Spruce Point Capital

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Disclaimer Spruce Point Capital

This research presentation report expresses our research opinions, which we have based upon interpretation of certain facts and observations, all of which are based upon publicly available information, and all of which are set out in this research presentation report. Any investment involves substantial risks, including complete loss of capital. Any forecasts or estimates are for illustrative purpose only and should not be taken as limitations of the maximum possible loss or gain. Any information contained in this report may include forward looking statements, expectations, pro forma analyses and projections. You should assume these types of statements, expectations, pro forma analyses and projections may turn out to be incorrect for reasons beyond Spruce Point Cap ital Management LLC’s control. This is not investment advice nor should it be construed as such. Use of Spruce Point Capital Management LLC’s research is at your own risk. You should do your own research and due diligence before making any investment decision with respect to securities covered herein. You should assume that as of the publication date of any presentation, report or letter, Spruce Point Capital Management LLC (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our subscribers has a short position in all stocks (and/or are long puts/short call options of the stock) covered herein, including without limitat ion AMETEK Inc. (“AME”), and therefore stand to realize significant gains in the event that the price of its stock declines. Following p ublication of any presentation, report or letter, we intend to continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Spruce Point Capital Management LLC is not registered as an investment advisor or broker/dealer. To the best of our ability and belief, as of the date hereof, all information contained herein is accurate and reliable and d oes not omit to state material facts necessary to make the statements herein not misleading, and all information has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer, or to any other person or entity that was breached by the transmission of information to Spruce Point Capital Management LLC. However, Spruce Point Capital Management LLC recognizes that there may be non-public information in the possession of AMETEK Inc. or other insiders of AMETEK Inc. that has not been publicly disclosed by AMETEK Inc. Therefore, such information contained herein is presented “as is,” without warranty of any kind – whether express or implied. Spruce Point Capital Management LLC makes no other representations, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. 2

Brief Overview of Ametek Spruce Point Capital

Business Description Ametek is a global manufacturer of electronic instruments and electromechanical devices with operations in North America, Europe, Asia and South America. The Company is listed on the New York Stock Exchange (symbol: AME). The common stock of AMETEK is a component of the S&P 500 and the Russell 1000 Indices

$ in mm except per share amounts Stock Price Shares Outstanding Net Exercisable Options Fully Diluted Shares Market Capitalization Total Debt Less: Cash (1) Total Enterprise Value

$52.20 245.9 2.2 248.1 $12,953 $1,636 $370 $14,219

Valuation on Company Reported Metrics Metrics LTM Sept 14 2014E 2015E EV/Sales 3.6x 3.5x 3.3x EV/EBITDA 13.8x 13.7x 12.5x Price/EPS 22.2x 21.7x 19.5x Debt/EBITDA 1.6x 1.6x 1.4x

(1) $307.1m of cash is outside of the U.S.

The Company markets its products worldwide through two operating groups, the Electronic Instruments Group (“EIG”) and the Electromechanical Group (“EMG”). EIG provides monitoring, testing, calibration and display devices for the process, aerospace, power and industrial markets. EMG produces engineered electrical connectors for electronic applications; precision motion control solutions; specialty metals and alloys; and electric motors, blowers and heat exchangers. End markets include aerospace and defense, medical devices, factory automation, mass transit, petrochemical and other industrial markets. The Company grows primarily through strategic acquisitions focused on markets in instrumentation and electromechanical devices.

EIG EMG Total Sales % growth

2008 $1,403 $1,128 $2,531 18.5%

Fiscal Year Ended Dec 31, 2009 2010 2011 2012 $1,147 $1,324 $1,647 $1,873 $952 $1,147 $1,343 $1,462 $2,098 $2,471 $2,990 $3,334 -17.1% 17.8% 21.0% 11.5%

2013 $2,035 $1,560 $3,594 7.8%

LTM Sept '14 $2,344 $1,596 $3,940 12.8%

Gross Profit % margin

$801 31.6%

$662 31.6%

$824 33.3%

$1,034 34.6%

$1,180 35.4%

$1,270 35.3%

$1,397 35.5%

EBITDA % margin

$496 19.6%

$432 20.6%

$555 22.5%

$722 24.2%

$851 25.5%

$934 26.0%

$1,030.6 26.2%

Diluted EPS

$1.03

$0.85

$1.18

$1.58

$1.88

$2.10

$2.35

Cash from Ops Less: Capex Less: Acquisitions Adj Free Cash Flow Source: Ametek

$247 ($44) ($463) ($260)

$365 ($33) ($73) $259

$423 ($39) ($539) ($155)

$509 ($51) ($474) ($17)

$612 ($57) ($748) ($193)

$661 ($63) ($414) $183

$723 ($73) ($824) ($175)

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Spruce Point Capital

Ametek’s Historic Stock Price Rise Defies Numerous Red Flags Ametek Appears to Have Mislead Investors About the Results of Dunkermotoren, its Largest Deal Ever Completed. Its CFO “Retires” and its Cost Savings Estimates Explode Higher

$50.00 Theron Matthews, Director of Operations at Chandler Engineering Files Whistleblower Case Under Sarbanes Oxley; Claims Improper Inventory and Revenue Booking

$40.00

$30.00

$20.00

Acquires Beleaguered Zygo for $280m

Added to the S&P 500 Index

$60.00

“Lower of Cost or Market” Language Dropped From Inventory Disclosure Approx 50/50 LIFO vs. FIFO Accounting

Updates Equity Clawback Language for Fraud and Financial Misstatements

Head of Audit Committee Quietly Resigns

Announces Departure of Electronics Division President

$10.00

Accelerates Change From LIFO to FIFO

$0.00

Management Adjusts Operating Income Bonus Target for ‘Excess Inventory’

30.0

25.0 French Auditor No Longer Audits Cameca

20.0

Ametek India Auditor Issues Qualified Opinion; Notes Continued Failure of Internal Controls Tied to Sales 15.0 and Inventory Acct’g

FBI Charged Chris Stehm, Former Controller and Head Accountant at Chandler Engineering, and Later VP Finance and Accounting at Ametek’s HCC Division w/ Wire Fraud

10.0

5.0

0.0

Volume

Stock Price

4

Executive Summary

Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent

Spruce Point Capital

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Spruce Point Sees 30 - 50% Downside Risk in Ametek For the Following Reasons:

Ametek Is An Aggressive Roll-up, Aiding EBITDA Margin Overstatement: With Limited Organic Growth, Ametek is Under Pressure as its Strategy Appears to be Hitting a Brick Wall. It Underinvests in R&D and Buys What it Cannot Develop. This Strategy Inherently Benefits its Margins and EPS, Which We Have Evidence that Suggests Are Overstated By Up to 600bps. It Has Among the Highest Goodwill/Intangibles to Assets of Industrial Peers at 69% and Appears to Be Using Aggressive Purchase Price Acct’g to Amortize Costs Too Slowly. Its Cumulative Cash Flow After Acquisition is Negative and its Dependence on External Debt is Rising; Foreign Financial Filings Also Point to Funding Issues Ametek Appears to Have Misled Investors: About the Performance of its Largest Acquisition Ever in 2012. Curiously, its CFO “Retired” Quickly After and Equity Clawback Language Was Modified to Cover Acts of Fraud. We’ve Found Other Instances Where Ametek Grossly Overestimated the Performance of its Acquisitions A Whistleblower Case and FBI Indictment Appear Linked: A Whistleblower in 2009 Claimed He Observed Revenue and Inventory Acct’g Irregularities. Curiously, in 2013 the FBI Charged Ametek’s VP of Finance For Embezzlement By Submitting Phony Travel Expenses. The Two Individuals Worked Together at Ametek Chandler During the Same Period Inventory Acct’g Changes Enable EPS Inflation: Ametek Has Surreptitiously Changed From LIFO to FIFO and Dropped the “Lower of Cost or Market” Provision. Mgmt Has Made Quiet Adjustments to its Bonus Target for Obsolete Inventory, (Yet Has Never Disclosed to Investors a Single Inventory Write-down!). It Appears Ametek is Spinning a Story of Superior Procurement and Supply Chain Cost Savings as a Cookie Jar To Cover its Expanding Margins E&Y Has Been Ametek’s Auditor Since the 1930s: Three Non-E&Y Auditors Abroad Appear to Have Concerns. In France, Two Auditors Appear to Have Resigned. In India, its Auditor Issued a Qualified Opinion and Noted Inventory, Sales and Travel Expense Issues! The Chairman of Ametek’s Audit Committee Mysteriously Retired in 2011 and its Current Head of Internal Audit Is Not Even a Currently Licensed CPA Despite the Company’s Claim Concerns With the “Asia Growth” Story: Ametek’s Head of Asia Recently Retired and Our Review of Some Key Businesses Found Substantial Red Flags About its Success in the Region, Including Filing Delinquencies, an Insolvent Operation, and Declining Financial Performance at its Oldest Asian Operating Entity Massive Overvaluation, Insider Alignment w/Shareholders Is Broken: Insiders Own Just 2% and Ownership Declines Every Year. Ametek Trades at a Huge Premium to the Sum of its Acquired Businesses on the Belief it Can Add Superior Lasting Value Through Operational Improvements, Which Result in Abnormally High EBITDA Margins 6 and Continued 15%+ Growth Through Acquisitions. We Believe These Assumptions Need to Be Challenged

Spruce Point Capital

Evidence Suggesting Ametek’s EBITDA Margins May Be Overstated By 400 – 600 bps

1. Ametek’s voracious acquisition strategy has resulted in a balance sheet bloated with goodwill + intangible assets: currently 69% of total assets! I.

Its fastest growing intangible asset category is “customer relationships,” which is unusual given it tends to announce its acquisition rational as acquiring ‘complementary’ products or “expanding penetration” further in existing markets to current customers. Few businesses enjoy nearly two decade relationships, yet Ametek amortizes customer relationships over an avg period of 19 yrs, which appears very high relative to industrial peers

II.

We estimate this accounting maneuver adds ~5% to the overstatement of its EBITDA and 2.5% to EPS

2. Ametek underinvests in self-funded R&D, and acquires what it does not build internally. In various deals we’ve analyzed, it has acquired companies where the seller’s have borne the cost of R&D investment. Therefore, Ametek is essentially capitalizing the acquired R&D on its balance sheet vs. funding and expensing R&D internally. We estimate Ametek’s underinvestment in R&D flatters its EBIT margins by approximately 200bps 3. A peer analysis of industrial competitors on gross margin vs. EBITDA margin suggests Ametek is an extreme outlier. Given its relatively low consolidated gross margin, it has an unusually high EBITDA margin. A peer regression suggests its EBITDA margin should be closer to 20 – 21%, not 26% 4. We’ve obtained over 14 public financial statements across 10 countries of Ametek’s business entities. In total, we find the average EBITDA margin of these targets to be approximately 21%. Our analysis shows evidence of recent margin contraction, not margin expansion across these operating businesses

5. Inventory accounting assumptions greatly affect both Gross and EBITDA margins. We have observed significant red flags warranting caution: I.

Ametek does not discuss factors affecting its Cost of Sales or Gross Margin in its SEC Filings, which is suspicious and opaque for its investors

II.

A whistleblower case in 2009 claimed irregular revenue booking and accounting designed to understate the true cost of inventory. While the case was never proven, we observe that Ametek’s Chandler Instruments, where the irregularities were noted, recently had its former Financial Controller and Chief Accountant charged with embezzlement of submitting phony travel expenses by the FBI in October 2013!

III.

Ametek’s consolidated inventory accounts dropped the “Lower of Cost or Market” provision, and it has quietly changed its mix from LIFO to FIFO. These changes accelerated around the time of the whistleblower complaint. Its inventory turnover had also been steadily declining from 2011 to Q2’14

IV.

Ametek’s management mysteriously added language in its Proxy Statement to adjust its operating income bonus target for ‘excess/obsolete inventory,’ yet it has never disclosed an inventory write-down to investors. Furthermore, management is also awarded annual bonuses tied to working capital management. Inventory valuation is a critical component in the calculation of working capital

V.

In India, where Ametek markets over 30 of its global products, the local auditor noted issues of “continuing failure to correct a major weakness in the internal control system.” Specific problems: highlighted ageing and valuation of inventory, travel expenses, and poor working capital management

VI.

Ametek notes an usually high amount of off-balance sheet inventory purchase obligations, approx. 75% of current inventory. An analysis of peers suggests that 45% is industry best practice. Ametek also uses inventory consignment strategies designed to keep inventory off its balance sheet

VII.

Ametek repeatedly raises its estimated supply chain and procurement cost savings. We think this could be a cookie jar used as a cover to explain the margin increases. We note the savings estimates exploded in size in mid 2012, a period we believe Ametek was strained from a botched acquisition in Germany and facing cash flow issues from its European businesses. Its CFO resigned shortly after the German acquisition was announced and its equity 7 clawback language was changed to explicitly cover fraud and intentional conduct

Spruce Point Capital

Aggressive Acquisition and Financial Strategy is Core to Facilitating Margin Overstatement

Facing challenges in its core vacuum motors market, Ametek embarked on an aggressive acquisition strategy. Since 2000, Ametekhas invested $4.6bn for over 60 acquisitions; cumulative operating cash flows, after capital expenditures and recurring acquisitions has been -$627m. This aggressive roll-up strategy has allowed Ametek to beat Wall Street EPS estimates an astounding 95% of the time in the past decade, a result that trounces its industrial peers’ ability to satisfy Wall Street, and appears too good to be true

Goodwill and Intangibles / Assets = 69% is the highest among industrial peers, signaling possible overpayment Quality and actionable acquisition targets appear to be shrinking in number and valuations rising; latest deals to acquire Zygo (Nasdaq: ZIGO) and Amptek are recent examples of paying richly for no growth businesses Since 2010, Ametek has acquired 11 companies from private equity (“PE”) firms for $1.8bn.Questionable what added value Ametek can bring to the table, especially to PE-owned targets. PE firms are known to streamline costs and accelerate growth opportunities for portfolio companies No demonstrated revenue synergies from acquisitions >> organic growth essentially 1% p.a. in 2012 and 2013

Appears to be hitting a wall in terms of cost cutting and working capital efficiency gains Underinvests in R&D + capex. Acquisitions must be accounted for in evaluating true cash flow

Ametek conducts minimal share buybacks (essentially to offset share dilution) and its dividends paid are effectively debt-funded when viewed in context of its capital allocation preference for deals Dependence on short-term debt was rising with ~75% of its credit revolver having to cover short-term debt obligations utilized at the end of Q2’14. We believe Ametek’s main European funding and holding entities, Ametek Netherlands B.V and Ametek European Holdings, both of which stopped filing financials in 2012, showed limited cash holdings and declining equity. Ametek’s recent need to raise $700m in private placement notes in Oct. ‘14 illustrates our concerns that its ‘strong operating cash flow’ to fund deals is not as it appears. By accessing the private placement market, Ametek was able to avoid SEC registration and scrutiny of its financial filings, which we believe are cryptic and provide an incomplete picture for investors to fully assess its condition. For example, Ametek does not even discuss factors affecting its gross margins Warning Signs of a Stressed Financial Model Have Appeared: Whistleblower Case and FBI Indictment

In a 2009 whistleblower case, Matthews vs. Ametek, claimed Ametek was booking revenue and inventory improperly at Chandler Engineering. In 2013, the FBI indicted Chris Stehm, former Chandler Chief Accounting Officer and VP of Finance at its HCC division for embezzlement. The two men worked together, with Matthews even warning Stehm he observed things that “looks, smells, and tastes like fraud.” Curiously, Ametek set-up a CV/BV tax structure in 2006. We pulled the public filing for Ametek International C.V. in the Netherlands, and found none other than Chandler listed as its only Limited Partner. We do not understand the significance of Chandler, a 8 tiny business based in Oklahoma, but it appears to play a significant financial role within the organization.

Spruce Point Capital

Highly Suspect and Aggressive Accounting Appears to Bolster Margins and EPS

Ametek Appears to Use Aggressive Acquisition Accounting To Bolster EBITDA Margins and EPS: Ametek has allocated >$1.0 billion of deal values to “customer relationships” and amortizes these costs over 19yrs vs. 10yrs (median of peers). Customer relationships account for 80% of its intangible asset allocation vs. 50% for peers. We believe Ametek is really purchasing technology and products it does not develop internally, and according to most of its own deal commentary, is buying complimentary products to sell to existing customers We estimate the impact of amortizing costs too slowly adds 130bps to EBITDA margins and overstates EPS by approximately 2.5%. Furthermore, we estimate that if Ametek were to boost its R&D expenditure to 6% (peer average) instead of capitalizing costs via acquisitions, its EBITDA margins would contract by ~200bps and its EPS would be 4 – 5% lower

Ametek Is Primarily a Manufacturer and its Inventory Accounting is Highly Suspect: Ametek’s margins continue to expand to record levels, despite inventory turns that have declined since 2011. AME has surreptitiously been changing from LIFO to FIFO in a material way. In 2005 the FIFO/LIFO split was 50/50%, and now it’s 80/20%, In an inflationary env’t, this classic accounting switch bolsters reported EPS. AME also doesn’t appear to apply “Lower of Cost or Market - LCM” GAAP accounting; its SEC filing curiously omit this LCM language! Ametek holds a high % of raw materials in inventory relative to peers given its claims of lean/JIT manufacturing. It reports significant fixed-price off-balance sheet purchase commitments (75% of inventory); unusually high relative to its peers that report ~45%. This would make sense if Ametek had a high degree of customer demand visibility; in our opinion, unlikely given its cyclical end markets. Ametek uses inventory consignment strategies w/suppliers, and may be using tactics to understate inventory Management’s operating income bonuses have been adjusted for the past 3yrs for a mysterious “estimated tax benefit realized through the disposal of excess/obsolete inventory,” yet Ametek claims to have never taken an inventory write-down or charge! In our opinion, Ametek may be using its ever-expanding ‘sourcing cost savings’ as a cookie jar to bolster margins Warning: Ametek’s Non-Ernst & Young Auditors Abroad Appear to Have Accounting Reservations Ametek’s relationship with its auditor E&Y goes back to the 1930s. Ametek entered India in 2009, and has most recently received a “qualified” audit opinion from its local auditor. The auditor noted changes to inventory valuation that made the impact on the financials indeterminable, along with continuing failure to strengthen internal controls tied to sales of goods and services. In France, Ametek’s statutory auditors for both its Cameca and Antavia businesses have resigned. Historically, each has been audited by both E&Y and an affiliate of Deloitte and Touche 9

Spruce Point Capital

Opaque Disclosures and Questionable Oversight Amplify Our Concerns

Opaque SEC Financial Disclosures and Non-Transparent, Complex Business Model In light of our concerns about inventory accounting, we observe that Ametek does not discuss any factors affecting its cost of sales or gross margin in any of its recent SEC filings. Unusually high spread between its relatively (low) gross and (high) EBITDA margins are difficult to evaluate in the absence of more information; Ametek is an extreme outlier to peers It has jammed all its acquisitions into just two reporting segments, even though it appears some businesses such its Maintenance Repair and Operations (MRO) and Specialty Metals units have nothing to do with Electronics or Testing Equip. Because Ametek makes frequent and small acquisitions relative to its large size, it does not regularly disclose the EBITDA or EPS impact of acquisitions and can hide under the cover of “immateriality” Ametek’s income statement is “too clean;” and doesn’t separately identify recurring acquisition costs by segment like its peers. The company rarely has any one-time items or inventory charges - a remarkable achievement for a company its size!

Warning Signs With Management, Audit and Governance Concerns Ametek’s senior management has been in place for a long time. However, we note significant leadership role changes in 2012 involving its CFO, Treasurer and COO all occurred after Ametek announced the acquisition of Dunkermotoren, its largest in history. After reviewing its German financial statements, it appears management shamefully misled investors about the performance of the target. In light of our concerns about the integrity of the financial statements, we observe that Ametek changed its “equity clawback” language to include the word “fraud,” and sharply boosted supply cost saving estimates shortly after Ametek’s auditor since the ‘30s is E&Y. At the whistleblower deposition, E&Y admitted that it doesn’t audit all of Ametek. Its Audit Chairman mysteriously departed in 2011 and its newly promoted VP of Internal Audit, is not even a CPA, despite it claiming otherwise. We also note that three of Ametek’s foreign auditors have distanced themselves from the company Ametek has been touting its major growth opportunities in Asia, yet its long time VP of Asia resigned in Jan 2014. Curiously, Ametek’s initial JV formed in Taiwan to enter China appears to have gone dark, while its main Asian operating entity out of Singapore was delinquent in its filings for most of 2014. Recent results from the entity suggest a progressive decay of the business Insiders own under 2% of the company. Key division heads and a corporate development officer have all sold shares this year. The management team as a whole owns less and less of the company each year. Ametek’s classified board may be asleep at the wheel! Ametek’s board is among the smallest, oldest, and most entrenched among industrial peers we reviewed. Board members have been particularly aggressive sellers of shares in 2014. 10

Spruce Point Capital

Irrational and Unsustainable Valuation Premium to its Acquired Assets and Peers

Ametek Trades at an Irrational Premium to Its Acquired Assets Since 2000, Ametek has purchased over 60 businesses at an estimated average EV/Sales and EBITDA multiples of 1.7x and 9.0x, respectively. The notion that they’ve seamlessly acquired and integrated these businesses, while extracting perpetual margin increases and missing just 1 quarter of EPS expectations in a decade seems too good to be true In light of our numerous concerns, Ametek trades at an unjust valuation premium to peers at 3.5x, 13.5x, and 22x 2014E revenue, EBITDA and EPS, respectively. We think a conglomerate discount is more appropriate, not a premium! Investors’ seemingly believe that Ametek’s conglomerate-like structure can add superior lasting value to acquired businesses, above and beyond what private ownership can achieve. Many of Ametek’s acquired companies were flipped from private equity; these prior owners are supposed to add value through cost cutting and supplying growth opportunities. What lasting incremental benefits Ametek can add are a question open for debate In contrast to the optimistic sell-side analyst views that Ametek is a proven acquirer capable of delivering steady EPS growth of 15%+ per year, we believe Ametek’s model is showing signs of strain and that its valuation premium is unwarranted. Ametek has failed to demonstrate revenue synergies, underinvests in R&D, and will become increasingly challenged to meet earnings targets in the absence of fresh acquisitions. It also appears to be covering its issues by repeated boosts to cost procurement savings estimates. With Ametek recently having stretched its short-term debt obligations to 75% of revolver capacity at Q2’14, it raised $700m of external debt. We believe this illustrates that its reportedly “strong operating cash flow” for acquisitions and debt repayment cannot be relied upon as an indicator of the company’s financial health If Ametek Were to Be Valued Correctly, Its Share Price Would Be 30 - 50% Lower Given our concerns about aggressive acquisition and inventory accounting, Ametek’s true EBITDA margin may be 400600 bps lower than reported. Our opinion is also supported by our review of at least 14 of its operating entities, which suggest EBITDA margins closer to 20 - 21%. Furthermore, our plot of large cap industrial peers’ gross vs. EBITDA margins would also suggest Ametek’s EBITDA margins are closer to 20% - 21% to be on trend. If Ametek were valued in line w/ peers at 2x and 10-11x ‘14E revenues and EBITDA, its stock would be worth $27-$36/share, implying 30 - 50% downside from its current share price 11

30% – 50% Downside in Ametek’s Shares Spruce Point Capital

In our opinion, Ametek’s EBITDA margins appear overstated and are likely a few hundred basis points lower than the 26% indicated in its filings, potentially up to 400 – 600 bps lower. This estimate is supported by our peer regression analysis, evaluation of various Ametek foreign filings, and pro forma amortization analysis. If Ametek were to be valued closer to peers at 2x and 10-11x EV / 2014E Sales and EBITDA, respectively, its share price would have downside to $27 - $36 per share. $ in millions True EBITDA Margin: 14E Adj. EBITDA

$ in millions 20% $799.0

21% $839.3

22% $879.6

23% $920.0

24% $960.3

25% $1,001

26% $1,041

$3,797

$3,874

9.00x

$7,191

$7,554

$7,917

$8,280

$8,643

$9,006

$9,369

10.00x

$7,990

$8,393

$8,796

$9,200

$9,603

$10,007

$10,410

11.00x

$8,789

$9,232

$9,676 $10,120 $10,564

$11,007

$11,451

12.00x

$9,588 $10,072 $10,556 $11,040 $11,524

$12,008

$12,492

Less: Debt Plus: Cash FD Shares

($1,636) ($1,636) ($1,636) ($1,636) ($1,636) $370 $370 $370 $370 $370 248.1 248.1 248.1 248.1 248.1

($1,636) $370 248.1

($1,636) $370 248.1

$6,644

$6,780

$6,918

$7,060

$7,201

$7,345

$7,492

2.00x

$7,594

$7,749

$7,907

$8,068

$8,229

$8,394

$8,562

2.25x

$8,543

$8,717

$8,895

$9,077

$9,258

$9,443

$9,632

2.50x

$9,492

$9,686

$9,883

$10,085

$10,287

$10,492

$10,702

Less: Debt Plus: Cash FD Shares

($1,636) $370 248.1

($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) $370 $370 $370 $370 $370 $370 248.1 248.1 248.1 248.1 248.1 248.1 Implied Stock Price

9.00x

$23.90

$25.30

$26.80

$28.30

$29.70

$31.20

$32.70

10.00x

$27.10

$28.70

$30.30

$32.00

$33.60

$35.20

$36.90

11.00x

$30.30

$32.10

$33.90

$35.70

$37.50

$39.30

$41.00

12.00x

$33.50

$35.50

$37.40

$39.40

$41.30

$43.30

$45.20

EV/'14E Sales

EV/'14E EBITDA

$4,281

1.75x

Implied Stock Price 1.75x

$21.70

$22.20

$22.80

$23.30

$23.90

$24.50

$25.10

2.00x

$25.50

$26.10

$26.80

$27.40

$28.10

$28.70

$29.40

2.25x

$29.30

$30.00

$30.70

$31.50

$32.20

$33.00

$33.70

2.50x

$33.20

$33.90

$34.70

$35.50

$36.40

$37.20

$38.00

Implied Downside From Current Price

9.00x

-54%

-51%

-48%

-46%

-43%

-40%

-37%

10.00x

-48%

-45%

-42%

-38%

-35%

-32%

-29%

11.00x

-42%

-38%

-35%

-31%

-28%

-24%

-21%

12.00x

-36%

-32%

-28%

-24%

-21%

-17%

-13%

EV/'14E Sales

Implied Downside From Current Price

EV/'14E EBITDA

$4,197

Implied Enterprise Value

EV/'14E Sales

EV/'14E EBITDA

Implied Enterprise Value

2014E Revenues $3,953 $4,034 $4,115

1.75x

-58%

-57%

-56%

-55%

-54%

-53%

-52%

2.00x

-51%

-50%

-48%

-47%

-46%

-45%

-43%

2.25x

-44%

-42%

-41%

-39%

-38%

-37%

-35%

2.50x

-36%

-35%

-33%

-32%

-30%

-28%

-27%

12

Signs of An Aggressive, “Too Good To Be True” Financial Strategy

Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent

Spruce Point Capital

Early Warning: Email From Whistleblower Matthews to Ametek Financial Controller

Financial Controller – Remember This Name!

SOX Whistleblower Case: Matthews v. Ametek (2009)

Matthews claims Ametek’s Chandler Engineering in Oklahoma improperly booked revenue to mislead investors, and improperly accounted for inventory in an attempt to under-report costs and inventory balances Source: Matthews v. Ametek, legal docket Publicly available via Freedom of Information Act (FOIA) request with the DOL/OSHA

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Spruce Point Capital

Ametek’s Ability to Never Disappoint Wall St. = Too Good To Be True?

We analyzed over 10 years of quarterly EPS results for a broad set of diversified and cyclical industrial peers. Ametek’s predictable and stable financial results defy logic – the company has missed Wall St. estimates just once (by a fraction of cent), and even beat estimates during every quarter of the great financial crisis. These remarkable results deserve further scrutiny! Beats EPS Est.

Meets EPS Est.

Misses EPS Est.

% Beats

% Meets

% Misses

Avg. Surprise

AMETEK

42

1

1

95.5%

2.3%

2.3%

3.4%

Danaher

39

0

5

88.6%

0.0%

11.4%

2.4%

Eaton

37

0

7

88.4%

0.0%

11.6%

6.3%

Hubbell

36

3

5

81.8%

6.8%

11.4%

7.1%

Thermo Fisher

35

1

8

79.5%

2.3%

18.2%

4.0%

Parker Hannifan

35

0

9

79.5%

0.0%

20.5%

13.0%

Rockwell Auto.

35

1

9

77.3%

2.3%

20.5%

7.1%

Emerson

32

0

12

72.7%

0.0%

27.3%

3.9%

Agilent

23

2

13

60.5%

5.3%

34.2%

2.9%

Source: Bloomberg Earnings Surprise Analysis: AME SURP

15

Spruce Point Capital

Superior Financial Model, Outlier or Accounting Gimmickry?

EBITDA is a big driver of firm valuation, and subject to numerous business decisions and accounting assumptions by management. In our opinion, Ametek’s EBITDA margin is being artificially enhanced by its overly aggressive acquisition strategy designed to circumvent R&D expense, and amortize costs too slowly to earnings. Furthermore surreptitious inventory accounting changes from LIFO to FIFO appear to also inflate its EPS. Ametek appears to be an extreme outlier relative to peers. Were Ametek to fall closer to trend, its EBITDA margins would be closer to 20 - 21% or 500 - 600bps lower.

30.0% AME

EBITDA Margins

25.0%

DHR RXN

FEIC

HUB

20.0%

ROK

EMR OXIG

15.0%

ETN PH

TDY

MTD KEYS SXS

BRKR

AIMC RBC 10.0%

5.0% 20.0%

30.0%

Note: Bubble size represents relative size of enterprise value Source: Company financial filings

40.0%

50.0%

FEIC: FEI Company DH: Danaher RXN: Rexnord OXIG: Oxford Instruments SXS: Spectris Plc BRKR: Bruker Bioscience TDY: Teledyne Tech RBC: Regal-Beloit PH: Parker-Hannifan ETN: Eaton Plc KEYS: Keysight Tech. EMR: Emerson Electric AIMC: Altra Industrial Motion ROK: Rockwell Automation MTD: Mettler-Toledo HUB: Hubbell Inc.

60.0%

Gross Margins 16

Spruce Point Capital

Presentation of Ametek’s Financials, Extremely Simple for a Complex Company

Ametek’s presentation of its Income Statement is extremely simplified for a complex and diverse company assembled from over 60 acquisitions. Inventory charges and other one-time items are never separately identified. “Other net expense” are primarily explained as acquisition costs and currency effects.

Source: Ametek’s 10K (here)

17

Ametek’s Secret Sauce: Create a Complex Roll-up Spruce Point Capital

Dynamics of an Effective Roll-up(1) Ametek’s target acquisitions do not receive its stock. All deals are cash financed. Furthermore, Ametek does not repurchase its own shares beyond a token amount. Insiders are significant net sellers of stock

Observations of Ametek’s M&A Strategy • Ametek uses cash acquisitions to fuel its growth, and believes it will continue to play an important part of its business strategy. Since 2000 through Q3’14, Ametek has completed over 60 acquisitions totaling $4.6 billion (See Appendix for complete list). Recent operating cash flow may be illusory. To illustrate, Ametek recently raised $700m of long-term debt to pay down revolver debt that it could not pay down with operating cash flow

• Its goodwill and intangibles amount to $4.5 billion (~69% of assets), indicating it places a substantial premium on its ability to extract synergies from deals. Industrial peer average goodwill+intangibles to assets is ~40% • Ametek targets businesses with revenues between $50-$200m, which are often private companies with limited financial disclosures. Ametek typically discloses only the revenue contribution of its targets. We estimate it has paid ~1.7x revenues for its targets vs. its current revenue multiple of 3.5x and 9.0x EBITDA vs. its current valuation of 14.5x. The large spread in value reflects the market’s perception of Ametek’s ability to continue its growth and to extract substantial value from deals

Ametek has extracted limited/no revenue synergies from acquisitions (see slides 28-29). Rather, it has relied on heavy cost cutting and aggressive accounting to achieve earnings growth. We view this as an unsustainable strategy fraught with issues and inherent limitations 1) Paul F Kocourek, Steven Y Chung, and Matthew G McKenna, “Strategic Rollups: Overhauling the Multi-Merger Machine,” Strategy & Business, second quarter 2000

• Ametek’s capex and funded R&D margins are 1.7% and 2.6%, which is dramatically lower than industrial peer averages at 3.0% and 6.0%, respectively. Given the underinvestment in its business, we must analyze its financial performance after acquisitions since it is essentially buying R&D and new products it would otherwise develop internally • Since 2000, Ametek has burned -$627m after capital expenditures and cash acquisitions. Viewed from this perspective, cumulative dividends paid of $411m and share repurchases of $270m have effectively been debt-financed 18

Ametek is a Roll-Up w/Limited Organic Growth; Financial Performance Needs to Adjust For Recurring Acquisitions Spruce Point Capital

• The roll-up strategy flatters income statement figures like EBITDA and EPS, along with operating cash flow metrics for a period of time due to the inherent financial statement mechanics of acquisition accounting (which run through the Investing section of the Statement of Cash Flows), so Ametek is able to inherit a new income and operating cash flow (“OCF”) stream upon deal closing, without any OCF outlay • Moreover, as Ametek liquidates the working capital of the acquired company in the normal course of business – collecting on receivables or selling inventory – it can realize an unsustainable OCF boost that has virtually nothing to do with the performance of its business • We believe this strategy has significantly aided Ametek’s ability to never disappoint Wall Street with an earnings miss. Therefore, it’s extremely important to dig beneath the surface to critically analyze what’s really going on at Ametek

AME’s Earnings to Cash Flow Appears High $ in mm

Cash from Operations begins to dramatically depart from Net Income, aided by cost cutting, aggressive acquisitions and potentially aggressive inventory accounting (note: whistleblower allegations in 2009)

$700 $600 $500 $400

FBI Indicts VP of Finance CFO Retires After Dunkermotoren Snafu

Free Cash Flow Adjusted for Capex/M&A is Negative $ in mm

$800

Deal pace accelerates $600

$400

$200

$300 $0

$200

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD

$100

($200)

$0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD Net Income Source: Ametek financials

Cash from Operations

($400) Cash from Operations

Capex

Acquisitions

FCF After Capex and Acquisitions

19

Diminishing Returns to Ametek’s Strategy Are Rapidly Becoming Evident Spruce Point Capital

• We believe Ametek appears to be underinvesting in its business and using acquisitions to create the appearance of superior cash flow generation. As such, cumulative free cash flow after capex and acquisitions is a key metric for analyzing Ametek, and presents a better picture of its financial performance over time. In this case, it demonstrates that Ametek appears to be hitting a wall with its aggressive acquisition strategy and has burned -$627m since FY 2000. We believe that Ametek’s deal pace has accelerated postfinancial crisis, and its true operating cash flow may be struggling. $ in mm

$5,500

Period of Post Financial Crisis. Company Restructures, Inventory Turns Peak at 5.5x in 2011. Deal-Making Activity Accelerates After Whistleblower Complaint (2009). Head of Audit Committee Resigns (2011), CFO Resigns (2012). Ametek’s Short-Term Debt Swells, and it Issues $800m of Long-Term Debt in 2007-2008

$4,500

$3,500 Early Gains From the Strategy Are Evident with Slow and Steady Appreciation of Financial Results

$2,500

Notice How the Slope of the Curve Flattens, Inventory Turnover Declines, Capital Required for Acquisitions and Multiples Paid Rise, Short-term Credit Utilization Swells;. Ametek raises $700m in Debt

$500.0 $450.0 $400.0

$350.0 $300.0 $250.0 $200.0

$1,500

$150.0

$100.0

$500

$50.0 ($500)

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Cumulative Cash from Ops.

Cumulative Cash for Acquisitions

Cumulative FCF after Acquisitions

Short Term Debt

Source: Ametek financials Note: Short-term credit usage = Short Term Debt Outstanding / ( Revolver and A/R Facility Capacity )

2012

2013 Q1'14 Q2'14 Q3'14

$0.0

Cumulative Capex

20

Spruce Point Capital

Ametek Never Discusses or Discloses Drivers of its Gross Profit Margins 2013 Management, Discuss and Analysis (MD&A)

Total international sales for 2013 were $1,984.5 million or 55.2% of net sales, an increase of $276.9 million or 16.2%, compared with international sales of $1,707.6 million or 51.2% of net sales in 2012. The $276.9 million increase in international sales resulted from the acquisitions mentioned above, primarily driven by Dunkermotoren and Micro-Poise, and includes the effect of foreign currency translation. Both reportable segments of the Company maintain strong international sales presences in Europe and Asia. Export shipments fr om the United States, which are included in total international sales, were $1,037.0 million in 2013, an increase of $174.4 million or 20.2%, compared with $862.6 million in 2012. Export shipments improved due to increased exports from the 2013 and 2012 acquisitions noted above, excluding Creaform and Dunkermotoren. New orders for 2013 were a record at $3,621.9 million, an increase of $86.8 million or 2.5%, compared with $3,535.1 million in 2012. The increase in orders was primarily attributable to 2013 and 2012 acquisitions. As a result, the Company’s backlog of unfilled orders at December 31, 2013 was $1,140.0 million, an increase of $27.7 million or 2.5%, compared with $1,112.3 million at December 31, 2012.

Segment operating income for 2013 was $861.5 million, an increase of $72.2 million or 9.1%, compared with segment operating income of $789.3 million in 2012. The increase in segment operating income resulted primarily from the acquisitions mentioned above, as well as the benefits of the Company’s lower cost structure through Operational Excellence initiatives. Segment operating income, as a percentage of net sales, increased to 24.0% in 2013, compared with 23.7% in 2012. The increase in segment operating margins resulted primarily from the benefits of the Company’s lower cost structure through Operational Excellence initiatives. Selling, general and administrative (“SG&A”) expenses for 2013 were $398.2 million, an increase of $17.7 million or 4.7%, com pared with $380.5 million in 2012. As a percentage of net sales, SG&A expenses were 11.1% for 2013, compared with 11.4% in 2012. Selling expenses increased $14.8 million or 4.4% for 2013 primarily driven by the increase in net sales noted above. Selling expenses, as a percentage of net sales, decreased to 9.8% for 2013, compared with 10.1% in 2012. Base business selling expenses decreased approximately 2% for 2013 compared to 2012, primarily due to cost containment initiatives.

Ametek Never Discusses and Omits Factors Affecting its Cost of Goods Sold or Gross Margins in its MD&A of its 10K’s/10Q’s

21

Warning Indicator: Margins Always Expand Spruce Point Capital

• Ametek’s margins are continually expanding, and experienced only a brief hiccup during the great financial crisis. Ametek would have you believe this a result of; 1) continuous cost cutting ability and operational improvements and 2) its strategy shift to ac quire higher margin businesses that are differentiated • We believe this story is too good to be true and have evidence that margins are being enhanced by: 1) underinvesting in R&D expense, 2) aggressive acquisition accounting which amortizes costs too slowly, 3) changes in inventory accounting method and potentially the avoidance of recording inventory charges 4) Suspicious boosts to supply chain cost estimates after its CFO ‘retired’

• We’ve collected publicly filed foreign financial statements for 15 of Ametek’s operating entities, and the majority have shown evidence of margin contraction, not margin enhancement!

EBITDA Margins Always Expand

Gross Margins Starting To Show Stress 37.0%

35.0%

Financial crisis

Sign of Issues Mounting; Acquiring Lower Quality Companies

27.0% 26.0%

Financial crisis

25.0% 24.0% 23.0%

33.0%

22.0% 21.0%

31.0%

20.0%

19.0%

29.0%

18.0% 27.0%

17.0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1'14 Q2'14 Q3'14

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1'14 Q2'14 Q3'14

Source: Ametek SEC filings 22

Spruce Point Capital

Warning: Inventory Turnover Had Been Persistently Declining

A persistently declining inventory turnover is at odds with a healthy, growing company and supports our belief that Ametek may be experiencing inventory accounting issues. Ametek gives investors limited insights to evaluate the factors affecting Cost of Goods/Services that drive inventory turns. It is unclear to what degree product/service mix shifts are affecting results

5.50x 5.40x 5.30x 5.20x 5.10x

5.00x 4.90x 4.80x 2011

2012

2013

Source: Ametek Company Financials Note: Inventory Turnover = LTM Cost of Sales / Average (Beginning and Ending Period Inventory)

Q1'14

Q2'14 23

Spruce Point Capital

Summary: Foreign Operating Subsidiaries Show Margin Contraction



We’ve examined public documents of businesses that contribute ~$731m of revenue (~20% of Ametek’s $3.6 billion total in 2013)



We find that on average:





Its operating businesses have an EBITDA margin of ~21% and;



Are experiencing both contracting Gross Margins of ~0.2% and EBITDA margins of ~1.3%

Paradoxically, Ametek’s corporate EBITDA margin continues to expand and is in the 26% range. However, few businesses we examined have EBITDA margins anywhere close to this level. We have excluded Zygo and Amptek from our analysis because the results have not yet been fully consolidated on an annual basis into Ametek’s financials

i n l oca l a nd forei gn currency (mi l l i ons )

Company Dunkermotoren GmbH Zygo Corporation (1)

Last Public Foreign Reporting LTM Country Period Sales Germany 2012 € 136.4 US 2013 $162.8

US$ LTM Sales $168.6 $162.8

LTM Gross Margin 57.8% 46.7%

YoY Change in Sales -3.0% 3.3%

YoY Ch. Gross Margin -0.4% 0.3%

SPECTRO Analytical Taylor Hobson Limited Cameca SAS

Germany UK France

2012 2013 2013

€ 108.3 £54.8 € 59.1

$133.8 $82.4 $75.5

53.8% 49.9% 50.9%

4.8% 1.3% 5.5%

2.3% -2.1% -3.2%

€ 25.0 £13.2 € 9.0

23.1% 24.1% 15.3%

AMETEK Airtechnology Group Atlas Material Testing (2) AEM Limited Amptek

UK Germany UK US

2012 2012 2013 2013

£47.5 € 32.0 £25.3 $29.2

$72.4 $39.6 $38.0 $29.2

22.2% 56.0% 46.2% --

7.8% Decline 9.0% -3.6%

-1.9% --1.0% --

£5.1 € 1.6 £5.7 --

Land Instruments Lloyd Instruments Muirhead Aerospace Ltd

UK UK UK

2013 2012 2013

£18.3 £18.0 £16.4

$27.5 $27.5 $24.6

41.0% 60.3% 41.8%

-9.6% -31.4% 16.6%

2.7% 8.9% -3.4%

-$19.7 $12.3 $7.7 $2.4 $731.9

-46.3% 74.2% -81.4%

-11.0% 7.6% 63.0% 12.3%

--1.3% -0.5% --3.3% -0.2%

Ametek Denmark A/S Denmark 2013 -Antavia SAS France 2013 € 15.4 Grabner Instruments Austria 2013 € 9.6 AMETEK Instruments India India 2012 $7.7 AMETEK Nordic AB Sweden 2013 SEK 15.9 Total Implied EBITDA Margin and Average YoY Change (3)

LTM LTM YoY Operating Operating Change in Income Margin Op. Income € 6.2 4.6% -29.5% $15.4 9.5% -25.7%

Foreign LTM EBITDA € 24.4 $26.8

US$ LTM EBITDA $30.2 $26.8

LTM EBITDA Margin 17.9% 16.5%

YoY Yoy Change Change EBITDA in EBITDA Margin -10.9% -1.7% -13.4% -3.2%

23.5% -9.8% -7.4%

€ 28.3 £14.2 € 9.4

$35.0 $21.4 $12.0

26.1% 25.9% 15.8%

23.6% -8.7% -6.8%

4.0% -1.1% -2.1%

10.8% 4.9% 22.4% --

-3.3% -47.0% 21.7% --

£6.6 € 2.9 £6.4 $13.1

$10.0 $3.5 $9.6 $13.1

13.8% 9.0% 25.4% 44.9%

-5.1% -35.5% 18.1% 7.2%

-1.9% -2.0% 4.5%

£1.9 £8.1 £3.4

10.5% 29.4% 20.9%

-26.3% 0.3% 7.5%

£2.2 £8.7 £3.7

$3.3 $13.3 $5.6

12.2% 48.3% 22.7%

-16.1% 0.0% 6.9%

-2.0% 14.1% -1.8%

DKK 33.3 € 3.0 € 2.4 -SEK 2.3

-19.3% 25.0% -14.8%

-11.3% 24.0% -8.0% -39.5%

DKK 33.6 € 3.2 € 2.5 $1.1 SEK 2.4

$5.8 $4.1 $3.2 $1.1 $0.4 $152.6

-20.6% 26.3% 14.6% 15.2% 20.9%

-11.4% 11.7% -6.9% 19.9% 27.4% -0.9%

-0.1% -4.0% -5.3% 1.7% -1.3%

Sources: Public Foreign Financial Filings (1) ZYGO results through 12/31/13. EBITDA also adds back stock compensation (2) Estimated 2012 results (3) Our average implied EBITDA margin is an estimation which is limited by our financial data and we recognized that it includes data from 2012 and 2013. Excludes ZYGO, Amptek and Lloyd Instruments from 2012, which had an unusual EBITDA margin increase despite a 30% decline in sales. Currencies converted at average annual exchange rates provided by the IRS

24

Spruce Point Capital

Ametek Appears To Underinvest In Its Businesses

There are clear indications that Ametek underinvests in its businesses from a capital expenditure and research and development perspective. As a result, we argue that Ametek’s financial performance (esp. its operating cash flow) needs to be evaluated after the cost of acquisitions. Ametek’s recurring acquisition strategy is geared toward acquiring products and assets it believes complement its existing businesses. If Ametek were to invest in its business directly through greater R&D expense, its margins would be significantly lower.

Capital Expenditures / Sales 8.0%

R&D Expense / Sales 14.0%

7.0%

12.0%

6.0%

10.0%

5.0% 4.0%

8.0%

3.0%

6.0%

2.0%

4.0%

1.0%

2.0%

0.0%

0.0%

2011

2012

2013

Average

Source: Company filings Note: Includes net company funded R&D expense; Agilent is pro forma for Keysight Technologies spin-off

2011

2012

2013

Average

25

Ametek Appears To Underinvest in R&D Spruce Point Capital

Current Ametek Job Openings

Just 1 out of 202 jobs (<0.5%) are classified as R&D

Source: Ametek Job Openings (here) Note: As of 10/30/2014

26

Pro Forma Impact of Expensing vs. Capitalizing Research and Development Costs Spruce Point Capital

$ millions 2005

2006

2007

2008

2009

2010

2011

2012

2013

Total Revenues

$1,434

$1,819

$2,137

$2,531

$2,098

$2,471

$2,990

$3,334

$3,594

Actual Net R&D Expense Target R&D Margin Target R&D Expense R&D Underinvestment Amortization Add-back (1) Net R&D Expense

$34.8 6.0% $86.1 ($51.3) $3.2 ($48.1)

$42.0 6.0% $109.2 ($67.2) $7.4 ($59.8)

$52.9 6.0% $128.2 ($75.3) $12.1 ($63.2)

$57.5 6.0% $151.9 ($94.4) $18.0 ($76.4)

$50.5 6.0% $125.9 ($75.4) $22.7 ($52.7)

$56.8 6.0% $148.3 ($91.5) $28.4 ($63.0)

$78.0 6.0% $179.4 ($101.4) $34.8 ($66.6)

$84.9 6.0% $200.1 ($115.2) $42.0 ($73.2)

$93.9 6.0% $215.6 ($121.7) $49.6 ($72.2)

Reported EBITDA % margin Less: Net R&D Expense Pro Forma EBITDA % margin

$269.9 18.8% ($48.1) $221.8 15.5%

$351.4 19.3% ($59.8) $291.6 16.0%

$433.9 20.3% ($63.2) $370.7 17.3%

$489.4 19.3% ($76.4) $413.0 16.3%

$428.0 20.4% ($52.7) $375.3 17.9%

$545.9 22.1% ($63.0) $482.9 19.5%

$712.2 23.8% ($66.6) $645.6 21.6%

$842.7 25.3% ($73.2) $769.5 23.1%

$916.3 25.5% ($72.2) $844.1 23.5%

Margin Enhancement % Decline in EBITDA

3.4% -17.8%

3.3% -17.0%

3.0% -14.6%

3.0% -15.6%

2.5% -12.3%

2.6% -11.5%

2.2% -9.4%

2.2% -8.7%

2.0% -7.9%

Effective Tax Rate After-tax R&D Net Expense Diluted Shares

31.2% ($15.0) 237.6

31.0% ($18.5) 239.9

32.2% ($20.4) 242.1

32.6% ($24.9) 241.7

30.2% ($15.9) 242.7

30.7% ($19.3) 241.3

30.9% ($20.6) 243.2

30.7% ($22.5) 244.0

28.7% ($20.7) 246.1

Reported Diluted EPS less: After-tax R&D impact Pro forma EPS % change

$0.57 ($0.06) $0.51 -11.0%

$0.76 ($0.08) $0.68 -10.2%

$0.94 ($0.08) $0.86 -8.9%

$1.02 ($0.10) $0.92 -10.1%

$0.85 ($0.07) $0.78 -7.7%

$1.18 ($0.08) $1.10 -6.8%

$1.58 ($0.08) $1.50 -5.4%

$1.88 ($0.09) $1.79 -4.9%

$2.10 ($0.08) $2.02 -4.0%

• Ametek extracts significant earnings benefits from continually buying vs. developing many of its own products. • R&D that would need to be expensed, is instead capitalized on the balance sheet and amortized over a period ranging up to 19yrs (more on this later) • If we assume that Ametek targeted a 6% R&D margin (peer average), we estimate its EBITDA margins would be 200bps lower and its EPS 4% lower

1) Cumulative benefit based on a 16yr amortization period

27

Warning: No Organic Growth Revenue in 2012

Spruce Point Capital

Ametek failed miserably to achieve its organic revenue goals in 2012, driven by a horrific miss of 9.3% in its Electromechanical Group, which represents 43% of sales.

CEO

Former CFO

CFO

COO

President Electromechanical Group

President Electronic Instruments

Source: Ametek Proxy (here)

28

Warning: And Again.....No Organic Revenue Growth in 2013 Too!

Spruce Point Capital

Ametek failed even more miserably to achieve its organic revenue goals in 2013. The company lowered the bar by reducing the organic revenue growth goal to 3.62% from 5.27% in 2012. While the Electromechanical Group’s growth improved to 0.8%, the Electronic Instruments’ growth plummeted from 4.32% to -0.2%.

CEO

CFO

COO

President Electromechanical Group

President Electronic Instruments

Source: Ametek Proxy (here)

29

Warning: Limited Opportunity for Further Working Capital or Cost Efficiencies

Spruce Point Capital

Ametek presents itself with an unusually low consolidated SG&A margin, and has working capital management in line with its peers. We are skeptical of its incredibly low cost base and its ability to extract further cost savings or working capital efficiencies to extract added benefits.

Working Capital / Sales 30.0%

Sales, General and Admin Expense / Sales 40.0% 35.0%

25.0%

30.0%

20.0%

25.0% 20.0%

15.0%

15.0%

10.0%

10.0%

5.0%

5.0%

0.0%

0.0%

2011

2011

2012

2013

2012

2013

Average

Series5

Working Capital = Inventory + Acct’s Receivable – Acct’s Payable Source: Company filings Note: Agilent is pro forma for Keysight Technologies Spin-off

30

Spruce Point Capital

Warning: Revolver Debt Dependency Was Rising For a Year Despite “Strong Operating Cash Flows”

$ i n mi l l i ons

Reported LTM EBITDA Margin

Leverage At Various Assumed EBITDA Margins

26.2%

25.0%

24.0%

23.0%

22.0%

21.0%

20.0%

LTM EBITDA

$1,031

$985.1

$945.7

$906.3

$866.9

$827.5

$788.1

Current Debt

$1,637

$1,637

$1,637

$1,637

$1,637

$1,637

$1,637

Debt/EBITDA

1.6x

1.7x

1.7x

1.8x

1.9x

2.0x

2.1x

$ in millions

Short Term Debt

Q3'13

Q4'13

Q1'14

Q2'14

Amptek

$125.7

$164.9

$273.3

$454.4

$68.2

PF Q2'14

Q3'14

$522.6

$163.2

LT Debt

$1,118.1 $1,135.1 $1,141.7 $1,148.2

$1,148.2 $1,473.5

Total Debt

$1,243.7 $1,300.0 $1,415.0 $1,602.6

$1,670.8 $1,636.7

Credit Facility ST Debt / Facility

$700 18%

$700 24%

$700 39%

$700 65%

$700 75%

$700 23%

Note: short-term debt includes current portion of LT debt

Source: Company filings Note: Assumes Amptek acquisition was funded with the credit facility

Short-term debt to Revolver capacity reached dangerously high levels in Q2’14

In our opinion, we estimate EBITDA margins closer to 2021% which makes Ametek’s leverage closer to 2.0x. Its debt covenant is 3.25x

Ametek’s dependency on using its revolver as a bridge for deals had been rising for over a year. The company has approximately $195m of long-term debt coming due in 2015. While Ametek lists $369.6m of cash on its balance sheet, $307.1m is listed as being outside of the U.S. as of 9/30/14. A majority of Ametek’s earnings and cash flow is derived from foreign entities, and would be taxed upon repatriation.

31

Spruce Point Capital

A Closer Look Into Ametek’s Main Foreign Holding Companies Stopped Reporting Financials in 2012. Dwindling Cash and Equity Value Last Financials Available in 2012; Currently Past Due on Updated Financials; Two Directors Recently Resigned in 2014 Asian Head and Director Resigned in 2014. Financial Filings Delinquent for Most of 2014. Amekai Appears Insolvent

Source: Company Subsidiary List Ex. 21 (here) Note: Subsidiary list under AMETEK European Holdings Limited is truncated

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Signs of Financing Problems in Europe at Ametek? A Closer Look at Ametek Holdings B.V. Spruce Point Observations

Almost out of Cash!

No Equity Growth Sources: Dutch public information (here) Ametek 2011 Credit Agreement (here) 2013 Credit Amendment #1 (here) Ametek Q2’13 Press Release (here)

• Ametek Holdings B.V. (Netherlands) is one of two main original parties to Ametek Inc’s credit agreement dated Sept 22, 2011 • The Dutch entity stopped filing public financial statements after 2012: a period where we believe organic growth struggled, its largest acquisition wasn’t going according to plan, its CFO resigned and the company boosted its supply chain cost saving assumptions • The entity’s ‘liquid middelen’ or cash has fallen dramatically from 2010-2012, despite its ‘financiele vaste active’ or current financial assets rising sharply. We suspect this is partially explained by the use of cash for the acquisition of Dunkermotoren in April 2012 • Overall, “eigen vermogen” or shareholder of equity at Ametek Holdings B.V. fell from EUR 833m to EUR 822m and its working capital at year end was in a negative financial position • On 7/18/13 Ametek amended its credit facility to include a special carve-out for AMETEK Material Analysis Holdings GmbH, as a borrower. This entity controls Cameca, Spectro, Dunkermotoren and EM Test • On 8/7/13, Ametek announced the acquisition of Controls Southeast for $160m. On 8/17/13, Ametek announced Q2 earnings: “We are very pleased with our results this quarter given the continued soft economic environment. We delivered record operating performance as a result of the strength in our long-cycle businesses combined with our Operational Excellence initiatives.” In H1’13 Ametek reported record operating cash flow of $284.9m • We have evidence that suggests Cameca and Dunkermotoren have struggled significantly from an operational point of view, and terminated the CEOs of both companies. Cameca’s 2nd auditor, required by statutory law in France, recently departed 33

Spruce Point Capital

Signs of Financing Problems in Europe at Ametek? A Closer Look at Ametek European Holdings Ltd.

• Ametek European Holdings Limited is past due in filing current financials. The last filed financials are for year end 2012 • It holds as investments multiple subsidiary businesses in Asia and Europe including Dunkermotoren, Cameca, Antavia, Spectro Analytical, Muirhead, Taylor Hobson and others • Recently, Robert Mandos and John Mockler have resigned as directors in April and September 2014, respectively

Sources: UK Public filings (here)

Not the sign of healthy company with the value of subsidiary investment holdings rising less than 1%; cash holdings fall to virtually 0 and equity shrinks

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• •

• •

Signs of Financing Problems in Asia? A Closer Look at Ametek Singapore

Ametek Singapore is the company’s oldest Asian operation. We obtained its 2013 financials, which weren’t filed until late September 2014. We believe Ametek Singapore was late in holding its Annual General Meeting, potentially as a result of its Director Lee Meng Kee having resigned Top line revenues decreased by 12.6% while other income, which is primarily investment income from its main operating subsidiaries including China, declined by 15% from $10.7m to $9.1m Overall, profitability fell from $13.4m to $12.2m or 8%. More importantly, operating cash flow plummeted from $28.6m to $7.3m, -75%, while the dividend paid to its holding company, Ametek European Holdings Limited, declined from $19.1m to $10.1m or -47% Responding to an analyst question about emerging market performance on the Q4’13 conference call, the CEO said “Yes, it's actually amazing. We were very delighted in the quarter when we looked at our international businesses, actually, believe it or not, both in Eu rope and in Asia. In Asia, the organic growth was up about 25%, in Asia. So a truly outstanding quarter.” The performance from Ametek’s Singapore entity (which conducts business in Taiwan, China, Malaysia and India), suggests that full year results were disappointing, not spectacular

Note: Figures in Singapore Dollars Source: www.bizfile.gov.sg and Q4’13 earnings conf call (here)

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Spruce Point Capital

Where’s the Strong Operating Cash Flow? Ametek’s $700 Debt Private Placement

To illustrate our point that Ametek’s ‘strong operating cash flows’ may not be as advertised, we note that it raised $700 million through a private placement announced on October 1 st, 2014 Why Do We Think Ametek Used the Private Placement Market to Issue Debt?

• No SEC registration is required, which means that Ametek could avoid scrutiny and review of its financial statements by the SEC. We note that the last comment letters Ametek received from the SEC date back over 4 years to 2010 • No credit ratings are required by agencies such as S&P or Moody’s • Ametek could structure a financing solution to meet its cash flow gaps. In this case, Ametek decided to tap $500m of debt for immediate usage to pay down its ballooning credit facility. The remaining $200m of debt will be tapped in 2015 when the company has needs to fund its maturing debt obligations • Ametek was able to issue the debt to a syndicate of insurance companies at a ridiculously low average rate of 3.88% Covenants state that Ametek will not permit: a) Consolidated Debt to EBITDA – at any time to exceed 3.50 times EBITDA for the four consecutive fiscal quarters then most recently ended; or b) Interest Coverage -- the ratio of (i) EBITDA to (ii) Interest Expense, in each case for the four consecutive fiscal quarters then most recently ended, to be less than 2.5 to 1.00

Source: Private Placement Announcement (here)

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Spruce Point Capital

Ametek’s Recent Job Reviews Show Cautionary Signs

“A lack of decentralized organic growth. With most of the focus on meeting acquisition synergy metrics organic growth can eventually fall by the wayside. This creates a feeling for the smaller newly acquired companies of being "gutted" over a few years/decade after the full synergies have been met and it is time for new investment into the business. This focus stifles these companies prematurely and can drive talent out of the organization.” -- Sept 7, 2014

“Some business units are not on stable footing.” -- Sept 18, 2014 “Ametek is too short term focused.” -- Jan 27, 2014 “Big corporate mentality. If sales do not meet forecast, expect layoffs/furloughs to recover for shareholder benefit.” -- Dec 29, 2013 “horrible benefits, low moral, management doesn't work with employees. Company is much too money hungry and does not reinvest in its people. Only in other companies (which are bought and then dissolved into Shanghai)” -- Nov 14, 2013 “Tremendous amount of pressure from upper management to meet the monthly/quarterly/annual numbers at seemingly any cost.” -- Sept 7, 2013 “Layoffs and pay cuts are used to meet the unrealistic/inflated profitability goals. Of course morale suffers as a result of these cost cutting measures. There is a general lack of honesty throughout the entire Ametek organization.” -- Nov 5, 2012 Source: Glassdoor reviews (here)

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Is Management, the Board and Auditors Looking Out For Shareholders?

Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent

Spruce Point Capital

Early Warning: Email From Whistleblower Matthews to Ametek Financial Controller

Financial Controller – Remember This Name!

SOX Whistleblower Case: Matthews v. Ametek (2009)

Matthews claims Ametek’s Chandler Engineering in Oklahoma improperly booked revenue to mislead investors, and improperly accounted for inventory in an attempt to under-report costs and inventory balances Source: Matthews v. Ametek, legal docket Publicly available by FOI DOL/OSHA request

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Whistleblower Case: Matthews v. Ametek Spruce Point Capital

The Whistleblower Claim Theron Matthews, former Director of Operations at Ametek’s Chandler Engineering business employed from 2007-2008, filed a whistleblower complaint in May 2009 for being terminated on the basis of reporting what he believed to be serious irregularities in the areas of revenue recognition and inventory accounting that were contrary to GAAP. He aired his concerns in an email to Ametek’s CEO, and claims he was terminated as a result of his actions. Matthews claimed that: •



In Q4’2007, Ametek received over $3m in bookings or orders that, under GAAP, should have been reported in 2007. After putting the 2008 budget in place, the $3m was reported, distorting the financial condition of the company. The deviation decreased backlog, which is reported on quarterly statements to the SEC. Ametek made shipments of goods on sale in March 2008, but reported the income in February 2008

Ametek manipulated the value of its inventory by intentionally deviating from the standard cost method of calculating total inventory value. Ametek set the standard cost below the actual cost, resulting in higher inventory turns, which are viewed by analysts as a sign of a healthy and well run business.

The Outcome The case was litigated for over 2yrs and ultimately dismissed during what the judge described as a “long and contentious” discovery process. Ultimately, the judge’s decision to dismiss was based on Matthews’ refusal to produce documents related to his new employment. In rendering his decision, ALJ judge Patrick Rosenow made the following statement: “...in spite of hours spent in conference calls and dozens of letters, motions, objections, responses, and rulings, I am still unable to say that both sides have had a full and fair opportunity to complete the discovery to which they are entitled under the applicable rules. In that regard, it would be fair to note that Respondent’s (Ametek) Counsel appeared to fully exhaust his client’s entitlement to affirmative discovery and similarly raise all available protective motions in an attempt to foreclose some of Complainant’s (Matthews) discovery requests. In many ways, Respondent (Ametek) may have been more proactive and even aggressive than Complainant (Matthews) in the exercise of its rights to discovery.”

Source: Matthews v. Ametek, legal docket, Publicly available via Freedom of Information Act (FOIA) request Dept of Labor, Administrative Review Board (here)

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Spruce Point Capital

Three and Half Years Later: FBI Charges Chris Stehm w/Fraud

FBI ANNOUNCEMENT October 21, 2013

Is Ametek a company with good or faulty financial controls? Is Chris Stehm the fall guy for broader issues at Ametek, or simply just a rogue employee? Note: That Ametek’s Indian Auditor also noted issues with controls of travel expense

PHILADELPHIA, PA— Christopher Stehm, 51, of Mason, Ohio, was charged today by information with defrauding his employer, Berwyn-based Ametek Inc., of at least $659,731, announced United States Attorney Zane David Memeger. According to the information, Stehm was the chief accounting officer at two different offices of the company when he submitted phony claims for expense reimbursements, many of which he supported with doctored receipts. Stehm is charged with two counts of wire fraud and two counts of filing false tax returns.

Stehm was the controller for Ametek’s Chandler division in Broken Arrow, Oklahoma, from about January 2006 through March 2010. In April 2010, Ametek promoted Stehm to be the vice president of finance at its HCC division in Cincinnati, Ohio, and Stehm held that position until November 2012. In both positions, Stehm was his office’s chief accounting officer. According to the information, throughout his employment at Ametek, Stehm used a variety of methods to obtain “reimbursements” for expenses that he either never incurred or that were wholly personal in nature. These methods allegedly included cutting off the tops of receipts or “whiting out” portions of receipts that Stehm submitted with his expense reimbursement claims to make them appear to be business-related. Stehm also allegedly used copies of the same receipts to support multiple expense reimbursement claims. Ametek is a publicly traded company (symbol AME on the New York Stock Exchange) that manufactures electronic instruments and electromechanical devices for sale in numerous countries. The company is headquartered in Berwyn, Pennsylvania, but it has offices in numerous locations in the U.S. and overseas. Source: FBI Press Releases (here) US Court for Eastern District of Pennsylvania (here)

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What is Going on at Chandler? Spruce Point Capital

Chandler Instruments, a small company acquired in 2003 with sales of ~$30m at the time, appears to have a large significance to Ametek. In 2006, Ametek appears to have reorganized many of its holdings around a Netherlands CV/BV tax structure by creating Ametek International CV. Why did it choose Chandler Instruments as its partner in the transaction – a company where its former Controller/Chief Accounting Officer has been charged by the FBI of embezzlement and its former Director of Operations claimed he witnessed accounting irregularities? We note that Chandler’s own website indicates that it does not have any local sales representative in the Netherlands. (1)

Ametek International C.V. Formed 2006

Ametek Holdings B.V. Formed 1992

Source: Publicly available at http://www.kvk.nl/zoeken/handelsregister/ (1) Chandler’s sales contacts (here) (2) Ametek subsidiary list (here)

At Least 70 entities including Holdco and Opcos (2) 42

Spruce Point Capital

Ametek Appears To Have Misled Investors About its Largest Acquisition Ever in 2012

Ametek To Acquire Dunkermotoren (Germany) On April 26, 2012 Ametek said, “The privately held manufacturer has expected 2012 sales of approximately €155 million ($200 million) ” But, according to German public filings, Ametek may have already known that Dunkermotoren’s business was deteriorating when they made this statement. Actual 2012 revenues came in at EUR 136.4m, or 12% less than expected. Revenues declined 3% YoY!!

Business Commentary From Its German Filing “Overall, Dunkermotoren could not reach the turnover of EUR 140.1m from the previous year. Sales amounted to EUR 136.4M, which is about 3% below the planned levels. The good level of the first quarter could not be sustained in the subsequent quarters. The global economy also influenced the regional distribution of sales. In Germany, sales remained broadly stable. With a slight decline in the fourth quarter, sales declined in Germany for the year by approx. 1%. Exports to other European countries were about 6% lower than last year, the same applies to exports to Asia. Positive Sales developments in North America, here were 9% increase was recorded.”

Ametek Spins a Misleading Story to Wall Street Matt McConnell - Citigroup - Analyst Great, thank you. I wonder if I could slip in a quick follow-up on Dunkermotoren. I know it has been probably two or three quarters since that closed. Could you give an update on how that integration has been going and maybe profitability? I think it was a 1-point drag to the EMG margin. Was that roughly in line with your expectation?

AMETEK, Inc. - Chairman, CEO

Profit Increased, but mostly because Ametek repaid some of its debts

Source: Dunkermotoren’s public German financials (Google Translated); Available (here)

Yeah, it’s now performing very good. I’m very, very pleased with the operating team there. We just did a review recently and that team has embraced the Ametek culture, and they’re very good and their profit margins are lower – there’s no question. We knew that when we acquired them. As we do with most acquisitions, we’re going to continue to work and improve those margins, and your analysis is right – it was about 100 basis points improvement. Source: Q4 2012 Ametek Earnings Conf Call (here) Note: Dunkermotoren’s key leadership would all leave in 2013

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Spruce Point Capital

Ametek’s CFO Conveniently “Retires” Fast! New COO Appointed

Robert R. Mandos, Jr. Elected Executive Vice President & Chief Financial Officer

Days After Announcing Dunkermotoren!

BERWYN, Pa., May 1, 2012 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that the Board of Directors has elected Mr. Robert R. Mandos, Jr., as Executive Vice President and Chief Financial Officer, effective July 1, 2012. Mr. Mandos currently serves as Senior Vice President and Comptroller of AMETEK. He replaces John J. Molinelli who has announced his retirement after 43 years with AMETEK, including 18 years as Chief Financial Officer. William J. Burke Elected Senior Vice President, Comptroller & Treasurer BERWYN, Pa., May 1, 2012 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that the Board of Directors has elected William J. Burke as Senior Vice President, Comptroller & Treasurer, effective July 1, 2012. Mr. Burke currently serves as Vice President and Treasurer.

David A. Zapico Named Executive Vice President and Chief Operating Officer BERWYN, Pa., Dec. 18, 2012 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced the election of David A. Zapico as Executive Vice President and Chief Operating Officer, effective January 1, 2013. Mr. Zapico has held a variety of engineering and general management positions since joining AMETEK's Process & Analytical Instruments Division in 1990 as a Product Engineer. He was promoted to Division Vice President of the Process Instruments Business Unit for the Process & Analytical Instruments Division in 1996. In 1999, Mr. Zapico was named Vice President and General Manager of AMETEK's Aerospace and Power Instruments Division. In 2003, he was named President, Electronic Instruments.

Mr. Burke, a 25 year AMETEK veteran, served in a number of financial, operational and business unit management roles prior to being named Vice President, Investor & Corporate Relations in 1999. He was named Vice President – Investor Relations & Treasurer in 2007. Sources: New CFO elected (here) New VP Controller appointed (here) New COO appointed (here)

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Spruce Point Capital

Just Before the CFO Leaves, “Clawback Policy” Language is Altered

Clawback Policy (March 2012) The Company reserves the right to recover, or clawback, from a current or former executive officer any wrongfullyearned performance-based compensation, including stockbased awards, upon the determination by the Compensation Committee of the following: •

There has been restatement of Company financials, due to the material noncompliance with any financial reporting requirement (other than a restatement caused by a change in applicable accounting rules or interpretations), and such executive officer engaged in fraud or intentional illegal conduct which materially contributed to the need for such restatement,



The cash incentive or equity compensation to be recouped was calculated on, or its realized value affected by, the financial results that were subsequently restated,



The cash incentive or equity compensation would have been less valuable than what was actually awarded or paid based upon the application of the correct financial results, and



The pay affected by the calculation was earned or awarded within three years of the determination of the necessary restatement.

Sources: Proxy Statement – March 2012 (here) Prior Proxy Statement (here)

Clawback Policy Prior to 2012 If we are required to prepare an accounting restatement due to misconduct, any participant who is determined by a Court of competent jurisdiction to have engaged in, or failed to prevent, the misconduct, will be required to repay proceeds from the sale of shares issued upon exercise of a stock option or stock appreciation right, or vesting of restricted stock or stock unit, occurring during the 12-month period following the first public issuance or filing with the Securities and Exchange Commission of the financial statements required to be restated.

Pay Close Attention! Ametek changed its language to explicitly call out “current or former executive officers ” and lists “fraud or intentional illegal misconduct” as a factor. Also Ametek subtly makes it more difficult to clawback equity from these officers by changing from “a Court of competent jurisdiction” to “the determination of the Compensation Committee.”

Who would you rather be judged by...your buddies on the Board or the U.S. legal system?

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Spruce Point Capital

 



Cozy U.S. Auditor Relationship May Hinder Adequate Oversight of Ametek

Ametek appears to have a special relationship with its auditor. In its proxy, the company notes that “Ernst & Young LLP and its predecessor has served continuously as our independent auditors since our incorporation in 1930” During the period of the whistleblower allegations/investigation and significant reported growth in its business, we observe that Ametek’s audit fees did not increase. Ironically, E&Y had no issues extracting increased audit fees from other large industrial clients during this time period Curiously, Ametek noted an increase in “Audit-related fees paid” during this time period, which now included payments to its auditor for “due diligence in connection with acquisitions.” For 2013, Ametek paid E&Y $4.96m of audit fees, an amount barely larger than the $4.76m paid in 2008. Ametek has used ‘tax fees’ as way to increase payments to E&Y $ in millions

Company

Auditor

Eaton Danaher Agilent Ametek Mettler-Toledo Teledyne

E&Y E&Y PWC E&Y PWC E&Y

Ametek Audit-related Fees Tax Fees All Other Source: Proxy filings

Fiscal Yr Audit Fee 2009 2010 2011 $15.0 $10.6 $5.7 $4.3 $2.8 $2.1

$0.05 $0.10 $0.00

$15.7 $12.3 $7.4 $4.2 $3.0 $2.2

$0.26 $1.30 $0.00

$17.1 $16.6 $7.5 $4.2 $3.5 $2.3

$0.33 $0.72 $0.00

'09-'11 CAGR Audit Fee Sales 6.8% 25.1% 15.0% -0.6% 10.2% 3.2%

16% 24% 22% 19% 16% 8%

M&A Deals 14 47 2 12 4 8

Note: 2011 language change to Audit-related fees – “include fees for audits of employee benefit plans and due diligence in connection with acquisitions”

Note spike in tax fees in 2010: “relate to federal and state tax advice, acquisition tax planning, assistance with international tax compliance and international tax consulting”

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Spruce Point Capital

E&Y Lavishes Its Client With A Very Prestigious Award....

EY announces winners for the EY Entrepreneur Of The Year™ 2014 Greater Philadelphia Award Philadelphia, 13 June 2014 EY is pleased to announce the winners of the EY Entrepreneur Of The Year™ Award in Greater Philadelphia. This group of leading entrepreneurs was selected by an independent judging panel made up of previous winners of the award, leading CEOs, private capital investors and other regional business leaders. The winners were revealed at a special gala on June 12, at the Terrace Ballroom of the Pennsylvania Convention Center, in Philadelphia. “EY has honored outstanding entrepreneurs for the past 28 years,” said Mike Nichols, EY Entrepreneur Of The Year Program Director for Greater Philadelphia. “These business leaders are accomplished entrepreneurs who have contributed a tremendous amount to the community.” The EY Entrepreneur Of The Year 2014 Greater Philadelphia Award winners are: Frank Hermance - Chairman and Chief Executive Officer, AMETEK, Inc. Gerri Henwood - Chief Executive Officer, Recro Pharma, Inc. Ari Jacoby - Co-Founder and Chief Executive Officer, Solve Media Ryan Caplan - Chief Executive Officer, ColdLight Solutions, LLC Jeffrey Bartos - Chief Executive Officer, Mark Group, Inc. Mark Casale - Chairman, CEO & President, Essent Group Ltd. J. Jeffrey Fox - Chief Executive Officer, Source4Teachers Nick Auger, Anthony Bucci and Matt Kull - Co-Founders, RevZilla Motorsports In addition to recognizing the regional award winners, Michael Cardone Jr., Owner and Chief Strategy Officer of Cardone Industries, was presented with the EY Entrepreneur Of The Year Lifetime Achievement Award for his sustained business and philanthropic leadership. Jeffrey Brown, CEO of Brown’s Super Stores, was the recipient of the EY Entrepreneur Of The Year Social Entrepreneur Award for his commitment to the community. Source: E&Y Press Release (here)

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Spruce Point Capital

Exercise Caution When Auditor Awards Are Lavished on Client CEO’s

Lets GOWEX: Billion Dollar Scheme Jenaro Garcia Martin E&Y Spanish Entrepreneur of YearTM 2011

Gowex CEO (here)

Lexi Holdings - £100m Scheme Shaid Luqman E&Y Entrepreneur of the YearTM 2004

Lexi Holdings CEO (here)

Satyam: Billion Dollar Scheme Ramalinga Raju E&Y Tech Entrepreneur of YearTM 2011

Source: Satyam CEO (here)

InnoVida Holdings: $50m Scheme Claudio Osorio E&Y Entrepreneur of the YearTM 2007

InnoVida Holdings CEO (here)

TechnoDyne: $450m Scheme Padma and Reddy Allen E&Y Entrepreneur of YearTM 2010

Source: TechnoDyne (here)

IT Factory: $186m Scheme Stein Bagger E&Y Danish Entrepreneur of the YearTM 2007

IT Factory CEO (here)

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Spruce Point Capital

Ametek’s Structure Makes it Difficult to Audit in its Entirety Ametek is comprised of dozens of disparate businesses scattered across the world

The average revenue of an acquired company in the past 10yrs is approximately $100m Ametek’s structure makes it difficult to audit because no single business is necessarily material to the whole enterprise In this deposition from the whistleblower case, Ametek’s head outside auditor from E&Y explains the process of how it develops its audit In the case of Chandler Engineering, it noted that no audit was performed during the period accounting irregularities were claimed as it was not deemed a significant business

Source: Ametek vs. Matthews, deposition document Publicly available via DOL FOIA Request

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Spruce Point Capital

Who Internally at Ametek is Working With Outside Auditors?

AMETEK Names Robert J. Amodei Vice President, Audit Services

BERWYN, Pa., July 25, 2014 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that the Board of Directors has elected Robert J. Amodei as Vice President, Audit Services. He most recently has served as Director, Operational Accounting in AMETEK's Corporate Office. "I am pleased to announce Rob's promotion to Vice President, Audit Services. Rob has done an outstanding job for AMETEK over an extended period of time," commented Frank S. Hermance, AMETEK Chairman and Chief Executive Officer. "Rob has been instrumental in overseeing AMETEK's compliance with Sarbanes-Oxley and has played a key role in the Company's acquisition due diligence process."

Our Audit of Ametek’s Head of Audit Services Uncovered a Problem > His Claim of Being a CPA is False! We also spoke to the PA State Board of Accountancy and were informed that all persons holding themselves out as CPAs who are physically located in PA are required to have a current licensure in the state. We believe it could be improper for Ametek to identify him as a CPA in the press release announcing his promotion to VP of Audit Services at Ametek’s Corporate Office

Mr. Amodei joined AMETEK in 1989 as part of its Financial Management Development Program, where he held several rotational assignments within the Company. Upon completion of the program, he was named Senior Auditor in 1992. From 1995 to 1998, Mr. Amodei held a number of financial and accounting roles within our Chemical Products Division, including Plant Controller. In 1998, he was named Manager, Audit Services, and in 2000, was promoted to Director, Audit Services. In 2001, Mr. Amodei was named Division Vice President and Controller, Floorcare & Specialty Motors, North America, a position he held until his promotion to Director, Operational Accounting in 2005. Mr. Amodei holds a Bachelor of Science degree in Finance with a Minor in Accounting from St. Joseph's University. He is also a Certified Public Accountant and a member of both the American and Pennsylvania Institutes of Certified Public Accountants.

Source: Ametek press release (here)

Source: PA State License Check (here)

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Spruce Point Capital

Why Did Ametek’s Audit Committee Chairman Mysteriously Resign in 2011?



We also observe that Ametek appears to have deliberately obscured the retirement/resignation of its Audit Committee Chairman – Mr. Gordon Sheldon. Mr. Sheldon had served as the Audit Committee chairman since at least 2001, according to previous proxy statement filings, and served on its Board since 1989. Mr. Gordon resigned from the Board on May 3, 2011 according to the proxy statement filed on March 19, 2 012. We observe that Ametek did not file an 8-K or include any public disclosure that Mr. Sheldon would not stand for re-election and would resign. In contrast, in February 2011 Ametek did make an 8-K filing that David P. Steinmann would not stand for re-election.(1)



Prior to Mr. Gordon’s departure, we observe that the Audit Committee expanded from 3 members to 5 members in 2011. Mr. Conti, who was appointed to the Board on July 30, 2010 joined the Audit Committee and is now the Chairman. Mr. Conti is an accounting professional by background. In our opinion, these Audit Committee changes may suggest that Ametek was trying to modify its audit oversight in the wake of the Matthews Whistleblower case

Audit Committee Expands From 3 to 5

Source: (1) Steinmann resignation (here) Proxy Statement – Filed 3/19/12 (here) Proxy Statement – Filed 3/28/11 (here)

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Auditor Reminder...Pay Close Attention! Spruce Point Capital

Throughout the world, Ernest and Young has audited Ametek’s financial statements

According to Ametek’s Proxy Statement, “Ernst & Young LLP and its predecessor has served continuously as our independent auditors since our incorporation in 1930”

There’s a place in the world we found Ametek is not audited by Ernst & Young or a big global audit firm...

In India, where Ametek entered in 2009, its financials are audited by a local/independent firm S.V. Ghatalia & Associates 52

Ametek Moves into India w/Great Promise... Spruce Point Capital

Q3’2009 Earnings Conference Call To Discuss Move Into India

“At the end of the third quarter, we announced that we have acquired Unispec Marketing and Thelsha Technical Services, two privately owned and affiliated businesses headquartered in Mumbai, India. These acquisitions provide us with an established sales distribution and service network with a total of 11 offices across India serving the quality control and the analytical instruments markets.

Unispec Marketing currently represents our SPECTRO Analytical Instruments business in India, while its Thelsha Technical Services affiliate provides an installation and wholesale service for those instruments. This acquisition provides AMETEK an immediate sales distribution in service infrastructure in India that otherwise would have taken several years to build. We plan to leverage this distribution structure across other AMETEK business units to increase sales to this very important market We have the financial and managerial capacity to continue to do acquisitions. Our balance sheet is strong and our cash flow and financing facilities provide us with ample liquidity to pursue this strategy.” Source: Q3’2009 Earnings Conference Call (here)

Next Slide Please! 53

Spruce Point Capital

Ametek India 3 Years Later...2012 Auditor’s Report Highlights Major Concerns

Special Note: The Chris Stehm FBI embezzlement case center around submission of fraudulent travel claims

Source: Publicly available at http://www.mca.gov.in/

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Spruce Point Capital

“Continuing Failures” Cited Tied to Inventory Acct’g and Audit Systems

Inadequate!

Delays in Payment of Taxes!

Source: Publicly available at http://www.mca.gov.in/

Continuing failure for ascertaining aging of inventory and collection of receivables! Described as a Major Weakness

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Spruce Point Capital

Funding Issues and Bad Working Capital Practice Noted in India

Ametek often cites its superior working capital practices to its investors. However, we note it received a citation for funding issues from using short-term bank borrowing for long-term investment and funding of losses.

Source: Publicly available at http://www.mca.gov.in/

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Spruce Point Capital

Ametek’s Indian Auditor Notes the Exact Same Issues the Whistleblower Claimed

Ametek India’s 2013 Form 23AC continued to list the same unresolved issues and specifically listed its opinion as qualified and containing adverse remarks!

Spruce Point Note: Our review of Ametek Singapore Private Limited, the immediate holding company, along with Ametek European Holdings Limited (the holding company above Ametek Singapore) does not state the inventory valuation method used. Furthermore, both entities stopped filing financial statements in 2012. Regardless, why after 5yrs of starting its India operations does Ametek not appear to have control procedures in place?

Source: http://www.mca.gov.in/

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Ametek India: Qualified Audit Opinion! Spruce Point Capital

Source: Publicly available at http://www.mca.gov.in/

58

Ametek India Markets Many of its Products Spruce Point Capital

Ametek India markets many of Ametek’s products and brands, yet its auditor noted it lacked internal control for sales of goods, services, and inventory!

Source: Publicly available at http://www.mca.gov.in/

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Insider Ownership Declines Year After Year Spruce Point Capital

Alignment of insiders’ interest with public shareholders’ interests appears to be rapidly eroding. Insiders (management and its directors) own only 2% of the company. Insiders own less and less of the company every single year. We view this as an alarming trend to carefully consider.

Outstanding Shares Options to Acquire Supplemental Exec Retirement Plan Insider Total Beneficial Ownership Shares Outstanding Reserved for issuance under incentive plans Total Shares

2/5/2007 6,899,924 2,907,504 469,577 10,277,006 239,042,061 14,307,422 253,349,483

3/7/2008 6,186,845 2,727,554 493,261 9,407,660 239,517,380 19,575,000 259,092,380

2/2/2009 5,726,439 3,032,771 476,885 9,236,095 240,227,168 18,000,000 258,227,168

2/1/2010 5,593,988 2,599,380 494,098 8,687,466 240,122,572 15,525,000 255,647,572

3/18/2011 5,289,752 2,226,668 522,638 8,039,057 241,271,336 12,450,000 253,721,336

3/16/2012 4,493,964 2,110,215 552,245 7,156,424 241,091,172 23,100,000 264,191,172

1/31/2013 3,621,259 1,475,554 452,719 5,549,532 243,281,716 19,898,922 263,180,638

1/31/2014 3,390,177 1,474,207 466,306 5,330,690 245,067,108 18,200,000 263,267,108

4.1%

3.6%

3.6%

3.4%

3.2%

2.7%

2.1%

2.0%

Insiders Ownership / Total Shares Adjusted for 3:2 stock split on Nov 2010 and May 2012 Source: Ametek Proxy Statements

60

Insiders Sales Are Rampant... Spruce Point Capital

Source: Bloomberg; AME GPTR

61

Insiders Racing to the Exit With Rapid Sales in 2014 Spruce Point Capital

Person, Title William Eginton, SVP Corp. Development Elizabeth Varet, Director Tim Jones, President Electromechanical Group Elizabeth Varet, Director Elizabeth Varet, Director Elizabeth Varet, Director James Malone, Director Charles Klein, Director Elizabeth Varet, Director James Malone, Director Steve Kohlhagen, Director Steve Kohlhagen, Director Elizabeth Varet, Director Elizabeth Varet, Director Elizabeth Varet, Director Elizabeth Varet, Director James Malone, Director Elizabeth Varet, Director John Hardin, President EIG James Malone, Director Elizabeth Varet, Director Charles Klein, Director Steven Kohlhagen, Director

Sale Date 2/24/2014 2/27/2014 3/4/2014 3/6/2014 3/7/2014 3/17/2014 5/12/2014 5/16/2014 6/20/2014 6/20/2014 8/7/2014 8/8/2014 8/18/2014 8/18/2014 9/2/2014 9/4/2014 9/4/2014 9/5/2014 9/5/2014 9/10/2014 9/11/2014 11/4/2014 11/6/2014 Total/Avg Sale:

Shares Sold 10,000 2,000 20,000 1,000 1,000 1,000 400 3,000 1,820 1,250 3,550 3,401 1,000 1,000 1,000 1,000 12,464 4,908 10,000 1,755 1,000 8,167 3,436 94,151

Sale Price $53.07 $52.99 $53.60 $53.75 $54.26 $53.61 $53.21 $52.67 $54.00 $53.98 $51.12 $50.91 $52.07 $52.14 $53.20 $53.28 $52.98 $53.10 $53.00 $52.85 $52.75 $51.47 $51.43 $52.83

Key senior executives were the largest sellers of stock in early 2014. Many Directors have followed with numerous stock liquidations. Having sold stock at an avg. price of $52.83 and near the high prints of the year

62

Spruce Point Capital

Is Ametek’s Board Equipped to Look Out For Shareholders’ Interests?

We wonder if Ametek’s Board of Directors is fully equipped to question management’s decisions, and oversee the best interest of shareholders’ •

First, we observe that Ametek has among the smallest sized Board among its peer group consisting of just 9 members (includes its CEO and a recently appointed director on Sept 4, 2014). Secondly, Ametek has among the oldest Board, with an average age of 65 years old and, lastly, the average length of tenure per Board member is 13 years (15yrs excluding the recent appointee).



It’s easy to see why Ametek’s Board is so entrenched and wouldn’t want to go anywhere! Directors receive restricted stock with just a 2yr vesting period. Board members have been racing to sell stock this year. Collectively, the entire Board group (excluding the CEO) owns approximately 0.36% of the stock



Ametek also makes nice retirement benefits available to its Board, encouraging them to stick around. For example, Directors who first became elected prior to January 1, 1997 participate in a retirement plan. Under this plan, each non-employee Director who has provided at least three years of service receives an annual retirement benefit equal to 100% of that Director’s highest annual rate of cash compensation during the Director’s service with the Board. Also, Directors who first became members of the Board prior to July 22, 2004 participate in Ametek’s Death Benefit Program

$ in millions

Enterprise Value LTM Revenues Board Members Average Age Avg. Length of Tenure

Danaher $52,413 $19,562 10 62 18

Emerson $47,437 $24,540 13 61 9

Eaton $40,147 $22,393 12 61 9

Rockwell $15,183 $6,557 10 62 8

Ametek $14,302 $3,798 9 65 13

Mettler Toledo $8,044 $2,435 9 60 11

Hubbell $7,195 $3,258 12 60 9

Average* $28,403 $13,124 11 61 11

* excludes Ametek Source: Company filings.

63

Signs of Aggressive Inventory Accounting

Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent

Warning: It’s All About the Inventory Spruce Point Capital

Ametek is obsessive about touting its “Operational Excellence” and its “Working Capital Efficiency.” Ametek regularly highlights its “Working Capital to Sales” metric on its quarterly earnings conference calls, and management bonuses are tied to this metric. One lever the company can pull to make itself more working capital efficient is by minimizing its investment in inventory. We note the following paraphrased quote from the indicted former VP of Finance below.

Source: Ametek vs. Matthews Whistleblower Case Publicly available by FOIA Request

65

Warning: Inventory Turnover Has Been Persistently Declining

Spruce Point Capital

A persistently declining inventory turnover is at odds with a healthy, growing company and supports our belief that Ametek may be experiencing inventory accounting issues. Ametek gives investors limited insights to evaluate the factors affecting Cost of Goods/Services that drive inventory turns.

5.50x 5.40x 5.30x 5.20x 5.10x

5.00x 4.90x 4.80x 2011

2012

2013

Source: Ametek Company Financials Note: Inventory Turnover = LTM Cost of Sales / Average ( Beginning and Ending Period Inventory)

Q1'14

Q2'14 66

Spruce Point Capital

Reminder: Ametek Never Discusses or Discloses Drivers of its Gross Profit Margins 2013 Management, Discuss and Analysis (MD&A)

Total international sales for 2013 were $1,984.5 million or 55.2% of net sales, an increase of $276.9 million or 16.2%, compared with international sales of $1,707.6 million or 51.2% of net sales in 2012. The $276.9 million increase in international sales resulted from the acquisitions mentioned above, primarily driven by Dunkermotoren and Micro-Poise, and includes the effect of foreign currency translation. Both reportable segments of the Company maintain strong international sales presences in Europe and Asia. Export shipments fr om the United States, which are included in total international sales, were $1,037.0 million in 2013, an increase of $174.4 million or 20.2%, compared with $862.6 million in 2012. Export shipments improved due to increased exports from the 2013 and 2012 acquisitions noted above, excluding Creaform and Dunkermotoren. New orders for 2013 were a record at $3,621.9 million, an increase of $86.8 million or 2.5%, compared with $3,535.1 million in 2012. The increase in orders was primarily attributable to 2013 and 2012 acquisitions. As a result, the Company’s backlog of unfilled orders at December 31, 2013 was $1,140.0 million, an increase of $27.7 million or 2.5%, compared with $1,112.3 million at December 31, 2012.

Segment operating income for 2013 was $861.5 million, an increase of $72.2 million or 9.1%, compared with segment operating income of $789.3 million in 2012. The increase in segment operating income resulted primarily from the acquisitions mentioned above, as well as the benefits of the Company’s lower cost structure through Operational Excellence initiatives. Segment operating income, as a percentage of net sales, increased to 24.0% in 2013, compared with 23.7% in 2012. The increase in segment operating margins resulted primarily from the benefits of the Company’s lower cost structure through Operational Excellence initiatives. Selling, general and administrative (“SG&A”) expenses for 2013 were $398.2 million, an increase of $17.7 million or 4.7%, com pared with $380.5 million in 2012. As a percentage of net sales, SG&A expenses were 11.1% for 2013, compared with 11.4% in 2012. Selling expenses increased $14.8 million or 4.4% for 2013 primarily driven by the increase in net sales noted above. Selling expenses, as a percentage of net sales, decreased to 9.8% for 2013, compared with 10.1% in 2012. Base business selling expenses decreased approximately 2% for 2013 compared to 2012, primarily due to cost containment initiatives.

Ametek Never Discusses and Omits Factors Affecting its Cost of Goods Sold or Gross Margins

67

Spruce Point Capital

High Level Indications of Potential Inventory Accounting Shenanigans

Ametek appears to be engaging in classic inventory accounting shenanigans to leave costs on the balance sheet and artificially boost profits •

First, we observe that Ametek no longer states its inventory at “lower of cost or market” according to the change in its inventory footnote language from its Annual Reports. If inventory declines in value below original cost, GAAP prescribes that the inventory must be written down to market to report the loss. By removing the lower of cost or market condition, it appears that Ametek could be avoiding write-down charges. We observe that, in recent years, Ametek appears to have never taken an inventory write-down charge



Secondly, we observe that Ametek has systematically and materially changed its inventory accounting methods from LIFO to FIFO over the past decade. The choice of First-in/First-out (FIFO) vs. Last-in/Last-out (LIFO) has a pronounced impact on a company’s reported Net Income. In a general inflationary environment, FIFO results in lower Cost of Goods Sold, and higher Net Income. Conversely, in the same inflationary environment, LIFO results in higher Cost of Goods Sold, and lower Net Income. Therefore, Ametek’s choice of shifting to FIFO over LIFO represents a move towards more aggressive accounting treatment that bolsters Net Income Ametek FY 2004 Inventory Disclosure

Ametek FY 2013 Inventory Disclosure

Inventories are stated at the lower of cost or market, cost being determined for more than half of inventories by the last-in, first-out (LIFO) method of inventory valuation, and market on the basis of the lower of replacement cost or estimated net proceeds from sales

The Company uses the first-in, first-out (“FIFO”) method of accounting, which approximates current replacement cost, for approximately 80% of its inventories at December 31, 2013. The last-in, first-out (“LIFO”) method of accounting is used to determine cost for the remaining 20% of its inventory at December 31, 2013

2004 Annual Report (here)

2013 Annual Report (here)

68

Spruce Point Capital

Material and Systematic Change to More Aggressive FIFO Accounting



Ametek appears to be deliberately and systematically changing its inventory accounting policy from LIFO (conservative) to FIFO (aggressive). This policy change has accelerated post-financial crisis. While it’s possible that some of this shift is the result of integrating acquired companies under FIFO, we don’t believe it can entirely be explained by this. Under IFRS, LIFO is not allowed, but Ametek has made only two meaningful foreign acquisitions (Dunkermotoren and EM Test) – adding ~$220m of sales. In the case of Dunkermotoren, its 2012 public financials show that it reports under German GAAP, and listed just €13.6m of inventories. Furthermore, according to our review of Ametek’s peers, and an empirical study on inventory policy choice by the American Institute of CPAs (AICPA), approximately 50% of companies reported using LIFO or Average Cost (1). As a result, we find it difficult to believe that all acquired companies are brought into Ametek and kept as using LIFO



As per Financial Accounting Standards (FAS) 154, accounting policy changes that are made voluntarily require retrospective application to prior periods’ financial statements. If Ametek is simply covering up an accounting error or mistake, then its historical financials would also have to be restated (2)

100% 90% 80% 70%

50%

45%

26%

21%

20%

38%

34%

31%

74%

80%

62%

62%

69%

79%

66%

2007

2008

2009

2010

2011

2012

2013

38%

60%

50% 40% 30% 20%

50%

55%

2005

2006

10% 0%

Inventory Accounted Under FIFO

Notice Ametek re-accelerates the change to FIFO starting in 2009, during a period of financial distress and when a whistleblower claimed inventory accounting irregularities

Inventory Accounted Under LIFO

Note: Spruce Point Capital Management is not an accounting firm and does not offer definitive accounting guidance. Consult your own Accounting experts on any matter related to accounting interpretations 1) FASB Statement 154 (here) 2) AICPA study - 2009 (here)

69

Spruce Point Capital

Management Paying Itself Bonuses on Adjustments for Excess Inventory....Really!

A hint of the severity of the inventory issue first appeared in 2010 through Ametek’s Proxy Statement. Management kindly adjusted its operating income bonus performance target for the ‘tax benefit realized through the disposal of excess and obsolete inventory.’ Unfortunately, investors have been completely left in the dark surrounding the magnitude of the issue. The company made no disclosures of this excess inventory in its 10K, 10Q or on its conference calls. Diluted earnings per share (EPS) — We believe that the paramount objective of a principal executive officer is to increase stockholder return significantly, and that for a large, well established industrial corporation, EPS is typically a key metric affecting share price. Therefore, we believe EPS is an excellent measure of our executive officers’ performance. Sales — Sales growth is key to the long-term vitality of a business and we believe this is an indicator of our executive officers’ performance. This measure is applied either on a Companywide basis, or, for our group presidents, with regard to their respective operating groups. We define our sales measure as actual sales compared to budgeted sales without giving effect to (i) increases in revenues from businesses that we acquired during the year and (ii) foreign currency adjustments. Group operating income — This measure applies to our group presidents with regard to their respective operating groups, and reflects adjustments deemed appropriate by the Compensation Committee. We believe this measure is a reliable indicator of operating group performance. Adjustments to operating unit income in 2010 included estimated tax benefits pertaining to the disposal of excess and obsolete inventory and the inclusion of specified financing costs related to acquisitions. We increased operating unit income by the estimated tax benefit realized through the disposal of excess and obsolete inventory. We reduced operating unit income by the estimated amount of interest cost we incur on funds borrowed to finance an acquisition where the results of operations of the acquired business are included in the unit’s operating results. We believe that reducing the operating unit income derived from an acquired business by these interest costs better reflects the contribution of the acquisition to the operating unit’s performance. Group operating working capital — This measure represents inventory plus accounts receivable less accounts payable as a percentage of sales. We use this measure to encourage our group presidents to manage our working capital in a manner that increases cash available for investment. Working Capital is reported at the Corporate and Group level. A lower working capital percentage is an indicator of a group president’s and the CFO’s success in increasing our cash resources.

Discretionary — A small portion of each executive’s award is based on discretionary factors that are deemed appropriate by the Compensation Committee. In the case of the group presidents, these factors take into account acquisition activity of their respective operating groups Source: Proxy Statement (here)

70

Spruce Point Capital

And the Problem Appears Big Enough to Still Be Ongoing Three Years Later.... From the 2013 Proxy Statement

The target goal for each non-discretionary measure in 2013 was derived from our 2013 budget. Consistent with past practice, the Compensation Committee can make adjustments on a case-by-case basis, such as for group operating income, as described below. Diluted earnings per share (EPS) – We believe that the paramount objective of a principal executive officer is to increase stockholder return significantly, and that for a large, well-established industrial corporation, EPS is typically a key metric affecting share price. Therefore, we believe EPS is an excellent measure of our executive officers’ performance. Organic revenue growth – Revenue growth is key to the long-term vitality of a business and we believe this is an indicator of our executive officers’ performance. This measure is applied either on a Companywide basis, or, for our group presidents, with regard to their respective operating groups. We define our organic revenue growth measure as actual revenue compared to prior-year revenue without giving effect to (i) increases in revenues from businesses that we acquired during the year and (ii) foreign currency effects. Operating income – This measure applies to our chief operating officer and group presidents with regard to corporate and their respective operating groups, and reflects adjustments deemed appropriate by the Compensation Committee. We believe this measure is a reliable indicator of corporate and operating group performance. Adjustments to operating unit income in 2013 included estimated tax benefits pertaining to the disposal of excess and obsolete inventory and the inclusion of specified financing costs related to acquisitions. We increased operating unit income by the estimated tax benefit realized through the disposal of excess and obsolete inventory. We reduced operating unit income by the estimated amount of interest cost we incur on funds borrowed to finance an acquisition where the results of operations of the acquired business are included in the unit’s operating results. We believe that reducing the operating unit income derived from an acquired business by these interest costs better reflects the contribution of the acquisition to the operating unit’s performance. Operating working capital – This measure represents inventory plus accounts receivable less accounts payable as a percentage of sales. We use this measure to encourage our executives to manage our working capital in a manner that increases cash available for investment. Operating working capital is reported at the Corporate and Group level. A lower working capital percentage is an indicator of the executives’ success in increasing our cash resources.

Discretionary – A portion of each executive’s award, ranging from 10% to 20%, is based on discretionary factors that are deemed appropriate b y the Compensation Committee. In the case of the chief operating officer and group presidents, these factors take into account acquisition activity of the Company and their respective operating groups. Source: Latest Proxy Statement (here)

71

Spruce Point Capital

Benchmarking Peer Inventory Accounting Policies

We analyzed a broad array of Ametek’s peers to benchmark inventory accounting policies. We observe that Ametek is the only company we’ve analyzed that explicitly avoids the “Lower of Cost or Market” language in its SEC filings, and has been changing inventory accounting methods in the last 5 years

Applies Lower Last 5yrs Change of Cost or Market of Inventory to Inventory Value Acct'g Method

Primary Acct'g Method

Secondary Acct'g Method

Emerson Danaher Agilent Hubbell Eaton Bruker Mettler-Toledo FEI Company National Instrument

Yes Yes Yes Yes Yes Yes Yes Yes Yes

No No No No No No No No No

Avg Cost FIFO FIFO LIFO (85%) LIFO FIFO FIFO FIFO FIFO

FIFO LIFO -FIFO (15%) FIFO Avg Cost ----

Ametek

No

Yes

FIFO

LIFO

Source: Compa ny SEC fi l i ngs 72

Indications of Inventory Shenanigans Spruce Point Capital

Ametek carries a substantial amount of ‘Raw Materials and purchased parts’ as a percentage of its reported inventory. This appears at odds with its claim of being an efficient and lean manufacturer. We note that on average, its peers carry just 31% of inventory in the form of raw materials.

Ending Inventory Balances - 12/31/13 $ i n mi l l i ons

Raw Materials and parts Work-in-Process Finished Goods Demo Units/Other Total Gross Inventory Less: Adjustments Ending Inventory, Net

% of Gross Inventory Raw Materials and parts Work-in-Process Finished Goods Demo Units

Ametek $291.2

Mettler Toledo $98.2

Emerson Electric N/A

Bruker $189.7

Eaton $955.0

$85.5 $76.1 -$452.8 ($23.3) $429.5

$38.1 $74.1 -$210.4 -$210.4

N/A $678.0 -$1,895.0 -$1,895.0

$196.5 $155.3 $48.3 $589.8 -$589.8

$428.0 $1,115.0 -$2,498.0 ($116.0) $2,382.0

64% 19% 17% 0%

47% 18% 35% 0%

N/A N/A 36% 0%

32% 33% 26% 8%

38% 17% 45% 0%

Altra Danaher Industrial $610.6 $56.8 $287.0 $885.9 -$1,783.5 -$1,783.5

34% 16% 50% 0%

$18.4 $68.4 -$143.7 -$143.7

40% 13% 48% 0%

Hubbell $122.3

Thermo Fisher $347.4

Parker Hannifan $111.4

$87.2 $259.4 -$468.9 ($83.2) $385.7

$157.7 $989.4 -$1,494.5 -$1,494.5

$777.7 $559.5 -$1,448.6 -$1,448.6

26% 19% 55% 0%

23% 11% 66% 0%

8% 54% 39% 0%

Average 1 31% 23% 44% 1%

1. Excludes Ametek. Source: Company Annual Reports

73

Spruce Point Capital

Indications of Inventory Shenanigans: A Closer Look at Purchase Commitments



Buried deep within the financial statements, public company’s must produce a table showing contractual obligations over the next few years



In this case, Ametek is reporting that it has committed to purchasing $335m of fixed-price inventories, with a majority coming due within one year



To assess the reasonableness of this reported amount, we compare it with current inventory amounts, historical figures, and across Ametek’s peer group

Source: Ametek 2013 10-K filing (here)

74

Closer Look at Purchase Commitments (cont’d) Spruce Point Capital



On average, our analysis suggests that peer companies commit to purchasing approximately 45% of their current inventory on a forward basis. Intuitively in our opinion, this appears to be sensible strategy to ensure adequate raw material supplies, ensure price stability, and ‘hedge’ approximately half of costs against inflationary cost pressures



On the other hand, Ametek appears to commit to purchase approximately 75% of current inventories forward. This could be viewed from a variety of perspectives: 1) Ametek has an aggressive inventory purchasing strategy; 2) it has superior ability to forecast customer demand and manage inventory (in the cyclical industries it operates in) or 3) its actual inventory balances are much higher than reported to investors. $ in millions Total Inventories FY 2011 FY 2012 FY 2013 Eaton Thermo Fisher Danaher Emerson Agilent (1) Keysight Tech Hubbell Mettler Toledo

Ametek

$1,701 $1,330 $1,781 $2,105 $898 -$318 $241

$380

$2,336 $1,444 $1,813 $2,125 $1,014 -$342 $199

$429

Source: SEC financial filings Note: Agilent includes Keysight results for all years

$2,382 $1,495 $1,784 $1,895 $1,066 $502 $386 $210

$453

Fixed Price Purchase Obligations FY 2011 FY 2012 FY 2013 $869 $243 $960 $1,176 $385 -$181 $99

$276

$1,108 $275 $899 $1,220 $450 -$213 $94

$326

$1,236 $291 $1,032 $1,087 $400 $208 $181 $75

Purch. Obligations / Inventories FY 2011 FY 2012 FY 2013 51.1% 18.3% 53.9% 55.9% 42.9% -56.9% 40.8%

47.4% 19.0% 49.6% 57.4% 44.4% -62.2% 47.2%

51.9% 19.5% 57.8% 57.4% 37.5% 41.4% 47.0% 35.7%

Max: Average: Min:

56.9% 45.7% 18.3%

62.2% 46.8% 19.0%

57.8% 43.5% 19.5%

$335

72.4%

75.9%

74.0% 75

Aggressive Supplier Deals the Culprit? Spruce Point Capital



Ametek has noted on its Floorcare and Specialty motors website, that “We compete in a very competitive continuously evolving market that has seen significant price erosion in recent years”



According to a letter published to its vendors and potential vendors, Ametek offers advantaged payment terms to its vendors that can consign inventory



What is inventory consignment? Consigned inventory is inventory available to a manufacturer such as Ametek, which is immediately available for use, but title to the inventory and the risk remains with the supplier until the inventory is consumed



There are various pros and cons to inventory consignment strategies to a manufacturer Benefits 1.

Reduces working capital tied up in the inventory. Keeping inventory off its balance sheet would allow a company to improve its reported inventory turnover, and other key financial metrics

2.

Risk remains with the supplier until consumed. As a result, the inventory would not appear on the manufacturer’s balance sheet since title is not held

Negatives 1.

Suppliers may feel pressured that the manufacturer is using too much leverage to accept the terms

2.

Added time and financial costs of managing the consignment process include storage, logistics and warehousing of the inventory

3.

Specialized accounting systems may have to be designed to accommodate any added complexity of the particular consignment strategy

Aggressive consignment strategies and advantaged payment terms to suppliers may be another culprit for why Ametek’s off-balance sheet purchase commitments vastly exceed its reported inventory balance. Ametek may be using this strategy to bolster its reporting financial results. While we don’t know this for sure, in our opinion it is one plausible explanation. Source: Ametek website

76

Remember What the Indian Auditor Said.... Spruce Point Capital

Spruce Point Note: Our review of Ametek Singapore Private Limited, the immediate holding company, along with Ametek European Holdings Limited (the holding company above Ametek Singapore) does not state the inventory valuation method used. Furthermore, both entities stopped filing financial statements in 2012. Regardless, after 5yrs of starting its India operations, Ametek still does not appear to have control procedures in place! Source: Publicly available at http://www.mca.gov.in/

77

Spruce Point Capital

How We Think Ametek “Covers its Tracks” > > Cookie Jar Accounting?

• Ametek has pitched investors on its “Operational Excellence” strategy, commitment to lean manufacturing, and its Six Sigma approach to business. On every quarterly conference call, the company articulates its estimation of its ability to achieve costs from strategic procurement/global sourcing, and operational improvements • We’ve reviewed every call since 2009, and graphed Ametek’s annual guidance on estimated sourcing and operational cost savings vs. its quarterly realized benefit. Curiously, its estimation of annual sourcing benefits exploded higher right after its CFO retired. The explanation was due to “weakness in its markets” and not that it had uncovered miraculous cost saving synergies from its previously announced large acquisition of Dunkermotoren (more on the problems facing Dunkermotoren in the next section!). • Ametek’s sourcing benefit estimation has tripled since 2009 from $20m annual to $70m as of Q3’14, yet its total COGS have only grown 62% over the same period. In our opinion, this growing estimation appears to be providing Ametek a cookie jar to justify its ever-expanding margins, even in the face of “weak markets” and evidence of underlying business issues. See appendix for complete details. $ in millions

$80.0 $70.0 $60.0

7/24/12: Ametek Cites “Softening We Are Seeing” as rationale for increased sourcing savings, not cost synergies from the Dunkermotoren acquisition announced in May. The CFO also “retired” in May.

Sourcing savings estimation exploding faster than realized benefits

$140.0

$120.0 $100.0

$50.0 $80.0 $40.0 $60.0 $30.0 $40.0

$20.0

Source: Ametek earnings conference calls

$10.0

$20.0

$0.0

$0.0

Realized Quarterly Sourcing Benefit (LHS)

Estimated Annual Sourcing Benefit (LHS)

Other Operational Savings (RHS)

78

Spruce Point Capital

Even the Analysts Appear Confused About its Limitless Opportunities to Cut Costs

When pressed for clarity by an analyst about its big increase in sourcing cost reductions, the CEO provides an answer that sounds elegant, but offers little in terms of specifics. A recent study by the McKinsey Global Institute on Global Manufacturing noted that the post-financial crisis period has made the manufacturing sector more uncertain, volatile and with greater supply-chain risks, increasing costs and forcing companies to become more productive. On the other hand, Ametek says it is able to get more cost efficient as it grows in size, scale and complexity. We are skeptical of this claim.

R. Scott Graham, Jefferies LLC, Research Division Just wanted to ask about this $90 million maybe in a little bit of different way it was asked previously. I don't know if you're counting this differently because I remember you were saying at some point in the last 2 years that $60 million was the baseline target. And when things were -- the economy was better, that was the number; and when the economy was weaker, you pushed that number up. Or -- did you at that point not include acquisition cost takeout? Or is this $90 million just a big acceleration off of some of the value engineering [ph] and other things you talked about? Ametek CEO: Now basically, Scott, we have included acquisitions continually in terms of providing that metric. I think the key answer to your question is that the company has just gotten larger so that there are more opportunities to take cost out. And we view this cost journey as a never-ending kind of activity that we expect our businesses every year, independent of where they are on the maturity curve, to be looking at cost improvements in their business. And the number is definitely larger, but I think if you stood it up aside the growth of the business, it's not that much different than what it has been historically on a percentage basis. Source: Q4’13 earnings call (here) Mckinsey Global Manufacturing Report (here)

79

Signs of Deal Desperation and Aggressive Acquisition Accounting

Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent

Ametek: The Undisputed King of Goodwill and Intangible Assets

Spruce Point Capital

Ametek aggressively marks its acquisitions with high goodwill and intangible assets relative to peers. This is a possible sign of overpaying for acquisitions and/or ways to minimize allocations to tangible and intangible assets such as inventory or purchased technology. 80% 69%

70%

61% 62%

60%

52% 52% 54% 46%

50%

35% 36% 37% 37% 33% 32%

40% 27%

30% 20%

13%

16%

10% 0%

Source: Company filings

81

Detailed Look at Acquisition Accounting Spruce Point Capital



Closer scrutiny of Ametek’s goodwill and intangible assets requiring amortization is warranted



Large amounts allocated to goodwill and to ‘customer relationships’



The level of financial disclosure is low surrounding working capital, with key components such as inventory and accounts payable not separately identified Allocation of Total Deal Purchase Purchase Prices Per Year $ i n mi l l i ons

YTD 2014 $61.8 $267.4

Limited Allocation to PP&E and Technology.

$44.0 $133.4 $33.9 $0.0 $211.3 ($58.8) $36.0 $414.3

$52.7 $175.8 $46.6 $0.8 $275.9 ($70.9) $39.4 $573.6

Large allocation to goodwill and customer relationships

$31.2

$33.9

2005 2006 2007 2008 Property, Plant and Equipment $40.9 $16.5 $34.4 $26.2 Goodwill $221.4 $112.4 $170.5 $271.1

2009 2010 2011 2012 2013 $4.8 $23.3 $13.6 $52.3 $12.3 $17.4 $313.5 $238.1 $384.7 $213.5

Indefinite Lived Trademarks Customer Relationships Purchased Technology Other Total Intangibles Deferred Inc Tax Net Working Cap and Other* Total Purchase Price

----$36.1 -$14.6 $72.9

$80.6 $159.7 $36.0 $0.0 $276.3 ($80.6) $6.1 $538.6

$63.0 $178.9 $18.1 $0.0 $260.0 ($37.0) $0.2 $474.9

$96.6 $233.0 $35.2 $1.7 $366.5 ($102.9) $47.1 $747.7

--

--

$28.3

$61.1

*Acct's Receivable Source: Ametek Annual Reports

----------------$40.0 $22.1 $81.7 $136.7 ----$38.4 $26.6 $14.0 $29.0 $340.7 $177.6 $300.6 $463.0 --

--

--

--

Lack of Disclosure on Inventories; Grouped in Net Working Capital

* Accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal

82

Spruce Point Capital



Examples of Good Acquisition Accounting SEC Disclosures

Many of Ametek’s peers give better disclosures for marking of asset and liability valuations, especially on matters of working capital and inventory

Danaher’s 2013 Acquisitions

Source: Company Annual Reports

Agilent’s Varian Acquisition

83

Ametek Aggressively Marks Intangible Asset Valuation >> Bolsters EPS

Spruce Point Capital



Customer lists are the fast growing and largest proportion of Ametek’s intangibles subject to amortization



We also observe that Ametek amortizes customer lists over 19yrs, which is 3yrs longer than purchased technology •

This creates an incentive for management to mark more of its deal costs to customer lists which spreads out the expense and hit to earnings over a longer period

Definte-Lived Intangible Assets Subject to Amortization $ in millions

Amortization Period Patents 16 Purchased Technology 16 Customer Lists 19 Other acquired intangibles 3-20yrs Total definite-lived intangibles Patents Purchased Technology Customer Lists Other acquired intangibles % of Total

2008 $51.0 $69.0 $203.4 $38.4 $361.9 14% 19% 56% 11% 100%

Fiscal Yr Ended December 31st 2009 2010 2011 2012 2013 $54.2 $52.4 $53.0 $54.3 $55.3 $75.6 $107.2 $124.8 $163.2 $198.5 $319.8 $479.9 $657.2 $897.1 $1,037.7 $25.1 $25.9 $24.9 $25.9 $28.3 $474.6 $665.5 $859.8 $1,140.5 $1,319.8 11% 16% 67% 5% 100%

8% 16% 72% 4% 100%

6% 15% 76% 3% 100%

5% 14% 79% 2% 100%

CAGR 2% 24% 39% -6% 30%

4% 15% 79% 2% 100%

Source: Company filings Note: figures are gross amounts

84

Peer Analysis Supports View That Ametek Aggressively Marks Customer Relationships Spruce Point Capital



We analyzed a broad array of Ametek’s peers to see what % of intangibles are being allocated to customer relationships and lists. Our analysis shows that, on average, peers allocated ~50% to this category vs. the ~80% that Ametek allocates



Danaher, a peer at 73%, may not be comparable since they put other intangibles into their customer relationship category Eaton $ in millions

Customer Relationships Patents and Technology Other acquired intangibles Total definite-lived intangibles

% of Total Amort. Period 2012 2013 16yrs $3,838.0 $3,859.0 17 $1,626.0 $1,588.0 $1,160.0 $1,155.0 $6,624.0 $6,602.0

2012 58% 25% 18% 100%

Amort. Period 2012 2013 14yrs $3,528.1 $3,640.0 $1,289.2 $1,376.5 $4,817.3 $5,016.5

% of Total 2012 2013 73% 73% 27% 27% 100% 100%

Danaher $ in millions

Customer Relationships and other Patents and Technology Total definite-lived intangibles

2013 58% 24% 17% 100%

Teledyne Technologies

$ in millions

Purchased Technology Customer Relationships Trademark/Tradename Backlog Total amortizable intangibles

% of Total

Customer Relationships

Amort. Period 2012 2013 8-9yrs $1,019.0 $849.0 4 $401.0 $391.0 12 $176.0 $168.0 $14.0 $14.0 $1,610.0 $1,422.0

2012 63% 25% 11% 1% 100%

Technology/IPRD Trademarks Patents and Engineering Non-compete Agreements Total amortizable intangibles

Amort. Period 5-12yrs 3-10yrs 5-10yrs

% of Total 2012 2013 9% 10% 91% 90% 0% 0% 100% 100%

1

2013 60% 27% 12% 1% 100%

2012 $176.3 $91.1 $0.7 $0.9 $3.3 $12.3 $284.6

2013 $191.3 $100.5 $0.7 $0.9 $3.3 $12.9 $309.6

2012 62% 32% 0% 0% 1% 4% 100%

2012 $244.9

2013 $253.8

% of Total 2012 2013 54% 57%

$147.5 $32.7 $16.6 $8.2 $449.9

$133.0 $32.6 $16.6 $8.3 $444.3

33% 7% 4% 2% 100%

Regal-Beloit $ in millions

Agilent

% of Total

Amort. Period1 Proprietary Technology 10yrs Customer lists/relationships 10 Patents Non-compete Agreements Trademarks Backlog Total definite-lived intangibles

$ in millions

Amort. Period 3-14yrs 3-9 3-20 10 3-5

Mettler-Toledo Bruker Corp $ in millions

Customer relationships Existing Technology/Patents Trade names Total amortizable intangibles

2012 $15.3 $151.5 $0.2 $167.0

2013 $18.0 $157.9 $0.2 $176.1

Amort. Period1,2 2012 Customer Relationships 18yrs $96.6 Proven Technology/Patents 10 $43.0 Tradenames (finite life) 15 $4.0 Other $0.7 Total amortizable intangibles $144.3

$ in millions

2013 62% 32% 0% 0% 1% 4% 100%

30% 7% 4% 2% 100%

% of Total 2013 $98.4 $43.2 $4.3 $0.8 $146.7

2012 67% 30% 3% 1% 100%

2013 67% 29% 3% 1% 100%

Source: Company filings; Note: Gross Historical Cost 1. Inferred from recent acquisitions. 2. Weighted-average life for relationships and patents

85

Pro Forma Impact of Aggressive Amortization Assumptions Spruce Point Capital

• Based on a peer analysis, we estimate an appropriate amortization period for customer relationships to be 10yrs, not the 19yrs Ametek uses on average • Furthermore, we estimate the compounded effect of Ametek’s aggressive amortization assumptions has provided approximately a 130 basis point improvement to its EBIT margins and a 5% improvement to EBIT. We estimate the impact to EPS to be ~2.5% $ i n mi l l i ons

2007

2008

2009

2010

2011

2012

2013

Total Revenues

$2,137

$2,531

$2,098

$2,471

$2,990

$3,334

$3,594

Reported Customer Lists Annual Addition Annual Amort Expense (1) Cummulative Expense

$118.0 $38.1 $2.0 $2.0

$203.4 $85.3 $4.5 $6.5

$319.8 $116.5 $6.1 $12.6

$479.9 $160.1 $8.4 $21.1

$657.2 $177.2 $9.3 $30.4

$897.1 $239.9 $12.6 $43.0

$1,037.7 $140.6 $7.4 $50.4

Pro Forma Adjusted EBIT Annual Amort. Expense (2) Cummulative

$3.8 $3.8

$8.5 $12.3

$11.6 $24.0

$16.0 $40.0

$17.7 $57.7

$24.0 $81.7

$14.1 $95.8

$432.7 17.1% ($5.8) $426.8 16.9%

$366.1 17.4% ($11.4) $354.7 16.9%

$482.2 19.5% ($18.9) $463.2 18.7%

$635.9 21.3% ($27.3) $608.6 20.4%

$745.9 22.4% ($38.7) $707.2 21.2%

$815.1 22.7% ($45.4) $769.7 21.4%

-1.4% 0.2%

-3.1% 0.5%

-3.9% 0.8%

-4.3% 0.9%

-5.2% 1.2%

-5.6% 1.3%

Effective Tax Rate After-tax impact Diluted Shares

32.6% ($1.9) 241.7

30.2% ($3.4) 242.7

30.7% ($5.8) 241.3

30.9% ($8.4) 243.2

30.7% ($11.9) 244.0

28.7% ($13.0) 246.1

Reported Diluted EPS less: After-tax Amort. Impact Pro forma EPS % change

$1.02 ($0.01) $1.01 -0.8%

$0.85 ($0.01) $0.83 -1.7%

$1.18 ($0.02) $1.15 -2.0%

$1.58 ($0.03) $1.55 -2.2%

$1.88 ($0.05) $1.83 -2.6%

$2.10 ($0.05) $2.05 -2.5%

AME Reported EBIT % margin Deduct: Incremental Amort. Pro Forma EBIT % margin % Decline in EBIT Margin enhancement

(1) Assumes amortization period of 19yrs as per Ametek's 10k filing (2) Assumes 10yr amortization period

Customer Relationships Company Amortization Yrs Mettler Toledo 18.0 Eaton 16.0 Danaher 14.0 Teledyne 10.0 Parker Hannifan 10.0 Regal Beloit 8.5 Bruker 8.5 FEI Co. 7.5 Agilent 4.0 Average 10.7 Median 10.0 Source: company filings, midpoint of ranges where provided

86

Desperation for Deals: Zygo Acquisition Underscores Struggle for Fresh Targets

Spruce Point Capital

On April 11, 2014 Ametek announced the acquisition of Zygo (Nasdaq: ZIGO) for an enterprise value of $280 million. 1 •

Headquartered in Middlefield, CT, Zygo is a provider of optical metrology solutions, high precision optics, and optical assemblies for use in a wide range of scientific, industrial, and medical applications



In our opinion, the acquisition highlights the struggles that Ametek is having in identifying quality acquisition targets to continue its growth strategy. We note that Ametek’s press release failed to outline any specific revenue or cost synergies in this transaction that would be accretive to EPS



Ametek paid a $19.25/share, 31% stock price premium, 1.7x, 10x, and 33x trailing sales, EBITDA, and EPS, respectively.



Valuation paid for Zygo appears rich given significant issues / problems: 1.

No Revenue Growth:

2.

Margin Contraction:

FY 2011: $150.1m > FY 2013: $149.4m

a.

Gross Margin:

FY 2011: 47% > FY 2013: 44%

b.

Operating Profit: FY 2011: 14% > FY 2013: 8%

c.

Profit Margin:

FY 2011: 13% > FY 2013: 5%

3.

Management Turmoil: On October 21, 2013 the Chairman/CEO Chris Koliopoulos stepped down; three weeks later, David Basila, VP of Business Development also ceased employment with the company2

4.

Accounting Issues: Zygo received a Nasdaq notice that it was no longer in compliance with listing rules due to a delinquency in filing its 10Q.3 In its last earnings release, Zygo reported numerous errors in its income tax expense, but explained them as not being material. However, in its recent earnings report, the restated diluted EPS fell by 50% from $0.08c to $0.04c (we hardly think a 50% reduction is immaterial)4

Sources: 1) Deal Announcement (here) 2) CEO resignation (here) and VP resignation (here) 3) Nasdaq notification (here) 4) Zygo Q2’14 Earnings report (here)

87

Spruce Point Capital

Latest Amptek Deal – Another Example of Overpaying for (No) Growth

On August 5, 2014 Ametek announced the acquisition of both Amptek Inc concurrent with its Q2’14 earnings. In its recent 10Q filing, Ametek would later disclose that Amptek was acquired for ~$115m and has estimated sales of $30m •

Headquartered in Bedford, MA, Amptek provides instrumentation and detectors used in non-destructive materials analysis applications. Commenting on the acquisition, the CEO said “Amptek provides us with attractive sensor and detector technology as well as strong R&D development capabilities which will help to accelerate future technology developments for our served markets“



We’ve done further diligence on Amptek and discovered that it was owned by JZ Capital Partners, a publicly traded entity in London. A closer look reveals that Amptek had no revenue growth from 2012 to 2013! In fact, revenues declined modestly from $30.2m to $29.2m. Its EBITDA, a number inherently susceptible to accounting assumptions, appears unusually high at 45% of revenues



In our opinion, the Amptek deal further highlights Ametek’s desperation to acquire revenues at any cost. Having paid 3.9x revenues and 8.8x EBITDA for a business with no recent sales growth appears extremely rich, and may be detrimental to shareholder value

Source: JZ Capital 2013 and 2014 Annual Reports (here) and (here)

88

Spruce Point Capital

Ametek’s Largest Deal Ever: Dunkermotoren Major Issues and Deception Ametek Press Release

April 26, 2012 Ametek announced that it would acquire Dunkermotoren, a leader in advanced motion control solutions for a wide range of industrial automation applications. Dunkermotoren had expected 2012 sales of ~ €155m (~US$200m). Ametek acquired the business from Triton, a European private equity firm for ~€250m ($320 million) or 1.61x EV/Sales. Ametek’s deal Commentary: “Dunkermotoren is a global leader in highly engineered advanced motion control solutions for niche applications. It is an excellent strategic and highly complementary fit with our Precision Motion Control business. It expands our leadership position in niche rotary and linear motion applications. In addition, it broadens our manufacturing capabilities in both Europe and China, and greatly expands our presence in key industrial end markets."

Triton Press Release Triton bought Dunkermotoren in Nov 2009 when it was a non-core business of the telecommunications provider Alcatel-Lucent. Triton paid EUR 145m to acquire the business, which was producing EUR 100m of sales (EV/Sales:1.45x) Triton’s deal commentary: "Despite a challenging market environment, we have doubled investment in R&D and managed to improve the company's ability to innovate. In addition we have supported targeted acquisitions in the field of technology and a rapid expansion of sales operations and technology centres in the US, China and Europe. The company has extended its product range and sales network and enhanced customer proximity, all of which has strengthened Dunkermotoren's ability to compete in the long term” Triton to Acquire Dunkermotoren from Alcatel Lucent Announcement Triton Sale to Ametek Announcement Ametek Deal Announcement

Spruce Point Observations • Where was Ametek to purchase this business in 2009 and why did they pay $100m more for it in 2012?

• Triton’s commentary suggests it invested substantial R&D to grow the business. None of this R&D will accurately flow through Ametek’s income statement, enabling the overstatement of EPS • In the purchase price allocation, we observe Ametek attributed the smallest amount to purchased technology of $16.4m, and is amortizing it over 15yrs, so just $1.1m/yr of amortization expense will hit future earnings

Dunkermotoren Purchase Price Allocation $ in millions

Amortized

Years

$34.0

Yes

Various

Goodwill

$140.5

No

Customer Relationships

$103.7

Yes

16-20

Purchased Technology

16.4

Yes

15.0

Indefinite Lived Trademarks

44.5

No

Property, Plant and Equip.

Total Intangibles Deferred Inc Tax Net Working Cap and Other Total Purchase Price

$164.6 (19.2) (2.7) $317.2

Source: Q1-Q3 2012 Ametek 10Q SEC Financials

89

Spruce Point Capital

Dunkermotoren’s German Filings Tell a Different Story

Dunkermotoren’s 2012 German Public Filings On May 21, 2012 Ametek said, “The privately held manufacturer has expected 2012 sales of approximately €155 million ($200 million)” But, according to public filings, Ametek would have already known that Dunkermotoren’s business was deteriorating when they made this statement. Actual 2012 revenues came in at EUR 136.4m, or 12% less than expected. Revenues declined 3% YoY!!

Business Commentary From German Filing “Overall, Dunkermotoren could not reach the turnover of EUR 140.1m from the previous year. Sales amounted to EUR 136.4M, which is about 3% below the planned levels. The good level of the first quarter could not be sustained in the subsequent quarters. The global economy also influenced the regional distribution of sales. In Germany, sales remained broadly stable. With a slight decline in the fourth quarter, sales declined in Germany for the year by approx. 1%. Exports to other European countries were about 6% lower than last year, the same applies to exports to Asia. Positive Sales developments in North America, here were 9% increase was recorded.”

Ametek Spins a Misleading Story to Wall St. Matt McConnell - Citigroup - Analyst Great, thank you. I wonder if I could slip in a quick follow-up on Dunkermotoren. I know it has been probably two or three quarters since that closed. Could you give an update on how that integration has been going and maybe profitability? I think it was a 1-point drag to the EMG margin. Was that roughly in line with your expectation? AMETEK, Inc. - Chairman, CEO

Profit Increased, but mostly because Ametek repaid some of its debts

Source: Dunkermotoren’s public German financials (Google Translated); Available https://www.bundesanzeiger.de

Yeah, it’s now performing very good. I’m very, very pleased with the operating team there. We just did a review recently and that team has embraced the Ametek culture, and they’re very good and their profit margins are lower – there’s no question. We knew that when we acquired them. As we do with most acquisitions, we’re going to continue to work and improve those margins, and your analysis is right – it was about 100 basis points improvement. 90 Source: Q4 2012 Ametek Earnings Conf Call (here)

So Much for the Dunkermotoren Team “Embracing Ametek’s Culture”.... Struggles Continue in 2013 Spruce Point Capital

German Article on Dunkermotoren – Aug 8th, 2013

English Interpretation

Manfred Bergsch wird Leiter der Geschäftsführung Bonndorf - Manfred Bergsch ist ab sofort neuer Leiter der Geschäftsführung bei der Dunkermotoren GmbH. Das teilte die Unternehmensleitung bei einem Pressegespräch mit. Die Organisation ist soweit stabil, dass wir uns gemeinsam mit Ametek entschlossen haben, die bisherigen Geschäftsführer freizustellen“, so Uwe Lorenz, der den Geschäftsführerposten von Volker Brunner übernommen hat und bereits vorher im Leitungsteam der Firma tätig war. Die drei bisherigen Geschäftsführer von Dunkermotoren, Nikolaus Gräf, Volker Brunner und Frank Guckelberger hatten gekündigt. Manfred Bergsch war bisher Aufsichtsratsvorsitzender der Dunkermotoren GmbH. „In der Rolle als Geschäftsführer kann ich die Firma aber besser begleiten.“ Bergsch selbst betrachtet sein Engagement als Leiter der Geschäftsführung als ein vorübergehendes. Er ist gleichzeitig Geschäftsführer der Spectro Analytical Instruments in Kleve, die seit 2005 zum Ametek-Konzern gehört. „Ich werde ab jetzt aber drei Tage die Woche hier sein“, versicherte er. Derzeit laufe die Suche nach einem ständigen Leiter der Geschäftsführung über Ametek. Ob die Position des Leiters des Rechnungs- und Finanzsektors (bisher Frank Guckelberger) künftig auch Geschäftsführungsfunktion habe, wisse man noch nicht. Bergsch lobte den Zustand der Firma: „Das ist eine motivierte und erfolgreiche Mannschaft, die Dinge wirklich bewegen will. Das macht wirklich Spaß hier.“ Der Leiter der Geschäftseinheit, in der Dunkermotoren organisiert ist, Matt French, war aus den USA nach Bonndorf gekommen. Daran sehe man, wie wichtig Dunkermotoren für Ametek sei, erläuterte Bergsch. Der Konzern hat 16 solche Einheiten und 70 Firmen. „Ich bin froh, dass wir eine solch stabile Managementsituation haben, die es ermöglicht hat, die bisherigen Geschäftsführer freizugeben“, so French.

“Manfred Bergsch is now the new head of management (CEO) at Dunkermotoren, announced at a press conference” “The three former managing directors of Dunker engines , Nikolaus Graf, Volker Brunner and Frank Guckelberger were terminated.”

“It is not known what will happen to the Head of Finance and Accounting position (previously Frank Guckelberger).”

IT WOULD TAKE 1 YEAR FOR THE COMPANY TO FINALLY ANNOUNCE MARKUS ROTH AS ITS NEW CEO1

Manfred Bergsch ist 58 Jahre alt, verheiratet, hat zwei Kinder und drei Enkel. Seit 29 Jahren ist er bei Spectro Analytical Instruments, dort hat er als Servicetechniker angefangen. Er war drei Jahre in den USA tätig und ist seit 2006 Alleingeschäftsführer Source: Public German Article (here) translated by Google Translate 1) New CEO Appointed (here)

91

Spruce Point Capital

Insights from Cameca: Failed Revenue Expectations and Now Covering Tracks? Ametek Announces Acquisition of Cameca

August 13, 2007: PAOLI, Pa.--(BUSINESS WIRE)--AMETEK, Inc. (NYSE:AME) announced that it has acquired CAMECA SAS, a manufacturer of high-end elemental analysis systems used in advanced laboratory research, semiconductor and nanotechnology applications. CAMECA, based in Paris, France, was purchased from an investment group led by the Carlyle Group for approximately €82 million ($112 million). CAMECA has estimated annual sales of €60 million ($82 million). “CAMECA is an excellent acquisition that significantly broadens our technical capabilities in differentiated, high-end analytical instrumentation. Its global customer base includes many of the world’s leading semiconductor manufacturers and academic, government, and industrial research facilities engaged in nano-science and other materials science research” “CAMECA is an excellent acquisition that significantly broadens our technical capabilities in differentiated, high-end analytical instrumentation. Its global customer base includes many of the world’s leading semiconductor manufacturers and academic, government, and industrial research facilities engaged in nano-science and other materials science research,” states Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.

Observations and Commentary Observations: •

Ametek estimated Cameca’s sales at €60m for 2008. According to public filings we obtained, its 2008 actual results were €45m (25% below plan), with virtually no revenue growth in 2009. According to public filings, Cameca still had not hit €60m of revenues by year end 2013!



Its CEO resigned according to a French filing made on 3/31/14 and one of its auditors appears to have resigned too

Years Would Pass Until Ametek Started Touting Cameca on Earnings Conference Calls...Why? • Q1’2012 (here): “Europe is an interesting story for us. Overall, our

organic growth in Europe was quite good. It was up actually about 7% in the first quarter. And we saw very, very strong performance in our Aerospace businesses. And also one of our companies in France, CAMECA, which makes a very high-end analytic type instrumentation, saw excellent, excellent sales”

• Q3’2012 (here): “Interestingly though, at the very high end of our

business, it’s absolutely the opposite, where I think you’re familiar with our CAMECA business and that business tends to go countercyclical to the semiconductor cycle and when things are weaker in semiconductor, basically the semiconductor companies put more investment in RD&E. So that business is just doing incredibly well for us”

• Q1’2013 (here): “Actually, our strongest organic growth was in

Sources: Cameca acquisition announcement Cameca public filings: here

Europe, and the reason for that was really twofold. One was that we have our commercial and some of our business in regional aircraft, European businesses were very strong and the MRO business in Europe was very strong. That was one factor. And the second factor was CAMECA, which is one of our highest, and EIG businesses had very large shipments into Europe in the first quarter.”

92

Cameca’s Gains Appear To Be Hitting A Wall Spruce Point Capital

We’ve obtained Cameca’s historical financial filings and presented the results below for ease of display. Our observations mirror many of our concerns about Ametek’s current predicament. Cameca appears to have hit a wall in terms of margin expansion, while its revenue growth has severely disappointed.

Cameca’s Income Statement – FY Ended 12/31

Observations and Commentary

euros in millions

Net Turnover (Sales) % growth Cost of Materials+ other pruchases Gross Profit % margin Salaries and Wages % margin Depreciation and Amort. Operating Taxes/Levies Provision for Current Asset Charges Provision for Operating Liablities Other Expenses EBIT % margin EBITDA % margin

2007 € 45.0 -€ 26.0 € 19.0 42.2% € 12.6 28.0% € 0.2 € 1.0 € 0.2 € 0.6 € 0.3 € 4.2 9.3% € 4.4 9.7%

2008 € 45.8 1.7% € 23.3 € 22.5 49.1% € 13.4 29.2% € 0.2 € 1.1 € 0.4 € 2.0 € 0.1 € 5.3 11.6% € 5.5 12.1%

2009 € 32.0 -30.1% € 15.7 € 16.3 51.0% € 13.0 40.5% € 0.3 € 0.9 € 0.4 € 1.3 € 0.1 € 0.4 1.4% € 0.7 2.2%

2010 € 44.0 37.4% € 20.2 € 23.8 54.1% € 12.5 28.5% € 0.3 € 1.1 € 0.7 € 3.6 € 0.1 € 5.5 12.5% € 5.8 13.1%

2011 € 48.8 10.8% € 24.4 € 24.4 50.0% € 13.6 28.0% € 0.3 € 1.1 € 0.3 € 3.8 € 0.1 € 5.2 10.6% € 5.4 11.1%

2012 € 55.9 14.6% € 25.6 € 30.3 54.2% € 13.9 24.9% € 0.3 € 1.4 € 0.7 € 4.2 € 0.1 € 9.7 17.4% € 10.0 18.0%

No te: We exclude items belo w net revenues such as pro ductio n o f invento ried pro ducts and large reversals o f amo rtizatio n and pro viso ns

Sources: Cameca public filings: here

2013 € 59.1 5.8% € 29.0 € 30.1 50.9% € 14.4 24.4% € 0.3 € 1.8 € 0.3 € 4.1 € 0.2 € 9.0 15.3% € 9.4 15.8%

CAGR 4.6%

2013 Net Revenues of €59.1m are still below the forecasted revenues of €60.0m announced in 2007! Revenue growth slowed significantly in 2013.

1.8% 8.0% 2.3% 9.4% 9.6% 9.7% 39.6% -7.9% 13.6%

Claims of continuous improvements and ability to strategically source and drive input costs lower is not evident in Cameca’s gross margins, which have been largely stagnant since 2008

Research and development expenses, listed in the footnotes of the financials, have held stable at ~€4.8m per year. This also underscores our belief that the company underinvests in R&D

13.5% EBITDA margins peaked in 2012 and are significantly below Ametek’s corporate margin of 26%

93

Spruce Point Capital

Cameca’s Auditor Resignation.... Trouble Brewing?

2011 Financials Have 2 Auditors

Latest 2013 Financials Shows Auditor Departure

By French Commercial Code (article L823-2), Cameca must have two statutory auditors.(1) Cameca’s latest filing in 2013 has just one auditor - Constantin Associates has been omitted.

Cameca public filings (here) 1) Dual Statutory Audit Rule (here)

94

Trouble Brewing at Cameca.... Spruce Point Capital

Recent public filings in France and UK indicate troubles at Cameca. Its CEO recently departed, and its UK subsidiary was declared insolvent. Furthermore, according to Ametek’s recent private placement filing, Schedule 5.15 indicates $13.1 m of previously undisclosed capital lease debt assumed by Cameca. This may indicate an unwillingness by Ametek to internally fund the business. Cameca’s French Filings Show Cause For Concern

Sources: Cameca French (here) and UK (here) filings Private Placement Filing (here)

Cameca’s UK Subsidiary Recently in Liquidation

95

Spruce Point Capital

Another French Auditor Disappearance at Ametek’s Antavia SAS

Antavia is a French MRO company that employs 70 people to support efficiently its worldwide customers such as Boeing and Airbus. Umeco, based in England, acquired Antavia for £8.7m in October 2006 to create its first repair and overhaul base in mainland Europe. Approximately 1 year later in October 2007, Ametek acquired Umeco’s MRO division (which included Antavia and AEL Ltd) for approximately £36m ($73m), which together had estimated annual sales of approximately £28m ($57m) Our review of recent filings, indicates that Antavia produced €15.4m of revenue in 2014, and increase of 11% from 2013. We calculate its EBITDA to be €3.2m or 20.6% of revenue. However, we believe that Antavia’s financial results should be viewed cautiously. We observe that its second auditor, Deloitte Marque & Gendrot, mysteriously disappeared from signing the audit opinion after 2012. As we highlighted earlier, Ametek’s Antavia must have two statutory auditors by French Commercial Law

Sources: Antavia SAS public filings: here Ametek acquires Umeco MRO (here) Umeco acquires Antavia (here)

No Signature

96

Spruce Point Capital

Insights From the Acquisition of Land Instruments Int’l Ltd.

Land Instruments Acquisition Sounds Promising According to the Announcement On June 16, 2006 Ametek announced it acquired Land Instruments International Limited (“Land Instruments”), a global supplier of high-end analytical instrumentation. With its headquarters in Dronfield, United Kingdom, Land Instruments had annual sales of approximately £22 million ($41 million). It was acquired from an investor group led by 3i plc • According to Ametek, “Land Instruments is an excellent addition to our high-end process and analytical instruments business. It offers an extensive range of infrared temperature measurement, combustion efficiency and emissions monitoring instruments.” • “Land Instruments offers a full range of on-line optical temperature measurement instrumentation for industrial applications, including spot thermometers, line scanners and thermal imagers. These instruments, which measure temperatures up to 3000 degrees Celsius, are widely used by the metal, glass and mineral processing industries. The addition of Land Instruments’ high temperature monitoring and control systems expands AMETEK’s on-line process monitoring capabilities, adding to our existing strengths in on-line composition and moisture analysis,” continued Mr. Hermance”

Sources: Land Instruments Acquisition Announcement (here) Land’s UK public filings accessible at www.companieshouse.gov.uk

Spruce Point Commentary •

Land’s revenue did not appear to hit the target of £22m stated in the press release. We estimate on a calendarized basis, Land produced ~£15m of revenues, or 31% less than expected

Commentary from Land’s 2006 Annual Report •

“Turnover for the 9 month period ended 31 December 2006 was 30% lower than for the 12 month period ended 31 March 2006. After adjusting for the different length in reporting periods, turnover for the 9 month period ended 31 December 2006 was broadly comparable with the prior period.”



“Operating profit before exceptional items decreased by 64% during the period. After adjusting for the different length in reporting periods, the operating profit before exceptional items was 50% lower than in the prior period, reflecting reduced margins arising from a change of mix in products and pricing pressure. The company incurred exceptional costs of £990,000 in the period, arising from the write off of a loan to a loss making subsidiary (now in liquidation), curtailment of the Employee Benefit Trust and redundancy costs, details of which are set out in note 3 to the financial statements.” 97

Spruce Point Capital

Years Later and Land Instruments Is Still Struggling...

Observations From Recent Performance

Spruce Point Commentary •

Land’s revenue in 2013 is still 17% below its £22m estimated revenue at acquisition in 2006, and its operating profit margin has contracted by 467bps over the past 3 years

2012 Commentary from Land’s Annual Report •

“Core markets underwent significant retrenchment during 2012. This negatively impacted both volumes and pricing. These effects were partially offset by the improved penetration of new market sectors and new product launches. Cost reduction and other commercial activities were successfully initiated to address the market challenges, leaving the business well positioned to deliver strong performance in 2013 and beyond.”

2013 Commentary from Land’s Annual Report •

“The Company’s core market business, while stabilizing in 2013, continued to show some sales deterioration against the previous year. This was partly due to lack of growth in these mature markets, but was also due to a more selective targeting of sales opportunities, which was a contributing factor to the higher underlying operating profit performance noted below”

Source: Land’s UK public filings accessible at www.companieshouse.gov.uk

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Spruce Point Capital

Insights from Taylor Hobson UK filings: No Growth, Margins Shrinking

Recent Zygo/Luphos Deal Synergistic w/Taylor Hobson? On June 16, 2004 Ametek announced it acquired Taylor Hobson Holdings Ltd. (“Taylor Hobson”) manufacturer of ultra-precision measurement instrumentation for a variety of markets, including optics, semiconductors, hard disk drives and nanotechnology research. Taylor Hobson was acquired from funds advised by Permira for a purchase price of GBP 51m (~US$ 95m). Taylor Hobson had expected 2004 sales of ~GBP 38 million (~$US 70m) (1) • Ametek recently cited Taylor Hobson in its Q2’14 conference call, saying, “During the second quarter, we closed the acquisition of Zygo Corporation and acquired Luphos, a technology acquisition which is highly synergistic with Zygo and our Taylor Hobson and metrology businesses” • We wanted to investigate Taylor Hobson further, so pulled its recent UK financial filings. Again, we found evidence of a struggling company with only 1.3% revenue growth, gross margins contraction of 200bps to 49.8% from 51.9% and operating margin contraction of 295bps from 27.07% to 24.12% • Our take: Taylor Hobson’s financials show it is struggling, while Zygo’s business appears challenged and under margin pressure. We are skeptical of Ametek’s ability to drive ‘synergies’ between two no growth companies with contracting margins 1) Note: Ametek acquired the Solartron Group (2005) with sales declared at GBP 25m (US$50m), and is holding Solartron Metrology as a 100% subsidiary of Taylor Hobson. Taylor Hobson Deal Announcement Solartron Deal Announcement

2013 Commentary from the Annual Report

• “Financial performance in our Leicester division returned to just below 2011 levels with an overall decrease in sales of 11% from the peak 2012. Sales to the Far East in particular were much weaker than last year, the relative decrease due to the unusually high sales to our Japanese sister-company in 2012. Most product lines were affected with core surface and roundness products bearing the brunt. Sales in our Solartron ISA division were up 54% on the previous year as a result of increased activity in all product and geographic sectors. Asia and the Americas saw particularly strong growth.” • “At the operating profit level, we made 24.1% (2012: 27.1%). Whilst this was down on the previous year, the return remains very respectable in the context of reduced volumes, adverse foreign exchange movements and increased R&D investment.” Source: UK public filings accessible at www.companieshouse.gov.uk

99

Spruce Point Capital

Insights from the Acquisition of Muirhead Aerospace

Ametek Announces Acquisition of Muirhead Aerospace

On Nov 3rd 2008, Ametek announced the acquisition of UK-based, Muirhead Aerospace Limited, a leading manufacturer of motion technology products and a provider of avionics repair and overhaul services for the aerospace and defense markets. Muirhead Aerospace was a subsidiary of Esterline Technologies Corporation, a NYSE-listed company (NYSE:ESL), and has estimated 2008 sales of approximately $54 million (£33 million). Key Deal Commentary From Ametek: “Muirhead Aerospace expands AMETEK’s penetration in motion control products for the aerospace and defense markets, including actuators and other specialized linear motors, complementing our existing technical motor capabilities. Muirhead Aerospace’s motion control products are used in many applications including fuel controls, flight controls, power systems and guidance systems on a wide variety of aircraft, land vehicles, ships and missiles” “Additionally, Muirhead Aerospace further strengthens AMETEK’s position as a leading independent provider of MRO services to the European aviation industry. It provides avionics repair services to a wide variety of commercial, business jet and defense customers,” Source: UK public filings accessible at www.companieshouse.gov.uk Muirhead deal announcement (here)

Spruce Point Commentary • Muirhead’s revenues do not appear to have achieved the estimated results articulated in the press release. Even with the benefit of the 14 month period from Nov 1, 2099 to Dec 31, 2009, revenues only achieved £31.2m Annual Report Commentary

• “The company performed well in the 14 months to 31 December 2009 despite a difficult economic environment. The impact of the global economic downturn however was greater than anticipated and the business needed to align its cost structure with market conditions as a result. The restructuring, coupled with a rebranding exercise following its acquisition by Ametek Inc resulted in operational restructuring costs of £925k • Adjusting for this, operating profits for the lengthened period and the 14 month financial position were considered to be satisfactory. The company continues to seek out new opportunities in its repair and overhaul business. We continue to be cautiously optimistic about the near term economic outlook and our differentiated business continues to enjoy a healthy order book. This gives us good reason to be confident that 2010 should be another good year 100

Spruce Point Capital

Muirhead Aerospace’s Recent Performance: Margins in Persistent Decline

Observations From Recent Performance

Muirhead Aerospace Financial Performance

Spruce Point Commentary • December 31 2009, as part of a group re-organization, Muirhead sold the trade and assets of its motion business for a consideration of GBP 18.9m to Airscrew Limited, a fellow subsidiary of Ametek Inc. Subsequent to this transaction, January 8, 2010 Airscrew Limited changed its name to AMETEK Airtechnology Group Limited (see next slide for details)

• While Muirhead’s revenues have expanded since 2010, its margins have contracted. Gross Margins peaked in 2011 at 52% and have contracted to 41.8% in 2013. EBITDA margins also hit a 4 year low in 2013 at 22.7%. These margins are significantly below Ametek’s parent level margins in the 26% range. These margin contractions directly call into question Ametek’s “Operational Excellence” and continued ability to raise its margins

pounds in millions

Sales % growth Gross Profit margin Operating Profit margin Depreciation and Amort. EBITDA margin

2010

2011

2012

2013

£11.4 -£5.5 48.5% £2.6 22.6% £0.2 £2.7 24.0%

£11.0 -3.3% £5.7 52.0% £2.4 21.5% £0.2 £2.6 23.2%

£14.1 27.9% £6.4 45.2% £3.2 22.7% £0.3 £3.5 24.7%

£16.4 16.6% £6.8 41.8% £3.4 20.9% £0.3 £3.7 22.7%

• We also note that Muirhead invested virtually nothing in its R&D for the four years we reviewed Muirhead Annual Report Commentary • 2011: “Despite the general downturn in the UK economy with particular emphasis on defence spending programme reductions and curtailments, the operating profits of the company were considered good” • 2013: “Muirhead continued to show strong year on year growth in both sales and operating profit...the increased level of turnover was largely derived from government contracts”

UK public filings accessible at www.companieshouse.gov.uk

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Spruce Point Capital

Insights from AMETEK Airtechnology: Margin Contraction

Observations From Recent Performance Spruce Point Commentary •

AMETEK Airtechnology has not filed updated financials since 2012. In 2014, three of its directors resigned: Robert Mandos, John Mockler, and Jason Fenn



While revenues increased 7.7% from 2011 to 2012, gross margins contacted from 24.1% to 22.2% (190bps), while Operating profit (EBIT) margins contracted from 12.0% to 10.8% (120bps)

AMETEK Airtechnology 2012 Annual Report Commentary •



“The level of order intake in 2012 reduced by £1.7m or 3.9% to £42.6m. A reduction of orders in our track ball product line which benefited from a large multi-year in 2011 drove this reduction. We continue to invest heavily in new product development to ensure we are well placed to achieve our long term growth objectives. During 2012 we spent £3.2m on research, development and engineering to support our New Product investment programs. New Product investment for 2012 was 6.8% of sales (2011 8.4%). The level of enquiries and the future prospects remain encouraging.” “The company operates in a competitive env’t, and our customers have the ability to switch supply sources if they judge that the competitor product offers better value. Further, it is becoming apparent that a trend is developing with our defence and industrial markets whereby customers are placing orders close to if not within stated lead times. This business believes this change in procurement behavior is as a direct result of our customers coming to terms with reduced defence budgets and general tightening of spending within industrial and commercial markets driven principally by continuing concerns over the robustness of economic growth in developed and developing economies.”

Margin contraction!

Margin contraction!

Source: UK public filings accessible at www.companieshouse.gov.uk Note: During 2012 the company recorded £0.9m provision to reflect additional costs associated with a development program which will not be recoverable under the terms of the contract

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Spruce Point Capital

Recent Problems at Ametek Airtechnology?

Financial Accounts Overdue

Source: UK public filings accessible at www.companieshouse.gov.uk

Recent Director Resignations

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Spruce Point Capital

Insights from Lloyd Instruments: Dramatic Revenue Decline in 2012 Overview of Lloyd Instruments

Lloyd Materials Testing (formerly Lloyd Instruments) is an AMETEK, Inc. company and part of AMETEK Test & Calibration Instruments. It manufactures testing machines and testing systems, polymer test equipment and texture analysis instruments. Originally known as JJ Lloyd Instruments, the company has been around for over 40 years. Spruce Point Commentary • Llyod instruments has not yet filed 2013 financials, so we cannot assess its recovery vs. 2012’s dramatic revenue decline

• Echoing our concerns about underinvestment in R&D, we observe that Lloyd’s invested just GBP 168k in R&D on GBP 18m of revenues – a small amount Lloyd’s 2012 Annual Report Commentary • “Turnover has decreased by 31.5% to £18,049,000. This was due to funding issues, unfavorable European economic climate and increased competitive activity in our AMETEK Advanced Measurement Technology Division and a change in business processes for the Lloyd Instruments Division, with sales to certain markets being replaced by a commission arrangement”

• “A favorable product mix resulted in an improvement in gross margin in our AMETEK Advanced Measurement Technology Division which was offset by the effect of the changed business structure in the Lloyd Instruments Division” Source: UK public filings accessible at www.companieshouse.gov.uk

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Spruce Point Capital

Insights from SPECTRO Analytical Instrument’s German Filings Ametek Press Release

Recent Business Commentary

June 14, 2005 – SPECTRO Analytical Instruments is pleased to announce that it has been acquired by AMETEK, Inc. (NYSE: AME) a leading global manufacturer of electronic instruments and electric motors. SPECTRO was acquired from an investor group led by German Equity Partners BV for approximately €80 million ($98 million). With its headquarters in Kleve, Germany, SPECTRO has annual sales of approximately €85 million ($104 million). "We are very excited about the acquisition of SPECTRO," comments AMETEK Chairman and Chief Executive Officer Frank S. Hermance. "SPECTRO is a highly differentiated business which significantly expands our elemental analysis capabilities, bringing new technologies and market opportunities to AMETEK. With this acquisition, our high-end analytical businesses now total nearly $375 million in annual revenue.” 2008 € 104.5 € 53.8 € 50.6

2009 € 74.7 € 39.6 € 35.1

2010 € 91.9 € 45.1 € 46.8

2011 € 103.3 € 50.1 € 53.2

2012 € 108.3 € 50.0 € 58.2

% margin R&D % margin Distribution Costs % margin G&A % margin D&A EBIT

48% € 4.5 4.3% € 20.8 19.9% € 5.0 4.8% € 2.4 € 17.8

47% € 4.3 5.8% € 15.8 21.1% € 5.2 7.0% € 3.1 € 6.7

51% € 4.5 4.9% € 18.8 20.5% € 4.7 5.1% € 2.4 € 16.5

52% € 5.0 4.9% € 20.4 19.8% € 4.9 4.7% € 2.7 € 20.2

54% € 5.0 4.6% € 20.2 18.7% € 4.7 4.4% € 3.3 € 25.0

% margin EBITDA % margin

17.1% € 20.3 19.4%

9.0% € 9.8 13.1%

17.9% € 18.8 20.5%

19.6% € 22.9 22.2%

23.1% € 28.3 26.1%

$ in millions

Sales COGS Gross Profit

• “The year 2012 showed a stable trend over the previous year, although in the sale of analyzers no overall volume growth was achieved. A significant increase in sales was achieved but in the service and aftermarket business.” • “The upward trend after the crisis of 2009 remains stable and is expected to continue to moderate. This further assumes the outlook for the next 3 years is a market growth of around 3-5% per year.” • “A major reason for the stable demand for our products is due to the continued stable conditions on the metal producing markets and the secondary industries associated with it”

Spruce Point Observations • Revenues have been largely stagnant and grown under 1% per annum for the past 5 years. 2012 revenues finally exceeded pre-recession levels • SPECTRO is one of the few businesses with EBITDA margins comparable to Ametek’s corporate EBITDA margin

• SPECTRO mirrors our concern that Ametek may be underinvesting in R&D among its businesses. We observe that its R&D margin has largely been flat, while the company reports “no volume growth” Source: http://www.spectro.com/pages/e/p060080.htm https://www.bundesanzeiger.de (Google Translation)

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Spruce Point Capital

Insights from Atlas Material Testing’s German Operations Ametek Press Release

PAOLI, Pa., Nov. 9, 2010 /PRNewswire-FirstCall/ -- AMETEK, Inc. (NYSE: AME) today announced that it has acquired Atlas Material Testing Technology LLC, the world's leading provider of weathering test instruments and related testing and consulting services, from Industrial Growth Partners for approximately $159 million in cash. Atlas is headquartered in Chicago with additional manufacturing operations in Germany and a network of outdoor and laboratory testing facilities around the globe. It has expected 2011 sales of approximately $85 million. Atlas' products include weather exposure test systems, corrosion-testing instruments, specialty lighting systems, and large-scale weathering test chambers. In addition, Atlas offers indoor laboratory and outdoor testing services, photovoltaic and solar testing, and consulting. Its customers include testing laboratories and leading aerospace, paint, coating, polymer, plastic, solar/photovoltaic, pharmaceutical, LED and automotive manufacturers. Atlas' products and services are used by their customers in both new product development and quality assurance applications, to assess product performance, reliability and compliance with industry standards and specifications. These instruments test the effects of weathering by simulating exposure to sunlight, temperature, moisture and corrosion. ATLAS Material Testing Technology GmbH

Observations and Commentary • Observations: Atlas’ German operation appears to account for ~50% of its total revenues with EBITDA margins in the 9-10% range • Translated Commentary: For 2012, we expect revenue of about EUR 32 million and a profit on ordinary activities of approximately EUR 2.0 million. Thus, sales would indeed be higher than in 2010 but lower than 2011, the hitherto most successful year in company history. For 2013, we expect revenue and profit on ordinary activities at approximately the same level as in the 2012

• The continuing weakness of the U.S. dollar against the EURO and EURO erstarktem again after overcoming the crisis in some European Member States on the one hand, we expect continued pressure on prices for our products. Approximately 30% of our revenue is denominated in USD. On the other hand, we expect a further improvement in the economy with positive effects on the demand for our products. • The main focus in the 2012 financial year was the development of new products in the low-end range and test equipment for the solar industry. In this context, cooperation with the American parent company has intensified and led to a lively exchange of technical knowhow. The use of these synergies will in future lead to a significant cost reduction and acceleration in the development area. In 2013, the parent company has decided to shift the entire production gradually until 2014 to Chicago. Our company will then buy the products and sell as before.

Sources: German Public Filings (here); (Google translation) Atlas acquisition announcement

• From this displacement, approximately 10 to 12 employees would be affected. Currently still negotiations with the 106 works council on the release procedures.

Insights From Grabner Instruments (Austria) Spruce Point Capital

Grabner Instruments was acquired by Chandler Engineering in 2002. In 2003, Chandler reorganized its ownership in a separate company named Chandler Instruments LLC. Ametek acquired Chandler Instruments Company, LLC, a manufacturer of measurement instrumentation for the oil and gas industry, for approximately $50 million. With its headquarters in Tulsa, OK, Chandler had 2003 expected sales of approximately $30 million. Grabner develops and manufactures automatic petroleum testing equipment. Grabner Instruments’ are fully automated, portable, rugged and fast & easy to operate fuel and oil analyzers for the quality control in the laboratory as well as for f ast onsite tests in mobile laboratories

Spruce Point Observations

Grabner Instruments Financial Summary Euro in millions Sales % growth Cost of materials/services Gross Profit % margin Personnel Expenses

2008 €8.7 -€1.5 €7.1 82.3% €2.8

2009 €5.6 -35.7% €1.1 €4.5 79.9% €3.0

2010 €6.5 17.4% €1.4 €5.1 77.9% €2.6

2011 -------

2012 €9.0 -€2.3 €6.7 74.7% €3.0

2013 €9.6 7.6% €2.5 €7.1 74.2% €3.2

10.1% 0.0% 2.1%

Depr+Amortization Other Operating Expenses EBIT Add: Depr/Amort EBITDA % margin

€1.1 €1.3 €1.9 €1.1 €3.0 34.4%

€1.1 €0.9 -€0.4 €1.1 €0.6 11.6%

€0.2 €1.0 €1.3 €0.2 €1.5 23.0%

-------

€0.1 €1.0 €2.6 €0.1 €2.7 30.3%

€0.1 €1.5 €2.4 €0.1 €2.5 26.2%

-33.4% 2.3% 4.6% -33.4% -3.3% -

Note: Grabner’s income statement was not filed in 2011 Sources: Grabner public filings (here).

CAGR 2.1%

• Grabner appears to be a small, but niche business with EBITA margins close to the parent level margins • Long-term revenue growth rate of 2% p.a. is not impressive, and may be more of a function of price increases than volume growth • More notably, gross margins and EBITDA margins have declined sharply since 2008, which directly contradicts management’s claims of its ability to extract continual improvements from cost cutting 107

Spruce Point Capital

Insights from Ametek Denmark – Margin Erosion and Plunging Return Metrics



We obtained public documents on Ametek Denmark: Part of Ametek Measurement and Calibration Technologies (“AMCT”) and comprises R+D, production and worldwide sales of temperature, pressure and signal calibration instruments as well as developm ent and production of temperature sensors sold primarily in Denmark. The division AMCT, which Ametek Denmark is part of, handles sales, service and calibration in the US and Canada. The affiliated companies in Germany and France handle sale, service and calibration in those markets.



The business does not report revenues or COGS, However, Gross Profit and Operating Profit fell by 3.1% and 11.3% respectively in 2013. Return on Net Assets and on Equity plunged to a 4 year low. Cash flow from operations fell from DKK 29.3m to 4.6m



Selected Commentary: “In 2013, the export share of Ametek Denmark was 86% compared with 85% in 2012. Gross Profit for the year was a net decrease primarily due to a change in product mix and also a drop in the US Dollar. In 2014, Ametek Denmark expects a moderate increase in gross profit and in earnings due to the expected general pick-up of the global market, continuing introduction of new productions and expansion in existing and new market areas”

Key Return Metrics Plunge to 5yr Low Sources: Public Financial Filings of Ametek Denmark (here)

108

Insights from Ametek Nordic AB (Sweden) Spruce Point Capital

• We obtained public documents on Ametek Nordic AB: Handles the marketing, sales and distribution of electronic instruments such as spectrometers in Sweden. According to its website www.ameteknordic.se it markets the Spectro and Spectum brands. Spectro is a member of AMETEK Materials Analysis Division.

Income Statement

• Spruce Point’s Observations: 1. Revenues peaked in 2011 at SEK 14.1m (down 27.5%) and are still below 2010 revenue levels 2. Its EBITDA improved to SEK 2.4m in 2013, and its EBITDA margin stood at 15% -- significantly below the parent level EBITDA of 26%

Financial Summary “D&A” “Operating Profit (EBIT)”

“Net Revenues” “Profit after financial items” “Total Assets”

Sources: Public Financial Filings of Ametek Nordic AB available in Sweden (here)

109

Insights into Ametek’s Specialty Metal Products Spruce Point Capital

Ametek Specialty Metal Products is a collection of 4 business units, and include three acquisitions in recent years (Coining, Reading Alloys, and Hamilton Precision Metals). These companies produce metal powders, master alloys, clad metals, specialty wire products, metal strip, engineered shaped components, thermal management products, foil, and precision strip & coined parts. These materials are used in a variety of applications, including automotive, aerospace, micro-electronics, appliance, lock & hardware, telecommunications, marine, medical and general industrial. Reading Alloys

Acquired April 2008 with estimated sales of $80m at the time Specialty titanium master alloys and highly engineered metal powders used in the aerospace, medical implant, military and electronics markets Hamilton Precision Metals

Metal Strip, Engineered Shapes/Wire

Based in Wallingford, CT Products include metal strip (nickel/cobalt), shaped and profile wires, engineered Shaped components and thermal management products. Wallingford has recently been in violation of state environmental compliance reporting1 Metal Alloy Powders/Clad Materials

Acquired June 2007 for $42m and had estimated sales of $25m

Stainless steel powders; nickel and cobalt alloy powders.

Produces precision metal strip and foil for medical, electronic and instrumentation market

Acquired Coining in May 2011 for $148m and had estimated sales of $65m. Coining manufactures solder preforms and brazing preforms used for joining applications in microelectronics packaging and assembly

Source: Company announcements 1) Ametek environmental non-compliance (here)

Spruce Point Observations

• We estimate Ametek’s SCP division does approximately $200m of annual revenues • Specialty metal business are generally commodity-like in nature, have extreme competition, characterized by capital intensity, high operating costs, and low returns on capital

• Ametek paid 1.7x revenues for Hamilton Precision Metals and 2.3x revenues for Coining. In the absence of additional information, these appear to be rich multiples paid for specialty metals businesses 110

Spruce Point Capital

Specialty Metals Business Don’t Carry High Valuations

According to our review of publicly traded specialty metal and engineered performance materials companies, they have struggled to grow revenues and generate free cash flow in the current environment We believe the two best small-cap comparables for Ametek’s Specialty Metals business are: 1. Haynes Int’l (developer, manufacturer and marketer of high-performance nickel and cobalt-based alloys used in corrosion and high-temperature applications) 2. Luxfer Holding (a global materials technology company specializing in the design, manufacture and supply of highperformance materials for various end market)

Specialty metals and engineered performance materials companies trade for approximately 1.0x and 7.0-7.5x forward sales and EBITDA, respectively. ($ i n mi l l i ons , except per s ha re fi gures )

Name

Stock % of Price 52-wk Ticker 11/12/2014 High

Ent. Value

Allegheny Technologies Carpenter Technology Globe Specialty Metals RTI Metals Materion Haynes Int'l Luxfer Holdings

ATI CRS GSM RTI MTRN HAYN LXFR

$4,838 $3,304 $1,411 $876 $839 $529 $475

$4,090 $2,224 $753 $782 $1,125 $451 $481

5.9% -1.2% -0.5% 3.0% -9.5% 2.0% -0.9%

6.2% 16.4% 15.6% 22.2% 17.7% 16.3% 23.9%

4.3% 13.1% 14.7% 13.4% 9.1% 4.0% 14.8%

4.5% -4.6% 3.0% -1.8% 2.7% 4.1% -0.4%

NM 21.4x 25.0x 23.1x 24.9x 54.8x 12.7x

19.7x 17.6x 16.6x 15.8x 16.3x 15.0x 9.9x

17.0x 9.7x 10.4x 7.5x 9.1x 16.1x 6.5x

8.2x 8.1x 7.9x 5.8x 7.4x 6.9x 6.1x

1.1x 1.5x 1.7x 1.1x 0.7x 1.1x 0.9x

1.0x 1.3x 1.5x 1.0x 0.7x 0.9x 0.9x

Max Average Min

$4,090 $1,415 $451

5.9% -0.2% -9.5%

23.9% 16.9% 6.2%

14.8% 10.5% 4.0%

4.5% 1.1% -4.6%

54.8x 19.7x 27.0x 15.9x 12.7x 9.9x

17.0x 10.9x 6.5x

8.2x 7.2x 5.8x

1.7x 1.2x 0.7x

1.5x 1.1x 0.7x

$32.37 $51.99 $18.78 $23.58 $38.66 $46.83 $15.61

Source: Company financials, Wall St. estimates

70% 78% 85% 65% 97% 79% 71%

Last 12 Months Total YoY Gross EBITDA FCF P/E Sales Sales Margin Margin Margin 2014E 2015E

Enterprise Value/ EBITDA Sales 2014E 2015E 2014E 2015E

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Spruce Point Capital

Insights into Ametek’s Floor Care and Specialty Motors Business

Segment Overview: Ametek’s specialty motors and motor-blowers are used in a wide range of products, such as floor care products, ranging from hand-held, canister and upright vacuums to central vacuums for residential use to commercial floor care equipment; household and personal care appliances; fitness equipment; electric materials handling vehicles; and sewing machines. Additionally, its products are used in outdoor power equipment, such as electric chain saws, leaf blowers, string trimmers and power washers. Spruce Point Observations: Over decade ago, floor care and motor products contributed ~20% of Ametek’s total company sales ( 6.5% as of 2013). This market has gotten intensely competitive with deflationary price effects as noted on Ametek’s own website. In our opinion, part of Ametek’s motivation for its acquisition strategy has been to rapidly diversify away from the floor care and motor market. This can be seen in the bottom left chart, where % of EMG revenues coming from floor care and specialty motor markets has decreased from 44% in 2005 to just 15% in 2013. The segment’s revenue implied from these percentages can be seen on the bottom right chart. We estimate current segment revenues of ~$230 million, which appear to have structurally declined from over $300 million pre-financial crisis Implied Floor Care and Specialty Motors Revenues

Electromechanical Group (EMG) Sales Breakdown 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

$ in millions

44%

18%

38%

35%

27%

38%

31%

29%

40%

27%

24%

22%

18%

15%

15%

$350

15%

10%

$300 33%

40%

27%

49%

31%

47%

37%

45%

35%

50%

5%

31%

$250

54%

0%

$200

-5%

$150

-10%

-15%

$100

-20% 2005

2006

2007

2008

2009

2010

2011

2012

Floor care and Specialty Motor Markets and Products Engineered Materials, Interconnects and Packaging Markets and Products

2013

$50

-25%

$0

-30% 2005 2006 2007 2008 2009 2010 2011 2012 2013

Technical Motors and Systems Source: Ametek SEC Filings. Ametek FSM website (here)

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Spruce Point Capital

Growth and Margins in the Floor Care and Specialty Motors Business Not So Good...

Spruce Point Observations: We believe Ametek has faced pressure in its floor care and specialty motor business from Asia. As a result, we’ve looked at both Techtronic Industries (HK: 0669) and Johnson Electric (HK: 0179) for additional insights Techtronic Industries: Leader in Power Tools, Outdoor Power Equipment, and Floor Care for consumers, professionals, and industrial users in the home improvement, repair and construction industries. 6yr revenue CAGR for floor care is 2.5% and power equipment 5.6%. Corporate EBITDA margins are in the 10% range, with floor care ~8%. Key floor care brands include Hoovers, Oreck, Vax and DIrt Devil Johnson Electric: Leader in motion products, control systems and flexible interconnects. Its industrial products segment serves a broad range of end markets, including floor care. 6yr revenue CAGR for its Industry Products segment is 0%! Its corporate EBITDA margins are approximately 15%. The company has noted commoditized pressures in its Industry Products segment. The company expects margins to contract in 2014.

Johnson Electric

Techtronic Industries Financial Performance $ i n mi l l i ons

2008

FY Ended December 31st 2009 2010 2011

$ i n mi l l i ons

2012

2013

Power Equipment % growth Floor care (1) % growth Total Sales % growth

$2,388.6 14.5% $1,023.7 4.9% $3,412.2 7.4%

$2,183.2 -8.6% $891.7 -12.9% $3,074.9 -9.9%

$2,401.9 10.0% $981.1 10.0% $3,383.0 10.0%

$2,662.7 10.9% $1,004.3 2.4% $3,667.0 8.4%

$2,864.6 7.6% $987.8 -1.6% $3,850.0 5.0%

$3,143.9 9.8% $1,155.8 17.0% $4,299.7 11.7%

Total Gross Profit % margin

$1,052.1 30.8%

$961.0 31.3%

$1,089.0 32.2%

$1,193.6 32.5%

$1,289.2 33.5%

$1,472.3 34.2%

$7.5 0.7% $212.3 8.9%

$43.3 4.9% $180.3 8.3%

$82.3 8.4% $191.5 8.0%

$76.6 7.6% $268.0 10.1%

$78.1 7.9% $319.0 11.1%

$96.2 8.3% $355.3 11.3%

EBITDA (2) Floor care % margin Power Equip % margin

FY Ended March 31st 2011 2012

2009

2010

$905.0 -21.8% $654.0 -1.5% $269.0 $1,828.0 -17.7%

$933.7 3.2% $579.0 -20.3% $208.2 $1,741.0 -4.8%

$1,149.6 23.1% $726.8 0.0% $226.4 $2,104.0 20.9%

Gross Profit % margin

$425.7 23.3%

$481.5 27.7%

Total EBITDA % margin

$136.1 7.4%

$197.9 11.4%

Auto Products growth Industry Products growth Other Total Sales growth

2013

2014

$1,272.8 10.7% $753.8 3.7% $114.2 $2,140.8 1.7%

$1,303.9 2.4% $685.9 -9.0% $69.9 $2,059.7 -3.8%

$1,436.8 10.2% $660.8 -3.7% $30.2 $2,097.6 1.8%

$579.7 27.6%

$584.4 27.3%

$577.7 28.0%

$618.9 29.5%

$322.5 15.3%

$314.3 14.7%

$304.3 14.8%

$321.8 15.3%

(1) Floor care includes acquisition of ORECK brand in H2 2013 (includes ~$31m of sales) (2) Segment EBIT plus depreciation and amortization Source: TTI Group (here)

Source: Johnson Electric (here)

113

Spruce Point Capital

Summary: Foreign Operating Subsidiaries Show Margin Contraction



We’ve examined public documents of businesses that contribute ~$732m of revenue (~20% of Ametek’s $3.6 billion total in 2013)



We find that on average:





Its operating businesses have an EBITDA margin of ~21% and;



Are experiencing both contracting Gross Margins of ~0.2% and EBITDA margins of ~1.3%

Paradoxically, Ametek’s corporate EBITDA margin continues to expand and is in the 26% range. However, the only meaningful large business with margins close to this level is its Spectro unit. We have excluded Zygo and Amptek from our analysis because the results have not yet been fully consolidated on an annual basis into Ametek’s financials

i n l oca l a nd forei gn currency (mi l l i ons )

Company Dunkermotoren GmbH Zygo Corporation (1)

Last Public Foreign Reporting LTM Country Period Sales Germany 2012 € 136.4 US 2013 $162.8

US$ LTM Sales $168.6 $162.8

LTM Gross Margin 57.8% 46.7%

YoY Change in Sales -3.0% 3.3%

YoY Ch. Gross Margin -0.4% 0.3%

SPECTRO Analytical Taylor Hobson Limited Cameca SAS

Germany UK France

2012 2013 2013

€ 108.3 £54.8 € 59.1

$133.8 $82.4 $75.5

53.8% 49.9% 50.9%

4.8% 1.3% 5.5%

2.3% -2.1% -3.2%

€ 25.0 £13.2 € 9.0

23.1% 24.1% 15.3%

AMETEK Airtechnology Group Atlas Material Testing (2) AEM Limited Amptek

UK Germany UK US

2012 2012 2013 2013

£47.5 € 32.0 £25.3 $29.2

$72.4 $39.6 $38.0 $29.2

22.2% 56.0% 46.2% --

7.8% Decline 9.0% -3.6%

-1.9% --1.0% --

£5.1 € 1.6 £5.7 --

Land Instruments Lloyd Instruments Muirhead Aerospace Ltd

UK UK UK

2013 2012 2013

£18.3 £18.0 £16.4

$27.5 $27.5 $24.6

41.0% 60.3% 41.8%

-9.6% -31.4% 16.6%

2.7% 8.9% -3.4%

-$19.7 $12.3 $7.7 $2.4 $731.9

-46.3% 74.2% -81.4%

-11.0% 7.6% 63.0% 12.3%

--1.3% -0.5% --3.3% -0.2%

Ametek Denmark A/S Denmark 2013 -Antavia SAS France 2013 € 15.4 Grabner Instruments Austria 2013 € 9.6 AMETEK Instruments India India 2012 $7.7 AMETEK Nordic AB Sweden 2013 SEK 15.9 Total Implied EBITDA Margin and Average YoY Change (3)

LTM LTM YoY Operating Operating Change in Income Margin Op. Income € 6.2 4.6% -29.5% $15.4 9.5% -25.7%

Foreign LTM EBITDA € 24.4 $26.8

US$ LTM EBITDA $30.2 $26.8

LTM EBITDA Margin 17.9% 16.5%

YoY Yoy Change Change EBITDA in EBITDA Margin -10.9% -1.7% -13.4% -3.2%

23.5% -9.8% -7.4%

€ 28.3 £14.2 € 9.4

$35.0 $21.4 $12.0

26.1% 25.9% 15.8%

23.6% -8.7% -6.8%

4.0% -1.1% -2.1%

10.8% 4.9% 22.4% --

-3.3% -47.0% 21.7% --

£6.6 € 2.9 £6.4 $13.1

$10.0 $3.5 $9.6 $13.1

13.8% 9.0% 25.4% 44.9%

-5.1% -35.5% 18.1% 7.2%

-1.9% -2.0% 4.5%

£1.9 £8.1 £3.4

10.5% 29.4% 20.9%

-26.3% 0.3% 7.5%

£2.2 £8.7 £3.7

$3.3 $13.3 $5.6

12.2% 48.3% 22.7%

-16.1% 0.0% 6.9%

-2.0% 14.1% -1.8%

DKK 33.3 € 3.0 € 2.4 -SEK 2.3

-19.3% 25.0% -14.8%

-11.3% 24.0% -8.0% -39.5%

DKK 33.6 € 3.2 € 2.5 $1.1 SEK 2.4

$5.8 $4.1 $3.2 $1.1 $0.4 $152.6

-20.6% 26.3% 14.6% 15.2% 20.9%

-11.4% 11.7% -6.9% 19.9% 27.4% -0.9%

-0.1% -4.0% -5.3% 1.7% -1.3%

Sources: Public Foreign Financial Filings (1) ZYGO results through 12/31/13. EBITDA also adds back stock compensation (2) Estimated 2012 results (3) Our average implied EBITDA margin is an estimation which is limited by our financial data and we recognized that it includes data from 2012 and 2013. Excludes ZYGO, Amptek and Lloyd Instruments from 2012, which had an unusual EBITDA margin increase despite a 30% decline in sales. Currencies converted at average annual exchange rates provided by the IRS

114

Spruce Point Capital

Estimating the EBITDA Contribution From Ametek’s Remaining Businesses



We’ve compiled all of our revenue and EBITDA estimates for Ametek’s businesses in the following table. We’ve placed all of our known items in the grey columns (foreign entity financials, deals disclosed with EBITDA multiples paid), along with our estimates of EBITDA contributions for Ametek Specialty Metals, Floor care and Motors. Corporate general and administrative costs along with depreciation and amortization are also factored into our analysis. This represents a fixed cost without any revenue contribution that must be accounted for



This allows us to estimate the contribution from all of Ametek’s other businesses by subtracting its consolidated 2013 reported results in column (6) from the sum of columns (1) – (5). We estimate the remaining portion of Ametek’s businesses must contribute approximately $2.1bn and $670 $692m of EBITDA, which implies an average EBITDA margin of approximately 32.0 – 33.0%

$ in mm

14 Foreign Entities (1)

Disclosed Deals (2)

Floor care / specialty motors (3)

Specialty Metals (4)

Corporate G&A and D&A Expenses (5)

All Other Businesses

2013 Reported Total (6)

Estimated Revenues % of total

~$732m 20.4%

~$331m 9.2%

~$230m 6.4%

~$200m 5.6%

--

~$2,101 bn 58.5%

$3,594 bn 100%

Estimated EBITDA % margin

~$153m between 20 – 21%

$75m ~22.8%

$23 - $35m between 10 – 15%

$20 - $30m between 10 – 15%

($45.6m)

Comments

From global entity public filings

Includes MicroPoise, EM Test, Reichert Tech, TMC, and O’Brien. Sales disclosed in press releases, and EBITDA multiples paid on conference calls (See Appendix)

Margin ranges based on Asian floor care and motion control peers

Margin ranges based on publicly traded Specialty Metals peers

Annual Report, Note 15 shows corporate administrative expenses of $46.4m and D&A of $0.8m. The net cost has no associated revenue contribution

Sources: Ametek SEC and Foreign Filings; Earnings conf calls

$670 - $692m between 32.0 – 33.0% We estimate Ametek’s remaining businesses (over 30) would have to produce 32 – 33% EBITDA margins to reach the 2013 reported corporate EBITDA margin of 25.5%.

$916m 25.5%

2013 reported amounts on a consolidated basis

115

Spruce Point Capital

What’s the Chance the Rest of Ametek’s Businesses Have >30% EBITDA Margins?



According to our research, Amptek is the only acquired company with an EBITDA margin above 30%. Amptek’s previous owner reported margins of 45%



To assess the chance that Ametek’s remaining businesses contribute 32 – 33% EBITDA margins, we try to get a sense of how common it is for a business to produce such high margins



To accomplish this, we’ve analyzed all of the industrial businesses in the Russell 3000 index (ex: transportation, leasing, staffing and service companies) and plotted their frequency of occurrence in the chart below



In total, we identified 289 companies, with just 3% reporting EBITDA margins greater than 30%. This makes it extremely unlikely that all of its remaining businesses have the necessary EBITDA margin profile to hit its consolidated margin

Percent of Industrial Companies in the Russell 3000 by EBITDA Margin 35.0%

29.5%

30.0%

26.7%

25.0% 19.8%

20.0% 15.0%

8.7%

10.0%

5.0%

6.9% 2.4%

3.1%

2.8%

25-30%

>30%

0.0% < 0%

0-5%

5-10%

10-15%

15-20%

20-25%

Top EBITDA Margins – Russell 3000 Industrials Com pany TransDigm Group Incorporated US Ecology, Inc. Waste Connections Inc. Roper Industries Inc. Allison Transmission Holdings, Inc. Sun Hydraulics Corp. Precision Castparts Corp. Copart, Inc. Stericycle, Inc. Graco Inc. Republic Services, Inc. Covanta Holding Corporation 3M Company Ametek Inc. Thermon Group Holdings, Inc. Douglas Dynamics, Inc. RBC Bearings Inc.

Exchange/Ticker NYSE:TDG Nasdaq:ECOL NYSE:WCN NYSE:ROP NYSE:ALSN Nasdaq:SNHY NYSE:PCP Nasdaq:CPRT Nasdaq:SRCL NYSE:GGG NYSE:RSG NYSE:CVA NYSE:MMM NYSE:AME NYSE:THR NYSE:PLOW NasdaqGS:ROLL

EBITDA Margin 44.2% 35.4% 34.3% 33.1% 32.9% 31.7% 31.4% 30.8% 29.3% 28.7% 28.7% 28.2% 26.4% 26.2% 26.2% 25.2% 25.1%

EBITDA margin

Sources: Capital IQ

116

A Closer Look Into Ametek’s Asia Growth Story....

Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent

A Closer Look into Ametek Asia Spruce Point Capital

Source: Ametek Subsidiaries as of 12/31/13 (here)

118

Spruce Point Capital

Head of Ametek Asia “Retires” In 2014; Problems Brewing in Asia?

BERWYN, Pa., Jan. 14, 2014 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced the appointment of Volker Dreisbach as Vice President, Asia. He replaces Lim Meng Kee, who retires after 21 years with the Company. "Volker brings extensive international experience to his new position, and we expect him to play a key role in the continued growth and success of our Asian businesses," notes Frank S. Hermance, AMETEK Chairman and Chief Executive Officer. "Volker previously served as Division Vice President for AMETEK's Materials Analysis Division and was responsible for all of our Electronic Instruments Group businesses in Asia.“ Volker has 31 years of experience with AMETEK and its SPECTRO Analytical Instruments business, where he most recently served as Managing Director, Asia Pacific, and as Director of International Sales and President of SPECTRO USA. AMETEK acquired SPECTRO, a global leader in high-end analytical instruments, in 2005. "Meng Kee, whom Volker replaces, was instrumental in AMETEK's growth and success in China and across Asia. Under his leadership, our Asian sales grew from $16 million in 1992 to now approximately $700 million," adds Mr. Hermance. Meng Kee joined AMETEK in 1992 as General Manager of AMETEK Singapore – AMETEK's first Asian operation. He played a key role in 1995 in the formation of AmeKai, AMETEK's first Asian joint venture. He was elected a Corporate Vice President in 1999 and added responsibility for AMETEK Motors Shanghai.

Let’s Take A Closer Look At Ametek Singapore and its first JV Amekai Source: Ametek press release (here)

119

Spruce Point Capital

Unusual Time For Asia Head To Retire... Just As Business is “Booming?” Recent Conference Call Comments About Asia Are Bullish

“Organic sales in Asia were up mid-teens on a percentage basis in the second quarter, with broadbased strength across our businesses.”

“If you look at the BRIC countries, just another cut, the BRIC countries were up 21% overall and about 13% organically. China, just is superb. China was up organically, almost 25% and in total I think it was a number like 35%“ “So, all the efforts and you’ve heard me talking about the expansion in the BRIC countries, the expansion in Asia, they are really coming to fruition now and it’s just an exciting time and even though, many of our peer companies are talking about issues in China and issues in Asia” “We are simply outgrowing the market from both a product point of view and also we got very strong distribution capability there now. In Asia, we have approximately 300 people who are engaged in selling our products and that doesn’t include people who in some cases were distributors, not direct sales.”

Source: Q2’2014 Earnings Conf Call (here)

120

Spruce Point Capital

So Much Growth For Ametek in Asia.... That Hiring is Non-Existent

Ametek Career Search Just 1 Single Job Opening in Asia out of Shanghai, China. No Job Openings in Brazil, Russia India, Hong Kong, Malaysia!

Ametek Career Website (here)

121

Here’s What it Really Takes to Win in China Spruce Point Capital

Mettler Toledo (MTD) is a global manufacturer and marketer of precision instruments for use in laboratory, industrial and food retailing applications. The Company has strong worldwide leadership positions. A significant majority of its instrument sales are in segments in which it is the global leader. The company described China as “challenging” on its recent conference call and is committing significant resources to hire people to grow further. Mettler is hiring for a significant amount of Sales Consulting jobs, since business in China is very relationship driven.

Mettler Career Website (here) and Q3’14 conf call (here)

122

Spruce Point Capital

Ametek’s Main Singapore Entities Were Not in Compliance for Most of 2014

Source: www.bizfile.gov.sg Note: As of Aug 2014

123

Is Ametek Singapore Hiding Big Problems? Spruce Point Capital



• • •

We obtained Ametek Singapore’s 2013 financials, which weren’t filed until late September 2014. We believe Ametek Singapore wa s late in holding its Annual General Meeting, potentially as a result of its Director Lee Meng Kee having resigned Top line revenues decreased by 12.6% while other income, which is primarily investment income from its main operating subsidiaries including China, declined by 15% from $10.7m to $9.1m Overall, profitability fell from $13.4m to $12.2m or 8%. More importantly, operating cash flow plummeted from $28.6m to $7.3m, -75%, while the dividend paid to its holding company, Ametek European Holdings Limited, declined from $19.1m to $10.1m or -47% Responding to an analyst question about emerging market performance on the Q4’13 conference call, the CEO said “Yes, it's actually amazing. We were very delighted in the quarter when we looked at our international businesses, actually, believe it or not, both in Eu rope and in Asia. In Asia, the organic growth was up about 25%, in Asia. So a truly outstanding quarter.” The performance from Ametek’s Singapore entity (which conducts business in Taiwan, China, Malaysia and India), suggests that full year results were disappointing, not spectacular

Note: Figures in Singapore Dollars Source: www.bizfile.gov.sg and Q4’13 earnings conf call (here)

124

Spruce Point Capital

Ametek Singapore’s 2011-2012 Results Further Illustrate Declining Trends Spruce Point Observations • Top line revenues increased, which we believe relates to additions to its MRO business. However, we note that this new revenue reduced gross margins by 186 basis points1 • Other income (dividends) dropped dramatically from $17.1m to $10.7, or by 37%. We believe this drop is directly attributable to its main operating subsidiaries, particularly its China operating entity • The main subsidiaries include: • Ametek Commercial Enterprises (Shanghai) • Ametek Instruments India Pte Ltd • Ametek Engineered Materials Sdn Bhd (Malaysaia) • Amekai Singapore Pte Ltd • Amekai Taiwan Co. Ltd • Overall, profitability fell from $19.0m to $13.4m or 29.4%, while dividend income rose from $17.1m to $19.2m • Responding to a question about China on the Q3’12 earnings conf call, the company responded: “China did well for us. If you look at our total Asia sales, they were about 19% of our company and China in rough numbers is half of that. And they performed, not as strong as it had a year and half ago when we were seeing organic growth rates out of China that were 20% plus but we are now more in that single digit category. But again if you look at it from a worldwide basis it’s surely stronger than the U.S. and we are going to continue to invest in that part of the world.”

Note: Figures in Singapore Dollars Source: www.bizfile.gov.sg

1. 2.

Q2’12 Earnings call (here) Q3’12 Earnings call (here)

125

Amekai Taiwan Co. Ltd...Ametek’s First Asian Joint Venture Appears Insolvent!

Spruce Point Capital

Website Does Not Work

Address: 2-FLoor, No. 214 Alley 1 Lane 138, Chang-An Street Pan-Chiao, Taipei Taiwan

Liabilities > Assets = Insolvency?

Source: www.bizfile.gov.sg

Source: Google Maps. http://www.ametek.com/locations/amekai-taiwan-location.aspx

126

Spruce Point Capital

Amekai Taiwan Co., Ltd. No Longer Even Registered in Taiwan

Source: http://gcis.nat.gov.tw/ 127

And of Course...Ametek India Doesn’t Make Money and Has Acct’g Issues! Spruce Point Capital

While revenues grew 63% YoY, EBITDA grew just 20% with EBITDA margins declining from 19.9% to 14.6% > 530bps!

Losses increased by 31%! Source: http://www.mca.gov.in/

128

Sell-Side Analyst Misperceptions and Variant Valuation View

Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent

Ametek Has Many Bullish Analysts Spruce Point Capital

Ametek has attracted a roster of smaller sell-side brokers, that generally have bullish opinions on the stock. However, a few analysts appear reluctant to upgrade the stock to a buy given its rich valuation. We do not believe any analysts have incorporated of our accounting concerns and unique research insights. Broker

Rating

Langenberg & Co

Buy

$63

Jefferies

Buy

$61

Janney Montgomery

Buy

$61

Keybanc

Buy

$60

RBC

Outperform

$60

Oppenheimer

Buy

$59

Longbow

Buy

$55

Atlantic Equities

Buy

$58

Baird

Neutral

$53

Morgan Stanley

Hold / Equal weight

$52

Wells Fargo

Outperform Average Price % Implied Upside % Max Upside

Price Target

$59 13% 21%

Ratings Distribution

33% 67%

Buys

Hold

Source: Bloomberg; may not reflect all recent price changes

130

Spruce Point Capital

Analysts’ Views Are Too Rosy and Regurgitate Ametek’s Own Story

Wall St. Analysts’ Views of Ametek

Spruce Point’s Quick Rebuttal

“AME aims to grow EPS 15% annually via a mixture of organic growth and acquisitions. In normal growing economies, AME targets 15% annual EPS growth, with roughly one-third via organic growth and two-thirds from acquired companies”

AME’s EPS growth is heavily financially engineered with aggressive accounting assumption for acquisitions and suspect inventory accounting. It has demonstrated almost no organic growth in recent years

“Mgmt’s track record for closing attractive deals within the company’s sweet spot ($50-$200m) is impressive.”

When you overpay for low margin, low/no growth assets, of course your closure rate will be impressive! AME seems to be running out of quality/actionable targets

“Strong cash flow qualities underlying AME's businesses support continued strategic growth, debt reduction and the dividend. AME has ~$800M of liquidity available from cash and existing credit lines. AME maintains adequate resources to fund its stated acquisition strategy”

AME’s cash flow is obscured by its dozens of deals. Free cash flow after capex and acquisitions is negative. ST debt has been rising (to effectively pay its dividend), and its liquidity is misleading given significant cash trapped abroad which would be taxable upon repatriation

“Management are seasoned operators and have demonstrated an impressive ability to expand segment margins. Proactive cost reductions in 2009 drove margin rebound in 2010/2011, aided by operating leverage from core volume growth. Further cost actions amid sluggish global growth drove margin expansion in CY12.”

Strong evidence that mgmt has not executed flawless M&A and misguided sales estimates on key deals. Its margin expansion is likely to be overstated given our analysis of various operating entities. Cost cuts appear to be hitting a wall, and margins have been aided by aggressive inventory acct’g changes and amortizing expenses too slowly

“Best-in-class Industrial. We view AME’s premium vs. the sector as sustainable given best-in-class combination of EPS growth/volatility and M&A story”

AME’s record of missing only one quarterly earnings estimate in a decade is a major red flag. Its valuation is at a substantial premium to what it has paid for its underlying businesses 131

Spruce Point Capital

Spruce Point’s Variant View: Ametek Deserves a Conglomerate Discount, Not a Premium

Ametek is a Poorly Constructed, Opaque and Complex Company Trading at an Irrational Premium to Peers. Its Financials Are Littered With Red Flags Pointing To Inflation of Earnings, and Are at High Risk of Restatement 1. Ametek has acquired over 60 businesses in the past decade for $4.6bn, consuming -$627m in net cash flow at an average revenue multiple of 1.7x. Yet, its current trading revenue multiple is 3.5x, which is a significant premium to the sum of its parts 2. Ametek has not demonstrated an ability to extract revenue synergies from acquisitions that are often touted as “complementary” products for existing customers. Organic growth in 2012 and 2013 were 1.1% and 1.2%, respectively. Pricing power in its businesses appears low 3. To continue its historical growth rate, Ametek will have to continue acquiring at a rapid pace, and face many challenges a. Competition intensifying for a shrinking pool of actionable targets in the sub $200m enterprise value range it targets b. Multiples for private companies in its markets are rising; Ametek had to pay rich EV/sales and EBITDA multiples for newly acquired targets such as Zygo (1.7x / 9x) and Amptek (3.9x / 10x), respectively c. Agilent’s recently spun-out Electronic Measurement Technology unit (FY ‘13 Revenues: $2.9bn) will be newly capitalized and incentivized to growth through acquisitions 4. SEC financial disclosures are weak: a. Ametek cannot adequately explain its gross margins to investors, or its operating margin improvements; margin improvements are continually attributed to “endless cost cuts and savings” with few tangible examples ever given b. Ametek has jammed all its acquisitions into just two operating segments. Once companies are acquired, very little disclosure is given about their continued performance Evidence supports the view that Ametek’s EBIT/EBITDA margins are overstated and aggressive accounting is at work: a. Ametek appears to use aggressive acquisition accounting; marking significant intangible assets as customer relations, and amortizing them over 19yrs. Over $1 billion has been allocated to this account! b. A whistleblower complaint, a “qualified” audit opinion, and surreptitious conversion from LIFO to FIFO, all point to creative inventory accounting being used to inflate margins and earnings c. We’ve acquired foreign filings for 14 operating entities constituting ~$732m of revenue, few have EBITDA margins close to the consolidated margin of 26%. Many units have been experiencing decreasing margins, not increasing! 5. Insider ownership alignment with shareholders is weak, and getting worse! Insiders have been net sellers every single year 132

Ametek’s Extreme Valuation Premium is Not Justified

Spruce Point Capital

($ i n mi l l i ons , except per s ha re fi gures )

Name

Stock % of Price 52-wk Ticker 11/12/2014 High

Danaher DHR Emerson EMR Eaton ETN Parker Hannifan PH Rockwell Automation ROK Mettler-Toledo MTD Hubbell HUB Keysight Tech. KEYS Rexnord RXN Teledyne TDY Spectris PLC SXS.Lon Regal-Beloit Corp RBC FEI Company FEIC Bruker BRKR Oxford Instruments OXIG.Lon Altra Industrial AIMC

Ametek Inc.

AME

$82.36 $64.05 $67.64 $128.57 $112.44 $284.70 $112.50 $30.83 $27.25 $106.67 $30.26 $71.47 $83.09 $18.42 $17.29 $31.95

$52.20

Source: Company financials, Wall St. estimates.

99% 91% 85% 99% 86% 99% 88% 93% 88% 100% 71% 89% 74% 74% 58% 81%

100%

Ent. Value

'14E-'15E Revenue EPS Growth Growth

LTM Gross EBITDA FCF P/E Margin Margin Margin 2014E 2015E

Enterprise Value EBITDA Sales 2014E 2015E 2014E 2015E

Debt/ Capital

$57,948 $47,684 $40,173 $19,561 $15,119 $8,814 $6,571 $5,610 $4,453 $4,516 $3,798 $3,640 $3,047 $3,125 $1,195 $1,063

5.5% 3.7% 2.8% 2.6% 5.0% 4.5% 4.3% 2.7% 5.1% 4.7% 5.6% 4.4% 9.7% 4.5% 8.5% 2.8%

9.2% 8.6% 16.1% 14.0% 9.2% 11.2% 10.1% 2.0% 18.6% 2.4% 8.3% 18.4% 35.2% 20.0% 11.4% 17.2%

52.4% 41.4% 30.4% 23.3% 41.6% 54.2% 33.3% 55.4% 36.3% 37.6% 57.7% 24.5% 47.1% 44.9% 43.4% 30.0%

22.1% 21.5% 14.5% 14.2% 20.2% 21.4% 18.4% 21.5% 19.9% 15.8% 19.0% 13.6% 21.6% 13.2% 16.4% 14.9%

15.3% 12.1% 5.3% 8.7% 13.5% 12.1% 10.0% 15.1% 9.8% 10.5% 10.3% 6.7% 12.5% 7.6% 6.0% 7.4%

22.4x 16.7x 14.7x 17.7x 17.8x 24.5x 21.0x 12.1x 18.0x 19.4x 15.8x 16.6x 27.6x 24.6x 15.9x 17.8x

20.5x 15.4x 12.7x 15.5x 16.3x 22.0x 19.1x 11.9x 15.1x 18.9x 14.6x 14.0x 20.4x 20.5x 14.3x 15.1x

12.9x 9.1x 11.1x 9.8x 11.0x 16.3x 11.2x 9.1x 10.4x 12.3x 10.8x 8.1x 15.2x 12.6x 11.1x 9.2x

11.9x 9.0x 10.5x 9.1x 10.0x 15.1x 10.4x 8.6x 9.6x 11.2x 10.0x 7.5x 11.7x 10.8x 9.8x 8.4x

2.9x 1.9x 1.8x 1.5x 2.3x 3.5x 2.0x 1.9x 2.1x 1.9x 2.1x 1.1x 3.2x 1.7x 1.8x 1.3x

2.8x 1.9x 1.7x 1.4x 2.1x 3.4x 1.9x 1.9x 2.0x 1.8x 2.0x 1.1x 2.9x 1.6x 1.6x 1.3x

11% 36% 35% 25% 32% 36% 23% 56% 77% 27% 14% 24% 0% 30% 65% 48%

Max Average Min

9.7% 4.8% 2.6%

35.2% 13.2% 2.0%

57.7% 40.8% 23.3%

22.1% 18.0% 13.2%

15.3% 10.2% 5.3%

27.6x 22.0x 18.9x 16.7x 12.1x 11.9x

16.3x 11.3x 8.1x

15.1x 10.2x 7.5x

3.5x 2.1x 1.1x

3.4x 2.0x 1.1x

77% 34% 0%

$14,219

6.1%

11.2%

35.5%

26.1%

15.8%

21.7x 19.5x

13.7x

12.5x

3.5x

3.3x

32%

Ametek’s Margins Vastly Superior

133

Enterprise Value / 2015E Revenues

Enteprise Value / 2015E EBITDA

4.0x

15.0x

3.5x

13.0x

Average

3.0x

11.0x

Average

2.5x

9.0x

2.0x

7.0x

1.5x

5.0x

1.0x 3.0x 0.5x

2015E Revenue Growth

AME

MTD

FEIC

DHR

TDY

ETN

BRKR

ROK

HUB

SXS.Lon

OXIG.Lon

PH

RXN

EMR

KEYS

RBC

-1.0x

AIMC

MTD

FEIC

AME

ROK

DHR

RXN

SXS.L…

HUB

EMR

TDY

KEYS

ETN

PH

BRKR

RBC

AIMC

OXIG.…

1.0x 0.0x

2015E EPS Growth 40.0%

12.0%

35.0%

10.0% 30.0%

8.0%

25.0% 20.0%

Average

6.0%

15.0%

4.0%

Average

10.0% 2.0%

5.0%

FEIC

AME

OXIG.Lon

DHR

SXS.Lon

RXN

ROK

TDY

MTD

RBC

BRKR

HUB

ETN

EMR

KEYS

AIMC

0.0%

PH

Spruce Point Capital

Ametek’s Extreme Valuation Premium is Not Justified

0.0%

134

Spruce Point Capital

Public Investors Paying a Big Premium to Own Quick Flipped Private Equity Deals

Ametek appears to be the buyer of last resort for many private equity firms looking to flip their investments after a 3 – 5 year holding period. With each private equity firm claiming to add operational expertise and strong financial controls to its portfolio companies, we question what additional value Ametek can extract from these acquisitions. $ in millions Enterprise

LTM

EV/

Announced

Location

Target

Private Equity Sponsor (Year Invested)

Target Description

Value

Sales

Sales

8/8/2014

Bedford, MA

Amptek

Edgewater Growth (2012) Bouler Capital; JZ Capital

x-ray detectors used to identify the composition of materials using x-ray fluorescence (XRF) within the metal

$115.0

$29.2

3.94x

2/10/2014

Irvine, CA

VTI Instruments

Merit Capital Partners; Alerion Capital Group (2008)

high precision test and measurement instrumentation, esp in Aerospace

$74.0

$38.0

1.95x

Powervar

Pfingsten Partners (2006)

power protection equipment used by the medical, retail and telecommunication industries

$128.0

$70.0

1.83x

Controls SouthEast

Industrial Growth Partners (2010)

manufacturer of custom-engineered thermal solutions

$160.0

$50.0

3.20x

$320.0

$168.6

1.90x

12/4/2013 8/7/2013

Waukegan, IL Chalotte, NC

5/21/2012

Bonndorf, Germany

Dunkermotoren

Triton Partners (2009)

engineered advanced motion control solutions for niche applications

1/26/2012

St Louis, MO

O'Brien Corp

Industrial Growth Partners (2009)

manufacturer of fluid and gas handling solutions, sample conditioning equipment and process analyzers

$175.0

$80.0

2.19x

Equipment used to perform electrical immunity and electromagnetic compatibility testing

$93.0

$41.0

2.27x

$170.0

$125.0

1.36x

$150.0

$55.0

2.73x

$159.0

$85.0

1.87x

$270.0

$85.0

3.18x

$89.5

$50.0

1.79x

$158.6 $1,903.5

$73.1 $876.8

2.35x --

10/25/2011

Reinach, Switzerland

EM Test

Riverside Company (2008)

10/23/2012

Streetsboro, OH

Micro-Poise Measurement Systems

American Industrial Partners (2007)

10/17/2011

Depew, NY

11/9/2010

Chicago, IL

7/1/2010

Waterbury, CT

6/1/2010

Arlington, MN

Reichert Technologies Atlas Material Testing Technology Haydon Enterprises Technical Services for Electronics

integrated test and measurement solutions for the tire industry instruments used by ophthalmologists, optometrists, and Beecken Petty O'Keefe (2007) opticians for vision correction and the screening Industrial Growth weathering test instruments and related testing and Partners (2007) consulting services linear actuators and lead screw assemblies for diverse Harbor Group (2007) industrial end markets manufacturer of engineered interconnect solutions for the Pfingsten Partners (2006) medical device industry Average: Total:

Source: Company filings; public information

135

30% – 50% Downside in Ametek’s Shares Spruce Point Capital

In our opinion, Ametek’s EBITDA margins appear overstated and are likely a few hundred basis points lower than the 26% indicated in its filings, potentially up to 400 – 600 bps. This estimate is supported by our peer regression analysis, evaluation of various Ametek foreign filings, and pro forma amortization analysis. If Ametek were to be valued closer to peers at 2x and 10-11x EV / 2014E Sales and EBITDA, respectively, its share price would have downside to $27 - $36 per share. $ in millions True EBITDA Margin: 14E Adj. EBITDA

$ in millions 20% $799.0

21% $839.3

22% $879.6

23% $920.0

24% $960.3

25% $1,001

26% $1,041

$3,797

$3,874

9.00x

$7,191

$7,554

$7,917

$8,280

$8,643

$9,006

$9,369

10.00x

$7,990

$8,393

$8,796

$9,200

$9,603

$10,007

$10,410

11.00x

$8,789

$9,232

$9,676 $10,120 $10,564

$11,007

$11,451

12.00x

$9,588 $10,072 $10,556 $11,040 $11,524

$12,008

$12,492

Less: Debt Plus: Cash FD Shares

($1,636) ($1,636) ($1,636) ($1,636) ($1,636) $370 $370 $370 $370 $370 248.1 248.1 248.1 248.1 248.1

($1,636) $370 248.1

($1,636) $370 248.1

$6,644

$6,780

$6,918

$7,060

$7,201

$7,345

$7,492

2.00x

$7,594

$7,749

$7,907

$8,068

$8,229

$8,394

$8,562

2.25x

$8,543

$8,717

$8,895

$9,077

$9,258

$9,443

$9,632

2.50x

$9,492

$9,686

$9,883

$10,085

$10,287

$10,492

$10,702

Less: Debt Plus: Cash FD Shares

($1,636) $370 248.1

($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) $370 $370 $370 $370 $370 $370 248.1 248.1 248.1 248.1 248.1 248.1 Implied Stock Price

9.00x

$23.90

$25.30

$26.80

$28.30

$29.70

$31.20

$32.70

10.00x

$27.10

$28.70

$30.30

$32.00

$33.60

$35.20

$36.90

11.00x

$30.30

$32.10

$33.90

$35.70

$37.50

$39.30

$41.00

12.00x

$33.50

$35.50

$37.40

$39.40

$41.30

$43.30

$45.20

EV/'14E Sales

EV/'14E EBITDA

$4,281

1.75x

Implied Stock Price 1.75x

$21.70

$22.20

$22.80

$23.30

$23.90

$24.50

$25.10

2.00x

$25.50

$26.10

$26.80

$27.40

$28.10

$28.70

$29.40

2.25x

$29.30

$30.00

$30.70

$31.50

$32.20

$33.00

$33.70

2.50x

$33.20

$33.90

$34.70

$35.50

$36.40

$37.20

$38.00

Implied Downside From Current Price

9.00x

-54%

-51%

-48%

-46%

-43%

-40%

-37%

10.00x

-48%

-45%

-42%

-38%

-35%

-32%

-29%

11.00x

-42%

-38%

-35%

-31%

-28%

-24%

-21%

12.00x

-36%

-32%

-28%

-24%

-21%

-17%

-13%

EV/'14E Sales

Implied Downside From Current Price

EV/'14E EBITDA

$4,197

Implied Enterprise Value

EV/'14E Sales

EV/'14E EBITDA

Implied Enterprise Value

2014E Revenues $3,953 $4,034 $4,115

1.75x

-58%

-57%

-56%

-55%

-54%

-53%

-52%

2.00x

-51%

-50%

-48%

-47%

-46%

-45%

-43%

2.25x

-44%

-42%

-41%

-39%

-38%

-37%

-35%

2.50x

-36%

-35%

-33%

-32%

-30%

-28%

-27%

136

Valuation Multiples Near All-Time Highs Spruce Point Capital

Despite our concerns about Ametek’s business and its financial earnings quality, its stock is trading near all-time valuation multiples. In our opinion, investors should carefully consider if its valuation premium is warranted.

Historic EV/Sales and EV/EBITDA Valuation (trailing) 16.0x

Historic Price/EPS Valuation (trailing) 4.0x

28.0x 26.0x

15.0x

3.5x

14.0x

3.0x

13.0x

12.0x

2.5x

24.0x 22.0x 20.0x 18.0x

11.0x

2.0x

10.0x 1.5x

9.0x

16.0x 14.0x 12.0x

8.0x

1.0x 2006

2007

2008

2009

2010

EV/EBITDA

Source: Bloomberg Average Multiples

2011

2012

2013 Current

10.0x

2006

2007

2008

2009

2010

2011

2012

2013 Current

EV/Sales

137

Appendix

Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent

List of Ametek Acquisitions (2011-2014) Spruce Point Capital

$ in millions Announced

Location

Target

8/5/2014

Germany

Luphos

8/5/2014 4/11/2014

Bedford, MA Middlefield, CT

Amptek Zygo Corp

2/10/2014

Irvine, CA

VTI Instruments

1/3/2014

Switzerland

Teseq Group

12/4/2013

Waukegan, IL

Powervar

10/29/2013 8/7/2013

Lévis, Québec Chalotte, NC

Creaform Controls SouthEast

1/3/2013

Athens, OH

Sunpower Inc

1/3/2013

San Luis Obispo, CA

12/17/2012

Miami, FL

10/23/2012

Streetsboro, OH

5/21/2012

Bonndorf, Germany Dunkermotoren GmbH

1/26/2012

St Louis, MO

O'Brien Corp

1/3/2012

Peabody, MA

Techinical Manufacturing Corp

10/17/2011

Depew, NY

Crystal Engineering Aero Components / Avtech Avionics Micro-Poise Measurement Systems

Reichert Technologies

10/25/2011

Switzerland

EM Test

5/9/2011

Montvale, NJ

Coining Holding

4/28/2011

Montevideo, MN

Avicenna Technology

Private Equity Sponsor

Target Description Technology utilizing multi-wavelength laser interferometry

provider of x-ray detectors used to identify the Edgewater Growth (2012) composition of materials using x-ray fluorescence (XRF) Bouler Capital; JZ Capital within the metal metrology solutions and optical systems Merit Capital/ Alerion high precision test and measurement instrumentation, Capital Group esp in Aerospace test and measurement instruments for electromagnetic compatibility testing. power protection equipment used by the medical, retail Pfingsten Partners and telecommunication industries developer and manufacturer of portable 3D measurement technologies and a provider of 3D engineering services Industrial Growth Partners manufacturer of custom-engineered thermal solutions

Enterprise Value

LTM Sales

LTM EBITDA

EBITDA Margin

Electronic Instruments

$12.7

--

--

--

--

--

Electronic Instruments Electronic Instruments

$115.0 $280.0

$29.2 $162.9

$13.1 $28.9

44.9% 17.7%

3.94x 1.72x

8.78x 9.69x

Electronic Instruments

$74.0

$38.0

--

--

1.95x

--

Electronic Instruments

$92.0

$53.0

--

--

1.74x

--

Electronic Instruments

$128.0

$70.0

--

--

1.83x

--

Electronic Instruments Electronic Instruments

$120.0 $160.0

$52.0 $50.0

---

---

2.31x 3.20x

---

N/A

N/A

--

--

--

--

Electronic Instruments

N/A

N/A

--

--

--

--

Electromechanical Group

~$80

N/A

--

--

--

--

Electronic Instruments

$170.0

$125.0

$22.6

18.1%

1.36x

7.52x

Electromechanical Group

$318.5

$168.6

$34.0

20.2%

1.89x

9.37x

Electronic Instruments

$179.3

$80.0

$19.9

24.9%

2.24x

9.01x

Electronic Instruments

$48.9

$30.0

$7.5

25.1%

1.63x

6.50x

Electronic Instruments

$150.0

$55.0

$15.0

27.3%

2.73x

10.00x

$93.0

$41.0

$10.3

25.2%

2.27x

9.00x

$148.0

$65.0

--

--

2.28x

--

$35.0

$25.0

--

--

1.40x

--

Segment

development of Stirling cycle cryocoolers and externally heated Stirling engine technology for various markets Electronic Instruments high-end pressure measurement technology and manufactures high-end portable digital pressure calibrators and digital test gauges repairs and overhauls fuel, hydraulic, pneumatic, power generation and heat exchanger components American Industrial integrated test and measurement solutions for Partners the tire industry engineered advanced motion control solutions for Triton Partners niche applications manufacturer of fluid and gas handling solutions, sample Industrial Growth Partners conditioning equipment and process analyzers custom active piezoelectric vibration cancellation systems for life sciences, photonics and semiconducter equipment Beecken Petty O'Keefe

River Associates Investments

instruments used by ophthalmologists, optometrists, and opticians for vision correction and the screening

Equipment used to perform electrical immunity and electromagnetic compatibility testing Electronic Instruments supplier of custom-shaped metal preforms, microstampings and bonding wire solutions for interconnect applications in microelectronics packaging and assembly Electromechanical Group fine-featured catheter and other medical components for leads, guide wires and custom medical assemblies Electromechanical Group

Source: Press releases, SEC filings, Earnings Calls, Public information

Enterprise Value / LTM Revenues EBITDA

139

List of Ametek Acquisitions (2008-2010) Spruce Point Capital

$ in millions Announced

Location

Target

Private Equity Sponsor

11/9/2010

Chicago, IL

Atlas Material Testing Technology

weathering test instruments and related testing and Industrial Growth Partners consulting services

N/A

American Reliance Power Division

direct current power supplies and electronic loads for the automated linear actuatorstest andequipment lead screw market assemblies for the

Haydon Enterprises

Harbor Group

medical, industrial equipment, aerospace, analytical instrument, computer peripheral and semiconductor

Pfingsten Partners

manufacturer of engineered interconnect solutions for the medical device industry

8/19/2010 7/1/2010

Waterbury, CT

6/1/2010

Arlington, MN

4/1/2010

Madison, WI

Technical Services for Electronics Imago Scientific Instruments (1)

1/26/2010

Tampa, FL

Sterling Ultra Precision

12/1/2009

Baldwin Park, CA

Ameron Global

1/1/2009

Miami, FL

High Standard Aviation

11/3/2008

United Kingdom

Murihead Aerospace

7/28/2008

San Diego, CA

Programmable power business of Xantrex

6/12/2008

Wayne, NJ

Vision Research

4/14/2008

Robesonia, PA

Reading Alloys

2/26/2008

Tulsa, OK

Drake Air

2/26/2008 2/20/2008

Minneapolis, MN N/A

Motion Control Group Newage Testing

Enterprise Value

LTM Sales

LTM EBITDA

EBITDA Margin

Electronic Instruments

$159.0

$85.0

--

--

1.87x

--

Electronic Instruments

N/A

N/A

--

--

--

--

Electromechanical Group

$270.0

$85.0

--

--

3.18x

--

Electromechanical Group

$89.5

$50.0

--

--

1.79x

--

manufacturer of 3D atom probes

Electronic Instruments

$6.0

$7.0

--

--

--

--

reseller of machine tools for the ophthalmic lens market manufacturer of highly engineered pressurized gas components and systems for commercial and military aerospace customers electrical and electromechanical, hydraulic and pneumatic repair services to the aerospace industry manufacturer of motion technology products and a provider of avionics repair and overhaul services for A&D markets

Electronic Instruments

$3.2

N/A

--

--

--

--

Electromechanical Group

$32.7

$20.0

--

--

1.64x

--

Electromechanical Group

$40.2

$31.0

--

--

1.30x

--

Aerospace/Defense

~$64

$54.0

--

--

1.20x

--

Electronic Instruments

$120.0

$80.0

--

--

1.50x

--

Electronic Instruments

N/A

$37.0

--

--

--

--

Electromechanical Group

N/A

$80.0

--

--

--

--

Electronic Instruments

N/A

$15.0

--

--

--

--

Electromechanical Group Electronic Instruments

N/A N/A

$26.0 N/A

---

---

---

---

Target Description

AC/DC programmable power supplies used to test electrical and electronic products manufacturer of high-speed digital imaging systems used for motion capture and analysis in numerous test and measurement applications pecialty titanium master alloys and highly engineered metal powders used in the aerospace, medical implant, military and electronics markets heat-transfer repair services to the commercial aerospace industry customized motors and motion control solutions for the medical, life sciences, industrial automation, semiconductor and aviation markets manufacturer of hardness testing equipment

1) Information based on public article Source: Press releases, SEC filings, Earnings Calls, Public information

Segment

Enterprise Value / LTM Revenues EBITDA

140

List of Ametek Acquisitions (2006-2007) Spruce Point Capital

$ in millions Private Equity Sponsor

Announced

Location

Target

12/14/2007 10/18/2007 8/13/2007

San Diego, CA United Kingdom Paris, France

California Instruments Umeco R&O Cameca SAS

6/14/2007

Lancaster, PA

6/5/2007 4/18/2007

Witchita, KS Westerly, RI

Hamilton Precision Metals Advanced Industries B&S Aircraft Parts & Acces. Seacon Phoenix

4/18/2007

N/A

Siemens' Power Control

and related Power Control Systems technology and products

12/13/2006

Tulsa, OK

Southern Aeroparts

3rd Party MRO services to the commercial aerospace

12/12/2006 11/6/2006

N/A Keene, NH

General Ceramics Precitech

6/15/2006

Dronfield, UK

5/15/2006 2/18/2006

Harleysville, PA Coral Springs, FL

Land Instruments Int'l PennEngineering Motion Tech. Pulsar Technologies

Carlyle

Enterprise Value

LTM Sales

LTM EBITDA

EBITDA Margin

Electronic Instruments joins Ametek A&D division Electronic Instruments

~$38 $73.0 $112.0

$22.0 $57.0 $82.0

----

----

1.73x 1.28x 1.37x

----

Electromechanical Group

$42.0

$25.0

--

--

1.68x

--

~'$20 $38.0

$25.0 $17.0

---

---

0.80x 2.24x

---

Electronic Instruments

--

--

--

--

--

--

Electronic Instruments

~$40

$17.0

--

--

2.35x

--

-$13.0

-$19.0

---

---

-0.68x

---

$45.7

$41.0

--

--

1.11x

--

$64.0 $14.4

$55.0 $10.0

---

---

1.16x 1.44x

---

Target Description

Segment

programmable alternating current (AC) power sources European MRO business high-end elemental analysis systems precision metal strip and foil for medical, electronic and instrumentation markets

aircraft power management and 3rd party MRO Electronic Instruments undersea electrical interconnect Halmar Robicon silicon controlledsubsystems rectifier power controller Joins HCC Industries in EMG

manuf'ter of engineered hermetic microelectronic packages for electronic apps in the A&D, telco, and industrial markets Electromechanical Group manufacturer of ultra-precision machining systems Electronic Instruments on-line optical temperature measurement instrumentation for industrial applications Electronic Instruments highly engineered motors for niche applications communications equipment for the electric utility market

Source: Press releases, SEC filings, Earnings Calls, Public Information

Technical&Industrial Products unit Electronic Instruments

Enterprise Value / LTM Revenues EBITDA

141

List of Ametek Acquisitions (2000-2005) Spruce Point Capital

$ in millions Private Equity Sponsor

Announced

Location

Target

10/10/2005

Los Angeles, CA

HCC Industries

9/7/2005 9/26/2005 6/13/2005

N/A England Kleve, Germany

Quizix Solartron Group SPECTRO

6/30/2004

Leicester, UK

7/20/2004

Enterprise Value

LTM Sales

LTM EBITDA

EBITDA Margin

Enterprise Value / LTM Revenues EBITDA

Electromechanical Group

$162.0

$104.0

--

--

1.56x

--

Electronic Instruments Electronic Instruments Electronic Instruments

-$75.0 $98.0

-$50.0 $104.0

----

----

-1.50x 0.94x

----

--

--

1.67x

--

Target Description manufacturer of engineered hermetic connectors, terminals, headers and microelectronic packages manufacturer of precision pumping systems for the oil and gas market analytical and metrology instruments Atomic Spectroscopy analytical instrumentation

Segment

Taylor Hobson

ultra-precision measurement instrumentation

Electronic Instruments

Garden City, NY

Hughes-Treitler

Electronic Instruments

$48.0

$32.0

9/4/2003

Tulsa, OK

Chandler Instruments

Electronic Instruments

$49.0

$30.0

--

--

1.63x

--

5/9/2003

Columbus, OH

Solidstate Controls

Marmon Industrial

Electronic Instruments

$34.0

$45.0

--

--

0.76x

--

1/13/2003 2/1/2002

London, England Oak Ridge, TN

Airtechnology IRAS

Candover Partners PerkinElmer

Electromechanical Group Electronic Instruments

$80.0 $63.0

$46.4 $50.0

---

---

1.72x 1.26x

---

7/9/2001

Mahwah, NJ

EDAX

Panta Electronics

Electronic Instruments

$37.0

$34.0

--

--

1.09x

--

5/22/2001 9/13/2000

Wisconsin Rochester, NY

GS Electric Rochester Instrument

SPX Corp

Electromechanical Group Electronic Instruments

$32.0 $21.0

$65.0 $33.0

---

---

0.49x 0.64x

---

8/8/2000

Various

Prestolite Electric

Prestolite

heat exchangers and thermal management subsystems measurement instrumentation for the oil and gas industry uninterruptible power supply systems for the process and power generation industries supplier of motors, fans and environmental control systems for the aerospace and defense markets manufacturer of advanced analytical instrumentation analytical instrumentation which complements the Company's process and analytical instruments magnet motors for the global floor care and other markets electric power generation market Switch Division, Industrial Battery Charger business, and Direct-Current (DC) motor business

Electromechanical Group

$60.0

$71.0

--

--

0.85x

--

1.7x

8.7x

German Equity Ptnrs

GBP 55m GBP 38m

1.67x

Deal Averages: Source: Public Information

Compare average valuation paid for acquisitions vs. Ametek’s current valuation of 3.8x and 14.5x LTM Sales and EBITDA! Source: Press releases, SEC filings, Earnings Calls, Public Information

142

Spruce Point Capital

Ametek’s Sourcing and Operational Improvement Expectations $ in millions

Source: Ametek earnings conference calls

Total Annual Cost Savings Expectations

Total Annual Sourcing Expectations

Total Annual Operational Expectations

Total Qtrly Realized Sourcing

Total Annual Realized Sourcing

Q1'09 Q2'09 Q3'09 Q4'09

$115.0 $135.0 $135.0 $135.0

$20.0 $20.0 $20.0 $22.0

$95.0 $115.0 $115.0 $113.0

$4.4 $5.4 $6.0 $6.0

$21.8

Q1'10 Q2'10 Q3'10 Q4'10

$75.0 $75.0 $75.0 $75.0

$22.0 $25.0 $27.0 $27.0

$53.0 $50.0 $48.0 $48.0

$6.0 $7.0 $7.0 $7.0

$27.0

Q1'11 Q2'11 Q3'11 Q4'11

$50.0 $50.0 $50.0 $50.0

$27.0 $28.0 $29.0 $30.0

$23.0 $22.0 $21.0 $20.0

$7.0 $7.0 $8.0 $8.0

$30.0

Q1'12 Q2'12 Q3'12 Q4'12

$60.0 $75.0 $80.0 $85.0

$40.0 $47.0 $48.0 $49.0

$20.0 $28.0 $32.0 $36.0

$10.0 $12.0 $13.0 $14.0

$49.0

Q1'13 Q2'13 Q3'13 Q4'13

$95.0 $100.0 $100.0 $100.0

$54.0 $54.0 $54.0 $62.0

$41.0 $46.0 $46.0 $38.0

$14.0 $16.0 $16.0 $16.0

$62.0

Q1'14 Q2'14 Q3'14

$90.0 $95.0 $100.0

$60.0 $65.0 $70.0

$30.0 $30.0 $30.0

$17.0 $18.0 $19.0

$54.0

Total

$545.0

$260.0

$285.0

$243.8

143

.

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·.

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Company Registration No; 00620201 (Englan·d and Wales)

i·~·:

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. •.

AEM LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

II 1111 II II 1111 1111 II *L3E39CUG*

LD4

12/08/2014

#66

AEM LIMITED ·

·.

·.

COMPANY INFORMATION i.';-·:

Directors

DB Coley JG Smith J W Hardin A Harding E Speranza

Secretaries

DB Coley .. KE Sena

Company number

00620201

Registered office

(Appoi.nted 31 March 2014)

PO Box 36 · 2 New Star Road Leicester LE4 9JQ

Auditors

Ernst & Young LLP One Cambridge Business Park Cambridge CB4 OWZ

Business address

Taylor's End, Stansted Airport Stansted Essex CM241RB

·Bankers

NatWest 1 Granby Street Leicester LE1 6EJ

i._y.

AEM LIMITED

·.

·.

·.

CONTENTS '';:.

Page Strategic report

1- 2

Directors' report .

3-4

Independent auditors' report

5-6

Profit and loss account

7

Balance sheet

8

Notes to the financial statements

9 - 21

·.

AEM LIMITED

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STRATEGIC REPORT

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

i~-,·

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:

The directors present their strategic report for the year ended 31 December 2013. Principal activities and review of the business The principal activity of the company continued to be that of repair, overhaul, modification and testing of aircraft components and the supply of first aid and medical kits and equipment to the aviation industry. The company's key financial indicators for the year were.as follows:

Sales Operating profit Operating profit as a % of sales Net current assets (excluding debtors falling due after more than one year) Shareholders' funds

2013 2012 £'QOO £'000 25,262 23, 181 5,671 4,659 22.45% 20.10% 11,230 11,414

8,316 8,088

Change % 8.98 21.72

35.04 41.12

Operating profit for the 12 month period ended 31 December 2013 showed a 22% increase on the prior 12 month period with turnover up by 9%. Despite the general downturn in the UK economy the company, through diversification and a strong presence in overseas markets, recorded strong levels of profitability and met AMETEK expectations for all of its main key performance indicators. We remain confident, given the actions taken in 2013 to enhance capability and production facilities at our Ramsgate location that we will continue to see growth and increased profitability in 2014. Principal risks and uncertainties The company operates in a competitive and global environment and whilst the economic downturn has undoubtedly affected the airline industry as a whole, the company, )IVith its increasing global spread of MRO (Maintenance, Repair and Overhaul) businesses under the AMETEK brand, is now of significant mass and diversification. Consequently, it is much better placed to minimise the effects of this market decline and well placed to take further advantage of any market fall-out. Financial risk management The company's principal financial instruments comprise trade debtor, trade creditor and inter-company loans and balances. The company does not enter into derivative transactions and it is, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken. The main risks arising from the company's financial instruments are interest rate risk and foreign currency risk. Interest rate risk It is AMETEK group policy not to enter into interest rate swaps.

-1-

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AEM LIMITED .··

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STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013 i'.·::

Foreign currency risk The company has transactional and translated currency exposure arising from sales, purchases and loans in foreign currencies. It is AMETEK group policy not to actively hedge against foreign currency transactions and balances. On behalf of the board

JG Smith

Directo{3

...................~

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4

-2-

·.

·.

AEM LIMITED DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2013

The directors present their report for the year ended 31 December 2013. Results and dividends The results for the year are set out on page 7.

The total distribution of dividends for the year ended 31 December 2013 was £1,810,000 (2012: £3,521,000). Market value of land and buildings In the opinion cif the directors, the market value of freehold land and buildings is not considered to be materially different to the net book value as disclosed in th~ fixed asset note.

Research and development The company continues to invest in a programme of research and development across all business areas, researching and adding new capabilities considered strategic to support the markets it serves. Post balance sheet events The company has declared and paid dividends amounting to £1,000,000 since the year end. Future developments The company will continue fo expand its presence in the Far East market by utilising the AMETEK MRO facility in Singapore and seek to develop strategic partnerships wi~h other AMETEK companies. Going concern The company's business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives and details of the company's exposure to risk are described in the strategic report on page 1.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Directors The following dire,ctors have held office since 1 January 2013:

DB Coley A Imrie JG Smith J W Hardin A Harding . E Speranza

(Resigned 31 March 2014)

(Appointed 31 March 2014)

Directors' insurance AMETEK Inc. has indemnified one or more directors of the company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006 .. Such qualifying third party the year and remains in place to the date of this report. ) indemnity provision was in force during . Environment The group operates under recognised environmental procedures and best practice, fully recognising and complying with its responsibilities to the environment and current legislation. In furtherance to this.. the company operates an environmental policy in accordance with ISO 14001.

-3-

·.

AEM LIMITED

·.

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013 i'::.

.:....,.

Financial instruments Details of financial instruments are provided in the strategic report on page 1. Auditors The auditors, Ernst & Young LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006. Statement of directors' responsibilities The ·directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reason.able and prudent; · - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the · company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure to auditors So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board

JG Smith Director

0

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4

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·,

. AEM LIMITED

•,

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

i~·,-.

We have audited the financial statements of AEM Limited for the year. ended 31 December 2013 .set out on pages 7 to 21. The financial reporting framework that has been applied in their preparation is applicable law . and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them .in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. · Respective responsibilities of directors and auditors As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial· statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and .International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of ·the financial statements. ·

In addition, we read all the financial and non-financial information in the Annual Report and Financial Statements to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the fmplications· for our report. Opinion on financial statements In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 December 2013 and of its profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. ·Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

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AEM "LIMITED

..

·.

INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF AEM LIMITED

Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or . certain disclosures of directors' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit.

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AEM LIMITED

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PROFIT AND LOSS ACCOUNT FOR THE·YEAR ENDED 31 DECEMBER 2013 ~';::

~:·:.

2013 £'000

2012 £'000

25,262

23, 181

·Cost of sales

(13,580)

(12,239)

.Gross profit

11,682

10,942

Distribution costs Administrative expenses

(1,369) (4,642)

(1,380) (4,903)

5,671

4,659

Notes Turnover

2

Operating profit

3

Investment income Interest receivable Amounts written off investments Interest payable

4.

5 6 7

Profit on ordinary activities before taxation Tax on profit on ordinary activities

Profit for the year

25 39

160 35 (160) (637)

8

21

(637)

5,069

4,086

10

945

5,079

5,031

--

--

The profit and loss account has been prepared on the basis that all operations are continuing operations. There are no recognised gains and losses other than those passing through the profit and loss account.

-7-

AEM LIMITED

·.

BALANCE SHEET

AS AT.31DECEMBER2013 i;::

,.. ..

':· ..

2012

2013 Notes

£'000

\....

i·~·::

~

£'000

£'000

£'000

Fixed assets Intangible assets Tangible assets Investments

10 11 12

5,603 4,619

5,532 4,907 160

10,222

10,599

· . Current assets Stocks Debtors Cash at bank and in hand

13 14

Creditors: amounts falling due within one year

16

4,106 9,963 1,221

4,292 6,662 1,875

15,290

12,829 (4,053)

(4,060)

-- -

Net current assets

11,230

Total assets less current liabilities

21,452

19,375

(11,287)

Creditors: amounts falling due after more than one year

17

(10,022)

Provisions for liabilities

18

(16)

8,776

11,414

8,088

Capital and reserves Called up share capital Profit and loss account

20 21

3,000 8,414

3,000 5,088

Shareholders' funds

22

11,414

8,088

Approved by the Board and

~uthorised for issue on ... ~... ~~·l·~;-V l..o\4

. . .~. G\. ·JG Smith

Director Company Registration No. 00620201

-8-

·. AEM LIMITED

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31.DECEMBER 2013. \··::

1

Accounting policies

1.1 ·Accounting convention The financial statements are prepared under the historical cost convention. The company has taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from the requirement to produce a cash flow statement on the grounds that it is a subsidiary undertaking · where 90 percent or more of the voting rights are controlled within the group.

1.2

Compliance with accounting standards The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), . which have been applied consistently (except as otherwise stated).

1.3

Turnover Turnover. represents the amounts receivable by the company for goods supplied and services provided, excluding VAT and trade discounts. In the case of goods, invoices are ra.ised on delivery to and, where required, formal acceptance by customers.

1.4

Goodwill Goodwill is the difference between the cost of an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities. Positive goodwill is capitalised and classified as an asset on the balance sheet. It is reviewed for impairment at the end of the first full financial period following the acquisition and each year thereafter to ensure that the carrying value is still recoverable. The goodwill recognised is considered to have an indefinite useful economic life. No amortisation is therefore charged to the profit and loss account unless events or changes in circumstances indicate that the carrying value may not be recoverable. The financial statements depart ·from the specific requirements of the Companies Act 2006 to amortise goodwill over a finite period for the overriding purpose of giving a true and fair view. As the useful econornic life of goodwill is considered to be indefinite (see note 10), it is not possible to quantify the effect of this departure.

1.5

Licences, patents and knowhow Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

1.6

Research and development Research expenditure is written off to the profit and loss account in the year in which it is incurred.

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AEM LIMITED .

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NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)

FOR THE YEAR ENDED·31DECEMBER2013 \":;.-.

i:.·:.

1

Accounting policies

1.7

Tangible fixed assets and depreciation Tangible fixed assets. are s_tated at cost less accumulated depreciation. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

{Continued)

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition of each asset evenly over its expected useful life, as follows:

Buildings Short leasehold property Plant and machinery Fixtures, equipment and computers Motor vehicles ·

2% per annum Over the life of the lease 10-15% per annum (aircraft rotable spares 14%) 20- 33% per annum 25-33% per annum

No depreciation is charged on freehold land.

1.8

Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.9

Investments Fixed asset investments are stated at cost and are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.

1.10 Stock and work in progress Stock and work in progress are valued at the lower of cost and net realisable value. Cost includes materials, direct labour and an attributable proportion of overheads based on normal levels of activity. 1.11 Pensions The company administers a defined contribution pension scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme. 1.12 Deferred taxation Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception: - deferred tax assets are recogni$ed only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing ' differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.13 Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies. are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

- 10 -

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AEM LIMITED

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NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) 0

FOR THE YEAR ENDED 31 DECEMBER 2013 0

1

~

Accounting policies

(Continued)

1.14 Share-based payments The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which relevant employees become fully entitled to the award. Fair value is determined using an appropriate pricing model. No expense is recognised for awards that do not ultimately vest. f

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non market conditions that impact on the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account for the year (as part of wages and salaries) with a corresponding reserve transfer to the profit and loss reserve. There are no n
2

Turnover. Geographical market Turnover 2013 £'000

Europe and Middle East Asia and Africa Americas (excl USA) USA

22,690 1,615 102 855

- 11 -

2012 £'000

19,782 2,666 30 703

25,262

23,181

--

--

AEM LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013 ''::.

'';:.

3

i~·:.

Operating profit

2013 £'000

Operating profit is stated after charging: Amortisation of intangible assets Depreciation of tangible assets Loss on disposal of tangible assets Loss on foreign exchange transactions Research and development Operating lease rentals Hire of plant and machinery Fees payable to the compa~y's auditor for the audit of the company's annual accounts Redundancy - exceptional restructuring cost and after crediting: Profit on disposal of tangible assets Profit on foreign exchange transactions

4

Investment income

Interest receivable

Interest receivable from group undertakings

6

Amounts written off investments

Amounts written off fixed asset investments: - loss on liquidation of investments

7

9 736

2012 £'000

299 246 37

768 3 89 307 288 33

20 30

23 72

(8) (29)

Income from shares in group undertakings

5

'~·:

\·~··

--

--

2013 £'000

2012 £'000

160

25

--

--

2013 £'000

2012 £'000

35

39

--

--

2013 £'000

2012 £'000

160

Interest payable

Interest payable to group undertakings

- 12 -

--

--

2013 £'000

2012 £'000

637

637

--

--

·.

·.

. AEM LIMITED

NOTES TO THE.FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013 'i.'

8

\·;:.

i';:.

Taxation 2013 £'000

2012 £'000

Domestic _current year tax Adjusfment for prior years

(765)

Total current tax

(765)

Deferred tax Origination and reversal of timing differences . Effects of changes in tax rates and laws

(16)

Factors affecting the tax charge for the year Profit on ordinary activities before taxation

Profit on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 23.25% (2012 - 24.50%) Effects of: (Income not taxable)/ Non deductable expenses Depreciation in advance of capital allowances Adjustments to previous periods Amount written off investments Dividend income not taxable Group relief not charged Other timing differences

6

(181) 1

(10)

(180)

(10)

(945)

5,069

4,086

--

--

1, 178

1,001

(48) 11

3 168 (765)

37 . (37) (1, 149) 8

(1, 184) 12

(1,178)

(1,766) (765)

Current tax credit for the year

--

--

The company has received the benefit of tax losses amounting to £4,944,000 (2012: £4,833,000) from certain subsidiary undertakings without making any payment. Factors that may affect future tax charges The standard rate of Corporation Tax in the UK reduced from 24% to 23% with effect from 1 April 2013. Accordingly the company's profits for this accounting period are taxed at a blended rate of 23.25%.

The standard rate has fallen to 21 % with effect from 1 April 2014 and will fall further to 20% with effect from 1 April 2015. These rates were enacted during the period and as such any deferred tax balances have been stated at a rate of 20%.

- 13 -

AEM .LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013 i;·.

9

10

....

l~·:.

'':'-

;~

Dividends

2013 £'000

2012 £'000

Ordina_ry final paid

1,810

3,521

--

--

Intangible fixed assets Licences, patents and knowhow £'000 Cost At 1 January 2013 Additions

80

At 31 December 2013

80

Goodwill

Total

£'000

£'000

5,558

5,558 80

5,558

5,638

26

26 9

Amortisation At 1 January 2013 Charge for the year

9

At 31 December 2013

9

26

35

71

5,532 -5,532

--

Net book value At 31 December 2013

-At 31 December 2012

--

5,603 5,532

--

The directors consider that the specialised nature of the· acquired businesses give grounds for regarding the goodwill premiums as durable and for assigning an indefinite life. The businesses operate in a long standing ·and highly regulated industry and the related products, customer base and business names provide a benefit to the company which is considered to have indefinite durability. The financial statements depart from the specific requirements of s396 of the Companies Act 2006 to amortise goodwill over a finite period for the overriding purpose of giving a true and fair view. As the useful economic life of goodwill is considered to be indefinite, it is not possible to quantify the effect of this departure.

-14 -

AEM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE.YEAR ENDED 31DECEMBER2013 ··~·:.

11

':~'

i;:

i .......

Tangible fixed assets Freehold land and buildings

Short Plant and Fixtures, leasehold machinery fittings & property equipment

£'000

£'000

Cost At 1 January 2013 Additions Disposals

2,725 231

17

At 31 December 2013

2,956

17

737

9

Depreciation At 1 January 2013 On disposals Charge for the year At 31 December 2013 Net book value At 31 December 2013

45 782

9

2,174

8

-At 31 December 2012

Motor vehicles

Total

£'000

£'000

£'000

£'000

6,389 181 (548)

1, 108 17 (14)

58 19 (28)

10,297 448 (590)

1, 111

·49

10, 155

'6,022

3,673 (548) 666

913 . (14)

3,791

908

9

58 (28) 16

5,390 (590) 736

46

5,536

2,231

203

3

4,619

--

--

--

--

--

--

1,988

8

2,716

195

--

--

--

--

4,907

Included in the cost of land and buildings is freehold land of £267,000 (2012: £267,000) which is not depreciated. Included within additions in the year to plant and machinery are assets under construction of £136,000 (2012: £58,000) and within additions in the year to land and buildings of £184,000 (2012: £210,000).

- 15 -

·.

AEM LIMITED

·.

NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2013 i;.·. . . i.~·:

12

i·:;:

Fixed asset investments Shares in subsidiary undertakings £'000 Cost At 1 January 2013 Disposals

185 (185)

At 31 December 2013 Provisions for diminution in value At 1 January 2013 On disposals

25 (25)

At 31 December 2013 Net book value At 31 December 2013 At 31 December 2012

160

The company held investments in Aviation Windings Limited and Aeromedic Innovations Limited at 1 January 2013. These companies were liquidated during the year. 13

Stocks and work in progress

2013. £'000

2012 £'000

Raw materials and consumables Work in progress Finished goods and goods for resale

2,921 1,014 . 171

2,424 1,287 581

- 16 -

4,106

4,292

--

--

·.

·AEM LIMITED . NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FORi·:;:. THE YEAR ENDED 31, DECEMBER l013 \~;:

14

..

i':::

i~-:

''::.

Debtors

2013 £'000

2012 £'000

Trade debtors Amounts owed by group undertakings Corporation tax Other debtors Prepayments.and accrued income Deferred tax asset (see note 15)

3,287 6, 151 237 102 127 59

3,288 2,455 628 33 209 49

9,963

6,662

--

--

2013 £'000

2012 £'000

Amounts falling due after more than one year and included in the debtors above are:

Amounts owed by group undertakings

15

. 460

Deferred tax asset

The deferred tax asset (included in debtors, note 14) is made up as follows: 2013 £'000 Balance at 1 January 2013 . Profit and loss account

(49) (10)

Balance at 31 December 2013

(59)

--

Decelerated capital allowances Share based payment Other timing differences

2013 £'000

2012 £'000

(24) (21) (14)

(18) (31)

(59)

(49)

--

--

The effect of future changes in tax rate is not considered to have a material effect on the deferred tax balance.

- 17 -

·.

·.

AEM LIMITED.··

·.

·.

·.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED_·31 DECEMBER 2013 i~·.",

16

17

\:;:.

Creditors: amounts falling due within one year

2013 £'000

2012 . £'000

Trade creditor!? Amounts owed to group undertakings Taxes and social security costs Other creditors Accruals and deferred income

3,215 206 154 164 321

3,201 281 166 94 311

4,060

4,"053

--

--

2013 £'000

2012 £'000

Creditors: amounts falling due after more than one year

Amounts owed to group undertakings

10,022

11,287

--

--

Included within amounts owed to group undertakings is a loan totalling £9,800,000 (2012: £9,800,000). The loan has a rolling 5 year notice period. Interest is charged at a rate of 6.5%.

18

Provisions for liabilities Warranty £'000 Profit and loss account

16

Balance at 31 December 2013

16

The provision relates to a possible claim by a customer and is likely to be utilised in 2014.

19

Pension and other post-retirement benefit commitments Defined contribution The company administe_rs a defined contribution pension scheme for the benefit of the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and there were no amounts due to the scheme at the year end (2012: £Nil).

Contributions payable by the company for the year

- 18 -

2013 £'000

2012 £'000

254

256

AEM LIMITED NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2013 \

......

\'.·.:.

20

i~-...

Share capital

.....

2013 £'0.00

Allotted, called up and fully paid 3,000,000 Ordinary shares of £1 each

21

.

i·:;.·.

2012 £'000

3,000

3,000

--

--

Statement·of movements on profit and loss account Profit and loss account

. £'000 Balance at 1 January 2013 Profit for the year Share based payment transactions Dividends paid

5,088 5,079 57 (1,810)

Balance at 31 December 2013

8,414

-22

Reconciliation of movements in shareholders' funds

2013 £'000

2012 £'000

Profit for the financial year Dividends Share based payment transactions

5,079 (1,810) 57

5,031 . (3,521) 69

Net addition to shareholders' funds Opening shareholders' funds

3,326 8,088

Closing shareholders' funds

23

Contingent liabilities The company has issued bank guarantees to the value of £10,000.(2012: £10,000).

- 19 -

1,579 6·,509

11,414

8,088

--

--

•,

AEM LIMITED

•,

NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2013 \';:.

24

~-~·::

Financial commitments At 31 December 2013 the company was committed to making the following payments. under non-cancellable operating leases in the year to 31 December 2014: Land and buildings 2013 2012 £'000 £'000 Operating leases which expire: Within one year Between two and five years In over five years

248

Other 2013 £'000

2012 £'000

13 21

21 33

34

54

235 235

248

-25

Capital commitments

2013 £'000

2012· £'000

At 31 December 2013 the company had capital commitments as follows: Contracted for but not provided in the financial statements

510

-26

Directors' remuneration

Remuneration for qualifying services Company pension contributions to defined contribution schemes

2013 £'000

2012 £'000

248 16

232 15

--

--

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2012 - 3). The number of directors who exercised share options during the year was 2 (2012 - 1). The number· of directors who received shares under long term incentive schemes during the year was 4 (2012 - 4). Remuneration disclosed above includes the following amounts paid to the highest paid director: Remuneration for qualifying services Company pension contributi.ons to defined contribution schemes

137

122

9

8

The highest paid director has exercised share options during the year. The highest paid director received shares under a long term incentive scheme during the year.

J W Hardin is a US based director within the AMETEK group and does not provide any qualifying services to AEM Limited.

- 20 -

AEM LIMITED

•,

•,

•,

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED). FOR THE YEAR ENDED 31 DECEMBER 2013

27

Employees Number of employees The average monthly number of employees (including directors) during the year was:

2013

·2012

. Number

Number

62 155

64 147

217

211

Employment costs

2013 £'000

2012 £'000

Wages and salaries Social security costs Other pension costs

6,3p1 622 254

5,902 576 256

7,177

6,734

Sales, administration and distribution Manufacturing

Included in wages and salaries is a total expense for share-based payments in relation to equity-settled transactions of £57,000 (2012: £69,000), of which £27,000 (2012: £40,000) relates to restricted shares and £30,000 (2012: £29,000) relates to share options. Further details of the share-based payment arrangements applicable are given in the group financial statements of the ultimate parent entity AMETEK Inc.

28 · Control The immediate parent company is AMETEK Aerospace and Defense Group UK Limited, a company registere<;f in England and Wales.The ultimate parent company is AMETEK Inc, a company incorporated in the United States of America. AMETEK Inc. prepares group financial statements which include the company and are the smallest and largest consolidated accounts that the company is included in, copies of which can be obtained from P 0 Box 36, 2 New Star Road, Leicester LE4 9JQ.

29

Post balance sheet events The company has declared and paid dividends amounting to £1,000,000 since the year end.

- 21 -

' Company Reg1strat1on No 00499805 (England and Wales)

AMETEK AIRTECHNOLOGY GF.tOUP LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012

111111111111111111 A06

"A2ECYYGJ" 08/0812013 COMPANIES HOUSE

#295

• AMETEK AIRTECHNOLOGY GROUP LIMITED COMPANY INFORMATION

Directors

J A Mockler DB Coley J A Fenn RR Mandos R Vogel

Secretaries

DB Coley KE Sena

Company number

00499805

Registered office

P 0 Box 36 2 New Star Road Leicester LE4 9JQ

Auditors

Ernst & Young LLP Wessex House 19 Threef1eld Lane Southampton S014 3QB

Business address

111 Windmill Road, Sunbury on Thames Middlesex TW16 7EF

Bankers

NatWest 1 Granby Street Leicester LE1 6EJ

Sohc1tors

Blake Lapthorn New Kings Court Tollgate Chandler's Ford Eastleigh Hampshire S053 3LG

(Appointed 26 Apnl 2012) (Appointed 1 July 2012) (Appointed 1 August 2012)



'

AMETEK AIRTECHNOLOGY GROUP LIMITED CONTENTS

Page Directors' report

1-4

Independent auditors' report

5-6

Profit and loss account

7

Statement of total recognised gains and losses

8

Balance sheet

9

Notes to the financial statements

10 - 28



AMETEK AIRTECHNOLOGY GROUP LIMITED DIRECTORS' REPORT

FOR THE YEAR ENDED 31DECEMBER2012

The directors present their report and financial statements for the yea; ended 31 December 2012 Principal act1v1t1es and review of the business The principal act1v1ty of the company continued to be that of the design and manufacture of products for the aerospace, defence and rail industries, the design and manufacture of spec1ahst prec1s1on and motion control products and the design, manufacture and sale of track balls and other cursor controlled products

The company's key financial indicators for the year were as follows

Sales Operating profit before exceptional items Exceptional items Operating profit after exceptional items Operating profit as a % of sales Net current assets Shareholders' funds

2012 £'000

2011 £'000

Change

47,489 6,012 891 5, 121 10 78% 21,986 20,280

44,068 5,297

7 76 13 50

5,297 12 02% 20,367 19,966

(3 32)

%

7 95 1 57

The level of order intake in 2012 reduced by £1 7m or 3 9% to £42 6m A reduction of orders in our track ball product hne which benefited from a large multi-year order in 2011 drove this reduction We continue to invest heavily in new product development to ensure we are well placed to achieve our long term growth obiect1ves During 2012 we spent £3 2m on research, development and engineering to support our New Product investment programs New Product investment for 2012 was 6 8% of sales (2011 8 4%) The level of enquires and the future prospects remain encouraging In 2012 the continued strength of the short term order book coupled with a strong performance in our 011 & Gas sector resulted in increased sales of £3 4m or 7 8% to £47 Sm During 2012 the company recorded a £0 9m prov1s1on to refiect add1t1onal costs associated with a development program which will not be recoverable under the terms of the contract Adjusting for this, the business recorded a 13 5% increase in its operating profit This improvement was driven by the increased level of sales, supported by strong margins and a reduced cost base We remain focused on operational excellence and have earned on with the 1mplementat1on of lean in1!1at1ves to ensure we can hold our compet1t1ve pos1t1on in our markets We continue to aggressively pursue cost reductions through local and parent company Global Sourcing and Strategic Procurement lmt1at1ves The company's net current assets increased by £1 6m or 7 9%, this increase was driven by a reduction in the level of trade creditors which reduced £1 6m and higher intercompany debtors following the introduction of cash pooling processes Despite d1v1dend payments of £4 3m Shareholders funds increased 1 6% reflecting the profit generated in the year

-1-

AMETEK AIRTECHNOLOGY GROUP LIMITED DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012

Principal risks and uncertainties The company operates 1n a compet1t1ve global environment, and our customers have the ability to switch supply sources 1f they iudge that the competitor product offers better value Further, 1t 1s becoming apparent that a trend 1s developing w1th1n our defence and industrial markets whereby our customers are placing orders close to 1f not within stated lead times The business believes this change in procurement behaviour 1s as a direct result of our customers coming to terms with reduced defence budgets and a general tightening of spending within industrial and commercial markets driven principally by continuing concerns over the robustness of economic growth in developed and developing economies

The business 1s responding to these risks by continuing to focus on the quality and rel1ab11ity of our products in order to provide good value over the product life, to monitor competitor act1v1ty to maintain our compet1t1veness and to improve the ag1l1ty of our operations allowing us to improve our responsiveness The company 1s considered to have acceptable d1vers1ficat1on between its Commercial, Military and Industrial market sectors and therefore unlikely to be overly exposed by a downturn in any one of these markets The company does not have a natural hedge in the Euro and USD currencies and 1s therefore impacted by exchange rate fluctuations

Financial instruments The company's principal financial instruments comprise trade debtor, trade creditor and 1ntercompany balances The company does not enter into derivative transactions and 1t 1s, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken The main risk arising from the company's financial instruments 1s foreign currency risk The company has transactional and translat1onal currency exposures arising from sates and purchases in foreign currencies It 1s AMETEK group policy not to actively hedge against foreign currency transactions and balances Results and d1v1dends The results for the year are set out on page 7

The total d1stnbut1on of d1v1dends paid in the year ended 31 December 2012 was £4,254,000 (2011 £2,000,000)

Research and development Research and development 1s directed towards product development and new products aligned to market needs Post balance sheet events The company has declared and paid d1v1dends amounting to £1,200,000 since 31 December 2012 Future developments The company continues to seek out new opportunities within its Rat•, lndustnal, 01\ & Gas and Commercial Aerospace markets outside of the UK to complement the strong pos1t1on within the European Aerospace & Defence markets We remain oplim1st1c about the near term economic outlook and our d1fferenttated business continues to enioy a healthy order book This gives us good reason to be confident that 2013 should be another good year

Going concern The company's business act1v1t1es, together with the factors likely to affect its future development, its financial pos1t1on, financial risk management objectives and details of the company's exposure to risk are described in this report

After making enqumes, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future Accordingly, they continue to adopt the going concern basis in preparing the financial statements

-2-

AMETEK AIRTECHNOLOGY GROUP LIMITED DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 Directors The following directors have held office since 1 January 2012 J A Mockler DB Coley J A Fenn RR Mandos R Vogel J J Molrnellr C E Lohwasser L M Smrth

(Appointed 26 Aprrl 2012) (Appointed 1 July 2012) (Appointed 1 August 2012) (Resigned 1 July 2012) (Resigned 1 August 2012) (Resrgned 30 Aprrl 2012)

Directors' insurance AMETEK Inc has indemnified one or more directors of the company agarnst lrabilrty rn respect of proceedings brought by third parties, subiect to the conditions set out rn the Companies Act 2006 Such qualrfyrng thrrd party rndemnrty provrsron was in force durrng the year and remains rn place to the date of th rs report Employee involvement Employees are involved rn rmprovrng the company performance through the Lean Manufacturrng rnrtrabves that have been set up throughout the organrsatron Communrcatron wrth employees rs prrncrpally vra iornt consultatrve meetrngs and quarterly revrews

Disabled persons The company grves full consrderatron to applrcatrons for employment from drsabled persons where the requrrements of the JOb can be adequately fulfilled by a handrcapped or drsabled person Where exrsting employees become drsabled, rt rs the company's policy wherever practrcable to provrde continuing employment under normal terms and condrtrons and to provrde trarning and career development and promotron to drsabled employees wherever approprrate

Auditors The audrtors, Ernst & Young LLP, are deemed to be reappointed under sectron 487(2) of the Companies Act 2006

-3-

AMETEK AIRTECHNOLOGY GROUP LIMITED DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 Statement of directors' respons1b1htles The directors are responsible for preparing the Directors' Report and the financial statements m accordance with applicable law and regulations

Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financial statements m accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period In preparing these financial statements, the directors are required to - select suitable accounting policies and then apply them consistently, - make judgements and accounting estimates that are reasonable and prudent, - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained m the financial statements, - prepare the financial statements on the going concern basis unless 1t 1s inappropriate to presume that the company will continue m business The directors are responsible for keeping adequate accounting records that are suff1c1ent to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other 1rregularit1es Statement of disclosure to auditors So far as the directors are aware, there 1s no relevant audit 1nformat1on of which the company's auditors are unaware Add1t1onally, the directors have taken all the necessary steps that they ought to have taken as directors m order to make themselves aware of all relevant audit information and to estat:lish that the company's auditors are aware of that information

On behalf of the board

dif

l\6\1~

Fen ecto

-4-

AMETEK AIRTECHNOLOGY GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMETEK AIRTECHNOLOGY GROUP LIMITED

We have audited the financial statements of AMETEK A1rtechnology Group L1m1ted for the year ended 31 December 2012 set out on pages 7 to 28 The financial reporting framework that has been applied in their preparation 1s applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) This report 1s made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them 1n an auditors' report and for no other purpose To the fullest extent permitted by law, we do not accept or assume respons1b1l1ty to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed Respective respons1b1llties of directors and auditors As explained more fully in the Statement of Directors' Respons1b1l1t1es set out on page 4, the directors are responsible for the preparation of the financial statements and for being sat1sf1ed that they give a true and fair view Our respons1b11ity 1s to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Aud1t1ng (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the f1nanc1al statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error This includes an assessment of whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed, the reasonableness of s1gn1f1cant accounting estimates made by the directors, and the overall presentation of the financial statements

In add1t1on, we read all the financial and non-financial information in the Directors' Report and Financial Statements to 1dent1fy material incons1stenc1es with the audited financial statements If we become aware of any apparent material misstatements or inconsistencies we consider the 1mplicat1ons for our report Opinion on financial statements In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 31 December 2012 and of its profit for the year then ended, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared in accordance with the requirements of the Companies Act 2006 Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared 1s consistent with the financial statements

-5-

AMETEK AIRTECHNOLOGY GROUP LIMITED INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF AMETEK AIRTECHNOLOGY GROUP LIMITED Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you 1f, in our opinion adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not v1s1ted by us, or the financial statements are not in agreement with the accounting records and returns, or certain disclosures of directors' remuneration specified by law are not made, or we have not received all the information and explanations we require for our audit

tM~-1 '--( ~

UJ

David Marshall (Senior Statutory Auditor) for and on behalf of Ernst & Young LLP Statutory Auditor Southampton

-6-

AMETEK AIRTECHNOLOGY GROUP LIMITED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31DECEMBER2012 2012 £'000

2011 £'000

47,489

44,068

Cost of sales

(36,969)

(33,469)

Gross profit

10,520

10,599

D1stnbut1on costs Adm1nistrat1ve expenses

(1,532) (3,867)

(1,863) (3,439)

--

--

5, 121

5,297

76 597

83 481

--

--

5,794

5,861

Notes Turnover

2

--

Operating profit

3

Interest receivable and s1m1lar income Other finance income

4 14

Profit on ordinary act1v1bes before taxation Tax on profit on ordinary act1v1t1es Profit for the year

151

1,284

--

--

5,945

7,145

5

17

= The profit and loss account has been prepared on the basis that all operations are continuing operations

-7-

AMETEK AIRTECHNOLOGY GROUP LIMITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

FOR THE YEAR ENDED 31DECEMBER2012

Profit for the financial year Actuarial loss on pension scheme Tax on items taken directly from equity Total recognised gains and losses relating to the year

- B-

2012 £'000

2011 £'000

5,945 (1,544) 100

7,145 (1,553) 128

4,501

5,720

--

--

AMETEK AIRTECHNOLOGY GROUP LIMITED BALANCE SHEET AS AT 31 DECEMBER 2012

2012 £'000

Notes F1xed assets Intang1ble assets Tangible assets

Current assets Stocks Debtors Cash at bank and

7 8

9 10 in

hand

Creditors amounts falling due within one year

11

2011 £'000

£'000

14, 176 5,622

15,029 5,899

--

--

19,798

20,928

14,076 15,800 162

13,870 14,346 1,200

--

--

30,038

29,416

(8,052)

(9,049)

--

--

21,986

Net current assets

£'000

20,367 --

Total assets less current liabilities Creditors. amounts falling due after more than one year

12

41,784

41,295

(23,423)

(23,423) --

Pension asset

18,361 1,919

14

17,872 2,094

-20,280

19,966

--

Capital and reserves Called up share capital Profit and loss account

16 17

Shareholders' funds

18

480 19,800

480 19,486

-20,280

= Approved by the Board and authorised for issue on

\~"$'

Company Reg1strat1on No. 00499805

-9-

?-e,:,

19,966

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31DECEMBER2012 1

Accounting pohc1es

11

Accounting convention The financial statements are prepared under the historical cost convention The company has taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from the requirement to produce a cash flow statement on the grounds that 1t 1s a subs1d1ary undertaking where 90 percent or more of the voting rights are controlled within the group

1.2

Comphance with accounting standards The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated)

1.3

Turnover and revenue recognition Turnover represents the amounts receivable by the company for goods supplied and services provided, excluding VAT and trade discounts In the case of goods revenue 1s recognised when the risks and rewards of ownership of the goods has passed to the buyer This 1s usually determined with reference to the INCO terms of goods shipped

14

Goodwill Goodw1ll 1s the difference between the cost of an acquired entity and the aggregate of the fair value of that entity's 1dent1fiable assets and liabilities Positive goodwill arising on acqu1s1t1ons 1s capitalised and classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life up to a maximum of 20 years It 1s reviewed for 1mpa1rment at the end of the first full financial period following the acqu1s1t1on and in other periods 1f events or changes in circumstances indicate that the carrying value may not be recoverable

15

Licences, patents and knowhow Licences, patents and knowhow are stated at cost less accumulated amort1sat1on and are amortised over the period during which the company expects to benefit from them

1.6

Research and development Research expenditure ts wntten off to the profit and loss account in the year in which 1t 1s mcurred

17

Tangible fixed assets and deprec1at1on Tangible fixed assets are stated at cost less accumulated deprec1at1on The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable Depreciation 1s provided on all tangible fixed assets, other than freehold land and assets 1n the course of construction, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acqu1s1t1on of each asset evenly over its expected useful life, as follows

Freehold buildings Leasehold property Plant and machinery Fixtures, fittings & equipment Motor vehicles

2% - 5% per annum term of the lease 6% - 33% per annum 12 5% - 33% per annum 20% to 33% per annum

- 10 -

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 1

Accounting policies

18

Leasing Rentals payable under operating leases are charged against income on a strarght line basrs over the lease term

19

Stock and work in progress Stock and work in progress are valued at the lower of cost and net realisable value Cost rncludes all costs incurred in brrngrng each product to rts present loacatron and condrtron as follows

{Continued)

- raw materrals, consumables and goods for resale are at purchase cost on a frrst-in, first-out basrs -work rn progess and frnrshed goods are stated at cost of drrect materrals and labour plus attrrbutable overheads on a normal level of actrvrty Net realrsable value rs based on estrmated sellrng prrce less any further costs expected to be rna.irred to completron and drsposal 1 1O Pensions The company operates both defined benefrt and defrned contrrbutron pensron schemes accounted for rn accordance wrth FRS 17 "Accountrng for Retrrement Benefits"

These are

Defined contnbution pension scheme

Contrrbutrons to the defrned contrrbutron pensron scheme are recognrsed in the profrt and loss account rn the perrod rn whrch they are payable Defined benefit pension scheme

The company operates a defined benefit pensron scheme for rts employees The assets of the scheme are held separately from those of the company Pensron scheme liabrlrtres are measured on an actuarral basrs using the projected unrt method and are drscounted at the current rate of return on a hrgh quality corporate bond of equrvalent term and currency to the liabrlity Pensron scheme assets are measured using market values at the balance sheet date The pensron scheme asset/defrcrt rs recognrsed in full on the balance sheet The deferred tax relating to a defined benefit asset/liabrlrty rs offset against the defined benefit asset/liabrlity and not included wrth other deferred tax assets or liabrlitres Increases in the present value of the scheme lrabrlitres expected to arrse from employee service rn the perrod are charged to operating profit The expected return on scheme assets less the rncrease in the present value of scheme liabrlrtres arrsrng from the passage of trme are rncluded in other interest and shown ad1acent to interest payable/receivable Actuarral gains and losses are recognrsed rn the statement of total recognrsed garns and losses

1.11 Deferred taxation Deferred tax 1s recognrsed in respect of all t1m1ng differences that have orrgrnated but not reversed at the balance sheet date where transactions or events have occurred at that date that wrll result in an obligation to pay more, or a rrght to pay less or to receive more tax, wrth the following exception - deferred tax assets are recognised only to the extent that the directors consider that rt rs more likely than not that there wrll be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted Deferred tax 1s measured on an undrscounted basis at the tax rates that are expected to apply m the perrods in whrch trming differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date

- 11 -

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 1

Accounting policies

(Continued)

1 12 Foreign currency translation Monetary assets and liab1lit1es denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction All differences are taken to profit and loss account

1 13 Share-based payments The cost of equity-settled transactions with employees 1s measured by reference to the fair value at the date at which they are granted and 1s recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award Fair value 1s determined using an appropriate pricing model No expense 1s recognised for awards that do not ultimately vest At each balance sheet date before vesting, the cumulative expense 1s calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non-market cond1t1ons that impact on the number of equity instruments that will ultimately vest The movement in cumulative expense since the previous balance sheet date 1s recognised in the profit and loss account for the year (as part of wages and salaries) with a corresponding transfer to the profit and loss reserve There are no non-equity settled share-based payments

1 14 Related party transactions The company 1s a wholly owned subs1d1ary of AMETEK Inc, the consolidated accounts of which are publicly available Accordingly, the company has taken advantage of the exemption in FRS 8 from disclosing transactions with other wholly owned members or investees of the AMETEK Inc group

2

Turnover Turnover

Class of business Products for aerospace, defence and rail systems Prec1s1on and motion control products Track balls and other cursor controlled products

2012 £'000

2011 £'000

27,805 15,332 4,352

26,031 13,985 4,052

---

---

47,489

44,068

=

=

Geographical market Turnover

Europe Asia Americas (excl USA) USA

2012 £'000

2011 £'000

37,304 2,016 380 7,789

34,457 3,073 365 6,173

47,489

44,068

= - 12 -

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 3

Operating profit

Operating profit 1s stated after charging Amort1sat1on of goodwill Amort1sat1on of licences, patents and knowhow Deprec1at1on of tangible assets Loss on disposal of tangible assets Loss on foreign exchange transactions Research and development Hire of plant and machinery Other operating lease rentals Auditors' remuneration

2012 £'000

2011 £'000

823 88 545 66 384 4,306 192 374 88

822 73 737 54

and after crediting Profit on foreign exchange transactions

3,752 177 373 82

(12)

-Operating profit also includes £529,000 (2011 £153,000) in respect of redundancy costs incurred during the year Restructuring costs of £44,000 were included in 2011 In 2012, operating profit 1s stated after charging £891,000 exceptional write off in respect of add1t1onal costs associated with a development program, which will not be recoverable under the terms of the contract

4

Interest receivable and s1m1lar income

Interest receivable from group undertakings Other interest

2012 £'000

2011 £'000

75 1

82 1

76

83

--

- 13 -

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 5

Taxation

2012 £'000

2011 £'000

Domestic current year tax Adjustment for prior years

(8)

(1,295)

Total current tax

(8)

(1,295)

(130) 12 (25)

(6) 13 4

(143)

11

Deferred tax Origination and reversal of timing differences Effects of changes in tax rates and laws Deferred tax charge on defined benefit pension scheme

Total tax charge

(151)

Factors affecting the tax charge for the year Profit on ordinary act1v1t1es before taxation

5,794

Profit on ordinary act1v1t1es before taxation multiplied by standard rate of UK corporation tax of 24 50% (2011 - 26 49%) Effects of Non deductible expenses Accelerated/(Decelerated) capital allowances Enhanced R & D deduction Adjustments to previous periods Other timing differences Defined benefit pension scheme Group relief not charged

Current tax credit for the year

(1,284)

--

5,861 --

1,419

1,553

197 123 (189) (8) 7 (305) (1,252)

224 (3) (190) (1,295)

(1,427)

(2,848)

(8)

(1,295)

--

--

(344) (1,240)

The company has received the benefit of tax losses amounting to £5, 111,000 (2011 £4,680,000) from certain fellow subs1d1ary undertakings without making any payment

- 14 -

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 5

Taxation

{Continued)

Factors that may affect future tax charges The standard rate of Corporation Tax in the UK reduced from 2€;% to 24% with effect from 1 April 2012 Accordingly the company's profits for this accounting period are taxed at a blended rate of 24 5% The March 2012 Budget announcement included further proposals to reduce the main rate of corporation tax to 23% from 1 April 2013 and to 22% from 1 April 2014 The reduction to 23% was enacted during the year and therefore deferred tax balances are stated at 23% On 5 December 2012, 1t was announced that the main rate of corporation tax for the year commencing 1 April 2014 will be reduced by a further 1% to 21% The March 2013 Budget subsequently announced that the rate would fall again to 20% with effect from 1 April 2015 As the further reductions had not been substantively enacted at the balance sheet date no account has been taken of them 1n these financial statements The impact of the further changes 1s not expected to be material The rate of writing down allowances on the main pool of plant and machinery and on the special rate pool fell to 18% and 8% respectively with effect from 1 April 2012

6

7

D1v1dends

2012 £'000

2011 £'000

Ordinary d1v1dend in the year

4,254

2,000

=

Intangible fixed assets licences, patents and knowhow £'000

Goodwill

Total

£'000

£'000

Cost At 1 January 2012 Add1t1ons

367 58

16,449

16,816 58

--

--

At 31 December 2012

425

Amortisation At 1 January 2012 Charge for the year

143 88

At 31 December 2012

231

Net book value At 31 December 2012

194

= At 31 December 2011

16,449

16,874

--

--

1,644 823

1,787 911

--

--

2,467

2,698

--

--

13,982

14,176

--

--

224

14,805

15,029

--

--

--

The licence, patents and knowhow cost represents payments made under a consultancy agreement to enable the company to develop the knowhow to improve the scope of its manufacturing capability The cost 1s being amortised over five years, which 1s the period over which the company 1s expected to benefit from the arrangement

- 15 -

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 8

Tangible fixed assets Freehold I Leasehold property £'000 Cost At 1 January 2012 Transfers Add1t1ons Disposals

4,795 (44) 7 (87)

--

At 31 December 2012

4,671

Deprec1at1on At 1 January 2012 On disposals Charge for the year

1,567 (79) 176

At 31 December 2012

Total

£'000

£'000

4,344 44 328 (1,670)

9,139 335 (1,757)

--

--

3,046

7,717

--

--

1,673 (1,611) 369

3,240 (1,690) 545

--

--

1,664

431

2,095

--

--

--

Net book value At 31 December 2012

3,007

--

At 31 December 2011

Add1t1ons to plant and machinery include £189,000 (2011 £287,000) construction

Plant and machinery

in

2,615

5,622

--

--

3,228

2,671

5,899

--

--

--

respect of assets under

Included in cost of land and buildings 1s freehold land of £1,400,000 (2011 - £1,400,000) which 1s not depreciated

9

Stocks and work in progress

Raw materials and consumables Work in progress Finished goods and goods for resale

2012

2011

£'000

£'000

10,886 2,864 326

9,510 3,912 448

14,076

13,870

--

- 16 -

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 10

Debtors

2012 £'000

2011 £'000

Trade debtors Amounts owed by group undertakrngs Corporation tax Other debtors Prepayments and accrued income Deferred tax asset {see note 13)

8,909 4,694 905 191 933 168

10, 139 1,973 1, 173 214 797 50

--

--

15,800

14,346

--

11

12

Creditors. amounts falling due wrthrn one year

2012 £'000

2011 £'000

Trade creditors Amounts owed to group undertakings Taxes and sacral security costs Other creditors Accruals and deferred income

4,369 102 621 254 2,706

6,011 63 321 541 2, 113

--

--

Creditors. amounts falling due after more than one year

Amounts owed to group undertakings

8,052

9,049

--

--

2012 £'000

2011 £'000

23,423

23,423

--

- 17 -

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 13

Deferred tax asset

The deferred tax asset (included 1n debtors, note 10) 1s made up as follows

2012 £'000 Balance at 1 January 2012 Profit and loss account

(50) (118)

Balance at 31 December 2012

(168)

2012 £'000 (Decelerated)/accelerated capital allowances Other t1mmg differences

2011 £'000

(102) (66)

16 (66)

(168)

(50)

--

--

The effect of future changes m tax rates 1s not considered to have a material effect on the deferred tax balance

14

Pension and other post-retirement benefit commitments Employee benefit obhgat1ons

The company has established various pension arrangements, both defined benefit and defined contribution schemes covering many of its employees Defined contribution pension scheme The company operates a defined contribution pension scheme for the benefit of the employees The assets of the scheme are administered 1n a fund independent from those of the company The pension cost m the year was £212,000 (2011 £193,000) Contributions amounting to £34,000 were owing to the the defined contribution scheme at the year end (2011 Nil) The assets of the scheme are held separately to those of the company Defined benefit pension scheme Smee 1 June 2000, the company has part1c1pated m the A1rtechnology Group Pension Plan, which ts a funded defined benefit scheme The company expects to contribute approximately 22 1% of pensionable salaries m add1t1on to £550,000 of deficit funding contributions to the pension plan m 2013

- 18 -

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 14

Pension and other post-retirement benefit commitments

(Continued)

The amounts recognised in the balance sheet are as follows Defined benefit pension plans

2012 £'000 Present value of funded obhgat1ons Fair value of plan assets

2011 £'000

21,464 (23,956)

18,026 (20,818)

Related deferred tax hab1hty

(2,492) 573

(2, 792) 698

Net asset

(1,919)

(2,094)

The amounts recognised in the profit and loss account are as follows: Defined benefit pension plans

Included in operating profit Current service cost

2012 £'000

2011 £'000

426

306

--

426 Included in other finance income Interest on obhgat1on Expected return on pension scheme assets

--

884 (1,481)

960 (1,441)

--

--

(597) Total

(481)

--

--

(171)

(175)

--

Actual return on plan assets

306

--

=

2,471

--

- 19 -

(227)

=

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 14

Pension and other post-retirement benefit commitments

(Continued)

Analysis of amount recognised in the statement of total recognised gains and losses Defined benefit pension plans

Actuarial losses

2012 £'000

2011 £'000

(1,544)

(1,553)

-Cumulative amount of actuarial (losses)/ gains

(910)

634

-Changes in the present value of the defined benefit obligation are as follows Defined benefit pension plans

Opening defined benefit obl1gat1on Current service cost Interest cost Contributions by scheme part1c1pants Benefits paid Actuarial losses I (gains) Total

2012 £'000

2011 £'000

18,026 426 884 118 (524) 2,534

17,096 306 960 131 (352) (115)

--

--

21,464

--

18,026

--

Changes in fair value of plan assets are as follows. Defined benefit pension plans 2012 2011 £'000 £'000 Opening fair value of plan assets Expected return Actuarial gains I (losses) Contnbut1ons by employer Contributions from scheme part1c1pants Benefits paid

20,818 1,481 990 1,073 118 (524)

20,139 1,441 (1,668) 1,127 131 (352)

23,956

20,818

--

- 20 -

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012 14

Pension and other post-retirement benefit commitments

(Continued)

The maior categories of plan assets as a percentage of total plan assets are as follows:

Equ1t1es Debt securities Other

2012 %

2011 %

73 00 26 00 1 00

73 00 27 00

--

--

2012 %

2011 %

4 40 6 75 3 00 1 90 2 84 1 90 3 00 2 40

4 90 7 00 3 00 1 90 2 84 1 73 3 00 2 00

Principal actuarial assumptions at the balance sheet date (expresssed as weighted averages).

Discount rate Expected return on plan assets Future salary increases Pension increases - RPI capped at 2 5% Pension increases - RPI capped at 5 0% Pension increases - CPI capped at 3 0% Inflation assumption (RPI) Inflation assumption (CPI) Life Life Life Life

expectancy expectancy expectancy expectancy

for a for a for a for a

male currently aged 65 years (in years) female currently aged 65 years (1n years) male currently aged 45 years (in years) female currently aged 45 years (1n years)

22 24 23 26

10 50 40 10

21 24 23 25

The post mortality table used in 2012 was SAPS Normal Health base table with CMI 2011 core model with long term improvement rate of 1% and in 2011 was SAPS Normal Health base table with a medium cohort pro1ect1on and a 1% underpin on future improvements based on year of birth Following the Government's announcement that statutory increases for pensions in deferment and in payment will in future be based on the Consumer Prices Index rather than the Retail Prices Index, allowance has been made for deferred pension revaluation in excess of GMP and increases in payment to post April 1988 GMP to be based on the Consumer Prices Index rather than the Retail Prices Index

- 21 -

20 00 10 90

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 14

Pension and other post-retirement benefit commitments

(Continued)

Amounts for the current and previous four periods are as follows. Defined benefit pension plans 2012 2011 2010 £'000 £'000 £'000 Defined benefit obligation Fair value of scheme assets Surplus/( deficit) Experience adjustments on plan hab1ht1es Experience adjustments on plan assets

2009 £'000

2008 £'000

(21,464) 23,956 2,492

(18,026) 20,818 2,792

(17,096) 20,139 3,043

(16,208) 16,994 786

(12,546) 12,942 396

(412)

1,352

(12)

115

1,915

990

(1,668)

2,264

(4, 751)

1, 101

=

--

- 22 -

=

=

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012 15

Share-based payment transactions Certain directors and members of senior management are granted restricted shares and share options in the ultimate parent company, AMETEK Inc These share-based payments are settled by the issue of equity shares in AMETEK Inc A three for two split of the parent company's common stock took place on 29 June 2012 in order to broaden the stock's marketability and improve its trading hqu1d1ty The new shares were payable to shareholders on record at 15 June 2012 Where appropriate, further 1nformat1on has been given in the comparatives to reflect the three for two split Restricted shares Restricted shares generally vest (1e all restrictions lift) after 4 years This 1s accelerated 11 the share price increases to double that of the grant at the close of business on 5 consecutive trading days, in which case they vest 1mmed1ately The expense 1s recognised on a straight-line basis over 4 years, ignoring the poss1b1hty that this vesting could occur but taking into account estimated forfeitures, based on historical experience Share options Share option awards generally vest 25% each year for 4 years and expire 7 years after the award date The expense 1s recognised on a straight-line basis over the requ1s1te service period for the entire award as 111t all vested at the end of this 4 year period but taking into account estimated forfeitures, based on historical experience The fair value of each option 1s estimated on the date of grant using a Black-Scholes option pricing model The following weighted average assumptions were used in the Black-Scholes model to estimate the fair value of options granted during the years 1nd1cated Expected share volatll1ty 28 36% (2011 26 37%) Expected life of options (years) 5 06 (2011 5 04) Risk free interest rate 0 84% (2011 1 95%) Expected d1v1dend yield O 47% (2011 0 54%) Expected volatility 1s based on historical volatility of AMETEK Inc's share price Historical exercise data for AMETEK as a whole has been used to estimate the options' expected hie, which represents the period of time for which the options granted are expected to be outstanding Management ant1c1pates that the future option holding periods will be s1m1lar to the historical option holding periods The risk-free rate for the period within the contractual hie of the option 1s based on US Treasury yield curve at the time of the grant

The weighted average fair value per option granted during the year was £5 27 (2011 £4 60 for unapproved options and £4 53 for approved options (split adjusted))

- 23 -



AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 15

Share-based payment transactions

(Continued)

Restricted shares The following table illustrates the number and weighted average fair values (WAFV) of, and movements in restricted shares during the year Number of shares

WAFV

Number of shares

WAFV

2012

2012

2011

2011

£ Outstanding at 1 January Effect of three for two stock split Granted Forfeited Vested

6,370 3,185 1,365 (6,560) (1,499)

Outstanding at 31 December

£

20 71

10,602

16 04

20 99 14 79 11 04

2,076 (1,080) (5,228)

27 16 18 18 14 32

2,861

16 41

6,370

20 71

--

--

--

--

The movements and values for 2012 are shown split adiusted The fair values of restricted shares shown above are determined at the grant date market value Share options The following table illustrates the number and weighted average excerc1se price (WAEP) of, and movements in share options during the year

Outstanding at 1 January Effect of three for two stock split Granted Forfeited Expired Exercised Outstanding at 31 December Exercisable at 31 December

Number of options

WAEP

Number of options

WAEP

2012

2012 £

2011

2011

19 86

25,891

16 83

20 14 18 10

96 75 15 71

5,586 (2,828)

28 56 17 62

(9,502)

17 40

14 45

19,147

19 86

5,820

16 12

19, 147 9,572 4,827 (15,154) (188) (6,669) 11,535 = 4,686

£

= 10 71

-The movements and values for 2012 are shown split adjusted

- 24 -



AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 15

Share-based payment transactions

(Continued)

The weighted average share price at the date of exercise for the options exercised m the year was

£21 20 (2011 £18 35 (split adjusted)) Options outstanding at the year end have exercise prices ranging from £8 94 to £20 96 (2011 £9 35 to £19 19 (split adjusted)) and a weighted average remaining contractual life of 4 years and 8 months (2011 5 years and 1 month)

16

2012 £'000

Share capital

2011 £'000

Allotted, called up and fully paid

480,000 Ordinary shares of £1 each

480

480

-17

Statement of movements on profit and loss account Profit and loss account

£'000 Balance at 1 January 2012 Profit for the year Share based payment transactions D1v1dends paid Actuarial gains or losses on pension scheme assets Movement on tax relating to pension asset

19.486 5,945 67 (4,254) (1,544) 100 19,800

Balance at 31 December 2012

-17,881 1,919

Profit and loss account excluding pension asset Pension scheme asset

19,800

--

- 25 -



AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2012

18

Reconciliation of movements in shareholders' funds

Profit for the financial year D1v1dends

2012 £'000

2011 £'000

5,945 (4,254)

7, 145 (2,000)

--

Other recognised gains and losses Share based payment transactions Movement on tax relating to pension asset Net add1t1on to shareholders' funds Opening shareholders' funds Closing shareholders' funds

19

1,691 (1,544) 67 100

5, 145 (1,553) 97 128

--

--

314 19,966

3,817 16, 149

--

--

20,280

19,966

--

--

Contingent liab1ht1es

Bank guarantees given in the normal course of business amounted to £232,000 (2011 £386,000)

20

Financial commitments

At 31 December 2012 the company was committed to making the following payments under noncancellable operating leases in the year to 31 December 2013 Land and buildings 2012 2011 £'000 £'000

Operating leases which expire Within one year Between two and five years In over five years

2011 £'000

25 139

400 22

32 125

373

--

21

Other 2012 £'000

--

422

373

164

--

--

--

Capital commitments

157

2012 £'000

2011 £'000

280

180

At 31 December 2012 the company had capital commitments as follows Contracted for but not provided in the financial statements

--

- 26 -

=

• AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31DECEMBER2012 22

Directors' remuneration

Remuneration for qualifying services Company pension contributions to defined contribution schemes

2012 £'000

2011 £'000

174

178

5

-The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2011 - 2) The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 1 (2011 - 1) The number of directors who exercised share options during the year was 2 (2011 - 2) The number of directors who received shares under long term incentive schemes during the year was 2 (2011 - 3)

23

Employees Number of employees The average monthly number of employees (including directors) during the year was

Production Engineering Sales and marketing Adm1nistrat1on

2012 Number

2011 Number

229 55 17 17

253 67 22 20

--

--

318

362

--

=

Employment costs

2012 £'000

2011 £'000

Wages and salaries Social security costs Other pension costs

10,841 1,086 636

10,360 1, 144 496

--

--

12,563

12,000

--

=

Included in wages and salaries 1s a total expense for share-based payments in relation to equity-settled transactions of £67,000 (2011 £97,000), of which £32,000 (2011 £64,000) relates to restricted shares and £35,000 (2011 £33,000) relates to share options

- 27 -

. •

AMETEK AIRTECHNOLOGY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2012 24

Control

At 31 December 2012 the rmmedrate parent company was EMA Holdrngs UK Lrmrted, a company regrstered rn England and Wales On 2 January 2013 the rmmedrate parent company became AMETEK Aerospace and Defense Group UK Lrmrted, a company regrstered rn England and Wales The ultrmate parent company rs AMETEK, Inc, a company rncorporated rn the Unrted States of Amerrca AMETEK Inc prepares group financral statements whrch rnclude the company and are the smallest and largest consolrdated accounts that the company rs rncluded rn, copres of whrch can be obtarned from P 0 Box 36, 2 New Star Road, Lercester LE4 9JQ

25

Post balance sheet events

The company has declared and pard drvrdends amountrng to £1,200,000 srnce the 31 December 2012

- 28 -

.\MIETEK® TEST&: CALIBRATION INSTRUMENTS

Ametek Denmark A/S (CVR-nr. 14747079)

Arsrapport for perioden 1. januar 2013 31. december 2013 M

Flnanoial Statements for the period January 1, 2013 • December31, 2013

The english part of /his parQl/ol documonl in Danis/I and English is an unofficial lrenslslion of the orfglnsl Dani.~h text In Ille ovent of dlspules 01 misunderstandings arising from the interpretation of l/1e lram>/sllon, Ille Danish lsnguegs vorsio11 shell prevail.

AMETEK Denmark AIS • Gydevang 32-34 • 3450 Allen
.\METEK® CALIBRATION INSTRUMENTS

INDHOLOSFORTEGNELSE CONTENTS

Side

PATEGNINGER ENDORSEMENTS

Ledelsespategning

1

By Management and Board of Direclors

Revisionspategning By Ille Auditor LEDELSESBERETNING INFORMATION AND REPORTS

Selskabsoplysninger

4

Company lnfonnafion

Hislorlske tal, N0gletal

5

Historic figures, Key figu/'8s

Arsberetning

6-8

Directors' repoTt

ARSREGNSKAB FINANCIAL STATEMENTS

Anvendt regnskabspraksis

9 -14

Accounting poHcies

Resultatopgeirelse for perioden 1. januar 2013 - 31 . december 2013

15

Income stafemenl [email protected] period January 1, 2013 - December 31. 2013

Balance pr. 31. december 2013

16 -1 7

Betance sheet as at Dscember 31, 2013

Pengestr0msopg1Z1relse pr. 31. december 2013

18

Cash Flow Statement as at Decembsr 31, 2013

Noter tn Arsregnskabet Notes to the financial statements

19 -24

.\METEK® CALIBRATION INSTRUMENTS

U:PELSESPATEGNING

STATEMENT BY THE SUPERVISORY AND EXECUTIVE BOARDS ON THJ: ANNUAL REPORT

Bestyrelsen og dlreklionen har dags dato behanc:llet og godkendt ~rsrapporten for 1. januar 2013-31. december 2013 for Ametek

Denmark AJS.

Today, the supetvisory and executive boards have discussed and approved the annual report of Ametek Denmark NS for the financial year 1 January 2013 31 December 2013.

Arsrapporten er aflagt i overensslemmelse med arsregnskabsloven.

The annual report is prepared in acoo
Det er vores opfaltelse, al arsregnskabet giver et retvisen
I our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2013 and of the resull of the company '9 operations and cash flows for the financial year 1 January 2013- 31 December 2013.

ledelsesberetnlngen indeholder efter vores opfattelse en retvlsende rec;teg0retse om d& forhold, beretningen omhandler.

In our opinion, the management's review include·s a fair review of lhe matters deall wllh ln lhe management's review.

Arsrapporten lndslil!es Iii ganeral!orsamlingens We recommend the adoption of the annual report al godkenclelso. the annual general meeting. Allernd, den 30. maj 2014. A(feroo. May 3d11 2014.

Dlrektlon I Management

~ ~~: J~ Harald Preben Car~

Godkendt pa selskabels ordinaere generalforsamtlng den 30. maj 2014 Approved at lhe anmtol generel maetlng on May 3an 2014

Asbj0m R

gaard Joensen

Advokat H.C. Andersens Boulevard 12 1553 I
1

.\METl!K® CALIBRATION INSTRUMENTS

DEN UAFHIENGIGE REVISORS EKRLJERINGER. Til aktionanerne i Ametek Denmark A/S .

INDEPENDENT AUDITOR"S REPORT

To the shareholders of Ametek Denmark

NS Pategning p~ arsregnskabet

Report on financial statements

Vi har revideret arsregnskabet for Ametek Denmark AJS for regnskabsaret 1. januar - 31. december 2013, der omfatter anvendt regnskabspraksis, resultatopg
We have audited the financial statements of Ametek Denmark NS for the f;nanoial year 1 January - 31 December 2013, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity, cash flow statement and notes. The financial statements are prepared in accordance with the Danish Financial Statement Act.

Ledelsens ansvar for arsregnskabet Ledelsen har ansvaret for udarbejdelsen af et arsregnskab, der giver et retvisende billede i overensstemmelse med arsregnskabs!oven. Ledelsen har endvidere ansvaret for den interne kontrol, som ledelsen anser n0dvendig for at udarbejde et arsregnskab uden vmsenttig fejlinformatlon, uanset om denne skyldes besvigelser eller fejl.

Management's responsibility for the financial statements Management is responsible for t11e preparation of financial statements that give a tme and fair view in accordance wilh the Danish Financial Statement Act. Further, management is responsible for such infernal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whel/1er due to fraud or error.

Revisors ansvar Vo res ansvar er at udtrykke en konl
Auditor's responsibility Our responsibility is to express an opinion on the financial statements based on our audiL We conducted our audit in accordance with internationar standards on auditing and additional requirements according to Danish audit regulations. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

En revision omfatter udf0relse af ~evisionshandlinger for at opna revisionsbevis for behllb og oplysninger i arsregnskabet. De valgte revisionshandlinger afheenger af revisers vurdering, herunder en vurdering af rislci for veesentlig fejlinformation i arsregnskabet, uanset om denne skyldes besvigelser eller fejl. Ved risikovurderlngen overvejer revisor intern kontrol, der er relevante for virksomhedens udarbejdelse af et arsregnskab, der giver et retvisende blllede. Formalet harmed er at udforme revislonshandlinger, der er passande after omsteendighederne, men ikke at udlrykke en konklusion om effektiviteten af virksomhedens

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgement. including an assessment of the tisks of material misstatement of the financial stalements, whether due to fraud or error. In mal(/ng those risk assessments, tl1e auditor considers internal control relevant to the entity's preparation of financial statements that gjve a true and fair view. The purpose is to design audit procedures that are approp1iate in the circumstances, but not to express an

2

.\METEK® CALIBRATION INSTRUMENTS

interne konlrol. En revision omfatter endvidere en opinion on the effectiveness of the entity's vurdering af, om ledelsens valg af internal control. An audit afso includes regnskabspraksis er passende, om ledelsens evaluating the appropr;ateness of accounting policies used, the reasonableness of regnskabsma:;ssige sk0n er rimelige samt den samlede prresentatlon af Arsregnskabet. accounting estimates made by management as well as the overall presentation of financial

statements. Det er vores opfattelse, at det opnaede

revisionsbevis er tllstraekkeligt og egnet som grundlag for vores konklusion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion.

Revisionen har ikke givet anledning til forbehold.

The audit has not resulted in any qualification.

Konklusion Deter vores opfattelse, at arsregnskabet giver et retvisende billede af selsl
Opinion In our op;nion, the financial statements give a true and fair view of the company's financial position at 31 December 2013 and of the results of operations and cash flows for the financial year 1 January - 31 December 2013 in accordance with the Danish Financial Statements Act.

Udtalelse om ledelsesberetningen

Statement on the management's review

Vi har i henhold ti1 arsregnskabsloven gennemlrest ledelsesberetningen. Vi har ikke forelaget yderfigere handlinger i tillreg til den udf0rte revision af arsregnskabet. Det er pa denne baggrund vores opfattelse, at op!ysningerne i ledelsesberetningen er i overensstemmelse med arsregnskabet.

In accordance with the Danish Financial Statements Act, we have react the management's review. We have not performed any further procedures in addition to the audit of tl1e financial statements. On t11fs basis, it is our opinfon that the information provided in the management's review is consistent with the financial statements.

K0benhavn, den 30. maj 2014 Copenhagen, May 3d11, 2014

3

.\METEK" CALIBRATION INSTRUMENTS SELSKABSOPLYSNlNGER COMPANY INFORMATION

AMETEK DENMARK NS Gydevang 32·34 3450 Alter0d Te\efon

4816 8000

Phone

Telefax

4816 80 80

Fax

Hjemmeside

www.ametek.dk

Web·pege

E-mail

[email protected]

E-msil

CVR. Nr

14 74 70 79

VAT No..

Sliftet

1. september 1990

Founded

Hjemsted

Alter0d kommune

Place

BESTYRELSE BOARD OF DIRECTORS

Harald Preben CarCIJe - Hoersholm, Denmark (Formand I Chairman) Joel Frie - Copenhagen, Denmark

Craig Timothy Howarth -·Malvern, United Klngdom

DIREKTION MANAGEMENT

Joel Frie, Adm. Oirektrar

MODERSELSKAB PARENT COMPANY

AMETEK Holdings B.V., Prins Bernhardplein 200, 1097 JB Amsterdam,

Netherlands. REVISOR AUOITOR

Ernst& Young Godkendt revisionpartnerselskab Gyngemose Parkvej 50 2860 Srz>borg DIVERSE OTHER

Arsrapporlen for koncernes k.an hentes pc\ www.Ametek.com Consolidated annual acoounls can be downloaded from www.Ametelwom

4

.\METl!K~ CALIBRATION INSTRUMENTS

HISTORISKE TAL HISTORIC FIGURES

2009

2010

2011

2012

2013

54.689

63.063

66.917

79.296

76.782

16.493

22.017

25.396

37.624

33.351

16.543

22.910

25.506

37.241

32.495

50

893

110

-383

-856

12.300

17.172

19.090

. 27.897

24.377

503

663

848

841

536

48.182

55.969

54.552

65.234

82.626

37.206

41 .787

41.207

62.133

67.538

47

46

49

48

46

Brultofortjeneste Gross profit

Resultat af primrer drift Opereting prolil

Resultat f0r skat Pfoflt before tax

Finanslelle Poster - Netto Financial expenses/Income • Net

Arets resultat Profit for the year

Tllgang I Mat. Anl~gsakt. Additions Tangjblfl Fixed Assets

Balances um Bola11ce

Egenkapital Equity

Gns. antal ansatte Avg. no of employees

Nt27GLETAL KEY FIGURES Alkastn!ngsgrad (%) Return on nef 1111sets

2009

2010

2011

Rent.abi1ilel {%}

Rcwrn on equity

2012

2013

Li\\vldltcl(%) Cash to current lieblliCies

Sollditet (%) Solvency

84,0%

600,0%

- --·- ---··-

500,0% 400,0% 300,0%

200,0% 100,0% 0,0%



..

82,0% · ~~

- -- --· - J.t - - · ril · ·n~ f::: •J'r - • ,(~ •• .~( ....~ . '!

io~

f,•:] -

k"1

. t'·-~'.. { -· ;r~·.I



.,

.~i~~

.

ri{

il·

iii

- :~ -

2009

2010

2011

'

·.~~ t~r

ilt

lli. ;xt 2012



76.0%



'. ··1

,~,

74.0%

;Si

72,0% 70.0%

·~i



1ti,0%

• ,,

..

-

80,0%

!

.j....L..t-.J.._.__,

2009

2013

5

2010

2011

2012

2013

I

.AMETEK® CALIBRATION INSTRUMENTS

LEDELSESBERETNING

DIRECTORS' REPORT

Hovedaktivltet Den primrere aktilritet i AMETEK Denmark A/S bestar af udvilding, produktion og afsretning af temperatur-, tryk- og signalkalibreringsinstrumenter, der afsrettes globalt, samt temperaturf121lere, der primcert afsrettes i Danmark.

Primary activity The primary activity of AMETEK Denmark AIS comprises research & development, production & worldwide sale of temperature, pressure and signal calibration instruments, as well as development and production of temperature sensors sold primarily in Denmark.

AMETEK Measurement & Calibration Technologies Division, som AMETEK Denmark A/S indgar i, varetager salg, service og kal!breringsydelser i USA og Canada. AMETEK s0sterselskaber i Tyskland og Frankrig varetager salg, service og kalibreringsydelser pa disse marke-

The division of AMETEK Measurement & Calibration Technologies, which AMETEK Denmark A/S is a part of. handles sale, service and calibration in the US and Canada. The affiliated companies in Germany and France l1andle sale, service and calibration of these markets.

der.

PA rzJvrige markeder forestar AMETEK Denmark On all other markets, AMETEI< Denmark A/S AJS selv markedsfGring og salg, enten gennem handles marketing and sale from Denmark, eiegne srelgere eller forhandlere.

ther via safes representatives or local distributors.

AMETEK Denmark A/S ' eksportandel var i 2013 In 2013, rhe export share of AMETEK Denmark pa 86% mod 85% aret fiar. AIS was 86% compared with 86% in 2012. Udvikling i aktiviteter og 0konom. forhold

Trends in activities and economic conditions

Arets resultat: Arets brutlofortjeneste blev pa t.kr. 76.782 mod t.kr. 79.296 aret fo.sr - et fald der hovedsagellgt skyldes en rendring i produktsammensretningen og til dels et fald i den amerlkanske Dollar. Vi ser dog f orsat et C11get salg af nye produkter samt service og kalibreringsydelser, en general forbedring af markedsvilkarene samt en effektiv styring af materialeomkostninger.

Result of the year: Gross Profit for the year ended at TDKK 76, 782 vs. TDKK 79,296 In 2012- a net decrease primarily due to a change in product mix and also a drop in the US Dolfar. However we still see an increase in sales of new products and also service and calibration, a ge119ra/ improvement of me market conditions as well as Ugh/ control of material cost.

Resultatet for 2013 blev efter skat t.kr 24.377 (2012: t.kr. 27 .897) og arets resultat f0r skat blev t.kr. 32.495 (2012: t.kr. 37.241). Resultatet for aret vurderes som tilfredsstillende.

Profit after tax for 2013 was TDKK 24, 377 (2012: TDKK 27. 897) and profit before tax was TDKK 32,495 (2012.· TDKK 37,241). The result of the year Is considered to be satisfactory.

Arets resultat med tillffig af t.kr. 6.450 fra tidlige- AMETEK Denmark suggests that profit after tax rear foreslas udbetalt som udbytte. and additional TDKK 6,450 from previous years are paid as dividend. Nye produkter I 2013 fortsatte AMETEK Denmark A/S lanceNew products ringen af nye temperatur-. tryk- og signalkalibra- In 2013, AMETEK Denmark AIS continued the torer, som vii medvirke til at fastholde virksomrelease of new temperature, pressure and signal hedens markedsledende position lndenfor disse calibrators contributing to maintain the comomrader. pany's leading market position within this area. For fortsat at udbygge markedspositlonen som

W11h the purpose of strengthening lhe market

6

AMETEK® CALIBRATION INSTRUMENTS

en betydende global producent og leverand0r inden for kalibreringsinstrumenter, forventer AMETEK Denmark AJS ogsa i 2014 at introducere flere nye produkter til komplettering af den eksisterende produktportef01je.

position as an important global manufacturer and supplier within calibration instruments, AMETEK Denmark A/S has planned lo introduce more new products during 2014 to complement the existing product portfolio.

f nvesterlnger Der er i l0bet af 2013 foretaget investeringer for sammenlagt t.kr. 536, hvoraf ca. 40% relaterer slg til forbedringer inden for IT og produktionsvcarkt0jer

Investments Investments of TDKK 536 were made during 2013, of which about 40% is related to IT im~ provements and product tooling.

Kapltalberedskab AMETEK Denmark er velkonsolideret med h0j soliditet. Soliditetsgraden udg0r satedes 81,7 % i 2013 (2012: 79,9 %) svarende til en egenkapltal pr. 31. december 2013 pa t.kr. 67.538 (2012: t.kr. 52.1 33).

Capital res ources AMETEK Denmark is firmly based and has a high solvency. The solvency in 2013 is 81. 79% (2012: 79.9%) corresponding to a total equity as per December 31, 2013 of TDKK 67, 538 (2012: TDKK 52, 133).

Forskning og udvikllng Selskabets udgifter til forskning og udvikting udg0r t.kr 5.591 (2012: t.kr 4.859) 09 er fu!dt udgiftsf0rt 12013.

Research and development The company's research and development costs amount to TOKI< 5,591 (2012: TDKK 4, 859). Afl costs are expensed in 2013.

Risikofaktorer Bortset fra de generelle markedsbetingelser er AMETEK Denmarks primrere risiko knyttet tH evnen til at vrere stoorkt positioneret pa de betydende markeder. Denne risiko vurderes at voore begrrenset, da AMETEK Denmark NS med savel den eksisterende som planlagte produktportef0lje og det globale salgs- og distributionsnet anser sig for al vrere pa forkant med den teknologiske og markedsmcessige udvikling inden for savel temperatur-, tryk- og signalkalibrering som temperaturf(Zllere.

Risks Apart from the general market conditions, the major operating risk of AMETEK Denmerk is connected to the ability to hofd a strong position on the most important markets. This risk is considered to be limited, as AMETEK Denmark AIS, based on the existing as well as the planned product portfolio and its global sales and distribution network, is at the leading edge of technology and marketing developments within tem~ perature, pressure, and signal calibration as well as within temperature sensors.

AMETEK Denmark fakturerer i DKK, EURO, USO, JPY og GBP - de samme valutaer, som drekker den vresentlfgste del af varek0bef. I overensstemmelse med koncempolltil< holdes valutabeholdninger hos AMETEK Denmark NS et minimum.

AMETEK Denmark invoices in DKK, EURO, USO, JPY and GBP- the same currencies tl1at cover a considerable parl of purchases. In compliance with company policy, all currency funds at AMETEK Denmark A/S are l
AMETEI< Denmark AJS' kreditrisici drekkes ind vha. stram og leibende kredltvurdering af alle kunder. Handel med udenlandske kunder afdaakkes hvor muligt vha. Atradius.

Risks related to receivables are kept on a minimum by tight and ongoing assessment of credit terms. When possible, all foreign trade is insured by Atradius. .

Milj11Jforhold AMETEK Denmark arbejder kontinuerligl forbedringer inden for genanvendelse af materialer, samt milj0venligt valg af maferialer.

Environmental issues AMETEK Denmarl< is continuously working on improvements related to reuse of materials and environment-ftiendly choice of materials.

pa

mum.

pa

7

.\Ml!TEK® CALIBRATION INSTRUMENTS

Endvidere er der installeret udsugnlngsanlceg, opsamlingsfillre og andet udstyr til kontlnuerlig opsamling af ethvert stof eller materiale der matte have negativ pavirkning af milj0et.

Fwthermora air extracting systems, collection fillers, and other equipment to conUnuously collect any substances or materials with a negative Impact on the environment, have been installed.

Vidensressourcer Da AMETEK Denmark er en videns - og knowhow tung virksomhed, s121ger vi altid qua vores intranetbaserede ISO-system og 0vrlge dokumentationssystemer at dokumentere virksomhedens vlden i en form der slkrer denne.

Knowledge resources As AMETEK Denmark is a knowledge and know-how intensive company. we always try to document, via our intranet based ISO-system and other documentation systems, the knowledge of the company at a level protecting this l
Ejerforhold og andet AMETEK Holdings B.V, Prins Betnhardplein 200, 1097 JB Amsterdam, Holland ejer hefe aktiekapitalen, hvor selskabet ligeledes indgar i koncernregnskabet.

Ownership and other matters AMETEK Holdings B. V, Prins Bernhardplein 200, 1097 JB Amsterdam, Netl1erlands owns the whole share capital, and the company is a/so inclt1ded in the consolidated accounts.

Future prospects Fremtidsudsigter I 2014 forventer AMETEK Denmark en moderat In 2014, AMETEK Denmark expects a moderate stigning i savel bruttofortjeneste som indtjening increase in tf1e gross profit and in earnings due to the expected general pick-up of the global begrundet I en forventet generel bedring i det globaJe marked, fortsat introduktion af nye pro- market, continuing introduction of new products dukter samt ekspansion pa eksisterende og nye ancl expansion in existing and new market armarkeder. eas.

Der er efter regnskabsarets afslutning ikke indtruffet betydelige hcendelser som pavirker selskabets rcikonomiske stilling og resultat.

After the closing of the financial year, no major events have taken plaoe having an impact on the financial position and result of the company.

8

.\METEK® CALIBRATION INSTRUMENTS ANVENDT REGNSKABSPRAKSlS

ACCOUNTING POLICIES APPLIED

GENERELT

Arsrapporten er aflagt i overensstemmelse med arsregnskabslovens bestemmelser for mellemstore klasse C-virksomheder.

GENERAL ASPECTS The Annual Reporl has been presented in accordance with the provisions of the Danish Financial Statements Act as regards mediumsized report.ing class enterprises.

Den anvendte regnskabspraksis er Ua3ndret i forhold til sidste

The accounting principles applied are unchanged compared to last year.

ar.

c

FREMMED VALUTA Transaktioner i fremmed valuta omregnes til danske kroner efter transal
FOREIGN EXCHANGE Transactions in foreign exchange have been converted into DKK based on the exchange rate of the transaction date. Aktiver og gceld i fremmed valuta er omregnet til Assets and liabi/iUas in foreign exchange have danske kroner efter balancedagens valutakurbeen converted into DKK based on the exser. change rate of the bafance date.

Realiserede og urealiserede valutakursgevinster Actual and non-actual profits and loss on the og -tab, indgar i resultatopg121relsen under fin an- rate of exchange adjustments are included in the sielle poster. income statement under financial items. RESULTATOPG0RELSEN

lndtcegten ved salg af varer indgar i nettooms~tningen ~ tidspunktet for levering og risikoens overgang, safremt indtregten kan opg0res palideligt. Omsretningen opg0res efter fradrag af moms, afgifter og rabatter. Bruttofortjeneste Posten nettoomsretnrng, vareforbrug og andre eksterne omkostninger og andre driftsindtregter er med henvisning til arsregnskabsloven § 32 sammendraget til en regnsl
Vareforbrug Vareforbrug omfatler kostprisen pa de varer, som er medgaet ti! at opn~ arets nettoomsretning.

Andre eksterne omkostninger Andre eksterne omkostninger omfatter omkostninger vedn1Jrende virksomhedens primcere akliviteter, der er afholdt i arets l121b, herunder omkostninger til distribution, salg, reklame, administration, lokaler, tab pa debitorer, ydelser pa operationelle leasingkontrakter mv.

INCOME STATEMENT The Income on safes of goods is recognised in revenue al the time of delivery and when the risk passes to the buyer, provided that the income can be made up reliably. VAT, indirect taxes and discounts are excluded from the revenue. Gross margin With reference to section 32 of the Danish Financial Statement Act, the items 'Revenue', 'Cost of sale', 'Other external expenses' ancf 'Other operation income' are consolidated into one item designated 'Gross margin'. Cost of sales Cost of sates includes the cost of goods used in

generation the year's revenue.

Other external expenses Other external expenses include the year's expenses relation to the entity's core activity, including expenses relation lo distributing. sales, advertising, administration, premises. bad de!Jts, payments under operating leases, etc.

9

.\Ml!TEK® CALIBRATION INSTRUMENTS

Staff costs Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. The item is net of refunds made by public authorities.

Personaleomkostninger

Personaleomkostninger omfatter l12m og gager, lnklusiv feriepenge og pensioner, samt andre omkostnlnger til social slkring mv. til selskabets medarbejdere. I personaleomkostninger er f ratrukket modtagne godtg0relser fra offentHge myndigheder. Finansielle poster Finansielle indtmgter og omkostninger indregnes i resultatopg0relsen med de beli?Jb, der vedrnrer regnskabsaret. F1nansielle poster omfatler renteindtcegter og renteomkostnlnger.

Financial income and expenses Financiaf income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and interest expenses.

Forsknings- og udviklingsomkostninger Forsknings- og udviktingsomkostnlnger vedr0rende nye produkter udgiftsfl'llres. i takt med at omkostningerne afholdes.

Research and development costs Research and development costs for new prod-

BALANCEN

BALANCE SHEET

Materietle og immaterlelle anl~gsaktiver lmmaterielle anlregsaktiver optag es til oprindelige anskaffelsespriser med fradrag af akkumulerede afskrivninger.

Tangible and intangible fixed assets fntangible fixed assets are carried et original cost less accumulated depreciation.

Materielle anlcegsaktiver optages tn oprindelige

anskaffelsespriser med tilla3g af senere tilgange . og med fradrag af akkumulerede afskrivninger.

Tangible fixed assets are carried at original cost adjusted for additions and disposals less accumutated deprecialion.

Afskrivninger foretages lineaart over den foiventede brugstid for virksomheden, som er.

Depreciation is a straight line depreciation based on the useful lives for the company, i.e.:

Bygninger Si:srlige installat!oner Driftsmateriel og inventar Licenser og Software

ucts are expensed as and when incurred.

Antal ar 30 ar

Number of years Buildings 30 years 5-_10 years Special Installations 3-5 years Working plant and furniture 3-5 years Licenses and software

5-10 ar 3-5 ar 3-5 ar

Afskrivninger indregnes i resultatopgriJrelsen deres respektlve llnier.

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Depreciation costs are included in the income statement on the respective lines.

Fortjeneste og tab ved afh(endelse af anlaagsaktiver opg0res som forskellen mellem salgsprisen med fradrag for salgsomkostninger og den regnskabsmressige vrerdi pa salgstJdspunktet.

Profl1 and loss incurred when disposing or selling fixt:Jd assets are calculated as the differenoo between the selling price less cost of sefling and tile booked value at the time of disposal.

Aktiver under finansielle leasingkontraktar males til def laveste bel0b af anskaffelsespris if0lge !easingkontrakten og nutidsvrerdien af leasingydelserne, opgjort pa basis af leasingkontraktens interns rente (eller en tllnrermel veerdi for denne) med fradrag af akkumulerede af- og nedskrivninger_

Assets held under finance leases are measured at the lower of cost according to the lease and the net present value of the lease payments, calculated by reference to the interest rate implicit (or an approximation hereof) in the lease Jess accumulated depreciation and write-downs.

10

.\METEK® CALIBRATION INSTRUMENTS

Der foretages nedskrivningstest pa materielle anleegsaktiver, safremt der er indikationer for vc:erdifald. Nedskrivningstesten foretages for hvert enkelt aktiv henholdsvis gruppe af aktiver. Aktiverne nedskrives til det hsjeste af aktivets eller aklivgruppens kapita!va3rdi og nettosalgspris (genindvlndingsveerdi), safremt denne er lavere end den regnskabsmaassige vcardi.

An impairment test is made for property, pfant and equipment if there are indications of decreases in value. The impairment test is made for each individual asset or group of assets, respectively. The assets are written down to the higher value in use and the net selling price of the asset or group of assets (recoverable amount) if it is lower than the carrying amount.

Varebeholdninger Inventory Varebeholdninger males til kostpris opgjort efter Raw materials are staled al the costs based on FIFO princrppet. the FIFO principle. Kostpris for handelsvarer samt ravarer og hjrelpematerialer omfatter anskaffelsespris med eventuelt tillGeg af hjemtagelsesomkostninger.

Costs for commodities, raw materials and ancillary materials are valued at the original cost with possible addition of landed costs.

Egenfremstillede faardigvarer samt varer under fremslilling optages ti! vrerdien af medgaede materlaler, direkte J0n og indirekte produktionsornkostninger, IPO. IPO indeholder indirekte materlaler og lrlln, samt vedligeho\delse og afskrivninger pa de af produktionsprocessen benyttede bygnlnger og udstyr, samt omkostninger ti\ fabriksadministration og ledelse. Laneomkostw ninger indregnes ikke.

Self-produced finished goods as well as work in progress are accounted for by using the basis of material content, direct wages and indirect prodC1otion costs, /PO. fPO includes indirect material and wages as well as maintenance and depreciation on buildings and equipment used for the production process and finally costs to the administration and management of the factory. Borrowing costs are not included.

Ved Valrdiansaattelsen er der foretaget nedw skrivning af ukurante og langsomt omsc.ettelige varer.

Provision has been made for obsolete and slow moving items.

Periodeafgr~nsningsposter

Prepayments Prepayments included under assets relate to outlaid costs that concern next fiscal year.

Periodeafgn:ensningsposter indregnet under aktiver omfatter afholdte omkostninger vedf0rende efterfeilgende regnskabsar. Tilgodehavender Tilgodehavende males til amortiseret kostpris, der scedvanligvis svarer tit nominel vcerdi. Der foretages nedskrivnlng til im0degaelse af tab baseret pa en objektiv indikation pa, at et tilgodehavende eller en gruppe af tilgodehavender er vrerdiforringet. Nedskrivning foretages til nettorealisationsvferdi, safremt denne er lavere end regnskabsmcessig va:irdi.

Receivables Receivables are measured at amorlised cost, which usually corresponds to the nominal value. Provisions are made for bad debt on the basis of objective evidence that the receivable or a group of receivables are impaired. Provisions are made to the lower of the net realisable va/uo and the carrying amounf.

Udbytte Foreslaet udbytte indregnes som en srerskilt post under egenkapita!en, indtil det vedlages pa den ordincare generalforsamling, hvorefler det indregnes som en forp!igtelse.

Dividend Proposed dividend is stated separately under equity, until it is decided upon in the General Meeting. I-le reafter if is reclassified as an obliga-

tion.

11

.\METEK® CALIBRATION INSTRUMENTS

lndkomstskat

Skat af arets resultat omfatter aktuel skat af arets forventede skattepligtige indkomst og arets regulering af udskudt skal Arets skat indregnes i resultatopgerelsen med den del, der kan henferes til arets resultat 09 i egenkapltalen med den de!, der kan henfll'res ti\ transaktioner indregnet i egenk:apltalen.

Income tax Tax for the year includes current tax on the years expected taxable income and the year's deferred tax adjustments. The portion ot the tax for the year that relates to the profif/foss for the year Js recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.

Akluelle skatteforpligtelser og tilgodehavende skat indregnes i balancen som beregnet skat af tirets forveniede skattepligtige indkomst reguleret for skat af tidligere skattep!igtige indkomster samt betalte aoontoskatter.

Current tax payables and receivables are recognised in the balance sheet as the esUmafed tax charge in respect of the taxable incomf) for the year. adjusted for tax on prior years' taxable income snd tax paid on account.

Hensaatlelse tH udskudt skat beregnes efter den balanceorienterede greldsmetode af alle midlertidige forskelle mellem regnskabsmaassige og skattemeessige va:irdier af aktier og forpligtelser, bortset fra mldlertldige forskelle, som opstar pa anskaffelsestidspunktet for aktiver og forpligtelser, og som hverken pavirker resultatet eller den skattepligtlge indkomst, samt midlertidige for-

Provisions for deferred tax are calculated, based on the liability method, of all temporary differences between carrying amounts and tax values, with Ille exception of temporary differences occurring at the time of acquisiUon of assets and liabilities neither affecting the result of operafions nor the taxable income, as well as temporary differences on non-amorlisable goodwi11.

ars

pa

skelle skaltemressigt ikkeafskrivningsberettiget goodwill. Udskudt skat males pa grundlag af skatteregler

Deferred tax is measured according to the taxa-

og skattesatser, der med balancedagens lovgiv- tion mies anr/ taxation rates Jn the respective ning vii vrere greldende, nar den udskudte skat forventes udl0st som aktuel skat. Udskudle skatteakliver indregnes med den VCBrdi, som de forventes at blive udnyttet med, enten ved udligning i skat af fremtidig lndtjening eller ved modregning i udskudte skatteforpllgtelser inden for samme jurlsdil
counties applicable at the balance sheet date wf1en the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the valoe af which they are expected to be utilised, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities within the same jurisdiction.

Flnansielle gmldsforpligtelser Finansielte gceldsforpligtelser indregnes ved laneoptagelse til det medtagne provenu efter f radrag af afholdte omkostninger. Rentebcerende g~ld males efterf0lgende tll amortiseret kostpris opgjort pa basis af den effektive rente. Laneomkostninger, herunder kurstab indregnes som finansieringsomkostninger i resultatopg0~ relsen over Janets l121betid.

Financial mortgage payments Financial liabilities are recognised on the raising of the foan at the proceeds received net og transaction costs incurred. Interest-bearing debt is subsequently measured at amo1tised cost, using the effective interest rate method. Borrowing costs, including capital losses, are recognised as financing costs in l/Je income statement over the term of the loan.

12

.\METEK® CALIBRATION INSTRUMENTS

PENGESTR0MSOPG0RELSE

CASH FLOW STATEMENT

Generelt Pengestnamsopgi:zJrelsen er opstillet efter den lndirekte metode med udgangspunkt i arets resultat. Pengestr0msopg0relsen viser pengestr0mme for aret, opdelt pfl drifts-, investeringsog finansieringsaktivitet, samt hvorledes disse pengestrnmme har pavirket arets likvider.

General aspects The cash flow statement is tabulal6d using the Indirect method based on the profit of the year. The statement shows cash flows for the year divided into operating, investing and financing activities, as well as their respective impact on the liquidity of the current year.

Oriftsaktlvttet Operating activities Pengestr0mme fra driftsaktiviteten opg0res som Cash flows from operating activities include the ~rets resultat reguleret for ikke likvide driftspoprofit of the year adjusted for non-liquidity operster, finansielle poster, betall selskabsskat samt ating items, financial items, paid income tax and eendring i driftskapitalen. Driftskapitalen omfatter changes i11 working capital. The working capital consists of current assets and short-term debt, oms83lningsaktiver samt kortfristet goold, eksexclusive of the items Included in the financial klusive de poster de indgar i de finansielle rerese1Ves. server.

lnvesterlngsaktivitet Investing activities Pengestr0mme fra investeringsaktivitet omfatter Cash flows from investing activities include purk0b og salg af anlcegsaktiver, samt deposlta. chase and sales of fixed assets as well as deposits.

Fin ansi eringsaktivitet Pengestrn1mme fra finansieringsaktivitet omfatter afdrag pa prioritetsgreld og anden tangfristet greld, betaling af udbytte samt eksterne titskud.

Financing activities Cash flows from financing activities include c/Jangas in mortgage debt, long-term borrow~ ings, paid dividend and external subsidies.

Likvider De likvide midler bestar af kontanter samt indestaende i pengeinstitutter.

Funds Funds Include cash in liand and credit balance.

AN ORE OPLYSNINGER

OTHER INFORMATION

Segmentoplysninger Opdeling pfl segmenter oplyses lkke grundet

Market Segmentation Split by Market or Product Segments are not

konkurrencemcessige hensyn.

disclosed due to competitive reasons.

Key Figures NBgletal N0g!etal er udarbejdet i overensstemme!se med Key Figures are cafcufated in accordance with Den Danske Finansana!ytikerforenings vejledthe guidelines from "Den Danske Finansning af 1997. analytikerforening of 1997" (The Danish Financial Analyst Association of 1997). De i hoved- og nsg!etatsoversigten anf0rte nrz.sg- Key figures as represented in tf1is Report are letal er beregnet saledes: cafculated as follows:

13

.AMETEK® CALIBRAT(ON INSTRUMENTS

Afkastningsgrad:

Return on Net Assets: Operating Profit .. 100 Total Assets

Resultat af primaar drift * 100 Aktiver Rentabllitet:

Return on Equity: Profit for the Year* 100

Resultat f0r skat * 100 Egenkapital

Likviditet:

Equity Cash to current liabiUties:

Omscetnjngsaktiver * 100 Kortfristet G~Jd

Soliditet:

Total Current assets * 100

Short-term Debt Solvency: Equity " 100

Egenkapjtal * 100 Aktiver

Total Assets

14

.\METEK® CALIBRATION INSTRUMENTS RESULTATO~G0RELSE

INCOME STATEMENT

2013

2012

TDKK

TDKK

76.782

79.296

-11 .981

-11.426

1

-29.856

-28.601

4

-266

-283

4

-1.326

-1.362

33.351

37.624

-856

-383

32.495

37.241

-a:11a

-9.345

24.377

27.897

24,377

27.897

42.661

23.736

67 .038

51.633

30.827

8.972

36.211

42.661

67.038

5'\.633

Note

Bruttofortjeneste Gross profit

Andre eksteme omkostninger Other exl"mal expenses

Personaleomkostninger staff costs

Afskrivnlnger lmmat.akttver Depreciation Intangibles

Afskrivninger, Mat. aktiver Depreciation, fixed assets

Resultat af prlmmr drift Operating profit

Finansielle

indt~gter/udgifter,

2

net to

Financlaf lncomrJ/axpenses. net

Resultat f~n skat Profit before tax

3

Skat Income tax

ARETS RESULTAT PROFJT FOR THE YEAR

Arets resultat foreslas anvendt saledes: Profit for the year is suggested split as:

Arets resultal Prcfil for the year

Overf0rt fra tidligere

ar

Reatained earnings previous years

Til disposllion Atdisposaf

Foreslaet udbytte Propo$9d dividend

Overf0rt tll neeste ar Carried forward to next year

I all Total

15

.\METEK®

BALANCE pr. 31. december 2013

BALANCE SHEET as at December 31, 2013

CALIBRATION INSTRUMENTS 2012 TDKK TDKK

2013

Note

AKTIVER ASSETS

558

638

558

638

4

7.049

7.382

4

1.245

1.687

4

22

37

8.316

9.106

8.874

9.744

10.729

8.472

10.923

13.875

33.602

9.826

210

24

217

205

44.952

23.931

18.070

23.087

OMSJETNINGSAKTIVER I ALT TOTALCURRENTASSETS

73.752

55.490

AKTIVER IALT

82.626

65.234

4

Licenser &Software Licsnse & software

lmmaterielle anlaegsaktiver Intangible fl:ced assets

Bygning Buitdi'ng

Tekniske anleeg og maskiner Technical p/enr snd meohinery

Driftsmateriel og inventar Equipment, fixtures and Ottlngs

Materielle antaegsaktlver Tlmglbfe fixed assets

ANLJEGSAKTIVER I ALT TOTAL FIXED ASSETS

5

Va rebeholdninger l11Ventories

Tilgodehavender fra salg Trade accounts receivable

lllgodehavender fra tllknyttede selskaber Receivables from group companies

Andre tilgodehavender Other receivables

6

Periodeafgreensningsposter Prepayments

Tilgodehavende r Rei;e/vabtes

Likvide beholdnlnger Cash and Bank

TOTAL ASSETS

16

BALANCE pr. 31. december 2012

.AMETEK®

BALANCE SHEET as at December 31, 2012

CALIBRATION INSTRUMENTS

2013

2013

TDKK

TDKK

500

500

30.827

8.972

36.211

42.661

7

67.538

52.133

3

272

290

272

2~0

7.862

7.390

1.12i

369

38

347

5.794

4.705

14.816

12.81 1

14.816

12.811

82.626

65.234

Note PASSIVER LIABJLrrlES

Aktiekapital Shere cap/la/

Foreslaet udbytte Proposed diVidend

Overff'llrsel til rueste :ir Carried forward to next year

Egenkapltal i alt Total equity

Udskudt skat Deferred fax

Hensatte torpligtelser i alt Total provisions

Andre l
Leverand0rer af varer Trade accounts payable

Greld til tilknyttede virksomheder Payable to associated companies

Skyldig skat AcCfUBd income tax

Anden ga;,ld Other payables

Kortfristet gceld I alt Total shorl term debt

Gie\d I alt Total debt

PASSIVER lALT TOTAL LIABJLIT/i:S

8

f:ventualforp\igtelser Conlengencies

17

.\METEK®

PENGESTR0MSOPG~RELSE CASH FLOW STAYEMENT

CALIBRATION INSTRUMENTS

2013

2012

TOKK

TDKK

24.377

27.897

9

10.565

11.373

10

-20.965

81

13.977

39.350

30

8

-886

-391

13.121

38.968

-8.444

-9.574

4.677

29.394

-536

-841

-185

-225

-721

-1.066

-8.972

-16.971

-8.972

-16.97'1

-5.016

11.357

23.087

11 .730

18.070

23.087

Note

Arets resultat Pront for lhe }'Elar

Reguleringer Adjuslments

lf.ndring i driftskapital Change in Wcriling Cspil•I

Pengestr0mme f0r finansielle poster Cash flow before financial items

Finansielle indtoogter Flnencial income

Finansielle udglrter Flnanciaf expens&

Penges1rC?Jmme fra ordincer drift Cash flaw from continuing operations

Betalt indkomstskat Paid fncome tax

Pengestr0mme fra driftsaktivitet Cash flow from operating ttclivltles

lnvesterlnger. anla:!gsaktiver Additions lo fixed asse/s

lnvesteringer, Ucens & Software Addi/ions to inlengiblo essels

Salg af anlaagsakllver Disposal of fixed t1ssets

Pengestr0mme fra investeringsaktlvitet Cash flow from Investing actf\fities

Betalt udbytte Divld1md paid
Tilbagebelaling af giBld til kredllinstitutter Repaymenl ot mortgsg&

Pengestr121mme fra finansierlngsaktivitet Casl1 flow from financing activities

JEndring af likvide midler, i alt Cha11go In funds, nef

Llkvlde midler ved regnskabsarets begyndelse Funds beginning of year

Likvide midlerved regnskabsarets slutning Fllnds end ofyear

18

.\METEK.® CALIBRATION INSTRUMENTS NOTER NOTES

Note 1. Personaleudgifter Note 1. Staff costs

De samlede personaleudglfter kan specificeres som f0f9er: Tola/ staffcosts affJ made up aa follows:

Gager og

l~nnlnger

2013

2012

27.456

26.208

2.086

2.069

317

324

29.858

28.601

Salaries and wages

Pension Pension costs

Social sikring Socia/ seaurity costs

Selskabet har 9ennemsnitligt beskeeftiget 46 medarbejdere i 2013 mad 48 i 2012. Der er ikke betalt tantieme 09 honorar til bes\yrelsen. I lighed med tidligere ar oplyses vederlag til selskabets ledelse ikke med henvisning til ARL § 98b, stk. :: The average number of employoes was 46 lo 2013 compared to 48 in 2012.

No mmunaration wBS paid to Iha board of direc!ors. IM/h ref6ffJflC9 to sectill 98b(3). (II), of teh D81llsh Financial Statsrmmls Ac~ Iha company like previous years dOBs not disclo86

thfJ CO
19

.\ME!TEK® CALIBRATION INSTRUMENTS

NOTER NOTES

Note 2. Flnanslelle indt~gter/udglfter Note %. Flnancial income/expenses

Renleudgifter

2013

2012

-146

-55

30

8

0

0

-740

-335

-856

-383

lnlsf9sl expensss Rentelnd~gter

lnterast Income

Renleindtcegter rra tilknyltede virksomheder lntet'9sl Income from group compsnlas

Realiseretlurealiseret kursgevinst ReaDzedlllnrea/izsd exchang9 gains

Note 3. Skat Note 3. Income ta;ic

Oriftsf1nt

Skyldig skat

Udskudt

skat

skat

Accrued

Deferred

Expensed

tax

tu

tax

347

Saldo pr. 1. januar 2013

290

Balance es Bf January 1, 2013

8.136

8.136

Skat af arets resultat Tax on Iha profit for the year

iEndring i udskudt skat

-16

-18

272

8.118

Movement In defeffed tax

Betalt/tilbagebetalt skat i aret

-8.444

Tsx pa/dlrootafmt;d during the yoor

38

Saldo P'· 31. december 2013 Balance as al December 31, 2013

20

AMETEK®

NOTER NOTES

CALIBRATION INSTRUMENTS

Note 4. lmmaterle1\e/materiel1e an1regsaktiver Note 4. lntangib!e!Tangibl• flxed assets

Licenser

Bygning

Drlftsma· teriel og

anlceg og

software

masklner

inventar

Technical plant and

Equipment and fixtures and

Ucense&

Anskaffelsessum

Tekniske

og

Software

Building

machinery

fillings

3.857

18.225

6.623

745

Cose

Saldo pr. 1. januar 2013 Balance ea at January 1, 2013

-121

Afgang DlsposrJts

Regulerlng

1-101usrmem

Ti~ang Ad ilions

Satdo pr. 31. december2013 Balance as at Dtcember 31, 2013

185

326

2rn

4.042

18.551

6.713

745

3.219

10.843

4.936

708

Akkumu le re de afskriv nlnger: Accumulated depreciation:

Saldo pr. 1. januar 2013 Balance as a/ Januaty 1, 2013

-121

Afgang Disposels

Regulering Adjustment

Arets afskrivninger

266

659

652

15

3.484

11.502

5.468

723

558

7.049

1.245

22

DePfeclatlon for (fie year

Saldo pr. 31. december 2013 Balance as at December 31, 2013

Bogf0rt vcerdi pr. 31. december 2013 Booked value as at December 31, 2013

Afskrivningsprocent (linear afskrivning}

20-33%

3,3-20%

DepreGfalion rate (straight line basis)

21

20-33%

20-33%

.\METIEK® CALIBRATION INSTRUMENTS

NOTER NOTES

Note 5. Varebeholdninger Note 5. Inventory

Ravarer og hjielpematerialer

2013

2012

7.218

6.985

561

509

2.950

978

10.729

8.472

Raw materials and consumables

Varer under frems\llling Wolk in progress

Fandigvarer Finished goods

Varebeholdninger i alt Total Inventories

Note 6. Perlodeatgraansnlngsposter Note 6. Prepayments

Periodeafgraensningsposter indeholdar forudbetalte rorslkcinger 09 operatlonel leasing. Prepaymimts tetate to insurances and operating /eases.

Note 7. Egenkapital Note 7. Eq11ity

Selskabskapital

Overf0rt resultat

Foreslaet Egenkapltal udbytle

I alt

Carried forShore Capital

ward to next yaar

Proposed Dividend

Tolal Equity

500

42.661

8.972

52.133

-8.972

-8.972

-6.450

30.827

24.377

36.211

30.827

67.538

Saldo pr. 1. januar 2013 Balance as atJanuary 1, 2013 Udloddet udbylte Dividend paid Olli

Ovf., jf. resultatdisponering Result for ltle year

500

Saldo pr. 31.december 2013 Balance as at December 31, 2013

Aktiekapltalen bestar af 3 aktier a henholdsvls TDKK 195, TDKK 105 og TDKK 200. i all TDKK 500. Aktiekapitalen har urendret vreret TDKK 500 de seneste 5 ar. The company's share capital consists of 3 shares of TDKK 195. TOKK 105 and TDKK 200. totalling TDKK 500. The share capital has remained TDKK 500 in the past 5 years

22

.AMETEK® CALIBRATION INSTRUMENTS

NOTER NOTES

Note 8. Eventualforpligtelser Note 8. Contengenctes

Operationelle leasingforpligtelser Operatlonaf Lease commitments

Selskabet er indtradt i leasingkontrakter vedrerende diverse driftsmateriel. Leasingkontrakterne drekker perioder op Iii december 2016, og den totate forptigtelse udg0r tdkk 875. Heraf tdkk 513 inden for et fir. The company has teas9d sundry machinery and equipment. The /ease contracts cover periods up to December 2016 with a total commitment of TDKK 875 ofwhich TDKK S13 is due Within one year.

23

.\METEK® CALIBRATION INSTRUMENTS

NOTER NOTES

Note 9. Reguleringer

2013

2012

266

283

1.326

1.362

856

383

-18

-2

8.136

9.347

10.565

11.373

-2.258

-191

-21.021

287

2.313

-15

-20.965

81

Note 9. Adjustments

Afsk.rivning immateriel!e aktiver Depreclarron intangibfe assets

Afskrivning andre anlregsaktiver Depreclatfon other fixed assets

Fortjeneste/Tab ved salg af anlc:egsaktlver Gain/Loss on disposals of fixed assets

Rentelndcegter/-udgifter mm Interest income/expenstJs

,LEndring i udskudt skat Change in deferred tax

Skat af arets resultat Income tax

Sam let regulering Total adjustments

Note 10. Driflskapital Note 10. Working Capital

Varelagre Inventories

Tilgodehavender ReceiVables

Kortfristet greld Short term deb t

JEndring I drinskapltal Total change In Worl
24

9/11/2014

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Bedrijfsprofiel - Ametek Holdings B.V. (33240060) Kamer van Koophandel, 11 september 2014 - 23:31

Uittreksel Dossiernummer: 33240060

Blad 00001

Uittreksel uit het handelsregister van de Kamer van Koophandel ____________________________________________________________________________ Rechtspersoon: Rechtsvorm :Besloten vennootschap Naam :Ametek Holdings B.V. Statutaire zetel :Amsterdam Eerste inschrijving in het handelsregister :13-10-1992 Akte van oprichting :21-09-1992 Akte laatste statutenwijziging :26-10-2011 Geplaatst kapitaal :EUR 19.058,77 Gestort kapitaal :EUR 19.058,77 ---------------------------------------------------------------------------Onderneming: Handelsna(a)m(en) :Ametek Holdings B.V. Vestigingsnummer :000003205169 Adres :Prins Bernhardplein 200, 1097JB Amsterdam Correspondentieadres :Postbus 990, 1000AZ Amsterdam Telefoonnummer(s) :0205214777 Faxnummer :0205214888 Datum vestiging :27-07-1992 De rechtspersoon drijft de onderneming sinds:21-09-1992 Bedrijfsomschrijving :Houdster- en financieringsmaatschappij Werkzame personen :0 ---------------------------------------------------------------------------Bestuurder(s): Naam :Feit, Robert Stephen Geboortedatum en -plaats :07-03-1962, New York, Ver. Staten van Amerika Infunctietreding :09-12-2008 Titel :Bestuurder A Bevoegdheid :Gezamenlijk bevoegd (met andere bestuurder(s), zie statuten) Aanvang (huidige) vertegenwoordigingsbevoegdheid :26-10-2011 https://www.kvk.nl/handelsregister/TST-BIN/FP/[email protected]?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/[email protected]?BUTT=332400600000&CHK1=J&kvknummer=332400600000&product=Bedrijfsprofiel

4/10

9/11/2014

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naam ingeschreven onder nummer

Ametek Holdings B.V. 33240060

Deponeringen Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk

2012 28-1-2014 klein 12 Jaarrekening 24-1-2014

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk

2011 13-2-2013 klein 12 Jaarrekening 7-2-2013

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk

2010 27-2-2012 klein 12 Jaarrekening 2-2-2012

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk

2009 3-3-2011 klein 12 Jaarrekening 28-2-2011

Boekjaar Datum deponering

2008 24-2-2010

Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Groepsjaarrekening deponering onder dossiernummer

klein 12 Jaarrekening 22-2-2010 Ametek Holdings B.V. 33240060

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken

2007 29-6-2009 klein 12 Jaarrekening

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5/10

9/11/2014

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Datum vaststelling jaarstuk Groepsjaarrekening deponering onder dossiernummer

26-6-2009 Ametek Holdings B.V. 33240060

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Groepsjaarrekening deponering onder dossiernummer

2006 9-10-2008 klein 12 Jaarrekening 6-10-2008 Ametek Holdings B.V. 33240060

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk

2005 27-12-2006 klein 12 Jaarrekening 22-12-2006

Boekjaar Datum deponering Omvang Maand einde boekjaar

2004 27-12-2006 klein 12

Soort jaarstukken Datum vaststelling jaarstuk

Jaarrekening 22-12-2006

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk

2003 30-8-2005 klein 12 Jaarrekening 26-8-2005

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk

2002 3-5-2004 klein 12 Jaarrekening 29-4-2004

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk

2001 3-5-2004 klein 12 Jaarrekening 29-4-2004

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9/11/2014

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Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk

2000 30-10-2002 klein 12 Jaarrekening 14-10-2002

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk

1999 30-10-2002 klein 12 Jaarrekening 14-10-2002

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk

1998 28-2-2001 klein 12 Jaarrekening 31-3-2000

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag

1997 17-6-1999 klein 12 Jaarrekening 9-6-1999 Bij de kamer

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag

1996 7-5-1998 klein 12 Jaarrekening 4-5-1998 Bij de kamer

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag

1995 7-5-1998 klein 12 Jaarrekening 4-5-1998 Bij de kamer

Boekjaar Datum deponering

1994 15-1-1997

Omvang

klein

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7/10

9/11/2014

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Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag

12 Jaarrekening 6-1-1997 Bij de kamer

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag

1993 15-1-1997 klein 12 Jaarrekening 6-1-1997 Bij de kamer

Boekjaar Datum deponering Omvang Maand einde boekjaar Soort jaarstukken Datum vaststelling jaarstuk Plaats deponering jaarverslag

1992 15-1-1997 klein 12 Jaarrekening 6-1-1997 Bij de kamer

Juridische gegevens Rechtspersoon : Rechtsvorm Statutaire zetel Eerste inschrijving in het Handelsregister Akte van oprichting Akte laatste statuten wijziging Geplaatst kapitaal Gestort kapitaal

Besloten vennootschap met gewone structuur Amsterdam 13-10-1992 21-9-1992 26-10-2011 EUR 19.058,77 EUR 19.058,77

Overige deponeringen Bijzondere deponeringen op grond van boek 2 BW

Soort deponering: verkl. Stort. Niet in geld (artt.94b/204b BW 2) datum van deponering: 19961206

... Datum deponering: 08-03-2011 Soort deponering: Geconsolideerde jaarrekening 408 ... Datum deponering: 08-03-2011 Soort deponering: Geconsolideerde jaarrekening https://www.kvk.nl/handelsregister/TST-BIN/FP/[email protected]?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-

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10/10

AMETEK INSTRUMENTS INDIA PRIVATE LIMITED

.\METEK® "'· Clear Vision

0

Sound Strategies "" Solid Performance

DIRECTORS' REPORT

To The Shareholders:

Your Directors have pleasure in presenting their Fourth Annual Report of the Company together with Audited Statement of Accounts for the year ended 31st March, 2012.

Financial Result: Year ended Year ended 31st March 2012 31st March 2011 (Rs. in Millions) Gross Income Earnings before Interest & Depreciation Finance Charges Depreciation & Amortization Profit/(Loss) before Taxation Less: Provision for Taxation: Current Tax Deferred Tax Profit/(Loss) after Taxation

428.90 62.72 13.21 52.07 (2.56)

262.62 52.29 8.02 42.67 1.60

19.32 (8.56) (13.32)

14.00 (2.24) (10.16)

Review of Operations: The Company had again increased its gross income considerably compared to the previous year and Earnings before Interest & Depreciation has also increased from Rs. 52.29 million during the previous year to Rs. 62.72 million and therefore overall performance during the year ended 31st March 2012 can be considered quite satisfactory. The Loss before Tax for the year under review was Rs. 2.56 million. In view of higher provision for Income Tax and Deferred Tax, there is a loss for the year under review of Rs. 13.32 million compared to loss of Rs. 10.16 million for the previous year

Dividend: As there is a loss during the year under review, the Directors do not recommend any dividend for the year

.\METEK®

AMETEK INSTRUMENTS INDIA PRIVATE LIMITED .;J

Clear Vision e Sound Strategies w Solid Performance

Auditors' Report: As regards Auditors' comments on maintenance of records for Fixed Assets, your Directors would like to state that since the required information with respect to each individual asset was not available in respect to group of similar fixed assets acquired from two companies, the Company has maintained records for such groups of similar assets and not for each individual asset. As regards Auditors' comments on delay in deposit of withholding taxes and other taxes, ascertainment of ageing of inventory, collection of accounts receivables and settlement of travel claims, your Directors would like to state that certain teething problems are being faced in the new accounting software and steps are being taken to streamline the same to ensure that appropriate reports on timely basis could be taken out from the system for control purposes to facilitate minimization or elimination of such occurrences. The procedures for physical verification of inventory are being strengthened and the scope and coverage of internal audit are being widened in consultation with Mis. Grant Thornton. As regards use of short term funds for long term purposes, proper procedures for more scientific projection of long term and short term requirement of funds are being put in place so that an appropriate strategy for meeting the future requirement of funds is worked out.

-----------------------------This place is left blank intentionally-----------------------------

AMETEK®

AMETEK INSTRUMENTS INDIA PRIVATE LIMITED "i-

Clear Vision

Sound Strntegies "" Solid Performance

Auditors: The auditors, M/s. S. V Ghatalia & Associates , Chartered Accountants, Bangalore who retire at the conclusion of the Third Annual General Meeting have expressed their willingness for reappointment. You are requested to appoint the Auditors for the current year to hold the office from the conclusion of the Fourth Annual General Meeting until the conclusion of the next Annual General Meeting.

Directors' responsibility Statement: Your Directors confirm that: (i) (ii)

(iii)

(iv)

in the preparation the annual accounts, the applicable accounting standards have been followed; the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give 1 a true and fair view of the state of affairs of the Company as at 31' March 2012 and of the profit of the Company for the year ended on that date; the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act.. 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; the Directors have prepared the annual accounts on a going concern basis.

Particulars of Employees: Particulars of the employees covered under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are given in Annexure A to this Report.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings & Outgo: Information relating to Conservation of Energy is not applicable to the Company. As the Company is not carrying on any Research & Development activity and since the Company has not imported any technology, information required under the provisions of Section 217(1 )(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 relating to the same is not applicable and hence not provided. Details regarding Foreign Exchange Earnings and Outgo during the year are provided in Annexure B to this Report.

AMETEK INSTRUMENTS !NDIA PRIVATE LIMITED (»

Clear Vision

0

Sound Strnte9ies

&

Solid Performance

Appreciation:

Your Directors also wish to place on record their sincere appreciation for the dedicated services rendered by the Management Team and employees at all levels and also express their gratitude to the shareholders for their active support and co-operation.

For and on behalf of the Board of Directors

Place: Bangalore Dated: i> r- /

/I/

1)

Managing Director

Director

ANNEXURE A TO THE DIRECTORS' REPORT Particulars of the employees covered under section 217(2A) of the Companies Act,

1956: r· 1

- - · - - - - - - - · - - · · - · - - - - , - - - - - ...,..... - .

.,·--~-------------------··----------··-···------,

'flj;,:~;;j);:~:ti ____ .J'l:i•ll(!()f_tl1f ~n~p~~;.~~;,~:;:,;i;;;~------------1 I Managing Director I l3u:;iness Director I

l'articulars

1--···

Rem~~n~~[l~ion_

, Qualification 1---- .. . Experie11ce(i11 years) '1 ..

__________ i_f\s.68,_L(),()72/BE - · - - - - - - - -..··· -----------------__..______1_22

~~~~~:j~~1)1eneement of

l I I 1

.., ,.-.l--"··-.. --... -·"·-···-··-·····-····--~----·--··--------j

I

I Designotion

Last c1np!oy1nent held

_

Percentage of equity shares held in the Co1npany ··-·---

_________

1

I Rs 61.87.643/-

_ _____j l3 Com __ __ _______ 38 . _. . . ·-·-·-·----------------• !

i_

_\l~;-Apr1l,~O~~--------- ~~()":~bc~,2009 Ln1erson Process Manage1nent

i

~~~:~Private Li:itecl. Director-

1 l_Jnispec Marketing Private I Li111ited, Director ___

NII

I NIL !

--·-----·---------------------··m ... ___ _L_

I

____J i !

_____________"'1

ANNEXURE B TO THE DIRECTORS' REPORT

Information pursuant to section 217(1)[e] of the Companies Act, 1956, read with the Companies (Disclosures of Particulars in the report of Directors) Rules 1988 in respect of foreign exchange earning and outgo.

Foreign Exchange Earnings and outgo: (a) Activities relating to Exports & initiatives taken to increase exports & export plans: The Company is providing pre sales marketing and software development services to its overseas associate companies and which results in earning of foreign exchange. The Company has commenced such services to a few more overseas group companies and further opportunities in this area are being explored in order to further increase the foreign exchange earnings for the Company. (b) Foreign Exchange earned and used:

Particulars

I



S. V.C-uArAUA 8

Assc1c1AlfS

Td ·rhe i'vlL'!l1hcrs or /\n1etek

lnstrU!lh.'11!~;

India Private!. i111i1cd

\Ve h;iv~· audit(·d rhe attached Ba!;1ncc Shc(~l oi' ,.\11H:tck lnqrun1cnt..; India Privall~ L.in1i1ed ( ·1hi: t 'nn1p:iny') as at \1:-u-ch l ! . ~O I::'. :ind a):;u lhl'. S1:Hc11lcnt or pn1fit and loss and 1hc ca:>h tlO\\· _-,1a1cnh:nt f0r the year ended ~111 that date annexed lhL'n.·1u. These financial stalt...'ntt.:11\':> :in: tih' rcspunsibility of th(· ('0111pi111:v'-; 1nanagc1nent. (hll" 1c:-.pnnsibili1y is to cxprc;:;s an up1nion lll! 1h1.'.·;1..~ !lnanci~d st;Ht1nc1Jts bas1:d on -:;ur audit.

'

\Ve ,:iJnducl::d our audi1 i11 accurdancl..' \\'ith auditin~~ -.,t;JJnLHds g..:.:ncrally at:ct'ptcd in India. l'hl'is .. ~ Standards rcquir...:: 1h:i1 \\t: plan and p~~rforr11 th<:: audit \1> uhtaln rt.:asonabk· assur:incc ;1!.H)1l! \\'hcth~r the financial st:11c1ncn!s arc Cree or n1:1!<.:1·ial 1niss!:11c1nen1. !\!l audit includes exanii11i11g. on a 1cq basi:>, evidi..~11ci: snppor1ing thl' an1(l1J11h and disclosures in the finan!.:i;il '.'.>\ill('Ji\t'llts. /\n audit H].Sl) in1.:ludcs a~;scssing tlie <·1rcou111in~; princip!t:s used and :-ii;nificant es1in1;1!L'S n1ade by 111:1n~1gt'rllt'llL as \~ell as cvalua1in.~,~ 11lc overall financial state:111cnt pr1.:Sl~rllal1r1n. \Ve bc!ic\"c rh:1t our :1udit pnn·iJes a rcast:111;1hlc basis for our opininn.

).

.-\s rt'1p1ircd by the C.~nn1p;l!liL·~, (.-\uditC'r"s Rl:'pun) ()rdl:r. :'_()()'; (:b anK·nch:d) i"-;ued by 1hc c\:1!!1;d ( in\\"1"\llllt'!ll l)f J11di;1 i11 [;.'fl)h \)!" 5t1b··:'1.~l;\i1>:1 (--It\) u! Seel Hill 2~7 ,,f :lie (_'0111p;111ic-; i\ct. Ii))(). \\'L' cnc!c1;.;e 111 !lie ;\11nc:>.:tirl' a c-lHlL'llh:ll! ,-Jti the 111;1llLTS ·.:,pcciflt:d in par:1g1aplic- -1

and ) or lht: :-;aid ()rdl'r. ,j

l-11nlier !o uur c(Hllincnt:=> in tlii: i\nnl'\!lrt.: n."!ferH.:d to abnvc, \Ve 1\:port 1hat: J.

\Ve h;l\'L" obtained all lhl' i11l;lr:11;1tiull :ind c:-:pla11:lli(111", \\lii,:il h.no\~ k:d~'.e

ll

111

;ind bc!i-::1"

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

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

'>latcnll:nl \Villi

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

l';ic-h

Jlo\\"

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

:1ud1l.

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

fr;:- th'"· pcq_\!)';•:'>: 11' ,>\11

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

bLeJl kl~p!

lk·alt \Vi!h hy

li:

till'

1lii:;

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

h)

rJ,,\\ -;L!11·n1,_·nt

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

i _; \ , l P ( -...v1· II f;fl

:-:

I:

I!

1

I

i1 c

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

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

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

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

1

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

11

u\

,·;. !n our opinion :-ind to the bi..:st of our infonn8.tion Jnd according to the cxpl
a)

in !he c3se of the balance sheet, of the state of affairs of the ('0111pany as at March 31.20!2:

b) in the case of the staten1ent of profit and loss, of the Joss for the year l..'ndcd on th;it date; and c)

tn Lilt' case of <..'::ish tlo\v stat::1nent, uf tbe cash J1o,vs f<.H· the

s.V.G!W~ .J.J'r~

For S.\i.(ffL\T/\LL\ & /\SSOCl/\TES Finn registration nun1hcr: l 03162\V

Chartered

.~\cc()lllltanls

per TS (iangadh3ran Partner tvle1nbership No.: :?2835 1

l)lacc: Bangalore Dale Jc;1-y 27 )012._ I

)'t'ar

en Jed 011 th al date.

S. \/. (,'11A TAUA s Assoc IA I I\ t\

llllt.\lHe

rcrcrred

1(1 in p;HJg_r:'..ph

3 n(


rfpon

of C\'t:I) J;J[I..'.

J{c· ;'\lllt:tt:k lnS!fUrlh'lll:; India PriYah' l.irnit~·d ('th~~ c,)!l)pany')

ti) (a)

fhc (\qnpa11y h:·1s 1nainr:-iith:d pr(lpc~r recl1t\~S. .;;hn\\'ing full particulars. inciudinp ,1uantil:J!i\'t...' Jctail;;;, Jnd si1uati,111 ,,( f!\td as:-.c!'>, <''l"('
(b) 1:1;.;cd :is.:,t:t"i li:J\c been ph>·si(;illy \·t:rificd by tile 111:-inagetncnt during the year and no 1n1tc:rial dis(1cpancies \vcre id1.,,·nti(1cd on StJi..'h verilicatiun. (-:) !'hcrt:

\\';.1s

nn disposal of a subst:i.nti;i! part of fi.\cd assets during the ~.:t~;H.

(ii) (:1) Tht> r11a11a~c111v111 l1a::. cu11dul:h:d physical \'e1if1c:Hi\)fl u! in\'~!'l\(iry .il re
during the )t::n

(\)) /'fit~

1'1/ rif1_r:;icu/ l'Crijii:u!iun t.!f ///'.'t'!if1Jr_I j(.1/fo1rcd hy the 1110110;.t,ellh'lll are hi' \'fl'<'ngth~'11ed to n111ke it reasD11uhlc und c"Jdequorc i11 rcluriun tu the si;_·c of the C'on1pn11y und the 11at11n.' r!fl!s h11si11ess pro(;ed11t('S

n:q11ir~:d

!1J

(;.:)Th~

c:(irnpany is gcncr<:lly n1ain1:1ining prop~r rl'i..:nrd_..; \)r illVl..'H\\'lry. lh() ( ·un1run1' i1 Ill rhe f!FO:.:e.1s o/r,'1·1111ciii11.c. rhe 1/i.1·,.,-,'fNJncit'\- 11111t'd on ;:ln·s1c(d 1·c,,-i(1curic111 As (:\·f;fu111i·d tu u-;. 1!1<'.\(' oro: 1101 1"X/h:"Ch"d tu h(· 111utcr:ul.

(iii) (a) .:\ccordint}, tL1 thL· infonliatitin :111d l~.\1.1lar1:1lit_i11s givt.'11 lP u:->, ihe (\Hnp;111y has not gr;i11lL·d a11y !0311,;, st:i.:urcd or unsccurL·d to co111panics. lirins or other p;11·1ic:; \..'.Ovcrcd in 1\ic register rn;1in!ai1H:d under st.'cti11n 30! of the (\:ln1p~111ic5 ;\ct. ! 1J5(l. ;\c:.:nrdinµly. thL· pr(1vi<:..i(11h ,l! ;..\.111 .... (' .l(iii'1(:1l Iii

(,I) \)f the

()H!i.:1 :11c n(ll

.1ppli;..·;1hiv

111

the

C(_)n1p:1;1\

.ind

h<..'l)(L' J\( l \.'.l\il!ll\i..'llll'd upl>!L 1

(b) "\..::..::orJing Ill ini;--,nnalion and l'.\pla11:Hio11::; :~i\"<_'!l \\l u~,. 1hc C\l111p:111y IJ;1s no! 1ah.1~n ;111) luans, sccllfL~d (lr unsccun:d. frn1ll ,;nr11panies, li1111'; or otlH:J p;1r\1t~S o..:uvr:rt.:d i11 the regi~~li.:r 111aintaincd under :',l.'".:tinn ;01 of the (_,)111p;111ies .'\cl. \ 1)(,(1 ;\ccordinl--'.lv, 1h'-' p1(1vi::.in11s nl' ..;L1t1\c ·~(iii)(::) tu(:-·.-) 11f the ()rdcr :nt': !!Dl t1pplic;1hh: \1) 1hc C:ornpany ;111d

hence (l\)

111\! COll~!llCrtlL'd tqK1!l

hi \)llf r1pin11_111 :111d :1..;o..:;.lnii11.'-'- h'> lh..: 111J(:,n~·1;Jtiori ,111d <,-'.\pl1111·~;-;_ !or 1h1' p11rch:1'i: ti!' in\crlll!l.Y :ind li,\L'd :J.',·>ch ;i1Hl lin the -;;ik (il ~'_!:q(j...,

:uitl

<1..'1\·1 ....'t.""

ii;\(Ji/r;.''\' (!/!<.'

(·u111111u11i,;' /(11iur.· ro

Ilic

llllild
11~ !\ 111<.:

111~_. ( ·un1p;1)l\(" ,!_''-.·Ii<'·;)

\()\

/-/,;1\-, i·cr

,·('//,-,.,!!!// ilf

·\l l.

·.n-rt·(

1/,'" 111fcu1ui (·1·1111·.i/ >\''/c'/li _jol' .1"·,·1/,1/!lill? u.:'.i.·111,\: ,1/

u1·, ()/1.1/!\

r " 111;.'f•!l'

/"L'-:'c/l"tih/,·.\ II

lll!h/\:tjlliliC

/11 (Ii!/" U/-'llJ!Uli. {}/J,\ I\,/

\\<.'«'l!!<'.'' 1/i .rh" 111f1'l"!!O.', .iu/n1( >'f ,fc11i

p tlll<:\IL11 .. ,I[ C•l11l1;1l·t .... ,·,1 :\11,11;: ,\'ll';,'!ll'-, rt•t'c~nt·d l•l i11 . ,,__·ctil>I\ )0! ,ii i i;)f1 ih.11 111.·1·d [,\ h,· cn\=·i:.·il 1;J1 . · thL' tl".!l',1vl' 111:1i111:ii11c'd 1111(k1

}\;t\1' :'1.'Cli ·,,, ~':il,··~·d

1

S. v.c;nAIAUA '" Assoc1A1rc, (b) Jn respcl'.t of transactions rnadc in pursuance ()f ~uch contracts or arrange111c111s and exceeding the value or RupCt.'S five lakhs c:ntc:rcd Into during the !'1nanci~.d yt.'ar. because Of the uniqt1l'. :_u1d :ipeci:.1lized nature uf !he itelllS iH\'O!Vl~d and 3bSl.'.llCC Of illl) co111parable prices, \\'C arc unable to coffi1nen1 \\'hether the transactions \vCr(; n1adc at

prevailing 1narKct prices at the rclcv3nt tirne. lhc (.'c1111pany has not accepted a11_y deposits frorn the public.

(\·i)

(vii)

['he (~on1pany has an internal audit systen1, rhe scope and co1'crage f~/ 1rhich. Ill our opinion, rf!q11ircs to he e11/arg<'d to be CO!l1111ensl1tore H·irh the si::,t· and 1u.1t11re r~f its husincss

(viii)

To the best of our kno\vledge and ub--section ( J) of section 209 ofthc c:o111panics /\ct, 1956 for the products and services ()fthc C:ornpany,

(ix) (:i) Undisputed stannnry dues including provident fund, investor education and protcctiun fund. CnlpJoyccs' state insurance, i11co1ne-!aX, sa}eS··13X, \VCalth·l:.iX, service tax, CLIStO!llS

duty,, excise duiy, ccss and other rnateria! statutory dues have gcn..::ra!ly bc-cn rcgu!~1r!y dcposi1cd \Vi!h the appropriate authoritit:s e_xcept_(or prl~fl~s.;ion ll1x and se1Tice tax H'here rhe1·e have been serious deloys in a fC\v cases 011d incon1c tox. provident jiaul and vu/11e added tux \Vhere 1h,'re htt\'e heen slight delays in a_feH· 1_:oses, (b) i\ccording to the inronnation ;-uid cxplan.1tio11'; given 10 us. no undisputed ;11nounts payab!L~ in respect ofprovidc1li rund, i11vcs!l1r education and protection fund. cn1pl0ycc.-;' state insuranct;;;', inconic~tax, \VCa!th·l custonl'> duty, C';\..cisc duty Cl'SS and oth~~r rn;1ttrial s1i1tutory dues \vcrc outstanding, at !he yc;:ir end, for a period l'if

lllOl"t: !hiill :->iX 1nn11ths !'roin the (]ate they bcc:11ne payab!e, (l:)

;\ccording tn the infonnation Cllld explanations

g1\'(.'ll

lo

llS,

there ~tr(.'

110 dUCS

of'

illCOll\C

Ll:\, sales-tax. \vcah!i t.1x. service 1:1.\, custt1111s duty, c:.:cisc duty and ccss \V!iicli have nol

been dcpositccl nn account of ;111y di:::putc. (x)

The

(\)lllJl~!llY

or

has been reg.istered for

nol n:q11irL'd In

:i period lcs'i than f\\'C years and hence \VL' ;ire \vhcther or not the accuii11il:1tcd kisses at the end of tltc l'\Jty per CC!lt 01' lllOre of its lll'l \VOr!h ;ind \VhCthCr it !J
cnn1111c11t 011

fill
lusc-;cs in the c111Tc11! fi11a11ci;1l year and in the i1n1110.:di:1l<:ly pn.:ccdi11g l"111;111ci;·d ;,T;11 (_\I)

n:1.c;l:d <'Ill 1111r

dtidii pro\:Cdtl!c.'; a11d :Lo.;

pl'.l'

tlh:

l!!Ji.:r111~1lit111

;n:d

111;1nagc·111c11t, \VC arc l)f'thc opiniDn that the ('\)rnpany h;1.., 110!

d11cs ln (;..;ii)

;t

(>,pl;1n<1li1ll\S ;_'.l\'l'll h) liic dcE1ultcd in rcp<1:1ncn1 •ll

(inane in! i11stitutin11, bank or dchcntiirc holdt:rs.

,i\ccordin!.'. lu thl' inf\ll-111;ilit)n 1111d cxp!:1n;ninns givc11 tD uc-; and hc1:;l•d on the d11.__:11;n(·11h rccdrd;; pr()duc:_:d bcron.· us_ the (\i11ipr111y 1i:·1.., 1H1l ;:_r;111!vd io•·1ns :u1d ;1d\·;11:c:.., ,,,1 lhv li;t:',;S nr _;;;cl;lJrJ:\ by \\',1Y ,,f plcd~"l: tlf \h;i1·c-,;. dt.:lil:ntllH::, ;111d \llhl'r -;,__·.._:uritic_o.;_

::11d

(.\:n)

ln p11r t)piniu1·L thi: Cut11p;111y i,, 11,11 ;: chi! 1·u11,J nr :1 11idhi i r1111!u;i] hc11c(i1 hind

l'lic1ct'nrc, lhc

-,u,;1,·t\·.

provi.-;inn~;

·~)003 (;1-.; ;inH:1Hicd) :ire

of ...:1;111;-;e -'l(x1ii} oi' the (';,llnp:111ics (,1\udi1or·s ){,:pol"!) lhdL'r, 11(1! :ipplic:-il1k· rn the ('01np;1ny

\

'/:

S. v. (;fl A/,\ UA s A SSC>C!A I/.\ (xiv)

!n our opinion. the (~01npa1ry is not dealing in or trading in shares, ~ecuritics, dcbcntun:s nnd other invest1nents. A.ccordingly, the provisions of clause 4(xiv) of the C:on1panies (i\uditor's J
(\\)

/\ccnrdi11g to the infonnntion cu1d (·;.,:p!analions g,i\'cn :o u:;, the Cornpany· has not given any guaran\(':l' !'or loa11s taken by others fron1 bank or finan..::ial l!lStitu1lons.

(:.:vi)

Fhtse
(xvii)

.-\ccording to the infonn;:ition and c:-.:planations gi\i.-:n to us and on an overall cxa1nina1ion of the h::i.lance sheet or the c:on1pany, HC reporr that _funds a1110101ring to R5.3 I, ?OY,601 1f1iscd n!I shorr rern1 has is i11 rhe j()r111 (~( cosh credir _faciliry j;·o1n hanks have been used /in· lung-Jer111 inFust1ne11t re pres en ring acquisition <-'.ffixt:!d assets, repayn1e11r of long·ter1n loan and j/-1nding <~flosses.

·rhc c:o1npany has not 1nade any preferential a!lot1ncnt of shares to parties or con1panies

(xviii)

covi:rl'U in the register 1nai11taincd under section)()] of the

(~0111panics

/\ct, 1956.

(xix)

Tht: (\.l!llpany did not have any outstandin!_; dehentllres during the year.

(xx)

The C\Hnpany has nut raised nny rnoncy through a public issue during the year.

(xxi)

Based upon the audit procedure~ perfc1rnied for the pllrjJO\t: or reporting the true and fair vic\v of tht.' tinanci
5.y,~~c:..~..J:;1:.,, S.\I. Clli\Ti\111\ & ,\SSCJC:li\TFS l:inn n::gis1r;lli11n nuniber: I OJ I (l~\V Ch
~ ·r

rh:r

S (Jangadh;\r:in

f 1il rl I lCI

:\,lcn1hcr~J1ip '.°\<.) ..

·.:::s \~.'

i'Licc: Ucnµ_alur11

ll:llc': J\!1, '( 2 '1 1 )J'll

11

AMETEK Instruments India Private Limited Balance Sheet as at 31 March 2012 All amounts in f-{upees. unless othf>rwise statPa

Notes.

31 March 2012

31 March 2011

E9u_ifj_~~~.!~&p11~!i.~/':- :: Shareho!der:s' tunds

Shall' cJpital

3

10.-l,720

103, 720

_,

:i;:_GHJ.158

45.401.05'.)

32,1B4.B7B

4!i,504,775

4'/,000,000

-------

Non-current llabl!lties Lonq-lc>rn\ borrowinqs

5

24,000.000

Lonq-tcrm prov:$;ons

6

6.410,210

2,500,JO"l

30,410,270

49,500,307

Currant l1o11bililies

7

72,200,000

55,000,000

Tra
B

JC.789.350

3B.9 l 9.42(,

Other cunent !i<'!bilities

B

49.842.290

40,262,566

Snort·term p1ovi:.io11$

6

16,751.768

5,$83.446

169,583,408

139, 765,438

232,176,556

234,770,520

Snon·ti:rm

bo1rvwmq~

TOTAL

Non-current a!.:seh

Fixed

as:.el~

Tangible assets !ntanqiblc Capit
.:i~scls

9

47,771.244

50,696,225

10

20,032. 564

45.491.393

11

12,889,052

4, 331,685

12

18, 340,67 l

16, 119.442

work·in~progress

1,424,855

Deterred tax assets (net) L~1rl(i-term

loans end advances

Other non·current assets

13.2

1.750.000 100, 783,531

118,063,600

Current assets Inventories

"

13.1

Trade recl?1vab!es

26,762,728

9.273,770

55,696, 750

35, 784,333

Cash and bank balances

15

7,963, 704

J,834,584

$hort·lcrrn loan5 ano: advance;.

12

17,694,442

13.920,1"18

Othc-r cu1 rent

us~eb

13.2

TOTAL

23,2Tf.321

55,894.055

131,395,02.5

116, 706,920

232,178,556

234, 770,520

2.l

Summary of s1Q11ificant .:1u;ountinq politi(!S

As per our rt>port of evt>n date

o;;.v··~~~~ For S.V. Gtlata!ia & Associates

rcll-

firm Reqistra!iun No: l03162W

AMETEK Instruments India Private Limited

Chartered Accollntants

ana on trnt1alf of the boord of dir<>ctors ol

/1

.( ,/ •?/ per TS GanQadharan

Hirt'n

Partner

Manaqinq OirPdor

Director

Place: Banqalore

Place: Lekester, UK

Date: July 16, 2012

Dati:: July 16, 2012

Memtwrship No.

Bruce Coley

?.283~>

f'loce: BonqolO! e Date:

De~<1i

.T.Vk'i /,? 1 2..012

AMETEK Instruments India Private Limited Cash flow staten1ent for lhe year ended 31 March 2012 )l Morch 2012

<;_a~-h)_IOw fn::im-_operetlrn;i activities (2.'.i'i9.230)

LO>> Delore \d1

~-~.074.727

8.:!96 ~.CJ5/,0J:i

2.12-',19} lonq~r

l•\t{'S flO lflterest

C%1J~"'r

Interest

tnco~1e

(34"1.347.)

f{'Cl\llleO ... r•ttt>:i \lOC'

l2.980,4CJO C29.0C9l

65.938.720

(7.782.734) .l,909.963 lnCf\.'il}C •n orwrt·t~!P1 DfQVl\>WlC

3.987.810

lnoedSI.' •n o\ll<;•< (.;,u('n\ 1i<1bd1t•f's

lncreas;> in trilO;> •Ht>1vablt>S

(23.12),245) (l

7,488.9':i8)

(2,221,229)

0."17·1 264) (.Jt>creo~e

oth~r

111

curr<'.'nt

Cd~h

32.616.734

op;>1~t1ons

Cash qenH.:iteo from Dirl'li: t~•t>> tM•~ (net

N(•t

os~e\s

of

6l.042.S2l _ _ _ _02.).37.522)

1erv110~l

!low !mm o~wratin~ oct1v>t•n (A)

f'(;r(!lJSI.' ot lixl.'d

.:tSSl.'t~.

48,904,999

including intangible .i~set~ <>nd cdp;tdl work in progress

P!O{('('!lS from Sdl(' of lix;>O

(22,S82,66l)

~SS('!S

308.303

lnvrs\m('nts :n l>.1nk O£"pos1ts (havinq oriq1nal mJtur1ty of mor(' thar1 12 rr.onl!•>l

lf\(('1('$\

(l,7S0.0001 29,009

f(.'C('IV~!l

Net rnM1 flow uHd ln investmQ

actlvitie~

(73,995,3.:19)

(B)

~~rr~:if~:.~,!Y~'.tl!ifililf:fillfu'WN«lfl~'W&~~J1&~~}[~~%1"4£$~;--~!!i!~·~""ill1111111!!11!1iillllll!llli1!llll~ 011ong·terrn 001row1nqs

R~;.o~ym(•nl

(23.000,000)

P1ccecds 1rom short·tcrm boriowmgs

lnter .. st

17.200,000

P~>d

(12.980.450)

Net cull flow und in tin11nclnQ 11ct1V1Ues (C) NN mcrC>,\SP in cash and (.ash

(,15h Jf\\l

c~>h

('n!s(A ~

(1$JB0,450)

B • C;

6,129.200

cqu•val('nt> attn(' IH'G•nni119 c! the \'CM

!.634.S84

Cash and cash .. qulva!ena at the eno ol the year

7,963,784

~~~!~Y~f"~~~~t'l~~~~-Jt~&4l~illi'11~···~'~'1!'~·lili!lll!llil~!lil!lill!ff!!fl!!j]!!lli!l Ca~h

on l\;md

With

!:an~s-

6,476

Of\ Cl1rrer1t

~ccoun!

?.'.l'i;',308 7,963,784

Tot11I ca!.h 1md cash eQulvolenh (note l 'i)

=c-..==·===-----··-2.1

s.·.v·~..._~c)> for S.V. Ghalalla &

f,rm

fl~9ist1.ition

ChJ1\ered

A~soci~te~

No· J03lfo?W

fo• Jna on

ocn~1r

o! tile bo.ird of

AMETEK lostn.ttnCl\h !l'ldla

rJ1rector~

Prl'<'~te

01

Llm!te<:I

Acccvotant~

)/ '

pc1 T$ (,~ny~dl1~r.rn

li:lfl.'11

Partner

Ma'"to~in(J

MernbH~h1p

No.

f'iacc BQJ:ore

Dak

:J\)l 'i

DC~
an.Kc

Coley

Director

2283~'

2·r

1

f'1acr: 8anq,;!ore /,

C11).

'.>ate

.lu:y 16, 20:2

PlM~: l_~1ce~lN. D~t~:

UK

.JUI"/ 16, 20l2

AMETEK Instruments India Private Lirnited Notes to financial staternents for the year ended 31 Marc!-1 2012 Corporatoo informativn AM[l[K ln~trumen1~ 111t11,1 ij1iv;1IP t.1m11<'d ('A!S\Pl!'k·' rn "\h• CofllP¥ly''lwii•, nHc·r:i01dlt·d o" Alu)ll:>t ,"O. ?COfl. "' ,i p11v,lt(• 1irnde\l comp,;iny un\lf.'f tt\e Comparne~ Ac:, l'J',)6

Anwte~ 1> d wholly ownl'1d·ar·y of Anietf.k Sifl f·T[ l"l'Hl'n. Tll\' Cornp~11y ;~ ('l\(J<'IQ('cl intH·iliM 1H me tws1ne~s 01

Dfo?Sales and marKe\llllJ

~f-fV•Ct-.<.

il<;d

!\.,~i!N1nq

te(l111,c,11

a~~'SLinC•'.

onstMli•\•O
u>mmr~~!t>n•n~ ~erv,<.:c>~

a11(J
momt~nant!' ~erv1ce~

in

ir~prc!

r1f (•q1,iprnen\s. i1pp1Fance~ <1:1t1 other "'du~lr:<11 ill0(l;
D11rinq (hl.' Yt.'
nie

ild~

1nc1..1rred

lo~s

of R~ 13.-.119.897 (2011: fis 10,160.403) .:ma has acn1mulat
51\ill{' (d~llill ant! Ol'
,l',

,:t M,HCI\ };_, 201/ I', lh

cof\fident that thl• CnmrMny wili I;(' able to 1Jl•n('ril!C' su!!:cn;nt profits ant\ obliQil!ions in ttw

fore~eeatlle

future.

f,c~orGingiy,

tr\\'

(d~li flew~

03.3?8.~"JB

vo11·.

!Is 93.328,298). The lll.)n.J9f'fllr,f't\ is

in tlw fu\ur\" ye.:irs irnm its continued operiltions to ln('C·t its

fmJnc1a1 stato:nwnt> n<:VC' oeen pres;«ro:ll

b'{

tt:e management un0i:r ttw ;,10111<1 ccn(<'lll

il5~1,mption.

B<1si~

of prepariltion

The f
~t
of the Company have been pr~t>.Jred

in

Company f\as p1ep !m
accordance w1U1 generally accepted ilcCotJnting principles in India (lfl(!i;rn GAAP). Th'.' in

all rnatt'lidl re>pect; w1tl1 !he accourit11HJ

~tariddrds

notified under Compam'es

IACC:HJll!rllg Sland ..u/J_\j Huie>. 2006, (<1) arid Hll' relcv.:i11t prov1~;ons ot the Compa111es Act. 1956. Thl' financlill statements hilve been pr(>pMe(i on an accn1al b<1S•S and under the h1>toric1:t co:iventwn. The M(Ol;ntmq pol;cies adopted;,~ Uie pn~parat1on ot lmanc:,11 stat(•nwnh Ml' l Ull>i 'ol !!nl wit Ii thu; dU;uunlim.1 pul•1:y c•xpld:l\l'tl t;el()W.

2..1

Surmnary of siqniflcant accountinq policies

a.

Change in accountinq policy

Presentiltlon and dlsc!osurn of financial statements

Dvrmq the year ended 31 March 2012, ttw rc;v1seu Schellule Vt 110t1fieU unoe1 tne

Companie~

Ad 1956, has become <1.ppl1Cilble to U1e Company, for

prPpMa\1011 an1i f>C{'Sc>ntatmn ol its 1111anc1a! ;talrrnents_ H>e adoption o! l('VISrd Schedule VI doo;>s not tmp.;ict recoq1\1\1of\ and meilsurc;ment p1ir.C1ple~

followl;'a !or prep3r,;i~ion of financial statements. Howev(•r, 1\ nils s1onil1cant 1mpuct on pre~entation and disclosures made in the financial stat('ments. ThE Companv rias also rec!assi!H:d the-

b. Use o!

prev:ou~

yem

!1qt.1re~

ir1 acccrrlt1nte with tlw 1equirl'menb auplicallll.' in tt1e current yo:;;r.

estlm
The prep<11at1on o! financial

~tatem!':'l'tts

in con!0rmity w•lh Indian GAAP reqL.mes lhP m
a..-,sl'ts ,m(j

P.~t1mates

91\d

ilSSvmption~

\hill

<1nO the t11sc1osure ot cont1nQent 11ao111t1i:os. at the end ol the reportmq period. Allhouqh ttiesl' estimates are basl'd on the 1n,1naQi:ment's best Knowledqe of c11rrent !':'vents and actions. uncertainty about these assumptions and

affect !he n•port0d amounts of 1rvenut'-'>,

1ial.l1ht1e~

i'stimates could result in t~.e outcomes reQuir1nQ a material ad1u5tm~nt to the ca1ryinq amounts of as5Ns or liabilHies in future periods.

c. Tan9lble ll11ed assets. Fixed asseH ar(' stated at cost. net ol accumul<11l'd depreciation ant:! acu1m<.1li1INJ ,mpnirrnl•nt

l\l~sl's,

1! dny. The co5t

compr1~es

purchas!' pr1c!':',

borrowmq costs il cap1taliia\ion cnteri.1 are ml'! rmg!IHl the asset to .is work1n9 condition tor th!':' 1nten
Subsequent

e~pcn
e related

to an item of ti;i;ed
its pr('ovious!y assessed standard ot per!orm11nce. A!I othN expenses on rxistinQ 1ixed and tost of rc>placing

Gains or lossl's

<11

Pllfl~.

as~els,

including day-to·day repair and maintenance \"xpend1ture

are char<;e statement of prof;t 11110 loss foi tt1e per100
is111Q florn derecoqnition o! t1xed

ilsset~

are

mp,1~llff'!J <1~ !flt>

1Hferencl' tietween tlle net tlispo5al p1 oceeds and th!':'
till' dSSPt illll13re !t'l.()(;l\ill'l! II\ the ~tillPl!Wlll 01 profit <)ll!J IOS~ wilt-fl II•(> d~S~l IS dl.'1('(0(jl\ll€'d

d. Depfl':Clatlon on tanq!ble llKt
Dep1eciat1on on fixed those

pre~ed

cepreciation or its

!

:·-v;·hi~1~:-~-

a~sets

is cal\ul
us1nq ttw r
c•~t1m,1ted

by tlw

maHaqenH~nt,

or

li~Pd

assl'ts.

...........·-··---~'!.i::tlculars._

1

- -

·- · - - - - - - - · · - - - - - - · · - · - · ·

I Tool~ & Equipment~ Lf:.~r._f'lll~E_t?__ ~ f'l.~Ji!_l 1ng_s_ !

has•~

under tile Schedule XIV ~o l!w Comvan;<'5 Ac!. 1956, wlHtheve1 1s tll{)llef. The CompiHly has u~ell the fo!low1n9 rates to orovi0e

·---··----i-·

Oflicl' Equipments

ro'ff<; _~_I: _lJ.l!!J~ni0:i!J_~(~:;;_t!!:i~;-:~~;9_~·;_~:~:2·Compute 1-> Lea~etiold improvement~ A~s\"ts

a!e Qep1ec1i'ited 0ver the primary µo:r100 c! the lease or the uselL.Jl lrfe of the assC'ts wf11ch1>ver IS lowc>r, on

individually costinQ Rs. 5,000 or less are depfec1ateo full)''" th1;- year of purcriase.

ii ~lrili\)111

lme tia;is.

AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 March 2012 e. l11ta11Q!ble

as~et

lnLmq1hle ilSS('tS .:icqun't'\I S1'p01i1\(•ly arr 1l\('t>
CD~\

o! 1n\Ml(Jlbil:' a~set~ ,)cquired m Ml ,1m.:il(j<1rna\con •n tt1e nahHt'

o1 ;imalqMnat:nri f()ll~eh ar~ c~11ie(I ilt cost I\·~~ .;sc<.\imulJtNI

amort1zat1on .:ir.d accumul3\ed unp;mment

1o~~es.

1f ,-;ny.

c<1p1t3:1.1ed ;ind <'Xpend1ture is rell('ftMI '1\ t!W st<'!t('1l'('•H

oi

lrit~1r.aily qen~1atHI

:n~;,r•9dilf< as~.t>'.\.

eH:h1d1n(J cap•tillii.NI r!{•v!'IDflml'nt coo;t,. ,111' not

profH
intiirn11ble <1'5Ph «IP dn10111;f,(l on ii >hd1qt1t IH•<" IJd>I> ovvr Hw (>;t,ma!IJ111t.Uih.• pr('sump\!011 that \lw u~eiul

hit><>! ,111 1ntanq•ti1e

.:if!ect th,1t usef!JI life of 11\tanqinle

ass<,t~

ilr\

,-;s~et

and rnt<1n9it1I('

le;«i>I. All o\!l.:r 1ntornQibl('

w111 l\Ot l'>C('<'ti a~sets

<1~wts Me

t(•11

ex~(!<,(!~

1'c"1rs !1om the (i
ten yl'
to tt1e

;irnorti2e~

:rn: •ll\i!fl()1t!le te of its useful i:ie. S\•Ch not yet availalJle 101 ,1se air: te\ted for •mpa.imt
intanqit:de
as5essed tor 1mpa1rrn('rl! whenever thrre is an il"ldicat1(>n that t11r 1Mano1t•le 11sset may be 1mpa1red.

The of thr .1sset is

s1gni!ir.011tly dilfrr<'nt trom

prrviou~

rst1matf'S, thC' arrwrtiu1tion 1wriod is ch;mged accordinqly. If there has been a s1r,nificant chanqt> in the

e~pected

patlern of ecnnomic nerwfits from tlw ass('t, HH! arnrnt1z;itmn methorJ is O\,:i11qc>d lo l<'!l(•c\ tne chanq<•D pattern, S11ch ch.:i11qes are iH;countt:d !or in accoi\lance w1tll AS 5 Nt:t f"rof1/ or L0£5 for l/ie Penod, Pnor Penod

Uem~

,md Cli.rnr;es 111 Ac:counrmq Po/IUl'S.

Gains or losses ar1s1119 1ram oer!!cogrnt101\ of ;in 1ntarig1lll<' .-isse1 are me.-is11rC>d as the (li!1erence heh11een t11e net disposal procreds <'l•ld thl' CM1y1nq amount ot th>?

Goodwill

1.~

a~set

;md are r>?co9nt2e(! 1n

stati:rnent 01 pro!•t antJ

<1mort1zed us1nq tne stra1qht-irne me1t1od ovH ii pei;oo of

software ht:ld !or use on

t.

ttw

bu5111e5~

lo~~

~'x

when the

<1s~N

LS dC'<'ecoqtHle(!

yeois 01 ba!once estm\a\et:J l:!e as evaluateo by the 1n.Of1il(Jement. Computer

pu1 post's m amort•Zl.'0 over an est11n.>ted ust:lul 111e of t!Hl'l' ye.>rs or trw period of l
L('ases

Lii>dS('S, where the il'S5or ef1.:>ct1ve1y rt:ta1ns sullstant1ohy al! the risks ;mo bent:fits er ow11l'rsh10 ol lht> Operntir19 l('nS(' in the

~tll\Priwnt

lea~f:'d

1!em. are c!assil1ed as m1
lease~.

o! proht ant110~~ on il straigM·liiw basis over Hie lii>ilSe term.

q. Impairment of t
a~set

is consid('r('d imp;i1r('C ;rncl is written down to its recoverable amount. In asseSSlflQ value in use. the

Eflects current market as5essments of the time value of money ilnd the risks speci!it to \he asset. In delerm11Hn(J net sellimJ oriLe, recent ma1 f..et tnrnsact1ons a11.• taken iutu accour1\, 1! avail
tr.:in~actions

Altei 1mpilinnt:nt.

can be alH1tified, an i!ppropriate vi!luatmn model 1s used.

deµr~·Liatio111s

provided on tlw

rt•vi~l'll

carry;nlJ amo1mt of Hw ass('t OV('f its remammq ust•1u! li1e.

An asst•ssnwnt 1s may h.:ive amount. A p1t:v1ous!y recognized impairment loss •s revNst:ct only 11 there has beeri a chanq£' m the asslnn0tmns used to determine the asset's reco¥e1able ilrTHlu1ll '>nice \hp last iinpo1rm('nt loss e~cN.•d

wa~

reco()niz(>O. The revers<>I is li1rnteO so that the carryinQ amount o! the asset does not

Ille carrymQ ,1mounl that would have been dt:tern11ned. net of depreciation, h.:rd no impairment

Such rev('rsal 1s reCOQ111Z('d in tht: stiltemeri\ o! p1o!lt and

io~~

10~~

e~ceed

its recoverabll' amount. nor

been reco<,iniied for uw

as~et

m pnor years.

unless the i15set is u1n1ed at a revillued <>mount. m which case th(' rl'vers.:it 1s treotetl as a

it:valu<>tion incrlfase. h. lnvi:-ntortes

Stock of trad!'d qoods is valued at 1ower ol cost and net reillizaDle va:ue. Co~t of invt:nloril's compr1st:s of co~t o! purch <11vento11es lo their present concl
businC>~s.

10~.:i\ion,

Cost is dt:terrnint:C on ii wrHJhled overaoe basis. Net !ea!ililDI<' Villue

less est1milt<"-d co,>ts o1 completion M•rJ

e~tim<11f't1co~ts1\f'(('\sary

1~

uw t'slimated

to make !hr sillf'.

I. Revc-nue recoqnltlon

RrvPnut: 1s recoqnilPtl to thr rx!rnt Ui.11 11 h pfOtJ.-ible Iha! l!w ('Conomic be11ehts will flow to th<> Company and th<: revenue can be rellobly measurNI. The loliowinq specilit 1ecognilion criteria must also be met before revenue 1s recognized:

... :.;: /'

AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 March 2012 Sale of Goods RPV(•f1U(' ,,om ;,;!t• of \)ll'l(\(I wtwn dll tlw ~irplf1ca11t l1~K; ,]O\(j
•.!L'hvcry o( the yoo tuxe; ond vo!ue .idO<.'d \axe~ (VAT) 011 llt!l10if o! U•\• 90,·ewrnent <1110, lhert>fore, these .:ire not P(Or>ornrc tiene!11s flowinq to tt1e C:omp,-,ny_ Hli'r.ce. !lwy

a11:

l'\:Cll!Oi:t1 ficrn ((»'fnue. Sa:('s TU> and VAT deductNI from revenue (qross/ 1> the .imount

U1,;;t 1s H1ciudeo 111 tr1e revenue (qro~sl '.:inr: not the ent1rt: ~mount at '1<1tJ11fly yNrm~ of the anr1uJI ma1ntenanu• conlro~ts to \hp edent whf:'f<; therf:' i~ 111ty dtJout ti\!! rea11zat10'1

of tlw a1111uili mfltenantf:' r;f\af[/es

11w

Comp,Jny coill'C1S

~(·rv.ce

t,n on t.Whdl! of the qovi;rnment and,

t11ecefore. it 1s not"" o:conomic beuo:t1t now.ii() \o th•: C\ln\~imy. Herc<'. 1\ .~ e~c•uded from rp·l(•rh;f•, Re~enL!e

horn pre·~al<;> and rnark<;l•rHJ o,ev1t<;~ i'> reco9111zet1, •l'> service> are rende11,>d, on the IJi!'>IS o! i!fl ~(jleNJ m.irK IJP on casts mn1rr!:'tl, m

Mi.OT rldnt:o• with lhi>

twm~

ol thr JQrf'li'fllnt.:red cnto IJy th(· Company w'n1 1\:.

01stom+~' ~.

Jntere~t

lnlere~t

income 1s recoqnued on a tnnt• proumt:on bils•s t.ikmq 'nto account BK' amount ou:standllHJ and \lie applicable interest iate. Interest mcome is

mclu
J.

Foreiqn currency transactions

ln!tlal R._.co1m!tlon Foic•1qn currency transactions ar(• rt«orde(i 1n trie repor11nq c11Hency, by applymq to !he rore1qn currem;y
t"~tor.c,,I

cost drnominatl'cl

in

a f
ra\t~

JI \lw
which a1e me<1sured ii\ lair value or other s1rrular vaiucl\ion oenomn1dted in a foie•l)l1 Clll ency. are \rclfl~lclte
Ex.chanqe D!lt!:'rences Excn,1nqe d1tterences ans1n(J on tl1R sett1Rrner1t or monetMy item~ or on restatRmrnt of the Company's monrtary 1trms at ratrs dif1erent

lrom those at

whcch they WNP cnitially f!.'UJrded dvrm9 t!1e year, or ff'f'lOftf'd If! p1evious financta! st,1temer1ts, are recoqniled as in(OfTl€ or as expo
k, Retirement and other employ-..e benefits Ret1rrrnen1 l>enPIH m thP form o! provi[Jen! furn; 1~ il rJpf1upd contiin11ti1>11 \Oleme. lhe con1r1hul1011~ to llH! prov1d€'n\ hinO are charQl'd to Hie statement ol prnht .ind loss Im tile ye.ir wrwn the cm1t11but1ons ill'!.' !JU<'. ltie Compony ha~ no obl1Qat•on, other than the contrtt:Jut1on payat:Jle to the provident fund.

Gratuity hatJll1ty is a defined t:Jen('fit obl1oation and is providrd for on the tl<>s1s of an <>ctu<>nal valuation on proiectt>d unit credit method mode at the end o! ('ilCh financial yo
ot

such absenco
exp(>t!~

to pay

as a

~tatement

o! pro!il dnd loss.

as short·term employee benelit. Thr Company

r('Su!I of the unvsed ent1tlemrnt that

ha~

mea~ures

the

accumulated at thi:

reportrnQ date

The Company ti eat~ accumu1atl':d leave i:-xpecte\l to bl' carrwo 1orwartl lleyono twelve months, as 101\q·term employe\: benefit !or m('asureme11t purposes, Such long·INm compen~a\ed ;1bsences are prov•cted for bilSt'd on the actuilf1a1 ~aluation us1nq tht' pro1ectt-d unit credit method at lhl' yeaJ· ent1. Aclua11al qa1n~/ lo~ses are imml'dii!ll'ly laKl'n to !ht• st<1ternent of pio!•t .;ind loss ,,nd ,ire not deferred, The Company prt>sents \ht> enti1e leavt' as a current habllity in the balilnc,• sheet. since it Oof's not have tt1f' t1ncond1t10na1 r•qM to ae!H its settlement tor 12 moriths Mier the r('port1nQ ildl\'

I. lncom!.' T.1;u•s lax eKpense comprises of current ili1(! d!.'lerred t.H. Current income t,H 1s tn!.'i1Su(€'d ill 111€' 11mount e~p\'('trd 1o tie \Ml
r,l\€~

Dr!errell rl.'ver~.;I

tox

lilws prevoil,nq 1n the 1t>wective

3n(l ton laws \!$l'
iu~orne

la~

ena~h•d,

J1JflS(1!ttt(JllS wner"' nw C.ornpany operates. fhe at the n•po!l1ny \late.

!axi:s reflett tll!.' imµact of tim111<; diffe(encrs b!:'lwi;en taxoble ;ncom<• i!ll(J account:ng intortw oliijindtinq dur1rn; till' current y!.'
of t•min9 d•f!i:rt•ntl'S for t!w i.>Jrlll.'I yr..irs. Def!'!!(•(! ta, 1s measured usinQ the tax iates ilml tl11.' t;ix laws enacted or sub~tantiv!.'ly enac1e-d at

tne reportirH) date.

De!erred tax l1ab•l1t1es are recogn1Hali7ed. In s1tual1on~

where thi> Compdny has unabsorbe() dcprcti<1t1on or c<:lrry forward tax los5es. ail ()elerred \,n assets are recognized only if ther!.' is virtual

t!.'rtilinty supported by corw;ricinq evidence tl\at they 'arl be re11i1zed o'l(jt !uturt' t.oxdllll• profits.

c-;,;:::::::l<;-;;--> ,; (l

AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 M,1rch 2012 f\ t PMh rl•portinq !l Comr,,1ny iws t!ecome

rea~on,1bly

f e·~'>SE'>~es

c('ft,w1 or v•rtually

df.'!erred l·1X asseh u1n ht'

unr l'COQni ll'!l def Pl 1l'll t.ix d>'>l't, n i l!CtHJ'"' ,., 1;1H <•ro9n,; ed def l!l l l'<.l t .ix

~erldlll,

a> t11e CdH' mny ta.'. tri
~uff1t1('nt

i!S~.et

s to

futu
tl1~·

l'Xtl:'nt I hd! it

oQ,~m>t

whitl1 >uC11

f<'ili
Tlie ,;<1JJV,1HJ amount u1 defl'•ll·ll t~A rl~'>l!l> die> ll'Vll!Wl'i) ,Jl ~«Kh \Jdldn(.P ',li(:t'l dale. Tiu; (\lflli!·(Jmvn \lie c,irry;nq amount ol ,1 t1r!prr(•(! tax ,:,5set to \h(> (>All'i1\ !11il11t ,., rm 10~1qp1 rp,1sonan~y {_erL11n ui <111\;aliy ((>rt,w1, .:is !lw U!'..(' m;,y t>(·, th<1t s1iff,nent hitvr,, t<1nl \<1x .is\P\ i;.w 1Jt• 1e,li11ed Any suct1 w•ite·down b


~ulf•c1ent

ievr•1~\'ll

to H1P !'X\(·nl t!lilt 1! becofn\>s

Oef(>r1ed tax assets anr; tJe!erred ta> 11ab1i1t1('S <11(· otf>et. 1f a leqi!lly enforce,1bf<- 11qr't ,1110 11W O!'l(>rl{'(j t,lX

(l;,~et~

1ed~cm,1l>ly

(<.'rtain or virtu.;illy cert
fdc11r t.i~~bie rncom\"' will he ill'dlldblO:. t>xi~t~

to >!'!·off curr1>nt tax i!S~l'b dQiltn~! o;nt-nt tax 11ab1li\1('s

dlltl dek•rrr!d '.iJH'~ fl'lilll' lo !lw sanw lax.:rnlc~ .;r1t1ly ,md \!I!' ~.}fl\\' t;ix;itll111 <11J!!\(Jf11y

m. Seqment report!m,i /ileriUlr<
or 'NJm(•nrs

Hw CornpM1v's opriat•r\(J o.. 1~11wsH'S ar<' orqan11el1 <>r•d rnar1aqel1 separilteiy ilCcordinQ :o the nature of services rendered. The analysis ol Qeo9raphical ~"QmPnls is basPd on th(> geoqraphrril! iocafion of ttw CorntJany'·; C\J~to1ne<

Allocdliori of common

co~!s

Commun i111uc.allil' costs <)rt; a!loca\e(1 to l'il
~eqrn(>nf

an:urrl•flQ to t11c• rPi.1t1V!' t:ontr11Jul1on of (>iJCh

~e,iment

tu the total cornmon costs

Unalloo!lt>d items lnchH1es qener.ii corpor<1te incmnt! an\l expense rtems w11,c1-, a1e not

allo~ated

to cmy

ou~.iws~ ~eqnient.

Segment .1ccoun1111Q po/1C1es The Company prepares els seQrnent mtorrnatoon in contorm1ty with the accountmq pohc1es adopted for preparmq <111d oresentmQ the fin
~tatements

o! the Compony 35 3 whol(>. n. Earnh'\QS Per Share

Basic t>arninqs pQr share are
ot

events or

eQ1.J1ty bonu~

:.hare~

o..ibt
issue; bones element
equity sha1es 0\1tstandinq, without a correspond111q ch3nqe 1n resources. For t11e purpose o! calculat1nQ diluted earni11qs per share. !he net prnfit 01 loss fo1 th" period attributable to equity shareholders and the weiqhted

avera9e number of shares outstar1dlnQ durlnQ the period are adjusted for the ellect of all dilutive potentiill equity shares.

o. Prov!sions A provision 1~ recogmied when iln enterpr1.~e has ii pres!.'nt obliQilt1on ilS a result of past event. it 1s probable that ari outflow of resources ('ffibody1r1Q ecor1omic tien<.>lits will be re<1u1re11 to sell le the obhqatlon and a relii!Ole est1m<1te can be rn<1de ol the amount of the obllQtion at the reportinq dale, These estimates are reviewea at each reportinQ date and adjusted to reflect \hl' current best estimates. p. Contini;ient llablUtles A contmqe11t l•alJ1lity 1s a possible obl1gatwn tt1at arises lrom past events whose or more uncertain future events bi.'yond the control ot the Company or outflow of resourtes will lH' r<•quirNI to

~ettle

e~1ste-nce

ii prn~ent

will be confirmed by the occurrence or non·on:urrenc(> ot one

obli(jat1on t!111t is not rf'co(Jrnzed heu1use it is not prob;.ible tl1at an

the ObhQat1ori. A contrnq!.'nt l111bility al5o arises m extremely rare Ci.ISl'S wheie there is a l1ab1!ity that

can11ot be rl'.'coqnized bl'.'cause •I canriot be rne,isuied rehilbly. Tht1 Compuny does not reco:)nize a contmqent liability but discloses its existenc<' m tht> fm11ncu1I statements.

q. Ca:<.h and cash equivalents C~st1 and cash equivalents !or the pu<;>OS!.'S or maturity of three months or less.

ca~h

11Dw statemo:>nt co1npris(' cash
r. Measurement of EBITDA /lo; per milted Oy the G1.11c:rance Nott• on I/le flev1sed ScheOule VI io the Comp,1n1P.s Act. 1956, \he Company has elected to p1 ese11t e,1rnmq~ t!elor"

rnH:re.st.

til~.

depu:thl\1on ana

,lmcrt1~at1cn

(U317DA) as a sepMate hne item on !he race 01 the statement of µrefit <1nd loss. The Company measures

EBITDA on the basis of profit/ {loss) from contmuing opt>rn!ions. In its nH?.

!:nan<:e

co~ts

and

l
<;Xp(>ll>(!.

AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31March2012 3

Share capita!

Authorized shares l~s.

10 each

':°>00,000

500,00Q

Issued, subscribed and fully paid-up shares 10.372 (2011: 10,372-) r:qinty shares o1 Rs. 10 e,:ch

103, 7 20

103.720

Total issued, subscribed and ful!y paid·up share capital

103J20

103,720

quity sh,Jres of

(a) Reconciliation of the shares outstanding at the beginning and at the end of the reportinq period Elluity Shares

Al the lle9mrnnq of \lw

µ\.'!

ioi.J

Outstanding at the end of the period

10,372

1Q3,720

10,372

(b) Terms/ rights attached to equity shares The Company has only one class of equity sha1es hilvinq a par value o!

R~

10 per

~hare.

Each !lolder o! equity shares is entitled to one vote per

shar1:. The Company declares and pay dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to !hp approval of the shart>holders in ensuing Annual Genera! Meelmq. In event of liquidation of the Company. the holders of equity shares would be entitled to recC'ive remaining assets of the Company. The distribution will be in proportion to the number of l:'Quity shares held by the shareholders. (c) Shares held by holding/ ultimate holdinq company and/ or their subsidiaries/ associates

Out of equity shares issued by the Company, shares held by its holdtnQ company, ultimate holding company and their subsidiaries/

<15sociatcs

are

os

below:

31 March 2012 Rs. Amet!!k Sinqapore PTE Limited, the hold!nq company 10.371 (2011: 10.3/l) equity shares of Hs 10 each

103.llO

31 March 2011 Re•_·_ __

103, 710

(cl) Detnlls of shareholders holdlnq more than 5% shares in the Company

31 March 2012 --~?::_______ ----~--~9Jdin9 in the das~

31 March 2011 % holding in the No.

class

Equity shares of Rs 10 each fully paid Ametek Sirn)<1pore P1E L•mited, the hold1nq company

---~'~0~,3~7~1_ _ _ _ _ _ _ 9_9_.9_9_%_ _ _ _~1~0~·~3_7.=1_ _ _ _

99.99%

As per n;>cords of the Company, including its re9ister of shareholders/ members and other declarat1ons received from shareholders reQarding bel\eficial interest, the above shareholclinQ represents both leqal umJ beneficial ownership of shares.

4

Reserves and surplus

31 March 2012 R•.

Securities premium account flalance as per the last linancial statements ClosinQ Balance

93,224.578

31 March 2011

R•. 93,224,578

-~9~3"'"'22=-4'-''-=5.=7.=8_ _93,224, 57 8

Surplus/ (deficit) in th~ statement of profit and loss Balance as per last financial st.Jtements Profit/ (loss) for the year

{47,823,523) {13,319,897}

(37,663,120) (10,160,403)

Net surplus/ (deficit) in the statement of profit and loss

(61,143,420)

(4?,82_3,523)

Total reserves and surplus

AMETEK Instruments India Private Limited Notes to financial staterr1ents for the year ended 31 March 2012 5

LonQ·term borrowinqs

Non· current portion-c==-~=~~Ccuc'c"c"c'cm=•ct"c'c;tc;~"'-~--

31 March 2012

31 March 2011 Rs.

Term loans !nd1an rupee term loan from banks (u11secured)

31 March 2012 Rs.

31 March 2011

24.000.000

47,000.000

23,000.000

23,000,000

24,000,000

47,000,000

23,000,Q,90

23,ooo,ggo

24.000,000

47,000,000

23,000,000

23,000,000

(23,000.000)

(23.000,000)

24,000,000

47,000,000

The above amount includes SetlHed bo1row•ngs Unsecured borrowin9s Amount disclosed under the head "ottwr currt.'nt liabil1t1es"
~

'°""'"-"'-~--=-·-""o·

..

Indian rupee loan from bm1k of Rs 23.000.000 carries interest~ 9% p.a. and is repayable in St'PIC
6

Provisions

24,000,000 cairit'S 1nk1e::[email protected]

9.~)~{

p.
Lon9-term 31 March 2011 Rs.

31 March 2012 R>. Provision for employee benefits Provis.ion for qr.;ituity (note 24) Provision for leave llt>nef1ts

- -Rs. -------------

6,410,270

2,500,307

6,410,270

2,500,307

7,348,750 7,348,750

2,500,307

9,403,018 9,403,018 16,751,768

Other provision Provision for taxation (net)

6,410,270 7

Short·terrn 31 March 2011 Rs.

31 March 2012

3,360,940 _3,360,940 2,222,506 -· 2,222,506 5,583,446

Short-term borrowinQS

31 March 2012

Rs. RevolvinQ credit facility (unsecured) The above amount Includes Secured borrowings Unsecured borrowincg,

31 March 2011

Rs.

72.200,000 72,200,000

55,000,000 55,000,000

72,200,000

55,000,000

The revolvim;i credit facility is unsecur<,>d and carries interest (ill 9% to 12% p.a.

8

Other current liabilities

Trade payables (refer note 30 lor details o! dues to micro and small entt•rprises) Oth~r liabilitles Current maturities of lonq-term borrowings (note 5)

Unearned revenut> on AMC services Advance from customers Deferred rent VAT poyab!e Service tax payab!<> TDS Payable Professional tax payable Provident rund dues p.:iyable Others

31 March 2012 31 March 2011 R>. R>. 30,789.350 38,919,426

23,000,000 12,618,873 3,604.690 2,043,384 336,188

23,000,000 11,363,159

3,970,653 96,933 1,689,080 2,482.489 80,631,640

2,558,81:-

364,546 313,896 835,504 59,501 951,923 815,162 79,181,992

AMETEK Instruments India Private Lirnited Notes to financial

st.::itenH~nts

foi \tie year ended 3J Mi::lrch 2012

··-··-·-·

-~··---------------------------"-·-

Furnilurn &

Tools &

·-----· Total

Cost or va!v<1ti1.>n At 1 April i'OlO

4.767,ifM

[1,,)')0,016

Allth!IOllS

3,808.014

),),447,)41

D1~po>,1I~

?.,65'.>,1·18 ?.421.680

•l.044,'120 6,45"1,043 (; 5.000)

2,359,84} 8,880.691

33,696,616 35,006, 769 (35.000)

5,519.105

10,<186,763

11,240,534

9,088,148

2,559,612

68,668,385 1'.;,747,472 1.455,138

13,800, 146

82,960,719

(20,COO)

At 31March2011

8,567,198

ACl01t1ons

1,.'.11,0'.>C!

27.797,35'! 2,8il2.66:'

5.056,828

DlSDO.'u'll~

1,<155,138

At 31 March 2012 Depreciation Al 1 Aprd ;;010

9.184.248

l0,680,019

817.92-2

t:.407.39-(

'fl'M

1.438.875

2.851.051

At 31 March 2011

2,256,797 2.129.l·H

5,258,448

Ch<'lf\J<'

'J,';J9,70'i

for thl'

581.015

l,62'1.344 l,839.718

939,859 2,111,0T/

558,959 2.514,591

6,932,496 U.039.664

064,567 410,378

3,467 ,062 1.611,1-10

3,051,736 S,OJJ.511

3,073,550

17,9'{2,161

<1,106.191

J8.3'_)';.,8S4

D1~µv~.i;~

Criar9\> tor !lw yt>ar

5,00'.i,4'.)1

D1spo~dl~

(l,138,539)

At 31 Marc.h 2012

10,263,905

.4.385,938

1,334,945

3,939,6.?3

(1,l'.>8,539)

B,085,253

7' 11?..•.!.~ l

35,169,475

NE>t Block -······---·-===-~=~-=~~-~=-=----c~c

=6".'o'ooc.•coc1C---C'c'c·'7.'cac.090009--~·c·'c9c2c.2c'c'~-"'"''c'sc2c.c'o•o'--ccc''c•o'csc.oc2c7c--~•c·o''=6,984 __~soo·c•c'c'c·'c'c'c.

At 31 March 2011 At 31 March 2012

.~'-~-~_0_,_3_1~.

·-~·
3,721,603

124,874

ll'...~-~_2,658

{>~_620.405

47,Tfl,244

10 lntanqib!I! assets

--'-'-"·"·'·'-'----"-'-'-'-"-"-'----------------------------cT.ota!

Gross block

1,487,177 1,455,101

123,869,749

125,356,926 1,455.101

2,942,278

123,869,749

126.812,027 8,260,044

l LZ02,322

123.869,749

135,072,071...

At l AprU 2010

124,206

Ct\arqe !or the year

6&0,6S2

49.568,339 30,96'/,437

49.692.545 31.628,089

784,656 2,751,43&

80,535,776 30,967,4YI

Sl,320.634 33. 7 l8.873

At 1 /,pril 2011 Atlclitlon~

At

31March2011

8,260.044

Additions

At 31 Morch 2012

Amortization

At 31

March

2011

Criarqe for the yc-ur

At 31 March 2012

·

Net Block At 31 March 2011 At 31 March 2012

-··

111,503,213 ~-·

--~..2.?.?.!.~f_?___ ..'.12.'~.~-~. . ~.?.~ ·r.666,02s

I

·"'

11$,039,507

·--·--c·o~--c-.o-o-cococccc-.~=---=---·-

12,366,536

---o'-"'-=··-""-·~~='

----··--··-· -· -· ·----··

····-····-···----------,,45,-,4c:9c-l,3cc9~3

20,032,564

AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 March 2012 11

Deterred tax assets (net)

31 March 2012

31 March 2011

Rs.

Rs.

Deferred tax liabWty Deferred tax asset Fixed assets: Impact of dlffe1 PIK!' b('!ween tax d('p1ec1at10n d!l(l depreciation/

amortization charq!'d tor ttle financinl rL'portmq

Impact or expi:nditurc• chan}ed to the statement of pro!it and loss

2,412,280 in

1,175,999

the current year but

9,334,660

ill!owed fort.ax purposes on paynwnt basis Provisions for doubtful debts and advilnces

1,142,112

Gross deferred tax asset

3,155,686 ---- -

------···----·~·-·-·-·-

12, 8 8? ·?~~ -·- - -------~~-~-!~68 5-·

Net deferred ta" asset

12

4,331,685

Loans and advances Non-current ~~~~~~~

Current

~~~~~~~~~~-

31March2012

31 March 2011

Rs.

Rs.

-

31 March 2012

31 March 2011

43"1,500

378,034

150,000

l,212,000 1,212,000

Capltal advances Uns~'curecJ,

considered good

tA) --·-···----·------·-----------~--4~3"1---,s~o'--o~----'3---1"a",o",'--,'-

Security deposit Unsecured, considered good (B)

17,865,671 17,865,671

14,416,060 14,416,060

150,000

Loan and advances to related parties

Unsecured, considered good

2,340,485


2,340.485

Advances recoverable in cash or kind

Unsecured considered 9ood (D)

Other loans and advances Prepaid expenses

Advance to suppliers loans to employees Balances with statutory

I government

ilU\ horil1es

1.167,958

7,343,998

9,178,762

1,167,958

7,343,998

9,178,762

3, 139,705 2,193,210 3,463,221 893.596 450,000 485,424 35,424 64,516 50,000 "184,109 ----"2~5~·'-"0-"0-"0-----~"-""-''-'---~c'-'-"="---~---(E) 475,000 535,424 7,422,459 3,151,382

16,119,442

-- 17,694,442

13,_9?0,178

Loans. and advances due by directors or other olficers, etc. Non-current Current ll-M;-cc-h~20_1_2 --3i~M-a_ro_h_2_0_1_1_~-3-l-March 2012=~3~1~M~,-,-,h~2~0~1~1-

Loans to employees include Dues trom director Loans and advances to related parties include Dues from a company under sarne manaqernent

-150,000

450,000

2,340,48$

AMETEK Instruments India Private Limited Notes to financ!a! statements for the year ended 31 March 2012 13

Trade receivables and other assets

13.l Trade receivables

Non-current 31 March 2012 Rs.

.. ··--·····-·

Unsecured, considered qood \rnless st,1ted otherwise Outstandinq for a period ex
Current 31 March 2012 31March2011 Rs. Rs .

31 March 2011 Rs. ·----···-·---~

--··-··--· ..

·-····--·-·---~··--~-----···--·---

due lor payment Unsecure(l, considered qootl Doubtful P1ov1sion for doubtlul f<'"Ceiv.;ib!es (A)

Other receivables Unsccur('d, considc>red good Doubtful

l,913.283 3.520,147

225,984 796.354

5,433,430

1,022,338

(3. 520.14 7)

(796,354)

1,913,283

225,984

53,783.467

35,558,349 35,5!".8,349

Provision for douotlu! receivables

53, 783,46 7 55,696,"150

(8)

35,558,349 35,784,333

- · · · · . ···-------------~-~-

Total (A+B)

13.2 Other assets Non-currE-nt

Unbilled revenue Non· current bank balances (note 15)

14

31March2012

31 March 2011

"'·

"'·

Current 31 March 2012 31 March 2011

23,27"1,321

Inventories (valued at lower of cost and net reallzable value) 31 March 2012

Rs. ---Traded goods (including stock in transit Rs 232,470 (2011: Rs Nil)}

15

55,894,055

1,750,000

26,762,"l28

31 March 2011

-Rs. ---9,273, 770

Cash and bank balances Non-current 31 March 2011

31 March 2012 Cash and cash equivall.'nts Balances with banks: On current account::. Ca$h on hand

Other bank balances Margin money deposit

"'·

Current 31 March 2012 31 March 2011

Rs.

7,957,308 6.476

1,828,225 6,359

7,963, 784

1,834,584

7,963,?84

1,834,584

1,150,000

1,750,000 Amount

disclo~ed

under non-curr£>nt assets (note 13.2)

(1,750,000)

AMETEK !nstrun1ents India Private Limited Notes to financial staten1enls for tt1e year en,jeci 31Marct12012 16 Revenue from operations

Hevei\ue from operations M.;irketinq & Er:qm{'r;rmq SC'rvi<.:l'.'S Ar.nu<1I M<>inten;;ince Scivi(l'!: S,ll(' of tr,)QC'O qoo::~.

3l MMch 2012

31 M
Rs.

R>

36U,032,935

207,466,787

5.->.332,271

42,292.62b

l'i.1~6,4'i'.'i

H,S,~0.094

258,299,507 17 Other income

lntere~t

inC()frH.' 011 6d11k deposit$

Liab1l1bes no longer required wr•tten back

31 March 2012

31 March 2011

Rs.

"'·

29,009 347,342

4,320.020

376,351 18 (Increase)/ decrease in inventories

31 March 2012 Rs. Inventories at the end of the year Traded qoods

31March2011

"'·

26.762J2!3

9,273, 170

(17,488,958)

(4,114,285)

Inventories at the beqinnmq of the year

Traded qoods

19 Employee benefit expense

31 March 2012

"'· Salaries. waqes and bonus Contribution lo providr:nt and other fund Gratuity expense (note 24)

Staff welfare expens<:s

31 March 2011

"'

182,077,244 8,610.424 5,618,394

98,274,661 4,438,891 l,937,980 2,680,995

200,216,025

107 ,332,527

3.909,963

20 Other expenses 31 March 2012

"'· Consumption of sic.res and spares Power and fuel Freiqht and forwardinq charqes Rent

Rates and taxes Insurance Repairs and maintenance:

Othe1s Advert1s1nq i'lnd sales promotion Travellinq and corweyancr Cornmunic<.Jtion costs Printing crnd ~t,~l,orwry Leqal and professional fees Sta!f Recruitment Charqes Payment to auditor (Rl'.'ler clet
31 March 2011

"'·

2,853,759 4,690, 795 l.,686.846 22,039, 709 -1.495, 759 164,873 5,045,827 7.564,288 64.821,262

8.361,197 1.264,033 20,256,740 5J37,899 1,286,028 2,723,793 540,021

2.025.665

2,934,601 2,157,837 12, 906, 701 1.350.860 64,319 2,743,675 4,704,069 40,696,194 S.Bl.4.603 846,160 10.412,442 3.425,764

964,800 807,960 1.473,296 2,884,150

8,296 973.060

"--~-'..QQ:~....!_~·~·158, 5l9,367

253,525 801,2~;2

97,267,B'T3

AMETEK Instruments India Private Li1nited

Notes to financial statcrnents for the year ended 31 March 2012 Payment to auditor

As audito1: Audit fee !'
21

31 March 2012

31 March 2011

"'·

"'·

1.011.~·~0

772,100

112.360

I 10,300

1,286,028

964,800

of expenses

Depreciation
31 March 2012

"'· Dt
Hl,355,854 }_3_,_L~.?~?J}___ 52,074,727

31 Mnrch 2011

"'· 11, 700,314

---..~~~-?..?.~~.?!._. 42,667,751

22 Finance costs

31 March 2012 Rs. Interest Bank charqes

~·,

/

;1

31 March 2011 Rs.

12,980,450 226,632

7,882,901

13,207 ,082

8,025,667

142,"166

AMETEK Instruments India Private Limited

Notes to financial slalen1ents for tl)e year ended 31 March 2012 All
;;nle~s

o\!ie: w:><' sidled

Earnlnqs per s.hore 31March2012 Net Prof,t/Uoss) for calculMion

ot

[p~,

Weightell aveiaqe nurntH•r of emiity s!1Jrl'S 1n

24

caicui.i~1ng

31 March 2011

(l:l, ll9,897) 10,]7;>

EPS

(10, 160,403)

10,372

Grutuity Ttw Company

na~

a defined benrfit qra!ut\y plan UndN this plan, evr?ry 02rnp;oyee w!10 h,1s (<)rnpiE\Ed aliEast five year> of

servK<> gets <1 c;1atu1ty
'l!CO\)llil.(•(! in !lw lh;lil!l(.10 ~IWPl

Statement of profit and loss Net emptoyee benelit expenses recoqnized in employee cost 31 March 2012 Cwn.>nt service

co~\

lnt"'rest cost on bt>ne!it otiliqa!ion Expected return Di\ plan <1SSet Net .:ictu
31 Marth 2011,__

3,05'/,440

1,709,680

200,033

44,980

183,]20 3,909,963

Net benefit expenses Balance sheet Benefit
31 M.arch 2012 Present value of defined benefit obliQ.ltion

31 M11rch 2011

6.410,270

2,500,307

2,500,307 3,057,440 200.033 652,490

562,327 1.709,680 44,980 183,320

6,410,270

2.500,307.

Chanqes In the present value ot the dellned benefit oblli;iotloJ\ ore iiS follows.:

0Pt'ning defi11ed benefit obliQa\1011 Current service cos! Interest cost Net or.tu.:1rial

(qai11)/lo~s

C!os.lnq defined benefit obll9;:1tlon The principl\? ass11mptions used in d\?\errnining qratc.ity ot·ligations 0!'€ shc .... n bo:!ow.

-- __ }_!__~-"'-~~-~--~Q-~? Discount r
--- } __1_.. ~ ..;!rEb.~~91 !__. __

NIA

8.01'. NIA

15,0'>i 10,0'>i

10.0%

8.6%

15.0%

The estimate of future salary Increases, considered in actuarial vdlu
r.:l;•v,11111<>c\m~.

such as supply and d(•m<:!fld in the t•mployrnl'rl\ m.:irkl'1

Amounts for Ille current and

previou~

four pe1 iotls ilre

il!,

follows.

Gratu!lv Defined benefil obli!ption Plan as~eh Surplus/ (delicit) ExperiP.nc e iH.!justrnvnt~ on pl.:rn li
f. Xll<.!I iencP. dtliu>lmer1\ s on pl..i11 25

..i~;~l'(

(6,<110,270)

(2,500,307)

(6,410,270)

(2,500,307)

(1,13J.980)

(183.32())

'>

Leases Hie Compony has entered iflto operatinQ leases for offkt> µremises am1 vehicles. Thrse leases havr an averaqe liff! of between three and !ive \fi:'illS.

tuture

mlnlmum rentals payable under non-cancelliib!e operntinq leases are as follows: ___ )_1 _~_~rch 2012

Within Onr! \fl'dl

After onl' Vl'M out no: mer(.' thdn 11ve years

l(),011,555

9,127,011

3 s. 0311~.'~'~6~--~'~s~.0~'~6~.4~9,,.,1_ _4_!_>,()~t;,,~-~-~!.i..4,AIJ.,.59.?.

(562,327)

AMETEK Instruments India Private Limited Notes to financial staternent':. for the y1.>or ended 31 Md1ch 2012. All amocrnt> m Rupl'P<;, "";<:s> oUwrwt>e

26

sta~f'(l

Seciment Report!nQ Ttlf' Company'5 OIH.>r cJl •on' pr l'dom1a.i11l I y rel.ih.• to n1 ov tdiaQ rn,u

~l't ;f,
,)1H! mJint er.Jnce

S~'r

view, 1.ll'!1v('f ('cj to tu>t onwr 5 Qlob,Jlly .icros> the

qeogr<1pl'iP.s. The Company consioers all o! these services to be related to on€' se9ment and concl!Jde\ that it oper;ites In O">P. sinqle segment w1tri

1l's1n:ct to ih

serv•t:l'~.

Till' Co111pany is mcnaQNI

c~

u1w entity anu is QOvernet11Jy s1miiar sels of iisr..s and rctwns. Accortiinqly,

rt>presentea alonq var101is 9eo9r.1phies lJa-;ed on U1l' !0cat1on of

th~

custo1f'1?1

compri~e

revenue~

lhf' primary basis o! segmental inlorm
~('\

oot ;n

these Jii\dnu
s~>qm(•ntill

n•r;orunq

1~ pertorm~'G

on \hi' lh1\IS ot tlw qeoqrapll•lJI i0cat1011 ot Cu$\mners. rne manaqement views tr-ic Indian mark1;t

M1d r:;.;por\ mark el~ as dist in ct geoqr ap111cal seqment ;:. Fo:lowmg

i~

t lie distribution ol \tit< Company's >
Revenues

80,76·1.lf>3 347,757,498

SeQment assets sunarv debtors

:nd1a E;.;poit s

All fix(o'd 27

.:i~sels

UnblHed revenue

16.2"(8.936 .19Al 7.81,\

20,674.262

55 696 750

23_..}..!. ?.l~.~-·~

2,603,059

are situa\l'd in lnd;a.

Related party disc;losure!> .~am~s

of r<;lated parties and rcla1ed party re!at!onsh!p

Related padles where control ex!sts Holdinq Company Ultimate Holdino Company Related parties with whom transactions have taken place durlnlJ the year Kev ManaQemel'1t Personnel

Ametek S1n9aporE> l'TE Limited Anwt~·k Ille, USA

Hiren Desai. Manaq!no Director M 5 Mascarenha~. Dir 1:ctor

Enterprises owned or significantly inf!uencea by f\ey manacJi"ment personnel

UnlspE>c Marketing Private Umlted Thelsa Ti;chnical Services Private limited

Fellow Subsidiaries

Cr,ana!er lf\slrumt!'nls Co .. USA LLC Ametek Canodo LP Taylor Hobson Limited, UK Ametek Aerospac<' & Defence Inc .. USA Lana lnstrurnenb lnternation;il Limited, UK Spectro Anaiytical Instruments GmbH, Germany EMA Holdi">Q~ UK Lirrnted, UK Solc~,

Franc<' An1elek Ted1niLal & Industrial Products lnc, USA

t,rnetek

Prnces~

& Ana!ytical Instruments lnc.

Anwtt>k Solidstale Controls Inc., USA Arnetek Airtechnolo(Jy Group Limited, UK AmetPk Denmark A/S Ametek Powei ln~trurnent5 Ameli>k Pro(jl"ilmm,1bcc Pow<>r Inc

td

:a~

Aua~

Mate! ial Te~I inq Te(lmoloqy (lnd,a) Pr111ate Lirn•ted M<1tH1a1 Te~tin() Technoloqy GmbH

Vision RL'>l'JJ ch Inc, USA fleic!1e1t Inc. USA Ametek Rotron Inc, USA

Anwtek HSA. USA l'recitecti Inc, USA A1r•etek Floo1 Sµ;;ciality Chemicals Ametek Amer on Inc, USA AmHeK AMT. USA

I

0

~1 'J

AMETEK Instruments India Private Limited Notes to financial statements for the year ended 31 March 2012 .~n

~s o\h!'rwise s\Jted

!
tran~ac.tions

rhe Tol1owin[j t,1bie r;rov1,1h thr• 101a ,irnm1n: o!

1------

llill~~iictmns

\hilt t;ilvf'

iH~(

r. c-nt("Pr1 ,r.t0 w1t'1 ttw relntet1 partie<, tor me relevant fint•flCiil! year:

Name ct the P11rty

r;..:~_;~; ~-i::-·;_1~~~-~;-_u~s·A_·;:u i'i i;;~~:; ~ f i_q o.ing SY.r!:P_e_'.IY}_ 1

L3_1'.ld inst.~~~ternational Ud:i..UK ?2~.£.~alytKal Instruments Gmt>H. Germany

.8.£ll.'.!ir Expenses Spares Purchase

794,254 6,228,602

3.766,848

j

Taylor Hobson Ltd .. cJ:J~~-~.-----·-·-·---~----~--~~r_~!-~I!~~.?.~.........."~'.!_._5_9c4c·•'.3,c7c8-t-_ _ _9,, !8 l ,~.28 ·I Alles Material Test~ectmology (India) Private L.imited S~_?.~="c"cho4o'o'-+--~1=3c,lc7_4",'''1'6+------·· Alta~ Material Testinn Techno!o9y_Gmb~:L ________________ ™-""--"---··--·---~=S,Pc'c"c'cpc"c'c'chc"c'~~----=6c4~6·.!~2.. -------~

~~~~-~'!'~-~!.!'.!.~:'!_'?..!:.~.1__ _

Hir~-"---·™ ...... --·---~~----------------·f"'=ernu1wr,1tion_naid,_\---~•c·8clc6",'67C.C2+--~6c·'c3c2c..=Scol~3-I M S Mascarenha~-----·---Remuneration a!d 6,187.643 6.528,632 Not(): Tile remuneia\ion to the key manaQerla! persoflncl does flOt include tile provisions m<1de for gratuity and leave bene!•t5. as they are deti?rmined on ill\ actu,H,al Oasis tor the CCJmpany as a whole

(Tf11$ spi!Ce has Deen intent1or.a/ly f('f( Dlank)

;

AMETEK Instruments India Private Limited Notes to financial staternenls for tt1e yea1 ended 31 Maf"c:h 2012 All

ilrnounts in Rupees, unlESS othef\ViSe

~\Jtc>d

Ye
"··-:~})~~::fg~l

---5,951.685-3,096.254 493,576

----~

Enterprises ownt:d or siqnlficont!y influenced by key manaqement personnel r · · · - - - · - - - - - - - - - - · · · · · · · ·.. ·1vnispec Marketing Private Umitec1 Thelsa Technical SNvices Private Limited

·~-·--

"·---------lntere~! payabte

Interest Dilyob:e

1,704,3981 598.714

Key Manaqement Personnel

••• ·~--··----------------'

•m•--]~i~~~~~~~~~~~:=J:~·-~

(I h15 space> hiJ5 brc>n in/ention
,,,.

4so,ooo

I

450.oo~J

AMETEK Instruments !ndia Private Liniited

Notes to financial statements for the year enCt>d 31 March 2012 28

C<.H1tinQ.,nt lidbil
}) ' _tA_~_r_c_ h__ _l_(}_ ~_ l __

29

Unhed
f~~~~-;~~~-~~~-.~---~t:m::~-~~~-~:- . .ll.-~~~:~. ?.Q_~_?__ }_1_~-~~~?Q!_l~

Import trad1, payilb;<' {Euro)

,

16,6.?7

Import trade p,w<1bte (G81'i

II

39.2'10 5l.~i59

E>nrnt triltk reu·•v.-iblc (GBP) b\)Ol"t

:r,we rece1vao:r

6

tlJ50l

1..

Expon tradf' r<'n•1vao;f' (£u101 Bas<'d on tho: 1niorrnat1on avilllaOlo: with the C0mpany, there arc no

30

:I

Small and Mt>di\1m Entt>rprtses 0f.'veloprnent Act. 2006"'

~$ ~t

suppi1~,r~

.:i~

1.136.30-i

a.29"1.698

143,809 105.326

3.209.780

10,344,023 "f.5'/5,983

4,217.489

~~~~: l_ ---~-~~~;:~---~:~~~~-:-~-~~---~:-~~~:~~~I

rcq:~tered ,1~

..,ho ::ire

MM ch )l, 2012 .:irul

1·n.210

micro. small or rnedwm

enterpri~es

under "The Micro

.:it M;;1ch 31, 2011.

Value ot Imports c;ilculated on C!F b;isis

31

:.n March Compon(•n\:;. and spare

~Mrts

2011

ll.469.723

8.936.673 907.155

14.397.143

12,057.856

Ot'mo Equ
32

Tra.-ellinQ and corweyanu•

33

MMCh 31, <'012

lmport'l(I 11d \!,

March 31, 2011 .,, ol total Value

ot tot
consumptloo

consumption 511111~ l)dl l~

Imported

83',->

mdiQC'flOU~

m

6,166,375

83%

4.749,393

---~'~·'"73,666_

17'!;

- -------··~ 980,2-._81!_ 5 730 300

----~M~lc

Jtl

f.arninQs in f111~IQn curr~ncy (Accru<1I basis)

14"/,7'i7,498 35

Tl,., ( '""IJ<'"Y

1,.,~

<<

'·'""~"

.,r.,..,s,v.;-

~y ~t•

,-,-,

(,f .,·,;,ju[(•,.;,.·,.·.;-

99f 01 rhf' Income Tax Act. 1961. The Company

n.i~

,.,f

?07.460,787

"·,1,-,,·,1·,;,t..:.10 ,;,-,;1 11,-,, ,,rr,,..,·,t ~ .H r,-.f1llirt>i1 hy !hr· tr irnsfH pricinq

!t>qi~l11hon

"''dt-r H·di.;,r1 92

rellNl on lndcpc-ndently rese.irch\'(1 Trau~i(~r Prlcln(J Stu!Jy lo IJl!ll'l!!llnc \tldt the tn\l!f!hlllonal

transactrnns am at arm's lt>n(jth .'lnd henH• beiipves that tr,f' afor1>sa•O i<'Qi~:at1on wdl not have ll!W 1mp11ct on the fi111mcial statements. part1cul.uly on tnP

amount of ta• expense and that o1 provos1on for ta•ation. 36

The Company no lonQer qual!lie~ a~ d Small and Medium Company a~ detined m \he General Instructions in respect of fl.ccountinq St
37

Pre-vlous vear

exce~s

ca~e

DI

Rupee~

ter\ crnres ourm(J the •mmediately prec('dlnQ account •nQ year.

of tilsh flow statenwnt and seqrnent repottinq

llQVn~s

Till the ye>d! Pndf'd 31 Ma•cfl 2011. tt"' Com1i.1ny wil~ <1\m(J llff>·IPv:SPfl Sclw!lulP VI to trw CompamP~ Act. l9'i6, for preparation and prf'sf'ntation ol its l1nanci.:i1

<;\a\l!ment~.

D111inq th\' ye<;r <:-ndt>d 31 M111(tl 2012. ttw rev•sed Sctwdule VI notif•ed undN the Cornpar,ies Act 1956, has bec-omt• i!ppl1(at>le

the Company. Th.: Company h.:is reclass1f1ed

pre~lo1.;~

ye.:ir l!Qures to con!orrn to this year's classi!icaiion. The ii
rev1~ed

impact reco9nit1on and measurPml'nl prmuplPs followed lor prl'p11r<1t1on ol fmanc111I statements. However. ii s1qnificant1y impacts presentation and d>sclosures made •n lhl' t.n,rnc1,1I sta!cmtnts. p;irt•culMly pres<-nt«t1nn cf balan(P. sheet.

S·V-~~ r~· 'i-.V Gh•tttl• •· AIH•c!•lu F«m

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,:;

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Partner

M.in~Q""I Dir~c~or

M~mb¥,.t>ip

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Oir<.'clor

No 221.ur.

P•~ct· 06nQ~lore •

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0

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Ju~ y 271 1012

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Ploc~.

D.lt<'' Juiy

Dat .. ·.July J(,. 2012

J(,,

20l.?

to

Schedule VI ctoc.-s not

Lt'>Ct">lt"r, iJI-\

FORM 23AC

Form for filing balance sheet and other documents with the Registrar

[See section 220 of the Companies Act, 1956 and Rule 7B]

Note - All fields marked in * are to be mandatorily filled. - Figures appearing in the eForm should be entered in Absolute Rupees only. Figures should not be rounded off in any other unit like hundreds, thousands, lakhs, millions or crores. Authorised capital of the company as on the date of filing

(in Rs. `) 500,000.00

Number of members of the company as on the date of filing

0

Part A I. General information of the company 1.(a) *Corporate identity number (CIN) of company

Pre-fill

U29200KA2008PTC047509

(b) Global location number (GLN) of company 2.(a) Name of the company

AMETEK INSTRUMENTS INDIA PRIVATE LIMITED

(b) Address of the registered office of the company

Ist Floor, Left Wing, Prestige Featherlite Tech Park, Plot # 148 EPIP II Phase, Whitefield Bangalore Karnataka INDIA 560066

(c) *e-mail ID of the company [email protected] 3.(a) * Financial year to which balance sheet relates From

01/04/2012

(DD/MM/YYYY)

To

31/03/2013

(b) *Date of Board of directors' meeting in which balance sheet was approved

06/06/2013

(DD/MM/YYYY) (DD/MM/YYYY)

(c) Details of director(s), Managing Director, manager, secretary of the company who have signed the balance sheet Following details are to be entered only in case date of balance sheet is on or after 1st July'2007 Provide Director identification number (DIN) in case of director, Managing Director and Income-tax permanent account number (Income-tax PAN) in case of manager, secretary

(I) DIN or Income-tax PAN 02602238 Name

Pre-fill

Designation Managing director

Hirenkumar Vinodchandra Desai

Date of signing of balance sheet

(II) DIN or Income-tax PAN 02505008

06/06/2013 Pre-fill

(DD/MM/YYYY)

Designation Director

Name David Bruce Coley Date of signing of balance sheet

(III) DIN or Income-tax PAN

06/06/2013 Pre-fill

(DD/MM/YYYY)

Designation

Name (DD/MM/YYYY)

Date of signing of balance sheet

(IV)

DIN or Income-tax PAN

Pre-fill

Designation

Name Date of signing of balance sheet

(DD/MM/YYYY)

Page 1 of 11

(V) DIN or Income-tax PAN

Designation

Pre-fill

Name (DD/MM/YYYY)

Date of signing of balance sheet

4.(a) *Date of Board of directors' meeting in which Board's report referred to under section 217 was approved

06/06/2013

(DD/MM/YYYY)

(b) Details of director(s), Managing Director who have signed the Board's report Following details are to be entered only in case date of Board of directors' meeting is on or after 1st July'2007

(I) DIN

02602238

Designation Managing director

Pre-fill

Name Hirenkumar Vinodchandra Desai Date of signing of Board's report

(II) DIN

02505008

06/06/2013

(DD/MM/YYYY) Designation Director

Pre-fill

Name David Bruce Coley Date of signing of Board's report

(III) DIN

06/06/2013

(DD/MM/YYYY) Designation

Pre-fill

Name (DD/MM/YYYY)

Date of signing of Board's report

5. *Date of signing of reports on the balance sheet by the auditors 6.(a) *Whether annual general meeting (AGM) held

Yes

No

(b) If yes, date of AGM

16/07/2013

(DD/MM/YYYY)

(c) *Due date of AGM

30/09/2013

(DD/MM/YYYY)

(d) Date of AGM in which accounts are adopted by shareholders (e) *Whether any extension for financial year or AGM granted

(DD/MM/YYYY)

06/06/2013

16/07/2013 Yes

(DD/MM/YYYY)

No

(f) If yes, due date of AGM after grant of extension

(DD/MM/YYYY)

7. Service request number (SRN) of Form 66 8.(a) *Whether the company is a subsidiary company as defined under section 4

Yes

Pre-Fill

(b) CIN of the holding company, if applicable (c) Name of the holding company

No

Ametek Singapore Private Limited

(d) Section under which the company has become a subsidiary

Section 4(1)(b)

9.(a) *Whether the company has a subsidiary company as defined under section 4

Yes

No

Page 2 of 11

(b) If Yes, then indicate number of subsidiary company(s)

CIN of subsidiary company Name of the subsidiary company Section under which the company has become a subsidiary Whether particulars of subsidiary company has been attached in pursuance of Section 212(1) of the Companies Act, 1956 Not Applicable Yes No If yes, period of annual accounts From

(DD/MM/YYYY)

To

(DD/MM/YYYY)

Pre-fill all

Page 3 of 11

10. *Number of auditors

(I)

1

(a) *Category of auditor

Individual

(b) *Income-tax PAN of auditor or auditor's firm

Auditor's firm AACFS6921Q

(c) *Name of the auditor or auditor's firm S.V.Ghatalia & Associates LLP

(d) *Membership number of auditor or auditor's firm's registration number 103162W (e) *Address of the auditor or auditor's firm

Line I 2th, 13th Floor, UB City, Canberra Block Line II 24, Vittal Mallya Road *City

*State

Bangalore

Country INDIA

Karnataka-KA

*Pin code 560001

(f) Details of the member representing the above firm Name

T.S.Gangadharan

Membership number

(II)

(g) *SRN of Form 23B S21027594

22835

(a) *Category of auditor

Individual

Auditor's firm

(b) *Income-tax PAN of auditor or auditor's firm (c) *Name of the auditor or auditor's firm (d) * Membership number of auditor or auditor's firm's registration number (e) *Address of the auditor or auditor's firm

Line I Line II *City

*State

Country

*Pin code

(f) Details of the member representing the above firm Name Membership number

(g) *SRN of Form 23B

11.(a) In case of a government company, whether Comptroller and Auditor-General of India (CAG of India) has commented No upon or supplemented the audit report under section 619(4) of the Companies Act, 1956 Yes (b) Provide details of comment(s) or supplement(s) received from CAG of India

(c) Director's reply(s) on comments received from CAG of India

(d) Whether CAG of India has conducted supplementary or test audit under section 619(3)(b) 12. (a)*Whether schedule VI of the Companies Act, 1956 is applicable (b)*Type of Industry

Yes

No

Yes

No

Commercial and Industrial (C&I) Comp

Note: In case the type of industry is other than Banking or Power or Insurance or NBFC,then select Commercial and Industrial (C&I).

Page 4 of 11

I. BALANCE SHEET ((As per Schedule VI to the Companies Act, 1956 applicable for the financial year commencing on or after 1.4.2011)

Part -B

Particulars I. (1)

72,349,420.00

32,081,158.00

(c) Money received against share warrants

0.00

0.00

Share application money pending allotment Non-current liabilities

0.00

0.00

17,000,000.00

24,000,000.00

(b) Deferred tax liabilities (net)

0.00

0.00

(c) Other long term liabilities

0.00

0.00

22,315,960.00

13,628,568.00

(a) Short-term borrowings

62,200,000.00

72,200,000.00

(b) Trade payables

30,571,280.00

30,968,726.00

(c) Other current liabilities

58,103,282.00

49,662,914.00

(d) Short -term provisions

6,464,053.00

9,533,470.00

Current liabilities

TOTAL

(1)

(DD/MM/YYYY)

103,720.00

(d) Long term provisions

II.

31/03/2012

(DD/MM/YYYY)

103,720.00

(a) Long-term borrowings

(4)

31/03/2013

Shareholders' funds

(b) Reserves and surplus

(3)

Figures as at the end of (Previous reporting period) (in Rs. `)

EQUITY AND LIABILITIES

(a) Share capital

(2)

Figures as at the end of (Current reporting period) (in Rs. `)

269,107,715.00

232,178,556.00

ASSETS Non-current assets (a) Fixed assets (i) Tangible assets

56,099,237.00

47,771,244.00

7,629,390.00

20,032,564.00

(iii) Capital work-in-progress

0.00

0.00

(iv) Intangible assets under development

0.00

0.00

(b) Non-current Investments

0.00

0.00

(c) Deferred tax assets (net)

16,871,864.00

12,889,052.00

(d) Long-term loans and advances

20,712,407.00

18,746,446.00

1,211,135.00

1,750,000.00

0.00

0.00

(b) Inventories

43,478,387.00

26,762,728.00

(c) Trade receivables

60,226,254.00

55,696,750.00

(d) Cash and cash equivalents

27,658,215.00

7,963,784.00

(e) Short-term loans and advances

10,480,451.00

17,262,559.00

(f) Other current assets

24,740,375.00

23,303,429.00

(ii) Intangible assets

(e) Other non-current assets (2)

Current assets (a) Current investments

TOTAL

269,107,715.00

232,178,556.00

Page 5 of 11

Part B

I. BALANCE SHEET (Applicable for financial year commencing before 01.04.2011)

Particulars

Figures as at the end of (Current financial year) (in Rs. `)

Figures for the period (Previous financial year) (in Rs. `)

(DD/MM/YYYY)

(DD/MM/YYYY)

0.00

0.00

Sources of funds Paid-up capital Share application money (pending allotment) Reserves and surplus Secured loans Unsecured loans Deferred tax liabilities (Net) Others (Please specify)

TOTAL Application of funds Gross fixed assets (including intangible assets) Less: depreciation and amortization Net fixed assets

0.00

Capital work-in-progress Investments Deferred tax assets (Net) Current assets, loans and advances (a) Inventories (b) Sundry debtors (c) Cash and bank balances (d) Other current assets (e) Loans and advances Less: Current liabilities and provisions (a) Liabilities (b) Provisions Net current assets

0.00

0.00

0.00

0.00

Miscellaneous expenditure to the extent not written off or adjusted Profit and loss account Others (Please specify)

TOTAL

Page 6 of 11

II. Detailed Balance sheet items (Amount in Rs. `) as on balance sheet date (Applicable in case of Revised Schedule VI- that is for financial year commencing on or after 01.04.2011) A. Details of long term borrowings (unsecured) Particulars

Current reporting period

Bonds/ debentures

Previous reporting period 0.00

0.00

- From banks

0.00

24,000,000.00

- From other parties

0.00

0.00

Deferred payment liabilities

0.00

0.00

Deposits

0.00

0.00

17,000,000.00

0.00

Long term maturities of finance lease obligations

0.00

0.00

Other loans & advances

0.00

0.00

17,000,000.00

24,000,000.00

0.00

0.00

Term Loans

Loans and advances from related parties

Total long term borrowings (unsecured) Out of above total, aggregate amount guaranteed by directors B. Details of short term borrowings (unsecured) Particulars

Current reporting period

Previous reporting period

Loans repayable on demand - From banks

62,200,000.00

72,200,000.00

0.00

0.00

Loans and advances from related parties

0.00

0.00

Deposits

0.00

0.00

Other loans and advances

0.00

0.00

62,200,000.00

72,200,000.00

0.00

0.00

- From other parties

Total short term borrowings (unsecured) Out of above total, aggregate amount guaranteed by directors

C. Details of long term loans and advances (unsecured, considered good)

Particulars

Current reporting period

Previous reporting period

Capital advances

0.00

437,500.00

Security deposits

15,936,006.00

15,180,300.00

Loans and advances to other related parties

0.00

2,340,485.00

Other loans and advances

0.00

0.00

15,936,006.00

17,958,285.00

- From related parties

0.00

0.00

- From others

0.00

0.00

15,936,006.00

17,958,285.00

450,000.00

450,000.00

Total long term loan and advances Less: Provision/ allowance for bad and doubtful loans and advances

Net long term loan and advances (unsecured, considered good) Loans and advances due by directors/ other officers of the company (refer note 6.L.(iv) of Schedule VI)

Page 7 of 11

D. Details of long term loans and advances (doubtful) Particulars

Current reporting period

Previous reporting period

Capital advances

0.00

0.00

Security deposits

0.00

0.00

Loans and advances to related parties

0.00

0.00

Other loans and advances

0.00

0.00

Total long term loan and advances

0.00

Less: Provision/ allowance for bad and doubtful loans and advances - From related parties

0.00

0.00

0.00 0.00

- From others

0.00

0.00

Net long term loan and advances (doubtful) Loans and advances due by directors/ other officers of the company (refer note 6.L.(iv) of Schedule VI)

0.00

0.00

0.00

E. Details of trade receivables Particulars

Current reporting period Exceeding six months

Secured, considered good

Previous reporting period

Within six months

Exceeding six months Within six months

0.00

0.00

0.00

0.00

Unsecured, considered good

1,559,857.00

58,666,397.00

1,913,283.00

53,783,467.00

Doubtful

4,328,578.00

0.00

3,512,047.00

0.00

Total trade receivables

5,888,435.00

58,666,397.00

5,425,330.00

53,783,467.00

Less: Provision/ allowance for bad and doubtful debts Net trade receivables

4,328,578.00

0.00

3,512,047.00

0.00

1,559,857.00

58,666,397.00

1,913,283.00

53,783,467.00

0.00

0.00

0.00

0.00

Debt due by directors/ others officers of the company (refer note 6.m.iii.iii of Schedule VI)

III. Financial parameters - Balance sheet items (Amount in Rs. `) as on balance sheet date (unless specified otherwise) 1. *Amount of issue allotted for contracts without payment received in cash during reporting period

0.00

2. *Share application money given

0.00

3. *Share application money given during the reporting period

0.00

4. *Share application money received during the reporting period

0.00

5. *Paid-up capital held by foreign company

99.99 percent

103,710.00

6. *Paid-up capital held by foreign holding company and/ or through its subsidiaries

0.00

7. *Number of shares bought back during the reporting period

0.00

8. *Deposits accepted or renewed during the reporting period

0.00

9. *Deposits matured and claimed but not paid during reporting period

0.00

10. *Deposits matured and claimed, but not paid

0.00

11. *Deposits matured, but not claimed

0.00

12. *Unclaimed matured debentures

0.00

13. *Debentures claimed but not paid

0.00

14. *Interest on deposits accrued and due but not paid

0.00

15. *Unpaid dividend

0.00

16. *Investment in subsidiary companies

0.00

17. *Investment in government companies

0.00

18. *Capital reserve

0.00

19. *Amount due for transfer to Investor Education and Protection Fund (IEPF)

0.00

20. *Inter- corporate deposits

0.00

0.00 percent

Page 8 of 11

21. *Gross value of transaction as per AS-18 (if applicable)

565,637,405.00

22. *Capital subsidies or grants received from government authority(s)

0.00

23. *Calls unpaid by directors

0.00

24. *Calls unpaid by others

0.00

25. *Forfeited shares (amount originally paid-up)

0.00

26. *Forfeited shares reissued

0.00

27. *Borrowing from foreign institutional agencies

0.00

28. *Borrowing from foreign companies

0.00

29. *Inter-corporate borrowings - secured

0.00

30. *Inter-corporate borrowings - unsecured

17,000,000.00

31. *Commercial Paper

0.00

32. *Conversion of warrants into equity shares during the reporting period

0.00

33. *Conversion of warrants into preference shares during the reporting period

0.00

34. *Conversion of warrants into debentures during the reporting period

0.00

35. *Warrants issued during the reporting period (In foreign currency)

0.00

36. *Warrants issued during the reporting period (In Rs. `)

0.00

37. *Default in payment of short term borrowings and interest thereon

0.00

38. *Default in payment of long term borrowings and interest thereon 39. *Whether any operating lease has been converted to financial lease or vice-a-versa

0.00 Yes

No

Provide details of such conversions

40. Net Worth of the company

72,453,140.00

41. Number of shareholders to whom shares allotted under private placement during the reporting period 42. *Secured Loan

0.00

43. *Gross fixed assets (including intangible assets)

247,217,746.00

44. *Depreciation and amortization

183,489,119.00

45. *Miscellaneous expenditure to the extent not written off or adjusted IV. Share capital raised during the reporting period (Amount in Rs. `)

0.00

Equity shares

Preference shares

Total

(a) Public issue

0.00

0.00

0.00

(b) Bonus issue

0.00

0.00

0.00

(c) Rights issue

0.00

0.00

0.00

(d) Private placement arising out of conversion of debentures/ preference shares

0.00

0.00

0.00

(e) Other private placement

0.00

0.00

0.00

(f) Preferential allotment arising out of conversion of debentures/ preference shares (g) Other preferential allotment

0.00

0.00

0.00

0.00

0.00

0.00

(h) Employee Stock Option Plan (ESOP)

0.00

0.00

0.00

(i) Other

0.00

0.00

0.00

(j) Total amount of share capital raised during the reporting period

0.00

0.00

0.00

Page 9 of 11

V. Details of qualification(s), reservation(s) or adverse remark(s) made by auditors 1. *Whether auditors' report has been qualified or has any reservations or contains adverse remarks

Yes

No

2(a) Auditor's qualification(s), reservation(s) or adverse remark(s) in the auditors' report Change in method of inventory valuation and inability to ascertain impact of such change on financial statements Non-availability of details of individual fixed assets acquired from companies, delay in deposit of taxes, internal control in respect of sale of goods & services, purchase & sale of fixed assets and physical verification of inventory,

(b)

Director's comments on qualification(s), reservation(s) or adverse remark(s) of the auditors as per Board's report

Change in method of inventory valuation was done to provide more accurate value and in accordance with holding company policy. Details of individual assets not provided by selling companies. Appropriate steps are being taken to ensure timely deposit of taxes. Policies & System control procedures are being implemented to strengthen internal control with respect to sale of goods & services, purchase & sale of fixed assets.

VI. Details w.r.t Companies (Auditor's Report) Order, 2003 (CARO) 1. Whether Companies (Auditor's Report) Order, 2003 (CARO) applicable

Yes

No

2. Auditor's comment on the items specified under Companies (Auditor's Report) Order, 2003 (CARO) Particulars

Auditor's comments on the report

Fixed assets

Unfavourable Remark

Inventories

Unfavourable Remark

Loans given or taken by the company

Favourable Remark

Section 301

Disclaimer Remark

Acceptance of Public Deposits

Clause not applicable

Maintenance of Cost records

Clause not applicable

Statutory dues

Unfavourable Remark

End use of borrowed funds

Favourable Remark

Special statute - chit fund companies

Clause not applicable

Nidhi/ mutual benefit fund - special aspects

Clause not applicable

Financing companies - special aspects

Clause not applicable

Term loans

Favourable Remark

Preferential allotments

Clause not applicable

Disclosure of end use of funds

Clause not applicable

Others

Clause not applicable

Page 10 of 11

VII. Details related to cost audit of principal products or activity groups under cost audit 1. *Whether maintenance of cost records by the company has been mandated under any Cost Accounting Records Rules notified under section 209(1)(d) of the Companies Act,1956 2. *Whether audit of cost records of the company has been mandated by Central Government under section the 233B of the Companies Act, 1956 3. If yes, names of the product or activity groups under cost audit

Yes

No

Yes

No

Attachments 1. *Copy of balance sheet duly authenticated as per section 215 (including Board's report, auditors' report and other documents) (in pdf converted format)

Attach

2. Statement of subsidiaries as per section 212

Attach

3. Statement of the fact and reasons for not adopting balance sheet in the annual general meeting (AGM)

Attach

4. Statement of the fact and reasons for not holding the AGM

Attach

5. Approval letter for extension of financial year or AGM

Attach

6. Supplementary or test audit report under section 619(3)(b)

Attach

7. Optional attachment(s) - if any

Attach

List of attachments

DR-AR-BS- 2013.pdf

Remove attachment

Verification

I confirm that all the particulars mentioned above are as per the attached balance sheet and other related documents, all of which are duly signed and authenticated as required under the Companies Act, 1956. To the best of my knowledge and belief, the information given in the form and its attachments is correct and complete. I have been authorised by the Board of directors’ resolution number * 1 to sign and submit this form.

dated *

To be digitally signed by Managing Director or director or manager or secretary of the company *Designation

06/06/2013

MURALIDHARAN S MASCARENHAS

(DD/MM/YYYY)

Digitally signed by MURALIDHARAN S MASCARENHAS DN: c=IN, o=Personal, postalCode=400069, st=MAHARASHTRA, serialNumber=0e28b665e0bac0b80 ed74b7d7371de937d2b5e19f8021b 3f8ffe8c8f1eb4c41e, cn=MURALIDHARAN S MASCARENHAS Date: 2013.08.12 13:58:55 +05'30'

Director

*DIN of the director or Managing Director; or Income-tax PAN of the manager; or Membership number, if applicable or income-tax PAN of the secretary (secretary of a company who is not a member of ICSI, may quote his/ her income-tax PAN)

00219430

Certificate It is hereby certified that I have verified the above particulars (including attachment(s)) from the records of AMETEK INSTRUMENTS INDIA PRIVATE LIMITED and found them to be true and correct. I further certify that all required attachment(s) have been completely attached to this form. Chartered accountant (in whole-time practice) or

Cost accountant (in whole-time practice) or

Company secretary (in whole-time practice) *Whether associate or fellow

Associate

*Membership number or certificate of practice number Modify

Check Form

KRISHNAN GOVINDAN

Digitally signed by KRISHNAN GOVINDAN DN: c=IN, o=Personal, postalCode=400080, st=Maharashtra, serialNumber=f41a7050d6ce0a296b 10fd14f768d087be56e266e0636bc8 1b2e98ff351b7324, cn=KRISHNAN GOVINDAN Date: 2013.08.12 17:33:05 +05'30'

Fellow 21193 Prescrutiny

Submit

This eForm has been taken on file maintained by the registrar of companies through electronic mode and on the basis of statement of correctness given by the filing company

Page 11 of 11

9/11/2014

https://www.kvk.nl/handelsregister/TST-BIN/FP/[email protected]?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/[email protected]?BUTT=244089210000&CHK1=J&kvknummer=244089210000&product=Bedrijfsprofiel

1/2

9/11/2014

https://www.kvk.nl/handelsregister/TST-BIN/FP/[email protected]?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/[email protected]?BUTT=244089210000&CHK1=J&kvknummer=244089210000&product=Bedrijfsprofiel

2/2

l!I Bolagsverket

Bevis Arsredovisning

865

A

851 81 Sundsvall 0771-670 670 vrww. bolagsverket. se

-w -

WW 0

Harmed intygas att bifogad arsredovisning ar registrerad hos Bolagsverket.

Sundsvall

2014-09-26

Pernilla Wennman

u.

u. 0

AMETEK NORDIC AB Org.nr. 556733-9691

BOLAGSVERKET

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ARS REDO VIS NING 2013

Styrelsen och verkstallande direktoren fdr Ametek Nordic AB far harmed avlamna arsredovisning fdr rakenskapsaret 2013-01-01 -- 2013-12-31.

Arsredovisningen omfattar

2 FORVALTNINGSBERATTELSE 3 RESUL TATRAKNINGAR 4 BALANSRAKNINGAR

5 STALLDA SAKERHETER OCH ANSVARSFORBINDELSER 6 TILLAGGSUPPLYSNINGAR 9 UNDERSKRIFTER

Undertecknad styrelseledamot i Ametek Nordic AB intygar harmed, dels art denna kopia av arsredovisningen overensstammer med originalet, dels art resultat- och balansrakning faststallts pa arsstamma den 2 april 2014. Stamman beslot tillika godkanna styrelsens forslag till vinstdisposition.

~'~V.1;0.1~··················

Bengt Svensson

AMETEK NORDIC AB Org.nr. 556733-9691

0

ARSREDOVISNING 2013 Styrelsen och verkstallande direktOren for Ametek Nordic AB far harmed avlamna arsredovisning for rakenskapsaret 2013-01-01 -- 2013-12-31.

Arsredovisningen omfattar

2 FORVALTNINGSBERATTELSE 3 RESULTATRAKNINGAR 4

BALANSRAKNINGAR

5 STALLDA SAKERHETER OCH ANSVARSFORBINDELSER 6 TILLAGGSUPPL YSNINGAR 9 UNDERSKRIFTEIJ7

' l(G

AMETEK NORDIC AB Org.nr. 556733-9691

FORVALTNINGSBERATTELSE Arsredovisningen ar upprattad i svenska kronor, SEK.

Verksamheten Foretaget bedriver verksamhet avseende marknadsforing, distribution och forsaljning av elektroniska instrument sasom spektrometrar och liknande utrustning. Bolaget tillhandahaller aven service och underhall for tillhandahallna produkter.

Flerarsjlimforelse*

2013

2012

2011

2010

2009

10 252

9 240

14 141

10 737

8 335

Res. efter finansiella poster, tkr

2 377

1 741

1 885

2 137

I 425

Balansomslutning, tkr

8 646 54%

6457

8 333 19%

6 999

5 138

49%

36%

Nettoomsattning, tkr

Soliditet

44%

*Definitioner av nyckeltal, se tillaggsupplysningar

AgarfOrballanden Bolaget ar helagt dotterbolag till Ametek GmbH, Org. nr HRB 1911.

Resultatdisposition forslag till disposition av bolagets vinst Till arsstammans forfogande star 2 405 702

balanserad vinst

1419125

arets vinst

3 824 827

Styrelsen foresliir att 3 824 827

i ny rakning overfores

3 824 827

Betraffande bolagets resultat och stallning i ovrigt hanvisas till efterfoljande resultat- och balansrakningar med tillhorande tillaggsupplysningl/}

Sida 2 av 9

AMETEK NORDIC AB Org.nr. 556733-9691

RESULTATRAKNINGAR 2013-01-01

2012-01-01

2013-12-31

2012-12-31

10 252 018

9 240 138

5 739 241

5 566 872

15 991 259

14 807 010

Ravaror och fornodenheter

-2 883 258

-2 265 151

Ovriga externa kostnader

-3 566 339

-3 542 247

Personalkostnader

-7 110 537

-7 008 308

-56 452

-262 651

-13616586

-13 078 357

2 374 673

I 728 653

2 589

12 567

2 589

12 567

2 377 262

I 741 220

-550 000

-450 000

0

55 670

-550 000

-394 330

I 827 262

I 346 890

-408 137

-387611

1419125

959 279

Not

Rorelsens intakter Nettoomsattning Ovriga rorelseintakter

Rorelsens kostnader

Avskrivningar av materiella och immateriella an!aggningstillgangar

Rorelseresultat Resultat fran finansiella poster Ranteintakter

Resultat efter finansiella poster Bokslutsdispositioner A vsattning till periodiseringsfond Forandring av avskrivningar utover plan

Resultat fOre skatt 2

Skatt pa arets resultat

Arets resultat

1!

Sida 3 av 9

AMETEK NORDIC AB Org.nr. 556733-9691

BALANSRAKNINGAR Not

2013-12-31

2012-12-31

TILLGANGAR

AnHiggningstillgangar Immateriella anlaggningstillgangar Handelsrattigheter

3

0

0

Goodwill

4

0

0

0

0

148 670

341 427

148 670

341 427

148 670

341 427

545 524

393 400

545 524

393 400

1 072 580

1 522 209

Fordringar hos koncernforetag

356 558

Aktuell skattefordran

238 542

315 524 284 565

Ovriga fordringar

200 493

21 767

Materiella anHiggningstillgangar 5

Inventarier, maskiner och datorer

Summa anHiggningstillgangar

Omsattningstillgangar Varulager Ravaror och fornodenheter

Kortfristiga fordringar Kundfordringar

Forutbetalda kostnader och upplupna intakter

36 264

0

1904437

2 144 065

Kassa och bank

6 047 386

3 578 431

Summa omsattningstillgangar

8 497 347

6 115 896

8 646 017

SUMMA TILLGANGAR

Sida 4 av 9

645732tn

AMETEK NORDIC AB Org.nr. 556733-9691

BALANSRAKNINGAR Not

2013-12-31

2012-12-31

100 000

100 000

100 000

100 000

Balanserad vinst

2 405 702

1446422

Arets resultat

I 419 125

959 279

3 824 827

2 405 701

3 924 827

2 505 701

450 000

450 000

550 000

0

I 000 000

450 000

201 598

517 519

EGET KAPITAL OCH SKULDER 6

Eget kapital Bundet eget kapital

7

Aktiekapital

Fritt eget kapital

Summa eget kapital

Obeskattade reserver 8

Periodiseringsfond Obeskattade reserver

Summa obeskattade reserver

Kortfristiga skulder Leverantbrsskulder Skulder till koncernforetag

207 732

140 597

6vriga skulder Upplupna kostnader och forutbetalda intakter

307 634

349 682

3 004 226

2 493 824

Summa kortfristiga skulder

3 721 190

3 501 622

8 646 017

6 457 323

Stallda sakerheter

Inga

Inga

AnsvarsfOrbindelser

Inga

lngl/b

SUMMA EGET KAPITAL OCH SKULDER POSTER INOM LINJEN

Sida 5 av 9

AMETEK NORDIC AB Org.nr. 556733-9691

TILLAGGSUPPLYSNINGAR ALLMANNA UPPL YSNINGAR

Redovis11i11gspri11ciper Tillampade redovisningsprinciper i:iverensstammer med arsredovisningslagen samt uttalanden och allmanna rad fran Bokforingsnamnden med undantag for BFN 2008:1. Nar allmanna rad fran Bokforingsnamnden saknas har vagledning hamtats fran Redovisningsradets rekommendationer och i tillampliga fall fran uttalanden av Far. Nar sa ar fallet anges detta i sarskild ordning nedan. Principerna ar oforandrade jamfort med foregaende i'lr.

Viirderi11gspri11ciper m.m. Tillgangar och skulder har varderats till anskaffningsvarden om inget annat anges nedan. Materiel/a anliiggningstillgangar

Materiella an!aggningstillgangar redovisas till anskaffningsvarde med avdrag for ackumulerad vardeminskning och eventuella nedskrivningar. Tillgangarna skrivs av linjart over tillgangarnas nyttjandeperiod.

lmmateriel/a anliiggningstillgclngar

Immateriella an!aggningstillgangar redovisas till anskaffningsvarde med avdrag for ackumulerad vardeminskning och eventuella nedskrivningar. Tillgangarna skrivs av linjart over tillgangarnas nyttjandeperiod.

Fordringar Fordringar har upptagits till de belopp varmed de beraknas inflyta. Varu/ager m.m. Varulagret ar varderat till
Fordringar och skulder har omraknats till balansdagens kurs.

lntiiktsredovisning Varuforsii/jning Inkomsten redovisas till det verkliga vardet av vad som erhallits eller kommer att erhallas. Foretaget redovisar darfor inkomst till nominellt varde (fakturabelopp) om ersattningen erhalls i likvida medel direkt vid leverans. Avdrag gors for lamnade rabatter.

Tjiinsteuppdrag

Bolaget redovisar intakter avseende serviceavtal i enlighet med BFNAR 2003:3, vilket innebar att intakterna redovisas ; tokt mod ott "~;co0
otfortlh

Sida 6 av 9

AMETEK NORDIC AB Org.nr. 556733-9691

TILLAGGSUPPLYSNINGAR Koncernforhallanden Bo1aget ar heliigt dotterbo1ag till Ametek GmbH Org.nr. HRB 1911 Meerbush, Tyskland. Moderbo1ag i den hOgsta koncemen ar Ametek Inc, org nr 14-1682544, USA. Koncemintem forsa1jning uppgick till l 0 % av nettoomsattningen och koncerna inkop uppgick till 36 % av tota1a externa kostnader.

Definition av nyckeltal So1iditet Justerat eget kapita1 i procent av ba1ansoms1utning

UPPL YSNINGAR TILL ENSKILDA POSTER Not 1

Personal

2013

2012

Medelantal anstallda Mede1anta1et anstallda bygger pa av bo1aget betalda narvarotimmar relaterade till en normal arbetstid. Mede1antal anstiillda har varit

8,0

8,0

varav kvinnor

0,0

0,0

Loner, ersiittningar m.m. Loner, ersattningar, socia1a kostnader och pensionskostnader har utgatt med fo1jande belopp: 4 436 852

Loner och ersattningar

681 599

684 349

Sociala kostnader

1606650

1 564 740

Summa

6 725 101

6 539 297

2013

2012

408 137

362 114

0

25 497

408 137

387 611

2013-12-31

2012-12-31

Pensionskostnader

Not 2

Skatt pa arets resultat Aktuell skatt Skatt pa grund av andrad taxering

Not 3

4 290 208

Handelsrattigheter lngaende anskaffningsvarde

850 000

850 000

Utgaende ackumulerade anskaffningsvarden

850 000

850 000

Arets avskrivningar

0

-103 891

Utgaende redovisat varde

0

0

Avskrivningar enligt plan beraknas pa en nyttjandeperiod av 5 ar/} _ Sida 7 av 9 i

(6

AMETEK NORDIC AB Org.nr. 556733-9691

TILLAGGSUPPLYSNINGAR

Not 4

2013-12-31

2012-12-31

Ingaende anskaffningsvarde

507 148

507 148

Utgaende ackumulerade anskaffningsvarden

507 148

507 148

Arets avskrivningar

0

-50714

Utgaende redovisat varde

0

0

2013-12-31

2012-12-31

Ingaende anskaffningsvarde

727 808

459 301

Ink op Forsaljningar/utrangeringar

0

268 508

-177 334

0

550 474

727 809

Goodwill

Avskrivningar enligt plan beraknas pa en nyttjandeperiod av 5 1ir. Not 5

Inventarier, rnaskiner och datorer

Utgaende ackumulerade anskaffningsvarden Arets avskrivningar Utgaende ackumulerade avskrivningar Utgaende redovisat varde

-56 452

-108 046

-401 805

-386 382

148 669

341 427

Avskrivningar enligt plan beraknas pa en nyttjandeperiod av 3-10 ar. Not6

Eget kapital Aktiekapital Belopp vid arets ingang

Not 7

Not 8

Summa

2 405 701 J 419 J25

1 4J 9 125

JOO 000

3 824 826

3 924 826

Antal aktier

Arets resuJtat BeJopp vid arets utgang

Fritt eget kapital

100 000

2 505 701

Upplysningar om aktiekapital

Antal/varde vid arets ingang

J 000

K votvarde per aktie JOO

Antal/varde vid arets utgang

J 000

JOO

2013-12-31

2012-12-31

450 000

450 000

Periodiseringsfond Periodiseringsfond, taxering 20 J 3 Periodiseringsfond 20 J3

550 000

0

I 000 000

450 000

220 000

Uppskjuten skatt i obeskattade reserver

Sida 8 av 9

IJ8 35~

AMETEK NORDIC AB Org.nr. 556733-9691 00

UPPLYSNINGAR

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0

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Stockholm 2014-04-02

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Bengt Svensson Verkstlillande direktor

Var revisionsberattelse har Iamnats

den~pril 2014.

Auktoriserad reviser

Sida 9 av 9

PROTO KOLL Arsstiimma 2014-04-02

Ametek Nordic AB Org.nr. 556733-9691 Rakenskapsaret 2013-01-01 - 2013-12-31

O'I

Plats: Stockholm

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§ 1.

Arsstamman oppnades av Emanuela Speranza som halsade de narvarande valkomna.

§ 2.

Foljande forteckning upprattades over vid stiimman narvarande aktieagare, ombud och bitraden:

lf)

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Namn: Helge Petri for Ametek GmbH

1 000 aktier

1 000

roster

1 000 aktier

1 000

roster

Det beslOts att ovanstaende forteckning skulle galla som rostlangd. § 3.

Att sasom ordforande, tillikajusteringsman, leda dagens stamma valdes Emanuela Speranza. Att fora dagens protokoll valdes Manfred Bergsch.

§ 4.

Det konstaterades att arsstiimman ar i behorig ordning sammankallad.

§ 5.

Arsstamman forklarade dagordningen godkand.

§ 6.

Styrelsens arsredovisning med resultat- och balansrakning och revisionsberattelse for det gangna rakenskapsaret foredrogs.

§ 7.

Arsstamman beslot faststalla de i arsredovisningen intagna resultat- och balansrakningarna.

§ 8.

Arsstamman beslOt bevilja styrelsens ledam6ter och den verkstallande direktoren ansvarsfrihet for forvaltningen under det gangna aret.

§ 9.

Till arsstiimmans forfogande stod Balanserad vinst Redovisad vinst

2 405 702 1 419 125 3 824 827

Arsstamman beslOt disponera vinstmedlen enligt foljande I ny rakning overfores

3 824 827 3 824 827

§ 1O. Arsstamman beslutade att revisorns arvode skall vara enligt rakning under det kommande rakenskapsaret och att styrelsearvode ej skall utga. Sida 1 av 2

PROTOKOLL

Ametek Nordic AB Org.nr. 556733-9691 Rakenskapsaret 2013-01-01 - 2013-12-31

0

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Arsstamma 2014-04-02

§ 11. Val av styrelse

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Intill nasta arsstamma valdes

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till ledamoter av styrelsen till styrelsesuppleant

Manfred Bergsch Emanuela Speranza Michael Privik

§ 12. Val av revisor

Till ordinarie revisor, till slutet av nasta arsstamma, valdes Grant Thornton Sweden AB. Till ansvarig revisor valdes auktoriserad revisor Tomas Brynholt.

§ 13. Arsstamman avslutades.

Vid protokollet:

J.~J Manfred

;J;;s~h

Emanuela Sper

Sida 2 av 2

Grant Thornton

Revisions berattelse

Till arsstamman i Ametek Nordic AB Org.nr. 556733-9691 Rapport om arsredovisningen Vi har utfort en revision av arsredovisningen for Ametek Nordic AB for ar 2013. Styrelsens och verkstallande direktorens ansvar for arsredovisningen

Det iir styrelsen och verkstiillande direktoren som har ansvaret for att uppriitta en arsredovisning som ger en riittvisande bild enligt arsredovisningslagen och for den interna kontroll som styrelsen och verkstiillande direktoren bedomer iir nodviindig for att uppriitta en arsredovisning som inte innehaller viisentliga felaktigheter, vare sig dessa beror pa oegentligheter eller pa fel.

Revisorns ansvar

Vart ansvar iir att uttala oss om arsredovisningen pa grundval av var revision. Vi har utfort revisionen enligt International Standards on Auditing och god revisionssed i Sverige. Dessa standarder kriiver att vi foljer yrkesetiska krav samt planerar och utfor revisionen for att uppna rimlig siikerhet att arsredovisningen inte innehaller viisentliga felaktigheter. En revision innefattar att genom olika atgiirder inhiimta revisionsbevis om belopp och annan information i arsredovisningen. Revisorn viiljer vilka atgiirder som ska utforas, bland annat genom att bedoma riskerna for viisentliga felaktigheter i arsredovisningen, vare sig dessa beror pa oegentligheter eller pa fel. Vid denna riskbedomning beaktar revisorn de delar av den interna kontrollen som iir relevanta for hur bolaget uppriittar arsredovisningen for att ge en riittvisande bild i syfte att utforma granskningsatgiirder som ar iindamalsenliga med hiinsyn till omstiindigheterna, men inte i syfte att gora ett uttalande om effektiviteten i bolagets interna kontroll. En revision innefattar ocksa en utviirdering av iindamalsenligheten i de redovisningsprinciper som har anviints och av rimligheten i styrelsens och verkstallande direktorens uppskattningar i redovisningen, liksom en utviirdering av den overgripande presentationen i arsredovisningen. Vi anser att de revisionsbevis v1 har inhiimtat ar tillriickliga och iindamalsenliga som grund for vara uttalanden. Uttalanden Enligt var uppfattning har arsredovisningen upprattats i enlighet med arsredovisningslagen och ger en i alla vasentliga avseenden rattvisande bild av Ametek Nordic ABs finansiella stiillning per den 31 december 2013 och av
Vi tillstyrker diirfor att arsstamman faststaller resultatrakningen och balansrakningen.

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l/!J

Registrerat revisionsbolag Member ')f Gr3nt Thornton lnternat1ondl ltd

Sida 1(2)

[email protected]!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

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

Sida 2(2)

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

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

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

AMETEK SINGAPORE PRIVATE LIMITED Registration Number: 198402402E

FINANCIAL STATEMENTS For the financial year ended 31 December 2012

Table Of Contents

Directors' Report

3

Statement by Directors

6

Independent Auditors' Report

8

Income Statement

10

Statement of Comprehensive Income

11

Statement of Financial Position

12

Statement of Changes in Equity

14

Statement of Cash Flows

15

Notes to the Financial Statements

17

AMETEK SINGAPORE PRIVATE LIMITED DIRECTORS' REPORT For the financial year ended 31 December 2012

The directors are pleased to present their report together with the audited financial statements of Ametek Singapore Private Limited (the "Company") for the financial year ended 31 December 2012.

Directors The directors of the Company in office at the date of this report are: Frank S. Hermance Lim Meng Kee David A. Zapico

Arrangements to enable directors to acquire shares and debentures Except as disclosed in this report, neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose objects are, or one of whose object is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate.

Directors' interests in shares and debentures The following directors, who held office at the end of the financial year, had, according to the register of directors' shareholdings required to be kept under Section 164 of the Singapore Companies Act, Cap. 50, an interest in shares and share options of the Company, the Company's ultimate holding company and related corporations as stated below:

Direct interest

Name of director

At the beginning of financial year

At the end of financial year

Deemed interest

(1)

At the At the beginning of end of financial year financial year

Ultimate holding company Ametek Inc Ordinary shares of US$0.01 each John J. Molinelli

378,227

644,309

81,773

33,306

Frank S. Hermance

1,230,447

1,902,489

409,044

623,360

Lim Meng Kee

18,454

30,839

-

-

David A. Zapico

25,957

49,785

23,978

37,881

Serial Number: 256988177538819

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AMETEK SINGAPORE PRIVATE LIMITED DIRECTORS' REPORT For the financial year ended 31 December 2012 Options to subscribe for ordinary shares of US$0.01 each John J. Molinelli

335,735

152,490

-

-

Frank S. Hermance

1,200,877

1,706,661

-

-

Lim Meng Kee

25,464

43,983

-

-

David A. Zapico

181,305

189,239

-

-

Direct interest

At the end of financial year

At the beginning of financial year

Deemed interest

(1)

At the At the beginning of end of financial year financial year

Ultimate holding company Ametek Inc Restricted stock John J. Molinelli

43,995

-

-

-

Frank S. Hermance

172,965

218,910

-

-

Lim Meng Kee

5,042

6,032

-

-

David A. Zapico

28,370

35,932

-

-

765

1,154

-

-

401 (k) stock John J. Molinelli (1)

This is allocated pursuant to the AMETEK Retirement and Savings Plan and the AMETEK, Inc. Supplemental Executive Retirement Plan under which shares are automatically distributed on a one-for-one basis upon the participant's retirement. On 29 Jun 2012, a 3-for-2 stock split has been made on the stocks of Ametek Inc, the Company's ultimate holding company. Except as disclosed in this report, no director who held office at the end of the financial year had interests in shares, share options, warrants or debentures of the Company, or of related corporations, either at the beginning or at the end of the financial year.

Directors' contractual benefits Except as disclosed in the financial statements, since the end of the previous financial year, no director of the Company has received or become entitled to receive a benefit by reason of a contract made by the Company

Serial Number: 256988177538819

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AMETEK SINGAPORE PRIVATE LIMITED DIRECTORS' REPORT For the financial year ended 31 December 2012 or a related corporation with the director, or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest.

Auditor Ernst & Young LLP have expressed their willingness to accept reappointment as auditor of the Company.

On behalf of the board of directors,

David A. Zapico Director

Lim Meng Kee Director Singapore

DAVID ANTHONY ZAPICO Director

LIM MENG KEE Director 21 October 2013

Serial Number: 256988177538819

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AMETEK SINGAPORE PRIVATE LIMITED STATEMENT BY DIRECTORS For the financial year ended 31 December 2012

We, David A. Zapico and Lim Meng Kee, being two of the directors of Ametek Singapore Private Limited, do hereby state that, in the opinion of the directors, (a) the accompanying balance sheet, income statement, statement of comprehensive income, statement of changes in equity and cash flow statement together with notes thereto are drawn up so as to give a true and fair view of the state of affairs of the Company as at 31 December 2012 and the results of the business, changes in equity and cash flows of the Company for the year ended on that date; and (b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due.

On behalf of the board of directors,

David A. Zapico Director

Lim Meng Kee Director Singapore

DAVID ANTHONY ZAPICO Director

Serial Number: 256988177538819

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AMETEK SINGAPORE PRIVATE LIMITED STATEMENT BY DIRECTORS For the financial year ended 31 December 2012 LIM MENG KEE Director 21 October 2013

Serial Number: 256988177538819

7

AMETEK SINGAPORE PRIVATE LIMITED INDEPENDENT AUDITORS' REPORT To the member of Ametek Singapore Private Limited

To the member of Ametek Singapore Private Limited Report on the Financial Statements We have audited the accompanying financial statements of Ametek Singapore Private Limited (the "Company") set out on pages 7 to 39, which comprise the balance sheet as at 31 December 2012, the income statement, statement of comprehensive income, statement of changes in equity and cash flow statement of the Company for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act, Chapter 50 (the "Act") and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss account and balance sheet and to maintain accountability of assets.

Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the financial statements of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Company as at 31 December 2012 and the results, changes in equity and cash flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

Serial Number: 256988177538819

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AMETEK SINGAPORE PRIVATE LIMITED INDEPENDENT AUDITORS' REPORT To the member of Ametek Singapore Private Limited

In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act.

Ernst & Young LLP Public Accountants and Chartered Accountants Singapore

ERNST & YOUNG LLP Public Accountants and Chartered Accountants Singapore 21 October 2013

Serial Number: 256988177538819

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AMETEK SINGAPORE PRIVATE LIMITED INCOME STATEMENT For the financial year ended 31 December 2012

Note Revenue

4

2012 SGD

2011 SGD

22,176,180

16,566,477

Cost of Sales

(15,058,738)

(10,925,494)

Gross Profit

7,117,442

5,640,983

10,777,487

17,150,783

(3,795,478)

(3,343,930)

Other Items of Income Other Income

5

Other Items of Expense Administrative Expenses Other Expenses Profit (Loss) Before Tax from Continuing Operations

(141,790) 6

13,957,661

19,447,836

(486,883)

(390,388)

Profit (Loss) from Continuing Operations, Net of Tax

13,470,778

19,057,448

Profit (Loss) Net of Tax

13,470,778

19,057,448

13,470,778

19,057,448

Income Tax Benefit (Expense)

7

Profit (Loss) Attributable to Owners of the Parent, Net of Tax

The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819

10

AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 December 2012

Note

Profit (Loss) Net of Tax

Total Comprehensive Income Total Comprehensive Income Attributable to Owners of the Parent

2012 SGD

2011 SGD

13,470,778

19,057,448

13,470,778

19,057,448

13,470,778

19,057,448

The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819

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AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF FINANCIAL POSITION As at 31 December 2012

Note

2012 SGD

2011 SGD

1,549,060 3,035,339 1,239,275

1,700,875 3,035,339 1,381,065

5,823,674

6,117,279

2,998,446 1,598,887 1,232,612 366,275 759,315 189,253 9,572,292

2,495,197 1,616,220 832,446 783,774 15,107,000 445,408 493,481

Total Current Assets

15,118,193

20,157,306

Total Assets

20,941,867

26,274,585

8,711,094 5,582,962 -

8,711,094 11,231,374 -

14,294,056

19,942,468

148,873

172,656

148,873

172,656

715,561 2,578,547 1,748,480

400,537 1,700,697 1,051,170

ASSETS Non-Current Assets Property, Plant and Equipment, Total Investments in Subsidiaries Investments in Associates

9 10 11

Total Non-Current Assets

Current Assets Inventories Trade and Other Receivables, Current Trade Receivables, Current Other Receivables, Current Amounts due from related companies Prepayments Cash and Cash Equivalents

15 12 13 14 16

EQUITY AND LIABILITIES Equity Share Capital Retained Earnings (Accumulated Losses) Other Reserves, Total

20

Total Equity

Non-Current Liabilities Deferred Tax Liabilities

19

Total Non-Current Liabilities

Current Liabilities Income Tax Payable, Current Trade and Other Payables, Current Trade Payables, Current

18

The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819

12

AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF FINANCIAL POSITION As at 31 December 2012 Note

2012 SGD

2011 SGD

830,067 3,204,830

649,527 4,058,227

Total Current Liabilities

6,498,938

6,159,461

Total Liabilities

6,647,811

6,332,117

20,941,867

26,274,585

Other Payables, Current Amounts due to related companies

18 17

Total Equity and Liabilities

The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819

13

AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF CHANGES IN EQUITY For the financial year ended 31 December 2012

Company Note

Total Equity

SGD

Equity, Share Capital Retained Attributable Earnings to Owners (Accumulated of the Losses) Parent, Total SGD

SGD

Opening Balance at 01/01/2012

19,942,468

19,942,468

Profit for the year, net of tax

13,470,778

13,470,778

13,470,778

Total Comprehensive Income for the Period

13,470,778

13,470,778

13,470,778

Dividends on ordinary shares (Note 21)

(19,119,190)

(19,119,190)

(19,119,190)

Closing Balance at 31/12/2012

14,294,056

14,294,056

8,711,094

5,582,962

Opening Balance at 01/01/2011

18,035,803

18,035,803

8,711,094

9,324,709

Profit for the year, net of tax

19,057,448

19,057,448

19,057,448

Total Comprehensive Income for the Period

19,057,448

19,057,448

19,057,448

Dividends on ordinary shares (Note 21)

(17,150,783)

(17,150,783)

(17,150,783)

19,942,468

19,942,468

Closing Balance at 31/12/2011

8,711,094

SGD

8,711,094

11,231,374

11,231,374

The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819

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AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF CASH FLOWS For the financial year ended 31 December 2012

Note Cash Flows From Operating Activities Profit (Loss) before Tax Total Adjustments Depreciation of Property, Plant and Equipment (gain)/loss on disposal of property, plant and equipment Impairment loss on investment in associates

2012 SGD

2011 SGD

13,957,661

19,447,836

675,683

427,824

533,893

438,584 (10,760)

141,790

Operating Cash Flows before Changes in Working Capital

14,633,344

19,875,660

Total Changes in Working Capital

14,142,377

(1,749,731)

(400,166) 673,654

608,556 (662,923)

(503,249) 13,494,288

10,829 (2,374,538)

877,850

668,345

Cash Flows From (Used In) Operations Income Taxes Paid Interest income received

28,775,721 (195,642) -

18,125,929 (380,514) -

Net Cash Flows From (Used In) Operating Activities

28,580,079

17,745,415

Cash Flows From Investing Activities Purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment

(386,659) 4,581

(820,023) 134,955

Net Cash Flows From (Used In) Investing Activities

(382,078)

(685,068)

Cash Flows From Financing Activities Dividends Paid

(19,119,190)

(17,150,783)

Net Cash Flows From (Used In) Financing Activities

(19,119,190)

(17,150,783)

Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents, Statement of Cash Flows, Beginning Balance

9,078,811 493,481

(90,436) 583,917

(Increase)/decrease in trade receivables Decrease/(increase) in other receivables and prepayments (Increase)/decrease in inventories Decrease/(increase) in amounts due to related companies, net Increase in trade payables and accruals

The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819

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AMETEK SINGAPORE PRIVATE LIMITED STATEMENT OF CASH FLOWS For the financial year ended 31 December 2012 Note

Cash and Cash Equivalents, Statement of Cash Flows, Ending Balance

2012 SGD

9,572,292

2011 SGD

493,481

The accompanying notes form an integral part of these financial statements Serial Number: 256988177538819

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AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1.

Corporate information Ametek Singapore Private Limited (the "Company") is a private limited company which is domiciled and incorporated in Republic of Singapore. The Company is a subsidiary of Ametek European Holdings Limited, incorporated in the United Kingdom. The ultimate holding company is Ametek Inc, incorporated in the United States of America ("USA"). The registered office and principal place of business of the Company is located at No. 43 Changi South Avenue 2, #04-01, Singapore 486164. The principal activities of the Company are sourcing, procurement and purchasing of materials, providing marketing and management services to its related companies within the region, import and export motors, and providing aircraft part repair services to customers. There have been no significant changes in the nature of these activities during the year. The principal activities of the subsidiary companies are disclosed in Note 10 to the financial statements. Related companies in these financial statements refer to members of the ultimate holding company's group of companies.

2.

Summary of significant accounting policies

2.1

Basis of preparation The financial statements of the Company have been prepared in accordance with Singapore Financial Reporting Standards ("FRS"). The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. The financial statements are presented in Singapore Dollars ("SGD" or "$"), except when otherwise stated.

2.2

Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the Company has adopted all the new and revised standards and Interpretations of FRS (INT FRS) that are effective for annual periods beginning on or after 1 January 2012. The adoption of these standards and interpretations did not have any effect on the financial performance or position of the Company.

2.3

Standards issued but not yet effective

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AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The Company has not adopted the following standards and interpretations that have been issued but not yet effective:

Description Amendments to FRS 1 Presentation of Items of Other Comprehensive Income Revised FRS 19 Employee Benefits FRS 113 Fair Value Measurement Amendments to FRS 107 Disclosures - Offsetting Financial Assets and Financial Liabilities Improvements to FRSs 2012 - Amendment to FRS 1 Presentation of Financial Statements - Amendment to FRS 16 Property, Plant and Equipment - Amendment to FRS 32 Financial Instruments: Presentation Revised FRS 27 Separate Financial Statements Revised FRS 28 Investments in Associates and Joint Ventures FRS 110 Consolidated Financial Statements FRS 111 Joint Arrangements FRS 112 Disclosure of Interests in Other Entities Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities

Effective for annual periods beginning on or after 1 July 2012 1 January 2013 1 January 2013 1 January 2013 1 January 2013 1 January 2013 1 January 2013 1 January 2013 1 January 2014 1 January 2014 1 January 2014 1 January 2014 1 January 2014 1 January 2014

Except for the Amendments to FRS 1 and FRS 112, the directors expect that the adoption of the standards and interpretations above will have no material impact on the financial statements in the period of initial application. The nature of the impending changes in accounting policy on adoption of the Amendments to FRS 1 and FRS 112 are described below. Amendments to FRS 1 Presentation of Items of Other Comprehensive Income The Amendments to FRS 1 Presentation of Items of Other Comprehensive Income ("OCI") is effective for financial periods beginning on or after 1 July 2012. The Amendments to FRS 1 changes the grouping of items presented in OCI. Items that could be reclassified to profit or loss at a future point in time would be presented separately from items which will never be reclassified. As the Amendments only affect the presentations of items that are already recognised in OCI, the Company does not expect any impact on its financial position or performance upon adoption of this standard. FRS 112 Disclosure of Interests in Other Entities FRS 112 is effective for financial periods beginning on or after 1 January 2014. FRS 112 is a new and comprehensive standard on disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet vehicles. FRS 112 requires an entity to disclose information that helps

Serial Number: 256988177538819

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AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 users of its financial statements to evaluate the nature and risks associated with its interests in other entities and the effects of those interests on its financial statements. The Company is currently determining the impact of the disclosure requirements. As this is a disclosure standard, it will have no impact to the financial position and financial performance of the Company when implemented in 2014. 2.4 (a)

Functional and foreign currency Functional currency The management has determined the currency of the primary economic environment in which the Company operates i.e. functional currency, to be Singapore dollars. Sales prices and major costs of providing goods and services including major operating expenses are primarily influenced by fluctuations in Singapore dollars.

(b)

Foreign currency transactions Transactions in foreign currencies are measured in the functional currency of the Company and are recorded on initial recognition in the functional currency at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate of exchange ruling at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Exchange differences arising on the settlement of monetary items or on translating monetary items at the balance sheet date are recognised in profit or loss.

2.5

Subsidiaries A subsidiary is an entity over which the Company has the power to govern the financial and operating policies so as to obtain benefits from its activities. In the Company's financial statements, investment in subsidiaries is accounted for at cost less impairment losses. In accordance with Singapore Financial Reporting Standard 27 and Section 201(3B) of the Companies Act, Chapter 50, the financial statements of the subsidiaries have not been consolidated with that of the Company as the Company is itself a wholly-owned subsidiary of a public listed company incorporated in U.S.A. The financial statements of the Company and its subsidiaries have been consolidated with the financial statements of its ultimate holding company, Ametek Inc, whose corporate office is at 1100 Cassatt Road, Berwyn, PA 19312-1177.

2.6

Associates An associate is an entity, not being a subsidiary or a joint venture, in which the Company has significant influence.

Serial Number: 256988177538819

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AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

In the Company's financial statements, investment in associates is accounted for at cost less impairment losses. In accordance with Singapore Financial Reporting Standard 28, the financial statements of the associates have not been accounted for using the equity method as the Company is itself a wholly-owned subsidiary of a public listed company incorporated in U.S.A. The financial statements of the Company and its associates have been consolidated with the financial statements of its ultimate holding company, Ametek Inc, whose corporate office is at 1100 Cassatt Road, Berwyn, PA 19312-1177. 2.7

Property, plant and equipment All items of property, plant and equipment are initially recorded at cost. Such cost includes the cost of replacing the part of the property, plant and equipment and borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying property, plant and equipment. The cost of an item of property, plant and equipment is recognised as an asset if, and only if, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. When significant parts of property, plant and equipment are required to be replaced in intervals, the Company recognises such parts as individual assets with specific useful lives and depreciation, respectively. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: Computers Office equipment Furniture and fittings Office renovation Motor vehicles Machinery and equipment

-

3 - 7 years 5 years 5 years 5 years 4 years 3 - 7 years

The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The residual values, useful life and depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in profit or loss in the year the asset is derecognised. 2.8

Intangible assets

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AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Intangible assets acquired separately are measured initially at cost. The cost of intangible assets acquired in a business combination is their fair value as at the date of acquisition. Following initial acquisition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite useful lives are amortised over the estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category consistent with the function of the intangible asset. Each category of intangible assets is amortised over the following periods: Non-competition payment

-

10 years

Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortised. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. 2.9

Impairment of non-financial assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment assessment for an asset is required, the Company makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. Where the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows expected to be generated by the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples or other available fair value indicators. Impairment losses are recognised in profit or loss except for assets that are previously revalued where the revaluation was taken to other comprehensive income. In this case, the impairment is also recognised in other comprehensive income up to the amount of any previous revaluation.

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AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses recognised may no longer exist or may have decreased. If such indication exists, the Company estimates the asset's or cash-generating unit's recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss be recognised previously. Such reversal is recognised in profit or loss unless the asset is measured at revalued amount, in which case the reversal is treated as a revaluation increase.

2.10 Financial assets Financial assets are recognised on the balance sheet when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial assets at initial recognition. When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs. A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss. Regular way purchase or sale of a financial asset All regular way purchases and sales of financial assets are recognised or derecognised on the trade date i.e. the date that the Company commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned. Loans and receivables Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired and through the amortisation process. 2.11 Cash and cash equivalents Cash and cash equivalents comprise cash and bank balances that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and accounted for as loans and receivables under FRS 39. The accounting policy for this category of financial assets is stated in Note 2.10. 2.12 Impairment of financial assets

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22

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The Company assesses at each balance sheet date whether there is any objective evidence that a financial asset is impaired. (a)

Financial assets carried at amortised cost For financial assets carried at amortised cost, the Company first assesses individually whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the financial asset's original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in profit or loss. When the asset becomes uncollectible, the carrying amount of impaired financial assets is reduced directly or if an amount was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying value of the financial asset. To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss. (b)

Financial assets carried at cost

If there is objective evidence (such as significant adverse changes in the business environment where the issuer operates, probability of insolvency or significant financial difficulties of the issuer) that an impairment loss on financial assets carried at cost has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment losses are not reversed in subsequent periods.

2.13 Inventories Inventories consisting of finished goods are stated at the lower of cost determined on weighted average basis, and net realisable value. Cost includes all cost of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Serial Number: 256988177538819

23

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

Where necessary, allowance is provided for damaged, obsolete and slow moving items to adjust the carrying value of inventories to the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the estimated cost necessary to make the sale. 2.14 Provisions Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation can be estimated reliably. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

2.15 Financial liabilities Financial liabilities are recognised on the balance sheet when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value, plus directly attributable transaction costs. Subsequent to initial recognition, all financial liabilities are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised and through the amortisation process. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss.

2.16 Employee benefits

(a)

Defined contribution plans The Company participates in the national pension schemes as defined by the laws of the countries in which it has operations. In particular, the Company makes contributions to the Central Provident Fund scheme in Singapore, a defined contribution pension scheme. Contributions to defined contribution pension schemes are recognised as an expense in the period in which the defined service is performed.

Serial Number: 256988177538819

24

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

(b)

Employee leave entitlement

Employee entitlements to annual leave are recognised as a liability when they accrue to employees. The estimated liability for leave is recognised for services rendered by employees up to the balance sheet date.

2.17 Leases The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at inception date: whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset. For arrangements entered into prior to 1 January 2005, the date of inception is deemed to be 1 January 2005 in accordance with the transitional requirements of INT FRS 104. As lessee Operating lease payments are recognised as an expense in profit or loss on a straight-line basis over the lease term. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense over the lease term on a straight-line basis. 2.18 Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable, excluding discounts, rebates, and sales taxes or duty. The following specific recognition criteria must also be met before revenue is recognised: (a)

Sale of goods Revenue from sale of goods is recognised upon the transfer of significant risks and rewards of ownership of the goods to the customer. Revenue is not recognised to the extent where there are significant uncertainties regarding recovery of the consideration due, associated costs or the possible return of goods.

(b)

Dividend income Dividend income is recognised when the Company's right to receive payment is established.

2.19 Taxes a)

Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting period, in the countries where the Company operates and generates taxable income.

Serial Number: 256988177538819

25

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

Current taxes are recognised in profit or loss except to the extent that tax relates to items recognised outside profit or loss, either in other comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situation is in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. (b)

Deferred tax Deferred tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are recognised for all temporary differences, except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred income tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred income tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.

(c)

Sales tax Revenues, expenses and assets are recognised net of the amount of sales tax except: - Where the sales tax incurred in a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and -

Receivables and payables that are stated with the amount of sales tax included.

Serial Number: 256988177538819

26

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables on the balance sheet. 2.20 Related parties A related party is defined as follows: (a)

(b)

3.

A person or a close member of that person's family is related to the Company if that person: (i)

Has control or joint control over the Company;

(ii)

Has significant influence over the Company; or

(iii)

Is a member of the key management personnel of the Company or of a parent of the Company.

An entity is related to the Company if any of the following conditions applies: (i)

The entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

(ii)

One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

(iii)

Both entities are joint ventures of the same third party.

(iv)

One entity is a joint venture of a third entity and the other entity is an associate of the third entity.

(v)

The entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company. If the Company is itself such a plan, the sponsoring employers are also related to the Company;

(vi)

The entity is controlled or jointly controlled by a person identified in (a);

(vii)

A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

Significant accounting judgement and estimates The preparation of the Company's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods. 3.1

Key sources of estimation uncertainty

Serial Number: 256988177538819

27

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (a)

Useful lives and residual value of property, plant and equipment

The cost of property, plant and equipment is depreciated on a straight-line basis over their estimated useful lives. Management estimates the useful lives of these property, plant and equipment to be within 3 to 7 years. These are common life expectancies applied in the motors industry. Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore, future depreciation charges could be revised. The carrying amount of the Company's property, plant and equipment at the balance sheet date is disclosed in Note 9 to the financial statements. (b)

Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Goodwill and other indefinite life intangibles are tested for impairment annually and at other times when such indicators exist. Other non-financial assets are tested for impairment when there are indictors that the carrying amounts may not be recoverable . When value in use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present value of those cash flows.

(c)

Impairment of loans and receivables

The Company assesses at each balance sheet date whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective evidence of impairment, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. Where there is objective evidence of impairment, the amount and timing of future cash flows are estimated based on historical loss experience for assets with similar credit risk characteristics. The carrying amount of the Company's loans and receivable at the balance sheet date is disclosed in Note 12 to the financial statements. (d)

Income taxes

Significant judgement is involved in determining the Company's provision for income taxes. There are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The carrying amount of the Company's tax payable at 31 December 2012 was $715,561 (2011: $400,537).

Serial Number: 256988177538819

28

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 4.

Revenue 2012 $ Sale of goods Provision of services

5.

21,887,687 288,493

16,280,589 285,888

22,176,180

16,566,477

Other Income 2012 $ Dividend income

6.

2011 $

10,777,487

2011 $ 17,150,783

Profit Before Taxation The following items have been included in arriving at profit before taxation: 2012 $ Depreciation of property, plant and equipment Gain on disposal of property, plant and equipment Impairment loss on investment in associates Net foreign exchange (gain)/loss Operating lease expense (Note 22) Staff costs - Salaries, bonus and other costs - Employer's contribution to defined contribution plan including Central Provident Fund

Serial Number: 256988177538819

2011 $

533,893 141,790 (83,539) 340,247

438,584 (10,760) 86,268 322,946

5,171,311

4,761,511

461,770

404,060

29

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

7.

Taxation (a)

Major components of income tax expense The major components of income tax expenses for the years ended 31 December 2012 and 2011 are:

2012 $ Current income tax - Current income taxation - Over provision in respect of previous years

Deferred tax expense - Original and reversal of temporary differences - Under provision in respect of previous years

Total income tax expense

(b)

2011 $

510,666 -

295,082 (77,350)

510,666

217,732

(23,783) -

57,564 115,092

(23,783)

172,656

486,883

390,388

Relationship between income tax expense and accounting profit A reconciliation between the income tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the years ended 31 December 2012 and 2011 is as follows:

2012 $

2011 $

Profit before taxation

13,957,661

19,447,836

Tax at 17%

2,372,802 (1,832,173)

3,306,132 (2,915,633)

-

115,092

Income not subject to taxation Under provision to deferred tax in respect of previous years

Serial Number: 256988177538819

30

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Over provision in respect of previous years Effect of partial tax exemption Effect of tax relief and tax rebate Non-deductible expenses Others

8.

(25,925) (168,936) 34,368 106,747

(77,350) (25,925) (96,281) 86,364 (2,011)

486,883

390,388

Intangible Assets, Total Noncompetition payment *

Cost At 31 December 2011, 1 January 2012 and 31 December 2012

4,560,156

Accumulated amortisation At 31 December 2011, 1 January 2012 and 31 December 2012

4,560,156

Net carrying amount At 31 December 2011

-

At 31 December 2012

-

*

These intangible assets were acquired in connection with the operations of the associated companies.

Serial Number: 256988177538819

31

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 9.

Property, Plant and Equipment, Total

Serial Number: 256988177538819

32

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Machinery and equipment $

Computers $

Office equipment $

Furniture and fittings $

Office renovation $

Motor vehicle $

Total $

Cost At 1 January 2011 Additions Disposals

1,186,390 253,676 (36,492)

155,717 204,185 (3,201)

76,594 31,180 -

120,356 91,398 (858)

699,373 3,520 -

191,537 236,064 (191,537)

2,429,967 820,023 (232,088)

At 31 December 2011 and 1 January 2012 Additions Disposals

1,403,574 73,855 -

356,701 80,746 (6,045)

107,774 5,000 (34,861)

210,896 204,549 (8,544)

702,893 22,509 -

236,064 -

3,017,902 386,659 (49,450)

At 31 December 2012

1,477,429

431,402

77,913

406,901

725,402

236,064

3,355,111

Accumulated depreciation At 1 January 2011 Charge for the year Disposals

298,058 189,452 (3,041)

112,935 49,142 (2,856)

55,576 12,294 -

71,159 22,387 (458)

353,417 139,076 -

95,190 26,233 (101,537)

986,335 438,584 (107,892)

At 31 December 2011 and 1 January 2012 Charge for the year Disposals

484,469 232,179 -

159,221 65,968 (1,465)

67,870 15,123 (34,861)

93,088 50,184 (8,543)

492,493 143,923 -

19,886 26,516 -

1,317,027 533,893 (44,869)

At 31 December 2012

716,648

223,724

48,132

134,729

636,416

46,402

1,806,051

Net carrying amount At 31 December 2011

919,105

197,480

39,904

117,808

210,400

216,178

1,700,875

At 31 December 2012

760,781

207,678

29,781

272,172

88,986

189,662

1,549,060

Serial Number: 256988177538819

33

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

Serial Number: 256988177538819

34

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 10.

Investments in Subsidiaries 2012 $ Unquoted shares, at cost

3,035,339

2011 $ 3,035,339

The details of the subsidiaries are as follows:

Name of company

Country of incorporation

Principal activities

Proportion (%) of ownership interest 2012 2011 % %

Held by the Company Ametek Motors Asia Pte Ltd*

Singapore

Investment holding

100

100

Ametek Commercial Enterprise (Shanghai) Co. Ltd.**

People's Republic of China ("PRC")

Imports, exports, wholesales and agency of motors and instruments and related spare parts; demonstration of spectroscopic and measuring instruments in bonded area and international trading, entrepot trading, trading between entities in bonded area and being agent of trading for other entities in the area

100

100

Ametek Instruments India Pte Ltd #

India

Marketing, dealing, providing 100 technical assistant and after sales services and providing software development in respect of equipment, appliances and other industrial products

100

Ametek Engineered Materials Sdn Bhd##

Malaysia

Manufacturing of aluminium/copper bonding wire and ribbon; packaging of bond pads.

-

100

Held through a subsidiary

Serial Number: 256988177538819

35

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

Ametek Motors Shanghai Co., Ltd. **

* ** # ##

11.

People's Republic of China ("PRC")

Manufacturing and assembly of vacuum cleaner motors

100

100

Audited by Ernst & Young LLP, Singapore. Audited by Ernst & Young, Shanghai. Audited by S.V. Ghatalia & Associates. Audited by Ernst & Young, Malaysia.

Investments in Associates 2012 $

2011 $

Unquoted shares, at cost Less: Impairment loss

1,381,065 (141,790)

1,381,065 -

Carrying amount after impairment loss

1,239,275

1,381,065

The details of the associates are as follows:

Name of company

Country of incorporation

Principal activities

Held by the Company

Proportion (%) of ownership interest 2012 2011 % %

Amekai Singapore Pte Ltd (Singapore) #

Singapore

Investment holding

50

50

Amekai Taiwan Co. Ltd (Taiwan) *

Taiwan

Importer and exporter of meter gauges

50

50

Manufacturing of gauges

100

100

Held by Amekai Singapore Pte Ltd Amekai (Meter) Xiamen People's Republic Co., Ltd # of China ("PRC") # *

Audited by Ernst & Young LLP, Singapore Audited by Ernst & Young, Taipei

The summarised financial information of the associates, not adjusted for the proportion of ownership interest held by the Company, is as follows:

Serial Number: 256988177538819

36

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

2012 $

12.

2011 $

Assets and liabilities: Current assets Non-current assets

9,476,726 1,433,894

5,082,526 1,431,112

Total assets

10,910,620

6,513,638

Current liabilities Non-current liabilities

11,878,399 980,903

8,723,120 -

Total liabilities

12,859,302

8,723,120

Results: Revenue

16,436,260

16,588,688

Profit/(loss) for the year

241,786

(566,275)

Trade receivables 2012 $

2011 $

Trade receivables

1,232,612

832,446

Add: Other receivables (Note 13) Amounts due from related companies (Note 14)

366,275

783,774

759,315

15,107,000

2,358,202

16,723,220

9,572,292

493,481

11,930,494

17,216,701

Total trade and other receivables Add: Cash and cash equivalents (Note 16)

Total loans and receivables

Serial Number: 256988177538819

37

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

Trade receivables Trade receivables are non-interest bearing and are generally on 30 to 90 days' terms. They are denominated in United States Dollar and are recognised at their original invoice amounts which represent their fair values on initial recognition. Receivables that are past due but not impaired The Company has trade receivables amounting to $550,344 (2011: $417,444) that are past due at the balance sheet date but not impaired. These receivables are unsecured and the analysis of their aging at the balance sheet date is as follows: 2012 $ Trade receivables past due: Lesser than 30 days 30 to 60 days 61 to 90 days 91 to 120 days

2011 $

346,827 41,145 21,617 140,755

372,991 15,053 17,186 12,214

550,344

417,444

The Company does not have any trade receivables that are impaired as at 31 December 2012 and 31 December 2011.

13.

Other receivables 2012 $ Deposits Advances to staff Stamp duty relief recoverable Other receivables

14.

2011 $

54,024 312,251

74,457 2,000 288,965 418,352

366,275

783,774

Amounts due from related companies

Serial Number: 256988177538819

38

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 2012 $ Ultimate holding company - Trade Related companies - Trade Subsidiary companies - Trade - Non-trade

2011 $

614,957

14,265,332

139,714

118,341

4,644

126,937 596,390

759,315

15,107,000

All the above trade and non-trade balances are unsecured, non-interest bearing, repayable on demand and are expected to be settled in cash. Amounts due from related companies denominated in foreign currencies as at 31 December are as follows: 2012 $ United States Dollar

15.

58,734

2011 $ 58,238

Inventories 2012 $

16.

Balance sheet: Finished goods

2,998,446

Income statement: Inventories recognised as an expense in cost of sales

14,757,701

2011 $

2,495,197

10,925,494

Cash and cash equivalents Cash and cash equivalents comprise the following as at 31 December: 2012 $ Cash at bank and on hand

Serial Number: 256988177538819

9,572,292

2011 $ 493,481

39

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

Cash and cash equivalents are denominated in the following currencies: 2012 $ United States Dollar Hong Kong Dollar Singapore Dollar

17.

2011 $

9,296,403 18 275,871

294,857 18 198,606

9,572,292

493,481

Amounts due to related companies 2012 $ Related companies - Trade - Non-trade Subsidiary company - Non-trade

2011 $

210,371 44,696

446,694 -

2,949,763

3,611,533

3,204,830

4,058,227

All the amounts due to related companies are unsecured, non-interest bearing, repayable on demand and are expected to be settled in cash. Amounts due to related companies denominated in foreign currencies as at 31 December are as follows: 2012 $ United States Dollar British Pound Euro

18.

3,148,565 11,569

2011 $ 3,999,907 31,869 -

Trade and other payables 2012 $

Serial Number: 256988177538819

2011 $

40

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Trade payables Other payables

1,619,951 128,529

831,898 219,272

Total trade and other payables Add: Amounts due to related companies (Note 17) Accrued operating expenses

1,748,480

1,051,170

3,204,830 830,067

4,058,227 649,527

Total financial liabilities carried at amortised cost

5,783,377

5,758,924

Trade payables Trade payables are non-interest bearing and are normally settled on 30 to 60 days' terms. Trade payables denominated in foreign currency as at 31 December are as follows: 2012 $ United States Dollar

19.

1,566,925

2011 $ 780,965

Deferred tax liabilities Deferred tax liabilities as at 31 December relates to the following: 2012 $

2011 $

Deferred tax liabilities: Differences in depreciation for tax purposes

20.

148,873

172,656

2012 $

2011 $

Share capital

Issued and fully paid: At beginning and end of the year 8,711,094 (2011: 8,711,094) ordinary shares

Serial Number: 256988177538819

8,711,094

8,711,094

41

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restriction. The ordinary shares have no par value.

21.

Dividends 2012 $

2011 $

Declared and paid during the financial year: Dividends on ordinary shares: - Final exempt (one-tier) dividend for 2012 $2.19 (2011: $1.97) per share

22.

19,119,190

17,150,783

Operating lease commitments As lessee The Company has entered into commercial leases for the use of premises as lessee. These leases have remaining life of less than 1 year with no purchase options and escalation clauses included in the contracts. There are no restrictions placed upon the Company by entering into these leases. Operating lease payments recognised in the income statement during the year amounted to $340,247 (2011: $322,946). Future minimum rental payable under non-cancellable leases as at 31 December are as follows: 2012 $ Within one year

23.

57,669

2011 $ 53,824

Related party transactions (a)

Sale and purchase of goods and services In addition to the related party information disclosed elsewhere in the financial statements, the following significant transactions between the Company and related parties took place at terms agreed between the parties during the year:

2012

Serial Number: 256988177538819

2011

42

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 $ Service income from: Ultimate holding company Related companies

(261,448) (27,045)

(261,241) (24,647)

Reimbursement of expenses from: Ultimate holding company Related companies

(5,135,283) (540,906)

(5,282,015) (492,934)

(49,352) (40,048)

(814,135) -

2,483,282

1,414,755

74,409

295,668

Sales of finished goods to related companies Sales commission paid to related company Purchase of raw materials from related companies Purchase of property, plant and equipment from a related company

(b)

$

Compensation of key management personnel 2012 $ Short-term employee benefits Defined contribution plan Other benefits

Comprise amounts paid to: Directors of the Company

2011 $

409,206 5,751 51,591

393,467 6,918 53,347

466,548

453,732

466,548

453,732

The remuneration of key management personnel is determined by the Company having regard to the performance of individuals and market trends.

24.

Financial risk management objectives and policies The Company is exposed to financial risks arising from its operations and the use of financial instruments. The key financial risks include credit risk, liquidity risk and foreign currency risk. The board of directors reviews and agrees policies and procedures for the management of these risks, which are executed by the Div VP - Corporate Development & Finance, Asia. It is, and has been throughout the current and previous financial year the Company's policy that no

Serial Number: 256988177538819

43

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 derivatives shall be undertaken except for the use as hedging instruments where appropriate and cost-efficient. The Company did not enter into any derivative contracts during the financial year. The following sections provide details regarding the Company's exposure to the above-mentioned financial risks and the objectives, policies and processes for the management of these risks. (a)

Credit risk Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty default on its obligations. The Company's exposure to credit risk arises primarily from trade and other receivables. At the balance sheet date, the Company's maximum exposure to credit risk is represented by the carrying amount of each class of financial assets recognised in the balance sheet. The Company's objective is to seek continual revenue growth while minimising losses incurred due to increased credit risk exposure. The Company trades only with recognised and creditworthy third parties. It is the Company's policy to monitor receivable balances on an ongoing basis with the result that the Company's exposure to bad debts is not unduly significant.

Since the Company trades only with recognised and creditworthy third parties, there is no requirement for collateral. As at 31 December 2012, Nil (2011: 38%) relating to one major trade debtor located in Malaysia. Financial assets that are neither past due nor impaired Trade and other receivables that are neither past due nor impaired are creditworthy debtors with good payment record with the Company. Cash and cash equivalents that are neither past due nor impaired are placed with or entered into with reputable financial institutions with high credit ratings and no history of default. (b)

Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage of funds. The Company's exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of stand-by credit facilities. Analysis of financial instruments by remaining contractual maturities The table below summarises the maturity profile of the Company's financial assets and liabilities at the balance sheet date based on the contractual undiscounted repayment obligations.

Within 1 year $ 2012

Serial Number: 256988177538819

44

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 Financial assets: Trade receivables Other receivables Amounts due from related companies Cash and cash equivalents

1,232,612 366,275 759,315 9,572,292

Total undiscounted financial assets

11,930,494

Financial liabilities: Amounts due to related companies Trade and other payables Accrued operating expenses

(3,204,830) (1,784,480) (830,067)

Total undiscounted financial liabilities

(5,819,377)

Total net undiscounted financial assets

6,111,117

2011

(c)

Financial assets: Trade receivables Other receivables Amounts due from related companies Cash and cash equivalents

832,446 783,774 15,107,000 493,481

Total undiscounted financial assets

17,216,701

Financial liabilities: Amounts due to related companies Trade and other payables Accrued operating expenses

(4,058,227) (1,051,170) (649,527)

Total undiscounted financial liabilities

(5,758,924)

Total net undiscounted financial assets

11,457,777

Foreign currency risk

Serial Number: 256988177538819

45

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The Company has transactional currency exposure arising from sales or purchases that are denominated in a currency other than its functional currency, SGD. The foreign currency in which these transactions are denominated is mainly US Dollars (USD). The Company does not enter into foreign exchange contracts to hedge its foreign exchange risk resulting from cashflows from transactions denominated in foreign currencies. However, the Company reviews periodically that its net exposure is kept at an acceptable level. The Company also holds cash and cash equivalents denominated in foreign currencies for working capital purposes. At the end of the reporting period, such foreign currency balances are mainly in USD. Sensitivity analysis for foreign currency risk The following table demonstrates the sensitivity to a reasonably possible change in the USD exchange rates (against SGD), with all other variables held constant, of the Company's profit, net of tax.

Profit, net of tax 2012 2011 $ $ USD/SGD - strengthened 3% (2011: 3%) - weakened 3% (2011: 3%)

25.

(139,189) 139,189

(89,524) 89,524

Fair values of financial statements Fair value is defined as the amount in which an instrument could be exchanged or settled between knowledgeable and willing parties in an arm's length transaction, other than in a forced or liquidation sale. Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value Trade and other receivables, cash and cash equivalents, trade and other payables and accrued operating expenses The carrying amounts of these financial assets and liabilities are reasonable approximation of fair value due to the relatively short-term maturity of the financial instruments.

26.

Capital management

Serial Number: 256988177538819

46

AMETEK SINGAPORE PRIVATE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012 The primary objective of the Company's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 31 December 2012 and 31 December 2011.

27.

Event occurring after the reporting period On 12 March 2013, the Company increased its investment in one of its wholly-owned subsidiaries, Ametek Engineered Materials Sdn. Bhd., for a cash consideration of RM11,800,000 (approximately $4,731,000).

28.

Authorisation of financial statements The financial statements for the financial year ended 31 December 2012 were authorised for issue in accordance with a resolution of the directors on 21 October 2013.

Serial Number: 256988177538819

47

AMETEK SINGAPORE PRIVATE LIMITED Registration Number: 198402402E

FINANCIAL STATEMENTS Year ended 31 December 2013

This document contains no signatures as it is system-generated from the full set of Financial Statements filed in XBRL by company with ACRA.

Company Registration No. 198402402E

Gamete Singapore Private Limited Annual Financial Statements 31 December 2013

AMETEK SINGAPORE PRIVATE LIMITED

2

Directors Yew Kerk Peng Volker Dreisbach Francis Lee Yew Seng Frank S. Hermance Lim Meng Kee David A. Zapico John J. Molinelli

(appointed on 1 January 2014) (appointed on 1 January 2014) (appointed on 1 January 2014) (resigned on 1 January 2014) (resigned on 1 January 2014) (resigned on 1 January 2014) (resigned on 30 June 2013)

Company Secretary Yeo Piah Chuan Registered Office 43 Changi South Avenue 2 #04-01 Singapore 486164 Auditor Ernst & Young LLP One Raffles Quay North Tower, Level 18 Singapore 048583 Bankers JPMorgan Chase Bank, N.A. Commonwealth Bank

Index Page Directors’ Report

1

Statement by Directors

4

Independent Auditor’s Report

5

Income Statement

7

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Financial Statements

12

AMETEK SINGAPORE PRIVATE LIMITED

3

The directors are pleased to present their report together with the audited financial statements of Ametek Singapore Private Limited (the “Company”) for the financial year ended 31 December 2013. Directors The directors of the Company in office at the date of this report are: Yew Kerk Peng Volker Dreisbach Francis Lee Yew Seng

(appointed on 1 January 2014) (appointed on 1 January 2014) (appointed on 1 January 2014)

Arrangements to enable directors to acquire shares and debentures Except as disclosed in this report, neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose objects are, or one of whose object is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. Directors’ interests in shares and debentures The following directors, who held office at the end of the financial year, had, according to the register of directors’ shareholdings required to be kept under Section 164 of the Singapore Companies Act, Chapter 50, an interest in shares and share options of the Company, the Company’s ultimate holding company and related corporations as stated below: Direct interest

Name of director

At the beginning of financial year

At the end of financial year

Deemed interest (1) At the beginning of financial year

At the end of financial year

Ultimate holding company Ametek Inc Ordinary shares of US$0.01 each Frank S. Hermance Lim Meng Kee David A. Zapico

1,902,489 30,839 49,785

1,862,683 16,652 61,899

353,360 – 37,881

360,435 – 39,982

1,706,661 43,983 189,239

1,576,984 13,781 197,999

– – –

– – –

Options to subscribe for ordinary shares of US$0.01 each Frank S. Hermance Lim Meng Kee David A. Zapico

AMETEK SINGAPORE PRIVATE LIMITED

4

Directors’ interests in shares and debentures (cont’d) Direct interest At the beginning of financial year

At the end of financial year

Deemed interest (1) At the beginning of financial year

At the end of financial year

Ultimate holding company Ametek Inc Restricted stock Frank S. Hermance Lim Meng Kee David A. Zapico

218,910 6,032 35,932

108,972 3,402 33,695

– – –

– – –

401 (k) stock John J. Molinelli

1,154







(1) This is allocated pursuant to the AMETEK Retirement and Savings Plan and the AMETEK, Inc. Supplemental Executive Retirement Plan under which shares are automatically distributed on a one-for-one basis upon the participant’s retirement. Except as disclosed in this report, no director who held office at the end of the financial year had interests in shares, share options, warrants or debentures of the Company, or of related corporations, either at the beginning or at the end of the financial year. Directors’ contractual benefits Except as disclosed in the financial statements, since the end of the previous financial year, no director of the Company has received or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with the director, or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest.

AMETEK SINGAPORE PRIVATE LIMITED

5

Auditor Ernst & Young LLP have expressed their willingness to accept reappointment as auditor of the Company.

On behalf of the board of directors,

Francis Lee Yew Seng Director

Yew Kerk Peng Director

Singapore 1 August 2014

AMETEK SINGAPORE PRIVATE LIMITED

6

Statement by Directors

We, Francis Lee Yew Seng and Yew Kerk Peng, being two of the directors of Ametek Singapore Private Limited, do hereby state that, in the opinion of the directors, (a)

the accompanying balance sheet, income statement, statement of comprehensive income, statement of changes in equity and cash flow statement together with notes thereto are drawn up so as to give a true and fair view of the state of affairs of the Company as at 31 December 2013 and the results of the business, changes in equity and cash flows of the Company for the year ended on that date; and

(b)

at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due.

On behalf of the board of directors,

Francis Lee Yew Seng Director

Yew Kerk Peng Director

Singapore 1 August 2014

AMETEK SINGAPORE PRIVATE LIMITED

7

Independent Auditor’s Report For the financial year ended 31 December 2013

Independent Auditor’s Report to the Member of Ametek Singapore Private Limited Report on the Financial Statements We have audited the accompanying financial statements of Ametek Singapore Private Limited (the “Company”) set out on pages 7 to 39, which comprise the balance sheet of the Company as at 31 December 2013, the income statement, statement of comprehensive income, statement of changes in equity and cash flow statement of the Company for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act, Chapter 50 (the “Act”) and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss account and balance sheet and to maintain accountability of assets. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

AMETEK SINGAPORE PRIVATE LIMITED

8

Independent Auditor’s Report (cont’d) For the financial year ended 31 December 2013

Opinion In our opinion, the financial statements of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Company as at 31 December 2013 and the results, changes in equity and cash flows of the Company for the year ended on that date. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act.

Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 1 August 2014

AMETEK SINGAPORE PRIVATE LIMITED

9

Income Statement for the financial year ended 31 December 2013

Note Revenue

4

2013 $

2012 $

19,366,152

22,176,180

Cost of sales

(11,875,568)

(15,058,738)

Gross profit

7,490,584

7,117,442

9,131,398

10,777,487

Administrative expenses

(3,831,163)

(3,795,478)

Other expenses



(141,790)

Other income

5

Profit before taxation

6

12,790,819

13,957,661

Taxation

7

(524,008)

(486,883)

12,266,811

13,470,778

12,266,811

13,470,778

Profit for the year Profit for the year attributable to: Owner of the Company

AMETEK SINGAPORE PRIVATE LIMITED

10

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

AMETEK SINGAPORE PRIVATE LIMITED

11

Statement of Comprehensive Income for the financial year ended 31 December 2013

2013 $

2012 $

Profit for the year, net of tax

12,266,811

13,470,778

Other comprehensive income for the year, net of tax





Total comprehensive income for the year

12,266,811

13,470,778

12,266,811

13,470,778

Total comprehensive income attributable to: Owners of the Company

AMETEK SINGAPORE PRIVATE LIMITED

12

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

AMETEK SINGAPORE PRIVATE LIMITED

13

Balance Sheet as at 31 December 2013

Note Non-current assets Intangible assets Plant and equipment Investment in subsidiaries Investment in associates

8 9 10 11

Current assets Trade receivables Other receivables Amounts due from related companies Inventories Prepayments Cash and cash equivalents

12 13 14 15 16

Current liabilities Trade and other payables Amounts due to related companies Accrued operating expenses Provision for taxation

18 17 18

Net current assets Non-current liability Deferred tax liabilities

19

Net assets Equity attributable to owner of the Company Share capital Accumulated profits Total equity

20

2013 $

2012 $

– 1,233,274 7,844,210 1,239,275

– 1,549,060 3,035,339 1,239,275

10,316,759

5,823,674

2,086,356 542,194 976,800 3,495,007 151,534 1,751,994

1,232,612 366,275 759,315 2,998,446 189,253 9,572,292

9,003,885

15,118,193

1,269,122 140,499 661,163 671,517

1,748,480 3,204,830 830,067 715,561

2,742,301

6,498,938

6,261,584

8,619,255

148,873

148,873

16,429,470

14,294,056

8,711,094 7,718,376

8,711,094 5,582,962

16,429,470

14,294,056

AMETEK SINGAPORE PRIVATE LIMITED

14

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

AMETEK SINGAPORE PRIVATE LIMITED

15

Statement of Changes in Equity for the financial year ended 31 December 2013

Attributable to owners of the Company Share capital (Note 20) $

2013

Accumulated profits $

Total $

As at 1 January

8,711,094

5,582,962

14,294,056

Profit for the year, net of tax



12,266,811

12,266,811

Other comprehensive income for the year







Total comprehensive income for the year



12,266,811

12,266,811

Dividends on ordinary shares (Note 21)



(10,131,397)

(10,131,397)

Total transactions with owners in their capacity as owners



(10,131,397)

(10,131,397)

As at 31 December

8,711,094

7,718,376

16,429,470

As at 1 January

8,711,094

11,231,374

19,942,468

Profit for the year, net of tax



13,470,778

13,470,778

Other comprehensive income for the year







Total comprehensive income for the year



13,470,778

13,470,778

Dividends on ordinary shares (Note 21)



(19,119,190)

(19,119,190)

Total transactions with owners in their capacity as owners



(19,119,190)

(19,119,190)

As at 31 December

8,711,094

5,582,962

14,294,056

Contributions by and distribution to owners

2012

Contributions by and distribution to owners

AMETEK SINGAPORE PRIVATE LIMITED

16

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

AMETEK SINGAPORE PRIVATE LIMITED

17

Cash Flow Statement for the financial year ended 31 December 2013

2013 $

2012 $

Operating activities Profit before taxation

12,790,819

13,957,661

Adjustments for : Depreciation of plant and equipment Loss on disposal of plant and equipment Impairment loss on investment in associates

497,680 9,187 –

533,893 – 141,790

Operating cash flows before changes in working capital Increase in trade receivables (Increase)/decrease in other receivables and prepayments Increase in inventories (Decrease)/increase in amounts due to related companies, net (Decrease)/increase in trade and other payables and accrued operating expenses

13,297,686 (853,744) (138,200) (496,561) (3,281,816)

14,633,344 (400,166) 673,654 (503,249) 13,494,288

(648,262)

877,850

Cash flows generated from operating activities Income tax paid

7,879,103 (568,052)

28,775,721 (195,642)

Net cash flows generated from operating activities

7,311,051

28,580,079

Investing activities Purchase of plant and equipment Proceeds from disposal of plant and equipment Additional investment in a subsidiary

(345,040) 153,959 (4,808,871)

(386,659) 4,581 –

Net cash flows used in investing activities

(4,999,952)

(382,078)

Financing activity Dividends paid on ordinary shares (Note 21)

(10,131,397)

(19,119,190)

Net cash flows used in financing activity

(10,131,397)

(19,119,190)

Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of year

(7,820,298) 9,572,292

9,078,811 493,481

Cash and cash equivalents at the end of year (Note 16)

1,751,994

9,572,292

AMETEK SINGAPORE PRIVATE LIMITED

18

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

AMETEK SINGAPORE PRIVATE LIMITED

19

1.

Corporate information Ametek Singapore Private Limited (the “Company”) is a private limited company which is incorporated and domiciled in Singapore. The Company is a subsidiary of Ametek European Holdings Limited, incorporated in the United Kingdom. The ultimate holding company is Ametek Inc, incorporated in the United States of America (“USA”). The registered office and principal place of business of the Company is located at No. 43 Changi South Avenue 2, #04-01, Singapore 486164. The principal activities of the Company are sourcing, procurement and purchasing of materials, providing marketing and management services to its related companies within the region, import and export motors, and providing aircraft part repair services to customers. There have been no significant changes in the nature of these activities during the year. The principal activities of the subsidiaries are disclosed in Note 10 to the financial statements. Related companies in these financial statements refer to subsidiaries of Ametek Inc.

2.

Summary of significant accounting policies

2.1

Basis of preparation The financial statements of the Company have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”). The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. The financial statements are presented in Singapore Dollars (“SGD” or “$”), except when otherwise stated.

2.2

Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the Company has adopted all the new and revised standards and Interpretations of FRS (INT FRS) that are effective for annual periods beginning on or after 1 January 2013. The adoption of these standards and interpretations did not have any effect on the financial performance or position of the Company. Accordingly to the transition provisions of FRS 113 Fair Value Measurement, FRS 113 has been applied prospectively by the Company on 1 January 2013.

AMETEK SINGAPORE PRIVATE LIMITED

20

2.

Summary of significant accounting policies (cont’d)

2.3

Standards issued but not yet effective The Company has not adopted the following standards and interpretations that have been issued but not yet effective: Effective for annual periods beginning on or after

Description Revised FRS 27 Separate Financial Statements Revised FRS 28 Investments in Associates and Joint Ventures FRS 110 Consolidated Financial Statements FRS 111 Joint Arrangements FRS 112 Disclosure of Interests in Other Entities Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities

1 January 2014 1 January 2014 1 January 2014 1 January 2014 1 January 2014 1 January 2014

The directors expect that the adoption of the standards and interpretations above will have no material impact on the financial statements in the period of initial application. 1.4

Functional and foreign currency (a)

Functional currency The management has determined the currency of the primary economic environment in which the Company operates i.e. functional currency, to be Singapore dollars. Sales prices and major costs of providing goods and services including major operating expenses are primarily influenced by fluctuations in Singapore dollars.

(b)

Foreign currency transactions Transactions in foreign currencies are measured in the functional currency of the Company and are recorded on initial recognition in the functional currency at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate of exchange ruling at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the reporting period are recognised in profit or loss.

2.5

Subsidiaries A subsidiary is an entity over which the Company has the power to govern the financial and operating policies so as to obtain benefits from its activities. In the Company’s financial statements, investment in subsidiaries is accounted for at cost less impairment losses.

AMETEK SINGAPORE PRIVATE LIMITED

21

2.

Summary of significant accounting policies (cont’d)

2.6

Basis of consolidation In accordance with Singapore Financial Reporting Standard 27 and Section 201(3B) of the Companies Act, Chapter 50, the financial statements of the subsidiaries have not been consolidated with that of the Company as the Company is itself a wholly-owned subsidiary of a public listed company incorporated in U.S.A. The financial statements of the Company and its subsidiaries have been consolidated with the financial statements of its ultimate holding company, Ametek Inc, whose corporate office is at 1100 Cassatt Road, Berwyn, PA 19312-1177.

2.7

Associates An associate is an entity, not being a subsidiary or a joint venture, in which the Company has significant influence. An associate is equity accounted for from the date the Company obtains significant influence until the date the Company ceases to have significant influence over the associate. The Company’s investments in associates are accounted for using the equity method. Under the equity method, the investment in associates is carried in the balance sheet at cost plus post-acquisition changes in the Company’s share of net assets of the associates. Goodwill relating to associates is included in the carrying amount of the investment and is neither amortised nor tested individually for impairment. Any excess of the Company’s share of the net fair value of the associate’s identifiable assets, liabilities and contingent liabilities over the cost of the investment is included as income in the determination of the Company’s share of results of the associate in the period in which the investment is acquired. The profit or loss reflects the share of the results of operations of the associates. Where there has been a change recognised in other comprehensive income by the associates, the Company recognises its share of such changes in other comprehensive income. Unrealised gains and losses resulting from transactions between the Company and the associate are eliminated to the extent of the interest in the associates. The Company’s share of the profit or loss of its associates is the profit attributable to equity holders of the associate and, therefore is the profit or loss after tax and non-controlling interests in the subsidiaries of associates. When the Company’s share of losses in an associate equals or exceeds its interest in the associate, the Company does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate. After application of the equity method, the Company determines whether it is necessary to recognise an additional impairment loss on the Company’s investment in its associates. The Company determines at the end of each reporting period whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount in profit or loss. The financial statements of the associates are prepared as of the same reporting date as the Company. Where necessary, adjustments are made to bring the accounting policies in line with those of the Company. Upon loss of significant influence over the associate, the Company measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the aggregate of the retained investment and proceeds from disposal is recognised in profit or loss.

AMETEK SINGAPORE PRIVATE LIMITED

22

2.

Summary of significant accounting policies (cont’d)

2.8

Plant and equipment All items of plant and equipment are initially recorded at cost. Such cost includes the cost of replacing the part of the plant and equipment and borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying plant and equipment. The cost of an item of plant and equipment is recognised as an asset if, and only if, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Subsequent to recognition, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. When significant parts of plant and equipment are required to be replaced in intervals, the Company recognises such parts as individual assets with specific useful lives and depreciation, respectively. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows: Computers Office equipment Furniture and fittings Office renovation Motor vehicles Machinery and equipment

-

3 – 7 years 5 years 5 years 5 years 4 years 3 – 7 years

The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The residual values, useful life and depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate. An item of plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in profit or loss in the year the asset is derecognised. 2.9

Intangible assets Intangible assets acquired separately are measured initially at cost. The cost of intangible assets acquired in a business combination is their fair value as at the date of acquisition. Following initial acquisition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite.

AMETEK SINGAPORE PRIVATE LIMITED

23

2.

Summary of significant accounting policies (cont’d)

2.9

Intangible assets (cont’d) Intangible assets with finite useful lives are amortised over the estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category consistent with the function of the intangible asset. Each category of intangible assets is amortised over the following periods: Non-competition payment

-

10 years

Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortised. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. 2.10

Impairment of non-financial assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment assessment for an asset is required, the Company makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Company of assets. Where the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows expected to be generated by the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, an appropriate valuation model is used. Impairment losses are recognised in profit or loss except for assets that are previously revalued where the revaluation was taken to other comprehensive income. In this case, the impairment is also recognised in other comprehensive income up to the amount of any previous revaluation.

AMETEK SINGAPORE PRIVATE LIMITED

24

2.

Summary of significant accounting policies (cont’d)

2.10

Impairment of non-financial assets (cont’d) An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses recognised may no longer exist or may have decreased. If such indication exists, the Company estimates the asset’s or cash-generating unit’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss be recognised previously. Such reversal is recognised in profit or loss unless the asset is measured at revalued amount, in which case the reversal is treated as a revaluation increase.

2.11

Financial instruments (a)

Financial assets Financial assets are recognised on the balance sheet when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial assets at initial recognition. When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs. A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss. i)

Regular way purchase or sale of a financial asset All regular way purchases and sales of financial assets are recognised or derecognised on the trade date i.e. the date that the Company commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned.

ii)

Loans and receivables Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired and through the amortisation process.

AMETEK SINGAPORE PRIVATE LIMITED

25

2.

Summary of significant accounting policies (cont’d)

2.11

Financial instruments (cont’d) (b)

Financial liabilities Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. Subsequent to initial recognition, all financial liabilities that are not carried at fair value through profit or loss are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised and through the amortisation process. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss.

(c)

Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is presented in the balance sheets, when and only when, there is a currently enforceable legal right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

2.12

Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and accounted for as loans and receivables under FRS 39. The accounting policy for this category of financial assets is stated in Note 2.11.

2.13

Impairment of financial assets The Company assesses at each balance sheet date whether there is any objective evidence that a financial asset is impaired. (a)

Financial assets carried at amortised cost For financial assets carried at amortised cost, the Company first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a Company of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment.

AMETEK SINGAPORE PRIVATE LIMITED

26

2.

Summary of significant accounting policies (cont’d)

2.13

Impairment of financial assets (cont’d) (a) Financial assets carried at amortised cost (cont’d) If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in profit or loss. When the asset becomes uncollectible, the carrying amount of impaired financial assets is reduced directly or if an amount was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying value of the financial asset. To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss. (b)

Financial assets carried at cost If there is objective evidence (such as significant adverse changes in the business environment where the issuer operates, probability of insolvency or significant financial difficulties of the issuer) that an impairment loss on financial assets carried at cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment losses are not reversed in subsequent periods.

2.14

Inventories Inventories consisting of finished goods are stated at the lower of cost determined on weighted average basis, and net realisable value. Cost includes all cost of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Where necessary, allowance is provided for damaged, obsolete and slow moving items to adjust the carrying value of inventories to the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the estimated cost necessary to make the sale.

AMETEK SINGAPORE PRIVATE LIMITED

27

2.

Summary of significant accounting policies (cont’d)

2.15

Provisions Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation can be estimated reliably. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

2.16

Employee benefits (a)

Defined contribution plans The Company participates in the national pension schemes as defined by the laws of the countries in which it has operations. In particular, the Company makes contributions to the Central Provident Fund scheme in Singapore, a defined contribution pension scheme. Contributions to defined contribution pension schemes are recognised as an expense in the period in which the defined service is performed.

(b)

Employee leave entitlement Employee entitlements to annual leave are recognised as a liability when they are accrued to the employees. The estimated liability for leave is recognised for services rendered by employees up to the balance sheet date.

2.17

Leases The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at inception date: whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset. For arrangements entered into prior to 1 January 2005, the date of inception is deemed to be 1 January 2005 in accordance with the transitional requirements of INT FRS 104. As lessee Operating lease payments are recognised as an expense in profit or loss on a straight-line basis over the lease term. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense over the lease term on a straight-line basis.

AMETEK SINGAPORE PRIVATE LIMITED

28

2.

Summary of significant accounting policies (cont’d)

2.18

Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable, excluding discounts, rebates, and sales taxes or duty. The following specific recognition criteria must also be met before revenue is recognised: (a)

Sale of goods Revenue from sale of goods is recognised upon the transfer of significant risks and rewards of ownership of the goods to the customer. Revenue is not recognised to the extent where there are significant uncertainties regarding recovery of the consideration due, associated costs or the possible return of goods.

(b)

Dividend income Dividend income is recognised when the Company’s right to receive payment is established.

2.19

Taxes (a)

Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the end of reporting period, in the countries where the Company operates and generates taxable income. Current income taxes are recognised in profit or loss except to the extent that tax relates to items recognised outside profit or loss, either in other comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situation is in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

(b)

Deferred tax Deferred tax is provided using the liability method on temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are recognised for all temporary differences, except where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

AMETEK SINGAPORE PRIVATE LIMITED

29

2.

Summary of significant accounting policies (cont’d)

2.19

Taxes (cont’d) (b)

Deferred tax (cont’d) Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. The carrying amount of deferred tax assets is reviewed at end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of each reporting period and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the end of each reporting period. Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

(c)

Sales tax Revenues, expenses and assets are recognised net of the amount of sales tax except: 

Where the sales tax incurred in a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and



Receivables and payables that are stated with the amount of sales tax included.

The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables on the balance sheet.

AMETEK SINGAPORE PRIVATE LIMITED

30

2.

Summary of significant accounting policies (cont’d)

2.20

Related parties A related party is defined as follows: (a)

(b)

A person or a close member of that person’s family is related to the Company if that person: (i)

Has control or joint control over the Company;

(ii)

Has significant influence over the Company; or

(iii)

Is a member of the key management personnel of the Company or of a parent of the Company.

An entity is related to the Company if any of the following conditions applies: (i)

The entity and the Company are members of the same Company (which means that each parent, subsidiary and fellow subsidiary is related to the others).

(ii)

One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a Company of which the other entity is a member).

(iii)

Both entities are joint ventures of the same third party.

(iv)

One entity is a joint venture of a third entity and the other entity is an associate of the third entity.

(v)

The entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company. If the Company is itself such a plan, the sponsoring employers are also related to the Company;

(vi)

The entity is controlled or jointly controlled by a person identified in (a);

(vii)

A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

AMETEK SINGAPORE PRIVATE LIMITED

31

3.

Significant accounting judgment and estimates The preparation of the Company’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods.

3.1

Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (a)

Useful lives and residual value of plant and equipment The cost of plant and equipment is depreciated on a straight-line basis over their estimated useful lives. Management estimates the useful lives of these plant and equipment to be within 3 to 7 years. These are common life expectancies applied in the motors industry. Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore, future depreciation charges could be revised. The carrying amount of the Company’s plant and equipment at the balance sheet date is disclosed in Note 9 to the financial statements.

(b)

Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Goodwill and other indefinite life intangibles are tested for impairment annually and at other times when such indicators exist. Other non-financial assets are tested for impairment when there are indictors that the carrying amounts may not be recoverable. When value in use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present value of those cash flows.

(c)

Impairment of loans and receivables The Company assesses at each balance sheet date whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective evidence of impairment, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. Where there is objective evidence of impairment, the amount and timing of future cash flows are estimated based on historical loss experience for assets with similar credit risk characteristics. The carrying amount of the Company’s loans and receivable at the balance sheet date is disclosed in Note 12 to the financial statements.

AMETEK SINGAPORE PRIVATE LIMITED

32

3.

Significant accounting judgement and estimates (cont’d)

3.1

Key sources of estimation uncertainty (cont’d) (d)

Income taxes Significant judgement is involved in determining the Company’s provision for income taxes. There are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The carrying amount of the Company’s tax payable at 31 December 2013 was $671,517 (2012: $715,561).

4.

Revenue

Sale of goods Provision of services

5.

2012 $

19,056,275 309,877

21,887,687 288,493

19,366,152

22,176,180

2013 $

2012 $

9,131,398

10,777,487

Other income

Dividend income

6.

2013 $

Profit before taxation The following items have been included in arriving at profit before taxation: 2013 $ Depreciation of plant and equipment Loss on disposal of plant and equipment Impairment loss on investment in associates Net foreign exchange gain Operating lease expense (Note 22) Staff costs - Salaries, bonus and other costs - Employer’s contribution to defined contribution plan Central Provident Fund & AMP

2012 $

497,680 9,187 – (36,563) 365,237

533,893 – 141,790 (83,539) 340,247

5,594,190

5,171,311

491,896

461,770

including

AMETEK SINGAPORE PRIVATE LIMITED

33

7.

Taxation (a)

Major components of income tax expense The major components of income tax expenses for the years ended 31 December 2013 and 2012 are: 2013 $ Current income tax  Current income taxation  Over provision in respect of previous years

Deferred tax expense  Original and reversal of temporary differences

Income tax expense recognised in profit or loss

(b)

2012 $

624,008 (100,000)

510,666 –

524,008

510,666



(23,783)



(23,783)

524,008

486,883

Relationship between income tax expense and accounting profit A reconciliation between the income tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the years ended 31 December 2013 and 2012 is as follows: 2013 $

2012 $

Profit before taxation

12,790,819

13,957,661

Tax at 17% Income not subject to taxation Effect of partial tax exemption Effect of tax relief and tax rebate Non-deductible expenses Over provision in respect of previous years Others

2,174,439 (1,552,338) (25,925) (88,319) 67,828 (100,000) 48,323

2,372,802 (1,832,173) (25,925) (168,936) 34,368 – 106,747

524,008

486,883

AMETEK SINGAPORE PRIVATE LIMITED

34

8.

Intangible assets Non-competit ion payment * Cost At 31 December 2012, 1 January 2013 and 31 December 2013

4,560,156

Accumulated amortisation At 31 December 2012, 1 January 2013 and 31 December 2013

4,560,156

Net carrying amount At 31 December 2012



At 31 December 2013



*

These intangible assets were acquired in connection with the operations of the associated companies.

AMETEK SINGAPORE PRIVATE LIMITED

35

9.

1,403,574 73,855 – 1,477,429 268,699 – 1,746,128

484,469 232,179 – 716,648 251,141 – 967,789

760,781 778,339

At 31 December 2012 and 1 January 2013 Additions Disposals

At 31 December 2013

Accumulated depreciation At 1 January 2012 Charge for the year Disposals

At 31 December 2012 and 1 January 2013 Charge for the year Disposals

At 31 December 2013

Net carrying amount At 31 December 2012

At 31 December 2013

Machinery and equipment $

Cost At 1 January 2012 Additions Disposals

Plant and equipment

148,176

207,678

230,436

223,724 80,492 (73,780)

159,221 65,968 (1,465)

378,612

431,402 20,990 (73,780)

356,701 80,746 (6,045)

Computers $

247,514

272,172

212,497

134,729 77,768 –

93,088 50,184 (8,543)

460,011

406,901 53,110 –

210,896 204,549 (8,544)

Furniture and fittings $

37,629

88,986

687,773

636,416 51,357 –

492,493 143,923 –

725,402

725,402 – –

702,893 22,509 –

Office renovation $



189,662



46,402 26,516 (72,918)

19,886 26,516 –



236,064 – (236,064)

236,064 – –

Motor vehicle $

AMETEK SINGAPORE PRIVATE LIMITED

21,616

29,781

52,088

48,132 10,406 (6,450)

67,870 15,123 (34,861)

73,704

77,913 2,241 (6,450)

107,774 5,000 (34,861)

Office equipment $

36

1,233,274

1,549,060

2,150,583

1,806,051 497,680 (153,148)

1,317,027 533,893 (44,869)

3,383,857

3,355,111 345,040 (316,294)

3,017,902 386,659 (49,450)

Total $

10.

Investment in subsidiaries

Unquoted shares, at cost

2013 $

2012 $

7,844,210

3,035,339

The details of the subsidiaries are as follows:

Name of company

Country of incorporation

Principal activities

Proportion (%) of ownership interest 2013 2012 % %

Held by the Company Ametek Motors Asia Pte Ltd (1)

Singapore

Investment holding

100

100

Ametek Commercial Enterprise (Shanghai) Co. Ltd. (2)

People’s Republic of China (“PRC”)

100 Imports, exports, wholesales and agency of motors and instruments and related spare parts; demonstration of spectroscopic and measuring instruments in bonded area and international trading, entrepot trading, trading between entities in bonded area and being agent of trading for other entities in the area

100

Ametek Instruments India Pte Ltd (3)

India

Marketing, dealing, providing technical assistant and after sales services and providing software development in respect of equipment, appliances and other industrial products

100

100

Ametek Engineered Materials Sdn Bhd (4) (5)

Malaysia

Manufacturing of 100 aluminium/copper bonding wire and ribbon; packaging of bond pads.

100

People’s Republic of China (“PRC”)

Manufacturing and assembly of 100 vacuum cleaner motors

100

Held through a subsidiary Ametek Motors Shanghai Co., Ltd. (2) (1) (2) (3) (4) (5)

Audited by Ernst & Young LLP, Singapore. Audited by Ernst & Young, Shanghai. Audited by S.V. Ghatalia & Associates. Audited by Ernst & Young, Malaysia. During the year, the Company made additional investment of $4,808,871 in Ametek Engineered Materials Sdn Bhd. There is no change in the ownership interest.

AMETEK SINGAPORE PRIVATE LIMITED

37

11.

Investment in associates 2013 $

2012 $

Unquoted shares, at cost Less: Impairment loss

1,381,065 (141,790)

1,381,065 (141,790)

Carrying amount after impairment loss

1,239,275

1,239,275

The details of the associates are as follows:

Name of company

Country of incorporation

Principal activities

Held by the Company

Proportion (%) of ownership interest 2013 2012 % %

Amekai Singapore Pte Ltd (Singapore) (1)

Singapore

Investment holding

50

50

Amekai Taiwan Co. Ltd (Taiwan) (2)

Taiwan

Importer and exporter of meter gauges

50

50

People’s Republic of China (“PRC”)

Manufacturing of gauges

100

100

Held by Amekai Singapore Pte Ltd Amekai (Meter) Xiamen Co., Ltd (2) (1) (2)

Audited by Ernst & Young LLP, Singapore Audited by Ernst & Young, Taipei

The summarised financial information of the associates, not adjusted for the proportion of ownership interest held by the Company, is as follows: 2013 $

2012 $

Assets and liabilities: Current assets Non-current assets

11,586,199 1,222,935

9,476,726 1,433,894

Total assets

12,809,134

10,910,620

Current liabilities Non-current liabilities

12,421,996 1,042,616

11,878,399 980,903

Total liabilities

13,464,612

12,859,302

Results: Revenue

20,908,474

16,436,260

Profit/(loss) for the year

1,379,125

241,786

AMETEK SINGAPORE PRIVATE LIMITED

38

12.

Trade receivables 2013 $

2012 $

Trade receivables

2,086,356

1,232,612

Other receivables (Note 13) Amounts due from related companies (Note 14)

542,194 976,800

366,275 759,315

Total trade and other receivables Add: Cash and cash equivalents (Note 16)

3,605,350 1,751,994

2,358,202 9,572,292

Total loans and receivables

5,357,344

11,930,494

Trade receivables Trade receivables are non-interest bearing and are generally on 30 to 90 days’ terms. They are denominated in United States Dollar and are recognised at their original invoice amounts which represent their fair values on initial recognition. Receivables that are past due but not impaired The Company has trade receivables amounting to $603,305 (2012: $550,344) that are past due at the balance sheet date but not impaired. These receivables are unsecured and the analysis of their aging at the balance sheet date is as follows: 2013 $ Trade receivables past due: Lesser than 30 days 30 to 60 days 61 to 90 days 91 to 120 days

2012 $

461,809 89,519 23,412 28,565

346,827 41,145 21,617 140,755

603,305

550,344

The Company does not have any trade receivables that are impaired as at 31 December 2013 and 31 December 2012.

AMETEK SINGAPORE PRIVATE LIMITED

39

13.

Other receivables 2013 $ Deposits Sundry receivables

14.

2012 $

54,024 488,170

54,024 312,251

542,194

366,275

Amounts due from related companies 2013 $ Ultimate holding company - Trade Related companies - Trade Subsidiary companies - Non-trade

2012 $

864,063

614,957

101,188

139,714

11,549

4,644

976,800

759,315

All the above trade and non-trade balances are unsecured, non-interest bearing, repayable on demand and are expected to be settled in cash. Amounts due from related companies denominated in foreign currencies as at 31 December are as follows: 2013 $ United States Dollar

15.

3,692

2012 $ 58,734

Inventories 2013 $ Balance sheet: Finished goods

Income statement: Inventories recognised as an expense in cost of sales

2012 $

3,495,007

2,998,446

11,561,507

14,757,701

AMETEK SINGAPORE PRIVATE LIMITED

40

16.

Cash and cash equivalents Cash and cash equivalents comprise the following as at 31 December: 2013 $ Cash at bank and on hand

1,751,994

2012 $ 9,572,292

Cash and cash equivalents are denominated in the following currencies: 2013 $ United States Dollar Hong Kong Dollar Australian Dollar Singapore Dollar

17.

2012 $

1,109,957 18 64,922 577,097

9,296,403 18 – 275,871

1,751,994

9,572,292

Amounts due to related companies 2013 $ Related companies - Trade - Non-trade Subsidiary company - Non-trade

2012 $

136,379 –

210,371 44,696

4,120

2,949,763

140,499

3,204,830

All the amounts due to related companies are unsecured, non-interest bearing, repayable on demand and are expected to be settled in cash. Amounts due to related companies denominated in foreign currencies as at 31 December are as follows: 2013 $ United States Dollar Euro

140,499 –

2012 $ 3,148,565 11,569

AMETEK SINGAPORE PRIVATE LIMITED

41

18.

Trade and other payables 2013 $

2012 $

Trade payables Other payables

1,176,047 93,075

1,619,951 128,529

Total trade and other payables Amounts due to related companies (Note 17) Accrued operating expenses

1,269,122 140,499 661,163

1,748,480 3,204,830 830,067

Total financial liabilities carried at amortised cost

2,070,784

5,783,377

Trade payables Trade payables are non-interest bearing and are normally settled on 30 to 60 days’ terms. Trade payables denominated in foreign currency as at 31 December are as follows: 2013 $ United States Dollar Euro

19.

1,117,925 3,560

2012 $ 1,566,925 –

Deferred tax liabilities Deferred tax liabilities as at 31 December relates to the following: 2013 $

2012 $

Deferred tax liabilities: Differences in depreciation for tax purposes

20.

148,873

148,873

Share capital 2013 $

2012 $

Issued and fully paid: At beginning and end of the year 8,711,094 (2012: 8,711,094) ordinary shares

8,711,094

8,711,094

The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restriction. The ordinary shares have no par value.

AMETEK SINGAPORE PRIVATE LIMITED

42

21.

Dividends 2013 $

2012 $

10,131,397

19,119,190

Declared and paid during the financial year: Dividends on ordinary shares: - Final exempt (one-tier) dividend for $1.16 (2012: $2.19) per share

22.

Operating lease commitments As lessee The Company has entered into commercial leases for the use of premises as lessee. These leases have remaining life of less than 1 year with no purchase options and escalation clauses included in the contracts. There are no restrictions placed upon the Company by entering into these leases. Operating lease payments recognised in the income statement during the year amounted to $365,237 (2012: $340,247). Future minimum rental payable under non-cancellable leases as at 31 December are as follows: 2013 $ Within one year

23.

2012 $

61,514

57,669

Related party transactions (a)

Sale and purchase of goods and services In addition to the related party information disclosed elsewhere in the financial statements, the following significant transactions between the Company and related parties took place at terms agreed between the parties during the year: 2013 $

2012 $

Service income from: Ultimate holding company Related companies

(287,203) (22,673)

(261,448) (27,045)

Reimbursement of expenses from: Ultimate holding company Related companies

(5,696,302) (453,464)

(5,135,283) (540,906)

(260,765) – 2,047,006

(49,352) (40,048) 2,483,282

8,401

74,409

Sales of finished goods to related companies Sales commission paid to related company Purchase of raw materials from related companies Purchase of plant and equipment from a related company

AMETEK SINGAPORE PRIVATE LIMITED

43

23.

Related party transactions (cont’d) (b)

Compensation of key management personnel 2013 $ Short-term employee benefits Defined contribution plan Other benefits

Comprise amounts paid to: Directors of the Company

2012 $

429,700 5,951 54,777

409,206 5,751 51,591

490,428

466,548

490,428

466,548

The remuneration of key management personnel is determined by the Company having regard to the performance of individuals and market trends. 24.

Financial risk management objectives and policies The Company is exposed to financial risks arising from its operations and the use of financial instruments. The key financial risks include credit risk, liquidity risk and foreign currency risk. The board of directors reviews and agrees policies and procedures for the management of these risks, which are executed by the Div VP - Corporate Development & Finance, Asia. It is, and has been throughout the current and previous financial year the Company’s policy that no derivatives shall be undertaken except for the use as hedging instruments where appropriate and cost-efficient. The Company did not enter into any derivative contracts during the financial year. The following sections provide details regarding the Company’s exposure to the above-mentioned financial risks and the objectives, policies and processes for the management of these risks. (a)

Credit risk Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty default on its obligations. The Company’s exposure to credit risk arises primarily from trade and other receivables. At the balance sheet date, the Company’s maximum exposure to credit risk is represented by the carrying amount of each class of financial assets recognised in the balance sheet. The Company’s objective is to seek continual revenue growth while minimising losses incurred due to increased credit risk exposure. The Company trades only with recognised and creditworthy third parties. It is the Company’s policy to monitor receivable balances on an ongoing basis with the result that the Company’s exposure to bad debts is not unduly significant. Since the Company trades only with recognised and creditworthy third parties, there is no requirement for collateral.

AMETEK SINGAPORE PRIVATE LIMITED

44

24.

Financial risk management objectives and policies (cont’d) (a)

Credit risk (cont’d) Financial assets that are neither past due nor impaired Trade and other receivables that are neither past due nor impaired are creditworthy debtors with good payment record with the Company. Cash and cash equivalents that are neither past due nor impaired are placed with or entered into with reputable financial institutions with high credit ratings and no history of default.

(b)

Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage of funds. The Company’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of stand-by credit facilities. Analysis of financial instruments by remaining contractual maturities The table below summarises the maturity profile of the Company’s financial assets and liabilities at the balance sheet date based on the contractual undiscounted repayment obligations. Within 1 year $ 2013 Financial assets: Trade receivables Other receivables Amounts due from related companies Cash and cash equivalents

2,086,356 542,194 976,800 1,751,994

Total undiscounted financial assets

5,357,344

Financial liabilities: Amounts due to related companies Trade and other payables Accrued operating expenses

(140,499) (1,269,122) (661,163)

Total undiscounted financial liabilities

(2,070,784)

Total net undiscounted financial assets

3,286,560

AMETEK SINGAPORE PRIVATE LIMITED

45

24.

Financial risk management objectives and policies (cont’d) (b)

Liquidity risk (cont’d) Within 1 year $

(c)

2012 Financial assets: Trade receivables Other receivables Amounts due from related companies Cash and cash equivalents

1,232,612 366,275 759,315 9,572,292

Total undiscounted financial assets

11,930,494

Financial liabilities: Amounts due to related companies Trade and other payables Accrued operating expenses

(3,204,830) (1,784,480) (830,067)

Total undiscounted financial liabilities

(5,819,377)

Total net undiscounted financial assets

6,111,117

Foreign currency risk The Company has transactional currency exposure arising from sales or purchases that are denominated in a currency other than its functional currency, SGD. The foreign currency in which these transactions are denominated is mainly US Dollars (USD). The Company does not enter into foreign exchange contracts to hedge its foreign exchange risk resulting from cashflows from transactions denominated in foreign currencies. However, the Company reviews periodically that its net exposure is kept at an acceptable level. The Company also holds cash and cash equivalents denominated in foreign currencies for working capital purposes. At the end of the reporting period, such foreign currency balances are mainly in USD.

AMETEK SINGAPORE PRIVATE LIMITED

46

24.

Financial risk management objectives and policies (cont’d) (c)

Foreign currency risk (cont’d) Sensitivity analysis for foreign currency risk The following table demonstrates the sensitivity to a reasonably possible change in the USD exchange rates (against SGD), with all other variables held constant, of the Company’s profit, net of tax.

2013 $ USD/SGD - strengthened 3% (2012: 3%) - weakened 3% (2012: 3%)

25.

Profit, net of tax 2012 $

58,247 (58,247)

(139,189) 139,189

Fair values of financial statements

Fair value is defined as the amount in which an instrument could be exchanged or settled between knowledgeable and willing parties in an arm’s length transaction, other than in a forced or liquidation sale. Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value Trade and other receivables, amount due from/(to) related companies, cash and cash equivalents, trade and other payables and accrued operating expenses The carrying amounts of these financial assets and liabilities are reasonable approximation of fair value due to the relatively short-term maturity of the financial instruments. 26.

Capital management The primary objective of the Company’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 31 December 2013 and 31 December 2012.

27.

Authorisation of financial statements The financial statements for the financial year ended 31 December 2013 were authorised for issue in accordance with a resolution of the directors on 1 August 2014.

AMETEK SINGAPORE PRIVATE LIMITED

47

I

BILAN - ACTIF

DGFiP

- 6 ..NUV. l012 Depose au Gre ff ele.......... I

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

,

Duree de l'exercice exprimee en nombre de mois* ~

Designation de l'entreprise SAS ANTAVIA

Duree de l'exercice precedent* ~

33 route de Toulouse 82170 DIEUPENTALE

Adresse de I' entreprise

I 3 I 41 3 I 91

Numero SIRET*

41 61 2

"'° (.?) ?.h' A"~ ~"'~ /'u~AIJ

I8 I l I0 I0 I0 I2 I3 I

I

e N clos le, ~~;:l'Q.12011

'

Brut I

Frais~d'etablissement

*

~ Frais de developpement * ~

0

u

19 056

Al

d

Autres immobilisations incorporelles

AJ

AK

2'i

Avances et acomptes sur immobilisations incorporelles

AL

IAM

Terrains

AN

AO

Constructions

AP

Installations techniques, materiel et outillage industriels

AR

~

~

"'0z

u f:::

;;;

~

d

b

u

-<

~

AH

0

0

CQ

Fonds commercial (1)

a:l

Autr~s

AT

immobilisations corporelles

>

19 056 .,

480 043

140 648

130 953

178 625

AU

. 136 192

42 433

29 880

68 743

14 517

I 578

I 578

18 197

16 259

334 484

274 347

AX

AY

E

CT

...~

Autres participations

cs cu

CV

Creances rattachees it des participations

BB

BC

f:::

Autres titres immobilises

BD

d

"'0

Pre ts

BF

2'i

Autres immobilisations financieres*

BH

18 197

BI

TOTAL (II) BJ

I 616 946

BK

;;;

19 056

AS

Particig,ations evaluees selon la met ode de mise en equivalence

"'~

1 307

/7J

620 692

Avances et acomptes

u

45

)/

-~_;,.;,r

62 100

68 743 IAW

OS

,.... '\ ".,;

42 518

AV

~

..

/-,.

""'-

620 430

Immobilisations en cours

"'Ul

;::...

r..}..Cl:JJ

AQ

"' ::;:

I

Net 4

662 948

2'i

0

-

ex

s "'Ul .J .J ::l 0

...-!,

\~ .,. ,

AG

I

-~.~1 ·' <1 !'""l z . ,_;i:.;

AC

47 102

"'::;:0

~

I

D*

Neant N-1 3l/l2/2010

">~ •

AB AF

;;;

d

,,

Concessions, brevets et droits similaires

"'""

-~ VJ

A•o. .

(I) AA

Capital souscrit non appele Ul ·f::S"'

N° 2050 2012

.l 578

-

BE BG

::;:

Matieres premieres, approvisionnements

BL

BM

En cours de production de biens

BN

BO

En cours de production de services

BP

Produits intermediaires et finis

BR

-<

Marchandises

BT

u

Avances et acomptes verses sur commandes

."'

·~ u 0

"'"" b

z

5 ~

u

~

. BV

595 424

BS 2 103 884

239 294

2 342 BW < '·

l 864 590

I 530 442

2 342

60666

2 897 437

2 374 841

222 467

70 202

222 467

CA

Capital souscrit et appele, non verse

CB

cc

"' (dont actions propres: ...:....................................... ) CD ~ Disponibilites CF

CE 2 797 092

CG

2 797.092

2 060 368

CH

24 357

CI

24 357

30 91 l

TOTAL (III) CJ

8 677 728

CK

8 269 869

6 819 638

Valeurs mobilieres de placement

~

Charges constatees d'avance (3)*

.,," 0

o.:a s-6b

Frais

d'emissio~

d'emprunt it etaler

Primes de remboursement des obligations

(V)

34 723

407 859

"'I"': ."~

(IV) ICW

""'

"

'"""''-

CM

r~.J '

Ecarts de conversion actifl'

(VI)

CN

TOTAL GENERAL (I a VI)

co

Renvois : (1) Don! droit au bail : Clause de reserve de propriete :*

llmm~bilisations :

-~ *Des exphcat1ons concernant cette rubnque sont donnees dans la notice n° 2032

u

BU

BZ

u

l""'

692 205

Autres creances (3)

~

.,,,"

'

461 582

BY

·gj

U-~

133 841 .

2 932 161

-<

0

BQ

BX

"'Ul Clients et comptes rattaches (3)*

b

u

00"' "00

1 282 461

10 561 10 305 236 (2) part amains d'un an des immobilisations financieres nettes ·

"

~ ~*~

IA

l 690 321

CP

...



12 318

8 614 914

7 106 304

(3) PaiH plus d'un an

Stocks:

.

10 561

ICR

Creances: "

'

DGFiP

BILAN - P ASSIF avant repartition

N° 2051 Z012

Fonnulairc obligatoire (ruticle 53 A du Code general des impOts)

Designation de I' entreprise

SASANTAVlA

'

Neant

.

.

·'

Exercice N

100 000

100 000

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

DB

36 864

36 864

10 000

10 000

IEKI

)

~

. . . *( Reserves reglementees (3)

DE

>::

Autres reserves

~

< r<

( Dant reseI'Ve relative it l'achat d'oeuvres originales d'artistes vivants*

EJ .,

Report a nouveau

s:::

< u

OU

'

perte)

"'

DJ

Provisions reglementees *

DK

Produit des emissions de titres participatifs

i::"'

e

DI

Subventions d' investissement

tS

TOTAL (I)

TOTAL (II)

"'


E;""" u ,_,::::~

DL

1 623 890

6 530 208

5 087 523

17 342

12 318

17 342

12 318

DO DP

Provisions pour risques


.9~e!l

.~·;::_g

1442684

DN

<

i::::::

3 316 767

DM

"

Avances conditionnees

"'Q,

:=;~eQ,

4 940 658

DH

RESULTAT DE L'EXERCICE (benefice

"O

.

) DF ) DG

Dant reserve speciale des provisions Bl pour fluctuation des cours

.

DC l;>D

..

Reserves statutaires ou contractuelles

;:i

Exercice N -,- I

DA

Reserve legale (3)

~ ~

'

Capital social ou individuel ( l )* (Dant verse : ....................................... lOO.. QQQ ..... )

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


D*

'

Provisions pour charges

~:s.
TOTAL {Ill)

..

DQ DR

,.

-

Emprunts obligataires convertibles

DS

Autres emprunts obligataires

DT

Emprunts et dettes aupres des etablissements de credit (5)

DU

Emprunts et

~

d~ttes

financieres divers (Dont emprunts participatifs EI

)


~

r< r<

~

Q

DW

99 605

17 592

Dettes fournisseurs et comptes rattaches

DX

I 008 386

882 532

Dettes fiscales et sociales

DY

942 668

DZ

i' 185

Autres dettes

Compte regul.

.

Produits constates d'avance (4)

EB

rJ'.i ..... 0

(2)

> z r::l (3)

{

ED

15 518

5 258

EE

8 614 914

7106 304

I 951 055

I 983 612

(V) TOTAL GENERAL (I ii V)

lB

Reserve speciale de reevaluation (1959)

IC

Ecart de reevaluation libre

ID

..

Reserve de reevaluation (1976)

. IE

along terme *

EF

(4) Dettes et produits constates d'avance ~mains d'un an

EG

(5)

Dant reserve speciale des plus-values

EH

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

* Des exphcahons concemant cette rubnque sont donnees dans la notJ.ce n°

..

2 '001 204

EC

E:cart de reevaluation incorpore au capital

Dant

I 185

2 051 845

TOTAL {IV)

Ecarts de conversion passif*

761 591

.

EA

.,

.

(I)

338 303

Avances et acomptes re9us sur commandes en cours

Dettes sur immobilisations et comptes r·attaches

...

DV

2032

.

@I

DGFiP

COMP'fE DE RESULTAT DE L'EXERCICE (En liste)

N° 2052 2012.

Fommlaire obligatoire (article 53 A

du Code general des impOts)

Design.ation de l'entreprise: SAS ANTA VIA

INeant I '

Exercice N Exportations et livraisons intracommunautaires

France Ventes de marchandises*

Total

FB

4 738 311

FC

FE

1 240

FF

1 856 796

FH

3 544 407

FI

5 401 203

5 727 943

FJ

5 161 861

FK

8 283 959·

FL

13 445 820

13 955 .700

( 128 114)

*

Production stockee*

FM

i:Ll

Production immobilisee*

FN

,...

Subventions d'exploitation

FO

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

FP

~ 11..

853

.

11..

sCl

1 240

FG

0 .-l b

8 226 903

services* Chiffres d'affaires nets

Ul

8 043 376

FD


:><

Exercice (N -1)

'

biens *

Production vendue. {

6i:::

3 305 064

FA

D*

244 579

' "'

72 957

39 661

'

FQ

134

169

FR

13 390 796

14 240 110

Achats de marchandises (y compris droits de douane)*

FS

4.664 274

4 612 033

Variation de stock (marchandises)*

FT

( 422 019)

( 53 375)

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

FU

199 385

182 437

Variation de stock (matieres premieres et approvisionnements)*

FV

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

FW

2 861 489

3 323 814

Imp6ts, taxes et versements assimiles*

FX

219 694

203 808

FY

2 275 590

2 065 495

FZ

939 437

835 748

;- dotations aux amortissements*

GA

122 699

122 225

- dotations aux provisions*

GB

Autres produits (I) (I I) Total des prodnits d'exploitation (2) (I) "

6i::::
0 .-l

~ b

i:Ll

,

Salaires et traitements* Charges sociales (IO)

'

Ul

i:Ll

0

~


::r:

u

z u:i8 zio< - II- <0 I- >-l

Sur immobilisations{

o~

Sur actif circulant : dotations aux provisions*

GC

Pour risques et charges : dotations aux provisions

209 601

177 725

GD

. 6 781

Q'1l

Q

GE

93

64

Total des charges d'exploitation (4).(11) GF

11077026

11469976

GG

2313769

2 770 134

Autres charges (12)

1 - RESULTAT D'EXPLOITATION (I - Ii} ~ §

§

Benefice attribue ou perte transferee*

(III) GH

g. 5

Perte supportee on benefice transfere*

(IV) GI

·E

-~ 8

Produits financiers d.e participations (5)

GJ

i:Ll

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

GK

~

Autres interets et produits assimiles (5)

GL

6 982

3 982

r;:

Reprises sur provisions et transferts de charges

GM

62 318

14 927

Differences positives de change

GN

109 795

116 735

Produits nets sur cessions de valeurs mobilieres de placement

GO

179 096

135 645

Ul

~

u z

,...

Ul

sCl

~

11..

-

Total des prodnits financiers (V) GP Ul

~

Inter~ts

µ.,

Differences negatives de change

g

. -

Dotations financieres aux amortissements et provisions* et charges assimilees (6)

.-

Ul

~

Charges nettes sur cessions de valeurs mobilieres de placement


::c: u

10 561

GQ GR'

77 699

GS

163 875

.'

GT Total des charges financieres (VI) GU

2 - RESUL TAT FINANCIER (V - VI} 3 - RESUL TAT COURANT AVANT IM~OTS (I - II+ Ill - IV+ V - VI}

,

23 318 "

88 260

187 194

GV

90 835

( 51 548)

GW

2 404 605

.

(RENVOIS . volf tableau n0 2053) *Des expltcat1ons concernant cette rubnque sont donnees dans la notice n° 2032.

2718585

01

N° 2053 ·2012

DGFiP

COMPTE DE RESULTAT DE L'EXERCICE (suite)

Fotmulaire obligatoire (article 53 A du Code gCnCral des impOts)

Designation de I' entreprise SASANTAVIA

Neant

D*

i

Exercice N Produits exceptionnels sur operations de gestion

if>

...l

if>""

t:~

Produits excepti9nnels sur operations en capital

..:"-'

Reprises sur provisions et transferts de charges

~o ooE-

o...t]

*

.

x

"" ""...l

if>

Charges exceptionnelles sur operations de gestion (6 bis)

if>til
*

O:z:

Charges exceptionnelles sur operations en capital

u"-' u

Dotations exceptionnelles aux arnortissements et provisions

<>
·""x

-

4 - RESULTAT EXCEPTIONNEL (VII - VIII)

(1)

..

HD

u 641

21 870

HE

4265

20474

HF

50 142 .,

-

HH

54 407

20474

( 42 765)

I 395

HJ

198 489

228 756

(X)

HK

720.666

867 335

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

HL

13 581 534

14 397 626

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

HM

12 138 849

12 773 736

1442684

1 623 890

*

Dont produits nets partiels sur operations

HN

a long terme

.

HO

..

produits de location immobilieres (2)Dont

7 801

HI

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

'

HB

21 870

(IX)

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

3 840

HG

Total des charges exceptionnelles (7) (VIII)

""

HA HC

Total des produits exceptionnels (7) (VII)

Exercice N - 1

-

HY

..

..

produits d'exploitation afferents a des exercices anterieurs - Credit-bail mobilier

(a detailler au (8) ci-dessous)

JG

*

"'

5 413

HP

(3) Dont - Credit-bail immobilier

'

HQ

a des exerc\ces anterieurs (a detailler au (8) ci-dessous) .

(4)

Dont charges d'exploitation afferentes

(5)

Dont produits concernant les entreprises liees

(6)

Dont inten':ts concernant les entreprises liees

JH

•·

lJ .,

lK

~

6bis)

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

HX

(9)

Dont transferts de charges

Al

(10)

Dont cotisations personnelles de l'exploitant (13)

(11)

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

(12)

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

.

.•

<:/l

0 >

~

I I

I

69 670

25 755

A2

A3

A4

I I

(13) Dont primes et cotisations obligatoires A9 comolementaires oersonnelles : facultatives A6 (Si le nombre de lignes est insuffisant, reproduire le cadre (7) et le Detail des produits et charges exceptionnels (7) joindre en annexe) :

ExerciceN Produits exceptionnels ·•

Charges exceptionnelles

. V oir etat annexe

-

ExerciceN

(8) Detail des produits et charges sur exercices anterieurs :

Charges ant6rieures

,. < ,.

* Des explic~tions concernant cette rub~que sont donnees dans la n"otlce n° 2032.

Produits anterieurs

I

·:.]

r-'·

I

i

Expert-comptable



St~phane'~ASSE ; -~

'

.

·:·'.

'·•·

Expert~cornptable " ~:::. ;..;

COPIE CERTIFIEE CONFORME

I

)' Jean AUSSET

!

-

_, \·~

,

'~

lNSCR!T AU ,TABLEAU .. DE L'ORDRE ~·~. '• ""{·: ..~ DES EXPERTS COMPTABLES' '· DE LA REGION DE TOULO~§~ ,

·:·;: l

64, ~LIE B!'NJAMIN BAILLAUD CARRE. WILSON BAT C 31500 TOULOUSE • TEL ; 05 61 61 61 80 ,, ,FAX: OS 61 61 61 ~9

SASANTAVIA RNu3

82170 DIEUPENTALE !

Comptes Annuels au

31/12/2011

SARL inscrite aupres de l'Ordre des experts-comptables de la region de Toulouse Midi-Pyrenees Capital: 500 000 Euros RCS 508 612 124 Toulouse

/_s_A_S_A_N_T_A_V_IA-_,.--------------~#

Periode du 01/01/2011au31/12/2011

....

l:

Comptes Annuels / ..

I Regles et·methodes comptables Designation de la societe: SAS ANTAVIA Annexe au bilan avant repartition de l'_exercice clos le 31 /12/2011, dont le total est de 8 614 915 euros et au compte de resultat de l'exercice,

present~

sous forme de liste, degageant un benefice de 1 442 685 euros.

L'exercice a une duree de 12 mois, recouvrant la periode du 01/01/2011au31/12/2011. Les notes ou tableaux ci-apres font partie integr9nte des comptes annuels. Ces comptes annuels ont ete arretes le 03/05/2012 par les dirigeants de l'entreprise.

Regles generales Les comptes annuels de l'exercice au 31/12/2011 ont ete etablis selon les normes definies par le plan comptable general app.rouve par arrete ministeriel du 22/06/1999, la loi n° 83-353 du 30/04/1983 et le decret 83-1020 du 29/1111983,,~t conformement aux disposittons des reglements comptables 2000-06 et 2003-07 sur les passifs, 2002-10 sur l'amortissement et.la depreciation des actifs et 2004-06 sur la '

definition, la comptabilisation et evaluation des actifs.

, Les conventions comptables ont ete appliquees dans le !espect du principe de prudence, conformement aux hypotheses de base ' - continuite.de !'exploitation, - P(rma,nence des methodes comptables d'un exercice

a l'autre,

- independance des exercices. et conformement aux regles generales d'etablissement et de presentation des comptes

annu~ls.

' La methode de base retenue pour !'evaluation des elements inscrits en comptabilite est la methode des coots historiques. Seules sont exprimees les informations significatives. Sauf mention, les montants sont exprimes en euros.

a leur coOt d'acquisition pour les actifs acquis a titre onereux, a leur coOt de a leur "!aleur venale pour les actifs acquis a titre gratuit et par voie, d'echange.

Les immobilisations corporelles et incorporelles sont evaluees production pour les actifs produits par l'entreprise,

Le coot d'une immobilisation est constitue de son prix d'achat,'y compris les droits de douane et taxes non recuperables, apres deduction des.remises, rabais commerciaux et e~comptes de reglement de taus les coots direCtement attribuables engages pour mettre l'actif en

a a ce coot d'acquisition. Taus les coots qui ne font pas partie du prix d'acquisition de !'immobilisation et qui ne

place et en etat de fonctionner selon !'utilisation prevue. Les droits de mutation, honoraires ou commissions. et frais d'actes lies !'acquisition, sont rattaches

peuvent pas etre rattaches directement aux coots rendus necessaires pour mettre l'actif ~n place et en etat de fonctionner conformement

a !'utilisation prevue, sont.•comptabilises en charges. Les amortissements pour depreciation sont calcules suivant le mode lineaire et degressif en fonction de la duree de vie prevue. * Concessions et Brevets : Neant * Constructions : 10

a 50 ans

a 10 ans a 6 ans * Materiel et outillage industriels : 4 a 6 ans

* Agencements des constructions: 6 * Installations techniques : 4

*Installations generales, agencements et amenagements divers: 6 * Materiel de transport : 3 * Materiel de bureau : 4

a 10 ans

a 5 ans

a 5 ans a 5 ans

*Materiel informatique : 4 * Mobilier : 6

a 10 ans

~h.r_:. ___

.... / ____CA_a1_N_Er_s_'>"_N_A_u_1A_N_c_E_ _

~l/ Tet.

64_._ru_e_ae_n_ifa_m_in_aa,.--;11_au_d_J_1s_o_o_ro_u_L_o_u_sE_ _

os 61 61 61 so

/L~JL_4_9_~7

Periode du 01 /0112011 au 31 /1212011

#

~/_s_A_S_A_N_T_A...,.V_IA_ __,_ _ _ _ _ _ _ _ _ _ _ ___,·

[

Comptes Annuels /

I Regles et met~odes comptables La duree d'amortissement retenue par simplification est la duree d'usage pour les biens non decomposables

a l'origine.

Stocks Les coots d'acquisition des stocks comprennent le prix d'achat, les droits de douane et autres taxes,

a !'exclusion des taxes ulterieurement

recuperables par l'entite aupres des administrations fiscales, ainsi que les frais de transport .

.

.

Les rabais commerciaux, remises, escomptes de reglement e~ autres elements similaires sont deduits pour determiner les coots d'acquisition. Les produits fabriques sont valorises au coot de production comprenant les consommations, les charges directes et indirectes de production, les amortissements des biens concourant

a la production. Le coot de la sous activite est exclu de la valeur des stocks. Les

interets sont exclus pour la valorisation des stocks. Les stocks sont evalues suivant la methode du coot moyen pondere. Pour des raisons pratiques et sauf ecart significatif, la methode du prix de detail a ete appliquee. Une provision pour depreciation des stocks egale

a la difference entre la valeur brute determinee suivant les modalites indiquees ci-dessus

et le cours du jour ou la valeur de realisation deduction faite des frais proportionnels de vente, est effectuee lorsque cette valeur brute est superieure

a l'autre terme ~nonce.

Creances

----0--·-···-·----

------------·------···-'""""-··-- ---------·--·-·-·------··---·-----· ·---·--

'

a leur valeur nominale. Une provision pour depreciation est pratiquee lorsque.la valeur d'inventaire est a la valeur comptable.

Les creances sont valorisees inferieure

Les produits et charges exceptionnels tiennent compte des el~_ments qui ne sont pas lies

a l'activite normale de l'entrepri~e.

Qp_~r~!i.~.r1.~}~B. ~-~~J.~~~-------------··---. -------------------·--··-.. ·------..···-·--··.. -· . ··-·-..------·----------a la date d'Etntree ou, le cas echeant,

Lors d'acquisition d'actif en monnaie etrangere, le taux de conversion utilise est le taux de change

celui de la couverture si celle-ci a ete prise avant !'operation. Les frais engages pour mettre en place les couvertures sont egalement integres au coot d'acquisition. Les dettes, creances, disponibilites en devises figurent au bilan pour leur contre-valeur au cours de fin d'exercice. La difference resultant de !'actualisation des de,ttes et crean~s en devises

a ce dernier cours est portee au bilan en ecart de conversion.

Les pertes latentes de change non compensees font l'objet d'une provision pour risques, en totalite suivant les.modalites reglementaires.

La convention collective de l'entreprise prevoit des indemnites de fin de carriere. II n'a pas ete signe un accord particulier. Les engagements correspondants n'ont pas ete constates sous la forme de provision.

,•·

·1

CABINET SYNAUIANCE

' hr. . ____

_,/J Tel.

64_._ru_e_ae,.....n_ifa_m_in_aa_H1_au..,.d_J_1s_o_o_ro_u_L_o_u_sE_ _

os 61 61 61

~o

/

lliiiJ{so __}

Periode du 01/01/2011 au 31/12/2011

.... /_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _

C'7

____,§

Comptes Annuels /

Faits caracteristiques

~!!~!~~-J~lel'!!~~J~-~!gn ~fic~Jlf~------------· ·-------------··--·---------··------· ·----------------------·-··--------·_:__ Les creances douteuses sont provisionnees

a hauteur de 100% de leurs montants HT.

La societe ANTAVIA est entree en 2010 dans le perimetre d'integration fiscale du Groupe AMETEK HOLDINGS

SA~L.

La societe AJ':ITAVIA fait l'objet d'une consolidation du Groupe AMETEK HOLDINGS SARL.

,,.;

~-~---"--CA_a_m_E_Ts_~_N_~u~~-Nc_E j ~-_,// __

64, rue Benjamin Bai/laud 31500 TOULOUSE

/ / Tel. 05 61 61 61 ao

/[email protected];][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 /

[[email protected]{s4 __,]

Periode du 01/01/2011 au 31/12/2011

._/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,//

L

I

Comptes Annuels /

Notes sur le bilan

Actif circulant Stocks Informations sur les evaluations effectuees sur l'exercice : - Stocks pieces : prix d'achats du lot plus frais de transport si applicable. - En cours : prix d'achats des pieces plus main d'oeuvre.

Etat des creances Le total des creances

a la cloture de l'exercice s'eleve a 3 197 183 euro·s et le classement par echeance s'etablit comme suit : Montant

Echeanees

Echeances

brut

a moins d'un an

a plus d'un an

Creances de l'actif immobilise : Creances rattachees

a des participations

Pre.ts Autres

18198

18 198

Creances de l'actif circulant : Creances Clients et Comptes rattaches

2 932 161

Autres

2932161.

222.467

222 467

24 357

24 357

3 197 183

3 178 985

Capital souscrit - appele, non verse Charges constatees d'avance

Total

18 198

Prets accordes en cours d'exercice Prets recuperes en cours d'exercice

'

Prqduits

.

a recevoir

II Clients Fact A Etablir I

8691

ETAT PRODUITS A RECEVOIR

7 9031

I"

I Total

8 772 '

i .. -·

cA_a_1N_E_r_s~_N_l'lu_1A_N_cE_ __,h._r___

,_/_,___

6_4._ru_e_ae_n_ifa_m_in_aa_;_11a_ud_J_1s_o_o_ro_u_w_u_s_E_

-------·--------. ·····---···- ·-· .. ·-···--··· . - .i

__,// Tet. os 61 61 61. ao

/Jt~~

-

~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _~//

"

I

I

Periode du 01/01/2011 au 31/1212011

Comptes Annuels /

Notes sur le bilan . --------------------------------------------------------------

Composition du Capital Social

-[

Capital social d'un montant de 100 000,00 euros decompose en 5 000 titres d'une valeur nominale de 20,00 euros.

l

~~--~~~~~~~~~~-----~~~~~~-l

Nombre

Valeur nominal~

!

I

20,00 I

5 000

Titres composant le capital social au debut de l'exercice

I' Tit!eS emis pendant l'exercice

I

I Titres rembourses pendant l'exercice I I Titres C?mposant le capital social a la fin de l'exercice L ••••••••• -····------·-------·----

--·-·-·· ---- --······-·

5 000 ••• - •• -····----·-

20,00 ., .

--- -----------------

·-·-------·· ------. --

Affectation du resultat Decision de l'assemblee generale du 30/06/2011.

'

===---

I

Montant

~]



I Report a Nouveau de l'exerc1ce precedent I Resultat de l'exercice precedent

1 623 891 :

Prelevements.sur les reseives

.

Total des origines

:,

1 623 891

II Affectations aux reseives

1 623 891 I

I Distributions

I Autres repartitions I Report !

"

a Nouveau.

Total des affectations

1 623 891

I

L. ·--------· ---- ------------------

s_~_N_ALL_tA_Nc_E

.... /_-_ _c_A_B_tN_E_T

~h.1_-..,.._6_4._ru_e_Be_n_ifa_m_in_Ba_,_ua_ud....,.3_1s_o_o . _ro_u_w_u_s_E_~/

__

/

Tel. os 61 61 61 80 /

&iiiPJ/j~~

.... /_s_A....,...s_A_N_T_A_V_IA,...---------------~#

{

Periode du 01/0112011 au 31/12/2011

Comptes Annuels /

· 1 Ne>tes sur le bi Ian Table~u

de variation des capitaux propres Solde au

Affectation des resultats

01/01/2011

Augmentations

Diminutions

Solde au

am212011

I

I

I Capital

1000001

100 000'

!

: I Primes d'emission

36 865[

36.865

I Rese,rves generales

10 oool 3 316 768'

1623891

I Re~ultat de l'exercice

1623891

-1623891

J

Reserve legale ·

10 000 4 940 658 144268ey

1442685

.l

I .I Total Capitaux Propres

Provisions

5 087 523

·-----

1 442 685

6 530 208

--~-------~--

Tableau des provisions Provisions

Dotations

Reprises

Reprises

au debut

de l'exerclce

utillsees

non utlllsees

a la fin

de l'exerclce

de J'exerclce

de l'exercice

de l'exerclce

Provisions

i 6 781

Litiges

6 781

!

10 561

!

Garanties ·donnees aux clients P~rtes

sur marches

a terme

Amendes et pena!ites

12 319

Pertes de change

.10 561

12 318

Pensions et obligations similaires Pour impOts

!

.I

Renouveilement des immobilisations

'

i .Gros entretien et grandes revisions

, Charges sociales et fiscales I sur conges a payer I Autres provisions pour risques et charges 1

Total

12 319

17 342

12 318

17 342

Repartition des dotations et des reprises de l'exercice : 6 781 10 561

Exploitation Financieres Exceptionnelles.

Les provisions pour litiges sont liees

I

a des marchandises deteriorees lors du transport

CABINET SYNALLJANCE

//

.

64, rue Benjamin Bai/laud 31500 TOULOUSE

/ / Tel.0561616180

/~~D

... /_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _



__,#

Periode du 01/0112011 au 31/1212011

Comptes Annuels /

I Notes sur le bilan Dettes Etat des dettes Le total des dettes

a la cloture de l'exercice s'eleve a 1 952 241 euros et le classement par echeance .s'etablit comme suit: Montant

Echeances

brut

a moins d'un an

Echeances

Echeances a.:plus.d'un an

a
Emprunts obligataires convertibles Autres emprunts obligataires Emprunts ef dettes au pres des etablissements de credit dont :

- a 1 an au maximum a l'origin~e - a plus de 1 an a l'origine Emprunts et dettes financieres divers Dettes fournisseurs et comptes rattaches Dettes fiscales et sociales

1008387

1008387

942 668

.942 668

'•

I Dettes sur immobilisations et c0mptes ! rattaches

1 186

1:

1 185

I Autres dettes I Produits co.nst~tes d'avance ' 1 952 241

Total

1 951 056

1 185

I Emprunts souscrits en cours d'exercice I Emprunts rembourses sur l'exercice dont :

.: l

-~-

I

i

--·--------·-·--·-------·~--·-·------· --·--.---l----·-------~~---1- -----~---

Charges

a payer

r

·---·-·----- , ___ --

--··---·----·----~------·- .. --

'

-·---·--

_........ Montant

II

'

I

I Fact Non Parvenues

211 081

i Conges A Payer

202 3731 198 489 I

Prov. Participat. Salaries Personnel Charges ·A Payer

121 259

i

140 375 I

, Org.Soc. Charges A Payer

76 305 I

I Etat Autres Ch. A Payer

I 955 888

Total

~h.~---6-4_, .

.... /_;..._ _ _ CA_B_IN_E_,T_s_vN_A_L_u_AN_c_E_ _

ru_e_Be--,,.n1...,am_i_n_aa_m_au_d_3_1s_oo_r_o_u_Lo_u_s_E_

__,// TM. _os 61 61 61 80

IfiiiiiilL 58 ~ 7

Periode du 0110112011au31/1212011

.... /_s_A_S_A_N_T_A_V_IA-.,.,..._ _ _ _ _ _ _ _ _ _ _ _ _____,ff

L

I

Comptes Annuels /

Notes sur le bilan

Autres informations Elements concernant les entreprises liees Entreprises liees

Entreprlses avec lien



de participation

Capital souscrit non appele Avances et acomptes sur immobilisations incorporelles Avances et acomptes sur immobilisations corporelles Participations Creances rattachees

a des participations

Prets Autres titres immobilises Autres immobilisations financieres

Total Immobilisations Avances et acomptes verses sur commandes Creances clients et comptes rattaches

49 659

Autres creances

143 254

Capital souscrit appele, non verse

192 913

Total Creances Valeurs mobilieres de placement Disponibi!ites

Emprunts obligataires convertibles Autres emprunts convertibles Emprunts et dettes aupres des etablissements de credit. Emprunts et dettes financieres divers Avances et acomptes rec;us sur commandes en cours 35066

Dettes fournisseurs et comptes rattaches Dettes suUmmobilisations ~t comptes rattaches Autres dettes

35066

Total Dettes

a 192 913€ ; les dettes concernant les a 35 066€ - leur.repartition est detaillee dans le tableau ci dessus. II n'y a pas

Les creances concernant les entreprises liees ou avec un lien de participation s'elevent entreprises liees ou avec un lien de participation s'elevent

eu de charges et produits financiers concernant les entites liees.

r___

CA_a_1N_E_r_.s_vN_~_u_1_~N_c_E'-----'h....

,_/____

_aa_H1_au_d_3_1s_oo_r_o_u_w_u_s_E_~//

64_._ru_e_ae_n1_·am_i_n

Tet.

os 61 61 61 so /

{#iffe/ID

._/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _

I

7

___,f

Periode du 01/01/2011 au 31/12/2011

Comptes Annuels /

Notes sur le bilan

~-C?l!!P~~-s___c:!~_r~g-~ larj~_ati
Charges constatees d'avance Charges d'exploitation

Charges Financieres

Charges Exceptlonnelles

I

Ii Charges Constat.D Avance

24 357 '

I

Total

24 357

'

I

______ .I

--. -· ·- ... -----------·-----· -- --- -- - --- -·-· --- -- ---- --- ------ ------ ------ ----------- ~--------------------------J __ --- ---

,_/_ _ _CA_a_1N_E_r_s'l"._N_l'.u_1_,,.N_c_E_

__,h._1___64_,ru_a_aa_n_ifa_m_1n_aa_H1_au_d_31_so_o_ro_u_w_u_sE_

__,// .Tel os 61 61 61 80 /

[!iiife!f_6_0_~7

Periode du 01/01/2011 au 31/12/2011-

._/_S_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ ____,//

Comptes Annuels /

I : :-:.J Notes sur le compte de resultat Chiffre d'affaires

France

Etranger

Total

I

Ventes de produits finis Ventes de produits intermediaires

1.240

1 240:

Ventes de produits residuels 1

I

Travaux

I

Etudes

I

Ventes de marchandises

~I

, Produits des activites annexes

I

i

i

~

Prestations de services

18523,32:

3518935[

3 305 065!

4 738 3121

4465

25 471

5161 862

8 283 958

i

5 371 2671 8 043 377 29 936 !

! TOTAL l_______ ---- --- -- -- ---- - -- -

i

---- -------------------- - _ _i _______ -

Remuneration des commissaires aux comptes Montant comptabilise au titre des diligences liees

13 445 820 - ... --- --·-----·-·--····--· ...... _.!

.-~

a la mission de contr61e legal des comptes annuels : 24 224 euros

Transferts de charges d'exploitation et financieres Financier

Les transferts de charges concernent principalement des remboursements d'indemnites journalieres, des remboursements de formations continues o.u en alternances et enfin, des avantages en natures.

..

Parties liees Transactions effectuees avec des parties liees conclues aux conditions normales de marche -· solde au 31/12/2011 :

Liste des transactions significatives - Creances clients avec AEM LTD pour un montant de 12 454 € - Crea nee solde IS avec AMETEK HOLDING pour un montant de 143 254 € - Creance client avec HSA pour un montant de 5_,306 € - Creance client avec AMETEK CORPORATE pour un montant de 15 959 € - Creance client avec SINGAPOURE PTE LTD pour un montant de 15 940 € ;; Dette fournisseur avec HIGH STANDARD AVIATION pour un montant de 5 340 €

_,h'-Z___

,_/_ _ _c_A_a_1N_E_rs_v_N_ALL---.,.1A_Nc_E_ _

64_._ru_e_ae_n_ifa_m_in_aa_;_ua_ud_3_1s_oo_rn_u_w_u_s_E_

__,// Tel. os 61 61 61 BO /

§iii/L61 J

...... /_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ __,__ _ _ _ _

I

7

__,f

Periodedu 01/0112011au31/12/2011

Comptes Annuels /

Notes sur le compte de resultat

- Dette fournisseur avec AMETEK CORPORATE pour un montant de 10 393 € - Dette fournisseur avec AM ERON pour un montant de 2 605 € - Dette fournisseur avec WOODSTOCK pour un montant de 393 € - Dette fournisseur avec AEM LTD pour un montant de 16 335 €

Resultat exceptionnel Operations de 1:exercice

Charges

I I Creances devenues irrecouvrables dans l'exercice

1 ·

3 2871 1831

I Autres charge;s exceptionnelles sur operations de gestion i Valeurs comptables des elements d'actif cedes

I

501421 796!

; Autres charges

i

I

Pr:oduits I

Autres produits exceptiqnnels sur operations de gestion

8601

I· Produits des cessions d'elements d'actif I Autres produits

7 8011 2 9811

I

I TOT AL

54 407

11 642

!_____ ------·-- ---·-· -·- ·----- ·------ ····-·------··---- -------- ···---------·--·-- ------· --·--·--- -·---··--····---- -·---·-···· Resul,t_~t etJ!!!P-6t~__surJ~s bene_'f_ic_e_s_ _ _ __

---····------------

Ventilation de l'impot Resultat avant lmpot

Im pot correspondant

Resultat apres Impot I

I I + Resultat courant

2 404 605

734 921

1669684

-42 765

-14 255

-28 510

II

!

i

I

i + Resultat exceptionnel

'

I ,,

I - Participations des salari~s

198 489 I

-198 489

I

!

Resultat comptable

2 163 351

'-·--·-··------- - - - - - - - - - · · · · - · · · - - - - ·····---·--------·-]__________

_,~._1___

L../___c_A_a_1N_E_Ts_Y:_N_AL_L_1A_Nc_E_ _

720 666

··-----·-·-··---·-·-·-·--··

'

J

- - - - · . L-------···-··-···--···-· ..

_ro_u_w_u__,s_E_~//

6_4._ru_e_ae.,..n_lja_m_in_aa_;_11a_ud_3_1s_o_o

1 442 685

Tel. 05 61

61 61

BO /

~/jfj

Periode du 01/01/2011 au 31/12/2011

·. I

... /_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,//

Comptes Annuels /

l Notes sur le compte de resultat Accroissements et allegements de la dette future d'impot La situation fiscale latente, compte tenu d'un taux d'impot sur les societes de 33 1/3 %, fait ressortir une creance future d'un montant de 81 301 eu.ros. Ce montant ne tient pas compte d'un eventuel paiement de la contri~ution sociale sur les benefices.

Montant ! Accroissements de la dette future d'impot

':----- ----·--------·---

J

-:;-~--~ ---~--~-·----~----

--------- ----------- ----------~--------

--~------

]

----·---- --- -· ---·--·-·-· -------~- ---·· -+--·---- ---~----- -------·r·· --~-\

Lies aux amortissements _derogatoires

I Li~s aux provisions pour h.a_usse des P.rix i

Lies aux plus-values

a reintegrer

II Lies a d'autres elements A. Total des bases concourrant

a augmenter la dette future

I

I Allegements de la dette future d'impot

I i

I Lies aux provisions pour conges payes

i Lies aux provisions et charges a payer non deductibles

I

' i

Lies

243 902

1

-

a d'autres eJ.ements

B. Total des bases concourrant

a diminuer la dette future

243 902

C. Deficits reportables D. Moins-values

a long terme

Montant de la creance future

81 300,67

I (A- B- c - D) * 33 1/3 %

I _--

______ L _____ ... . ,. . . ... . ,....,.________ . _···--·-- _ i

-·-- -

1.~P-~!~ ~u i:J~_s__ benefic~~ ~J_r.!t~g~~!~P_r:i _fI~~_ale ________________________________________ -·- _-----------------------------·---------------· A partir de l'exercice ouvert au 01 /01/2010, la societe SAS ANTAVIA est comprise dans le perimetre d'integration f[scale du groupe AMETEK HOLDINGS SARL. Au titre de !'integration fiscale, montant compris dans l'impot sur les societes : Charges de l'exercice : 721 866 euros L'impot sur les societes comptabilise n'est pas altere par des conventions particulieres au groupe.



cA_s_1N_E_r_s~_N_J1L_L_1A_N_cE_ __,hY ....___

,_/____

6_4,_ru_e_Be_n_ifa_m_in_Ba_i_11a_ud_3_1s_o_o

_ro_u_w_u_s_E_~h

Tel. 05 61 61 61 BO

· Periode du 01/0112011au31/1212011

I SAS ANTAVIA I

//

Comptes Annuels /

] Autres infprmations Effectif Effectif moyen du personnel : 67 personnes dont 1 apprenti.

Personnel salarle

l Cadres

Personnel mis a disposition

a/

17!

Agents de maitrise et technicie_ns,

I Employes I Ouvrie~s

17 25

Total

67

L-----;---- -----.----------- ------------- - ----------------------------------------------- - - - __J____________ Droit lndividuel

a la Formation

La loi du 4 mai 2004 ouvre pour les salaries des entreprises fran9<1ises un droit a formation d'une duree de 20 heures minimum par an cumulable sur. une periode de 6 ans. Les depenses engagees dans le cadre de ce droit individuel comme des charges de la periode et ne donnent pas lieu

a la formation (D.l.F) sont considerees

a comptabilisation d'une provision sauf situation exceptionnelle.

Le nombre d'heures de formation correspondant au cumul des droits acquis par les salaries

a la date de cloture s'eleve a 773 heures dont

6 095 heures n'ont pas fait l'objet d'une demande des salaries.

._l____cA_a_1N_E_r_s_vN_A_LL_1_AN_c_E_ __,h._1___64_._.ru_eae_n1_-am_i_n_aa_m_au_d_3_1s_oo_r;_o_u_L_o_.u_s_E_

"

__,//

Tel. 05 61 61 61 80

/[ifaiil~

~/,..,...s_A_S_A_N_T_A_V_IA_·-------....,...._------~//

Periode du 01/0112011au31/1212011

Comptes Annuels /

"

I

I

Autres informations ---------. ---·--·--·---------·----------------------- · - - - -

Engagements donnes

:

Montanten euros

.

j

I Effets escomptes non echus I!

"

I Avals et cautions 1

Engagements en matiere de pensions 1

: Engagements de credit-bail mobilier

I I Engagements de credit-bail immobilier

I

I 123 879

Engagement en matiere de retraite

i Autres engagements donnes

i

123 879'

Total

123 879

i

I Dont concernant : i Les dirigeants I Les filiales

I Les participations I Les autres entreprises liees

_i

L~~ga~:~en~s a_sso:~~~ sure~~s r:~~:

_______ -----------------··---··- ------------------------------.---------------- - ,_________,, ___________ ,,____

~ng_!l_g~_!llen~~_ de

retr_a_it_e_____

_!

---·-------------------------------

Monta.nt des engagements pris en matiere de pensions, complements de retraite et indemnites assimilees: 123 879 euros Le montant des engagements en matiere d'indemnites de fin de carriere d'un montant de 123 879€, non comptabilise, est precise ci · apres. Les calculs 'ont ete effectues en utilisant la methode simplifiee avec integration des parametres suivants : - estimation turnover : 4% - probabilite de survie : 99% - evolution des salaires : 3% - age de depart

a la retraite : 65 ans

- taux de.charges : 40% - formule retenue : (98%) puissance n (n representant l'anciennete au depart du salarie) - Soit : indemnite globale de depart x (0.98) puissance n x anciennete actuelle/anciennete au depart. - taux d'actualisation : 2%

Regimes

a cotisations definies

Montant des cotisations comptabilisees en charges : 0 euros

_,h._r___64_,ru_eae_n1_'am_i_n_aa_;11_au_d_3_1s_oo_r._o_u_L_ou_s_E_

,_/_·_ _ _ CA_a_1N_E_r_s_vN_A_u_1_AN_c_E_ _

.,

___,// Tel. 05 61 61 61 80

I§iil~s

~

EXEMPLAIRE GREFFE

DELOITTE MARQUE & GENDROT

ERNST & YOUNG Audit

r

1

! Exercice clos le 31 decembre 2011

Rapport des commissaires aux comptes sur les comptes annuels

DELOITTE MARQUE & GENDROT 185, avenue Charles-de-Gaulle 95524 Neuilly-sur-Seine Cedex S.A. au capital de€ 27.200.000

ERNST & YOUNG Audit 1, place Alfonse Jourdain B.P. 98536 31685 Toulouse Cedex 06 S.A.S. a capital variable

Commissaire aux Comptes Membre de la compagnie regionale de Versailles

Commissaire aux Comptes Membre de la compagnie regionale de Versailles

Exercice clos le 31 decembre 2011

Rapport des commissaires aux comptes sur les comptes annuels

A l'Associe Unique, En execution de la mission qui nous a ete confiee par decision de l'associe unique, nous vous presentons not re rapport re lat if l'exercice clos le 31 decembre 2011, sur :

a



le controle des comptes annuels de la societe Antavia, tels qu'ils sont joints au present rapport ;



la justification de nos appreciations ;



les verifications et informations specifiques prevues par la loi.

Les comptes annuels ont ete arretes par le president. II nous appartient, sur la base de notre audit, d'exprimer une opinion sur ces comptes.

I.

Opinion sur les comptes annuels

Nous avons effectue notre audit selon les normes d'exercice professionnel applicables en France ; ces normes requierent la mise en ceuvre de diligences permettant d'obtenir !'assurance raisonnable que les comptes annuels ne comportent pas d'anomalies significatives. Un audit consiste verifier, par sondages ou au moyen d'autres methodes de selection, les elements justifiant des montants et informations figurant dans les comptes annuels. II consiste egalement a apprecier les principes comptables suivis, !es estimations significatives retenues et la presentation d'ensemble des comptes. Nous estimons que les elements que nous avons collectes sont suffisants et appropries pour fonder notre opinion.

a

Nous certifions que !es comptes annuels sont. au regard des regles et principes comptables franc;ais, reguliers et sinceres et donnent une image fidele du resultat des operations de l'exercice ecoule ainsi que de la situation financiere et du patrimoine de la societe a la fin de cet exercice.

II.

Justification des appreciations

En application des dispositions de !'article L. 823-9 du Code de commerce relatives a la justification de nos appreciations, nous vous informons que les appreciations auxquelles nous avons procede ont porte sur le caractere approprie des principes comptables appliques et sur le caractere raisonnable des estimations significatives retenues. Les appreciations ainsi portees s'inscrivent dans le cadre de notre demarche d'audit des comptes annuels, pris dans leur ensemble, et ont done contribue la formation de notre opinion exprimee dans la premiere partie de ce rapport.

a

Ill.

Verifications et informations specifiques

Nous avons egalement procede, conformement aux normes d'exercice professionnel applicables en France, aux verifications specifiques prevues par la loi.

a

Nous n'avons pas d'observation formuler sur la sincerite et la concordance avec les comptes annuels des informations donnees dans le rapport de gestion du president et dans les documents adresses l'associe unique sur la situation financiere et les comptes annuels.

a

Toulouse, le 14 juin 2012 Les Commissaires aux Comptes DELOITTE MARQUE & GENDROT

Antavia Exe re ice clos le 31 decembre 2011

ERNST & YOUNG Audit

2

Periode du 01/01/2011 au 31/12/2011

~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff J

Comptes Annuels /

Bi Ian ,Amortlsseirnmts . '· DeplSql•t~JJ.§

·Ne~

.fl.let8\f

31112111

.. ~10.

ACTIF CAPITAL SOUSCRIT NON APPELE

Immobilisations incorporelles Frais d'etablissement Frais de recherche et de developpement Concessions, brevets et droits assimiles

47 103

Fonds commercial

19 056

45 795·

1 308 19 056

19 056

Autres immobilisations incorporelles

Immobilisations corporelles Terrains Constructions

662 949

62 101

620 693

620 431 480 044.

42 518

Installations techniques, materiel et outillage

140 649

130 954

Autres immobilisations corporelles

178 626

136 193

lmmob. en cours I Avances & acomptes

42 433

29 881

68 743

68 743

14 517

1 579

1 579

1 579

18 198

18 198

16 259

Immobilisations financieres Participations et creances rattachees Autres titres immobilises Prets

___

Autres immobilisations financieres

[rofA. l:..l9i~?!t~§§~,::::::::: .

~::~~-----~1-·~!!!46'·~~--1.-f-,~-J~~,-~-~.--934-4-M ___..,__..~a481

Stocks Matieres premieres et autres approv. En cours de production de biens En cours de production de services

595 425

133 842

461 583

692 205

2 103 885

239 295

1 864 590

1530442

2 897 438

2374841

5 204

9 543 60 659

Produits intermediaires et finis Marchandises

Creances 2 932 161

Clients et comptes rattaches

34 723:

I

Fournisseurs debiteurs 5 204

Personnel Etat, lmpots sur les benefices Etat, Taxes sur le chiffre d'affaires Autres creances

66 106

66 106

151 157

151 157

2 342

2 342

60 667

2 797 092

2 797 092

2 060 369

24 357

24 357

30 912

Divers Avances et acomptes verses sur commandes Valeurs mobilieres de placement Disponibilites Charges constatees d'avance

rrorA'.L"A'.criF=<:. 1~cuL.ANT '"'-·-·Charges

................

......--.......,,8....,_ .-._.---.---..• --.. ~~···----· ...-~-· ····rAAR'l

-~-

··-------~·~--- ~I!l~-~1~?::!2~~--.J.t~~.~~!

a repartir sur plusieurs exercices

2:~19~~1!.i

Prime de remboursement des obligations Ecarts de conversion - Actif

r

12 319

10 561 ·

COMpri:'s,rijfkrfo~RISATION ·~--- . -- .........--~-1o~s61

TOTAL ACTIF

10 305 236

1·2~,1~.

1 690 322

8 614 915

7 106 305

.__/_s_A_S_A_N_T_A_V_IA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff

,.

___

F

l.

"'il''"""'''j .

Periode du 01/01/2011 au 31112/2011

Comptes Annuels /

Bi Ian Me~
3111211~

PASSIF Capital social ou individuel Primes d'emission, de fusion, d'apport, ..,

100 000.

100 000

36 865

36 865

10 000

10 000

4 940 658

3 316 768

Ecarts de reevaluation Reserve legale Reserves statutaires ou contractuelles Reserves reglementees Autres reserves Report

a nouveau

[@!!!J§l~~,!-~-~e-.~~-,.1.~---e-=----·--~-----------'""-----·-·_1 ~!. ,~~~--______1_6~~t!J] Subventions d'investissement Provisions reglementees

[iqi..\[a!e1~Y?
[!orAVA!J'1~§'!'~~.!;!!§PR~S~,~~-;_-~ ____.____~---~~------~ Provisions pour risques

12 319;

17 342

Provisions pour charges

[ro,-~[!-~~~~~ P~.Yif§~es~cij..\~~~~-----::::::_-_-_-_-_-_-_-_~_-_···::_11·~~-.2-.------····--~~!!~ Emprunts obligataires convertibles Autres emprunts obligataires Emprunts Decouverts et concours bancaires

Emprunts et dettes aupres des etablissements de credits Emprunts et dettes financieres diverses 338 303

Emprunts et dettes financieres diverses - Associes Avances et acomptes rei;;us sur commandes en cours Dettes fournisseurs et comptes rattaches

99 605

17 592

1 008 387

882 532'

Personnel

522 121

537 785

Organismes sociaux

344 101

132 835.

Etat, lmpots sur /es benefices Etat, Taxes sur le chiffre d'affaires

142

Etat, Obligations cautionnees Autres dettes fisca/es et socia/es

Dettes fiscales et sociales Dettes sur immobilisations et comptes rattaches

90 970

76 305.

942 668

761 591 '

1 186

1 186

Autres dettes Produits constates d'avance

·:ioof ;g4 . . . . .~--­

--~~2-051846 (§TAt D"tt~s ··~~~-.__.,---·~,~,···--~~~~----.......---~---.......---Ecarts de conversion - Passif

TOTAL PASSIF

15 518

8 614 915

J

5 258 i

7 106 305

~/_s_A_S_A_N_T_A_V_l_A_ _ _ _ _ _ _ _ _ _ _ _ _ _ __,//

Periode du 01/01/2011 au 31/12/2011

Comptes Annuels /

Compte de resultat cw 01/MM1

~---._,

·%

•4111'1M!O

au·.,1112M1



·au3..:i!.-.11

°'

F"·

· $m:ont11nt~

·f2.m(ll$:

1:2 lll!JIS

•r? ~:l

·Variation. . r'Jaft've

~'~~

'(%)

PRODUITS Ventes de marchandises

8 043 377

59,82

8 226 904

58,95

-183 527

-2,23;

Production vendue

5 402 443

40,18

5 728 796

41,05

-326 353;

-5,70;

Production stockee

-128 115

-0,95

244 580

1,75

-372 695

-152,38

Subventions d'exploitation 73 091

0,54

39 831

0,29

33 260.

13390797

99,59

14 240 111

102,04

-849 314

4 664 275

34,69

4 612 033

33,05

52 241

1, 13

-422 019

-3,14

-53 375

-0,38

-368 644

690,66

199 386

1,48

182 437

1,31

16 948

9,29

2 861 490

21,28

3 323 814

23,82

-462 325

-13,91

7 303 130

54,32

8 064 910

57,79

-761 779

-9,45

Autres produits

Total

83,50

-5,96.

CONSOMMATION MISES & MAT Achats de marchandises Variation de stock (mises) Achats de m.p & aut.approv. Variation de stock (m.p.) Autres achats & charges externes

Total

}:YJ7,'

'V"'W'l!',~"i:f03___.,~,,,,.,,,,,

6087667 ,,,m: k,·

,''"·

45,28

/'1i'-:'

n; ''' •

"""'."11';""""'~"""'"~1''.'Jhi!,; '",i~--_,

_s..~.!Rf~H

"~~~"'"'!"'
441 5' ~?.Ja5

-1A21

CHARGES 219 694

1,63

203 808

1,46

15 886

2 275 590

16,92

2 065 495

14,80

210 095

10,17 i

Charges sociales

939 437

6,99

835 748

5,99

103 689

12,41

Amortissements et provisions

339 081

2,52

299 951

2,15

3 773 897

28,07

3 405 067

24,40

179 096

1,33

135 646

0,97

43 451

32,03

-98 933.

-52,85 ;

lmp6ts, taxes et vers. assim. Salaires et Traitements

7,79 ;

Autres charges

64

93

Total

Produits financiers Charges financieres

Resultat financier

39 130;

88 261

0,66

187 194

1,34

90 835

0,68

-51 549

-0,37

13,05

29

44,99

368 830

10,83

142 384 -276,21 ;

Operations en commun

..i>__,!"

-~2.10.4so5

e

''"&!fl"'"':·''''<('"·~'''""'

c-r

1!,88~~2I~!J!6__.1~~1f ~

"-31'39801 +i.~,s,

.... U•i"

·:·~! ,,:[email protected]

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 [email protected] 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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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/[email protected]?BUTT=244229570000RCT2V-DEP&kvknummer=244229570000&product=Jaarrekeningen

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Financial year:

2009

2008

Liquidity golden balance

2.40

2.63

Solvency assets / debt equity / total assets equity / debt

1.71 0.42 0.71

1.61 0.38 0.61

0

0

Profitability Other key figures number of employees Amount: Currency: working capital

x1 EUR 10.3683 million-

x1 EUR 12,620,881-

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2/2

COPIE CERllflff

AGREMENT DGFIP C5109.10004

CD I

Formulaire cbligaiohc (article .S3 A du cede ~n!ral d
Designation de l'entreprise :

BILAN - ACTIF

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I

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Adresse de I'entreprise 29

OUAI DES GRESILLDNS

92230 GENNEYILLIERS

Numero SIRET * 141olalol912l2l1l6lololol3l1I

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AB

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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

12 931 800

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

4 625

735 674

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AT

i.

455 986

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8 g Immobilisations en cours Avances et acomptes

AX

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cs

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evaluees selon B Ia met ode de mise en equivalence

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ades participations

Autres titres immobilises

767 076

CV

DD

BC

DD

BE

31 402

BF

2 248 993

BG

2 248 993

3 150 668

DH

1 265 675

BI

1 265 575

1109 643

BJ

19 854 926

DK

1 332 063

18 522 863

19 296 234

Matieres premieres, approvisionnements

BL

3 854 271

BM

604 389

3 249 882

2 528 916

En cours de production de biens

BN

18 657 941

DO

325 238

1B 332 702

18 590 378

B En cours de production de services 0

BP

Produits intermediaires et finis

DR

2 301 408

DS

527 179

1 774 228

1 123 226

~

Marchandises

DT

143 061

nu

39 035

104 026

84 405

~

Avances et acomptes \•erses sur commandes DV

38 119

nw

38 119

60 947

Clients et comptes rattach6s (3)*

nx

11 694 498

BY

133 198

11 561 299

6 458 254

~ Capital souscrit et appele, non verse

BZ

10 085 615

CA

275 000

9 810 615

3 799 502

"'0 Pre ts ~ Autres Immobilisations financicres * TOTAL(ll)

. ~

BQ

E-

su u

~

t<

a

Autres creances (3)

cc

CD .,, Valeurs mobllieres de placement CD ~ (dont actions propres :.......................... )

Q Disponibilites

Charges constatees d'avance (3)* TOTAL(Ill)

~ .!

tj

s~

Frais d'emission d'emprunt aetaler

CE

CF

3 779 671

CG

3 779 671

2 257 626

CH

115 131

CI

115 131

17 196

CJ

50 669 719

48 765 677

34 920 352

349 262

161 459

67 637 803

54 378 047

(IV)

c"

Primes de rcmboursemcnt des obligalions (V)

CM

Ecarts de conversion actif*

(VI)

CN

349 262

TOTAL GENERAL (I a VI)

co

70 873 907

Renvois : {I) Dom droi1 au bail : Clause de '~""~ de prop
!lmmobili'3lions:

CK

1 904 041

·.·

(2) PUI lrooltJSd"anaodei J~li;:a.11.."ICti ftnia::fi!r?i MC~:

lA CP

3 236 104

O> P.m ~ plus d'un an :

Stocks: • Des explicalions conccmant cellc rubrique ront donnfes dans la 1101icc n• 2032.

lcR

Creances:

136 196

AGREMENT DGFlP C5109.10004

DGFiP

0 I BILAN ~ PASSIF avant repartition I

N° 2051 2009

Foowlaire obligatoite (article S3 A du c
msignalion de l'entreprise

SAS

rAIECA

Neant E.'(('rdceN

~ ~

E...erclce N - 1

Capilal social OU individuel (I)* (Donl verre :............... JLZ6Z.lOJL. ..... )

DA

6 782 100

6 782 100

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

DB

11 274 420

11 274 420

681 479

681 479

Ecarts de reevaluation (2)* (donl ecarl d'equivalence (I)

D*

) DC

IE[{I

Reserve legate (3)

DD

Reserves statulaires ou contractuelles

DE

::::>

Reserves reglemenlees (3)* ( Dont reserve. speciale des provisions Bl pour fluctuation des cours Dont reserve relative ~ J'achat ( Autres rtserves d'oeuvres originales d'artistes vivants* EJ

3

)

DF

71 828

71 828

)

DG

6 690 944

5 690 944

Reporc i'l nouveau

DH

7 273 036

1 856 404

RESULTAT DE L'EXERCICE (b6n6fice ou pertel

DI

4 147 052

5 416 632

~

Subvemions d'investissement

DJ

~ ..;i ~

Provisions reglementees *

DK

28 865

31 373

DL

35 949 728

31805183

x

~

~

~

;:s

~ ~

TOTAL (I)

...

~ ;::.:

"'

~

~

~

~~

Avances condi1iollllees

DN

200 000

DO

200 ODO

Cl ...

~e

~ ~

8

Produit des emissions de titres par!icipatifs

D.M

..,... ea.

~ a.

TOTAL (II)

<(

w~w

Provisions pour risques

DP

2 330 839

1 787 943

:!ii·!:~

Provisions pour charges

DQ

3 119 647

1 681 467

DR

6 450 486

3 469 410

) DV

g g. f~

£> !)a. .,() 0

.,

~

ttl

,..__

TOTAL (Ill)

Emprunts obligataires convertibles

DS

Autres empruuts obligataires

OT

Empmnts et dettes aupr~s des etablissements de credil (5)

DU

::!..

Empmnts et dettes financihes divers (Dont emprunls participatifs

8 086 660

3 921 763

!a

Avances et acomptes recus sur commandes en cours

DW

4 265 353

3 270 706

Q

Dettes fournisseurs et comptes rattaches

DX

6 787 747

4 583 438

Denes liscales et sociales

DY

3 638 815

3 870 362

Dettes sur immobilisa1ions et comptes rattaches

DZ

71 692

36 202

Aurres dettes

EA

1190 415

1 272 124

Produits constates d'avance (4)

EB

1 971 250

1 865 283

TOTAL (IV)

EC

26 011 835

18 819 882

(VJ

ED

225 753

83 569

TOTAL GENERAL 11 ll Vl

EE

67 637 803

54 378 047

EF

76 098

75 098

24 261 835

17 172 406

E

Compte re2ul.

El

Ecarts de conversion passif *

(1)

::a

(2)

0

>

~

<» 0 ~ c::

~

Ecart de rehaluation incorpore au capital

Dant

{

lB

Reserve speciale de reevaluation (1959)

lC

Ecart de reevaluation libre

ID

Reserve de ree\•alua1ion (1976)

m

*

(3)

Dant reserve speciale des plus-values ii Jong terme

(4)

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

EG

(5)

Dont concours bancaires courants, et soldes creditenrs de banques ct CCP

EH

*Des expticalions roncernanl ccllc rubriquc sonl donnces dans la nolice n° 2032.

AGREMENT DGFIP C5109.10004

Q)lr-C-O_MPTE _ _D_E_R_Es::--lm-~-A-T_D_E_L-'E_X_E_R_C_IC_E_(E_u_lis-te-.)I

DGFiP N° 2052 2009

l'omJJJaire obligatolre (aiticle S3 A du Co00 g~riral dts imp6ts)

5"S C6MECA

msignation de l'entreprise:

Nfant I E.urdc:e N E>:porfatl&n et llmalsons lnlnicommunautaln!s

France

Ventes de marchandises *

z

0

~

!::

~ ~

~~

jl.i

)

FB

FD

1 774 065 FE

40 123 192

FF

41 897 258

43 316 700

services* FG

1 282 033 FH

2 661 326

Fl

3 943 359

1 724 090

42 784 519

FL

45 840 618

45 040 791

FM

692 032

3 364 764

Clliffres d'affalres nets * Production stock~e

E.urcke (N-1)

Total

FA

{biens *

Production vendue

I*

FJ

3 056 098

FK

FC

* *

FN

Subventions d'exploitation

FO

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

FP

155 653

887 796

Autres produits (1) ( 11)

FQ

331 556

325 041

Total des l>rodults d'cxploltatlon (2) (I) FR

47 019 761

49 625 494

Produclion immobilisee

7 100

Achats de marchandises (y compris droits de douane)*

FS

Variation de stock (marchandises)*

FI'

( bl 975)

7 473

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

FU

10 600 501

14 412 569

Variation de stock (matieres premieres et approvisionnements)*

FV

( 830 310)

622 715

z 0

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

FW

13 612 698

11 093 130

!::

Imp()ts, taxes et versements assimiles *

FX

1 092 078

1 047 665

~

Salaires et traitements*

FY

8 964 464

B 496 951

Charges sociales (10)

FZ

4 388 199

4 105 290

- dotations aux amortissements *

GA

243 841

197 349

- dotations aux provisions

GB

~

0

~

~

~

~

{

!2 ~

Sur immobilisations

8a

Sur actif circulant : dotations aux provisions *

GC

446 405

152 986

Pour risques et charges : dotations aux provisions

GD

1 999 418

550 325

GE

63 322

269 219

GF

40 522 645

40 855 6n

GG

6 497 116

8 769 816

~I:: iSS

Q

1

Autres charges (12) Total des charges d'exploilatlon (4) (II) 1 - RESULTAT D'EXPLOITATION {I - II) r!"

·J! ~

Bfo~fice attrlbu~

"& 8

Perte supportee ou benefice transfere

ce 0

5

~

~



~~

i:>.

ou perte transffo~e *

011) OH

*

OV)

GI

Produits financiers de participations (5)

OJ

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

GK

131 936

110 759

Antres interets et produits assimil~s (5)

OL

362 321

413 892

Reprises sur provisions et transferts de charges

GM

161 459

42 486

Differences posilives de change

GN

637 670

642 908

Produits nets sur cessions de valeurs mobilieres de placement

GO

Total des produits flnancl ers (V) GP

1 293 387

1 210 045

Dotations financieres aux amortissements et provisions *

GQ

349 262

161 459

ti)

~u

g

lnterets et charges assimilees (6)

GR

158 166

104 482

Differences negatives de change

GS

446 852

~

617 734

Charges nettes sur cessions de valeurs mobilieres de placement

GT

Total
954 281

883 675

2 • RESULTAT FINANCIER (V ·VI)

GV

339 106

326 369

3 · RESULTAT COURANT AVANT IMPOTS (I - II + Ill · IV + V - Vil

ow

6 836 222

9 096 186

s;..

~u

IRENVOJS : >uir tabkau n• 2053) • D.!s cxplkalioosC
DGFIP

AGREMENT DGFIP C5109.10004.--~~~~~~----,,.--~~~~~~~~~~~~~--.

NC) 2053 2009

@I COMPfE DE RESULTAT DE L'EXERCICE I

fonrulaill! obligatolre (artlde Sl A du tode gfolral
Dhignation de l'entreprise SAS C»IECA

Nfant

Exerclce N - 1

ExcrckeN

~j

8 f

§

Produits excepcionnels sur operations de gestion Produits exceptionnels sur operations en capital

HA

*

~

I! t3 E ~

""'(

~

Reprises sur provisions et transrerts de charges

HC

81 288

113 551

(\'II) HD

81 288

113 558

Charges exceptionnelles s11r operations de gestion (6 bis)

HE

153 714

15 108

Charges exceptionnelles sur operations en capital *

llF

Dotations exceptionnelles aux amortissements et provisions

HG

31168

300 446

(VIII) HH

184 883

315 555

HI

( 103 594)

( 201 996)

(IX}

IU

896 525

1 328 838

(X}

HK

1 689 050

2 148 72.0

HJ,

48 394 436

50 949 098

HM

44 247 384

45 532 466

HN

4 147 052

5 416 632

209 019

114 061

Total des produits exceptlonnels (7)

Total des charges cxccptlonnclles (7)

4- RESULTAT EXCEPTIONNEL (VII- VIII)

k:i

~

Participation des salaries aux resultats de l'entreprise

~

lmp(>ts sur les benefices *

~

~

TOTAL DES PRODUITS {I + IIl

~ ~

TOTAL DES CHARGES {II

+ V + VII)

+ IV + VI + VIII + IX + X)

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

8

(1)

~

Dont produits nets partiels sur op~rations a long tenne

k:i

~

(2) Dont

"
~

~

{

(3) Dont {

~

HO

produits de locations immobilieres

HY

produits d'exploitation afferents 11 des exercices anterieurs (a detailler au (8) ci-dessous) lG - Credit-bail mobilier *

HP

. Credit-bail immobilier

HQ

1 295 773

1 254 216

(4)

Dont charges d'exploitation affereutes 11 des exercices anterieurs (a detailler au (8) ci-dessous)

1H

21 345

4 823

(5)

Dont produits concernant les entreprises liees

lJ

323 186

107 996

(6)

Dont inter!ts concernanc les entreprises liees

lK

96 216

(6bis) Dont dons faits aux organismes d'interet general (art. 238 bis du C.G.I)

"'a

6

HD

~

"'::ll'1

D*

HX

(9)

Dont transferts de charges

Al

(JO)

Dont cotisations personnelles de l'exploitant (13)

A2

(It)

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

A3

(12)

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

A4

~ (13) ~ (7)

I f

I

Dont primes et colisations complemcnta1res personnelles : facultatives A6 obligatoires A9 D~tail des produits et charges exceptionncls (Si le nombre de lignes est insuftisanl, reproduire te cadre (7) er le joindrc en annexe) :

I I

E.~ercire Char~s

OAP lliiOS

exetpli(llUJ
N Pi:oduirs except-ls

2 980

PROV. #\ORT. OEROGATOIRES

10 161

12 669

PROV. PENALITES OE RETAAO

18 027

68 619

PENALITES DE RETARD DE LIVRAISON

46 880

AUTRES CHARGES PROVISIONNEES (8)

257 002

39 129

106 835

Detail des produits et charges sur exercices anterieurs :

faercke N Charges anttri
Produirs antErieurs

ii'i

§ c

"'

-~

I-

REPRISE REDEVANCES - BREVET EXPIRE REGUL COTISATION

21 345

~

a: ., z:

.2'

> 0.

0

u

209 019

- conccmanl ceJte rubnque sonl donn~es dans la no11ce n° 2032. * Des cxphcatJons

Date. d ~arrete, des comptes : •.• 31 decent bre 2()08

I. Presentation de la societe LI. Historiquc de la societe La Societe a ete creee le 13 Decembre 1995 sous la forme d'une S.A.R.L. au Capital entierement libere de 50 568 Francs, soit 7 709,04 euros. Le 13 Mai 1996, l'Assemblee des Associes decide de transformer la Societe en S.A. regie par la loi en vigueur et par Jes statuts au Capital entierement Jibere de 281 736 Francs, soit 42 950,38 euros. Conformement aux decisions prises par I' Assemblee Generale Extraordinaire du 20 Juin 1996, M.S.I. (Materiels Scientifiques International) a pris le controle du Groupe S.P.T.M.-CAMECA. La societe M.S.l. a ete acquise par la societe M.A.I. (Micro Analyse Instruments) le 29 juin 2001 dont le premier exercice a ete clos le 31 decembre 2002. M.S.I. a absorbe S.P.T.M.-CAMECA par fusion simplifiee suivant la decision de I' Assemblee Generate Mixte Ordinaire et Extraordinaire du 30 novembre 2001. La societe M.S.l. (Materiels Scientifiques International) a absorbe CAMECA, sa filiale operationnelle, suivant la decision de l'Assemblee Generale Mixte Ordinaire et Extraordinaire du 05 aofit 2002. De plus, M.S.l. a change de denomination sociale et de forme et est devenue CAMECA SAS afin de preserver son identite et son nom commercial vis a vis de ses clients. La societe Micro Analyse Instruments, detenue

a 100%, a etc acquise par la societe Financiere Cameca le 06 avril 2005.

Aux termes d'une deliberation en date du 28 juin 2006, CAMECA, l'associe unique de Biosims SARL, a decide de dissoudre sa filiale, par transmission universe lie du patrimoine (TUP) avec effet retroactif au 1°' janvier 2006. Le 9 aout 2007, le fonds Carlyle Europe, actionnairc de Financiere Can1eca tete du Groupe CAMECA, a cede ses titres au Groupe AMETEK Inc. La societe Financiere Cameca est detenue a I 00% par la nouvelle holding Ametek Holdings SARL.

1.2. Objet La societe CAMECA a pour objet : L'etude, la fabrication et la vente de tous appareils en particulier d'instruments scientifiques.

OU

elements d'appareils electroniques et mecaniques de hautes precisions

1.3. Siege social

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

1.4. Exercice social

L'annee sociale commence le !er janvier et finit le 31 decembre.

2. Faits marguants de l'exercice En date du 5 novembre 2008, une convention d'integration fiscale a ete conclue avec la societe Ametek Holdings SARL en tant que chef de groupe integre forme par cette societe, la societe Financiere Cameca, Micro Analyse Instruments et CAMECA.

3. Perimetre d'integration fiscale Une nouvelle convention d'integration fiscale a ete signee en janvier 2008 entre Jes membres du Groupe [ CAMECA, Micro Analyse Instruments, Financiere Cameca] et Ametek Holdings SARL, la nouvelle tete de groupe.

4. Principes comptables mis en oeuvre Les comptes annuels de CAMECA sont etablis selon Jes normes definies du plan comptable general de 1999, au PCG art. 531- I §I ct au Code de Commerce art. R 123-180. II est fait application des recommandations du Conseil National de la comptabilite, de l'Ordre des Experts Comptables et Comptables Agrees et du Conseil National des Commissaires aux Comptes, ainsi que Jes autres principes comptables generalement admis.

2

Conversion des dettes et creances en devises Au bilan Les dettes et creances en monnaies etrangeres qui n'ont pas fait l'objet de couverture de taux, sont enregistrees au cours du jour de la transaction. A l'arrete des comptes, elles sont valorisees au taux en vigueur a la date de cloture. Les ecarts provenant de cette actualisation soot inscrits aux comptes « Ecarts de conversion actif » pour Jes pertes latentes et « Ecarts de conversion Passif» pour Jes profits latents. Celles qui soot couvertes par des contrats de change, soot evaluees au cours de Ia couverture qui leur est affectee. II n'est pas dans ce cas constate de difference de conversion ni a l'actif, ni au passif du bi Ian. Au compte de resultat Les ecarts de change defavorables sur operations en devises font l'objet de provisions pour risques dotees pour leur totalite sur l'exercice de leur constatation.

5. Comparaison des comptes annuels Les methodes d'evaluation et de presentation retenues pour etablir Jes comptes de l'exercice 2008 sont demeurees inchangees par rapport a celles de l'exercice precedent.

6. Explication des postes du bilan - ACTIF 6..1. Actif immobilise Les immobilisations sont comptabilisees conformement aux reglements CRC 2002-10 et 2004-06. (en euros) lmmo. lncorp.

Logiciels Fonds Commercial Terrains Batis Biltiments Agencement Amenag. Contruct. lmmo. Materiel Outillage Industriel Corporel. Materiel de Transport Materiel Bureau et lnformatique Mobilier En cours Autres participations lmmo. Prets Financ. Autres immobilisat. financieres

Total

! Valeur debut d'exercice \ I 401 967 : 12 931 800

215 411 I 430 271

149 259 250 354 4 625 767076 3 150 668 I 109 643 20 411 078

I

Acquisitions 19971

Cessions Mise au rebut :I 17 066 I

'

: I

!

I

I

I I

8 503 61 695

I I I I I

43 280 18 774 71 592

-

I

;

'' 'I I

i

404 872 12 931 800

-

I

I

Valeur fin d'exercice

-

6 853

223 915 I 485 113

881 4 800 4 625

191658 264 329 71 592 767076

I 033 630 23

2 248 993 I 265 575

1 067 878

19 854 926

I I

131 955

I -

'

155 956

.' -

i

511 727

6.1. l. lmmobilisations incorporelles Les frais de recherche et de developpement ne sont jarnais immobilises et sont comptabilises en charge pour 4 885 K€. Le fonds de commerce a fait l'objet d'une reevaluation de 12 913 506 € lors de la fusion du 05 aoilt 2002. Cette reevaluation n'a pas subi l'impot (4 304 502 €) en application du regime de faveur prevu a !'article 210 du Code General des lmpots. Le fonds de commerce n'est pas amorti et ne fait pas l'objet d'une provision pour depreciation au 31.12.2008 compte tenu du chiffre d'affaires realise et de )'acquisition par Ametek. Les acquisitions de la periode concernent exclusivement des achats de logiciels.

3

6.1.2. Jrnmobilisations corporelles Les immobilisations corporelles, acquises apres la fusion du 05 aofit 2002, sont evaluees a leur cofit d'acquisition (prix d'achat et frais accessoires, hors frais d'acquisition des immobilisations) ou a leur cofit de production. La valeur des immobilisations transferees lors de la fusion correspond a leurs valeurs nettes comptables au jour de la fusion. Les acquisitions de la periode correspondent aux besoins liees renouvellements de materiels devenus obsoletes.

a !'installation

dans Jes nouveaux Jocaux et

a des

6.1.3. Immobilisations financieres CAMECA detient Jes actions des filiales etrangeres (Cameca-USA, Cameca-UK, Cameca-JAPAN, Cameca-KOREA, Cameca TAIWAN et Cameca Gmbh) a 100 % pour 760 674 €. La valeur brute des titres de participation est constituee par Ia valeur d'apport ou d'acquisition. Une provision est constituee si la valeur d'usage d'un titre devient inferieure a sa valeur d'entree. Cette valeur d'usage est determinee en fonction de l'actifnet reestime de la filiale. Cameca Gmbh a rencontre des difficultes depuis son acquisition en 2005. Une restructuration de son activite a ete decidee visant a transformer cette entite de production (instruments Quad) en structure de ventes et de services de !'ensemble des produits de Cameca. Cette restructuration devrait permettre a la filiale de degager des profits pour Jes exercices a venir conformement aux hypotheses actuellement retenues dans le business plan. L'exposition que represente Cameca Gmbh dans Jes comptes de Cameca SAS au travers d'une situation nette negative et d'actif rattache a cette participation est couverte a hauteur de 300 K€ (Jes titres pour 25 000 et Jes comptes courants pour 275 000), dans la perspective de la realisation des hypotheses retenues dans le business plan. Le 6 avril 2006, Cameca a fait un pret de I 967 152 euros a sa filiale Cameca GmbH, pour Jui assurer un equilibre bilanciel suffisant. Ce pret, remunere au taux annuel de 5 %, devra etre rembourse integralement le 6 avril 2013. Au 6 avril 2007, le pret a ete capitalise des interets de la periode (6.04.06 - 6.04.07), soit 98 627 euros. Au 6 avril 2008, le pret a ete capitalise des interets de Ia periode (6.04.07 - 6.04.08), soit 103 497 euros. Les interets se rapportant au pret courent a compter du 07.04.08 au 31.12.08 pour 79 718 euros. Le 29 octobre 2007, Cameca a fait un pret de I 000 000 euros a AMETEK Holding BV. Ce pret, remunere au taux annuel de 5 %, a ete rembourse par anticipation le 26 juin 2008 pour le nominal ainsi que Jes interets (33 630 euros).

Les autres immobilisations financieres concement : une avance de I million d'euros versee dans le cadre du leasing immobilier, avance remuneree dont Jes interets courus s'elevent a 147 066 euros. des depots de garanties pour 118 510 euros.

6.l .4. Amortissements

(en euros) Logiciels

: Valeur I debut d'exercice i 354 669

Biitiments Agencement Amenag. Contruct. Materiel Outillage lndustricl Materiel de Transport Materiel Bureau et lnformatique Mobilier

I

28 554

l

:I I

:...

Reprises 17 066

I

l

20 434 144 621

-

i

6 853

43 722 708 971

~

881 4 800

125 476 56 333

>-

29 601

l

;-

-

I I

100 030 34 250 1 083 440

Mode d'amortissements

Dotations derogatoires

IO 161

! ;

26 327 26 883 246 821

Valenr

! fin d'exercice i 366 156

l

23 288 571 202

Total

Logiciels

:

Dotations

l"

'

1300 660

Reprises derogaloires

12 669

4

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

Les durees et modes habituels d'amortissements pratiques sont resumes ci-apres : 20 ans Lineaire I 0 ans Lineaire 3 a 10 ans Lineaire S ans Lineaire S a 10 ans Lineaire S ans a 10 ans Lineaire

- Construction - Ouvrages d'infrastructure et installations fixes - Machines-outils, materiel et outillages industriels - Materiel de transport - Mobilier et materiel administratif - Agencements des constructions, installations generales

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

a la duree restant a

6.2. Actif circulant 6.2.1. Stocks Les stocks, matieres premieres et foumitures, sont evalues a leur cofit standard d'achats. Les stocks de produits finis et les travaux en cours sont evalues a leur cofit standard de production. Les stocks, valorises en cofit standard, sont corriges annuellement d'une part, de l'ecart sur achat constate correspondant a la partie non consommee des achats, et d'autre part, de l'ecart constate sur la valeur reelle du cofit de la main d'reuvre (pour les en-cours et les produits finis). Les stocks font l'objet d'une depreciation lorsque ce cofit devient superieur a la valeur probable de realisation. Les frais generaux commerciaux, administratifs et financiers, ainsi que Jes frais de recherche et de developpement ne faisant pas l'objet d'une commande client, sont directement pris en charge dans l'exercice.

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

Provision pour depreciation Matieres premieres En cours de production de biens Produits intermediaires et finis Marchandises Total

Valeur brute 3 854 272 18 657 941 2 301 408 143 061

DCprecia ti on 604 389 325 239 527 179 39 035

Valeur nette 3 249 883 18 332 702 I 774 228 104 026

24 956 682

l 495 842

23 460 840

Valeur debut d'exercice

Augmentations

Diminutions

Valeur fin d'exercice

495 045 108 413 445 299 680

109 344 216 825 81 880 38 354

604 389 325 238 527 179 39 035

l 049 437

446 405

1495 842

6.2.2. Avances versees Les avances versees

anos sous-traitants s'elevent a 38 119 euros.

5

6.2.J. Creances Les creances sont enregistrees au bilan pour leur valeur nominale. Certaines creances sont eventuellement depreciees, selon la methode suivante : La creance constatee est depreciee de 50% de son montant hors taxe en fin d'exercice, si elle est superieure a un an d'existence, et si elle ne fait pas par ailleurs l'objet d'une provision cas par cas. Elle sera depreciee a 100 % si son existence est superieure adeux ans, dans Jes memes conditions precisees ci-dessus. Par ailleurs, une depreciation complementaire individualisee peut etre constatee !ors de !'analyse du portefeuille en fonction d'evenements connus specifiques.

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

MontantS

(!)

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

11521453 136 196 36 849 11694498

(2) (3)

Sous total

34 556 314 341 9 711 931 24 787 10 085 615

Total

21780113

Les creances douteuses sont depreciees a hauteur de 100 %. TVA a deduire pour 314 K euros Avances faites aux filiales C.Korea pour 326 327 €, C. GmbH pour 210 709 € MA.I. pour 2 079 646 € et Financiere Cameca pour 7 095 249 €

(1) (2) (3)

Provision pour depreciation

Valeur debut d'exercice

Augmentations

Diminutions

Valeur fin d'exercice

Clients et comptes rattaches

133 198

133 198

Comptes du Groupe

275 000

275 000

0

Echeancier des creances (en euros)

Montant brut

~ ~ ~rets

< .§

=

:;os ::::

·;;

...;:: <"

k\utres immobilisations financieres k::lients douteux ou litigieux ~utres creances clients ~ersonnel et comptes rattaches Etat et autres [mpots sur les benefices collectivites Ifaxe sur Ia valeur ajoutee ..___p_u_b_liq_u_e_s-~!Divers

Proupe et associes IDebiteurs divers Charges constatees d'avance

TOTAL

A I .an au plus

A plus d'un an

2 248 993

2 248 993

1 265 575 136 196 I 1 558 302 34 555

1 265 575 136 196 I I 558 302

34 555

314 342

314 342

9 711 931 62 906 115 131

9 711 931 62 906 I 15 131

25 447 934

21797169

3 650 765

6

0 Produits a recevoir inclus dans les postes de bilan II s'agit des factures restant a etablir sur les interventions du S.A.V. pour un montant de 36 849 euros, des interets courus sur prets a Cameca Gmbh pour 79 717 euros et des interets courus sur l'avance de I million pour 147 065 euros.

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

Montants

Banques Caisses

3 778 790 881

Total

3 779 671

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

Nature

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

Total

32 266 40 669 37 500 2 728 I 550 418

115 131

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

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

7

7. Explication des postes du bilan - PASSIF 7.1. Capitaux propres }>

Composition du capital social

Le capital social est fixe a 6 782 I 00 euros et est entierement libere. II est divise en actions de 137,6629 euros chacune, de meme categorie, numerotees de I a 49 266. Son capital est detenu a JOO% par Micro Analyse Instruments depuis le 29 juin 2001, date de prise de contr6le du Groupe.



Evolution des capitaux propres

La deliberation de l'associe unique du 30 juin 2008 decide d'affecter l'integralite du benefice de l'exercice 2007 (S 416 632.04 euros) au poste « Autres reserves ». (en euros)

Ouverture

Capital souscrit verse Prime de fusion Reserve legale proprement
Augmentation

Dhninuti·ons

Resultat 2008

6 782 100

6 782100

11274 421

ll 274 421

678 210

678 210

3 270

3270

71 829

71 829 5 690 944

5 690 944 I 856 405 31 373

31 805 183

7273 037

5416632 IO 161

5 416 632

Total cloture 2007

5 426 793

-12 669

28865

-5 416 632

0

-5 429 301

31 802 676

RESULTAT 2008

TOTAL

Cloture

31 805 183

5 426 793

-5 429 301

4 147 052

4 147 052

4 147 052

35 949 728

7.2. Autres fonds propres II s'agit des aides de l'ANVAR (Agence Nationale de Valorisation de la Recherche) pour la realisation de materiels

innovants sous forme d'avances remboursab!es. Elles s'elevent a 650 000 euros. Contrats

Aide accordee

Montant rer;u

Mt rembourse

Rembt Exercice

650 000 €

650 000

450 000

200 000

Programme N° 3

So/de

0

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

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

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

TOTAL

Reprises sans objet

Provisions

Provisions

Dotations de l'exercice

I 292 503

239 699

333 981

18 027

22 200

161 458

349 262

161 458

0

165 986

975 822

333 834

84 100

535 378

57 864

17262

575 980

170 268

I 202 035

54 192

1318lll

3469 410

2 366 707

201 973

5 450 486

a I' ouverture

Utilisation

a la cloture I 532 202

46 419

283 389 349 262 165 986

183 658

I 225 556

8

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

Dotations

Reprises

Exploitation

I 999 418

155 554

349 262

161 458

Financier Exceptionnel Total

18 027

68 619

2 366 707

385 631

a) Provision pour garantie donnee aux clients Cette provision est calculee en fin d'exercice, par machine livree et sous garantie, au prorata de la duree restant a courir. b) Provision pour penalites

II s'agit des penalites contractuelles a payer pour retard de Iivraison. c) Autres provisions pour risques Elle correspond ades indemnites de rupture de contrat commercial. d) Provisions pour indemnites de depart en retraite L'indemnite de fin de carriere susceptible d'etre versee est actualisee et ponderee des probabilites de vie et de presence dans I'entrcprise, a Ia date de cloture. Ci-apres Jes hypotheses retenues pour le calcul de Ia provision conformement o Age previsionnel de depart a la retraite : 65 ans o Taux d'inflation: 1,8 % o Taux d'actualisation: 4,5 % o Table de mortalite : Source Insee 2003-2005

aIa convention collective de la Metallurgie :

Aucun engagement en matiere de retraitc n'a cte constatc dans Ics comptes de la socicte

a regard des dirigcants.

e) Provisions pour medaille du travail Les medailles du travail susceptibles d'etre versees sont actualisees et ponderees des probabilites de vie et de presence dans l'entreprise, a Ia date de cloture. f) Provision pour travaux restant a effectuer Cette provision, calculee en cofit complet, correspond aux cofits d'installation non effectuees des machines facturees en 2008.

7.4. Dettes 7.4.1. I>ettes financieres Nature des creances

Montalits

Emprunts et dettes financieres divers Participations des salaries Interets courus sur participations Dettes Ametek BV Interets sur dettes Ametek Cornptes courants Groupe

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

Total

I 775 274 73 474 3 500 000 46 572 2 691 340

8 086 660

(I) Participation des salaries relatifs aux exercices 2003, 2005, 2006 et 2007 bloquee en compte courant. (2) lnterets courus des participations sur la periode du 01104108 au 31112108.

(3) Emprunts aupres du Groupe Ametek pour financer le BFR. (4) lnterets sur emprunts Ametek au tau.x annuel de 5% (5) Paiement de l 'imp6t sur !es societes, apres imputation du credit imp6t recherche de /'exercice 2008 (421 685), a la mere Ametek holdings SARL de 1 689 050 euros.

Avances concernant Cameca USA Inc pour 1 002 290 euros.

7.4.2. Avances re.;ues sur commandes en cours

Ce sont Jes avances per~ues des clients pour Jes Iivraisons de materiel

a realiser pour un montant de

4 265 353 euros.

9

7.4.3. Dettes d'exploitation Repartition des dettes d'exploitation par nature : Montan ts

Nature des dettes Fournisseurs et comptes rattacbes Foumisseurs Foumisseurs effets it payer Foumisseurs Factures non parvenues Sous total Dettes liscales et sociales Personnel Organismes sociaux lmpots et taxes

3 210 183 1 771 525 I 806 039 6 787 747 2 039 392 1 458 673 140 750

(1)

(2) (3)

Sous total

3 638 815

Total

10 426 562

(I) dont dettes pour conges payes et RIT 1 029 K€ lnteressement et participation 897 K€ (2) dont charges sociales sur conges

a

(3) dont TVA( zone Euro) decaisser Tmce professionnelle

517K€ 102K€ 16K€

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

Montant

Dettes sur immobilisations et comptes rattaches Foumisseurs immobilisations Sous total Autres dettes Agents commissionnaires Redevances Crediteurs divers (1) Sous total

Total (I)

0

71 592 71 592 I 138 650

14 129 37 636 ] 190 415 1262007

dont cotisations pour 24 K euros.

Echeander des dettes (en euros)

Emprunts et dettes financieres divers Foumisseurs et comptes rattaches Personnel et comptes rattaches Securite sociale et autres org. sociaux Etat et autres collectivites publiques

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

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

Montant brut

A 1 an au plus

5 395 320 6 787 747 2 039 392 1458 673

3 635 320 6 787 747 2 039 392 l 458 673

104 223 36 526

104 223

71 592 2 691 340 5 455 769 I 971 250

71 592 2 691 340 5 455 769 I 971 250

26 011 835

24 251 835

A plus d'l an 5 ans au plus l 760 000

36 526

1 760 000

10

o

Charges a payer incluses dans les postes de bilan

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

120 046 1 806 039 1 981 908 819 335 38 059 4 765 387 €

7.5. Comptes de regularisation 7.5.1. Produits constates d'avance Nature

Montan ts

Produits d'e:xploitation Contrats de maintenance S.A.V.

(1)

Marchandises facturees non livrees

(2)

Total

I 544 070 427 180 1 971 250

(1) Les contrats de services sont factures aux clients pour une periode est constatee d'avance.

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

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

7.5.2. !<:carts de conversion Passif Les profits latents s'elevent a 225 753 euros. Ils proviennent des creances clients en devises pour 216 054 euros, des factures foumisseurs en devises restant a payer pour 5 777 euros et des commissions en devises a payer aux agents pour 3 922 euros.

11

8. Explication des postes du Compte de Resultat 8.1. Compte de resultat de I' exercicc :;.. Fait generateur du chiffre d'affaires Le fait generateur du chiffre d'affaires est le transfert de propriete. D'une maniere generale, le transfert de propriete resulte, soit de la livraison proprement
Ventilation du chiffre d'affaires (en milliers d'euros) Zone geographique

2008

2007

2006

-FRANCE - UNION EUROPEENNE - U.S.A. I CANADA - ASIE I PACIFIQUE -AUTRES

3 056

1760

4 681

9201

9 413

8 198

TOTAL Nombre de machines vendues

11 369

11 912

12423

22160

20776

10 425

55

I 180

I 893

45 841

45 041

37620

27.5

28,0

23,5

(*)la part du Service Apres Vente dans le chiffre d'affaires represente 10 %, soit 4 423 milliers d'euros.

Repartition du chiffre d'affaires 2008 par zone geographique

ASIE / PACIFIQUE 48,34% UNION _ _ _ _ EUROPEENNE (+FRANCE) 26,74%

USA/ CANADA 24,80%

AUTRES (AFRIQUE) 0,12%

Le graphique met en evidence I' importance des marches asiatiques au detriment du marche americain dans le «business» de CAMECA.

8.2. Autres produits Ce paste, pour un total de 331 056 euros, comprend la reprise des redevances (209 K€) pour Jes brevets dont !'utilisation est devenue gratuite, le remboursement des depenses (100 K€) dans le cadre du contrat Nanobeams, Jes refacturations des cotisations de retraite (8 K€) a la filiale americaine pour le personnel affecte a l'etranger et divers pour 14 K€. 2008

Autres produits

331 556

2007 325 041

2006 74 642

12

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

Autres charges externes

2008

2007

2006

Services extfrieurs Sous-traitance generale Redevances de credit bail

(!)

3 357 635

2 188 685

2 381 777

(2)

I 295 773

1254216

983 355

Locations

(3)

143 450

133 966

78 184

187 598

135 662

123 160

120 626

189 246

150 210

41 389

83 485

35 839

22444

9438

22 211

1970

4 309

5163 132

3 967 578

3 813 918

Entretien, reparation, maintenance Primes d'assurance

(4)

Etudes et recherches Documentation Frais de colloques, seminaires, conferences Sous total Autres services exterieurs Personnel interimaire Remuneration d'intermediaires et honoraires Publicite, publications, relations publiques Transports de biens Deplacements, missions et receptions Frais postaux et de telecommunications Services bancaires et assimiles Divers Sous total Total

(5)

123 231

118 177

188 521

2 312 016

I 814 888

I 542 592

15 488

15 754

36966

(6)

942 850

729 096

626 647

(7)

I 781 875

I 737 665

I 696 843

50 090

58 190

50 927

87 236

110 237

167212

(8)

78 665

42 407

59 458

5 391 451

4 626 414

4 369166

IO 554 583

8 593 992

8 183 084

(I) Prestations pour I 955 KE, autres prestations decentralisees pour 874 K€, exploitation informatique pour 151 K€, nettoyage et gardiennage des locaux pour 379 K€. (2) Remboursement du credit bail immobilier que Cameca a souscrit aupres de Fortis Lease pour financer le nouveau siege. (3) Locations de vehicules, de mobiliers et de materiels informatiques. (4) Couvertures concemant la responsabilite civile, la multirisque industrielle (y compris la perte d'exploitation), le transport des marchandises, la flotte automobile et Hommes CJes pour le credit bail immobilier. (5)

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

(6)

Transports sur achats pour 314 K€, transports et emballages surventes pour 612 K€ et divers pour 17 K€.

(7)

Frais de voyages pour 886 K€, de missions pour 834 K€ et de receptions pour 62 K€.

(8)

Cotisations des organisations pour 46 K€ et frais de recrutement pour 33 K€.

8.4. Autres charges II s'agit des redevances versees

a des organismes (CNRS, ONERA .. ) pour l'utilisation de Ieurs brevets dans nos machines.

Autres charges

2008

2007

Redevances Divers

39 129

257 004

Total

2006 190 939

24 193

12 215

I 768

63 322

269 219

192 707

13

8.5. Resultat de l'exercice 2008

2007

2006

6 497 ll6

8 769 816

6 530 681

339 106

326 369

79 986

110 759

221 455 -365 853

(en euros) Resultat d'exploitation Resultat financier - Dividendes et prt!ts

(I)

131 936

- Charges d'interets

(2)

-158 090

-86 378

190 818

25174

65 810

362 245

395 787

30465

- Resultat net de change - Autres charges et produits

(3) (4)

-187 803

-118 973

128 109

Resultat avant imp6ts

6 836 222

9 096185

6 610667

Resultat exceptionnel

-103 594

-201 996

5 926 316

-46 427

-1 519

- Provisions pour risques

- Penalites clients

-453

- Penalites fiscales - Provisions pour risques et charges

(5)

50121

-186893

55 997

- Autres charges et produits

(6)

-106 835

-13 584

5 870 319

-896 525

-1 328 838

-2 057 397

-I 689 050

-2 148 720

-5 689 256

4147 052

s 416 632

4 790 331

Participations et interessements Imp6ts sur Jes benefices de l'exercice Resultat net de l'exercice

(1) dont Revenus des prets Cameca GmbH pour la periode 2008 pour 107 092 euros Revenus des prets Ametek USA pour la periode (I" semestre 2008) pour 24 844 euros (2) dont interets sur participation en compte courant bloque pour < 51 130 > euros lnterets de la dette Ametek BV pour < 46 571 > euros lnterets de l'avancc Cameca USA pour< 49 643 >euros Agios pour< 10 744 > euros (3) dont Revenus de l'avance IM dans le cadre du leasing pour 60 895 euros et Swap de taux (Leasing) pour I 08 331 euros Revenus factures a la holding M.A.!. selon la convention de tresorerie pour 43 155 euros Revenus factures a la holding Financiere Cameca selon la convention de tresorerie pour 148 094 euros (4) provisions pour risques financiers pour < 187 803 > euros (5) dont amortissements derogatoires pour 2 508 euros provisions pour penalites clients pour 50 592 euros amortissements sur immobilissations pour <2 980 > euros

(6) autres charges provisionnees pour 106 835 euros

8.6. Participation des salaries & interessements Un accord d'interessement a ete signe et depose le 13 juillet 2006 aupres de l'inspecteur du travail. Le montant total de 896 525 euros se repartit en participation pour 458 400 € et en interessement pour 438 125 € au titre de l'exercice 2008.

14

8.7. Impots sur les benefices. Le resultat fiscal de l'exercice (6 203 041 €) genere un impot apayer de 2 I IO 735 euros. Un credit d'impot en faveur de Ia recherche a ete constate dans Jes comptes de la societe et s'eleve a421 685 euros. Ce credit s'impute sur l'impot sur Jes societes, soit un impot net apayer de I 689 050 euros. Cette somme est transferee chez Ametek Holdings SARL, Ia tete de groupe, dans le cadre de )'integration fiscale.

Ci-apres la repartition de l'impot entre le resultat courant et le resultat exceptionnel : Repartition de l'impot Resultat courant Resultat exceptionnel

Bases

Taux 34.03 %

6 836 222

2 326 366

-103 594

-35 253

9. Operations concernant Jes entreprises liees

Au 31/12/2008 (en euros)

CAMECA FRANCE

Cameca USA

Cameca UK

Came ca JAPAN

Cameca KOREA

Came ca TAIWAN

Cameca GMBH

Micro Financiere Analyse Cameca Instruments

Au hi/an

Actif Prets Preteur

2 248 994 2 248 994

Emprunteur Creances d'exploitation Comptes courants Cameca

9 711 931

Comptes courants partenaires Clients

210 709

326 327

2 079 646

7 095 249

427 992

Filiales partenaires

51 038

291 508

68 330

200

16 916

555 334

210 720

l 434 661

Passif Autres reserves . Dividendes verses

0

. Societes partenaires Dettes d'exploitation Comptes courants Cameca

I 002 291

Comptes courants partenaires Foumisseurs Filiales partenaires

1002291 3 086 296 879 517

6 064

15

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

11722324

. Societes partenaires

4 895 712

41 838 6 168 005

173 971

17 778

425 020

134 272

613 799

3 951

I 584 594

492 540

323 568

406 549

. Prestations facturees aux filiales . Societes partenaires Chames d'exoloitation . Achats aupres des filiales

3 013 462

Societes partenaires . Prestations faites par les filiales

658 177

18 669

1330 562

. Societes partenaires

107 905

Produits financiers . lnterets courus a recevoir

298 342 107 092

. Societes partenaires

43 155

148 095

Charees linancieres . Interets et charges assimiles

49 644

. Societes partenaires

49644

I 0. Renseignements divers 10.1. Engagements financiers hors bilan •

Des cautions et avals accordes a des clients par !es banques pour notre compte s'elevent a 3 31 l 895 € : (Cautions Marches«France»: 974981 € - Marches«Etranger»: 2336914 €)



P1TCH Promotion, a cede par acte notarie du 21 /12/2005 son terrain - 29 quai des Gresillons a Gennevilliers, et a vendu en etat futur d'achevement un immeuble a usage de bureaux et d'activites pour une surface de 7 420 m2 a Fortis Lease. La livraison a eu lieu le 13 juillet 2006. Ce meme jour, devant notaire Fortis Lease a signe un credit immobilier avec Cameca pour cet ensemble immobilier pour une duree de 12 ans et une valeur de 12 340 000 euros dont une avance de I million euros a ete versee. Les remboursements ont commence a compter de la livraison.



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



11 n'cxiste pas de garanties de pa.ssiC d'engagements de surete et d'actes de nantissements au 3 l dec..-:mbre 2008.

10.2. Engagements de credit bail Un nouvel immeuble d'unc valcur de 12 340 000 curos acquis, le 13 juillct 2006, par credit bail aupres de Fortis Lease pour une dun~e de 12 ans se ventilc comme suit :

I 500 000 €

- Terrain - Constmction - Ageneements

7 840 000 € 3 000 000 E

Les rcdevances au titre de l'exerciee s'elcvent a l 295 774 euros. Dans le cas ou la socictc avait aequis cc bien, J'amortissement de la nouvelle usinc (construction et agcnccments), dcct1mposee en 4 groupes avec des durees de vie respectives de 8 I I 0 / 25 et 30 ans, aurait ete de 468 048 euros par an. Credit bail immobilier

Redevances cumulccs

Redevances cxcrciee

Engagement Net

12 340 000

-1 353 538

-623 497

10 362 965

16

Echeancier

A I an au plus

A plus d'lan et 5 ans au plus

A plus de 5 ans

Credit bail immobilier

648 000

2 800 000

3 825 000

Le prix d'acquisition

a]'expiration du credit bail sera de 3 085 000 euros.

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

31 89

77 195

10.4. Droit individuel :\ la formation Nombre d'heures ouvertes au titre du droit individuel a la formation (DIF) au 31.12.2008 Nombre d'heures de formation consommees au titre du D.I.F. au 31.12.2008

I 6 2 JO heures 64 heures

Aucune demande de formation n'ayant ete deposee par Jes salaries au 31.l2.2008, et acceptee par la direction, la societe n'a pas juge utile de proceder a une provision au titre de cet engagement.

10.5. Avances ct credits allouecs aux dirigeants sociaux et indications des engagements pris pour leur compte Neant

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

a raison

Neant

10.7. Dettes garanties par des suretes reelles Ncant

10.8. ldentite de la societe Mere consolidant les comptes des societes Conformcmcnt aux articles L. 233-16. L. 233-17 ct R. 233-15 du Code de Commerce. la socictc. dont le capital est dctcnu a 100% par la societe Ametek Holdings SARL depuis le 9 aoCtt 2007, n'etablit ni ne publie de comptes consolides pour I" cxercice clos le 31 dccembre 2008, ctant precise que : - les comptcs des socictcs contr6l6es dircctement ou indirectement par la societc Ametek Holdings SARL sont inclus dans les comptes consolides de !'ensemble plus grand d'entreprises etablis par la soeiete Ametek Inc. societe de droit americain. - ees eomptcs sont completes par la mention dans !'annexe des comptes annucls de la soeietc Ametek Holdings SARL des infomiations significatives visees a !"article R233-l5 du Code de Commerce.

17

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

12. Filiales et participations Ci-apres la liste des filiales etrangeres detenues par CAMECA SAS :

CAMECA INSTRUMENTS INC. 91 Mckee Drive Mahwah NJ 07430 Etats Unis d' Amerique

CAMECA UK Ltd PO box 88 Wilmslow - Cheshire SK95BE GRANDE-BRETAGNE

CAMECA INSTRUMENTS JAPAN KK SF, Mikuni-East Bldg 6-13-10, Sotokanda, Shiyoda-ku Tokyo 101-0021 JAPON

CAMECA KOREA Co., Ltd #309, 3rd Floor, Gyeonggi R&DB center 906-S Jui-dong, Yeongtong-gu, Suwon City Gyeonggi-do, 443-270 CO REE

CAMECA TAiwAN Corp. Ltd A2, IOF-6, N°.120, Sec.2 GongDao Wu Road 30056 Hsin Chu, TAIWAN

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

18

Tableau des filiales et participations au 31.12.2008

CAME CA

CAME CA

CAMECA

CAME CA

CAME CA

CAMECA

U.S.A

U.K. ltd

JAPON

KOREA

TAIWAN

GMBH

USD

GBP

JPY

KRW

NTD

EUR

CAPITAL Reserves

270 000

30 0