruments
~$40
$17.0
--
--
2.35x
--
-$13.0
-$19.0
---
---
-0.68x
---
$45.7
$41.0
--
--
1.11x
--
$64.0 $14.4
$55.0 $10.0
---
---
1.16x 1.44x
---
Target Description
Segment
programmable alternating current (AC) power sources European MRO business high-end elemental analysis systems precision metal strip and foil for medical, electronic and instrumentation markets
aircraft power management and 3rd party MRO Electronic Instruments undersea electrical interconnect Halmar Robicon silicon controlledsubsystems rectifier power controller Joins HCC Industries in EMG
manuf'ter of engineered hermetic microelectronic packages for electronic apps in the A&D, telco, and industrial markets Electromechanical Group manufacturer of ultra-precision machining systems Electronic Instruments on-line optical temperature measurement instrumentation for industrial applications Electronic Instruments highly engineered motors for niche applications communications equipment for the electric utility market
Source: Press releases, SEC filings, Earnings Calls, Public Information
Technical&Industrial Products unit Electronic Instruments
Enterprise Value / LTM Revenues EBITDA
141
List of Ametek Acquisitions (2000-2005) Spruce Point Capital
$ in millions Private Equity Sponsor
Announced
Location
Target
10/10/2005
Los Angeles, CA
HCC Industries
9/7/2005 9/26/2005 6/13/2005
N/A England Kleve, Germany
Quizix Solartron Group SPECTRO
6/30/2004
Leicester, UK
7/20/2004
Enterprise Value
LTM Sales
LTM EBITDA
EBITDA Margin
Enterprise Value / LTM Revenues EBITDA
Electromechanical Group
$162.0
$104.0
--
--
1.56x
--
Electronic Instruments Electronic Instruments Electronic Instruments
-$75.0 $98.0
-$50.0 $104.0
----
----
-1.50x 0.94x
----
--
--
1.67x
--
Target Description manufacturer of engineered hermetic connectors, terminals, headers and microelectronic packages manufacturer of precision pumping systems for the oil and gas market analytical and metrology instruments Atomic Spectroscopy analytical instrumentation
Segment
Taylor Hobson
ultra-precision measurement instrumentation
Electronic Instruments
Garden City, NY
Hughes-Treitler
Electronic Instruments
$48.0
$32.0
9/4/2003
Tulsa, OK
Chandler Instruments
Electronic Instruments
$49.0
$30.0
--
--
1.63x
--
5/9/2003
Columbus, OH
Solidstate Controls
Marmon Industrial
Electronic Instruments
$34.0
$45.0
--
--
0.76x
--
1/13/2003 2/1/2002
London, England Oak Ridge, TN
Airtechnology IRAS
Candover Partners PerkinElmer
Electromechanical Group Electronic Instruments
$80.0 $63.0
$46.4 $50.0
---
---
1.72x 1.26x
---
7/9/2001
Mahwah, NJ
EDAX
Panta Electronics
Electronic Instruments
$37.0
$34.0
--
--
1.09x
--
5/22/2001 9/13/2000
Wisconsin Rochester, NY
GS Electric Rochester Instrument
SPX Corp
Electromechanical Group Electronic Instruments
$32.0 $21.0
$65.0 $33.0
---
---
0.49x 0.64x
---
8/8/2000
Various
Prestolite Electric
Prestolite
heat exchangers and thermal management subsystems measurement instrumentation for the oil and gas industry uninterruptible power supply systems for the process and power generation industries supplier of motors, fans and environmental control systems for the aerospace and defense markets manufacturer of advanced analytical instrumentation analytical instrumentation which complements the Company's process and analytical instruments magnet motors for the global floor care and other markets electric power generation market Switch Division, Industrial Battery Charger business, and Direct-Current (DC) motor business
Electromechanical Group
$60.0
$71.0
--
--
0.85x
--
1.7x
8.7x
German Equity Ptnrs
GBP 55m GBP 38m
1.67x
Deal Averages: Source: Public Information
Compare average valuation paid for acquisitions vs. Ametek’s current valuation of 3.8x and 14.5x LTM Sales and EBITDA! Source: Press releases, SEC filings, Earnings Calls, Public Information
142
Spruce Point Capital
Ametek’s Sourcing and Operational Improvement Expectations $ in millions
Source: Ametek earnings conference calls
Total Annual Cost Savings Expectations
Total Annual Sourcing Expectations
Total Annual Operational Expectations
Total Qtrly Realized Sourcing
Total Annual Realized Sourcing
Q1'09 Q2'09 Q3'09 Q4'09
$115.0 $135.0 $135.0 $135.0
$20.0 $20.0 $20.0 $22.0
$95.0 $115.0 $115.0 $113.0
$4.4 $5.4 $6.0 $6.0
$21.8
Q1'10 Q2'10 Q3'10 Q4'10
$75.0 $75.0 $75.0 $75.0
$22.0 $25.0 $27.0 $27.0
$53.0 $50.0 $48.0 $48.0
$6.0 $7.0 $7.0 $7.0
$27.0
Q1'11 Q2'11 Q3'11 Q4'11
$50.0 $50.0 $50.0 $50.0
$27.0 $28.0 $29.0 $30.0
$23.0 $22.0 $21.0 $20.0
$7.0 $7.0 $8.0 $8.0
$30.0
Q1'12 Q2'12 Q3'12 Q4'12
$60.0 $75.0 $80.0 $85.0
$40.0 $47.0 $48.0 $49.0
$20.0 $28.0 $32.0 $36.0
$10.0 $12.0 $13.0 $14.0
$49.0
Q1'13 Q2'13 Q3'13 Q4'13
$95.0 $100.0 $100.0 $100.0
$54.0 $54.0 $54.0 $62.0
$41.0 $46.0 $46.0 $38.0
$14.0 $16.0 $16.0 $16.0
$62.0
Q1'14 Q2'14 Q3'14
$90.0 $95.0 $100.0
$60.0 $65.0 $70.0
$30.0 $30.0 $30.0
$17.0 $18.0 $19.0
$54.0
Total
$545.0
$260.0
$285.0
$243.8
143
.
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Company Registration No; 00620201 (Englan·d and Wales)
i·~·:
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AEM LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
II 1111 II II 1111 1111 II *L3E39CUG*
LD4
12/08/2014
#66
AEM LIMITED ·
·.
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COMPANY INFORMATION i.';-·:
Directors
DB Coley JG Smith J W Hardin A Harding E Speranza
Secretaries
DB Coley .. KE Sena
Company number
00620201
Registered office
(Appoi.nted 31 March 2014)
PO Box 36 · 2 New Star Road Leicester LE4 9JQ
Auditors
Ernst & Young LLP One Cambridge Business Park Cambridge CB4 OWZ
Business address
Taylor's End, Stansted Airport Stansted Essex CM241RB
·Bankers
NatWest 1 Granby Street Leicester LE1 6EJ
i._y.
AEM LIMITED
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CONTENTS '';:.
Page Strategic report
1- 2
Directors' report .
3-4
Independent auditors' report
5-6
Profit and loss account
7
Balance sheet
8
Notes to the financial statements
9 - 21
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AEM LIMITED
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STRATEGIC REPORT
FOR THE YEAR ENDED 31.. DECEMBER 2013 i~-
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The directors present their strategic report for the year ended 31 December 2013. Principal activities and review of the business The principal activity of the company continued to be that of repair, overhaul, modification and testing of aircraft components and the supply of first aid and medical kits and equipment to the aviation industry. The company's key financial indicators for the year were.as follows:
Sales Operating profit Operating profit as a % of sales Net current assets (excluding debtors falling due after more than one year) Shareholders' funds
2013 2012 £'QOO £'000 25,262 23, 181 5,671 4,659 22.45% 20.10% 11,230 11,414
8,316 8,088
Change % 8.98 21.72
35.04 41.12
Operating profit for the 12 month period ended 31 December 2013 showed a 22% increase on the prior 12 month period with turnover up by 9%. Despite the general downturn in the UK economy the company, through diversification and a strong presence in overseas markets, recorded strong levels of profitability and met AMETEK expectations for all of its main key performance indicators. We remain confident, given the actions taken in 2013 to enhance capability and production facilities at our Ramsgate location that we will continue to see growth and increased profitability in 2014. Principal risks and uncertainties The company operates in a competitive and global environment and whilst the economic downturn has undoubtedly affected the airline industry as a whole, the company, )IVith its increasing global spread of MRO (Maintenance, Repair and Overhaul) businesses under the AMETEK brand, is now of significant mass and diversification. Consequently, it is much better placed to minimise the effects of this market decline and well placed to take further advantage of any market fall-out. Financial risk management The company's principal financial instruments comprise trade debtor, trade creditor and inter-company loans and balances. The company does not enter into derivative transactions and it is, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken. The main risks arising from the company's financial instruments are interest rate risk and foreign currency risk. Interest rate risk It is AMETEK group policy not to enter into interest rate swaps.
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AEM LIMITED .··
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013 i'.·::
Foreign currency risk The company has transactional and translated currency exposure arising from sales, purchases and loans in foreign currencies. It is AMETEK group policy not to actively hedge against foreign currency transactions and balances. On behalf of the board
JG Smith
Directo{3
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'::..'v L...o ,
4
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AEM LIMITED DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2013
The directors present their report for the year ended 31 December 2013. Results and dividends The results for the year are set out on page 7.
The total distribution of dividends for the year ended 31 December 2013 was £1,810,000 (2012: £3,521,000). Market value of land and buildings In the opinion cif the directors, the market value of freehold land and buildings is not considered to be materially different to the net book value as disclosed in th~ fixed asset note.
Research and development The company continues to invest in a programme of research and development across all business areas, researching and adding new capabilities considered strategic to support the markets it serves. Post balance sheet events The company has declared and paid dividends amounting to £1,000,000 since the year end. Future developments The company will continue fo expand its presence in the Far East market by utilising the AMETEK MRO facility in Singapore and seek to develop strategic partnerships wi~h other AMETEK companies. Going concern The company's business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives and details of the company's exposure to risk are described in the strategic report on page 1.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Directors The following dire,ctors have held office since 1 January 2013:
DB Coley A Imrie JG Smith J W Hardin A Harding . E Speranza
(Resigned 31 March 2014)
(Appointed 31 March 2014)
Directors' insurance AMETEK Inc. has indemnified one or more directors of the company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006 .. Such qualifying third party the year and remains in place to the date of this report. ) indemnity provision was in force during . Environment The group operates under recognised environmental procedures and best practice, fully recognising and complying with its responsibilities to the environment and current legislation. In furtherance to this.. the company operates an environmental policy in accordance with ISO 14001.
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AEM LIMITED
·.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013 i'::.
.:....,.
Financial instruments Details of financial instruments are provided in the strategic report on page 1. Auditors The auditors, Ernst & Young LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006. Statement of directors' responsibilities The ·directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reason.able and prudent; · - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the · company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure to auditors So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
JG Smith Director
0
~
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\
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4
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. AEM LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AEM LIMITED i;;.
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We have audited the financial statements of AEM Limited for the year. ended 31 December 2013 .set out on pages 7 to 21. 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). This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them .in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. · Respective responsibilities of directors and auditors As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial· statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and .International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. 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 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. ·
In addition, we read all the financial and non-financial information in the Annual Report and Financial Statements to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the fmplications· for our report. Opinion on financial statements In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 December 2013 and of its profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. ·Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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AEM "LIMITED
..
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INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF AEM LIMITED
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, or returns adequate for our audit have not been received from branches not visited by us; or the 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.
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AEM LIMITED
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PROFIT AND LOSS ACCOUNT FOR THE·YEAR ENDED 31 DECEMBER 2013 ~';::
~:·:.
2013 £'000
2012 £'000
25,262
23, 181
·Cost of sales
(13,580)
(12,239)
.Gross profit
11,682
10,942
Distribution costs Administrative expenses
(1,369) (4,642)
(1,380) (4,903)
5,671
4,659
Notes Turnover
2
Operating profit
3
Investment income Interest receivable Amounts written off investments Interest payable
4.
5 6 7
Profit on ordinary activities before taxation Tax on profit on ordinary activities
Profit for the year
25 39
160 35 (160) (637)
8
21
(637)
5,069
4,086
10
945
5,079
5,031
--
--
The profit and loss account has been prepared on the basis that all operations are continuing operations. There are no recognised gains and losses other than those passing through the profit and loss account.
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AEM LIMITED
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BALANCE SHEET
AS AT.31DECEMBER2013 i;::
,.. ..
':· ..
2012
2013 Notes
£'000
\....
i·~·::
~
£'000
£'000
£'000
Fixed assets Intangible assets Tangible assets Investments
10 11 12
5,603 4,619
5,532 4,907 160
10,222
10,599
· . Current assets Stocks Debtors Cash at bank and in hand
13 14
Creditors: amounts falling due within one year
16
4,106 9,963 1,221
4,292 6,662 1,875
15,290
12,829 (4,053)
(4,060)
-- -
Net current assets
11,230
Total assets less current liabilities
21,452
19,375
(11,287)
Creditors: amounts falling due after more than one year
17
(10,022)
Provisions for liabilities
18
(16)
8,776
11,414
8,088
Capital and reserves Called up share capital Profit and loss account
20 21
3,000 8,414
3,000 5,088
Shareholders' funds
22
11,414
8,088
Approved by the Board and
~uthorised for issue on ... ~... ~~·l·~;-V l..o\4
. . .~. G\. ·JG Smith
Director Company Registration No. 00620201
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·. AEM LIMITED
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31.DECEMBER 2013. \··::
1
Accounting policies
1.1 ·Accounting convention The financial statements are prepared under the historical cost convention. The company has taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from the requirement to produce a cash flow statement on the grounds that it is a subsidiary undertaking · where 90 percent or more of the voting rights are controlled within the group.
1.2
Compliance with accounting standards The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), . which have been applied consistently (except as otherwise stated).
1.3
Turnover Turnover. represents the amounts receivable by the company for goods supplied and services provided, excluding VAT and trade discounts. In the case of goods, invoices are ra.ised on delivery to and, where required, formal acceptance by customers.
1.4
Goodwill Goodwill is the difference between the cost of an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities. Positive goodwill is capitalised and classified as an asset on the balance sheet. It is reviewed for impairment at the end of the first full financial period following the acquisition and each year thereafter to ensure that the carrying value is still recoverable. The goodwill recognised is considered to have an indefinite useful economic life. No amortisation is therefore charged to the profit and loss account unless events or changes in circumstances indicate that the carrying value may not be recoverable. The financial statements depart ·from the specific requirements of the Companies Act 2006 to amortise goodwill over a finite period for the overriding purpose of giving a true and fair view. As the useful econornic life of goodwill is considered to be indefinite (see note 10), it is not possible to quantify the effect of this departure.
1.5
Licences, patents and knowhow Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
1.6
Research and development Research expenditure is written off to the profit and loss account in the year in which it is incurred.
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AEM LIMITED .
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NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)
FOR THE YEAR ENDED·31DECEMBER2013 \":;.-.
i:.·:.
1
Accounting policies
1.7
Tangible fixed assets and depreciation Tangible fixed assets. are s_tated at cost less accumulated depreciation. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
{Continued)
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition of each asset evenly over its expected useful life, as follows:
Buildings Short leasehold property Plant and machinery Fixtures, equipment and computers Motor vehicles ·
2% per annum Over the life of the lease 10-15% per annum (aircraft rotable spares 14%) 20- 33% per annum 25-33% per annum
No depreciation is charged on freehold land.
1.8
Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.9
Investments Fixed asset investments are stated at cost and are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.
1.10 Stock and work in progress Stock and work in progress are valued at the lower of cost and net realisable value. Cost includes materials, direct labour and an attributable proportion of overheads based on normal levels of activity. 1.11 Pensions The company administers a defined contribution pension scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme. 1.12 Deferred taxation Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception: - deferred tax assets are recogni$ed only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing ' differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.13 Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies. are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
- 10 -
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AEM LIMITED
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NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) 0
FOR THE YEAR ENDED 31 DECEMBER 2013 0
1
~
Accounting policies
(Continued)
1.14 Share-based payments The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which relevant employees become fully entitled to the award. Fair value is determined using an appropriate pricing model. No expense is recognised for awards that do not ultimately vest. f
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non market conditions that impact on the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account for the year (as part of wages and salaries) with a corresponding reserve transfer to the profit and loss reserve. There are no n
2
Turnover. Geographical market Turnover 2013 £'000
Europe and Middle East Asia and Africa Americas (excl USA) USA
22,690 1,615 102 855
- 11 -
2012 £'000
19,782 2,666 30 703
25,262
23,181
--
--
AEM LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013 ''::.
'';:.
3
i~·:.
Operating profit
2013 £'000
Operating profit is stated after charging: Amortisation of intangible assets Depreciation of tangible assets Loss on disposal of tangible assets Loss on foreign exchange transactions Research and development Operating lease rentals Hire of plant and machinery Fees payable to the compa~y's auditor for the audit of the company's annual accounts Redundancy - exceptional restructuring cost and after crediting: Profit on disposal of tangible assets Profit on foreign exchange transactions
4
Investment income
Interest receivable
Interest receivable from group undertakings
6
Amounts written off investments
Amounts written off fixed asset investments: - loss on liquidation of investments
7
9 736
2012 £'000
299 246 37
768 3 89 307 288 33
20 30
23 72
(8) (29)
Income from shares in group undertakings
5
'~·:
\·~··
--
--
2013 £'000
2012 £'000
160
25
--
--
2013 £'000
2012 £'000
35
39
--
--
2013 £'000
2012 £'000
160
Interest payable
Interest payable to group undertakings
- 12 -
--
--
2013 £'000
2012 £'000
637
637
--
--
·.
·.
. AEM LIMITED
NOTES TO THE.FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013 'i.'
8
\·;:.
i';:.
Taxation 2013 £'000
2012 £'000
Domestic _current year tax Adjusfment for prior years
(765)
Total current tax
(765)
Deferred tax Origination and reversal of timing differences . Effects of changes in tax rates and laws
(16)
Factors affecting the tax charge for the year Profit on ordinary activities before taxation
Profit on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 23.25% (2012 - 24.50%) Effects of: (Income not taxable)/ Non deductable expenses Depreciation in advance of capital allowances Adjustments to previous periods Amount written off investments Dividend income not taxable Group relief not charged Other timing differences
6
(181) 1
(10)
(180)
(10)
(945)
5,069
4,086
--
--
1, 178
1,001
(48) 11
3 168 (765)
37 . (37) (1, 149) 8
(1, 184) 12
(1,178)
(1,766) (765)
Current tax credit for the year
--
--
The company has received the benefit of tax losses amounting to £4,944,000 (2012: £4,833,000) from certain subsidiary undertakings without making any payment. Factors that may affect future tax charges The standard rate of Corporation Tax in the UK reduced from 24% to 23% with effect from 1 April 2013. Accordingly the company's profits for this accounting period are taxed at a blended rate of 23.25%.
The standard rate has fallen to 21 % with effect from 1 April 2014 and will fall further to 20% with effect from 1 April 2015. These rates were enacted during the period and as such any deferred tax balances have been stated at a rate of 20%.
- 13 -
AEM .LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013 i;·.
9
10
....
l~·:.
'':'-
;~
Dividends
2013 £'000
2012 £'000
Ordina_ry final paid
1,810
3,521
--
--
Intangible fixed assets Licences, patents and knowhow £'000 Cost At 1 January 2013 Additions
80
At 31 December 2013
80
Goodwill
Total
£'000
£'000
5,558
5,558 80
5,558
5,638
26
26 9
Amortisation At 1 January 2013 Charge for the year
9
At 31 December 2013
9
26
35
71
5,532 -5,532
--
Net book value At 31 December 2013
-At 31 December 2012
--
5,603 5,532
--
The directors consider that the specialised nature of the· acquired businesses give grounds for regarding the goodwill premiums as durable and for assigning an indefinite life. The businesses operate in a long standing ·and highly regulated industry and the related products, customer base and business names provide a benefit to the company which is considered to have indefinite durability. The financial statements depart from the specific requirements of s396 of the Companies Act 2006 to amortise goodwill over a finite period for the overriding purpose of giving a true and fair view. As the useful economic life of goodwill is considered to be indefinite, it is not possible to quantify the effect of this departure.
-14 -
AEM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE.YEAR ENDED 31DECEMBER2013 ··~·:.
11
':~'
i;:
i .......
Tangible fixed assets Freehold land and buildings
Short Plant and Fixtures, leasehold machinery fittings & property equipment
£'000
£'000
Cost At 1 January 2013 Additions Disposals
2,725 231
17
At 31 December 2013
2,956
17
737
9
Depreciation At 1 January 2013 On disposals Charge for the year At 31 December 2013 Net book value At 31 December 2013
45 782
9
2,174
8
-At 31 December 2012
Motor vehicles
Total
£'000
£'000
£'000
£'000
6,389 181 (548)
1, 108 17 (14)
58 19 (28)
10,297 448 (590)
1, 111
·49
10, 155
'6,022
3,673 (548) 666
913 . (14)
3,791
908
9
58 (28) 16
5,390 (590) 736
46
5,536
2,231
203
3
4,619
--
--
--
--
--
--
1,988
8
2,716
195
--
--
--
--
4,907
Included in the cost of land and buildings is freehold land of £267,000 (2012: £267,000) which is not depreciated. Included within additions in the year to plant and machinery are assets under construction of £136,000 (2012: £58,000) and within additions in the year to land and buildings of £184,000 (2012: £210,000).
- 15 -
·.
AEM LIMITED
·.
NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013 i;.·. . . i.~·:
12
i·:;:
Fixed asset investments Shares in subsidiary undertakings £'000 Cost At 1 January 2013 Disposals
185 (185)
At 31 December 2013 Provisions for diminution in value At 1 January 2013 On disposals
25 (25)
At 31 December 2013 Net book value At 31 December 2013 At 31 December 2012
160
The company held investments in Aviation Windings Limited and Aeromedic Innovations Limited at 1 January 2013. These companies were liquidated during the year. 13
Stocks and work in progress
2013. £'000
2012 £'000
Raw materials and consumables Work in progress Finished goods and goods for resale
2,921 1,014 . 171
2,424 1,287 581
- 16 -
4,106
4,292
--
--
·.
·AEM LIMITED . NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FORi·:;:. THE YEAR ENDED 31, DECEMBER l013 \~;:
14
..
i':::
i~-:
''::.
Debtors
2013 £'000
2012 £'000
Trade debtors Amounts owed by group undertakings Corporation tax Other debtors Prepayments.and accrued income Deferred tax asset (see note 15)
3,287 6, 151 237 102 127 59
3,288 2,455 628 33 209 49
9,963
6,662
--
--
2013 £'000
2012 £'000
Amounts falling due after more than one year and included in the debtors above are:
Amounts owed by group undertakings
15
. 460
Deferred tax asset
The deferred tax asset (included in debtors, note 14) is made up as follows: 2013 £'000 Balance at 1 January 2013 . Profit and loss account
(49) (10)
Balance at 31 December 2013
(59)
--
Decelerated capital allowances Share based payment Other timing differences
2013 £'000
2012 £'000
(24) (21) (14)
(18) (31)
(59)
(49)
--
--
The effect of future changes in tax rate is not considered to have a material effect on the deferred tax balance.
- 17 -
·.
·.
AEM LIMITED.··
·.
·.
·.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED_·31 DECEMBER 2013 i~·.",
16
17
\:;:.
Creditors: amounts falling due within one year
2013 £'000
2012 . £'000
Trade creditor!? Amounts owed to group undertakings Taxes and social security costs Other creditors Accruals and deferred income
3,215 206 154 164 321
3,201 281 166 94 311
4,060
4,"053
--
--
2013 £'000
2012 £'000
Creditors: amounts falling due after more than one year
Amounts owed to group undertakings
10,022
11,287
--
--
Included within amounts owed to group undertakings is a loan totalling £9,800,000 (2012: £9,800,000). The loan has a rolling 5 year notice period. Interest is charged at a rate of 6.5%.
18
Provisions for liabilities Warranty £'000 Profit and loss account
16
Balance at 31 December 2013
16
The provision relates to a possible claim by a customer and is likely to be utilised in 2014.
19
Pension and other post-retirement benefit commitments Defined contribution The company administe_rs a defined contribution pension scheme for the benefit of the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and there were no amounts due to the scheme at the year end (2012: £Nil).
Contributions payable by the company for the year
- 18 -
2013 £'000
2012 £'000
254
256
AEM LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2013 \
......
\'.·.:.
20
i~-...
Share capital
.....
2013 £'0.00
Allotted, called up and fully paid 3,000,000 Ordinary shares of £1 each
21
.
i·:;.·.
2012 £'000
3,000
3,000
--
--
Statement·of movements on profit and loss account Profit and loss account
. £'000 Balance at 1 January 2013 Profit for the year Share based payment transactions Dividends paid
5,088 5,079 57 (1,810)
Balance at 31 December 2013
8,414
-22
Reconciliation of movements in shareholders' funds
2013 £'000
2012 £'000
Profit for the financial year Dividends Share based payment transactions
5,079 (1,810) 57
5,031 . (3,521) 69
Net addition to shareholders' funds Opening shareholders' funds
3,326 8,088
Closing shareholders' funds
23
Contingent liabilities The company has issued bank guarantees to the value of £10,000.(2012: £10,000).
- 19 -
1,579 6·,509
11,414
8,088
--
--
•,
AEM LIMITED
•,
NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2013 \';:.
24
~-~·::
Financial commitments At 31 December 2013 the company was committed to making the following payments. under non-cancellable operating leases in the year to 31 December 2014: Land and buildings 2013 2012 £'000 £'000 Operating leases which expire: Within one year Between two and five years In over five years
248
Other 2013 £'000
2012 £'000
13 21
21 33
34
54
235 235
248
-25
Capital commitments
2013 £'000
2012· £'000
At 31 December 2013 the company had capital commitments as follows: Contracted for but not provided in the financial statements
510
-26
Directors' remuneration
Remuneration for qualifying services Company pension contributions to defined contribution schemes
2013 £'000
2012 £'000
248 16
232 15
--
--
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2012 - 3). The number of directors who exercised share options during the year was 2 (2012 - 1). The number· of directors who received shares under long term incentive schemes during the year was 4 (2012 - 4). Remuneration disclosed above includes the following amounts paid to the highest paid director: Remuneration for qualifying services Company pension contributi.ons to defined contribution schemes
137
122
9
8
The highest paid director has exercised share options during the year. The highest paid director received shares under a long term incentive scheme during the year.
J W Hardin is a US based director within the AMETEK group and does not provide any qualifying services to AEM Limited.
- 20 -
AEM LIMITED
•,
•,
•,
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED). FOR THE YEAR ENDED 31 DECEMBER 2013
27
Employees Number of employees The average monthly number of employees (including directors) during the year was:
2013
·2012
. Number
Number
62 155
64 147
217
211
Employment costs
2013 £'000
2012 £'000
Wages and salaries Social security costs Other pension costs
6,3p1 622 254
5,902 576 256
7,177
6,734
Sales, administration and distribution Manufacturing
Included in wages and salaries is a total expense for share-based payments in relation to equity-settled transactions of £57,000 (2012: £69,000), of which £27,000 (2012: £40,000) relates to restricted shares and £30,000 (2012: £29,000) relates to share options. Further details of the share-based payment arrangements applicable are given in the group financial statements of the ultimate parent entity AMETEK Inc.
28 · Control The immediate parent company is AMETEK Aerospace and Defense Group UK Limited, a company registere<;f in England and Wales.The ultimate parent company is AMETEK Inc, a company incorporated in the United States of America. AMETEK Inc. prepares group financial statements which include the company and are the smallest and largest consolidated accounts that the company is included in, copies of which can be obtained from P 0 Box 36, 2 New Star Road, Leicester LE4 9JQ.
29
Post balance sheet events The company has declared and paid dividends amounting to £1,000,000 since the year end.
- 21 -
' Company Reg1strat1on No 00499805 (England and Wales)
AMETEK AIRTECHNOLOGY GF.tOUP LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
111111111111111111 A06
"A2ECYYGJ" 08/0812013 COMPANIES HOUSE
#295
• AMETEK AIRTECHNOLOGY GROUP LIMITED COMPANY INFORMATION
Directors
J A Mockler DB Coley J A Fenn RR Mandos R Vogel
Secretaries
DB Coley KE Sena
Company number
00499805
Registered office
P 0 Box 36 2 New Star Road Leicester LE4 9JQ
Auditors
Ernst & Young LLP Wessex House 19 Threef1eld Lane Southampton S014 3QB
Business address
111 Windmill Road, Sunbury on Thames Middlesex TW16 7EF
Bankers
NatWest 1 Granby Street Leicester LE1 6EJ
Sohc1tors
Blake Lapthorn New Kings Court Tollgate Chandler's Ford Eastleigh Hampshire S053 3LG
(Appointed 26 Apnl 2012) (Appointed 1 July 2012) (Appointed 1 August 2012)
•
'
AMETEK AIRTECHNOLOGY GROUP LIMITED CONTENTS
Page Directors' report
1-4
Independent auditors' report
5-6
Profit and loss account
7
Statement of total recognised gains and losses
8
Balance sheet
9
Notes to the financial statements
10 - 28
•
AMETEK AIRTECHNOLOGY GROUP LIMITED DIRECTORS' REPORT
FOR THE YEAR ENDED 31DECEMBER2012
The directors present their report and financial statements for the yea; ended 31 December 2012 Principal act1v1t1es and review of the business The principal act1v1ty of the company continued to be that of the design and manufacture of products for the aerospace, defence and rail industries, the design and manufacture of spec1ahst prec1s1on and motion control products and the design, manufacture and sale of track balls and other cursor controlled products
The company's key financial indicators for the year were as follows
Sales Operating profit before exceptional items Exceptional items Operating profit after exceptional items Operating profit as a % of sales Net current assets Shareholders' funds
2012 £'000
2011 £'000
Change
47,489 6,012 891 5, 121 10 78% 21,986 20,280
44,068 5,297
7 76 13 50
5,297 12 02% 20,367 19,966
(3 32)
%
7 95 1 57
The level of order intake in 2012 reduced by £1 7m or 3 9% to £42 6m A reduction of orders in our track ball product hne which benefited from a large multi-year order in 2011 drove this reduction We continue to invest heavily in new product development to ensure we are well placed to achieve our long term growth obiect1ves During 2012 we spent £3 2m on research, development and engineering to support our New Product investment programs New Product investment for 2012 was 6 8% of sales (2011 8 4%) The level of enquires and the future prospects remain encouraging In 2012 the continued strength of the short term order book coupled with a strong performance in our 011 & Gas sector resulted in increased sales of £3 4m or 7 8% to £47 Sm During 2012 the company recorded a £0 9m prov1s1on to refiect add1t1onal costs associated with a development program which will not be recoverable under the terms of the contract Adjusting for this, the business recorded a 13 5% increase in its operating profit This improvement was driven by the increased level of sales, supported by strong margins and a reduced cost base We remain focused on operational excellence and have earned on with the 1mplementat1on of lean in1!1at1ves to ensure we can hold our compet1t1ve pos1t1on in our markets We continue to aggressively pursue cost reductions through local and parent company Global Sourcing and Strategic Procurement lmt1at1ves The company's net current assets increased by £1 6m or 7 9%, this increase was driven by a reduction in the level of trade creditors which reduced £1 6m and higher intercompany debtors following the introduction of cash pooling processes Despite d1v1dend payments of £4 3m Shareholders funds increased 1 6% reflecting the profit generated in the year
-1-
AMETEK AIRTECHNOLOGY GROUP LIMITED DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012
Principal risks and uncertainties The company operates 1n a compet1t1ve global environment, and our customers have the ability to switch supply sources 1f they iudge that the competitor product offers better value Further, 1t 1s becoming apparent that a trend 1s developing w1th1n our defence and industrial markets whereby our customers are placing orders close to 1f not within stated lead times The business believes this change in procurement behaviour 1s as a direct result of our customers coming to terms with reduced defence budgets and a general tightening of spending within industrial and commercial markets driven principally by continuing concerns over the robustness of economic growth in developed and developing economies
The business 1s responding to these risks by continuing to focus on the quality and rel1ab11ity of our products in order to provide good value over the product life, to monitor competitor act1v1ty to maintain our compet1t1veness and to improve the ag1l1ty of our operations allowing us to improve our responsiveness The company 1s considered to have acceptable d1vers1ficat1on between its Commercial, Military and Industrial market sectors and therefore unlikely to be overly exposed by a downturn in any one of these markets The company does not have a natural hedge in the Euro and USD currencies and 1s therefore impacted by exchange rate fluctuations
Financial instruments The company's principal financial instruments comprise trade debtor, trade creditor and 1ntercompany balances The company does not enter into derivative transactions and 1t 1s, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken The main risk arising from the company's financial instruments 1s foreign currency risk The company has transactional and translat1onal currency exposures arising from sates and purchases in foreign currencies It 1s AMETEK group policy not to actively hedge against foreign currency transactions and balances Results and d1v1dends The results for the year are set out on page 7
The total d1stnbut1on of d1v1dends paid in the year ended 31 December 2012 was £4,254,000 (2011 £2,000,000)
Research and development Research and development 1s directed towards product development and new products aligned to market needs Post balance sheet events The company has declared and paid d1v1dends amounting to £1,200,000 since 31 December 2012 Future developments The company continues to seek out new opportunities within its Rat•, lndustnal, 01\ & Gas and Commercial Aerospace markets outside of the UK to complement the strong pos1t1on within the European Aerospace & Defence markets We remain oplim1st1c about the near term economic outlook and our d1fferenttated business continues to enioy a healthy order book This gives us good reason to be confident that 2013 should be another good year
Going concern The company's business act1v1t1es, together with the factors likely to affect its future development, its financial pos1t1on, financial risk management objectives and details of the company's exposure to risk are described in this report
After making enqumes, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future Accordingly, they continue to adopt the going concern basis in preparing the financial statements
-2-
AMETEK AIRTECHNOLOGY GROUP LIMITED DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 Directors The following directors have held office since 1 January 2012 J A Mockler DB Coley J A Fenn RR Mandos R Vogel J J Molrnellr C E Lohwasser L M Smrth
(Appointed 26 Aprrl 2012) (Appointed 1 July 2012) (Appointed 1 August 2012) (Resigned 1 July 2012) (Resigned 1 August 2012) (Resrgned 30 Aprrl 2012)
Directors' insurance AMETEK Inc has indemnified one or more directors of the company agarnst lrabilrty rn respect of proceedings brought by third parties, subiect to the conditions set out rn the Companies Act 2006 Such qualrfyrng thrrd party rndemnrty provrsron was in force durrng the year and remains rn place to the date of th rs report Employee involvement Employees are involved rn rmprovrng the company performance through the Lean Manufacturrng rnrtrabves that have been set up throughout the organrsatron Communrcatron wrth employees rs prrncrpally vra iornt consultatrve meetrngs and quarterly revrews
Disabled persons The company grves full consrderatron to applrcatrons for employment from drsabled persons where the requrrements of the JOb can be adequately fulfilled by a handrcapped or drsabled person Where exrsting employees become drsabled, rt rs the company's policy wherever practrcable to provrde continuing employment under normal terms and condrtrons and to provrde trarning and career development and promotron to drsabled employees wherever approprrate
Auditors The audrtors, Ernst & Young LLP, are deemed to be reappointed under sectron 487(2) of the Companies Act 2006
-3-
AMETEK AIRTECHNOLOGY GROUP LIMITED DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 Statement of directors' respons1b1htles The directors are responsible for preparing the Directors' Report and the financial statements m 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 elected to prepare the financial statements m accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period In preparing these financial statements, the directors are required to - select suitable accounting policies and then apply them consistently, - make judgements and accounting estimates that are reasonable and prudent, - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained m the financial statements, - prepare the financial statements on the going concern basis unless 1t 1s inappropriate to presume that the company will continue m business The directors are responsible for keeping adequate accounting records that are suff1c1ent to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other 1rregularit1es Statement of disclosure to auditors So far as the directors are aware, there 1s no relevant audit 1nformat1on of which the company's auditors are unaware Add1t1onally, the directors have taken all the necessary steps that they ought to have taken as directors m order to make themselves aware of all relevant audit information and to estat:lish that the company's auditors are aware of that information
On behalf of the board
dif
l\6\1~
Fen ecto
-4-
AMETEK AIRTECHNOLOGY GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMETEK AIRTECHNOLOGY GROUP LIMITED
We have audited the financial statements of AMETEK A1rtechnology Group L1m1ted for the year ended 31 December 2012 set out on pages 7 to 28 The financial reporting framework that has been applied in their preparation 1s applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) This report 1s made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them 1n an auditors' report and for no other purpose To the fullest extent permitted by law, we do not accept or assume respons1b1l1ty to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed Respective respons1b1llties of directors and auditors As explained more fully in the Statement of Directors' Respons1b1l1t1es set out on page 4, the directors are responsible for the preparation of the financial statements and for being sat1sf1ed that they give a true and fair view Our respons1b11ity 1s to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Aud1t1ng (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the f1nanc1al 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 company's circumstances and have been consistently applied and adequately disclosed, the reasonableness of s1gn1f1cant accounting estimates made by the directors, and the overall presentation of the financial statements
In add1t1on, we read all the financial and non-financial information in the Directors' Report and Financial Statements to 1dent1fy material incons1stenc1es with the audited financial statements If we become aware of any apparent material misstatements or inconsistencies we consider the 1mplicat1ons for our report Opinion on financial statements In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 31 December 2012 and of its profit for the year then ended, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared in accordance with the requirements of the Companies Act 2006 Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared 1s consistent with the financial statements
-5-
AMETEK AIRTECHNOLOGY GROUP LIMITED INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF AMETEK AIRTECHNOLOGY GROUP LIMITED 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 1f, in our opinion adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not v1s1ted by us, or the 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
tM~-1 '--( ~
UJ
David Marshall (Senior Statutory Auditor) for and on behalf of Ernst & Young LLP Statutory Auditor Southampton
-6-
AMETEK AIRTECHNOLOGY GROUP LIMITED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31DECEMBER2012 2012 £'000
2011 £'000
47,489
44,068
Cost of sales
(36,969)
(33,469)
Gross profit
10,520
10,599
D1stnbut1on costs Adm1nistrat1ve expenses
(1,532) (3,867)
(1,863) (3,439)
--
--
5, 121
5,297
76 597
83 481
--
--
5,794
5,861
Notes Turnover
2
--
Operating profit
3
Interest receivable and s1m1lar income Other finance income
4 14
Profit on ordinary act1v1bes before taxation Tax on profit on ordinary act1v1t1es Profit for the year
151
1,284
--
--
5,945
7,145
5
17
= The profit and loss account has been prepared on the basis that all operations are continuing operations
-7-
AMETEK AIRTECHNOLOGY GROUP LIMITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31DECEMBER2012
Profit for the financial year Actuarial loss on pension scheme Tax on items taken directly from equity Total recognised gains and losses relating to the year
- B-
2012 £'000
2011 £'000
5,945 (1,544) 100
7,145 (1,553) 128
4,501
5,720
--
--
AMETEK AIRTECHNOLOGY GROUP LIMITED BALANCE SHEET AS AT 31 DECEMBER 2012
2012 £'000
Notes F1xed assets Intang1ble assets Tangible assets
Current assets Stocks Debtors Cash at bank and
7 8
9 10 in
hand
Creditors amounts falling due within one year
11
2011 £'000
£'000
14, 176 5,622
15,029 5,899
--
--
19,798
20,928
14,076 15,800 162
13,870 14,346 1,200
--
--
30,038
29,416
(8,052)
(9,049)
--
--
21,986
Net current assets
£'000
20,367 --
Total assets less current liabilities Creditors. amounts falling due after more than one year
12
41,784
41,295
(23,423)
(23,423) --
Pension asset
18,361 1,919
14
17,872 2,094
-20,280
19,966
--
Capital and reserves Called up share capital Profit and loss account
16 17
Shareholders' funds
18
480 19,800
480 19,486
-20,280
= Approved by the Board and authorised for issue on
\~"$'
Company Reg1strat1on No. 00499805
-9-
?-e,:,
19,966
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31DECEMBER2012 1
Accounting pohc1es
11
Accounting convention The financial statements are prepared under the historical cost convention The company has taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from the requirement to produce a cash flow statement on the grounds that 1t 1s a subs1d1ary undertaking where 90 percent or more of the voting rights are controlled within the group
1.2
Comphance with accounting standards The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated)
1.3
Turnover and revenue recognition Turnover represents the amounts receivable by the company for goods supplied and services provided, excluding VAT and trade discounts In the case of goods revenue 1s recognised when the risks and rewards of ownership of the goods has passed to the buyer This 1s usually determined with reference to the INCO terms of goods shipped
14
Goodwill Goodw1ll 1s the difference between the cost of an acquired entity and the aggregate of the fair value of that entity's 1dent1fiable assets and liabilities Positive goodwill arising on acqu1s1t1ons 1s capitalised and classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life up to a maximum of 20 years It 1s reviewed for 1mpa1rment at the end of the first full financial period following the acqu1s1t1on and in other periods 1f events or changes in circumstances indicate that the carrying value may not be recoverable
15
Licences, patents and knowhow Licences, patents and knowhow are stated at cost less accumulated amort1sat1on and are amortised over the period during which the company expects to benefit from them
1.6
Research and development Research expenditure ts wntten off to the profit and loss account in the year in which 1t 1s mcurred
17
Tangible fixed assets and deprec1at1on Tangible fixed assets are stated at cost less accumulated deprec1at1on The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable Depreciation 1s provided on all tangible fixed assets, other than freehold land and assets 1n the course of construction, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acqu1s1t1on of each asset evenly over its expected useful life, as follows
Freehold buildings Leasehold property Plant and machinery Fixtures, fittings & equipment Motor vehicles
2% - 5% per annum term of the lease 6% - 33% per annum 12 5% - 33% per annum 20% to 33% per annum
- 10 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 1
Accounting policies
18
Leasing Rentals payable under operating leases are charged against income on a strarght line basrs over the lease term
19
Stock and work in progress Stock and work in progress are valued at the lower of cost and net realisable value Cost rncludes all costs incurred in brrngrng each product to rts present loacatron and condrtron as follows
{Continued)
- raw materrals, consumables and goods for resale are at purchase cost on a frrst-in, first-out basrs -work rn progess and frnrshed goods are stated at cost of drrect materrals and labour plus attrrbutable overheads on a normal level of actrvrty Net realrsable value rs based on estrmated sellrng prrce less any further costs expected to be rna.irred to completron and drsposal 1 1O Pensions The company operates both defined benefrt and defrned contrrbutron pensron schemes accounted for rn accordance wrth FRS 17 "Accountrng for Retrrement Benefits"
These are
Defined contnbution pension scheme
Contrrbutrons to the defrned contrrbutron pensron scheme are recognrsed in the profrt and loss account rn the perrod rn whrch they are payable Defined benefit pension scheme
The company operates a defined benefit pensron scheme for rts employees The assets of the scheme are held separately from those of the company Pensron scheme liabrlrtres are measured on an actuarral basrs using the projected unrt method and are drscounted at the current rate of return on a hrgh quality corporate bond of equrvalent term and currency to the liabrlity Pensron scheme assets are measured using market values at the balance sheet date The pensron scheme asset/defrcrt rs recognrsed in full on the balance sheet The deferred tax relating to a defined benefit asset/liabrlrty rs offset against the defined benefit asset/liabrlity and not included wrth other deferred tax assets or liabrlitres Increases in the present value of the scheme lrabrlitres expected to arrse from employee service rn the perrod are charged to operating profit The expected return on scheme assets less the rncrease in the present value of scheme liabrlrtres arrsrng from the passage of trme are rncluded in other interest and shown ad1acent to interest payable/receivable Actuarral gains and losses are recognrsed rn the statement of total recognrsed garns and losses
1.11 Deferred taxation Deferred tax 1s recognrsed in respect of all t1m1ng differences that have orrgrnated but not reversed at the balance sheet date where transactions or events have occurred at that date that wrll result in an obligation to pay more, or a rrght to pay less or to receive more tax, wrth the following exception - deferred tax assets are recognised only to the extent that the directors consider that rt rs more likely than not that there wrll be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted Deferred tax 1s measured on an undrscounted basis at the tax rates that are expected to apply m the perrods in whrch trming differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date
- 11 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 1
Accounting policies
(Continued)
1 12 Foreign currency translation Monetary assets and liab1lit1es denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction All differences are taken to profit and loss account
1 13 Share-based payments The cost of equity-settled transactions with employees 1s measured by reference to the fair value at the date at which they are granted and 1s recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award Fair value 1s determined using an appropriate pricing model No expense 1s recognised for awards that do not ultimately vest At each balance sheet date before vesting, the cumulative expense 1s calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non-market cond1t1ons that impact on the number of equity instruments that will ultimately vest The movement in cumulative expense since the previous balance sheet date 1s recognised in the profit and loss account for the year (as part of wages and salaries) with a corresponding transfer to the profit and loss reserve There are no non-equity settled share-based payments
1 14 Related party transactions The company 1s a wholly owned subs1d1ary of AMETEK Inc, the consolidated accounts of which are publicly available Accordingly, the company has taken advantage of the exemption in FRS 8 from disclosing transactions with other wholly owned members or investees of the AMETEK Inc group
2
Turnover Turnover
Class of business Products for aerospace, defence and rail systems Prec1s1on and motion control products Track balls and other cursor controlled products
2012 £'000
2011 £'000
27,805 15,332 4,352
26,031 13,985 4,052
---
---
47,489
44,068
=
=
Geographical market Turnover
Europe Asia Americas (excl USA) USA
2012 £'000
2011 £'000
37,304 2,016 380 7,789
34,457 3,073 365 6,173
47,489
44,068
= - 12 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 3
Operating profit
Operating profit 1s stated after charging Amort1sat1on of goodwill Amort1sat1on of licences, patents and knowhow Deprec1at1on of tangible assets Loss on disposal of tangible assets Loss on foreign exchange transactions Research and development Hire of plant and machinery Other operating lease rentals Auditors' remuneration
2012 £'000
2011 £'000
823 88 545 66 384 4,306 192 374 88
822 73 737 54
and after crediting Profit on foreign exchange transactions
3,752 177 373 82
(12)
-Operating profit also includes £529,000 (2011 £153,000) in respect of redundancy costs incurred during the year Restructuring costs of £44,000 were included in 2011 In 2012, operating profit 1s stated after charging £891,000 exceptional write off in respect of add1t1onal costs associated with a development program, which will not be recoverable under the terms of the contract
4
Interest receivable and s1m1lar income
Interest receivable from group undertakings Other interest
2012 £'000
2011 £'000
75 1
82 1
76
83
--
- 13 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 5
Taxation
2012 £'000
2011 £'000
Domestic current year tax Adjustment for prior years
(8)
(1,295)
Total current tax
(8)
(1,295)
(130) 12 (25)
(6) 13 4
(143)
11
Deferred tax Origination and reversal of timing differences Effects of changes in tax rates and laws Deferred tax charge on defined benefit pension scheme
Total tax charge
(151)
Factors affecting the tax charge for the year Profit on ordinary act1v1t1es before taxation
5,794
Profit on ordinary act1v1t1es before taxation multiplied by standard rate of UK corporation tax of 24 50% (2011 - 26 49%) Effects of Non deductible expenses Accelerated/(Decelerated) capital allowances Enhanced R & D deduction Adjustments to previous periods Other timing differences Defined benefit pension scheme Group relief not charged
Current tax credit for the year
(1,284)
--
5,861 --
1,419
1,553
197 123 (189) (8) 7 (305) (1,252)
224 (3) (190) (1,295)
(1,427)
(2,848)
(8)
(1,295)
--
--
(344) (1,240)
The company has received the benefit of tax losses amounting to £5, 111,000 (2011 £4,680,000) from certain fellow subs1d1ary undertakings without making any payment
- 14 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 5
Taxation
{Continued)
Factors that may affect future tax charges The standard rate of Corporation Tax in the UK reduced from 2€;% to 24% with effect from 1 April 2012 Accordingly the company's profits for this accounting period are taxed at a blended rate of 24 5% The March 2012 Budget announcement included further proposals to reduce the main rate of corporation tax to 23% from 1 April 2013 and to 22% from 1 April 2014 The reduction to 23% was enacted during the year and therefore deferred tax balances are stated at 23% On 5 December 2012, 1t was announced that the main rate of corporation tax for the year commencing 1 April 2014 will be reduced by a further 1% to 21% The March 2013 Budget subsequently announced that the rate would fall again to 20% with effect from 1 April 2015 As the further reductions had not been substantively enacted at the balance sheet date no account has been taken of them 1n these financial statements The impact of the further changes 1s not expected to be material The rate of writing down allowances on the main pool of plant and machinery and on the special rate pool fell to 18% and 8% respectively with effect from 1 April 2012
6
7
D1v1dends
2012 £'000
2011 £'000
Ordinary d1v1dend in the year
4,254
2,000
=
Intangible fixed assets licences, patents and knowhow £'000
Goodwill
Total
£'000
£'000
Cost At 1 January 2012 Add1t1ons
367 58
16,449
16,816 58
--
--
At 31 December 2012
425
Amortisation At 1 January 2012 Charge for the year
143 88
At 31 December 2012
231
Net book value At 31 December 2012
194
= At 31 December 2011
16,449
16,874
--
--
1,644 823
1,787 911
--
--
2,467
2,698
--
--
13,982
14,176
--
--
224
14,805
15,029
--
--
--
The licence, patents and knowhow cost represents payments made under a consultancy agreement to enable the company to develop the knowhow to improve the scope of its manufacturing capability The cost 1s being amortised over five years, which 1s the period over which the company 1s expected to benefit from the arrangement
- 15 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 8
Tangible fixed assets Freehold I Leasehold property £'000 Cost At 1 January 2012 Transfers Add1t1ons Disposals
4,795 (44) 7 (87)
--
At 31 December 2012
4,671
Deprec1at1on At 1 January 2012 On disposals Charge for the year
1,567 (79) 176
At 31 December 2012
Total
£'000
£'000
4,344 44 328 (1,670)
9,139 335 (1,757)
--
--
3,046
7,717
--
--
1,673 (1,611) 369
3,240 (1,690) 545
--
--
1,664
431
2,095
--
--
--
Net book value At 31 December 2012
3,007
--
At 31 December 2011
Add1t1ons to plant and machinery include £189,000 (2011 £287,000) construction
Plant and machinery
in
2,615
5,622
--
--
3,228
2,671
5,899
--
--
--
respect of assets under
Included in cost of land and buildings 1s freehold land of £1,400,000 (2011 - £1,400,000) which 1s not depreciated
9
Stocks and work in progress
Raw materials and consumables Work in progress Finished goods and goods for resale
2012
2011
£'000
£'000
10,886 2,864 326
9,510 3,912 448
14,076
13,870
--
- 16 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 10
Debtors
2012 £'000
2011 £'000
Trade debtors Amounts owed by group undertakrngs Corporation tax Other debtors Prepayments and accrued income Deferred tax asset {see note 13)
8,909 4,694 905 191 933 168
10, 139 1,973 1, 173 214 797 50
--
--
15,800
14,346
--
11
12
Creditors. amounts falling due wrthrn one year
2012 £'000
2011 £'000
Trade creditors Amounts owed to group undertakings Taxes and sacral security costs Other creditors Accruals and deferred income
4,369 102 621 254 2,706
6,011 63 321 541 2, 113
--
--
Creditors. amounts falling due after more than one year
Amounts owed to group undertakings
8,052
9,049
--
--
2012 £'000
2011 £'000
23,423
23,423
--
- 17 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 13
Deferred tax asset
The deferred tax asset (included 1n debtors, note 10) 1s made up as follows
2012 £'000 Balance at 1 January 2012 Profit and loss account
(50) (118)
Balance at 31 December 2012
(168)
2012 £'000 (Decelerated)/accelerated capital allowances Other t1mmg differences
2011 £'000
(102) (66)
16 (66)
(168)
(50)
--
--
The effect of future changes m tax rates 1s not considered to have a material effect on the deferred tax balance
14
Pension and other post-retirement benefit commitments Employee benefit obhgat1ons
The company has established various pension arrangements, both defined benefit and defined contribution schemes covering many of its employees Defined contribution pension scheme The company operates a defined contribution pension scheme for the benefit of the employees The assets of the scheme are administered 1n a fund independent from those of the company The pension cost m the year was £212,000 (2011 £193,000) Contributions amounting to £34,000 were owing to the the defined contribution scheme at the year end (2011 Nil) The assets of the scheme are held separately to those of the company Defined benefit pension scheme Smee 1 June 2000, the company has part1c1pated m the A1rtechnology Group Pension Plan, which ts a funded defined benefit scheme The company expects to contribute approximately 22 1% of pensionable salaries m add1t1on to £550,000 of deficit funding contributions to the pension plan m 2013
- 18 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 14
Pension and other post-retirement benefit commitments
(Continued)
The amounts recognised in the balance sheet are as follows Defined benefit pension plans
2012 £'000 Present value of funded obhgat1ons Fair value of plan assets
2011 £'000
21,464 (23,956)
18,026 (20,818)
Related deferred tax hab1hty
(2,492) 573
(2, 792) 698
Net asset
(1,919)
(2,094)
The amounts recognised in the profit and loss account are as follows: Defined benefit pension plans
Included in operating profit Current service cost
2012 £'000
2011 £'000
426
306
--
426 Included in other finance income Interest on obhgat1on Expected return on pension scheme assets
--
884 (1,481)
960 (1,441)
--
--
(597) Total
(481)
--
--
(171)
(175)
--
Actual return on plan assets
306
--
=
2,471
--
- 19 -
(227)
=
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 14
Pension and other post-retirement benefit commitments
(Continued)
Analysis of amount recognised in the statement of total recognised gains and losses Defined benefit pension plans
Actuarial losses
2012 £'000
2011 £'000
(1,544)
(1,553)
-Cumulative amount of actuarial (losses)/ gains
(910)
634
-Changes in the present value of the defined benefit obligation are as follows Defined benefit pension plans
Opening defined benefit obl1gat1on Current service cost Interest cost Contributions by scheme part1c1pants Benefits paid Actuarial losses I (gains) Total
2012 £'000
2011 £'000
18,026 426 884 118 (524) 2,534
17,096 306 960 131 (352) (115)
--
--
21,464
--
18,026
--
Changes in fair value of plan assets are as follows. Defined benefit pension plans 2012 2011 £'000 £'000 Opening fair value of plan assets Expected return Actuarial gains I (losses) Contnbut1ons by employer Contributions from scheme part1c1pants Benefits paid
20,818 1,481 990 1,073 118 (524)
20,139 1,441 (1,668) 1,127 131 (352)
23,956
20,818
--
- 20 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012 14
Pension and other post-retirement benefit commitments
(Continued)
The maior categories of plan assets as a percentage of total plan assets are as follows:
Equ1t1es Debt securities Other
2012 %
2011 %
73 00 26 00 1 00
73 00 27 00
--
--
2012 %
2011 %
4 40 6 75 3 00 1 90 2 84 1 90 3 00 2 40
4 90 7 00 3 00 1 90 2 84 1 73 3 00 2 00
Principal actuarial assumptions at the balance sheet date (expresssed as weighted averages).
Discount rate Expected return on plan assets Future salary increases Pension increases - RPI capped at 2 5% Pension increases - RPI capped at 5 0% Pension increases - CPI capped at 3 0% Inflation assumption (RPI) Inflation assumption (CPI) Life Life Life Life
expectancy expectancy expectancy expectancy
for a for a for a for a
male currently aged 65 years (in years) female currently aged 65 years (1n years) male currently aged 45 years (in years) female currently aged 45 years (1n years)
22 24 23 26
10 50 40 10
21 24 23 25
The post mortality table used in 2012 was SAPS Normal Health base table with CMI 2011 core model with long term improvement rate of 1% and in 2011 was SAPS Normal Health base table with a medium cohort pro1ect1on and a 1% underpin on future improvements based on year of birth Following the Government's announcement that statutory increases for pensions in deferment and in payment will in future be based on the Consumer Prices Index rather than the Retail Prices Index, allowance has been made for deferred pension revaluation in excess of GMP and increases in payment to post April 1988 GMP to be based on the Consumer Prices Index rather than the Retail Prices Index
- 21 -
20 00 10 90
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 14
Pension and other post-retirement benefit commitments
(Continued)
Amounts for the current and previous four periods are as follows. Defined benefit pension plans 2012 2011 2010 £'000 £'000 £'000 Defined benefit obligation Fair value of scheme assets Surplus/( deficit) Experience adjustments on plan hab1ht1es Experience adjustments on plan assets
2009 £'000
2008 £'000
(21,464) 23,956 2,492
(18,026) 20,818 2,792
(17,096) 20,139 3,043
(16,208) 16,994 786
(12,546) 12,942 396
(412)
1,352
(12)
115
1,915
990
(1,668)
2,264
(4, 751)
1, 101
=
--
- 22 -
=
=
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012 15
Share-based payment transactions Certain directors and members of senior management are granted restricted shares and share options in the ultimate parent company, AMETEK Inc These share-based payments are settled by the issue of equity shares in AMETEK Inc A three for two split of the parent company's common stock took place on 29 June 2012 in order to broaden the stock's marketability and improve its trading hqu1d1ty The new shares were payable to shareholders on record at 15 June 2012 Where appropriate, further 1nformat1on has been given in the comparatives to reflect the three for two split Restricted shares Restricted shares generally vest (1e all restrictions lift) after 4 years This 1s accelerated 11 the share price increases to double that of the grant at the close of business on 5 consecutive trading days, in which case they vest 1mmed1ately The expense 1s recognised on a straight-line basis over 4 years, ignoring the poss1b1hty that this vesting could occur but taking into account estimated forfeitures, based on historical experience Share options Share option awards generally vest 25% each year for 4 years and expire 7 years after the award date The expense 1s recognised on a straight-line basis over the requ1s1te service period for the entire award as 111t all vested at the end of this 4 year period but taking into account estimated forfeitures, based on historical experience The fair value of each option 1s estimated on the date of grant using a Black-Scholes option pricing model The following weighted average assumptions were used in the Black-Scholes model to estimate the fair value of options granted during the years 1nd1cated Expected share volatll1ty 28 36% (2011 26 37%) Expected life of options (years) 5 06 (2011 5 04) Risk free interest rate 0 84% (2011 1 95%) Expected d1v1dend yield O 47% (2011 0 54%) Expected volatility 1s based on historical volatility of AMETEK Inc's share price Historical exercise data for AMETEK as a whole has been used to estimate the options' expected hie, which represents the period of time for which the options granted are expected to be outstanding Management ant1c1pates that the future option holding periods will be s1m1lar to the historical option holding periods The risk-free rate for the period within the contractual hie of the option 1s based on US Treasury yield curve at the time of the grant
The weighted average fair value per option granted during the year was £5 27 (2011 £4 60 for unapproved options and £4 53 for approved options (split adjusted))
- 23 -
•
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 15
Share-based payment transactions
(Continued)
Restricted shares The following table illustrates the number and weighted average fair values (WAFV) of, and movements in restricted shares during the year Number of shares
WAFV
Number of shares
WAFV
2012
2012
2011
2011
£ Outstanding at 1 January Effect of three for two stock split Granted Forfeited Vested
6,370 3,185 1,365 (6,560) (1,499)
Outstanding at 31 December
£
20 71
10,602
16 04
20 99 14 79 11 04
2,076 (1,080) (5,228)
27 16 18 18 14 32
2,861
16 41
6,370
20 71
--
--
--
--
The movements and values for 2012 are shown split adiusted The fair values of restricted shares shown above are determined at the grant date market value Share options The following table illustrates the number and weighted average excerc1se price (WAEP) of, and movements in share options during the year
Outstanding at 1 January Effect of three for two stock split Granted Forfeited Expired Exercised Outstanding at 31 December Exercisable at 31 December
Number of options
WAEP
Number of options
WAEP
2012
2012 £
2011
2011
19 86
25,891
16 83
20 14 18 10
96 75 15 71
5,586 (2,828)
28 56 17 62
(9,502)
17 40
14 45
19,147
19 86
5,820
16 12
19, 147 9,572 4,827 (15,154) (188) (6,669) 11,535 = 4,686
£
= 10 71
-The movements and values for 2012 are shown split adjusted
- 24 -
•
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 15
Share-based payment transactions
(Continued)
The weighted average share price at the date of exercise for the options exercised m the year was
£21 20 (2011 £18 35 (split adjusted)) Options outstanding at the year end have exercise prices ranging from £8 94 to £20 96 (2011 £9 35 to £19 19 (split adjusted)) and a weighted average remaining contractual life of 4 years and 8 months (2011 5 years and 1 month)
16
2012 £'000
Share capital
2011 £'000
Allotted, called up and fully paid
480,000 Ordinary shares of £1 each
480
480
-17
Statement of movements on profit and loss account Profit and loss account
£'000 Balance at 1 January 2012 Profit for the year Share based payment transactions D1v1dends paid Actuarial gains or losses on pension scheme assets Movement on tax relating to pension asset
19.486 5,945 67 (4,254) (1,544) 100 19,800
Balance at 31 December 2012
-17,881 1,919
Profit and loss account excluding pension asset Pension scheme asset
19,800
--
- 25 -
•
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012
18
Reconciliation of movements in shareholders' funds
Profit for the financial year D1v1dends
2012 £'000
2011 £'000
5,945 (4,254)
7, 145 (2,000)
--
Other recognised gains and losses Share based payment transactions Movement on tax relating to pension asset Net add1t1on to shareholders' funds Opening shareholders' funds Closing shareholders' funds
19
1,691 (1,544) 67 100
5, 145 (1,553) 97 128
--
--
314 19,966
3,817 16, 149
--
--
20,280
19,966
--
--
Contingent liab1ht1es
Bank guarantees given in the normal course of business amounted to £232,000 (2011 £386,000)
20
Financial commitments
At 31 December 2012 the company was committed to making the following payments under noncancellable operating leases in the year to 31 December 2013 Land and buildings 2012 2011 £'000 £'000
Operating leases which expire Within one year Between two and five years In over five years
2011 £'000
25 139
400 22
32 125
373
--
21
Other 2012 £'000
--
422
373
164
--
--
--
Capital commitments
157
2012 £'000
2011 £'000
280
180
At 31 December 2012 the company had capital commitments as follows Contracted for but not provided in the financial statements
--
- 26 -
=
• AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 22
Directors' remuneration
Remuneration for qualifying services Company pension contributions to defined contribution schemes
2012 £'000
2011 £'000
174
178
5
-The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2011 - 2) The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 1 (2011 - 1) The number of directors who exercised share options during the year was 2 (2011 - 2) The number of directors who received shares under long term incentive schemes during the year was 2 (2011 - 3)
23
Employees Number of employees The average monthly number of employees (including directors) during the year was
Production Engineering Sales and marketing Adm1nistrat1on
2012 Number
2011 Number
229 55 17 17
253 67 22 20
--
--
318
362
--
=
Employment costs
2012 £'000
2011 £'000
Wages and salaries Social security costs Other pension costs
10,841 1,086 636
10,360 1, 144 496
--
--
12,563
12,000
--
=
Included in wages and salaries 1s a total expense for share-based payments in relation to equity-settled transactions of £67,000 (2011 £97,000), of which £32,000 (2011 £64,000) relates to restricted shares and £35,000 (2011 £33,000) relates to share options
- 27 -
. •
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2012 24
Control
At 31 December 2012 the rmmedrate parent company was EMA Holdrngs UK Lrmrted, a company regrstered rn England and Wales On 2 January 2013 the rmmedrate parent company became AMETEK Aerospace and Defense Group UK Lrmrted, a company regrstered rn England and Wales The ultrmate parent company rs AMETEK, Inc, a company rncorporated rn the Unrted States of Amerrca AMETEK Inc prepares group financral statements whrch rnclude the company and are the smallest and largest consolrdated accounts that the company rs rncluded rn, copres of whrch can be obtarned from P 0 Box 36, 2 New Star Road, Lercester LE4 9JQ
25
Post balance sheet events
The company has declared and pard drvrdends amountrng to £1,200,000 srnce the 31 December 2012
- 28 -
.\MIETEK® TEST&: CALIBRATION INSTRUMENTS
Ametek Denmark A/S (CVR-nr. 14747079)
Arsrapport for perioden 1. januar 2013 31. december 2013 M
Flnanoial Statements for the period January 1, 2013 • December31, 2013
The english part of /his parQl/ol documonl in Danis/I and English is an unofficial lrenslslion of the orfglnsl Dani.~h text In Ille ovent of dlspules 01 misunderstandings arising from the interpretation of l/1e lram>/sllon, Ille Danish lsnguegs vorsio11 shell prevail.
AMETEK Denmark AIS • Gydevang 32-34 • 3450 Allen
.\METEK® CALIBRATION INSTRUMENTS
INDHOLOSFORTEGNELSE CONTENTS
Side
PATEGNINGER ENDORSEMENTS
Ledelsespategning
1
By Management and Board of Direclors
Revisionspategning By Ille Auditor LEDELSESBERETNING INFORMATION AND REPORTS
Selskabsoplysninger
4
Company lnfonnafion
Hislorlske tal, N0gletal
5
Historic figures, Key figu/'8s
Arsberetning
6-8
Directors' repoTt
ARSREGNSKAB FINANCIAL STATEMENTS
Anvendt regnskabspraksis
9 -14
Accounting poHcies
Resultatopgeirelse for perioden 1. januar 2013 - 31 . december 2013
15
Income stafemenl forth@ period January 1, 2013 - December 31. 2013
Balance pr. 31. december 2013
16 -1 7
Betance sheet as at Dscember 31, 2013
Pengestr0msopg1Z1relse pr. 31. december 2013
18
Cash Flow Statement as at Decembsr 31, 2013
Noter tn Arsregnskabet Notes to the financial statements
19 -24
.\METEK® CALIBRATION INSTRUMENTS
U:PELSESPATEGNING
STATEMENT BY THE SUPERVISORY AND EXECUTIVE BOARDS ON THJ: ANNUAL REPORT
Bestyrelsen og dlreklionen har dags dato behanc:llet og godkendt ~rsrapporten for 1. januar 2013-31. december 2013 for Ametek
Denmark AJS.
Today, the supetvisory and executive boards have discussed and approved the annual report of Ametek Denmark NS for the financial year 1 January 2013 31 December 2013.
Arsrapporten er aflagt i overensslemmelse med arsregnskabsloven.
The annual report is prepared in acoo
Det er vores opfaltelse, al arsregnskabet giver et retvisen
I our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2013 and of the resull of the company '9 operations and cash flows for the financial year 1 January 2013- 31 December 2013.
ledelsesberetnlngen indeholder efter vores opfattelse en retvlsende rec;teg0retse om d& forhold, beretningen omhandler.
In our opinion, the management's review include·s a fair review of lhe matters deall wllh ln lhe management's review.
Arsrapporten lndslil!es Iii ganeral!orsamlingens We recommend the adoption of the annual report al godkenclelso. the annual general meeting. Allernd, den 30. maj 2014. A(feroo. May 3d11 2014.
Dlrektlon I Management
~ ~~: J~ Harald Preben Car~
Godkendt pa selskabels ordinaere generalforsamtlng den 30. maj 2014 Approved at lhe anmtol generel maetlng on May 3an 2014
Asbj0m R
gaard Joensen
Advokat H.C. Andersens Boulevard 12 1553 I
1
.\METl!K® CALIBRATION INSTRUMENTS
DEN UAFHIENGIGE REVISORS EKRLJERINGER. Til aktionanerne i Ametek Denmark A/S .
INDEPENDENT AUDITOR"S REPORT
To the shareholders of Ametek Denmark
NS Pategning p~ arsregnskabet
Report on financial statements
Vi har revideret arsregnskabet for Ametek Denmark AJS for regnskabsaret 1. januar - 31. december 2013, der omfatter anvendt regnskabspraksis, resultatopg
We have audited the financial statements of Ametek Denmark NS for the f;nanoial year 1 January - 31 December 2013, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity, cash flow statement and notes. The financial statements are prepared in accordance with the Danish Financial Statement Act.
Ledelsens ansvar for arsregnskabet Ledelsen har ansvaret for udarbejdelsen af et arsregnskab, der giver et retvisende billede i overensstemmelse med arsregnskabs!oven. Ledelsen har endvidere ansvaret for den interne kontrol, som ledelsen anser n0dvendig for at udarbejde et arsregnskab uden vmsenttig fejlinformatlon, uanset om denne skyldes besvigelser eller fejl.
Management's responsibility for the financial statements Management is responsible for t11e preparation of financial statements that give a tme and fair view in accordance wilh the Danish Financial Statement Act. Further, management is responsible for such infernal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whel/1er due to fraud or error.
Revisors ansvar Vo res ansvar er at udtrykke en konl
Auditor's responsibility Our responsibility is to express an opinion on the financial statements based on our audiL We conducted our audit in accordance with internationar standards on auditing and additional requirements according to Danish audit regulations. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
En revision omfatter udf0relse af ~evisionshandlinger for at opna revisionsbevis for behllb og oplysninger i arsregnskabet. De valgte revisionshandlinger afheenger af revisers vurdering, herunder en vurdering af rislci for veesentlig fejlinformation i arsregnskabet, uanset om denne skyldes besvigelser eller fejl. Ved risikovurderlngen overvejer revisor intern kontrol, der er relevante for virksomhedens udarbejdelse af et arsregnskab, der giver et retvisende blllede. Formalet harmed er at udforme revislonshandlinger, der er passande after omsteendighederne, men ikke at udlrykke en konklusion om effektiviteten af virksomhedens
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgement. including an assessment of the tisks of material misstatement of the financial stalements, whether due to fraud or error. In mal(/ng those risk assessments, tl1e auditor considers internal control relevant to the entity's preparation of financial statements that gjve a true and fair view. The purpose is to design audit procedures that are approp1iate in the circumstances, but not to express an
2
.\METEK® CALIBRATION INSTRUMENTS
interne konlrol. En revision omfatter endvidere en opinion on the effectiveness of the entity's vurdering af, om ledelsens valg af internal control. An audit afso includes regnskabspraksis er passende, om ledelsens evaluating the appropr;ateness of accounting policies used, the reasonableness of regnskabsma:;ssige sk0n er rimelige samt den samlede prresentatlon af Arsregnskabet. accounting estimates made by management as well as the overall presentation of financial
statements. Det er vores opfattelse, at det opnaede
revisionsbevis er tllstraekkeligt og egnet som grundlag for vores konklusion.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion.
Revisionen har ikke givet anledning til forbehold.
The audit has not resulted in any qualification.
Konklusion Deter vores opfattelse, at arsregnskabet giver et retvisende billede af selsl
Opinion In our op;nion, the financial statements give a true and fair view of the company's financial position at 31 December 2013 and of the results of operations and cash flows for the financial year 1 January - 31 December 2013 in accordance with the Danish Financial Statements Act.
Udtalelse om ledelsesberetningen
Statement on the management's review
Vi har i henhold ti1 arsregnskabsloven gennemlrest ledelsesberetningen. Vi har ikke forelaget yderfigere handlinger i tillreg til den udf0rte revision af arsregnskabet. Det er pa denne baggrund vores opfattelse, at op!ysningerne i ledelsesberetningen er i overensstemmelse med arsregnskabet.
In accordance with the Danish Financial Statements Act, we have react the management's review. We have not performed any further procedures in addition to the audit of tl1e financial statements. On t11fs basis, it is our opinfon that the information provided in the management's review is consistent with the financial statements.
K0benhavn, den 30. maj 2014 Copenhagen, May 3d11, 2014
3
.\METEK" CALIBRATION INSTRUMENTS SELSKABSOPLYSNlNGER COMPANY INFORMATION
AMETEK DENMARK NS Gydevang 32·34 3450 Alter0d Te\efon
4816 8000
Phone
Telefax
4816 80 80
Fax
Hjemmeside
www.ametek.dk
Web·pege
E-mail
[email protected]
E-msil
CVR. Nr
14 74 70 79
VAT No..
Sliftet
1. september 1990
Founded
Hjemsted
Alter0d kommune
Place
BESTYRELSE BOARD OF DIRECTORS
Harald Preben CarCIJe - Hoersholm, Denmark (Formand I Chairman) Joel Frie - Copenhagen, Denmark
Craig Timothy Howarth -·Malvern, United Klngdom
DIREKTION MANAGEMENT
Joel Frie, Adm. Oirektrar
MODERSELSKAB PARENT COMPANY
AMETEK Holdings B.V., Prins Bernhardplein 200, 1097 JB Amsterdam,
Netherlands. REVISOR AUOITOR
Ernst& Young Godkendt revisionpartnerselskab Gyngemose Parkvej 50 2860 Srz>borg DIVERSE OTHER
Arsrapporlen for koncernes k.an hentes pc\ www.Ametek.com Consolidated annual acoounls can be downloaded from www.Ametelwom
4
.\METl!K~ CALIBRATION INSTRUMENTS
HISTORISKE TAL HISTORIC FIGURES
2009
2010
2011
2012
2013
54.689
63.063
66.917
79.296
76.782
16.493
22.017
25.396
37.624
33.351
16.543
22.910
25.506
37.241
32.495
50
893
110
-383
-856
12.300
17.172
19.090
. 27.897
24.377
503
663
848
841
536
48.182
55.969
54.552
65.234
82.626
37.206
41 .787
41.207
62.133
67.538
47
46
49
48
46
Brultofortjeneste Gross profit
Resultat af primrer drift Opereting prolil
Resultat f0r skat Pfoflt before tax
Finanslelle Poster - Netto Financial expenses/Income • Net
Arets resultat Profit for the year
Tllgang I Mat. Anl~gsakt. Additions Tangjblfl Fixed Assets
Balances um Bola11ce
Egenkapital Equity
Gns. antal ansatte Avg. no of employees
Nt27GLETAL KEY FIGURES Alkastn!ngsgrad (%) Return on nef 1111sets
2009
2010
2011
Rent.abi1ilel {%}
Rcwrn on equity
2012
2013
Li\\vldltcl(%) Cash to current lieblliCies
Sollditet (%) Solvency
84,0%
600,0%
- --·- ---··-
500,0% 400,0% 300,0%
200,0% 100,0% 0,0%
•
..
82,0% · ~~
- -- --· - J.t - - · ril · ·n~ f::: •J'r - • ,(~ •• .~( ....~ . '!
io~
f,•:] -
k"1
. t'·-~'.. { -· ;r~·.I
~·
.,
.~i~~
.
ri{
il·
iii
- :~ -
2009
2010
2011
'
·.~~ t~r
ilt
lli. ;xt 2012
•
76.0%
•
'. ··1
,~,
74.0%
;Si
72,0% 70.0%
·~i
•
1ti,0%
• ,,
..
-
80,0%
!
.j....L..t-.J.._.__,
2009
2013
5
2010
2011
2012
2013
I
.AMETEK® CALIBRATION INSTRUMENTS
LEDELSESBERETNING
DIRECTORS' REPORT
Hovedaktivltet Den primrere aktilritet i AMETEK Denmark A/S bestar af udvilding, produktion og afsretning af temperatur-, tryk- og signalkalibreringsinstrumenter, der afsrettes globalt, samt temperaturf121lere, der primcert afsrettes i Danmark.
Primary activity The primary activity of AMETEK Denmark AIS comprises research & development, production & worldwide sale of temperature, pressure and signal calibration instruments, as well as development and production of temperature sensors sold primarily in Denmark.
AMETEK Measurement & Calibration Technologies Division, som AMETEK Denmark A/S indgar i, varetager salg, service og kal!breringsydelser i USA og Canada. AMETEK s0sterselskaber i Tyskland og Frankrig varetager salg, service og kalibreringsydelser pa disse marke-
The division of AMETEK Measurement & Calibration Technologies, which AMETEK Denmark A/S is a part of. handles sale, service and calibration in the US and Canada. The affiliated companies in Germany and France l1andle sale, service and calibration of these markets.
der.
PA rzJvrige markeder forestar AMETEK Denmark On all other markets, AMETEI< Denmark A/S AJS selv markedsfGring og salg, enten gennem handles marketing and sale from Denmark, eiegne srelgere eller forhandlere.
ther via safes representatives or local distributors.
AMETEK Denmark A/S ' eksportandel var i 2013 In 2013, rhe export share of AMETEK Denmark pa 86% mod 85% aret fiar. AIS was 86% compared with 86% in 2012. Udvikling i aktiviteter og 0konom. forhold
Trends in activities and economic conditions
Arets resultat: Arets brutlofortjeneste blev pa t.kr. 76.782 mod t.kr. 79.296 aret fo.sr - et fald der hovedsagellgt skyldes en rendring i produktsammensretningen og til dels et fald i den amerlkanske Dollar. Vi ser dog f orsat et C11get salg af nye produkter samt service og kalibreringsydelser, en general forbedring af markedsvilkarene samt en effektiv styring af materialeomkostninger.
Result of the year: Gross Profit for the year ended at TDKK 76, 782 vs. TDKK 79,296 In 2012- a net decrease primarily due to a change in product mix and also a drop in the US Dolfar. However we still see an increase in sales of new products and also service and calibration, a ge119ra/ improvement of me market conditions as well as Ugh/ control of material cost.
Resultatet for 2013 blev efter skat t.kr 24.377 (2012: t.kr. 27 .897) og arets resultat f0r skat blev t.kr. 32.495 (2012: t.kr. 37.241). Resultatet for aret vurderes som tilfredsstillende.
Profit after tax for 2013 was TDKK 24, 377 (2012: TDKK 27. 897) and profit before tax was TDKK 32,495 (2012.· TDKK 37,241). The result of the year Is considered to be satisfactory.
Arets resultat med tillffig af t.kr. 6.450 fra tidlige- AMETEK Denmark suggests that profit after tax rear foreslas udbetalt som udbytte. and additional TDKK 6,450 from previous years are paid as dividend. Nye produkter I 2013 fortsatte AMETEK Denmark A/S lanceNew products ringen af nye temperatur-. tryk- og signalkalibra- In 2013, AMETEK Denmark AIS continued the torer, som vii medvirke til at fastholde virksomrelease of new temperature, pressure and signal hedens markedsledende position lndenfor disse calibrators contributing to maintain the comomrader. pany's leading market position within this area. For fortsat at udbygge markedspositlonen som
W11h the purpose of strengthening lhe market
6
AMETEK® CALIBRATION INSTRUMENTS
en betydende global producent og leverand0r inden for kalibreringsinstrumenter, forventer AMETEK Denmark AJS ogsa i 2014 at introducere flere nye produkter til komplettering af den eksisterende produktportef01je.
position as an important global manufacturer and supplier within calibration instruments, AMETEK Denmark A/S has planned lo introduce more new products during 2014 to complement the existing product portfolio.
f nvesterlnger Der er i l0bet af 2013 foretaget investeringer for sammenlagt t.kr. 536, hvoraf ca. 40% relaterer slg til forbedringer inden for IT og produktionsvcarkt0jer
Investments Investments of TDKK 536 were made during 2013, of which about 40% is related to IT im~ provements and product tooling.
Kapltalberedskab AMETEK Denmark er velkonsolideret med h0j soliditet. Soliditetsgraden udg0r satedes 81,7 % i 2013 (2012: 79,9 %) svarende til en egenkapltal pr. 31. december 2013 pa t.kr. 67.538 (2012: t.kr. 52.1 33).
Capital res ources AMETEK Denmark is firmly based and has a high solvency. The solvency in 2013 is 81. 79% (2012: 79.9%) corresponding to a total equity as per December 31, 2013 of TDKK 67, 538 (2012: TDKK 52, 133).
Forskning og udvikllng Selskabets udgifter til forskning og udvikting udg0r t.kr 5.591 (2012: t.kr 4.859) 09 er fu!dt udgiftsf0rt 12013.
Research and development The company's research and development costs amount to TOKI< 5,591 (2012: TDKK 4, 859). Afl costs are expensed in 2013.
Risikofaktorer Bortset fra de generelle markedsbetingelser er AMETEK Denmarks primrere risiko knyttet tH evnen til at vrere stoorkt positioneret pa de betydende markeder. Denne risiko vurderes at voore begrrenset, da AMETEK Denmark NS med savel den eksisterende som planlagte produktportef0lje og det globale salgs- og distributionsnet anser sig for al vrere pa forkant med den teknologiske og markedsmcessige udvikling inden for savel temperatur-, tryk- og signalkalibrering som temperaturf(Zllere.
Risks Apart from the general market conditions, the major operating risk of AMETEK Denmerk is connected to the ability to hofd a strong position on the most important markets. This risk is considered to be limited, as AMETEK Denmark AIS, based on the existing as well as the planned product portfolio and its global sales and distribution network, is at the leading edge of technology and marketing developments within tem~ perature, pressure, and signal calibration as well as within temperature sensors.
AMETEK Denmark fakturerer i DKK, EURO, USO, JPY og GBP - de samme valutaer, som drekker den vresentlfgste del af varek0bef. I overensstemmelse med koncempolltil< holdes valutabeholdninger hos AMETEK Denmark NS et minimum.
AMETEK Denmark invoices in DKK, EURO, USO, JPY and GBP- the same currencies tl1at cover a considerable parl of purchases. In compliance with company policy, all currency funds at AMETEK Denmark A/S are l
AMETEI< Denmark AJS' kreditrisici drekkes ind vha. stram og leibende kredltvurdering af alle kunder. Handel med udenlandske kunder afdaakkes hvor muligt vha. Atradius.
Risks related to receivables are kept on a minimum by tight and ongoing assessment of credit terms. When possible, all foreign trade is insured by Atradius. .
Milj11Jforhold AMETEK Denmark arbejder kontinuerligl forbedringer inden for genanvendelse af materialer, samt milj0venligt valg af maferialer.
Environmental issues AMETEK Denmarl< is continuously working on improvements related to reuse of materials and environment-ftiendly choice of materials.
pa
mum.
pa
7
.\Ml!TEK® CALIBRATION INSTRUMENTS
Endvidere er der installeret udsugnlngsanlceg, opsamlingsfillre og andet udstyr til kontlnuerlig opsamling af ethvert stof eller materiale der matte have negativ pavirkning af milj0et.
Fwthermora air extracting systems, collection fillers, and other equipment to conUnuously collect any substances or materials with a negative Impact on the environment, have been installed.
Vidensressourcer Da AMETEK Denmark er en videns - og knowhow tung virksomhed, s121ger vi altid qua vores intranetbaserede ISO-system og 0vrlge dokumentationssystemer at dokumentere virksomhedens vlden i en form der slkrer denne.
Knowledge resources As AMETEK Denmark is a knowledge and know-how intensive company. we always try to document, via our intranet based ISO-system and other documentation systems, the knowledge of the company at a level protecting this l
Ejerforhold og andet AMETEK Holdings B.V, Prins Betnhardplein 200, 1097 JB Amsterdam, Holland ejer hefe aktiekapitalen, hvor selskabet ligeledes indgar i koncernregnskabet.
Ownership and other matters AMETEK Holdings B. V, Prins Bernhardplein 200, 1097 JB Amsterdam, Netl1erlands owns the whole share capital, and the company is a/so inclt1ded in the consolidated accounts.
Future prospects Fremtidsudsigter I 2014 forventer AMETEK Denmark en moderat In 2014, AMETEK Denmark expects a moderate stigning i savel bruttofortjeneste som indtjening increase in tf1e gross profit and in earnings due to the expected general pick-up of the global begrundet I en forventet generel bedring i det globaJe marked, fortsat introduktion af nye pro- market, continuing introduction of new products dukter samt ekspansion pa eksisterende og nye ancl expansion in existing and new market armarkeder. eas.
Der er efter regnskabsarets afslutning ikke indtruffet betydelige hcendelser som pavirker selskabets rcikonomiske stilling og resultat.
After the closing of the financial year, no major events have taken plaoe having an impact on the financial position and result of the company.
8
.\METEK® CALIBRATION INSTRUMENTS ANVENDT REGNSKABSPRAKSlS
ACCOUNTING POLICIES APPLIED
GENERELT
Arsrapporten er aflagt i overensstemmelse med arsregnskabslovens bestemmelser for mellemstore klasse C-virksomheder.
GENERAL ASPECTS The Annual Reporl has been presented in accordance with the provisions of the Danish Financial Statements Act as regards mediumsized report.ing class enterprises.
Den anvendte regnskabspraksis er Ua3ndret i forhold til sidste
The accounting principles applied are unchanged compared to last year.
ar.
c
FREMMED VALUTA Transaktioner i fremmed valuta omregnes til danske kroner efter transal
FOREIGN EXCHANGE Transactions in foreign exchange have been converted into DKK based on the exchange rate of the transaction date. Aktiver og gceld i fremmed valuta er omregnet til Assets and liabi/iUas in foreign exchange have danske kroner efter balancedagens valutakurbeen converted into DKK based on the exser. change rate of the bafance date.
Realiserede og urealiserede valutakursgevinster Actual and non-actual profits and loss on the og -tab, indgar i resultatopg121relsen under fin an- rate of exchange adjustments are included in the sielle poster. income statement under financial items. RESULTATOPG0RELSEN
lndtcegten ved salg af varer indgar i nettooms~tningen ~ tidspunktet for levering og risikoens overgang, safremt indtregten kan opg0res palideligt. Omsretningen opg0res efter fradrag af moms, afgifter og rabatter. Bruttofortjeneste Posten nettoomsretnrng, vareforbrug og andre eksterne omkostninger og andre driftsindtregter er med henvisning til arsregnskabsloven § 32 sammendraget til en regnsl
Vareforbrug Vareforbrug omfatler kostprisen pa de varer, som er medgaet ti! at opn~ arets nettoomsretning.
Andre eksterne omkostninger Andre eksterne omkostninger omfatter omkostninger vedn1Jrende virksomhedens primcere akliviteter, der er afholdt i arets l121b, herunder omkostninger til distribution, salg, reklame, administration, lokaler, tab pa debitorer, ydelser pa operationelle leasingkontrakter mv.
INCOME STATEMENT The Income on safes of goods is recognised in revenue al the time of delivery and when the risk passes to the buyer, provided that the income can be made up reliably. VAT, indirect taxes and discounts are excluded from the revenue. Gross margin With reference to section 32 of the Danish Financial Statement Act, the items 'Revenue', 'Cost of sale', 'Other external expenses' ancf 'Other operation income' are consolidated into one item designated 'Gross margin'. Cost of sales Cost of sates includes the cost of goods used in
generation the year's revenue.
Other external expenses Other external expenses include the year's expenses relation to the entity's core activity, including expenses relation lo distributing. sales, advertising, administration, premises. bad de!Jts, payments under operating leases, etc.
9
.\Ml!TEK® CALIBRATION INSTRUMENTS
Staff costs Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. The item is net of refunds made by public authorities.
Personaleomkostninger
Personaleomkostninger omfatter l12m og gager, lnklusiv feriepenge og pensioner, samt andre omkostnlnger til social slkring mv. til selskabets medarbejdere. I personaleomkostninger er f ratrukket modtagne godtg0relser fra offentHge myndigheder. Finansielle poster Finansielle indtmgter og omkostninger indregnes i resultatopg0relsen med de beli?Jb, der vedrnrer regnskabsaret. F1nansielle poster omfatler renteindtcegter og renteomkostnlnger.
Financial income and expenses Financiaf income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and interest expenses.
Forsknings- og udviklingsomkostninger Forsknings- og udviktingsomkostnlnger vedr0rende nye produkter udgiftsfl'llres. i takt med at omkostningerne afholdes.
Research and development costs Research and development costs for new prod-
BALANCEN
BALANCE SHEET
Materietle og immaterlelle anl~gsaktiver lmmaterielle anlregsaktiver optag es til oprindelige anskaffelsespriser med fradrag af akkumulerede afskrivninger.
Tangible and intangible fixed assets fntangible fixed assets are carried et original cost less accumulated depreciation.
Materielle anlcegsaktiver optages tn oprindelige
anskaffelsespriser med tilla3g af senere tilgange . og med fradrag af akkumulerede afskrivninger.
Tangible fixed assets are carried at original cost adjusted for additions and disposals less accumutated deprecialion.
Afskrivninger foretages lineaart over den foiventede brugstid for virksomheden, som er.
Depreciation is a straight line depreciation based on the useful lives for the company, i.e.:
Bygninger Si:srlige installat!oner Driftsmateriel og inventar Licenser og Software
ucts are expensed as and when incurred.
Antal ar 30 ar
Number of years Buildings 30 years 5-_10 years Special Installations 3-5 years Working plant and furniture 3-5 years Licenses and software
5-10 ar 3-5 ar 3-5 ar
Afskrivninger indregnes i resultatopgriJrelsen deres respektlve llnier.
pa
Depreciation costs are included in the income statement on the respective lines.
Fortjeneste og tab ved afh(endelse af anlaagsaktiver opg0res som forskellen mellem salgsprisen med fradrag for salgsomkostninger og den regnskabsmressige vrerdi pa salgstJdspunktet.
Profl1 and loss incurred when disposing or selling fixt:Jd assets are calculated as the differenoo between the selling price less cost of sefling and tile booked value at the time of disposal.
Aktiver under finansielle leasingkontraktar males til def laveste bel0b af anskaffelsespris if0lge !easingkontrakten og nutidsvrerdien af leasingydelserne, opgjort pa basis af leasingkontraktens interns rente (eller en tllnrermel veerdi for denne) med fradrag af akkumulerede af- og nedskrivninger_
Assets held under finance leases are measured at the lower of cost according to the lease and the net present value of the lease payments, calculated by reference to the interest rate implicit (or an approximation hereof) in the lease Jess accumulated depreciation and write-downs.
10
.\METEK® CALIBRATION INSTRUMENTS
Der foretages nedskrivningstest pa materielle anleegsaktiver, safremt der er indikationer for vc:erdifald. Nedskrivningstesten foretages for hvert enkelt aktiv henholdsvis gruppe af aktiver. Aktiverne nedskrives til det hsjeste af aktivets eller aklivgruppens kapita!va3rdi og nettosalgspris (genindvlndingsveerdi), safremt denne er lavere end den regnskabsmaassige vcardi.
An impairment test is made for property, pfant and equipment if there are indications of decreases in value. The impairment test is made for each individual asset or group of assets, respectively. The assets are written down to the higher value in use and the net selling price of the asset or group of assets (recoverable amount) if it is lower than the carrying amount.
Varebeholdninger Inventory Varebeholdninger males til kostpris opgjort efter Raw materials are staled al the costs based on FIFO princrppet. the FIFO principle. Kostpris for handelsvarer samt ravarer og hjrelpematerialer omfatter anskaffelsespris med eventuelt tillGeg af hjemtagelsesomkostninger.
Costs for commodities, raw materials and ancillary materials are valued at the original cost with possible addition of landed costs.
Egenfremstillede faardigvarer samt varer under fremslilling optages ti! vrerdien af medgaede materlaler, direkte J0n og indirekte produktionsornkostninger, IPO. IPO indeholder indirekte materlaler og lrlln, samt vedligeho\delse og afskrivninger pa de af produktionsprocessen benyttede bygnlnger og udstyr, samt omkostninger ti\ fabriksadministration og ledelse. Laneomkostw ninger indregnes ikke.
Self-produced finished goods as well as work in progress are accounted for by using the basis of material content, direct wages and indirect prodC1otion costs, /PO. fPO includes indirect material and wages as well as maintenance and depreciation on buildings and equipment used for the production process and finally costs to the administration and management of the factory. Borrowing costs are not included.
Ved Valrdiansaattelsen er der foretaget nedw skrivning af ukurante og langsomt omsc.ettelige varer.
Provision has been made for obsolete and slow moving items.
Periodeafgr~nsningsposter
Prepayments Prepayments included under assets relate to outlaid costs that concern next fiscal year.
Periodeafgn:ensningsposter indregnet under aktiver omfatter afholdte omkostninger vedf0rende efterfeilgende regnskabsar. Tilgodehavender Tilgodehavende males til amortiseret kostpris, der scedvanligvis svarer tit nominel vcerdi. Der foretages nedskrivnlng til im0degaelse af tab baseret pa en objektiv indikation pa, at et tilgodehavende eller en gruppe af tilgodehavender er vrerdiforringet. Nedskrivning foretages til nettorealisationsvferdi, safremt denne er lavere end regnskabsmcessig va:irdi.
Receivables Receivables are measured at amorlised cost, which usually corresponds to the nominal value. Provisions are made for bad debt on the basis of objective evidence that the receivable or a group of receivables are impaired. Provisions are made to the lower of the net realisable va/uo and the carrying amounf.
Udbytte Foreslaet udbytte indregnes som en srerskilt post under egenkapita!en, indtil det vedlages pa den ordincare generalforsamling, hvorefler det indregnes som en forp!igtelse.
Dividend Proposed dividend is stated separately under equity, until it is decided upon in the General Meeting. I-le reafter if is reclassified as an obliga-
tion.
11
.\METEK® CALIBRATION INSTRUMENTS
lndkomstskat
Skat af arets resultat omfatter aktuel skat af arets forventede skattepligtige indkomst og arets regulering af udskudt skal Arets skat indregnes i resultatopgerelsen med den del, der kan henferes til arets resultat 09 i egenkapltalen med den de!, der kan henfll'res ti\ transaktioner indregnet i egenk:apltalen.
Income tax Tax for the year includes current tax on the years expected taxable income and the year's deferred tax adjustments. The portion ot the tax for the year that relates to the profif/foss for the year Js recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.
Akluelle skatteforpligtelser og tilgodehavende skat indregnes i balancen som beregnet skat af tirets forveniede skattepligtige indkomst reguleret for skat af tidligere skattep!igtige indkomster samt betalte aoontoskatter.
Current tax payables and receivables are recognised in the balance sheet as the esUmafed tax charge in respect of the taxable incomf) for the year. adjusted for tax on prior years' taxable income snd tax paid on account.
Hensaatlelse tH udskudt skat beregnes efter den balanceorienterede greldsmetode af alle midlertidige forskelle mellem regnskabsmaassige og skattemeessige va:irdier af aktier og forpligtelser, bortset fra mldlertldige forskelle, som opstar pa anskaffelsestidspunktet for aktiver og forpligtelser, og som hverken pavirker resultatet eller den skattepligtlge indkomst, samt midlertidige for-
Provisions for deferred tax are calculated, based on the liability method, of all temporary differences between carrying amounts and tax values, with Ille exception of temporary differences occurring at the time of acquisiUon of assets and liabilities neither affecting the result of operafions nor the taxable income, as well as temporary differences on non-amorlisable goodwi11.
ars
pa
skelle skaltemressigt ikkeafskrivningsberettiget goodwill. Udskudt skat males pa grundlag af skatteregler
Deferred tax is measured according to the taxa-
og skattesatser, der med balancedagens lovgiv- tion mies anr/ taxation rates Jn the respective ning vii vrere greldende, nar den udskudte skat forventes udl0st som aktuel skat. Udskudle skatteakliver indregnes med den VCBrdi, som de forventes at blive udnyttet med, enten ved udligning i skat af fremtidig lndtjening eller ved modregning i udskudte skatteforpllgtelser inden for samme jurlsdil
counties applicable at the balance sheet date wf1en the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the valoe af which they are expected to be utilised, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities within the same jurisdiction.
Flnansielle gmldsforpligtelser Finansielte gceldsforpligtelser indregnes ved laneoptagelse til det medtagne provenu efter f radrag af afholdte omkostninger. Rentebcerende g~ld males efterf0lgende tll amortiseret kostpris opgjort pa basis af den effektive rente. Laneomkostninger, herunder kurstab indregnes som finansieringsomkostninger i resultatopg0~ relsen over Janets l121betid.
Financial mortgage payments Financial liabilities are recognised on the raising of the foan at the proceeds received net og transaction costs incurred. Interest-bearing debt is subsequently measured at amo1tised cost, using the effective interest rate method. Borrowing costs, including capital losses, are recognised as financing costs in l/Je income statement over the term of the loan.
12
.\METEK® CALIBRATION INSTRUMENTS
PENGESTR0MSOPG0RELSE
CASH FLOW STATEMENT
Generelt Pengestnamsopgi:zJrelsen er opstillet efter den lndirekte metode med udgangspunkt i arets resultat. Pengestr0msopg0relsen viser pengestr0mme for aret, opdelt pfl drifts-, investeringsog finansieringsaktivitet, samt hvorledes disse pengestrnmme har pavirket arets likvider.
General aspects The cash flow statement is tabulal6d using the Indirect method based on the profit of the year. The statement shows cash flows for the year divided into operating, investing and financing activities, as well as their respective impact on the liquidity of the current year.
Oriftsaktlvttet Operating activities Pengestr0mme fra driftsaktiviteten opg0res som Cash flows from operating activities include the ~rets resultat reguleret for ikke likvide driftspoprofit of the year adjusted for non-liquidity operster, finansielle poster, betall selskabsskat samt ating items, financial items, paid income tax and eendring i driftskapitalen. Driftskapitalen omfatter changes i11 working capital. The working capital consists of current assets and short-term debt, oms83lningsaktiver samt kortfristet goold, eksexclusive of the items Included in the financial klusive de poster de indgar i de finansielle rerese1Ves. server.
lnvesterlngsaktivitet Investing activities Pengestr0mme fra investeringsaktivitet omfatter Cash flows from investing activities include purk0b og salg af anlcegsaktiver, samt deposlta. chase and sales of fixed assets as well as deposits.
Fin ansi eringsaktivitet Pengestrn1mme fra finansieringsaktivitet omfatter afdrag pa prioritetsgreld og anden tangfristet greld, betaling af udbytte samt eksterne titskud.
Financing activities Cash flows from financing activities include c/Jangas in mortgage debt, long-term borrow~ ings, paid dividend and external subsidies.
Likvider De likvide midler bestar af kontanter samt indestaende i pengeinstitutter.
Funds Funds Include cash in liand and credit balance.
AN ORE OPLYSNINGER
OTHER INFORMATION
Segmentoplysninger Opdeling pfl segmenter oplyses lkke grundet
Market Segmentation Split by Market or Product Segments are not
konkurrencemcessige hensyn.
disclosed due to competitive reasons.
Key Figures NBgletal N0g!etal er udarbejdet i overensstemme!se med Key Figures are cafcufated in accordance with Den Danske Finansana!ytikerforenings vejledthe guidelines from "Den Danske Finansning af 1997. analytikerforening of 1997" (The Danish Financial Analyst Association of 1997). De i hoved- og nsg!etatsoversigten anf0rte nrz.sg- Key figures as represented in tf1is Report are letal er beregnet saledes: cafculated as follows:
13
.AMETEK® CALIBRAT(ON INSTRUMENTS
Afkastningsgrad:
Return on Net Assets: Operating Profit .. 100 Total Assets
Resultat af primaar drift * 100 Aktiver Rentabllitet:
Return on Equity: Profit for the Year* 100
Resultat f0r skat * 100 Egenkapital
Likviditet:
Equity Cash to current liabiUties:
Omscetnjngsaktiver * 100 Kortfristet G~Jd
Soliditet:
Total Current assets * 100
Short-term Debt Solvency: Equity " 100
Egenkapjtal * 100 Aktiver
Total Assets
14
.\METEK® CALIBRATION INSTRUMENTS RESULTATO~G0RELSE
INCOME STATEMENT
2013
2012
TDKK
TDKK
76.782
79.296
-11 .981
-11.426
1
-29.856
-28.601
4
-266
-283
4
-1.326
-1.362
33.351
37.624
-856
-383
32.495
37.241
-a:11a
-9.345
24.377
27.897
24,377
27.897
42.661
23.736
67 .038
51.633
30.827
8.972
36.211
42.661
67.038
5'\.633
Note
Bruttofortjeneste Gross profit
Andre eksteme omkostninger Other exl"mal expenses
Personaleomkostninger staff costs
Afskrivnlnger lmmat.akttver Depreciation Intangibles
Afskrivninger, Mat. aktiver Depreciation, fixed assets
Resultat af prlmmr drift Operating profit
Finansielle
indt~gter/udgifter,
2
net to
Financlaf lncomrJ/axpenses. net
Resultat f~n skat Profit before tax
3
Skat Income tax
ARETS RESULTAT PROFJT FOR THE YEAR
Arets resultat foreslas anvendt saledes: Profit for the year is suggested split as:
Arets resultal Prcfil for the year
Overf0rt fra tidligere
ar
Reatained earnings previous years
Til disposllion Atdisposaf
Foreslaet udbytte Propo$9d dividend
Overf0rt tll neeste ar Carried forward to next year
I all Total
15
.\METEK®
BALANCE pr. 31. december 2013
BALANCE SHEET as at December 31, 2013
CALIBRATION INSTRUMENTS 2012 TDKK TDKK
2013
Note
AKTIVER ASSETS
558
638
558
638
4
7.049
7.382
4
1.245
1.687
4
22
37
8.316
9.106
8.874
9.744
10.729
8.472
10.923
13.875
33.602
9.826
210
24
217
205
44.952
23.931
18.070
23.087
OMSJETNINGSAKTIVER I ALT TOTALCURRENTASSETS
73.752
55.490
AKTIVER IALT
82.626
65.234
4
Licenser &Software Licsnse & software
lmmaterielle anlaegsaktiver Intangible fl:ced assets
Bygning Buitdi'ng
Tekniske anleeg og maskiner Technical p/enr snd meohinery
Driftsmateriel og inventar Equipment, fixtures and Ottlngs
Materielle antaegsaktlver Tlmglbfe fixed assets
ANLJEGSAKTIVER I ALT TOTAL FIXED ASSETS
5
Va rebeholdninger l11Ventories
Tilgodehavender fra salg Trade accounts receivable
lllgodehavender fra tllknyttede selskaber Receivables from group companies
Andre tilgodehavender Other receivables
6
Periodeafgreensningsposter Prepayments
Tilgodehavende r Rei;e/vabtes
Likvide beholdnlnger Cash and Bank
TOTAL ASSETS
16
BALANCE pr. 31. december 2012
.AMETEK®
BALANCE SHEET as at December 31, 2012
CALIBRATION INSTRUMENTS
2013
2013
TDKK
TDKK
500
500
30.827
8.972
36.211
42.661
7
67.538
52.133
3
272
290
272
2~0
7.862
7.390
1.12i
369
38
347
5.794
4.705
14.816
12.81 1
14.816
12.811
82.626
65.234
Note PASSIVER LIABJLrrlES
Aktiekapital Shere cap/la/
Foreslaet udbytte Proposed diVidend
Overff'llrsel til rueste :ir Carried forward to next year
Egenkapltal i alt Total equity
Udskudt skat Deferred fax
Hensatte torpligtelser i alt Total provisions
Andre l
Leverand0rer af varer Trade accounts payable
Greld til tilknyttede virksomheder Payable to associated companies
Skyldig skat AcCfUBd income tax
Anden ga;,ld Other payables
Kortfristet gceld I alt Total shorl term debt
Gie\d I alt Total debt
PASSIVER lALT TOTAL LIABJLIT/i:S
8
f:ventualforp\igtelser Conlengencies
17
.\METEK®
PENGESTR0MSOPG~RELSE CASH FLOW STAYEMENT
CALIBRATION INSTRUMENTS
2013
2012
TOKK
TDKK
24.377
27.897
9
10.565
11.373
10
-20.965
81
13.977
39.350
30
8
-886
-391
13.121
38.968
-8.444
-9.574
4.677
29.394
-536
-841
-185
-225
-721
-1.066
-8.972
-16.971
-8.972
-16.97'1
-5.016
11.357
23.087
11 .730
18.070
23.087
Note
Arets resultat Pront for lhe }'Elar
Reguleringer Adjuslments
lf.ndring i driftskapital Change in Wcriling Cspil•I
Pengestr0mme f0r finansielle poster Cash flow before financial items
Finansielle indtoogter Flnencial income
Finansielle udglrter Flnanciaf expens&
Penges1rC?Jmme fra ordincer drift Cash flaw from continuing operations
Betalt indkomstskat Paid fncome tax
Pengestr0mme fra driftsaktivitet Cash flow from operating ttclivltles
lnvesterlnger. anla:!gsaktiver Additions lo fixed asse/s
lnvesteringer, Ucens & Software Addi/ions to inlengiblo essels
Salg af anlaagsakllver Disposal of fixed t1ssets
Pengestr0mme fra investeringsaktlvitet Cash flow from Investing actf\fities
Betalt udbytte Divld1md paid
Tilbagebelaling af giBld til kredllinstitutter Repaymenl ot mortgsg&
Pengestr121mme fra finansierlngsaktivitet Casl1 flow from financing activities
JEndring af likvide midler, i alt Cha11go In funds, nef
Llkvlde midler ved regnskabsarets begyndelse Funds beginning of year
Likvide midlerved regnskabsarets slutning Fllnds end ofyear
18
.\METEK.® CALIBRATION INSTRUMENTS NOTER NOTES
Note 1. Personaleudgifter Note 1. Staff costs
De samlede personaleudglfter kan specificeres som f0f9er: Tola/ staffcosts affJ made up aa follows:
Gager og
l~nnlnger
2013
2012
27.456
26.208
2.086
2.069
317
324
29.858
28.601
Salaries and wages
Pension Pension costs
Social sikring Socia/ seaurity costs
Selskabet har 9ennemsnitligt beskeeftiget 46 medarbejdere i 2013 mad 48 i 2012. Der er ikke betalt tantieme 09 honorar til bes\yrelsen. I lighed med tidligere ar oplyses vederlag til selskabets ledelse ikke med henvisning til ARL § 98b, stk. :: The average number of employoes was 46 lo 2013 compared to 48 in 2012.
No mmunaration wBS paid to Iha board of direc!ors. IM/h ref6ffJflC9 to sectill 98b(3). (II), of teh D81llsh Financial Statsrmmls Ac~ Iha company like previous years dOBs not disclo86
thfJ CO
19
.\ME!TEK® CALIBRATION INSTRUMENTS
NOTER NOTES
Note 2. Flnanslelle indt~gter/udglfter Note %. Flnancial income/expenses
Renleudgifter
2013
2012
-146
-55
30
8
0
0
-740
-335
-856
-383
lnlsf9sl expensss Rentelnd~gter
lnterast Income
Renleindtcegter rra tilknyltede virksomheder lntet'9sl Income from group compsnlas
Realiseretlurealiseret kursgevinst ReaDzedlllnrea/izsd exchang9 gains
Note 3. Skat Note 3. Income ta;ic
Oriftsf1nt
Skyldig skat
Udskudt
skat
skat
Accrued
Deferred
Expensed
tax
tu
tax
347
Saldo pr. 1. januar 2013
290
Balance es Bf January 1, 2013
8.136
8.136
Skat af arets resultat Tax on Iha profit for the year
iEndring i udskudt skat
-16
-18
272
8.118
Movement In defeffed tax
Betalt/tilbagebetalt skat i aret
-8.444
Tsx pa/dlrootafmt;d during the yoor
38
Saldo P'· 31. december 2013 Balance as al December 31, 2013
20
AMETEK®
NOTER NOTES
CALIBRATION INSTRUMENTS
Note 4. lmmaterle1\e/materiel1e an1regsaktiver Note 4. lntangib!e!Tangibl• flxed assets
Licenser
Bygning
Drlftsma· teriel og
anlceg og
software
masklner
inventar
Technical plant and
Equipment and fixtures and
Ucense&
Anskaffelsessum
Tekniske
og
Software
Building
machinery
fillings
3.857
18.225
6.623
745
Cose
Saldo pr. 1. januar 2013 Balance ea at January 1, 2013
-121
Afgang DlsposrJts
Regulerlng
1-101usrmem
Ti~ang Ad ilions
Satdo pr. 31. december2013 Balance as at Dtcember 31, 2013
185
326
2rn
4.042
18.551
6.713
745
3.219
10.843
4.936
708
Akkumu le re de afskriv nlnger: Accumulated depreciation:
Saldo pr. 1. januar 2013 Balance as a/ Januaty 1, 2013
-121
Afgang Disposels
Regulering Adjustment
Arets afskrivninger
266
659
652
15
3.484
11.502
5.468
723
558
7.049
1.245
22
DePfeclatlon for (fie year
Saldo pr. 31. december 2013 Balance as at December 31, 2013
Bogf0rt vcerdi pr. 31. december 2013 Booked value as at December 31, 2013
Afskrivningsprocent (linear afskrivning}
20-33%
3,3-20%
DepreGfalion rate (straight line basis)
21
20-33%
20-33%
.\METIEK® CALIBRATION INSTRUMENTS
NOTER NOTES
Note 5. Varebeholdninger Note 5. Inventory
Ravarer og hjielpematerialer
2013
2012
7.218
6.985
561
509
2.950
978
10.729
8.472
Raw materials and consumables
Varer under frems\llling Wolk in progress
Fandigvarer Finished goods
Varebeholdninger i alt Total Inventories
Note 6. Perlodeatgraansnlngsposter Note 6. Prepayments
Periodeafgraensningsposter indeholdar forudbetalte rorslkcinger 09 operatlonel leasing. Prepaymimts tetate to insurances and operating /eases.
Note 7. Egenkapital Note 7. Eq11ity
Selskabskapital
Overf0rt resultat
Foreslaet Egenkapltal udbytle
I alt
Carried forShore Capital
ward to next yaar
Proposed Dividend
Tolal Equity
500
42.661
8.972
52.133
-8.972
-8.972
-6.450
30.827
24.377
36.211
30.827
67.538
Saldo pr. 1. januar 2013 Balance as atJanuary 1, 2013 Udloddet udbylte Dividend paid Olli
Ovf., jf. resultatdisponering Result for ltle year
500
Saldo pr. 31.december 2013 Balance as at December 31, 2013
Aktiekapltalen bestar af 3 aktier a henholdsvls TDKK 195, TDKK 105 og TDKK 200. i all TDKK 500. Aktiekapitalen har urendret vreret TDKK 500 de seneste 5 ar. The company's share capital consists of 3 shares of TDKK 195. TOKK 105 and TDKK 200. totalling TDKK 500. The share capital has remained TDKK 500 in the past 5 years
22
.AMETEK® CALIBRATION INSTRUMENTS
NOTER NOTES
Note 8. Eventualforpligtelser Note 8. Contengenctes
Operationelle leasingforpligtelser Operatlonaf Lease commitments
Selskabet er indtradt i leasingkontrakter vedrerende diverse driftsmateriel. Leasingkontrakterne drekker perioder op Iii december 2016, og den totate forptigtelse udg0r tdkk 875. Heraf tdkk 513 inden for et fir. The company has teas9d sundry machinery and equipment. The /ease contracts cover periods up to December 2016 with a total commitment of TDKK 875 ofwhich TDKK S13 is due Within one year.
23
.\METEK® CALIBRATION INSTRUMENTS
NOTER NOTES
Note 9. Reguleringer
2013
2012
266
283
1.326
1.362
856
383
-18
-2
8.136
9.347
10.565
11.373
-2.258
-191
-21.021
287
2.313
-15
-20.965
81
Note 9. Adjustments
Afsk.rivning immateriel!e aktiver Depreclarron intangibfe assets
Afskrivning andre anlregsaktiver Depreclatfon other fixed assets
Fortjeneste/Tab ved salg af anlc:egsaktlver Gain/Loss on disposals of fixed assets
Rentelndcegter/-udgifter mm Interest income/expenstJs
,LEndring i udskudt skat Change in deferred tax
Skat af arets resultat Income tax
Sam let regulering Total adjustments
Note 10. Driflskapital Note 10. Working Capital
Varelagre Inventories
Tilgodehavender ReceiVables
Kortfristet greld Short term deb t
JEndring I drinskapltal Total change In Worl
24
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Bedrijfsprofiel - Ametek Holdings B.V. (33240060) Kamer van Koophandel, 11 september 2014 - 23:31
Uittreksel Dossiernummer: 33240060
Blad 00001
Uittreksel uit het handelsregister van de Kamer van Koophandel ____________________________________________________________________________ Rechtspersoon: Rechtsvorm :Besloten vennootschap Naam :Ametek Holdings B.V. Statutaire zetel :Amsterdam Eerste inschrijving in het handelsregister :13-10-1992 Akte van oprichting :21-09-1992 Akte laatste statutenwijziging :26-10-2011 Geplaatst kapitaal :EUR 19.058,77 Gestort kapitaal :EUR 19.058,77 ---------------------------------------------------------------------------Onderneming: Handelsna(a)m(en) :Ametek Holdings B.V. Vestigingsnummer :000003205169 Adres :Prins Bernhardplein 200, 1097JB Amsterdam Correspondentieadres :Postbus 990, 1000AZ Amsterdam Telefoonnummer(s) :0205214777 Faxnummer :0205214888 Datum vestiging :27-07-1992 De rechtspersoon drijft de onderneming sinds:21-09-1992 Bedrijfsomschrijving :Houdster- en financieringsmaatschappij Werkzame personen :0 ---------------------------------------------------------------------------Bestuurder(s): Naam :Feit, Robert Stephen Geboortedatum en -plaats :07-03-1962, New York, Ver. Staten van Amerika Infunctietreding :09-12-2008 Titel :Bestuurder A Bevoegdheid :Gezamenlijk bevoegd (met andere bestuurder(s), zie statuten) Aanvang (huidige) vertegenwoordigingsbevoegdheid :26-10-2011 https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=332400600000&CHK1=J&kvknummer=332400600000&product=Bedrijfsprofiel
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Naam :Kamphuijs, Thecla Magdalena Anna Geboortedatum en -plaats :22-06-1966, Hengelo (O) Infunctietreding :27-10-2011 Titel :Bestuurder B Bevoegdheid :Gezamenlijk bevoegd (met andere bestuurder(s), 11-09-2014 Blad 00002 volgt. Dossiernummer: 33240060 Blad 00002 ____________________________________________________________________________ zie statuten) Naam :Mandos, Robert Richard Geboortedatum en -plaats :31-07-1958, Pennsylvania, Ver. Staten van Amerika Infunctietreding :01-07-2012 Titel :Bestuurder A Bevoegdheid :Gezamenlijk bevoegd (met andere bestuurder(s), zie statuten) ____________________________________________________________________________ Alleen geldig indien door de kamer voorzien van een ondertekening. Uittreksel is vervaardigd op 11-09-2014 om 23.32 uur Voor uittreksel Bron: Uittreksel-informatie Internet. Geldt niet als uittreksel in de zin van artikel 22 lid 1 van de Handelsregisterwet 2007.
Historie
34 33240060 Ametek Holdings B.V. telnr: 0205214777 Prins Bernhardplein 200 1097JB Amsterdam Oude statutaire namen zoals vastgelegd sinds 01-10-1993 *** Geen historie voor dit onderdeel*** Oude handelsnamen zoals vastgelegd sinds 01-10-1993 *** Geen historie voor dit onderdeel*** Oude vestigingsadressen zoals vastgelegd sinds 01-10-1993 Adres Datum ingang
LEIDSEPLN 29, 1017PS AMSTERDAM ***Onbekend***
Adres Datum ingang
LEIDSEPLEIN 29, 1017PS AMSTERDAM ***Onbekend***
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Adres Datum ingang Adres Datum ingang Adres Datum ingang Adres Datum ingang Adres Datum ingang Adres Datum ingang Adres Datum ingang
LEIDSEKADE 98, 1017PP AMSTERDAM ***Onbekend*** Leidsekade 98, 1017PP Amsterdam ***Onbekend*** Teleportboulevard 140, 1043EJ Amsterdam 25-02-2002 Teleportboulevard 140, 1043EJ Amsterdam 15-02-2007 Luzerneklaver 17, 3069DS Rotterdam 15-02-2007 Schiekade 830, 3032AL Rotterdam 01-04-2007 Schiekade 830, 3032AL Rotterdam 15-12-2011
Oude rechtsvormen zoals vastgelegd sinds 01-10-1993 Rechtsvorm Datum ingang
Eenmanszaak ***Onbekend***
Oude bedrijfsomschrijvingen zoals vastgelegd sinds 01-10-1993 Datum ingang Bedrijfsomschrijving Datum ingang Bedrijfsomschrijving Datum ingang Bedrijfsomschrijving
03-08-1992 HOUDSTER- EN FINANCIERINGSMAATSCHAPPIJ 13-10-1992 HOUDSTER- EN FINANCIERINGSMAATSCHAPPIJ 13-10-1992 Houdster- en financieringsmaatschappij
Functionarisgegevens Uitgetreden functionaris(sen) rechtspers. Enig aandeelhouder: Naam Adres Enig aandeelhouder sedert Uit functie
EMA Corporation / 5 N Market Street 1105 SUITE 130, Wilmington Delaware, Ver. Staten van Amerika 21-09-1992 27-12-2006
Functionarisgegevens Uitgetreden functionaris(sen) onderneming De onderneming wordt gedreven voor rekening van: Naam Adres Uit functie
EMA Corporation / 1 N Market Street 1105 SUITE 130, Wilmington Delaware, Ver. Staten van Amerika 21-09-1992
Functionarisgegevens Uitgetreden functionaris(sen) rechtspers. Bestuurder(s): Naam Adres
ING Management (Nederland) B.V. / 3 Teleportboulevard 140, 1043EJ Amsterdam
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Inschrijving handelsregister onder dossiernummer Infunctietreding Titel Bevoegdheid Uit functie
33135957
Naam Geboortedatum en -plaats Infunctietreding Titel Bevoegdheid Uit functie
Kramer, Edward George / 4 03-03-1941, Rotterdam 21-09-1992 Directeur Alleen/zelfstandig bevoegd 01-11-2003
Naam Geboortedatum en -plaats Infunctietreding Titel Bevoegdheid
Molinelli, John Jospeh / 7 30-10-1946, Moline, Ver. Staten van Amerika 13-09-1995 Bestuurder A Gezamenlijk bevoegd (met andere bestuurder(s), zie statuten) 26-10-2011
Aanvang (huidige) vertegenwoordigingsbevoegdheid Uit functie Naam Geboortedatum en -plaats Infunctietreding Titel Bevoegdheid Einde vertegenwoordigingsbevoegdheid Uit functie Naam Geboortedatum en -plaats Infunctietreding Titel Bevoegdheid Uit functie
21-09-1992 Directeur Alleen/zelfstandig bevoegd 01-08-2006
01-07-2012 CAVIN, DOYLE KEITH / 8 28-04-1936, CHURCH HILL TENNESSEE, Ver. Staten van Amerika 13-09-1995 DIRECTEUR Alleen/zelfstandig bevoegd 31-12-1997
31-12-1997 Massey, Mark / 10 02-08-1965, Colwyn Bay, Verenigd Koninkrijk 01-01-2009 Bestuurder Alleen/zelfstandig bevoegd 26-10-2011
Overige functionarisgegevens Uitgetreden *** Geen historie voor dit onderdeel***
Deponeringen algemene gegevens https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=332400600000&CHK1=J&kvknummer=332400600000&product=Bedrijfsprofiel
4/10
9/11/2014
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naam ingeschreven onder nummer
Ametek Holdings B.V. 33240060
Deponeringen Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2012 28-1-2014 klein 12 Jaarrekening 24-1-2014
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2011 13-2-2013 klein 12 Jaarrekening 7-2-2013
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2010 27-2-2012 klein 12 Jaarrekening 2-2-2012
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2009 3-3-2011 klein 12 Jaarrekening 28-2-2011
Boekjaar Datum deponering
2008 24-2-2010
Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Groepsjaarrekening deponering onder dossiernummer
klein 12 Jaarrekening 22-2-2010 Ametek Holdings B.V. 33240060
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken
2007 29-6-2009 klein 12 Jaarrekening
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5/10
9/11/2014
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Datum vaststelling jaarstuk Groepsjaarrekening deponering onder dossiernummer
26-6-2009 Ametek Holdings B.V. 33240060
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Groepsjaarrekening deponering onder dossiernummer
2006 9-10-2008 klein 12 Jaarrekening 6-10-2008 Ametek Holdings B.V. 33240060
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2005 27-12-2006 klein 12 Jaarrekening 22-12-2006
Boekjaar Datum deponering Omvang Maand einde boekjaar
2004 27-12-2006 klein 12
Soort jaarstukken Datum vaststelling jaarstuk
Jaarrekening 22-12-2006
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2003 30-8-2005 klein 12 Jaarrekening 26-8-2005
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2002 3-5-2004 klein 12 Jaarrekening 29-4-2004
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2001 3-5-2004 klein 12 Jaarrekening 29-4-2004
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6/10
9/11/2014
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Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2000 30-10-2002 klein 12 Jaarrekening 14-10-2002
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
1999 30-10-2002 klein 12 Jaarrekening 14-10-2002
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
1998 28-2-2001 klein 12 Jaarrekening 31-3-2000
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag
1997 17-6-1999 klein 12 Jaarrekening 9-6-1999 Bij de kamer
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag
1996 7-5-1998 klein 12 Jaarrekening 4-5-1998 Bij de kamer
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag
1995 7-5-1998 klein 12 Jaarrekening 4-5-1998 Bij de kamer
Boekjaar Datum deponering
1994 15-1-1997
Omvang
klein
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7/10
9/11/2014
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Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag
12 Jaarrekening 6-1-1997 Bij de kamer
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag
1993 15-1-1997 klein 12 Jaarrekening 6-1-1997 Bij de kamer
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag
1992 15-1-1997 klein 12 Jaarrekening 6-1-1997 Bij de kamer
Juridische gegevens Rechtspersoon : Rechtsvorm Statutaire zetel Eerste inschrijving in het Handelsregister Akte van oprichting Akte laatste statuten wijziging Geplaatst kapitaal Gestort kapitaal
Besloten vennootschap met gewone structuur Amsterdam 13-10-1992 21-9-1992 26-10-2011 EUR 19.058,77 EUR 19.058,77
Overige deponeringen Bijzondere deponeringen op grond van boek 2 BW
Soort deponering: verkl. Stort. Niet in geld (artt.94b/204b BW 2) datum van deponering: 19961206
... Datum deponering: 08-03-2011 Soort deponering: Geconsolideerde jaarrekening 408 ... Datum deponering: 08-03-2011 Soort deponering: Geconsolideerde jaarrekening https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=332400600000&CHK1=J&kvknummer=332400600000&product=Bedrijfsprofiel
8/10
9/11/2014
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408 ... Datum deponering: 13-02-2013 Soort deponering: Geconsolideerde jaarrekening (art. 408 BW2) ... Datum deponering: 28-01-2014 Soort deponering: Geconsolideerde jaarrekening (art. 408 BW2)
Jaarrekening(en) Algemene gegevens uit de jaarrekening Boekjaar: Balansdatum: Vastgesteld: Winstbestemming: Lengte boekjaar in maanden: Werknemers: 100% dochters: Overige deelnemingen: Balans Boekjaar: Type jaarrekening: Winstbestemming: Bedrag: Valuta: Activa financiële vaste activa VASTE ACTIVA vorderingen liquide middelen VLOTTENDE ACTIVA TOTAAL ACTIVA Passiva gestort en opgevraagd kapitaal agio overige reserves EIGEN VERMOGEN langlopende schulden
2012 31-12-2012 definitief na 12
2011 31-12-2011 definitief na 12
0 4 3
2010 31-12-2010 definitief na 12 0 3 2
2012 vennootschappelijk na x1 EUR
2011 vennootschappelijk na x1 EUR
2010 vennootschappelijk na x1 EUR
940.199.172 940.199.172
879.467.050 879.467.050
857.454.273 857.454.273
10.353.736 931.586 11.285.322
10.045.815 19.419.829 29.465.644
20.049.352 36.063.100 56.112.452
951.484.494
908.932.694
913.566.725
19.068
19.068
19.059
393.539.684 428.744.890 822.303.642
393.539.684 402.896.215 796.454.967
363.410.305 469.736.209 833.165.573
44.017.298
34.718.515
19.351.841
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9/10
9/11/2014
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kortlopende schulden OVERIGE PASSIVA
85.163.554 129.180.852
77.759.212 112.477.727
61.049.311 80.401.152
TOTAAL PASSIVA
951.484.494
908.932.694
913.566.725
Er zijn bij bovenstaande jaarrekeningen geen winst- en verliesrekeningen Kengetallen Boekjaar: Liquiditeit current ratio quick ratio gouden balans Solvabiliteit balanstotaal/ vreemd vermogen eigen vermogen/ balanstotaal eigen vermogen/ vreemd vermogen
2012
2011
2010
0,13 0,13 1,09
0,38 0,38 1,06
0,92 0,92 1,01
7,37
8,08
11,36
0,86
0,88
0,91
6,37
7,08
10,36
Rentabiliteit Overige kengetallen aantal werknemers
0
Bedrag: x1 Valuta: EUR werkkapitaal 73.878.232Bron: gedeponeerde jaarrekeningen Kamer van Koophandel
0 x1 EUR 48.293.568-
x1 EUR 4.936.859-
https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=332400600000&CHK1=J&kvknummer=332400600000&product=Bedrijfsprofiel
10/10
AMETEK INSTRUMENTS INDIA PRIVATE LIMITED
.\METEK® "'· Clear Vision
0
Sound Strategies "" Solid Performance
DIRECTORS' REPORT
To The Shareholders:
Your Directors have pleasure in presenting their Fourth Annual Report of the Company together with Audited Statement of Accounts for the year ended 31st March, 2012.
Financial Result: Year ended Year ended 31st March 2012 31st March 2011 (Rs. in Millions) Gross Income Earnings before Interest & Depreciation Finance Charges Depreciation & Amortization Profit/(Loss) before Taxation Less: Provision for Taxation: Current Tax Deferred Tax Profit/(Loss) after Taxation
428.90 62.72 13.21 52.07 (2.56)
262.62 52.29 8.02 42.67 1.60
19.32 (8.56) (13.32)
14.00 (2.24) (10.16)
Review of Operations: The Company had again increased its gross income considerably compared to the previous year and Earnings before Interest & Depreciation has also increased from Rs. 52.29 million during the previous year to Rs. 62.72 million and therefore overall performance during the year ended 31st March 2012 can be considered quite satisfactory. The Loss before Tax for the year under review was Rs. 2.56 million. In view of higher provision for Income Tax and Deferred Tax, there is a loss for the year under review of Rs. 13.32 million compared to loss of Rs. 10.16 million for the previous year
Dividend: As there is a loss during the year under review, the Directors do not recommend any dividend for the year
.\METEK®
AMETEK INSTRUMENTS INDIA PRIVATE LIMITED .;J
Clear Vision e Sound Strategies w Solid Performance
Auditors' Report: As regards Auditors' comments on maintenance of records for Fixed Assets, your Directors would like to state that since the required information with respect to each individual asset was not available in respect to group of similar fixed assets acquired from two companies, the Company has maintained records for such groups of similar assets and not for each individual asset. As regards Auditors' comments on delay in deposit of withholding taxes and other taxes, ascertainment of ageing of inventory, collection of accounts receivables and settlement of travel claims, your Directors would like to state that certain teething problems are being faced in the new accounting software and steps are being taken to streamline the same to ensure that appropriate reports on timely basis could be taken out from the system for control purposes to facilitate minimization or elimination of such occurrences. The procedures for physical verification of inventory are being strengthened and the scope and coverage of internal audit are being widened in consultation with Mis. Grant Thornton. As regards use of short term funds for long term purposes, proper procedures for more scientific projection of long term and short term requirement of funds are being put in place so that an appropriate strategy for meeting the future requirement of funds is worked out.
-----------------------------This place is left blank intentionally-----------------------------
AMETEK®
AMETEK INSTRUMENTS INDIA PRIVATE LIMITED "i-
Clear Vision
Sound Strntegies "" Solid Performance
Auditors: The auditors, M/s. S. V Ghatalia & Associates , Chartered Accountants, Bangalore who retire at the conclusion of the Third Annual General Meeting have expressed their willingness for reappointment. You are requested to appoint the Auditors for the current year to hold the office from the conclusion of the Fourth Annual General Meeting until the conclusion of the next Annual General Meeting.
Directors' responsibility Statement: Your Directors confirm that: (i) (ii)
(iii)
(iv)
in the preparation the annual accounts, the applicable accounting standards have been followed; the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give 1 a true and fair view of the state of affairs of the Company as at 31' March 2012 and of the profit of the Company for the year ended on that date; the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act.. 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; the Directors have prepared the annual accounts on a going concern basis.
Particulars of Employees: Particulars of the employees covered under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are given in Annexure A to this Report.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings & Outgo: Information relating to Conservation of Energy is not applicable to the Company. As the Company is not carrying on any Research & Development activity and since the Company has not imported any technology, information required under the provisions of Section 217(1 )(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 relating to the same is not applicable and hence not provided. Details regarding Foreign Exchange Earnings and Outgo during the year are provided in Annexure B to this Report.
AMETEK INSTRUMENTS !NDIA PRIVATE LIMITED (»
Clear Vision
0
Sound Strnte9ies
&
Solid Performance
Appreciation:
Your Directors also wish to place on record their sincere appreciation for the dedicated services rendered by the Management Team and employees at all levels and also express their gratitude to the shareholders for their active support and co-operation.
For and on behalf of the Board of Directors
Place: Bangalore Dated: i> r- /
/I/
1)
Managing Director
Director
ANNEXURE A TO THE DIRECTORS' REPORT Particulars of the employees covered under section 217(2A) of the Companies Act,
1956: r· 1
- - · - - - - - - - · - - · · - · - - - - , - - - - - ...,..... - .
.,·--~-------------------··----------··-···------,
'flj;,:~;;j);:~:ti ____ .J'l:i•ll(!()f_tl1f ~n~p~~;.~~;,~:;:,;i;;;~------------1 I Managing Director I l3u:;iness Director I
l'articulars
1--···
Rem~~n~~[l~ion_
, Qualification 1---- .. . Experie11ce(i11 years) '1 ..
__________ i_f\s.68,_L(),()72/BE - · - - - - - - - -..··· -----------------__..______1_22
~~~~~:j~~1)1eneement of
l I I 1
.., ,.-.l--"··-.. --... -·"·-···-··-·····-····--~----·--··--------j
I
I Designotion
Last c1np!oy1nent held
_
Percentage of equity shares held in the Co1npany ··-·---
_________
1
I Rs 61.87.643/-
_ _____j l3 Com __ __ _______ 38 . _. . . ·-·-·-·----------------• !
i_
_\l~;-Apr1l,~O~~--------- ~~()":~bc~,2009 Ln1erson Process Manage1nent
i
~~~:~Private Li:itecl. Director-
1 l_Jnispec Marketing Private I Li111ited, Director ___
NII
I NIL !
--·-----·---------------------··m ... ___ _L_
I
____J i !
_____________"'1
ANNEXURE B TO THE DIRECTORS' REPORT
Information pursuant to section 217(1)[e] of the Companies Act, 1956, read with the Companies (Disclosures of Particulars in the report of Directors) Rules 1988 in respect of foreign exchange earning and outgo.
Foreign Exchange Earnings and outgo: (a) Activities relating to Exports & initiatives taken to increase exports & export plans: The Company is providing pre sales marketing and software development services to its overseas associate companies and which results in earning of foreign exchange. The Company has commenced such services to a few more overseas group companies and further opportunities in this area are being explored in order to further increase the foreign exchange earnings for the Company. (b) Foreign Exchange earned and used:
Particulars
I
~·
S. V.C-uArAUA 8
Assc1c1AlfS
Td ·rhe i'vlL'!l1hcrs or /\n1etek
lnstrU!lh.'11!~;
India Private!. i111i1cd
\Ve h;iv~· audit(·d rhe attached Ba!;1ncc Shc(~l oi' ,.\11H:tck lnqrun1cnt..; India Privall~ L.in1i1ed ( ·1hi: t 'nn1p:iny') as at \1:-u-ch l ! . ~O I::'. :ind a):;u lhl'. S1:Hc11lcnt or pn1fit and loss and 1hc ca:>h tlO\\· _-,1a1cnh:nt f0r the year ended ~111 that date annexed lhL'n.·1u. These financial stalt...'ntt.:11\':> :in: tih' rcspunsibility of th(· ('0111pi111:v'-; 1nanagc1nent. (hll" 1c:-.pnnsibili1y is to cxprc;:;s an up1nion lll! 1h1.'.·;1..~ !lnanci~d st;Ht1nc1Jts bas1:d on -:;ur audit.
'
\Ve ,:iJnducl::d our audi1 i11 accurdancl..' \\'ith auditin~~ -.,t;JJnLHds g..:.:ncrally at:ct'ptcd in India. l'hl'is .. ~ Standards rcquir...:: 1h:i1 \\t: plan and p~~rforr11 th<:: audit \1> uhtaln rt.:asonabk· assur:incc ;1!.H)1l! \\'hcth~r the financial st:11c1ncn!s arc Cree or n1:1!<.:1·ial 1niss!:11c1nen1. !\!l audit includes exanii11i11g. on a 1cq basi:>, evidi..~11ci: snppor1ing thl' an1(l1J11h and disclosures in the finan!.:i;il '.'.>\ill('Ji\t'llts. /\n audit H].Sl) in1.:ludcs a~;scssing tlie <·1rcou111in~; princip!t:s used and :-ii;nificant es1in1;1!L'S n1ade by 111:1n~1gt'rllt'llL as \~ell as cvalua1in.~,~ 11lc overall financial state:111cnt pr1.:Sl~rllal1r1n. \Ve bc!ic\"c rh:1t our :1udit pnn·iJes a rcast:111;1hlc basis for our opininn.
).
.-\s rt'1p1ircd by the C.~nn1p;l!liL·~, (.-\uditC'r"s Rl:'pun) ()rdl:r. :'_()()'; (:b anK·nch:d) i"-;ued by 1hc c\:1!!1;d ( in\\"1"\llllt'!ll l)f J11di;1 i11 [;.'fl)h \)!" 5t1b··:'1.~l;\i1>:1 (--It\) u! Seel Hill 2~7 ,,f :lie (_'0111p;111ic-; i\ct. Ii))(). \\'L' cnc!c1;.;e 111 !lie ;\11nc:>.:tirl' a c-lHlL'llh:ll! ,-Jti the 111;1llLTS ·.:,pcciflt:d in par:1g1aplic- -1
and ) or lht: :-;aid ()rdl'r. ,j
l-11nlier !o uur c(Hllincnt:=> in tlii: i\nnl'\!lrt.: n."!ferH.:d to abnvc, \Ve 1\:port 1hat: J.
\Ve h;l\'L" obtained all lhl' i11l;lr:11;1tiull :ind c:-:pla11:lli(111", \\lii,:il h.no\~ k:d~'.e
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'.)n-., 1cp,q! 1:d1nr·h \\1!!1 the ,h:-,:i":t1n;111~' -..:1·lrHLir1I-, rl·fcrr1.'.d Hl 1n ,11h·-,vcli(\lf
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S. \/.(~NA IAllA s Asso<
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,·;. !n our opinion :-ind to the bi..:st of our infonn8.tion Jnd according to the cxpl
a)
in !he c3se of the balance sheet, of the state of affairs of the ('0111pany as at March 31.20!2:
b) in the case of the staten1ent of profit and loss, of the Joss for the year l..'ndcd on th;it date; and c)
tn Lilt' case of <..'::ish tlo\v stat::1nent, uf tbe cash J1o,vs f<.H· the
s.V.G!W~ .J.J'r~
For S.\i.(ffL\T/\LL\ & /\SSOCl/\TES Finn registration nun1hcr: l 03162\V
Chartered
.~\cc()lllltanls
per TS (iangadh3ran Partner tvle1nbership No.: :?2835 1
l)lacc: Bangalore Dale Jc;1-y 27 )012._ I
)'t'ar
en Jed 011 th al date.
S. \/. (,'11A TAUA s Assoc IA I I\ t\
llllt.\lHe
rcrcrred
1(1 in p;HJg_r:'..ph
3 n(
rfpon
of C\'t:I) J;J[I..'.
J{c· ;'\lllt:tt:k lnS!fUrlh'lll:; India PriYah' l.irnit~·d ('th~~ c,)!l)pany')
ti) (a)
fhc (\qnpa11y h:·1s 1nainr:-iith:d pr(lpc~r recl1t\~S. .;;hn\\'ing full particulars. inciudinp ,1uantil:J!i\'t...' Jctail;;;, Jnd si1uati,111 ,,( f!\td as:-.c!'>, <''l"('
(b) 1:1;.;cd :is.:,t:t"i li:J\c been ph>·si(;illy \·t:rificd by tile 111:-inagetncnt during the year and no 1n1tc:rial dis(1cpancies \vcre id1.,,·nti(1cd on StJi..'h verilicatiun. (-:) !'hcrt:
\\';.1s
nn disposal of a subst:i.nti;i! part of fi.\cd assets during the ~.:t~;H.
(ii) (:1) Tht> r11a11a~c111v111 l1a::. cu11dul:h:d physical \'e1if1c:Hi\)fl u! in\'~!'l\(iry .il re
during the )t::n
(\)) /'fit~
1'1/ rif1_r:;icu/ l'Crijii:u!iun t.!f ///'.'t'!if1Jr_I j(.1/fo1rcd hy the 1110110;.t,ellh'lll are hi' \'fl'<'ngth~'11ed to n111ke it reasD11uhlc und c"Jdequorc i11 rcluriun tu the si;_·c of the C'on1pn11y und the 11at11n.' r!fl!s h11si11ess pro(;ed11t('S
n:q11ir~:d
!1J
(;.:)Th~
c:(irnpany is gcncr<:lly n1ain1:1ining prop~r rl'i..:nrd_..; \)r illVl..'H\\'lry. lh() ( ·un1run1' i1 Ill rhe f!FO:.:e.1s o/r,'1·1111ciii11.c. rhe 1/i.1·,.,-,'fNJncit'\- 11111t'd on ;:ln·s1c(d 1·c,,-i(1curic111 As (:\·f;fu111i·d tu u-;. 1!1<'.\(' oro: 1101 1"X/h:"Ch"d tu h(· 111utcr:ul.
(iii) (a) .:\ccordint}, tL1 thL· infonliatitin :111d l~.\1.1lar1:1lit_i11s givt.'11 lP u:->, ihe (\Hnp;111y has not gr;i11lL·d a11y !0311,;, st:i.:urcd or unsccurL·d to co111panics. lirins or other p;11·1ic:; \..'.Ovcrcd in 1\ic register rn;1in!ai1H:d under st.'cti11n 30! of the (\:ln1p~111ic5 ;\ct. ! 1J5(l. ;\c:.:nrdinµly. thL· pr(1vi<:..i(11h ,l! ;..\.111 .... (' .l(iii'1(:1l Iii
(,I) \)f the
()H!i.:1 :11c n(ll
.1ppli;..·;1hiv
111
the
C(_)n1p:1;1\
.ind
h<..'l)(L' J\( l \.'.l\il!ll\i..'llll'd upl>!L 1
(b) "\..::..::orJing Ill ini;--,nnalion and l'.\pla11:Hio11::; :~i\"<_'!l \\l u~,. 1hc C\l111p:111y IJ;1s no! 1ah.1~n ;111) luans, sccllfL~d (lr unsccun:d. frn1ll ,;nr11panies, li1111'; or otlH:J p;1r\1t~S o..:uvr:rt.:d i11 the regi~~li.:r 111aintaincd under :',l.'".:tinn ;01 of the (_,)111p;111ies .'\cl. \ 1)(,(1 ;\ccordinl--'.lv, 1h'-' p1(1vi::.in11s nl' ..;L1t1\c ·~(iii)(::) tu(:-·.-) 11f the ()rdcr :nt': !!Dl t1pplic;1hh: \1) 1hc C:ornpany ;111d
hence (l\)
111\! COll~!llCrtlL'd tqK1!l
hi \)llf r1pin11_111 :111d :1..;o..:;.lnii11.'-'- h'> lh..: 111J(:,n~·1;Jtiori ,111d <,-'.\pl1111·~;-;_ !or 1h1' p11rch:1'i: ti!' in\crlll!l.Y :ind li,\L'd :J.',·>ch ;i1Hl lin the -;;ik (il ~'_!:q(j...,
:uitl
<1..'1\·1 ....'t.""
ii;\(Ji/r;.''\' (!/!<.'
(·u111111u11i,;' /(11iur.· ro
Ilic
llllild
11~ !\ 111<.:
111~_. ( ·un1p;1)l\(" ,!_''-.·Ii<'·;)
\()\
/-/,;1\-, i·cr
,·('//,-,.,!!!// ilf
·\l l.
·.n-rt·(
1/,'" 111fcu1ui (·1·1111·.i/ >\''/c'/li _jol' .1"·,·1/,1/!lill? u.:'.i.·111,\: ,1/
u1·, ()/1.1/!\
r " 111;.'f•!l'
/"L'-:'c/l"tih/,·.\ II
lll!h/\:tjlliliC
/11 (Ii!/" U/-'llJ!Uli. {}/J,\ I\,/
\\<.'«'l!!<'.'' 1/i .rh" 111f1'l"!!O.', .iu/n1( >'f ,fc11i
p tlll<:\IL11 .. ,I[ C•l11l1;1l·t .... ,·,1 :\11,11;: ,\'ll';,'!ll'-, rt•t'c~nt·d l•l i11 . ,,__·ctil>I\ )0! ,ii i i;)f1 ih.11 111.·1·d [,\ h,· cn\=·i:.·il 1;J1 . · thL' tl".!l',1vl' 111:1i111:ii11c'd 1111(k1
}\;t\1' :'1.'Cli ·,,, ~':il,··~·d
1
S. v.c;nAIAUA '" Assoc1A1rc, (b) Jn respcl'.t of transactions rnadc in pursuance ()f ~uch contracts or arrange111c111s and exceeding the value or RupCt.'S five lakhs c:ntc:rcd Into during the !'1nanci~.d yt.'ar. because Of the uniqt1l'. :_u1d :ipeci:.1lized nature uf !he itelllS iH\'O!Vl~d and 3bSl.'.llCC Of illl) co111parable prices, \\'C arc unable to coffi1nen1 \\'hether the transactions \vCr(; n1adc at
prevailing 1narKct prices at the rclcv3nt tirne. lhc (.'c1111pany has not accepted a11_y deposits frorn the public.
(\·i)
(vii)
['he (~on1pany has an internal audit systen1, rhe scope and co1'crage f~/ 1rhich. Ill our opinion, rf!q11ircs to he e11/arg<'d to be CO!l1111ensl1tore H·irh the si::,t· and 1u.1t11re r~f its husincss
(viii)
To the best of our kno\vledge and ub--section ( J) of section 209 ofthc c:o111panics /\ct, 1956 for the products and services ()fthc C:ornpany,
(ix) (:i) Undisputed stannnry dues including provident fund, investor education and protcctiun fund. CnlpJoyccs' state insurance, i11co1ne-!aX, sa}eS··13X, \VCalth·l:.iX, service tax, CLIStO!llS
duty,, excise duiy, ccss and other rnateria! statutory dues have gcn..::ra!ly bc-cn rcgu!~1r!y dcposi1cd \Vi!h the appropriate authoritit:s e_xcept_(or prl~fl~s.;ion ll1x and se1Tice tax H'here rhe1·e have been serious deloys in a fC\v cases 011d incon1c tox. provident jiaul and vu/11e added tux \Vhere 1h,'re htt\'e heen slight delays in a_feH· 1_:oses, (b) i\ccording to the inronnation ;-uid cxplan.1tio11'; given 10 us. no undisputed ;11nounts payab!L~ in respect ofprovidc1li rund, i11vcs!l1r education and protection fund. cn1pl0ycc.-;' state insuranct;;;', inconic~tax, \VCa!th·l custonl'> duty, C';\..cisc duty Cl'SS and oth~~r rn;1ttrial s1i1tutory dues \vcrc outstanding, at !he yc;:ir end, for a period l'if
lllOl"t: !hiill :->iX 1nn11ths !'roin the (]ate they bcc:11ne payab!e, (l:)
;\ccording tn the infonnation Cllld explanations
g1\'(.'ll
lo
llS,
there ~tr(.'
110 dUCS
of'
illCOll\C
Ll:\, sales-tax. \vcah!i t.1x. service 1:1.\, custt1111s duty, c:.:cisc duty and ccss \V!iicli have nol
been dcpositccl nn account of ;111y di:::putc. (x)
The
(\)lllJl~!llY
or
has been reg.istered for
nol n:q11irL'd In
:i period lcs'i than f\\'C years and hence \VL' ;ire \vhcther or not the accuii11il:1tcd kisses at the end of tltc l'\Jty per CC!lt 01' lllOre of its lll'l \VOr!h ;ind \VhCthCr it !J
cnn1111c11t 011
fill
lusc-;cs in the c111Tc11! fi11a11ci;1l year and in the i1n1110.:di:1l<:ly pn.:ccdi11g l"111;111ci;·d ;,T;11 (_\I)
n:1.c;l:d <'Ill 1111r
dtidii pro\:Cdtl!c.'; a11d :Lo.;
pl'.l'
tlh:
l!!Ji.:r111~1lit111
;n:d
111;1nagc·111c11t, \VC arc l)f'thc opiniDn that the ('\)rnpany h;1.., 110!
d11cs ln (;..;ii)
;t
(>,pl;1n<1li1ll\S ;_'.l\'l'll h) liic dcE1ultcd in rcp<1:1ncn1 •ll
(inane in! i11stitutin11, bank or dchcntiirc holdt:rs.
,i\ccordin!.'. lu thl' inf\ll-111;ilit)n 1111d cxp!:1n;ninns givc11 tD uc-; and hc1:;l•d on the d11.__:11;n(·11h rccdrd;; pr()duc:_:d bcron.· us_ the (\i11ipr111y 1i:·1.., 1H1l ;:_r;111!vd io•·1ns :u1d ;1d\·;11:c:.., ,,,1 lhv li;t:',;S nr _;;;cl;lJrJ:\ by \\',1Y ,,f plcd~"l: tlf \h;i1·c-,;. dt.:lil:ntllH::, ;111d \llhl'r -;,__·.._:uritic_o.;_
::11d
(.\:n)
ln p11r t)piniu1·L thi: Cut11p;111y i,, 11,11 ;: chi! 1·u11,J nr :1 11idhi i r1111!u;i] hc11c(i1 hind
l'lic1ct'nrc, lhc
-,u,;1,·t\·.
provi.-;inn~;
·~)003 (;1-.; ;inH:1Hicd) :ire
of ...:1;111;-;e -'l(x1ii} oi' the (';,llnp:111ics (,1\udi1or·s ){,:pol"!) lhdL'r, 11(1! :ipplic:-il1k· rn the ('01np;1ny
\
'/:
S. v. (;fl A/,\ UA s A SSC>C!A I/.\ (xiv)
!n our opinion. the (~01npa1ry is not dealing in or trading in shares, ~ecuritics, dcbcntun:s nnd other invest1nents. A.ccordingly, the provisions of clause 4(xiv) of the C:on1panies (i\uditor's J
(\\)
/\ccnrdi11g to the infonnntion cu1d (·;.,:p!analions g,i\'cn :o u:;, the Cornpany· has not given any guaran\(':l' !'or loa11s taken by others fron1 bank or finan..::ial l!lStitu1lons.
(:.:vi)
Fhtse
(xvii)
.-\ccording to the infonn;:ition and c:-.:planations gi\i.-:n to us and on an overall cxa1nina1ion of the h::i.lance sheet or the c:on1pany, HC reporr that _funds a1110101ring to R5.3 I, ?OY,601 1f1iscd n!I shorr rern1 has is i11 rhe j()r111 (~( cosh credir _faciliry j;·o1n hanks have been used /in· lung-Jer111 inFust1ne11t re pres en ring acquisition <-'.ffixt:!d assets, repayn1e11r of long·ter1n loan and j/-1nding <~flosses.
·rhc c:o1npany has not 1nade any preferential a!lot1ncnt of shares to parties or con1panies
(xviii)
covi:rl'U in the register 1nai11taincd under section)()] of the
(~0111panics
/\ct, 1956.
(xix)
Tht: (\.l!llpany did not have any outstandin!_; dehentllres during the year.
(xx)
The C\Hnpany has nut raised nny rnoncy through a public issue during the year.
(xxi)
Based upon the audit procedure~ perfc1rnied for the pllrjJO\t: or reporting the true and fair vic\v of tht.' tinanci
5.y,~~c:..~..J:;1:.,, S.\I. Clli\Ti\111\ & ,\SSCJC:li\TFS l:inn n::gis1r;lli11n nuniber: I OJ I (l~\V Ch
~ ·r
rh:r
S (Jangadh;\r:in
f 1il rl I lCI
:\,lcn1hcr~J1ip '.°\<.) ..
·.:::s \~.'
i'Licc: Ucnµ_alur11
ll:llc': J\!1, '( 2 '1 1 )J'll
11
AMETEK Instruments India Private Limited Balance Sheet as at 31 March 2012 All amounts in f-{upees. unless othf>rwise statPa
Notes.
31 March 2012
31 March 2011
E9u_ifj_~~~.!~&p11~!i.~/':- :: Shareho!der:s' tunds
Shall' cJpital
3
10.-l,720
103, 720
_,
:i;:_GHJ.158
45.401.05'.)
32,1B4.B7B
4!i,504,775
4'/,000,000
-------
Non-current llabl!lties Lonq-lc>rn\ borrowinqs
5
24,000.000
Lonq-tcrm prov:$;ons
6
6.410,210
2,500,JO"l
30,410,270
49,500,307
Currant l1o11bililies
7
72,200,000
55,000,000
Tra
B
JC.789.350
3B.9 l 9.42(,
Other cunent !i<'!bilities
B
49.842.290
40,262,566
Snort·term p1ovi:.io11$
6
16,751.768
5,$83.446
169,583,408
139, 765,438
232,176,556
234,770,520
Snon·ti:rm
bo1rvwmq~
TOTAL
Non-current a!.:seh
Fixed
as:.el~
Tangible assets !ntanqiblc Capit
.:i~scls
9
47,771.244
50,696,225
10
20,032. 564
45.491.393
11
12,889,052
4, 331,685
12
18, 340,67 l
16, 119.442
work·in~progress
1,424,855
Deterred tax assets (net) L~1rl(i-term
loans end advances
Other non·current assets
13.2
1.750.000 100, 783,531
118,063,600
Current assets Inventories
"
13.1
Trade recl?1vab!es
26,762,728
9.273,770
55,696, 750
35, 784,333
Cash and bank balances
15
7,963, 704
J,834,584
$hort·lcrrn loan5 ano: advance;.
12
17,694,442
13.920,1"18
Othc-r cu1 rent
us~eb
13.2
TOTAL
23,2Tf.321
55,894.055
131,395,02.5
116, 706,920
232,178,556
234, 770,520
2.l
Summary of s1Q11ificant .:1u;ountinq politi(!S
As per our rt>port of evt>n date
o;;.v··~~~~ For S.V. Gtlata!ia & Associates
rcll-
firm Reqistra!iun No: l03162W
AMETEK Instruments India Private Limited
Chartered Accollntants
ana on trnt1alf of the boord of dir<>ctors ol
/1
.( ,/ •?/ per TS GanQadharan
Hirt'n
Partner
Manaqinq OirPdor
Director
Place: Banqalore
Place: Lekester, UK
Date: July 16, 2012
Dati:: July 16, 2012
Memtwrship No.
Bruce Coley
?.283~>
f'loce: BonqolO! e Date:
De~<1i
.T.Vk'i /,? 1 2..012
AMETEK Instruments India Private Limited Cash flow staten1ent for lhe year ended 31 March 2012 )l Morch 2012
<;_a~-h)_IOw fn::im-_operetlrn;i activities (2.'.i'i9.230)
LO>> Delore \d1
~-~.074.727
8.:!96 ~.CJ5/,0J:i
2.12-',19} lonq~r
l•\t{'S flO lflterest
C%1J~"'r
Interest
tnco~1e
(34"1.347.)
f{'Cl\llleO ... r•ttt>:i \lOC'
l2.980,4CJO C29.0C9l
65.938.720
(7.782.734) .l,909.963 lnCf\.'il}C •n orwrt·t~!P1 DfQVl\>WlC
3.987.810
lnoedSI.' •n o\ll<;•< (.;,u('n\ 1i<1bd1t•f's
lncreas;> in trilO;> •Ht>1vablt>S
(23.12),245) (l
7,488.9':i8)
(2,221,229)
0."17·1 264) (.Jt>creo~e
oth~r
111
curr<'.'nt
Cd~h
32.616.734
op;>1~t1ons
Cash qenH.:iteo from Dirl'li: t~•t>> tM•~ (net
N(•t
os~e\s
of
6l.042.S2l _ _ _ _02.).37.522)
1erv110~l
!low !mm o~wratin~ oct1v>t•n (A)
f'(;r(!lJSI.' ot lixl.'d
.:tSSl.'t~.
48,904,999
including intangible .i~set~ <>nd cdp;tdl work in progress
P!O{('('!lS from Sdl(' of lix;>O
(22,S82,66l)
~SS('!S
308.303
lnvrs\m('nts :n l>.1nk O£"pos1ts (havinq oriq1nal mJtur1ty of mor(' thar1 12 rr.onl!•>l
lf\(('1('$\
(l,7S0.0001 29,009
f(.'C('IV~!l
Net rnM1 flow uHd ln investmQ
actlvitie~
(73,995,3.:19)
(B)
~~rr~:if~:.~,!Y~'.tl!ifililf:fillfu'WN«lfl~'W&~~J1&~~}[~~%1"4£$~;--~!!i!~·~""ill1111111!!11!1iillllll!llli1!llll~ 011ong·terrn 001row1nqs
R~;.o~ym(•nl
(23.000,000)
P1ccecds 1rom short·tcrm boriowmgs
lnter .. st
17.200,000
P~>d
(12.980.450)
Net cull flow und in tin11nclnQ 11ct1V1Ues (C) NN mcrC>,\SP in cash and (.ash
(,15h Jf\\l
c~>h
('n!s(A ~
(1$JB0,450)
B • C;
6,129.200
cqu•val('nt> attn(' IH'G•nni119 c! the \'CM
!.634.S84
Cash and cash .. qulva!ena at the eno ol the year
7,963,784
~~~!~Y~f"~~~~t'l~~~~-Jt~&4l~illi'11~···~'~'1!'~·lili!lll!llil~!lil!lill!ff!!fl!!j]!!lli!l Ca~h
on l\;md
With
!:an~s-
6,476
Of\ Cl1rrer1t
~ccoun!
?.'.l'i;',308 7,963,784
Tot11I ca!.h 1md cash eQulvolenh (note l 'i)
=c-..==·===-----··-2.1
s.·.v·~..._~c)> for S.V. Ghalalla &
f,rm
fl~9ist1.ition
ChJ1\ered
A~soci~te~
No· J03lfo?W
fo• Jna on
ocn~1r
o! tile bo.ird of
AMETEK lostn.ttnCl\h !l'ldla
rJ1rector~
Prl'<'~te
01
Llm!te<:I
Acccvotant~
)/ '
pc1 T$ (,~ny~dl1~r.rn
li:lfl.'11
Partner
Ma'"to~in(J
MernbH~h1p
No.
f'iacc BQJ:ore
Dak
:J\)l 'i
DC~
an.Kc
Coley
Director
2283~'
2·r
1
f'1acr: 8anq,;!ore /,
C11).
'.>ate
.lu:y 16, 20:2
PlM~: l_~1ce~lN. D~t~:
UK
.JUI"/ 16, 20l2
AMETEK Instruments India Private Lirnited Notes to financial staternents for the year ended 31 Marc!-1 2012 Corporatoo informativn AM[l[K ln~trumen1~ 111t11,1 ij1iv;1IP t.1m11<'d ('A!S\Pl!'k·' rn "\h• CofllP¥ly''lwii•, nHc·r:i01dlt·d o" Alu)ll:>t ,"O. ?COfl. "' ,i p11v,lt(• 1irnde\l comp,;iny un\lf.'f tt\e Comparne~ Ac:, l'J',)6
Anwte~ 1> d wholly ownl'1d·ar·y of Anietf.k Sifl f·T[ l"l'Hl'n. Tll\' Cornp~11y ;~ ('l\(J<'IQ('cl intH·iliM 1H me tws1ne~s 01
Dfo?Sales and marKe\llllJ
~f-fV•Ct-.<.
il<;d
!\.,~i!N1nq
te(l111,c,11
a~~'SLinC•'.
onstMli•\•O
u>mmr~~!t>n•n~ ~erv,<.:c>~
a11(J
momt~nant!' ~erv1ce~
in
ir~prc!
r1f (•q1,iprnen\s. i1pp1Fance~ <1:1t1 other "'du~lr:<11 ill0(l;
D11rinq (hl.' Yt.'
nie
ild~
1nc1..1rred
lo~s
of R~ 13.-.119.897 (2011: fis 10,160.403) .:ma has acn1mulat
51\ill{' (d~llill ant! Ol'
,l',
,:t M,HCI\ };_, 201/ I', lh
cof\fident that thl• CnmrMny wili I;(' able to 1Jl•n('ril!C' su!!:cn;nt profits ant\ obliQil!ions in ttw
fore~eeatlle
future.
f,c~orGingiy,
tr\\'
(d~li flew~
03.3?8.~"JB
vo11·.
!Is 93.328,298). The lll.)n.J9f'fllr,f't\ is
in tlw fu\ur\" ye.:irs irnm its continued operiltions to ln('C·t its
fmJnc1a1 stato:nwnt> n<:VC' oeen pres;«ro:ll
b'{
tt:e management un0i:r ttw ;,10111<1 ccn(<'lll
il5~1,mption.
B<1si~
of prepariltion
The f
~t
of the Company have been pr~t>.Jred
in
Company f\as p1ep !m
accordance w1U1 generally accepted ilcCotJnting principles in India (lfl(!i;rn GAAP). Th'.' in
all rnatt'lidl re>pect; w1tl1 !he accourit11HJ
~tariddrds
notified under Compam'es
IACC:HJll!rllg Sland ..u/J_\j Huie>. 2006, (<1) arid Hll' relcv.:i11t prov1~;ons ot the Compa111es Act. 1956. Thl' financlill statements hilve been pr(>pMe(i on an accn1al b<1S•S and under the h1>toric1:t co:iventwn. The M(Ol;ntmq pol;cies adopted;,~ Uie pn~parat1on ot lmanc:,11 stat(•nwnh Ml' l Ull>i 'ol !!nl wit Ii thu; dU;uunlim.1 pul•1:y c•xpld:l\l'tl t;el()W.
2..1
Surmnary of siqniflcant accountinq policies
a.
Change in accountinq policy
Presentiltlon and dlsc!osurn of financial statements
Dvrmq the year ended 31 March 2012, ttw rc;v1seu Schellule Vt 110t1fieU unoe1 tne
Companie~
Ad 1956, has become <1.ppl1Cilble to U1e Company, for
prPpMa\1011 an1i f>C{'Sc>ntatmn ol its 1111anc1a! ;talrrnents_ H>e adoption o! l('VISrd Schedule VI doo;>s not tmp.;ict recoq1\1\1of\ and meilsurc;ment p1ir.C1ple~
followl;'a !or prep3r,;i~ion of financial statements. Howev(•r, 1\ nils s1onil1cant 1mpuct on pre~entation and disclosures made in the financial stat('ments. ThE Companv rias also rec!assi!H:d the-
b. Use o!
prev:ou~
yem
!1qt.1re~
ir1 acccrrlt1nte with tlw 1equirl'menb auplicallll.' in tt1e current yo:;;r.
estlm
The prep<11at1on o! financial
~tatem!':'l'tts
in con!0rmity w•lh Indian GAAP reqL.mes lhP m
a..-,sl'ts ,m(j
P.~t1mates
91\d
ilSSvmption~
\hill
<1nO the t11sc1osure ot cont1nQent 11ao111t1i:os. at the end ol the reportmq period. Allhouqh ttiesl' estimates are basl'd on the 1n,1naQi:ment's best Knowledqe of c11rrent !':'vents and actions. uncertainty about these assumptions and
affect !he n•port0d amounts of 1rvenut'-'>,
1ial.l1ht1e~
i'stimates could result in t~.e outcomes reQuir1nQ a material ad1u5tm~nt to the ca1ryinq amounts of as5Ns or liabilHies in future periods.
c. Tan9lble ll11ed assets. Fixed asseH ar(' stated at cost. net ol accumul<11l'd depreciation ant:! acu1m<.1li1INJ ,mpnirrnl•nt
l\l~sl's,
1! dny. The co5t
compr1~es
purchas!' pr1c!':',
borrowmq costs il cap1taliia\ion cnteri.1 are ml'! rmg!IHl the asset to .is work1n9 condition tor th!':' 1nten
Subsequent
e~pcn
e related
to an item of ti;i;ed
its pr('ovious!y assessed standard ot per!orm11nce. A!I othN expenses on rxistinQ 1ixed and tost of rc>placing
Gains or lossl's
<11
Pllfl~.
as~els,
including day-to·day repair and maintenance \"xpend1ture
are char<;e statement of prof;t 11110 loss foi tt1e per100
is111Q florn derecoqnition o! t1xed
ilsset~
are
mp,1~llff'!J <1~ !flt>
1Hferencl' tietween tlle net tlispo5al p1 oceeds and th!':'
till' dSSPt illll13re !t'l.()(;l\ill'l! II\ the ~tillPl!Wlll 01 profit <)ll!J IOS~ wilt-fl II•(> d~S~l IS dl.'1('(0(jl\ll€'d
d. Depfl':Clatlon on tanq!ble llKt
Dep1eciat1on on fixed those
pre~ed
cepreciation or its
!
:·-v;·hi~1~:-~-
a~sets
is cal\ul
us1nq ttw r
c•~t1m,1ted
by tlw
maHaqenH~nt,
or
li~Pd
assl'ts.
...........·-··---~'!.i::tlculars._
1
- -
·- · - - - - - - - · · - - - - - - · · - · - · ·
I Tool~ & Equipment~ Lf:.~r._f'lll~E_t?__ ~ f'l.~Ji!_l 1ng_s_ !
has•~
under tile Schedule XIV ~o l!w Comvan;<'5 Ac!. 1956, wlHtheve1 1s tll{)llef. The CompiHly has u~ell the fo!low1n9 rates to orovi0e
·---··----i-·
Oflicl' Equipments
ro'ff<; _~_I: _lJ.l!!J~ni0:i!J_~(~:;;_t!!:i~;-:~~;9_~·;_~:~:2·Compute 1-> Lea~etiold improvement~ A~s\"ts
a!e Qep1ec1i'ited 0ver the primary µo:r100 c! the lease or the uselL.Jl lrfe of the assC'ts wf11ch1>ver IS lowc>r, on
individually costinQ Rs. 5,000 or less are depfec1ateo full)''" th1;- year of purcriase.
ii ~lrili\)111
lme tia;is.
AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 March 2012 e. l11ta11Q!ble
as~et
lnLmq1hle ilSS('tS .:icqun't'\I S1'p01i1\(•ly arr 1l\('t>
CD~\
o! 1n\Ml(Jlbil:' a~set~ ,)cquired m Ml ,1m.:il(j<1rna\con •n tt1e nahHt'
o1 ;imalqMnat:nri f()ll~eh ar~ c~11ie(I ilt cost I\·~~ .;sc<.\imulJtNI
amort1zat1on .:ir.d accumul3\ed unp;mment
1o~~es.
1f ,-;ny.
c<1p1t3:1.1ed ;ind <'Xpend1ture is rell('ftMI '1\ t!W st<'!t('1l'('•H
oi
lrit~1r.aily qen~1atHI
:n~;,r•9dilf< as~.t>'.\.
eH:h1d1n(J cap•tillii.NI r!{•v!'IDflml'nt coo;t,. ,111' not
profH
intiirn11ble <1'5Ph «IP dn10111;f,(l on ii >hd1qt1t IH•<" IJd>I> ovvr Hw (>;t,ma!IJ111t.Uih.• pr('sump\!011 that \lw u~eiul
hit><>! ,111 1ntanq•ti1e
.:if!ect th,1t usef!JI life of 11\tanqinle
ass<,t~
ilr\
,-;s~et
and rnt<1n9it1I('
le;«i>I. All o\!l.:r 1ntornQibl('
w111 l\Ot l'>C('<'ti a~sets
<1~wts Me
t(•11
ex~(!<,(!~
1'c"1rs !1om the (i
ten yl'
to tt1e
;irnorti2e~
:rn: •ll\i!fl()1t!le te of its useful i:ie. S\•Ch not yet availalJle 101 ,1se air: te\ted for •mpa.imt
intanqit:de
as5essed tor 1mpa1rrn('rl! whenever thrre is an il"ldicat1(>n that t11r 1Mano1t•le 11sset may be 1mpa1red.
The of thr .1sset is
s1gni!ir.011tly dilfrr<'nt trom
prrviou~
rst1matf'S, thC' arrwrtiu1tion 1wriod is ch;mged accordinqly. If there has been a s1r,nificant chanqt> in the
e~pected
patlern of ecnnomic nerwfits from tlw ass('t, HH! arnrnt1z;itmn methorJ is O\,:i11qc>d lo l<'!l(•c\ tne chanq<•D pattern, S11ch ch.:i11qes are iH;countt:d !or in accoi\lance w1tll AS 5 Nt:t f"rof1/ or L0£5 for l/ie Penod, Pnor Penod
Uem~
,md Cli.rnr;es 111 Ac:counrmq Po/IUl'S.
Gains or losses ar1s1119 1ram oer!!cogrnt101\ of ;in 1ntarig1lll<' .-isse1 are me.-is11rC>d as the (li!1erence heh11een t11e net disposal procreds <'l•ld thl' CM1y1nq amount ot th>?
Goodwill
1.~
a~set
;md are r>?co9nt2e(! 1n
stati:rnent 01 pro!•t antJ
<1mort1zed us1nq tne stra1qht-irne me1t1od ovH ii pei;oo of
software ht:ld !or use on
t.
ttw
bu5111e5~
lo~~
~'x
when the
<1s~N
LS dC'<'ecoqtHle(!
yeois 01 ba!once estm\a\et:J l:!e as evaluateo by the 1n.Of1il(Jement. Computer
pu1 post's m amort•Zl.'0 over an est11n.>ted ust:lul 111e of t!Hl'l' ye.>rs or trw period of l
L('ases
Lii>dS('S, where the il'S5or ef1.:>ct1ve1y rt:ta1ns sullstant1ohy al! the risks ;mo bent:fits er ow11l'rsh10 ol lht> Operntir19 l('nS(' in the
~tll\Priwnt
lea~f:'d
1!em. are c!assil1ed as m1
lease~.
o! proht ant110~~ on il straigM·liiw basis over Hie lii>ilSe term.
q. Impairment of t
a~set
is consid('r('d imp;i1r('C ;rncl is written down to its recoverable amount. In asseSSlflQ value in use. the
Eflects current market as5essments of the time value of money ilnd the risks speci!it to \he asset. In delerm11Hn(J net sellimJ oriLe, recent ma1 f..et tnrnsact1ons a11.• taken iutu accour1\, 1! avail
tr.:in~actions
Altei 1mpilinnt:nt.
can be alH1tified, an i!ppropriate vi!luatmn model 1s used.
deµr~·Liatio111s
provided on tlw
rt•vi~l'll
carry;nlJ amo1mt of Hw ass('t OV('f its remammq ust•1u! li1e.
An asst•ssnwnt 1s may h.:ive amount. A p1t:v1ous!y recognized impairment loss •s revNst:ct only 11 there has beeri a chanq£' m the asslnn0tmns used to determine the asset's reco¥e1able ilrTHlu1ll '>nice \hp last iinpo1rm('nt loss e~cN.•d
wa~
reco()niz(>O. The revers<>I is li1rnteO so that the carryinQ amount o! the asset does not
Ille carrymQ ,1mounl that would have been dt:tern11ned. net of depreciation, h.:rd no impairment
Such rev('rsal 1s reCOQ111Z('d in tht: stiltemeri\ o! p1o!lt and
io~~
10~~
e~ceed
its recoverabll' amount. nor
been reco<,iniied for uw
as~et
m pnor years.
unless the i15set is u1n1ed at a revillued <>mount. m which case th(' rl'vers.:it 1s treotetl as a
it:valu<>tion incrlfase. h. lnvi:-ntortes
Stock of trad!'d qoods is valued at 1ower ol cost and net reillizaDle va:ue. Co~t of invt:nloril's compr1st:s of co~t o! purch <11vento11es lo their present concl
businC>~s.
10~.:i\ion,
Cost is dt:terrnint:C on ii wrHJhled overaoe basis. Net !ea!ililDI<' Villue
less est1milt<"-d co,>ts o1 completion M•rJ
e~tim<11f't1co~ts1\f'(('\sary
1~
uw t'slimated
to make !hr sillf'.
I. Revc-nue recoqnltlon
RrvPnut: 1s recoqnilPtl to thr rx!rnt Ui.11 11 h pfOtJ.-ible Iha! l!w ('Conomic be11ehts will flow to th<> Company and th<: revenue can be rellobly measurNI. The loliowinq specilit 1ecognilion criteria must also be met before revenue 1s recognized:
... :.;: /'
AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 March 2012 Sale of Goods RPV(•f1U(' ,,om ;,;!t• of \)ll'l(\(I wtwn dll tlw ~irplf1ca11t l1~K; ,]O\(j
•.!L'hvcry o( the yoo tuxe; ond vo!ue .idO<.'d \axe~ (VAT) 011 llt!l10if o! U•\• 90,·ewrnent <1110, lhert>fore, these .:ire not P(Or>ornrc tiene!11s flowinq to tt1e C:omp,-,ny_ Hli'r.ce. !lwy
a11:
l'\:Cll!Oi:t1 ficrn ((»'fnue. Sa:('s TU> and VAT deductNI from revenue (qross/ 1> the .imount
U1,;;t 1s H1ciudeo 111 tr1e revenue (qro~sl '.:inr: not the ent1rt: ~mount at '1<1tJ11fly yNrm~ of the anr1uJI ma1ntenanu• conlro~ts to \hp edent whf:'f<; therf:' i~ 111ty dtJout ti\!! rea11zat10'1
of tlw a1111uili mfltenantf:' r;f\af[/es
11w
Comp,Jny coill'C1S
~(·rv.ce
t,n on t.Whdl! of the qovi;rnment and,
t11ecefore. it 1s not"" o:conomic beuo:t1t now.ii() \o th•: C\ln\~imy. Herc<'. 1\ .~ e~c•uded from rp·l(•rh;f•, Re~enL!e
horn pre·~al<;> and rnark<;l•rHJ o,ev1t<;~ i'> reco9111zet1, •l'> service> are rende11,>d, on the IJi!'>IS o! i!fl ~(jleNJ m.irK IJP on casts mn1rr!:'tl, m
Mi.OT rldnt:o• with lhi>
twm~
ol thr JQrf'li'fllnt.:red cnto IJy th(· Company w'n1 1\:.
01stom+~' ~.
Jntere~t
lnlere~t
income 1s recoqnued on a tnnt• proumt:on bils•s t.ikmq 'nto account BK' amount ou:standllHJ and \lie applicable interest iate. Interest mcome is
mclu
J.
Foreiqn currency transactions
ln!tlal R._.co1m!tlon Foic•1qn currency transactions ar(• rt«orde(i 1n trie repor11nq c11Hency, by applymq to !he rore1qn currem;y
t"~tor.c,,I
cost drnominatl'cl
in
a f
ra\t~
JI \lw
which a1e me<1sured ii\ lair value or other s1rrular vaiucl\ion oenomn1dted in a foie•l)l1 Clll ency. are \rclfl~lclte
Ex.chanqe D!lt!:'rences Excn,1nqe d1tterences ans1n(J on tl1R sett1Rrner1t or monetMy item~ or on restatRmrnt of the Company's monrtary 1trms at ratrs dif1erent
lrom those at
whcch they WNP cnitially f!.'UJrded dvrm9 t!1e year, or ff'f'lOftf'd If! p1evious financta! st,1temer1ts, are recoqniled as in(OfTl€ or as expo
k, Retirement and other employ-..e benefits Ret1rrrnen1 l>enPIH m thP form o! provi[Jen! furn; 1~ il rJpf1upd contiin11ti1>11 \Oleme. lhe con1r1hul1011~ to llH! prov1d€'n\ hinO are charQl'd to Hie statement ol prnht .ind loss Im tile ye.ir wrwn the cm1t11but1ons ill'!.' !JU<'. ltie Compony ha~ no obl1Qat•on, other than the contrtt:Jut1on payat:Jle to the provident fund.
Gratuity hatJll1ty is a defined t:Jen('fit obl1oation and is providrd for on the tl<>s1s of an <>ctu<>nal valuation on proiectt>d unit credit method mode at the end o! ('ilCh financial yo
ot
such absenco
exp(>t!~
to pay
as a
~tatement
o! pro!il dnd loss.
as short·term employee benelit. Thr Company
r('Su!I of the unvsed ent1tlemrnt that
ha~
mea~ures
the
accumulated at thi:
reportrnQ date
The Company ti eat~ accumu1atl':d leave i:-xpecte\l to bl' carrwo 1orwartl lleyono twelve months, as 101\q·term employe\: benefit !or m('asureme11t purposes, Such long·INm compen~a\ed ;1bsences are prov•cted for bilSt'd on the actuilf1a1 ~aluation us1nq tht' pro1ectt-d unit credit method at lhl' yeaJ· ent1. Aclua11al qa1n~/ lo~ses are imml'dii!ll'ly laKl'n to !ht• st<1ternent of pio!•t .;ind loss ,,nd ,ire not deferred, The Company prt>sents \ht> enti1e leavt' as a current habllity in the balilnc,• sheet. since it Oof's not have tt1f' t1ncond1t10na1 r•qM to ae!H its settlement tor 12 moriths Mier the r('port1nQ ildl\'
I. lncom!.' T.1;u•s lax eKpense comprises of current ili1(! d!.'lerred t.H. Current income t,H 1s tn!.'i1Su(€'d ill 111€' 11mount e~p\'('trd 1o tie \Ml
r,l\€~
Dr!errell rl.'ver~.;I
tox
lilws prevoil,nq 1n the 1t>wective
3n(l ton laws \!$l'
iu~orne
la~
ena~h•d,
J1JflS(1!ttt(JllS wner"' nw C.ornpany operates. fhe at the n•po!l1ny \late.
!axi:s reflett tll!.' imµact of tim111<; diffe(encrs b!:'lwi;en taxoble ;ncom<• i!ll(J account:ng intortw oliijindtinq dur1rn; till' current y!.'
of t•min9 d•f!i:rt•ntl'S for t!w i.>Jrlll.'I yr..irs. Def!'!!(•(! ta, 1s measured usinQ the tax iates ilml tl11.' t;ix laws enacted or sub~tantiv!.'ly enac1e-d at
tne reportirH) date.
De!erred tax l1ab•l1t1es are recogn1Hali7ed. In s1tual1on~
where thi> Compdny has unabsorbe() dcprcti<1t1on or c<:lrry forward tax los5es. ail ()elerred \,n assets are recognized only if ther!.' is virtual
t!.'rtilinty supported by corw;ricinq evidence tl\at they 'arl be re11i1zed o'l(jt !uturt' t.oxdllll• profits.
c-;,;:::::::l<;-;;--> ,; (l
AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 M,1rch 2012 f\ t PMh rl•portinq !l Comr,,1ny iws t!ecome
rea~on,1bly
f e·~'>SE'>~es
c('ft,w1 or v•rtually
df.'!erred l·1X asseh u1n ht'
unr l'COQni ll'!l def Pl 1l'll t.ix d>'>l't, n i l!CtHJ'"' ,., 1;1H <•ro9n,; ed def l!l l l'<.l t .ix
~erldlll,
a> t11e CdH' mny ta.'. tri
~uff1t1('nt
i!S~.et
s to
futu
tl1~·
l'Xtl:'nt I hd! it
oQ,~m>t
whitl1 >uC11
f<'ili
Tlie ,;<1JJV,1HJ amount u1 defl'•ll·ll t~A rl~'>l!l> die> ll'Vll!Wl'i) ,Jl ~«Kh \Jdldn(.P ',li(:t'l dale. Tiu; (\lflli!·(Jmvn \lie c,irry;nq amount ol ,1 t1r!prr(•(! tax ,:,5set to \h(> (>All'i1\ !11il11t ,., rm 10~1qp1 rp,1sonan~y {_erL11n ui <111\;aliy ((>rt,w1, .:is !lw U!'..(' m;,y t>(·, th<1t s1iff,nent hitvr,, t<1nl \<1x .is\P\ i;.w 1Jt• 1e,li11ed Any suct1 w•ite·down b
~ulf•c1ent
ievr•1~\'ll
to H1P !'X\(·nl t!lilt 1! becofn\>s
Oef(>r1ed tax assets anr; tJe!erred ta> 11ab1i1t1('S <11(· otf>et. 1f a leqi!lly enforce,1bf<- 11qr't ,1110 11W O!'l(>rl{'(j t,lX
(l;,~et~
1ed~cm,1l>ly
(<.'rtain or virtu.;illy cert
fdc11r t.i~~bie rncom\"' will he ill'dlldblO:. t>xi~t~
to >!'!·off curr1>nt tax i!S~l'b dQiltn~! o;nt-nt tax 11ab1li\1('s
dlltl dek•rrr!d '.iJH'~ fl'lilll' lo !lw sanw lax.:rnlc~ .;r1t1ly ,md \!I!' ~.}fl\\' t;ix;itll111 <11J!!\(Jf11y
m. Seqment report!m,i /ileriUlr<
or 'NJm(•nrs
Hw CornpM1v's opriat•r\(J o.. 1~11wsH'S ar<' orqan11el1 <>r•d rnar1aqel1 separilteiy ilCcordinQ :o the nature of services rendered. The analysis ol Qeo9raphical ~"QmPnls is basPd on th(> geoqraphrril! iocafion of ttw CorntJany'·; C\J~to1ne<
Allocdliori of common
co~!s
Commun i111uc.allil' costs <)rt; a!loca\e(1 to l'il
~eqrn(>nf
an:urrl•flQ to t11c• rPi.1t1V!' t:ontr11Jul1on of (>iJCh
~e,iment
tu the total cornmon costs
Unalloo!lt>d items lnchH1es qener.ii corpor<1te incmnt! an\l expense rtems w11,c1-, a1e not
allo~ated
to cmy
ou~.iws~ ~eqnient.
Segment .1ccoun1111Q po/1C1es The Company prepares els seQrnent mtorrnatoon in contorm1ty with the accountmq pohc1es adopted for preparmq <111d oresentmQ the fin
~tatements
o! the Compony 35 3 whol(>. n. Earnh'\QS Per Share
Basic t>arninqs pQr share are
ot
events or
eQ1.J1ty bonu~
:.hare~
o..ibt
issue; bones element
equity sha1es 0\1tstandinq, without a correspond111q ch3nqe 1n resources. For t11e purpose o! calculat1nQ diluted earni11qs per share. !he net prnfit 01 loss fo1 th" period attributable to equity shareholders and the weiqhted
avera9e number of shares outstar1dlnQ durlnQ the period are adjusted for the ellect of all dilutive potentiill equity shares.
o. Prov!sions A provision 1~ recogmied when iln enterpr1.~e has ii pres!.'nt obliQilt1on ilS a result of past event. it 1s probable that ari outflow of resources ('ffibody1r1Q ecor1omic tien<.>lits will be re<1u1re11 to sell le the obhqatlon and a relii!Ole est1m<1te can be rn<1de ol the amount of the obllQtion at the reportinq dale, These estimates are reviewea at each reportinQ date and adjusted to reflect \hl' current best estimates. p. Contini;ient llablUtles A contmqe11t l•alJ1lity 1s a possible obl1gatwn tt1at arises lrom past events whose or more uncertain future events bi.'yond the control ot the Company or outflow of resourtes will lH' r<•quirNI to
~ettle
e~1ste-nce
ii prn~ent
will be confirmed by the occurrence or non·on:urrenc(> ot one
obli(jat1on t!111t is not rf'co(Jrnzed heu1use it is not prob;.ible tl1at an
the ObhQat1ori. A contrnq!.'nt l111bility al5o arises m extremely rare Ci.ISl'S wheie there is a l1ab1!ity that
can11ot be rl'.'coqnized bl'.'cause •I canriot be rne,isuied rehilbly. Tht1 Compuny does not reco:)nize a contmqent liability but discloses its existenc<' m tht> fm11ncu1I statements.
q. Ca:<.h and cash equivalents C~st1 and cash equivalents !or the pu<;>OS!.'S or maturity of three months or less.
ca~h
11Dw statemo:>nt co1npris(' cash
r. Measurement of EBITDA /lo; per milted Oy the G1.11c:rance Nott• on I/le flev1sed ScheOule VI io the Comp,1n1P.s Act. 1956, \he Company has elected to p1 ese11t e,1rnmq~ t!elor"
rnH:re.st.
til~.
depu:thl\1on ana
,lmcrt1~at1cn
(U317DA) as a sepMate hne item on !he race 01 the statement of µrefit <1nd loss. The Company measures
EBITDA on the basis of profit/ {loss) from contmuing opt>rn!ions. In its nH?.
!:nan<:e
co~ts
and
l
<;Xp(>ll>(!.
AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31March2012 3
Share capita!
Authorized shares l~s.
10 each
':°>00,000
500,00Q
Issued, subscribed and fully paid-up shares 10.372 (2011: 10,372-) r:qinty shares o1 Rs. 10 e,:ch
103, 7 20
103.720
Total issued, subscribed and ful!y paid·up share capital
103J20
103,720
quity sh,Jres of
(a) Reconciliation of the shares outstanding at the beginning and at the end of the reportinq period Elluity Shares
Al the lle9mrnnq of \lw
µ\.'!
ioi.J
Outstanding at the end of the period
10,372
1Q3,720
10,372
(b) Terms/ rights attached to equity shares The Company has only one class of equity sha1es hilvinq a par value o!
R~
10 per
~hare.
Each !lolder o! equity shares is entitled to one vote per
shar1:. The Company declares and pay dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to !hp approval of the shart>holders in ensuing Annual Genera! Meelmq. In event of liquidation of the Company. the holders of equity shares would be entitled to recC'ive remaining assets of the Company. The distribution will be in proportion to the number of l:'Quity shares held by the shareholders. (c) Shares held by holding/ ultimate holdinq company and/ or their subsidiaries/ associates
Out of equity shares issued by the Company, shares held by its holdtnQ company, ultimate holding company and their subsidiaries/
<15sociatcs
are
os
below:
31 March 2012 Rs. Amet!!k Sinqapore PTE Limited, the hold!nq company 10.371 (2011: 10.3/l) equity shares of Hs 10 each
103.llO
31 March 2011 Re•_·_ __
103, 710
(cl) Detnlls of shareholders holdlnq more than 5% shares in the Company
31 March 2012 --~?::_______ ----~--~9Jdin9 in the das~
31 March 2011 % holding in the No.
class
Equity shares of Rs 10 each fully paid Ametek Sirn)<1pore P1E L•mited, the hold1nq company
---~'~0~,3~7~1_ _ _ _ _ _ _ 9_9_.9_9_%_ _ _ _~1~0~·~3_7.=1_ _ _ _
99.99%
As per n;>cords of the Company, including its re9ister of shareholders/ members and other declarat1ons received from shareholders reQarding bel\eficial interest, the above shareholclinQ represents both leqal umJ beneficial ownership of shares.
4
Reserves and surplus
31 March 2012 R•.
Securities premium account flalance as per the last linancial statements ClosinQ Balance
93,224.578
31 March 2011
R•. 93,224,578
-~9~3"'"'22=-4'-''-=5.=7.=8_ _93,224, 57 8
Surplus/ (deficit) in th~ statement of profit and loss Balance as per last financial st.Jtements Profit/ (loss) for the year
{47,823,523) {13,319,897}
(37,663,120) (10,160,403)
Net surplus/ (deficit) in the statement of profit and loss
(61,143,420)
(4?,82_3,523)
Total reserves and surplus
AMETEK Instruments India Private Limited Notes to financial staterr1ents for the year ended 31 March 2012 5
LonQ·term borrowinqs
Non· current portion-c==-~=~~Ccuc'c"c"c'cm=•ct"c'c;tc;~"'-~--
31 March 2012
31 March 2011 Rs.
Term loans !nd1an rupee term loan from banks (u11secured)
31 March 2012 Rs.
31 March 2011
24.000.000
47,000.000
23,000.000
23,000,000
24,000,000
47,000,000
23,000,Q,90
23,ooo,ggo
24.000,000
47,000,000
23,000,000
23,000,000
(23,000.000)
(23.000,000)
24,000,000
47,000,000
The above amount includes SetlHed bo1row•ngs Unsecured borrowin9s Amount disclosed under the head "ottwr currt.'nt liabil1t1es"
~
'°""'"-"'-~--=-·-""o·
..
Indian rupee loan from bm1k of Rs 23.000.000 carries interest~ 9% p.a. and is repayable in St'PIC
6
Provisions
24,000,000 cairit'S 1nk1e::.l@
9.~)~{
p.
Lon9-term 31 March 2011 Rs.
31 March 2012 R>. Provision for employee benefits Provis.ion for qr.;ituity (note 24) Provision for leave llt>nef1ts
- -Rs. -------------
6,410,270
2,500,307
6,410,270
2,500,307
7,348,750 7,348,750
2,500,307
9,403,018 9,403,018 16,751,768
Other provision Provision for taxation (net)
6,410,270 7
Short·terrn 31 March 2011 Rs.
31 March 2012
3,360,940 _3,360,940 2,222,506 -· 2,222,506 5,583,446
Short-term borrowinQS
31 March 2012
Rs. RevolvinQ credit facility (unsecured) The above amount Includes Secured borrowings Unsecured borrowincg,
31 March 2011
Rs.
72.200,000 72,200,000
55,000,000 55,000,000
72,200,000
55,000,000
The revolvim;i credit facility is unsecur<,>d and carries interest (ill 9% to 12% p.a.
8
Other current liabilities
Trade payables (refer note 30 lor details o! dues to micro and small entt•rprises) Oth~r liabilitles Current maturities of lonq-term borrowings (note 5)
Unearned revenut> on AMC services Advance from customers Deferred rent VAT poyab!e Service tax payab!<> TDS Payable Professional tax payable Provident rund dues p.:iyable Others
31 March 2012 31 March 2011 R>. R>. 30,789.350 38,919,426
23,000,000 12,618,873 3,604.690 2,043,384 336,188
23,000,000 11,363,159
3,970,653 96,933 1,689,080 2,482.489 80,631,640
2,558,81:-
364,546 313,896 835,504 59,501 951,923 815,162 79,181,992
AMETEK Instruments India Private Lirnited Notes to financial
st.::itenH~nts
foi \tie year ended 3J Mi::lrch 2012
··-··-·-·
-~··---------------------------"-·-
Furnilurn &
Tools &
·-----· Total
Cost or va!v<1ti1.>n At 1 April i'OlO
4.767,ifM
[1,,)')0,016
Allth!IOllS
3,808.014
),),447,)41
D1~po>,1I~
?.,65'.>,1·18 ?.421.680
•l.044,'120 6,45"1,043 (; 5.000)
2,359,84} 8,880.691
33,696,616 35,006, 769 (35.000)
5,519.105
10,<186,763
11,240,534
9,088,148
2,559,612
68,668,385 1'.;,747,472 1.455,138
13,800, 146
82,960,719
(20,COO)
At 31March2011
8,567,198
ACl01t1ons
1,.'.11,0'.>C!
27.797,35'! 2,8il2.66:'
5.056,828
DlSDO.'u'll~
1,<155,138
At 31 March 2012 Depreciation Al 1 Aprd ;;010
9.184.248
l0,680,019
817.92-2
t:.407.39-(
'fl'M
1.438.875
2.851.051
At 31 March 2011
2,256,797 2.129.l·H
5,258,448
Ch<'lf\J<'
'J,';J9,70'i
for thl'
581.015
l,62'1.344 l,839.718
939,859 2,111,0T/
558,959 2.514,591
6,932,496 U.039.664
064,567 410,378
3,467 ,062 1.611,1-10
3,051,736 S,OJJ.511
3,073,550
17,9'{2,161
<1,106.191
J8.3'_)';.,8S4
D1~µv~.i;~
Criar9\> tor !lw yt>ar
5,00'.i,4'.)1
D1spo~dl~
(l,138,539)
At 31 Marc.h 2012
10,263,905
.4.385,938
1,334,945
3,939,6.?3
(1,l'.>8,539)
B,085,253
7' 11?..•.!.~ l
35,169,475
NE>t Block -······---·-===-~=~-=~~-~=-=----c~c
=6".'o'ooc.•coc1C---C'c'c·'7.'cac.090009--~·c·'c9c2c.2c'c'~-"'"''c'sc2c.c'o•o'--ccc''c•o'csc.oc2c7c--~•c·o''=6,984 __~soo·c•c'c'c·'c'c'c.
At 31 March 2011 At 31 March 2012
.~'-~-~_0_,_3_1~.
·-~·
3,721,603
124,874
ll'...~-~_2,658
{>~_620.405
47,Tfl,244
10 lntanqib!I! assets
--'-'-"·"·'·'-'----"-'-'-'-"-"-'----------------------------cT.ota!
Gross block
1,487,177 1,455,101
123,869,749
125,356,926 1,455.101
2,942,278
123,869,749
126.812,027 8,260,044
l LZ02,322
123.869,749
135,072,071...
At l AprU 2010
124,206
Ct\arqe !or the year
6&0,6S2
49.568,339 30,96'/,437
49.692.545 31.628,089
784,656 2,751,43&
80,535,776 30,967,4YI
Sl,320.634 33. 7 l8.873
At 1 /,pril 2011 Atlclitlon~
At
31March2011
8,260.044
Additions
At 31 Morch 2012
Amortization
At 31
March
2011
Criarqe for the yc-ur
At 31 March 2012
·
Net Block At 31 March 2011 At 31 March 2012
-··
111,503,213 ~-·
--~..2.?.?.!.~f_?___ ..'.12.'~.~-~. . ~.?.~ ·r.666,02s
I
·"'
11$,039,507
·--·--c·o~--c-.o-o-cococccc-.~=---=---·-
12,366,536
---o'-"'-=··-""-·~~='
----··--··-· -· -· ·----··
····-····-···----------,,45,-,4c:9c-l,3cc9~3
20,032,564
AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 March 2012 11
Deterred tax assets (net)
31 March 2012
31 March 2011
Rs.
Rs.
Deferred tax liabWty Deferred tax asset Fixed assets: Impact of dlffe1 PIK!' b('!ween tax d('p1ec1at10n d!l(l depreciation/
amortization charq!'d tor ttle financinl rL'portmq
Impact or expi:nditurc• chan}ed to the statement of pro!it and loss
2,412,280 in
1,175,999
the current year but
9,334,660
ill!owed fort.ax purposes on paynwnt basis Provisions for doubtful debts and advilnces
1,142,112
Gross deferred tax asset
3,155,686 ---- -
------···----·~·-·-·-·-
12, 8 8? ·?~~ -·- - -------~~-~-!~68 5-·
Net deferred ta" asset
12
4,331,685
Loans and advances Non-current ~~~~~~~
Current
~~~~~~~~~~-
31March2012
31 March 2011
Rs.
Rs.
-
31 March 2012
31 March 2011
43"1,500
378,034
150,000
l,212,000 1,212,000
Capltal advances Uns~'curecJ,
considered good
tA) --·-···----·------·-----------~--4~3"1---,s~o'--o~----'3---1"a",o",'--,'-
Security deposit Unsecured, considered good (B)
17,865,671 17,865,671
14,416,060 14,416,060
150,000
Loan and advances to related parties
Unsecured, considered good
2,340,485
2,340.485
Advances recoverable in cash or kind
Unsecured considered 9ood (D)
Other loans and advances Prepaid expenses
Advance to suppliers loans to employees Balances with statutory
I government
ilU\ horil1es
1.167,958
7,343,998
9,178,762
1,167,958
7,343,998
9,178,762
3, 139,705 2,193,210 3,463,221 893.596 450,000 485,424 35,424 64,516 50,000 "184,109 ----"2~5~·'-"0-"0-"0-----~"-""-''-'---~c'-'-"="---~---(E) 475,000 535,424 7,422,459 3,151,382
16,119,442
-- 17,694,442
13,_9?0,178
Loans. and advances due by directors or other olficers, etc. Non-current Current ll-M;-cc-h~20_1_2 --3i~M-a_ro_h_2_0_1_1_~-3-l-March 2012=~3~1~M~,-,-,h~2~0~1~1-
Loans to employees include Dues trom director Loans and advances to related parties include Dues from a company under sarne manaqernent
-150,000
450,000
2,340,48$
AMETEK Instruments India Private Limited Notes to financ!a! statements for the year ended 31 March 2012 13
Trade receivables and other assets
13.l Trade receivables
Non-current 31 March 2012 Rs.
.. ··--·····-·
Unsecured, considered qood \rnless st,1ted otherwise Outstandinq for a period ex
Current 31 March 2012 31March2011 Rs. Rs .
31 March 2011 Rs. ·----···-·---~
--··-··--· ..
·-····--·-·---~··--~-----···--·---
due lor payment Unsecure(l, considered qootl Doubtful P1ov1sion for doubtlul f<'"Ceiv.;ib!es (A)
Other receivables Unsccur('d, considc>red good Doubtful
l,913.283 3.520,147
225,984 796.354
5,433,430
1,022,338
(3. 520.14 7)
(796,354)
1,913,283
225,984
53,783.467
35,558,349 35,5!".8,349
Provision for douotlu! receivables
53, 783,46 7 55,696,"150
(8)
35,558,349 35,784,333
- · · · · . ···-------------~-~-
Total (A+B)
13.2 Other assets Non-currE-nt
Unbilled revenue Non· current bank balances (note 15)
14
31March2012
31 March 2011
"'·
"'·
Current 31 March 2012 31 March 2011
23,27"1,321
Inventories (valued at lower of cost and net reallzable value) 31 March 2012
Rs. ---Traded goods (including stock in transit Rs 232,470 (2011: Rs Nil)}
15
55,894,055
1,750,000
26,762,"l28
31 March 2011
-Rs. ---9,273, 770
Cash and bank balances Non-current 31 March 2011
31 March 2012 Cash and cash equivall.'nts Balances with banks: On current account::. Ca$h on hand
Other bank balances Margin money deposit
"'·
Current 31 March 2012 31 March 2011
Rs.
7,957,308 6.476
1,828,225 6,359
7,963, 784
1,834,584
7,963,?84
1,834,584
1,150,000
1,750,000 Amount
disclo~ed
under non-curr£>nt assets (note 13.2)
(1,750,000)
AMETEK !nstrun1ents India Private Limited Notes to financial staten1enls for tt1e year en,jeci 31Marct12012 16 Revenue from operations
Hevei\ue from operations M.;irketinq & Er:qm{'r;rmq SC'rvi<.:l'.'S Ar.nu<1I M<>inten;;ince Scivi(l'!: S,ll(' of tr,)QC'O qoo::~.
3l MMch 2012
31 M
Rs.
R>
36U,032,935
207,466,787
5.->.332,271
42,292.62b
l'i.1~6,4'i'.'i
H,S,~0.094
258,299,507 17 Other income
lntere~t
inC()frH.' 011 6d11k deposit$
Liab1l1bes no longer required wr•tten back
31 March 2012
31 March 2011
Rs.
"'·
29,009 347,342
4,320.020
376,351 18 (Increase)/ decrease in inventories
31 March 2012 Rs. Inventories at the end of the year Traded qoods
31March2011
"'·
26.762J2!3
9,273, 170
(17,488,958)
(4,114,285)
Inventories at the beqinnmq of the year
Traded qoods
19 Employee benefit expense
31 March 2012
"'· Salaries. waqes and bonus Contribution lo providr:nt and other fund Gratuity expense (note 24)
Staff welfare expens<:s
31 March 2011
"'
182,077,244 8,610.424 5,618,394
98,274,661 4,438,891 l,937,980 2,680,995
200,216,025
107 ,332,527
3.909,963
20 Other expenses 31 March 2012
"'· Consumption of sic.res and spares Power and fuel Freiqht and forwardinq charqes Rent
Rates and taxes Insurance Repairs and maintenance:
Othe1s Advert1s1nq i'lnd sales promotion Travellinq and corweyancr Cornmunic<.Jtion costs Printing crnd ~t,~l,orwry Leqal and professional fees Sta!f Recruitment Charqes Payment to auditor (Rl'.'ler clet
31 March 2011
"'·
2,853,759 4,690, 795 l.,686.846 22,039, 709 -1.495, 759 164,873 5,045,827 7.564,288 64.821,262
8.361,197 1.264,033 20,256,740 5J37,899 1,286,028 2,723,793 540,021
2.025.665
2,934,601 2,157,837 12, 906, 701 1.350.860 64,319 2,743,675 4,704,069 40,696,194 S.Bl.4.603 846,160 10.412,442 3.425,764
964,800 807,960 1.473,296 2,884,150
8,296 973.060
"--~-'..QQ:~....!_~·~·158, 5l9,367
253,525 801,2~;2
97,267,B'T3
AMETEK Instruments India Private Li1nited
Notes to financial statcrnents for the year ended 31 March 2012 Payment to auditor
As audito1: Audit fee !'
21
31 March 2012
31 March 2011
"'·
"'·
1.011.~·~0
772,100
112.360
I 10,300
1,286,028
964,800
of expenses
Depreciation
31 March 2012
"'· Dt
Hl,355,854 }_3_,_L~.?~?J}___ 52,074,727
31 Mnrch 2011
"'· 11, 700,314
---..~~~-?..?.~~.?!._. 42,667,751
22 Finance costs
31 March 2012 Rs. Interest Bank charqes
~·,
/
;1
31 March 2011 Rs.
12,980,450 226,632
7,882,901
13,207 ,082
8,025,667
142,"166
AMETEK Instruments India Private Limited
Notes to financial slalen1ents for tl)e year ended 31 March 2012 All
;;nle~s
o\!ie: w:><' sidled
Earnlnqs per s.hore 31March2012 Net Prof,t/Uoss) for calculMion
ot
[p~,
Weightell aveiaqe nurntH•r of emiity s!1Jrl'S 1n
24
caicui.i~1ng
31 March 2011
(l:l, ll9,897) 10,]7;>
EPS
(10, 160,403)
10,372
Grutuity Ttw Company
na~
a defined benrfit qra!ut\y plan UndN this plan, evr?ry 02rnp;oyee w!10 h,1s (<)rnpiE\Ed aliEast five year> of
servK<> gets <1 c;1atu1ty
'l!CO\)llil.(•(! in !lw lh;lil!l(.10 ~IWPl
Statement of profit and loss Net emptoyee benelit expenses recoqnized in employee cost 31 March 2012 Cwn.>nt service
co~\
lnt"'rest cost on bt>ne!it otiliqa!ion Expected return Di\ plan <1SSet Net .:ictu
31 Marth 2011,__
3,05'/,440
1,709,680
200,033
44,980
183,]20 3,909,963
Net benefit expenses Balance sheet Benefit
31 M.arch 2012 Present value of defined benefit obliQ.ltion
31 M11rch 2011
6.410,270
2,500,307
2,500,307 3,057,440 200.033 652,490
562,327 1.709,680 44,980 183,320
6,410,270
2.500,307.
Chanqes In the present value ot the dellned benefit oblli;iotloJ\ ore iiS follows.:
0Pt'ning defi11ed benefit obliQa\1011 Current service cos! Interest cost Net or.tu.:1rial
(qai11)/lo~s
C!os.lnq defined benefit obll9;:1tlon The principl\? ass11mptions used in d\?\errnining qratc.ity ot·ligations 0!'€ shc .... n bo:!ow.
-- __ }_!__~-"'-~~-~--~Q-~? Discount r
--- } __1_.. ~ ..;!rEb.~~91 !__. __
NIA
8.01'. NIA
15,0'>i 10,0'>i
10.0%
8.6%
15.0%
The estimate of future salary Increases, considered in actuarial vdlu
r.:l;•v,11111<>c\m~.
such as supply and d(•m<:!fld in the t•mployrnl'rl\ m.:irkl'1
Amounts for Ille current and
previou~
four pe1 iotls ilre
il!,
follows.
Gratu!lv Defined benefil obli!ption Plan as~eh Surplus/ (delicit) ExperiP.nc e iH.!justrnvnt~ on pl.:rn li
f. Xll<.!I iencP. dtliu>lmer1\ s on pl..i11 25
..i~;~l'(
(6,<110,270)
(2,500,307)
(6,410,270)
(2,500,307)
(1,13J.980)
(183.32())
'>
Leases Hie Compony has entered iflto operatinQ leases for offkt> µremises am1 vehicles. Thrse leases havr an averaqe liff! of between three and !ive \fi:'illS.
tuture
mlnlmum rentals payable under non-cancelliib!e operntinq leases are as follows: ___ )_1 _~_~rch 2012
Within Onr! \fl'dl
After onl' Vl'M out no: mer(.' thdn 11ve years
l(),011,555
9,127,011
3 s. 0311~.'~'~6~--~'~s~.0~'~6~.4~9,,.,1_ _4_!_>,()~t;,,~-~-~!.i..4,AIJ.,.59.?.
(562,327)
AMETEK Instruments India Private Limited Notes to financial staternent':. for the y1.>or ended 31 Md1ch 2012. All amocrnt> m Rupl'P<;, "";<:s> oUwrwt>e
26
sta~f'(l
Seciment Report!nQ Ttlf' Company'5 OIH.>r cJl •on' pr l'dom1a.i11l I y rel.ih.• to n1 ov tdiaQ rn,u
~l't ;f,
,)1H! mJint er.Jnce
S~'r
view, 1.ll'!1v('f ('cj to tu>t onwr 5 Qlob,Jlly .icros> the
qeogr<1pl'iP.s. The Company consioers all o! these services to be related to on€' se9ment and concl!Jde\ that it oper;ites In O">P. sinqle segment w1tri
1l's1n:ct to ih
serv•t:l'~.
Till' Co111pany is mcnaQNI
c~
u1w entity anu is QOvernet11Jy s1miiar sels of iisr..s and rctwns. Accortiinqly,
rt>presentea alonq var101is 9eo9r.1phies lJa-;ed on U1l' !0cat1on of
th~
custo1f'1?1
compri~e
revenue~
lhf' primary basis o! segmental inlorm
~('\
oot ;n
these Jii\dnu
s~>qm(•ntill
n•r;orunq
1~ pertorm~'G
on \hi' lh1\IS ot tlw qeoqrapll•lJI i0cat1011 ot Cu$\mners. rne manaqement views tr-ic Indian mark1;t
M1d r:;.;por\ mark el~ as dist in ct geoqr ap111cal seqment ;:. Fo:lowmg
i~
t lie distribution ol \tit< Company's >
Revenues
80,76·1.lf>3 347,757,498
SeQment assets sunarv debtors
:nd1a E;.;poit s
All fix(o'd 27
.:i~sels
UnblHed revenue
16.2"(8.936 .19Al 7.81,\
20,674.262
55 696 750
23_..}..!. ?.l~.~-·~
2,603,059
are situa\l'd in lnd;a.
Related party disc;losure!> .~am~s
of r<;lated parties and rcla1ed party re!at!onsh!p
Related padles where control ex!sts Holdinq Company Ultimate Holdino Company Related parties with whom transactions have taken place durlnlJ the year Kev ManaQemel'1t Personnel
Ametek S1n9aporE> l'TE Limited Anwt~·k Ille, USA
Hiren Desai. Manaq!no Director M 5 Mascarenha~. Dir 1:ctor
Enterprises owned or significantly inf!uencea by f\ey manacJi"ment personnel
UnlspE>c Marketing Private Umlted Thelsa Ti;chnical Services Private limited
Fellow Subsidiaries
Cr,ana!er lf\slrumt!'nls Co .. USA LLC Ametek Canodo LP Taylor Hobson Limited, UK Ametek Aerospac<' & Defence Inc .. USA Lana lnstrurnenb lnternation;il Limited, UK Spectro Anaiytical Instruments GmbH, Germany EMA Holdi">Q~ UK Lirrnted, UK Solc~,
Franc<' An1elek Ted1niLal & Industrial Products lnc, USA
t,rnetek
Prnces~
& Ana!ytical Instruments lnc.
Anwtt>k Solidstale Controls Inc., USA Arnetek Airtechnolo(Jy Group Limited, UK AmetPk Denmark A/S Ametek Powei ln~trurnent5 Ameli>k Pro(jl"ilmm,1bcc Pow<>r Inc
td
:a~
Aua~
Mate! ial Te~I inq Te(lmoloqy (lnd,a) Pr111ate Lirn•ted M<1tH1a1 Te~tin() Technoloqy GmbH
Vision RL'>l'JJ ch Inc, USA fleic!1e1t Inc. USA Ametek Rotron Inc, USA
Anwtek HSA. USA l'recitecti Inc, USA A1r•etek Floo1 Sµ;;ciality Chemicals Ametek Amer on Inc, USA AmHeK AMT. USA
I
0
~1 'J
AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 March 2012 .~n
~s o\h!'rwise s\Jted
!
tran~ac.tions
rhe Tol1owin[j t,1bie r;rov1,1h thr• 101a ,irnm1n: o!
1------
llill~~iictmns
\hilt t;ilvf'
iH~(
r. c-nt("Pr1 ,r.t0 w1t'1 ttw relntet1 partie<, tor me relevant fint•flCiil! year:
Name ct the P11rty
r;..:~_;~; ~-i::-·;_1~~~-~;-_u~s·A_·;:u i'i i;;~~:; ~ f i_q o.ing SY.r!:P_e_'.IY}_ 1
L3_1'.ld inst.~~~ternational Ud:i..UK ?2~.£.~alytKal Instruments Gmt>H. Germany
.8.£ll.'.!ir Expenses Spares Purchase
794,254 6,228,602
3.766,848
j
Taylor Hobson Ltd .. cJ:J~~-~.-----·-·-·---~----~--~~r_~!-~I!~~.?.~.........."~'.!_._5_9c4c·•'.3,c7c8-t-_ _ _9,, !8 l ,~.28 ·I Alles Material Test~ectmology (India) Private L.imited S~_?.~="c"cho4o'o'-+--~1=3c,lc7_4",'''1'6+------·· Alta~ Material Testinn Techno!o9y_Gmb~:L ________________ ™-""--"---··--·---~=S,Pc'c"c'cpc"c'c'chc"c'~~----=6c4~6·.!~2.. -------~
~~~~-~'!'~-~!.!'.!.~:'!_'?..!:.~.1__ _
Hir~-"---·™ ...... --·---~~----------------·f"'=ernu1wr,1tion_naid,_\---~•c·8clc6",'67C.C2+--~6c·'c3c2c..=Scol~3-I M S Mascarenha~-----·---Remuneration a!d 6,187.643 6.528,632 Not(): Tile remuneia\ion to the key manaQerla! persoflncl does flOt include tile provisions m<1de for gratuity and leave bene!•t5. as they are deti?rmined on ill\ actu,H,al Oasis tor the CCJmpany as a whole
(Tf11$ spi!Ce has Deen intent1or.a/ly f('f( Dlank)
;
AMETEK Instruments India Private Limited Notes to financial staternenls for tt1e yea1 ended 31 Maf"c:h 2012 All
ilrnounts in Rupees, unlESS othef\ViSe
~\Jtc>d
Ye
"··-:~})~~::fg~l
---5,951.685-3,096.254 493,576
----~
Enterprises ownt:d or siqnlficont!y influenced by key manaqement personnel r · · · - - - · - - - - - - - - - - · · · · · · · ·.. ·1vnispec Marketing Private Umitec1 Thelsa Technical SNvices Private Limited
·~-·--
"·---------lntere~! payabte
Interest Dilyob:e
1,704,3981 598.714
Key Manaqement Personnel
••• ·~--··----------------'
•m•--]~i~~~~~~~~~~~:=J:~·-~
(I h15 space> hiJ5 brc>n in/ention
,,,.
4so,ooo
I
450.oo~J
AMETEK Instruments !ndia Private Liniited
Notes to financial statements for the year enCt>d 31 March 2012 28
C<.H1tinQ.,nt lidbil
}) ' _tA_~_r_c_ h__ _l_(}_ ~_ l __
29
Unhed
f~~~~-;~~~-~~~-.~---~t:m::~-~~~-~:- . .ll.-~~~:~. ?.Q_~_?__ }_1_~-~~~?Q!_l~
Import trad1, payilb;<' {Euro)
,
16,6.?7
Import trade p,w<1bte (G81'i
II
39.2'10 5l.~i59
E>nrnt triltk reu·•v.-iblc (GBP) b\)Ol"t
:r,we rece1vao:r
6
tlJ50l
1..
Expon tradf' r<'n•1vao;f' (£u101 Bas<'d on tho: 1niorrnat1on avilllaOlo: with the C0mpany, there arc no
30
:I
Small and Mt>di\1m Entt>rprtses 0f.'veloprnent Act. 2006"'
~$ ~t
suppi1~,r~
.:i~
1.136.30-i
a.29"1.698
143,809 105.326
3.209.780
10,344,023 "f.5'/5,983
4,217.489
~~~~: l_ ---~-~~~;:~---~:~~~~-:-~-~~---~:-~~~:~~~I
rcq:~tered ,1~
..,ho ::ire
MM ch )l, 2012 .:irul
1·n.210
micro. small or rnedwm
enterpri~es
under "The Micro
.:it M;;1ch 31, 2011.
Value ot Imports c;ilculated on C!F b;isis
31
:.n March Compon(•n\:;. and spare
~Mrts
2011
ll.469.723
8.936.673 907.155
14.397.143
12,057.856
Ot'mo Equ
32
Tra.-ellinQ and corweyanu•
33
MMCh 31, <'012
lmport'l(I 11d \!,
March 31, 2011 .,, ol total Value
ot tot
consumptloo
consumption 511111~ l)dl l~
Imported
83',->
mdiQC'flOU~
m
6,166,375
83%
4.749,393
---~'~·'"73,666_
17'!;
- -------··~ 980,2-._81!_ 5 730 300
----~M~lc
Jtl
f.arninQs in f111~IQn curr~ncy (Accru<1I basis)
14"/,7'i7,498 35
Tl,., ( '""IJ<'"Y
1,.,~
<<
'·'""~"
.,r.,..,s,v.;-
~y ~t•
,-,-,
(,f .,·,;,ju[(•,.;,.·,.·.;-
99f 01 rhf' Income Tax Act. 1961. The Company
n.i~
,.,f
?07.460,787
"·,1,-,,·,1·,;,t..:.10 ,;,-,;1 11,-,, ,,rr,,..,·,t ~ .H r,-.f1llirt>i1 hy !hr· tr irnsfH pricinq
!t>qi~l11hon
"''dt-r H·di.;,r1 92
rellNl on lndcpc-ndently rese.irch\'(1 Trau~i(~r Prlcln(J Stu!Jy lo IJl!ll'l!!llnc \tldt the tn\l!f!hlllonal
transactrnns am at arm's lt>n(jth .'lnd henH• beiipves that tr,f' afor1>sa•O i<'Qi~:at1on wdl not have ll!W 1mp11ct on the fi111mcial statements. part1cul.uly on tnP
amount of ta• expense and that o1 provos1on for ta•ation. 36
The Company no lonQer qual!lie~ a~ d Small and Medium Company a~ detined m \he General Instructions in respect of fl.ccountinq St
37
Pre-vlous vear
exce~s
ca~e
DI
Rupee~
ter\ crnres ourm(J the •mmediately prec('dlnQ account •nQ year.
of tilsh flow statenwnt and seqrnent repottinq
llQVn~s
Till the ye>d! Pndf'd 31 Ma•cfl 2011. tt"' Com1i.1ny wil~ <1\m(J llff>·IPv:SPfl Sclw!lulP VI to trw CompamP~ Act. l9'i6, for preparation and prf'sf'ntation ol its l1nanci.:i1
<;\a\l!ment~.
D111inq th\' ye<;r <:-ndt>d 31 M111(tl 2012. ttw rev•sed Sctwdule VI notif•ed undN the Cornpar,ies Act 1956, has bec-omt• i!ppl1(at>le
the Company. Th.: Company h.:is reclass1f1ed
pre~lo1.;~
ye.:ir l!Qures to con!orrn to this year's classi!icaiion. The ii
rev1~ed
impact reco9nit1on and measurPml'nl prmuplPs followed lor prl'p11r<1t1on ol fmanc111I statements. However. ii s1qnificant1y impacts presentation and d>sclosures made •n lhl' t.n,rnc1,1I sta!cmtnts. p;irt•culMly pres<-nt«t1nn cf balan(P. sheet.
S·V-~~ r~· 'i-.V Gh•tttl• •· AIH•c!•lu F«m
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,:;
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Partner
M.in~Q""I Dir~c~or
M~mb¥,.t>ip
"'
Oir<.'clor
No 221.ur.
P•~ct· 06nQ~lore •
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0
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Ju~ y 271 1012
f-'iH~: 6~1\Q~IOft"
Ploc~.
D.lt<'' Juiy
Dat .. ·.July J(,. 2012
J(,,
20l.?
to
Schedule VI ctoc.-s not
Lt'>Ct">lt"r, iJI-\
FORM 23AC
Form for filing balance sheet and other documents with the Registrar
[See section 220 of the Companies Act, 1956 and Rule 7B]
Note - All fields marked in * are to be mandatorily filled. - Figures appearing in the eForm should be entered in Absolute Rupees only. Figures should not be rounded off in any other unit like hundreds, thousands, lakhs, millions or crores. Authorised capital of the company as on the date of filing
(in Rs. `) 500,000.00
Number of members of the company as on the date of filing
0
Part A I. General information of the company 1.(a) *Corporate identity number (CIN) of company
Pre-fill
U29200KA2008PTC047509
(b) Global location number (GLN) of company 2.(a) Name of the company
AMETEK INSTRUMENTS INDIA PRIVATE LIMITED
(b) Address of the registered office of the company
Ist Floor, Left Wing, Prestige Featherlite Tech Park, Plot # 148 EPIP II Phase, Whitefield Bangalore Karnataka INDIA 560066
(c) *e-mail ID of the company [email protected] 3.(a) * Financial year to which balance sheet relates From
01/04/2012
(DD/MM/YYYY)
To
31/03/2013
(b) *Date of Board of directors' meeting in which balance sheet was approved
06/06/2013
(DD/MM/YYYY) (DD/MM/YYYY)
(c) Details of director(s), Managing Director, manager, secretary of the company who have signed the balance sheet Following details are to be entered only in case date of balance sheet is on or after 1st July'2007 Provide Director identification number (DIN) in case of director, Managing Director and Income-tax permanent account number (Income-tax PAN) in case of manager, secretary
(I) DIN or Income-tax PAN 02602238 Name
Pre-fill
Designation Managing director
Hirenkumar Vinodchandra Desai
Date of signing of balance sheet
(II) DIN or Income-tax PAN 02505008
06/06/2013 Pre-fill
(DD/MM/YYYY)
Designation Director
Name David Bruce Coley Date of signing of balance sheet
(III) DIN or Income-tax PAN
06/06/2013 Pre-fill
(DD/MM/YYYY)
Designation
Name (DD/MM/YYYY)
Date of signing of balance sheet
(IV)
DIN or Income-tax PAN
Pre-fill
Designation
Name Date of signing of balance sheet
(DD/MM/YYYY)
Page 1 of 11
(V) DIN or Income-tax PAN
Designation
Pre-fill
Name (DD/MM/YYYY)
Date of signing of balance sheet
4.(a) *Date of Board of directors' meeting in which Board's report referred to under section 217 was approved
06/06/2013
(DD/MM/YYYY)
(b) Details of director(s), Managing Director who have signed the Board's report Following details are to be entered only in case date of Board of directors' meeting is on or after 1st July'2007
(I) DIN
02602238
Designation Managing director
Pre-fill
Name Hirenkumar Vinodchandra Desai Date of signing of Board's report
(II) DIN
02505008
06/06/2013
(DD/MM/YYYY) Designation Director
Pre-fill
Name David Bruce Coley Date of signing of Board's report
(III) DIN
06/06/2013
(DD/MM/YYYY) Designation
Pre-fill
Name (DD/MM/YYYY)
Date of signing of Board's report
5. *Date of signing of reports on the balance sheet by the auditors 6.(a) *Whether annual general meeting (AGM) held
Yes
No
(b) If yes, date of AGM
16/07/2013
(DD/MM/YYYY)
(c) *Due date of AGM
30/09/2013
(DD/MM/YYYY)
(d) Date of AGM in which accounts are adopted by shareholders (e) *Whether any extension for financial year or AGM granted
(DD/MM/YYYY)
06/06/2013
16/07/2013 Yes
(DD/MM/YYYY)
No
(f) If yes, due date of AGM after grant of extension
(DD/MM/YYYY)
7. Service request number (SRN) of Form 66 8.(a) *Whether the company is a subsidiary company as defined under section 4
Yes
Pre-Fill
(b) CIN of the holding company, if applicable (c) Name of the holding company
No
Ametek Singapore Private Limited
(d) Section under which the company has become a subsidiary
Section 4(1)(b)
9.(a) *Whether the company has a subsidiary company as defined under section 4
Yes
No
Page 2 of 11
(b) If Yes, then indicate number of subsidiary company(s)
CIN of subsidiary company Name of the subsidiary company Section under which the company has become a subsidiary Whether particulars of subsidiary company has been attached in pursuance of Section 212(1) of the Companies Act, 1956 Not Applicable Yes No If yes, period of annual accounts From
(DD/MM/YYYY)
To
(DD/MM/YYYY)
Pre-fill all
Page 3 of 11
10. *Number of auditors
(I)
1
(a) *Category of auditor
Individual
(b) *Income-tax PAN of auditor or auditor's firm
Auditor's firm AACFS6921Q
(c) *Name of the auditor or auditor's firm S.V.Ghatalia & Associates LLP
(d) *Membership number of auditor or auditor's firm's registration number 103162W (e) *Address of the auditor or auditor's firm
Line I 2th, 13th Floor, UB City, Canberra Block Line II 24, Vittal Mallya Road *City
*State
Bangalore
Country INDIA
Karnataka-KA
*Pin code 560001
(f) Details of the member representing the above firm Name
T.S.Gangadharan
Membership number
(II)
(g) *SRN of Form 23B S21027594
22835
(a) *Category of auditor
Individual
Auditor's firm
(b) *Income-tax PAN of auditor or auditor's firm (c) *Name of the auditor or auditor's firm (d) * Membership number of auditor or auditor's firm's registration number (e) *Address of the auditor or auditor's firm
Line I Line II *City
*State
Country
*Pin code
(f) Details of the member representing the above firm Name Membership number
(g) *SRN of Form 23B
11.(a) In case of a government company, whether Comptroller and Auditor-General of India (CAG of India) has commented No upon or supplemented the audit report under section 619(4) of the Companies Act, 1956 Yes (b) Provide details of comment(s) or supplement(s) received from CAG of India
(c) Director's reply(s) on comments received from CAG of India
(d) Whether CAG of India has conducted supplementary or test audit under section 619(3)(b) 12. (a)*Whether schedule VI of the Companies Act, 1956 is applicable (b)*Type of Industry
Yes
No
Yes
No
Commercial and Industrial (C&I) Comp
Note: In case the type of industry is other than Banking or Power or Insurance or NBFC,then select Commercial and Industrial (C&I).
Page 4 of 11
I. BALANCE SHEET ((As per Schedule VI to the Companies Act, 1956 applicable for the financial year commencing on or after 1.4.2011)
Part -B
Particulars I. (1)
72,349,420.00
32,081,158.00
(c) Money received against share warrants
0.00
0.00
Share application money pending allotment Non-current liabilities
0.00
0.00
17,000,000.00
24,000,000.00
(b) Deferred tax liabilities (net)
0.00
0.00
(c) Other long term liabilities
0.00
0.00
22,315,960.00
13,628,568.00
(a) Short-term borrowings
62,200,000.00
72,200,000.00
(b) Trade payables
30,571,280.00
30,968,726.00
(c) Other current liabilities
58,103,282.00
49,662,914.00
(d) Short -term provisions
6,464,053.00
9,533,470.00
Current liabilities
TOTAL
(1)
(DD/MM/YYYY)
103,720.00
(d) Long term provisions
II.
31/03/2012
(DD/MM/YYYY)
103,720.00
(a) Long-term borrowings
(4)
31/03/2013
Shareholders' funds
(b) Reserves and surplus
(3)
Figures as at the end of (Previous reporting period) (in Rs. `)
EQUITY AND LIABILITIES
(a) Share capital
(2)
Figures as at the end of (Current reporting period) (in Rs. `)
269,107,715.00
232,178,556.00
ASSETS Non-current assets (a) Fixed assets (i) Tangible assets
56,099,237.00
47,771,244.00
7,629,390.00
20,032,564.00
(iii) Capital work-in-progress
0.00
0.00
(iv) Intangible assets under development
0.00
0.00
(b) Non-current Investments
0.00
0.00
(c) Deferred tax assets (net)
16,871,864.00
12,889,052.00
(d) Long-term loans and advances
20,712,407.00
18,746,446.00
1,211,135.00
1,750,000.00
0.00
0.00
(b) Inventories
43,478,387.00
26,762,728.00
(c) Trade receivables
60,226,254.00
55,696,750.00
(d) Cash and cash equivalents
27,658,215.00
7,963,784.00
(e) Short-term loans and advances
10,480,451.00
17,262,559.00
(f) Other current assets
24,740,375.00
23,303,429.00
(ii) Intangible assets
(e) Other non-current assets (2)
Current assets (a) Current investments
TOTAL
269,107,715.00
232,178,556.00
Page 5 of 11
Part B
I. BALANCE SHEET (Applicable for financial year commencing before 01.04.2011)
Particulars
Figures as at the end of (Current financial year) (in Rs. `)
Figures for the period (Previous financial year) (in Rs. `)
(DD/MM/YYYY)
(DD/MM/YYYY)
0.00
0.00
Sources of funds Paid-up capital Share application money (pending allotment) Reserves and surplus Secured loans Unsecured loans Deferred tax liabilities (Net) Others (Please specify)
TOTAL Application of funds Gross fixed assets (including intangible assets) Less: depreciation and amortization Net fixed assets
0.00
Capital work-in-progress Investments Deferred tax assets (Net) Current assets, loans and advances (a) Inventories (b) Sundry debtors (c) Cash and bank balances (d) Other current assets (e) Loans and advances Less: Current liabilities and provisions (a) Liabilities (b) Provisions Net current assets
0.00
0.00
0.00
0.00
Miscellaneous expenditure to the extent not written off or adjusted Profit and loss account Others (Please specify)
TOTAL
Page 6 of 11
II. Detailed Balance sheet items (Amount in Rs. `) as on balance sheet date (Applicable in case of Revised Schedule VI- that is for financial year commencing on or after 01.04.2011) A. Details of long term borrowings (unsecured) Particulars
Current reporting period
Bonds/ debentures
Previous reporting period 0.00
0.00
- From banks
0.00
24,000,000.00
- From other parties
0.00
0.00
Deferred payment liabilities
0.00
0.00
Deposits
0.00
0.00
17,000,000.00
0.00
Long term maturities of finance lease obligations
0.00
0.00
Other loans & advances
0.00
0.00
17,000,000.00
24,000,000.00
0.00
0.00
Term Loans
Loans and advances from related parties
Total long term borrowings (unsecured) Out of above total, aggregate amount guaranteed by directors B. Details of short term borrowings (unsecured) Particulars
Current reporting period
Previous reporting period
Loans repayable on demand - From banks
62,200,000.00
72,200,000.00
0.00
0.00
Loans and advances from related parties
0.00
0.00
Deposits
0.00
0.00
Other loans and advances
0.00
0.00
62,200,000.00
72,200,000.00
0.00
0.00
- From other parties
Total short term borrowings (unsecured) Out of above total, aggregate amount guaranteed by directors
C. Details of long term loans and advances (unsecured, considered good)
Particulars
Current reporting period
Previous reporting period
Capital advances
0.00
437,500.00
Security deposits
15,936,006.00
15,180,300.00
Loans and advances to other related parties
0.00
2,340,485.00
Other loans and advances
0.00
0.00
15,936,006.00
17,958,285.00
- From related parties
0.00
0.00
- From others
0.00
0.00
15,936,006.00
17,958,285.00
450,000.00
450,000.00
Total long term loan and advances Less: Provision/ allowance for bad and doubtful loans and advances
Net long term loan and advances (unsecured, considered good) Loans and advances due by directors/ other officers of the company (refer note 6.L.(iv) of Schedule VI)
Page 7 of 11
D. Details of long term loans and advances (doubtful) Particulars
Current reporting period
Previous reporting period
Capital advances
0.00
0.00
Security deposits
0.00
0.00
Loans and advances to related parties
0.00
0.00
Other loans and advances
0.00
0.00
Total long term loan and advances
0.00
Less: Provision/ allowance for bad and doubtful loans and advances - From related parties
0.00
0.00
0.00 0.00
- From others
0.00
0.00
Net long term loan and advances (doubtful) Loans and advances due by directors/ other officers of the company (refer note 6.L.(iv) of Schedule VI)
0.00
0.00
0.00
E. Details of trade receivables Particulars
Current reporting period Exceeding six months
Secured, considered good
Previous reporting period
Within six months
Exceeding six months Within six months
0.00
0.00
0.00
0.00
Unsecured, considered good
1,559,857.00
58,666,397.00
1,913,283.00
53,783,467.00
Doubtful
4,328,578.00
0.00
3,512,047.00
0.00
Total trade receivables
5,888,435.00
58,666,397.00
5,425,330.00
53,783,467.00
Less: Provision/ allowance for bad and doubtful debts Net trade receivables
4,328,578.00
0.00
3,512,047.00
0.00
1,559,857.00
58,666,397.00
1,913,283.00
53,783,467.00
0.00
0.00
0.00
0.00
Debt due by directors/ others officers of the company (refer note 6.m.iii.iii of Schedule VI)
III. Financial parameters - Balance sheet items (Amount in Rs. `) as on balance sheet date (unless specified otherwise) 1. *Amount of issue allotted for contracts without payment received in cash during reporting period
0.00
2. *Share application money given
0.00
3. *Share application money given during the reporting period
0.00
4. *Share application money received during the reporting period
0.00
5. *Paid-up capital held by foreign company
99.99 percent
103,710.00
6. *Paid-up capital held by foreign holding company and/ or through its subsidiaries
0.00
7. *Number of shares bought back during the reporting period
0.00
8. *Deposits accepted or renewed during the reporting period
0.00
9. *Deposits matured and claimed but not paid during reporting period
0.00
10. *Deposits matured and claimed, but not paid
0.00
11. *Deposits matured, but not claimed
0.00
12. *Unclaimed matured debentures
0.00
13. *Debentures claimed but not paid
0.00
14. *Interest on deposits accrued and due but not paid
0.00
15. *Unpaid dividend
0.00
16. *Investment in subsidiary companies
0.00
17. *Investment in government companies
0.00
18. *Capital reserve
0.00
19. *Amount due for transfer to Investor Education and Protection Fund (IEPF)
0.00
20. *Inter- corporate deposits
0.00
0.00 percent
Page 8 of 11
21. *Gross value of transaction as per AS-18 (if applicable)
565,637,405.00
22. *Capital subsidies or grants received from government authority(s)
0.00
23. *Calls unpaid by directors
0.00
24. *Calls unpaid by others
0.00
25. *Forfeited shares (amount originally paid-up)
0.00
26. *Forfeited shares reissued
0.00
27. *Borrowing from foreign institutional agencies
0.00
28. *Borrowing from foreign companies
0.00
29. *Inter-corporate borrowings - secured
0.00
30. *Inter-corporate borrowings - unsecured
17,000,000.00
31. *Commercial Paper
0.00
32. *Conversion of warrants into equity shares during the reporting period
0.00
33. *Conversion of warrants into preference shares during the reporting period
0.00
34. *Conversion of warrants into debentures during the reporting period
0.00
35. *Warrants issued during the reporting period (In foreign currency)
0.00
36. *Warrants issued during the reporting period (In Rs. `)
0.00
37. *Default in payment of short term borrowings and interest thereon
0.00
38. *Default in payment of long term borrowings and interest thereon 39. *Whether any operating lease has been converted to financial lease or vice-a-versa
0.00 Yes
No
Provide details of such conversions
40. Net Worth of the company
72,453,140.00
41. Number of shareholders to whom shares allotted under private placement during the reporting period 42. *Secured Loan
0.00
43. *Gross fixed assets (including intangible assets)
247,217,746.00
44. *Depreciation and amortization
183,489,119.00
45. *Miscellaneous expenditure to the extent not written off or adjusted IV. Share capital raised during the reporting period (Amount in Rs. `)
0.00
Equity shares
Preference shares
Total
(a) Public issue
0.00
0.00
0.00
(b) Bonus issue
0.00
0.00
0.00
(c) Rights issue
0.00
0.00
0.00
(d) Private placement arising out of conversion of debentures/ preference shares
0.00
0.00
0.00
(e) Other private placement
0.00
0.00
0.00
(f) Preferential allotment arising out of conversion of debentures/ preference shares (g) Other preferential allotment
0.00
0.00
0.00
0.00
0.00
0.00
(h) Employee Stock Option Plan (ESOP)
0.00
0.00
0.00
(i) Other
0.00
0.00
0.00
(j) Total amount of share capital raised during the reporting period
0.00
0.00
0.00
Page 9 of 11
V. Details of qualification(s), reservation(s) or adverse remark(s) made by auditors 1. *Whether auditors' report has been qualified or has any reservations or contains adverse remarks
Yes
No
2(a) Auditor's qualification(s), reservation(s) or adverse remark(s) in the auditors' report Change in method of inventory valuation and inability to ascertain impact of such change on financial statements Non-availability of details of individual fixed assets acquired from companies, delay in deposit of taxes, internal control in respect of sale of goods & services, purchase & sale of fixed assets and physical verification of inventory,
(b)
Director's comments on qualification(s), reservation(s) or adverse remark(s) of the auditors as per Board's report
Change in method of inventory valuation was done to provide more accurate value and in accordance with holding company policy. Details of individual assets not provided by selling companies. Appropriate steps are being taken to ensure timely deposit of taxes. Policies & System control procedures are being implemented to strengthen internal control with respect to sale of goods & services, purchase & sale of fixed assets.
VI. Details w.r.t Companies (Auditor's Report) Order, 2003 (CARO) 1. Whether Companies (Auditor's Report) Order, 2003 (CARO) applicable
Yes
No
2. Auditor's comment on the items specified under Companies (Auditor's Report) Order, 2003 (CARO) Particulars
Auditor's comments on the report
Fixed assets
Unfavourable Remark
Inventories
Unfavourable Remark
Loans given or taken by the company
Favourable Remark
Section 301
Disclaimer Remark
Acceptance of Public Deposits
Clause not applicable
Maintenance of Cost records
Clause not applicable
Statutory dues
Unfavourable Remark
End use of borrowed funds
Favourable Remark
Special statute - chit fund companies
Clause not applicable
Nidhi/ mutual benefit fund - special aspects
Clause not applicable
Financing companies - special aspects
Clause not applicable
Term loans
Favourable Remark
Preferential allotments
Clause not applicable
Disclosure of end use of funds
Clause not applicable
Others
Clause not applicable
Page 10 of 11
VII. Details related to cost audit of principal products or activity groups under cost audit 1. *Whether maintenance of cost records by the company has been mandated under any Cost Accounting Records Rules notified under section 209(1)(d) of the Companies Act,1956 2. *Whether audit of cost records of the company has been mandated by Central Government under section the 233B of the Companies Act, 1956 3. If yes, names of the product or activity groups under cost audit
Yes
No
Yes
No
Attachments 1. *Copy of balance sheet duly authenticated as per section 215 (including Board's report, auditors' report and other documents) (in pdf converted format)
Attach
2. Statement of subsidiaries as per section 212
Attach
3. Statement of the fact and reasons for not adopting balance sheet in the annual general meeting (AGM)
Attach
4. Statement of the fact and reasons for not holding the AGM
Attach
5. Approval letter for extension of financial year or AGM
Attach
6. Supplementary or test audit report under section 619(3)(b)
Attach
7. Optional attachment(s) - if any
Attach
List of attachments
DR-AR-BS- 2013.pdf
Remove attachment
Verification
I confirm that all the particulars mentioned above are as per the attached balance sheet and other related documents, all of which are duly signed and authenticated as required under the Companies Act, 1956. To the best of my knowledge and belief, the information given in the form and its attachments is correct and complete. I have been authorised by the Board of directors’ resolution number * 1 to sign and submit this form.
dated *
To be digitally signed by Managing Director or director or manager or secretary of the company *Designation
06/06/2013
MURALIDHARAN S MASCARENHAS
(DD/MM/YYYY)
Digitally signed by MURALIDHARAN S MASCARENHAS DN: c=IN, o=Personal, postalCode=400069, st=MAHARASHTRA, serialNumber=0e28b665e0bac0b80 ed74b7d7371de937d2b5e19f8021b 3f8ffe8c8f1eb4c41e, cn=MURALIDHARAN S MASCARENHAS Date: 2013.08.12 13:58:55 +05'30'
Director
*DIN of the director or Managing Director; or Income-tax PAN of the manager; or Membership number, if applicable or income-tax PAN of the secretary (secretary of a company who is not a member of ICSI, may quote his/ her income-tax PAN)
00219430
Certificate It is hereby certified that I have verified the above particulars (including attachment(s)) from the records of AMETEK INSTRUMENTS INDIA PRIVATE LIMITED and found them to be true and correct. I further certify that all required attachment(s) have been completely attached to this form. Chartered accountant (in whole-time practice) or
Cost accountant (in whole-time practice) or
Company secretary (in whole-time practice) *Whether associate or fellow
Associate
*Membership number or certificate of practice number Modify
Check Form
KRISHNAN GOVINDAN
Digitally signed by KRISHNAN GOVINDAN DN: c=IN, o=Personal, postalCode=400080, st=Maharashtra, serialNumber=f41a7050d6ce0a296b 10fd14f768d087be56e266e0636bc8 1b2e98ff351b7324, cn=KRISHNAN GOVINDAN Date: 2013.08.12 17:33:05 +05'30'
Fellow 21193 Prescrutiny
Submit
This eForm has been taken on file maintained by the registrar of companies through electronic mode and on the basis of statement of correctness given by the filing company
Page 11 of 11
9/11/2014
https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=244089210000&CHK1=J&kvknummer=244089210000&product=Bedrijfspr…
Company profile - Ametek International CV (24408921) Chamber of Commerce, September 11, 2014 - 23:41
Excerpt
Chamber of Commerce number 24408921 Grouping RSIN Legal Name Established Duration Number of limited partners Partnership capital Company Trade Start Date Company Activities Employment Establishment Establishment Number Trade Visiting address Phone Fax number Email Date of establishment Activities Employment Partner Name Visiting address Registered in
Date of appointment Jurisdiction
817568256 Limited Partnership Ametek International CV 22-12-2006 Indefinite 1
Ametek International CV 22-12-2006 SIC code: 70102 - Holdings (not financial) 0
000016021371 Ametek International CV Galen 40, 3941VD Doorn 0343476812 0343476609 [email protected] 22-12-2006 SIC code: 70102 - Holdings (not financial) Holding, financing and management of other enterprises and companies 0
Chandler Instruments Company LLC 2001 North Indianwood Ave Tulsa, Oklahoma 74012, United States of America Secretary of State Texas, United States of America under number 702198922 22-12-2006 Unlimited jurisdiction
Data are made on 11-09-2014 at 23:41 PM. https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=244089210000&CHK1=J&kvknummer=244089210000&product=Bedrijfsprofiel
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9/11/2014
https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=244089210000&CHK1=J&kvknummer=244089210000&product=Bedrijfspr…
History
30 24408921 Ametek International CV tel: 0343 476812 Galen Laan 40 3941VD Doorn Old statutory names as set since 01-10-1993 *** No history for this section *** Old trade as laid since 01-10-1993 *** No history for this section *** Old branch addresses as recorded since 01-10-1993 Address Date of entry Address Date of entry Address Date of entry Address Date of entry
Lucerne Clover 17 3069DS Rotterdam *** Unknown *** Schiekade 830, 3032AL Rotterdam 01-04-2007 Schiekade 830, 3032AL Rotterdam 01-10-2007 Van Galen 40, 3941VD Doorn 01-10-2007
Old forms as laid since 01-10-1993 *** No history for this section *** Old business descriptions as laid since 01-10-1993 Date of entry Company Description
22-12-2006 Holding, financing and management of other enterprises and companies
Officer Data Leavers *** No history for this section *** Other official information Leavers *** No history for this section ***
Filings
There are not (yet) available filings with the selected entry.
https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=244089210000&CHK1=J&kvknummer=244089210000&product=Bedrijfsprofiel
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l!I Bolagsverket
Bevis Arsredovisning
865
A
851 81 Sundsvall 0771-670 670 vrww. bolagsverket. se
-w -
WW 0
Harmed intygas att bifogad arsredovisning ar registrerad hos Bolagsverket.
Sundsvall
2014-09-26
Pernilla Wennman
u.
u. 0
AMETEK NORDIC AB Org.nr. 556733-9691
BOLAGSVERKET
201~
0\ M 0\
-05-
111
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0
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0
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C"l------------------------------------------------------------------------
ARS REDO VIS NING 2013
Styrelsen och verkstallande direktoren fdr Ametek Nordic AB far harmed avlamna arsredovisning fdr rakenskapsaret 2013-01-01 -- 2013-12-31.
Arsredovisningen omfattar
2 FORVALTNINGSBERATTELSE 3 RESUL TATRAKNINGAR 4 BALANSRAKNINGAR
5 STALLDA SAKERHETER OCH ANSVARSFORBINDELSER 6 TILLAGGSUPPLYSNINGAR 9 UNDERSKRIFTER
Undertecknad styrelseledamot i Ametek Nordic AB intygar harmed, dels art denna kopia av arsredovisningen overensstammer med originalet, dels art resultat- och balansrakning faststallts pa arsstamma den 2 april 2014. Stamman beslot tillika godkanna styrelsens forslag till vinstdisposition.
~'~V.1;0.1~··················
Bengt Svensson
AMETEK NORDIC AB Org.nr. 556733-9691
0
ARSREDOVISNING 2013 Styrelsen och verkstallande direktOren for Ametek Nordic AB far harmed avlamna arsredovisning for rakenskapsaret 2013-01-01 -- 2013-12-31.
Arsredovisningen omfattar
2 FORVALTNINGSBERATTELSE 3 RESULTATRAKNINGAR 4
BALANSRAKNINGAR
5 STALLDA SAKERHETER OCH ANSVARSFORBINDELSER 6 TILLAGGSUPPL YSNINGAR 9 UNDERSKRIFTEIJ7
' l(G
AMETEK NORDIC AB Org.nr. 556733-9691
FORVALTNINGSBERATTELSE Arsredovisningen ar upprattad i svenska kronor, SEK.
Verksamheten Foretaget bedriver verksamhet avseende marknadsforing, distribution och forsaljning av elektroniska instrument sasom spektrometrar och liknande utrustning. Bolaget tillhandahaller aven service och underhall for tillhandahallna produkter.
Flerarsjlimforelse*
2013
2012
2011
2010
2009
10 252
9 240
14 141
10 737
8 335
Res. efter finansiella poster, tkr
2 377
1 741
1 885
2 137
I 425
Balansomslutning, tkr
8 646 54%
6457
8 333 19%
6 999
5 138
49%
36%
Nettoomsattning, tkr
Soliditet
44%
*Definitioner av nyckeltal, se tillaggsupplysningar
AgarfOrballanden Bolaget ar helagt dotterbolag till Ametek GmbH, Org. nr HRB 1911.
Resultatdisposition forslag till disposition av bolagets vinst Till arsstammans forfogande star 2 405 702
balanserad vinst
1419125
arets vinst
3 824 827
Styrelsen foresliir att 3 824 827
i ny rakning overfores
3 824 827
Betraffande bolagets resultat och stallning i ovrigt hanvisas till efterfoljande resultat- och balansrakningar med tillhorande tillaggsupplysningl/}
Sida 2 av 9
AMETEK NORDIC AB Org.nr. 556733-9691
RESULTATRAKNINGAR 2013-01-01
2012-01-01
2013-12-31
2012-12-31
10 252 018
9 240 138
5 739 241
5 566 872
15 991 259
14 807 010
Ravaror och fornodenheter
-2 883 258
-2 265 151
Ovriga externa kostnader
-3 566 339
-3 542 247
Personalkostnader
-7 110 537
-7 008 308
-56 452
-262 651
-13616586
-13 078 357
2 374 673
I 728 653
2 589
12 567
2 589
12 567
2 377 262
I 741 220
-550 000
-450 000
0
55 670
-550 000
-394 330
I 827 262
I 346 890
-408 137
-387611
1419125
959 279
Not
Rorelsens intakter Nettoomsattning Ovriga rorelseintakter
Rorelsens kostnader
Avskrivningar av materiella och immateriella an!aggningstillgangar
Rorelseresultat Resultat fran finansiella poster Ranteintakter
Resultat efter finansiella poster Bokslutsdispositioner A vsattning till periodiseringsfond Forandring av avskrivningar utover plan
Resultat fOre skatt 2
Skatt pa arets resultat
Arets resultat
1!
Sida 3 av 9
AMETEK NORDIC AB Org.nr. 556733-9691
BALANSRAKNINGAR Not
2013-12-31
2012-12-31
TILLGANGAR
AnHiggningstillgangar Immateriella anlaggningstillgangar Handelsrattigheter
3
0
0
Goodwill
4
0
0
0
0
148 670
341 427
148 670
341 427
148 670
341 427
545 524
393 400
545 524
393 400
1 072 580
1 522 209
Fordringar hos koncernforetag
356 558
Aktuell skattefordran
238 542
315 524 284 565
Ovriga fordringar
200 493
21 767
Materiella anHiggningstillgangar 5
Inventarier, maskiner och datorer
Summa anHiggningstillgangar
Omsattningstillgangar Varulager Ravaror och fornodenheter
Kortfristiga fordringar Kundfordringar
Forutbetalda kostnader och upplupna intakter
36 264
0
1904437
2 144 065
Kassa och bank
6 047 386
3 578 431
Summa omsattningstillgangar
8 497 347
6 115 896
8 646 017
SUMMA TILLGANGAR
Sida 4 av 9
645732tn
AMETEK NORDIC AB Org.nr. 556733-9691
BALANSRAKNINGAR Not
2013-12-31
2012-12-31
100 000
100 000
100 000
100 000
Balanserad vinst
2 405 702
1446422
Arets resultat
I 419 125
959 279
3 824 827
2 405 701
3 924 827
2 505 701
450 000
450 000
550 000
0
I 000 000
450 000
201 598
517 519
EGET KAPITAL OCH SKULDER 6
Eget kapital Bundet eget kapital
7
Aktiekapital
Fritt eget kapital
Summa eget kapital
Obeskattade reserver 8
Periodiseringsfond Obeskattade reserver
Summa obeskattade reserver
Kortfristiga skulder Leverantbrsskulder Skulder till koncernforetag
207 732
140 597
6vriga skulder Upplupna kostnader och forutbetalda intakter
307 634
349 682
3 004 226
2 493 824
Summa kortfristiga skulder
3 721 190
3 501 622
8 646 017
6 457 323
Stallda sakerheter
Inga
Inga
AnsvarsfOrbindelser
Inga
lngl/b
SUMMA EGET KAPITAL OCH SKULDER POSTER INOM LINJEN
Sida 5 av 9
AMETEK NORDIC AB Org.nr. 556733-9691
TILLAGGSUPPLYSNINGAR ALLMANNA UPPL YSNINGAR
Redovis11i11gspri11ciper Tillampade redovisningsprinciper i:iverensstammer med arsredovisningslagen samt uttalanden och allmanna rad fran Bokforingsnamnden med undantag for BFN 2008:1. Nar allmanna rad fran Bokforingsnamnden saknas har vagledning hamtats fran Redovisningsradets rekommendationer och i tillampliga fall fran uttalanden av Far. Nar sa ar fallet anges detta i sarskild ordning nedan. Principerna ar oforandrade jamfort med foregaende i'lr.
Viirderi11gspri11ciper m.m. Tillgangar och skulder har varderats till anskaffningsvarden om inget annat anges nedan. Materiel/a anliiggningstillgangar
Materiella an!aggningstillgangar redovisas till anskaffningsvarde med avdrag for ackumulerad vardeminskning och eventuella nedskrivningar. Tillgangarna skrivs av linjart over tillgangarnas nyttjandeperiod.
lmmateriel/a anliiggningstillgclngar
Immateriella an!aggningstillgangar redovisas till anskaffningsvarde med avdrag for ackumulerad vardeminskning och eventuella nedskrivningar. Tillgangarna skrivs av linjart over tillgangarnas nyttjandeperiod.
Fordringar Fordringar har upptagits till de belopp varmed de beraknas inflyta. Varu/ager m.m. Varulagret ar varderat till
Fordringar och skulder har omraknats till balansdagens kurs.
lntiiktsredovisning Varuforsii/jning Inkomsten redovisas till det verkliga vardet av vad som erhallits eller kommer att erhallas. Foretaget redovisar darfor inkomst till nominellt varde (fakturabelopp) om ersattningen erhalls i likvida medel direkt vid leverans. Avdrag gors for lamnade rabatter.
Tjiinsteuppdrag
Bolaget redovisar intakter avseende serviceavtal i enlighet med BFNAR 2003:3, vilket innebar att intakterna redovisas ; tokt mod ott "~;co0
otfortlh
Sida 6 av 9
AMETEK NORDIC AB Org.nr. 556733-9691
TILLAGGSUPPLYSNINGAR Koncernforhallanden Bo1aget ar heliigt dotterbo1ag till Ametek GmbH Org.nr. HRB 1911 Meerbush, Tyskland. Moderbo1ag i den hOgsta koncemen ar Ametek Inc, org nr 14-1682544, USA. Koncemintem forsa1jning uppgick till l 0 % av nettoomsattningen och koncerna inkop uppgick till 36 % av tota1a externa kostnader.
Definition av nyckeltal So1iditet Justerat eget kapita1 i procent av ba1ansoms1utning
UPPL YSNINGAR TILL ENSKILDA POSTER Not 1
Personal
2013
2012
Medelantal anstallda Mede1anta1et anstallda bygger pa av bo1aget betalda narvarotimmar relaterade till en normal arbetstid. Mede1antal anstiillda har varit
8,0
8,0
varav kvinnor
0,0
0,0
Loner, ersiittningar m.m. Loner, ersattningar, socia1a kostnader och pensionskostnader har utgatt med fo1jande belopp: 4 436 852
Loner och ersattningar
681 599
684 349
Sociala kostnader
1606650
1 564 740
Summa
6 725 101
6 539 297
2013
2012
408 137
362 114
0
25 497
408 137
387 611
2013-12-31
2012-12-31
Pensionskostnader
Not 2
Skatt pa arets resultat Aktuell skatt Skatt pa grund av andrad taxering
Not 3
4 290 208
Handelsrattigheter lngaende anskaffningsvarde
850 000
850 000
Utgaende ackumulerade anskaffningsvarden
850 000
850 000
Arets avskrivningar
0
-103 891
Utgaende redovisat varde
0
0
Avskrivningar enligt plan beraknas pa en nyttjandeperiod av 5 ar/} _ Sida 7 av 9 i
(6
AMETEK NORDIC AB Org.nr. 556733-9691
TILLAGGSUPPLYSNINGAR
Not 4
2013-12-31
2012-12-31
Ingaende anskaffningsvarde
507 148
507 148
Utgaende ackumulerade anskaffningsvarden
507 148
507 148
Arets avskrivningar
0
-50714
Utgaende redovisat varde
0
0
2013-12-31
2012-12-31
Ingaende anskaffningsvarde
727 808
459 301
Ink op Forsaljningar/utrangeringar
0
268 508
-177 334
0
550 474
727 809
Goodwill
Avskrivningar enligt plan beraknas pa en nyttjandeperiod av 5 1ir. Not 5
Inventarier, rnaskiner och datorer
Utgaende ackumulerade anskaffningsvarden Arets avskrivningar Utgaende ackumulerade avskrivningar Utgaende redovisat varde
-56 452
-108 046
-401 805
-386 382
148 669
341 427
Avskrivningar enligt plan beraknas pa en nyttjandeperiod av 3-10 ar. Not6
Eget kapital Aktiekapital Belopp vid arets ingang
Not 7
Not 8
Summa
2 405 701 J 419 J25
1 4J 9 125
JOO 000
3 824 826
3 924 826
Antal aktier
Arets resuJtat BeJopp vid arets utgang
Fritt eget kapital
100 000
2 505 701
Upplysningar om aktiekapital
Antal/varde vid arets ingang
J 000
K votvarde per aktie JOO
Antal/varde vid arets utgang
J 000
JOO
2013-12-31
2012-12-31
450 000
450 000
Periodiseringsfond Periodiseringsfond, taxering 20 J 3 Periodiseringsfond 20 J3
550 000
0
I 000 000
450 000
220 000
Uppskjuten skatt i obeskattade reserver
Sida 8 av 9
IJ8 35~
AMETEK NORDIC AB Org.nr. 556733-9691 00
UPPLYSNINGAR
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0
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Stockholm 2014-04-02
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Bengt Svensson Verkstlillande direktor
Var revisionsberattelse har Iamnats
den~pril 2014.
Auktoriserad reviser
Sida 9 av 9
PROTO KOLL Arsstiimma 2014-04-02
Ametek Nordic AB Org.nr. 556733-9691 Rakenskapsaret 2013-01-01 - 2013-12-31
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Plats: Stockholm
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§ 1.
Arsstamman oppnades av Emanuela Speranza som halsade de narvarande valkomna.
§ 2.
Foljande forteckning upprattades over vid stiimman narvarande aktieagare, ombud och bitraden:
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Namn: Helge Petri for Ametek GmbH
1 000 aktier
1 000
roster
1 000 aktier
1 000
roster
Det beslOts att ovanstaende forteckning skulle galla som rostlangd. § 3.
Att sasom ordforande, tillikajusteringsman, leda dagens stamma valdes Emanuela Speranza. Att fora dagens protokoll valdes Manfred Bergsch.
§ 4.
Det konstaterades att arsstiimman ar i behorig ordning sammankallad.
§ 5.
Arsstamman forklarade dagordningen godkand.
§ 6.
Styrelsens arsredovisning med resultat- och balansrakning och revisionsberattelse for det gangna rakenskapsaret foredrogs.
§ 7.
Arsstamman beslot faststalla de i arsredovisningen intagna resultat- och balansrakningarna.
§ 8.
Arsstamman beslOt bevilja styrelsens ledam6ter och den verkstallande direktoren ansvarsfrihet for forvaltningen under det gangna aret.
§ 9.
Till arsstiimmans forfogande stod Balanserad vinst Redovisad vinst
2 405 702 1 419 125 3 824 827
Arsstamman beslOt disponera vinstmedlen enligt foljande I ny rakning overfores
3 824 827 3 824 827
§ 1O. Arsstamman beslutade att revisorns arvode skall vara enligt rakning under det kommande rakenskapsaret och att styrelsearvode ej skall utga. Sida 1 av 2
PROTOKOLL
Ametek Nordic AB Org.nr. 556733-9691 Rakenskapsaret 2013-01-01 - 2013-12-31
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Arsstamma 2014-04-02
§ 11. Val av styrelse
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Intill nasta arsstamma valdes
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till ledamoter av styrelsen till styrelsesuppleant
Manfred Bergsch Emanuela Speranza Michael Privik
§ 12. Val av revisor
Till ordinarie revisor, till slutet av nasta arsstamma, valdes Grant Thornton Sweden AB. Till ansvarig revisor valdes auktoriserad revisor Tomas Brynholt.
§ 13. Arsstamman avslutades.
Vid protokollet:
J.~J Manfred
;J;;s~h
Emanuela Sper
Sida 2 av 2
Grant Thornton
Revisions berattelse
Till arsstamman i Ametek Nordic AB Org.nr. 556733-9691 Rapport om arsredovisningen Vi har utfort en revision av arsredovisningen for Ametek Nordic AB for ar 2013. Styrelsens och verkstallande direktorens ansvar for arsredovisningen
Det iir styrelsen och verkstiillande direktoren som har ansvaret for att uppriitta en arsredovisning som ger en riittvisande bild enligt arsredovisningslagen och for den interna kontroll som styrelsen och verkstiillande direktoren bedomer iir nodviindig for att uppriitta en arsredovisning som inte innehaller viisentliga felaktigheter, vare sig dessa beror pa oegentligheter eller pa fel.
Revisorns ansvar
Vart ansvar iir att uttala oss om arsredovisningen pa grundval av var revision. Vi har utfort revisionen enligt International Standards on Auditing och god revisionssed i Sverige. Dessa standarder kriiver att vi foljer yrkesetiska krav samt planerar och utfor revisionen for att uppna rimlig siikerhet att arsredovisningen inte innehaller viisentliga felaktigheter. En revision innefattar att genom olika atgiirder inhiimta revisionsbevis om belopp och annan information i arsredovisningen. Revisorn viiljer vilka atgiirder som ska utforas, bland annat genom att bedoma riskerna for viisentliga felaktigheter i arsredovisningen, vare sig dessa beror pa oegentligheter eller pa fel. Vid denna riskbedomning beaktar revisorn de delar av den interna kontrollen som iir relevanta for hur bolaget uppriittar arsredovisningen for att ge en riittvisande bild i syfte att utforma granskningsatgiirder som ar iindamalsenliga med hiinsyn till omstiindigheterna, men inte i syfte att gora ett uttalande om effektiviteten i bolagets interna kontroll. En revision innefattar ocksa en utviirdering av iindamalsenligheten i de redovisningsprinciper som har anviints och av rimligheten i styrelsens och verkstallande direktorens uppskattningar i redovisningen, liksom en utviirdering av den overgripande presentationen i arsredovisningen. Vi anser att de revisionsbevis v1 har inhiimtat ar tillriickliga och iindamalsenliga som grund for vara uttalanden. Uttalanden Enligt var uppfattning har arsredovisningen upprattats i enlighet med arsredovisningslagen och ger en i alla vasentliga avseenden rattvisande bild av Ametek Nordic ABs finansiella stiillning per den 31 december 2013 och av
Vi tillstyrker diirfor att arsstamman faststaller resultatrakningen och balansrakningen.
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Registrerat revisionsbolag Member ')f Gr3nt Thornton lnternat1ondl ltd
Sida 1(2)
fr@.!uRopians 6\lerenssta.mmelsG m!ar!'cr .:r'.la!et intygas:
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Grant Thornton
Rapport om andra krav enligt lagar och andra forfattningar Utover var revision av arsredovisningen har vi aven utfort en revision av forslaget till dispositioner betraffande bolagets vinst eller forlust samt styrelsens och verkstallande direktorens forvaltning for Ametek Nordic AB for ar 2013. Styrelsens och verkstallande direktorens ansvar
Det ar styrelsen som har ansvaret for forslaget till dispositioner betraffande bolagets vinst eller forlust, och det ar styrelsen och verkstallande direktoren som har ansvaret for forvaltningen enligt aktiebolagslagen.
Revisorns ansvar
Vart ansvar ar att med rimlig sakerhet uttala oss om forslaget till dispositioner betraffande bolagets vinst eller forlust och om forvaltningen pa grundval av var revision. Vi har utfort revisionen enligt god revisionssed i Sverige. Som underlag for vart uttalande om styrelsens forslag till dispositioner betraffande bolagets vinst eller forlust har vi granskat om forslaget ar forenligt med aktiebolagslagen. Som underlag for vart uttalande om ansvarsfrihet har vi utover var revision av arsredovisningen granskat vasentliga beslut, atgarder och forhallanden i bolaget for att kunna bedoma om nagon styrelseledamot eller verkstallande direktoren ar ersattningsskyldig mot bolaget. Vi har aven granskat om nagon styrelseledamot eller verkstallande direktoren pa annat satt har handlat i strid med aktiebolagslagen, arsredovisningslagen eller bolagsordningen. Vi anser att de revisionsbevis uttalanden.
Vi
har inhamtat ar tillrackliga och andamalsenliga som grund for vara
Uttalanden Vi tillstyrker att arsstamman disponerar vinsten enligt forslaget i forvaltningsberattelsen och beviljar styrelsens ledamoter och verkstallande direktoren ansvarsfrihet for rakenskapsaret.
Stockholm den.:1april2014 Grant Thornton Sweden AB
Tomas Brynhol Auktoriserad revisor
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AMETEK SINGAPORE PRIVATE LIMITED Registration Number: 198402402E
FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Table Of Contents
Directors' Report
3
Statement by Directors
6
Independent Auditors' Report
8
Income Statement
10
Statement of Comprehensive Income
11
Statement of Financial Position
12
Statement of Changes in Equity
14
Statement of Cash Flows
15
Notes to the Financial Statements
17
AMETEK SINGAPORE PRIVATE LIMITED DIRECTORS' REPORT For the financial year ended 31 December 2012
The directors are pleased to present their report together with the audited financial statements of Ametek Singapore Private Limited (the "Company") for the financial year ended 31 December 2012.
Directors The directors of the Company in office at the date of this report are: Frank S. Hermance Lim Meng Kee David A. Zapico
Arrangements to enable directors to acquire shares and debentures Except as disclosed in this report, neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose objects are, or one of whose object is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate.
Directors' interests in shares and debentures The following directors, who held office at the end of the financial year, had, according to the register of directors' shareholdings required to be kept under Section 164 of the Singapore Companies Act, Cap. 50, an interest in shares and share options of the Company, the Company's ultimate holding company and related corporations as stated below:
Direct interest
Name of director
At the beginning of financial year
At the end of financial year
Deemed interest
(1)
At the At the beginning of end of financial year financial year
Ultimate holding company Ametek Inc Ordinary shares of US$0.01 each John J. Molinelli
378,227
644,309
81,773
33,306
Frank S. Hermance
1,230,447
1,902,489
409,044
623,360
Lim Meng Kee
18,454
30,839
-
-
David A. Zapico
25,957
49,785
23,978
37,881
Serial Number: 256988177538819
3
AMETEK SINGAPORE PRIVATE LIMITED DIRECTORS' REPORT For the financial year ended 31 December 2012 Options to subscribe for ordinary shares of US$0.01 each John J. Molinelli
335,735
152,490
-
-
Frank S. Hermance
1,200,877
1,706,661
-
-
Lim Meng Kee
25,464
43,983
-
-
David A. Zapico
181,305
189,239
-
-
Direct interest
At the end of financial year
At the beginning of financial year
Deemed interest
(1)
At the At the beginning of end of financial year financial year
Ultimate holding company Ametek Inc Restricted stock John J. Molinelli
43,995
-
-
-
Frank S. Hermance
172,965
218,910
-
-
Lim Meng Kee
5,042
6,032
-
-
David A. Zapico
28,370
35,932
-
-
765
1,154
-
-
401 (k) stock John J. Molinelli (1)
This is allocated pursuant to the AMETEK Retirement and Savings Plan and the AMETEK, Inc. Supplemental Executive Retirement Plan under which shares are automatically distributed on a one-for-one basis upon the participant's retirement. On 29 Jun 2012, a 3-for-2 stock split has been made on the stocks of Ametek Inc, the Company's ultimate holding company. Except as disclosed in this report, no director who held office at the end of the financial year had interests in shares, share options, warrants or debentures of the Company, or of related corporations, either at the beginning or at the end of the financial year.
Directors' contractual benefits Except as disclosed in the financial statements, since the end of the previous financial year, no director of the Company has received or become entitled to receive a benefit by reason of a contract made by the Company
Serial Number: 256988177538819
4
AMETEK SINGAPORE PRIVATE LIMITED DIRECTORS' REPORT For the financial year ended 31 December 2012 or a related corporation with the director, or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest.
Auditor Ernst & Young LLP have expressed their willingness to accept reappointment as auditor of the Company.
On behalf of the board of directors,
David A. Zapico Director
Lim Meng Kee Director Singapore
DAVID ANTHONY ZAPICO Director
LIM MENG KEE Director 21 October 2013
Serial Number: 256988177538819
5
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT BY DIRECTORS For the financial year ended 31 December 2012
We, David A. Zapico and Lim Meng Kee, being two of the directors of Ametek Singapore Private Limited, do hereby state that, in the opinion of the directors, (a) the accompanying balance sheet, income statement, statement of comprehensive income, statement of changes in equity and cash flow statement together with notes thereto are drawn up so as to give a true and fair view of the state of affairs of the Company as at 31 December 2012 and the results of the business, changes in equity and cash flows of the Company for the year ended on that date; and (b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due.
On behalf of the board of directors,
David A. Zapico Director
Lim Meng Kee Director Singapore
DAVID ANTHONY ZAPICO Director
Serial Number: 256988177538819
6
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT BY DIRECTORS For the financial year ended 31 December 2012 LIM MENG KEE Director 21 October 2013
Serial Number: 256988177538819
7
AMETEK SINGAPORE PRIVATE LIMITED INDEPENDENT AUDITORS' REPORT To the member of Ametek Singapore Private Limited
To the member of Ametek Singapore Private Limited Report on the Financial Statements We have audited the accompanying financial statements of Ametek Singapore Private Limited (the "Company") set out on pages 7 to 39, which comprise the balance sheet as at 31 December 2012, the income statement, statement of comprehensive income, statement of changes in equity and cash flow statement of the Company for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act, Chapter 50 (the "Act") and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss account and balance sheet and to maintain accountability of assets.
Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion In our opinion, the financial statements of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Company as at 31 December 2012 and the results, changes in equity and cash flows of the Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
Serial Number: 256988177538819
8
AMETEK SINGAPORE PRIVATE LIMITED INDEPENDENT AUDITORS' REPORT To the member of Ametek Singapore Private Limited
In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act.
Ernst & Young LLP Public Accountants and Chartered Accountants Singapore
ERNST & YOUNG LLP Public Accountants and Chartered Accountants Singapore 21 October 2013
Serial Number: 256988177538819
9
AMETEK SINGAPORE PRIVATE LIMITED INCOME STATEMENT For the financial year ended 31 December 2012
Note Revenue
4
2012 SGD
2011 SGD
22,176,180
16,566,477
Cost of Sales
(15,058,738)
(10,925,494)
Gross Profit
7,117,442
5,640,983
10,777,487
17,150,783
(3,795,478)
(3,343,930)
Other Items of Income Other Income
5
Other Items of Expense Administrative Expenses Other Expenses Profit (Loss) Before Tax from Continuing Operations
(141,790) 6
13,957,661
19,447,836
(486,883)
(390,388)
Profit (Loss) from Continuing Operations, Net of Tax
13,470,778
19,057,448
Profit (Loss) Net of Tax
13,470,778
19,057,448
13,470,778
19,057,448
Income Tax Benefit (Expense)
7
Profit (Loss) Attributable to Owners of the Parent, Net of Tax
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
10
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 December 2012
Note
Profit (Loss) Net of Tax
Total Comprehensive Income Total Comprehensive Income Attributable to Owners of the Parent
2012 SGD
2011 SGD
13,470,778
19,057,448
13,470,778
19,057,448
13,470,778
19,057,448
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
11
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF FINANCIAL POSITION As at 31 December 2012
Note
2012 SGD
2011 SGD
1,549,060 3,035,339 1,239,275
1,700,875 3,035,339 1,381,065
5,823,674
6,117,279
2,998,446 1,598,887 1,232,612 366,275 759,315 189,253 9,572,292
2,495,197 1,616,220 832,446 783,774 15,107,000 445,408 493,481
Total Current Assets
15,118,193
20,157,306
Total Assets
20,941,867
26,274,585
8,711,094 5,582,962 -
8,711,094 11,231,374 -
14,294,056
19,942,468
148,873
172,656
148,873
172,656
715,561 2,578,547 1,748,480
400,537 1,700,697 1,051,170
ASSETS Non-Current Assets Property, Plant and Equipment, Total Investments in Subsidiaries Investments in Associates
9 10 11
Total Non-Current Assets
Current Assets Inventories Trade and Other Receivables, Current Trade Receivables, Current Other Receivables, Current Amounts due from related companies Prepayments Cash and Cash Equivalents
15 12 13 14 16
EQUITY AND LIABILITIES Equity Share Capital Retained Earnings (Accumulated Losses) Other Reserves, Total
20
Total Equity
Non-Current Liabilities Deferred Tax Liabilities
19
Total Non-Current Liabilities
Current Liabilities Income Tax Payable, Current Trade and Other Payables, Current Trade Payables, Current
18
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
12
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF FINANCIAL POSITION As at 31 December 2012 Note
2012 SGD
2011 SGD
830,067 3,204,830
649,527 4,058,227
Total Current Liabilities
6,498,938
6,159,461
Total Liabilities
6,647,811
6,332,117
20,941,867
26,274,585
Other Payables, Current Amounts due to related companies
18 17
Total Equity and Liabilities
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
13
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF CHANGES IN EQUITY For the financial year ended 31 December 2012
Company Note
Total Equity
SGD
Equity, Share Capital Retained Attributable Earnings to Owners (Accumulated of the Losses) Parent, Total SGD
SGD
Opening Balance at 01/01/2012
19,942,468
19,942,468
Profit for the year, net of tax
13,470,778
13,470,778
13,470,778
Total Comprehensive Income for the Period
13,470,778
13,470,778
13,470,778
Dividends on ordinary shares (Note 21)
(19,119,190)
(19,119,190)
(19,119,190)
Closing Balance at 31/12/2012
14,294,056
14,294,056
8,711,094
5,582,962
Opening Balance at 01/01/2011
18,035,803
18,035,803
8,711,094
9,324,709
Profit for the year, net of tax
19,057,448
19,057,448
19,057,448
Total Comprehensive Income for the Period
19,057,448
19,057,448
19,057,448
Dividends on ordinary shares (Note 21)
(17,150,783)
(17,150,783)
(17,150,783)
19,942,468
19,942,468
Closing Balance at 31/12/2011
8,711,094
SGD
8,711,094
11,231,374
11,231,374
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
14
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF CASH FLOWS For the financial year ended 31 December 2012
Note Cash Flows From Operating Activities Profit (Loss) before Tax Total Adjustments Depreciation of Property, Plant and Equipment (gain)/loss on disposal of property, plant and equipment Impairment loss on investment in associates
2012 SGD
2011 SGD
13,957,661
19,447,836
675,683
427,824
533,893
438,584 (10,760)
141,790
Operating Cash Flows before Changes in Working Capital
14,633,344
19,875,660
Total Changes in Working Capital
14,142,377
(1,749,731)
(400,166) 673,654
608,556 (662,923)
(503,249) 13,494,288
10,829 (2,374,538)
877,850
668,345
Cash Flows From (Used In) Operations Income Taxes Paid Interest income received
28,775,721 (195,642) -
18,125,929 (380,514) -
Net Cash Flows From (Used In) Operating Activities
28,580,079
17,745,415
Cash Flows From Investing Activities Purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment
(386,659) 4,581
(820,023) 134,955
Net Cash Flows From (Used In) Investing Activities
(382,078)
(685,068)
Cash Flows From Financing Activities Dividends Paid
(19,119,190)
(17,150,783)
Net Cash Flows From (Used In) Financing Activities
(19,119,190)
(17,150,783)
Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents, Statement of Cash Flows, Beginning Balance
9,078,811 493,481
(90,436) 583,917
(Increase)/decrease in trade receivables Decrease/(increase) in other receivables and prepayments (Increase)/decrease in inventories Decrease/(increase) in amounts due to related companies, net Increase in trade payables and accruals
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
15
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF CASH FLOWS For the financial year ended 31 December 2012 Note
Cash and Cash Equivalents, Statement of Cash Flows, Ending Balance
2012 SGD
9,572,292
2011 SGD
493,481
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
16
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1.
Corporate information Ametek Singapore Private Limited (the "Company") is a private limited company which is domiciled and incorporated in Republic of Singapore. The Company is a subsidiary of Ametek European Holdings Limited, incorporated in the United Kingdom. The ultimate holding company is Ametek Inc, incorporated in the United States of America ("USA"). The registered office and principal place of business of the Company is located at No. 43 Changi South Avenue 2, #04-01, Singapore 486164. The principal activities of the Company are sourcing, procurement and purchasing of materials, providing marketing and management services to its related companies within the region, import and export motors, and providing aircraft part repair services to customers. There have been no significant changes in the nature of these activities during the year. The principal activities of the subsidiary companies are disclosed in Note 10 to the financial statements. Related companies in these financial statements refer to members of the ultimate holding company's group of companies.
2.
Summary of significant accounting policies
2.1
Basis of preparation The financial statements of the Company have been prepared in accordance with Singapore Financial Reporting Standards ("FRS"). The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. The financial statements are presented in Singapore Dollars ("SGD" or "$"), except when otherwise stated.
2.2
Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the Company has adopted all the new and revised standards and Interpretations of FRS (INT FRS) that are effective for annual periods beginning on or after 1 January 2012. The adoption of these standards and interpretations did not have any effect on the financial performance or position of the Company.
2.3
Standards issued but not yet effective
Serial Number: 256988177538819
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AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The Company has not adopted the following standards and interpretations that have been issued but not yet effective:
Description Amendments to FRS 1 Presentation of Items of Other Comprehensive Income Revised FRS 19 Employee Benefits FRS 113 Fair Value Measurement Amendments to FRS 107 Disclosures - Offsetting Financial Assets and Financial Liabilities Improvements to FRSs 2012 - Amendment to FRS 1 Presentation of Financial Statements - Amendment to FRS 16 Property, Plant and Equipment - Amendment to FRS 32 Financial Instruments: Presentation Revised FRS 27 Separate Financial Statements Revised FRS 28 Investments in Associates and Joint Ventures FRS 110 Consolidated Financial Statements FRS 111 Joint Arrangements FRS 112 Disclosure of Interests in Other Entities Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities
Effective for annual periods beginning on or after 1 July 2012 1 January 2013 1 January 2013 1 January 2013 1 January 2013 1 January 2013 1 January 2013 1 January 2013 1 January 2014 1 January 2014 1 January 2014 1 January 2014 1 January 2014 1 January 2014
Except for the Amendments to FRS 1 and FRS 112, the directors expect that the adoption of the standards and interpretations above will have no material impact on the financial statements in the period of initial application. The nature of the impending changes in accounting policy on adoption of the Amendments to FRS 1 and FRS 112 are described below. Amendments to FRS 1 Presentation of Items of Other Comprehensive Income The Amendments to FRS 1 Presentation of Items of Other Comprehensive Income ("OCI") is effective for financial periods beginning on or after 1 July 2012. The Amendments to FRS 1 changes the grouping of items presented in OCI. Items that could be reclassified to profit or loss at a future point in time would be presented separately from items which will never be reclassified. As the Amendments only affect the presentations of items that are already recognised in OCI, the Company does not expect any impact on its financial position or performance upon adoption of this standard. FRS 112 Disclosure of Interests in Other Entities FRS 112 is effective for financial periods beginning on or after 1 January 2014. FRS 112 is a new and comprehensive standard on disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet vehicles. FRS 112 requires an entity to disclose information that helps
Serial Number: 256988177538819
18
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 users of its financial statements to evaluate the nature and risks associated with its interests in other entities and the effects of those interests on its financial statements. The Company is currently determining the impact of the disclosure requirements. As this is a disclosure standard, it will have no impact to the financial position and financial performance of the Company when implemented in 2014. 2.4 (a)
Functional and foreign currency Functional currency The management has determined the currency of the primary economic environment in which the Company operates i.e. functional currency, to be Singapore dollars. Sales prices and major costs of providing goods and services including major operating expenses are primarily influenced by fluctuations in Singapore dollars.
(b)
Foreign currency transactions Transactions in foreign currencies are measured in the functional currency of the Company and are recorded on initial recognition in the functional currency at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate of exchange ruling at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Exchange differences arising on the settlement of monetary items or on translating monetary items at the balance sheet date are recognised in profit or loss.
2.5
Subsidiaries A subsidiary is an entity over which the Company has the power to govern the financial and operating policies so as to obtain benefits from its activities. In the Company's financial statements, investment in subsidiaries is accounted for at cost less impairment losses. In accordance with Singapore Financial Reporting Standard 27 and Section 201(3B) of the Companies Act, Chapter 50, the financial statements of the subsidiaries have not been consolidated with that of the Company as the Company is itself a wholly-owned subsidiary of a public listed company incorporated in U.S.A. The financial statements of the Company and its subsidiaries have been consolidated with the financial statements of its ultimate holding company, Ametek Inc, whose corporate office is at 1100 Cassatt Road, Berwyn, PA 19312-1177.
2.6
Associates An associate is an entity, not being a subsidiary or a joint venture, in which the Company has significant influence.
Serial Number: 256988177538819
19
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
In the Company's financial statements, investment in associates is accounted for at cost less impairment losses. In accordance with Singapore Financial Reporting Standard 28, the financial statements of the associates have not been accounted for using the equity method as the Company is itself a wholly-owned subsidiary of a public listed company incorporated in U.S.A. The financial statements of the Company and its associates have been consolidated with the financial statements of its ultimate holding company, Ametek Inc, whose corporate office is at 1100 Cassatt Road, Berwyn, PA 19312-1177. 2.7
Property, plant and equipment All items of property, plant and equipment are initially recorded at cost. Such cost includes the cost of replacing the part of the property, plant and equipment and borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying property, plant and equipment. The cost of an item of property, plant and equipment is recognised as an asset if, and only if, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. When significant parts of property, plant and equipment are required to be replaced in intervals, the Company recognises such parts as individual assets with specific useful lives and depreciation, respectively. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: Computers Office equipment Furniture and fittings Office renovation Motor vehicles Machinery and equipment
-
3 - 7 years 5 years 5 years 5 years 4 years 3 - 7 years
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The residual values, useful life and depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in profit or loss in the year the asset is derecognised. 2.8
Intangible assets
Serial Number: 256988177538819
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AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Intangible assets acquired separately are measured initially at cost. The cost of intangible assets acquired in a business combination is their fair value as at the date of acquisition. Following initial acquisition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite useful lives are amortised over the estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category consistent with the function of the intangible asset. Each category of intangible assets is amortised over the following periods: Non-competition payment
-
10 years
Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortised. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. 2.9
Impairment of non-financial assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment assessment for an asset is required, the Company makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. Where the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows expected to be generated by the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples or other available fair value indicators. Impairment losses are recognised in profit or loss except for assets that are previously revalued where the revaluation was taken to other comprehensive income. In this case, the impairment is also recognised in other comprehensive income up to the amount of any previous revaluation.
Serial Number: 256988177538819
21
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses recognised may no longer exist or may have decreased. If such indication exists, the Company estimates the asset's or cash-generating unit's recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss be recognised previously. Such reversal is recognised in profit or loss unless the asset is measured at revalued amount, in which case the reversal is treated as a revaluation increase.
2.10 Financial assets Financial assets are recognised on the balance sheet when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial assets at initial recognition. When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs. A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss. Regular way purchase or sale of a financial asset All regular way purchases and sales of financial assets are recognised or derecognised on the trade date i.e. the date that the Company commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned. Loans and receivables Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired and through the amortisation process. 2.11 Cash and cash equivalents Cash and cash equivalents comprise cash and bank balances that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and accounted for as loans and receivables under FRS 39. The accounting policy for this category of financial assets is stated in Note 2.10. 2.12 Impairment of financial assets
Serial Number: 256988177538819
22
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The Company assesses at each balance sheet date whether there is any objective evidence that a financial asset is impaired. (a)
Financial assets carried at amortised cost For financial assets carried at amortised cost, the Company first assesses individually whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the financial asset's original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in profit or loss. When the asset becomes uncollectible, the carrying amount of impaired financial assets is reduced directly or if an amount was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying value of the financial asset. To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss. (b)
Financial assets carried at cost
If there is objective evidence (such as significant adverse changes in the business environment where the issuer operates, probability of insolvency or significant financial difficulties of the issuer) that an impairment loss on financial assets carried at cost has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment losses are not reversed in subsequent periods.
2.13 Inventories Inventories consisting of finished goods are stated at the lower of cost determined on weighted average basis, and net realisable value. Cost includes all cost of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Serial Number: 256988177538819
23
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Where necessary, allowance is provided for damaged, obsolete and slow moving items to adjust the carrying value of inventories to the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the estimated cost necessary to make the sale. 2.14 Provisions Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation can be estimated reliably. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
2.15 Financial liabilities Financial liabilities are recognised on the balance sheet when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value, plus directly attributable transaction costs. Subsequent to initial recognition, all financial liabilities are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised and through the amortisation process. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss.
2.16 Employee benefits
(a)
Defined contribution plans The Company participates in the national pension schemes as defined by the laws of the countries in which it has operations. In particular, the Company makes contributions to the Central Provident Fund scheme in Singapore, a defined contribution pension scheme. Contributions to defined contribution pension schemes are recognised as an expense in the period in which the defined service is performed.
Serial Number: 256988177538819
24
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
(b)
Employee leave entitlement
Employee entitlements to annual leave are recognised as a liability when they accrue to employees. The estimated liability for leave is recognised for services rendered by employees up to the balance sheet date.
2.17 Leases The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at inception date: whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset. For arrangements entered into prior to 1 January 2005, the date of inception is deemed to be 1 January 2005 in accordance with the transitional requirements of INT FRS 104. As lessee Operating lease payments are recognised as an expense in profit or loss on a straight-line basis over the lease term. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense over the lease term on a straight-line basis. 2.18 Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable, excluding discounts, rebates, and sales taxes or duty. The following specific recognition criteria must also be met before revenue is recognised: (a)
Sale of goods Revenue from sale of goods is recognised upon the transfer of significant risks and rewards of ownership of the goods to the customer. Revenue is not recognised to the extent where there are significant uncertainties regarding recovery of the consideration due, associated costs or the possible return of goods.
(b)
Dividend income Dividend income is recognised when the Company's right to receive payment is established.
2.19 Taxes a)
Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting period, in the countries where the Company operates and generates taxable income.
Serial Number: 256988177538819
25
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Current taxes are recognised in profit or loss except to the extent that tax relates to items recognised outside profit or loss, either in other comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situation is in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. (b)
Deferred tax Deferred tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are recognised for all temporary differences, except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred income tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred income tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.
(c)
Sales tax Revenues, expenses and assets are recognised net of the amount of sales tax except: - Where the sales tax incurred in a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and -
Receivables and payables that are stated with the amount of sales tax included.
Serial Number: 256988177538819
26
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables on the balance sheet. 2.20 Related parties A related party is defined as follows: (a)
(b)
3.
A person or a close member of that person's family is related to the Company if that person: (i)
Has control or joint control over the Company;
(ii)
Has significant influence over the Company; or
(iii)
Is a member of the key management personnel of the Company or of a parent of the Company.
An entity is related to the Company if any of the following conditions applies: (i)
The entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).
(ii)
One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).
(iii)
Both entities are joint ventures of the same third party.
(iv)
One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v)
The entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company. If the Company is itself such a plan, the sponsoring employers are also related to the Company;
(vi)
The entity is controlled or jointly controlled by a person identified in (a);
(vii)
A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).
Significant accounting judgement and estimates The preparation of the Company's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods. 3.1
Key sources of estimation uncertainty
Serial Number: 256988177538819
27
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (a)
Useful lives and residual value of property, plant and equipment
The cost of property, plant and equipment is depreciated on a straight-line basis over their estimated useful lives. Management estimates the useful lives of these property, plant and equipment to be within 3 to 7 years. These are common life expectancies applied in the motors industry. Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore, future depreciation charges could be revised. The carrying amount of the Company's property, plant and equipment at the balance sheet date is disclosed in Note 9 to the financial statements. (b)
Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Goodwill and other indefinite life intangibles are tested for impairment annually and at other times when such indicators exist. Other non-financial assets are tested for impairment when there are indictors that the carrying amounts may not be recoverable . When value in use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present value of those cash flows.
(c)
Impairment of loans and receivables
The Company assesses at each balance sheet date whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective evidence of impairment, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. Where there is objective evidence of impairment, the amount and timing of future cash flows are estimated based on historical loss experience for assets with similar credit risk characteristics. The carrying amount of the Company's loans and receivable at the balance sheet date is disclosed in Note 12 to the financial statements. (d)
Income taxes
Significant judgement is involved in determining the Company's provision for income taxes. There are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The carrying amount of the Company's tax payable at 31 December 2012 was $715,561 (2011: $400,537).
Serial Number: 256988177538819
28
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 4.
Revenue 2012 $ Sale of goods Provision of services
5.
21,887,687 288,493
16,280,589 285,888
22,176,180
16,566,477
Other Income 2012 $ Dividend income
6.
2011 $
10,777,487
2011 $ 17,150,783
Profit Before Taxation The following items have been included in arriving at profit before taxation: 2012 $ Depreciation of property, plant and equipment Gain on disposal of property, plant and equipment Impairment loss on investment in associates Net foreign exchange (gain)/loss Operating lease expense (Note 22) Staff costs - Salaries, bonus and other costs - Employer's contribution to defined contribution plan including Central Provident Fund
Serial Number: 256988177538819
2011 $
533,893 141,790 (83,539) 340,247
438,584 (10,760) 86,268 322,946
5,171,311
4,761,511
461,770
404,060
29
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
7.
Taxation (a)
Major components of income tax expense The major components of income tax expenses for the years ended 31 December 2012 and 2011 are:
2012 $ Current income tax - Current income taxation - Over provision in respect of previous years
Deferred tax expense - Original and reversal of temporary differences - Under provision in respect of previous years
Total income tax expense
(b)
2011 $
510,666 -
295,082 (77,350)
510,666
217,732
(23,783) -
57,564 115,092
(23,783)
172,656
486,883
390,388
Relationship between income tax expense and accounting profit A reconciliation between the income tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the years ended 31 December 2012 and 2011 is as follows:
2012 $
2011 $
Profit before taxation
13,957,661
19,447,836
Tax at 17%
2,372,802 (1,832,173)
3,306,132 (2,915,633)
-
115,092
Income not subject to taxation Under provision to deferred tax in respect of previous years
Serial Number: 256988177538819
30
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Over provision in respect of previous years Effect of partial tax exemption Effect of tax relief and tax rebate Non-deductible expenses Others
8.
(25,925) (168,936) 34,368 106,747
(77,350) (25,925) (96,281) 86,364 (2,011)
486,883
390,388
Intangible Assets, Total Noncompetition payment *
Cost At 31 December 2011, 1 January 2012 and 31 December 2012
4,560,156
Accumulated amortisation At 31 December 2011, 1 January 2012 and 31 December 2012
4,560,156
Net carrying amount At 31 December 2011
-
At 31 December 2012
-
*
These intangible assets were acquired in connection with the operations of the associated companies.
Serial Number: 256988177538819
31
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 9.
Property, Plant and Equipment, Total
Serial Number: 256988177538819
32
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Machinery and equipment $
Computers $
Office equipment $
Furniture and fittings $
Office renovation $
Motor vehicle $
Total $
Cost At 1 January 2011 Additions Disposals
1,186,390 253,676 (36,492)
155,717 204,185 (3,201)
76,594 31,180 -
120,356 91,398 (858)
699,373 3,520 -
191,537 236,064 (191,537)
2,429,967 820,023 (232,088)
At 31 December 2011 and 1 January 2012 Additions Disposals
1,403,574 73,855 -
356,701 80,746 (6,045)
107,774 5,000 (34,861)
210,896 204,549 (8,544)
702,893 22,509 -
236,064 -
3,017,902 386,659 (49,450)
At 31 December 2012
1,477,429
431,402
77,913
406,901
725,402
236,064
3,355,111
Accumulated depreciation At 1 January 2011 Charge for the year Disposals
298,058 189,452 (3,041)
112,935 49,142 (2,856)
55,576 12,294 -
71,159 22,387 (458)
353,417 139,076 -
95,190 26,233 (101,537)
986,335 438,584 (107,892)
At 31 December 2011 and 1 January 2012 Charge for the year Disposals
484,469 232,179 -
159,221 65,968 (1,465)
67,870 15,123 (34,861)
93,088 50,184 (8,543)
492,493 143,923 -
19,886 26,516 -
1,317,027 533,893 (44,869)
At 31 December 2012
716,648
223,724
48,132
134,729
636,416
46,402
1,806,051
Net carrying amount At 31 December 2011
919,105
197,480
39,904
117,808
210,400
216,178
1,700,875
At 31 December 2012
760,781
207,678
29,781
272,172
88,986
189,662
1,549,060
Serial Number: 256988177538819
33
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Serial Number: 256988177538819
34
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 10.
Investments in Subsidiaries 2012 $ Unquoted shares, at cost
3,035,339
2011 $ 3,035,339
The details of the subsidiaries are as follows:
Name of company
Country of incorporation
Principal activities
Proportion (%) of ownership interest 2012 2011 % %
Held by the Company Ametek Motors Asia Pte Ltd*
Singapore
Investment holding
100
100
Ametek Commercial Enterprise (Shanghai) Co. Ltd.**
People's Republic of China ("PRC")
Imports, exports, wholesales and agency of motors and instruments and related spare parts; demonstration of spectroscopic and measuring instruments in bonded area and international trading, entrepot trading, trading between entities in bonded area and being agent of trading for other entities in the area
100
100
Ametek Instruments India Pte Ltd #
India
Marketing, dealing, providing 100 technical assistant and after sales services and providing software development in respect of equipment, appliances and other industrial products
100
Ametek Engineered Materials Sdn Bhd##
Malaysia
Manufacturing of aluminium/copper bonding wire and ribbon; packaging of bond pads.
-
100
Held through a subsidiary
Serial Number: 256988177538819
35
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Ametek Motors Shanghai Co., Ltd. **
* ** # ##
11.
People's Republic of China ("PRC")
Manufacturing and assembly of vacuum cleaner motors
100
100
Audited by Ernst & Young LLP, Singapore. Audited by Ernst & Young, Shanghai. Audited by S.V. Ghatalia & Associates. Audited by Ernst & Young, Malaysia.
Investments in Associates 2012 $
2011 $
Unquoted shares, at cost Less: Impairment loss
1,381,065 (141,790)
1,381,065 -
Carrying amount after impairment loss
1,239,275
1,381,065
The details of the associates are as follows:
Name of company
Country of incorporation
Principal activities
Held by the Company
Proportion (%) of ownership interest 2012 2011 % %
Amekai Singapore Pte Ltd (Singapore) #
Singapore
Investment holding
50
50
Amekai Taiwan Co. Ltd (Taiwan) *
Taiwan
Importer and exporter of meter gauges
50
50
Manufacturing of gauges
100
100
Held by Amekai Singapore Pte Ltd Amekai (Meter) Xiamen People's Republic Co., Ltd # of China ("PRC") # *
Audited by Ernst & Young LLP, Singapore Audited by Ernst & Young, Taipei
The summarised financial information of the associates, not adjusted for the proportion of ownership interest held by the Company, is as follows:
Serial Number: 256988177538819
36
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
2012 $
12.
2011 $
Assets and liabilities: Current assets Non-current assets
9,476,726 1,433,894
5,082,526 1,431,112
Total assets
10,910,620
6,513,638
Current liabilities Non-current liabilities
11,878,399 980,903
8,723,120 -
Total liabilities
12,859,302
8,723,120
Results: Revenue
16,436,260
16,588,688
Profit/(loss) for the year
241,786
(566,275)
Trade receivables 2012 $
2011 $
Trade receivables
1,232,612
832,446
Add: Other receivables (Note 13) Amounts due from related companies (Note 14)
366,275
783,774
759,315
15,107,000
2,358,202
16,723,220
9,572,292
493,481
11,930,494
17,216,701
Total trade and other receivables Add: Cash and cash equivalents (Note 16)
Total loans and receivables
Serial Number: 256988177538819
37
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Trade receivables Trade receivables are non-interest bearing and are generally on 30 to 90 days' terms. They are denominated in United States Dollar and are recognised at their original invoice amounts which represent their fair values on initial recognition. Receivables that are past due but not impaired The Company has trade receivables amounting to $550,344 (2011: $417,444) that are past due at the balance sheet date but not impaired. These receivables are unsecured and the analysis of their aging at the balance sheet date is as follows: 2012 $ Trade receivables past due: Lesser than 30 days 30 to 60 days 61 to 90 days 91 to 120 days
2011 $
346,827 41,145 21,617 140,755
372,991 15,053 17,186 12,214
550,344
417,444
The Company does not have any trade receivables that are impaired as at 31 December 2012 and 31 December 2011.
13.
Other receivables 2012 $ Deposits Advances to staff Stamp duty relief recoverable Other receivables
14.
2011 $
54,024 312,251
74,457 2,000 288,965 418,352
366,275
783,774
Amounts due from related companies
Serial Number: 256988177538819
38
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 2012 $ Ultimate holding company - Trade Related companies - Trade Subsidiary companies - Trade - Non-trade
2011 $
614,957
14,265,332
139,714
118,341
4,644
126,937 596,390
759,315
15,107,000
All the above trade and non-trade balances are unsecured, non-interest bearing, repayable on demand and are expected to be settled in cash. Amounts due from related companies denominated in foreign currencies as at 31 December are as follows: 2012 $ United States Dollar
15.
58,734
2011 $ 58,238
Inventories 2012 $
16.
Balance sheet: Finished goods
2,998,446
Income statement: Inventories recognised as an expense in cost of sales
14,757,701
2011 $
2,495,197
10,925,494
Cash and cash equivalents Cash and cash equivalents comprise the following as at 31 December: 2012 $ Cash at bank and on hand
Serial Number: 256988177538819
9,572,292
2011 $ 493,481
39
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Cash and cash equivalents are denominated in the following currencies: 2012 $ United States Dollar Hong Kong Dollar Singapore Dollar
17.
2011 $
9,296,403 18 275,871
294,857 18 198,606
9,572,292
493,481
Amounts due to related companies 2012 $ Related companies - Trade - Non-trade Subsidiary company - Non-trade
2011 $
210,371 44,696
446,694 -
2,949,763
3,611,533
3,204,830
4,058,227
All the amounts due to related companies are unsecured, non-interest bearing, repayable on demand and are expected to be settled in cash. Amounts due to related companies denominated in foreign currencies as at 31 December are as follows: 2012 $ United States Dollar British Pound Euro
18.
3,148,565 11,569
2011 $ 3,999,907 31,869 -
Trade and other payables 2012 $
Serial Number: 256988177538819
2011 $
40
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Trade payables Other payables
1,619,951 128,529
831,898 219,272
Total trade and other payables Add: Amounts due to related companies (Note 17) Accrued operating expenses
1,748,480
1,051,170
3,204,830 830,067
4,058,227 649,527
Total financial liabilities carried at amortised cost
5,783,377
5,758,924
Trade payables Trade payables are non-interest bearing and are normally settled on 30 to 60 days' terms. Trade payables denominated in foreign currency as at 31 December are as follows: 2012 $ United States Dollar
19.
1,566,925
2011 $ 780,965
Deferred tax liabilities Deferred tax liabilities as at 31 December relates to the following: 2012 $
2011 $
Deferred tax liabilities: Differences in depreciation for tax purposes
20.
148,873
172,656
2012 $
2011 $
Share capital
Issued and fully paid: At beginning and end of the year 8,711,094 (2011: 8,711,094) ordinary shares
Serial Number: 256988177538819
8,711,094
8,711,094
41
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restriction. The ordinary shares have no par value.
21.
Dividends 2012 $
2011 $
Declared and paid during the financial year: Dividends on ordinary shares: - Final exempt (one-tier) dividend for 2012 $2.19 (2011: $1.97) per share
22.
19,119,190
17,150,783
Operating lease commitments As lessee The Company has entered into commercial leases for the use of premises as lessee. These leases have remaining life of less than 1 year with no purchase options and escalation clauses included in the contracts. There are no restrictions placed upon the Company by entering into these leases. Operating lease payments recognised in the income statement during the year amounted to $340,247 (2011: $322,946). Future minimum rental payable under non-cancellable leases as at 31 December are as follows: 2012 $ Within one year
23.
57,669
2011 $ 53,824
Related party transactions (a)
Sale and purchase of goods and services In addition to the related party information disclosed elsewhere in the financial statements, the following significant transactions between the Company and related parties took place at terms agreed between the parties during the year:
2012
Serial Number: 256988177538819
2011
42
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 $ Service income from: Ultimate holding company Related companies
(261,448) (27,045)
(261,241) (24,647)
Reimbursement of expenses from: Ultimate holding company Related companies
(5,135,283) (540,906)
(5,282,015) (492,934)
(49,352) (40,048)
(814,135) -
2,483,282
1,414,755
74,409
295,668
Sales of finished goods to related companies Sales commission paid to related company Purchase of raw materials from related companies Purchase of property, plant and equipment from a related company
(b)
$
Compensation of key management personnel 2012 $ Short-term employee benefits Defined contribution plan Other benefits
Comprise amounts paid to: Directors of the Company
2011 $
409,206 5,751 51,591
393,467 6,918 53,347
466,548
453,732
466,548
453,732
The remuneration of key management personnel is determined by the Company having regard to the performance of individuals and market trends.
24.
Financial risk management objectives and policies The Company is exposed to financial risks arising from its operations and the use of financial instruments. The key financial risks include credit risk, liquidity risk and foreign currency risk. The board of directors reviews and agrees policies and procedures for the management of these risks, which are executed by the Div VP - Corporate Development & Finance, Asia. It is, and has been throughout the current and previous financial year the Company's policy that no
Serial Number: 256988177538819
43
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 derivatives shall be undertaken except for the use as hedging instruments where appropriate and cost-efficient. The Company did not enter into any derivative contracts during the financial year. The following sections provide details regarding the Company's exposure to the above-mentioned financial risks and the objectives, policies and processes for the management of these risks. (a)
Credit risk Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty default on its obligations. The Company's exposure to credit risk arises primarily from trade and other receivables. At the balance sheet date, the Company's maximum exposure to credit risk is represented by the carrying amount of each class of financial assets recognised in the balance sheet. The Company's objective is to seek continual revenue growth while minimising losses incurred due to increased credit risk exposure. The Company trades only with recognised and creditworthy third parties. It is the Company's policy to monitor receivable balances on an ongoing basis with the result that the Company's exposure to bad debts is not unduly significant.
Since the Company trades only with recognised and creditworthy third parties, there is no requirement for collateral. As at 31 December 2012, Nil (2011: 38%) relating to one major trade debtor located in Malaysia. Financial assets that are neither past due nor impaired Trade and other receivables that are neither past due nor impaired are creditworthy debtors with good payment record with the Company. Cash and cash equivalents that are neither past due nor impaired are placed with or entered into with reputable financial institutions with high credit ratings and no history of default. (b)
Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage of funds. The Company's exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of stand-by credit facilities. Analysis of financial instruments by remaining contractual maturities The table below summarises the maturity profile of the Company's financial assets and liabilities at the balance sheet date based on the contractual undiscounted repayment obligations.
Within 1 year $ 2012
Serial Number: 256988177538819
44
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Financial assets: Trade receivables Other receivables Amounts due from related companies Cash and cash equivalents
1,232,612 366,275 759,315 9,572,292
Total undiscounted financial assets
11,930,494
Financial liabilities: Amounts due to related companies Trade and other payables Accrued operating expenses
(3,204,830) (1,784,480) (830,067)
Total undiscounted financial liabilities
(5,819,377)
Total net undiscounted financial assets
6,111,117
2011
(c)
Financial assets: Trade receivables Other receivables Amounts due from related companies Cash and cash equivalents
832,446 783,774 15,107,000 493,481
Total undiscounted financial assets
17,216,701
Financial liabilities: Amounts due to related companies Trade and other payables Accrued operating expenses
(4,058,227) (1,051,170) (649,527)
Total undiscounted financial liabilities
(5,758,924)
Total net undiscounted financial assets
11,457,777
Foreign currency risk
Serial Number: 256988177538819
45
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The Company has transactional currency exposure arising from sales or purchases that are denominated in a currency other than its functional currency, SGD. The foreign currency in which these transactions are denominated is mainly US Dollars (USD). The Company does not enter into foreign exchange contracts to hedge its foreign exchange risk resulting from cashflows from transactions denominated in foreign currencies. However, the Company reviews periodically that its net exposure is kept at an acceptable level. The Company also holds cash and cash equivalents denominated in foreign currencies for working capital purposes. At the end of the reporting period, such foreign currency balances are mainly in USD. Sensitivity analysis for foreign currency risk The following table demonstrates the sensitivity to a reasonably possible change in the USD exchange rates (against SGD), with all other variables held constant, of the Company's profit, net of tax.
Profit, net of tax 2012 2011 $ $ USD/SGD - strengthened 3% (2011: 3%) - weakened 3% (2011: 3%)
25.
(139,189) 139,189
(89,524) 89,524
Fair values of financial statements Fair value is defined as the amount in which an instrument could be exchanged or settled between knowledgeable and willing parties in an arm's length transaction, other than in a forced or liquidation sale. Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value Trade and other receivables, cash and cash equivalents, trade and other payables and accrued operating expenses The carrying amounts of these financial assets and liabilities are reasonable approximation of fair value due to the relatively short-term maturity of the financial instruments.
26.
Capital management
Serial Number: 256988177538819
46
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The primary objective of the Company's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 31 December 2012 and 31 December 2011.
27.
Event occurring after the reporting period On 12 March 2013, the Company increased its investment in one of its wholly-owned subsidiaries, Ametek Engineered Materials Sdn. Bhd., for a cash consideration of RM11,800,000 (approximately $4,731,000).
28.
Authorisation of financial statements The financial statements for the financial year ended 31 December 2012 were authorised for issue in accordance with a resolution of the directors on 21 October 2013.
Serial Number: 256988177538819
47
AMETEK SINGAPORE PRIVATE LIMITED Registration Number: 198402402E
FINANCIAL STATEMENTS Year ended 31 December 2013
This document contains no signatures as it is system-generated from the full set of Financial Statements filed in XBRL by company with ACRA.
Company Registration No. 198402402E
Gamete Singapore Private Limited Annual Financial Statements 31 December 2013
AMETEK SINGAPORE PRIVATE LIMITED
2
Directors Yew Kerk Peng Volker Dreisbach Francis Lee Yew Seng Frank S. Hermance Lim Meng Kee David A. Zapico John J. Molinelli
(appointed on 1 January 2014) (appointed on 1 January 2014) (appointed on 1 January 2014) (resigned on 1 January 2014) (resigned on 1 January 2014) (resigned on 1 January 2014) (resigned on 30 June 2013)
Company Secretary Yeo Piah Chuan Registered Office 43 Changi South Avenue 2 #04-01 Singapore 486164 Auditor Ernst & Young LLP One Raffles Quay North Tower, Level 18 Singapore 048583 Bankers JPMorgan Chase Bank, N.A. Commonwealth Bank
Index Page Directors’ Report
1
Statement by Directors
4
Independent Auditor’s Report
5
Income Statement
7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Cash Flow Statement
11
Notes to the Financial Statements
12
AMETEK SINGAPORE PRIVATE LIMITED
3
The directors are pleased to present their report together with the audited financial statements of Ametek Singapore Private Limited (the “Company”) for the financial year ended 31 December 2013. Directors The directors of the Company in office at the date of this report are: Yew Kerk Peng Volker Dreisbach Francis Lee Yew Seng
(appointed on 1 January 2014) (appointed on 1 January 2014) (appointed on 1 January 2014)
Arrangements to enable directors to acquire shares and debentures Except as disclosed in this report, neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose objects are, or one of whose object is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. Directors’ interests in shares and debentures The following directors, who held office at the end of the financial year, had, according to the register of directors’ shareholdings required to be kept under Section 164 of the Singapore Companies Act, Chapter 50, an interest in shares and share options of the Company, the Company’s ultimate holding company and related corporations as stated below: Direct interest
Name of director
At the beginning of financial year
At the end of financial year
Deemed interest (1) At the beginning of financial year
At the end of financial year
Ultimate holding company Ametek Inc Ordinary shares of US$0.01 each Frank S. Hermance Lim Meng Kee David A. Zapico
1,902,489 30,839 49,785
1,862,683 16,652 61,899
353,360 – 37,881
360,435 – 39,982
1,706,661 43,983 189,239
1,576,984 13,781 197,999
– – –
– – –
Options to subscribe for ordinary shares of US$0.01 each Frank S. Hermance Lim Meng Kee David A. Zapico
AMETEK SINGAPORE PRIVATE LIMITED
4
Directors’ interests in shares and debentures (cont’d) Direct interest At the beginning of financial year
At the end of financial year
Deemed interest (1) At the beginning of financial year
At the end of financial year
Ultimate holding company Ametek Inc Restricted stock Frank S. Hermance Lim Meng Kee David A. Zapico
218,910 6,032 35,932
108,972 3,402 33,695
– – –
– – –
401 (k) stock John J. Molinelli
1,154
–
–
–
(1) This is allocated pursuant to the AMETEK Retirement and Savings Plan and the AMETEK, Inc. Supplemental Executive Retirement Plan under which shares are automatically distributed on a one-for-one basis upon the participant’s retirement. Except as disclosed in this report, no director who held office at the end of the financial year had interests in shares, share options, warrants or debentures of the Company, or of related corporations, either at the beginning or at the end of the financial year. Directors’ contractual benefits Except as disclosed in the financial statements, since the end of the previous financial year, no director of the Company has received or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with the director, or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest.
AMETEK SINGAPORE PRIVATE LIMITED
5
Auditor Ernst & Young LLP have expressed their willingness to accept reappointment as auditor of the Company.
On behalf of the board of directors,
Francis Lee Yew Seng Director
Yew Kerk Peng Director
Singapore 1 August 2014
AMETEK SINGAPORE PRIVATE LIMITED
6
Statement by Directors
We, Francis Lee Yew Seng and Yew Kerk Peng, being two of the directors of Ametek Singapore Private Limited, do hereby state that, in the opinion of the directors, (a)
the accompanying balance sheet, income statement, statement of comprehensive income, statement of changes in equity and cash flow statement together with notes thereto are drawn up so as to give a true and fair view of the state of affairs of the Company as at 31 December 2013 and the results of the business, changes in equity and cash flows of the Company for the year ended on that date; and
(b)
at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due.
On behalf of the board of directors,
Francis Lee Yew Seng Director
Yew Kerk Peng Director
Singapore 1 August 2014
AMETEK SINGAPORE PRIVATE LIMITED
7
Independent Auditor’s Report For the financial year ended 31 December 2013
Independent Auditor’s Report to the Member of Ametek Singapore Private Limited Report on the Financial Statements We have audited the accompanying financial statements of Ametek Singapore Private Limited (the “Company”) set out on pages 7 to 39, which comprise the balance sheet of the Company as at 31 December 2013, the income statement, statement of comprehensive income, statement of changes in equity and cash flow statement of the Company for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act, Chapter 50 (the “Act”) and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss account and balance sheet and to maintain accountability of assets. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
AMETEK SINGAPORE PRIVATE LIMITED
8
Independent Auditor’s Report (cont’d) For the financial year ended 31 December 2013
Opinion In our opinion, the financial statements of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Company as at 31 December 2013 and the results, changes in equity and cash flows of the Company for the year ended on that date. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act.
Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 1 August 2014
AMETEK SINGAPORE PRIVATE LIMITED
9
Income Statement for the financial year ended 31 December 2013
Note Revenue
4
2013 $
2012 $
19,366,152
22,176,180
Cost of sales
(11,875,568)
(15,058,738)
Gross profit
7,490,584
7,117,442
9,131,398
10,777,487
Administrative expenses
(3,831,163)
(3,795,478)
Other expenses
–
(141,790)
Other income
5
Profit before taxation
6
12,790,819
13,957,661
Taxation
7
(524,008)
(486,883)
12,266,811
13,470,778
12,266,811
13,470,778
Profit for the year Profit for the year attributable to: Owner of the Company
AMETEK SINGAPORE PRIVATE LIMITED
10
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
AMETEK SINGAPORE PRIVATE LIMITED
11
Statement of Comprehensive Income for the financial year ended 31 December 2013
2013 $
2012 $
Profit for the year, net of tax
12,266,811
13,470,778
Other comprehensive income for the year, net of tax
–
–
Total comprehensive income for the year
12,266,811
13,470,778
12,266,811
13,470,778
Total comprehensive income attributable to: Owners of the Company
AMETEK SINGAPORE PRIVATE LIMITED
12
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
AMETEK SINGAPORE PRIVATE LIMITED
13
Balance Sheet as at 31 December 2013
Note Non-current assets Intangible assets Plant and equipment Investment in subsidiaries Investment in associates
8 9 10 11
Current assets Trade receivables Other receivables Amounts due from related companies Inventories Prepayments Cash and cash equivalents
12 13 14 15 16
Current liabilities Trade and other payables Amounts due to related companies Accrued operating expenses Provision for taxation
18 17 18
Net current assets Non-current liability Deferred tax liabilities
19
Net assets Equity attributable to owner of the Company Share capital Accumulated profits Total equity
20
2013 $
2012 $
– 1,233,274 7,844,210 1,239,275
– 1,549,060 3,035,339 1,239,275
10,316,759
5,823,674
2,086,356 542,194 976,800 3,495,007 151,534 1,751,994
1,232,612 366,275 759,315 2,998,446 189,253 9,572,292
9,003,885
15,118,193
1,269,122 140,499 661,163 671,517
1,748,480 3,204,830 830,067 715,561
2,742,301
6,498,938
6,261,584
8,619,255
148,873
148,873
16,429,470
14,294,056
8,711,094 7,718,376
8,711,094 5,582,962
16,429,470
14,294,056
AMETEK SINGAPORE PRIVATE LIMITED
14
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
AMETEK SINGAPORE PRIVATE LIMITED
15
Statement of Changes in Equity for the financial year ended 31 December 2013
Attributable to owners of the Company Share capital (Note 20) $
2013
Accumulated profits $
Total $
As at 1 January
8,711,094
5,582,962
14,294,056
Profit for the year, net of tax
–
12,266,811
12,266,811
Other comprehensive income for the year
–
–
–
Total comprehensive income for the year
–
12,266,811
12,266,811
Dividends on ordinary shares (Note 21)
–
(10,131,397)
(10,131,397)
Total transactions with owners in their capacity as owners
–
(10,131,397)
(10,131,397)
As at 31 December
8,711,094
7,718,376
16,429,470
As at 1 January
8,711,094
11,231,374
19,942,468
Profit for the year, net of tax
–
13,470,778
13,470,778
Other comprehensive income for the year
–
–
–
Total comprehensive income for the year
–
13,470,778
13,470,778
Dividends on ordinary shares (Note 21)
–
(19,119,190)
(19,119,190)
Total transactions with owners in their capacity as owners
–
(19,119,190)
(19,119,190)
As at 31 December
8,711,094
5,582,962
14,294,056
Contributions by and distribution to owners
2012
Contributions by and distribution to owners
AMETEK SINGAPORE PRIVATE LIMITED
16
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
AMETEK SINGAPORE PRIVATE LIMITED
17
Cash Flow Statement for the financial year ended 31 December 2013
2013 $
2012 $
Operating activities Profit before taxation
12,790,819
13,957,661
Adjustments for : Depreciation of plant and equipment Loss on disposal of plant and equipment Impairment loss on investment in associates
497,680 9,187 –
533,893 – 141,790
Operating cash flows before changes in working capital Increase in trade receivables (Increase)/decrease in other receivables and prepayments Increase in inventories (Decrease)/increase in amounts due to related companies, net (Decrease)/increase in trade and other payables and accrued operating expenses
13,297,686 (853,744) (138,200) (496,561) (3,281,816)
14,633,344 (400,166) 673,654 (503,249) 13,494,288
(648,262)
877,850
Cash flows generated from operating activities Income tax paid
7,879,103 (568,052)
28,775,721 (195,642)
Net cash flows generated from operating activities
7,311,051
28,580,079
Investing activities Purchase of plant and equipment Proceeds from disposal of plant and equipment Additional investment in a subsidiary
(345,040) 153,959 (4,808,871)
(386,659) 4,581 –
Net cash flows used in investing activities
(4,999,952)
(382,078)
Financing activity Dividends paid on ordinary shares (Note 21)
(10,131,397)
(19,119,190)
Net cash flows used in financing activity
(10,131,397)
(19,119,190)
Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of year
(7,820,298) 9,572,292
9,078,811 493,481
Cash and cash equivalents at the end of year (Note 16)
1,751,994
9,572,292
AMETEK SINGAPORE PRIVATE LIMITED
18
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
AMETEK SINGAPORE PRIVATE LIMITED
19
1.
Corporate information Ametek Singapore Private Limited (the “Company”) is a private limited company which is incorporated and domiciled in Singapore. The Company is a subsidiary of Ametek European Holdings Limited, incorporated in the United Kingdom. The ultimate holding company is Ametek Inc, incorporated in the United States of America (“USA”). The registered office and principal place of business of the Company is located at No. 43 Changi South Avenue 2, #04-01, Singapore 486164. The principal activities of the Company are sourcing, procurement and purchasing of materials, providing marketing and management services to its related companies within the region, import and export motors, and providing aircraft part repair services to customers. There have been no significant changes in the nature of these activities during the year. The principal activities of the subsidiaries are disclosed in Note 10 to the financial statements. Related companies in these financial statements refer to subsidiaries of Ametek Inc.
2.
Summary of significant accounting policies
2.1
Basis of preparation The financial statements of the Company have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”). The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. The financial statements are presented in Singapore Dollars (“SGD” or “$”), except when otherwise stated.
2.2
Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the Company has adopted all the new and revised standards and Interpretations of FRS (INT FRS) that are effective for annual periods beginning on or after 1 January 2013. The adoption of these standards and interpretations did not have any effect on the financial performance or position of the Company. Accordingly to the transition provisions of FRS 113 Fair Value Measurement, FRS 113 has been applied prospectively by the Company on 1 January 2013.
AMETEK SINGAPORE PRIVATE LIMITED
20
2.
Summary of significant accounting policies (cont’d)
2.3
Standards issued but not yet effective The Company has not adopted the following standards and interpretations that have been issued but not yet effective: Effective for annual periods beginning on or after
Description Revised FRS 27 Separate Financial Statements Revised FRS 28 Investments in Associates and Joint Ventures FRS 110 Consolidated Financial Statements FRS 111 Joint Arrangements FRS 112 Disclosure of Interests in Other Entities Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities
1 January 2014 1 January 2014 1 January 2014 1 January 2014 1 January 2014 1 January 2014
The directors expect that the adoption of the standards and interpretations above will have no material impact on the financial statements in the period of initial application. 1.4
Functional and foreign currency (a)
Functional currency The management has determined the currency of the primary economic environment in which the Company operates i.e. functional currency, to be Singapore dollars. Sales prices and major costs of providing goods and services including major operating expenses are primarily influenced by fluctuations in Singapore dollars.
(b)
Foreign currency transactions Transactions in foreign currencies are measured in the functional currency of the Company and are recorded on initial recognition in the functional currency at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate of exchange ruling at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the reporting period are recognised in profit or loss.
2.5
Subsidiaries A subsidiary is an entity over which the Company has the power to govern the financial and operating policies so as to obtain benefits from its activities. In the Company’s financial statements, investment in subsidiaries is accounted for at cost less impairment losses.
AMETEK SINGAPORE PRIVATE LIMITED
21
2.
Summary of significant accounting policies (cont’d)
2.6
Basis of consolidation In accordance with Singapore Financial Reporting Standard 27 and Section 201(3B) of the Companies Act, Chapter 50, the financial statements of the subsidiaries have not been consolidated with that of the Company as the Company is itself a wholly-owned subsidiary of a public listed company incorporated in U.S.A. The financial statements of the Company and its subsidiaries have been consolidated with the financial statements of its ultimate holding company, Ametek Inc, whose corporate office is at 1100 Cassatt Road, Berwyn, PA 19312-1177.
2.7
Associates An associate is an entity, not being a subsidiary or a joint venture, in which the Company has significant influence. An associate is equity accounted for from the date the Company obtains significant influence until the date the Company ceases to have significant influence over the associate. The Company’s investments in associates are accounted for using the equity method. Under the equity method, the investment in associates is carried in the balance sheet at cost plus post-acquisition changes in the Company’s share of net assets of the associates. Goodwill relating to associates is included in the carrying amount of the investment and is neither amortised nor tested individually for impairment. Any excess of the Company’s share of the net fair value of the associate’s identifiable assets, liabilities and contingent liabilities over the cost of the investment is included as income in the determination of the Company’s share of results of the associate in the period in which the investment is acquired. The profit or loss reflects the share of the results of operations of the associates. Where there has been a change recognised in other comprehensive income by the associates, the Company recognises its share of such changes in other comprehensive income. Unrealised gains and losses resulting from transactions between the Company and the associate are eliminated to the extent of the interest in the associates. The Company’s share of the profit or loss of its associates is the profit attributable to equity holders of the associate and, therefore is the profit or loss after tax and non-controlling interests in the subsidiaries of associates. When the Company’s share of losses in an associate equals or exceeds its interest in the associate, the Company does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate. After application of the equity method, the Company determines whether it is necessary to recognise an additional impairment loss on the Company’s investment in its associates. The Company determines at the end of each reporting period whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount in profit or loss. The financial statements of the associates are prepared as of the same reporting date as the Company. Where necessary, adjustments are made to bring the accounting policies in line with those of the Company. Upon loss of significant influence over the associate, the Company measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the aggregate of the retained investment and proceeds from disposal is recognised in profit or loss.
AMETEK SINGAPORE PRIVATE LIMITED
22
2.
Summary of significant accounting policies (cont’d)
2.8
Plant and equipment All items of plant and equipment are initially recorded at cost. Such cost includes the cost of replacing the part of the plant and equipment and borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying plant and equipment. The cost of an item of plant and equipment is recognised as an asset if, and only if, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Subsequent to recognition, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. When significant parts of plant and equipment are required to be replaced in intervals, the Company recognises such parts as individual assets with specific useful lives and depreciation, respectively. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: Computers Office equipment Furniture and fittings Office renovation Motor vehicles Machinery and equipment
-
3 – 7 years 5 years 5 years 5 years 4 years 3 – 7 years
The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The residual values, useful life and depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate. An item of plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in profit or loss in the year the asset is derecognised. 2.9
Intangible assets Intangible assets acquired separately are measured initially at cost. The cost of intangible assets acquired in a business combination is their fair value as at the date of acquisition. Following initial acquisition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite.
AMETEK SINGAPORE PRIVATE LIMITED
23
2.
Summary of significant accounting policies (cont’d)
2.9
Intangible assets (cont’d) Intangible assets with finite useful lives are amortised over the estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category consistent with the function of the intangible asset. Each category of intangible assets is amortised over the following periods: Non-competition payment
-
10 years
Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortised. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. 2.10
Impairment of non-financial assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment assessment for an asset is required, the Company makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Company of assets. Where the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows expected to be generated by the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, an appropriate valuation model is used. Impairment losses are recognised in profit or loss except for assets that are previously revalued where the revaluation was taken to other comprehensive income. In this case, the impairment is also recognised in other comprehensive income up to the amount of any previous revaluation.
AMETEK SINGAPORE PRIVATE LIMITED
24
2.
Summary of significant accounting policies (cont’d)
2.10
Impairment of non-financial assets (cont’d) An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses recognised may no longer exist or may have decreased. If such indication exists, the Company estimates the asset’s or cash-generating unit’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss be recognised previously. Such reversal is recognised in profit or loss unless the asset is measured at revalued amount, in which case the reversal is treated as a revaluation increase.
2.11
Financial instruments (a)
Financial assets Financial assets are recognised on the balance sheet when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial assets at initial recognition. When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs. A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss. i)
Regular way purchase or sale of a financial asset All regular way purchases and sales of financial assets are recognised or derecognised on the trade date i.e. the date that the Company commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned.
ii)
Loans and receivables Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired and through the amortisation process.
AMETEK SINGAPORE PRIVATE LIMITED
25
2.
Summary of significant accounting policies (cont’d)
2.11
Financial instruments (cont’d) (b)
Financial liabilities Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. Subsequent to initial recognition, all financial liabilities that are not carried at fair value through profit or loss are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised and through the amortisation process. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss.
(c)
Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is presented in the balance sheets, when and only when, there is a currently enforceable legal right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
2.12
Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and accounted for as loans and receivables under FRS 39. The accounting policy for this category of financial assets is stated in Note 2.11.
2.13
Impairment of financial assets The Company assesses at each balance sheet date whether there is any objective evidence that a financial asset is impaired. (a)
Financial assets carried at amortised cost For financial assets carried at amortised cost, the Company first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a Company of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment.
AMETEK SINGAPORE PRIVATE LIMITED
26
2.
Summary of significant accounting policies (cont’d)
2.13
Impairment of financial assets (cont’d) (a) Financial assets carried at amortised cost (cont’d) If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in profit or loss. When the asset becomes uncollectible, the carrying amount of impaired financial assets is reduced directly or if an amount was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying value of the financial asset. To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss. (b)
Financial assets carried at cost If there is objective evidence (such as significant adverse changes in the business environment where the issuer operates, probability of insolvency or significant financial difficulties of the issuer) that an impairment loss on financial assets carried at cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment losses are not reversed in subsequent periods.
2.14
Inventories Inventories consisting of finished goods are stated at the lower of cost determined on weighted average basis, and net realisable value. Cost includes all cost of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Where necessary, allowance is provided for damaged, obsolete and slow moving items to adjust the carrying value of inventories to the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the estimated cost necessary to make the sale.
AMETEK SINGAPORE PRIVATE LIMITED
27
2.
Summary of significant accounting policies (cont’d)
2.15
Provisions Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation can be estimated reliably. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
2.16
Employee benefits (a)
Defined contribution plans The Company participates in the national pension schemes as defined by the laws of the countries in which it has operations. In particular, the Company makes contributions to the Central Provident Fund scheme in Singapore, a defined contribution pension scheme. Contributions to defined contribution pension schemes are recognised as an expense in the period in which the defined service is performed.
(b)
Employee leave entitlement Employee entitlements to annual leave are recognised as a liability when they are accrued to the employees. The estimated liability for leave is recognised for services rendered by employees up to the balance sheet date.
2.17
Leases The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at inception date: whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset. For arrangements entered into prior to 1 January 2005, the date of inception is deemed to be 1 January 2005 in accordance with the transitional requirements of INT FRS 104. As lessee Operating lease payments are recognised as an expense in profit or loss on a straight-line basis over the lease term. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense over the lease term on a straight-line basis.
AMETEK SINGAPORE PRIVATE LIMITED
28
2.
Summary of significant accounting policies (cont’d)
2.18
Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable, excluding discounts, rebates, and sales taxes or duty. The following specific recognition criteria must also be met before revenue is recognised: (a)
Sale of goods Revenue from sale of goods is recognised upon the transfer of significant risks and rewards of ownership of the goods to the customer. Revenue is not recognised to the extent where there are significant uncertainties regarding recovery of the consideration due, associated costs or the possible return of goods.
(b)
Dividend income Dividend income is recognised when the Company’s right to receive payment is established.
2.19
Taxes (a)
Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the end of reporting period, in the countries where the Company operates and generates taxable income. Current income taxes are recognised in profit or loss except to the extent that tax relates to items recognised outside profit or loss, either in other comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situation is in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
(b)
Deferred tax Deferred tax is provided using the liability method on temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are recognised for all temporary differences, except where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
AMETEK SINGAPORE PRIVATE LIMITED
29
2.
Summary of significant accounting policies (cont’d)
2.19
Taxes (cont’d) (b)
Deferred tax (cont’d) Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. The carrying amount of deferred tax assets is reviewed at end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of each reporting period and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the end of each reporting period. Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
(c)
Sales tax Revenues, expenses and assets are recognised net of the amount of sales tax except:
Where the sales tax incurred in a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
Receivables and payables that are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables on the balance sheet.
AMETEK SINGAPORE PRIVATE LIMITED
30
2.
Summary of significant accounting policies (cont’d)
2.20
Related parties A related party is defined as follows: (a)
(b)
A person or a close member of that person’s family is related to the Company if that person: (i)
Has control or joint control over the Company;
(ii)
Has significant influence over the Company; or
(iii)
Is a member of the key management personnel of the Company or of a parent of the Company.
An entity is related to the Company if any of the following conditions applies: (i)
The entity and the Company are members of the same Company (which means that each parent, subsidiary and fellow subsidiary is related to the others).
(ii)
One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a Company of which the other entity is a member).
(iii)
Both entities are joint ventures of the same third party.
(iv)
One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v)
The entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company. If the Company is itself such a plan, the sponsoring employers are also related to the Company;
(vi)
The entity is controlled or jointly controlled by a person identified in (a);
(vii)
A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).
AMETEK SINGAPORE PRIVATE LIMITED
31
3.
Significant accounting judgment and estimates The preparation of the Company’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods.
3.1
Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (a)
Useful lives and residual value of plant and equipment The cost of plant and equipment is depreciated on a straight-line basis over their estimated useful lives. Management estimates the useful lives of these plant and equipment to be within 3 to 7 years. These are common life expectancies applied in the motors industry. Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore, future depreciation charges could be revised. The carrying amount of the Company’s plant and equipment at the balance sheet date is disclosed in Note 9 to the financial statements.
(b)
Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Goodwill and other indefinite life intangibles are tested for impairment annually and at other times when such indicators exist. Other non-financial assets are tested for impairment when there are indictors that the carrying amounts may not be recoverable. When value in use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present value of those cash flows.
(c)
Impairment of loans and receivables The Company assesses at each balance sheet date whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective evidence of impairment, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. Where there is objective evidence of impairment, the amount and timing of future cash flows are estimated based on historical loss experience for assets with similar credit risk characteristics. The carrying amount of the Company’s loans and receivable at the balance sheet date is disclosed in Note 12 to the financial statements.
AMETEK SINGAPORE PRIVATE LIMITED
32
3.
Significant accounting judgement and estimates (cont’d)
3.1
Key sources of estimation uncertainty (cont’d) (d)
Income taxes Significant judgement is involved in determining the Company’s provision for income taxes. There are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The carrying amount of the Company’s tax payable at 31 December 2013 was $671,517 (2012: $715,561).
4.
Revenue
Sale of goods Provision of services
5.
2012 $
19,056,275 309,877
21,887,687 288,493
19,366,152
22,176,180
2013 $
2012 $
9,131,398
10,777,487
Other income
Dividend income
6.
2013 $
Profit before taxation The following items have been included in arriving at profit before taxation: 2013 $ Depreciation of plant and equipment Loss on disposal of plant and equipment Impairment loss on investment in associates Net foreign exchange gain Operating lease expense (Note 22) Staff costs - Salaries, bonus and other costs - Employer’s contribution to defined contribution plan Central Provident Fund & AMP
2012 $
497,680 9,187 – (36,563) 365,237
533,893 – 141,790 (83,539) 340,247
5,594,190
5,171,311
491,896
461,770
including
AMETEK SINGAPORE PRIVATE LIMITED
33
7.
Taxation (a)
Major components of income tax expense The major components of income tax expenses for the years ended 31 December 2013 and 2012 are: 2013 $ Current income tax Current income taxation Over provision in respect of previous years
Deferred tax expense Original and reversal of temporary differences
Income tax expense recognised in profit or loss
(b)
2012 $
624,008 (100,000)
510,666 –
524,008
510,666
–
(23,783)
–
(23,783)
524,008
486,883
Relationship between income tax expense and accounting profit A reconciliation between the income tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the years ended 31 December 2013 and 2012 is as follows: 2013 $
2012 $
Profit before taxation
12,790,819
13,957,661
Tax at 17% Income not subject to taxation Effect of partial tax exemption Effect of tax relief and tax rebate Non-deductible expenses Over provision in respect of previous years Others
2,174,439 (1,552,338) (25,925) (88,319) 67,828 (100,000) 48,323
2,372,802 (1,832,173) (25,925) (168,936) 34,368 – 106,747
524,008
486,883
AMETEK SINGAPORE PRIVATE LIMITED
34
8.
Intangible assets Non-competit ion payment * Cost At 31 December 2012, 1 January 2013 and 31 December 2013
4,560,156
Accumulated amortisation At 31 December 2012, 1 January 2013 and 31 December 2013
4,560,156
Net carrying amount At 31 December 2012
–
At 31 December 2013
–
*
These intangible assets were acquired in connection with the operations of the associated companies.
AMETEK SINGAPORE PRIVATE LIMITED
35
9.
1,403,574 73,855 – 1,477,429 268,699 – 1,746,128
484,469 232,179 – 716,648 251,141 – 967,789
760,781 778,339
At 31 December 2012 and 1 January 2013 Additions Disposals
At 31 December 2013
Accumulated depreciation At 1 January 2012 Charge for the year Disposals
At 31 December 2012 and 1 January 2013 Charge for the year Disposals
At 31 December 2013
Net carrying amount At 31 December 2012
At 31 December 2013
Machinery and equipment $
Cost At 1 January 2012 Additions Disposals
Plant and equipment
148,176
207,678
230,436
223,724 80,492 (73,780)
159,221 65,968 (1,465)
378,612
431,402 20,990 (73,780)
356,701 80,746 (6,045)
Computers $
247,514
272,172
212,497
134,729 77,768 –
93,088 50,184 (8,543)
460,011
406,901 53,110 –
210,896 204,549 (8,544)
Furniture and fittings $
37,629
88,986
687,773
636,416 51,357 –
492,493 143,923 –
725,402
725,402 – –
702,893 22,509 –
Office renovation $
–
189,662
–
46,402 26,516 (72,918)
19,886 26,516 –
–
236,064 – (236,064)
236,064 – –
Motor vehicle $
AMETEK SINGAPORE PRIVATE LIMITED
21,616
29,781
52,088
48,132 10,406 (6,450)
67,870 15,123 (34,861)
73,704
77,913 2,241 (6,450)
107,774 5,000 (34,861)
Office equipment $
36
1,233,274
1,549,060
2,150,583
1,806,051 497,680 (153,148)
1,317,027 533,893 (44,869)
3,383,857
3,355,111 345,040 (316,294)
3,017,902 386,659 (49,450)
Total $
10.
Investment in subsidiaries
Unquoted shares, at cost
2013 $
2012 $
7,844,210
3,035,339
The details of the subsidiaries are as follows:
Name of company
Country of incorporation
Principal activities
Proportion (%) of ownership interest 2013 2012 % %
Held by the Company Ametek Motors Asia Pte Ltd (1)
Singapore
Investment holding
100
100
Ametek Commercial Enterprise (Shanghai) Co. Ltd. (2)
People’s Republic of China (“PRC”)
100 Imports, exports, wholesales and agency of motors and instruments and related spare parts; demonstration of spectroscopic and measuring instruments in bonded area and international trading, entrepot trading, trading between entities in bonded area and being agent of trading for other entities in the area
100
Ametek Instruments India Pte Ltd (3)
India
Marketing, dealing, providing technical assistant and after sales services and providing software development in respect of equipment, appliances and other industrial products
100
100
Ametek Engineered Materials Sdn Bhd (4) (5)
Malaysia
Manufacturing of 100 aluminium/copper bonding wire and ribbon; packaging of bond pads.
100
People’s Republic of China (“PRC”)
Manufacturing and assembly of 100 vacuum cleaner motors
100
Held through a subsidiary Ametek Motors Shanghai Co., Ltd. (2) (1) (2) (3) (4) (5)
Audited by Ernst & Young LLP, Singapore. Audited by Ernst & Young, Shanghai. Audited by S.V. Ghatalia & Associates. Audited by Ernst & Young, Malaysia. During the year, the Company made additional investment of $4,808,871 in Ametek Engineered Materials Sdn Bhd. There is no change in the ownership interest.
AMETEK SINGAPORE PRIVATE LIMITED
37
11.
Investment in associates 2013 $
2012 $
Unquoted shares, at cost Less: Impairment loss
1,381,065 (141,790)
1,381,065 (141,790)
Carrying amount after impairment loss
1,239,275
1,239,275
The details of the associates are as follows:
Name of company
Country of incorporation
Principal activities
Held by the Company
Proportion (%) of ownership interest 2013 2012 % %
Amekai Singapore Pte Ltd (Singapore) (1)
Singapore
Investment holding
50
50
Amekai Taiwan Co. Ltd (Taiwan) (2)
Taiwan
Importer and exporter of meter gauges
50
50
People’s Republic of China (“PRC”)
Manufacturing of gauges
100
100
Held by Amekai Singapore Pte Ltd Amekai (Meter) Xiamen Co., Ltd (2) (1) (2)
Audited by Ernst & Young LLP, Singapore Audited by Ernst & Young, Taipei
The summarised financial information of the associates, not adjusted for the proportion of ownership interest held by the Company, is as follows: 2013 $
2012 $
Assets and liabilities: Current assets Non-current assets
11,586,199 1,222,935
9,476,726 1,433,894
Total assets
12,809,134
10,910,620
Current liabilities Non-current liabilities
12,421,996 1,042,616
11,878,399 980,903
Total liabilities
13,464,612
12,859,302
Results: Revenue
20,908,474
16,436,260
Profit/(loss) for the year
1,379,125
241,786
AMETEK SINGAPORE PRIVATE LIMITED
38
12.
Trade receivables 2013 $
2012 $
Trade receivables
2,086,356
1,232,612
Other receivables (Note 13) Amounts due from related companies (Note 14)
542,194 976,800
366,275 759,315
Total trade and other receivables Add: Cash and cash equivalents (Note 16)
3,605,350 1,751,994
2,358,202 9,572,292
Total loans and receivables
5,357,344
11,930,494
Trade receivables Trade receivables are non-interest bearing and are generally on 30 to 90 days’ terms. They are denominated in United States Dollar and are recognised at their original invoice amounts which represent their fair values on initial recognition. Receivables that are past due but not impaired The Company has trade receivables amounting to $603,305 (2012: $550,344) that are past due at the balance sheet date but not impaired. These receivables are unsecured and the analysis of their aging at the balance sheet date is as follows: 2013 $ Trade receivables past due: Lesser than 30 days 30 to 60 days 61 to 90 days 91 to 120 days
2012 $
461,809 89,519 23,412 28,565
346,827 41,145 21,617 140,755
603,305
550,344
The Company does not have any trade receivables that are impaired as at 31 December 2013 and 31 December 2012.
AMETEK SINGAPORE PRIVATE LIMITED
39
13.
Other receivables 2013 $ Deposits Sundry receivables
14.
2012 $
54,024 488,170
54,024 312,251
542,194
366,275
Amounts due from related companies 2013 $ Ultimate holding company - Trade Related companies - Trade Subsidiary companies - Non-trade
2012 $
864,063
614,957
101,188
139,714
11,549
4,644
976,800
759,315
All the above trade and non-trade balances are unsecured, non-interest bearing, repayable on demand and are expected to be settled in cash. Amounts due from related companies denominated in foreign currencies as at 31 December are as follows: 2013 $ United States Dollar
15.
3,692
2012 $ 58,734
Inventories 2013 $ Balance sheet: Finished goods
Income statement: Inventories recognised as an expense in cost of sales
2012 $
3,495,007
2,998,446
11,561,507
14,757,701
AMETEK SINGAPORE PRIVATE LIMITED
40
16.
Cash and cash equivalents Cash and cash equivalents comprise the following as at 31 December: 2013 $ Cash at bank and on hand
1,751,994
2012 $ 9,572,292
Cash and cash equivalents are denominated in the following currencies: 2013 $ United States Dollar Hong Kong Dollar Australian Dollar Singapore Dollar
17.
2012 $
1,109,957 18 64,922 577,097
9,296,403 18 – 275,871
1,751,994
9,572,292
Amounts due to related companies 2013 $ Related companies - Trade - Non-trade Subsidiary company - Non-trade
2012 $
136,379 –
210,371 44,696
4,120
2,949,763
140,499
3,204,830
All the amounts due to related companies are unsecured, non-interest bearing, repayable on demand and are expected to be settled in cash. Amounts due to related companies denominated in foreign currencies as at 31 December are as follows: 2013 $ United States Dollar Euro
140,499 –
2012 $ 3,148,565 11,569
AMETEK SINGAPORE PRIVATE LIMITED
41
18.
Trade and other payables 2013 $
2012 $
Trade payables Other payables
1,176,047 93,075
1,619,951 128,529
Total trade and other payables Amounts due to related companies (Note 17) Accrued operating expenses
1,269,122 140,499 661,163
1,748,480 3,204,830 830,067
Total financial liabilities carried at amortised cost
2,070,784
5,783,377
Trade payables Trade payables are non-interest bearing and are normally settled on 30 to 60 days’ terms. Trade payables denominated in foreign currency as at 31 December are as follows: 2013 $ United States Dollar Euro
19.
1,117,925 3,560
2012 $ 1,566,925 –
Deferred tax liabilities Deferred tax liabilities as at 31 December relates to the following: 2013 $
2012 $
Deferred tax liabilities: Differences in depreciation for tax purposes
20.
148,873
148,873
Share capital 2013 $
2012 $
Issued and fully paid: At beginning and end of the year 8,711,094 (2012: 8,711,094) ordinary shares
8,711,094
8,711,094
The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restriction. The ordinary shares have no par value.
AMETEK SINGAPORE PRIVATE LIMITED
42
21.
Dividends 2013 $
2012 $
10,131,397
19,119,190
Declared and paid during the financial year: Dividends on ordinary shares: - Final exempt (one-tier) dividend for $1.16 (2012: $2.19) per share
22.
Operating lease commitments As lessee The Company has entered into commercial leases for the use of premises as lessee. These leases have remaining life of less than 1 year with no purchase options and escalation clauses included in the contracts. There are no restrictions placed upon the Company by entering into these leases. Operating lease payments recognised in the income statement during the year amounted to $365,237 (2012: $340,247). Future minimum rental payable under non-cancellable leases as at 31 December are as follows: 2013 $ Within one year
23.
2012 $
61,514
57,669
Related party transactions (a)
Sale and purchase of goods and services In addition to the related party information disclosed elsewhere in the financial statements, the following significant transactions between the Company and related parties took place at terms agreed between the parties during the year: 2013 $
2012 $
Service income from: Ultimate holding company Related companies
(287,203) (22,673)
(261,448) (27,045)
Reimbursement of expenses from: Ultimate holding company Related companies
(5,696,302) (453,464)
(5,135,283) (540,906)
(260,765) – 2,047,006
(49,352) (40,048) 2,483,282
8,401
74,409
Sales of finished goods to related companies Sales commission paid to related company Purchase of raw materials from related companies Purchase of plant and equipment from a related company
AMETEK SINGAPORE PRIVATE LIMITED
43
23.
Related party transactions (cont’d) (b)
Compensation of key management personnel 2013 $ Short-term employee benefits Defined contribution plan Other benefits
Comprise amounts paid to: Directors of the Company
2012 $
429,700 5,951 54,777
409,206 5,751 51,591
490,428
466,548
490,428
466,548
The remuneration of key management personnel is determined by the Company having regard to the performance of individuals and market trends. 24.
Financial risk management objectives and policies The Company is exposed to financial risks arising from its operations and the use of financial instruments. The key financial risks include credit risk, liquidity risk and foreign currency risk. The board of directors reviews and agrees policies and procedures for the management of these risks, which are executed by the Div VP - Corporate Development & Finance, Asia. It is, and has been throughout the current and previous financial year the Company’s policy that no derivatives shall be undertaken except for the use as hedging instruments where appropriate and cost-efficient. The Company did not enter into any derivative contracts during the financial year. The following sections provide details regarding the Company’s exposure to the above-mentioned financial risks and the objectives, policies and processes for the management of these risks. (a)
Credit risk Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty default on its obligations. The Company’s exposure to credit risk arises primarily from trade and other receivables. At the balance sheet date, the Company’s maximum exposure to credit risk is represented by the carrying amount of each class of financial assets recognised in the balance sheet. The Company’s objective is to seek continual revenue growth while minimising losses incurred due to increased credit risk exposure. The Company trades only with recognised and creditworthy third parties. It is the Company’s policy to monitor receivable balances on an ongoing basis with the result that the Company’s exposure to bad debts is not unduly significant. Since the Company trades only with recognised and creditworthy third parties, there is no requirement for collateral.
AMETEK SINGAPORE PRIVATE LIMITED
44
24.
Financial risk management objectives and policies (cont’d) (a)
Credit risk (cont’d) Financial assets that are neither past due nor impaired Trade and other receivables that are neither past due nor impaired are creditworthy debtors with good payment record with the Company. Cash and cash equivalents that are neither past due nor impaired are placed with or entered into with reputable financial institutions with high credit ratings and no history of default.
(b)
Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage of funds. The Company’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of stand-by credit facilities. Analysis of financial instruments by remaining contractual maturities The table below summarises the maturity profile of the Company’s financial assets and liabilities at the balance sheet date based on the contractual undiscounted repayment obligations. Within 1 year $ 2013 Financial assets: Trade receivables Other receivables Amounts due from related companies Cash and cash equivalents
2,086,356 542,194 976,800 1,751,994
Total undiscounted financial assets
5,357,344
Financial liabilities: Amounts due to related companies Trade and other payables Accrued operating expenses
(140,499) (1,269,122) (661,163)
Total undiscounted financial liabilities
(2,070,784)
Total net undiscounted financial assets
3,286,560
AMETEK SINGAPORE PRIVATE LIMITED
45
24.
Financial risk management objectives and policies (cont’d) (b)
Liquidity risk (cont’d) Within 1 year $
(c)
2012 Financial assets: Trade receivables Other receivables Amounts due from related companies Cash and cash equivalents
1,232,612 366,275 759,315 9,572,292
Total undiscounted financial assets
11,930,494
Financial liabilities: Amounts due to related companies Trade and other payables Accrued operating expenses
(3,204,830) (1,784,480) (830,067)
Total undiscounted financial liabilities
(5,819,377)
Total net undiscounted financial assets
6,111,117
Foreign currency risk The Company has transactional currency exposure arising from sales or purchases that are denominated in a currency other than its functional currency, SGD. The foreign currency in which these transactions are denominated is mainly US Dollars (USD). The Company does not enter into foreign exchange contracts to hedge its foreign exchange risk resulting from cashflows from transactions denominated in foreign currencies. However, the Company reviews periodically that its net exposure is kept at an acceptable level. The Company also holds cash and cash equivalents denominated in foreign currencies for working capital purposes. At the end of the reporting period, such foreign currency balances are mainly in USD.
AMETEK SINGAPORE PRIVATE LIMITED
46
24.
Financial risk management objectives and policies (cont’d) (c)
Foreign currency risk (cont’d) Sensitivity analysis for foreign currency risk The following table demonstrates the sensitivity to a reasonably possible change in the USD exchange rates (against SGD), with all other variables held constant, of the Company’s profit, net of tax.
2013 $ USD/SGD - strengthened 3% (2012: 3%) - weakened 3% (2012: 3%)
25.
Profit, net of tax 2012 $
58,247 (58,247)
(139,189) 139,189
Fair values of financial statements
Fair value is defined as the amount in which an instrument could be exchanged or settled between knowledgeable and willing parties in an arm’s length transaction, other than in a forced or liquidation sale. Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value Trade and other receivables, amount due from/(to) related companies, cash and cash equivalents, trade and other payables and accrued operating expenses The carrying amounts of these financial assets and liabilities are reasonable approximation of fair value due to the relatively short-term maturity of the financial instruments. 26.
Capital management The primary objective of the Company’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 31 December 2013 and 31 December 2012.
27.
Authorisation of financial statements The financial statements for the financial year ended 31 December 2013 were authorised for issue in accordance with a resolution of the directors on 1 August 2014.
AMETEK SINGAPORE PRIVATE LIMITED
47
I
BILAN - ACTIF
DGFiP
- 6 ..NUV. l012 Depose au Gre ff ele.......... I
Fommlaire obligatoire (article 53 A du Code general des impOts)
,
Duree de l'exercice exprimee en nombre de mois* ~
Designation de l'entreprise SAS ANTAVIA
Duree de l'exercice precedent* ~
33 route de Toulouse 82170 DIEUPENTALE
Adresse de I' entreprise
I 3 I 41 3 I 91
Numero SIRET*
41 61 2
"'° (.?) ?.h' A"~ ~"'~ /'u~AIJ
I8 I l I0 I0 I0 I2 I3 I
I
e N clos le, ~~;:l'Q.12011
'
Brut I
Frais~d'etablissement
*
~ Frais de developpement * ~
0
u
19 056
Al
d
Autres immobilisations incorporelles
AJ
AK
2'i
Avances et acomptes sur immobilisations incorporelles
AL
IAM
Terrains
AN
AO
Constructions
AP
Installations techniques, materiel et outillage industriels
AR
~
~
"'0z
u f:::
;;;
~
d
b
u
-<
~
AH
0
0
CQ
Fonds commercial (1)
a:l
Autr~s
AT
immobilisations corporelles
>
19 056 .,
480 043
140 648
130 953
178 625
AU
. 136 192
42 433
29 880
68 743
14 517
I 578
I 578
18 197
16 259
334 484
274 347
AX
AY
E
CT
...~
Autres participations
cs cu
CV
Creances rattachees it des participations
BB
BC
f:::
Autres titres immobilises
BD
d
"'0
Pre ts
BF
2'i
Autres immobilisations financieres*
BH
18 197
BI
TOTAL (II) BJ
I 616 946
BK
;;;
19 056
AS
Particig,ations evaluees selon la met ode de mise en equivalence
"'~
1 307
/7J
620 692
Avances et acomptes
u
45
)/
-~_;,.;,r
62 100
68 743 IAW
OS
,.... '\ ".,;
42 518
AV
~
..
/-,.
""'-
620 430
Immobilisations en cours
"'Ul
;::...
r..}..Cl:JJ
AQ
"' ::;:
I
Net 4
662 948
2'i
0
-
ex
s "'Ul .J .J ::l 0
...-!,
\~ .,. ,
AG
I
-~.~1 ·' <1 !'""l z . ,_;i:.;
AC
47 102
"'::;:0
~
I
D*
Neant N-1 3l/l2/2010
">~ •
AB AF
;;;
d
,,
Concessions, brevets et droits similaires
"'""
-~ VJ
A•o. .
(I) AA
Capital souscrit non appele Ul ·f::S"'
N° 2050 2012
.l 578
-
BE BG
::;:
Matieres premieres, approvisionnements
BL
BM
En cours de production de biens
BN
BO
En cours de production de services
BP
Produits intermediaires et finis
BR
-<
Marchandises
BT
u
Avances et acomptes verses sur commandes
."'
·~ u 0
"'"" b
z
5 ~
u
~
. BV
595 424
BS 2 103 884
239 294
2 342 BW < '·
l 864 590
I 530 442
2 342
60666
2 897 437
2 374 841
222 467
70 202
222 467
CA
Capital souscrit et appele, non verse
CB
cc
"' (dont actions propres: ...:....................................... ) CD ~ Disponibilites CF
CE 2 797 092
CG
2 797.092
2 060 368
CH
24 357
CI
24 357
30 91 l
TOTAL (III) CJ
8 677 728
CK
8 269 869
6 819 638
Valeurs mobilieres de placement
~
Charges constatees d'avance (3)*
.,," 0
o.:a s-6b
Frais
d'emissio~
d'emprunt it etaler
Primes de remboursement des obligations
(V)
34 723
407 859
"'I"': ."~
(IV) ICW
""'
"
'"""''-
CM
r~.J '
Ecarts de conversion actifl'
(VI)
CN
TOTAL GENERAL (I a VI)
co
Renvois : (1) Don! droit au bail : Clause de reserve de propriete :*
llmm~bilisations :
-~ *Des exphcat1ons concernant cette rubnque sont donnees dans la notice n° 2032
u
BU
BZ
u
l""'
692 205
Autres creances (3)
~
.,,,"
'
461 582
BY
·gj
U-~
133 841 .
2 932 161
-<
0
BQ
BX
"'Ul Clients et comptes rattaches (3)*
b
u
00"' "00
1 282 461
10 561 10 305 236 (2) part amains d'un an des immobilisations financieres nettes ·
"
~ ~*~
IA
l 690 321
CP
...
•
12 318
8 614 914
7 106 304
(3) PaiH plus d'un an
Stocks:
.
10 561
ICR
Creances: "
'
DGFiP
BILAN - P ASSIF avant repartition
N° 2051 Z012
Fonnulairc obligatoire (ruticle 53 A du Code general des impOts)
Designation de I' entreprise
SASANTAVlA
'
Neant
.
.
·'
Exercice N
100 000
100 000
Primes d'emission, de fusion, d'apport, ...
DB
36 864
36 864
10 000
10 000
IEKI
)
~
. . . *( Reserves reglementees (3)
DE
>::
Autres reserves
~
< r<
( Dant reseI'Ve relative it l'achat d'oeuvres originales d'artistes vivants*
EJ .,
Report a nouveau
s:::
< u
OU
'
perte)
"'
DJ
Provisions reglementees *
DK
Produit des emissions de titres participatifs
i::"'
e
DI
Subventions d' investissement
tS
TOTAL (I)
TOTAL (II)
"'
E;""" u ,_,::::~
DL
1 623 890
6 530 208
5 087 523
17 342
12 318
17 342
12 318
DO DP
Provisions pour risques
.9~e!l
.~·;::_g
1442684
DN
<
i::::::
3 316 767
DM
"
Avances conditionnees
"'Q,
:=;~eQ,
4 940 658
DH
RESULTAT DE L'EXERCICE (benefice
"O
.
) DF ) DG
Dant reserve speciale des provisions Bl pour fluctuation des cours
.
DC l;>D
..
Reserves statutaires ou contractuelles
;:i
Exercice N -,- I
DA
Reserve legale (3)
~ ~
'
Capital social ou individuel ( l )* (Dant verse : ....................................... lOO.. QQQ ..... )
Ecarts de reevaluation (2)* (dont ecart d'equivalence
D*
'
Provisions pour charges
~:s.
TOTAL {Ill)
..
DQ DR
,.
-
Emprunts obligataires convertibles
DS
Autres emprunts obligataires
DT
Emprunts et dettes aupres des etablissements de credit (5)
DU
Emprunts et
~
d~ttes
financieres divers (Dont emprunts participatifs EI
)
~
r< r<
~
Q
DW
99 605
17 592
Dettes fournisseurs et comptes rattaches
DX
I 008 386
882 532
Dettes fiscales et sociales
DY
942 668
DZ
i' 185
Autres dettes
Compte regul.
.
Produits constates d'avance (4)
EB
rJ'.i ..... 0
(2)
> z r::l (3)
{
ED
15 518
5 258
EE
8 614 914
7106 304
I 951 055
I 983 612
(V) TOTAL GENERAL (I ii V)
lB
Reserve speciale de reevaluation (1959)
IC
Ecart de reevaluation libre
ID
..
Reserve de reevaluation (1976)
. IE
along terme *
EF
(4) Dettes et produits constates d'avance ~mains d'un an
EG
(5)
Dant reserve speciale des plus-values
EH
Dant concours bancaires courants, et soldes crediteurs de banques et CCP
* Des exphcahons concemant cette rubnque sont donnees dans la notJ.ce n°
..
2 '001 204
EC
E:cart de reevaluation incorpore au capital
Dant
I 185
2 051 845
TOTAL {IV)
Ecarts de conversion passif*
761 591
.
EA
.,
.
(I)
338 303
Avances et acomptes re9us sur commandes en cours
Dettes sur immobilisations et comptes r·attaches
...
DV
2032
.
@I
DGFiP
COMP'fE DE RESULTAT DE L'EXERCICE (En liste)
N° 2052 2012.
Fommlaire obligatoire (article 53 A
du Code general des impOts)
Design.ation de l'entreprise: SAS ANTA VIA
INeant I '
Exercice N Exportations et livraisons intracommunautaires
France Ventes de marchandises*
Total
FB
4 738 311
FC
FE
1 240
FF
1 856 796
FH
3 544 407
FI
5 401 203
5 727 943
FJ
5 161 861
FK
8 283 959·
FL
13 445 820
13 955 .700
( 128 114)
*
Production stockee*
FM
i:Ll
Production immobilisee*
FN
,...
Subventions d'exploitation
FO
Reprises sur amortissements et provisions, transferts de charges* (9)
FP
~ 11..
853
.
11..
sCl
1 240
FG
0 .-l b
8 226 903
services* Chiffres d'affaires nets
Ul
8 043 376
FD
:><
Exercice (N -1)
'
biens *
Production vendue. {
6i:::
3 305 064
FA
D*
244 579
' "'
72 957
39 661
'
FQ
134
169
FR
13 390 796
14 240 110
Achats de marchandises (y compris droits de douane)*
FS
4.664 274
4 612 033
Variation de stock (marchandises)*
FT
( 422 019)
( 53 375)
Achats de matieres premieres et autres. approvisionnements (y compris droits de douane )*., ,
FU
199 385
182 437
Variation de stock (matieres premieres et approvisionnements)*
FV
Autres achats et charges extemes (3) (6 bis)*
FW
2 861 489
3 323 814
Imp6ts, taxes et versements assimiles*
FX
219 694
203 808
FY
2 275 590
2 065 495
FZ
939 437
835 748
;- dotations aux amortissements*
GA
122 699
122 225
- dotations aux provisions*
GB
Autres produits (I) (I I) Total des prodnits d'exploitation (2) (I) "
6i::::
0 .-l
~ b
i:Ll
,
Salaires et traitements* Charges sociales (IO)
'
Ul
i:Ll
0
~
::r:
u
z u:i8 zio< - II- <0 I- >-l
Sur immobilisations{
o~
Sur actif circulant : dotations aux provisions*
GC
Pour risques et charges : dotations aux provisions
209 601
177 725
GD
. 6 781
Q'1l
Q
GE
93
64
Total des charges d'exploitation (4).(11) GF
11077026
11469976
GG
2313769
2 770 134
Autres charges (12)
1 - RESULTAT D'EXPLOITATION (I - Ii} ~ §
§
Benefice attribue ou perte transferee*
(III) GH
g. 5
Perte supportee on benefice transfere*
(IV) GI
·E
-~ 8
Produits financiers d.e participations (5)
GJ
i:Ll
.. ' Produits des autres valeurs mobilieres et creances de l'actif immobilise (5)
GK
~
Autres interets et produits assimiles (5)
GL
6 982
3 982
r;:
Reprises sur provisions et transferts de charges
GM
62 318
14 927
Differences positives de change
GN
109 795
116 735
Produits nets sur cessions de valeurs mobilieres de placement
GO
179 096
135 645
Ul
~
u z
,...
Ul
sCl
~
11..
-
Total des prodnits financiers (V) GP Ul
~
Inter~ts
µ.,
Differences negatives de change
g
. -
Dotations financieres aux amortissements et provisions* et charges assimilees (6)
.-
Ul
~
Charges nettes sur cessions de valeurs mobilieres de placement
::c: u
10 561
GQ GR'
77 699
GS
163 875
.'
GT Total des charges financieres (VI) GU
2 - RESUL TAT FINANCIER (V - VI} 3 - RESUL TAT COURANT AVANT IM~OTS (I - II+ Ill - IV+ V - VI}
,
23 318 "
88 260
187 194
GV
90 835
( 51 548)
GW
2 404 605
.
(RENVOIS . volf tableau n0 2053) *Des expltcat1ons concernant cette rubnque sont donnees dans la notice n° 2032.
2718585
01
N° 2053 ·2012
DGFiP
COMPTE DE RESULTAT DE L'EXERCICE (suite)
Fotmulaire obligatoire (article 53 A du Code gCnCral des impOts)
Designation de I' entreprise SASANTAVIA
Neant
D*
i
Exercice N Produits exceptionnels sur operations de gestion
if>
...l
if>""
t:~
Produits excepti9nnels sur operations en capital
..:"-'
Reprises sur provisions et transferts de charges
~o ooE-
o...t]
*
.
x
"" ""...l
if>
Charges exceptionnelles sur operations de gestion (6 bis)
if>til
*
O:z:
Charges exceptionnelles sur operations en capital
u"-' u
Dotations exceptionnelles aux arnortissements et provisions
<>
·""x
-
4 - RESULTAT EXCEPTIONNEL (VII - VIII)
(1)
..
HD
u 641
21 870
HE
4265
20474
HF
50 142 .,
-
HH
54 407
20474
( 42 765)
I 395
HJ
198 489
228 756
(X)
HK
720.666
867 335
TOTAL DES PRODUITS (I+ III+ V +VII)
HL
13 581 534
14 397 626
TOTAL DES CHARGES (II+ IV+ VI+ VIII+ IX+ X)
HM
12 138 849
12 773 736
1442684
1 623 890
*
Dont produits nets partiels sur operations
HN
a long terme
.
HO
..
produits de location immobilieres (2)Dont
7 801
HI
5 - BENEFICE OU PERTE (Total. des produits - total des charges)
'
HB
21 870
(IX)
Participation des salaries aux resultats de I 'entreprise lmp6ts sur les benefices
3 840
HG
Total des charges exceptionnelles (7) (VIII)
""
HA HC
Total des produits exceptionnels (7) (VII)
Exercice N - 1
-
HY
..
..
produits d'exploitation afferents a des exercices anterieurs - Credit-bail mobilier
(a detailler au (8) ci-dessous)
JG
*
"'
5 413
HP
(3) Dont - Credit-bail immobilier
'
HQ
a des exerc\ces anterieurs (a detailler au (8) ci-dessous) .
(4)
Dont charges d'exploitation afferentes
(5)
Dont produits concernant les entreprises liees
(6)
Dont inten':ts concernant les entreprises liees
JH
•·
lJ .,
lK
~
6bis)
Dont dons faits aux organismes d'interet general (art.238 bis du C.G.L)
HX
(9)
Dont transferts de charges
Al
(10)
Dont cotisations personnelles de l'exploitant (13)
(11)
Dont redevances pour concessions de brevets, de licences (produits)
(12)
Dont redevances pour concessions de brevets, de licences (charges)
.
.•
<:/l
0 >
~
I I
I
69 670
25 755
A2
A3
A4
I I
(13) Dont primes et cotisations obligatoires A9 comolementaires oersonnelles : facultatives A6 (Si le nombre de lignes est insuffisant, reproduire le cadre (7) et le Detail des produits et charges exceptionnels (7) joindre en annexe) :
ExerciceN Produits exceptionnels ·•
Charges exceptionnelles
. V oir etat annexe
-
ExerciceN
(8) Detail des produits et charges sur exercices anterieurs :
Charges ant6rieures
,. < ,.
* Des explic~tions concernant cette rub~que sont donnees dans la n"otlce n° 2032.
Produits anterieurs
I
·:.]
r-'·
I
i
Expert-comptable
•
St~phane'~ASSE ; -~
'
.
·:·'.
'·•·
Expert~cornptable " ~:::. ;..;
COPIE CERTIFIEE CONFORME
I
)' Jean AUSSET
!
-
_, \·~
,
'~
lNSCR!T AU ,TABLEAU .. DE L'ORDRE ~·~. '• ""{·: ..~ DES EXPERTS COMPTABLES' '· DE LA REGION DE TOULO~§~ ,
·:·;: l
64, ~LIE B!'NJAMIN BAILLAUD CARRE. WILSON BAT C 31500 TOULOUSE • TEL ; 05 61 61 61 80 ,, ,FAX: OS 61 61 61 ~9
SASANTAVIA RNu3
82170 DIEUPENTALE !
Comptes Annuels au
31/12/2011
SARL inscrite aupres de l'Ordre des experts-comptables de la region de Toulouse Midi-Pyrenees Capital: 500 000 Euros RCS 508 612 124 Toulouse
/_s_A_S_A_N_T_A_V_IA-_,.--------------~#
Periode du 01/01/2011au31/12/2011
....
l:
Comptes Annuels / ..
I Regles et·methodes comptables Designation de la societe: SAS ANTAVIA Annexe au bilan avant repartition de l'_exercice clos le 31 /12/2011, dont le total est de 8 614 915 euros et au compte de resultat de l'exercice,
present~
sous forme de liste, degageant un benefice de 1 442 685 euros.
L'exercice a une duree de 12 mois, recouvrant la periode du 01/01/2011au31/12/2011. Les notes ou tableaux ci-apres font partie integr9nte des comptes annuels. Ces comptes annuels ont ete arretes le 03/05/2012 par les dirigeants de l'entreprise.
Regles generales Les comptes annuels de l'exercice au 31/12/2011 ont ete etablis selon les normes definies par le plan comptable general app.rouve par arrete ministeriel du 22/06/1999, la loi n° 83-353 du 30/04/1983 et le decret 83-1020 du 29/1111983,,~t conformement aux disposittons des reglements comptables 2000-06 et 2003-07 sur les passifs, 2002-10 sur l'amortissement et.la depreciation des actifs et 2004-06 sur la '
definition, la comptabilisation et evaluation des actifs.
, Les conventions comptables ont ete appliquees dans le !espect du principe de prudence, conformement aux hypotheses de base ' - continuite.de !'exploitation, - P(rma,nence des methodes comptables d'un exercice
a l'autre,
- independance des exercices. et conformement aux regles generales d'etablissement et de presentation des comptes
annu~ls.
' La methode de base retenue pour !'evaluation des elements inscrits en comptabilite est la methode des coots historiques. Seules sont exprimees les informations significatives. Sauf mention, les montants sont exprimes en euros.
a leur coOt d'acquisition pour les actifs acquis a titre onereux, a leur coOt de a leur "!aleur venale pour les actifs acquis a titre gratuit et par voie, d'echange.
Les immobilisations corporelles et incorporelles sont evaluees production pour les actifs produits par l'entreprise,
Le coot d'une immobilisation est constitue de son prix d'achat,'y compris les droits de douane et taxes non recuperables, apres deduction des.remises, rabais commerciaux et e~comptes de reglement de taus les coots direCtement attribuables engages pour mettre l'actif en
a a ce coot d'acquisition. Taus les coots qui ne font pas partie du prix d'acquisition de !'immobilisation et qui ne
place et en etat de fonctionner selon !'utilisation prevue. Les droits de mutation, honoraires ou commissions. et frais d'actes lies !'acquisition, sont rattaches
peuvent pas etre rattaches directement aux coots rendus necessaires pour mettre l'actif ~n place et en etat de fonctionner conformement
a !'utilisation prevue, sont.•comptabilises en charges. Les amortissements pour depreciation sont calcules suivant le mode lineaire et degressif en fonction de la duree de vie prevue. * Concessions et Brevets : Neant * Constructions : 10
a 50 ans
a 10 ans a 6 ans * Materiel et outillage industriels : 4 a 6 ans
* Agencements des constructions: 6 * Installations techniques : 4
*Installations generales, agencements et amenagements divers: 6 * Materiel de transport : 3 * Materiel de bureau : 4
a 10 ans
a 5 ans
a 5 ans a 5 ans
*Materiel informatique : 4 * Mobilier : 6
a 10 ans
~h.r_:. ___
.... / ____CA_a1_N_Er_s_'>"_N_A_u_1A_N_c_E_ _
~l/ Tet.
64_._ru_e_ae_n_ifa_m_in_aa,.--;11_au_d_J_1s_o_o_ro_u_L_o_u_sE_ _
os 61 61 61 so
/L~JL_4_9_~7
Periode du 01 /0112011 au 31 /1212011
#
~/_s_A_S_A_N_T_A...,.V_IA_ __,_ _ _ _ _ _ _ _ _ _ _ ___,·
[
Comptes Annuels /
I Regles et met~odes comptables La duree d'amortissement retenue par simplification est la duree d'usage pour les biens non decomposables
a l'origine.
Stocks Les coots d'acquisition des stocks comprennent le prix d'achat, les droits de douane et autres taxes,
a !'exclusion des taxes ulterieurement
recuperables par l'entite aupres des administrations fiscales, ainsi que les frais de transport .
.
.
Les rabais commerciaux, remises, escomptes de reglement e~ autres elements similaires sont deduits pour determiner les coots d'acquisition. Les produits fabriques sont valorises au coot de production comprenant les consommations, les charges directes et indirectes de production, les amortissements des biens concourant
a la production. Le coot de la sous activite est exclu de la valeur des stocks. Les
interets sont exclus pour la valorisation des stocks. Les stocks sont evalues suivant la methode du coot moyen pondere. Pour des raisons pratiques et sauf ecart significatif, la methode du prix de detail a ete appliquee. Une provision pour depreciation des stocks egale
a la difference entre la valeur brute determinee suivant les modalites indiquees ci-dessus
et le cours du jour ou la valeur de realisation deduction faite des frais proportionnels de vente, est effectuee lorsque cette valeur brute est superieure
a l'autre terme ~nonce.
Creances
----0--·-···-·----
------------·------···-'""""-··-- ---------·--·-·-·------··---·-----· ·---·--
'
a leur valeur nominale. Une provision pour depreciation est pratiquee lorsque.la valeur d'inventaire est a la valeur comptable.
Les creances sont valorisees inferieure
Les produits et charges exceptionnels tiennent compte des el~_ments qui ne sont pas lies
a l'activite normale de l'entrepri~e.
Qp_~r~!i.~.r1.~}~B. ~-~~J.~~~-------------··---. -------------------·--··-.. ·------..···-·--··.. -· . ··-·-..------·----------a la date d'Etntree ou, le cas echeant,
Lors d'acquisition d'actif en monnaie etrangere, le taux de conversion utilise est le taux de change
celui de la couverture si celle-ci a ete prise avant !'operation. Les frais engages pour mettre en place les couvertures sont egalement integres au coot d'acquisition. Les dettes, creances, disponibilites en devises figurent au bilan pour leur contre-valeur au cours de fin d'exercice. La difference resultant de !'actualisation des de,ttes et crean~s en devises
a ce dernier cours est portee au bilan en ecart de conversion.
Les pertes latentes de change non compensees font l'objet d'une provision pour risques, en totalite suivant les.modalites reglementaires.
La convention collective de l'entreprise prevoit des indemnites de fin de carriere. II n'a pas ete signe un accord particulier. Les engagements correspondants n'ont pas ete constates sous la forme de provision.
,•·
·1
CABINET SYNAUIANCE
' hr. . ____
_,/J Tel.
64_._ru_e_ae,.....n_ifa_m_in_aa_H1_au..,.d_J_1s_o_o_ro_u_L_o_u_sE_ _
os 61 61 61
~o
/
lliiiJ{so __}
Periode du 01/01/2011 au 31/12/2011
.... /_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _
C'7
____,§
Comptes Annuels /
Faits caracteristiques
~!!~!~~-J~lel'!!~~J~-~!gn ~fic~Jlf~------------· ·-------------··--·---------··------· ·----------------------·-··--------·_:__ Les creances douteuses sont provisionnees
a hauteur de 100% de leurs montants HT.
La societe ANTAVIA est entree en 2010 dans le perimetre d'integration fiscale du Groupe AMETEK HOLDINGS
SA~L.
La societe AJ':ITAVIA fait l'objet d'une consolidation du Groupe AMETEK HOLDINGS SARL.
,,.;
~-~---"--CA_a_m_E_Ts_~_N_~u~~-Nc_E j ~-_,// __
64, rue Benjamin Bai/laud 31500 TOULOUSE
/ / Tel. 05 61 61 61 ao
/J@Jii;][5{:1
Periode du 01/01/2011au31/12/2011
,_/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ ____,// _
:7
I
Comptes Annuels /
Notes sur le bilan
Actif immobilise Tableau des immobilisations Au debut d'exerclce
Augmentation
Diminution
En fin d'exercice
- Frais d'etablissement et de developpement - Fonds commercial
19 056
- Autres postes d'immobilisations incorporelles
37 116
9 987
47103
56172
9 987
66159
Immobilisations incorporelles
19 056
-Terrains - Constructions sur sol propre 149 180
- Constructions sur sol d'autrui
149 180
- Installations generales, agencements et 510 113
a,rnenagements des constructions
3 656
5,13 769
.,,
, - Installations techniques, materiel et outillage
i
industriels
571 493
86136
36 936
620 693
/ - Installations generales, agencements
I amenageme~ts divers I - Materiel de transport
66587
11 545
219
77 914
iI - Materiel de bureau et informatique, mobilier
95 327
15 489
18 526
92 290
I, - Immobilisations corporelles en cours
'14 517
54 9931
767
68 743
1415639
171 8201
56448
1 531 010
8422
8422
- Emballages recuperables et divers
I - Avances et acomptes : Immobilisations corporelles
I- Pamcipot~os .,~i"'es '[
I
I
-I
pa• m•e eo
equivalence - Autres participations
50 000
50 090
- Autres titres immobllises .
I - Prets et autres immobilisations financieres ! Immobilisations financieres
1 579
I
1 579
16 259
1 9381 1 938:
18 1,98
67 838
50 000
19 777 -
!
ACTIF IMMOBILISE
1 539 649
' ·-·- -···· ___ ._ ___ ,,_____ -·· ······--- ··-··-- ·--··-··-·'-· ----··----.,.---·--------..!.______ ,
183 745
106 448
1616946
I __________ _ _________ L
~h.~--.,.,-6-4,_ru_e,_Be_n_lja_m_in_aa_il_1a_ud_3_1s_oo_r_o_u_w_u_s_E_~// . Tel. os 61 61 61 so //ifaiW//ii_]
..... / ___c_A_a_1N_E_Ts_...:_N_Au_1A_Nc,...E_ _
~/_s_A_S_A_N_T_A_V_IA_________________ff
7
I
Periodedu 01/01/2011au31/12/2011
Comptes Annuels /
Notes sur le bilan
Les .flux s'analysent comme suit :
Immobilisations incorporelles
Immobilisations corporelles
Immobilisations financleres
Total
I
I
I Ventilation des augmentations r
Vireme~t~ d~ poste a p~~t~
I
.
I Virements de l'actif circulant
I Acquisitions
9 987
171 820
9 987
171 820
183 745
1 938i
I Apports 1
Creations
j Reevaluations
I Augmentations de l'exercice
1 938
183 745
I Ventilation des diminutions
I·----------------------·-··--~- ---··----· ----·-
: Virements de poste
a poste
I Virements vers l'actif circulant ,.
1
Cessions
I
55 681
i
50
ooo!
105 681
Scissions
I Mises hors service
I Diminutions de l'exercice
56 448
50 000 i
.. J
106 448
"l'
i .... _.... _
Immobilisations incorporelles .Fonds commercial
31/1212011
I
I Elements achetes I Elements reevalues
I Elements re1;us en apport 19 056
Total
Le fonds commercial a ete constitue lors de la creation de la societe en 1989. Monsieur ANTOINE, a cree cette societe en apportant le fonds de commerce de son activite d'artisan (principal client Airbus). II est done rattache au coeur de metier de la societe et n'a pas lieu d'etre deprecie.
'1
._f____CA_a_1N_E_r_s_vN_A_LL_1A_N_c_E_ __,h._1__. __6_4_._ru_e_ae_n1_·am_,_·n_aa_;1_1au-'d-3_1s_o_o_ro_u_L_ou_s_E___
_,// Tel. 05 61 6161 BO /
/Jiiij/53 _J
.._/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _~#
I
7
Periode du 01/01/2011 au 31/1212011
Comptes Annuels
7
Notes sur le bilan
Amortissements des
i~mobilisations
Augmentation
Au debut de
A lafln de
DimiQutions
l'exerclce
l'exerclce
- Frais d'etablissement et de developpement
I
- Fonds commercial
' -Autres postes d'immobilisations incorporelles I Immobilisations incorporelles I 1
37 116
8679
45 795
37116
8 679
45795
140 900
7 150
148 049
16 089
472 381
-Terrains
Constru~~ions sur sol propre II -- Constructions sur sol d'autrui
'I -
Installations general~s. agencements et
· ame.nagements des constructions
456 292
I· - Installations techniques, materiel et outillage I industriels '"' ' I - Installations generales, agencements I am~nagements divers , 1
-
440 539
1
76
44{1
36936
480 044
55143
•I
l I
8 422
Materiel de transport
, 1 - Materiel de bureau et informatique, "mobilier. •
I - Emballages recuperables et divers I ,I Immobilisations corporelles
8422
49 097
61231
77
82 936
8 2171
18 526
72 627
55 539
1236667
55 539
1282462
I
!
1 178 186
114 0201
1 215 302
122 699
! ACTIF IMMOBILISE
"
II
___.___.L___________ -··------ -- ------ ·-- ·- ·-·· -- ------· ....
_,h.1. ___
,_/___CA_a_1N_E_Ts_v._N_,.,u_1A_N_cE_ _
64_,_ru_e_ae_n_ifa_m_in_Ba_il_1a_ud_3_15_o_or_o_u_w_u_s_E _
--·---·- j
·•
__,//
Tel.
05 61
61 61
80 /
[fiii@l{s4 __,]
Periode du 01/01/2011 au 31/12/2011
._/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,//
L
I
Comptes Annuels /
Notes sur le bilan
Actif circulant Stocks Informations sur les evaluations effectuees sur l'exercice : - Stocks pieces : prix d'achats du lot plus frais de transport si applicable. - En cours : prix d'achats des pieces plus main d'oeuvre.
Etat des creances Le total des creances
a la cloture de l'exercice s'eleve a 3 197 183 euro·s et le classement par echeance s'etablit comme suit : Montant
Echeanees
Echeances
brut
a moins d'un an
a plus d'un an
Creances de l'actif immobilise : Creances rattachees
a des participations
Pre.ts Autres
18198
18 198
Creances de l'actif circulant : Creances Clients et Comptes rattaches
2 932 161
Autres
2932161.
222.467
222 467
24 357
24 357
3 197 183
3 178 985
Capital souscrit - appele, non verse Charges constatees d'avance
Total
18 198
Prets accordes en cours d'exercice Prets recuperes en cours d'exercice
'
Prqduits
.
a recevoir
II Clients Fact A Etablir I
8691
ETAT PRODUITS A RECEVOIR
7 9031
I"
I Total
8 772 '
i .. -·
cA_a_1N_E_r_s~_N_l'lu_1A_N_cE_ __,h._r___
,_/_,___
6_4._ru_e_ae_n_ifa_m_in_aa_;_11a_ud_J_1s_o_o_ro_u_w_u_s_E_
-------·--------. ·····---···- ·-· .. ·-···--··· . - .i
__,// Tet. os 61 61 61. ao
/Jt~~
-
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _~//
"
I
I
Periode du 01/01/2011 au 31/1212011
Comptes Annuels /
Notes sur le bilan . --------------------------------------------------------------
Composition du Capital Social
-[
Capital social d'un montant de 100 000,00 euros decompose en 5 000 titres d'une valeur nominale de 20,00 euros.
l
~~--~~~~~~~~~~-----~~~~~~-l
Nombre
Valeur nominal~
!
I
20,00 I
5 000
Titres composant le capital social au debut de l'exercice
I' Tit!eS emis pendant l'exercice
I
I Titres rembourses pendant l'exercice I I Titres C?mposant le capital social a la fin de l'exercice L ••••••••• -····------·-------·----
--·-·-·· ---- --······-·
5 000 ••• - •• -····----·-
20,00 ., .
--- -----------------
·-·-------·· ------. --
Affectation du resultat Decision de l'assemblee generale du 30/06/2011.
'
===---
I
Montant
~]
•
I Report a Nouveau de l'exerc1ce precedent I Resultat de l'exercice precedent
1 623 891 :
Prelevements.sur les reseives
.
Total des origines
:,
1 623 891
II Affectations aux reseives
1 623 891 I
I Distributions
I Autres repartitions I Report !
"
a Nouveau.
Total des affectations
1 623 891
I
L. ·--------· ---- ------------------
s_~_N_ALL_tA_Nc_E
.... /_-_ _c_A_B_tN_E_T
~h.1_-..,.._6_4._ru_e_Be_n_ifa_m_in_Ba_,_ua_ud....,.3_1s_o_o . _ro_u_w_u_s_E_~/
__
/
Tel. os 61 61 61 80 /
&iiiPJ/j~~
.... /_s_A....,...s_A_N_T_A_V_IA,...---------------~#
{
Periode du 01/0112011 au 31/12/2011
Comptes Annuels /
· 1 Ne>tes sur le bi Ian Table~u
de variation des capitaux propres Solde au
Affectation des resultats
01/01/2011
Augmentations
Diminutions
Solde au
am212011
I
I
I Capital
1000001
100 000'
!
: I Primes d'emission
36 865[
36.865
I Rese,rves generales
10 oool 3 316 768'
1623891
I Re~ultat de l'exercice
1623891
-1623891
J
Reserve legale ·
10 000 4 940 658 144268ey
1442685
.l
I .I Total Capitaux Propres
Provisions
5 087 523
·-----
1 442 685
6 530 208
--~-------~--
Tableau des provisions Provisions
Dotations
Reprises
Reprises
au debut
de l'exerclce
utillsees
non utlllsees
a la fin
de l'exerclce
de J'exerclce
de l'exercice
de l'exerclce
Provisions
i 6 781
Litiges
6 781
!
10 561
!
Garanties ·donnees aux clients P~rtes
sur marches
a terme
Amendes et pena!ites
12 319
Pertes de change
.10 561
12 318
Pensions et obligations similaires Pour impOts
!
.I
Renouveilement des immobilisations
'
i .Gros entretien et grandes revisions
, Charges sociales et fiscales I sur conges a payer I Autres provisions pour risques et charges 1
Total
12 319
17 342
12 318
17 342
Repartition des dotations et des reprises de l'exercice : 6 781 10 561
Exploitation Financieres Exceptionnelles.
Les provisions pour litiges sont liees
I
a des marchandises deteriorees lors du transport
CABINET SYNALLJANCE
//
.
64, rue Benjamin Bai/laud 31500 TOULOUSE
/ / Tel.0561616180
/~~D
... /_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _
L·
__,#
Periode du 01/0112011 au 31/1212011
Comptes Annuels /
I Notes sur le bilan Dettes Etat des dettes Le total des dettes
a la cloture de l'exercice s'eleve a 1 952 241 euros et le classement par echeance .s'etablit comme suit: Montant
Echeances
brut
a moins d'un an
Echeances
Echeances a.:plus.d'un an
a
Emprunts obligataires convertibles Autres emprunts obligataires Emprunts ef dettes au pres des etablissements de credit dont :
- a 1 an au maximum a l'origin~e - a plus de 1 an a l'origine Emprunts et dettes financieres divers Dettes fournisseurs et comptes rattaches Dettes fiscales et sociales
1008387
1008387
942 668
.942 668
'•
I Dettes sur immobilisations et c0mptes ! rattaches
1 186
1:
1 185
I Autres dettes I Produits co.nst~tes d'avance ' 1 952 241
Total
1 951 056
1 185
I Emprunts souscrits en cours d'exercice I Emprunts rembourses sur l'exercice dont :
.: l
-~-
I
i
--·--------·-·--·-------·~--·-·------· --·--.---l----·-------~~---1- -----~---
Charges
a payer
r
·---·-·----- , ___ --
--··---·----·----~------·- .. --
'
-·---·--
_........ Montant
II
'
I
I Fact Non Parvenues
211 081
i Conges A Payer
202 3731 198 489 I
Prov. Participat. Salaries Personnel Charges ·A Payer
121 259
i
140 375 I
, Org.Soc. Charges A Payer
76 305 I
I Etat Autres Ch. A Payer
I 955 888
Total
~h.~---6-4_, .
.... /_;..._ _ _ CA_B_IN_E_,T_s_vN_A_L_u_AN_c_E_ _
ru_e_Be--,,.n1...,am_i_n_aa_m_au_d_3_1s_oo_r_o_u_Lo_u_s_E_
__,// TM. _os 61 61 61 80
IfiiiiiilL 58 ~ 7
Periode du 0110112011au31/1212011
.... /_s_A_S_A_N_T_A_V_IA-.,.,..._ _ _ _ _ _ _ _ _ _ _ _ _____,ff
L
I
Comptes Annuels /
Notes sur le bilan
Autres informations Elements concernant les entreprises liees Entreprises liees
Entreprlses avec lien
J·
de participation
Capital souscrit non appele Avances et acomptes sur immobilisations incorporelles Avances et acomptes sur immobilisations corporelles Participations Creances rattachees
a des participations
Prets Autres titres immobilises Autres immobilisations financieres
Total Immobilisations Avances et acomptes verses sur commandes Creances clients et comptes rattaches
49 659
Autres creances
143 254
Capital souscrit appele, non verse
192 913
Total Creances Valeurs mobilieres de placement Disponibi!ites
Emprunts obligataires convertibles Autres emprunts convertibles Emprunts et dettes aupres des etablissements de credit. Emprunts et dettes financieres divers Avances et acomptes rec;us sur commandes en cours 35066
Dettes fournisseurs et comptes rattaches Dettes suUmmobilisations ~t comptes rattaches Autres dettes
35066
Total Dettes
a 192 913€ ; les dettes concernant les a 35 066€ - leur.repartition est detaillee dans le tableau ci dessus. II n'y a pas
Les creances concernant les entreprises liees ou avec un lien de participation s'elevent entreprises liees ou avec un lien de participation s'elevent
eu de charges et produits financiers concernant les entites liees.
r___
CA_a_1N_E_r_.s_vN_~_u_1_~N_c_E'-----'h....
,_/____
_aa_H1_au_d_3_1s_oo_r_o_u_w_u_s_E_~//
64_._ru_e_ae_n1_·am_i_n
Tet.
os 61 61 61 so /
{#iffe/ID
._/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _
I
7
___,f
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Notes sur le bilan
~-C?l!!P~~-s___c:!~_r~g-~ larj~_ati
Charges constatees d'avance Charges d'exploitation
Charges Financieres
Charges Exceptlonnelles
I
Ii Charges Constat.D Avance
24 357 '
I
Total
24 357
'
I
______ .I
--. -· ·- ... -----------·-----· -- --- -- - --- -·-· --- -- ---- --- ------ ------ ------ ----------- ~--------------------------J __ --- ---
,_/_ _ _CA_a_1N_E_r_s'l"._N_l'.u_1_,,.N_c_E_
__,h._1___64_,ru_a_aa_n_ifa_m_1n_aa_H1_au_d_31_so_o_ro_u_w_u_sE_
__,// .Tel os 61 61 61 80 /
[!iiife!f_6_0_~7
Periode du 01/01/2011 au 31/12/2011-
._/_S_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ ____,//
Comptes Annuels /
I : :-:.J Notes sur le compte de resultat Chiffre d'affaires
France
Etranger
Total
I
Ventes de produits finis Ventes de produits intermediaires
1.240
1 240:
Ventes de produits residuels 1
I
Travaux
I
Etudes
I
Ventes de marchandises
~I
, Produits des activites annexes
I
i
i
~
Prestations de services
18523,32:
3518935[
3 305 065!
4 738 3121
4465
25 471
5161 862
8 283 958
i
5 371 2671 8 043 377 29 936 !
! TOTAL l_______ ---- --- -- -- ---- - -- -
i
---- -------------------- - _ _i _______ -
Remuneration des commissaires aux comptes Montant comptabilise au titre des diligences liees
13 445 820 - ... --- --·-----·-·--····--· ...... _.!
.-~
a la mission de contr61e legal des comptes annuels : 24 224 euros
Transferts de charges d'exploitation et financieres Financier
Les transferts de charges concernent principalement des remboursements d'indemnites journalieres, des remboursements de formations continues o.u en alternances et enfin, des avantages en natures.
..
Parties liees Transactions effectuees avec des parties liees conclues aux conditions normales de marche -· solde au 31/12/2011 :
Liste des transactions significatives - Creances clients avec AEM LTD pour un montant de 12 454 € - Crea nee solde IS avec AMETEK HOLDING pour un montant de 143 254 € - Creance client avec HSA pour un montant de 5_,306 € - Creance client avec AMETEK CORPORATE pour un montant de 15 959 € - Creance client avec SINGAPOURE PTE LTD pour un montant de 15 940 € ;; Dette fournisseur avec HIGH STANDARD AVIATION pour un montant de 5 340 €
_,h'-Z___
,_/_ _ _c_A_a_1N_E_rs_v_N_ALL---.,.1A_Nc_E_ _
64_._ru_e_ae_n_ifa_m_in_aa_;_ua_ud_3_1s_oo_rn_u_w_u_s_E_
__,// Tel. os 61 61 61 BO /
§iii/L61 J
...... /_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ __,__ _ _ _ _
I
7
__,f
Periodedu 01/0112011au31/12/2011
Comptes Annuels /
Notes sur le compte de resultat
- Dette fournisseur avec AMETEK CORPORATE pour un montant de 10 393 € - Dette fournisseur avec AM ERON pour un montant de 2 605 € - Dette fournisseur avec WOODSTOCK pour un montant de 393 € - Dette fournisseur avec AEM LTD pour un montant de 16 335 €
Resultat exceptionnel Operations de 1:exercice
Charges
I I Creances devenues irrecouvrables dans l'exercice
1 ·
3 2871 1831
I Autres charge;s exceptionnelles sur operations de gestion i Valeurs comptables des elements d'actif cedes
I
501421 796!
; Autres charges
i
I
Pr:oduits I
Autres produits exceptiqnnels sur operations de gestion
8601
I· Produits des cessions d'elements d'actif I Autres produits
7 8011 2 9811
I
I TOT AL
54 407
11 642
!_____ ------·-- ---·-· -·- ·----- ·------ ····-·------··---- -------- ···---------·--·-- ------· --·--·--- -·---··--····---- -·---·-···· Resul,t_~t etJ!!!P-6t~__surJ~s bene_'f_ic_e_s_ _ _ __
---····------------
Ventilation de l'impot Resultat avant lmpot
Im pot correspondant
Resultat apres Impot I
I I + Resultat courant
2 404 605
734 921
1669684
-42 765
-14 255
-28 510
II
!
i
I
i + Resultat exceptionnel
'
I ,,
I - Participations des salari~s
198 489 I
-198 489
I
!
Resultat comptable
2 163 351
'-·--·-··------- - - - - - - - - - · · · · - · · · - - - - ·····---·--------·-]__________
_,~._1___
L../___c_A_a_1N_E_Ts_Y:_N_AL_L_1A_Nc_E_ _
720 666
··-----·-·-··---·-·-·-·--··
'
J
- - - - · . L-------···-··-···--···-· ..
_ro_u_w_u__,s_E_~//
6_4._ru_e_ae.,..n_lja_m_in_aa_;_11a_ud_3_1s_o_o
1 442 685
Tel. 05 61
61 61
BO /
~/jfj
Periode du 01/01/2011 au 31/12/2011
·. I
... /_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,//
Comptes Annuels /
l Notes sur le compte de resultat Accroissements et allegements de la dette future d'impot La situation fiscale latente, compte tenu d'un taux d'impot sur les societes de 33 1/3 %, fait ressortir une creance future d'un montant de 81 301 eu.ros. Ce montant ne tient pas compte d'un eventuel paiement de la contri~ution sociale sur les benefices.
Montant ! Accroissements de la dette future d'impot
':----- ----·--------·---
J
-:;-~--~ ---~--~-·----~----
--------- ----------- ----------~--------
--~------
]
----·---- --- -· ---·--·-·-· -------~- ---·· -+--·---- ---~----- -------·r·· --~-\
Lies aux amortissements _derogatoires
I Li~s aux provisions pour h.a_usse des P.rix i
Lies aux plus-values
a reintegrer
II Lies a d'autres elements A. Total des bases concourrant
a augmenter la dette future
I
I Allegements de la dette future d'impot
I i
I Lies aux provisions pour conges payes
i Lies aux provisions et charges a payer non deductibles
I
' i
Lies
243 902
1
-
a d'autres eJ.ements
B. Total des bases concourrant
a diminuer la dette future
243 902
C. Deficits reportables D. Moins-values
a long terme
Montant de la creance future
81 300,67
I (A- B- c - D) * 33 1/3 %
I _--
______ L _____ ... . ,. . . ... . ,....,.________ . _···--·-- _ i
-·-- -
1.~P-~!~ ~u i:J~_s__ benefic~~ ~J_r.!t~g~~!~P_r:i _fI~~_ale ________________________________________ -·- _-----------------------------·---------------· A partir de l'exercice ouvert au 01 /01/2010, la societe SAS ANTAVIA est comprise dans le perimetre d'integration f[scale du groupe AMETEK HOLDINGS SARL. Au titre de !'integration fiscale, montant compris dans l'impot sur les societes : Charges de l'exercice : 721 866 euros L'impot sur les societes comptabilise n'est pas altere par des conventions particulieres au groupe.
j·
cA_s_1N_E_r_s~_N_J1L_L_1A_N_cE_ __,hY ....___
,_/____
6_4,_ru_e_Be_n_ifa_m_in_Ba_i_11a_ud_3_1s_o_o
_ro_u_w_u_s_E_~h
Tel. 05 61 61 61 BO
· Periode du 01/0112011au31/1212011
I SAS ANTAVIA I
//
Comptes Annuels /
] Autres infprmations Effectif Effectif moyen du personnel : 67 personnes dont 1 apprenti.
Personnel salarle
l Cadres
Personnel mis a disposition
a/
17!
Agents de maitrise et technicie_ns,
I Employes I Ouvrie~s
17 25
Total
67
L-----;---- -----.----------- ------------- - ----------------------------------------------- - - - __J____________ Droit lndividuel
a la Formation
La loi du 4 mai 2004 ouvre pour les salaries des entreprises fran9<1ises un droit a formation d'une duree de 20 heures minimum par an cumulable sur. une periode de 6 ans. Les depenses engagees dans le cadre de ce droit individuel comme des charges de la periode et ne donnent pas lieu
a la formation (D.l.F) sont considerees
a comptabilisation d'une provision sauf situation exceptionnelle.
Le nombre d'heures de formation correspondant au cumul des droits acquis par les salaries
a la date de cloture s'eleve a 773 heures dont
6 095 heures n'ont pas fait l'objet d'une demande des salaries.
._l____cA_a_1N_E_r_s_vN_A_LL_1_AN_c_E_ __,h._1___64_._.ru_eae_n1_-am_i_n_aa_m_au_d_3_1s_oo_r;_o_u_L_o_.u_s_E_
"
__,//
Tel. 05 61 61 61 80
/[ifaiil~
~/,..,...s_A_S_A_N_T_A_V_IA_·-------....,...._------~//
Periode du 01/0112011au31/1212011
Comptes Annuels /
"
I
I
Autres informations ---------. ---·--·--·---------·----------------------- · - - - -
Engagements donnes
:
Montanten euros
.
j
I Effets escomptes non echus I!
"
I Avals et cautions 1
Engagements en matiere de pensions 1
: Engagements de credit-bail mobilier
I I Engagements de credit-bail immobilier
I
I 123 879
Engagement en matiere de retraite
i Autres engagements donnes
i
123 879'
Total
123 879
i
I Dont concernant : i Les dirigeants I Les filiales
I Les participations I Les autres entreprises liees
_i
L~~ga~:~en~s a_sso:~~~ sure~~s r:~~:
_______ -----------------··---··- ------------------------------.---------------- - ,_________,, ___________ ,,____
~ng_!l_g~_!llen~~_ de
retr_a_it_e_____
_!
---·-------------------------------
Monta.nt des engagements pris en matiere de pensions, complements de retraite et indemnites assimilees: 123 879 euros Le montant des engagements en matiere d'indemnites de fin de carriere d'un montant de 123 879€, non comptabilise, est precise ci · apres. Les calculs 'ont ete effectues en utilisant la methode simplifiee avec integration des parametres suivants : - estimation turnover : 4% - probabilite de survie : 99% - evolution des salaires : 3% - age de depart
a la retraite : 65 ans
- taux de.charges : 40% - formule retenue : (98%) puissance n (n representant l'anciennete au depart du salarie) - Soit : indemnite globale de depart x (0.98) puissance n x anciennete actuelle/anciennete au depart. - taux d'actualisation : 2%
Regimes
a cotisations definies
Montant des cotisations comptabilisees en charges : 0 euros
_,h._r___64_,ru_eae_n1_'am_i_n_aa_;11_au_d_3_1s_oo_r._o_u_L_ou_s_E_
,_/_·_ _ _ CA_a_1N_E_r_s_vN_A_u_1_AN_c_E_ _
.,
___,// Tel. 05 61 61 61 80
I§iil~s
~
EXEMPLAIRE GREFFE
DELOITTE MARQUE & GENDROT
ERNST & YOUNG Audit
r
1
! Exercice clos le 31 decembre 2011
Rapport des commissaires aux comptes sur les comptes annuels
DELOITTE MARQUE & GENDROT 185, avenue Charles-de-Gaulle 95524 Neuilly-sur-Seine Cedex S.A. au capital de€ 27.200.000
ERNST & YOUNG Audit 1, place Alfonse Jourdain B.P. 98536 31685 Toulouse Cedex 06 S.A.S. a capital variable
Commissaire aux Comptes Membre de la compagnie regionale de Versailles
Commissaire aux Comptes Membre de la compagnie regionale de Versailles
Exercice clos le 31 decembre 2011
Rapport des commissaires aux comptes sur les comptes annuels
A l'Associe Unique, En execution de la mission qui nous a ete confiee par decision de l'associe unique, nous vous presentons not re rapport re lat if l'exercice clos le 31 decembre 2011, sur :
a
•
le controle des comptes annuels de la societe Antavia, tels qu'ils sont joints au present rapport ;
•
la justification de nos appreciations ;
•
les verifications et informations specifiques prevues par la loi.
Les comptes annuels ont ete arretes par le president. II nous appartient, sur la base de notre audit, d'exprimer une opinion sur ces comptes.
I.
Opinion sur les comptes annuels
Nous avons effectue notre audit selon les normes d'exercice professionnel applicables en France ; ces normes requierent la mise en ceuvre de diligences permettant d'obtenir !'assurance raisonnable que les comptes annuels ne comportent pas d'anomalies significatives. Un audit consiste verifier, par sondages ou au moyen d'autres methodes de selection, les elements justifiant des montants et informations figurant dans les comptes annuels. II consiste egalement a apprecier les principes comptables suivis, !es estimations significatives retenues et la presentation d'ensemble des comptes. Nous estimons que les elements que nous avons collectes sont suffisants et appropries pour fonder notre opinion.
a
Nous certifions que !es comptes annuels sont. au regard des regles et principes comptables franc;ais, reguliers et sinceres et donnent une image fidele du resultat des operations de l'exercice ecoule ainsi que de la situation financiere et du patrimoine de la societe a la fin de cet exercice.
II.
Justification des appreciations
En application des dispositions de !'article L. 823-9 du Code de commerce relatives a la justification de nos appreciations, nous vous informons que les appreciations auxquelles nous avons procede ont porte sur le caractere approprie des principes comptables appliques et sur le caractere raisonnable des estimations significatives retenues. Les appreciations ainsi portees s'inscrivent dans le cadre de notre demarche d'audit des comptes annuels, pris dans leur ensemble, et ont done contribue la formation de notre opinion exprimee dans la premiere partie de ce rapport.
a
Ill.
Verifications et informations specifiques
Nous avons egalement procede, conformement aux normes d'exercice professionnel applicables en France, aux verifications specifiques prevues par la loi.
a
Nous n'avons pas d'observation formuler sur la sincerite et la concordance avec les comptes annuels des informations donnees dans le rapport de gestion du president et dans les documents adresses l'associe unique sur la situation financiere et les comptes annuels.
a
Toulouse, le 14 juin 2012 Les Commissaires aux Comptes DELOITTE MARQUE & GENDROT
Antavia Exe re ice clos le 31 decembre 2011
ERNST & YOUNG Audit
2
Periode du 01/01/2011 au 31/12/2011
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff J
Comptes Annuels /
Bi Ian ,Amortlsseirnmts . '· DeplSql•t~JJ.§
·Ne~
.fl.let8\f
31112111
.. ~10.
ACTIF CAPITAL SOUSCRIT NON APPELE
Immobilisations incorporelles Frais d'etablissement Frais de recherche et de developpement Concessions, brevets et droits assimiles
47 103
Fonds commercial
19 056
45 795·
1 308 19 056
19 056
Autres immobilisations incorporelles
Immobilisations corporelles Terrains Constructions
662 949
62 101
620 693
620 431 480 044.
42 518
Installations techniques, materiel et outillage
140 649
130 954
Autres immobilisations corporelles
178 626
136 193
lmmob. en cours I Avances & acomptes
42 433
29 881
68 743
68 743
14 517
1 579
1 579
1 579
18 198
18 198
16 259
Immobilisations financieres Participations et creances rattachees Autres titres immobilises Prets
___
Autres immobilisations financieres
[rofA. l:..l9i~?!t~§§~,::::::::: .
~::~~-----~1-·~!!!46'·~~--1.-f-,~-J~~,-~-~.--934-4-M ___..,__..~a481
Stocks Matieres premieres et autres approv. En cours de production de biens En cours de production de services
595 425
133 842
461 583
692 205
2 103 885
239 295
1 864 590
1530442
2 897 438
2374841
5 204
9 543 60 659
Produits intermediaires et finis Marchandises
Creances 2 932 161
Clients et comptes rattaches
34 723:
I
Fournisseurs debiteurs 5 204
Personnel Etat, lmpots sur les benefices Etat, Taxes sur le chiffre d'affaires Autres creances
66 106
66 106
151 157
151 157
2 342
2 342
60 667
2 797 092
2 797 092
2 060 369
24 357
24 357
30 912
Divers Avances et acomptes verses sur commandes Valeurs mobilieres de placement Disponibilites Charges constatees d'avance
rrorA'.L"A'.criF=<:. 1~cuL.ANT '"'-·-·Charges
................
......--.......,,8....,_ .-._.---.---..• --.. ~~···----· ...-~-· ····rAAR'l
-~-
··-------~·~--- ~I!l~-~1~?::!2~~--.J.t~~.~~!
a repartir sur plusieurs exercices
2:~19~~1!.i
Prime de remboursement des obligations Ecarts de conversion - Actif
r
12 319
10 561 ·
COMpri:'s,rijfkrfo~RISATION ·~--- . -- .........--~-1o~s61
TOTAL ACTIF
10 305 236
1·2~,1~.
1 690 322
8 614 915
7 106 305
.__/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff
,.
___
F
l.
"'il''"""'''j .
Periode du 01/01/2011 au 31112/2011
Comptes Annuels /
Bi Ian Me~
3111211~
PASSIF Capital social ou individuel Primes d'emission, de fusion, d'apport, ..,
100 000.
100 000
36 865
36 865
10 000
10 000
4 940 658
3 316 768
Ecarts de reevaluation Reserve legale Reserves statutaires ou contractuelles Reserves reglementees Autres reserves Report
a nouveau
[@!!!J§l~~,!-~-~e-.~~-,.1.~---e-=----·--~-----------'""-----·-·_1 ~!. ,~~~--______1_6~~t!J] Subventions d'investissement Provisions reglementees
[iqi..\[a!e1~Y?
[!orAVA!J'1~§'!'~~.!;!!§PR~S~,~~-;_-~ ____.____~---~~------~ Provisions pour risques
12 319;
17 342
Provisions pour charges
[ro,-~[!-~~~~~ P~.Yif§~es~cij..\~~~~-----::::::_-_-_-_-_-_-_-_~_-_···::_11·~~-.2-.------····--~~!!~ Emprunts obligataires convertibles Autres emprunts obligataires Emprunts Decouverts et concours bancaires
Emprunts et dettes aupres des etablissements de credits Emprunts et dettes financieres diverses 338 303
Emprunts et dettes financieres diverses - Associes Avances et acomptes rei;;us sur commandes en cours Dettes fournisseurs et comptes rattaches
99 605
17 592
1 008 387
882 532'
Personnel
522 121
537 785
Organismes sociaux
344 101
132 835.
Etat, lmpots sur /es benefices Etat, Taxes sur le chiffre d'affaires
142
Etat, Obligations cautionnees Autres dettes fisca/es et socia/es
Dettes fiscales et sociales Dettes sur immobilisations et comptes rattaches
90 970
76 305.
942 668
761 591 '
1 186
1 186
Autres dettes Produits constates d'avance
·:ioof ;g4 . . . . .~--
--~~2-051846 (§TAt D"tt~s ··~~~-.__.,---·~,~,···--~~~~----.......---~---.......---Ecarts de conversion - Passif
TOTAL PASSIF
15 518
8 614 915
J
5 258 i
7 106 305
~/_s_A_S_A_N_T_A_V_l_A_ _ _ _ _ _ _ _ _ _ _ _ _ _ __,//
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Compte de resultat cw 01/MM1
~---._,
·%
•4111'1M!O
au·.,1112M1
"·
·au3..:i!.-.11
°'
F"·
· $m:ont11nt~
·f2.m(ll$:
1:2 lll!JIS
•r? ~:l
·Variation. . r'Jaft've
~'~~
'(%)
PRODUITS Ventes de marchandises
8 043 377
59,82
8 226 904
58,95
-183 527
-2,23;
Production vendue
5 402 443
40,18
5 728 796
41,05
-326 353;
-5,70;
Production stockee
-128 115
-0,95
244 580
1,75
-372 695
-152,38
Subventions d'exploitation 73 091
0,54
39 831
0,29
33 260.
13390797
99,59
14 240 111
102,04
-849 314
4 664 275
34,69
4 612 033
33,05
52 241
1, 13
-422 019
-3,14
-53 375
-0,38
-368 644
690,66
199 386
1,48
182 437
1,31
16 948
9,29
2 861 490
21,28
3 323 814
23,82
-462 325
-13,91
7 303 130
54,32
8 064 910
57,79
-761 779
-9,45
Autres produits
Total
83,50
-5,96.
CONSOMMATION MISES & MAT Achats de marchandises Variation de stock (mises) Achats de m.p & aut.approv. Variation de stock (m.p.) Autres achats & charges externes
Total
}:YJ7,'
'V"'W'l!',~"i:f03___.,~,,,,.,,,,,
6087667 ,,,m: k,·
,''"·
45,28
/'1i'-:'
n; ''' •
"""'."11';""""'~"""'"~1''.'Jhi!,; '",i~--_,
_s..~.!Rf~H
"~~~"'"'!"'
441 5' ~?.Ja5
-1A21
CHARGES 219 694
1,63
203 808
1,46
15 886
2 275 590
16,92
2 065 495
14,80
210 095
10,17 i
Charges sociales
939 437
6,99
835 748
5,99
103 689
12,41
Amortissements et provisions
339 081
2,52
299 951
2,15
3 773 897
28,07
3 405 067
24,40
179 096
1,33
135 646
0,97
43 451
32,03
-98 933.
-52,85 ;
lmp6ts, taxes et vers. assim. Salaires et Traitements
7,79 ;
Autres charges
64
93
Total
Produits financiers Charges financieres
Resultat financier
39 130;
88 261
0,66
187 194
1,34
90 835
0,68
-51 549
-0,37
13,05
29
44,99
368 830
10,83
142 384 -276,21 ;
Operations en commun
..i>__,!"
-~2.10.4so5
e
''"&!fl"'"':·''''<('"·~'''""'
c-r
1!,88~~2I~!J!6__.1~~1f ~
"-31'39801 +i.~,s,
.... U•i"
·:·~! ,,:m@M
Produits exceptionnels
11 642
0,09
21 870
0,16
-10 229
-46,77
Charges exceptionnelles
54 407
0,40
20 474
0,15
33 933
165,73.
-42 765
·0,32
1 396
0,01
-44161
Resultat exceptionnel
NS
Participation des salaries
198 489
1,48
228 756
1,64
-30 267
-13,23
lmp6ts sur les benefices
720 666
5,36
867 335
6,21
-146 669;
-16,91
1442 685
10,73
1623891
11,64
RESULTAT DE L'EXERCICE
·181 206
-11,16
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,f /
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
----~-..
_/ Regles et methodes comptables
Designation de la societe: SAS ANTAVIA Annexe au bilan avant repartition de l'exercice clos le 31/12/2011, dont le total est de 8 614 915 euros et au compte de resultat de l'exercice, presente sous forme de liste, degageant un benefice de 1 442 685 euros. L'exercice a une duree de 12 mois, recouvrant la periode du 01/01/2011 au 31/12/2011. Les notes au tableaux ci-apres font partie integrante des comptes annuels. Ces comptes annuels ant ete arretes le 03/05/2012 par les dirigeants de l'entreprise.
RegJ~s~g~nerales Les comptes annuels de l'exercice au 31/12/2011 ant ete etablis selon les normes definies par le plan comptable general approuve par arrete ministeriel du 22/06/1999, la loi n° 83-353 du 30/04/1983 et le decret 83-1020 du 29/11/1983, et conformement aux dispositions des reglements comptables 2000-06 et 2003-07 sur les passifs, 2002-10 sur l'amortissement et la depreciation des actifs et 2004-06 sur la definition, la comptabilisation et evaluation des actifs. Les conventions comptables ant ete appliquees dans le respect du principe de prudence, conformement aux hypotheses de base : - continuite de !'exploitation, - permanence des methodes comptables d'un exercice
a l'autre,
- independance des exercices. et conformement aux regles generales d'etablissement et de presentation des comptes annuels. La methode de base retenue pour !'evaluation des elements inscrits en comptabilite est la methode des coots historiques. Seules sont exprimees les informations significatives. Sauf mention, les montants sont exprimes en euros.
a leur coOt d'acquisition pour les actifs acquis a titre onereux, a leur coOt de a leur valeur venale pour les actifs acquis a titre gratuit et par voie d'echange.
Les immobilisations corporelles et incorporelles sont evaluees production pour les actifs produits par l'entreprise,
Le coot d'une immobilisation est constitue de son prix d'achat, y compris les droit)> de douane et taxes non recuperables, apres deduction des remises, rabais commerciaux et escomptes de reglement de taus les coots directement attribuables engages pour mettre l'actif en
a a ce coot d'acquisition. Taus les coots qui ne font pas partie du prix d'acquisition de !'immobilisation et qui ne
place et en etat de fonctionner selon !'utilisation prevue. Les droits de mutation, honoraires au commissions et frais d'actes lies !'acquisition, sont rattaches
peuvent pas etre rattaches directement aux coots rendus necessaires pour mettre l'actif en place et en etat de fonctionner conformement
a !'utilisation prevue, sont comptabilises en charges. Les amortissements pour depreciation sont calcules suivant le mode lineaire et degressif en fonction de la duree de vie prevue.
* Concessions et Brevets : Neant * Constructions : 10
a 50 ans
* Agencements des constructions: 6 a 10 ans * Installations techniques : 4
a 6 ans
* Materiel et outillage industriels : 4 a 6 ans •Installations generales, agencements et amenagements divers: 6
* Materiel de transport : 3 a 5 ans * Materiel de bureau : 4
a 5 ans
* Materiel informatique : 4 a 5 ans * Mobilier: 6 a 10 ans
a 10 ans
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Regles et methodes comptables La duree d'amortissement retenue par simplification est la duree d'usage pour les biens non decomposables
a l'origine.
Stocks ~········--·~·······
Les coats d'acquisition des stocks comprennent le prix d'achat, les droits de douane et autres taxes,
a !'exclusion des taxes ulterieurement
recuperables par l'entite aupres des administrations fiscales, ainsi que les frais de transport . Les rabais commerciaux, remises, escomptes de reglement et autres elements similaires son! deduits pour determiner les coats d'acquisition. Les produits fabriques son! valorises au coat de production comprenant les consommations, les charges directes et indirectes de production, les amortissements des biens concourant
a la production. Le coat de la sous activite est exclude la valeur des stocks. Les
interets sont exclus pour la valorisation des stocks. Les stocks sont evalues suivant la methode du coat moyen pondere. Pour des raisons pratiques et sauf ecart significatif, la methode du prix de detail a ete appliquee. Une provision pour depreciation des stocks egale
a la difference entre la valeur brute determinee suivant les modalites indiquees ci-dessus
et le cours du jour ou la valeur de realisation deduction faite des frais proportionnels de vente, est effectuee lorsque cette valeur brute est superieure l'autre terme enonce.
a
Creances
a leur valeur nominale. Une provision pour depreciation est pratiquee lorsque la valeur d'inventaire est a la valeur comptable.
Les creances sont valorisees inferieure
Produits et charges exceptio. nnels "'""
'
~""'"""~-
'"""'-
~ '"'"'~'
Les produits et charges exceptionnels tiennent compte des elements qui ne sont pas lies
a l'activite normale de l'entreprise.
Lors d'acquisition d'actif en monnaie etrangere, le taux de conversion utilise est le taux de change
a la date d'entree ou, le cas echeant,
celui de la couverture si celle-ci a ete prise avant !'operation. Les frais engages pour mettre en place les couvertures sont egalement integres au coat d'acquisition. Les dettes, creances, disponibilites en devises figurent au bilan pour leur contre-valeur au cours de fin d'exercice. La difference resultant de !'actualisation des dettes et creances en devises
a ce dernier cours est portee au bilan en ecart de conversion.
Les pertes latentes de change non compensees font l'objet d'une provision pour risques, en totalite suivant les modalites reglementaires.
Engagement de retraite La convention collective de l'entreprise prevoit des indemnites de fin de carriere. II n'a pas ete signe un accord particulier. Les engagements correspondants n'ont pas ete constates sous la forme de provision.
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~£
Periode du 01/01/2011 au 31/12/2011
Comptes Annuals /
Faits caracteristiques
Autres elements significatifs Les creances douteuses sont provisionnees
a hauteur de 100% de leurs montants HT.
La societe ANTAVIA est entree en 2010 dans le perimetre d'integration fiscale du Groupe AMETEK HOLDINGS SARL. La societe ANTAVIA fait l'objet d'une consolidation du Groupe AMETEK HOLDINGS SARL.
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~#
i
_?
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Notes sur le bilan
Actif immobilise Tableau des immobilisations
- Frais d'etablissement et de developpement - Fonds commercial - Autres pastes d'immobilisations incorporelles
Immobilisations incorporelles
19 056: 37 116
9 987
19 056 47 103
56 172'
9 987
66159
- Terrains - Constructions sur sol propre - Constructions sur sol d'autrui
149 180
149 180
- Installations generales, agencements et amenagements des constructions
513 769
510 113
3 656
571 493
86 136
36 936
620 693
8 422 66 587 95 327
11 545 15 489
219. 18 526
8 422 77 914 92 290
14 517
54 993
767,
68 743
1 415 639
171 820
- Installations techniques, materiel et outillage industriels - Installations generales, agencements amenagements divers - Materiel de transport - Materiel de bureau et informatique, mobilier - Emballages recuperables et divers - Immobilisations corporelles en cours - Avances et acomptes
Immobilisations corporelles
56 448
1 531 010
- Participations evaluees par mise en equivalence - Autres participations - Autres titres immobilises - Prets et autres immobilisations financieres
Immobilisations financieres ACTIF IMMOBILISE
50 000 1 579 16 259
1 938
67 838;
1 938
50 000
19 777
183 745
106 448
1 616 946
1 539 649
50 000 1 579 18 198
Periode du 01/01/2011 au 31/12/2011
._/_s_A_S_A_N_T_A_V_IA _______________
L
__,#
Comptes Annuels /
, ..; Notes sur le bi Ian Les flux s'analysent comme suit :
lm!lloblllsatlons incorpa~Ues
·'
·1mrnobll1S~tions
lmmal:JlllsatJo~
corporeltes ·'
J
fina~leres
Ventilation des augmentations Virements de poste
a poste
Virements de l'actif circulant Acquisitions
9 987
171 820
1 938
183 745
9 987
171 820
1 938
183 745
Apports Creations Reevaluations
Augmentations de l'exercice Ventilation des diminutions Virements de poste
a poste
767
767
Virements vers l'actif circulant Cessions
55 681
50 000
105 681
56 448
50 000
106 448
Scissions Mises hors service
Diminutions de l'exercice
Immobilisations incorporelles Fonds commercial
-----
----~~-·---~--,•-----------·-Fh;'!
.
~-·--·-'·-·_ _3,'fl'.1~2011
...
J
Elements achetes Elements reevalues Elements rec;:us en apport
Total
Le fonds commercial a
19 056
19 056
ete constitue lors de la creation de la societe en 1989. Monsieur ANTOINE, a cree cette societe en apportant le
fonds de commerce de son activite d'artisan (principal client Airbus). II est done rattache au coeur de metier de la societe et n'a pas lieu d'etre deprecie.
Periode du 01/01/2011 au 31/12/2011
,_/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ ____,//
/
Comptes Annuels /
Notes sur le bilan Amortissements des immobilisations ~-.....~~~~~~~~~~~~~~~~~·----~~~~~~~~~~~~
~t·-,: 1[ A la fhi de ...
1
Amdebut cite'
l'exerclce
,,.
}
-~'
~~--_.....,...,,n~~..;~;"" ~;!"~---
.
~!ex'"lc':_j
- Frais d'etablissement et de developpement - Fonds commercial - Autres pastes d'immobilisations incorporelles
Immobilisations incorporelles
37 116
8 679
45 795
37116
8 679
45 795
140 900
7 150
148 049
456 292
16 089
472 381
440 539
76441
- Terrains - Constructions sur sol propre - Constructions sur sol d'autrui - Installations generales, agencements et amenagements des constructions - Installations techniques, materiel et outillage industriels
36 935·
480 044
- Installations generales, agencements amenagements divers - Materiel de transport - Materiel de bureau et informatique, mobilier
8 422
8 422 49 097 i 82 936.
6 123
77
55 143
8 217
18 526
72 627
- Emballages recuperables et divers
Immobilisations corporelles
1178 186
114 020
55 539
1236667
ACTIF IMMOBILISE
1 215 302
122 699
55 539
1282462
,_/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _~//
-·f
I
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Notes sur le bilan
Actif circulant Stocks Informations sur les evaluations effectuees sur l'exercice : - Stocks pieces : prix d'achats du lot plus frais de transport si applicable. - En cours : prix d'achats des pieces plus main d'oeuvre.
Etat des creances Le total des creances
a la cloture de l'exercice s'eleve a 3 197 183 euros et le classement par echeance s'etablit comme suit :
Ecnanees a rn~lnsdlufi11
Mo•nt ~mt
·Eo:he~Q~es clf)IUS d~U- ·
Creances de l'actif immobilise : Creances rattachees
a des participations
Preis Autres
18 198
18 198 i
Creances de l'actif circulant : Creances Clients et Comptes rattaches Autres
2 932 161
2 932 161
222 467
222 467
Capital souscrit - appele, non verse Charges constatees d'avance
Total
24 357.
3197183
24 357
3178 985
18198
Preis accordes en cours d'exercice Preis recuperes en cours d'exercice
Produits
a recevoir '"-;;
.,.
MoqtaRt'l'
··i
Ii' [
.
'"'
t
--------~----------~----~---~··-----~----~··------:
Clients Fact A Etablir ETAT PRODUITS A RECEVOIR
Total
869 7 903
8 772
Periode du 01/01/2011 au 31/12/2011
._/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,//
Comptes Annuels /
r=---1'
L. ___;) Notes sur le bilan Capitaux Propres Composition du Capital Social Capital social d'un montant de 100 000,00 euros decompose en 5 000 titres d'une valeur nominale de 20,00 euros.
[
·-~:-:;---
.
.
..~~·----~--------------
Titres composant le capital social au debut de l'exercice
5 000
20,00
5 000
20,00
Titres emis pendant l'exercice Titres rembourses pendant l'exercice Titres composant le capital social
a la fin de l'exercice
Affectation du resultat Decision de l'assemblee generale du 30/06/2011.
Report
a Nouveau de l'exercice precedent
Resultat de l'exercice precedent
1 623 891
Prelevements sur les reserves
Total des origines Affectations aux reserves
1 623 891 1 623 891
Distributions Autres repartitions Report
a Nouveau
Total des affectations
1 623 891
Periode du 01/01/2011 au 31/12/2011
.._;ff
,__/_s_A_S_A_N_T_A_V_IA _______________
Comptes Annuels /
Tableau de variation des capitaux propres Soldeau 0110111011
Capital Primes d'emission
AugmeJJtatl
Affectation des resultats
100 000
100 000'
36 865
36 865. 10 000 4 940 658'
Reserves generales
10 000 3 316 768
1 623 891
Resultat de l'exercice
1 623 891
-1 623 891'
Reserve legale
Total Capitaux Propres
. Diminutions
1 442 685,
5 087 523
1442685
1 442 685
6 530 208
Provisions Tableau des provisions ~~
[
f
Provisions
Dotatlems
R~es
au;deb.ut dit..t'exerclce
de111'~rctce
utills'ees de i•ex«rclce
·
6 781.
Litiges
Reprises , n:o"D utill$fles de l'exerclce
'.Pro•ions $ia fill de 1••;e1ce 6 781
Garanties donnees aux clients Pertes sur marches
a terme
Amendes et penalites Pertes de change
12 319
10 561
12 319
17 342
I
12 318
10 561
12 318
17 342
Pensions et obligations similaires Pour impots Renouvellement des immobilisations Gros entretien et grandes revisions Charges sociales et fiscales sur conges
a payer
Autres provisions pour risques et charges
Total Repartition des dotations et des reprises de l'exercice : Exploitation
6 781
Financieres
10 561'
Exceptionnelles
Les provisions pour litiqes sont liees
a des marchandises deteriorees lors du transport
12 319
Periode du 01/01/2011 au 31/12/2011
,_/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,//
,
r
Comptes Annuels /
Notes sur le bilan
Dettes Etat des dettes Le total des dettes
a la cloture de l'exercice s'eleve a 1 952 241
. ___ L .---·----·~
.
_.
euros et le classement par echeance s'etablit comme suit:
.
M'ontaot
l!c!*m~•
E~ces
brut ammnliJ d'uo~aq il11plu~n1ao _.____..-....__---.,.--..___.._..__,,,_,_,,,
Emprunts obligataires convertibles Autres emprunts obligataires Emprunts et dettes aupres des etablissements de credit dont :
- a 1 an au maximum a l'origine - a plus de 1 an a l'origine Emprunts et dettes financieres divers Dettes fournisseurs et comptes rattaches Dettes fiscales et sociales
1 008 387
1008387
942 668
942 668
Dettes sur immobilisations et comptes rattaches
1 186
1 185'
Autres dettes Produits constates d'avance
Total
1 952 241
1 951 056
1 185
Emprunts souscrits en cours d'exercice Emprunts rembourses sur l'exercice dont :
Charges
a payer . !
Fact Non Parvenues
217 087 i
Conges A Payer
202 373
Prov.Participat.Salaries
198 489
Personnel Charges A Payer
121 259
Org.Soc. Charges A Payer
140 375 i
Etat Autres Ch. A Payer
Total
76 305
955 888
Periode du 01/01/2011 au 31/12/2011
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _// J
L _ __:
Comptes Annuels /
Notes sur le bilan
Autres informations Elements concernant les entreprises liees
...,
·---···--··-·-....,,,---w+'-~
r--,u·--~-~
·• efliil'EniJ~S •
;fki:tfc,l)'rj~e6
!Illes
.a~eoc1llen
·~--~-----~-----~--------~~-~-----........... ~"\_~~
..
---
cm Pa~lelpa"o~
•[I
j
Capital souscrit non appele Avances et acomptes sur immobilisations incorporelles Avances et acomptes sur immobilisations corporelles Participations Creances rattachees
a des participations
Pre ts Autres titres immobilises Autres immobilisations financieres
Total Immobilisations Avances et acomptes verses sur commandes 49 659
Creances clients et comptes rattacMs
143 254
Autres creances Capital souscrit appele, non verse
192 913
Total Creances Valeurs mobilieres de placement Disponibilites
Emprunts obligataires convertibles Autres emprunts convertibles Emprunts et dettes aupres des etablissements de credit Emprunts et dettes financieres divers Avances et acomptes rer;:us sur commandes en cours 35 066
Dettes fournisseurs et comptes rattaches Dettes sur immobilisations et comptes rattaches Autres dettes
35 066
Total Dettes
a 192 913€; les dettes concernant les a 35 066€ - leur repartition est detaillee dans le tableau ci dessus. II n'y a pas
Les creances concernant les entreprises liees ou avec un lien de participation s'elevent entreprises liees ou avec un lien de participation s'elevent
eu de charges et produits financiers concernant les entites liees.
·
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~// L·
7
Notes sur le bilan
Com(!tes de
reg~lllarisation
Charges constatees d'avance Ch~r9es
d'exploitatfon Charges Constat.D Avance
Total
24 357
24 357
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels
J
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Notes sur le compte de resultat Chiffre d'affaires
l
France Ventes de produits finis Ventes de produits intermediaires
1 240
1 240
Ventes de produits residuels Travaux Etudes Prestations de services
1852332
3 518 935
5 371 267
Ventes de marchandises
3 305 065':
4 738 312
8 043 377
4 465
25 471
29 936
5 161 862
8 283 958
13 445 820
Produits des activites annexes
TOTAL
Remuneration des commissaires aux comptes Montant comptabilise au titre des diligences liees
a la mission de controle legal des comptes annuels : 24 224 euros
Transferts de charges d'exploitation et financieres ''
"•'
•,
••
N
j: j
N$ture
"
~4
-"'--~------"'"-~---------------------~------"'"' Transfert de charges d'exploitation Transf.Charges D'Exploit.
53 459
Transf.Charges Ht
16 211 69 670
Les transferts de charges concernent principalement des remboursements d'indemnites journalieres, des remboursements de formations continues ou en alternances et enfin, des avantages en natures.
Parties liees Transactions effectuees avec des parties liees conclues aux conditions normales de marche - solde au 31/12/2011 :
Liste des transactions significatives - Creances clients avec AEM LTD pour un montant de 12 454 € - Creance solde IS avec AMETEK HOLDING pour un montant de 143 254 € - Creance client avec HSA pour un montant de 5 306 € - Creance client avec AMETEK CORPORATE pour un montant de 15 959 € - Creance client avec SINGAPOURE PTE LTD pour un montant de 15 940 € - Dette fournisseur avec HIGH STANDARD AVIATION pour un montant de 5 340 €
Periode du 01/01/2011 au 31/12/2011
'-/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,//
r--"-/
r
Comptes Annuels /
Notes sur le compte de resultat
•
- Dette fournisseur avec AMETEK CORPORATE pour un montant de 10 393 € - Dette fournisseur avec AMERON pour un montant de 2 605 € - Dette fournisseur avec WOODSTOCK pour un montant de 393 € - Dette fournisseur avec AEM LTD pour un montant de 16 335 €
Resultat exceptionnel Operations de l'exercice
Creances devenues irrecouvrables dans l'exercice
3 287
Autres charges exceptionnelles sur operations de gestion
183
Valeurs comptables des elements d'actif cedes
50142
Autres charges
796
Autres produits exceptionnels sur operations de gestion
860
Produits des cessions d'elements d'actif
7 801
Autres produits
2 981
TOTAL
54 407
11 642
Resu. . ltat et impots sur les benefices "'~~""'"""' -~""-""~
'"
~-
"~"
Ventilation de l'impot
2 404 605
734 921
+ Resultat exceptionnel
-42 765
-14 255
- Participations des salaries
198 489
+ Resultat courant
Resultat comptable
2 163 351
1669684' -28 510 198 489
720 666
1 442 685
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _~//
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Notes sur le compte de resultat Accroissements et allegements de la dette future d'impot La situation fiscale latente, compte tenu d'un taux d'imp6t sur les societes de 33 1/3 %, fait ressortir une creance future d'un montant de 81 301 euros. Ce montant ne tient pas compte d'un eventuel paiement de la contribution sociale sur les benefices.
Accroissements de la dette future d'impot Lies aux amortissements derogatoires Lies aux provisions pour hausse des prix Lies aux plus-values Lies
a reintegrer
a d'autres elements
A. Total des bases concourrant
a augmenter la dette future
Allegements de la dette future d'impot Lies aux provisions pour conges payes Lies aux provisions et charges Lies
a payer non deductibles
243 902
a d'autres elements
B. Total des bases concourrant a diminuer la dette future
243 902
C. Deficits reportables D. Moins-values
a long terme
Montant de la creance future
81 300,67
(A - B - C - D) * 33 1/3 %
lmp6t!; !;Ur les benefices - lnt~g_r.~.tion Ji~~ale~·-·-····-··-··A partir de l'exercice ouvert au 01/01/2010, la societe SAS ANTAVIA est comprise dans le perimetre d'integration fiscale du groupe AMETEK HOLDINGS SARL. Au titre de !'integration fiscale, montant compris dans l'imp6t sur les societes : Charges de l'exercice : 721 866 euros L'imp6t sur les societes comptabilise n'est pas altere par des conventions particulieres au groupe.
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~// ~'"
t
1
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Autres informations
Effectif moyen du personnel : 67 personnes dont 1 apprenti.
......:..... -· ~]
PeJ!SOnnel
salarle
atdl~poslllD,n ,,
----------~~----------------------------JO'-~~
Ouvriers
8 17 17 25
Total
67
Cadres Agents de maitrise et techniciens Employes
La loi du 4 mai 2004 ouvre pour les salaries des entreprises fram;aises un droit
a formation d'une duree de 20 heures minimum par an a la formation (D.LF) sont considerees
cumulable sur une periode de 6 ans. Les depenses engagees dans le cadre de ce droit individuel comme des charges de la periode et ne donnent pas lieu
a comptabilisation d'une provision sauf situation exceptionnelle.
Le nombre d'heures de formation correspondant au cumul des droits acquis par les salaries 6 095 heures n'ont pas fail l'objet d'une demande des salaries.
a la date de cloture s'eleve a 773 heures dont
.. ,_/_s_A_S_A_N_T_A_V_IA _______________
/
..../
~ff
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Autres informations
e..,g~gements
financiers
Engagements donnes
Effets escomptes non echus
Avals et cautions Engagements en matiere de pensions Engagements de credit-bail mobilier Engagements de credit-bail immobilier Engagement en matiere de retraite
Autres engagements donnes
Total
123 879
123 879
123 879
Don! concernant : Les dirigeants Les filiales Les participations Les autres entreprises liees Engagements assortis de suretes reelles
Montan! des engagements pris en matiere de pensions, complements de retraite et indemnites assimilees: 123 879 euros Le montant des engagements en matiere d'indemnites de fin de carriere d'un montant de 123 879€, non comptabilise, est precise ci apres. Les calculs ont ete effectues en utilisant la methode simplifiee avec integration des parametres suivants : - estimation turnover : 4% - probabilite de survie : 99% - evolution des salaires : 3% - age de depart
a la retraite : 65 ans
- !aux de charges : 40% - formule retenue: (98%) puissance n (n representant l'anciennete au depart du salarie) - Soit : indemnite globale de depart x (0.98) puissance n x anciennete actuelle/anciennete au depart. - taux d'actualisation : 2%
Regimes
a cotisations definies
Montan! des cotisations comptabilisees en charges : 0 euros
ANTAVIA
Societe par Actions Simplifiee Au capital de 100 000 € siege Social : 33 Route de Toulouse - 82170 DIEUPENTALE RCS MONTAUBAN 343 946 281
RAPPORT DE GESTION DU PRESIDENT EXERCICE CLOS LE 31/12/2011 POUR LA DECISION DE L'ASSOCIE UNIQUE DU 29 JUIN 2012 A 13 HEURES Cher associe unique, Conformement aux dispositions legislatives et reglementaires et aux stipulations des statuts de votre Societe, j'ai l'honneur de vous rendre compte de ma gestion et de soumettre a votre approbation les comptes de l'exercice clos le 31 decembre 2011. Taus les documents et pieces prevus par la reglementation en vigueur et les statuts de votre Societe ont ete tenus votre disposition dans les delais impartis.
a
ACTIVITE DE LA SOCIETE L'exercice a ete satisfaisant en termes d'activite. En effet, dans un contexte de crise financiere internationale et de crise sur le marche de la maintenance aeronautique, le chiffre d'affaires s'est maintenu. II s'eleve 13 445 820 euros contre 13 955 700 euros l'exercice precedent.
a
- Les ventes de marchandises, qui s'etablissent a 8 043 376 € ont enregistre une tres legere erosion de 3 % par rapport a 201 O et representent 59,80 % du chiffre d'affaires de l'annee, proportion comparable a celle de l'exercice precedent, - Les prestations de services qui s'etablissent 5 401 203, affichent un leger recul de 5,8 % quant elles par rapport 201 O et representent 40, 1O % du chiffre d'affaires.
a
a
a
La societe a realise en 2011, 61,70% de son chiffre d'affaires 58,80 % l'exercice precedent.
a l'etranger
contre
Le total des produits d'exploitation s'eleve a 13 390 796 € et representent 94 % des produits constates l'exercice precedent (14 240 110). Les charges d'exploitation ont diminue dans une proportion, legerement moindre, de 3,5 %, et s'elevent a 11 077 026 euros contre 11 469 976 euros l'exercice precedent. Cette diminution est due notamment a une baisse des « autres achats et charges un moindre recours la sous-traitance (-384 K€ par externes » liee notamment
a
a
.·
a
rapport l'exercice precedent) et precedent),
a !'interim
(- 111,7 K€ par rapport
a l'exercice
Le paste salaires et traitement a progresse de 10, 10 % du fait en particulier d'un effectif moyen en 2011 accru de 6 personnes (67 personnes) par rapport a 2010 (61 personnes). Compte tenu de ces elements, le resultat d'exploitation est un benefice de 2 313 769 euros contre un benefice de 2 770 134 euros en 2010.
Le resultat financier est un gain de 90 835 euros lie essentiellement : - Aux differences positives de change (109 K€) qui ant excede les differences negatives de change (77 K€), - A la reprise de la provision de 50 000 € sur titres de participation d'Helimaintenance lndustrie, les titres de cette societe ayant ete cedes pour un prix de 1 €. Cette cession a ete decidee du fait du defaut de la moindre visibilite sur la gestion de cette societe comme de la moindre perspective de dividendes. Apres: - Un resultat exceptionnel en perte de (42 765) euros du fait notamment de la mains value realisee sur la cession des titres d'Helimaintance lndustrie pour 1 €, - Une participation des salaries de 198 489 euros, - Un impot sur les societes de 720 666 euros,
L'exercice se solde par un benefice de 1 442 684 euros contre un benefice de 1 623 890 euros l'exercice precedent.
EVENEMENTS IMPORTANTS SURVENUS AU COURS DE L'EXERCICE ECOULE Neant.
EVENEMENTS L'EXERCICE
IMPORTANTS
SURVENUS
DEPUIS
LA
CLOTURE
DE
Conformement a la decision du Conseil d'administration du 14 mai 2012, le President la societe a ete habilite signer un contrat de pret d'une somme de 2 000 000 Ametek Material Analysis Holdings GmbH.
a
€a
Ce pret participe au financement de !'acquisition Direl Holding GmbH, Bonndorf im Schwarzwald, immatriculee au registre commercial de Freiburg, societe mere de Dunkermotoren GmbH, un leader sur le marche des solutions avancees de controle du mouvement pour un large spectre d'application motorisees. Les principaux termes et conditions de ce pret sont les suivants: • Montant: 2 millions d'Euros ;
2
•Duree : 3 mois renouvelable une fois par tacite reconduction ; •Amortissement: le capital sera dO au terme et payable en une seule fois ; • Taux d'interet: Euribor 3 mois + 107 points de base a la date du terme du pret; • Paiement des interets : a terme echu dans les 5 jours de la fin d'un trimestre. EVOLUTION PREVISIBLE DE LA SITUATION DE LA SOCIETE - PERSPECTIVES D'AVENIR
RECHERCHEETDEVELOPPEMENT Notre societe n'a pas eu d'activites de recherche et developpement au cours de l'exercice. DEPENSES ET CHARGES NON DEDUCTIBLES FISCALEMENT Le montant des depenses et charges non deductibles fiscalement visees par les articles 39-4 du Code General des lmpots que nous avons engagees au cours de l'exercice ecoule s'eleve a 16 833 euros correspondant a des amortissements excedentaires et autres amortissements non deductibles.
DELAIS DE PAIEMENT DES FOURNISSEURS Conformement aux articles L. 441-6-1 et D 441-4 du Code de commerce nous vous indiquons que la decomposition a la cloture des deux derniers exercices du solde des dettes a l'egard des fournisseurs par date d'echeance est la suivante (les montants mentionnes ci-apres sont en Euros) :
Ex.
Total dettes Fournisseurs
2010
882 532
Dettes non echues a la cloture de l'exercice echeance a Echeance Echeance est a plus de entre 30 et moins de 30 jours 60 jours 60 jours
323015,15
266914,43
Dettes echues a la cloture
2857,9
Factures non parvenues a la cloture
Ecart de conversion
261931,85
12318,87
217 087,49
10 561,44
15 494,09 2011
1 008 386,50
427 025,48
216 358,50
1 794,00 135 559,59
FILIALES ET PARTICIPATIONS Votre societe n'a pas de filiales ni de participations au sens de !'article L. 233-6 du Code de commerce.
CONVENTIONS VISEES A L'ARTICLE L 227-10 DU CODE DE COMMERCE
3
Vos commissaires aux comptes vous communiquent leur rapport sur ce point. II vous incombera de statuer sur ce rapport.
RENOUVELLEMENT D' ADMINISTRATION
DES
MANDATS
DES
MEMBRES
DU
CONSEIL
Les mandats de John Wesley HARDIN, Monsieur Alain IMRIE, Monsieur Stephane CAPPE, membres du conseil d'administration, arrivant a expiration a l'issue de la prochaine decision de l'Associe Unique, nous vous demandons de bien vouloir les renouveler pour une duree d'une annee, soit jusqu'a l'Assemblee Generale ou la decision de l'Associe Unique devant statuer sur les comptes de l'exercice clos le 31 decembre 2012. En ce qui concerne Monsieur John Smith, President, et Monsieur Laurent Bouissou, Directeur General, ii est rappele qu'ils sont membres de droit du Conseil d'administration en vertu de !'article 20 des statuts.
DIVIDENDES VERSES SOCIAUX
AU
COURS
DES
TROIS
DERNIERS
EXERCICES
Nous vous rappelons qu'il a ete verse les dividendes suivants au cours des trois derniers exercices :
Exercice
Distribution
Abattement de 40%
Sans abattement
31/12/2008 31/12/2009
1 500 000
1 500 000
31/12/2010
500 000
500 000
RESULT AT - AFFECTATION Nous vous proposons d'affecter le benefice de l'exercice s'elevant a 1 442 684 euros, comme suit: - Montant du poste « autres reserves » au 31 decembre 2011 avant affectation du benefice de l'exercice : ........................................................ 4 940 658 € - Affectation au poste « autres reserves »du benefice de l'exercice : ....... 1 442 684 € Solde du poste « autres reserves » apres affectation du benefice de l'exercice : ................................................................................................. 6 383 342 €
MANDAT D'UN DES DEUX COMMISSAIRES AUX COMPTES
Le mandat du co-commissaire aux comptes de la societe DELOITTE MARQUE ET GENDROT, anciennement denomme BOO MARQUE ET GENDROT, viendra expiration lors de votre decision sur !'approbation des comptes clos le 31 decembre 2011.
a
4
,
... II vous appartient de decider de renouveler ou non ce mandat, etant precise que la societe Antavia n'a pas obligation de designer deux commissaires aux comptes, et que le mandat du co-commissaire aux comptes ERNST & YOUNG AUDIT ne prendra fin que lors de la decision de l'associe unique ou le cas echeant de la collectivite des associes sur !'approbation des comptes au 31 decembre 2012. Faute d'obligation pour Antavia de designer deux commissaires aux comptes nous le mandat venant a echeance. vous proposons de ne pas renouveler I I
PRESENTATION DES COMPTES
Nous vous presentons approbation.
le~
comptes annuels que nous soumettons
a
votre
1
Les regles de presentation et les methodes d'evaluation retenues pour I l'etablissement de ces documents sont conformes a la reglementation en vigueur. I
Vous trouverez dans l'annex~ toutes explications complementaires.
I Vos Commissaires aux Comptes relatent dans leurs rapports l'accomplissement de leurs missions.
Nous vous invitons
a adopter les resolutions que nous soumettons a votre vote.
Fait a DIEUPENTALE,
I
Le 12 juin 2012 LE PRESIDENT John Smith
5
ANTAVIA
Societe par Actions Simplifiee Au capital de 100 000 € siege Social: 33 Route de Toulouse - 82170 DIEUPENTALE RCS MONTAUBAN 343 946 281
PROCES-VERBAL DES DECISIONS DE L'ASSOCIE UNIQUE EN DATE DU 29 JUIN 2012 EXTRA IT
TROISIEME DECISION
L'Associee Unique decide d'affecter le benefice de l'exercice s'elevant euros au paste « autres reserves » comme suit :
a 1 442 684
- Montant du paste « autres reserves» au 31 decembre 2011 avant affectation du benefice de l'exercice : ........................................................ 4 940 658 € - Affectation au paste« autres reserves» du benefice de l'exercice : ....... 1 442 684 € Saide du paste « autres reserves» apres affectation du benefice de l'exercice : ................................................................................................. 6 383 342 € L'Associee Unique prend acte que sont intervenues au cours des 3 derniers exercices les distributions de dividendes suivantes : Exercice
Distribution
31/12/2008 31/12/2009 31/12/2010
Abattement 40%
de Sans abattement
I '
1 500 000 I 500 000
Pour extrait conforme LE DIRECTEUR GENERAL
-~:!~--
1 500 000 500 000
Periode du 01/01/2013 au 31/12/21
~/_s_A_S~A_N_T_A_V_IA~~~~~~~~~~~~~~~~#~~--::;;;;C~o~m~p~t_es~A_n_n_u_e~ls Bi la n
u~~UlH au Greffe le··---
Brut
Amortlss~ments
CAPITAL SOUSCRIT NON APPELE Immobilisations incorporelles Frais d'Stablissement
Frais de recherche et de developpement Concessions, brevets et droits assimiles Fonds commercial Autres immobilisations incorporelles
504 835 19 056
133 883
370 952 19 056
433 150 19 056
747011 870 032 230 760 21 848
659 391 614 465 170 282
87 620 255 567 60 479 21 848
47144 146 012 42 863 4 036
1 658
1 579
Immobilisations corporelles Terrains Constructions Installations techniques, materiel et outillage Autres immobilisations corporeHes lmmob. en cours I Avances & acomptes
Immobilisations financieres Participations et creances rattachees Autres titres immobilises
1 658
Prbts
Autres immobilisations financieres
19 148 2 414 349
1 578 021
19 148 836 328
17 638 711 477
2 369 547
496 668
1 872 880
1513167
705 105
69 055
636 050
514 435
Clients et comptes rattaches Fournisseurs dGbiteurs Personnel
2 600 626 8 865 5 245
96 809
2 503 817 8 865 5 245
2 623 481 24196 10 118
Etat, lmp6ts sur les benefices Etat, Taxes sur le chiffre d'affaires Autres creances
135 249 3 500 000
135 249 3 500 000
138 362 3 532 500
17 202
17 202
14 411
3054818 20 389 12 417 047
662 532
3 054 818 20 389 11 764 515
1 300 266 31 406 9 702 343
2 240 553
10 133 10133 12 600 976
8 803 8 803 10 422 623
TOTAL ACTIF IMMOBILISE Stocks Matieres premieres et autres approv. En cours de production de biens En cours de production de services Produits intermediaires et finis Marchandises
Creances
Divers Avances et acomptes verses sur commandes Valeurs mobilieres de placement Disponibilites Charges constatees d'avance
TOTAL ACTIF CIRCULANT
a
Charges rE!partir sur plusieurs exercices Prime de remboursement des obligations Ecarts de conversion - Actif
COMPTES DE REGULARISATION TOTAL ACTIF
10 133 10133 14 841 528
Period• du 01/01/2013 au 31/12/2(
~/_s_A_S~A_N_T_A_V_IA~~~~~~~~~~~~~~~~J~f~~~C_o_m_p_t_e_s_A_n_n_u_e_ls_ Bi Ian Net au 31/12/13
Netllu 31/.12/12
PASSIF Capital social au individuel
Primes d'E!mission, de fusion, d'apport, .
100 000 36 865
100 000 36 865
10 000
10 000
7 890 170
6 383 343
1 883 142
1 506 827
9 900 177
8 037 035
10 133
8 803
10 133
8 803
108 612 92 511 1 219 074
Ecarts de reevaluation
Reserve 10gale Reserves statutaires ou contractuelles Reserves r0glementees
Autres reserves Report a nouveau
R09ultat de l'exercice Subventions d'investissement Provisions rE!glementees
TOTAL CAPITAUX PROPRES Produits des emissions de titres participatifs Avances conditionnees TOTAL AUTRES FONDS PROPRES Provisions pour risques Provisions pour charges TOTAL PROVISIONS POUR RISQUES ET CHARGES Emprunts obligataires convertibles Autres emprunts obligataires
Emprunts
oecouvert.s et concours bancaires Emprunts et dettes aupres des etablissements de credits
Emprunts et dettes financi0res diverses Emprunts et dettes financieres diverses - Associes
Personnel
643 409
42 549 120 142 1 011 989 609 456
Organismes sociaux
452 895
415701
125 905 1 222 209 1 186 38 974
92 093 1117 250 1 186 80 257
2 682 587 8 099
2 373 374 3 412
12 600 976
10 422 623
Avances et acomptes reyus sur commandes en cours Dettes fournisseurs et comptes rattaches
Etat, lmpOts sur Jes benefices Etat, Taxes sur le chiffre d'affaires Etat, Obligations cautionnees Autres dettes fiscales et socia/es Dettes fiscales et sociales Dettes sur immobilisations et comptes rattaches Autres dettes Produits constates d'avance TOTAL DETTES Ecarts de conversion - Passif
TOTAL PASSIF
Periode du 01/01/2013 au 31/12/20
~/_s_A~S_A_N_T_A_V~IA~~~~~~~~~~~~~~~~~J~f~~~C_o_m~p_te_s~A_n_n_u_e_ls~, Compte de resultat du 01101113 au 31/12/13 12 moia
%
du 01/01/12 au 31/12/12 12 moia
%
Variation
Var.
relative
rat
(montant)
(%)
PRODUITS Ventas de marchandises Production vendue
15265852 70 292
100,00 0,46
13 807 593 39 388
100,00 0,29
1 458 259 30 904
10,56 78,46
113411 15 449 555
0,74 101,20
73 761 13 920 743
0,53 100,82
39 650 1 528 812
53,75 10,98
6 833 686 -388 380 1 856 745 8 302 050
44,76 -2,54 12, 16 54,38
5 857 463 122 718 1 326 327 7 306 508
42,42 0,89 9,61 52,92
976 223 -511 098 530 417 995 542
16,67 -416,48 39,99 13,63
7147 504
46,82
6 614 234
47,90
533 270
8,06
243 002 2 600 020 1114 899 201 793 32 4 159 746
1,59 17,03 7,30 1,32
1,96 17,53 7,77 3,16
27,25
270 398 2 419 960 1 073 235 435 801 45 4 199 439
30,41
-27 395 180 060 41 665 -234 008 -14 -39 693
-10, 13 7,44 3,88 -53,70 -29,96 -0,95
2 987 758
19,57
2 414 795
17,49
572 963
23,73
74478 14 955 59 523
0,49 0,10 0,39
47 603 27 747 19 856
0,34 0,20 0,14
26 875 -12 792 39 667
56,46 -46, 10 199,77
3 047 281
19,96
2434 851
17,83
812 629
25,16
Resultat exceptionnel
3 272 5 818 -2 546
0,02 0,04 -0,02
54 616 22 667 31 948
0,40 0,16 0,23
-51 343 -16 849 -34 494
-94,01 -74,33 -107,97
Participation des salaries lmp6ts sur les benefices
238 684 942 909
1,56 6,18
195 360 764 413
1,41 5,54
43 324 178 496
22,18 23,35
1 863142
12,20
1506827
10,91
356 315
23,65
Production stockee Subventions d'exploitation Autres produits
Total CONSOMMATION MISES & MAT Achats de marchandises Var'1ation de stock (mises) Achats de m.p & aut.approv. Variation de stock (m.p.) Autres achats & charges extefnes
Total MARGE SUR MISES & MAT CHARGES lmp6ts, taxes et vers. assim. Salaires et Traitements Charges sociales Amortissements et provisions Autres charges
Total RESUL TAT D'EXPLOITATION Produits financiers
Charges financieres
Resultat financier Operations en commun
RESUL TAT COURANT Produits exceptionnels Charges exceptionnelles
RESULTAT DE L'EXERCICE
Periade du 01/01/2013 au 31/12/20
L/_s_A_S~A_N_T_A_V_IA~~~~~~~~~~~~~~~--'J~f~~~C_o_m~p_t_e_s_A_n_n_u_e_ls~I Regles et methodes comptables oesignation de la societe: SAS ANTAVIA Annexe au bilan avant repartition de J'exercice clos le 31/1212013, dont le total est de 12 600 976 euros et au compte de resultat de l'exercice, presente sous tonne de Jiste, degageant un benefice de 1 863 142 euros. L'exercice a une dun~e de 12 mois, recouvrant la pSriode du 01 /01/2013 au 31 /12/2013. Les notes ou tableaux ci-apres font partie integrante des comptes annuals. Ces comptes annuers ont
ete arretes le 05/05/2014 par les dirigeants de l'entreprise.
Regles generales Les comptes annuels de l'exercice au 31/12/2013 ant
ete etablis selan les normes d9f1nies par le plan comptable general approuve par
arrete ministeriel du 22/06/1999, en application des articles L. 123-12
a L.
123-28 et R. 123-172
a R. 123-208 du code de commerce et
conformement aux dispositions des reglements comptables revisant le PCG etablis par l'autorite des normes comptables. Les conventions comptabJes ont ete appliquees avec sincerite dans le respect du principe de prudence, conformement aux hypotheses de
base: - continuite de l'expJoitation,
- permanence des methodes camptabJes d'un exercice
a l'autre,
- independance des exercices. et conformement aux regles generales d'etablissement et de presentation des comptes annuels.
La methode de base retenue pour 1'8valuation des elements inscrits en comptabilite est la mE!thode des coats historiques. Seules sent exprimees les informations significatives. Sauf mention, les montants sont exprimes en euros.
Immobilisations corporelles et incorporelles Les immobilisations corporelles et incorporelles sont evaluees
a leur coot d'acquisition pour res actifs acquis a titre onereux, a leur coat de
production pour les actifs produits par l'entreprise, a leur valeur venale pour les actifs acquis a titre gratuH: et par voie d'9change. Le coUt d'une lmmobilisatian est constitue de son prix d'achat, y compris les droits de douane et taxes non recup6rabJes, apres deduction des remises, rabais commerciaux et escomptes de rG:glement de tousles
coots directement attribuables engages pour mettre l'actif en
place et en etat de fonctianner selon !'utilisation prevue. Les droits de mutation, honoraires au commissions et frais d'actes lies
a
!'acquisition, ne sent pas rattaches ace coat d'acquisition. Taus les coots qui ne font pas partie du prix d'acquisition de l'immobilisation et qui ne peuvent pas etre rattaches directement aux coots rendus necessaires pour mettre l'actif en place et en etat de fonctionner conforrnement a !'utilisation prevue, sont comptabilises en charges. Amortissements Les amortissements pour depreciation sent calcules suivant le mode lineaire et degressif en fonction de la duree de vie prevue. *Concessions, logiciels et brevets: 1
a 7 ans
* Constructions : 1O a 50 ans * Agencements des constructions: 6 a 10 ans * Installations techniques : 4 a 6 ans * Materiel et outillage industriels : 4 a 6 ans "Installations generales, agencements et emenagements divers: 6 a 10 ans *Materiel de transport: 3 a 5 ans *Materiel de bureau: 4 a 5 ans "Materiel informatique : 4 a 5 ans * MobiJier: 6
a 10 ans
I SAS ANTAVIA
#
Periode du 01101/2013 au 31/1212013
Comptes Annuels /
Regles et methodes comptables La duree d'amortissement retenue par simplification est la duree d'usage pour les biens non d0composables a l'origine.
Stocks Les coats d'acquisition des stocks comprennent le prix d'achat, les droits de douane et autres taxes, a l'exclusion des taxes ulterieurement recuperables par l'entite aupres des administrations fiscales, ainsi que les frais de transport, de manutention et autres coots directement attribuables au coot de revient des metieres premieres, des marchandises, des encours de production et des produits finis. Les rabais
commerciaux, remises, escomptes de reglement et autres elements similaires sont dE!duits pour determiner les coats d'acquisition. Les produits fabriques sont valorises au coot de production comprenant les consommations, Jes charges directes et indirectes de production, les amortissements des biens concourant interets sont exclus pour la valorisation des stocks.
a la production. Le coat de la sous activitS est exclude la valeur des stocks. Les
Les stocks sont evalues suivant la methode du coat moyen pondere. Pour des raisons pratiques et sauf ecart significatif, la methode du prix de detail a ete appliquee. Une provision pour depreciation des stocks egale a la difference entre la valeur brute determinee suivant les modalitSs indiquees ciRdessus et le cours du jour ou la valeur de realisation deduction faite des frais proportionnels de vente, est effectuee lorsque cette valeur brute est superieure a l'autre terme enonce.
Creances Les creances sont valorisees a leur valeur nominale. Une provision pour depreciation est pratiquee lorsque la valeur d'inventaire est inferieure a la valeur comptable.
Provisions Toute obligation actuelle resultant d'un evenement passe de l'entreprise a l'E:gard d'un tiers, susceptible d'etre estimee avec une frabilite suffisante, et couvrant des risques identifies, feit l'objet d'une comptabilisation au titre de provision.
Produits et charges exceptionnels Les produits et charges exceptionnels tiennent compte des e1ements qui ne sont pas lies a l'activite normale de l'entreprise.
Operations en devises Lors d'acquisition d'actif en monnaie etrangere, le taux de conversion utilise est le taux de change a la date d'entree ou, le cas echeant, celui de la couverture si celleRci a ete prise avant !'operation. Les frais engages pour mettre en place les couvertures sont Sgalement integres au coat d'acquisition. Les dettes, creances, disponibilites en devises figurent au bilan pour leur contreRvaleur au cours de fin d'exercice. La difference resultant de !'actualisation des dettes et creances en devises ace dernier cours est portee au bilan en ecart de conversion. Les pertes latentes de change non compensees font l'objet d'une provision pour risques, en totalite suivant les modalites reglementaires.
Engagement de retraite La convention collective de l'entreprise prevoit des indemnites de fin de carriere. Aucun accord perticulier n'a ete signe. Les engagements correspondants n'ont pas ete constates sous forme de provision.
Periode du 01/01/2013 au 31/12/20
L/_s_A_S~A_N_T_A_V_IA~~~~~~~~~~~~~~~~}Lf~~~c_o_m_p_t_e_s_A_n_n_u_e_ls~1 Regles et methodes comptables Credit d'impot competitivite et emploi Le credit d'impOt competitivite emploi (CICE) correspondant aux remunerations eligibles de l'annee civile 2013 a ete constate pour un montant de 69 930 euros. Conformement a la recommandation de l'Autorite des normes comptables, le produit correspondant a ete porte au credit du compte 649 - Charges de personnel - CJCE. Le produit du CICE comptabilise au titre de l'exercice vient en diminution des charges d'exploltation et est impute sur l'impOt sur les societes dO au titre de cet exercice.
ff
I SAS ANTAVIA
Periode du 01/01/2013 au 31/121201
Comptes Annuels
Faits caracteristiques Autres elements significatifs Les creences douteuses sont provisionnees
a hauteur de 100°/o de leurs montants HT.
La societe ANTAVIA est entree en 2010 dans le perimetre d'integration fiscale du Groupe AMETEK HOLDINGS SARL. La societe ANTAVIA fa it l'objet d'une consolidation du Groupe AMETEK HOLDINGS SARL. La societe ANTAVIA a migre en 2012 son logiclel de gestion de production ainsi que la partie comptable sur le logiciel Groupe QUANTUM. Les comptes sont tenus en U.S.-GAAP, et retraites pour repandre aux normes comptables Fran~ises.
j
Periode du 01/01/2013 au 31/12/201
I SAS ANTAVIA
//
Comptes Annuels /
Notes sur le bilan Actif immobilise Tableau des immobilisations Au debut
Aug!'!lentatlon
Diminutl0-!1
d'exerclce
En fin d'exercice
- Frais d'etablissement et de df!veloppement - Fonds commercial - Autres postes d'immobilisations incorporelles
Immobilisations incorporelles
19 056 494 369 513 425
19 056 504 835 523 891
10 467 10 467
- Terra·ins - Constructions sur sol propre
149180
149180
- Constructions sur sol d'autrui - Installations generales, agencements et amenagements des constructions
536 196
61 635
597 831
- Installations techniques, materiel et outillage industriels
700 177
169 855
870 032
106 201
35 328
11 317 77 914 141 529
4 036
21 847
4 035
21 848
1 585 020
288 666
4 035
1 869 651
1 579 17 638 19 217
80 1 510 1 590
2117 662
300 722
- Installations generales, agencements amenagements divers - Materiel de transport - Materiel de bureau et informatique, mobilier - Emballages recuperables et divers - Immobilisations corporelles en cours
11 317 77 914
- Avances et acomptes
Immobilisations corporelles - Participations evaluees par mise en equivalence - Autres participations - Autres titres immobilises - Prets et autres immobilisations financiE!res
Immobilisations financieres ACTIF IMMOBILISE
1 658 19 148 20 807 4 035
2 414 349
Periode du 01/01/2013 au 31/12/20
I SAS ANTAVIA
Comptes Annuels I
Notes sur le bilan Les flux s'analysent comme suit:
lmmobllisatioiis incorporell"'!
lmmoblllsationio corpo~Jles
lmmoblllsat1011s financieres
Total
Ventilation des augmentations Virements de poste
a poste
V1rements de l'actif circulant Acquisitions
10 467
288 666
1 590
300 722
10 467
288 666
1 590
300 722
Apports creations Reevaluations
Augmentations de l'exerc1ce
Ventilation des diminutions Virements de paste
a paste
4 035
4 035
4 035
4 035
V1rements vers l'actif circulant Cessions Scissions Mises hors service
Diminutions de l'exercice
Immobilisations incorporelles Fonds commercial
31/12/2013 Elements achetes
E1ements reeva1ues Elements re9us en apport
Total
19 056
19056
Le fonds commercial a eta constitue lors de la creation de la societe en 1989. Monsieur ANTOINE, a cree cette societe en apportant le fonds de commerce de son activit8 d'artisen (principal client Airbus). II est done rattache au coeur de metier de la societe et n'a pas lieu d'l§tre depr8cie.
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff
Periods du 0110112013 au 311121201
Comptes Annuels /
Notes sur le bilan Amortissements des immobilisations Au debut de
Augmentation
l'exerclce - Frais d'etablissement et de developpement - Fonds commercial - Autres pastes d'immobilisations incorporelles
Immobilisations incorporelles
61 219 61 219
72 664 72664
Diminutions
A la fin de l'exerclce
133 883 133 883
- Terrains - Constructions sur sol propre
- Constructions sur sol d'autrui - Installations generales, agencements et amenagements des constructions - Installations techniques, materiel et outillage industriels - Installations generales, agencements amenagements divers
149 180
149180
489 052
21 159
510 211
554 165
60 299
614 465
8 505 61 386 82 679
434 5 962 11 317
8 940 67 347 93 995
Immobilisations corporelles
1 344 966
99 171
1444137
ACTIF IMMOBILISE
1 406 185
171 836
1 578 021
- Materiel de transport
- Materiel de bureau et informatique, mobilier - Emballages recuperables et divers
Periode du 01101/2013 au 31112120
I SAS ANTAVIA
II
Comptes Annuels 1
Notes sur le bilan Actif circulant Stocks Informations sur les evaluations effectuees sur l'exercice : - Stocks pieces : prix d'achats du lot plus frais de transport si applicable. - En cours: prix d'achats des pieces plus main d'oeuvre.
Etat des creances Le total des creances
a la c16ture de l'exercice s'eleve a 6 289 523 euros et le ciassement d9taille par echeance s'etablit comme suit: Montan(:
Echaances
brut
a moills q'.un an
EchOances
a plus d'un 'an
Creances de l'actif immobilise :
Creances rattachees a des participations Pr~ts
Autres
19 148
19 148
Creances de l'actif circulant :
Creances Clients et Comptes rattaches
2 600 626
Autres
3 649 359
2 486 503 149 359
20 389
20 389
6 289 523
2 656 251
114 123 3 500 000
Capital souscrit - appele, non verse Charges constatees d'avance
Total Pr~ts
accord8s en cours d'exercice
Prl!!ts recuperes en cours d'exercice
3 633 271
Periode du 01/01/2013 au 31 /121201:
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff
Comptes Annuels
Notes sur le bilan Capitaux propres Composition du Capital Social Capital social d'un montant de 100 000,00 euros decompose en 5 000 titres d'une valeur nominale de 20,00 euros.
Affectation du resultat Decision de l'assemblee generale du 28/06/2013.
Montan! Report a Nouveau de l'exercice pr800dent Resultat de l'exercice precedent Pr81Svements sur Jes reserves
Total des origines
1 506 827
1 506 827
Affectations aux reserves Distributions Autres repartitions Report a Nouveau
1 506 827
Total des affectations
1 506 827
J
#
/SAS ANTAVIA
t-'enoae au
u uu-11..::u 1-'
au
..:i 11 1Lt Lu 1..:i
Comptes Annuels /
~~~~~~~~~~~~~~~~~~~~~~~~~~~
Notes sur le bilan Tableau de variation des capitaux propres Soldeau 01/01/2013 Capital Primes d'Smission
AffectaHon des resultata
: Augn:-entationa
--ptrninutions
Soldeau 3111212013
100 000
100 000
36 865
36 865
Reserves generales
10 000 6 383 343
1 506 827
1 506 827
Resultat de l'exercice
1 506 827
-1 506 827
1 863 142
1 506 827
1863142
3 369 969
1 506 827
9 900 177
Reserve 1egale
Total Capitaux Propres
8 037 035
10 000 7 890 170
Provisions Tableau des provisions Provisions
Dotatlons,
~prises
eu debut__
de l'exerclc;:e "--
;· Utuiaees
Reprises non utllisees
Provisions ~ la fin
": i'.exercice
de l'e1Cerclce
de l'exerclce
de
l'exerclc·e~:-i~:
Litiges Garanties donnees aux clients Pertes sur marches
a terme
Amendes et penalites Pertes de change
8 803
10 132
8 802
10 133
8 803
10 132
8 802
10 133
10 133
8 803
Pensions et obligations similaires Pour imp6ts Renouvellement des immobilisations Gros entretien et grandes revisions Charges sociales et fiscales sur conges a payer Autres provisions pour risques et charges
Total Repartition des dotations et des reprises de l'exercice : Exploitation Financieres Exception netles
Penode du u11u11<::u1J au Jll1Lltu1s
L/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _~#
Comptes Annuels
Notes sur le bilan Dettes Etat des dettes Le total des dettes
a la cloture de l'exercice s•e1eve a 2 590 056 euros et le classement detaille par echE!ance s'etablit comma suit: }s~
Echtlance&· ~ plus (l·~n an "·:-).
•,;',
Ech6anee&
'a plus ds 5 ans
Emprunts obligataires convertibles (*) Autres emprunts obligataires (*) Emprunts (*)et dettes aupres des etablissements de credit dont : ~
a 1 an au maximum a l'origine
~
a plus de 1 an a l'origine
Emprunts et dettes financieres divers (*) Dettes fournisseurs et comptes rattaches Dettes fiscales et sociales
1219074 1 222 209
1219074 1 222 209
1 186 147 586
147586
2 590 056
2 588 871
Dettes sur immobilisations et comptes rattaches Autres dettes (.. )
1 185
Produits constates d'avance
Total
1185
{*) Emprunts souscrits en cours d'exercice {*) Emprunts rembourses sur l'exercice dont: (**) Dant envers Groupe et associes
Charges
108 612
a payer Montant
Fact Non Parvenues
328 569 244218 238 684 160 161 217 285 125 905 21 797
Conges A Payer Prov. Participat Salaries Personnel Charges A Payer Org.Soc. Charges A Payer Etat Autres Ch. A Payer Clients Rrr&Av.A Accord.
Total
1 336 619
~/___c_A_B_1N_E_r_sv_N_A_LL_1A_N_C_E_~li~!___,_,_'_"'-""-'-''-m_o_s_,,_·11a_ud_,_1_5o_o_ro_u_L_o_us_E_ _~//
re1. 05 61616180
I
j
Notes sur le bilan Elements concernant les entreprises liees Entreprl~s
11ees~
Entreprlses
avec lien
de participation Capital souscrit non appele Avances et acomptes sur immobilisations incorporelles Avances et acomptes sur immobilisations corporelles
Participations Creances rattachees
a des participations
Pr~ts
Autres titres immobilises Autres immobilisations financieres
Total Immobilisations Avances et acomptes verses sur commandes
Creances clients et comptes rattaches
37 931 3 500 000
Autres creances Capital souscrit appele, non verse
Total Creances
3 537 931
Valeurs mobilieres de placement Disponibilites
Emprunts obligataires convertibles Autres emprunts convertibles Emprunts et dettes aupres des etablissements de credit Emprunts et dettes financieres divers
108 612
Avances et acomptes reyus sur commandes en cours Dettes fournisseurs et comptes rattaches
38 418
Dettes sur immobilisations et comptes rattaches
Autres dettes
Tota I Dettes
147 030
a 3 527 931€; les dettes concernant les a 147 030€ - leur repartition est d9taillee dans le tableau ci dessus. Les
Les creances concernant les entreprises liees ou avec un lien de participation s'elevent entreprises liees ou avec un lien de participation s'elevent produits financiers concernant les entites liees s'elevent
a 64 996 euros.
Periode du 0110112013 au 3111212013
I SAS ANTAVIA
//
Comptes Annuels
Notes sur le bilan Comptes de regularisation Charges constatees d'avance
Charges Constat.D Avance
Total
Charges
Charges
Charges
d'exploitation
Financreres
Exceptlonhell~s
20 389
20 389
j
Notes sur le compte de resultat Chiffre d'affaires
France
Etranger
Total
Vantes de produits finis Ventes de produits intermediaires Ventes de produits residuels Travaux Etudes Prestations de services
5 977167
9 266 664
15 265 652
5 977 167
9 288 684
15 265 852
Ventas de marchandisas Produits des activites annexes
TOTAL
Charges et produits d'exploitation et financiers Remuneration des commissaires aux comptes Montant comptabilise au titre des diligences liees a la mission da contrOle 1egal des comptes annuels: 25 446 euros
Transferts de charges d'exploitation et financieres Nature
Exploitation
Financier.
Transfert de chargas d'exploitation
Transf.Charges D'Exploit. Transf.Charges Ht
Total
55 645 6165 62 030 62 030
Les transferts de charges concernent principalement des remboursements d'indemnites journalieres, des remboursements de formations
continues ou en alternances et enfin, des avantages en natures.
Parties liees Transactions effectuees avac des parties uees conclues aux conditions normales de marche - solde au 31/1212013: - Creance client avec HSA pour un montant de 159 euros - Creance avec AMETEK MATERIAL ANALYSIS HOLDINGS pour un montant de 3 500 000 € Dette fournisseur avec AEM LTD pour un montant de 8 669 € - Dette fournisseur avec AMERON pour un montant de 158 € - Detta fournisseur avec ADVANCED INDUSTRIES pour un montant de 624 € - Dette fournisseur avec ADVANCED INDUSTRIES pour un montant de 12 945 € - Dette fournisseur avec AMETEK FRANCE pour un montant de 2 069 € Dette fournissaur avec CAMECA pour un montant de 3 996 € - Dette fournisseur avec HIGH STANDARD AVIONICS pour un montant de 5 977 €
,__/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _~J
Periode du 01/01/2013 au 31/1212013
Comptes Annuels /
Notes sur le compte de resultat - Dette fournisseur avec MUIRHEAD AVIONICS pour un montant de 1 302 € - Detta fournisseur avec AMETEK INC BERWYN pour un montant de 1 749 € - Dette fournisseur avec AMETEK ROTRON pour un montant de 928
€
- nee clie avec AMETEK HOLDING pour un montant de 108 612 € - Creance client avec SINGAPORE Pte ILD pour un montant de 27 771 €
Charges et Produits exceptionnels Resultat exceptionnel Operations de l'exercice
Charge&
Prodults 5 818
Penalites sur marches Autres produits exceptionnels sur operations de gestion
3 272
TOTAL
5818
3272
Resultat et impots sur les benefices Ventilation de l'impot Resultat
lmp6t cOrrespondant
avant lmp6t + R9sultat courant
3 047 281
+ Resultat exceptionnel - Participations des
salaries
Resultat comptable
942 909
Resultat a pres lmp6t
2 104 372
-2 546
-2 546
238 684
238 684
2 806 051
942 909
1 863 142
/ SAS ANTAVIA
ff
Periode du 0110112013 au j1/1i/iUl:J
~~~~~~~~~~~~~~~~~~~~~~~~~~~
Comptes Annuals /
Notes sur le compte de resultat Accroissements et allegements de la dette future d'impot La situation fiscale latente, compte tenu d'un taux d'impOt sur les societes de 331/3 °/o, fait ressortir une creance future d'un montent de 90 825 euros. Ce montant ne tient pas compte d'un eventuel paiement de la contribution sociale sur les benefices.
Montani Accroissements de la dette future d'impot Lies aux amortissements derogatoires Lies aux provisions pour hausse des prix Lies aux plus-values a reintegrer Lies a d'autres elements
A. Total des bases concourrant
a augmenter fa dette future
Allegements de la dette future d'impot lies eux provisions pour conges payes lies eux provisions et charges a payer non deductibles de l'exercice
272 474
lies a d'autres elements
B. Total des bases concourrant a dim1nuer la dette future
272 474
C. Deficits reportables D. Moins-values
a long terme
Montan! de la creance future
90 825
(A - B - C - D) • 33 113 %
lmpots sur les benefices - Integration fiscale A partir de l'exercice ouvert au 01/01/2010, la societe SAS ANTAV1A est comprise dans le perimetre d'integration fiscale du groupe AMETEK HOLDINGS SARL. Au titre de !'integration fiscele, montant compris dans l'impOt sur les soci0tes : - Charges de l'exercice : 942 909 euros
I SAS ANTAVIA
ff
Perioae au u11u11:tu1 J au .j·111L1Lu·1.j
Comptes Annuels /
Autres informations Effectif Effectif moyen du personnel : 74 personnes.
Personnel mis ~ disposition ..
·Personnel , "•larie Cadres
'
7
Agents de maitrise et techniciens
18
Employes Ouvriers
21 28
3
Total
74
3
Droit lndividuel
a la Formation
La loi du 4 mai 2004 ouvre, sous certaines conditions, pour les salaries des entreprises franyaises un droit a formation d'une duree de 20
a la formation a comptabilisation d'une provision sauf situation
heures minimum par an cumulable sur une periode de 6 ans. Les d6penses engagees dans le cadre de ce droit individuel (D.l.F) sent consid0r0es comme des charges de la periode et ne donnent pas lieu exceptiannelle.
Le nombre d'heures de formation correspondant au cumul des drolts acquis par les salaries a la date de cl6ture s·e1eve ai 6 639 heures dont 6 482 heures n'ont pas fait l'objet d'une demande des salaries.
Perioae cu
/'-_S_A_S_A_N_T_A_V_IA _______________
__,#
u·11u·11LU 1-'
au .) II
Comptes Annuels /
Autres informations Engagements financiers Engagements donnes Montanten
euros Effets escomptes non echus Avals et cautions Engagements en matiere de pensions Engagements de credit-bail mobilier Engagements de credit-bail immobilier Engagement en matiere de retraite
Autres engagements donnes
Total
152 845
152 845
152 B45
Dent concernant : Les dirigeants Les filiales Les participations Les autres entreprises liees Engagements assortis de suretes reelles
Engagements de retraite Montant des engagements pris en matiere de pensions, complements de retraite et indemnities assimilees : 152 845 euros Le montant des engagements en matiere d'indemnites de fin de carriere d'un montant de 152 845€, non comptabilise, est precise ci apres. Les calculs ant ete effectues en utilisant la mE!thode simplifiee avec integration des parametres suivants: - estimation turnover : 4°10 - probabilit9 de survie : 99°/o - evolution des selaires : 3°,b - a:ge de depart
a la retraite : 65 ans
- taux de charges : 40% - formule retenue : (98°/o) puissance n (n representant l'anciennete au depart du salarie) - Solt: indemnite globale de depart x (0.98) puissance n x anciennete actuelle/anciennete au depart. - taux d'ectualisation: 2°10
Credit d'impot competitivite et emploi Le CICE ayant pour objet le financement de !'amelioration de la competitivite des entreprises a travers notamment des efforts en matiere de reconstitution de leur fonds de roulement.
I LI.LU I,)
ANTAVIA Societe par Actions Simplifiee Au capital de 100 000 € siege Social: 33 Route de Toulouse - 82170 DIEUPENTALE RCS MONTAUBAN 343 946 281
EXTRAITS DU PROCES-VERBAL DES DECISIONS DE L'ASSOCIE UNIQUE EN DATE DU 30JUIN 2014
TROISIEME DECISION L' Associee Unique decide d'affecter le benefice de l'exercice s'elevant suit:
a 1863142 €,com me
- Montant du poste « autres reserves » au 31 decembre 2013 avant affectation du benefice de I' exercice : ..................................................................... 7 890 169 € - Affectation au poste « autres reserves» du benefice de l'exercice : .................... 1 863 142 € Solde du poste « autres reserves » apres affectation du benefice de I' exercice : ................................................................................................................. 9 753 311 €
L' Associee Unique prend acte que sont intervenues au cours des 3 derniers exercices les distributions de dividendes suivantes :
Exercice
Distribution
Abattement de 40%
Sans abattement
31/12/2010
500000
0
500 000
31/12/2011
0
0
0
31/12/2012
0
0
0
Pour certification conforme Le Directeur general
-
EXEMPLAIRE GREFFE
Antavia Exercice clos le 31 decembre 2013
Rapport du commissaire aux comptes sur les comptes annuels
ERNST & YOUNG
t~ud1i
I_
EY
Ernst & Young Audit Le Compans - lmmeuble B 1, place Alfonse Jourdain
T'21.: +33 (0) 5 62 15 43 43 www.ey.com/fr
BP 98536 31685 Toulouse cedex 6
Antavia Exercice clos le 31 decembre 2013
Rapport du commlssaire aux comptes sur les comptes annuels
A l'Associe Unique, En execution de la mission qui nous a ete confiee par decision de l'associe unique, nous vous presentons noire rapport relatif l'exercice clos le 31decembre2013, sur:
a
•
le contr61e des comptes annuels de la societe Antavia, tels qu'ils son! joints au present rapport;
•
la justification de nos appreciations ;
•
les verifications et informations specifiques prevues par la loi.
Les comptes annuels ont ete arr@tes par le president. II nous appartient, sur la base de noire audit, d'exprimer une opinion sur ces comptes.
I.
Opinion sur les comptes annuels
Nous avons effectue not re audit selon les normes d'exercice professionnel applicables en France; ces normes requierent la mise en ceuvre de diligences permettant d'obtenir l'assurance raisonnable que les comptes annuels ne comportent pas d'anomalies significatives. Un audit consiste verifier, par sondages ou au moyen d'autres methodes de selection, les elements justifiant des montants et informations figurant dans les comptes annuels. II consiste egalement apprecier les principes comptables suivis, les estimations significatives retenues et la presentation d'ensemble des comptes. Nous estimons que les elements que nous avons collectes son! suffisants et appropries pour fonder noire opinion.
a
a
Nous certifions que les comptes annuels son!, au regard des regles et principes comptables fran~ais, reguliers et sinceres et donnent une image fidele du resultat des operations de l'exercice ecoule ainsi que de la situation financiere et du patrimoine de la societe la fin de cet exercice.
a
ii Lapila! v:wable 344 366 315 R.C S. Nanlerre
SA'.>
Soc1&1e de Commio;sa1re> aux Comptes Soc1etC d\•xpert1se compldble inscritc au Tableau
de I 'Ordre tie la Region Ge ToulousP Midi-P1·r1?11E
Membre dLJ
Siege SOC'
EV II.
Justification des appreciations
a
En application des dispositions de !'article L. 823·9 du Code de commerce relatives la justification de nos appreciations, nous vous informons que les appreciations auxquelles nous avons procede ont porte sur le caractere approprie des principes comptables appliques et sur la presentation d'ensemble des comptes. Les appreciations ainsi portees s'inscrivent dans le cadre de noire demarche d'audit des comptes annuels, pris dans leur ensemble, et ont done contribue la formation de not re opinion exprimee dans la premiere partie de ce rapport.
a
111.
Verifications et Informations speclflques
Nous avons egalement procede, conformement aux normes d'exercice professionnel applicables en France, aux verifications specifiques prevues par la loi.
a
Nous n'avons pas d'observation formuler sur la sincerite et la concordance avec les comptes annuels des informations donnees dans le rapport de gestion du president et dans les documents adresses l'associe unique sur la situation financiere et les comptes annuels.
a
Toulouse, le 19 mai 2014 Le Commissaire aux Comptes ERNST & YOUNG Audit
j
Antavia Exercice clos le 31decembre2013
2
9/14/2014
Federal Gazette
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» Advanced Search A full text search on the publication content is at financial statements / annual financial reports and publications by §§. 264 3, 264b not possible. Deposited financial statements (balance sheets) are in the business register for information provisioning available. Name ATLAS Material Testing Technology GmbH pottage
Area Accounting / financial reports
Information Annual financial statements for fiscal year from 01.01.2012 to 31.12.2012
V. Date 08.05.2014
Relevance 100%
ATLAS Material Testing Technology GmbH Lentil dish
Annual financial statements for fiscal year from 01.01.2012 to 31.12.2012 Balance sheet at 31 December 2012 ASSETS 2012
2011
EUR
EUR
5,951,690.99
7,194,106.51
Technical equipment and machinery
256,347.27
273,664.34
Other equipment, factory and office equipment
177,415.75
207,099.48
433,763.02
480,763.82
A. FIXED ASSETS I. Intangible assets II. Tangible assets
III. Financial assets Investments
25,000.00
25,000.00
6,410,454.01
7,699,870.33
B. CURRENT ASSETS I. Inventories II. Receivables and other assets
2,809,319.66
3,170,234.61
14,116,658.30
11,109,058.31
- Thereof from affiliated companies: EUR 10,106,296.38 (previous year: EUR 7,485,355.38) - Thereof with a remaining term of more than one year: EUR 62,172.94 (previous year: EUR 69,508.83) III. Cash and balances with banks C. ACCOUNTS
62,172.94 1,601,455.00
2,033,534.72
24,937,886.97
24,012,697.97
120,055.15
108,545.69
25,057,942.12
24,121,243.66
2012
2011
EUR
EUR
25,000.00
25,000.00
LIABILITIES
A. EQUITY Subscribed capital https://www.bundesanzeiger.de/ebanzwww/wexsservlet
1/9
9/14/2014
Federal Gazette
Capital reserve
10,785,145.36
Profit / loss carryforward
10,785,145.36
1,541,535.78
-186277.50
521,260.74
1,727,813.28
12,872,941.88
12,351,681.14
B. PROVISIONS
7,521,607.25
7,352,333.27
C. LIABILITIES
4,663,392.99
4,417,229.25
25,057,942.12
24,121,243.66
Net income / -Jahresfehlbetrag
- Thereof from affiliated companies: EUR 4,148,632.13 (previous year: EUR 3,941,052.16)
Profit and loss account for the period from January 1 to December 31, 2012 2012
2011
EUR
EUR
17,930,705.68
17,522,491.04
Wages and salaries
-7914361.55
-6980784.88
Social security contributions and expenses for pensions and other employee benefits
-1675612.69
-1223597.10
of intangible fixed assets and tangible assets
-1384270.45
-1386338.71
Other operating expenses
-5465510.79
-4961528.22
Operating profit
1,490,950.20
2,970,242.13
1302.50
0.00
303,857.18
247,353.87
Gross profit Staff costs
- Of which for pensions: EUR 269,784.02 (previous year: EUR 122,700.64) Depreciation and amortization
Due to a profit gain obtained Other interest and similar income - Thereof from affiliated companies: EUR 302,187.85 (previous year: EUR 238,508.79) Expenses from loss absorption Interest and similar expenses
0.00
-1645.65
-449009.49
-451512.04
1,347,100.39
2,764,438.31
-820192.71
-1027800.71
- Thereof from affiliated companies: EUR 176,086.33 (previous year: EUR 166,119.18) - Of which from compounding: EUR 250,208.00 (previous year: EUR 252,064.00) Profit from ordinary activities Taxes on income and earnings Other taxes
-5646.94
-8824.32
Net income
521,260.74
1,727,813.28
Statements for the fiscal year from January 1 to December 31, 2012 the ATLAS Material Testing Technology GmbH, pottage I. General Information The financial statements of the Company for the year ended 31 December 2012 was created in the version of the Accounting Law Modernization Act in accordance with the provisions of §§ 242 ff. HGB and supplementary provisions for corporations (ff §§ 264. HGB). The company is a medium-sized corporation pursuant to § 267 para. 2 HGB. The relief provisions for the preparation of financial statements in accordance with §§ 266 and 276 HGB are not used; the relief provision in accordance with § 288 HGB is claimed. II. Accounting Policies and Notes to the balance sheet and profit and loss account For the preparation of the financial statements, the following accounting and valuation rules were applied. Foreign currency transactions are accounted for at the time of the transaction with a company-wide conversion rate. End of the month as well as at the balance sheet date, an adaptation to the official middle rate, the Foreign exchange gains and losses are recognized in profit or loss. Balance Sheet Information First fixed assets The structure and development of fixed assets resulting from the Annex to the annexed schedule of assets. https://www.bundesanzeiger.de/ebanzwww/wexsservlet
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Purchased intangible assets are carried at cost. You will, if subject to wear, reduces their useful life depreciation. The amortization of goodwill acquired in 2004 from EUR 568,095 line basis over 15 years. The goodwill of EUR 11,881,686, which was due to run through to 20 October 2007 merger is amortized over 10 years. Due to the expected longer usability depreciation period of 10 years was maintained. Tangible fixed assets are stated at acquisition or production cost and, if depreciable, depreciation decreased linearly and gradually decrease highest permissible rates. Financial assets are stated at cost or at the lower fair value. With financial assets (EUR 25) is the 100% interest in the company was founded on September 21, 2010 MTL Light Solutions GmbH, Munich. This company has completed an agreement dated October 11, 2010, a profit. Parent company is the reporting company. By decision of 3 July 2012, the company was dissolved with effect from the end of July 31, 2012. The conditions for the corporate income tax and trade tax group between the two companies are therefore no longer available for the period of settlement.
MTL Light Solutions GmbH, Munich 2 Inventories
Shares
Equity at July 31, 2012
Year results 2012
in%
EUR
EUR
100
25,000
1302.50
Inventories are valued at acquisition cost or at the lower current values. For certain inventories, the values are calculated using a simplified method permitted at the lower. Raw materials and supplies were stored in the ERP system costing prices are constantly monitored and maintained valued. This calculation prices essentially correspond to the average cost. The basis for assessing the progress and finished goods at cost of the individual calculations at the lower. They contain material, production and prorated material and production overheads. The light of current production level was carried out in the manner that it was assessed on the basis of the production plan to the identified according to inventory processing status. Goods are valued at the lower of cost of acquisition. All discernible risks in inventories, arising from above-average storage duration, reduced utility and lower replacement costs are covered by appropriate devaluations. Apart from customary retention of title, inventories are free of third party rights. 3 Receivables and other assets Receivables and other assets are stated at nominal value or at the lower fair value at the balance sheet date. All risk-bearing items is accounted for by making appropriate allowances for doubtful debts. The general credit risk as well as the reminder, the discounts and the loss of interest on late payment is worn in receivables from goods and services by a general allowance to the non-impaired receivables in the amount of 1% of invoice. The demand from corporate income tax credits is recorded at present value. Receivables in foreign currency are valued at the exchange rate at the balance sheet date, the only slightly different from the historical rates. Receivables have a residual maturity of up to one year. Other assets in the amount of EUR 62,172.94 (PY. EUR 69,508.83) have a remaining term of more than one year. 4 Cash and balances with banks Cash and balances with banks are stated at nominal value. Fifth Equity The capital stock remains unchanged at EUR 25,000.00. The shareholder has granted until the year 2009, a capital reserve in the amount of EUR 4,174,408.45 (USD 5,927,660). In 2010, another capital reserve in the amount of EUR 6,610,736.91 was declared and paid. The profit brought forward at 1 January 2012 of EUR 1,541,535.78 and net income in 2012 of EUR 521,260.74 yield the balance sheet profit of EUR 2,062,796.52. 6 Provisions The calculation of pension provisions is conducted in accordance with accepted actuarial principles using the projected unit credit method (PUC) method with the biometric principles of the 2005 G mortality tables of Prof. Dr. Klaus Heubeck, an interest rate of 5.04% for the premises of pottage and Duisburg, 5.05% for the permanent establishment Mörfelden-Walldorf, a dynamics of applicable compensation of 3.00% and a pension increase of 1.75% for the establishment of pottage, 2% for the permanent https://www.bundesanzeiger.de/ebanzwww/wexsservlet
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establishment Duisburg and 2.5% for the establishment Mörfelden-Walldorf. A fluctuation was not taken into account. The discount rate used for discounting was a flat rate of the average market interest rate lt. Federal Bank, resulting from an assumed remaining maturity of 15 years. According to the Saldierungspflicht according to § 246 para. 2 sentence 2 HGB for plan assets were offset against the assets of the asset value of the reinsurance policy (EUR 260,265) to the pension obligations (EUR 5,489,980). The expenses from interest (EUR 250,208) in accordance with § 277 para. 5 HGB in the income statement under the heading "Interest and similar expenses". Due to high advance payments for corporation tax and trade tax from 2010 to 2012 are receivables arising from tax refund claims against the tax authorities, which are reported under other assets. Therefore, no tax provisions were formed. Provisions for anniversary bonuses are reported in commercial and tax law permitted height. The commercial law calculation of provisions for anniversary bonuses was made with the biometric actuarial bases of the mortality tables 2005 G, a discount rate of 5.04% and a dynamic range of applicable compensation of 3%. The expenses from discounting (EUR 7,121) are in accordance with § 277 para. 5 HGB in the income statement under the heading "Interest and similar expenses". Other provisions account for all contingent liabilities and contingent losses from pending transactions. 7 Liabilities Liabilities are carried at their settlement amount. Currency liabilities are valued using an internal rate that differs only insignificantly from the balance sheet date spot exchange rate. 8 Notes to the profit and loss account The income statement was prepared in accordance with § 275 para. 2 HGB using the cost method. III. Other Information Managing Director Individual Managing Directors during the year were Messrs: Dr. Peter March, Frankfurt am Main, commercial and technical manager of the division ATLAS Allan Imrie, sea Busch, Businessman Martin Hans Welling, Main Hausen, Kaufmann The remuneration of the Management Board totaled EUR 501,332. Employee There, on average, 108 people were employed, of which the business ATLAS 82 employees, in business KHS 26 employees. Group Relationships The company is a subsidiary of the Group of ATLAS Material Testing Holding Corporation, Chicago, USA, in its consolidated financial statements it is included. The consolidated financial statements are available at the registered office of that company. Other financial obligations There were significant other financial obligations under long-term lease agreements. The leases had on 31 December 2012 maturities between one and three and a half years. The cumulative commitments until the end of the contracts amounted to TEUR 1,831 (PY. TEUR 2,146). Other financial liabilities to associated companies at the balance sheet date. Contingencies At balance sheet date there were no contingent liabilities existed according §§ 251 in conjunction with 268 para. 7 HGB.
Pottage, the November 18, 2013 Dr. Peter March (Kaufmann)
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Allan Imrie (businessman) Martin Hans Welling (businessman) Development of fixed assets for the year 2012 ATLAS Material Testing Technology GmbH, pottage Acquisition or production cost 1.1.2012
Additions
Departures
31.12.2012
EUR
EUR
EUR
EUR
1,250,549.75
9889.31
150,862.19
1,109,576.87
13,700,330.40
9889.31
150,862.19
13,559,357.52
1 Equipment u. Machines
1,485,452.63
59,224.80
754.00
1,543,923.43
2 Other equipment, factory and office equipment
1,826,775.25
25,834.03
448,843.68
1,403,765.60
3,312,227.88
85,058.83
449,597.68
2,947,689.03
I. Intangible assets 1 Purchased concessions, industrial and similar rights and assets and licenses in such rights and assets 2nd goodwill
12,449,780.65
12,449,780.65
II. Tangible assets
III. Financial assets Shares in affiliated companies
25,000.00
0.00
0.00
25,000.00
17,037,558.28
94,948.14
600,459.87
16,532,046.55
Depreciation and amortization 1.1.2012
Additions
Departures
31.12.2012
EUR
EUR
EUR
EUR
1 Purchased concessions, industrial and similar rights and assets and licenses in such rights and assets
1,185,084.20
26,234.70
150,833.69
1,060,485.21
2nd goodwill
5,321,139.69
1,226,041.63
6,506,223.89
1,252,276.33
1 Equipment u. Machines
1,211,788.29
2 Other equipment, factory and office equipment
1,619,675.77 2,831,464.06
I. Intangible assets
6,547,181.32 150,833.69
7,607,666.53
76,541.87
754.00
1,287,576.16
55,452.25
448,778.17
1,226,349.85
131,994.12
449,532.17
2,513,926.01
II. Tangible assets
III. Financial assets Shares in affiliated companies
0.00
0.00
0.00
0.00
9,337,687.95
1,384,270.45
600,365.86
10,121,592.54
Book values 31.12.2012
31.12.2011
EUR
EUR
49,091.66
65,465.55
5,902,599.33
7,128,640.96
5,951,690.99
7,194,106.51
1 Equipment u. Machines
256,347.27
273,664.34
2 Other equipment, factory and office equipment
177,415.75
207,099.48
433,763.02
480,763.82
I. Intangible assets 1 Purchased concessions, industrial and similar rights and assets and licenses in such rights and assets 2nd goodwill II. Tangible assets
III. Financial assets Shares in affiliated companies
25,000.00
25,000.00
6,410,454.01
7,699,870.33
Management report for the business year from January 1 to December 31, 2012 the ATLAS Material Testing Technology GmbH, pottage https://www.bundesanzeiger.de/ebanzwww/wexsservlet
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A. Business development and further development I. Business development and climate The 2012 financial year was the Company, taking into account the prevailing general economic situation and taking into account the results to 2011 well. In the evaluation of the decline to the previous year is to be noted that the year 2011, the previously most successful year in the company's history was and was characterized by specific developments. The KHS division was marked by the completion of several projects. It could also be acquired new projects. Asset position 2012
2011
Change
EUR
%
EUR
%
EUR
%
5952
23.75
7194
29.83
-1242
-17.26
434
1.73
481
1.99
-47
-9.77
25
0.10
25
0.10
0
-
Stocks
2809
11.21
3170
13.14
-361
-11.39
Trade and services
3033
12.10
3362
13.94
-329
-9.79
10,106
40.33
7485
31.03
2621
35.02
Property Intangible assets Property and equipment Financial assets
Receivables from affiliated companies Other assets Cash and cash equivalents Other assets
977
3.90
262
1.09
715
-
1602
6.40
2034
8.43
-432
-21.24
120
0.48
108
0.45
12
11.11
25,058
100.00
24,121
100.00
937
3.88
2012
2011
Change
EUR
%
EUR
%
EUR
%
12,873
51.37
12,352
51.21
521
4.22
5230
20.87
4923
20.41
307
6.24
0
0.00
561
2.33
-561
-
2292
9.15
1868
7.74
424
22.70
Capital Equity Provisions for pensions Provisions for taxes Other provisions Liabilities for goods and services
435
1.74
222
0.92
213
95.95
Liabilities to affiliated companies
4148
16.55
3941
16.34
207
5.25
80
0.32
254
1.05
-174
-68.50
Other liabilities
25,058 100.00 24,121 100.00 937 3.88 Intangible assets resulting in the amount of TEUR 5,644 from a business value that resulted in the merger of the difference between the purchase price of the shares in ATLAS and KHS and the book values of these companies. In the amount of TEUR 259 it applies to another business value that was already activated in the companies acquired. The remaining amount of EUR 49 thousand attributable to capitalized intellectual property rights. The financial assets of EUR 25 resulting from a 100% stake in MTL Light solutions GmbH. Inventories relates in the amount of TEUR 1,995 on inventories of the division ATLAS, in the amount of EUR 814 on inventories of the division KHS. In the KHS received of TEUR 3,410 were sold. Receivables from deliveries and services (12.1%) and accounts receivable from affiliated companies (40.3%), which account for 52.4% the largest share of total assets, are explained by longer payment terms for companies within the group and an increase the loan of EUR 1,000 thousand compared to the AMETEK Holdings BV and the granting of a loan of EUR 900 to the Ametek Material Analysis Holdings GmbH. The increase in other assets of EUR 716 thousand is explained mainly with tax refund claims against the tax office of corporation tax and trade tax for the years 2010 until 2012. Equity is next to the share capital of EUR 25 resulting from a capital reserve from previous years by voluntary payment of the shareholders of EUR 10,785 and the balance sheet profit of EUR 2,063. Thus, the company achieved an equity ratio of 51.4%. The pension provisions (EUR 5,230) and anniversary provisions (EUR 133) with TEUR 5,363 rd make. 21.4% of the total assets. Provides the company with long-term capital from equity and pension and anniversary provisions of TEUR 18,236 or 72.8% of total assets available.
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Earnings 2012
2011
Change
EUR
%
EUR
%
EUR
%
17,930
100.00
17,523
100.00
407
2.32
Staff costs
9590
53.48
8204
46.82
1386
16.89
Other operating expenses
5470
30.51
4971
28.37
499
10.04
15,060
83.99
13,175
75.19
1885
14.31
2870
16.01
4348
24.81
-1478
-33.99
Gross profit
Operating expenses EBITDA Depreciation and amortization
-1384
-7.72
-1386
-7.91
2
-0.14
Financial result
-145
-0.81
-206
-1.18
61
-29.61
Income before income taxes
1341
7.48
2756
15.73
-1415
-51.34
Income taxes
-820
-4.57
-1028
-5.87
208
20.23
Net profit / loss for the year 521 2.91 1728 9.86 -1207 -69.85 In the business KHS who builds all systems, the realization of profits takes place only with the acceptance of each system. This has the consequence that the results can fluctuate widely. Because of severance pay, general wage increases and the acquisition of sales and service personnel in France and India of formerly independent Group companies as of February 2012, staff costs increased by EUR 1,386. Other operating expenses increased by EUR 499 thousand. Essentially consisting of an increase in legal and consulting costs (TEUR 271), sales commissions resulting (TEUR 160), office rents (TEUR 102), travel expenses (TEUR 234) and management fees (EUR 115 thousand). In contrast to decreases in advertising expenses (TEUR 130), external work (TEUR 294) as well as warranty costs (EUR 107 thousand). Depreciation accounts in the amount of TEUR 1,226 (PY. TEUR 1,226) to the amortization of goodwill. The financial result was mainly influenced by higher interest income of EUR 64 thousand from affiliated companies by the granting of new loans in the amount of TEUR 1,900. The tax rate is mainly explained by the tax exclusion of the amortization of goodwill from the merger. Compared to the previous year's taxable income has fallen. This also explains the decrease in income taxes of TEUR 208th Due to special circumstances, the reporting year is not comparable with the previous year. If you compare the operating performance with 2011, the best in the company's history, resulting in a decrease of EUR 5,039. If you compare the operating performance but with 2010, the second best in the company's history, the result is an increase of TEUR 2,642. The operating performance in the business ATLAS is virtually unchanged. Declines in sales of large equipment were offset by higher sales in spare parts sales and service, and laboratory services. The sales of large equipment is highly dependent due to the amount of investment from the general economic situation. The selling prices for the products of the division ATLAS we have increased in 2012 by approximately 4%. The sharp decline in the previous year, mainly attributable to the business KHS, the whole plant is built in which the realization of profits takes place only on acceptance. The time of decrease will depend on various factors and can not always be controlled by the company. Therefore, there will be a business-related always strong fluctuations in sales of KHS. Sales of large-scale projects heavily even at KHS depends on the general economic situation. In general, the major customers enter if business projects again. The material rate in the business ATLAS is subject to strong fluctuations. In the business KHS however, this is the case. Depending on the type and size of the project, the material intensity vary greatly and behave not proportional to sales. This also explains the decrease by about 26.1% material costs with a decline in operating performance of about 13.1%. This also explains the decreased only by TEUR 1,478 EBITDA despite sharp decline in sales and a 16.9% increase in personnel costs. Due to the increased financial income and lower income taxes, the fiscal year was completed with a decrease in net income of EUR 1,207. However, the Company was able to maintain its sales decline despite high market share and its market leader position in the past fiscal year. The main reason for this strong market position, next to a full product portfolio, including the supply of consumables and spare parts, providing comprehensive support and services such as technical services, training, workshops and consultations in the field of Bewitterungsprüftechnik. As expected, the business of consumables and spare parts as well as for service and maintenance division consolidated despite the global crisis and make a positive contribution to overall sales. We expect to continue using a constant contribution to the growth of our business. Financial https://www.bundesanzeiger.de/ebanzwww/wexsservlet
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Despite the decline in sales and operating results, the company's liquidity has decreased only by TEUR 433. This is classified as positive, you take into account the increase in receivables from affiliated companies, resulting primarily from new loans of TEUR 1,900. Employed cash flow management has helped to ensure short-term and long-term high liquidity. Cash flow from operating activities was negative at EUR 338 and the cash flow from investing activities is also negative at EUR 95. Cash and cash equivalents at the end of the financial year has therefore been reduced by TEUR 433 and TEUR 1,601 as of the end of the year. II. Expected developments, opportunities and risks For 2013, we expect revenue and profit on ordinary activities at approximately the same level as in the 2012th The continuing weakness of the U.S. dollar against the EURO and EURO erstarktem again after overcoming the crisis in some European Member States on the one hand, we expect continued pressure on prices for our products. Approximately 30% of our revenue is denominated in USD. On the other hand, we expect a further improvement in the economy with positive effects on the demand for our products. Risks arising from the supply of raw and processed materials, we try to minimize the control of our vendor portfolio. A quality assurance process in the supply chain ensures the maintenance of quality standards. Risks arising from poor quality is counteracted by a quality management system, a strict product release system and in the last stage by appropriate insurance. Adequate availability of our IT systems is a prerequisite for achieving our goals. Attacks by computer viruses and the like on our IT system can affect the availability. For this reason, the existing systems are continuously optimized by we strictly use the most current available on the market protection systems. In addition, there is an emergency recovery plan for the total failure of our computer system. For the growth and development of our company employee performance is essential. We stand with other companies in competition for highly qualified specialists and managers. To win these employees and retain them for the long term, we offer attractive remuneration and social systems as well as comprehensive training opportunities. We see no significant risks that could jeopardize in order to achieve our growth targets, necessary staffing by specialists and managers. Since November 2010, the ATLAS group belongs to a new group. Because of the new affiliation, we expect positive synergy effects due to new collaborations and an expansion of sales channels. At present and in the foreseeable future, no individual risks are evident and may jeopardize the continued existence of ATLAS in the current fiscal year or beyond. The total sum of risks does not show a danger for society. B. Research and Development The company is constantly developing its products, systems and services further. It has its own development department. The main focus in the 2012 financial year was the development of new products in the low-end range and test equipment for the solar industry. This context, cooperation with the American parent company has intensified and led to a lively exchange of technical know-how. The use of these synergies will in future lead to a significant cost reduction and acceleration in the development area. C. branches of the company The Company operates a branch in Duisburg for the business ATLAS. This is a pure laboratory operation for Lohnbewitterung. The KHS division is established at the same location Mörfelden-Walldorf. D. Significant events after the end of the financial year Significant events after the end of the financial year: In 2013, the parent company has decided to shift the entire production gradually until 2014 to Chicago. Our company will then buy the products and sell as before. From this displacement, approximately 10 to 12 employees would be affected. Currently still negotiations with the works council on the release procedures. E. Management of the default risk ATLAS assesses the creditworthiness of its customers in an appropriate manner by obtaining relevant information from credit-rating agencies, such as credit reform. For export transactions appropriate credit hedging instruments or advance payments from https://www.bundesanzeiger.de/ebanzwww/wexsservlet
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customers are used. ATLAS monitors the payment patterns of its customers on a regular basis and take appropriate measures to minimize defaults.
Pottage, in August 2013 The Management
Auditor's Report of the auditor We have audited the annual financial statements - to 31 December 2012, including the accounting and the management report of the ATLAS Material Testing Technology GmbH, pottage, for the business year from January 1 - comprising the balance sheet, profit and loss account and notes. The accounting and preparation of financial statements and management report in accordance with German commercial law are the responsibility of the Company's management. Our responsibility is to express an opinion on the basis of on our audit, on the financial statements, including the accounting and the management report. We conducted our audit in accordance with § 317 HGB and promulgated by the Institute of Chartered Accountants and German generally accepted auditing standards. Those standards require that we plan and perform that misstatements materially affecting the presentation of operations in the annual financial statements in accordance with principles of proper accounting and in the management report of the assets, financial and earnings position, with reasonable assurance be detected. In determining the audit procedures Knowledge of the business activities and the economic and legal environment of the Company and expectations as to possible misstatements are taken into account. During the audit, the effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the annual financial statements and management report are examined primarily on a test basis. The audit includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall presentation of the financial statements and the management report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not led to any reservations. In our opinion based on the findings of our audit, the annual financial statements of Atlas Material Testing Technology GmbH, pottage, the legal requirements and, in compliance with generally accepted accounting principles give a true and fair view of the assets, financial and earnings position of the company. The management report is consistent with the financial statements as a whole provides a suitable view of the Company's position and suitably presents the opportunities and risks of future development.
Nuremberg, 18 November 2013 Deloitte & Touche GmbH, auditing company (Thiermann) Auditor (Pine) Auditor
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https://www.kvk.nl/handelsregister/TST-BIN/FP/JRWS002@?BUTT=244229570000RCT2V-DEP&kvknummer=244229570000&product=Jaarre…
Annual accounts - Atlas AcquisitionCo Netherlands Cooperative UA (24422957) Chamber of Commerce, September 14, 2014 - 17:33 General information from the financial statements Financial year: Fiscal year: Determined: Profit appropriation: Length period in months: Employees: 100% subsidiaries: Other interests: Balance Financial year: : Accounts Type Profit appropriation: Amount: Currency:
2009 31-12-2009 final after 12 0 4
2008 31-12-2008 final after 12 0 4
2009 company's after x1 EUR
2008 company's after x1 EUR
10,499,599
11,858,831 8512733
Assets intangible assets tangible fixed assets financial assets FIXED ASSETS
7263087 17,762,686
20,371,564
TOTAL ASSETS
17,762,686
20,371,564
7142336 252 050 7394386
7142336 608 347 7750683
current liabilities OTHER LIABILITIES
10.3683 million 10.3683 million
12,620,881 12,620,881
TOTAL LIABILITIES
17,762,686
20,371,564
Liabilities and paid up capital other reserves EQUITY
There are no statements in the above profit and loss accounts Key figures https://www.kvk.nl/handelsregister/TST-BIN/FP/JRWS002@?BUTT=244229570000RCT2V-DEP&kvknummer=244229570000&product=Jaarrekeningen
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Financial year:
2009
2008
Liquidity golden balance
2.40
2.63
Solvency assets / debt equity / total assets equity / debt
1.71 0.42 0.71
1.61 0.38 0.61
0
0
Profitability Other key figures number of employees Amount: Currency: working capital
x1 EUR 10.3683 million-
x1 EUR 12,620,881-
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COPIE CERllflff
AGREMENT DGFIP C5109.10004
CD I
Formulaire cbligaiohc (article .S3 A du cede ~n!ral d
Designation de l'entreprise :
BILAN - ACTIF
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I
SAS QJiECA
Adresse de I'entreprise 29
OUAI DES GRESILLDNS
92230 GENNEYILLIERS
Numero SIRET * 141olalol912l2l1l6lololol3l1I
Capital souscrit non appel~
(I)
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Frais d'etablissement *
AB
::! Frais de developpement * ~
ex
~
AC
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AF
404 872
AG
~
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AH
12 931 800
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38 715
47 298
12 931 800
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366 156
AK
AL
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AN
AO
Constructions
AP
223 915
AQ
43 722
180 192
192 123
Installations techniques, materiel et outillage industriels
AR
1 485 113
1\S
708 971
776 142
859 069
181 809
274 176
265 332
71 592
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~
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i.
455 986
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AX
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~ Creances rattacMes
~
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g Auires immobilisations corporelles
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DGDIP N' 20S@ 2009
,_ ~
/>'"""' 'i',Duree ~do mob• LILI exercice precedent* LJLl j Neant o· '-..,._
1
~
de
I
Brut
c~
ades participations
Autres titres immobilises
767 076
CV
DD
BC
DD
BE
31 402
BF
2 248 993
BG
2 248 993
3 150 668
DH
1 265 675
BI
1 265 575
1109 643
BJ
19 854 926
DK
1 332 063
18 522 863
19 296 234
Matieres premieres, approvisionnements
BL
3 854 271
BM
604 389
3 249 882
2 528 916
En cours de production de biens
BN
18 657 941
DO
325 238
1B 332 702
18 590 378
B En cours de production de services 0
BP
Produits intermediaires et finis
DR
2 301 408
DS
527 179
1 774 228
1 123 226
~
Marchandises
DT
143 061
nu
39 035
104 026
84 405
~
Avances et acomptes \•erses sur commandes DV
38 119
nw
38 119
60 947
Clients et comptes rattach6s (3)*
nx
11 694 498
BY
133 198
11 561 299
6 458 254
~ Capital souscrit et appele, non verse
BZ
10 085 615
CA
275 000
9 810 615
3 799 502
"'0 Pre ts ~ Autres Immobilisations financicres * TOTAL(ll)
. ~
BQ
E-
su u
~
t<
a
Autres creances (3)
cc
CD .,, Valeurs mobllieres de placement CD ~ (dont actions propres :.......................... )
Q Disponibilites
Charges constatees d'avance (3)* TOTAL(Ill)
~ .!
tj
s~
Frais d'emission d'emprunt aetaler
CE
CF
3 779 671
CG
3 779 671
2 257 626
CH
115 131
CI
115 131
17 196
CJ
50 669 719
48 765 677
34 920 352
349 262
161 459
67 637 803
54 378 047
(IV)
c"
Primes de rcmboursemcnt des obligalions (V)
CM
Ecarts de conversion actif*
(VI)
CN
349 262
TOTAL GENERAL (I a VI)
co
70 873 907
Renvois : {I) Dom droi1 au bail : Clause de '~""~ de prop
!lmmobili'3lions:
CK
1 904 041
·.·
(2) PUI lrooltJSd"anaodei J~li;:a.11.."ICti ftnia::fi!r?i MC~:
lA CP
3 236 104
O> P.m ~ plus d'un an :
Stocks: • Des explicalions conccmant cellc rubrique ront donnfes dans la 1101icc n• 2032.
lcR
Creances:
136 196
AGREMENT DGFlP C5109.10004
DGFiP
0 I BILAN ~ PASSIF avant repartition I
N° 2051 2009
Foowlaire obligatoite (article S3 A du c
msignalion de l'entreprise
SAS
rAIECA
Neant E.'(('rdceN
~ ~
E...erclce N - 1
Capilal social OU individuel (I)* (Donl verre :............... JLZ6Z.lOJL. ..... )
DA
6 782 100
6 782 100
Primes d'emission, de fusion, d'apport, ....
DB
11 274 420
11 274 420
681 479
681 479
Ecarts de reevaluation (2)* (donl ecarl d'equivalence (I)
D*
) DC
IE[{I
Reserve legate (3)
DD
Reserves statulaires ou contractuelles
DE
::::>
Reserves reglemenlees (3)* ( Dont reserve. speciale des provisions Bl pour fluctuation des cours Dont reserve relative ~ J'achat ( Autres rtserves d'oeuvres originales d'artistes vivants* EJ
3
)
DF
71 828
71 828
)
DG
6 690 944
5 690 944
Reporc i'l nouveau
DH
7 273 036
1 856 404
RESULTAT DE L'EXERCICE (b6n6fice ou pertel
DI
4 147 052
5 416 632
~
Subvemions d'investissement
DJ
~ ..;i ~
Provisions reglementees *
DK
28 865
31 373
DL
35 949 728
31805183
x
~
~
~
;:s
~ ~
TOTAL (I)
...
~ ;::.:
"'
~
~
~
~~
Avances condi1iollllees
DN
200 000
DO
200 ODO
Cl ...
~e
~ ~
8
Produit des emissions de titres par!icipatifs
D.M
..,... ea.
~ a.
TOTAL (II)
<(
w~w
Provisions pour risques
DP
2 330 839
1 787 943
:!ii·!:~
Provisions pour charges
DQ
3 119 647
1 681 467
DR
6 450 486
3 469 410
) DV
g g. f~
£> !)a. .,() 0
.,
~
ttl
,..__
TOTAL (Ill)
Emprunts obligataires convertibles
DS
Autres empruuts obligataires
OT
Empmnts et dettes aupr~s des etablissements de credil (5)
DU
::!..
Empmnts et dettes financihes divers (Dont emprunls participatifs
8 086 660
3 921 763
!a
Avances et acomptes recus sur commandes en cours
DW
4 265 353
3 270 706
Q
Dettes fournisseurs et comptes rattaches
DX
6 787 747
4 583 438
Denes liscales et sociales
DY
3 638 815
3 870 362
Dettes sur immobilisa1ions et comptes rattaches
DZ
71 692
36 202
Aurres dettes
EA
1190 415
1 272 124
Produits constates d'avance (4)
EB
1 971 250
1 865 283
TOTAL (IV)
EC
26 011 835
18 819 882
(VJ
ED
225 753
83 569
TOTAL GENERAL 11 ll Vl
EE
67 637 803
54 378 047
EF
76 098
75 098
24 261 835
17 172 406
E
Compte re2ul.
El
Ecarts de conversion passif *
(1)
::a
(2)
0
>
~
<» 0 ~ c::
~
Ecart de rehaluation incorpore au capital
Dant
{
lB
Reserve speciale de reevaluation (1959)
lC
Ecart de reevaluation libre
ID
Reserve de ree\•alua1ion (1976)
m
*
(3)
Dant reserve speciale des plus-values ii Jong terme
(4)
Dettes et produits constates d'avance ii mains d'un an
EG
(5)
Dont concours bancaires courants, et soldes creditenrs de banques ct CCP
EH
*Des expticalions roncernanl ccllc rubriquc sonl donnces dans la nolice n° 2032.
AGREMENT DGFIP C5109.10004
Q)lr-C-O_MPTE _ _D_E_R_Es::--lm-~-A-T_D_E_L-'E_X_E_R_C_IC_E_(E_u_lis-te-.)I
DGFiP N° 2052 2009
l'omJJJaire obligatolre (aiticle S3 A du Co00 g~riral dts imp6ts)
5"S C6MECA
msignation de l'entreprise:
Nfant I E.urdc:e N E>:porfatl&n et llmalsons lnlnicommunautaln!s
France
Ventes de marchandises *
z
0
~
!::
~ ~
~~
jl.i
)
FB
FD
1 774 065 FE
40 123 192
FF
41 897 258
43 316 700
services* FG
1 282 033 FH
2 661 326
Fl
3 943 359
1 724 090
42 784 519
FL
45 840 618
45 040 791
FM
692 032
3 364 764
Clliffres d'affalres nets * Production stock~e
E.urcke (N-1)
Total
FA
{biens *
Production vendue
I*
FJ
3 056 098
FK
FC
* *
FN
Subventions d'exploitation
FO
Reprises sur amortissements ct provisions, transferts de charges * (9)
FP
155 653
887 796
Autres produits (1) ( 11)
FQ
331 556
325 041
Total des l>rodults d'cxploltatlon (2) (I) FR
47 019 761
49 625 494
Produclion immobilisee
7 100
Achats de marchandises (y compris droits de douane)*
FS
Variation de stock (marchandises)*
FI'
( bl 975)
7 473
Achats de matieres premieres et autres approvisionnements (y compris drolts de douane)*
FU
10 600 501
14 412 569
Variation de stock (matieres premieres et approvisionnements)*
FV
( 830 310)
622 715
z 0
Autres achats et charges externes (3) (6bis)*
FW
13 612 698
11 093 130
!::
Imp()ts, taxes et versements assimiles *
FX
1 092 078
1 047 665
~
Salaires et traitements*
FY
8 964 464
B 496 951
Charges sociales (10)
FZ
4 388 199
4 105 290
- dotations aux amortissements *
GA
243 841
197 349
- dotations aux provisions
GB
~
0
~
~
~
~
{
!2 ~
Sur immobilisations
8a
Sur actif circulant : dotations aux provisions *
GC
446 405
152 986
Pour risques et charges : dotations aux provisions
GD
1 999 418
550 325
GE
63 322
269 219
GF
40 522 645
40 855 6n
GG
6 497 116
8 769 816
~I:: iSS
Q
1
Autres charges (12) Total des charges d'exploilatlon (4) (II) 1 - RESULTAT D'EXPLOITATION {I - II) r!"
·J! ~
Bfo~fice attrlbu~
"& 8
Perte supportee ou benefice transfere
ce 0
5
~
~
I«
~~
i:>.
ou perte transffo~e *
011) OH
*
OV)
GI
Produits financiers de participations (5)
OJ
Produits des autres valeurs mobilieres et creances de l'accif immobilise (5)
GK
131 936
110 759
Antres interets et produits assimil~s (5)
OL
362 321
413 892
Reprises sur provisions et transferts de charges
GM
161 459
42 486
Differences posilives de change
GN
637 670
642 908
Produits nets sur cessions de valeurs mobilieres de placement
GO
Total des produits flnancl ers (V) GP
1 293 387
1 210 045
Dotations financieres aux amortissements et provisions *
GQ
349 262
161 459
ti)
~u
g
lnterets et charges assimilees (6)
GR
158 166
104 482
Differences negatives de change
GS
446 852
~
617 734
Charges nettes sur cessions de valeurs mobilieres de placement
GT
Total
954 281
883 675
2 • RESULTAT FINANCIER (V ·VI)
GV
339 106
326 369
3 · RESULTAT COURANT AVANT IMPOTS (I - II + Ill · IV + V - Vil
ow
6 836 222
9 096 186
s;..
~u
IRENVOJS : >uir tabkau n• 2053) • D.!s cxplkalioosC
DGFIP
AGREMENT DGFIP C5109.10004.--~~~~~~----,,.--~~~~~~~~~~~~~--.
NC) 2053 2009
@I COMPfE DE RESULTAT DE L'EXERCICE I
fonrulaill! obligatolre (artlde Sl A du tode gfolral
Dhignation de l'entreprise SAS C»IECA
Nfant
Exerclce N - 1
ExcrckeN
~j
8 f
§
Produits excepcionnels sur operations de gestion Produits exceptionnels sur operations en capital
HA
*
~
I! t3 E ~
""'(
~
Reprises sur provisions et transrerts de charges
HC
81 288
113 551
(\'II) HD
81 288
113 558
Charges exceptionnelles s11r operations de gestion (6 bis)
HE
153 714
15 108
Charges exceptionnelles sur operations en capital *
llF
Dotations exceptionnelles aux amortissements et provisions
HG
31168
300 446
(VIII) HH
184 883
315 555
HI
( 103 594)
( 201 996)
(IX}
IU
896 525
1 328 838
(X}
HK
1 689 050
2 148 72.0
HJ,
48 394 436
50 949 098
HM
44 247 384
45 532 466
HN
4 147 052
5 416 632
209 019
114 061
Total des produits exceptlonnels (7)
Total des charges cxccptlonnclles (7)
4- RESULTAT EXCEPTIONNEL (VII- VIII)
k:i
~
Participation des salaries aux resultats de l'entreprise
~
lmp(>ts sur les benefices *
~
~
TOTAL DES PRODUITS {I + IIl
~ ~
TOTAL DES CHARGES {II
+ V + VII)
+ IV + VI + VIII + IX + X)
5 - BENEFICE OU PERTE (total des produits ·total des charges)
8
(1)
~
Dont produits nets partiels sur op~rations a long tenne
k:i
~
(2) Dont
"
~
~
{
(3) Dont {
~
HO
produits de locations immobilieres
HY
produits d'exploitation afferents 11 des exercices anterieurs (a detailler au (8) ci-dessous) lG - Credit-bail mobilier *
HP
. Credit-bail immobilier
HQ
1 295 773
1 254 216
(4)
Dont charges d'exploitation affereutes 11 des exercices anterieurs (a detailler au (8) ci-dessous)
1H
21 345
4 823
(5)
Dont produits concernant les entreprises liees
lJ
323 186
107 996
(6)
Dont inter!ts concernanc les entreprises liees
lK
96 216
(6bis) Dont dons faits aux organismes d'interet general (art. 238 bis du C.G.I)
"'a
6
HD
~
"'::ll'1
D*
HX
(9)
Dont transferts de charges
Al
(JO)
Dont cotisations personnelles de l'exploitant (13)
A2
(It)
Dont redevances pour concessions de brevets, de licences (produits)
A3
(12)
Dont redevances pour concessions de brevets, de licences (charges)
A4
~ (13) ~ (7)
I f
I
Dont primes et colisations complemcnta1res personnelles : facultatives A6 obligatoires A9 D~tail des produits et charges exceptionncls (Si le nombre de lignes est insuftisanl, reproduire te cadre (7) er le joindrc en annexe) :
I I
E.~ercire Char~s
OAP lliiOS
exetpli(llUJ
N Pi:oduirs except-ls
2 980
PROV. #\ORT. OEROGATOIRES
10 161
12 669
PROV. PENALITES OE RETAAO
18 027
68 619
PENALITES DE RETARD DE LIVRAISON
46 880
AUTRES CHARGES PROVISIONNEES (8)
257 002
39 129
106 835
Detail des produits et charges sur exercices anterieurs :
faercke N Charges anttri
Produirs antErieurs
ii'i
§ c
"'
-~
I-
REPRISE REDEVANCES - BREVET EXPIRE REGUL COTISATION
21 345
~
a: ., z:
.2'
> 0.
0
u
209 019
- conccmanl ceJte rubnque sonl donn~es dans la no11ce n° 2032. * Des cxphcatJons
Date. d ~arrete, des comptes : •.• 31 decent bre 2()08
I. Presentation de la societe LI. Historiquc de la societe La Societe a ete creee le 13 Decembre 1995 sous la forme d'une S.A.R.L. au Capital entierement libere de 50 568 Francs, soit 7 709,04 euros. Le 13 Mai 1996, l'Assemblee des Associes decide de transformer la Societe en S.A. regie par la loi en vigueur et par Jes statuts au Capital entierement Jibere de 281 736 Francs, soit 42 950,38 euros. Conformement aux decisions prises par I' Assemblee Generale Extraordinaire du 20 Juin 1996, M.S.I. (Materiels Scientifiques International) a pris le controle du Groupe S.P.T.M.-CAMECA. La societe M.S.l. a ete acquise par la societe M.A.I. (Micro Analyse Instruments) le 29 juin 2001 dont le premier exercice a ete clos le 31 decembre 2002. M.S.I. a absorbe S.P.T.M.-CAMECA par fusion simplifiee suivant la decision de I' Assemblee Generate Mixte Ordinaire et Extraordinaire du 30 novembre 2001. La societe M.S.l. (Materiels Scientifiques International) a absorbe CAMECA, sa filiale operationnelle, suivant la decision de l'Assemblee Generale Mixte Ordinaire et Extraordinaire du 05 aofit 2002. De plus, M.S.l. a change de denomination sociale et de forme et est devenue CAMECA SAS afin de preserver son identite et son nom commercial vis a vis de ses clients. La societe Micro Analyse Instruments, detenue
a 100%, a etc acquise par la societe Financiere Cameca le 06 avril 2005.
Aux termes d'une deliberation en date du 28 juin 2006, CAMECA, l'associe unique de Biosims SARL, a decide de dissoudre sa filiale, par transmission universe lie du patrimoine (TUP) avec effet retroactif au 1°' janvier 2006. Le 9 aout 2007, le fonds Carlyle Europe, actionnairc de Financiere Can1eca tete du Groupe CAMECA, a cede ses titres au Groupe AMETEK Inc. La societe Financiere Cameca est detenue a I 00% par la nouvelle holding Ametek Holdings SARL.
1.2. Objet La societe CAMECA a pour objet : L'etude, la fabrication et la vente de tous appareils en particulier d'instruments scientifiques.
OU
elements d'appareils electroniques et mecaniques de hautes precisions
1.3. Siege social
Son siege se situe au 29 Quai des Gresillons, 92230 Gennevilliers.
1.4. Exercice social
L'annee sociale commence le !er janvier et finit le 31 decembre.
2. Faits marguants de l'exercice En date du 5 novembre 2008, une convention d'integration fiscale a ete conclue avec la societe Ametek Holdings SARL en tant que chef de groupe integre forme par cette societe, la societe Financiere Cameca, Micro Analyse Instruments et CAMECA.
3. Perimetre d'integration fiscale Une nouvelle convention d'integration fiscale a ete signee en janvier 2008 entre Jes membres du Groupe [ CAMECA, Micro Analyse Instruments, Financiere Cameca] et Ametek Holdings SARL, la nouvelle tete de groupe.
4. Principes comptables mis en oeuvre Les comptes annuels de CAMECA sont etablis selon Jes normes definies du plan comptable general de 1999, au PCG art. 531- I §I ct au Code de Commerce art. R 123-180. II est fait application des recommandations du Conseil National de la comptabilite, de l'Ordre des Experts Comptables et Comptables Agrees et du Conseil National des Commissaires aux Comptes, ainsi que Jes autres principes comptables generalement admis.
2
Conversion des dettes et creances en devises Au bilan Les dettes et creances en monnaies etrangeres qui n'ont pas fait l'objet de couverture de taux, sont enregistrees au cours du jour de la transaction. A l'arrete des comptes, elles sont valorisees au taux en vigueur a la date de cloture. Les ecarts provenant de cette actualisation soot inscrits aux comptes « Ecarts de conversion actif » pour Jes pertes latentes et « Ecarts de conversion Passif» pour Jes profits latents. Celles qui soot couvertes par des contrats de change, soot evaluees au cours de Ia couverture qui leur est affectee. II n'est pas dans ce cas constate de difference de conversion ni a l'actif, ni au passif du bi Ian. Au compte de resultat Les ecarts de change defavorables sur operations en devises font l'objet de provisions pour risques dotees pour leur totalite sur l'exercice de leur constatation.
5. Comparaison des comptes annuels Les methodes d'evaluation et de presentation retenues pour etablir Jes comptes de l'exercice 2008 sont demeurees inchangees par rapport a celles de l'exercice precedent.
6. Explication des postes du bilan - ACTIF 6..1. Actif immobilise Les immobilisations sont comptabilisees conformement aux reglements CRC 2002-10 et 2004-06. (en euros) lmmo. lncorp.
Logiciels Fonds Commercial Terrains Batis Biltiments Agencement Amenag. Contruct. lmmo. Materiel Outillage Industriel Corporel. Materiel de Transport Materiel Bureau et lnformatique Mobilier En cours Autres participations lmmo. Prets Financ. Autres immobilisat. financieres
Total
! Valeur debut d'exercice \ I 401 967 : 12 931 800
215 411 I 430 271
149 259 250 354 4 625 767076 3 150 668 I 109 643 20 411 078
I
Acquisitions 19971
Cessions Mise au rebut :I 17 066 I
'
: I
!
I
I
I I
8 503 61 695
I I I I I
43 280 18 774 71 592
-
I
;
'' 'I I
i
404 872 12 931 800
-
I
I
Valeur fin d'exercice
-
6 853
223 915 I 485 113
881 4 800 4 625
191658 264 329 71 592 767076
I 033 630 23
2 248 993 I 265 575
1 067 878
19 854 926
I I
131 955
I -
'
155 956
.' -
i
511 727
6.1. l. lmmobilisations incorporelles Les frais de recherche et de developpement ne sont jarnais immobilises et sont comptabilises en charge pour 4 885 K€. Le fonds de commerce a fait l'objet d'une reevaluation de 12 913 506 € lors de la fusion du 05 aoilt 2002. Cette reevaluation n'a pas subi l'impot (4 304 502 €) en application du regime de faveur prevu a !'article 210 du Code General des lmpots. Le fonds de commerce n'est pas amorti et ne fait pas l'objet d'une provision pour depreciation au 31.12.2008 compte tenu du chiffre d'affaires realise et de )'acquisition par Ametek. Les acquisitions de la periode concernent exclusivement des achats de logiciels.
3
6.1.2. Jrnmobilisations corporelles Les immobilisations corporelles, acquises apres la fusion du 05 aofit 2002, sont evaluees a leur cofit d'acquisition (prix d'achat et frais accessoires, hors frais d'acquisition des immobilisations) ou a leur cofit de production. La valeur des immobilisations transferees lors de la fusion correspond a leurs valeurs nettes comptables au jour de la fusion. Les acquisitions de la periode correspondent aux besoins liees renouvellements de materiels devenus obsoletes.
a !'installation
dans Jes nouveaux Jocaux et
a des
6.1.3. Immobilisations financieres CAMECA detient Jes actions des filiales etrangeres (Cameca-USA, Cameca-UK, Cameca-JAPAN, Cameca-KOREA, Cameca TAIWAN et Cameca Gmbh) a 100 % pour 760 674 €. La valeur brute des titres de participation est constituee par Ia valeur d'apport ou d'acquisition. Une provision est constituee si la valeur d'usage d'un titre devient inferieure a sa valeur d'entree. Cette valeur d'usage est determinee en fonction de l'actifnet reestime de la filiale. Cameca Gmbh a rencontre des difficultes depuis son acquisition en 2005. Une restructuration de son activite a ete decidee visant a transformer cette entite de production (instruments Quad) en structure de ventes et de services de !'ensemble des produits de Cameca. Cette restructuration devrait permettre a la filiale de degager des profits pour Jes exercices a venir conformement aux hypotheses actuellement retenues dans le business plan. L'exposition que represente Cameca Gmbh dans Jes comptes de Cameca SAS au travers d'une situation nette negative et d'actif rattache a cette participation est couverte a hauteur de 300 K€ (Jes titres pour 25 000 et Jes comptes courants pour 275 000), dans la perspective de la realisation des hypotheses retenues dans le business plan. Le 6 avril 2006, Cameca a fait un pret de I 967 152 euros a sa filiale Cameca GmbH, pour Jui assurer un equilibre bilanciel suffisant. Ce pret, remunere au taux annuel de 5 %, devra etre rembourse integralement le 6 avril 2013. Au 6 avril 2007, le pret a ete capitalise des interets de la periode (6.04.06 - 6.04.07), soit 98 627 euros. Au 6 avril 2008, le pret a ete capitalise des interets de Ia periode (6.04.07 - 6.04.08), soit 103 497 euros. Les interets se rapportant au pret courent a compter du 07.04.08 au 31.12.08 pour 79 718 euros. Le 29 octobre 2007, Cameca a fait un pret de I 000 000 euros a AMETEK Holding BV. Ce pret, remunere au taux annuel de 5 %, a ete rembourse par anticipation le 26 juin 2008 pour le nominal ainsi que Jes interets (33 630 euros).
Les autres immobilisations financieres concement : une avance de I million d'euros versee dans le cadre du leasing immobilier, avance remuneree dont Jes interets courus s'elevent a 147 066 euros. des depots de garanties pour 118 510 euros.
6.l .4. Amortissements
(en euros) Logiciels
: Valeur I debut d'exercice i 354 669
Biitiments Agencement Amenag. Contruct. Materiel Outillage lndustricl Materiel de Transport Materiel Bureau et lnformatique Mobilier
I
28 554
l
:I I
:...
Reprises 17 066
I
l
20 434 144 621
-
i
6 853
43 722 708 971
~
881 4 800
125 476 56 333
>-
29 601
l
;-
-
I I
100 030 34 250 1 083 440
Mode d'amortissements
Dotations derogatoires
IO 161
! ;
26 327 26 883 246 821
Valenr
! fin d'exercice i 366 156
l
23 288 571 202
Total
Logiciels
:
Dotations
l"
'
1300 660
Reprises derogaloires
12 669
4
Les immobilisations incorporelles (logiciels) sont immobilisees et amorties au prorata temporis sur l'annee d'acquisition. Elles sont amorties comptablement sur trois ans. Elles font egalement l'objet d'un amortissement derogatoire. L'amortissement des immobilisations corporelles est calcule suivant le mode lineaire qui permet de mieux prendre en compte la depreciation economique des immobilisations, en respectant le cadre defini par les principes comptables et fiscaux.
Les durees et modes habituels d'amortissements pratiques sont resumes ci-apres : 20 ans Lineaire I 0 ans Lineaire 3 a 10 ans Lineaire S ans Lineaire S a 10 ans Lineaire S ans a 10 ans Lineaire
- Construction - Ouvrages d'infrastructure et installations fixes - Machines-outils, materiel et outillages industriels - Materiel de transport - Mobilier et materiel administratif - Agencements des constructions, installations generales
Pour Jes amortissements des biens apportes !ors de la fusion, Jes durees d'amortissements correspondent courir dans Jes livres de la societe absorbee.
a la duree restant a
6.2. Actif circulant 6.2.1. Stocks Les stocks, matieres premieres et foumitures, sont evalues a leur cofit standard d'achats. Les stocks de produits finis et les travaux en cours sont evalues a leur cofit standard de production. Les stocks, valorises en cofit standard, sont corriges annuellement d'une part, de l'ecart sur achat constate correspondant a la partie non consommee des achats, et d'autre part, de l'ecart constate sur la valeur reelle du cofit de la main d'reuvre (pour les en-cours et les produits finis). Les stocks font l'objet d'une depreciation lorsque ce cofit devient superieur a la valeur probable de realisation. Les frais generaux commerciaux, administratifs et financiers, ainsi que Jes frais de recherche et de developpement ne faisant pas l'objet d'une commande client, sont directement pris en charge dans l'exercice.
(en euros) . Matieres premieres . En cours de production de biens . Produits intermediaires et finis . Marchandises Total
Provision pour depreciation Matieres premieres En cours de production de biens Produits intermediaires et finis Marchandises Total
Valeur brute 3 854 272 18 657 941 2 301 408 143 061
DCprecia ti on 604 389 325 239 527 179 39 035
Valeur nette 3 249 883 18 332 702 I 774 228 104 026
24 956 682
l 495 842
23 460 840
Valeur debut d'exercice
Augmentations
Diminutions
Valeur fin d'exercice
495 045 108 413 445 299 680
109 344 216 825 81 880 38 354
604 389 325 238 527 179 39 035
l 049 437
446 405
1495 842
6.2.2. Avances versees Les avances versees
anos sous-traitants s'elevent a 38 119 euros.
5
6.2.J. Creances Les creances sont enregistrees au bilan pour leur valeur nominale. Certaines creances sont eventuellement depreciees, selon la methode suivante : La creance constatee est depreciee de 50% de son montant hors taxe en fin d'exercice, si elle est superieure a un an d'existence, et si elle ne fait pas par ailleurs l'objet d'une provision cas par cas. Elle sera depreciee a 100 % si son existence est superieure adeux ans, dans Jes memes conditions precisees ci-dessus. Par ailleurs, une depreciation complementaire individualisee peut etre constatee !ors de !'analyse du portefeuille en fonction d'evenements connus specifiques.
Nature des creances Creances clients et comptes rattaches Clients Clients douteux ou litigieux Clients - factures a etablir
MontantS
(!)
Sous total Autres creances Personnel lmpots et taxes Comptes courants Groupe Divers debiteurs
11521453 136 196 36 849 11694498
(2) (3)
Sous total
34 556 314 341 9 711 931 24 787 10 085 615
Total
21780113
Les creances douteuses sont depreciees a hauteur de 100 %. TVA a deduire pour 314 K euros Avances faites aux filiales C.Korea pour 326 327 €, C. GmbH pour 210 709 € MA.I. pour 2 079 646 € et Financiere Cameca pour 7 095 249 €
(1) (2) (3)
Provision pour depreciation
Valeur debut d'exercice
Augmentations
Diminutions
Valeur fin d'exercice
Clients et comptes rattaches
133 198
133 198
Comptes du Groupe
275 000
275 000
0
Echeancier des creances (en euros)
Montant brut
~ ~ ~rets
< .§
=
:;os ::::
·;;
...;:: <"
k\utres immobilisations financieres k::lients douteux ou litigieux ~utres creances clients ~ersonnel et comptes rattaches Etat et autres [mpots sur les benefices collectivites Ifaxe sur Ia valeur ajoutee ..___p_u_b_liq_u_e_s-~!Divers
Proupe et associes IDebiteurs divers Charges constatees d'avance
TOTAL
A I .an au plus
A plus d'un an
2 248 993
2 248 993
1 265 575 136 196 I 1 558 302 34 555
1 265 575 136 196 I I 558 302
34 555
314 342
314 342
9 711 931 62 906 115 131
9 711 931 62 906 I 15 131
25 447 934
21797169
3 650 765
6
0 Produits a recevoir inclus dans les postes de bilan II s'agit des factures restant a etablir sur les interventions du S.A.V. pour un montant de 36 849 euros, des interets courus sur prets a Cameca Gmbh pour 79 717 euros et des interets courus sur l'avance de I million pour 147 065 euros.
6.2.4. Tresorerie Ce poste comprend uniquement des disponibilites au 31 decembre 2008 : Nature des disponibilites
Montants
Banques Caisses
3 778 790 881
Total
3 779 671
6.3. Comptes de regularisation 6.3.1. Charges constatees d'avance Mooiaots
Nature
Charges d'exploitation Contrats assistance informatique Contrats de maintenance Contrats de collaboration Deplacements (billets d'avion) Assurances Autres ( Maintenance, Abonnement revues )
Total
32 266 40 669 37 500 2 728 I 550 418
115 131
Les charges payees d'avance telles que Jes abonnements et Jes contrats ont ete calculees prorata temporis.
6.3.2. Ecarts de conversion actif Ils proviennent essentiellement des creances clients etablies en devises et qui ne font pas l'objet de couvertures par des contrats de ventes aterme. A ce titre, une provision pour perte de change a ete constituee pour 349 262 euros.
7
7. Explication des postes du bilan - PASSIF 7.1. Capitaux propres }>
Composition du capital social
Le capital social est fixe a 6 782 I 00 euros et est entierement libere. II est divise en actions de 137,6629 euros chacune, de meme categorie, numerotees de I a 49 266. Son capital est detenu a JOO% par Micro Analyse Instruments depuis le 29 juin 2001, date de prise de contr6le du Groupe.
:»
Evolution des capitaux propres
La deliberation de l'associe unique du 30 juin 2008 decide d'affecter l'integralite du benefice de l'exercice 2007 (S 416 632.04 euros) au poste « Autres reserves ». (en euros)
Ouverture
Capital souscrit verse Prime de fusion Reserve legale proprement
Augmentation
Dhninuti·ons
Resultat 2008
6 782 100
6 782100
11274 421
ll 274 421
678 210
678 210
3 270
3270
71 829
71 829 5 690 944
5 690 944 I 856 405 31 373
31 805 183
7273 037
5416632 IO 161
5 416 632
Total cloture 2007
5 426 793
-12 669
28865
-5 416 632
0
-5 429 301
31 802 676
RESULTAT 2008
TOTAL
Cloture
31 805 183
5 426 793
-5 429 301
4 147 052
4 147 052
4 147 052
35 949 728
7.2. Autres fonds propres II s'agit des aides de l'ANVAR (Agence Nationale de Valorisation de la Recherche) pour la realisation de materiels
innovants sous forme d'avances remboursab!es. Elles s'elevent a 650 000 euros. Contrats
Aide accordee
Montant rer;u
Mt rembourse
Rembt Exercice
650 000 €
650 000
450 000
200 000
Programme N° 3
So/de
0
Le solde de l'avance (200 000 euros) a ete payee au 30 juin 2008.
7.3. Provisions pour risques et charges Les provisions pour risques et charges sont constatees lorsque Jes risques et charges sont nettement precises quanta leur objet mais dont la realisation est incertaine et que des evenements survenus ou en cours rendent probables. (en euros)
. Garanties donnees aux clients . Penalites clients . Pertes de change . Autres pour risques . Pensions et obligations similaires . Medaille du travail . Travaux restant a effectuer
TOTAL
Reprises sans objet
Provisions
Provisions
Dotations de l'exercice
I 292 503
239 699
333 981
18 027
22 200
161 458
349 262
161 458
0
165 986
975 822
333 834
84 100
535 378
57 864
17262
575 980
170 268
I 202 035
54 192
1318lll
3469 410
2 366 707
201 973
5 450 486
a I' ouverture
Utilisation
a la cloture I 532 202
46 419
283 389 349 262 165 986
183 658
I 225 556
8
Les dotations et reprises des provisions pour risques et charges se repartissent par nature comme suit : Nature
Dotations
Reprises
Exploitation
I 999 418
155 554
349 262
161 458
Financier Exceptionnel Total
18 027
68 619
2 366 707
385 631
a) Provision pour garantie donnee aux clients Cette provision est calculee en fin d'exercice, par machine livree et sous garantie, au prorata de la duree restant a courir. b) Provision pour penalites
II s'agit des penalites contractuelles a payer pour retard de Iivraison. c) Autres provisions pour risques Elle correspond ades indemnites de rupture de contrat commercial. d) Provisions pour indemnites de depart en retraite L'indemnite de fin de carriere susceptible d'etre versee est actualisee et ponderee des probabilites de vie et de presence dans I'entrcprise, a Ia date de cloture. Ci-apres Jes hypotheses retenues pour le calcul de Ia provision conformement o Age previsionnel de depart a la retraite : 65 ans o Taux d'inflation: 1,8 % o Taux d'actualisation: 4,5 % o Table de mortalite : Source Insee 2003-2005
aIa convention collective de la Metallurgie :
Aucun engagement en matiere de retraitc n'a cte constatc dans Ics comptes de la socicte
a regard des dirigcants.
e) Provisions pour medaille du travail Les medailles du travail susceptibles d'etre versees sont actualisees et ponderees des probabilites de vie et de presence dans l'entreprise, a Ia date de cloture. f) Provision pour travaux restant a effectuer Cette provision, calculee en cofit complet, correspond aux cofits d'installation non effectuees des machines facturees en 2008.
7.4. Dettes 7.4.1. I>ettes financieres Nature des creances
Montalits
Emprunts et dettes financieres divers Participations des salaries Interets courus sur participations Dettes Ametek BV Interets sur dettes Ametek Cornptes courants Groupe
(I) (2) (3) (4) (5)
Total
I 775 274 73 474 3 500 000 46 572 2 691 340
8 086 660
(I) Participation des salaries relatifs aux exercices 2003, 2005, 2006 et 2007 bloquee en compte courant. (2) lnterets courus des participations sur la periode du 01104108 au 31112108.
(3) Emprunts aupres du Groupe Ametek pour financer le BFR. (4) lnterets sur emprunts Ametek au tau.x annuel de 5% (5) Paiement de l 'imp6t sur !es societes, apres imputation du credit imp6t recherche de /'exercice 2008 (421 685), a la mere Ametek holdings SARL de 1 689 050 euros.
Avances concernant Cameca USA Inc pour 1 002 290 euros.
7.4.2. Avances re.;ues sur commandes en cours
Ce sont Jes avances per~ues des clients pour Jes Iivraisons de materiel
a realiser pour un montant de
4 265 353 euros.
9
7.4.3. Dettes d'exploitation Repartition des dettes d'exploitation par nature : Montan ts
Nature des dettes Fournisseurs et comptes rattacbes Foumisseurs Foumisseurs effets it payer Foumisseurs Factures non parvenues Sous total Dettes liscales et sociales Personnel Organismes sociaux lmpots et taxes
3 210 183 1 771 525 I 806 039 6 787 747 2 039 392 1 458 673 140 750
(1)
(2) (3)
Sous total
3 638 815
Total
10 426 562
(I) dont dettes pour conges payes et RIT 1 029 K€ lnteressement et participation 897 K€ (2) dont charges sociales sur conges
a
(3) dont TVA( zone Euro) decaisser Tmce professionnelle
517K€ 102K€ 16K€
7.4.4. Dettes diverses Repartition des dettes diverses par nature : Nature des dettes
Montant
Dettes sur immobilisations et comptes rattaches Foumisseurs immobilisations Sous total Autres dettes Agents commissionnaires Redevances Crediteurs divers (1) Sous total
Total (I)
0
71 592 71 592 I 138 650
14 129 37 636 ] 190 415 1262007
dont cotisations pour 24 K euros.
Echeander des dettes (en euros)
Emprunts et dettes financieres divers Foumisseurs et comptes rattaches Personnel et comptes rattaches Securite sociale et autres org. sociaux Etat et autres collectivites publiques
lmpots sur !es benefices Taxe sur la valeur ajoutee Autres impots, taxes & assi.
Dettes sur immobilisations & cptes rattaches Groupe et associes Autres dettes et avances Produits constates d'avance TOTAL
Montant brut
A 1 an au plus
5 395 320 6 787 747 2 039 392 1458 673
3 635 320 6 787 747 2 039 392 l 458 673
104 223 36 526
104 223
71 592 2 691 340 5 455 769 I 971 250
71 592 2 691 340 5 455 769 I 971 250
26 011 835
24 251 835
A plus d'l an 5 ans au plus l 760 000
36 526
1 760 000
10
o
Charges a payer incluses dans les postes de bilan
Ci-apres le detail des postes de bilan concemes : Emprunts et dettes financieres divers Dettes foumisseurs et comptes rattaches Dettes sociales Dettes fiscales Autres dettes ( redevances, divers )
120 046 1 806 039 1 981 908 819 335 38 059 4 765 387 €
7.5. Comptes de regularisation 7.5.1. Produits constates d'avance Nature
Montan ts
Produits d'e:xploitation Contrats de maintenance S.A.V.
(1)
Marchandises facturees non livrees
(2)
Total
I 544 070 427 180 1 971 250
(1) Les contrats de services sont factures aux clients pour une periode est constatee d'avance.
a courir exprimee en jours. A la cloture, la part calendaire non echue
(2) La provision correspond a des accessoires non livres relatifs ades machines livrees, facturees.
7.5.2. !<:carts de conversion Passif Les profits latents s'elevent a 225 753 euros. Ils proviennent des creances clients en devises pour 216 054 euros, des factures foumisseurs en devises restant a payer pour 5 777 euros et des commissions en devises a payer aux agents pour 3 922 euros.
11
8. Explication des postes du Compte de Resultat 8.1. Compte de resultat de I' exercicc :;.. Fait generateur du chiffre d'affaires Le fait generateur du chiffre d'affaires est le transfert de propriete. D'une maniere generale, le transfert de propriete resulte, soit de la livraison proprement
Ventilation du chiffre d'affaires (en milliers d'euros) Zone geographique
2008
2007
2006
-FRANCE - UNION EUROPEENNE - U.S.A. I CANADA - ASIE I PACIFIQUE -AUTRES
3 056
1760
4 681
9201
9 413
8 198
TOTAL Nombre de machines vendues
11 369
11 912
12423
22160
20776
10 425
55
I 180
I 893
45 841
45 041
37620
27.5
28,0
23,5
(*)la part du Service Apres Vente dans le chiffre d'affaires represente 10 %, soit 4 423 milliers d'euros.
Repartition du chiffre d'affaires 2008 par zone geographique
ASIE / PACIFIQUE 48,34% UNION _ _ _ _ EUROPEENNE (+FRANCE) 26,74%
USA/ CANADA 24,80%
AUTRES (AFRIQUE) 0,12%
Le graphique met en evidence I' importance des marches asiatiques au detriment du marche americain dans le «business» de CAMECA.
8.2. Autres produits Ce paste, pour un total de 331 056 euros, comprend la reprise des redevances (209 K€) pour Jes brevets dont !'utilisation est devenue gratuite, le remboursement des depenses (100 K€) dans le cadre du contrat Nanobeams, Jes refacturations des cotisations de retraite (8 K€) a la filiale americaine pour le personnel affecte a l'etranger et divers pour 14 K€. 2008
Autres produits
331 556
2007 325 041
2006 74 642
12
8.3. Autres achats et charges externes Le montant des autres achats et charges externes, qui s'eleve a 13 613 milliers d'euros, comprend Jes achats de sous-traitances industrielles (2 671 KE), Jes achats non stockes de matieres et foumitures (387 KE), Jes services exterieurs (5 163 K€) et des autres services exterieurs (5 391 K€) detailles ci-dessous:
Autres charges externes
2008
2007
2006
Services extfrieurs Sous-traitance generale Redevances de credit bail
(!)
3 357 635
2 188 685
2 381 777
(2)
I 295 773
1254216
983 355
Locations
(3)
143 450
133 966
78 184
187 598
135 662
123 160
120 626
189 246
150 210
41 389
83 485
35 839
22444
9438
22 211
1970
4 309
5163 132
3 967 578
3 813 918
Entretien, reparation, maintenance Primes d'assurance
(4)
Etudes et recherches Documentation Frais de colloques, seminaires, conferences Sous total Autres services exterieurs Personnel interimaire Remuneration d'intermediaires et honoraires Publicite, publications, relations publiques Transports de biens Deplacements, missions et receptions Frais postaux et de telecommunications Services bancaires et assimiles Divers Sous total Total
(5)
123 231
118 177
188 521
2 312 016
I 814 888
I 542 592
15 488
15 754
36966
(6)
942 850
729 096
626 647
(7)
I 781 875
I 737 665
I 696 843
50 090
58 190
50 927
87 236
110 237
167212
(8)
78 665
42 407
59 458
5 391 451
4 626 414
4 369166
IO 554 583
8 593 992
8 183 084
(I) Prestations pour I 955 KE, autres prestations decentralisees pour 874 K€, exploitation informatique pour 151 K€, nettoyage et gardiennage des locaux pour 379 K€. (2) Remboursement du credit bail immobilier que Cameca a souscrit aupres de Fortis Lease pour financer le nouveau siege. (3) Locations de vehicules, de mobiliers et de materiels informatiques. (4) Couvertures concemant la responsabilite civile, la multirisque industrielle (y compris la perte d'exploitation), le transport des marchandises, la flotte automobile et Hommes CJes pour le credit bail immobilier. (5)
Commissions sur ventes pour 2 134 K€ et honoraires pour 177 K€ .
(6)
Transports sur achats pour 314 K€, transports et emballages surventes pour 612 K€ et divers pour 17 K€.
(7)
Frais de voyages pour 886 K€, de missions pour 834 K€ et de receptions pour 62 K€.
(8)
Cotisations des organisations pour 46 K€ et frais de recrutement pour 33 K€.
8.4. Autres charges II s'agit des redevances versees
a des organismes (CNRS, ONERA .. ) pour l'utilisation de Ieurs brevets dans nos machines.
Autres charges
2008
2007
Redevances Divers
39 129
257 004
Total
2006 190 939
24 193
12 215
I 768
63 322
269 219
192 707
13
8.5. Resultat de l'exercice 2008
2007
2006
6 497 ll6
8 769 816
6 530 681
339 106
326 369
79 986
110 759
221 455 -365 853
(en euros) Resultat d'exploitation Resultat financier - Dividendes et prt!ts
(I)
131 936
- Charges d'interets
(2)
-158 090
-86 378
190 818
25174
65 810
362 245
395 787
30465
- Resultat net de change - Autres charges et produits
(3) (4)
-187 803
-118 973
128 109
Resultat avant imp6ts
6 836 222
9 096185
6 610667
Resultat exceptionnel
-103 594
-201 996
5 926 316
-46 427
-1 519
- Provisions pour risques
- Penalites clients
-453
- Penalites fiscales - Provisions pour risques et charges
(5)
50121
-186893
55 997
- Autres charges et produits
(6)
-106 835
-13 584
5 870 319
-896 525
-1 328 838
-2 057 397
-I 689 050
-2 148 720
-5 689 256
4147 052
s 416 632
4 790 331
Participations et interessements Imp6ts sur Jes benefices de l'exercice Resultat net de l'exercice
(1) dont Revenus des prets Cameca GmbH pour la periode 2008 pour 107 092 euros Revenus des prets Ametek USA pour la periode (I" semestre 2008) pour 24 844 euros (2) dont interets sur participation en compte courant bloque pour < 51 130 > euros lnterets de la dette Ametek BV pour < 46 571 > euros lnterets de l'avancc Cameca USA pour< 49 643 >euros Agios pour< 10 744 > euros (3) dont Revenus de l'avance IM dans le cadre du leasing pour 60 895 euros et Swap de taux (Leasing) pour I 08 331 euros Revenus factures a la holding M.A.!. selon la convention de tresorerie pour 43 155 euros Revenus factures a la holding Financiere Cameca selon la convention de tresorerie pour 148 094 euros (4) provisions pour risques financiers pour < 187 803 > euros (5) dont amortissements derogatoires pour 2 508 euros provisions pour penalites clients pour 50 592 euros amortissements sur immobilissations pour <2 980 > euros
(6) autres charges provisionnees pour 106 835 euros
8.6. Participation des salaries & interessements Un accord d'interessement a ete signe et depose le 13 juillet 2006 aupres de l'inspecteur du travail. Le montant total de 896 525 euros se repartit en participation pour 458 400 € et en interessement pour 438 125 € au titre de l'exercice 2008.
14
8.7. Impots sur les benefices. Le resultat fiscal de l'exercice (6 203 041 €) genere un impot apayer de 2 I IO 735 euros. Un credit d'impot en faveur de Ia recherche a ete constate dans Jes comptes de la societe et s'eleve a421 685 euros. Ce credit s'impute sur l'impot sur Jes societes, soit un impot net apayer de I 689 050 euros. Cette somme est transferee chez Ametek Holdings SARL, Ia tete de groupe, dans le cadre de )'integration fiscale.
Ci-apres la repartition de l'impot entre le resultat courant et le resultat exceptionnel : Repartition de l'impot Resultat courant Resultat exceptionnel
Bases
Taux 34.03 %
6 836 222
2 326 366
-103 594
-35 253
9. Operations concernant Jes entreprises liees
Au 31/12/2008 (en euros)
CAMECA FRANCE
Cameca USA
Cameca UK
Came ca JAPAN
Cameca KOREA
Came ca TAIWAN
Cameca GMBH
Micro Financiere Analyse Cameca Instruments
Au hi/an
Actif Prets Preteur
2 248 994 2 248 994
Emprunteur Creances d'exploitation Comptes courants Cameca
9 711 931
Comptes courants partenaires Clients
210 709
326 327
2 079 646
7 095 249
427 992
Filiales partenaires
51 038
291 508
68 330
200
16 916
555 334
210 720
l 434 661
Passif Autres reserves . Dividendes verses
0
. Societes partenaires Dettes d'exploitation Comptes courants Cameca
I 002 291
Comptes courants partenaires Foumisseurs Filiales partenaires
1002291 3 086 296 879 517
6 064
15
Au compte de risultat Produits d'exploitation . Ventes aux filiales
11722324
. Societes partenaires
4 895 712
41 838 6 168 005
173 971
17 778
425 020
134 272
613 799
3 951
I 584 594
492 540
323 568
406 549
. Prestations facturees aux filiales . Societes partenaires Chames d'exoloitation . Achats aupres des filiales
3 013 462
Societes partenaires . Prestations faites par les filiales
658 177
18 669
1330 562
. Societes partenaires
107 905
Produits financiers . lnterets courus a recevoir
298 342 107 092
. Societes partenaires
43 155
148 095
Charees linancieres . Interets et charges assimiles
49 644
. Societes partenaires
49644
I 0. Renseignements divers 10.1. Engagements financiers hors bilan •
Des cautions et avals accordes a des clients par !es banques pour notre compte s'elevent a 3 31 l 895 € : (Cautions Marches«France»: 974981 € - Marches«Etranger»: 2336914 €)
•
P1TCH Promotion, a cede par acte notarie du 21 /12/2005 son terrain - 29 quai des Gresillons a Gennevilliers, et a vendu en etat futur d'achevement un immeuble a usage de bureaux et d'activites pour une surface de 7 420 m2 a Fortis Lease. La livraison a eu lieu le 13 juillet 2006. Ce meme jour, devant notaire Fortis Lease a signe un credit immobilier avec Cameca pour cet ensemble immobilier pour une duree de 12 ans et une valeur de 12 340 000 euros dont une avance de I million euros a ete versee. Les remboursements ont commence a compter de la livraison.
•
Une assurance Homme Cle a ete souscrite pour un total de 750 000 euros sur I personne.
•
11 n'cxiste pas de garanties de pa.ssiC d'engagements de surete et d'actes de nantissements au 3 l dec..-:mbre 2008.
10.2. Engagements de credit bail Un nouvel immeuble d'unc valcur de 12 340 000 curos acquis, le 13 juillct 2006, par credit bail aupres de Fortis Lease pour une dun~e de 12 ans se ventilc comme suit :
I 500 000 €
- Terrain - Constmction - Ageneements
7 840 000 € 3 000 000 E
Les rcdevances au titre de l'exerciee s'elcvent a l 295 774 euros. Dans le cas ou la socictc avait aequis cc bien, J'amortissement de la nouvelle usinc (construction et agcnccments), dcct1mposee en 4 groupes avec des durees de vie respectives de 8 I I 0 / 25 et 30 ans, aurait ete de 468 048 euros par an. Credit bail immobilier
Redevances cumulccs
Redevances cxcrciee
Engagement Net
12 340 000
-1 353 538
-623 497
10 362 965
16
Echeancier
A I an au plus
A plus d'lan et 5 ans au plus
A plus de 5 ans
Credit bail immobilier
648 000
2 800 000
3 825 000
Le prix d'acquisition
a]'expiration du credit bail sera de 3 085 000 euros.
10.3. Effectifs Les effectifs moyens par categorie se decomposent comme suit : Ouvriers ETAM lngenieurs
31 89
77 195
10.4. Droit individuel :\ la formation Nombre d'heures ouvertes au titre du droit individuel a la formation (DIF) au 31.12.2008 Nombre d'heures de formation consommees au titre du D.I.F. au 31.12.2008
I 6 2 JO heures 64 heures
Aucune demande de formation n'ayant ete deposee par Jes salaries au 31.l2.2008, et acceptee par la direction, la societe n'a pas juge utile de proceder a une provision au titre de cet engagement.
10.5. Avances ct credits allouecs aux dirigeants sociaux et indications des engagements pris pour leur compte Neant
10.6. Remunerations allouees au titre de l'exercice aux membres des organes d'administration et de direction de Jeur fonction
a raison
Neant
10.7. Dettes garanties par des suretes reelles Ncant
10.8. ldentite de la societe Mere consolidant les comptes des societes Conformcmcnt aux articles L. 233-16. L. 233-17 ct R. 233-15 du Code de Commerce. la socictc. dont le capital est dctcnu a 100% par la societe Ametek Holdings SARL depuis le 9 aoCtt 2007, n'etablit ni ne publie de comptes consolides pour I" cxercice clos le 31 dccembre 2008, ctant precise que : - les comptcs des socictcs contr6l6es dircctement ou indirectement par la societc Ametek Holdings SARL sont inclus dans les comptes consolides de !'ensemble plus grand d'entreprises etablis par la soeiete Ametek Inc. societe de droit americain. - ees eomptcs sont completes par la mention dans !'annexe des comptes annucls de la soeietc Ametek Holdings SARL des infomiations significatives visees a !"article R233-l5 du Code de Commerce.
17
11. Evenements post-cloture Cameca a fait l'objet d'un contrf>le fiscal au cours de l'exercice portant sur Jes exercices 2006 et 2007. La verification des comptes n'etant pas terminee, Ia societe considere qu'il n'y a pas lieu de constituer une provision ace titre.
12. Filiales et participations Ci-apres la liste des filiales etrangeres detenues par CAMECA SAS :
CAMECA INSTRUMENTS INC. 91 Mckee Drive Mahwah NJ 07430 Etats Unis d' Amerique
CAMECA UK Ltd PO box 88 Wilmslow - Cheshire SK95BE GRANDE-BRETAGNE
CAMECA INSTRUMENTS JAPAN KK SF, Mikuni-East Bldg 6-13-10, Sotokanda, Shiyoda-ku Tokyo 101-0021 JAPON
CAMECA KOREA Co., Ltd #309, 3rd Floor, Gyeonggi R&DB center 906-S Jui-dong, Yeongtong-gu, Suwon City Gyeonggi-do, 443-270 CO REE
CAMECA TAiwAN Corp. Ltd A2, IOF-6, N°.120, Sec.2 GongDao Wu Road 30056 Hsin Chu, TAIWAN
CAMECA GmbH Carl-van-Linde Str. 42 D-85716 Unterschleissheim ALLEMAGNE
18
Tableau des filiales et participations au 31.12.2008
CAME CA
CAME CA
CAMECA
CAME CA
CAME CA
CAMECA
U.S.A
U.K. ltd
JAPON
KOREA
TAIWAN
GMBH
USD
GBP
JPY
KRW
NTD
EUR
CAPITAL Reserves
270 000
30 000
50 000
50 000 000
1000000
25 000
1903958
96 679
55 211
-209 495 077
1 512 925
- 1 487 670
Quote-part de Capital detenu en %
100%
100%
100%
100%
100%
100%
!Valeur d'inventaire des titres detenus Euros
322 508
46 574
304 730
35496
26 366
Devises
395 645
30 000
50 000
50 000 000
1000000
l'rets et avances consentis et non rembourses Euros
0
2 169 276
Devises Chiffres d'affaire (taux moyen) Euros Devises
9 343 655
191170
9469 691
1 501431
692443
13 649 591
151 599
1436322
2 571086665
31 064 382
47068
37 222
232 348
300260
187 721
582 560
35 630
29 447
529 703 431
8 594 481
Resultat au 31/12/2008 (taux de cloture) Euros Devises
3 618 572
-
- 317 705
-
Dividendes verses Euros Devises Cautions ou avals donnes au benefices de ces societes Euros Devises
Date d'ouverture
01/01/2008
01/01/2008
01/01/2008
01/01/2008
01/01/2008
01/01/2008
Date de cloture
31/12/2008
31/12/2008
31/12/2008
31/12/2008
31/12/2008
31/12/2008
19
CONST ANTIN ASSOCIES
ERNST & YOUNG et Autres
Came ca Exercice clos le 31 decembre 2008
Rapport des commissaires aux comptes sur les comptes annuels
CONST ANTIN ASSOCIES 114, rue Marius Aufan 92532 Levallois-Perret S.A. au capital de€ 831.330
ERNST & YOUNG et Autres 41, rue Ybry 92576 Neuilly-sur-Seine Cedex S.A.S. acapital variable
Commissaire aux Comptes Membre de la compagnie regionale de Paris
Commissaire aux Comptes Membre de la compagnie regionale de Versailles
Cameca Exercice clos le 31 decembre 2008
Rapport des commlssalres aux comptes sur les comptes annuels
A l'Associe Unique. En execution de la mission qui nous a ete confiee par decision de l'associe unique, nous vous presentons notre rapport relatif al'exercice clos le 31 decembre 2008, sur: • le controle des comptes annuels de la societe Cameca, tels qu'ils sont joints au present rapport ; • la justification de nos appreciations ; • les verifications et informations specifiques prevues par la loi. Les comptes annuels ont ete arr~tes par le president. II nous appartient, sur la base de notre audit, d'exprimer une opinion sur ces comptes.
I.
Opinion sur les comptes annuels
Nous avons effectue not re audit selon les norm es d'exercice professionnel applicables en f ranee : ces normes requierent la mise en reuvre de diligences permettant d'obtenir !'assurance raisonnable que les comptes annuels ne comportent pas d'anomalies significatives. Un audit consiste a verifier, par sondages ou au moyen d'autres methodes de selection, les elements justifiant des montants et informations figurant dans les comptes annuels. II consiste egalement aapprecier les principes comptables suivis, les estimations significatives retenues et la presentation d'ensemble des comptes. Nous estimons que les elements que nous avons collectes sont suffisants et appropries pour fonder notre opinion.
Nous certifions que les comptes annuels sont, au regard des regles et principes comptables fran~ais, reguliers et sinceres et donnent une image fidele du resultat des operations de l'exercice ecoule ainsi que de la situation financiere et du patrimoine de la societe a la fin de cet exercice. II.
Justification des appreciations
En application des dispositions de !'article L. 823-9 du Code de commerce relatives nos appreciations, nous portons a votre connaissance les elements suivants :
ala justification de
Prlncipes et methodes comptables •
La note 6.2.1 de !'annexe expose les regles et methodes comptables relatives aux modalites de comptabilisation des stocks. Dans le cadre de note appreciation des regles et principes comptables suivis par votre societe, nous avons verifie le caractere approprie des methodes comptables precisees et des informations fournies dans les notes de !'annexe et nous nous sommes assures de leur correcte application.
Estimations • Votre societe conserve dans ses comptes un fonds de commerce dont la valeur brute s'eleve a K€ 12.932 au 31decembre2008. Compte tenu des elements previsionnels, le fonds de commerce ne fait pas l'objet de depreciation tel que cela est indique dans la note 6.1.1 de !'annexe. Nous avons procede a !'appreciation des approches retenues par votre societe pour estimer la valeur de cet actif. Nous nous sommes assures du caractere raisonnable des hypotheses retenues et des evaluations qui en resultent. • Votre societe a constitue une provision pour couvrir !'exposition au risque que representent ses filiales dans ses comptes, tel que cela est decrit dans la note 6.1.3 de !'annexe. Nos travaux ont consiste a apprecier, sur la base des elements disponibles ace jour, les elements et les hypotheses sur lesquels se f on de !'estimation de ces provisions, sachant que ces hypotheses ont par nature un caractere incertain et que leur realisation est susceptible de differer des hypotheses utilisees. Dans le cadre de nos appreciations, nous nous sommes assures du caractere raisonnable de cette estimation et du caractere approprie de !'information don nee en annexe acet egard. • Votre societe constitue des provisions pour risques et charges, tel que cela est decrit dans la note 7.3 de !'annexe. Nos travaux ont consiste a apprecier les donnees et les hypotheses sur lesquelles se fondent ces estimations, a revoir les calculs effectues par la societe, a comparer les estimations comptables des periodes precedentes avec les realisations correspondantes et a examiner les procedures d'approbation de ces estimations par la direction. Dans le cadre de nos appreciations, nous nous sommes assures du caractere raisonnable de ces estimations. Les appreciations ainsi portees s'inscrivent dans le cadre de notre demarche d'audit des comptes annuels, pris dans leur ensemble, et ont done contribue a la formation de notre opinion exprimee dans la premiere partie de ce rapport. Ill. Verifications et Informations speclflques Nous avons egalement procede aux verifications specifiques prevues par la loi.
Cameca Exercice clos le 31decembre2008
2
Nous n•avons pas d'observation a formuler sur la sincerite et la concordance avec les comptes annuets des informations donnees dans le rapport de gestion du president et dans les documents a l'associe unique sur la situation financiere et les comptes annuels.
Levallois·Perret et Neuilly·sur·Seine, le 15 juin 2009 Les Commissaires aux Comptes CONSTANTIN ASSOCIES
ean-Paul : : \
Cameca Exercice clos le 31 decembre 2008
Get Autres
Christian Lemaigre Dubreuil
3
DGFiP
CD I BILAN' - ACTIF I
f•l:mlll>i:e obli~Gin: {"'1ll:lc Sl A .tu Code~ dn implls).
N° 2050 2009
Designation de l'entreprise : _,.SAS=-....:CAHE,,,_,_,:.;r.A::.:----------------- Duree de l'exercice expri.mCc en uombrc de mois • Adrcsse de l'en1reprise 29
Numero SIRET •
QUA! DES GRESILLOllS
(I)
Fnis d'etabli~ment •
l:! Frais de developpement * 2 8 Concessions, brevets et droits similaires l!i £ g Fonds commercial (1) ~ ii Autres immobilisations incorporelles
. ..
~
3 Avaaces et aco1t1p1es sur immobilisa-
4
AC
ex
CQ
4F
404 872
4G
AH
12 931 800
Al
AN
Constructions
u
!11S111lations tecl!ajques. martriel et outillage industriels
366 156
38 715
47 298
12 931 800
12 931 800
Alt
AJ
Terrains
A.Cl
223 915
AQ
43 722
180 192
192 123
AR
1485113
AS
708 971
n6142
859 069
Autres immobilisations corporelles
AT
455 986
AU
181 809
l14 176
265 332
Immobilisations en cours
AV
71 592
71 592
4 625
Avauces et acomptes
735 674
735 674
Particcns me
AX
AY
cs
CT
Autres participations
cu
Creances ranachCes i des participatioas
BB
BC
BD
BE
evaluees selon demise en e uivalence
767 076
CV
31 402
If'
z 248 993
RG
2 248 993
3 15() 668
Autres immobilisations tinanci.Cres •
BB
l 265 575
Bl
1 265 575
1 109 643
IU
19 864 926
u
1 332 063
18 522 86.1
19 296 234
IJL
3 854 271
BM
604 389
3 249 882
2 528 916
En Wllf1 de production de biens
IN
18 f67 941
BO
18 332 702
18 590 378
g En c:ours de production de services
325.Z.
IP
n4 221
1 123 226
104 026
84 405
38 119
60 947
TOTAL an Malieres premieres,
. t;
...
approvisio~
IQ
Produiu iO!Crmediaircs et finis
BR
2 301411S
BS
5'1J 179
Man::balxf.iscs
JU
J9 036
1
~
BT
143 061
~
AYaDCeS et ac:ompces venes llW' commandes BV
38 119
•
§~
Clien!S et compres rauacbes (3;•
BX
11 694 498
BY
13.1198 l
11 561 299
6 458 254
Aucres Cl'Clll'ICCS (3)
BZ
10 085 615
CA
275 000
i
9 810 615
3 799 502
Capital souscnt c:t :ippcl.C, non verse
CB
m 671
2 'l.57 526
115 131
ll 196
,~
:.i
.,, 1V.1leun mobilierc:s de placc:mem CD I~ M:uons propres..!.:.=:.:.:..:::.:..=···· .J
11oom
i 3 Disp:m1b1lirts
er
Char~es
1
~g
!
Nel
l
0*
Pre!S
i
> )
Brut
AB
AL
~ Autres titres immobilises
)
Neant
AA
tions incorporelles
la
~ s
DurU de l'exercicc precedent • uz.._J
4 0 3 0 9 2 2 1 6 0 0 D 3 1
Capiral souscrit non appeli
3...
92230 6EHNEVILLIERS
ut..J
a2 t .3
a~
consratees tl'avance (3)•
I
TOTAL
fr:iis d.
TOTAL GEN~:RAL If f~envois; rJi fT.lu:~f'.etf.s.eT\'1: ,~
pmpnrtC ·. •
lknr 1lroi11u hail: Ir.:i:nobtltlii.Uic...~.s:
cc
----
CE ·~---
3
ng
671
CG
til
115 131
Cl
Cl
50 669 719
CK
3
34 920 352
1 904 Ml
(fV)
Cl\'
(V)
CM
!VD
C:-.0
349 262
349 262
161 459
n VI) co
/[) 873 907
67 637 803
54 378 C47
··----Ecarts de conversion actif~
•
I'~' l'art ,\.,.,,nm ·l'l!UllU 1ct .,..art .. 1;.,., ..1U1r:1¥1c~e•-.~:
ti'
·n
Stocks:
Creances :
• f)CS ~'phc.rious concernant cct!e rubrique >onl donnces dans I• ooricc n" 1012.
136 196
AGREMENT OGFIP C5109.10004
I'~
DGFiP N" 2051 2UU~
® I BILAN - PASSIF avant repartition I
cbli111<1R (llU:lc SJ A
du cook &frinl des irr¢ul
Designation de I'entreprisc
SAS CAMECA
Neant Enrck:e N
Capital social OU individucl (l)* (Doru verse : ................ ti.7.92.10.0........
)
6 782 100
6 782 100
DB
11 274 420
11 274 420
681 479
681 479
DC
)
Cl')
Reserve legalc (3)
DD
f
R~serves
DE
0
staMaires ou contracruelles
<:.::
tl.
Reserves reglemen~es (3)
~
~
fEKI
• ( Dont reserve speciale des provisiom Bl nour fluctuation des cours ( Dont ~serve relative <\ l'achat EJ d'ocuvn::s ori1.inales d'axtisll:S vivants*
)
DF
71 828
71 828
)
DG
;<
Autrcs r6serves
5 690 944
5 690 944
~
Repon l nouveau
DH
7 273 036
1 856 404
RESULTAT DE L'EXERCICE [benefice ou pertel
DI
4 147 052
5 416 632
Q
Subventions d'investissement
DI
"'
Provisions reglementees *
DIC
28 865
31 373
DL
35 949 728
31 805 183
ii:
~
1(
.....:;
\,,)
t:.i:::
~
:.::
Q:;
TOTAL Ill
~~
.:g
Produit des emissions de titres participatifs
DM
"'c.. ., 0
AvanccscouditiollllCc:s
ON
="'e .2
<:::i""
~
ai
~
:I
.a g .... e..,, ·-it&.~ ~
0
~ 00
.:!I ·c:
TOTAL 1111
DO
DP
2 330 839
1 787 943
Provisions pour charges
DQ
3 119 647
1 681 467
DR
5 450 486
3 469 410
DV
TOTAL 11111
~
g ,-.
Emprunts obligataires convertibles
OS
Autrcs emprunts obligatain::s
DT
Emprunts et dettcs aupres des etablissements de cddit (5)
DU
Eil
·::!:-
Bmprunrs ct dettes financieres divers
8 086 660
3 921 763
ffl
Avances et acomptes rei;us sur commandes en COUl'S
ow
4 265 353
3 270 706
Q
Deues fournisseurs et comptes rattachCs
DX
6 787 747
4 583 438 ~
Dettes fiscates et sociales
DY
3 638 815
3 870 362
Dettcs sur immobilisations et comptes ratt.acbes
DZ
71 592
Autres detu:s
EA
1 190 415
1 272 124
Produirs constates d'avance (4)
EB
1 971 250
1 865 283
E
Compte rc!?ul.
)
EC
fVI
ED
225 753
83 569
a VI
EE
67 637 803
54 378 047
TOTAL GENERAL fl (I)
(2)
0 >
~
Ecart de reevaluation i.acorpore au capital
Dont
{
2fj
011 835
18 819 882 ; I
lB
Reserve speciale
IC
r:cart tie reevaluation libre
ID
R.!serve
IE
(J)
Dont reserve speciale Jes plus-valuc:s a long terme •
EF
75 098
75 098
(4)
Dettes ~[ produi!s coustau!s d'.wance
EG
24 251 835
17 172 406
15)
Dont coacours haacaircs courants, et sold.es cre
,_____
~
moins d'un an
'.i
-
36 202 I
TOTAL llVJ
Ecarts de conversion passif •
200 000
ProvisioDS pour risques
(J
'.)
200 000
!:! ...
\,,)
')
Enrctc.N • 1
DA
Primes d'emission, de fusion, d'appon. .... Ecarts de reevaluation (2)* (dont ecart d'equivalence
D ..
EH
• Des explications conc~rnant Celle rubrique sonc dorn1ees Jans 14 notice n• 20J2.
t
DGI<'iP
N° 2052 2009
-- "@jco:MPrE DE REsULTAT DE L'EXERCICE (En liste)I f<>ltlll.llm lllllipioitt (article S3 A u ('ode
1
~des imp&~)
SAS
Designation de l'entrcprisc:
e»!ECA
Neant ExerdceN £xportalloia tt ll•nbo,.
France
FA
Venres de marchandiscs •
n4
FC
065
FE
40 123 192
FF
41 897 258
43 316 700
services" FG
1 282 033
FH
2 661 326
FI
3 943 359
1 724 090
FI
3 056 098
FK
42 784 519
FL
45 840 618
45 040 791
692 032
3 364 764
riens•
i
z
Production venduc
~
Chitfres d'affaires nets •
a
Production stockee •
FM
Q
Production immob~e *
FN
i:
Subventions d'exploitation
FO
Reprises sur amortisse~nts et provisions, transfens de charges "' (9)
fP
155 553
887 796
Autres produits (1) ( 11)
FQ
331 556
325 041
FR
47 019 761
49 625 494
~
"'~I: ~ ;....
FB
FD
~erdce (N.-1)
Total.
lutncommoaaautalns
C:
;:;i
7 100
Q
~
-~
Total des proclults d'exploltatio11 (2)
~
....;
m
Achats de marchandiscs (y compris droits de douane)*
FS
~
Variation de stocl:: (marchandiscs)*
FT
( 57 975)
7 473
~
Achats de ma~res premieres et auttcs approvisionnements (y cornpris droits de douanc)*
FU
10 600 501
14 412 569
Qc:
~
~ ~ ~ ~
=: "1
~
~
t
Variation de stoc:k (matiCrcs premi~ et approvisionnements)*
FV
( 830 310)
522 715
z
0
AutreS achats et charges extemes (3) (6bis}*
FW
~
13 612 698
11 093 130
!::
Imp6ts, talles et versements wimiles •
FX
1 092 078
1 047 665
Salaires et tta itements*
FY
8 964 464
8 496 951
Charges sociales (10)
FZ
4 388 199
4 105 290
- dotations awt amonissements *
GA
243 841
197 349
- dotations aux provisions
GB
~
~ !3 t;!I
~
Q
2:
{
~a
Sur immobilisations
<3
Sur actif circulant : dotations aux provisions •
GC
446 405
152 986
Pour risques et charges : dotlltions aUA provisions
GD
1 999 418
550 325
GE
63 322
269 219
Total des ebarges d'exploiiation (4) (II) GF
40 522 645
40 855 677
GG
6 497 116
8 769 816
o~ i::
se ~
Auttes charges (12)
1 • RESULTAT D'EXPLOITATION 11-11)
!i "I!
Benefice attribue ou penc transfer6: • Perte
suppo~
(Un GH
ou benefice transfere •
(IV)
GI
Produits financ:iers de participatiom (5)
GJ
Produits des autres vale\ll"S mobilieres et creances de l'acrif immobili.sC (5)
GK
131 936
110 759
Auues inrerets et produits assimiles (5)
GL
362 321
413 892
Reprises sur provisions et transfcrts de charges
GM
161 459
42 486
ts ~
Differences positives de change
GN
637 670
642 908
~
Produits nets sur cessions de valeurs mobilieres de placement
GO
GP
1 293 387
1 210 045
DtJtations fuuincieres au., amortisserneni:s ec provisions "
GQ
349 262
161 459
lnterets et charges assimilees (6)
GR
158 166
104 48Z
~hange
GS
446 852
617 734
Total des charges financieres (VJ) GU
954 281
ll83 675
Z - RESULTAT FINANCIER (V - Vt!
GV
339 106
326 369
3 - RESULTAT COURANT AVANT fMPOTS (I - U + UI • IV + V • Vil
GW
6 836 222
9 096 186
~
u
~ ?i r.. ~
. 0
Total ties prodtdts financiers (V)
~u ) )
I
!
~
~
Differences negatives de
"~ :i::
Ch3rges nettes sur cessions de valeun; mobilieres ,1e placement
~
'-'
GT
DGFiP N° 2053 2UU~
~GREMENT DGPI~ CS109.l0004.--~~~~~~~,,--~~~~~~~~~~~~~---.
@I COI\'IPTE DE RESULTAT DE L'EXERCICE (Suite>!
l'cJnm11aiR ol>lipc>P l"'1iclc Sl A <1u code gelll!lli d
de l'emreprise
~
ra:IECA
:'-ifant
Exerdcc N-1
Exen:ice N
~
Produits exccptionncls sur operations de gcstion
HA
~ ~
s
Produits exceprionnels sur operation.s en capital *
HB
~ ~~
Reprises sur provisions ct transfe.rts de charges
HC
81 288
113 551
RD
81 288
113 558
Cllargcs exceptioMclles sur operations de gestion (6 bis)
HE
153 714
15 108
Charees cxceptiot111CUes sur operations en capiau •
HF
Dotations exceptioDDClles aux amortissements et provisions
HG
31 168
300 446
BB
184 883
315 555
m
( 103 594)
( 201 !iJ6)
(IX)
HJ
896 525
l 328 838
(X)
HK
5
II.
Ill
Total des prodults exceptionoels (7)
.. ::!
~ ~ ~
-.. ~ "'~ ~
x:.i
~·
'~ Q
Total des charges exceptiomielles (7)
(Vm
CVIm
4 - RESULTAT EXCEPTIONNEL (VII - VIII)
...
Participation des salaries aux resultats de I' entreprise
2.
Im¢ts sur 1es benefices •
r~
-
...~
§ ~
(I)
"'(
l 689 050
2 148 720
+ Ill + V + vm
HL
48 394 436
50 949 098
TOTAL DFS CHARGES {ll
+ IV + VI + VIII + IX + X) !ml
44 247 384
45 532 466
HN
4 147 052
5 416 6.12
2: '"I
(2)
209 019
114 061
~
~
(3)
~
Dom {
produits de locations immobililrcs
HY
pro
HP
- Credit-bail immobilicr
HQ
1 295 773
1 254 216
lH
21 345
4 823
(5)
Dont produits conccmant les enucpriscs liees
11
323 186
107 996
(6)
Dont inrerets conceraant Jes cntreprises lices
IK
96 216
Dont dons faits aux organismcs d'inttret general (an. 238 bis du C.G.I)
HX
Dont tranSferts de charges
Al
(10)
Dont cotisadons personncUcs de l'e:itploitant (13)
A2
(11)
Dont redevanccs pour coacessions de brevets, de liceaces (produits)
A3
Dont mlcvances pour concessions de brevets, de licences (charges)
A4
(12) (13)
::!
{
Dont charges d'exploitation afferentcs a des cxercices anterieurs (a de1lliller au (8) ci-dcssous)
(9)
ill
Doat
HO
(4)
(6bis)
~
..
Dent produits nets paniels sur operations Along temie
t-.
(7)
I I
I
Dont l?rimes et cotisations complemema1res versonnellcs : fJcultativcs A6 oblis?atoires A9 Detail dci produil& ct char&es exccplionnels (Si le nombre de lignes est iruuffisan1, r!!(Jroduire le cadre (7)
Exe•
et le
joilldre eo annexe) :
I f
I
.j
•
I
ic~ IJ !~oc!Wa
Charges eJ«
'
e.<(epio1111<1s
I
2 980
I
PROV. NGT. OEROGATOIRES
10 161
12 669
PROV. PENAlITES DE RETARD
18 027
68 619
PENAl.ITES 0£ RETARD DE LIVRAISOH
46 880
AIJTRES CHAAGES PROVISIONNEES (S)
251 002
39 129
I I
OAP ItMlS
l
6
TOTAL DF.S PRODUITS (I
5 • BENEFICE OU PERTE !total des prodults ·total des charges)
8
c:
o·
106 835 Exercice N
Detail des produits ct charges sur excrcices anierieurs :
Owgcs a111tritur~
REPRISE REDEVAHCES - iJREVET EXPIRE
.
REGUL COTISATIOH
f
!
I
F"roJuits .&tkrleiJts
209 019 ----
21 345
D
-
-·
-
--···-·-------
• D
coucern~nl
..
----
--
.
eerie rubnquc >Ont donr.ees; rlans la noucc n .l032 .
--
1. Presentation de la societe J.l. Historique de la societe La Societe a ete creee le 13 Decembre 1995 sous la forme d'une S.A.R.L. au Capital entierement libere de 50 568 Francs, soit 7 709,04 euros. Le 13 Mai 19%, l'Assemblee des Associes decide de transformer la Societ6 en S.A. regie par la Joi en vigueur et par Jes statuts au Capital entierement libere de 281 736 Francs, soit 42 950,38 euros.
Conformement aux decisions prises par I' Assemblee Generale Extraordinaire du 20 Juin 1996, M.S.l. (Materiels Scientifiques International) a pris le controle du Groupe S.P.T.M.-CAMECA. La societe M.S.l. a ete acquise par la societe M.A.1. (Micro Analyse Instruments) le 29 juin 2001 dont le premier exercice a 6te dos le 31 decembre 2002.
M.S.I. a absorbe S.P.T.M.-CAMECA par fusion simplifiee suivant la decision de I' Assemblee G6nerale Mixte Ordinaire et Extraordinaire du 30 novembre 200 I. La societe M.S.I. (Materiels Scientifiques International) a absorbe CAMECA, sa fifiale op6rationnelle, suivant la decision de l'Assemblee Generale Mixte Ordinaire et Extraordinaire du 05 aoiit 2002. De plus, M.S.I. a change de denomination sociale et de fonne et est devenue CAMECA SAS afin de preserver son identite et son nom commercial vis a vis de ses clients.
La societe Micro Analyse Instruments, uetcnue a I00%, a ete acquise par la socicte Financicre Cameca le 06 avril 2005.
Aux tennes d'une deliberation en date du 28 juin 2006, CAMECA, l'associe unique de Biosims SARL. a decide de dissoudre
sa filiale, par transmission universelle du patrimoine (TUP) avec effet retroactif au Ier janvier 2006. Le 9 aoiit 2007. le fonds Carlyle Europe, actionnaire
1.2. Objet La societe CAMECA a pour objet :
L'etude, la fabrication et la vente de tous appareils OU elements d'appareils electroniques et mecaniques de hautes precisions en particulier d'instruments scientifiques.
1.3. Siege social
Son siege se situe au 29 Quai des Gresillons, 92230 Gennevilliers. 1.4. Exercice social
L'annee sociale commence le ler janvier et finit le 31 decembre.
2. Faits marguants de l'exercice En date du 5 novembre 2008, une convention d'integration fiscale a ete conclue avec la societe Ametek Holdings SARL en tant que chef de groupe integre forme par cette societe, la societe Financiere Cameca. Micro Analyse Instruments et CAMECA.
3. Perimetre d'integration fJScale Une nouvelle convention d'integration fiscale a ete signee en janvier 2008 entre les membres du Groupe [ CAMECA, Micro Analyse Instruments, Financiere Cameca] et Ametek Holdings SARL, la nouvelle tete de groupe.
4. Principes comptables mis en oeuvre Les comptes annuels de CAMECA sont etablis selon Jes normes definies du plan comptable general de 1999, au PCG an. 531- I ~I et au Co
Conversion des dettes et creances en devises
Au bilan Les dettes et creances en monnaies etrangeres qui n'ont pas fait l'objet de couverturc de taux, sont enregistrees au cours du jour de la transaction. A l'arrete des comptes, elles sont valorisees au taux en vigueur a la date de cloture. Les ecarts provenant de cette actualisation sont inscrits aux comptes « Ecarts de conversion actif » pour Jes pertes latentes et « Ecarts de conversion Passif » pour les profits latents. Cel\es qui sont couvertes par des contrats de change, sont evaluees au cours de la couverture qui leur est affectee. II n' est pas dans ce cas constat6 de difference de conversion ni a l'actif, ni au passif du bilan. Au compte de resuJtat Les ecarts de change defavorables sur operations en devises font l'objet de provisions pour risques dotees pour leur totalite sur l'exercice de leur constatation.
5. Comparaison des comptes annuels Les methodes d'evaluation et de presentation retenues pour etablir Jes comptes de l'exercice 2008 sont demeurees inchangees par rapport acelles de l'exercice precedent
6. Explication des postes du bilan - ACTIF 6.1. Adif immobilise
Les immobilisations sont comptabilisees conformement aux reglements CRC 2002-IO et 2004-06. ' Valeur debut d'exercice : 401967 12931 800 - '
(en euros)
lmmo. lncom.
Logiciels Fonds Commercial Terrains Batis Bdtiments Agencement Amenag. Contruct lmmo. Materiel Outillage lndustriel Corporal. Materiel de Transport Matmel Bureau et lnforrnatique Mobilier
lmmo. Financ.
215411 1430271
Autres participations
I
Total
19971 '
Cessions Mise au rebut 17066 -
l
'l
l
Valeur fin d'exercice 404 872 12 931 800
8 503 61695
'
-
6 853
43 280 18 774 71592
. -
-
881 4800 4625
-
J 033 630
'
223 915 1485113
-
-
I \
Autres inunobilisat financieres
l
'
-
En coon;
Prets
Acquisitions
149259 250 354 4625 767 076 3 150 668 I 109643
131955 155 956
20411078
511727
:
l
'
.-
..
23 1067 878
'
l
191658 264 329 71 592 767 076 2 248 99.1 I 265 575 19854926
6.1.1. Immobilisations incorporelles
Les frais de recherche et de developpement ne sont jamais immobilises et sont comptabilises en charge pour 4 885 K€. Le fonds de commerce a fait I' objet d'une reevaluation de 12 913 506 € lors de la fusion du 05 aout 2002. Cetre reevaluation n'a pas subi l'imp6t (4 304 502 €)en application du regime de faveur prevu aI' article 210 du Code General des Imp6ts. Le fonds de commerce n'est pas amorti et ne fait pas !'objet d'une provision pour depreciation au 31.12.2008 compte tenu du chiffre d'affaires realise et de I' acquisition par Ametek. Les acquisitions de !a periode concement exclusivement des achats de logiciels.
6.1.2. Immobilisations corpurelles
a
Les immobilisations corporelles, acquises apres la fusion du 05 aoOt 2002, sont evaluees leur cout d'acquisition (prix d'achat et frajs accessoires, hors frais d'acquisition des immobilisations) OU a Jeur COUt de production. La valeur des immobilisations transferees lors de la fusion correspond a leurs valeurs nettes comptables au jour de la fusion. Les acquisitions de la periode correspondent aux besoins liees renouvellements de materiels devenus obsoletes.
a !'installation
dans les nouveaux locaux et
a des
6.1.3. Immobilisations tinancieres
CAMECA detient les actions des filiales etrangeres (Cameca-USA. Cameca-UK. Cameca-JAPAN, Cameca-KOREA, Cameca TAIWAN et Cameca Gmbh) a 100 % pour 76-0 674 €.
La valeur brute des titres de participation est constituee par la valeur d'apport ou d'acquisition. Une provision est constituee si la valeur d'usage d'un titre devient inferieure a sa valeur d'entree. Cette valeur d'usage est determinee en fonction de l'actif net reestime de la filiale. Cameca Gmbh a rencontre des difficultes depuis son acquisition en 2005. Une restructuration de son activite a ete decidee visant a transformer cette entite de production (instruments Quad) en structure de ventes et de services de !'ensemble des produits de Cameca. Cette restructuration devrait permettre a la filiale de degager des profits pour les exercices a venir conformement aux hypotheses actuellement retenues dans le business plan. L'exposition que represente Cameca Gmbh dans Jes comptes de Cameca SAS au travers d'une situation nette negative et d'actif rattachC a cette participation est couverte a hauteur de 300 K€ (Jes titres pour 25 000 et Jes comptes courants pour 275 000). dans la perspective de la realisation des hypotheses retenues dans le business plan. Le 6 avril 2006. Carneca a fait un pret de l 967 152 euros a sa filiale Cameca GmbH. pour lui assurer un equilibre bilanciel suffisa