Spruce Point Capital
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Disclaimer Spruce Point Capital
This research presentation report expresses our research opinions, which we have based upon interpretation of certain facts and observations, all of which are based upon publicly available information, and all of which are set out in this research presentation report. Any investment involves substantial risks, including complete loss of capital. Any forecasts or estimates are for illustrative purpose only and should not be taken as limitations of the maximum possible loss or gain. Any information contained in this report may include forward looking statements, expectations, pro forma analyses and projections. You should assume these types of statements, expectations, pro forma analyses and projections may turn out to be incorrect for reasons beyond Spruce Point Cap ital Management LLC’s control. This is not investment advice nor should it be construed as such. Use of Spruce Point Capital Management LLC’s research is at your own risk. You should do your own research and due diligence before making any investment decision with respect to securities covered herein. You should assume that as of the publication date of any presentation, report or letter, Spruce Point Capital Management LLC (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our subscribers has a short position in all stocks (and/or are long puts/short call options of the stock) covered herein, including without limitat ion AMETEK Inc. (“AME”), and therefore stand to realize significant gains in the event that the price of its stock declines. Following p ublication of any presentation, report or letter, we intend to continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Spruce Point Capital Management LLC is not registered as an investment advisor or broker/dealer. To the best of our ability and belief, as of the date hereof, all information contained herein is accurate and reliable and d oes not omit to state material facts necessary to make the statements herein not misleading, and all information has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer, or to any other person or entity that was breached by the transmission of information to Spruce Point Capital Management LLC. However, Spruce Point Capital Management LLC recognizes that there may be non-public information in the possession of AMETEK Inc. or other insiders of AMETEK Inc. that has not been publicly disclosed by AMETEK Inc. Therefore, such information contained herein is presented “as is,” without warranty of any kind – whether express or implied. Spruce Point Capital Management LLC makes no other representations, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. 2
Brief Overview of Ametek Spruce Point Capital
Business Description Ametek is a global manufacturer of electronic instruments and electromechanical devices with operations in North America, Europe, Asia and South America. The Company is listed on the New York Stock Exchange (symbol: AME). The common stock of AMETEK is a component of the S&P 500 and the Russell 1000 Indices
$ in mm except per share amounts Stock Price Shares Outstanding Net Exercisable Options Fully Diluted Shares Market Capitalization Total Debt Less: Cash (1) Total Enterprise Value
$52.20 245.9 2.2 248.1 $12,953 $1,636 $370 $14,219
Valuation on Company Reported Metrics Metrics LTM Sept 14 2014E 2015E EV/Sales 3.6x 3.5x 3.3x EV/EBITDA 13.8x 13.7x 12.5x Price/EPS 22.2x 21.7x 19.5x Debt/EBITDA 1.6x 1.6x 1.4x
(1) $307.1m of cash is outside of the U.S.
The Company markets its products worldwide through two operating groups, the Electronic Instruments Group (“EIG”) and the Electromechanical Group (“EMG”). EIG provides monitoring, testing, calibration and display devices for the process, aerospace, power and industrial markets. EMG produces engineered electrical connectors for electronic applications; precision motion control solutions; specialty metals and alloys; and electric motors, blowers and heat exchangers. End markets include aerospace and defense, medical devices, factory automation, mass transit, petrochemical and other industrial markets. The Company grows primarily through strategic acquisitions focused on markets in instrumentation and electromechanical devices.
EIG EMG Total Sales % growth
2008 $1,403 $1,128 $2,531 18.5%
Fiscal Year Ended Dec 31, 2009 2010 2011 2012 $1,147 $1,324 $1,647 $1,873 $952 $1,147 $1,343 $1,462 $2,098 $2,471 $2,990 $3,334 -17.1% 17.8% 21.0% 11.5%
2013 $2,035 $1,560 $3,594 7.8%
LTM Sept '14 $2,344 $1,596 $3,940 12.8%
Gross Profit % margin
$801 31.6%
$662 31.6%
$824 33.3%
$1,034 34.6%
$1,180 35.4%
$1,270 35.3%
$1,397 35.5%
EBITDA % margin
$496 19.6%
$432 20.6%
$555 22.5%
$722 24.2%
$851 25.5%
$934 26.0%
$1,030.6 26.2%
Diluted EPS
$1.03
$0.85
$1.18
$1.58
$1.88
$2.10
$2.35
Cash from Ops Less: Capex Less: Acquisitions Adj Free Cash Flow Source: Ametek
$247 ($44) ($463) ($260)
$365 ($33) ($73) $259
$423 ($39) ($539) ($155)
$509 ($51) ($474) ($17)
$612 ($57) ($748) ($193)
$661 ($63) ($414) $183
$723 ($73) ($824) ($175)
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Spruce Point Capital
Ametek’s Historic Stock Price Rise Defies Numerous Red Flags Ametek Appears to Have Mislead Investors About the Results of Dunkermotoren, its Largest Deal Ever Completed. Its CFO “Retires” and its Cost Savings Estimates Explode Higher
$50.00 Theron Matthews, Director of Operations at Chandler Engineering Files Whistleblower Case Under Sarbanes Oxley; Claims Improper Inventory and Revenue Booking
$40.00
$30.00
$20.00
Acquires Beleaguered Zygo for $280m
Added to the S&P 500 Index
$60.00
“Lower of Cost or Market” Language Dropped From Inventory Disclosure Approx 50/50 LIFO vs. FIFO Accounting
Updates Equity Clawback Language for Fraud and Financial Misstatements
Head of Audit Committee Quietly Resigns
Announces Departure of Electronics Division President
$10.00
Accelerates Change From LIFO to FIFO
$0.00
Management Adjusts Operating Income Bonus Target for ‘Excess Inventory’
30.0
25.0 French Auditor No Longer Audits Cameca
20.0
Ametek India Auditor Issues Qualified Opinion; Notes Continued Failure of Internal Controls Tied to Sales 15.0 and Inventory Acct’g
FBI Charged Chris Stehm, Former Controller and Head Accountant at Chandler Engineering, and Later VP Finance and Accounting at Ametek’s HCC Division w/ Wire Fraud
10.0
5.0
0.0
Volume
Stock Price
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Executive Summary
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
Spruce Point Capital
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Spruce Point Sees 30 - 50% Downside Risk in Ametek For the Following Reasons:
Ametek Is An Aggressive Roll-up, Aiding EBITDA Margin Overstatement: With Limited Organic Growth, Ametek is Under Pressure as its Strategy Appears to be Hitting a Brick Wall. It Underinvests in R&D and Buys What it Cannot Develop. This Strategy Inherently Benefits its Margins and EPS, Which We Have Evidence that Suggests Are Overstated By Up to 600bps. It Has Among the Highest Goodwill/Intangibles to Assets of Industrial Peers at 69% and Appears to Be Using Aggressive Purchase Price Acct’g to Amortize Costs Too Slowly. Its Cumulative Cash Flow After Acquisition is Negative and its Dependence on External Debt is Rising; Foreign Financial Filings Also Point to Funding Issues Ametek Appears to Have Misled Investors: About the Performance of its Largest Acquisition Ever in 2012. Curiously, its CFO “Retired” Quickly After and Equity Clawback Language Was Modified to Cover Acts of Fraud. We’ve Found Other Instances Where Ametek Grossly Overestimated the Performance of its Acquisitions A Whistleblower Case and FBI Indictment Appear Linked: A Whistleblower in 2009 Claimed He Observed Revenue and Inventory Acct’g Irregularities. Curiously, in 2013 the FBI Charged Ametek’s VP of Finance For Embezzlement By Submitting Phony Travel Expenses. The Two Individuals Worked Together at Ametek Chandler During the Same Period Inventory Acct’g Changes Enable EPS Inflation: Ametek Has Surreptitiously Changed From LIFO to FIFO and Dropped the “Lower of Cost or Market” Provision. Mgmt Has Made Quiet Adjustments to its Bonus Target for Obsolete Inventory, (Yet Has Never Disclosed to Investors a Single Inventory Write-down!). It Appears Ametek is Spinning a Story of Superior Procurement and Supply Chain Cost Savings as a Cookie Jar To Cover its Expanding Margins E&Y Has Been Ametek’s Auditor Since the 1930s: Three Non-E&Y Auditors Abroad Appear to Have Concerns. In France, Two Auditors Appear to Have Resigned. In India, its Auditor Issued a Qualified Opinion and Noted Inventory, Sales and Travel Expense Issues! The Chairman of Ametek’s Audit Committee Mysteriously Retired in 2011 and its Current Head of Internal Audit Is Not Even a Currently Licensed CPA Despite the Company’s Claim Concerns With the “Asia Growth” Story: Ametek’s Head of Asia Recently Retired and Our Review of Some Key Businesses Found Substantial Red Flags About its Success in the Region, Including Filing Delinquencies, an Insolvent Operation, and Declining Financial Performance at its Oldest Asian Operating Entity Massive Overvaluation, Insider Alignment w/Shareholders Is Broken: Insiders Own Just 2% and Ownership Declines Every Year. Ametek Trades at a Huge Premium to the Sum of its Acquired Businesses on the Belief it Can Add Superior Lasting Value Through Operational Improvements, Which Result in Abnormally High EBITDA Margins 6 and Continued 15%+ Growth Through Acquisitions. We Believe These Assumptions Need to Be Challenged
Spruce Point Capital
Evidence Suggesting Ametek’s EBITDA Margins May Be Overstated By 400 – 600 bps
1. Ametek’s voracious acquisition strategy has resulted in a balance sheet bloated with goodwill + intangible assets: currently 69% of total assets! I.
Its fastest growing intangible asset category is “customer relationships,” which is unusual given it tends to announce its acquisition rational as acquiring ‘complementary’ products or “expanding penetration” further in existing markets to current customers. Few businesses enjoy nearly two decade relationships, yet Ametek amortizes customer relationships over an avg period of 19 yrs, which appears very high relative to industrial peers
II.
We estimate this accounting maneuver adds ~5% to the overstatement of its EBITDA and 2.5% to EPS
2. Ametek underinvests in self-funded R&D, and acquires what it does not build internally. In various deals we’ve analyzed, it has acquired companies where the seller’s have borne the cost of R&D investment. Therefore, Ametek is essentially capitalizing the acquired R&D on its balance sheet vs. funding and expensing R&D internally. We estimate Ametek’s underinvestment in R&D flatters its EBIT margins by approximately 200bps 3. A peer analysis of industrial competitors on gross margin vs. EBITDA margin suggests Ametek is an extreme outlier. Given its relatively low consolidated gross margin, it has an unusually high EBITDA margin. A peer regression suggests its EBITDA margin should be closer to 20 – 21%, not 26% 4. We’ve obtained over 14 public financial statements across 10 countries of Ametek’s business entities. In total, we find the average EBITDA margin of these targets to be approximately 21%. Our analysis shows evidence of recent margin contraction, not margin expansion across these operating businesses
5. Inventory accounting assumptions greatly affect both Gross and EBITDA margins. We have observed significant red flags warranting caution: I.
Ametek does not discuss factors affecting its Cost of Sales or Gross Margin in its SEC Filings, which is suspicious and opaque for its investors
II.
A whistleblower case in 2009 claimed irregular revenue booking and accounting designed to understate the true cost of inventory. While the case was never proven, we observe that Ametek’s Chandler Instruments, where the irregularities were noted, recently had its former Financial Controller and Chief Accountant charged with embezzlement of submitting phony travel expenses by the FBI in October 2013!
III.
Ametek’s consolidated inventory accounts dropped the “Lower of Cost or Market” provision, and it has quietly changed its mix from LIFO to FIFO. These changes accelerated around the time of the whistleblower complaint. Its inventory turnover had also been steadily declining from 2011 to Q2’14
IV.
Ametek’s management mysteriously added language in its Proxy Statement to adjust its operating income bonus target for ‘excess/obsolete inventory,’ yet it has never disclosed an inventory write-down to investors. Furthermore, management is also awarded annual bonuses tied to working capital management. Inventory valuation is a critical component in the calculation of working capital
V.
In India, where Ametek markets over 30 of its global products, the local auditor noted issues of “continuing failure to correct a major weakness in the internal control system.” Specific problems: highlighted ageing and valuation of inventory, travel expenses, and poor working capital management
VI.
Ametek notes an usually high amount of off-balance sheet inventory purchase obligations, approx. 75% of current inventory. An analysis of peers suggests that 45% is industry best practice. Ametek also uses inventory consignment strategies designed to keep inventory off its balance sheet
VII.
Ametek repeatedly raises its estimated supply chain and procurement cost savings. We think this could be a cookie jar used as a cover to explain the margin increases. We note the savings estimates exploded in size in mid 2012, a period we believe Ametek was strained from a botched acquisition in Germany and facing cash flow issues from its European businesses. Its CFO resigned shortly after the German acquisition was announced and its equity 7 clawback language was changed to explicitly cover fraud and intentional conduct
Spruce Point Capital
Aggressive Acquisition and Financial Strategy is Core to Facilitating Margin Overstatement
Facing challenges in its core vacuum motors market, Ametek embarked on an aggressive acquisition strategy. Since 2000, Ametekhas invested $4.6bn for over 60 acquisitions; cumulative operating cash flows, after capital expenditures and recurring acquisitions has been -$627m. This aggressive roll-up strategy has allowed Ametek to beat Wall Street EPS estimates an astounding 95% of the time in the past decade, a result that trounces its industrial peers’ ability to satisfy Wall Street, and appears too good to be true
Goodwill and Intangibles / Assets = 69% is the highest among industrial peers, signaling possible overpayment Quality and actionable acquisition targets appear to be shrinking in number and valuations rising; latest deals to acquire Zygo (Nasdaq: ZIGO) and Amptek are recent examples of paying richly for no growth businesses Since 2010, Ametek has acquired 11 companies from private equity (“PE”) firms for $1.8bn.Questionable what added value Ametek can bring to the table, especially to PE-owned targets. PE firms are known to streamline costs and accelerate growth opportunities for portfolio companies No demonstrated revenue synergies from acquisitions >> organic growth essentially 1% p.a. in 2012 and 2013
Appears to be hitting a wall in terms of cost cutting and working capital efficiency gains Underinvests in R&D + capex. Acquisitions must be accounted for in evaluating true cash flow
Ametek conducts minimal share buybacks (essentially to offset share dilution) and its dividends paid are effectively debt-funded when viewed in context of its capital allocation preference for deals Dependence on short-term debt was rising with ~75% of its credit revolver having to cover short-term debt obligations utilized at the end of Q2’14. We believe Ametek’s main European funding and holding entities, Ametek Netherlands B.V and Ametek European Holdings, both of which stopped filing financials in 2012, showed limited cash holdings and declining equity. Ametek’s recent need to raise $700m in private placement notes in Oct. ‘14 illustrates our concerns that its ‘strong operating cash flow’ to fund deals is not as it appears. By accessing the private placement market, Ametek was able to avoid SEC registration and scrutiny of its financial filings, which we believe are cryptic and provide an incomplete picture for investors to fully assess its condition. For example, Ametek does not even discuss factors affecting its gross margins Warning Signs of a Stressed Financial Model Have Appeared: Whistleblower Case and FBI Indictment
In a 2009 whistleblower case, Matthews vs. Ametek, claimed Ametek was booking revenue and inventory improperly at Chandler Engineering. In 2013, the FBI indicted Chris Stehm, former Chandler Chief Accounting Officer and VP of Finance at its HCC division for embezzlement. The two men worked together, with Matthews even warning Stehm he observed things that “looks, smells, and tastes like fraud.” Curiously, Ametek set-up a CV/BV tax structure in 2006. We pulled the public filing for Ametek International C.V. in the Netherlands, and found none other than Chandler listed as its only Limited Partner. We do not understand the significance of Chandler, a 8 tiny business based in Oklahoma, but it appears to play a significant financial role within the organization.
Spruce Point Capital
Highly Suspect and Aggressive Accounting Appears to Bolster Margins and EPS
Ametek Appears to Use Aggressive Acquisition Accounting To Bolster EBITDA Margins and EPS: Ametek has allocated >$1.0 billion of deal values to “customer relationships” and amortizes these costs over 19yrs vs. 10yrs (median of peers). Customer relationships account for 80% of its intangible asset allocation vs. 50% for peers. We believe Ametek is really purchasing technology and products it does not develop internally, and according to most of its own deal commentary, is buying complimentary products to sell to existing customers We estimate the impact of amortizing costs too slowly adds 130bps to EBITDA margins and overstates EPS by approximately 2.5%. Furthermore, we estimate that if Ametek were to boost its R&D expenditure to 6% (peer average) instead of capitalizing costs via acquisitions, its EBITDA margins would contract by ~200bps and its EPS would be 4 – 5% lower
Ametek Is Primarily a Manufacturer and its Inventory Accounting is Highly Suspect: Ametek’s margins continue to expand to record levels, despite inventory turns that have declined since 2011. AME has surreptitiously been changing from LIFO to FIFO in a material way. In 2005 the FIFO/LIFO split was 50/50%, and now it’s 80/20%, In an inflationary env’t, this classic accounting switch bolsters reported EPS. AME also doesn’t appear to apply “Lower of Cost or Market - LCM” GAAP accounting; its SEC filing curiously omit this LCM language! Ametek holds a high % of raw materials in inventory relative to peers given its claims of lean/JIT manufacturing. It reports significant fixed-price off-balance sheet purchase commitments (75% of inventory); unusually high relative to its peers that report ~45%. This would make sense if Ametek had a high degree of customer demand visibility; in our opinion, unlikely given its cyclical end markets. Ametek uses inventory consignment strategies w/suppliers, and may be using tactics to understate inventory Management’s operating income bonuses have been adjusted for the past 3yrs for a mysterious “estimated tax benefit realized through the disposal of excess/obsolete inventory,” yet Ametek claims to have never taken an inventory write-down or charge! In our opinion, Ametek may be using its ever-expanding ‘sourcing cost savings’ as a cookie jar to bolster margins Warning: Ametek’s Non-Ernst & Young Auditors Abroad Appear to Have Accounting Reservations Ametek’s relationship with its auditor E&Y goes back to the 1930s. Ametek entered India in 2009, and has most recently received a “qualified” audit opinion from its local auditor. The auditor noted changes to inventory valuation that made the impact on the financials indeterminable, along with continuing failure to strengthen internal controls tied to sales of goods and services. In France, Ametek’s statutory auditors for both its Cameca and Antavia businesses have resigned. Historically, each has been audited by both E&Y and an affiliate of Deloitte and Touche 9
Spruce Point Capital
Opaque Disclosures and Questionable Oversight Amplify Our Concerns
Opaque SEC Financial Disclosures and Non-Transparent, Complex Business Model In light of our concerns about inventory accounting, we observe that Ametek does not discuss any factors affecting its cost of sales or gross margin in any of its recent SEC filings. Unusually high spread between its relatively (low) gross and (high) EBITDA margins are difficult to evaluate in the absence of more information; Ametek is an extreme outlier to peers It has jammed all its acquisitions into just two reporting segments, even though it appears some businesses such its Maintenance Repair and Operations (MRO) and Specialty Metals units have nothing to do with Electronics or Testing Equip. Because Ametek makes frequent and small acquisitions relative to its large size, it does not regularly disclose the EBITDA or EPS impact of acquisitions and can hide under the cover of “immateriality” Ametek’s income statement is “too clean;” and doesn’t separately identify recurring acquisition costs by segment like its peers. The company rarely has any one-time items or inventory charges - a remarkable achievement for a company its size!
Warning Signs With Management, Audit and Governance Concerns Ametek’s senior management has been in place for a long time. However, we note significant leadership role changes in 2012 involving its CFO, Treasurer and COO all occurred after Ametek announced the acquisition of Dunkermotoren, its largest in history. After reviewing its German financial statements, it appears management shamefully misled investors about the performance of the target. In light of our concerns about the integrity of the financial statements, we observe that Ametek changed its “equity clawback” language to include the word “fraud,” and sharply boosted supply cost saving estimates shortly after Ametek’s auditor since the ‘30s is E&Y. At the whistleblower deposition, E&Y admitted that it doesn’t audit all of Ametek. Its Audit Chairman mysteriously departed in 2011 and its newly promoted VP of Internal Audit, is not even a CPA, despite it claiming otherwise. We also note that three of Ametek’s foreign auditors have distanced themselves from the company Ametek has been touting its major growth opportunities in Asia, yet its long time VP of Asia resigned in Jan 2014. Curiously, Ametek’s initial JV formed in Taiwan to enter China appears to have gone dark, while its main Asian operating entity out of Singapore was delinquent in its filings for most of 2014. Recent results from the entity suggest a progressive decay of the business Insiders own under 2% of the company. Key division heads and a corporate development officer have all sold shares this year. The management team as a whole owns less and less of the company each year. Ametek’s classified board may be asleep at the wheel! Ametek’s board is among the smallest, oldest, and most entrenched among industrial peers we reviewed. Board members have been particularly aggressive sellers of shares in 2014. 10
Spruce Point Capital
Irrational and Unsustainable Valuation Premium to its Acquired Assets and Peers
Ametek Trades at an Irrational Premium to Its Acquired Assets Since 2000, Ametek has purchased over 60 businesses at an estimated average EV/Sales and EBITDA multiples of 1.7x and 9.0x, respectively. The notion that they’ve seamlessly acquired and integrated these businesses, while extracting perpetual margin increases and missing just 1 quarter of EPS expectations in a decade seems too good to be true In light of our numerous concerns, Ametek trades at an unjust valuation premium to peers at 3.5x, 13.5x, and 22x 2014E revenue, EBITDA and EPS, respectively. We think a conglomerate discount is more appropriate, not a premium! Investors’ seemingly believe that Ametek’s conglomerate-like structure can add superior lasting value to acquired businesses, above and beyond what private ownership can achieve. Many of Ametek’s acquired companies were flipped from private equity; these prior owners are supposed to add value through cost cutting and supplying growth opportunities. What lasting incremental benefits Ametek can add are a question open for debate In contrast to the optimistic sell-side analyst views that Ametek is a proven acquirer capable of delivering steady EPS growth of 15%+ per year, we believe Ametek’s model is showing signs of strain and that its valuation premium is unwarranted. Ametek has failed to demonstrate revenue synergies, underinvests in R&D, and will become increasingly challenged to meet earnings targets in the absence of fresh acquisitions. It also appears to be covering its issues by repeated boosts to cost procurement savings estimates. With Ametek recently having stretched its short-term debt obligations to 75% of revolver capacity at Q2’14, it raised $700m of external debt. We believe this illustrates that its reportedly “strong operating cash flow” for acquisitions and debt repayment cannot be relied upon as an indicator of the company’s financial health If Ametek Were to Be Valued Correctly, Its Share Price Would Be 30 - 50% Lower Given our concerns about aggressive acquisition and inventory accounting, Ametek’s true EBITDA margin may be 400600 bps lower than reported. Our opinion is also supported by our review of at least 14 of its operating entities, which suggest EBITDA margins closer to 20 - 21%. Furthermore, our plot of large cap industrial peers’ gross vs. EBITDA margins would also suggest Ametek’s EBITDA margins are closer to 20% - 21% to be on trend. If Ametek were valued in line w/ peers at 2x and 10-11x ‘14E revenues and EBITDA, its stock would be worth $27-$36/share, implying 30 - 50% downside from its current share price 11
30% – 50% Downside in Ametek’s Shares Spruce Point Capital
In our opinion, Ametek’s EBITDA margins appear overstated and are likely a few hundred basis points lower than the 26% indicated in its filings, potentially up to 400 – 600 bps lower. This estimate is supported by our peer regression analysis, evaluation of various Ametek foreign filings, and pro forma amortization analysis. If Ametek were to be valued closer to peers at 2x and 10-11x EV / 2014E Sales and EBITDA, respectively, its share price would have downside to $27 - $36 per share. $ in millions True EBITDA Margin: 14E Adj. EBITDA
$ in millions 20% $799.0
21% $839.3
22% $879.6
23% $920.0
24% $960.3
25% $1,001
26% $1,041
$3,797
$3,874
9.00x
$7,191
$7,554
$7,917
$8,280
$8,643
$9,006
$9,369
10.00x
$7,990
$8,393
$8,796
$9,200
$9,603
$10,007
$10,410
11.00x
$8,789
$9,232
$9,676 $10,120 $10,564
$11,007
$11,451
12.00x
$9,588 $10,072 $10,556 $11,040 $11,524
$12,008
$12,492
Less: Debt Plus: Cash FD Shares
($1,636) ($1,636) ($1,636) ($1,636) ($1,636) $370 $370 $370 $370 $370 248.1 248.1 248.1 248.1 248.1
($1,636) $370 248.1
($1,636) $370 248.1
$6,644
$6,780
$6,918
$7,060
$7,201
$7,345
$7,492
2.00x
$7,594
$7,749
$7,907
$8,068
$8,229
$8,394
$8,562
2.25x
$8,543
$8,717
$8,895
$9,077
$9,258
$9,443
$9,632
2.50x
$9,492
$9,686
$9,883
$10,085
$10,287
$10,492
$10,702
Less: Debt Plus: Cash FD Shares
($1,636) $370 248.1
($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) $370 $370 $370 $370 $370 $370 248.1 248.1 248.1 248.1 248.1 248.1 Implied Stock Price
9.00x
$23.90
$25.30
$26.80
$28.30
$29.70
$31.20
$32.70
10.00x
$27.10
$28.70
$30.30
$32.00
$33.60
$35.20
$36.90
11.00x
$30.30
$32.10
$33.90
$35.70
$37.50
$39.30
$41.00
12.00x
$33.50
$35.50
$37.40
$39.40
$41.30
$43.30
$45.20
EV/'14E Sales
EV/'14E EBITDA
$4,281
1.75x
Implied Stock Price 1.75x
$21.70
$22.20
$22.80
$23.30
$23.90
$24.50
$25.10
2.00x
$25.50
$26.10
$26.80
$27.40
$28.10
$28.70
$29.40
2.25x
$29.30
$30.00
$30.70
$31.50
$32.20
$33.00
$33.70
2.50x
$33.20
$33.90
$34.70
$35.50
$36.40
$37.20
$38.00
Implied Downside From Current Price
9.00x
-54%
-51%
-48%
-46%
-43%
-40%
-37%
10.00x
-48%
-45%
-42%
-38%
-35%
-32%
-29%
11.00x
-42%
-38%
-35%
-31%
-28%
-24%
-21%
12.00x
-36%
-32%
-28%
-24%
-21%
-17%
-13%
EV/'14E Sales
Implied Downside From Current Price
EV/'14E EBITDA
$4,197
Implied Enterprise Value
EV/'14E Sales
EV/'14E EBITDA
Implied Enterprise Value
2014E Revenues $3,953 $4,034 $4,115
1.75x
-58%
-57%
-56%
-55%
-54%
-53%
-52%
2.00x
-51%
-50%
-48%
-47%
-46%
-45%
-43%
2.25x
-44%
-42%
-41%
-39%
-38%
-37%
-35%
2.50x
-36%
-35%
-33%
-32%
-30%
-28%
-27%
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Signs of An Aggressive, “Too Good To Be True” Financial Strategy
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
Spruce Point Capital
Early Warning: Email From Whistleblower Matthews to Ametek Financial Controller
Financial Controller – Remember This Name!
SOX Whistleblower Case: Matthews v. Ametek (2009)
Matthews claims Ametek’s Chandler Engineering in Oklahoma improperly booked revenue to mislead investors, and improperly accounted for inventory in an attempt to under-report costs and inventory balances Source: Matthews v. Ametek, legal docket Publicly available via Freedom of Information Act (FOIA) request with the DOL/OSHA
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Spruce Point Capital
Ametek’s Ability to Never Disappoint Wall St. = Too Good To Be True?
We analyzed over 10 years of quarterly EPS results for a broad set of diversified and cyclical industrial peers. Ametek’s predictable and stable financial results defy logic – the company has missed Wall St. estimates just once (by a fraction of cent), and even beat estimates during every quarter of the great financial crisis. These remarkable results deserve further scrutiny! Beats EPS Est.
Meets EPS Est.
Misses EPS Est.
% Beats
% Meets
% Misses
Avg. Surprise
AMETEK
42
1
1
95.5%
2.3%
2.3%
3.4%
Danaher
39
0
5
88.6%
0.0%
11.4%
2.4%
Eaton
37
0
7
88.4%
0.0%
11.6%
6.3%
Hubbell
36
3
5
81.8%
6.8%
11.4%
7.1%
Thermo Fisher
35
1
8
79.5%
2.3%
18.2%
4.0%
Parker Hannifan
35
0
9
79.5%
0.0%
20.5%
13.0%
Rockwell Auto.
35
1
9
77.3%
2.3%
20.5%
7.1%
Emerson
32
0
12
72.7%
0.0%
27.3%
3.9%
Agilent
23
2
13
60.5%
5.3%
34.2%
2.9%
Source: Bloomberg Earnings Surprise Analysis: AME
SURP
15
Spruce Point Capital
Superior Financial Model, Outlier or Accounting Gimmickry?
EBITDA is a big driver of firm valuation, and subject to numerous business decisions and accounting assumptions by management. In our opinion, Ametek’s EBITDA margin is being artificially enhanced by its overly aggressive acquisition strategy designed to circumvent R&D expense, and amortize costs too slowly to earnings. Furthermore surreptitious inventory accounting changes from LIFO to FIFO appear to also inflate its EPS. Ametek appears to be an extreme outlier relative to peers. Were Ametek to fall closer to trend, its EBITDA margins would be closer to 20 - 21% or 500 - 600bps lower.
30.0% AME
EBITDA Margins
25.0%
DHR RXN
FEIC
HUB
20.0%
ROK
EMR OXIG
15.0%
ETN PH
TDY
MTD KEYS SXS
BRKR
AIMC RBC 10.0%
5.0% 20.0%
30.0%
Note: Bubble size represents relative size of enterprise value Source: Company financial filings
40.0%
50.0%
FEIC: FEI Company DH: Danaher RXN: Rexnord OXIG: Oxford Instruments SXS: Spectris Plc BRKR: Bruker Bioscience TDY: Teledyne Tech RBC: Regal-Beloit PH: Parker-Hannifan ETN: Eaton Plc KEYS: Keysight Tech. EMR: Emerson Electric AIMC: Altra Industrial Motion ROK: Rockwell Automation MTD: Mettler-Toledo HUB: Hubbell Inc.
60.0%
Gross Margins 16
Spruce Point Capital
Presentation of Ametek’s Financials, Extremely Simple for a Complex Company
Ametek’s presentation of its Income Statement is extremely simplified for a complex and diverse company assembled from over 60 acquisitions. Inventory charges and other one-time items are never separately identified. “Other net expense” are primarily explained as acquisition costs and currency effects.
Source: Ametek’s 10K (here)
17
Ametek’s Secret Sauce: Create a Complex Roll-up Spruce Point Capital
Dynamics of an Effective Roll-up(1) Ametek’s target acquisitions do not receive its stock. All deals are cash financed. Furthermore, Ametek does not repurchase its own shares beyond a token amount. Insiders are significant net sellers of stock
Observations of Ametek’s M&A Strategy • Ametek uses cash acquisitions to fuel its growth, and believes it will continue to play an important part of its business strategy. Since 2000 through Q3’14, Ametek has completed over 60 acquisitions totaling $4.6 billion (See Appendix for complete list). Recent operating cash flow may be illusory. To illustrate, Ametek recently raised $700m of long-term debt to pay down revolver debt that it could not pay down with operating cash flow
• Its goodwill and intangibles amount to $4.5 billion (~69% of assets), indicating it places a substantial premium on its ability to extract synergies from deals. Industrial peer average goodwill+intangibles to assets is ~40% • Ametek targets businesses with revenues between $50-$200m, which are often private companies with limited financial disclosures. Ametek typically discloses only the revenue contribution of its targets. We estimate it has paid ~1.7x revenues for its targets vs. its current revenue multiple of 3.5x and 9.0x EBITDA vs. its current valuation of 14.5x. The large spread in value reflects the market’s perception of Ametek’s ability to continue its growth and to extract substantial value from deals
Ametek has extracted limited/no revenue synergies from acquisitions (see slides 28-29). Rather, it has relied on heavy cost cutting and aggressive accounting to achieve earnings growth. We view this as an unsustainable strategy fraught with issues and inherent limitations 1) Paul F Kocourek, Steven Y Chung, and Matthew G McKenna, “Strategic Rollups: Overhauling the Multi-Merger Machine,” Strategy & Business, second quarter 2000
• Ametek’s capex and funded R&D margins are 1.7% and 2.6%, which is dramatically lower than industrial peer averages at 3.0% and 6.0%, respectively. Given the underinvestment in its business, we must analyze its financial performance after acquisitions since it is essentially buying R&D and new products it would otherwise develop internally • Since 2000, Ametek has burned -$627m after capital expenditures and cash acquisitions. Viewed from this perspective, cumulative dividends paid of $411m and share repurchases of $270m have effectively been debt-financed 18
Ametek is a Roll-Up w/Limited Organic Growth; Financial Performance Needs to Adjust For Recurring Acquisitions Spruce Point Capital
• The roll-up strategy flatters income statement figures like EBITDA and EPS, along with operating cash flow metrics for a period of time due to the inherent financial statement mechanics of acquisition accounting (which run through the Investing section of the Statement of Cash Flows), so Ametek is able to inherit a new income and operating cash flow (“OCF”) stream upon deal closing, without any OCF outlay • Moreover, as Ametek liquidates the working capital of the acquired company in the normal course of business – collecting on receivables or selling inventory – it can realize an unsustainable OCF boost that has virtually nothing to do with the performance of its business • We believe this strategy has significantly aided Ametek’s ability to never disappoint Wall Street with an earnings miss. Therefore, it’s extremely important to dig beneath the surface to critically analyze what’s really going on at Ametek
AME’s Earnings to Cash Flow Appears High $ in mm
Cash from Operations begins to dramatically depart from Net Income, aided by cost cutting, aggressive acquisitions and potentially aggressive inventory accounting (note: whistleblower allegations in 2009)
$700 $600 $500 $400
FBI Indicts VP of Finance CFO Retires After Dunkermotoren Snafu
Free Cash Flow Adjusted for Capex/M&A is Negative $ in mm
$800
Deal pace accelerates $600
$400
$200
$300 $0
$200
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD
$100
($200)
$0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD Net Income Source: Ametek financials
Cash from Operations
($400) Cash from Operations
Capex
Acquisitions
FCF After Capex and Acquisitions
19
Diminishing Returns to Ametek’s Strategy Are Rapidly Becoming Evident Spruce Point Capital
• We believe Ametek appears to be underinvesting in its business and using acquisitions to create the appearance of superior cash flow generation. As such, cumulative free cash flow after capex and acquisitions is a key metric for analyzing Ametek, and presents a better picture of its financial performance over time. In this case, it demonstrates that Ametek appears to be hitting a wall with its aggressive acquisition strategy and has burned -$627m since FY 2000. We believe that Ametek’s deal pace has accelerated postfinancial crisis, and its true operating cash flow may be struggling. $ in mm
$5,500
Period of Post Financial Crisis. Company Restructures, Inventory Turns Peak at 5.5x in 2011. Deal-Making Activity Accelerates After Whistleblower Complaint (2009). Head of Audit Committee Resigns (2011), CFO Resigns (2012). Ametek’s Short-Term Debt Swells, and it Issues $800m of Long-Term Debt in 2007-2008
$4,500
$3,500 Early Gains From the Strategy Are Evident with Slow and Steady Appreciation of Financial Results
$2,500
Notice How the Slope of the Curve Flattens, Inventory Turnover Declines, Capital Required for Acquisitions and Multiples Paid Rise, Short-term Credit Utilization Swells;. Ametek raises $700m in Debt
$500.0 $450.0 $400.0
$350.0 $300.0 $250.0 $200.0
$1,500
$150.0
$100.0
$500
$50.0 ($500)
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Cumulative Cash from Ops.
Cumulative Cash for Acquisitions
Cumulative FCF after Acquisitions
Short Term Debt
Source: Ametek financials Note: Short-term credit usage = Short Term Debt Outstanding / ( Revolver and A/R Facility Capacity )
2012
2013 Q1'14 Q2'14 Q3'14
$0.0
Cumulative Capex
20
Spruce Point Capital
Ametek Never Discusses or Discloses Drivers of its Gross Profit Margins 2013 Management, Discuss and Analysis (MD&A)
Total international sales for 2013 were $1,984.5 million or 55.2% of net sales, an increase of $276.9 million or 16.2%, compared with international sales of $1,707.6 million or 51.2% of net sales in 2012. The $276.9 million increase in international sales resulted from the acquisitions mentioned above, primarily driven by Dunkermotoren and Micro-Poise, and includes the effect of foreign currency translation. Both reportable segments of the Company maintain strong international sales presences in Europe and Asia. Export shipments fr om the United States, which are included in total international sales, were $1,037.0 million in 2013, an increase of $174.4 million or 20.2%, compared with $862.6 million in 2012. Export shipments improved due to increased exports from the 2013 and 2012 acquisitions noted above, excluding Creaform and Dunkermotoren. New orders for 2013 were a record at $3,621.9 million, an increase of $86.8 million or 2.5%, compared with $3,535.1 million in 2012. The increase in orders was primarily attributable to 2013 and 2012 acquisitions. As a result, the Company’s backlog of unfilled orders at December 31, 2013 was $1,140.0 million, an increase of $27.7 million or 2.5%, compared with $1,112.3 million at December 31, 2012.
Segment operating income for 2013 was $861.5 million, an increase of $72.2 million or 9.1%, compared with segment operating income of $789.3 million in 2012. The increase in segment operating income resulted primarily from the acquisitions mentioned above, as well as the benefits of the Company’s lower cost structure through Operational Excellence initiatives. Segment operating income, as a percentage of net sales, increased to 24.0% in 2013, compared with 23.7% in 2012. The increase in segment operating margins resulted primarily from the benefits of the Company’s lower cost structure through Operational Excellence initiatives. Selling, general and administrative (“SG&A”) expenses for 2013 were $398.2 million, an increase of $17.7 million or 4.7%, com pared with $380.5 million in 2012. As a percentage of net sales, SG&A expenses were 11.1% for 2013, compared with 11.4% in 2012. Selling expenses increased $14.8 million or 4.4% for 2013 primarily driven by the increase in net sales noted above. Selling expenses, as a percentage of net sales, decreased to 9.8% for 2013, compared with 10.1% in 2012. Base business selling expenses decreased approximately 2% for 2013 compared to 2012, primarily due to cost containment initiatives.
Ametek Never Discusses and Omits Factors Affecting its Cost of Goods Sold or Gross Margins in its MD&A of its 10K’s/10Q’s
21
Warning Indicator: Margins Always Expand Spruce Point Capital
• Ametek’s margins are continually expanding, and experienced only a brief hiccup during the great financial crisis. Ametek would have you believe this a result of; 1) continuous cost cutting ability and operational improvements and 2) its strategy shift to ac quire higher margin businesses that are differentiated • We believe this story is too good to be true and have evidence that margins are being enhanced by: 1) underinvesting in R&D expense, 2) aggressive acquisition accounting which amortizes costs too slowly, 3) changes in inventory accounting method and potentially the avoidance of recording inventory charges 4) Suspicious boosts to supply chain cost estimates after its CFO ‘retired’
• We’ve collected publicly filed foreign financial statements for 15 of Ametek’s operating entities, and the majority have shown evidence of margin contraction, not margin enhancement!
EBITDA Margins Always Expand
Gross Margins Starting To Show Stress 37.0%
35.0%
Financial crisis
Sign of Issues Mounting; Acquiring Lower Quality Companies
27.0% 26.0%
Financial crisis
25.0% 24.0% 23.0%
33.0%
22.0% 21.0%
31.0%
20.0%
19.0%
29.0%
18.0% 27.0%
17.0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1'14 Q2'14 Q3'14
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1'14 Q2'14 Q3'14
Source: Ametek SEC filings 22
Spruce Point Capital
Warning: Inventory Turnover Had Been Persistently Declining
A persistently declining inventory turnover is at odds with a healthy, growing company and supports our belief that Ametek may be experiencing inventory accounting issues. Ametek gives investors limited insights to evaluate the factors affecting Cost of Goods/Services that drive inventory turns. It is unclear to what degree product/service mix shifts are affecting results
5.50x 5.40x 5.30x 5.20x 5.10x
5.00x 4.90x 4.80x 2011
2012
2013
Source: Ametek Company Financials Note: Inventory Turnover = LTM Cost of Sales / Average (Beginning and Ending Period Inventory)
Q1'14
Q2'14 23
Spruce Point Capital
Summary: Foreign Operating Subsidiaries Show Margin Contraction
•
We’ve examined public documents of businesses that contribute ~$731m of revenue (~20% of Ametek’s $3.6 billion total in 2013)
•
We find that on average:
•
•
Its operating businesses have an EBITDA margin of ~21% and;
•
Are experiencing both contracting Gross Margins of ~0.2% and EBITDA margins of ~1.3%
Paradoxically, Ametek’s corporate EBITDA margin continues to expand and is in the 26% range. However, few businesses we examined have EBITDA margins anywhere close to this level. We have excluded Zygo and Amptek from our analysis because the results have not yet been fully consolidated on an annual basis into Ametek’s financials
i n l oca l a nd forei gn currency (mi l l i ons )
Company Dunkermotoren GmbH Zygo Corporation (1)
Last Public Foreign Reporting LTM Country Period Sales Germany 2012 € 136.4 US 2013 $162.8
US$ LTM Sales $168.6 $162.8
LTM Gross Margin 57.8% 46.7%
YoY Change in Sales -3.0% 3.3%
YoY Ch. Gross Margin -0.4% 0.3%
SPECTRO Analytical Taylor Hobson Limited Cameca SAS
Germany UK France
2012 2013 2013
€ 108.3 £54.8 € 59.1
$133.8 $82.4 $75.5
53.8% 49.9% 50.9%
4.8% 1.3% 5.5%
2.3% -2.1% -3.2%
€ 25.0 £13.2 € 9.0
23.1% 24.1% 15.3%
AMETEK Airtechnology Group Atlas Material Testing (2) AEM Limited Amptek
UK Germany UK US
2012 2012 2013 2013
£47.5 € 32.0 £25.3 $29.2
$72.4 $39.6 $38.0 $29.2
22.2% 56.0% 46.2% --
7.8% Decline 9.0% -3.6%
-1.9% --1.0% --
£5.1 € 1.6 £5.7 --
Land Instruments Lloyd Instruments Muirhead Aerospace Ltd
UK UK UK
2013 2012 2013
£18.3 £18.0 £16.4
$27.5 $27.5 $24.6
41.0% 60.3% 41.8%
-9.6% -31.4% 16.6%
2.7% 8.9% -3.4%
-$19.7 $12.3 $7.7 $2.4 $731.9
-46.3% 74.2% -81.4%
-11.0% 7.6% 63.0% 12.3%
--1.3% -0.5% --3.3% -0.2%
Ametek Denmark A/S Denmark 2013 -Antavia SAS France 2013 € 15.4 Grabner Instruments Austria 2013 € 9.6 AMETEK Instruments India India 2012 $7.7 AMETEK Nordic AB Sweden 2013 SEK 15.9 Total Implied EBITDA Margin and Average YoY Change (3)
LTM LTM YoY Operating Operating Change in Income Margin Op. Income € 6.2 4.6% -29.5% $15.4 9.5% -25.7%
Foreign LTM EBITDA € 24.4 $26.8
US$ LTM EBITDA $30.2 $26.8
LTM EBITDA Margin 17.9% 16.5%
YoY Yoy Change Change EBITDA in EBITDA Margin -10.9% -1.7% -13.4% -3.2%
23.5% -9.8% -7.4%
€ 28.3 £14.2 € 9.4
$35.0 $21.4 $12.0
26.1% 25.9% 15.8%
23.6% -8.7% -6.8%
4.0% -1.1% -2.1%
10.8% 4.9% 22.4% --
-3.3% -47.0% 21.7% --
£6.6 € 2.9 £6.4 $13.1
$10.0 $3.5 $9.6 $13.1
13.8% 9.0% 25.4% 44.9%
-5.1% -35.5% 18.1% 7.2%
-1.9% -2.0% 4.5%
£1.9 £8.1 £3.4
10.5% 29.4% 20.9%
-26.3% 0.3% 7.5%
£2.2 £8.7 £3.7
$3.3 $13.3 $5.6
12.2% 48.3% 22.7%
-16.1% 0.0% 6.9%
-2.0% 14.1% -1.8%
DKK 33.3 € 3.0 € 2.4 -SEK 2.3
-19.3% 25.0% -14.8%
-11.3% 24.0% -8.0% -39.5%
DKK 33.6 € 3.2 € 2.5 $1.1 SEK 2.4
$5.8 $4.1 $3.2 $1.1 $0.4 $152.6
-20.6% 26.3% 14.6% 15.2% 20.9%
-11.4% 11.7% -6.9% 19.9% 27.4% -0.9%
-0.1% -4.0% -5.3% 1.7% -1.3%
Sources: Public Foreign Financial Filings (1) ZYGO results through 12/31/13. EBITDA also adds back stock compensation (2) Estimated 2012 results (3) Our average implied EBITDA margin is an estimation which is limited by our financial data and we recognized that it includes data from 2012 and 2013. Excludes ZYGO, Amptek and Lloyd Instruments from 2012, which had an unusual EBITDA margin increase despite a 30% decline in sales. Currencies converted at average annual exchange rates provided by the IRS
24
Spruce Point Capital
Ametek Appears To Underinvest In Its Businesses
There are clear indications that Ametek underinvests in its businesses from a capital expenditure and research and development perspective. As a result, we argue that Ametek’s financial performance (esp. its operating cash flow) needs to be evaluated after the cost of acquisitions. Ametek’s recurring acquisition strategy is geared toward acquiring products and assets it believes complement its existing businesses. If Ametek were to invest in its business directly through greater R&D expense, its margins would be significantly lower.
Capital Expenditures / Sales 8.0%
R&D Expense / Sales 14.0%
7.0%
12.0%
6.0%
10.0%
5.0% 4.0%
8.0%
3.0%
6.0%
2.0%
4.0%
1.0%
2.0%
0.0%
0.0%
2011
2012
2013
Average
Source: Company filings Note: Includes net company funded R&D expense; Agilent is pro forma for Keysight Technologies spin-off
2011
2012
2013
Average
25
Ametek Appears To Underinvest in R&D Spruce Point Capital
Current Ametek Job Openings
Just 1 out of 202 jobs (<0.5%) are classified as R&D
Source: Ametek Job Openings (here) Note: As of 10/30/2014
26
Pro Forma Impact of Expensing vs. Capitalizing Research and Development Costs Spruce Point Capital
$ millions 2005
2006
2007
2008
2009
2010
2011
2012
2013
Total Revenues
$1,434
$1,819
$2,137
$2,531
$2,098
$2,471
$2,990
$3,334
$3,594
Actual Net R&D Expense Target R&D Margin Target R&D Expense R&D Underinvestment Amortization Add-back (1) Net R&D Expense
$34.8 6.0% $86.1 ($51.3) $3.2 ($48.1)
$42.0 6.0% $109.2 ($67.2) $7.4 ($59.8)
$52.9 6.0% $128.2 ($75.3) $12.1 ($63.2)
$57.5 6.0% $151.9 ($94.4) $18.0 ($76.4)
$50.5 6.0% $125.9 ($75.4) $22.7 ($52.7)
$56.8 6.0% $148.3 ($91.5) $28.4 ($63.0)
$78.0 6.0% $179.4 ($101.4) $34.8 ($66.6)
$84.9 6.0% $200.1 ($115.2) $42.0 ($73.2)
$93.9 6.0% $215.6 ($121.7) $49.6 ($72.2)
Reported EBITDA % margin Less: Net R&D Expense Pro Forma EBITDA % margin
$269.9 18.8% ($48.1) $221.8 15.5%
$351.4 19.3% ($59.8) $291.6 16.0%
$433.9 20.3% ($63.2) $370.7 17.3%
$489.4 19.3% ($76.4) $413.0 16.3%
$428.0 20.4% ($52.7) $375.3 17.9%
$545.9 22.1% ($63.0) $482.9 19.5%
$712.2 23.8% ($66.6) $645.6 21.6%
$842.7 25.3% ($73.2) $769.5 23.1%
$916.3 25.5% ($72.2) $844.1 23.5%
Margin Enhancement % Decline in EBITDA
3.4% -17.8%
3.3% -17.0%
3.0% -14.6%
3.0% -15.6%
2.5% -12.3%
2.6% -11.5%
2.2% -9.4%
2.2% -8.7%
2.0% -7.9%
Effective Tax Rate After-tax R&D Net Expense Diluted Shares
31.2% ($15.0) 237.6
31.0% ($18.5) 239.9
32.2% ($20.4) 242.1
32.6% ($24.9) 241.7
30.2% ($15.9) 242.7
30.7% ($19.3) 241.3
30.9% ($20.6) 243.2
30.7% ($22.5) 244.0
28.7% ($20.7) 246.1
Reported Diluted EPS less: After-tax R&D impact Pro forma EPS % change
$0.57 ($0.06) $0.51 -11.0%
$0.76 ($0.08) $0.68 -10.2%
$0.94 ($0.08) $0.86 -8.9%
$1.02 ($0.10) $0.92 -10.1%
$0.85 ($0.07) $0.78 -7.7%
$1.18 ($0.08) $1.10 -6.8%
$1.58 ($0.08) $1.50 -5.4%
$1.88 ($0.09) $1.79 -4.9%
$2.10 ($0.08) $2.02 -4.0%
• Ametek extracts significant earnings benefits from continually buying vs. developing many of its own products. • R&D that would need to be expensed, is instead capitalized on the balance sheet and amortized over a period ranging up to 19yrs (more on this later) • If we assume that Ametek targeted a 6% R&D margin (peer average), we estimate its EBITDA margins would be 200bps lower and its EPS 4% lower
1) Cumulative benefit based on a 16yr amortization period
27
Warning: No Organic Growth Revenue in 2012
Spruce Point Capital
Ametek failed miserably to achieve its organic revenue goals in 2012, driven by a horrific miss of 9.3% in its Electromechanical Group, which represents 43% of sales.
CEO
Former CFO
CFO
COO
President Electromechanical Group
President Electronic Instruments
Source: Ametek Proxy (here)
28
Warning: And Again.....No Organic Revenue Growth in 2013 Too!
Spruce Point Capital
Ametek failed even more miserably to achieve its organic revenue goals in 2013. The company lowered the bar by reducing the organic revenue growth goal to 3.62% from 5.27% in 2012. While the Electromechanical Group’s growth improved to 0.8%, the Electronic Instruments’ growth plummeted from 4.32% to -0.2%.
CEO
CFO
COO
President Electromechanical Group
President Electronic Instruments
Source: Ametek Proxy (here)
29
Warning: Limited Opportunity for Further Working Capital or Cost Efficiencies
Spruce Point Capital
Ametek presents itself with an unusually low consolidated SG&A margin, and has working capital management in line with its peers. We are skeptical of its incredibly low cost base and its ability to extract further cost savings or working capital efficiencies to extract added benefits.
Working Capital / Sales 30.0%
Sales, General and Admin Expense / Sales 40.0% 35.0%
25.0%
30.0%
20.0%
25.0% 20.0%
15.0%
15.0%
10.0%
10.0%
5.0%
5.0%
0.0%
0.0%
2011
2011
2012
2013
2012
2013
Average
Series5
Working Capital = Inventory + Acct’s Receivable – Acct’s Payable Source: Company filings Note: Agilent is pro forma for Keysight Technologies Spin-off
30
Spruce Point Capital
Warning: Revolver Debt Dependency Was Rising For a Year Despite “Strong Operating Cash Flows”
$ i n mi l l i ons
Reported LTM EBITDA Margin
Leverage At Various Assumed EBITDA Margins
26.2%
25.0%
24.0%
23.0%
22.0%
21.0%
20.0%
LTM EBITDA
$1,031
$985.1
$945.7
$906.3
$866.9
$827.5
$788.1
Current Debt
$1,637
$1,637
$1,637
$1,637
$1,637
$1,637
$1,637
Debt/EBITDA
1.6x
1.7x
1.7x
1.8x
1.9x
2.0x
2.1x
$ in millions
Short Term Debt
Q3'13
Q4'13
Q1'14
Q2'14
Amptek
$125.7
$164.9
$273.3
$454.4
$68.2
PF Q2'14
Q3'14
$522.6
$163.2
LT Debt
$1,118.1 $1,135.1 $1,141.7 $1,148.2
$1,148.2 $1,473.5
Total Debt
$1,243.7 $1,300.0 $1,415.0 $1,602.6
$1,670.8 $1,636.7
Credit Facility ST Debt / Facility
$700 18%
$700 24%
$700 39%
$700 65%
$700 75%
$700 23%
Note: short-term debt includes current portion of LT debt
Source: Company filings Note: Assumes Amptek acquisition was funded with the credit facility
Short-term debt to Revolver capacity reached dangerously high levels in Q2’14
In our opinion, we estimate EBITDA margins closer to 2021% which makes Ametek’s leverage closer to 2.0x. Its debt covenant is 3.25x
Ametek’s dependency on using its revolver as a bridge for deals had been rising for over a year. The company has approximately $195m of long-term debt coming due in 2015. While Ametek lists $369.6m of cash on its balance sheet, $307.1m is listed as being outside of the U.S. as of 9/30/14. A majority of Ametek’s earnings and cash flow is derived from foreign entities, and would be taxed upon repatriation.
31
Spruce Point Capital
A Closer Look Into Ametek’s Main Foreign Holding Companies Stopped Reporting Financials in 2012. Dwindling Cash and Equity Value Last Financials Available in 2012; Currently Past Due on Updated Financials; Two Directors Recently Resigned in 2014 Asian Head and Director Resigned in 2014. Financial Filings Delinquent for Most of 2014. Amekai Appears Insolvent
Source: Company Subsidiary List Ex. 21 (here) Note: Subsidiary list under AMETEK European Holdings Limited is truncated
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Spruce Point Capital
Signs of Financing Problems in Europe at Ametek? A Closer Look at Ametek Holdings B.V. Spruce Point Observations
Almost out of Cash!
No Equity Growth Sources: Dutch public information (here) Ametek 2011 Credit Agreement (here) 2013 Credit Amendment #1 (here) Ametek Q2’13 Press Release (here)
• Ametek Holdings B.V. (Netherlands) is one of two main original parties to Ametek Inc’s credit agreement dated Sept 22, 2011 • The Dutch entity stopped filing public financial statements after 2012: a period where we believe organic growth struggled, its largest acquisition wasn’t going according to plan, its CFO resigned and the company boosted its supply chain cost saving assumptions • The entity’s ‘liquid middelen’ or cash has fallen dramatically from 2010-2012, despite its ‘financiele vaste active’ or current financial assets rising sharply. We suspect this is partially explained by the use of cash for the acquisition of Dunkermotoren in April 2012 • Overall, “eigen vermogen” or shareholder of equity at Ametek Holdings B.V. fell from EUR 833m to EUR 822m and its working capital at year end was in a negative financial position • On 7/18/13 Ametek amended its credit facility to include a special carve-out for AMETEK Material Analysis Holdings GmbH, as a borrower. This entity controls Cameca, Spectro, Dunkermotoren and EM Test • On 8/7/13, Ametek announced the acquisition of Controls Southeast for $160m. On 8/17/13, Ametek announced Q2 earnings: “We are very pleased with our results this quarter given the continued soft economic environment. We delivered record operating performance as a result of the strength in our long-cycle businesses combined with our Operational Excellence initiatives.” In H1’13 Ametek reported record operating cash flow of $284.9m • We have evidence that suggests Cameca and Dunkermotoren have struggled significantly from an operational point of view, and terminated the CEOs of both companies. Cameca’s 2nd auditor, required by statutory law in France, recently departed 33
Spruce Point Capital
Signs of Financing Problems in Europe at Ametek? A Closer Look at Ametek European Holdings Ltd.
• Ametek European Holdings Limited is past due in filing current financials. The last filed financials are for year end 2012 • It holds as investments multiple subsidiary businesses in Asia and Europe including Dunkermotoren, Cameca, Antavia, Spectro Analytical, Muirhead, Taylor Hobson and others • Recently, Robert Mandos and John Mockler have resigned as directors in April and September 2014, respectively
Sources: UK Public filings (here)
Not the sign of healthy company with the value of subsidiary investment holdings rising less than 1%; cash holdings fall to virtually 0 and equity shrinks
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Spruce Point Capital
• •
• •
Signs of Financing Problems in Asia? A Closer Look at Ametek Singapore
Ametek Singapore is the company’s oldest Asian operation. We obtained its 2013 financials, which weren’t filed until late September 2014. We believe Ametek Singapore was late in holding its Annual General Meeting, potentially as a result of its Director Lee Meng Kee having resigned Top line revenues decreased by 12.6% while other income, which is primarily investment income from its main operating subsidiaries including China, declined by 15% from $10.7m to $9.1m Overall, profitability fell from $13.4m to $12.2m or 8%. More importantly, operating cash flow plummeted from $28.6m to $7.3m, -75%, while the dividend paid to its holding company, Ametek European Holdings Limited, declined from $19.1m to $10.1m or -47% Responding to an analyst question about emerging market performance on the Q4’13 conference call, the CEO said “Yes, it's actually amazing. We were very delighted in the quarter when we looked at our international businesses, actually, believe it or not, both in Eu rope and in Asia. In Asia, the organic growth was up about 25%, in Asia. So a truly outstanding quarter.” The performance from Ametek’s Singapore entity (which conducts business in Taiwan, China, Malaysia and India), suggests that full year results were disappointing, not spectacular
Note: Figures in Singapore Dollars Source: www.bizfile.gov.sg and Q4’13 earnings conf call (here)
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Spruce Point Capital
Where’s the Strong Operating Cash Flow? Ametek’s $700 Debt Private Placement
To illustrate our point that Ametek’s ‘strong operating cash flows’ may not be as advertised, we note that it raised $700 million through a private placement announced on October 1 st, 2014 Why Do We Think Ametek Used the Private Placement Market to Issue Debt?
• No SEC registration is required, which means that Ametek could avoid scrutiny and review of its financial statements by the SEC. We note that the last comment letters Ametek received from the SEC date back over 4 years to 2010 • No credit ratings are required by agencies such as S&P or Moody’s • Ametek could structure a financing solution to meet its cash flow gaps. In this case, Ametek decided to tap $500m of debt for immediate usage to pay down its ballooning credit facility. The remaining $200m of debt will be tapped in 2015 when the company has needs to fund its maturing debt obligations • Ametek was able to issue the debt to a syndicate of insurance companies at a ridiculously low average rate of 3.88% Covenants state that Ametek will not permit: a) Consolidated Debt to EBITDA – at any time to exceed 3.50 times EBITDA for the four consecutive fiscal quarters then most recently ended; or b) Interest Coverage -- the ratio of (i) EBITDA to (ii) Interest Expense, in each case for the four consecutive fiscal quarters then most recently ended, to be less than 2.5 to 1.00
Source: Private Placement Announcement (here)
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Spruce Point Capital
Ametek’s Recent Job Reviews Show Cautionary Signs
“A lack of decentralized organic growth. With most of the focus on meeting acquisition synergy metrics organic growth can eventually fall by the wayside. This creates a feeling for the smaller newly acquired companies of being "gutted" over a few years/decade after the full synergies have been met and it is time for new investment into the business. This focus stifles these companies prematurely and can drive talent out of the organization.” -- Sept 7, 2014
“Some business units are not on stable footing.” -- Sept 18, 2014 “Ametek is too short term focused.” -- Jan 27, 2014 “Big corporate mentality. If sales do not meet forecast, expect layoffs/furloughs to recover for shareholder benefit.” -- Dec 29, 2013 “horrible benefits, low moral, management doesn't work with employees. Company is much too money hungry and does not reinvest in its people. Only in other companies (which are bought and then dissolved into Shanghai)” -- Nov 14, 2013 “Tremendous amount of pressure from upper management to meet the monthly/quarterly/annual numbers at seemingly any cost.” -- Sept 7, 2013 “Layoffs and pay cuts are used to meet the unrealistic/inflated profitability goals. Of course morale suffers as a result of these cost cutting measures. There is a general lack of honesty throughout the entire Ametek organization.” -- Nov 5, 2012 Source: Glassdoor reviews (here)
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Is Management, the Board and Auditors Looking Out For Shareholders?
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
Spruce Point Capital
Early Warning: Email From Whistleblower Matthews to Ametek Financial Controller
Financial Controller – Remember This Name!
SOX Whistleblower Case: Matthews v. Ametek (2009)
Matthews claims Ametek’s Chandler Engineering in Oklahoma improperly booked revenue to mislead investors, and improperly accounted for inventory in an attempt to under-report costs and inventory balances Source: Matthews v. Ametek, legal docket Publicly available by FOI DOL/OSHA request
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Whistleblower Case: Matthews v. Ametek Spruce Point Capital
The Whistleblower Claim Theron Matthews, former Director of Operations at Ametek’s Chandler Engineering business employed from 2007-2008, filed a whistleblower complaint in May 2009 for being terminated on the basis of reporting what he believed to be serious irregularities in the areas of revenue recognition and inventory accounting that were contrary to GAAP. He aired his concerns in an email to Ametek’s CEO, and claims he was terminated as a result of his actions. Matthews claimed that: •
•
In Q4’2007, Ametek received over $3m in bookings or orders that, under GAAP, should have been reported in 2007. After putting the 2008 budget in place, the $3m was reported, distorting the financial condition of the company. The deviation decreased backlog, which is reported on quarterly statements to the SEC. Ametek made shipments of goods on sale in March 2008, but reported the income in February 2008
Ametek manipulated the value of its inventory by intentionally deviating from the standard cost method of calculating total inventory value. Ametek set the standard cost below the actual cost, resulting in higher inventory turns, which are viewed by analysts as a sign of a healthy and well run business.
The Outcome The case was litigated for over 2yrs and ultimately dismissed during what the judge described as a “long and contentious” discovery process. Ultimately, the judge’s decision to dismiss was based on Matthews’ refusal to produce documents related to his new employment. In rendering his decision, ALJ judge Patrick Rosenow made the following statement: “...in spite of hours spent in conference calls and dozens of letters, motions, objections, responses, and rulings, I am still unable to say that both sides have had a full and fair opportunity to complete the discovery to which they are entitled under the applicable rules. In that regard, it would be fair to note that Respondent’s (Ametek) Counsel appeared to fully exhaust his client’s entitlement to affirmative discovery and similarly raise all available protective motions in an attempt to foreclose some of Complainant’s (Matthews) discovery requests. In many ways, Respondent (Ametek) may have been more proactive and even aggressive than Complainant (Matthews) in the exercise of its rights to discovery.”
Source: Matthews v. Ametek, legal docket, Publicly available via Freedom of Information Act (FOIA) request Dept of Labor, Administrative Review Board (here)
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Spruce Point Capital
Three and Half Years Later: FBI Charges Chris Stehm w/Fraud
FBI ANNOUNCEMENT October 21, 2013
Is Ametek a company with good or faulty financial controls? Is Chris Stehm the fall guy for broader issues at Ametek, or simply just a rogue employee? Note: That Ametek’s Indian Auditor also noted issues with controls of travel expense
PHILADELPHIA, PA— Christopher Stehm, 51, of Mason, Ohio, was charged today by information with defrauding his employer, Berwyn-based Ametek Inc., of at least $659,731, announced United States Attorney Zane David Memeger. According to the information, Stehm was the chief accounting officer at two different offices of the company when he submitted phony claims for expense reimbursements, many of which he supported with doctored receipts. Stehm is charged with two counts of wire fraud and two counts of filing false tax returns.
Stehm was the controller for Ametek’s Chandler division in Broken Arrow, Oklahoma, from about January 2006 through March 2010. In April 2010, Ametek promoted Stehm to be the vice president of finance at its HCC division in Cincinnati, Ohio, and Stehm held that position until November 2012. In both positions, Stehm was his office’s chief accounting officer. According to the information, throughout his employment at Ametek, Stehm used a variety of methods to obtain “reimbursements” for expenses that he either never incurred or that were wholly personal in nature. These methods allegedly included cutting off the tops of receipts or “whiting out” portions of receipts that Stehm submitted with his expense reimbursement claims to make them appear to be business-related. Stehm also allegedly used copies of the same receipts to support multiple expense reimbursement claims. Ametek is a publicly traded company (symbol AME on the New York Stock Exchange) that manufactures electronic instruments and electromechanical devices for sale in numerous countries. The company is headquartered in Berwyn, Pennsylvania, but it has offices in numerous locations in the U.S. and overseas. Source: FBI Press Releases (here) US Court for Eastern District of Pennsylvania (here)
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What is Going on at Chandler? Spruce Point Capital
Chandler Instruments, a small company acquired in 2003 with sales of ~$30m at the time, appears to have a large significance to Ametek. In 2006, Ametek appears to have reorganized many of its holdings around a Netherlands CV/BV tax structure by creating Ametek International CV. Why did it choose Chandler Instruments as its partner in the transaction – a company where its former Controller/Chief Accounting Officer has been charged by the FBI of embezzlement and its former Director of Operations claimed he witnessed accounting irregularities? We note that Chandler’s own website indicates that it does not have any local sales representative in the Netherlands. (1)
Ametek International C.V. Formed 2006
Ametek Holdings B.V. Formed 1992
Source: Publicly available at http://www.kvk.nl/zoeken/handelsregister/ (1) Chandler’s sales contacts (here) (2) Ametek subsidiary list (here)
At Least 70 entities including Holdco and Opcos (2) 42
Spruce Point Capital
Ametek Appears To Have Misled Investors About its Largest Acquisition Ever in 2012
Ametek To Acquire Dunkermotoren (Germany) On April 26, 2012 Ametek said, “The privately held manufacturer has expected 2012 sales of approximately €155 million ($200 million) ” But, according to German public filings, Ametek may have already known that Dunkermotoren’s business was deteriorating when they made this statement. Actual 2012 revenues came in at EUR 136.4m, or 12% less than expected. Revenues declined 3% YoY!!
Business Commentary From Its German Filing “Overall, Dunkermotoren could not reach the turnover of EUR 140.1m from the previous year. Sales amounted to EUR 136.4M, which is about 3% below the planned levels. The good level of the first quarter could not be sustained in the subsequent quarters. The global economy also influenced the regional distribution of sales. In Germany, sales remained broadly stable. With a slight decline in the fourth quarter, sales declined in Germany for the year by approx. 1%. Exports to other European countries were about 6% lower than last year, the same applies to exports to Asia. Positive Sales developments in North America, here were 9% increase was recorded.”
Ametek Spins a Misleading Story to Wall Street Matt McConnell - Citigroup - Analyst Great, thank you. I wonder if I could slip in a quick follow-up on Dunkermotoren. I know it has been probably two or three quarters since that closed. Could you give an update on how that integration has been going and maybe profitability? I think it was a 1-point drag to the EMG margin. Was that roughly in line with your expectation?
AMETEK, Inc. - Chairman, CEO
Profit Increased, but mostly because Ametek repaid some of its debts
Source: Dunkermotoren’s public German financials (Google Translated); Available (here)
Yeah, it’s now performing very good. I’m very, very pleased with the operating team there. We just did a review recently and that team has embraced the Ametek culture, and they’re very good and their profit margins are lower – there’s no question. We knew that when we acquired them. As we do with most acquisitions, we’re going to continue to work and improve those margins, and your analysis is right – it was about 100 basis points improvement. Source: Q4 2012 Ametek Earnings Conf Call (here) Note: Dunkermotoren’s key leadership would all leave in 2013
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Spruce Point Capital
Ametek’s CFO Conveniently “Retires” Fast! New COO Appointed
Robert R. Mandos, Jr. Elected Executive Vice President & Chief Financial Officer
Days After Announcing Dunkermotoren!
BERWYN, Pa., May 1, 2012 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that the Board of Directors has elected Mr. Robert R. Mandos, Jr., as Executive Vice President and Chief Financial Officer, effective July 1, 2012. Mr. Mandos currently serves as Senior Vice President and Comptroller of AMETEK. He replaces John J. Molinelli who has announced his retirement after 43 years with AMETEK, including 18 years as Chief Financial Officer. William J. Burke Elected Senior Vice President, Comptroller & Treasurer BERWYN, Pa., May 1, 2012 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that the Board of Directors has elected William J. Burke as Senior Vice President, Comptroller & Treasurer, effective July 1, 2012. Mr. Burke currently serves as Vice President and Treasurer.
David A. Zapico Named Executive Vice President and Chief Operating Officer BERWYN, Pa., Dec. 18, 2012 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced the election of David A. Zapico as Executive Vice President and Chief Operating Officer, effective January 1, 2013. Mr. Zapico has held a variety of engineering and general management positions since joining AMETEK's Process & Analytical Instruments Division in 1990 as a Product Engineer. He was promoted to Division Vice President of the Process Instruments Business Unit for the Process & Analytical Instruments Division in 1996. In 1999, Mr. Zapico was named Vice President and General Manager of AMETEK's Aerospace and Power Instruments Division. In 2003, he was named President, Electronic Instruments.
Mr. Burke, a 25 year AMETEK veteran, served in a number of financial, operational and business unit management roles prior to being named Vice President, Investor & Corporate Relations in 1999. He was named Vice President – Investor Relations & Treasurer in 2007. Sources: New CFO elected (here) New VP Controller appointed (here) New COO appointed (here)
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Spruce Point Capital
Just Before the CFO Leaves, “Clawback Policy” Language is Altered
Clawback Policy (March 2012) The Company reserves the right to recover, or clawback, from a current or former executive officer any wrongfullyearned performance-based compensation, including stockbased awards, upon the determination by the Compensation Committee of the following: •
There has been restatement of Company financials, due to the material noncompliance with any financial reporting requirement (other than a restatement caused by a change in applicable accounting rules or interpretations), and such executive officer engaged in fraud or intentional illegal conduct which materially contributed to the need for such restatement,
•
The cash incentive or equity compensation to be recouped was calculated on, or its realized value affected by, the financial results that were subsequently restated,
•
The cash incentive or equity compensation would have been less valuable than what was actually awarded or paid based upon the application of the correct financial results, and
•
The pay affected by the calculation was earned or awarded within three years of the determination of the necessary restatement.
Sources: Proxy Statement – March 2012 (here) Prior Proxy Statement (here)
Clawback Policy Prior to 2012 If we are required to prepare an accounting restatement due to misconduct, any participant who is determined by a Court of competent jurisdiction to have engaged in, or failed to prevent, the misconduct, will be required to repay proceeds from the sale of shares issued upon exercise of a stock option or stock appreciation right, or vesting of restricted stock or stock unit, occurring during the 12-month period following the first public issuance or filing with the Securities and Exchange Commission of the financial statements required to be restated.
Pay Close Attention! Ametek changed its language to explicitly call out “current or former executive officers ” and lists “fraud or intentional illegal misconduct” as a factor. Also Ametek subtly makes it more difficult to clawback equity from these officers by changing from “a Court of competent jurisdiction” to “the determination of the Compensation Committee.”
Who would you rather be judged by...your buddies on the Board or the U.S. legal system?
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Spruce Point Capital
Cozy U.S. Auditor Relationship May Hinder Adequate Oversight of Ametek
Ametek appears to have a special relationship with its auditor. In its proxy, the company notes that “Ernst & Young LLP and its predecessor has served continuously as our independent auditors since our incorporation in 1930” During the period of the whistleblower allegations/investigation and significant reported growth in its business, we observe that Ametek’s audit fees did not increase. Ironically, E&Y had no issues extracting increased audit fees from other large industrial clients during this time period Curiously, Ametek noted an increase in “Audit-related fees paid” during this time period, which now included payments to its auditor for “due diligence in connection with acquisitions.” For 2013, Ametek paid E&Y $4.96m of audit fees, an amount barely larger than the $4.76m paid in 2008. Ametek has used ‘tax fees’ as way to increase payments to E&Y $ in millions
Company
Auditor
Eaton Danaher Agilent Ametek Mettler-Toledo Teledyne
E&Y E&Y PWC E&Y PWC E&Y
Ametek Audit-related Fees Tax Fees All Other Source: Proxy filings
Fiscal Yr Audit Fee 2009 2010 2011 $15.0 $10.6 $5.7 $4.3 $2.8 $2.1
$0.05 $0.10 $0.00
$15.7 $12.3 $7.4 $4.2 $3.0 $2.2
$0.26 $1.30 $0.00
$17.1 $16.6 $7.5 $4.2 $3.5 $2.3
$0.33 $0.72 $0.00
'09-'11 CAGR Audit Fee Sales 6.8% 25.1% 15.0% -0.6% 10.2% 3.2%
16% 24% 22% 19% 16% 8%
M&A Deals 14 47 2 12 4 8
Note: 2011 language change to Audit-related fees – “include fees for audits of employee benefit plans and due diligence in connection with acquisitions”
Note spike in tax fees in 2010: “relate to federal and state tax advice, acquisition tax planning, assistance with international tax compliance and international tax consulting”
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Spruce Point Capital
E&Y Lavishes Its Client With A Very Prestigious Award....
EY announces winners for the EY Entrepreneur Of The Year™ 2014 Greater Philadelphia Award Philadelphia, 13 June 2014 EY is pleased to announce the winners of the EY Entrepreneur Of The Year™ Award in Greater Philadelphia. This group of leading entrepreneurs was selected by an independent judging panel made up of previous winners of the award, leading CEOs, private capital investors and other regional business leaders. The winners were revealed at a special gala on June 12, at the Terrace Ballroom of the Pennsylvania Convention Center, in Philadelphia. “EY has honored outstanding entrepreneurs for the past 28 years,” said Mike Nichols, EY Entrepreneur Of The Year Program Director for Greater Philadelphia. “These business leaders are accomplished entrepreneurs who have contributed a tremendous amount to the community.” The EY Entrepreneur Of The Year 2014 Greater Philadelphia Award winners are: Frank Hermance - Chairman and Chief Executive Officer, AMETEK, Inc. Gerri Henwood - Chief Executive Officer, Recro Pharma, Inc. Ari Jacoby - Co-Founder and Chief Executive Officer, Solve Media Ryan Caplan - Chief Executive Officer, ColdLight Solutions, LLC Jeffrey Bartos - Chief Executive Officer, Mark Group, Inc. Mark Casale - Chairman, CEO & President, Essent Group Ltd. J. Jeffrey Fox - Chief Executive Officer, Source4Teachers Nick Auger, Anthony Bucci and Matt Kull - Co-Founders, RevZilla Motorsports In addition to recognizing the regional award winners, Michael Cardone Jr., Owner and Chief Strategy Officer of Cardone Industries, was presented with the EY Entrepreneur Of The Year Lifetime Achievement Award for his sustained business and philanthropic leadership. Jeffrey Brown, CEO of Brown’s Super Stores, was the recipient of the EY Entrepreneur Of The Year Social Entrepreneur Award for his commitment to the community. Source: E&Y Press Release (here)
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Spruce Point Capital
Exercise Caution When Auditor Awards Are Lavished on Client CEO’s
Lets GOWEX: Billion Dollar Scheme Jenaro Garcia Martin E&Y Spanish Entrepreneur of YearTM 2011
Gowex CEO (here)
Lexi Holdings - £100m Scheme Shaid Luqman E&Y Entrepreneur of the YearTM 2004
Lexi Holdings CEO (here)
Satyam: Billion Dollar Scheme Ramalinga Raju E&Y Tech Entrepreneur of YearTM 2011
Source: Satyam CEO (here)
InnoVida Holdings: $50m Scheme Claudio Osorio E&Y Entrepreneur of the YearTM 2007
InnoVida Holdings CEO (here)
TechnoDyne: $450m Scheme Padma and Reddy Allen E&Y Entrepreneur of YearTM 2010
Source: TechnoDyne (here)
IT Factory: $186m Scheme Stein Bagger E&Y Danish Entrepreneur of the YearTM 2007
IT Factory CEO (here)
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Spruce Point Capital
Ametek’s Structure Makes it Difficult to Audit in its Entirety Ametek is comprised of dozens of disparate businesses scattered across the world
The average revenue of an acquired company in the past 10yrs is approximately $100m Ametek’s structure makes it difficult to audit because no single business is necessarily material to the whole enterprise In this deposition from the whistleblower case, Ametek’s head outside auditor from E&Y explains the process of how it develops its audit In the case of Chandler Engineering, it noted that no audit was performed during the period accounting irregularities were claimed as it was not deemed a significant business
Source: Ametek vs. Matthews, deposition document Publicly available via DOL FOIA Request
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Spruce Point Capital
Who Internally at Ametek is Working With Outside Auditors?
AMETEK Names Robert J. Amodei Vice President, Audit Services
BERWYN, Pa., July 25, 2014 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that the Board of Directors has elected Robert J. Amodei as Vice President, Audit Services. He most recently has served as Director, Operational Accounting in AMETEK's Corporate Office. "I am pleased to announce Rob's promotion to Vice President, Audit Services. Rob has done an outstanding job for AMETEK over an extended period of time," commented Frank S. Hermance, AMETEK Chairman and Chief Executive Officer. "Rob has been instrumental in overseeing AMETEK's compliance with Sarbanes-Oxley and has played a key role in the Company's acquisition due diligence process."
Our Audit of Ametek’s Head of Audit Services Uncovered a Problem > His Claim of Being a CPA is False! We also spoke to the PA State Board of Accountancy and were informed that all persons holding themselves out as CPAs who are physically located in PA are required to have a current licensure in the state. We believe it could be improper for Ametek to identify him as a CPA in the press release announcing his promotion to VP of Audit Services at Ametek’s Corporate Office
Mr. Amodei joined AMETEK in 1989 as part of its Financial Management Development Program, where he held several rotational assignments within the Company. Upon completion of the program, he was named Senior Auditor in 1992. From 1995 to 1998, Mr. Amodei held a number of financial and accounting roles within our Chemical Products Division, including Plant Controller. In 1998, he was named Manager, Audit Services, and in 2000, was promoted to Director, Audit Services. In 2001, Mr. Amodei was named Division Vice President and Controller, Floorcare & Specialty Motors, North America, a position he held until his promotion to Director, Operational Accounting in 2005. Mr. Amodei holds a Bachelor of Science degree in Finance with a Minor in Accounting from St. Joseph's University. He is also a Certified Public Accountant and a member of both the American and Pennsylvania Institutes of Certified Public Accountants.
Source: Ametek press release (here)
Source: PA State License Check (here)
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Spruce Point Capital
Why Did Ametek’s Audit Committee Chairman Mysteriously Resign in 2011?
•
We also observe that Ametek appears to have deliberately obscured the retirement/resignation of its Audit Committee Chairman – Mr. Gordon Sheldon. Mr. Sheldon had served as the Audit Committee chairman since at least 2001, according to previous proxy statement filings, and served on its Board since 1989. Mr. Gordon resigned from the Board on May 3, 2011 according to the proxy statement filed on March 19, 2 012. We observe that Ametek did not file an 8-K or include any public disclosure that Mr. Sheldon would not stand for re-election and would resign. In contrast, in February 2011 Ametek did make an 8-K filing that David P. Steinmann would not stand for re-election.(1)
•
Prior to Mr. Gordon’s departure, we observe that the Audit Committee expanded from 3 members to 5 members in 2011. Mr. Conti, who was appointed to the Board on July 30, 2010 joined the Audit Committee and is now the Chairman. Mr. Conti is an accounting professional by background. In our opinion, these Audit Committee changes may suggest that Ametek was trying to modify its audit oversight in the wake of the Matthews Whistleblower case
Audit Committee Expands From 3 to 5
Source: (1) Steinmann resignation (here) Proxy Statement – Filed 3/19/12 (here) Proxy Statement – Filed 3/28/11 (here)
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Auditor Reminder...Pay Close Attention! Spruce Point Capital
Throughout the world, Ernest and Young has audited Ametek’s financial statements
According to Ametek’s Proxy Statement, “Ernst & Young LLP and its predecessor has served continuously as our independent auditors since our incorporation in 1930”
There’s a place in the world we found Ametek is not audited by Ernst & Young or a big global audit firm...
In India, where Ametek entered in 2009, its financials are audited by a local/independent firm S.V. Ghatalia & Associates 52
Ametek Moves into India w/Great Promise... Spruce Point Capital
Q3’2009 Earnings Conference Call To Discuss Move Into India
“At the end of the third quarter, we announced that we have acquired Unispec Marketing and Thelsha Technical Services, two privately owned and affiliated businesses headquartered in Mumbai, India. These acquisitions provide us with an established sales distribution and service network with a total of 11 offices across India serving the quality control and the analytical instruments markets.
Unispec Marketing currently represents our SPECTRO Analytical Instruments business in India, while its Thelsha Technical Services affiliate provides an installation and wholesale service for those instruments. This acquisition provides AMETEK an immediate sales distribution in service infrastructure in India that otherwise would have taken several years to build. We plan to leverage this distribution structure across other AMETEK business units to increase sales to this very important market We have the financial and managerial capacity to continue to do acquisitions. Our balance sheet is strong and our cash flow and financing facilities provide us with ample liquidity to pursue this strategy.” Source: Q3’2009 Earnings Conference Call (here)
Next Slide Please! 53
Spruce Point Capital
Ametek India 3 Years Later...2012 Auditor’s Report Highlights Major Concerns
Special Note: The Chris Stehm FBI embezzlement case center around submission of fraudulent travel claims
Source: Publicly available at http://www.mca.gov.in/
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Spruce Point Capital
“Continuing Failures” Cited Tied to Inventory Acct’g and Audit Systems
Inadequate!
Delays in Payment of Taxes!
Source: Publicly available at http://www.mca.gov.in/
Continuing failure for ascertaining aging of inventory and collection of receivables! Described as a Major Weakness
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Spruce Point Capital
Funding Issues and Bad Working Capital Practice Noted in India
Ametek often cites its superior working capital practices to its investors. However, we note it received a citation for funding issues from using short-term bank borrowing for long-term investment and funding of losses.
Source: Publicly available at http://www.mca.gov.in/
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Spruce Point Capital
Ametek’s Indian Auditor Notes the Exact Same Issues the Whistleblower Claimed
Ametek India’s 2013 Form 23AC continued to list the same unresolved issues and specifically listed its opinion as qualified and containing adverse remarks!
Spruce Point Note: Our review of Ametek Singapore Private Limited, the immediate holding company, along with Ametek European Holdings Limited (the holding company above Ametek Singapore) does not state the inventory valuation method used. Furthermore, both entities stopped filing financial statements in 2012. Regardless, why after 5yrs of starting its India operations does Ametek not appear to have control procedures in place?
Source: http://www.mca.gov.in/
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Ametek India: Qualified Audit Opinion! Spruce Point Capital
Source: Publicly available at http://www.mca.gov.in/
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Ametek India Markets Many of its Products Spruce Point Capital
Ametek India markets many of Ametek’s products and brands, yet its auditor noted it lacked internal control for sales of goods, services, and inventory!
Source: Publicly available at http://www.mca.gov.in/
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Insider Ownership Declines Year After Year Spruce Point Capital
Alignment of insiders’ interest with public shareholders’ interests appears to be rapidly eroding. Insiders (management and its directors) own only 2% of the company. Insiders own less and less of the company every single year. We view this as an alarming trend to carefully consider.
Outstanding Shares Options to Acquire Supplemental Exec Retirement Plan Insider Total Beneficial Ownership Shares Outstanding Reserved for issuance under incentive plans Total Shares
2/5/2007 6,899,924 2,907,504 469,577 10,277,006 239,042,061 14,307,422 253,349,483
3/7/2008 6,186,845 2,727,554 493,261 9,407,660 239,517,380 19,575,000 259,092,380
2/2/2009 5,726,439 3,032,771 476,885 9,236,095 240,227,168 18,000,000 258,227,168
2/1/2010 5,593,988 2,599,380 494,098 8,687,466 240,122,572 15,525,000 255,647,572
3/18/2011 5,289,752 2,226,668 522,638 8,039,057 241,271,336 12,450,000 253,721,336
3/16/2012 4,493,964 2,110,215 552,245 7,156,424 241,091,172 23,100,000 264,191,172
1/31/2013 3,621,259 1,475,554 452,719 5,549,532 243,281,716 19,898,922 263,180,638
1/31/2014 3,390,177 1,474,207 466,306 5,330,690 245,067,108 18,200,000 263,267,108
4.1%
3.6%
3.6%
3.4%
3.2%
2.7%
2.1%
2.0%
Insiders Ownership / Total Shares Adjusted for 3:2 stock split on Nov 2010 and May 2012 Source: Ametek Proxy Statements
60
Insiders Sales Are Rampant... Spruce Point Capital
Source: Bloomberg; AME GPTR
61
Insiders Racing to the Exit With Rapid Sales in 2014 Spruce Point Capital
Person, Title William Eginton, SVP Corp. Development Elizabeth Varet, Director Tim Jones, President Electromechanical Group Elizabeth Varet, Director Elizabeth Varet, Director Elizabeth Varet, Director James Malone, Director Charles Klein, Director Elizabeth Varet, Director James Malone, Director Steve Kohlhagen, Director Steve Kohlhagen, Director Elizabeth Varet, Director Elizabeth Varet, Director Elizabeth Varet, Director Elizabeth Varet, Director James Malone, Director Elizabeth Varet, Director John Hardin, President EIG James Malone, Director Elizabeth Varet, Director Charles Klein, Director Steven Kohlhagen, Director
Sale Date 2/24/2014 2/27/2014 3/4/2014 3/6/2014 3/7/2014 3/17/2014 5/12/2014 5/16/2014 6/20/2014 6/20/2014 8/7/2014 8/8/2014 8/18/2014 8/18/2014 9/2/2014 9/4/2014 9/4/2014 9/5/2014 9/5/2014 9/10/2014 9/11/2014 11/4/2014 11/6/2014 Total/Avg Sale:
Shares Sold 10,000 2,000 20,000 1,000 1,000 1,000 400 3,000 1,820 1,250 3,550 3,401 1,000 1,000 1,000 1,000 12,464 4,908 10,000 1,755 1,000 8,167 3,436 94,151
Sale Price $53.07 $52.99 $53.60 $53.75 $54.26 $53.61 $53.21 $52.67 $54.00 $53.98 $51.12 $50.91 $52.07 $52.14 $53.20 $53.28 $52.98 $53.10 $53.00 $52.85 $52.75 $51.47 $51.43 $52.83
Key senior executives were the largest sellers of stock in early 2014. Many Directors have followed with numerous stock liquidations. Having sold stock at an avg. price of $52.83 and near the high prints of the year
62
Spruce Point Capital
Is Ametek’s Board Equipped to Look Out For Shareholders’ Interests?
We wonder if Ametek’s Board of Directors is fully equipped to question management’s decisions, and oversee the best interest of shareholders’ •
First, we observe that Ametek has among the smallest sized Board among its peer group consisting of just 9 members (includes its CEO and a recently appointed director on Sept 4, 2014). Secondly, Ametek has among the oldest Board, with an average age of 65 years old and, lastly, the average length of tenure per Board member is 13 years (15yrs excluding the recent appointee).
•
It’s easy to see why Ametek’s Board is so entrenched and wouldn’t want to go anywhere! Directors receive restricted stock with just a 2yr vesting period. Board members have been racing to sell stock this year. Collectively, the entire Board group (excluding the CEO) owns approximately 0.36% of the stock
•
Ametek also makes nice retirement benefits available to its Board, encouraging them to stick around. For example, Directors who first became elected prior to January 1, 1997 participate in a retirement plan. Under this plan, each non-employee Director who has provided at least three years of service receives an annual retirement benefit equal to 100% of that Director’s highest annual rate of cash compensation during the Director’s service with the Board. Also, Directors who first became members of the Board prior to July 22, 2004 participate in Ametek’s Death Benefit Program
$ in millions
Enterprise Value LTM Revenues Board Members Average Age Avg. Length of Tenure
Danaher $52,413 $19,562 10 62 18
Emerson $47,437 $24,540 13 61 9
Eaton $40,147 $22,393 12 61 9
Rockwell $15,183 $6,557 10 62 8
Ametek $14,302 $3,798 9 65 13
Mettler Toledo $8,044 $2,435 9 60 11
Hubbell $7,195 $3,258 12 60 9
Average* $28,403 $13,124 11 61 11
* excludes Ametek Source: Company filings.
63
Signs of Aggressive Inventory Accounting
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
Warning: It’s All About the Inventory Spruce Point Capital
Ametek is obsessive about touting its “Operational Excellence” and its “Working Capital Efficiency.” Ametek regularly highlights its “Working Capital to Sales” metric on its quarterly earnings conference calls, and management bonuses are tied to this metric. One lever the company can pull to make itself more working capital efficient is by minimizing its investment in inventory. We note the following paraphrased quote from the indicted former VP of Finance below.
Source: Ametek vs. Matthews Whistleblower Case Publicly available by FOIA Request
65
Warning: Inventory Turnover Has Been Persistently Declining
Spruce Point Capital
A persistently declining inventory turnover is at odds with a healthy, growing company and supports our belief that Ametek may be experiencing inventory accounting issues. Ametek gives investors limited insights to evaluate the factors affecting Cost of Goods/Services that drive inventory turns.
5.50x 5.40x 5.30x 5.20x 5.10x
5.00x 4.90x 4.80x 2011
2012
2013
Source: Ametek Company Financials Note: Inventory Turnover = LTM Cost of Sales / Average ( Beginning and Ending Period Inventory)
Q1'14
Q2'14 66
Spruce Point Capital
Reminder: Ametek Never Discusses or Discloses Drivers of its Gross Profit Margins 2013 Management, Discuss and Analysis (MD&A)
Total international sales for 2013 were $1,984.5 million or 55.2% of net sales, an increase of $276.9 million or 16.2%, compared with international sales of $1,707.6 million or 51.2% of net sales in 2012. The $276.9 million increase in international sales resulted from the acquisitions mentioned above, primarily driven by Dunkermotoren and Micro-Poise, and includes the effect of foreign currency translation. Both reportable segments of the Company maintain strong international sales presences in Europe and Asia. Export shipments fr om the United States, which are included in total international sales, were $1,037.0 million in 2013, an increase of $174.4 million or 20.2%, compared with $862.6 million in 2012. Export shipments improved due to increased exports from the 2013 and 2012 acquisitions noted above, excluding Creaform and Dunkermotoren. New orders for 2013 were a record at $3,621.9 million, an increase of $86.8 million or 2.5%, compared with $3,535.1 million in 2012. The increase in orders was primarily attributable to 2013 and 2012 acquisitions. As a result, the Company’s backlog of unfilled orders at December 31, 2013 was $1,140.0 million, an increase of $27.7 million or 2.5%, compared with $1,112.3 million at December 31, 2012.
Segment operating income for 2013 was $861.5 million, an increase of $72.2 million or 9.1%, compared with segment operating income of $789.3 million in 2012. The increase in segment operating income resulted primarily from the acquisitions mentioned above, as well as the benefits of the Company’s lower cost structure through Operational Excellence initiatives. Segment operating income, as a percentage of net sales, increased to 24.0% in 2013, compared with 23.7% in 2012. The increase in segment operating margins resulted primarily from the benefits of the Company’s lower cost structure through Operational Excellence initiatives. Selling, general and administrative (“SG&A”) expenses for 2013 were $398.2 million, an increase of $17.7 million or 4.7%, com pared with $380.5 million in 2012. As a percentage of net sales, SG&A expenses were 11.1% for 2013, compared with 11.4% in 2012. Selling expenses increased $14.8 million or 4.4% for 2013 primarily driven by the increase in net sales noted above. Selling expenses, as a percentage of net sales, decreased to 9.8% for 2013, compared with 10.1% in 2012. Base business selling expenses decreased approximately 2% for 2013 compared to 2012, primarily due to cost containment initiatives.
Ametek Never Discusses and Omits Factors Affecting its Cost of Goods Sold or Gross Margins
67
Spruce Point Capital
High Level Indications of Potential Inventory Accounting Shenanigans
Ametek appears to be engaging in classic inventory accounting shenanigans to leave costs on the balance sheet and artificially boost profits •
First, we observe that Ametek no longer states its inventory at “lower of cost or market” according to the change in its inventory footnote language from its Annual Reports. If inventory declines in value below original cost, GAAP prescribes that the inventory must be written down to market to report the loss. By removing the lower of cost or market condition, it appears that Ametek could be avoiding write-down charges. We observe that, in recent years, Ametek appears to have never taken an inventory write-down charge
•
Secondly, we observe that Ametek has systematically and materially changed its inventory accounting methods from LIFO to FIFO over the past decade. The choice of First-in/First-out (FIFO) vs. Last-in/Last-out (LIFO) has a pronounced impact on a company’s reported Net Income. In a general inflationary environment, FIFO results in lower Cost of Goods Sold, and higher Net Income. Conversely, in the same inflationary environment, LIFO results in higher Cost of Goods Sold, and lower Net Income. Therefore, Ametek’s choice of shifting to FIFO over LIFO represents a move towards more aggressive accounting treatment that bolsters Net Income Ametek FY 2004 Inventory Disclosure
Ametek FY 2013 Inventory Disclosure
Inventories are stated at the lower of cost or market, cost being determined for more than half of inventories by the last-in, first-out (LIFO) method of inventory valuation, and market on the basis of the lower of replacement cost or estimated net proceeds from sales
The Company uses the first-in, first-out (“FIFO”) method of accounting, which approximates current replacement cost, for approximately 80% of its inventories at December 31, 2013. The last-in, first-out (“LIFO”) method of accounting is used to determine cost for the remaining 20% of its inventory at December 31, 2013
2004 Annual Report (here)
2013 Annual Report (here)
68
Spruce Point Capital
Material and Systematic Change to More Aggressive FIFO Accounting
•
Ametek appears to be deliberately and systematically changing its inventory accounting policy from LIFO (conservative) to FIFO (aggressive). This policy change has accelerated post-financial crisis. While it’s possible that some of this shift is the result of integrating acquired companies under FIFO, we don’t believe it can entirely be explained by this. Under IFRS, LIFO is not allowed, but Ametek has made only two meaningful foreign acquisitions (Dunkermotoren and EM Test) – adding ~$220m of sales. In the case of Dunkermotoren, its 2012 public financials show that it reports under German GAAP, and listed just €13.6m of inventories. Furthermore, according to our review of Ametek’s peers, and an empirical study on inventory policy choice by the American Institute of CPAs (AICPA), approximately 50% of companies reported using LIFO or Average Cost (1). As a result, we find it difficult to believe that all acquired companies are brought into Ametek and kept as using LIFO
•
As per Financial Accounting Standards (FAS) 154, accounting policy changes that are made voluntarily require retrospective application to prior periods’ financial statements. If Ametek is simply covering up an accounting error or mistake, then its historical financials would also have to be restated (2)
100% 90% 80% 70%
50%
45%
26%
21%
20%
38%
34%
31%
74%
80%
62%
62%
69%
79%
66%
2007
2008
2009
2010
2011
2012
2013
38%
60%
50% 40% 30% 20%
50%
55%
2005
2006
10% 0%
Inventory Accounted Under FIFO
Notice Ametek re-accelerates the change to FIFO starting in 2009, during a period of financial distress and when a whistleblower claimed inventory accounting irregularities
Inventory Accounted Under LIFO
Note: Spruce Point Capital Management is not an accounting firm and does not offer definitive accounting guidance. Consult your own Accounting experts on any matter related to accounting interpretations 1) FASB Statement 154 (here) 2) AICPA study - 2009 (here)
69
Spruce Point Capital
Management Paying Itself Bonuses on Adjustments for Excess Inventory....Really!
A hint of the severity of the inventory issue first appeared in 2010 through Ametek’s Proxy Statement. Management kindly adjusted its operating income bonus performance target for the ‘tax benefit realized through the disposal of excess and obsolete inventory.’ Unfortunately, investors have been completely left in the dark surrounding the magnitude of the issue. The company made no disclosures of this excess inventory in its 10K, 10Q or on its conference calls. Diluted earnings per share (EPS) — We believe that the paramount objective of a principal executive officer is to increase stockholder return significantly, and that for a large, well established industrial corporation, EPS is typically a key metric affecting share price. Therefore, we believe EPS is an excellent measure of our executive officers’ performance. Sales — Sales growth is key to the long-term vitality of a business and we believe this is an indicator of our executive officers’ performance. This measure is applied either on a Companywide basis, or, for our group presidents, with regard to their respective operating groups. We define our sales measure as actual sales compared to budgeted sales without giving effect to (i) increases in revenues from businesses that we acquired during the year and (ii) foreign currency adjustments. Group operating income — This measure applies to our group presidents with regard to their respective operating groups, and reflects adjustments deemed appropriate by the Compensation Committee. We believe this measure is a reliable indicator of operating group performance. Adjustments to operating unit income in 2010 included estimated tax benefits pertaining to the disposal of excess and obsolete inventory and the inclusion of specified financing costs related to acquisitions. We increased operating unit income by the estimated tax benefit realized through the disposal of excess and obsolete inventory. We reduced operating unit income by the estimated amount of interest cost we incur on funds borrowed to finance an acquisition where the results of operations of the acquired business are included in the unit’s operating results. We believe that reducing the operating unit income derived from an acquired business by these interest costs better reflects the contribution of the acquisition to the operating unit’s performance. Group operating working capital — This measure represents inventory plus accounts receivable less accounts payable as a percentage of sales. We use this measure to encourage our group presidents to manage our working capital in a manner that increases cash available for investment. Working Capital is reported at the Corporate and Group level. A lower working capital percentage is an indicator of a group president’s and the CFO’s success in increasing our cash resources.
Discretionary — A small portion of each executive’s award is based on discretionary factors that are deemed appropriate by the Compensation Committee. In the case of the group presidents, these factors take into account acquisition activity of their respective operating groups Source: Proxy Statement (here)
70
Spruce Point Capital
And the Problem Appears Big Enough to Still Be Ongoing Three Years Later.... From the 2013 Proxy Statement
The target goal for each non-discretionary measure in 2013 was derived from our 2013 budget. Consistent with past practice, the Compensation Committee can make adjustments on a case-by-case basis, such as for group operating income, as described below. Diluted earnings per share (EPS) – We believe that the paramount objective of a principal executive officer is to increase stockholder return significantly, and that for a large, well-established industrial corporation, EPS is typically a key metric affecting share price. Therefore, we believe EPS is an excellent measure of our executive officers’ performance. Organic revenue growth – Revenue growth is key to the long-term vitality of a business and we believe this is an indicator of our executive officers’ performance. This measure is applied either on a Companywide basis, or, for our group presidents, with regard to their respective operating groups. We define our organic revenue growth measure as actual revenue compared to prior-year revenue without giving effect to (i) increases in revenues from businesses that we acquired during the year and (ii) foreign currency effects. Operating income – This measure applies to our chief operating officer and group presidents with regard to corporate and their respective operating groups, and reflects adjustments deemed appropriate by the Compensation Committee. We believe this measure is a reliable indicator of corporate and operating group performance. Adjustments to operating unit income in 2013 included estimated tax benefits pertaining to the disposal of excess and obsolete inventory and the inclusion of specified financing costs related to acquisitions. We increased operating unit income by the estimated tax benefit realized through the disposal of excess and obsolete inventory. We reduced operating unit income by the estimated amount of interest cost we incur on funds borrowed to finance an acquisition where the results of operations of the acquired business are included in the unit’s operating results. We believe that reducing the operating unit income derived from an acquired business by these interest costs better reflects the contribution of the acquisition to the operating unit’s performance. Operating working capital – This measure represents inventory plus accounts receivable less accounts payable as a percentage of sales. We use this measure to encourage our executives to manage our working capital in a manner that increases cash available for investment. Operating working capital is reported at the Corporate and Group level. A lower working capital percentage is an indicator of the executives’ success in increasing our cash resources.
Discretionary – A portion of each executive’s award, ranging from 10% to 20%, is based on discretionary factors that are deemed appropriate b y the Compensation Committee. In the case of the chief operating officer and group presidents, these factors take into account acquisition activity of the Company and their respective operating groups. Source: Latest Proxy Statement (here)
71
Spruce Point Capital
Benchmarking Peer Inventory Accounting Policies
We analyzed a broad array of Ametek’s peers to benchmark inventory accounting policies. We observe that Ametek is the only company we’ve analyzed that explicitly avoids the “Lower of Cost or Market” language in its SEC filings, and has been changing inventory accounting methods in the last 5 years
Applies Lower Last 5yrs Change of Cost or Market of Inventory to Inventory Value Acct'g Method
Primary Acct'g Method
Secondary Acct'g Method
Emerson Danaher Agilent Hubbell Eaton Bruker Mettler-Toledo FEI Company National Instrument
Yes Yes Yes Yes Yes Yes Yes Yes Yes
No No No No No No No No No
Avg Cost FIFO FIFO LIFO (85%) LIFO FIFO FIFO FIFO FIFO
FIFO LIFO -FIFO (15%) FIFO Avg Cost ----
Ametek
No
Yes
FIFO
LIFO
Source: Compa ny SEC fi l i ngs 72
Indications of Inventory Shenanigans Spruce Point Capital
Ametek carries a substantial amount of ‘Raw Materials and purchased parts’ as a percentage of its reported inventory. This appears at odds with its claim of being an efficient and lean manufacturer. We note that on average, its peers carry just 31% of inventory in the form of raw materials.
Ending Inventory Balances - 12/31/13 $ i n mi l l i ons
Raw Materials and parts Work-in-Process Finished Goods Demo Units/Other Total Gross Inventory Less: Adjustments Ending Inventory, Net
% of Gross Inventory Raw Materials and parts Work-in-Process Finished Goods Demo Units
Ametek $291.2
Mettler Toledo $98.2
Emerson Electric N/A
Bruker $189.7
Eaton $955.0
$85.5 $76.1 -$452.8 ($23.3) $429.5
$38.1 $74.1 -$210.4 -$210.4
N/A $678.0 -$1,895.0 -$1,895.0
$196.5 $155.3 $48.3 $589.8 -$589.8
$428.0 $1,115.0 -$2,498.0 ($116.0) $2,382.0
64% 19% 17% 0%
47% 18% 35% 0%
N/A N/A 36% 0%
32% 33% 26% 8%
38% 17% 45% 0%
Altra Danaher Industrial $610.6 $56.8 $287.0 $885.9 -$1,783.5 -$1,783.5
34% 16% 50% 0%
$18.4 $68.4 -$143.7 -$143.7
40% 13% 48% 0%
Hubbell $122.3
Thermo Fisher $347.4
Parker Hannifan $111.4
$87.2 $259.4 -$468.9 ($83.2) $385.7
$157.7 $989.4 -$1,494.5 -$1,494.5
$777.7 $559.5 -$1,448.6 -$1,448.6
26% 19% 55% 0%
23% 11% 66% 0%
8% 54% 39% 0%
Average 1 31% 23% 44% 1%
1. Excludes Ametek. Source: Company Annual Reports
73
Spruce Point Capital
Indications of Inventory Shenanigans: A Closer Look at Purchase Commitments
•
Buried deep within the financial statements, public company’s must produce a table showing contractual obligations over the next few years
•
In this case, Ametek is reporting that it has committed to purchasing $335m of fixed-price inventories, with a majority coming due within one year
•
To assess the reasonableness of this reported amount, we compare it with current inventory amounts, historical figures, and across Ametek’s peer group
Source: Ametek 2013 10-K filing (here)
74
Closer Look at Purchase Commitments (cont’d) Spruce Point Capital
•
On average, our analysis suggests that peer companies commit to purchasing approximately 45% of their current inventory on a forward basis. Intuitively in our opinion, this appears to be sensible strategy to ensure adequate raw material supplies, ensure price stability, and ‘hedge’ approximately half of costs against inflationary cost pressures
•
On the other hand, Ametek appears to commit to purchase approximately 75% of current inventories forward. This could be viewed from a variety of perspectives: 1) Ametek has an aggressive inventory purchasing strategy; 2) it has superior ability to forecast customer demand and manage inventory (in the cyclical industries it operates in) or 3) its actual inventory balances are much higher than reported to investors. $ in millions Total Inventories FY 2011 FY 2012 FY 2013 Eaton Thermo Fisher Danaher Emerson Agilent (1) Keysight Tech Hubbell Mettler Toledo
Ametek
$1,701 $1,330 $1,781 $2,105 $898 -$318 $241
$380
$2,336 $1,444 $1,813 $2,125 $1,014 -$342 $199
$429
Source: SEC financial filings Note: Agilent includes Keysight results for all years
$2,382 $1,495 $1,784 $1,895 $1,066 $502 $386 $210
$453
Fixed Price Purchase Obligations FY 2011 FY 2012 FY 2013 $869 $243 $960 $1,176 $385 -$181 $99
$276
$1,108 $275 $899 $1,220 $450 -$213 $94
$326
$1,236 $291 $1,032 $1,087 $400 $208 $181 $75
Purch. Obligations / Inventories FY 2011 FY 2012 FY 2013 51.1% 18.3% 53.9% 55.9% 42.9% -56.9% 40.8%
47.4% 19.0% 49.6% 57.4% 44.4% -62.2% 47.2%
51.9% 19.5% 57.8% 57.4% 37.5% 41.4% 47.0% 35.7%
Max: Average: Min:
56.9% 45.7% 18.3%
62.2% 46.8% 19.0%
57.8% 43.5% 19.5%
$335
72.4%
75.9%
74.0% 75
Aggressive Supplier Deals the Culprit? Spruce Point Capital
•
Ametek has noted on its Floorcare and Specialty motors website, that “We compete in a very competitive continuously evolving market that has seen significant price erosion in recent years”
•
According to a letter published to its vendors and potential vendors, Ametek offers advantaged payment terms to its vendors that can consign inventory
•
What is inventory consignment? Consigned inventory is inventory available to a manufacturer such as Ametek, which is immediately available for use, but title to the inventory and the risk remains with the supplier until the inventory is consumed
•
There are various pros and cons to inventory consignment strategies to a manufacturer Benefits 1.
Reduces working capital tied up in the inventory. Keeping inventory off its balance sheet would allow a company to improve its reported inventory turnover, and other key financial metrics
2.
Risk remains with the supplier until consumed. As a result, the inventory would not appear on the manufacturer’s balance sheet since title is not held
Negatives 1.
Suppliers may feel pressured that the manufacturer is using too much leverage to accept the terms
2.
Added time and financial costs of managing the consignment process include storage, logistics and warehousing of the inventory
3.
Specialized accounting systems may have to be designed to accommodate any added complexity of the particular consignment strategy
Aggressive consignment strategies and advantaged payment terms to suppliers may be another culprit for why Ametek’s off-balance sheet purchase commitments vastly exceed its reported inventory balance. Ametek may be using this strategy to bolster its reporting financial results. While we don’t know this for sure, in our opinion it is one plausible explanation. Source: Ametek website
76
Remember What the Indian Auditor Said.... Spruce Point Capital
Spruce Point Note: Our review of Ametek Singapore Private Limited, the immediate holding company, along with Ametek European Holdings Limited (the holding company above Ametek Singapore) does not state the inventory valuation method used. Furthermore, both entities stopped filing financial statements in 2012. Regardless, after 5yrs of starting its India operations, Ametek still does not appear to have control procedures in place! Source: Publicly available at http://www.mca.gov.in/
77
Spruce Point Capital
How We Think Ametek “Covers its Tracks” > > Cookie Jar Accounting?
• Ametek has pitched investors on its “Operational Excellence” strategy, commitment to lean manufacturing, and its Six Sigma approach to business. On every quarterly conference call, the company articulates its estimation of its ability to achieve costs from strategic procurement/global sourcing, and operational improvements • We’ve reviewed every call since 2009, and graphed Ametek’s annual guidance on estimated sourcing and operational cost savings vs. its quarterly realized benefit. Curiously, its estimation of annual sourcing benefits exploded higher right after its CFO retired. The explanation was due to “weakness in its markets” and not that it had uncovered miraculous cost saving synergies from its previously announced large acquisition of Dunkermotoren (more on the problems facing Dunkermotoren in the next section!). • Ametek’s sourcing benefit estimation has tripled since 2009 from $20m annual to $70m as of Q3’14, yet its total COGS have only grown 62% over the same period. In our opinion, this growing estimation appears to be providing Ametek a cookie jar to justify its ever-expanding margins, even in the face of “weak markets” and evidence of underlying business issues. See appendix for complete details. $ in millions
$80.0 $70.0 $60.0
7/24/12: Ametek Cites “Softening We Are Seeing” as rationale for increased sourcing savings, not cost synergies from the Dunkermotoren acquisition announced in May. The CFO also “retired” in May.
Sourcing savings estimation exploding faster than realized benefits
$140.0
$120.0 $100.0
$50.0 $80.0 $40.0 $60.0 $30.0 $40.0
$20.0
Source: Ametek earnings conference calls
$10.0
$20.0
$0.0
$0.0
Realized Quarterly Sourcing Benefit (LHS)
Estimated Annual Sourcing Benefit (LHS)
Other Operational Savings (RHS)
78
Spruce Point Capital
Even the Analysts Appear Confused About its Limitless Opportunities to Cut Costs
When pressed for clarity by an analyst about its big increase in sourcing cost reductions, the CEO provides an answer that sounds elegant, but offers little in terms of specifics. A recent study by the McKinsey Global Institute on Global Manufacturing noted that the post-financial crisis period has made the manufacturing sector more uncertain, volatile and with greater supply-chain risks, increasing costs and forcing companies to become more productive. On the other hand, Ametek says it is able to get more cost efficient as it grows in size, scale and complexity. We are skeptical of this claim.
R. Scott Graham, Jefferies LLC, Research Division Just wanted to ask about this $90 million maybe in a little bit of different way it was asked previously. I don't know if you're counting this differently because I remember you were saying at some point in the last 2 years that $60 million was the baseline target. And when things were -- the economy was better, that was the number; and when the economy was weaker, you pushed that number up. Or -- did you at that point not include acquisition cost takeout? Or is this $90 million just a big acceleration off of some of the value engineering [ph] and other things you talked about? Ametek CEO: Now basically, Scott, we have included acquisitions continually in terms of providing that metric. I think the key answer to your question is that the company has just gotten larger so that there are more opportunities to take cost out. And we view this cost journey as a never-ending kind of activity that we expect our businesses every year, independent of where they are on the maturity curve, to be looking at cost improvements in their business. And the number is definitely larger, but I think if you stood it up aside the growth of the business, it's not that much different than what it has been historically on a percentage basis. Source: Q4’13 earnings call (here) Mckinsey Global Manufacturing Report (here)
79
Signs of Deal Desperation and Aggressive Acquisition Accounting
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
Ametek: The Undisputed King of Goodwill and Intangible Assets
Spruce Point Capital
Ametek aggressively marks its acquisitions with high goodwill and intangible assets relative to peers. This is a possible sign of overpaying for acquisitions and/or ways to minimize allocations to tangible and intangible assets such as inventory or purchased technology. 80% 69%
70%
61% 62%
60%
52% 52% 54% 46%
50%
35% 36% 37% 37% 33% 32%
40% 27%
30% 20%
13%
16%
10% 0%
Source: Company filings
81
Detailed Look at Acquisition Accounting Spruce Point Capital
•
Closer scrutiny of Ametek’s goodwill and intangible assets requiring amortization is warranted
•
Large amounts allocated to goodwill and to ‘customer relationships’
•
The level of financial disclosure is low surrounding working capital, with key components such as inventory and accounts payable not separately identified Allocation of Total Deal Purchase Purchase Prices Per Year $ i n mi l l i ons
YTD 2014 $61.8 $267.4
Limited Allocation to PP&E and Technology.
$44.0 $133.4 $33.9 $0.0 $211.3 ($58.8) $36.0 $414.3
$52.7 $175.8 $46.6 $0.8 $275.9 ($70.9) $39.4 $573.6
Large allocation to goodwill and customer relationships
$31.2
$33.9
2005 2006 2007 2008 Property, Plant and Equipment $40.9 $16.5 $34.4 $26.2 Goodwill $221.4 $112.4 $170.5 $271.1
2009 2010 2011 2012 2013 $4.8 $23.3 $13.6 $52.3 $12.3 $17.4 $313.5 $238.1 $384.7 $213.5
Indefinite Lived Trademarks Customer Relationships Purchased Technology Other Total Intangibles Deferred Inc Tax Net Working Cap and Other* Total Purchase Price
----$36.1 -$14.6 $72.9
$80.6 $159.7 $36.0 $0.0 $276.3 ($80.6) $6.1 $538.6
$63.0 $178.9 $18.1 $0.0 $260.0 ($37.0) $0.2 $474.9
$96.6 $233.0 $35.2 $1.7 $366.5 ($102.9) $47.1 $747.7
--
--
$28.3
$61.1
*Acct's Receivable Source: Ametek Annual Reports
----------------$40.0 $22.1 $81.7 $136.7 ----$38.4 $26.6 $14.0 $29.0 $340.7 $177.6 $300.6 $463.0 --
--
--
--
Lack of Disclosure on Inventories; Grouped in Net Working Capital
* Accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal
82
Spruce Point Capital
•
Examples of Good Acquisition Accounting SEC Disclosures
Many of Ametek’s peers give better disclosures for marking of asset and liability valuations, especially on matters of working capital and inventory
Danaher’s 2013 Acquisitions
Source: Company Annual Reports
Agilent’s Varian Acquisition
83
Ametek Aggressively Marks Intangible Asset Valuation >> Bolsters EPS
Spruce Point Capital
•
Customer lists are the fast growing and largest proportion of Ametek’s intangibles subject to amortization
•
We also observe that Ametek amortizes customer lists over 19yrs, which is 3yrs longer than purchased technology •
This creates an incentive for management to mark more of its deal costs to customer lists which spreads out the expense and hit to earnings over a longer period
Definte-Lived Intangible Assets Subject to Amortization $ in millions
Amortization Period Patents 16 Purchased Technology 16 Customer Lists 19 Other acquired intangibles 3-20yrs Total definite-lived intangibles Patents Purchased Technology Customer Lists Other acquired intangibles % of Total
2008 $51.0 $69.0 $203.4 $38.4 $361.9 14% 19% 56% 11% 100%
Fiscal Yr Ended December 31st 2009 2010 2011 2012 2013 $54.2 $52.4 $53.0 $54.3 $55.3 $75.6 $107.2 $124.8 $163.2 $198.5 $319.8 $479.9 $657.2 $897.1 $1,037.7 $25.1 $25.9 $24.9 $25.9 $28.3 $474.6 $665.5 $859.8 $1,140.5 $1,319.8 11% 16% 67% 5% 100%
8% 16% 72% 4% 100%
6% 15% 76% 3% 100%
5% 14% 79% 2% 100%
CAGR 2% 24% 39% -6% 30%
4% 15% 79% 2% 100%
Source: Company filings Note: figures are gross amounts
84
Peer Analysis Supports View That Ametek Aggressively Marks Customer Relationships Spruce Point Capital
•
We analyzed a broad array of Ametek’s peers to see what % of intangibles are being allocated to customer relationships and lists. Our analysis shows that, on average, peers allocated ~50% to this category vs. the ~80% that Ametek allocates
•
Danaher, a peer at 73%, may not be comparable since they put other intangibles into their customer relationship category Eaton $ in millions
Customer Relationships Patents and Technology Other acquired intangibles Total definite-lived intangibles
% of Total Amort. Period 2012 2013 16yrs $3,838.0 $3,859.0 17 $1,626.0 $1,588.0 $1,160.0 $1,155.0 $6,624.0 $6,602.0
2012 58% 25% 18% 100%
Amort. Period 2012 2013 14yrs $3,528.1 $3,640.0 $1,289.2 $1,376.5 $4,817.3 $5,016.5
% of Total 2012 2013 73% 73% 27% 27% 100% 100%
Danaher $ in millions
Customer Relationships and other Patents and Technology Total definite-lived intangibles
2013 58% 24% 17% 100%
Teledyne Technologies
$ in millions
Purchased Technology Customer Relationships Trademark/Tradename Backlog Total amortizable intangibles
% of Total
Customer Relationships
Amort. Period 2012 2013 8-9yrs $1,019.0 $849.0 4 $401.0 $391.0 12 $176.0 $168.0 $14.0 $14.0 $1,610.0 $1,422.0
2012 63% 25% 11% 1% 100%
Technology/IPRD Trademarks Patents and Engineering Non-compete Agreements Total amortizable intangibles
Amort. Period 5-12yrs 3-10yrs 5-10yrs
% of Total 2012 2013 9% 10% 91% 90% 0% 0% 100% 100%
1
2013 60% 27% 12% 1% 100%
2012 $176.3 $91.1 $0.7 $0.9 $3.3 $12.3 $284.6
2013 $191.3 $100.5 $0.7 $0.9 $3.3 $12.9 $309.6
2012 62% 32% 0% 0% 1% 4% 100%
2012 $244.9
2013 $253.8
% of Total 2012 2013 54% 57%
$147.5 $32.7 $16.6 $8.2 $449.9
$133.0 $32.6 $16.6 $8.3 $444.3
33% 7% 4% 2% 100%
Regal-Beloit $ in millions
Agilent
% of Total
Amort. Period1 Proprietary Technology 10yrs Customer lists/relationships 10 Patents Non-compete Agreements Trademarks Backlog Total definite-lived intangibles
$ in millions
Amort. Period 3-14yrs 3-9 3-20 10 3-5
Mettler-Toledo Bruker Corp $ in millions
Customer relationships Existing Technology/Patents Trade names Total amortizable intangibles
2012 $15.3 $151.5 $0.2 $167.0
2013 $18.0 $157.9 $0.2 $176.1
Amort. Period1,2 2012 Customer Relationships 18yrs $96.6 Proven Technology/Patents 10 $43.0 Tradenames (finite life) 15 $4.0 Other $0.7 Total amortizable intangibles $144.3
$ in millions
2013 62% 32% 0% 0% 1% 4% 100%
30% 7% 4% 2% 100%
% of Total 2013 $98.4 $43.2 $4.3 $0.8 $146.7
2012 67% 30% 3% 1% 100%
2013 67% 29% 3% 1% 100%
Source: Company filings; Note: Gross Historical Cost 1. Inferred from recent acquisitions. 2. Weighted-average life for relationships and patents
85
Pro Forma Impact of Aggressive Amortization Assumptions Spruce Point Capital
• Based on a peer analysis, we estimate an appropriate amortization period for customer relationships to be 10yrs, not the 19yrs Ametek uses on average • Furthermore, we estimate the compounded effect of Ametek’s aggressive amortization assumptions has provided approximately a 130 basis point improvement to its EBIT margins and a 5% improvement to EBIT. We estimate the impact to EPS to be ~2.5% $ i n mi l l i ons
2007
2008
2009
2010
2011
2012
2013
Total Revenues
$2,137
$2,531
$2,098
$2,471
$2,990
$3,334
$3,594
Reported Customer Lists Annual Addition Annual Amort Expense (1) Cummulative Expense
$118.0 $38.1 $2.0 $2.0
$203.4 $85.3 $4.5 $6.5
$319.8 $116.5 $6.1 $12.6
$479.9 $160.1 $8.4 $21.1
$657.2 $177.2 $9.3 $30.4
$897.1 $239.9 $12.6 $43.0
$1,037.7 $140.6 $7.4 $50.4
Pro Forma Adjusted EBIT Annual Amort. Expense (2) Cummulative
$3.8 $3.8
$8.5 $12.3
$11.6 $24.0
$16.0 $40.0
$17.7 $57.7
$24.0 $81.7
$14.1 $95.8
$432.7 17.1% ($5.8) $426.8 16.9%
$366.1 17.4% ($11.4) $354.7 16.9%
$482.2 19.5% ($18.9) $463.2 18.7%
$635.9 21.3% ($27.3) $608.6 20.4%
$745.9 22.4% ($38.7) $707.2 21.2%
$815.1 22.7% ($45.4) $769.7 21.4%
-1.4% 0.2%
-3.1% 0.5%
-3.9% 0.8%
-4.3% 0.9%
-5.2% 1.2%
-5.6% 1.3%
Effective Tax Rate After-tax impact Diluted Shares
32.6% ($1.9) 241.7
30.2% ($3.4) 242.7
30.7% ($5.8) 241.3
30.9% ($8.4) 243.2
30.7% ($11.9) 244.0
28.7% ($13.0) 246.1
Reported Diluted EPS less: After-tax Amort. Impact Pro forma EPS % change
$1.02 ($0.01) $1.01 -0.8%
$0.85 ($0.01) $0.83 -1.7%
$1.18 ($0.02) $1.15 -2.0%
$1.58 ($0.03) $1.55 -2.2%
$1.88 ($0.05) $1.83 -2.6%
$2.10 ($0.05) $2.05 -2.5%
AME Reported EBIT % margin Deduct: Incremental Amort. Pro Forma EBIT % margin % Decline in EBIT Margin enhancement
(1) Assumes amortization period of 19yrs as per Ametek's 10k filing (2) Assumes 10yr amortization period
Customer Relationships Company Amortization Yrs Mettler Toledo 18.0 Eaton 16.0 Danaher 14.0 Teledyne 10.0 Parker Hannifan 10.0 Regal Beloit 8.5 Bruker 8.5 FEI Co. 7.5 Agilent 4.0 Average 10.7 Median 10.0 Source: company filings, midpoint of ranges where provided
86
Desperation for Deals: Zygo Acquisition Underscores Struggle for Fresh Targets
Spruce Point Capital
On April 11, 2014 Ametek announced the acquisition of Zygo (Nasdaq: ZIGO) for an enterprise value of $280 million. 1 •
Headquartered in Middlefield, CT, Zygo is a provider of optical metrology solutions, high precision optics, and optical assemblies for use in a wide range of scientific, industrial, and medical applications
•
In our opinion, the acquisition highlights the struggles that Ametek is having in identifying quality acquisition targets to continue its growth strategy. We note that Ametek’s press release failed to outline any specific revenue or cost synergies in this transaction that would be accretive to EPS
•
Ametek paid a $19.25/share, 31% stock price premium, 1.7x, 10x, and 33x trailing sales, EBITDA, and EPS, respectively.
•
Valuation paid for Zygo appears rich given significant issues / problems: 1.
No Revenue Growth:
2.
Margin Contraction:
FY 2011: $150.1m > FY 2013: $149.4m
a.
Gross Margin:
FY 2011: 47% > FY 2013: 44%
b.
Operating Profit: FY 2011: 14% > FY 2013: 8%
c.
Profit Margin:
FY 2011: 13% > FY 2013: 5%
3.
Management Turmoil: On October 21, 2013 the Chairman/CEO Chris Koliopoulos stepped down; three weeks later, David Basila, VP of Business Development also ceased employment with the company2
4.
Accounting Issues: Zygo received a Nasdaq notice that it was no longer in compliance with listing rules due to a delinquency in filing its 10Q.3 In its last earnings release, Zygo reported numerous errors in its income tax expense, but explained them as not being material. However, in its recent earnings report, the restated diluted EPS fell by 50% from $0.08c to $0.04c (we hardly think a 50% reduction is immaterial)4
Sources: 1) Deal Announcement (here) 2) CEO resignation (here) and VP resignation (here) 3) Nasdaq notification (here) 4) Zygo Q2’14 Earnings report (here)
87
Spruce Point Capital
Latest Amptek Deal – Another Example of Overpaying for (No) Growth
On August 5, 2014 Ametek announced the acquisition of both Amptek Inc concurrent with its Q2’14 earnings. In its recent 10Q filing, Ametek would later disclose that Amptek was acquired for ~$115m and has estimated sales of $30m •
Headquartered in Bedford, MA, Amptek provides instrumentation and detectors used in non-destructive materials analysis applications. Commenting on the acquisition, the CEO said “Amptek provides us with attractive sensor and detector technology as well as strong R&D development capabilities which will help to accelerate future technology developments for our served markets“
•
We’ve done further diligence on Amptek and discovered that it was owned by JZ Capital Partners, a publicly traded entity in London. A closer look reveals that Amptek had no revenue growth from 2012 to 2013! In fact, revenues declined modestly from $30.2m to $29.2m. Its EBITDA, a number inherently susceptible to accounting assumptions, appears unusually high at 45% of revenues
•
In our opinion, the Amptek deal further highlights Ametek’s desperation to acquire revenues at any cost. Having paid 3.9x revenues and 8.8x EBITDA for a business with no recent sales growth appears extremely rich, and may be detrimental to shareholder value
Source: JZ Capital 2013 and 2014 Annual Reports (here) and (here)
88
Spruce Point Capital
Ametek’s Largest Deal Ever: Dunkermotoren Major Issues and Deception Ametek Press Release
April 26, 2012 Ametek announced that it would acquire Dunkermotoren, a leader in advanced motion control solutions for a wide range of industrial automation applications. Dunkermotoren had expected 2012 sales of ~ €155m (~US$200m). Ametek acquired the business from Triton, a European private equity firm for ~€250m ($320 million) or 1.61x EV/Sales. Ametek’s deal Commentary: “Dunkermotoren is a global leader in highly engineered advanced motion control solutions for niche applications. It is an excellent strategic and highly complementary fit with our Precision Motion Control business. It expands our leadership position in niche rotary and linear motion applications. In addition, it broadens our manufacturing capabilities in both Europe and China, and greatly expands our presence in key industrial end markets."
Triton Press Release Triton bought Dunkermotoren in Nov 2009 when it was a non-core business of the telecommunications provider Alcatel-Lucent. Triton paid EUR 145m to acquire the business, which was producing EUR 100m of sales (EV/Sales:1.45x) Triton’s deal commentary: "Despite a challenging market environment, we have doubled investment in R&D and managed to improve the company's ability to innovate. In addition we have supported targeted acquisitions in the field of technology and a rapid expansion of sales operations and technology centres in the US, China and Europe. The company has extended its product range and sales network and enhanced customer proximity, all of which has strengthened Dunkermotoren's ability to compete in the long term” Triton to Acquire Dunkermotoren from Alcatel Lucent Announcement Triton Sale to Ametek Announcement Ametek Deal Announcement
Spruce Point Observations • Where was Ametek to purchase this business in 2009 and why did they pay $100m more for it in 2012?
• Triton’s commentary suggests it invested substantial R&D to grow the business. None of this R&D will accurately flow through Ametek’s income statement, enabling the overstatement of EPS • In the purchase price allocation, we observe Ametek attributed the smallest amount to purchased technology of $16.4m, and is amortizing it over 15yrs, so just $1.1m/yr of amortization expense will hit future earnings
Dunkermotoren Purchase Price Allocation $ in millions
Amortized
Years
$34.0
Yes
Various
Goodwill
$140.5
No
Customer Relationships
$103.7
Yes
16-20
Purchased Technology
16.4
Yes
15.0
Indefinite Lived Trademarks
44.5
No
Property, Plant and Equip.
Total Intangibles Deferred Inc Tax Net Working Cap and Other Total Purchase Price
$164.6 (19.2) (2.7) $317.2
Source: Q1-Q3 2012 Ametek 10Q SEC Financials
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Spruce Point Capital
Dunkermotoren’s German Filings Tell a Different Story
Dunkermotoren’s 2012 German Public Filings On May 21, 2012 Ametek said, “The privately held manufacturer has expected 2012 sales of approximately €155 million ($200 million)” But, according to public filings, Ametek would have already known that Dunkermotoren’s business was deteriorating when they made this statement. Actual 2012 revenues came in at EUR 136.4m, or 12% less than expected. Revenues declined 3% YoY!!
Business Commentary From German Filing “Overall, Dunkermotoren could not reach the turnover of EUR 140.1m from the previous year. Sales amounted to EUR 136.4M, which is about 3% below the planned levels. The good level of the first quarter could not be sustained in the subsequent quarters. The global economy also influenced the regional distribution of sales. In Germany, sales remained broadly stable. With a slight decline in the fourth quarter, sales declined in Germany for the year by approx. 1%. Exports to other European countries were about 6% lower than last year, the same applies to exports to Asia. Positive Sales developments in North America, here were 9% increase was recorded.”
Ametek Spins a Misleading Story to Wall St. Matt McConnell - Citigroup - Analyst Great, thank you. I wonder if I could slip in a quick follow-up on Dunkermotoren. I know it has been probably two or three quarters since that closed. Could you give an update on how that integration has been going and maybe profitability? I think it was a 1-point drag to the EMG margin. Was that roughly in line with your expectation? AMETEK, Inc. - Chairman, CEO
Profit Increased, but mostly because Ametek repaid some of its debts
Source: Dunkermotoren’s public German financials (Google Translated); Available https://www.bundesanzeiger.de
Yeah, it’s now performing very good. I’m very, very pleased with the operating team there. We just did a review recently and that team has embraced the Ametek culture, and they’re very good and their profit margins are lower – there’s no question. We knew that when we acquired them. As we do with most acquisitions, we’re going to continue to work and improve those margins, and your analysis is right – it was about 100 basis points improvement. 90 Source: Q4 2012 Ametek Earnings Conf Call (here)
So Much for the Dunkermotoren Team “Embracing Ametek’s Culture”.... Struggles Continue in 2013 Spruce Point Capital
German Article on Dunkermotoren – Aug 8th, 2013
English Interpretation
Manfred Bergsch wird Leiter der Geschäftsführung Bonndorf - Manfred Bergsch ist ab sofort neuer Leiter der Geschäftsführung bei der Dunkermotoren GmbH. Das teilte die Unternehmensleitung bei einem Pressegespräch mit. Die Organisation ist soweit stabil, dass wir uns gemeinsam mit Ametek entschlossen haben, die bisherigen Geschäftsführer freizustellen“, so Uwe Lorenz, der den Geschäftsführerposten von Volker Brunner übernommen hat und bereits vorher im Leitungsteam der Firma tätig war. Die drei bisherigen Geschäftsführer von Dunkermotoren, Nikolaus Gräf, Volker Brunner und Frank Guckelberger hatten gekündigt. Manfred Bergsch war bisher Aufsichtsratsvorsitzender der Dunkermotoren GmbH. „In der Rolle als Geschäftsführer kann ich die Firma aber besser begleiten.“ Bergsch selbst betrachtet sein Engagement als Leiter der Geschäftsführung als ein vorübergehendes. Er ist gleichzeitig Geschäftsführer der Spectro Analytical Instruments in Kleve, die seit 2005 zum Ametek-Konzern gehört. „Ich werde ab jetzt aber drei Tage die Woche hier sein“, versicherte er. Derzeit laufe die Suche nach einem ständigen Leiter der Geschäftsführung über Ametek. Ob die Position des Leiters des Rechnungs- und Finanzsektors (bisher Frank Guckelberger) künftig auch Geschäftsführungsfunktion habe, wisse man noch nicht. Bergsch lobte den Zustand der Firma: „Das ist eine motivierte und erfolgreiche Mannschaft, die Dinge wirklich bewegen will. Das macht wirklich Spaß hier.“ Der Leiter der Geschäftseinheit, in der Dunkermotoren organisiert ist, Matt French, war aus den USA nach Bonndorf gekommen. Daran sehe man, wie wichtig Dunkermotoren für Ametek sei, erläuterte Bergsch. Der Konzern hat 16 solche Einheiten und 70 Firmen. „Ich bin froh, dass wir eine solch stabile Managementsituation haben, die es ermöglicht hat, die bisherigen Geschäftsführer freizugeben“, so French.
“Manfred Bergsch is now the new head of management (CEO) at Dunkermotoren, announced at a press conference” “The three former managing directors of Dunker engines , Nikolaus Graf, Volker Brunner and Frank Guckelberger were terminated.”
“It is not known what will happen to the Head of Finance and Accounting position (previously Frank Guckelberger).”
IT WOULD TAKE 1 YEAR FOR THE COMPANY TO FINALLY ANNOUNCE MARKUS ROTH AS ITS NEW CEO1
Manfred Bergsch ist 58 Jahre alt, verheiratet, hat zwei Kinder und drei Enkel. Seit 29 Jahren ist er bei Spectro Analytical Instruments, dort hat er als Servicetechniker angefangen. Er war drei Jahre in den USA tätig und ist seit 2006 Alleingeschäftsführer Source: Public German Article (here) translated by Google Translate 1) New CEO Appointed (here)
91
Spruce Point Capital
Insights from Cameca: Failed Revenue Expectations and Now Covering Tracks? Ametek Announces Acquisition of Cameca
August 13, 2007: PAOLI, Pa.--(BUSINESS WIRE)--AMETEK, Inc. (NYSE:AME) announced that it has acquired CAMECA SAS, a manufacturer of high-end elemental analysis systems used in advanced laboratory research, semiconductor and nanotechnology applications. CAMECA, based in Paris, France, was purchased from an investment group led by the Carlyle Group for approximately €82 million ($112 million). CAMECA has estimated annual sales of €60 million ($82 million). “CAMECA is an excellent acquisition that significantly broadens our technical capabilities in differentiated, high-end analytical instrumentation. Its global customer base includes many of the world’s leading semiconductor manufacturers and academic, government, and industrial research facilities engaged in nano-science and other materials science research” “CAMECA is an excellent acquisition that significantly broadens our technical capabilities in differentiated, high-end analytical instrumentation. Its global customer base includes many of the world’s leading semiconductor manufacturers and academic, government, and industrial research facilities engaged in nano-science and other materials science research,” states Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
Observations and Commentary Observations: •
Ametek estimated Cameca’s sales at €60m for 2008. According to public filings we obtained, its 2008 actual results were €45m (25% below plan), with virtually no revenue growth in 2009. According to public filings, Cameca still had not hit €60m of revenues by year end 2013!
•
Its CEO resigned according to a French filing made on 3/31/14 and one of its auditors appears to have resigned too
Years Would Pass Until Ametek Started Touting Cameca on Earnings Conference Calls...Why? • Q1’2012 (here): “Europe is an interesting story for us. Overall, our
organic growth in Europe was quite good. It was up actually about 7% in the first quarter. And we saw very, very strong performance in our Aerospace businesses. And also one of our companies in France, CAMECA, which makes a very high-end analytic type instrumentation, saw excellent, excellent sales”
• Q3’2012 (here): “Interestingly though, at the very high end of our
business, it’s absolutely the opposite, where I think you’re familiar with our CAMECA business and that business tends to go countercyclical to the semiconductor cycle and when things are weaker in semiconductor, basically the semiconductor companies put more investment in RD&E. So that business is just doing incredibly well for us”
• Q1’2013 (here): “Actually, our strongest organic growth was in
Sources: Cameca acquisition announcement Cameca public filings: here
Europe, and the reason for that was really twofold. One was that we have our commercial and some of our business in regional aircraft, European businesses were very strong and the MRO business in Europe was very strong. That was one factor. And the second factor was CAMECA, which is one of our highest, and EIG businesses had very large shipments into Europe in the first quarter.”
92
Cameca’s Gains Appear To Be Hitting A Wall Spruce Point Capital
We’ve obtained Cameca’s historical financial filings and presented the results below for ease of display. Our observations mirror many of our concerns about Ametek’s current predicament. Cameca appears to have hit a wall in terms of margin expansion, while its revenue growth has severely disappointed.
Cameca’s Income Statement – FY Ended 12/31
Observations and Commentary
euros in millions
Net Turnover (Sales) % growth Cost of Materials+ other pruchases Gross Profit % margin Salaries and Wages % margin Depreciation and Amort. Operating Taxes/Levies Provision for Current Asset Charges Provision for Operating Liablities Other Expenses EBIT % margin EBITDA % margin
2007 € 45.0 -€ 26.0 € 19.0 42.2% € 12.6 28.0% € 0.2 € 1.0 € 0.2 € 0.6 € 0.3 € 4.2 9.3% € 4.4 9.7%
2008 € 45.8 1.7% € 23.3 € 22.5 49.1% € 13.4 29.2% € 0.2 € 1.1 € 0.4 € 2.0 € 0.1 € 5.3 11.6% € 5.5 12.1%
2009 € 32.0 -30.1% € 15.7 € 16.3 51.0% € 13.0 40.5% € 0.3 € 0.9 € 0.4 € 1.3 € 0.1 € 0.4 1.4% € 0.7 2.2%
2010 € 44.0 37.4% € 20.2 € 23.8 54.1% € 12.5 28.5% € 0.3 € 1.1 € 0.7 € 3.6 € 0.1 € 5.5 12.5% € 5.8 13.1%
2011 € 48.8 10.8% € 24.4 € 24.4 50.0% € 13.6 28.0% € 0.3 € 1.1 € 0.3 € 3.8 € 0.1 € 5.2 10.6% € 5.4 11.1%
2012 € 55.9 14.6% € 25.6 € 30.3 54.2% € 13.9 24.9% € 0.3 € 1.4 € 0.7 € 4.2 € 0.1 € 9.7 17.4% € 10.0 18.0%
No te: We exclude items belo w net revenues such as pro ductio n o f invento ried pro ducts and large reversals o f amo rtizatio n and pro viso ns
Sources: Cameca public filings: here
2013 € 59.1 5.8% € 29.0 € 30.1 50.9% € 14.4 24.4% € 0.3 € 1.8 € 0.3 € 4.1 € 0.2 € 9.0 15.3% € 9.4 15.8%
CAGR 4.6%
2013 Net Revenues of €59.1m are still below the forecasted revenues of €60.0m announced in 2007! Revenue growth slowed significantly in 2013.
1.8% 8.0% 2.3% 9.4% 9.6% 9.7% 39.6% -7.9% 13.6%
Claims of continuous improvements and ability to strategically source and drive input costs lower is not evident in Cameca’s gross margins, which have been largely stagnant since 2008
Research and development expenses, listed in the footnotes of the financials, have held stable at ~€4.8m per year. This also underscores our belief that the company underinvests in R&D
13.5% EBITDA margins peaked in 2012 and are significantly below Ametek’s corporate margin of 26%
93
Spruce Point Capital
Cameca’s Auditor Resignation.... Trouble Brewing?
2011 Financials Have 2 Auditors
Latest 2013 Financials Shows Auditor Departure
By French Commercial Code (article L823-2), Cameca must have two statutory auditors.(1) Cameca’s latest filing in 2013 has just one auditor - Constantin Associates has been omitted.
Cameca public filings (here) 1) Dual Statutory Audit Rule (here)
94
Trouble Brewing at Cameca.... Spruce Point Capital
Recent public filings in France and UK indicate troubles at Cameca. Its CEO recently departed, and its UK subsidiary was declared insolvent. Furthermore, according to Ametek’s recent private placement filing, Schedule 5.15 indicates $13.1 m of previously undisclosed capital lease debt assumed by Cameca. This may indicate an unwillingness by Ametek to internally fund the business. Cameca’s French Filings Show Cause For Concern
Sources: Cameca French (here) and UK (here) filings Private Placement Filing (here)
Cameca’s UK Subsidiary Recently in Liquidation
95
Spruce Point Capital
Another French Auditor Disappearance at Ametek’s Antavia SAS
Antavia is a French MRO company that employs 70 people to support efficiently its worldwide customers such as Boeing and Airbus. Umeco, based in England, acquired Antavia for £8.7m in October 2006 to create its first repair and overhaul base in mainland Europe. Approximately 1 year later in October 2007, Ametek acquired Umeco’s MRO division (which included Antavia and AEL Ltd) for approximately £36m ($73m), which together had estimated annual sales of approximately £28m ($57m) Our review of recent filings, indicates that Antavia produced €15.4m of revenue in 2014, and increase of 11% from 2013. We calculate its EBITDA to be €3.2m or 20.6% of revenue. However, we believe that Antavia’s financial results should be viewed cautiously. We observe that its second auditor, Deloitte Marque & Gendrot, mysteriously disappeared from signing the audit opinion after 2012. As we highlighted earlier, Ametek’s Antavia must have two statutory auditors by French Commercial Law
Sources: Antavia SAS public filings: here Ametek acquires Umeco MRO (here) Umeco acquires Antavia (here)
No Signature
96
Spruce Point Capital
Insights From the Acquisition of Land Instruments Int’l Ltd.
Land Instruments Acquisition Sounds Promising According to the Announcement On June 16, 2006 Ametek announced it acquired Land Instruments International Limited (“Land Instruments”), a global supplier of high-end analytical instrumentation. With its headquarters in Dronfield, United Kingdom, Land Instruments had annual sales of approximately £22 million ($41 million). It was acquired from an investor group led by 3i plc • According to Ametek, “Land Instruments is an excellent addition to our high-end process and analytical instruments business. It offers an extensive range of infrared temperature measurement, combustion efficiency and emissions monitoring instruments.” • “Land Instruments offers a full range of on-line optical temperature measurement instrumentation for industrial applications, including spot thermometers, line scanners and thermal imagers. These instruments, which measure temperatures up to 3000 degrees Celsius, are widely used by the metal, glass and mineral processing industries. The addition of Land Instruments’ high temperature monitoring and control systems expands AMETEK’s on-line process monitoring capabilities, adding to our existing strengths in on-line composition and moisture analysis,” continued Mr. Hermance”
Sources: Land Instruments Acquisition Announcement (here) Land’s UK public filings accessible at www.companieshouse.gov.uk
Spruce Point Commentary •
Land’s revenue did not appear to hit the target of £22m stated in the press release. We estimate on a calendarized basis, Land produced ~£15m of revenues, or 31% less than expected
Commentary from Land’s 2006 Annual Report •
“Turnover for the 9 month period ended 31 December 2006 was 30% lower than for the 12 month period ended 31 March 2006. After adjusting for the different length in reporting periods, turnover for the 9 month period ended 31 December 2006 was broadly comparable with the prior period.”
•
“Operating profit before exceptional items decreased by 64% during the period. After adjusting for the different length in reporting periods, the operating profit before exceptional items was 50% lower than in the prior period, reflecting reduced margins arising from a change of mix in products and pricing pressure. The company incurred exceptional costs of £990,000 in the period, arising from the write off of a loan to a loss making subsidiary (now in liquidation), curtailment of the Employee Benefit Trust and redundancy costs, details of which are set out in note 3 to the financial statements.” 97
Spruce Point Capital
Years Later and Land Instruments Is Still Struggling...
Observations From Recent Performance
Spruce Point Commentary •
Land’s revenue in 2013 is still 17% below its £22m estimated revenue at acquisition in 2006, and its operating profit margin has contracted by 467bps over the past 3 years
2012 Commentary from Land’s Annual Report •
“Core markets underwent significant retrenchment during 2012. This negatively impacted both volumes and pricing. These effects were partially offset by the improved penetration of new market sectors and new product launches. Cost reduction and other commercial activities were successfully initiated to address the market challenges, leaving the business well positioned to deliver strong performance in 2013 and beyond.”
2013 Commentary from Land’s Annual Report •
“The Company’s core market business, while stabilizing in 2013, continued to show some sales deterioration against the previous year. This was partly due to lack of growth in these mature markets, but was also due to a more selective targeting of sales opportunities, which was a contributing factor to the higher underlying operating profit performance noted below”
Source: Land’s UK public filings accessible at www.companieshouse.gov.uk
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Spruce Point Capital
Insights from Taylor Hobson UK filings: No Growth, Margins Shrinking
Recent Zygo/Luphos Deal Synergistic w/Taylor Hobson? On June 16, 2004 Ametek announced it acquired Taylor Hobson Holdings Ltd. (“Taylor Hobson”) manufacturer of ultra-precision measurement instrumentation for a variety of markets, including optics, semiconductors, hard disk drives and nanotechnology research. Taylor Hobson was acquired from funds advised by Permira for a purchase price of GBP 51m (~US$ 95m). Taylor Hobson had expected 2004 sales of ~GBP 38 million (~$US 70m) (1) • Ametek recently cited Taylor Hobson in its Q2’14 conference call, saying, “During the second quarter, we closed the acquisition of Zygo Corporation and acquired Luphos, a technology acquisition which is highly synergistic with Zygo and our Taylor Hobson and metrology businesses” • We wanted to investigate Taylor Hobson further, so pulled its recent UK financial filings. Again, we found evidence of a struggling company with only 1.3% revenue growth, gross margins contraction of 200bps to 49.8% from 51.9% and operating margin contraction of 295bps from 27.07% to 24.12% • Our take: Taylor Hobson’s financials show it is struggling, while Zygo’s business appears challenged and under margin pressure. We are skeptical of Ametek’s ability to drive ‘synergies’ between two no growth companies with contracting margins 1) Note: Ametek acquired the Solartron Group (2005) with sales declared at GBP 25m (US$50m), and is holding Solartron Metrology as a 100% subsidiary of Taylor Hobson. Taylor Hobson Deal Announcement Solartron Deal Announcement
2013 Commentary from the Annual Report
• “Financial performance in our Leicester division returned to just below 2011 levels with an overall decrease in sales of 11% from the peak 2012. Sales to the Far East in particular were much weaker than last year, the relative decrease due to the unusually high sales to our Japanese sister-company in 2012. Most product lines were affected with core surface and roundness products bearing the brunt. Sales in our Solartron ISA division were up 54% on the previous year as a result of increased activity in all product and geographic sectors. Asia and the Americas saw particularly strong growth.” • “At the operating profit level, we made 24.1% (2012: 27.1%). Whilst this was down on the previous year, the return remains very respectable in the context of reduced volumes, adverse foreign exchange movements and increased R&D investment.” Source: UK public filings accessible at www.companieshouse.gov.uk
99
Spruce Point Capital
Insights from the Acquisition of Muirhead Aerospace
Ametek Announces Acquisition of Muirhead Aerospace
On Nov 3rd 2008, Ametek announced the acquisition of UK-based, Muirhead Aerospace Limited, a leading manufacturer of motion technology products and a provider of avionics repair and overhaul services for the aerospace and defense markets. Muirhead Aerospace was a subsidiary of Esterline Technologies Corporation, a NYSE-listed company (NYSE:ESL), and has estimated 2008 sales of approximately $54 million (£33 million). Key Deal Commentary From Ametek: “Muirhead Aerospace expands AMETEK’s penetration in motion control products for the aerospace and defense markets, including actuators and other specialized linear motors, complementing our existing technical motor capabilities. Muirhead Aerospace’s motion control products are used in many applications including fuel controls, flight controls, power systems and guidance systems on a wide variety of aircraft, land vehicles, ships and missiles” “Additionally, Muirhead Aerospace further strengthens AMETEK’s position as a leading independent provider of MRO services to the European aviation industry. It provides avionics repair services to a wide variety of commercial, business jet and defense customers,” Source: UK public filings accessible at www.companieshouse.gov.uk Muirhead deal announcement (here)
Spruce Point Commentary • Muirhead’s revenues do not appear to have achieved the estimated results articulated in the press release. Even with the benefit of the 14 month period from Nov 1, 2099 to Dec 31, 2009, revenues only achieved £31.2m Annual Report Commentary
• “The company performed well in the 14 months to 31 December 2009 despite a difficult economic environment. The impact of the global economic downturn however was greater than anticipated and the business needed to align its cost structure with market conditions as a result. The restructuring, coupled with a rebranding exercise following its acquisition by Ametek Inc resulted in operational restructuring costs of £925k • Adjusting for this, operating profits for the lengthened period and the 14 month financial position were considered to be satisfactory. The company continues to seek out new opportunities in its repair and overhaul business. We continue to be cautiously optimistic about the near term economic outlook and our differentiated business continues to enjoy a healthy order book. This gives us good reason to be confident that 2010 should be another good year 100
Spruce Point Capital
Muirhead Aerospace’s Recent Performance: Margins in Persistent Decline
Observations From Recent Performance
Muirhead Aerospace Financial Performance
Spruce Point Commentary • December 31 2009, as part of a group re-organization, Muirhead sold the trade and assets of its motion business for a consideration of GBP 18.9m to Airscrew Limited, a fellow subsidiary of Ametek Inc. Subsequent to this transaction, January 8, 2010 Airscrew Limited changed its name to AMETEK Airtechnology Group Limited (see next slide for details)
• While Muirhead’s revenues have expanded since 2010, its margins have contracted. Gross Margins peaked in 2011 at 52% and have contracted to 41.8% in 2013. EBITDA margins also hit a 4 year low in 2013 at 22.7%. These margins are significantly below Ametek’s parent level margins in the 26% range. These margin contractions directly call into question Ametek’s “Operational Excellence” and continued ability to raise its margins
pounds in millions
Sales % growth Gross Profit margin Operating Profit margin Depreciation and Amort. EBITDA margin
2010
2011
2012
2013
£11.4 -£5.5 48.5% £2.6 22.6% £0.2 £2.7 24.0%
£11.0 -3.3% £5.7 52.0% £2.4 21.5% £0.2 £2.6 23.2%
£14.1 27.9% £6.4 45.2% £3.2 22.7% £0.3 £3.5 24.7%
£16.4 16.6% £6.8 41.8% £3.4 20.9% £0.3 £3.7 22.7%
• We also note that Muirhead invested virtually nothing in its R&D for the four years we reviewed Muirhead Annual Report Commentary • 2011: “Despite the general downturn in the UK economy with particular emphasis on defence spending programme reductions and curtailments, the operating profits of the company were considered good” • 2013: “Muirhead continued to show strong year on year growth in both sales and operating profit...the increased level of turnover was largely derived from government contracts”
UK public filings accessible at www.companieshouse.gov.uk
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Spruce Point Capital
Insights from AMETEK Airtechnology: Margin Contraction
Observations From Recent Performance Spruce Point Commentary •
AMETEK Airtechnology has not filed updated financials since 2012. In 2014, three of its directors resigned: Robert Mandos, John Mockler, and Jason Fenn
•
While revenues increased 7.7% from 2011 to 2012, gross margins contacted from 24.1% to 22.2% (190bps), while Operating profit (EBIT) margins contracted from 12.0% to 10.8% (120bps)
AMETEK Airtechnology 2012 Annual Report Commentary •
•
“The level of order intake in 2012 reduced by £1.7m or 3.9% to £42.6m. A reduction of orders in our track ball product line which benefited from a large multi-year in 2011 drove this reduction. We continue to invest heavily in new product development to ensure we are well placed to achieve our long term growth objectives. During 2012 we spent £3.2m on research, development and engineering to support our New Product investment programs. New Product investment for 2012 was 6.8% of sales (2011 8.4%). The level of enquiries and the future prospects remain encouraging.” “The company operates in a competitive env’t, and our customers have the ability to switch supply sources if they judge that the competitor product offers better value. Further, it is becoming apparent that a trend is developing with our defence and industrial markets whereby customers are placing orders close to if not within stated lead times. This business believes this change in procurement behavior is as a direct result of our customers coming to terms with reduced defence budgets and general tightening of spending within industrial and commercial markets driven principally by continuing concerns over the robustness of economic growth in developed and developing economies.”
Margin contraction!
Margin contraction!
Source: UK public filings accessible at www.companieshouse.gov.uk Note: During 2012 the company recorded £0.9m provision to reflect additional costs associated with a development program which will not be recoverable under the terms of the contract
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Spruce Point Capital
Recent Problems at Ametek Airtechnology?
Financial Accounts Overdue
Source: UK public filings accessible at www.companieshouse.gov.uk
Recent Director Resignations
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Spruce Point Capital
Insights from Lloyd Instruments: Dramatic Revenue Decline in 2012 Overview of Lloyd Instruments
Lloyd Materials Testing (formerly Lloyd Instruments) is an AMETEK, Inc. company and part of AMETEK Test & Calibration Instruments. It manufactures testing machines and testing systems, polymer test equipment and texture analysis instruments. Originally known as JJ Lloyd Instruments, the company has been around for over 40 years. Spruce Point Commentary • Llyod instruments has not yet filed 2013 financials, so we cannot assess its recovery vs. 2012’s dramatic revenue decline
• Echoing our concerns about underinvestment in R&D, we observe that Lloyd’s invested just GBP 168k in R&D on GBP 18m of revenues – a small amount Lloyd’s 2012 Annual Report Commentary • “Turnover has decreased by 31.5% to £18,049,000. This was due to funding issues, unfavorable European economic climate and increased competitive activity in our AMETEK Advanced Measurement Technology Division and a change in business processes for the Lloyd Instruments Division, with sales to certain markets being replaced by a commission arrangement”
• “A favorable product mix resulted in an improvement in gross margin in our AMETEK Advanced Measurement Technology Division which was offset by the effect of the changed business structure in the Lloyd Instruments Division” Source: UK public filings accessible at www.companieshouse.gov.uk
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Spruce Point Capital
Insights from SPECTRO Analytical Instrument’s German Filings Ametek Press Release
Recent Business Commentary
June 14, 2005 – SPECTRO Analytical Instruments is pleased to announce that it has been acquired by AMETEK, Inc. (NYSE: AME) a leading global manufacturer of electronic instruments and electric motors. SPECTRO was acquired from an investor group led by German Equity Partners BV for approximately €80 million ($98 million). With its headquarters in Kleve, Germany, SPECTRO has annual sales of approximately €85 million ($104 million). "We are very excited about the acquisition of SPECTRO," comments AMETEK Chairman and Chief Executive Officer Frank S. Hermance. "SPECTRO is a highly differentiated business which significantly expands our elemental analysis capabilities, bringing new technologies and market opportunities to AMETEK. With this acquisition, our high-end analytical businesses now total nearly $375 million in annual revenue.” 2008 € 104.5 € 53.8 € 50.6
2009 € 74.7 € 39.6 € 35.1
2010 € 91.9 € 45.1 € 46.8
2011 € 103.3 € 50.1 € 53.2
2012 € 108.3 € 50.0 € 58.2
% margin R&D % margin Distribution Costs % margin G&A % margin D&A EBIT
48% € 4.5 4.3% € 20.8 19.9% € 5.0 4.8% € 2.4 € 17.8
47% € 4.3 5.8% € 15.8 21.1% € 5.2 7.0% € 3.1 € 6.7
51% € 4.5 4.9% € 18.8 20.5% € 4.7 5.1% € 2.4 € 16.5
52% € 5.0 4.9% € 20.4 19.8% € 4.9 4.7% € 2.7 € 20.2
54% € 5.0 4.6% € 20.2 18.7% € 4.7 4.4% € 3.3 € 25.0
% margin EBITDA % margin
17.1% € 20.3 19.4%
9.0% € 9.8 13.1%
17.9% € 18.8 20.5%
19.6% € 22.9 22.2%
23.1% € 28.3 26.1%
$ in millions
Sales COGS Gross Profit
• “The year 2012 showed a stable trend over the previous year, although in the sale of analyzers no overall volume growth was achieved. A significant increase in sales was achieved but in the service and aftermarket business.” • “The upward trend after the crisis of 2009 remains stable and is expected to continue to moderate. This further assumes the outlook for the next 3 years is a market growth of around 3-5% per year.” • “A major reason for the stable demand for our products is due to the continued stable conditions on the metal producing markets and the secondary industries associated with it”
Spruce Point Observations • Revenues have been largely stagnant and grown under 1% per annum for the past 5 years. 2012 revenues finally exceeded pre-recession levels • SPECTRO is one of the few businesses with EBITDA margins comparable to Ametek’s corporate EBITDA margin
• SPECTRO mirrors our concern that Ametek may be underinvesting in R&D among its businesses. We observe that its R&D margin has largely been flat, while the company reports “no volume growth” Source: http://www.spectro.com/pages/e/p060080.htm https://www.bundesanzeiger.de (Google Translation)
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Spruce Point Capital
Insights from Atlas Material Testing’s German Operations Ametek Press Release
PAOLI, Pa., Nov. 9, 2010 /PRNewswire-FirstCall/ -- AMETEK, Inc. (NYSE: AME) today announced that it has acquired Atlas Material Testing Technology LLC, the world's leading provider of weathering test instruments and related testing and consulting services, from Industrial Growth Partners for approximately $159 million in cash. Atlas is headquartered in Chicago with additional manufacturing operations in Germany and a network of outdoor and laboratory testing facilities around the globe. It has expected 2011 sales of approximately $85 million. Atlas' products include weather exposure test systems, corrosion-testing instruments, specialty lighting systems, and large-scale weathering test chambers. In addition, Atlas offers indoor laboratory and outdoor testing services, photovoltaic and solar testing, and consulting. Its customers include testing laboratories and leading aerospace, paint, coating, polymer, plastic, solar/photovoltaic, pharmaceutical, LED and automotive manufacturers. Atlas' products and services are used by their customers in both new product development and quality assurance applications, to assess product performance, reliability and compliance with industry standards and specifications. These instruments test the effects of weathering by simulating exposure to sunlight, temperature, moisture and corrosion. ATLAS Material Testing Technology GmbH
Observations and Commentary • Observations: Atlas’ German operation appears to account for ~50% of its total revenues with EBITDA margins in the 9-10% range • Translated Commentary: For 2012, we expect revenue of about EUR 32 million and a profit on ordinary activities of approximately EUR 2.0 million. Thus, sales would indeed be higher than in 2010 but lower than 2011, the hitherto most successful year in company history. For 2013, we expect revenue and profit on ordinary activities at approximately the same level as in the 2012
• The continuing weakness of the U.S. dollar against the EURO and EURO erstarktem again after overcoming the crisis in some European Member States on the one hand, we expect continued pressure on prices for our products. Approximately 30% of our revenue is denominated in USD. On the other hand, we expect a further improvement in the economy with positive effects on the demand for our products. • The main focus in the 2012 financial year was the development of new products in the low-end range and test equipment for the solar industry. In this context, cooperation with the American parent company has intensified and led to a lively exchange of technical knowhow. The use of these synergies will in future lead to a significant cost reduction and acceleration in the development area. In 2013, the parent company has decided to shift the entire production gradually until 2014 to Chicago. Our company will then buy the products and sell as before.
Sources: German Public Filings (here); (Google translation) Atlas acquisition announcement
• From this displacement, approximately 10 to 12 employees would be affected. Currently still negotiations with the 106 works council on the release procedures.
Insights From Grabner Instruments (Austria) Spruce Point Capital
Grabner Instruments was acquired by Chandler Engineering in 2002. In 2003, Chandler reorganized its ownership in a separate company named Chandler Instruments LLC. Ametek acquired Chandler Instruments Company, LLC, a manufacturer of measurement instrumentation for the oil and gas industry, for approximately $50 million. With its headquarters in Tulsa, OK, Chandler had 2003 expected sales of approximately $30 million. Grabner develops and manufactures automatic petroleum testing equipment. Grabner Instruments’ are fully automated, portable, rugged and fast & easy to operate fuel and oil analyzers for the quality control in the laboratory as well as for f ast onsite tests in mobile laboratories
Spruce Point Observations
Grabner Instruments Financial Summary Euro in millions Sales % growth Cost of materials/services Gross Profit % margin Personnel Expenses
2008 €8.7 -€1.5 €7.1 82.3% €2.8
2009 €5.6 -35.7% €1.1 €4.5 79.9% €3.0
2010 €6.5 17.4% €1.4 €5.1 77.9% €2.6
2011 -------
2012 €9.0 -€2.3 €6.7 74.7% €3.0
2013 €9.6 7.6% €2.5 €7.1 74.2% €3.2
10.1% 0.0% 2.1%
Depr+Amortization Other Operating Expenses EBIT Add: Depr/Amort EBITDA % margin
€1.1 €1.3 €1.9 €1.1 €3.0 34.4%
€1.1 €0.9 -€0.4 €1.1 €0.6 11.6%
€0.2 €1.0 €1.3 €0.2 €1.5 23.0%
-------
€0.1 €1.0 €2.6 €0.1 €2.7 30.3%
€0.1 €1.5 €2.4 €0.1 €2.5 26.2%
-33.4% 2.3% 4.6% -33.4% -3.3% -
Note: Grabner’s income statement was not filed in 2011 Sources: Grabner public filings (here).
CAGR 2.1%
• Grabner appears to be a small, but niche business with EBITA margins close to the parent level margins • Long-term revenue growth rate of 2% p.a. is not impressive, and may be more of a function of price increases than volume growth • More notably, gross margins and EBITDA margins have declined sharply since 2008, which directly contradicts management’s claims of its ability to extract continual improvements from cost cutting 107
Spruce Point Capital
Insights from Ametek Denmark – Margin Erosion and Plunging Return Metrics
•
We obtained public documents on Ametek Denmark: Part of Ametek Measurement and Calibration Technologies (“AMCT”) and comprises R+D, production and worldwide sales of temperature, pressure and signal calibration instruments as well as developm ent and production of temperature sensors sold primarily in Denmark. The division AMCT, which Ametek Denmark is part of, handles sales, service and calibration in the US and Canada. The affiliated companies in Germany and France handle sale, service and calibration in those markets.
•
The business does not report revenues or COGS, However, Gross Profit and Operating Profit fell by 3.1% and 11.3% respectively in 2013. Return on Net Assets and on Equity plunged to a 4 year low. Cash flow from operations fell from DKK 29.3m to 4.6m
•
Selected Commentary: “In 2013, the export share of Ametek Denmark was 86% compared with 85% in 2012. Gross Profit for the year was a net decrease primarily due to a change in product mix and also a drop in the US Dollar. In 2014, Ametek Denmark expects a moderate increase in gross profit and in earnings due to the expected general pick-up of the global market, continuing introduction of new productions and expansion in existing and new market areas”
Key Return Metrics Plunge to 5yr Low Sources: Public Financial Filings of Ametek Denmark (here)
108
Insights from Ametek Nordic AB (Sweden) Spruce Point Capital
• We obtained public documents on Ametek Nordic AB: Handles the marketing, sales and distribution of electronic instruments such as spectrometers in Sweden. According to its website www.ameteknordic.se it markets the Spectro and Spectum brands. Spectro is a member of AMETEK Materials Analysis Division.
Income Statement
• Spruce Point’s Observations: 1. Revenues peaked in 2011 at SEK 14.1m (down 27.5%) and are still below 2010 revenue levels 2. Its EBITDA improved to SEK 2.4m in 2013, and its EBITDA margin stood at 15% -- significantly below the parent level EBITDA of 26%
Financial Summary “D&A” “Operating Profit (EBIT)”
“Net Revenues” “Profit after financial items” “Total Assets”
Sources: Public Financial Filings of Ametek Nordic AB available in Sweden (here)
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Insights into Ametek’s Specialty Metal Products Spruce Point Capital
Ametek Specialty Metal Products is a collection of 4 business units, and include three acquisitions in recent years (Coining, Reading Alloys, and Hamilton Precision Metals). These companies produce metal powders, master alloys, clad metals, specialty wire products, metal strip, engineered shaped components, thermal management products, foil, and precision strip & coined parts. These materials are used in a variety of applications, including automotive, aerospace, micro-electronics, appliance, lock & hardware, telecommunications, marine, medical and general industrial. Reading Alloys
Acquired April 2008 with estimated sales of $80m at the time Specialty titanium master alloys and highly engineered metal powders used in the aerospace, medical implant, military and electronics markets Hamilton Precision Metals
Metal Strip, Engineered Shapes/Wire
Based in Wallingford, CT Products include metal strip (nickel/cobalt), shaped and profile wires, engineered Shaped components and thermal management products. Wallingford has recently been in violation of state environmental compliance reporting1 Metal Alloy Powders/Clad Materials
Acquired June 2007 for $42m and had estimated sales of $25m
Stainless steel powders; nickel and cobalt alloy powders.
Produces precision metal strip and foil for medical, electronic and instrumentation market
Acquired Coining in May 2011 for $148m and had estimated sales of $65m. Coining manufactures solder preforms and brazing preforms used for joining applications in microelectronics packaging and assembly
Source: Company announcements 1) Ametek environmental non-compliance (here)
Spruce Point Observations
• We estimate Ametek’s SCP division does approximately $200m of annual revenues • Specialty metal business are generally commodity-like in nature, have extreme competition, characterized by capital intensity, high operating costs, and low returns on capital
• Ametek paid 1.7x revenues for Hamilton Precision Metals and 2.3x revenues for Coining. In the absence of additional information, these appear to be rich multiples paid for specialty metals businesses 110
Spruce Point Capital
Specialty Metals Business Don’t Carry High Valuations
According to our review of publicly traded specialty metal and engineered performance materials companies, they have struggled to grow revenues and generate free cash flow in the current environment We believe the two best small-cap comparables for Ametek’s Specialty Metals business are: 1. Haynes Int’l (developer, manufacturer and marketer of high-performance nickel and cobalt-based alloys used in corrosion and high-temperature applications) 2. Luxfer Holding (a global materials technology company specializing in the design, manufacture and supply of highperformance materials for various end market)
Specialty metals and engineered performance materials companies trade for approximately 1.0x and 7.0-7.5x forward sales and EBITDA, respectively. ($ i n mi l l i ons , except per s ha re fi gures )
Name
Stock % of Price 52-wk Ticker 11/12/2014 High
Ent. Value
Allegheny Technologies Carpenter Technology Globe Specialty Metals RTI Metals Materion Haynes Int'l Luxfer Holdings
ATI CRS GSM RTI MTRN HAYN LXFR
$4,838 $3,304 $1,411 $876 $839 $529 $475
$4,090 $2,224 $753 $782 $1,125 $451 $481
5.9% -1.2% -0.5% 3.0% -9.5% 2.0% -0.9%
6.2% 16.4% 15.6% 22.2% 17.7% 16.3% 23.9%
4.3% 13.1% 14.7% 13.4% 9.1% 4.0% 14.8%
4.5% -4.6% 3.0% -1.8% 2.7% 4.1% -0.4%
NM 21.4x 25.0x 23.1x 24.9x 54.8x 12.7x
19.7x 17.6x 16.6x 15.8x 16.3x 15.0x 9.9x
17.0x 9.7x 10.4x 7.5x 9.1x 16.1x 6.5x
8.2x 8.1x 7.9x 5.8x 7.4x 6.9x 6.1x
1.1x 1.5x 1.7x 1.1x 0.7x 1.1x 0.9x
1.0x 1.3x 1.5x 1.0x 0.7x 0.9x 0.9x
Max Average Min
$4,090 $1,415 $451
5.9% -0.2% -9.5%
23.9% 16.9% 6.2%
14.8% 10.5% 4.0%
4.5% 1.1% -4.6%
54.8x 19.7x 27.0x 15.9x 12.7x 9.9x
17.0x 10.9x 6.5x
8.2x 7.2x 5.8x
1.7x 1.2x 0.7x
1.5x 1.1x 0.7x
$32.37 $51.99 $18.78 $23.58 $38.66 $46.83 $15.61
Source: Company financials, Wall St. estimates
70% 78% 85% 65% 97% 79% 71%
Last 12 Months Total YoY Gross EBITDA FCF P/E Sales Sales Margin Margin Margin 2014E 2015E
Enterprise Value/ EBITDA Sales 2014E 2015E 2014E 2015E
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Spruce Point Capital
Insights into Ametek’s Floor Care and Specialty Motors Business
Segment Overview: Ametek’s specialty motors and motor-blowers are used in a wide range of products, such as floor care products, ranging from hand-held, canister and upright vacuums to central vacuums for residential use to commercial floor care equipment; household and personal care appliances; fitness equipment; electric materials handling vehicles; and sewing machines. Additionally, its products are used in outdoor power equipment, such as electric chain saws, leaf blowers, string trimmers and power washers. Spruce Point Observations: Over decade ago, floor care and motor products contributed ~20% of Ametek’s total company sales ( 6.5% as of 2013). This market has gotten intensely competitive with deflationary price effects as noted on Ametek’s own website. In our opinion, part of Ametek’s motivation for its acquisition strategy has been to rapidly diversify away from the floor care and motor market. This can be seen in the bottom left chart, where % of EMG revenues coming from floor care and specialty motor markets has decreased from 44% in 2005 to just 15% in 2013. The segment’s revenue implied from these percentages can be seen on the bottom right chart. We estimate current segment revenues of ~$230 million, which appear to have structurally declined from over $300 million pre-financial crisis Implied Floor Care and Specialty Motors Revenues
Electromechanical Group (EMG) Sales Breakdown 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
$ in millions
44%
18%
38%
35%
27%
38%
31%
29%
40%
27%
24%
22%
18%
15%
15%
$350
15%
10%
$300 33%
40%
27%
49%
31%
47%
37%
45%
35%
50%
5%
31%
$250
54%
0%
$200
-5%
$150
-10%
-15%
$100
-20% 2005
2006
2007
2008
2009
2010
2011
2012
Floor care and Specialty Motor Markets and Products Engineered Materials, Interconnects and Packaging Markets and Products
2013
$50
-25%
$0
-30% 2005 2006 2007 2008 2009 2010 2011 2012 2013
Technical Motors and Systems Source: Ametek SEC Filings. Ametek FSM website (here)
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Spruce Point Capital
Growth and Margins in the Floor Care and Specialty Motors Business Not So Good...
Spruce Point Observations: We believe Ametek has faced pressure in its floor care and specialty motor business from Asia. As a result, we’ve looked at both Techtronic Industries (HK: 0669) and Johnson Electric (HK: 0179) for additional insights Techtronic Industries: Leader in Power Tools, Outdoor Power Equipment, and Floor Care for consumers, professionals, and industrial users in the home improvement, repair and construction industries. 6yr revenue CAGR for floor care is 2.5% and power equipment 5.6%. Corporate EBITDA margins are in the 10% range, with floor care ~8%. Key floor care brands include Hoovers, Oreck, Vax and DIrt Devil Johnson Electric: Leader in motion products, control systems and flexible interconnects. Its industrial products segment serves a broad range of end markets, including floor care. 6yr revenue CAGR for its Industry Products segment is 0%! Its corporate EBITDA margins are approximately 15%. The company has noted commoditized pressures in its Industry Products segment. The company expects margins to contract in 2014.
Johnson Electric
Techtronic Industries Financial Performance $ i n mi l l i ons
2008
FY Ended December 31st 2009 2010 2011
$ i n mi l l i ons
2012
2013
Power Equipment % growth Floor care (1) % growth Total Sales % growth
$2,388.6 14.5% $1,023.7 4.9% $3,412.2 7.4%
$2,183.2 -8.6% $891.7 -12.9% $3,074.9 -9.9%
$2,401.9 10.0% $981.1 10.0% $3,383.0 10.0%
$2,662.7 10.9% $1,004.3 2.4% $3,667.0 8.4%
$2,864.6 7.6% $987.8 -1.6% $3,850.0 5.0%
$3,143.9 9.8% $1,155.8 17.0% $4,299.7 11.7%
Total Gross Profit % margin
$1,052.1 30.8%
$961.0 31.3%
$1,089.0 32.2%
$1,193.6 32.5%
$1,289.2 33.5%
$1,472.3 34.2%
$7.5 0.7% $212.3 8.9%
$43.3 4.9% $180.3 8.3%
$82.3 8.4% $191.5 8.0%
$76.6 7.6% $268.0 10.1%
$78.1 7.9% $319.0 11.1%
$96.2 8.3% $355.3 11.3%
EBITDA (2) Floor care % margin Power Equip % margin
FY Ended March 31st 2011 2012
2009
2010
$905.0 -21.8% $654.0 -1.5% $269.0 $1,828.0 -17.7%
$933.7 3.2% $579.0 -20.3% $208.2 $1,741.0 -4.8%
$1,149.6 23.1% $726.8 0.0% $226.4 $2,104.0 20.9%
Gross Profit % margin
$425.7 23.3%
$481.5 27.7%
Total EBITDA % margin
$136.1 7.4%
$197.9 11.4%
Auto Products growth Industry Products growth Other Total Sales growth
2013
2014
$1,272.8 10.7% $753.8 3.7% $114.2 $2,140.8 1.7%
$1,303.9 2.4% $685.9 -9.0% $69.9 $2,059.7 -3.8%
$1,436.8 10.2% $660.8 -3.7% $30.2 $2,097.6 1.8%
$579.7 27.6%
$584.4 27.3%
$577.7 28.0%
$618.9 29.5%
$322.5 15.3%
$314.3 14.7%
$304.3 14.8%
$321.8 15.3%
(1) Floor care includes acquisition of ORECK brand in H2 2013 (includes ~$31m of sales) (2) Segment EBIT plus depreciation and amortization Source: TTI Group (here)
Source: Johnson Electric (here)
113
Spruce Point Capital
Summary: Foreign Operating Subsidiaries Show Margin Contraction
•
We’ve examined public documents of businesses that contribute ~$732m of revenue (~20% of Ametek’s $3.6 billion total in 2013)
•
We find that on average:
•
•
Its operating businesses have an EBITDA margin of ~21% and;
•
Are experiencing both contracting Gross Margins of ~0.2% and EBITDA margins of ~1.3%
Paradoxically, Ametek’s corporate EBITDA margin continues to expand and is in the 26% range. However, the only meaningful large business with margins close to this level is its Spectro unit. We have excluded Zygo and Amptek from our analysis because the results have not yet been fully consolidated on an annual basis into Ametek’s financials
i n l oca l a nd forei gn currency (mi l l i ons )
Company Dunkermotoren GmbH Zygo Corporation (1)
Last Public Foreign Reporting LTM Country Period Sales Germany 2012 € 136.4 US 2013 $162.8
US$ LTM Sales $168.6 $162.8
LTM Gross Margin 57.8% 46.7%
YoY Change in Sales -3.0% 3.3%
YoY Ch. Gross Margin -0.4% 0.3%
SPECTRO Analytical Taylor Hobson Limited Cameca SAS
Germany UK France
2012 2013 2013
€ 108.3 £54.8 € 59.1
$133.8 $82.4 $75.5
53.8% 49.9% 50.9%
4.8% 1.3% 5.5%
2.3% -2.1% -3.2%
€ 25.0 £13.2 € 9.0
23.1% 24.1% 15.3%
AMETEK Airtechnology Group Atlas Material Testing (2) AEM Limited Amptek
UK Germany UK US
2012 2012 2013 2013
£47.5 € 32.0 £25.3 $29.2
$72.4 $39.6 $38.0 $29.2
22.2% 56.0% 46.2% --
7.8% Decline 9.0% -3.6%
-1.9% --1.0% --
£5.1 € 1.6 £5.7 --
Land Instruments Lloyd Instruments Muirhead Aerospace Ltd
UK UK UK
2013 2012 2013
£18.3 £18.0 £16.4
$27.5 $27.5 $24.6
41.0% 60.3% 41.8%
-9.6% -31.4% 16.6%
2.7% 8.9% -3.4%
-$19.7 $12.3 $7.7 $2.4 $731.9
-46.3% 74.2% -81.4%
-11.0% 7.6% 63.0% 12.3%
--1.3% -0.5% --3.3% -0.2%
Ametek Denmark A/S Denmark 2013 -Antavia SAS France 2013 € 15.4 Grabner Instruments Austria 2013 € 9.6 AMETEK Instruments India India 2012 $7.7 AMETEK Nordic AB Sweden 2013 SEK 15.9 Total Implied EBITDA Margin and Average YoY Change (3)
LTM LTM YoY Operating Operating Change in Income Margin Op. Income € 6.2 4.6% -29.5% $15.4 9.5% -25.7%
Foreign LTM EBITDA € 24.4 $26.8
US$ LTM EBITDA $30.2 $26.8
LTM EBITDA Margin 17.9% 16.5%
YoY Yoy Change Change EBITDA in EBITDA Margin -10.9% -1.7% -13.4% -3.2%
23.5% -9.8% -7.4%
€ 28.3 £14.2 € 9.4
$35.0 $21.4 $12.0
26.1% 25.9% 15.8%
23.6% -8.7% -6.8%
4.0% -1.1% -2.1%
10.8% 4.9% 22.4% --
-3.3% -47.0% 21.7% --
£6.6 € 2.9 £6.4 $13.1
$10.0 $3.5 $9.6 $13.1
13.8% 9.0% 25.4% 44.9%
-5.1% -35.5% 18.1% 7.2%
-1.9% -2.0% 4.5%
£1.9 £8.1 £3.4
10.5% 29.4% 20.9%
-26.3% 0.3% 7.5%
£2.2 £8.7 £3.7
$3.3 $13.3 $5.6
12.2% 48.3% 22.7%
-16.1% 0.0% 6.9%
-2.0% 14.1% -1.8%
DKK 33.3 € 3.0 € 2.4 -SEK 2.3
-19.3% 25.0% -14.8%
-11.3% 24.0% -8.0% -39.5%
DKK 33.6 € 3.2 € 2.5 $1.1 SEK 2.4
$5.8 $4.1 $3.2 $1.1 $0.4 $152.6
-20.6% 26.3% 14.6% 15.2% 20.9%
-11.4% 11.7% -6.9% 19.9% 27.4% -0.9%
-0.1% -4.0% -5.3% 1.7% -1.3%
Sources: Public Foreign Financial Filings (1) ZYGO results through 12/31/13. EBITDA also adds back stock compensation (2) Estimated 2012 results (3) Our average implied EBITDA margin is an estimation which is limited by our financial data and we recognized that it includes data from 2012 and 2013. Excludes ZYGO, Amptek and Lloyd Instruments from 2012, which had an unusual EBITDA margin increase despite a 30% decline in sales. Currencies converted at average annual exchange rates provided by the IRS
114
Spruce Point Capital
Estimating the EBITDA Contribution From Ametek’s Remaining Businesses
•
We’ve compiled all of our revenue and EBITDA estimates for Ametek’s businesses in the following table. We’ve placed all of our known items in the grey columns (foreign entity financials, deals disclosed with EBITDA multiples paid), along with our estimates of EBITDA contributions for Ametek Specialty Metals, Floor care and Motors. Corporate general and administrative costs along with depreciation and amortization are also factored into our analysis. This represents a fixed cost without any revenue contribution that must be accounted for
•
This allows us to estimate the contribution from all of Ametek’s other businesses by subtracting its consolidated 2013 reported results in column (6) from the sum of columns (1) – (5). We estimate the remaining portion of Ametek’s businesses must contribute approximately $2.1bn and $670 $692m of EBITDA, which implies an average EBITDA margin of approximately 32.0 – 33.0%
$ in mm
14 Foreign Entities (1)
Disclosed Deals (2)
Floor care / specialty motors (3)
Specialty Metals (4)
Corporate G&A and D&A Expenses (5)
All Other Businesses
2013 Reported Total (6)
Estimated Revenues % of total
~$732m 20.4%
~$331m 9.2%
~$230m 6.4%
~$200m 5.6%
--
~$2,101 bn 58.5%
$3,594 bn 100%
Estimated EBITDA % margin
~$153m between 20 – 21%
$75m ~22.8%
$23 - $35m between 10 – 15%
$20 - $30m between 10 – 15%
($45.6m)
Comments
From global entity public filings
Includes MicroPoise, EM Test, Reichert Tech, TMC, and O’Brien. Sales disclosed in press releases, and EBITDA multiples paid on conference calls (See Appendix)
Margin ranges based on Asian floor care and motion control peers
Margin ranges based on publicly traded Specialty Metals peers
Annual Report, Note 15 shows corporate administrative expenses of $46.4m and D&A of $0.8m. The net cost has no associated revenue contribution
Sources: Ametek SEC and Foreign Filings; Earnings conf calls
$670 - $692m between 32.0 – 33.0% We estimate Ametek’s remaining businesses (over 30) would have to produce 32 – 33% EBITDA margins to reach the 2013 reported corporate EBITDA margin of 25.5%.
$916m 25.5%
2013 reported amounts on a consolidated basis
115
Spruce Point Capital
What’s the Chance the Rest of Ametek’s Businesses Have >30% EBITDA Margins?
•
According to our research, Amptek is the only acquired company with an EBITDA margin above 30%. Amptek’s previous owner reported margins of 45%
•
To assess the chance that Ametek’s remaining businesses contribute 32 – 33% EBITDA margins, we try to get a sense of how common it is for a business to produce such high margins
•
To accomplish this, we’ve analyzed all of the industrial businesses in the Russell 3000 index (ex: transportation, leasing, staffing and service companies) and plotted their frequency of occurrence in the chart below
•
In total, we identified 289 companies, with just 3% reporting EBITDA margins greater than 30%. This makes it extremely unlikely that all of its remaining businesses have the necessary EBITDA margin profile to hit its consolidated margin
Percent of Industrial Companies in the Russell 3000 by EBITDA Margin 35.0%
29.5%
30.0%
26.7%
25.0% 19.8%
20.0% 15.0%
8.7%
10.0%
5.0%
6.9% 2.4%
3.1%
2.8%
25-30%
>30%
0.0% < 0%
0-5%
5-10%
10-15%
15-20%
20-25%
Top EBITDA Margins – Russell 3000 Industrials Com pany TransDigm Group Incorporated US Ecology, Inc. Waste Connections Inc. Roper Industries Inc. Allison Transmission Holdings, Inc. Sun Hydraulics Corp. Precision Castparts Corp. Copart, Inc. Stericycle, Inc. Graco Inc. Republic Services, Inc. Covanta Holding Corporation 3M Company Ametek Inc. Thermon Group Holdings, Inc. Douglas Dynamics, Inc. RBC Bearings Inc.
Exchange/Ticker NYSE:TDG Nasdaq:ECOL NYSE:WCN NYSE:ROP NYSE:ALSN Nasdaq:SNHY NYSE:PCP Nasdaq:CPRT Nasdaq:SRCL NYSE:GGG NYSE:RSG NYSE:CVA NYSE:MMM NYSE:AME NYSE:THR NYSE:PLOW NasdaqGS:ROLL
EBITDA Margin 44.2% 35.4% 34.3% 33.1% 32.9% 31.7% 31.4% 30.8% 29.3% 28.7% 28.7% 28.2% 26.4% 26.2% 26.2% 25.2% 25.1%
EBITDA margin
Sources: Capital IQ
116
A Closer Look Into Ametek’s Asia Growth Story....
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
A Closer Look into Ametek Asia Spruce Point Capital
Source: Ametek Subsidiaries as of 12/31/13 (here)
118
Spruce Point Capital
Head of Ametek Asia “Retires” In 2014; Problems Brewing in Asia?
BERWYN, Pa., Jan. 14, 2014 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced the appointment of Volker Dreisbach as Vice President, Asia. He replaces Lim Meng Kee, who retires after 21 years with the Company. "Volker brings extensive international experience to his new position, and we expect him to play a key role in the continued growth and success of our Asian businesses," notes Frank S. Hermance, AMETEK Chairman and Chief Executive Officer. "Volker previously served as Division Vice President for AMETEK's Materials Analysis Division and was responsible for all of our Electronic Instruments Group businesses in Asia.“ Volker has 31 years of experience with AMETEK and its SPECTRO Analytical Instruments business, where he most recently served as Managing Director, Asia Pacific, and as Director of International Sales and President of SPECTRO USA. AMETEK acquired SPECTRO, a global leader in high-end analytical instruments, in 2005. "Meng Kee, whom Volker replaces, was instrumental in AMETEK's growth and success in China and across Asia. Under his leadership, our Asian sales grew from $16 million in 1992 to now approximately $700 million," adds Mr. Hermance. Meng Kee joined AMETEK in 1992 as General Manager of AMETEK Singapore – AMETEK's first Asian operation. He played a key role in 1995 in the formation of AmeKai, AMETEK's first Asian joint venture. He was elected a Corporate Vice President in 1999 and added responsibility for AMETEK Motors Shanghai.
Let’s Take A Closer Look At Ametek Singapore and its first JV Amekai Source: Ametek press release (here)
119
Spruce Point Capital
Unusual Time For Asia Head To Retire... Just As Business is “Booming?” Recent Conference Call Comments About Asia Are Bullish
“Organic sales in Asia were up mid-teens on a percentage basis in the second quarter, with broadbased strength across our businesses.”
“If you look at the BRIC countries, just another cut, the BRIC countries were up 21% overall and about 13% organically. China, just is superb. China was up organically, almost 25% and in total I think it was a number like 35%“ “So, all the efforts and you’ve heard me talking about the expansion in the BRIC countries, the expansion in Asia, they are really coming to fruition now and it’s just an exciting time and even though, many of our peer companies are talking about issues in China and issues in Asia” “We are simply outgrowing the market from both a product point of view and also we got very strong distribution capability there now. In Asia, we have approximately 300 people who are engaged in selling our products and that doesn’t include people who in some cases were distributors, not direct sales.”
Source: Q2’2014 Earnings Conf Call (here)
120
Spruce Point Capital
So Much Growth For Ametek in Asia.... That Hiring is Non-Existent
Ametek Career Search Just 1 Single Job Opening in Asia out of Shanghai, China. No Job Openings in Brazil, Russia India, Hong Kong, Malaysia!
Ametek Career Website (here)
121
Here’s What it Really Takes to Win in China Spruce Point Capital
Mettler Toledo (MTD) is a global manufacturer and marketer of precision instruments for use in laboratory, industrial and food retailing applications. The Company has strong worldwide leadership positions. A significant majority of its instrument sales are in segments in which it is the global leader. The company described China as “challenging” on its recent conference call and is committing significant resources to hire people to grow further. Mettler is hiring for a significant amount of Sales Consulting jobs, since business in China is very relationship driven.
Mettler Career Website (here) and Q3’14 conf call (here)
122
Spruce Point Capital
Ametek’s Main Singapore Entities Were Not in Compliance for Most of 2014
Source: www.bizfile.gov.sg Note: As of Aug 2014
123
Is Ametek Singapore Hiding Big Problems? Spruce Point Capital
•
• • •
We obtained Ametek Singapore’s 2013 financials, which weren’t filed until late September 2014. We believe Ametek Singapore wa s late in holding its Annual General Meeting, potentially as a result of its Director Lee Meng Kee having resigned Top line revenues decreased by 12.6% while other income, which is primarily investment income from its main operating subsidiaries including China, declined by 15% from $10.7m to $9.1m Overall, profitability fell from $13.4m to $12.2m or 8%. More importantly, operating cash flow plummeted from $28.6m to $7.3m, -75%, while the dividend paid to its holding company, Ametek European Holdings Limited, declined from $19.1m to $10.1m or -47% Responding to an analyst question about emerging market performance on the Q4’13 conference call, the CEO said “Yes, it's actually amazing. We were very delighted in the quarter when we looked at our international businesses, actually, believe it or not, both in Eu rope and in Asia. In Asia, the organic growth was up about 25%, in Asia. So a truly outstanding quarter.” The performance from Ametek’s Singapore entity (which conducts business in Taiwan, China, Malaysia and India), suggests that full year results were disappointing, not spectacular
Note: Figures in Singapore Dollars Source: www.bizfile.gov.sg and Q4’13 earnings conf call (here)
124
Spruce Point Capital
Ametek Singapore’s 2011-2012 Results Further Illustrate Declining Trends Spruce Point Observations • Top line revenues increased, which we believe relates to additions to its MRO business. However, we note that this new revenue reduced gross margins by 186 basis points1 • Other income (dividends) dropped dramatically from $17.1m to $10.7, or by 37%. We believe this drop is directly attributable to its main operating subsidiaries, particularly its China operating entity • The main subsidiaries include: • Ametek Commercial Enterprises (Shanghai) • Ametek Instruments India Pte Ltd • Ametek Engineered Materials Sdn Bhd (Malaysaia) • Amekai Singapore Pte Ltd • Amekai Taiwan Co. Ltd • Overall, profitability fell from $19.0m to $13.4m or 29.4%, while dividend income rose from $17.1m to $19.2m • Responding to a question about China on the Q3’12 earnings conf call, the company responded: “China did well for us. If you look at our total Asia sales, they were about 19% of our company and China in rough numbers is half of that. And they performed, not as strong as it had a year and half ago when we were seeing organic growth rates out of China that were 20% plus but we are now more in that single digit category. But again if you look at it from a worldwide basis it’s surely stronger than the U.S. and we are going to continue to invest in that part of the world.”
Note: Figures in Singapore Dollars Source: www.bizfile.gov.sg
1. 2.
Q2’12 Earnings call (here) Q3’12 Earnings call (here)
125
Amekai Taiwan Co. Ltd...Ametek’s First Asian Joint Venture Appears Insolvent!
Spruce Point Capital
Website Does Not Work
Address: 2-FLoor, No. 214 Alley 1 Lane 138, Chang-An Street Pan-Chiao, Taipei Taiwan
Liabilities > Assets = Insolvency?
Source: www.bizfile.gov.sg
Source: Google Maps. http://www.ametek.com/locations/amekai-taiwan-location.aspx
126
Spruce Point Capital
Amekai Taiwan Co., Ltd. No Longer Even Registered in Taiwan
Source: http://gcis.nat.gov.tw/ 127
And of Course...Ametek India Doesn’t Make Money and Has Acct’g Issues! Spruce Point Capital
While revenues grew 63% YoY, EBITDA grew just 20% with EBITDA margins declining from 19.9% to 14.6% > 530bps!
Losses increased by 31%! Source: http://www.mca.gov.in/
128
Sell-Side Analyst Misperceptions and Variant Valuation View
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
Ametek Has Many Bullish Analysts Spruce Point Capital
Ametek has attracted a roster of smaller sell-side brokers, that generally have bullish opinions on the stock. However, a few analysts appear reluctant to upgrade the stock to a buy given its rich valuation. We do not believe any analysts have incorporated of our accounting concerns and unique research insights. Broker
Rating
Langenberg & Co
Buy
$63
Jefferies
Buy
$61
Janney Montgomery
Buy
$61
Keybanc
Buy
$60
RBC
Outperform
$60
Oppenheimer
Buy
$59
Longbow
Buy
$55
Atlantic Equities
Buy
$58
Baird
Neutral
$53
Morgan Stanley
Hold / Equal weight
$52
Wells Fargo
Outperform Average Price % Implied Upside % Max Upside
Price Target
$59 13% 21%
Ratings Distribution
33% 67%
Buys
Hold
Source: Bloomberg; may not reflect all recent price changes
130
Spruce Point Capital
Analysts’ Views Are Too Rosy and Regurgitate Ametek’s Own Story
Wall St. Analysts’ Views of Ametek
Spruce Point’s Quick Rebuttal
“AME aims to grow EPS 15% annually via a mixture of organic growth and acquisitions. In normal growing economies, AME targets 15% annual EPS growth, with roughly one-third via organic growth and two-thirds from acquired companies”
AME’s EPS growth is heavily financially engineered with aggressive accounting assumption for acquisitions and suspect inventory accounting. It has demonstrated almost no organic growth in recent years
“Mgmt’s track record for closing attractive deals within the company’s sweet spot ($50-$200m) is impressive.”
When you overpay for low margin, low/no growth assets, of course your closure rate will be impressive! AME seems to be running out of quality/actionable targets
“Strong cash flow qualities underlying AME's businesses support continued strategic growth, debt reduction and the dividend. AME has ~$800M of liquidity available from cash and existing credit lines. AME maintains adequate resources to fund its stated acquisition strategy”
AME’s cash flow is obscured by its dozens of deals. Free cash flow after capex and acquisitions is negative. ST debt has been rising (to effectively pay its dividend), and its liquidity is misleading given significant cash trapped abroad which would be taxable upon repatriation
“Management are seasoned operators and have demonstrated an impressive ability to expand segment margins. Proactive cost reductions in 2009 drove margin rebound in 2010/2011, aided by operating leverage from core volume growth. Further cost actions amid sluggish global growth drove margin expansion in CY12.”
Strong evidence that mgmt has not executed flawless M&A and misguided sales estimates on key deals. Its margin expansion is likely to be overstated given our analysis of various operating entities. Cost cuts appear to be hitting a wall, and margins have been aided by aggressive inventory acct’g changes and amortizing expenses too slowly
“Best-in-class Industrial. We view AME’s premium vs. the sector as sustainable given best-in-class combination of EPS growth/volatility and M&A story”
AME’s record of missing only one quarterly earnings estimate in a decade is a major red flag. Its valuation is at a substantial premium to what it has paid for its underlying businesses 131
Spruce Point Capital
Spruce Point’s Variant View: Ametek Deserves a Conglomerate Discount, Not a Premium
Ametek is a Poorly Constructed, Opaque and Complex Company Trading at an Irrational Premium to Peers. Its Financials Are Littered With Red Flags Pointing To Inflation of Earnings, and Are at High Risk of Restatement 1. Ametek has acquired over 60 businesses in the past decade for $4.6bn, consuming -$627m in net cash flow at an average revenue multiple of 1.7x. Yet, its current trading revenue multiple is 3.5x, which is a significant premium to the sum of its parts 2. Ametek has not demonstrated an ability to extract revenue synergies from acquisitions that are often touted as “complementary” products for existing customers. Organic growth in 2012 and 2013 were 1.1% and 1.2%, respectively. Pricing power in its businesses appears low 3. To continue its historical growth rate, Ametek will have to continue acquiring at a rapid pace, and face many challenges a. Competition intensifying for a shrinking pool of actionable targets in the sub $200m enterprise value range it targets b. Multiples for private companies in its markets are rising; Ametek had to pay rich EV/sales and EBITDA multiples for newly acquired targets such as Zygo (1.7x / 9x) and Amptek (3.9x / 10x), respectively c. Agilent’s recently spun-out Electronic Measurement Technology unit (FY ‘13 Revenues: $2.9bn) will be newly capitalized and incentivized to growth through acquisitions 4. SEC financial disclosures are weak: a. Ametek cannot adequately explain its gross margins to investors, or its operating margin improvements; margin improvements are continually attributed to “endless cost cuts and savings” with few tangible examples ever given b. Ametek has jammed all its acquisitions into just two operating segments. Once companies are acquired, very little disclosure is given about their continued performance Evidence supports the view that Ametek’s EBIT/EBITDA margins are overstated and aggressive accounting is at work: a. Ametek appears to use aggressive acquisition accounting; marking significant intangible assets as customer relations, and amortizing them over 19yrs. Over $1 billion has been allocated to this account! b. A whistleblower complaint, a “qualified” audit opinion, and surreptitious conversion from LIFO to FIFO, all point to creative inventory accounting being used to inflate margins and earnings c. We’ve acquired foreign filings for 14 operating entities constituting ~$732m of revenue, few have EBITDA margins close to the consolidated margin of 26%. Many units have been experiencing decreasing margins, not increasing! 5. Insider ownership alignment with shareholders is weak, and getting worse! Insiders have been net sellers every single year 132
Ametek’s Extreme Valuation Premium is Not Justified
Spruce Point Capital
($ i n mi l l i ons , except per s ha re fi gures )
Name
Stock % of Price 52-wk Ticker 11/12/2014 High
Danaher DHR Emerson EMR Eaton ETN Parker Hannifan PH Rockwell Automation ROK Mettler-Toledo MTD Hubbell HUB Keysight Tech. KEYS Rexnord RXN Teledyne TDY Spectris PLC SXS.Lon Regal-Beloit Corp RBC FEI Company FEIC Bruker BRKR Oxford Instruments OXIG.Lon Altra Industrial AIMC
Ametek Inc.
AME
$82.36 $64.05 $67.64 $128.57 $112.44 $284.70 $112.50 $30.83 $27.25 $106.67 $30.26 $71.47 $83.09 $18.42 $17.29 $31.95
$52.20
Source: Company financials, Wall St. estimates.
99% 91% 85% 99% 86% 99% 88% 93% 88% 100% 71% 89% 74% 74% 58% 81%
100%
Ent. Value
'14E-'15E Revenue EPS Growth Growth
LTM Gross EBITDA FCF P/E Margin Margin Margin 2014E 2015E
Enterprise Value EBITDA Sales 2014E 2015E 2014E 2015E
Debt/ Capital
$57,948 $47,684 $40,173 $19,561 $15,119 $8,814 $6,571 $5,610 $4,453 $4,516 $3,798 $3,640 $3,047 $3,125 $1,195 $1,063
5.5% 3.7% 2.8% 2.6% 5.0% 4.5% 4.3% 2.7% 5.1% 4.7% 5.6% 4.4% 9.7% 4.5% 8.5% 2.8%
9.2% 8.6% 16.1% 14.0% 9.2% 11.2% 10.1% 2.0% 18.6% 2.4% 8.3% 18.4% 35.2% 20.0% 11.4% 17.2%
52.4% 41.4% 30.4% 23.3% 41.6% 54.2% 33.3% 55.4% 36.3% 37.6% 57.7% 24.5% 47.1% 44.9% 43.4% 30.0%
22.1% 21.5% 14.5% 14.2% 20.2% 21.4% 18.4% 21.5% 19.9% 15.8% 19.0% 13.6% 21.6% 13.2% 16.4% 14.9%
15.3% 12.1% 5.3% 8.7% 13.5% 12.1% 10.0% 15.1% 9.8% 10.5% 10.3% 6.7% 12.5% 7.6% 6.0% 7.4%
22.4x 16.7x 14.7x 17.7x 17.8x 24.5x 21.0x 12.1x 18.0x 19.4x 15.8x 16.6x 27.6x 24.6x 15.9x 17.8x
20.5x 15.4x 12.7x 15.5x 16.3x 22.0x 19.1x 11.9x 15.1x 18.9x 14.6x 14.0x 20.4x 20.5x 14.3x 15.1x
12.9x 9.1x 11.1x 9.8x 11.0x 16.3x 11.2x 9.1x 10.4x 12.3x 10.8x 8.1x 15.2x 12.6x 11.1x 9.2x
11.9x 9.0x 10.5x 9.1x 10.0x 15.1x 10.4x 8.6x 9.6x 11.2x 10.0x 7.5x 11.7x 10.8x 9.8x 8.4x
2.9x 1.9x 1.8x 1.5x 2.3x 3.5x 2.0x 1.9x 2.1x 1.9x 2.1x 1.1x 3.2x 1.7x 1.8x 1.3x
2.8x 1.9x 1.7x 1.4x 2.1x 3.4x 1.9x 1.9x 2.0x 1.8x 2.0x 1.1x 2.9x 1.6x 1.6x 1.3x
11% 36% 35% 25% 32% 36% 23% 56% 77% 27% 14% 24% 0% 30% 65% 48%
Max Average Min
9.7% 4.8% 2.6%
35.2% 13.2% 2.0%
57.7% 40.8% 23.3%
22.1% 18.0% 13.2%
15.3% 10.2% 5.3%
27.6x 22.0x 18.9x 16.7x 12.1x 11.9x
16.3x 11.3x 8.1x
15.1x 10.2x 7.5x
3.5x 2.1x 1.1x
3.4x 2.0x 1.1x
77% 34% 0%
$14,219
6.1%
11.2%
35.5%
26.1%
15.8%
21.7x 19.5x
13.7x
12.5x
3.5x
3.3x
32%
Ametek’s Margins Vastly Superior
133
Enterprise Value / 2015E Revenues
Enteprise Value / 2015E EBITDA
4.0x
15.0x
3.5x
13.0x
Average
3.0x
11.0x
Average
2.5x
9.0x
2.0x
7.0x
1.5x
5.0x
1.0x 3.0x 0.5x
2015E Revenue Growth
AME
MTD
FEIC
DHR
TDY
ETN
BRKR
ROK
HUB
SXS.Lon
OXIG.Lon
PH
RXN
EMR
KEYS
RBC
-1.0x
AIMC
MTD
FEIC
AME
ROK
DHR
RXN
SXS.L…
HUB
EMR
TDY
KEYS
ETN
PH
BRKR
RBC
AIMC
OXIG.…
1.0x 0.0x
2015E EPS Growth 40.0%
12.0%
35.0%
10.0% 30.0%
8.0%
25.0% 20.0%
Average
6.0%
15.0%
4.0%
Average
10.0% 2.0%
5.0%
FEIC
AME
OXIG.Lon
DHR
SXS.Lon
RXN
ROK
TDY
MTD
RBC
BRKR
HUB
ETN
EMR
KEYS
AIMC
0.0%
PH
Spruce Point Capital
Ametek’s Extreme Valuation Premium is Not Justified
0.0%
134
Spruce Point Capital
Public Investors Paying a Big Premium to Own Quick Flipped Private Equity Deals
Ametek appears to be the buyer of last resort for many private equity firms looking to flip their investments after a 3 – 5 year holding period. With each private equity firm claiming to add operational expertise and strong financial controls to its portfolio companies, we question what additional value Ametek can extract from these acquisitions. $ in millions Enterprise
LTM
EV/
Announced
Location
Target
Private Equity Sponsor (Year Invested)
Target Description
Value
Sales
Sales
8/8/2014
Bedford, MA
Amptek
Edgewater Growth (2012) Bouler Capital; JZ Capital
x-ray detectors used to identify the composition of materials using x-ray fluorescence (XRF) within the metal
$115.0
$29.2
3.94x
2/10/2014
Irvine, CA
VTI Instruments
Merit Capital Partners; Alerion Capital Group (2008)
high precision test and measurement instrumentation, esp in Aerospace
$74.0
$38.0
1.95x
Powervar
Pfingsten Partners (2006)
power protection equipment used by the medical, retail and telecommunication industries
$128.0
$70.0
1.83x
Controls SouthEast
Industrial Growth Partners (2010)
manufacturer of custom-engineered thermal solutions
$160.0
$50.0
3.20x
$320.0
$168.6
1.90x
12/4/2013 8/7/2013
Waukegan, IL Chalotte, NC
5/21/2012
Bonndorf, Germany
Dunkermotoren
Triton Partners (2009)
engineered advanced motion control solutions for niche applications
1/26/2012
St Louis, MO
O'Brien Corp
Industrial Growth Partners (2009)
manufacturer of fluid and gas handling solutions, sample conditioning equipment and process analyzers
$175.0
$80.0
2.19x
Equipment used to perform electrical immunity and electromagnetic compatibility testing
$93.0
$41.0
2.27x
$170.0
$125.0
1.36x
$150.0
$55.0
2.73x
$159.0
$85.0
1.87x
$270.0
$85.0
3.18x
$89.5
$50.0
1.79x
$158.6 $1,903.5
$73.1 $876.8
2.35x --
10/25/2011
Reinach, Switzerland
EM Test
Riverside Company (2008)
10/23/2012
Streetsboro, OH
Micro-Poise Measurement Systems
American Industrial Partners (2007)
10/17/2011
Depew, NY
11/9/2010
Chicago, IL
7/1/2010
Waterbury, CT
6/1/2010
Arlington, MN
Reichert Technologies Atlas Material Testing Technology Haydon Enterprises Technical Services for Electronics
integrated test and measurement solutions for the tire industry instruments used by ophthalmologists, optometrists, and Beecken Petty O'Keefe (2007) opticians for vision correction and the screening Industrial Growth weathering test instruments and related testing and Partners (2007) consulting services linear actuators and lead screw assemblies for diverse Harbor Group (2007) industrial end markets manufacturer of engineered interconnect solutions for the Pfingsten Partners (2006) medical device industry Average: Total:
Source: Company filings; public information
135
30% – 50% Downside in Ametek’s Shares Spruce Point Capital
In our opinion, Ametek’s EBITDA margins appear overstated and are likely a few hundred basis points lower than the 26% indicated in its filings, potentially up to 400 – 600 bps. This estimate is supported by our peer regression analysis, evaluation of various Ametek foreign filings, and pro forma amortization analysis. If Ametek were to be valued closer to peers at 2x and 10-11x EV / 2014E Sales and EBITDA, respectively, its share price would have downside to $27 - $36 per share. $ in millions True EBITDA Margin: 14E Adj. EBITDA
$ in millions 20% $799.0
21% $839.3
22% $879.6
23% $920.0
24% $960.3
25% $1,001
26% $1,041
$3,797
$3,874
9.00x
$7,191
$7,554
$7,917
$8,280
$8,643
$9,006
$9,369
10.00x
$7,990
$8,393
$8,796
$9,200
$9,603
$10,007
$10,410
11.00x
$8,789
$9,232
$9,676 $10,120 $10,564
$11,007
$11,451
12.00x
$9,588 $10,072 $10,556 $11,040 $11,524
$12,008
$12,492
Less: Debt Plus: Cash FD Shares
($1,636) ($1,636) ($1,636) ($1,636) ($1,636) $370 $370 $370 $370 $370 248.1 248.1 248.1 248.1 248.1
($1,636) $370 248.1
($1,636) $370 248.1
$6,644
$6,780
$6,918
$7,060
$7,201
$7,345
$7,492
2.00x
$7,594
$7,749
$7,907
$8,068
$8,229
$8,394
$8,562
2.25x
$8,543
$8,717
$8,895
$9,077
$9,258
$9,443
$9,632
2.50x
$9,492
$9,686
$9,883
$10,085
$10,287
$10,492
$10,702
Less: Debt Plus: Cash FD Shares
($1,636) $370 248.1
($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) $370 $370 $370 $370 $370 $370 248.1 248.1 248.1 248.1 248.1 248.1 Implied Stock Price
9.00x
$23.90
$25.30
$26.80
$28.30
$29.70
$31.20
$32.70
10.00x
$27.10
$28.70
$30.30
$32.00
$33.60
$35.20
$36.90
11.00x
$30.30
$32.10
$33.90
$35.70
$37.50
$39.30
$41.00
12.00x
$33.50
$35.50
$37.40
$39.40
$41.30
$43.30
$45.20
EV/'14E Sales
EV/'14E EBITDA
$4,281
1.75x
Implied Stock Price 1.75x
$21.70
$22.20
$22.80
$23.30
$23.90
$24.50
$25.10
2.00x
$25.50
$26.10
$26.80
$27.40
$28.10
$28.70
$29.40
2.25x
$29.30
$30.00
$30.70
$31.50
$32.20
$33.00
$33.70
2.50x
$33.20
$33.90
$34.70
$35.50
$36.40
$37.20
$38.00
Implied Downside From Current Price
9.00x
-54%
-51%
-48%
-46%
-43%
-40%
-37%
10.00x
-48%
-45%
-42%
-38%
-35%
-32%
-29%
11.00x
-42%
-38%
-35%
-31%
-28%
-24%
-21%
12.00x
-36%
-32%
-28%
-24%
-21%
-17%
-13%
EV/'14E Sales
Implied Downside From Current Price
EV/'14E EBITDA
$4,197
Implied Enterprise Value
EV/'14E Sales
EV/'14E EBITDA
Implied Enterprise Value
2014E Revenues $3,953 $4,034 $4,115
1.75x
-58%
-57%
-56%
-55%
-54%
-53%
-52%
2.00x
-51%
-50%
-48%
-47%
-46%
-45%
-43%
2.25x
-44%
-42%
-41%
-39%
-38%
-37%
-35%
2.50x
-36%
-35%
-33%
-32%
-30%
-28%
-27%
136
Valuation Multiples Near All-Time Highs Spruce Point Capital
Despite our concerns about Ametek’s business and its financial earnings quality, its stock is trading near all-time valuation multiples. In our opinion, investors should carefully consider if its valuation premium is warranted.
Historic EV/Sales and EV/EBITDA Valuation (trailing) 16.0x
Historic Price/EPS Valuation (trailing) 4.0x
28.0x 26.0x
15.0x
3.5x
14.0x
3.0x
13.0x
12.0x
2.5x
24.0x 22.0x 20.0x 18.0x
11.0x
2.0x
10.0x 1.5x
9.0x
16.0x 14.0x 12.0x
8.0x
1.0x 2006
2007
2008
2009
2010
EV/EBITDA
Source: Bloomberg Average Multiples
2011
2012
2013 Current
10.0x
2006
2007
2008
2009
2010
2011
2012
2013 Current
EV/Sales
137
Appendix
Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent
List of Ametek Acquisitions (2011-2014) Spruce Point Capital
$ in millions Announced
Location
Target
8/5/2014
Germany
Luphos
8/5/2014 4/11/2014
Bedford, MA Middlefield, CT
Amptek Zygo Corp
2/10/2014
Irvine, CA
VTI Instruments
1/3/2014
Switzerland
Teseq Group
12/4/2013
Waukegan, IL
Powervar
10/29/2013 8/7/2013
Lévis, Québec Chalotte, NC
Creaform Controls SouthEast
1/3/2013
Athens, OH
Sunpower Inc
1/3/2013
San Luis Obispo, CA
12/17/2012
Miami, FL
10/23/2012
Streetsboro, OH
5/21/2012
Bonndorf, Germany Dunkermotoren GmbH
1/26/2012
St Louis, MO
O'Brien Corp
1/3/2012
Peabody, MA
Techinical Manufacturing Corp
10/17/2011
Depew, NY
Crystal Engineering Aero Components / Avtech Avionics Micro-Poise Measurement Systems
Reichert Technologies
10/25/2011
Switzerland
EM Test
5/9/2011
Montvale, NJ
Coining Holding
4/28/2011
Montevideo, MN
Avicenna Technology
Private Equity Sponsor
Target Description Technology utilizing multi-wavelength laser interferometry
provider of x-ray detectors used to identify the Edgewater Growth (2012) composition of materials using x-ray fluorescence (XRF) Bouler Capital; JZ Capital within the metal metrology solutions and optical systems Merit Capital/ Alerion high precision test and measurement instrumentation, Capital Group esp in Aerospace test and measurement instruments for electromagnetic compatibility testing. power protection equipment used by the medical, retail Pfingsten Partners and telecommunication industries developer and manufacturer of portable 3D measurement technologies and a provider of 3D engineering services Industrial Growth Partners manufacturer of custom-engineered thermal solutions
Enterprise Value
LTM Sales
LTM EBITDA
EBITDA Margin
Electronic Instruments
$12.7
--
--
--
--
--
Electronic Instruments Electronic Instruments
$115.0 $280.0
$29.2 $162.9
$13.1 $28.9
44.9% 17.7%
3.94x 1.72x
8.78x 9.69x
Electronic Instruments
$74.0
$38.0
--
--
1.95x
--
Electronic Instruments
$92.0
$53.0
--
--
1.74x
--
Electronic Instruments
$128.0
$70.0
--
--
1.83x
--
Electronic Instruments Electronic Instruments
$120.0 $160.0
$52.0 $50.0
---
---
2.31x 3.20x
---
N/A
N/A
--
--
--
--
Electronic Instruments
N/A
N/A
--
--
--
--
Electromechanical Group
~$80
N/A
--
--
--
--
Electronic Instruments
$170.0
$125.0
$22.6
18.1%
1.36x
7.52x
Electromechanical Group
$318.5
$168.6
$34.0
20.2%
1.89x
9.37x
Electronic Instruments
$179.3
$80.0
$19.9
24.9%
2.24x
9.01x
Electronic Instruments
$48.9
$30.0
$7.5
25.1%
1.63x
6.50x
Electronic Instruments
$150.0
$55.0
$15.0
27.3%
2.73x
10.00x
$93.0
$41.0
$10.3
25.2%
2.27x
9.00x
$148.0
$65.0
--
--
2.28x
--
$35.0
$25.0
--
--
1.40x
--
Segment
development of Stirling cycle cryocoolers and externally heated Stirling engine technology for various markets Electronic Instruments high-end pressure measurement technology and manufactures high-end portable digital pressure calibrators and digital test gauges repairs and overhauls fuel, hydraulic, pneumatic, power generation and heat exchanger components American Industrial integrated test and measurement solutions for Partners the tire industry engineered advanced motion control solutions for Triton Partners niche applications manufacturer of fluid and gas handling solutions, sample Industrial Growth Partners conditioning equipment and process analyzers custom active piezoelectric vibration cancellation systems for life sciences, photonics and semiconducter equipment Beecken Petty O'Keefe
River Associates Investments
instruments used by ophthalmologists, optometrists, and opticians for vision correction and the screening
Equipment used to perform electrical immunity and electromagnetic compatibility testing Electronic Instruments supplier of custom-shaped metal preforms, microstampings and bonding wire solutions for interconnect applications in microelectronics packaging and assembly Electromechanical Group fine-featured catheter and other medical components for leads, guide wires and custom medical assemblies Electromechanical Group
Source: Press releases, SEC filings, Earnings Calls, Public information
Enterprise Value / LTM Revenues EBITDA
139
List of Ametek Acquisitions (2008-2010) Spruce Point Capital
$ in millions Announced
Location
Target
Private Equity Sponsor
11/9/2010
Chicago, IL
Atlas Material Testing Technology
weathering test instruments and related testing and Industrial Growth Partners consulting services
N/A
American Reliance Power Division
direct current power supplies and electronic loads for the automated linear actuatorstest andequipment lead screw market assemblies for the
Haydon Enterprises
Harbor Group
medical, industrial equipment, aerospace, analytical instrument, computer peripheral and semiconductor
Pfingsten Partners
manufacturer of engineered interconnect solutions for the medical device industry
8/19/2010 7/1/2010
Waterbury, CT
6/1/2010
Arlington, MN
4/1/2010
Madison, WI
Technical Services for Electronics Imago Scientific Instruments (1)
1/26/2010
Tampa, FL
Sterling Ultra Precision
12/1/2009
Baldwin Park, CA
Ameron Global
1/1/2009
Miami, FL
High Standard Aviation
11/3/2008
United Kingdom
Murihead Aerospace
7/28/2008
San Diego, CA
Programmable power business of Xantrex
6/12/2008
Wayne, NJ
Vision Research
4/14/2008
Robesonia, PA
Reading Alloys
2/26/2008
Tulsa, OK
Drake Air
2/26/2008 2/20/2008
Minneapolis, MN N/A
Motion Control Group Newage Testing
Enterprise Value
LTM Sales
LTM EBITDA
EBITDA Margin
Electronic Instruments
$159.0
$85.0
--
--
1.87x
--
Electronic Instruments
N/A
N/A
--
--
--
--
Electromechanical Group
$270.0
$85.0
--
--
3.18x
--
Electromechanical Group
$89.5
$50.0
--
--
1.79x
--
manufacturer of 3D atom probes
Electronic Instruments
$6.0
$7.0
--
--
--
--
reseller of machine tools for the ophthalmic lens market manufacturer of highly engineered pressurized gas components and systems for commercial and military aerospace customers electrical and electromechanical, hydraulic and pneumatic repair services to the aerospace industry manufacturer of motion technology products and a provider of avionics repair and overhaul services for A&D markets
Electronic Instruments
$3.2
N/A
--
--
--
--
Electromechanical Group
$32.7
$20.0
--
--
1.64x
--
Electromechanical Group
$40.2
$31.0
--
--
1.30x
--
Aerospace/Defense
~$64
$54.0
--
--
1.20x
--
Electronic Instruments
$120.0
$80.0
--
--
1.50x
--
Electronic Instruments
N/A
$37.0
--
--
--
--
Electromechanical Group
N/A
$80.0
--
--
--
--
Electronic Instruments
N/A
$15.0
--
--
--
--
Electromechanical Group Electronic Instruments
N/A N/A
$26.0 N/A
---
---
---
---
Target Description
AC/DC programmable power supplies used to test electrical and electronic products manufacturer of high-speed digital imaging systems used for motion capture and analysis in numerous test and measurement applications pecialty titanium master alloys and highly engineered metal powders used in the aerospace, medical implant, military and electronics markets heat-transfer repair services to the commercial aerospace industry customized motors and motion control solutions for the medical, life sciences, industrial automation, semiconductor and aviation markets manufacturer of hardness testing equipment
1) Information based on public article Source: Press releases, SEC filings, Earnings Calls, Public information
Segment
Enterprise Value / LTM Revenues EBITDA
140
List of Ametek Acquisitions (2006-2007) Spruce Point Capital
$ in millions Private Equity Sponsor
Announced
Location
Target
12/14/2007 10/18/2007 8/13/2007
San Diego, CA United Kingdom Paris, France
California Instruments Umeco R&O Cameca SAS
6/14/2007
Lancaster, PA
6/5/2007 4/18/2007
Witchita, KS Westerly, RI
Hamilton Precision Metals Advanced Industries B&S Aircraft Parts & Acces. Seacon Phoenix
4/18/2007
N/A
Siemens' Power Control
and related Power Control Systems technology and products
12/13/2006
Tulsa, OK
Southern Aeroparts
3rd Party MRO services to the commercial aerospace
12/12/2006 11/6/2006
N/A Keene, NH
General Ceramics Precitech
6/15/2006
Dronfield, UK
5/15/2006 2/18/2006
Harleysville, PA Coral Springs, FL
Land Instruments Int'l PennEngineering Motion Tech. Pulsar Technologies
Carlyle
Enterprise Value
LTM Sales
LTM EBITDA
EBITDA Margin
Electronic Instruments joins Ametek A&D division Electronic Instruments
~$38 $73.0 $112.0
$22.0 $57.0 $82.0
----
----
1.73x 1.28x 1.37x
----
Electromechanical Group
$42.0
$25.0
--
--
1.68x
--
~'$20 $38.0
$25.0 $17.0
---
---
0.80x 2.24x
---
Electronic Instruments
--
--
--
--
--
--
Electronic Instruments
~$40
$17.0
--
--
2.35x
--
-$13.0
-$19.0
---
---
-0.68x
---
$45.7
$41.0
--
--
1.11x
--
$64.0 $14.4
$55.0 $10.0
---
---
1.16x 1.44x
---
Target Description
Segment
programmable alternating current (AC) power sources European MRO business high-end elemental analysis systems precision metal strip and foil for medical, electronic and instrumentation markets
aircraft power management and 3rd party MRO Electronic Instruments undersea electrical interconnect Halmar Robicon silicon controlledsubsystems rectifier power controller Joins HCC Industries in EMG
manuf'ter of engineered hermetic microelectronic packages for electronic apps in the A&D, telco, and industrial markets Electromechanical Group manufacturer of ultra-precision machining systems Electronic Instruments on-line optical temperature measurement instrumentation for industrial applications Electronic Instruments highly engineered motors for niche applications communications equipment for the electric utility market
Source: Press releases, SEC filings, Earnings Calls, Public Information
Technical&Industrial Products unit Electronic Instruments
Enterprise Value / LTM Revenues EBITDA
141
List of Ametek Acquisitions (2000-2005) Spruce Point Capital
$ in millions Private Equity Sponsor
Announced
Location
Target
10/10/2005
Los Angeles, CA
HCC Industries
9/7/2005 9/26/2005 6/13/2005
N/A England Kleve, Germany
Quizix Solartron Group SPECTRO
6/30/2004
Leicester, UK
7/20/2004
Enterprise Value
LTM Sales
LTM EBITDA
EBITDA Margin
Enterprise Value / LTM Revenues EBITDA
Electromechanical Group
$162.0
$104.0
--
--
1.56x
--
Electronic Instruments Electronic Instruments Electronic Instruments
-$75.0 $98.0
-$50.0 $104.0
----
----
-1.50x 0.94x
----
--
--
1.67x
--
Target Description manufacturer of engineered hermetic connectors, terminals, headers and microelectronic packages manufacturer of precision pumping systems for the oil and gas market analytical and metrology instruments Atomic Spectroscopy analytical instrumentation
Segment
Taylor Hobson
ultra-precision measurement instrumentation
Electronic Instruments
Garden City, NY
Hughes-Treitler
Electronic Instruments
$48.0
$32.0
9/4/2003
Tulsa, OK
Chandler Instruments
Electronic Instruments
$49.0
$30.0
--
--
1.63x
--
5/9/2003
Columbus, OH
Solidstate Controls
Marmon Industrial
Electronic Instruments
$34.0
$45.0
--
--
0.76x
--
1/13/2003 2/1/2002
London, England Oak Ridge, TN
Airtechnology IRAS
Candover Partners PerkinElmer
Electromechanical Group Electronic Instruments
$80.0 $63.0
$46.4 $50.0
---
---
1.72x 1.26x
---
7/9/2001
Mahwah, NJ
EDAX
Panta Electronics
Electronic Instruments
$37.0
$34.0
--
--
1.09x
--
5/22/2001 9/13/2000
Wisconsin Rochester, NY
GS Electric Rochester Instrument
SPX Corp
Electromechanical Group Electronic Instruments
$32.0 $21.0
$65.0 $33.0
---
---
0.49x 0.64x
---
8/8/2000
Various
Prestolite Electric
Prestolite
heat exchangers and thermal management subsystems measurement instrumentation for the oil and gas industry uninterruptible power supply systems for the process and power generation industries supplier of motors, fans and environmental control systems for the aerospace and defense markets manufacturer of advanced analytical instrumentation analytical instrumentation which complements the Company's process and analytical instruments magnet motors for the global floor care and other markets electric power generation market Switch Division, Industrial Battery Charger business, and Direct-Current (DC) motor business
Electromechanical Group
$60.0
$71.0
--
--
0.85x
--
1.7x
8.7x
German Equity Ptnrs
GBP 55m GBP 38m
1.67x
Deal Averages: Source: Public Information
Compare average valuation paid for acquisitions vs. Ametek’s current valuation of 3.8x and 14.5x LTM Sales and EBITDA! Source: Press releases, SEC filings, Earnings Calls, Public Information
142
Spruce Point Capital
Ametek’s Sourcing and Operational Improvement Expectations $ in millions
Source: Ametek earnings conference calls
Total Annual Cost Savings Expectations
Total Annual Sourcing Expectations
Total Annual Operational Expectations
Total Qtrly Realized Sourcing
Total Annual Realized Sourcing
Q1'09 Q2'09 Q3'09 Q4'09
$115.0 $135.0 $135.0 $135.0
$20.0 $20.0 $20.0 $22.0
$95.0 $115.0 $115.0 $113.0
$4.4 $5.4 $6.0 $6.0
$21.8
Q1'10 Q2'10 Q3'10 Q4'10
$75.0 $75.0 $75.0 $75.0
$22.0 $25.0 $27.0 $27.0
$53.0 $50.0 $48.0 $48.0
$6.0 $7.0 $7.0 $7.0
$27.0
Q1'11 Q2'11 Q3'11 Q4'11
$50.0 $50.0 $50.0 $50.0
$27.0 $28.0 $29.0 $30.0
$23.0 $22.0 $21.0 $20.0
$7.0 $7.0 $8.0 $8.0
$30.0
Q1'12 Q2'12 Q3'12 Q4'12
$60.0 $75.0 $80.0 $85.0
$40.0 $47.0 $48.0 $49.0
$20.0 $28.0 $32.0 $36.0
$10.0 $12.0 $13.0 $14.0
$49.0
Q1'13 Q2'13 Q3'13 Q4'13
$95.0 $100.0 $100.0 $100.0
$54.0 $54.0 $54.0 $62.0
$41.0 $46.0 $46.0 $38.0
$14.0 $16.0 $16.0 $16.0
$62.0
Q1'14 Q2'14 Q3'14
$90.0 $95.0 $100.0
$60.0 $65.0 $70.0
$30.0 $30.0 $30.0
$17.0 $18.0 $19.0
$54.0
Total
$545.0
$260.0
$285.0
$243.8
143
.
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Company Registration No; 00620201 (Englan·d and Wales)
i·~·:
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AEM LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
II 1111 II II 1111 1111 II *L3E39CUG*
LD4
12/08/2014
#66
AEM LIMITED ·
·.
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COMPANY INFORMATION i.';-·:
Directors
DB Coley JG Smith J W Hardin A Harding E Speranza
Secretaries
DB Coley .. KE Sena
Company number
00620201
Registered office
(Appoi.nted 31 March 2014)
PO Box 36 · 2 New Star Road Leicester LE4 9JQ
Auditors
Ernst & Young LLP One Cambridge Business Park Cambridge CB4 OWZ
Business address
Taylor's End, Stansted Airport Stansted Essex CM241RB
·Bankers
NatWest 1 Granby Street Leicester LE1 6EJ
i._y.
AEM LIMITED
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CONTENTS '';:.
Page Strategic report
1- 2
Directors' report .
3-4
Independent auditors' report
5-6
Profit and loss account
7
Balance sheet
8
Notes to the financial statements
9 - 21
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AEM LIMITED
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STRATEGIC REPORT
FOR THE YEAR ENDED 31.. DECEMBER 2013 i~-
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The directors present their strategic report for the year ended 31 December 2013. Principal activities and review of the business The principal activity of the company continued to be that of repair, overhaul, modification and testing of aircraft components and the supply of first aid and medical kits and equipment to the aviation industry. The company's key financial indicators for the year were.as follows:
Sales Operating profit Operating profit as a % of sales Net current assets (excluding debtors falling due after more than one year) Shareholders' funds
2013 2012 £'QOO £'000 25,262 23, 181 5,671 4,659 22.45% 20.10% 11,230 11,414
8,316 8,088
Change % 8.98 21.72
35.04 41.12
Operating profit for the 12 month period ended 31 December 2013 showed a 22% increase on the prior 12 month period with turnover up by 9%. Despite the general downturn in the UK economy the company, through diversification and a strong presence in overseas markets, recorded strong levels of profitability and met AMETEK expectations for all of its main key performance indicators. We remain confident, given the actions taken in 2013 to enhance capability and production facilities at our Ramsgate location that we will continue to see growth and increased profitability in 2014. Principal risks and uncertainties The company operates in a competitive and global environment and whilst the economic downturn has undoubtedly affected the airline industry as a whole, the company, )IVith its increasing global spread of MRO (Maintenance, Repair and Overhaul) businesses under the AMETEK brand, is now of significant mass and diversification. Consequently, it is much better placed to minimise the effects of this market decline and well placed to take further advantage of any market fall-out. Financial risk management The company's principal financial instruments comprise trade debtor, trade creditor and inter-company loans and balances. The company does not enter into derivative transactions and it is, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken. The main risks arising from the company's financial instruments are interest rate risk and foreign currency risk. Interest rate risk It is AMETEK group policy not to enter into interest rate swaps.
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AEM LIMITED .··
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013 i'.·::
Foreign currency risk The company has transactional and translated currency exposure arising from sales, purchases and loans in foreign currencies. It is AMETEK group policy not to actively hedge against foreign currency transactions and balances. On behalf of the board
JG Smith
Directo{3
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'::..'v L...o ,
4
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AEM LIMITED DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2013
The directors present their report for the year ended 31 December 2013. Results and dividends The results for the year are set out on page 7.
The total distribution of dividends for the year ended 31 December 2013 was £1,810,000 (2012: £3,521,000). Market value of land and buildings In the opinion cif the directors, the market value of freehold land and buildings is not considered to be materially different to the net book value as disclosed in th~ fixed asset note.
Research and development The company continues to invest in a programme of research and development across all business areas, researching and adding new capabilities considered strategic to support the markets it serves. Post balance sheet events The company has declared and paid dividends amounting to £1,000,000 since the year end. Future developments The company will continue fo expand its presence in the Far East market by utilising the AMETEK MRO facility in Singapore and seek to develop strategic partnerships wi~h other AMETEK companies. Going concern The company's business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives and details of the company's exposure to risk are described in the strategic report on page 1.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Directors The following dire,ctors have held office since 1 January 2013:
DB Coley A Imrie JG Smith J W Hardin A Harding . E Speranza
(Resigned 31 March 2014)
(Appointed 31 March 2014)
Directors' insurance AMETEK Inc. has indemnified one or more directors of the company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006 .. Such qualifying third party the year and remains in place to the date of this report. ) indemnity provision was in force during . Environment The group operates under recognised environmental procedures and best practice, fully recognising and complying with its responsibilities to the environment and current legislation. In furtherance to this.. the company operates an environmental policy in accordance with ISO 14001.
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AEM LIMITED
·.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013 i'::.
.:....,.
Financial instruments Details of financial instruments are provided in the strategic report on page 1. Auditors The auditors, Ernst & Young LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006. Statement of directors' responsibilities The ·directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reason.able and prudent; · - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the · company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure to auditors So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
JG Smith Director
0
~
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\
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4
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. AEM LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AEM LIMITED i;;.
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We have audited the financial statements of AEM Limited for the year. ended 31 December 2013 .set out on pages 7 to 21. The financial reporting framework that has been applied in their preparation is applicable law . and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them .in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. · Respective responsibilities of directors and auditors As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial· statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and .International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of ·the financial statements. ·
In addition, we read all the financial and non-financial information in the Annual Report and Financial Statements to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the fmplications· for our report. Opinion on financial statements In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 December 2013 and of its profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. ·Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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AEM "LIMITED
..
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INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF AEM LIMITED
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or . certain disclosures of directors' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit.
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AEM LIMITED
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PROFIT AND LOSS ACCOUNT FOR THE·YEAR ENDED 31 DECEMBER 2013 ~';::
~:·:.
2013 £'000
2012 £'000
25,262
23, 181
·Cost of sales
(13,580)
(12,239)
.Gross profit
11,682
10,942
Distribution costs Administrative expenses
(1,369) (4,642)
(1,380) (4,903)
5,671
4,659
Notes Turnover
2
Operating profit
3
Investment income Interest receivable Amounts written off investments Interest payable
4.
5 6 7
Profit on ordinary activities before taxation Tax on profit on ordinary activities
Profit for the year
25 39
160 35 (160) (637)
8
21
(637)
5,069
4,086
10
945
5,079
5,031
--
--
The profit and loss account has been prepared on the basis that all operations are continuing operations. There are no recognised gains and losses other than those passing through the profit and loss account.
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AEM LIMITED
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BALANCE SHEET
AS AT.31DECEMBER2013 i;::
,.. ..
':· ..
2012
2013 Notes
£'000
\....
i·~·::
~
£'000
£'000
£'000
Fixed assets Intangible assets Tangible assets Investments
10 11 12
5,603 4,619
5,532 4,907 160
10,222
10,599
· . Current assets Stocks Debtors Cash at bank and in hand
13 14
Creditors: amounts falling due within one year
16
4,106 9,963 1,221
4,292 6,662 1,875
15,290
12,829 (4,053)
(4,060)
-- -
Net current assets
11,230
Total assets less current liabilities
21,452
19,375
(11,287)
Creditors: amounts falling due after more than one year
17
(10,022)
Provisions for liabilities
18
(16)
8,776
11,414
8,088
Capital and reserves Called up share capital Profit and loss account
20 21
3,000 8,414
3,000 5,088
Shareholders' funds
22
11,414
8,088
Approved by the Board and
~uthorised for issue on ... ~... ~~·l·~;-V l..o\4
. . .~. G\. ·JG Smith
Director Company Registration No. 00620201
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·. AEM LIMITED
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31.DECEMBER 2013. \··::
1
Accounting policies
1.1 ·Accounting convention The financial statements are prepared under the historical cost convention. The company has taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from the requirement to produce a cash flow statement on the grounds that it is a subsidiary undertaking · where 90 percent or more of the voting rights are controlled within the group.
1.2
Compliance with accounting standards The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), . which have been applied consistently (except as otherwise stated).
1.3
Turnover Turnover. represents the amounts receivable by the company for goods supplied and services provided, excluding VAT and trade discounts. In the case of goods, invoices are ra.ised on delivery to and, where required, formal acceptance by customers.
1.4
Goodwill Goodwill is the difference between the cost of an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities. Positive goodwill is capitalised and classified as an asset on the balance sheet. It is reviewed for impairment at the end of the first full financial period following the acquisition and each year thereafter to ensure that the carrying value is still recoverable. The goodwill recognised is considered to have an indefinite useful economic life. No amortisation is therefore charged to the profit and loss account unless events or changes in circumstances indicate that the carrying value may not be recoverable. The financial statements depart ·from the specific requirements of the Companies Act 2006 to amortise goodwill over a finite period for the overriding purpose of giving a true and fair view. As the useful econornic life of goodwill is considered to be indefinite (see note 10), it is not possible to quantify the effect of this departure.
1.5
Licences, patents and knowhow Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
1.6
Research and development Research expenditure is written off to the profit and loss account in the year in which it is incurred.
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AEM LIMITED .
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NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)
FOR THE YEAR ENDED·31DECEMBER2013 \":;.-.
i:.·:.
1
Accounting policies
1.7
Tangible fixed assets and depreciation Tangible fixed assets. are s_tated at cost less accumulated depreciation. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
{Continued)
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition of each asset evenly over its expected useful life, as follows:
Buildings Short leasehold property Plant and machinery Fixtures, equipment and computers Motor vehicles ·
2% per annum Over the life of the lease 10-15% per annum (aircraft rotable spares 14%) 20- 33% per annum 25-33% per annum
No depreciation is charged on freehold land.
1.8
Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.9
Investments Fixed asset investments are stated at cost and are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.
1.10 Stock and work in progress Stock and work in progress are valued at the lower of cost and net realisable value. Cost includes materials, direct labour and an attributable proportion of overheads based on normal levels of activity. 1.11 Pensions The company administers a defined contribution pension scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme. 1.12 Deferred taxation Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception: - deferred tax assets are recogni$ed only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing ' differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.13 Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies. are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
- 10 -
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AEM LIMITED
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NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) 0
FOR THE YEAR ENDED 31 DECEMBER 2013 0
1
~
Accounting policies
(Continued)
1.14 Share-based payments The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which relevant employees become fully entitled to the award. Fair value is determined using an appropriate pricing model. No expense is recognised for awards that do not ultimately vest. f
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non market conditions that impact on the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account for the year (as part of wages and salaries) with a corresponding reserve transfer to the profit and loss reserve. There are no n
2
Turnover. Geographical market Turnover 2013 £'000
Europe and Middle East Asia and Africa Americas (excl USA) USA
22,690 1,615 102 855
- 11 -
2012 £'000
19,782 2,666 30 703
25,262
23,181
--
--
AEM LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013 ''::.
'';:.
3
i~·:.
Operating profit
2013 £'000
Operating profit is stated after charging: Amortisation of intangible assets Depreciation of tangible assets Loss on disposal of tangible assets Loss on foreign exchange transactions Research and development Operating lease rentals Hire of plant and machinery Fees payable to the compa~y's auditor for the audit of the company's annual accounts Redundancy - exceptional restructuring cost and after crediting: Profit on disposal of tangible assets Profit on foreign exchange transactions
4
Investment income
Interest receivable
Interest receivable from group undertakings
6
Amounts written off investments
Amounts written off fixed asset investments: - loss on liquidation of investments
7
9 736
2012 £'000
299 246 37
768 3 89 307 288 33
20 30
23 72
(8) (29)
Income from shares in group undertakings
5
'~·:
\·~··
--
--
2013 £'000
2012 £'000
160
25
--
--
2013 £'000
2012 £'000
35
39
--
--
2013 £'000
2012 £'000
160
Interest payable
Interest payable to group undertakings
- 12 -
--
--
2013 £'000
2012 £'000
637
637
--
--
·.
·.
. AEM LIMITED
NOTES TO THE.FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013 'i.'
8
\·;:.
i';:.
Taxation 2013 £'000
2012 £'000
Domestic _current year tax Adjusfment for prior years
(765)
Total current tax
(765)
Deferred tax Origination and reversal of timing differences . Effects of changes in tax rates and laws
(16)
Factors affecting the tax charge for the year Profit on ordinary activities before taxation
Profit on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 23.25% (2012 - 24.50%) Effects of: (Income not taxable)/ Non deductable expenses Depreciation in advance of capital allowances Adjustments to previous periods Amount written off investments Dividend income not taxable Group relief not charged Other timing differences
6
(181) 1
(10)
(180)
(10)
(945)
5,069
4,086
--
--
1, 178
1,001
(48) 11
3 168 (765)
37 . (37) (1, 149) 8
(1, 184) 12
(1,178)
(1,766) (765)
Current tax credit for the year
--
--
The company has received the benefit of tax losses amounting to £4,944,000 (2012: £4,833,000) from certain subsidiary undertakings without making any payment. Factors that may affect future tax charges The standard rate of Corporation Tax in the UK reduced from 24% to 23% with effect from 1 April 2013. Accordingly the company's profits for this accounting period are taxed at a blended rate of 23.25%.
The standard rate has fallen to 21 % with effect from 1 April 2014 and will fall further to 20% with effect from 1 April 2015. These rates were enacted during the period and as such any deferred tax balances have been stated at a rate of 20%.
- 13 -
AEM .LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013 i;·.
9
10
....
l~·:.
'':'-
;~
Dividends
2013 £'000
2012 £'000
Ordina_ry final paid
1,810
3,521
--
--
Intangible fixed assets Licences, patents and knowhow £'000 Cost At 1 January 2013 Additions
80
At 31 December 2013
80
Goodwill
Total
£'000
£'000
5,558
5,558 80
5,558
5,638
26
26 9
Amortisation At 1 January 2013 Charge for the year
9
At 31 December 2013
9
26
35
71
5,532 -5,532
--
Net book value At 31 December 2013
-At 31 December 2012
--
5,603 5,532
--
The directors consider that the specialised nature of the· acquired businesses give grounds for regarding the goodwill premiums as durable and for assigning an indefinite life. The businesses operate in a long standing ·and highly regulated industry and the related products, customer base and business names provide a benefit to the company which is considered to have indefinite durability. The financial statements depart from the specific requirements of s396 of the Companies Act 2006 to amortise goodwill over a finite period for the overriding purpose of giving a true and fair view. As the useful economic life of goodwill is considered to be indefinite, it is not possible to quantify the effect of this departure.
-14 -
AEM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE.YEAR ENDED 31DECEMBER2013 ··~·:.
11
':~'
i;:
i .......
Tangible fixed assets Freehold land and buildings
Short Plant and Fixtures, leasehold machinery fittings & property equipment
£'000
£'000
Cost At 1 January 2013 Additions Disposals
2,725 231
17
At 31 December 2013
2,956
17
737
9
Depreciation At 1 January 2013 On disposals Charge for the year At 31 December 2013 Net book value At 31 December 2013
45 782
9
2,174
8
-At 31 December 2012
Motor vehicles
Total
£'000
£'000
£'000
£'000
6,389 181 (548)
1, 108 17 (14)
58 19 (28)
10,297 448 (590)
1, 111
·49
10, 155
'6,022
3,673 (548) 666
913 . (14)
3,791
908
9
58 (28) 16
5,390 (590) 736
46
5,536
2,231
203
3
4,619
--
--
--
--
--
--
1,988
8
2,716
195
--
--
--
--
4,907
Included in the cost of land and buildings is freehold land of £267,000 (2012: £267,000) which is not depreciated. Included within additions in the year to plant and machinery are assets under construction of £136,000 (2012: £58,000) and within additions in the year to land and buildings of £184,000 (2012: £210,000).
- 15 -
·.
AEM LIMITED
·.
NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013 i;.·. . . i.~·:
12
i·:;:
Fixed asset investments Shares in subsidiary undertakings £'000 Cost At 1 January 2013 Disposals
185 (185)
At 31 December 2013 Provisions for diminution in value At 1 January 2013 On disposals
25 (25)
At 31 December 2013 Net book value At 31 December 2013 At 31 December 2012
160
The company held investments in Aviation Windings Limited and Aeromedic Innovations Limited at 1 January 2013. These companies were liquidated during the year. 13
Stocks and work in progress
2013. £'000
2012 £'000
Raw materials and consumables Work in progress Finished goods and goods for resale
2,921 1,014 . 171
2,424 1,287 581
- 16 -
4,106
4,292
--
--
·.
·AEM LIMITED . NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FORi·:;:. THE YEAR ENDED 31, DECEMBER l013 \~;:
14
..
i':::
i~-:
''::.
Debtors
2013 £'000
2012 £'000
Trade debtors Amounts owed by group undertakings Corporation tax Other debtors Prepayments.and accrued income Deferred tax asset (see note 15)
3,287 6, 151 237 102 127 59
3,288 2,455 628 33 209 49
9,963
6,662
--
--
2013 £'000
2012 £'000
Amounts falling due after more than one year and included in the debtors above are:
Amounts owed by group undertakings
15
. 460
Deferred tax asset
The deferred tax asset (included in debtors, note 14) is made up as follows: 2013 £'000 Balance at 1 January 2013 . Profit and loss account
(49) (10)
Balance at 31 December 2013
(59)
--
Decelerated capital allowances Share based payment Other timing differences
2013 £'000
2012 £'000
(24) (21) (14)
(18) (31)
(59)
(49)
--
--
The effect of future changes in tax rate is not considered to have a material effect on the deferred tax balance.
- 17 -
·.
·.
AEM LIMITED.··
·.
·.
·.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED_·31 DECEMBER 2013 i~·.",
16
17
\:;:.
Creditors: amounts falling due within one year
2013 £'000
2012 . £'000
Trade creditor!? Amounts owed to group undertakings Taxes and social security costs Other creditors Accruals and deferred income
3,215 206 154 164 321
3,201 281 166 94 311
4,060
4,"053
--
--
2013 £'000
2012 £'000
Creditors: amounts falling due after more than one year
Amounts owed to group undertakings
10,022
11,287
--
--
Included within amounts owed to group undertakings is a loan totalling £9,800,000 (2012: £9,800,000). The loan has a rolling 5 year notice period. Interest is charged at a rate of 6.5%.
18
Provisions for liabilities Warranty £'000 Profit and loss account
16
Balance at 31 December 2013
16
The provision relates to a possible claim by a customer and is likely to be utilised in 2014.
19
Pension and other post-retirement benefit commitments Defined contribution The company administe_rs a defined contribution pension scheme for the benefit of the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and there were no amounts due to the scheme at the year end (2012: £Nil).
Contributions payable by the company for the year
- 18 -
2013 £'000
2012 £'000
254
256
AEM LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2013 \
......
\'.·.:.
20
i~-...
Share capital
.....
2013 £'0.00
Allotted, called up and fully paid 3,000,000 Ordinary shares of £1 each
21
.
i·:;.·.
2012 £'000
3,000
3,000
--
--
Statement·of movements on profit and loss account Profit and loss account
. £'000 Balance at 1 January 2013 Profit for the year Share based payment transactions Dividends paid
5,088 5,079 57 (1,810)
Balance at 31 December 2013
8,414
-22
Reconciliation of movements in shareholders' funds
2013 £'000
2012 £'000
Profit for the financial year Dividends Share based payment transactions
5,079 (1,810) 57
5,031 . (3,521) 69
Net addition to shareholders' funds Opening shareholders' funds
3,326 8,088
Closing shareholders' funds
23
Contingent liabilities The company has issued bank guarantees to the value of £10,000.(2012: £10,000).
- 19 -
1,579 6·,509
11,414
8,088
--
--
•,
AEM LIMITED
•,
NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2013 \';:.
24
~-~·::
Financial commitments At 31 December 2013 the company was committed to making the following payments. under non-cancellable operating leases in the year to 31 December 2014: Land and buildings 2013 2012 £'000 £'000 Operating leases which expire: Within one year Between two and five years In over five years
248
Other 2013 £'000
2012 £'000
13 21
21 33
34
54
235 235
248
-25
Capital commitments
2013 £'000
2012· £'000
At 31 December 2013 the company had capital commitments as follows: Contracted for but not provided in the financial statements
510
-26
Directors' remuneration
Remuneration for qualifying services Company pension contributions to defined contribution schemes
2013 £'000
2012 £'000
248 16
232 15
--
--
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2012 - 3). The number of directors who exercised share options during the year was 2 (2012 - 1). The number· of directors who received shares under long term incentive schemes during the year was 4 (2012 - 4). Remuneration disclosed above includes the following amounts paid to the highest paid director: Remuneration for qualifying services Company pension contributi.ons to defined contribution schemes
137
122
9
8
The highest paid director has exercised share options during the year. The highest paid director received shares under a long term incentive scheme during the year.
J W Hardin is a US based director within the AMETEK group and does not provide any qualifying services to AEM Limited.
- 20 -
AEM LIMITED
•,
•,
•,
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED). FOR THE YEAR ENDED 31 DECEMBER 2013
27
Employees Number of employees The average monthly number of employees (including directors) during the year was:
2013
·2012
. Number
Number
62 155
64 147
217
211
Employment costs
2013 £'000
2012 £'000
Wages and salaries Social security costs Other pension costs
6,3p1 622 254
5,902 576 256
7,177
6,734
Sales, administration and distribution Manufacturing
Included in wages and salaries is a total expense for share-based payments in relation to equity-settled transactions of £57,000 (2012: £69,000), of which £27,000 (2012: £40,000) relates to restricted shares and £30,000 (2012: £29,000) relates to share options. Further details of the share-based payment arrangements applicable are given in the group financial statements of the ultimate parent entity AMETEK Inc.
28 · Control The immediate parent company is AMETEK Aerospace and Defense Group UK Limited, a company registere<;f in England and Wales.The ultimate parent company is AMETEK Inc, a company incorporated in the United States of America. AMETEK Inc. prepares group financial statements which include the company and are the smallest and largest consolidated accounts that the company is included in, copies of which can be obtained from P 0 Box 36, 2 New Star Road, Leicester LE4 9JQ.
29
Post balance sheet events The company has declared and paid dividends amounting to £1,000,000 since the year end.
- 21 -
' Company Reg1strat1on No 00499805 (England and Wales)
AMETEK AIRTECHNOLOGY GF.tOUP LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
111111111111111111 A06
"A2ECYYGJ" 08/0812013 COMPANIES HOUSE
#295
• AMETEK AIRTECHNOLOGY GROUP LIMITED COMPANY INFORMATION
Directors
J A Mockler DB Coley J A Fenn RR Mandos R Vogel
Secretaries
DB Coley KE Sena
Company number
00499805
Registered office
P 0 Box 36 2 New Star Road Leicester LE4 9JQ
Auditors
Ernst & Young LLP Wessex House 19 Threef1eld Lane Southampton S014 3QB
Business address
111 Windmill Road, Sunbury on Thames Middlesex TW16 7EF
Bankers
NatWest 1 Granby Street Leicester LE1 6EJ
Sohc1tors
Blake Lapthorn New Kings Court Tollgate Chandler's Ford Eastleigh Hampshire S053 3LG
(Appointed 26 Apnl 2012) (Appointed 1 July 2012) (Appointed 1 August 2012)
•
'
AMETEK AIRTECHNOLOGY GROUP LIMITED CONTENTS
Page Directors' report
1-4
Independent auditors' report
5-6
Profit and loss account
7
Statement of total recognised gains and losses
8
Balance sheet
9
Notes to the financial statements
10 - 28
•
AMETEK AIRTECHNOLOGY GROUP LIMITED DIRECTORS' REPORT
FOR THE YEAR ENDED 31DECEMBER2012
The directors present their report and financial statements for the yea; ended 31 December 2012 Principal act1v1t1es and review of the business The principal act1v1ty of the company continued to be that of the design and manufacture of products for the aerospace, defence and rail industries, the design and manufacture of spec1ahst prec1s1on and motion control products and the design, manufacture and sale of track balls and other cursor controlled products
The company's key financial indicators for the year were as follows
Sales Operating profit before exceptional items Exceptional items Operating profit after exceptional items Operating profit as a % of sales Net current assets Shareholders' funds
2012 £'000
2011 £'000
Change
47,489 6,012 891 5, 121 10 78% 21,986 20,280
44,068 5,297
7 76 13 50
5,297 12 02% 20,367 19,966
(3 32)
%
7 95 1 57
The level of order intake in 2012 reduced by £1 7m or 3 9% to £42 6m A reduction of orders in our track ball product hne which benefited from a large multi-year order in 2011 drove this reduction We continue to invest heavily in new product development to ensure we are well placed to achieve our long term growth obiect1ves During 2012 we spent £3 2m on research, development and engineering to support our New Product investment programs New Product investment for 2012 was 6 8% of sales (2011 8 4%) The level of enquires and the future prospects remain encouraging In 2012 the continued strength of the short term order book coupled with a strong performance in our 011 & Gas sector resulted in increased sales of £3 4m or 7 8% to £47 Sm During 2012 the company recorded a £0 9m prov1s1on to refiect add1t1onal costs associated with a development program which will not be recoverable under the terms of the contract Adjusting for this, the business recorded a 13 5% increase in its operating profit This improvement was driven by the increased level of sales, supported by strong margins and a reduced cost base We remain focused on operational excellence and have earned on with the 1mplementat1on of lean in1!1at1ves to ensure we can hold our compet1t1ve pos1t1on in our markets We continue to aggressively pursue cost reductions through local and parent company Global Sourcing and Strategic Procurement lmt1at1ves The company's net current assets increased by £1 6m or 7 9%, this increase was driven by a reduction in the level of trade creditors which reduced £1 6m and higher intercompany debtors following the introduction of cash pooling processes Despite d1v1dend payments of £4 3m Shareholders funds increased 1 6% reflecting the profit generated in the year
-1-
AMETEK AIRTECHNOLOGY GROUP LIMITED DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012
Principal risks and uncertainties The company operates 1n a compet1t1ve global environment, and our customers have the ability to switch supply sources 1f they iudge that the competitor product offers better value Further, 1t 1s becoming apparent that a trend 1s developing w1th1n our defence and industrial markets whereby our customers are placing orders close to 1f not within stated lead times The business believes this change in procurement behaviour 1s as a direct result of our customers coming to terms with reduced defence budgets and a general tightening of spending within industrial and commercial markets driven principally by continuing concerns over the robustness of economic growth in developed and developing economies
The business 1s responding to these risks by continuing to focus on the quality and rel1ab11ity of our products in order to provide good value over the product life, to monitor competitor act1v1ty to maintain our compet1t1veness and to improve the ag1l1ty of our operations allowing us to improve our responsiveness The company 1s considered to have acceptable d1vers1ficat1on between its Commercial, Military and Industrial market sectors and therefore unlikely to be overly exposed by a downturn in any one of these markets The company does not have a natural hedge in the Euro and USD currencies and 1s therefore impacted by exchange rate fluctuations
Financial instruments The company's principal financial instruments comprise trade debtor, trade creditor and 1ntercompany balances The company does not enter into derivative transactions and 1t 1s, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken The main risk arising from the company's financial instruments 1s foreign currency risk The company has transactional and translat1onal currency exposures arising from sates and purchases in foreign currencies It 1s AMETEK group policy not to actively hedge against foreign currency transactions and balances Results and d1v1dends The results for the year are set out on page 7
The total d1stnbut1on of d1v1dends paid in the year ended 31 December 2012 was £4,254,000 (2011 £2,000,000)
Research and development Research and development 1s directed towards product development and new products aligned to market needs Post balance sheet events The company has declared and paid d1v1dends amounting to £1,200,000 since 31 December 2012 Future developments The company continues to seek out new opportunities within its Rat•, lndustnal, 01\ & Gas and Commercial Aerospace markets outside of the UK to complement the strong pos1t1on within the European Aerospace & Defence markets We remain oplim1st1c about the near term economic outlook and our d1fferenttated business continues to enioy a healthy order book This gives us good reason to be confident that 2013 should be another good year
Going concern The company's business act1v1t1es, together with the factors likely to affect its future development, its financial pos1t1on, financial risk management objectives and details of the company's exposure to risk are described in this report
After making enqumes, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future Accordingly, they continue to adopt the going concern basis in preparing the financial statements
-2-
AMETEK AIRTECHNOLOGY GROUP LIMITED DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 Directors The following directors have held office since 1 January 2012 J A Mockler DB Coley J A Fenn RR Mandos R Vogel J J Molrnellr C E Lohwasser L M Smrth
(Appointed 26 Aprrl 2012) (Appointed 1 July 2012) (Appointed 1 August 2012) (Resigned 1 July 2012) (Resigned 1 August 2012) (Resrgned 30 Aprrl 2012)
Directors' insurance AMETEK Inc has indemnified one or more directors of the company agarnst lrabilrty rn respect of proceedings brought by third parties, subiect to the conditions set out rn the Companies Act 2006 Such qualrfyrng thrrd party rndemnrty provrsron was in force durrng the year and remains rn place to the date of th rs report Employee involvement Employees are involved rn rmprovrng the company performance through the Lean Manufacturrng rnrtrabves that have been set up throughout the organrsatron Communrcatron wrth employees rs prrncrpally vra iornt consultatrve meetrngs and quarterly revrews
Disabled persons The company grves full consrderatron to applrcatrons for employment from drsabled persons where the requrrements of the JOb can be adequately fulfilled by a handrcapped or drsabled person Where exrsting employees become drsabled, rt rs the company's policy wherever practrcable to provrde continuing employment under normal terms and condrtrons and to provrde trarning and career development and promotron to drsabled employees wherever approprrate
Auditors The audrtors, Ernst & Young LLP, are deemed to be reappointed under sectron 487(2) of the Companies Act 2006
-3-
AMETEK AIRTECHNOLOGY GROUP LIMITED DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 Statement of directors' respons1b1htles The directors are responsible for preparing the Directors' Report and the financial statements m accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financial statements m accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period In preparing these financial statements, the directors are required to - select suitable accounting policies and then apply them consistently, - make judgements and accounting estimates that are reasonable and prudent, - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained m the financial statements, - prepare the financial statements on the going concern basis unless 1t 1s inappropriate to presume that the company will continue m business The directors are responsible for keeping adequate accounting records that are suff1c1ent to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other 1rregularit1es Statement of disclosure to auditors So far as the directors are aware, there 1s no relevant audit 1nformat1on of which the company's auditors are unaware Add1t1onally, the directors have taken all the necessary steps that they ought to have taken as directors m order to make themselves aware of all relevant audit information and to estat:lish that the company's auditors are aware of that information
On behalf of the board
dif
l\6\1~
Fen ecto
-4-
AMETEK AIRTECHNOLOGY GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMETEK AIRTECHNOLOGY GROUP LIMITED
We have audited the financial statements of AMETEK A1rtechnology Group L1m1ted for the year ended 31 December 2012 set out on pages 7 to 28 The financial reporting framework that has been applied in their preparation 1s applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) This report 1s made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them 1n an auditors' report and for no other purpose To the fullest extent permitted by law, we do not accept or assume respons1b1l1ty to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed Respective respons1b1llties of directors and auditors As explained more fully in the Statement of Directors' Respons1b1l1t1es set out on page 4, the directors are responsible for the preparation of the financial statements and for being sat1sf1ed that they give a true and fair view Our respons1b11ity 1s to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Aud1t1ng (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the f1nanc1al statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error This includes an assessment of whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed, the reasonableness of s1gn1f1cant accounting estimates made by the directors, and the overall presentation of the financial statements
In add1t1on, we read all the financial and non-financial information in the Directors' Report and Financial Statements to 1dent1fy material incons1stenc1es with the audited financial statements If we become aware of any apparent material misstatements or inconsistencies we consider the 1mplicat1ons for our report Opinion on financial statements In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 31 December 2012 and of its profit for the year then ended, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared in accordance with the requirements of the Companies Act 2006 Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared 1s consistent with the financial statements
-5-
AMETEK AIRTECHNOLOGY GROUP LIMITED INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF AMETEK AIRTECHNOLOGY GROUP LIMITED Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you 1f, in our opinion adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not v1s1ted by us, or the financial statements are not in agreement with the accounting records and returns, or certain disclosures of directors' remuneration specified by law are not made, or we have not received all the information and explanations we require for our audit
tM~-1 '--( ~
UJ
David Marshall (Senior Statutory Auditor) for and on behalf of Ernst & Young LLP Statutory Auditor Southampton
-6-
AMETEK AIRTECHNOLOGY GROUP LIMITED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31DECEMBER2012 2012 £'000
2011 £'000
47,489
44,068
Cost of sales
(36,969)
(33,469)
Gross profit
10,520
10,599
D1stnbut1on costs Adm1nistrat1ve expenses
(1,532) (3,867)
(1,863) (3,439)
--
--
5, 121
5,297
76 597
83 481
--
--
5,794
5,861
Notes Turnover
2
--
Operating profit
3
Interest receivable and s1m1lar income Other finance income
4 14
Profit on ordinary act1v1bes before taxation Tax on profit on ordinary act1v1t1es Profit for the year
151
1,284
--
--
5,945
7,145
5
17
= The profit and loss account has been prepared on the basis that all operations are continuing operations
-7-
AMETEK AIRTECHNOLOGY GROUP LIMITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31DECEMBER2012
Profit for the financial year Actuarial loss on pension scheme Tax on items taken directly from equity Total recognised gains and losses relating to the year
- B-
2012 £'000
2011 £'000
5,945 (1,544) 100
7,145 (1,553) 128
4,501
5,720
--
--
AMETEK AIRTECHNOLOGY GROUP LIMITED BALANCE SHEET AS AT 31 DECEMBER 2012
2012 £'000
Notes F1xed assets Intang1ble assets Tangible assets
Current assets Stocks Debtors Cash at bank and
7 8
9 10 in
hand
Creditors amounts falling due within one year
11
2011 £'000
£'000
14, 176 5,622
15,029 5,899
--
--
19,798
20,928
14,076 15,800 162
13,870 14,346 1,200
--
--
30,038
29,416
(8,052)
(9,049)
--
--
21,986
Net current assets
£'000
20,367 --
Total assets less current liabilities Creditors. amounts falling due after more than one year
12
41,784
41,295
(23,423)
(23,423) --
Pension asset
18,361 1,919
14
17,872 2,094
-20,280
19,966
--
Capital and reserves Called up share capital Profit and loss account
16 17
Shareholders' funds
18
480 19,800
480 19,486
-20,280
= Approved by the Board and authorised for issue on
\~"$'
Company Reg1strat1on No. 00499805
-9-
?-e,:,
19,966
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31DECEMBER2012 1
Accounting pohc1es
11
Accounting convention The financial statements are prepared under the historical cost convention The company has taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from the requirement to produce a cash flow statement on the grounds that 1t 1s a subs1d1ary undertaking where 90 percent or more of the voting rights are controlled within the group
1.2
Comphance with accounting standards The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated)
1.3
Turnover and revenue recognition Turnover represents the amounts receivable by the company for goods supplied and services provided, excluding VAT and trade discounts In the case of goods revenue 1s recognised when the risks and rewards of ownership of the goods has passed to the buyer This 1s usually determined with reference to the INCO terms of goods shipped
14
Goodwill Goodw1ll 1s the difference between the cost of an acquired entity and the aggregate of the fair value of that entity's 1dent1fiable assets and liabilities Positive goodwill arising on acqu1s1t1ons 1s capitalised and classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life up to a maximum of 20 years It 1s reviewed for 1mpa1rment at the end of the first full financial period following the acqu1s1t1on and in other periods 1f events or changes in circumstances indicate that the carrying value may not be recoverable
15
Licences, patents and knowhow Licences, patents and knowhow are stated at cost less accumulated amort1sat1on and are amortised over the period during which the company expects to benefit from them
1.6
Research and development Research expenditure ts wntten off to the profit and loss account in the year in which 1t 1s mcurred
17
Tangible fixed assets and deprec1at1on Tangible fixed assets are stated at cost less accumulated deprec1at1on The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable Depreciation 1s provided on all tangible fixed assets, other than freehold land and assets 1n the course of construction, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acqu1s1t1on of each asset evenly over its expected useful life, as follows
Freehold buildings Leasehold property Plant and machinery Fixtures, fittings & equipment Motor vehicles
2% - 5% per annum term of the lease 6% - 33% per annum 12 5% - 33% per annum 20% to 33% per annum
- 10 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 1
Accounting policies
18
Leasing Rentals payable under operating leases are charged against income on a strarght line basrs over the lease term
19
Stock and work in progress Stock and work in progress are valued at the lower of cost and net realisable value Cost rncludes all costs incurred in brrngrng each product to rts present loacatron and condrtron as follows
{Continued)
- raw materrals, consumables and goods for resale are at purchase cost on a frrst-in, first-out basrs -work rn progess and frnrshed goods are stated at cost of drrect materrals and labour plus attrrbutable overheads on a normal level of actrvrty Net realrsable value rs based on estrmated sellrng prrce less any further costs expected to be rna.irred to completron and drsposal 1 1O Pensions The company operates both defined benefrt and defrned contrrbutron pensron schemes accounted for rn accordance wrth FRS 17 "Accountrng for Retrrement Benefits"
These are
Defined contnbution pension scheme
Contrrbutrons to the defrned contrrbutron pensron scheme are recognrsed in the profrt and loss account rn the perrod rn whrch they are payable Defined benefit pension scheme
The company operates a defined benefit pensron scheme for rts employees The assets of the scheme are held separately from those of the company Pensron scheme liabrlrtres are measured on an actuarral basrs using the projected unrt method and are drscounted at the current rate of return on a hrgh quality corporate bond of equrvalent term and currency to the liabrlity Pensron scheme assets are measured using market values at the balance sheet date The pensron scheme asset/defrcrt rs recognrsed in full on the balance sheet The deferred tax relating to a defined benefit asset/liabrlrty rs offset against the defined benefit asset/liabrlity and not included wrth other deferred tax assets or liabrlitres Increases in the present value of the scheme lrabrlitres expected to arrse from employee service rn the perrod are charged to operating profit The expected return on scheme assets less the rncrease in the present value of scheme liabrlrtres arrsrng from the passage of trme are rncluded in other interest and shown ad1acent to interest payable/receivable Actuarral gains and losses are recognrsed rn the statement of total recognrsed garns and losses
1.11 Deferred taxation Deferred tax 1s recognrsed in respect of all t1m1ng differences that have orrgrnated but not reversed at the balance sheet date where transactions or events have occurred at that date that wrll result in an obligation to pay more, or a rrght to pay less or to receive more tax, wrth the following exception - deferred tax assets are recognised only to the extent that the directors consider that rt rs more likely than not that there wrll be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted Deferred tax 1s measured on an undrscounted basis at the tax rates that are expected to apply m the perrods in whrch trming differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date
- 11 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 1
Accounting policies
(Continued)
1 12 Foreign currency translation Monetary assets and liab1lit1es denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction All differences are taken to profit and loss account
1 13 Share-based payments The cost of equity-settled transactions with employees 1s measured by reference to the fair value at the date at which they are granted and 1s recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award Fair value 1s determined using an appropriate pricing model No expense 1s recognised for awards that do not ultimately vest At each balance sheet date before vesting, the cumulative expense 1s calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non-market cond1t1ons that impact on the number of equity instruments that will ultimately vest The movement in cumulative expense since the previous balance sheet date 1s recognised in the profit and loss account for the year (as part of wages and salaries) with a corresponding transfer to the profit and loss reserve There are no non-equity settled share-based payments
1 14 Related party transactions The company 1s a wholly owned subs1d1ary of AMETEK Inc, the consolidated accounts of which are publicly available Accordingly, the company has taken advantage of the exemption in FRS 8 from disclosing transactions with other wholly owned members or investees of the AMETEK Inc group
2
Turnover Turnover
Class of business Products for aerospace, defence and rail systems Prec1s1on and motion control products Track balls and other cursor controlled products
2012 £'000
2011 £'000
27,805 15,332 4,352
26,031 13,985 4,052
---
---
47,489
44,068
=
=
Geographical market Turnover
Europe Asia Americas (excl USA) USA
2012 £'000
2011 £'000
37,304 2,016 380 7,789
34,457 3,073 365 6,173
47,489
44,068
= - 12 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 3
Operating profit
Operating profit 1s stated after charging Amort1sat1on of goodwill Amort1sat1on of licences, patents and knowhow Deprec1at1on of tangible assets Loss on disposal of tangible assets Loss on foreign exchange transactions Research and development Hire of plant and machinery Other operating lease rentals Auditors' remuneration
2012 £'000
2011 £'000
823 88 545 66 384 4,306 192 374 88
822 73 737 54
and after crediting Profit on foreign exchange transactions
3,752 177 373 82
(12)
-Operating profit also includes £529,000 (2011 £153,000) in respect of redundancy costs incurred during the year Restructuring costs of £44,000 were included in 2011 In 2012, operating profit 1s stated after charging £891,000 exceptional write off in respect of add1t1onal costs associated with a development program, which will not be recoverable under the terms of the contract
4
Interest receivable and s1m1lar income
Interest receivable from group undertakings Other interest
2012 £'000
2011 £'000
75 1
82 1
76
83
--
- 13 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 5
Taxation
2012 £'000
2011 £'000
Domestic current year tax Adjustment for prior years
(8)
(1,295)
Total current tax
(8)
(1,295)
(130) 12 (25)
(6) 13 4
(143)
11
Deferred tax Origination and reversal of timing differences Effects of changes in tax rates and laws Deferred tax charge on defined benefit pension scheme
Total tax charge
(151)
Factors affecting the tax charge for the year Profit on ordinary act1v1t1es before taxation
5,794
Profit on ordinary act1v1t1es before taxation multiplied by standard rate of UK corporation tax of 24 50% (2011 - 26 49%) Effects of Non deductible expenses Accelerated/(Decelerated) capital allowances Enhanced R & D deduction Adjustments to previous periods Other timing differences Defined benefit pension scheme Group relief not charged
Current tax credit for the year
(1,284)
--
5,861 --
1,419
1,553
197 123 (189) (8) 7 (305) (1,252)
224 (3) (190) (1,295)
(1,427)
(2,848)
(8)
(1,295)
--
--
(344) (1,240)
The company has received the benefit of tax losses amounting to £5, 111,000 (2011 £4,680,000) from certain fellow subs1d1ary undertakings without making any payment
- 14 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 5
Taxation
{Continued)
Factors that may affect future tax charges The standard rate of Corporation Tax in the UK reduced from 2€;% to 24% with effect from 1 April 2012 Accordingly the company's profits for this accounting period are taxed at a blended rate of 24 5% The March 2012 Budget announcement included further proposals to reduce the main rate of corporation tax to 23% from 1 April 2013 and to 22% from 1 April 2014 The reduction to 23% was enacted during the year and therefore deferred tax balances are stated at 23% On 5 December 2012, 1t was announced that the main rate of corporation tax for the year commencing 1 April 2014 will be reduced by a further 1% to 21% The March 2013 Budget subsequently announced that the rate would fall again to 20% with effect from 1 April 2015 As the further reductions had not been substantively enacted at the balance sheet date no account has been taken of them 1n these financial statements The impact of the further changes 1s not expected to be material The rate of writing down allowances on the main pool of plant and machinery and on the special rate pool fell to 18% and 8% respectively with effect from 1 April 2012
6
7
D1v1dends
2012 £'000
2011 £'000
Ordinary d1v1dend in the year
4,254
2,000
=
Intangible fixed assets licences, patents and knowhow £'000
Goodwill
Total
£'000
£'000
Cost At 1 January 2012 Add1t1ons
367 58
16,449
16,816 58
--
--
At 31 December 2012
425
Amortisation At 1 January 2012 Charge for the year
143 88
At 31 December 2012
231
Net book value At 31 December 2012
194
= At 31 December 2011
16,449
16,874
--
--
1,644 823
1,787 911
--
--
2,467
2,698
--
--
13,982
14,176
--
--
224
14,805
15,029
--
--
--
The licence, patents and knowhow cost represents payments made under a consultancy agreement to enable the company to develop the knowhow to improve the scope of its manufacturing capability The cost 1s being amortised over five years, which 1s the period over which the company 1s expected to benefit from the arrangement
- 15 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 8
Tangible fixed assets Freehold I Leasehold property £'000 Cost At 1 January 2012 Transfers Add1t1ons Disposals
4,795 (44) 7 (87)
--
At 31 December 2012
4,671
Deprec1at1on At 1 January 2012 On disposals Charge for the year
1,567 (79) 176
At 31 December 2012
Total
£'000
£'000
4,344 44 328 (1,670)
9,139 335 (1,757)
--
--
3,046
7,717
--
--
1,673 (1,611) 369
3,240 (1,690) 545
--
--
1,664
431
2,095
--
--
--
Net book value At 31 December 2012
3,007
--
At 31 December 2011
Add1t1ons to plant and machinery include £189,000 (2011 £287,000) construction
Plant and machinery
in
2,615
5,622
--
--
3,228
2,671
5,899
--
--
--
respect of assets under
Included in cost of land and buildings 1s freehold land of £1,400,000 (2011 - £1,400,000) which 1s not depreciated
9
Stocks and work in progress
Raw materials and consumables Work in progress Finished goods and goods for resale
2012
2011
£'000
£'000
10,886 2,864 326
9,510 3,912 448
14,076
13,870
--
- 16 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 10
Debtors
2012 £'000
2011 £'000
Trade debtors Amounts owed by group undertakrngs Corporation tax Other debtors Prepayments and accrued income Deferred tax asset {see note 13)
8,909 4,694 905 191 933 168
10, 139 1,973 1, 173 214 797 50
--
--
15,800
14,346
--
11
12
Creditors. amounts falling due wrthrn one year
2012 £'000
2011 £'000
Trade creditors Amounts owed to group undertakings Taxes and sacral security costs Other creditors Accruals and deferred income
4,369 102 621 254 2,706
6,011 63 321 541 2, 113
--
--
Creditors. amounts falling due after more than one year
Amounts owed to group undertakings
8,052
9,049
--
--
2012 £'000
2011 £'000
23,423
23,423
--
- 17 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 13
Deferred tax asset
The deferred tax asset (included 1n debtors, note 10) 1s made up as follows
2012 £'000 Balance at 1 January 2012 Profit and loss account
(50) (118)
Balance at 31 December 2012
(168)
2012 £'000 (Decelerated)/accelerated capital allowances Other t1mmg differences
2011 £'000
(102) (66)
16 (66)
(168)
(50)
--
--
The effect of future changes m tax rates 1s not considered to have a material effect on the deferred tax balance
14
Pension and other post-retirement benefit commitments Employee benefit obhgat1ons
The company has established various pension arrangements, both defined benefit and defined contribution schemes covering many of its employees Defined contribution pension scheme The company operates a defined contribution pension scheme for the benefit of the employees The assets of the scheme are administered 1n a fund independent from those of the company The pension cost m the year was £212,000 (2011 £193,000) Contributions amounting to £34,000 were owing to the the defined contribution scheme at the year end (2011 Nil) The assets of the scheme are held separately to those of the company Defined benefit pension scheme Smee 1 June 2000, the company has part1c1pated m the A1rtechnology Group Pension Plan, which ts a funded defined benefit scheme The company expects to contribute approximately 22 1% of pensionable salaries m add1t1on to £550,000 of deficit funding contributions to the pension plan m 2013
- 18 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 14
Pension and other post-retirement benefit commitments
(Continued)
The amounts recognised in the balance sheet are as follows Defined benefit pension plans
2012 £'000 Present value of funded obhgat1ons Fair value of plan assets
2011 £'000
21,464 (23,956)
18,026 (20,818)
Related deferred tax hab1hty
(2,492) 573
(2, 792) 698
Net asset
(1,919)
(2,094)
The amounts recognised in the profit and loss account are as follows: Defined benefit pension plans
Included in operating profit Current service cost
2012 £'000
2011 £'000
426
306
--
426 Included in other finance income Interest on obhgat1on Expected return on pension scheme assets
--
884 (1,481)
960 (1,441)
--
--
(597) Total
(481)
--
--
(171)
(175)
--
Actual return on plan assets
306
--
=
2,471
--
- 19 -
(227)
=
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 14
Pension and other post-retirement benefit commitments
(Continued)
Analysis of amount recognised in the statement of total recognised gains and losses Defined benefit pension plans
Actuarial losses
2012 £'000
2011 £'000
(1,544)
(1,553)
-Cumulative amount of actuarial (losses)/ gains
(910)
634
-Changes in the present value of the defined benefit obligation are as follows Defined benefit pension plans
Opening defined benefit obl1gat1on Current service cost Interest cost Contributions by scheme part1c1pants Benefits paid Actuarial losses I (gains) Total
2012 £'000
2011 £'000
18,026 426 884 118 (524) 2,534
17,096 306 960 131 (352) (115)
--
--
21,464
--
18,026
--
Changes in fair value of plan assets are as follows. Defined benefit pension plans 2012 2011 £'000 £'000 Opening fair value of plan assets Expected return Actuarial gains I (losses) Contnbut1ons by employer Contributions from scheme part1c1pants Benefits paid
20,818 1,481 990 1,073 118 (524)
20,139 1,441 (1,668) 1,127 131 (352)
23,956
20,818
--
- 20 -
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012 14
Pension and other post-retirement benefit commitments
(Continued)
The maior categories of plan assets as a percentage of total plan assets are as follows:
Equ1t1es Debt securities Other
2012 %
2011 %
73 00 26 00 1 00
73 00 27 00
--
--
2012 %
2011 %
4 40 6 75 3 00 1 90 2 84 1 90 3 00 2 40
4 90 7 00 3 00 1 90 2 84 1 73 3 00 2 00
Principal actuarial assumptions at the balance sheet date (expresssed as weighted averages).
Discount rate Expected return on plan assets Future salary increases Pension increases - RPI capped at 2 5% Pension increases - RPI capped at 5 0% Pension increases - CPI capped at 3 0% Inflation assumption (RPI) Inflation assumption (CPI) Life Life Life Life
expectancy expectancy expectancy expectancy
for a for a for a for a
male currently aged 65 years (in years) female currently aged 65 years (1n years) male currently aged 45 years (in years) female currently aged 45 years (1n years)
22 24 23 26
10 50 40 10
21 24 23 25
The post mortality table used in 2012 was SAPS Normal Health base table with CMI 2011 core model with long term improvement rate of 1% and in 2011 was SAPS Normal Health base table with a medium cohort pro1ect1on and a 1% underpin on future improvements based on year of birth Following the Government's announcement that statutory increases for pensions in deferment and in payment will in future be based on the Consumer Prices Index rather than the Retail Prices Index, allowance has been made for deferred pension revaluation in excess of GMP and increases in payment to post April 1988 GMP to be based on the Consumer Prices Index rather than the Retail Prices Index
- 21 -
20 00 10 90
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 14
Pension and other post-retirement benefit commitments
(Continued)
Amounts for the current and previous four periods are as follows. Defined benefit pension plans 2012 2011 2010 £'000 £'000 £'000 Defined benefit obligation Fair value of scheme assets Surplus/( deficit) Experience adjustments on plan hab1ht1es Experience adjustments on plan assets
2009 £'000
2008 £'000
(21,464) 23,956 2,492
(18,026) 20,818 2,792
(17,096) 20,139 3,043
(16,208) 16,994 786
(12,546) 12,942 396
(412)
1,352
(12)
115
1,915
990
(1,668)
2,264
(4, 751)
1, 101
=
--
- 22 -
=
=
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012 15
Share-based payment transactions Certain directors and members of senior management are granted restricted shares and share options in the ultimate parent company, AMETEK Inc These share-based payments are settled by the issue of equity shares in AMETEK Inc A three for two split of the parent company's common stock took place on 29 June 2012 in order to broaden the stock's marketability and improve its trading hqu1d1ty The new shares were payable to shareholders on record at 15 June 2012 Where appropriate, further 1nformat1on has been given in the comparatives to reflect the three for two split Restricted shares Restricted shares generally vest (1e all restrictions lift) after 4 years This 1s accelerated 11 the share price increases to double that of the grant at the close of business on 5 consecutive trading days, in which case they vest 1mmed1ately The expense 1s recognised on a straight-line basis over 4 years, ignoring the poss1b1hty that this vesting could occur but taking into account estimated forfeitures, based on historical experience Share options Share option awards generally vest 25% each year for 4 years and expire 7 years after the award date The expense 1s recognised on a straight-line basis over the requ1s1te service period for the entire award as 111t all vested at the end of this 4 year period but taking into account estimated forfeitures, based on historical experience The fair value of each option 1s estimated on the date of grant using a Black-Scholes option pricing model The following weighted average assumptions were used in the Black-Scholes model to estimate the fair value of options granted during the years 1nd1cated Expected share volatll1ty 28 36% (2011 26 37%) Expected life of options (years) 5 06 (2011 5 04) Risk free interest rate 0 84% (2011 1 95%) Expected d1v1dend yield O 47% (2011 0 54%) Expected volatility 1s based on historical volatility of AMETEK Inc's share price Historical exercise data for AMETEK as a whole has been used to estimate the options' expected hie, which represents the period of time for which the options granted are expected to be outstanding Management ant1c1pates that the future option holding periods will be s1m1lar to the historical option holding periods The risk-free rate for the period within the contractual hie of the option 1s based on US Treasury yield curve at the time of the grant
The weighted average fair value per option granted during the year was £5 27 (2011 £4 60 for unapproved options and £4 53 for approved options (split adjusted))
- 23 -
•
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 15
Share-based payment transactions
(Continued)
Restricted shares The following table illustrates the number and weighted average fair values (WAFV) of, and movements in restricted shares during the year Number of shares
WAFV
Number of shares
WAFV
2012
2012
2011
2011
£ Outstanding at 1 January Effect of three for two stock split Granted Forfeited Vested
6,370 3,185 1,365 (6,560) (1,499)
Outstanding at 31 December
£
20 71
10,602
16 04
20 99 14 79 11 04
2,076 (1,080) (5,228)
27 16 18 18 14 32
2,861
16 41
6,370
20 71
--
--
--
--
The movements and values for 2012 are shown split adiusted The fair values of restricted shares shown above are determined at the grant date market value Share options The following table illustrates the number and weighted average excerc1se price (WAEP) of, and movements in share options during the year
Outstanding at 1 January Effect of three for two stock split Granted Forfeited Expired Exercised Outstanding at 31 December Exercisable at 31 December
Number of options
WAEP
Number of options
WAEP
2012
2012 £
2011
2011
19 86
25,891
16 83
20 14 18 10
96 75 15 71
5,586 (2,828)
28 56 17 62
(9,502)
17 40
14 45
19,147
19 86
5,820
16 12
19, 147 9,572 4,827 (15,154) (188) (6,669) 11,535 = 4,686
£
= 10 71
-The movements and values for 2012 are shown split adjusted
- 24 -
•
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 15
Share-based payment transactions
(Continued)
The weighted average share price at the date of exercise for the options exercised m the year was
£21 20 (2011 £18 35 (split adjusted)) Options outstanding at the year end have exercise prices ranging from £8 94 to £20 96 (2011 £9 35 to £19 19 (split adjusted)) and a weighted average remaining contractual life of 4 years and 8 months (2011 5 years and 1 month)
16
2012 £'000
Share capital
2011 £'000
Allotted, called up and fully paid
480,000 Ordinary shares of £1 each
480
480
-17
Statement of movements on profit and loss account Profit and loss account
£'000 Balance at 1 January 2012 Profit for the year Share based payment transactions D1v1dends paid Actuarial gains or losses on pension scheme assets Movement on tax relating to pension asset
19.486 5,945 67 (4,254) (1,544) 100 19,800
Balance at 31 December 2012
-17,881 1,919
Profit and loss account excluding pension asset Pension scheme asset
19,800
--
- 25 -
•
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012
18
Reconciliation of movements in shareholders' funds
Profit for the financial year D1v1dends
2012 £'000
2011 £'000
5,945 (4,254)
7, 145 (2,000)
--
Other recognised gains and losses Share based payment transactions Movement on tax relating to pension asset Net add1t1on to shareholders' funds Opening shareholders' funds Closing shareholders' funds
19
1,691 (1,544) 67 100
5, 145 (1,553) 97 128
--
--
314 19,966
3,817 16, 149
--
--
20,280
19,966
--
--
Contingent liab1ht1es
Bank guarantees given in the normal course of business amounted to £232,000 (2011 £386,000)
20
Financial commitments
At 31 December 2012 the company was committed to making the following payments under noncancellable operating leases in the year to 31 December 2013 Land and buildings 2012 2011 £'000 £'000
Operating leases which expire Within one year Between two and five years In over five years
2011 £'000
25 139
400 22
32 125
373
--
21
Other 2012 £'000
--
422
373
164
--
--
--
Capital commitments
157
2012 £'000
2011 £'000
280
180
At 31 December 2012 the company had capital commitments as follows Contracted for but not provided in the financial statements
--
- 26 -
=
• AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31DECEMBER2012 22
Directors' remuneration
Remuneration for qualifying services Company pension contributions to defined contribution schemes
2012 £'000
2011 £'000
174
178
5
-The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2011 - 2) The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 1 (2011 - 1) The number of directors who exercised share options during the year was 2 (2011 - 2) The number of directors who received shares under long term incentive schemes during the year was 2 (2011 - 3)
23
Employees Number of employees The average monthly number of employees (including directors) during the year was
Production Engineering Sales and marketing Adm1nistrat1on
2012 Number
2011 Number
229 55 17 17
253 67 22 20
--
--
318
362
--
=
Employment costs
2012 £'000
2011 £'000
Wages and salaries Social security costs Other pension costs
10,841 1,086 636
10,360 1, 144 496
--
--
12,563
12,000
--
=
Included in wages and salaries 1s a total expense for share-based payments in relation to equity-settled transactions of £67,000 (2011 £97,000), of which £32,000 (2011 £64,000) relates to restricted shares and £35,000 (2011 £33,000) relates to share options
- 27 -
. •
AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2012 24
Control
At 31 December 2012 the rmmedrate parent company was EMA Holdrngs UK Lrmrted, a company regrstered rn England and Wales On 2 January 2013 the rmmedrate parent company became AMETEK Aerospace and Defense Group UK Lrmrted, a company regrstered rn England and Wales The ultrmate parent company rs AMETEK, Inc, a company rncorporated rn the Unrted States of Amerrca AMETEK Inc prepares group financral statements whrch rnclude the company and are the smallest and largest consolrdated accounts that the company rs rncluded rn, copres of whrch can be obtarned from P 0 Box 36, 2 New Star Road, Lercester LE4 9JQ
25
Post balance sheet events
The company has declared and pard drvrdends amountrng to £1,200,000 srnce the 31 December 2012
- 28 -
.\MIETEK® TEST&: CALIBRATION INSTRUMENTS
Ametek Denmark A/S (CVR-nr. 14747079)
Arsrapport for perioden 1. januar 2013 31. december 2013 M
Flnanoial Statements for the period January 1, 2013 • December31, 2013
The english part of /his parQl/ol documonl in Danis/I and English is an unofficial lrenslslion of the orfglnsl Dani.~h text In Ille ovent of dlspules 01 misunderstandings arising from the interpretation of l/1e lram>/sllon, Ille Danish lsnguegs vorsio11 shell prevail.
AMETEK Denmark AIS • Gydevang 32-34 • 3450 Allen
.\METEK® CALIBRATION INSTRUMENTS
INDHOLOSFORTEGNELSE CONTENTS
Side
PATEGNINGER ENDORSEMENTS
Ledelsespategning
1
By Management and Board of Direclors
Revisionspategning By Ille Auditor LEDELSESBERETNING INFORMATION AND REPORTS
Selskabsoplysninger
4
Company lnfonnafion
Hislorlske tal, N0gletal
5
Historic figures, Key figu/'8s
Arsberetning
6-8
Directors' repoTt
ARSREGNSKAB FINANCIAL STATEMENTS
Anvendt regnskabspraksis
9 -14
Accounting poHcies
Resultatopgeirelse for perioden 1. januar 2013 - 31 . december 2013
15
Income stafemenl forth@ period January 1, 2013 - December 31. 2013
Balance pr. 31. december 2013
16 -1 7
Betance sheet as at Dscember 31, 2013
Pengestr0msopg1Z1relse pr. 31. december 2013
18
Cash Flow Statement as at Decembsr 31, 2013
Noter tn Arsregnskabet Notes to the financial statements
19 -24
.\METEK® CALIBRATION INSTRUMENTS
U:PELSESPATEGNING
STATEMENT BY THE SUPERVISORY AND EXECUTIVE BOARDS ON THJ: ANNUAL REPORT
Bestyrelsen og dlreklionen har dags dato behanc:llet og godkendt ~rsrapporten for 1. januar 2013-31. december 2013 for Ametek
Denmark AJS.
Today, the supetvisory and executive boards have discussed and approved the annual report of Ametek Denmark NS for the financial year 1 January 2013 31 December 2013.
Arsrapporten er aflagt i overensslemmelse med arsregnskabsloven.
The annual report is prepared in acoo
Det er vores opfaltelse, al arsregnskabet giver et retvisen
I our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2013 and of the resull of the company '9 operations and cash flows for the financial year 1 January 2013- 31 December 2013.
ledelsesberetnlngen indeholder efter vores opfattelse en retvlsende rec;teg0retse om d& forhold, beretningen omhandler.
In our opinion, the management's review include·s a fair review of lhe matters deall wllh ln lhe management's review.
Arsrapporten lndslil!es Iii ganeral!orsamlingens We recommend the adoption of the annual report al godkenclelso. the annual general meeting. Allernd, den 30. maj 2014. A(feroo. May 3d11 2014.
Dlrektlon I Management
~ ~~: J~ Harald Preben Car~
Godkendt pa selskabels ordinaere generalforsamtlng den 30. maj 2014 Approved at lhe anmtol generel maetlng on May 3an 2014
Asbj0m R
gaard Joensen
Advokat H.C. Andersens Boulevard 12 1553 I
1
.\METl!K® CALIBRATION INSTRUMENTS
DEN UAFHIENGIGE REVISORS EKRLJERINGER. Til aktionanerne i Ametek Denmark A/S .
INDEPENDENT AUDITOR"S REPORT
To the shareholders of Ametek Denmark
NS Pategning p~ arsregnskabet
Report on financial statements
Vi har revideret arsregnskabet for Ametek Denmark AJS for regnskabsaret 1. januar - 31. december 2013, der omfatter anvendt regnskabspraksis, resultatopg
We have audited the financial statements of Ametek Denmark NS for the f;nanoial year 1 January - 31 December 2013, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity, cash flow statement and notes. The financial statements are prepared in accordance with the Danish Financial Statement Act.
Ledelsens ansvar for arsregnskabet Ledelsen har ansvaret for udarbejdelsen af et arsregnskab, der giver et retvisende billede i overensstemmelse med arsregnskabs!oven. Ledelsen har endvidere ansvaret for den interne kontrol, som ledelsen anser n0dvendig for at udarbejde et arsregnskab uden vmsenttig fejlinformatlon, uanset om denne skyldes besvigelser eller fejl.
Management's responsibility for the financial statements Management is responsible for t11e preparation of financial statements that give a tme and fair view in accordance wilh the Danish Financial Statement Act. Further, management is responsible for such infernal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whel/1er due to fraud or error.
Revisors ansvar Vo res ansvar er at udtrykke en konl
Auditor's responsibility Our responsibility is to express an opinion on the financial statements based on our audiL We conducted our audit in accordance with internationar standards on auditing and additional requirements according to Danish audit regulations. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
En revision omfatter udf0relse af ~evisionshandlinger for at opna revisionsbevis for behllb og oplysninger i arsregnskabet. De valgte revisionshandlinger afheenger af revisers vurdering, herunder en vurdering af rislci for veesentlig fejlinformation i arsregnskabet, uanset om denne skyldes besvigelser eller fejl. Ved risikovurderlngen overvejer revisor intern kontrol, der er relevante for virksomhedens udarbejdelse af et arsregnskab, der giver et retvisende blllede. Formalet harmed er at udforme revislonshandlinger, der er passande after omsteendighederne, men ikke at udlrykke en konklusion om effektiviteten af virksomhedens
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgement. including an assessment of the tisks of material misstatement of the financial stalements, whether due to fraud or error. In mal(/ng those risk assessments, tl1e auditor considers internal control relevant to the entity's preparation of financial statements that gjve a true and fair view. The purpose is to design audit procedures that are approp1iate in the circumstances, but not to express an
2
.\METEK® CALIBRATION INSTRUMENTS
interne konlrol. En revision omfatter endvidere en opinion on the effectiveness of the entity's vurdering af, om ledelsens valg af internal control. An audit afso includes regnskabspraksis er passende, om ledelsens evaluating the appropr;ateness of accounting policies used, the reasonableness of regnskabsma:;ssige sk0n er rimelige samt den samlede prresentatlon af Arsregnskabet. accounting estimates made by management as well as the overall presentation of financial
statements. Det er vores opfattelse, at det opnaede
revisionsbevis er tllstraekkeligt og egnet som grundlag for vores konklusion.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion.
Revisionen har ikke givet anledning til forbehold.
The audit has not resulted in any qualification.
Konklusion Deter vores opfattelse, at arsregnskabet giver et retvisende billede af selsl
Opinion In our op;nion, the financial statements give a true and fair view of the company's financial position at 31 December 2013 and of the results of operations and cash flows for the financial year 1 January - 31 December 2013 in accordance with the Danish Financial Statements Act.
Udtalelse om ledelsesberetningen
Statement on the management's review
Vi har i henhold ti1 arsregnskabsloven gennemlrest ledelsesberetningen. Vi har ikke forelaget yderfigere handlinger i tillreg til den udf0rte revision af arsregnskabet. Det er pa denne baggrund vores opfattelse, at op!ysningerne i ledelsesberetningen er i overensstemmelse med arsregnskabet.
In accordance with the Danish Financial Statements Act, we have react the management's review. We have not performed any further procedures in addition to the audit of tl1e financial statements. On t11fs basis, it is our opinfon that the information provided in the management's review is consistent with the financial statements.
K0benhavn, den 30. maj 2014 Copenhagen, May 3d11, 2014
3
.\METEK" CALIBRATION INSTRUMENTS SELSKABSOPLYSNlNGER COMPANY INFORMATION
AMETEK DENMARK NS Gydevang 32·34 3450 Alter0d Te\efon
4816 8000
Phone
Telefax
4816 80 80
Fax
Hjemmeside
www.ametek.dk
Web·pege
E-mail
[email protected]
E-msil
CVR. Nr
14 74 70 79
VAT No..
Sliftet
1. september 1990
Founded
Hjemsted
Alter0d kommune
Place
BESTYRELSE BOARD OF DIRECTORS
Harald Preben CarCIJe - Hoersholm, Denmark (Formand I Chairman) Joel Frie - Copenhagen, Denmark
Craig Timothy Howarth -·Malvern, United Klngdom
DIREKTION MANAGEMENT
Joel Frie, Adm. Oirektrar
MODERSELSKAB PARENT COMPANY
AMETEK Holdings B.V., Prins Bernhardplein 200, 1097 JB Amsterdam,
Netherlands. REVISOR AUOITOR
Ernst& Young Godkendt revisionpartnerselskab Gyngemose Parkvej 50 2860 Srz>borg DIVERSE OTHER
Arsrapporlen for koncernes k.an hentes pc\ www.Ametek.com Consolidated annual acoounls can be downloaded from www.Ametelwom
4
.\METl!K~ CALIBRATION INSTRUMENTS
HISTORISKE TAL HISTORIC FIGURES
2009
2010
2011
2012
2013
54.689
63.063
66.917
79.296
76.782
16.493
22.017
25.396
37.624
33.351
16.543
22.910
25.506
37.241
32.495
50
893
110
-383
-856
12.300
17.172
19.090
. 27.897
24.377
503
663
848
841
536
48.182
55.969
54.552
65.234
82.626
37.206
41 .787
41.207
62.133
67.538
47
46
49
48
46
Brultofortjeneste Gross profit
Resultat af primrer drift Opereting prolil
Resultat f0r skat Pfoflt before tax
Finanslelle Poster - Netto Financial expenses/Income • Net
Arets resultat Profit for the year
Tllgang I Mat. Anl~gsakt. Additions Tangjblfl Fixed Assets
Balances um Bola11ce
Egenkapital Equity
Gns. antal ansatte Avg. no of employees
Nt27GLETAL KEY FIGURES Alkastn!ngsgrad (%) Return on nef 1111sets
2009
2010
2011
Rent.abi1ilel {%}
Rcwrn on equity
2012
2013
Li\\vldltcl(%) Cash to current lieblliCies
Sollditet (%) Solvency
84,0%
600,0%
- --·- ---··-
500,0% 400,0% 300,0%
200,0% 100,0% 0,0%
•
..
82,0% · ~~
- -- --· - J.t - - · ril · ·n~ f::: •J'r - • ,(~ •• .~( ....~ . '!
io~
f,•:] -
k"1
. t'·-~'.. { -· ;r~·.I
~·
.,
.~i~~
.
ri{
il·
iii
- :~ -
2009
2010
2011
'
·.~~ t~r
ilt
lli. ;xt 2012
•
76.0%
•
'. ··1
,~,
74.0%
;Si
72,0% 70.0%
·~i
•
1ti,0%
• ,,
..
-
80,0%
!
.j....L..t-.J.._.__,
2009
2013
5
2010
2011
2012
2013
I
.AMETEK® CALIBRATION INSTRUMENTS
LEDELSESBERETNING
DIRECTORS' REPORT
Hovedaktivltet Den primrere aktilritet i AMETEK Denmark A/S bestar af udvilding, produktion og afsretning af temperatur-, tryk- og signalkalibreringsinstrumenter, der afsrettes globalt, samt temperaturf121lere, der primcert afsrettes i Danmark.
Primary activity The primary activity of AMETEK Denmark AIS comprises research & development, production & worldwide sale of temperature, pressure and signal calibration instruments, as well as development and production of temperature sensors sold primarily in Denmark.
AMETEK Measurement & Calibration Technologies Division, som AMETEK Denmark A/S indgar i, varetager salg, service og kal!breringsydelser i USA og Canada. AMETEK s0sterselskaber i Tyskland og Frankrig varetager salg, service og kalibreringsydelser pa disse marke-
The division of AMETEK Measurement & Calibration Technologies, which AMETEK Denmark A/S is a part of. handles sale, service and calibration in the US and Canada. The affiliated companies in Germany and France l1andle sale, service and calibration of these markets.
der.
PA rzJvrige markeder forestar AMETEK Denmark On all other markets, AMETEI< Denmark A/S AJS selv markedsfGring og salg, enten gennem handles marketing and sale from Denmark, eiegne srelgere eller forhandlere.
ther via safes representatives or local distributors.
AMETEK Denmark A/S ' eksportandel var i 2013 In 2013, rhe export share of AMETEK Denmark pa 86% mod 85% aret fiar. AIS was 86% compared with 86% in 2012. Udvikling i aktiviteter og 0konom. forhold
Trends in activities and economic conditions
Arets resultat: Arets brutlofortjeneste blev pa t.kr. 76.782 mod t.kr. 79.296 aret fo.sr - et fald der hovedsagellgt skyldes en rendring i produktsammensretningen og til dels et fald i den amerlkanske Dollar. Vi ser dog f orsat et C11get salg af nye produkter samt service og kalibreringsydelser, en general forbedring af markedsvilkarene samt en effektiv styring af materialeomkostninger.
Result of the year: Gross Profit for the year ended at TDKK 76, 782 vs. TDKK 79,296 In 2012- a net decrease primarily due to a change in product mix and also a drop in the US Dolfar. However we still see an increase in sales of new products and also service and calibration, a ge119ra/ improvement of me market conditions as well as Ugh/ control of material cost.
Resultatet for 2013 blev efter skat t.kr 24.377 (2012: t.kr. 27 .897) og arets resultat f0r skat blev t.kr. 32.495 (2012: t.kr. 37.241). Resultatet for aret vurderes som tilfredsstillende.
Profit after tax for 2013 was TDKK 24, 377 (2012: TDKK 27. 897) and profit before tax was TDKK 32,495 (2012.· TDKK 37,241). The result of the year Is considered to be satisfactory.
Arets resultat med tillffig af t.kr. 6.450 fra tidlige- AMETEK Denmark suggests that profit after tax rear foreslas udbetalt som udbytte. and additional TDKK 6,450 from previous years are paid as dividend. Nye produkter I 2013 fortsatte AMETEK Denmark A/S lanceNew products ringen af nye temperatur-. tryk- og signalkalibra- In 2013, AMETEK Denmark AIS continued the torer, som vii medvirke til at fastholde virksomrelease of new temperature, pressure and signal hedens markedsledende position lndenfor disse calibrators contributing to maintain the comomrader. pany's leading market position within this area. For fortsat at udbygge markedspositlonen som
W11h the purpose of strengthening lhe market
6
AMETEK® CALIBRATION INSTRUMENTS
en betydende global producent og leverand0r inden for kalibreringsinstrumenter, forventer AMETEK Denmark AJS ogsa i 2014 at introducere flere nye produkter til komplettering af den eksisterende produktportef01je.
position as an important global manufacturer and supplier within calibration instruments, AMETEK Denmark A/S has planned lo introduce more new products during 2014 to complement the existing product portfolio.
f nvesterlnger Der er i l0bet af 2013 foretaget investeringer for sammenlagt t.kr. 536, hvoraf ca. 40% relaterer slg til forbedringer inden for IT og produktionsvcarkt0jer
Investments Investments of TDKK 536 were made during 2013, of which about 40% is related to IT im~ provements and product tooling.
Kapltalberedskab AMETEK Denmark er velkonsolideret med h0j soliditet. Soliditetsgraden udg0r satedes 81,7 % i 2013 (2012: 79,9 %) svarende til en egenkapltal pr. 31. december 2013 pa t.kr. 67.538 (2012: t.kr. 52.1 33).
Capital res ources AMETEK Denmark is firmly based and has a high solvency. The solvency in 2013 is 81. 79% (2012: 79.9%) corresponding to a total equity as per December 31, 2013 of TDKK 67, 538 (2012: TDKK 52, 133).
Forskning og udvikllng Selskabets udgifter til forskning og udvikting udg0r t.kr 5.591 (2012: t.kr 4.859) 09 er fu!dt udgiftsf0rt 12013.
Research and development The company's research and development costs amount to TOKI< 5,591 (2012: TDKK 4, 859). Afl costs are expensed in 2013.
Risikofaktorer Bortset fra de generelle markedsbetingelser er AMETEK Denmarks primrere risiko knyttet tH evnen til at vrere stoorkt positioneret pa de betydende markeder. Denne risiko vurderes at voore begrrenset, da AMETEK Denmark NS med savel den eksisterende som planlagte produktportef0lje og det globale salgs- og distributionsnet anser sig for al vrere pa forkant med den teknologiske og markedsmcessige udvikling inden for savel temperatur-, tryk- og signalkalibrering som temperaturf(Zllere.
Risks Apart from the general market conditions, the major operating risk of AMETEK Denmerk is connected to the ability to hofd a strong position on the most important markets. This risk is considered to be limited, as AMETEK Denmark AIS, based on the existing as well as the planned product portfolio and its global sales and distribution network, is at the leading edge of technology and marketing developments within tem~ perature, pressure, and signal calibration as well as within temperature sensors.
AMETEK Denmark fakturerer i DKK, EURO, USO, JPY og GBP - de samme valutaer, som drekker den vresentlfgste del af varek0bef. I overensstemmelse med koncempolltil< holdes valutabeholdninger hos AMETEK Denmark NS et minimum.
AMETEK Denmark invoices in DKK, EURO, USO, JPY and GBP- the same currencies tl1at cover a considerable parl of purchases. In compliance with company policy, all currency funds at AMETEK Denmark A/S are l
AMETEI< Denmark AJS' kreditrisici drekkes ind vha. stram og leibende kredltvurdering af alle kunder. Handel med udenlandske kunder afdaakkes hvor muligt vha. Atradius.
Risks related to receivables are kept on a minimum by tight and ongoing assessment of credit terms. When possible, all foreign trade is insured by Atradius. .
Milj11Jforhold AMETEK Denmark arbejder kontinuerligl forbedringer inden for genanvendelse af materialer, samt milj0venligt valg af maferialer.
Environmental issues AMETEK Denmarl< is continuously working on improvements related to reuse of materials and environment-ftiendly choice of materials.
pa
mum.
pa
7
.\Ml!TEK® CALIBRATION INSTRUMENTS
Endvidere er der installeret udsugnlngsanlceg, opsamlingsfillre og andet udstyr til kontlnuerlig opsamling af ethvert stof eller materiale der matte have negativ pavirkning af milj0et.
Fwthermora air extracting systems, collection fillers, and other equipment to conUnuously collect any substances or materials with a negative Impact on the environment, have been installed.
Vidensressourcer Da AMETEK Denmark er en videns - og knowhow tung virksomhed, s121ger vi altid qua vores intranetbaserede ISO-system og 0vrlge dokumentationssystemer at dokumentere virksomhedens vlden i en form der slkrer denne.
Knowledge resources As AMETEK Denmark is a knowledge and know-how intensive company. we always try to document, via our intranet based ISO-system and other documentation systems, the knowledge of the company at a level protecting this l
Ejerforhold og andet AMETEK Holdings B.V, Prins Betnhardplein 200, 1097 JB Amsterdam, Holland ejer hefe aktiekapitalen, hvor selskabet ligeledes indgar i koncernregnskabet.
Ownership and other matters AMETEK Holdings B. V, Prins Bernhardplein 200, 1097 JB Amsterdam, Netl1erlands owns the whole share capital, and the company is a/so inclt1ded in the consolidated accounts.
Future prospects Fremtidsudsigter I 2014 forventer AMETEK Denmark en moderat In 2014, AMETEK Denmark expects a moderate stigning i savel bruttofortjeneste som indtjening increase in tf1e gross profit and in earnings due to the expected general pick-up of the global begrundet I en forventet generel bedring i det globaJe marked, fortsat introduktion af nye pro- market, continuing introduction of new products dukter samt ekspansion pa eksisterende og nye ancl expansion in existing and new market armarkeder. eas.
Der er efter regnskabsarets afslutning ikke indtruffet betydelige hcendelser som pavirker selskabets rcikonomiske stilling og resultat.
After the closing of the financial year, no major events have taken plaoe having an impact on the financial position and result of the company.
8
.\METEK® CALIBRATION INSTRUMENTS ANVENDT REGNSKABSPRAKSlS
ACCOUNTING POLICIES APPLIED
GENERELT
Arsrapporten er aflagt i overensstemmelse med arsregnskabslovens bestemmelser for mellemstore klasse C-virksomheder.
GENERAL ASPECTS The Annual Reporl has been presented in accordance with the provisions of the Danish Financial Statements Act as regards mediumsized report.ing class enterprises.
Den anvendte regnskabspraksis er Ua3ndret i forhold til sidste
The accounting principles applied are unchanged compared to last year.
ar.
c
FREMMED VALUTA Transaktioner i fremmed valuta omregnes til danske kroner efter transal
FOREIGN EXCHANGE Transactions in foreign exchange have been converted into DKK based on the exchange rate of the transaction date. Aktiver og gceld i fremmed valuta er omregnet til Assets and liabi/iUas in foreign exchange have danske kroner efter balancedagens valutakurbeen converted into DKK based on the exser. change rate of the bafance date.
Realiserede og urealiserede valutakursgevinster Actual and non-actual profits and loss on the og -tab, indgar i resultatopg121relsen under fin an- rate of exchange adjustments are included in the sielle poster. income statement under financial items. RESULTATOPG0RELSEN
lndtcegten ved salg af varer indgar i nettooms~tningen ~ tidspunktet for levering og risikoens overgang, safremt indtregten kan opg0res palideligt. Omsretningen opg0res efter fradrag af moms, afgifter og rabatter. Bruttofortjeneste Posten nettoomsretnrng, vareforbrug og andre eksterne omkostninger og andre driftsindtregter er med henvisning til arsregnskabsloven § 32 sammendraget til en regnsl
Vareforbrug Vareforbrug omfatler kostprisen pa de varer, som er medgaet ti! at opn~ arets nettoomsretning.
Andre eksterne omkostninger Andre eksterne omkostninger omfatter omkostninger vedn1Jrende virksomhedens primcere akliviteter, der er afholdt i arets l121b, herunder omkostninger til distribution, salg, reklame, administration, lokaler, tab pa debitorer, ydelser pa operationelle leasingkontrakter mv.
INCOME STATEMENT The Income on safes of goods is recognised in revenue al the time of delivery and when the risk passes to the buyer, provided that the income can be made up reliably. VAT, indirect taxes and discounts are excluded from the revenue. Gross margin With reference to section 32 of the Danish Financial Statement Act, the items 'Revenue', 'Cost of sale', 'Other external expenses' ancf 'Other operation income' are consolidated into one item designated 'Gross margin'. Cost of sales Cost of sates includes the cost of goods used in
generation the year's revenue.
Other external expenses Other external expenses include the year's expenses relation to the entity's core activity, including expenses relation lo distributing. sales, advertising, administration, premises. bad de!Jts, payments under operating leases, etc.
9
.\Ml!TEK® CALIBRATION INSTRUMENTS
Staff costs Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. The item is net of refunds made by public authorities.
Personaleomkostninger
Personaleomkostninger omfatter l12m og gager, lnklusiv feriepenge og pensioner, samt andre omkostnlnger til social slkring mv. til selskabets medarbejdere. I personaleomkostninger er f ratrukket modtagne godtg0relser fra offentHge myndigheder. Finansielle poster Finansielle indtmgter og omkostninger indregnes i resultatopg0relsen med de beli?Jb, der vedrnrer regnskabsaret. F1nansielle poster omfatler renteindtcegter og renteomkostnlnger.
Financial income and expenses Financiaf income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and interest expenses.
Forsknings- og udviklingsomkostninger Forsknings- og udviktingsomkostnlnger vedr0rende nye produkter udgiftsfl'llres. i takt med at omkostningerne afholdes.
Research and development costs Research and development costs for new prod-
BALANCEN
BALANCE SHEET
Materietle og immaterlelle anl~gsaktiver lmmaterielle anlregsaktiver optag es til oprindelige anskaffelsespriser med fradrag af akkumulerede afskrivninger.
Tangible and intangible fixed assets fntangible fixed assets are carried et original cost less accumulated depreciation.
Materielle anlcegsaktiver optages tn oprindelige
anskaffelsespriser med tilla3g af senere tilgange . og med fradrag af akkumulerede afskrivninger.
Tangible fixed assets are carried at original cost adjusted for additions and disposals less accumutated deprecialion.
Afskrivninger foretages lineaart over den foiventede brugstid for virksomheden, som er.
Depreciation is a straight line depreciation based on the useful lives for the company, i.e.:
Bygninger Si:srlige installat!oner Driftsmateriel og inventar Licenser og Software
ucts are expensed as and when incurred.
Antal ar 30 ar
Number of years Buildings 30 years 5-_10 years Special Installations 3-5 years Working plant and furniture 3-5 years Licenses and software
5-10 ar 3-5 ar 3-5 ar
Afskrivninger indregnes i resultatopgriJrelsen deres respektlve llnier.
pa
Depreciation costs are included in the income statement on the respective lines.
Fortjeneste og tab ved afh(endelse af anlaagsaktiver opg0res som forskellen mellem salgsprisen med fradrag for salgsomkostninger og den regnskabsmressige vrerdi pa salgstJdspunktet.
Profl1 and loss incurred when disposing or selling fixt:Jd assets are calculated as the differenoo between the selling price less cost of sefling and tile booked value at the time of disposal.
Aktiver under finansielle leasingkontraktar males til def laveste bel0b af anskaffelsespris if0lge !easingkontrakten og nutidsvrerdien af leasingydelserne, opgjort pa basis af leasingkontraktens interns rente (eller en tllnrermel veerdi for denne) med fradrag af akkumulerede af- og nedskrivninger_
Assets held under finance leases are measured at the lower of cost according to the lease and the net present value of the lease payments, calculated by reference to the interest rate implicit (or an approximation hereof) in the lease Jess accumulated depreciation and write-downs.
10
.\METEK® CALIBRATION INSTRUMENTS
Der foretages nedskrivningstest pa materielle anleegsaktiver, safremt der er indikationer for vc:erdifald. Nedskrivningstesten foretages for hvert enkelt aktiv henholdsvis gruppe af aktiver. Aktiverne nedskrives til det hsjeste af aktivets eller aklivgruppens kapita!va3rdi og nettosalgspris (genindvlndingsveerdi), safremt denne er lavere end den regnskabsmaassige vcardi.
An impairment test is made for property, pfant and equipment if there are indications of decreases in value. The impairment test is made for each individual asset or group of assets, respectively. The assets are written down to the higher value in use and the net selling price of the asset or group of assets (recoverable amount) if it is lower than the carrying amount.
Varebeholdninger Inventory Varebeholdninger males til kostpris opgjort efter Raw materials are staled al the costs based on FIFO princrppet. the FIFO principle. Kostpris for handelsvarer samt ravarer og hjrelpematerialer omfatter anskaffelsespris med eventuelt tillGeg af hjemtagelsesomkostninger.
Costs for commodities, raw materials and ancillary materials are valued at the original cost with possible addition of landed costs.
Egenfremstillede faardigvarer samt varer under fremslilling optages ti! vrerdien af medgaede materlaler, direkte J0n og indirekte produktionsornkostninger, IPO. IPO indeholder indirekte materlaler og lrlln, samt vedligeho\delse og afskrivninger pa de af produktionsprocessen benyttede bygnlnger og udstyr, samt omkostninger ti\ fabriksadministration og ledelse. Laneomkostw ninger indregnes ikke.
Self-produced finished goods as well as work in progress are accounted for by using the basis of material content, direct wages and indirect prodC1otion costs, /PO. fPO includes indirect material and wages as well as maintenance and depreciation on buildings and equipment used for the production process and finally costs to the administration and management of the factory. Borrowing costs are not included.
Ved Valrdiansaattelsen er der foretaget nedw skrivning af ukurante og langsomt omsc.ettelige varer.
Provision has been made for obsolete and slow moving items.
Periodeafgr~nsningsposter
Prepayments Prepayments included under assets relate to outlaid costs that concern next fiscal year.
Periodeafgn:ensningsposter indregnet under aktiver omfatter afholdte omkostninger vedf0rende efterfeilgende regnskabsar. Tilgodehavender Tilgodehavende males til amortiseret kostpris, der scedvanligvis svarer tit nominel vcerdi. Der foretages nedskrivnlng til im0degaelse af tab baseret pa en objektiv indikation pa, at et tilgodehavende eller en gruppe af tilgodehavender er vrerdiforringet. Nedskrivning foretages til nettorealisationsvferdi, safremt denne er lavere end regnskabsmcessig va:irdi.
Receivables Receivables are measured at amorlised cost, which usually corresponds to the nominal value. Provisions are made for bad debt on the basis of objective evidence that the receivable or a group of receivables are impaired. Provisions are made to the lower of the net realisable va/uo and the carrying amounf.
Udbytte Foreslaet udbytte indregnes som en srerskilt post under egenkapita!en, indtil det vedlages pa den ordincare generalforsamling, hvorefler det indregnes som en forp!igtelse.
Dividend Proposed dividend is stated separately under equity, until it is decided upon in the General Meeting. I-le reafter if is reclassified as an obliga-
tion.
11
.\METEK® CALIBRATION INSTRUMENTS
lndkomstskat
Skat af arets resultat omfatter aktuel skat af arets forventede skattepligtige indkomst og arets regulering af udskudt skal Arets skat indregnes i resultatopgerelsen med den del, der kan henferes til arets resultat 09 i egenkapltalen med den de!, der kan henfll'res ti\ transaktioner indregnet i egenk:apltalen.
Income tax Tax for the year includes current tax on the years expected taxable income and the year's deferred tax adjustments. The portion ot the tax for the year that relates to the profif/foss for the year Js recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.
Akluelle skatteforpligtelser og tilgodehavende skat indregnes i balancen som beregnet skat af tirets forveniede skattepligtige indkomst reguleret for skat af tidligere skattep!igtige indkomster samt betalte aoontoskatter.
Current tax payables and receivables are recognised in the balance sheet as the esUmafed tax charge in respect of the taxable incomf) for the year. adjusted for tax on prior years' taxable income snd tax paid on account.
Hensaatlelse tH udskudt skat beregnes efter den balanceorienterede greldsmetode af alle midlertidige forskelle mellem regnskabsmaassige og skattemeessige va:irdier af aktier og forpligtelser, bortset fra mldlertldige forskelle, som opstar pa anskaffelsestidspunktet for aktiver og forpligtelser, og som hverken pavirker resultatet eller den skattepligtlge indkomst, samt midlertidige for-
Provisions for deferred tax are calculated, based on the liability method, of all temporary differences between carrying amounts and tax values, with Ille exception of temporary differences occurring at the time of acquisiUon of assets and liabilities neither affecting the result of operafions nor the taxable income, as well as temporary differences on non-amorlisable goodwi11.
ars
pa
skelle skaltemressigt ikkeafskrivningsberettiget goodwill. Udskudt skat males pa grundlag af skatteregler
Deferred tax is measured according to the taxa-
og skattesatser, der med balancedagens lovgiv- tion mies anr/ taxation rates Jn the respective ning vii vrere greldende, nar den udskudte skat forventes udl0st som aktuel skat. Udskudle skatteakliver indregnes med den VCBrdi, som de forventes at blive udnyttet med, enten ved udligning i skat af fremtidig lndtjening eller ved modregning i udskudte skatteforpllgtelser inden for samme jurlsdil
counties applicable at the balance sheet date wf1en the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the valoe af which they are expected to be utilised, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities within the same jurisdiction.
Flnansielle gmldsforpligtelser Finansielte gceldsforpligtelser indregnes ved laneoptagelse til det medtagne provenu efter f radrag af afholdte omkostninger. Rentebcerende g~ld males efterf0lgende tll amortiseret kostpris opgjort pa basis af den effektive rente. Laneomkostninger, herunder kurstab indregnes som finansieringsomkostninger i resultatopg0~ relsen over Janets l121betid.
Financial mortgage payments Financial liabilities are recognised on the raising of the foan at the proceeds received net og transaction costs incurred. Interest-bearing debt is subsequently measured at amo1tised cost, using the effective interest rate method. Borrowing costs, including capital losses, are recognised as financing costs in l/Je income statement over the term of the loan.
12
.\METEK® CALIBRATION INSTRUMENTS
PENGESTR0MSOPG0RELSE
CASH FLOW STATEMENT
Generelt Pengestnamsopgi:zJrelsen er opstillet efter den lndirekte metode med udgangspunkt i arets resultat. Pengestr0msopg0relsen viser pengestr0mme for aret, opdelt pfl drifts-, investeringsog finansieringsaktivitet, samt hvorledes disse pengestrnmme har pavirket arets likvider.
General aspects The cash flow statement is tabulal6d using the Indirect method based on the profit of the year. The statement shows cash flows for the year divided into operating, investing and financing activities, as well as their respective impact on the liquidity of the current year.
Oriftsaktlvttet Operating activities Pengestr0mme fra driftsaktiviteten opg0res som Cash flows from operating activities include the ~rets resultat reguleret for ikke likvide driftspoprofit of the year adjusted for non-liquidity operster, finansielle poster, betall selskabsskat samt ating items, financial items, paid income tax and eendring i driftskapitalen. Driftskapitalen omfatter changes i11 working capital. The working capital consists of current assets and short-term debt, oms83lningsaktiver samt kortfristet goold, eksexclusive of the items Included in the financial klusive de poster de indgar i de finansielle rerese1Ves. server.
lnvesterlngsaktivitet Investing activities Pengestr0mme fra investeringsaktivitet omfatter Cash flows from investing activities include purk0b og salg af anlcegsaktiver, samt deposlta. chase and sales of fixed assets as well as deposits.
Fin ansi eringsaktivitet Pengestrn1mme fra finansieringsaktivitet omfatter afdrag pa prioritetsgreld og anden tangfristet greld, betaling af udbytte samt eksterne titskud.
Financing activities Cash flows from financing activities include c/Jangas in mortgage debt, long-term borrow~ ings, paid dividend and external subsidies.
Likvider De likvide midler bestar af kontanter samt indestaende i pengeinstitutter.
Funds Funds Include cash in liand and credit balance.
AN ORE OPLYSNINGER
OTHER INFORMATION
Segmentoplysninger Opdeling pfl segmenter oplyses lkke grundet
Market Segmentation Split by Market or Product Segments are not
konkurrencemcessige hensyn.
disclosed due to competitive reasons.
Key Figures NBgletal N0g!etal er udarbejdet i overensstemme!se med Key Figures are cafcufated in accordance with Den Danske Finansana!ytikerforenings vejledthe guidelines from "Den Danske Finansning af 1997. analytikerforening of 1997" (The Danish Financial Analyst Association of 1997). De i hoved- og nsg!etatsoversigten anf0rte nrz.sg- Key figures as represented in tf1is Report are letal er beregnet saledes: cafculated as follows:
13
.AMETEK® CALIBRAT(ON INSTRUMENTS
Afkastningsgrad:
Return on Net Assets: Operating Profit .. 100 Total Assets
Resultat af primaar drift * 100 Aktiver Rentabllitet:
Return on Equity: Profit for the Year* 100
Resultat f0r skat * 100 Egenkapital
Likviditet:
Equity Cash to current liabiUties:
Omscetnjngsaktiver * 100 Kortfristet G~Jd
Soliditet:
Total Current assets * 100
Short-term Debt Solvency: Equity " 100
Egenkapjtal * 100 Aktiver
Total Assets
14
.\METEK® CALIBRATION INSTRUMENTS RESULTATO~G0RELSE
INCOME STATEMENT
2013
2012
TDKK
TDKK
76.782
79.296
-11 .981
-11.426
1
-29.856
-28.601
4
-266
-283
4
-1.326
-1.362
33.351
37.624
-856
-383
32.495
37.241
-a:11a
-9.345
24.377
27.897
24,377
27.897
42.661
23.736
67 .038
51.633
30.827
8.972
36.211
42.661
67.038
5'\.633
Note
Bruttofortjeneste Gross profit
Andre eksteme omkostninger Other exl"mal expenses
Personaleomkostninger staff costs
Afskrivnlnger lmmat.akttver Depreciation Intangibles
Afskrivninger, Mat. aktiver Depreciation, fixed assets
Resultat af prlmmr drift Operating profit
Finansielle
indt~gter/udgifter,
2
net to
Financlaf lncomrJ/axpenses. net
Resultat f~n skat Profit before tax
3
Skat Income tax
ARETS RESULTAT PROFJT FOR THE YEAR
Arets resultat foreslas anvendt saledes: Profit for the year is suggested split as:
Arets resultal Prcfil for the year
Overf0rt fra tidligere
ar
Reatained earnings previous years
Til disposllion Atdisposaf
Foreslaet udbytte Propo$9d dividend
Overf0rt tll neeste ar Carried forward to next year
I all Total
15
.\METEK®
BALANCE pr. 31. december 2013
BALANCE SHEET as at December 31, 2013
CALIBRATION INSTRUMENTS 2012 TDKK TDKK
2013
Note
AKTIVER ASSETS
558
638
558
638
4
7.049
7.382
4
1.245
1.687
4
22
37
8.316
9.106
8.874
9.744
10.729
8.472
10.923
13.875
33.602
9.826
210
24
217
205
44.952
23.931
18.070
23.087
OMSJETNINGSAKTIVER I ALT TOTALCURRENTASSETS
73.752
55.490
AKTIVER IALT
82.626
65.234
4
Licenser &Software Licsnse & software
lmmaterielle anlaegsaktiver Intangible fl:ced assets
Bygning Buitdi'ng
Tekniske anleeg og maskiner Technical p/enr snd meohinery
Driftsmateriel og inventar Equipment, fixtures and Ottlngs
Materielle antaegsaktlver Tlmglbfe fixed assets
ANLJEGSAKTIVER I ALT TOTAL FIXED ASSETS
5
Va rebeholdninger l11Ventories
Tilgodehavender fra salg Trade accounts receivable
lllgodehavender fra tllknyttede selskaber Receivables from group companies
Andre tilgodehavender Other receivables
6
Periodeafgreensningsposter Prepayments
Tilgodehavende r Rei;e/vabtes
Likvide beholdnlnger Cash and Bank
TOTAL ASSETS
16
BALANCE pr. 31. december 2012
.AMETEK®
BALANCE SHEET as at December 31, 2012
CALIBRATION INSTRUMENTS
2013
2013
TDKK
TDKK
500
500
30.827
8.972
36.211
42.661
7
67.538
52.133
3
272
290
272
2~0
7.862
7.390
1.12i
369
38
347
5.794
4.705
14.816
12.81 1
14.816
12.811
82.626
65.234
Note PASSIVER LIABJLrrlES
Aktiekapital Shere cap/la/
Foreslaet udbytte Proposed diVidend
Overff'llrsel til rueste :ir Carried forward to next year
Egenkapltal i alt Total equity
Udskudt skat Deferred fax
Hensatte torpligtelser i alt Total provisions
Andre l
Leverand0rer af varer Trade accounts payable
Greld til tilknyttede virksomheder Payable to associated companies
Skyldig skat AcCfUBd income tax
Anden ga;,ld Other payables
Kortfristet gceld I alt Total shorl term debt
Gie\d I alt Total debt
PASSIVER lALT TOTAL LIABJLIT/i:S
8
f:ventualforp\igtelser Conlengencies
17
.\METEK®
PENGESTR0MSOPG~RELSE CASH FLOW STAYEMENT
CALIBRATION INSTRUMENTS
2013
2012
TOKK
TDKK
24.377
27.897
9
10.565
11.373
10
-20.965
81
13.977
39.350
30
8
-886
-391
13.121
38.968
-8.444
-9.574
4.677
29.394
-536
-841
-185
-225
-721
-1.066
-8.972
-16.971
-8.972
-16.97'1
-5.016
11.357
23.087
11 .730
18.070
23.087
Note
Arets resultat Pront for lhe }'Elar
Reguleringer Adjuslments
lf.ndring i driftskapital Change in Wcriling Cspil•I
Pengestr0mme f0r finansielle poster Cash flow before financial items
Finansielle indtoogter Flnencial income
Finansielle udglrter Flnanciaf expens&
Penges1rC?Jmme fra ordincer drift Cash flaw from continuing operations
Betalt indkomstskat Paid fncome tax
Pengestr0mme fra driftsaktivitet Cash flow from operating ttclivltles
lnvesterlnger. anla:!gsaktiver Additions lo fixed asse/s
lnvesteringer, Ucens & Software Addi/ions to inlengiblo essels
Salg af anlaagsakllver Disposal of fixed t1ssets
Pengestr0mme fra investeringsaktlvitet Cash flow from Investing actf\fities
Betalt udbytte Divld1md paid
Tilbagebelaling af giBld til kredllinstitutter Repaymenl ot mortgsg&
Pengestr121mme fra finansierlngsaktivitet Casl1 flow from financing activities
JEndring af likvide midler, i alt Cha11go In funds, nef
Llkvlde midler ved regnskabsarets begyndelse Funds beginning of year
Likvide midlerved regnskabsarets slutning Fllnds end ofyear
18
.\METEK.® CALIBRATION INSTRUMENTS NOTER NOTES
Note 1. Personaleudgifter Note 1. Staff costs
De samlede personaleudglfter kan specificeres som f0f9er: Tola/ staffcosts affJ made up aa follows:
Gager og
l~nnlnger
2013
2012
27.456
26.208
2.086
2.069
317
324
29.858
28.601
Salaries and wages
Pension Pension costs
Social sikring Socia/ seaurity costs
Selskabet har 9ennemsnitligt beskeeftiget 46 medarbejdere i 2013 mad 48 i 2012. Der er ikke betalt tantieme 09 honorar til bes\yrelsen. I lighed med tidligere ar oplyses vederlag til selskabets ledelse ikke med henvisning til ARL § 98b, stk. :: The average number of employoes was 46 lo 2013 compared to 48 in 2012.
No mmunaration wBS paid to Iha board of direc!ors. IM/h ref6ffJflC9 to sectill 98b(3). (II), of teh D81llsh Financial Statsrmmls Ac~ Iha company like previous years dOBs not disclo86
thfJ CO
19
.\ME!TEK® CALIBRATION INSTRUMENTS
NOTER NOTES
Note 2. Flnanslelle indt~gter/udglfter Note %. Flnancial income/expenses
Renleudgifter
2013
2012
-146
-55
30
8
0
0
-740
-335
-856
-383
lnlsf9sl expensss Rentelnd~gter
lnterast Income
Renleindtcegter rra tilknyltede virksomheder lntet'9sl Income from group compsnlas
Realiseretlurealiseret kursgevinst ReaDzedlllnrea/izsd exchang9 gains
Note 3. Skat Note 3. Income ta;ic
Oriftsf1nt
Skyldig skat
Udskudt
skat
skat
Accrued
Deferred
Expensed
tax
tu
tax
347
Saldo pr. 1. januar 2013
290
Balance es Bf January 1, 2013
8.136
8.136
Skat af arets resultat Tax on Iha profit for the year
iEndring i udskudt skat
-16
-18
272
8.118
Movement In defeffed tax
Betalt/tilbagebetalt skat i aret
-8.444
Tsx pa/dlrootafmt;d during the yoor
38
Saldo P'· 31. december 2013 Balance as al December 31, 2013
20
AMETEK®
NOTER NOTES
CALIBRATION INSTRUMENTS
Note 4. lmmaterle1\e/materiel1e an1regsaktiver Note 4. lntangib!e!Tangibl• flxed assets
Licenser
Bygning
Drlftsma· teriel og
anlceg og
software
masklner
inventar
Technical plant and
Equipment and fixtures and
Ucense&
Anskaffelsessum
Tekniske
og
Software
Building
machinery
fillings
3.857
18.225
6.623
745
Cose
Saldo pr. 1. januar 2013 Balance ea at January 1, 2013
-121
Afgang DlsposrJts
Regulerlng
1-101usrmem
Ti~ang Ad ilions
Satdo pr. 31. december2013 Balance as at Dtcember 31, 2013
185
326
2rn
4.042
18.551
6.713
745
3.219
10.843
4.936
708
Akkumu le re de afskriv nlnger: Accumulated depreciation:
Saldo pr. 1. januar 2013 Balance as a/ Januaty 1, 2013
-121
Afgang Disposels
Regulering Adjustment
Arets afskrivninger
266
659
652
15
3.484
11.502
5.468
723
558
7.049
1.245
22
DePfeclatlon for (fie year
Saldo pr. 31. december 2013 Balance as at December 31, 2013
Bogf0rt vcerdi pr. 31. december 2013 Booked value as at December 31, 2013
Afskrivningsprocent (linear afskrivning}
20-33%
3,3-20%
DepreGfalion rate (straight line basis)
21
20-33%
20-33%
.\METIEK® CALIBRATION INSTRUMENTS
NOTER NOTES
Note 5. Varebeholdninger Note 5. Inventory
Ravarer og hjielpematerialer
2013
2012
7.218
6.985
561
509
2.950
978
10.729
8.472
Raw materials and consumables
Varer under frems\llling Wolk in progress
Fandigvarer Finished goods
Varebeholdninger i alt Total Inventories
Note 6. Perlodeatgraansnlngsposter Note 6. Prepayments
Periodeafgraensningsposter indeholdar forudbetalte rorslkcinger 09 operatlonel leasing. Prepaymimts tetate to insurances and operating /eases.
Note 7. Egenkapital Note 7. Eq11ity
Selskabskapital
Overf0rt resultat
Foreslaet Egenkapltal udbytle
I alt
Carried forShore Capital
ward to next yaar
Proposed Dividend
Tolal Equity
500
42.661
8.972
52.133
-8.972
-8.972
-6.450
30.827
24.377
36.211
30.827
67.538
Saldo pr. 1. januar 2013 Balance as atJanuary 1, 2013 Udloddet udbylte Dividend paid Olli
Ovf., jf. resultatdisponering Result for ltle year
500
Saldo pr. 31.december 2013 Balance as at December 31, 2013
Aktiekapltalen bestar af 3 aktier a henholdsvls TDKK 195, TDKK 105 og TDKK 200. i all TDKK 500. Aktiekapitalen har urendret vreret TDKK 500 de seneste 5 ar. The company's share capital consists of 3 shares of TDKK 195. TOKK 105 and TDKK 200. totalling TDKK 500. The share capital has remained TDKK 500 in the past 5 years
22
.AMETEK® CALIBRATION INSTRUMENTS
NOTER NOTES
Note 8. Eventualforpligtelser Note 8. Contengenctes
Operationelle leasingforpligtelser Operatlonaf Lease commitments
Selskabet er indtradt i leasingkontrakter vedrerende diverse driftsmateriel. Leasingkontrakterne drekker perioder op Iii december 2016, og den totate forptigtelse udg0r tdkk 875. Heraf tdkk 513 inden for et fir. The company has teas9d sundry machinery and equipment. The /ease contracts cover periods up to December 2016 with a total commitment of TDKK 875 ofwhich TDKK S13 is due Within one year.
23
.\METEK® CALIBRATION INSTRUMENTS
NOTER NOTES
Note 9. Reguleringer
2013
2012
266
283
1.326
1.362
856
383
-18
-2
8.136
9.347
10.565
11.373
-2.258
-191
-21.021
287
2.313
-15
-20.965
81
Note 9. Adjustments
Afsk.rivning immateriel!e aktiver Depreclarron intangibfe assets
Afskrivning andre anlregsaktiver Depreclatfon other fixed assets
Fortjeneste/Tab ved salg af anlc:egsaktlver Gain/Loss on disposals of fixed assets
Rentelndcegter/-udgifter mm Interest income/expenstJs
,LEndring i udskudt skat Change in deferred tax
Skat af arets resultat Income tax
Sam let regulering Total adjustments
Note 10. Driflskapital Note 10. Working Capital
Varelagre Inventories
Tilgodehavender ReceiVables
Kortfristet greld Short term deb t
JEndring I drinskapltal Total change In Worl
24
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Bedrijfsprofiel - Ametek Holdings B.V. (33240060) Kamer van Koophandel, 11 september 2014 - 23:31
Uittreksel Dossiernummer: 33240060
Blad 00001
Uittreksel uit het handelsregister van de Kamer van Koophandel ____________________________________________________________________________ Rechtspersoon: Rechtsvorm :Besloten vennootschap Naam :Ametek Holdings B.V. Statutaire zetel :Amsterdam Eerste inschrijving in het handelsregister :13-10-1992 Akte van oprichting :21-09-1992 Akte laatste statutenwijziging :26-10-2011 Geplaatst kapitaal :EUR 19.058,77 Gestort kapitaal :EUR 19.058,77 ---------------------------------------------------------------------------Onderneming: Handelsna(a)m(en) :Ametek Holdings B.V. Vestigingsnummer :000003205169 Adres :Prins Bernhardplein 200, 1097JB Amsterdam Correspondentieadres :Postbus 990, 1000AZ Amsterdam Telefoonnummer(s) :0205214777 Faxnummer :0205214888 Datum vestiging :27-07-1992 De rechtspersoon drijft de onderneming sinds:21-09-1992 Bedrijfsomschrijving :Houdster- en financieringsmaatschappij Werkzame personen :0 ---------------------------------------------------------------------------Bestuurder(s): Naam :Feit, Robert Stephen Geboortedatum en -plaats :07-03-1962, New York, Ver. Staten van Amerika Infunctietreding :09-12-2008 Titel :Bestuurder A Bevoegdheid :Gezamenlijk bevoegd (met andere bestuurder(s), zie statuten) Aanvang (huidige) vertegenwoordigingsbevoegdheid :26-10-2011 https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=332400600000&CHK1=J&kvknummer=332400600000&product=Bedrijfsprofiel
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Naam :Kamphuijs, Thecla Magdalena Anna Geboortedatum en -plaats :22-06-1966, Hengelo (O) Infunctietreding :27-10-2011 Titel :Bestuurder B Bevoegdheid :Gezamenlijk bevoegd (met andere bestuurder(s), 11-09-2014 Blad 00002 volgt. Dossiernummer: 33240060 Blad 00002 ____________________________________________________________________________ zie statuten) Naam :Mandos, Robert Richard Geboortedatum en -plaats :31-07-1958, Pennsylvania, Ver. Staten van Amerika Infunctietreding :01-07-2012 Titel :Bestuurder A Bevoegdheid :Gezamenlijk bevoegd (met andere bestuurder(s), zie statuten) ____________________________________________________________________________ Alleen geldig indien door de kamer voorzien van een ondertekening. Uittreksel is vervaardigd op 11-09-2014 om 23.32 uur Voor uittreksel Bron: Uittreksel-informatie Internet. Geldt niet als uittreksel in de zin van artikel 22 lid 1 van de Handelsregisterwet 2007.
Historie
34 33240060 Ametek Holdings B.V. telnr: 0205214777 Prins Bernhardplein 200 1097JB Amsterdam Oude statutaire namen zoals vastgelegd sinds 01-10-1993 *** Geen historie voor dit onderdeel*** Oude handelsnamen zoals vastgelegd sinds 01-10-1993 *** Geen historie voor dit onderdeel*** Oude vestigingsadressen zoals vastgelegd sinds 01-10-1993 Adres Datum ingang
LEIDSEPLN 29, 1017PS AMSTERDAM ***Onbekend***
Adres Datum ingang
LEIDSEPLEIN 29, 1017PS AMSTERDAM ***Onbekend***
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Adres Datum ingang Adres Datum ingang Adres Datum ingang Adres Datum ingang Adres Datum ingang Adres Datum ingang Adres Datum ingang
LEIDSEKADE 98, 1017PP AMSTERDAM ***Onbekend*** Leidsekade 98, 1017PP Amsterdam ***Onbekend*** Teleportboulevard 140, 1043EJ Amsterdam 25-02-2002 Teleportboulevard 140, 1043EJ Amsterdam 15-02-2007 Luzerneklaver 17, 3069DS Rotterdam 15-02-2007 Schiekade 830, 3032AL Rotterdam 01-04-2007 Schiekade 830, 3032AL Rotterdam 15-12-2011
Oude rechtsvormen zoals vastgelegd sinds 01-10-1993 Rechtsvorm Datum ingang
Eenmanszaak ***Onbekend***
Oude bedrijfsomschrijvingen zoals vastgelegd sinds 01-10-1993 Datum ingang Bedrijfsomschrijving Datum ingang Bedrijfsomschrijving Datum ingang Bedrijfsomschrijving
03-08-1992 HOUDSTER- EN FINANCIERINGSMAATSCHAPPIJ 13-10-1992 HOUDSTER- EN FINANCIERINGSMAATSCHAPPIJ 13-10-1992 Houdster- en financieringsmaatschappij
Functionarisgegevens Uitgetreden functionaris(sen) rechtspers. Enig aandeelhouder: Naam Adres Enig aandeelhouder sedert Uit functie
EMA Corporation / 5 N Market Street 1105 SUITE 130, Wilmington Delaware, Ver. Staten van Amerika 21-09-1992 27-12-2006
Functionarisgegevens Uitgetreden functionaris(sen) onderneming De onderneming wordt gedreven voor rekening van: Naam Adres Uit functie
EMA Corporation / 1 N Market Street 1105 SUITE 130, Wilmington Delaware, Ver. Staten van Amerika 21-09-1992
Functionarisgegevens Uitgetreden functionaris(sen) rechtspers. Bestuurder(s): Naam Adres
ING Management (Nederland) B.V. / 3 Teleportboulevard 140, 1043EJ Amsterdam
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Inschrijving handelsregister onder dossiernummer Infunctietreding Titel Bevoegdheid Uit functie
33135957
Naam Geboortedatum en -plaats Infunctietreding Titel Bevoegdheid Uit functie
Kramer, Edward George / 4 03-03-1941, Rotterdam 21-09-1992 Directeur Alleen/zelfstandig bevoegd 01-11-2003
Naam Geboortedatum en -plaats Infunctietreding Titel Bevoegdheid
Molinelli, John Jospeh / 7 30-10-1946, Moline, Ver. Staten van Amerika 13-09-1995 Bestuurder A Gezamenlijk bevoegd (met andere bestuurder(s), zie statuten) 26-10-2011
Aanvang (huidige) vertegenwoordigingsbevoegdheid Uit functie Naam Geboortedatum en -plaats Infunctietreding Titel Bevoegdheid Einde vertegenwoordigingsbevoegdheid Uit functie Naam Geboortedatum en -plaats Infunctietreding Titel Bevoegdheid Uit functie
21-09-1992 Directeur Alleen/zelfstandig bevoegd 01-08-2006
01-07-2012 CAVIN, DOYLE KEITH / 8 28-04-1936, CHURCH HILL TENNESSEE, Ver. Staten van Amerika 13-09-1995 DIRECTEUR Alleen/zelfstandig bevoegd 31-12-1997
31-12-1997 Massey, Mark / 10 02-08-1965, Colwyn Bay, Verenigd Koninkrijk 01-01-2009 Bestuurder Alleen/zelfstandig bevoegd 26-10-2011
Overige functionarisgegevens Uitgetreden *** Geen historie voor dit onderdeel***
Deponeringen algemene gegevens https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=332400600000&CHK1=J&kvknummer=332400600000&product=Bedrijfsprofiel
4/10
9/11/2014
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naam ingeschreven onder nummer
Ametek Holdings B.V. 33240060
Deponeringen Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2012 28-1-2014 klein 12 Jaarrekening 24-1-2014
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2011 13-2-2013 klein 12 Jaarrekening 7-2-2013
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2010 27-2-2012 klein 12 Jaarrekening 2-2-2012
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2009 3-3-2011 klein 12 Jaarrekening 28-2-2011
Boekjaar Datum deponering
2008 24-2-2010
Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Groepsjaarrekening deponering onder dossiernummer
klein 12 Jaarrekening 22-2-2010 Ametek Holdings B.V. 33240060
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken
2007 29-6-2009 klein 12 Jaarrekening
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5/10
9/11/2014
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Datum vaststelling jaarstuk Groepsjaarrekening deponering onder dossiernummer
26-6-2009 Ametek Holdings B.V. 33240060
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Groepsjaarrekening deponering onder dossiernummer
2006 9-10-2008 klein 12 Jaarrekening 6-10-2008 Ametek Holdings B.V. 33240060
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2005 27-12-2006 klein 12 Jaarrekening 22-12-2006
Boekjaar Datum deponering Omvang Maand einde boekjaar
2004 27-12-2006 klein 12
Soort jaarstukken Datum vaststelling jaarstuk
Jaarrekening 22-12-2006
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2003 30-8-2005 klein 12 Jaarrekening 26-8-2005
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2002 3-5-2004 klein 12 Jaarrekening 29-4-2004
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2001 3-5-2004 klein 12 Jaarrekening 29-4-2004
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6/10
9/11/2014
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Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
2000 30-10-2002 klein 12 Jaarrekening 14-10-2002
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
1999 30-10-2002 klein 12 Jaarrekening 14-10-2002
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk
1998 28-2-2001 klein 12 Jaarrekening 31-3-2000
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag
1997 17-6-1999 klein 12 Jaarrekening 9-6-1999 Bij de kamer
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag
1996 7-5-1998 klein 12 Jaarrekening 4-5-1998 Bij de kamer
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag
1995 7-5-1998 klein 12 Jaarrekening 4-5-1998 Bij de kamer
Boekjaar Datum deponering
1994 15-1-1997
Omvang
klein
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7/10
9/11/2014
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Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag
12 Jaarrekening 6-1-1997 Bij de kamer
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag
1993 15-1-1997 klein 12 Jaarrekening 6-1-1997 Bij de kamer
Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag
1992 15-1-1997 klein 12 Jaarrekening 6-1-1997 Bij de kamer
Juridische gegevens Rechtspersoon : Rechtsvorm Statutaire zetel Eerste inschrijving in het Handelsregister Akte van oprichting Akte laatste statuten wijziging Geplaatst kapitaal Gestort kapitaal
Besloten vennootschap met gewone structuur Amsterdam 13-10-1992 21-9-1992 26-10-2011 EUR 19.058,77 EUR 19.058,77
Overige deponeringen Bijzondere deponeringen op grond van boek 2 BW
Soort deponering: verkl. Stort. Niet in geld (artt.94b/204b BW 2) datum van deponering: 19961206
... Datum deponering: 08-03-2011 Soort deponering: Geconsolideerde jaarrekening 408 ... Datum deponering: 08-03-2011 Soort deponering: Geconsolideerde jaarrekening https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=332400600000&CHK1=J&kvknummer=332400600000&product=Bedrijfsprofiel
8/10
9/11/2014
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408 ... Datum deponering: 13-02-2013 Soort deponering: Geconsolideerde jaarrekening (art. 408 BW2) ... Datum deponering: 28-01-2014 Soort deponering: Geconsolideerde jaarrekening (art. 408 BW2)
Jaarrekening(en) Algemene gegevens uit de jaarrekening Boekjaar: Balansdatum: Vastgesteld: Winstbestemming: Lengte boekjaar in maanden: Werknemers: 100% dochters: Overige deelnemingen: Balans Boekjaar: Type jaarrekening: Winstbestemming: Bedrag: Valuta: Activa financiële vaste activa VASTE ACTIVA vorderingen liquide middelen VLOTTENDE ACTIVA TOTAAL ACTIVA Passiva gestort en opgevraagd kapitaal agio overige reserves EIGEN VERMOGEN langlopende schulden
2012 31-12-2012 definitief na 12
2011 31-12-2011 definitief na 12
0 4 3
2010 31-12-2010 definitief na 12 0 3 2
2012 vennootschappelijk na x1 EUR
2011 vennootschappelijk na x1 EUR
2010 vennootschappelijk na x1 EUR
940.199.172 940.199.172
879.467.050 879.467.050
857.454.273 857.454.273
10.353.736 931.586 11.285.322
10.045.815 19.419.829 29.465.644
20.049.352 36.063.100 56.112.452
951.484.494
908.932.694
913.566.725
19.068
19.068
19.059
393.539.684 428.744.890 822.303.642
393.539.684 402.896.215 796.454.967
363.410.305 469.736.209 833.165.573
44.017.298
34.718.515
19.351.841
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9/10
9/11/2014
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kortlopende schulden OVERIGE PASSIVA
85.163.554 129.180.852
77.759.212 112.477.727
61.049.311 80.401.152
TOTAAL PASSIVA
951.484.494
908.932.694
913.566.725
Er zijn bij bovenstaande jaarrekeningen geen winst- en verliesrekeningen Kengetallen Boekjaar: Liquiditeit current ratio quick ratio gouden balans Solvabiliteit balanstotaal/ vreemd vermogen eigen vermogen/ balanstotaal eigen vermogen/ vreemd vermogen
2012
2011
2010
0,13 0,13 1,09
0,38 0,38 1,06
0,92 0,92 1,01
7,37
8,08
11,36
0,86
0,88
0,91
6,37
7,08
10,36
Rentabiliteit Overige kengetallen aantal werknemers
0
Bedrag: x1 Valuta: EUR werkkapitaal 73.878.232Bron: gedeponeerde jaarrekeningen Kamer van Koophandel
0 x1 EUR 48.293.568-
x1 EUR 4.936.859-
https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=332400600000&CHK1=J&kvknummer=332400600000&product=Bedrijfsprofiel
10/10
AMETEK INSTRUMENTS INDIA PRIVATE LIMITED
.\METEK® "'· Clear Vision
0
Sound Strategies "" Solid Performance
DIRECTORS' REPORT
To The Shareholders:
Your Directors have pleasure in presenting their Fourth Annual Report of the Company together with Audited Statement of Accounts for the year ended 31st March, 2012.
Financial Result: Year ended Year ended 31st March 2012 31st March 2011 (Rs. in Millions) Gross Income Earnings before Interest & Depreciation Finance Charges Depreciation & Amortization Profit/(Loss) before Taxation Less: Provision for Taxation: Current Tax Deferred Tax Profit/(Loss) after Taxation
428.90 62.72 13.21 52.07 (2.56)
262.62 52.29 8.02 42.67 1.60
19.32 (8.56) (13.32)
14.00 (2.24) (10.16)
Review of Operations: The Company had again increased its gross income considerably compared to the previous year and Earnings before Interest & Depreciation has also increased from Rs. 52.29 million during the previous year to Rs. 62.72 million and therefore overall performance during the year ended 31st March 2012 can be considered quite satisfactory. The Loss before Tax for the year under review was Rs. 2.56 million. In view of higher provision for Income Tax and Deferred Tax, there is a loss for the year under review of Rs. 13.32 million compared to loss of Rs. 10.16 million for the previous year
Dividend: As there is a loss during the year under review, the Directors do not recommend any dividend for the year
.\METEK®
AMETEK INSTRUMENTS INDIA PRIVATE LIMITED .;J
Clear Vision e Sound Strategies w Solid Performance
Auditors' Report: As regards Auditors' comments on maintenance of records for Fixed Assets, your Directors would like to state that since the required information with respect to each individual asset was not available in respect to group of similar fixed assets acquired from two companies, the Company has maintained records for such groups of similar assets and not for each individual asset. As regards Auditors' comments on delay in deposit of withholding taxes and other taxes, ascertainment of ageing of inventory, collection of accounts receivables and settlement of travel claims, your Directors would like to state that certain teething problems are being faced in the new accounting software and steps are being taken to streamline the same to ensure that appropriate reports on timely basis could be taken out from the system for control purposes to facilitate minimization or elimination of such occurrences. The procedures for physical verification of inventory are being strengthened and the scope and coverage of internal audit are being widened in consultation with Mis. Grant Thornton. As regards use of short term funds for long term purposes, proper procedures for more scientific projection of long term and short term requirement of funds are being put in place so that an appropriate strategy for meeting the future requirement of funds is worked out.
-----------------------------This place is left blank intentionally-----------------------------
AMETEK®
AMETEK INSTRUMENTS INDIA PRIVATE LIMITED "i-
Clear Vision
Sound Strntegies "" Solid Performance
Auditors: The auditors, M/s. S. V Ghatalia & Associates , Chartered Accountants, Bangalore who retire at the conclusion of the Third Annual General Meeting have expressed their willingness for reappointment. You are requested to appoint the Auditors for the current year to hold the office from the conclusion of the Fourth Annual General Meeting until the conclusion of the next Annual General Meeting.
Directors' responsibility Statement: Your Directors confirm that: (i) (ii)
(iii)
(iv)
in the preparation the annual accounts, the applicable accounting standards have been followed; the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give 1 a true and fair view of the state of affairs of the Company as at 31' March 2012 and of the profit of the Company for the year ended on that date; the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act.. 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; the Directors have prepared the annual accounts on a going concern basis.
Particulars of Employees: Particulars of the employees covered under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are given in Annexure A to this Report.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings & Outgo: Information relating to Conservation of Energy is not applicable to the Company. As the Company is not carrying on any Research & Development activity and since the Company has not imported any technology, information required under the provisions of Section 217(1 )(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 relating to the same is not applicable and hence not provided. Details regarding Foreign Exchange Earnings and Outgo during the year are provided in Annexure B to this Report.
AMETEK INSTRUMENTS !NDIA PRIVATE LIMITED (»
Clear Vision
0
Sound Strnte9ies
&
Solid Performance
Appreciation:
Your Directors also wish to place on record their sincere appreciation for the dedicated services rendered by the Management Team and employees at all levels and also express their gratitude to the shareholders for their active support and co-operation.
For and on behalf of the Board of Directors
Place: Bangalore Dated: i> r- /
/I/
1)
Managing Director
Director
ANNEXURE A TO THE DIRECTORS' REPORT Particulars of the employees covered under section 217(2A) of the Companies Act,
1956: r· 1
- - · - - - - - - - · - - · · - · - - - - , - - - - - ...,..... - .
.,·--~-------------------··----------··-···------,
'flj;,:~;;j);:~:ti ____ .J'l:i•ll(!()f_tl1f ~n~p~~;.~~;,~:;:,;i;;;~------------1 I Managing Director I l3u:;iness Director I
l'articulars
1--···
Rem~~n~~[l~ion_
, Qualification 1---- .. . Experie11ce(i11 years) '1 ..
__________ i_f\s.68,_L(),()72/BE - · - - - - - - - -..··· -----------------__..______1_22
~~~~~:j~~1)1eneement of
l I I 1
.., ,.-.l--"··-.. --... -·"·-···-··-·····-····--~----·--··--------j
I
I Designotion
Last c1np!oy1nent held
_
Percentage of equity shares held in the Co1npany ··-·---
_________
1
I Rs 61.87.643/-
_ _____j l3 Com __ __ _______ 38 . _. . . ·-·-·-·----------------• !
i_
_\l~;-Apr1l,~O~~--------- ~~()":~bc~,2009 Ln1erson Process Manage1nent
i
~~~:~Private Li:itecl. Director-
1 l_Jnispec Marketing Private I Li111ited, Director ___
NII
I NIL !
--·-----·---------------------··m ... ___ _L_
I
____J i !
_____________"'1
ANNEXURE B TO THE DIRECTORS' REPORT
Information pursuant to section 217(1)[e] of the Companies Act, 1956, read with the Companies (Disclosures of Particulars in the report of Directors) Rules 1988 in respect of foreign exchange earning and outgo.
Foreign Exchange Earnings and outgo: (a) Activities relating to Exports & initiatives taken to increase exports & export plans: The Company is providing pre sales marketing and software development services to its overseas associate companies and which results in earning of foreign exchange. The Company has commenced such services to a few more overseas group companies and further opportunities in this area are being explored in order to further increase the foreign exchange earnings for the Company. (b) Foreign Exchange earned and used:
Particulars
I
~·
S. V.C-uArAUA 8
Assc1c1AlfS
Td ·rhe i'vlL'!l1hcrs or /\n1etek
lnstrU!lh.'11!~;
India Private!. i111i1cd
\Ve h;iv~· audit(·d rhe attached Ba!;1ncc Shc(~l oi' ,.\11H:tck lnqrun1cnt..; India Privall~ L.in1i1ed ( ·1hi: t 'nn1p:iny') as at \1:-u-ch l ! . ~O I::'. :ind a):;u lhl'. S1:Hc11lcnt or pn1fit and loss and 1hc ca:>h tlO\\· _-,1a1cnh:nt f0r the year ended ~111 that date annexed lhL'n.·1u. These financial stalt...'ntt.:11\':> :in: tih' rcspunsibility of th(· ('0111pi111:v'-; 1nanagc1nent. (hll" 1c:-.pnnsibili1y is to cxprc;:;s an up1nion lll! 1h1.'.·;1..~ !lnanci~d st;Ht1nc1Jts bas1:d on -:;ur audit.
'
\Ve ,:iJnducl::d our audi1 i11 accurdancl..' \\'ith auditin~~ -.,t;JJnLHds g..:.:ncrally at:ct'ptcd in India. l'hl'is .. ~ Standards rcquir...:: 1h:i1 \\t: plan and p~~rforr11 th<:: audit \1> uhtaln rt.:asonabk· assur:incc ;1!.H)1l! \\'hcth~r the financial st:11c1ncn!s arc Cree or n1:1!<.:1·ial 1niss!:11c1nen1. !\!l audit includes exanii11i11g. on a 1cq basi:>, evidi..~11ci: snppor1ing thl' an1(l1J11h and disclosures in the finan!.:i;il '.'.>\ill('Ji\t'llts. /\n audit H].Sl) in1.:ludcs a~;scssing tlie <·1rcou111in~; princip!t:s used and :-ii;nificant es1in1;1!L'S n1ade by 111:1n~1gt'rllt'llL as \~ell as cvalua1in.~,~ 11lc overall financial state:111cnt pr1.:Sl~rllal1r1n. \Ve bc!ic\"c rh:1t our :1udit pnn·iJes a rcast:111;1hlc basis for our opininn.
).
.-\s rt'1p1ircd by the C.~nn1p;l!liL·~, (.-\uditC'r"s Rl:'pun) ()rdl:r. :'_()()'; (:b anK·nch:d) i"-;ued by 1hc c\:1!!1;d ( in\\"1"\llllt'!ll l)f J11di;1 i11 [;.'fl)h \)!" 5t1b··:'1.~l;\i1>:1 (--It\) u! Seel Hill 2~7 ,,f :lie (_'0111p;111ic-; i\ct. Ii))(). \\'L' cnc!c1;.;e 111 !lie ;\11nc:>.:tirl' a c-lHlL'llh:ll! ,-Jti the 111;1llLTS ·.:,pcciflt:d in par:1g1aplic- -1
and ) or lht: :-;aid ()rdl'r. ,j
l-11nlier !o uur c(Hllincnt:=> in tlii: i\nnl'\!lrt.: n."!ferH.:d to abnvc, \Ve 1\:port 1hat: J.
\Ve h;l\'L" obtained all lhl' i11l;lr:11;1tiull :ind c:-:pla11:lli(111", \\lii,:il h.no\~ k:d~'.e
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'.)n-., 1cp,q! 1:d1nr·h \\1!!1 the ,h:-,:i":t1n;111~' -..:1·lrHLir1I-, rl·fcrr1.'.d Hl 1n ,11h·-,vcli(\lf
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S. \/.(~NA IAllA s Asso<
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,·;. !n our opinion :-ind to the bi..:st of our infonn8.tion Jnd according to the cxpl
a)
in !he c3se of the balance sheet, of the state of affairs of the ('0111pany as at March 31.20!2:
b) in the case of the staten1ent of profit and loss, of the Joss for the year l..'ndcd on th;it date; and c)
tn Lilt' case of <..'::ish tlo\v stat::1nent, uf tbe cash J1o,vs f<.H· the
s.V.G!W~ .J.J'r~
For S.\i.(ffL\T/\LL\ & /\SSOCl/\TES Finn registration nun1hcr: l 03162\V
Chartered
.~\cc()lllltanls
per TS (iangadh3ran Partner tvle1nbership No.: :?2835 1
l)lacc: Bangalore Dale Jc;1-y 27 )012._ I
)'t'ar
en Jed 011 th al date.
S. \/. (,'11A TAUA s Assoc IA I I\ t\
llllt.\lHe
rcrcrred
1(1 in p;HJg_r:'..ph
3 n(
rfpon
of C\'t:I) J;J[I..'.
J{c· ;'\lllt:tt:k lnS!fUrlh'lll:; India PriYah' l.irnit~·d ('th~~ c,)!l)pany')
ti) (a)
fhc (\qnpa11y h:·1s 1nainr:-iith:d pr(lpc~r recl1t\~S. .;;hn\\'ing full particulars. inciudinp ,1uantil:J!i\'t...' Jctail;;;, Jnd si1uati,111 ,,( f!\td as:-.c!'>, <''l"('
(b) 1:1;.;cd :is.:,t:t"i li:J\c been ph>·si(;illy \·t:rificd by tile 111:-inagetncnt during the year and no 1n1tc:rial dis(1cpancies \vcre id1.,,·nti(1cd on StJi..'h verilicatiun. (-:) !'hcrt:
\\';.1s
nn disposal of a subst:i.nti;i! part of fi.\cd assets during the ~.:t~;H.
(ii) (:1) Tht> r11a11a~c111v111 l1a::. cu11dul:h:d physical \'e1if1c:Hi\)fl u! in\'~!'l\(iry .il re
during the )t::n
(\)) /'fit~
1'1/ rif1_r:;icu/ l'Crijii:u!iun t.!f ///'.'t'!if1Jr_I j(.1/fo1rcd hy the 1110110;.t,ellh'lll are hi' \'fl'<'ngth~'11ed to n111ke it reasD11uhlc und c"Jdequorc i11 rcluriun tu the si;_·c of the C'on1pn11y und the 11at11n.' r!fl!s h11si11ess pro(;ed11t('S
n:q11ir~:d
!1J
(;.:)Th~
c:(irnpany is gcncr<:lly n1ain1:1ining prop~r rl'i..:nrd_..; \)r illVl..'H\\'lry. lh() ( ·un1run1' i1 Ill rhe f!FO:.:e.1s o/r,'1·1111ciii11.c. rhe 1/i.1·,.,-,'fNJncit'\- 11111t'd on ;:ln·s1c(d 1·c,,-i(1curic111 As (:\·f;fu111i·d tu u-;. 1!1<'.\(' oro: 1101 1"X/h:"Ch"d tu h(· 111utcr:ul.
(iii) (a) .:\ccordint}, tL1 thL· infonliatitin :111d l~.\1.1lar1:1lit_i11s givt.'11 lP u:->, ihe (\Hnp;111y has not gr;i11lL·d a11y !0311,;, st:i.:urcd or unsccurL·d to co111panics. lirins or other p;11·1ic:; \..'.Ovcrcd in 1\ic register rn;1in!ai1H:d under st.'cti11n 30! of the (\:ln1p~111ic5 ;\ct. ! 1J5(l. ;\c:.:nrdinµly. thL· pr(1vi<:..i(11h ,l! ;..\.111 .... (' .l(iii'1(:1l Iii
(,I) \)f the
()H!i.:1 :11c n(ll
.1ppli;..·;1hiv
111
the
C(_)n1p:1;1\
.ind
h<..'l)(L' J\( l \.'.l\il!ll\i..'llll'd upl>!L 1
(b) "\..::..::orJing Ill ini;--,nnalion and l'.\pla11:Hio11::; :~i\"<_'!l \\l u~,. 1hc C\l111p:111y IJ;1s no! 1ah.1~n ;111) luans, sccllfL~d (lr unsccun:d. frn1ll ,;nr11panies, li1111'; or otlH:J p;1r\1t~S o..:uvr:rt.:d i11 the regi~~li.:r 111aintaincd under :',l.'".:tinn ;01 of the (_,)111p;111ies .'\cl. \ 1)(,(1 ;\ccordinl--'.lv, 1h'-' p1(1vi::.in11s nl' ..;L1t1\c ·~(iii)(::) tu(:-·.-) 11f the ()rdcr :nt': !!Dl t1pplic;1hh: \1) 1hc C:ornpany ;111d
hence (l\)
111\! COll~!llCrtlL'd tqK1!l
hi \)llf r1pin11_111 :111d :1..;o..:;.lnii11.'-'- h'> lh..: 111J(:,n~·1;Jtiori ,111d <,-'.\pl1111·~;-;_ !or 1h1' p11rch:1'i: ti!' in\crlll!l.Y :ind li,\L'd :J.',·>ch ;i1Hl lin the -;;ik (il ~'_!:q(j...,
:uitl
<1..'1\·1 ....'t.""
ii;\(Ji/r;.''\' (!/!<.'
(·u111111u11i,;' /(11iur.· ro
Ilic
llllild
11~ !\ 111<.:
111~_. ( ·un1p;1)l\(" ,!_''-.·Ii<'·;)
\()\
/-/,;1\-, i·cr
,·('//,-,.,!!!// ilf
·\l l.
·.n-rt·(
1/,'" 111fcu1ui (·1·1111·.i/ >\''/c'/li _jol' .1"·,·1/,1/!lill? u.:'.i.·111,\: ,1/
u1·, ()/1.1/!\
r " 111;.'f•!l'
/"L'-:'c/l"tih/,·.\ II
lll!h/\:tjlliliC
/11 (Ii!/" U/-'llJ!Uli. {}/J,\ I\,/
\\<.'«'l!!<'.'' 1/i .rh" 111f1'l"!!O.', .iu/n1( >'f ,fc11i
p tlll<:\IL11 .. ,I[ C•l11l1;1l·t .... ,·,1 :\11,11;: ,\'ll';,'!ll'-, rt•t'c~nt·d l•l i11 . ,,__·ctil>I\ )0! ,ii i i;)f1 ih.11 111.·1·d [,\ h,· cn\=·i:.·il 1;J1 . · thL' tl".!l',1vl' 111:1i111:ii11c'd 1111(k1
}\;t\1' :'1.'Cli ·,,, ~':il,··~·d
1
S. v.c;nAIAUA '" Assoc1A1rc, (b) Jn respcl'.t of transactions rnadc in pursuance ()f ~uch contracts or arrange111c111s and exceeding the value or RupCt.'S five lakhs c:ntc:rcd Into during the !'1nanci~.d yt.'ar. because Of the uniqt1l'. :_u1d :ipeci:.1lized nature uf !he itelllS iH\'O!Vl~d and 3bSl.'.llCC Of illl) co111parable prices, \\'C arc unable to coffi1nen1 \\'hether the transactions \vCr(; n1adc at
prevailing 1narKct prices at the rclcv3nt tirne. lhc (.'c1111pany has not accepted a11_y deposits frorn the public.
(\·i)
(vii)
['he (~on1pany has an internal audit systen1, rhe scope and co1'crage f~/ 1rhich. Ill our opinion, rf!q11ircs to he e11/arg<'d to be CO!l1111ensl1tore H·irh the si::,t· and 1u.1t11re r~f its husincss
(viii)
To the best of our kno\vledge and ub--section ( J) of section 209 ofthc c:o111panics /\ct, 1956 for the products and services ()fthc C:ornpany,
(ix) (:i) Undisputed stannnry dues including provident fund, investor education and protcctiun fund. CnlpJoyccs' state insurance, i11co1ne-!aX, sa}eS··13X, \VCalth·l:.iX, service tax, CLIStO!llS
duty,, excise duiy, ccss and other rnateria! statutory dues have gcn..::ra!ly bc-cn rcgu!~1r!y dcposi1cd \Vi!h the appropriate authoritit:s e_xcept_(or prl~fl~s.;ion ll1x and se1Tice tax H'here rhe1·e have been serious deloys in a fC\v cases 011d incon1c tox. provident jiaul and vu/11e added tux \Vhere 1h,'re htt\'e heen slight delays in a_feH· 1_:oses, (b) i\ccording to the inronnation ;-uid cxplan.1tio11'; given 10 us. no undisputed ;11nounts payab!L~ in respect ofprovidc1li rund, i11vcs!l1r education and protection fund. cn1pl0ycc.-;' state insuranct;;;', inconic~tax, \VCa!th·l custonl'> duty, C';\..cisc duty Cl'SS and oth~~r rn;1ttrial s1i1tutory dues \vcrc outstanding, at !he yc;:ir end, for a period l'if
lllOl"t: !hiill :->iX 1nn11ths !'roin the (]ate they bcc:11ne payab!e, (l:)
;\ccording tn the infonnation Cllld explanations
g1\'(.'ll
lo
llS,
there ~tr(.'
110 dUCS
of'
illCOll\C
Ll:\, sales-tax. \vcah!i t.1x. service 1:1.\, custt1111s duty, c:.:cisc duty and ccss \V!iicli have nol
been dcpositccl nn account of ;111y di:::putc. (x)
The
(\)lllJl~!llY
or
has been reg.istered for
nol n:q11irL'd In
:i period lcs'i than f\\'C years and hence \VL' ;ire \vhcther or not the accuii11il:1tcd kisses at the end of tltc l'\Jty per CC!lt 01' lllOre of its lll'l \VOr!h ;ind \VhCthCr it !J
cnn1111c11t 011
fill
lusc-;cs in the c111Tc11! fi11a11ci;1l year and in the i1n1110.:di:1l<:ly pn.:ccdi11g l"111;111ci;·d ;,T;11 (_\I)
n:1.c;l:d <'Ill 1111r
dtidii pro\:Cdtl!c.'; a11d :Lo.;
pl'.l'
tlh:
l!!Ji.:r111~1lit111
;n:d
111;1nagc·111c11t, \VC arc l)f'thc opiniDn that the ('\)rnpany h;1.., 110!
d11cs ln (;..;ii)
;t
(>,pl;1n<1li1ll\S ;_'.l\'l'll h) liic dcE1ultcd in rcp<1:1ncn1 •ll
(inane in! i11stitutin11, bank or dchcntiirc holdt:rs.
,i\ccordin!.'. lu thl' inf\ll-111;ilit)n 1111d cxp!:1n;ninns givc11 tD uc-; and hc1:;l•d on the d11.__:11;n(·11h rccdrd;; pr()duc:_:d bcron.· us_ the (\i11ipr111y 1i:·1.., 1H1l ;:_r;111!vd io•·1ns :u1d ;1d\·;11:c:.., ,,,1 lhv li;t:',;S nr _;;;cl;lJrJ:\ by \\',1Y ,,f plcd~"l: tlf \h;i1·c-,;. dt.:lil:ntllH::, ;111d \llhl'r -;,__·.._:uritic_o.;_
::11d
(.\:n)
ln p11r t)piniu1·L thi: Cut11p;111y i,, 11,11 ;: chi! 1·u11,J nr :1 11idhi i r1111!u;i] hc11c(i1 hind
l'lic1ct'nrc, lhc
-,u,;1,·t\·.
provi.-;inn~;
·~)003 (;1-.; ;inH:1Hicd) :ire
of ...:1;111;-;e -'l(x1ii} oi' the (';,llnp:111ics (,1\udi1or·s ){,:pol"!) lhdL'r, 11(1! :ipplic:-il1k· rn the ('01np;1ny
\
'/:
S. v. (;fl A/,\ UA s A SSC>C!A I/.\ (xiv)
!n our opinion. the (~01npa1ry is not dealing in or trading in shares, ~ecuritics, dcbcntun:s nnd other invest1nents. A.ccordingly, the provisions of clause 4(xiv) of the C:on1panies (i\uditor's J
(\\)
/\ccnrdi11g to the infonnntion cu1d (·;.,:p!analions g,i\'cn :o u:;, the Cornpany· has not given any guaran\(':l' !'or loa11s taken by others fron1 bank or finan..::ial l!lStitu1lons.
(:.:vi)
Fhtse
(xvii)
.-\ccording to the infonn;:ition and c:-.:planations gi\i.-:n to us and on an overall cxa1nina1ion of the h::i.lance sheet or the c:on1pany, HC reporr that _funds a1110101ring to R5.3 I, ?OY,601 1f1iscd n!I shorr rern1 has is i11 rhe j()r111 (~( cosh credir _faciliry j;·o1n hanks have been used /in· lung-Jer111 inFust1ne11t re pres en ring acquisition <-'.ffixt:!d assets, repayn1e11r of long·ter1n loan and j/-1nding <~flosses.
·rhc c:o1npany has not 1nade any preferential a!lot1ncnt of shares to parties or con1panies
(xviii)
covi:rl'U in the register 1nai11taincd under section)()] of the
(~0111panics
/\ct, 1956.
(xix)
Tht: (\.l!llpany did not have any outstandin!_; dehentllres during the year.
(xx)
The C\Hnpany has nut raised nny rnoncy through a public issue during the year.
(xxi)
Based upon the audit procedure~ perfc1rnied for the pllrjJO\t: or reporting the true and fair vic\v of tht.' tinanci
5.y,~~c:..~..J:;1:.,, S.\I. Clli\Ti\111\ & ,\SSCJC:li\TFS l:inn n::gis1r;lli11n nuniber: I OJ I (l~\V Ch
~ ·r
rh:r
S (Jangadh;\r:in
f 1il rl I lCI
:\,lcn1hcr~J1ip '.°\<.) ..
·.:::s \~.'
i'Licc: Ucnµ_alur11
ll:llc': J\!1, '( 2 '1 1 )J'll
11
AMETEK Instruments India Private Limited Balance Sheet as at 31 March 2012 All amounts in f-{upees. unless othf>rwise statPa
Notes.
31 March 2012
31 March 2011
E9u_ifj_~~~.!~&p11~!i.~/':- :: Shareho!der:s' tunds
Shall' cJpital
3
10.-l,720
103, 720
_,
:i;:_GHJ.158
45.401.05'.)
32,1B4.B7B
4!i,504,775
4'/,000,000
-------
Non-current llabl!lties Lonq-lc>rn\ borrowinqs
5
24,000.000
Lonq-tcrm prov:$;ons
6
6.410,210
2,500,JO"l
30,410,270
49,500,307
Currant l1o11bililies
7
72,200,000
55,000,000
Tra
B
JC.789.350
3B.9 l 9.42(,
Other cunent !i<'!bilities
B
49.842.290
40,262,566
Snort·term p1ovi:.io11$
6
16,751.768
5,$83.446
169,583,408
139, 765,438
232,176,556
234,770,520
Snon·ti:rm
bo1rvwmq~
TOTAL
Non-current a!.:seh
Fixed
as:.el~
Tangible assets !ntanqiblc Capit
.:i~scls
9
47,771.244
50,696,225
10
20,032. 564
45.491.393
11
12,889,052
4, 331,685
12
18, 340,67 l
16, 119.442
work·in~progress
1,424,855
Deterred tax assets (net) L~1rl(i-term
loans end advances
Other non·current assets
13.2
1.750.000 100, 783,531
118,063,600
Current assets Inventories
"
13.1
Trade recl?1vab!es
26,762,728
9.273,770
55,696, 750
35, 784,333
Cash and bank balances
15
7,963, 704
J,834,584
$hort·lcrrn loan5 ano: advance;.
12
17,694,442
13.920,1"18
Othc-r cu1 rent
us~eb
13.2
TOTAL
23,2Tf.321
55,894.055
131,395,02.5
116, 706,920
232,178,556
234, 770,520
2.l
Summary of s1Q11ificant .:1u;ountinq politi(!S
As per our rt>port of evt>n date
o;;.v··~~~~ For S.V. Gtlata!ia & Associates
rcll-
firm Reqistra!iun No: l03162W
AMETEK Instruments India Private Limited
Chartered Accollntants
ana on trnt1alf of the boord of dir<>ctors ol
/1
.( ,/ •?/ per TS GanQadharan
Hirt'n
Partner
Manaqinq OirPdor
Director
Place: Banqalore
Place: Lekester, UK
Date: July 16, 2012
Dati:: July 16, 2012
Memtwrship No.
Bruce Coley
?.283~>
f'loce: BonqolO! e Date:
De~<1i
.T.Vk'i /,? 1 2..012
AMETEK Instruments India Private Limited Cash flow staten1ent for lhe year ended 31 March 2012 )l Morch 2012
<;_a~-h)_IOw fn::im-_operetlrn;i activities (2.'.i'i9.230)
LO>> Delore \d1
~-~.074.727
8.:!96 ~.CJ5/,0J:i
2.12-',19} lonq~r
l•\t{'S flO lflterest
C%1J~"'r
Interest
tnco~1e
(34"1.347.)
f{'Cl\llleO ... r•ttt>:i \lOC'
l2.980,4CJO C29.0C9l
65.938.720
(7.782.734) .l,909.963 lnCf\.'il}C •n orwrt·t~!P1 DfQVl\>WlC
3.987.810
lnoedSI.' •n o\ll<;•< (.;,u('n\ 1i<1bd1t•f's
lncreas;> in trilO;> •Ht>1vablt>S
(23.12),245) (l
7,488.9':i8)
(2,221,229)
0."17·1 264) (.Jt>creo~e
oth~r
111
curr<'.'nt
Cd~h
32.616.734
op;>1~t1ons
Cash qenH.:iteo from Dirl'li: t~•t>> tM•~ (net
N(•t
os~e\s
of
6l.042.S2l _ _ _ _02.).37.522)
1erv110~l
!low !mm o~wratin~ oct1v>t•n (A)
f'(;r(!lJSI.' ot lixl.'d
.:tSSl.'t~.
48,904,999
including intangible .i~set~ <>nd cdp;tdl work in progress
P!O{('('!lS from Sdl(' of lix;>O
(22,S82,66l)
~SS('!S
308.303
lnvrs\m('nts :n l>.1nk O£"pos1ts (havinq oriq1nal mJtur1ty of mor(' thar1 12 rr.onl!•>l
lf\(('1('$\
(l,7S0.0001 29,009
f(.'C('IV~!l
Net rnM1 flow uHd ln investmQ
actlvitie~
(73,995,3.:19)
(B)
~~rr~:if~:.~,!Y~'.tl!ifililf:fillfu'WN«lfl~'W&~~J1&~~}[~~%1"4£$~;--~!!i!~·~""ill1111111!!11!1iillllll!llli1!llll~ 011ong·terrn 001row1nqs
R~;.o~ym(•nl
(23.000,000)
P1ccecds 1rom short·tcrm boriowmgs
lnter .. st
17.200,000
P~>d
(12.980.450)
Net cull flow und in tin11nclnQ 11ct1V1Ues (C) NN mcrC>,\SP in cash and (.ash
(,15h Jf\\l
c~>h
('n!s(A ~
(1$JB0,450)
B • C;
6,129.200
cqu•val('nt> attn(' IH'G•nni119 c! the \'CM
!.634.S84
Cash and cash .. qulva!ena at the eno ol the year
7,963,784
~~~!~Y~f"~~~~t'l~~~~-Jt~&4l~illi'11~···~'~'1!'~·lili!lll!llil~!lil!lill!ff!!fl!!j]!!lli!l Ca~h
on l\;md
With
!:an~s-
6,476
Of\ Cl1rrer1t
~ccoun!
?.'.l'i;',308 7,963,784
Tot11I ca!.h 1md cash eQulvolenh (note l 'i)
=c-..==·===-----··-2.1
s.·.v·~..._~c)> for S.V. Ghalalla &
f,rm
fl~9ist1.ition
ChJ1\ered
A~soci~te~
No· J03lfo?W
fo• Jna on
ocn~1r
o! tile bo.ird of
AMETEK lostn.ttnCl\h !l'ldla
rJ1rector~
Prl'<'~te
01
Llm!te<:I
Acccvotant~
)/ '
pc1 T$ (,~ny~dl1~r.rn
li:lfl.'11
Partner
Ma'"to~in(J
MernbH~h1p
No.
f'iacc BQJ:ore
Dak
:J\)l 'i
DC~
an.Kc
Coley
Director
2283~'
2·r
1
f'1acr: 8anq,;!ore /,
C11).
'.>ate
.lu:y 16, 20:2
PlM~: l_~1ce~lN. D~t~:
UK
.JUI"/ 16, 20l2
AMETEK Instruments India Private Lirnited Notes to financial staternents for the year ended 31 Marc!-1 2012 Corporatoo informativn AM[l[K ln~trumen1~ 111t11,1 ij1iv;1IP t.1m11<'d ('A!S\Pl!'k·' rn "\h• CofllP¥ly''lwii•, nHc·r:i01dlt·d o" Alu)ll:>t ,"O. ?COfl. "' ,i p11v,lt(• 1irnde\l comp,;iny un\lf.'f tt\e Comparne~ Ac:, l'J',)6
Anwte~ 1> d wholly ownl'1d·ar·y of Anietf.k Sifl f·T[ l"l'Hl'n. Tll\' Cornp~11y ;~ ('l\(J<'IQ('cl intH·iliM 1H me tws1ne~s 01
Dfo?Sales and marKe\llllJ
~f-fV•Ct-.<.
il<;d
!\.,~i!N1nq
te(l111,c,11
a~~'SLinC•'.
onstMli•\•O
u>mmr~~!t>n•n~ ~erv,<.:c>~
a11(J
momt~nant!' ~erv1ce~
in
ir~prc!
r1f (•q1,iprnen\s. i1pp1Fance~ <1:1t1 other "'du~lr:<11 ill0(l;
D11rinq (hl.' Yt.'
nie
ild~
1nc1..1rred
lo~s
of R~ 13.-.119.897 (2011: fis 10,160.403) .:ma has acn1mulat
51\ill{' (d~llill ant! Ol'
,l',
,:t M,HCI\ };_, 201/ I', lh
cof\fident that thl• CnmrMny wili I;(' able to 1Jl•n('ril!C' su!!:cn;nt profits ant\ obliQil!ions in ttw
fore~eeatlle
future.
f,c~orGingiy,
tr\\'
(d~li flew~
03.3?8.~"JB
vo11·.
!Is 93.328,298). The lll.)n.J9f'fllr,f't\ is
in tlw fu\ur\" ye.:irs irnm its continued operiltions to ln('C·t its
fmJnc1a1 stato:nwnt> n<:VC' oeen pres;«ro:ll
b'{
tt:e management un0i:r ttw ;,10111<1 ccn(<'lll
il5~1,mption.
B<1si~
of prepariltion
The f
~t
of the Company have been pr~t>.Jred
in
Company f\as p1ep !m
accordance w1U1 generally accepted ilcCotJnting principles in India (lfl(!i;rn GAAP). Th'.' in
all rnatt'lidl re>pect; w1tl1 !he accourit11HJ
~tariddrds
notified under Compam'es
IACC:HJll!rllg Sland ..u/J_\j Huie>. 2006, (<1) arid Hll' relcv.:i11t prov1~;ons ot the Compa111es Act. 1956. Thl' financlill statements hilve been pr(>pMe(i on an accn1al b<1S•S and under the h1>toric1:t co:iventwn. The M(Ol;ntmq pol;cies adopted;,~ Uie pn~parat1on ot lmanc:,11 stat(•nwnh Ml' l Ull>i 'ol !!nl wit Ii thu; dU;uunlim.1 pul•1:y c•xpld:l\l'tl t;el()W.
2..1
Surmnary of siqniflcant accountinq policies
a.
Change in accountinq policy
Presentiltlon and dlsc!osurn of financial statements
Dvrmq the year ended 31 March 2012, ttw rc;v1seu Schellule Vt 110t1fieU unoe1 tne
Companie~
Ad 1956, has become <1.ppl1Cilble to U1e Company, for
prPpMa\1011 an1i f>C{'Sc>ntatmn ol its 1111anc1a! ;talrrnents_ H>e adoption o! l('VISrd Schedule VI doo;>s not tmp.;ict recoq1\1\1of\ and meilsurc;ment p1ir.C1ple~
followl;'a !or prep3r,;i~ion of financial statements. Howev(•r, 1\ nils s1onil1cant 1mpuct on pre~entation and disclosures made in the financial stat('ments. ThE Companv rias also rec!assi!H:d the-
b. Use o!
prev:ou~
yem
!1qt.1re~
ir1 acccrrlt1nte with tlw 1equirl'menb auplicallll.' in tt1e current yo:;;r.
estlm
The prep<11at1on o! financial
~tatem!':'l'tts
in con!0rmity w•lh Indian GAAP reqL.mes lhP m
a..-,sl'ts ,m(j
P.~t1mates
91\d
ilSSvmption~
\hill
<1nO the t11sc1osure ot cont1nQent 11ao111t1i:os. at the end ol the reportmq period. Allhouqh ttiesl' estimates are basl'd on the 1n,1naQi:ment's best Knowledqe of c11rrent !':'vents and actions. uncertainty about these assumptions and
affect !he n•port0d amounts of 1rvenut'-'>,
1ial.l1ht1e~
i'stimates could result in t~.e outcomes reQuir1nQ a material ad1u5tm~nt to the ca1ryinq amounts of as5Ns or liabilHies in future periods.
c. Tan9lble ll11ed assets. Fixed asseH ar(' stated at cost. net ol accumul<11l'd depreciation ant:! acu1m<.1li1INJ ,mpnirrnl•nt
l\l~sl's,
1! dny. The co5t
compr1~es
purchas!' pr1c!':',
borrowmq costs il cap1taliia\ion cnteri.1 are ml'! rmg!IHl the asset to .is work1n9 condition tor th!':' 1nten
Subsequent
e~pcn
e related
to an item of ti;i;ed
its pr('ovious!y assessed standard ot per!orm11nce. A!I othN expenses on rxistinQ 1ixed and tost of rc>placing
Gains or lossl's
<11
Pllfl~.
as~els,
including day-to·day repair and maintenance \"xpend1ture
are char<;e statement of prof;t 11110 loss foi tt1e per100
is111Q florn derecoqnition o! t1xed
ilsset~
are
mp,1~llff'!J <1~ !flt>
1Hferencl' tietween tlle net tlispo5al p1 oceeds and th!':'
till' dSSPt illll13re !t'l.()(;l\ill'l! II\ the ~tillPl!Wlll 01 profit <)ll!J IOS~ wilt-fl II•(> d~S~l IS dl.'1('(0(jl\ll€'d
d. Depfl':Clatlon on tanq!ble llKt
Dep1eciat1on on fixed those
pre~ed
cepreciation or its
!
:·-v;·hi~1~:-~-
a~sets
is cal\ul
us1nq ttw r
c•~t1m,1ted
by tlw
maHaqenH~nt,
or
li~Pd
assl'ts.
...........·-··---~'!.i::tlculars._
1
- -
·- · - - - - - - - · · - - - - - - · · - · - · ·
I Tool~ & Equipment~ Lf:.~r._f'lll~E_t?__ ~ f'l.~Ji!_l 1ng_s_ !
has•~
under tile Schedule XIV ~o l!w Comvan;<'5 Ac!. 1956, wlHtheve1 1s tll{)llef. The CompiHly has u~ell the fo!low1n9 rates to orovi0e
·---··----i-·
Oflicl' Equipments
ro'ff<; _~_I: _lJ.l!!J~ni0:i!J_~(~:;;_t!!:i~;-:~~;9_~·;_~:~:2·Compute 1-> Lea~etiold improvement~ A~s\"ts
a!e Qep1ec1i'ited 0ver the primary µo:r100 c! the lease or the uselL.Jl lrfe of the assC'ts wf11ch1>ver IS lowc>r, on
individually costinQ Rs. 5,000 or less are depfec1ateo full)''" th1;- year of purcriase.
ii ~lrili\)111
lme tia;is.
AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 March 2012 e. l11ta11Q!ble
as~et
lnLmq1hle ilSS('tS .:icqun't'\I S1'p01i1\(•ly arr 1l\('t>
CD~\
o! 1n\Ml(Jlbil:' a~set~ ,)cquired m Ml ,1m.:il(j<1rna\con •n tt1e nahHt'
o1 ;imalqMnat:nri f()ll~eh ar~ c~11ie(I ilt cost I\·~~ .;sc<.\imulJtNI
amort1zat1on .:ir.d accumul3\ed unp;mment
1o~~es.
1f ,-;ny.
c<1p1t3:1.1ed ;ind <'Xpend1ture is rell('ftMI '1\ t!W st<'!t('1l'('•H
oi
lrit~1r.aily qen~1atHI
:n~;,r•9dilf< as~.t>'.\.
eH:h1d1n(J cap•tillii.NI r!{•v!'IDflml'nt coo;t,. ,111' not
profH
intiirn11ble <1'5Ph «IP dn10111;f,(l on ii >hd1qt1t IH•<" IJd>I> ovvr Hw (>;t,ma!IJ111t.Uih.• pr('sump\!011 that \lw u~eiul
hit><>! ,111 1ntanq•ti1e
.:if!ect th,1t usef!JI life of 11\tanqinle
ass<,t~
ilr\
,-;s~et
and rnt<1n9it1I('
le;«i>I. All o\!l.:r 1ntornQibl('
w111 l\Ot l'>C('<'ti a~sets
<1~wts Me
t(•11
ex~(!<,(!~
1'c"1rs !1om the (i
ten yl'
to tt1e
;irnorti2e~
:rn: •ll\i!fl()1t!le te of its useful i:ie. S\•Ch not yet availalJle 101 ,1se air: te\ted for •mpa.imt
intanqit:de
as5essed tor 1mpa1rrn('rl! whenever thrre is an il"ldicat1(>n that t11r 1Mano1t•le 11sset may be 1mpa1red.
The of thr .1sset is
s1gni!ir.011tly dilfrr<'nt trom
prrviou~
rst1matf'S, thC' arrwrtiu1tion 1wriod is ch;mged accordinqly. If there has been a s1r,nificant chanqt> in the
e~pected
patlern of ecnnomic nerwfits from tlw ass('t, HH! arnrnt1z;itmn methorJ is O\,:i11qc>d lo l<'!l(•c\ tne chanq<•D pattern, S11ch ch.:i11qes are iH;countt:d !or in accoi\lance w1tll AS 5 Nt:t f"rof1/ or L0£5 for l/ie Penod, Pnor Penod
Uem~
,md Cli.rnr;es 111 Ac:counrmq Po/IUl'S.
Gains or losses ar1s1119 1ram oer!!cogrnt101\ of ;in 1ntarig1lll<' .-isse1 are me.-is11rC>d as the (li!1erence heh11een t11e net disposal procreds <'l•ld thl' CM1y1nq amount ot th>?
Goodwill
1.~
a~set
;md are r>?co9nt2e(! 1n
stati:rnent 01 pro!•t antJ
<1mort1zed us1nq tne stra1qht-irne me1t1od ovH ii pei;oo of
software ht:ld !or use on
t.
ttw
bu5111e5~
lo~~
~'x
when the
<1s~N
LS dC'<'ecoqtHle(!
yeois 01 ba!once estm\a\et:J l:!e as evaluateo by the 1n.Of1il(Jement. Computer
pu1 post's m amort•Zl.'0 over an est11n.>ted ust:lul 111e of t!Hl'l' ye.>rs or trw period of l
L('ases
Lii>dS('S, where the il'S5or ef1.:>ct1ve1y rt:ta1ns sullstant1ohy al! the risks ;mo bent:fits er ow11l'rsh10 ol lht> Operntir19 l('nS(' in the
~tll\Priwnt
lea~f:'d
1!em. are c!assil1ed as m1
lease~.
o! proht ant110~~ on il straigM·liiw basis over Hie lii>ilSe term.
q. Impairment of t
a~set
is consid('r('d imp;i1r('C ;rncl is written down to its recoverable amount. In asseSSlflQ value in use. the
Eflects current market as5essments of the time value of money ilnd the risks speci!it to \he asset. In delerm11Hn(J net sellimJ oriLe, recent ma1 f..et tnrnsact1ons a11.• taken iutu accour1\, 1! avail
tr.:in~actions
Altei 1mpilinnt:nt.
can be alH1tified, an i!ppropriate vi!luatmn model 1s used.
deµr~·Liatio111s
provided on tlw
rt•vi~l'll
carry;nlJ amo1mt of Hw ass('t OV('f its remammq ust•1u! li1e.
An asst•ssnwnt 1s may h.:ive amount. A p1t:v1ous!y recognized impairment loss •s revNst:ct only 11 there has beeri a chanq£' m the asslnn0tmns used to determine the asset's reco¥e1able ilrTHlu1ll '>nice \hp last iinpo1rm('nt loss e~cN.•d
wa~
reco()niz(>O. The revers<>I is li1rnteO so that the carryinQ amount o! the asset does not
Ille carrymQ ,1mounl that would have been dt:tern11ned. net of depreciation, h.:rd no impairment
Such rev('rsal 1s reCOQ111Z('d in tht: stiltemeri\ o! p1o!lt and
io~~
10~~
e~ceed
its recoverabll' amount. nor
been reco<,iniied for uw
as~et
m pnor years.
unless the i15set is u1n1ed at a revillued <>mount. m which case th(' rl'vers.:it 1s treotetl as a
it:valu<>tion incrlfase. h. lnvi:-ntortes
Stock of trad!'d qoods is valued at 1ower ol cost and net reillizaDle va:ue. Co~t of invt:nloril's compr1st:s of co~t o! purch <11vento11es lo their present concl
businC>~s.
10~.:i\ion,
Cost is dt:terrnint:C on ii wrHJhled overaoe basis. Net !ea!ililDI<' Villue
less est1milt<"-d co,>ts o1 completion M•rJ
e~tim<11f't1co~ts1\f'(('\sary
1~
uw t'slimated
to make !hr sillf'.
I. Revc-nue recoqnltlon
RrvPnut: 1s recoqnilPtl to thr rx!rnt Ui.11 11 h pfOtJ.-ible Iha! l!w ('Conomic be11ehts will flow to th<> Company and th<: revenue can be rellobly measurNI. The loliowinq specilit 1ecognilion criteria must also be met before revenue 1s recognized:
... :.;: /'
AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 March 2012 Sale of Goods RPV(•f1U(' ,,om ;,;!t• of \)ll'l(\(I wtwn dll tlw ~irplf1ca11t l1~K; ,]O\(j
•.!L'hvcry o( the yoo tuxe; ond vo!ue .idO<.'d \axe~ (VAT) 011 llt!l10if o! U•\• 90,·ewrnent <1110, lhert>fore, these .:ire not P(Or>ornrc tiene!11s flowinq to tt1e C:omp,-,ny_ Hli'r.ce. !lwy
a11:
l'\:Cll!Oi:t1 ficrn ((»'fnue. Sa:('s TU> and VAT deductNI from revenue (qross/ 1> the .imount
U1,;;t 1s H1ciudeo 111 tr1e revenue (qro~sl '.:inr: not the ent1rt: ~mount at '1<1tJ11fly yNrm~ of the anr1uJI ma1ntenanu• conlro~ts to \hp edent whf:'f<; therf:' i~ 111ty dtJout ti\!! rea11zat10'1
of tlw a1111uili mfltenantf:' r;f\af[/es
11w
Comp,Jny coill'C1S
~(·rv.ce
t,n on t.Whdl! of the qovi;rnment and,
t11ecefore. it 1s not"" o:conomic beuo:t1t now.ii() \o th•: C\ln\~imy. Herc<'. 1\ .~ e~c•uded from rp·l(•rh;f•, Re~enL!e
horn pre·~al<;> and rnark<;l•rHJ o,ev1t<;~ i'> reco9111zet1, •l'> service> are rende11,>d, on the IJi!'>IS o! i!fl ~(jleNJ m.irK IJP on casts mn1rr!:'tl, m
Mi.OT rldnt:o• with lhi>
twm~
ol thr JQrf'li'fllnt.:red cnto IJy th(· Company w'n1 1\:.
01stom+~' ~.
Jntere~t
lnlere~t
income 1s recoqnued on a tnnt• proumt:on bils•s t.ikmq 'nto account BK' amount ou:standllHJ and \lie applicable interest iate. Interest mcome is
mclu
J.
Foreiqn currency transactions
ln!tlal R._.co1m!tlon Foic•1qn currency transactions ar(• rt«orde(i 1n trie repor11nq c11Hency, by applymq to !he rore1qn currem;y
t"~tor.c,,I
cost drnominatl'cl
in
a f
ra\t~
JI \lw
which a1e me<1sured ii\ lair value or other s1rrular vaiucl\ion oenomn1dted in a foie•l)l1 Clll ency. are \rclfl~lclte
Ex.chanqe D!lt!:'rences Excn,1nqe d1tterences ans1n(J on tl1R sett1Rrner1t or monetMy item~ or on restatRmrnt of the Company's monrtary 1trms at ratrs dif1erent
lrom those at
whcch they WNP cnitially f!.'UJrded dvrm9 t!1e year, or ff'f'lOftf'd If! p1evious financta! st,1temer1ts, are recoqniled as in(OfTl€ or as expo
k, Retirement and other employ-..e benefits Ret1rrrnen1 l>enPIH m thP form o! provi[Jen! furn; 1~ il rJpf1upd contiin11ti1>11 \Oleme. lhe con1r1hul1011~ to llH! prov1d€'n\ hinO are charQl'd to Hie statement ol prnht .ind loss Im tile ye.ir wrwn the cm1t11but1ons ill'!.' !JU<'. ltie Compony ha~ no obl1Qat•on, other than the contrtt:Jut1on payat:Jle to the provident fund.
Gratuity hatJll1ty is a defined t:Jen('fit obl1oation and is providrd for on the tl<>s1s of an <>ctu<>nal valuation on proiectt>d unit credit method mode at the end o! ('ilCh financial yo
ot
such absenco
exp(>t!~
to pay
as a
~tatement
o! pro!il dnd loss.
as short·term employee benelit. Thr Company
r('Su!I of the unvsed ent1tlemrnt that
ha~
mea~ures
the
accumulated at thi:
reportrnQ date
The Company ti eat~ accumu1atl':d leave i:-xpecte\l to bl' carrwo 1orwartl lleyono twelve months, as 101\q·term employe\: benefit !or m('asureme11t purposes, Such long·INm compen~a\ed ;1bsences are prov•cted for bilSt'd on the actuilf1a1 ~aluation us1nq tht' pro1ectt-d unit credit method at lhl' yeaJ· ent1. Aclua11al qa1n~/ lo~ses are imml'dii!ll'ly laKl'n to !ht• st<1ternent of pio!•t .;ind loss ,,nd ,ire not deferred, The Company prt>sents \ht> enti1e leavt' as a current habllity in the balilnc,• sheet. since it Oof's not have tt1f' t1ncond1t10na1 r•qM to ae!H its settlement tor 12 moriths Mier the r('port1nQ ildl\'
I. lncom!.' T.1;u•s lax eKpense comprises of current ili1(! d!.'lerred t.H. Current income t,H 1s tn!.'i1Su(€'d ill 111€' 11mount e~p\'('trd 1o tie \Ml
r,l\€~
Dr!errell rl.'ver~.;I
tox
lilws prevoil,nq 1n the 1t>wective
3n(l ton laws \!$l'
iu~orne
la~
ena~h•d,
J1JflS(1!ttt(JllS wner"' nw C.ornpany operates. fhe at the n•po!l1ny \late.
!axi:s reflett tll!.' imµact of tim111<; diffe(encrs b!:'lwi;en taxoble ;ncom<• i!ll(J account:ng intortw oliijindtinq dur1rn; till' current y!.'
of t•min9 d•f!i:rt•ntl'S for t!w i.>Jrlll.'I yr..irs. Def!'!!(•(! ta, 1s measured usinQ the tax iates ilml tl11.' t;ix laws enacted or sub~tantiv!.'ly enac1e-d at
tne reportirH) date.
De!erred tax l1ab•l1t1es are recogn1Hali7ed. In s1tual1on~
where thi> Compdny has unabsorbe() dcprcti<1t1on or c<:lrry forward tax los5es. ail ()elerred \,n assets are recognized only if ther!.' is virtual
t!.'rtilinty supported by corw;ricinq evidence tl\at they 'arl be re11i1zed o'l(jt !uturt' t.oxdllll• profits.
c-;,;:::::::l<;-;;--> ,; (l
AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 M,1rch 2012 f\ t PMh rl•portinq !l Comr,,1ny iws t!ecome
rea~on,1bly
f e·~'>SE'>~es
c('ft,w1 or v•rtually
df.'!erred l·1X asseh u1n ht'
unr l'COQni ll'!l def Pl 1l'll t.ix d>'>l't, n i l!CtHJ'"' ,., 1;1H <•ro9n,; ed def l!l l l'<.l t .ix
~erldlll,
a> t11e CdH' mny ta.'. tri
~uff1t1('nt
i!S~.et
s to
futu
tl1~·
l'Xtl:'nt I hd! it
oQ,~m>t
whitl1 >uC11
f<'ili
Tlie ,;<1JJV,1HJ amount u1 defl'•ll·ll t~A rl~'>l!l> die> ll'Vll!Wl'i) ,Jl ~«Kh \Jdldn(.P ',li(:t'l dale. Tiu; (\lflli!·(Jmvn \lie c,irry;nq amount ol ,1 t1r!prr(•(! tax ,:,5set to \h(> (>All'i1\ !11il11t ,., rm 10~1qp1 rp,1sonan~y {_erL11n ui <111\;aliy ((>rt,w1, .:is !lw U!'..(' m;,y t>(·, th<1t s1iff,nent hitvr,, t<1nl \<1x .is\P\ i;.w 1Jt• 1e,li11ed Any suct1 w•ite·down b
~ulf•c1ent
ievr•1~\'ll
to H1P !'X\(·nl t!lilt 1! becofn\>s
Oef(>r1ed tax assets anr; tJe!erred ta> 11ab1i1t1('S <11(· otf>et. 1f a leqi!lly enforce,1bf<- 11qr't ,1110 11W O!'l(>rl{'(j t,lX
(l;,~et~
1ed~cm,1l>ly
(<.'rtain or virtu.;illy cert
fdc11r t.i~~bie rncom\"' will he ill'dlldblO:. t>xi~t~
to >!'!·off curr1>nt tax i!S~l'b dQiltn~! o;nt-nt tax 11ab1li\1('s
dlltl dek•rrr!d '.iJH'~ fl'lilll' lo !lw sanw lax.:rnlc~ .;r1t1ly ,md \!I!' ~.}fl\\' t;ix;itll111 <11J!!\(Jf11y
m. Seqment report!m,i /ileriUlr<
or 'NJm(•nrs
Hw CornpM1v's opriat•r\(J o.. 1~11wsH'S ar<' orqan11el1 <>r•d rnar1aqel1 separilteiy ilCcordinQ :o the nature of services rendered. The analysis ol Qeo9raphical ~"QmPnls is basPd on th(> geoqraphrril! iocafion of ttw CorntJany'·; C\J~to1ne<
Allocdliori of common
co~!s
Commun i111uc.allil' costs <)rt; a!loca\e(1 to l'il
~eqrn(>nf
an:urrl•flQ to t11c• rPi.1t1V!' t:ontr11Jul1on of (>iJCh
~e,iment
tu the total cornmon costs
Unalloo!lt>d items lnchH1es qener.ii corpor<1te incmnt! an\l expense rtems w11,c1-, a1e not
allo~ated
to cmy
ou~.iws~ ~eqnient.
Segment .1ccoun1111Q po/1C1es The Company prepares els seQrnent mtorrnatoon in contorm1ty with the accountmq pohc1es adopted for preparmq <111d oresentmQ the fin
~tatements
o! the Compony 35 3 whol(>. n. Earnh'\QS Per Share
Basic t>arninqs pQr share are
ot
events or
eQ1.J1ty bonu~
:.hare~
o..ibt
issue; bones element
equity sha1es 0\1tstandinq, without a correspond111q ch3nqe 1n resources. For t11e purpose o! calculat1nQ diluted earni11qs per share. !he net prnfit 01 loss fo1 th" period attributable to equity shareholders and the weiqhted
avera9e number of shares outstar1dlnQ durlnQ the period are adjusted for the ellect of all dilutive potentiill equity shares.
o. Prov!sions A provision 1~ recogmied when iln enterpr1.~e has ii pres!.'nt obliQilt1on ilS a result of past event. it 1s probable that ari outflow of resources ('ffibody1r1Q ecor1omic tien<.>lits will be re<1u1re11 to sell le the obhqatlon and a relii!Ole est1m<1te can be rn<1de ol the amount of the obllQtion at the reportinq dale, These estimates are reviewea at each reportinQ date and adjusted to reflect \hl' current best estimates. p. Contini;ient llablUtles A contmqe11t l•alJ1lity 1s a possible obl1gatwn tt1at arises lrom past events whose or more uncertain future events bi.'yond the control ot the Company or outflow of resourtes will lH' r<•quirNI to
~ettle
e~1ste-nce
ii prn~ent
will be confirmed by the occurrence or non·on:urrenc(> ot one
obli(jat1on t!111t is not rf'co(Jrnzed heu1use it is not prob;.ible tl1at an
the ObhQat1ori. A contrnq!.'nt l111bility al5o arises m extremely rare Ci.ISl'S wheie there is a l1ab1!ity that
can11ot be rl'.'coqnized bl'.'cause •I canriot be rne,isuied rehilbly. Tht1 Compuny does not reco:)nize a contmqent liability but discloses its existenc<' m tht> fm11ncu1I statements.
q. Ca:<.h and cash equivalents C~st1 and cash equivalents !or the pu<;>OS!.'S or maturity of three months or less.
ca~h
11Dw statemo:>nt co1npris(' cash
r. Measurement of EBITDA /lo; per milted Oy the G1.11c:rance Nott• on I/le flev1sed ScheOule VI io the Comp,1n1P.s Act. 1956, \he Company has elected to p1 ese11t e,1rnmq~ t!elor"
rnH:re.st.
til~.
depu:thl\1on ana
,lmcrt1~at1cn
(U317DA) as a sepMate hne item on !he race 01 the statement of µrefit <1nd loss. The Company measures
EBITDA on the basis of profit/ {loss) from contmuing opt>rn!ions. In its nH?.
!:nan<:e
co~ts
and
l
<;Xp(>ll>(!.
AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31March2012 3
Share capita!
Authorized shares l~s.
10 each
':°>00,000
500,00Q
Issued, subscribed and fully paid-up shares 10.372 (2011: 10,372-) r:qinty shares o1 Rs. 10 e,:ch
103, 7 20
103.720
Total issued, subscribed and ful!y paid·up share capital
103J20
103,720
quity sh,Jres of
(a) Reconciliation of the shares outstanding at the beginning and at the end of the reportinq period Elluity Shares
Al the lle9mrnnq of \lw
µ\.'!
ioi.J
Outstanding at the end of the period
10,372
1Q3,720
10,372
(b) Terms/ rights attached to equity shares The Company has only one class of equity sha1es hilvinq a par value o!
R~
10 per
~hare.
Each !lolder o! equity shares is entitled to one vote per
shar1:. The Company declares and pay dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to !hp approval of the shart>holders in ensuing Annual Genera! Meelmq. In event of liquidation of the Company. the holders of equity shares would be entitled to recC'ive remaining assets of the Company. The distribution will be in proportion to the number of l:'Quity shares held by the shareholders. (c) Shares held by holding/ ultimate holdinq company and/ or their subsidiaries/ associates
Out of equity shares issued by the Company, shares held by its holdtnQ company, ultimate holding company and their subsidiaries/
<15sociatcs
are
os
below:
31 March 2012 Rs. Amet!!k Sinqapore PTE Limited, the hold!nq company 10.371 (2011: 10.3/l) equity shares of Hs 10 each
103.llO
31 March 2011 Re•_·_ __
103, 710
(cl) Detnlls of shareholders holdlnq more than 5% shares in the Company
31 March 2012 --~?::_______ ----~--~9Jdin9 in the das~
31 March 2011 % holding in the No.
class
Equity shares of Rs 10 each fully paid Ametek Sirn)<1pore P1E L•mited, the hold1nq company
---~'~0~,3~7~1_ _ _ _ _ _ _ 9_9_.9_9_%_ _ _ _~1~0~·~3_7.=1_ _ _ _
99.99%
As per n;>cords of the Company, including its re9ister of shareholders/ members and other declarat1ons received from shareholders reQarding bel\eficial interest, the above shareholclinQ represents both leqal umJ beneficial ownership of shares.
4
Reserves and surplus
31 March 2012 R•.
Securities premium account flalance as per the last linancial statements ClosinQ Balance
93,224.578
31 March 2011
R•. 93,224,578
-~9~3"'"'22=-4'-''-=5.=7.=8_ _93,224, 57 8
Surplus/ (deficit) in th~ statement of profit and loss Balance as per last financial st.Jtements Profit/ (loss) for the year
{47,823,523) {13,319,897}
(37,663,120) (10,160,403)
Net surplus/ (deficit) in the statement of profit and loss
(61,143,420)
(4?,82_3,523)
Total reserves and surplus
AMETEK Instruments India Private Limited Notes to financial staterr1ents for the year ended 31 March 2012 5
LonQ·term borrowinqs
Non· current portion-c==-~=~~Ccuc'c"c"c'cm=•ct"c'c;tc;~"'-~--
31 March 2012
31 March 2011 Rs.
Term loans !nd1an rupee term loan from banks (u11secured)
31 March 2012 Rs.
31 March 2011
24.000.000
47,000.000
23,000.000
23,000,000
24,000,000
47,000,000
23,000,Q,90
23,ooo,ggo
24.000,000
47,000,000
23,000,000
23,000,000
(23,000.000)
(23.000,000)
24,000,000
47,000,000
The above amount includes SetlHed bo1row•ngs Unsecured borrowin9s Amount disclosed under the head "ottwr currt.'nt liabil1t1es"
~
'°""'"-"'-~--=-·-""o·
..
Indian rupee loan from bm1k of Rs 23.000.000 carries interest~ 9% p.a. and is repayable in St'PIC
6
Provisions
24,000,000 cairit'S 1nk1e::.l@
9.~)~{
p.
Lon9-term 31 March 2011 Rs.
31 March 2012 R>. Provision for employee benefits Provis.ion for qr.;ituity (note 24) Provision for leave llt>nef1ts
- -Rs. -------------
6,410,270
2,500,307
6,410,270
2,500,307
7,348,750 7,348,750
2,500,307
9,403,018 9,403,018 16,751,768
Other provision Provision for taxation (net)
6,410,270 7
Short·terrn 31 March 2011 Rs.
31 March 2012
3,360,940 _3,360,940 2,222,506 -· 2,222,506 5,583,446
Short-term borrowinQS
31 March 2012
Rs. RevolvinQ credit facility (unsecured) The above amount Includes Secured borrowings Unsecured borrowincg,
31 March 2011
Rs.
72.200,000 72,200,000
55,000,000 55,000,000
72,200,000
55,000,000
The revolvim;i credit facility is unsecur<,>d and carries interest (ill 9% to 12% p.a.
8
Other current liabilities
Trade payables (refer note 30 lor details o! dues to micro and small entt•rprises) Oth~r liabilitles Current maturities of lonq-term borrowings (note 5)
Unearned revenut> on AMC services Advance from customers Deferred rent VAT poyab!e Service tax payab!<> TDS Payable Professional tax payable Provident rund dues p.:iyable Others
31 March 2012 31 March 2011 R>. R>. 30,789.350 38,919,426
23,000,000 12,618,873 3,604.690 2,043,384 336,188
23,000,000 11,363,159
3,970,653 96,933 1,689,080 2,482.489 80,631,640
2,558,81:-
364,546 313,896 835,504 59,501 951,923 815,162 79,181,992
AMETEK Instruments India Private Lirnited Notes to financial
st.::itenH~nts
foi \tie year ended 3J Mi::lrch 2012
··-··-·-·
-~··---------------------------"-·-
Furnilurn &
Tools &
·-----· Total
Cost or va!v<1ti1.>n At 1 April i'OlO
4.767,ifM
[1,,)')0,016
Allth!IOllS
3,808.014
),),447,)41
D1~po>,1I~
?.,65'.>,1·18 ?.421.680
•l.044,'120 6,45"1,043 (; 5.000)
2,359,84} 8,880.691
33,696,616 35,006, 769 (35.000)
5,519.105
10,<186,763
11,240,534
9,088,148
2,559,612
68,668,385 1'.;,747,472 1.455,138
13,800, 146
82,960,719
(20,COO)
At 31March2011
8,567,198
ACl01t1ons
1,.'.11,0'.>C!
27.797,35'! 2,8il2.66:'
5.056,828
DlSDO.'u'll~
1,<155,138
At 31 March 2012 Depreciation Al 1 Aprd ;;010
9.184.248
l0,680,019
817.92-2
t:.407.39-(
'fl'M
1.438.875
2.851.051
At 31 March 2011
2,256,797 2.129.l·H
5,258,448
Ch<'lf\J<'
'J,';J9,70'i
for thl'
581.015
l,62'1.344 l,839.718
939,859 2,111,0T/
558,959 2.514,591
6,932,496 U.039.664
064,567 410,378
3,467 ,062 1.611,1-10
3,051,736 S,OJJ.511
3,073,550
17,9'{2,161
<1,106.191
J8.3'_)';.,8S4
D1~µv~.i;~
Criar9\> tor !lw yt>ar
5,00'.i,4'.)1
D1spo~dl~
(l,138,539)
At 31 Marc.h 2012
10,263,905
.4.385,938
1,334,945
3,939,6.?3
(1,l'.>8,539)
B,085,253
7' 11?..•.!.~ l
35,169,475
NE>t Block -······---·-===-~=~-=~~-~=-=----c~c
=6".'o'ooc.•coc1C---C'c'c·'7.'cac.090009--~·c·'c9c2c.2c'c'~-"'"''c'sc2c.c'o•o'--ccc''c•o'csc.oc2c7c--~•c·o''=6,984 __~soo·c•c'c'c·'c'c'c.
At 31 March 2011 At 31 March 2012
.~'-~-~_0_,_3_1~.
·-~·
3,721,603
124,874
ll'...~-~_2,658
{>~_620.405
47,Tfl,244
10 lntanqib!I! assets
--'-'-"·"·'·'-'----"-'-'-'-"-"-'----------------------------cT.ota!
Gross block
1,487,177 1,455,101
123,869,749
125,356,926 1,455.101
2,942,278
123,869,749
126.812,027 8,260,044
l LZ02,322
123.869,749
135,072,071...
At l AprU 2010
124,206
Ct\arqe !or the year
6&0,6S2
49.568,339 30,96'/,437
49.692.545 31.628,089
784,656 2,751,43&
80,535,776 30,967,4YI
Sl,320.634 33. 7 l8.873
At 1 /,pril 2011 Atlclitlon~
At
31March2011
8,260.044
Additions
At 31 Morch 2012
Amortization
At 31
March
2011
Criarqe for the yc-ur
At 31 March 2012
·
Net Block At 31 March 2011 At 31 March 2012
-··
111,503,213 ~-·
--~..2.?.?.!.~f_?___ ..'.12.'~.~-~. . ~.?.~ ·r.666,02s
I
·"'
11$,039,507
·--·--c·o~--c-.o-o-cococccc-.~=---=---·-
12,366,536
---o'-"'-=··-""-·~~='
----··--··-· -· -· ·----··
····-····-···----------,,45,-,4c:9c-l,3cc9~3
20,032,564
AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 March 2012 11
Deterred tax assets (net)
31 March 2012
31 March 2011
Rs.
Rs.
Deferred tax liabWty Deferred tax asset Fixed assets: Impact of dlffe1 PIK!' b('!ween tax d('p1ec1at10n d!l(l depreciation/
amortization charq!'d tor ttle financinl rL'portmq
Impact or expi:nditurc• chan}ed to the statement of pro!it and loss
2,412,280 in
1,175,999
the current year but
9,334,660
ill!owed fort.ax purposes on paynwnt basis Provisions for doubtful debts and advilnces
1,142,112
Gross deferred tax asset
3,155,686 ---- -
------···----·~·-·-·-·-
12, 8 8? ·?~~ -·- - -------~~-~-!~68 5-·
Net deferred ta" asset
12
4,331,685
Loans and advances Non-current ~~~~~~~
Current
~~~~~~~~~~-
31March2012
31 March 2011
Rs.
Rs.
-
31 March 2012
31 March 2011
43"1,500
378,034
150,000
l,212,000 1,212,000
Capltal advances Uns~'curecJ,
considered good
tA) --·-···----·------·-----------~--4~3"1---,s~o'--o~----'3---1"a",o",'--,'-
Security deposit Unsecured, considered good (B)
17,865,671 17,865,671
14,416,060 14,416,060
150,000
Loan and advances to related parties
Unsecured, considered good
2,340,485
2,340.485
Advances recoverable in cash or kind
Unsecured considered 9ood (D)
Other loans and advances Prepaid expenses
Advance to suppliers loans to employees Balances with statutory
I government
ilU\ horil1es
1.167,958
7,343,998
9,178,762
1,167,958
7,343,998
9,178,762
3, 139,705 2,193,210 3,463,221 893.596 450,000 485,424 35,424 64,516 50,000 "184,109 ----"2~5~·'-"0-"0-"0-----~"-""-''-'---~c'-'-"="---~---(E) 475,000 535,424 7,422,459 3,151,382
16,119,442
-- 17,694,442
13,_9?0,178
Loans. and advances due by directors or other olficers, etc. Non-current Current ll-M;-cc-h~20_1_2 --3i~M-a_ro_h_2_0_1_1_~-3-l-March 2012=~3~1~M~,-,-,h~2~0~1~1-
Loans to employees include Dues trom director Loans and advances to related parties include Dues from a company under sarne manaqernent
-150,000
450,000
2,340,48$
AMETEK Instruments India Private Limited Notes to financ!a! statements for the year ended 31 March 2012 13
Trade receivables and other assets
13.l Trade receivables
Non-current 31 March 2012 Rs.
.. ··--·····-·
Unsecured, considered qood \rnless st,1ted otherwise Outstandinq for a period ex
Current 31 March 2012 31March2011 Rs. Rs .
31 March 2011 Rs. ·----···-·---~
--··-··--· ..
·-····--·-·---~··--~-----···--·---
due lor payment Unsecure(l, considered qootl Doubtful P1ov1sion for doubtlul f<'"Ceiv.;ib!es (A)
Other receivables Unsccur('d, considc>red good Doubtful
l,913.283 3.520,147
225,984 796.354
5,433,430
1,022,338
(3. 520.14 7)
(796,354)
1,913,283
225,984
53,783.467
35,558,349 35,5!".8,349
Provision for douotlu! receivables
53, 783,46 7 55,696,"150
(8)
35,558,349 35,784,333
- · · · · . ···-------------~-~-
Total (A+B)
13.2 Other assets Non-currE-nt
Unbilled revenue Non· current bank balances (note 15)
14
31March2012
31 March 2011
"'·
"'·
Current 31 March 2012 31 March 2011
23,27"1,321
Inventories (valued at lower of cost and net reallzable value) 31 March 2012
Rs. ---Traded goods (including stock in transit Rs 232,470 (2011: Rs Nil)}
15
55,894,055
1,750,000
26,762,"l28
31 March 2011
-Rs. ---9,273, 770
Cash and bank balances Non-current 31 March 2011
31 March 2012 Cash and cash equivall.'nts Balances with banks: On current account::. Ca$h on hand
Other bank balances Margin money deposit
"'·
Current 31 March 2012 31 March 2011
Rs.
7,957,308 6.476
1,828,225 6,359
7,963, 784
1,834,584
7,963,?84
1,834,584
1,150,000
1,750,000 Amount
disclo~ed
under non-curr£>nt assets (note 13.2)
(1,750,000)
AMETEK !nstrun1ents India Private Limited Notes to financial staten1enls for tt1e year en,jeci 31Marct12012 16 Revenue from operations
Hevei\ue from operations M.;irketinq & Er:qm{'r;rmq SC'rvi<.:l'.'S Ar.nu<1I M<>inten;;ince Scivi(l'!: S,ll(' of tr,)QC'O qoo::~.
3l MMch 2012
31 M
Rs.
R>
36U,032,935
207,466,787
5.->.332,271
42,292.62b
l'i.1~6,4'i'.'i
H,S,~0.094
258,299,507 17 Other income
lntere~t
inC()frH.' 011 6d11k deposit$
Liab1l1bes no longer required wr•tten back
31 March 2012
31 March 2011
Rs.
"'·
29,009 347,342
4,320.020
376,351 18 (Increase)/ decrease in inventories
31 March 2012 Rs. Inventories at the end of the year Traded qoods
31March2011
"'·
26.762J2!3
9,273, 170
(17,488,958)
(4,114,285)
Inventories at the beqinnmq of the year
Traded qoods
19 Employee benefit expense
31 March 2012
"'· Salaries. waqes and bonus Contribution lo providr:nt and other fund Gratuity expense (note 24)
Staff welfare expens<:s
31 March 2011
"'
182,077,244 8,610.424 5,618,394
98,274,661 4,438,891 l,937,980 2,680,995
200,216,025
107 ,332,527
3.909,963
20 Other expenses 31 March 2012
"'· Consumption of sic.res and spares Power and fuel Freiqht and forwardinq charqes Rent
Rates and taxes Insurance Repairs and maintenance:
Othe1s Advert1s1nq i'lnd sales promotion Travellinq and corweyancr Cornmunic<.Jtion costs Printing crnd ~t,~l,orwry Leqal and professional fees Sta!f Recruitment Charqes Payment to auditor (Rl'.'ler clet
31 March 2011
"'·
2,853,759 4,690, 795 l.,686.846 22,039, 709 -1.495, 759 164,873 5,045,827 7.564,288 64.821,262
8.361,197 1.264,033 20,256,740 5J37,899 1,286,028 2,723,793 540,021
2.025.665
2,934,601 2,157,837 12, 906, 701 1.350.860 64,319 2,743,675 4,704,069 40,696,194 S.Bl.4.603 846,160 10.412,442 3.425,764
964,800 807,960 1.473,296 2,884,150
8,296 973.060
"--~-'..QQ:~....!_~·~·158, 5l9,367
253,525 801,2~;2
97,267,B'T3
AMETEK Instruments India Private Li1nited
Notes to financial statcrnents for the year ended 31 March 2012 Payment to auditor
As audito1: Audit fee !'
21
31 March 2012
31 March 2011
"'·
"'·
1.011.~·~0
772,100
112.360
I 10,300
1,286,028
964,800
of expenses
Depreciation
31 March 2012
"'· Dt
Hl,355,854 }_3_,_L~.?~?J}___ 52,074,727
31 Mnrch 2011
"'· 11, 700,314
---..~~~-?..?.~~.?!._. 42,667,751
22 Finance costs
31 March 2012 Rs. Interest Bank charqes
~·,
/
;1
31 March 2011 Rs.
12,980,450 226,632
7,882,901
13,207 ,082
8,025,667
142,"166
AMETEK Instruments India Private Limited
Notes to financial slalen1ents for tl)e year ended 31 March 2012 All
;;nle~s
o\!ie: w:><' sidled
Earnlnqs per s.hore 31March2012 Net Prof,t/Uoss) for calculMion
ot
[p~,
Weightell aveiaqe nurntH•r of emiity s!1Jrl'S 1n
24
caicui.i~1ng
31 March 2011
(l:l, ll9,897) 10,]7;>
EPS
(10, 160,403)
10,372
Grutuity Ttw Company
na~
a defined benrfit qra!ut\y plan UndN this plan, evr?ry 02rnp;oyee w!10 h,1s (<)rnpiE\Ed aliEast five year> of
servK<> gets <1 c;1atu1ty
'l!CO\)llil.(•(! in !lw lh;lil!l(.10 ~IWPl
Statement of profit and loss Net emptoyee benelit expenses recoqnized in employee cost 31 March 2012 Cwn.>nt service
co~\
lnt"'rest cost on bt>ne!it otiliqa!ion Expected return Di\ plan <1SSet Net .:ictu
31 Marth 2011,__
3,05'/,440
1,709,680
200,033
44,980
183,]20 3,909,963
Net benefit expenses Balance sheet Benefit
31 M.arch 2012 Present value of defined benefit obliQ.ltion
31 M11rch 2011
6.410,270
2,500,307
2,500,307 3,057,440 200.033 652,490
562,327 1.709,680 44,980 183,320
6,410,270
2.500,307.
Chanqes In the present value ot the dellned benefit oblli;iotloJ\ ore iiS follows.:
0Pt'ning defi11ed benefit obliQa\1011 Current service cos! Interest cost Net or.tu.:1rial
(qai11)/lo~s
C!os.lnq defined benefit obll9;:1tlon The principl\? ass11mptions used in d\?\errnining qratc.ity ot·ligations 0!'€ shc .... n bo:!ow.
-- __ }_!__~-"'-~~-~--~Q-~? Discount r
--- } __1_.. ~ ..;!rEb.~~91 !__. __
NIA
8.01'. NIA
15,0'>i 10,0'>i
10.0%
8.6%
15.0%
The estimate of future salary Increases, considered in actuarial vdlu
r.:l;•v,11111<>c\m~.
such as supply and d(•m<:!fld in the t•mployrnl'rl\ m.:irkl'1
Amounts for Ille current and
previou~
four pe1 iotls ilre
il!,
follows.
Gratu!lv Defined benefil obli!ption Plan as~eh Surplus/ (delicit) ExperiP.nc e iH.!justrnvnt~ on pl.:rn li
f. Xll<.!I iencP. dtliu>lmer1\ s on pl..i11 25
..i~;~l'(
(6,<110,270)
(2,500,307)
(6,410,270)
(2,500,307)
(1,13J.980)
(183.32())
'>
Leases Hie Compony has entered iflto operatinQ leases for offkt> µremises am1 vehicles. Thrse leases havr an averaqe liff! of between three and !ive \fi:'illS.
tuture
mlnlmum rentals payable under non-cancelliib!e operntinq leases are as follows: ___ )_1 _~_~rch 2012
Within Onr! \fl'dl
After onl' Vl'M out no: mer(.' thdn 11ve years
l(),011,555
9,127,011
3 s. 0311~.'~'~6~--~'~s~.0~'~6~.4~9,,.,1_ _4_!_>,()~t;,,~-~-~!.i..4,AIJ.,.59.?.
(562,327)
AMETEK Instruments India Private Limited Notes to financial staternent':. for the y1.>or ended 31 Md1ch 2012. All amocrnt> m Rupl'P<;, "";<:s> oUwrwt>e
26
sta~f'(l
Seciment Report!nQ Ttlf' Company'5 OIH.>r cJl •on' pr l'dom1a.i11l I y rel.ih.• to n1 ov tdiaQ rn,u
~l't ;f,
,)1H! mJint er.Jnce
S~'r
view, 1.ll'!1v('f ('cj to tu>t onwr 5 Qlob,Jlly .icros> the
qeogr<1pl'iP.s. The Company consioers all o! these services to be related to on€' se9ment and concl!Jde\ that it oper;ites In O">P. sinqle segment w1tri
1l's1n:ct to ih
serv•t:l'~.
Till' Co111pany is mcnaQNI
c~
u1w entity anu is QOvernet11Jy s1miiar sels of iisr..s and rctwns. Accortiinqly,
rt>presentea alonq var101is 9eo9r.1phies lJa-;ed on U1l' !0cat1on of
th~
custo1f'1?1
compri~e
revenue~
lhf' primary basis o! segmental inlorm
~('\
oot ;n
these Jii\dnu
s~>qm(•ntill
n•r;orunq
1~ pertorm~'G
on \hi' lh1\IS ot tlw qeoqrapll•lJI i0cat1011 ot Cu$\mners. rne manaqement views tr-ic Indian mark1;t
M1d r:;.;por\ mark el~ as dist in ct geoqr ap111cal seqment ;:. Fo:lowmg
i~
t lie distribution ol \tit< Company's >
Revenues
80,76·1.lf>3 347,757,498
SeQment assets sunarv debtors
:nd1a E;.;poit s
All fix(o'd 27
.:i~sels
UnblHed revenue
16.2"(8.936 .19Al 7.81,\
20,674.262
55 696 750
23_..}..!. ?.l~.~-·~
2,603,059
are situa\l'd in lnd;a.
Related party disc;losure!> .~am~s
of r<;lated parties and rcla1ed party re!at!onsh!p
Related padles where control ex!sts Holdinq Company Ultimate Holdino Company Related parties with whom transactions have taken place durlnlJ the year Kev ManaQemel'1t Personnel
Ametek S1n9aporE> l'TE Limited Anwt~·k Ille, USA
Hiren Desai. Manaq!no Director M 5 Mascarenha~. Dir 1:ctor
Enterprises owned or significantly inf!uencea by f\ey manacJi"ment personnel
UnlspE>c Marketing Private Umlted Thelsa Ti;chnical Services Private limited
Fellow Subsidiaries
Cr,ana!er lf\slrumt!'nls Co .. USA LLC Ametek Canodo LP Taylor Hobson Limited, UK Ametek Aerospac<' & Defence Inc .. USA Lana lnstrurnenb lnternation;il Limited, UK Spectro Anaiytical Instruments GmbH, Germany EMA Holdi">Q~ UK Lirrnted, UK Solc~,
Franc<' An1elek Ted1niLal & Industrial Products lnc, USA
t,rnetek
Prnces~
& Ana!ytical Instruments lnc.
Anwtt>k Solidstale Controls Inc., USA Arnetek Airtechnolo(Jy Group Limited, UK AmetPk Denmark A/S Ametek Powei ln~trurnent5 Ameli>k Pro(jl"ilmm,1bcc Pow<>r Inc
td
:a~
Aua~
Mate! ial Te~I inq Te(lmoloqy (lnd,a) Pr111ate Lirn•ted M<1tH1a1 Te~tin() Technoloqy GmbH
Vision RL'>l'JJ ch Inc, USA fleic!1e1t Inc. USA Ametek Rotron Inc, USA
Anwtek HSA. USA l'recitecti Inc, USA A1r•etek Floo1 Sµ;;ciality Chemicals Ametek Amer on Inc, USA AmHeK AMT. USA
I
0
~1 'J
AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 March 2012 .~n
~s o\h!'rwise s\Jted
!
tran~ac.tions
rhe Tol1owin[j t,1bie r;rov1,1h thr• 101a ,irnm1n: o!
1------
llill~~iictmns
\hilt t;ilvf'
iH~(
r. c-nt("Pr1 ,r.t0 w1t'1 ttw relntet1 partie<, tor me relevant fint•flCiil! year:
Name ct the P11rty
r;..:~_;~; ~-i::-·;_1~~~-~;-_u~s·A_·;:u i'i i;;~~:; ~ f i_q o.ing SY.r!:P_e_'.IY}_ 1
L3_1'.ld inst.~~~ternational Ud:i..UK ?2~.£.~alytKal Instruments Gmt>H. Germany
.8.£ll.'.!ir Expenses Spares Purchase
794,254 6,228,602
3.766,848
j
Taylor Hobson Ltd .. cJ:J~~-~.-----·-·-·---~----~--~~r_~!-~I!~~.?.~.........."~'.!_._5_9c4c·•'.3,c7c8-t-_ _ _9,, !8 l ,~.28 ·I Alles Material Test~ectmology (India) Private L.imited S~_?.~="c"cho4o'o'-+--~1=3c,lc7_4",'''1'6+------·· Alta~ Material Testinn Techno!o9y_Gmb~:L ________________ ™-""--"---··--·---~=S,Pc'c"c'cpc"c'c'chc"c'~~----=6c4~6·.!~2.. -------~
~~~~-~'!'~-~!.!'.!.~:'!_'?..!:.~.1__ _
Hir~-"---·™ ...... --·---~~----------------·f"'=ernu1wr,1tion_naid,_\---~•c·8clc6",'67C.C2+--~6c·'c3c2c..=Scol~3-I M S Mascarenha~-----·---Remuneration a!d 6,187.643 6.528,632 Not(): Tile remuneia\ion to the key manaQerla! persoflncl does flOt include tile provisions m<1de for gratuity and leave bene!•t5. as they are deti?rmined on ill\ actu,H,al Oasis tor the CCJmpany as a whole
(Tf11$ spi!Ce has Deen intent1or.a/ly f('f( Dlank)
;
AMETEK Instruments India Private Limited Notes to financial staternenls for tt1e yea1 ended 31 Maf"c:h 2012 All
ilrnounts in Rupees, unlESS othef\ViSe
~\Jtc>d
Ye
"··-:~})~~::fg~l
---5,951.685-3,096.254 493,576
----~
Enterprises ownt:d or siqnlficont!y influenced by key manaqement personnel r · · · - - - · - - - - - - - - - - · · · · · · · ·.. ·1vnispec Marketing Private Umitec1 Thelsa Technical SNvices Private Limited
·~-·--
"·---------lntere~! payabte
Interest Dilyob:e
1,704,3981 598.714
Key Manaqement Personnel
••• ·~--··----------------'
•m•--]~i~~~~~~~~~~~:=J:~·-~
(I h15 space> hiJ5 brc>n in/ention
,,,.
4so,ooo
I
450.oo~J
AMETEK Instruments !ndia Private Liniited
Notes to financial statements for the year enCt>d 31 March 2012 28
C<.H1tinQ.,nt lidbil
}) ' _tA_~_r_c_ h__ _l_(}_ ~_ l __
29
Unhed
f~~~~-;~~~-~~~-.~---~t:m::~-~~~-~:- . .ll.-~~~:~. ?.Q_~_?__ }_1_~-~~~?Q!_l~
Import trad1, payilb;<' {Euro)
,
16,6.?7
Import trade p,w<1bte (G81'i
II
39.2'10 5l.~i59
E>nrnt triltk reu·•v.-iblc (GBP) b\)Ol"t
:r,we rece1vao:r
6
tlJ50l
1..
Expon tradf' r<'n•1vao;f' (£u101 Bas<'d on tho: 1niorrnat1on avilllaOlo: with the C0mpany, there arc no
30
:I
Small and Mt>di\1m Entt>rprtses 0f.'veloprnent Act. 2006"'
~$ ~t
suppi1~,r~
.:i~
1.136.30-i
a.29"1.698
143,809 105.326
3.209.780
10,344,023 "f.5'/5,983
4,217.489
~~~~: l_ ---~-~~~;:~---~:~~~~-:-~-~~---~:-~~~:~~~I
rcq:~tered ,1~
..,ho ::ire
MM ch )l, 2012 .:irul
1·n.210
micro. small or rnedwm
enterpri~es
under "The Micro
.:it M;;1ch 31, 2011.
Value ot Imports c;ilculated on C!F b;isis
31
:.n March Compon(•n\:;. and spare
~Mrts
2011
ll.469.723
8.936.673 907.155
14.397.143
12,057.856
Ot'mo Equ
32
Tra.-ellinQ and corweyanu•
33
MMCh 31, <'012
lmport'l(I 11d \!,
March 31, 2011 .,, ol total Value
ot tot
consumptloo
consumption 511111~ l)dl l~
Imported
83',->
mdiQC'flOU~
m
6,166,375
83%
4.749,393
---~'~·'"73,666_
17'!;
- -------··~ 980,2-._81!_ 5 730 300
----~M~lc
Jtl
f.arninQs in f111~IQn curr~ncy (Accru<1I basis)
14"/,7'i7,498 35
Tl,., ( '""IJ<'"Y
1,.,~
<<
'·'""~"
.,r.,..,s,v.;-
~y ~t•
,-,-,
(,f .,·,;,ju[(•,.;,.·,.·.;-
99f 01 rhf' Income Tax Act. 1961. The Company
n.i~
,.,f
?07.460,787
"·,1,-,,·,1·,;,t..:.10 ,;,-,;1 11,-,, ,,rr,,..,·,t ~ .H r,-.f1llirt>i1 hy !hr· tr irnsfH pricinq
!t>qi~l11hon
"''dt-r H·di.;,r1 92
rellNl on lndcpc-ndently rese.irch\'(1 Trau~i(~r Prlcln(J Stu!Jy lo IJl!ll'l!!llnc \tldt the tn\l!f!hlllonal
transactrnns am at arm's lt>n(jth .'lnd henH• beiipves that tr,f' afor1>sa•O i<'Qi~:at1on wdl not have ll!W 1mp11ct on the fi111mcial statements. part1cul.uly on tnP
amount of ta• expense and that o1 provos1on for ta•ation. 36
The Company no lonQer qual!lie~ a~ d Small and Medium Company a~ detined m \he General Instructions in respect of fl.ccountinq St
37
Pre-vlous vear
exce~s
ca~e
DI
Rupee~
ter\ crnres ourm(J the •mmediately prec('dlnQ account •nQ year.
of tilsh flow statenwnt and seqrnent repottinq
llQVn~s
Till the ye>d! Pndf'd 31 Ma•cfl 2011. tt"' Com1i.1ny wil~ <1\m(J llff>·IPv:SPfl Sclw!lulP VI to trw CompamP~ Act. l9'i6, for preparation and prf'sf'ntation ol its l1nanci.:i1
<;\a\l!ment~.
D111inq th\' ye<;r <:-ndt>d 31 M111(tl 2012. ttw rev•sed Sctwdule VI notif•ed undN the Cornpar,ies Act 1956, has bec-omt• i!ppl1(at>le
the Company. Th.: Company h.:is reclass1f1ed
pre~lo1.;~
ye.:ir l!Qures to con!orrn to this year's classi!icaiion. The ii
rev1~ed
impact reco9nit1on and measurPml'nl prmuplPs followed lor prl'p11r<1t1on ol fmanc111I statements. However. ii s1qnificant1y impacts presentation and d>sclosures made •n lhl' t.n,rnc1,1I sta!cmtnts. p;irt•culMly pres<-nt«t1nn cf balan(P. sheet.
S·V-~~ r~· 'i-.V Gh•tttl• •· AIH•c!•lu F«m
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,:;
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Partner
M.in~Q""I Dir~c~or
M~mb¥,.t>ip
"'
Oir<.'clor
No 221.ur.
P•~ct· 06nQ~lore •
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0
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Ju~ y 271 1012
f-'iH~: 6~1\Q~IOft"
Ploc~.
D.lt<'' Juiy
Dat .. ·.July J(,. 2012
J(,,
20l.?
to
Schedule VI ctoc.-s not
Lt'>Ct">lt"r, iJI-\
FORM 23AC
Form for filing balance sheet and other documents with the Registrar
[See section 220 of the Companies Act, 1956 and Rule 7B]
Note - All fields marked in * are to be mandatorily filled. - Figures appearing in the eForm should be entered in Absolute Rupees only. Figures should not be rounded off in any other unit like hundreds, thousands, lakhs, millions or crores. Authorised capital of the company as on the date of filing
(in Rs. `) 500,000.00
Number of members of the company as on the date of filing
0
Part A I. General information of the company 1.(a) *Corporate identity number (CIN) of company
Pre-fill
U29200KA2008PTC047509
(b) Global location number (GLN) of company 2.(a) Name of the company
AMETEK INSTRUMENTS INDIA PRIVATE LIMITED
(b) Address of the registered office of the company
Ist Floor, Left Wing, Prestige Featherlite Tech Park, Plot # 148 EPIP II Phase, Whitefield Bangalore Karnataka INDIA 560066
(c) *e-mail ID of the company [email protected] 3.(a) * Financial year to which balance sheet relates From
01/04/2012
(DD/MM/YYYY)
To
31/03/2013
(b) *Date of Board of directors' meeting in which balance sheet was approved
06/06/2013
(DD/MM/YYYY) (DD/MM/YYYY)
(c) Details of director(s), Managing Director, manager, secretary of the company who have signed the balance sheet Following details are to be entered only in case date of balance sheet is on or after 1st July'2007 Provide Director identification number (DIN) in case of director, Managing Director and Income-tax permanent account number (Income-tax PAN) in case of manager, secretary
(I) DIN or Income-tax PAN 02602238 Name
Pre-fill
Designation Managing director
Hirenkumar Vinodchandra Desai
Date of signing of balance sheet
(II) DIN or Income-tax PAN 02505008
06/06/2013 Pre-fill
(DD/MM/YYYY)
Designation Director
Name David Bruce Coley Date of signing of balance sheet
(III) DIN or Income-tax PAN
06/06/2013 Pre-fill
(DD/MM/YYYY)
Designation
Name (DD/MM/YYYY)
Date of signing of balance sheet
(IV)
DIN or Income-tax PAN
Pre-fill
Designation
Name Date of signing of balance sheet
(DD/MM/YYYY)
Page 1 of 11
(V) DIN or Income-tax PAN
Designation
Pre-fill
Name (DD/MM/YYYY)
Date of signing of balance sheet
4.(a) *Date of Board of directors' meeting in which Board's report referred to under section 217 was approved
06/06/2013
(DD/MM/YYYY)
(b) Details of director(s), Managing Director who have signed the Board's report Following details are to be entered only in case date of Board of directors' meeting is on or after 1st July'2007
(I) DIN
02602238
Designation Managing director
Pre-fill
Name Hirenkumar Vinodchandra Desai Date of signing of Board's report
(II) DIN
02505008
06/06/2013
(DD/MM/YYYY) Designation Director
Pre-fill
Name David Bruce Coley Date of signing of Board's report
(III) DIN
06/06/2013
(DD/MM/YYYY) Designation
Pre-fill
Name (DD/MM/YYYY)
Date of signing of Board's report
5. *Date of signing of reports on the balance sheet by the auditors 6.(a) *Whether annual general meeting (AGM) held
Yes
No
(b) If yes, date of AGM
16/07/2013
(DD/MM/YYYY)
(c) *Due date of AGM
30/09/2013
(DD/MM/YYYY)
(d) Date of AGM in which accounts are adopted by shareholders (e) *Whether any extension for financial year or AGM granted
(DD/MM/YYYY)
06/06/2013
16/07/2013 Yes
(DD/MM/YYYY)
No
(f) If yes, due date of AGM after grant of extension
(DD/MM/YYYY)
7. Service request number (SRN) of Form 66 8.(a) *Whether the company is a subsidiary company as defined under section 4
Yes
Pre-Fill
(b) CIN of the holding company, if applicable (c) Name of the holding company
No
Ametek Singapore Private Limited
(d) Section under which the company has become a subsidiary
Section 4(1)(b)
9.(a) *Whether the company has a subsidiary company as defined under section 4
Yes
No
Page 2 of 11
(b) If Yes, then indicate number of subsidiary company(s)
CIN of subsidiary company Name of the subsidiary company Section under which the company has become a subsidiary Whether particulars of subsidiary company has been attached in pursuance of Section 212(1) of the Companies Act, 1956 Not Applicable Yes No If yes, period of annual accounts From
(DD/MM/YYYY)
To
(DD/MM/YYYY)
Pre-fill all
Page 3 of 11
10. *Number of auditors
(I)
1
(a) *Category of auditor
Individual
(b) *Income-tax PAN of auditor or auditor's firm
Auditor's firm AACFS6921Q
(c) *Name of the auditor or auditor's firm S.V.Ghatalia & Associates LLP
(d) *Membership number of auditor or auditor's firm's registration number 103162W (e) *Address of the auditor or auditor's firm
Line I 2th, 13th Floor, UB City, Canberra Block Line II 24, Vittal Mallya Road *City
*State
Bangalore
Country INDIA
Karnataka-KA
*Pin code 560001
(f) Details of the member representing the above firm Name
T.S.Gangadharan
Membership number
(II)
(g) *SRN of Form 23B S21027594
22835
(a) *Category of auditor
Individual
Auditor's firm
(b) *Income-tax PAN of auditor or auditor's firm (c) *Name of the auditor or auditor's firm (d) * Membership number of auditor or auditor's firm's registration number (e) *Address of the auditor or auditor's firm
Line I Line II *City
*State
Country
*Pin code
(f) Details of the member representing the above firm Name Membership number
(g) *SRN of Form 23B
11.(a) In case of a government company, whether Comptroller and Auditor-General of India (CAG of India) has commented No upon or supplemented the audit report under section 619(4) of the Companies Act, 1956 Yes (b) Provide details of comment(s) or supplement(s) received from CAG of India
(c) Director's reply(s) on comments received from CAG of India
(d) Whether CAG of India has conducted supplementary or test audit under section 619(3)(b) 12. (a)*Whether schedule VI of the Companies Act, 1956 is applicable (b)*Type of Industry
Yes
No
Yes
No
Commercial and Industrial (C&I) Comp
Note: In case the type of industry is other than Banking or Power or Insurance or NBFC,then select Commercial and Industrial (C&I).
Page 4 of 11
I. BALANCE SHEET ((As per Schedule VI to the Companies Act, 1956 applicable for the financial year commencing on or after 1.4.2011)
Part -B
Particulars I. (1)
72,349,420.00
32,081,158.00
(c) Money received against share warrants
0.00
0.00
Share application money pending allotment Non-current liabilities
0.00
0.00
17,000,000.00
24,000,000.00
(b) Deferred tax liabilities (net)
0.00
0.00
(c) Other long term liabilities
0.00
0.00
22,315,960.00
13,628,568.00
(a) Short-term borrowings
62,200,000.00
72,200,000.00
(b) Trade payables
30,571,280.00
30,968,726.00
(c) Other current liabilities
58,103,282.00
49,662,914.00
(d) Short -term provisions
6,464,053.00
9,533,470.00
Current liabilities
TOTAL
(1)
(DD/MM/YYYY)
103,720.00
(d) Long term provisions
II.
31/03/2012
(DD/MM/YYYY)
103,720.00
(a) Long-term borrowings
(4)
31/03/2013
Shareholders' funds
(b) Reserves and surplus
(3)
Figures as at the end of (Previous reporting period) (in Rs. `)
EQUITY AND LIABILITIES
(a) Share capital
(2)
Figures as at the end of (Current reporting period) (in Rs. `)
269,107,715.00
232,178,556.00
ASSETS Non-current assets (a) Fixed assets (i) Tangible assets
56,099,237.00
47,771,244.00
7,629,390.00
20,032,564.00
(iii) Capital work-in-progress
0.00
0.00
(iv) Intangible assets under development
0.00
0.00
(b) Non-current Investments
0.00
0.00
(c) Deferred tax assets (net)
16,871,864.00
12,889,052.00
(d) Long-term loans and advances
20,712,407.00
18,746,446.00
1,211,135.00
1,750,000.00
0.00
0.00
(b) Inventories
43,478,387.00
26,762,728.00
(c) Trade receivables
60,226,254.00
55,696,750.00
(d) Cash and cash equivalents
27,658,215.00
7,963,784.00
(e) Short-term loans and advances
10,480,451.00
17,262,559.00
(f) Other current assets
24,740,375.00
23,303,429.00
(ii) Intangible assets
(e) Other non-current assets (2)
Current assets (a) Current investments
TOTAL
269,107,715.00
232,178,556.00
Page 5 of 11
Part B
I. BALANCE SHEET (Applicable for financial year commencing before 01.04.2011)
Particulars
Figures as at the end of (Current financial year) (in Rs. `)
Figures for the period (Previous financial year) (in Rs. `)
(DD/MM/YYYY)
(DD/MM/YYYY)
0.00
0.00
Sources of funds Paid-up capital Share application money (pending allotment) Reserves and surplus Secured loans Unsecured loans Deferred tax liabilities (Net) Others (Please specify)
TOTAL Application of funds Gross fixed assets (including intangible assets) Less: depreciation and amortization Net fixed assets
0.00
Capital work-in-progress Investments Deferred tax assets (Net) Current assets, loans and advances (a) Inventories (b) Sundry debtors (c) Cash and bank balances (d) Other current assets (e) Loans and advances Less: Current liabilities and provisions (a) Liabilities (b) Provisions Net current assets
0.00
0.00
0.00
0.00
Miscellaneous expenditure to the extent not written off or adjusted Profit and loss account Others (Please specify)
TOTAL
Page 6 of 11
II. Detailed Balance sheet items (Amount in Rs. `) as on balance sheet date (Applicable in case of Revised Schedule VI- that is for financial year commencing on or after 01.04.2011) A. Details of long term borrowings (unsecured) Particulars
Current reporting period
Bonds/ debentures
Previous reporting period 0.00
0.00
- From banks
0.00
24,000,000.00
- From other parties
0.00
0.00
Deferred payment liabilities
0.00
0.00
Deposits
0.00
0.00
17,000,000.00
0.00
Long term maturities of finance lease obligations
0.00
0.00
Other loans & advances
0.00
0.00
17,000,000.00
24,000,000.00
0.00
0.00
Term Loans
Loans and advances from related parties
Total long term borrowings (unsecured) Out of above total, aggregate amount guaranteed by directors B. Details of short term borrowings (unsecured) Particulars
Current reporting period
Previous reporting period
Loans repayable on demand - From banks
62,200,000.00
72,200,000.00
0.00
0.00
Loans and advances from related parties
0.00
0.00
Deposits
0.00
0.00
Other loans and advances
0.00
0.00
62,200,000.00
72,200,000.00
0.00
0.00
- From other parties
Total short term borrowings (unsecured) Out of above total, aggregate amount guaranteed by directors
C. Details of long term loans and advances (unsecured, considered good)
Particulars
Current reporting period
Previous reporting period
Capital advances
0.00
437,500.00
Security deposits
15,936,006.00
15,180,300.00
Loans and advances to other related parties
0.00
2,340,485.00
Other loans and advances
0.00
0.00
15,936,006.00
17,958,285.00
- From related parties
0.00
0.00
- From others
0.00
0.00
15,936,006.00
17,958,285.00
450,000.00
450,000.00
Total long term loan and advances Less: Provision/ allowance for bad and doubtful loans and advances
Net long term loan and advances (unsecured, considered good) Loans and advances due by directors/ other officers of the company (refer note 6.L.(iv) of Schedule VI)
Page 7 of 11
D. Details of long term loans and advances (doubtful) Particulars
Current reporting period
Previous reporting period
Capital advances
0.00
0.00
Security deposits
0.00
0.00
Loans and advances to related parties
0.00
0.00
Other loans and advances
0.00
0.00
Total long term loan and advances
0.00
Less: Provision/ allowance for bad and doubtful loans and advances - From related parties
0.00
0.00
0.00 0.00
- From others
0.00
0.00
Net long term loan and advances (doubtful) Loans and advances due by directors/ other officers of the company (refer note 6.L.(iv) of Schedule VI)
0.00
0.00
0.00
E. Details of trade receivables Particulars
Current reporting period Exceeding six months
Secured, considered good
Previous reporting period
Within six months
Exceeding six months Within six months
0.00
0.00
0.00
0.00
Unsecured, considered good
1,559,857.00
58,666,397.00
1,913,283.00
53,783,467.00
Doubtful
4,328,578.00
0.00
3,512,047.00
0.00
Total trade receivables
5,888,435.00
58,666,397.00
5,425,330.00
53,783,467.00
Less: Provision/ allowance for bad and doubtful debts Net trade receivables
4,328,578.00
0.00
3,512,047.00
0.00
1,559,857.00
58,666,397.00
1,913,283.00
53,783,467.00
0.00
0.00
0.00
0.00
Debt due by directors/ others officers of the company (refer note 6.m.iii.iii of Schedule VI)
III. Financial parameters - Balance sheet items (Amount in Rs. `) as on balance sheet date (unless specified otherwise) 1. *Amount of issue allotted for contracts without payment received in cash during reporting period
0.00
2. *Share application money given
0.00
3. *Share application money given during the reporting period
0.00
4. *Share application money received during the reporting period
0.00
5. *Paid-up capital held by foreign company
99.99 percent
103,710.00
6. *Paid-up capital held by foreign holding company and/ or through its subsidiaries
0.00
7. *Number of shares bought back during the reporting period
0.00
8. *Deposits accepted or renewed during the reporting period
0.00
9. *Deposits matured and claimed but not paid during reporting period
0.00
10. *Deposits matured and claimed, but not paid
0.00
11. *Deposits matured, but not claimed
0.00
12. *Unclaimed matured debentures
0.00
13. *Debentures claimed but not paid
0.00
14. *Interest on deposits accrued and due but not paid
0.00
15. *Unpaid dividend
0.00
16. *Investment in subsidiary companies
0.00
17. *Investment in government companies
0.00
18. *Capital reserve
0.00
19. *Amount due for transfer to Investor Education and Protection Fund (IEPF)
0.00
20. *Inter- corporate deposits
0.00
0.00 percent
Page 8 of 11
21. *Gross value of transaction as per AS-18 (if applicable)
565,637,405.00
22. *Capital subsidies or grants received from government authority(s)
0.00
23. *Calls unpaid by directors
0.00
24. *Calls unpaid by others
0.00
25. *Forfeited shares (amount originally paid-up)
0.00
26. *Forfeited shares reissued
0.00
27. *Borrowing from foreign institutional agencies
0.00
28. *Borrowing from foreign companies
0.00
29. *Inter-corporate borrowings - secured
0.00
30. *Inter-corporate borrowings - unsecured
17,000,000.00
31. *Commercial Paper
0.00
32. *Conversion of warrants into equity shares during the reporting period
0.00
33. *Conversion of warrants into preference shares during the reporting period
0.00
34. *Conversion of warrants into debentures during the reporting period
0.00
35. *Warrants issued during the reporting period (In foreign currency)
0.00
36. *Warrants issued during the reporting period (In Rs. `)
0.00
37. *Default in payment of short term borrowings and interest thereon
0.00
38. *Default in payment of long term borrowings and interest thereon 39. *Whether any operating lease has been converted to financial lease or vice-a-versa
0.00 Yes
No
Provide details of such conversions
40. Net Worth of the company
72,453,140.00
41. Number of shareholders to whom shares allotted under private placement during the reporting period 42. *Secured Loan
0.00
43. *Gross fixed assets (including intangible assets)
247,217,746.00
44. *Depreciation and amortization
183,489,119.00
45. *Miscellaneous expenditure to the extent not written off or adjusted IV. Share capital raised during the reporting period (Amount in Rs. `)
0.00
Equity shares
Preference shares
Total
(a) Public issue
0.00
0.00
0.00
(b) Bonus issue
0.00
0.00
0.00
(c) Rights issue
0.00
0.00
0.00
(d) Private placement arising out of conversion of debentures/ preference shares
0.00
0.00
0.00
(e) Other private placement
0.00
0.00
0.00
(f) Preferential allotment arising out of conversion of debentures/ preference shares (g) Other preferential allotment
0.00
0.00
0.00
0.00
0.00
0.00
(h) Employee Stock Option Plan (ESOP)
0.00
0.00
0.00
(i) Other
0.00
0.00
0.00
(j) Total amount of share capital raised during the reporting period
0.00
0.00
0.00
Page 9 of 11
V. Details of qualification(s), reservation(s) or adverse remark(s) made by auditors 1. *Whether auditors' report has been qualified or has any reservations or contains adverse remarks
Yes
No
2(a) Auditor's qualification(s), reservation(s) or adverse remark(s) in the auditors' report Change in method of inventory valuation and inability to ascertain impact of such change on financial statements Non-availability of details of individual fixed assets acquired from companies, delay in deposit of taxes, internal control in respect of sale of goods & services, purchase & sale of fixed assets and physical verification of inventory,
(b)
Director's comments on qualification(s), reservation(s) or adverse remark(s) of the auditors as per Board's report
Change in method of inventory valuation was done to provide more accurate value and in accordance with holding company policy. Details of individual assets not provided by selling companies. Appropriate steps are being taken to ensure timely deposit of taxes. Policies & System control procedures are being implemented to strengthen internal control with respect to sale of goods & services, purchase & sale of fixed assets.
VI. Details w.r.t Companies (Auditor's Report) Order, 2003 (CARO) 1. Whether Companies (Auditor's Report) Order, 2003 (CARO) applicable
Yes
No
2. Auditor's comment on the items specified under Companies (Auditor's Report) Order, 2003 (CARO) Particulars
Auditor's comments on the report
Fixed assets
Unfavourable Remark
Inventories
Unfavourable Remark
Loans given or taken by the company
Favourable Remark
Section 301
Disclaimer Remark
Acceptance of Public Deposits
Clause not applicable
Maintenance of Cost records
Clause not applicable
Statutory dues
Unfavourable Remark
End use of borrowed funds
Favourable Remark
Special statute - chit fund companies
Clause not applicable
Nidhi/ mutual benefit fund - special aspects
Clause not applicable
Financing companies - special aspects
Clause not applicable
Term loans
Favourable Remark
Preferential allotments
Clause not applicable
Disclosure of end use of funds
Clause not applicable
Others
Clause not applicable
Page 10 of 11
VII. Details related to cost audit of principal products or activity groups under cost audit 1. *Whether maintenance of cost records by the company has been mandated under any Cost Accounting Records Rules notified under section 209(1)(d) of the Companies Act,1956 2. *Whether audit of cost records of the company has been mandated by Central Government under section the 233B of the Companies Act, 1956 3. If yes, names of the product or activity groups under cost audit
Yes
No
Yes
No
Attachments 1. *Copy of balance sheet duly authenticated as per section 215 (including Board's report, auditors' report and other documents) (in pdf converted format)
Attach
2. Statement of subsidiaries as per section 212
Attach
3. Statement of the fact and reasons for not adopting balance sheet in the annual general meeting (AGM)
Attach
4. Statement of the fact and reasons for not holding the AGM
Attach
5. Approval letter for extension of financial year or AGM
Attach
6. Supplementary or test audit report under section 619(3)(b)
Attach
7. Optional attachment(s) - if any
Attach
List of attachments
DR-AR-BS- 2013.pdf
Remove attachment
Verification
I confirm that all the particulars mentioned above are as per the attached balance sheet and other related documents, all of which are duly signed and authenticated as required under the Companies Act, 1956. To the best of my knowledge and belief, the information given in the form and its attachments is correct and complete. I have been authorised by the Board of directors’ resolution number * 1 to sign and submit this form.
dated *
To be digitally signed by Managing Director or director or manager or secretary of the company *Designation
06/06/2013
MURALIDHARAN S MASCARENHAS
(DD/MM/YYYY)
Digitally signed by MURALIDHARAN S MASCARENHAS DN: c=IN, o=Personal, postalCode=400069, st=MAHARASHTRA, serialNumber=0e28b665e0bac0b80 ed74b7d7371de937d2b5e19f8021b 3f8ffe8c8f1eb4c41e, cn=MURALIDHARAN S MASCARENHAS Date: 2013.08.12 13:58:55 +05'30'
Director
*DIN of the director or Managing Director; or Income-tax PAN of the manager; or Membership number, if applicable or income-tax PAN of the secretary (secretary of a company who is not a member of ICSI, may quote his/ her income-tax PAN)
00219430
Certificate It is hereby certified that I have verified the above particulars (including attachment(s)) from the records of AMETEK INSTRUMENTS INDIA PRIVATE LIMITED and found them to be true and correct. I further certify that all required attachment(s) have been completely attached to this form. Chartered accountant (in whole-time practice) or
Cost accountant (in whole-time practice) or
Company secretary (in whole-time practice) *Whether associate or fellow
Associate
*Membership number or certificate of practice number Modify
Check Form
KRISHNAN GOVINDAN
Digitally signed by KRISHNAN GOVINDAN DN: c=IN, o=Personal, postalCode=400080, st=Maharashtra, serialNumber=f41a7050d6ce0a296b 10fd14f768d087be56e266e0636bc8 1b2e98ff351b7324, cn=KRISHNAN GOVINDAN Date: 2013.08.12 17:33:05 +05'30'
Fellow 21193 Prescrutiny
Submit
This eForm has been taken on file maintained by the registrar of companies through electronic mode and on the basis of statement of correctness given by the filing company
Page 11 of 11
9/11/2014
https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=244089210000&CHK1=J&kvknummer=244089210000&product=Bedrijfspr…
Company profile - Ametek International CV (24408921) Chamber of Commerce, September 11, 2014 - 23:41
Excerpt
Chamber of Commerce number 24408921 Grouping RSIN Legal Name Established Duration Number of limited partners Partnership capital Company Trade Start Date Company Activities Employment Establishment Establishment Number Trade Visiting address Phone Fax number Email Date of establishment Activities Employment Partner Name Visiting address Registered in
Date of appointment Jurisdiction
817568256 Limited Partnership Ametek International CV 22-12-2006 Indefinite 1
Ametek International CV 22-12-2006 SIC code: 70102 - Holdings (not financial) 0
000016021371 Ametek International CV Galen 40, 3941VD Doorn 0343476812 0343476609 [email protected] 22-12-2006 SIC code: 70102 - Holdings (not financial) Holding, financing and management of other enterprises and companies 0
Chandler Instruments Company LLC 2001 North Indianwood Ave Tulsa, Oklahoma 74012, United States of America Secretary of State Texas, United States of America under number 702198922 22-12-2006 Unlimited jurisdiction
Data are made on 11-09-2014 at 23:41 PM. https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=244089210000&CHK1=J&kvknummer=244089210000&product=Bedrijfsprofiel
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9/11/2014
https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=244089210000&CHK1=J&kvknummer=244089210000&product=Bedrijfspr…
History
30 24408921 Ametek International CV tel: 0343 476812 Galen Laan 40 3941VD Doorn Old statutory names as set since 01-10-1993 *** No history for this section *** Old trade as laid since 01-10-1993 *** No history for this section *** Old branch addresses as recorded since 01-10-1993 Address Date of entry Address Date of entry Address Date of entry Address Date of entry
Lucerne Clover 17 3069DS Rotterdam *** Unknown *** Schiekade 830, 3032AL Rotterdam 01-04-2007 Schiekade 830, 3032AL Rotterdam 01-10-2007 Van Galen 40, 3941VD Doorn 01-10-2007
Old forms as laid since 01-10-1993 *** No history for this section *** Old business descriptions as laid since 01-10-1993 Date of entry Company Description
22-12-2006 Holding, financing and management of other enterprises and companies
Officer Data Leavers *** No history for this section *** Other official information Leavers *** No history for this section ***
Filings
There are not (yet) available filings with the selected entry.
https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=244089210000&CHK1=J&kvknummer=244089210000&product=Bedrijfsprofiel
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l!I Bolagsverket
Bevis Arsredovisning
865
A
851 81 Sundsvall 0771-670 670 vrww. bolagsverket. se
-w -
WW 0
Harmed intygas att bifogad arsredovisning ar registrerad hos Bolagsverket.
Sundsvall
2014-09-26
Pernilla Wennman
u.
u. 0
AMETEK NORDIC AB Org.nr. 556733-9691
BOLAGSVERKET
201~
0\ M 0\
-05-
111
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0
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0
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C"l------------------------------------------------------------------------
ARS REDO VIS NING 2013
Styrelsen och verkstallande direktoren fdr Ametek Nordic AB far harmed avlamna arsredovisning fdr rakenskapsaret 2013-01-01 -- 2013-12-31.
Arsredovisningen omfattar
2 FORVALTNINGSBERATTELSE 3 RESUL TATRAKNINGAR 4 BALANSRAKNINGAR
5 STALLDA SAKERHETER OCH ANSVARSFORBINDELSER 6 TILLAGGSUPPLYSNINGAR 9 UNDERSKRIFTER
Undertecknad styrelseledamot i Ametek Nordic AB intygar harmed, dels art denna kopia av arsredovisningen overensstammer med originalet, dels art resultat- och balansrakning faststallts pa arsstamma den 2 april 2014. Stamman beslot tillika godkanna styrelsens forslag till vinstdisposition.
~'~V.1;0.1~··················
Bengt Svensson
AMETEK NORDIC AB Org.nr. 556733-9691
0
ARSREDOVISNING 2013 Styrelsen och verkstallande direktOren for Ametek Nordic AB far harmed avlamna arsredovisning for rakenskapsaret 2013-01-01 -- 2013-12-31.
Arsredovisningen omfattar
2 FORVALTNINGSBERATTELSE 3 RESULTATRAKNINGAR 4
BALANSRAKNINGAR
5 STALLDA SAKERHETER OCH ANSVARSFORBINDELSER 6 TILLAGGSUPPL YSNINGAR 9 UNDERSKRIFTEIJ7
' l(G
AMETEK NORDIC AB Org.nr. 556733-9691
FORVALTNINGSBERATTELSE Arsredovisningen ar upprattad i svenska kronor, SEK.
Verksamheten Foretaget bedriver verksamhet avseende marknadsforing, distribution och forsaljning av elektroniska instrument sasom spektrometrar och liknande utrustning. Bolaget tillhandahaller aven service och underhall for tillhandahallna produkter.
Flerarsjlimforelse*
2013
2012
2011
2010
2009
10 252
9 240
14 141
10 737
8 335
Res. efter finansiella poster, tkr
2 377
1 741
1 885
2 137
I 425
Balansomslutning, tkr
8 646 54%
6457
8 333 19%
6 999
5 138
49%
36%
Nettoomsattning, tkr
Soliditet
44%
*Definitioner av nyckeltal, se tillaggsupplysningar
AgarfOrballanden Bolaget ar helagt dotterbolag till Ametek GmbH, Org. nr HRB 1911.
Resultatdisposition forslag till disposition av bolagets vinst Till arsstammans forfogande star 2 405 702
balanserad vinst
1419125
arets vinst
3 824 827
Styrelsen foresliir att 3 824 827
i ny rakning overfores
3 824 827
Betraffande bolagets resultat och stallning i ovrigt hanvisas till efterfoljande resultat- och balansrakningar med tillhorande tillaggsupplysningl/}
Sida 2 av 9
AMETEK NORDIC AB Org.nr. 556733-9691
RESULTATRAKNINGAR 2013-01-01
2012-01-01
2013-12-31
2012-12-31
10 252 018
9 240 138
5 739 241
5 566 872
15 991 259
14 807 010
Ravaror och fornodenheter
-2 883 258
-2 265 151
Ovriga externa kostnader
-3 566 339
-3 542 247
Personalkostnader
-7 110 537
-7 008 308
-56 452
-262 651
-13616586
-13 078 357
2 374 673
I 728 653
2 589
12 567
2 589
12 567
2 377 262
I 741 220
-550 000
-450 000
0
55 670
-550 000
-394 330
I 827 262
I 346 890
-408 137
-387611
1419125
959 279
Not
Rorelsens intakter Nettoomsattning Ovriga rorelseintakter
Rorelsens kostnader
Avskrivningar av materiella och immateriella an!aggningstillgangar
Rorelseresultat Resultat fran finansiella poster Ranteintakter
Resultat efter finansiella poster Bokslutsdispositioner A vsattning till periodiseringsfond Forandring av avskrivningar utover plan
Resultat fOre skatt 2
Skatt pa arets resultat
Arets resultat
1!
Sida 3 av 9
AMETEK NORDIC AB Org.nr. 556733-9691
BALANSRAKNINGAR Not
2013-12-31
2012-12-31
TILLGANGAR
AnHiggningstillgangar Immateriella anlaggningstillgangar Handelsrattigheter
3
0
0
Goodwill
4
0
0
0
0
148 670
341 427
148 670
341 427
148 670
341 427
545 524
393 400
545 524
393 400
1 072 580
1 522 209
Fordringar hos koncernforetag
356 558
Aktuell skattefordran
238 542
315 524 284 565
Ovriga fordringar
200 493
21 767
Materiella anHiggningstillgangar 5
Inventarier, maskiner och datorer
Summa anHiggningstillgangar
Omsattningstillgangar Varulager Ravaror och fornodenheter
Kortfristiga fordringar Kundfordringar
Forutbetalda kostnader och upplupna intakter
36 264
0
1904437
2 144 065
Kassa och bank
6 047 386
3 578 431
Summa omsattningstillgangar
8 497 347
6 115 896
8 646 017
SUMMA TILLGANGAR
Sida 4 av 9
645732tn
AMETEK NORDIC AB Org.nr. 556733-9691
BALANSRAKNINGAR Not
2013-12-31
2012-12-31
100 000
100 000
100 000
100 000
Balanserad vinst
2 405 702
1446422
Arets resultat
I 419 125
959 279
3 824 827
2 405 701
3 924 827
2 505 701
450 000
450 000
550 000
0
I 000 000
450 000
201 598
517 519
EGET KAPITAL OCH SKULDER 6
Eget kapital Bundet eget kapital
7
Aktiekapital
Fritt eget kapital
Summa eget kapital
Obeskattade reserver 8
Periodiseringsfond Obeskattade reserver
Summa obeskattade reserver
Kortfristiga skulder Leverantbrsskulder Skulder till koncernforetag
207 732
140 597
6vriga skulder Upplupna kostnader och forutbetalda intakter
307 634
349 682
3 004 226
2 493 824
Summa kortfristiga skulder
3 721 190
3 501 622
8 646 017
6 457 323
Stallda sakerheter
Inga
Inga
AnsvarsfOrbindelser
Inga
lngl/b
SUMMA EGET KAPITAL OCH SKULDER POSTER INOM LINJEN
Sida 5 av 9
AMETEK NORDIC AB Org.nr. 556733-9691
TILLAGGSUPPLYSNINGAR ALLMANNA UPPL YSNINGAR
Redovis11i11gspri11ciper Tillampade redovisningsprinciper i:iverensstammer med arsredovisningslagen samt uttalanden och allmanna rad fran Bokforingsnamnden med undantag for BFN 2008:1. Nar allmanna rad fran Bokforingsnamnden saknas har vagledning hamtats fran Redovisningsradets rekommendationer och i tillampliga fall fran uttalanden av Far. Nar sa ar fallet anges detta i sarskild ordning nedan. Principerna ar oforandrade jamfort med foregaende i'lr.
Viirderi11gspri11ciper m.m. Tillgangar och skulder har varderats till anskaffningsvarden om inget annat anges nedan. Materiel/a anliiggningstillgangar
Materiella an!aggningstillgangar redovisas till anskaffningsvarde med avdrag for ackumulerad vardeminskning och eventuella nedskrivningar. Tillgangarna skrivs av linjart over tillgangarnas nyttjandeperiod.
lmmateriel/a anliiggningstillgclngar
Immateriella an!aggningstillgangar redovisas till anskaffningsvarde med avdrag for ackumulerad vardeminskning och eventuella nedskrivningar. Tillgangarna skrivs av linjart over tillgangarnas nyttjandeperiod.
Fordringar Fordringar har upptagits till de belopp varmed de beraknas inflyta. Varu/ager m.m. Varulagret ar varderat till
Fordringar och skulder har omraknats till balansdagens kurs.
lntiiktsredovisning Varuforsii/jning Inkomsten redovisas till det verkliga vardet av vad som erhallits eller kommer att erhallas. Foretaget redovisar darfor inkomst till nominellt varde (fakturabelopp) om ersattningen erhalls i likvida medel direkt vid leverans. Avdrag gors for lamnade rabatter.
Tjiinsteuppdrag
Bolaget redovisar intakter avseende serviceavtal i enlighet med BFNAR 2003:3, vilket innebar att intakterna redovisas ; tokt mod ott "~;co0
otfortlh
Sida 6 av 9
AMETEK NORDIC AB Org.nr. 556733-9691
TILLAGGSUPPLYSNINGAR Koncernforhallanden Bo1aget ar heliigt dotterbo1ag till Ametek GmbH Org.nr. HRB 1911 Meerbush, Tyskland. Moderbo1ag i den hOgsta koncemen ar Ametek Inc, org nr 14-1682544, USA. Koncemintem forsa1jning uppgick till l 0 % av nettoomsattningen och koncerna inkop uppgick till 36 % av tota1a externa kostnader.
Definition av nyckeltal So1iditet Justerat eget kapita1 i procent av ba1ansoms1utning
UPPL YSNINGAR TILL ENSKILDA POSTER Not 1
Personal
2013
2012
Medelantal anstallda Mede1anta1et anstallda bygger pa av bo1aget betalda narvarotimmar relaterade till en normal arbetstid. Mede1antal anstiillda har varit
8,0
8,0
varav kvinnor
0,0
0,0
Loner, ersiittningar m.m. Loner, ersattningar, socia1a kostnader och pensionskostnader har utgatt med fo1jande belopp: 4 436 852
Loner och ersattningar
681 599
684 349
Sociala kostnader
1606650
1 564 740
Summa
6 725 101
6 539 297
2013
2012
408 137
362 114
0
25 497
408 137
387 611
2013-12-31
2012-12-31
Pensionskostnader
Not 2
Skatt pa arets resultat Aktuell skatt Skatt pa grund av andrad taxering
Not 3
4 290 208
Handelsrattigheter lngaende anskaffningsvarde
850 000
850 000
Utgaende ackumulerade anskaffningsvarden
850 000
850 000
Arets avskrivningar
0
-103 891
Utgaende redovisat varde
0
0
Avskrivningar enligt plan beraknas pa en nyttjandeperiod av 5 ar/} _ Sida 7 av 9 i
(6
AMETEK NORDIC AB Org.nr. 556733-9691
TILLAGGSUPPLYSNINGAR
Not 4
2013-12-31
2012-12-31
Ingaende anskaffningsvarde
507 148
507 148
Utgaende ackumulerade anskaffningsvarden
507 148
507 148
Arets avskrivningar
0
-50714
Utgaende redovisat varde
0
0
2013-12-31
2012-12-31
Ingaende anskaffningsvarde
727 808
459 301
Ink op Forsaljningar/utrangeringar
0
268 508
-177 334
0
550 474
727 809
Goodwill
Avskrivningar enligt plan beraknas pa en nyttjandeperiod av 5 1ir. Not 5
Inventarier, rnaskiner och datorer
Utgaende ackumulerade anskaffningsvarden Arets avskrivningar Utgaende ackumulerade avskrivningar Utgaende redovisat varde
-56 452
-108 046
-401 805
-386 382
148 669
341 427
Avskrivningar enligt plan beraknas pa en nyttjandeperiod av 3-10 ar. Not6
Eget kapital Aktiekapital Belopp vid arets ingang
Not 7
Not 8
Summa
2 405 701 J 419 J25
1 4J 9 125
JOO 000
3 824 826
3 924 826
Antal aktier
Arets resuJtat BeJopp vid arets utgang
Fritt eget kapital
100 000
2 505 701
Upplysningar om aktiekapital
Antal/varde vid arets ingang
J 000
K votvarde per aktie JOO
Antal/varde vid arets utgang
J 000
JOO
2013-12-31
2012-12-31
450 000
450 000
Periodiseringsfond Periodiseringsfond, taxering 20 J 3 Periodiseringsfond 20 J3
550 000
0
I 000 000
450 000
220 000
Uppskjuten skatt i obeskattade reserver
Sida 8 av 9
IJ8 35~
AMETEK NORDIC AB Org.nr. 556733-9691 00
UPPLYSNINGAR
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0
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Stockholm 2014-04-02
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Bengt Svensson Verkstlillande direktor
Var revisionsberattelse har Iamnats
den~pril 2014.
Auktoriserad reviser
Sida 9 av 9
PROTO KOLL Arsstiimma 2014-04-02
Ametek Nordic AB Org.nr. 556733-9691 Rakenskapsaret 2013-01-01 - 2013-12-31
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Plats: Stockholm
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§ 1.
Arsstamman oppnades av Emanuela Speranza som halsade de narvarande valkomna.
§ 2.
Foljande forteckning upprattades over vid stiimman narvarande aktieagare, ombud och bitraden:
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Namn: Helge Petri for Ametek GmbH
1 000 aktier
1 000
roster
1 000 aktier
1 000
roster
Det beslOts att ovanstaende forteckning skulle galla som rostlangd. § 3.
Att sasom ordforande, tillikajusteringsman, leda dagens stamma valdes Emanuela Speranza. Att fora dagens protokoll valdes Manfred Bergsch.
§ 4.
Det konstaterades att arsstiimman ar i behorig ordning sammankallad.
§ 5.
Arsstamman forklarade dagordningen godkand.
§ 6.
Styrelsens arsredovisning med resultat- och balansrakning och revisionsberattelse for det gangna rakenskapsaret foredrogs.
§ 7.
Arsstamman beslot faststalla de i arsredovisningen intagna resultat- och balansrakningarna.
§ 8.
Arsstamman beslOt bevilja styrelsens ledam6ter och den verkstallande direktoren ansvarsfrihet for forvaltningen under det gangna aret.
§ 9.
Till arsstiimmans forfogande stod Balanserad vinst Redovisad vinst
2 405 702 1 419 125 3 824 827
Arsstamman beslOt disponera vinstmedlen enligt foljande I ny rakning overfores
3 824 827 3 824 827
§ 1O. Arsstamman beslutade att revisorns arvode skall vara enligt rakning under det kommande rakenskapsaret och att styrelsearvode ej skall utga. Sida 1 av 2
PROTOKOLL
Ametek Nordic AB Org.nr. 556733-9691 Rakenskapsaret 2013-01-01 - 2013-12-31
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Arsstamma 2014-04-02
§ 11. Val av styrelse
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Intill nasta arsstamma valdes
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till ledamoter av styrelsen till styrelsesuppleant
Manfred Bergsch Emanuela Speranza Michael Privik
§ 12. Val av revisor
Till ordinarie revisor, till slutet av nasta arsstamma, valdes Grant Thornton Sweden AB. Till ansvarig revisor valdes auktoriserad revisor Tomas Brynholt.
§ 13. Arsstamman avslutades.
Vid protokollet:
J.~J Manfred
;J;;s~h
Emanuela Sper
Sida 2 av 2
Grant Thornton
Revisions berattelse
Till arsstamman i Ametek Nordic AB Org.nr. 556733-9691 Rapport om arsredovisningen Vi har utfort en revision av arsredovisningen for Ametek Nordic AB for ar 2013. Styrelsens och verkstallande direktorens ansvar for arsredovisningen
Det iir styrelsen och verkstiillande direktoren som har ansvaret for att uppriitta en arsredovisning som ger en riittvisande bild enligt arsredovisningslagen och for den interna kontroll som styrelsen och verkstiillande direktoren bedomer iir nodviindig for att uppriitta en arsredovisning som inte innehaller viisentliga felaktigheter, vare sig dessa beror pa oegentligheter eller pa fel.
Revisorns ansvar
Vart ansvar iir att uttala oss om arsredovisningen pa grundval av var revision. Vi har utfort revisionen enligt International Standards on Auditing och god revisionssed i Sverige. Dessa standarder kriiver att vi foljer yrkesetiska krav samt planerar och utfor revisionen for att uppna rimlig siikerhet att arsredovisningen inte innehaller viisentliga felaktigheter. En revision innefattar att genom olika atgiirder inhiimta revisionsbevis om belopp och annan information i arsredovisningen. Revisorn viiljer vilka atgiirder som ska utforas, bland annat genom att bedoma riskerna for viisentliga felaktigheter i arsredovisningen, vare sig dessa beror pa oegentligheter eller pa fel. Vid denna riskbedomning beaktar revisorn de delar av den interna kontrollen som iir relevanta for hur bolaget uppriittar arsredovisningen for att ge en riittvisande bild i syfte att utforma granskningsatgiirder som ar iindamalsenliga med hiinsyn till omstiindigheterna, men inte i syfte att gora ett uttalande om effektiviteten i bolagets interna kontroll. En revision innefattar ocksa en utviirdering av iindamalsenligheten i de redovisningsprinciper som har anviints och av rimligheten i styrelsens och verkstallande direktorens uppskattningar i redovisningen, liksom en utviirdering av den overgripande presentationen i arsredovisningen. Vi anser att de revisionsbevis v1 har inhiimtat ar tillriickliga och iindamalsenliga som grund for vara uttalanden. Uttalanden Enligt var uppfattning har arsredovisningen upprattats i enlighet med arsredovisningslagen och ger en i alla vasentliga avseenden rattvisande bild av Ametek Nordic ABs finansiella stiillning per den 31 december 2013 och av
Vi tillstyrker diirfor att arsstamman faststaller resultatrakningen och balansrakningen.
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Registrerat revisionsbolag Member ')f Gr3nt Thornton lnternat1ondl ltd
Sida 1(2)
fr@.!uRopians 6\lerenssta.mmelsG m!ar!'cr .:r'.la!et intygas:
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Grant Thornton
Rapport om andra krav enligt lagar och andra forfattningar Utover var revision av arsredovisningen har vi aven utfort en revision av forslaget till dispositioner betraffande bolagets vinst eller forlust samt styrelsens och verkstallande direktorens forvaltning for Ametek Nordic AB for ar 2013. Styrelsens och verkstallande direktorens ansvar
Det ar styrelsen som har ansvaret for forslaget till dispositioner betraffande bolagets vinst eller forlust, och det ar styrelsen och verkstallande direktoren som har ansvaret for forvaltningen enligt aktiebolagslagen.
Revisorns ansvar
Vart ansvar ar att med rimlig sakerhet uttala oss om forslaget till dispositioner betraffande bolagets vinst eller forlust och om forvaltningen pa grundval av var revision. Vi har utfort revisionen enligt god revisionssed i Sverige. Som underlag for vart uttalande om styrelsens forslag till dispositioner betraffande bolagets vinst eller forlust har vi granskat om forslaget ar forenligt med aktiebolagslagen. Som underlag for vart uttalande om ansvarsfrihet har vi utover var revision av arsredovisningen granskat vasentliga beslut, atgarder och forhallanden i bolaget for att kunna bedoma om nagon styrelseledamot eller verkstallande direktoren ar ersattningsskyldig mot bolaget. Vi har aven granskat om nagon styrelseledamot eller verkstallande direktoren pa annat satt har handlat i strid med aktiebolagslagen, arsredovisningslagen eller bolagsordningen. Vi anser att de revisionsbevis uttalanden.
Vi
har inhamtat ar tillrackliga och andamalsenliga som grund for vara
Uttalanden Vi tillstyrker att arsstamman disponerar vinsten enligt forslaget i forvaltningsberattelsen och beviljar styrelsens ledamoter och verkstallande direktoren ansvarsfrihet for rakenskapsaret.
Stockholm den.:1april2014 Grant Thornton Sweden AB
Tomas Brynhol Auktoriserad revisor
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AMETEK SINGAPORE PRIVATE LIMITED Registration Number: 198402402E
FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Table Of Contents
Directors' Report
3
Statement by Directors
6
Independent Auditors' Report
8
Income Statement
10
Statement of Comprehensive Income
11
Statement of Financial Position
12
Statement of Changes in Equity
14
Statement of Cash Flows
15
Notes to the Financial Statements
17
AMETEK SINGAPORE PRIVATE LIMITED DIRECTORS' REPORT For the financial year ended 31 December 2012
The directors are pleased to present their report together with the audited financial statements of Ametek Singapore Private Limited (the "Company") for the financial year ended 31 December 2012.
Directors The directors of the Company in office at the date of this report are: Frank S. Hermance Lim Meng Kee David A. Zapico
Arrangements to enable directors to acquire shares and debentures Except as disclosed in this report, neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose objects are, or one of whose object is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate.
Directors' interests in shares and debentures The following directors, who held office at the end of the financial year, had, according to the register of directors' shareholdings required to be kept under Section 164 of the Singapore Companies Act, Cap. 50, an interest in shares and share options of the Company, the Company's ultimate holding company and related corporations as stated below:
Direct interest
Name of director
At the beginning of financial year
At the end of financial year
Deemed interest
(1)
At the At the beginning of end of financial year financial year
Ultimate holding company Ametek Inc Ordinary shares of US$0.01 each John J. Molinelli
378,227
644,309
81,773
33,306
Frank S. Hermance
1,230,447
1,902,489
409,044
623,360
Lim Meng Kee
18,454
30,839
-
-
David A. Zapico
25,957
49,785
23,978
37,881
Serial Number: 256988177538819
3
AMETEK SINGAPORE PRIVATE LIMITED DIRECTORS' REPORT For the financial year ended 31 December 2012 Options to subscribe for ordinary shares of US$0.01 each John J. Molinelli
335,735
152,490
-
-
Frank S. Hermance
1,200,877
1,706,661
-
-
Lim Meng Kee
25,464
43,983
-
-
David A. Zapico
181,305
189,239
-
-
Direct interest
At the end of financial year
At the beginning of financial year
Deemed interest
(1)
At the At the beginning of end of financial year financial year
Ultimate holding company Ametek Inc Restricted stock John J. Molinelli
43,995
-
-
-
Frank S. Hermance
172,965
218,910
-
-
Lim Meng Kee
5,042
6,032
-
-
David A. Zapico
28,370
35,932
-
-
765
1,154
-
-
401 (k) stock John J. Molinelli (1)
This is allocated pursuant to the AMETEK Retirement and Savings Plan and the AMETEK, Inc. Supplemental Executive Retirement Plan under which shares are automatically distributed on a one-for-one basis upon the participant's retirement. On 29 Jun 2012, a 3-for-2 stock split has been made on the stocks of Ametek Inc, the Company's ultimate holding company. Except as disclosed in this report, no director who held office at the end of the financial year had interests in shares, share options, warrants or debentures of the Company, or of related corporations, either at the beginning or at the end of the financial year.
Directors' contractual benefits Except as disclosed in the financial statements, since the end of the previous financial year, no director of the Company has received or become entitled to receive a benefit by reason of a contract made by the Company
Serial Number: 256988177538819
4
AMETEK SINGAPORE PRIVATE LIMITED DIRECTORS' REPORT For the financial year ended 31 December 2012 or a related corporation with the director, or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest.
Auditor Ernst & Young LLP have expressed their willingness to accept reappointment as auditor of the Company.
On behalf of the board of directors,
David A. Zapico Director
Lim Meng Kee Director Singapore
DAVID ANTHONY ZAPICO Director
LIM MENG KEE Director 21 October 2013
Serial Number: 256988177538819
5
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT BY DIRECTORS For the financial year ended 31 December 2012
We, David A. Zapico and Lim Meng Kee, being two of the directors of Ametek Singapore Private Limited, do hereby state that, in the opinion of the directors, (a) the accompanying balance sheet, income statement, statement of comprehensive income, statement of changes in equity and cash flow statement together with notes thereto are drawn up so as to give a true and fair view of the state of affairs of the Company as at 31 December 2012 and the results of the business, changes in equity and cash flows of the Company for the year ended on that date; and (b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due.
On behalf of the board of directors,
David A. Zapico Director
Lim Meng Kee Director Singapore
DAVID ANTHONY ZAPICO Director
Serial Number: 256988177538819
6
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT BY DIRECTORS For the financial year ended 31 December 2012 LIM MENG KEE Director 21 October 2013
Serial Number: 256988177538819
7
AMETEK SINGAPORE PRIVATE LIMITED INDEPENDENT AUDITORS' REPORT To the member of Ametek Singapore Private Limited
To the member of Ametek Singapore Private Limited Report on the Financial Statements We have audited the accompanying financial statements of Ametek Singapore Private Limited (the "Company") set out on pages 7 to 39, which comprise the balance sheet as at 31 December 2012, the income statement, statement of comprehensive income, statement of changes in equity and cash flow statement of the Company for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act, Chapter 50 (the "Act") and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss account and balance sheet and to maintain accountability of assets.
Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion In our opinion, the financial statements of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Company as at 31 December 2012 and the results, changes in equity and cash flows of the Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
Serial Number: 256988177538819
8
AMETEK SINGAPORE PRIVATE LIMITED INDEPENDENT AUDITORS' REPORT To the member of Ametek Singapore Private Limited
In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act.
Ernst & Young LLP Public Accountants and Chartered Accountants Singapore
ERNST & YOUNG LLP Public Accountants and Chartered Accountants Singapore 21 October 2013
Serial Number: 256988177538819
9
AMETEK SINGAPORE PRIVATE LIMITED INCOME STATEMENT For the financial year ended 31 December 2012
Note Revenue
4
2012 SGD
2011 SGD
22,176,180
16,566,477
Cost of Sales
(15,058,738)
(10,925,494)
Gross Profit
7,117,442
5,640,983
10,777,487
17,150,783
(3,795,478)
(3,343,930)
Other Items of Income Other Income
5
Other Items of Expense Administrative Expenses Other Expenses Profit (Loss) Before Tax from Continuing Operations
(141,790) 6
13,957,661
19,447,836
(486,883)
(390,388)
Profit (Loss) from Continuing Operations, Net of Tax
13,470,778
19,057,448
Profit (Loss) Net of Tax
13,470,778
19,057,448
13,470,778
19,057,448
Income Tax Benefit (Expense)
7
Profit (Loss) Attributable to Owners of the Parent, Net of Tax
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
10
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 December 2012
Note
Profit (Loss) Net of Tax
Total Comprehensive Income Total Comprehensive Income Attributable to Owners of the Parent
2012 SGD
2011 SGD
13,470,778
19,057,448
13,470,778
19,057,448
13,470,778
19,057,448
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
11
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF FINANCIAL POSITION As at 31 December 2012
Note
2012 SGD
2011 SGD
1,549,060 3,035,339 1,239,275
1,700,875 3,035,339 1,381,065
5,823,674
6,117,279
2,998,446 1,598,887 1,232,612 366,275 759,315 189,253 9,572,292
2,495,197 1,616,220 832,446 783,774 15,107,000 445,408 493,481
Total Current Assets
15,118,193
20,157,306
Total Assets
20,941,867
26,274,585
8,711,094 5,582,962 -
8,711,094 11,231,374 -
14,294,056
19,942,468
148,873
172,656
148,873
172,656
715,561 2,578,547 1,748,480
400,537 1,700,697 1,051,170
ASSETS Non-Current Assets Property, Plant and Equipment, Total Investments in Subsidiaries Investments in Associates
9 10 11
Total Non-Current Assets
Current Assets Inventories Trade and Other Receivables, Current Trade Receivables, Current Other Receivables, Current Amounts due from related companies Prepayments Cash and Cash Equivalents
15 12 13 14 16
EQUITY AND LIABILITIES Equity Share Capital Retained Earnings (Accumulated Losses) Other Reserves, Total
20
Total Equity
Non-Current Liabilities Deferred Tax Liabilities
19
Total Non-Current Liabilities
Current Liabilities Income Tax Payable, Current Trade and Other Payables, Current Trade Payables, Current
18
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
12
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF FINANCIAL POSITION As at 31 December 2012 Note
2012 SGD
2011 SGD
830,067 3,204,830
649,527 4,058,227
Total Current Liabilities
6,498,938
6,159,461
Total Liabilities
6,647,811
6,332,117
20,941,867
26,274,585
Other Payables, Current Amounts due to related companies
18 17
Total Equity and Liabilities
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
13
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF CHANGES IN EQUITY For the financial year ended 31 December 2012
Company Note
Total Equity
SGD
Equity, Share Capital Retained Attributable Earnings to Owners (Accumulated of the Losses) Parent, Total SGD
SGD
Opening Balance at 01/01/2012
19,942,468
19,942,468
Profit for the year, net of tax
13,470,778
13,470,778
13,470,778
Total Comprehensive Income for the Period
13,470,778
13,470,778
13,470,778
Dividends on ordinary shares (Note 21)
(19,119,190)
(19,119,190)
(19,119,190)
Closing Balance at 31/12/2012
14,294,056
14,294,056
8,711,094
5,582,962
Opening Balance at 01/01/2011
18,035,803
18,035,803
8,711,094
9,324,709
Profit for the year, net of tax
19,057,448
19,057,448
19,057,448
Total Comprehensive Income for the Period
19,057,448
19,057,448
19,057,448
Dividends on ordinary shares (Note 21)
(17,150,783)
(17,150,783)
(17,150,783)
19,942,468
19,942,468
Closing Balance at 31/12/2011
8,711,094
SGD
8,711,094
11,231,374
11,231,374
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
14
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF CASH FLOWS For the financial year ended 31 December 2012
Note Cash Flows From Operating Activities Profit (Loss) before Tax Total Adjustments Depreciation of Property, Plant and Equipment (gain)/loss on disposal of property, plant and equipment Impairment loss on investment in associates
2012 SGD
2011 SGD
13,957,661
19,447,836
675,683
427,824
533,893
438,584 (10,760)
141,790
Operating Cash Flows before Changes in Working Capital
14,633,344
19,875,660
Total Changes in Working Capital
14,142,377
(1,749,731)
(400,166) 673,654
608,556 (662,923)
(503,249) 13,494,288
10,829 (2,374,538)
877,850
668,345
Cash Flows From (Used In) Operations Income Taxes Paid Interest income received
28,775,721 (195,642) -
18,125,929 (380,514) -
Net Cash Flows From (Used In) Operating Activities
28,580,079
17,745,415
Cash Flows From Investing Activities Purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment
(386,659) 4,581
(820,023) 134,955
Net Cash Flows From (Used In) Investing Activities
(382,078)
(685,068)
Cash Flows From Financing Activities Dividends Paid
(19,119,190)
(17,150,783)
Net Cash Flows From (Used In) Financing Activities
(19,119,190)
(17,150,783)
Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents, Statement of Cash Flows, Beginning Balance
9,078,811 493,481
(90,436) 583,917
(Increase)/decrease in trade receivables Decrease/(increase) in other receivables and prepayments (Increase)/decrease in inventories Decrease/(increase) in amounts due to related companies, net Increase in trade payables and accruals
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
15
AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF CASH FLOWS For the financial year ended 31 December 2012 Note
Cash and Cash Equivalents, Statement of Cash Flows, Ending Balance
2012 SGD
9,572,292
2011 SGD
493,481
The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819
16
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1.
Corporate information Ametek Singapore Private Limited (the "Company") is a private limited company which is domiciled and incorporated in Republic of Singapore. The Company is a subsidiary of Ametek European Holdings Limited, incorporated in the United Kingdom. The ultimate holding company is Ametek Inc, incorporated in the United States of America ("USA"). The registered office and principal place of business of the Company is located at No. 43 Changi South Avenue 2, #04-01, Singapore 486164. The principal activities of the Company are sourcing, procurement and purchasing of materials, providing marketing and management services to its related companies within the region, import and export motors, and providing aircraft part repair services to customers. There have been no significant changes in the nature of these activities during the year. The principal activities of the subsidiary companies are disclosed in Note 10 to the financial statements. Related companies in these financial statements refer to members of the ultimate holding company's group of companies.
2.
Summary of significant accounting policies
2.1
Basis of preparation The financial statements of the Company have been prepared in accordance with Singapore Financial Reporting Standards ("FRS"). The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. The financial statements are presented in Singapore Dollars ("SGD" or "$"), except when otherwise stated.
2.2
Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the Company has adopted all the new and revised standards and Interpretations of FRS (INT FRS) that are effective for annual periods beginning on or after 1 January 2012. The adoption of these standards and interpretations did not have any effect on the financial performance or position of the Company.
2.3
Standards issued but not yet effective
Serial Number: 256988177538819
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AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The Company has not adopted the following standards and interpretations that have been issued but not yet effective:
Description Amendments to FRS 1 Presentation of Items of Other Comprehensive Income Revised FRS 19 Employee Benefits FRS 113 Fair Value Measurement Amendments to FRS 107 Disclosures - Offsetting Financial Assets and Financial Liabilities Improvements to FRSs 2012 - Amendment to FRS 1 Presentation of Financial Statements - Amendment to FRS 16 Property, Plant and Equipment - Amendment to FRS 32 Financial Instruments: Presentation Revised FRS 27 Separate Financial Statements Revised FRS 28 Investments in Associates and Joint Ventures FRS 110 Consolidated Financial Statements FRS 111 Joint Arrangements FRS 112 Disclosure of Interests in Other Entities Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities
Effective for annual periods beginning on or after 1 July 2012 1 January 2013 1 January 2013 1 January 2013 1 January 2013 1 January 2013 1 January 2013 1 January 2013 1 January 2014 1 January 2014 1 January 2014 1 January 2014 1 January 2014 1 January 2014
Except for the Amendments to FRS 1 and FRS 112, the directors expect that the adoption of the standards and interpretations above will have no material impact on the financial statements in the period of initial application. The nature of the impending changes in accounting policy on adoption of the Amendments to FRS 1 and FRS 112 are described below. Amendments to FRS 1 Presentation of Items of Other Comprehensive Income The Amendments to FRS 1 Presentation of Items of Other Comprehensive Income ("OCI") is effective for financial periods beginning on or after 1 July 2012. The Amendments to FRS 1 changes the grouping of items presented in OCI. Items that could be reclassified to profit or loss at a future point in time would be presented separately from items which will never be reclassified. As the Amendments only affect the presentations of items that are already recognised in OCI, the Company does not expect any impact on its financial position or performance upon adoption of this standard. FRS 112 Disclosure of Interests in Other Entities FRS 112 is effective for financial periods beginning on or after 1 January 2014. FRS 112 is a new and comprehensive standard on disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet vehicles. FRS 112 requires an entity to disclose information that helps
Serial Number: 256988177538819
18
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 users of its financial statements to evaluate the nature and risks associated with its interests in other entities and the effects of those interests on its financial statements. The Company is currently determining the impact of the disclosure requirements. As this is a disclosure standard, it will have no impact to the financial position and financial performance of the Company when implemented in 2014. 2.4 (a)
Functional and foreign currency Functional currency The management has determined the currency of the primary economic environment in which the Company operates i.e. functional currency, to be Singapore dollars. Sales prices and major costs of providing goods and services including major operating expenses are primarily influenced by fluctuations in Singapore dollars.
(b)
Foreign currency transactions Transactions in foreign currencies are measured in the functional currency of the Company and are recorded on initial recognition in the functional currency at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate of exchange ruling at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Exchange differences arising on the settlement of monetary items or on translating monetary items at the balance sheet date are recognised in profit or loss.
2.5
Subsidiaries A subsidiary is an entity over which the Company has the power to govern the financial and operating policies so as to obtain benefits from its activities. In the Company's financial statements, investment in subsidiaries is accounted for at cost less impairment losses. In accordance with Singapore Financial Reporting Standard 27 and Section 201(3B) of the Companies Act, Chapter 50, the financial statements of the subsidiaries have not been consolidated with that of the Company as the Company is itself a wholly-owned subsidiary of a public listed company incorporated in U.S.A. The financial statements of the Company and its subsidiaries have been consolidated with the financial statements of its ultimate holding company, Ametek Inc, whose corporate office is at 1100 Cassatt Road, Berwyn, PA 19312-1177.
2.6
Associates An associate is an entity, not being a subsidiary or a joint venture, in which the Company has significant influence.
Serial Number: 256988177538819
19
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
In the Company's financial statements, investment in associates is accounted for at cost less impairment losses. In accordance with Singapore Financial Reporting Standard 28, the financial statements of the associates have not been accounted for using the equity method as the Company is itself a wholly-owned subsidiary of a public listed company incorporated in U.S.A. The financial statements of the Company and its associates have been consolidated with the financial statements of its ultimate holding company, Ametek Inc, whose corporate office is at 1100 Cassatt Road, Berwyn, PA 19312-1177. 2.7
Property, plant and equipment All items of property, plant and equipment are initially recorded at cost. Such cost includes the cost of replacing the part of the property, plant and equipment and borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying property, plant and equipment. The cost of an item of property, plant and equipment is recognised as an asset if, and only if, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. When significant parts of property, plant and equipment are required to be replaced in intervals, the Company recognises such parts as individual assets with specific useful lives and depreciation, respectively. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: Computers Office equipment Furniture and fittings Office renovation Motor vehicles Machinery and equipment
-
3 - 7 years 5 years 5 years 5 years 4 years 3 - 7 years
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The residual values, useful life and depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in profit or loss in the year the asset is derecognised. 2.8
Intangible assets
Serial Number: 256988177538819
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AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Intangible assets acquired separately are measured initially at cost. The cost of intangible assets acquired in a business combination is their fair value as at the date of acquisition. Following initial acquisition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite useful lives are amortised over the estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category consistent with the function of the intangible asset. Each category of intangible assets is amortised over the following periods: Non-competition payment
-
10 years
Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortised. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. 2.9
Impairment of non-financial assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment assessment for an asset is required, the Company makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. Where the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows expected to be generated by the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples or other available fair value indicators. Impairment losses are recognised in profit or loss except for assets that are previously revalued where the revaluation was taken to other comprehensive income. In this case, the impairment is also recognised in other comprehensive income up to the amount of any previous revaluation.
Serial Number: 256988177538819
21
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses recognised may no longer exist or may have decreased. If such indication exists, the Company estimates the asset's or cash-generating unit's recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss be recognised previously. Such reversal is recognised in profit or loss unless the asset is measured at revalued amount, in which case the reversal is treated as a revaluation increase.
2.10 Financial assets Financial assets are recognised on the balance sheet when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial assets at initial recognition. When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs. A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss. Regular way purchase or sale of a financial asset All regular way purchases and sales of financial assets are recognised or derecognised on the trade date i.e. the date that the Company commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned. Loans and receivables Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired and through the amortisation process. 2.11 Cash and cash equivalents Cash and cash equivalents comprise cash and bank balances that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and accounted for as loans and receivables under FRS 39. The accounting policy for this category of financial assets is stated in Note 2.10. 2.12 Impairment of financial assets
Serial Number: 256988177538819
22
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The Company assesses at each balance sheet date whether there is any objective evidence that a financial asset is impaired. (a)
Financial assets carried at amortised cost For financial assets carried at amortised cost, the Company first assesses individually whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the financial asset's original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in profit or loss. When the asset becomes uncollectible, the carrying amount of impaired financial assets is reduced directly or if an amount was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying value of the financial asset. To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss. (b)
Financial assets carried at cost
If there is objective evidence (such as significant adverse changes in the business environment where the issuer operates, probability of insolvency or significant financial difficulties of the issuer) that an impairment loss on financial assets carried at cost has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment losses are not reversed in subsequent periods.
2.13 Inventories Inventories consisting of finished goods are stated at the lower of cost determined on weighted average basis, and net realisable value. Cost includes all cost of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Serial Number: 256988177538819
23
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Where necessary, allowance is provided for damaged, obsolete and slow moving items to adjust the carrying value of inventories to the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the estimated cost necessary to make the sale. 2.14 Provisions Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation can be estimated reliably. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
2.15 Financial liabilities Financial liabilities are recognised on the balance sheet when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value, plus directly attributable transaction costs. Subsequent to initial recognition, all financial liabilities are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised and through the amortisation process. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss.
2.16 Employee benefits
(a)
Defined contribution plans The Company participates in the national pension schemes as defined by the laws of the countries in which it has operations. In particular, the Company makes contributions to the Central Provident Fund scheme in Singapore, a defined contribution pension scheme. Contributions to defined contribution pension schemes are recognised as an expense in the period in which the defined service is performed.
Serial Number: 256988177538819
24
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
(b)
Employee leave entitlement
Employee entitlements to annual leave are recognised as a liability when they accrue to employees. The estimated liability for leave is recognised for services rendered by employees up to the balance sheet date.
2.17 Leases The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at inception date: whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset. For arrangements entered into prior to 1 January 2005, the date of inception is deemed to be 1 January 2005 in accordance with the transitional requirements of INT FRS 104. As lessee Operating lease payments are recognised as an expense in profit or loss on a straight-line basis over the lease term. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense over the lease term on a straight-line basis. 2.18 Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable, excluding discounts, rebates, and sales taxes or duty. The following specific recognition criteria must also be met before revenue is recognised: (a)
Sale of goods Revenue from sale of goods is recognised upon the transfer of significant risks and rewards of ownership of the goods to the customer. Revenue is not recognised to the extent where there are significant uncertainties regarding recovery of the consideration due, associated costs or the possible return of goods.
(b)
Dividend income Dividend income is recognised when the Company's right to receive payment is established.
2.19 Taxes a)
Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting period, in the countries where the Company operates and generates taxable income.
Serial Number: 256988177538819
25
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Current taxes are recognised in profit or loss except to the extent that tax relates to items recognised outside profit or loss, either in other comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situation is in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. (b)
Deferred tax Deferred tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are recognised for all temporary differences, except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred income tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred income tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.
(c)
Sales tax Revenues, expenses and assets are recognised net of the amount of sales tax except: - Where the sales tax incurred in a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and -
Receivables and payables that are stated with the amount of sales tax included.
Serial Number: 256988177538819
26
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables on the balance sheet. 2.20 Related parties A related party is defined as follows: (a)
(b)
3.
A person or a close member of that person's family is related to the Company if that person: (i)
Has control or joint control over the Company;
(ii)
Has significant influence over the Company; or
(iii)
Is a member of the key management personnel of the Company or of a parent of the Company.
An entity is related to the Company if any of the following conditions applies: (i)
The entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).
(ii)
One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).
(iii)
Both entities are joint ventures of the same third party.
(iv)
One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v)
The entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company. If the Company is itself such a plan, the sponsoring employers are also related to the Company;
(vi)
The entity is controlled or jointly controlled by a person identified in (a);
(vii)
A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).
Significant accounting judgement and estimates The preparation of the Company's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods. 3.1
Key sources of estimation uncertainty
Serial Number: 256988177538819
27
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (a)
Useful lives and residual value of property, plant and equipment
The cost of property, plant and equipment is depreciated on a straight-line basis over their estimated useful lives. Management estimates the useful lives of these property, plant and equipment to be within 3 to 7 years. These are common life expectancies applied in the motors industry. Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore, future depreciation charges could be revised. The carrying amount of the Company's property, plant and equipment at the balance sheet date is disclosed in Note 9 to the financial statements. (b)
Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Goodwill and other indefinite life intangibles are tested for impairment annually and at other times when such indicators exist. Other non-financial assets are tested for impairment when there are indictors that the carrying amounts may not be recoverable . When value in use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present value of those cash flows.
(c)
Impairment of loans and receivables
The Company assesses at each balance sheet date whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective evidence of impairment, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. Where there is objective evidence of impairment, the amount and timing of future cash flows are estimated based on historical loss experience for assets with similar credit risk characteristics. The carrying amount of the Company's loans and receivable at the balance sheet date is disclosed in Note 12 to the financial statements. (d)
Income taxes
Significant judgement is involved in determining the Company's provision for income taxes. There are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The carrying amount of the Company's tax payable at 31 December 2012 was $715,561 (2011: $400,537).
Serial Number: 256988177538819
28
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 4.
Revenue 2012 $ Sale of goods Provision of services
5.
21,887,687 288,493
16,280,589 285,888
22,176,180
16,566,477
Other Income 2012 $ Dividend income
6.
2011 $
10,777,487
2011 $ 17,150,783
Profit Before Taxation The following items have been included in arriving at profit before taxation: 2012 $ Depreciation of property, plant and equipment Gain on disposal of property, plant and equipment Impairment loss on investment in associates Net foreign exchange (gain)/loss Operating lease expense (Note 22) Staff costs - Salaries, bonus and other costs - Employer's contribution to defined contribution plan including Central Provident Fund
Serial Number: 256988177538819
2011 $
533,893 141,790 (83,539) 340,247
438,584 (10,760) 86,268 322,946
5,171,311
4,761,511
461,770
404,060
29
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
7.
Taxation (a)
Major components of income tax expense The major components of income tax expenses for the years ended 31 December 2012 and 2011 are:
2012 $ Current income tax - Current income taxation - Over provision in respect of previous years
Deferred tax expense - Original and reversal of temporary differences - Under provision in respect of previous years
Total income tax expense
(b)
2011 $
510,666 -
295,082 (77,350)
510,666
217,732
(23,783) -
57,564 115,092
(23,783)
172,656
486,883
390,388
Relationship between income tax expense and accounting profit A reconciliation between the income tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the years ended 31 December 2012 and 2011 is as follows:
2012 $
2011 $
Profit before taxation
13,957,661
19,447,836
Tax at 17%
2,372,802 (1,832,173)
3,306,132 (2,915,633)
-
115,092
Income not subject to taxation Under provision to deferred tax in respect of previous years
Serial Number: 256988177538819
30
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Over provision in respect of previous years Effect of partial tax exemption Effect of tax relief and tax rebate Non-deductible expenses Others
8.
(25,925) (168,936) 34,368 106,747
(77,350) (25,925) (96,281) 86,364 (2,011)
486,883
390,388
Intangible Assets, Total Noncompetition payment *
Cost At 31 December 2011, 1 January 2012 and 31 December 2012
4,560,156
Accumulated amortisation At 31 December 2011, 1 January 2012 and 31 December 2012
4,560,156
Net carrying amount At 31 December 2011
-
At 31 December 2012
-
*
These intangible assets were acquired in connection with the operations of the associated companies.
Serial Number: 256988177538819
31
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 9.
Property, Plant and Equipment, Total
Serial Number: 256988177538819
32
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Machinery and equipment $
Computers $
Office equipment $
Furniture and fittings $
Office renovation $
Motor vehicle $
Total $
Cost At 1 January 2011 Additions Disposals
1,186,390 253,676 (36,492)
155,717 204,185 (3,201)
76,594 31,180 -
120,356 91,398 (858)
699,373 3,520 -
191,537 236,064 (191,537)
2,429,967 820,023 (232,088)
At 31 December 2011 and 1 January 2012 Additions Disposals
1,403,574 73,855 -
356,701 80,746 (6,045)
107,774 5,000 (34,861)
210,896 204,549 (8,544)
702,893 22,509 -
236,064 -
3,017,902 386,659 (49,450)
At 31 December 2012
1,477,429
431,402
77,913
406,901
725,402
236,064
3,355,111
Accumulated depreciation At 1 January 2011 Charge for the year Disposals
298,058 189,452 (3,041)
112,935 49,142 (2,856)
55,576 12,294 -
71,159 22,387 (458)
353,417 139,076 -
95,190 26,233 (101,537)
986,335 438,584 (107,892)
At 31 December 2011 and 1 January 2012 Charge for the year Disposals
484,469 232,179 -
159,221 65,968 (1,465)
67,870 15,123 (34,861)
93,088 50,184 (8,543)
492,493 143,923 -
19,886 26,516 -
1,317,027 533,893 (44,869)
At 31 December 2012
716,648
223,724
48,132
134,729
636,416
46,402
1,806,051
Net carrying amount At 31 December 2011
919,105
197,480
39,904
117,808
210,400
216,178
1,700,875
At 31 December 2012
760,781
207,678
29,781
272,172
88,986
189,662
1,549,060
Serial Number: 256988177538819
33
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Serial Number: 256988177538819
34
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 10.
Investments in Subsidiaries 2012 $ Unquoted shares, at cost
3,035,339
2011 $ 3,035,339
The details of the subsidiaries are as follows:
Name of company
Country of incorporation
Principal activities
Proportion (%) of ownership interest 2012 2011 % %
Held by the Company Ametek Motors Asia Pte Ltd*
Singapore
Investment holding
100
100
Ametek Commercial Enterprise (Shanghai) Co. Ltd.**
People's Republic of China ("PRC")
Imports, exports, wholesales and agency of motors and instruments and related spare parts; demonstration of spectroscopic and measuring instruments in bonded area and international trading, entrepot trading, trading between entities in bonded area and being agent of trading for other entities in the area
100
100
Ametek Instruments India Pte Ltd #
India
Marketing, dealing, providing 100 technical assistant and after sales services and providing software development in respect of equipment, appliances and other industrial products
100
Ametek Engineered Materials Sdn Bhd##
Malaysia
Manufacturing of aluminium/copper bonding wire and ribbon; packaging of bond pads.
-
100
Held through a subsidiary
Serial Number: 256988177538819
35
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Ametek Motors Shanghai Co., Ltd. **
* ** # ##
11.
People's Republic of China ("PRC")
Manufacturing and assembly of vacuum cleaner motors
100
100
Audited by Ernst & Young LLP, Singapore. Audited by Ernst & Young, Shanghai. Audited by S.V. Ghatalia & Associates. Audited by Ernst & Young, Malaysia.
Investments in Associates 2012 $
2011 $
Unquoted shares, at cost Less: Impairment loss
1,381,065 (141,790)
1,381,065 -
Carrying amount after impairment loss
1,239,275
1,381,065
The details of the associates are as follows:
Name of company
Country of incorporation
Principal activities
Held by the Company
Proportion (%) of ownership interest 2012 2011 % %
Amekai Singapore Pte Ltd (Singapore) #
Singapore
Investment holding
50
50
Amekai Taiwan Co. Ltd (Taiwan) *
Taiwan
Importer and exporter of meter gauges
50
50
Manufacturing of gauges
100
100
Held by Amekai Singapore Pte Ltd Amekai (Meter) Xiamen People's Republic Co., Ltd # of China ("PRC") # *
Audited by Ernst & Young LLP, Singapore Audited by Ernst & Young, Taipei
The summarised financial information of the associates, not adjusted for the proportion of ownership interest held by the Company, is as follows:
Serial Number: 256988177538819
36
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
2012 $
12.
2011 $
Assets and liabilities: Current assets Non-current assets
9,476,726 1,433,894
5,082,526 1,431,112
Total assets
10,910,620
6,513,638
Current liabilities Non-current liabilities
11,878,399 980,903
8,723,120 -
Total liabilities
12,859,302
8,723,120
Results: Revenue
16,436,260
16,588,688
Profit/(loss) for the year
241,786
(566,275)
Trade receivables 2012 $
2011 $
Trade receivables
1,232,612
832,446
Add: Other receivables (Note 13) Amounts due from related companies (Note 14)
366,275
783,774
759,315
15,107,000
2,358,202
16,723,220
9,572,292
493,481
11,930,494
17,216,701
Total trade and other receivables Add: Cash and cash equivalents (Note 16)
Total loans and receivables
Serial Number: 256988177538819
37
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Trade receivables Trade receivables are non-interest bearing and are generally on 30 to 90 days' terms. They are denominated in United States Dollar and are recognised at their original invoice amounts which represent their fair values on initial recognition. Receivables that are past due but not impaired The Company has trade receivables amounting to $550,344 (2011: $417,444) that are past due at the balance sheet date but not impaired. These receivables are unsecured and the analysis of their aging at the balance sheet date is as follows: 2012 $ Trade receivables past due: Lesser than 30 days 30 to 60 days 61 to 90 days 91 to 120 days
2011 $
346,827 41,145 21,617 140,755
372,991 15,053 17,186 12,214
550,344
417,444
The Company does not have any trade receivables that are impaired as at 31 December 2012 and 31 December 2011.
13.
Other receivables 2012 $ Deposits Advances to staff Stamp duty relief recoverable Other receivables
14.
2011 $
54,024 312,251
74,457 2,000 288,965 418,352
366,275
783,774
Amounts due from related companies
Serial Number: 256988177538819
38
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 2012 $ Ultimate holding company - Trade Related companies - Trade Subsidiary companies - Trade - Non-trade
2011 $
614,957
14,265,332
139,714
118,341
4,644
126,937 596,390
759,315
15,107,000
All the above trade and non-trade balances are unsecured, non-interest bearing, repayable on demand and are expected to be settled in cash. Amounts due from related companies denominated in foreign currencies as at 31 December are as follows: 2012 $ United States Dollar
15.
58,734
2011 $ 58,238
Inventories 2012 $
16.
Balance sheet: Finished goods
2,998,446
Income statement: Inventories recognised as an expense in cost of sales
14,757,701
2011 $
2,495,197
10,925,494
Cash and cash equivalents Cash and cash equivalents comprise the following as at 31 December: 2012 $ Cash at bank and on hand
Serial Number: 256988177538819
9,572,292
2011 $ 493,481
39
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
Cash and cash equivalents are denominated in the following currencies: 2012 $ United States Dollar Hong Kong Dollar Singapore Dollar
17.
2011 $
9,296,403 18 275,871
294,857 18 198,606
9,572,292
493,481
Amounts due to related companies 2012 $ Related companies - Trade - Non-trade Subsidiary company - Non-trade
2011 $
210,371 44,696
446,694 -
2,949,763
3,611,533
3,204,830
4,058,227
All the amounts due to related companies are unsecured, non-interest bearing, repayable on demand and are expected to be settled in cash. Amounts due to related companies denominated in foreign currencies as at 31 December are as follows: 2012 $ United States Dollar British Pound Euro
18.
3,148,565 11,569
2011 $ 3,999,907 31,869 -
Trade and other payables 2012 $
Serial Number: 256988177538819
2011 $
40
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Trade payables Other payables
1,619,951 128,529
831,898 219,272
Total trade and other payables Add: Amounts due to related companies (Note 17) Accrued operating expenses
1,748,480
1,051,170
3,204,830 830,067
4,058,227 649,527
Total financial liabilities carried at amortised cost
5,783,377
5,758,924
Trade payables Trade payables are non-interest bearing and are normally settled on 30 to 60 days' terms. Trade payables denominated in foreign currency as at 31 December are as follows: 2012 $ United States Dollar
19.
1,566,925
2011 $ 780,965
Deferred tax liabilities Deferred tax liabilities as at 31 December relates to the following: 2012 $
2011 $
Deferred tax liabilities: Differences in depreciation for tax purposes
20.
148,873
172,656
2012 $
2011 $
Share capital
Issued and fully paid: At beginning and end of the year 8,711,094 (2011: 8,711,094) ordinary shares
Serial Number: 256988177538819
8,711,094
8,711,094
41
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012
The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restriction. The ordinary shares have no par value.
21.
Dividends 2012 $
2011 $
Declared and paid during the financial year: Dividends on ordinary shares: - Final exempt (one-tier) dividend for 2012 $2.19 (2011: $1.97) per share
22.
19,119,190
17,150,783
Operating lease commitments As lessee The Company has entered into commercial leases for the use of premises as lessee. These leases have remaining life of less than 1 year with no purchase options and escalation clauses included in the contracts. There are no restrictions placed upon the Company by entering into these leases. Operating lease payments recognised in the income statement during the year amounted to $340,247 (2011: $322,946). Future minimum rental payable under non-cancellable leases as at 31 December are as follows: 2012 $ Within one year
23.
57,669
2011 $ 53,824
Related party transactions (a)
Sale and purchase of goods and services In addition to the related party information disclosed elsewhere in the financial statements, the following significant transactions between the Company and related parties took place at terms agreed between the parties during the year:
2012
Serial Number: 256988177538819
2011
42
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 $ Service income from: Ultimate holding company Related companies
(261,448) (27,045)
(261,241) (24,647)
Reimbursement of expenses from: Ultimate holding company Related companies
(5,135,283) (540,906)
(5,282,015) (492,934)
(49,352) (40,048)
(814,135) -
2,483,282
1,414,755
74,409
295,668
Sales of finished goods to related companies Sales commission paid to related company Purchase of raw materials from related companies Purchase of property, plant and equipment from a related company
(b)
$
Compensation of key management personnel 2012 $ Short-term employee benefits Defined contribution plan Other benefits
Comprise amounts paid to: Directors of the Company
2011 $
409,206 5,751 51,591
393,467 6,918 53,347
466,548
453,732
466,548
453,732
The remuneration of key management personnel is determined by the Company having regard to the performance of individuals and market trends.
24.
Financial risk management objectives and policies The Company is exposed to financial risks arising from its operations and the use of financial instruments. The key financial risks include credit risk, liquidity risk and foreign currency risk. The board of directors reviews and agrees policies and procedures for the management of these risks, which are executed by the Div VP - Corporate Development & Finance, Asia. It is, and has been throughout the current and previous financial year the Company's policy that no
Serial Number: 256988177538819
43
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 derivatives shall be undertaken except for the use as hedging instruments where appropriate and cost-efficient. The Company did not enter into any derivative contracts during the financial year. The following sections provide details regarding the Company's exposure to the above-mentioned financial risks and the objectives, policies and processes for the management of these risks. (a)
Credit risk Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty default on its obligations. The Company's exposure to credit risk arises primarily from trade and other receivables. At the balance sheet date, the Company's maximum exposure to credit risk is represented by the carrying amount of each class of financial assets recognised in the balance sheet. The Company's objective is to seek continual revenue growth while minimising losses incurred due to increased credit risk exposure. The Company trades only with recognised and creditworthy third parties. It is the Company's policy to monitor receivable balances on an ongoing basis with the result that the Company's exposure to bad debts is not unduly significant.
Since the Company trades only with recognised and creditworthy third parties, there is no requirement for collateral. As at 31 December 2012, Nil (2011: 38%) relating to one major trade debtor located in Malaysia. Financial assets that are neither past due nor impaired Trade and other receivables that are neither past due nor impaired are creditworthy debtors with good payment record with the Company. Cash and cash equivalents that are neither past due nor impaired are placed with or entered into with reputable financial institutions with high credit ratings and no history of default. (b)
Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage of funds. The Company's exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of stand-by credit facilities. Analysis of financial instruments by remaining contractual maturities The table below summarises the maturity profile of the Company's financial assets and liabilities at the balance sheet date based on the contractual undiscounted repayment obligations.
Within 1 year $ 2012
Serial Number: 256988177538819
44
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Financial assets: Trade receivables Other receivables Amounts due from related companies Cash and cash equivalents
1,232,612 366,275 759,315 9,572,292
Total undiscounted financial assets
11,930,494
Financial liabilities: Amounts due to related companies Trade and other payables Accrued operating expenses
(3,204,830) (1,784,480) (830,067)
Total undiscounted financial liabilities
(5,819,377)
Total net undiscounted financial assets
6,111,117
2011
(c)
Financial assets: Trade receivables Other receivables Amounts due from related companies Cash and cash equivalents
832,446 783,774 15,107,000 493,481
Total undiscounted financial assets
17,216,701
Financial liabilities: Amounts due to related companies Trade and other payables Accrued operating expenses
(4,058,227) (1,051,170) (649,527)
Total undiscounted financial liabilities
(5,758,924)
Total net undiscounted financial assets
11,457,777
Foreign currency risk
Serial Number: 256988177538819
45
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The Company has transactional currency exposure arising from sales or purchases that are denominated in a currency other than its functional currency, SGD. The foreign currency in which these transactions are denominated is mainly US Dollars (USD). The Company does not enter into foreign exchange contracts to hedge its foreign exchange risk resulting from cashflows from transactions denominated in foreign currencies. However, the Company reviews periodically that its net exposure is kept at an acceptable level. The Company also holds cash and cash equivalents denominated in foreign currencies for working capital purposes. At the end of the reporting period, such foreign currency balances are mainly in USD. Sensitivity analysis for foreign currency risk The following table demonstrates the sensitivity to a reasonably possible change in the USD exchange rates (against SGD), with all other variables held constant, of the Company's profit, net of tax.
Profit, net of tax 2012 2011 $ $ USD/SGD - strengthened 3% (2011: 3%) - weakened 3% (2011: 3%)
25.
(139,189) 139,189
(89,524) 89,524
Fair values of financial statements Fair value is defined as the amount in which an instrument could be exchanged or settled between knowledgeable and willing parties in an arm's length transaction, other than in a forced or liquidation sale. Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value Trade and other receivables, cash and cash equivalents, trade and other payables and accrued operating expenses The carrying amounts of these financial assets and liabilities are reasonable approximation of fair value due to the relatively short-term maturity of the financial instruments.
26.
Capital management
Serial Number: 256988177538819
46
AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The primary objective of the Company's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 31 December 2012 and 31 December 2011.
27.
Event occurring after the reporting period On 12 March 2013, the Company increased its investment in one of its wholly-owned subsidiaries, Ametek Engineered Materials Sdn. Bhd., for a cash consideration of RM11,800,000 (approximately $4,731,000).
28.
Authorisation of financial statements The financial statements for the financial year ended 31 December 2012 were authorised for issue in accordance with a resolution of the directors on 21 October 2013.
Serial Number: 256988177538819
47
AMETEK SINGAPORE PRIVATE LIMITED Registration Number: 198402402E
FINANCIAL STATEMENTS Year ended 31 December 2013
This document contains no signatures as it is system-generated from the full set of Financial Statements filed in XBRL by company with ACRA.
Company Registration No. 198402402E
Gamete Singapore Private Limited Annual Financial Statements 31 December 2013
AMETEK SINGAPORE PRIVATE LIMITED
2
Directors Yew Kerk Peng Volker Dreisbach Francis Lee Yew Seng Frank S. Hermance Lim Meng Kee David A. Zapico John J. Molinelli
(appointed on 1 January 2014) (appointed on 1 January 2014) (appointed on 1 January 2014) (resigned on 1 January 2014) (resigned on 1 January 2014) (resigned on 1 January 2014) (resigned on 30 June 2013)
Company Secretary Yeo Piah Chuan Registered Office 43 Changi South Avenue 2 #04-01 Singapore 486164 Auditor Ernst & Young LLP One Raffles Quay North Tower, Level 18 Singapore 048583 Bankers JPMorgan Chase Bank, N.A. Commonwealth Bank
Index Page Directors’ Report
1
Statement by Directors
4
Independent Auditor’s Report
5
Income Statement
7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Cash Flow Statement
11
Notes to the Financial Statements
12
AMETEK SINGAPORE PRIVATE LIMITED
3
The directors are pleased to present their report together with the audited financial statements of Ametek Singapore Private Limited (the “Company”) for the financial year ended 31 December 2013. Directors The directors of the Company in office at the date of this report are: Yew Kerk Peng Volker Dreisbach Francis Lee Yew Seng
(appointed on 1 January 2014) (appointed on 1 January 2014) (appointed on 1 January 2014)
Arrangements to enable directors to acquire shares and debentures Except as disclosed in this report, neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose objects are, or one of whose object is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. Directors’ interests in shares and debentures The following directors, who held office at the end of the financial year, had, according to the register of directors’ shareholdings required to be kept under Section 164 of the Singapore Companies Act, Chapter 50, an interest in shares and share options of the Company, the Company’s ultimate holding company and related corporations as stated below: Direct interest
Name of director
At the beginning of financial year
At the end of financial year
Deemed interest (1) At the beginning of financial year
At the end of financial year
Ultimate holding company Ametek Inc Ordinary shares of US$0.01 each Frank S. Hermance Lim Meng Kee David A. Zapico
1,902,489 30,839 49,785
1,862,683 16,652 61,899
353,360 – 37,881
360,435 – 39,982
1,706,661 43,983 189,239
1,576,984 13,781 197,999
– – –
– – –
Options to subscribe for ordinary shares of US$0.01 each Frank S. Hermance Lim Meng Kee David A. Zapico
AMETEK SINGAPORE PRIVATE LIMITED
4
Directors’ interests in shares and debentures (cont’d) Direct interest At the beginning of financial year
At the end of financial year
Deemed interest (1) At the beginning of financial year
At the end of financial year
Ultimate holding company Ametek Inc Restricted stock Frank S. Hermance Lim Meng Kee David A. Zapico
218,910 6,032 35,932
108,972 3,402 33,695
– – –
– – –
401 (k) stock John J. Molinelli
1,154
–
–
–
(1) This is allocated pursuant to the AMETEK Retirement and Savings Plan and the AMETEK, Inc. Supplemental Executive Retirement Plan under which shares are automatically distributed on a one-for-one basis upon the participant’s retirement. Except as disclosed in this report, no director who held office at the end of the financial year had interests in shares, share options, warrants or debentures of the Company, or of related corporations, either at the beginning or at the end of the financial year. Directors’ contractual benefits Except as disclosed in the financial statements, since the end of the previous financial year, no director of the Company has received or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with the director, or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest.
AMETEK SINGAPORE PRIVATE LIMITED
5
Auditor Ernst & Young LLP have expressed their willingness to accept reappointment as auditor of the Company.
On behalf of the board of directors,
Francis Lee Yew Seng Director
Yew Kerk Peng Director
Singapore 1 August 2014
AMETEK SINGAPORE PRIVATE LIMITED
6
Statement by Directors
We, Francis Lee Yew Seng and Yew Kerk Peng, being two of the directors of Ametek Singapore Private Limited, do hereby state that, in the opinion of the directors, (a)
the accompanying balance sheet, income statement, statement of comprehensive income, statement of changes in equity and cash flow statement together with notes thereto are drawn up so as to give a true and fair view of the state of affairs of the Company as at 31 December 2013 and the results of the business, changes in equity and cash flows of the Company for the year ended on that date; and
(b)
at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due.
On behalf of the board of directors,
Francis Lee Yew Seng Director
Yew Kerk Peng Director
Singapore 1 August 2014
AMETEK SINGAPORE PRIVATE LIMITED
7
Independent Auditor’s Report For the financial year ended 31 December 2013
Independent Auditor’s Report to the Member of Ametek Singapore Private Limited Report on the Financial Statements We have audited the accompanying financial statements of Ametek Singapore Private Limited (the “Company”) set out on pages 7 to 39, which comprise the balance sheet of the Company as at 31 December 2013, the income statement, statement of comprehensive income, statement of changes in equity and cash flow statement of the Company for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act, Chapter 50 (the “Act”) and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss account and balance sheet and to maintain accountability of assets. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
AMETEK SINGAPORE PRIVATE LIMITED
8
Independent Auditor’s Report (cont’d) For the financial year ended 31 December 2013
Opinion In our opinion, the financial statements of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Company as at 31 December 2013 and the results, changes in equity and cash flows of the Company for the year ended on that date. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act.
Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 1 August 2014
AMETEK SINGAPORE PRIVATE LIMITED
9
Income Statement for the financial year ended 31 December 2013
Note Revenue
4
2013 $
2012 $
19,366,152
22,176,180
Cost of sales
(11,875,568)
(15,058,738)
Gross profit
7,490,584
7,117,442
9,131,398
10,777,487
Administrative expenses
(3,831,163)
(3,795,478)
Other expenses
–
(141,790)
Other income
5
Profit before taxation
6
12,790,819
13,957,661
Taxation
7
(524,008)
(486,883)
12,266,811
13,470,778
12,266,811
13,470,778
Profit for the year Profit for the year attributable to: Owner of the Company
AMETEK SINGAPORE PRIVATE LIMITED
10
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
AMETEK SINGAPORE PRIVATE LIMITED
11
Statement of Comprehensive Income for the financial year ended 31 December 2013
2013 $
2012 $
Profit for the year, net of tax
12,266,811
13,470,778
Other comprehensive income for the year, net of tax
–
–
Total comprehensive income for the year
12,266,811
13,470,778
12,266,811
13,470,778
Total comprehensive income attributable to: Owners of the Company
AMETEK SINGAPORE PRIVATE LIMITED
12
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
AMETEK SINGAPORE PRIVATE LIMITED
13
Balance Sheet as at 31 December 2013
Note Non-current assets Intangible assets Plant and equipment Investment in subsidiaries Investment in associates
8 9 10 11
Current assets Trade receivables Other receivables Amounts due from related companies Inventories Prepayments Cash and cash equivalents
12 13 14 15 16
Current liabilities Trade and other payables Amounts due to related companies Accrued operating expenses Provision for taxation
18 17 18
Net current assets Non-current liability Deferred tax liabilities
19
Net assets Equity attributable to owner of the Company Share capital Accumulated profits Total equity
20
2013 $
2012 $
– 1,233,274 7,844,210 1,239,275
– 1,549,060 3,035,339 1,239,275
10,316,759
5,823,674
2,086,356 542,194 976,800 3,495,007 151,534 1,751,994
1,232,612 366,275 759,315 2,998,446 189,253 9,572,292
9,003,885
15,118,193
1,269,122 140,499 661,163 671,517
1,748,480 3,204,830 830,067 715,561
2,742,301
6,498,938
6,261,584
8,619,255
148,873
148,873
16,429,470
14,294,056
8,711,094 7,718,376
8,711,094 5,582,962
16,429,470
14,294,056
AMETEK SINGAPORE PRIVATE LIMITED
14
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
AMETEK SINGAPORE PRIVATE LIMITED
15
Statement of Changes in Equity for the financial year ended 31 December 2013
Attributable to owners of the Company Share capital (Note 20) $
2013
Accumulated profits $
Total $
As at 1 January
8,711,094
5,582,962
14,294,056
Profit for the year, net of tax
–
12,266,811
12,266,811
Other comprehensive income for the year
–
–
–
Total comprehensive income for the year
–
12,266,811
12,266,811
Dividends on ordinary shares (Note 21)
–
(10,131,397)
(10,131,397)
Total transactions with owners in their capacity as owners
–
(10,131,397)
(10,131,397)
As at 31 December
8,711,094
7,718,376
16,429,470
As at 1 January
8,711,094
11,231,374
19,942,468
Profit for the year, net of tax
–
13,470,778
13,470,778
Other comprehensive income for the year
–
–
–
Total comprehensive income for the year
–
13,470,778
13,470,778
Dividends on ordinary shares (Note 21)
–
(19,119,190)
(19,119,190)
Total transactions with owners in their capacity as owners
–
(19,119,190)
(19,119,190)
As at 31 December
8,711,094
5,582,962
14,294,056
Contributions by and distribution to owners
2012
Contributions by and distribution to owners
AMETEK SINGAPORE PRIVATE LIMITED
16
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
AMETEK SINGAPORE PRIVATE LIMITED
17
Cash Flow Statement for the financial year ended 31 December 2013
2013 $
2012 $
Operating activities Profit before taxation
12,790,819
13,957,661
Adjustments for : Depreciation of plant and equipment Loss on disposal of plant and equipment Impairment loss on investment in associates
497,680 9,187 –
533,893 – 141,790
Operating cash flows before changes in working capital Increase in trade receivables (Increase)/decrease in other receivables and prepayments Increase in inventories (Decrease)/increase in amounts due to related companies, net (Decrease)/increase in trade and other payables and accrued operating expenses
13,297,686 (853,744) (138,200) (496,561) (3,281,816)
14,633,344 (400,166) 673,654 (503,249) 13,494,288
(648,262)
877,850
Cash flows generated from operating activities Income tax paid
7,879,103 (568,052)
28,775,721 (195,642)
Net cash flows generated from operating activities
7,311,051
28,580,079
Investing activities Purchase of plant and equipment Proceeds from disposal of plant and equipment Additional investment in a subsidiary
(345,040) 153,959 (4,808,871)
(386,659) 4,581 –
Net cash flows used in investing activities
(4,999,952)
(382,078)
Financing activity Dividends paid on ordinary shares (Note 21)
(10,131,397)
(19,119,190)
Net cash flows used in financing activity
(10,131,397)
(19,119,190)
Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of year
(7,820,298) 9,572,292
9,078,811 493,481
Cash and cash equivalents at the end of year (Note 16)
1,751,994
9,572,292
AMETEK SINGAPORE PRIVATE LIMITED
18
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
AMETEK SINGAPORE PRIVATE LIMITED
19
1.
Corporate information Ametek Singapore Private Limited (the “Company”) is a private limited company which is incorporated and domiciled in Singapore. The Company is a subsidiary of Ametek European Holdings Limited, incorporated in the United Kingdom. The ultimate holding company is Ametek Inc, incorporated in the United States of America (“USA”). The registered office and principal place of business of the Company is located at No. 43 Changi South Avenue 2, #04-01, Singapore 486164. The principal activities of the Company are sourcing, procurement and purchasing of materials, providing marketing and management services to its related companies within the region, import and export motors, and providing aircraft part repair services to customers. There have been no significant changes in the nature of these activities during the year. The principal activities of the subsidiaries are disclosed in Note 10 to the financial statements. Related companies in these financial statements refer to subsidiaries of Ametek Inc.
2.
Summary of significant accounting policies
2.1
Basis of preparation The financial statements of the Company have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”). The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. The financial statements are presented in Singapore Dollars (“SGD” or “$”), except when otherwise stated.
2.2
Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the Company has adopted all the new and revised standards and Interpretations of FRS (INT FRS) that are effective for annual periods beginning on or after 1 January 2013. The adoption of these standards and interpretations did not have any effect on the financial performance or position of the Company. Accordingly to the transition provisions of FRS 113 Fair Value Measurement, FRS 113 has been applied prospectively by the Company on 1 January 2013.
AMETEK SINGAPORE PRIVATE LIMITED
20
2.
Summary of significant accounting policies (cont’d)
2.3
Standards issued but not yet effective The Company has not adopted the following standards and interpretations that have been issued but not yet effective: Effective for annual periods beginning on or after
Description Revised FRS 27 Separate Financial Statements Revised FRS 28 Investments in Associates and Joint Ventures FRS 110 Consolidated Financial Statements FRS 111 Joint Arrangements FRS 112 Disclosure of Interests in Other Entities Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities
1 January 2014 1 January 2014 1 January 2014 1 January 2014 1 January 2014 1 January 2014
The directors expect that the adoption of the standards and interpretations above will have no material impact on the financial statements in the period of initial application. 1.4
Functional and foreign currency (a)
Functional currency The management has determined the currency of the primary economic environment in which the Company operates i.e. functional currency, to be Singapore dollars. Sales prices and major costs of providing goods and services including major operating expenses are primarily influenced by fluctuations in Singapore dollars.
(b)
Foreign currency transactions Transactions in foreign currencies are measured in the functional currency of the Company and are recorded on initial recognition in the functional currency at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate of exchange ruling at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the reporting period are recognised in profit or loss.
2.5
Subsidiaries A subsidiary is an entity over which the Company has the power to govern the financial and operating policies so as to obtain benefits from its activities. In the Company’s financial statements, investment in subsidiaries is accounted for at cost less impairment losses.
AMETEK SINGAPORE PRIVATE LIMITED
21
2.
Summary of significant accounting policies (cont’d)
2.6
Basis of consolidation In accordance with Singapore Financial Reporting Standard 27 and Section 201(3B) of the Companies Act, Chapter 50, the financial statements of the subsidiaries have not been consolidated with that of the Company as the Company is itself a wholly-owned subsidiary of a public listed company incorporated in U.S.A. The financial statements of the Company and its subsidiaries have been consolidated with the financial statements of its ultimate holding company, Ametek Inc, whose corporate office is at 1100 Cassatt Road, Berwyn, PA 19312-1177.
2.7
Associates An associate is an entity, not being a subsidiary or a joint venture, in which the Company has significant influence. An associate is equity accounted for from the date the Company obtains significant influence until the date the Company ceases to have significant influence over the associate. The Company’s investments in associates are accounted for using the equity method. Under the equity method, the investment in associates is carried in the balance sheet at cost plus post-acquisition changes in the Company’s share of net assets of the associates. Goodwill relating to associates is included in the carrying amount of the investment and is neither amortised nor tested individually for impairment. Any excess of the Company’s share of the net fair value of the associate’s identifiable assets, liabilities and contingent liabilities over the cost of the investment is included as income in the determination of the Company’s share of results of the associate in the period in which the investment is acquired. The profit or loss reflects the share of the results of operations of the associates. Where there has been a change recognised in other comprehensive income by the associates, the Company recognises its share of such changes in other comprehensive income. Unrealised gains and losses resulting from transactions between the Company and the associate are eliminated to the extent of the interest in the associates. The Company’s share of the profit or loss of its associates is the profit attributable to equity holders of the associate and, therefore is the profit or loss after tax and non-controlling interests in the subsidiaries of associates. When the Company’s share of losses in an associate equals or exceeds its interest in the associate, the Company does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate. After application of the equity method, the Company determines whether it is necessary to recognise an additional impairment loss on the Company’s investment in its associates. The Company determines at the end of each reporting period whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount in profit or loss. The financial statements of the associates are prepared as of the same reporting date as the Company. Where necessary, adjustments are made to bring the accounting policies in line with those of the Company. Upon loss of significant influence over the associate, the Company measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the aggregate of the retained investment and proceeds from disposal is recognised in profit or loss.
AMETEK SINGAPORE PRIVATE LIMITED
22
2.
Summary of significant accounting policies (cont’d)
2.8
Plant and equipment All items of plant and equipment are initially recorded at cost. Such cost includes the cost of replacing the part of the plant and equipment and borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying plant and equipment. The cost of an item of plant and equipment is recognised as an asset if, and only if, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Subsequent to recognition, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. When significant parts of plant and equipment are required to be replaced in intervals, the Company recognises such parts as individual assets with specific useful lives and depreciation, respectively. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: Computers Office equipment Furniture and fittings Office renovation Motor vehicles Machinery and equipment
-
3 – 7 years 5 years 5 years 5 years 4 years 3 – 7 years
The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The residual values, useful life and depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate. An item of plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in profit or loss in the year the asset is derecognised. 2.9
Intangible assets Intangible assets acquired separately are measured initially at cost. The cost of intangible assets acquired in a business combination is their fair value as at the date of acquisition. Following initial acquisition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite.
AMETEK SINGAPORE PRIVATE LIMITED
23
2.
Summary of significant accounting policies (cont’d)
2.9
Intangible assets (cont’d) Intangible assets with finite useful lives are amortised over the estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category consistent with the function of the intangible asset. Each category of intangible assets is amortised over the following periods: Non-competition payment
-
10 years
Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortised. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. 2.10
Impairment of non-financial assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment assessment for an asset is required, the Company makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Company of assets. Where the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows expected to be generated by the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, an appropriate valuation model is used. Impairment losses are recognised in profit or loss except for assets that are previously revalued where the revaluation was taken to other comprehensive income. In this case, the impairment is also recognised in other comprehensive income up to the amount of any previous revaluation.
AMETEK SINGAPORE PRIVATE LIMITED
24
2.
Summary of significant accounting policies (cont’d)
2.10
Impairment of non-financial assets (cont’d) An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses recognised may no longer exist or may have decreased. If such indication exists, the Company estimates the asset’s or cash-generating unit’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss be recognised previously. Such reversal is recognised in profit or loss unless the asset is measured at revalued amount, in which case the reversal is treated as a revaluation increase.
2.11
Financial instruments (a)
Financial assets Financial assets are recognised on the balance sheet when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial assets at initial recognition. When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs. A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss. i)
Regular way purchase or sale of a financial asset All regular way purchases and sales of financial assets are recognised or derecognised on the trade date i.e. the date that the Company commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned.
ii)
Loans and receivables Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired and through the amortisation process.
AMETEK SINGAPORE PRIVATE LIMITED
25
2.
Summary of significant accounting policies (cont’d)
2.11
Financial instruments (cont’d) (b)
Financial liabilities Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. Subsequent to initial recognition, all financial liabilities that are not carried at fair value through profit or loss are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised and through the amortisation process. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss.
(c)
Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is presented in the balance sheets, when and only when, there is a currently enforceable legal right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
2.12
Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and accounted for as loans and receivables under FRS 39. The accounting policy for this category of financial assets is stated in Note 2.11.
2.13
Impairment of financial assets The Company assesses at each balance sheet date whether there is any objective evidence that a financial asset is impaired. (a)
Financial assets carried at amortised cost For financial assets carried at amortised cost, the Company first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a Company of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment.
AMETEK SINGAPORE PRIVATE LIMITED
26
2.
Summary of significant accounting policies (cont’d)
2.13
Impairment of financial assets (cont’d) (a) Financial assets carried at amortised cost (cont’d) If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in profit or loss. When the asset becomes uncollectible, the carrying amount of impaired financial assets is reduced directly or if an amount was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying value of the financial asset. To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss. (b)
Financial assets carried at cost If there is objective evidence (such as significant adverse changes in the business environment where the issuer operates, probability of insolvency or significant financial difficulties of the issuer) that an impairment loss on financial assets carried at cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment losses are not reversed in subsequent periods.
2.14
Inventories Inventories consisting of finished goods are stated at the lower of cost determined on weighted average basis, and net realisable value. Cost includes all cost of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Where necessary, allowance is provided for damaged, obsolete and slow moving items to adjust the carrying value of inventories to the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the estimated cost necessary to make the sale.
AMETEK SINGAPORE PRIVATE LIMITED
27
2.
Summary of significant accounting policies (cont’d)
2.15
Provisions Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation can be estimated reliably. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
2.16
Employee benefits (a)
Defined contribution plans The Company participates in the national pension schemes as defined by the laws of the countries in which it has operations. In particular, the Company makes contributions to the Central Provident Fund scheme in Singapore, a defined contribution pension scheme. Contributions to defined contribution pension schemes are recognised as an expense in the period in which the defined service is performed.
(b)
Employee leave entitlement Employee entitlements to annual leave are recognised as a liability when they are accrued to the employees. The estimated liability for leave is recognised for services rendered by employees up to the balance sheet date.
2.17
Leases The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at inception date: whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset. For arrangements entered into prior to 1 January 2005, the date of inception is deemed to be 1 January 2005 in accordance with the transitional requirements of INT FRS 104. As lessee Operating lease payments are recognised as an expense in profit or loss on a straight-line basis over the lease term. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense over the lease term on a straight-line basis.
AMETEK SINGAPORE PRIVATE LIMITED
28
2.
Summary of significant accounting policies (cont’d)
2.18
Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable, excluding discounts, rebates, and sales taxes or duty. The following specific recognition criteria must also be met before revenue is recognised: (a)
Sale of goods Revenue from sale of goods is recognised upon the transfer of significant risks and rewards of ownership of the goods to the customer. Revenue is not recognised to the extent where there are significant uncertainties regarding recovery of the consideration due, associated costs or the possible return of goods.
(b)
Dividend income Dividend income is recognised when the Company’s right to receive payment is established.
2.19
Taxes (a)
Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the end of reporting period, in the countries where the Company operates and generates taxable income. Current income taxes are recognised in profit or loss except to the extent that tax relates to items recognised outside profit or loss, either in other comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situation is in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
(b)
Deferred tax Deferred tax is provided using the liability method on temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are recognised for all temporary differences, except where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
AMETEK SINGAPORE PRIVATE LIMITED
29
2.
Summary of significant accounting policies (cont’d)
2.19
Taxes (cont’d) (b)
Deferred tax (cont’d) Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. The carrying amount of deferred tax assets is reviewed at end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of each reporting period and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the end of each reporting period. Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
(c)
Sales tax Revenues, expenses and assets are recognised net of the amount of sales tax except:
Where the sales tax incurred in a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
Receivables and payables that are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables on the balance sheet.
AMETEK SINGAPORE PRIVATE LIMITED
30
2.
Summary of significant accounting policies (cont’d)
2.20
Related parties A related party is defined as follows: (a)
(b)
A person or a close member of that person’s family is related to the Company if that person: (i)
Has control or joint control over the Company;
(ii)
Has significant influence over the Company; or
(iii)
Is a member of the key management personnel of the Company or of a parent of the Company.
An entity is related to the Company if any of the following conditions applies: (i)
The entity and the Company are members of the same Company (which means that each parent, subsidiary and fellow subsidiary is related to the others).
(ii)
One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a Company of which the other entity is a member).
(iii)
Both entities are joint ventures of the same third party.
(iv)
One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v)
The entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company. If the Company is itself such a plan, the sponsoring employers are also related to the Company;
(vi)
The entity is controlled or jointly controlled by a person identified in (a);
(vii)
A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).
AMETEK SINGAPORE PRIVATE LIMITED
31
3.
Significant accounting judgment and estimates The preparation of the Company’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods.
3.1
Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (a)
Useful lives and residual value of plant and equipment The cost of plant and equipment is depreciated on a straight-line basis over their estimated useful lives. Management estimates the useful lives of these plant and equipment to be within 3 to 7 years. These are common life expectancies applied in the motors industry. Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore, future depreciation charges could be revised. The carrying amount of the Company’s plant and equipment at the balance sheet date is disclosed in Note 9 to the financial statements.
(b)
Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Goodwill and other indefinite life intangibles are tested for impairment annually and at other times when such indicators exist. Other non-financial assets are tested for impairment when there are indictors that the carrying amounts may not be recoverable. When value in use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present value of those cash flows.
(c)
Impairment of loans and receivables The Company assesses at each balance sheet date whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective evidence of impairment, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. Where there is objective evidence of impairment, the amount and timing of future cash flows are estimated based on historical loss experience for assets with similar credit risk characteristics. The carrying amount of the Company’s loans and receivable at the balance sheet date is disclosed in Note 12 to the financial statements.
AMETEK SINGAPORE PRIVATE LIMITED
32
3.
Significant accounting judgement and estimates (cont’d)
3.1
Key sources of estimation uncertainty (cont’d) (d)
Income taxes Significant judgement is involved in determining the Company’s provision for income taxes. There are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The carrying amount of the Company’s tax payable at 31 December 2013 was $671,517 (2012: $715,561).
4.
Revenue
Sale of goods Provision of services
5.
2012 $
19,056,275 309,877
21,887,687 288,493
19,366,152
22,176,180
2013 $
2012 $
9,131,398
10,777,487
Other income
Dividend income
6.
2013 $
Profit before taxation The following items have been included in arriving at profit before taxation: 2013 $ Depreciation of plant and equipment Loss on disposal of plant and equipment Impairment loss on investment in associates Net foreign exchange gain Operating lease expense (Note 22) Staff costs - Salaries, bonus and other costs - Employer’s contribution to defined contribution plan Central Provident Fund & AMP
2012 $
497,680 9,187 – (36,563) 365,237
533,893 – 141,790 (83,539) 340,247
5,594,190
5,171,311
491,896
461,770
including
AMETEK SINGAPORE PRIVATE LIMITED
33
7.
Taxation (a)
Major components of income tax expense The major components of income tax expenses for the years ended 31 December 2013 and 2012 are: 2013 $ Current income tax Current income taxation Over provision in respect of previous years
Deferred tax expense Original and reversal of temporary differences
Income tax expense recognised in profit or loss
(b)
2012 $
624,008 (100,000)
510,666 –
524,008
510,666
–
(23,783)
–
(23,783)
524,008
486,883
Relationship between income tax expense and accounting profit A reconciliation between the income tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the years ended 31 December 2013 and 2012 is as follows: 2013 $
2012 $
Profit before taxation
12,790,819
13,957,661
Tax at 17% Income not subject to taxation Effect of partial tax exemption Effect of tax relief and tax rebate Non-deductible expenses Over provision in respect of previous years Others
2,174,439 (1,552,338) (25,925) (88,319) 67,828 (100,000) 48,323
2,372,802 (1,832,173) (25,925) (168,936) 34,368 – 106,747
524,008
486,883
AMETEK SINGAPORE PRIVATE LIMITED
34
8.
Intangible assets Non-competit ion payment * Cost At 31 December 2012, 1 January 2013 and 31 December 2013
4,560,156
Accumulated amortisation At 31 December 2012, 1 January 2013 and 31 December 2013
4,560,156
Net carrying amount At 31 December 2012
–
At 31 December 2013
–
*
These intangible assets were acquired in connection with the operations of the associated companies.
AMETEK SINGAPORE PRIVATE LIMITED
35
9.
1,403,574 73,855 – 1,477,429 268,699 – 1,746,128
484,469 232,179 – 716,648 251,141 – 967,789
760,781 778,339
At 31 December 2012 and 1 January 2013 Additions Disposals
At 31 December 2013
Accumulated depreciation At 1 January 2012 Charge for the year Disposals
At 31 December 2012 and 1 January 2013 Charge for the year Disposals
At 31 December 2013
Net carrying amount At 31 December 2012
At 31 December 2013
Machinery and equipment $
Cost At 1 January 2012 Additions Disposals
Plant and equipment
148,176
207,678
230,436
223,724 80,492 (73,780)
159,221 65,968 (1,465)
378,612
431,402 20,990 (73,780)
356,701 80,746 (6,045)
Computers $
247,514
272,172
212,497
134,729 77,768 –
93,088 50,184 (8,543)
460,011
406,901 53,110 –
210,896 204,549 (8,544)
Furniture and fittings $
37,629
88,986
687,773
636,416 51,357 –
492,493 143,923 –
725,402
725,402 – –
702,893 22,509 –
Office renovation $
–
189,662
–
46,402 26,516 (72,918)
19,886 26,516 –
–
236,064 – (236,064)
236,064 – –
Motor vehicle $
AMETEK SINGAPORE PRIVATE LIMITED
21,616
29,781
52,088
48,132 10,406 (6,450)
67,870 15,123 (34,861)
73,704
77,913 2,241 (6,450)
107,774 5,000 (34,861)
Office equipment $
36
1,233,274
1,549,060
2,150,583
1,806,051 497,680 (153,148)
1,317,027 533,893 (44,869)
3,383,857
3,355,111 345,040 (316,294)
3,017,902 386,659 (49,450)
Total $
10.
Investment in subsidiaries
Unquoted shares, at cost
2013 $
2012 $
7,844,210
3,035,339
The details of the subsidiaries are as follows:
Name of company
Country of incorporation
Principal activities
Proportion (%) of ownership interest 2013 2012 % %
Held by the Company Ametek Motors Asia Pte Ltd (1)
Singapore
Investment holding
100
100
Ametek Commercial Enterprise (Shanghai) Co. Ltd. (2)
People’s Republic of China (“PRC”)
100 Imports, exports, wholesales and agency of motors and instruments and related spare parts; demonstration of spectroscopic and measuring instruments in bonded area and international trading, entrepot trading, trading between entities in bonded area and being agent of trading for other entities in the area
100
Ametek Instruments India Pte Ltd (3)
India
Marketing, dealing, providing technical assistant and after sales services and providing software development in respect of equipment, appliances and other industrial products
100
100
Ametek Engineered Materials Sdn Bhd (4) (5)
Malaysia
Manufacturing of 100 aluminium/copper bonding wire and ribbon; packaging of bond pads.
100
People’s Republic of China (“PRC”)
Manufacturing and assembly of 100 vacuum cleaner motors
100
Held through a subsidiary Ametek Motors Shanghai Co., Ltd. (2) (1) (2) (3) (4) (5)
Audited by Ernst & Young LLP, Singapore. Audited by Ernst & Young, Shanghai. Audited by S.V. Ghatalia & Associates. Audited by Ernst & Young, Malaysia. During the year, the Company made additional investment of $4,808,871 in Ametek Engineered Materials Sdn Bhd. There is no change in the ownership interest.
AMETEK SINGAPORE PRIVATE LIMITED
37
11.
Investment in associates 2013 $
2012 $
Unquoted shares, at cost Less: Impairment loss
1,381,065 (141,790)
1,381,065 (141,790)
Carrying amount after impairment loss
1,239,275
1,239,275
The details of the associates are as follows:
Name of company
Country of incorporation
Principal activities
Held by the Company
Proportion (%) of ownership interest 2013 2012 % %
Amekai Singapore Pte Ltd (Singapore) (1)
Singapore
Investment holding
50
50
Amekai Taiwan Co. Ltd (Taiwan) (2)
Taiwan
Importer and exporter of meter gauges
50
50
People’s Republic of China (“PRC”)
Manufacturing of gauges
100
100
Held by Amekai Singapore Pte Ltd Amekai (Meter) Xiamen Co., Ltd (2) (1) (2)
Audited by Ernst & Young LLP, Singapore Audited by Ernst & Young, Taipei
The summarised financial information of the associates, not adjusted for the proportion of ownership interest held by the Company, is as follows: 2013 $
2012 $
Assets and liabilities: Current assets Non-current assets
11,586,199 1,222,935
9,476,726 1,433,894
Total assets
12,809,134
10,910,620
Current liabilities Non-current liabilities
12,421,996 1,042,616
11,878,399 980,903
Total liabilities
13,464,612
12,859,302
Results: Revenue
20,908,474
16,436,260
Profit/(loss) for the year
1,379,125
241,786
AMETEK SINGAPORE PRIVATE LIMITED
38
12.
Trade receivables 2013 $
2012 $
Trade receivables
2,086,356
1,232,612
Other receivables (Note 13) Amounts due from related companies (Note 14)
542,194 976,800
366,275 759,315
Total trade and other receivables Add: Cash and cash equivalents (Note 16)
3,605,350 1,751,994
2,358,202 9,572,292
Total loans and receivables
5,357,344
11,930,494
Trade receivables Trade receivables are non-interest bearing and are generally on 30 to 90 days’ terms. They are denominated in United States Dollar and are recognised at their original invoice amounts which represent their fair values on initial recognition. Receivables that are past due but not impaired The Company has trade receivables amounting to $603,305 (2012: $550,344) that are past due at the balance sheet date but not impaired. These receivables are unsecured and the analysis of their aging at the balance sheet date is as follows: 2013 $ Trade receivables past due: Lesser than 30 days 30 to 60 days 61 to 90 days 91 to 120 days
2012 $
461,809 89,519 23,412 28,565
346,827 41,145 21,617 140,755
603,305
550,344
The Company does not have any trade receivables that are impaired as at 31 December 2013 and 31 December 2012.
AMETEK SINGAPORE PRIVATE LIMITED
39
13.
Other receivables 2013 $ Deposits Sundry receivables
14.
2012 $
54,024 488,170
54,024 312,251
542,194
366,275
Amounts due from related companies 2013 $ Ultimate holding company - Trade Related companies - Trade Subsidiary companies - Non-trade
2012 $
864,063
614,957
101,188
139,714
11,549
4,644
976,800
759,315
All the above trade and non-trade balances are unsecured, non-interest bearing, repayable on demand and are expected to be settled in cash. Amounts due from related companies denominated in foreign currencies as at 31 December are as follows: 2013 $ United States Dollar
15.
3,692
2012 $ 58,734
Inventories 2013 $ Balance sheet: Finished goods
Income statement: Inventories recognised as an expense in cost of sales
2012 $
3,495,007
2,998,446
11,561,507
14,757,701
AMETEK SINGAPORE PRIVATE LIMITED
40
16.
Cash and cash equivalents Cash and cash equivalents comprise the following as at 31 December: 2013 $ Cash at bank and on hand
1,751,994
2012 $ 9,572,292
Cash and cash equivalents are denominated in the following currencies: 2013 $ United States Dollar Hong Kong Dollar Australian Dollar Singapore Dollar
17.
2012 $
1,109,957 18 64,922 577,097
9,296,403 18 – 275,871
1,751,994
9,572,292
Amounts due to related companies 2013 $ Related companies - Trade - Non-trade Subsidiary company - Non-trade
2012 $
136,379 –
210,371 44,696
4,120
2,949,763
140,499
3,204,830
All the amounts due to related companies are unsecured, non-interest bearing, repayable on demand and are expected to be settled in cash. Amounts due to related companies denominated in foreign currencies as at 31 December are as follows: 2013 $ United States Dollar Euro
140,499 –
2012 $ 3,148,565 11,569
AMETEK SINGAPORE PRIVATE LIMITED
41
18.
Trade and other payables 2013 $
2012 $
Trade payables Other payables
1,176,047 93,075
1,619,951 128,529
Total trade and other payables Amounts due to related companies (Note 17) Accrued operating expenses
1,269,122 140,499 661,163
1,748,480 3,204,830 830,067
Total financial liabilities carried at amortised cost
2,070,784
5,783,377
Trade payables Trade payables are non-interest bearing and are normally settled on 30 to 60 days’ terms. Trade payables denominated in foreign currency as at 31 December are as follows: 2013 $ United States Dollar Euro
19.
1,117,925 3,560
2012 $ 1,566,925 –
Deferred tax liabilities Deferred tax liabilities as at 31 December relates to the following: 2013 $
2012 $
Deferred tax liabilities: Differences in depreciation for tax purposes
20.
148,873
148,873
Share capital 2013 $
2012 $
Issued and fully paid: At beginning and end of the year 8,711,094 (2012: 8,711,094) ordinary shares
8,711,094
8,711,094
The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restriction. The ordinary shares have no par value.
AMETEK SINGAPORE PRIVATE LIMITED
42
21.
Dividends 2013 $
2012 $
10,131,397
19,119,190
Declared and paid during the financial year: Dividends on ordinary shares: - Final exempt (one-tier) dividend for $1.16 (2012: $2.19) per share
22.
Operating lease commitments As lessee The Company has entered into commercial leases for the use of premises as lessee. These leases have remaining life of less than 1 year with no purchase options and escalation clauses included in the contracts. There are no restrictions placed upon the Company by entering into these leases. Operating lease payments recognised in the income statement during the year amounted to $365,237 (2012: $340,247). Future minimum rental payable under non-cancellable leases as at 31 December are as follows: 2013 $ Within one year
23.
2012 $
61,514
57,669
Related party transactions (a)
Sale and purchase of goods and services In addition to the related party information disclosed elsewhere in the financial statements, the following significant transactions between the Company and related parties took place at terms agreed between the parties during the year: 2013 $
2012 $
Service income from: Ultimate holding company Related companies
(287,203) (22,673)
(261,448) (27,045)
Reimbursement of expenses from: Ultimate holding company Related companies
(5,696,302) (453,464)
(5,135,283) (540,906)
(260,765) – 2,047,006
(49,352) (40,048) 2,483,282
8,401
74,409
Sales of finished goods to related companies Sales commission paid to related company Purchase of raw materials from related companies Purchase of plant and equipment from a related company
AMETEK SINGAPORE PRIVATE LIMITED
43
23.
Related party transactions (cont’d) (b)
Compensation of key management personnel 2013 $ Short-term employee benefits Defined contribution plan Other benefits
Comprise amounts paid to: Directors of the Company
2012 $
429,700 5,951 54,777
409,206 5,751 51,591
490,428
466,548
490,428
466,548
The remuneration of key management personnel is determined by the Company having regard to the performance of individuals and market trends. 24.
Financial risk management objectives and policies The Company is exposed to financial risks arising from its operations and the use of financial instruments. The key financial risks include credit risk, liquidity risk and foreign currency risk. The board of directors reviews and agrees policies and procedures for the management of these risks, which are executed by the Div VP - Corporate Development & Finance, Asia. It is, and has been throughout the current and previous financial year the Company’s policy that no derivatives shall be undertaken except for the use as hedging instruments where appropriate and cost-efficient. The Company did not enter into any derivative contracts during the financial year. The following sections provide details regarding the Company’s exposure to the above-mentioned financial risks and the objectives, policies and processes for the management of these risks. (a)
Credit risk Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty default on its obligations. The Company’s exposure to credit risk arises primarily from trade and other receivables. At the balance sheet date, the Company’s maximum exposure to credit risk is represented by the carrying amount of each class of financial assets recognised in the balance sheet. The Company’s objective is to seek continual revenue growth while minimising losses incurred due to increased credit risk exposure. The Company trades only with recognised and creditworthy third parties. It is the Company’s policy to monitor receivable balances on an ongoing basis with the result that the Company’s exposure to bad debts is not unduly significant. Since the Company trades only with recognised and creditworthy third parties, there is no requirement for collateral.
AMETEK SINGAPORE PRIVATE LIMITED
44
24.
Financial risk management objectives and policies (cont’d) (a)
Credit risk (cont’d) Financial assets that are neither past due nor impaired Trade and other receivables that are neither past due nor impaired are creditworthy debtors with good payment record with the Company. Cash and cash equivalents that are neither past due nor impaired are placed with or entered into with reputable financial institutions with high credit ratings and no history of default.
(b)
Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage of funds. The Company’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of stand-by credit facilities. Analysis of financial instruments by remaining contractual maturities The table below summarises the maturity profile of the Company’s financial assets and liabilities at the balance sheet date based on the contractual undiscounted repayment obligations. Within 1 year $ 2013 Financial assets: Trade receivables Other receivables Amounts due from related companies Cash and cash equivalents
2,086,356 542,194 976,800 1,751,994
Total undiscounted financial assets
5,357,344
Financial liabilities: Amounts due to related companies Trade and other payables Accrued operating expenses
(140,499) (1,269,122) (661,163)
Total undiscounted financial liabilities
(2,070,784)
Total net undiscounted financial assets
3,286,560
AMETEK SINGAPORE PRIVATE LIMITED
45
24.
Financial risk management objectives and policies (cont’d) (b)
Liquidity risk (cont’d) Within 1 year $
(c)
2012 Financial assets: Trade receivables Other receivables Amounts due from related companies Cash and cash equivalents
1,232,612 366,275 759,315 9,572,292
Total undiscounted financial assets
11,930,494
Financial liabilities: Amounts due to related companies Trade and other payables Accrued operating expenses
(3,204,830) (1,784,480) (830,067)
Total undiscounted financial liabilities
(5,819,377)
Total net undiscounted financial assets
6,111,117
Foreign currency risk The Company has transactional currency exposure arising from sales or purchases that are denominated in a currency other than its functional currency, SGD. The foreign currency in which these transactions are denominated is mainly US Dollars (USD). The Company does not enter into foreign exchange contracts to hedge its foreign exchange risk resulting from cashflows from transactions denominated in foreign currencies. However, the Company reviews periodically that its net exposure is kept at an acceptable level. The Company also holds cash and cash equivalents denominated in foreign currencies for working capital purposes. At the end of the reporting period, such foreign currency balances are mainly in USD.
AMETEK SINGAPORE PRIVATE LIMITED
46
24.
Financial risk management objectives and policies (cont’d) (c)
Foreign currency risk (cont’d) Sensitivity analysis for foreign currency risk The following table demonstrates the sensitivity to a reasonably possible change in the USD exchange rates (against SGD), with all other variables held constant, of the Company’s profit, net of tax.
2013 $ USD/SGD - strengthened 3% (2012: 3%) - weakened 3% (2012: 3%)
25.
Profit, net of tax 2012 $
58,247 (58,247)
(139,189) 139,189
Fair values of financial statements
Fair value is defined as the amount in which an instrument could be exchanged or settled between knowledgeable and willing parties in an arm’s length transaction, other than in a forced or liquidation sale. Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value Trade and other receivables, amount due from/(to) related companies, cash and cash equivalents, trade and other payables and accrued operating expenses The carrying amounts of these financial assets and liabilities are reasonable approximation of fair value due to the relatively short-term maturity of the financial instruments. 26.
Capital management The primary objective of the Company’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 31 December 2013 and 31 December 2012.
27.
Authorisation of financial statements The financial statements for the financial year ended 31 December 2013 were authorised for issue in accordance with a resolution of the directors on 1 August 2014.
AMETEK SINGAPORE PRIVATE LIMITED
47
I
BILAN - ACTIF
DGFiP
- 6 ..NUV. l012 Depose au Gre ff ele.......... I
Fommlaire obligatoire (article 53 A du Code general des impOts)
,
Duree de l'exercice exprimee en nombre de mois* ~
Designation de l'entreprise SAS ANTAVIA
Duree de l'exercice precedent* ~
33 route de Toulouse 82170 DIEUPENTALE
Adresse de I' entreprise
I 3 I 41 3 I 91
Numero SIRET*
41 61 2
"'° (.?) ?.h' A"~ ~"'~ /'u~AIJ
I8 I l I0 I0 I0 I2 I3 I
I
e N clos le, ~~;:l'Q.12011
'
Brut I
Frais~d'etablissement
*
~ Frais de developpement * ~
0
u
19 056
Al
d
Autres immobilisations incorporelles
AJ
AK
2'i
Avances et acomptes sur immobilisations incorporelles
AL
IAM
Terrains
AN
AO
Constructions
AP
Installations techniques, materiel et outillage industriels
AR
~
~
"'0z
u f:::
;;;
~
d
b
u
-<
~
AH
0
0
CQ
Fonds commercial (1)
a:l
Autr~s
AT
immobilisations corporelles
>
19 056 .,
480 043
140 648
130 953
178 625
AU
. 136 192
42 433
29 880
68 743
14 517
I 578
I 578
18 197
16 259
334 484
274 347
AX
AY
E
CT
...~
Autres participations
cs cu
CV
Creances rattachees it des participations
BB
BC
f:::
Autres titres immobilises
BD
d
"'0
Pre ts
BF
2'i
Autres immobilisations financieres*
BH
18 197
BI
TOTAL (II) BJ
I 616 946
BK
;;;
19 056
AS
Particig,ations evaluees selon la met ode de mise en equivalence
"'~
1 307
/7J
620 692
Avances et acomptes
u
45
)/
-~_;,.;,r
62 100
68 743 IAW
OS
,.... '\ ".,;
42 518
AV
~
..
/-,.
""'-
620 430
Immobilisations en cours
"'Ul
;::...
r..}..Cl:JJ
AQ
"' ::;:
I
Net 4
662 948
2'i
0
-
ex
s "'Ul .J .J ::l 0
...-!,
\~ .,. ,
AG
I
-~.~1 ·' <1 !'""l z . ,_;i:.;
AC
47 102
"'::;:0
~
I
D*
Neant N-1 3l/l2/2010
">~ •
AB AF
;;;
d
,,
Concessions, brevets et droits similaires
"'""
-~ VJ
A•o. .
(I) AA
Capital souscrit non appele Ul ·f::S"'
N° 2050 2012
.l 578
-
BE BG
::;:
Matieres premieres, approvisionnements
BL
BM
En cours de production de biens
BN
BO
En cours de production de services
BP
Produits intermediaires et finis
BR
-<
Marchandises
BT
u
Avances et acomptes verses sur commandes
."'
·~ u 0
"'"" b
z
5 ~
u
~
. BV
595 424
BS 2 103 884
239 294
2 342 BW < '·
l 864 590
I 530 442
2 342
60666
2 897 437
2 374 841
222 467
70 202
222 467
CA
Capital souscrit et appele, non verse
CB
cc
"' (dont actions propres: ...:....................................... ) CD ~ Disponibilites CF
CE 2 797 092
CG
2 797.092
2 060 368
CH
24 357
CI
24 357
30 91 l
TOTAL (III) CJ
8 677 728
CK
8 269 869
6 819 638
Valeurs mobilieres de placement
~
Charges constatees d'avance (3)*
.,," 0
o.:a s-6b
Frais
d'emissio~
d'emprunt it etaler
Primes de remboursement des obligations
(V)
34 723
407 859
"'I"': ."~
(IV) ICW
""'
"
'"""''-
CM
r~.J '
Ecarts de conversion actifl'
(VI)
CN
TOTAL GENERAL (I a VI)
co
Renvois : (1) Don! droit au bail : Clause de reserve de propriete :*
llmm~bilisations :
-~ *Des exphcat1ons concernant cette rubnque sont donnees dans la notice n° 2032
u
BU
BZ
u
l""'
692 205
Autres creances (3)
~
.,,,"
'
461 582
BY
·gj
U-~
133 841 .
2 932 161
-<
0
BQ
BX
"'Ul Clients et comptes rattaches (3)*
b
u
00"' "00
1 282 461
10 561 10 305 236 (2) part amains d'un an des immobilisations financieres nettes ·
"
~ ~*~
IA
l 690 321
CP
...
•
12 318
8 614 914
7 106 304
(3) PaiH plus d'un an
Stocks:
.
10 561
ICR
Creances: "
'
DGFiP
BILAN - P ASSIF avant repartition
N° 2051 Z012
Fonnulairc obligatoire (ruticle 53 A du Code general des impOts)
Designation de I' entreprise
SASANTAVlA
'
Neant
.
.
·'
Exercice N
100 000
100 000
Primes d'emission, de fusion, d'apport, ...
DB
36 864
36 864
10 000
10 000
IEKI
)
~
. . . *( Reserves reglementees (3)
DE
>::
Autres reserves
~
< r<
( Dant reseI'Ve relative it l'achat d'oeuvres originales d'artistes vivants*
EJ .,
Report a nouveau
s:::
< u
OU
'
perte)
"'
DJ
Provisions reglementees *
DK
Produit des emissions de titres participatifs
i::"'
e
DI
Subventions d' investissement
tS
TOTAL (I)
TOTAL (II)
"'
E;""" u ,_,::::~
DL
1 623 890
6 530 208
5 087 523
17 342
12 318
17 342
12 318
DO DP
Provisions pour risques
.9~e!l
.~·;::_g
1442684
DN
<
i::::::
3 316 767
DM
"
Avances conditionnees
"'Q,
:=;~eQ,
4 940 658
DH
RESULTAT DE L'EXERCICE (benefice
"O
.
) DF ) DG
Dant reserve speciale des provisions Bl pour fluctuation des cours
.
DC l;>D
..
Reserves statutaires ou contractuelles
;:i
Exercice N -,- I
DA
Reserve legale (3)
~ ~
'
Capital social ou individuel ( l )* (Dant verse : ....................................... lOO.. QQQ ..... )
Ecarts de reevaluation (2)* (dont ecart d'equivalence
D*
'
Provisions pour charges
~:s.
TOTAL {Ill)
..
DQ DR
,.
-
Emprunts obligataires convertibles
DS
Autres emprunts obligataires
DT
Emprunts et dettes aupres des etablissements de credit (5)
DU
Emprunts et
~
d~ttes
financieres divers (Dont emprunts participatifs EI
)
~
r< r<
~
Q
DW
99 605
17 592
Dettes fournisseurs et comptes rattaches
DX
I 008 386
882 532
Dettes fiscales et sociales
DY
942 668
DZ
i' 185
Autres dettes
Compte regul.
.
Produits constates d'avance (4)
EB
rJ'.i ..... 0
(2)
> z r::l (3)
{
ED
15 518
5 258
EE
8 614 914
7106 304
I 951 055
I 983 612
(V) TOTAL GENERAL (I ii V)
lB
Reserve speciale de reevaluation (1959)
IC
Ecart de reevaluation libre
ID
..
Reserve de reevaluation (1976)
. IE
along terme *
EF
(4) Dettes et produits constates d'avance ~mains d'un an
EG
(5)
Dant reserve speciale des plus-values
EH
Dant concours bancaires courants, et soldes crediteurs de banques et CCP
* Des exphcahons concemant cette rubnque sont donnees dans la notJ.ce n°
..
2 '001 204
EC
E:cart de reevaluation incorpore au capital
Dant
I 185
2 051 845
TOTAL {IV)
Ecarts de conversion passif*
761 591
.
EA
.,
.
(I)
338 303
Avances et acomptes re9us sur commandes en cours
Dettes sur immobilisations et comptes r·attaches
...
DV
2032
.
@I
DGFiP
COMP'fE DE RESULTAT DE L'EXERCICE (En liste)
N° 2052 2012.
Fommlaire obligatoire (article 53 A
du Code general des impOts)
Design.ation de l'entreprise: SAS ANTA VIA
INeant I '
Exercice N Exportations et livraisons intracommunautaires
France Ventes de marchandises*
Total
FB
4 738 311
FC
FE
1 240
FF
1 856 796
FH
3 544 407
FI
5 401 203
5 727 943
FJ
5 161 861
FK
8 283 959·
FL
13 445 820
13 955 .700
( 128 114)
*
Production stockee*
FM
i:Ll
Production immobilisee*
FN
,...
Subventions d'exploitation
FO
Reprises sur amortissements et provisions, transferts de charges* (9)
FP
~ 11..
853
.
11..
sCl
1 240
FG
0 .-l b
8 226 903
services* Chiffres d'affaires nets
Ul
8 043 376
FD
:><
Exercice (N -1)
'
biens *
Production vendue. {
6i:::
3 305 064
FA
D*
244 579
' "'
72 957
39 661
'
FQ
134
169
FR
13 390 796
14 240 110
Achats de marchandises (y compris droits de douane)*
FS
4.664 274
4 612 033
Variation de stock (marchandises)*
FT
( 422 019)
( 53 375)
Achats de matieres premieres et autres. approvisionnements (y compris droits de douane )*., ,
FU
199 385
182 437
Variation de stock (matieres premieres et approvisionnements)*
FV
Autres achats et charges extemes (3) (6 bis)*
FW
2 861 489
3 323 814
Imp6ts, taxes et versements assimiles*
FX
219 694
203 808
FY
2 275 590
2 065 495
FZ
939 437
835 748
;- dotations aux amortissements*
GA
122 699
122 225
- dotations aux provisions*
GB
Autres produits (I) (I I) Total des prodnits d'exploitation (2) (I) "
6i::::
0 .-l
~ b
i:Ll
,
Salaires et traitements* Charges sociales (IO)
'
Ul
i:Ll
0
~
::r:
u
z u:i8 zio< - II- <0 I- >-l
Sur immobilisations{
o~
Sur actif circulant : dotations aux provisions*
GC
Pour risques et charges : dotations aux provisions
209 601
177 725
GD
. 6 781
Q'1l
Q
GE
93
64
Total des charges d'exploitation (4).(11) GF
11077026
11469976
GG
2313769
2 770 134
Autres charges (12)
1 - RESULTAT D'EXPLOITATION (I - Ii} ~ §
§
Benefice attribue ou perte transferee*
(III) GH
g. 5
Perte supportee on benefice transfere*
(IV) GI
·E
-~ 8
Produits financiers d.e participations (5)
GJ
i:Ll
.. ' Produits des autres valeurs mobilieres et creances de l'actif immobilise (5)
GK
~
Autres interets et produits assimiles (5)
GL
6 982
3 982
r;:
Reprises sur provisions et transferts de charges
GM
62 318
14 927
Differences positives de change
GN
109 795
116 735
Produits nets sur cessions de valeurs mobilieres de placement
GO
179 096
135 645
Ul
~
u z
,...
Ul
sCl
~
11..
-
Total des prodnits financiers (V) GP Ul
~
Inter~ts
µ.,
Differences negatives de change
g
. -
Dotations financieres aux amortissements et provisions* et charges assimilees (6)
.-
Ul
~
Charges nettes sur cessions de valeurs mobilieres de placement
::c: u
10 561
GQ GR'
77 699
GS
163 875
.'
GT Total des charges financieres (VI) GU
2 - RESUL TAT FINANCIER (V - VI} 3 - RESUL TAT COURANT AVANT IM~OTS (I - II+ Ill - IV+ V - VI}
,
23 318 "
88 260
187 194
GV
90 835
( 51 548)
GW
2 404 605
.
(RENVOIS . volf tableau n0 2053) *Des expltcat1ons concernant cette rubnque sont donnees dans la notice n° 2032.
2718585
01
N° 2053 ·2012
DGFiP
COMPTE DE RESULTAT DE L'EXERCICE (suite)
Fotmulaire obligatoire (article 53 A du Code gCnCral des impOts)
Designation de I' entreprise SASANTAVIA
Neant
D*
i
Exercice N Produits exceptionnels sur operations de gestion
if>
...l
if>""
t:~
Produits excepti9nnels sur operations en capital
..:"-'
Reprises sur provisions et transferts de charges
~o ooE-
o...t]
*
.
x
"" ""...l
if>
Charges exceptionnelles sur operations de gestion (6 bis)
if>til
*
O:z:
Charges exceptionnelles sur operations en capital
u"-' u
Dotations exceptionnelles aux arnortissements et provisions
<>
·""x
-
4 - RESULTAT EXCEPTIONNEL (VII - VIII)
(1)
..
HD
u 641
21 870
HE
4265
20474
HF
50 142 .,
-
HH
54 407
20474
( 42 765)
I 395
HJ
198 489
228 756
(X)
HK
720.666
867 335
TOTAL DES PRODUITS (I+ III+ V +VII)
HL
13 581 534
14 397 626
TOTAL DES CHARGES (II+ IV+ VI+ VIII+ IX+ X)
HM
12 138 849
12 773 736
1442684
1 623 890
*
Dont produits nets partiels sur operations
HN
a long terme
.
HO
..
produits de location immobilieres (2)Dont
7 801
HI
5 - BENEFICE OU PERTE (Total. des produits - total des charges)
'
HB
21 870
(IX)
Participation des salaries aux resultats de I 'entreprise lmp6ts sur les benefices
3 840
HG
Total des charges exceptionnelles (7) (VIII)
""
HA HC
Total des produits exceptionnels (7) (VII)
Exercice N - 1
-
HY
..
..
produits d'exploitation afferents a des exercices anterieurs - Credit-bail mobilier
(a detailler au (8) ci-dessous)
JG
*
"'
5 413
HP
(3) Dont - Credit-bail immobilier
'
HQ
a des exerc\ces anterieurs (a detailler au (8) ci-dessous) .
(4)
Dont charges d'exploitation afferentes
(5)
Dont produits concernant les entreprises liees
(6)
Dont inten':ts concernant les entreprises liees
JH
•·
lJ .,
lK
~
6bis)
Dont dons faits aux organismes d'interet general (art.238 bis du C.G.L)
HX
(9)
Dont transferts de charges
Al
(10)
Dont cotisations personnelles de l'exploitant (13)
(11)
Dont redevances pour concessions de brevets, de licences (produits)
(12)
Dont redevances pour concessions de brevets, de licences (charges)
.
.•
<:/l
0 >
~
I I
I
69 670
25 755
A2
A3
A4
I I
(13) Dont primes et cotisations obligatoires A9 comolementaires oersonnelles : facultatives A6 (Si le nombre de lignes est insuffisant, reproduire le cadre (7) et le Detail des produits et charges exceptionnels (7) joindre en annexe) :
ExerciceN Produits exceptionnels ·•
Charges exceptionnelles
. V oir etat annexe
-
ExerciceN
(8) Detail des produits et charges sur exercices anterieurs :
Charges ant6rieures
,. < ,.
* Des explic~tions concernant cette rub~que sont donnees dans la n"otlce n° 2032.
Produits anterieurs
I
·:.]
r-'·
I
i
Expert-comptable
•
St~phane'~ASSE ; -~
'
.
·:·'.
'·•·
Expert~cornptable " ~:::. ;..;
COPIE CERTIFIEE CONFORME
I
)' Jean AUSSET
!
-
_, \·~
,
'~
lNSCR!T AU ,TABLEAU .. DE L'ORDRE ~·~. '• ""{·: ..~ DES EXPERTS COMPTABLES' '· DE LA REGION DE TOULO~§~ ,
·:·;: l
64, ~LIE B!'NJAMIN BAILLAUD CARRE. WILSON BAT C 31500 TOULOUSE • TEL ; 05 61 61 61 80 ,, ,FAX: OS 61 61 61 ~9
SASANTAVIA RNu3
82170 DIEUPENTALE !
Comptes Annuels au
31/12/2011
SARL inscrite aupres de l'Ordre des experts-comptables de la region de Toulouse Midi-Pyrenees Capital: 500 000 Euros RCS 508 612 124 Toulouse
/_s_A_S_A_N_T_A_V_IA-_,.--------------~#
Periode du 01/01/2011au31/12/2011
....
l:
Comptes Annuels / ..
I Regles et·methodes comptables Designation de la societe: SAS ANTAVIA Annexe au bilan avant repartition de l'_exercice clos le 31 /12/2011, dont le total est de 8 614 915 euros et au compte de resultat de l'exercice,
present~
sous forme de liste, degageant un benefice de 1 442 685 euros.
L'exercice a une duree de 12 mois, recouvrant la periode du 01/01/2011au31/12/2011. Les notes ou tableaux ci-apres font partie integr9nte des comptes annuels. Ces comptes annuels ont ete arretes le 03/05/2012 par les dirigeants de l'entreprise.
Regles generales Les comptes annuels de l'exercice au 31/12/2011 ont ete etablis selon les normes definies par le plan comptable general app.rouve par arrete ministeriel du 22/06/1999, la loi n° 83-353 du 30/04/1983 et le decret 83-1020 du 29/1111983,,~t conformement aux disposittons des reglements comptables 2000-06 et 2003-07 sur les passifs, 2002-10 sur l'amortissement et.la depreciation des actifs et 2004-06 sur la '
definition, la comptabilisation et evaluation des actifs.
, Les conventions comptables ont ete appliquees dans le !espect du principe de prudence, conformement aux hypotheses de base ' - continuite.de !'exploitation, - P(rma,nence des methodes comptables d'un exercice
a l'autre,
- independance des exercices. et conformement aux regles generales d'etablissement et de presentation des comptes
annu~ls.
' La methode de base retenue pour !'evaluation des elements inscrits en comptabilite est la methode des coots historiques. Seules sont exprimees les informations significatives. Sauf mention, les montants sont exprimes en euros.
a leur coOt d'acquisition pour les actifs acquis a titre onereux, a leur coOt de a leur "!aleur venale pour les actifs acquis a titre gratuit et par voie, d'echange.
Les immobilisations corporelles et incorporelles sont evaluees production pour les actifs produits par l'entreprise,
Le coot d'une immobilisation est constitue de son prix d'achat,'y compris les droits de douane et taxes non recuperables, apres deduction des.remises, rabais commerciaux et e~comptes de reglement de taus les coots direCtement attribuables engages pour mettre l'actif en
a a ce coot d'acquisition. Taus les coots qui ne font pas partie du prix d'acquisition de !'immobilisation et qui ne
place et en etat de fonctionner selon !'utilisation prevue. Les droits de mutation, honoraires ou commissions. et frais d'actes lies !'acquisition, sont rattaches
peuvent pas etre rattaches directement aux coots rendus necessaires pour mettre l'actif ~n place et en etat de fonctionner conformement
a !'utilisation prevue, sont.•comptabilises en charges. Les amortissements pour depreciation sont calcules suivant le mode lineaire et degressif en fonction de la duree de vie prevue. * Concessions et Brevets : Neant * Constructions : 10
a 50 ans
a 10 ans a 6 ans * Materiel et outillage industriels : 4 a 6 ans
* Agencements des constructions: 6 * Installations techniques : 4
*Installations generales, agencements et amenagements divers: 6 * Materiel de transport : 3 * Materiel de bureau : 4
a 10 ans
a 5 ans
a 5 ans a 5 ans
*Materiel informatique : 4 * Mobilier : 6
a 10 ans
~h.r_:. ___
.... / ____CA_a1_N_Er_s_'>"_N_A_u_1A_N_c_E_ _
~l/ Tet.
64_._ru_e_ae_n_ifa_m_in_aa,.--;11_au_d_J_1s_o_o_ro_u_L_o_u_sE_ _
os 61 61 61 so
/L~JL_4_9_~7
Periode du 01 /0112011 au 31 /1212011
#
~/_s_A_S_A_N_T_A...,.V_IA_ __,_ _ _ _ _ _ _ _ _ _ _ ___,·
[
Comptes Annuels /
I Regles et met~odes comptables La duree d'amortissement retenue par simplification est la duree d'usage pour les biens non decomposables
a l'origine.
Stocks Les coots d'acquisition des stocks comprennent le prix d'achat, les droits de douane et autres taxes,
a !'exclusion des taxes ulterieurement
recuperables par l'entite aupres des administrations fiscales, ainsi que les frais de transport .
.
.
Les rabais commerciaux, remises, escomptes de reglement e~ autres elements similaires sont deduits pour determiner les coots d'acquisition. Les produits fabriques sont valorises au coot de production comprenant les consommations, les charges directes et indirectes de production, les amortissements des biens concourant
a la production. Le coot de la sous activite est exclu de la valeur des stocks. Les
interets sont exclus pour la valorisation des stocks. Les stocks sont evalues suivant la methode du coot moyen pondere. Pour des raisons pratiques et sauf ecart significatif, la methode du prix de detail a ete appliquee. Une provision pour depreciation des stocks egale
a la difference entre la valeur brute determinee suivant les modalites indiquees ci-dessus
et le cours du jour ou la valeur de realisation deduction faite des frais proportionnels de vente, est effectuee lorsque cette valeur brute est superieure
a l'autre terme ~nonce.
Creances
----0--·-···-·----
------------·------···-'""""-··-- ---------·--·-·-·------··---·-----· ·---·--
'
a leur valeur nominale. Une provision pour depreciation est pratiquee lorsque.la valeur d'inventaire est a la valeur comptable.
Les creances sont valorisees inferieure
Les produits et charges exceptionnels tiennent compte des el~_ments qui ne sont pas lies
a l'activite normale de l'entrepri~e.
Qp_~r~!i.~.r1.~}~B. ~-~~J.~~~-------------··---. -------------------·--··-.. ·------..···-·--··.. -· . ··-·-..------·----------a la date d'Etntree ou, le cas echeant,
Lors d'acquisition d'actif en monnaie etrangere, le taux de conversion utilise est le taux de change
celui de la couverture si celle-ci a ete prise avant !'operation. Les frais engages pour mettre en place les couvertures sont egalement integres au coot d'acquisition. Les dettes, creances, disponibilites en devises figurent au bilan pour leur contre-valeur au cours de fin d'exercice. La difference resultant de !'actualisation des de,ttes et crean~s en devises
a ce dernier cours est portee au bilan en ecart de conversion.
Les pertes latentes de change non compensees font l'objet d'une provision pour risques, en totalite suivant les.modalites reglementaires.
La convention collective de l'entreprise prevoit des indemnites de fin de carriere. II n'a pas ete signe un accord particulier. Les engagements correspondants n'ont pas ete constates sous la forme de provision.
,•·
·1
CABINET SYNAUIANCE
' hr. . ____
_,/J Tel.
64_._ru_e_ae,.....n_ifa_m_in_aa_H1_au..,.d_J_1s_o_o_ro_u_L_o_u_sE_ _
os 61 61 61
~o
/
lliiiJ{so __}
Periode du 01/01/2011 au 31/12/2011
.... /_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _
C'7
____,§
Comptes Annuels /
Faits caracteristiques
~!!~!~~-J~lel'!!~~J~-~!gn ~fic~Jlf~------------· ·-------------··--·---------··------· ·----------------------·-··--------·_:__ Les creances douteuses sont provisionnees
a hauteur de 100% de leurs montants HT.
La societe ANTAVIA est entree en 2010 dans le perimetre d'integration fiscale du Groupe AMETEK HOLDINGS
SA~L.
La societe AJ':ITAVIA fait l'objet d'une consolidation du Groupe AMETEK HOLDINGS SARL.
,,.;
~-~---"--CA_a_m_E_Ts_~_N_~u~~-Nc_E j ~-_,// __
64, rue Benjamin Bai/laud 31500 TOULOUSE
/ / Tel. 05 61 61 61 ao
/J@Jii;][5{:1
Periode du 01/01/2011au31/12/2011
,_/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ ____,// _
:7
I
Comptes Annuels /
Notes sur le bilan
Actif immobilise Tableau des immobilisations Au debut d'exerclce
Augmentation
Diminution
En fin d'exercice
- Frais d'etablissement et de developpement - Fonds commercial
19 056
- Autres postes d'immobilisations incorporelles
37 116
9 987
47103
56172
9 987
66159
Immobilisations incorporelles
19 056
-Terrains - Constructions sur sol propre 149 180
- Constructions sur sol d'autrui
149 180
- Installations generales, agencements et 510 113
a,rnenagements des constructions
3 656
5,13 769
.,,
, - Installations techniques, materiel et outillage
i
industriels
571 493
86136
36 936
620 693
/ - Installations generales, agencements
I amenageme~ts divers I - Materiel de transport
66587
11 545
219
77 914
iI - Materiel de bureau et informatique, mobilier
95 327
15 489
18 526
92 290
I, - Immobilisations corporelles en cours
'14 517
54 9931
767
68 743
1415639
171 8201
56448
1 531 010
8422
8422
- Emballages recuperables et divers
I - Avances et acomptes : Immobilisations corporelles
I- Pamcipot~os .,~i"'es '[
I
I
-I
pa• m•e eo
equivalence - Autres participations
50 000
50 090
- Autres titres immobllises .
I - Prets et autres immobilisations financieres ! Immobilisations financieres
1 579
I
1 579
16 259
1 9381 1 938:
18 1,98
67 838
50 000
19 777 -
!
ACTIF IMMOBILISE
1 539 649
' ·-·- -···· ___ ._ ___ ,,_____ -·· ······--- ··-··-- ·--··-··-·'-· ----··----.,.---·--------..!.______ ,
183 745
106 448
1616946
I __________ _ _________ L
~h.~--.,.,-6-4,_ru_e,_Be_n_lja_m_in_aa_il_1a_ud_3_1s_oo_r_o_u_w_u_s_E_~// . Tel. os 61 61 61 so //ifaiW//ii_]
..... / ___c_A_a_1N_E_Ts_...:_N_Au_1A_Nc,...E_ _
~/_s_A_S_A_N_T_A_V_IA_________________ff
7
I
Periodedu 01/01/2011au31/12/2011
Comptes Annuels /
Notes sur le bilan
Les .flux s'analysent comme suit :
Immobilisations incorporelles
Immobilisations corporelles
Immobilisations financleres
Total
I
I
I Ventilation des augmentations r
Vireme~t~ d~ poste a p~~t~
I
.
I Virements de l'actif circulant
I Acquisitions
9 987
171 820
9 987
171 820
183 745
1 938i
I Apports 1
Creations
j Reevaluations
I Augmentations de l'exercice
1 938
183 745
I Ventilation des diminutions
I·----------------------·-··--~- ---··----· ----·-
: Virements de poste
a poste
I Virements vers l'actif circulant ,.
1
Cessions
I
55 681
i
50
ooo!
105 681
Scissions
I Mises hors service
I Diminutions de l'exercice
56 448
50 000 i
.. J
106 448
"l'
i .... _.... _
Immobilisations incorporelles .Fonds commercial
31/1212011
I
I Elements achetes I Elements reevalues
I Elements re1;us en apport 19 056
Total
Le fonds commercial a ete constitue lors de la creation de la societe en 1989. Monsieur ANTOINE, a cree cette societe en apportant le fonds de commerce de son activite d'artisan (principal client Airbus). II est done rattache au coeur de metier de la societe et n'a pas lieu d'etre deprecie.
'1
._f____CA_a_1N_E_r_s_vN_A_LL_1A_N_c_E_ __,h._1__. __6_4_._ru_e_ae_n1_·am_,_·n_aa_;1_1au-'d-3_1s_o_o_ro_u_L_ou_s_E___
_,// Tel. 05 61 6161 BO /
/Jiiij/53 _J
.._/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _~#
I
7
Periode du 01/01/2011 au 31/1212011
Comptes Annuels
7
Notes sur le bilan
Amortissements des
i~mobilisations
Augmentation
Au debut de
A lafln de
DimiQutions
l'exerclce
l'exerclce
- Frais d'etablissement et de developpement
I
- Fonds commercial
' -Autres postes d'immobilisations incorporelles I Immobilisations incorporelles I 1
37 116
8679
45 795
37116
8 679
45795
140 900
7 150
148 049
16 089
472 381
-Terrains
Constru~~ions sur sol propre II -- Constructions sur sol d'autrui
'I -
Installations general~s. agencements et
· ame.nagements des constructions
456 292
I· - Installations techniques, materiel et outillage I industriels '"' ' I - Installations generales, agencements I am~nagements divers , 1
-
440 539
1
76
44{1
36936
480 044
55143
•I
l I
8 422
Materiel de transport
, 1 - Materiel de bureau et informatique, "mobilier. •
I - Emballages recuperables et divers I ,I Immobilisations corporelles
8422
49 097
61231
77
82 936
8 2171
18 526
72 627
55 539
1236667
55 539
1282462
I
!
1 178 186
114 0201
1 215 302
122 699
! ACTIF IMMOBILISE
"
II
___.___.L___________ -··------ -- ------ ·-- ·- ·-·· -- ------· ....
_,h.1. ___
,_/___CA_a_1N_E_Ts_v._N_,.,u_1A_N_cE_ _
64_,_ru_e_ae_n_ifa_m_in_Ba_il_1a_ud_3_15_o_or_o_u_w_u_s_E _
--·---·- j
·•
__,//
Tel.
05 61
61 61
80 /
[fiii@l{s4 __,]
Periode du 01/01/2011 au 31/12/2011
._/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,//
L
I
Comptes Annuels /
Notes sur le bilan
Actif circulant Stocks Informations sur les evaluations effectuees sur l'exercice : - Stocks pieces : prix d'achats du lot plus frais de transport si applicable. - En cours : prix d'achats des pieces plus main d'oeuvre.
Etat des creances Le total des creances
a la cloture de l'exercice s'eleve a 3 197 183 euro·s et le classement par echeance s'etablit comme suit : Montant
Echeanees
Echeances
brut
a moins d'un an
a plus d'un an
Creances de l'actif immobilise : Creances rattachees
a des participations
Pre.ts Autres
18198
18 198
Creances de l'actif circulant : Creances Clients et Comptes rattaches
2 932 161
Autres
2932161.
222.467
222 467
24 357
24 357
3 197 183
3 178 985
Capital souscrit - appele, non verse Charges constatees d'avance
Total
18 198
Prets accordes en cours d'exercice Prets recuperes en cours d'exercice
'
Prqduits
.
a recevoir
II Clients Fact A Etablir I
8691
ETAT PRODUITS A RECEVOIR
7 9031
I"
I Total
8 772 '
i .. -·
cA_a_1N_E_r_s~_N_l'lu_1A_N_cE_ __,h._r___
,_/_,___
6_4._ru_e_ae_n_ifa_m_in_aa_;_11a_ud_J_1s_o_o_ro_u_w_u_s_E_
-------·--------. ·····---···- ·-· .. ·-···--··· . - .i
__,// Tet. os 61 61 61. ao
/Jt~~
-
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _~//
"
I
I
Periode du 01/01/2011 au 31/1212011
Comptes Annuels /
Notes sur le bilan . --------------------------------------------------------------
Composition du Capital Social
-[
Capital social d'un montant de 100 000,00 euros decompose en 5 000 titres d'une valeur nominale de 20,00 euros.
l
~~--~~~~~~~~~~-----~~~~~~-l
Nombre
Valeur nominal~
!
I
20,00 I
5 000
Titres composant le capital social au debut de l'exercice
I' Tit!eS emis pendant l'exercice
I
I Titres rembourses pendant l'exercice I I Titres C?mposant le capital social a la fin de l'exercice L ••••••••• -····------·-------·----
--·-·-·· ---- --······-·
5 000 ••• - •• -····----·-
20,00 ., .
--- -----------------
·-·-------·· ------. --
Affectation du resultat Decision de l'assemblee generale du 30/06/2011.
'
===---
I
Montant
~]
•
I Report a Nouveau de l'exerc1ce precedent I Resultat de l'exercice precedent
1 623 891 :
Prelevements.sur les reseives
.
Total des origines
:,
1 623 891
II Affectations aux reseives
1 623 891 I
I Distributions
I Autres repartitions I Report !
"
a Nouveau.
Total des affectations
1 623 891
I
L. ·--------· ---- ------------------
s_~_N_ALL_tA_Nc_E
.... /_-_ _c_A_B_tN_E_T
~h.1_-..,.._6_4._ru_e_Be_n_ifa_m_in_Ba_,_ua_ud....,.3_1s_o_o . _ro_u_w_u_s_E_~/
__
/
Tel. os 61 61 61 80 /
&iiiPJ/j~~
.... /_s_A....,...s_A_N_T_A_V_IA,...---------------~#
{
Periode du 01/0112011 au 31/12/2011
Comptes Annuels /
· 1 Ne>tes sur le bi Ian Table~u
de variation des capitaux propres Solde au
Affectation des resultats
01/01/2011
Augmentations
Diminutions
Solde au
am212011
I
I
I Capital
1000001
100 000'
!
: I Primes d'emission
36 865[
36.865
I Rese,rves generales
10 oool 3 316 768'
1623891
I Re~ultat de l'exercice
1623891
-1623891
J
Reserve legale ·
10 000 4 940 658 144268ey
1442685
.l
I .I Total Capitaux Propres
Provisions
5 087 523
·-----
1 442 685
6 530 208
--~-------~--
Tableau des provisions Provisions
Dotations
Reprises
Reprises
au debut
de l'exerclce
utillsees
non utlllsees
a la fin
de l'exerclce
de J'exerclce
de l'exercice
de l'exerclce
Provisions
i 6 781
Litiges
6 781
!
10 561
!
Garanties ·donnees aux clients P~rtes
sur marches
a terme
Amendes et pena!ites
12 319
Pertes de change
.10 561
12 318
Pensions et obligations similaires Pour impOts
!
.I
Renouveilement des immobilisations
'
i .Gros entretien et grandes revisions
, Charges sociales et fiscales I sur conges a payer I Autres provisions pour risques et charges 1
Total
12 319
17 342
12 318
17 342
Repartition des dotations et des reprises de l'exercice : 6 781 10 561
Exploitation Financieres Exceptionnelles.
Les provisions pour litiges sont liees
I
a des marchandises deteriorees lors du transport
CABINET SYNALLJANCE
//
.
64, rue Benjamin Bai/laud 31500 TOULOUSE
/ / Tel.0561616180
/~~D
... /_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _
L·
__,#
Periode du 01/0112011 au 31/1212011
Comptes Annuels /
I Notes sur le bilan Dettes Etat des dettes Le total des dettes
a la cloture de l'exercice s'eleve a 1 952 241 euros et le classement par echeance .s'etablit comme suit: Montant
Echeances
brut
a moins d'un an
Echeances
Echeances a.:plus.d'un an
a
Emprunts obligataires convertibles Autres emprunts obligataires Emprunts ef dettes au pres des etablissements de credit dont :
- a 1 an au maximum a l'origin~e - a plus de 1 an a l'origine Emprunts et dettes financieres divers Dettes fournisseurs et comptes rattaches Dettes fiscales et sociales
1008387
1008387
942 668
.942 668
'•
I Dettes sur immobilisations et c0mptes ! rattaches
1 186
1:
1 185
I Autres dettes I Produits co.nst~tes d'avance ' 1 952 241
Total
1 951 056
1 185
I Emprunts souscrits en cours d'exercice I Emprunts rembourses sur l'exercice dont :
.: l
-~-
I
i
--·--------·-·--·-------·~--·-·------· --·--.---l----·-------~~---1- -----~---
Charges
a payer
r
·---·-·----- , ___ --
--··---·----·----~------·- .. --
'
-·---·--
_........ Montant
II
'
I
I Fact Non Parvenues
211 081
i Conges A Payer
202 3731 198 489 I
Prov. Participat. Salaries Personnel Charges ·A Payer
121 259
i
140 375 I
, Org.Soc. Charges A Payer
76 305 I
I Etat Autres Ch. A Payer
I 955 888
Total
~h.~---6-4_, .
.... /_;..._ _ _ CA_B_IN_E_,T_s_vN_A_L_u_AN_c_E_ _
ru_e_Be--,,.n1...,am_i_n_aa_m_au_d_3_1s_oo_r_o_u_Lo_u_s_E_
__,// TM. _os 61 61 61 80
IfiiiiiilL 58 ~ 7
Periode du 0110112011au31/1212011
.... /_s_A_S_A_N_T_A_V_IA-.,.,..._ _ _ _ _ _ _ _ _ _ _ _ _____,ff
L
I
Comptes Annuels /
Notes sur le bilan
Autres informations Elements concernant les entreprises liees Entreprises liees
Entreprlses avec lien
J·
de participation
Capital souscrit non appele Avances et acomptes sur immobilisations incorporelles Avances et acomptes sur immobilisations corporelles Participations Creances rattachees
a des participations
Prets Autres titres immobilises Autres immobilisations financieres
Total Immobilisations Avances et acomptes verses sur commandes Creances clients et comptes rattaches
49 659
Autres creances
143 254
Capital souscrit appele, non verse
192 913
Total Creances Valeurs mobilieres de placement Disponibi!ites
Emprunts obligataires convertibles Autres emprunts convertibles Emprunts et dettes aupres des etablissements de credit. Emprunts et dettes financieres divers Avances et acomptes rec;us sur commandes en cours 35066
Dettes fournisseurs et comptes rattaches Dettes suUmmobilisations ~t comptes rattaches Autres dettes
35066
Total Dettes
a 192 913€ ; les dettes concernant les a 35 066€ - leur.repartition est detaillee dans le tableau ci dessus. II n'y a pas
Les creances concernant les entreprises liees ou avec un lien de participation s'elevent entreprises liees ou avec un lien de participation s'elevent
eu de charges et produits financiers concernant les entites liees.
r___
CA_a_1N_E_r_.s_vN_~_u_1_~N_c_E'-----'h....
,_/____
_aa_H1_au_d_3_1s_oo_r_o_u_w_u_s_E_~//
64_._ru_e_ae_n1_·am_i_n
Tet.
os 61 61 61 so /
{#iffe/ID
._/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _
I
7
___,f
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Notes sur le bilan
~-C?l!!P~~-s___c:!~_r~g-~ larj~_ati
Charges constatees d'avance Charges d'exploitation
Charges Financieres
Charges Exceptlonnelles
I
Ii Charges Constat.D Avance
24 357 '
I
Total
24 357
'
I
______ .I
--. -· ·- ... -----------·-----· -- --- -- - --- -·-· --- -- ---- --- ------ ------ ------ ----------- ~--------------------------J __ --- ---
,_/_ _ _CA_a_1N_E_r_s'l"._N_l'.u_1_,,.N_c_E_
__,h._1___64_,ru_a_aa_n_ifa_m_1n_aa_H1_au_d_31_so_o_ro_u_w_u_sE_
__,// .Tel os 61 61 61 80 /
[!iiife!f_6_0_~7
Periode du 01/01/2011 au 31/12/2011-
._/_S_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ ____,//
Comptes Annuels /
I : :-:.J Notes sur le compte de resultat Chiffre d'affaires
France
Etranger
Total
I
Ventes de produits finis Ventes de produits intermediaires
1.240
1 240:
Ventes de produits residuels 1
I
Travaux
I
Etudes
I
Ventes de marchandises
~I
, Produits des activites annexes
I
i
i
~
Prestations de services
18523,32:
3518935[
3 305 065!
4 738 3121
4465
25 471
5161 862
8 283 958
i
5 371 2671 8 043 377 29 936 !
! TOTAL l_______ ---- --- -- -- ---- - -- -
i
---- -------------------- - _ _i _______ -
Remuneration des commissaires aux comptes Montant comptabilise au titre des diligences liees
13 445 820 - ... --- --·-----·-·--····--· ...... _.!
.-~
a la mission de contr61e legal des comptes annuels : 24 224 euros
Transferts de charges d'exploitation et financieres Financier
Les transferts de charges concernent principalement des remboursements d'indemnites journalieres, des remboursements de formations continues o.u en alternances et enfin, des avantages en natures.
..
Parties liees Transactions effectuees avec des parties liees conclues aux conditions normales de marche -· solde au 31/12/2011 :
Liste des transactions significatives - Creances clients avec AEM LTD pour un montant de 12 454 € - Crea nee solde IS avec AMETEK HOLDING pour un montant de 143 254 € - Creance client avec HSA pour un montant de 5_,306 € - Creance client avec AMETEK CORPORATE pour un montant de 15 959 € - Creance client avec SINGAPOURE PTE LTD pour un montant de 15 940 € ;; Dette fournisseur avec HIGH STANDARD AVIATION pour un montant de 5 340 €
_,h'-Z___
,_/_ _ _c_A_a_1N_E_rs_v_N_ALL---.,.1A_Nc_E_ _
64_._ru_e_ae_n_ifa_m_in_aa_;_ua_ud_3_1s_oo_rn_u_w_u_s_E_
__,// Tel. os 61 61 61 BO /
§iii/L61 J
...... /_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ __,__ _ _ _ _
I
7
__,f
Periodedu 01/0112011au31/12/2011
Comptes Annuels /
Notes sur le compte de resultat
- Dette fournisseur avec AMETEK CORPORATE pour un montant de 10 393 € - Dette fournisseur avec AM ERON pour un montant de 2 605 € - Dette fournisseur avec WOODSTOCK pour un montant de 393 € - Dette fournisseur avec AEM LTD pour un montant de 16 335 €
Resultat exceptionnel Operations de 1:exercice
Charges
I I Creances devenues irrecouvrables dans l'exercice
1 ·
3 2871 1831
I Autres charge;s exceptionnelles sur operations de gestion i Valeurs comptables des elements d'actif cedes
I
501421 796!
; Autres charges
i
I
Pr:oduits I
Autres produits exceptiqnnels sur operations de gestion
8601
I· Produits des cessions d'elements d'actif I Autres produits
7 8011 2 9811
I
I TOT AL
54 407
11 642
!_____ ------·-- ---·-· -·- ·----- ·------ ····-·------··---- -------- ···---------·--·-- ------· --·--·--- -·---··--····---- -·---·-···· Resul,t_~t etJ!!!P-6t~__surJ~s bene_'f_ic_e_s_ _ _ __
---····------------
Ventilation de l'impot Resultat avant lmpot
Im pot correspondant
Resultat apres Impot I
I I + Resultat courant
2 404 605
734 921
1669684
-42 765
-14 255
-28 510
II
!
i
I
i + Resultat exceptionnel
'
I ,,
I - Participations des salari~s
198 489 I
-198 489
I
!
Resultat comptable
2 163 351
'-·--·-··------- - - - - - - - - - · · · · - · · · - - - - ·····---·--------·-]__________
_,~._1___
L../___c_A_a_1N_E_Ts_Y:_N_AL_L_1A_Nc_E_ _
720 666
··-----·-·-··---·-·-·-·--··
'
J
- - - - · . L-------···-··-···--···-· ..
_ro_u_w_u__,s_E_~//
6_4._ru_e_ae.,..n_lja_m_in_aa_;_11a_ud_3_1s_o_o
1 442 685
Tel. 05 61
61 61
BO /
~/jfj
Periode du 01/01/2011 au 31/12/2011
·. I
... /_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,//
Comptes Annuels /
l Notes sur le compte de resultat Accroissements et allegements de la dette future d'impot La situation fiscale latente, compte tenu d'un taux d'impot sur les societes de 33 1/3 %, fait ressortir une creance future d'un montant de 81 301 eu.ros. Ce montant ne tient pas compte d'un eventuel paiement de la contri~ution sociale sur les benefices.
Montant ! Accroissements de la dette future d'impot
':----- ----·--------·---
J
-:;-~--~ ---~--~-·----~----
--------- ----------- ----------~--------
--~------
]
----·---- --- -· ---·--·-·-· -------~- ---·· -+--·---- ---~----- -------·r·· --~-\
Lies aux amortissements _derogatoires
I Li~s aux provisions pour h.a_usse des P.rix i
Lies aux plus-values
a reintegrer
II Lies a d'autres elements A. Total des bases concourrant
a augmenter la dette future
I
I Allegements de la dette future d'impot
I i
I Lies aux provisions pour conges payes
i Lies aux provisions et charges a payer non deductibles
I
' i
Lies
243 902
1
-
a d'autres eJ.ements
B. Total des bases concourrant
a diminuer la dette future
243 902
C. Deficits reportables D. Moins-values
a long terme
Montant de la creance future
81 300,67
I (A- B- c - D) * 33 1/3 %
I _--
______ L _____ ... . ,. . . ... . ,....,.________ . _···--·-- _ i
-·-- -
1.~P-~!~ ~u i:J~_s__ benefic~~ ~J_r.!t~g~~!~P_r:i _fI~~_ale ________________________________________ -·- _-----------------------------·---------------· A partir de l'exercice ouvert au 01 /01/2010, la societe SAS ANTAVIA est comprise dans le perimetre d'integration f[scale du groupe AMETEK HOLDINGS SARL. Au titre de !'integration fiscale, montant compris dans l'impot sur les societes : Charges de l'exercice : 721 866 euros L'impot sur les societes comptabilise n'est pas altere par des conventions particulieres au groupe.
j·
cA_s_1N_E_r_s~_N_J1L_L_1A_N_cE_ __,hY ....___
,_/____
6_4,_ru_e_Be_n_ifa_m_in_Ba_i_11a_ud_3_1s_o_o
_ro_u_w_u_s_E_~h
Tel. 05 61 61 61 BO
· Periode du 01/0112011au31/1212011
I SAS ANTAVIA I
//
Comptes Annuels /
] Autres infprmations Effectif Effectif moyen du personnel : 67 personnes dont 1 apprenti.
Personnel salarle
l Cadres
Personnel mis a disposition
a/
17!
Agents de maitrise et technicie_ns,
I Employes I Ouvrie~s
17 25
Total
67
L-----;---- -----.----------- ------------- - ----------------------------------------------- - - - __J____________ Droit lndividuel
a la Formation
La loi du 4 mai 2004 ouvre pour les salaries des entreprises fran9<1ises un droit a formation d'une duree de 20 heures minimum par an cumulable sur. une periode de 6 ans. Les depenses engagees dans le cadre de ce droit individuel comme des charges de la periode et ne donnent pas lieu
a la formation (D.l.F) sont considerees
a comptabilisation d'une provision sauf situation exceptionnelle.
Le nombre d'heures de formation correspondant au cumul des droits acquis par les salaries
a la date de cloture s'eleve a 773 heures dont
6 095 heures n'ont pas fait l'objet d'une demande des salaries.
._l____cA_a_1N_E_r_s_vN_A_LL_1_AN_c_E_ __,h._1___64_._.ru_eae_n1_-am_i_n_aa_m_au_d_3_1s_oo_r;_o_u_L_o_.u_s_E_
"
__,//
Tel. 05 61 61 61 80
/[ifaiil~
~/,..,...s_A_S_A_N_T_A_V_IA_·-------....,...._------~//
Periode du 01/0112011au31/1212011
Comptes Annuels /
"
I
I
Autres informations ---------. ---·--·--·---------·----------------------- · - - - -
Engagements donnes
:
Montanten euros
.
j
I Effets escomptes non echus I!
"
I Avals et cautions 1
Engagements en matiere de pensions 1
: Engagements de credit-bail mobilier
I I Engagements de credit-bail immobilier
I
I 123 879
Engagement en matiere de retraite
i Autres engagements donnes
i
123 879'
Total
123 879
i
I Dont concernant : i Les dirigeants I Les filiales
I Les participations I Les autres entreprises liees
_i
L~~ga~:~en~s a_sso:~~~ sure~~s r:~~:
_______ -----------------··---··- ------------------------------.---------------- - ,_________,, ___________ ,,____
~ng_!l_g~_!llen~~_ de
retr_a_it_e_____
_!
---·-------------------------------
Monta.nt des engagements pris en matiere de pensions, complements de retraite et indemnites assimilees: 123 879 euros Le montant des engagements en matiere d'indemnites de fin de carriere d'un montant de 123 879€, non comptabilise, est precise ci · apres. Les calculs 'ont ete effectues en utilisant la methode simplifiee avec integration des parametres suivants : - estimation turnover : 4% - probabilite de survie : 99% - evolution des salaires : 3% - age de depart
a la retraite : 65 ans
- taux de.charges : 40% - formule retenue : (98%) puissance n (n representant l'anciennete au depart du salarie) - Soit : indemnite globale de depart x (0.98) puissance n x anciennete actuelle/anciennete au depart. - taux d'actualisation : 2%
Regimes
a cotisations definies
Montant des cotisations comptabilisees en charges : 0 euros
_,h._r___64_,ru_eae_n1_'am_i_n_aa_;11_au_d_3_1s_oo_r._o_u_L_ou_s_E_
,_/_·_ _ _ CA_a_1N_E_r_s_vN_A_u_1_AN_c_E_ _
.,
___,// Tel. 05 61 61 61 80
I§iil~s
~
EXEMPLAIRE GREFFE
DELOITTE MARQUE & GENDROT
ERNST & YOUNG Audit
r
1
! Exercice clos le 31 decembre 2011
Rapport des commissaires aux comptes sur les comptes annuels
DELOITTE MARQUE & GENDROT 185, avenue Charles-de-Gaulle 95524 Neuilly-sur-Seine Cedex S.A. au capital de€ 27.200.000
ERNST & YOUNG Audit 1, place Alfonse Jourdain B.P. 98536 31685 Toulouse Cedex 06 S.A.S. a capital variable
Commissaire aux Comptes Membre de la compagnie regionale de Versailles
Commissaire aux Comptes Membre de la compagnie regionale de Versailles
Exercice clos le 31 decembre 2011
Rapport des commissaires aux comptes sur les comptes annuels
A l'Associe Unique, En execution de la mission qui nous a ete confiee par decision de l'associe unique, nous vous presentons not re rapport re lat if l'exercice clos le 31 decembre 2011, sur :
a
•
le controle des comptes annuels de la societe Antavia, tels qu'ils sont joints au present rapport ;
•
la justification de nos appreciations ;
•
les verifications et informations specifiques prevues par la loi.
Les comptes annuels ont ete arretes par le president. II nous appartient, sur la base de notre audit, d'exprimer une opinion sur ces comptes.
I.
Opinion sur les comptes annuels
Nous avons effectue notre audit selon les normes d'exercice professionnel applicables en France ; ces normes requierent la mise en ceuvre de diligences permettant d'obtenir !'assurance raisonnable que les comptes annuels ne comportent pas d'anomalies significatives. Un audit consiste verifier, par sondages ou au moyen d'autres methodes de selection, les elements justifiant des montants et informations figurant dans les comptes annuels. II consiste egalement a apprecier les principes comptables suivis, !es estimations significatives retenues et la presentation d'ensemble des comptes. Nous estimons que les elements que nous avons collectes sont suffisants et appropries pour fonder notre opinion.
a
Nous certifions que !es comptes annuels sont. au regard des regles et principes comptables franc;ais, reguliers et sinceres et donnent une image fidele du resultat des operations de l'exercice ecoule ainsi que de la situation financiere et du patrimoine de la societe a la fin de cet exercice.
II.
Justification des appreciations
En application des dispositions de !'article L. 823-9 du Code de commerce relatives a la justification de nos appreciations, nous vous informons que les appreciations auxquelles nous avons procede ont porte sur le caractere approprie des principes comptables appliques et sur le caractere raisonnable des estimations significatives retenues. Les appreciations ainsi portees s'inscrivent dans le cadre de notre demarche d'audit des comptes annuels, pris dans leur ensemble, et ont done contribue la formation de notre opinion exprimee dans la premiere partie de ce rapport.
a
Ill.
Verifications et informations specifiques
Nous avons egalement procede, conformement aux normes d'exercice professionnel applicables en France, aux verifications specifiques prevues par la loi.
a
Nous n'avons pas d'observation formuler sur la sincerite et la concordance avec les comptes annuels des informations donnees dans le rapport de gestion du president et dans les documents adresses l'associe unique sur la situation financiere et les comptes annuels.
a
Toulouse, le 14 juin 2012 Les Commissaires aux Comptes DELOITTE MARQUE & GENDROT
Antavia Exe re ice clos le 31 decembre 2011
ERNST & YOUNG Audit
2
Periode du 01/01/2011 au 31/12/2011
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff J
Comptes Annuels /
Bi Ian ,Amortlsseirnmts . '· DeplSql•t~JJ.§
·Ne~
.fl.let8\f
31112111
.. ~10.
ACTIF CAPITAL SOUSCRIT NON APPELE
Immobilisations incorporelles Frais d'etablissement Frais de recherche et de developpement Concessions, brevets et droits assimiles
47 103
Fonds commercial
19 056
45 795·
1 308 19 056
19 056
Autres immobilisations incorporelles
Immobilisations corporelles Terrains Constructions
662 949
62 101
620 693
620 431 480 044.
42 518
Installations techniques, materiel et outillage
140 649
130 954
Autres immobilisations corporelles
178 626
136 193
lmmob. en cours I Avances & acomptes
42 433
29 881
68 743
68 743
14 517
1 579
1 579
1 579
18 198
18 198
16 259
Immobilisations financieres Participations et creances rattachees Autres titres immobilises Prets
___
Autres immobilisations financieres
[rofA. l:..l9i~?!t~§§~,::::::::: .
~::~~-----~1-·~!!!46'·~~--1.-f-,~-J~~,-~-~.--934-4-M ___..,__..~a481
Stocks Matieres premieres et autres approv. En cours de production de biens En cours de production de services
595 425
133 842
461 583
692 205
2 103 885
239 295
1 864 590
1530442
2 897 438
2374841
5 204
9 543 60 659
Produits intermediaires et finis Marchandises
Creances 2 932 161
Clients et comptes rattaches
34 723:
I
Fournisseurs debiteurs 5 204
Personnel Etat, lmpots sur les benefices Etat, Taxes sur le chiffre d'affaires Autres creances
66 106
66 106
151 157
151 157
2 342
2 342
60 667
2 797 092
2 797 092
2 060 369
24 357
24 357
30 912
Divers Avances et acomptes verses sur commandes Valeurs mobilieres de placement Disponibilites Charges constatees d'avance
rrorA'.L"A'.criF=<:. 1~cuL.ANT '"'-·-·Charges
................
......--.......,,8....,_ .-._.---.---..• --.. ~~···----· ...-~-· ····rAAR'l
-~-
··-------~·~--- ~I!l~-~1~?::!2~~--.J.t~~.~~!
a repartir sur plusieurs exercices
2:~19~~1!.i
Prime de remboursement des obligations Ecarts de conversion - Actif
r
12 319
10 561 ·
COMpri:'s,rijfkrfo~RISATION ·~--- . -- .........--~-1o~s61
TOTAL ACTIF
10 305 236
1·2~,1~.
1 690 322
8 614 915
7 106 305
.__/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff
,.
___
F
l.
"'il''"""'''j .
Periode du 01/01/2011 au 31112/2011
Comptes Annuels /
Bi Ian Me~
3111211~
PASSIF Capital social ou individuel Primes d'emission, de fusion, d'apport, ..,
100 000.
100 000
36 865
36 865
10 000
10 000
4 940 658
3 316 768
Ecarts de reevaluation Reserve legale Reserves statutaires ou contractuelles Reserves reglementees Autres reserves Report
a nouveau
[@!!!J§l~~,!-~-~e-.~~-,.1.~---e-=----·--~-----------'""-----·-·_1 ~!. ,~~~--______1_6~~t!J] Subventions d'investissement Provisions reglementees
[iqi..\[a!e1~Y?
[!orAVA!J'1~§'!'~~.!;!!§PR~S~,~~-;_-~ ____.____~---~~------~ Provisions pour risques
12 319;
17 342
Provisions pour charges
[ro,-~[!-~~~~~ P~.Yif§~es~cij..\~~~~-----::::::_-_-_-_-_-_-_-_~_-_···::_11·~~-.2-.------····--~~!!~ Emprunts obligataires convertibles Autres emprunts obligataires Emprunts Decouverts et concours bancaires
Emprunts et dettes aupres des etablissements de credits Emprunts et dettes financieres diverses 338 303
Emprunts et dettes financieres diverses - Associes Avances et acomptes rei;;us sur commandes en cours Dettes fournisseurs et comptes rattaches
99 605
17 592
1 008 387
882 532'
Personnel
522 121
537 785
Organismes sociaux
344 101
132 835.
Etat, lmpots sur /es benefices Etat, Taxes sur le chiffre d'affaires
142
Etat, Obligations cautionnees Autres dettes fisca/es et socia/es
Dettes fiscales et sociales Dettes sur immobilisations et comptes rattaches
90 970
76 305.
942 668
761 591 '
1 186
1 186
Autres dettes Produits constates d'avance
·:ioof ;g4 . . . . .~--
--~~2-051846 (§TAt D"tt~s ··~~~-.__.,---·~,~,···--~~~~----.......---~---.......---Ecarts de conversion - Passif
TOTAL PASSIF
15 518
8 614 915
J
5 258 i
7 106 305
~/_s_A_S_A_N_T_A_V_l_A_ _ _ _ _ _ _ _ _ _ _ _ _ _ __,//
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Compte de resultat cw 01/MM1
~---._,
·%
•4111'1M!O
au·.,1112M1
"·
·au3..:i!.-.11
°'
F"·
· $m:ont11nt~
·f2.m(ll$:
1:2 lll!JIS
•r? ~:l
·Variation. . r'Jaft've
~'~~
'(%)
PRODUITS Ventes de marchandises
8 043 377
59,82
8 226 904
58,95
-183 527
-2,23;
Production vendue
5 402 443
40,18
5 728 796
41,05
-326 353;
-5,70;
Production stockee
-128 115
-0,95
244 580
1,75
-372 695
-152,38
Subventions d'exploitation 73 091
0,54
39 831
0,29
33 260.
13390797
99,59
14 240 111
102,04
-849 314
4 664 275
34,69
4 612 033
33,05
52 241
1, 13
-422 019
-3,14
-53 375
-0,38
-368 644
690,66
199 386
1,48
182 437
1,31
16 948
9,29
2 861 490
21,28
3 323 814
23,82
-462 325
-13,91
7 303 130
54,32
8 064 910
57,79
-761 779
-9,45
Autres produits
Total
83,50
-5,96.
CONSOMMATION MISES & MAT Achats de marchandises Variation de stock (mises) Achats de m.p & aut.approv. Variation de stock (m.p.) Autres achats & charges externes
Total
}:YJ7,'
'V"'W'l!',~"i:f03___.,~,,,,.,,,,,
6087667 ,,,m: k,·
,''"·
45,28
/'1i'-:'
n; ''' •
"""'."11';""""'~"""'"~1''.'Jhi!,; '",i~--_,
_s..~.!Rf~H
"~~~"'"'!"'
441 5' ~?.Ja5
-1A21
CHARGES 219 694
1,63
203 808
1,46
15 886
2 275 590
16,92
2 065 495
14,80
210 095
10,17 i
Charges sociales
939 437
6,99
835 748
5,99
103 689
12,41
Amortissements et provisions
339 081
2,52
299 951
2,15
3 773 897
28,07
3 405 067
24,40
179 096
1,33
135 646
0,97
43 451
32,03
-98 933.
-52,85 ;
lmp6ts, taxes et vers. assim. Salaires et Traitements
7,79 ;
Autres charges
64
93
Total
Produits financiers Charges financieres
Resultat financier
39 130;
88 261
0,66
187 194
1,34
90 835
0,68
-51 549
-0,37
13,05
29
44,99
368 830
10,83
142 384 -276,21 ;
Operations en commun
..i>__,!"
-~2.10.4so5
e
''"&!fl"'"':·''''<('"·~'''""'
c-r
1!,88~~2I~!J!6__.1~~1f ~
"-31'39801 +i.~,s,
.... U•i"
·:·~! ,,:m@M
Produits exceptionnels
11 642
0,09
21 870
0,16
-10 229
-46,77
Charges exceptionnelles
54 407
0,40
20 474
0,15
33 933
165,73.
-42 765
·0,32
1 396
0,01
-44161
Resultat exceptionnel
NS
Participation des salaries
198 489
1,48
228 756
1,64
-30 267
-13,23
lmp6ts sur les benefices
720 666
5,36
867 335
6,21
-146 669;
-16,91
1442 685
10,73
1623891
11,64
RESULTAT DE L'EXERCICE
·181 206
-11,16
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,f /
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
----~-..
_/ Regles et methodes comptables
Designation de la societe: SAS ANTAVIA Annexe au bilan avant repartition de l'exercice clos le 31/12/2011, dont le total est de 8 614 915 euros et au compte de resultat de l'exercice, presente sous forme de liste, degageant un benefice de 1 442 685 euros. L'exercice a une duree de 12 mois, recouvrant la periode du 01/01/2011 au 31/12/2011. Les notes au tableaux ci-apres font partie integrante des comptes annuels. Ces comptes annuels ant ete arretes le 03/05/2012 par les dirigeants de l'entreprise.
RegJ~s~g~nerales Les comptes annuels de l'exercice au 31/12/2011 ant ete etablis selon les normes definies par le plan comptable general approuve par arrete ministeriel du 22/06/1999, la loi n° 83-353 du 30/04/1983 et le decret 83-1020 du 29/11/1983, et conformement aux dispositions des reglements comptables 2000-06 et 2003-07 sur les passifs, 2002-10 sur l'amortissement et la depreciation des actifs et 2004-06 sur la definition, la comptabilisation et evaluation des actifs. Les conventions comptables ant ete appliquees dans le respect du principe de prudence, conformement aux hypotheses de base : - continuite de !'exploitation, - permanence des methodes comptables d'un exercice
a l'autre,
- independance des exercices. et conformement aux regles generales d'etablissement et de presentation des comptes annuels. La methode de base retenue pour !'evaluation des elements inscrits en comptabilite est la methode des coots historiques. Seules sont exprimees les informations significatives. Sauf mention, les montants sont exprimes en euros.
a leur coOt d'acquisition pour les actifs acquis a titre onereux, a leur coOt de a leur valeur venale pour les actifs acquis a titre gratuit et par voie d'echange.
Les immobilisations corporelles et incorporelles sont evaluees production pour les actifs produits par l'entreprise,
Le coot d'une immobilisation est constitue de son prix d'achat, y compris les droit)> de douane et taxes non recuperables, apres deduction des remises, rabais commerciaux et escomptes de reglement de taus les coots directement attribuables engages pour mettre l'actif en
a a ce coot d'acquisition. Taus les coots qui ne font pas partie du prix d'acquisition de !'immobilisation et qui ne
place et en etat de fonctionner selon !'utilisation prevue. Les droits de mutation, honoraires au commissions et frais d'actes lies !'acquisition, sont rattaches
peuvent pas etre rattaches directement aux coots rendus necessaires pour mettre l'actif en place et en etat de fonctionner conformement
a !'utilisation prevue, sont comptabilises en charges. Les amortissements pour depreciation sont calcules suivant le mode lineaire et degressif en fonction de la duree de vie prevue.
* Concessions et Brevets : Neant * Constructions : 10
a 50 ans
* Agencements des constructions: 6 a 10 ans * Installations techniques : 4
a 6 ans
* Materiel et outillage industriels : 4 a 6 ans •Installations generales, agencements et amenagements divers: 6
* Materiel de transport : 3 a 5 ans * Materiel de bureau : 4
a 5 ans
* Materiel informatique : 4 a 5 ans * Mobilier: 6 a 10 ans
a 10 ans
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Regles et methodes comptables La duree d'amortissement retenue par simplification est la duree d'usage pour les biens non decomposables
a l'origine.
Stocks ~········--·~·······
Les coats d'acquisition des stocks comprennent le prix d'achat, les droits de douane et autres taxes,
a !'exclusion des taxes ulterieurement
recuperables par l'entite aupres des administrations fiscales, ainsi que les frais de transport . Les rabais commerciaux, remises, escomptes de reglement et autres elements similaires son! deduits pour determiner les coats d'acquisition. Les produits fabriques son! valorises au coat de production comprenant les consommations, les charges directes et indirectes de production, les amortissements des biens concourant
a la production. Le coat de la sous activite est exclude la valeur des stocks. Les
interets sont exclus pour la valorisation des stocks. Les stocks sont evalues suivant la methode du coat moyen pondere. Pour des raisons pratiques et sauf ecart significatif, la methode du prix de detail a ete appliquee. Une provision pour depreciation des stocks egale
a la difference entre la valeur brute determinee suivant les modalites indiquees ci-dessus
et le cours du jour ou la valeur de realisation deduction faite des frais proportionnels de vente, est effectuee lorsque cette valeur brute est superieure l'autre terme enonce.
a
Creances
a leur valeur nominale. Une provision pour depreciation est pratiquee lorsque la valeur d'inventaire est a la valeur comptable.
Les creances sont valorisees inferieure
Produits et charges exceptio. nnels "'""
'
~""'"""~-
'"""'-
~ '"'"'~'
Les produits et charges exceptionnels tiennent compte des elements qui ne sont pas lies
a l'activite normale de l'entreprise.
Lors d'acquisition d'actif en monnaie etrangere, le taux de conversion utilise est le taux de change
a la date d'entree ou, le cas echeant,
celui de la couverture si celle-ci a ete prise avant !'operation. Les frais engages pour mettre en place les couvertures sont egalement integres au coat d'acquisition. Les dettes, creances, disponibilites en devises figurent au bilan pour leur contre-valeur au cours de fin d'exercice. La difference resultant de !'actualisation des dettes et creances en devises
a ce dernier cours est portee au bilan en ecart de conversion.
Les pertes latentes de change non compensees font l'objet d'une provision pour risques, en totalite suivant les modalites reglementaires.
Engagement de retraite La convention collective de l'entreprise prevoit des indemnites de fin de carriere. II n'a pas ete signe un accord particulier. Les engagements correspondants n'ont pas ete constates sous la forme de provision.
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~£
Periode du 01/01/2011 au 31/12/2011
Comptes Annuals /
Faits caracteristiques
Autres elements significatifs Les creances douteuses sont provisionnees
a hauteur de 100% de leurs montants HT.
La societe ANTAVIA est entree en 2010 dans le perimetre d'integration fiscale du Groupe AMETEK HOLDINGS SARL. La societe ANTAVIA fait l'objet d'une consolidation du Groupe AMETEK HOLDINGS SARL.
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~#
i
_?
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Notes sur le bilan
Actif immobilise Tableau des immobilisations
- Frais d'etablissement et de developpement - Fonds commercial - Autres pastes d'immobilisations incorporelles
Immobilisations incorporelles
19 056: 37 116
9 987
19 056 47 103
56 172'
9 987
66159
- Terrains - Constructions sur sol propre - Constructions sur sol d'autrui
149 180
149 180
- Installations generales, agencements et amenagements des constructions
513 769
510 113
3 656
571 493
86 136
36 936
620 693
8 422 66 587 95 327
11 545 15 489
219. 18 526
8 422 77 914 92 290
14 517
54 993
767,
68 743
1 415 639
171 820
- Installations techniques, materiel et outillage industriels - Installations generales, agencements amenagements divers - Materiel de transport - Materiel de bureau et informatique, mobilier - Emballages recuperables et divers - Immobilisations corporelles en cours - Avances et acomptes
Immobilisations corporelles
56 448
1 531 010
- Participations evaluees par mise en equivalence - Autres participations - Autres titres immobilises - Prets et autres immobilisations financieres
Immobilisations financieres ACTIF IMMOBILISE
50 000 1 579 16 259
1 938
67 838;
1 938
50 000
19 777
183 745
106 448
1 616 946
1 539 649
50 000 1 579 18 198
Periode du 01/01/2011 au 31/12/2011
._/_s_A_S_A_N_T_A_V_IA _______________
L
__,#
Comptes Annuels /
, ..; Notes sur le bi Ian Les flux s'analysent comme suit :
lm!lloblllsatlons incorpa~Ues
·'
·1mrnobll1S~tions
lmmal:JlllsatJo~
corporeltes ·'
J
fina~leres
Ventilation des augmentations Virements de poste
a poste
Virements de l'actif circulant Acquisitions
9 987
171 820
1 938
183 745
9 987
171 820
1 938
183 745
Apports Creations Reevaluations
Augmentations de l'exercice Ventilation des diminutions Virements de poste
a poste
767
767
Virements vers l'actif circulant Cessions
55 681
50 000
105 681
56 448
50 000
106 448
Scissions Mises hors service
Diminutions de l'exercice
Immobilisations incorporelles Fonds commercial
-----
----~~-·---~--,•-----------·-Fh;'!
.
~-·--·-'·-·_ _3,'fl'.1~2011
...
J
Elements achetes Elements reevalues Elements rec;:us en apport
Total
Le fonds commercial a
19 056
19 056
ete constitue lors de la creation de la societe en 1989. Monsieur ANTOINE, a cree cette societe en apportant le
fonds de commerce de son activite d'artisan (principal client Airbus). II est done rattache au coeur de metier de la societe et n'a pas lieu d'etre deprecie.
Periode du 01/01/2011 au 31/12/2011
,_/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ ____,//
/
Comptes Annuels /
Notes sur le bilan Amortissements des immobilisations ~-.....~~~~~~~~~~~~~~~~~·----~~~~~~~~~~~~
~t·-,: 1[ A la fhi de ...
1
Amdebut cite'
l'exerclce
,,.
}
-~'
~~--_.....,...,,n~~..;~;"" ~;!"~---
.
~!ex'"lc':_j
- Frais d'etablissement et de developpement - Fonds commercial - Autres pastes d'immobilisations incorporelles
Immobilisations incorporelles
37 116
8 679
45 795
37116
8 679
45 795
140 900
7 150
148 049
456 292
16 089
472 381
440 539
76441
- Terrains - Constructions sur sol propre - Constructions sur sol d'autrui - Installations generales, agencements et amenagements des constructions - Installations techniques, materiel et outillage industriels
36 935·
480 044
- Installations generales, agencements amenagements divers - Materiel de transport - Materiel de bureau et informatique, mobilier
8 422
8 422 49 097 i 82 936.
6 123
77
55 143
8 217
18 526
72 627
- Emballages recuperables et divers
Immobilisations corporelles
1178 186
114 020
55 539
1236667
ACTIF IMMOBILISE
1 215 302
122 699
55 539
1282462
,_/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _~//
-·f
I
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Notes sur le bilan
Actif circulant Stocks Informations sur les evaluations effectuees sur l'exercice : - Stocks pieces : prix d'achats du lot plus frais de transport si applicable. - En cours : prix d'achats des pieces plus main d'oeuvre.
Etat des creances Le total des creances
a la cloture de l'exercice s'eleve a 3 197 183 euros et le classement par echeance s'etablit comme suit :
Ecnanees a rn~lnsdlufi11
Mo•nt ~mt
·Eo:he~Q~es clf)IUS d~U- ·
Creances de l'actif immobilise : Creances rattachees
a des participations
Preis Autres
18 198
18 198 i
Creances de l'actif circulant : Creances Clients et Comptes rattaches Autres
2 932 161
2 932 161
222 467
222 467
Capital souscrit - appele, non verse Charges constatees d'avance
Total
24 357.
3197183
24 357
3178 985
18198
Preis accordes en cours d'exercice Preis recuperes en cours d'exercice
Produits
a recevoir '"-;;
.,.
MoqtaRt'l'
··i
Ii' [
.
'"'
t
--------~----------~----~---~··-----~----~··------:
Clients Fact A Etablir ETAT PRODUITS A RECEVOIR
Total
869 7 903
8 772
Periode du 01/01/2011 au 31/12/2011
._/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,//
Comptes Annuels /
r=---1'
L. ___;) Notes sur le bilan Capitaux Propres Composition du Capital Social Capital social d'un montant de 100 000,00 euros decompose en 5 000 titres d'une valeur nominale de 20,00 euros.
[
·-~:-:;---
.
.
..~~·----~--------------
Titres composant le capital social au debut de l'exercice
5 000
20,00
5 000
20,00
Titres emis pendant l'exercice Titres rembourses pendant l'exercice Titres composant le capital social
a la fin de l'exercice
Affectation du resultat Decision de l'assemblee generale du 30/06/2011.
Report
a Nouveau de l'exercice precedent
Resultat de l'exercice precedent
1 623 891
Prelevements sur les reserves
Total des origines Affectations aux reserves
1 623 891 1 623 891
Distributions Autres repartitions Report
a Nouveau
Total des affectations
1 623 891
Periode du 01/01/2011 au 31/12/2011
.._;ff
,__/_s_A_S_A_N_T_A_V_IA _______________
Comptes Annuels /
Tableau de variation des capitaux propres Soldeau 0110111011
Capital Primes d'emission
AugmeJJtatl
Affectation des resultats
100 000
100 000'
36 865
36 865. 10 000 4 940 658'
Reserves generales
10 000 3 316 768
1 623 891
Resultat de l'exercice
1 623 891
-1 623 891'
Reserve legale
Total Capitaux Propres
. Diminutions
1 442 685,
5 087 523
1442685
1 442 685
6 530 208
Provisions Tableau des provisions ~~
[
f
Provisions
Dotatlems
R~es
au;deb.ut dit..t'exerclce
de111'~rctce
utills'ees de i•ex«rclce
·
6 781.
Litiges
Reprises , n:o"D utill$fles de l'exerclce
'.Pro•ions $ia fill de 1••;e1ce 6 781
Garanties donnees aux clients Pertes sur marches
a terme
Amendes et penalites Pertes de change
12 319
10 561
12 319
17 342
I
12 318
10 561
12 318
17 342
Pensions et obligations similaires Pour impots Renouvellement des immobilisations Gros entretien et grandes revisions Charges sociales et fiscales sur conges
a payer
Autres provisions pour risques et charges
Total Repartition des dotations et des reprises de l'exercice : Exploitation
6 781
Financieres
10 561'
Exceptionnelles
Les provisions pour litiqes sont liees
a des marchandises deteriorees lors du transport
12 319
Periode du 01/01/2011 au 31/12/2011
,_/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,//
,
r
Comptes Annuels /
Notes sur le bilan
Dettes Etat des dettes Le total des dettes
a la cloture de l'exercice s'eleve a 1 952 241
. ___ L .---·----·~
.
_.
euros et le classement par echeance s'etablit comme suit:
.
M'ontaot
l!c!*m~•
E~ces
brut ammnliJ d'uo~aq il11plu~n1ao _.____..-....__---.,.--..___.._..__,,,_,_,,,
Emprunts obligataires convertibles Autres emprunts obligataires Emprunts et dettes aupres des etablissements de credit dont :
- a 1 an au maximum a l'origine - a plus de 1 an a l'origine Emprunts et dettes financieres divers Dettes fournisseurs et comptes rattaches Dettes fiscales et sociales
1 008 387
1008387
942 668
942 668
Dettes sur immobilisations et comptes rattaches
1 186
1 185'
Autres dettes Produits constates d'avance
Total
1 952 241
1 951 056
1 185
Emprunts souscrits en cours d'exercice Emprunts rembourses sur l'exercice dont :
Charges
a payer . !
Fact Non Parvenues
217 087 i
Conges A Payer
202 373
Prov.Participat.Salaries
198 489
Personnel Charges A Payer
121 259
Org.Soc. Charges A Payer
140 375 i
Etat Autres Ch. A Payer
Total
76 305
955 888
Periode du 01/01/2011 au 31/12/2011
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _// J
L _ __:
Comptes Annuels /
Notes sur le bilan
Autres informations Elements concernant les entreprises liees
...,
·---···--··-·-....,,,---w+'-~
r--,u·--~-~
·• efliil'EniJ~S •
;fki:tfc,l)'rj~e6
!Illes
.a~eoc1llen
·~--~-----~-----~--------~~-~-----........... ~"\_~~
..
---
cm Pa~lelpa"o~
•[I
j
Capital souscrit non appele Avances et acomptes sur immobilisations incorporelles Avances et acomptes sur immobilisations corporelles Participations Creances rattachees
a des participations
Pre ts Autres titres immobilises Autres immobilisations financieres
Total Immobilisations Avances et acomptes verses sur commandes 49 659
Creances clients et comptes rattacMs
143 254
Autres creances Capital souscrit appele, non verse
192 913
Total Creances Valeurs mobilieres de placement Disponibilites
Emprunts obligataires convertibles Autres emprunts convertibles Emprunts et dettes aupres des etablissements de credit Emprunts et dettes financieres divers Avances et acomptes rer;:us sur commandes en cours 35 066
Dettes fournisseurs et comptes rattaches Dettes sur immobilisations et comptes rattaches Autres dettes
35 066
Total Dettes
a 192 913€; les dettes concernant les a 35 066€ - leur repartition est detaillee dans le tableau ci dessus. II n'y a pas
Les creances concernant les entreprises liees ou avec un lien de participation s'elevent entreprises liees ou avec un lien de participation s'elevent
eu de charges et produits financiers concernant les entites liees.
·
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~// L·
7
Notes sur le bilan
Com(!tes de
reg~lllarisation
Charges constatees d'avance Ch~r9es
d'exploitatfon Charges Constat.D Avance
Total
24 357
24 357
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels
J
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Notes sur le compte de resultat Chiffre d'affaires
l
France Ventes de produits finis Ventes de produits intermediaires
1 240
1 240
Ventes de produits residuels Travaux Etudes Prestations de services
1852332
3 518 935
5 371 267
Ventes de marchandises
3 305 065':
4 738 312
8 043 377
4 465
25 471
29 936
5 161 862
8 283 958
13 445 820
Produits des activites annexes
TOTAL
Remuneration des commissaires aux comptes Montant comptabilise au titre des diligences liees
a la mission de controle legal des comptes annuels : 24 224 euros
Transferts de charges d'exploitation et financieres ''
"•'
•,
••
N
j: j
N$ture
"
~4
-"'--~------"'"-~---------------------~------"'"' Transfert de charges d'exploitation Transf.Charges D'Exploit.
53 459
Transf.Charges Ht
16 211 69 670
Les transferts de charges concernent principalement des remboursements d'indemnites journalieres, des remboursements de formations continues ou en alternances et enfin, des avantages en natures.
Parties liees Transactions effectuees avec des parties liees conclues aux conditions normales de marche - solde au 31/12/2011 :
Liste des transactions significatives - Creances clients avec AEM LTD pour un montant de 12 454 € - Creance solde IS avec AMETEK HOLDING pour un montant de 143 254 € - Creance client avec HSA pour un montant de 5 306 € - Creance client avec AMETEK CORPORATE pour un montant de 15 959 € - Creance client avec SINGAPOURE PTE LTD pour un montant de 15 940 € - Dette fournisseur avec HIGH STANDARD AVIATION pour un montant de 5 340 €
Periode du 01/01/2011 au 31/12/2011
'-/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,//
r--"-/
r
Comptes Annuels /
Notes sur le compte de resultat
•
- Dette fournisseur avec AMETEK CORPORATE pour un montant de 10 393 € - Dette fournisseur avec AMERON pour un montant de 2 605 € - Dette fournisseur avec WOODSTOCK pour un montant de 393 € - Dette fournisseur avec AEM LTD pour un montant de 16 335 €
Resultat exceptionnel Operations de l'exercice
Creances devenues irrecouvrables dans l'exercice
3 287
Autres charges exceptionnelles sur operations de gestion
183
Valeurs comptables des elements d'actif cedes
50142
Autres charges
796
Autres produits exceptionnels sur operations de gestion
860
Produits des cessions d'elements d'actif
7 801
Autres produits
2 981
TOTAL
54 407
11 642
Resu. . ltat et impots sur les benefices "'~~""'"""' -~""-""~
'"
~-
"~"
Ventilation de l'impot
2 404 605
734 921
+ Resultat exceptionnel
-42 765
-14 255
- Participations des salaries
198 489
+ Resultat courant
Resultat comptable
2 163 351
1669684' -28 510 198 489
720 666
1 442 685
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _~//
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Notes sur le compte de resultat Accroissements et allegements de la dette future d'impot La situation fiscale latente, compte tenu d'un taux d'imp6t sur les societes de 33 1/3 %, fait ressortir une creance future d'un montant de 81 301 euros. Ce montant ne tient pas compte d'un eventuel paiement de la contribution sociale sur les benefices.
Accroissements de la dette future d'impot Lies aux amortissements derogatoires Lies aux provisions pour hausse des prix Lies aux plus-values Lies
a reintegrer
a d'autres elements
A. Total des bases concourrant
a augmenter la dette future
Allegements de la dette future d'impot Lies aux provisions pour conges payes Lies aux provisions et charges Lies
a payer non deductibles
243 902
a d'autres elements
B. Total des bases concourrant a diminuer la dette future
243 902
C. Deficits reportables D. Moins-values
a long terme
Montant de la creance future
81 300,67
(A - B - C - D) * 33 1/3 %
lmp6t!; !;Ur les benefices - lnt~g_r.~.tion Ji~~ale~·-·-····-··-··A partir de l'exercice ouvert au 01/01/2010, la societe SAS ANTAVIA est comprise dans le perimetre d'integration fiscale du groupe AMETEK HOLDINGS SARL. Au titre de !'integration fiscale, montant compris dans l'imp6t sur les societes : Charges de l'exercice : 721 866 euros L'imp6t sur les societes comptabilise n'est pas altere par des conventions particulieres au groupe.
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~// ~'"
t
1
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Autres informations
Effectif moyen du personnel : 67 personnes dont 1 apprenti.
......:..... -· ~]
PeJ!SOnnel
salarle
atdl~poslllD,n ,,
----------~~----------------------------JO'-~~
Ouvriers
8 17 17 25
Total
67
Cadres Agents de maitrise et techniciens Employes
La loi du 4 mai 2004 ouvre pour les salaries des entreprises fram;aises un droit
a formation d'une duree de 20 heures minimum par an a la formation (D.LF) sont considerees
cumulable sur une periode de 6 ans. Les depenses engagees dans le cadre de ce droit individuel comme des charges de la periode et ne donnent pas lieu
a comptabilisation d'une provision sauf situation exceptionnelle.
Le nombre d'heures de formation correspondant au cumul des droits acquis par les salaries 6 095 heures n'ont pas fail l'objet d'une demande des salaries.
a la date de cloture s'eleve a 773 heures dont
.. ,_/_s_A_S_A_N_T_A_V_IA _______________
/
..../
~ff
Periode du 01/01/2011 au 31/12/2011
Comptes Annuels /
Autres informations
e..,g~gements
financiers
Engagements donnes
Effets escomptes non echus
Avals et cautions Engagements en matiere de pensions Engagements de credit-bail mobilier Engagements de credit-bail immobilier Engagement en matiere de retraite
Autres engagements donnes
Total
123 879
123 879
123 879
Don! concernant : Les dirigeants Les filiales Les participations Les autres entreprises liees Engagements assortis de suretes reelles
Montan! des engagements pris en matiere de pensions, complements de retraite et indemnites assimilees: 123 879 euros Le montant des engagements en matiere d'indemnites de fin de carriere d'un montant de 123 879€, non comptabilise, est precise ci apres. Les calculs ont ete effectues en utilisant la methode simplifiee avec integration des parametres suivants : - estimation turnover : 4% - probabilite de survie : 99% - evolution des salaires : 3% - age de depart
a la retraite : 65 ans
- !aux de charges : 40% - formule retenue: (98%) puissance n (n representant l'anciennete au depart du salarie) - Soit : indemnite globale de depart x (0.98) puissance n x anciennete actuelle/anciennete au depart. - taux d'actualisation : 2%
Regimes
a cotisations definies
Montan! des cotisations comptabilisees en charges : 0 euros
ANTAVIA
Societe par Actions Simplifiee Au capital de 100 000 € siege Social : 33 Route de Toulouse - 82170 DIEUPENTALE RCS MONTAUBAN 343 946 281
RAPPORT DE GESTION DU PRESIDENT EXERCICE CLOS LE 31/12/2011 POUR LA DECISION DE L'ASSOCIE UNIQUE DU 29 JUIN 2012 A 13 HEURES Cher associe unique, Conformement aux dispositions legislatives et reglementaires et aux stipulations des statuts de votre Societe, j'ai l'honneur de vous rendre compte de ma gestion et de soumettre a votre approbation les comptes de l'exercice clos le 31 decembre 2011. Taus les documents et pieces prevus par la reglementation en vigueur et les statuts de votre Societe ont ete tenus votre disposition dans les delais impartis.
a
ACTIVITE DE LA SOCIETE L'exercice a ete satisfaisant en termes d'activite. En effet, dans un contexte de crise financiere internationale et de crise sur le marche de la maintenance aeronautique, le chiffre d'affaires s'est maintenu. II s'eleve 13 445 820 euros contre 13 955 700 euros l'exercice precedent.
a
- Les ventes de marchandises, qui s'etablissent a 8 043 376 € ont enregistre une tres legere erosion de 3 % par rapport a 201 O et representent 59,80 % du chiffre d'affaires de l'annee, proportion comparable a celle de l'exercice precedent, - Les prestations de services qui s'etablissent 5 401 203, affichent un leger recul de 5,8 % quant elles par rapport 201 O et representent 40, 1O % du chiffre d'affaires.
a
a
a
La societe a realise en 2011, 61,70% de son chiffre d'affaires 58,80 % l'exercice precedent.
a l'etranger
contre
Le total des produits d'exploitation s'eleve a 13 390 796 € et representent 94 % des produits constates l'exercice precedent (14 240 110). Les charges d'exploitation ont diminue dans une proportion, legerement moindre, de 3,5 %, et s'elevent a 11 077 026 euros contre 11 469 976 euros l'exercice precedent. Cette diminution est due notamment a une baisse des « autres achats et charges un moindre recours la sous-traitance (-384 K€ par externes » liee notamment
a
a
.·
a
rapport l'exercice precedent) et precedent),
a !'interim
(- 111,7 K€ par rapport
a l'exercice
Le paste salaires et traitement a progresse de 10, 10 % du fait en particulier d'un effectif moyen en 2011 accru de 6 personnes (67 personnes) par rapport a 2010 (61 personnes). Compte tenu de ces elements, le resultat d'exploitation est un benefice de 2 313 769 euros contre un benefice de 2 770 134 euros en 2010.
Le resultat financier est un gain de 90 835 euros lie essentiellement : - Aux differences positives de change (109 K€) qui ant excede les differences negatives de change (77 K€), - A la reprise de la provision de 50 000 € sur titres de participation d'Helimaintenance lndustrie, les titres de cette societe ayant ete cedes pour un prix de 1 €. Cette cession a ete decidee du fait du defaut de la moindre visibilite sur la gestion de cette societe comme de la moindre perspective de dividendes. Apres: - Un resultat exceptionnel en perte de (42 765) euros du fait notamment de la mains value realisee sur la cession des titres d'Helimaintance lndustrie pour 1 €, - Une participation des salaries de 198 489 euros, - Un impot sur les societes de 720 666 euros,
L'exercice se solde par un benefice de 1 442 684 euros contre un benefice de 1 623 890 euros l'exercice precedent.
EVENEMENTS IMPORTANTS SURVENUS AU COURS DE L'EXERCICE ECOULE Neant.
EVENEMENTS L'EXERCICE
IMPORTANTS
SURVENUS
DEPUIS
LA
CLOTURE
DE
Conformement a la decision du Conseil d'administration du 14 mai 2012, le President la societe a ete habilite signer un contrat de pret d'une somme de 2 000 000 Ametek Material Analysis Holdings GmbH.
a
€a
Ce pret participe au financement de !'acquisition Direl Holding GmbH, Bonndorf im Schwarzwald, immatriculee au registre commercial de Freiburg, societe mere de Dunkermotoren GmbH, un leader sur le marche des solutions avancees de controle du mouvement pour un large spectre d'application motorisees. Les principaux termes et conditions de ce pret sont les suivants: • Montant: 2 millions d'Euros ;
2
•Duree : 3 mois renouvelable une fois par tacite reconduction ; •Amortissement: le capital sera dO au terme et payable en une seule fois ; • Taux d'interet: Euribor 3 mois + 107 points de base a la date du terme du pret; • Paiement des interets : a terme echu dans les 5 jours de la fin d'un trimestre. EVOLUTION PREVISIBLE DE LA SITUATION DE LA SOCIETE - PERSPECTIVES D'AVENIR
RECHERCHEETDEVELOPPEMENT Notre societe n'a pas eu d'activites de recherche et developpement au cours de l'exercice. DEPENSES ET CHARGES NON DEDUCTIBLES FISCALEMENT Le montant des depenses et charges non deductibles fiscalement visees par les articles 39-4 du Code General des lmpots que nous avons engagees au cours de l'exercice ecoule s'eleve a 16 833 euros correspondant a des amortissements excedentaires et autres amortissements non deductibles.
DELAIS DE PAIEMENT DES FOURNISSEURS Conformement aux articles L. 441-6-1 et D 441-4 du Code de commerce nous vous indiquons que la decomposition a la cloture des deux derniers exercices du solde des dettes a l'egard des fournisseurs par date d'echeance est la suivante (les montants mentionnes ci-apres sont en Euros) :
Ex.
Total dettes Fournisseurs
2010
882 532
Dettes non echues a la cloture de l'exercice echeance a Echeance Echeance est a plus de entre 30 et moins de 30 jours 60 jours 60 jours
323015,15
266914,43
Dettes echues a la cloture
2857,9
Factures non parvenues a la cloture
Ecart de conversion
261931,85
12318,87
217 087,49
10 561,44
15 494,09 2011
1 008 386,50
427 025,48
216 358,50
1 794,00 135 559,59
FILIALES ET PARTICIPATIONS Votre societe n'a pas de filiales ni de participations au sens de !'article L. 233-6 du Code de commerce.
CONVENTIONS VISEES A L'ARTICLE L 227-10 DU CODE DE COMMERCE
3
Vos commissaires aux comptes vous communiquent leur rapport sur ce point. II vous incombera de statuer sur ce rapport.
RENOUVELLEMENT D' ADMINISTRATION
DES
MANDATS
DES
MEMBRES
DU
CONSEIL
Les mandats de John Wesley HARDIN, Monsieur Alain IMRIE, Monsieur Stephane CAPPE, membres du conseil d'administration, arrivant a expiration a l'issue de la prochaine decision de l'Associe Unique, nous vous demandons de bien vouloir les renouveler pour une duree d'une annee, soit jusqu'a l'Assemblee Generale ou la decision de l'Associe Unique devant statuer sur les comptes de l'exercice clos le 31 decembre 2012. En ce qui concerne Monsieur John Smith, President, et Monsieur Laurent Bouissou, Directeur General, ii est rappele qu'ils sont membres de droit du Conseil d'administration en vertu de !'article 20 des statuts.
DIVIDENDES VERSES SOCIAUX
AU
COURS
DES
TROIS
DERNIERS
EXERCICES
Nous vous rappelons qu'il a ete verse les dividendes suivants au cours des trois derniers exercices :
Exercice
Distribution
Abattement de 40%
Sans abattement
31/12/2008 31/12/2009
1 500 000
1 500 000
31/12/2010
500 000
500 000
RESULT AT - AFFECTATION Nous vous proposons d'affecter le benefice de l'exercice s'elevant a 1 442 684 euros, comme suit: - Montant du poste « autres reserves » au 31 decembre 2011 avant affectation du benefice de l'exercice : ........................................................ 4 940 658 € - Affectation au poste « autres reserves »du benefice de l'exercice : ....... 1 442 684 € Solde du poste « autres reserves » apres affectation du benefice de l'exercice : ................................................................................................. 6 383 342 €
MANDAT D'UN DES DEUX COMMISSAIRES AUX COMPTES
Le mandat du co-commissaire aux comptes de la societe DELOITTE MARQUE ET GENDROT, anciennement denomme BOO MARQUE ET GENDROT, viendra expiration lors de votre decision sur !'approbation des comptes clos le 31 decembre 2011.
a
4
,
... II vous appartient de decider de renouveler ou non ce mandat, etant precise que la societe Antavia n'a pas obligation de designer deux commissaires aux comptes, et que le mandat du co-commissaire aux comptes ERNST & YOUNG AUDIT ne prendra fin que lors de la decision de l'associe unique ou le cas echeant de la collectivite des associes sur !'approbation des comptes au 31 decembre 2012. Faute d'obligation pour Antavia de designer deux commissaires aux comptes nous le mandat venant a echeance. vous proposons de ne pas renouveler I I
PRESENTATION DES COMPTES
Nous vous presentons approbation.
le~
comptes annuels que nous soumettons
a
votre
1
Les regles de presentation et les methodes d'evaluation retenues pour I l'etablissement de ces documents sont conformes a la reglementation en vigueur. I
Vous trouverez dans l'annex~ toutes explications complementaires.
I Vos Commissaires aux Comptes relatent dans leurs rapports l'accomplissement de leurs missions.
Nous vous invitons
a adopter les resolutions que nous soumettons a votre vote.
Fait a DIEUPENTALE,
I
Le 12 juin 2012 LE PRESIDENT John Smith
5
ANTAVIA
Societe par Actions Simplifiee Au capital de 100 000 € siege Social: 33 Route de Toulouse - 82170 DIEUPENTALE RCS MONTAUBAN 343 946 281
PROCES-VERBAL DES DECISIONS DE L'ASSOCIE UNIQUE EN DATE DU 29 JUIN 2012 EXTRA IT
TROISIEME DECISION
L'Associee Unique decide d'affecter le benefice de l'exercice s'elevant euros au paste « autres reserves » comme suit :
a 1 442 684
- Montant du paste « autres reserves» au 31 decembre 2011 avant affectation du benefice de l'exercice : ........................................................ 4 940 658 € - Affectation au paste« autres reserves» du benefice de l'exercice : ....... 1 442 684 € Saide du paste « autres reserves» apres affectation du benefice de l'exercice : ................................................................................................. 6 383 342 € L'Associee Unique prend acte que sont intervenues au cours des 3 derniers exercices les distributions de dividendes suivantes : Exercice
Distribution
31/12/2008 31/12/2009 31/12/2010
Abattement 40%
de Sans abattement
I '
1 500 000 I 500 000
Pour extrait conforme LE DIRECTEUR GENERAL
-~:!~--
1 500 000 500 000
Periode du 01/01/2013 au 31/12/21
~/_s_A_S~A_N_T_A_V_IA~~~~~~~~~~~~~~~~#~~--::;;;;C~o~m~p~t_es~A_n_n_u_e~ls Bi la n
u~~UlH au Greffe le··---
Brut
Amortlss~ments
CAPITAL SOUSCRIT NON APPELE Immobilisations incorporelles Frais d'Stablissement
Frais de recherche et de developpement Concessions, brevets et droits assimiles Fonds commercial Autres immobilisations incorporelles
504 835 19 056
133 883
370 952 19 056
433 150 19 056
747011 870 032 230 760 21 848
659 391 614 465 170 282
87 620 255 567 60 479 21 848
47144 146 012 42 863 4 036
1 658
1 579
Immobilisations corporelles Terrains Constructions Installations techniques, materiel et outillage Autres immobilisations corporeHes lmmob. en cours I Avances & acomptes
Immobilisations financieres Participations et creances rattachees Autres titres immobilises
1 658
Prbts
Autres immobilisations financieres
19 148 2 414 349
1 578 021
19 148 836 328
17 638 711 477
2 369 547
496 668
1 872 880
1513167
705 105
69 055
636 050
514 435
Clients et comptes rattaches Fournisseurs dGbiteurs Personnel
2 600 626 8 865 5 245
96 809
2 503 817 8 865 5 245
2 623 481 24196 10 118
Etat, lmp6ts sur les benefices Etat, Taxes sur le chiffre d'affaires Autres creances
135 249 3 500 000
135 249 3 500 000
138 362 3 532 500
17 202
17 202
14 411
3054818 20 389 12 417 047
662 532
3 054 818 20 389 11 764 515
1 300 266 31 406 9 702 343
2 240 553
10 133 10133 12 600 976
8 803 8 803 10 422 623
TOTAL ACTIF IMMOBILISE Stocks Matieres premieres et autres approv. En cours de production de biens En cours de production de services Produits intermediaires et finis Marchandises
Creances
Divers Avances et acomptes verses sur commandes Valeurs mobilieres de placement Disponibilites Charges constatees d'avance
TOTAL ACTIF CIRCULANT
a
Charges rE!partir sur plusieurs exercices Prime de remboursement des obligations Ecarts de conversion - Actif
COMPTES DE REGULARISATION TOTAL ACTIF
10 133 10133 14 841 528
Period• du 01/01/2013 au 31/12/2(
~/_s_A_S~A_N_T_A_V_IA~~~~~~~~~~~~~~~~J~f~~~C_o_m_p_t_e_s_A_n_n_u_e_ls_ Bi Ian Net au 31/12/13
Netllu 31/.12/12
PASSIF Capital social au individuel
Primes d'E!mission, de fusion, d'apport, .
100 000 36 865
100 000 36 865
10 000
10 000
7 890 170
6 383 343
1 883 142
1 506 827
9 900 177
8 037 035
10 133
8 803
10 133
8 803
108 612 92 511 1 219 074
Ecarts de reevaluation
Reserve 10gale Reserves statutaires ou contractuelles Reserves r0glementees
Autres reserves Report a nouveau
R09ultat de l'exercice Subventions d'investissement Provisions rE!glementees
TOTAL CAPITAUX PROPRES Produits des emissions de titres participatifs Avances conditionnees TOTAL AUTRES FONDS PROPRES Provisions pour risques Provisions pour charges TOTAL PROVISIONS POUR RISQUES ET CHARGES Emprunts obligataires convertibles Autres emprunts obligataires
Emprunts
oecouvert.s et concours bancaires Emprunts et dettes aupres des etablissements de credits
Emprunts et dettes financi0res diverses Emprunts et dettes financieres diverses - Associes
Personnel
643 409
42 549 120 142 1 011 989 609 456
Organismes sociaux
452 895
415701
125 905 1 222 209 1 186 38 974
92 093 1117 250 1 186 80 257
2 682 587 8 099
2 373 374 3 412
12 600 976
10 422 623
Avances et acomptes reyus sur commandes en cours Dettes fournisseurs et comptes rattaches
Etat, lmpOts sur Jes benefices Etat, Taxes sur le chiffre d'affaires Etat, Obligations cautionnees Autres dettes fiscales et socia/es Dettes fiscales et sociales Dettes sur immobilisations et comptes rattaches Autres dettes Produits constates d'avance TOTAL DETTES Ecarts de conversion - Passif
TOTAL PASSIF
Periode du 01/01/2013 au 31/12/20
~/_s_A~S_A_N_T_A_V~IA~~~~~~~~~~~~~~~~~J~f~~~C_o_m~p_te_s~A_n_n_u_e_ls~, Compte de resultat du 01101113 au 31/12/13 12 moia
%
du 01/01/12 au 31/12/12 12 moia
%
Variation
Var.
relative
rat
(montant)
(%)
PRODUITS Ventas de marchandises Production vendue
15265852 70 292
100,00 0,46
13 807 593 39 388
100,00 0,29
1 458 259 30 904
10,56 78,46
113411 15 449 555
0,74 101,20
73 761 13 920 743
0,53 100,82
39 650 1 528 812
53,75 10,98
6 833 686 -388 380 1 856 745 8 302 050
44,76 -2,54 12, 16 54,38
5 857 463 122 718 1 326 327 7 306 508
42,42 0,89 9,61 52,92
976 223 -511 098 530 417 995 542
16,67 -416,48 39,99 13,63
7147 504
46,82
6 614 234
47,90
533 270
8,06
243 002 2 600 020 1114 899 201 793 32 4 159 746
1,59 17,03 7,30 1,32
1,96 17,53 7,77 3,16
27,25
270 398 2 419 960 1 073 235 435 801 45 4 199 439
30,41
-27 395 180 060 41 665 -234 008 -14 -39 693
-10, 13 7,44 3,88 -53,70 -29,96 -0,95
2 987 758
19,57
2 414 795
17,49
572 963
23,73
74478 14 955 59 523
0,49 0,10 0,39
47 603 27 747 19 856
0,34 0,20 0,14
26 875 -12 792 39 667
56,46 -46, 10 199,77
3 047 281
19,96
2434 851
17,83
812 629
25,16
Resultat exceptionnel
3 272 5 818 -2 546
0,02 0,04 -0,02
54 616 22 667 31 948
0,40 0,16 0,23
-51 343 -16 849 -34 494
-94,01 -74,33 -107,97
Participation des salaries lmp6ts sur les benefices
238 684 942 909
1,56 6,18
195 360 764 413
1,41 5,54
43 324 178 496
22,18 23,35
1 863142
12,20
1506827
10,91
356 315
23,65
Production stockee Subventions d'exploitation Autres produits
Total CONSOMMATION MISES & MAT Achats de marchandises Var'1ation de stock (mises) Achats de m.p & aut.approv. Variation de stock (m.p.) Autres achats & charges extefnes
Total MARGE SUR MISES & MAT CHARGES lmp6ts, taxes et vers. assim. Salaires et Traitements Charges sociales Amortissements et provisions Autres charges
Total RESUL TAT D'EXPLOITATION Produits financiers
Charges financieres
Resultat financier Operations en commun
RESUL TAT COURANT Produits exceptionnels Charges exceptionnelles
RESULTAT DE L'EXERCICE
Periade du 01/01/2013 au 31/12/20
L/_s_A_S~A_N_T_A_V_IA~~~~~~~~~~~~~~~--'J~f~~~C_o_m~p_t_e_s_A_n_n_u_e_ls~I Regles et methodes comptables oesignation de la societe: SAS ANTAVIA Annexe au bilan avant repartition de J'exercice clos le 31/1212013, dont le total est de 12 600 976 euros et au compte de resultat de l'exercice, presente sous tonne de Jiste, degageant un benefice de 1 863 142 euros. L'exercice a une dun~e de 12 mois, recouvrant la pSriode du 01 /01/2013 au 31 /12/2013. Les notes ou tableaux ci-apres font partie integrante des comptes annuals. Ces comptes annuers ont
ete arretes le 05/05/2014 par les dirigeants de l'entreprise.
Regles generales Les comptes annuels de l'exercice au 31/12/2013 ant
ete etablis selan les normes d9f1nies par le plan comptable general approuve par
arrete ministeriel du 22/06/1999, en application des articles L. 123-12
a L.
123-28 et R. 123-172
a R. 123-208 du code de commerce et
conformement aux dispositions des reglements comptables revisant le PCG etablis par l'autorite des normes comptables. Les conventions comptabJes ont ete appliquees avec sincerite dans le respect du principe de prudence, conformement aux hypotheses de
base: - continuite de l'expJoitation,
- permanence des methodes camptabJes d'un exercice
a l'autre,
- independance des exercices. et conformement aux regles generales d'etablissement et de presentation des comptes annuels.
La methode de base retenue pour 1'8valuation des elements inscrits en comptabilite est la mE!thode des coats historiques. Seules sent exprimees les informations significatives. Sauf mention, les montants sont exprimes en euros.
Immobilisations corporelles et incorporelles Les immobilisations corporelles et incorporelles sont evaluees
a leur coot d'acquisition pour res actifs acquis a titre onereux, a leur coat de
production pour les actifs produits par l'entreprise, a leur valeur venale pour les actifs acquis a titre gratuH: et par voie d'9change. Le coUt d'une lmmobilisatian est constitue de son prix d'achat, y compris les droits de douane et taxes non recup6rabJes, apres deduction des remises, rabais commerciaux et escomptes de rG:glement de tousles
coots directement attribuables engages pour mettre l'actif en
place et en etat de fonctianner selon !'utilisation prevue. Les droits de mutation, honoraires au commissions et frais d'actes lies
a
!'acquisition, ne sent pas rattaches ace coat d'acquisition. Taus les coots qui ne font pas partie du prix d'acquisition de l'immobilisation et qui ne peuvent pas etre rattaches directement aux coots rendus necessaires pour mettre l'actif en place et en etat de fonctionner conforrnement a !'utilisation prevue, sont comptabilises en charges. Amortissements Les amortissements pour depreciation sent calcules suivant le mode lineaire et degressif en fonction de la duree de vie prevue. *Concessions, logiciels et brevets: 1
a 7 ans
* Constructions : 1O a 50 ans * Agencements des constructions: 6 a 10 ans * Installations techniques : 4 a 6 ans * Materiel et outillage industriels : 4 a 6 ans "Installations generales, agencements et emenagements divers: 6 a 10 ans *Materiel de transport: 3 a 5 ans *Materiel de bureau: 4 a 5 ans "Materiel informatique : 4 a 5 ans * MobiJier: 6
a 10 ans
I SAS ANTAVIA
#
Periode du 01101/2013 au 31/1212013
Comptes Annuels /
Regles et methodes comptables La duree d'amortissement retenue par simplification est la duree d'usage pour les biens non d0composables a l'origine.
Stocks Les coats d'acquisition des stocks comprennent le prix d'achat, les droits de douane et autres taxes, a l'exclusion des taxes ulterieurement recuperables par l'entite aupres des administrations fiscales, ainsi que les frais de transport, de manutention et autres coots directement attribuables au coot de revient des metieres premieres, des marchandises, des encours de production et des produits finis. Les rabais
commerciaux, remises, escomptes de reglement et autres elements similaires sont dE!duits pour determiner les coats d'acquisition. Les produits fabriques sont valorises au coot de production comprenant les consommations, Jes charges directes et indirectes de production, les amortissements des biens concourant interets sont exclus pour la valorisation des stocks.
a la production. Le coat de la sous activitS est exclude la valeur des stocks. Les
Les stocks sont evalues suivant la methode du coat moyen pondere. Pour des raisons pratiques et sauf ecart significatif, la methode du prix de detail a ete appliquee. Une provision pour depreciation des stocks egale a la difference entre la valeur brute determinee suivant les modalitSs indiquees ciRdessus et le cours du jour ou la valeur de realisation deduction faite des frais proportionnels de vente, est effectuee lorsque cette valeur brute est superieure a l'autre terme enonce.
Creances Les creances sont valorisees a leur valeur nominale. Une provision pour depreciation est pratiquee lorsque la valeur d'inventaire est inferieure a la valeur comptable.
Provisions Toute obligation actuelle resultant d'un evenement passe de l'entreprise a l'E:gard d'un tiers, susceptible d'etre estimee avec une frabilite suffisante, et couvrant des risques identifies, feit l'objet d'une comptabilisation au titre de provision.
Produits et charges exceptionnels Les produits et charges exceptionnels tiennent compte des e1ements qui ne sont pas lies a l'activite normale de l'entreprise.
Operations en devises Lors d'acquisition d'actif en monnaie etrangere, le taux de conversion utilise est le taux de change a la date d'entree ou, le cas echeant, celui de la couverture si celleRci a ete prise avant !'operation. Les frais engages pour mettre en place les couvertures sont Sgalement integres au coat d'acquisition. Les dettes, creances, disponibilites en devises figurent au bilan pour leur contreRvaleur au cours de fin d'exercice. La difference resultant de !'actualisation des dettes et creances en devises ace dernier cours est portee au bilan en ecart de conversion. Les pertes latentes de change non compensees font l'objet d'une provision pour risques, en totalite suivant les modalites reglementaires.
Engagement de retraite La convention collective de l'entreprise prevoit des indemnites de fin de carriere. Aucun accord perticulier n'a ete signe. Les engagements correspondants n'ont pas ete constates sous forme de provision.
Periode du 01/01/2013 au 31/12/20
L/_s_A_S~A_N_T_A_V_IA~~~~~~~~~~~~~~~~}Lf~~~c_o_m_p_t_e_s_A_n_n_u_e_ls~1 Regles et methodes comptables Credit d'impot competitivite et emploi Le credit d'impOt competitivite emploi (CICE) correspondant aux remunerations eligibles de l'annee civile 2013 a ete constate pour un montant de 69 930 euros. Conformement a la recommandation de l'Autorite des normes comptables, le produit correspondant a ete porte au credit du compte 649 - Charges de personnel - CJCE. Le produit du CICE comptabilise au titre de l'exercice vient en diminution des charges d'exploltation et est impute sur l'impOt sur les societes dO au titre de cet exercice.
ff
I SAS ANTAVIA
Periode du 01/01/2013 au 31/121201
Comptes Annuels
Faits caracteristiques Autres elements significatifs Les creences douteuses sont provisionnees
a hauteur de 100°/o de leurs montants HT.
La societe ANTAVIA est entree en 2010 dans le perimetre d'integration fiscale du Groupe AMETEK HOLDINGS SARL. La societe ANTAVIA fa it l'objet d'une consolidation du Groupe AMETEK HOLDINGS SARL. La societe ANTAVIA a migre en 2012 son logiclel de gestion de production ainsi que la partie comptable sur le logiciel Groupe QUANTUM. Les comptes sont tenus en U.S.-GAAP, et retraites pour repandre aux normes comptables Fran~ises.
j
Periode du 01/01/2013 au 31/12/201
I SAS ANTAVIA
//
Comptes Annuels /
Notes sur le bilan Actif immobilise Tableau des immobilisations Au debut
Aug!'!lentatlon
Diminutl0-!1
d'exerclce
En fin d'exercice
- Frais d'etablissement et de df!veloppement - Fonds commercial - Autres postes d'immobilisations incorporelles
Immobilisations incorporelles
19 056 494 369 513 425
19 056 504 835 523 891
10 467 10 467
- Terra·ins - Constructions sur sol propre
149180
149180
- Constructions sur sol d'autrui - Installations generales, agencements et amenagements des constructions
536 196
61 635
597 831
- Installations techniques, materiel et outillage industriels
700 177
169 855
870 032
106 201
35 328
11 317 77 914 141 529
4 036
21 847
4 035
21 848
1 585 020
288 666
4 035
1 869 651
1 579 17 638 19 217
80 1 510 1 590
2117 662
300 722
- Installations generales, agencements amenagements divers - Materiel de transport - Materiel de bureau et informatique, mobilier - Emballages recuperables et divers - Immobilisations corporelles en cours
11 317 77 914
- Avances et acomptes
Immobilisations corporelles - Participations evaluees par mise en equivalence - Autres participations - Autres titres immobilises - Prets et autres immobilisations financiE!res
Immobilisations financieres ACTIF IMMOBILISE
1 658 19 148 20 807 4 035
2 414 349
Periode du 01/01/2013 au 31/12/20
I SAS ANTAVIA
Comptes Annuels I
Notes sur le bilan Les flux s'analysent comme suit:
lmmobllisatioiis incorporell"'!
lmmoblllsationio corpo~Jles
lmmoblllsat1011s financieres
Total
Ventilation des augmentations Virements de poste
a poste
V1rements de l'actif circulant Acquisitions
10 467
288 666
1 590
300 722
10 467
288 666
1 590
300 722
Apports creations Reevaluations
Augmentations de l'exerc1ce
Ventilation des diminutions Virements de paste
a paste
4 035
4 035
4 035
4 035
V1rements vers l'actif circulant Cessions Scissions Mises hors service
Diminutions de l'exercice
Immobilisations incorporelles Fonds commercial
31/12/2013 Elements achetes
E1ements reeva1ues Elements re9us en apport
Total
19 056
19056
Le fonds commercial a eta constitue lors de la creation de la societe en 1989. Monsieur ANTOINE, a cree cette societe en apportant le fonds de commerce de son activit8 d'artisen (principal client Airbus). II est done rattache au coeur de metier de la societe et n'a pas lieu d'l§tre depr8cie.
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff
Periods du 0110112013 au 311121201
Comptes Annuels /
Notes sur le bilan Amortissements des immobilisations Au debut de
Augmentation
l'exerclce - Frais d'etablissement et de developpement - Fonds commercial - Autres pastes d'immobilisations incorporelles
Immobilisations incorporelles
61 219 61 219
72 664 72664
Diminutions
A la fin de l'exerclce
133 883 133 883
- Terrains - Constructions sur sol propre
- Constructions sur sol d'autrui - Installations generales, agencements et amenagements des constructions - Installations techniques, materiel et outillage industriels - Installations generales, agencements amenagements divers
149 180
149180
489 052
21 159
510 211
554 165
60 299
614 465
8 505 61 386 82 679
434 5 962 11 317
8 940 67 347 93 995
Immobilisations corporelles
1 344 966
99 171
1444137
ACTIF IMMOBILISE
1 406 185
171 836
1 578 021
- Materiel de transport
- Materiel de bureau et informatique, mobilier - Emballages recuperables et divers
Periode du 01101/2013 au 31112120
I SAS ANTAVIA
II
Comptes Annuels 1
Notes sur le bilan Actif circulant Stocks Informations sur les evaluations effectuees sur l'exercice : - Stocks pieces : prix d'achats du lot plus frais de transport si applicable. - En cours: prix d'achats des pieces plus main d'oeuvre.
Etat des creances Le total des creances
a la c16ture de l'exercice s'eleve a 6 289 523 euros et le ciassement d9taille par echeance s'etablit comme suit: Montan(:
Echaances
brut
a moills q'.un an
EchOances
a plus d'un 'an
Creances de l'actif immobilise :
Creances rattachees a des participations Pr~ts
Autres
19 148
19 148
Creances de l'actif circulant :
Creances Clients et Comptes rattaches
2 600 626
Autres
3 649 359
2 486 503 149 359
20 389
20 389
6 289 523
2 656 251
114 123 3 500 000
Capital souscrit - appele, non verse Charges constatees d'avance
Total Pr~ts
accord8s en cours d'exercice
Prl!!ts recuperes en cours d'exercice
3 633 271
Periode du 01/01/2013 au 31 /121201:
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff
Comptes Annuels
Notes sur le bilan Capitaux propres Composition du Capital Social Capital social d'un montant de 100 000,00 euros decompose en 5 000 titres d'une valeur nominale de 20,00 euros.
Affectation du resultat Decision de l'assemblee generale du 28/06/2013.
Montan! Report a Nouveau de l'exercice pr800dent Resultat de l'exercice precedent Pr81Svements sur Jes reserves
Total des origines
1 506 827
1 506 827
Affectations aux reserves Distributions Autres repartitions Report a Nouveau
1 506 827
Total des affectations
1 506 827
J
#
/SAS ANTAVIA
t-'enoae au
u uu-11..::u 1-'
au
..:i 11 1Lt Lu 1..:i
Comptes Annuels /
~~~~~~~~~~~~~~~~~~~~~~~~~~~
Notes sur le bilan Tableau de variation des capitaux propres Soldeau 01/01/2013 Capital Primes d'Smission
AffectaHon des resultata
: Augn:-entationa
--ptrninutions
Soldeau 3111212013
100 000
100 000
36 865
36 865
Reserves generales
10 000 6 383 343
1 506 827
1 506 827
Resultat de l'exercice
1 506 827
-1 506 827
1 863 142
1 506 827
1863142
3 369 969
1 506 827
9 900 177
Reserve 1egale
Total Capitaux Propres
8 037 035
10 000 7 890 170
Provisions Tableau des provisions Provisions
Dotatlons,
~prises
eu debut__
de l'exerclc;:e "--
;· Utuiaees
Reprises non utllisees
Provisions ~ la fin
": i'.exercice
de l'e1Cerclce
de l'exerclce
de
l'exerclc·e~:-i~:
Litiges Garanties donnees aux clients Pertes sur marches
a terme
Amendes et penalites Pertes de change
8 803
10 132
8 802
10 133
8 803
10 132
8 802
10 133
10 133
8 803
Pensions et obligations similaires Pour imp6ts Renouvellement des immobilisations Gros entretien et grandes revisions Charges sociales et fiscales sur conges a payer Autres provisions pour risques et charges
Total Repartition des dotations et des reprises de l'exercice : Exploitation Financieres Exception netles
Penode du u11u11<::u1J au Jll1Lltu1s
L/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _~#
Comptes Annuels
Notes sur le bilan Dettes Etat des dettes Le total des dettes
a la cloture de l'exercice s•e1eve a 2 590 056 euros et le classement detaille par echE!ance s'etablit comma suit: }s~
Echtlance&· ~ plus (l·~n an "·:-).
•,;',
Ech6anee&
'a plus ds 5 ans
Emprunts obligataires convertibles (*) Autres emprunts obligataires (*) Emprunts (*)et dettes aupres des etablissements de credit dont : ~
a 1 an au maximum a l'origine
~
a plus de 1 an a l'origine
Emprunts et dettes financieres divers (*) Dettes fournisseurs et comptes rattaches Dettes fiscales et sociales
1219074 1 222 209
1219074 1 222 209
1 186 147 586
147586
2 590 056
2 588 871
Dettes sur immobilisations et comptes rattaches Autres dettes (.. )
1 185
Produits constates d'avance
Total
1185
{*) Emprunts souscrits en cours d'exercice {*) Emprunts rembourses sur l'exercice dont: (**) Dant envers Groupe et associes
Charges
108 612
a payer Montant
Fact Non Parvenues
328 569 244218 238 684 160 161 217 285 125 905 21 797
Conges A Payer Prov. Participat Salaries Personnel Charges A Payer Org.Soc. Charges A Payer Etat Autres Ch. A Payer Clients Rrr&Av.A Accord.
Total
1 336 619
~/___c_A_B_1N_E_r_sv_N_A_LL_1A_N_C_E_~li~!___,_,_'_"'-""-'-''-m_o_s_,,_·11a_ud_,_1_5o_o_ro_u_L_o_us_E_ _~//
re1. 05 61616180
I
j
Notes sur le bilan Elements concernant les entreprises liees Entreprl~s
11ees~
Entreprlses
avec lien
de participation Capital souscrit non appele Avances et acomptes sur immobilisations incorporelles Avances et acomptes sur immobilisations corporelles
Participations Creances rattachees
a des participations
Pr~ts
Autres titres immobilises Autres immobilisations financieres
Total Immobilisations Avances et acomptes verses sur commandes
Creances clients et comptes rattaches
37 931 3 500 000
Autres creances Capital souscrit appele, non verse
Total Creances
3 537 931
Valeurs mobilieres de placement Disponibilites
Emprunts obligataires convertibles Autres emprunts convertibles Emprunts et dettes aupres des etablissements de credit Emprunts et dettes financieres divers
108 612
Avances et acomptes reyus sur commandes en cours Dettes fournisseurs et comptes rattaches
38 418
Dettes sur immobilisations et comptes rattaches
Autres dettes
Tota I Dettes
147 030
a 3 527 931€; les dettes concernant les a 147 030€ - leur repartition est d9taillee dans le tableau ci dessus. Les
Les creances concernant les entreprises liees ou avec un lien de participation s'elevent entreprises liees ou avec un lien de participation s'elevent produits financiers concernant les entites liees s'elevent
a 64 996 euros.
Periode du 0110112013 au 3111212013
I SAS ANTAVIA
//
Comptes Annuels
Notes sur le bilan Comptes de regularisation Charges constatees d'avance
Charges Constat.D Avance
Total
Charges
Charges
Charges
d'exploitation
Financreres
Exceptlonhell~s
20 389
20 389
j
Notes sur le compte de resultat Chiffre d'affaires
France
Etranger
Total
Vantes de produits finis Ventes de produits intermediaires Ventes de produits residuels Travaux Etudes Prestations de services
5 977167
9 266 664
15 265 652
5 977 167
9 288 684
15 265 852
Ventas de marchandisas Produits des activites annexes
TOTAL
Charges et produits d'exploitation et financiers Remuneration des commissaires aux comptes Montant comptabilise au titre des diligences liees a la mission da contrOle 1egal des comptes annuels: 25 446 euros
Transferts de charges d'exploitation et financieres Nature
Exploitation
Financier.
Transfert de chargas d'exploitation
Transf.Charges D'Exploit. Transf.Charges Ht
Total
55 645 6165 62 030 62 030
Les transferts de charges concernent principalement des remboursements d'indemnites journalieres, des remboursements de formations
continues ou en alternances et enfin, des avantages en natures.
Parties liees Transactions effectuees avac des parties uees conclues aux conditions normales de marche - solde au 31/1212013: - Creance client avec HSA pour un montant de 159 euros - Creance avec AMETEK MATERIAL ANALYSIS HOLDINGS pour un montant de 3 500 000 € Dette fournisseur avec AEM LTD pour un montant de 8 669 € - Dette fournisseur avec AMERON pour un montant de 158 € - Detta fournisseur avec ADVANCED INDUSTRIES pour un montant de 624 € - Dette fournisseur avec ADVANCED INDUSTRIES pour un montant de 12 945 € - Dette fournisseur avec AMETEK FRANCE pour un montant de 2 069 € Dette fournissaur avec CAMECA pour un montant de 3 996 € - Dette fournisseur avec HIGH STANDARD AVIONICS pour un montant de 5 977 €
,__/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _~J
Periode du 01/01/2013 au 31/1212013
Comptes Annuels /
Notes sur le compte de resultat - Dette fournisseur avec MUIRHEAD AVIONICS pour un montant de 1 302 € - Detta fournisseur avec AMETEK INC BERWYN pour un montant de 1 749 € - Dette fournisseur avec AMETEK ROTRON pour un montant de 928
€
- nee clie avec AMETEK HOLDING pour un montant de 108 612 € - Creance client avec SINGAPORE Pte ILD pour un montant de 27 771 €
Charges et Produits exceptionnels Resultat exceptionnel Operations de l'exercice
Charge&
Prodults 5 818
Penalites sur marches Autres produits exceptionnels sur operations de gestion
3 272
TOTAL
5818
3272
Resultat et impots sur les benefices Ventilation de l'impot Resultat
lmp6t cOrrespondant
avant lmp6t + R9sultat courant
3 047 281
+ Resultat exceptionnel - Participations des
salaries
Resultat comptable
942 909
Resultat a pres lmp6t
2 104 372
-2 546
-2 546
238 684
238 684
2 806 051
942 909
1 863 142
/ SAS ANTAVIA
ff
Periode du 0110112013 au j1/1i/iUl:J
~~~~~~~~~~~~~~~~~~~~~~~~~~~
Comptes Annuals /
Notes sur le compte de resultat Accroissements et allegements de la dette future d'impot La situation fiscale latente, compte tenu d'un taux d'impOt sur les societes de 331/3 °/o, fait ressortir une creance future d'un montent de 90 825 euros. Ce montant ne tient pas compte d'un eventuel paiement de la contribution sociale sur les benefices.
Montani Accroissements de la dette future d'impot Lies aux amortissements derogatoires Lies aux provisions pour hausse des prix Lies aux plus-values a reintegrer Lies a d'autres elements
A. Total des bases concourrant
a augmenter fa dette future
Allegements de la dette future d'impot lies eux provisions pour conges payes lies eux provisions et charges a payer non deductibles de l'exercice
272 474
lies a d'autres elements
B. Total des bases concourrant a dim1nuer la dette future
272 474
C. Deficits reportables D. Moins-values
a long terme
Montan! de la creance future
90 825
(A - B - C - D) • 33 113 %
lmpots sur les benefices - Integration fiscale A partir de l'exercice ouvert au 01/01/2010, la societe SAS ANTAV1A est comprise dans le perimetre d'integration fiscale du groupe AMETEK HOLDINGS SARL. Au titre de !'integration fiscele, montant compris dans l'impOt sur les soci0tes : - Charges de l'exercice : 942 909 euros
I SAS ANTAVIA
ff
Perioae au u11u11:tu1 J au .j·111L1Lu·1.j
Comptes Annuels /
Autres informations Effectif Effectif moyen du personnel : 74 personnes.
Personnel mis ~ disposition ..
·Personnel , "•larie Cadres
'
7
Agents de maitrise et techniciens
18
Employes Ouvriers
21 28
3
Total
74
3
Droit lndividuel
a la Formation
La loi du 4 mai 2004 ouvre, sous certaines conditions, pour les salaries des entreprises franyaises un droit a formation d'une duree de 20
a la formation a comptabilisation d'une provision sauf situation
heures minimum par an cumulable sur une periode de 6 ans. Les d6penses engagees dans le cadre de ce droit individuel (D.l.F) sent consid0r0es comme des charges de la periode et ne donnent pas lieu exceptiannelle.
Le nombre d'heures de formation correspondant au cumul des drolts acquis par les salaries a la date de cl6ture s·e1eve ai 6 639 heures dont 6 482 heures n'ont pas fait l'objet d'une demande des salaries.
Perioae cu
/'-_S_A_S_A_N_T_A_V_IA _______________
__,#
u·11u·11LU 1-'
au .) II
Comptes Annuels /
Autres informations Engagements financiers Engagements donnes Montanten
euros Effets escomptes non echus Avals et cautions Engagements en matiere de pensions Engagements de credit-bail mobilier Engagements de credit-bail immobilier Engagement en matiere de retraite
Autres engagements donnes
Total
152 845
152 845
152 B45
Dent concernant : Les dirigeants Les filiales Les participations Les autres entreprises liees Engagements assortis de suretes reelles
Engagements de retraite Montant des engagements pris en matiere de pensions, complements de retraite et indemnities assimilees : 152 845 euros Le montant des engagements en matiere d'indemnites de fin de carriere d'un montant de 152 845€, non comptabilise, est precise ci apres. Les calculs ant ete effectues en utilisant la mE!thode simplifiee avec integration des parametres suivants: - estimation turnover : 4°10 - probabilit9 de survie : 99°/o - evolution des selaires : 3°,b - a:ge de depart
a la retraite : 65 ans
- taux de charges : 40% - formule retenue : (98°/o) puissance n (n representant l'anciennete au depart du salarie) - Solt: indemnite globale de depart x (0.98) puissance n x anciennete actuelle/anciennete au depart. - taux d'ectualisation: 2°10
Credit d'impot competitivite et emploi Le CICE ayant pour objet le financement de !'amelioration de la competitivite des entreprises a travers notamment des efforts en matiere de reconstitution de leur fonds de roulement.
I LI.LU I,)
ANTAVIA Societe par Actions Simplifiee Au capital de 100 000 € siege Social: 33 Route de Toulouse - 82170 DIEUPENTALE RCS MONTAUBAN 343 946 281
EXTRAITS DU PROCES-VERBAL DES DECISIONS DE L'ASSOCIE UNIQUE EN DATE DU 30JUIN 2014
TROISIEME DECISION L' Associee Unique decide d'affecter le benefice de l'exercice s'elevant suit:
a 1863142 €,com me
- Montant du poste « autres reserves » au 31 decembre 2013 avant affectation du benefice de I' exercice : ..................................................................... 7 890 169 € - Affectation au poste « autres reserves» du benefice de l'exercice : .................... 1 863 142 € Solde du poste « autres reserves » apres affectation du benefice de I' exercice : ................................................................................................................. 9 753 311 €
L' Associee Unique prend acte que sont intervenues au cours des 3 derniers exercices les distributions de dividendes suivantes :
Exercice
Distribution
Abattement de 40%
Sans abattement
31/12/2010
500000
0
500 000
31/12/2011
0
0
0
31/12/2012
0
0
0
Pour certification conforme Le Directeur general
-
EXEMPLAIRE GREFFE
Antavia Exercice clos le 31 decembre 2013
Rapport du commissaire aux comptes sur les comptes annuels
ERNST & YOUNG
t~ud1i
I_
EY
Ernst & Young Audit Le Compans - lmmeuble B 1, place Alfonse Jourdain
T'21.: +33 (0) 5 62 15 43 43 www.ey.com/fr
BP 98536 31685 Toulouse cedex 6
Antavia Exercice clos le 31 decembre 2013
Rapport du commlssaire aux comptes sur les comptes annuels
A l'Associe Unique, En execution de la mission qui nous a ete confiee par decision de l'associe unique, nous vous presentons noire rapport relatif l'exercice clos le 31decembre2013, sur:
a
•
le contr61e des comptes annuels de la societe Antavia, tels qu'ils son! joints au present rapport;
•
la justification de nos appreciations ;
•
les verifications et informations specifiques prevues par la loi.
Les comptes annuels ont ete arr@tes par le president. II nous appartient, sur la base de noire audit, d'exprimer une opinion sur ces comptes.
I.
Opinion sur les comptes annuels
Nous avons effectue not re audit selon les normes d'exercice professionnel applicables en France; ces normes requierent la mise en ceuvre de diligences permettant d'obtenir l'assurance raisonnable que les comptes annuels ne comportent pas d'anomalies significatives. Un audit consiste verifier, par sondages ou au moyen d'autres methodes de selection, les elements justifiant des montants et informations figurant dans les comptes annuels. II consiste egalement apprecier les principes comptables suivis, les estimations significatives retenues et la presentation d'ensemble des comptes. Nous estimons que les elements que nous avons collectes son! suffisants et appropries pour fonder noire opinion.
a
a
Nous certifions que les comptes annuels son!, au regard des regles et principes comptables fran~ais, reguliers et sinceres et donnent une image fidele du resultat des operations de l'exercice ecoule ainsi que de la situation financiere et du patrimoine de la societe la fin de cet exercice.
a
ii Lapila! v:wable 344 366 315 R.C S. Nanlerre
SA'.>
Soc1&1e de Commio;sa1re> aux Comptes Soc1etC d\•xpert1se compldble inscritc au Tableau
de I 'Ordre tie la Region Ge ToulousP Midi-P1·r1?11E
Membre dLJ
Siege SOC'
EV II.
Justification des appreciations
a
En application des dispositions de !'article L. 823·9 du Code de commerce relatives la justification de nos appreciations, nous vous informons que les appreciations auxquelles nous avons procede ont porte sur le caractere approprie des principes comptables appliques et sur la presentation d'ensemble des comptes. Les appreciations ainsi portees s'inscrivent dans le cadre de noire demarche d'audit des comptes annuels, pris dans leur ensemble, et ont done contribue la formation de not re opinion exprimee dans la premiere partie de ce rapport.
a
111.
Verifications et Informations speclflques
Nous avons egalement procede, conformement aux normes d'exercice professionnel applicables en France, aux verifications specifiques prevues par la loi.
a
Nous n'avons pas d'observation formuler sur la sincerite et la concordance avec les comptes annuels des informations donnees dans le rapport de gestion du president et dans les documents adresses l'associe unique sur la situation financiere et les comptes annuels.
a
Toulouse, le 19 mai 2014 Le Commissaire aux Comptes ERNST & YOUNG Audit
j
Antavia Exercice clos le 31decembre2013
2
9/14/2014
Federal Gazette
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» Advanced Search A full text search on the publication content is at financial statements / annual financial reports and publications by §§. 264 3, 264b not possible. Deposited financial statements (balance sheets) are in the business register for information provisioning available. Name ATLAS Material Testing Technology GmbH pottage
Area Accounting / financial reports
Information Annual financial statements for fiscal year from 01.01.2012 to 31.12.2012
V. Date 08.05.2014
Relevance 100%
ATLAS Material Testing Technology GmbH Lentil dish
Annual financial statements for fiscal year from 01.01.2012 to 31.12.2012 Balance sheet at 31 December 2012 ASSETS 2012
2011
EUR
EUR
5,951,690.99
7,194,106.51
Technical equipment and machinery
256,347.27
273,664.34
Other equipment, factory and office equipment
177,415.75
207,099.48
433,763.02
480,763.82
A. FIXED ASSETS I. Intangible assets II. Tangible assets
III. Financial assets Investments
25,000.00
25,000.00
6,410,454.01
7,699,870.33
B. CURRENT ASSETS I. Inventories II. Receivables and other assets
2,809,319.66
3,170,234.61
14,116,658.30
11,109,058.31
- Thereof from affiliated companies: EUR 10,106,296.38 (previous year: EUR 7,485,355.38) - Thereof with a remaining term of more than one year: EUR 62,172.94 (previous year: EUR 69,508.83) III. Cash and balances with banks C. ACCOUNTS
62,172.94 1,601,455.00
2,033,534.72
24,937,886.97
24,012,697.97
120,055.15
108,545.69
25,057,942.12
24,121,243.66
2012
2011
EUR
EUR
25,000.00
25,000.00
LIABILITIES
A. EQUITY Subscribed capital https://www.bundesanzeiger.de/ebanzwww/wexsservlet
1/9
9/14/2014
Federal Gazette
Capital reserve
10,785,145.36
Profit / loss carryforward
10,785,145.36
1,541,535.78
-186277.50
521,260.74
1,727,813.28
12,872,941.88
12,351,681.14
B. PROVISIONS
7,521,607.25
7,352,333.27
C. LIABILITIES
4,663,392.99
4,417,229.25
25,057,942.12
24,121,243.66
Net income / -Jahresfehlbetrag
- Thereof from affiliated companies: EUR 4,148,632.13 (previous year: EUR 3,941,052.16)
Profit and loss account for the period from January 1 to December 31, 2012 2012
2011
EUR
EUR
17,930,705.68
17,522,491.04
Wages and salaries
-7914361.55
-6980784.88
Social security contributions and expenses for pensions and other employee benefits
-1675612.69
-1223597.10
of intangible fixed assets and tangible assets
-1384270.45
-1386338.71
Other operating expenses
-5465510.79
-4961528.22
Operating profit
1,490,950.20
2,970,242.13
1302.50
0.00
303,857.18
247,353.87
Gross profit Staff costs
- Of which for pensions: EUR 269,784.02 (previous year: EUR 122,700.64) Depreciation and amortization
Due to a profit gain obtained Other interest and similar income - Thereof from affiliated companies: EUR 302,187.85 (previous year: EUR 238,508.79) Expenses from loss absorption Interest and similar expenses
0.00
-1645.65
-449009.49
-451512.04
1,347,100.39
2,764,438.31
-820192.71
-1027800.71
- Thereof from affiliated companies: EUR 176,086.33 (previous year: EUR 166,119.18) - Of which from compounding: EUR 250,208.00 (previous year: EUR 252,064.00) Profit from ordinary activities Taxes on income and earnings Other taxes
-5646.94
-8824.32
Net income
521,260.74
1,727,813.28
Statements for the fiscal year from January 1 to December 31, 2012 the ATLAS Material Testing Technology GmbH, pottage I. General Information The financial statements of the Company for the year ended 31 December 2012 was created in the version of the Accounting Law Modernization Act in accordance with the provisions of §§ 242 ff. HGB and supplementary provisions for corporations (ff §§ 264. HGB). The company is a medium-sized corporation pursuant to § 267 para. 2 HGB. The relief provisions for the preparation of financial statements in accordance with §§ 266 and 276 HGB are not used; the relief provision in accordance with § 288 HGB is claimed. II. Accounting Policies and Notes to the balance sheet and profit and loss account For the preparation of the financial statements, the following accounting and valuation rules were applied. Foreign currency transactions are accounted for at the time of the transaction with a company-wide conversion rate. End of the month as well as at the balance sheet date, an adaptation to the official middle rate, the Foreign exchange gains and losses are recognized in profit or loss. Balance Sheet Information First fixed assets The structure and development of fixed assets resulting from the Annex to the annexed schedule of assets. https://www.bundesanzeiger.de/ebanzwww/wexsservlet
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Purchased intangible assets are carried at cost. You will, if subject to wear, reduces their useful life depreciation. The amortization of goodwill acquired in 2004 from EUR 568,095 line basis over 15 years. The goodwill of EUR 11,881,686, which was due to run through to 20 October 2007 merger is amortized over 10 years. Due to the expected longer usability depreciation period of 10 years was maintained. Tangible fixed assets are stated at acquisition or production cost and, if depreciable, depreciation decreased linearly and gradually decrease highest permissible rates. Financial assets are stated at cost or at the lower fair value. With financial assets (EUR 25) is the 100% interest in the company was founded on September 21, 2010 MTL Light Solutions GmbH, Munich. This company has completed an agreement dated October 11, 2010, a profit. Parent company is the reporting company. By decision of 3 July 2012, the company was dissolved with effect from the end of July 31, 2012. The conditions for the corporate income tax and trade tax group between the two companies are therefore no longer available for the period of settlement.
MTL Light Solutions GmbH, Munich 2 Inventories
Shares
Equity at July 31, 2012
Year results 2012
in%
EUR
EUR
100
25,000
1302.50
Inventories are valued at acquisition cost or at the lower current values. For certain inventories, the values are calculated using a simplified method permitted at the lower. Raw materials and supplies were stored in the ERP system costing prices are constantly monitored and maintained valued. This calculation prices essentially correspond to the average cost. The basis for assessing the progress and finished goods at cost of the individual calculations at the lower. They contain material, production and prorated material and production overheads. The light of current production level was carried out in the manner that it was assessed on the basis of the production plan to the identified according to inventory processing status. Goods are valued at the lower of cost of acquisition. All discernible risks in inventories, arising from above-average storage duration, reduced utility and lower replacement costs are covered by appropriate devaluations. Apart from customary retention of title, inventories are free of third party rights. 3 Receivables and other assets Receivables and other assets are stated at nominal value or at the lower fair value at the balance sheet date. All risk-bearing items is accounted for by making appropriate allowances for doubtful debts. The general credit risk as well as the reminder, the discounts and the loss of interest on late payment is worn in receivables from goods and services by a general allowance to the non-impaired receivables in the amount of 1% of invoice. The demand from corporate income tax credits is recorded at present value. Receivables in foreign currency are valued at the exchange rate at the balance sheet date, the only slightly different from the historical rates. Receivables have a residual maturity of up to one year. Other assets in the amount of EUR 62,172.94 (PY. EUR 69,508.83) have a remaining term of more than one year. 4 Cash and balances with banks Cash and balances with banks are stated at nominal value. Fifth Equity The capital stock remains unchanged at EUR 25,000.00. The shareholder has granted until the year 2009, a capital reserve in the amount of EUR 4,174,408.45 (USD 5,927,660). In 2010, another capital reserve in the amount of EUR 6,610,736.91 was declared and paid. The profit brought forward at 1 January 2012 of EUR 1,541,535.78 and net income in 2012 of EUR 521,260.74 yield the balance sheet profit of EUR 2,062,796.52. 6 Provisions The calculation of pension provisions is conducted in accordance with accepted actuarial principles using the projected unit credit method (PUC) method with the biometric principles of the 2005 G mortality tables of Prof. Dr. Klaus Heubeck, an interest rate of 5.04% for the premises of pottage and Duisburg, 5.05% for the permanent establishment Mörfelden-Walldorf, a dynamics of applicable compensation of 3.00% and a pension increase of 1.75% for the establishment of pottage, 2% for the permanent https://www.bundesanzeiger.de/ebanzwww/wexsservlet
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establishment Duisburg and 2.5% for the establishment Mörfelden-Walldorf. A fluctuation was not taken into account. The discount rate used for discounting was a flat rate of the average market interest rate lt. Federal Bank, resulting from an assumed remaining maturity of 15 years. According to the Saldierungspflicht according to § 246 para. 2 sentence 2 HGB for plan assets were offset against the assets of the asset value of the reinsurance policy (EUR 260,265) to the pension obligations (EUR 5,489,980). The expenses from interest (EUR 250,208) in accordance with § 277 para. 5 HGB in the income statement under the heading "Interest and similar expenses". Due to high advance payments for corporation tax and trade tax from 2010 to 2012 are receivables arising from tax refund claims against the tax authorities, which are reported under other assets. Therefore, no tax provisions were formed. Provisions for anniversary bonuses are reported in commercial and tax law permitted height. The commercial law calculation of provisions for anniversary bonuses was made with the biometric actuarial bases of the mortality tables 2005 G, a discount rate of 5.04% and a dynamic range of applicable compensation of 3%. The expenses from discounting (EUR 7,121) are in accordance with § 277 para. 5 HGB in the income statement under the heading "Interest and similar expenses". Other provisions account for all contingent liabilities and contingent losses from pending transactions. 7 Liabilities Liabilities are carried at their settlement amount. Currency liabilities are valued using an internal rate that differs only insignificantly from the balance sheet date spot exchange rate. 8 Notes to the profit and loss account The income statement was prepared in accordance with § 275 para. 2 HGB using the cost method. III. Other Information Managing Director Individual Managing Directors during the year were Messrs: Dr. Peter March, Frankfurt am Main, commercial and technical manager of the division ATLAS Allan Imrie, sea Busch, Businessman Martin Hans Welling, Main Hausen, Kaufmann The remuneration of the Management Board totaled EUR 501,332. Employee There, on average, 108 people were employed, of which the business ATLAS 82 employees, in business KHS 26 employees. Group Relationships The company is a subsidiary of the Group of ATLAS Material Testing Holding Corporation, Chicago, USA, in its consolidated financial statements it is included. The consolidated financial statements are available at the registered office of that company. Other financial obligations There were significant other financial obligations under long-term lease agreements. The leases had on 31 December 2012 maturities between one and three and a half years. The cumulative commitments until the end of the contracts amounted to TEUR 1,831 (PY. TEUR 2,146). Other financial liabilities to associated companies at the balance sheet date. Contingencies At balance sheet date there were no contingent liabilities existed according §§ 251 in conjunction with 268 para. 7 HGB.
Pottage, the November 18, 2013 Dr. Peter March (Kaufmann)
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Allan Imrie (businessman) Martin Hans Welling (businessman) Development of fixed assets for the year 2012 ATLAS Material Testing Technology GmbH, pottage Acquisition or production cost 1.1.2012
Additions
Departures
31.12.2012
EUR
EUR
EUR
EUR
1,250,549.75
9889.31
150,862.19
1,109,576.87
13,700,330.40
9889.31
150,862.19
13,559,357.52
1 Equipment u. Machines
1,485,452.63
59,224.80
754.00
1,543,923.43
2 Other equipment, factory and office equipment
1,826,775.25
25,834.03
448,843.68
1,403,765.60
3,312,227.88
85,058.83
449,597.68
2,947,689.03
I. Intangible assets 1 Purchased concessions, industrial and similar rights and assets and licenses in such rights and assets 2nd goodwill
12,449,780.65
12,449,780.65
II. Tangible assets
III. Financial assets Shares in affiliated companies
25,000.00
0.00
0.00
25,000.00
17,037,558.28
94,948.14
600,459.87
16,532,046.55
Depreciation and amortization 1.1.2012
Additions
Departures
31.12.2012
EUR
EUR
EUR
EUR
1 Purchased concessions, industrial and similar rights and assets and licenses in such rights and assets
1,185,084.20
26,234.70
150,833.69
1,060,485.21
2nd goodwill
5,321,139.69
1,226,041.63
6,506,223.89
1,252,276.33
1 Equipment u. Machines
1,211,788.29
2 Other equipment, factory and office equipment
1,619,675.77 2,831,464.06
I. Intangible assets
6,547,181.32 150,833.69
7,607,666.53
76,541.87
754.00
1,287,576.16
55,452.25
448,778.17
1,226,349.85
131,994.12
449,532.17
2,513,926.01
II. Tangible assets
III. Financial assets Shares in affiliated companies
0.00
0.00
0.00
0.00
9,337,687.95
1,384,270.45
600,365.86
10,121,592.54
Book values 31.12.2012
31.12.2011
EUR
EUR
49,091.66
65,465.55
5,902,599.33
7,128,640.96
5,951,690.99
7,194,106.51
1 Equipment u. Machines
256,347.27
273,664.34
2 Other equipment, factory and office equipment
177,415.75
207,099.48
433,763.02
480,763.82
I. Intangible assets 1 Purchased concessions, industrial and similar rights and assets and licenses in such rights and assets 2nd goodwill II. Tangible assets
III. Financial assets Shares in affiliated companies
25,000.00
25,000.00
6,410,454.01
7,699,870.33
Management report for the business year from January 1 to December 31, 2012 the ATLAS Material Testing Technology GmbH, pottage https://www.bundesanzeiger.de/ebanzwww/wexsservlet
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A. Business development and further development I. Business development and climate The 2012 financial year was the Company, taking into account the prevailing general economic situation and taking into account the results to 2011 well. In the evaluation of the decline to the previous year is to be noted that the year 2011, the previously most successful year in the company's history was and was characterized by specific developments. The KHS division was marked by the completion of several projects. It could also be acquired new projects. Asset position 2012
2011
Change
EUR
%
EUR
%
EUR
%
5952
23.75
7194
29.83
-1242
-17.26
434
1.73
481
1.99
-47
-9.77
25
0.10
25
0.10
0
-
Stocks
2809
11.21
3170
13.14
-361
-11.39
Trade and services
3033
12.10
3362
13.94
-329
-9.79
10,106
40.33
7485
31.03
2621
35.02
Property Intangible assets Property and equipment Financial assets
Receivables from affiliated companies Other assets Cash and cash equivalents Other assets
977
3.90
262
1.09
715
-
1602
6.40
2034
8.43
-432
-21.24
120
0.48
108
0.45
12
11.11
25,058
100.00
24,121
100.00
937
3.88
2012
2011
Change
EUR
%
EUR
%
EUR
%
12,873
51.37
12,352
51.21
521
4.22
5230
20.87
4923
20.41
307
6.24
0
0.00
561
2.33
-561
-
2292
9.15
1868
7.74
424
22.70
Capital Equity Provisions for pensions Provisions for taxes Other provisions Liabilities for goods and services
435
1.74
222
0.92
213
95.95
Liabilities to affiliated companies
4148
16.55
3941
16.34
207
5.25
80
0.32
254
1.05
-174
-68.50
Other liabilities
25,058 100.00 24,121 100.00 937 3.88 Intangible assets resulting in the amount of TEUR 5,644 from a business value that resulted in the merger of the difference between the purchase price of the shares in ATLAS and KHS and the book values of these companies. In the amount of TEUR 259 it applies to another business value that was already activated in the companies acquired. The remaining amount of EUR 49 thousand attributable to capitalized intellectual property rights. The financial assets of EUR 25 resulting from a 100% stake in MTL Light solutions GmbH. Inventories relates in the amount of TEUR 1,995 on inventories of the division ATLAS, in the amount of EUR 814 on inventories of the division KHS. In the KHS received of TEUR 3,410 were sold. Receivables from deliveries and services (12.1%) and accounts receivable from affiliated companies (40.3%), which account for 52.4% the largest share of total assets, are explained by longer payment terms for companies within the group and an increase the loan of EUR 1,000 thousand compared to the AMETEK Holdings BV and the granting of a loan of EUR 900 to the Ametek Material Analysis Holdings GmbH. The increase in other assets of EUR 716 thousand is explained mainly with tax refund claims against the tax office of corporation tax and trade tax for the years 2010 until 2012. Equity is next to the share capital of EUR 25 resulting from a capital reserve from previous years by voluntary payment of the shareholders of EUR 10,785 and the balance sheet profit of EUR 2,063. Thus, the company achieved an equity ratio of 51.4%. The pension provisions (EUR 5,230) and anniversary provisions (EUR 133) with TEUR 5,363 rd make. 21.4% of the total assets. Provides the company with long-term capital from equity and pension and anniversary provisions of TEUR 18,236 or 72.8% of total assets available.
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Earnings 2012
2011
Change
EUR
%
EUR
%
EUR
%
17,930
100.00
17,523
100.00
407
2.32
Staff costs
9590
53.48
8204
46.82
1386
16.89
Other operating expenses
5470
30.51
4971
28.37
499
10.04
15,060
83.99
13,175
75.19
1885
14.31
2870
16.01
4348
24.81
-1478
-33.99
Gross profit
Operating expenses EBITDA Depreciation and amortization
-1384
-7.72
-1386
-7.91
2
-0.14
Financial result
-145
-0.81
-206
-1.18
61
-29.61
Income before income taxes
1341
7.48
2756
15.73
-1415
-51.34
Income taxes
-820
-4.57
-1028
-5.87
208
20.23
Net profit / loss for the year 521 2.91 1728 9.86 -1207 -69.85 In the business KHS who builds all systems, the realization of profits takes place only with the acceptance of each system. This has the consequence that the results can fluctuate widely. Because of severance pay, general wage increases and the acquisition of sales and service personnel in France and India of formerly independent Group companies as of February 2012, staff costs increased by EUR 1,386. Other operating expenses increased by EUR 499 thousand. Essentially consisting of an increase in legal and consulting costs (TEUR 271), sales commissions resulting (TEUR 160), office rents (TEUR 102), travel expenses (TEUR 234) and management fees (EUR 115 thousand). In contrast to decreases in advertising expenses (TEUR 130), external work (TEUR 294) as well as warranty costs (EUR 107 thousand). Depreciation accounts in the amount of TEUR 1,226 (PY. TEUR 1,226) to the amortization of goodwill. The financial result was mainly influenced by higher interest income of EUR 64 thousand from affiliated companies by the granting of new loans in the amount of TEUR 1,900. The tax rate is mainly explained by the tax exclusion of the amortization of goodwill from the merger. Compared to the previous year's taxable income has fallen. This also explains the decrease in income taxes of TEUR 208th Due to special circumstances, the reporting year is not comparable with the previous year. If you compare the operating performance with 2011, the best in the company's history, resulting in a decrease of EUR 5,039. If you compare the operating performance but with 2010, the second best in the company's history, the result is an increase of TEUR 2,642. The operating performance in the business ATLAS is virtually unchanged. Declines in sales of large equipment were offset by higher sales in spare parts sales and service, and laboratory services. The sales of large equipment is highly dependent due to the amount of investment from the general economic situation. The selling prices for the products of the division ATLAS we have increased in 2012 by approximately 4%. The sharp decline in the previous year, mainly attributable to the business KHS, the whole plant is built in which the realization of profits takes place only on acceptance. The time of decrease will depend on various factors and can not always be controlled by the company. Therefore, there will be a business-related always strong fluctuations in sales of KHS. Sales of large-scale projects heavily even at KHS depends on the general economic situation. In general, the major customers enter if business projects again. The material rate in the business ATLAS is subject to strong fluctuations. In the business KHS however, this is the case. Depending on the type and size of the project, the material intensity vary greatly and behave not proportional to sales. This also explains the decrease by about 26.1% material costs with a decline in operating performance of about 13.1%. This also explains the decreased only by TEUR 1,478 EBITDA despite sharp decline in sales and a 16.9% increase in personnel costs. Due to the increased financial income and lower income taxes, the fiscal year was completed with a decrease in net income of EUR 1,207. However, the Company was able to maintain its sales decline despite high market share and its market leader position in the past fiscal year. The main reason for this strong market position, next to a full product portfolio, including the supply of consumables and spare parts, providing comprehensive support and services such as technical services, training, workshops and consultations in the field of Bewitterungsprüftechnik. As expected, the business of consumables and spare parts as well as for service and maintenance division consolidated despite the global crisis and make a positive contribution to overall sales. We expect to continue using a constant contribution to the growth of our business. Financial https://www.bundesanzeiger.de/ebanzwww/wexsservlet
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Despite the decline in sales and operating results, the company's liquidity has decreased only by TEUR 433. This is classified as positive, you take into account the increase in receivables from affiliated companies, resulting primarily from new loans of TEUR 1,900. Employed cash flow management has helped to ensure short-term and long-term high liquidity. Cash flow from operating activities was negative at EUR 338 and the cash flow from investing activities is also negative at EUR 95. Cash and cash equivalents at the end of the financial year has therefore been reduced by TEUR 433 and TEUR 1,601 as of the end of the year. II. Expected developments, opportunities and risks For 2013, we expect revenue and profit on ordinary activities at approximately the same level as in the 2012th The continuing weakness of the U.S. dollar against the EURO and EURO erstarktem again after overcoming the crisis in some European Member States on the one hand, we expect continued pressure on prices for our products. Approximately 30% of our revenue is denominated in USD. On the other hand, we expect a further improvement in the economy with positive effects on the demand for our products. Risks arising from the supply of raw and processed materials, we try to minimize the control of our vendor portfolio. A quality assurance process in the supply chain ensures the maintenance of quality standards. Risks arising from poor quality is counteracted by a quality management system, a strict product release system and in the last stage by appropriate insurance. Adequate availability of our IT systems is a prerequisite for achieving our goals. Attacks by computer viruses and the like on our IT system can affect the availability. For this reason, the existing systems are continuously optimized by we strictly use the most current available on the market protection systems. In addition, there is an emergency recovery plan for the total failure of our computer system. For the growth and development of our company employee performance is essential. We stand with other companies in competition for highly qualified specialists and managers. To win these employees and retain them for the long term, we offer attractive remuneration and social systems as well as comprehensive training opportunities. We see no significant risks that could jeopardize in order to achieve our growth targets, necessary staffing by specialists and managers. Since November 2010, the ATLAS group belongs to a new group. Because of the new affiliation, we expect positive synergy effects due to new collaborations and an expansion of sales channels. At present and in the foreseeable future, no individual risks are evident and may jeopardize the continued existence of ATLAS in the current fiscal year or beyond. The total sum of risks does not show a danger for society. B. Research and Development The company is constantly developing its products, systems and services further. It has its own development department. The main focus in the 2012 financial year was the development of new products in the low-end range and test equipment for the solar industry. This context, cooperation with the American parent company has intensified and led to a lively exchange of technical know-how. The use of these synergies will in future lead to a significant cost reduction and acceleration in the development area. C. branches of the company The Company operates a branch in Duisburg for the business ATLAS. This is a pure laboratory operation for Lohnbewitterung. The KHS division is established at the same location Mörfelden-Walldorf. D. Significant events after the end of the financial year Significant events after the end of the financial year: In 2013, the parent company has decided to shift the entire production gradually until 2014 to Chicago. Our company will then buy the products and sell as before. From this displacement, approximately 10 to 12 employees would be affected. Currently still negotiations with the works council on the release procedures. E. Management of the default risk ATLAS assesses the creditworthiness of its customers in an appropriate manner by obtaining relevant information from credit-rating agencies, such as credit reform. For export transactions appropriate credit hedging instruments or advance payments from https://www.bundesanzeiger.de/ebanzwww/wexsservlet
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customers are used. ATLAS monitors the payment patterns of its customers on a regular basis and take appropriate measures to minimize defaults.
Pottage, in August 2013 The Management
Auditor's Report of the auditor We have audited the annual financial statements - to 31 December 2012, including the accounting and the management report of the ATLAS Material Testing Technology GmbH, pottage, for the business year from January 1 - comprising the balance sheet, profit and loss account and notes. The accounting and preparation of financial statements and management report in accordance with German commercial law are the responsibility of the Company's management. Our responsibility is to express an opinion on the basis of on our audit, on the financial statements, including the accounting and the management report. We conducted our audit in accordance with § 317 HGB and promulgated by the Institute of Chartered Accountants and German generally accepted auditing standards. Those standards require that we plan and perform that misstatements materially affecting the presentation of operations in the annual financial statements in accordance with principles of proper accounting and in the management report of the assets, financial and earnings position, with reasonable assurance be detected. In determining the audit procedures Knowledge of the business activities and the economic and legal environment of the Company and expectations as to possible misstatements are taken into account. During the audit, the effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the annual financial statements and management report are examined primarily on a test basis. The audit includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall presentation of the financial statements and the management report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not led to any reservations. In our opinion based on the findings of our audit, the annual financial statements of Atlas Material Testing Technology GmbH, pottage, the legal requirements and, in compliance with generally accepted accounting principles give a true and fair view of the assets, financial and earnings position of the company. The management report is consistent with the financial statements as a whole provides a suitable view of the Company's position and suitably presents the opportunities and risks of future development.
Nuremberg, 18 November 2013 Deloitte & Touche GmbH, auditing company (Thiermann) Auditor (Pine) Auditor
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https://www.kvk.nl/handelsregister/TST-BIN/FP/JRWS002@?BUTT=244229570000RCT2V-DEP&kvknummer=244229570000&product=Jaarre…
Annual accounts - Atlas AcquisitionCo Netherlands Cooperative UA (24422957) Chamber of Commerce, September 14, 2014 - 17:33 General information from the financial statements Financial year: Fiscal year: Determined: Profit appropriation: Length period in months: Employees: 100% subsidiaries: Other interests: Balance Financial year: : Accounts Type Profit appropriation: Amount: Currency:
2009 31-12-2009 final after 12 0 4
2008 31-12-2008 final after 12 0 4
2009 company's after x1 EUR
2008 company's after x1 EUR
10,499,599
11,858,831 8512733
Assets intangible assets tangible fixed assets financial assets FIXED ASSETS
7263087 17,762,686
20,371,564
TOTAL ASSETS
17,762,686
20,371,564
7142336 252 050 7394386
7142336 608 347 7750683
current liabilities OTHER LIABILITIES
10.3683 million 10.3683 million
12,620,881 12,620,881
TOTAL LIABILITIES
17,762,686
20,371,564
Liabilities and paid up capital other reserves EQUITY
There are no statements in the above profit and loss accounts Key figures https://www.kvk.nl/handelsregister/TST-BIN/FP/JRWS002@?BUTT=244229570000RCT2V-DEP&kvknummer=244229570000&product=Jaarrekeningen
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Financial year:
2009
2008
Liquidity golden balance
2.40
2.63
Solvency assets / debt equity / total assets equity / debt
1.71 0.42 0.71
1.61 0.38 0.61
0
0
Profitability Other key figures number of employees Amount: Currency: working capital
x1 EUR 10.3683 million-
x1 EUR 12,620,881-
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COPIE CERllflff
AGREMENT DGFIP C5109.10004
CD I
Formulaire cbligaiohc (article .S3 A du cede ~n!ral d
Designation de l'entreprise :
BILAN - ACTIF
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I
SAS QJiECA
Adresse de I'entreprise 29
OUAI DES GRESILLDNS
92230 GENNEYILLIERS
Numero SIRET * 141olalol912l2l1l6lololol3l1I
Capital souscrit non appel~
(I)
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Frais d'etablissement *
AB
::! Frais de developpement * ~
ex
~
AC
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AF
404 872
AG
~
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AH
12 931 800
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38 715
47 298
12 931 800
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366 156
AK
AL
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AN
AO
Constructions
AP
223 915
AQ
43 722
180 192
192 123
Installations techniques, materiel et outillage industriels
AR
1 485 113
1\S
708 971
776 142
859 069
181 809
274 176
265 332
71 592
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~
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i.
455 986
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AX
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~ Creances rattacMes
~
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g Auires immobilisations corporelles
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DGDIP N' 20S@ 2009
,_ ~
/>'"""' 'i',Duree ~do mob• LILI exercice precedent* LJLl j Neant o· '-..,._
1
~
de
I
Brut
c~
ades participations
Autres titres immobilises
767 076
CV
DD
BC
DD
BE
31 402
BF
2 248 993
BG
2 248 993
3 150 668
DH
1 265 675
BI
1 265 575
1109 643
BJ
19 854 926
DK
1 332 063
18 522 863
19 296 234
Matieres premieres, approvisionnements
BL
3 854 271
BM
604 389
3 249 882
2 528 916
En cours de production de biens
BN
18 657 941
DO
325 238
1B 332 702
18 590 378
B En cours de production de services 0
BP
Produits intermediaires et finis
DR
2 301 408
DS
527 179
1 774 228
1 123 226
~
Marchandises
DT
143 061
nu
39 035
104 026
84 405
~
Avances et acomptes \•erses sur commandes DV
38 119
nw
38 119
60 947
Clients et comptes rattach6s (3)*
nx
11 694 498
BY
133 198
11 561 299
6 458 254
~ Capital souscrit et appele, non verse
BZ
10 085 615
CA
275 000
9 810 615
3 799 502
"'0 Pre ts ~ Autres Immobilisations financicres * TOTAL(ll)
. ~
BQ
E-
su u
~
t<
a
Autres creances (3)
cc
CD .,, Valeurs mobllieres de placement CD ~ (dont actions propres :.......................... )
Q Disponibilites
Charges constatees d'avance (3)* TOTAL(Ill)
~ .!
tj
s~
Frais d'emission d'emprunt aetaler
CE
CF
3 779 671
CG
3 779 671
2 257 626
CH
115 131
CI
115 131
17 196
CJ
50 669 719
48 765 677
34 920 352
349 262
161 459
67 637 803
54 378 047
(IV)
c"
Primes de rcmboursemcnt des obligalions (V)
CM
Ecarts de conversion actif*
(VI)
CN
349 262
TOTAL GENERAL (I a VI)
co
70 873 907
Renvois : {I) Dom droi1 au bail : Clause de '~""~ de prop
!lmmobili'3lions:
CK
1 904 041
·.·
(2) PUI lrooltJSd"anaodei J~li;:a.11.."ICti ftnia::fi!r?i MC~:
lA CP
3 236 104
O> P.m ~ plus d'un an :
Stocks: • Des explicalions conccmant cellc rubrique ront donnfes dans la 1101icc n• 2032.
lcR
Creances:
136 196
AGREMENT DGFlP C5109.10004
DGFiP
0 I BILAN ~ PASSIF avant repartition I
N° 2051 2009
Foowlaire obligatoite (article S3 A du c
msignalion de l'entreprise
SAS
rAIECA
Neant E.'(('rdceN
~ ~
E...erclce N - 1
Capilal social OU individuel (I)* (Donl verre :............... JLZ6Z.lOJL. ..... )
DA
6 782 100
6 782 100
Primes d'emission, de fusion, d'apport, ....
DB
11 274 420
11 274 420
681 479
681 479
Ecarts de reevaluation (2)* (donl ecarl d'equivalence (I)
D*
) DC
IE[{I
Reserve legate (3)
DD
Reserves statulaires ou contractuelles
DE
::::>
Reserves reglemenlees (3)* ( Dont reserve. speciale des provisions Bl pour fluctuation des cours Dont reserve relative ~ J'achat ( Autres rtserves d'oeuvres originales d'artistes vivants* EJ
3
)
DF
71 828
71 828
)
DG
6 690 944
5 690 944
Reporc i'l nouveau
DH
7 273 036
1 856 404
RESULTAT DE L'EXERCICE (b6n6fice ou pertel
DI
4 147 052
5 416 632
~
Subvemions d'investissement
DJ
~ ..;i ~
Provisions reglementees *
DK
28 865
31 373
DL
35 949 728
31805183
x
~
~
~
;:s
~ ~
TOTAL (I)
...
~ ;::.:
"'
~
~
~
~~
Avances condi1iollllees
DN
200 000
DO
200 ODO
Cl ...
~e
~ ~
8
Produit des emissions de titres par!icipatifs
D.M
..,... ea.
~ a.
TOTAL (II)
<(
w~w
Provisions pour risques
DP
2 330 839
1 787 943
:!ii·!:~
Provisions pour charges
DQ
3 119 647
1 681 467
DR
6 450 486
3 469 410
) DV
g g. f~
£> !)a. .,() 0
.,
~
ttl
,..__
TOTAL (Ill)
Emprunts obligataires convertibles
DS
Autres empruuts obligataires
OT
Empmnts et dettes aupr~s des etablissements de credil (5)
DU
::!..
Empmnts et dettes financihes divers (Dont emprunls participatifs
8 086 660
3 921 763
!a
Avances et acomptes recus sur commandes en cours
DW
4 265 353
3 270 706
Q
Dettes fournisseurs et comptes rattaches
DX
6 787 747
4 583 438
Denes liscales et sociales
DY
3 638 815
3 870 362
Dettes sur immobilisa1ions et comptes rattaches
DZ
71 692
36 202
Aurres dettes
EA
1190 415
1 272 124
Produits constates d'avance (4)
EB
1 971 250
1 865 283
TOTAL (IV)
EC
26 011 835
18 819 882
(VJ
ED
225 753
83 569
TOTAL GENERAL 11 ll Vl
EE
67 637 803
54 378 047
EF
76 098
75 098
24 261 835
17 172 406
E
Compte re2ul.
El
Ecarts de conversion passif *
(1)
::a
(2)
0
>
~
<» 0 ~ c::
~
Ecart de rehaluation incorpore au capital
Dant
{
lB
Reserve speciale de reevaluation (1959)
lC
Ecart de reevaluation libre
ID
Reserve de ree\•alua1ion (1976)
m
*
(3)
Dant reserve speciale des plus-values ii Jong terme
(4)
Dettes et produits constates d'avance ii mains d'un an
EG
(5)
Dont concours bancaires courants, et soldes creditenrs de banques ct CCP
EH
*Des expticalions roncernanl ccllc rubriquc sonl donnces dans la nolice n° 2032.
AGREMENT DGFIP C5109.10004
Q)lr-C-O_MPTE _ _D_E_R_Es::--lm-~-A-T_D_E_L-'E_X_E_R_C_IC_E_(E_u_lis-te-.)I
DGFiP N° 2052 2009
l'omJJJaire obligatolre (aiticle S3 A du Co00 g~riral dts imp6ts)
5"S C6MECA
msignation de l'entreprise:
Nfant I E.urdc:e N E>:porfatl&n et llmalsons lnlnicommunautaln!s
France
Ventes de marchandises *
z
0
~
!::
~ ~
~~
jl.i
)
FB
FD
1 774 065 FE
40 123 192
FF
41 897 258
43 316 700
services* FG
1 282 033 FH
2 661 326
Fl
3 943 359
1 724 090
42 784 519
FL
45 840 618
45 040 791
FM
692 032
3 364 764
Clliffres d'affalres nets * Production stock~e
E.urcke (N-1)
Total
FA
{biens *
Production vendue
I*
FJ
3 056 098
FK
FC
* *
FN
Subventions d'exploitation
FO
Reprises sur amortissements ct provisions, transferts de charges * (9)
FP
155 653
887 796
Autres produits (1) ( 11)
FQ
331 556
325 041
Total des l>rodults d'cxploltatlon (2) (I) FR
47 019 761
49 625 494
Produclion immobilisee
7 100
Achats de marchandises (y compris droits de douane)*
FS
Variation de stock (marchandises)*
FI'
( bl 975)
7 473
Achats de matieres premieres et autres approvisionnements (y compris drolts de douane)*
FU
10 600 501
14 412 569
Variation de stock (matieres premieres et approvisionnements)*
FV
( 830 310)
622 715
z 0
Autres achats et charges externes (3) (6bis)*
FW
13 612 698
11 093 130
!::
Imp()ts, taxes et versements assimiles *
FX
1 092 078
1 047 665
~
Salaires et traitements*
FY
8 964 464
B 496 951
Charges sociales (10)
FZ
4 388 199
4 105 290
- dotations aux amortissements *
GA
243 841
197 349
- dotations aux provisions
GB
~
0
~
~
~
~
{
!2 ~
Sur immobilisations
8a
Sur actif circulant : dotations aux provisions *
GC
446 405
152 986
Pour risques et charges : dotations aux provisions
GD
1 999 418
550 325
GE
63 322
269 219
GF
40 522 645
40 855 6n
GG
6 497 116
8 769 816
~I:: iSS
Q
1
Autres charges (12) Total des charges d'exploilatlon (4) (II) 1 - RESULTAT D'EXPLOITATION {I - II) r!"
·J! ~
Bfo~fice attrlbu~
"& 8
Perte supportee ou benefice transfere
ce 0
5
~
~
I«
~~
i:>.
ou perte transffo~e *
011) OH
*
OV)
GI
Produits financiers de participations (5)
OJ
Produits des autres valeurs mobilieres et creances de l'accif immobilise (5)
GK
131 936
110 759
Antres interets et produits assimil~s (5)
OL
362 321
413 892
Reprises sur provisions et transferts de charges
GM
161 459
42 486
Differences posilives de change
GN
637 670
642 908
Produits nets sur cessions de valeurs mobilieres de placement
GO
Total des produits flnancl ers (V) GP
1 293 387
1 210 045
Dotations financieres aux amortissements et provisions *
GQ
349 262
161 459
ti)
~u
g
lnterets et charges assimilees (6)
GR
158 166
104 482
Differences negatives de change
GS
446 852
~
617 734
Charges nettes sur cessions de valeurs mobilieres de placement
GT
Total
954 281
883 675
2 • RESULTAT FINANCIER (V ·VI)
GV
339 106
326 369
3 · RESULTAT COURANT AVANT IMPOTS (I - II + Ill · IV + V - Vil
ow
6 836 222
9 096 186
s;..
~u
IRENVOJS : >uir tabkau n• 2053) • D.!s cxplkalioosC
DGFIP
AGREMENT DGFIP C5109.10004.--~~~~~~----,,.--~~~~~~~~~~~~~--.
NC) 2053 2009
@I COMPfE DE RESULTAT DE L'EXERCICE I
fonrulaill! obligatolre (artlde Sl A du tode gfolral
Dhignation de l'entreprise SAS C»IECA
Nfant
Exerclce N - 1
ExcrckeN
~j
8 f
§
Produits excepcionnels sur operations de gestion Produits exceptionnels sur operations en capital
HA
*
~
I! t3 E ~
""'(
~
Reprises sur provisions et transrerts de charges
HC
81 288
113 551
(\'II) HD
81 288
113 558
Charges exceptionnelles s11r operations de gestion (6 bis)
HE
153 714
15 108
Charges exceptionnelles sur operations en capital *
llF
Dotations exceptionnelles aux amortissements et provisions
HG
31168
300 446
(VIII) HH
184 883
315 555
HI
( 103 594)
( 201 996)
(IX}
IU
896 525
1 328 838
(X}
HK
1 689 050
2 148 72.0
HJ,
48 394 436
50 949 098
HM
44 247 384
45 532 466
HN
4 147 052
5 416 632
209 019
114 061
Total des produits exceptlonnels (7)
Total des charges cxccptlonnclles (7)
4- RESULTAT EXCEPTIONNEL (VII- VIII)
k:i
~
Participation des salaries aux resultats de l'entreprise
~
lmp(>ts sur les benefices *
~
~
TOTAL DES PRODUITS {I + IIl
~ ~
TOTAL DES CHARGES {II
+ V + VII)
+ IV + VI + VIII + IX + X)
5 - BENEFICE OU PERTE (total des produits ·total des charges)
8
(1)
~
Dont produits nets partiels sur op~rations a long tenne
k:i
~
(2) Dont
"
~
~
{
(3) Dont {
~
HO
produits de locations immobilieres
HY
produits d'exploitation afferents 11 des exercices anterieurs (a detailler au (8) ci-dessous) lG - Credit-bail mobilier *
HP
. Credit-bail immobilier
HQ
1 295 773
1 254 216
(4)
Dont charges d'exploitation affereutes 11 des exercices anterieurs (a detailler au (8) ci-dessous)
1H
21 345
4 823
(5)
Dont produits concernant les entreprises liees
lJ
323 186
107 996
(6)
Dont inter!ts concernanc les entreprises liees
lK
96 216
(6bis) Dont dons faits aux organismes d'interet general (art. 238 bis du C.G.I)
"'a
6
HD
~
"'::ll'1
D*
HX
(9)
Dont transferts de charges
Al
(JO)
Dont cotisations personnelles de l'exploitant (13)
A2
(It)
Dont redevances pour concessions de brevets, de licences (produits)
A3
(12)
Dont redevances pour concessions de brevets, de licences (charges)
A4
~ (13) ~ (7)
I f
I
Dont primes et colisations complemcnta1res personnelles : facultatives A6 obligatoires A9 D~tail des produits et charges exceptionncls (Si le nombre de lignes est insuftisanl, reproduire te cadre (7) er le joindrc en annexe) :
I I
E.~ercire Char~s
OAP lliiOS
exetpli(llUJ
N Pi:oduirs except-ls
2 980
PROV. #\ORT. OEROGATOIRES
10 161
12 669
PROV. PENALITES OE RETAAO
18 027
68 619
PENALITES DE RETARD DE LIVRAISON
46 880
AUTRES CHARGES PROVISIONNEES (8)
257 002
39 129
106 835
Detail des produits et charges sur exercices anterieurs :
faercke N Charges anttri
Produirs antErieurs
ii'i
§ c
"'
-~
I-
REPRISE REDEVANCES - BREVET EXPIRE REGUL COTISATION
21 345
~
a: ., z:
.2'
> 0.
0
u
209 019
- conccmanl ceJte rubnque sonl donn~es dans la no11ce n° 2032. * Des cxphcatJons
Date. d ~arrete, des comptes : •.• 31 decent bre 2()08
I. Presentation de la societe LI. Historiquc de la societe La Societe a ete creee le 13 Decembre 1995 sous la forme d'une S.A.R.L. au Capital entierement libere de 50 568 Francs, soit 7 709,04 euros. Le 13 Mai 1996, l'Assemblee des Associes decide de transformer la Societe en S.A. regie par la loi en vigueur et par Jes statuts au Capital entierement Jibere de 281 736 Francs, soit 42 950,38 euros. Conformement aux decisions prises par I' Assemblee Generale Extraordinaire du 20 Juin 1996, M.S.I. (Materiels Scientifiques International) a pris le controle du Groupe S.P.T.M.-CAMECA. La societe M.S.l. a ete acquise par la societe M.A.I. (Micro Analyse Instruments) le 29 juin 2001 dont le premier exercice a ete clos le 31 decembre 2002. M.S.I. a absorbe S.P.T.M.-CAMECA par fusion simplifiee suivant la decision de I' Assemblee Generate Mixte Ordinaire et Extraordinaire du 30 novembre 2001. La societe M.S.l. (Materiels Scientifiques International) a absorbe CAMECA, sa filiale operationnelle, suivant la decision de l'Assemblee Generale Mixte Ordinaire et Extraordinaire du 05 aofit 2002. De plus, M.S.l. a change de denomination sociale et de forme et est devenue CAMECA SAS afin de preserver son identite et son nom commercial vis a vis de ses clients. La societe Micro Analyse Instruments, detenue
a 100%, a etc acquise par la societe Financiere Cameca le 06 avril 2005.
Aux termes d'une deliberation en date du 28 juin 2006, CAMECA, l'associe unique de Biosims SARL, a decide de dissoudre sa filiale, par transmission universe lie du patrimoine (TUP) avec effet retroactif au 1°' janvier 2006. Le 9 aout 2007, le fonds Carlyle Europe, actionnairc de Financiere Can1eca tete du Groupe CAMECA, a cede ses titres au Groupe AMETEK Inc. La societe Financiere Cameca est detenue a I 00% par la nouvelle holding Ametek Holdings SARL.
1.2. Objet La societe CAMECA a pour objet : L'etude, la fabrication et la vente de tous appareils en particulier d'instruments scientifiques.
OU
elements d'appareils electroniques et mecaniques de hautes precisions
1.3. Siege social
Son siege se situe au 29 Quai des Gresillons, 92230 Gennevilliers.
1.4. Exercice social
L'annee sociale commence le !er janvier et finit le 31 decembre.
2. Faits marguants de l'exercice En date du 5 novembre 2008, une convention d'integration fiscale a ete conclue avec la societe Ametek Holdings SARL en tant que chef de groupe integre forme par cette societe, la societe Financiere Cameca, Micro Analyse Instruments et CAMECA.
3. Perimetre d'integration fiscale Une nouvelle convention d'integration fiscale a ete signee en janvier 2008 entre Jes membres du Groupe [ CAMECA, Micro Analyse Instruments, Financiere Cameca] et Ametek Holdings SARL, la nouvelle tete de groupe.
4. Principes comptables mis en oeuvre Les comptes annuels de CAMECA sont etablis selon Jes normes definies du plan comptable general de 1999, au PCG art. 531- I §I ct au Code de Commerce art. R 123-180. II est fait application des recommandations du Conseil National de la comptabilite, de l'Ordre des Experts Comptables et Comptables Agrees et du Conseil National des Commissaires aux Comptes, ainsi que Jes autres principes comptables generalement admis.
2
Conversion des dettes et creances en devises Au bilan Les dettes et creances en monnaies etrangeres qui n'ont pas fait l'objet de couverture de taux, sont enregistrees au cours du jour de la transaction. A l'arrete des comptes, elles sont valorisees au taux en vigueur a la date de cloture. Les ecarts provenant de cette actualisation soot inscrits aux comptes « Ecarts de conversion actif » pour Jes pertes latentes et « Ecarts de conversion Passif» pour Jes profits latents. Celles qui soot couvertes par des contrats de change, soot evaluees au cours de Ia couverture qui leur est affectee. II n'est pas dans ce cas constate de difference de conversion ni a l'actif, ni au passif du bi Ian. Au compte de resultat Les ecarts de change defavorables sur operations en devises font l'objet de provisions pour risques dotees pour leur totalite sur l'exercice de leur constatation.
5. Comparaison des comptes annuels Les methodes d'evaluation et de presentation retenues pour etablir Jes comptes de l'exercice 2008 sont demeurees inchangees par rapport a celles de l'exercice precedent.
6. Explication des postes du bilan - ACTIF 6..1. Actif immobilise Les immobilisations sont comptabilisees conformement aux reglements CRC 2002-10 et 2004-06. (en euros) lmmo. lncorp.
Logiciels Fonds Commercial Terrains Batis Biltiments Agencement Amenag. Contruct. lmmo. Materiel Outillage Industriel Corporel. Materiel de Transport Materiel Bureau et lnformatique Mobilier En cours Autres participations lmmo. Prets Financ. Autres immobilisat. financieres
Total
! Valeur debut d'exercice \ I 401 967 : 12 931 800
215 411 I 430 271
149 259 250 354 4 625 767076 3 150 668 I 109 643 20 411 078
I
Acquisitions 19971
Cessions Mise au rebut :I 17 066 I
'
: I
!
I
I
I I
8 503 61 695
I I I I I
43 280 18 774 71 592
-
I
;
'' 'I I
i
404 872 12 931 800
-
I
I
Valeur fin d'exercice
-
6 853
223 915 I 485 113
881 4 800 4 625
191658 264 329 71 592 767076
I 033 630 23
2 248 993 I 265 575
1 067 878
19 854 926
I I
131 955
I -
'
155 956
.' -
i
511 727
6.1. l. lmmobilisations incorporelles Les frais de recherche et de developpement ne sont jarnais immobilises et sont comptabilises en charge pour 4 885 K€. Le fonds de commerce a fait l'objet d'une reevaluation de 12 913 506 € lors de la fusion du 05 aoilt 2002. Cette reevaluation n'a pas subi l'impot (4 304 502 €) en application du regime de faveur prevu a !'article 210 du Code General des lmpots. Le fonds de commerce n'est pas amorti et ne fait pas l'objet d'une provision pour depreciation au 31.12.2008 compte tenu du chiffre d'affaires realise et de )'acquisition par Ametek. Les acquisitions de la periode concernent exclusivement des achats de logiciels.
3
6.1.2. Jrnmobilisations corporelles Les immobilisations corporelles, acquises apres la fusion du 05 aofit 2002, sont evaluees a leur cofit d'acquisition (prix d'achat et frais accessoires, hors frais d'acquisition des immobilisations) ou a leur cofit de production. La valeur des immobilisations transferees lors de la fusion correspond a leurs valeurs nettes comptables au jour de la fusion. Les acquisitions de la periode correspondent aux besoins liees renouvellements de materiels devenus obsoletes.
a !'installation
dans Jes nouveaux Jocaux et
a des
6.1.3. Immobilisations financieres CAMECA detient Jes actions des filiales etrangeres (Cameca-USA, Cameca-UK, Cameca-JAPAN, Cameca-KOREA, Cameca TAIWAN et Cameca Gmbh) a 100 % pour 760 674 €. La valeur brute des titres de participation est constituee par Ia valeur d'apport ou d'acquisition. Une provision est constituee si la valeur d'usage d'un titre devient inferieure a sa valeur d'entree. Cette valeur d'usage est determinee en fonction de l'actifnet reestime de la filiale. Cameca Gmbh a rencontre des difficultes depuis son acquisition en 2005. Une restructuration de son activite a ete decidee visant a transformer cette entite de production (instruments Quad) en structure de ventes et de services de !'ensemble des produits de Cameca. Cette restructuration devrait permettre a la filiale de degager des profits pour Jes exercices a venir conformement aux hypotheses actuellement retenues dans le business plan. L'exposition que represente Cameca Gmbh dans Jes comptes de Cameca SAS au travers d'une situation nette negative et d'actif rattache a cette participation est couverte a hauteur de 300 K€ (Jes titres pour 25 000 et Jes comptes courants pour 275 000), dans la perspective de la realisation des hypotheses retenues dans le business plan. Le 6 avril 2006, Cameca a fait un pret de I 967 152 euros a sa filiale Cameca GmbH, pour Jui assurer un equilibre bilanciel suffisant. Ce pret, remunere au taux annuel de 5 %, devra etre rembourse integralement le 6 avril 2013. Au 6 avril 2007, le pret a ete capitalise des interets de la periode (6.04.06 - 6.04.07), soit 98 627 euros. Au 6 avril 2008, le pret a ete capitalise des interets de Ia periode (6.04.07 - 6.04.08), soit 103 497 euros. Les interets se rapportant au pret courent a compter du 07.04.08 au 31.12.08 pour 79 718 euros. Le 29 octobre 2007, Cameca a fait un pret de I 000 000 euros a AMETEK Holding BV. Ce pret, remunere au taux annuel de 5 %, a ete rembourse par anticipation le 26 juin 2008 pour le nominal ainsi que Jes interets (33 630 euros).
Les autres immobilisations financieres concement : une avance de I million d'euros versee dans le cadre du leasing immobilier, avance remuneree dont Jes interets courus s'elevent a 147 066 euros. des depots de garanties pour 118 510 euros.
6.l .4. Amortissements
(en euros) Logiciels
: Valeur I debut d'exercice i 354 669
Biitiments Agencement Amenag. Contruct. Materiel Outillage lndustricl Materiel de Transport Materiel Bureau et lnformatique Mobilier
I
28 554
l
:I I
:...
Reprises 17 066
I
l
20 434 144 621
-
i
6 853
43 722 708 971
~
881 4 800
125 476 56 333
>-
29 601
l
;-
-
I I
100 030 34 250 1 083 440
Mode d'amortissements
Dotations derogatoires
IO 161
! ;
26 327 26 883 246 821
Valenr
! fin d'exercice i 366 156
l
23 288 571 202
Total
Logiciels
:
Dotations
l"
'
1300 660
Reprises derogaloires
12 669
4
Les immobilisations incorporelles (logiciels) sont immobilisees et amorties au prorata temporis sur l'annee d'acquisition. Elles sont amorties comptablement sur trois ans. Elles font egalement l'objet d'un amortissement derogatoire. L'amortissement des immobilisations corporelles est calcule suivant le mode lineaire qui permet de mieux prendre en compte la depreciation economique des immobilisations, en respectant le cadre defini par les principes comptables et fiscaux.
Les durees et modes habituels d'amortissements pratiques sont resumes ci-apres : 20 ans Lineaire I 0 ans Lineaire 3 a 10 ans Lineaire S ans Lineaire S a 10 ans Lineaire S ans a 10 ans Lineaire
- Construction - Ouvrages d'infrastructure et installations fixes - Machines-outils, materiel et outillages industriels - Materiel de transport - Mobilier et materiel administratif - Agencements des constructions, installations generales
Pour Jes amortissements des biens apportes !ors de la fusion, Jes durees d'amortissements correspondent courir dans Jes livres de la societe absorbee.
a la duree restant a
6.2. Actif circulant 6.2.1. Stocks Les stocks, matieres premieres et foumitures, sont evalues a leur cofit standard d'achats. Les stocks de produits finis et les travaux en cours sont evalues a leur cofit standard de production. Les stocks, valorises en cofit standard, sont corriges annuellement d'une part, de l'ecart sur achat constate correspondant a la partie non consommee des achats, et d'autre part, de l'ecart constate sur la valeur reelle du cofit de la main d'reuvre (pour les en-cours et les produits finis). Les stocks font l'objet d'une depreciation lorsque ce cofit devient superieur a la valeur probable de realisation. Les frais generaux commerciaux, administratifs et financiers, ainsi que Jes frais de recherche et de developpement ne faisant pas l'objet d'une commande client, sont directement pris en charge dans l'exercice.
(en euros) . Matieres premieres . En cours de production de biens . Produits intermediaires et finis . Marchandises Total
Provision pour depreciation Matieres premieres En cours de production de biens Produits intermediaires et finis Marchandises Total
Valeur brute 3 854 272 18 657 941 2 301 408 143 061
DCprecia ti on 604 389 325 239 527 179 39 035
Valeur nette 3 249 883 18 332 702 I 774 228 104 026
24 956 682
l 495 842
23 460 840
Valeur debut d'exercice
Augmentations
Diminutions
Valeur fin d'exercice
495 045 108 413 445 299 680
109 344 216 825 81 880 38 354
604 389 325 238 527 179 39 035
l 049 437
446 405
1495 842
6.2.2. Avances versees Les avances versees
anos sous-traitants s'elevent a 38 119 euros.
5
6.2.J. Creances Les creances sont enregistrees au bilan pour leur valeur nominale. Certaines creances sont eventuellement depreciees, selon la methode suivante : La creance constatee est depreciee de 50% de son montant hors taxe en fin d'exercice, si elle est superieure a un an d'existence, et si elle ne fait pas par ailleurs l'objet d'une provision cas par cas. Elle sera depreciee a 100 % si son existence est superieure adeux ans, dans Jes memes conditions precisees ci-dessus. Par ailleurs, une depreciation complementaire individualisee peut etre constatee !ors de !'analyse du portefeuille en fonction d'evenements connus specifiques.
Nature des creances Creances clients et comptes rattaches Clients Clients douteux ou litigieux Clients - factures a etablir
MontantS
(!)
Sous total Autres creances Personnel lmpots et taxes Comptes courants Groupe Divers debiteurs
11521453 136 196 36 849 11694498
(2) (3)
Sous total
34 556 314 341 9 711 931 24 787 10 085 615
Total
21780113
Les creances douteuses sont depreciees a hauteur de 100 %. TVA a deduire pour 314 K euros Avances faites aux filiales C.Korea pour 326 327 €, C. GmbH pour 210 709 € MA.I. pour 2 079 646 € et Financiere Cameca pour 7 095 249 €
(1) (2) (3)
Provision pour depreciation
Valeur debut d'exercice
Augmentations
Diminutions
Valeur fin d'exercice
Clients et comptes rattaches
133 198
133 198
Comptes du Groupe
275 000
275 000
0
Echeancier des creances (en euros)
Montant brut
~ ~ ~rets
< .§
=
:;os ::::
·;;
...;:: <"
k\utres immobilisations financieres k::lients douteux ou litigieux ~utres creances clients ~ersonnel et comptes rattaches Etat et autres [mpots sur les benefices collectivites Ifaxe sur Ia valeur ajoutee ..___p_u_b_liq_u_e_s-~!Divers
Proupe et associes IDebiteurs divers Charges constatees d'avance
TOTAL
A I .an au plus
A plus d'un an
2 248 993
2 248 993
1 265 575 136 196 I 1 558 302 34 555
1 265 575 136 196 I I 558 302
34 555
314 342
314 342
9 711 931 62 906 115 131
9 711 931 62 906 I 15 131
25 447 934
21797169
3 650 765
6
0 Produits a recevoir inclus dans les postes de bilan II s'agit des factures restant a etablir sur les interventions du S.A.V. pour un montant de 36 849 euros, des interets courus sur prets a Cameca Gmbh pour 79 717 euros et des interets courus sur l'avance de I million pour 147 065 euros.
6.2.4. Tresorerie Ce poste comprend uniquement des disponibilites au 31 decembre 2008 : Nature des disponibilites
Montants
Banques Caisses
3 778 790 881
Total
3 779 671
6.3. Comptes de regularisation 6.3.1. Charges constatees d'avance Mooiaots
Nature
Charges d'exploitation Contrats assistance informatique Contrats de maintenance Contrats de collaboration Deplacements (billets d'avion) Assurances Autres ( Maintenance, Abonnement revues )
Total
32 266 40 669 37 500 2 728 I 550 418
115 131
Les charges payees d'avance telles que Jes abonnements et Jes contrats ont ete calculees prorata temporis.
6.3.2. Ecarts de conversion actif Ils proviennent essentiellement des creances clients etablies en devises et qui ne font pas l'objet de couvertures par des contrats de ventes aterme. A ce titre, une provision pour perte de change a ete constituee pour 349 262 euros.
7
7. Explication des postes du bilan - PASSIF 7.1. Capitaux propres }>
Composition du capital social
Le capital social est fixe a 6 782 I 00 euros et est entierement libere. II est divise en actions de 137,6629 euros chacune, de meme categorie, numerotees de I a 49 266. Son capital est detenu a JOO% par Micro Analyse Instruments depuis le 29 juin 2001, date de prise de contr6le du Groupe.
:»
Evolution des capitaux propres
La deliberation de l'associe unique du 30 juin 2008 decide d'affecter l'integralite du benefice de l'exercice 2007 (S 416 632.04 euros) au poste « Autres reserves ». (en euros)
Ouverture
Capital souscrit verse Prime de fusion Reserve legale proprement
Augmentation
Dhninuti·ons
Resultat 2008
6 782 100
6 782100
11274 421
ll 274 421
678 210
678 210
3 270
3270
71 829
71 829 5 690 944
5 690 944 I 856 405 31 373
31 805 183
7273 037
5416632 IO 161
5 416 632
Total cloture 2007
5 426 793
-12 669
28865
-5 416 632
0
-5 429 301
31 802 676
RESULTAT 2008
TOTAL
Cloture
31 805 183
5 426 793
-5 429 301
4 147 052
4 147 052
4 147 052
35 949 728
7.2. Autres fonds propres II s'agit des aides de l'ANVAR (Agence Nationale de Valorisation de la Recherche) pour la realisation de materiels
innovants sous forme d'avances remboursab!es. Elles s'elevent a 650 000 euros. Contrats
Aide accordee
Montant rer;u
Mt rembourse
Rembt Exercice
650 000 €
650 000
450 000
200 000
Programme N° 3
So/de
0
Le solde de l'avance (200 000 euros) a ete payee au 30 juin 2008.
7.3. Provisions pour risques et charges Les provisions pour risques et charges sont constatees lorsque Jes risques et charges sont nettement precises quanta leur objet mais dont la realisation est incertaine et que des evenements survenus ou en cours rendent probables. (en euros)
. Garanties donnees aux clients . Penalites clients . Pertes de change . Autres pour risques . Pensions et obligations similaires . Medaille du travail . Travaux restant a effectuer
TOTAL
Reprises sans objet
Provisions
Provisions
Dotations de l'exercice
I 292 503
239 699
333 981
18 027
22 200
161 458
349 262
161 458
0
165 986
975 822
333 834
84 100
535 378
57 864
17262
575 980
170 268
I 202 035
54 192
1318lll
3469 410
2 366 707
201 973
5 450 486
a I' ouverture
Utilisation
a la cloture I 532 202
46 419
283 389 349 262 165 986
183 658
I 225 556
8
Les dotations et reprises des provisions pour risques et charges se repartissent par nature comme suit : Nature
Dotations
Reprises
Exploitation
I 999 418
155 554
349 262
161 458
Financier Exceptionnel Total
18 027
68 619
2 366 707
385 631
a) Provision pour garantie donnee aux clients Cette provision est calculee en fin d'exercice, par machine livree et sous garantie, au prorata de la duree restant a courir. b) Provision pour penalites
II s'agit des penalites contractuelles a payer pour retard de Iivraison. c) Autres provisions pour risques Elle correspond ades indemnites de rupture de contrat commercial. d) Provisions pour indemnites de depart en retraite L'indemnite de fin de carriere susceptible d'etre versee est actualisee et ponderee des probabilites de vie et de presence dans I'entrcprise, a Ia date de cloture. Ci-apres Jes hypotheses retenues pour le calcul de Ia provision conformement o Age previsionnel de depart a la retraite : 65 ans o Taux d'inflation: 1,8 % o Taux d'actualisation: 4,5 % o Table de mortalite : Source Insee 2003-2005
aIa convention collective de la Metallurgie :
Aucun engagement en matiere de retraitc n'a cte constatc dans Ics comptes de la socicte
a regard des dirigcants.
e) Provisions pour medaille du travail Les medailles du travail susceptibles d'etre versees sont actualisees et ponderees des probabilites de vie et de presence dans l'entreprise, a Ia date de cloture. f) Provision pour travaux restant a effectuer Cette provision, calculee en cofit complet, correspond aux cofits d'installation non effectuees des machines facturees en 2008.
7.4. Dettes 7.4.1. I>ettes financieres Nature des creances
Montalits
Emprunts et dettes financieres divers Participations des salaries Interets courus sur participations Dettes Ametek BV Interets sur dettes Ametek Cornptes courants Groupe
(I) (2) (3) (4) (5)
Total
I 775 274 73 474 3 500 000 46 572 2 691 340
8 086 660
(I) Participation des salaries relatifs aux exercices 2003, 2005, 2006 et 2007 bloquee en compte courant. (2) lnterets courus des participations sur la periode du 01104108 au 31112108.
(3) Emprunts aupres du Groupe Ametek pour financer le BFR. (4) lnterets sur emprunts Ametek au tau.x annuel de 5% (5) Paiement de l 'imp6t sur !es societes, apres imputation du credit imp6t recherche de /'exercice 2008 (421 685), a la mere Ametek holdings SARL de 1 689 050 euros.
Avances concernant Cameca USA Inc pour 1 002 290 euros.
7.4.2. Avances re.;ues sur commandes en cours
Ce sont Jes avances per~ues des clients pour Jes Iivraisons de materiel
a realiser pour un montant de
4 265 353 euros.
9
7.4.3. Dettes d'exploitation Repartition des dettes d'exploitation par nature : Montan ts
Nature des dettes Fournisseurs et comptes rattacbes Foumisseurs Foumisseurs effets it payer Foumisseurs Factures non parvenues Sous total Dettes liscales et sociales Personnel Organismes sociaux lmpots et taxes
3 210 183 1 771 525 I 806 039 6 787 747 2 039 392 1 458 673 140 750
(1)
(2) (3)
Sous total
3 638 815
Total
10 426 562
(I) dont dettes pour conges payes et RIT 1 029 K€ lnteressement et participation 897 K€ (2) dont charges sociales sur conges
a
(3) dont TVA( zone Euro) decaisser Tmce professionnelle
517K€ 102K€ 16K€
7.4.4. Dettes diverses Repartition des dettes diverses par nature : Nature des dettes
Montant
Dettes sur immobilisations et comptes rattaches Foumisseurs immobilisations Sous total Autres dettes Agents commissionnaires Redevances Crediteurs divers (1) Sous total
Total (I)
0
71 592 71 592 I 138 650
14 129 37 636 ] 190 415 1262007
dont cotisations pour 24 K euros.
Echeander des dettes (en euros)
Emprunts et dettes financieres divers Foumisseurs et comptes rattaches Personnel et comptes rattaches Securite sociale et autres org. sociaux Etat et autres collectivites publiques
lmpots sur !es benefices Taxe sur la valeur ajoutee Autres impots, taxes & assi.
Dettes sur immobilisations & cptes rattaches Groupe et associes Autres dettes et avances Produits constates d'avance TOTAL
Montant brut
A 1 an au plus
5 395 320 6 787 747 2 039 392 1458 673
3 635 320 6 787 747 2 039 392 l 458 673
104 223 36 526
104 223
71 592 2 691 340 5 455 769 I 971 250
71 592 2 691 340 5 455 769 I 971 250
26 011 835
24 251 835
A plus d'l an 5 ans au plus l 760 000
36 526
1 760 000
10
o
Charges a payer incluses dans les postes de bilan
Ci-apres le detail des postes de bilan concemes : Emprunts et dettes financieres divers Dettes foumisseurs et comptes rattaches Dettes sociales Dettes fiscales Autres dettes ( redevances, divers )
120 046 1 806 039 1 981 908 819 335 38 059 4 765 387 €
7.5. Comptes de regularisation 7.5.1. Produits constates d'avance Nature
Montan ts
Produits d'e:xploitation Contrats de maintenance S.A.V.
(1)
Marchandises facturees non livrees
(2)
Total
I 544 070 427 180 1 971 250
(1) Les contrats de services sont factures aux clients pour une periode est constatee d'avance.
a courir exprimee en jours. A la cloture, la part calendaire non echue
(2) La provision correspond a des accessoires non livres relatifs ades machines livrees, facturees.
7.5.2. !<:carts de conversion Passif Les profits latents s'elevent a 225 753 euros. Ils proviennent des creances clients en devises pour 216 054 euros, des factures foumisseurs en devises restant a payer pour 5 777 euros et des commissions en devises a payer aux agents pour 3 922 euros.
11
8. Explication des postes du Compte de Resultat 8.1. Compte de resultat de I' exercicc :;.. Fait generateur du chiffre d'affaires Le fait generateur du chiffre d'affaires est le transfert de propriete. D'une maniere generale, le transfert de propriete resulte, soit de la livraison proprement
Ventilation du chiffre d'affaires (en milliers d'euros) Zone geographique
2008
2007
2006
-FRANCE - UNION EUROPEENNE - U.S.A. I CANADA - ASIE I PACIFIQUE -AUTRES
3 056
1760
4 681
9201
9 413
8 198
TOTAL Nombre de machines vendues
11 369
11 912
12423
22160
20776
10 425
55
I 180
I 893
45 841
45 041
37620
27.5
28,0
23,5
(*)la part du Service Apres Vente dans le chiffre d'affaires represente 10 %, soit 4 423 milliers d'euros.
Repartition du chiffre d'affaires 2008 par zone geographique
ASIE / PACIFIQUE 48,34% UNION _ _ _ _ EUROPEENNE (+FRANCE) 26,74%
USA/ CANADA 24,80%
AUTRES (AFRIQUE) 0,12%
Le graphique met en evidence I' importance des marches asiatiques au detriment du marche americain dans le «business» de CAMECA.
8.2. Autres produits Ce paste, pour un total de 331 056 euros, comprend la reprise des redevances (209 K€) pour Jes brevets dont !'utilisation est devenue gratuite, le remboursement des depenses (100 K€) dans le cadre du contrat Nanobeams, Jes refacturations des cotisations de retraite (8 K€) a la filiale americaine pour le personnel affecte a l'etranger et divers pour 14 K€. 2008
Autres produits
331 556
2007 325 041
2006 74 642
12
8.3. Autres achats et charges externes Le montant des autres achats et charges externes, qui s'eleve a 13 613 milliers d'euros, comprend Jes achats de sous-traitances industrielles (2 671 KE), Jes achats non stockes de matieres et foumitures (387 KE), Jes services exterieurs (5 163 K€) et des autres services exterieurs (5 391 K€) detailles ci-dessous:
Autres charges externes
2008
2007
2006
Services extfrieurs Sous-traitance generale Redevances de credit bail
(!)
3 357 635
2 188 685
2 381 777
(2)
I 295 773
1254216
983 355
Locations
(3)
143 450
133 966
78 184
187 598
135 662
123 160
120 626
189 246
150 210
41 389
83 485
35 839
22444
9438
22 211
1970
4 309
5163 132
3 967 578
3 813 918
Entretien, reparation, maintenance Primes d'assurance
(4)
Etudes et recherches Documentation Frais de colloques, seminaires, conferences Sous total Autres services exterieurs Personnel interimaire Remuneration d'intermediaires et honoraires Publicite, publications, relations publiques Transports de biens Deplacements, missions et receptions Frais postaux et de telecommunications Services bancaires et assimiles Divers Sous total Total
(5)
123 231
118 177
188 521
2 312 016
I 814 888
I 542 592
15 488
15 754
36966
(6)
942 850
729 096
626 647
(7)
I 781 875
I 737 665
I 696 843
50 090
58 190
50 927
87 236
110 237
167212
(8)
78 665
42 407
59 458
5 391 451
4 626 414
4 369166
IO 554 583
8 593 992
8 183 084
(I) Prestations pour I 955 KE, autres prestations decentralisees pour 874 K€, exploitation informatique pour 151 K€, nettoyage et gardiennage des locaux pour 379 K€. (2) Remboursement du credit bail immobilier que Cameca a souscrit aupres de Fortis Lease pour financer le nouveau siege. (3) Locations de vehicules, de mobiliers et de materiels informatiques. (4) Couvertures concemant la responsabilite civile, la multirisque industrielle (y compris la perte d'exploitation), le transport des marchandises, la flotte automobile et Hommes CJes pour le credit bail immobilier. (5)
Commissions sur ventes pour 2 134 K€ et honoraires pour 177 K€ .
(6)
Transports sur achats pour 314 K€, transports et emballages surventes pour 612 K€ et divers pour 17 K€.
(7)
Frais de voyages pour 886 K€, de missions pour 834 K€ et de receptions pour 62 K€.
(8)
Cotisations des organisations pour 46 K€ et frais de recrutement pour 33 K€.
8.4. Autres charges II s'agit des redevances versees
a des organismes (CNRS, ONERA .. ) pour l'utilisation de Ieurs brevets dans nos machines.
Autres charges
2008
2007
Redevances Divers
39 129
257 004
Total
2006 190 939
24 193
12 215
I 768
63 322
269 219
192 707
13
8.5. Resultat de l'exercice 2008
2007
2006
6 497 ll6
8 769 816
6 530 681
339 106
326 369
79 986
110 759
221 455 -365 853
(en euros) Resultat d'exploitation Resultat financier - Dividendes et prt!ts
(I)
131 936
- Charges d'interets
(2)
-158 090
-86 378
190 818
25174
65 810
362 245
395 787
30465
- Resultat net de change - Autres charges et produits
(3) (4)
-187 803
-118 973
128 109
Resultat avant imp6ts
6 836 222
9 096185
6 610667
Resultat exceptionnel
-103 594
-201 996
5 926 316
-46 427
-1 519
- Provisions pour risques
- Penalites clients
-453
- Penalites fiscales - Provisions pour risques et charges
(5)
50121
-186893
55 997
- Autres charges et produits
(6)
-106 835
-13 584
5 870 319
-896 525
-1 328 838
-2 057 397
-I 689 050
-2 148 720
-5 689 256
4147 052
s 416 632
4 790 331
Participations et interessements Imp6ts sur Jes benefices de l'exercice Resultat net de l'exercice
(1) dont Revenus des prets Cameca GmbH pour la periode 2008 pour 107 092 euros Revenus des prets Ametek USA pour la periode (I" semestre 2008) pour 24 844 euros (2) dont interets sur participation en compte courant bloque pour < 51 130 > euros lnterets de la dette Ametek BV pour < 46 571 > euros lnterets de l'avancc Cameca USA pour< 49 643 >euros Agios pour< 10 744 > euros (3) dont Revenus de l'avance IM dans le cadre du leasing pour 60 895 euros et Swap de taux (Leasing) pour I 08 331 euros Revenus factures a la holding M.A.!. selon la convention de tresorerie pour 43 155 euros Revenus factures a la holding Financiere Cameca selon la convention de tresorerie pour 148 094 euros (4) provisions pour risques financiers pour < 187 803 > euros (5) dont amortissements derogatoires pour 2 508 euros provisions pour penalites clients pour 50 592 euros amortissements sur immobilissations pour <2 980 > euros
(6) autres charges provisionnees pour 106 835 euros
8.6. Participation des salaries & interessements Un accord d'interessement a ete signe et depose le 13 juillet 2006 aupres de l'inspecteur du travail. Le montant total de 896 525 euros se repartit en participation pour 458 400 € et en interessement pour 438 125 € au titre de l'exercice 2008.
14
8.7. Impots sur les benefices. Le resultat fiscal de l'exercice (6 203 041 €) genere un impot apayer de 2 I IO 735 euros. Un credit d'impot en faveur de Ia recherche a ete constate dans Jes comptes de la societe et s'eleve a421 685 euros. Ce credit s'impute sur l'impot sur Jes societes, soit un impot net apayer de I 689 050 euros. Cette somme est transferee chez Ametek Holdings SARL, Ia tete de groupe, dans le cadre de )'integration fiscale.
Ci-apres la repartition de l'impot entre le resultat courant et le resultat exceptionnel : Repartition de l'impot Resultat courant Resultat exceptionnel
Bases
Taux 34.03 %
6 836 222
2 326 366
-103 594
-35 253
9. Operations concernant Jes entreprises liees
Au 31/12/2008 (en euros)
CAMECA FRANCE
Cameca USA
Cameca UK
Came ca JAPAN
Cameca KOREA
Came ca TAIWAN
Cameca GMBH
Micro Financiere Analyse Cameca Instruments
Au hi/an
Actif Prets Preteur
2 248 994 2 248 994
Emprunteur Creances d'exploitation Comptes courants Cameca
9 711 931
Comptes courants partenaires Clients
210 709
326 327
2 079 646
7 095 249
427 992
Filiales partenaires
51 038
291 508
68 330
200
16 916
555 334
210 720
l 434 661
Passif Autres reserves . Dividendes verses
0
. Societes partenaires Dettes d'exploitation Comptes courants Cameca
I 002 291
Comptes courants partenaires Foumisseurs Filiales partenaires
1002291 3 086 296 879 517
6 064
15
Au compte de risultat Produits d'exploitation . Ventes aux filiales
11722324
. Societes partenaires
4 895 712
41 838 6 168 005
173 971
17 778
425 020
134 272
613 799
3 951
I 584 594
492 540
323 568
406 549
. Prestations facturees aux filiales . Societes partenaires Chames d'exoloitation . Achats aupres des filiales
3 013 462
Societes partenaires . Prestations faites par les filiales
658 177
18 669
1330 562
. Societes partenaires
107 905
Produits financiers . lnterets courus a recevoir
298 342 107 092
. Societes partenaires
43 155
148 095
Charees linancieres . Interets et charges assimiles
49 644
. Societes partenaires
49644
I 0. Renseignements divers 10.1. Engagements financiers hors bilan •
Des cautions et avals accordes a des clients par !es banques pour notre compte s'elevent a 3 31 l 895 € : (Cautions Marches«France»: 974981 € - Marches«Etranger»: 2336914 €)
•
P1TCH Promotion, a cede par acte notarie du 21 /12/2005 son terrain - 29 quai des Gresillons a Gennevilliers, et a vendu en etat futur d'achevement un immeuble a usage de bureaux et d'activites pour une surface de 7 420 m2 a Fortis Lease. La livraison a eu lieu le 13 juillet 2006. Ce meme jour, devant notaire Fortis Lease a signe un credit immobilier avec Cameca pour cet ensemble immobilier pour une duree de 12 ans et une valeur de 12 340 000 euros dont une avance de I million euros a ete versee. Les remboursements ont commence a compter de la livraison.
•
Une assurance Homme Cle a ete souscrite pour un total de 750 000 euros sur I personne.
•
11 n'cxiste pas de garanties de pa.ssiC d'engagements de surete et d'actes de nantissements au 3 l dec..-:mbre 2008.
10.2. Engagements de credit bail Un nouvel immeuble d'unc valcur de 12 340 000 curos acquis, le 13 juillct 2006, par credit bail aupres de Fortis Lease pour une dun~e de 12 ans se ventilc comme suit :
I 500 000 €
- Terrain - Constmction - Ageneements
7 840 000 € 3 000 000 E
Les rcdevances au titre de l'exerciee s'elcvent a l 295 774 euros. Dans le cas ou la socictc avait aequis cc bien, J'amortissement de la nouvelle usinc (construction et agcnccments), dcct1mposee en 4 groupes avec des durees de vie respectives de 8 I I 0 / 25 et 30 ans, aurait ete de 468 048 euros par an. Credit bail immobilier
Redevances cumulccs
Redevances cxcrciee
Engagement Net
12 340 000
-1 353 538
-623 497
10 362 965
16
Echeancier
A I an au plus
A plus d'lan et 5 ans au plus
A plus de 5 ans
Credit bail immobilier
648 000
2 800 000
3 825 000
Le prix d'acquisition
a]'expiration du credit bail sera de 3 085 000 euros.
10.3. Effectifs Les effectifs moyens par categorie se decomposent comme suit : Ouvriers ETAM lngenieurs
31 89
77 195
10.4. Droit individuel :\ la formation Nombre d'heures ouvertes au titre du droit individuel a la formation (DIF) au 31.12.2008 Nombre d'heures de formation consommees au titre du D.I.F. au 31.12.2008
I 6 2 JO heures 64 heures
Aucune demande de formation n'ayant ete deposee par Jes salaries au 31.l2.2008, et acceptee par la direction, la societe n'a pas juge utile de proceder a une provision au titre de cet engagement.
10.5. Avances ct credits allouecs aux dirigeants sociaux et indications des engagements pris pour leur compte Neant
10.6. Remunerations allouees au titre de l'exercice aux membres des organes d'administration et de direction de Jeur fonction
a raison
Neant
10.7. Dettes garanties par des suretes reelles Ncant
10.8. ldentite de la societe Mere consolidant les comptes des societes Conformcmcnt aux articles L. 233-16. L. 233-17 ct R. 233-15 du Code de Commerce. la socictc. dont le capital est dctcnu a 100% par la societe Ametek Holdings SARL depuis le 9 aoCtt 2007, n'etablit ni ne publie de comptes consolides pour I" cxercice clos le 31 dccembre 2008, ctant precise que : - les comptcs des socictcs contr6l6es dircctement ou indirectement par la societc Ametek Holdings SARL sont inclus dans les comptes consolides de !'ensemble plus grand d'entreprises etablis par la soeiete Ametek Inc. societe de droit americain. - ees eomptcs sont completes par la mention dans !'annexe des comptes annucls de la soeietc Ametek Holdings SARL des infomiations significatives visees a !"article R233-l5 du Code de Commerce.
17
11. Evenements post-cloture Cameca a fait l'objet d'un contrf>le fiscal au cours de l'exercice portant sur Jes exercices 2006 et 2007. La verification des comptes n'etant pas terminee, Ia societe considere qu'il n'y a pas lieu de constituer une provision ace titre.
12. Filiales et participations Ci-apres la liste des filiales etrangeres detenues par CAMECA SAS :
CAMECA INSTRUMENTS INC. 91 Mckee Drive Mahwah NJ 07430 Etats Unis d' Amerique
CAMECA UK Ltd PO box 88 Wilmslow - Cheshire SK95BE GRANDE-BRETAGNE
CAMECA INSTRUMENTS JAPAN KK SF, Mikuni-East Bldg 6-13-10, Sotokanda, Shiyoda-ku Tokyo 101-0021 JAPON
CAMECA KOREA Co., Ltd #309, 3rd Floor, Gyeonggi R&DB center 906-S Jui-dong, Yeongtong-gu, Suwon City Gyeonggi-do, 443-270 CO REE
CAMECA TAiwAN Corp. Ltd A2, IOF-6, N°.120, Sec.2 GongDao Wu Road 30056 Hsin Chu, TAIWAN
CAMECA GmbH Carl-van-Linde Str. 42 D-85716 Unterschleissheim ALLEMAGNE
18
Tableau des filiales et participations au 31.12.2008
CAME CA
CAME CA
CAMECA
CAME CA
CAME CA
CAMECA
U.S.A
U.K. ltd
JAPON
KOREA
TAIWAN
GMBH
USD
GBP
JPY
KRW
NTD
EUR
CAPITAL Reserves
270 000
30 000
50 000
50 000 000
1000000
25 000
1903958
96 679
55 211
-209 495 077
1 512 925
- 1 487 670
Quote-part de Capital detenu en %
100%
100%
100%
100%
100%
100%
!Valeur d'inventaire des titres detenus Euros
322 508
46 574
304 730
35496
26 366
Devises
395 645
30 000
50 000
50 000 000
1000000
l'rets et avances consentis et non rembourses Euros
0
2 169 276
Devises Chiffres d'affaire (taux moyen) Euros Devises
9 343 655
191170
9469 691
1 501431
692443
13 649 591
151 599
1436322
2 571086665
31 064 382
47068
37 222
232 348
300260
187 721
582 560
35 630
29 447
529 703 431
8 594 481
Resultat au 31/12/2008 (taux de cloture) Euros Devises
3 618 572
-
- 317 705
-
Dividendes verses Euros Devises Cautions ou avals donnes au benefices de ces societes Euros Devises
Date d'ouverture
01/01/2008
01/01/2008
01/01/2008
01/01/2008
01/01/2008
01/01/2008
Date de cloture
31/12/2008
31/12/2008
31/12/2008
31/12/2008
31/12/2008
31/12/2008
19
CONST ANTIN ASSOCIES
ERNST & YOUNG et Autres
Came ca Exercice clos le 31 decembre 2008
Rapport des commissaires aux comptes sur les comptes annuels
CONST ANTIN ASSOCIES 114, rue Marius Aufan 92532 Levallois-Perret S.A. au capital de€ 831.330
ERNST & YOUNG et Autres 41, rue Ybry 92576 Neuilly-sur-Seine Cedex S.A.S. acapital variable
Commissaire aux Comptes Membre de la compagnie regionale de Paris
Commissaire aux Comptes Membre de la compagnie regionale de Versailles
Cameca Exercice clos le 31 decembre 2008
Rapport des commlssalres aux comptes sur les comptes annuels
A l'Associe Unique. En execution de la mission qui nous a ete confiee par decision de l'associe unique, nous vous presentons notre rapport relatif al'exercice clos le 31 decembre 2008, sur: • le controle des comptes annuels de la societe Cameca, tels qu'ils sont joints au present rapport ; • la justification de nos appreciations ; • les verifications et informations specifiques prevues par la loi. Les comptes annuels ont ete arr~tes par le president. II nous appartient, sur la base de notre audit, d'exprimer une opinion sur ces comptes.
I.
Opinion sur les comptes annuels
Nous avons effectue not re audit selon les norm es d'exercice professionnel applicables en f ranee : ces normes requierent la mise en reuvre de diligences permettant d'obtenir !'assurance raisonnable que les comptes annuels ne comportent pas d'anomalies significatives. Un audit consiste a verifier, par sondages ou au moyen d'autres methodes de selection, les elements justifiant des montants et informations figurant dans les comptes annuels. II consiste egalement aapprecier les principes comptables suivis, les estimations significatives retenues et la presentation d'ensemble des comptes. Nous estimons que les elements que nous avons collectes sont suffisants et appropries pour fonder notre opinion.
Nous certifions que les comptes annuels sont, au regard des regles et principes comptables fran~ais, reguliers et sinceres et donnent une image fidele du resultat des operations de l'exercice ecoule ainsi que de la situation financiere et du patrimoine de la societe a la fin de cet exercice. II.
Justification des appreciations
En application des dispositions de !'article L. 823-9 du Code de commerce relatives nos appreciations, nous portons a votre connaissance les elements suivants :
ala justification de
Prlncipes et methodes comptables •
La note 6.2.1 de !'annexe expose les regles et methodes comptables relatives aux modalites de comptabilisation des stocks. Dans le cadre de note appreciation des regles et principes comptables suivis par votre societe, nous avons verifie le caractere approprie des methodes comptables precisees et des informations fournies dans les notes de !'annexe et nous nous sommes assures de leur correcte application.
Estimations • Votre societe conserve dans ses comptes un fonds de commerce dont la valeur brute s'eleve a K€ 12.932 au 31decembre2008. Compte tenu des elements previsionnels, le fonds de commerce ne fait pas l'objet de depreciation tel que cela est indique dans la note 6.1.1 de !'annexe. Nous avons procede a !'appreciation des approches retenues par votre societe pour estimer la valeur de cet actif. Nous nous sommes assures du caractere raisonnable des hypotheses retenues et des evaluations qui en resultent. • Votre societe a constitue une provision pour couvrir !'exposition au risque que representent ses filiales dans ses comptes, tel que cela est decrit dans la note 6.1.3 de !'annexe. Nos travaux ont consiste a apprecier, sur la base des elements disponibles ace jour, les elements et les hypotheses sur lesquels se f on de !'estimation de ces provisions, sachant que ces hypotheses ont par nature un caractere incertain et que leur realisation est susceptible de differer des hypotheses utilisees. Dans le cadre de nos appreciations, nous nous sommes assures du caractere raisonnable de cette estimation et du caractere approprie de !'information don nee en annexe acet egard. • Votre societe constitue des provisions pour risques et charges, tel que cela est decrit dans la note 7.3 de !'annexe. Nos travaux ont consiste a apprecier les donnees et les hypotheses sur lesquelles se fondent ces estimations, a revoir les calculs effectues par la societe, a comparer les estimations comptables des periodes precedentes avec les realisations correspondantes et a examiner les procedures d'approbation de ces estimations par la direction. Dans le cadre de nos appreciations, nous nous sommes assures du caractere raisonnable de ces estimations. Les appreciations ainsi portees s'inscrivent dans le cadre de notre demarche d'audit des comptes annuels, pris dans leur ensemble, et ont done contribue a la formation de notre opinion exprimee dans la premiere partie de ce rapport. Ill. Verifications et Informations speclflques Nous avons egalement procede aux verifications specifiques prevues par la loi.
Cameca Exercice clos le 31decembre2008
2
Nous n•avons pas d'observation a formuler sur la sincerite et la concordance avec les comptes annuets des informations donnees dans le rapport de gestion du president et dans les documents a l'associe unique sur la situation financiere et les comptes annuels.
Levallois·Perret et Neuilly·sur·Seine, le 15 juin 2009 Les Commissaires aux Comptes CONSTANTIN ASSOCIES
ean-Paul : : \
Cameca Exercice clos le 31 decembre 2008
Get Autres
Christian Lemaigre Dubreuil
3
DGFiP
CD I BILAN' - ACTIF I
f•l:mlll>i:e obli~Gin: {"'1ll:lc Sl A .tu Code~ dn implls).
N° 2050 2009
Designation de l'entreprise : _,.SAS=-....:CAHE,,,_,_,:.;r.A::.:----------------- Duree de l'exercice expri.mCc en uombrc de mois • Adrcsse de l'en1reprise 29
Numero SIRET •
QUA! DES GRESILLOllS
(I)
Fnis d'etabli~ment •
l:! Frais de developpement * 2 8 Concessions, brevets et droits similaires l!i £ g Fonds commercial (1) ~ ii Autres immobilisations incorporelles
. ..
~
3 Avaaces et aco1t1p1es sur immobilisa-
4
AC
ex
CQ
4F
404 872
4G
AH
12 931 800
Al
AN
Constructions
u
!11S111lations tecl!ajques. martriel et outillage industriels
366 156
38 715
47 298
12 931 800
12 931 800
Alt
AJ
Terrains
A.Cl
223 915
AQ
43 722
180 192
192 123
AR
1485113
AS
708 971
n6142
859 069
Autres immobilisations corporelles
AT
455 986
AU
181 809
l14 176
265 332
Immobilisations en cours
AV
71 592
71 592
4 625
Avauces et acomptes
735 674
735 674
Particcns me
AX
AY
cs
CT
Autres participations
cu
Creances ranachCes i des participatioas
BB
BC
BD
BE
evaluees selon demise en e uivalence
767 076
CV
31 402
If'
z 248 993
RG
2 248 993
3 15() 668
Autres immobilisations tinanci.Cres •
BB
l 265 575
Bl
1 265 575
1 109 643
IU
19 864 926
u
1 332 063
18 522 86.1
19 296 234
IJL
3 854 271
BM
604 389
3 249 882
2 528 916
En Wllf1 de production de biens
IN
18 f67 941
BO
18 332 702
18 590 378
g En c:ours de production de services
325.Z.
IP
n4 221
1 123 226
104 026
84 405
38 119
60 947
TOTAL an Malieres premieres,
. t;
...
approvisio~
IQ
Produiu iO!Crmediaircs et finis
BR
2 301411S
BS
5'1J 179
Man::balxf.iscs
JU
J9 036
1
~
BT
143 061
~
AYaDCeS et ac:ompces venes llW' commandes BV
38 119
•
§~
Clien!S et compres rauacbes (3;•
BX
11 694 498
BY
13.1198 l
11 561 299
6 458 254
Aucres Cl'Clll'ICCS (3)
BZ
10 085 615
CA
275 000
i
9 810 615
3 799 502
Capital souscnt c:t :ippcl.C, non verse
CB
m 671
2 'l.57 526
115 131
ll 196
,~
:.i
.,, 1V.1leun mobilierc:s de placc:mem CD I~ M:uons propres..!.:.=:.:.:..:::.:..=···· .J
11oom
i 3 Disp:m1b1lirts
er
Char~es
1
~g
!
Nel
l
0*
Pre!S
i
> )
Brut
AB
AL
~ Autres titres immobilises
)
Neant
AA
tions incorporelles
la
~ s
DurU de l'exercicc precedent • uz.._J
4 0 3 0 9 2 2 1 6 0 0 D 3 1
Capiral souscrit non appeli
3...
92230 6EHNEVILLIERS
ut..J
a2 t .3
a~
consratees tl'avance (3)•
I
TOTAL
fr:iis d.
TOTAL GEN~:RAL If f~envois; rJi fT.lu:~f'.etf.s.eT\'1: ,~
pmpnrtC ·. •
lknr 1lroi11u hail: Ir.:i:nobtltlii.Uic...~.s:
cc
----
CE ·~---
3
ng
671
CG
til
115 131
Cl
Cl
50 669 719
CK
3
34 920 352
1 904 Ml
(fV)
Cl\'
(V)
CM
!VD
C:-.0
349 262
349 262
161 459
n VI) co
/[) 873 907
67 637 803
54 378 C47
··----Ecarts de conversion actif~
•
I'~' l'art ,\.,.,,nm ·l'l!UllU 1ct .,..art .. 1;.,., ..1U1r:1¥1c~e•-.~:
ti'
·n
Stocks:
Creances :
• f)CS ~'phc.rious concernant cct!e rubrique >onl donnces dans I• ooricc n" 1012.
136 196
AGREMENT OGFIP C5109.10004
I'~
DGFiP N" 2051 2UU~
® I BILAN - PASSIF avant repartition I
cbli111<1R (llU:lc SJ A
du cook &frinl des irr¢ul
Designation de I'entreprisc
SAS CAMECA
Neant Enrck:e N
Capital social OU individucl (l)* (Doru verse : ................ ti.7.92.10.0........
)
6 782 100
6 782 100
DB
11 274 420
11 274 420
681 479
681 479
DC
)
Cl')
Reserve legalc (3)
DD
f
R~serves
DE
0
staMaires ou contracruelles
<:.::
tl.
Reserves reglemen~es (3)
~
~
fEKI
• ( Dont reserve speciale des provisiom Bl nour fluctuation des cours ( Dont ~serve relative <\ l'achat EJ d'ocuvn::s ori1.inales d'axtisll:S vivants*
)
DF
71 828
71 828
)
DG
;<
Autrcs r6serves
5 690 944
5 690 944
~
Repon l nouveau
DH
7 273 036
1 856 404
RESULTAT DE L'EXERCICE [benefice ou pertel
DI
4 147 052
5 416 632
Q
Subventions d'investissement
DI
"'
Provisions reglementees *
DIC
28 865
31 373
DL
35 949 728
31 805 183
ii:
~
1(
.....:;
\,,)
t:.i:::
~
:.::
Q:;
TOTAL Ill
~~
.:g
Produit des emissions de titres participatifs
DM
"'c.. ., 0
AvanccscouditiollllCc:s
ON
="'e .2
<:::i""
~
ai
~
:I
.a g .... e..,, ·-it&.~ ~
0
~ 00
.:!I ·c:
TOTAL 1111
DO
DP
2 330 839
1 787 943
Provisions pour charges
DQ
3 119 647
1 681 467
DR
5 450 486
3 469 410
DV
TOTAL 11111
~
g ,-.
Emprunts obligataires convertibles
OS
Autrcs emprunts obligatain::s
DT
Emprunts et dettcs aupres des etablissements de cddit (5)
DU
Eil
·::!:-
Bmprunrs ct dettes financieres divers
8 086 660
3 921 763
ffl
Avances et acomptes rei;us sur commandes en COUl'S
ow
4 265 353
3 270 706
Q
Deues fournisseurs et comptes rattachCs
DX
6 787 747
4 583 438 ~
Dettes fiscates et sociales
DY
3 638 815
3 870 362
Dettcs sur immobilisations et comptes ratt.acbes
DZ
71 592
Autres detu:s
EA
1 190 415
1 272 124
Produirs constates d'avance (4)
EB
1 971 250
1 865 283
E
Compte rc!?ul.
)
EC
fVI
ED
225 753
83 569
a VI
EE
67 637 803
54 378 047
TOTAL GENERAL fl (I)
(2)
0 >
~
Ecart de reevaluation i.acorpore au capital
Dont
{
2fj
011 835
18 819 882 ; I
lB
Reserve speciale
IC
r:cart tie reevaluation libre
ID
R.!serve
IE
(J)
Dont reserve speciale Jes plus-valuc:s a long terme •
EF
75 098
75 098
(4)
Dettes ~[ produi!s coustau!s d'.wance
EG
24 251 835
17 172 406
15)
Dont coacours haacaircs courants, et sold.es cre
,_____
~
moins d'un an
'.i
-
36 202 I
TOTAL llVJ
Ecarts de conversion passif •
200 000
ProvisioDS pour risques
(J
'.)
200 000
!:! ...
\,,)
')
Enrctc.N • 1
DA
Primes d'emission, de fusion, d'appon. .... Ecarts de reevaluation (2)* (dont ecart d'equivalence
D ..
EH
• Des explications conc~rnant Celle rubrique sonc dorn1ees Jans 14 notice n• 20J2.
t
DGI<'iP
N° 2052 2009
-- "@jco:MPrE DE REsULTAT DE L'EXERCICE (En liste)I f<>ltlll.llm lllllipioitt (article S3 A u ('ode
1
~des imp&~)
SAS
Designation de l'entrcprisc:
e»!ECA
Neant ExerdceN £xportalloia tt ll•nbo,.
France
FA
Venres de marchandiscs •
n4
FC
065
FE
40 123 192
FF
41 897 258
43 316 700
services" FG
1 282 033
FH
2 661 326
FI
3 943 359
1 724 090
FI
3 056 098
FK
42 784 519
FL
45 840 618
45 040 791
692 032
3 364 764
riens•
i
z
Production venduc
~
Chitfres d'affaires nets •
a
Production stockee •
FM
Q
Production immob~e *
FN
i:
Subventions d'exploitation
FO
Reprises sur amortisse~nts et provisions, transfens de charges "' (9)
fP
155 553
887 796
Autres produits (1) ( 11)
FQ
331 556
325 041
FR
47 019 761
49 625 494
~
"'~I: ~ ;....
FB
FD
~erdce (N.-1)
Total.
lutncommoaaautalns
C:
;:;i
7 100
Q
~
-~
Total des proclults d'exploltatio11 (2)
~
....;
m
Achats de marchandiscs (y compris droits de douane)*
FS
~
Variation de stocl:: (marchandiscs)*
FT
( 57 975)
7 473
~
Achats de ma~res premieres et auttcs approvisionnements (y cornpris droits de douanc)*
FU
10 600 501
14 412 569
Qc:
~
~ ~ ~ ~
=: "1
~
~
t
Variation de stoc:k (matiCrcs premi~ et approvisionnements)*
FV
( 830 310)
522 715
z
0
AutreS achats et charges extemes (3) (6bis}*
FW
~
13 612 698
11 093 130
!::
Imp6ts, talles et versements wimiles •
FX
1 092 078
1 047 665
Salaires et tta itements*
FY
8 964 464
8 496 951
Charges sociales (10)
FZ
4 388 199
4 105 290
- dotations awt amonissements *
GA
243 841
197 349
- dotations aux provisions
GB
~
~ !3 t;!I
~
Q
2:
{
~a
Sur immobilisations
<3
Sur actif circulant : dotations aux provisions •
GC
446 405
152 986
Pour risques et charges : dotlltions aUA provisions
GD
1 999 418
550 325
GE
63 322
269 219
Total des ebarges d'exploiiation (4) (II) GF
40 522 645
40 855 677
GG
6 497 116
8 769 816
o~ i::
se ~
Auttes charges (12)
1 • RESULTAT D'EXPLOITATION 11-11)
!i "I!
Benefice attribue ou penc transfer6: • Perte
suppo~
(Un GH
ou benefice transfere •
(IV)
GI
Produits financ:iers de participatiom (5)
GJ
Produits des autres vale\ll"S mobilieres et creances de l'acrif immobili.sC (5)
GK
131 936
110 759
Auues inrerets et produits assimiles (5)
GL
362 321
413 892
Reprises sur provisions et transfcrts de charges
GM
161 459
42 486
ts ~
Differences positives de change
GN
637 670
642 908
~
Produits nets sur cessions de valeurs mobilieres de placement
GO
GP
1 293 387
1 210 045
DtJtations fuuincieres au., amortisserneni:s ec provisions "
GQ
349 262
161 459
lnterets et charges assimilees (6)
GR
158 166
104 48Z
~hange
GS
446 852
617 734
Total des charges financieres (VJ) GU
954 281
ll83 675
Z - RESULTAT FINANCIER (V - Vt!
GV
339 106
326 369
3 - RESULTAT COURANT AVANT fMPOTS (I - U + UI • IV + V • Vil
GW
6 836 222
9 096 186
~
u
~ ?i r.. ~
. 0
Total ties prodtdts financiers (V)
~u ) )
I
!
~
~
Differences negatives de
"~ :i::
Ch3rges nettes sur cessions de valeun; mobilieres ,1e placement
~
'-'
GT
DGFiP N° 2053 2UU~
~GREMENT DGPI~ CS109.l0004.--~~~~~~~,,--~~~~~~~~~~~~~---.
@I COI\'IPTE DE RESULTAT DE L'EXERCICE (Suite>!
l'cJnm11aiR ol>lipc>P l"'1iclc Sl A <1u code gelll!lli d
de l'emreprise
~
ra:IECA
:'-ifant
Exerdcc N-1
Exen:ice N
~
Produits exccptionncls sur operations de gcstion
HA
~ ~
s
Produits exceprionnels sur operation.s en capital *
HB
~ ~~
Reprises sur provisions ct transfe.rts de charges
HC
81 288
113 551
RD
81 288
113 558
Cllargcs exceptioMclles sur operations de gestion (6 bis)
HE
153 714
15 108
Charees cxceptiot111CUes sur operations en capiau •
HF
Dotations exceptioDDClles aux amortissements et provisions
HG
31 168
300 446
BB
184 883
315 555
m
( 103 594)
( 201 !iJ6)
(IX)
HJ
896 525
l 328 838
(X)
HK
5
II.
Ill
Total des prodults exceptionoels (7)
.. ::!
~ ~ ~
-.. ~ "'~ ~
x:.i
~·
'~ Q
Total des charges exceptiomielles (7)
(Vm
CVIm
4 - RESULTAT EXCEPTIONNEL (VII - VIII)
...
Participation des salaries aux resultats de I' entreprise
2.
Im¢ts sur 1es benefices •
r~
-
...~
§ ~
(I)
"'(
l 689 050
2 148 720
+ Ill + V + vm
HL
48 394 436
50 949 098
TOTAL DFS CHARGES {ll
+ IV + VI + VIII + IX + X) !ml
44 247 384
45 532 466
HN
4 147 052
5 416 6.12
2: '"I
(2)
209 019
114 061
~
~
(3)
~
Dom {
produits de locations immobililrcs
HY
pro
HP
- Credit-bail immobilicr
HQ
1 295 773
1 254 216
lH
21 345
4 823
(5)
Dont produits conccmant les enucpriscs liees
11
323 186
107 996
(6)
Dont inrerets conceraant Jes cntreprises lices
IK
96 216
Dont dons faits aux organismcs d'inttret general (an. 238 bis du C.G.I)
HX
Dont tranSferts de charges
Al
(10)
Dont cotisadons personncUcs de l'e:itploitant (13)
A2
(11)
Dont redevanccs pour coacessions de brevets, de liceaces (produits)
A3
Dont mlcvances pour concessions de brevets, de licences (charges)
A4
(12) (13)
::!
{
Dont charges d'exploitation afferentcs a des cxercices anterieurs (a de1lliller au (8) ci-dcssous)
(9)
ill
Doat
HO
(4)
(6bis)
~
..
Dent produits nets paniels sur operations Along temie
t-.
(7)
I I
I
Dont l?rimes et cotisations complemema1res versonnellcs : fJcultativcs A6 oblis?atoires A9 Detail dci produil& ct char&es exccplionnels (Si le nombre de lignes est iruuffisan1, r!!(Jroduire le cadre (7)
Exe•
et le
joilldre eo annexe) :
I f
I
.j
•
I
ic~ IJ !~oc!Wa
Charges eJ«
'
e.<(epio1111<1s
I
2 980
I
PROV. NGT. OEROGATOIRES
10 161
12 669
PROV. PENAlITES DE RETARD
18 027
68 619
PENAl.ITES 0£ RETARD DE LIVRAISOH
46 880
AIJTRES CHAAGES PROVISIONNEES (S)
251 002
39 129
I I
OAP ItMlS
l
6
TOTAL DF.S PRODUITS (I
5 • BENEFICE OU PERTE !total des prodults ·total des charges)
8
c:
o·
106 835 Exercice N
Detail des produits ct charges sur excrcices anierieurs :
Owgcs a111tritur~
REPRISE REDEVAHCES - iJREVET EXPIRE
.
REGUL COTISATIOH
f
!
I
F"roJuits .&tkrleiJts
209 019 ----
21 345
D
-
-·
-
--···-·-------
• D
coucern~nl
..
----
--
.
eerie rubnquc >Ont donr.ees; rlans la noucc n .l032 .
--
1. Presentation de la societe J.l. Historique de la societe La Societe a ete creee le 13 Decembre 1995 sous la forme d'une S.A.R.L. au Capital entierement libere de 50 568 Francs, soit 7 709,04 euros. Le 13 Mai 19%, l'Assemblee des Associes decide de transformer la Societ6 en S.A. regie par la Joi en vigueur et par Jes statuts au Capital entierement libere de 281 736 Francs, soit 42 950,38 euros.
Conformement aux decisions prises par I' Assemblee Generale Extraordinaire du 20 Juin 1996, M.S.l. (Materiels Scientifiques International) a pris le controle du Groupe S.P.T.M.-CAMECA. La societe M.S.l. a ete acquise par la societe M.A.1. (Micro Analyse Instruments) le 29 juin 2001 dont le premier exercice a 6te dos le 31 decembre 2002.
M.S.I. a absorbe S.P.T.M.-CAMECA par fusion simplifiee suivant la decision de I' Assemblee G6nerale Mixte Ordinaire et Extraordinaire du 30 novembre 200 I. La societe M.S.I. (Materiels Scientifiques International) a absorbe CAMECA, sa fifiale op6rationnelle, suivant la decision de l'Assemblee Generale Mixte Ordinaire et Extraordinaire du 05 aoiit 2002. De plus, M.S.I. a change de denomination sociale et de fonne et est devenue CAMECA SAS afin de preserver son identite et son nom commercial vis a vis de ses clients.
La societe Micro Analyse Instruments, uetcnue a I00%, a ete acquise par la socicte Financicre Cameca le 06 avril 2005.
Aux tennes d'une deliberation en date du 28 juin 2006, CAMECA, l'associe unique de Biosims SARL. a decide de dissoudre
sa filiale, par transmission universelle du patrimoine (TUP) avec effet retroactif au Ier janvier 2006. Le 9 aoiit 2007. le fonds Carlyle Europe, actionnaire
1.2. Objet La societe CAMECA a pour objet :
L'etude, la fabrication et la vente de tous appareils OU elements d'appareils electroniques et mecaniques de hautes precisions en particulier d'instruments scientifiques.
1.3. Siege social
Son siege se situe au 29 Quai des Gresillons, 92230 Gennevilliers. 1.4. Exercice social
L'annee sociale commence le ler janvier et finit le 31 decembre.
2. Faits marguants de l'exercice En date du 5 novembre 2008, une convention d'integration fiscale a ete conclue avec la societe Ametek Holdings SARL en tant que chef de groupe integre forme par cette societe, la societe Financiere Cameca. Micro Analyse Instruments et CAMECA.
3. Perimetre d'integration fJScale Une nouvelle convention d'integration fiscale a ete signee en janvier 2008 entre les membres du Groupe [ CAMECA, Micro Analyse Instruments, Financiere Cameca] et Ametek Holdings SARL, la nouvelle tete de groupe.
4. Principes comptables mis en oeuvre Les comptes annuels de CAMECA sont etablis selon Jes normes definies du plan comptable general de 1999, au PCG an. 531- I ~I et au Co
Conversion des dettes et creances en devises
Au bilan Les dettes et creances en monnaies etrangeres qui n'ont pas fait l'objet de couverturc de taux, sont enregistrees au cours du jour de la transaction. A l'arrete des comptes, elles sont valorisees au taux en vigueur a la date de cloture. Les ecarts provenant de cette actualisation sont inscrits aux comptes « Ecarts de conversion actif » pour Jes pertes latentes et « Ecarts de conversion Passif » pour les profits latents. Cel\es qui sont couvertes par des contrats de change, sont evaluees au cours de la couverture qui leur est affectee. II n' est pas dans ce cas constat6 de difference de conversion ni a l'actif, ni au passif du bilan. Au compte de resuJtat Les ecarts de change defavorables sur operations en devises font l'objet de provisions pour risques dotees pour leur totalite sur l'exercice de leur constatation.
5. Comparaison des comptes annuels Les methodes d'evaluation et de presentation retenues pour etablir Jes comptes de l'exercice 2008 sont demeurees inchangees par rapport acelles de l'exercice precedent
6. Explication des postes du bilan - ACTIF 6.1. Adif immobilise
Les immobilisations sont comptabilisees conformement aux reglements CRC 2002-IO et 2004-06. ' Valeur debut d'exercice : 401967 12931 800 - '
(en euros)
lmmo. lncom.
Logiciels Fonds Commercial Terrains Batis Bdtiments Agencement Amenag. Contruct lmmo. Materiel Outillage lndustriel Corporal. Materiel de Transport Matmel Bureau et lnforrnatique Mobilier
lmmo. Financ.
215411 1430271
Autres participations
I
Total
19971 '
Cessions Mise au rebut 17066 -
l
'l
l
Valeur fin d'exercice 404 872 12 931 800
8 503 61695
'
-
6 853
43 280 18 774 71592
. -
-
881 4800 4625
-
J 033 630
'
223 915 1485113
-
-
I \
Autres inunobilisat financieres
l
'
-
En coon;
Prets
Acquisitions
149259 250 354 4625 767 076 3 150 668 I 109643
131955 155 956
20411078
511727
:
l
'
.-
..
23 1067 878
'
l
191658 264 329 71 592 767 076 2 248 99.1 I 265 575 19854926
6.1.1. Immobilisations incorporelles
Les frais de recherche et de developpement ne sont jamais immobilises et sont comptabilises en charge pour 4 885 K€. Le fonds de commerce a fait I' objet d'une reevaluation de 12 913 506 € lors de la fusion du 05 aout 2002. Cetre reevaluation n'a pas subi l'imp6t (4 304 502 €)en application du regime de faveur prevu aI' article 210 du Code General des Imp6ts. Le fonds de commerce n'est pas amorti et ne fait pas !'objet d'une provision pour depreciation au 31.12.2008 compte tenu du chiffre d'affaires realise et de I' acquisition par Ametek. Les acquisitions de !a periode concement exclusivement des achats de logiciels.
6.1.2. Immobilisations corpurelles
a
Les immobilisations corporelles, acquises apres la fusion du 05 aoOt 2002, sont evaluees leur cout d'acquisition (prix d'achat et frajs accessoires, hors frais d'acquisition des immobilisations) OU a Jeur COUt de production. La valeur des immobilisations transferees lors de la fusion correspond a leurs valeurs nettes comptables au jour de la fusion. Les acquisitions de la periode correspondent aux besoins liees renouvellements de materiels devenus obsoletes.
a !'installation
dans les nouveaux locaux et
a des
6.1.3. Immobilisations tinancieres
CAMECA detient les actions des filiales etrangeres (Cameca-USA. Cameca-UK. Cameca-JAPAN, Cameca-KOREA, Cameca TAIWAN et Cameca Gmbh) a 100 % pour 76-0 674 €.
La valeur brute des titres de participation est constituee par la valeur d'apport ou d'acquisition. Une provision est constituee si la valeur d'usage d'un titre devient inferieure a sa valeur d'entree. Cette valeur d'usage est determinee en fonction de l'actif net reestime de la filiale. Cameca Gmbh a rencontre des difficultes depuis son acquisition en 2005. Une restructuration de son activite a ete decidee visant a transformer cette entite de production (instruments Quad) en structure de ventes et de services de !'ensemble des produits de Cameca. Cette restructuration devrait permettre a la filiale de degager des profits pour les exercices a venir conformement aux hypotheses actuellement retenues dans le business plan. L'exposition que represente Cameca Gmbh dans Jes comptes de Cameca SAS au travers d'une situation nette negative et d'actif rattachC a cette participation est couverte a hauteur de 300 K€ (Jes titres pour 25 000 et Jes comptes courants pour 275 000). dans la perspective de la realisation des hypotheses retenues dans le business plan. Le 6 avril 2006. Carneca a fait un pret de l 967 152 euros a sa filiale Cameca GmbH. pour lui assurer un equilibre bilanciel 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 •
•
•
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•
•
•
•
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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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» Advanced search It is Not possible to perform a full text search of the content of published annual financial statements and publications Pursuant to sections 264 para. 3, 264b of the Commercial Code (HGB). Information about filed annual financial statements can be retrieved from the Company Register. Name
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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
Relevance 100%
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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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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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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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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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.
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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
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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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#63
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.
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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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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.
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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
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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.
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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.
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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.
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TAYLOR HOBSON LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)
··~:·:,!J ~~2~
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
--
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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
--
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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 -
(