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

4

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%

12

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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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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• •

• •

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/

58

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

89

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)

109

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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·.

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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 ·

·.

·.

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

·.

·.

·.

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

·.

AEM LIMITED

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STRATEGIC REPORT

FOR THE YEAR ENDED 31.. DECEMBER 2013 i~-

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.

-1-

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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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4

-2-

·.

·.

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.

-3-

·.

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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4

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·,

. AEM LIMITED

•,

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AEM LIMITED i;;.

i~·,-.

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

..

·.

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.

-7-

AEM LIMITED

·.

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

-8-

·. 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.

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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

9/11/2014

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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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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

ll

111

;ind bc!i-::1"

\\t..'1"1.' n,.,:.:t'_,,~,:ll)

l
!'lie balan(.:c .-:;he-ct,

'>latcnll:nl \Villi

ui' pr(1fit and lo:;:-; and

l';ic-h

Jlo\\"

thi.: l\'-"'! n! 11u1

:1ud1l.

Jll llllr urinion, prupl'!' book'; nl
rcpnrt arc in ;igrcc111e111 !\

fr;:- th'"· pcq_\!)';•:'>: 11' ,>\11

s\;1h.:ni<.:n!

bLeJl kl~p!

lk·alt \Vi!h hy

li:

till'

1lii:;

tliv honks of
In 1lll1· ,-,pin11•n. 1h.._· b;1L1n1.:\' -,he<..'\. -.,1;1l<...'!llc1\t .-1( p1·l!1! ::nd !r'"'· .~nd ...:~1sh th';1i1 \'--1ili

h)

rJ,,\\ -;L!11·n1,_·nt

'.)n-., 1cp,q! 1:d1nr·h \\1!!1 the ,h:-,:i":t1n;111~' -..:1·lrHLir1I-, rl·fcrr1.'.d Hl 1n ,11h·-,vcli(\lf

i _; \ , l P ( -...v1· II f;fl

:-:

I:

I!

1

I

i1 c

I . "1np:l11 i ,: . .;

:\ ..-1, ] l) :' (1,

i'(:c,-i,1.:d fr,>111 ll!c 1i!r1.:\~t111::;. :1.., (\fl \1:1rlli 1 I . b:.' 1lh: ) ~o.ird \J( ] ) !l"V1..-'!t ,, :;. \\'!,' I t.:p( irl tii ,1i..,,q:1:ili1iL~d ~i"i UH l\-·Lu,li \i ..-·o:~~ i'!(Jili .1pp<.'ii';:1.d ;)'., .1 di11.·~"\tll 111 i\.'tlli'• ,,1 ,; 1:1 li.<1.·
( )n the h;-1:-.i::i 11r ih<: \V:-iltL:11 rcpr<...''>l'l:l
! _).

:tlld l:lkl'11 Ull 1l.'t:(111J

1

S. \/.(~NA IAllA s Asso<

11

u\

,·;. !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

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Oir<.'clor

No 221.ur.

P•~ct· 06nQ~lore •

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0

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Ju~ y 271 1012

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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

1/2

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

2/2

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

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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

O'I

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:

lf)

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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

0

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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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l/!J

Registrerat revisionsbolag Member ')f Gr3nt Thornton lnternat1ondl ltd

Sida 1(2)

fr@.!uRopians 6\lerenssta.mmelsG m!ar!'cr .:r'.la!et intygas:

""'/ ,; tz..t(:r_ cz. /-/vorC:~ D:? -s-rciJ -o -~' oo

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

Reg1strerat revtsionsbolag l111c1ntJ<" r1f (JrJnt lhorr1to1• lritf:rrut1a11a1 i tn

Sida 2(2)

fmmK.opfans overensst1mme1a, med' origina!et intygas:

qa..e~ '/horc,~01-/

or -S-6...J - o rt' oo

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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.

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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

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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_ _ _ _ _ _ _ _ _ _ _ _ _ _



__,#

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



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.



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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2/2

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

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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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~

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AF

404 872

AG

~

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AH

12 931 800

Al

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g Autres immobilisations incorporelles ~ Avanccs et acomptes sur immobilisalions incorporellcs

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38 715

47 298

12 931 800

12 931 800

366 156

AK

AL

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Terrains

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

4 625

735 674

735 674

~

AT

i.

455 986

AU

~

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71 592

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8 g Immobilisations en cours Avances et acomptes

AX

AY

Par1ici~ations

cs

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evaluees selon B Ia met ode de mise en equivalence

1

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~ Creances rattacMes

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,_ ~

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1

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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:>.

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:



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 suffisant. Ce pret, remunere au taux annuel de 5 %, devra etre rembourse integralement le 6 avril 20!3. 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 la periode (6.04.07 - 6.04.08), soit I03 497 euros. Les interets se rapportant au pret courent acompter 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 concernent : une avance de 1 million d'euros versee dans le cadre du leasing immobilier, avance remuneree dont Jes interets courus s'eJevent a 147 066 euros. des dep6ts de garanties pour 118 510 euros.

6.1.4. Amortissements

I !

(en euros) LOS!iciels Batiments Agencement Amenag. Contruct. Materiel Outillage lnduslriel Materiel de Transport Materiel Bureau et lnformatique Mobilier

Valeur

i debut d'exercice :

I I

354669

28 554

23 288

20434

571 202

144621

100030

26327

34250

26 883

246821

Total

iI

1083440

Mode d'amonis.~nient"

f

Oocati-Olll>
l...Dgiciels

I

10161

RoprL<•" Jero2a1oires

12669

Valeur

Reprises

Dotations

-

17066

fin d'cxercice

.

366 156

43 722

-

6 853

708971

. -

881

125 476

4800

56 333

29601

1300660

Les immobilisations incorporelles (logiciels) sont immobilisees et amonies au prorata temporis sur l'annee d'acquisition. Elles sont amorties comptablement sur trois ans. Elles font egalement I' objet d'un amonissement derogatoire. L'amortissement des immobilisations corporelles est calcule suivant le mode lineaire qui permet de mieux prendre en compte Ia depreciation economique des immobilisations, en tcspectant le cadre defini par les principes comptables et fiscaux.

Les durees et modes habituels d'arnonissements pratiques sont resumes ci-apres : - 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

20 ans Lineaire IO ans Lineaire 3 a 10 ans Lineaire 5 ans Lineaire 5 a IO ans Lineaire 5 ans a 10 ans Lineaire

Pour les amortissements des biens apportes lors de la fusion, les durees d'amortissements correspondent a la duree restant courir dans Ies livres de Ia societe absorbee.

a

6.2. Actif circulant

6.2.l. Stocks

Les stocks, matieres premieres et foumitures, sont evalues aleur cout standard d'achats. Les stocks de produits finis et les travaux en cours sont evalues a Ieur cout standard de production. Les stocks, valorises en cout standard, sont corriges annuellement d'une part, de l'ecart sur achat constat6 correspondant a Ia partie non consommee des achats, et d'autre part, de l'ecart constate sur Ia valeur reelle du cout de Ia main d'ceuvre (pour Ies en-cours ct Ies produits finis). Les stocks font l'objet d'une depreciation lorsque ce cout devient superieur a la valeur probable de realisation. Les frais generaux commerciaux, administratifs et financiers, ainsi que Ies 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) . Matiem premieres . En cOW"S de production de bieos . Produits interrnCdiaires et finis . Marchandises

Total

Provision pour depredation

Matieres premieres En COW'S de production de biens Produits intermediaires et finis Marchandises

Total

Valeur brute 3 854272 18657941 2 301408 143061

Depredation 604389 325 239 527 179 39035

Valeur nette 3 249 883 18 332 702 I 774 228 104026

24956682

1495 842

23460840

Valeur debut d'exerdce

Augmentations

Diminutions

Valeur fm d'exerdce

495 045 108 413 445 299 680

109 344 216 825 81 880 38354

604389 325 238 527 179 39035

1049437

446405

1495842

6.2.2. A,·ant'es versees

Les avances versees a nos sous-traitants s'elevent a 38 119 euros.

6.2.3. Creances

Les creances sont enregistrees au bilan pour leur valeur nominale. Certaines creances sont eventuellement depreciees, scion 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 I00 % si son existence est superieure adeux ans, dans les memes conditions precisees ci-dessus.

Par ailleurs, une depreciation complementaire individualisee peut etre constatee !ors de I' analyse du portefeuille en fonction d'evenements connus specifiques.

Nature des creances Criances clients et comptes rattacb&

Montants

Clients Clients douteux ou litigieux Clients • factures a etablir

(I)

Sous total

11 521 453 136196 36849

11694498

Autres criancts

Personnel hnpOIS et taxes Comptes courants Groupe Divers dCbiteurs

(2) (3)

Sous total

10085 615

Total (I) (2) (3)

34 556 314 341 9711931 24787

21780113

us creancts douteuses sont deprlciits ahauteur de I 00 %. 7VA adiduire pour 314 K euros Avancesfaiies auxfilia/es C.Korea pour 326 327 €. C.GmbH pour 210 709 €. M.A.l. pour Z 079 646 € et Financiere Cameca paur 7 095 249 €

Provision pour depredation

Clients et comptes rattaches Comptes du Groupe

V 1leur debut

d'exerdce

Augmentatloas

Dlmlnutloas

Valeurfln d'exerdce

133198

133 198

275 000

275000

Cl Echeancier des creances Montant brut

(en ellrOS)

.... 0

A I an au Dlus

A plus d'un an

: e~

2 248 993

2 248993

~uttes immobilisations financieres tlients douteux ou lirigieux Auttes creances clients Personnel et comotes rattaches "; ~ Etat et auttes ~mp0ts sur les benefices collecrivites Taite sur la valeur ajoutee publiques ~ Divers < Proupe et associes Debit.curs divers Chanzes constatees d'avance

I 265 575 136196

I 265 575

~ .§

....=

..."

TOTAL

136 196

11558302

11558302

34555

34555

314 342

314342

9 711931

9 711 931

62906 115 131

62906 115 131

25 447934

21797169

3650765

Q

Produits ft ret.'e\'Oir inclos dans les postes de biJan

II s'agit des factures restant aetablir sur !es interventions du S.A.V. pour un montant de 36 849 euros, des interets courus sur pre ts aCarneca Gmbh pour 79 717 euros et des interets courus sur I' avance de I million pour 147 065 euros.

6.2.4. Tresorerie Ce poste comprend uniquement des disponibilites au 31 decembre 2008 : Nature des dlsponibllites

Montants

Banques Caisses

3 778 790

Total

3779671

881

6.3. Comptes de regularisation 6.3.1. Charges constatees d'avance Montants

Nature

Charges d'exploitation

Contrats assistance informatique Contrats de maintenance Contrats de collaboration Deplacements (billets d'avion) Assurances Autres ( Maintenance, Abonnement revues ) Total

32266 40669 37 500 2728 1550

418

ns 131

Les charges payees d'avance telles que les abonnements et Ies contrats ont etc calculees prorata temporis.

6.3.2. Ecarts de conversion actif lls proviennent essentiellement des creances clients etablies en devises et qui ne font pas l'objet de couvertures par des contrats de ventes a terme. A ce titre, une provision pour perte de change a ete constituee pour 349 262 euros.

7. Explication des P6Stes du bilan - PASSIF 7.l. Capitaux pro1>res ;,;. Composition du capital social

Le capital social est fixe a 6 782 I00 euros et est entierement libere. II est divise en actions de 137,6629 euros cb.acune, de meme categorie, numerotees de I a49 266. Son capital est detenu a100 % par Micro Analyse Instruments depuis le 29 juin 2001, date de prise de controle 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 (5 416 632.04 euros) au poste « Autres reserves». ( eneuros)

Ouvertore

Capital sooscrit verse Prime de fusion

Reserve legale proprement dite Plus value net. LT. reserve legale Plus value net. L.T. res. Reglernent. Reserves diverses Repon ll nouveau Provisions re~lemeotees RESULTAT 2007

Augmentation

Diminutions

RCsultat 2008

6782100

6 782100

11274421

llr74421

678210

67821()

3 270

3270

71829

71829

5690944

5690944

1 856405

5416632

31373

10161

31 &OS 183

7273037

5 426 793

-5

4~9

301

RESULTAT 2008 TOTAL

31805183

28865 0

-12 669

-5 4166n

5416632

Total c/Oture 2007

aoture

5426793

-5 429 301

31802674

4 147 052

41470SJ

4147052

35949728

7.2. Autres fonds propres II s'agit des aides de l'ANVAR (Agence Nationale de Valorisation de la Rechercb.e) pour Ia realisation de materiels innovants sous forme d'avances remboursables. Elles s'elevent a 650 000 euros.

Contrats

Aide accordee

MonJanJ refu

Mt remboune

Rembt Exercice

650 000 €

650 00'.J

450 00'.J

200 000

Programme N° 3

0

Le solde de l' avance (200 000 euros) a etc payee au 30 juin 2008.

7.3. Provisions pour risques et charges Les provisions pour risques et cb.arges sont constatees lorsque les risques et cb.arges sont nettement precises quant aleur objet mais done la realisation est incertaine et que des evenements survenus ou en cours rendent probables. (en euros)

. Garanties donnees aux clients . Penalites clients . Pettes de change . Autres pour risques . Pensions et obligations similaires . MCdaille du travail . Travaux restant a effectuer TOTAL

Reprises sans obJet

Provisions

DotatioDS de I' exerc:kie

I 292 503

239699

333 981

18027

22 200

161458

349 262

161458

al'ouverture

Utilisation

ProvmoDS

ala ck'iture I 532 202

46419

283 389 349 262 165 986

0

165 986

97S 822

333 834

84100

I 225 556

535 378

51864

17 262

575 980

170 268

l 202 035

3469410

2 366707

183 658

54 192

I 318 111

201973

5450486

Les dotations et reprises des provisions pour risques et charges se repanissent par nature comme suit : Nature

Dotatlons

Exploitation

1999418

155 554

349 262

161458

18027

68619

2366707

385631

Financier Exceptioonel Total

Reprises

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 acourir. b) Provision pour penalites ll s'agit des penalites contractuelles apayer pour retard de livraison. 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 tin de carriere susceptible d'etre versee est actualisee et ponderee des probabilites de vie et de presence dans I' entreprise, a la date de cloture. Ci-apres Jes hypotheses retenues pour le calcul de la provision conformement ala convention collective de la Metallurgic : o Age previsionnel de depart ala retraite : 65 ans o Taux d'inflation : 1,8 % o Taux d'actualisation: 4,5 % o Table de monalite : Source lnsee 2003-2005 Aucun engagement en matiere de rctraitc n 'a etc constate dans lcs comptcs de la societe a r cgard des dirigeants.

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 I'entreprise, a la date de cloture.

0 Provision pour travaux restaot aeffectuer Cette provision, calculee en cout complet, correspond aux couts d'installation non effectuees des machines facturees en 2008.

7.4. Dettes 7.4.l. Dettes tirumcieres Nature dtos creanus

Montants

Emprunts et dettes finanderes divers Participations des salaries lnterets courus sur panicipatioos Dettes Ametek BY lnterets sur dettes Ametek Comptes courants Groupe

( I)

(2) (3) (4) (5)

Total

1775 274 73474 3500000 46572 2 691 340

8 086660

(1) Panicipalion dts salariis rela1ifs mu extrcices 2003, 2005, 2006 ti 2007 bloquie en compte couront. (2)

ln1irets courus des panicipations sur la piriode du 01/04/08 au 31112JfJ8.

(3) Emprunts aupres du Groupe Ametek pour financer le BFR. (4) lnterets sur emprunts Ametek au taux annuel de 5% (SJ Paiement de l'impbt sur /es sociites, apres imputation du credit impbt recherche de /'exercice 2008 (421 685 ), iJ la mere Ametek holdings SARL de 1 689 050 euros.

Avances concemanJ Cameco USA Inc pour I 002 290 euros.

7.4.2. Avances rei;;ues sur commandes en cours Ce sont les avances pef\'.ues des clients pour les livraisons de materiel a realiser pour un montant de 4 265 353 euros.

7.4.3. Dettes d'exploitation

Repartition des dettes d'exploitation par nature: Nature des dettes

Montants

FOW'Jlisseurs et romptes rattac:hes Foumisseurs Foumisseurs effets a payer Foumisseurs Factures non paivenues

3 210 183 I 771 525 I 806039

Sous total Dettes flscales et sociales Personnel Organismes sociaux lmpOts et taxes

6787747 2 039 392 I 458 673 140750

(I) (2) (3)

Sous total

3638815

Total (1)

10426562

dont dettes pour congis payls et RIT J 029K€ lntiresse~nt et participation 897K€

(2)

dont charges socio/es sur congis

517 K€

(3)

dont 1VA( zone Euro) adicaisser Taxe professionnelle

102 K€ 16K€

7.4.4. Dettes diverses

Repartition des dettes diverses par nature : Nature des deUes

Montant

Dettes sur immobilisations et comptes rattaches Fournisseurs immobilisations Sous total Autres dettes Agents commissionnaires

71 592 71592

Redevances Credi1eurs divers Sous total

(I)

Total

(I)

I 138 650 14129 37 636 1190415 1262 007

dont cotisations pour 24 K euros.

CJ Echeander des dettes (en euros)

Empnmts et dettes financieres divers Foumisseurs et comptes rattaches Personnel e1 comptes rattaches SCcurite socialc et autres or~. sociaux

Etat et autres collectivttes publiques

lmp6ts sur les benefices Taxe sur la valeur ajoutte

Autres imoots. taxes & assi. Dettes sur immobilisations & cptes rattaches Groupe et associes Autres dettes et avances Produits constates d'avance TOTAL

Montant brut

A I an au plus

5 395 320 6 787 747 2 039 392 I 458 673

3 635 320 6787 747 2 039 392 I 458 673

104223

104 223

36526 71 592 2691340 5 455 769 I 971 250 26 011835

Aplusd'l an Sans au plus

I 760000

36 526 71 2 691 5 455 I 971

592 340 769 250

24 251835

176@000

D Charges a payer incluses dans les postes de bilan Ci-apres le detail des postes de bilan concemes : Emprunts et dettes financieres divers Denes foumisseurs et comptes rattaches Denes sociales Dettes fiscales Autres dettes ( redevances, divers )

120046 I 806039 I 981908

819 335 38059 4 765 387 €

7.5. Comptes de regularisation 7.5.1. Produits constates d'avaoce Nature Produits d'exvloitation

Montants

Contrars de mainlenance S.A. V.

(1)

Marchandises facturees non livrees

(2)

Total

1544070 427 180

1971250

(1} Les contrars de services sont factures aux clienrs pour une pmode acourir exprimee en jours. A la cl6ture, la part calendaire non echue est constatee d' avance.

(2) La provision correspond ades accessoires non livres relaiifs ades machines livrees, facturees.

7.5.2. Eearts de conversion Passif Les profits latents s'elevent a 225 753 emus. lls proviennent des creances clients en devises pour 216 054 euros, des factures fournisseurs en devises restant a payer pour 5 777 euros et des commissions en devises a payer aux agents pour 3 922 euros.

8. Explication des oostes du Compte de Resultat 8.1. Compte de resultat de l'exercice ;.>

Fait generateur du chifTre d'alTaires

Le fait generateur du chiffre d'affaires est le transfert de propriete. D'une maniere generate, le transfert de propriete resulte, soit de la livraison proprement dite au client, soit des clauses contractuelles des marches.

;,. Ventilation du chift.re d'atTaires (en milliers d'euros) Zone geograpblque

2008

2007

2006

-FRANCE

3056

1760

4681

- UNION EUROPEENNE

9201

9413

8 198

- U.S.A. I CANADA

11369

11912

12 423

-ASIE I PACIFIQUE

22160

20776

10425

55

I 180

I 893

45841

45041

37620

27.5

28,0

23.5

-AUTRES TOTAL

Nombre de machines vendues

(*)la pan 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 !'importance des marches asiatiques au detriment du marche americain dans le «business» deCAMECA.

8.!. Autres produits

Ce poste. 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, les refacturations des cotisations de retraite (8 K€) a la filiale amencaine pour le personnel affecte a l'etranger et divers pour 14 K€. 2008 Autrcs eroduits

331 556

2007 325 041

2006 74 642

8.3. Autres achats et charges externes Le montant des autres achats et charges exlemes, qui s'eJeve a 13 613 milliers d'euros, comprend Jes achats de sous-trai1ances industrielles (2 671 K€), les achats non stockes de matieres et foumitures (387 K€ ). Jes services exterieurs (5 163 K€) et des autres services exlerieurs (5 391 K€) detailles ci-dessous:

Autres charges extemes

2008

2007

2006

Services exterieurs Sous-traitance gCnerale Redevances de credit bail

(I)

3 357 635

2 188 685

2381m

(2)

I 295 773

I 254 216

983 355

Locations

(3)

143450

133 966

78184

187 598

135 662

123 160

120 626

189246

150210

41389

83 485

Entretien. rCparatioo, maintenance

Primes d'assurance

(4)

Eludes et rechen:hes Documentation

35 839

22444

9438

Frais de colloques, sCminaires, conferences

22 211

1970

4309

s 163132

3%7578

3813918

Sous total Autres servias exterieurs Personnel intCrimaire

123231

118 177

188521

(5)

2 312 016

1814888

1542592

15488

15 754

36966

Transports de biens

(6)

942 850

729096

626647

DCplacements, missions et receptions

(7)

I 781 875

I 737 665

1696843

Remunmtion d'incennediaires et hoooraires Pub!icite, publications, relations publiques

Frais postaux et de telecommunications Services bancaires el assimi!Cs Divers Sous total

Total

(8)

50090

58190

50927

87 236

I IO 237

167 212

78665

42407

59458

5391451

4626414

4369166

10554583

8593992

8183084

(I) Prestations pour I 955 K€, autres prestations decentralisees pour 874 K€, exploitation infonnatique pour 151 K€, nettoyage et gardiennage des locaux pour 379 K€. (2) Rembowsement du credit bail immobilier que Cameca a souscrit aupres de Fortis Lease pour fmancer le nouveau siege. (3)

Locations de vChicules, de mobiliers et de matCriels infonnatiques.

(4)

Couvertures concemant la responsabili~ civile, la multirisque industrielle (y compris la perte d'exploitatioo), le transport des marchandises, la flotte automobile et Hommes Cles pour le credit bail inunobilier.

(5)

Commissions sur ventes pour 2 134 K€ et honoraires pour 177 K€ .

(6)

Transports sur achats pour 314 K€, transports et emballages sur ventes 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 ades organismes (CNRS, ONERA .. ) pour !'utilisation de !eurs brevets dans nos machines. Autres charges

2008

2007

Redevances Divers

39129

257 004

190939

24 193

12 215

I 768

63322

269 219

192 71Y1

Total

2006

8.5. Resultat de l'exercice (en euros)

Reswtat d'exploltatlon Reswtat finander

2008

2007

6497116

8 769816

6530681

339106

326369

79986

- Dividendes et prCts

(I)

131936

110 759

221455

- Charges d'intatts

(2)

-158 091)

-86378

-365 853

190818

25174

65810

- Resulw net de change - Autrcs charges et produits

(3)

362 245

395 787

30465

- Provisions paur risques

(4)

-187 803

-118 97.?

128109

Reswtat &Vllllt lmpOts

6836222

9096185

6610667

Reswtat exceptlonnel

-103594

-201 996

s 926316

-46-127

-I 519

- PCna.lites clients - Penalites fiscales

-153

- Provisions pour risques et charges

(5)

50121

-186893

55997

- Autrcs charges et produits

(6)

-106835

-IJ 584

5 870319

525

-1 328 838

-2 057 J97

-I 689 050

-2 148 720

-5 689 256

4147052

5416632

4790331

Partidpations et interessements

ImpOts sur les benefkes de l'exercice

Resultat net de l'exerdce

-~96

(I) dont Revenus des prets Cameca GmbH pour la periode 2008 pour l 07 092 euros Revenus des prets Ametek USA pour la periode (l"' 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 Interets de l'avance Cameca USA pour< 49 643 >euros Agios pour < 10 744 > euros (3) dont Revenus de I' avance IM dans le cadre du leasing pour 60 895 euros et Swap de taux (Leasing) pour 108 331 euros Revenus factures a la holding M.A.!. selon la convention de tresorerie pour 43 155 euros Revenus facrures a la holding Fmanciere Cameca scion la convention de tresorerie pour 148 094 euros

(4) provisions pour risques financiers pour < 187 803 > euros (5) dont amortissements derogatoires poor 2 508 euros provisions pour penalites clients poor 50 592 euros arnortissements sur immobilissations pour <2 980 > euros (6) autres charges provisionnees poor 106 835 euros

8.6. Participation des salaries & interessements

Un accord d'in!Cressement a ete signe et depose le 13 juillet 2006 aupres de l'inspecteur du travail. Le monlant total de 896 525 euros se repartit en participa1ion pour 458 400 € el en in1eressemen1 pour 438 125 € au titre de J'exercice 2008.

8. 7. Impilts sur les benefices. Le resultat fiscal de l'exercice (6 203 041 €) genere un imp(jt a payer de 2 I 10 735 euros. Un credit d' imp(jt en faveur de Iii recherche a ete con state dans les comptes de la societe et s•eleve a42 l 685 euros. Ce credit s'impute sur l'imp(jt sur !es societes, soit un impot net apayer de l 689 050 euros. Cette somme est transferee chez Ametek Holdings SARL, la tete de groupe. dans le cadre de !'integration fiscale.

Ci-apres la repartition de l'imp6t entre le resultat courant et le resultat exceptioMel: Repartition de l'impOt Reswtat courant

Bases

Taux 34.03 %

6 836 222

2 326366

-103 594

-35 '.!53

Resultat exceptionnel

9. OJ>!!rations concemant les entreprises liees

Au 3111212008 (en euros)

CAMECA FRANCE

Carneca

Cameca

Cameca

Cameca

Cameca

USA

UK

JAPAN

KOREA

TAIWAN

Cameca

Micro

Financierc

Analyse Cameca GMBH Instruments

Au bi/an

Actif

Prits Piiteur

2248994

2 248994

Emprunteur Cr&nces d'exploitation Comptes courants Cameca

9 711931

Comptes courants panenaires Clients

210 709 2 079646 7095 249

326 327 427 992

Filiales partenaires

291 508

51 038

68 330

200

555 334

210720

16916

Passif Autres

reserves

. Dividendes verses

c

. Societes panenaires Dettes d'exploitation Comptes courants Cameca

I 002 291

Comptes courants partenaires Foumisseur.;

Filiales oartenaires

I 002 291 JOll6m

879 517

6064

143466!

Au campte de resu/Jat Produits d'emloitation . Ventes aux filialc.s

11722324

. Sociews panenain:s

4 895 712

41838

6168005

173971

17 778

425 020

658 177

18669

134272

613 799

3951

1584594

492 540

323 568

406549

. Prestations facturees aux filiales . Soci~ partenain:s Charees d'emloitation

. Achats wpm; des filialc.s

3013462

. Societb partenaires . Prestatioos faites par les filiales

1330562

. Societes pan.enain:s

107 905

Produits financiers . lnt&Cts courus ~ recevoir

2'8342

. Soci~ partenaires

107 ()1)2

43 155

148 005

CbllJ"RS financieres

. lnterets et charges assimi~

4'644

. Sociews panenain:s

49644

10. Renseignements divers 10.1. Engagements financiers hors bilan •

Des cautions et avals accordes ades clients par les banques pour notre compte s'elevent a 3 311 895 € : (Cautions Marches« France»: 974 981 € - Marches« Etranger »: 2 336 914 €)



PITCH Promotion, a cede par acte notarie du 21/1212005 son terrain - 29 quai des Gresillons a Gennevilliers, et a vendu en etat futur d'achevement un immeuble ausage de bureaux et d'activites pour une surface de 7 420 m2 a Fonis Lease. La livraison a eu lieu le 13 juillet 2006. Ce meme jour, devant notaire Fonis 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 acompter de la livraison.



Une assurance Homme Cle a ete souscrite pour un total de 750 000 euros sur I personne.



11 n'existe pas de garanties de

pa~if.

d'engagemenrs de surere et d'act<-s d<- nantissements au 31 ct.,;cembre 2008.

I0.:2. Engagements de credit bail L:n nouvel immeub!e d'une valeur de 12 340 000 euros acquis. le IJ juil!et 2006. par credit llail aupr(-s de Fortis Lease pour une dun~e de 12 ans se ventile comme suit:

- Terrain - Constmcrion - Agencemencs

I 500 ()(Xl f 7 l'.140 000 f 3 0(XJ000€

Les redevances au titr<- de l'exercice s"elevem a I 295 774 euws.

D:ms le ca.~ ou la societe avait acquis l'e bien. l'amortissemenl de l. dfrnmposcc en 4 grou~s avcc de~ durfrs d1.• \'ie respectivcs de 8 I 10 I 15 ct 30 ans, aurait etc de 468 048 curo.s par an. Credit bail immobiJier

Redcvanr<.'S cumutees

Redevanccs ewrcke

1.2 340 ()()()

-I 353 5)8

-623 447

Engagement Net (I)

362 %5

Echeancier

A I an au plus

A plusd'lan et 5 ans au plus

A plus de 5 ans

Credit bail immobilier

648 000

2 800000

3 825 000

Le prix d' acquisition a I' expiration du credit bail sera de 3 085 000 euros.

10.3. Eft'ectifs

Les effectifs moyens par categorie se decomposent comme suit : Ouvriers ETAM lngenieurs

31 89

77 195

10.4. Droit individuel ala 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.l.F. au 31.12.2008

16 210 heures 64 heures

Aucune demande de formation n'ayant ete deposee par les salaries au 31.12.2008, et acceptee par la direction, la societe n'a pas juge utile de proceder aune provision au titre de cet engagement.

10.5. A vances et credits allouees aux dirigeants sociaux et indications des engagements pris pour leur com1>te

Neant

10.6. Remunerations allouees au titre de l'exercice aux membres des organes d'administration et de direction araison de leur fonction

Neant

10.7. Dettes garanties par des suretes reelles !\leant

10.8. Jdentite de la societe Mere consolidant lt'S compt~ des sodetes

Conformement aux anicles L. :!33-16, L. 233-17 et R. 233-15 du Code de Commerce. la societe, dont le capital t>st detenu a 100% p:ir la soci~tc Amerck Holdings SARL depuis le 9 aout 2007, n·ciablit ni ne public de comp1cs consolides pour J "cxercicc cl
- ces comptes sont C0mp!etes par la mention dans l'cmne:1.e des

le~

cnmptt>~ annuels de la s..xiete Ametek Holdings SARL des inllmnations significativl.'s vist'cs it l"artick R233-l 5 du Code de Commerce.

11. Evenements post-cloture Cameca a fait l'objet d'un controle fiscal au cours de l'exercice portant sur les exercices 2006 et 2007. La verification des comptes n'etant pas tenninee, la societe considere qu'il n'y a pas lieu de constituer une provision ace titre.

12. Filiales et participations Ci-aprcs la liste des filialcs errangeres dC!enues 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 #3o
CAMECA TAlwAN Corp. Ltd A2, lOF-6, N°.120, Sec.2 GongDaoWu Road 30056 Hsin Chu, TAIWAN

CAMECA GmbH Carl-von-Linde Str. 42 D-85716 Unterschleissheim ALLEMAGNE

Tableau des flllales et participations au 31.12.2008

CAMECA

!CAPITAL ~eserves

~te-part de Capital

detenu en %

CAMECA

CAMECA

CAMECA

CAMECA TAiWAN

CAMECA GMBH

NTO

EUR

U.S.A

U.K. ltd

JAPON

KOREA

USO

GBP

JPY

KRW

270000

30000

50000

50 000000

1000000

25000

1903958

96679

55211

-209 495 077

1 512 925

- 1487670

100%

100°k

100%

100%

100%

Valeur d'inventaire des titres detenus IEuros

322508

46574

304 730

35496

26366

Devises

395 645

30000

50000

50000000

1000000

100°/o

0

Prets et avances coosentis et non rembourses

IEuros

2169276

!Devises

K:bilrres d'atTaire (taux moyen) Euros Devises

9469691

1501431

692443

151 599

1436322

2 571 086665

31064382

47068

37222

232348

300260

187 721

582 560

35630

29447

529 703 431

8 594481

13649 591

R&ultat au 31/1212008 (taux de cloture) IEuros [Devises

191170

9343655

3618572

. • 317 705

.

IDividendes verses ~uros

!Devises

!Cautions ou avals donnes au benefices de ces societes IEuros !Devises !Date d'ouverture

01/0112008

01/0112008

01/0112008

01/01/2008

01/01/2008

01/01/2008

Date de clOture

31/12/2008

31/1212008

31/12/2008

31112/2008

31/12/2008

31/12/2008

«CAMECA» Societe par actions simplifiee au capital de 6. 782.100 euros Siege social : 23/29 Quai des Gresillons 92230 Gennevilliers 403 092 216 R.C.S. Nanterre

RAPPORT DE GESTION DU DIRECTEUR GENERAL EXERCICE CLOS LE 31/12/2008 Cher Associe unique, Conformement aux dispositions de la Loi et des statuts de notre Societe, nous avons l'honneur de vous rendre compte de notre gestion et de soumettre a votre approbation les comptes de l'exercice clos le 31 decembre 2008. Tous les documents et pieces prevus par la reglementation en vigueur et les statuts de votre Societe ont ete tenus a votre disposition dans les delais impartis.

ACTIVITE DE LA SOCIETE

L'exercice 2008 a permis la realisation d'un chiffre d'affaires hors taxes de 45 840 618 euros (dont 42 784 519 a !'exportation) contre 45 040 791 euros pour l'exercice precedent. Notre resultat d'exploitation fait ressortir un benefice de 6 497 116 €, apres dotation aux amortissements de 243 841 €, constitution d'une provision sur actif circulant de 446 405 €et d'une provision sur risques et charges de 1 999 418 €, contre 8 769 816 €de resultat d'exploitation au 31 decembre 2007. La variation a la baisse du resultat d'exploitation est en particulier due a !'augmentation des provisions pour risques et charges, savoir 1 999 418 € au 31 decembre 2008 contre 550 325 € l'exercice precedent. Cette augmentation correspond un volume important de prestations prises en compte dans le chiffre d'affaires au 31 decembre 2008 mais qui sont a servir au cours d'exercices ulterieurs. Cette provision a done pour l'essentiel vocation a etre reintegree dans le futur.

a

En raison d'un resultat financier positif de 339 106 €, notre resultat courant avant impots se traduit par un benefice de 6 836 222 €. Du fait d'un resultat exceptionnel en perte de - 103 594 €, et apres impot sur les benefices de 1 689 050 € et participation des salaries pour 896 525 €, le benefice de l'exercice ressort 4 14 7 052 €.

a

EVENEMENTS IMPORTANTS SURVENUS AU COURS DE L'EXERCICE ECOULE

En date du 05 septembre 2008, une convention d'integration fiscale a ete conclue avec la societe Ametek Holdings SARL en tant que chef du groupe integre forme par

cette societe, la societe FINANCIERE INSTRUMENTS - MAI, et CAMECA.

EVENEMENTS L'EXERCICE

IMPORTANTS

SURVENUS

CAMECA,

DEPUIS

MICRO

LA

ANALYSIS

CLOTURE

DE

Certains signes laissent craindre que l'activite soit impactee par la crise.

EVOLUTION PREVISIBLE ET PERSPECTIVES D'AVENIR Le marche des semi-conducteurs est touche par la crise. Les manufacturiers de semi-conducteurs, en particulier, sont tres touches et ne tournent pas a plein. Dans ces conditions ii semble que l'annee 2009 s'annonce difficile. Nous attendons toutefois avec inten~t de pouvoir evaluer les eventuels effets des politiques de relance par injection de fonds publiques, notamment en lnde, au Japon, et aux EtatsUnis, qui pourraient avoir un impact positif sur la commande publique.

RECHERCHE ET DEVELOPPEMENT Nos principaux investissements ont porte sur les produits Shallow Probe pour 1.4 M Eur et le LAWATAP pour 700 K Eur.

DEPENSES ET CHARGES NON DEDUCTIBLES FISCALEMENT Le montant des depenses et charges non deductibles fiscalement visees par les articles 39-4et 39-5 du Code General des lmpots que nous avons engagees au cours de l'exercice ecoule est nul.

FILIALES ET PARTICIPATIONS (Article L. 233-6 alinea 2 du Code de commerce) La societe CAMECA INSTRUMENTS INC, societe sise aux USA, controlee a 100 % par CAMECA SAS, a realise au 31 decembre 2008 un chiffre d'affaires de 13 649 591 $ contre 1O 117 822 $ au 31 decembre 2007, avec un resultat net comptable de 582 560 $ contre 230 421 $au 31 decembre 2007. La societe CAMECA UK LIMITED, societe sise au Royaume Uni, controlee a 1oo % par CAMECA SAS, a realise au 31 decembre 2008 un chiffre d'affaires de 151 599 £ contre 123 480 £au 31 decembre 2007, avec un resultat net comptable de 35 630 £ contre 28 928 £au 31 decembre 2007. La societe CAMECA INSTRUMENTS JAPAN K.K., societe sise au Japon, controlee decembre 2008 un chiffre d'affaires de 1436 322 KY contre 1 420 646 KY au 31 decembre 2007, avec un resultat net comptable de 29 446 KY contre 39 186 KY au 31 decembre 2007.

a 100 % par CAMECA SAS, a realise au 31

La societe CAMECA KOREA., societe sise ne Goree, controlee a 100 % par CAMECA SAS, a realise au 31 decembre 2008 un chiffre d'affaires de 2 571 086 665 KRW contre 1 771 669 792 KRW au 31 decembre 2007, avec un resultat net comptable de <529 703 431 KRW> contre 5 584 504 KRW au 31 decembre 2007.

/).· lfA 2

a

La societe CAME CA GMBH, societe sise en Allemagne, controlee 100 % par CAMECA SAS, a realise au 31 decembre 2008 un chiffre d'affaires de 3 618 572 € contre 3 832 539 € au 31 decembre 2007, avec un resultat net comptable de <317 705 € > contre <619 160 €>au 31 decembre 2007.

a

La societe CAMECA TAiWAN, societe sise TAiWAN, controlee a 100 % par CAMECA SAS, a realise au 31 decembre 2008 un chiffre d'affaires de 31 064 382 $ NTD contre 27 371 709 $NTD au 31 decembre 2007, avec un resultat net comptable 8 594 481 $NTD de contre 3 252 839 $NTD au 31 decembre 2007.

CONVENTIONS VISEES A L' ARTICLE L 227-10 DU CODE DE COMMERCE Nous vous donnerons lecture du rapport du Conseil d'administration sur les conventions visees a !'article L 227-10 qui devraient faire l'objet d'un rapport.

RENOUVELLEMENT D' ADMINISTRATION

DES

MANDATS

DES

MEMBRES

DU

CONSEIL

Les mandats des membres du conseil d'administration arrivant a expiration ce jour, nous vous proposons, conformement a !'article 17 des statuts, de les renouveler pour une nouvelle duree de un an soit jusqu'a la date de l'Assemblee Generale appelee a statuer sur les comptes de l'exercice 2009.

RESULTAT-AFFECTATION Nous vous proposons d'affecter le benefice de l'exercice 4 147 052 euros

- s'elevant a comme suit - au credit du compte « report a nouveau » :

7 273 036 euros

Total du compte report a nouveau apres affectation :

11 420 088 euros

Nous vous rappelons qu'il a ete procede aux distributions de dividendes suivantes au titre des trois derniers exercices.

Exercice clos

Eligible abattement 40 % Non eligible abattement 40 %

31/12/07

0

Exercice clos

Eligible abattement 40 % Non eligible abattement 40 %

31/12/06

0

Exercice clos

Eligible abattement 50 % Non eligible abattement 50 %

31/12/05

0

0

0

50,74 €

3

PRESENTATION DES COMPTES Nous vous presentons les comptes annuels que nous soumettons approbation.

a

votre

Les regles de presentation et les methodes d'evaluation retenues pour l'etablissement de ces documents sont conformes la reglementation en vigueur.

a

Vous trouverez dans l'annexe toutes explications complementaires. Les commissaires aux comptes de la societe relatent dans leur rapport general l'accomplissement de leur mission. Nous vous invitons

Fait

a adopter les resolutions que nous soumettons a votre vote.

a GENNEVILLIERS,

Le 29 mai 2009 LE DIRECTEUR GENERAL

4

« CAMECA » Societe par actions simplifiee au capital de 6.782.100 euros Siege social : 23/29 Quai des Gresillons 92230 Gennevilliers 403 092 216 R.C.S. Nanterre

PROCES-VERBAL DE LA REUNION DE L'ASSEMBLEE GENERALE ORDINAIRE DU 30 JUIN 2009 EXTRA IT

........................................................................................................... L'Associee Unique decide d'affecter comme suit le benefice de l'exercice :

L'Associee Unique decide d'affecter comme suit le benefice de l'exercice

a

- s'elevant

4 147 052 euros

comme suit - au credit du compte « report Total du compte report

a nouveau » :

7 273 036 euros

a nouveau apres affectation :

11 420 088 euros

L'Associee Unique prend acte que sont intervenues au cours des 3 derniers exercices les distributions de dividendes suivantes :

Eligible abattement 40 % Non eligible abattement 40 %

Exercice clos 31/12/07

Eligible abattement 40 % Non eligible abattement 40 %

Exercice clos 31/12/06

0

0

Eligible abattement 50 % Non eligible abattement 50 %

Exercice clos 31/12/05 '• •

0

0

50,74€

0 •





'. •









•' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' . ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' I I

Pour extrait conforme

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I

I

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I

I

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I

I

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COPIE CERT/FIEE CONFORME AGREMENT DGFIP CSll0,10003

CD I BILAN - ACTIF I

Formulaire ®llgat<>ire (ankle ~3 A du COOe gtnfral lk$ imp&s),

fl

I

Designation de I' entreprise :

SAS r.AMECA

Adresse de l'entreprise 29

{

o~ ~ 'i

/ N · 2050 2010

I

Duree de l'exercice preceden< * Ul....J

~

Numero SIRET * 14101310191212111610101013111

Neant

Enn:ke N, dos le :

li.i'ffil:·~~

Brut t

(I)

Capital souscrit non appele Frais d'etablissement +

AB

AC

i

Frais de developpemeut *

ex

CQ

Concessions, bre\•ets et droits similaires

AF

379 108

AG

120

Fonds commercial (I)

AH

12 931 800

Al

Aulres immobilisations incorporelles

AJ

AK

AI.

AM

AN

AO

~ j!;

~

E--. ~

~ '
AA

"'

et acomptcs sur immobilisa! Avances tions incorporelles Terrains

'~

~. ~

,,.-

{

(=~~~~r,...

430 943

735 674

32 800

AW

AX

AY

Partic~ations evaluees

cs

CT

selou 8 la me mde de mise en equivalence Autres participations

8

I

'
l'l;"l

cu

Creances rattachees participations ..""~ Autres titres immobilises

~

~

DD

BE

a Pre ts

DF

2 361 446

BG

2 361 446

2 248 993

DH

1 003 852

m

1 003 852

1 265 575

ID

19 606 677

BK

1 457 739

18 148 837

18 522 863

Matieres premieres, approvisionncmcnls

DL

3 518 232

BM

687 184

2 831 048

3 249 882

E11 cours de production de biens

BN

16 263 354

no

542 063

15 721 291

18 332 702

En cours de production de services

BP

Produits imerm~diaires et finis

BR

1 756 748

BS

449 150

1 307 598

1 774 228

Marchandises

BT

80 760

BU

11 200

69 560

104 026

Avances et acomptes verses sur commandes 8\'

41 553

BW

41 553

38 119

BX

4 571 248

BY

91 379

4 479 868

11 561 299

BZ

12 596 658

CA

210 000

12 386 658

9 810 615

;;

~

~

Autres immobilisations financieres * TOTAL(ll)

.!2 ~ "'

l

~

el u !:I

~

e

Clients et comptes rattacltes (3)*

~ Autres creances (3)

'B

BQ

CB

cc

~

(dont acuons propres :..........................) CD

CE

l:l

Disponibilit6s

CF

2 491 625

CG

2 491 625

3 779 671

Charges constat~es d'avance (3)*

CH

115 903

CI

115 903

115 131

CJ

41 436 086

CK

39 445 107

48 765 677

215 835

349 262

57 809 780

67 637 803

Capital souscril et appele, non verse

rl Valeurs 1!1obilieres de placement

.g 0

.J

~j

TOTAL(llI)

Frais d'emlssion d'emprunt l ctalcr

(I\')

c"

{\')

CM

(VI}

CN

a aVI)

co

~c !~

Primes de remboursement des obligations

~

Ecarts de conversion actif*

.. ..,

£

TOTAL GENERAL

l: .£>

~ Renvois : (I) Doot droit au bail :

(.)

31 402

BB

0

~

CV

nc

~des

~

462 346

I

71 592

AU

Avances el acomples

-"-1+·

32 800

525 169

~

_,/"'\

274 176

AT

~

12 931 800

317 910

AS

A\'

12 931 800

207 258

1 684 242

Immobilisations en cours

38 715

776 142

AR

~<1

20 769

887 918

~;~

~B~

4

796 323

64 415

j

I

Net

180 192

AQ

\

..

161 395

225 811

t\~0 ~;.;: ~ Autres immobilisations corporelles

0

-

AP

Installations techniques, materiel et outillage induslriels

I

Net 3

O*

N - 1-

' "

~~ \:! Constructions

~-0

l!Ul220!!~

358 339

~

Clause do rlsen-. de proprk!tf : •

ltmoxibilisalions :

1 990 978

215 835 61 258 498 (2) P1.1t 1 mXns d°l:bt a.c1 d:s ~it>UW.1i.."mfitd.n:~teitfft1H!

I

Dur1e l'e11er/n:'imee en nombre de mols * lli..J

92230 GEHNEVILLiiks

OUAI DES GRESILLOHS

!

/

1A

3 448 718

er

668 574

(3) Put l plus d'un an:

Stocks: • Des explications concemant cettc rubrique sonJ donnees dans la notice 11° 2032.

~R

Cr~ances:

91 379

!

AGREMENT DGFIP CSll0.10003

DGFiP

0 I BILAN - PASSIF avant repal'tition I

N° 20512010

Fonrulaire diligatoire (allicle 53 A du C«I¢ gfa!ral dts lmp\ts) D~signation

de l'enlreprise

SAS CN>IECA

Nfant Exercice N

Capital social ou individuel (!)* (Dont verre :............... JLZ82.lD.Q........ )

DA

6 782 100

6 782 100

Primes d'l!mission, de fusion, d'apport, ....

DB

11 274 420

11 274 420

681 479

681 479

71 828

71 828

DG

5 690 944

5 690 944

Report anouveau

DH

11 420 069

7 273 036

RESULTAT DE L'EXERCICE (benefice ou pertel

DI

811 181

4 147 052

Subvenrions d'invcstissement

DJ

Provisions r~glemem~es *

DK

17 207

28 865

DL

36 749 251

35 949 728

Ecarts de reevalualion (2)* (dont ecart d'equivalcuce CJ'l

re ~

~

3

IEKI

) DC

Reserve legale (3)

DD

Reserves statutaires ou contractuclles * ( oour Dont reserve s¢ciale des provisions Bl Reserves reglement~es (3) fluc1uation des cours ( Dont r~serve relative a l'achat EI Autres reserves d'oeuvres ori2inales d'artistes vivants*

DE

) OF

)

TOTAL (I) j

"' ][ ~

2

D*

EurclceN • 1

Produit des ~missions de titres participatifs

DM

Avances conditiom1ees

ON

g"" <

DO

TOTAL (Ill

jg "' " ~

Provisions pour risqucs

DP

1 877 748

2 330 839

:§·c ~

Provisions pone charges

DQ

3 278 533

3 119 647

DR

5 156 281

5 450 486

0

~

tQ

>

!3

u

£ &4>

,-..

~

TOTAL (Ill)

Emprunts obligataires convertibles

OS

Autres empruulS obliga1aires

DT

Emprunts et dettes

aupr~s

Emprunts el deltes

financi~res

DU

1

DV

2 837 631

8 086 660

Avances et acomptes re~us sur commandes en cours

ow

2 741 274

4 265 353

Delles fournisseurs et comptes rattacMs

DX

4 082 489

6 787 747

Dettes fiscales et sociales

DY

2 433 114

3 638 815

Denes sur immobilisations et comptes rattacMs

DZ

39 228

71 692

Autres dettes

EA

l 304 752

1 190 415

Produils constates d'avance (4)

EB

2 397 108

1 971 250

TOTAL (IVJ

EC

15 835 600

26 011 835

IVI

ED

68 647

225 753

a Vl

EE

57 809 780

67 637 803

des etablissements de credit (5) divers (Dont emprunts parlicipatifs

El

)

ti)

J.Q

~ Q '

Compte re1!UI.

Ecarts de conversion passlf • TOTAL G~N~RAL (I (I)

~

(2)

~

~

Ecart de r~~valuation incorpore au capital

Dont

{

IB

Reserve s¢clale de reevaluation (1959)

lC

Ecart de r~evaluation libre

lD

Reserve de ree1•aluation (1976)

JE

(3)

Dont r~serve spl!ciale des plus-values <\ long terme *

EF

75 098

75 098

(4)

Denes et produits constates d'avance a moins d'un an

EG

13 715 234

24 251 835

(5)

Dont concours bancaires courants, et soldes crediteurs de banques el CCP

EH

1

• Des explications concemant celte rubnque SQnt donnks dans la notice n• 2032.

AGREMENT DGFIP CSll0.1000~3=-~~~~~~~~~~~~~~~~~~~~~~~,

DGFiP N° 2052 2010

G)jcOMPTE DE REsULTAT DE L'EXERCICE (En Uste)I Formulair< obligatolre (article 53 A du Code g<'n.' ral de • "impOtS • )• D~signation

SAS

de l'entreprise:

r»IECA

Neant Ex~rcice

Erportallon el lhnlsons

F1-ance

Ventes de marchandises *

23 661 505

FF

29 900 397

41 897 258

services* FG

828 956

FU

1 299 594

Fl

2 128 551

3 943 359

7 067 848

FK

24 961 100

FL

32 028 948

45 840 618

FM

( 2 939 245)

692 032

~

Production immobilisec

*

FN

~

138 266

Subventions d'exploitation

FO

Reprises sur amortissements et provisions, transferts de charges * (9)

FP

1 612 839

155 553

Autres produits (I) (ll)

FQ

369 694

331 556

Total des prodults d'exploitatlon (2) (I) FR

31 210 403

47 019 761

~ ~

t3r;i;:i

Production vendue

{biens *

FJ

Cbiffres d'affaircs nets * Production stock~e *

~ ~ ~

ti::

r s: k

~ ~

g '(

~

~

~

~ ~ ~

FC

FE

I::

~

Acliats de marchandises (y compris droits de douane)*

FS

Variation de stock (marchandiscs)*

Ff

62 300

( 57 975)

FU

6 019 466

10 600 501

Variation de slack (mati~res premi~res et approvisionnemcuts)*

FV

336 039

( 830 310)

Autres achats et charges externes (3) (6bis)*

FW

9 270 312

13 612 698

ImpOts, taxes et versements assimiles *

FX

926 672

1 092 078

Salaires et traitements*

FY

8 606 565

8 964 464

Charges sociales (10)

FZ

4 378 461

4 388 199

- dotations aux amortissements *

GA

284 536

243 841

- dotations aux provisions

GB

.i

Achats de

z

~ ~

~i::l

~

~ u

z ~a a~ i'.SS

sa ~

mati~res premi~res

ct autres approvisionnemenlS (y compris droits de douane)*

Sur immobilisations

{

Sur aclif circulant : dotations aux provisions *

GC

366 491

446 405

Pour risqucs ct charges : dotations aux provisions

GD

1 299 105

1 999 418

GE

53 750

63 322

Total des charges d'exploltatlon (4) (II) GF

31 603 602

40 522 645

GG

( 393 198)

6 497 116

Autres charges (12)

1 - RESULTAT D'EXPLOITATION (I - Ill (

!I

Benefice attribuc ou perte transferee

}g

Perle supportee ou benefice transfere

ll 8

~., ...

.<::

-~ l;: 0

(.)

GI

GK

112 452

131 936

Autrcs interets et produits assimiles (5)

GL

299 362

362 321

Reprises sur provisions el lransferts de charges

GM

349 262

161 459

Dimrences positives de change

GN

539 193

637 670

Produits nets sur cessions de valeurs mobili~res de placemelll

GO

Total des prndults financiers (V) GP

1 847 261

1 293 387

Dotations financi~res aux amortissements et provisions *

GQ

216 835

349 262

Interets et charges assimilees (6)

GR

479 810

168 166

Differences n~gatives de change

GS

459 075

446 852

Charges nettes sur cessions de valeurs mobilieres de placement

GT

Total des charges flnancl~res (VI) GU

1 154 721

954 281

2 - RESULTAT FINANCIER (V - VI)

GV

692 540

339 106

3 - R~SULTAT COURANT AVANT JMP0TS 11-11 +Ill-IV+ V·Vll

GW

299 341

6 836 222

2:

a:

(IV)

Prodnits des autres valeurs mobilieres et creances de l'actif inuuobilise (5)

0

c

*

546 991

~

!.::i

(IIO GH

GJ

I 5

*

Produits financiers de participations (5)

~

5

(N-1)

6 238 891

~

'(

FB

FA

Ex~rclce

Total

ln1r.aca1nmun.au1afres

O*

FD

5

~

N

I ~

~

(RllNVOIS : wlr iabloau n• 2053) • Des ~xpl!cations conmnant «lie rubr!..,. sont ~· dam la DOl!c-e n• 2032.

DGFiP N° 2053 2010

AGREMENT DGFIP CSll0.10003~~~~~~~~..--~~~~~~~~~~~~~~-,

© I COMPTE DE REsULTAT DE L'EXERCICE

(Suite)

I

-

Form.dairt cbligatoire (ankle 53 A du .....i. sinlral d
Designation de l'entreprise

N~ant

SAS CM-IE<:A

Exerclce N - I

E."'ercice N

i ~

§

~

Produits exceptionnels sur operations de gestion

HA

Produits exceptionnels sur operations en capital *

HD

375 488

Reprises sur provisions et transferts de charges

HC

232 659

81 288

HD

608 147

81 288

Charges excepdonnelles sur operations de gestion (6 bis)

HE

156 651

153 714

Charges exceptionnelles sur operations en capital *

HF

375 488

Dotations exceptionnelles aux amortissements et provisions

llG

94 403

31 168

fill

626 543

184 883

HI

( 18 395)

( 103 594)

iJ

~

~I~

u

Total des prodults excepliounels (7)

~

Total des charges exceptlonnelles (7)

(Vil)

(VllO

4. RESULTAT EXCEPTJONNEL (VII· VIII)

Participation des salaries aux

r~sultats de

l'entrcprise

Imp6ts sur Jes benefices *

OX>

HJ

(X)

UK

(2)

( 530 235)

1 689 050

+ III + V + VII)

HL

33 665 812

48 394 436

TOTAL DES CHARGES (II

+ IV + VI + VIII + IX + X)

Hl\I

32 854 631

44 247 384

HN

811 181

4 147 052

22 83!l

209 019

(3)

938 011

1 295 773

Done produits nets partiels sur operations along terme Dont

{

Dont {

HO

produils de locations lmmobilieres

HY

produhs d'exploitation aff~rents Ades exercices anterieurs (a d6tailler au (8) ci-dessous) lG - Credit-bail mobilier *

HP

- Credit-bail inunobllier

HQ

(4)

Dont charges d'exploitation afferentes Ades exercices ant~rieurs (a detailler au (8) ci-dessous)

1H

(5)

Dont produils concernant les entreprises liees

IJ

934 656

323 186

(6)

Dont lntEr!ts concemant Jes entreprises liEes

IK

123 141

96 216

34 8!l9

39 129

(6bis) Dont dons fails aux organismcs d'interet g~n~ral {an. 238 bis du C.G.I)

Al

(10)

Dont cotisations persom1elles de l'exploitant (13)

A2

(11)

Dont redevances pour concessions de brevets. de licences (prod11its)

Al

(12)

Dont rede1•ances pour concessions de brevets, de licences (charges)

A4

i

I I

I

21 345

HX

Dont transferts de charges

(9)

"'

896 525

TOTAL DES PRODUITS (I

5 • BEN~FICE OU PERTE (total des prodults - total des chargss) (l)

O*

primes et cotisations comp!6- . (13) Don! obli2atoires A9 menla1res personnellcs : facultatives A6 Detail des produits et charges excepllonnels (Si le nombre de lignes est insuffisanl, reproduire le cadre {7) et le (7) joindre en annexe) :

I I

Exercice N Chargtstxt~llcs

TllRES CAME<:A JAPON K K

H!mT. DEROGATOIRES

(8)

Produits c•«pliomels

375 488

375 488

6 323

16 981

PROV PENAUTES DE RETAAD

39 080

215 678

PROV. POLR LITIGES

50 000

PENALITES DE RETAAO DE LIVRAISON

17 420

Detail des produits et charges sur exercices ant6rieurs :

REGUL COTISATION

Exercice N Chac$
Produils antlri
22 839

• Des expllcalions concernant cene rubnque son1 donnees dans la nouce n• 2032.

CAME CA 29 Quai des Gresillons 92230 GENNEVILLIERS Numero Siret : 40309221600031

ANNEXE Date d'arrete des comptes: 31decembre2009

1. Presentation de la societe 1.1. Historiquc de la socictc 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 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.I. (Materiels Scientifiques International) a pris le controle du Groupe S.P.T.M.-CAMECA. La societe M.S.I. a ete acquise par la societe M.A.l. (Micro Analyse Instruments) le 29 juin 2001 dont le premier exercice a ete clos le 31 decembre 2002. M.S.l. a absorbe S.P.T.M.-CAMECA par fusion simplifiee suivant la decision de I' Assemblee Generale Mixte Ordinaire et Extraordinaire du 30 novembre 2001. La societe M.S.I. (Materiels Scientifiques International) a absorbe CAMECA, sa filiale operationnelle, suivant la decision de l'Assemblee Generale Mixte Ordinaire et Extraordinaire du 05 aout 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 avis de ses clients. La societe CAME CA est detenue a 100 % par Micro Analyse Instruments, detenue elle-meme Financiere Cameca depuis le 6 avril 2005.

a 100 %

par la societe

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 universelle du patrimoine (TUP) avec effet retroactif au 1er janvier 2006. Le 9 aoiit 2007, le fonds Carlyle Europe, actionnaire de Financiere Cameca, tete du Groupe CAMECA, a cede ses titres au Groupe AMETEK Inc. La societe Financiere Cameca est detenue a 100 % 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 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 I er janvier et finit le 31 decembre.

2. Faits marguants de l'exercice La societe Cameca-JAPAN, filiale detenue

a 100% par Cameca, a ete liquidee au 30 novembre 2009.

La crise economique et financiere a fortement touche le marche des semi-conducteurs et a entraine une reduction sensible des ventes due aux annulations ou aux reports de livraisons. En consequence, un plan d'economies (licenciement, departs volontaires, baisse des frais generaux et chOmage technique) a ete mis en place par la direction pour passer cette crise.

3. Perimetre d'integration fiscale Une 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.

2

4. Principes comptables mis en oeuvre Les comptes annuels de CAMECA sont etablis selon !es normes definies du plan comptable general de 1999, au PCG art. 531-1 §1 et au Code de Commerce art. R123-180. 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 les autres principes comptables generalement admis. Les comptes de l'actif sont etablis sur la base des couts historiques. Les coots d'cmprunts nc sont pas incorpores dans la valorisation des actifs corporcls et incorporcls.

Conversion des dettes et crcances en devises Au bilan Les dettes et creances en monnaies etrangeres sont enregistrees au cours du jour de la transaction. A I' 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 !es pertes latentes et « Ecarts de conversion Passif » pour !es profits latents. Au compte de resultat Les ecarts de change defavorables sur operations en devises font l'objet de provisions pour risques dotees pour leur totatite sur l'exercice de leur constatation.

5. Comparaison des comptes annuels Les methodes d'evaluation et de presentation retenues pour etablir !es comptes de l'exercice 2009 sont demeurees inchangees par rapport acelles 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.

l'

Valeur

I debut d'exercice

Logiciels

404 872

i I

:

Acquisitions 6 500

1

In corp.

Fonds Commercial

Agencement Amenag. Contruct. Materiel Outillage Jndustriel lmmo. Materiel de Transport Corp or. Materiel Bureau et lnformatique Mobilier En cours lmmo. Autres participations Pre ts Financ. Autres immobilisat. financieres

Total

12931800 223 915 1485113

;

:

j I

:

Cessions Mise au rebut

I

~

Valeur fin d'exercice

- 32 263

;

379 109

I

' ' I

1 895 295 156

'

225 811 1 684 242

- 96 027

191 658 264 329 71 592

I

767 076 2 248 993 1 265 575 19 854 926

12 931 800

l

-

i

57 882 41 869 32 800 ~

I I

I

:' I

- 30 568

I

220 698 25 806 682 607

I

I

; I I

- 71 592 - 304 730 - !OS 245 - 287 5JO

- 930 957

! I

i i I I

218 971 306 198 32 800 462 346 2 361 446 1 003 852 19 606 577

6.1.1. Immobilisations incorporelles Les frais de recherche et de developpement ne sontjamais immobilises et sont comptabilises en charge pour 4 806 K€.

3

Le fonds de commerce a fait l'objet d'une reevaluation de 12 913 506 € !ors de la fusion du 05 aout 2002. Cette reevaluation n'a pas subi l'impot (4 304 502 €)en application du regime de faveur prevu a I' article 2JO du Code General des Impots. Le fonds de commerce n'est pas amorti. Un test d'impairment a ete realise a la cloture, aucune depreciation ne s'avere necessaire. Les acquisitions de la periode concernent exclusivement des achats de logiciels. Les sorties correspondent d'exploitation actuels.

a des

mises au rebut de logiciels d'ancienne generation non compatibles avec !es systemes

6.1.2. Immobilisations corporelles Les immobilisations corporelles, acquises apres la fusion du 05 aoilt 2002, sont evaluees a leur coilt d'acquisition (prix d'achat et frais accessoires, hors frais d'acquisition des immobilisations) ou a leur cout de production. La valeur des immobilisations transferees !ors de la fusion correspond aleurs valeurs nettes comp tables au jour de la fusion. Les acquisitions de la periode correspondent aux besoins Iiees renouvellements de materiels devenus obsoletes.

a !'installation

dans !es nouveaux locaux et

a des

Les sorties de la periode concernent la mise au rebut de materiels en fin de vie.

6.1.3. Immobilisations financieres La valeur brute des titres de participation est constituee par la valeur d'apport ou d'acquisition hors ti'ais accessoires. Les frais d'acquisitions ne sont pas incorpores dans la valorisa!ion des litres. 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 function de I' actif net re-estime de la filiale. CAMECA detient !es actions des filiales etrangeres (Cameca-USA, Cameca-UK, Cameca-KOREA, Cameca TAi'WAN et Cameca Gmbh) a 100 % pour 455 944 €. La societe Cameca-JAPAN, detenue a 100% par Cameca, a ete liquidee au 30 novembre 2009. Les titres de Cameca-JAPAN, 50 millions de Yen, ont ete sortis pour la valeur historique, soil 304 730 euros. Compte tenu du taux de change, la conversion des devises a genere une difference de change positive de 70 758 euros. Un boni de liquidation de 546 992 euros a ete inscrit dans !es livres de CAMECA. Cameca Gmbh a rencontre des difficultes depuis son acquisition en 2005. Une restructuration de son activite a ete decidee visant 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.

a

L'exposition que represente Cameca Gmbh dans !es comptes de Cameca SAS au !ravers d'une situation nette negative et d'actif rattache a cette participation est couverte a hauteur de 235 K€ (Jes titres pour 25 000 et Jes comptes courants pour 210 000). Le 6 avril 2006, Cameca a fait un pret de I 967 152 euros asa 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 la periode (6.04.07 -6.04.08), soit 103 497 euros. Au 6 avril 2009, le pret a ete capitalise des interets de la periode (6.04.08 - 6.04.09), soit 108 245 euros. Les interets se rapportant au pret courent a compter du 7 .04.09 au 31.12.09 pour 83 925 euros.

Les autres immobilisations financieres : une avance de 1 million d'euros a ete versee le 21/12/2005 dans le cadre du leasing immobilier, et remuneree au taux Euribor du contrat majore d'une marge de 0.50 %. Cette avance est remboursee a CAMECA depuis le 1/07/2009 au moyen de 8 echeances trimestrielles payables aux memes echeances que celles des loyers, par compensation due concurrence avec le montant des loyers du credit bail. Le solde de l'avance s'eleve a 883 321 euros au 31.12.2009.

a

des depots de garanties pour 120 531 euros.

4

6.1.4. Amortissements

(en euros) Logiciels

I

!

Valeur debut d'exercice

Dotat ions

I

Reprises

;'

366 156

24446

i

'

I

1

Valeur fin d'exercice

I

-32 263

i

358 339

'

64415

43 722

20692

Materiel Outillage Industriel

708 971

183 380

-96 027

796 323

Materiel Bureau et Infonnatique

125 476

28 757

-30 568

123 665

56 333

27 260

1300 660

284 536

Agencement Amenag. Contruct.

Mobilier

Total Mode d'amortissements

Dotations derogatoires

5 323

Logiciels

'i '

83 593

;

-158 859

;

1 426 337

Reprises d6rogatoires

16 981

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 Jes principes comptables et fiscaux.

Les durees et modes habituels d'amortissements pratiques sont resumes ci-apres : - 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

20 ans Lineaire I 0 ans Lineaire 3 a I 0 ans Lineaire 5 ans Lineaire 5 a 10 ans Lineaire 5 ans a 10 ans Lineaire

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 cout standard d' achats. Les stocks de produits finis et Jes travaux en cours sont evalues a leur cout standard de production. Les stocks, valorises en cout standard, sont corriges annuellement d'une part, des ecarts sur achat constate et d'autre part, de l'ecart constate sur la valeur reelle du cout de la main d' o:uvre ( pour Jes en-cours et Jes produits finis ). Les stocks font l'objet d'une depreciation lorsque ce cout devient superieur ala valeur probable de realisation. Les frais generaux commerciaux, administratifs et financiers, ainsi que !es 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 intennediaires et finis . Marchandises

Total

Valeur brute

Valeur brute N-1

Valeur nette

Valeur nette N-1

3 518 232

3 854 272

2 831 048

3 249 882

16 263 354

18657941

15 721 291

18 332 702

I 756 748

2 301 408

1 307 598

I 774 228

80 760

143 061

69 560

104 026

21619094

24 956 682

19 929 497

23 460840

5

Provision pour depreciation

Valeur debut d'exercice

Matieres premieres En cours de production de biens Produits intermediaires et finis Marchandises

Augmentations

604 389

149 666

325 238

216 825

Diminutions

66 872

687 184

78 029

449 150

542 063

527 179

27 834

39 035

Total

366 491

l 495 842

Valeur fin d 'exercice

11200 l 689 597

172 735

6.2.2. Avances versees Les avances versees

a nos sous-traitants s'elevent a 41 553 euros.

6.2.3. Creances Les creances sont enregistrees au bilan pour leur valeur nominale. Certaines creances sont eventuellement depreciees, selon la methode suivante :

a

La creance constatee est depreciee de 50% de son montant hors taxe en fin d'exercice, si elle est superieure un an d'existence, et si elle ne fait pas par ailleurs l'objet d'une provision cas par cas. Elle sera depreciee I 00 % si son existence est superieure deux ans, dans Jes memes conditions precisees ci-dessus.

a

a

Par ailleurs, une depreciation complementaire individualisee peut etre constatee !ors de I' analyse du portefeuille en fonction d'evenements connus specifiques.

Montants

Nature des creances Creances clients et comptes rattaches Clients Clients douteux ou litigieux Clients - factures a etablir

(1)

Sous total Autres creances Personnel lmpots et taxes Comptes courants Groupe Divers debiteurs

4 439 862 91 379 40 007 4 571 248 34 473

(2) (3)

Sous total

1 281 978 11 194 556 85 651 12 596 658

Total

17167906

(1)

Les creances douteuses sont depreciees a hauteur de 100 %.

(2)

TVA adeduire pour 197 K €. Degrevement Troce professionnel/e pour 241 K €. Remboursement de troce pour 150 K € Credit lmp6t Recherche pour 568 K €, Jndemnites ch6mage pour 126 K €

(3)

Avances faites auxfiliales Cameca GmbH pour 210 709 €,MA.I. pour 3 958 215 €, Financiere-Camecapour 6 103 152 € Creances sur Ametek Japan pour 922 479 €.

Provision pour depreciation Clients et comptes rattaches Comptes du Groupe

Valeur debut d'exercice

133 198 275 000

Augmentations

Diminutions

41 819 65 000

Valeur fin d'exercice

91 379 210000

6

O Echeancier des crfauccs

..... ·;: s Prets

<.5

. = = t

...·o

; ... <

Montant brut

(en euros)

A 1 an au plus

2 361 446

Autres immobilisations financieres Clients douteux ou litigieux Autres creances clients Personnel et comptes rattaches Autres organismes sociaux Credit impot recherche Etat et autres collectivites Taxe sur la valeur ajoutee publiques Autres imp()ts, taxes Groupe et associes Debiteurs divers Charges constatees d'avance TOTAL

A plus d'un an 2 361 446

l 003 852 91 379 4 479 868 34 473 125 612 567 565 198 227 390 571 11 194 556 127 206

668 574

335 278 91 379

4 479 868 34 473 125 612 567 565 198 227 390 571 11 194 556 127 206

115 903

115 903

20 690 662

17 902 558

2 788104

O Produits a rcccvoir II s'agit des factures restant a etablir sur !es interventions du S.A.V. pour un montant de 40 007 euros, des interets courus sur prets a Cameca Gmbh pour 83 925 euros et un remboursement de taxe pour 240 884 euros.

6.2.4. Trcsorcrie Ce paste comprend uniquement des disponibilites au 3 I decembre 2009 : Nature des disponibilites Banques Caisses Total

Montants 2491515

110 2 491 625

6.3. Comptcs de regularisation 6.3.1. Charges constatees d'avance Nature

Montants

Charges d'exploitation Contrats assistance informatique Contrats de maintenance Contrats de collaboration Deplacements (billets d'avion) Assurances Autres (Locations, Fluides .. ) Total

32 276 36 369 37 500 3495 5 059 l 204

115 903

Les charges payees d'avance telles que !es abonnements et !es contrats de maintenance ont ete calculees prorata temporis.

6.3.2. Ecarts de conversion actif Ils proviennent essentiellement des creances clients etablies en devises. A Ce titre, une provision pour perte de change a ete constituee pour 215 835 euros.

7

7. Explication des postes du biJan - P ASSIF 7.1. Capitaux propres

>

Composition du capital social

Le capital social est fixe

a

6 782 100 euros et est entierement libere. II est divise en actions de 137,6629 euros chacune, de meme categoric, numerotees de l a 49 266. Son capital est detenu a100 % par Micro Analyse Instruments depuis le 29 ju in 200 l, date de prise de controle du Groupe.

)'- Evolution des capitaux propres La deliberation de l'associe unique du 30 juin 2009 decide d'affecter l'integralite du benefice de l'exercice 2008 ( 4 14 7 052.21 euros) au poste « Report anouveau ».

(en euros) Capital souscrit verse Prime de fusion

Ouverture

Total cloture 2008

Diminutions

Resultat 2009

6 782 100

678210 3 270

678 210 3270

71 829

71829

5 690 944

5 690 944

7 273 037

4147052

28 865 4 147 052

5 323

35 949 728

4 152 375

35 949 728

4 152 375

11420 089 17 207

-16 981 -4147052 0

0

0

-4 164 033

RESULT.AT 2009

TOTAL

Cloture 11274420

Plus value net. L. T. res. Reglement.

RESULTAT2008

Dividendes

6 782 100 11274420

Reserve legale proprement dite Plus value net. L.T. reserve legale Reserves diverses Report a nouveau Provisions reglementees

Augmentation

-4 164 033

35 938 070 811 181

811181

811181

36 749 251

7.3. Provisions pour risques et charges Les provisions pour risques et charges sont constatees lorsque !es risques et charges sont nettement precises quant mais dont la realisation est incertaine et que des evenements survenus ou en cours rendent probables.

(en euros)

Provisions

a l'ouverture

. Litiges

Dotations de l'exercice

Reprises sans objet

a la cloture

193 066

I 339 136

50 000

I 532 202

. Penalites clients

283 389

39 080

198 428

. Pertes de change

349 262

215 835

349 262

. Autres risques . Pensions et obligations similaires . Medaille du travail . Travaux restant a effectuer

17 250

106 791 215 835

165 986

165 986

l 225 556

260 734

79 499

575 980

55 864

14 869

616 975

I 318 111

792 970

I 045 851

l 065 230

5 450 486

t 604 020

1350535

5 156 281

. Restructuration

TOTAL

Provisions

Utilisation

50 000

. Garanties donnees aux clients

aleur objet

189 537

I 406 791

189 537 547 690

Les dotations et reprises des provisions pour risques et charges se repartissent par nature comme suit : Nature

Dotations

Reprises

Exploitation

I 299 105

l 333 285

Financier ExceEtionnel Total

215 835

349 262

89 080

215 678

1604020

1898225

8

a) Provision pour litiges II s'agit du risque resultant du plan de restructuration. b) 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 acourir.

c) Provision pour penalites II s'agit des penalites contractuelles apayer pour retard de livraison. d) Autres provisions pour risques Elle correspond ades indemnites de rupture de contrat commercial. e) 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 l'entreprise, a la date de cloture. Ci-apres Jes hypotheses retenues pour le calcul de la provision conformement a la convention collective de la Metallurgie : o Age previsionnel de depart a la retraite : 65 ans o Taux d'inflation : 2,0 % o Taux d'actualisation: 3,0 % o Table de mortalite : Source Insee 2003-2005 Aucun engagement en matiere de retraite n'a ete constate dans !es comptes de la societe

a l'egard des dirigeants.

f) 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 I' entreprise, ala date de cloture.

g) Provision pour travaux restant a effectuer Cette provision, calculee en cout complet, correspond aux couts d'installation non effectuees des machines facturees en 2009. h) Provision pour restructuration Elle correspond ades indemnites de Jicenciement dont le paiement est prevu sur I' exercice 20 IO.

7.4. Dcttes 7.4.I. Dettcs financicrcs Les couts d'emprunts ne sont pas incorpores dans la valorisation des actifs corporels et incorporels. Nature des creances Emprunts et dettes-organismes de credit

Montants

Solde crediteurs de banque

Emprunts et dettes financieres divers Participations des salaries

(I)

2 041 935

Part courue des charges d'interets

(2)

Comptes courants Groupe

(3)

78 431 717 265

Total

2 837 632

(I) Participation des salaries relatifs aux exercices 2005, 2006, 2007 et 2008 bloquee en compte courant. (2) lnterets courus des participations sur la periode du 01104/09 au 31112109. (3) avance remuneree concernant CAMECA USA Inc.

7.4.2. Avances rei;ues sur comrnandes en cours Ce sont Jes avances peri;ues des clients pour Jes livraisons de materiel

a realiser

pour un montant de 2 741 274 euros.

9

7.4.3. Hettes d'cxploitation Repartition des dettes d'exploitation par nature : Montauts

Nature des dettes Fournisseurs et comptes rattaches Fournisseurs Fournisseurs effets ii payer Fournisseurs Factures non parvenues

2 921 546 409 508 751 435

Sous total

4 082 489

Dettes fiscales et sociales Personnel Organismes sociaux lmpots et taxes

1 114 451 1 291 862 26 801

(I)

(2)

6 515 603

Sous total

Total (1) dont dettes pour conges payes et RTT

Primes de deplacement

892K€ 197 Kf

(2) dont autres Taxes

22K€

7.4.4. Dettes diverses Repartition des dettes diverses par nature : Montant

Nature des dettes Dettes sur immobilisatious et comptes rattaches Fournisseurs immobilisations

39 228 39 228

Sous total Autres dettes Agents commissionnaires Redevances Crediteurs divers Sous total

Total (1)

1220467 (I)

35 199 49 086 I 304 752 I 343 980

dont cotisations pour 25 K euros et prestations bancaires pour 9 K euros.

CJ Ecbeancicr des dettcs (en euros)

Montant brut

A 1 an au plus

Emprunts et dettes financieres divers

2 120 366

Fournisseurs et comptes rattaches

4 082 489

4 082 489

Personnel et comptes rattaches

1 114 451

1 114451

Securite sociale et autres org. sociaux

1 291 862

1 291 862

A plus d'l an 5 ans au plus 2 120 366

Imp6ts sur les benefices

Etat et autres collectivites publiques

Taxe sur la valeur ajoutee Autres imp6ts, taxes & assi.

Dettes sur immobilisations & cptes rattaches Groupe et associes

4 886

4 886

21 913

21 913

39 228

39 228

717 264

717 264

Autres dettes et avances

4 046 026

4 046 026

Produits constates d'avance

2397108

2 397 108

15 835600

13 715 234

TOTAL

2 120 366

IO

U

Charges a payer

Ci-apres le detail des postes de bilan concemes : Emprunts et dettes financieres divers Dettes foumisseurs et comptes rattaches Dettes fiscales et sociales Autres dettes ( redevances, divers )

78 431 751 433 1 750 136 56 446 2 636 446 €

7.5. Comptes de regularisation 7.5.l. Produits constates d'avance Montants

Nature Produits d'exploitation Contrats de maintenance S.A. V.

(I)

2212686

Marchandises facturees non livrees

(2)

184 422

Total

2 397108

(I) Les contrats de services sont factures aux clients pour une periode ii courir exprimee en jours. A la cloture, la part calendaire non echue est constatee d 'avance.

(2) La provision correspond ii des accessoires non livres relatifs ii des machines livrees, facturees.

7.5.2. Ecarts de conversion Passif Les profits latents s'clevent a 68 647 euros. Us proviennent des avances en devises rei;:ues des clients pour 25 407 euros et des commissions en devises apayer aux agents pour 43 240 euros.

11

8. Explication des postes du Compte de Resultat 8.1. Compte de resultat de I' cxercicc ~

Fait generatcur 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 dite au client, soit des clauses contractuelles des marches.

~

Ventilation du chiffre d'affaires (en milliers d'euros) Zone geographique

2009

2008

-FRANCE - UNION EUROPEENNE

7068

3 056

I 760

6 749

9201

9 413

2007

- U.S.A. I CANADA

11 778

11 369

11 912

-ASIE I PACIFIQUE

6 434

22 160

20776

55

l 180

32 029

45 841

45 041

16,0

27,5

28,0

-AUTRES TOTAL Nombre de machines vendues

(*)La part du Service Apres Vente dans le chiffre d'affaires represente 12,6 %, soit 4 030 milliers d'euros.

UNION JE:URP

(¥t:''' 43,14%

ASIE I PACIFlQUE

... 20,09%

..

USA,/CANADA

... 36}7%

·---------- - - - · - - Le graphique met en evidence !'impact de la crise economique et financiere sur le marche asiatique (20% en 2009 contre 48% en 2008) dans le « business » de CAMECA.

8.2. Autres protluits Ce poste, pour un total de 369 594 euros, comprend l'annulation de commissions d'agents (98 K€), la reprise de charges provisionnees (232 K€), le remboursement des organismes de retraite pour le trop verse et divers pour 18 K€. 2009

Autres produits

369 594

2008 331 556

2007 325 041

12

8.3. A utres achats et charges extern es

a

Le montant des autres achats et charges extemes, qui s'eJeve 9 270 milliers d'euros, comprend Jes achats de sous-traitances industrielles ( 1 302 K€), Jes achats non stockes de matieres et foumitures (352 K€), Jes services exterieurs (3 785 K€) et des autres services exterieurs (3 831 K€) detailles ci-dessous : 2009

Autres charges externes

2008

2007

Services exterieurs Sous-traitance generate

(I)

2 397 257

3 357 635

2 188 685

Redevances de credit bail

(2)

938 Oil

I 295 773

I 254 216

Locations

(3)

107 676

143 450

133 966

212 075

187 598

135 662

84 683

120 626

189 246

7 709

35 839

22 444

Entretien, reparation, maintenance

(4)

Primes d'assurance

41 389

Etudes et recherches Documentation Frais de colloques, seminaires, conferences Sous total

37 119

22211

I 970

3 784 530

5 163 132

3 967 578

Autres services exterieurs 65 973

123 231

118 177

(5)

I 621 272

2 312 016

I 814 888

4 342

15 488

15 754

Transports de biens

(6)

545 193

942 850

729 096

Deplacements, missions et receptions

(7)

I 737 665

Personnel interimaire Remuneration d'intermediaires et honoraires Publicite, publications, relations publiques

1384071

I 781 875

Frais postaux et de telecommunications

47 987

50 090

58 190

Services bancaires et assimiles

92 220

87 236

1IO237

(8)

Divers Sous total Total

70 122

78 665

42 407

3 831180

5 391 451

4 626 414

7 615 710

10 554 583

8 593 992

(I)

Prestations pour I 412 K€, autres prestations decentralisees pour 491 K€, exploitation informatique pour 122 K€, nettoyage et gardiennage des locaux pour 372 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 informatigues.

(4)

Couvertures concernant la responsabilite civile, la multirisque industrielle (y compris la perte d'exploitation), le transport des marchandises, la flotte automobile et Hommes Cles pour le credit bail immobilier.

(5)

Commissions sur ventes pour I 403 K€, honoraires pour 218 K€ .

(6)

Transports sur achats pour 179 K€, transports et emballages sur ventes pour 339 K€ et divers pour 27 K€.

(7)

Frais de voyages pour 461 K€, de missions pour 883 K€ et de receptions pour 40 K€.

(8)

Cotisations des organisations pour 42 K€ et frais de recrutement pour 28 K€.

8.4. Autrcs charges II s'agit des redevances versees

ades organismes (CNRS, ONERA .. ) pour !'utilisation de leurs brevets dans nos machines.

Autres charges

2009

2008

2007

Redevances

34 900

39129

257 004

(*)

18 850

24 193

12 215

Total

53 750

63 322

269 219

Divers

(*) dont pertes sur creances irrecouvrables de 17191euros

13

8.5. Rcsullal de l'exercice (en euros) Resultat d'exploitation Resultat financier

2009

2008

2007

-393 198

6 497 ll6

8 769 816

692 540

339106

326 369

- Dividendes et prets

(I)

659 444

131 936

110 759

- Charges d'interets

(2)

-23./ 7()7

-158 090

-86 378

80118

190 818

25 174

54 258

362 245

395 787

- Resultat net de change - Autres charges et produits

(3) (4)

133 427

-1R7 ROJ

-118 ')73

Resultat avant impots

299 341

6 836 222

9 096 185

Resultat exceptionnel

-l8 395

-103 594

-201 996

-17420

-46 427

-1 519

- Provisions pour risques

- Penalites clients - Penalites fiscales

-453

- Provisions pour risques et charges

(5)

138 256

50121

-186 893

- Autres charges et produits

(6)

-139231

-106 835

-13 584

0

-896 525

-1 328 838

530 235

-l 689 050

-2 148 720

811 181

4147 052

5416632

Participations et interessements lmpots sur les benefices de l'exercice Resultat net de l'exercice

(I) dont revenus du pret Cameca GmbH pour la periode 2009 pour 112 452 euros Boni provenant de la liquidation de la filiale Cameca Japan pour 546 992 euros

(2) dont interets sur participation en compte courant bloque pour < I 03 328 > euros Interets de la dette Ametek BV pour <19 722> euros Inten~ts de l'avance Cameca USA pour < 38 652 > euros lnterets de retard sur factures echues pour <64 768> euros Agios pour< 8 213> euros

(3) dont revenus de l'avance IM Eur dans le cadre du leasing pour 23 786 euros Revenus factures a la holding M.A.! selon la convention de tresorerie pour 73 543 euros Revenus factures a la holding Financiere Cameca selon la convention de tresorerie pour 201 671 euros Swap de taux(Leasing) pour < 234 994 > euros et escomptes accordes pour < 9 860 > euros

(4) Provisions pour risques financiers pour < 133 427 > euros

(5) dont amortissements derogatoires pour 11 658 euros Provisions pour penalites clients pour 176 598 euros Provisions pour litiges pour< 50 000 > euros

(6) dont rappel de cotisation de taxe professionnelle 2003/2004 pour 22 838 euros Autres charges provisionnees pour 116 393 euros

8.6. Participation des salaries & intercsscmcnls Compte tenu du deficit, ii n'y a ni participation ni interessement sur cet exercice.

14

8. 7. I mpots sur les benefices.

Resultat courant

299 341

Resultat exceptionnel

- 18 395

Resultat social

811 181

- 1551 791

Reintegrations et Deductions fiscales Resultat fiscal

Taux 33,33%

Bases

Repartition de l'impot

- 740 610

: (Deficit)

Aucun impot n'a ete constate dans Jes comptes de la societe du fait d'un resultat fiscal deficitaire. Le deficit a ete utilise par la tete de groupe, Ametek Holdings SARL, pour optimiser l'impot groupe dans le cadre de I' integration fiscale. Un credit d'impot en faveur de la recherche a ete constate dans Jes comptes de la societe et s'eleve Son remboursement a ete demande aupres de !'administration du fait d'un impot neant.

a

567 565 euros.

La verification des comptes, par !'administration fiscale, des exercices 2006 et 2007 a donne lieu a un redressement de la provision pour depreciation des stocks. La non-deductibilite de cette provision genere un impot payer de 37 330 euros.

a

9. Operations concernant Jes entreprises Iiees

Au 31/12/2009 (en euros)

CAME CA FRANCE

Cameca USA

Cameca UK

Cameca JAPAN

Cameca KOREA

Cameca TAIWAN

Cameca GmbH

Micro Financii:re Analyse Cameca Instruments

Au bi/an Actif Prets Preteur

2 361446 2 361 446

Emprunteur Creances d' exploitation Comptes courants Cameca

IO 272 077

Comptes courants partenaires Clients

210 709

3 958 216

6 103 152

246 283 147 371

Filiales partenaires

1 953

13493

76 738

6 728

12 459

21 438

265 163

1457

Passif Dettes d'exploitation Comptes courants Cameca

717 265

Comptes courants partenaires Foumisseurs Filiales partenaires

717 265 3 427 955 665 377

2 462 061

15

Au 31/12/2009 (en euros)

CAME CA FRANCE

Cameca USA

Cameca UK

Cameca JAPAN

Cameca KOREA

Cameca TAIWAN

Cameca GmbH

Micro Financiere Analyse Cameca Instruments

Au compte de risultat Produits d'exploitation . Ventes aux filiales

4 754 020

. Societes partenaires

2 085 624

11 197 2 088 518

262 149

33 723

272 809

38 388

2 192

23 424

422 802

35 558

848 057

Char!!es d'exploitation . Achats aupres des filiales

225 051

. Societes partenaires

161 047

. Prestations faites par les filiales

2 152 203

. Societes partenaires

822 150

23 636

Produits financiers . Interets courus a recevoir

387 666

. Societes partenaires

112 452

73 543

201 671

Char!!es linancieres . lnterets et charges assimiles

103 421

. Societes partenaires

38 652

64 769

10. 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 6 427 944 €: (Cautions Marches« France»: 813 600 € - Marches« Etrangern: 5 614 344 €)



Une assurance Homme Cle a ete souscrite pour un total de 750 000 euros sur I personne.



II n'existe pas de garanties de passif, d'engagements de surete et d'actes de nantissements au 31 decembre 2009.



PITCH Promotion, a cede par acte notarie du 21/12/2005 son terrain - 29 quai des Gresillons aGennevilliers, 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 1 million euros a ete versee. Les remboursements ont commence acompter de la livraison.

Ci-apres la ventilation de l'immeuble par nature: Terrain Construction Agencements

I 500 000€ 7 840 000 € 3 000 000 €

Les redevances au titre de l'exercice s'elevent a 938 012 euros.

16

Dans le cas ou la societe avait acquis ce bien, l'amortissernent de la nouvelle usine (construction et agencernents), decornposee en 4 groupes avec des durees de vie respectives de 8 I 10 I 25 et 30 ans, aurait ete de 468 048 euros par an.

Credit bail imrnobilier

Redevances Curnulees

Redevances Exercice

Engagement Net

12 340 000

- 1977 035

- 647 304

9 715 661

Echeancier

Al an au plus

A plus d'l an et 5 ans au plus

A plus de 5 ans

Credit bail immobilier

663 376

2 786 396

3 180 889

Le prix d'acquisition

a!'expiration du credit bail sera de

3 085 000 euros

10.2. EfTectifs Les effectifs moyens par categorie se decomposent cornme suit : Ouvriers ETAM Ingenieurs

27 83 71 181

10.3. Droit individuel

a la formation

Nombre d'heures ouvertes au titre du droit individuel a la formation (DIF) au 31.12.2009 Nombre d'heures de formation consornmees au titre du D.l.F. au 31.12.2009

18 2 82 heures 254 heures

Aucune demande de formation n'ayant ete deposee par Jes salaries au 31.12.2009, et acceptee par la direction, la societe n'a pas juge utile de proceder a une provision au titre de cet engagement.

10.4. Avanccs et credits allouccs aux dirigeants sociaux et indications des engagements pris pour lcur eomptc Neant

10.5. Remunerations allouecs au titre de l'excrcicc aux mcmbrcs des organes d'administration ct de direction it raison de !cur fonction Neant

10.6. Hettes garanties par des suretcs rcelles Neant

17

10.7. ldentite de la societe Mere consolidant les comptcs des societes Conformement aux articles L.233-16, L.233-17 et R.233-15 du Code de Commerce, la societe, dont le capital est detenu a 100% par la societe Ametek Holdings SARL depuis le 9 aout 2007, n'etablit ni ne publie de comptes consolides pour l'exercice clos le 31 decembre 2009, etant precise que: - !es comptes des societes controlees directement ou indirectement par la societe Ametek Holdings SARL sont inclus dans Jes comptes consolides de !'ensemble plus grand d'entreprises etablis par la societe Ametek Inc., societe de droit americain, - ces comptes sont completes par la mention dans !'annexe des comptes annuels de la societe Ametek Holdings SARL des informations significatives visees a I' article R233-15 du Code de Commerce.

11. Evenements post-cloture Neant

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 PO box 88, Wilmslow Cheshire SK95BE Grande-Bretagne

CAMECA KOREA Co, Ltd 3rd Floor, Gyeonggi R&DB Center 906-5 LUI-DONG, Suwon City Coree du Sud

CAMECA TAIWAN Corp, Ltd A2, IOF-6, N° 120, Sec. 2 GongDaoWu Road 30072 Hsin Chu Taiwan

CAMECAGmbH Carl-von Linde Str. 42 D-85716 Unterschleissheim Allemagne

18

CAME CA

CAME CA

CAMECA

CAME CA

CAME CA

l!.S.A

U.K. ltd

KOREA

TAIWAN

GMBH

USD

GBP

KRW

NTD

EUR

270 000

30 000

50 000 000

I 000 000

25 000

4 374 694

158 007

346681587

10 101 583

(I 351 125)

100%

100%

100%

CAPITAL lReserves Quote-part de Capital detenu en%

100%

100%

Valeur d'inventaire des titres detenus ~uros

322 508

46 574

35 496

26 366

Vevises

395 645

30000

50 000 000

I 000 000

0

Prets et avances consentis et non rembourses Euros Devises

2 277 521

Chiffres d'affaire (taux moyen) Euros

6 751 915

139 618

I 035 609

248 849

Devises

9 285 211

124 626

1 820 335 268

11 563 035

2 567 671

-

Resultat au 31/1212009 (taux de cloturel Euros

1345 406

28489

17 128

(80 529)

Devises

I 888 177

25 698

26 473 233

(3651672)

597 408

-

IDividendes verses - Euros - Devises Cautions ou avals donnes au benefice de ces societes - Euros - Devises Date d'ouverture

01/0112009

0110112009

01/0112009

01/0112009

01101/2009

il>ate de cloture

31112/2009

31112/2009

31112/2009

31112/2009

31112/2009

19

« CAMECA » Societe par actions simplifiee au capital de 6.782.100 euros Siege social : 23/29 Quai des Gresillons 92230 Gennevilliers 403 092 216 R.C.S. Nanterre

RAPPORT DE GESTION DU DIRECTEUR GENERAL EXERCICE CLOS LE 31/12/2009

Cher Associe unique, Conformement aux dispositions de la Loi et des statuts de la Societe, nous avons l'honneur de vous rendre compte de notre gestion et de soumettre votre approbation les comptes de l'exercice clos le 31 decembre 2009.

a

Tous les documents et pieces prevus par la reglementation en vigueur et les statuts de votre Societe ont ete tenus avotre disposition dans les delais impartis.

ACTIVITE DE LA SOCIETE L'exercice 2009 a permis la realisation d'un chiffre d'affaires hors taxes de 32 028 948 euros (dent 24 961100 euros I' exportation) centre 45 840 618 euros pour l'exercice precedent.

a

Notre resultat d'exploitation fait ressortir une perte de <393 198 euros>, centre un benefice de 6 497 116 €au 31 decembre 2008. Cette perte au 31 decembre 2009 est constatee apres dotation aux amortissements de 284 536 euros, constitution d'une provision sur actif circulant de 366 491 euros et d'une provision sur risques et charges de 1 299 105 € compensee d'une reprise sur provisions de 1140 219 € incluant notamment la provision pour pension et pour travaux restant effectuer sur machines en cours d'installation.

a

a

a

la variation la baisse du resultat d'exploitation est en particulier due la baisse du chiffre d'affaires de <13 811 670 euros> soit <30,13%>, que n'a pas entierement compense la reduction importante des charges d'exploitation, hauteur de 8 919 043 € representant une baisse de <22,01 %>par rapport leur niveau la cloture de l'exercice precedent.

a

a

a

a

En raison d'un resultat financier positif de 692 540 € grace notamment 546 591 € de produits financiers per!;US des filiales correspondant au boni per!;u dans le cadre de la liquidation de CAMECA INSTRUMENTS JAPAN K.K, notre resultat courant avant impots se traduit par un benefice de 299 341 €. Le resultat exceptionnel est une perte de <18 395 euros>. le benefice comptable est de 811181 €, compte tenu d'un produit d'impot sur les benefices de 530 235 € du fait (i) d'un resultat fiscal de la societe negatif de <740 610 €> du credit d'impot recherche pour 567 565

€.

EVENEMENTS IMPORTANTS SURVENUS AU COURS DE L'EXERCICE ECOULE La filiale japonaise de CAMECA, CAMECA INSTRUMENTS JAPAN K.K, a ete dissoute et liquidee au 30 novembre 2009. EVENEMENTS IMPORTANTS SURVENUS DEPUIS LA CLOTURE DE L'EXERCICE La filiale americaine, Cameca Inc, a realise !'acquisition d'actifs de la Societe Imago, domiciliee a Madison (USA) I et realisant une production d'instruments scientifiques sur la ligne de produit « Atom Probe ». EVOLUTION PREVISIBLE ET PERSPECTIVES D'AVENIR Les fonds debloques par les Etats pour le soutien de l'economie dans le contexte de la crise permettent une reconstitution progressive des financiere/economique internationale carnets de commande. Le redemarrage lent mais visible du marche du semi-conducteur pourrait permettre d'envisager favorablement les perspectives d'avenir. RECHERCHE ET DEVELOPPEMENT Nos depenses de recherche se sont elevees principalement sur le LAWATAP.

a

environ 4,8 millions€ et ont porte

DEPENSES ET CHARGES NON DEDUCTIBLES FISCALEMENT Le montant des depenses et charges non deductibles fiscalement visees par I' article 39-4 du Code General des lmpots que nous avons engagees au cours de l'exercice ecoule est nul. FILIALES ET PARTICIPATIONS (Article L. 233-6 alinea 2 du Code de commerce)

a

La societe CAMECA INSTRUMENTS INC, societe sise aux USA, controlee 100 % par CAMECA SAS, a realise au 31 decembre 2009 un chiffre d'affaires de 9 285 211 $ contre 13 649 591 $ au 31 decembre 2008, avec un resultat net comptable de 1 888 177 $centre 582 560 $au 31 decembre 2008. Les resultats se sont ameliores aux cours des deux dernieres annees apres une restructuration de l'equipe et une diminution des frais generaux apres le transfert du siege Social dans les installations d' Ametek.

a

La societe CAMECA UK LIMITED, societe sise au Royaume Uni, controlee 100 % par CAMECA SAS, a realise au 31 decembre 2009 un chiffre d'affaires de 124 626 £ centre 151 599 £ au 31 decembre 2008, avec un resultat net comptable de 25 700 £centre 35 630 £ au 31 decembre 2008. La societe CAMECA KOREA., societe sise en Con~e, controlee a 100 % par CAMECA SAS, a realise au 31 decembre 2009 un chiffre d'affaires de 1 820 335 268 KRW contre 2 571 086 665 KRW au 31 decembre 2008, avec un resultat net comptable de 26 473 233 KRW contre <529 703 431 KRW> au 31 decembre 2008. Les resultats se sont ameliores aux cours des deux dernieres annees apres une restructuration de l'equipe et une diminution des frais generaux apres le changement de siege Social.

2

La societe CAMECA GMBH, societe sise en Allemagne, contr61ee a 100 % par CAMECA SAS, a realise au 31 decembre 2009 un chiffre d'affaires de 2 567 671 € contre 3 618 572 €au 31 decembre 2008, avec un resultat net comptable de 597 408 € contre <317 705 € > au 31 decembre 2008. La societe CAMECA TAIWAN, societe sise a TAIWAN, contr61ee a 100 % par CAMECA SAS, a realise au 31 decembre 2009 un chiffre d'affaires de 11 563 025 $ NTD contre 31 064 382 $ NTD au 31 decembre 2008, avec un resultat net comptable de <3 651 672 NT$> de contre 8 594 481 $NTD au 31 decembre 2008.

CONVENTIONS VISEES A L' ARTICLE L 227-10 DU CODE DE COMMERCE Nous vous donnerons lecture du rapport du Conseil d'administration sur les conventions visees a !'article L 227-10 qui devraient faire l'objet d'un rapport. II vous incombera de statuer sur ce rapport.

RENOUVELLEMENT DES MANDATS DES MEMBRES DU CONSEIL D' ADMINISTRATION

a

Les mandats des membres du conseil d'administration arrivant expiration ce jour, nous vous proposons, conformement a !'article 17 des statuts, de les renouveler pour une nouvelle duree de un an soit jusqu'a la date de I' Assemblee Genera le appelee statuer sur les comptes de l'exercice 2010, !'exception toutefois du mandat de Monsieur Alan Devenish, qui a demissionne de ses fonctions de President a effet de ce jour. En effet, en application des statuts de la societe, cette demission met fin a ses fonctions d'administrateur.

a

a

Monsieur Ronald J Oscher ne le 04 avril 1967 en Ohio, Etats-Unis d' Amerique, de nationalite americaine, s'est porte candidat au paste de President. Si le Conseil d'administration l'elit a cette fonction ii sera de plein droit administrateur en application des statuts. Nous vous proposons de le confirmer cette fonction.

a

RESULTAT-AFFECTATION Nous vous proposons d'affecter le benefice de l'exercice

811181 euros

- s'elevant a comme suit

a nouveau » de :

11 420 089 euros

a nouveau apres affectation :

12 231 270 euros

- au credit du compte « report

Total du compte report

Nous vous rappelons qu'il a ete precede aux distributions de dividendes suivantes au titre des trois derniers exercices.

Exercice clos

31/12/08

Eligible abattement 40 % Non eligible abattement 40 %

0

0

3

Exercice dos

Eligible abattement 40 % Non eligible abattement 40 %

31/12/07 Exercice dos

0

0

Eligible abattement 40 % Non eligible abattement 40 %

31/12/06

0

0

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 suivantes :

Fournisseurs et comptes rattaches au 31/12/2009 : Aun an au plus : 4 082 489 €; Entre un et cinq ans : 0 € ; Au-dela de cinq ans : O €.

Fournisseurs et comptes rattaches au 31/12/2008 : Aun an au plus: 6 787 747€; Entre un et cinq ans : 0 € ; Au-dela de cinq ans : O €.

PRESENTATION DES COMPTES Nous vous presentons les comptes annuels que nous soumettons a votre approbation. Les regles de presentation et les methodes d'evaluation retenues pour l'etablissement de ces documents sont conformes a la reglementation en vigueur. Vous trouverez dans l'annexe toutes explications complementaires. Les commissaires

aux comptes

de

la

societe

relatent

dans leur

rapport general

l'accomplissement de leur mission. Nous vous invitons a adopteT les resolutions que nous soumettons a votre vote.

Fait a GENNEVILLIERS, LE DIRECTEUR GENERAL

Le 15 juin 2010

Georges Ary(Jer

I . J;;' I /// l

I

/. ·.\. .

;J

,·.~1

,.. - / ' / _,./

// 4

« CAMECA » Societe par actions simplifiee au capital de 6.782.100 euros Siege social : 23/29 Quai des Gresillons 92230 Gennevilliers 403 092 216 R.C.S. Nanterre

PROCES-VERBAL DE LA REUNION DE L'ASSEMBLEE GENERALE ORDINAIRE DU 30 JUIN 2010 EXTRAIT

L' Associee Unique decide d'affecter com me suit le benefice de l'exercice - s'elevant

a

811181 euros

comme suit - au credit du compte « report

Total du compte report

a nouveau »de :

11 420 089 euros

a nouveau apres affectation :

L' Associee Unique prend acte qu'il n'a pas ete procede trois derniers exercices.

Pour extrait conforme LE DIRECTEUR GENERAL

12 231 270 euros

a des

distributions de dividendes au titre des

CONST ANTIN ASSOCIES

ERNST & YOUNG et Autres

Cameca Exercice clos le 31 decembre 2009

Rapport des commissaires aux comptes sur les comptes annuels

CONSTANTIN ASSOCIES

ERNST & YOUNG et Autres

114, rue Marius-Aufan 92300 Levallois-Perret Cedex S.A. au capital de€ 831.330

41, rue Ybry 92576 Neuilly-sur-Seine Cedex S.A.S. capital variable

Commissaire aux Comptes Membre de la compagnie regionale de Paris

Commissaire aux Comptes Membre de la compagnie regionale de Versailles

a

Cameca Exercice clos le 31decembre2009

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 notre rapport relatif l'exercice clos le 31 decembre 2009, sur:

a



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 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 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.

a

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 a la justification de nos appreciations, nous portons a votre connaissance les elements suivants : Principes 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 notre 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

a



Votre societe conserve dans ses comptes un fonds de commerce dont la valeur brute s'eleve K€ 12.932 au 31 decembre 2009. 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 apprecier, sur la base des elements disponibles ace jour, les elements et les hypotheses sur lesquels se fonde !'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 donnee en annexe a cet egard.

a



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 apprecier les donnees et les hypotheses sur lesquelles se fondent ces estimations, a revoir les calculs effectues par la societe, 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.

a

a

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.

Cameca Exercice clos le 31 decembre 2009

2

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

Levallois Perret et Neuilly-sur-Seine, le 15 juin 2010 Les Commissaires aux Comptes CONST ANTIN ASSOCIES

Cameca Exercice clos le 31 decembre 2009

ERNST & YOUNG et Autres

3

'AGREMENT DGFIP CSll0,10003

CD I BILAN " ACTIF

Formulaire obligatoire (anicle 53 A du ~ode g~ral cits imp6u).

Designation de l'entreprise: SIREI' *

92230 GENHEVILLIERS

QUAI DES GRESILLOHS

Dur~e

de l'exercice p~cMent * UU Neant D*

l4lol3lol9!2l2l1l6lololol3l1I Excrcke N, clos le : 1~1122009 I

l11i'"ii:~1 iiii ~

Brut 1 (I)

Capital souscrit non appele

ta Frais d'~tablissement * ~ Frais de d~veloppement *

AU

(I)

~

379 108

AG

12 931 BOO

Ar

20 769

38 715

12 931 BOO

12 931 800

358 339

~

Al,

AM

Terrains

AN

AO

Constrnctions

AP

225 811

AQ

64 415

161 395

180 192

AR

1 684 242

AS

796 323

887 918

776 142

AT

525 169

AU

207 258

317 910

274 176

Immobilisations en cours

AV

32 800

A\\

32 BOO

71 592

Avances ct acomptes

AX

AY

Particig.acions ~valuees selon la m~t ode de mise en ~quivalence

cs

CT

Autres participations

cu

430 943

735 674

Crfances rattach~es a des participations

DB

BC

BD

BE

Installations techniques, mat~riel et 8 outillage industriels !2 Autres immobilisations corporelles

t'!

I ~

~ Autres titres immobilis~s ~

;;}

i

.

462 346

CV

31 402

BF

2 361 446

BG

2 361 446

2 248 993

*

Bil

1 003 852

DI

1 003 852

1 265 575

TOTAL(ll)

BJ

19 606 577

BK

1 457 739

18 148 837

18 522 B63

DJ,

3 518 232

BM

687 184

2 831 048

3 249 882

16 263 354

BO

542 063

15 721 291

18 332 702

Pre ts Autres immobilisalions financieres

Matieres premieres, approvisionnements En cours de production de biens

IlN

En cours de production de ser\'ices B 0

Bl'

Produits intcrmediaires et fmis

BR

1 756 748

BS

449 150

1 307 598

1 774 228

Marchandises

n·r

80 760

BU

11 200

69 560

104 026

Avances et acomptcs \'Crses sur conunandes BY

41 553

DW

41 553

38 119

DX

4 571 248

BY

91 379

4 479 868

11 561 299

DZ

12 596 658

CA

210 000

12 386 658

9 810 615

!;;

~

<(

CQ

AK

~I

t;

4

AJ

i~

~e:

Net

3

Avances et acomptes sur immobilisations incorporelles

. ;g 0

Net

d Autres immobilisations incorporelles ~

1il

AF

N· 1

13U22U!J:H I

AC

ex

Concessions, brevets et droits similaires

~ Fonds commercial

AA

An

g

~

N° 2050 2010

Duree de l'exercice exprim~e en nombre de mois * l1LJ

SAS C»IECA

Adresse de J'entreprise 29 Nnm~ro

DGFiP

er; Clients et comptes rattaches (3)* (j ~ Autres crfances (3)

11

~ ~

en

cc

Valeurs mobilieres de placement (dont actions propres :.......................... ) CD

CE

Capital souscrit et appele, non verse

Disponibili1es

CF

2 491 625

CG

2 491 625

3 779 671

Charges constac~es d 'avance (3)*

CH

115 903

Cl

115 903

115 131

41 436 086

CK

39 445 107

48 765 677

215 835

349 262

57 809 780

67 637 803

TOTAL(lll)

ii

!i

BQ

Frais d'emission d'emprunt a elater

CJ

(IV)

C\\

Primes de remboursement des obligations (Y)

Cl\I

Ecarts de conversion actif*

{VI)

CN

TOTAL GENERAL (I a VI)

co

Renvois : (J) Dl
llmmobilisatioru:

1 990 978

215 835 61 258 498 (2) Pm la~ i1·uo an Jd bmrubilu..m.."Uf. runn:~r~ D:'(ftj::

lA

3 448 718

CP

668 574

ClJ Par1 i plus d'1m an:

Stocks: • Des e.~pbca11ons concemant celte rubrique son! donnees dans /a notice n• 2032.

lcR

Creances:

91 379

AGREMgNT DGFIP CSll0.10003

DGFIP N° 2051 2010

® I BILAN - PASSIF avant repartition

FOtlIIJlaire obllga1otre (anlcle H A du cede g~~r31 des hnp61s)

Designation de l'entreprise

SAS CN-IECA

Neant K'
Capital social OU individuel (l)* (Dont verse :............... .IU82.l0.0........

)

Primes d'emission, de fusion, d'apport, .... Ecarts de rUvaluation (2)* (dont ecart d'equivalence ti)

~ 0 ~ x

~

~ u

'8 t! Cl>"'

1;l 2 ::s"'

IEKI

Cl>

.s.a-~ .~ .c >

'

l:l

6 782 100

6 782 100

DB

11 274 420

11 274 420

681 479

681 479

Reserve legale (3)

DD

Reserves statutaires ou contractuelles * ( Dont reserve speciale des provisions Bl Reserves r~glementees (3) uour flucruation des cours ( Dont reserve relative il l'achat Autres reserves d'oeuvres originales d'artistes vivants* FJ

DE

)

DF

71 828

71 828

)

DG

5 690 944

5 690 944

Report anouveau

DH

11 420 089

7 273 036

RESULTAT DE L'EXERCICE (benefice ou pertel

DI

811 181

4 147 052

Subventions d'iuvestissement

DJ

Provisions reglementees *

DK

17 207

28 865

DL

36 749 251

35 949 728

Produit des emissions de titres participatifs

OM

Avances couditionnees

DN TOTAL (II)

<

a ::s.., o"'

DA

) DC

TOTAL (I)

,g

DO

Provisions pour risques

DP

1 877 748

2 330 839

Provisions pour charges

DQ

3 278 533

3 119 647

DR

5 156 281

5 450 486

0

£ &~

TOTAL (Ill)

Emprunts obligataires convertibles

DS

Autres empruncs obligacaires

DT

Emprunts et dettes aupres des elablissements de credit (5)

DU

1

) DV

2 837 631

8 086 660

Avances et acomptes re1.:us sur commandes en coucs

DW

2 741 274

4 265 353

Dettes foumisseurs et comptes ranacbes

DX

4 082 489

6 787 747

Dettes fiscales et sociales

DY

2 433 114

3 638 815

Dettes sur immobilisations et comptes rattaches

DZ

39 228

71 592

Autres dettes

EA

1 304 752

1 190 415

Produits constates d'avance (4)

EB

2 397 108

l 971 250

TOTAL (IV)

EC

15 835 600

26 011 835

{VJ

ED

68 647

225 753

a V)

EE

57 809 780

67 637 803

Emprunts et dectes financieres divers (Dont empru111s pacricipatifs



El


~

µ:i

0

ComIJle re1rnl.

&acts de conversion passif * TOTAL GENERAL (I (I)

~

~

(2)

O*

R
Ecart de reevaluation incorpore au capital

Dool

{

lB

Resef\'e Speciale de reevaluation (1959)

lC

Ecart de reevaluation libre

ID

Reserve de ree,•aluation (1976)

lE

(3)

Dont resen•e speciale des plus-values a long terme *

EF

75 098

75 098

(4)

Dettes et produits constates.d'avance amoins d'un an

EG

13 715 234

24 251 835

(5)

Dont concours bancaires courants, et so Ides crediteurs de banques et CCP

EH

• Des explicalions concernanl ceue rubrique son! donn~es dans la notice n• 2032.

1

AGREMENT DGFIP cs110.1000~3;;__~~~~~~"7""~~~~~~~~~~~~~~~~,

DGFiP

N° 2052 2010

G)jcOMPTE DE RESULTAT DE L'EXERCICE (Eu liste)j Fonrulalr• obligatoire (aJ1icle 53 A du Code gtnfral !ks irnp6ts. >

SAS CAMECA

Designation de l'entreprise:

Neant Exerclce N

Ef,\f~!~~~~~~::..ns

France

Ventes de marchandises * {biens *

FD

Exerclce (N·I)

Toi al

PB

FA

D*

FC

FE

23 661 505

FF

29 900 397

41 897 258

services* FG

828 956 FH

1 299 594

FI

2 128 551

3 943 359

FJ

FK

24 961100

FL

32 028 948

45 840 618

FM

( 2 939 245)

692 032

Production immobilisee *

FN

~

138 266

Subventions d'exploitalion

FO

~

Reprises sur amortissemenls et provisions, transferts de charges * (9)

FP

1 612 839

155 553

Autres produils (1) (11)

FQ

369 594

331 556

Total des prodnits d'exploitatlo11 (2) (I) FR

31 210 403

47 019 761

Production vendue

z

~ ~

~ i:l

§

Chiffres d'affaires nets * Production stockee

~ ~

~ ~

I

7 067 848

*

Achals de marchandises (y compris droits de douaue)*

FS

Variation de stock (marchandises)*

FT

62 300

( 57 975)

FU

6 019 466

10 600 501

Variation de stock (matieres premieres et approvisionnements)*

FV

336 039

( 830 310)

Autres achats et charges extemes (3) (6bis)*

FW

9 270 312

13 612 698

Imp6ts, taxes et versements assimiles *

PX

926 572

1 092 078

Salaires et traitements*

FY

8 606 565

8 964 464

Charges sociales (10)

FZ

4 378 461

4 388 199

- dotations aux amor1issemen1s *

GA

284 536

243 841

- dolalions au11: provisions

GB

Acbats de

z

6 238 891

mati~res premi~res

et autres approvisionnements (y compris droits de douane)*

z

~e

Sur immobilisations

{

o~

es se b

Sur aclif circulant : dotalions au11: provisions *

GC

366 491

446 405

Pour risques et charges : dotations au11: provisions

GD

1 299 105

1 999 418

GE

53 750

63 322

Total des charges d'explollatlon (4) (II) GF

31 603 602

40 522 645

GG

( 393 198)

6 497 116

Aulres charges (12)

1 • RESULTAT D'EXPLOITATION (I· Ill 19"

ti 0

5

Benefice auribue ou perte transferee *

(lll)

GH

Perte supportee ou benefice transtere *

(IV)

GI

Produits financiers de participations (5)

GJ

546 991

~

Produi!s des autres valeurs mobilieres et crc!ances de l'actif immobilise (5)

GK

112 452

131 936

Au1res interets et produils assimlles (5)

GL

~

299 362

362 321

Reprises sur provisions el transferts de charges

GM

349 262

161 459

Differences positives de change

GN

539 193

637 670

Total des prodults financiers (V} GP

1 847 261

1 293 387

GQ

215 835

349 262

Interets et charges assimilees (6)

GR

479 810

158 166

~

Differences negatives de change

GS

459 075

446 852

~

Charges neues sur cessions de valeurs

Total des charges financlhes (Vl) GU

1 154 721

954 281

GV

692 540

339 106

299 341

6 836 222

~

§ iII<

~

~ 13

Produi!s nets sur cessions de nleurs

Do1atioos

fioanci~res

mobili~res

de placement

aux amortissements et provisions *

mobili~res

de placement

2 • RESULTAT FINANCIER IV· Vil 3 • RESULTAT COURANT AVANT IMP6TS (I - II

GO

GT

+ Ill - IV + V - VI) .. cooc~mant cette rubnqJI: SOOI doM!
(RENVOJS: "'" tal>le.iu n• 2053)

GW

.

AGRBMENT DGFIP C5110.10003,...._~~~~~~~-.-~~~~~~~~~~~~~~-,

DGFiP

©I COMPTE DE REsULTAT DE L'EXERCICE CSuite>l

N° 2053 2010

Fonrulaire obligatoire (article 53 A du codo gfr~ral
Designation de l'entreprise

SAS CN-!ECA

Nean1 ExerciceN

~~

Produils exceptionnels sue o¢rations en capital

g f fl! {j

*

Reprises sue provisions el transferts de charges

xw

~

Exerclce N • 1

HA

Produits exceptionnels sue o¢rations de gestion

~

O*

Total des produits exceptionnels (7)

(Vil)

HB

375 488

HC

232 659

81 288

HD

608 147

81 288

156 651

153 714

~

Charges exceptionnelles sur operations de gestion (6 bis)

HE

.J

375 488

<:>

~

Charges exceptionnelles sur o¢rations en capital *

HF

HG

u

~

Dotations exceptionnelles aux arnortissements et provisions

94 403

31 168

HH

626 643

184 883

HI

( 18 395)

( 103 594)

~ rs

Total des cl1arges exceptloru1elles (7}

lol

(Vlll)

4- RESULTAT EXCEPTIONNEL !VII -VIII)

'

Participation des salaries aux resultats de l'entreprise Imp6ts sue les benefices *

(IX)

HJ

(X)

HK

( 530 235)

1 689 050

HI,

33 665 812

48 394 436

TOTAL DES PRODUITS (1

+ lll + V + VII)

TOTAL DES CHARGES (II

+ IV + VI + VIII + IX + X) HM

32 854 631

44 247 384

5 • BENEFICE OU PERTE (total des produits - total des charges!

HN

811 181

4 147 052

(l)

(2)

{3}

Dont produits nets partiels sur operations along terme Dont

{

Donl {

HO

produits de locations immobilieres

HY

produits d'exploitalion afferents a des exercices anterieurs (a dctaillcr au (8) ci·dessous) JG

I

209 019

- CrMit-bail mobilier *

HP

- Credit-bail immobilier

HQ

1 295 773

938 011

(4)

Donl charges d'exploitation afferentes a des exerclces amerieurs {a detailler au {8) ci-dessous)

1H

(5)

Dont produits concernant Jes entreprises liees

IJ

934 656

323 186

{6)

Donl interets concemant Jes entreprises liees

IK

123 141

96 216

34 899

39 129

(9)

Dont transferts de charges

Al

(10)

Dom cotisations personnelles de l'exploitant (13)

A2

(11)

Dont redevances pour concessions de brevets, de licences (produits)

A3

(12)

Dont redevances pour concessions de brevets, de licences (charges)

A4

I I

I

21 345

HX

(6bis) Dont dons fails aux organismes d'inleret general {art. 238 bis du C.G.l)

"'5

896 525

primes et colisations comple(13} Dont obligatoires A 9 menta1res personnelles : facultalives A 6 Derail des produils et charges exceptionnels (Si le nombre de llgnes est insuffisant, reproduire le cadre (7) ct le (7} joindre en annexe) :

I I

Ex~r''"A

Charges exc~peioonell
TllRES CN-IECA JAPOll K K

375 488

375 488

5 323

16 981

PROV PENALITES DE RETARD

39 080

215 678

PROV. POIR LITIGES

50 000

N-IORT. DEROGATOIRES

AlITRES CHARGES (8)

N Produirs excepcioru>els

156 651 Exercice N

Detail des produits et charges sur execcices anterieurs :

Charges arntrieUI
* Des exphcattons concemant celte rubnque sonl donn~ dans la no11ce n

0

2032.

Prod!.tits ant~rieurs

CAME CA 29 Quai des Gresillons 92230 GENNEVILLIERS

Numero Siret : 40309221600031

ANNEXE Date d'arrete des comptes : 31 decembre 2009

1. Presentation de la societe 1.1. 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 SO 568 Francs, soit 7 709,04 euros. Le 13 Mai 1996, l'Assemblee des Associes decide de transfonner la Societe 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.I. (Materiels Scientifiques International) a pris le controle du Groupe S.P.T.M.-CAMECA. La societe M.S.I. a ete acquise par la societe M.A.I. (Micro Analyse Instruments) le 29 juin 2001 dont le premier exercice a ete clos le 3 I decembre 2002. M.S.I. a absorbe S.P.T.M.-CAMECA par fusion simplifiee suivant la decision de l'Assemb!ee Generale Mixte Ordinaire et Extraordinaire du 30 novembre 200 I. La societe M.S.I. (Materiels Scientifiques International) a absorbe CAMECA, sa filiale operationnelle, suivant la decision de I' Assemblee Generale Mixte Ordinaire et Extraordinaire du OS aout 2002. De plus, M.S. I. a change de denomination sociale et de forme et est devenue CAMECA SAS afin de preserver son identite et son nom commercial vis avis de ses clients. La societe CAMECA est detenue a l 00 % par Micro Analyse Instruments, detenue elle-meme Financiere Cameca depuis le 6 avril 2005.

a 100

% par la societe

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 universelle du patrimoine (TUP) avec effet retroactif au 1er janvier 2006. Le 9 aout 2007, le fonds Carlyle Europe, actionnaire de Financiere Cameca, tete du Groupe CAMECA, a cede ses titres au Groupe AMETEK Inc. La societe Financiere Cameca est detenue a 100 % 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.

l.4. Exercice social L'annee sociale c01mnence le !er janvier et finit le 31 decembre.

2. Faits marquants de l'cxercice La societe Cameca-JAP AN, filiale detenue a 100% par Cameca, a ete liquidee au 30 novembre 2009. La crise economique et financiere a fortement touche le marche des semi-conducteurs et a entraine une reduction sensible des ventes due aux annulations ou aux reports de livraisons. En consequence, un plan d'economies (licenciement, departs volontaires, baisse des frais generaux et chomage technique) a ete mis en place par la direction pour passer cette crise.

3. Perirnetre d'intfaration fiscale Une 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.

2

4. PriH£i.pes co.mptables mis en oetnTe Les comptes annuels de CAMECA sont etablis selon les normes definies du plan comptable general de 1999, au PCG art. 531-1 § 1 et au Code de Commerce art. Rl 23-180. Il 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 !es autres principes comptables generalement admis.

Les compt.:s de l 'actif sm.ot 6tahlis sur la base des emits historiqucs. L1e•s col'tts d'crnpnmts nc sont pas incorpores

Jan~

la valorisation des

~1ctifa

corporels ct incorporcls.

Au bilan

Les dettes et creances en monnaies etrangeres 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 pe1ies latentes et « Ecarts de conversion Passif »pour les profits latents. 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.

Les methodes d'evaluation et de presentation retenues pour etablir les comptes de l'exercice 2009 sont demeurees inchangees par rapport a celles de l'exercice precedent.

6.1. Ar.Hf immobilis.,> Les immobilisations sont comptabilisees confonnement aux reglements CRC 2002-1 O et 2004-06.

j

lmmo.

Logiciels

lncoro.

Fonds Commercial

lmmo. Corpor.

lmmo.

404 872 12 931 800

Agencement Amenag. Contruct. Materiel Outillage lndustriel Materiel de Transport

223 915 1485113

Materiel Bureau et lnformatique Mobilier En cours

191 658 264 329 71 592

Autres participations

767 076

Prets

6 500

1 895 295 156

:

- 32 263

:

379 109

'

'

12 931 800

I

I

-960:!7

225 811 1684242

: :

.. 7! 592

218 971 306 198 32 800

:

- :;04 7'\0

:

462 346

:

.. l OK '2:\5

'

2 361 446

i

-

~130 957

:

19 606 577

l l

l

I

l

57 882 41 869 32 800 ,

2 248 993

220 698

19 854 926

682 607

1

-·Fin~~-=~...,~!J'_es_i~~z.b.g}.~.~~;.}i..m. . . .a...n...c...i,.e_r.•e..s.....·-·it.,··-~1_2••6..?...5.Z.5..•___~--- _35 80,~-~-~-···--_:_~il 7~?_3_0._.~:,~.~--.1.....o..o...3.._8...52~,,,, Total

Les frais de recherche et de developpement ne sontjamais immobilises et sont comptabilises en charge pour 4 806 K€.

3

Le fonds de conunerce a fait l 'objet d'une reevaluation de 12 913 506 € !ors de la fusion du 05 aofit 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 Impots. Le fonds de c01mnerce n' est pas amorti. Un test d'impainnent a ete realise a la cloture, aucune depreciation ne s'avere necessaire. Les acquisitions de la periode concernent exclusivement des achats de logiciels. Les sorties correspondent d'exploitation actuels.

a des

mises au rebut de logiciels d'ancienne generation non compatibles avec Jes systemes

6.l.2. Im.mobilisations 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 coftt de production. La valeur des immobilisations transferees !ors 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 !es nouveaux locaux et

a des

Les so1iies de la periode concement la mise au rebut de materiels en fin de vie.

6. l.3. Immobilisatl.ons fimmcieres La valeur brute des titres de participation est constituee par la valeur d'apport ou d'acquisition hors frais acccssoircs. Les frais d'acquisitions ne sont pas incorpores dans la valorisation des titres. Une provision est constituee si la valeur d'usage d'un titre devient inferieure a sa valeur d'entree. Cette valeur d'usage est detenninee en fonction de l'actifnet re-estime de la filiale. CAMECA detient les actions des filiales etrangeres (Cameca-USA, Cameca-UK, Cameca-KOREA, Cameca TAIWAN et Cameca Gmbh) a l 00 % pour 455 944 €. La societe Cameca-JAPAN, detenue a 100% par Cameca, a ete liquidee au 30 novembre 2009. Les titres de Cameca-JAPAN, 50 millions de Yen, ont ete sortis pour la valeur historique, soit 304 730 euros. Compte tenu du taux de change, la conversion des devises a genere une difference de change positive de 70 758 euros. Un boni de liquidation de 546 992 euros a ete inscrit dans les livres de CAMECA. Cameca Gmbh a rencontre des difficultes depuis son acquisition en 2005. Une restructuration de son activite a ete decidee visant a transfonner 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 confonnement 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 235 K€ (!es titres pour 25 000 et !es comptes courants pour 210 000). Le 6 avril 2006, Cameca a fait un pret de I 967 152 euros a sa filiale Cameca GmbH, pour lui 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), Au 6 avril 2008, le pret a ete capitalise des interets de la periode (6.04.07 - 6.04.08), Au 6 avril 2009, le pret a ete capitalise des interets de la periode (6.04.08 - 6.04.09), Les interets se rapportant au pret courent acompter du 7 .04.09 au 31.12.09 pour 83

soit 98 627 euros. soit 103 497 euros. soit 108 245 euros. 925 euros.

Les autres immobilisations financieres : une avance de 1 million d 'euros a ete versee le 21/12/2005 dans le cadre du leasing immobilier, et remuneree au taux Euribor du contrat majore d'une marge de 0.50 %. Cette avance est remboursee a CAMECA depuis le 1/07/2009 au moyen de 8 echeances trimestrielles payables aux memes echeances que celles des loyers, par compensation a due concurrence avec le montant des layers du credit bail. Le sol de de l 'avance s'eleve a 883 32 l euros au 31.12.2009. des depots de garanties pour 120 53 l euros.

4

6. t .4. Amortissements

(en euros)

Valeur d'excrc.ice

Dotations

d~but

~32

263

366 156

24 446

43 722

20 692

Materiel Outillage Industriel

708 971

183 380

-%027

Materiel Bureau et lnformatique

125 476

28 757

-30 568

56 333

27 260

1300 660

284 536

Logiciels Agencement Amenag. Contruct.

Mobilier

Total ·Mode d1amortbs..;:meuts

i

Dolati~Hls

Repri~es

dtirogatniri:-~

derop:::iwires

358 339

' '

64415 796 323 123 665 83 593

'

-158 859

l 426 337

16 981

5 323

Logiciels

Valeur fin d'exercice

Rcpriscs

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 Jes principes comptables et fiscaux.

Les durees et modes habituels d'amortissements pratiques sont resumes ci-apres : - 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

20 ans Lineaire I 0 ans Lineaire 3 a I 0 ans Lineaire 5 ans Lineaire 5 a I 0 ans Lineaire 5 ans a IO ans Lineaire

Pour Jes amortissements des biens apportes !ors de la fusion, Jes durees d'amortissements correspondent courir clans Jes livres de la societe absorbee.

a la duree restant a

6.2. Actif circulant

6.2. i. Stocks Les stocks, matieres premieres et foumitures, sont evalues a leur cout standard d'achats. Les stocks de produits finis et Jes travaux en cours sont evalues a leur cout standard de production. Les stocks, valorises en cofit standard, sont corriges annuellement d'une part, des ecarts sur achat constate et d'autre part; de l'ecart constate sur la valeur reelle du cout de la main d'a:uvre (pour Jes en-cours et Jes produits finis). Les stocks font l'objet d'une depreciation lorsque ce cout devient superieur ala 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 c01mnande client, sont directement pris en charge clans l'exercice.

(en euros) . Matieres premieres . En cours de production de biens . Produits intermediaires et finis . Marchandises

Total

Valeur brute

Valeur brute N-1

Valeur nette

Valeur nette N-1

3 518 232

3 854 272

2831048

3 249 882

16 263 354

18 657 941

15 721 291

18 332 702

I 756 748

2 301 408

I 307 598

1 774 228

80 760

143 061

69 560

104 026

21 619 094

24 956 682

19 929 497

23 460 840

5

Provision ponr depreciation

Valeur debut d'exercice

Matieres premieres En cours de production de bi ens Produits intermediaires et finis Marchandises

Total

Augmentations

604 389

149 666

325 238

216 825

Dimiuutious 66 872

687 184 542 063

527 179

78 029

39 035

27 834

1495842

Valeur fin d' exercice

366 491

449 150 11 200

172 735

1689597

6.2.2. Avanccs vcrsccs Les avances versees

a nos sous-traitants s'elevent a 41 553 euros.

6.2.3. Crfamccs Les creances sont enregistrees au bilan pour Ieur valeur nominale. Certaines creances sont eventuellement depreciees, selon Ia methode suivante :

a

La creance constatee est depreciee de 50% de son montant hors taxe en fin d'exercice, si elle est superieure un an d'existence, et si elle ne fait pas par ailleurs l'objet d'une provision cas par cas. Elle sera depreciee 100 % si son existence est superieure deux ans, dans Jes memes conditions precisees ci-dessus.

a

a

Par ailleurs, une depreciation complementaire individualisee peut etre constatee !ors de !'analyse du portefeuille en fonction d' evenements conn us specifiques.

Nature des creances Creances clients et comptes rattacbes Clients Clients douteux ou litigieux Clients - factures it etablir

Montants

(l)

Sons total Autres creances Personnel Impots et taxes Comptes courants Groupe Divers debiteurs

4 439 862 91 379 40007 4 571 248

(2) (3)

Sous total

34 473 I 281 978 11 194 556 85 651 12 596 658

Total

17167 906

ahauteur de JOO%.

(1)

Les creances douteuses sont depreciees

(2)

TVA a deduire pour 197 K €, Degrevement Taxe professionne/le pour 241 K €, Remboursement de taxe pour 150 K € Credit lmpot Recherche pour 568 K €, lndemnites chomage pour 126 K €

(3)

Avances faites auxfiliales Cameca GmbH pour 210 709 €, MA.l. pour 3 958 215 €, Financiere-Cameca pour 6 103 152 € Creances sur Ametek Japan pour 922 479 €.

Provision pour depreciation Clients et comptes rattaches Comptes du Groupe

Valeur debut d'exercice

Augmentations

Diminutions

Valeur fin d'exercice

133 198

41 819

91 379

275 000

65 000

210 000

6

CJ Echeancier des creances (en euros)

= .... s

Montant brut

<.5 ....

= ~

:;

"... ·;;

... '::I

<"

Autres immobilisations financieres Clients douteux ou litigieux Autres creances clients Personnel et comptes rattaches Autres organismes sociaux Credit impot recherche Etat et autres collectivites Taxe sur la valeur ajoutee publiques Autres impots, taxes Groupe et associes Debiteurs divers Charges constatees d'avance TOTAL

CJ Produits

A 1 an au plus

2 361 446

0 Prets

A plus d'un an 2 361 446

1 003 852 91 379 4 479 868 34 473 125 612 567 565 198 227 390 571 11194556 127 206

668 574

335 278 91 379

4 479 868 34473 125 612 567 565 198 227 390 571 11 194 556 127 206

115 903

115 903

20 690 662

17 902 558

2 788104

a recevoir

II s'agit des factures restant a etablir sur !es interventions du S.A.V. pour un montant de 40 007 euros, des inten'.!ts courus sur prets a Cameca Gmbh pour 83 925 euros et un remboursement de taxe pour 240 884 euros.

6.2.4. Tresorerie Ce poste comprend uniquement des disponibilites au 31 decembre 2009 : Nature des disponibilites Banques Caisses Total

Montants 2491515 110 2 491 625

6.3. Comptes de regularisation 6.3.1. Charges constatees d'avance Nature

Montan ts

Charges d'exploitation Contrats assistance informatique

32 276

Contrats de maintenance

36 369

Contrats de collaboration Deplacements (billets d'avion)

37 500 3 495

Assurances Autres (Locations, Fluides .. ) Total

5 059 I 204

115 903

Les charges payees d'avance telles que Jes abonnements et Jes contrats de maintenance ont ete calculees prorata temporis.

6.3.2. Ecarts de conversion actif Ils proviennent essentiellement des creances clients etablies en devises. A ce titre, une provision pour perte de change a ete constituee pour 215 835 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 di vise en actions de 13 7,6629 euros chacune, de meme categorie, numerotees de 1 a49 266. Son capital est detenu a I 00 % par Micro Analyse Instruments depuis le 29 juin 2001, date de prise de controle du Groupe.

;...

Evolution des capitaux propres

La deliberation de l'associe unique du 30 juin 2009 decide d'affecter l'integralite du benefice de l'exercice 2008 (4 147 052.21 euros) au poste «Report anouveau». (en euros)

Capital souscrit verse Prime de fusion Reserve legate proprement
Ouverture

Total cloture 2008

Dividendes

Diminutions

Resu ltat 2009

6 782 100

6 782 100 1 I 274 420

678 2IO

678 210

3 270

3 270

71 829

71 829

5 690 944

5 690 944

7 273 037

4 147 052

28 865

5 323

11420089

4 147 052 35 949 728

4 152 375

0

-16 981

17 207

-4147 !J52

0

-4 164 033

35 938 070

RESULTAT 2009

TOTAL

CIOture

11 274 420

Plus value net. L.T. res. Reglement. Reserves diverses Report a nouveau Provisions reglementees RESULTAT 2008

Augmentation

35 949 728

4 152 375

0

-.t 164 033

811 181

811 181

811 181

36 749 251

7.3. Provisions pour risqnes et charges Les provisions pour risques et charges sont constatees lorsque Jes risques et charges sont nettement precises quant mais dont la realisation est incertaine et que des evenements survenus ou en cours rendent probables. (en euros)

Provisions

a l'ouverture

. Litiges

Dotations de l'exercice

Reprises sans objet

a la cloture

193 066

1339136

50 000

I 532 202

. Penalites clients

283 389

39 080

198 428

. Pertes de change

349 262

215 835

349 262

. Autres risques . Pensions et obligations similaires . Medaille du travail . Travaux restant a effectuer

17 250

106 791 215 835

165 986

165 986

I 225 556

260 734

575 980

55 864

14 869

616975

I 318 111

792 970

1 045 851

1065230

5 450 486

] 604 020

. Restructuration

TOTAL

Provisions

Utilisation

50 000

. Garanties donnees aux clients

aleur objet

79 499

189 537

I 406 791

189 537 547 690

1 350 535

5 156 281

Les dotations et reprises des provisions pour risques et charges se repartissent par nature co1TI1ne suit : Nature

Dotations

Reprises

Exploitation

l 299 I05

I 333 285

215 835

349 262

Financier Exceptionnel Total

89 080

215 678

I 604 020

I 898 225

8

a) Provision pour litiges II s'agit du risque resultant du plan de restructuration. b) 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 acourir. c) Provision pour penalites II s'agit des penalites contractuelles a payer pour retard de livraison. d) Autres provisions pour risques Elle coITespond a des indemnites de rupture de contrat commercial. e) Provisions pour indemnites de depart en retraite L'indemnite de fin de caITiere susceptible d'etre versee est act11alisee et ponderee des probabilites de vie et de presence dans l'entreprise, a la date de cloture. Ci-apres !es hypotheses retenues pour le calcul de la provision conformement a la convention collective de la Metallurgie : o Age previsionnel de depart a la retraite : 65 ans o Taux d'inflation : 2,0 % o Taux d'actualisation : 3,0 % o Table de mortalite : Source Insee 2003-2005 Aucun engagement en matiere de retraite n 'a ete constate dans !es comptes de la socicte al'egard des dirigeants.

t) 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 la date de cloture.

g) Provision pour travaux restant a effectuer Cette provision, calculee en cout complet, coITespond aux coil.ts d'installation non effectuees des machines facturees en 2009. h) Provision pour restructuration Elle coITespond a des indemnites de licenciement dont le paiement est prevu sur l'exercice 2010.

7.4. Dettes 7.4.1. Hettes limmcieres Les coftts d'emprunts ne sont pas incorpores dans la valorisation des actifs corJ>orels et incorporels. Nature des creances Emprunts et dettes-organismes de credit

Montants

Solde crediteurs de banque

Emprunts et dettes financieres divers Participations des salaries

(I)

2 041 935

Part coume des charges d'interets

(2)

78 431

Comptes courants Groupe

(3)

Total

717 265 2 837 632

(1) Participation des salaries relatifs aux exercices 2005, 2006, 2007 et 2008 bloquee en compte courant.

(2) lnterets courus des participations sur la periode du 01104/09 au 31112/09. (3) avance remuneree concernant CAMECA USA Inc.

7.4.2. Avances rei;ues sur commandes en cours Ce sont !es avances per)'.ues des clients pour !es livraisons de materiel

a realiser

pour un montant de 2 741 274 euros.

9

7.4.3. Dettes d'cxploitation Repartition des dettes d'exploitation par nature: Nature des dettes

Montants

Fournisseurs et comptes rattacbes Fournisseurs

2 921 546 409 508

Foumisseurs effets apayer Foumisseurs Factures non parvenues

751 435

Sous total

4 082 489

Dettes fiscales et sociales Personnel

(I)

1 114 451

(2)

I 291 862 26 801

Organismes sociaux lmpots et taxes Sous total

6 515 603

Total ( l) dont dettes pour conges payes et RTT Primes de deplacement

892K€ 197 K€ 22K€

(2) dont autres Taxes

7.4.4. Dettes dh'erscs Repartition des dettes diverses par nature : Nature des dettes

Montant

Dettes sur immobilisations et comptes rattaches Foumisseurs immobilisations

39 228

Sous total

39 228

Autres dettes Agents commissionnaires Redevances Crediteurs divers

1220467

(1)

Sous total

1304752

Total (1)

35 199 49 086

1343 980

dont cotisations pour 25 K euros et prestations bancaires pour 9 K euros.

Cl Eclleancier des dettes (en euros)

Montant brut

A 1 an au plus

Emprunts et dettes financieres divers

2 120 366

Foumisseurs et comptes rattaches

4 082 489

4 082 489

Personnel et comptes rattaches

1 114 451

1 114 451

Securite sociale et autres org. sociaux

1 291 862

1 291 862

A plus d'l an 5 ans au plus 2 120 366

fmpots sur les benefices

Etat et autres collectivites publiques

Taxe sur la valeur ajoutee Autres impots, taxes & assi.

Dettes sur immobilisations & cptes rattaches Groupe et associes

4 886

4 886

21 913

21 913

39 228

39 228

717 264

717264

Autres dettes et avances

4 046 026

4 046 026

Produits constates d'avance

2 397 108

2 397 108

15 835 600

13 715 234

TOTAL

2120 366

10

O Chargl's a payer Ci-apres le detail des postes de bilan concemes : Emprunts et dettes financieres divers Dettes foumisseurs et comptes rattaches Dettes fiscales et sociales Autres dettes ( redevances, divers )

78 431 751 433 1 750 136 56 446 2 636 446 €

7.5. Comptl's de regularisation 7.5.1. Produits constatt'.•s tfav:mce Montants

Nature

Produits d'exploitation Contrats de maintenance S.A.V.

(1)

2 212 686

Marchandises facturees non livrees

(2)

184 422

Total

2 397108

(I) Les contrats de services sont factures aux clients pour une periode est constatee d'avance. (2) La provision correspond a des accessoires non livres relatifs

a courir exprimee en jours. A la cloture, la part calendaire non echue

ades machines livrees, facturees.

7.5.2. Ecarts de conversion Pass if Les profits latents s'elevent a 68 647 euros. Ils proviennent des avances en devises re~ues des clients pour 25 407 euros et des c01mnissions en devises apayer aux agents pour 43 240 euros.

11

8. L Compte de resnifat de l'e:t.erdce -,,. Fait genernteur dn 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 Ia Iivraison proprement
~

Ventilation du chiffre d'affaires (en milhers d'euros) Zone geographique

2009

2008

2007

-FRANCE

7 068

3 056

I 760

- UNION EUROPEENNE

6 749

9 201

9 413

- U.S.A. I CANADA

11 778

11 369

11 912

-ASIE I PACIFIQUE

6 434

22 160

20 776

55

I 180

32 029

45 841

45 041

16,0

27,5

28,0

-AUTRES TOTAL Nombre de machines vendues

(*)La part du Service Apres Vente dans le chiffre d'affaires represente 12,6 %, soit 4 030 milliers d'euros.

Le graphique met en evidence )'impact de la crise economique et financiere sur le marche asiatique (20% en 2009 contre 48% en 2008) dans le « business » de CAMECA.

8.2. Autres produits Ce poste, pour un total de 369 594 euros, comprend l'annulation de commissions d'agents (98 K€), Ia reprise de charges provisionnees (232 K€), le remboursement des organismes de retraite pour le trop verse et divers pour 18 K€. 2009 Autres produits

369 594

2008 331 556

2007 325 041

12

8.3. Autres achats et charges extcrnes Le montant des autres achats et charges externes, qui s'eleve a 9 270 milliers d'euros, comprend les achats de sous-traitances industrielles (1 302 K€), les achats non stockes de matieres et fournitures (352 K€), !es services exterieurs (3 785 K€) et des autres services exterieurs (3 831 K€) detailles ci-dessous : Autres charges externes

2009

2008

2007

Services exterieurs Sous-traitance generale

(I)

2 397 257

3 357 635

2 188 685

Redevances de credit bail

(2)

938 011

I 295 773

I 254 216

Locations

(3)

107 676

143 450

133 966

212 075

187 598

135 662

84 683

120 626

189 246

Entretien, reparation, maintenance (4)

Primes d'assurance

41 389

Etudes et recherches Documentation Frais de colloques, seminaires, conferences

Sous total

7 709

35 839

37 l 19

22 21 l

I 970

3 784 530

5 163 132

3 967 578

22 444

Autres services exterieurs 65 973

123 231

118 177

(5)

I 621 272

2312016

1814888

4 342

15 488

15 754

Transports de bi ens

(6)

545 193

942 850

729 096

Deplacements, missions et receptions

(7)

I 737 665

Personnel interimaire Remuneration d'intennediaires et honoraires Publicite, publications, relations publiques

1384071

I 781 875

Frais postaux et de telecommunications

47 987

50 090

58 190

Services bancaires et assimiles

92 220

87 236

110 237

70 122

78 665

42 407

Divers

(8)

Sous total

Total

3 831 180

5 391 451

4 626 414

7 615 710

IO 554 583

8 593 992

(I)

Prestations pour 1 412 K€, autres prestations decentralisees pour 491 K€, exploitation informatique pour 122 K€, nettoyage et gardiennage des locaux pour 372 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 concernant la responsabilite civile, la multirisque industrielle (y compris la perte d'exploitation), le transport des marchandises, la flotte automobile et Hommes Cles pour le credit bail immobilier.

(5)

Commissions sur ventes pour l 403 K€, honoraires pour 218 K€.

(6)

Transports sur achats pour 179 K€, transports et emballages sur ventes pour 339 K€ et divers pour 27 K€.

(7)

Frais de voyages pour 461 K€, de missions pour 883 K€ et de receptions pour 40 K€.

(8)

Cotisations des organisations pour 42 K€ et frais de recrutement pour 28 K€.

8.4. Autres charges II s'agit des redevances versees

ades organismes (CNRS, ONERA .. ) pour !'utilisation de leurs brevets dans nos machines.

Autres charges

2009

2008

2007

Redevances

34 900

39 129

257 004

18 850

24 193

12 215

53 750

63 322

269 219

Divers

(*)

Total (*) dont pertes sur creances irrecouvrables de 17 191 euros

13

8.5. Resultat de l'exercice (en euros) Resultat d'exploitation

2009

2008

2007

-393 198

6 497 116

8 769 816

692 540

339106

326 369

- Dividendes et prets

(I)

659444

131 936

110 759

- Charges d'interets

(2)

-·234 707

-158 090

w86 378

80118

190 818

25 174

Resultat financier

- Resultat net de change - Autres charges et produits

(3)

54 258

362 245

395 787

- Provisions pour risques

(4)

133 427

-187 803

-I 18 973

Result at avant impots

299 341

6 836 222

9 096 185

Resultat exceptionnel

-18 395

-liJ3 59-1

-201 996

·-17 420

-46 .f]7

-1 519

- Penalites clients

-453

- Penalites fiscales - Provisions pour risques et charges

(5)

138 256

- Autres charges et produits

(6)

-139231

Participations et interessements Impots sur Jes benefices de l'exercice Resultat net de I'exercice

50 121

-186 893

835

-13 58 ..f

0

-8% 525

-l 328 8.\8

530 235

-] 689 050

-2 148 720

811 181

4 147 052

5 416 632

-fl)(>

(I) dont revenus du pret Cameca GmbH pour la periode 2009 pour 112 452 euros Boni provenant de la liquidation de la filiale Cameca Japan pour 546 992 euros

(2) dont interets sur participation en compte courant bloque pour < I 03 328 > euros lnterets de la dette Ametek BV pour< 19 722> euros Interets de l'avance Cameca USA pour < 38 652 > euros Jnterets de retard sur factures echues pour <64 768> euros Agios pour< 8 213> euros

(3) dont revenus de l'avance IM Eur dans le cadre du leasing pour 23 786 euros Revenus factures a la holding M.A.! selon la convention de tresorerie pour 73 543 euros Reven us facturcs a la holding Financiere Cameca selon la convention de tresorerie pour 20 I 671 euros Swap de taux(Leasing) pour < 234 994 > euros et escomptes accordes pour < 9 860 > euros

(4) Provisions pour risques financiers pour < 133 427 > euros

(5) dont amortissements derogatoires pour 11 658 euros Provisions pour penalites clients pour 176 598 euros Provisions pour litiges pour< 50 000 > euros

(6) dont rappel de cotisation de taxe professionnelle 2003/2004 pour 22 838 euros Autres charges provisionnees pour 116 393 euros

8.6. Participation des salaries & interessem.ents Compte tenu du deficit, il n 'ya ni participation ni interessement sur cet exercice.

14

8. 7. Impots sur les benefices.

Bases

Repartition de l'impot Resultat courant

299 341

Resultat exceptionnel

- 18 395

Resultat social

811 181

- 1551 79!

Reintegrations et Deductions fiscales Resultat fiscal

Taux33,33%

- 740 610

: (Deficit)

Aucun impot n'a ete constate dans Jes comptes de la societe du fait d'un resultat fiscal deficitaire. Le deficit a ete utilise par la tete de groupe, Ametek Holdings SARL, pour optimiser l'impot groupe dans le cadre de I' integration fiscale. Un credit d'impot en faveur de la recherche a ete constate dans Jes comptes de la societe et s'eleve Son remboursement a ete demande aupres de !'administration du fait d'un impot neant.

a

567 565 euros.

La verification des comptes, par !'administration fiscale, des exercices 2006 et 2007 a donne lieu a un redressement de la provision pour depreciation des stocks. La non-deductibilite de cette provision genere un impot apayer de 37 330 euros.

9. Operations concernant les entreprises 1iees

Au 31/12/2009 (en euros)

CAME CA FRANCE

Cameca USA

Cameca UK

Cameca JAPAN

Cameca Cameca KOREA TAIWAN

Cameca GmbH

Micro Financiere Analyse Cameca Instruments

Au bilan Actif Prets Preteur

2 361446

Emprunteur

2 361 446

Creances d'exploitation Comptes courants Cameca

10 272 077

Comptes courants partenaires Clients

210 709

3 958 216

6 103 152

246 283

Filiales partenaires

147 371

1 953

13 493

76 738

6 728

12 459

21 438

265 163

1457

Passif Dettes d'exploitation Comptes courants Cameca

717 265

Comptes courants partenaires Foumisseurs Filiales partenaires

717 265

3 427 955 665 377

2 462 061

15

Au 31112/2009 (en euros)

CAMECA FRANCE

Cameca USA

Cameca UK

Cameca JAPAN

Cameca KOREA

Cameca TAIWAN

Cameca

GmbH ·.

Micro Financiere Analyse Cameca Instruments

Au compte de resultat Produits d'exnloitation . Ventes aux filiales

4 754 020 2 085 624

. Societes partenaires

11 197 2088518

262 149

33 723

272 809

38 388

2 192

23 424

422 802

35 558

848 057

Charnes d'exnloitation . Achats aupres des filiales

225 051 161 047

. Societes partenaires . Prestations faites par Jes ti liales

2 152 203 822 150

. Societes partenaires

23 636

Produits financiers . lnterets courus ii recevoir

387 666 112 452

. Societes partenaires

73 543

201 671

Chare:es financieres . lnterets et charges assimi !es

103 421 38 652

. Societes partenaires

64 769

HLl. Engagemtnts fimmders horn bihrn. •

Des cautions et avals accordes a des clients par Jes banques pour notre compte s'elevent a 6 427 944 € : (Cautions Marches« France»: 813 600 € Marches« Etranger »: 5 614 344 €)



Une assurance Homme Cle a ete souscrite pour un total de 750 000 euros sur 1 personne.



II n' existe pas de garanties de passif, d' engagements de surete et d' actes de nantissements au 31 decembre 2009.



PITCH Promotion, a cede par acte notarie du 21/12/2005 son terrain - 29 quai des Gresillons aGennevilliers, et a vendu en etat futur d'achevement un immeuble ausage 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 1 million euros a ete versee. Les remboursements ont commence a compter de la livraison.

Ci-apres la ventilation de l'immeuble par nature : Terrain Construction Agencements

I 500 000 € 7 840 000 € 3 000 000 €

Les redevances au titre de l'exercice s'elevent a 938 012 euros.

16

Dans le cas ou la societe avait acquis ce bien, l'amortissement de la nouvelle usine (construction et agencements), decomposee en 4 groupes avec des durees de vie respectives de 8 I 10 I 25 et 30 ans, aurait ete de 468 048 euros par an.

Credit bail immobilier

Redevances Cumulees

Redevances Exercice

Engagement Net

12 340 000

- 1977 035

- 647 304

9 715 661

Echeancier

Al an au plus

A plus d'l an et 5 ans au plus

A plus de 5 ans

Credit bail immobilier

663 376

2 786 396

3 180 889

Le prix d'acquisition

a!'expiration du credit bail sera de

3 085 000 euros

llU. Effectifs

Les effectifs moyens par categorie se decomposent comme suit : Ouvriers ETAM Ingenieurs

27 83 71 181

10.3. Droit individuel

a la formation

Nombre d'heures ouvertes au titre du droit individuel a la fonnation (DIF) au 31.12.2009 Nornbre d'heures de fonnation consornmees au titre du D.I.F. au 3l.l2.2009

18 282 heures 254 heures

Aucune demande de fonnation n'ayant ete deposee par Jes salaries au 31.12.2009, et acceptee par la direction, la societe n'a pas juge utile de proceder aune provision au titre de cet engagement.

10.4. Avances et credits allouces aux dirigeants socfaux t•t indieations des engagements pris pour lcur compte Neant

10.5. Remunerations allouces au titre de l'excrcice aux membres des organes d'administration et de direction de leur fonction

a raison

Neant

10.6. Deltes garanties par des suretes reelles Neant

17

10.7. Identite de la societe Mere consolidant les comptes des societes Confonnement aux articles L.233-16, L.233-17 et R.233-15 du Code de Commerce, la societe, dont le capital est detenu a 100% par la societe Ametek Holdings SARL depuis le 9 aout 2007, n'etablit ni ne publie de comptes consolides pour l'exercice clos le 31 decembre 2009, etant precise que: - !es comptes des societes controlees directement ou indirectement par la societe Ametek Holdings SARL sont inclus dans !es comptes consolides de !'ensemble plus grand d'entreprises etablis par la societe Ametek Inc., societe de droit americain, - ces comptes sont completes par la mention dans !'annexe des comptes annuels de la societe Ametek Holdings SARL des infonnations significatives visees a!'article R233-l 5 du Code de C01mnerce.

11. Evenements post-cloture Neant

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

CAMECAUK PO box 88, Wilmslow Cheshire SK95BE Grande-Bretagne

CAMECA KOREA Co, Ltd 3rd Floor, Gyeonggi R&DB Center 906-5 LUI-DONG, SuwonCity Coree du Sud

CAMECA TAIWAN Corp, Ltd A2, lOF-6, N° 120, Sec. 2 GongDao Wu Road 30072 Hsin Chu Taiwan

CAMECAGmbH Carl-von Linde Str. 42 D-85716 Unterschleissheim Allemagne

18

CAMECA

CAMECA

CAMECA

CAMECA

CAME CA

U.S.A

U.K. ltd

KOREA

TAIWAN

GMBH

USD

G'BP

KRW

!VTD

EUR

CAPITAL Reserves

270 000

30 000

50 000 000

I 000 000

25 000

4 374 694

158 007

346 681 587

10101583

(l.151125)

100%

100%

100%

Quote-part de Capital detenu en %

100%

100%

Valeur d'inventaire des titres detenus Euros Devises

322 508

46 574

35 496

26 366

395 645

30 000

50 000 000

l 000 000

0

Prets et avances consentis et non rembourses Euros Devises

2 277 521

Chiffres d'affaire (taux moyen) Euros Devises

6 751 915

139 618

t 035 609

248 849

9 285 211

124 626

l 820 335 268

11 563 035

Euros

t 345 406

28 489

17128

(80 529)

Devises

1 888 177

25 698

26 473 233

\3 651 672)

2 567 671

-

Resultat au 31112/2009 (taux de c/f;ture) 597 408

-

Dividendes verses - Euros - Devises Cautions ou avals donnes au benefice de ces societes - Euros - Devises Date d'ouverture

01/01/2009

01/01/2009

01/01/2009

01/01/2009

01/01/2009

Date de cloture

31/12/2009

31/12/2009

31/12/2009

31/12/2009

31/12/2009

19

CSll0.10003

-;;;-

CADRE A

.~

8 ~ .g 8 ~ i5 0

8 ,g .... ~

~

!; ~

~

'~ ~

I

·..~~s "'

l:I

~

:; ~

f;r: ~ ~ ~

e::

~

~

~

u

a: 1:

.2'

>.

Q.

0

u

i

~ fa:<

6 500

KN

KO

M2

] KP

223 915 KQ

KR

1 895

M3

] KS

KT

KU

295 156

KV

KW

KX

Materiel de transport •

KY

KZ

LA

Materiel de bureau et mobilier informatique Emballages 1~upE1ables et divers*

LB

LC

LD

LP

LG

LI

LJ

LL

LM

LO

LP

8M

8T

sv

SW

lR

IS

3 514 569

lU

IV

246 504

4 281 646

LR

LS

246 504

19 854 926 0H

0J

[

[

I).~

"-"' O.tt

c~

Inunobilisations corporelles en cours

LH

Avances et acomptes

LK

455 986

8G

Autres participations

8U

Aulres titres immobilises

lP

Preis et autres immobilisations financieres

IT

TOTAL GENERAL (I + JI + III + IV)

71 592

LN

Participations evaluces par mise en equivalence

I

1 485 113

LE

2 236 607

767 076

LQ

0G Diminullons

IMMOBILISATIONS

Frais d'.-!tablisscmcnl el de d~vcloppcment TOTAL I Autrcs posies d 'immobilisations incorparelles TOTAJ,JI

p.u- 'i"'r'~~do poste

~· ~io.u l

des ticirs 1;U ml!ei b..'1fs ~r·

2

C0

D0

IO

LV

32 263 LW

IP

LX

LY

LZ

Sur sol propre

IQ

MA

MB

MC

Sur sol d'aulrui

IR

MD

ME

MF

IS

MO

MH

IT

MJ

96 027 MK

1 684 242 ML

lU

MM

MN

MO

IV

MP

MQ

MR

de bureau et infonnalique, mobilie1 IW corporelles Emballages r&up~rables IX et divers* Immobilisations coiporelles en MY cours

MS

30 568 MT

525 169 MU

MY

M\\

MX

71 592 MZ

NA

ND

NE

NG

126 596 NH

immobilisations

Materiel de transport Mal~riel

NC

71 592

D7

225 811

32 800

IX

Ml

NB NF

2 468 022

NI

Participations cvaluees par rnise en eauivalcnce

IZ

0U

M7

em

Autres participations

10

0X

304 730 0Y

462 346 0Z

II

2B

2C

20

Autres titres

immobili~s

Preis et autres immobilisations financi~res 12 TOTAL IV

13

TOTAL GENERAL (I + II + III + JV)

14

108 245

2E

287 529

2F

3 365 299

2G

108 245

NJ

592 260

NK

3 827 645

2H

179 837

0K

751 120 0L

19 606 577 '3M

* Des explications concernant cette rubrique sont donnt'es dans la nouce n ° 2032.

429 603

682 607 l&..ukmta fm4"c:urd:.., 4

IN

am. des constructions Installations techniques, mat~riel et outillage industriels Inst. gales, agencts, am~nagements divers Autres

32 BOO

\'atturd·~mhm:o..."tii-

l

13 310 908

99 751

R.!o!nlmt:kalfph • (\1.n'1hn1iro l1lf mis.= oaiqoh2Jm.~

Vakur brute des immobilisations 1t la fin de l'exercice

n."' ot1 r~Wltd"ane mlse ea~'1tp,;:i:

I

TOTAL HI IY

~ -0 .,

Kl

]KM

Avances et acomptes

a ~c

KH

Ml

lns1. gales, agencts et

~0

KG

[!)... ~

Installation> gEn.!rales, ~oe
Constructions

~

KF

KL

Terrains

§

KE

13 336 672

KK

CADRE B

~

~

D9

] KJ

~

~

Arqujsitions, cr~alloos, a,ppons e1 \1t
mi~eac1qoi\'1.l~.n.~ ]

L9

TOTAI,JV

~

tff-.'llwti«a pnti.p!c

~ao.'W$4"1"~x«,f.."IO~<~wtcl'uzw

[°'""'"""4'....,..

TOTAL III

8I

C~whu l t.io=

08

CZ

TOTAL II KD

Terrains

~.!!

~

TOTAL I

Autres postes d'inunobilisations incorpore!les

~~

Augmentations

I

Installations techniques, mat~ciel et outillage lndustriels ln>tallalioos gEn.!rales agenctments, .gI! ~nag~DYnrs di\"trs *

~

~

I

Frais d't!1ablissemcnt et de d6veloppement

j

6

I N~antO* Valeur bruto des Immobilisations au Mbut de l'exerdce

IMMOBILISATIONS

§"' Sur sol propre ·a u Sur sol d'au
8....

® IIMMOBILISATIONS I

SAS CAMECA

Designalion de l'entreprise

.

DGFiP N° 2054 2010

©

fomiulalre obligatoite (article 53 A du C«le g~n.!ral d
SITUATIONS ET MOUVEMENTS DE l'EXERCICE DES AMORTISSEMENTS TECHNIQUES (OU VENANT EN DIMINUTION DE l'ACTIFl"

CADRE A

Frais d'e[ablissement et de develormement Autres immobilisations incorporelles

TOTAL II PE

366 156

PF

PG

24 446

Sur sol propre

PM

PN

PO

PQ

Sur sol d'autrui

PR

PS

Pi

PU

Inst.

PV

20 692

PX

PY

64 415

183 380

QB

QC

796 323

PZ

43 722

PW

708 971

QA

QE

QF

QG

Materiel de transpon

QH

QI

QJ

QK

Materiel de bureau ct \nformatlquc, mobilier Emballages recuperables et divers

QL

181 809

QM

QN

56 017

QR

QP

934 503

QV

1 300 660

0P

Frais ~1ablissem
QO

207 258

QT

260 089

QW

126 596

QX

1 057 997

284 536

0Q

158 859

0R

1 426 337

VENTILATION DES MOUVEMENTS AFFECTANT LA PROVISION POUR AMORTISSEMENTS DEROGATOIRES

Cnlonne 1 Dlffercnticl de durce et autres

llliPRISES

Colonne2 Mode d~gresslf

Colonne4 Colonne3 Amorlissemenl nseal Difffrenticl de d11rre e.~cepUormel el 1mlres

ColonneS ModeMgre~f

l\fo1n·emenfs nefs des amortissemcnts Colonne6 Amortissement fiscal a la fln de l'exerclce exccptlonnel

N3

N4

N5

P7

P8

P9

Q4

Q5

Q6

Q7

Q8

RI

R2

R3

R4

R5

R6

R7

R8

R9

SI

S2

S3

S4

SS

S6

S7

SS

S9

Tl

Tl

T3

T4

T5

T6

T7

T8

T9

UI

U2

U3

U4

us

U6

U7

U8 transport Mat. bureau et inform. mobilier V6 Emballages recup. ct divers W4

U9

VI

V2

V3

V4

VS

V7

V8

\'9

Wt

W2

W3

W5

W6

W7

W8

W9

XI

M9

NI

N2

Autres immob. in:wpore Iles TOTAL II

N7

N8

P6

Terrains

Q2

Q3

Sur sol propre

Q9

Sur sol d'autrui Tnst.gales,agenc et am.des CORSI.

TOTAL I

Inst. techn~iues mat. et outt age lnst.gales,agene am. divers

"''.~rs Materiel de ~

30 568

QS

D01'ATIONS Immobilisations amortlssables

..,

96 027

QD

CADRE B

Ii....

358 339

PL

TOTAL GENERAL (I + II + III) 0N

~

PH

PK

TOTAL III QU

J

32 263

PJ

Installations techniques, materiel et outillage industriels Inst. gen~rales, agencements, am~nagemenls divers

!! 0

EN

EM

Pl

g~nerales, agencements et am~nagements des constructions

corporelles

EL

TOTAL I CY

Terrains

immobilisations

Diminutions: amortlswments Montan! des an1ort!sscments afferents aux ~lements sortl.!! a la nn de l'exercke de l'actlf el reprises

A11gmenlatlons : dotallons de I' execcice

Montant des amort!ssemcnls au debut de l'e:mdce

IMMOBIIJSATIONS AMORTISSABLES

Autres

I N~antO*

SAS r.AMfCA

Designation de l'enlreprlse

Constructions

DGFJP N° 2055 2010

AMORTISSEMENTS

TOTAL III X2 Frats d'~ul
NL

TOTAL IV

Total general

NP

(l + II + Ill + IV) Tola! genera1 ..,.,,..,iU NW (NP+ NQ + NR)

5 323

N6

16 981

QI

fllll'!NM P'fl!•o X4

X3

5 323

X6

XS

I I

Tola! general""' woliM NY (NS+ NT +NU)

X7

NS

16 981

X8

NV

I

!Total general ...... -.
{NW - NY)

( 11 658)

( 11 658) ( 11 658)

CADRE C MOUVEMENTS DE L'EXERCICE AFFECTANT LES CHARGES REPARTIES SUR PLUSIEURS EXERCICES"

Frais

d'~mission

d'empront ii ~taler

Primes de remboursement des obligations

llfontant net au d~bul de l'exercice

Montan! net a la nn de l'exercke

Dotatlons de l'exerclce aux amort!ssements

Augmentations Z9

Z8

SP

SR

* Des exphcarions concernant cette rubrique sont donnt!es dans la nolice n° 2032.

(j)

FO!t!lllalre cbliga!oire (article .S3 A du Code ~ial &s imp6ts) D~signation

DGFiP

IPROVISIONS INSCRITES AU BILAN I

N~anrO*

SAS C/.HECA

de l'entreprise

Nature des pr;nisions Provisions pour reconstitution des gisements miniers et petroliers Provisions J>OUC inveslissement (art. 237 bis A-II)

Monlant au debut de l'exerclce

AUGMENTA'l"fONS : Dolatlons de l'exerclce

DIMINUTIONS : Reprises de l'exercice

I

2

3

Montan I

ala fln de l'excrcleo 4

3T

TA

TB

3U

TD

TE

TF

3V

TG

TH

Tl

TM

5 323 TN

16 981 TO

Ja

D4

DS

D6

IB

IC

ID

i

IF

IG

IH

JK

IL

IM

TP

TQ

TR

Provisions pour hausse des prix (1) ~

....

11

*

3X

Amortissements d~rogatoires

28 865

Dont majorations exceptionnelles D3 de30 % Pro\•isions fiscales pour implantaiions ~ l'flranger conslilm!es avant le 1.1.1992 t IA 0 :!! Pro\·is1ons fis<:ates pour implanta
3Y 3Z

TOTAL I

»

5 323

TI

50 000

17 207

4D

50 000

4H

1 339 135

4E

4F

4G

4K

4L

1 532 202

·~

4X

4T

283 389

4P

349 262

4U

1 801 536

4Y

39 080

4R

215 835

4V

316 598

4Z

16 981

193 066

4M

215 678

4S

106 791

349 262

4W

215 835

94 368

SA

2 023 766

Provisions pour impots (1)

SB

5C

5D

SE

Provisions pour renouvellement des immobilisa11ons * Provisions pour gros entretien et grandes revisions Provisions pour charges sociales et fiscales sur cong~s apayer * Aucres provisions pour nsques et charges (I)

5F

5H

SJ

SK

EO

EP

EQ

ER

SR

5S

ST

SU

5V

TOTAL II

5Z

17 207

4C

Provisions pour garanties donnees aux clients Pro\•isions pour pertes sur march6s a lerme

4J

TC

TU

4D

ll Provisions pour pertes de change ~ Provisions pour pensions et obligations similaires

'

TS

4A

Provisions pour amendes et penalites 4N

£

28 865

Provisions pour liliges

i

i

N° 2056 2010

1 484 097

SW

982 507

SX

1 045 851

5Y

1 420 753

5 450 486

TV

1 604 020

TW

1 898 225 TX

5 156 281

- incorporellcs

6A

6B

6C

6D

- corporelles

6E

6F

6G

6H

03

04

05


- titres mis en sur 02 ~ .!! immobilisations• equivalence {! - litres de participalion 9U

6 402

9V

9W

9X

6 402

- autres immobilisa06 tions financieres ( l)*

25 000

07

0&

.09

25 000

1 495 842

6P

6R

172 735

6S

1 689 599

6V

41 819

6W

91 379

6Z

65 000

7A

210 OOD

...

.£<

~

"'

:I

£

Sur stocks et en cours

6N

Sur comptes clients

6T

133 198

6U

Autres provisions pour d~preciation (1) *

6X

275 000

6Y

TOTAL Ill

7B

1 935 444

TY

+

7C

7 414 796

UB

TOTAL GENERAL (I

II

+

Ill)

Dont dotations et reprises

{ - d •uplo!rarum

UE

- fwaucieres

UG

- exceptionnelles

UJ

366 491

366 491

TZ

279 554 UA

2 022 381

1 975 835

UC

2 194 761

UD

7 195 870

1 665 596

UF

1 612 839

215 835

UH

349 262

94 403 UK

232 659

Titres mis en ~uinlence: rnomant de la d!precia!ion ~la cloture de l'exercke calcule selon les regles prcvucs ~ l'articlc 39-1-5e du C.G.J.

10

(I) a dt!tailler sur feuillet separe selon l'annee de constitution de ta provision ou selon l'objet de la provision. NOTA : Les charges a payer nc doi\·ent pas ctre mentionnees sur cc tableau rnais etre vcntilees sur l'elal dCtaille des charges a payer dont la production est pre\'Ue par I'article 38 JI de !'annexe III au CG!.

• Des explicalions concernanl cette rubrique sont donnees dans la notice n° 2032.

® IDES ETAT DES ECHEAN~ES DES CREANCES ET DETTES A LA CLOTURE DE L'EXERCICE*

FonJlJ!aire obligatoire {article 53 A du Code glno!Jal d
SAS CN1ECA

Designation de l'entTeprise : CADRE A

ti

I!~~

~ ~

i

~

I

mantO* Monlant brut

ETAT DES CREANCES

A I an au plllS

I

UP

Prets (I )(2)

3

UM

UN

2 361 446

UR

us

2 361 446

UV

668 574 uw

335 278

Autres immobilisations tinanci~res

UT

1 003 852

Clients douteux ou litigleux

VA

91 379

Autres cnfances clients

ux

4 479 868

4 479 868

CrEano:e reprfsoruati>'C de litres prcth w rtmistn garanii. •

fuof mfr""'"""'"'"'- •

t""~""'°'
I)

91 379

ZI

Personnel et comptes rattacMs

UY

34 473

34 473

Securite sociale ct autres organismes sociaux

UZ

125 612

125 612

lmpbts sur Jes bfoefices

VM

567 565

567 565

Taxe sur la valeur ajoutee

VB

198 227

198 227

Autres impOts, taxes et versements assimiles

VN

149 687

149 687

Divers

VP

Eta! et autres

~

collectivites

~

publiques

~

240 684

240 684

~

Groupe et associes (2)

vc

11 194 556

11 194 556

~

Debiteurs divers (dont creances relatives ii des operations de pension de titres)

VR

127 206

127 206

vs

115 903

115 903

~

~ ~

Charges constatees d'avance

~

~ c..i ~

r;i;:i

e::

~ ~

~

TOTAUX la

I

Montan! des

(1)

CADRE 8

VD

· Remboursements obtenus en cours d'cxercice

VE

""' a::

... g>

A plus d' 1 an el Sans au plus

au plus

3

2

7Z VG

Emprnnts et dettes financieres di,•ers (1) (2)

SA

2 120 366

Foumisseurs et comptes rauacMs

88

4 082 489

4 082 489

Personnel et comptes rattaches

8C

l 114 451

1 114 451

Securite sociale et autres organismes sociaux

SD

1 291 862

l 291 86l

4 886

4 886

autres

Taxe sur la valeur ajoutee

vw

Obligalions caulionnees

vx

Autres imp
VQ

21 913

21 913

Dettes sur immobilisations et comptes rattaches

SJ

39 228

39 228

Groupe et associes (2) Autres dettes (dont dettes relatives a des operations de pension de titres) Dette representative de titres empruntes ou remis en 2arantie +

VI

717 264

717 264

8K

4 046 026

4 046 026

Produits constates d'avance

8L

2 397 108

2 397 108

Z2

VY

15 835 600 vz

Emprunts souscrits en cours d'exercice

VJ

(2)

Emprunts rembourses en cours d'exercice

VK

TOTAUX

i

4

2 120 366

Etat et

{l)

A plus de 5 ans

1

1

8E

l!3

2 786 104

VH

lmp
£i I-

011

Autres emprunts obligataires {I) Emprunts et dettes a I an maximum al'origine aupr~s des etablissements aplus d' r an al'origine de credit (I)

0

c ~

Al

I

7Y

publiques

VY

VF

Monlant brut

ETAT DES DETTES

17 902 558

Emprunts obligataires convertibles (1)

collectivites

5

I

20 690 662 vu

VT

• Prers accord~ en cours d'excrcice

Prets et avances consen1is aux associ!s (pcrsonnes physiques)

(2)

A plus d'un an

2

UL

rattachees ii des panicipations

~

'<:!'. ~

ts

C~ances

DGFiP N° 2057 2010

13 715 234

2 120 366

¥ontant des divers ~mprunts et dettes ~ontrac-1vLI tes aupres des assoc1es personnes physiques

3 635 318 • Des explications concemant ce1tc rubrique sont donnees dans la notice n° 2032

TlrzFORMJ: . /;p .

COPJE

CD I BILAN - ACTIF

Formulairc obligatoire (article 53 A du code general drs imp6ts)

CAME CA Designation de l'entreprise : Adresse de l'entreprise ~O/?Q OllAI m:<; Numero SIRET

*

N' 2050 2012

;7

~~~xprimee en nombre de mois *

l 4 1°l 3 l 0 l 9 12 l 2 l 1 l 6 l 0 l 0 1°1 3 11 I tr

Neant

erc1ce ~naiei"~· -·; ;

Amortissements, provisions

1

(I)

Ca pita! souscrit non appele

,

AA

...

.. ·.

3

"'"'0 0.

"'u

*

Frais de developpement

*

AB

AC

ex

CQ

I\

Net

-

-r. Lii'.L

--

DEPOT 1\1°

I

4

',,

....

L 0 ,

. ·'


"'-'-' Frais d'etablissement

(~1122Q10

NE r-----··""

2

D*

N-I

31/T"~!lpr:fpt···~,".'

Brut

LlLl

* lJLJ

Duree de l'exercice precedent

r.RF<:ll I mis Q??111 r.FNNF\/!Ll JFR<;

.;

...::..

I 1

l..

<.i .; } )

0

"';:::z

Concessions, brevets et droits similaires

AF

401 003

AG

Fonds commercial (1)

AH

12 931 800

AI

360 392

40 611

27 499

12 931 800

12 931 800


0

<(
AJ

AK

AL

AM

Terrains

AN

AO

Constructions

AP

Installations techniques, materiel et outillage industriels

AR

:::l Autres immobilisations incorporelles

iii

0

2 Avances et acomptes sur immobilisa~ lions incorporelles


"'-'-'

. "'"'

"";a .,= u"' 0

0.

0

283 406

AQ

107 105

176 302

140 686

800 377

735 368

772 363

285 873

303 884

305 609

:.;; z 0 ~ ;::: Autres immobilisations corporelles

1 535 745

AS

AT

589 757

AU

[::: 22 u -' Immobilisations en cours <( iii

AV

1 921

AW

2 ~ Avances et acomptes

AX

AY

§: Particic,ations evaluees selon

la met ode de mise en equivalence

cs

CT

Autres participations

cu

0


"'

<(

1 921

0


"' '"'"'zu

462 347

CV

25 000

437 347

430 944

<(

z <;: Creances rattachees a des participations

BB

BC

BD

BE


z 0

;::: Autres titres immobilises <(
35 055 200

BG

35 055 200

14 650 613

BH

102 950

BI

102 950

414 778

BJ

51 364 129

BK

1 578 746

49 785 383

29 674 292

Matieres premieres, approvisionnements

BL

2 844 482

BM

707 604

2 136 877

1 996 528

En cours de production de biens

BN

13 135 746

BO

13 135 746

14 545 514

"'u>::

En cours de production de services

BP

"''"'

Produits intermediaires et finis

BR

1 141 119

BS

403 141

737 978

1 125 491

Marchandises

BT

63 419

BU

1 192

62 227

21 574

0:

Avances et acomptes verses sur commandes

BV

908 908

BW

908 908

78 021

"'[::: u

Clients et comptes rattaches (3) *

91 379

7 124 812

4 998 097

210 000

13 576 049

13 055 401

:::l

iii

BF

Pre ts

0

2 Autres immobilisations financieres ~

*

TOTAL(II)

. 0

'<(z"' ....

BQ

;;i

u

ti

<(

BX

7 216 191

BY

z <( Autres creances (3)

BZ

13 786 049

CA

""u0:

CB

cc

Valeurs mobilieres de placement IQ (dont actions propres :...................... ............ ) CD

CE

"'u"'

"'8

Capital souscrit et appele, non verse

;.

= =

~ "Cl-.;: ~

~

i:C e-"!

==

u~

Disponibilites

CF

5 009 912

CG

5 009 912

3 216 359

Charges constatees d'avance (3) *

CH

43 133

Cl

43 133

165 317

CJ

44 148 959

CK

42 735 643

39 202 301

360 410

269 248

92 881 435

69 145 842

TOTAL (III)

cw

(V)

CM

(VI)

CN

360 410

TOTAL GENERAL (I a VI)

co

95 873 498

Primes de remboursemenl des obligations Ecarts de conversion actif*

Renvois: (1) Dont droil au bail Clause de reserve de propriCtC *

•,

(IV)

Frais d'emission d'emprunt a etaler

J1mmobilisations:

1 413 316

.

(2) Part amains d'un an des immobilisations financif're~ nntrs

IA CP

:

2 992 062

(3) Part a plus d'un an :

Stocks: * Des explications concernant cette rubrique sont donnees dans la notice n' 2032.

~R

Creances:

96 633

0 I BILAN - PASSIF

DGFiP N° 2051 2012

avant repartition I

Fonnulairr. obligatoire (article 53 !\ du code gCnCral des imp6ts)

Designation de l'entreprise

CAME CA

Neant Exercice N

Capital social au individuel (1)* (Dant verse: ......... ......6.. 182 ..100 ...... )

DA

Primes d'emission, de fusion, d'apport, ....

DB

Ecarts de reevaluation (2)* (dont ecart d'equivalence (/")

w

et:: 0...

0 et::

IEKI

><: ~
t::

0...

DD

Reserves statutaires au contractuelles

DE

OU

"'

"O

a

2 Ii"':::> c..

71 829

71 829

DG

5 690 944

5 690 944

17 279 940

12 231 270

4 685 251

5 048 670

20 620

8 520

46 486 584

41 789 234

2 418 739

2 233 282

3 660 545

3 810 314

6 079 284

6 043 596

-

perte)

DI

Subventions d'investissement

DJ

Provisions reglementees *

DK DL

Produit des emissions de titres participatifs

DM

Avances conditionnees

DN DO

TOTAL (II)

Provisions pour risques

DP

-~ ·;:: ~ 6""" u ..., :::> -

Provisions pour charges

DQ

Q)

c..

'1l

Emprunts obligataires convertibles

DS

Autres emprunts obligataires

DT

Emprunts et dettes aupres des etablissements de credit (5)

OU

I

Ii

EI

DY

2 673 565

2 134 087

low

21 777 534

4 785 500

Dettes fournisseurs et comptes rattaches

ox

5 290 855

3 972 861

Dettes fiscales et sociales

DY

3 459 668

6 030 083

Dettes sur immobilisations et comptes rattaches

DZ

Autres dettes

EA

4 332 151

1 606 633

Produits constates d'avance (4)

EB

(/")

w f-;

DR

TOTAL (Ill)

Emprunts et dettes financieres divers (Dant emprunts participatifs

~

Avances et acomptes re~us sur commandes en cours

f-;

w

0

ComP.te regul.

2 389 547

2 748 669

TOTAL (IV)

EC

39 923 319

21 277 832

(V)

ED

392 248

35 180

a Vl

EE

92 881 435

69 145 842

75 098

71 829

38 554 706

16 492 332

Ecarts de conversion passif * TOTAL GENERAL (I

(1)

Ecart de reevaluation incorpore au capital

c +'

c


!':

.,,·51" u" (/)

N

0

~ c:

.~

(/")

0 > zw et::

(2)

681 480

)

"'~"' = :::>

0... 0

681 480

EJ


.9 ~ 2,D

11 274 421

DF

TOTAL (I)

= Q)"' '2

11 274 421

)

DH

RESULTAT DE L'EXERCICE (benefice

6 782 100

Bl

Report a nouveau


6 782 100

DC

)

Reserve legale (3)

reserve speciale des provisions Reserves reglementees (3) * ( Dant pour fluctuation des cours ( Dant reserve relative a l'achat Autres reserves d'oeuvres originales d'artistes vivants *

0...

D*

Exercice N - 1

Dant

{

lB

Reserve speciale de reevaluation (1959)

IC

Ecart de reevaluation libre

ID

Reserve de reevaluation (1976)

IE

(3)

Dant reserve speciale des plus-values a long terme *

EF

(4)

Dettes et produits constates d'avance a mains d'un an

EG

(5)

Dant concours bancaires courants, et soldes crediteurs de banques et CCP

EH 0

' Des exphcat1ons concernam cette rub11que sont donnees dans la nollce n 2032.

®I COMPTE DE RESULTAT DE L'EXERCICE (En liste) I

DGFiP N° 2052 2012

du Code g€nCra1 des imp6ts)

Designation de \'entreprise:

CAME CA

Neant

0'

Exercice N Exportation et livraisons intracommunautaires

France

Ventes de marchandises *

FA

FB

FD

FE

Exercice (N-1)

Total

FC 42 216 011

FF

44 980 990

41 200 794

2 779 375

FI

3 783 160

2 804 494

44 995 385

FL

48 764 150

44 005 288

""

Production stockee *

FM

(2 164 560)

(1 578 679)

Q

Production immobilisee *

FN

247 216

17 638

Subventions d'exploitation

FO

Reprises sur amortissements et provisions, transferts de charges * (9)

FP

4 863 298

3 821 806

Autres produits (1) (11)

FQ

56 360

123 285

51 766 463

46 389 339

(37 228)

54 570

Production vendue

z

{biens

*

2 764 980

services* FG

~~

....0 >( iOl

1 003 785

FJ

Chiffres d'affaires nets *

3 768 765

Fil

FK

Ill

~

;, Q

0

~

""

Total des produits d'exploitation (2) (I)

FR

Achats de marchandises (y compris droits de douane) *

FS

Variation de stock (marchandises)*

FT

Achats de matieres premieres et autres approvisionnements (y compris droits de douane) *

FU

11 816 848

8 511 248

Variation de stock (matieres premieres et approvisionnements)*

FV

(215 587)

889 338

z

Autres achats et charges externes (3) (6bis) *

FW

~

12 794 601

10 797 428

Impiits, taxes et versements assimiles *

FX

....0

1 146 912

1 081 491

Salaires et traitements*

FY

9 057 369

8 341 097

Charges social es ( l 0)

FZ

4 583 562

4 196 110

- dotations aux amortissements •

GA

265 378

280 284

- dotations aux provisions

GB GC

299 806

667 353

GD

3 789 866

3 605 893

GE

105 566

134 313

GF

43 607 091

38 559 126

GG

8 159 372

7 830 214

0

~

"" >( iOl

Q

"'iOl

z v:i9 Zf-<

'-' ~

< :r: u

o< _..., ........ <0 ........ O"-'

Q >( iOl

Q

Sur immobilisations

{

Sur actif circulant : dotations aux provisions

*

Pour risques et charges : dotations aux provisions

Autres charges (12) Total des charges d'exploitation (4) (II) 1 - RESULTAT D'EXPLOITATION (1-11) ~ §

u -t

8

g. f

(III) CH

Benefice attribue ou perte transferee * Perle supportee ou benefice transfere

*

(IV)

GI

Produits financiers de participations (5)

GJ

134

"'

Produits des autres valeurs mobilieres et creances de l'actif immobilise (5)

GK

505 876

189 167

u

Autres interets et produits assimiles (5)

GL

309 175

278 092

...

Reprises sur provisions et transferts de charges

GM

275 651

215 836

~

Differences positives de change

GN

545 648

681 474

Produits nets sur cessions de valeurs mobilieres de placement

GO GP

1 636 485

1 364 568

Dotations financieres aux amortissements et provisions *

GQ

360 410

269 248

u

lnterets et charges assimilees (6)

GR

374 308

< z ti:

437 153

Differences negatives de change

GS

534 650

339 453

"'

Charges nettes sur cessions de valeurs mobilieres de placement

GT

Total des charges financieres (VI) GU

1 269 368

1 045 855

CV

367 117

318 713

GW

8 526 489

8 148 927

~

i:l

z

< ~

Ill

;, Q

0

~

"" Ill

-

iOl

~

i:l

z

c:

"' (!)

iOl

":r:

Total des produits financiers (V)

~

< u

~

>.

2 - RESULTAT FINANCIER (V - VI)

Q_

0

3 - RESULTAT COURANT AVANT IMPOTS (I - 11

+ 111 - IV + V - VI)

(RENVOIS voir tableau n° 2053) *Des exphcal!ons conccrnant rettc rub11quf' sonl donnecs dans la nottee n 2032.

01 COMPTE DE RESULTAT DE L'EXERCICE

DGFiP N° 2053 2012 (Suite)

Formulaire obligatoire (article 53 A du code general des imp6ts)

CAME CA

Designation de l'entreprise

Neant Exercice N

Produits exceptionnels sur operations de gestion

"' "' '"zz ~ 0 ,_j

Produits exceptionnels sur operations en capital

0 E= ...""<>:: ...u'" '"

HB

Reprises sur provisions et transferts de charges

HC

~

"'

Total des produits exceptionnels (7)

'""'

Charges exceptionnelles sur operations de gestion (6 bis)

zz

Charges exceptionnelles sur operations en capital

,_j ,_j

"<'" '"E= <>::

(VII)

HE

*

HF

Dotations exceptionnelles aux amortissements et provisions

~

HG

Total des charges exceptionnelles (7)

'"

(VIII)

Participation des salaries aux resultats de I' entreprise lmp6ts sur les benefices

(IX)

HJ

(X)

HK

* TOTAL DES PRODUITS (I + III + V + VII)

HL

TOTAL DES CHARGES (II+ IV+ VI+ VIII+ IX+ X)

HM HN

5 - BENEFICE OU PERTE (total des produits - total des charges)

(1) (2)

(3)

'"

Dant

{ {

produits de locations immobilieres produits d'exploitation afferents ades exercices anterieurs

(a detailler au (8) ci-dessous)

lG HP

- Credit-bail immobilier

HQ

ades exercices anterieurs (a detailler au (8) ci-dessous)

Dant charges d'exploitation afferentes

(5)

Dant produits concemant Jes entreprises liees

1J

(6)

Dant interets concernant Jes entreprises liees

lK

Dant dons faits aux organismes d'interet general (art. 238 bis du C.G.I)

HX

(9)

Dant transferts de charges

Al

(10)

Dant cotisations personnelles de l'exploitant (13)

A2

(11)

Dant redevances pour concessions de brevets, de licences (produits)

A3

Dant redevances pour concessions de brevets, de licences (charges)

A4

(12) (13)

<>::

(7)

I I

1H

13 381

393 054

67 791

255 276

6 770

251 970 578 508

107 976

1 085 754

114 746

(692 700)

(46 955)

787 947

835 814

2 360 591

2 217 488

53 796 002

47 821 699

49 110 752

42 773 029

4 685 251

5 048 670

13 952

927 360

863 412

28 046 813 031 27 335

97 221

I I

Dant primes et cotisations compleI obligatoires Ag mentaires personnelles : facultatives AG Detail des produits et charges exceptionnels (Si le nombre de lignes est insuffisant, reproduire le cadre (7) et le joindre en annexe) :

Exercice N Charges cxceptionncllcs

CESSION IMMOBILISATION COPORELLE

Produits exceptionncls

251 969

251 969

18 821

4 084

PROVISION POUR LITIGES

316 000

137 000

PROV PENALITES DE RETARD DE LIVRAISON

243 687

CHARGES PROVISIONNEES

255 276 Exercice N

AMORTISS. DEROGATOIRES

(8)

141 084

HY

*

- Credit-bail mobilier

54 410 251 970

HO

(4)

(6bis)

z

Dant produits nets partiels sur operations along terme Dant

HH HI

4 - RESULT AT EXCEPTIONNEL (VII - VIII)

"'0;..

HD

0

= u ... u '"

Exercice N - I

HA

*

D*

+

DAP EXCEPTIONNEL DES IMMOBILISATIONS

Detail des produits et charges sur exercices anterieurs :

Charges antCrieures

COTISATIONS SOCIALES

6 796

CHARGES DE PERSONNEL

21 250

* Des exp\Jcat10ns concernam cette rubnque sont donnees dans la notice n 2032. 0

Produits anterieurs

13 952

Designation de l'entreprise CADRE A ii.; ~

DGFiP N° 2054 2012

®I IMMOBILISATIONS I

Formulairc obligatoire (article 53 A du Code gCneraId cs imoOts)

I Neant O*

CAME CA Valeur brute des immobilisations au debut de I' exercice

IMMOBILISATIONS

I

1

Frais d'etablissement et de developpement

TOTAL I

CZ

TOTAL II

KO

Augmentations Consecutives a une reevaluation pratiquee au cours de l'exercice ou resultant d'une mise en equivalence 2

Acquisitions. creations. apports et virements de poste a poste 3

08

09

KE

KF

KG

KH

KI

0

u

as

Autres pastes d'immobilisations incorporelles Terrains

"'

Sur sol propre

~ont Composants L9

J KJ

KK

KL

~

Sur sol d'autrui

~om Composants Ml

]KM

KN

KO

225 811

KQ

KR

1 782 797

KT

KU

"'

.9

u

u"' 0

Installations gCnfaaks, agcnccmcnts* [ Dont ct amenagemcnts des constructions Composants

Installations techniques. materiel et outillage industriels

"'..... ,, ..... ~

13 309 798

[

Dant Composants

JKP JKS

M2 M3

Installations gCn&ralcs agcncrments. amenagements divers "'

~

.g"

KV

KW

KX

0

il"' ~ Materiel de transport *

KY

KZ

LA

§e

LB

LC

LO

LE

LF

LG

Immobilisations corporelles en cours

LH

LI

LJ

Avances et acomptes

LK

LL

LM

LO

LP

BM

BT

BV

SW

lR

IS

~

ii. ~

0

~2

Materiel de bureau u 53(_) et mobilier informalique 15 Emballages recuperables et

·-"

<(

divers

*

TOTAL III

LN

550 170

2 558 778

1 921

504 225

8U

t3 Autres titres immobilises

lP

< ;z;

lT

15 065 391

lU

IV

20 404 587

LQ

15 527 738

LR

LS

20 404 587

0G

31 396 314

0H

0J

~

;z;

ii;

Prets et autres immobilisations financieres TOTAL IV TOT AL GENERAL (I + II + III + IV)

462 347

Diminutions

CADRE B ii.;

~

0

u

as

IMMOBILISATIONS

I Frais d'etablissement

Conslructions

"'..... ~

..... ~

~

l

0

u

par cess1ors a des tiers ?LI mises hors service ou resultant d'une mise en equivalence 2

3

00

C0

IO

LV

IP

LX

LY

LZ

Sur sol propre

IQ

MA

MB

MC

Sur sol d'autrui

IR

MD

ME

MF

Inst. gales. agencts et am. des constructions

IS

MG

MH

Installations techniques, materiel et outillage industriels

4 683

LW

MK MN

MO

Materiel de transport

IV

MP

MQ

MR

Materiel de bureau et informatique. mobilier

IW

MS

Emballages recuperables

IX

MV

MVI

Immobilisations corporelles en cours

MY

MZ

NA

Avances et acomptes

NC

ND

NE

immobilisa!ions

*

27 124

MT

NH

IY

NG

IZ

0U

M7

Autres participations

I0

0X

0Y

t3 Autres titres immobilises

11

2B

2C

'~

;z;

ii;

ML

MM

TOTAL III

< ;z;

MI

JU

Autres

625 050

Participations evaluees par mise en equivalence ~

283 406

IX

MJ

et divers

~

13 332 803

IT

corporelles

"'

D7

1nst. gales. agencts. amenagements divers

0

ii. ~

par vire1J1cnts de poslr a postr

20 936 500 RCCvaluation legale * OU evaluatior par misc en Cquivalence Valeur d'originc des immobilisations ~ fin d'excrcice

Valeur brute des immobilisations a la fin de l'exercice

IN

et de developpemem TOTAL I Autres pastes d'immobilisalions incorporelles TOTAL II

Terrains

~ 0

66 711

Autres participations

~

-

377 998

SG

"'

.!?

57 595

Participations evaluees par mise en equivalence

·~

..c::

27 688

652 174

1 535 745

589 757

MU MX

1 921

NB NF

2 410 829

NI 0W

462 347

0Z 20

12

311 828

2E

2F

35 158 150

2G

TOTAL IV

I3

311 828

NJ

NK

35 620 497

2H

TOTAL GENERAL (I+ II+ III+ IV)

I4

656 858 0L 51 364 129 311 828 0K * Des exphcahons concernant cette rubnque sont donnees clans la nohce n° 2032.

0M

Prets el autres immobilisations financieres

u

~

DGFiP N° 2055 2012

AMORTISSEMENTS

Fonnulaire obligatoire (article 53 A du Code general des imp6ts)

Designation de l'entreprise SITUATIONS ET MOUVEMENTS DE L'EXERCICE DES AMORTISSEMENTS TECHNIQUES (OU VENANT EN DIMINUTION DE L'ACTIF)*

CADRE A

Montan! des amortissements au debut de l'exercice

IMMOBILISATIONS AMORTISSABLES

Frais d'etablissement et de developpement Autres immobilisations incorporelles

TOTALI CY

Constructions

E:::

~

Autres immobilisations

~

PG

4 683

PH

Sur so I propre

PM

PN

PO

PQ

Sur sol d'autrui

PR

PS

PT

PU

Inst. generales, agencements et amenagements des constructions

PV

85 125

PZ

Inst. generales, agencements, amenagemenls divers

QD

Materiel de transport

QH

Materiel de bureau et informatique, mobilier

QL

1 010 434

PW

163 024

QA

244 561

PX QB

PY

373 081

QI

QJ

QK

QN QS

253 440 QW

1 340 119

QV

TOTAL GENERAL (I+ II+ III) 0 N

1 690 619

°P

800 377

>-------------<

QM QR

107 105

QC QC

68 436

360 392

f-----------l

QF

TOTALIII QU

e-.<

21 980

QE

corporelles Emballages recuperables QP '~1--------~e_t_d_iv_e_rs_ _ _ _ _ _ _---<

~

EN

PL

ro:t:

~ ~ ......

14 575

EM

PK

E--
~

PF

Montan! des amortissements a la fin de l'exercice

PJ

Installations techniques, materiel et

~

350 499

Diminutions : amortissements afferents aux elements sortis de I' actif et reprises

PI

1-=------~"---"-----------l

~ ~

EL

TOTAL II PE

Terrains

~

Augmentations : dotations de I' exercice

27 124

QO

r-----2_8_5_8_73----1

QT 400 205

QX

1 193 355 f-----'-'-'-'-....:....::-=---.1

268 015

(JQ 404 888 (JR 1 553 746 ........~~~~~......--~~~~~---1

~~~~..-~~~~~~~..._--~~~~~-----~~~~~~..._

~

VENTILATION DES MOUVEMENTS AFFECTANT LA PROVISION POUR AMORTISSEMENTS DEROGATOIRES

CADRE B

~

~1--~~~~....i....-~~~~~~~~~~~~~~~~...,...~~~~~~~~~~~~~~~~~..-~~~~---1 ~

DOTATIONS

REPRISES

Mouvements nets Colonne 3 Colonne 4 Colonne 6 des amortissements 5 2 ~ Colonne Amortissement fiscal Differentiel de duree Colonne Amortissement fiscal ala fin de l'exercice ;,.. Mode degressif exceptionnel et autres Mode degressif exceptionnel ~1-~~~~~~-+~..,......;.....;..~~~+---.~~~~~-1-~.....----~~~+-....,~~~~~-t-~..-~~~~~+-....,~--~~~-t-~..-~~~~--1 ~ Frais Ctablissements N4 N3 NS NZ N6 NI M9

~

Immobilisations amortissables

Colonne I Differentiel de duree et autres

TOTAL I

Autres immob. incorporelles TOTAL

II

N7

P6

NS

16 184 P?

PS

pg

f--------l

4 084 QI

Q3

Q4

Q5

Q6

Q7

QS

Q9

Rl

R2

R3

R4

R5

R6

Sur sol d'autrui

R7

RS

R9

Sl

S2

S3

S4

Inst.gales,agenc et am.des canst.

SS

S6

S7

SS

S9

Tl

TZ

T3

T4

T5

T6

T7

TS

T9

Ul

uz

U3

U4

us

U6

U7

a; Materiel de liS :S ~ transport c f---'-----; § ~ Mat. bureau et V6

U9

Vl

V2

V3

V4

vs

V7

vs

V9

Wl

wz

W3

~

W4

W5

W6

W7

W8

W9

Xl

TOTAL III XZ

X3

X4

XS

X6

X7

XS

!'! Sur sol propre

12 100

1--------1

QZ

Terrains

.8

I u

Inst. techniques mat. et outillage Inst.gales,agenc

§

am. divers

2

~

-~

u:

~

8 inform. mobilier Emballages ~ recup. et divers

~cl-F-.-.;-,-d'-ac-q-ui-si-tro_n_d_e-+-+--~~-~+---'-7--,;T""~,--,,.~.~+---.~~--+---t-~~----t~-'-7-:--·--~----~·•D:~.--~$ktC~0~~~::;:t~(~tf--~--~[~i--~-~--·-·~.~~--·;~;:+-N-O+-~-------t



1;1r;~tAti~ions

'j

~r:~~.2J;~~~'.~~J:i{~xi~\,;.~~~

. . .·.· .

NL •. · •· '
~~(~I~+~Il~+~I~Il~+~I~V~)-+~!--~~~~LN_Q--L~~-i=-:-::.--!--N~R-+-~-,.,1~6'---'-1T84.:_i_'l_S_,_~~~~-"---"-"'::;::;-::z::z::i'-:'-~N--:'::;-;r---,,--:.4~0~8~4~N-V-'-~~~1~2~1~0""i0

], Total general non ventilc NW .,· (NP+ NQ + NR)

u C\i

16 184

Total general non vcntile\ NY I (NS+ NT +NU) 1 ·

4 084

otal ge_neral non vcntilel NZ \NW -NY)

12 100

CADRE C

51-~~~~~~...J~~~~~~~~~~~--.~~~~~~~~~....,.~~~~~~~~~.,.-~~~~~~~~~-,~~~~~~~~~--t

~ !l

i;

MOUVEMENTS DE L'EXERCICE AFFECTANT LES CHARGES REPARTIES SUR PLUSIEURS EXERCICES *

Montan! net au debut de I' exerdce

Augmentations

Montan! net a la fin de l'exercice

Dotations de I' exercice aux amortissements

~1-----------------------t----------r----------r-,---------;--,--------;

.1::

a

Frais d'emission d'emprunt etaler Z9 ·~1-----------------------1----------t----------j ~0 SP Primes de remboursement des obligations

ZS

SR

UL...~~~~~~~~~~~~~~~~--~~~~~~~~....,~~~~""".""~""".""~..._"'."'"'~~""".""~~~~"'."'"'~..._~~~~~~__,

* Des explications concernant cette rubnque sont donnees dans la nobce n° 2032.

~

0 I PROVISIONS INSCRITES AU BILAN I

Formulaire obligaloire (artidP 53 A du Code general des imp6ts)

Designation de l'entreprise

DGFiP

N° 2056 2012

I Neant D*

CAMECA

I Nature des provisions

Provisions pour reconstitution des gisements miniers et petroliers Provisions pour investissement (art. 237 bis A-II) Provisions pour hausse des prix (1)

*

..,~

Amortissements derogatoires = e'" Dant majorations exceptionnelles

~...

a

:~ :: p..

de30 % Provisions fiscales pour implantations a l'etranger constituees avant le 1.1.1992 * Provisions fiscales pour implantations a l'etranger constituees apres le 1.1.1992 * Provisions pour prets d'installation (art. 39 quinquies H du CG!) Autres provisions reglementees (1)

TOTAL I

Montan! au debut de l'exercice

AUGMENTATIONS: Dotations de l'exercice

DIMINUTIONS : Reprises de l'exercice

l

2

3

Provisions pour garanties donnees aux clients Provisions pour pertes sur marches aterme

4

3T

TA

TB

TC

3U

TD

TE

TF

3V

TG

TH

TI

3X

8 520

TM

16 184

TN

4 084

TO

D3

04

DS

D6

IA

IB

IC

ID

IE

IF

JG

IH

IJ

IK

lL

JM

3Y

TP

TQ

TR

3Z

8 520

TS

50 000

4B

1 540 991

4F

4A

Provisions pour litiges

Montan!

a la fin de l'exercice

4E

41

16 184

TT

316 000

4C

1 425 669

4G

4K

20 620

4 084

TU

20 620

57 000

4D

309 000

1 588 074

4H

1 378 586

4L

4M

243 687

4R

45

370 744

360 410

4V

269 248

4W

360 410

187 666

4Z

118 224

SA

2 140 273

~

'" ..."°

Provisions pour amendes et penalites

4N

" "i; '"= .[ ......

Provisions pour pertes de change

4T

Provisions pour pensions et obligalions similaires

4X

Provisions pour imp6ts (1)

SB

SC

SD

SE

Provisions pour renouvellement des immobilisations * Provisions pour gros entretien et grandes revisions Provisions pour charges sociales et fiscales sur conges apayer * Autres provisions pour risques et charges (1)

SF

SH

5]

SK

EO

EP

EQ

ER

5R

SS

ST

5U

.="'

127 057

4P

269 248

4U

2 070 831

4Y

~

"""= a

:~

"...

p..

TOTAL II

= 0

.].,"... ..,..,...""

"= a"" 0

sur immobilisations

"...

5Z

1 985 469

SW

6 043 596

TV

2 176 530

SX

4 709 962

TW

2 641 728

SY

4 674 274

TX

,._ incorporelles

6A

68

6C

6D

- corporelles

6E

6F

6G

6H

- titres mis en equivalence

02

03

04

0S

- titres de participation 9U

6 402

9V

9W

- autres immobilisa06 tions financieres (l)*

25 000

07

08

09

6P

6R

6S

Sur stocks et en cours

6:-J

1 407 403

Sur comptes clients

6T

91 379

Autres provisions pour depreciation (1) *

6X

:~

p..

SV

299 806

6 402

595 272

9X

25 000 1 111 937

6V

6W

6Z

7A

601 674

UA

1 438 316

UD

7 538 220

210 000

TOTAL Ill

78

1 740 184

TY

299 806

TZ

TOTAL GENERAL (I + 11 + 1111

7C

7 792 300

UB

5 025 952

cc

5 280 032

UF

4 089 671

UF

4 863 298

360 410

UH

275 651

575 871

UK

141 084

{ '''"''"''"''°"

6 079 284

6U 6Y

Dant dotations et reprises

1 520 272

- financieres

UG

- exceptionnelles

UJ

Titres mis en equivalence montam de la depreciation a la cloture de l'exercice calcule selon !es regles prevues a!'article 39 l-Sc du C.G.I.

91 379 210 000

10

(1) adetailler sur feuillet separe selon l'annee de constitution de la provision ou selon !'objet de la provision. NOTA. Les charges a payer ne doivent pas etre mentionnees sur ce tableau mais etre ventilecs sur l'etat detaille des charges a payer dont la production est prevue par !'article 38 II de !'annexe III au CG!. *Des explications concernant cette rubrique sont donnees dans la notice n° 2032.

®

formulaire obligatoire (article 53 A du Code gCnCral drs imp6ts)

CADRE A

'"'"':l E==

ETAT DES CREANCES

,...

z < ...l

UP

35 055 200

i:.:

ti

'"' u E==

96 633

ux

7 119 558

7 119 558

44 845

44 845

prCtt's au remis r.n

gararllic "

r

1

I)

( Provision pqur deprC':1atio.n a'.llent>urtmrnt UO1 consllluee •

Securite sociale et autres organismes sociaux

uz

Imp6ts sur Jes benefices

VM

189 447

189 447

Taxe sur la valeur ajoutec

VB

552 223

552 223

Autres imp6ts, taxes et versements assimiles

V\J

22 458

22 458

Divers

VP 12 853 202

12 853 202

123 874

123 874

collectivites

vc a des operations

\/R

VS

Charges constatees d'avance

TOT AUX

0"'

(1)

'"'

(2)

Montan! des

> z

I

" Frets accord es en cours d'exercice - Remboursernents obtenus en cours d'exercice

VE

ETAT DES DETTES

Emprunts obligataires convertibles (1)

7Y

Autres emprunts obligataires (1)

7Z

Emprunts et dettes aupres des etablissements de credit (1)

a 1 an maximum a l'origine

VG

a plus d' 1 an a I' origine

VH

Emprunts et dettes financieres divers (1) (2)

SA

Fournisseurs et comptes rattaches

SB

Personnel et comptes rattaches

SC

Securite sociale et autres organismes sociaux

SD

Etatet

Imp6ts sur Jes benefices

SE

autres

Taxe sur la valeur ajoutee

vw

Obligations cautionnees

vx

Autres imp6ts, taxes et assimiles

VQ

collectivites publiques

Dettes sur immobilisations et comptes rattaches

SJ

Groupe et associes (2)

VJ

Autres dettes (dont dettes relatives a des operations de pension de titres) Dette representative de titres empruntes ou remis en garantie *

0

u

SL TOTAUX

-"' "'0 :> " z "'i;: ~

~

(1)

43 133

vu

56 203 524

20 948 740

vv

35 254 783

19 900 000

VF

Montan! brut

A 1 an au plus

1

2

2 673 565

1 304 952

5 290 855

5 290 855

1 829 768

1 829 768

1 399 884

1 399 884

203 192

203 192

26 824

26 824

1 264 544

1 264 544

3 067 607

3 067 607

2 389 547

2 389 547

A plus d 1l an et 5 ans au plus 3

A plus de 5 ans 4

1 368 613

zz

Produits cons tates d' avance

VY

vz

Emprunts souscrits en cours d' exercice

VJ

16 777 172 1 368 613 Montan! des emprunts et dettes contrac(2) tes aupres desdivers VLI associes personnes physiques

Emprunts rembourses en cours d'exercice

VK

•Des explications concernant cetie rubrique sont donnees dans la notice n' 2032

c:

~

SK

43 133

VT VD

Frets et avances consentis aux associes (personnes physiques)

CADRE B

102 950

Zl

UY

'"'

35 055 200

96 633

Personnel et comptes rattaches

Debiteurs divers (dont creances relatives de pension de titres)

°'"'

uw

Autres creances clients

Groupe et associes (2)

"

GV

102 950

publiques

~

us

VA

:..i

c

UR

Clients douteux ou litigieux

<

i:.:

UN

UT

Etat et autres

i:l

3

UM

Autres immobilisations financieres

Cri:ance representative de titres

A plus d'un an

2

UL

;,

u

A 1 an au plus

1

Creances rattachees a des participations

< CQ - 0 Prets (1) (2) ....i::;;

i=l_

N° 2057 2012

T Neant O* Montan! brut

u~::;;

DGFiP

I

CAME CA

Designation de l'entreprise :

~

ETAT DES ECHEANCES DES CREANCES ET DES DETTES A LA CLOTURE DE L'EXERCICE*

18 145 785

Formulairc obligaloire (article 53 /\ du code general des imp6ts)

Neant

CAMECA

Designation de l'entreprise :

I. REINTEGRATIONS Remuneration du travail (entreprises a l'IR)

DGFiP N° 2058-A 2012

®I DETERMINATION DU RESULTAT FISCAL I

Exercice N, dos le :

O*

I

31122011

BENEFICE COMPTABLE DE L'EXERCICE WA

de l exploitant ou des associes

4 685 251

WB

I

{ de son conJ0111t

I

Imains part deductible ' I

areintegrer:

WC

Amortissements excedentaires (art. 39-4 du CG LI WE et autres amonissements non deductibles

/\vantages personnels non dCduclibks * sauf WD amortisscmcnts a porter lignc ci-dessous)

XE

3 526

rA,,,_u-tr-es-c~h-a-rg_e_s_e_t_d-ep_e_n_s-es_s_o_m_p_t_u_a1-,re-s-t-\-V-FT--~~~~~~~rT~a-x_e_s_u_r~le_s_v_o_i1-u-re-_s_p_a_rt_ic-u~l-ie-re_s_d~e_s_s_oc-i-et_e_s-t-W-G-+~~~~~~~-1

f,~1;ft'

~

,a

r(~ar_c_3_9-_4_d_u_c_.G_.I~)~~~~~~~-'-~~~~~~~~-'-~(e_n_tr~ep_r_is_es_a_·_l'I_S~)~~~~~~~~~--'~-'-~~~~~3~5-2-16 1~%k~:;h(:j?~~~',:~&~!J~~J~j Provisions et charges a payer non deductibles (cf tableau 2058 B cad1e Ill)' WI 1 505 348 Charges a pay"r liees a des etats et territoires non cooperatifs non deductibles (cf tableau 2067-BIS-SD) Amendes el penalites (nature

~

E:::

xx , ,,

lmp6t sur !es societes (cf. page 9 de la notice 2032)

I

.. ) WJ 17

I

2 550 038

t-~~~~~,--~~~~~~~~-.-~-r~~~~~~~~~~~-.-~~~~~~~~~-r~-r-~~~~~~~~~~~~~

~ Quote-part BPnCfires reahsrs par Ullt' sociC!C ~ de per~onncs ou un GIE

jwL

RCsultats bern'Jklair:s . . is(><; l arliclr 209 B du CCl

a L71

K7

E--
~ ~ -;: :~

Moi~;,~:lues

a

~ &.c~

;:;;: ,§ ~ ~

~

~ ~

n

• ..:i :~ ~ ~

o.

0

{--i1_n_po_s_e_e._s_au_ta_u_x_d_e_1_s__'o_o_u_d_e_19_cx_,_(1_6_?_'o_p_o_u_r_1e_s_e_n_tr_e_pr-is_e_s_s_o_un_1_is_e_s_a_l_i1_n_po_·1_s_u_r_1e_r_e_v_en_u_)----1 18

a

long terme

imposees au taux de 0 %

ZN

=t--~~~~~~~~~~~~~~~~~~-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~--J

'5= ~

{

Fraclion imposable des plus values realisees au cours d'exercices arMrieurs *

,S

Plus-values netles a court terme

WN

Plus values soumises au regime des fusions

WO

~-~~~~~~~~-~~~~~~~~---<

'f.<.:11--~--'~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~--I

Ecarts de valeurs liquidatives sur OPCVM' (entreprises a l'!S)

~

XR

E--
~ ~ ~

~

Reintegrations di verses a detailler sur feuillet separe DONT

t-~~~~~~~~~~-1

~

661 496

1-(a_r_r._39_-_1_3_'_e1_2_1_2_ct_u_c_.c_.1_1-+--+--------+--(a_c_n_v1_1e_.e_x_on_e_re_·.c_l--+---1"-------WQ DC·firi1 rtrangcr antc'ricurcmcnt SX Quotr·part de 5% des M8 deduil par !cs PME (art.209C) plus values a!aux LPro

~

Fl::1-~~~~~~~~~~~~~~~_._,~~'-~~~~~~_._,~._~~~~~~-L,,~'---~~-~~~~--JL---l.~~~~~~--1

TOTAL!

WR

PERTE COMPTABLE DE L'EXERCICE

ws

"'-i

~

~ ""'

II. DEDUCTIONS

9 405 659

~t--~~~~~~~~~~~~~~~~~~~~~~~~~~~~---t

~

Quote-part dans !es pertes subies par une societe de personnes ou un G.I.E.'

WT

Provisions et charges a payer non deductibles, antCrirurrmcnt taxCcs. cl rCintP.grCcs dam. Jes rCsul1a1s comptablrs de l'excrdce (rf !ahlcau 2058-B. cadre lll)

WU

l:l;j

t:

....

i--~~~~~~~,

Plus-valuesf nettes

a

long terme

l

imposees au taux de 15 % (16 % pour !es entreprises so11mises al'impfit sur le revenu)

WV

imposees au taux de 0 q{)

WH

imposees au taux de l 9 %

WP

imputees sur les mains-values nettes a long tern1e ant8rieures

WW

imputees sur les deficits anterieurs

XB 16

Autres plus values imposees au taux de 19 %

wz

Fraction des plus-values nettes a court terme de l'exercice dont I' imposition est differee· Regime des societes meres et des tiliales ' Produit net des actions el parts d'interets ·

quote-part des frais et charges adeduire des ( produits nets de participation

XA

Deduction autorisee au titre des investissements realises dans !es collectivites d'Outre-mer*

ZY XD

Majoration d'amortissement*

.._

*

::I ~ ~ fj .E

t.rmcprises nouvr!lcs (Rcpmr d"cntrepri_ses en diffkul!Cs 44 sepllcs)

~ ~ ~ P6lc de rompl"'titivi!C ;:; ·~ ·~ (art_ 4'I undccirs)

~-

Emrrpn<;f"~ nouvPllC's

K9

L

L

44 'if'.~ies

f~~~~i{f~~~s~:~~~mrnts

6

(art. 208C)

2

K3

j('unrs enlrrprnro:; mno,·antes (arl. 44 scxir.s ,.\)

LS

Zone franchr Corse (an. 44 dccirs)

OT

XF

01-~~~~-'-~~--l-~+-~~~~-1-.;;;;,;;,;;;;-;,;;~""'"'~~t--i~~~~~-r~~~~~~~--i~-t~~~~--t

]

~ .!: ~ Zone rranchc urbainr (2jy ~d~~~~-i~~roi a Zone franc-he d'ac!ivitf' XC 1F ~ l-~-~
CL:

XS Ecarts de valeurs liquidatives sur OPCVM' (entreprises a l'IS) 1--~~~~~~~~~~~~~~-r:::-c;c--:----;::-;c-;--~~~-;---.~,-~~~-,--:;:--,--~-;-;----,-~-;-~.--.~~~~rct '{J Deficits filiales et succursales Creance degagee par le ZI ) " Deductions diverses adetailler sur feuillet separe etrangeres. art.209C OT report en amere de deficit (189 447) XG

%

I

I I

l'r~~;;fa:~1~ ~~')t:i .".:·.'

'-,Fl, ~·o;:·"

I

~

Jj

1 341 774

Ill. RESULTAT FISCAL

TOTALII

~

585 037

XH

1 926 811

7 47

Resultat fiscal avant imputation des deficits reporiables :

deficit (II moins I)

~1-~~-~~~~-~~~~~~~~~~~~~~~~~~--=-~~~~~~~~~~~~~~-i '"'-" Deficil de l'exerc ice reµorte en arriere (entrepri.se' a l'IS) ZL

~ 1----------------------------------------i BENEFICE (ligne XN) ou DEFICIT reportable en avant (ligne XO)

'

~<,;:·:;.;

XJ

1--~,~,,,,~;_~~~~~~~..i

,_-;' -

_ ,;, ,~ , , , 2,_::>\~_c',-,".;

XN

' ,; ''<~-' , _,, i;,•\ , _,,

7 478 848

~~~~~~~-~~~--!

XO

...........~~~~~~~~.......~L-~~~~~~~~--'

>L-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

cS 'Des explications concernJnl cette rubrique sont donnees dans la notice n' 2032

,:

;>\ ;,~S;i\~

,. ,_ ,,: ,:,;,,:, ·- XL

-o Deficits anterieurs imputes sur les resultats de l'exerc1ce (enlreprises a l'ISJ ~1-~~-~~-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-i

~ RESULTAT FISCAL

:--:··\.c:

t-~~~~~~~~---1

3;!1-------{~-..------'---l 8 848 g. benefice (I moins II) XI U

, ,-. ·,c:.

« CAMECA » Societe par actions simplifiee au capital de 6. 782.100 euros Siege social : 23/29 Quai des Gresillons 92230 Gennevilliers 403 092 216 R.C.S. Nanterre

PROCES-VERBAL DE LA REUNION DE L'ASSEMBLEE GENERALE ORDINAi RE DU 29 JUIN 2012 EXTRAIT

TROISIEME DECISION L'Associee Unique decide d'affecter le benefice de l'exercice de 4 685 251 € en totalite du credit du compte «report nouveau» qui s'eleve, apres affectation du benefice ci-avant, 21965 191 euros.

a

L'Associee Unique prend acte qu'il n'a pas ete procede trois derniers exercices.

Pour extrait conforme

LE DIRECTEUR GENERAL

a

a des

distributions de dividendes au titre des

CONSTANTIN ASSOCIES Membre de Deloitte Touche Tohmatsu

ERNST & YOUNG et Autres

Exercice clos le 31 decembre 2011

Rapport des commissaires aux comptes sur les comptes annuels

,,

CONSTANTIN ASSOCIES Membre de Deloitte Touche Tohmatsu 185, avenue Charles-de-Gaulle 92524 Neuilly-sur-Seine Cedex

1/2, place des Saisons 92400 Courbevoie - Paris-La Defense 1 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

ERNST & YOUNG et Autres

meca 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 notre rapport relatif l'exercice clos le 31 decembre 2011, sur:

a



le contr61e 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 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 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 sont suffisants et appropries pour fonder notre opinion.

a

a

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 la fin de cet exercice.

a

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 :

a la justification de

Principes et methodes comptables •

La note 6.2.1 de l'annexe expose les regles et les methodes comptables relatives aux modalites de comptabilisation des stocks. Dans le cadre de notre appreciation des regles et des principes comptables suivis par votre societe, nous avons verifie le caractere approprie des methodes comptables precisees et des informations fournies dans les notes de l'annexe et nous nous sommes assures de leur correcte application.

Estimations •

a

Votre societe conserve dans ses comptes un fonds de commerce dont la valeur brute s'eleve K€ 12.932 au 31 decembre 2011. Compte tenu des elements previsionnels, ce fonds de commerce ne fait pas l'objet d'une depreciation tel que cela est indique dans la note 6.1.1 de l'annexe. Nous avons procede !'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.

a



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 l'annexe. Nos travaux ont consiste apprecier, sur la base des elements disponibles ce jour, les elements et les hypotheses sur lesquels se fonde !'estimation de cette provision, 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 donnee en annexe cet egard.

a

a

a



Votre societe constitue des provisions pour risques et charges, tel que cela est decrit dans la note 7.2 de l'annexe. Nos travaux ont constitue apprecier les donnees et les hypotheses sur lesquelles se fondent ces estimations, revoir les calculs effectues par la societe, comparer les estimations comptables des periodes precedentes avec les realisations correspondantes et 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.

a

a

a

a

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.

Cameca Exercice clos le 31decembre2011

2

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

Neuilly-sur-Seine et Paris-La Defense, le 21 juin 2012 Les Commissaires aux Comptes CONSTANTIN ASSOCIES Membre de Deloitte Touche Tohmatsu

ERNST & YOUNG et Autres

/

(( (

Christian Lemaigre Dubreuil

Cameca Exercice clos le 31 decembre 2011

3

p

CD 1 . . . ._B_IL_A_N_-_A_CT_I_F__,

formulaire obligatoire (article 53 A

du code general des irnp6ts).

CAME CA Designation de l'entreprise : Adresse de l'entreprise 7117q rn Id. I m:<: r::1n::<: 11 Numero SIRET *

I n~1<: 0??10

Duree de l'exercice exprimee en nombre de mois *

LlLJ

Duree de l'exercice precedent *

L1LJ

(;FNNFV 11 I I rn<:

l 4 1°l 3 l 0 l 9 12 l 2 l 1 l 6 l 0 1°1°l 3 11 I

Neant O*

1'xerc1ce N, ems 1e : 1~1122011

(I)

Capital souscrit non appele VJ

Brut

Amortissements, provisions

Net

I

2

3

""_,_,

Frais d'etablissement *

AB

AC

Frais de developpement *

ex

CQ

"'

131122Q1Q

Net

I

4

AA

"'"'0 ~

N -1

I

0

u

AF

?: Concessions, brevets et droits similaires VJ z0

401 003

AG

12 931 800

AI

360 392

40 611

27 499

12 931 800

12 931 800

Fonds commercial (1)

AH

Autres immobilisations incorporelles

AJ

AK

~ Avances et acomptes sur immobilisa~ lions incorporelles

AL

AM

Terrains

AN

AO

Constructions

AP

283 406

AQ

107 105

176 302

140 686

AR

1 535 745

AS

800 377

735 368

772 363

AT

589 757

AU

285 873

303 884

305 609

AV

1 921

AW

b

<

:!l _,

53 0

VJ

"'_,_, *

'l.ol

[!l

"'"'0

~

="' <'l

0

Installations techniques, materiel et u outillage industriels VJ 0

;:;: z 0

~ b Autres immobilisations corporclles < VJ ::1 < @ Immobilisations en cours

"'f::: u

1 921

0

~

~ Avances et acomptes N

VJ

"'"' ,µo

ParticiCiations evaluces selon la met ode de mise en equivalence

AY

cs

CT

cu

0 Autres participations

z~ Creances rattachees a des participations 0:: VJ z0

b

AX

Autres titres immobilises

< VJ

462 347

CV

BB

BC

BD

BE

25 000

437 347

430 944

d Pre ts

BF

35 055 200

BG

35 055 200

14 650 613

~

BH

102 950

BI

102 950

414 778

BJ

51 364 129

BK

1 578 746

49 785 383

29 674 292

BL

2 844 482

BM

707 604

2 136 877

1 996 528

BN

13 135 746

BO

13 135 746

14 545 514

'0° ~

Autres immobilisations financieres * TOTAL (II) Matieres premieres, approvisionnements

En cours de production de biens * :.: "' u En cours de production de services

"'""

""~_,

BQ

BP

0

BR

Produits intermediaircs ct finis

1 141 119

BS

403 141

737 978

1 125 491

1 192

62 227

21 574

908 908

78 021

Marchandises

BT

63 419

BU

Avances et acomptes verses sur commandes

BV

908 908

BW

BX

7 216 191

BY

91 379

7 124 812

4 998 097

BZ

13 786 049

CA

210 000

13 576 049

13 055 401

:;:,

u

I>:

ti

"'f:::

Clients et comptes rattaches (3)* ~ < u"' z Autres creances (3) < 'l.ol

u

I>:

u Capital souscrit et appele, non verse

"'I>: ~

CB

cc

Valeurs mobilieres de placement CD {dont actions propres :................................. .)

CE

2: Disponibilites ~ Charges constatees d'avance (3) *

~

= =

~

ii

""'~

TOTAL (III) Frais d'emission d'emprunt aetaler

5 009 912

CG

5 009 912

3 216 359

CH

43 133

CI

43 133

165 317

CJ

44 148 959

CK

42 735 643

39 202 301

360 410

269 248

92 881 435

69 145 842

(IV)

cw

(V)

CM

(VI)

CN

360 410

TOTAL GENERAL (I a VI)

co

95 873 498

·u = = Primes de remboursement des obligations

u.e

Ecarts de conversion actif*

Renvois : (I) Dant droit au bail: Clause de reserve de propriete : *

CF

IImmobilisations

(2) Part amains d'un an des irn

mobilisations financieres nettes ·

'

1 413 316

•·.'

IA

CP

2 992 062

(3) Part aplus d'un an :

Stocks:

* Des explications concernant cette rubrique sont donnees dans la notice 0° 2032.

~R

Creances:

96 633

0 I BILAN - PASSIF

avant repartition

I

Formulaire obligatoire (article 53 A du code general des imp6ts)

Designation de l'cntrcprisc

CAME CA

Neant Exercice N

Capital social on individuel (1)* (Dont verse: ............... 6.. 182.1.00 ........ )

DA

Primes d'cmission, de fusion, d'apport, ....

DB

Ecarts de reevaluation (2) * (dont ecart d'equivalcnce (/)

w

~

0...

0

DD

Reserves statntaires on contractnelles

DE

Reserves reglementees (3) *

~

( Dont reserve speciale des provisions ponr flnctuation des cours ( Dont reserve relative al'achat d'ocuvres originales d'artistes vivants*

81

)

DF

EJ

)

DG

E':i

J\utres reserves

<:t:

Report a nouveau

DH

RESULTAT DE L'EXERCICE (benefice ou pertel

DI

Subventions d'investissement

DJ

Provisions reglementees *

DK

s::

u

DL

TOTAL (I) Vl

"O

t::

Vl

Vl

0..

'8

~

Produit des emissions de titres participatifs

OM

Avances conditionnees

DN

2 ~ 0.. ::l <:t: aJ

V'j

.~·c

E

V'j

t:: ::l cu .9 ~ ~

8 ~ ;:cu

Provisions pour risqnes

DP

Provisions pour charges

DQ DR

TOTAL (Ill)

0..

Emprunts obligataires convertibles

DS

Autres emprunts obligataires

DT

Emprnnts et dettes anpres des Ctablissements de credit (5)

DU

Emprunts et dettes financieres divers (Dont emprunts participatifs

6 782 100

11 274 421

11 274 421

681 480

681 480

71 829

71 829

5 690 944

5 690 944

17 279 940

12 231 270

4 685 251

5 048 670

20 620

8 520

46 486 584

41 789 234

2 418 739

2 233 282

3 660 545

3 810 314

6 079 284

6 043 596

2 673 565

2 134 087

21 777 534

4 785 500

5 290 855

3 972 861

3 459 668

6 030 083

4 332 151

1 606 633

2 389 547

2 748 669

39 923 319

21 277 832

392 248

35 180

92 881 435

69 145 842

75 098

71 829

38 554 706

16 492 332

DO

TOTAL (II)

0... 0

~

6 782 100

) DC

IEKJ

Reserve legale (3)

~

0...

>::

D*

Exercice N - I

EI

) DV

(/)

w

E-< E-<

w

Ci

Com2te regul.

J\ vances et acomptes re~us sur commandes en cours

low

Delles fournisscurs et comptes rattaches

DX

Delles fiscales et sociales

DY

Delles sur immobilisations et comptes rallaches

DZ

Antres dettes

EA

Produits constates d'avance (4)

EB TOTAL (IV)

EC

(VI

ED

a VI

EE

Ecarts de conversion passif * TOTAL GENERAL (I

(1)

Ecart de reevalnation incorpore au capital

0

c

1'"'.

(/)

(2)

0 " z>

°'"

w

Dont

1B

Reserve speciale de reevaluation (1959)

IC

Ecart de reevaluation libre

ID

Reserve de reevaluation (1976)

IE

{

(3)

Dont reserve speciale des pins-values a long terme *

EF

0

(4)

Dettes et prodnits constates d'avance a moins d'nn an

EG

c

(5)

Dont concours bancaires conrants, et soldes crediteurs de banqnes et CCP

EH

u

N

~

N

"'

-~

f-

"O

-

a:" ..c

.g>

5: 0

u

*Des expl1cat1ons concernant cette rubnque sont donnees dans la notice n 2032. 0

G)lcoMPTE DE RESULTAT DE L'EXERCICE (Enliste)

I

Formulaire obligatoire (article 53 A du Code general des impOts)

Designation de l'entreprise:

CAME CA

Neant 0~ Exercice N Exportation et livraisons inlracommunautaires

France

FA

Ventes de marchandises *

z

Production vcndue

{biens *

f:::

FE

2 764 980

se1vices * FG

0

FC

Fil

PD

1 003 785

FH

FK

42 216 011

FF

2 779 375

FI

44 995 385

FL

b

Chiffres d'affaires nets *

"""'"

Production stockee *

FM

Q

Production immobilisee *

FN

s

Subventions d'exploitation

FO

Reprises sur amortissements et provision~. transforts de charges * (9)

FP

Autres produits (I) (11)

FQ

FJ

3 768 765

0

~ ~

"',...

Exercice (N-1)

Total

44 980 990

41 200 794

3 783 160

2 804 494

48 764 150

44 005 288

(2 164 560)

(1 578 679)

247 216

17 638

4 863 298

3 821 806

56 360

123 285

51 766 463

46 389 339

(37 228)

54 570

11 816 848

8 511 248

(215 587)

889 338

Q

0

0:::

""

Total des produits d'exploitation (2) (I)

FR

Achats de marchandises (y compris droits de douane)*

FS

Variation de stock (marchandises) *

FT

Achats de matieres premieres et autres approvisionncments (y compris droits de douane) *

FU

Variation de stock (matieres premieres ct approvisionnements) *

FV

z

Autres achats et charges extemes (3) (6bis)'

FW

f::: ..: ,...

12 794 601

10 797 428

lmp6ts, taxes et verseme11ts assimiles *

rx

1 146 912

1 081 491

"'"

Salaires et traitements*

FY

9 057 369

8 341 097

Charges socialcs (I 0)

FZ

4 583 562

4 196 110

265 378

280 284

0

s ""

~ ~

Q

"' ~

"' 0:::

..: :i::

u

z vi8 ZE--

o.i: _,... ,..._
oi:i.. '""'"'" Q~ ~

Q

Sur immobilisations

{

- dotations aux amortissements *

GA

- dotations aux provisions

GB

Sur act if circulant : dotations aux provisions *

cc

299 806

667 353

Pour risques ct charges : dotations aux provisions

GD

3 789 866

3 605 893

105 566

134 313

CF

43 607 091

38 559 126

CG

8 159 372

7 830 214

GE

Autres charges (12) Total des charges d'exploitation (4) (II) 1 - RESULTAT D'EXPLOITATION (I - Ill !! §

Benefice attribue ou perte transferee *

(III) GH

·~

Perle supportee ou benefice transfere *

(IV)

~ "~

g. 5

"'0::: u z

GI

Produits financiers de participations (5)

CJ

Produits des autres valeurs mobilieres et creances de l'actif immobilise (5)

GK

Autres interets et produits assimiles (5)

CL

Reprises sur provisions et translerts de charges

GM

Differences positives de change

GN

Produits nets sur cessions de valeurs mobilihes de placement

GO

505 876

189 167

309 175

278 092

275 651

215 836

545 648

681 474

GP

1 636 485

1 364 568

~

..:

z t.: "';;;it: Q

0

0:::

""

Total des produits financiers (V)

134

"'0:::

Dotations financieres aux amortissements et provisions *

GQ

360 410

269 248

u z

lnterets et charges assimilees (6)

GR

374 308

437 153

...~

Differences negatives de change

GS

534 650

339 453

Charges nettes sur cessions de valeurs rnobilieres de placement

GT

Total des charges frnancieres (VI) GU

1 269 368

1 045 855

CV

367 117

318 713

cw

8 526 489

8 148 927

~ ~

..:

"' ~

"' 0:::

..: :i:: u 2 - RESULTAT FINANCIER (V - VI)

3 - RESUL TAT COURANT AVANT IMPOTS (l - II + Ill - IV + V - VI)

..

(RENVOIS · vo!f lableau n· <053) 'Des exphcatwns concernant cette rubnque 'ont donnees dans la notice n 2032 .

p

01 COMPTE DE RESULTAT DE L'EXERCICE

(Suite)

FormuJaire obligatoire (artide 53 A du code general des imp6ts)

Designation de l'entreprise

CAME CA

Neant Exercice N

Produits exceptionnels sur operations de gestion

..."'""z s 0z 0 f:::; ... ......u "'""

Produits exceptionnels sur operations en capital

it:

Reprises sur provisions et transferts de charges

HB

i:l

<

f:::;

HD

393 054

67 791

Charges exceptionnelles sur operations de gestion (6 bis)

HE

255 276

6 770

Charges cxceptionnelles sur operations en capital *

HF

Dotations cxceptionnelles aux amortissements et provisions

HG

578 508

107 976

HH

~

Total des charges exceptionnelles (7)

(VII)

(VIII)

Participation des salaries aux resultats de l'entreprise

1 085 754

114 746

(692 700)

(46 955)

(IX)

HJ

787 947

835 814

(X)

HK

2 360 591

2 217 488

53 796 002

47 821 699

49 110 752

42 773 029

4 685 251

5 048 670

Impocs sur Jes benefices * TOTAL DES PRODUITS (I+ III+ V +VII)

HL

TOTAL DES CHARGES (II+ IV+ VI+ VIII+ IX+ X)

IHM HN

5 - BENEFICE OU PERTE (total des produits - total des charges)

(2)

(3)

> ...z it:

Dont

{ {

HO

produits de locations immobilicres

HY

produits d'exploitation afferents ades exercices antcricurs (a detaillcr au (8) ci-dessous)

IG

- Credit-bail mobilicr *

HP

- Credit-bail immobilier

HQ

13 952

927 360

(4)

Dont charges d'exploitation afferentes ades exercices anterieurs (a delailler au (8) ci-dcssous)

1H

(5)

Dont produits concernant Jes entreprises liecs

lJ

813 031

(6)

Uont interets conccrnant Jes entrepriscs liees

lK

27 335

Dont dons fails aux organismcs d'inleret general (art. 238 bis du C. G.l)

HX

(9)

Dont transferls de charges

Al

(10)

Dont cotisations personnelles de l'exploitant (13)

A2

(11)

Dont redevances pour concessions de brevets, de licences (produits)

A3

(12)

Dont redevanccs pour concessions de brevets, de licences (charges)

A4

(13)

Dont primes et cotisations complementaires personnelles : facullatives

(7)

Detail des produits et charges exceptionnels (Si le nombre de lignes est insuffisant. reproduire le cadre (7) et le joindre en annexe) .

(6bis)

"'0

Dont produits nets partiels snr operations along termc Dont

251 970

HI

4 - RESULTAT EXCEPTIONNEL (VII - VIII)

(1)

251 970 13 381

Total des produits exceptionnels (7)

= ......u

u

HC

54 410

141 084

...:><

..."' "" "' ...""zz """' 0 it:

Exercice N - 1

HA

*

IA5,I

863 412

28 046

97 221

Il

I obligatoires A9

Exercice N Charges exceptionnelles Produits exceptionnels

251 969

251 969

18 821

4 084

PROVISION POUR LITIGES

316 000

137 000

PROV PENALITES DE RETARD OE LIVRAISON

243 687

CHARGES PROVISIONNEES

255 276

CESSION IMMOBILISATION COPORELLE AMORTISS. DEROGATOIRES

(8)

D*

+

OAP EXCEPTIONNEL DES IMMOBILISATIONS

Detail des produits et charges sur exerciccs anlerieurs :

Exercice N Charges anterieures

COTISATIONS SOCIALES

6 796

CHARGES DE PERSONNEL

21 250

.. concernant ccttc rubnque sont donnees dans la notice n 2032. * Des exp\Jcat10ns

Produits anterieurs

13 952

CAME CA 29 Quai des Gresillons 92230 GENNEVILLIERS Numero Siret: 40309221600031

ANNEXE Date d'arrete des comptes : 31 decembre 2011

I.

La Societ6 a 6te creee le 13 Decembre 1995 sous la formc d'une S.A.R.L. au Capital entierement libere de 50 568 Francs, soit 7 709,04 curos. Le 13 Mai 1996, l'Assemblee des Associes decide de transformer la Societe en S.A. regie par la loi en vigueur et par les statuts au Capital entieremcnt liberc de 28 l 736 Francs, soit 42 950,38 euros. Confom1ement aux decisions prises par \' AssembJee Gcnerale Extraordinaire du 20 Juin 1996, M.S.I. (Materiels Scientifiqucs International) a pris le controle du Groupe S.P.T.M.-CAMECA. Le 29 juin 2001, la societe M.S.l. a etc acquise par la socicte M.A.!. (Micro Analyse Instruments) dont le premier exercice a ete clos le 31 dcccmbre 2002. Le 30 novembre 2001, M.S.I. a absorbe S.P.T.M.-CAMECA par fusion simplifiec suivant la decision de I' Assemblee Generale Mixtc Ordinaire et Extraordinaire. Le 5 am1t 2002, la soci6t6 M.S.I.(Materiels Scicntifiques lntemational) a absorbc CAMECA, sa filiale operationnelle, suivant la decision de l'Assemblcc Generale Mixte Ordinaire et Extraordinaire. De plus, M.S.1. a change de denomination sociale et de formc et est devenue CAMECA SAS afin de preserver son identite et son nom commercial vis a vis de ses clients. Le 6 avril 2005, la societe CAMECA est dctenue societe Financierc-Camcca.

a l 00 % par Micro Analyse Instruments, detenue elle-meme a 100 % par la

Aux tern1es d'une deliberation en date du 28 juin 2006, CAMECA, l 'associc unique de Biosims SARL, a decide de dissoudre sa filiale, par transmission universe\ le du patrimoinc (TUP) avec cffet retroactif au l er janvier 2006. Le 9 aout 2007, le fonds Carlyle Europe, actionnaire de Financicre-Camcca, tetc du Groupe CAMECA, a cede ses titres au Groupe AMETEK Inc. La societe Financiere-Camcca est detenue a 100 % par la nouvelle holding Ametek Holdings SARL. Le l er novcmbrc 2011, la societe CAMECA est detenue a l 00 % par Ametek Holdings SARL suite societes Micro Analyse Instruments et Financiere-Cameca.

a la

dissolution des

La societe CAMECA a pour objet: L'ctude, la fabrication et la vente de tous appareils en particulier d'instrumcnts scientifiques.

OU

6kments d'appareils elcctroniques et mecaniques de hautes precisions

Son siege se situe au 29 Quai des Gresillons, 92230 Gennevilliers.

L'annec sociale commence le !er janvier et finit le 3 I decembre.

2. Dans le but de simplifier la stmcture juridique du groupe de societes controlees par la societe Ametek Holdings SARL, Ia societe Micro Analyse Instruments a ete dissoute sans liquidation avec effet juridique au I er octobre 2011 par transmission universelle de son patrimoine au profit de la societe FINANCIERE CAMECA. La societe Financiere Cameca a egalement ete dissoute sans liquidation avec cffet juridique au l er novembre 2011 par transmission univcrsclle de son patrimoine au profit de la socicte Ametek Holdings SARL. Cette operation permet CAMECA.

a Ametek

Holdings SARL, socicte mere, de dctcnir directement l 00% des actions de la societe

2

3. Pfrimctre

d'int<~gration

fiscak

Une convention d'integration fiscale a ete signee en janvier 2008 cntre la societe Ametek Holdings SARL, tetc de groupe, et la societe CAMECA.

4. Les comptes annuels de CAMECA sont etablis scion Jes normes definies du plan comptable general de 1999, au PCG art. 531-l §I et au Code de Commerce art. R 123-180. II est fait application des recommandations du Conscil National de la cornptabilite, 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. Les comptes de l'actifsont Ctablis sur la base des couts historiques. Les couts d'cmprunts ne sont pas incorpores dans la valorisation des actifs corporels et incorporels.

Au bilan

Les dettes et creanccs en monnaics ctrangeres sont enregistrfos 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 provcnant de cette actualisation sont inscrits aux comptcs « Ecarts de conversion actif »pour Jes pcrtes latentes et« Ecarts de conversion Passif »pour Jes profits latents. Au compte de resultat

Les ccarts de change defavorables sur operations en devises font l'objct de provisions pour risques dotees pour leur totalite sur l'exercice de leur constatation.

5. Les methodcs d'cvaluation ct de presentation rctenues pour etablir Jes comptes de l'exercice 2011 sont demeurees inchangees par rapport a celles de l'exercice precedent.

6. Fxplicatfon des postl:'s du hilan - ACTff

Les immobilisations sont comptabilisees conformement aux reglements CRC 2002-10 et 2004-06. (en euros)

II

'

Valeur brute d'cxercicc

I debut

Immo.

Logiciels

II

377 998

lncorp.

Fonds Commercial

ii

12 931 800

!Ih

Agencement Amenag. Contrnct. Immo. Corpor.

Materiel Outillage lndnstriel

27 688

-4 683

225 811

57 595 377 998

-625 050

I 535 745

-27 124

258 243

-

312 470

19 044

-

I 921

331 514 1921

462 347 14 650 6 l 3

Total

283 406

-

Mobilier

Autres immobilisations financieres

401 003

I 782 796

47 667

Autres participations

Valeur brute fin d'exercice

12 931 800

237 700

Prets Financ.

Cessions Mise au rebut

Materiel de Transport Materiel Bureau et Informatique En cours (*)

Immo.

Acquisitions

462 347 20 404 587

414 778

31396314

35 055 200 -311 828

20 936 500

-968 685

!02 950 I

51364 129

(*) Immobilisations corporelles recyues partiellement

3

Les frais de reeherche et de developpement ne sont jamais immobilises et sont comptabilises en charge pour 4 982 K€. Le fonds de commerce a fait l 'obj et d'une reevaluation de 12 913 506 € lors de la fusion du 05 aout 2002. Cette reevaluation n'a pas subi l'imp6t (4 304 502 €)en application du regime de faveur prevu a ]'article 210 du Code General des Impots. Le fonds de commerce n'est pas amorti et n'a pas fait l'objet d'une depreciation suite au calcul de valorisation «Impairment test» Les acquisitions de la periode concernent exclusivement des achats de logiciels. Les sorties correspondent d'exploitation actucls.

I

a des

mises au rebut de logiciels d'ancienne generation non compatibles avec Jes systemes

•.

Les immobilisations corporelles, acquiscs aprcs la fusion du 05 aofit 2002, sont evaluees a leur cout d'acquisition (prix d'achat et frais accessoires, hors frais d'acquisition des immobilisations) ou a leur cout de production. La valeur des immobilisations transferees lors de la fusion correspond a lcurs valeurs nettes comptables aujour de la fusion. Les acquisitions de la periode correspondent a des rcnouvellements de mat6riels devenus obsoletes. Les sorties de la periode se dccomposent en cession intra-groupc d'un instrument de mesure (600 K€) et en mise au rebut de materiels en fin de vie ( 52 K€).

La valeur brute des titres de participation est constituce par la valeur d'apport ou d'acquisition hors frais accessoires. Les frais d'acquisitions ne sont pas incorpores dans la valorisation des titres. Une provision est constituee si la valeur d'usage d'un titre dcvient inferieure determinee en fonction de l'actifnct re-estime de la filialc.

a sa valeur d'entree.

Cette valeur d'usage est

• CAMECA detient Jes actions des filiales etrangeres (Camcca-USA, Camcca-UK, Cameca-KOREA, Cameca-TAIWAN et Cameea-Gmbh) a I 00 % pour 455 944 € et Jes autrcs titres pour 6 403 €. Cameca Gmbh a rencontre des diffieultes dcpuis son acquisition en 2005. Une restructuration de son aetivite a ete decidee visant a transformer cette entitc de production (instruments Quad) en structure de ventes et de services de l'ensemble des produits de Cameca. Cette restructuration permet a la filiale de rccouvrer une activite plus equilibree.

• Le 6 avril 2006, Cameea a fait un pret de 1 967 152 euros a sa filiale Cameca GmbH, pour Jui assurer un equilibre bilanciel suffisant. Ce pret, remunere au taux annuel de 5 %, devra ctre rcmbourse intei,,rralement le 6 avril 2013. Au 6 avril 2011, le pret a ete capitalise des intcrcts de la periode (6.04.10 - 6.04.11), soit 119 570 euros. Les interets courus de la peri ode 7 .04. l l au 31.12. l l s' el event a 92 527 euros. Les intercts eumules capitalises chaque annee

a la

date anniversaire du contrat (543 815 euros) augmentent le pret

a2 510 967 euros au 31.12.2011. • Un pret de 32 M euros a ete accorde a Ametek BV corrcspondant a la tresorerie excedentaire apres financement du BFR.

• Les autres immobilisations finaneieres sont eonstituces de depots de garanties pour I 02 950 euros.

4

Valeur debut d'cxercicc

(en euros) Logiciels Agencement Amenag. Contruct. Materiel Ou tillage Industriel

Mode J'amortissen1ents

(i83

14 575

85 125

21 980

I 010434

163 024

Oxl

38 084

124

~i

360 392 f

I

107 105 800 377

-

Materiel Bureau et lnformatique

Total

Valeur fin d'exercice

Reprises

350 499

Materiel de Transport Mobilier

Dotations

132 211

!i'

!l 11

1!

-

112 350

30 353

l 690619

268 015

Dotations dCrogatoircs

143 171 142 702

-404 888

I

l 553 746

Reprise~

d0rogatoircs

;~

I!'·

Logiciels

16 184

4 084

Les immobilisations incorporelles (logiciels) sont immobilisees et amortics au prorata temporis sur l'annee d'acquisition. Elles sont amorties comptablement sur trois ans. Elles font cgalement I' obj et d'un amortissement derogatoire. L'amortissement des immobilisations corporelles est calculc suivant le mode lineaire qui permet de mieux prendre en compte la depreciation economique des immobilisations. en respectant le cadre defini par Jes principes comptables et fiscaux.

Les durees et modes habituels d'amortisscmcnts pratiques sont resumes ci-aprcs : - Construction - Ouvragcs d'infrastructurc ct installations fixes - Machines-outils, materiel et outillages industriels - Materiel de transport - Mobilier et materiel administratif - Agencements des constructions, installations generales

20 ans Lineaire I 0 ans Lineaire 3 a I 0 ans Lineaire 5 ans Lineaire 5 a I 0 ans Lineaire 5 ans a I 0 ans Lineaire

Pour Jes amortissements des biens apportes lors de la fusion, Jes durees d'amortissements correspondent courir dans Jes livrcs de la socicte absorbee.

a la duree restant a

Les stocks, matieres premieres et foumitures, sont cvalues a leur cofit standard d'achats. Les stocks de produits finis et Jes travaux en cours sont evalues a leur cofit standard de production. Les stocks, valorises en cofit standard, sont corriges annuellement d'une part, des ecarts sur achats constate pour Jes matieres premieres et marchandises et d'autre part, de l'ecart constate sur la valeur reellc du cofit de la main d'ceuvrc (pour Jes en-cours et Jes produits finis). Les stocks font l'objet d'unc depreciation lorsque le cofit devient superieur a la valeur probable de realisation. Les frais generaux commerciaux, administratifs ct financiers, ainsi quc Jes frais de rcchcrchc ct de devcloppcmcnt ne faisant pas l'objct d'unc commandc client, sont dircctcmcnt pris en charge dans l'cxercice.

Valeur brute

Valeur nette

V. brute N-1

V. nette N-1

2 844 481

2 136 877

2 628 894

1 996 528

. En cours de production de biens

13 135 746

13135746

14 879 173

14 545 513

. Produits intermediaires et finis

I 141 119

737 978

1 562 250

1 125 491

63 419

62 227

26 190

21 574

17184 766

16 072 829

19 096 507

17 689106

(en euros} . Matieres premieres

. Marchandises

Total

5

Provision pour depreciation

Valeur debut d'exercice

92 433

123 373

490 652

4 617

8 762

12 187

I 407 403

299 806

En cours de production de biens

333 660

Produits intermediaires ct finis

436 760

Marchandises

Total

Valeur fin d'exercice

Diminutions

167 671

632 366

Matieres premieres

Augmentations

707 604 333 660 69 481 1 192

595 272

Le solde est compose d'une avance intra-groupe de 875 I 05 curos et des avances

1 111 937

a nos sous-traitants de

33 802 euros.

Les creances sont enrcgistrees au bilan pour leur valeur nominale. Certaines crcances sont eventuellement depreciees, selon la methodc suivante : La creancc constatee est depreciee de 50% de son montant hors taxc en fin d'exercice, si elle est superieure a un an d'existencc, ct si elle ne fait pas par ailleurs l'objet d'unc provision cas par cas. Elle sera deprcciee a I 00 % si son existence est supcricurc a deux ans, dans lcs memes conditions precisees ci-dessus. Par ailleurs, une depreciation complementaire individualisce pcut etrc constatee !ors de !'analyse du portefeuille en fonction d'evenements connus specifiqucs. Montants

N aturc des creances Creances clients et comptcs rattaches

7 091 401

Clients Clients - factures

96 633

(1)

Clients douteux ou litigieux

a etablir

28 157 7 216 191

Sous total Autres crcances

44 845

Personnel lmp6ts et taxes

(2)

764 128

Comptes courants Groupe

(3)

12 853 202 123 874

Divers debiteurs

13 786 049

Sous total

Total

21002240

a hauteur de 100 %

(I)

Creances douteuses, dont 91 3 79 euros, depreciees

(2)

TVA adeduire pour 413 K €, remhoursement de credit de TVA pour 140 K f' Credit Impot Recherche pour 189 K f' et autres pour 22 K€

(3)

Avances faites aux filial es Cameca GmbH pour 210 709 f', Creances sur Ametek Holdings sari pour 12 642 493 fi (apport des societes MA.I. et Financiere-Cameca Tuppees)

Provision pour depreciation

Clients et comptes rattachcs Comptes du Groupe

Valeur debut d'exercice

Augmentations

Diminutions

Valeur fin d'exercice

91 379

91 379

210 000

210 000

6

(en euros) 0 Prets ~ e <'"' .§ Autres immobilisations financieres Clients douteux ou litigieux Autres creances clients Personnel et comptes rattacbes Autres organismes sociaux .... Etat et autres nmpots sur Jes benefices ·o'"' ..... collectivites Taxe sur la valeur ajoutcc ".':l publiques Autr es i mpots, taxes <'"' Groupe et associ es Debiteurs divers

= '"

=

Montant brut

A plus d'un an 35 055 200

I 02 950 96 633 7119558 44 845

102 950 96 633 7 119 558 44 845

-

-

189 447 552 223 22 458 12 853 202 123 874

189 447 552 223 22 458 12 853 202 123 874

Charges constatees d'avance TOTAL

A 1 an au plus

35 055 200

43 133

43 133

56 203 524

20 948 740

35 254 783

i,,

Factures restant a etablir sur Jes interventions du S.A.V. Interets courus sur Jes prets

28 158 544 233 572 391 euros

Ce poste comprend uniquement des disponibilites au 31 decembrc 2011 Nature des disponibilites

Montants

Banques

5 009 780

Caisses Total

Nature

132 5 009 912

Montants

Charges d'exploitation Contrats assistance informatique

20 122

Contrats de maintenance

12 394

Assurances

3 938

Deplacements (billets d'avion)

4 473

Autres (Location, Abonnement, Fluides)

2 206

Total

43 133

Les charges payees d'avance sur Jes abonnements ct Jes contrats de service ont etc calculees prorata temporis.

Ils proviennent des creances clients etablies en devises pour 347 978 euros et des factures foumisseurs en devises restant payer pour 12 432 euros. A cc titre, une provision pour perte de change a ete constituee pour 360 410 euros.

a

7

7,

Le capital social est fixe a 6 782 100 euros et est entierement liberc. II est divise en actions de 137,6629 euros chacune, de meme categoric, numerotccs de 1a49 266. Son capital est dctenu a 100 % par Ametek Holdings sari depuis le 01 novembre 2011, date des operations de dissolution sans liquidation des societcs Micro Analyse Instruments ct Financiere-Camcca.

La deliberation de l'associe unique du 30 juin 2011 decide d'affecter l'integralite du benefice de l'exercice 2010 (5 048 669.95 euros) au poste «Report a nouveau». (en euros)

Capital souscrit verse Prime de fusion Reserve legale proprement
Ouverture

Augmentation

Diminutions

Resnltat 2011

6 782 100

11274421

11 274 421

678 210

678 210

3 270

3 270

71 829

71 829

Reserves diverses

5 690 944 12 231 270

5 048 670

8 520

16 184

Resultat cxcrcice 20 I 0

5 048 670

Total exercice 2010

41 789 234

5 690 944

5 064 854

17 279 940

0

-4 0X4

20 620

-5 !l4::\ 670

0

-5 052 754

41 801 334

RESULT AT exercice 2011

TOTAL

Cloture

6782100

Report a nouveau Provisions reglementees

Dividendes

41 789 234

5 064 854

0

-5 052 754

4 685 251

4 685 251

4 685 251

46 486 584

Les provisions pour risques et charges sont constatces lorsque les risques et charges sont nettement precises quanta leur objet mais dont la realisation est incertaine et que des evcnements survenus ou en cours rendent probables. (en euros)

. Litigcs (a) . Garanti es donnees aux clients (b)

Provisions

al'ouvertnre

Dotations de l'exercice 316 000

57 000

309 000

I 425 669

I 588 074

1 378 586

127 057

243 687

269 248

360 410

. Autres risques (d)

245 986

. Medaille du travail (f)

TOTAL

Provisions

a la cloture

50 000

. Penalites clients ( c)

. Travaux restant a effectuer (g)

Utilisation

I 540 991

. Pertcs de change . Pensions et obligations sirnilaires (e)

Reprises sans objet

I 490 136

370 744 269 248 47 740

171 869

360 410 198 246

0

86 304

I 575 701

580 695

15 797

31 920

564 572

I 739 483

2 176 530

2 395 742

I 520 271

6 043 596

4 709 962

4 357 286

6 079 284

316 988

Les dotations et reprises des provisions pour risques et charges se repartissent par nature comme suit : Nature

Dotations

Reprises

Exploitation

3 789 865

4 268 026

Financier

360 410

269 248

Exceptionnel

559 687

137 000

4 709 962

4 674 274

Total

8

a) Provision pour litiges II s'agit des litiges prud'homaux. b) 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. c) Provision pour penalites ll s'agit des penalites contractuelles apayer pour retard de livraison. d) Autres provisions pour risques Elle con-espond a des indemnites de rupture de contrat commercial dont le paiemcnt est intervenu sur l'exercice. e) Provisions pour indemnites de depart en retraite L'indemnite de fin de can-ierc susceptible d'etre versee est actualisee ct pondcree des probabilites de vie et de presence dans l 'entreprise, a la date de cloture. Ci-apres les hypotheses retenues pour le calcul de la provision conformemcnt a la convention collective de la Metallurgie: o Age previsionnel de depart a la retraite : 65 ans o Taux d'intlation : l ,8 % o Taux d'actualisation: 4,0 % o Table de mortalite : Source lnsee 2007-2009 Aucun engagement en ma ti ere de retraite n' a ete constate dans les comptes de la societc aI' egard des dirigeants.

f) Provisions pour medaille du travail Les mcdailles du travail susccptibles d'etre versecs sont actualisees et pondcrees des probabilites de vie et de presence dans l'entreprise, a la date de cloture (hypotheses similaires a la provision de depart en retraite).

g) Pro\ision pour travaux restant a effectuer Cctte provision, calculec en cout complet, con-espond aux couts d'installation non effectuees des machines livrees jusqu'au 31/12/2011.

Les couts d'emprunts nc sont pas incorpores dans la valorisation des actifs corporcls et incorporels. Montants

Nature des creances Emprunts et dettes financieres divers Participations des salaries

(I)

2 587 408

lnten~ts

(2)

86 157

courus sur

p~rticipations

Total

2 673 565

(1) Participation des salaries relative aux exercices 2006. 2007, 2008 et 2010 hloquee en compte courant. (2) lntercts courus des participations sur la periode du OJ 104111 au 31112111

Ce sont ks avances peri;ues des clients pour les livraisons de materiel

a realiser pour un

montant de 21 777 534 euros.

9

Repattition des dettes d'exploitation par nature: Nature des dettes

Montants

Fournisseurs et comptes rattaches Fournisseurs

3 201 394

Fournisscurs effets it payer

433 960

Fournisseurs Facturcs non parvenues

I 655 501

Sous total

5 290 855

Dettes fiscales et sociales Personnel

(I)

Organismes sociaux lmpots ct taxes

(2)

I 829 768 I 399 884

230 016

3 459 668

Sous total

Total

8 750 523

(I) dont dettes pour conges payes et RTT pour 953 Kf

Dettes pour participation des salaries pour 788 KE (2) dont TVA collectee pour 203 K€ Autres Taxes pour :!4 K€

Repattition des dettes diverses par nature : Nature des dettes

Montants

Autres dettes Comptes courants Grou pc

(I)

Redevances

72 221

Crediteurs divers

(2)

Total (1) (2)

I 264 544

2 944 044

Agents commissionnaires

51 342 4 332 151

dettes envcrs la filialc Cameca GmbH(8 l 5 K€) et Ametek Holdings sari(450 K€) dont cotisations pour 22 K euros ct prestations bancaires pour 13 K euros.

( e11 e11ros)

Montant brut

A 1 an au plus

A plus d'l an 5 ans au plus I 368 613

Emprunts et dettes financiercs divers

2 673 565

I 304 952

Fournisseurs et comptes rattaches

5 290 855

5 290 855

Personnel et comptes rattachcs

I 829 768

1 829 768

Securite sociale et autres org. sociaux

1 399 884

I 399 884

E tat et autres collectivitcs publiques

lmpots sur !es benefices Taxc sur la valeur ajoutee Autres impots, taxes & assi.

-

-

203 192

203 192

26 824

26 824

Dettes sur immobilisations & cptes rattaches Groupe et associes

I 264 544

I 264 544

Autres dettes

3 067 607

3 067 607

Produits constates d'avancc

2 389 547

2 389 547

18 145 785

16 777 152

TOTAL

1 368 613

IO

Emprunts et dettes financieres divers Dettes foumisseurs et comptcs rattachcs Dettes socialcs Dettes fiscales Redevances Autrcs (cotisations, divers)

Nature

86 157 I 655 501 l 805 106 695 656 72 221 36 440 4 351 081 curos

Montants

Produits d'exploitation Contrats de maintenance S.A.V.

(I)

2 201 947

Marchandi ses facturees non Ii vrees

(2)

187 600

Total

2 389 547

(I) Les contrats de services sont facturcs aux clients pour une periode a courir exprimee en jours. A la cloture, la part calendaire non echue est constatee d' avancc. (2) La provision correspond a des accessoires non livres relatifs a des machines livrecs, facturees.

Les profits latents s'elevent a 392 248 euros. Ils provienncnt des creances clients en devises pour 306 66leuros et des avances en devises versees aux foumisseurs pour 85 587 euros.

11

Le fait gencratcur du chiffrc d'affaircs est le transfcrt de propricte. D'une maniere generale, le transfert de propriete resultc, soit de la livraison proprement
y Ventilation du chiffre d'affaires (en millicrs d'curos) Zone geographique

2011

2010

2009

-FRANCE

3 769

2 526

7 068

- UNION EUROPEENNE

8 022

8 234

6 749

- U.S.A. - CANADA

11 028

11 343

11 778

- ASIE - PACIFIQUE

25 694

15 486

6 434

251

6 415

48 764

44 005

32 029

22,0

21,5

16,0

-AUTRES TOTAL

Nombre de machines vendues

(*)La part du Service Aprcs Vcntc dans le chiffrc d'affaires rcprcscnte 11.8 %, soit 5 765 milliers d'curos.

La zone « Autres » regroupe Jes pays tels quc la Russic, la Norvegc, la Suisse, I' Algerie, I' Afrique du Sud, I' Arabic Saoudite, la Turquie et I'Israel.

Repartition du chiffre d'affaires 2011 par zone geographique

U.S.A. - CANADA 22.G2Y.·0

UNION EUROPEENNE (+FRANCE} 24.26%

ASIE • PACIFIQUE 52.69% AUTRES 0.43%

Le graphiquc met en evidence la part des pays emergents dans le «business »de CAMECA.

12

Cc poste, pour un total de 56 360 euros, comprcnd Jes Debits Non Commerciaux ( 16 K€), la refacturation des frais de personnel (18 K€) aux entites du Groupe, la regularisation des cotisations sociales pour 7 K€ et divers pour 15 K€. 2011 56 360

Autres produits

2010

2009

123 285

369 594

Le montant des autres achats ct charges extemes, qui s'eleve <'t 12 795 milliers d'euros, comprend Jes achats de sous-traitances industrielles (I 498 K€), Jes achats non stockcs de matieres et foumitures (437 K€), Jes services exterieurs (4 841 K€) et Jes autres services cxtcricurs (6 018 K€) detailles ci-dessous: Autres charges externes

2011

2010

2009

Services exterieurs Sous-trnitance generalc

(I)

3 437 588

2 990 731

2 397 257

Redevances de credit bail

(2)

927 360

863 412

938 011

Locations

(3)

66 224

69 045

I 07 676

202 927

210 408

212 075

9(1 725

62 182

84 683

13 567

12 377

7 709

103 091

37 762

37 119

4 841 482

4245917

3 784 530

Entretien. reparation, maintenance (4)

Primes d'assurance Documentation Frais de col loques, seminaires. conferences

Sous total Autres services exterieurs

111 587

I 54 444

65 973

(5)

3 356 763

2 195 366

I 621 272

15 510

117

4 342

Transports de biens

(6)

828 524

757015

545 193

Deplacements, missions et receptions

(7)

Personnel interimaire Remuneration d'intermediaires et honoraires Publicite, publications, relations publiques

I 447 159

I 306 189

1 384 071

Frais postaux et de telecommunications

47 988

36 001

47 987

Services bancaires et assimiJes

96 221

97 153

92 220

114 715

88 700

70 122

6 018 467

4 634 985

3 831 180

10 859 949

8 880 902

7 615 710

(8)

Divers

Sous total

Total (I)

Prestations pour I 431 K€, autres prestations decentralisees pour I 481 K€. exploitation informatique pour 148 K€, nettoyage et gardiennage des locaux pour 373 K€.

(2) Remboursement du credit bail immobilier que Cameca a souscrit aupres de BNP exFortis Lease pour financer le nouveau siege. (3)

Locations de vehicules, de mobilicrs et de materiels informatiques.

(4)

Couvertures conccmant la responsabilite civile, la multirisque industrielle (y compris la perte d'exploitation), le transport des marchandises, la tlotte automobile et Hommes Cl es pour le credit bail immobilier.

(5)

Commissions sur ventcs pour 3 165 K€, honoraires pour 150 K€ et divers pour 42 Kt'.

(6)

Transports sur achats pour 293 Kf, transports et emballages sur ventes pour 524 K€ et divers pour 12 K€.

(7)

Frais de voyages pour 511 K€, de missions pour 872 K€ et de receptions pour 64 Kt'.

(8)

Cotisations des organisations pour 42 K€ et frais de recrutement pour 72 K€.

13

Autres charges

2011

2010

2009

Redevanccs

(1)

97 221

118 207

34 900

Divers

(2)

8 344

16 105

18 850

105 566

134 313

53 750

Total

(1) redevances versees a des organismcs (CNRS, ONERA) pour !'utilisation de leurs brevets dans nos machines (2) dont regularisation de cotisations socialcs de 6 796 curos

(en euros)

2011

Resultat d'exploitation

2010

2009

8 159 372

7 830 214

-393 198

367 117

318 713

692 540

504 721

189 166

Resultat financier - Dividcndcs ct revenus des prets

(I)

- Charges d'interC!s

(2) JO 998

- Resultat net de change - Autrcs charges et produits

(3)

- Provisions pour risques

(4)

659 444 -234 707

342 020

80 032

80 118 54 258

413

133 427

Resultat avant impots

8 526 489

8 148 927

299 341

Resultat exceptionnel

-692 701)

-46 9SS

-18 395

- Penalites clients

-17 420

-31!

- Penalites liscales - Provisions pour risques et charges

(5)

- Autres charges et produits

(6)

138 256 47 715

Participations et interessements

0 -37 330

lmpots sur Jes benefices de l'exercice 189 447

344 260

567 565

4 685 251

5 048 670

811 181

Credit lmpOt Recherchc Resultat net de l'exercice

-! 39 231

(1) don! Rcvcnus du pret a Cameca GmbH pour 123 976 euros Revenus du pret a Ametek BV pour 381 900 euros

(2) dont lnterets sur participation en comptc courant bloque pour < 108 919 > euros Interets de l'avance Camcca Gmbll pour < 14 505 > euros Interets de retard sur factures echues pour< 1 1 541 > euros Agios pour< 8 911 > euros

(3) dont Revenus factures aux holdings« Tupees » M.A.! et Financiere-Cameca selon la convention de tresorerie pour 307 156 euros Autres revenus pour 2 019 euros Swap de taux(Leasing) pour < 229 143 > euros

(4) Provisions pour risques financiers pour < 84 758 > curos

( 5) dont Amortisscments derogatoires pour < I 2 100 > euros Amortissements des immobilisations pour< 2 637 > curos Provisions pour pcnalites clients pour < 243 687 > curos Provisions pour Iitiges pour< 179 000 > euros

(6) lndemnites de litiges pour< 255 246 > euros

14

Une provision de 787 947 euros a ete constatec dans Jes comptes de la societc au titre de la participation conformement !'accord de participation signe le 25 juin 2010.

Bases

Repartition de l'impot Resultat courant

a

Taux34,10%

8 526 489

2 907 249

Resultat social

4 685 251

1 597 514

Reintegrations et Deductions fiscales

2 793 597

952 523

()

0

7 478 848

2 550 038

Resultat exceptionnel

Deficits imputes Resultat fiscal : Benefice

Le resultat fiscal de l'cxercice (7 478 848 €) generc un imp6t apayer de 2 550 038 euros. Un credit d'imp6t en faveur de la recherche a etc constate dans Jes comptes de la societe et s'eleve Ce credit s'impute sur l'imp6t sur Jes societes, soit un imp6t net apayer de 2 360 591 euros.

a 189 447

euros.

Cette somme est transferee chez Ametek Holdings SARL, la tete de groupe, dans le cadre de !'integration fiscale.

9. Au 3111212011 (en euros)

CAMECA FRANCE

Came ca USA

Cameca UK

Ametek JAPAN

Cameca KOREA

Cameca TAIWAN

Cameca GmbH

AMETEK Holdings SARL

AMETEK Holdings

BV

Au bilan Act if Prets Preteur

35 055 200 2 603 495

Emprunteur

32 451 705

Creances d'exploitation Comples courants Cameca

12 853 202 210 709 12 642 493

Comptcs courants partenaires Clients

4719887 I 689 298

2 974 682

Filiales partcnaires

38 100

17 806

Passif Dettes d'exploitation Comptes courants Camcca

1 264 544 814 506

Comptes courants partenaires Fourni sseurs Filiales partenaires

450 038

7 640 006 147 381

2 234

2 781 820

516 538

538 836

3 653 197

15

Au 31112/2011 (en euros)

CAMECA FRANCE

Cameca USA

Cameca UK

Ametek JAPAN

Came ca KOREA

Came ca TAIWAN

Cameca GmbH

AMETEK Holdings SARL

AMETEK Holdings

BV

Au compte de resultat Produits d'exploitation . V entes aux filial es

13 247 717

. Societes partenaires

5 632 093

9 302 6 939 854

I 665 327

3 253

395 317

68 964

300 983

59 098

306 387

Charges d'exploitation . Achats aupres des filiales

1 788 173

. Societes partenaires . Prestations faitcs par !es filiales

18 667

100 926

4619301

. Societes partenaires

869 990

I 496 404

768 800

1 019 826

Produits financiers . lnterets courus it recevoir

813 032

. Societes partenaires

123 976

307 156

381 900

Char2es financicres . lnterets et charges assimiles

26 047

. Societes partenaires

26 047

HL



Des cautions ct avals accordes a des clients par Jes banques pour notre comptc s'elevent a 12 540 368 € : 93 047 € Marches« Etrangcr »: 12 447 320 €) (Cautions Marches« France»:



Une assurance Homme Cle a ete souscrite pour un total de 750 000 euros sur l personne.



11 n'existe pas de garanties de passif, d'engagements de surete et d'actes de nantissements au 31decembre2011.



PITCH Promotion, a cede par acte notarie du 21/12/2005 son tenain - 29 quai des Gresillons a Gennevilliers(92), et a vendu en etat futur d'achevcmcnt un immcublc a usage de bureaux et d'activites pour une surface de 7 420 m2 a BNP exFortis Lease. La livraison a eu lieu le 13 juillct 2006. Ce meme jour, devant notaire Fortis Lease a signe un credit immobilicr avec Cameca pour cet ensemble immobilier pour une duree de 12 ans et une valeur de 12 340 000 curos dont une avance de 1 million euros a ete versee. Les remboursements ont commence a compter de la livraison.

Ci-apres la ventilation de l'immeuble par nature : Tenain Construction Agencements

: l 500 000€ : 7 840 000€ : 3 000 000€

Les redevances au titre de l'excrcicc s'elevent a 927 360 euros.

16

Dans le cas ou la socicte avait acquis ce bicn, l'amortisscment de la nouvelle usine (construction et agencements), decomposee en 4 groupes avcc des durees de vie rcspectives de 8 I I 0 I 25 et 30 ans, aurait ete de 468 048 euros par an.

Credit bail immobilier

Redcvances Cumulees

Redevanccs Excrcice

Engagement Net

12 340 000

- 3 296 358

- 697 679

8 345 963

Echeancicr

A I an au plus

A plus d'l an ct 5 ans au !us

A plus de 5 ans

Credit bail immobilier

724 318

3 184 605

I 352 040

Le prix d'acquisition a I' expiration du credit bail scra de 3 085 000 curos

Les effectifs moyens par categoric se decomposent commc suit : Ouvriers ETAM lngenicurs

27 84 68 179

Nombre d'heures ouvertes au titre du droit individuel a la formation (DIF) au 31.12.2011 Nombre d'heures de formation consommees au titre du D.l.F. au 31.12.2011

18 230 heures 84heures

Aucune demande de formation n 'ayant ete deposce par Jes salaries au 31.12.20 I I, et acceptee par la direction, la societe n 'a pas juge utile de proceder aune provision au titre de cet engagement.

,It>

Neant

Neant

Neant

17

Conformcment aux articles L.233-16, L.233-17 et R.233-15 du Code de Commerce, la societe, dont le capital est detenu a I 00% par la societe Ametek Holdings SARL dcpuis le 9 aout 2007, n' etablit ni ne publie de comptes consolides pour l'exercicc clos le 31 dcccmbre 2011, etant precise que: - Jes comptes des societes controlees directement ou indirectement par la sociere Ametek Holdings SARL sont inclus dans Jes comptes consolidCs de !'ensemble plus grand d'cntreprises etablis par la societe Ametek Inc., societe de droit arnericain, - ces comptes sont completes par la mention dans l'annexe des comptes annuels de la societe Ametek Holdings SARL des informations significatives visees a!'article R233-l 5 du Co
IL Neant

12.

Ci-apres la lisle des filialcs etrangercs detenues par CAMECA SAS :

CAMECA Instruments Inc. 5500 Nobel Drive Madison, WI 53711, Etats Unis d'Ameriquc

CAMECAUK PO box 88, Wilmslow Cheshire SK95BE Grande-Bretagne

CAMECA KOREA Co, Ltd 3th floor (309), 906-5 Jui-dong, Youngtong-ku, Su-won City Kyunggi-do Conic du Sud

CAMECA TAIWAN Corp, Ltd lOF-6, N° 120, Sec. 2 GongDaoWu Road 30072 Hsin Chu Tai'wan

CAMECAGmbH Carl-von Linde Str. 42 D-85716 Unterschleissheirn Allernagne

18

Tableau des filiales et participations au 31.12.2011

CAMECA

CAMECA

CAM EC A

CAM EC A

CAM EC A

U.S.A

lJ.K. ltd

KOREA

TAIWAN

GMBH

CSD

GBP

ARW

NTD

EUR

CAPITAL !Reserves (inclut Rcsultat de l'exercice) ~uote-part

270 000

30 000

50 000 000

1000000

25 000

12 986 387

166 048

1158478521

31 801 184

47 410

de Capital detenu en %

100'%

100%

100%

100%

100%

~aleur d'inventaire des titres detenus

Euros

322 508

46 574

35 496

26 366

[Devises

395 645

30 000

50 000 000

I 000 000

0

Prets et avances consentis et non rembourses IEuros

2 603 494

[Devises Chiffres d'affaire (taux moyen) Euros

21 758 178

110 014

2 921 301

l 365 384

Devises

30 223 735

96 055

4501512000

55 827 414

Euros

5 090 304

5 228

739 511

509 858

!Devises

6 597 077

4 359

1112333791

19 998 510

2 843 308 -

IResultat au 31/12/2011 (taux de cloture) 869 142 -

[Dividendes verses Euros - Devises Cautions ou avals donnes au benefice de ces societes Euros - Devises Date d'ouverture

01/01/2011

01/01/2011

01/01/2011

01/01/2011

0110112011

Date de cloture

31/12/2011

31/12/2011

31112/2011

31/12/2011

31/12/2011

19

Exercice clos le 31 decembre 2013

Rapport du commissaire aux comptes sur les comptes annuels

EV

Ernst & Young Audit Tour First TSA 14444 92037 Paris - La Defense cedex

Tel.: +33 (0) 146 93 60 00 www.ey.com/fr

Exercice clos le 31 decembre 2013

Rapport du commissaire aux comptes sur les comptes annuels

A l'Associe Unique, En execution de la mission qui nous a ete confiee par votre assemblee generale, nous vous presentons notre rapport relatif l'exercice clos le 31 decembre 2013, sur:

a



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 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 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 sont suffisants et appropries pour fonder notre opinion.

a

a

Nous certifions que les comptes annuels sont, au regard des regles et principes comptables frani;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

a

SAS capital variable 344 366 315 R.C.S. Nanterre

Societe de Commissaires aux Societe comptable au Tableau de l'Ordre Region Paris· lie-de-France Membre du reseau Ernst & Young Global Limited Sii2ge social : 1-2, place des Saisons - 92400 Courbevoie Paris - La Defense 1

EV II.

Justification des appreciations

En application des dispositions de !'article L. 823-9 du Code de commerce relatives nos appreciations, nous portons votre connaissance les elements suivants :

a

a la justification de

Principes et methodes comptables •

La note 6.2.1 de l'annexe expose les regles et methodes comptables relatives aux modalites de comptabilisation des stocks. Dans le cadre de notre appreciation des regles et des principes comptables suivis par votre societe, nous avons verifie le caractere approprie des methodes comptables precisees et des informations fournies dans cette note de l'annexe, et nous nous sommes assures de leur correcte application.

Estimations •

a

Votre societe conserve dans ses comptes un fonds de commerce dont la valeur brute s'eleve K€ 12.932 au 31 decembre 2013. Compte tenu des elements previsionnels, ce fonds de commerce ne fait pas l'objet d'une depreciation tel que cela est indique dans la note 6.1.1 de l'annexe. Nous avons procede !'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.

a



Votre societe constitue des provisions pour risques et charges, tel que cela est decrit dans la note 7 .2 de l'annexe. Nos travaux ant constitue apprecier les donnees et les hypotheses sur lesquelles se fondent ces estimations, a revoir les calculs effectues par votre societe et a comparer les estimations par la direction. Dans le cadre de nos appreciations, nous nous sommes assures du caractere raisonnable de ces estimations.

a

Les appreciations ainsi portees s'inscrivent dans le cadre de notre demarche d'audit des comptes annuels, pris dans leur ensemble, et ant 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

Paris-La Defense, le 13 juin 2014 Le Commissaire aux Comptes ERNST & YOUNG Audit

Christian Lemaigre Dubreuil

Came ca Exercice clos le 31decembre2013

2

DGFiP

Designation de l'entreprisc · <'_~A ___ M_E_C_A~--· ................... Adressedel'entreprise .............. Nurncro STRET*

I

I

i

:0l

Duree de rexercicc exprimec en nombre de mois*

DES G_ . . . . . . . s

CltJl\T

N° 2050 2013

Duree de l'cxercice precedent* L 1_2 J

92230 GSNNEVlLlIERS

INeant 'J *

. 2 i 1 : 6 G i 0 ' 0 i 3 ,1

[

Exercice N dos le,

N-l

I 31122023

I

l 31122012

Brut l

"'

~

AC

Frais de developpement *

ex

CQ

Concessions. brevets et droits similaires

AF

Fonds commercial (I)

-'

-" ~

--·-·······--·11

Autres immobilisations incoqJorelles ··-··--·-··-·--~··--··-···---·--------i

A tions

et acomptcs sur immobilisa1)oreUCs

·---·····--····-

, ..................... 385 469 i

448105 AG 12 931 800 AI

AJ

r-~-~--··-~4

AK

Tenains

AN

AO

Constructions

----·----·-·········~---·-·-··-----~~.---+-----·~-----···--~~~

AP

322443 AQ

168 373

154 070

156 839

1900026 AS

1 045 068

854 958

963 677

AT

742 391 AU

430861 ~-

Immobilisations en cours

AV

IAW

A vances et aeornptes

AX

AY

Participations evaluees sdon la rnethode demise e11 equivalence,

cs

CT

~

Autres pmticipations

cu

462 347 CV

2_

Cr6ances rattachees

i::

Autrcs titres immobilises

BO

Prets

BF

Autres immobilisations financieres*

BH

i

;a §

..........................

I

287195

- ..--

_ .............................

···-··········

ades participations

·-····

462 347

198 844 BC BB ! - - · - - - - · · ...... .

:;;: ::iE

-·~--···········

437 347

r·----------··--····--···-··----··--··f-----------~

<

v. ~

311 530

1

···················--~--!-:···················

~~~,,_,.

t:b

12 931 800

lnsta llatiom;·i.ecilniq-uc·s: lnatcricl ct outillagc industrids - - - - - - - - - - - i A R Autres immobilisations corporel!cs

;;,

12 931 ••

t

AM

. ." V

24 561

<

AL

H

62

1---~--

AH ................ - -

Z;

§

*

~--·~----------~--....

~

i

AB

d'etablissemem

Net 4

3

(I) AA

Capital souscrit non appele

Ll3...J

198 844

BE

i

44 911 000 BG ,......................................... _35_2_8_2....., BI --·

44 911 000 35 2~;1

41 541 23

r-~~~~~~~~~~~~~~~~+--~~~~~~

TOTAL (II) BJ

61 952 237 BK

2 029 771 •

59 922 466 i

56 366 008

Matiercs premieres. approvisionnements

BL

2 942 822 BM

550 674

2 392 148

2 597 048

.

En conrs de production de biens

BN

15775451 BO

Q

En eonrs de production de services

BP

BQ

Produits inknnediaires et finis

BR

1406738 BS

214 912 I

Marchandises

BI

77 983 BU

1 873 :

'J:.

~

,

· · · · - -

BV

181 150 BW

Clients et comptcs rattaches (3)*

BX

9 291 994 BY

Antres creances (3 l

BZ

14 704 173 CA

(don! actwns propres . . Disponibilites

....

13857145 «<

CF

1 131 826

76 11

921 328 54584

181 150

75 098

9 216 896 14 704 173

.

9155 13467699 ··-----.......................... ·--

CE,....

1--------~-----i

.

· -

.

cc

Capital sonscrit et appclc. non verse CB ,, 'vaicu1:s·mobihcres de place1·11-en_t_·····.·..····..···· ·.·..·····..··.)1 cot----·------·..............

c

··-·---·

[---················

Avances ct acomptes verses sur cornmandcs

$

15775451 •

r-----------+,~---------...+-----~.-----1

6 047 232 CG

6 047

3 242 636

1--~~~~~~~~.~~~~~~~~-+-~~~~~~~--1

ICH

145 504 Cl

TOTAL (lll) CJ

50 573 046 CK

Charges constatees d'avm1ce (3)*

Frais d'emission d'emprunt a etaler

Primes de remboursement des obligat Ecarts de conversion actif*

145 504 I 902 556

49 670 490

200 209 43 560 059



(IV) '":W

M (VI) CN

17 736

17

25 520

1--~~~~~~~-1--.~--~~--~~~'--~~~~~~~-+~~~~~~~~-l

112543019 lA

TOTAL GENERAL (Iii VI) ICO c..

I

Renvois : (Ii Dont
2 Clause de reserve '· --· ~ de propriete :* , 'ib * Des explicatmns conccmJnt- cette rubnque s.ont donnCes dms la notu:e n"' 2032 i

v

{2ipaita

, ;d'unande;

.

CP

Stocks:

2 932 327

109 610 692

I (3) Part aplus d'un an •

'

jcR

Creances: [

99 951 587 75 098

DGFiP

BILAN - PASSIF avant repartition

2

N° 2051 2013

DGFIP C5113. lOG:_

Designation de l'entreprise

*

Neant

Exercicc N

Exercice N

Capital social ou individucl ( 1)* {Dont verse :

DA

6 782100

6 782 100

Primes d'emission, de fusion, d'appmi, ...

DB

11274421

11274421

r)

Ecarts de reevaluation (2)* (dont ecart d'equivalence

DC -·---~··

'..t:l'l·' ;;:

Reserves statutaires ou contrnctuelles

~

Reserves

3

Amres reserves

0.

~ 0:: < v

reglcment~~s(3)*{_~~n; fi~~%v~i~~c~~;l~~t';i~~rovisions Donr reserve relative aI' achat (

) )

Bl t---t·~~·

. d'oeuvrcs oricinales d'artistcs vivants* EJ

e

5 690 944

RESULTAT DE L'EXERCICE (benefice ou perte)

DI

Subventions d'investissement

DJ

*

12 672 906

9 774 275

DK

31 065

23466

DL

68 944 211

56 263 705

Produit des emissions de titres partidpatifs

DM

A vances conditionnees

DN

t.2 2

2

71 829

21 965 191

TOTAL(I) !/:,

71 829

Report anouveau

Provisions reglementees

.-g

Df'

;: c..

<

TOTAL (II)

DO

"" i\'J ,,,

Provisions pour risques

DP

2 234 149

1 886 742

:~·t:Jj

Provisions pour charges

DQ

4 052 226

3 957 466

DR

6286 375

5 844 209

§&~

£g~ c.,

~

TOTAL(ll Emprunts obligataircs convertibles

DS

Autres cmpnmts obligataires

DT

Emprunts et dcttes aupres des ctablissemcnts de credit (5)

DU

Emprunts et dettes financieres divers (Dont emprunts nmiicinatifa

DV

2 574 959

1 952 507

A vanccs et acomptes rei;us sur commandes en cours

DW

15 225 722

18 259 518

DX

6 211 793

3018361

DY

4 742 568

5 828 331

!;I')

;.:.:i

t:

;.:.:i

Ci

Comple

reguL

Dcttes sur immobilisations et comptes rattachcs

DZ

Autres dettes

EA

2 502 367

6 263 281

Produits constates d 'avance (4)

EB

2 623 533

2 356 853

33 880 942

37 678 852

1---"'~.....;.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~--l

TOTAL (IV) EC

1--~~~~~~~_,;.~~~~~~~~-l

(V) ED

Ecarts de conversion passif"'

499 164

164 821

1--~~~~~~~~~~~~~~~~-l

TOTAL GENERAL (I (I)

a V)

EE

109 610 692

99 951 587

75 098

75 098

1B

Ecart de reevaluation incorpore au capital Reserve Speciale de reevaluation ( 1959)

(2)

Dont

Ecart de reevaluation libre Reserve de reevaluation ( 1976)

(3)

Dont reserve Speciale des plus-values a long terme

*

EF

(4)

Dcrtes ct produits constatcs d'avance amoins d'un an

EG

(5)

Dont concours bancaires courants, et sol des crediteurs de banques et CCP >!".

De~

cxplicutio11s conct'mant cctte rubrique

Si.mt

donnCes dans la notice n° 2032

EH

17 898 499

CO!VlPTE DE.RtSULTAT DE L'EXERCICE (En llst~)l DGFIP C5113.l

DGViP

N° 2052 2013

···········································-··..!

7

*

'leant

Exercice 'l l::xercice (N

France

l)

Expo11atioth d Total . _ _ _ _ _ _.;,_._llv~'raisons intr:ll'01nmunau..t:acic:cr":::.~s..,-,......._. _ _ · - · - - - ········--·-·-···---·-

Ventes de marchandises *

f z

§ < r--

6....J c..

><

biens

FB

FA *

Production vendue '\ services

*

Chiffrcs d'affaircs nets *

FC

FD

5242911

FE

49 111 609

FF

54 354 520

52 318 062

FG

1 682485 FH

3 073 139

Fl

4 755 624

3 545 582

FJ

6 925 396 FK

52 184 748

FL

59 110 144

55 863 644

2 098 181

807 143

38 586

356 538

4 003 384

4 902 163

358 236

317 967

65 608 531

62 247 454

--------

Production s!\1ckee*

Bl

Production immobilisee*

FN

----

------

FO

FP

Reprises sur amortissements et provisions. transfet1s de charges* (9) Autrcs produits (l} (11)

Total des produits d'exploitation (2) (I)

FR

Aehats de marchandiscs (y compris droits de douanc)*

FS

Variation de stock (marchandises)*

FT

Achats de maticres premieres et autn:s appro' isionnements (y compris droits de douane)*

FU

14 845 083

Variation de stock (matieres premieres et approvisionnemems)*

F\'

250 628

(348 968)

Autres achato> ct charges extemes (3) (6 bis)*

FW

13915170

12 573 142

lrnp6ts, taxes et versements assimiles*

f'X

1 814 332

1 363 455

9 631189

9 751 911

·--~--------~-~--

Salaires et traitements*

___..,

Charges socialcs n 0)

-------~~~

(15 084)

FY

520 13 387 997

~-----·-----

f' Z

4 800 415

4 933 536

337 410

295 101

.......................

GA

! Sur tmmobilisations{ doiations aux provisions*

GB

GC

Sur actifcirculant: dotations aux provisions*

265 053

676 821 -

Pour risques et charges . dotations aux provisions

GO

····--·-···------·

4 068 754

4150916

164 308

87 277

···-·-·

Autres charge& (12) ~---------------~--------------~~----!

GE

1--~------~---------l

Total des charges d'exploitation (4) (JI) GF

50 077 257

GG

15 531 274

ULTAT D'EXPLOITATION (I • II) Benefice attribue ou pe1te transferee*

(III)

GH

Pate supportcc ou benefice transfCre*

(IV)

GI

GJ

Produits finarn:iers de participations ( 5)

2 454 202

46 871 707

226 372

···---··

v z z<

Produits des autres valeurs mobiliercs et creann:s d.o l'a<:tif immobilise (5)

GK

869 861

883 533

Autrcs intercts et produits a'isimiles ( 5 J

GL

237 136

395 073

G\1

50 520

360 410

Differences positives de change

G.\1

62 567

354 925

Pmduits nets sur cessions de vakurs mobili0rcs de placement

GO Total des produits financiers (V) GP

3 674 287

2 220 313

Dotations financieres aux arnortissements et provisions*

GQ

17 736

25 520

lnterC!s et charges assimilees (6)

GR

351 083

365 776

Differences negatives de change

GS

126 317

541 780

Reprises sur provisions et transf\:rts de charges ••••••www•••••••••••••-••••••••••••••••••••••••www••••••••••••••••••••••

L.•www•-~•-••-•

Charges ncttes sur cessions de valcurs mobilicres de placement

GT 1------~~-~~-~~~~~~-l

Total des i:harges financicres (VI) GU

"-

2 • RESULTAT FINANCIER (V ·VI)

e 1--------------------------~--------------1

o

GV

495 135

933 075

3 179 152

1 287 238

f---~------~~---------1

3. RESULTAT COURANT AVANT IMPQTS (I· II+ Ill· IV+ V ·VI) GW 18 710 425 16 662 984 ~L-~~~~-~-~~~~---IR-F-·N_V_O_IS~1-·oi-rt-ah-k-,a-u-n'~2~0,~~3~)*~D-e-s-ex--p-hc-at-iu-n-sc-o-nc-,em-a-n-rc-,e-tte-r-ub-.ri-qu-e-sl->n-td~o-1m-e-cs~d~an-s-la~n-ot-l~--n-"-2-03-2-.----~---~------l :,.;

N° 2053 2013

DG:FiP

Designation de l'entrcprisc

._;f\!v'.Fi'

Neant

i

Exercice N

LJ *

Exerclce N • 1

·-··

~1 ~g

HA

. Produits exceptionnels sur operations de gestion , Produits exceptionncls sur operations en capital

-··..

*

Total des produits exceptionnels (7) (Vil)

-

' ---------·-·

Charges exceptionnelles sur operations en capital

-----~

*

·--

Dotations exceptionnelles aux arnortissements et provisions Total des charges exceptionnelles (7) (VIII)

(IX)

Participation des salaiics aux resultats de l' cnlreprise lmpots sur lcs benefices

- ---·- ----·---·--

··-------------··-··

·------·-·

·--·----·--···-·-·-·----

*

-~~-

--··..

TOTAL DES PRODUITS (I+ III+ V +Vil) .....

TOTAL DES CHARGES (II+ IV+ VI+ VIII+ IX+ X)

5

(Total des produits ·total des charges)

Dont produits nets particls sur operations a long terrne

(1)

'~--~--~

..- - - -

Credit-ball mobilier

313 997

36 822 ' -·-----

106 ·-·

HF

31 659

HG

112 607

80 062

HH

181 088

80 169

HI

(96 532)

233 828

HJ

1 369 861

1 748 150

... ···---

HK

----·------·

4 571 126 i

5 374 388

~--··---~~"

HL

69 367 373

64 781 764

HM

56 694 467

55 007 489

HN

12 672 906

9 774 275

HY ---~'

-----~"

produits d' exploitation afferents

'

84 555 i

HO

produits de location immobilieres (2lDon!

HD

-·--~··-

(X) ·········---·

. BENEFICE OU PERTE

313 888

-~-----

. RESULTAT EXCEPTIONNEL (VII-VIII)

4

84 555 i

-~~---

··------

~

ff('

HE

Charges exceptionncl !cs sur operations de gcstion ( 6 bis)

1::..

·-·-

HB

: Reprises snr provisions et transferts de charges

1f

109 ···-

ades cxcrciees anteri curs (a d6tailler au (8) ci-dcssous)

'

..

..

.....

"

JG

*

13 291

'

HI' ,...........................

(3) Dont

HQ

- Credit-bail immobilier

860 615

889 735

~·-·

i (4)

Dont charges d 'exploitation afforentcs

ades exercices antericurs (a detailler ao (8) ci-dcssous) .......

i (5)



Dont produits concernant les entreprises liees

(6)

i

Dont interets concernant les entrepriscs lii;Ses

··---··

.

----

.

......

I

Dont uansfens de charges

33 767 ·-"""

lJ ,................ IK

'(6bis)i Dont dons fails aux organismes d'interet general (art.238 bis du CG.I.)

, (91

IH

HX

------·-·--

1503838 ~

..

~-m---··•

21 750

---·

.................

Al

'(IO) i Dont cotisations personnelles de I' exploitant ( 13 l

'

A2

·····-

(11): Dont redcvances pour concessions de brevets, de licences (produits)

A3

1/:

6 i 021 I Dont rcdcvanccs pour concessions de brevets, de licences (charges) > z r l' i Dont p;1mes et cotisations ~

:X

nnelks : facultatives (7) ' Detail des produits et charges exceptionnels ' ioindr~_.en annexe) '.

: · .J



·

A4 ,......................

51 313 '""

I I

obligatoircs A9 (Si le nombre de lignes est insuffisanl, reproduire le cadre (7) er le

Exercice N cnarges

...

'

..

lTOdU11'

. ...

.,

' '·'·~··············

..

~------

; ··---~--

(8) Detail

-··

--~-~

-------

-------

des produit> et charges sur exercices anterieurs

---·--·

......

Exerdce :'\I"

,...

......

·~---

Cliorues
Prodmts antCrii:-un.

' ...

'"'"'"""""'"

i >):

Des explications <:onccmant tcttc rubrique sont donnC-es dnns la notke r/ 2032.

~

CAME CA 29 Quai des Gresillons 92230 GENNEVILLIERS Numero Siret: 40309221600031

ANNEXE Date d'arrete des comptes: 31decembre2013

1. Presentation de la socictc L

La Societe a etc creee le 13 Decembre 1995 sous la forme d'une S.A.R.L. au Capital enticrement libere de 50 568 Francs, soit 7 709,04 euros. Le l3 Mai 1996, l'Assemb!ce des Associes decide de transfonner la Societe en S.A. regie par la Joi en vigueur et par Jes statuts au Capital entierement libere de 28 l 736 Francs, soit 42 950,38 euros. Confom1ement aux decisions prises par l' Assemblee Generale Extraordinaire du 20 Juin 1996, M.S.I. (Materiels Scientifiques International) a pris le eontrole du Groupe S.P.T.M.-CM1ECA. Le 29 juin 2001, la societe M.S.I. a ete acquise par la societe M.A.!. (Micro Analyse Instruments) dont le premier exercice a etc clos le 31 deeembre 2002. Le 30 novembre 2001, M.S.I. a absorbC S.P.T.M.-CAMECA par fusion simplifiee suivant la decision de l'Asscmbke Gcncralc Mixte Ordinaire et Extraordinaire. Le 5 aout 2002, la societe M.S.l.(Materiels Scientifiques International) a absorbe CM1ECA, sa filiale operationnelle. suivant la decision de 1' Assembke Generale Mixte Ordinaire et Extraordinaire. De plus, M.SJ. a change de denomination sociale et de forme et est devenue CAMECA SAS afin de preserver son identite et son nom commercial vis avis de ses clients. Le 6 avril 2005, la societe CAMECA est detenue a l 00 % par Micro Analyse Instruments, dctenue elle-meme a I 00 % par la soeiete Financiere-Cameca. Aux termes d'une deliberation en date du 28 juin 2006, CAMECA, l'associc unique de Biosims SARL, a decide de dissoudre sa filiale, par transmission universe lie du patrimoine (TUP) avec effet rcrroactif au 1er janvier 2006. Le 9 aout 2007, le fonds Carlyle Europe, actionnaire de financiere-Carneca, tete du Groupe CMIECA, a cede ses titres au Groupe Al'v1ETEK Inc. La soeiete Financiere-Cameca est dctenue a l 00 "••par la nouvelle holding Ametek Holdings SARL. Le I"' novembre 2011, la societe CAMECA est detenue a 100 % par Ametek Holdings SARL suite societes Micro Analyse Instruments ct Financiere-Cameea.

a la

dissolution des

La societc CAMECA a pour objet : L'etude, la fabrication et la vente de tous appareils en paitieulier d'instruments scientifiques.

OU

elements d'appareils electroniques et meeaniques de hautes precisions

Son siege se situe au 29 Quai des Gresillons, 92230 Gennevilliers.

L'annee soeiale commence le !er janvier et finit le 31 deeembre.

2. Faits margmrnts de l'excrckc La soeiete CAMECA a poursuivi sa croissanee (- +6% de chilfre d\iffairi.:s) grace augmente sa rentabilite par des efforts constants d'amelioration de sa productivite.

a unimportant camel de commandes et a

3. Une convention d'integration fiscale a etc signee en janvier 2008 entre la soeiete Ametek Holdings SARL, tetc de groupc, ct la societe CAMECA.

Page 2sur19

4. Les comptes annuels de CAMECA sont etablis scion les normes definies du plan comptable general de 1999, au PCG art. 53 1-1 § l ct au Code de Commerce art. R 123-1 80.

I1 est fait application des recommandations du Conseil National de la comptabilite, de l'Ordre des Experts Comptables et Cornptables Agrees et du Conseil National des Commissaires aux Comptes, ainsi que Jes autres principes comptables generalement admis. Les eomptes de I' actif sont etablis sur la base des couts historiques. Les couts d' emprunts ne sont pas incorpores dans la valorisation des actifs corporels et incorporels.

Au bilau Les dettes et creanees en rnonnaies etrangeres sont enregistrees au cours du jour de la transaction. A l'atrete des cornptes, elles sont valorisees au taux en vigueur a la date de cloture. Les ecarts provenant de cctte actualisation sont inscrits aux comptcs '' Ecarts de conversion actif »pour les pertes latentes et« Ecarts de conversion Passif »pour les profits latents.

Au compte de rcsultat Les ecarts de change defavorables sur operations en devises font l'objet de provisions pour risques dotecs pour leur totalite sur l'exercice de lcur constatation.

5. Les methodes d'evaluation et de presentation rctenues pour etablir !cs comptes de l'exercice 2013 sont demern·ees inchangees par rapport accllcs de l'exercice precedent.

6.

Les immobilisations sont comptabilisees conforrnement aux reglements CRC 2002-10 ct 2004-06.

(en euros}

LogicieLs Fonds Commercial

Valeur debut d'excrcicc

403 968

Acquisitions

Cessions Diminutions Misc au rebut

65662

Valeur fin d 'excrcice

448105

12931800

12 931 800

Teirain s Batis Biltiments

lmmo.

293 745

28698

I 931584

!18 482

-l5U040

I 900026

Materiel Bureau ct lnfornmtique

302 615

86103

-fi310

382408

Mobilicr

344 737

21 046

t\00

359 983

A utres participations

462 347

Agencement Amenag. Contruct. Materiel Outillage Industriel

Corporel.

lmmo. Financ.

322443

Materiel de Transport

l98 844

Creances sur participations

Prets Autres imrnobilisat. financii:rcs

Total

462 347

41541 139

5 369 861

23450

11 832

58 235 384

198 844 000000

44911000

35282

5 900 528

Page 3sur19

Les frais de recherche et de developpement ne sont jamais immobilises et sont comptabilises en charge pour 4 870 K€. Le fonds de commerce a fait I' objet d'une reevaluation de 12 913 506 € !ors de la fusion du 05 aout 2002. Cette reevaluation n'a pas subi rimp6t (4 304 502 €)en application du regime de faveur prevu a !'article 210 du Code General des !mpots. Le fonds de commerce n'est pas amorti et n'a pas fait l'objet d'une depreciation suite au calcul de valorisation «Impairment test» Les acquisitions de la periode concernent exclusivement des achats de logiciels.

Les immobilisations corporelles, acquises apres la fusion du 05 aout 2002, sont evaluees a leur cout d'aequisition (prix d'achat et frais accessoires, hors frais d'acquisition des immobilisations) ou a leur cout de production. La valeur des immobilisations transferees lors de la fusion correspond a!curs valeurs nettes comptables aujour de la fosion. Les acquisitions de la penode correspondent ades renouvellements de materiels devenus obsoletes. Les sorties de la periode correspondent a des mises au rebut de materiel.s en fin de vie.

La valeur brute des titres de participation est eonstituee par la valeur d'appo11 ou d'acquisition hors frais accessoires. Les frais d'acquisitions ne sont pas incorpores dans la valorisation des titres. Une provision est constituee si la valeur d'usage d'un titre devient infericure determinee en fonction de l'actifnet re-estime de la filiale.

a sa valeur d'entree.

Cette valeur d'usage est

• CAMECA detient les actions des filiales etrangeres (Cameca-USA, Cameca-UK, Cameca-KOREA Cameca-TAIWAN et Cameca-Gmbh) a 100 % pour 455 944 € ct Jes autres titres pour 6 403 €. • Un pret total de 42.8 M euros a ete aceorde a Ametek BY pour 40,3 M euros et a Ametek M.A. Holdings Gmbh pour 2.5 M euros correspondant ala tresorerie excedentaire aprcs financement du BFR. • Les autres immobilisations financieres sont constitnees de depots de garanties pour 35 282 euros.

(en euros)

Dotations

debut d'exercice

Reprises

fin d'exercice

Logicicls

379407

27 587

385 469

Agencernent Arnenag. Contract.

136 906

31466

168 373

Materiel Outillage lndustriel

967 908

199 880

1045068

185 274

44767

0 228069

Materiel de Transport Materiel Bureau et lnfonnatique Mobilier

Total

174 882

33 710

1844377

337 410

Dotation;~ -~~~Ir~

Mode d'amortissements Logiciels

derogaioires

I: ""=~~~~k-;

23 155

20"2792 -152 016

Reprises

]

derogaroires

.1

J~~··~1~ 555

2 029 771

Les immobilisations incorporelles (logiciels) sont immobilisecs et amorties au prorata temporis sur l'annee d'acquisition. Elles sont amorties comptablement sur trois ans. Elles font egalement I' obj et d'un amortisscment derogatoire. L'amo11issement 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 Jes prineipes eomptables et fiscaux.

Page 4 sur 19

Les

dun~cs

ct modes habitucls d'amortissements pratiques sont resumes ci-apres : 20 ans Lineairc I 0 ans Lineaire 3 a 10 ans Lineaire 5 ans Lineaire 5 I0 ans Lineaire 5 ans £1 10 ans Lineairc

- Construction - Ouvrages d'infrastructure et installations fixes - Machines-outils. materiel ct outillages industriels - Materiel de transport - Mobilier ct materiel administratif - Agcneements des constructions, installations generales

a

Pour Jes amortisscments des bicns app01tes !ors de la fosion, Jes dun~es d'amortissemcnts correspondent courir dans lcs livrcs de la societe absorbee.

a la duree restant a

Les stocks. matiercs premieres ct fournihrrcs, sont evalues a !cur cout standard d'achats. Les stocks de produits finis ct lcs travaux en coun; sont evalues a !cur cout standard de production. Les stocks, valorises en cout standard, sont corriges annuellemcnt d'unc pait. des ecarts sur achats constate pour Jes matieres premieres ct marchandises ct d'autre part. de l'ecart constate sur la valcur recllc du cout de la main d'reuvrc (pour lcs cn-cours ct !cs produits finis). Les stocks font l'objet d'une depreciation lorsque le cout dcvicnt supericur ala valeur probable de realisation. Les frais generaux commerciaux, administratifs ct financiers, ainsi que Jes frais de rcchcrche et de dcvcloppcmem nc faisant pas l'objet d'unc conm1andc client, sont dircctement pris en charge dans l'exercicc. Valcur brute

. Matiere s premieres . En cours de production de bicns . Produits intennediaircs et finis . Marchandlscs

Total

Provision pour depreciation

Matieres premieres Produits intennediaircs ct finis Marchandises

Total

Les avanccs vcrsees

Vafour uctte

V.brute N-J

V. nettc N-l

2 942 822

2 392 148

3 193 450

2 597 048

15 775 451

15 775451

13857145

13 857 145

l 4ll6 738

1 131 826

I 226 863

921 328

77983

76 lll

62900

54 584

20 202 994

19 375 536

18 340 358

17 430 105

Va le ur de but d 'e xe rcic e

Augmentations

Diminutions

Valeurfin d'e xe re ice

596 402

160 284

206012

550 674

305 535

104769

135 392

274912

6 443

1 873

347 847

827 458

8 316 910 253

anos sous-traitants s'elcvcnt a 181

265 053

150 curos.

Les creanccs sont cnregistrecs au bilan pour lcur va!eur nominalc. Cc1taines creanccs sont evcnmcllemcnt depreciecs, scion la methode suivantc : La ereance constatec est depreciec de 500/o de son montani hors taxe en fin d'cxcrcicc, si clle est supCrieurc d'cxistence. ct si clle nc fait pas par aillcurs l'objct d'nnc provision cas par cas. Elle scra depreciee l 00 % si son existence est supericurc dcux ans, dans lcs memes conditions precisees ci-dcssus.

a

a un

an

a

Page 5 sur 19

Par ailleurs, une depreciation complementaire individualisec peut Ctrc constatce !ors de I' analyse du portefcuille en fonction d'evcnements connus spccifiqucs.

~ature

Montan ts

des creanccs

Fournisseurs - avances vcrsees

Fmrn1isseurs - avances versees

181 150

Sous total

181 150

Creances clients et comptes rattaches Clients

9 120 218 (I)

Clients douteux ou litigieux

75 098

Clients - factures aetablir

96 678 9 291 994

Sous total Autrcs creances Personnel

99 154

Impots ct taxes

192 437

(2)

Comptes courants groupe Divers dcbiteurs

14 369 824

(3)

42 758 14 704173

Sous total

24 177 316

Total (! J

Cn;ances douteuses dep1«;ciees it hauteur de I()()

~/~

(2!

TV,J ii dCduire

(3!

Cn'wu:es sw Ametek Holdi11gs sari (appon des societes MAJ ct Finanl'ierc-Cameca TuppeesJ

Valeur debut d'exercice

Pro\ision pour dfprl-eiation

Clients et comptes rattaches

Fdi(•ander

.J

9! 379

Montant brut

...... Q Creanccs sur participations E <"' E Prets

:;:::

Autrcs immobilisations financicres Clients douteLLx ou litigieux Autres creances clients

="'... = <""

·u

Diminutions

Valeur fin d'exereice

16281

75098

A 1 an au plus

A plus d'un an

de~ <'n.,~mces

(en euros)

.. =

Augmentations

Personnel ct comptes rattaches S6curit6 socialc et autres organismes sociaux fmpots sur !es benefices Et at ct autres T axe sur la valem· ajoutee collectivites Autres impot& taxes publiqucs Divers Groupe et associes Debiteurs divers

C1iarges constatees d'avance

IDTAL

198 844

198 844

44 911 000

44 911 000

35 282

1] 832

75 098 9216896

9 216 896

99 154

99 154

192 43 7

192437

14 369 824 42 758

14 369 824 42 758

145 504

145 504

69 286 796

24 277 248

23 450 75 098

45 009 548

Page 6 sur 19

Factures restant a etablir Sill' Jes interventions du S.A.V. Inten~ts courus sur Jes prets

96 678 2111000 2 207 678 euros

Ce poste comprend uniquement des disponibilites au 31decembre2013: Nature des disponibilites

Montants

Banques Caisses

6()47 169 63

6 047 232

Total

L

Montauts

Nature

Charges d'exploitation Contrats assistance informatique

30 880

Contrats de maintenance

l 723

Assurances

7 452

Deplacements (billets d'avion)

12424

Autres ( Location, Abonnement, Fluides )

93024

Total

145 504

Les charges payees d'avanee sur les abonnements et !es contrats de service ont ete calculees prorata temporis.

Ils proviennent essentiellement des creances clients etablies en devises. A cc titre, nne provision pour perte de change a ete constituee pour 17 736 euros.

1. 7.t

a

Le capital social est fixe la somme de six millions sept cent quatre-vingt deux milk cent (6.782.100) euros. II est divise en quarante-neufmillc dcux cent soixante-six (49.266) actions de meme valeur nominale. Son capital est detenu a 100 % par Ametek Holdings sari depuis le 01 novembre 2011, date des operations de dissolution sans liquidation des societes Micro Analyse Instruments et Financiere-Cameca.

Page 7 sur 19

La deliberation de l'associe unique du 28 juin 2013 decide d'affeeter l'integralite du benefice de l'exereice 2012 (9 774 275 euros) au poste «Report a nouveau».

( eneuros) Capital souscrit verse Prime de fusion Reserve legale proprcment
Phis value net. LT. reserve lcgalc Plus value net. LT. res. Reglement. Reserve d!verses Report anouveau solde creditem· Provisions reolementees

RESULTAT 2012

Augmentation

Omerture

Dhidendes

Diminutions

Res ultat 2013

6 782100

6 782100

J 127442!

11274 421

678 210

678 210

3 270

3 270

71 829

71829

5 690 944

5 690 944

21 965 19!

9 774 275

31739466

23466

23 155

311165

9 774275

II

0

56 271304

RESULTAT 2013

TOTAL

Cloture

9 797 4311

56 263 705

II

.9 7!19 830

12 672 906

12 672 906

12 672 9116

68 944 211

Les provisions pour risques et charges sont constatees lorsque Jes risques et charges sont nettement precises quant aleur objet mais dont la realisation est incertaine et que des evenements survenus ou en eours rendent probables.

( eneuros) . Provisions pour litiges (a) . Garanties donnees aux clients (b) . PCnalites clients (e) . Pert es de changes

Pro·visions

. Medaillc du travail (e) . Travam restant aeffectuer (f)

TOTAL

Reprises sans objet

Utilisation

Prolisions ala cloture

ll 6 000

89 298

69 000

136 298

1418923

I 545 150

l 423 412

I 540 661

326 300

154

326 454

25 520

17 736

0

213 000

1883177

168 048

100 768

I 950 457

583 651

17 387

42 656

558 382

l 490 638

2 125 168

2 072 420

I 543 387

5 844 209

4175 941

3 708 255

6 286 375

. Aurres pour risques . Pensions et obligations similaires (d)

Dotations de l'exercice

al'ouvertnre

25 520

17 736 213 000

25 520

Les dotations et reprises des provisions pour risques et charges se repartissent par nature comrne suit ·

Nature

Dotations

Reprises

Exploitation

4 068 754

3 708 255

Financier

17 736

25 520

Exceptionnel

89 452

Total

4 175 941

3 733 775

Page 8sur19

a) Provision pour litiges TI s'agit des litiges prud'homaux.

b) Provision pour garantie donnee aux clients

Cette provision est calculec en fin d'exercice, par machine linee ct sous garantie, au prorata de la duree restant acourir.

c) Provision pour penalites II s' agit des penalites contractuelles apayer pour retard de hvraison.

d)

Pro'tisions pour indemnites de depart en retraite

L'indemnite de fin de carricre susceptible d'etre versee est actualisee et ponderee des probabilites de vie et de presence dans rentreprise, ala date de cloture. Ci-aprcs !es hypotheses retenues pour le calcul de la provision conformement a la convention collective de Ia :-.1etallurgie : o Age previsionnel de depart a Ia rctraite : 65 ans o Taux d'inflation: LOl2 % o Taux d'actualisation: 1,0287 % o Table de mortalite: Source lnsee 2009-2011 Aucun engagement en maticre de retraite n 'a ete constate dans Ies eomptes de la soeietc al'egard des dhigeants.

e) Pro'tisions pour medaille du travail Les medailles du travail susceptibles d'etre versees sont aetualisees ct ponderees des probabilites de vie et de presence dans I' entreprise, ala date de cloture (hypotheses similaires ala provision de depart en retraite).

f)

Provision pour travaux restant a effectuer

Cette provision, ealculee en crn1t complet, correspond aux couts d'installation non effectuees des machines livrees jusqu'au 31/12/2013.

Les couts d'empmnts ne sont pas incorpores dans Ia valorisation des aetifa corporels et incorporels.

Montan ts

Nature des creances FJnprunts et dettes financieres
Total

(!) (2)

2 518 853 56106

2574 959

(1) Participation des salaries rcla1ive aux exercices 2008, 2010, 2011 et 2012 hloqa<;e en compte eo111w1t (2) fnt<'rets eourus des participations sur la p<'riode du 01105113 au 31112113

Ce sont Jes avances pen;ues des clients pour !es livTaisons de materiel

arealiser pour un montant de 15 225 722 euros.

Page 9sur19

7.:u.

Dettcs

Repartition des dettes d' exploitation par nature : Montan ts

Nature des dettes Clients - avances re1;ues

Clients - avances rq:ues

15 225 722

Sous total

15 225 722

Fournisseurs et comptes rattachcs Fournisseurs Fournisseurs effets apayer Fournisseurs Facturcs non parvenucs

4 194 75 l 466 148 I 550 894

Sous total

6 211 793

Dettes fiscales et sociale~ Personnel Organismes sociaux Impots ct taxes

2 583 364 2 035 947 123 257

( 1)

t2)

4 742 568

Sous total

26180 083

Total (1) dont dettes pour conges pares el RTT pour 895 Kf

Dcttes pour participation des salarie5 pour I 3 70 Kf (2) don! TVA collectee pour J.7 Kf

Autres Taxes pour 93 Kl:'

Repaitition des dettes divcrses par nature : Montant

Nature des dettes Au tres dettes Agents commissionnaires

Redevances Crediteurs divers

( 1)

2 502 367

Sous total

Total (I)

:J

2 308 339 150 235 43 793 2 502 367

dont cotisations pour 23 K euros et prestations bancaires pour 5 K euros.

E:~:;;:;:;:;: ··

des dettes (en euros)

Montant brut

A 1 an au plus

2 574 959 6 211 793 2 583 364 2 035 947

315 996 6211793 2 583 364 2035947

Autres dcttes Produits constates d'avance

27 062 96 195 2 502 367 2 623 533

27 062 96 195 2 502 367 2 623 533

TOTAL

18655221

16 396 257

Ernprunts ct dettes financiercs divas Fournisscurs et comptes rattachcs Personnel et cornptes rattache> SCcurite sociale et autres org. sociaLLx Fiat et autres lmpots sur !es benefices

coll ecthites publiques

Taxe sur la valeur aJoutee Autrcs impots, taxes & assi.

A plus d'l an 5 ans au plus 2 258 963

2 258 963

Page 10 sur 19

56106 l 550 894 2 570 841 l 133 552 150 235 23 268 5 484 896 Euros

Emprunts et dettes financieres divers Dcttcs foumisseurs et comptes rattaches Dettcs sociales Dettes fiscales Redevances Antrcs (cotisations. divers)

Montants

Nature

Produit5 d'exploitation Contrats de maintenance SA V Marchandises faclurees non livrees Total

(l)

(2)

2 100 931 522 602 2 623 533

(I) Les contrats de services sont factures aux clients pour unc pCTiodc est constatee d' avancc. (2) La provision correspond

a courir exprimcc en jours. A la cl6ture. la part calcndairc non echuc

ades accessoires 11011 livres relatifs a des machines livrees. factnrees.

Les profits latents s'elevent a 499 164 Euros. Ils proviennent des avances pen;ues des clients pour 50 692 Euros et des dettes fournisseurs pour 448 472 Euros.

Page 11 sur 19

8.

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 dite au client, soit des clauses contractuelles des marches.

J.- Ventilation du clliffre d'affaires (en milliers d'curos)

Zone geographique

2013

2011

6925

7 780

3 769

15949

4384

8022

-FRANCE - UNION EUROPEEN>JE

2012

-U.S.A. ! CANADA

5 560

4 587

11028

-ASIE ! PACIFJQUE

29625

31272

25694

l 050

7 841

251

59 llO

55 864

-AUTRES TOTAL

Nb de machines vendues

22.0

23.0

La part du Service Apres Vente dam; le chitfre d'affaires reprcsente 11. I

48 764

22,0

soit 6 607 milliers d'euros.

La zone« Autres » regroupe Jes pays tels que la Russie, la Norvege, la Suisse. I' Algcrie, I' Afrique du Sud, !'Arabie Saoudite, la Turquie et l'lsrael.

Repartition du chiffre d'affaires 2013 par zone geographique

Page 12 sur 19

Ce poste, pour un total de 358 236 euros, comprend des Debits Non commcrciaux (70 K€), la rcfacturation des frais de personnel (109 K€), ct des redevances (146 K€) aux entites du Groupe.

Autres produits

2013

2012

201 I

358 236

317 967

56 359

Le montant des autres achats ct charges extemcs, qui s'elevc a 13 915 milliers d'euros, comprend Jes acbats de sous-traitances industtielles (2 407 K€), !cs achats non stockes de matieres et foumitures (477 K€). !es remiscs sur autres achats (- 4 K€), les autres charges extemes (l l 035 Kf) detailles ci-dessous : Autres charges c:xternes

2013

2012

2011

Senices e:xterieurs Sous-traitancc generale

(I)

2 997 676

2 795 978

3 437 588

Redevances de credit bail

(2)

860 615

889 735

927 360

(3)

63 995

75 027

66224

255 321

168 425

202 o/27

99174

95 627

90 725

105 205

213930

Locations Entrctkn, reparation. maintenance

(4)

Primes d'assunmce Etudes et recherches Documentation Frais de colloques. seminaires. conferences Sous mtal

8 818

19 953

13 567

69 541

49426

103 091

4 460 345

4 308101

4 841482

Autres senices e:xtericurs Personnel inteiimaire Remuneration d'intermediaires et honoraires

(5)

Publicite, publications. relations publiques

442 319

360776

111 587

3 517 473

2 872 607

3 356 763

1745

10961

15 510

Transports de biens

(6)

774 925

764 219

828 524

Deplacements. missions et receptions

(7)

1438 283

l 310 975

1447159

55 170

68277

47988

Frais postauxet de tClecommunications Services bancaires et assimilcs

Divers

(8)

Sous total

Total ( J)

201394

181 734

96221

143 031

130 774

114 715

6 574 341

5 700 323

6 018 467

11034686

10 008 424

10 859 949

Prestations pour 1 027 KE, autres prestations dccentralisees pour 1 359 KE, exploitation informatique pour 187 KE, nettoyage et gardiennage des locaux ponr 415 KE.

(2) Remboursement du credit bail immobilier que Camcca a souscrit aupres de BNP ex Fortis Lease pour financcr le nouveau siege. (3)

Locations de vehicules, de mobiliers et de materiels informatiques.

(4)

Couvertures concernant la rcsponsabilite civile, la muhirisque industricllc lY compris la pcrtc d'exploitation}. le transport des marehandises, la floue automobile et Hommes CJes pour le credit bail immobilicr.

(5)

Commissions sur ventes pour 3 340 KE, honoraires pour 174 K€' (dont 81 K€ verses aux commissaires aux comptcs) et divers pour 4 KE.

(6}

Transports sur achats pour 252 K€, transports et emballagcs sur ventes pour 504 KE et divers pour 19 KE.

(7)

Frais de voyages pour 512 K€, de missions pour 812 KE ct de receptions pour 115 KE.

(8)

Cotisalions des organisations pour 43 Kt. et frais de rccrutcrncnt pour 100 KE.

Page 13 sur 19

Autres charges

2013

2012

2011 97221

Redevances

(!)

147198

51313

Divers

(2)

17 I JO

35 963

8 345

TotaJ

164 308

87 277

105 566

( 1) redevances versees ades organismes (CNRS, ONERA) pour !'utilisation de !ems brevets dans nos machines (2) dont pertes sur crcances irrecouvrables de 16 281 Euros

( eneuros)

2012

2013

Res ultat d' exploitation

15531274

Res ultat financier - Dividendes et revenus des prets

(I)

- Charges d'interets

(2)

15375 746

3179151

l 287 238

367 117

I 1119 906

504 721

-IU8 6ll

S76

-186

-ri3' (3)

- Provisions pour risques

(4)

Res ultat u~nt impilts

8159 372

3 324 063

- Res u!tat net de change -Autres charges et produils

2011

4:!1

f()

137 909

998

32 784

334 890

80 032 ,34

18 710 425

16 662 985

8 526 490

233 828,38

-692 700

Res ultat excepiionnel

3

- Penalites clients

-3fJ

- Penalites fis cales - Provisions pour risques et charges

(5)

052

- Autres charges ct produits

(6)

-61\ 348

233 825

Participations et interessements lmpfits sur les benefices de l'exercice 438 257

196 324

189447

12 672 906

9 774 275

4 685 251

Credit Jmpilt recherche

Res ultat net de I' exercice

(I) dont Dividendes re9us des filia!es pour 2 454 202 euros Revenu s du pret a Ametek B V pour 806 000 euros Revenus du pret a Ametek Gmbh pour 63 861 euros

(2) dont !ntcrels sur participation en compte c-0irrant bloque pour < 77 835 > euros lnterets de l'avance Cameca GmbH pour l 667 > curos

(3) don! Revenus factures it Ametek Holdings Sari selon la convention de tresorerie pour 237 !35 euros Swap de taux (Leasing) pour < 271 557 euros

(4) Provisions pour risques financiers pour 32 784 curos

(5) dont Amortissements derogatoires pour < 7 600 > euros Provisions pour litiges pour 20 298 euros

(6) dont VNC des immobilisations mises au rebut pour

31 659 > euros

Page 14 sur 19

a

Une provision de I 369 86 l Euros a 6t6 constat6e dans Jes comptes de la societ6 au titre de la participation confonnement !'accord de participation signe lc 25 juin 2010.

7. Repartition de l'inpot

Bases 18 710425

6410401

_g{, 532

fi73

12 672 906

4 341 880

()

()

14621186

5 009 383

Res ultat cxceptiouucl Resultat social

Deficits imputes

Resultat fiscal: Benefice

Taux34.261%

Le resultat fiscal de l'exercice (14 621 186 €) genere 1111 impot a payer de 5 009 383 euros. Un credit d'imp6t en faveur de la recherche pour 438 257 Euros et un credit d'impot pour la eompetitivit6 pour l'emploi pour 96 543 euros ont ete constates dans les comptes de la soeiete .Ces credits s'imputent sur l'impot sur Jes soci6tes, soit un impot net apayer de 4 474 583 Euros. Cette somme est transferee chez Ametek Holdings SARL, la tete de groupe, dans le cadre de I'integration fiscale.

Au 31/1212013 i en euros)

CAMECA FRANCE

Cameca USA

Olma Airetek Caireca Caea c~ireca Am,1ek Alrelek Airetek Antav~ Airetek Am;tek Ametek UK JAPA~ KOREA TAIWAN GMBH SHANGHAI INDIA BRASIL SAS inc USA IJ,IBH

AMETEK

AMETEK Holdings BY

Au bi/an

Aclif

Prets Pitteur

44911@00 42347119

2563 861

Crell!lces d'ex~oitation Coqites cuurants Canm

14369824

Coqitcs c{iurams partenaires Cl~ms

14169824 2530 304

Filraks partenaires

]18748

2{);12364

19070 106326

19588

770905

~58737

7281 3125

3996 9807

Passif Dettes d' eXfioitation

Fournisseur5 Filiales partenaires

8915 651 6653426

16983

7379

808 !27

44 778 i7171 17182

!56S3

5081}

Page 15 sur 19

An 31112/2013 ( cneums}

CAM!:'CA FRA'lCE

Cam:ca UK

Ca11£ea USA

Ametek Ca11£ca Cameca Cameca Anl::tek Am.:tek A1retek JAPAK KORE>\ TA!WAK CMBH SHANGHAI l'lDIA lTALY SHA\lGHAI GMBH

A},!ETEK A\iETEK SARL Holdings BV

Au L'ompte de resultat Prodnits
7 675 120

5438421

. Societes partenaircs ,Prestations facturees aux filial

8512 [ 125 799

316 694

287 762

467 820

7281 19 804

25&J

448

234 836

2}4 836

. Sociites Charges
2 332 874

. SociCtCs ,Prestatiom faites par Jes filiale

22XI077

·6526

58 323

329 341J

83872

ll6 297 1024 71] 1182743 1167 5l3

198 844

787 526 1467 698

3 964 476

, Societes partenaires Prodnits financiers . Dividendes re~us

2 454 068

. Societes partenaires

.lnterets courus arecevoir

l 106 996 63~61

. Societes pancnaire>

237 135

Charges financieres ,lnterets et charges arnmiles

1667 J 66i

, Societes panenaires

10.



Des cautions ct avals aceordes ctrangers.

ades clients par Jes banques pour notre compte s'elevent a 14 082 918

E pour Jes marches



Une assurance Homme Cle a ete souscrite pour un total de 750 000 euros sur l personne.



II n'existe pas de garanties de passif, d'engagements de suretc et d'actes de nantissements au 31 deeembre 2013.



PITCH Promotion, a cede par acte notarie du 21/l 2i2005 son terrain - 29 quai des Gresillons a Gennevilliers(92). et a vendu en etat futur d'achevement till immeuble a usage de bureaux et d'activites pour une surface de 7 420 m2 a BNP exFortis Lease. La livraison a eu lieu le 13 juillet 2006. Cc meme jour, dcvant notaire Fortis Lease a signe un credit immobilier avec Cameea pour cet ensemble immobilier pour une duree de 12 ans et une valeur de 12 340 000 euros dont une avance de 1 million euros a ete versee. Les remboursements ont commence a eompter de la livraison.

Ci-apres la ventilation de l'immeuble par nature: Terrain Construction Agencements

: I 500 OOOE :7840000€ :3000000€

Les redevances au titre de l'exercice s'elevent a 860 615 euros.

Page 16 sur 19

806 000

Dans le cas oil la societe avait acquis cc bien, l'amortisscment de la nouvelle usine (construction et agcncements), decomposee en 4 groupes avec des durees de vie respectives de 8 I I 0 I 25 et 30 ans, aurait ete de 468 048 euros par an.

Credit bail immobilicr

Capital amorti Cumul

Capital amorti Exercice

Engagement Net

12 340 000

- 4 718 355

- 751 975

6 869 670

Echeancier

A I an au plus

A an et 5 ans au lus

A plm de 5 ans

Credit bail immobilier

780 688

3 003 982

Le prix d' acquisition a I'expiration du credit bail sera de 3 085 000 euros

Les effectifs moycns par categoric se decomposent comme suit : Ouvriers ETM1 Ingenieurs

27 79

72 178

Nombre d'heures ouvertes au titre du droit individuel a la fom1ation (DIF) au 31.12.2013 Nombre d'heures de fonnation consommees au titre du DJ.F. au 31.12.2013

17 861.50 heures 175 heures

Aucune demande de formation n'ayant ete deposee par les salaries au 3 L12.2013, et acceptee par la direction, la societe n 'a pas juge utile de procedcr aune provision au titre de cet engagement.

et

Neant

de

Neant

Neant

Page 17 sur 19

Confonnement aux articles L.233-16, L.233-17 et R.233-15 du Code de Commerce, la societe, dont le capital est detcnu a 100'% par la societe Ametek Holdings SARL depuis le 9 aoi\t 2007, n'etablit ni ne publie de comptcs consolides pour I' exercice clos le 31 deccmbre 2013, etant precise que : - Jes comptes des societes controlecs directemcnt ou indirectement par la societe Ametek Holdings SARL sont inclus dans Jes eomptes consolides de l'ensemblc plus grand d'entreprises etablis par la societe Ametek lne., soeiete de droit americain, - ccs comptes sont completes par la mention dans ]'annexe des comptes annuels de la soeiete Ametek Holdings SARL des infonnations signifieativcs visees aI' article R233-15 du Code de Commerce.

1. Neant

2,

Ci-apres la liste des filiales etrangeres detenues par CAMECA SAS :

CAMECA Instruments Inc. 5500 Nobel Drive Madison, WI 5371 L Etats Unis d' Amerique

CAMECA UK PO box 88, Wilmslow Cheshire SK95BE Grande-Bretagne

CAMECA KOREA Co, Ltd 3th floor (309), 906-5 Jui-dong, Youngtong-ku, Su-won City Kyunggi-do Coree du Sud

CAMECA TAIWAN Corp, Ltd IOF-6, N° 120, Sec. 2 GongDao Wu Road 30072 Hsin Chu Tai'wan

CAl\'IECA GmbH Carl-von Linde Str. 42 D-85716 Unterschleisshcim Allemagne

Page 18 sur 19

Tableau des filiales et participations au 31.12.2013

CAPITAL Reserves (inclut Resultat de l'exercice) Quote--part de Capital detenu en %

CAMECA

CAMECA

CAMECA

CAMECA

CAM EC A

l!.S.A

U.K.ltd

KOREA

TAIWA!\

GMBH

USll

mw

!On!

:VrD

EUR

270 000

30 000

50 000 000

1000000

25 000

35 489 586

(6281)

1 506 155 919

41544615

2 068 126

100%

100%

100%

100%

100%

Valeur d'inventaire des titres detenus Euros

322 508

46 574

35 496

26366

Devises

395 645

30 000

50 000 000

l 000 000

25000

Prets et avances consentis et non rembourses Euros Devises Chiffres d'affaire (taux moyen) Euros

30 266 462

95904

3 656 073

2 061 275

Devises

40 2!0 568

80 985

5315626353

81618 174

4 021 523 -

Resultat au 31/12/2013 (taux de cloture) Euros Devises

8 822 566

<7 557>

851 255

823 512

12154092

<6 281>

J 238 137 083

33 905638

I 431 203

-

Dhidendes verses - Euros -Delises

198 844

779 299

I 332 018

165 275

1 133 478 521

54841888

Cautions ou avals donnes au benefice de ces societes - Euros - Devises Date d'ouverture

01101/2013

01/01/2013

01101/2013

01101/2013

01101/2013

Date de cloture

31/12/2013

31112/2013

31/12/2013

31/1212013

31/l2/2013

Page 19 sur 19

« CAMECA » Societe par actions simplifiee au capital de 6. 782.100 euros Siege social : 23/29 Quai des Gresillons 92230 Gennevilliers 403 092 216 R.C.S. Nanterre

PROCES-VERBAL OE LA REUNION DE l' ASSEMBLEE GENERALE ORDINAi RE DU 30 JUIN 2014

EX TRAIT

11'••·······...... ,. .....................

i< . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

TROISIEME DECISION

l'Assoclee Unique decide d'affecter le benefice de l'exercice s'elevant a 12 672 906 (en totalite du credit du compte « report

a nouveau »qui s'eleve, apres affectation du benefice, a44 412 372

{.

L'Assodee Unique prend acte qu'il n'a pas ete procede trois derniers exercices. 1"1 . . . . . . . . . . . . . . . . . . . . . . . . . . ,. • • " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _

a des

distributions de dividendes au titre des

• • • • ,. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8/27/2014

Federal Gazette

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Dunker Motors GmbH Bonn village in the Black Forest

Accounting / finance reports

Annual financial statements for fiscal year from 01.01.2012 to 31.12.2012

Publication date 08/26/2013

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Dunker Motors GmbH Bonn village in the Black Forest

Annual financial statements for fiscal year from 01.01.2012 to 31.12.2012 Auditor's Report We have audited the annual financial statements - to 31 December 2012, including the accounting and the management report of Dunkermotoren GmbH, Bonn village, 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 Auditors (IDW) 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 comply with 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.

Stuttgart, April 2, 2013 Ernst & Young GmbH auditing firm Matischiok, auditors Mehnert, auditors

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Balance sheet at 31 December 2012 Assets 31.12.2011 EUR

EUR

EUR

A. Fixed assets I. Intangible assets 1 Purchased patents and similar rights and assets and licenses of such rights and assets

30,333,182.00

2nd goodwill

14,302,564.67

37,089,861.00 21,453,847.07 44,635,746.67

58,543,708.07

II. Tangible assets 1. Land, leasehold rights and buildings, including buildings on third party land

3,857,107.54

3,368,862.54

2 Plant and machinery

8,220,982.00

8,592,514.00

3 Other equipment, factory and office equipment

2,844,704.22

3,185,603.22

4 Advance payments and construction in progress

1,182,587.77

1,970,125.92 16,105,381.53

17,117,105.68

III. Financial assets 1 Shares in affiliated companies 2nd investments

4,848,200.42

4,448,200.42

40,000.00

40,000.00 4,888,200.42

4,488,200.42

65,629,328.62

80,149,014.17

B. Current assets I. Inventories 1 Raw materials and supplies

6,361,906.05

6,361,743.16

2 Work in progress, work in progress

2,069,536.48

2,069,412.91

3 Finished goods and merchandise

5,183,163.82

5,051,556.22 13,614,606.35

13,482,712.29

II. Receivables and other assets 1 Receivables from goods and services

11,979,450.66

11,357,424.73

2 Receivables from affiliated companies

33,713,996.41

13,120,382.13

3 Receivables from companies in which an investment is held

254,406.96

0.00

4 Other assets

153,008.84

4,333,661.36 46,100,862.87

III. Cash and balances with banks C. Prepayments and accrued income

28,811,468.22

4,230,633.94

1,074,170.76

63,946,103.16

43,368,351.27

64,984.00

248,906.00

129,640,415.78

123,766,271.44

Liabilities 31.12.2011 EUR

EUR

EUR

A. Capital and reserves I. Subscribed capital II. Paid-in capital III. Accumulated loss

2,050,000.00

2,050,000.00

106,034,224.97

70,475,000.00

-5202668.07

-13601256.03 102,881,556.90

58,923,743.97

B. Provisions 1 Provisions for pensions and similar obligations 2 Tax provisions 3 Other provisions

8,312,174.00

7,582,296.00

0.00

172,663.90

8,824,022.44

11,116,739.74 17,136,196.44

18,871,699.64

C. Liabilities 1 Liabilities to banks Second received on orders 3 liabilities for goods and services

0.00

35,450,000.00

852,508.21

924,077.44

6,853,956.80

7,557,840.18

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4 Liabilities to affiliated companies

941,725.75

530,786.76

5 Other liabilities

974,471.68

1,508,123.45

of which taxes EUR 489,411.10 (prior year. TEUR 434) 9,622,662.44

45,970,827.83

129,640,415.78

123,766,271.44

Profit and loss account for 2012 2011 EUR 1 Revenues

EUR

EUR

136,368,747.36

140,144,302.29

525,245.01

-507971.08

Second increase (PY. Decrease) in inventories of finished goods and work in progress 3 Other own work capitalized 4 Other operating income

252,761.27

276,099.14

2,292,651.02

1,714,028.75

which income from currency translation EUR 259,316.22 (prior year. TEUR 266) 139,439,404.66

141,626,459.10

5 Cost of materials a) Cost of raw materials and supplies and of purchased merchandise

56,527,716.60

57,530,151.03

871,518.08

1,115,180.46

35,322,577.51

36,046,853.28

6,573,008.45

6,523,831.08

7 Amortization of intangible fixed assets and tangible assets

18,169,460.24

18,549,429.89

8 Other operating expenses

12,675,150.79

13,547,069.48

b) Cost of purchased services 6 Staff costs a) Wages and salaries b) Social security contributions and expenses for pensions and other employee benefits of which pension costs EUR 404,729.42 (prior year. TEUR 226)

which expenses from currency translation EUR 298,741.74 (prior year. TEUR 295) 130,139,431.67 9 Other interest and similar income

133,312,515.22

344,282.12

156,038.80

1,402,145.99

3,256,631.53

thereof from affiliated companies EUR 285,975.11 (prior year. TEUR 107) 10 Interest and similar expenses which from the compounding of provisions EUR 661,109.00 (prior year. TEUR 521) 11 Profit from ordinary activities 12 Taxes on income and earnings 13 Other taxes

-1057863.87

-3100592.73

8,242,109.12

5,213,351.15

-222217.23

12,642,449.37

65,738.39

99,832.68

0.00

7,528,930.90

14 Income from loss absorption 15 Net income 16 Vororganschaftlicher loss carryforward 17 Accumulated deficit

8,398,587.96

0.00

13,601,256.03

13,601,256.03

-5202668.07

-13601256.03

Notes for the financial year from 1 January to 31 December 2012 A. General Information The financial statements of the Dunker Motors GmbH, Bonn village, was after the commercial accounting provisions of §§ 242 ff., And placed §§ 264 ff. HGB as well as the relevant provisions of the Limited Liability Companies Act in EUR. The requirements for large corporations. The income statement is presented using the total cost method. Since 1 January 2011 there is a profit and loss transfer agreement with the parent company Direl GmbH, Bonn village. Since January 1, 2011 was a income tax sharing agreement with Direl GmbH. With effect from 1 January 2012 is due to the agreement signed on December 7, 2012 profit transfer agreement between the Direl GmbH (former controlling company) and the Direl Holding GmbH, Bonn village (new controlling company) an income-tax group between the Dunker Motors GmbH (Subsidiary Company) and the Direl Holding GmbH.

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For the preparation of the financial statements, the following accounting and valuation rules were applied. Acquired intangible fixed assets are stated at acquisition cost and, if subject to wear are amortized over their expected useful lives. The depreciation is based on a useful life of 3-5 years usually. Impairment losses occur at a permanent impairment of value. In the fiscal year, however, no impairment losses were recognized. Internally generated intangible assets i. S. d. § 248 para. 2 HGB were not activated. The goodwill from the merger of Dunkermotoren GmbH on the former Dunkermotoren Holding GmbH, Bonn village, in fiscal year 2010 will be amortized over a period of 5 years. The amount recognized in the context of this merger brand name "Dunker Motors" is over five years, customer relationships are amortized over seven to ten years over three to fourteen years and product-related know-how. Tangible fixed assets are stated at acquisition or production cost and, if depreciable assets, less scheduled depreciation. In the cost of self-constructed assets allocable overheads and led by the manufacturing depreciation are included in addition to the direct costs. The useful life is 2 to 10 years for buildings and land improvements 10 to 50 years, technical equipment and machinery 5 to 10 years as well as other equipment, factory and office equipment. Low-value assets up to an individual net value of EUR 150 are fully depreciated in the year of acquisition and expensed as incurred; their immediate Disposal being assumed. For the financial year ended 31 December 2009 was for Acquired fixed assets with an individual net worth of more than EUR 150 to EUR 1,000 of the tax to be formed annually collecting items for reasons of simplicity in the trade balance. This is a flat rate of 20 percent per annum in the year of acquisition and depreciated the next four years. Since fiscal year 2010, assets with an individual net worth of more than EUR 150 to EUR 410 including be written off immediately. Depreciation on additions to property, plant and equipment are made pro rata temporis. Shares in affiliated companies and participations are stated at cost or at the lower fair value. Inventories are valued at acquisition cost or at the lower current values. The inventories of raw materials and supplies are enabled for moving average or lower market prices plus reasonable incidental acquisition costs on the balance sheet date. Work in progress and finished goods are valued on the basis of individual calculations based on the management accounts at cost, which includes directly attributable material costs, manufacturing costs and special costs as well as production and material costs and depreciation are taken into account. General and administrative costs were gem. § 255 para. 2 3 HGB enabled. In all cases, was made for loss by deductions for outstanding costs have been made of the likely sales prices. Trading goods are valued at lower of cost or market prices. All discernible risks in inventories, arising from above-average storage duration, reduced utility and lower replacement costs are covered by appropriate devaluations. Receivables and other assets are stated at nominal value. All risk-bearing items is accounted for by making appropriate allowances for doubtful debts. Provisions for pensions and similar obligations were calculated using the declining balance in installments projected unit credit method ("projected unit credit method") using the "mortality tables 2005 G" by Prof. Dr. Klaus Heubeck. For discounting the average market interest rate for a remaining term of 15 years was used by 5.05% according to the Rückstellungsabzinsungsverordnung of 18 November 2009. In addition, the provision investigation were based on the following calculation assumptions: 31.12.2012 Probability of dying

RT 2005 G

Invalidisierungswahrscheinlichkeit

RT 2005 G

Of marriage

RT 2005 G

Rate of compensation increase

2.50%

Indexation

1.75%

Dynamic contribution ceiling statutory pension The calculation of the turnover rate occurs with age-related annual turnover probabilities.

2.25%

Furthermore, there are defined benefits occupational pension from pension accounts on the basis of employee-funded contributions, the capital converted into building blocks and be credited corresponding pension accounts (Dunker Motors pension account). It is an insurance-linked pension plan which according to the December 31, 2012. § 253 para. 1 sentence 3 HGB was measured at the fair

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value of the underlying back-cover insurance. The fair value of a back-cover insurance is demanding plus from the so-called business plan coverage capital of the insurance company. Approximately one existing credit from rebates (so-called. Surplus sharing). The sole purpose of meeting the pension obligations serving, the all other creditors confiscated assets (plan assets i. S. d. § 246 para. 2 sentence 2 HGB) were charged at their fair value with the provisions. The provisions for part-time were calculated using the declining balance in installments projected unit credit method ("projected unit credit method") using the "mortality tables 2005 G" by Prof. Dr. Klaus Heubeck. If an interest was taken into account, the interest rate was set at 3.81%. Serving the sole purpose of meeting the retirement obligations, which all other creditors confiscated property (liability insurance,... Fund assets i p d 2 § 246 sentence 2 HGB) were charged at their fair value with the provisions. Other provisions account for all contingent liabilities and contingent losses from pending transactions. They are recognized in the amount dictated by prudent business judgment settlement amount (ie including future cost and price increases). Provisions with a remaining maturity of more than one year were discounted. As far as the underlying obligation has an interest component or is a pension obligation without consideration, the provision at present value at an interest rate depending on the estimated utilization between 3.69% and 4.22% was applied. Liabilities are carried at their settlement amount. Foreign currency denominated assets and liabilities were translated at the average spot exchange rate at the balance sheet date. Gains and losses from exchange rate fluctuations are taken into account at the balance sheet date. With a remaining maturity of more than one year, the realization principle (1 sentence 1 HGB § 253.) Are (§ 252 para. 1 no. 4 sentence 2 HGB) and the cost principle observed. C. Notes to the Balance Sheet Fixed assets The development of the individual items of fixed assets is annexed to include depreciation of the financial year. Intangible assets are mainly found in the past were made from January 2, 2010 Fusion of Dunkermotoren GmbH on the former Dunker Motors Holding GmbH. In addition to the goodwill (EUR 35,756) 34,200 thousand, the brand name "Dunker Motors" TEUR 6,900 as well as product-related know-how and development services TEUR 8,653 were recognized for customer relations. At the balance sheet date, net book values ​ result in the amount of TEUR 14,303 (goodwill) and EUR 29,882 (other items). Intangible assets comprise the remainder purchased software. Disclosure of shareholdings Society

Share in%

Currency

Equity in LW

Years result in LW

Dunkermotoren Taicang Co., Ltd., Taicang, China

100.00

CNY

54,053,619.23

4,908,550.36

Dunker Motors USA Inc., Elgin, United States

100.00

USD

695,421.51

60,531.53

Dunker Motors Italia srl, Milan, Italy

100.00

EUR

73,676.32

36,126.66

Dunker Motors UK Ltd, Southampton, UK

100.00

GBP

48,953.71

10,668.39

Dunker Motors Korea, Republic of Korea

100.00

KRW

62,157,388.00

2,757,293.00

Dunker Motors doo Subotica, Subotica, Serbia

100.00

RSD

51,141,946.32

-8573691.70

Dunker Motors Linear Systems Ltd., Basildon, UK

100.00

GBP

-4797.20

-237558.77

Dunkermotoren France SAS, Cailloux sur Fontaines, France

100.00

EUR

-49,352.40

-88,585.51

50.96

EUR

-310612.20

-111578.97

Christian Leuen GmbH Engineering Services for Electrical Engineering, Bayreuth, Germany Receivables and other assets

Receivables from shareholders exist in the amount of TEUR 2,426 (PY. TEUR 10,552). Receivables from affiliated companies include trade receivables in the amount of TEUR 1,974 (PY. TEUR 2,014). All receivables and other assets have a residual maturity of up to one year as last year. Deferred taxes Due to the tax group, the deferred taxes of a company on organ support Direl Holding GmbH are recognized. Equity The share capital of Dunkermotoren GmbH is fully furnished and the balance sheet date EUR 2,050,000.00. The sole shareholder is the Direl GmbH, Bonn village. Between the Dunker Motors GmbH (ergebnisabführende society) and the Direl GmbH (income recipient company) is effective as of 1 January 2011, a profit transfer agreement. Because of this contract, the entire net income of the Dunker Motoren GmbH is paid to the Direl GmbH or taken over an otherwise incurred net loss.

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In connection with the acquisition of Dunker Motors Group in fiscal year 2012, the AMETEK Material Analysis Holdings GmbH, Kleve, to repay the existing loan liabilities of Dunkermotoren GmbH from the syndicated. As a result of the repayment of the syndicated loan by AMETEK Material Analysis Holdings GmbH, Kleve, was a claim for compensation of AMETEK Material Analysis Holdings GmbH against the Dunker Motoren GmbH in the amount of 35,559,224.97 EUR. This claim for compensation was filed by the AMETEK Material Analysis Holdings GmbH indirectly holds Direl Holding GmbH and Direl GmbH in the capital reserve of Dunkermotoren GmbH according to § 272 para. 2 no. 4 HGB. Provisions 31.12.2012 Provisions for pensions and similar obligations

31.12.2011

EUR

EUR

8312

7582

Provisions for taxes

0

173

Warranty provisions

4560

5040

598

1117

1712

2304

Retirement obligations Personnel-related provisions Impending losses from pending transactions

295

675

1659

1981

17,136

18,872

Other Other provisions mainly comprise provisions for outstanding invoices.

Information on transfer pursuant to § 246 paragraph 2 sentence 2 HGB with the provision for the insurance-linked pension commitment (Dunker Motors pension account).: EUR Settlement amount of offset liabilities

2402

Fair value of assets (liability insurance)

2402

Allocated costs

0

Allocated income The fair value of assets equals the origination costs.

0

Information on transfer pursuant to § 246 paragraph 2 sentence 2 HGB with the provision for partial retirement.: EUR Settlement amount of offset liabilities

1724

Fair value of assets (liability insurance)

1126

Allocated costs

0

Allocated income The fair value of assets equals the origination costs.

0

Liabilities The remaining terms are shown in the table of liabilities in detail. 31.12.2012

31.12.2011

in EUR thousand

in EUR thousand

Total

Residual maturity <= 1 year

Residual maturity> 1 year

Residual maturity> 5 years

0

0

0

0

Advance payments received on orders

853

853

0

Liabilities for goods and services

6854

6854

Liabilities to affiliated companies

942

Otherwise. Liabilities

974

Liabilities to banks

Total

Residual maturity <= 1 year

Residual maturity> 1 year

Residual maturity> 5 years

35,450

0

35,450

0

0

924

924

0

0

0

0

7558

7558

0

0

942

0

0

531

531

0

0

974

0

0

1508

1508

0

0

35,450

0

9623 9623 0 0 45,971 10,521 Liabilities to affiliated companies in the amount of TEUR 942 (PY. TEUR 531) liabilities for goods and services.

The liabilities to banks were fully repaid on 21.05.2012 with all ancillary obligations by AMETEK Material Analysis Holdings GmbH. Contingencies

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As of the date warranty statements for existing and future liabilities to suppliers in favor of the subsidiary Dunker Motors Linear Systems Ltd., Basildon, in the amount of kGBP 20 There is also a performance guarantee for the rental obligations of the Dunker Motors Linear Systems Ltd. and the Dunker Motors doo Subotica, Subotica. In favor of the subsidiary pleas- ant Dunker Motors Italia srl ​ is an indemnity in the amount of EUR 49 and for Dunkermotoren France SAS in the amount of TEUR 19th The risk of claims from this warranty statements is considered low due to the expected positive business outlook of subsidiaries. The company is liable pursuant to § 73 AO for such taxes of the controlling, for which the fiscal unity between the two is fiscally important. Off-balance sheet 1) Operating - Leasing: a) Buildings 31 December 2012 has obligations under operating leases for the logistics center in Bonn village in the amount of TEUR 3,607 (PY. TEUR 4,083). Purpose is the optimization of cash and cash equivalents. All risks remain with the lessor. Advantages are the optimization of cash and cash equivalents. b) IT Equipment 31 December 2012 are obligations from operating leases for computer equipment in the amount of TEUR 611 (PY. TEUR 52). Purpose is the optimization of cash and cash equivalents. All risks remain with the lessor. Advantages are the optimization of cash and cash equivalents and the minimize risks regarding aging and failure of computer equipment. c) Motor vehicles 31 December 2012 are obligations from operating leases for motor vehicles in the amount of TEUR 354 (PY. TEUR 364). Purpose is the optimization of cash and cash equivalents. All risks remain with the lessor. Advantages are the optimization of cash and cash equivalents and risk minimization. Maturity of other financial commitments from lease contracts: 2013

2014

2015

2016

2017

2018ff.

EUR

EUR

EUR

EUR

EUR

EUR

EUR

Building

493

484

485

486

448

1211

3607

IT Equipment

194

159

152

106

0

0

611

Motor vehicles

199

118

37

0

0

0

354

886

761

674

592

448

1211

4572

Total Other financial obligations

Total

In addition to the aforementioned liabilities and off-balance sheet transactions, other financial obligations amounting to TEUR 7,161 (PY. TEUR 8,833). These obligations relate to purchase commitments for investments and production materials in the normal course of business. Derivative financial instruments 31.12.2012 There are two interest rate caps in the form of a maximum rate agreement, which was completed on 01/10/2010 with an original maturity of 15/11/2013. These interest rate caps were used to hedge the interest rate risk of the loans under the syndicated loan, which was repaid in full 5/21/2012 with all ancillary obligations. The reference amount denominated in each of 25 million euros. The fair value for each interest rate cap agreement TEUR 0 (previous year:. EUR 6). The assessment will be based on current market data using market standard valuation methods. Transactions with related parties In fiscal 2012, there were no transactions with related persons or companies under normal market conditions. D. Notes to the profit and loss account Revenues Breakdown by business sector 2012

2011

EUR

EUR

2866

3194

BRDC motor (DC commutator motors)

79511

82469

BLDC motor (Brushless DC Motors)

36446

34883

AC Motors (AC and DC motors)

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Ven. BI-motor (blinds and places drives)

12,382

Accessories and Miscellaneous

13,500

5164

6098

136369

140144

2012

2011

EUR

EUR

Breakdown by market

Germany

77660

78668

Rest of Europe

38824

41,322

North America

6730

6194

13,155

13,960

136369

140144

2012

2011

EUR

EUR

1109

473

Foreign exchange gains

259

266

intercompany balances

606

759

Other countries Further information on sales are included in the management report. Other operating income

Reversal of provisions

Insurance refunds

55

0

264

216

2293

1714

2012

2011

EUR

EUR

Consulting expenses

1789

2454

Services

1876

1646

Maintenance costs

1493

1592

Commissions

2223

1825

Nietaufwendungen

852

838

Ausgangsfracht- / packing

999

1133

Marketing expenses

513

477

0

1525

Other Other operating income (TEUR 473 PY.) Are period income of EUR 1,164 included. Other operating expenses

Compensation for sales representatives Other

2930

2057

12,675

13,547

Amortization of intangible fixed assets and tangible assets Amortization expense for the year amounted to TEUR 18,169 (previous year:. TEUR 18,549). Impairment losses were recognized. Interest and similar expenses and similar income The item interest and similar expenses include the interest portion of pension obligations, the retirement obligations, the anniversaries and the death benefit obligations in the amount of TEUR 641 (PY. TEUR 491) as well as the interest portion of the warranty obligations of TEUR 20 (PY. TEUR 30). Taxes on income and earnings Due to the tax sharing agreement with Direl Holding GmbH are recognized both the effective and the deferred income taxes on the level of Direl Holding GmbH. The post-tax income and earnings includes a tax refund in the amount of TEUR 235 as well as other income tax expense of EUR 13 Both of these issues relate to pre-consolidation assessment periods. E. Other information Members of the management Graf, Nicholas, Bonn village in the Black Forest, Chairman of the Board

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Federal Gazette Guckelberger, Frank, Huefingen, commercial management Brunner, Volker, Kirchzarten, technical management

Members of the Supervisory Board Manfred A. Bergsch, technician (as of 24 May 2012) Rolf Singendonk, Kaufmann (as of 24 May 2012) Oswald Rebmann, toolmakers Dr. Winfried Walzer, Management Consultant (until 21 May 2012)

Claus von Hermann, Investment Manager (until May 21, 2012) The Supervisory Board received no remuneration during the financial year. Employees on an annual average Average number of employees during the financial year employees (full time equivalents): 2012

2011

EUR

EUR

General Administration

99.4

84.5

which trainees

44.4

36.0

Direct production employees

366.1

411.7

Manufacturing indirect employees

161.0

167.3

65.3

63.7

Research and Development Distribution

46.3

48.2

738.1

775.4

Auditors' fees In the 2012 financial year amounted to the fees of Ernst & Young GmbH auditing firm, Stuttgart, pursuant to § 285. 17 HGB total of EUR 98 accounted for auditing EUR 52 and EUR Tax on 46th Group Relationships The Company is an indirect 100% subsidiary of Ametek Material Analysis Holdings GmbH, Kleve. The financial statements of the Company in the consolidated financial statements of AMETEK Inc., Berwyn, United States, incorporated (largest scope of consolidation). To prepare consolidated financial statements, the Company was not required at December 31, 2012, as the AMETEK Inc. prepares consolidated financial statements with effect of releasing the company. The exempting consolidated financial statements of AMETEK Inc. is prepared using the accounting policies of the US-GAAP, is the seat of AMETEK Inc. in Berwyn, HR no. (USA) IRS 14-1682544 available and is in German language with the Federal Gazette by the Ametek Material Analysis Holdings GmbH in Kleve, HR no. HRB 9403, disclosed. The substantially different accounting, valuation and consolidation methods between American (US-GAAP) and German (HGB) accounting in relation to the consolidated financial statements of AMETEK Inc., Berwyn / USA are set forth below. Intangible assets / goodwill Under US-GAAP identified in connection with the acquisition of the Dunker Motors Group by Ametek Material Analysis Holdings GmbH intangible assets were recognized at their fair value and - unless their useful life is determinable - amortized over its expected useful life. These relate to the brand "Dunker Motors", customer relationships and product-specific know-how. Customer relationships are amortized over a useful life of 20 years, the product-specific know-how of over 15 years. The brand name is subject due to the indefinite useful life not be amortized. The resulting as part of an acquisition, goodwill is subject to US-GAAP is not amortized but is at least annually tested for impairment and written down if necessary.

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Federal Gazette

Property and equipment Under US-GAAP identified in connection with the acquisition of the Dunker Motors Group by Ametek Material Analysis Holdings GmbH tangible assets are recognized at their fair value and amortized over its expected useful life. The useful lives according to HGB and U.S. GAAP are as follows:

HGB new

US-GAAP (fair value *)

US-GAAP new

10 - 50 years

10 - 25 years

10 - 40 Years

5 - 10 years

7 years

7 - 10 years

2 - 10 Years

2 - 4 years

2 - 10 Years

Pool depreciation 5 years

N/A

WA

Asset Buildings and equipment Technical equipment and machinery Other equipment, operating and office equipment Low-value assets

* Remaining useful life of inventories carried at market value Vermögengsgegenstände new Provisions for pensions and similar obligations Both HGB and US-GAAP, provisions under the projected unit credit method ("projected unit credit method") were determined. Actuarial gains and losses are HGB as income or expense, according to US-GAAP (corridor method) recognized directly in other comprehensive income (OCI - other comprehensive income). The calculation parameters according to HGB and U.S. GAAP are as follows: HGB

US-GAAP

31.12.2012

31.12.2012

Market interest rate

5.05%

3.55%

Rate of compensation increase

2.50%

2.50%

Rentend dynamics

1.75%

1.75%

2.25%

2.25%

Dynamic contribution ceiling statutory pension insurance Other provisions

The possibilities for creating provisions are more restricted in the US GAAP than under HGB. Provisions must be made in accordance with US-GAAP, when an obligation to a third party, the utilization is probable ("more likely than not") and the anticipated amount of the settlement amount of the required provision can be reliably estimated. It also discounting is to be considered if this can be reasonably estimated. Provisions under German GAAP are valued at the expected settlement amount and discounted at a residual maturity of more than one year. The discount rate is based according to US-GAAP to provide returns that are realized at the balance sheet date on high quality fixed-income corporate bonds. After HGB this interest is basically a runtime corresponding average market rate over the past seven years. Deferred taxes By the BilMoG a high degree of harmonization in the calculation system and measurement of deferred tax was generated. Pursuant to § 274 HGB tax loss carryforwards are only to be considered if in the next five years, a loss offset is expected. After HGB is an option to recognize a deferred tax overhang, according to US-GAAP, deferred taxes are reported.

Bonn village, March 28, 2013 Dunker Motors GmbH The Management Development of fixed assets for the year 2012 Acquisition and production costs 1.1.2012

Additions

Departures

Changes

31.12.2012

EUR

EUR

EUR

EUR

EUR

1 Purchased patents and similar rights and assets and licenses in such rights and assets

52,753,508.33

204,855.78

-264730.93

56,175.20

52,749,808.38

2nd goodwill

35,756,411.77

0.00

0.00

0.00

35,756,411.77

88,509,920.10

204,855.78

-264730.93

56,175.20

88,506,220.15

8,596,898.69

202,344.47

-224932.40

618,587.58

9,192,898.34

I. Intangible assets

II. Tangible assets 1. Land, leasehold rights and buildings, including

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Federal Gazette

buildings on third party land 2 Plant and machinery

36,429,351.36

683,629.27

-2029971.29

887,043.80

35,970,053.14

3 Other equipment, factory and office equipment

24,054,508.47

1,273,133.56

-2396708.41

212,124.18

23,143,057.80

1,970,125.92

986,392.61

0.00

-1773930.76

1,182,587.77

71,050,884.44

3,145,499.91

-4651612.10

-56,175.20

69,488,597.05

4,448,200.42

400,000.00

0.00

0.00

4,848,200.42

40,000.00

0.00

0.00

0.00

40,000.00

4,488,200.42

400,000.00

0.00

0.00

4,888,200.42

164,049,004.96

3,750,355.69

-4916343.03

0.00

162,883,017.62

4 Advance payments and construction in progress III. Financial assets 1 Shares in affiliated companies 2nd investments

Accumulated depreciation 1.1.2012

Additions

Departures

31.12.2012

EUR

EUR

EUR

EUR

1 Purchased patents and similar rights and assets and licenses in such rights and assets

15,663,647.33

7,002,955.98

-249976.93

22,416,626.38

2nd goodwill

14,302,564.70

7,151,282.40

0.00

21,453,847.10

29,966,212.03

14,154,238.38

-249976.93

43,870,473.48

5,228,036.15

332,648.05

-224893.40

5,335,790.80

2 Plant and machinery

27,836,837.36

1,908,167.07

-1995933.29

27,749,071.14

3 Other equipment, factory and office equipment

20,868,905.25

1,774,406.74

-2344958.41

20,298,353.58

0.00

0.00

0.00

0.00

53,933,778.76

4,015,221.86

-4565785.10

53,383,215.52

1 Shares in affiliated companies

0.00

0.00

0.00

0.00

2nd investments

0.00

0.00

0.00

0.00

I. Intangible assets

II. Tangible assets 1. Land, leasehold rights and buildings, including buildings on third party land

4 Advance payments and construction in progress III. Financial assets

0.00

0.00

0.00

0.00

83,899,990.79

18,169,460.24

-4815762.03

97,253,689.00

Book values 31.12.2012

31.12.2011

EUR

EUR

1 Purchased patents and similar rights and assets and licenses in such rights and assets

30,333,182.00

37,089,861.00

2nd goodwill

14,302,564.67

21,453,847.07

44,635,746.67

58,543,708.07

1. Land, leasehold rights and buildings, including buildings on third party land

3,857,107.54

3,368,862.54

2 Plant and machinery

8,220,982.00

8,592,514.00

3 Other equipment, factory and office equipment

2,844,704.22

3,185,603.22

4 Advance payments and construction in progress

1,182,587.77

1,970,125.92

16,105,381.53

17,117,105.68

4,848,200.42

4,448,200.42

I. Intangible assets

II. Tangible assets

III. Financial assets 1 Shares in affiliated companies 2nd investments

40,000.00

40,000.00

4,888,200.42

4,488,200.42

65,629,328.62

80,149,014.17

Management report for the business year from 1 January to 31 December 2012 I. Business and the Environment Operations Subject of the Dunker Motoren GmbH is the development, manufacture and sale of electric drives and controls, especially electric motors and gear units with associated control electronics including software and the provision of services in this area, especially in connection with drive designs and commissioning.

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The Dunker Motors GmbH supplies actuators for applications in the following market segments (% of direct sales of sales): •

General Automation (19%)



Door automation (12%)



Industrial automation (24%)



Sunscreen (9%)



Medical and laboratory technology (12%)



Motifs (10%)



Other (14%)

The purpose product portfolio includes mainly used: •

DC collector motors (GR / G)



Brushless DC motors (BG)



Phase and three-phase motors (KD / DR)



Blind and actuators (D)



Planetary and worm gearboxes (PLG / SG)



Control electronics (RS / BGE)



Brakes (E)



Servo components (RE / TG ​ / ME)



Linear motors

Corporate law environment With the parent company Direl GmbH, Bonn village, there is a profit and loss transfer agreement. The sole shareholder of Direl GmbH is the Direl Holding GmbH, Bonn village. This was May 21, 2012 by AMETEK Material Analysis Holdings GmbH, Kleve, acquired. The AMETEK Material Analysis Holdings GmbH in turn is a subsidiary of AMETEK Inc., Berwyn / USA. The financial statements of the Company are included in the consolidated financial statements of AMETEK Inc.. In connection with the acquisition of Dunker Motors Group in fiscal year 2012, AMETEK has Material Analysis Holdings GmbH to repay the existing loan liabilities of Dunkermotoren GmbH from the previous syndicated. As a result of the repayment of the syndicated loan by AMETEK Material Analysis Holdings GmbH was a claim for compensation of AMETEK Material Analysis Holdings GmbH against the Dunker Motoren GmbH in the amount of 35.6 MEUR. This claim for compensation was filed by the AMETEK Material Analysis Holdings GmbH indirectly holds Direl Holding GmbH and Direl GmbH in the capital reserve of Dunkermotoren GmbH according to § 272 para. 2 no. 4 HGB. Development of industry and economy as a whole The short-term nature of the project business and the uncertainty of the overall economic development have caused the 2012 financial year at Dunker Motors for significant fluctuations in capacity utilization. At the beginning of the year increased slightly compared to the previous year due to stronger project business sales. This was due in particular the demand for drives for industrial

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8/27/2014

Federal Gazette

automation and door automation. During the year, the demand decreased and in particular products for the segments door automation, motives and sun protection were less decreased in the fourth quarter. Regionally, the Asian market has moved significantly below expectations, while North America could easily grow. Demand in Germany has declined slightly over the previous year. Impairments caused by supply shortages of the magnetic material from rare earths are not performed in 2012. II. Earnings Contract development and sales In fiscal 2012, the company achieved an order intake of 132.7 MEUR (PY. 148.8 MEUR). In the first quarter the order intake level still corresponded to the average of the previous year. As of the second quarter, order intake weakened but then significantly and remained throughout the rest of the year below expectations. The order backlog at year end was 94.4 MEUR (PY. 96.9 MEUR). Overall, the Dunker Motors GmbH could not reach the turnover of 140.1 MEUR from the previous year in 2012. Sales amounted to 136.4 MEUR, 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. The market segment of industrial automation was marked by the reluctance to invest, triggered by the uncertainties in the euro zone. This resulted in a revenue decline of 7% over the previous year. Also in the general automation segment, a slight decrease of about 1% over the previous year was recorded. A strong construction industry shaped the market segment door automation, resulting in a growth of 11% in this segment. In sun protection segment addition to the usual seasonal effects a temporary reluctance of a major customer was recorded. This was until the end no longer be balanced, so that the sales in this market segment by about 8% were lower than in fiscal year 2011 revenues in the range motives, mainly determined by applications in bus & train, agricultural and automotive laid, compared slightly to the prior year period. Minor increases were recorded in the medical & laboratory technology. The Other segment, in which, among other supplies to distributors in selected exporting countries as well as to other companies of the Group are classified Dunker Motors, declined significantly (down 5%). This was due, among other things developed eg direct delivery to customers in France and the increasing self-production of the other companies within the group Dunker engines. Result The overall performance in the year under review amounted to 137.1 MEUR (PY. 139.9 MEUR). The cost of materials amounted to 57.4 MEUR (PY. 58.6 MEUR), which corresponds to a material expense ratio of 41.9% (prior year. 41.9%). Personnel expenses amounted to approximately 41.9 MEUR (PY. 42.6 MEUR), which corresponds to a personnel expense ratio of 30.5% (prior year. 30.4%). Depreciation and amortization include amortization of intangible assets in the amount of 14.2 MEUR (PY. 14.3 MEUR) and tangible fixed assets in the amount of 4.0 MEUR (PY. 4.2 MEUR). Of this amount 6.6 MEUR (PY. 6.6 MEUR) of intangible assets, which were revealed in connection with the merger in 2010 and 7.2 MEUR (PY. 7.2 MEUR) on the Business incurred in 2010 in connection with the merger - goodwill. The goodwill is amortized over five years. The decrease in other operating expenses resulted primarily from lower consulting expenses and a one-off effect in the previous year in connection with payment of compensation to sales representatives. Significant currency effects did not arise. The cash in / out movements in foreign currency (mainly in USD) talked about the balance. III. Financial The existing at the beginning of 2012, Bank loan was repaid in full during the course of acquisition by AMETEK Material Analysis Holdings GmbH with all ancillary obligations totaling MEUR 35.6. In connection with the redemption of this syndicated by AMETEK Material Analysis Holdings GmbH, a claim for compensation of AMETEK Material Analysis Holdings GmbH against the Company in the amount of 35.6 MEUR originated. This compensation requirement of AMETEK Material Analysis Holdings GmbH is loaded from the AMETEK Material Analysis Holdings GmbH indirectly holds Direl Holding GmbH and Direl GmbH in the capital reserve of the Company. Additionally resulted from ongoing operations is a positive development in liquidity, so that the company has a solid financial position. At year end, the equity ratio was 79.4% (previous year 47.6%). From operating activities is a positive cash flow of 34.9 MEUR was achieved during the fiscal year. This compares to a negative cash flow from investing activities in the amount of 31.8 MEUR. To date, the cash and cash equivalents amounted to 4.2 MEUR. The cash and cash equivalents consists solely of cash. There is also the leases. We refer to the discussion in the Appendix. IV. Asset position The total investment from operating activities in the fiscal year 2012 to 3.8 MEUR (PY. 4.5 MEUR). In intangible assets 0.2 MEUR (. Previous year 0.4 MEUR) was invested in tangible assets - particularly plant and Geschäftsausstattung- 3.1 MEUR (3.8 MEUR previous year.). Depreciation of property, plant and equipment are linear. Impairment losses were recognized during the reporting period. The merger with the parent company in 2010, a goodwill resulted in the amount of 35.8 MEUR. The net book value of goodwill for the year end is 14.3 MEUR (PY. 21.5 MEUR). Moreover resulted from the merger an addition to intangible assets as part of the disclosure of hidden reserves total 49.8 MEUR. The recognized intangible assets related to 6.9 MEUR the brand name "Dunker Motors", with 34.2 MEUR existing customer relationships, as well as with 8.7 MEUR production-related know-how and development services. The net book

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Federal Gazette

value thereof is 29.9 MEUR (PY. 36.5 MEUR). Total assets amounted to 129.6 MEUR (PY. 123.8 MEUR). Of this amount, 65.6 MEUR (PY. 80.1 MEUR) of fixed assets, MEUR 63.9 (previous year:. 43.4 MEUR) for current assets and 0.1 MEUR (PY. 0.2 MEUR) on deferred income. The liability side includes equity in the amount of 102.9 MEUR (PY. 58.9 MEUR), provisions amounting to 17.1 MEUR (PY. 18.9 MEUR) and liabilities in the amount of 9.6 MEUR (PY. 46, 0 MEUR). Receivables from affiliated companies include in particular a short-term to the AMETEK Material Analysis Holdings GmbH loan issued in the amount of EUR 28,000. Other provisions include provisions for product warranties, other personnel-related provisions, provisions for outstanding invoices, provisions for partial retirement obligations and provisions for impending losses from pending transactions. The decrease compared with the previous year is primarily due to a lower provision for variable compensation, warranties and for anticipated losses from pending transactions. The exchange rate influences in the fiscal year of minor importance. V. Employees Lower demand meant that the number of employees by an average of 775 in fiscal 2011 to 738 has been reduced. Among other things, temporary contracts were not renewed for adaptation. The number of places for trainees and students of the Duale Hochschule Baden-Württemberg was contrary to the overall development in fiscal year 2012 increased significantly from an average of 36 to 44. To maintain the health of our employees, we build our health management constantly. In fiscal 2012, this is a health educator was adjusted. In particular, the aim is exercise, nutrition and ergonomics deals to establish the company and expand. For employees, a health day was offered in collaboration with various health insurance in 2012 again. On this day, people had a whole day, the opportunity to learn about health issues and safety at work and to seek advice. To assist in attracting new professionals a number of projects and activities have now established at Dunker engines. Here's attractiveness as an employer Dunker Motors for (future) employees should also be clarified and further improved: •

Hedu training days, a joint project of HECTRONIC and Dunker Motors Company for the recovery of trainees



Educational sponsorships with local schools



Intensification of cooperation with universities



Participation in various training and Rekrutingmessen

In fiscal 2012, 5 DHBW students, eight trainee students and 9 trainees were adjusted in order to cover the need in the future for skilled workers •

The project "winning together" is committed Dunkermotoren or employees for social projects. In this context especially the charity cycling event to call "ride2live". In the second cycling event of its kind just under 500 participants were there, which generated approximately 12,000 EURO for a good cause.

VI. Research and Development Expenditure on research and development remained stable at 6.1 MEUR in 2012. The development activities in Serbia have been developed. The premises for the development have been expanded and established a laboratory. In addition to developing customized drives planned strategic new products have been promoted consistently in 2012. Important topics were: Development of additional bus interfaces for integrated BLDC motors: •

Drives with EtherCAT bus interface enables integration with networks with control systems from. Beckhoff now available for 45mm brushless drives



Power-optimized version of the 65mm brushless motor with integrated electronics

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8/27/2014 •

Federal Gazette Development of a brushless drive for the Chinese market

The expansion of our range of components to system solutions was further ahead. First configurations were placed. VII. Supplementary Report It occurred after the close of the financial year, no events of special importance. VIII. Risk report To implement the corporate policy the Dunker Motors GmbH maintains a management system, the 9001 and 14001 satisfied, inter alia, the requirements of DIN EN ISO. The effectiveness of the management system is regularly reviewed by the management and certified by external bodies. Through highly automated production lines and fully automated quality control a consistently high level of quality, regardless of lot size. We work with clearly defined processes along the value chain. We are committed to continuous improvement of all processes and compliance with the relevant laws and regulations. The financial risks primarily include possible price changes bad debts and currency effects. Due to the very high and volatile commodity prices is expected to further increase in purchase prices. The situation on the market of rare earth has indeed stabilized somewhat in 2012, however, this area still involves considerable uncertainty. Longer-term contracts are still not accepted by suppliers, which should lead to further changes in the procurement market. The lead times have stabilized, but require continuous management unchanged. Through close observation of the suppliers whose supplies and a partial increase in the stock of critical components, impact on production in width could be prevented. We address these challenges on the one hand by longer-term and forward-looking contracts and the other by various procurement projects such as substitution or bundling of requirements. Open and proactive cooperation with our suppliers, we see as an effective means to face the challenges of the market. We also maintain and build from a broad and global network of suppliers. The credit risk in accounts receivable area is counteracted by regular credit check prior to order acceptance and agreement of advance payments. In the ERP system, the credit limit monitoring is established. If the sum of accounts receivable and order backlog, the authorized credit limit, the approval by the credit manager or by the CFO is required. For any bad debts, there is also a credit insurance. Currency risks arising from transactions in foreign currency are reduced by entering into offsetting transactions in foreign currency. A customer has filed compensation claims for warranties for supplies from previous years to a not inconsiderable extent. As part of the sale of the Dunker Motors Group to the former owners significant risks arising from this warranty case were taken from the transferor. The directors anticipate that in the event of a claim on the retained sum, there is a recourse claim against the seller. To monitor the liquidity a Planning and Reporting tool is established in order to have a sufficient amount of liquidity in the company. Through close monitoring, we can quickly put emerging risks openly and effectively address these. By including in the listed in the United States AMETEK Group and the consequent obligation to implement an adequate and effective internal control environment according to the requirements of Section 404 of the Sarbanes-Oxley Act is more stringent requirements apply for regulatory compliance in the implementation and documentation of business operations. A quarterly report on the existing internal control system. This existing process risks can be significantly minimized. Risks that could jeopardize the continued existence of the company, are not recognizable. The identifiable risks were taken into account in the preparation of the balance sheet. IX. Prognosis and chances of future development Expected development The global market of automation technology is influenced by the long-term macro trends in the world economy. These trends are stable and continue to identify the automation technology as a growth market. The increased urbanization requires mass transit. More flexible supply networks need to be connected and more food must be automatically portioned and packaged. Short-term macroeconomic uncertainty will influence 2013. For the full year, we expect a slightly positive trend in orders and sales. In addition to a stable German market, we expect a slight recovery in other European markets. Similarly, we expect a stabilization of the slight upward trend in the United States. New product development is pursued further in 2013. Further development capacity is built up gradually in the subsidiary in Serbia. The shift more production lines to Serbia is planned for 2013. Any costs resulting benefits will improve the competitiveness in costdriven market segments. For fiscal years 2013 and 2014, we expect sales growth to 143.4 MEUR MEUR 153.6 or at a slight increase in earnings from.

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Bonn village, March 28, 2013 Dunker Motors GmbH, Bonn village in the Black Forest

Report of the Supervisory Board for the 2012 financial year the Dunker Motors GmbH The Supervisory Board regularly, especially at the three board meetings, kept informed by management statements on the situation and the business development of Dunker Motoren GmbH in 2012. Transactions of considerable importance were discussed in detail with the management. Main topic of discussion was the economic situation of the company. The Ernst & Young GmbH auditing firm, Stuttgart, the financial statements presented by management at 31 December 2012 and the management report of Dunkermotoren GmbH for the fiscal year 2012 and an unqualified audit opinion. The audit reports available. We have audited the annual financial statements and management report of Dunkermotoren GmbH submitted by the management and are consistent with the findings of the auditor agreement. After the final results of this review, no objections were raised. We approve the annual financial statements prepared by management. The management, the works council and the employees deserve thanks and recognition for their efforts during fiscal year 2012 work.

Bonn village in the Black Forest, the April 25, 2013 Dunker Motors GmbH The Supervisory Board Date of observation: May 17, 2013

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Registered No 1659383

Land Instruments International Limited Report and Financial Statements 31 December 2006

11111111111111111111 LD2

"l.XMUKUBK" 30/1012007 COMPANIES HOUSE

398

Land Instruments International L1m1ted Registered No 1659383

Directors TG RBeynon D Chapman MA Johnston A Imne J Mohnelh DA Zapico J Pnce

Secretary D Chilton KE Sena

Auditor Ernst & Young LLP City Gate West Toll House Hill Nottmgham NGI 5FY

Registered office 2 New Star Road PO Box 36

Leicester LE4 9JQ

1

Land Instruments International L1m1ted

Directors' report

The directors present their report and financial statements for the penod from I Apnl 2006 to 31 December 2006

Results and dividends The loss for the penod, after taxation, amounted to £768,000 Particulars of d1v1dends paid are detailed m note l 0 to the financial statements

Principal activities and review of the business The level ofbusmess and the year-end financial pos1t10n were considered to be sattsfactmy The pnnc1pal act1v1ty of the company dunng the penod continued to be the design, development and manufacture of instruments and related systems for the measurement of temperature and gaseous and particulate em1ss10ns usmg predominantly mfra red technologies These are marketed worldwide and across the mdustrial sector On 15 June 2006 Land Instruments lnternat10nal L1m1ted was acquired by EMA Holdings UK Ltd, a UK registered company and a wholly owned subs1d1ary of AMETEK Inc m the U S A and as a consequence has changed 11' s year end accounting date to the 3 I December

The company's key financial indicators for the penod were as follows -

Turnover Operatmg profit (before except10nal items) Current Assets as % of Current Liab1ht1es Shareholders' Funds

9 months to 31 December 2006 £000

Year to 31 March 2006 £000

Change %

11,037 300 294% 7,098

15,755 838 231% 12,334

-30% -64% +27% -42%

Turnover for the 9 month penod ended 31 December 2006 was 30% lower than for the 12 month penod ended 31 March 2006 After adjusting for the different length m reporting penods, turnover for the 9 month penod ended 31 December 2006 was broadly comparable with the pnor penod Operating profit before excepllonal items decreased by 64% durmg the penod After adjustmg for the different length m reporting periods, the operatmg profit before except10nal items was 50% lower than m the pnor penod, reflectmg reduced margms ansmg from a change of mix in products and pncmg pressure The Company mcurred except10nal costs of £990,000 m the penod, ar1smg from the write off of a loan to a loss makmg subs1d1ary (now m hqmdallon), curtailment of the Employee Benefit Trust and redundancy costs, details of which are set out m note 3 to the financial statements Shareholders' funds reduced by 42% prirnanly due to the payment ofa £5 m1lhon ordmary d1v1dend durmg the penod The directors remain opt1m1st1c about the year ahead and a return to profitab1hty With llght control over overheads and the company contmumg to develop its products and explore new sales opportun1t1es, the outlook for 2007 1s strong

Principal Risks and Uncertainties The company operates m a compet1t1ve global environment Customers can swllch to competitor products 1f they judge that the competitor product offers better value We continue to focus on the quahty and rehab1hty of our products to give good value over the product hfe and to monitor competitor acllv1ty to maintain our compet1t1veness

2

Land Instruments International L1m1ted

Directors' report

Financial risk management The company's principal financial instruments compnse trade debtor, trade creditor and intercompany balances and bank loans The company does not enter into denvauve transactions and 11 1s, and has been throughout the penod under review, the company's pohcy that no trading in financial instruments shall be undertaken

The main nsks ar1s1ng from the company's financial instruments are foreign currency risk and interest rate nsk Foreign currency risk The company has transactional and translational currency exposures arising from sales and purchases in foreign currencies It 1s AMETEK group pohcy not to actively hedge against foreign currency transactions and balances Interest rate risk The company has bank borrowings with interest at a vanable rate It 1s AMETEK group pohcy not to enter into interest rate swaps to fix interest rates

Land and buildings The freehold properties shown in the accounts at £1,313,000 have, in the opinion of the directors, a market value of approximately £2,000,000 in excess of the book value

Research and development Research and development 1s an important part of the company's operations During the penod the company spent £1,031,000 (31 March 2006 - £ 1,368,000)

3

Land Instruments International Limited

Directors' report

Auditor Durmg the penod Grant Thornton UK LLP resigned as auditors of the company with Ernst & Young LLP bemg appomted m their place A resolution to reappomt Ernst & Young LLP as auditor will be put to the members at the Annual General Meetmg

On behalfofthe board

Ct . 2007

5

Land Instruments International L1m1ted

Statement of directors' responsibilities in respect of the financial statements The drrectors are responsible for preparmg the Annual Report and the financial stalements m accordance with applicable law and regulations Company law requrres the directors to prepare financial statements for each financial year Under that law the drrectors have elected to prepare the financial statements m accordance with United Kmgdom Generally Accepted Accountmg Pracllce (Umted Kmgdom Accountmg Standards and applicable law) The financial statements are reqmred by law to 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 penod In preparmg those financial statements, the directors are reqmred to •

select smtable accountmg pohc1es and then apply them consistently,



make Judgements and estimates that are reasonable and prudent, and



prepare the financial statements on the gomg concern basis unless 111s mappropnate to presume that the company will contmue m busmess

The directors are responsible for keepmg proper accountmg records which disclose with reasonable accuracy at any time the financial pos1t1on of the company and to enable them to ensure that the financial statements comply with the Companies Act 1985 They are also responsible for safeguardmg the assets of the company and hence for takmg reasonable steps for the prevent10n and detect10n of fraud and other irregular1t1es

6

Independent auditor's report to the members of Land Instruments International Limited We have audited the company's financial statements for the penod ended 31 December 2006 which comprise the Profit and Loss Account, the Statement of Total Recognised Gams and Losses, the Balance Sheet and the related notes I to 25 These financial statements have been prepared under the accountmg pohc1es set out therem ThlS report 1s made solely to the company's members, as a body, m accordance with Section 235 of the Companies Act 1985 Our audit work has been undertaken so that we might state to the company's members those matters we are requITed to state to them man auditor's report and for no other purpose To the fullest extent permitted by law, we do not accept or assume responSib1hty to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opm1ons we have formed

Respective responsibilities of directors and auditor The dITectors' responSib1ht1es for preparmg the Annual Report and the financial statements m accordance with applicable United Kmgdom law and Accountmg Standards (United Kmgdom Generally Accepted Accountmg Practice) are set out m the Statement of Directors' ResponSib1ht1es Our responSib1hty IS to audit the financial statements m accordance with relevant legal and regulatory requITements and International Standards on Aud1tmg (UK and Ireland) We report to you our opm1on as to whether the financial statements give a true and faIT view and are properly prepared m accordance with the Companies Act 1985 We also report to you whether m our opmion the mformauon given m the dITectors' report IS conSistent with the financial statements In add1t1on we report to you 1f, m our opmion, the company has not kept proper accounting records, 1f we have not received all the mformat1on and explanations we reqmre for our audit, or 1f mformation specified by law regardmg drrectors' remuneration and other transactions IS not d1Sclosed We read the directors' report and conSider the 1mphcat1ons for our report 1f we become aware of any apparent misstatements w1thm 1t

Basis of audit opinion We conducted our audit m accordance with International Standards on Aud1tmg (UK and Ireland) 1Ssued by the Aud1tmg Practices Board An audit mcludes exammat10n, on a test basIS, of evidence relevant to the amounts and disclosures m the financial statements It also includes an assessment of the sigmficant estimates and judgements made by the drrectors m the preparation of the financial statements, and of whether the accountmg pohc1es are appropriate to the company's circumstances, consistently apphed and adequately d1Sclosed We plarmed and performed our audit so as to obtam all the mformauon and explanat10ns which we conSidered necessary m order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other 1rregulanty or error In formmg our opm10n we also evaluated the overall adequacy of the presentation ofmformat1on m the financial statements

7

Independent auditor's report to the members of Land Instruments International Limited (continued) Opinion In our op1n1on • the financial statements give a true and fair view, m accordance with United Kmgdom Generally Accepted Accounting Practice, of the state of the company's affairs as at 31 December 2006 and of its loss for the period then ended, • the financial statements have been properly prepared m accordance with the Companies Act 1985,and • the mfonnat1on given m the directors' report 1s consistent with the financial statements

Er.v.E.t '1~ LL.f Ernst & Young LLP Registered Auditor Nottingham

2. ( Dd;Au-

2007

8

Land Instruments International L1m1ted

Profit and loss account for the period from 1 April 2006 to 31 December 2006

Notes

Penodto 31 December

Year to 31 March

2006 £000

2006 £000 (restated) (note 1)

Tu mover Cost of sales

2

Gross profit

D1stnbution costs Admm1strat1ve expenses Exceptional admm1strat1ve expenses/( income) Other admm1strat1ve expenses

3

Loss on disposal of fixed assets Income from shares m group undertakings Amounts written off investments Interest receivable and s1m1Iar mcome Interest payable and s1m1lar charges

(Loss)/proftt for the financial penod transferred (from)lto reserves

2,563 1,642

4,358 2,471

990 651

(68) 1,059 991 (IO)

4

(690)

906

12 7 8

(93) 66 (114) 25 (62)

110 (747) 344 (119)

(178)

(412)

(868) (IOO)

494

(768)

484

(Loss)/profit on ordinary activities before taxation

Tax on (loss)/profit on ordmary act1V1t1es

15,755 11,397

1,641 (30)

Other operatmg income Operating (/oss)/profit

11,037 8,474

9

IO

All amounts relate to continuing operations

9

Land Instruments International L1m1ted

Statement of total recognised gains and losses for the period from 1 April 2006 to 31 December 2006

Period to 31 December

Year to 31 March

2006 £000

2006 £000 (restated) (note I)

(Loss)/profit for the financial penod Actuanal Joss m respect of defined benefit pension scheme Tax on items taken dtrectly to/from eqmty

(768)

484

(90) 27

(520) 156

Total gains and losses recognised relating to the period

(831)

120

10

Land Instruments International L1m1ted

Balance sheet at 31 December 2006 31 December

31 March

Notes

2006 £000

2006 £000

11 12

1,869 1,374

2,206 4,075

3,243

6,281

3,015 2,755 506

3,331 7,727 85 116

6,276 2,135

11,259 4,873

Net current assets

4,141

6,386

Total assets less current l1abi/1t1es

7,384

12,667

286

333

7,098

12,334

Fixed assets

Tangible assets Investments

Current assets

Stocks Debtors Investments Cash at bank

13 14 15

Creditors amounts falhng due w1thm one year

16

Creditors: amounts fallmg due after more than one year

17

Net assets Capital and reserves

Called up share capital Other reserves Profit and loss account

21 22 22

1,325 396 5,377

1,325 262 10,747

Shareholders' funds

22

7,098

12,334

~

-,Ck,, NI~~ Director

2007

11

Land Instruments International L1m1ted

Notes to the financial statements at 31 December 2006

1.

Accounting policies Basis of preparation

The financial statements are prepared under the h1stoncal cost convention and in accordance with applicable accounting standards The financial statements of Land Instruments lntematwnal L1m1ted were approved for issue by the Board of Directors on the date shown on the balance sheet Pnor year adjustment

The pnor year comparatives have been restated to restnct the "expected return on assets" 1n hne with the requirements of FRS 17 The effect of this has resulted in a reductwn of £298k to net other finance income in the profit and loss account and a reductwn m the actuarial loss from £8 I 8k to £520k m the statement of total recognised gams and losses There has therefore been no impact on net assets The related tax impact 1s £89k and this has been reflected in the statement of total recognised gains and losses Consolidated financial statements

The financial statements contain mfonnatwn about Land Instruments lntematwnal L1m1ted as an ind1v1dual company and do not contam consolidated financial mfonnallon as the parent of a group The company 1s exempt under section 228 of the Companies Act 1985 from the reqmrement to prepare consolidated financial statements, as 11 and its subs1d1ary undenakmgs are included by full consohdat1on m the consolidated financial statements of its ultimate parent, AMETEK Inc Cash flow statement

The directors have taken advantage of the exemptwn m FRS I (revised) from mcludmg a cash flow statement m the financial statements on the grounds that the company 1s wholly owned and its ultimate parent publishes consolidated financial statements Related party transactions The company 1s a wholly owned subsidiary of AMETEK Inc, the consolidated accounts of which are publicly available Accordmgly, the company has taken advantage of the exemptwn in FRS 8 from disclosing transactwns with members or mvestees of the AMETEK Inc group Research and development

Research expenditure 1s charged to profits in the penod m which 111s mcurred Developments costs are written off in the year of expenditure Fixed assets

All fixed assets are initially recorded at cost Fixed asset carrymg values are reviewed for 1mpa1nnent when events or changes in circumstances indicate the carrying values may not be recoverable Investments

Investments are stated at cost, less amounts wntten off Depreciation

Deprec1atwn 1s provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value based on pnces preva1lmg at the date of acqms1twn of each asset evenly over its expected useful hfe, as follows Freehold propeny Plant and machmery Fixtures and fittings Motor vehicles

over 50 years over 5 years over 5 years over 4 years

Stocks Stock and work m progress are valued at the lower of cost and net realisable value Cost includes matenals, direct labour and an attnbutable proponwn of overheads based on nonnal levels of act1v1ty

12

Land Instruments International L1m1ted

Notes to the financial statements at 31 December 2006 1.

Accounting policies (continued) Deferred taxation

Deferred tax 1s recogmsed in respect of all timing differences that have onginated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obhgation to pay more, or a nght to pay less or to receive more tax, with the following exceptions • deferred tax assets are recogmsed only to the extent that the directors consider that 1t 1s more hkely than not that there will be smtable taxable profits from which the future reversal of the underlying timing differences can be deducted Deferred tax 1s measured on an und1scounted basis at the tax rates that are expected to apply in the penods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction Monetary assets and ltab1ht1es denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date All differences are taken to the profit and loss account Leasing and hire purchase commitments

Assets held under finance leases, which are leases where substantially all the nsks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are cap1tahsed in the balance sheet and are depreciated over the1r useful hves The capital elements of future obhgat1ons under the leases and hire purchase contracts are included as ltab1ltt1es in the balance sheet The interest elements of the rental obltgations are charged in the profit and loss account over the penods of the leases and h1re purchase contracts and represent a constant proportion of the balance of capital repayments outstanding Rentals payable under operating leases are charged in the profit and loss account on a straight hne basis over the lease term Defined contnbution pension scheme

The pension costs charged against operating profits are the contributions payable to the scheme in respect of the accounting penod Defined benefit pensmn scheme

Scheme assets are measured at fa1r values Scheme ltab1ht1es are measured on an actuanal basis using the projected umt method and are discounted at appropnate high quahty corporate bond rates The net surplus or deficit, adjusted for deferred tax, 1s presented separately from other net assets on the balance sheet A net surplus 1s recognised only to the extent that 1t is recoverable by the company The current service costs from settlements and curtailments are charged agamst operating profit Past service costs are spread over the penod until the benefit increases vest Interest on the scheme ltab1ht1es and the expected return on scheme assets are included in other finance costs Actuarial gains and losses are reported m the statement of total recognised gains and losses

13

Land Instruments International L1m1ted

Notes to the financial statements at 31 December 2006

1.

Accounting policies (contrnued) Financial Instruments

Fmancial hab1hties and eqmty mstruments are classified accordmg to the substance of the contractual arrangements entered mto An eqmty mstrument 1s any contract where there 1s a residual mterest m the assets of the entity after deductmg all of its financial hab1ht1es Fmance costs and gams or losses relatmg to financial hab1ht1es are included m the profit and loss account within interest payable or receivable Finance costs are calculated so as to produce a constant rate of return on the outstanding hab1hty D1v1dends and d1stnbut1ons relating to eqmty mstruments are debited to eqmty Compound instruments compnse both a hab1hty and an eqmty component At date of ISsue, the fa1r value of the hab1hty component 1s estimated using the prevailing market interest rate for a s1m1lar debt mstrument The hab1hty component 1s accounted for as a financial hab1hty The residual 1s the difference between the net proceeds of issue and the hab1hty component (at time of issue) The residual 1s the eqmty component, which 1s accounted for as an eqmty mstrument The interest expense on the hab1hty component 1s calculated applying the effective mterest rate for the hab1hty component of the instrument The difference between this amount and any repayments IS added to the carrymg amount of the hab1hty in the balance sheet As at 31 December 2006 the preferred ordmary shareholder has waived 1ts entitlement to all accrued and future preference d1v1dends and redempt10n for the foreseeable future As a result of this £4 7k has been released dunng the penod in respect of mterest no longer payable The farr values of the debt and eqmty components of the preferred ordmary shares have therefore been frozen at £286k and £441 k respectively to reflect the fact that no further d1v1dends are obliged to be paid under the terms of the d1V1dend waiver Employee benefit trust

Shares held by the company's Employee Benefit Trust (EBT) are earned at the lower of cost and net realisable value and are included m the company's balance sheet as a deduct10n from reserves, until they are uncond1t1onally d1str1buted to beneficianes at the unfettered d1scret1on of the trustees of the EBT The cash held by the trust 1s included m the company's balance sheet as a current asset mvestment

2.

Turnover Turnover 1s the net mvo1ced amount ansmg from the sale of goods, excludmg value added tax and trade discounts Transact10ns are recoverable as sales when delivery of products or performance of services takes place in accordance with the contract terms of sale An analysis of turnover by geographical market 1s given below

Europe Asia USA Amencas (excl USA)

Period to 31 December

Year to 31 March

2006 £000

2006 £000

7,048 2,171 1,804 14

9,819 3,864 2,072

11,037

--15,755

14

Land Instruments International L1m1ted

Notes to the financial statements at 31 December 2006

3.

Exceptional items

Costs/( income) recognised in arnving at operating profit Inter-company debt wntten off Bonus paid in respect of Employee Benefit Trust Reversal of tmpamnent Redundancy costs

Period to 31 December

31 March

2006 £000

2006 £000

Year to

346 522 (68) 122 990

(68)

Perwd to 31 December

31 March

2006 £000

2006 £000

21

18 25

21

43

1,031

1,368

Deprec1at1on of owned fixed assets

305

447

Net loss on foreign currency translatton Redundancy costs Operating lease rentals - plant and machinery

61 122 6

17

Except10nal items all relate to continuing operattons

4.

Operating (loss)/profit This ts stated after charging/(crediting)

Auditor's remuneration - audit of the financial statements - tax services

Research and development expenditure

5.

Year to

Staff costs

Wages and salaries Soctal secunty costs Other penston costs

Period to 31 December

31 March

2006 £000

2006 £000

3,968 518 145

4,513 642 112

4,631

5,267

Year to

All pension costs relate to the defined contr1button pension scheme

15

Land Instruments International L1m1ted

Notes to the financial statements at 31 December 2006

5.

Staff costs (continued) The monthly average number of employees dunng the penod was as follows

31 March

2006

2006

Year to

No

No

113 21 24 14

116 22 29 15

172

182

Perwd to 31 December

31 March

2006 £000

2006 £000

360

468

53

11

Period to 31 December

31 March

2006

2006

No

No

Members of money purchase penSion schemes

6

5

Members of defined benefit penSion schemes

5

5

Period to 31 December

31 March

2006 £000

2006 £000

Emoluments

74

141

Value of company pensmn contr1butmns to money purchase schemes

23

4

Period to 31 December

31 March

Productmn staff D1stnbut1on staff Admm1strat1ve staff Management staff

6.

Period to 31 December

Directors' emoluments

Emoluments Value of company pensmn contr1but1ons to money purchase schemes

Year to

Year to

The amounts m respect of the highest paid director are as follows Year to

One of the directors 1s remunerated by a fellow group company

7.

Interest receivable

2006 £000

Bank mterest receivable Interest from group undertakmgs

Year lo

2006 £000 (restated) (note /)

25

119 225

25

344 16

Land Instruments International Lrmrted

Notes to the financial statements at 31 December 2006

8.

Interest payable and similar charges

Bank mterest payable Fmance charges on shares classed as financial hab1ht1es Interest payable to group undertakmgs

Period to 31 December

31 March

2006 £000

2006 £000

30 (24) 56

73 46

62

119

Year to

Due to the d1V1dend waiver m place at 31 December 2006, all future and accrued mterest on shares classed as financial hab1ht1es has been waived This has resulted m a credit to the profit and loss account of £24k due to the release of amounts previously accrued

9.

Taxation (a)

Tax on (loss)/profit on ordmary acuv1t1es

The tax charge/(credit) 1s made up as follows

Perwd to 31 December

31 March

2006 £000

2006 £000

UK corporation tax Adjustment m respect of pnor years

27 1

Foreign tax

28 20

156 (198) --(42)

Total current tax (note 9(b))

48

Year to

Current tax

--(42) ---

Deferred tax Ongmat1on and reversal of tlmmg differences Adjustment m respect of pnor years

(134) (14)

Total deferred tax

(148)

Tax on (loss)/profit on ordmary actov1t1es

(100)

52

--52 ---

10

17

Land Instruments International L1m1ted

Notes to the financial statements at 31 December 2006

9.

Taxation (continued) (b)

Factors affectmg current tax charge

The tax assessed on the (loss)/profit on ordmary act1v1t1es for the penod 1s lower than the standard rate of corporatwn tax m the UK of 30% (to 31 March 06 • 30%) The differences are reconciled below

(Loss)/profit on ordmary act1v111es before tax (Loss)/profit on ordmary act1v1t1es mult1phed by the standard rate of corporation tax Expenses not deductible for tax purposes Capital allowances m excess of depreciation Impact of contnbutwns on penswn schemes Other t1mmg differences Foreign tax Loss on disposal of mvestment Losses ansmg m the year not rehevable agamst current tax Surrender of group rehef Overseas tax Adjusllnent m respect of pnor years Total current tax (note 9(a)) ( c)

Perwd to 31 December

Year to 31 March

2006 £000

2006 £000

(868)

494

(260) 90 (19) 27 153 14 28 14

148 27 116 156 (100)

(144) (47) (198) 48

(42)

Deferred tax

The deferred tax included m the balance sheet 1s as follows

Period to 31 December

Year to 31 March

2006 £000

2006 £000

244

96

Deprec1atwn m advance of capital allowances Other ummg differences

83 161

93 3

Deferred tax asset

244

96

Included m debtors (note 14) Deferred tax provided m the financial statements 1s analysed as follows

1Apnl2006 Profit and loss account movement dunng the penod (note 9(a))

96 148

At 31 December 2006

244

18

Land Instruments International L1m1ted

Notes to the financial statements at 31 December 2006 9.

Taxation (continued) (d)

Factors affectmg future tax charges

On 22 March 2007, proposed changes to UK Corporat10n Tax were announced In outlme, the rate of Corporation Tax on profits will be reduced from 30% to 28%, the rate of allowances for expenditure on plant and equipment will be reduced from 25% p a to 20% p a , a new class of fixtures quahfymg for allowances at 10% pa will be defmed later this year and allowances for industrial bmldmgs will be reduced over the period I April 2008 to 31 March 2011 and withdrawn with effect from I April 2011 The combmed effect of these changes, which will take effect for accounting purposes when the Finance Bill 2007 1s substantively enacted, ant1c1pated to be reflected m the 2007 accounts, cannot currently be estimated until further leg1slat1ve details are made available

10. Dividends

Paid DIYldends on 16% cumulative preference shares DIVldends on ordmary shares

Period to 31 December

Year to 31 March

2006 £000

2006 £000

5,000

44 27

5,000

71

Motor vehicles

Total

11. Tangible fixed assets Freehold property

Plant and FIXlures and machinery fittings

£000

£000

£000

£000

£000

2,116

3,479 (199) 67

95 199 8

441

6,131

3,347

302

197

2,833 (172) 196

74 172 14

246

--804 ---

2,857

260

173

4,094

Net book value At 31 December 2006

1,313

490

42

24

1,869

At I April 2006

1,344

646

21

195

2,206

Cost At I April 2006 Transfer Add1t1ons Disposals At 31 December 2006 Depreciation At 1 April 2006 Transfer Provided durmg the period Disposals At 31 December 2006

--2,117 --772 32

30 (274)

106 (274) 5,963

---

63 (136)

3,925 305 (136)

Freehold property mcludes land at a cost of £50k (31 March 2006 - £50k) which 1s not depreciated

19

Land Instruments International Limited

Notes to the financial statements at 31 December 2006

12. Investments Shares m Shares m group

assoc1a1ed

companies

companies

Total

£000

£000

£000

6,193 l,074 (5,287)

45

Cost At I Apnl 2006 Add1t1ons Disposals

6,238 l,074 (5,332)

(45)

l,980

1,980

2,163 l 14 (1,671)

2,163 114 ( 1,671)

At 3 l December 2006 Prov1s1on for impairment

At I Apnl 2006 Add1t10ns Disposals At 3 l December 2006

606

606

Net Book Value At 3 l December 2006

1,374

l,374

At 1 Apnl 2006

4,030

4,075

45

At 3 l December 2006, the company held I 00% of the ordmary share capital of the follow mg

Name of company

Country of 1ncorporat1on

Nature of business

Land Instruments S A R L

France

Marketmg of mdustnal

Land Instruments s r 1

Italy

Land Instruments GmbH

Germany

Land Instruments L1m1ted

Japan

Marketmg of mdustnal instruments Marketmg of mdustnal instruments Marketmg of mdustnal

Land Instruments Sp zo o

Poland

instruments

instruments

Marketmg of mdustnal instruments

13. Stocks 31 December 2006 Raw materials Work m progress Fm1shed goods

31 March 2006

£000

£000

1,439 402 1,174

1,601 469 1,261

3,015

3,331

20

Land Instruments International Limited

Notes to the financial statements at 31 December 2006

14. Debtors

Trade debtors Amounts owed by group undertakings Corporation tax repayable Other debtors Prepayments and accrued mcome Deferred taxation (note 9)

31 December

31 March

2006 £000

2006 £000

1,651 551 103 206 244

2,064 5,212 194 42 119 96

2,755

7,727

Included withm amounts owed by group undertakings are loans totallmg £ml (31 March 2006 - £3,534k) These are repayable on demand Interest 1s charged at fixed rates of between 4 5% and 6 75%

15. Investments 31 December

31 March

2006 £000

2006 £000

Investment m employee benefit trust

85

The cash deposits w1thm the Employee Benefit Trust totalled £ml (31 March 2006 - £85,000) and were mcluded as a current asset investment m the year ended 31 March 2006 Durmg the year the Employee Benefit Trust came to an end due to the purchase of the shares, held by the Trust m Land Instruments International L1m1ted, bemg made by EMA Holdmgs UK L1m1ted Cons1derat1on received for the purchase was d1stnbuted to current employees, along with cash held w1thm the Employee Benefit Trust and has been mcluded m staff costs durmg the year

16. Creditors: amounts falling due within one year

Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred mcome

31 December

31 March

2006 £000

2006 £000

l,082 676 151 30 196

l,402 3,153 152 53

2,135

4,873

l l3

Included w1thm amounts owed to group undertakings are loans totalhng £676k (31 March 2006 - £ml These are repayable on demand Interest 1s charged at a fixed rate of 5 5%

17. Creditors: amounts falling due after more than one year

L1ab1hty component of convertible preferred ordmary shares Accrued mterest

31 December

31 March

2006 £000

2006 £000

286

286 47 --333

286

At 31 December 2006 and 31 March 2006, there were 727, 157 of convertible preferred ordmary shares m issue The hab1hty component of the shares was frozen at 31 December 2006 due to a d1v1dend waiver bemg m place (see note I)

21

Land Instruments lnternatronal Lrmrted

Notes to the financial statements at 31 December 2006

18. Pension commitments Defined contr1but1on scheme The company operates a defined contnbution pension scheme for the benefit of the employees The assets of the scheme are admm1stered m a fund mdependent from those of the company The pension cost m the penod was £145,000 (31March2006 -£112,000) and the amount due to the scheme at the penod end was £30,000 (31 March 2006 - £20,000) Defined benefit pension scheme The company operated a defined benefit pension scheme for the benefit of the employees m the UK The scheme was closed and accrual of additional benefits ceased m October 2003 when all members ceased to be active The assets of the scheme are admm1stered by trustees m a fund mdependent from those of the company A full actuanal valuation was earned out on I December 2004 by a quahfied independent actuary The mam assumptions used by the actuary were Mam assumptions Rate ofretum on investments(% per annum) Before retirement After retirement Rate of salary increases (% per armum) Rate of pension increases(% per annum)

65% 40% 25% 25%

Market value of scheme's assets (£000)

14,570

Level of fund mg bemg the actuanal value of assets expressed as a percentage of the benefits accrued to members, after allow mg for future

salary increases

90%

This valuation has been updated by the actuaries to take account of the requirements of FRS 17 m order to assess the hab1hlles of the scheme at 31 December 2006 Scheme assets are stated at their market values at the respective balance sheet dates The main assumptions used by the actuary are 31 Dec 2006 % Rate of increase m pensions in payment Rate of increase m deferred pensions

Discount rate Inflation assumption

33 33 5I 33

31 Mar 2006 % 25 25 50 25

31 Mar 2005 % 25 25 55 25

The assumptions used by the actuary are best estimates chosen from a range of possible actuanal assumptions which, due to the timescale covered, may not necessanly be borne out in practice It should be noted that the methodology and assumptions presented for the purposes of FRS 17 mean that the disclosures will be inherently volat1le, varying greatly according to investment market conditions at each accountmg date

22

Land Instruments International L1m1ted

Notes to the financial statements at 31 December 2006

18. Pension commitments (continued) The fa1t value of the scheme assets, which are not mtended to be reahsed m the short term and may be sub;ect to s1gmficant change before they are reahsed, and the present value of the scheme hab1ht1es and the resultmg surplus which 1s denved from cashflow pro;ect1ons over long penods and thus mherently

uncertain were

Longterm rate ofreturn expected %

Eqmt1es Bonds Cash Total market value of assets Present value of scheme hab1ht1es Surplus m the scheme Surplus restnct10n

83 52 73

31 Dec

31 Mar

31 Mar

2006

2006

2005

Longterm rate of return Value expected

Longterm rate ofreturn Value expected

Value

£000

£000

%

£000

14,351 3,082 1,719

7 75 5 75 6 00

11,467 1,847 1,528

15,034 3,138 1,678

%

80 50 65

19,850 (19,675)

19,152 (16,929)

14,842 (14,648)

175 (175)

2,223 (2,223)

194 (194)

Net pens10n asset The surplus has been restncted smce the scheme 1s now closed and therefore no future economic benefit 1s considered achievable by the d1tectors Analysis of movements m surplus dunng the penod

31 December

31 March

2006 £000

2006 £000 (restated) (note I)

At I Apnl Net other finance mcome Actuanal gams and losses (note I) Contnbut10ns

(90) 90

(520) 520

At 31 December

23

Land Instruments International L1m1ted

Notes to the financial statements at 31 December 2006

18. Pension commitments (continued) An analysis of the defined benefit cost for the penod ended 31 December 1s as follows

31 December

31 March

2006 £000

2006 £000

31 December

31 March

2006 £000

2006 £000

Current service cost Settlement/curtailments Total operatmg charge

(restated) (note I) Expected return on assets m the scheme Interest on plan hab1hties

622 (622)

800 (800)

Net other finance income Analysis of the amounts recogmsed m the statement of total recogmsed gams and losses are Actual return less expected return on pens10n scheme assets Expenence gams and losses ansmg on the scheme hab1hhes Changes m assumptions underlymg the present value of scheme hab1hhes Restnct10n for mecoverable surplus

452 (61)

3,197

(2,529) 2,048

(1,688) (2,029)

Actuanal gams and losses A history of expenence gams and losses

(90) IS

(520)

shown below

31 December

31 March

31March

2006

2006

2005

(restated) (note I) Difference between expected return and actual return on scheme assets - amount (£000) - % of scheme assets Expenence losses ansmg on scheme hab1ht1es - amount (£000) - % of the present value of scheme hab1hhes Total actuarial losses recogmsed m the statement of total recogmsed gams and losses - amount (£000) - % of the present value of scheme hab1ht1es

452 23

3,197 16 7

(61) (0 3)

(90) (0 5)

718 48 (130) (0 9)

(520) (3 I)

394 27

The directors have not obtamed the comparative balance sheet and profit and loss account mfonnauon for 2003 and 2004 as the scheme 1s now closed and they do not believe that the om1Ss1on of this mfonnauon affects the presentauon of the financial statements The agreed contnbut10n rate for future years 1s £I 0,000 per month from I April 2006

24

Land Instruments International Lrmrted

Notes to the financial statements at 31 December 2006 19. Commitments under operating leases At 31 December 2006 the company had annual commitments under non-cancellable operating leases as set out below Other than land and bu1/dmgs 2006 2005 £000 £000 Operating leases which expire Within one year 35 In two to five years 27 62

20. Contingent liabilities The company has issued bank guarantees in the ordinary course of business for £64,000 (31 March 2006 £74,000)

21. Share capital

Ordinary shares of£ I each Preferred ordinary shares of£ I each 16% Cumulative preference shares of£ I each

31 December 2006 £000 950 750 300

Authorised 31 March 2006 £000 950 750 300

2,000

2,000

Alloued, called up and fully patd 3 I December 2006 3 I March 2006 No £000 No £000 Ordinary shares of£ I each Preferred ordinary shares of£ I each

884,321 727,157

884 727

884,321 727,157

1,611

Equity shares Ordinary shares of£ I each Preferred ordmary shares of£ I each

Shares classed asfinanctal ltablitlles Preferred ordmary shares of£ I each (element recognised as debt)

884 727 1,611

884,321 727,157

884 441

884,321 727,157

884 441

1,611,478

1,325

1,611,478

1,325

727,157

286

727,157

286

Preferred ordmary shares The preferred ordinary shares carry a d1v1dend of 11 % of net profit payable annually The shares carry an entitlement that, at any time, the whole preferred ordinary share capital can be converted on a one for one basis into ordinary shares The preferred ordinary shares rank second behind the preference shares in the event of the company being wound up

25

Land Instruments International L1m1ted

Notes to the financial statements at 31 December 2006 22. Reconciliation of shareholders' funds and movement on reserves Total Capital Shares held Capital Share contr1but1on redemption memployee Profit and reserve reserve benefit trust loss account capital

£000 At l Apnl 2005 Profit for the year (restated see note l) Movement of value of shares classed as financml

£000

1,325

At 31 March 2006 (restated see note l) Loss for the penod Movement of value of shares classed as financial habiht1es smce issue Equity dlVldends Transfer m respect of Employee Benefit Trust Capital contnbuuon

£000

£000

£000

281

(19)

11,002

12,589

484

484

(23) (71)

(23) (71)

(281)

(281)

(364)

(364)

10,747 (768)

12,334 (768)

23 (5,000)

23 (5,000)

---

---

1,325

281

(19)

19

received

At 31 December 2006

(19)

115

Sale of shares by EB T Defined pension benefit

scheme

holders' funds

£000

habthties smce issue Equity d1v1dends Transfer on redemptrnn of preference shares Defined pensrnn benefit scheme (restated see note I)

share-

115 457

457

--1,325

115

--281

(63) 5,377

(63)

---

7,098

Of the above reserves at 31 December 2006 and 31 March 2006, no element related to the net pension surplus The Employee Benefit Trust came to an end durmg the year when the shares, held by the Trust m Land Instruments Intematrnnal Limited, were purchased by EMA Holdmgs UK Limited Consideratrnn received for the purchase has been recogmsed as a profit and loss account reserve movement

23. Capital commitments Amounts contracted for but not provided m the financml statements amounted to £6,000 (31 March 06£26,000)

24. Related party transactions Durmg the penod the company disposed of the entire issued share capital of Land Pyrometers L1m1ted, Land Combustrnn L1m1ted, Land Infrared L1m1ted and Land Instruments Intematrnnal Inc to DM Bouch1er, JM Harfoot and AC Kmghton These md1V1duals had been shareholder directors durmg the penod but had resigned from office on 15 June 2006 The total consideratrnn received for the transaction was £3,533,000 There were no outstandmg balances m relation to the transaction at the year end

26

Land Instruments International L1m1ted

Notes to the financial statements at 31 December 2006 25. Ultimate parent company The company's 1mmed1ate parent company ts EMA Holdmgs UK L1m1ted In the directors' opmton, the company's ultimate parent company and controlhng party ts AMETEK Inc , a company mcorporated m America Copies of its group financial statements, which mclude the company and are the smallest and largest consohdated accounts that the company 1s included m, are available from the company secretary at PO Box 36, 2 New Star Road, Leicester, LE4 9JQ

27

I

. Company Registration No 01659383 (England and Wales)

LAND INSTRUMENTS INTERNATIONAL LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31DECEMBER2012

11111111111 LOS

•LZENLRKW' 13/08/2013 COMPANIES HOUSE

#77

• LAND INSTRUMENTS INTERNATIONAL LIMITED COMPANY INFORMATION

Directors

DB Coley Almne J Pnce RR Mandos

Secretaries

DB Coley KE Sena

Company number

01659383

Registered office

PO Box 36 2 New Star Road Leicester LE4 9JQ

Auditors

Ernst & Young LLP City Gate West Toll House Hill Nottingham NG1 5FY

Business address

Stubley Lane, Dronfield Derbyshire S18 1DJ

Bankers

NatWest 1 Granby Street Leicester LE1 6EJ

Sohc1tors

Taylor & Emmet 20 Arundel Gate Sheffield South Yorkshire S1 2PP

(Appointed 1 July 2012)

CMS Cameron McKenna LLP 160 Aldersgate Street Mitre House London EC1A4DD



LAND INSTRUMENTS INTERNATIONAL LIMITED CONTENTS

Page Directors' report

1-3

Independent auditors' report

4-5

Profit and loss account

6

Statement of total recognised gams and losses

7

Balance sheet

8

Notes to the financial statements

9 -28

LAND INSTRUMENTS INTERNATIONAL LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31DECEMBER2012

The directors present their report and financial statements for the year ended 31 December 2012 Principal activities and review of the business The pnncopal act1v1ty of the company continued to be that of the design, development and manufacture of instruments and related systems for the measurement of temperature and gaseous and particulate em1ss1ons using predominantly infra red technologies These are marketed worldwide and across the ondustnal sector The company's key financial indicators for the year were as follows

Sales Operating profit Operating profit as a % of sales Net current assets Shareholders' funds

2012 £'000

2011 £'000

18,689 2,301 12 31% 4,371 105,010

20,664 3,126 15 13% 3,573 104,244

Change %

(9 55) (26 39) 22 33 0 73

Core markets underwenl significant retrenchment dunng 2012 This negatively impacted both volumes and pncmg These effects were only partially offset by the improved penetration of new market sectors and new product launches Cost reduction and other commercial act1v1t1es were successfully 1not1ated to address the market challenges, leaving the business well pos1t1oned to deliver strong performance on 2013 and beyond Principal risks and uncertainties The company operates on a competotove global environment and the global recession has increased uncertainty on the company's key markets Customers can switch to competitor products of they Judge that the compebtor product offers better value We continue to focus on the quality and reliability of our products and solutions to give good value and to monitor competitor ac!lv1ty to improve our compet1t1veness Results and dividends The results for the year are set out on page 6 No d1stnbut1on of d1v1dends for the year ended 31 December 2012 was made (2011 £:3,493,000) Research and development The company continues an active programme of research and development on all areas of its act1v1t1es, with the constant review of existing products and development of new products being an integral part of this programme Dunng the year, the company spent £1,323,000 (2011 £1,467,000) Post balance sheet events The company's holdings on AMETEK SAS and AMETEK GmbH were sold to a fellow subs1d1ary company, EMA Holdings UK L1m1ted on January 2013 for £1,663,000 The company has declared and paid d1v1dends amounting to £400,000 since 31 December 2012

- 1-

LAND INSTRUMENTS INTERNATIONAL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

Future developments The company's core markets now appear to have stab1l1zed, although recovery in these sectors appears some way off Cost reduction and commercial activities undertaken in 2012 are already driving improved performance 1n 2013 and both the sales order book and the sales order pipeline are now growing as a result of new product launches The aggressive programme of new product launches will be maintained and will be supplemented by a close focus on further developing sales channel effectiveness The directors expect that s1grnficantly improved levels of profitability can be achieved through 2013

Gomg concern The company's business act1v1t1es, together with the factors likely to affect its future development, its financial pos1t1on, financial risk management ob1ect1ves 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

Directors The following directors have held office since 1 January 2012

D BColey A Imrie J Price RR Mandos J J Molinelli

(Appointed 1 July 2012) (Resigned 1 July 2012)

Directors' insurance AMETEK Inc has indemnified one or more directors of the company against liability in respect of proceedings brought by third parties, sub1ect to the cond1t1ons set out in the Companies Act 2006 Such qualifying third party indemnity prov1s1on was in force during the year and remains 1n place to the date of this report Financial instruments

Financial risk management The company's principal financial instruments comprise trade debtor, trade creditor and inter-company balances The company does not enter into derivative transactions and II 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 Foreign currency risk The company has transactional and translational currency exposures arising from sales and purchases 1n foreign currencies It 1s AMETEK group policy not to actively hedge against foreign currency transactions and balances

Auditors The auditors, Ernst & Young LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006

-2-

LAND INSTRUMENTS INTERNATIONAL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

Statement of directors' respons1b1hties The directors are responsible for preparing 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 reasonable 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 grnng concern basis unless 1t 1s 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 lime the financial pos1t1on 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 1s no relevant audit information 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 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

-3-

LAND INSTRUMENTS INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAND INSTRUMENTS INTERNATIONAL LIMITED

We have audited the financial statements of Land Instruments lnternallonal L1m1ted for the year ended 31 December 2012 set out on pages 6 to 28 The financial reporting framework that has been apphed in their preparation 1s apphcable 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 in an auditors' report and for no other purpose To the fullest extent permitted by law, we do not accept or assume respons1b1hty 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 respons1biht1es of directors and auditors As explained more fully in the Statement of Directors' Respons1b1ht1es set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our respons1b1hty 1s 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 1n 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 pohc1es are appropriate to the company's circumstances and have been consistently apphed and adequately disclosed, the reasonableness of significant accounting estimates made by the directors, and the overall presentatJOn of the financial statements In add11Jon, we read all the financial and non-financial information in the Directors' Report to 1dent1fy material incons1stenc1es with the audited financial statements If we become aware of any apparent material misstatements or incons1stenc1es we consider the 1mphcat1ons 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 prescnbed 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

-4-

• •

LAND INSTRUMENTS INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF LAND INSTRUMENTS INTERNATIONAL 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 1n 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 1nformat1on and explanations we require for our audit

~::..:::;~ '-~,, Ern~ng for and on ehalf of Statutory Auditor Nottingham

LLP

-5-

LAND INSTRUMENTS INTERNATIONAL LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2012

Tu mover

Notes

2012 £'000

2011 £'000

2

18,689

20,664

(11,530)

(12,258)

Cost of sales

-Gross profit D1stnbut1on costs Admin1strat1ve expenses Other operating income

7,159

8,406

(4, 176) (688) 6 --

(3,802) (1,488) 10

-3,126

Operating profit

3

2,301

Interest receivable Interest payable

4 5

37 (1,253)

Profit on ordinary act1v1t1es before taxation

1,085

Tax on profit on ordinary act1v1t1es

6

Profit for the year

18

759 1,844 --

The profit and loss account has been prepared on the basis that all operations are continuing operations

-6-

38 (270)

2,894 (755) 2,139

LAND INSTRUMENTS INTERNATIONAL LIMITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31DECEMBER2012

Notes

Profit for the financial year Actuarial loss on pension scheme Tax on items taken directly to equity

15

Total recognised gains and losses relating to the year

2012 £'000

2011 £'000

1,844 (1,097) (66)

2,139 (250) 66

681

--

-7-

1,955

LAND INSTRUMENTS INTERNATIONAL LIMITED BALANCE SHEET AS AT 31 DECEMBER 2012

2012 £'000

Notes Fixed assets Tangible assets Investments

Current assets Stocks Debtors Cash at bank and

8

9

10

11 in

hand

Creditors: amounts falling due within one year

12

£'000

1,983 130,109

132,060

132,092 1,912 4,913 1,056

17,348

7,881

(12,977)

(4,308)

Total assets less current hab1hties

13

£'000

1,951 130,109

1,476 5,596 10,276

Net current assets

Creditors amounts falling due after more than one year

2011 £'000

4,371

3,573

136,431

135,665

(31,421)

(31,421)

105,010

104,244

Capital and reserves Called up share capital Share premium account Other reserves Profit and loss account

17 18 18 18

6,035 93,487 396 5,092

6,035 93,487 396 4,326

Shareholders' funds

19

105,010

104,244

Approved by the Board and authorised for issue on

7"A1/4 ,2.0fj

Director Company Registration No. 01659383

-8 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31DECEMBER2012

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 m 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

12

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)

13

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 raised on delivery to and, where required, formal acceptance by customers

1.4

Research and development Research expenditure 1s written off to the profit and loss account in the year in which 1t 1s incurred

1.5

Tangible fixed assets and depreciation 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 1n circumstances indicate the carrying value may not be recoverable Depreciation 1s provided on all tangible fixed assets , other than freehold land, at rates calculated to wnte off the cost, less estimated residual value based on prices prevailing at the date of acqu1s1t1on of each asset over its expected useful life as follows

Freehold property Plant and machinery Fixtures, fittings & equipment Motor vehicles

Over 50 years Over 5 years Over 5 years Over 4 years

1.6

Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease term

17

Investments Fixed asset investments are stated at cost and are reviewed for 1mpa1rrnent 1f events or changes in circumstances indicate the carrying value may not be recoverable

18

Stock and work m 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 Net realisable value 1s based on estimated selling price less any further costs expected to be incurred to completion and disposal

-9-

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012 1

Accounting policies

19

Pensions

(Continued)

Defined contribution pension scheme - The pension costs charged against operating profits are the contributions payable to the scheme in respect of the accounting period Defined benefit pension scheme - Scheme assets are measured at fair values Scheme liab11it1es are measured on an actuarial basis using the proiected unit method and are discounted at appropriate high quality corporate bond rates The net surplus or def1c1t, adiusted for deferred tax, 1s presented separately from other net assets on the balance sheet A net surplus 1s recognised only to the extent that 11 1s recoverable by the company The current service costs from settlements and curtailments are charged against operating profit Past service costs are spread over the period until the benefit increases vest Interest on the scheme liab11it1es and the expected return on scheme assets are included in other finance costs Actuarial gains and losses are reported in the statement of total recognised gains and losses 1 10 Deferred taxation

Deferred tax 1s 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 recognised only to the extent that the directors consider that 1t 1s more likely than not that there will be suitable taxable profits from which the future reversal of the underlying liming differences can be deducted Deferred tax 1s measured on an und1scounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date 1 11 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 1.12 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 enhtled 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 cond1hons that impact on the number of equity instruments that will ultimately vest The movement in cumulative expense smce the previous balance sheet date 1s recognised m 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 non-equity settled share - based payments

- 10 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012 1

Accounting pohc1es

(Continued)

1 13 Group accounts The financial statements present 1nformahon about the company as an 1nd1v1dual undertaking and not about its group The company has not prepared group accounts as 1t 1s exempt from the requirement to do so by section 400 of the Companies Act 2006 as 1t 1s a subs1d1ary undertaking of AMETEK Inc , a company incorporated in the United States of America, and 1s included in the consolidated accounts of that company

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 1n FRS 8 from disclosing transactions with other wholly owned members or investees of the AMETEK Inc group

1.15 Financial Instruments Financial liab11it1es and equity instruments are classified according to the substance of the contractual arrangements entered into An equity instrument 1s any contract where there 1s a residual interest in the assets of the entity after deducting all of its financial liab11it1es Finance costs and gains or losses relating to financial liab11it1es are included in the profit and loss account w1th1n interest payable or receivable Finance costs are calculated so as to produce a constant rate of return on the outstanding liability D1v1dends and distributions relating to equity instruments are debited to equity Compound instruments comprise both a liability and an equity component At date of issue, the fair value of the liability component 1s estimated using the prevailing market interest rate for a s1m1lar debt instrument The liability component 1s accounted for as a financial liability The residual 1s the difference between the net proceeds of issue and the liability component (at time of issue) The residual 1s the equity component, which 1s accounted for as an equity instrument The interest expense on the liability component 1s calculated applying the effective interest rate for the liability component of the instrument The difference between this amount and any repayments 1s added to the carrying amount of the liability 1n the balance sheet As at 31 December 2012, the preferred ordinary shareholder has waived its entitlement to all accrued and future preference d1v1dends and redemption for the foreseeable future The fair values of the debt and equity components of the preferred ordinary shares have therefore been frozen at £286,000 and £441,000 respectively to reflect the fact that no further d1v1dends are obliged to be paid under the terms of the d1v1dend waiver

- 11 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012

2

Turnover Geographical market Turnover

2012 £'000

2011 £'000

10,907 5, 101 2,681

11,876 6,370 2,418

18,689

20,664

2012 £'000

2011 £'000

345 11 68 1,323 128

313 1 92 1,467 134

19

22

2012 £'000

2011 £'000

37

36 2

37

38

Interest payable

2012 £'000

2011 £'000

Interest payable to group undertakings

1,253

270

Europe Asia USA

3

Operating profit Operating profit 1s staled after charging Deprec1at1on of tangible assets Loss on disposal of tangible assets Loss on foreign exchange transactions Research and development Hire of plant and machinery Fees payable to the company's auditor for the audit of the company's annual accounts

4

Interest receivable

Interest receivable from group undertakings Other interest

5

- 12 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012

6

Taxation

2012 £'000

2011 £'000

U K corporation tax Adjustment for pnor years

(739)

739

Total current tax

(739)

739

(33) 13

11

(20)

16

(759)

755

Deferred tax Onginatoon and reversal of t1m1ng differences Effects of changes in tax rates and laws

Factors affecting the tax charge for the year Profit on ordinary act1v1toes before taxation

Profit on ordinary actov1t1es before taxation multiplied by standard rate of UK corporation tax of 24 50% (2011 - 26 49%) Effects of Non deductible expenses Decelerated I (Accelerated) capital allowances Ad1ustments to previous periods Group relief not charged FRS 17 ad1ustment Research and development enhanced deduction Other liming differences

Current tax (credit) I charge for the year

5

1,085

2,894

266

767

2

(46) 1

(1,005)

(28)

(739)

The company has surrendered the benefit of tax losses amounting to £87,000 (2011 £N1I) 1n relation to the year ended 31 December 2012 to certain group undertakings without receiving any payment

- 13 -

23 (6)

22 (739) 22 (269) (54) 11

739

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2012 6

Taxation

(Continued)

Factors that may affect future tax charges The standard rate of Corporation Tax in the UK reduced from 26% 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 1April2013 and to 22% from 1April2014 The reduction to 23% was enacted during the year and therefore deferred tax balances are stated at 23% On 5 December 2012, 11 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 in 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 1April2012

7

Dividends

2012 £'000

Ordinary final paid

8

2011 £'000 3,493

Tangible fixed assets Freehold property

Plant and machinery

£'000

Fixtures, fittings & equipment £'000 £'000

Motor vehicles

Total

£'000

£'000

Cost At 1 January 2012 Add1t1ons Disposals

2, 117 236

3,264 86 (95)

594 2

12

5,987 324 (95)

At 31 December 2012

2,353

3,255

596

12

6,216

1,019

2,725 (84) 189

248

12

4,004 (84) 345

12

4,265

Depreciation At 1 January 2012 On disposals Charge for the year

46

110

Al 31 December 2012

1,065

2,830

358

Net book value At 31 December 2012

1,288

425

238

1,951

At 31 December 2011

1,098

539

346

1,983

- 14 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012 8

Tangible fixed assets

(Continued)

Included in the cost of land and buildings 1s freehold land of £50,000 (2011 £50,000) which 1s not depreciated

9

Fixed asset investments Investments in subsidiary undertakings £'000 Cost At 1January2012 & at 31 December 2012

130,336

Prov1s1ons for dim1nut1on 1n value

At 1 January 2012 & at 31 December 2012

227

Net book value At 31 December 2012

130,109

At 31 December 2011

130,109

The company's holdings in AMETEK SAS and AMETEK GmbH were sold to a fellow subs1d1ary company, EMA Holdings UK L1m1ted, in January 2013 for £1,663,000

- 15 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012 9

Fixed asset investments

(Continued)

The company has taken advantage of the exemption given within the Companies Act 2006 and has therefore only disclosed principal operating companies as follows Company Subs1d1ary undertakings AMETEKGmbH AMETEK SAS Spectra Analytical Instruments GmbH* Spectra Analytical Instruments (Asia - Pacific) L1m1ted* Spectra Analytical Instruments Inc* Spectra Analytical Instruments (Ply) Ltd* Antav1a SAS* Cameca SAS* AMETEK Korea Co Limited* Cameca Instruments Inc* Cameca Taiwan Corp Ltd* Cameca GmbH* EM Test (Switzerland) GmbH* EM Test GmbH* Dunkermotoren GmbH* Dunkermotoren USA, Inc• Dunkermotoren Ta1cang Co Ltd* Dunkermotoren Subollca d o o* Dunkermotoren Italia s r I* Dunkermotoren Korea Ltd* Dunkermotoren France SAS* Dunkermotoren India Private L1m1ted*

Country of registration or mcorporat1on

Class

Shares held

Germany France Germany

Ordinary Ordinary Ordinary

% 28 00 26 00

100 00 Hong Kong

Ordinary

USA

Ordinary

South Africa

Ordinary

100 00 100 00 100 00 France France Korea USA Taiwan Germany Switzerland Germany Germany USA China

Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary

Serbia Italy Korea France India

Ordinary Ordinary Ordinary Ordinary Ordinary

74 74 74 74 74 74

00

00 00

00 00

100 100 100 100

00 00 00 00 00

100 100 100 100 100

00 00 00 00 00

100 00

•shares held by a subs1d1ary undertaking AMETEK SA Sand AMETEK GmbH are involved in the marketing of industrial instruments The Spectra group of companies 1s involved in the manufacture and sale of atomic spectroscopic instrumentation, optical em1ss1on or energy d1spers1ve X - ray florescence measurement techniques Antav1a SAS 1s involved in the maintenance, repair and overhaul of aircraft The Cameca group of companies 1s involved in the sale and service of secondary ion mass spectrometers, electron probe m1croanalys1s and tomographic atom probes The EM Test group of companies 1s involved in the supply, service and support of EMC test equipment, calibration and EMC seminars and workshops The Dunkermotoren group of companies 1s involved in advanced motion control solutions for a wide range of industrial appl1cat1ons, including factory equipment, office machines, medical devices and laboratory equipment

- 16 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

10

Stocks and work in progress

2012 £'000

2011 £'000

604 169 703

705 259 948

Raw materials and consumables Work in progress Finished goods and goods for resale

-1,476

1,912

-The difference between purchase price or production cost of stocks and their replacement cost 1s not material

11

Debtors

2012 £'000

2011 £'000

Trade debtors Amounts owed by group undertakings Corporation tax Other debtors Prepayments and accrued income Deferred tax asset (see note 14)

1,359 3,430 477 96 76 158

1,904 2,616

5,596

4,913

106 149 138

= 12

Creditors amounts fallmg due w1thm one year

Trade creditors Amounts owed to group undertakings Corporation tax Other taxes and social security costs Other creditors Accruals and deferred income

- 17 -

2012 £'000

2011 £'000

1,581 10,627 157 24 588

1,734 1,045 609 176 27 717

--

--

12,977

4,308

--

--

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012

13

Creditors: amounts falling due after more than one year

Amounts owed to group undertakings Preference shares classed as a financial hab1hty

2012 £'000

2011 £'000

31, 135 286

31,135 286

31,421 ---

31,421

L1ab1hty component of convertible preferred ordinary shares

286

286

---

=

At 31 December 2012 and 31 December 2011, there were 727, 157 of convertible preferred ordinary shares of £1 each in issue The hab1hty component of the shares, representing 286,000 preferred ordinary shares of £1 each, was frozen at 31 December 2006 due to a d1v1dend waiver being in place

Amounts owed to group undertakings comprise loans wholly repayable within five years Interest 1s charged at 4 %

14

Deferred tax asset

The deferred tax asset (included in debtors, note 11) 1s made up as follows 2012 £'000

Balance at 1 January 2012 Profit and loss account

(138) (20)

Balance at 31 December 2012

(158)

2012 £'000

Decelerated capital allowances Share based payment Other timing differences

2011 £'000

(121) (34) (3) ---

(109) (25) (4)

(158)

(138) ---

=

The effect of future changes in tax rates 1s not considered to have a material effect on the deferred tax balance The company also has an unrecognised deferred tax asset of £38,000 (2011 £41,000) relating to capital losses The deferred tax asset has not been recognised due to the uncertainty surrounding the existence of future suitable profits to set 1t off against

- 18 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

15

Pension and other post-retirement benefit commitments

The company operates a defined contribution scheme for the benefit of the employees The assets of the scheme are administered m a fund independent from those of the company The pension cost m the year was £200,000 (2011 £200,000) and the amount due to the scheme at the year end was £24,000 (2011 £26,000) The company operated a defined benefit pension scheme for the benefit of the employees m the UK The scheme was closed and accrual of add1t1onal benefits ceased 1n October 2003 when all members ceased to be active The assets of the scheme are administered by the trustees 1n a fund independent from those of the company The company expects to contribute approximately £340,000 to the pension scheme m 2013, based on the ex1stmg schedule of contnbut1ons

The amounts recognised m the balance sheet are as follows Defined benefit pension plans

Present value of funded obhgat1ons Farr value of plan assets

2012 £'000

2011 £'000

29,550 (29,728)

25,592 (26,037)

---

---

(178)

(445)

---

---

(178)

(445) ---

Present value of unfunded obhgallons Surplus

--Net asset

178

=

445 ---

The surplus has been restricted as the scheme 1s now closed and therefore no future economic benefit 1s considered achievable by the directors Therefore the pension asset on the balance sheet 1s nrl

- 19 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012 15

(Continued)

Pension and other post-retirement benefit commitments The amounts recognised m the profit and loss are as follows:

Defined benefit pension plans

2012 £'000 Included m operating profit Past service credit

2011 £'000

(847) (847)

Included in other finance costs Interest on obhgat1on Expected return on pension scheme assets

1,212 (1,212)

1,413 (1,413)

(847)

Total

Actual return on plan assets

4,346

(272)

The past service credit m respect of the year ended 31 December 2012 represents the impact of the change m calculation method for pension increases from usmg the Retail Prices Index to usmg the Consumer Prices Index which reduced the hab1hlles of the scheme Analysis of amount recognised m the statement of total recognised gains and losses: Defined benefit pension plans

Actuarial losses Effect of asset hm1t

Cumulative amount of actuarial losses

- 20 -

2012 £'000

2011 £'000

(1,877) 780

(1,133) 883

(1,097)

(250)

(2,857)

(1, 760)

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2012 15

Pension and other post-retirement benefit commitments

(Continued)

Changes m the present value of the defined benefit obligation are as follows· Defined benefit pension plans

2012 £'000

2011 £'000

Opening defined benefit obhgat1on Interest cost Past service credit Actuarial losses/(gains) Benefits paid

25,592 1,212 (847) 4,498 (905)

25,835 1,413

Total

29,550

25,592

(922) (734)

Changes in fair value of plan assets are as follows: Defined benefit pension plans

Opening fair value of plan assets Expected return Actuarial gains/(losses) Contributions by employer Benefits paid

2012 £'000

2011 £'000

26,037 1,725 2,621 250 (905)

26,793 1,782 (2,054) 250 (734)

29,728

26,037

The maior categories of plan assets as a percentage of total plan assets are as follows

2012 Equ1t1es Bonds Property Other assets

55 16 5 24

00 00 00 00

2011 57 17 6 20

=

- 21 -

00 00 00 00

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012 15

Pension and other post-retirement benefit commitments

(Continued)

The principal actuanal assumptions at the balance sheet date (expresssed as weighted averages) were as follows

Rate of increase in pensions in payment Rate of increase in pensions in payment Rate of increase in pensions in payment Rate of increase in pensions in payment Discount rate Inflation assumption (RPI) Inflation assumption (CPI) Expected return on plan assets

Life Life Life Life

expectancy expectancy expectancy expectancy

for for for for

a a a a

(RPI (RPI (CPI (CPI

capped capped capped capped

at at at at

2 5%) 5 0%) 3 0%) 5 0%)

male currently aged 65 (in years) female currently aged 65 (in years) male currently aged 45 (in years) female currently aged 45 (in years)

2012 %

2011

1 90 2 84 1 90 2 40 440 3 00 2 40 6 75

1 90 2 84 1 73 n/a 4 90 3 00 2 00 6 71

22 10 24 50 23 40 2610

%

21 24 23 25

20 00 10 90

The post-retirement mortahty disclosures above relate to assumptions based on longevity (in years) The post-mortahty table used in 2012 was a SAPS normal health base table with CMI 2011 core model with long term improvement rate of 1% and in 2011 was a SAPS normal health table with medium cohort pro1ect1on based on year of birth with a 1% underpin on future improvements Following the Government's announcement that statutory increases for pensions in deferment and in payment will 1n 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

Amounts for the current and previous four penods are as follows Defined benefit pension plans

2011 £'000

2010 £'000

(25,592) 26,037 445

(25,835) 26,793 958

2012 £'000 Defined benefit obhgat1on Plan assets Surplus Experience ad1ustments on plan hab1ht1es Experience adjustments on plan assets

(29,550) 29,728 178 (1,337)

1,518

2,621 ---

(2,054)

1,406

---

---

- 22-

2009 £'000 (24,054) 24,320 176

2008 £'000 (19,943) 20,580 637 1,916

498 2,806 ---

(6,821) ---

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

16

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 spilt 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 information has been given in the comparatives to reflect the three for two spilt Restricted shares Restricted shares generally vest (1e all restrictions lift) after 4 years This 1s accelerated 1f 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 th1S early 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 1n the Black-Scholes model to estimate the fair value of options granted during the years 1nd1cated Expected share volat1hty 28 36% (2011 26 37%) Expected hie of options (years) 5 06 (2011 5 04) Risk free interest rate 0 84% (2011 1 95%) Expected d1v1dend yield 0 47% (2011 0 54%) Expected volat1hty 1s based on historical volat1hty of AMETEK Inc's share pnce 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 penod within the contractual hie of the option 1s based on the 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 (spilt adjusted)}

- 23 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012 16

(Continued)

Share-based payment transactions

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 £

5,353 2,676 2,265 (1,565) (1,263)

20 91

9,156

16 18

20 99 1091 15 33

1,526 (4,852) (477)

--

--

--

7,466

1648

5,353

Outstanding at 1 January Effect of three for two split Granted Vested Forfeited Outstanding at 31 December

--

27 16 14 41 16 39 -20 91

--

=

The movements and values for 2012 are shown split adjusted 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 exercise price (WAEP) of, and movements in, share options during the year Number of options

WAEP

Number of options

WAEP

2012

2012 £

2011

2011 £

25,060 12,530 8,021 (7,387) (3,070) (96)

18 64

25,625

16 65

20 96 10 59 14 44 17 96

4,110 (3,502) (1,173)

28 54 16 61 15 91

35,058

13 91

25,060

18 64

11 19

10,224

16 41

Outstanding at 1 January Effect of three for two split Granted Exercised Forfeited Expired Outstanding at 31 December Exercisable at 31 December

-16,738

-The movements and values for 2012 are shown split adjusted

-24-

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012 16

Share-based payment transactions

(Continued)

The weighted average share price at the date of exercise for share options exercised during the year was

£20 28 (2011 £18 29 (spht adiusted)) Options outstanding at the year end have exercise prices ranging from £8 95 to £20 96 (2011 £9 35 to £19 19 (spht adjusted)) and a weighted average remaining contractual hfe of 4 years and 4 months (2011 4 years and 8 months)

17

Share capital Allotted, called up and fully paid 5,593,988 Ordinary shares of £1 each 441, 157 Preferred ordinary shares of £1 each

2012 £'000

2011 £'000

5,594 441

5,594 441

---

---

6,035

6,035

The preferred ordinary shares carry a d1v1dend of 11 % of net profit payable annually The shares carry an entitlement that, at any time, the whole preferred ordinary share capital can be converted on a one for one basis onto ordinary shares The preferred ordinary shares rank second behind the cumulative preference shares on the event of the company being wound up No cumulative preference shares were on issue as at 31 December 2012

18

Statement of movements on reserves Share premium account

Balance at 1 January 2012 Profit for the year Share based payment transactions Defined benefit pension scheme Balance at 31 December 2012

Other reserves Capital redemption reserve Balance at 1 January 2012 & at 31 December 2012 Capital contribution reserve Balance at 1 January 2012 & at 31 December 2012

Other Profit and loss reserves account (see below)

£'000

£'000

93,487

396

---

---

93,487

396

---

---

£'000 4,326 1,844 85 (1,163) 5,092

281

115 ---

- 25 -



LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012

19

Reconciliation of movements in shareholders' funds

2012 £'000

2011 £'000

Profit for the financial year D1v1dends

1,844

2,139 (3,493)

1,844 (1,163) 85

(1,354) (184) 81

Other recognised gains and losses Share based payment transactions

20

Net add1t1on to/(deplet1on in) shareholders' funds Opening shareholders' funds

766 104,244

(1,457) 105,701

Closing shareholders' funds

105,010

104,244

Contmgent hab1ht1es The company has issued bank guarantees in the ordinary course of business for £102,000 (2011 £87,000)

21

Fmanc1al 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 2011 2012 £'000 £'000 Operating leases which expire Within one year Between two and five years In over five yea rs

6

2011 £'000

57 53

131

110

132

2012 £'000

2011 £'000

5

16

6 6

22

Other 2012 £'000

Capital commitments

6

At 31 December 2012 the company had capital commitments as follows Contracted for but not provided in the financial statements

- 26 -

:



LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012

23

Directors' remuneration

Remuneration for qualifying services Company pension contnbut1ons to defined contnbut1on schemes

2012 £'000

2011 £'000

155 15

176 14

The number of directors for whom retirement benefits are accruing under defined contnbut1on schemes amounted to 2 (2011 - 2) The number of directors who exercised share options dunng the year was 2 (2011 - 1) The number of directors who received shares under long term incentive schemes dunng the year was 3 (2011 - 3)

24

Employees Number of employees The average monthly number of employees (mcludmg directors) dunng the year was

2012 Number

2011 Number

79 13 16 11

81 14 18 12

119 --

125 --

Employment costs

2012 £'000

2011 £'000

Wages and salanes Social secunty costs Other pension costs

4,415 502 448

4,581 532 447

5,365

5,560

Production staff Engineenng staff Sales and marketing staff Adm1rnstrat1ve staff

Included m wages and salanes 1s a total expense for share-based payments in relation to equity-settled transactions of £85,000 (2011 £81,000), of which £50,000 (2011 £56,000) relates to restncted shares and £35,000 (2011 £25,000) relates to share options

- 27 -

'



LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012

25

Control The 1mmed1ate parent company 1s EMA Holdings UK L1m1ted, a company registered in England and Wales and the ultimate parent company 1s AMETEK Inc , a company incorporated 1n 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 1s included in, copies of which can be obtained from P 0 Box 36, 2 New Star Road, Leicester LE4 9JQ

26

Post balance sheet events The company's holdings in AMETEK SAS and AMETEK GmbH were sold to a fellow subs1d1ary company, EMA Holdings UK L1m1ted in January 2013 for £1,663,000 The company has declared and paid d1v1dends amounting to £400,000 since 31December2012

- 28 -

l ,

. (Pi,

Company Registration No. 01659383 (England and Wales)

LAND INSTRUMENTS INTERNATIONAL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

-

1111111111111111111111111111111111111n1 A19

*A3DP0403* 06/08/2014

. COMPANIES HOUSE .

#133

LAND INSTRUMENTS INTERNATIONAL LIMITED CONTENTS

Page Strategic report

1-2

Directors' report

3-4

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

LAND INSTRUMENTS INTERNATIONAL LIMITED COMPANY INFORMATION

Directors

DB Coley RR Mandos E Speranza

(Appointed 31 March 2014)

Secretaries

DB Coley KE Sena

Company number

01659383 .·

Registered office

PO Box 36 2 New Star Road Leicester LE4 9JQ

Auditors

Ernst & Young LLP No 1 Colmore Square Birmingham B46HQ

Business address

Stubley Lane, Dronfield Derbyshire S18 1DJ

Bankers

NatWest 1 Granby Street Leicester LE1 6EJ

Solicitors

Taylor& Emmet 20 Arundel Gate Sheffield South Yorkshire S1 2PP CMS Cameron McKenna LLP 160 Aldersgate Street Mitre House London EC1A4DD

LAND INSTRUMENTS INTERNATIONAL LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2013

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 the design, development and manufacture of instruments and related systems for the measurement of temperature and gaseous and particulate emissions using predominantly infra red technologies. These are marketed worldwide and across the industrial sector. The company's key financial indicators for the year were as follows:

Sales Operating profit Operating profit as a % of sales Net current assets Shareholders' funds

2013 £'000

2012 £'000

18,270 1,911 10.46% 3,875 103,687

18,689 2,301 12.31% 4,371 105,010

Change % (2.24) (16.95) (11.35) (1.26)

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. Operating profit fell by £390,000 (16.9%) against prior year. The 2012 operating profit figure however included an exceptional one-off pension service credit of £847,000, which represented the impact of changing the calculation method for pension increases from using the Consumer Prices Index instead of the Retail Price Index, which reduced the calculated liabilities of the Company's defined benefit pension scheme. Removing this adjustment from the prior year operating profit gives a true measure of the underlying operating profit performance, which shows an increase of £457,000 (31.4%) over the prior year. This improvement was driven by the implementation of focused commercial and cost reduction initiatives. The company's net current assets reduced by 11.35% primarily as a result of movements in the Company's balances with other Ametek Group companies, offset by increases in external trade debtors and inventory which were needed to support a large asset monitoring contract that was shipped in 2 installments in December 2013 and January 2014. The reduction in shareholders'funds was due mainly to dividends totaling £2,569,000 that we.re paid to ordinary shareholders in the year.

Principal risks and uncertainties The company operates in a competitive global environment and the global recession has increased uncertainty in the company's key markets. Customers can switch to competitor products if they judge that the competitor product offers better value. We continue to focus on the quality and reliability of our products and solutions to give good value and to monitor competitor activity to improve our competitiveness.

- 1-

LAND INSTRUMENTS INTERNATIONAL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

Financial risk management The company's principal financial instruments comprise trade debtor, trade creditor and inter-company 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 risk arising from the company's financial instruments is foreign currency risk. Foreign currency risk The company has transactional and translational currency exposures arising from sales and purchases in foreign currencies. It is AMETEK group policy not to actively hedge against foreign currency transactions and balances.

On behalf of the board

~-· DB Coley

-2-

LAND INSTRUMENTS INTERNATIONAL 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 £2,569,000 (2012: Nil) Research and development The company continues an active programme of research and development in all areas of its activities, with the constant review of existing products and development of new products being an integral part of this programme. During the year, the company spent £1,280,000 (2012: £1,323,000). Post balance sheet events On 3 January 2014, EM Test (Switzerland) GmbH, an indirect subsidiary of the company, acquired for a consideration of CHF 83 million an interest in 100% of the issued share capital of Teseq Holding AG, a company incorporated in Switzerland, which heads a group involved in the manufacture of a broad line of conducted and radiated EMC compliance testing systems and RF amplifiers for a wide range of industries.

On 3 May 2014, AMETEK Material Analysis Holdings GmbH, a subsidiary of the company, acquired for a consideration of Euro 11.5 million an interest in 100% of the issued share capital of Luphos GmbH, a company incorporated in Germany, which is involved in the development of ultra high precision optical distance and topology measurement technology. The company has declared and paid dividends amounting to £492,000 since 31 December 2013. Future developments The company's core business stabilized during 2013, after the significant retrenchment experienced in 2012. While demand for existing products remains strong in the core markets of steel and glass, these are relatively mature markets. Significant future growth will be dependent on the company's ability to penetrate new market sectors and introduce new product launches and project based solutions successfully into both new and existing markets. Commercial and cost control initiatives remain a key focus, along with selective investment in sales channels in high growth markets. The directors expect that continued improvements in profitability can be achieved in 2014. 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 page1.

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 directors have held office since 1 January 2013:

DB Coley A Imrie J Price RR Mandos E Speranza

(Resigned 31 March 2014) (Resigned 31 August 2013) (Appointed 31 March 2014)

-3-

'~'

LAND INSTRUMENTS INTERNATIONAL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

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 indemnity provision was in force during the year and remains in place to the date of this report. Financial instruments Details of financial instruments are provided in the strategic report on pages 1 and 2. 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 reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain 'the 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

~

..

DB Coley Director

~.'-?.... ~~~ L.c>\ 'f

-4-



LAND INSTRUMENTS INTERNATIONAL LIMITED INDEPENDENT' AUDITORS' REPORT TO THE MEMBERS OF LAND INSTRUMENTS INTERNATIONAL LIMITED

We have. audited the financial statements of Land Instruments International Limited for the year ended 31 December 2013 set out on pages 7 to 28. The financial reporting framework that has been applied in their preparation is applicable Jaw 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 Jaw, 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 implications 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.

-5-

LAND INSTRUMENTS INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF LAND INSTRUMENTS INTERNATIONAL 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.

Birmingham

-6-

.•

'O::

LAND INSTRUMENTS INTERNATIONAL LIMITED ...... - .

"PROFIT AND LOSS ACCOUNT

~·,.

..

_..:...·:--

FOR THE YEAR ENDED 31 DECEMBER 2013

Notes

2013 £'000

2012 £'000

2

18,270

18,689

Cost of sales

(10,779)

(11,530)

Gross profit

7,491

7,159

(3,899) (1,694) 13

(4, 176) (688) 6

Turnover

Distribution costs Administrative expenses Other operating income

Operating profit

3

1,911

2,301

Profit on disposal of investments Interest receivable Interest payable

4 5 6

884 30 (1,245)

37 (1,253)

1,580

1,085

Profit on ordinary activities before taxation Tax on profit on ordinary activities

7

Profit for the year

18

(43)

759

1,537

1,844

-The profit and loss account has been prepared on the basis that all operations are continuing operations.

-7-

~·.:

·:

LAND INSTRUMENTS INTERNATIONAL LIMITED . --·· ·-sTATEMENTOF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31 DECEMBER 2013

Notes

Profit for the financial year Actuarial loss on pension scheme Tax on items taken directly to equity

16

Total recognised gains and losses relating to the year

2013 £'000

2012 £'000

1,537 (340)

1,844 (1,097) (66)

1,197

-8-

681

LAND INSTRUMENTS INTERNATIONAL LIMITED BALANCE SHEET AS AT31DECEMBER2013

2012

2013 Notes Fixed assets Tangible assets Investments

Current assets Stocks Debtors Cash at bank and in hand

Creditors: amounts falling due within one year

£'000

£'000

9 10

11 12

14

Capital and reserves Called up share capital Share premium account Other reserves Profit and loss account Shareholders' funds

1,951 130,109

131,233

132,060 1,476 5,596 10,276

17,145

17,348

(13,270)

(12,977)

Total assets less current liabilities

15

£'000

1,903 129,330

1,842 3,420 11,883

Net current assets

Creditors: amounts falling due after more than one year

£'000

3,875

4,371

135,108

136,431

(31,421)

(3~

,421)

103,687

105,010

18 18 18

6,035 93,487 396 3,769

6,035 93,487 396 5,092

19

103,687

105,010

17

Approved by the Board and authorised for issue on

.39.. ~~--.2~• \.+

~~Director Company Registration No. 01659383

-9-

.....

LAND INSTRUMENTS INTERNATIONAL LIMITED 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 raised on delivery to and, where required, formal acceptance by customers.

1.4

Research and development Research expenditure is written off to the profit and loss account in the year in which it is incurred.

1.5

Tangible fixed assets and depreciation Ta~gible fixed assets are stated at cost less accumulated depreciation. The carrying valu~·~· of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

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 over its expected useful life as follows:

Freehold property Plant and machinery Fixtures, fittings & equipment Motor vehicles

Over 50 years Over 5 years Over 5 years Over 4 years

1.6

Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Investments Fixed asset investments are stated at cost and are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

1.8

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.

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

- 10 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

1

Accounting policies

(Continued)

1.9

Pensions Defined contribution pension scheme - The pension costs charged against operating profits are the contributions payable to the scheme in respect of the accounting period.

Defined benefit pension scheme - Scheme assets are measured at fair values. Scheme liabilities are measured on an actuarial basis using the projected unit method and are discounted at appropriate high quality corporate bond rates. The net surplus or deficit, adjusted for deferred tax, is presented separately from other net assets on the balance sheet. A net surplus is recognised only to the extent that it is recoverable by the company. The current service costs from settlements and curtailments are charged against operating profit. Past service costs are spread over the period until the benefit increases vest. Interest on the scheme liabilities and the expected return on scheme assets are included in other finance costs. Actuarial gains and losses are reported in the statement of total recognised gains and losses. 1.10 Deferred taxation Deferred tax 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 recognised 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 the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. 1.11 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. 1.12 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 the 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.

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 non-equity settled share - based payments.

- 11 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

1

Accounting policies

(Continued)

1.13 Group accounts The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirement to do so by section 401 of the Companies Act 2006 as it is a subsidiary undertaking of AMETEK Inc., a company incorporated in the United States of America, and is included in the consolidated accounts of that company. 1.14 Related party transactions The company is a wholly owned subsidiary 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. 1.15 Financial Instruments Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract where there is a residual interest in the assets of the entity after deducting all of its financial liabilities. Finance costs and gains or losses relating to financial liabilities are included in the profit and Joss account within interest payable or receivable. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Dividends and distributions relating to equity instruments are debited to equity.

Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet. As at 31 December 2013, the preferred ordinary shareholder has waived its entitlement to all accrued and future preference dividends and redemption for the foreseeable future. The fair values of the debt and equity components of the preferred ordinary shares have therefore been frozen at £286,000 and £441,000 respectively to reflect the fact that no further dividends are obliged to be paid u.nder the terms of the dividend waiver.

- 12 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS'(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

2

Turnover Geographical market Turnover 2013 £'000 Europe Asia USA Americas (excl USA)

2012 £'000

10,680 4,123 3,414 53

10,907 5,101 2,681

18,270

18,689

-3

Operating profit Operating profit is stated after charging: Depreciation of tangible assets Loss on disposal of tangible assets Loss on foreign exchange transactions Research and development Hire of plant and machinery Fees payable to the company's auditor for the audit of the company's annual accounts

4

2013 £'000

2012 £'000

309

345 11 68 1,323 128

25 1,280 112 19

19

--

--

Profit on disposal of investments The profit on disposal of investments arose on the disposal of the company's holdings in AMETEK SAS and AMETEK GmbH to a fellow subsidiary (see note 10).

5

Interest receivable

2013 £'000 30

37

--

--

Interest payable

2013 £'000

2012 £'000

Interest payable to group undertakings

1,245

Interest receivable from group undertakings

6

2012 £'000

1,253

--

- 13 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

7

Taxation 2013 £'000

2012 £'000

Domestic current year tax U.K. corporation tax Adjustment for prior years

63

Total current tax

63

(739)

(40) 20

(33) 13

(20)

(20)

(739)

Deferred tax Origination and reversal of timing differences Effects of changes in tax rates and laws

43

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 deductible expenses Decelerated capital allowances Disposal of investments Adjustments to previous periods Group relief not charged FRS 17 adjustment Research and development enhanced deduction Other timing differences

Current tax charge I (credit) for the year

(759)

1,580

1,085

367

266

(55) 58 (205)

22

2

(739)

22 (79) (12) (11)

(269) (54) 11

(304)

(1,005)

63

(739)

The company has surrendered the benefit of tax losses amounting to Nil (2012: £87,000) in relation to the year ended 31 December 2013 to certain group undertakings without receiving any payment. .

- 14 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

7

(Continued)

Taxation

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%.

8

Dividends

2013 £'000

Ordinary final paid

2,569

2012 £'000

-9

Tangible fixed assets Plant and Freehold property machinery £'000 Cost At 1 January 2013 Additions Disposals

2,353 6

At 31 December 2013 Depreciation At 1 January 2013 On disposals Charge for the year

Fixtures, fittings & equipment £'000 £'000

3,255 234 (262)

596 33 (7)

2,359

3,227

622

1,065

2,830 (250) 162

358 (7) 99

48

Motor vehicles

Total

£'000

£'000

12 (12)

6,216 273 (281) 6,208

12 (12)

4,265 (269) 309

At 31 December 2013

1, 113

2,742

450

4,305

Net book value At 31 December 2013

1,246

485

172

1,903

--

--

--

--

1,288

425

238

1,951

--

--

--

At 31 December 2012

Included in the cost of land and buildings is freehold land of £50,000 (2012: £50,000) which is not depreciated.

- 15 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL--STATEMENTS(CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

10

Fixed asset invesbnents lnvesbnents in subsidiary undertakings £'000 Cost At 1 January 2013 Disposals

130,336 (1,006)

At 31 December 2013

129,330

Provisions for diminution in value At 1 January 2013 On disposals

227 (227)

At 31 December 2013

Net book value At 31 December 2013

129,330

At 31 December 2012

130,109

The company's holdings in AMETEK SAS and AMETEK GmbH were sold to a fellow subsidiary company, EMA Holdings UK Limited, in January 2013 for a consideration of £1,663,000, realising a profit of £884,000.

- 16 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

10

Fixed asset investments

(Continued)

The company has taken advantage of the exemption given within the Companies Act 2006 and has therefore only disclosed principal operating companies as follows: Company

Country of registration or incorporation

Subsidiary undertakings Spectra Analytical Instruments Germany GmbH* Spectra - Analytical Instruments Hong Kong (Asia - Pacific) Limited* Spectra Analytical Instruments USA Inc* Spectre Analytical Instruments South Africa (Pty) Ltd* Antavia SAS* France Cameca SAS* France AMETEK Korea Co Limited* Korea USA Cameca Instruments Inc* Taiwan Cameca Taiwan Corp. Ltd* . Cameca GmbH* Germany EM Test (Switzerland) GmbH* Switzerland EM Test GmbH* Germany Dunkermotoren GmbH* Germany Dunkermotoren USA, Inc* USA Dunkermotoren Taicang Co. China Ltd* Dunkermotoren Subotica d.o.o* Serbia Dunkermotoren Italia s.r.l* Italy Dunkermotoren Korea Ltd* Korea France Dunkermotoren France SAS*

Shares held Class

%

Ordinary 100.00 Ordinary 100.00 Ordinary 100.00 Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary

* shares held by a subsidiary undertaking The Spectre group of companies is involved in the manufacture and sale of atomic spectroscopic instrumentation, optical emission or energy dispersive X - ray florescence measurement techniques. Antavia SAS is involved in the maintenance, repair and overhaul of aircraft. The Cameca group of companies is involved in the sale and service of secondary ion mass spectrometers, electron probe microanalysis and tomographic atom probes. The EM Test group of companies is involved in the supply, service and support of EMC test equipment, calibration and EMC seminars and workshops. The Dunkermotoren group of companies is involved in advanced motion control solutions for a wide range of industrial applications, including factory equipment, office machines, medical devices and laboratory equipment.

-17-

100.00 74.00 74.00 74.00 74.00 74.00 74.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE ·FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

11

Stocks and work in progress

Raw materials and consumables Work in progress Finished goods and goods for resale

2013 £'QOO

2012 £'000

781 197 864

604 169 703

1,842

1,476

--

--

The difference between purchase price or production cost of stocks and their replacement cost is not material. 12

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 13)

1,716 1,072 255 103 96 178

1,359 3,430 477 96 76 158

- 18 -

3,420

5,596

--

--

..,

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO~THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

13

Deferred tax asset

The deferred tax asset (included in debtors, note 12) is made up as follows: 2013 £'000 (158) (20)

Balance at 1 January 2013 Profit and loss account

(178)

Balance at 31 December 2013

--

2013 £'000 Decelerated capital allowances Share based payment Other timing differences

2012 £'000

(155) (20) (3)

(121) (34) (3)

(178)

(158)

-The effect of future changes in tax rates is not considered to have a material effect on the deferred tax balance. The company also has an unrecognised deferred tax asset of £32,000 (2012: £38,000) relating to capital losses. The deferred tax asset has not been recognised due to the uncertainty surrounding the existence of future suitable profits to set it off against.

14

Creditors: amounts falling due within one year

Trade creditors Amounts owed to group undertakings Taxes and social security costs Other creditors Accruals and deferred income

2013 £'000

2012 £'000

1,551 10,822 169 28 700

1,581 10,627 157 24 588

13,270

12,977 --

- 19 -



LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES-TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

15

Creditors: amounts falling due after more than one year

Amounts owed to group undertakings Preference shares classed as a financial liability

Liability component of convertible preferred ordinary shares

2013 £'000

2012 £'000

31,135 286

31,135 286

31,421

31,421

286 --

286

At 31 December 2013 and 31 December 2012, there were 727,157 of convertible preferred ordinary shares of £1 each in issue. The liability component of the shares, representing 286,000 preferred ordinary shares of £1 each, was frozen at 31 December 2006 due to a dividend waiver being in place.

Amounts owed to group undertakings comprise loans wholly repayable within five years. Interest is charged at 4%.

- 20 -



LAND INSTRUMENTS INTERNATIONAL LIMITED ... NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

16

Pension and other post-retirement benefit commitments

The company operates a defined contribution scheme for the benefit of the employees. The assets of the scheme are administered in a fund independent from those of the company. The pension cost in the year was £241,000 (2012: £200,000) and the amount due to the scheme at the year end was £28,000. (2012: £24,000). The company operated a defined benefit pension scheme for the benefit of the employees in the UK. The scheme was closed and accrual of additional benefits ceased in October 2003 when all members ceased to be active. The assets of the scheme are administered by the trustees in a fund independent from those of the company. The company expects to contribute approximately £340,000 to the pension scheme in 2014, based on the existing schedule of contributions.

The amounts recognised in the balance sheet are as follows: Defined benefit pension plans

2013 £'000 Present value of funded obligations Fair value of plan assets

2012 £'000

28,650 (31,269)

29,550 (29,728)

(2,619)

(178)

(2,619)

(178)

2,619

178

Present value of unfunded obligations Surplus Net asset

--

The surplus has been restricted as the scheme is now closed and therefore no future economic benefit is considered achievable by the directors. Therefore the pension asset on the balance sheet is £nil.

- 21 -

(',

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

16

(Continued)

Pension and other post-retirement benefit commitments The amounts recognised in the profit and loss are as follows:

Defined benefit pension plans

2013 £'000 Included in operating profit Past service credit ·

2012 £'000

(847) (847)

Included in other finance costs Interest on obligation Expected return on pension scheme assets

1,283 (1,283)

1,212 (1,212)

(847)

Total

Actual return on plan assets

2,010

4,346

The past service credit in respect of the year ended 31 December 2012 represented the impact of the change in calculation method for pension increases from using the Retail Prices Index to using the Consumer Prices Index which reduced the liabilities of the scheme. Analysis of amount recognised in the statement of total recognised gains and losses: Defined benefit pension plans

Actuarial gains/ (losses) Effect of asset limit

Cumulative amount of actuarial losses

- 22 -

2013 £'000

2012 £'000

1,555 (1,895)

(1,877) 780

(340)

(1,097)

(3, 197)

(2,857)

--

--

':i

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) · FOR THE YEAR ENDED 31 DECEMBER 2013 16

Pension and other post-retirement benefit commitments

(Continued)

Changes in the present value of the defined benefit obligation are as follows: Defined b~nefit pension plans

2013 £'000 Opening defined benefit obligation . Interest cost Past service credit Actuarial (gains)/losses Benefits paid

29,550 1,283

Total

2012 £'000

(1,374) (809)

25,592 1,212 (847) 4,498 (905)

28,650

29,550

--

Changes in fair value of plan assets are as follows: Defined benefit pension plans

Opening fair value of plan assets Expected return Actuarial gains Contributions by employer Benefits paid

2013 £'000

2012 £'000

29,728 1,829 181 340 (809)

26,037 1,725 2,621 250 (905)

31,269

29,728

The major categories of plan assets as a percentage of total plan assets are as follows: Equities Bonds Property Other assets

2013

2012

62.00 15.00 5.00 18.00

55.00 16.00 5.00 24.00

--

- 23 -

\_,

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINtJED)

FOR THE YEAR ENDED 31DECEMBER2013 16

(Continued)

Pension and other post-retirement benefit commitments

The principal actuarial assumptions at the balance sheet date (expresssed as weighted averages) were as follows:

Rate of increase in pensions in payment Rate of increase in pensions in payment Rate of increase in pensions in payment Rate of increase in pensions in payment Discount rate Inflation assumption (RPI) Inflation assumption (CPI) Expected return on plan assets

Life Life Life Life

expectancy for expectancy for expectancy for expectancy for

(RPI (RPI (CPI (CPI

capped capped capped capped

at at at at

2.5%) 5.0%) 3.0%) 5.0%)

a male currently aged 65 (in years) a female currently aged 65 (in years) a male currently aged 45 (in years) a female currently aged 45 (in years)

2013

2012

%

%

2.10 3.20 2.00 2.40 4.45 3.40 2.40 6.75

1.90 2.84 1.90 2.40 4.40 3.00 2.40 6.75

--

--

22.00 24.40 23.30 25.90

22.10 24.50 23.40 26.10

--

·--

The post-retirement mortality disclosures above relate to assumptions based on longevity (in years). The post-mortality table used in 2013 was a SAPS normal health base table with CMI 2013 core model with long term improvement rate of 1% per annum and in 2012 was a SAPS normal health base table with CM I 2011 core model with long term improvement rate of 1% per annum. 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.

Amounts for the current and previous four periods are as follows: Defined benefit pension plans

Defined benefit obligation Plan assets Surplus Experience adjustments on plan liabilities Experience adjustments on plan assets

2013 £'000

2012 £'000

2011 £'000

(28,650) 31,269 2,619

(29,550) 29,728 178

(25,592) 26,037 445

1, 120

(1,337)

181

2,621

--

- 24 -

1,518

2010 £'000 (25,835) 26,793 958

2009 £'000 (24,054) 24,320 176

498

(2,054)

1,406

--

--

2,806

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

17

Share capital Allotted, called up and fully paid 5,593,988 Ordinary shares of £1 each 441, 157 Preferred ordinary shares of £1 each

2013 £'000

2012 £'000

5,594 441

5,594 441

6,035

6,035

-The preferred ordinary shares carry a dividend of 11 % of net profit payable annually. The shares carry an entitlement that, at any time, the whole preferred ordinary share capital can be converted on a one for one basis into ordinary shares. The preferred ordinary shares rank second behind the cumulative preference shares in the event of the company being wound up. No cumulative preference shares were in issue as at 31 December 2013.

18

Statement of movements on reserves Share premium account

Balance at 1 January 2013 Profit for the year Share based payment transactions Dividends paid Defined benefit pension scheme Balance at 31 December 2013

Other Profit and loss account reserves {see below)

£'000

£'000

93,487

396

93,487

396

--

£'000 5,092 1,537 49 (2,569) (340) 3,769

--

Other reserves Capital redemption reserve Balance at 1 January 2013 & at 31 December 2013

281

Capital contribution reserve · Balance at 1 January 2013 & at 31 December 2013

115

- 25 -

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS'(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

19

20

2013 £'000

2012 £'000

Profit for the financial year Dividends

1,537 (2,569)

1,844

Other recognised gains and losses Share based payment transactions

(1,032) (340) 49

1,844 (1,163) 85

Net (depletion in)/addition to shareholders' funds Opening shareholders' funds

(1,323) 105,010

766 104,244

Closing shareholders' funds

103,687

105,010

Reconciliation of movements in shareholders' funds

Contingent liabilities

The company has issued bank guarantees in the ordinary course of business for £373,000 (2012: £102,000).

21

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

22

Other 2013 £'000

2012 £'000

6

6

19 55

57 53

6

6

7:4

110

2013 £'000

2012 £'000

5

5

Capital commitments

At 31 December 2013 the company had capital commitments as follows: Contracted for but not provided in the financial statements

- 26 -

~

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

23

Directors' remuneration

Remuneration for qualifying services Company pension contributions to defined contribution schemes Compensation for loss of office

2013 £'000

2012 £'000

105 47 47

155 15

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2012 - 2). The number of directors who exercised share options during the year was 2 (2012 - 2). The number of directors who received shares under long term incentive schemes during the year was 3 (2012-3). R R Mandes is a US based director within the AMETEK group and does not provide any qualifying services to Land Instruments International Limited.

24

Employees Number of employees The average monthly number of employees (including directors) during the year was:

Production staff Engineering staff Sales and marketing staff Administrative staff

2013 Number

2012 Number

73 12 17 11

79 13 16 11

113

119

-Employment costs

2013 £'000

2012 £'000

Wages and salaries Social security costs Other pension costs

4,348 548 578

4,415 502 448

5,474

5,365

--

--

Included in wages and salaries is a total expense for share-based payments in relation to equity-settled transactions of £49,000 (2012: £85,000), of which £16,000 (2012: £50,000) relates to restricted shares and £33,000 (2012: £35,000) 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.

- 27 -

• -:

LAND INSTRUMENTS INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

25

Control The immediate parent company is EMA Holdings UK Limited, a company registered in England and Wales and 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.

26

Post

balanc~

sheet events

On 3 January 2014, EM Test (Switzerland) GmbH, an indirect subsidiary of the company, acquired for a consideration of CHF 83 million an interest in 100% of the issued share capital of Teseq Holding AG, a company incorporated in Switzerland, which heads a group involved in the manufacture of a broad line of conducted and radiated EMC compliance testing systems and RF amplifiers for a wide range of industries. On 3 May 2014, AMETEK Material Analysis Holdings GmbH, a subsidiary of the company, acquired for a consideration of Euro 11.5 million an interest in 100% of the issued share capital of Luphos GmbH, a company incorporated in Germany, which is involved in the development of ultra high precision optical distance and topology measurement technology. The company has declared and paid dividends amounting to £492,000 since 31 December 2013.

- 28-

'

Registered No 560015

Muirhead Aerospace Limited Report and Financial Statements 31 December 2009

A12

06/08/2010 COMPANIES HOUSE

347

Muirhead Aerospace L1m1ted Registered No 560015

Directors L M Smith JG Smith J W Hardm DB Coley SK Wells

Secretaries K Sena B Coley

Auditor Ernst & Young LLP Wessex House 19 Threefield Lane Southampton SOl4 3QB

Registered office PO Box36 2 New Star Road Leicester

Le1cestersh1re LE4 9JQ

1

Murrhead Aerospace Lrmrted

Directors' report The directors present their report and financial statements for the 14 month period ended 31 December 2009

Results and dividends The profit for the period, after taxation, amounted to£ 15,589,000 (year ended 31 October 2008 £3,263,000) A d1v1dend of£ 1,600,000 was paid durmg the penod (year ended 31 October 2008 £3,700,000)

Principal activrtres and review of the business The prmc1ple activtty of the company dunng the penod was the design and manufacture of specialist prec1smn and motwn control products and the supply, repair and overhaul of avionics eqmpment for the aerospace and OJI exploratmn markets On 3 November 2008 the company was acqmred by AMETEK Inc from Esterline Technologies Corporatwn AMETEK Inc 1s now considered to be the company's ultimate parent undertaking and controllmg party On 3 I December 2009, as part of a group re-organisation, the company sold the trade and assets of tts motion busmess for a cons1dera11on of£ I 8,956,000 to A1rscrew L1m1ted, a fellow subs1d1ary company of AMETEK Inc Subsequent to this transaction, on 8 January 2010 Airscrew L1m1ted changed 1ts name to AMETEK A1rtechnology Group L1m1ted Dunng the penod and to fac1htate this re-orgamsatwn the company extended tis penod of account to December The company's key financial md1cators for the penod were as follows

Sales Operatmg Profit Profit after Tax Shareholders' Funds

14 month period to 31 December

Year to 31 October

2009 £000

2008 £000

Change %

31,243 2,884 I 5,589 27,537

29,314 3,819 3,236 I 3,544

66% -24 5% 3820% 1033%

The Company performed well m the I 4 months to 3 I December 2009 despite a d1fficult economic environment The impact of the global economic downturn however was greater than anticipated and the busmess needed to ahgn its cost structure with market cond1t1ons as a result This restructurmg, coupled with a rebrandmg exercise followmg 1ts acqms1t1on by Ametek Inc resulted m operatwnal restructunng costs of £962k Ad1ustmg for this, operatmg profits for the lengthened penod and the I 4 month financial position were considered to be satisfactory The company contmues to seek out new opportuntlles m Its repair and overhaul busmess We contmue to be cautiously opt1m1st1c about the near term economic outlook and our differentiated busmess continues to enjoy a healthy order book This gives us good reason to be confident that 20 I 0 should be another good year Principal Risks and Uncertainties The company operates m a compet1t1ve global environment Customers can switch to competitor products 1f they judge that the competitor product offers better value We contmue to focus on the quahty and rehab1hty of our products to give good value over the product hfe and to monitor competitor act1v1ty to mamtam our compet1t1veness

The company 1s considered to have acceptable d1vers1ficat1on between 1ts Commercial, Mthtary and Industl'lal market sectors and therefore unlikely to be overly exposed by a downturn m any one of these markets It continues to broaden its pos1t1on in these markets by now offering sub systems

2

Muirhead Aerospace L1m1ted

Directors' report Principal Rtsks and Uncertainties (continued) The company does not have a natural hedge m the Euro and USO currencies and 1s therefore impacted by exchange rate fluctuations. It 1s Ametek group pohcy not to actively hedge agamst foreign currency transactions and balances

Financial risk management The company's prmc1pal financial mstruments comprise trade debtor, trade creditor and mtercompany balances and bank loans The company does not enter mto denvat1ve transact10ns and 1t 1s, and has been throughout the period under review, the company's pohcy that no tradmg in financial instruments shall be undertaken

The main nsks ar1s1ng from the company's financial instruments are foreign currency risk and interest rate risk Foreign currency risk

The company has transact10nal and translational currency exposures arising from sales and purchases in foreign currencies It 1s AMETEK group pohcy not to actively hedge against foreign currency transactions and balances Interest rate rrsk The company has bank borrowmgs with interest at a variable rate It 1s AMETEK group pohcy not to enter into interest rate swaps to fix interest rates

Going concern After makmg enqumes, the directors have a reasonable expectation that the company has adequate resources to contmue in operational existence for the foreseeable future Accordingly, they contmue to adopt the going concern basis in preparing the annual report and accounts

Disabled employees The company gives full cons1derat1on to apphcat10ns for employment from disabled persons where the reqmrements of the Job can be adequately fulfilled by a handicapped or disabled person Where ex1stmg employees become disabled, 1t 1s the company's pohcy wherever practicable to provide contmmng employment under normal terms and cond1t1ons and to provide trammg and career development and promotion to disabled employees wherever appropriate

Employee involvement Employees are mvolved m 1mprovmg the company performance through the Lean Manufacturing m1t1at1ves that have been set up throughout the orgamsatmn Commumcat10n with employees 1s principally viaJOmt consultative meetmgs and quarterly reviews

Directors The directors who served the company during the year and subsequently were as follows L M Smith (Managing Director) JG Smith J W Hardm DB Coley PK Sharma S K Wells G Payne RCremin R George LKring R Lawrence

(appointed 13 November 2008) (appointed 13 November 2008) (appointed 13 November 2008) (appointed 9 January 2009) (resigned 30 October 2009) (resigned (resigned (resigned (resigned (resigned

13 November 2008) I 3 November 2008) 13 November 2008) I 3 November 2008) I 3 November 2008)

Directors' liab11it1es The parent company mdemmfied one or more directors of the company against hab1hty in respect of proceedings brought by third parties, subject to the cond1t10ns set out m the Companies Act 2006 Such quahfying third party indemnity prov1s10n was m force durmg the penod and to the date of this report 3

Muirhead Aerospace Limited

Directors' report Directors' statement as to disclosure of information to auditors So far as each person who was a director at the date of approvmg this report 1s aware, there 1s no relevant audit mfonnat1on, bemg mfonnatmn needed by the auditor m connection with preparmg its report, of which the auditor IS unaware Havmg made enqumes of fellow directors and the group's auditor, each director has taken all the steps that he/she 1s obliged to take as a director m order to made himself/herself aware of any relevant audit mfonnat1on and to establish that the auditor IS aware of that mfonnatwn

Auditor A resolutmn to reappomt Ernst & Young LLP as auditor will be put to the members at the Annual General Meetmg On behalf of the board

~ Director

r

tG / o 7

2010

Registered No 560015

4

Muirhead Aerospace L1m1ted

Statement of directors' responsibilities in respect of the financial statements The dtrectors are responsible for preparmg the Directors Report and the financial statements m accordance with apphcable law and regulations Company law reqmres the directors to prepare financial statements for each financial year Under that law the duectors have elected to prepare the financial statements m accordance with United Kmgdom Generally Accepted Accounting Practice (United Kmgdom Accountmg Standards and apphcable law) Under company law the directors must not approve the financial statements unless they are sallsfied that they give a true and fatr view of the state of affairs of the company and of the profit or loss of the company for that penod In preparing those financial statements, the directors are required to •

select suitable accountmg pohc1es and then apply them consistently,



make judgements and estimates that are reasonable and prudent,



state whether apphcable accountmg standards have been followed, subject to any material departures disclosed and explained m the financial statements, and



prepare the financial statements on the gomg concern basis unless 1t 1s inappropnate to presume that the company will contmue m busmess

The directors are responsible for keepmg proper accountmg records that are sufficient to show and explam the company's transactions and disclose with reasonable accuracy at any time the financial pos1t1on of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguardmg the assets of the company and hence for takmg reasonable steps for the prevent10n and detect10n of fraud and other 1rregulant1es

5

• Muirhead Aerospace L1m1ted

Independent auditor's report to the members of Muirhead Aerospace Limited We have audited the company's financial statements for the 14 month penod ended 31 December 2009 which compnse the Profit and Loss Account, the Statement of Total Recogmsed Gams, the Balance Sheet and the related notes I to 24 The financial reportmg framework that has been applied m the1r preparation 1s applicable law and Umted Kmgdom Accountmg Standards (Umted Kmgdom Generally Accepted Accountmg Practice) This report 1s made solely to the company's members, as a body, m accordance with Chapter 3 of Part 16 of the Compames 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 auditor's report and for no other purpose To the fullest extent penmtted by law, we do not accept or assume respons1b1lity to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opm1ons we have fanned Respective respons1b11it1es of directors and auditors As explamed more fully m the Statement of d1rectors' respons1b1lit1es set out on page 5, the d1rectors are responsible for the preparat10n of the financial statements and for be mg satisfied that they give a true and fa1r view Our respons1b1lity 1s to audit the financial statements m accordance with apphcable law and lntemat10nal Standards on Aud1tmg (UK and Ireland) Those standards requ1re us to comply with the Aud1tmg Practices Board's (APB's) Ethical Standards for Auditors Scope of the audit of the financial statements An audit mvolves obtammg evidence about the amounts and disclosures m the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error This mcludes an assessment of whether the accountmg policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed, the reasonableness of significant accountmg estimates made by the directors, and the overall presentation of the financial statements Op1n1on on financial statements In our opm10n the financial statements • give a true and fair view of the state of the company's affa1rs as at 31 December 2009 and of1ts profit for the period then ended, • have been properly prepared m accordance with Umted Kmgdom Generally Accepted Accountmg



Practice, and have been prepared m accordance with the reqmrements of the Compames Act 2006

Opm10n on other matter prescnbed by the Companies Act 2006 In our opm1on the mfonnat10n given m the D1rectors' Report for the financial penod for which the financial statements are prepared 1s consistent with the financial statements Matters on which we are reqmred to report by exception We have nothmg to report m respect of the followmg matters where the Compames Act 2006 reqmres us to report to you 1f, m our opm1on • adequate accountmg 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 tn agreement with the accounting records and returns, or • certain disclosures ofd1rectors' remuneration specified by law are not made, or • we have not received all the mfonnat1on and explanat10ns we require for our audit

Ctw-f -f

'1--,

w

David Marshall (Senior Statutory Auditor) for and on behalf of Ernst & Young LLP, Statutory Auditor Southampton

z.o /7 /

2010

6

Muirhead Aerospace L1m1ted

Profit and loss account for the 14 month period ended 31 December 2009

14 month per10d to 31 December Year to 31 2009 October 2008 Notes £000 £000

Turnover Contmumg operations D1sconttnued operations

2

Cost of sales

3

Gross profit

Adm1n1strat1ve expenses Exceptional adm1n1strahve expenses Other adm1n1strat1ve expenses

Operating profit

5 3

13,969 15,345

31,243 16, 167

29,314 14,663

15,076

14,651

962 11,230

10,832

12,192

10,832

1,441 1,443

2,093 1,726

2,884

3,819

13,481 25

320

4

Contmumg operations D1scont1nued operations

Profit on sale ofbusmess Interest receivable Interest payable and s1m1lar charges

14,189 17,054

5 8 9

Profit on ordinary activ1t1es before taxation

(I I)

13,495

320

Tax charge on profit on ordmary act1V1t1es

10

16,379 790

4,139 876

Profit for the financial period

21

15,589

3,263

Statement of total recognised gains and losses There are no recognised gams or losses other than the profit of£ 15,589,000 attnbutable to the shareholders for the penod ended 31 December 2009 (year ended 31 October 2008 £3,263,000)

7

Muirhead Aerospace L1m1ted

Balance sheet at 31 December 2009

31 December 2009 Notes £000

31 October 2008 £000

944 207 4,235

1,067 2,501 4,235

5,386

7,803

1,124 21, 782 1,249

5,155 5,021 142

24,155 1,891

10,318 4,406

Net cu"ent assets

22,264

5,912

Total assets less current /iab1/1ties

27,650

13,715

113

171

27,537

13,544

Fixed assets

II

Intangible assets Tangible assets Investments

12 13

Current assets

Stocks Debtors Cash at bank

14 15

Creditors amounts falhng due w1thm one year

16

Prov1s1ons for l1ab1l1t1es

18

Capital and reserves

Share capital Share premmm Profit and loss account

20 21 21

5,510 901 21,126

5,510 901 7, 133

Shareholders' funds

21

27,537

13,544

~ L M Smith Director

fG(67(

2010

8

• Muirhead Aerospace Limited

Notes to the financial statements at 31 December 2009 1.

Accounting policies Basis of preparation

The financial statements are prepared under the h1stoncal cost convent10n and m accordance with UK GAAP The financial statements of Muirhead Aerospace L1m1ted were approved for issue by the Board of DITectors on the date shown on the balance sheet Cash flow statement

The dITectors have taken advantage of the exempt10n m FRS I (revised) from mcludmg a cash flow statement m the financial statements on the grounds that the company 1s wholly owned and its parent publishes consolidated financial statements Related parties transactions

The company 1s a wholly owned subsidiary of AMETEK Inc, the consolidated accounts of which are publicly ava1lable Accordmgly, the company has taken advantage of the exemption m FRS 8 from d1sclosmg transact10ns with members or mvestees of the AMETEK Inc group Revenue recogn1t1on

Revenue from the sale of goods 1s recogmsed when the nsks and rewards of ownership of the goods has passed to the buyer This 1s usually detennmed with reference to the !NCO tenns of goods shipped Research and development

Research and development expenditure 1s wntten off as mcurred Goodw1/I

Goodw1ll 1s the difference between the cost of an acquITed entity and the aggregate of the faIT value of that entity's 1dent1fiable assets and liab1lit1es Pos1t1ve goodw1ll 1s capitalised, classified as an asset on the balance sheet and amortised on a straight !me basis over its useful economic life It 1s reviewed for 1mpamnent at the end of the first full financial year followmg the acqms1t1on and m other penods 1f events or changes m cJTcumstances md1cate that the carrymg value may not be recoverable Fixed assets

All fixed assets are m1tially recorded at cost Deprec1at10n

Depreciat10n 1s provided on all tangible fixed assets, at rates calculated to wnte off the cost, less estimated residual value based on pnces prevailmg at the date of acqu1S1t10n of each asset evenly over its expected useful life, as follows Long leasehold bmldmg Leasehold improvements Plant and machmery Fixtures and fittmgs

over 50 years over I 0 years over 5 to 15 years over 3 to 8 years

The carrymg values of tangible fixed assets are reviewed for 1mpa1nnent m penods 1f events or changes m cJTcumstances md1cate the carrymg value may not be recoverable Investments

All mvestments are m1tially recorded at costs Carrymg value of mvestments are reviewed for 1mpa1nnent when events or changes m cJTcumstances md1cate that the carrymg value may not be recoverable Provisions for /iab1l1ties

Prov1s1ons for the expected costs of mamtenance under guarantees are charged agamst profits when products have been mv01ced The effect of the time value of money 1s not matenal and therefore the prov1s1ons are not discounted

9



Muirhead Aerospace L1m1ted

Notes to the financial statements at 31 December 2009

1.

Accounting policies (continued) Stocks

Stocks are stated at the lower of cost and net realisable value Cost rncludes all costs mcurred m brmgmg each product to its present location and cond1t1on, as follows Raw materials, consumables and goods for resale

purchase cost on a first-in, first-out basts

Work m progress and finished goods

cost of direct materials and labour plus attnbutable overheads based on a nonnal level ofac!Iv1ty

Net realisable value 1s based on estimated sell mg pnce less any further costs expected to be mcurred to complet10n and disposal Deferred taxation

Deferred tax 1s recognised in respect of all t1mmg differences that have ongmated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obllgat10n to pay more, or a nght to pay less or to receive more tax, with the following exception • deferred tax assets are recognised only to the extent that the directors consider that It 1s 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 1s measured on an und1scounted basis at the tax rates that are expected to apply in the penods m which t1mmg differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date Foreign currencies

Transact10ns m foreign currencies are recorded at the rate ruling at the date of the transaction Monetary assets and llab1llt1es denominated m foreign currencies are retranslated at the rate of exchange rulmg at the balance sheet date All differences are taken to the profit and loss account Operating tease agreements

Rentals payable under operatmg leases are charged m the profit and loss account on a straight lme basis over the lease tenn Pension costs

The company operates a defined contr1but1on pension scheme Contnbut1ons are charged m the profit and loss account as they become payable m accordance with the rules of the scheme Share-based payments

The cost of eqmty-settled transact10ns with employees 1s measured by reference to the fair value at the date at which they are granted and IS recognised as an expense over the vesting penod, which ends on the date on which the relevant employees become fully entitled to the award Fair value 1s detennmed usmg an appropriate pncmg model No expense 1s recognised for awards that do not ultimately vest At each balance sheet date before vestmg, the cumulative expense 1s calculated, representing the extent to which the vestmg penod has expired and management's best estimate of the achievement or otherwise of non-market cond1t10ns that impact on the number of eqmty mstruments that will ultimately vest The movement m cumulative expense smce the prev10us balance sheet date 1s recogmsed m the profit and loss account for the year (as part of wages and salanes) with a corresponding reserve transfer to the profit and loss reserve There are no non-eqmty settled share-based payments

10

• Muirhead Aerospace L1m1ted

Notes to the financial statements at 31 December 2009 2.

Turnover Turnover, which 1s stated net of value added tax, represents amounts mv01ced to third parties An analysis of turnover by geographical market 1s given below

14 month period to 31 December Yearto31 2009 October 2008 £000 £000 Europe Asia Amencas (excl USA) USA

3.

28,560 918 199 1,566

26,742 1,097 1,247 228

31,243

29,314

Cost of sales and other administrative expenses 14 month period to 31 December 2009 Cont1nu1ng D1scont1nued £000 £000 Cost of sales Other admm1strat1ve expenses

8,576 3,978

Total £000

7,591 7,252

16, 167 11,230

ContJnu1ng D1scont1nued £000 £000

Total £000

Year to 31 December 2008

Cost of sales Other admm1strat1ve expenses

4.

8,648 3,228

6,015 7,604

14,663 10,832

Operating profit This 1s stated after charging/(crediting)

14 month perwd to 31 December Yearto31 2009 October 2008 £000 £000 Auditor's remuneratton - audit of the financial statements Depreciation of owned fixed assets Amort1satton of goodw11l

Operating lease rentals - land and bmldmgs - plant and machinery Research and development Net (gain)/ loss on foreign currency translation

43

50

674 123

624 105

797

729

615 151 2,130 (52)

512 135 1,896 10

11

• Muirhead Aerospace L1m1ted

Notes to the financial statements at 31 December 2009

5.

Exceptional items 14 month period to 31 Year to 31 December 2009 October 2008 £000 £000 Recognised in arriving at operating profit: Continuing operations

Redundancy Re branding Discontinued operations Redundancy Rebranding

112 81 288 481 962

Recognised below operatmg profit: Profit on sale of business

13,481

On 31 December 2009 the company disposed of1ts motion business at market value to a fellow group subsidiary, AMETEK A1rtechnology Group L1m1ted Cons1derat1on for the sale was£ 18,956,000 There 1s no tax effect of this exceptional item

6.

Staff costs 14 month period to 31 Year to 31 December 2009 October 2008 £000 £000 Wages and salanes Social secunty costs Other penswn costs

8,489 598 85

7,910 823 229

9, 172

8,962

Included in wages and salanes 1s a total expense for share-based payments of £4,000 (2008 £60,000) which all relates to equity-settled transactwns See note 23 for further details The monthly average number of employees dunng the penod was as follows 14 month period to 31 December Year to 31 2009 October 2008 No No Admin1strat1on Operattons

16 240

38 244

256

282

12

-------------

• Muirhead Aerospace L1m1ted

Notes to the financial statements at 31 December 2009 7.

Directors' emoluments 14 month penod to 31 December Year to 31 2009 October 2008 £000 £000 Emoluments Compensatwn for loss of office Value of company pension contnbutwns to money purchase schemes

585

436

96

39

8

20

14 month penod to 31 December Year to 31 2009 October 2008 Members of money purchase pension schemes

No

No

2

4

The emoluments shown above are for the d1rectors who are employees ofMuuhead Aerospace L1m1ted The other directors receive no remuneration for their services of this company The amounts m respect of the highest paid duector are as follows

14 month penod to 31 December Yearto31 2009 October 2008 £000 £000 Emoluments Value of company penswn contnbut10ns to money purchase schemes

377

169

4

12

The highest pmd duector received shares under the group's long term mcent1ve scheme

8.

Interest receivable 14 month per10d to 31 Yearto31 2009 October 2008 £000 £000

December

Bank mterest receivable Interest receivable from group undertakmgs Other mterest receivable

24 I

128 185 7

25

320

13



Muirhead Aerospace L1m1ted

Notes to the financial statements at 31 December 2009 9.

Interest payable and similar charges 14 month perwd to 31 December Year to 31 2009 October 2008 £000 £000 Interest payable to group undertakings Other mterest payable

3 8 11

10. Taxation (a)

Tax on profit on ordmary act1v1t1es

The tax charge 1s made up as follows

14 month perwd to 31 December Year to 31 2009 October 2008 £000 £000 Current tax

UK corporatmn tax Adjustment m respect of pnor year

913 (84)

1,155 (235)

Total current tax (note I O(b))

829

920

Ongmatmn and reversal of t1mmg differences Adjustment m respect of pnor year

3 (42)

(44)

Total deferred tax (note IO(c))

(39)

(44)

Tax charge on profit on ordmary act1V1t1es

790

876

Deferred tax

14



• Muirhead Aerospace L1m1ted

Notes to the financial statements at 31 December 2009 10. Taxation (continued) (b)

Factors affectmg current tax charge

The tax assessed on the profit on ordmary act1V1t1es for the penod 1s higher than the standard rate of corporation tax m the UK of28% (2008 -28 8%) The differences are reconciled below

14 month penod to 31 December Yearto31 2009 October 2008 £000 £000 Profit on ordmary act1v1t1es before tax

16,379

4,139

4,586 69 35 (3, 775) (2) (84)

1,193 51 44

829

920

Profit on ordmary act1v1t1es mult1phed by the standard rate of corporation tax

Expenses not deductible for tax purposes Decelerated capital allowances Gamon transfer of trade not taxable Other t1mmg differences Adjustment m respect of pnor year Research and development adjustment Total current tax (note IO(a)) (c)

3 (235) (136)

Deferred tax

The deferred tax mcluded m the balance sheet 1s as follows

£000 15 (39)

At I November 2008 Profit and loss account movement durmg the year (note 1O(a))

(24)

At 31 December 2009

31 December 2009 £000

31 October 2008 £000

(Decelerated)/Accelerated capital allowances Other t1mmg differences

(8) (16)

58 (43)

Deferred tax asset (note 15)/Proviswn for deferred taxatwn (note 18)

(24)

15

15



• Muirhead Aerospace L1m1ted

Notes to the financial statements at 31 December 2009 11. Intangible fixed assets Goodwill

£000 Cost At 1 November 2008 and 31 December 2009

2.102

Amort1sat1on

At 1 November 2008 Provided durmg the penod

1,035 123

At 31 December 2009

1, 158

Net book value At 31 December 2009

944

At 1 November 2008

1,067

Goodw11l relates to the purchase of two avmmcs repa1r and overhaul busmesses durmg 1997 and the acqu1s1t10ns of the trade and assets of Air Transport Av1001cs m 2003 and of Raytech A vmmcs m 2004

12. Tangible fixed assets Long leasehold Leasehold bu1ld1ngs improvements Cost At 1 November 2008 Add1t10ns Disposals Transfer ofbusmess

£000

£000

690 16

599

(706)

(599)

At 31 December 2009 Deprecrnt10n At 1 November 2008 Reallocat1on Provided durmg the penod Disposals Transfer of bus mess

Plant and Frxtures and machinery fittings

£000

£000

Total

£000

6,330 307 (53) (5,081)

2, 181 7 (3) (2,004)

9,800 330 (56) (8,390)

1,503

181

1,684

92

373

4,916 251

1,918 (251)

7,299

15

72

542 (53) (4,348)

45 (3) (1,540)

674 (56) (6,440)

(107)

(445)

At 31 December 2009

1,308

169

1,477

Net book value At 31 December 2009

195

12

207

1,414

263

2,501

At 1 November 2008

598

226

16

• •

Muirhead Aerospace L1m1ted

Notes to the financial statements at 31 December 2009

13. Investments Subsidiary Undertakings

£000 At I November 2008 and at 31 December 2009

4,235

At 31 December 2009, the company held I 00% of the ordmary share capital of the followmg

Country of Name of company

rncorporatron

Traxsys Input Products L1m1ted

England and Wales

Norcroft Dynamics L1m1ted

England and Wales

Nature of business

Design, manufacture and sale of track ball and related products Donn ant

On 31 December 2009 Traxsys Input Products L1m1ted transferred all its trade and net assets to AMETEK A1rtechnology Group L1m1ted and became dorrnant !Tom that date

14. Stocks

Raw matenals and consumables Work m progress Fm1shed goods and goods for resale

31 December

31 October

2009 £000

2008 £000

665 459

3,386 1,712 57

1,124

5,155

31 December

31 October

2009 £000

2008 £000

I, 137 20,477 144 24

4,441 6 574

21,782

5,021

15. Debtors

Trade debtors Amounts owed by group undertakmgs Prepayments and accrued mcome Deferred taxat10n (note I 0)

Amounts owed by group undertakmgs mcludes £18,956,000 (2008 £nil) relatmg to the sale of the "Motion" busmess to AMETEK A1rtechnology Group L1m1ted This balance 1s expected to fall due more than one year after the balance sheet date

17

• Muirhead Aerospace L1m1ted

Notes to the financial statements at 31 December 2009 16. Creditors: amounts falling due within one year

Trade creditors Amounts owed to group undertakings Corporatrnn tax Other taxation and social secunty Accruals and deferred income

31 December 2009 £000

31 October 2008 £000

564 545 180 602

1,354 842 308 373 1,529

1,891

4,406

17. Pensions The company operates a defined contnbutrnn group personal pens ton scheme for the benefits of the employees The assets of the scheme are administered in a fund independent from those of the company All employees are entitled to JOin the plan, to which the company contnbutes a percentage of salary, after an initial quahfying penod There were no amounts outstanding due to the scheme at the year end (2008 £ml)

18. Provisions for liabilities Warranty

At I November 2008 Profit and loss account movement dunng the penod Transfer of business At 31 December 2009

Deferred taxatron

£000

Pension £000

£000

Total £000

145

II

15

171

418 (450)

(II)

(15)

392 (450)

prov1s1on

113

113

The warranty prov1st0n relates to obhgat1ons on an ongoing basts to repatr or replace products sold by the company The existing prov1st0n should be used in full dunng the year but be replaced each year with a prov1S1on based on the expectatrnn of warranty costs based on that year's sales

19. Commitments under operating leases At 31 December 2009 the company had annual commitments under non-cancellable operating leases as set out below

31 December 2009 Land and buildings Other £000 £000 Operatmg leases which exptre Within one year In two to five years In over five years

161

31 October 2008 Land and buildings Other £000 £000

IO 38

74 512

161

48

512

74

18

• Muirhead Aerospace L1m1ted

Notes to the financial statements at 31 December 2009 20. Share capital A /lotted, called up and fully paid 3 I December 2009 3 I October 2008 No £000 No £000 Ordinary shares of£1 each

5,510,101

5,510

5,510,101

5,510

21. Reconciliation of shareholders' funds and movement on reserves Share

At 27 October 2007 Profit for the period Eqmty d1v1dends paid Share based payment Share issued m the year

Share caprtal £000 5,510

premium

£000

901

Total Profit and shareholders' funds loss account £000 £000 7,510 13,020 3,263 3,263 (3,700) (3, 700) 60 60 901

At 31 October 2008 Profit for the penod Eqmty d1v1dends paid Share based payment

5,510

901

7,133 15,589 (1,600) 4

13,544 15,589 (1,600) 4

At 31 December 2009

5,510

901

21,126

27,537

22. Capital commitments Amounts contracted for but not provided m the financial statements amounted to £10,000 (2008 £238,000)

23. Share-based payments On 3 November 2008 the company was acqmred by AMETEK Inc Up to that date certam employees of the company were members of the Esterline Technologies Corporation Equity Incentive Plan Entitlement under this scheme came to an end when the company was acquired by AMETEK Inc After acqms1t1on on 3 November 2008, certain directors and senior management became ehg1ble to JOin the AMETEK corporate mcent1ve plan The disclosures below detail the plan m place under the new parent, AMETEK Inc Certain directors and members of semor management are granted restricted shares and share options m the ultimate parent company, AMETEK Inc These share-based payments are settled by the issue of eqmty shares m AMETEK Inc The total share-based payment expense recognised m the year m respect of employee services 1s as follows 14 month period to 31 December 2009 £000 Restricted shares 2 Share options 2 4 Restricted shares Restricted shares generally vest (1 e all restr1ct1ons hft) after 4 years This 1s accelerated 1fthe share pnce mcreases to double that of the grant date at the close of business on 5 consecutive tradmg days, m which case they vest 1mmed1ately The expense 1s recognised on a stra1ght-lme basis over 4 years 1gnonng the poss1b1hty that this early vestmg could occur but takmg mto account estimated forfeitures, based on h1stor1cal experience 19

,





• Muirhead Aerospace L1m1ted

Notes to the financial statements at 31 December 2009 23. Share-based payments (continued) The followmg table illustrates the number and weighted average fatr values (WAFV) of, and movements m, restncted shares durmg the year 14 month period to 31 December 2009 No WAFV Outstandmg as at I November Granted 1,328 £22 32 Transferred (616) £22 32 Vested (33) £22 32 Forfeited (235) £22 32 Outstandmg as at 31 December

444

£22 32

The fatr values of restncted shares shown above are deterrnmed as the grant date market value Options Share option awards generally vest 25% each year for 4 years and exp1re 7 years after the award date The expense 1s recogmsed on a stra1ght-hne basis over the requ1S1te service penod for the ent1re award as 1f 1t all vested at the end of this 4 year penod but takmg mto account estimated forfeitures, based on h1stoncal

expenence The fair value of each option 1s estimated on the date of grant usmg a Black-Scholes opt10n pncmg model The followmg weighted average assumpt10ns were used m the Black-Scholes model to estimate the fair values of options granted dunng the years md1cated 14 month period to 31 December 2009 Expected share volat1hty 25 8% Expected hfe of the opt10ns (years) 49 Risk-free interest rate I 89% Expected d1v1dend yield 0 73% Expected volat1hty 1s based on h1stoncal volat1hty of AMETEK Inc's share pnce H1stoncal exercise data for AMETEK as a whole has been used to estimate the options' expected hfe, which represents the penod oft1me for which the options granted are expected to be outstandmg Management ant1c1pates that the future option holdmg penods will be s1m1lar to the h1stoncal option holdmg penods The nsk-free rate for the penod within the contractual hfe of the option 1s based on the US Treasury yield curve at the time of grant The weighted average fatr value per opt10n granted during the year was £5 32

20



•'

• Muirhead Aerospace L1m1ted

Notes to the financial statements at 31 December 2009 23. Share-based payments (continued) The following table illustrates the number and weighted average exercise pnces (W AEP) of, and movements in, share options during the year

14 month period to 31 December 2009 No

WAEP

Outstanding as at I November Granted Transferred Forfeited

4,122 (l,910) (832)

£2024 £2024 £2024

Outstanding as at 31 December

1,380

£20 24

Exercisable as at 31 December Opt10ns outstanding at the year end have an exercise pnce of £20 24 and a weighted average remaining contract hfe of 6 years and 3 months Employees connected with the motion business were transferred to AMETEK A1rtechnology Group L1m1ted on 31 December 2009 The remammg shares and opt10ns outstanding relating to these employees have been transferred accordingly

24. Ultimate parent company and controlling party On 3 November 2008 the company was acqmred by AMETEK Inc In the directors' opm1on the company's ultimate parent undertaking and controlling party 1s now considered to be AMETEK Inc , a company incorporated m the United States of America Copies of its group financial statements, which include the company and are the smallest and largest consolidated accounts that the company 1s included in, are available from the company secretary at PO Box 36, 2 New Star Road, Leicester, LE4 9JQ

21

Company Registration No. 00560015 (England and Wales)

MUIRHEAD AEROSPACE LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011

lll~llll ~ ~lllU ~

A 16

•A1FAC3EH" 14/08/2012 COMPANIES HOUSE

#24

MUIRHEAD AEROSPACE LIMITED COMPANY INFORMATION

Directors

DB Coley JG Smith J W Hardin S KWells

Secretaries

KE Sena DB Coley

Company number

00560015

Registered office

PO Box 36 2 New Star Road Leicester LE4 9JQ

Auditors

Ernst & Young LLP One Cambridge Business Park Cambridge CB40WZ

Business address

3 Square One Heathrow, Southall Lane Southall Middlesex UB2 5NH

MUIRHEAD AEROSPACE LIMITED CONTENTS

Page

Directors' report

1-3

Independent auditors' report

4-5

Profit and loss account

6

Balance sheet

7

Notes to the financial statements

8 - 22

MUIRHEAD AEROSPACE LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2011 The directors present their report and financial statements for the year ended 31 December 2011 Principal act1v1ties and review of the business The principal act1v1ty of the company continued to be that of the supply, repair and overhaul of avionics equipment for the aerospace market The company's key financial indicators for the year were as follows

£'000

2010 £'000

10,988 2,361 21 47% 2,202 27,055

11,358 2,564 2257% 1,821 26,508

2011 Sales Operating profit Operating profit as a % of sales Net current assets Shareholders' funds

Change

% (3 17) (7 91) 20 92 2 06

Despite the general downturn in the UK economy with particular emphasis on defence spending programme reductions and curtailments, the operating profits for the company were considered to be good The company continues to seek out new opportunities in overseas markets Despite the current economic climate we remain confident, given the actions taken in 2011, that we will continue to see growth and increased profitability in 2012

Principal risks and uncertainties The company operates in a compet1t1ve global environment We continue to focus on the quality and reliability of our services The company 1s considered to have acceptable d1vers1f1cat1on between its Commercial, Military and Industrial market sectors and 1s 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 It 1s AMETEK group policy not to actively hedge against foreign currency transactions and balances

Results and dividends The results for the year are set out on page 6 The total d1stribut1on of d1v1dends for the year ended 31 December 2011 was £1, 196,000 (2010 £3, 140,000) Research and development The company continues to invest in a programme of research and development across all business areas, researching and adding new capab1llt1es considered strategic to support the markets 1t serves

Post balance sheet events The company has declared and paid further d1v1dends amounting to £1,600,000 since 31 December 2011 Future developments The company will continue to expand its facility in Singapore and seek to develop strategic partnerships with other AMETEK companies

-1-

MUIRHEAD AEROSPACE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011

Going concern The company's busmess act1v1t1es, together with the factors likely to affect its future development, its financial pos1t1on, fmanc1al risk management objectives and details of the company's exposure to risk are described above After makmg enquiries, the directors have a reasonable expectation that the company has adequate resources to contmue 1n operational existence for the foreseeable future Accordingly, they contmue to adopt the gomg concern basis m preparmg the fmanc1al statements

Directors The followmg directors have held office smce 1 January 2011 DB Coley JG Smith J WHardm L M Smith S KWells

(Resigned 30 April 2012)

Directors' insurance AMETEK Inc has mdemn1f1ed one or more directors of the company against liability in respect of proceedmgs brought by third parties, subject to the cond1t1ons set out 1n the Companies Act 2006 Such qualifymg third party mdemnity prov1s1on was m force during the year and remams m place to the date of this report Environment The group operates under recognised environmental procedures and best practice, fully recognising and complymg with its respons1b1l1t1es to the environment and current leg1slat1on

Financial instruments Fmanc1al risk management The company's principal financial mstruments comprise trade debtor, trade creditor and mter-company balances and bank loans 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 tradmg m financial mstruments shall be undertaken, The mam risks arismg from the company's financial mstruments are mterest rate risk and foreign currency risk Interest rate risk The company has bank borrowmgs with a variable rate It 1s AMETEK group policy not to enter mto mterest rate swaps to fix mterest rates Foreign currency risk The company has transactional and translational currency exposures arismg from sales and purchases m foreign currencies It 1s AMETEK group policy not to actively hedge against foreign currency transactions and balances

Auditors The auditors, Ernst & Young LLP, are deemed to be reappomted under section 487(2) of the Companies Act 2006

-2-

MUIRHEAD AEROSPACE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011 Statement of directors' respons1bilit1es The directors are responsible for preparing 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 pol1c1es 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 in the financial statements, - prepare the financial statements on the going concern basis unless 1t 1s 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 pos1t1on 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 information 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 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

-3-

MUIRHEAD AEROSPACE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MUIRHEAD AEROSPACE LIMITED We have audited the financial statements of Muirhead Aerospace L1m1ted for the year ended 31 December 2011 set out on pages 6 to 22 The financial reporting framework that has been applied 1n 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 in an auditors' report and for no other purpose To the fullest extent permitted by law, we do not accept or assume respons1b11ity 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' Respons1b11it1es set out on page 3, 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 Auditing (UK and Ireland) Those standards require us to comply with the Aud1t1ng 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 s1gnif1cant accounting estimates made by the directors, and the overall presentat10n of the financial statements In add1t1on, we read all the financial and non-financial information in the Directors' Report to 1dent1fy material 1ncons1stenc1es with the audited financial statements If we become aware of any apparent material misstatements or incons1stenc1es 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 2011 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 m accordance with the requirements of the Companies Act 2006 Opinion on other matter prescribed by the Companies Act 2006 In our opinion the mformat1on given in the Directors' Report for the financial year for which the financial statements are prepared 1s consistent with the financial statements

-4-

MUIRHEAD AEROSPACE LIMITED INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF MUIRHEAD AEROSPACE 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

-5-

MUIRHEAD AEROSPACE LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2011

Turnover

Notes

2011 £'000

2010 £'000

2

10,988

11,358

Cost of sales

(5,480)

Gross profit

5,508

5,708

(937) (2,210)

(907) (2,237)

D1stnbut1on costs Admin1strat1ve expenses Operating profit

3

Interest receivable and s1m1lar income

4

Tax on profit on ordinary act1v1t1es Profit for the year

--

--

2,361

2,564

23

Profit on ordinary act1v1t1es before taxation 5

--

2,384

2,587

1,733

--

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

-6-

23

--

(651)

17

(5,650)

--

(484)

-2, 103

=

MUIRHEAD AEROSPACE LIMITED BALANCE SHEET AS AT 31 DECEMBER 2011 2011 £'000

Notes Fixed assets Intangible assets Tangible assets Investments

Current assets Stocks Debtors Cash at bank and in hand

Creditors: amounts falling due within one year

7 8 9

£'000

10 11

839 223 4,235

5,412

5,297

1, 119 21,058 1,675

1,023 20,975 1,273

--

--

23,852

23,271

(2, 195)

12

(2,005)

--

--

21,657

21,266

27,069

26,563

--

Total assets less current liab11it1es

£'000

734 443 4,235

--

Net current assets

Prov1s1ons for liabilities

2010 £'000

(14)

13

(55)

--

27,055

26,508

= Capital and reserves Called up share capital Share premium account Profit and loss account

16 17 17

Shareholders' funds

18

5,510 901 20,644

5,510 901 20,097

--

Approved by the Board and authorised for issue on

3c. ~'l "l.o "1.-


. 7.

27,055

26,508

--

=

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 1

Accounting policies

11

Accounting convention The financial statements are prepared under the historical cost convention The company has taken advantage of the exemption in F1nanc1al 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 w1th1n the group

12

Compliance with accounting standards The financial statements are prepared 1n accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated)

13

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, revenue 1s recognised when the risks and rewards of ownership of the goods has passed to the buyer This 1s usually determined with referenoe to the INCO terms of goods shipped

1.4

Goodwill Goodwill 1s the difference between the cost of an acquired entity and the aggregate of the fair value of that entity's 1dent1fiable assets and liab1ht1es Pos1t1ve goodw1ll 1s capitalised, class1f1ed as an asset on the balance sheet and amortised on a straight line basis over its useful economic life It 1s reviewed for 1mpa1rment at the end of the first full financial year following the acqu1s1t1on and in other periods 1f events or changes in circumstances indicate that the carrying value may not be recoverable

15

Research and development Research expenditure 1s written off to the profit and loss account in the year in which 1t 1s incurred

16

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 Deprec1at1on 1s provided on all tangible fixed assets, at rates calculaled to write off the cost, less estimated residual value based on prices prevailing at the dale of acqu1s1t1on of each asset evenly over its expected useful life, as follows

Plant and machinery Fixtures, fittings & equ1pmenl

over 5 to 15 years over 3 to 8 years

1.7

Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease term

1.8

Investments All investments are 1n1t1ally recorded at cost Carrying values of investments are reviewed for 1mpa1rment when events or changes in circumstances 1nd1cate that the carrying value may not be recoverable

-8-

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011 1

Accounting policies

(Continued)

19

Stock and work in progress Stocks are stated at the lower of cost and net realisable value Cost includes all costs incurred in bnng1ng each product to its present location and cond1t1on, as follows Raw materials, consumables and goods for resale are stated at purchase cost on a first-in, first-out basis Work in progress and finished goods are stated at cost of direct materials and labour plus attributable overheads based on a normal level of act1v1ty Net realisable value 1s based on estimated selling pnce less any further costs expected to be incurred to completion and disposal

1.10 Pensions The company operates a defined contnbut1on scheme for the benefit of its employees Contnbut1ons payable are charged to the profit and loss account in the year they are payable in accordance with the rules of the scheme

1 11 Deferred taxation Deferred tax 1s 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 nght to pay less or to receive more tax, with the following exception - deferred tax assets are recognised only to the extent that the directors consider that 1t 1s more likely than not that there will be suitable taxable profits from which the future reversal of the underlying t1m1ng differences can be deducted Deferred tax 1s measured on an und1scounted 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 12 Foreign currency translation Monetary assets and 11ab1ilt1es 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 toss 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 penod, 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 penod 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 reserve transfer to the profit and loss reserve There are no non-equity settled share-based payments

-9------ -

---- -

----

-

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011 1

Accounting policies

(Continued)

1.14 Group accounts The financial statements present information about the company as an ind1v1dual undertaking and not about its group The company has not prepared group accounts as 1t 1s exempt from the requirement to do so by section 400 of the Companies Act 2006 as 1t 1s a subs1d1ary undertaking of AMETEK Inc , a company incorporated in the United States of America, and 1s included in the consolidated accounts of that company

1 15 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 transacttons with members or investees of the AMETEK Inc group

1 16 Prov1s1on for hab1ht1es Prov1s1ons for the expected costs of maintenance under guarantees are charged against profits when products have been invoiced The effect of the time value of money 1s not material and therefore the prov1s1ons are not discounted

2

Turnover Geographical market Turnover 2011 £'000

Europe Asia Americas (excuding USA) USA

10,501 225 91 171

2010 £'000

11,053 66 23 216

--

10,988

11,358

--

3

Operating profit

Operating profit 1s stated after charging Amort1sat1on of goodwill Depreciation of tangible assets Loss on foreign exchange transactions Other operating leases Hire of plant and machinery Auditors' remuneralton for audit services (including expenses)

Redundancy costs amounting to £71,000 were charged in the year

- 10 -

2011 £'000

2010 £'000

105 85 25 161 46 15

105 54 27 161 56 15

--

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011 4

Interest receivable and similar mcome

Interest receivable from group undertakings

• 11 .

2011 £'000

2010 £'000

23

23

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011 5

Taxation

2011 £'000

2010 £'000

Domestic current year tax U K corporation tax Adjustment for prior years

649

734 (271)

Total current tax

649

463

2

13 8

2

21

651

484

2,384

2,587

632

724

Deferred tax Origination and reversal of timing differences Deferred tax adjustments arising in previous periods

Factors affecting the tax charge for the year Profit on ordinary act1v1t1es before taxation

Profit on ordinary act1v1!1es before taxation multiplied by standard rate of UK corporation tax of 26 493% (2010 -28%) Effects of Non deductible expenses (Decelerated)/Accelerated capital allowances Adjustments to previous periods Other t1m1ng differences

18 (3)

Current tax charge for the year

22

2

1 (271) (13)

17

(261)

649

463

Factors that may affect future tax charges The standard rate of corporation tax in the UK reduced from 28% to 26% with effect from 1 April 2011 Accordingly the company's profits for this accounting period are taxed at an effective rate of 26 493%

The March 2011 Budget announcement proposed that the main rate of corporation tax would be reduced to 26% from 1 April 2011 and 25% from 1 April 2012 As these changes were substantively enacted at the balance sheet date, the deferred tax asset has been restated to reflect the reduced tax rate of 25% The March 2012 Budget announcement included a further proposal to reduce the main rate of corporation tax to 24% from 1 April 2012, with further reductions to reduce the rate to 22% by 1 April 2014 As these changes had not been substantively enacted at the balance sheet date no account has been taken of them in 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 will fall to 18% and 8% respectively with effect from 1 April 2012

- 12 -

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011 6

7

Dividends

2011 £'000

2010 £'000

Ordinary final paid

1, 196

3,140

Intangible fixed assets Goodw1ll

£'000 Cost At 1 January 2011 & at 31 December 2011

2,102

Amortisation At 1 January 2011 Charge for the year

1,263 105

At 31 December 2011

1,368

Net book value At 31 December 2011

734

At 31 December 2010

839

-Goodw1ll relates to the purchase of two avionics repair and overhaul businesses during 1997 and the acqu1s1t1ons of the trade and assets of Air Transport Avionics in 2003 and of Raytech Avionics 1n 2004

- 13 -

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011 8

Tangible fixed assets Plant and machinery

Fixtures, fittings & equipment £'000 £'000

£'000

Cost At 1 January 2011 Add1t1ons

1,564 151

190 154

1,754 305

At 31 December 2011

1,715

344

2,059

Depreciation At 1 January 2011 Charge for the year

1,358 70

173 15

1,531 85

At 31 December 2011

1,428

188

1,616

Net book value At 31 December 2011

287

156

443

At 31 December 2010

206

17

223

- 14 -

Total

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011 9

Fixed asset investments Shares in subsidiary undertakings

£'000 Cost At 1January2011 & at 31 December 2011

4,235

Net book value At 31 December 2011

4,235

At 31 December 2010

4,235

Holdings of more than 20% The company holds more than 20% of the share capital of the following companies Company

Country of registration or incorporation

Subsidiary undertakings Traxsys Input Products L1m1ted England and Wales Norcroft Dynamics L1m1ted England and Wales

Shares held Class

%

Ordinary Ordinary

100 00 100 00

These companies are dormant and have not traded during the year

10

Stocks and work in progress

Raw materials and consumables Work m progress Finished goods and goods for resale

2011 £'000

2010 £'000

800 257 62

646 277 100

1, 119

1,023

--

- 15 -

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011 11

Debtors

Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income Deferred tax asset (see note 13)

2011 £'000

2010 £'000

1,447 19,491 29 90 1

1,314 19,492 55 111 3

--

21,058

20,975

2011 £'000

2010 £'000

19,455

19,445

Creditors. amounts falling due within one year

2011 £'000

2010 £'000

Trade creditors Amounts owed to group undertakings Corporation tax Other taxes and social security costs Accruals and deferred income

1,064 186 706 102 137

1, 111 30 494 161 209

Amounts falling due after more than one year and included in the debtors above are

Amounts owed by group undertakings

12

--

2, 195

--

- 16 -

2,005

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2011 13

Provisions for hab1hties and deferred tax asset Warranty provision £'000 Balance at 1 January 2011 Profit and loss account

55 (41)

Balance at 31 December 2011

14

The warranty prov1s1on relates to obl1gat1ons on an ongoing basis to repair or replace products sold by the company

The deferred tax asset (included m debtors, note 11) 1s made up as follows·

2011 £'000 Balance at 1 January 2011 Profit and loss account

(3)

Balance at 31 December 2011

(1)

2

2011 £'000 Accelerated capital allowances Other t1m1ng differences

2010 £'000

4 (5)

1 (4)

(1) --

(3)

The effect of future changes 1n tax rates 1s not considered to have a material effect on the deferred tax balance 14

Pension and other post-retirement benefit commitments Defined contribution The company operates a defined contnbut1on group personal pension scheme for the benefit of the employees The assets of the scheme are administered in a fund independent from those of the company All employees are entitled to Join the plan, to which the company contributes a percentage of salary, after an 1nit1al qualifying penod There were no amounts outstanding due to the scheme at the year end (2010 £nil)

Contributions payable by the company for the year

. 17.

2011 £'000

2010 £'000

79

79

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011 15

Share-based payment transactions Certain directors and members of senior management are granted restricted shares and share options 1n the ultimate parent company, AMETEK Inc These share-based payments are settled by the issue of equity shares m AMETEK Inc

Restricted shares Restricted shares generally vest (1e all restrictions lift) after 4 years This 1s accelerated 1f the share price increases to double that of the grant at the close of business on 5 consecutive trading days, 1n which case they vest 1mmed1ately The expense 1s recognised on a straight-line basis over 4 years, ignoring the poss1b1hty that this early 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 1f 1t 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 m the Black-Scholes model to estimate the fair values of options granted during the years indicated Expected share volat1l1ty 26 37% (2010 25 6%) Expected hie of options (years) 5 04 (2010 5) Risk free interest rate 1 95% (2010 2 49%) Expected d1v1dend yield 0 54% (2010 0 54%) Expected volat1hty 1s based on historical volat1hty 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 life of the option 1s based on the US Treasury yield curve at the time of the grant

The weighted average fair value per option granted during the year was £6 90 for unapproved options and £6 80 for approved options (2010 £4 95)

- 18 -

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011 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

2011

2011 £

2010

2010 £

16 04 27 16 14 88

444 164

22 32 28 76

Outstanding at 1 January Granted Vested Effect of three for two stock split

912 136 (666)

304

Outstanding at 31 December

382

22 02

912

16 04 --

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 exercise prices (WAEP) of, and movements in, share options during the year

Number of options

WAEP

Number of options

WAEP

2011

2011 £

2010

2010 £

Outstanding at 1 January Granted Exercised Effect of three for two stock split

2,221 368 (684)

15 50 28 46 15 22

1,380 446 (345) 740

20 97 28 25 20 97

Outstanding at 31 December

1,905

18 11

2,221

15 44

Exercisable at 31 December

643

15 00

---

- 19 -

388

14 00

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011 15

Share-based paymenttransactions

(Continued)

The weighted average share price at the date of exercise for share options exercised during the year was £25 29 (2010 £35 27) Options outstanding at the year end have exercise prices ranging from £14 08 to £28 79 (2010 £13 98) and a weighted average remaining contractual life of 4 years and 11 months (2010 5 years and 6 months)

16

Share capital Allotted, called up and fully paid 5,510,101 Ordinary shares of£1 each

17

18

2011 £'000

2010 £'000

5,510

5,510

Statement of movements on reserves Share premium account £'000

Profit and loss account

Balance at 1 January 2011 Profit for the year Share based payment transactions D1v1dends paid

901

20,097 1,733 10 (1,196)

Balance at 31 December 2011

901

20,644

Reconc11iat1on of movements m shareholders' funds

Profit for the financial year D1v1dends Share based payment transactions Net add1t1on to/(deplet1on in) shareholders' funds Opening shareholders' funds

£'000

2011 £'000

2010 £'000

1,733 (1,196) 10

2,103 (3, 140) 8

547 26,508

--

(1,029) 27,537 --

Closing shareholders' funds

27,055

26,508 --

- 20 -

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011 19

Financial commitments At 31 December 2011 the company was committed to making the following payments under noncancellable operating leases in the year to 31 December 2012

Land and buildings 2011 2010 £'000 £'000 Operating leases which expire Within one year Between two and five years

20

Other 2011 £'000

2010 £'000

161

161

16 21

40

161

161

37

40

2011 £'000

2010 £'000

189 9

195 12

Directors' remuneration

Remuneration for qualifying services Company pension contributions to defined contribution schemes

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2010 - 3) The number of directors who exercised share options during the year was 2 (2010 - 1) The number of directors who received shares under long term incentive schemes during the year was 4 (2010 - 0) Remuneration disclosed above includes the following amounts paid to the highest paid director Remuneration for qualifying services Company pension contributions to defined contribution schemes

108 7

No disclosure in respect of emoluments of the highest paid director 1s required in 2011 as aggregate emoluments in total do not exceed £200,000

- 21 -

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2011 21

Employees Number of employees The average monthly number of employees (including directors) during the year was

Admm1strat1on Operations

2011

2010

Number

Number

6 68

6 70

74

76 --

Employment costs

2011 £'000

2010 £'000

Wages and salaries Social security costs Other pension costs

2,213 278 79

2,146 270 79

2,570

2,495

--

Included m wages and salaries 1s a total expense for share-based payments m relation to equity-settled transactions of £10,000 (2010 £8,000), of which £6,000 (2010 £5,000) relates to restricted shares and £4,000 (2010 £3,000) relates to share options

22

Control The 1mmed1ate parent company 1s EMA Holdings UK L1m1ted, a company registered m England and Wales and the ultimate parent company 1s AMETEK Inc, a company incorporated 1n 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 1s included m, copies of which can be obtained from PO Box 36, 2 New Star Road, Leicester LE4 9JQ

23

Post balance sheet events The company has declared and paid further d1v1dends amounting to £1,600,000 since 31 December 2011

- 22 -

Company Registration No. 00560015 (England and Wales)

MUIRHEAD AEROSPACE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

II

II 111111 II II 111 111 •L3E39CU8*

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12/08/2014 r.nMPAf\111:::c:: '-''" 1c::c:

#65

MUIRHEAD AEROSPACE LIMITED COMPANY INFORMATION

Directors

DB Coley JG Smith J W Hardin S KWells

Secretaries

KE Sena DB Coley

Company number

00560015

Registered office

PO Box 36 2 New Star Road Leicester LE4 9JQ

Auditors

Ernst & Young LLP One Cambridge Business Park Cambridge CB4 OWZ

Business address

3 Square One Heathrow Southall Lane Southall Middlesex UB25NH

Bankers

NatWest 1 Granby Street Leicester LE1 6EJ

MUIRHEAD AEROSPACE LIMITED 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 - 20

MUIRHEAD AEROSPACE LIMITED STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2013

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 the supply, repair and overhaul of avionics equipment for the aerospace market.

The company's key financial indicators for the year were as follows:

2013 £'000 Sales Operating profit Operating profit as a % of sales Net current assets (excluding debtors falling due after more than one year) Shareholders' funds

2012 £'000

16,384 14,055 3,428 3, 189 20.92% 22.69% 3,453 23,295

3,328 28,087

Change

% 16.57 7.49

3.76 (17.06)

Muirhead continued to show strong year on year growth in both sales and operating profit. Operating profit for the 12 month period ended 31 December 2013 showed a net increase of 7% with turnover up by 17%. The increased level of turnover was largely derived from government contracts. The company continues to seek out new opportunities in overseas markets and strategic partnerships with its core customers. Despite 2013 being an exceptional year in terms of both trading and profitability, we remain confident that 2014 will meet corporate expectations of underlying core growth and profitability. Principal risks and uncertainties The company operates in a competitive global environment. We continue to focus on the quality and reliability of our services.

The company is considered to have acceptable diversification between its Commercial, Military and Industrial market sectors and is 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 USO currencies and is therefore impacted by exchange rate fluctuations. It is AMETEK group policy not to actively hedge against foreign currency transactions and balances. Financial risk manage_ment The company's principal financial instruments comprise trade debtor, trade creditor and inter-company 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 The company has bank borrowings with a variable rate. It is AMETEK group policy not to enter into interest rate swaps to fix interest rates.

- 1-

MUIRHEAD AEROSPACE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

Foreign currency risk The company has transactional and translational currency exposures arising from sales and purchases in foreign currencies. It is AMETEK group policy not to actively hedge against foreign currency transactions and balances. On behalf of the board

~· .................... ;:J..L JG Smith Director

............~.:~°)...:.~V

l-o\ 4

-2-

MUIRHEAD AEROSPACE 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 £8,517,000 (2012: £2,871,000). 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 market it serves. Post balance sheet events The company has declared and paid further dividends amounting to £3,250,000 since 31 December 2013. Future developments The company will continue to expand its presence in the Far East market by utilising the AMETEK MRO facility in Singapore. Additionally the company is seeking to extend its capability by utilising the AMETEK facility in India. 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 its 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 directors have held office since 1 January 2013:

DB Coley JG Smith J W Hardin S KWells 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 indemnity provision was in force during the year and remains in place to the date of this report. Environment The group operates under recognised environmental procedures and best practice, fully recognising and complying with its responsibilities to the environment and current legislation. Financial instruments Details of financial instruments are provided in the strategic report on page1. Auditors The auditors, Ernst & Young LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

-3-

MUIRHEAD AEROSPACE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

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 reasonable 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

.~1L.

JG Smith Director

.... ~...~.<:'\~y "2.-v 'L\

-4-

MUIRHEAD AEROSPACE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MUIRHEAD AEROSPACE LIMITED

We have audited the financial statements of Muirhead Aerospace Limited for the year ended 31 December 2013 set out on pages 7 to 20. 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 implications for our report. Opinion ori 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.

-5-

MUIRHEAD AEROSPACE LIMITED INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF MUIRHEAD AEROSPACE 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.

-6-

MUIRHEAD AEROSPACE LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2013

Notes

2013 £'000

2012 £'000

2

16,384

14,055

Cost of sales

(9,540)

(7,701)

Gross profit

6,844

6,354

Distribution costs Administrative expenses

(981) (2,435)

(933) (2,232) 3,189

Turnover

Operating profit

3

3,428

Investment income Interest receivable Amounts written off investments Interest payable and similar charges

4

4,502 21 (4,235) (4)

5 6 7

Profit on ordinary activities before taxation

27

3,712

3,216

Tax on profit on ordinary activities

8

9

677

Profit for the year

19

3,721

3,893

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.

-7-

MUIRHEAD AEROSPACE LIMITED BALANCE SHEET

AS AT31DECEMBER2013 2012

2013 Notes Fixed assets Intangible assets Tangible assets Investments

Current assets Stocks Debtors Cash at bank and in hand

Creditors: amounts falling·due within one year

£'000

£'000

10 11 12

13 14

16

£'000

£'000

524 363

629 440 4,235

887

5,304

1,282 26,382 315

1,277 23,318 176

27,979

24,771

(5,571)

(1,988)

Net current assets

22,408

22,783

Total assets less current liabilities

23,295

28,087

23,295

28,087

-Capital and reserves Called up share capital Share premium account Profit and loss account

18 19 19

Shareholders' funds

20

5,510 901 16,884 23,295

28,087

--

--

Approved by the Board and authorised for issue on .. $.. ..~91~-:?~ ~14-

~~

.............................. JG Smith Director

Company Registration No. 00560015

-8-

5,510 901 21,676

MUIRHEAD AEROSPACE LIMITED 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, revenue is recognised when the risks and rewards of ownership of the goods has passed to the buyer. This is usually determined with reference to the INCO terms of goods shipped.

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, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

1.5

Research and development Research expenditure is written off to the profit and loss account in the year in which it is incurred.

1.6

Tangible fixed assets and depreciation Tangible fixed assets are stated 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. Depreciation is provided on all tangible fixed assets, 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:

Plant and machinery Fixtures, fittings & equipment 1.7

over 5 to 15 years over 3 to 8 years

Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

-9-

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013 (Continued)

1

Accounting policies

1.8

Investments All investments are initially recorded at cost. Carrying values of investments are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

1.9

Stock and work in progress Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition, as follows: Raw materials, consumables and goods for resale are stated at purchase cost on a first-in, first-out basis. Work in progress and finished goods are stated at cost of direct materials and labour plus attributable overheads based on a normal level of activity. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

1.10 Pensions The company operates a. defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable in accordance with the rules of the scheme.

1.11 Deferred taxation Deferred tax 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 recognised 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.

1.12 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 -

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

1

Accounting policies

(Continued)

1.13 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 the 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. 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 non-equity settled share-based payments.

1.14 Related party transactions The company is a wholly owned subsidiary 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 Geographical market Turnover 2013 £'000 Europe Asia Americas (excluding USA) USA

- 11 -

2012 £'000

15,850 330 115 89

13,610 281 104 60

16,384

14,055

--

--

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

3

Operating profit Operating profit is stated after charging: Amortisation of goodwill Depreciation of tangible assets Loss on disposal of tangible assets Loss on foreign exchange transactions Research and development Other operating leases Hire of plant and machinery Fees payable to the company's auditor for the audit of the company's annual accounts

2013 £'000

2012 £'000

105 181

105 133 8

185 40 161 31

161 39

16

14

and after crediting: Profit on foreign exchange transactions

(1)

--

4

5

Investment income

2013 £'000

Income from shares in group undertakings

4,502

Interest receivable

Interest receivable from group undertakings

6

Amounts written off investments

Amounts written off fixed asset investments: - loss on liquidation of investments

7

2012 £'000

--

--

2013 £'000

2012 £'000

21

27

--

--

2013 £'000

2012 £'000

4,235

Interest payable

--

--

2013 £'000

2012 £'000

4

Interest payable to group companies

--

-12°-

--

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

8

Taxation

2013 £'000

2012 £'000

Domestic current year tax Adjustment for prior years

(649)

Total current tax

(649)

Deferred tax Origination and reversal of timing differences Effects of changes in tax rates and laws

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: Non deductible expenses Depreciation in advance of capital allowances Amounts written off investments Adjustments to previous periods Dividends and distributions received Group relief not charged Other timing differences

(13) 4

(30) 2

(9)

(28)

(9)

(677)

--

--

3,712

3,216

--

--

863

788

17 15 985

22 31 (649)

(1,047) (833)

(863)

Current tax credit for the year

(839) (2) (1,437) (649)

--

--

The company has received the benefit of tax losses amounting to £3,585,000 (2012: £3,424,0001) from certain subsidiary undertakings without making any payment.

- 13 -

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013 8

Taxation 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%.

9

Dividends

Ordinary final paid

10

2012 £'000

2013 £'000 8,517

2,871

--

--

Intangible fixed assets Goodwill £'000 Cost At 1 January 2013 & at 31 December 2013

2, 102

Amortisation At 1 January 2013 Charge for the year

1,473 105

At 31 December 2013

1,578

Net book value At 31 December 2013

524

-At 31 December 2012

629

-Goodwill relates to the purchase of two avionics repair and overhaul businesses during 1997 and the acquisitions of the trade and assets of Air Transport Avionics in 2003 and of Raytech Avionics in 2004.

- 14 -

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

11

Tangible fixed assets Fixtures, fittings & equipment

Total

£'000

£'000

£'000

Cost At 1 January 2013 Additions Disposals

1,407 89

390 15 (39)

1,797 104 (39)

At 31 December 2013

1,496

366

1,862

1, 155

202 (39) 42

1,357 (39) 181

205

1,499

Depreciation At 1 January 2013 On disposals Charge for the year

139

At 31 December 2013

1,294

Net book value At 31 December 2013

202

At 31 December 2012

12

Plant and machinery

161

363

--

--

252

188

440

--

--

--

Fixed asset investments Shares in subsidiary undertakings

£'000 Cost At 1 January 2013 Disposals

4,235 (4,235)

At 31 December 2013 Net book value At 31 December 2013 4,235

At 31 December 2012

The company held investments .in Norcroft Dynamics Limited and Traxsys Input Products Limited at 1 January 2013. These companies were liquidated during the year.

-15-

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

13

14

Stocks and work in progress

2013 £'000

2012 £'000

Raw materials and consumables Work in progress Finished goods and goods for resale

1, 121 88 73

1,096 138 43

Debtors

Trade debtors Amounts owed by group undertakings Corporation tax Other debtors Prepayments and accrued income Deferred tax asset (see note 15)

1,282

1,277

--

--

2013 £'000

2012 £'000

1,268 24,736 159 68 113 38

1,443 21,223 463 62 98 29

26,382

23,318

--

--

Amounts falling due after more than one year and included in the debtors above are:

Amounts owed by group undertakings

- 16 -

2013 £'000

2012 £'000

18,955

19,455

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

15

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

(29) (9)

Balance at 31 December 2013

(38)

-2012 £'000

2013 £'000 Decelerated capital allowances Other timing differences

(35) (3)

(25) (4)

(38)

(29)

--

--

The effect of future changes in tax rates is not considered to have a material effect on the deferred tax balance.

16

Creditors: amounts falling due within one year

2013 £'000

2012 £'000

Trade creditors Amounts owed to group undertakings Taxes and social security costs Accruals and deferred income

867 4,228 177 299

1,281 391 216 100

5,571

1,988

--

--

Included in accruals and deferred income is £166,000 relating to the relocation of part of the business.

-17-

MUIRHEAD AEROSPACE LIMITED. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

17

Pension and other post-retirement benefit commitments Defined contribution The company operates a defined contribution group personal pension scheme for the benefit of the employees. The assets of the scheme are administered in a fund independent from those of the company. All employees are entitled to join the plan, to which the company contributes a percentage of salary, after an initial qualifying period. There were no amounts outstanding due to the scheme at the year end (2012: £Nil).

2013 £'000 Contributions payable by the company for the year

18

Share capital Allotted, called up and fully paid 5,510, 101 Ordinary shares of £1 each

83

79

--

--

2013 £'000

2012 £'000

5,510

5,510

-19

20

2012 £'000

--

Statement of movements on reserves Share premium account

Profit and loss account

£'000

£'000

Balance at 1 January 2013 Profit for the year Share based payment transactions Dividends paid

901

Balance at 31 December 2013

901

16,884

--

--

Reconciliation of movements in shareholders' funds

Profit for the financial year Dividends Share based payment transactions Net (depletion in)/addition to shareholders' funds Opening shareholders' funds Closing shareholders' funds

- 18 -

21,676 3,721 4 (8,517)

2013 £'000

2012 £'000

3,721 (8,517) 4

3,893 (2,871) 10

(4,792) 28,087

1,032 27,055

23,295

28,087

--

--

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

21

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

2012 £'000 10

129 33

36

33

46

2013 £'000

2012 £'000

120 120

22

Other 2013 £'000

129

Capital commitments At 31 December 2013 the company had capital commitments as follows: Contracted for but not provided in the financial statements

23

Directors' remuneration

Remuneration for qualifying services Company pension contributions to defined contribution schemes

100

2013 £'000

2012 £'000

225 11

228 10

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 1 (2012 - 0). The number of directors who received shares under long term incentive schemes during the year was 3 (2012 - 3). Remuneration disclosed above includes the following amounts paid to the highest paid director: Remuneration for qualifying services Company pension contributions to defined contribution schemes

123

5

127 4

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 Muirhead Aerospace Limited.

- 19 -

MUIRHEAD AEROSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

24

Employees Number of employees The average monthly number of employees (including directors) during the year was:

2013

2012

Number

Number

13 14 43

13 14 44

70

71

Employment costs

2013 £'000

2012 £'000

Wages and salaries Social security ~osts Other pension costs

2,417 264

83

2,359 263 79

2,764

2,701

Administration Sales Production

Included in wages and salaries is a total expense for share-based payments in relation to equity-settled transactions of £4,000 (2012: £10,000), of which £3,000 (2012: £4,000) relates to restricted shares and £1,000 (2012: £6,000) 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. 25

Control The immediate parent company is AMETEK Aerospace and Defense Group UK Limited, a company registered 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.

26

Post balance sheet events The company has declared and paid further dividends amounting to £3,250,000 since 31 December 2013.

- 20 -



...

Company Registration No 03230332 (England and Wales)

TAYLOR HOBSON LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31DECEMBER2012

111111111111 Ill II "A2ED1KYA" A01

09/08/2013 COMPANIES HOUSE

#243

TAYLOR HOBSON LIMITED COMPANY INFORMATION

Directors

DB Coley C Howarth BP Wilson

Secretanes

DB Coley KE Sena

Company number

03230332

Registered office

PO Box 36 2 New Star Road Leicester LE4 9JQ

Auditors

Ernst & Young LLP City Gate West Toll House Hill Nottingham NG1 SFY

Business address

PO Box 36, 2 New Star Road Leicester LE4 9JQ

Bankers

NatWest 1 Granby Street Leicester LE1 6EJ

Solicitors

Freethcartwnght LLP Imperial House 108-110 New Walk Leicester LE1 7EA

TAYLOR HOBSON 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 - 30

TAYLOR HOBSON LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2012

The directors present their report and financial statements for the year ended 31 December 2012 Principal activities and review of the business The principal act1v1t1es of the company are the design, manufacture, d1stribut1on and after sales service of ultra prec1s1on measurement instruments and diamond turning lathes and the design and manufacture of flow measurement devices for the oil and gas industry

The company's key financial indicators for the year were as follows

Sales Operating profit Operating profit as % of sales Net current assets Shareholders' funds

2012 £'000

2011 £'000

Change %

54, 113 14,652 2707% 1,814 29,555

49,876 11,871 23 80% 19,317 35,822

849 23 42 (90 61) (17 49)

Financial performance continued to go from strength to strength in 2012, especially in the Leicester d1v1s1on, with an overall increase in sales of 8 5% Sales to the Far East in particular were strong, driven by higher sales to our Japanese sister-company By product, our higher end surface instruments and new roundness instruments were very popular along with much higher service revenues too This shift in product mix helped improve margins Distribution costs increased slightly but proportionally less than the increase in turnover Administrative expenses actually reduced mainly due to a swing in foreign exchange gains/losses year on year At the operating profit level, we had an excellent 27 1% return on sales, up on the previous year with higher volumes, better product mix and controlled costs all contributing (2011 23 8%) Net current assets were vastly reduced mainly due to an intercompany loan balance of £13,918,000 becoming current as a result of group reorganisation act1v1ty that took place in January 2013 The profitable trading and d1v1dend income offset by actuarial losses and d1v1dends paid of £19,651,000 (2011 Nil) resulted in a reduction in shareholders' funds of £6,267,000 Principal.risks and uncertainties The company operates in a competitive global environment We continue to focus on the quality and reliab1hty of our products and services to give good value Results and d1v1dends The results for the year are set out on page 7

D1v1dends amounting to £19,651,000 were distributed for the year ended 31 December 2012 (2011 Nil)

-1-



TAYLOR HOBSON LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

Market value of land and buildings In the opinion of the directors the market value of freehold land and buildings 1s not considered to be materially different to the net book value as disclosed in the notes to the financial statements Research and development The company continues an active programme of research and development in all areas of its acllv1t1es, with the constant review of existing products and development of new products being an integral part of the programme Post balance sheet events On 2 January 2013 the company transferred its holding in Taylor Hobson Inc to EMA Holdings UK its net book value of £6,724,000

L1m~ed

at

The company has declared and paid d1v1dends amounting to £4,052,000 and has received d1v1dends amounting to £1,750,000 smce 31 December 2012 Future developments The 2012 year was exceptionally strong We expect 2013 to be another very good year but the global economic outlook 1s more uncertain Gomg concern The company's business act1v1toes, together with the factors hkely to affect its future development, its financial pos1t1on, financial risk management ob1ect1ves and details of the company's exposure to nsk are described m this report In view of the above and after making enqumes, the directors have a reasonable expectallon that the company has adequate resources to continue operating for the foreseeable future Accordingly, they continue to adopt the going concern basis in prepanng the financial statements Directors The following directors have held office since 1 January 2012 DB Coley C Howarth BP Wilson J J Mohnell1

(Resigned 1 July 2012)

-2-



TAYLOR HOBSON LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012

Directors' insurance AMETEK Inc has mdemnified one or more directors of the company agamst hab1hty m respect of proceedmgs brought by third parties, subject to the cond1t1ons set out m the Companies Act 2006 Such quahfying third party mdemnity prov1s1on was m force during the year and remains m place to the date of this report Employee involvement It 1s the company's pohcy to keep employees fully mformed of matters affectmg them as employees and to make them aware of the financial and economic factors influencing company performance Encouragement 1s given to employees to contribute towards the company's financial performance by means of an annual bonus scheme for certam employees Equal opportumt1es and employment of disabled persons Employment policies are designed to provide equal opportunity, irrespective of age, sex, rehg1on, race or manta! status Apphca!Jons for employment by disabled persons are given full and fair cons1derat1on and, where practicable, prov1s1on 1s made for special needs The company apphes the same criteria to disabled employees for training, career development and promobon as to any other employee If ex1stmg employees become disabled, every effort 1s made to ensure their contmued employment Environment The group 1s fully committed to pursuing the best environment practice and conducting its acbv1t1es m a way that fully recognises its respons1b1ht1es to the environment As part of this, the company's environmental management system has obtained ISO 14001 accred1tat1on since 2002 Financial instruments Fmanc1al risk management The company's principal financial instruments comprise trade debtor, trade creditor and inter-company balances The company does not enter into derivative transactions and 11 1s, and has been throughout the period under review, the company's policy that no tradmg m financial mstruments shall be undertaken The mam risk arising from the company's financial mstruments 1s foreign currency nsk Foreign currency nsk

The company has transactional and translational currency exposures ansmg from sales and purchases in foreign currencies It 1s AMETEK group pohcy not to acbvely hedge against foreign currency transactions and balances Auditors The auditors, Ernst & Young LLP, are deemed to be reappointed under secbon 487(2) of the Companies Act 2006

-3-

TAYLOR HOBSON LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

Statement of directors' responsibilities The directors are responsible for preparing 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 reasonable 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 grnng concern basis unless 1t 1s 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 pos1t1on 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 1s no relevant audit information 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 in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that 1nformat1on

On behalf of the board

BP Wilson Director

5 A-<...sv ~

?._o\ 5

-4-

TAYLOR HOBSON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYLOR HOBSON LIMITED

We have audited the financial statements of Taylor Hobson L1m1ted for the year ended 31 December 2012 set out on pages 7 to 30 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 in 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 worl<, 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' Respons1b11it1es 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 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 pol1c1es 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 presentaton of the financial statements In add1t1on, we read all the financial and non-financial mformat1on in the Directors' Report to 1dent1fy material incons1stenc1es with the audited financial statements If we become aware of any apparent material misstatements or incons1stenc1es we consider the 1mplicallons 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-



TAYLOR HOBSON LIMITED INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF TAYLOR HOBSON 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, 1n 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

S±t.:;.)~, ~~a

for and on Statutory Auditor Nottingham

Ernst

&~ung LLP

-6-

TAYLOR HOBSON LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31DECEMBER2012

Notes

2012 £'000

2011 £'000

2

54,113

49,876

Cost of sales

(25,987) --

(24,828)

Gross profit

28, 126

25,048

(10,881) (2,808) 215

(10,235) (3, 153) 211

--

--

14,652

11,871

Turnover

D1stnbut1on costs Adm1rnstrat1ve expenses Other operating income Operating profit

3

Investment income Interest receivable and s1m1lar income Interest payable and s1m1lar charges Other finance income

4 5 6 17

6,821 219 (9) 432

Profit on ordinary activ1t1es before taxation

22, 115

Tax on profit on ordinary act1v1t1es

8

Profit for the year

19

(5,671) 16,444

-The profit and loss account has been prepared on the basis that all operations are continuing operations

-7-

79 (13) 358

12,295 (57) 12,238



TAYLOR HOBSON LIMITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31 DECEMBER 2012

Notes

Profit for the financial year Actuarial loss on pension scheme Tax on items taken directly to equity

17

Total recognised gams and losses relating to the year

-8-

2012 £'000

2011 £'000

16,444 (4,094) 776

12,238 (3,509) 777

13, 126

9,506

TAYLOR HOBSON LIMITED BALANCE SHEET AS AT 31 DECEMBER 2012

2011

2012 £'000

Notes Fixed assets Intangible assets Tangible assets Investments

£'000

£'000

3,729 3,496 26,655

9 10 11

£'000

4,031 3, 156 26,655

-33,882 Current assets Stocks Debtors amounts falling due within one year Debtors amounts falling due after more than one year Cash at bank and in hand

33,844

12

6,579

5,662

13

21,740

11,074 8,240 5,555

13 2,149 -30,468

30,531

(28,654)

(11,214)

Creditors amounts falling due w1thm one year

14

Net current assets

1,814 --

19,317

Total assets less current habihlles

35,696

53, 161

Creditors: amounts falhng due after more than one year

15

Prov1s1ons for hab1ht1es

16

(251)

(393)

17

35,445 (5,890)

38,771 (2,949) --

29,555

35,822

Retirement benefit obligations

(13,997)

= Capital and reserves Called up share capital Profit and loss account

18 19

Shareholders' funds

20

Approved by the Board and authorised for issue on

5 ~S ~ ~,.-

B PW.Ison Director Company Registration No 03230332

-9-

5,150 24,405

5,150 30,672

--

--

29,555 --

35,822

(_c I:?,

=

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31DECEMBER2012

1

Accounting policies

11

Accounting convention The financial statements are prepared under the hostoncal 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 ot os a subs1d1ary undertaking where 90 percent or more of the voting rights are controlled w1th1n 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)

13

Turnover and profits Turnover represents amounts receivable for goods and services net of VAT and trade discounts In the case of goods, invoices are raised on delivery to and, where required, formal acceptance by customers Profit os recognised on long-term contracts, of the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract act1v1ty progresses Turnover for such contracts os stated at the cost appropriate to the stage of completion plus attributable profits, less amounts recognised in turnover on previous years Prov1s1on os made for any losses as soon as they are foreseen Contract work in progress os stated at costs incurred. less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover

14

Goodwill Purchased goodwill os eliminated by amort1sat1on through the profit and loss account over its useful economic life of 20 years

15

Research and development Research expenditure os written off to the profit and loss account in the year in which ot 1s incurred, unless specifically chargeable to and recoverable from customers under agreed contract terms

16

Tangible fixed assets and deprec1at1on Tangible foxed assets other than freehold land are stated at cost less deprec1at1on Deprec1at1on os provided at rates calculated to wrote off the cost less estimated residual value of each asset over its expected useful life (straight line basis), as follows Freehold buildings Leasehold improvements Plant and machinery Loose tools

40 years 10 to 28 years 4 to 10 years 1 to 4 years

1.7

Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease term, except in the case of onerous leases

18

Investments Foxed asset investments are stated at cost and are reviewed for impairment 1f events or changes on circumstances indicate the carrying value may not be recoverable

- 10 -

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012 1

Accounting policies

1.9

Stock and work in progress Stock and work in progress are valued at the lower of cost and net realisable value Raw materials are included at purchase invoice cost Work in progress and finished goods are stated at cost of direct materials and labour plus attributable overheads based upon normal levels of act1v1ty

(Continued)

1 10 Long term contracts Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after prov1s1on for contingencies and ant1c1pated future losses on contracts, less amounts received as progress payments on account Excess progress payments are included in creditors as payments on account

1.11 Pensions Defined contnbutron scheme The company operates a defined contnbutoon scheme for the benefit of its employees Contributions payable are charged to the profit and loss account in the year they are payable The pension cost rs determined as the contnbutoons payable in the year plus accruals for unfunded pension arrangements to recognise the cost of a year's service for the relevant employees in defined contnbut1on schemes Contnbutrons to defined contribution schemes are recognised in the profit and loss account in the period in which they are payable Defined benefit scheme Scheme assets are measured at fair values Scheme liab1lit1es are measured on an actuarial basis using the projected unit method and are discounted at appropriate high quality corporate bond rates The net surplus or defier!, adjusted for deferred tax, rs presented separately from other net assets on the balance sheet A net surplus rs recognised only to the extent that rt 1s recoverable by the company The current service costs from settlements or curtailments are charged against operating profit Past service costs are spread over the period untrl the benefit increases vest Interest on scheme liabrlitres and the expected return on scheme assets are included in other finance costs Actuarial gains and losses are reported m the statement of total recognised gains and losses

1 12 Deferred taxation Deferred tax 1s recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactrons or events have occurred at that date that will result rn an obhgatron to pay more, or a right 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 1s more likely than not that there will be suitable taxable profits from which the future reversal of the underlying liming differences can be deducted Deferred tax rs measured on an undrscounted 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 liabrlitres denominated in foreign currencies are translated rnto 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 transactron All differences are taken to profit and loss account

1.14 Government grants Revenue grants are recognised rn the profit and loss account rn the penod they become receivable Capital grants are amortised over the period of the project on a straight line basis - 11 -



TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012 1

Accounting policies

(Continued)

1.15 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 reserve transfer to the profit and loss reserve There are no non-equity settled share-based payments

1 16 Group accounts The financial statements present information about the company as an ind1v1dual undertaking and not about its group The company has not prepared group accounts as 1t 1s exempt from the requirement to do so by section 400 of the Companies Act 2006 as 1t 1s a subs1d1ary undertaking of AMETEK Inc a company incorporated in the United States of America, and 1s included in the consolidated accounts of that company 1 17 Prov1s1ons for hab1ht1es and charges A prov1s1on 1s recognised when the company has a legal or constructive obligation as a result of a past event and where 1t 1s probable that an outflow of economic benefits will be required to settle the obligation 1.18 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 In the opinion of the directors 1t would be seriously preiud1c1al to the interest of the company to provide an analysis of turnover by geographic market

- 12 -

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

3

Operating profit Operating profit 1s stated after charging Amort1sat1on of goodwill Deprec1at1on of tangible assets Research and development Hire of plant & machinery Operating lease rentals and after crediting Rents receivable Government grants Profit on disposal of tangible assets Profit on foreign exchange transactions Release of onerous lease prov1s1on

2012 £'000

2011 £'000

302 624 3,514 410 741

301 641 3,834 392 691

(177) ( 1) (54) (38)

(152) (7) (6) (7) (52)

Auditors' remuneration Fees payable to the company's auditor for the audit of the company's annual accounts Grant claim compliance work

65 3

72 3

68

75

-4

5

Investment income

2012 £'000

2011 £'000

Income from shares in group undertakings

6,821 --

--

2012 £'000

2011 £'000

6 213

6 73

219 --

79

Interest receivable and similar income

Bank interest Interest receivable from group undertakings

- 13 -

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

6

Interest payable and similar charges

2012 £'000

2011 £'000

9

11

9

13

2

Bank interest payable Unwind of discount on onerous lease prov1s1on

-7

2012 £'000

Dividends

19,651

Ordinary final paid

8

2011 £'000

Taxation

2012 £'000 Domestic current year tax U K corporation tax Adjustment for pnor years Overseas taxation

3,665 2, 112

Foreign corporation tax Double taxation relief

5

5,783

124

5,777

Deferred tax Onginat1on and reversal of timing differences Deferred tax credit Effects of changes in tax rates and laws

(5) 119

(40) (92) 26

(85) 23

(106)

(62)

5,671

- 14 -

974 (855)

6

(6)

Total current tax

2011 £'000

57

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012 8

Taxation

(Continued)

Factors affecting the tax charge for the year Profit on ordinary act1v1lles before taxation

Profit on ordinary acliv1t1es before taxation multiplied by standard rate of UK corporation tax of 24 50% (2011 - 26 49%) Effects of Non deductible expenses Group relief not charged Accelerated capital allowances Adjustments to previous periods D1v1dend income not taxable Enhanced R & D deduction Other timing adjustments

22, 115

12,295

5,418 ---

---

31 5 2,112 (1,671) (153) 35 --359 ---

Current tax charge for the year

3,257

51 (2, 184) 1 (855) (150) (1) (3, 138)

5,777 ---

119

The company has received the benefit of tax losses amounting to £N1I (2011 £8,244,000) from certain fellow subs1d1ary undertakings without making any payment Factors that may affect future tax charges The standard rate of Corporation Tax in the UK reduced from 26% 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 1April2013 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, 1! was announced that the main rate of corporation tax for the year commencing 1April2014 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 in 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 1April2012

- 15 -

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012

9

Intangible fixed assets Goodwill £'000 Cost At 1 January 2012 & at 31 December 2012

5,976

Amortisation At 1 January 2012 Charge for the year

1,945 302

-At 31 December 2012

10

2,247 --

Net book value At 31 December 2012

3,729

Al 31 December 2011

4,031

Tangible fixed assets Freehold land and bu1ldmgs

£'000 Cost At 1 January 2012 Add1t1ons Disposals

474 294

Al 31 December 2012

768

Short Plant and leasehold machinery improvements £'000 £'000 3,124 111

Total

£'000

8,676 559 (4)

12,274

3,235

9,231

13,234

48

1,866

7,202 (4)

9

161

454

At 31 December 2012

57

2,027

7,652

9,736

Net book value At 31 December 2012

711

1,208

1,579

At 31 December 2011

426

1,258

1,474

3,498 -3, 158

Deprec1at1on At 1 January 2012 On disposals Charge for the year

=

=

Included m cost of land and buildings 1s freehold land of £169,000 (2011 £169,000) which 1s not depreciated

- 16 -

964 (4)

9, 116 (4) 624

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012

11

Fixed asset investments Shares in subsidiary undertakings £'000 Cost At 1January2012 & at 31 December 2012

26,655

Net book value At 31 December 2012

26,655

At 31 December 2011

26,655

Holdings of more than 20% At 31 December 2012 the company held more than 20% of the share capital of the following companies Company Subsidiary undertakings Taylor Hobson Inc Solartron Metrology L1m1ted

Country of reg1strat1on or incorporation

Shares held Class

USA England and Wales

Ordinary Ordinary

% 100 00 100 00

The principal act1v1ty of the subs1d1ary undertakings 1s the design, manufacture and d1stribut1on of ultra prec1s1on instruments for the measurement of surface finish, form and roundness and the manufacture and sale of sensor measurement products On 2 January 2013 the company transferred its holding in Taylor Hobson Inc to EMA Holdings UK L1m1ted at its net book value of £6,724,000

12

Stocks and work in progress

2012 £'000

2011 £'000

Raw materials and consumables Work in progress Long term contract balances - Net cost less foreseeable losses - Payments on account Finished goods and goods for resale

2,424 957

2,492 588

249 (135) 3,084

155 (84) 2,511

6,579

5,662

=

- 17 -

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

13

Debtors

Trade debtors Amounts recoverable on long term contracts Amounts owed by group undertakings Corporation tax Other debtors Prepayments and accrued income Deferred tax asset (see note 16)

2012 £'000

2011 £'000

6,768 518 13,237 363 545 309

5,232 880 11,341 831 265 470 295

21,740

19,314

2012 £'000

2011 £'000

Amounts falling due after more than one year and included in the debtors above are

Amounts owed by group undertakings

8,240

--Amounts owed by group undertakings due after more than one year in 2011 comprised loans which earned interest at 2 5% and were repayable within five years By mutual agreement of the loan part1c1pants these were settled in January 2013

14

Creditors· amounts fallmg due w1thm one year

Bank loans and overdrafts Payments received on account Trade creditors Amounts owed to group undertakings Corporation tax Other taxes and social security costs Other creditors Accruals and deferred income

15

2012 £'000 49 902 5,727 15,530 3,576 358 20 2,492

Creditors amounts falling due after more than one year

805 5,315 1,634 413 34 3,013

28,654

11,214

2012 £'000

2011 £'000

---

13,997 ---

Amounts owed to group undertakings

- 18 -

2011 £'000

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

16

Prov1s1on for liabilities and deferred tax asset Provisions for hab1hties £'000

Balance at 1 January 2012 Profit and loss account

393 (142)

Balance at 31 December 2012

251

The balance at 31 December 2012 comprises £'000 139 112

Onerous lease Warranty

251

The onerous lease provrsron relates to the sub-let of part of the property rn Leicester due to the rental rncome berng less than the rental charge for th rs property Thrs will reverse over the period to 2017 The warranty prov1s1on relates to oblrgabons on an ongorng basrs to reparr or replace products sold by the company The exrstrng provrsron should be used rn full during the year but be replaced each year wrth a prov1s1on based on the expectation of warranty costs based on that year's sales

- 19 -

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012 16

Provision for liab1hties and deferred tax asset

(Continued)

The deferred tax asset (included in debtors, note 13) 1s made up as follows 2012 £'000

Balance at 1 January 2012 Profit and loss account

(295) (14)

Balance at 31 December 2012

(309)

-2012 £'000

Decelerated capital allowances Other timing differences Share based payment

2011 £'000

(138) (32) (139)

(145) (35) (115)

(309)

(295)

-The effect of future changes in tax rates 1s not considered to have a material effect on the deferred tax balance

17

Pension and other post-retirement benefit commitments Employee benefit obligations The company has established various pension arrangements, both defined benefit and defined contribution schemes, covering many of its employees

The total pension cost to the company within operating profit 1s analysed below

Defined contribution scheme Defined benefit scheme

2012 £'000 319 490

2011 £'000 285 473

809

758

-The amount due to the defined contribution scheme at the year end was £17,000 (2011 £15,000), which 1s included in creditors The defined benefit scheme, covering the maiority of UK employees (excluding the Solatron ISA employees), was closed to new employees during the course of 2001 The company expects to contribute 17% of pensionable salaries in add1t1on to £344,000 of deficit funding contnbut1ons to the pension plan in 2013

- 20 -



TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012 17

(Continued)

Pension and other post-retirement benefit commitments

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

Related deferred tax asset Net hab1hty

2011 £'000

39,907 (32,258)

34,064 (30, 132)

7,649 (1, 759)

3,932 (983)

5,890

2,949

The amounts recognised in the profit and loss account are as follows Defined benefit pension plans

2012 £'000 Included m operatmg profit Current service cost

Included in other finance (income)/costs Interest on obhgalton Expected return on pension scheme assets

2011 £'000

477

473

--

--

477 --

--

473

1,657 (2,089) --

--

(432) --

--

45

115

Total

=

1,801 (2, 159) (358)

=

2,707

Actual return on plan assets

=

- 21 -

(983)

=

TAYLOR HOBSON LIMITED • NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012 17

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

Cumulative amount of actuarial losses

2012 (4,094)

2011 (3,509)

(12,247) --

(8, 153)

Changes in the present value of the defined benefit obligation are as follows: Defined benefit pension plans

Opening defined benefit obligation Current service cost Interest cost Contributions by scheme part1c1pants Actuarial losses Benefits paid Other movements -Age related rebates

2012 £'000

2011 £'000

34,064 477 1,657 124 4,712 (1,127)

32,466 473 1,801 120 367 (1,242) 79

-Total

39,907

=

- 22 -

34,064



TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012 17

Pension and other post-retirement benefit commitments

(Continued)

Changes m 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 Contnbullons from scheme part1c1pants Benefits paid Age related rebates

30, 132 2,089 618 422 124 (1,127)

30,654 2,159 (3, 142) 1,504 120 (1,242) 79 ---

32,258

30, 132 ---

The maior categories of plan assets as a percentage of total plan assets are as follows

2012 % Equ1t1es Bonds Property Other assets

77 00 12 00 1 00 10 00

2011 % 76 13 1 10

00 00 00 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 (Retail Pnces Index) Inflation assumption (Consumer Pnces Index)

2012 %

2011 %

440 6 75 3 00 1 90 2 84 1 90 3 00 2 40

4 7 3 1 2 1 3 2

90 00 00 90 84 73 00 00

---

- 23 -

,

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012 17

Pension and other post-retirement benefit commitments

(Continued)

Life expectancy for a male currently aged 65 years (in years) Life expectancy for a female currently aged 65 years (in years)

22 10 24 50

21 20 24 00

Life expectancy for a male currently aged 45 years (in years) Life expectancy for a female currently aged 45 years (in years)

2340 26 10

23 10 25 90

The post mortality table used in 2012 was a SAPS Normal Health table for ind1v1dual year of birth with CMI 2011 core model with long term improvement rate of 1% pa and in 2011 was a SAPS Normal Health table with a medium cohort projection 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 Pnces Index rather than the Retail Pnces Index, allowance has been made for deferred pension revaluation in excess of GMP and increases in payment to postApnl 1988 GMP to be based on the Consumer Pnces Index rather than the Retail Pnces Index Amounts for the current and previous four periods are as follows Defined benefit pension plans 2012 2011 2010 £'000 £'000 £'000

Defined benefit obligation Plan assets Surplus/( deficit) Experience adjustments on plan hab1ht1es Experience adjustments on plan assets

(39,907) 32,258 (7,649)

(34,064) 30, 132 (3,932)

148

533

618

(3, 142) ---

18

Share capital Allotted, called up and fully paid 5, 150,000 Ordinary shares of £1 each

- 24 -

(32,466) 30,654 (1,812) (2,495) 1,464

2009 £'000

(34,216) 27,527 (6,689)

2008 £'000

(27, 194) 23,666 (3,528)

542

(864)

3,028 ---

(6, 785)

=

2012 £'000

2011 £'000

5,150

5,150 ---

I

TAYLOR HOBSON LIMITED ' NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012

19

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

30,672 16,444 258 (19,651) (4,094) 776 --

Balance at 31 December 2012

24,405 --

Profit and loss account excluding pension hab1hty Pension hab1hty

30,295 (5,890) -24,405

= 20

Reconciliation of movements in shareholders' funds

Profit for the financial year D1v1dends

2012 £'000

16,444 (19,651) --

Other recognised gains and losses Share based payment transactions Movement on tax relating to pension asset

(3,207) (4,094) 258 776

Net (depletion in)/add1t1on to shareholders' funds Opening shareholders' funds

(6,267) 35,822

2011 £'000

12,238 --

12,238 (3,509) 287 777

--

Closing shareholders' funds

--

9,793 26,029 --

29,555

35,822

=

- 25 -

I

,

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

21

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 spht of the parent company's common stock took place on 29 June 2012 in order to broaden the stock's marketab1hty and improve its trading hqu1d1ty The new shares were payable to shareholders on record at 15 June 2012 Where appropriate, further information has been given in the comparatives to reflect the three for two spht Restricted shares Restricted shares generally vest (1e all restnct1ons hf!) after 4 years This 1s accelerated 11 the share price increases to double that of the grant date at the close of business on 5 consecutive trading days, in which case they vest 1mmed1ately The expense 1s recognised on a stra1ght-hne basis over 4 years ignoring the poss1bhlty that this early vesting could occur but taking into account estimated forfe1tures, based on historical experience Share options Share options generally vest 25% each year for 4 years and expire 7 years after the award date

The expense 1s recognised on a stra1ght-hne basis over the requ1s1te service period for the entire award as 11 1t 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 at 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 values of options granted during the years indicated Expected share volat1hty 28 36% (2011 26 37%) Expected hie of options (years) 5 06 (2011 5 04) Risk free interest rate 0 84% (2011 1 95%) Expected d1v1dend yield 0 47% (2011 0 54%) Expected volat1hty 1s based on historical volatihty 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 the 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 (spht adjusted))

- 26 -

I



,

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012 21

(Continued)

Share-based payment transactions Restncted 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 2012

WAFV 2012

Number of shares 2011

WAFV 2011

£

£ Outstanding at 1 January Effect of three for two split Granted Vested Transfers

16,867 8,431 7,986 (6,439)

21 11

29,000

16 13

20 99 11 65

4,872 (16,630) (375)

27 15 14 32 15 87

Outstanding at 31 December

26,845

16 71

16,867

21 11

The movements and values for 2012 are shown split adjusted 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 exercise price (WAEP) of, and movements in, share options during the year Number of options 2012

WAEP 2012

Number of options 2011

WAEP 2011

£

£ Outstanding at 1 January Effect of three for two split Granted Transfer Exercised

118,606 59,303 28,336 (19,578)

8 45

Outstanding at 31 December

186,667

12 85

118,606

17 33

Exercisable at 31 December

113,216

10 71

65,562

15 56

The movements and values for 2012 are shown split adjusted

- 27 -

17 33 20 96

111,051 13, 148 (1,125) (4,468)

15 76 28 57 15 01 12 04

I

TAYLOR HOBSON LIMITED I

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012 21

Share-based payment transactions

(Continued)

The weighted average share pnce at the date of exercise for the options exercised in the year was £20 36 (2011 £17 71 (spill adjusted)) The options outstanding at 31 December 2012 have exercise pnces ranging from £8 95 to £20 96 (2011 £7 23 to £19 19 (spilt adjusted)) and a weighted average remaining contractual hie of 3 years and 7 months (2011 3 years and 10 months)

22

Contingent liabilities

Bank guarantees given in the normal course of business and outstanding at 31 December 2012 amounted to £2,145,000 (2011 £2,100,000) The guarantee would crystahse If, for example, the company defaulted on delivery of goods to a customer who had paid in advance This poss1b1hty 1s considered to be remote

23

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

66 138 34

46 177 37

653

238

260

--

--

653

653

653

24

Other 2012 £'000

Capital commitments

2012 £'000

2011 £'000

170

3

At 31 December 2012 the company had capital commitments as follows Contracted for but not provided 1n the financial statements

--

- 28 -

.

.. •

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31DECEMBER2012

25

Directors' remuneration

Remuneration for qualifying services Company pension contributions to defined contribution schemes

2012 £'000

2011 £'000

441 40

489

481

529

40

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2011 - 3) The number of directors who exercised share options during the year was 1 (2011 - 1) The number of directors who received shares under long term incentive schemes during the year was 2 (2011 - 3) Remuneration disclosed above include the following amounts paid to the highest paid director Remuneration for qualifying services Company pension contributions to defined contribution schemes

236 26

289 26

The highest paid director has exercised share options during the year The highest paid director has received shares under a long term incentive scheme during the year

J J Molinelli was a US based director within the AMETEK group and did not provide any qualifying services to Taylor Hobson L1m1ted

- 29 -

.. ••

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

26

Employees Number of employees The average monthly number of employees (mcludmg directors) during the year was 2012 Number

2011 Number

104 41 55 33

97 41 52 30 ---

233 ---

220 ---

Employment costs

2012 £'000

2011 £'000

Wages and salaries Social security costs Other pension costs

9,350 1,026 809 --11,185 ---

8,828 980 758

Production Engineering Sales and Marketing Adm1rnstrat1on

--10,566

=

Included m wages and salaries 1s a total expense for share-based payments in relation to equity-settled transactions of £258,000 (2011 £287,000), of which £147,000 (2011 £197,000) relates to restricted shares and £111,000 (2011 £90,000) relates to share options

27

Control

At 31 December 2012 the 1mmed1ate parent company was Taylor Hobson Overseas L1m1ted, a company registered 1n England and Wales On 2 January 2013 the 1mmed1ate parent company became AMETEK Instruments Group UK L1m1ted, a company registered in England and Wales The ultimate parent company 1s 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 1s included in, copies of which can be obtained from P O Box 36, 2 New Star Road, Leicester LE4 9JQ

28

Post balance sheet events

On 2 January 2013 the company transferred its holding m Taylor Hobson Inc to EMA Holdings UK L1m1ted at its net book value of £6,724,000 The company has declared and paid d1v1dends amounting to £4,052,000 and has received d1v1dends amounting to £1,750,000 since 31December2012

- 30 -

r

-

~,

Company Registration No. 03230332 (England and Wales)

TAYLORHOBSON LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

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TAYLORHOBSON LIMITED COMPANY INFORMATION

Directors

DB Coley C Howarth BP Wilson

Secretaries

DB Coley KE Sena

Company number

03230332

Registered office

PO Box 36 2 New Star Road Leicester LE4 9JQ

Auditors

Ernst & Young LLP No 1 Colmore Square Birmingham B46HQ

Business address

PO Box 36, 2 New Star Road Leicester LE4 9JQ

Bankers

NatWest 1 Granby Street Leicester LE1 6EJ

Solicitors

Freethcartwright LLP Imperial House 108-110 New Walk Leicester LE1 7EA

TAYLORHOBSON LIMITED -~J't\J!

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Page Strategic report

1-2

Directors' report

3-5

Independent auditors' report

6-7

Profit and loss account

8

Statement of total recognised gains and losses

9

Balance sheet

10

Notes to the financial statements

11 - 28

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TAYLORHOBSON LIMITED STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2013

The directors present their strategic report and financial statements for the year ended 31 December 2013. Principal activities and review of business The principal activities of the company are the design, manufacture, distribution and after sales service of ultra precision measurement instruments and diamond turning lathes and the design and manufacture of flow measurement devices for the oil and gas industry.

The company's key financial indicators for the year were as follows:

Sales Operating profit Operating profit as % of sales Net current assets Shareholders' funds

2013 £'000

2012 £'000

Change %

54,819 13,223 24.12% 10,588 34, 152

54,113 14,652 27.07% 1,814 29,555

1.30 (9.75) 483.68 15.55

Financial performance in our Leicester division returned to just below 2011 levels with an overall decrease in sales of 11 % from the peak in 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. We increased investment in research & development projects in 2013, to facilitate future growth and underpin our position in the market. Despite the reduced sales in the Leicester division, distribution costs increased slightly. Variable costs, such as commissions, decreased but this was more than offset by increases to pension costs and increased operating costs in our China operation. Administrative expenses also increased mainly due to a large swing in foreign exchange gains/losses year on year. Selling, distribution and administrative costs increased by 24% over the previous year in our Solartron ISA division as a result of higher activity levels. At the operating profit level, we made a 24.1% return on sales (2012: 27.1%). Whilst this was down on the previous year, the return remains very respectable, particularly in the context of reduced volumes, adverse foreign exchange movements and increased R&D investment. Net current assets improved significantly following settlement of an intercompany balance in January 2013. The profitable trading, dividend income and actuarial gains, offset by dividends paid of £14,833,000 (2012: £19,651,000) resulted in an increase in shareholders' funds of £4,597,000. Principal risks and uncertainties The company operates in a competitive global environment. We continue to focus on the quality and reliability of our products and services to give good value.

-1-

TAYLORHOBSON LIMITED ST~TEGIC

REPORT {CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

Financial risk management The company's principal financial instruments comprise trade debtor, trade creditor and inter-company 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 risk arising from the company's financial instruments is foreign currency risk. Foreign currency risk The company has transactional and translational currency exposures arising from sales and purchases in foreign currencies. It is AMETEK group policy not to actively hedge against foreign currency transactions and balances.

BP Wilson Director

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-2-

TAYLORHOBSON LIMITED I ·-~-i '~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 8.

Dividends amounting to £14,833,000 were distributed for the year ended 31 December 2013 (2012:£19,651,000). Market value of land and buildings In the opinion of 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 the notes to the financial statements. Research and development The company continues an active programme of research and development in all areas of its activities, with the constant review of existing products and development of new products being an integral part of the programme. Post balance sheet events The company has declared and paid dividends amounting to £8,562,000 and has received dividends amounting to £3,364,000 since 31 December 2013. Future developments The global economic outlook is more settled than last year and we expect solid performance again in 2014, remaining broadly consistent with 2013. 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.

In view of the above and after making enquiries, the directors have a reasonable expectation that .the company has adequate resources to continue operating for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Directors The following directors have held office since 1 January 2013:

DB Coley C Howarth BP Wilson

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TAYLORHOBSON LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

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 indemnity provision was in force during the year and remains in place to the date of this report. Charitable donations The recipients, amounts and purpose of charitable donations made during the year are as follows: The Ark Association £3,200 - Childcare and early learning. King George's Field, Woodhouse Eaves £3,200 - Provision of recreational land. Alex's Wish £9,200 - Support for sufferers of Duchenne Muscular Dystrophy. Employee involvement It is th·e company's policy to keep employees fully informed of matters affecting them as employees and to make them aware of the financial and economic factors influencing company performance.

Encouragement is given to employees to contribute towards the company's financial performance by means of an annual bonus scheme for certain employees. Equal opportunities and employment of disabled persons Employment policies are designed to provide equal opportunity, irrespective of age, sex, religion, race or marital status. Applications for employment by disabled persons are given full and fair consideration and, where practicable, provision is made for special needs. The company applies the same criteria to disabled employees for training, career development and promotion as to any other employee. If existing employees become disabled,,every effort is made to ensure their continued employment. Environment The group is fully committed to pursuing the best environment practice and conducting its activities in a way that fully recognises its responsibilities to the environment. As part of this, the company's environmental management system has obtained ISO 14001 accreditation since 2002. Financial instruments Details of financial instruments are provided in the strategic report on page 2. Auditors The auditors, Ernst & Young LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

-4-

TAYLORHOBSON LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

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 reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 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

BP Wilson Director

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TAYLOR HOBSON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYLOR HOBSON LIMITED

We have audited the financial statements of Taylor Hobson Limited for the year ended 31 December 2013 set out on pages 8 to 28. 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 5, 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 overallpresentation 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 implications 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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TAYLOR HOBSON LIMITED INDEPENDENT AUDITORS' REPORT {CONTINUED) TO THE MEMBERS OF TAYLORHOBSON 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.

Ian C Stracha

Sen;o

for and on behalf o Statutory Auditor Birmingham

Statu~':.~

rnst & Young LLP

-7-

TAYLOR HOBSON LIMITED ·--v~:: '!...;:..~-:--,

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2013

2013 £'000

2012 £'000

54,819

54,113

Cost of sales

(27,469)

(25,987)

Gross profit

27,350

28,126

(11,341) (3, 142) 356

(10,881) (2,808) 215

13,223

14,652

Notes Turnover

2

Distribution costs Administrative expenses Other operating income Operating profit

3

Investment income Interest receivable and similar income Interest payable and similar charges Other finance income

4 5 6 17

6,506 5 (2) 423

Profit on ordinary activities before taxation

20,155

:rt·

6,821 219 (9) 432

22,115

:;i

Tax on profit on ordinary activities

7

Profit for the year

19

(2,678)

(5,671)

17,477

16,444

--

--

The profit and loss account has been prepared on the basis that all operations are continuing operations.

-8-

•. TAYLOR HOBSON LIMITED STATEMENT OF TOTAL RECOGNISED'GAINS AND LOSSES FOR THE YEAR ENDED 31 DECEMBER 2013

Notes

Profit for the financial year Actuarial gain/(loss) on pension scheme Tax on items taken directly to equity

17

2013 £'000

2012 £'000

17,477 2,631

16,444 (4,094) 776

(894)

Total recognised gains and losses relating to the year

19,214

-9-

13, 126

•.

TAYLOR HOBSON LIMITED BALANCE SHEET AS AT 31 DECEMBER 2013

2012.

2013 Notes Fixed assets Intangible assets Tangible assets Investments

Current assets Stocks · Debtors: amounts falling due within one year Cash at bank and in hand

Creditors: amounts falling due within one year

£'000

9 10 11

£'000

£'000

3,428 3,908 19,931

3,729 3,498 26,655

27,267

33,882

12

6,475

6,579

13

15,606 1,456

21,740 2,149

23,537

30,468

(12,949)

(28,654)

15

£'000

Net current assets

10,588

1,814

Total assets less current liabilities

37,855

35,696

Provisions for liabilities

16

(210)

(251)

Retirement benefit obligations

17

37,645 (3,493)

35,445 (5,890)

Capital and reserves Called up share capital Profit and loss account

18 19

Shareholders' funds

20

Approved by the Board and authorised for issue on ...

34,152

29,555

--

--

5,150 29,002

5,150 24,405

34,152

29,555

--

--

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BP Wilson Director Company Registration No. 03230332

- 10 -

TAYLORHOBSON LIMITED 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 and profits Turnover represents amounts receivable for goods and services net of VAT and trade discounts. In the case of goods, invoices are raised on delivery to and, where required, formal acceptance by customers.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover for such contracts is stated at the cost appropriate to the stage of completion plus attributable profits, less amounts recognised in turnover in previous years. Provision is made for any losses as soon as they are foreseen. Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover. 1.4

Goodwill Purchased goodwill is eliminated by amortisation through the profit and loss account over its useful economic life of 20 years.

1.5

Research and development Research expenditure is written off to the profit and loss account in the year in which it is incurred, unless specifically chargeable to and recoverable from customers under agreed contract terms.

1.6

Tangible fixed assets and depreciation Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is ·provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life (straight line basis), as follows:

Freehold buildings Leasehold improvements Plant and machinery Loose tools

40 years 10 to 28 years 4 to 10 years 1 to 4 years

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. 1.7

Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease term, except in the case of onerous leases.

- 11 -

TAYLORHOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

1

Accounting policies

(Continued)

1.8

lnvesbnents Fixed asset investments are stated at cost and are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

1.9

Stock and work in progress Stock and work in progress are valued at the lower of cost and net realisable value. Raw materials are included at purchase invoice cost. Work in progress and finished goods are stated at cost of direct materials and labour plus attributable overheads based upon normal levels of activity.

1.10 Long term contracts Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. 1.11 Pensions Defined contribution scheme The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. The pension cost is determined as the contributions payable in the year plus accruals for unfunded pension arrangements to recognise the cost of a year's service for the relevant employees in defined contribution schemes. Contributions to defined contribution schemes are recognised in the profit and loss account in the period in which they are payable.

Defined benefit scheme Scheme assets are measured at fair values. Scheme liabilities are measured on an actuarial basis using the projected unit method and are discounted at appropriate high quality corporate bond rates. The net surplus or deficit, adjusted for deferred tax, is presented separately from other net assets on the balance sheet. A net surplus is recognised only to the extent that it is recoverable by the company. The current service costs from settlements or curtailments are charged against operating profit. Past service costs are spread over the period until the benefit increases vest. Interest on scheme liabilities and the expected return on scheme assets are included in other finance costs. Actuarial gains and losses are reported in the statement of total recognised gains and losses. 1.12 Deferred taxation Deferred tax 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 recognised 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.

- 12 -

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

1

Accounting policies

(Continued)

1.14 Government grants Revenue grants are recognised in the profit and loss account in the period they become receivable.

Capital grants are amortised over the period of the project on a straight line basis. 1.15 Sha re-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 the 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. 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 non-equity settled share-based payments.

1.16 Group accounts The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirement to do so by section 401 of the Companies Act 2006 as it is a subsidiary undertaking of AMETEK Inc a company incorporated in the United States of America, and is included in the consolidated accounts of that company. 1.17 Provisions for liabilities and charges A provision is recognised when the company has a legal or constructive obligation as a result of a past event and where it is probable that an outflow of economic benefits will be required to settle the obligation. 1.18 Related party transactions The company is a wholly owned subsidiary 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 In the opinion of the directors it would be seriously prejudicial to the interest of the company to provide an analysis of turnover by geographic market.

.--:_

- 13 -

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TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)

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FOR THE YEAR ENDED 31 DECEMBER 2013

3

Operating profit Operating profit is stated after charging: Amortisation of goodwill Depreciation of tangible assets Loss on foreign exchange transactions Research and development Hire of plant & machinery Operating lease rentals and after crediting: Rents receivable Profit on disposal of tangible assets Profit on foreign exchange transactions Release of onerous lease provision

2013 £'000

2012 £'000

301 694 645 4,234 427 738

302 624

(143) (20) (25)

3,514 410 741

(177) (1) (54) (38)

-Auditors' remuneration Fees payable to the company's auditor for the audit of the company's annual accounts Grant claim compliance work "";:f·

4

65

65 3

65

68

--

--

Investment income

2013 £'000

2012 £'000

Income from shares in group undertakings

6,506

6,821

-5

Interest receivable and similar income

Bank interest Interest receivable from group undertakings

6

Interest payable and similar charges

Unwind of discount on onerous lease provision

- 14 -

2013 £'000

2012 £'000

2 3

6 213

5

219

--

--

2013 £'000

2012 £'000

2

9

--

--

·-

TAYLOR HOBSON LIMITED NOTES':l"o THE FINANCIAL STATEMENTS (CONTINUED)

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FOR THE YEAR ENDED 31 DECEMBER 2013

7

Taxation

Domestic current year tax U.K. corporation tax Adjustment for prior years Overseas taxation

Foreign corporation tax Double taxation relief

2013 £'000

2012 £'000

2,622 7

3,665 2,112 6

2,629

5,783

(7)

Total current tax

Deferred tax Origination and reversal of timing differences Deferred tax re defined benefit pension scheme Effects of changes in tax rates and laws

2,622

5,777

24 (8) 40

(40) (92) 26

56 ·..::f...

Factors affecting the tax charge for the year Profit on ordinary activities before taxation

(6)

(106)

2,678

5,671

--

--

20,155

22, 115

-Profit on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 23.25% (2012 - 24.50%) Effects of: Non deductible expenses (Decelerated)/Accelerated capital allowances Patent box deduction Adjustments to previous periods FRS 17 defined benefit adjustment Dividend income not taxable Enhanced R & D deduction Other timing adjustments

4,685

80 (23) (267)

5,418

31 5 2,112

(152) (1,512) (43) (146) (2,063) 2,622

Current tax charge for the year

(1,671) (153) 35 359 5,777

--

-15-

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TAYLOR HOBSON LIMITED ""'··~f\.IOTES

TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2013 7

Taxation

(Continued)

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%.

8

Dividends

Ordinary final paid

9

2013 £'000

2012 £'000

14,833

19,651

--

--

Intangible fixed assets Goodwill £'000 Cost At 1 January 2013 &·at 31 December 2013

5,976

Amortisation At 1 January 2013 Charge for the year

2,247 301

At 31 December 2013

2,548

Net book value At 31 December 2013

3,428

-At 31 December 2012

3,729

--

- 16 -

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TAYLOR HOBSON LIMITED -~.o.;;):.:.":W:.~7

NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)

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FOR THE YEAR ENDED 31 DECEMBER 2013

10

Tangible fixed assets Freehold land and buildings

£'000

Short Plant and leasehold machinery improvements

Total

£'000

£'000

£'000

Cost At 1 January 2013 Additions Disposals

768 28

3,235 169 (64)

9,231 919 (321)

13,234 1, 116 (385)

At 31 December 2013

796

3,340

9,829

13,965

57 18

2,027 (57) 177

7,652 (316) 499

75

2,147

7,835

721

1,193

1,994

Depreciation At 1 January 2013 On disposals Charge for the year At 31 December 2013 Net book value At 31 December 2013

10,057

3,908

--

::;}~

At 31 December 2012

711

9,736 (373) 694

--.;,a---

1,208

3,498

1,579

--

--

Included in cost of land and buildings is freehold land of £169,000 (2012: £169,000) which is not depreciated. Additions to plant and machinery include £380,000 (2012: Nil) in respect of assets under construction. _

11

Fixed asset investments Shares in subsidiary undertakings

£'000 Cost At 1 January 2013 Disposals

26,655 (6,724)

At 31 December 2013

19,931

Net book value At 31 December 2013

19,931

At 31 December 2012

26,655 --

- 17 -

. TAYLORHOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013 11

Fixed asset investments

(Continued)

Holdings of more than 20% At 31 December 2013 the company held more than 20% of the share capital of the following companies: Company Subsidiary undertakings Solartron Metrology Limited

Country of registration or incorporation

Class

Shares held

England and Wales

Ordinary

% 100.00

The principal activity of the subsidiary undertaking is the manufacture and sale of sensor measurement products. During the year, the company transferred its holding in Taylor Hobson Inc to a fellow subsidiary undertaking, EMA Holdings UK Limited at its net book value of £6,724,000.

12

13

Stocks and work in progress

2013 £'000

2012 £'000

Raw materials and consumables Work in_ progress Long term contract balances: - Net cost less foreseeable losses - Payments on account Finished goods and goods for resale

2,369 655

2,424 957

718 (277) 3,010

~

;

...

249 (135) 3,084

6,475

6,579

--

--

Debtors

2013 £'000

2012 £'000

Trade debtors Amounts recoverable on long term contracts Amounts owed by group undertakings Other debtors Prepayments and accrued income Deferred tax asset (see note 14)

7,510 1,030 5,703 627 491 245

6,768 518 13,237 363 545 309

- 18 -

15,606

21,740

--

--

TAYLORHOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINtJED) FOR THE YEAR ENDED 31 DECEMBER 2013

14

Deferred tax asset

The deferred tax asset (included in debtors, note 13) is made up as follows: 2013 £'000

Balance at 1 January 2013 Profit and loss account

(309) 64 (245)

Balance at 31 December 2013

-2013 £'000

Decelerated capital allowances Other timing differences Share based payment

(100) (32) (113) (245) =,:~

2012 £'000

(138) (32) (139) (309)

--

The effect of future changes in tax rates is not considered to have a material effect on the deferred tax balance.

15

Creditors: amounts falling due within one year

2013 £'000

2012 £'000

Bank loans and overdrafts Payments received on account Trade creditors Amounts owed to group undertakings Corporation tax Other taxes and social security costs Other creditors Accruals and deferred income

9 782 6,470 1,299 1,288 534 25 2,542

49 902 5,727 15,530 3,576 358 20 2,492

- 19 -

12,949

28,654

--

--

TAYLORHOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

16

Provision for liabilities Provisions for liabilities £'000

Balance at 1 January 2013 Profit and loss account

251 (41)

Balance at 31 December 2013

210

The balance at 31 December 2013 comprises: £'000

Onerous lease Warranty

106 104 210

The onerous lease provision relates to the sub-let of part of the property in Leicester due to the rental income being less than the rental charge for this property. This will reverse over the period to 2017. The warranty provision relates to obligations on an ongoing basis to repair or replace products sold by the company. The existing provision should be used in full during the year but be replaced each year with a provision based on the expectation of warranty costs based on that year's sales.

- 20-

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS'(CQNTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

17

Pension and other post-retirement benefit commitments Employee benefit obligations The company has established various pension arrangements, both defined benefit and defined contribution schemes, covering many of its employees.

The total pension cost to the company within operating profit is analysed below: 2012 £'000 319 490

2013 £'000 332 757

Defined contribution scheme Defined benefit scheme

1,089

809

--

--

The amount due to the defined contribution scheme at the year end was £17,000 (2012: £17,000), which is included in creditors. The defined benefit scheme, covering the majority of UK employees (excluding the Solatron ISA employees), was closed to new employees during the course of 2001. The company is currently contributing 17% of pensionable salaries as well as £344,000 to the pension plan. This may be updated following the completion of the scheme funding valuation which is due to happen during the year ending 31 December 2014. ..

The amounts recognised in the balance sheet are as follows: Defined benefit pension plans

2013 £'000

Present value of funded obligations Fair value of plan assets

Related deferred tax asset Net liability

- 21 -

2012 £'000

41,984 (37,618)

39,907 (32,258)

4,366 (873)

7,649 (1,759)

3,493

5,890

--

--

·-·

TAYLORHOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013 17

Pension and other post-retirement benefit commitments

(Continued)

The amounts recognised in the profit and loss account are as follows: Defined benefit pension plans

Included in operating profit Current service cost

Included in other finance (income)/costs Interest on obligation Expected return on pension scheme assets

Total

Actual return on plan assets

- 22 -

2013 £'000

2012 £'000

533

477

533

477

1,745 (2, 168)

1,657 (2,089)

(423)

(432)

·110

45 --

5,638

2,707 --

TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STJtTcMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

17

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 gains I (losses)

Cumulative amount of actuarial losses

2013

2012

2,631

(4,094)

(12,247)

(9,616)

Changes in the present value of the defined benefit obligation are as follows: Defined benefit pension plans

2013 £'000

2012 £'000

Opening defined benefit obligation Current service cost Interest cost Contributions by scheme participants Actuarial losses Benefits paid

39,907 533 1,745 123 839 (1,163)

34,064 477 1,657 124 4,712 (1,127)

Total

41,984

39,907

-Changes in fair value of plan assets are as follows: Defined benefit pension plans

Opening fair value of plan assets Expected return Actuarial gains Contributions by employer Contributions from scheme participants Benefits paid

- 23 -

2013 £'000

2012 £'000

32,258 2,168. 3,470 762 123 (1,163)

30,132 2,089 618 422 124 (1,127)

37,618

32,258

TAYLORHOBSON LIMITED NOTES TO THE

FINANCIA~r: S"FATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

17

(Continued)

Pension and other post-retirement benefit commitments The major categories of plan assets as a percentage of total plan assets are as follows:

2013 %

2012 %

77.00 10.00 1.00 12.00

77.00 12.00 1.00 10.00

--

--

2013 %

2012 %

4.45 6.75 3.00 2.10 3.20 2.00 3.40 2.40

4.40 6.75 3.00 1.90 2.84 1.90 3.00 2.40

Life expectancy for a male currently aged 65 years (in years) Life expectancy for a female currently aged 65 years (in years)

22.00 24.40

22.10 24.50

Life expectancy for a male currently aged 45 years (in years) Life expectancy for a female currently aged 45 years (in years)

23.30 25.90

23.40 26.10

Equities Bonds Property Other assets

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% Pensiori increases - RPI capped at 5.0% Pension increases - CPI capped at 3.0% Inflation assumption (Retail Prices Index) Inflation assumption (Consumer Prices Index)

--

The post mortality table used in 2013 was a SAPS Normal Health table for individual year of birth with CMI 2013 core model with long term improvement rate of 1% pa and in 2012 was a SAPS Normal Health table for individual year of birth with CMI 2011 core model with long term improvement rate of 1% pa. 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.

- 24 -

.•.

..

TAYLOR HOBSON LIMITED NOTES TO THE FINA:NC'IJ\L STATEMENTS(CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013 17

Pension and other post-retirement benefit commitments

(Continued)

Amounts for the current and previous four periods are as follows: Defined benefit pension plans 2013 2011 2012 £'000 £'000 £'000 Defined benefit obligation Plan assets Surplus/(deficit) Experience adjustments on plan liabilities Experience adjustments on plan assets

18

(41,984) 37,618 (4,366)

(39,907) 32,258 (7,649)

(500)

148

3,470

618

--

--

Share capital Allotted, called up and fully paid 5, 150,000 Ordinary shares of£ 1 each

19

2010 £'000

2009 £'000

(34,064) 30,132 (3,932)

(32,466) 30,654 (1,812)

533

(2,495)

542

1,464

3,028

--

--

2013 £'000

2012 £'000

5,150

5,150

(3, 142)

(34,216) 27,527 (6,689)

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 Actuarial gains or losses on pension scheme assets Movement on tax relating to pension asset

24,405 17,477 216 (14,833) 2,631 (894)

Balance at 31 December 2013

29,002

Profit and loss account excluding pension liability Pension liability

32,495 (3,493) 29,002

- 25 -

• ... '•



TAYLORHOBSON LIMITED NOTES TO THE"flN1(NCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

20

Reconciliation of movements in shareholders' funds

2013 £'000

Profit for the financial year Dividends

Other recognised gains and losses Share based payment transactions Movement on tax relating to pension asset

2012 £'000

17,477 (14,833)

16,444 (19,651)

2,644 2,631 216 (894)

(3,207) (4,094) 258 776

Net addition to/( depletion in) shareholders' funds Opening shareholders' funds

4,597 29,555

Closing shareholders' funds

34,152

(6,267) 35,822 29,555

-21

Contingent liabilities

Bank guarantees given in the normal course of business and outstanding at 31 December 2013 amounted to £2,756,000. (2012: £2,145,000). The guarantee would crystalise if, for example, the company defaulted on delivery of goods to a customer who had paid in advance. This possibility is considered to be remote.

22

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

23

653

653

653

653

Capital commitments

Other 2013 £'000

69 110 37

2012 £'000

66 138 34

216

238

--

--

2013 £'000

2012 £'000

At 31 December 2013 the company had capital commitments as follows: Contracted for but not provided in the financial statements

200

170

--

- 26 -

..

TAYLORHOBSON LIMITED NOTES TO'',THFFINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013

24

Directors' remuneration

Remuneration for qualifying services Company pension contributions to defined contribution schemes

2013 £'000

2012 £'000

425 43

441 40

468

481

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 1 (2012 - 1). The number of directors who received shares under long term incentive schemes during the year was 3

(2012-2). Remuneration disclosed above include the following amounts paid to the highest paid director: Remuneration for qualifying services Company pension contributions to defined contribution schemes

252 28

The highest paid director has exercised share options during the year. The highest paid director has received shares under a long term incentive scheme during the year.

- 27 -

236 26

.-

TAYLOR HOBSON LIMITED NOTES~TCYTHE

FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

25

Employees Number of employees The average monthly number of employees (including directors) during the year was:

Production Engineering Sales and Marketing Administration

2013

2012

Number

Number

106 42 56 32

104 41 55 33

236

233

-Employment costs

2013 £'000

2012 £'000

Wages and salaries Social security costs Other pension costs

9,735 1,088 1,089

9,350 1,026 809

11,912

11, 185

--

Included in wages and salaries is a total expense for share-based payments in relation to equity-settled transactions of £216,000 (2012: £258,000), of which £98,000 (2012: £147,000) relates to restricted shares and £118,000 (2012: £111,000) 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.

26

Control The immediate parent company is AMETEK Instruments Group UK Limited, a company registered 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.

27

Post balance sheet events The company has declared and paid dividends amounting to £8,562,000 and has received dividends amounting to £3,364,000 since 31 December 2013.

- 28 -

(

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