Ame Research Thesis 11-13-2014

Spruce Point Capital
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Disclaimer
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to state material facts necessary to make the statements herein not misleading, and all information has been obtained from public
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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
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the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use.
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Brief Overview of Ametek
Business Description $ in mm except per share amounts

Stock Price $52.20 Valuation on Company Reported Metrics
Ametek is a global manufacturer of electronic Shares Outstanding 245.9 Metrics LTM Sept 14 2014E 2015E
instruments and electromechanical devices with Net Exercisable Options 2.2 EV/Sales 3.6x 3.5x 3.3x
operations in North America, Europe, Asia and Fully Diluted Shares 248.1 EV/EBITDA 13.8x 13.7x 12.5x
South America. The Company is listed on the Market Capitalization $12,953 Price/EPS 22.2x 21.7x 19.5x
New York Stock Exchange (symbol: AME). The Total Debt $1,636 Debt/EBITDA 1.6x 1.6x 1.4x
common stock of AMETEK is a component of the Less: Cash (1) $370
S&P 500 and the Russell 1000 Indices Total Enterprise Value $14,219
(1) $307.1m of cash is outside of the U.S.
The Company markets its products worldwide
Fiscal Year Ended Dec 31, LTM
through two operating groups, the Electronic
2008 2009 2010 2011 2012 2013 Sept '14
Instruments Group (“EIG”) and the
EIG $1,403 $1,147 $1,324 $1,647 $1,873 $2,035 $2,344
Electromechanical Group (“EMG”). EIG provides
EMG $1,128 $952 $1,147 $1,343 $1,462 $1,560 $1,596
monitoring, testing, calibration and display
devices for the process, aerospace, power and Total Sales $2,531 $2,098 $2,471 $2,990 $3,334 $3,594 $3,940
industrial markets. EMG produces engineered % growth 18.5% -17.1% 17.8% 21.0% 11.5% 7.8% 12.8%
electrical connectors for electronic applications; Gross Profit $801 $662 $824 $1,034 $1,180 $1,270 $1,397
precision motion control solutions; specialty % margin 31.6% 31.6% 33.3% 34.6% 35.4% 35.3% 35.5%
metals and alloys; and electric motors, blowers
EBITDA $496 $432 $555 $722 $851 $934 $1,030.6
and heat exchangers. End markets include
% margin 19.6% 20.6% 22.5% 24.2% 25.5% 26.0% 26.2%
aerospace and defense, medical devices, factory
automation, mass transit, petrochemical and Diluted EPS $1.03 $0.85 $1.18 $1.58 $1.88 $2.10 $2.35
other industrial markets. The Company grows Cash from Ops $247 $365 $423 $509 $612 $661 $723
primarily through strategic acquisitions focused Less: Capex ($44) ($33) ($39) ($51) ($57) ($63) ($73)
on markets in instrumentation and Less: Acquisitions ($463) ($73) ($539) ($474) ($748) ($414) ($824)
electromechanical devices. Adj Free Cash Flow ($260) $259 ($155) ($17) ($193) $183 ($175)
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Source: Ametek
Ametek’s Historic Stock Price Rise
Defies Numerous Red Flags
Acquires
$60.00 Added to the 30.0
Beleaguered Zygo
S&P 500
for $280m
Index
Ametek Appears to Have Mislead

$50.00 Investors About the Results of 25.0
Dunkermotoren, its
Largest Deal Ever Completed. Its
French Auditor
CFO “Retires” and its Cost Savings
Theron Matthews, No Longer Audits
Estimates Explode Higher
Director of Operations Cameca
$40.00 at Chandler Engineering 20.0
Files Whistleblower Updates Equity Clawback
Language for Fraud and Ametek India Auditor Issues
Case Under Sarbanes
Financial Misstatements Qualified Opinion;
Oxley; Claims Improper
Notes Continued Failure of
Inventory and Revenue
Internal Controls Tied to Sales
$30.00 Booking 15.0
and Inventory Acct’g
“Lower of Cost or Announces Head of Audit

Market” Language FBI Charged
Departure of Committee
Dropped From Chris Stehm, Former
Electronics Quietly Resigns
Inventory Disclosure Controller and Head
$20.00 Division President Accountant at 10.0
Approx 50/50 LIFO
vs. FIFO Accounting Chandler Engineering,
Management and Later VP Finance
Adjusts and Accounting at
Operating Ametek’s HCC Division
$10.00 Income Bonus w/ Wire Fraud 5.0
Accelerates Target for
Change From ‘Excess
LIFO to FIFO Inventory’
$0.00 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 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
1 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,
2 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
3 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
4 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,
5 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
6 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
7 Add Superior Lasting Value Through Operational Improvements, Which Result in Abnormally High EBITDA Margins
and Continued 15%+ Growth Through Acquisitions. We Believe These Assumptions Need to Be Challenged 6
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
clawback language was changed to explicitly cover fraud and intentional conduct 7
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
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tiny business based in Oklahoma, but it appears to play a significant financial role within the organization.
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
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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
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 400-
600 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
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 $ in millions
True EBITDA Margin: 20% 21% 22% 23% 24% 25% 26% 2014E Revenues
14E Adj. EBITDA $799.0 $839.3 $879.6 $920.0 $960.3 $1,001 $1,041 $3,797 $3,874 $3,953 $4,034 $4,115 $4,197 $4,281
Implied Enterprise Value Implied Enterprise Value
9.00x $7,191 $7,554 $7,917 $8,280 $8,643 $9,006 $9,369 1.75x $6,644 $6,780 $6,918 $7,060 $7,201 $7,345 $7,492
EV/'14E EBITDA
EV/'14E Sales
10.00x $7,990 $8,393 $8,796 $9,200 $9,603 $10,007 $10,410 2.00x $7,594 $7,749 $7,907 $8,068 $8,229 $8,394 $8,562
11.00x $8,789 $9,232 $9,676 $10,120 $10,564 $11,007 $11,451 2.25x $8,543 $8,717 $8,895 $9,077 $9,258 $9,443 $9,632
12.00x $9,588 $10,072 $10,556 $11,040 $11,524 $12,008 $12,492 2.50x $9,492 $9,686 $9,883 $10,085 $10,287 $10,492 $10,702
Less: Debt ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) Less: Debt ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636)
Plus: Cash $370 $370 $370 $370 $370 $370 $370 Plus: Cash $370 $370 $370 $370 $370 $370 $370
FD Shares 248.1 248.1 248.1 248.1 248.1 248.1 248.1 FD Shares 248.1 248.1 248.1 248.1 248.1 248.1 248.1
Implied Stock Price Implied Stock Price
9.00x $23.90 $25.30 $26.80 $28.30 $29.70 $31.20 $32.70 1.75x $21.70 $22.20 $22.80 $23.30 $23.90 $24.50 $25.10
EV/'14E EBITDA
EV/'14E Sales
10.00x $27.10 $28.70 $30.30 $32.00 $33.60 $35.20 $36.90 2.00x $25.50 $26.10 $26.80 $27.40 $28.10 $28.70 $29.40
11.00x $30.30 $32.10 $33.90 $35.70 $37.50 $39.30 $41.00 2.25x $29.30 $30.00 $30.70 $31.50 $32.20 $33.00 $33.70
12.00x $33.50 $35.50 $37.40 $39.40 $41.30 $43.30 $45.20 2.50x $33.20 $33.90 $34.70 $35.50 $36.40 $37.20 $38.00
Implied Downside From Current Price Implied Downside From Current Price
9.00x -54% -51% -48% -46% -43% -40% -37% 1.75x -58% -57% -56% -55% -54% -53% -52%
EV/'14E EBITDA
EV/'14E Sales
10.00x -48% -45% -42% -38% -35% -32% -29% 2.00x -51% -50% -48% -47% -46% -45% -43%
11.00x -42% -38% -35% -31% -28% -24% -21% 2.25x -44% -42% -41% -39% -38% -37% -35%
12.00x -36% -32% -28% -24% -21% -17% -13% 2.50x -36% -35% -33% -32% -30% -28% -27%
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Signs of An Aggressive,
“Too Good To Be True”
Financial Strategy
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 14
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 Meets Misses % % % Avg.

EPS Est. EPS Est. EPS Est. Beats Meets Misses 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<Equity> SURP 15

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
25.0% FEIC: FEI Company

DHR DH: Danaher
EBITDA Margins
RXN FEIC RXN: Rexnord

MTD OXIG: Oxford Instruments
20.0% HUB EMR
ROK KEYS SXS: Spectris Plc
BRKR: Bruker Bioscience
TDY: Teledyne Tech
OXIG SXS RBC: Regal-Beloit
ETN TDY PH: Parker-Hannifan
15.0% PH BRKR ETN: Eaton Plc
KEYS: Keysight Tech.
AIMC EMR: Emerson Electric
RBC AIMC: Altra Industrial Motion
10.0% ROK: Rockwell Automation
MTD: Mettler-Toledo
HUB: Hubbell Inc.
5.0%
20.0% 30.0% 40.0% 50.0% 60.0%
Note: Bubble size represents relative size of enterprise value Gross Margins
Source: Company financial filings 16
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
Dynamics of an Effective Roll-up(1) Observations of Ametek’s M&A Strategy

• Ametek uses cash acquisitions to fuel its growth, and believes it will continue
Ametek’s target acquisitions do not receive its stock. All
to play an important part of its business strategy. Since 2000 through Q3’14,
deals are cash financed. Furthermore, Ametek does not
repurchase its own shares beyond a token amount. Ametek has completed over 60 acquisitions totaling $4.6 billion (See
Insiders are significant net sellers of stock 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’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
Ametek has extracted limited/no revenue synergies from financial performance after acquisitions since it is essentially buying R&D and
acquisitions (see slides 28-29). Rather, it has relied on new products it would otherwise develop internally
heavy cost cutting and aggressive accounting to achieve
earnings growth. We view this as an unsustainable
• Since 2000, Ametek has burned -$627m after capital expenditures and cash
strategy fraught with issues and inherent limitations acquisitions. Viewed from this perspective, cumulative dividends paid of
$411m and share repurchases of $270m have effectively been debt-financed
1) Paul F Kocourek, Steven Y Chung, and Matthew G McKenna, “Strategic Rollups:
Overhauling the Multi-Merger Machine,” Strategy & Business, second quarter 2000
18
Ametek is a Roll-Up w/Limited Organic Growth; Financial
Performance Needs to Adjust For Recurring Acquisitions
• 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 Free Cash Flow Adjusted for Capex/M&A is Negative
$ in mm $ in mm
FBI Indicts
VP of Finance $800
$700 Cash from Operations
CFO Retires Deal pace
begins to dramatically
After accelerates
depart from Net Income,
$600 Dunkermotoren $600
aided by cost cutting,
aggressive acquisitions and Snafu
$500 potentially aggressive
$400
inventory accounting (note:
$400 whistleblower
allegations in 2009)
$200
$300
$200 $0
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 ($400)
Cash from Operations Capex Acquisitions FCF After Capex and Acquisitions
Net Income Cash from Operations
Source: Ametek financials

19
Diminishing Returns to Ametek’s Strategy
Are Rapidly Becoming Evident
• 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 post-
financial crisis, and its true operating cash flow may be struggling.
$ in mm
Notice How the Slope of the Curve
$5,500 Flattens, Inventory Turnover $500.0
Declines, Capital Required for
Acquisitions and Multiples Paid Rise,
Short-term Credit Utilization Swells;. $450.0
Period of Post Financial Crisis.
Company Restructures, Ametek raises $700m in Debt
$4,500
Inventory Turns Peak at 5.5x in $400.0
2011. Deal-Making Activity
Accelerates After Whistleblower
Complaint (2009). Head of Audit $350.0
$3,500
Committee Resigns (2011),
CFO Resigns (2012). Ametek’s $300.0
Early Gains From the Short-Term Debt Swells, and it
Strategy Are Evident Issues $800m of Long-Term
$2,500 with Slow and Steady Debt in 2007-2008 $250.0
Appreciation of
Financial Results $200.0
$1,500
$150.0
$100.0
$500
$50.0
($500) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1'14 Q2'14 Q3'14 $0.0
Cumulative Cash from Ops. Cumulative Cash for Acquisitions Cumulative Capex
Cumulative FCF after Acquisitions Short Term Debt
Source: Ametek financials 20

Note: Short-term credit usage = Short Term Debt Outstanding / ( Revolver and A/R Facility Capacity )
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
• 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!
Gross Margins Starting To Show Stress EBITDA Margins Always Expand

37.0% Sign of Issues Mounting; 27.0%
Acquiring Lower Quality
Financial 26.0% Financial
Companies
crisis crisis
35.0% 25.0%
24.0%
33.0% 23.0%
22.0%
31.0% 21.0%
20.0%
29.0% 19.0%
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
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 Q1'14 Q2'14
Source: Ametek Company Financials
23
Note: Inventory Turnover = LTM Cost of Sales / Average (Beginning and Ending Period Inventory)
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 )

Last Public Foreign US$ LTM YoY YoY Ch. LTM LTM YoY Foreign US$ LTM YoY Yoy Change
Reporting LTM LTM Gross Change Gross Operating Operating Change in LTM LTM EBITDA Change EBITDA
Company Country Period Sales Sales Margin in Sales Margin Income Margin Op. Income EBITDA EBITDA Margin in EBITDA Margin
Dunkermotoren GmbH Germany 2012 € 136.4 $168.6 57.8% -3.0% -0.4% € 6.2 4.6% -29.5% € 24.4 $30.2 17.9% -10.9% -1.7%
Zygo Corporation (1) US 2013 $162.8 $162.8 46.7% 3.3% 0.3% $15.4 9.5% -25.7% $26.8 $26.8 16.5% -13.4% -3.2%
SPECTRO Analytical Germany 2012 € 108.3 $133.8 53.8% 4.8% 2.3% € 25.0 23.1% 23.5% € 28.3 $35.0 26.1% 23.6% 4.0%
Taylor Hobson Limited UK 2013 £54.8 $82.4 49.9% 1.3% -2.1% £13.2 24.1% -9.8% £14.2 $21.4 25.9% -8.7% -1.1%
Cameca SAS France 2013 € 59.1 $75.5 50.9% 5.5% -3.2% € 9.0 15.3% -7.4% € 9.4 $12.0 15.8% -6.8% -2.1%
AMETEK Airtechnology Group UK 2012 £47.5 $72.4 22.2% 7.8% -1.9% £5.1 10.8% -3.3% £6.6 $10.0 13.8% -5.1% -1.9%
Atlas Material Testing (2) Germany 2012 € 32.0 $39.6 56.0% Decline -- € 1.6 4.9% -47.0% € 2.9 $3.5 9.0% -35.5% --
AEM Limited UK 2013 £25.3 $38.0 46.2% 9.0% -1.0% £5.7 22.4% 21.7% £6.4 $9.6 25.4% 18.1% 2.0%
Amptek US 2013 $29.2 $29.2 -- -3.6% -- -- -- -- $13.1 $13.1 44.9% 7.2% 4.5%
Land Instruments UK 2013 £18.3 $27.5 41.0% -9.6% 2.7% £1.9 10.5% -26.3% £2.2 $3.3 12.2% -16.1% -2.0%
Lloyd Instruments UK 2012 £18.0 $27.5 60.3% -31.4% 8.9% £8.1 29.4% 0.3% £8.7 $13.3 48.3% 0.0% 14.1%
Muirhead Aerospace Ltd UK 2013 £16.4 $24.6 41.8% 16.6% -3.4% £3.4 20.9% 7.5% £3.7 $5.6 22.7% 6.9% -1.8%
Ametek Denmark A/S Denmark 2013 -- -- -- -- -- DKK 33.3 -- -11.3% DKK 33.6 $5.8 -- -11.4% --
Antavia SAS France 2013 € 15.4 $19.7 46.3% 11.0% -1.3% € 3.0 19.3% 24.0% € 3.2 $4.1 20.6% 11.7% 0.1%
Grabner Instruments Austria 2013 € 9.6 $12.3 74.2% 7.6% -0.5% € 2.4 25.0% -8.0% € 2.5 $3.2 26.3% -6.9% -4.0%
AMETEK Instruments India India 2012 $7.7 $7.7 -- 63.0% -- -- -- -- $1.1 $1.1 14.6% 19.9% -5.3%
AMETEK Nordic AB Sweden 2013 SEK 15.9 $2.4 81.4% 12.3% -3.3% SEK 2.3 14.8% 39.5% SEK 2.4 $0.4 15.2% 27.4% 1.7%
Total Implied EBITDA Margin and Average YoY Change (3) $731.9 -0.2% $152.6 20.9% -0.9% -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 24
EBITDA margin increase despite a 30% decline in sales. Currencies converted at average annual exchange rates provided by the IRS
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 R&D Expense / Sales

8.0%
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

2011 2012 2013 Average
Source: Company filings

Note: Includes net company funded R&D expense; Agilent is pro forma for Keysight Technologies spin-off 25
Ametek Appears To Underinvest in R&D
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
$ millions
2005 2006 2007 2008 2009 2010 2011 2012 2013 • Ametek extracts significant
Total Revenues $1,434 $1,819 $2,137 $2,531 $2,098 $2,471 $2,990 $3,334 $3,594 earnings benefits from
continually buying vs.
Actual Net R&D Expense $34.8 $42.0 $52.9 $57.5 $50.5 $56.8 $78.0 $84.9 $93.9
developing many of its own
Target R&D Margin 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
products.
Target R&D Expense $86.1 $109.2 $128.2 $151.9 $125.9 $148.3 $179.4 $200.1 $215.6
R&D Underinvestment ($51.3) ($67.2) ($75.3) ($94.4) ($75.4) ($91.5) ($101.4) ($115.2) ($121.7) • R&D that would need to be
Amortization Add-back (1) $3.2 $7.4 $12.1 $18.0 $22.7 $28.4 $34.8 $42.0 $49.6 expensed, is instead
Net R&D Expense ($48.1) ($59.8) ($63.2) ($76.4) ($52.7) ($63.0) ($66.6) ($73.2) ($72.2) capitalized on the balance
sheet and amortized over a
Reported EBITDA $269.9 $351.4 $433.9 $489.4 $428.0 $545.9 $712.2 $842.7 $916.3 period ranging up to 19yrs
% margin 18.8% 19.3% 20.3% 19.3% 20.4% 22.1% 23.8% 25.3% 25.5% (more on this later)
Less: Net R&D Expense ($48.1) ($59.8) ($63.2) ($76.4) ($52.7) ($63.0) ($66.6) ($73.2) ($72.2)
Pro Forma EBITDA $221.8 $291.6 $370.7 $413.0 $375.3 $482.9 $645.6 $769.5 $844.1 • If we assume that Ametek
% margin 15.5% 16.0% 17.3% 16.3% 17.9% 19.5% 21.6% 23.1% 23.5% targeted a 6% R&D margin
(peer average), we
Margin Enhancement 3.4% 3.3% 3.0% 3.0% 2.5% 2.6% 2.2% 2.2% 2.0% estimate its EBITDA
% Decline in EBITDA -17.8% -17.0% -14.6% -15.6% -12.3% -11.5% -9.4% -8.7% -7.9% margins would be 200bps
lower and its EPS 4% lower
Effective Tax Rate 31.2% 31.0% 32.2% 32.6% 30.2% 30.7% 30.9% 30.7% 28.7%
After-tax R&D Net Expense ($15.0) ($18.5) ($20.4) ($24.9) ($15.9) ($19.3) ($20.6) ($22.5) ($20.7)
Diluted Shares 237.6 239.9 242.1 241.7 242.7 241.3 243.2 244.0 246.1
Reported Diluted EPS $0.57 $0.76 $0.94 $1.02 $0.85 $1.18 $1.58 $1.88 $2.10
less: After-tax R&D impact ($0.06) ($0.08) ($0.08) ($0.10) ($0.07) ($0.08) ($0.08) ($0.09) ($0.08)
Pro forma EPS $0.51 $0.68 $0.86 $0.92 $0.78 $1.10 $1.50 $1.79 $2.02
% change -11.0% -10.2% -8.9% -10.1% -7.7% -6.8% -5.4% -4.9% -4.0%
1) Cumulative benefit based on a 16yr amortization period

27
Warning:
No Organic Growth Revenue in 2012
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!
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
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 Sales, General and Admin Expense / Sales

30.0% 40.0%
35.0%
25.0%
30.0%
20.0%
25.0%
15.0% 20.0%
15.0%
10.0%
10.0%
5.0% 5.0%
0.0% 0.0%
2011 2012 2013 Average

2011 2012 2013 Series5
Working Capital = Inventory + Acct’s Receivable – Acct’s Payable

Note: Agilent is pro forma for Keysight Technologies Spin-off 30
Warning: Revolver Debt Dependency Was Rising
For a Year Despite “Strong Operating Cash Flows”
$ i n mi l l i ons
Reported Leverage At Various Assumed EBITDA Margins
LTM EBITDA Margin 26.2% 25.0% 24.0% 23.0% 22.0% 21.0% 20.0%
In our opinion, we estimate
LTM EBITDA $1,031 $985.1 $945.7 $906.3 $866.9 $827.5 $788.1 EBITDA margins closer to 20-
Current Debt $1,637 $1,637 $1,637 $1,637 $1,637 $1,637 $1,637 21% which makes Ametek’s
Debt/EBITDA 1.6x 1.7x 1.7x 1.8x 1.9x 2.0x 2.1x
leverage closer to 2.0x. Its
debt covenant is 3.25x
$ in millions
Ametek’s dependency on using its revolver
Q3'13 Q4'13 Q1'14 Q2'14 Amptek PF Q2'14 Q3'14
as a bridge for deals had been rising for
Short Term Debt $125.7 $164.9 $273.3 $454.4 $68.2 $522.6 $163.2 over a year. The company has
LT Debt $1,118.1 $1,135.1 $1,141.7 $1,148.2 $1,148.2 $1,473.5
approximately $195m of long-term debt
coming due in 2015. While Ametek lists
Total Debt $1,243.7 $1,300.0 $1,415.0 $1,602.6 $1,670.8 $1,636.7 $369.6m of cash on its balance sheet,
$307.1m is listed as being outside of the
Credit Facility $700 $700 $700 $700 $700 $700 U.S. as of 9/30/14. A majority of Ametek’s
ST Debt / Facility 18% 24% 39% 65% 75% 23% earnings and cash flow is derived from
foreign entities, and would be taxed upon
Note: short-term debt includes current portion of LT debt repatriation.
Short-term debt to
Revolver capacity
Source: Company filings reached dangerously
Note: Assumes Amptek acquisition was funded with the credit facility high levels in Q2’14 31
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) 32

Note: Subsidiary list under AMETEK European Holdings Limited is truncated
Signs of Financing Problems in Europe at Ametek?
A Closer Look at Ametek Holdings B.V.
Spruce Point Observations
• 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
Almost out and the company boosted its supply chain cost saving assumptions
• The entity’s ‘liquid middelen’ or cash has fallen dramatically from
of Cash!
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.”
No Equity In H1’13 Ametek reported record operating cash flow of $284.9m
Growth • We have evidence that suggests Cameca and Dunkermotoren
Sources: have struggled significantly from an operational point of view, and
Dutch public information (here) terminated the CEOs of both companies. Cameca’s 2nd auditor,
Ametek 2011 Credit Agreement (here) required by statutory law in France, recently departed
2013 Credit Amendment #1 (here)
Ametek Q2’13 Press Release (here) 33
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 Not the sign of healthy company with the value of
directors in April and September 2014, respectively subsidiary investment holdings rising less than 1%;
cash holdings fall to virtually 0 and equity shrinks
Sources:
UK Public filings (here)
34
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)
35
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) 36

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) 37
Is Management, the Board and
Auditors Looking Out For
Shareholders?
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 39
Whistleblower Case: Matthews v. Ametek
The Whistleblower Claim The Outcome

Theron Matthews, former Director of Operations at Ametek’s
The case was litigated for over 2yrs and ultimately dismissed
Chandler Engineering business employed from 2007-2008, filed
during what the judge described as a “long and contentious”
a whistleblower complaint in May 2009 for being terminated on
discovery process. Ultimately, the judge’s decision to dismiss
the basis of reporting what he believed to be serious
was based on Matthews’ refusal to produce documents
irregularities in the areas of revenue recognition and inventory
related to his new employment.
accounting that were contrary to GAAP. He aired his concerns
in an email to Ametek’s CEO, and claims he was terminated as
In rendering his decision, ALJ judge Patrick Rosenow made
a result of his actions. Matthews claimed that:
the following statement:
• In Q4’2007, Ametek received over $3m in bookings or
orders that, under GAAP, should have been reported in “...in spite of hours spent in conference calls and dozens of
2007. After putting the 2008 budget in place, the $3m was letters, motions, objections, responses, and rulings, I am still
reported, distorting the financial condition of the company. unable to say that both sides have had a full and fair
The deviation decreased backlog, which is reported on opportunity to complete the discovery to which they are
quarterly statements to the SEC. Ametek made shipments entitled under the applicable rules. In that regard, it would
of goods on sale in March 2008, but reported the income in be fair to note that Respondent’s (Ametek) Counsel
February 2008 appeared to fully exhaust his client’s entitlement to
• Ametek manipulated the value of its inventory by affirmative discovery and similarly raise all available
intentionally deviating from the standard cost method protective motions in an attempt to foreclose some of
of calculating total inventory value. Ametek set the Complainant’s (Matthews) discovery requests. In many
standard cost below the actual cost, resulting in higher ways, Respondent (Ametek) may have been more
inventory turns, which are viewed by analysts as a sign of a proactive and even aggressive than Complainant
healthy and well run business. (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) 40
Three and Half Years Later:
FBI Charges Chris Stehm w/Fraud
Is Ametek a company with good or faulty financial
controls? Is Chris Stehm the fall guy for broader
FBI ANNOUNCEMENT issues at Ametek, or simply just a rogue
employee? Note: That Ametek’s Indian Auditor
October 21, 2013 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) 41
What is Going on at Chandler?
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
At Least 70 entities
including Holdco and
Source: Publicly available at http://www.kvk.nl/zoeken/handelsregister/
(1) Chandler’s sales contacts (here)
Opcos (2)
(2) Ametek subsidiary list (here) 42
Ametek Appears To Have Misled Investors
About its Largest Acquisition Ever in 2012
Ametek To Acquire Dunkermotoren (Germany) Business Commentary From Its German Filing
On April 26, 2012 Ametek said, “The privately held manufacturer has expected 2012 sales “Overall, Dunkermotoren could not reach the turnover of EUR
of approximately €155 million ($200 million) ” But, according to German public 140.1m from the previous year. Sales amounted to EUR 136.4M,
filings, Ametek may have already known that Dunkermotoren’s business was which is about 3% below the planned levels. The good level of
deteriorating when they made this statement. Actual 2012 revenues came in at the first quarter could not be sustained in the subsequent
EUR 136.4m, or 12% less than expected. Revenues declined 3% YoY!! 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
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
Profit Increased,
very good and their profit margins are lower – there’s no question.
but mostly because We knew that when we acquired them. As we do with most
Ametek repaid acquisitions, we’re going to continue to work and improve those
some of its debts margins, and your analysis is right – it was about 100 basis points
improvement.
Source: Q4 2012 Ametek Earnings Conf Call (here)
Source: Dunkermotoren’s public German financials (Google Translated); Available (here) 43
Note: Dunkermotoren’s key leadership would all leave in 2013
Ametek’s CFO Conveniently “Retires” Fast!
New COO Appointed
Days After
Robert R. Mandos, Jr. Elected Executive Announcing David A. Zapico Named Executive Vice President and Chief
Vice President & Chief Financial Officer Dunkermotoren! Operating Officer
BERWYN, Pa., May 1, 2012 /PRNewswire/ -- AMETEK, Inc.
BERWYN, Pa., Dec. 18, 2012 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced that the Board of Directors has
(NYSE: AME) today announced the election of David A. Zapico as
elected Mr. Robert R. Mandos, Jr., as Executive Vice President
Executive Vice President and Chief Operating Officer, effective
and Chief Financial Officer, effective July 1, 2012. Mr. Mandos
January 1, 2013.
currently serves as Senior Vice President and Comptroller of
AMETEK. He replaces John J. Molinelli who has announced
Mr. Zapico has held a variety of engineering and general
his retirement after 43 years with AMETEK, including 18 years
management positions since joining AMETEK's Process &
as Chief Financial Officer.
Analytical Instruments Division in 1990 as a Product Engineer. He
William J. Burke Elected Senior Vice President, was promoted to Division Vice President of the Process
Comptroller & Treasurer Instruments Business Unit for the Process & Analytical Instruments
Division in 1996. In 1999, Mr. Zapico was named Vice President
BERWYN, Pa., May 1, 2012 /PRNewswire/ -- AMETEK, Inc. and General Manager of AMETEK's Aerospace and Power
(NYSE: AME) today announced that the Board of Directors has Instruments Division. In 2003, he was named President, Electronic
elected William J. Burke as Senior Vice President, Comptroller & Instruments.
Treasurer, effective July 1, 2012. Mr. Burke currently serves as
Vice President and Treasurer.
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) 44
Just Before the CFO Leaves, “Clawback
Policy” Language is Altered
Clawback Policy (March 2012) Clawback Policy Prior to 2012
The Company reserves the right to recover, or clawback, If we are required to prepare an accounting restatement
from a current or former executive officer any wrongfully- due to misconduct, any participant who is determined
earned performance-based compensation, including stock- by a Court of competent jurisdiction to have engaged
based awards, upon the determination by the in, or failed to prevent, the misconduct, will be required to
Compensation Committee of the following: repay proceeds from the sale of shares issued upon
• There has been restatement of Company financials, due exercise of a stock option or stock appreciation right, or
to the material noncompliance with any financial reporting vesting of restricted stock or stock unit, occurring during
requirement (other than a restatement caused by a the 12-month period following the first public issuance or
change in applicable accounting rules or interpretations), filing with the Securities and Exchange Commission of the
and such executive officer engaged in fraud or financial statements required to be restated.
intentional illegal conduct which materially contributed to
the need for such restatement,
• The cash incentive or equity compensation to be Pay Close Attention!
recouped was calculated on, or its realized value affected
by, the financial results that were subsequently restated, Ametek changed its language to explicitly call out
“current or former executive officers ” and lists “fraud
• The cash incentive or equity compensation would have or intentional illegal misconduct” as a factor. Also
been less valuable than what was actually awarded or Ametek subtly makes it more difficult to clawback
paid based upon the application of the correct financial equity from these officers by changing from “a Court
of competent jurisdiction” to “the determination of the
results, and
Compensation Committee.”
• The pay affected by the calculation was earned or
awarded within three years of the determination of the Who would you rather be judged by...your
buddies on the Board or the U.S. legal system?
necessary restatement.
Sources:
Proxy Statement – March 2012 (here) 45
Prior Proxy Statement (here)
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
Fiscal Yr Audit Fee '09-'11 CAGR M&A
Company Auditor 2009 2010 2011 Audit Fee Sales Deals
Eaton E&Y $15.0 $15.7 $17.1 6.8% 16% 14
Danaher E&Y $10.6 $12.3 $16.6 25.1% 24% 47
Agilent PWC $5.7 $7.4 $7.5 15.0% 22% 2
Ametek E&Y $4.3 $4.2 $4.2 -0.6% 19% 12
Mettler-Toledo PWC $2.8 $3.0 $3.5 10.2% 16% 4
Teledyne E&Y $2.1 $2.2 $2.3 3.2% 8% 8
Note: 2011 language change to Audit-related fees –
Ametek “include fees for audits of employee benefit plans and
due diligence in connection with acquisitions”
Audit-related Fees $0.05 $0.26 $0.33
Tax Fees $0.10 $1.30 $0.72 Note spike in tax fees in 2010: “relate to federal and state tax
advice, acquisition tax planning, assistance with international tax
All Other $0.00 $0.00 $0.00 compliance and international tax consulting”
Source: Proxy filings 46

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) 47

Exercise Caution When Auditor Awards
Are Lavished on Client CEO’s
Lets GOWEX: Billion Dollar Scheme Satyam: Billion Dollar Scheme TechnoDyne: $450m Scheme
Jenaro Garcia Martin Ramalinga Raju Padma and Reddy Allen
E&Y Spanish Entrepreneur of YearTM 2011 E&Y Tech Entrepreneur of YearTM 2011 E&Y Entrepreneur of YearTM 2010
Gowex CEO (here) Source: Satyam CEO (here) Source: TechnoDyne (here)
Lexi Holdings - £100m Scheme InnoVida Holdings: $50m Scheme IT Factory: $186m Scheme
Shaid Luqman Claudio Osorio Stein Bagger
E&Y Entrepreneur of the YearTM 2004 E&Y Entrepreneur of the YearTM 2007 E&Y Danish Entrepreneur of the YearTM 2007
48
Lexi Holdings CEO (here) InnoVida Holdings CEO (here) IT Factory CEO (here)
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 49

Publicly available via DOL FOIA Request
Who Internally at Ametek is Working
With Outside Auditors?
Our Audit of Ametek’s Head of Audit Services Uncovered a
AMETEK Names Robert J. Amodei Vice President, Audit Services
Problem > His Claim of Being a CPA is False! We also spoke
BERWYN, Pa., July 25, 2014 /PRNewswire/ -- AMETEK, Inc. (NYSE: to the PA State Board of Accountancy and were informed
AME) today announced that the Board of Directors has elected Robert that all persons holding themselves out as CPAs who are
J. Amodei as Vice President, Audit Services. He most recently has physically located in PA are required to have a current
served as Director, Operational Accounting in AMETEK's Corporate licensure in the state. We believe it could be improper for
Office. Ametek to identify him as a CPA in the press release
announcing his promotion to VP of Audit Services at
"I am pleased to announce Rob's promotion to Vice President, Audit Ametek’s Corporate Office
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."
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) 50
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) 51
Auditor Reminder...Pay Close Attention!
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...
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
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/ 54

“Continuing Failures” Cited Tied to
Inventory Acct’g and Audit Systems
Inadequate!
Delays in
Payment of
Taxes!
Continuing
failure for
ascertaining
aging of
inventory and
collection of
receivables!
Described as
a Major
Source: Publicly available at http://www.mca.gov.in/ Weakness 55
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.

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/ 57
Ametek India: Qualified Audit Opinion!
Source: Publicly available at

http://www.mca.gov.in/ 58
Ametek India Markets Many of its Products
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!

Insider Ownership Declines Year After Year
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.
2/5/2007 3/7/2008 2/2/2009 2/1/2010 3/18/2011 3/16/2012 1/31/2013 1/31/2014

Outstanding Shares 6,899,924 6,186,845 5,726,439 5,593,988 5,289,752 4,493,964 3,621,259 3,390,177
Options to Acquire 2,907,504 2,727,554 3,032,771 2,599,380 2,226,668 2,110,215 1,475,554 1,474,207
Supplemental Exec Retirement Plan 469,577 493,261 476,885 494,098 522,638 552,245 452,719 466,306
Insider Total Beneficial Ownership 10,277,006 9,407,660 9,236,095 8,687,466 8,039,057 7,156,424 5,549,532 5,330,690
Shares Outstanding 239,042,061 239,517,380 240,227,168 240,122,572 241,271,336 241,091,172 243,281,716 245,067,108
Reserved for issuance under incentive plans 14,307,422 19,575,000 18,000,000 15,525,000 12,450,000 23,100,000 19,898,922 18,200,000
Total Shares 253,349,483 259,092,380 258,227,168 255,647,572 253,721,336 264,191,172 263,180,638 263,267,108
Insiders Ownership / Total Shares 4.1% 3.6% 3.6% 3.4% 3.2% 2.7% 2.1% 2.0%
Adjusted for 3:2 stock split on Nov 2010 and May 2012
Source: Ametek Proxy Statements
60
Insiders Sales Are Rampant...
Source: Bloomberg; AME <equity> GPTR 61

Insiders Racing to the Exit With
Rapid Sales in 2014
Person, Title Sale Date Shares Sold Sale Price

Key senior executives were
William Eginton, SVP Corp. Development 2/24/2014 10,000 $53.07
the largest sellers of stock
Elizabeth Varet, Director 2/27/2014 2,000 $52.99
in early 2014. Many
Tim Jones, President Electromechanical Group 3/4/2014 20,000 $53.60
Directors have followed
with numerous stock
liquidations. Having sold
stock at an avg. price of
James Malone, Director 5/12/2014 400 $53.21
$52.83 and near the high
Charles Klein, Director 5/16/2014 3,000 $52.67 prints of the year
James Malone, Director 6/20/2014 1,250 $53.98
Steve Kohlhagen, Director 8/7/2014 3,550 $51.12
Steve Kohlhagen, Director 8/8/2014 3,401 $50.91
John Hardin, President EIG 9/5/2014 10,000 $53.00
Charles Klein, Director 11/4/2014 8,167 $51.47
Steven Kohlhagen, Director 11/6/2014 3,436 $51.43
Total/Avg Sale: 94,151 $52.83
62
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
Mettler
$ in millions Danaher Emerson Eaton Rockwell Ametek Toledo Hubbell Average*
Enterprise Value $52,413 $47,437 $40,147 $15,183 $14,302 $8,044 $7,195 $28,403
LTM Revenues $19,562 $24,540 $22,393 $6,557 $3,798 $2,435 $3,258 $13,124
Board Members 10 13 12 10 9 9 12 11
Average Age 62 61 61 62 65 60 60 61
Avg. Length of Tenure 18 9 9 8 13 11 9 11
* excludes Ametek
Source: Company filings.

63
Signs of Aggressive
Inventory Accounting
Warning: It’s All About the Inventory
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
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 Q1'14 Q2'14
Source: Ametek Company Financials
Note: Inventory Turnover = LTM Cost of Sales / Average ( Beginning and Ending Period Inventory) 66
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
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, The Company uses the first-in, first-out (“FIFO”) method
cost being determined for more than half of inventories of accounting, which approximates current replacement
by the last-in, first-out (LIFO) method of inventory cost, for approximately 80% of its inventories at
valuation, and market on the basis of the lower of December 31, 2013. The last-in, first-out (“LIFO”)
replacement cost or estimated net proceeds from sales 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
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% Notice Ametek

90% 21% 20% re-accelerates the
31% 26%
80% 38% 38% 34%
50% 45% change to FIFO
70% starting in 2009,
60%
during a period of
50%
financial distress
40% 79% 80%
66% 69% 74% and when a
30% 62% 62%
50% 55% whistleblower
20%
claimed inventory
10%
accounting
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013
irregularities
Inventory Accounted Under FIFO 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)
69
2) AICPA study - 2009 (here)
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

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

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 Primary Secondary
to Inventory Value Acct'g Method Acct'g Method Acct'g Method
Emerson Yes No Avg Cost FIFO
Danaher Yes No FIFO LIFO
Agilent Yes No FIFO --
Hubbell Yes No LIFO (85%) FIFO (15%)
Eaton Yes No LIFO FIFO
Bruker Yes No FIFO Avg Cost
Mettler-Toledo Yes No FIFO --
FEI Company Yes No FIFO --
National Instrument Yes No FIFO --
Ametek No Yes FIFO LIFO
Source: Compa ny SEC fi l i ngs

72
Indications of Inventory Shenanigans
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
Mettler Emerson Altra Thermo Parker
Ametek Toledo Electric Bruker Eaton Danaher Industrial Hubbell Fisher Hannifan
Raw Materials and parts $291.2 $98.2 N/A $189.7 $955.0 $610.6 $56.8 $122.3 $347.4 $111.4
Work-in-Process $85.5 $38.1 N/A $196.5 $428.0 $287.0 $18.4 $87.2 $157.7 $777.7
Finished Goods $76.1 $74.1 $678.0 $155.3 $1,115.0 $885.9 $68.4 $259.4 $989.4 $559.5
Demo Units/Other -- -- -- $48.3 -- -- -- -- -- --
Total Gross Inventory $452.8 $210.4 $1,895.0 $589.8 $2,498.0 $1,783.5 $143.7 $468.9 $1,494.5 $1,448.6
Less: Adjustments ($23.3) -- -- -- ($116.0) -- -- ($83.2) -- --
Ending Inventory, Net $429.5 $210.4 $1,895.0 $589.8 $2,382.0 $1,783.5 $143.7 $385.7 $1,494.5 $1,448.6
% of Gross Inventory Average 1

Raw Materials and parts 64% 47% N/A 32% 38% 34% 40% 26% 23% 8% 31%
Work-in-Process 19% 18% N/A 33% 17% 16% 13% 19% 11% 54% 23%
Finished Goods 17% 35% 36% 26% 45% 50% 48% 55% 66% 39% 44%
Demo Units 0% 0% 0% 8% 0% 0% 0% 0% 0% 0% 1%
1. Excludes Ametek. Source: Company Annual Reports

73
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)
• 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 Fixed Price Purchase Obligations Purch. Obligations / Inventories
FY 2011 FY 2012 FY 2013 FY 2011 FY 2012 FY 2013 FY 2011 FY 2012 FY 2013
Eaton $1,701 $2,336 $2,382 $869 $1,108 $1,236 51.1% 47.4% 51.9%
Thermo Fisher $1,330 $1,444 $1,495 $243 $275 $291 18.3% 19.0% 19.5%
Danaher $1,781 $1,813 $1,784 $960 $899 $1,032 53.9% 49.6% 57.8%
Emerson $2,105 $2,125 $1,895 $1,176 $1,220 $1,087 55.9% 57.4% 57.4%
Agilent (1) $898 $1,014 $1,066 $385 $450 $400 42.9% 44.4% 37.5%
Keysight Tech -- -- $502 -- -- $208 -- -- 41.4%
Hubbell $318 $342 $386 $181 $213 $181 56.9% 62.2% 47.0%
Mettler Toledo $241 $199 $210 $99 $94 $75 40.8% 47.2% 35.7%
Max: 56.9% 62.2% 57.8%

Average: 45.7% 46.8% 43.5%
Min: 18.3% 19.0% 19.5%
Ametek $380 $429 $453 $276 $326 $335 72.4% 75.9% 74.0%
Source: SEC financial filings

75
Note: Agilent includes Keysight results for all years
Aggressive Supplier Deals the Culprit?
• 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 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!

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 7/24/12: Ametek Cites “Softening Sourcing savings $140.0

We Are Seeing” as rationale for estimation exploding faster
$70.0 increased sourcing savings, not cost than realized benefits
synergies from the Dunkermotoren $120.0
acquisition announced in May. The
$60.0 CFO also “retired” in May.
$100.0
$50.0
$80.0
$40.0
$60.0
$30.0
$40.0
$20.0
$10.0 $20.0
Source: $0.0 $0.0

Ametek
earnings
conference
calls Realized Quarterly Sourcing Benefit (LHS) Estimated Annual Sourcing Benefit (LHS) Other Operational Savings (RHS) 78
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)

79
Mckinsey Global Manufacturing Report (here)
Signs of Deal Desperation and
Aggressive Acquisition Accounting
Ametek: The Undisputed King of
Goodwill and Intangible Assets
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%
50% 46%
40% 33% 35% 36% 37% 37%

32%
30% 27%
20% 16%
13%
10%
0%
Source: Company filings 81

Detailed Look at Acquisition Accounting
• 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
2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD 2014 Limited
Allocation to
Property, Plant and Equipment $40.9 $16.5 $34.4 $26.2 $4.8 $23.3 $13.6 $52.3 $12.3 $61.8 PP&E and
Technology.
Goodwill $221.4 $112.4 $170.5 $271.1 $17.4 $313.5 $238.1 $384.7 $213.5 $267.4
Indefinite Lived Trademarks -- -- -- -- -- $80.6 $63.0 $96.6 $44.0 $52.7 Large
allocation to
Customer Relationships -- -- -- -- -- $159.7 $178.9 $233.0 $133.4 $175.8 goodwill and
Purchased Technology -- -- -- -- -- $36.0 $18.1 $35.2 $33.9 $46.6 customer
relationships
Other -- -- -- -- -- $0.0 $0.0 $1.7 $0.0 $0.8
Total Intangibles $40.0 $22.1 $81.7 $136.7 $36.1 $276.3 $260.0 $366.5 $211.3 $275.9
Lack of
Deferred Inc Tax -- -- -- -- -- ($80.6) ($37.0) ($102.9) ($58.8) ($70.9)
Disclosure on
Net Working Cap and Other* $38.4 $26.6 $14.0 $29.0 $14.6 $6.1 $0.2 $47.1 $36.0 $39.4 Inventories;
Grouped in
Total Purchase Price $340.7 $177.6 $300.6 $463.0 $72.9 $538.6 $474.9 $747.7 $414.3 $573.6 Net Working
Capital
*Acct's Receivable -- -- -- -- -- -- $28.3 $61.1 $31.2 $33.9

Source: Ametek Annual Reports
* Accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal
82
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 Agilent’s Varian Acquisition
Source: Company Annual Reports

83
Ametek Aggressively Marks Intangible
Asset Valuation >> Bolsters EPS
• 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 Fiscal Yr Ended December 31st
Period 2008 2009 2010 2011 2012 2013 CAGR
Patents 16 $51.0 $54.2 $52.4 $53.0 $54.3 $55.3 2%
Purchased Technology 16 $69.0 $75.6 $107.2 $124.8 $163.2 $198.5 24%
Customer Lists 19 $203.4 $319.8 $479.9 $657.2 $897.1 $1,037.7 39%
Other acquired intangibles 3-20yrs $38.4 $25.1 $25.9 $24.9 $25.9 $28.3 -6%
Total definite-lived intangibles $361.9 $474.6 $665.5 $859.8 $1,140.5 $1,319.8 30%
Patents 14% 11% 8% 6% 5% 4%

Purchased Technology 19% 16% 16% 15% 14% 15%
Customer Lists 56% 67% 72% 76% 79% 79%
Other acquired intangibles 11% 5% 4% 3% 2% 2%
% of Total 100% 100% 100% 100% 100% 100%
Note: figures are gross amounts
84
Peer Analysis Supports View That Ametek
Aggressively Marks Customer Relationships
• 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 % of Total Teledyne Technologies % of Total

$ in millions Amort. Period 2012 2013 2012 2013 $ in millions Amort. Period1 2012 2013 2012 2013
Customer Relationships 16yrs $3,838.0 $3,859.0 58% 58% Proprietary Technology 10yrs $176.3 $191.3 62% 62%
Patents and Technology 17 $1,626.0 $1,588.0 25% 24% Customer lists/relationships 10 $91.1 $100.5 32% 32%
Other acquired intangibles $1,160.0 $1,155.0 18% 17% Patents $0.7 $0.7 0% 0%
Total definite-lived intangibles $6,624.0 $6,602.0 100% 100% Non-compete Agreements $0.9 $0.9 0% 0%
Trademarks $3.3 $3.3 1% 1%
Danaher % of Total Backlog $12.3 $12.9 4% 4%
$ in millions Amort. Period 2012 2013 2012 2013 Total definite-lived intangibles $284.6 $309.6 100% 100%
Customer Relationships and other 14yrs $3,528.1 $3,640.0 73% 73%
Patents and Technology $1,289.2 $1,376.5 27% 27%
Total definite-lived intangibles $4,817.3 $5,016.5 100% 100% Regal-Beloit % of Total
$ in millions Amort. Period 2012 2013 2012 2013
Agilent % of Total Customer Relationships 3-14yrs $244.9 $253.8 54% 57%
1
$ in millions Amort. Period 2012 2013 2012 2013 Technology/IPRD 3-9 $147.5 $133.0 33% 30%
Purchased Technology 8-9yrs $1,019.0 $849.0 63% 60% Trademarks 3-20 $32.7 $32.6 7% 7%
Customer Relationships 4 $401.0 $391.0 25% 27% Patents and Engineering 10 $16.6 $16.6 4% 4%
Trademark/Tradename 12 $176.0 $168.0 11% 12% Non-compete Agreements 3-5 $8.2 $8.3 2% 2%
Backlog $14.0 $14.0 1% 1% Total amortizable intangibles $449.9 $444.3 100% 100%
Total amortizable intangibles $1,610.0 $1,422.0 100% 100%
Mettler-Toledo % of Total
Bruker Corp % of Total $ in millions Amort. Period1,2 2012 2013 2012 2013
$ in millions Amort. Period 2012 2013 2012 2013 Customer Relationships 18yrs $96.6 $98.4 67% 67%
Customer relationships 5-12yrs $15.3 $18.0 9% 10% Proven Technology/Patents 10 $43.0 $43.2 30% 29%
Existing Technology/Patents 3-10yrs $151.5 $157.9 91% 90% Tradenames (finite life) 15 $4.0 $4.3 3% 3%
Trade names 5-10yrs $0.2 $0.2 0% 0% Other $0.7 $0.8 1% 1%
Total amortizable intangibles $167.0 $176.1 100% 100% Total amortizable intangibles $144.3 $146.7 100% 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
• 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
Customer Relationships
Total Revenues $2,137 $2,531 $2,098 $2,471 $2,990 $3,334 $3,594 Company Amortization Yrs
Reported Customer Lists $118.0 $203.4 $319.8 $479.9 $657.2 $897.1 $1,037.7 Mettler Toledo 18.0
Annual Addition $38.1 $85.3 $116.5 $160.1 $177.2 $239.9 $140.6 Eaton 16.0
Annual Amort Expense (1) $2.0 $4.5 $6.1 $8.4 $9.3 $12.6 $7.4
Danaher 14.0
Cummulative Expense $2.0 $6.5 $12.6 $21.1 $30.4 $43.0 $50.4
Teledyne 10.0
Pro Forma Adjusted EBIT Parker Hannifan 10.0
Annual Amort. Expense (2) $3.8 $8.5 $11.6 $16.0 $17.7 $24.0 $14.1
Regal Beloit 8.5
Cummulative $3.8 $12.3 $24.0 $40.0 $57.7 $81.7 $95.8
Bruker 8.5
AME Reported EBIT $432.7 $366.1 $482.2 $635.9 $745.9 $815.1
FEI Co. 7.5
% margin 17.1% 17.4% 19.5% 21.3% 22.4% 22.7%
Deduct: Incremental Amort. ($5.8) ($11.4) ($18.9) ($27.3) ($38.7) ($45.4) Agilent 4.0
Pro Forma EBIT $426.8 $354.7 $463.2 $608.6 $707.2 $769.7 Average 10.7
% margin 16.9% 16.9% 18.7% 20.4% 21.2% 21.4% Median 10.0
% Decline in EBIT -1.4% -3.1% -3.9% -4.3% -5.2% -5.6%
Margin enhancement 0.2% 0.5% 0.8% 0.9% 1.2% 1.3% Source: company filings, midpoint of
ranges where provided
Effective Tax Rate 32.6% 30.2% 30.7% 30.9% 30.7% 28.7%
After-tax impact ($1.9) ($3.4) ($5.8) ($8.4) ($11.9) ($13.0)
Diluted Shares 241.7 242.7 241.3 243.2 244.0 246.1
Reported Diluted EPS $1.02 $0.85 $1.18 $1.58 $1.88 $2.10
less: After-tax Amort. Impact ($0.01) ($0.01) ($0.02) ($0.03) ($0.05) ($0.05)
Pro forma EPS $1.01 $0.83 $1.15 $1.55 $1.83 $2.05
% change -0.8% -1.7% -2.0% -2.2% -2.6% -2.5%
(1) Assumes amortization period of 19yrs as per Ametek's 10k filing
(2) Assumes 10yr amortization period 86
Desperation for Deals: Zygo Acquisition
Underscores Struggle for Fresh Targets
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: FY 2011: $150.1m > FY 2013: $149.4m
2. Margin Contraction:
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
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
Ametek’s Largest Deal Ever: Dunkermotoren
Major Issues and Deception
Ametek Press Release Spruce Point Observations
April 26, 2012 Ametek announced that it would acquire Dunkermotoren, a leader in
advanced motion control solutions for a wide range of industrial automation • Where was Ametek to purchase this business in 2009
applications. Dunkermotoren had expected 2012 sales of ~ €155m (~US$200m). and why did they pay $100m more for it in 2012?
Ametek acquired the business from Triton, a European private equity firm for • Triton’s commentary suggests it invested substantial
~€250m ($320 million) or 1.61x EV/Sales. R&D to grow the business. None of this R&D will
accurately flow through Ametek’s income statement,
enabling the overstatement of EPS
Ametek’s deal Commentary: “Dunkermotoren is a global leader in highly engineered
advanced motion control solutions for niche applications. It is an excellent strategic • In the purchase price allocation, we observe Ametek
and highly complementary fit with our Precision Motion Control business. It attributed the smallest amount to purchased technology
expands our leadership position in niche rotary and linear motion applications. In of $16.4m, and is amortizing it over 15yrs, so just
addition, it broadens our manufacturing capabilities in both Europe and China, and $1.1m/yr of amortization expense will hit future earnings
greatly expands our presence in key industrial end markets."
Dunkermotoren Purchase Price Allocation
Triton Press Release $ in millions
Amortized Years
Triton bought Dunkermotoren in Nov 2009 when it was a non-core business of
the telecommunications provider Alcatel-Lucent. Property, Plant and Equip. $34.0 Yes Various
Triton paid EUR 145m to acquire the business, which was producing EUR 100m Goodwill $140.5 No
of sales (EV/Sales:1.45x)
Customer Relationships $103.7 Yes 16-20
Triton’s deal commentary: "Despite a challenging market environment, we have
Purchased Technology 16.4 Yes 15.0
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 Indefinite Lived Trademarks 44.5 No
of technology and a rapid expansion of sales operations and technology Total Intangibles $164.6
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 Deferred Inc Tax (19.2)
strengthened Dunkermotoren's ability to compete in the long term” Net Working Cap and Other (2.7)
Total Purchase Price $317.2
Triton to Acquire Dunkermotoren from Alcatel Lucent Announcement
Triton Sale to Ametek Announcement 89
Source: Q1-Q3 2012 Ametek 10Q SEC Financials
Ametek Deal Announcement
Dunkermotoren’s German Filings
Tell a Different Story
Dunkermotoren’s 2012 German Public Filings Business Commentary From German Filing
On May 21, 2012 Ametek said, “The privately held manufacturer has expected 2012 “Overall, Dunkermotoren could not reach the turnover of EUR
sales of approximately €155 million ($200 million)” But, according to public filings, 140.1m from the previous year. Sales amounted to EUR 136.4M,
Ametek would have already known that Dunkermotoren’s business was which is about 3% below the planned levels. The good level of
deteriorating when they made this statement. Actual 2012 revenues came in at the first quarter could not be sustained in the subsequent
EUR 136.4m, or 12% less than expected. Revenues declined 3% YoY!! 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
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
Profit Increased,
very good and their profit margins are lower – there’s no question.
but mostly because
Ametek repaid We knew that when we acquired them. As we do with most
some of its debts 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: Dunkermotoren’s public German financials (Google Translated);
Available https://www.bundesanzeiger.de Source: Q4 2012 Ametek Earnings Conf Call (here) 90
So Much for the Dunkermotoren Team “Embracing
Ametek’s Culture”.... Struggles Continue in 2013
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 “Manfred Bergsch is now the new head of
Dunkermotoren GmbH. Das teilte die Unternehmensleitung bei einem Pressegespräch mit. management (CEO) at Dunkermotoren,
Die Organisation ist soweit stabil, dass wir uns gemeinsam mit Ametek entschlossen announced at a press conference”
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, “The three former managing directors of Dunker
Nikolaus Gräf, Volker Brunner und Frank Guckelberger hatten gekündigt. engines , Nikolaus Graf, Volker Brunner and
Frank Guckelberger were terminated.”
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 “It is not known what will happen to the Head of Finance
Guckelberger) künftig auch Geschäftsführungsfunktion habe, wisse man noch nicht. and Accounting position (previously Frank
Bergsch lobte den Zustand der Firma: „Das ist eine motivierte und erfolgreiche Mannschaft, Guckelberger).”
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 IT WOULD TAKE 1 YEAR FOR THE
bin froh, dass wir eine solch stabile Managementsituation haben, die es ermöglicht hat, die
bisherigen Geschäftsführer freizugeben“, so French. 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
Insights from Cameca: Failed Revenue
Expectations and Now Covering Tracks?
Ametek Announces Acquisition of Cameca Observations and Commentary
August 13, 2007: PAOLI, Pa.--(BUSINESS WIRE)--AMETEK, Inc. (NYSE:AME) announced Observations:
that it has acquired CAMECA SAS, a manufacturer of high-end elemental analysis systems • Ametek estimated Cameca’s sales at €60m for 2008. According to
used in advanced laboratory research, semiconductor and nanotechnology applications. public filings we obtained, its 2008 actual results were €45m
CAMECA, based in Paris, France, was purchased from an investment group led by the (25% below plan), with virtually no revenue growth in 2009.
Carlyle Group for approximately €82 million ($112 million). CAMECA has estimated According to public filings, Cameca still had not hit €60m of
annual sales of €60 million ($82 million). “CAMECA is an excellent acquisition that revenues by year end 2013!
significantly broadens our technical capabilities in differentiated, high-end analytical
instrumentation. Its global customer base includes many of the world’s leading • Its CEO resigned according to a French filing made on 3/31/14
semiconductor manufacturers and academic, government, and industrial research facilities and one of its auditors appears to have resigned too
engaged in nano-science and other materials science research” “CAMECA is an excellent
acquisition that significantly broadens our technical capabilities in differentiated, high-end Years Would Pass Until Ametek Started Touting Cameca on
analytical instrumentation. Its global customer base includes many of the world’s leading Earnings Conference Calls...Why?
semiconductor manufacturers and academic, government, and industrial research facilities
engaged in nano-science and other materials science research,” states Frank S. Hermance, • Q1’2012 (here): “Europe is an interesting story for us. Overall, our
AMETEK Chairman and Chief Executive Officer. 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 counter-
cyclical 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
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
Sources: Cameca acquisition announcement
Cameca public filings: here
very large shipments into Europe in the first quarter.”
92
Cameca’s Gains Appear To Be Hitting A Wall
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
2007 2008 2009 2010 2011 2012 2013 CAGR 2013 Net Revenues of €59.1m are still
below the forecasted revenues of €60.0m
Net Turnover (Sales) € 45.0 € 45.8 € 32.0 € 44.0 € 48.8 € 55.9 € 59.1 4.6% announced in 2007! Revenue growth
% growth -- 1.7% -30.1% 37.4% 10.8% 14.6% 5.8% slowed significantly in 2013.
Cost of Materials+ other pruchases € 26.0 € 23.3 € 15.7 € 20.2 € 24.4 € 25.6 € 29.0 1.8%
Gross Profit € 19.0 € 22.5 € 16.3 € 23.8 € 24.4 € 30.3 € 30.1 8.0%
% margin 42.2% 49.1% 51.0% 54.1% 50.0% 54.2% 50.9% Claims of continuous improvements
and ability to strategically source and
Salaries and Wages € 12.6 € 13.4 € 13.0 € 12.5 € 13.6 € 13.9 € 14.4 2.3%
drive input costs lower is not evident in
% margin 28.0% 29.2% 40.5% 28.5% 28.0% 24.9% 24.4% Cameca’s gross margins, which have
Depreciation and Amort. € 0.2 € 0.2 € 0.3 € 0.3 € 0.3 € 0.3 € 0.3 9.4% been largely stagnant since 2008
Operating Taxes/Levies € 1.0 € 1.1 € 0.9 € 1.1 € 1.1 € 1.4 € 1.8 9.6%
Provision for Current Asset Charges € 0.2 € 0.4 € 0.4 € 0.7 € 0.3 € 0.7 € 0.3 9.7%
Research and development expenses,
Provision for Operating Liablities € 0.6 € 2.0 € 1.3 € 3.6 € 3.8 € 4.2 € 4.1 39.6%
listed in the footnotes of the financials,
Other Expenses € 0.3 € 0.1 € 0.1 € 0.1 € 0.1 € 0.1 € 0.2 -7.9% have held stable at ~€4.8m per year.
EBIT € 4.2 € 5.3 € 0.4 € 5.5 € 5.2 € 9.7 € 9.0 13.6% This also underscores our belief that
% margin 9.3% 11.6% 1.4% 12.5% 10.6% 17.4% 15.3% the company underinvests in R&D
EBITDA € 4.4 € 5.5 € 0.7 € 5.8 € 5.4 € 10.0 € 9.4 13.5%
% margin 9.7% 12.1% 2.2% 13.1% 11.1% 18.0% 15.8% EBITDA margins peaked in 2012 and
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 are significantly below Ametek’s
corporate margin of 26%
Sources: Cameca public filings: here 93

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) 94

1) Dual Statutory Audit Rule (here)
Trouble Brewing at Cameca....
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 Cameca’s UK Subsidiary Recently in Liquidation
Sources: Cameca French (here) and UK (here) filings

Private Placement Filing (here)
95
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 No

Ametek acquires Umeco MRO (here)
Umeco acquires Antavia (here)
Signature 96
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 Spruce Point Commentary
infrared temperature measurement, combustion efficiency • Land’s revenue did not appear to hit the target of £22m stated in the press
and emissions monitoring instruments.” release. We estimate on a calendarized basis, Land produced
• “Land Instruments offers a full range of on-line optical ~£15m of revenues, or 31% less than expected
temperature measurement instrumentation for industrial Commentary from Land’s 2006 Annual Report
applications, including spot thermometers, line scanners • “Turnover for the 9 month period ended 31 December 2006 was 30% lower
and thermal imagers. These instruments, which measure than for the 12 month period ended 31 March 2006. After adjusting for the
temperatures up to 3000 degrees Celsius, are widely different length in reporting periods, turnover for the 9 month period ended
used by the metal, glass and mineral processing 31 December 2006 was broadly comparable with the prior period.”
industries. The addition of Land Instruments’ high • “Operating profit before exceptional items decreased by 64% during the
temperature monitoring and control systems expands period. After adjusting for the different length in reporting periods, the
AMETEK’s on-line process monitoring capabilities, adding operating profit before exceptional items was 50% lower than in the
to our existing strengths in on-line composition and prior period, reflecting reduced margins arising from a change of mix
moisture analysis,” continued Mr. Hermance” 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
Sources: Trust and redundancy costs, details of which are set out in note 3 to the
Land Instruments Acquisition Announcement (here) financial statements.” 97
Land’s UK public filings accessible at www.companieshouse.gov.uk
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
98
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 2013 Commentary from the Annual Report
acquired Luphos, a technology acquisition which is • “Financial performance in our Leicester division returned to just
highly synergistic with Zygo and our Taylor Hobson below 2011 levels with an overall decrease in sales of 11% from
and metrology businesses” the peak 2012. Sales to the Far East in particular were much
• We wanted to investigate Taylor Hobson further, so weaker than last year, the relative decrease due to the
pulled its recent UK financial filings. Again, we found unusually high sales to our Japanese sister-company in 2012.
evidence of a struggling company with only 1.3% Most product lines were affected with core surface and
revenue growth, gross margins contraction of roundness products bearing the brunt. Sales in our Solartron
200bps to 49.8% from 51.9% and operating margin ISA division were up 54% on the previous year as a result of
contraction of 295bps from 27.07% to 24.12% increased activity in all product and geographic sectors. Asia
and the Americas saw particularly strong growth.”
• Our take: Taylor Hobson’s financials show it is
struggling, while Zygo’s business appears challenged • “At the operating profit level, we made 24.1% (2012: 27.1%).
and under margin pressure. We are skeptical of Whilst this was down on the previous year, the return remains
Ametek’s ability to drive ‘synergies’ between two no very respectable in the context of reduced volumes, adverse
growth companies with contracting margins foreign exchange movements and increased R&D investment.”
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. Source:
Taylor Hobson Deal Announcement UK public filings accessible at www.companieshouse.gov.uk 99
Solartron Deal Announcement
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 • Muirhead’s revenues do not appear to have achieved the estimated results
markets, including actuators and other specialized linear 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
motors, complementing our existing technical motor
capabilities. Muirhead Aerospace’s motion control Annual Report Commentary
products are used in many applications including fuel • “The company performed well in the 14 months to 31 December 2009 despite
controls, flight controls, power systems and guidance a difficult economic environment. The impact of the global economic
systems on a wide variety of aircraft, land vehicles, ships downturn however was greater than anticipated and the business needed to
and missiles” align its cost structure with market conditions as a result. The restructuring,
“Additionally, Muirhead Aerospace further strengthens coupled with a rebranding exercise following its acquisition by Ametek Inc
resulted in operational restructuring costs of £925k
AMETEK’s position as a leading independent provider of
MRO services to the European aviation industry. It • Adjusting for this, operating profits for the lengthened period and the 14
provides avionics repair services to a wide variety of month financial position were considered to be satisfactory. The company
commercial, business jet and defense customers,” 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
Source:
UK public filings accessible at www.companieshouse.gov.uk gives us good reason to be confident that 2010 should be another good year
Muirhead deal announcement (here)
100
Muirhead Aerospace’s Recent Performance:
Margins in Persistent Decline
Observations From Recent Performance Muirhead Aerospace Financial Performance

• December 31 2009, as part of a group re-organization,
Muirhead sold the trade and assets of its motion business for pounds in millions
a consideration of GBP 18.9m to Airscrew Limited, a fellow 2010 2011 2012 2013
subsidiary of Ametek Inc. Subsequent to this transaction,
January 8, 2010 Airscrew Limited changed its name to Sales £11.4 £11.0 £14.1 £16.4
AMETEK Airtechnology Group Limited (see next slide for % growth -- -3.3% 27.9% 16.6%
details)
Gross Profit £5.5 £5.7 £6.4 £6.8
• While Muirhead’s revenues have expanded since 2010, its
margin 48.5% 52.0% 45.2% 41.8%
margins have contracted. Gross Margins peaked in 2011 at
52% and have contracted to 41.8% in 2013. EBITDA margins Operating Profit £2.6 £2.4 £3.2 £3.4
also hit a 4 year low in 2013 at 22.7%. These margins are margin 22.6% 21.5% 22.7% 20.9%
significantly below Ametek’s parent level margins in the 26%
range. These margin contractions directly call into question
Depreciation and Amort. £0.2 £0.2 £0.3 £0.3
Ametek’s “Operational Excellence” and continued ability to EBITDA £2.7 £2.6 £3.5 £3.7
raise its margins margin 24.0% 23.2% 24.7% 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
UK public filings accessible at www.companieshouse.gov.uk
of turnover was largely derived from government contracts” 101
Insights from AMETEK Airtechnology:
Margin Contraction
Observations From Recent Performance

• 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 Margin contraction!
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 Margin contraction!
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 Source: UK public filings accessible at www.companieshouse.gov.uk
Note: During 2012 the company recorded £0.9m provision to reflect additional costs associated
growth in developed and developing economies.” with a development program which will not be recoverable under the terms of the contract 102
Recent Problems at
Ametek Airtechnology?
Financial Accounts Overdue Recent Director Resignations
Source: UK public filings accessible at www.companieshouse.gov.uk

103
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.
• 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 104
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
• “The year 2012 showed a stable trend over the
has been acquired by AMETEK, Inc. (NYSE: AME) a leading global manufacturer
previous year, although in the sale of analyzers no
of electronic instruments and electric motors. SPECTRO was acquired from an
overall volume growth was achieved. A significant
investor group led by German Equity Partners BV for approximately €80 million
increase in sales was achieved but in the service and
($98 million). With its headquarters in Kleve, Germany, SPECTRO has annual
aftermarket business.”
sales of approximately €85 million ($104 million). "We are very excited about the
acquisition of SPECTRO," comments AMETEK Chairman and Chief Executive • “The upward trend after the crisis of 2009 remains
Officer Frank S. Hermance. "SPECTRO is a highly differentiated business which stable and is expected to continue to moderate. This
significantly expands our elemental analysis capabilities, bringing new technologies further assumes the outlook for the next 3 years is a
and market opportunities to AMETEK. With this acquisition, our high-end analytical market growth of around 3-5% per year.”
businesses now total nearly $375 million in annual revenue.” • “A major reason for the stable demand for our
products is due to the continued stable conditions on
$ in millions 2008 2009 2010 2011 2012 the metal producing markets and the secondary
Sales € 104.5 € 74.7 € 91.9 € 103.3 € 108.3 industries associated with it”
COGS € 53.8 € 39.6 € 45.1 € 50.1 € 50.0
Gross Profit € 50.6 € 35.1 € 46.8 € 53.2 € 58.2 Spruce Point Observations
% margin 48% 47% 51% 52% 54% • Revenues have been largely stagnant and grown
R&D € 4.5 € 4.3 € 4.5 € 5.0 € 5.0 under 1% per annum for the past 5 years. 2012
% margin 4.3% 5.8% 4.9% 4.9% 4.6% revenues finally exceeded pre-recession levels
Distribution Costs € 20.8 € 15.8 € 18.8 € 20.4 € 20.2 • SPECTRO is one of the few businesses with EBITDA
% margin 19.9% 21.1% 20.5% 19.8% 18.7% margins comparable to Ametek’s corporate EBITDA
G&A € 5.0 € 5.2 € 4.7 € 4.9 € 4.7 margin
% margin 4.8% 7.0% 5.1% 4.7% 4.4% • SPECTRO mirrors our concern that Ametek may be
D&A € 2.4 € 3.1 € 2.4 € 2.7 € 3.3 underinvesting in R&D among its businesses. We
EBIT € 17.8 € 6.7 € 16.5 € 20.2 € 25.0 observe that its R&D margin has largely been flat,
% margin 17.1% 9.0% 17.9% 19.6% 23.1% while the company reports “no volume growth”
EBITDA € 20.3 € 9.8 € 18.8 € 22.9 € 28.3 Source:
% margin 19.4% 13.1% 20.5% 22.2% 26.1% http://www.spectro.com/pages/e/p060080.htm
105
https://www.bundesanzeiger.de (Google Translation)
Insights from Atlas Material Testing’s
German Operations
Ametek Press Release Observations and Commentary
PAOLI, Pa., Nov. 9, 2010 /PRNewswire-FirstCall/ -- AMETEK, Inc. (NYSE: AME) today • Observations: Atlas’ German operation appears to
announced that it has acquired Atlas Material Testing Technology LLC, the world's leading account for ~50% of its total revenues with EBITDA
provider of weathering test instruments and related testing and consulting services, from margins in the 9-10% range
Industrial Growth Partners for approximately $159 million in cash. Atlas is headquartered • Translated Commentary: For 2012, we expect revenue of
in Chicago with additional manufacturing operations in Germany and a network of outdoor and about EUR 32 million and a profit on ordinary activities of
laboratory testing facilities around the globe. It has expected 2011 sales of approximately $85 approximately EUR 2.0 million. Thus, sales would indeed
million. Atlas' products include weather exposure test systems, corrosion-testing instruments, be higher than in 2010 but lower than 2011, the hitherto
specialty lighting systems, and large-scale weathering test chambers. In addition, Atlas offers most successful year in company history. For 2013, we
indoor laboratory and outdoor testing services, photovoltaic and solar testing, and expect revenue and profit on ordinary activities at
consulting. Its customers include testing laboratories and leading aerospace, paint, coating, approximately the same level as in the 2012
polymer, plastic, solar/photovoltaic, pharmaceutical, LED and automotive manufacturers.
• The continuing weakness of the U.S. dollar against the
Atlas' products and services are used by their customers in both new product development EURO and EURO erstarktem again after overcoming the
and quality assurance applications, to assess product performance, reliability and compliance crisis in some European Member States on the one hand,
with industry standards and specifications. These instruments test the effects of weathering
we expect continued pressure on prices for our
by simulating exposure to sunlight, temperature, moisture and corrosion. products. Approximately 30% of our revenue is
denominated in USD. On the other hand, we expect a
ATLAS Material Testing Technology GmbH
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 know-
how. 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.
• From this displacement, approximately 10 to 12 employees
would be affected. Currently still negotiations with the
Sources: German Public Filings (here); (Google translation) 106
Atlas acquisition announcement works council on the release procedures.
Insights From Grabner Instruments (Austria)
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 on-
site tests in mobile laboratories
Grabner Instruments Financial Summary Spruce Point Observations

Euro in millions
• Grabner appears to be a small, but
2008 2009 2010 2011 2012 2013 CAGR niche business with EBITA margins
Sales €8.7 €5.6 €6.5 -- €9.0 €9.6 2.1% close to the parent level margins
% growth -- -35.7% 17.4% -- -- 7.6%
• Long-term revenue growth rate of
Cost of materials/services €1.5 €1.1 €1.4 -- €2.3 €2.5 10.1%
2% p.a. is not impressive, and may
Gross Profit €7.1 €4.5 €5.1 -- €6.7 €7.1 0.0%
be more of a function of price
% margin 82.3% 79.9% 77.9% -- 74.7% 74.2% -
increases than volume growth
Personnel Expenses €2.8 €3.0 €2.6 -- €3.0 €3.2 2.1%
• More notably, gross margins and
Depr+Amortization €1.1 €1.1 €0.2 -- €0.1 €0.1 -33.4%
EBITDA margins have declined
Other Operating Expenses €1.3 €0.9 €1.0 -- €1.0 €1.5 2.3%
sharply since 2008, which directly
EBIT €1.9 -€0.4 €1.3 -- €2.6 €2.4 4.6%
contradicts management’s claims of
Add: Depr/Amort €1.1 €1.1 €0.2 -- €0.1 €0.1 -33.4%
its ability to extract continual
EBITDA €3.0 €0.6 €1.5 -- €2.7 €2.5 -3.3%
improvements from cost cutting
% margin 34.4% 11.6% 23.0% -- 30.3% 26.2% -
Note: Grabner’s income statement was not filed in 2011

Sources: Grabner public filings (here).
107
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)
• We obtained public documents on Ametek Nordic AB:

Handles the marketing, sales and distribution of electronic instruments Income Statement
such as spectrometers in Sweden. According to its website www.ametek-
nordic.se it markets the Spectro and Spectum brands. Spectro is a
member of AMETEK Materials Analysis Division.
• 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
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 Metal Strip, Engineered Shapes/Wire Spruce Point Observations
Acquired April 2008 with estimated Based in Wallingford, CT Products

sales of $80m at the time • We estimate Ametek’s SCP
include metal strip (nickel/cobalt),
division does approximately
shaped and profile wires, engineered
Specialty titanium master alloys and $200m of annual revenues
Shaped components and thermal
highly engineered metal powders used management products. Wallingford has • Specialty metal business are
in the aerospace, medical implant, recently been in violation of state generally commodity-like in
military and electronics markets environmental compliance reporting1 nature, have extreme
competition, characterized by
capital intensity, high operating
Hamilton Precision Metals Metal Alloy Powders/Clad Materials costs, and low returns on capital
Acquired June 2007 for $42m and Stainless steel powders; nickel and cobalt • Ametek paid 1.7x revenues for
had estimated sales of $25m alloy powders. Hamilton Precision Metals and
2.3x revenues for Coining. In the
Produces precision metal strip and Acquired Coining in May 2011 for $148m absence of additional information,
foil for medical, electronic and and had estimated sales of $65m. Coining these appear to be rich multiples
instrumentation market manufactures solder preforms and brazing paid for specialty metals
preforms used for joining applications in businesses
Source: Company announcements

microelectronics packaging and assembly
1) Ametek environmental non-compliance (here) 110
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 high-
performance 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 )
Stock % of Last 12 Months Enterprise Value/
Price 52-wk Ent. Total YoY Gross EBITDA FCF P/E EBITDA Sales
Name Ticker 11/12/2014 High Value Sales Sales Margin Margin Margin 2014E 2015E 2014E 2015E 2014E 2015E
Allegheny Technologies ATI $32.37 70% $4,838 $4,090 5.9% 6.2% 4.3% 4.5% NM 19.7x 17.0x 8.2x 1.1x 1.0x
Carpenter Technology CRS $51.99 78% $3,304 $2,224 -1.2% 16.4% 13.1% -4.6% 21.4x 17.6x 9.7x 8.1x 1.5x 1.3x
Globe Specialty Metals GSM $18.78 85% $1,411 $753 -0.5% 15.6% 14.7% 3.0% 25.0x 16.6x 10.4x 7.9x 1.7x 1.5x
RTI Metals RTI $23.58 65% $876 $782 3.0% 22.2% 13.4% -1.8% 23.1x 15.8x 7.5x 5.8x 1.1x 1.0x
Materion MTRN $38.66 97% $839 $1,125 -9.5% 17.7% 9.1% 2.7% 24.9x 16.3x 9.1x 7.4x 0.7x 0.7x
Haynes Int'l HAYN $46.83 79% $529 $451 2.0% 16.3% 4.0% 4.1% 54.8x 15.0x 16.1x 6.9x 1.1x 0.9x
Luxfer Holdings LXFR $15.61 71% $475 $481 -0.9% 23.9% 14.8% -0.4% 12.7x 9.9x 6.5x 6.1x 0.9x 0.9x
Max $4,090 5.9% 23.9% 14.8% 4.5% 54.8x 19.7x 17.0x 8.2x 1.7x 1.5x
Average $1,415 -0.2% 16.9% 10.5% 1.1% 27.0x 15.9x 10.9x 7.2x 1.2x 1.1x
Min $451 -9.5% 6.2% 4.0% -4.6% 12.7x 9.9x 6.5x 5.8x 0.7x 0.7x
Source: Company financials, Wall St. estimates

111
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
Electromechanical Group (EMG) Sales Breakdown Implied Floor Care and Specialty Motors Revenues
$ in millions
100%
15% 15% $350 15%
90% 24% 22% 18%
31% 27%
80% 35%
$300
10%
44%
70% 35% 31% 5%
60% 27% 31% 37% $250
29% 33% 0%
50% 27%
18% $200 -5%
40%
30% $150 -10%
49% 50% 54%
20% 47% 45%
38% 38% 40% 40% -15%
10% $100
-20%
0%
$50
2005 2006 2007 2008 2009 2010 2011 2012 2013 -25%
Floor care and Specialty Motor Markets and Products $0 -30%

2005 2006 2007 2008 2009 2010 2011 2012 2013
Engineered Materials, Interconnects and Packaging Markets and Products
Technical Motors and Systems
Source: Ametek SEC Filings. Ametek FSM website (here) 112
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.
Techtronic Industries Financial Performance Johnson Electric

$ i n mi l l i ons
$ i n mi l l i ons
FY Ended December 31st
2008 2009 2010 2011 2012 2013 FY Ended March 31st
2009 2010 2011 2012 2013 2014
Power Equipment $2,388.6 $2,183.2 $2,401.9 $2,662.7 $2,864.6 $3,143.9
% growth 14.5% -8.6% 10.0% 10.9% 7.6% 9.8% Auto Products $905.0 $933.7 $1,149.6 $1,272.8 $1,303.9 $1,436.8
Floor care (1) $1,023.7 $891.7 $981.1 $1,004.3 $987.8 $1,155.8 growth -21.8% 3.2% 23.1% 10.7% 2.4% 10.2%
% growth 4.9% -12.9% 10.0% 2.4% -1.6% 17.0% Industry Products $654.0 $579.0 $726.8 $753.8 $685.9 $660.8
growth -1.5% -20.3% 0.0% 3.7% -9.0% -3.7%
Total Sales $3,412.2 $3,074.9 $3,383.0 $3,667.0 $3,850.0 $4,299.7
Other $269.0 $208.2 $226.4 $114.2 $69.9 $30.2
% growth 7.4% -9.9% 10.0% 8.4% 5.0% 11.7%
Total Sales $1,828.0 $1,741.0 $2,104.0 $2,140.8 $2,059.7 $2,097.6
Total Gross Profit $1,052.1 $961.0 $1,089.0 $1,193.6 $1,289.2 $1,472.3 growth -17.7% -4.8% 20.9% 1.7% -3.8% 1.8%
% margin 30.8% 31.3% 32.2% 32.5% 33.5% 34.2%
Gross Profit $425.7 $481.5 $579.7 $584.4 $577.7 $618.9
EBITDA (2) % margin 23.3% 27.7% 27.6% 27.3% 28.0% 29.5%
Floor care $7.5 $43.3 $82.3 $76.6 $78.1 $96.2
Total EBITDA $136.1 $197.9 $322.5 $314.3 $304.3 $321.8
% margin 0.7% 4.9% 8.4% 7.6% 7.9% 8.3%
% margin 7.4% 11.4% 15.3% 14.7% 14.8% 15.3%
Power Equip $212.3 $180.3 $191.5 $268.0 $319.0 $355.3
% margin 8.9% 8.3% 8.0% 10.1% 11.1% 11.3%
(1) Floor care includes acquisition of ORECK brand in H2 2013 (includes ~$31m of sales)
(2) Segment EBIT plus depreciation and amortization
Source: Johnson Electric (here)
113
Source: TTI Group (here)
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 )

Last Public Foreign US$ LTM YoY YoY Ch. LTM LTM YoY Foreign US$ LTM YoY Yoy Change
Reporting LTM LTM Gross Change Gross Operating Operating Change in LTM LTM EBITDA Change EBITDA
Company Country Period Sales Sales Margin in Sales Margin Income Margin Op. Income EBITDA EBITDA Margin in EBITDA Margin
Dunkermotoren GmbH Germany 2012 € 136.4 $168.6 57.8% -3.0% -0.4% € 6.2 4.6% -29.5% € 24.4 $30.2 17.9% -10.9% -1.7%
Zygo Corporation (1) US 2013 $162.8 $162.8 46.7% 3.3% 0.3% $15.4 9.5% -25.7% $26.8 $26.8 16.5% -13.4% -3.2%
SPECTRO Analytical Germany 2012 € 108.3 $133.8 53.8% 4.8% 2.3% € 25.0 23.1% 23.5% € 28.3 $35.0 26.1% 23.6% 4.0%
Taylor Hobson Limited UK 2013 £54.8 $82.4 49.9% 1.3% -2.1% £13.2 24.1% -9.8% £14.2 $21.4 25.9% -8.7% -1.1%
Cameca SAS France 2013 € 59.1 $75.5 50.9% 5.5% -3.2% € 9.0 15.3% -7.4% € 9.4 $12.0 15.8% -6.8% -2.1%
AMETEK Airtechnology Group UK 2012 £47.5 $72.4 22.2% 7.8% -1.9% £5.1 10.8% -3.3% £6.6 $10.0 13.8% -5.1% -1.9%
Atlas Material Testing (2) Germany 2012 € 32.0 $39.6 56.0% Decline -- € 1.6 4.9% -47.0% € 2.9 $3.5 9.0% -35.5% --
AEM Limited UK 2013 £25.3 $38.0 46.2% 9.0% -1.0% £5.7 22.4% 21.7% £6.4 $9.6 25.4% 18.1% 2.0%
Amptek US 2013 $29.2 $29.2 -- -3.6% -- -- -- -- $13.1 $13.1 44.9% 7.2% 4.5%
Land Instruments UK 2013 £18.3 $27.5 41.0% -9.6% 2.7% £1.9 10.5% -26.3% £2.2 $3.3 12.2% -16.1% -2.0%
Lloyd Instruments UK 2012 £18.0 $27.5 60.3% -31.4% 8.9% £8.1 29.4% 0.3% £8.7 $13.3 48.3% 0.0% 14.1%
Muirhead Aerospace Ltd UK 2013 £16.4 $24.6 41.8% 16.6% -3.4% £3.4 20.9% 7.5% £3.7 $5.6 22.7% 6.9% -1.8%
Ametek Denmark A/S Denmark 2013 -- -- -- -- -- DKK 33.3 -- -11.3% DKK 33.6 $5.8 -- -11.4% --
Antavia SAS France 2013 € 15.4 $19.7 46.3% 11.0% -1.3% € 3.0 19.3% 24.0% € 3.2 $4.1 20.6% 11.7% 0.1%
Grabner Instruments Austria 2013 € 9.6 $12.3 74.2% 7.6% -0.5% € 2.4 25.0% -8.0% € 2.5 $3.2 26.3% -6.9% -4.0%
AMETEK Instruments India India 2012 $7.7 $7.7 -- 63.0% -- -- -- -- $1.1 $1.1 14.6% 19.9% -5.3%
AMETEK Nordic AB Sweden 2013 SEK 15.9 $2.4 81.4% 12.3% -3.3% SEK 2.3 14.8% 39.5% SEK 2.4 $0.4 15.2% 27.4% 1.7%
Total Implied EBITDA Margin and Average YoY Change (3) $731.9 -0.2% $152.6 20.9% -0.9% -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 114
EBITDA margin increase despite a 30% decline in sales. Currencies converted at average annual exchange rates provided by the IRS
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 Disclosed Floor care / Specialty Corporate All Other 2013 Reported
Entities Deals specialty motors Metals G&A and D&A Businesses Total
(1) (2) (3) (4) Expenses (5) (6)
Estimated ~$732m ~$331m ~$230m ~$200m -- ~$2,101 bn $3,594 bn
Revenues 20.4% 9.2% 6.4% 5.6% 58.5% 100%
% of total
Estimated ~$153m $75m $23 - $35m $20 - $30m ($45.6m) $670 - $692m $916m
EBITDA between ~22.8% between between between 25.5%
% margin 20 – 21% 10 – 15% 10 – 15% 32.0 – 33.0%
Comments From global Includes Micro- Margin ranges Margin ranges Annual Report, We estimate 2013 reported
entity public Poise, EM Test, based on Asian based on Note 15 shows Ametek’s amounts on a
filings Reichert Tech, floor care and publicly traded corporate remaining consolidated
TMC, and motion control Specialty Metals administrative businesses basis
O’Brien. Sales peers peers expenses of (over 30) would
disclosed in $46.4m and have to produce
press releases, D&A of $0.8m. 32 – 33% EBITDA
and EBITDA The net cost has margins to reach
multiples paid no associated the 2013 reported
on conference revenue corporate EBITDA
calls (See contribution margin of 25.5%.
Appendix)
Sources: Ametek SEC and Foreign Filings; Earnings conf calls 115
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 Top EBITDA Margins –

by EBITDA Margin Russell 3000 Industrials
35.0% Com pany Exchange/Ticker EBITDA Margin

TransDigm Group Incorporated NYSE:TDG 44.2%
29.5% US Ecology, Inc. Nasdaq:ECOL 35.4%
30.0%
26.7% Waste Connections Inc. NYSE:WCN 34.3%
Roper Industries Inc. NYSE:ROP 33.1%
25.0% Allison Transmission Holdings, Inc. NYSE:ALSN 32.9%
19.8% Sun Hydraulics Corp. Nasdaq:SNHY 31.7%
20.0% Precision Castparts Corp. NYSE:PCP 31.4%
Copart, Inc. Nasdaq:CPRT 30.8%
15.0% Stericycle, Inc. Nasdaq:SRCL 29.3%
Graco Inc. NYSE:GGG 28.7%
8.7% Republic Services, Inc. NYSE:RSG 28.7%
10.0%
6.9% Covanta Holding Corporation NYSE:CVA 28.2%
3M Company NYSE:MMM 26.4%
5.0% 3.1% 2.8%
2.4% Ametek Inc. NYSE:AME 26.2%
Thermon Group Holdings, Inc. NYSE:THR 26.2%
0.0% Douglas Dynamics, Inc. NYSE:PLOW 25.2%
< 0% 0-5% 5-10% 10-15% 15-20% 20-25% 25-30% >30% RBC Bearings Inc. NasdaqGS:ROLL 25.1%
EBITDA margin
Sources: Capital IQ 116

A Closer Look Into Ametek’s
Asia Growth Story....
A Closer Look into Ametek Asia
Source: Ametek Subsidiaries as of 12/31/13 (here) 118

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
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 broad-
based 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
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
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
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?
• 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 124

Source: www.bizfile.gov.sg and Q4’13 earnings conf call (here)
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. Q2’12 Earnings call (here)
2. Q3’12 Earnings call (here) 125
Amekai Taiwan Co. Ltd...Ametek’s First
Asian Joint Venture Appears Insolvent!
Website Does
Not Work
Address:
2-FLoor, No. 214 Alley 1
Lane 138, Chang-An Street
Pan-Chiao, Taipei Taiwan
Liabilities > Assets

= Insolvency?
Source: Google Maps.

Source: www.bizfile.gov.sg http://www.ametek.com/locations/amekai-taiwan-location.aspx 126
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!
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
Ametek Has Many Bullish Analysts
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 Price Target Ratings Distribution

Langenberg & Co Buy $63
Jefferies Buy $61
Janney Montgomery Buy $61
Keybanc Buy $60
RBC Outperform $60 33%

Oppenheimer Buy $59
Longbow Buy $55 67%

Atlantic Equities Buy $58
Baird Neutral $53
Morgan Stanley Hold / Equal weight $52

Buys Hold
Wells Fargo Outperform
Average Price $59

% Implied Upside 13%
% Max Upside 21% Source: Bloomberg; may not reflect all recent price changes 130
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 AME’s EPS growth is heavily financially engineered with
growth and acquisitions. In normal growing economies, AME aggressive accounting assumption for acquisitions and
targets 15% annual EPS growth, with roughly one-third via suspect inventory accounting. It has demonstrated
organic growth and two-thirds from acquired companies” almost no organic growth in recent years
“Mgmt’s track record for closing attractive deals within the When you overpay for low margin, low/no growth assets,
company’s sweet spot ($50-$200m) is impressive.” 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 AME’s cash flow is obscured by its dozens of deals. Free
support continued strategic growth, debt reduction and the cash flow after capex and acquisitions is negative. ST
dividend. AME has ~$800M of liquidity available from cash debt has been rising (to effectively pay its dividend), and
and existing credit lines. AME maintains adequate resources its liquidity is misleading given significant cash trapped
to fund its stated acquisition strategy” abroad which would be taxable upon repatriation
Strong evidence that mgmt has not executed flawless
“Management are seasoned operators and have demonstrated M&A and misguided sales estimates on key deals. Its
an impressive ability to expand segment margins. Proactive margin expansion is likely to be overstated given our
cost reductions in 2009 drove margin rebound in 2010/2011, analysis of various operating entities. Cost cuts appear to
aided by operating leverage from core volume growth. Further be hitting a wall, and margins have been aided by
cost actions amid sluggish global growth drove margin aggressive inventory acct’g changes and amortizing
expansion in CY12.” expenses too slowly
AME’s record of missing only one quarterly earnings
“Best-in-class Industrial. We view AME’s premium vs. the estimate in a decade is a major red flag. Its valuation is
sector as sustainable given best-in-class combination of EPS at a substantial premium to what it has paid for its
growth/volatility and M&A story” underlying businesses 131
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 ~$732m of revenue, few have EBITDA margins close
to the consolidated margin of 26%. Many units have been experiencing decreasing margins, not increasing!
5. Insider ownership alignment with shareholders is weak, and getting worse! Insiders have been net sellers every single year
132
Ametek’s Extreme Valuation
Premium is Not Justified
($ i n mi l l i ons , except per s ha re fi gures )
Stock % of '14E-'15E LTM Enterprise Value
Price 52-wk Ent. Revenue EPS Gross EBITDA FCF P/E EBITDA Sales Debt/
Name Ticker 11/12/2014 High Value Growth Growth Margin Margin Margin 2014E 2015E 2014E 2015E 2014E 2015E Capital
Danaher DHR $82.36 99% $57,948 5.5% 9.2% 52.4% 22.1% 15.3% 22.4x 20.5x 12.9x 11.9x 2.9x 2.8x 11%
Emerson EMR $64.05 91% $47,684 3.7% 8.6% 41.4% 21.5% 12.1% 16.7x 15.4x 9.1x 9.0x 1.9x 1.9x 36%
Eaton ETN $67.64 85% $40,173 2.8% 16.1% 30.4% 14.5% 5.3% 14.7x 12.7x 11.1x 10.5x 1.8x 1.7x 35%
Parker Hannifan PH $128.57 99% $19,561 2.6% 14.0% 23.3% 14.2% 8.7% 17.7x 15.5x 9.8x 9.1x 1.5x 1.4x 25%
Rockwell Automation ROK $112.44 86% $15,119 5.0% 9.2% 41.6% 20.2% 13.5% 17.8x 16.3x 11.0x 10.0x 2.3x 2.1x 32%
Mettler-Toledo MTD $284.70 99% $8,814 4.5% 11.2% 54.2% 21.4% 12.1% 24.5x 22.0x 16.3x 15.1x 3.5x 3.4x 36%
Hubbell HUB $112.50 88% $6,571 4.3% 10.1% 33.3% 18.4% 10.0% 21.0x 19.1x 11.2x 10.4x 2.0x 1.9x 23%
Keysight Tech. KEYS $30.83 93% $5,610 2.7% 2.0% 55.4% 21.5% 15.1% 12.1x 11.9x 9.1x 8.6x 1.9x 1.9x 56%
Rexnord RXN $27.25 88% $4,453 5.1% 18.6% 36.3% 19.9% 9.8% 18.0x 15.1x 10.4x 9.6x 2.1x 2.0x 77%
Teledyne TDY $106.67 100% $4,516 4.7% 2.4% 37.6% 15.8% 10.5% 19.4x 18.9x 12.3x 11.2x 1.9x 1.8x 27%
Spectris PLC SXS.Lon $30.26 71% $3,798 5.6% 8.3% 57.7% 19.0% 10.3% 15.8x 14.6x 10.8x 10.0x 2.1x 2.0x 14%
Regal-Beloit Corp RBC $71.47 89% $3,640 4.4% 18.4% 24.5% 13.6% 6.7% 16.6x 14.0x 8.1x 7.5x 1.1x 1.1x 24%
FEI Company FEIC $83.09 74% $3,047 9.7% 35.2% 47.1% 21.6% 12.5% 27.6x 20.4x 15.2x 11.7x 3.2x 2.9x 0%
Bruker BRKR $18.42 74% $3,125 4.5% 20.0% 44.9% 13.2% 7.6% 24.6x 20.5x 12.6x 10.8x 1.7x 1.6x 30%
Oxford Instruments OXIG.Lon $17.29 58% $1,195 8.5% 11.4% 43.4% 16.4% 6.0% 15.9x 14.3x 11.1x 9.8x 1.8x 1.6x 65%
Altra Industrial AIMC $31.95 81% $1,063 2.8% 17.2% 30.0% 14.9% 7.4% 17.8x 15.1x 9.2x 8.4x 1.3x 1.3x 48%
Max 9.7% 35.2% 57.7% 22.1% 15.3% 27.6x 22.0x 16.3x 15.1x 3.5x 3.4x 77%
Average 4.8% 13.2% 40.8% 18.0% 10.2% 18.9x 16.7x 11.3x 10.2x 2.1x 2.0x 34%
Min 2.6% 2.0% 23.3% 13.2% 5.3% 12.1x 11.9x 8.1x 7.5x 1.1x 1.1x 0%
Ametek Inc. AME $52.20 100% $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%
Source: Company financials, Wall St. estimates.

Ametek’s Margins
Vastly Superior
133
Ametek’s Extreme Valuation
Premium is Not Justified
Enterprise Value / 2015E Revenues Enteprise Value / 2015E EBITDA
4.0x 15.0x
3.5x 13.0x
3.0x
Average
11.0x
2.5x
Average
9.0x
2.0x
7.0x
1.5x
5.0x
1.0x
3.0x
0.5x
1.0x
0.0x
OXIG.…
SXS.L…
TDY
SXS.Lon
FEIC
TDY
KEYS
FEIC
KEYS
AME
ROK
AME
ETN
ETN
AIMC
ROK
BRKR
AIMC
BRKR
DHR
DHR
EMR
OXIG.Lon
PH
RXN
HUB
EMR
MTD
PH
HUB
RXN
MTD
RBC
RBC
-1.0x
2015E Revenue Growth 2015E EPS Growth
40.0%
12.0%
35.0%
10.0%
30.0%
8.0%
25.0%
6.0% Average 20.0%

Average
15.0%
4.0%
10.0%
2.0%
5.0%
0.0% 0.0%
TDY
FEIC
KEYS
SXS.Lon
AME
ROK
ETN
AIMC
BRKR
DHR
EMR
RXN
OXIG.Lon
PH
HUB
MTD
RBC
134
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
Private Equity Sponsor Enterprise LTM EV/
Announced Location Target (Year Invested) Target Description Value Sales Sales
Edgewater Growth (2012) x-ray detectors used to identify the composition of materials
8/8/2014 Bedford, MA Amptek Bouler Capital; JZ Capital using x-ray fluorescence (XRF) within the metal $115.0 $29.2 3.94x
Merit Capital Partners; high precision test and measurement instrumentation, esp in
2/10/2014 Irvine, CA VTI Instruments Alerion Capital Group (2008) Aerospace $74.0 $38.0 1.95x
power protection equipment used by the medical, retail and
12/4/2013 Waukegan, IL Powervar Pfingsten Partners (2006) telecommunication industries $128.0 $70.0 1.83x
Industrial Growth manufacturer of custom-engineered thermal
8/7/2013 Chalotte, NC Controls SouthEast Partners (2010) solutions $160.0 $50.0 3.20x
engineered advanced motion control solutions for niche
5/21/2012 Bonndorf, Germany Dunkermotoren Triton Partners (2009) applications $320.0 $168.6 1.90x
Industrial Growth manufacturer of fluid and gas handling solutions, sample
1/26/2012 St Louis, MO O'Brien Corp Partners (2009) conditioning equipment and process analyzers $175.0 $80.0 2.19x
Equipment used to perform electrical immunity and
10/25/2011 Reinach, Switzerland EM Test Riverside Company (2008) electromagnetic compatibility testing $93.0 $41.0 2.27x
Micro-Poise American Industrial integrated test and measurement solutions for the tire
10/23/2012 Streetsboro, OH Measurement Systems Partners (2007) industry $170.0 $125.0 1.36x
instruments used by ophthalmologists, optometrists, and
10/17/2011 Depew, NY Reichert Technologies Beecken Petty O'Keefe (2007) opticians for vision correction and the screening $150.0 $55.0 2.73x
Atlas Material Industrial Growth weathering test instruments and related testing and
11/9/2010 Chicago, IL Testing Technology Partners (2007) consulting services $159.0 $85.0 1.87x
linear actuators and lead screw assemblies for diverse
7/1/2010 Waterbury, CT Haydon Enterprises Harbor Group (2007) industrial end markets $270.0 $85.0 3.18x
Technical Services manufacturer of engineered interconnect solutions for the
6/1/2010 Arlington, MN for Electronics Pfingsten Partners (2006) medical device industry $89.5 $50.0 1.79x
Average: $158.6 $73.1 2.35x

Total: $1,903.5 $876.8 --
Source: Company filings; public information

135
30% – 50% Downside in Ametek’s Shares
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 $ in millions
True EBITDA Margin: 20% 21% 22% 23% 24% 25% 26% 2014E Revenues
14E Adj. EBITDA $799.0 $839.3 $879.6 $920.0 $960.3 $1,001 $1,041 $3,797 $3,874 $3,953 $4,034 $4,115 $4,197 $4,281
Implied Enterprise Value Implied Enterprise Value
9.00x $7,191 $7,554 $7,917 $8,280 $8,643 $9,006 $9,369 1.75x $6,644 $6,780 $6,918 $7,060 $7,201 $7,345 $7,492
EV/'14E EBITDA
EV/'14E Sales
10.00x $7,990 $8,393 $8,796 $9,200 $9,603 $10,007 $10,410 2.00x $7,594 $7,749 $7,907 $8,068 $8,229 $8,394 $8,562
11.00x $8,789 $9,232 $9,676 $10,120 $10,564 $11,007 $11,451 2.25x $8,543 $8,717 $8,895 $9,077 $9,258 $9,443 $9,632
12.00x $9,588 $10,072 $10,556 $11,040 $11,524 $12,008 $12,492 2.50x $9,492 $9,686 $9,883 $10,085 $10,287 $10,492 $10,702
Less: Debt ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) Less: Debt ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636) ($1,636)
Plus: Cash $370 $370 $370 $370 $370 $370 $370 Plus: Cash $370 $370 $370 $370 $370 $370 $370
FD Shares 248.1 248.1 248.1 248.1 248.1 248.1 248.1 FD Shares 248.1 248.1 248.1 248.1 248.1 248.1 248.1
Implied Stock Price Implied Stock Price
9.00x $23.90 $25.30 $26.80 $28.30 $29.70 $31.20 $32.70 1.75x $21.70 $22.20 $22.80 $23.30 $23.90 $24.50 $25.10
EV/'14E EBITDA
EV/'14E Sales
10.00x $27.10 $28.70 $30.30 $32.00 $33.60 $35.20 $36.90 2.00x $25.50 $26.10 $26.80 $27.40 $28.10 $28.70 $29.40
11.00x $30.30 $32.10 $33.90 $35.70 $37.50 $39.30 $41.00 2.25x $29.30 $30.00 $30.70 $31.50 $32.20 $33.00 $33.70
12.00x $33.50 $35.50 $37.40 $39.40 $41.30 $43.30 $45.20 2.50x $33.20 $33.90 $34.70 $35.50 $36.40 $37.20 $38.00
Implied Downside From Current Price Implied Downside From Current Price
9.00x -54% -51% -48% -46% -43% -40% -37% 1.75x -58% -57% -56% -55% -54% -53% -52%
EV/'14E EBITDA
EV/'14E Sales
10.00x -48% -45% -42% -38% -35% -32% -29% 2.00x -51% -50% -48% -47% -46% -45% -43%
11.00x -42% -38% -35% -31% -28% -24% -21% 2.25x -44% -42% -41% -39% -38% -37% -35%
12.00x -36% -32% -28% -24% -21% -17% -13% 2.50x -36% -35% -33% -32% -30% -28% -27%
136
Valuation Multiples Near All-Time Highs
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) Historic Price/EPS Valuation (trailing)
16.0x 4.0x 28.0x
15.0x 26.0x
3.5x
24.0x
14.0x
3.0x 22.0x
13.0x
20.0x
12.0x 2.5x
18.0x
11.0x
2.0x 16.0x
10.0x
14.0x
1.5x
9.0x
12.0x
8.0x 1.0x
10.0x
2006 2007 2008 2009 2010 2011 2012 2013 Current
2006 2007 2008 2009 2010 2011 2012 2013 Current
EV/EBITDA EV/Sales
Source: Bloomberg Average Multiples

137
Appendix
List of Ametek Acquisitions (2011-2014)
$ in millions
Private Equity Enterprise LTM LTM EBITDA Enterprise Value / LTM
Announced Location Target Sponsor Target Description Segment Value Sales EBITDA Margin Revenues EBITDA
Technology utilizing multi-wavelength laser
8/5/2014 Germany Luphos interferometry Electronic Instruments $12.7 -- -- -- -- --
provider of x-ray detectors used to identify the
Edgewater Growth (2012) composition of materials using x-ray fluorescence (XRF)
8/5/2014 Bedford, MA Amptek Bouler Capital; JZ Capital within the metal Electronic Instruments $115.0 $29.2 $13.1 44.9% 3.94x 8.78x
4/11/2014 Middlefield, CT Zygo Corp metrology solutions and optical systems Electronic Instruments $280.0 $162.9 $28.9 17.7% 1.72x 9.69x
Merit Capital/ Alerion high precision test and measurement instrumentation,
2/10/2014 Irvine, CA VTI Instruments Capital Group esp in Aerospace Electronic Instruments $74.0 $38.0 -- -- 1.95x --
test and measurement instruments for electromagnetic
1/3/2014 Switzerland Teseq Group compatibility testing. Electronic Instruments $92.0 $53.0 -- -- 1.74x --
power protection equipment used by the medical, retail
12/4/2013 Waukegan, IL Powervar Pfingsten Partners and telecommunication industries Electronic Instruments $128.0 $70.0 -- -- 1.83x --
developer and manufacturer of portable 3D
measurement technologies and a provider of 3D
10/29/2013 Lévis, Québec Creaform engineering services Electronic Instruments $120.0 $52.0 -- -- 2.31x --
8/7/2013 Chalotte, NC Controls SouthEast Industrial Growth Partners manufacturer of custom-engineered thermal solutions Electronic Instruments $160.0 $50.0 -- -- 3.20x --
development of Stirling cycle cryocoolers and externally
1/3/2013 Athens, OH Sunpower Inc heated Stirling engine technology for various markets Electronic Instruments N/A N/A -- -- -- --
high-end pressure measurement technology and
manufactures high-end portable digital pressure
1/3/2013 San Luis Obispo, CA Crystal Engineering calibrators and digital test gauges Electronic Instruments N/A N/A -- -- -- --
Aero Components / repairs and overhauls fuel, hydraulic, pneumatic, power
12/17/2012 Miami, FL Avtech Avionics generation and heat exchanger components Electromechanical Group ~$80 N/A -- -- -- --
Micro-Poise American Industrial integrated test and measurement solutions for
10/23/2012 Streetsboro, OH Measurement Systems Partners the tire industry Electronic Instruments $170.0 $125.0 $22.6 18.1% 1.36x 7.52x
engineered advanced motion control solutions for
5/21/2012 Bonndorf, Germany Dunkermotoren GmbH Triton Partners niche applications Electromechanical Group $318.5 $168.6 $34.0 20.2% 1.89x 9.37x
manufacturer of fluid and gas handling solutions, sample
1/26/2012 St Louis, MO O'Brien Corp Industrial Growth Partners conditioning equipment and process analyzers Electronic Instruments $179.3 $80.0 $19.9 24.9% 2.24x 9.01x
custom active piezoelectric vibration cancellation
Techinical systems for life sciences, photonics and semiconducter
1/3/2012 Peabody, MA Manufacturing Corp equipment Electronic Instruments $48.9 $30.0 $7.5 25.1% 1.63x 6.50x
instruments used by ophthalmologists, optometrists,
10/17/2011 Depew, NY Reichert Technologies Beecken Petty O'Keefe and opticians for vision correction and the screening Electronic Instruments $150.0 $55.0 $15.0 27.3% 2.73x 10.00x
Equipment used to perform electrical immunity and
10/25/2011 Switzerland EM Test electromagnetic compatibility testing Electronic Instruments $93.0 $41.0 $10.3 25.2% 2.27x 9.00x
supplier of custom-shaped metal preforms,
microstampings and bonding wire solutions for
River Associates interconnect applications in microelectronics packaging
5/9/2011 Montvale, NJ Coining Holding Investments and assembly Electromechanical Group $148.0 $65.0 -- -- 2.28x --
fine-featured catheter and other medical components
4/28/2011 Montevideo, MN Avicenna Technology for leads, guide wires and custom medical assemblies Electromechanical Group $35.0 $25.0 -- -- 1.40x --
Source: Press releases, SEC filings, Earnings Calls, Public information 139
$ in millions
Atlas Material weathering test instruments and related testing and
11/9/2010 Chicago, IL Testing Technology Industrial Growth Partners consulting services Electronic Instruments $159.0 $85.0 -- -- 1.87x --
American Reliance direct current power supplies and electronic loads for
8/19/2010 N/A Power Division the automated
linear actuatorstest
andequipment
lead screw market
assemblies for the Electronic Instruments N/A N/A -- -- -- --
medical, industrial equipment, aerospace, analytical
7/1/2010 Waterbury, CT Haydon Enterprises Harbor Group instrument, computer peripheral and semiconductor Electromechanical Group $270.0 $85.0 -- -- 3.18x --
Technical Services manufacturer of engineered interconnect solutions for
6/1/2010 Arlington, MN for Electronics Pfingsten Partners the medical device industry Electromechanical Group $89.5 $50.0 -- -- 1.79x --
Imago Scientific
4/1/2010 Madison, WI Instruments (1) manufacturer of 3D atom probes Electronic Instruments $6.0 $7.0 -- -- -- --
1/26/2010 Tampa, FL Sterling Ultra Precision reseller of machine tools for the ophthalmic lens market Electronic Instruments $3.2 N/A -- -- -- --
manufacturer of highly engineered pressurized gas
components and systems for commercial and military
12/1/2009 Baldwin Park, CA Ameron Global aerospace customers Electromechanical Group $32.7 $20.0 -- -- 1.64x --
electrical and electromechanical, hydraulic and
1/1/2009 Miami, FL High Standard Aviation pneumatic repair services to the aerospace industry Electromechanical Group $40.2 $31.0 -- -- 1.30x --
manufacturer of motion technology products and a
provider of avionics repair and overhaul services for A&D
11/3/2008 United Kingdom Murihead Aerospace markets Aerospace/Defense ~$64 $54.0 -- -- 1.20x --
Programmable power AC/DC programmable power supplies used to test
7/28/2008 San Diego, CA business of Xantrex electrical and electronic products Electronic Instruments $120.0 $80.0 -- -- 1.50x --
manufacturer of high-speed digital imaging systems
used for motion capture and analysis in numerous test
6/12/2008 Wayne, NJ Vision Research and measurement applications Electronic Instruments N/A $37.0 -- -- -- --
pecialty titanium master alloys and highly engineered
metal powders used in the aerospace, medical implant,
4/14/2008 Robesonia, PA Reading Alloys military and electronics markets Electromechanical Group N/A $80.0 -- -- -- --
heat-transfer repair services to the commercial
2/26/2008 Tulsa, OK Drake Air aerospace industry Electronic Instruments N/A $15.0 -- -- -- --
customized motors and motion control solutions for the
medical, life sciences, industrial automation,
2/26/2008 Minneapolis, MN Motion Control Group semiconductor and aviation markets Electromechanical Group N/A $26.0 -- -- -- --
2/20/2008 N/A Newage Testing manufacturer of hardness testing equipment Electronic Instruments N/A N/A -- -- -- --
1) Information based on public article

Source: Press releases, SEC filings, Earnings Calls, Public information 140
$ in millions
12/14/2007 San Diego, CA California Instruments programmable alternating current (AC) power sources Electronic Instruments ~$38 $22.0 -- -- 1.73x --
10/18/2007 United Kingdom Umeco R&O European MRO business joins Ametek A&D division $73.0 $57.0 -- -- 1.28x --
8/13/2007 Paris, France Cameca SAS Carlyle high-end elemental analysis systems Electronic Instruments $112.0 $82.0 -- -- 1.37x --
precision metal strip and foil for medical, electronic and
6/14/2007 Lancaster, PA Hamilton Precision Metals instrumentation markets Electromechanical Group $42.0 $25.0 -- -- 1.68x --
Advanced Industries
6/5/2007 Witchita, KS B&S Aircraft Parts & Acces. aircraft power management and 3rd party MRO Electronic Instruments ~'$20 $25.0 -- -- 0.80x --
4/18/2007 Westerly, RI Seacon Phoenix undersea electrical
Halmar Robicon interconnect
silicon controlledsubsystems
rectifier power controller Joins HCC Industries in EMG $38.0 $17.0 -- -- 2.24x --
and related Power Control Systems technology and
4/18/2007 N/A Siemens' Power Control products Electronic Instruments -- -- -- -- -- --
12/13/2006 Tulsa, OK Southern Aeroparts 3rd Party MRO services to the commercial aerospace Electronic Instruments ~$40 $17.0 -- -- 2.35x --
manuf'ter of engineered hermetic microelectronic packages

12/12/2006 N/A General Ceramics for electronic apps in the A&D, telco, and industrial markets Electromechanical Group -- -- -- -- -- --
11/6/2006 Keene, NH Precitech manufacturer of ultra-precision machining systems Electronic Instruments $13.0 $19.0 -- -- 0.68x --
on-line optical temperature measurement instrumentation
6/15/2006 Dronfield, UK Land Instruments Int'l for industrial applications Electronic Instruments $45.7 $41.0 -- -- 1.11x --
PennEngineering
5/15/2006 Harleysville, PA Motion Tech. highly engineered motors for niche applications Technical&Industrial Products unit $64.0 $55.0 -- -- 1.16x --
2/18/2006 Coral Springs, FL Pulsar Technologies communications equipment for the electric utility market Electronic Instruments $14.4 $10.0 -- -- 1.44x --
141
Source: Press releases, SEC filings, Earnings Calls, Public Information
$ in millions
manufacturer of engineered hermetic connectors,
10/10/2005 Los Angeles, CA HCC Industries terminals, headers and microelectronic packages Electromechanical Group $162.0 $104.0 -- -- 1.56x --
manufacturer of precision pumping systems for
9/7/2005 N/A Quizix the oil and gas market Electronic Instruments -- -- -- -- -- --
9/26/2005 England Solartron Group analytical and metrology instruments Electronic Instruments $75.0 $50.0 -- -- 1.50x --
6/13/2005 Kleve, Germany SPECTRO German Equity Ptnrs Atomic Spectroscopy analytical instrumentation Electronic Instruments $98.0 $104.0 -- -- 0.94x --
6/30/2004 Leicester, UK Taylor Hobson ultra-precision measurement instrumentation Electronic Instruments GBP 55m GBP 38m -- -- 1.67x --
7/20/2004 Garden City, NY Hughes-Treitler heat exchangers and thermal management subsystems Electronic Instruments $48.0 $32.0 1.67x
measurement instrumentation for the
9/4/2003 Tulsa, OK Chandler Instruments oil and gas industry Electronic Instruments $49.0 $30.0 -- -- 1.63x --
uninterruptible power supply systems for the process
5/9/2003 Columbus, OH Solidstate Controls Marmon Industrial and power generation industries Electronic Instruments $34.0 $45.0 -- -- 0.76x --
supplier of motors, fans and environmental control
1/13/2003 London, England Airtechnology Candover Partners systems for the aerospace and defense markets Electromechanical Group $80.0 $46.4 -- -- 1.72x --
2/1/2002 Oak Ridge, TN IRAS PerkinElmer manufacturer of advanced analytical instrumentation Electronic Instruments $63.0 $50.0 -- -- 1.26x --
analytical instrumentation which complements the
7/9/2001 Mahwah, NJ EDAX Panta Electronics Company's process and analytical instruments Electronic Instruments $37.0 $34.0 -- -- 1.09x --
magnet motors for the global floor care and
5/22/2001 Wisconsin GS Electric SPX Corp other markets Electromechanical Group $32.0 $65.0 -- -- 0.49x --
9/13/2000 Rochester, NY Rochester Instrument electric power generation market Electronic Instruments $21.0 $33.0 -- -- 0.64x --
Switch Division, Industrial Battery Charger business,
8/8/2000 Various Prestolite Electric Prestolite and Direct-Current (DC) motor business Electromechanical Group $60.0 $71.0 -- -- 0.85x --
Deal Averages: 1.7x 8.7x
Source: Public Information
Compare average valuation paid for acquisitions vs. Ametek’s current

valuation of 3.8x and 14.5x LTM Sales and EBITDA!
142
Source: Press releases, SEC filings, Earnings Calls, Public Information
Ametek’s Sourcing and Operational
Improvement Expectations
$ in millions
Total Annual Total Annual Total Annual Total Qtrly Total Annual
Cost Savings Sourcing Operational Realized Realized
Expectations Expectations Expectations Sourcing Sourcing
Q1'09 $115.0 $20.0 $95.0 $4.4
Q2'09 $135.0 $20.0 $115.0 $5.4
Q3'09 $135.0 $20.0 $115.0 $6.0
Q4'09 $135.0 $22.0 $113.0 $6.0 $21.8
Q1'10 $75.0 $22.0 $53.0 $6.0

Q2'10 $75.0 $25.0 $50.0 $7.0
Q3'10 $75.0 $27.0 $48.0 $7.0
Q4'10 $75.0 $27.0 $48.0 $7.0 $27.0
Q1'11 $50.0 $27.0 $23.0 $7.0

Q2'11 $50.0 $28.0 $22.0 $7.0
Q3'11 $50.0 $29.0 $21.0 $8.0
Q4'11 $50.0 $30.0 $20.0 $8.0 $30.0
Q1'12 $60.0 $40.0 $20.0 $10.0

Q2'12 $75.0 $47.0 $28.0 $12.0
Q3'12 $80.0 $48.0 $32.0 $13.0
Q4'12 $85.0 $49.0 $36.0 $14.0 $49.0
Q1'13 $95.0 $54.0 $41.0 $14.0

Q2'13 $100.0 $54.0 $46.0 $16.0
Q3'13 $100.0 $54.0 $46.0 $16.0
Q4'13 $100.0 $62.0 $38.0 $16.0 $62.0
Q1'14 $90.0 $60.0 $30.0 $17.0

Q2'14 $95.0 $65.0 $30.0 $18.0
Q3'14 $100.0 $70.0 $30.0 $19.0 $54.0
Source: Ametek earnings
conference calls Total $545.0 $260.0 $285.0 $243.8
143
. '~
·. ·. ·. .. ..
Company Registration No; 00620201 (Englan·d and Wales)
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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.';-·: i._y.
Directors DB Coley
JG Smith
J W Hardin
A Harding
E Speranza (Appoi.nted 31 March 2014)
Secretaries DB Coley ..
KE Sena
Company number 00620201
Registered office PO Box 36

· 2 New Star Road
Leicester
LE4 9JQ
Auditors Ernst & Young LLP

One Cambridge Business Park
Cambridge
CB4 OWZ
Business address Taylor's End,

Stansted Airport
Stansted
Essex
CM241RB
·Bankers NatWest
1 Granby Street
Leicester
LE1 6EJ
AEM LIMITED
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CONTENTS
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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 ·. ·. ·. ·.
STRATEGIC REPORT
FOR THE YEAR ENDED 31.. DECEMBER 2013
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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:
2013 2012 Change

£'QOO £'000 %
Sales 25,262 23, 181 8.98
Operating profit 5,671 4,659 21.72
Operating profit as a % of sales 22.45% 20.10%
Net current assets (excluding debtors falling due
after more than one year) 11,230 8,316 35.04
Shareholders' funds 11,414 8,088 41.12
Operating profit for the 12 month period ended 31 December 2013 showed a 22% increase on the prior 12
month period with turnover up by 9%. Despite the general downturn in the UK economy the company, through
diversification and a strong presence in overseas markets, recorded strong levels of profitability and met
AMETEK expectations for all of its main key performance indicators.
We remain confident, given the actions taken in 2013 to enhance capability and production facilities at our
Ramsgate location that we will continue to see growth and increased profitability in 2014.
Principal risks and uncertainties

The company operates in a competitive and global environment and whilst the economic downturn has
undoubtedly affected the airline industry as a whole, the company, )IVith its increasing global spread of MRO
(Maintenance, Repair and Overhaul) businesses under the AMETEK brand, is now of significant mass and
diversification. Consequently, it is much better placed to minimise the effects of this market decline and well
placed to take further advantage of any market fall-out.
Financial risk management

The company's principal financial instruments comprise trade debtor, trade creditor and inter-company loans
and balances. The company does not enter into derivative transactions and it is, and has been throughout the
period under review, the company's policy that no trading in financial instruments shall be undertaken.
The main risks arising from the company's financial instruments are interest rate risk and foreign currency risk.
Interest rate risk

It is AMETEK group policy not to enter into interest rate swaps.
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AEM LIMITED .··
STRATEGIC REPORT (CONTINUED)

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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 '::..'v L...o ,
...................~ 4
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·. ·.
AEM LIMITED
DIRECTORS' REPORT
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 (Resigned 31 March 2014)
JG Smith
J W Hardin
A Harding
. E Speranza (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
indemnity provision was in force during.
the year and remains in place to the date of this report. )
Environment
The group operates under recognised environmental procedures and best practice, fully recognising and
complying with its responsibilities to the environment and current legislation. In furtherance to this.. the company
operates an environmental policy in accordance with ISO 14001.
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·. ·.
AEM LIMITED
DIRECTORS' REPORT (CONTINUED)

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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.
JG Smith
~ ..,.-:.°'<" ~,
Director
0
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•, ·, •,
. AEM LIMITED
INDEPENDENT AUDITORS' REPORT

TO THE MEMBERS OF AEM LIMITED
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We have audited the financial statements of AEM Limited for the year. ended 31 December 2013 .set out on
pages 7 to 21. The financial reporting framework that has been applied in their preparation is applicable law
. and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's
members those matters we are required to state to them .in an auditors' report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
company and the company's members as a body, for our audit work, for this report, or for the opinions we
have formed. ·
Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are
responsible for the preparation of the financial· statements and for being satisfied that they give a true and
fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with
applicable law and .International Standards on Auditing (UK and Ireland). Those standards require us to
comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient
to give reasonable assurance that the financial statements are free from material misstatement, whether
caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to
the company's circumstances and have been consistently applied and adequately disclosed; the
reasonableness of significant accounting estimates made by the directors; and the overall presentation of
·the financial statements. ·
In addition, we read all the financial and non-financial information in the Annual Report and Financial
Statements to identify material inconsistencies with the audited financial statements and to identify any
information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge
acquired by us in the course of performing the audit. If we become aware of any apparent material
misstatements or inconsistencies we consider the fmplications· for our report.
Opinion on financial statements

In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2013 and of its profit
for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
·Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Strategic Report and Directors' Report for the financial year for
which the financial statements are prepared is consistent with the financial statements.
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AEM "LIMITED ·. .. ..
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
PROFIT AND LOSS ACCOUNT

FOR THE·YEAR ENDED 31 DECEMBER 2013
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2013 2012
Notes £'000 £'000
Turnover 2 25,262 23, 181
·Cost of sales (13,580) (12,239)
.Gross profit 11,682 10,942
Distribution costs (1,369) (1,380)

Administrative expenses (4,642) (4,903)
Operating profit 3 5,671 4,659
Investment income 4. 160 25

Interest receivable 5 35 39
Amounts written off investments 6 (160)
Interest payable 7 (637) (637)
Profit on ordinary activities before

taxation 5,069 4,086
Tax on profit on ordinary activities 8 10 945
Profit for the year 21 5,079 5,031

-- --
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There are no recognised gains and losses other than those passing through the profit and loss account.
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·.
AEM LIMITED
BALANCE SHEET
AS AT.31DECEMBER2013
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2013 2012
Notes £'000 £'000 £'000 £'000
Fixed assets
Intangible assets 10 5,603 5,532
Tangible assets 11 4,619 4,907
Investments 12 160
10,222 10,599
· . Current assets
Stocks 13 4,106 4,292
Debtors 14 9,963 6,662
Cash at bank and in hand 1,221 1,875
15,290 12,829
Creditors: amounts falling due within
one year 16 (4,060) (4,053)
Net current assets 11,230

-- - 8,776
Total assets less current liabilities 21,452 19,375
Creditors: amounts falling due after

more than one year 17 (10,022) (11,287)
Provisions for liabilities 18 (16)
11,414 8,088
Capital and reserves

Called up share capital 20 3,000 3,000
Profit and loss account 21 8,414 5,088
Shareholders' funds 22 11,414 8,088
Approved by the Board and ~uthorised for issue on ... ~... ~~·l·~;-V l..o\4
. . .~. G\.
·JG Smith
Director
Company Registration No. 00620201
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·. AEM LIMITED ·. ·. ·. ·.
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 .
NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)

FOR THE YEAR ENDED·31DECEMBER2013
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1 Accounting policies {Continued)
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.
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 2% per annum

Short leasehold property Over the life of the lease
Plant and machinery 10-15% per annum (aircraft rotable spares 14%)
Fixtures, equipment and computers 20- 33% per annum
Motor vehicles · 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

0 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<?n-equity settled share-based· payments.
1.15 Related party transactions

The company is a wholly owned subsidiary of AMETEK Inc., the consolidated accounts of which are
publicly available. Accordingly, the company has taken advantage of the exemption in FRS 8 from
disclosing transactions with other wholly owned members or investees of the AMETEK Inc. group.
2 Turnover.
Geographical market
Turnover
2013 2012
£'000 £'000
Europe and Middle East 22,690 19,782

Asia and Africa 1,615 2,666
Americas (excl USA) 102 30
USA 855 703
25,262 23,181
-- --
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AEM LIMITED

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3 Operating profit 2013 2012

£'000 £'000
Operating profit is stated after charging:
Amortisation of intangible assets 9
Depreciation of tangible assets 736 768
Loss on disposal of tangible assets 3
Loss on foreign exchange transactions 89
Research and development 299 307
Operating lease rentals 246 288
Hire of plant and machinery 37 33
Fees payable to the compa~y's auditor for the audit of the company's
annual accounts 20 23
Redundancy - exceptional restructuring cost 30 72
and after crediting:

Profit on disposal of tangible assets (8)
Profit on foreign exchange transactions (29)
-- --
4 Investment income 2013 2012

£'000 £'000
Income from shares in group undertakings 160 25

-- --
5 Interest receivable 2013 2012

£'000 £'000
Interest receivable from group undertakings 35 39

-- --
6 Amounts written off investments 2013 2012

£'000 £'000
Amounts written off fixed asset investments:

- loss on liquidation of investments 160
-- --
7 Interest payable 2013 2012

£'000 £'000
Interest payable to group undertakings 637 637

-- --
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·. ·.
. AEM LIMITED
NOTES TO THE.FINANCIAL STATEMENTS(CONTINUED)

'i.' \·;:. i';:.
8 Taxation
2013 2012
£'000 £'000
Domestic _current year tax
Adjusfment for prior years (765)
Total current tax (765)
Deferred tax
Origination and reversal of timing differences (16) (181)
. Effects of changes in tax rates and laws 6 1
(10) (180)
(10) (945)
Factors affecting the tax charge for the year

Profit on ordinary activities before taxation 5,069 4,086
-- --
Profit on ordinary activities before taxation multiplied by standard rate of UK
corporation tax of 23.25% (2012 - 24.50%) 1, 178 1,001
Effects of:
(Income not taxable)/ Non deductable expenses (48) 3
Depreciation in advance of capital allowances 11 168
Adjustments to previous periods (765)
Amount written off investments 37
Dividend income not taxable . (37)
Group relief not charged (1, 149) (1, 184)
Other timing differences 8 12
(1,178) (1,766)
Current tax credit for the year (765)

-- --
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%.
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AEM .LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

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9 Dividends 2013 2012

£'000 £'000
Ordina_ry final paid 1,810 3,521

-- --
10 Intangible fixed assets

Licences, Goodwill Total
patents and
knowhow
£'000 £'000 £'000
Cost
At 1 January 2013 5,558 5,558
Additions 80 80
At 31 December 2013 80 5,558 5,638
Amortisation
At 1 January 2013 26 26
Charge for the year 9 9
At 31 December 2013 9 26 35
Net book value

At 31 December 2013 71 5,532 5,603
-- -- --
At 31 December 2012 5,532 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.
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AEM LIMITED

FOR THE.YEAR ENDED 31DECEMBER2013
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11 Tangible fixed assets

Freehold Short Plant and Fixtures, Motor Total
land and leasehold machinery fittings & vehicles
buildings property equipment
£'000 £'000 £'000 £'000 £'000 £'000
Cost
At 1 January 2013 2,725 17 6,389 1, 108 58 10,297
Additions 231 181 17 19 448
Disposals (548) (14) (28) (590)
At 31 December 2013 2,956 17 '6,022 1, 111 ·49 10, 155
Depreciation
At 1 January 2013 737 9 3,673 913 58 5,390
On disposals (548) . (14) (28) (590)
Charge for the year 45 666 9 16 736
At 31 December 2013 782 9 3,791 908 46 5,536
Net book value

At 31 December 2013 2,174 8 2,231 203 3 4,619
-- -- -- -- --
At 31 December 2012 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

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12 Fixed asset investments
Shares in
subsidiary
undertakings
£'000
Cost
At 1 January 2013 185
Disposals (185)
At 31 December 2013
Provisions for diminution in value

On disposals (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. 2012

£'000 £'000
Raw materials and consumables 2,921 2,424

Work in progress 1,014 . 1,287
Finished goods and goods for resale 171 581
4,106 4,292
-- --
- 16 -
·.
·AEM LIMITED .

FORi·:;:. THE YEAR ENDED 31, DECEMBER l013
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14 Debtors 2013 2012

£'000 £'000
Trade debtors 3,287 3,288

Amounts owed by group undertakings 6, 151 2,455
Corporation tax 237 628
Other debtors 102 33
Prepayments.and accrued income 127 209
Deferred tax asset (see note 15) 59 49
9,963 6,662
-- --
Amounts falling due after more than one year and included in the debtors above are:
2013 2012
£'000 £'000
Amounts owed by group undertakings . 460
15 Deferred tax asset
The deferred tax asset (included in debtors, note 14) is made up as follows:
2013
£'000
Balance at 1 January 2013 . (49)

Profit and loss account (10)
Balance at 31 December 2013 (59)

--
2013 2012
£'000 £'000
Decelerated capital allowances (24) (18)

Share based payment (21) (31)
Other timing differences (14)
(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.··

FOR THE YEAR ENDED_·31 DECEMBER 2013
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16 Creditors: amounts falling due within one year 2013 2012 .

£'000 £'000
Trade creditor!? 3,215 3,201

Amounts owed to group undertakings 206 281
Taxes and social security costs 154 166
Other creditors 164 94
Accruals and deferred income 321 311
4,060 4,"053
-- --
17 Creditors: amounts falling due after more than one year 2013 2012
£'000 £'000
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
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).
2013 2012
£'000 £'000
Contributions payable by the company for the year 254 256
- 18 -
AEM LIMITED

FOR THE YEAR ENDED 31DECEMBER2013
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20 Share capital 2013 2012

£'0.00 £'000
Allotted, called up and fully paid
3,000,000 Ordinary shares of £1 each 3,000 3,000
-- --
21 Statement·of movements on profit and loss account

Profit and loss
account
. £'000
Balance at 1 January 2013 5,088

Profit for the year 5,079
Share based payment transactions 57
Dividends paid (1,810)
Balance at 31 December 2013 8,414

--
22 Reconciliation of movements in shareholders' funds 2013 2012

£'000 £'000
Profit for the financial year 5,079 5,031

Dividends (1,810) . (3,521)
Share based payment transactions 57 69
Net addition to shareholders' funds 3,326 1,579

Opening shareholders' funds 8,088 6·,509
Closing shareholders' funds 11,414 8,088

-- --
23 Contingent liabilities
The company has issued bank guarantees to the value of £10,000.(2012: £10,000).
- 19 -
•, •,
AEM LIMITED

\';:. ~-~·::
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 Other

2013 2012 2013 2012
£'000 £'000 £'000 £'000
Operating leases which expire:
Within one year 13 21
Between two and five years 248 21 33
In over five years 235
235 248 34 54
--
25 Capital commitments 2013 2012·

£'000 £'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 2013 2012

£'000 £'000
Remuneration for qualifying services 248 232

Company pension contributions to defined contribution schemes 16 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:
Company pension contributi.ons to defined contribution schemes 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).

27 Employees
Number of employees
The average monthly number of employees (including directors) during the year was:
2013 ·2012
. Number Number
Sales, administration and distribution 62 64

Manufacturing 155 147
217 211
Employment costs 2013 2012

£'000 £'000
Wages and salaries 6,3p1 5,902

Social security costs 622 576
Other pension costs 254 256
7,177 6,734
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
111111111111111111
"A2ECYYGJ"
A06 08/0812013 #295
COMPANIES HOUSE
•
AMETEK AIRTECHNOLOGY GROUP LIMITED
COMPANY INFORMATION
Directors J A Mockler
DB Coley
J A Fenn (Appointed 26 Apnl 2012)
RR Mandos (Appointed 1 July 2012)
R Vogel (Appointed 1 August 2012)
Secretaries DB Coley
KE Sena
Registered office P 0 Box 36

2 New Star Road
Leicester
LE4 9JQ

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
•
' AMETEK AIRTECHNOLOGY GROUP LIMITED
CONTENTS
Page
Directors' report 1-4
Statement of total recognised gains and losses 8
Balance sheet 9

•
DIRECTORS' REPORT
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
2012 2011 Change

£'000 £'000 %
Sales 47,489 44,068 7 76

Operating profit before exceptional items 6,012 5,297 13 50
Exceptional items 891
Operating profit after exceptional items 5, 121 5,297 (3 32)
Operating profit as a % of sales 10 78% 12 02%
Net current assets 21,986 20,367 7 95
Shareholders' funds 20,280 19,966 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-


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
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 1s directed towards product development and new products aligned to market needs

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-

Directors
The following directors have held office since 1 January 2012
J A Mockler
DB Coley
J A Fenn (Appointed 26 Aprrl 2012)
R Vogel (Appointed 1 August 2012)
J J Molrnellr (Resigned 1 July 2012)
C E Lohwasser (Resigned 1 August 2012)
L M Smrth (Resrgned 30 Aprrl 2012)
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-

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

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
l\6\1~
difFen
ecto
-4-

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
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

An audit involves obtaining evidence about the amounts and disclosures in the f1nanc1al statements sufficient
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

In our opinion the financial statements
for the year then ended,
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-

TO THE MEMBERS OF AMETEK AIRTECHNOLOGY GROUP LIMITED

report to you 1f, in our opinion
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-

2012 2011
Notes £'000 £'000
Turnover 2 47,489 44,068
Cost of sales (36,969) (33,469)

--
Gross profit 10,520 10,599
D1stnbut1on costs (1,532) (1,863)

Adm1nistrat1ve expenses (3,867) (3,439)
-- --
Operating profit 3 5, 121 5,297
Interest receivable and s1m1lar income 4 76 83

Other finance income 14 597 481
-- --
Profit on ordinary act1v1bes before
Tax on profit on ordinary act1v1t1es 5 151 1,284

-- --
=
The profit and loss account has been prepared on the basis that all operations are continuing operations
-7-
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

2012 2011
£'000 £'000

Actuarial loss on pension scheme (1,544) (1,553)
Tax on items taken directly from equity 100 128
Total recognised gains and losses relating to

the year 4,501 5,720
-- --
- B-
BALANCE SHEET
AS AT 31 DECEMBER 2012
2012 2011
Notes £'000 £'000 £'000 £'000
F1xed assets
Intang1ble assets 7 14, 176 15,029
-- --
19,798 20,928
Current assets
Stocks 9 14,076 13,870
Debtors 10 15,800 14,346
Cash at bank and in hand 162 1,200
-- --
30,038 29,416
Creditors amounts falling due within
one year 11 (8,052) (9,049)
-- --
Net current assets 21,986 20,367
--
Creditors. amounts falling due after

--
18,361 17,872
Pension asset 14 1,919 2,094
--
20,280 19,966
-
---

Called up share capital 16 480 480
--
=
Approved by the Board and authorised for issue on \~"$' ?-e,:,
Company Reg1strat1on No. 00499805
-9-

1 Accounting pohc1es
11 Accounting convention
The financial statements are prepared under the historical cost convention
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

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

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
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 2% - 5% per annum

Leasehold property term of the lease
Plant and machinery 6% - 33% per annum
Fixtures, fittings & equipment 12 5% - 33% per annum
Motor vehicles 20% to 33% per annum
- 10 -

1 Accounting policies {Continued)
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
- 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 These are
accounted for rn accordance wrth FRS 17 "Accountrng for Retrrement Benefits"
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

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 -

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
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
2012 2011
£'000 £'000
Class of business
Products for aerospace, defence and rail systems 27,805 26,031
Prec1s1on and motion control products 15,332 13,985
Track balls and other cursor controlled products 4,352 4,052
--- ---
47,489 44,068
= =
Geographical market
Turnover
2012 2011
£'000 £'000
Europe 37,304 34,457

Asia 2,016 3,073
Americas (excl USA) 380 365
USA 7,789 6,173
47,489 44,068
=
- 12 -


£'000 £'000
Operating profit 1s stated after charging
Amort1sat1on of goodwill 823 822
Amort1sat1on of licences, patents and knowhow 88 73
Deprec1at1on of tangible assets 545 737
Loss on disposal of tangible assets 66 54
Research and development 4,306 3,752
Other operating lease rentals 374 373
Auditors' remuneration 88 82
and after crediting

--
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 2012 2011

£'000 £'000

Other interest 1 1
76 83
--
- 13 -

5 Taxation
2012 2011
£'000 £'000
Domestic current year tax
Adjustment for prior years (8) (1,295)
Total current tax (8) (1,295)
Deferred tax
Effects of changes in tax rates and laws 12 13
Deferred tax charge on defined benefit pension scheme (25) 4
(143) 11
Total tax charge (151) (1,284)

Profit on ordinary act1v1t1es before taxation 5,794 5,861
-- --
Profit on ordinary act1v1t1es before taxation multiplied by standard rate of UK

corporation tax of 24 50% (2011 - 26 49%) 1,419 1,553
Effects of
Non deductible expenses 197 224
Accelerated/(Decelerated) capital allowances 123 (3)
Enhanced R & D deduction (189) (190)
Adjustments to previous periods (8) (1,295)
Other timing differences 7
Defined benefit pension scheme (305) (344)
Group relief not charged (1,252) (1,240)
(1,427) (2,848)
Current tax credit for the year (8) (1,295)

-- --
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 -

5 Taxation {Continued)

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 D1v1dends 2012 2011

£'000 £'000
Ordinary d1v1dend in the year 4,254 2,000

=
licences, Goodwill Total
patents and
knowhow
£'000 £'000 £'000
Cost
At 1 January 2012 367 16,449 16,816
Add1t1ons 58 58
-- --
At 31 December 2012 425 16,449 16,874
-- --
Amortisation
At 1 January 2012 143 1,644 1,787
Charge for the year 88 823 911
-- --
At 31 December 2012 231 2,467 2,698
-- --
Net book value
At 31 December 2012 194 13,982 14,176
-
---
= --
At 31 December 2011 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 -


Freehold I Plant and Total
Leasehold machinery
property
£'000 £'000 £'000
Cost
At 1 January 2012 4,795 4,344 9,139
Transfers (44) 44
Add1t1ons 7 328 335
Disposals (87) (1,670) (1,757)
-- -- --
At 31 December 2012 4,671 3,046 7,717
-- --
Deprec1at1on
At 1 January 2012 1,567 1,673 3,240
On disposals (79) (1,611) (1,690)
-- --
At 31 December 2012 1,664 431 2,095
-- -- --
Net book value
At 31 December 2012 3,007 2,615 5,622
--
- - -
--- --
At 31 December 2011 3,228 2,671 5,899
-- --
- - --
- -
Add1t1ons to plant and machinery include £189,000 (2011 £287,000) in respect of assets under
construction
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 2012 2011

£'000 £'000

Work in progress 2,864 3,912
14,076 13,870
--
- -
- 16 -

10 Debtors 2012 2011

£'000 £'000
Trade debtors 8,909 10, 139

Amounts owed by group undertakrngs 4,694 1,973
Corporation tax 905 1, 173
Prepayments and accrued income 933 797
Deferred tax asset {see note 13) 168 50
-- --
15,800 14,346
--
11 Creditors. amounts falling due wrthrn one year 2012 2011

£'000 £'000
Trade creditors 4,369 6,011

Taxes and sacral security costs 621 321
Accruals and deferred income 2,706 2, 113
-- --
8,052 9,049
--
- - --
- -
12 Creditors. amounts falling due after more than one year 2012 2011
£'000 £'000

--
- -
- 17 -

The deferred tax asset (included 1n debtors, note 10) 1s made up as follows
2012
£'000
Balance at 1 January 2012 (50)

2012 2011
£'000 £'000
(Decelerated)/accelerated capital allowances (102) 16

Other t1mmg differences (66) (66)
(168) (50)
-- --
The effect of future changes m tax rates 1s not considered to have a material effect on the deferred tax
balance
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

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 -

14 Pension and other post-retirement benefit commitments (Continued)
The amounts recognised in the balance sheet are as follows
Defined benefit
pension plans
2012 2011
£'000 £'000
Present value of funded obhgat1ons 21,464 18,026

Fair value of plan assets (23,956) (20,818)
(2,492) (2, 792)

Related deferred tax hab1hty 573 698
Net asset (1,919) (2,094)
The amounts recognised in the profit and loss account are as follows:
Defined benefit
pension plans
2012 2011
£'000 £'000
Included in operating profit

Current service cost 426 306
--
426 306
-- --
Included in other finance income
Interest on obhgat1on 884 960
Expected return on pension scheme assets (1,481) (1,441)
-- --
(597) (481)
-- --
Total (171) (175)
-
--- =
Actual return on plan assets 2,471 (227)
--
- - =
- 19 -

Analysis of amount recognised in the statement of total recognised gains and losses
Defined benefit
pension plans
2012 2011
£'000 £'000
Actuarial losses (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
2012 2011
£'000 £'000
Opening defined benefit obl1gat1on 18,026 17,096

Interest cost 884 960
Contributions by scheme part1c1pants 118 131
Benefits paid (524) (352)
Actuarial losses I (gains) 2,534 (115)
-- --
Total 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 20,818 20,139

Expected return 1,481 1,441
Actuarial gains I (losses) 990 (1,668)
Contnbut1ons by employer 1,073 1,127
Contributions from scheme part1c1pants 118 131
23,956 20,818
--
- 20 -

The maior categories of plan assets as a percentage of total plan

assets are as follows:
2012 2011
% %
Equ1t1es 73 00 73 00
Debt securities 26 00 27 00
Other 1 00
-- --
Principal actuarial assumptions at the balance sheet date (expresssed

as weighted averages).
2012 2011
% %
Discount rate 4 40 4 90
Expected return on plan assets 6 75 7 00
Future salary increases 3 00 3 00
Pension increases - RPI capped at 2 5% 1 90 1 90
Pension increases - CPI capped at 3 0% 1 90 1 73
Inflation assumption (RPI) 3 00 3 00
Inflation assumption (CPI) 2 40 2 00
Life expectancy for a male currently aged 65 years (in years) 22 10 21 20

Life expectancy for a female currently aged 65 years (1n years) 24 50 24 00
Life expectancy for a female currently aged 45 years (1n years) 26 10 25 90
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 -

Amounts for the current and previous four periods are as follows.
Defined benefit pension plans
2012 2011 2010 2009 2008
£'000 £'000 £'000 £'000 £'000
Defined benefit obligation (21,464) (18,026) (17,096) (16,208) (12,546)

Fair value of scheme assets 23,956 20,818 20,139 16,994 12,942
Surplus/( deficit) 2,492 2,792 3,043 786 396
Experience adjustments on
plan hab1ht1es (412) 1,352 (12) 115 1,915
plan assets 990 (1,668) 1, 101 2,264 (4, 751)
-- = = =
- 22 -

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 -
•

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 WAFV Number of WAFV

shares shares
2012 2012 2011 2011
£ £
Outstanding at 1 January 6,370 20 71 10,602 16 04

Effect of three for two stock split 3,185
Granted 1,365 20 99 2,076 27 16
Forfeited (6,560) 14 79 (1,080) 18 18
Vested (1,499) 11 04 (5,228) 14 32
Outstanding at 31 December 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
Number of WAEP Number of WAEP

options options
2012 2012 2011 2011
£ £
Outstanding at 1 January 19, 147 19 86 25,891 16 83

Effect of three for two stock split 9,572
Granted 4,827 20 96 5,586 28 56
Forfeited (15,154) 14 75 (2,828) 17 62
Expired (188) 18 15
Exercised (6,669) 10 71 (9,502) 17 40

= =
Exercisable at 31 December 4,686 10 71 5,820 16 12
-
---
The movements and values for 2012 are shown split adjusted
- 24 -
•

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)

£'000 £'000
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 19.486

D1v1dends paid (4,254)
Actuarial gains or losses on pension scheme assets (1,544)
Movement on tax relating to pension asset 100

--
- -
Profit and loss account excluding pension asset 17,881
Pension scheme asset 1,919
19,800
-
---
- 25 -
• AMETEK AIRTECHNOLOGY GROUP LIMITED


£'000 £'000
Profit for the financial year 5,945 7, 145

D1v1dends (4,254) (2,000)
--
1,691 5, 145
Other recognised gains and losses (1,544) (1,553)
Movement on tax relating to pension asset 100 128
-- --
Net add1t1on to shareholders' funds 314 3,817
Opening shareholders' funds 19,966 16, 149
-- --
-- --
19 Contingent liab1ht1es
Bank guarantees given in the normal course of business amounted to £232,000 (2011 £386,000)
At 31 December 2012 the company was committed to making the following payments under non-
cancellable operating leases in the year to 31 December 2013

2012 2011 2012 2011
£'000 £'000 £'000 £'000
Operating leases which expire
Between two and five years 400 139 125
In over five years 22 373
-- --
422 373 164 157
-- -
--- --
21 Capital commitments 2012 2011

£'000 £'000
At 31 December 2012 the company had capital commitments as follows
Contracted for but not provided in the financial statements 280 180
--
- - =
- 26 -
•


£'000 £'000

Company pension contributions to defined contribution schemes 5
--
- -
amounted to 3 (2011 - 2)
The number of directors for whom retirement benefits are accruing under defined benefit schemes
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
2012 2011
Number Number
Production 229 253

Engineering 55 67
Sales and marketing 17 22
Adm1nistrat1on 17 20
-- --
318 362
-- =
£'000 £'000
Wages and salaries 10,841 10,360

Social security costs 1,086 1, 144
-- --
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

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
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<!d •Denmark• CVR nr. OK-14747079
P: +45 4816 80\)0 • F: +45 4816 8080 • jofra@ametek.oom • www.lofra.con1
.\METEK®
CALIBRATION INSTRUMENTS
INDHOLOSFORTEGNELSE
CONTENTS
Side
PATEGNINGER
ENDORSEMENTS
Ledelsespategning 1
By Management and Board of Direclors
Revisionspategning
By Ille Auditor
LEDELSESBERETNING
INFORMATION AND REPORTS
Selskabsoplysninger 4
Company lnfonnafion
Hislorlske tal, N0gletal 5

Historic figures, Key figu/'8s
Arsberetning 6-8
Directors' repoTt
ARSREGNSKAB
FINANCIAL STATEMENTS
Anvendt regnskabspraksis 9 -14

Accounting poHcies
Resultatopgeirelse for perioden 1. januar 2013 - 31 . december 2013 15

Income stafemenl forth@ period January 1, 2013 - December 31. 2013
Balance pr. 31. december 2013 16 -1 7

Betance sheet as at Dscember 31, 2013
Pengestr0msopg1Z1relse pr. 31. december 2013 18

Cash Flow Statement as at Decembsr 31, 2013
Noter tn Arsregnskabet 19 -24

Notes to the financial statements
.\METEK®
U:PELSESPATEGNING STATEMENT BY THE SUPERVISORY AND

EXECUTIVE BOARDS ON THJ: ANNUAL REPORT
Bestyrelsen og dlreklionen har dags dato Today, the supetvisory and executive boards have
behanc:llet og godkendt ~rsrapporten for 1. discussed and approved the annual report of Ametek
januar 2013-31. december 2013 for Ametek Denmark NS for the financial year 1 January 2013 -
Denmark AJS. 31 December 2013.
Arsrapporten er aflagt i overensslemmelse The annual report is prepared in acoo<dance with the
med arsregnskabsloven. Danish Financial Statement$ Act.
Det er vores opfaltelse, al arsregnskabet giver I our opinion, the financial statements give a true and
et retvisen<le blllede af selskabets akliver, fair view of the company's financial position at 31
passiver og flnansielle slllllng pr. 31. december December 2013 and of the resull of the company '9
2013 samt af resultatet af selskabets aktivlteter operations and cash flows for the financial year 1
og pengestr0mme for regnskabs~ret 1. Januar January 2013- 31 December 2013.
2013 - 31. december 2013.
ledelsesberetnlngen indeholder efter vores In our opinion, the management's review include·s a
opfattelse en retvlsende rec;teg0retse om d& fair review of lhe matters deall wllh ln lhe
forhold, beretningen omhandler. 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<Bbenhavn V
1
.\METl!K®
DEN UAFHIENGIGE REVISORS INDEPENDENT AUDITOR"S REPORT

EKRLJERINGER.
Til aktionanerne i Ametek Denmark A/S . To the shareholders of Ametek Denmark
NS
Pategning p~ arsregnskabet Report on financial statements
Vi har revideret arsregnskabet for Ametek We have audited the financial statements of
Denmark AJS for regnskabsaret 1. januar - 31. Ametek Denmark NS for the f;nanoial year 1
december 2013, der omfatter anvendt January - 31 December 2013, which comprise
regnskabspraksis, resultatopg<llrelse, balance, a summary of significant accounting policies,
egenkapltalopgr1ffelse, pengeslrnmsopg0relse og income statement, balance sheet, statement of
noter. Arsregnskabet udarbejdes efter changes in equity, cash flow statement and
arsregnskabsloven. notes. The financial statements are prepared in
accordance with the Danish Financial
Statement Act.
Ledelsens ansvar for arsregnskabet Management's responsibility for the

Ledelsen har ansvaret for udarbejdelsen af et financial statements
arsregnskab, der giver et retvisende billede i Management is responsible for t11e preparation
overensstemmelse med arsregnskabs!oven. of financial statements that give a tme and fair
Ledelsen har endvidere ansvaret for den interne view in accordance wilh the Danish Financial
kontrol, som ledelsen anser n0dvendig for at Statement Act. Further, management is
udarbejde et arsregnskab uden vmsenttig responsible for such infernal control as it
fejlinformatlon, uanset om denne skyldes determines is necessary to enable the
besvigelser eller fejl. preparation of financial statements that are
free from material misstatement, whel/1er due
to fraud or error.
Revisors ansvar Auditor's responsibility

Vo res ansvar er at udtrykke en konl<lusion om Our responsibility is to express an opinion on
arsregnskabet pa grundlag af vores revision. Vi the financial statements based on our audiL
har udf0rt revlsionen I overensstemmelse med We conducted our audit in accordance with
internationals standarder om revision og internationar standards on auditing and
yderligere krav if0Jge dansk revisorlovgivning_ additional requirements according to Danish
Dette krc:ever, at vi overholder etiske krav samt audit regulations. This requires that we comply
planlregger og udfarer revislonen for at opna h0j with ethical requirements and plan and perform
grad af sikkerhed for, om arsregnskabet er uden the audit to obtain reasonable assurance about
v~sentlig fejlinformation. whether the financial statements are free from
material misstatement.
En revision omfatter udf0relse af An audit involves performing procedures to

~evisionshandlinger for at opna revisionsbevis for obtain audit evidence about the amounts and
behllb og oplysninger i arsregnskabet. De valgte disclosures in the financial statements. The
revisionshandlinger afheenger af revisers procedures selected depend on the auditors'
vurdering, herunder en vurdering af rislci for judgement. including an assessment of the
veesentlig fejlinformation i arsregnskabet, uanset tisks of material misstatement of the financial
om denne skyldes besvigelser eller fejl. Ved stalements, whether due to fraud or error. In
risikovurderlngen overvejer revisor intern kontrol, mal(/ng those risk assessments, tl1e auditor
der er relevante for virksomhedens udarbejdelse considers internal control relevant to the
af et arsregnskab, der giver et retvisende blllede. entity's preparation of financial statements
Formalet harmed er at udforme that gjve a true and fair view. The purpose is to
revislonshandlinger, der er passande after design audit procedures that are approp1iate in
omsteendighederne, men ikke at udlrykke en the circumstances, but not to express an
konklusion om effektiviteten af virksomhedens
2
.\METEK®
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
regnskabsma:;ssige sk0n er rimelige samt den policies used, the reasonableness of
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 We believe that the audit evidence we have
revisionsbevis er tllstraekkeligt og egnet som obtained is sufficient and appropriate to
grundlag for vores konklusion. provide a basis of our opinion.
Revisionen har ikke givet anledning til forbehold. The audit has not resulted in any qualification.
Konklusion Opinion
Deter vores opfattelse, at arsregnskabet giver et In our op;nion, the financial statements give a
retvisende billede af selsl<abets aktiver, passfver true and fair view of the company's financial
og finansielle stilling pr. 31. december 2013 samt position at 31 December 2013 and of the
af resultatet af selskabets aktiviteter og results of operations and cash flows for the
pengestnzsmme for regnskabsaret 1. januar - 31. financial year 1 January - 31 December 2013
december 2013 i overensstemmelse med in accordance with the Danish Financial
arsreg nskabsloven. Statements Act.
Udtalelse om ledelsesberetningen Statement on the management's review

Vi har i henhold ti1 arsregnskabsloven In accordance with the Danish Financial
gennemlrest ledelsesberetningen. Vi har ikke Statements Act, we have react the
forelaget yderfigere handlinger i tillreg til den management's review. We have not performed
udf0rte revision af arsregnskabet. Det er pa any further procedures in addition to the audit
denne baggrund vores opfattelse, at of tl1e financial statements. On t11fs basis, it is
op!ysningerne i ledelsesberetningen er i our opinfon that the information provided in the
overensstemmelse med arsregnskabet. management's review is consistent with the
financial statements.
K0benhavn, den 30. maj 2014

Copenhagen, May 3d11, 2014
3
.\METEK"
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 ametek@ametek.dk
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~
HISTORISKE TAL
HISTORIC FIGURES
2009 2010 2011 2012 2013

Brultofortjeneste
Gross profit 54.689 63.063 66.917 79.296 76.782
Resultat af primrer drift
Opereting prolil 16.493 22.017 25.396 37.624 33.351
Resultat f0r skat
Pfoflt before tax 16.543 22.910 25.506 37.241 32.495
Finanslelle Poster - Netto
Financial expenses/Income • Net 50 893 110 -383 -856
Arets resultat
Profit for the year 12.300 17.172 19.090 . 27.897 24.377
Tllgang I Mat. Anl~gsakt.
Additions Tangjblfl Fixed Assets 503 663 848 841 536
Balances um
Bola11ce 48.182 55.969 54.552 65.234 82.626
Egenkapital
Equity 37.206 41 .787 41.207 62.133 67.538
Gns. antal ansatte
Avg. no of employees 47 46 49 48 46
Nt27GLETAL
KEY FIGURES
Alkastn!ngsgrad (%)
Rent.abi1ilel {%}
Return on nef 1111sets
Rcwrn on equity
2009 2010 2011 2012 2013
Li\\vldltcl(%)
Sollditet (%)
Cash to current lieblliCies Solvency
600,0% 84,0%
500,0% - --·- ---··- .. ~~

82,0% · - - •
80,0%
400,0% - -- --· - J.t - - · ril ·
• io~ • ,,·n~ f::: 1ti,0% • I
300,0% f,•:] - •J'r - • ,(~ •• .~( ....~ . '!

k"1 .. ., ~· • 76.0%
200,0% . t'·-~'..
{ -· ;r~·.I .~i~~ . ·.~~
t~r '. ··1
,~, 74.0%
100,0% ' il· - :~ - ilt ·~i
0,0%
ri{ iii lli. ;xt ;Si ! 72,0%
70.0% .j....L..t-.J.._.__,
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
5
.AMETEK®
LEDELSESBERETNING DIRECTORS' REPORT
Hovedaktivltet Primary activity

Den primrere aktilritet i AMETEK Denmark A/S The primary activity of AMETEK Denmark AIS
bestar af udvilding, produktion og afsretning af comprises research & development, production
temperatur-, tryk- og signalkalibreringsinstru- & worldwide sale of temperature, pressure and
menter, der afsrettes globalt, samt temperatur- signal calibration instruments, as well as devel-
f121lere, der primcert afsrettes i Danmark. opment and production of temperature sensors
sold primarily in Denmark.
AMETEK Measurement & Calibration Techno- The division of AMETEK Measurement & Cali-
logies Division, som AMETEK Denmark A/S bration Technologies, which AMETEK Denmark
indgar i, varetager salg, service og kal!brerings- A/S is a part of. handles sale, service and cali-
ydelser i USA og Canada. AMETEK s0stersel- bration in the US and Canada. The affiliated
skaber i Tyskland og Frankrig varetager salg, companies in Germany and France l1andle sale,
service og kalibreringsydelser pa disse marke- 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, ei-
egne srelgere eller forhandlere. ther via safes representatives or local distribu-
tors.
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: Result of the year:

Arets brutlofortjeneste blev pa t.kr. 76.782 mod Gross Profit for the year ended at TDKK 76, 782
t.kr. 79.296 aret fo.sr - et fald der hovedsagellgt vs. TDKK 79,296 In 2012- a net decrease pri-
skyldes en rendring i produktsammensretningen marily due to a change in product mix and also a
og til dels et fald i den amerlkanske Dollar. Vi drop in the US Dolfar. However we still see an
ser dog f orsat et C11get salg af nye produkter samt increase in sales of new products and also ser-
service og kalibreringsydelser, en general for- vice and calibration, a ge119ra/ improvement of
bedring af markedsvilkarene samt en effektiv me market conditions as well as Ugh/ control of
styring af materialeomkostninger. material cost.
Resultatet for 2013 blev efter skat t.kr 24.377 Profit after tax for 2013 was TDKK 24, 377
(2012: t.kr. 27 .897) og arets resultat f0r skat (2012: TDKK 27. 897) and profit before tax was
blev t.kr. 32.495 (2012: t.kr. 37.241). Resultatet TDKK 32,495 (2012.· TDKK 37,241). The result
for aret vurderes som tilfredsstillende. 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 lance- New products
ringen af nye temperatur-. tryk- og signalkalibra- In 2013, AMETEK Denmark AIS continued the
torer, som vii medvirke til at fastholde virksom- release of new temperature, pressure and signal
hedens markedsledende position lndenfor disse calibrators contributing to maintain the com-
omrader. pany's leading market position within this area.
For fortsat at udbygge markedspositlonen som W11h the purpose of strengthening lhe market
6
AMETEK®
en betydende global producent og leverand0r position as an important global manufacturer
inden for kalibreringsinstrumenter, forventer and supplier within calibration instruments,
AMETEK Denmark AJS ogsa i 2014 at introdu- AMETEK Denmark A/S has planned lo introduce
cere flere nye produkter til komplettering af den more new products during 2014 to complement
eksisterende produktportef01je. the existing product portfolio.
f nvesterlnger Investments
Der er i l0bet af 2013 foretaget investeringer for Investments of TDKK 536 were made during
sammenlagt t.kr. 536, hvoraf ca. 40% relaterer 2013, of which about 40% is related to IT im~
slg til forbedringer inden for IT og produktions- provements and product tooling.
vcarkt0jer
Kapltalberedskab Capital res ources

AMETEK Denmark er velkonsolideret med h0j AMETEK Denmark is firmly based and has a
soliditet. Soliditetsgraden udg0r satedes 81,7 % high solvency. The solvency in 2013 is 81. 79%
i 2013 (2012: 79,9 %) svarende til en egenkapl- (2012: 79.9%) corresponding to a total equity as
tal pr. 31. december 2013 pa t.kr. 67.538 (2012: per December 31, 2013 of TDKK 67, 538 (2012:
t.kr. 52.1 33). TDKK 52, 133).
Forskning og udvikllng Research and development

Selskabets udgifter til forskning og udvikting The company's research and development costs
udg0r t.kr 5.591 (2012: t.kr 4.859) 09 er fu!dt amount to TOKI< 5,591 (2012: TDKK 4, 859). Afl
udgiftsf0rt 12013. costs are expensed in 2013.
Risikofaktorer Risks
Bortset fra de generelle markedsbetingelser er Apart from the general market conditions, the
AMETEK Denmarks primrere risiko knyttet tH major operating risk of AMETEK Denmerk is
evnen til at vrere stoorkt positioneret pa de bety- connected to the ability to hofd a strong position
dende markeder. Denne risiko vurderes at voore on the most important markets. This risk is con-
begrrenset, da AMETEK Denmark NS med sa- sidered to be limited, as AMETEK Denmark AIS,
vel den eksisterende som planlagte produktpor- based on the existing as well as the planned
tef0lje og det globale salgs- og distributionsnet product portfolio and its global sales and distri-
anser sig for al vrere pa forkant med den tekno- bution network, is at the leading edge of tech-
logiske og markedsmcessige udvikling inden for nology and marketing developments within tem~
savel temperatur-, tryk- og signalkalibrering som perature, pressure, and signal calibration as well
temperaturf(Zllere. as within temperature sensors.
AMETEK Denmark fakturerer i DKK, EURO, AMETEK Denmark invoices in DKK, EURO,
USO, JPY og GBP - de samme valutaer, som USO, JPY and GBP- the same currencies tl1at
drekker den vresentlfgste del af varek0bef. I cover a considerable parl of purchases. In com-
overensstemmelse med koncempolltil< holdes pliance with company policy, all currency funds
valutabeholdninger hos AMETEK Denmark NS at AMETEK Denmark A/S are l<ept at a mini-
pa et minimum. mum.
AMETEI< Denmark AJS' kreditrisici drekkes ind Risks related to receivables are kept on a mini-
vha. stram og leibende kredltvurdering af alle mum by tight and ongoing assessment of credit
kunder. Handel med udenlandske kunder af- terms. When possible, all foreign trade is in-
daakkes hvor muligt vha. Atradius. sured by Atradius. .
Milj11Jforhold Environmental issues

AMETEK Denmark arbejder kontinuerligl pa AMETEK Denmarl< is continuously working on
forbedringer inden for genanvendelse af mate- improvements related to reuse of materials and
rialer, samt milj0venligt valg af maferialer. environment-ftiendly choice of materials.
7
.\Ml!TEK®
Endvidere er der installeret udsugnlngsanlceg, Fwthermora air extracting systems, collection

opsamlingsfillre og andet udstyr til kontlnuerlig fillers, and other equipment to conUnuously col-
opsamling af ethvert stof eller materiale der mat- lect any substances or materials with a negative
te have negativ pavirkning af milj0et. Impact on the environment, have been installed.
Vidensressourcer Knowledge resources

Da AMETEK Denmark er en videns - og know- As AMETEK Denmark is a knowledge and
how tung virksomhed, s121ger vi altid qua vores know-how intensive company. we always try to
intranetbaserede ISO-system og 0vrlge doku- document, via our intranet based ISO-system
mentationssystemer at dokumentere virksomhe- and other documentation systems, the knowl-
dens vlden i en form der slkrer denne. edge of the company at a level protecting this
l<nowfedge.
Ejerforhold og andet Ownership and other matters

AMETEK Holdings B.V, Prins Betnhardplein AMETEK Holdings B. V, Prins Bernhardplein
200, 1097 JB Amsterdam, Holland ejer hefe ak- 200, 1097 JB Amsterdam, Netl1erlands owns the
tiekapitalen, hvor selskabet ligeledes indgar i whole share capital, and the company is a/so
koncernregnskabet. inclt1ded in the consolidated accounts.
Fremtidsudsigter Future prospects

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
begrundet I en forventet generel bedring i det to the expected general pick-up of the global
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 ar-
markeder. eas.
Der er efter regnskabsarets afslutning ikke ind- After the closing of the financial year, no major
truffet betydelige hcendelser som pavirker sel- events have taken plaoe having an impact on
skabets rcikonomiske stilling og resultat. the financial position and result of the company.
8
.\METEK®
ANVENDT REGNSKABSPRAKSlS ACCOUNTING POLICIES APPLIED
GENERELT GENERAL ASPECTS

Arsrapporten er aflagt i overensstemmelse med The Annual Reporl has been presented in ac-
arsregnskabslovens bestemmelser for mellem- cordance with the provisions of the Danish Fi-
store klasse C-virksomheder. nancial Statements Act as regards medium-
c
sized report.ing class enterprises.
Den anvendte regnskabspraksis er Ua3ndret i The accounting principles applied are un-
ar.
forhold til sidste changed compared to last year.
FREMMED VALUTA FOREIGN EXCHANGE

Transaktioner i fremmed valuta omregnes til Transactions in foreign exchange have been
danske kroner efter transal<tionsdagens kurs. 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 valutakur- been converted into DKK based on the ex-
ser. 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 INCOME STATEMENT

lndtcegten ved salg af varer indgar i nettoom- The Income on safes of goods is recognised in
s~tningen ~ tidspunktet for levering og risiko- revenue al the time of delivery and when the risk
ens overgang, safremt indtregten kan opg0res passes to the buyer, provided that the income
palideligt. Omsretningen opg0res efter fradrag af can be made up reliably. VAT, indirect taxes and
moms, afgifter og rabatter. discounts are excluded from the revenue.
Bruttofortjeneste Gross margin

Posten nettoomsretnrng, vareforbrug og andre With reference to section 32 of the Danish Fi-
eksterne omkostninger og andre driftsindtregter nancial Statement Act, the items 'Revenue',
er med henvisning til arsregnskabsloven § 32 'Cost of sale', 'Other external expenses' ancf
sammendraget til en regnsl<abspost beneevnt 'Other operation income' are consolidated into
bruttofortjeneste. one item designated 'Gross margin'.
Vareforbrug Cost of sales

Vareforbrug omfatler kostprisen pa de varer, Cost of sates includes the cost of goods used in
som er medgaet ti! at opn~ arets nettoomsret- generation the year's revenue.
ning.
Andre eksterne omkostninger Other external expenses

Andre eksterne omkostninger omfatter omkost- Other external expenses include the year's ex-
ninger vedn1Jrende virksomhedens primcere akli- penses relation to the entity's core activity, in-
viteter, der er afholdt i arets l121b, herunder om- cluding expenses relation lo distributing. sales,
kostninger til distribution, salg, reklame, admini- advertising, administration, premises. bad de!Jts,
stration, lokaler, tab pa debitorer, ydelser pa payments under operating leases, etc.
operationelle leasingkontrakter mv.
9
.\Ml!TEK®
Personaleomkostninger Staff costs

Personaleomkostninger omfatter l12m og gager, Staff costs include wages and salaries, including
lnklusiv feriepenge og pensioner, samt andre compensated absence and pensions, as well as
omkostnlnger til social slkring mv. til selskabets other social security contributions, etc. made to
medarbejdere. I personaleomkostninger er f ra- the entity's employees. The item is net of re-
trukket modtagne godtg0relser fra offentHge funds made by public authorities.
myndigheder.
Finansielle poster Financial income and expenses
Finansielle indtmgter og omkostninger indreg- Financiaf income and expenses are recognised
nes i resultatopg0relsen med de beli?Jb, der ved- in the income statements at the amounts that
rnrer regnskabsaret. F1nansielle poster omfatler concern the financial year. Net financials include
renteindtcegter og renteomkostnlnger. interest income and interest expenses.
Forsknings- og udviklingsomkostninger Research and development costs

Forsknings- og udviktingsomkostnlnger vedr0- Research and development costs for new prod-
rende nye produkter udgiftsfl'llres. i takt med at ucts are expensed as and when incurred.
omkostningerne afholdes.
BALANCEN BALANCE SHEET
Materietle og immaterlelle anl~gsaktiver Tangible and intangible fixed assets

lmmaterielle anlregsaktiver optag es til oprindeli- fntangible fixed assets are carried et original
ge anskaffelsespriser med fradrag af akkumule- cost less accumulated depreciation.
rede afskrivninger.
Materielle anlcegsaktiver optages tn oprindelige Tangible fixed assets are carried at original cost
anskaffelsespriser med tilla3g af senere tilgange adjusted for additions and disposals less accu-
. og med fradrag af akkumulerede afskrivninger. mutated deprecialion.
Afskrivninger foretages lineaart over den foiven- Depreciation is a straight line depreciation based
tede brugstid for virksomheden, som er. on the useful lives for the company, i.e.:
Antal ar Number of years

Bygninger 30 ar Buildings 30 years
Si:srlige installat!oner 5-10 ar Special Installations 5-_10 years
Driftsmateriel og inventar 3-5 ar Working plant and furniture 3-5 years
Licenser og Software 3-5 ar Licenses and software 3-5 years
Afskrivninger indregnes i resultatopgriJrelsen pa Depreciation costs are included in the income

deres respektlve llnier. statement on the respective lines.
Fortjeneste og tab ved afh(endelse af anlaagsak- Profl1 and loss incurred when disposing or sell-
tiver opg0res som forskellen mellem salgsprisen ing fixt:Jd assets are calculated as the differenoo
med fradrag for salgsomkostninger og den regn- between the selling price less cost of sefling and
skabsmressige vrerdi pa salgstJdspunktet. tile booked value at the time of disposal.
Aktiver under finansielle leasingkontraktar males Assets held under finance leases are measured
til def laveste bel0b af anskaffelsespris if0lge at the lower of cost according to the lease and
!easingkontrakten og nutidsvrerdien af leasing- the net present value of the lease payments,
ydelserne, opgjort pa basis af leasingkontrak- calculated by reference to the interest rate im-
tens interns rente (eller en tllnrermel veerdi for plicit (or an approximation hereof) in the lease
denne) med fradrag af akkumulerede af- og Jess accumulated depreciation and write-downs.
nedskrivninger_
10
.\METEK®
Der foretages nedskrivningstest pa materielle An impairment test is made for property, pfant
anleegsaktiver, safremt der er indikationer for and equipment if there are indications of de-
vc:erdifald. Nedskrivningstesten foretages for creases in value. The impairment test is made
hvert enkelt aktiv henholdsvis gruppe af aktiver. for each individual asset or group of assets, re-
Aktiverne nedskrives til det hsjeste af aktivets spectively. The assets are written down to the
eller aklivgruppens kapita!va3rdi og nettosalgs- higher value in use and the net selling price of
pris (genindvlndingsveerdi), safremt denne er the asset or group of assets (recoverable
lavere end den regnskabsmaassige vcardi. 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 hjrel- Costs for commodities, raw materials and ancil-
pematerialer omfatter anskaffelsespris med lary materials are valued at the original cost with
eventuelt tillGeg af hjemtagelsesomkostninger. possible addition of landed costs.
Egenfremstillede faardigvarer samt varer under Self-produced finished goods as well as work in
fremslilling optages ti! vrerdien af medgaede progress are accounted for by using the basis of
materlaler, direkte J0n og indirekte produktions- material content, direct wages and indirect pro-
ornkostninger, IPO. IPO indeholder indirekte dC1otion costs, /PO. fPO includes indirect mate-
materlaler og lrlln, samt vedligeho\delse og af- rial and wages as well as maintenance and de-
skrivninger pa de af produktionsprocessen be- preciation on buildings and equipment used for
nyttede bygnlnger og udstyr, samt omkostninger the production process and finally costs to the
ti\ fabriksadministration og ledelse. Laneomkostw administration and management of the factory.
ninger indregnes ikke. Borrowing costs are not included.
Ved Valrdiansaattelsen er der foretaget nedw Provision has been made for obsolete and slow
skrivning af ukurante og langsomt omsc.ettelige moving items.
varer.
Periodeafgr~nsningsposter Prepayments
Periodeafgn:ensningsposter indregnet under Prepayments included under assets relate to
aktiver omfatter afholdte omkostninger vedf0- outlaid costs that concern next fiscal year.
rende efterfeilgende regnskabsar.
Tilgodehavender Receivables
Tilgodehavende males til amortiseret kostpris, Receivables are measured at amorlised cost,
der scedvanligvis svarer tit nominel vcerdi. Der which usually corresponds to the nominal value.
foretages nedskrivnlng til im0degaelse af tab Provisions are made for bad debt on the basis of
baseret pa en objektiv indikation pa, at et tilgo- objective evidence that the receivable or a group
dehavende eller en gruppe af tilgodehavender er of receivables are impaired. Provisions are
vrerdiforringet. Nedskrivning foretages til netto- made to the lower of the net realisable va/uo and
realisationsvferdi, safremt denne er lavere end the carrying amounf.
regnskabsmcessig va:irdi.
Udbytte Dividend
Foreslaet udbytte indregnes som en srerskilt Proposed dividend is stated separately under
post under egenkapita!en, indtil det vedlages pa equity, until it is decided upon in the General
den ordincare generalforsamling, hvorefler det Meeting. I-le reafter if is reclassified as an obliga-
indregnes som en forp!igtelse. tion.
11
.\METEK®
lndkomstskat Income tax

Skat af arets resultat omfatter aktuel skat af Tax for the year includes current tax on the
arets forventede skattepligtige indkomst og arets years expected taxable income and the year's
regulering af udskudt skal Arets skat indregnes deferred tax adjustments. The portion ot the tax
i resultatopgerelsen med den del, der kan hen- for the year that relates to the profif/foss for the
feres til arets resultat 09 i egenkapltalen med year Js recognised in the income statement,
den de!, der kan henfll'res ti\ transaktioner ind- whereas the portion that relates to transactions
regnet i egenk:apltalen. taken to equity is recognised in equity.
Akluelle skatteforpligtelser og tilgodehavende Current tax payables and receivables are recog-
skat indregnes i balancen som beregnet skat af nised in the balance sheet as the esUmafed tax
tirets forveniede skattepligtige indkomst regule- charge in respect of the taxable incomf) for the
ars
ret for skat af tidligere skattep!igtige indkom- year. adjusted for tax on prior years' taxable
ster samt betalte aoontoskatter. income snd tax paid on account.
Hensaatlelse tH udskudt skat beregnes efter den Provisions for deferred tax are calculated, based
balanceorienterede greldsmetode af alle midler- on the liability method, of all temporary differ-
tidige forskelle mellem regnskabsmaassige og ences between carrying amounts and tax val-
skattemeessige va:irdier af aktier og forpligtelser, ues, with Ille exception of temporary differences
bortset fra mldlertldige forskelle, som opstar pa occurring at the time of acquisiUon of assets and
anskaffelsestidspunktet for aktiver og forpligtel- liabilities neither affecting the result of opera-
ser, og som hverken pavirker resultatet eller den fions nor the taxable income, as well as tempo-
skattepligtlge indkomst, samt midlertidige for- rary differences on non-amorlisable goodwi11.
skelle pa skaltemressigt ikke-
afskrivningsberettiget 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 counties applicable at the balance sheet date
forventes udl0st som aktuel skat. Udskudle skat- wf1en the deferred tax is expected to crystallise
teakliver indregnes med den VCBrdi, som de for- as current tax. Deferred tax assets are recog-
ventes at blive udnyttet med, enten ved udlig- nised at the valoe af which they are expected to
ning i skat af fremtidig lndtjening eller ved mod- be utilised, either through elimination against tax
regning i udskudte skatteforpllgtelser inden for on future earnings or through a set-off against
samme jurlsdil<lion. deferred tax liabilities within the same jurisdic-
tion.
Flnansielle gmldsforpligtelser Financial mortgage payments

Finansielte gceldsforpligtelser indregnes ved Financial liabilities are recognised on the raising
laneoptagelse til det medtagne provenu efter of the foan at the proceeds received net og
f radrag af afholdte omkostninger. Rentebceren- transaction costs incurred. Interest-bearing debt
de g~ld males efterf0lgende tll amortiseret is subsequently measured at amo1tised cost,
kostpris opgjort pa basis af den effektive rente. using the effective interest rate method. Borrow-
Laneomkostninger, herunder kurstab indregnes ing costs, including capital losses, are recog-
som finansieringsomkostninger i resultatopg0~ nised as financing costs in l/Je income statement
relsen over Janets l121betid. over the term of the loan.
12
.\METEK®
PENGESTR0MSOPG0RELSE CASH FLOW STATEMENT
Generelt General aspects

Pengestnamsopgi:zJrelsen er opstillet efter den The cash flow statement is tabulal6d using the
lndirekte metode med udgangspunkt i arets re- Indirect method based on the profit of the year.
sultat. Pengestr0msopg0relsen viser penge- The statement shows cash flows for the year
str0mme for aret, opdelt pfl drifts-, investerings- divided into operating, investing and financing
og finansieringsaktivitet, samt hvorledes disse activities, as well as their respective impact on
pengestrnmme har pavirket arets likvider. 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 driftspo- profit of the year adjusted for non-liquidity oper-
ster, 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
oms83lningsaktiver samt kortfristet goold, eks- consists of current assets and short-term debt,
klusive de poster de indgar i de finansielle re- exclusive of the items Included in the financial
server. rese1Ves.
lnvesterlngsaktivitet Investing activities

Pengestr0mme fra investeringsaktivitet omfatter Cash flows from investing activities include pur-
k0b og salg af anlcegsaktiver, samt deposlta. chase and sales of fixed assets as well as de-
posits.
Fin ansi eringsaktivitet Financing activities

Pengestrn1mme fra finansieringsaktivitet omfatter Cash flows from financing activities include
afdrag pa prioritetsgreld og anden tangfristet c/Jangas in mortgage debt, long-term borrow~
greld, betaling af udbytte samt eksterne titskud. ings, paid dividend and external subsidies.
Likvider Funds
De likvide midler bestar af kontanter samt inde- Funds Include cash in liand and credit balance.
staende i pengeinstitutter.
AN ORE OPLYSNINGER OTHER INFORMATION
Segmentoplysninger Market Segmentation

Opdeling pfl segmenter oplyses lkke grundet Split by Market or Product Segments are not
konkurrencemcessige hensyn. disclosed due to competitive reasons.
NBgletal Key Figures

N0g!etal er udarbejdet i overensstemme!se med Key Figures are cafcufated in accordance with
Den Danske Finansana!ytikerforenings vejled- the guidelines from "Den Danske Finans-
ning af 1997. analytikerforening of 1997" (The Danish Finan-
cial 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
Resultat af primaar drift * 100
Total Assets
Aktiver
Rentabllitet: Return on Equity:
Resultat f0r skat * 100 Profit for the Year* 100

Egenkapital Equity
Likviditet: Cash to current liabiUties:
Omscetnjngsaktiver * 100 Total Current assets * 100
Kortfristet G~Jd Short-term Debt
Soliditet: Solvency:
Equity " 100
Egenkapjtal * 100
Total Assets
Aktiver
14
.\METEK®
RESULTATO~G0RELSE
INCOME STATEMENT
2013 2012
Note TDKK TDKK
Bruttofortjeneste 76.782 79.296

Gross profit
Andre eksteme omkostninger -11 .981 -11.426

Other exl"mal expenses
Personaleomkostninger 1 -29.856 -28.601

staff costs
Afskrivnlnger lmmat.akttver 4 -266 -283

Depreciation Intangibles
Afskrivninger, Mat. aktiver 4 -1.326 -1.362

Depreciation, fixed assets
Resultat af prlmmr drift 33.351 37.624

Operating profit
Finansielle indt~gter/udgifter, net to 2 -856 -383

Financlaf lncomrJ/axpenses. net
Resultat f~n skat 32.495 37.241

Profit before tax
Skat 3 -a:11a -9.345

Income tax
ARETS RESULTAT 24.377 27.897

PROFJT FOR THE YEAR
Arets resultat foreslas anvendt saledes:

Profit for the year is suggested split as:
Arets resultal 24,377 27.897
Prcfil for the year
Overf0rt fra tidligere ar 42.661 23.736
Reatained earnings previous years
Til disposllion 67 .038 51.633
Atdisposaf
Foreslaet udbytte 30.827 8.972

Propo$9d dividend
Overf0rt tll neeste ar 36.211 42.661
Carried forward to next year
I all 67.038 5'\.633
Total
15
BALANCE pr. 31. december 2013
BALANCE SHEET as at December 31, 2013
.\METEK®
2013 2012
Note TDKK TDKK
AKTIVER
ASSETS
Licenser &Software 4 558 638

Licsnse & software
lmmaterielle anlaegsaktiver 558 638

Intangible fl:ced assets
Bygning 4 7.049 7.382

Buitdi'ng
Tekniske anleeg og maskiner 4 1.245 1.687

Technical p/enr snd meohinery
Driftsmateriel og inventar 4 22 37
Equipment, fixtures and Ottlngs
Materielle antaegsaktlver 8.316 9.106

Tlmglbfe fixed assets
ANLJEGSAKTIVER I ALT 8.874 9.744

TOTAL FIXED ASSETS
Va rebeholdninger 5 10.729 8.472

l11Ventories
Tilgodehavender fra salg 10.923 13.875

Trade accounts receivable
lllgodehavender fra tllknyttede selskaber 33.602 9.826

Receivables from group companies
Andre tilgodehavender 210 24

Other receivables
Periodeafgreensningsposter 6 217 205

Prepayments
Tilgodehavende r 44.952 23.931

Rei;e/vabtes
Likvide beholdnlnger 18.070 23.087

Cash and Bank
OMSJETNINGSAKTIVER I ALT 73.752 55.490

TOTALCURRENTASSETS
AKTIVER IALT 82.626 65.234

TOTAL ASSETS
16
BALANCE pr. 31. december 2012
BALANCE SHEET as at December 31, 2012
.AMETEK®
2013 2013
Note TDKK TDKK
PASSIVER
LIABJLrrlES
Aktiekapital 500 500

Shere cap/la/
Foreslaet udbytte 30.827 8.972

Proposed diVidend
Overff'llrsel til rueste :ir 36.211 42.661

Carried forward to next year
Egenkapltal i alt 7 67.538 52.133

Total equity
Udskudt skat 3 272 290

Deferred fax
Hensatte torpligtelser i alt 272 2~0

Total provisions
Andre l<reditinstitutler
Other credit institutions
Leverand0rer af varer 7.862 7.390

Trade accounts payable
Greld til tilknyttede virksomheder 1.12i 369

Payable to associated companies
Skyldig skat 38 347

AcCfUBd income tax
Anden ga;,ld 5.794 4.705

Other payables
Kortfristet gceld I alt 14.816 12.81 1

Total shorl term debt
Gie\d I alt 14.816 12.811

Total debt
PASSIVER lALT 82.626 65.234

TOTAL LIABJLIT/i:S
f:ventualforp\igtelser 8
Conlengencies
17
PENGESTR0MSOPG~RELSE
CASH FLOW STAYEMENT
.\METEK®
Note 2013 2012

TOKK TDKK
Arets resultat 24.377 27.897

Pront for lhe }'Elar
Reguleringer 9 10.565 11.373
Adjuslments
lf.ndring i driftskapital 10 -20.965 81
Change in Wcriling Cspil•I
Pengestr0mme f0r finansielle poster 13.977 39.350
Cash flow before financial items
Finansielle indtoogter 30 8
Flnencial income
Finansielle udglrter -886 -391
Flnanciaf expens&
Penges1rC?Jmme fra ordincer drift 13.121 38.968
Cash flaw from continuing operations
Betalt indkomstskat -8.444 -9.574
Paid fncome tax
Pengestr0mme fra driftsaktivitet 4.677 29.394
Cash flow from operating ttclivltles
lnvesterlnger. anla:!gsaktiver -536 -841

Additions lo fixed asse/s
lnvesteringer, Ucens & Software -185 -225
Addi/ions to inlengiblo essels
Salg af anlaagsakllver
Disposal of fixed t1ssets
Pengestr0mme fra investeringsaktlvitet -721 -1.066
Cash flow from Investing actf\fities
Betalt udbytte -8.972 -16.971

Divld1md paid <lUt
Tilbagebelaling af giBld til kredllinstitutter
Repaymenl ot mortgsg&
Pengestr121mme fra finansierlngsaktivitet -8.972 -16.97'1
Casl1 flow from financing activities
JEndring af likvide midler, i alt -5.016 11.357

Cha11go In funds, nef
Llkvlde midler ved regnskabsarets begyndelse 23.087 11 .730
Funds beginning of year
Likvide midlerved regnskabsarets slutning 18.070 23.087
Fllnds end ofyear
18
.\METEK.®
NOTER
NOTES
Note 1. Personaleudgifter
Note 1. Staff costs
De samlede personaleudglfter kan specificeres som f0f9er:

Tola/ staffcosts affJ made up aa follows:
2013 2012
27.456 26.208
Gager og l~nnlnger
Salaries and wages
2.086 2.069
Pension
Pension costs
317 324
Social sikring
Socia/ seaurity costs
29.858 28.601
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<lsfderation paid to managemenl.
19
.\ME!TEK®
NOTER
NOTES
Note 2. Flnanslelle indt~gter/udglfter

Note %. Flnancial income/expenses
2013 2012
Renleudgifter -146 -55

lnlsf9sl expensss
Rentelnd~gter 30 8
lnterast Income
Renleindtcegter rra tilknyltede virksomheder 0 0

lntet'9sl Income from group compsnlas
Realiseretlurealiseret kursgevinst -740 -335

ReaDzedlllnrea/izsd exchang9 gains
-856 -383
Note 3. Skat
Note 3. Income ta;ic
Skyldig Udskudt Oriftsf1nt
skat skat skat
Accrued Deferred Expensed
tax tu tax
Saldo pr. 1. januar 2013 347 290

Balance es Bf January 1, 2013
Skat af arets resultat 8.136 8.136

Tax on Iha profit for the year
iEndring i udskudt skat -16 -18

Movement In defeffed tax
Betalt/tilbagebetalt skat i aret -8.444

Tsx pa/dlrootafmt;d during the yoor
Saldo P'· 31. december 2013 38 272 8.118

Balance as al December 31, 2013
20
NOTER
NOTES
AMETEK®
Note 4. lmmaterle1\e/materiel1e an1regsaktiver

Note 4. lntangib!e!Tangibl• flxed assets
Licenser Bygning Tekniske Drlftsma·

og anlceg og teriel og
software masklner inventar
Equipment
Technical and fix-
Ucense& plant and tures and
Anskaffelsessum Software Building machinery fillings
Cose
Saldo pr. 1. januar 2013 3.857 18.225 6.623 745

Balance ea at January 1, 2013
Afgang -121
DlsposrJts
Regulerlng
1-101usrmem
Ti~ang 185 326 2rn

Ad ilions
Satdo pr. 31. december2013 4.042 18.551 6.713 745

Balance as at Dtcember 31, 2013
Akkumu le re de afskriv nlnger:

Accumulated depreciation:
Saldo pr. 1. januar 2013 3.219 10.843 4.936 708

Balance as a/ Januaty 1, 2013
Afgang -121
Disposels
Regulering
Adjustment
Arets afskrivninger 266 659 652 15

DePfeclatlon for (fie year
Saldo pr. 31. december 2013 3.484 11.502 5.468 723

Balance as at December 31, 2013
Bogf0rt vcerdi pr.

31. december 2013 558 7.049 1.245 22
Booked value as at
December 31, 2013
Afskrivningsprocent
(linear afskrivning} 20-33% 3,3-20% 20-33% 20-33%
DepreGfalion rate
(straight line basis)
21
.\METIEK®
NOTER
NOTES
Note 5. Varebeholdninger
Note 5. Inventory
2013 2012
Ravarer og hjielpematerialer 7.218 6.985

Raw materials and consumables
Varer under frems\llling 561 509

Wolk in progress
Fandigvarer 2.950 978

Finished goods
Varebeholdninger i alt 10.729 8.472

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
Selskabs- Overf0rt Foreslaet Egenkapltal
kapital resultat udbytle I alt
Carried for-
Shore ward to next Proposed Tolal
Capital yaar Dividend Equity
Saldo pr. 1. januar 2013 500 42.661 8.972 52.133

Balance as atJanuary 1, 2013
Udloddet udbylte -8.972 -8.972

Dividend paid Olli
Ovf., jf. resultatdisponering -6.450 30.827 24.377

Result for ltle year
Saldo pr. 31.december 2013 500 36.211 30.827 67.538

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®
NOTER
NOTES
Note 8. Eventualforpligtelser
Note 8. Contengenctes
Operationelle leasingforpligtelser
Operatlonaf Lease commitments
Selskabet er indtradt i leasingkontrakter vedrerende diverse driftsmateriel. Leasing-

kontrakterne 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®
NOTER
NOTES
Note 9. Reguleringer 2013 2012

Note 9. Adjustments
Afsk.rivning immateriel!e aktiver 266 283

Depreclarron intangibfe assets
Afskrivning andre anlregsaktiver 1.326 1.362

Depreclatfon other fixed assets
Fortjeneste/Tab ved salg af anlc:egsaktlver

Gain/Loss on disposals of fixed assets
Rentelndcegter/-udgifter mm 856 383

Interest income/expenstJs
,LEndring i udskudt skat -18 -2

Change in deferred tax
Skat af arets resultat 8.136 9.347

Income tax
Sam let regulering 10.565 11.373

Total adjustments
Note 10. Driflskapital

Note 10. Working Capital
Varelagre -2.258 -191

Inventories
Tilgodehavender -21.021 287

ReceiVables
Kortfristet greld 2.313 -15

Short term deb t
JEndring I drinskapltal -20.965 81

Total change In Worl<lng Capital
24
9/11/2014 https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=332400600000&CHK1=J&kvknummer=332400600000&product=Bedrijfspr…
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 statuten-
wijziging :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) vertegen-
woordigingsbevoegdheid :26-10-2011
https://www.kvk.nl/handelsregister/TST-BIN/FP/TSWS010@?BUTT=332400600000&CHK1=J&kvknummer=332400600000&product=Bedrijfsprofiel 1/10
Naam :Kamphuijs, Thecla Magdalena Anna

Geboortedatum en -plaats :22-06-1966, Hengelo (O)
Titel :Bestuurder B
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
Titel :Bestuurder A
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

Oude vestigingsadressen zoals vastgelegd sinds 01-10-1993
Adres LEIDSEPLN 29, 1017PS AMSTERDAM
Datum ingang ***Onbekend***
Adres LEIDSEPLEIN 29, 1017PS AMSTERDAM
Adres LEIDSEKADE 98, 1017PP AMSTERDAM

Adres Leidsekade 98, 1017PP Amsterdam
Adres Teleportboulevard 140, 1043EJ Amsterdam
Datum ingang 25-02-2002
Adres Luzerneklaver 17, 3069DS Rotterdam
Adres Schiekade 830, 3032AL Rotterdam
Adres Schiekade 830, 3032AL Rotterdam
Oude rechtsvormen zoals vastgelegd sinds 01-10-1993

Rechtsvorm Eenmanszaak
Oude bedrijfsomschrijvingen zoals vastgelegd sinds 01-10-1993

Bedrijfsomschrijving HOUDSTER- EN FINANCIERINGSMAATSCHAPPIJ
Bedrijfsomschrijving HOUDSTER- EN FINANCIERINGSMAATSCHAPPIJ
Bedrijfsomschrijving Houdster- en financieringsmaatschappij
Functionarisgegevens Uitgetreden functionaris(sen) rechtspers.
Enig aandeelhouder:
Naam EMA Corporation / 5

Adres N Market Street 1105 SUITE 130, Wilmington
Delaware, Ver. Staten van Amerika
Enig aandeelhouder sedert 21-09-1992
Uit functie 27-12-2006
Functionarisgegevens Uitgetreden functionaris(sen) onderneming

De onderneming wordt gedreven voor rekening van:
Naam EMA Corporation / 1

Adres N Market Street 1105 SUITE 130, Wilmington
Delaware, Ver. Staten van Amerika
Functionarisgegevens Uitgetreden functionaris(sen) rechtspers.

Bestuurder(s):
Naam ING Management (Nederland) B.V. / 3

Inschrijving handelsregister 33135957

onder dossiernummer
Infunctietreding 21-09-1992
Titel Directeur
Bevoegdheid Alleen/zelfstandig bevoegd
Naam Kramer, Edward George / 4

Geboortedatum en -plaats 03-03-1941, Rotterdam
Titel Directeur
Naam Molinelli, John Jospeh / 7

Geboortedatum en -plaats 30-10-1946, Moline, Ver. Staten van Amerika
Titel Bestuurder A
Bevoegdheid Gezamenlijk bevoegd (met andere bestuurder(s),
zie statuten)
Aanvang (huidige) vertegen- 26-10-2011
woordigingsbevoegdheid
Naam CAVIN, DOYLE KEITH / 8

Geboortedatum en -plaats 28-04-1936, CHURCH HILL TENNESSEE, Ver. Staten
van Amerika
Titel DIRECTEUR
Einde 31-12-1997
vertegenwoordigingsbe-
voegdheid
Naam Massey, Mark / 10

Geboortedatum en -plaats 02-08-1965, Colwyn Bay, Verenigd Koninkrijk
Titel Bestuurder
Overige functionarisgegevens Uitgetreden

Deponeringen
algemene gegevens
naam Ametek Holdings B.V.

ingeschreven onder nummer 33240060
Deponeringen
Boekjaar 2012
Datum deponering 28-1-2014
Omvang klein
Maand einde boekjaar 12
Soort jaarstukken Jaarrekening
Datum vaststelling jaarstuk 24-1-2014
Boekjaar 2011
Omvang klein
Boekjaar 2010
Omvang klein
Boekjaar 2009
Omvang klein
Boekjaar 2008
Omvang klein
Groepsjaarrekening deponering Ametek Holdings B.V.
onder dossiernummer 33240060
Boekjaar 2007
Omvang klein

Boekjaar 2006
Omvang klein
Boekjaar 2005
Omvang klein
Boekjaar 2004
Omvang klein
Boekjaar 2003
Omvang klein
Boekjaar 2002
Omvang klein
Boekjaar 2001
Omvang klein
Boekjaar 2000
Omvang klein
Boekjaar 1999
Omvang klein
Boekjaar 1998
Omvang klein
Boekjaar 1997
Omvang klein
Plaats deponering jaarverslag Bij de kamer
Boekjaar 1996
Omvang klein
Boekjaar 1995
Omvang klein
Boekjaar 1994
Omvang klein

Boekjaar 1993
Omvang klein
Boekjaar 1992
Omvang klein
Juridische gegevens
Rechtspersoon :
Rechtsvorm Besloten vennootschap met gewone structuur
Statutaire zetel Amsterdam
Eerste inschrijving in het 13-10-1992
Handelsregister
Akte van oprichting 21-9-1992
Akte laatste statuten wijziging 26-10-2011
Geplaatst kapitaal EUR 19.058,77
Gestort kapitaal EUR 19.058,77
Overige deponeringen
Bijzondere deponeringen op Soort deponering: verkl. Stort. Niet in geld

grond van boek 2 BW (artt.94b/204b BW 2)
datum van deponering: 19961206
...
Datum deponering: 08-03-2011
Soort deponering: Geconsolideerde jaarrekening
408
...
408
...
(art. 408 BW2)
...
(art. 408 BW2)
Jaarrekening(en)
Algemene gegevens uit de jaarrekening
Boekjaar: 2012 2011 2010

Balansdatum: 31-12-2012 31-12-2011 31-12-2010
Vastgesteld: definitief definitief definitief
Winstbestemming: na na na
Lengte boekjaar in 12 12 12
maanden:
Werknemers: 0 0
100% dochters: 4 3
Overige deelnemingen: 3 2
Balans
Boekjaar: 2012 2011 2010
Type jaarrekening: vennootschappelijk vennootschappelijk vennootschappelijk
Winstbestemming: na na na
Bedrag: x1 x1 x1
Valuta: EUR EUR EUR
Activa
financiële vaste activa 940.199.172 879.467.050 857.454.273
VASTE ACTIVA 940.199.172 879.467.050 857.454.273
vorderingen 10.353.736 10.045.815 20.049.352

liquide middelen 931.586 19.419.829 36.063.100
VLOTTENDE ACTIVA 11.285.322 29.465.644 56.112.452
TOTAAL ACTIVA 951.484.494 908.932.694 913.566.725
Passiva
gestort en opgevraagd 19.068 19.068 19.059
kapitaal
agio 393.539.684 393.539.684 363.410.305

overige reserves 428.744.890 402.896.215 469.736.209
EIGEN VERMOGEN 822.303.642 796.454.967 833.165.573
langlopende schulden 44.017.298 34.718.515 19.351.841

kortlopende schulden 85.163.554 77.759.212 61.049.311

OVERIGE PASSIVA 129.180.852 112.477.727 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: 2012 2011 2010
Liquiditeit
current ratio 0,13 0,38 0,92
quick ratio 0,13 0,38 0,92
gouden balans 1,09 1,06 1,01
Solvabiliteit
balanstotaal/ vreemd 7,37 8,08 11,36
vermogen
eigen vermogen/ 0,86 0,88 0,91
balanstotaal
eigen vermogen/ vreemd 6,37 7,08 10,36
vermogen
Rentabiliteit
Overige kengetallen
aantal werknemers 0 0
Bedrag: x1 x1 x1
Valuta: EUR EUR EUR
werkkapitaal 73.878.232- 48.293.568- 4.936.859-
Bron: gedeponeerde jaarrekeningen Kamer van Koophandel
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 428.90 262.62

Earnings before Interest & Depreciation 62.72 52.29
Finance Charges 13.21 8.02
Depreciation & Amortization 52.07 42.67
Profit/(Loss) before Taxation (2.56) 1.60
Less: Provision for Taxation:
Current Tax 19.32 14.00
Deferred Tax (8.56) (2.24)
Profit/(Loss) after Taxation (13.32) (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
AMETEK INSTRUMENTS INDIA PRIVATE LIMITED .\METEK®
.;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 INSTRUMENTS INDIA PRIVATE LIMITED AMETEK®
"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) in the preparation the annual accounts, the applicable accounting standards have
been followed;
(ii) 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;
(iii) 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;
(iv) 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 1)
/I/
Dated: i> r- / 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 l'articulars 'flj;,:~;;j);:~:ti ____ .J'l:i•ll(!()f_tl1f ~n~p~~;.~~;,~:;:,;i;;;~------------1

1--··· I .., ,.-.l--"··-.. --... -·"·-···-··-·····-····--~----·--··--------j
I Designotion I Managing Director I l3u:;iness Director I
Rem~~n~~[l~ion_ __________ i_f\s.68,_L(),()72/- _________ I Rs 61.87.643/- _ _____j
, Qualification
1---- .. . -
Experie11ce(i11 years)
'1 ..
1
BE
- · - - - - - - - -..··· ------------------
__..______1_22 i_
l3 Com __ __ _______
38 . _. . . ·-·-·-·----------------•
!
~~~~~:j~~1)1eneement of _\l~;-Apr1l,~O~~--------- ~~()":~bc~,2009 i
Last c1np!oy1nent held Ln1erson Process Manage1nent 1 l_Jnispec Marketing Private

l
I _ ~~~:~Private Li:itecl. Director- I Li111ited, Director ___ ____J
Percentage of equity shares held in NII I NIL i
I ! !
1 the Co1npany ··-·--- --·-----·---------------------··m ... ___ _L_ _____________"'1
I
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 l<J thi.: l\'-"'! n! 11u1
h.no\~ k:d~'.e ;ind bc!i-::1" \\t..'1"1.' n,.,:.:t'_,,~,:ll) fr;:- th'"· pcq_\!)';•:'>: 11' ,>\11 :1ud1l.
ll Jll llllr urinion, prupl'!' book'; nl <lCCl.l\l!l! ;1-; n::q111r~·d by i:I\\· hilVC bLeJl kl~p! h) till'
Cnnqi;u1y :;Q far zi·~ appt.:'<ll"·; J'ro1n nur ex:1n1in:nion nl"tho:;c ho1.)~s:
111 !'lie balan(.:c .-:;he-ct, '>latcnll:nl ui' pr(1fit and lo:;:-; and l';ic-h Jlo\\" s\;1h.:ni<.:n! lk·alt \Vi!h hy 1lii:;
rcpnrt arc in ;igrcc111e111 \Villi tliv honks of <lCC\'Ull\;
!\ In 1lll1· ,-,pin11•n. 1h.._· b;1L1n1.:\' -,he<..'\. -.,1;1l<...'!llc1\t .-1( p1·l!1! ::nd !r'"'· .~nd ...:~1sh rJ,,\\ -;L!11·n1,_·nt
th';1i1 \'--1ili li: '.)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,
( )n the h;-1:-.i::i 11r ih<: \V:-iltL:11 rcpr<...''>l'l:l<Hions i'(:c,-i,1.:d fr,>111 ll!c 1i!r1.:\~t111::;. :1.., (\fl \1:1rlli 1 I .
.";I) ! _). :tlld l:lkl'11 Ull 1l.'t:(111J b:.' 1lh: ) ~o.ird \J( ] ) !l"V1..-'!t ,, :;. \\'!,' I t.:p( irl tii<ll llt)l lt' uf ! ilt· d I I L't'l ll \ 1
l'> ,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.· <vi n t" .., u :i-..,,'( t 1\)1 i ( 1 i < Ir :.,., 1 i \ "!\ ::'. -,; . 1 u 1 l! tl· t -, , 1, 111: 11 11, · .... :\ '-- 1. l l./ :' t.i:
S. \/.(~NA IAllA s Asso< 11 u\
,·;. !n our opinion :-ind to the bi..:st of our infonn8.tion Jnd according to the cxpl<inations givL'!l
10 us, the said ac<.:ounts give the infon11ation required by the ('u1T1panies AcL ! 956, in the
n1an11er so required and give a true and L1ir vit'\V in co11forn1ity \\'ith the rH:.:,:ouniing
principle-.; i.~ener3!Jy ;iccepted in lndi:~~
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 )'t'ar en Jed 011 th al date.
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
S. \/. (,'11A TAUA s Assoc IA I I\
t\ llllt.\lHe rcrcrred 1(1 in p;HJg_r:'..ph 3 n( <lll!' 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"('<I'(/f)rjix1.'d os,·\'fs 1uke11 O\'i'f' o\- fh1rr
1~( rhe usser 1)11rch11se {lgre.:11n·111 11)1c1\' rh,, l"i'cord.~ urt' 111oinu1111edfor gruur of \'/1111/ur
,issets ond 11(1rJ;1,. <.'och indf\'1d11,J/ <1.1·.Ycl.
(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$iry .il re<t:--unab!t in!t'r\;1h
during the )t::n
($) /'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
pro(;ed11t('S
n:q11ir~:d hi' \'fl'<'ngth~'11ed to n111ke it reasD11uhlc und c"Jdequorc i11 rcluriun tu the si;_·c of
!1J
the C'on1pn11y und the 11at11n.' r!fl!s h11si11ess
(;.:)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 111\! COll~!llCrtlL'd tqK1!l
(l$ hi \)llf r1pin11_111 :111d :1..;o..:;.lnii11.'-'- h'> lh..: 111J(:,n~·1;Jtiori ,111d <,-'.\pl<H1:11i(l11:; fl\'i..'!1 l!1 u:-.. there h :111
adcqu:t\C !ltlc1n:!I <.:ontrol S}',l<:111 c1i11111ll:1':'tH:l!t: \\'llli the si;(· ,-d· lilL' ( '1i1npa1iy .uid !]\("
11:1!11rl' <)f i!'; ht1>1111·~;-;_ !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."" /-/,;1\-, i·cr 1/,'" 111fcu1ui (·1·1111·.i/ >\''/c'/li _jol' .1"·,·1/,1/!lill? u.:'.i.·111,\: ,1/
ii;\(Ji/r;.''\' (!/!<.' ,·('//,-,.,!!!// ilf u1·, ()/1.1/!\ /"L'-:'c/l"tih/,·.\ II lll!h/\:tjlliliC /11 (Ii!/" U/-'llJ!Uli. {}/J,\ I\,/
(·u111111u11i,;' /(11iur.· ro ·.n-rt·( r " 111;.'f•!l' \\<.'«'l!!<'.'' 1/i .rh" 111f1'l"!!O.', .iu/n1( >'f ,fc11i
Ilic llllild<ill 11~ !\ 111<.: 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
1
111~_. ( ·un1p;1)l\(" ·\l l. i i;)f1 ih.11 111.·1·d [,\ h,· cn\=·i:.·il 1;J1 . · thL' tl".!l',1vl' 111:1i111:ii11c'd 1111(k1
,!_''-.·Ii<'·;) \()\ }\;t\1' :'1.'Cli ·,,, ~':il,··~·d
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.
(\·i) lhc (.'c1111pany has not accepted a11_y deposits frorn the public.
(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 <lS explained, the c:cntral (_lovcrn1ncnt has not
prescribed ninintenance of' co:;t records under clause (d) of :>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<lX, service tax, sales-tax> 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 has been reg.istered for :i period or

lcs'i than f\\'C years and hence \VL' ;ire
nol n:q11irL'd In cnn1111c11t 011 \vhcther or not the accuii11il:1tcd kisses at the end of tltc
fill<i!lt'.i:1] ycnr \S l'\Jty per CC!lt 01' lllOre of its lll'l \VOr!h ;ind \VhCthCr it !J<iS incurred C;i-;11
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 (>,pl;1n<1li1ll\S ;_'.l\'l'll h) liic
111;1nagc·111c11t, \VC arc l)f'thc opiniDn that the ('\)rnpany h;1.., 110! dcE1ultcd in rcp<1:1ncn1 •ll
d11cs ln ;t (inane in! i11stitutin11, bank or dchcntiirc holdt:rs.
(;..;ii) ,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
::11d 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.;_
(.\: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 -,u,;1,·t\·.
l'lic1ct'nrc, lhc provi.-;inn~; of ...:1;111;-;e -'l(x1ii} oi' the (';,llnp:111ics (,1\udi1or·s ){,:pol"!) lhdL'r,
·~)003 (;1-.; ;inH:1Hicd) :ire 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<cpo1i) Clrder, ~'.003 (as J1ncnded) arc neol 3pplicable h-1 the (~on1pany.
(\\) /\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<l l)!l the infonnatiun a11J L::\planations gi~·en lo us b:.v the nianagcn1en1, tcn11 Joans
\1.·crl' applied !'or the purpo::,e for v•hich the ]o;"ins \VCrc obtained.
(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.
(xviii) ·rhc c:o1npany has not 1nade any preferential a!lot1ncnt of shares to parties or con1panies
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<ll staten1ents and as per !ht.: inf"onnation <tnd explanations given by the
1nanage1ncnL \VC re-port that no fraud on or by· the Con1pnny has been noticed or reported
during the year.
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<trlcrcd ,i\i.:cl.'n1nt;·1n1.;;
~
·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
Non-current llabl!lties
Lonq-lc>rn\ borrowinqs 5 24,000.000 4'/,000,000
Lonq-tcrm prov:$;ons 6 6.410,210 2,500,JO"l
30,410,270 49,500,307
Currant l1o11bililies
Snon·ti:rm bo1rvwmq~ 7 72,200,000 55,000,000

Tra<le P;;y,1bies 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
TOTAL 232,176,556 234,770,520
Non-current a!.:seh
Fixed as:.el~
Tangible assets 9 47,771.244 50,696,225

!ntanqiblc .:i~scls 10 20,032. 564 45.491.393
Capit<JI work·in~progress 1,424,855
Deterred tax assets (net) 11 12,889,052 4, 331,685
L~1rl(i-term loans end advances 12 18, 340,67 l 16, 119.442
Other non·current assets 13.2 1.750.000
100, 783,531 118,063,600
Current assets
Inventories 26,762,728 9.273,770
Trade recl?1vab!es
"
13.1 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 23,2Tf.321 55,894.055
131,395,02.5 116, 706,920
TOTAL 232,178,556 234, 770,520
Summary of s1Q11ificant .:1u;ountinq politi(!S 2.l
As per our rt>port of evt>n date
o;;.v··~~~~ rcll-
For S.V. Gtlata!ia & Associates ana on trnt1alf of the boord of dir<>ctors ol
firm Reqistra!iun No: l03162W AMETEK Instruments India Private Limited
Chartered Accollntants
.( ,/
/1
•?/
per TS GanQadharan Hirt'n De~<1i Bruce Coley
Partner Manaqinq OirPdor Director
Memtwrship No. ?.283~>
f'loce: BonqolO! e Place: Banqalore Place: Lekester, UK

Date: .T.Vk'i /,? 1 2..012 Date: July 16, 2012 Dati:: July 16, 2012
Cash flow staten1ent for lhe year ended 31 March 2012
)l Morch 2012
<;_a~-h)_IOw fn::im-_operetlrn;i activities

LO>> Delore \d1 (2.'.i'i9.230)
~-~.074.727
8.:!96
~.CJ5/,0J:i
2.12-',19}
l•<lbH>\t{'S flO lonq~r f{'Cl\llleO ... r•ttt>:i \lOC' (34"1.347.)
lflterest C%1J~"'r l2.980,4CJO
Interest tnco~1e 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 111 oth~r curr<'.'nt os~e\s 32.616.734
Cash qenH.:iteo from op;>1~t1ons 6l.042.S2l
Dirl'li: t~•t>> tM•~ (net of 1erv110~l _ _ _ _02.).37.522)
N(•t Cd~h !low !mm o~wratin~ oct1v>t•n (A) 48,904,999
f'(;r(!lJSI.' ot lixl.'d .:tSSl.'t~. including intangible .i~set~ <>nd cdp;tdl work in progress (22,S82,66l)
P!O{('('!lS from Sdl(' of lix;>O ~SS('!S 308.303
lnvrs\m('nts :n l>.1nk O£"pos1ts (havinq oriq1nal mJtur1ty of mor(' thar1 12 rr.onl!•>l (l,7S0.0001
lf\(('1('$\ f(.'C('IV~!l 29,009
Net rnM1 flow uHd ln investmQ actlvitie~ (B) (73,995,3.:19)
~~rr~:if~:.~,!Y~'.tl!ifililf:fillfu'WN«lfl~'W&~~J1&~~}[~~%1"4£$~;--~!!i!~·~""ill1111111!!11!1iillllll!llli1!llll~
R~;.o~ym(•nl 011ong·terrn 001row1nqs (23.000,000)
P1ccecds 1rom short·tcrm boriowmgs 17.200,000
lnter .. st P~>d (12.980.450)
Net cull flow und in tin11nclnQ 11ct1V1Ues (C) (1$JB0,450)
NN mcrC>,\SP in cash and (.ash ('<J<Ji~alC>n!s(A ~ B • C; 6,129.200

(,15h Jf\\l c~>h 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 6,476
With !:an~s- Of\ Cl1rrer1t ~ccoun! ?.'.l'i;',308
Tot11I ca!.h 1md cash eQulvolenh (note l 'i) 7,963,784
=c-..==·===-----··--
2.1
s.·.v·~..._~c)>
for S.V. Ghalalla & A~soci~te~ fo• Jna on ocn~1r o! tile bo.ird of rJ1rector~ 01
f,rm fl~9ist1.ition No· J03lfo?W AMETEK lostn.ttnCl\h !l'ldla Prl'<'~te Llm!te<:I
ChJ1\ered Acccvotant~
)/
'
pc1 T$ (,~ny~dl1~r.rn li:lfl.'11 DC~<l: an.Kc Coley
Partner Ma'"to~in(J Director
MernbH~h1p No. 2283~'
f'iacc B<i1>QJ:ore f'1acr: 8anq,;!ore PlM~: l_~1ce~lN. UK

Dak :J\)l 'i 2·r 1
/, C11). '.>ate .lu:y 16, 20:2 D~t~: .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'<l ~uli>1d·ar·y of Anietf.k Sifl<JdPO'c> 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<i Mill u>mmr~~!t>n•n~ ~erv,<.:c>~ a11(J <ir1nuul momt~nant!' ~erv1ce~ in ir~prc!
r1f (•q1,iprnen\s. i1pp1Fance~ <1:1t1 other "'du~lr:<11 ill0(l;<t·t~
D11rinq (hl.' Yt.'<H, \11(' Compdny ild~ 1nc1..1rred lo~s of R~ 13.-.119.897 (2011: fis 10,160.403) .:ma has acn1mulat<?d los~('S ot R~ 61.143.4?.0 (2011: lh
47.8/'.l.'.l?J;, nie 51\ill{' (d~llill ant! Ol'<U!l\I('', prt:•r•:Ulll ,;('(OUl\1 ,l', ,:t M,HCI\ };_, 201/ I', lh 03.3?8.~"JB vo11·. !Is 93.328,298). The lll.)n.J9f'fllr,f't\ is
cof\fident that thl• CnmrMny wili I;(' able to 1Jl•n('ril!C' su!!:cn;nt profits ant\ (d~li flew~ in tlw fu\ur\" ye.:irs irnm its continued operiltions to ln('C·t its
obliQil!ions in ttw fore~eeatlle future. f,c~orGingiy, tr\\' 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<nanc1al ~t<i\enwnb of the Company have been pr~t>.Jred in accordance w1U1 generally accepted ilcCotJnting principles in India (lfl(!i;rn GAAP). Th'.'
Company f\as p1ep<ired \hesc> !m<inn,11 ;t;lterrwn!s le comply in all rnatt'lidl re>pect; w1tl1 !he accourit11HJ ~tariddrds notified under Compam'es
IACC:HJll!rllg Sland ..u/J_\j Huie>. 2006, (<is <11nc•ll(l1;><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:<! ro>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;<e uf p1 L'V•UU'. YPdl. l'XU•pl ! lH tlil' l'hdl!(W 11> 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- prev:ou~ yem !1qt.1re~ ir1 acccrrlt1nte with tlw 1equirl'menb auplicallll.' in tt1e current yo:;;r.
b. Use o! estlm<iti:~
The prep<11at1on o! financial ~tatem!':'l'tts in con!0rmity w•lh Indian GAAP reqL.mes lhP m<ir.aqt•mrnt to milk€ ju<lgments, P.~t1mates 91\d ilSSvmption~ \hill
affect !he n•port0d amounts of 1rvenut'-'>, l'Xpl•nse~, a..-,sl'ts ,m(j
<1nO the t11sc1osure ot cont1nQent 11ao111t1i:os. at the end ol the reportmq period.
1ial.l1ht1e~
Allhouqh ttiesl' estimates are basl'd on the 1n,1naQi:ment's best Knowledqe of c11rrent !':'vents and actions. uncertainty about these assumptions and
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'! <ino 01rectly attrrbotable cost or t>rmg!IHl the asset to .is work1n9 condition tor th!':' 1nten<lecl usr. Ar1y
trade <liscounts 3nd reb.ites are deducted in arriving at the purchase price.
Subsequent e~pcn<l1\rn e related to an item of ti;i;ed <isi.et 1s adi:Jetl lo 1h bo01<. value only <f 1t mer eases the future benef1ti. from the ex1stin9 ilSSi't b('oyond
its pr('ovious!y assessed standard ot per!orm11nce. A!I othN expenses on rxistinQ 1ixed as~els, including day-to·day repair and maintenance \"xpend1ture
and tost of rc>placing Pllfl~. are char<;e<l to th(> statement of prof;t 11110 loss foi tt1e per100 <lurmq which such exp!O'nses are mcurrNl.
Gains or lossl's <11 is111Q florn derecoqnition o! t1xed ilsset~ are mp,1~llff'!J <1~ !flt> 1Hferencl' tietween tlle net tlispo5al p1 oceeds and th!':' <a1rymq <1rr\ounl o!
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<l (l$Stts

Dep1eciat1on on fixed a~sets is cal\ul<i(Fd on a stra1qM·lme has•~ us1nq ttw r<Jtes arnved at based on the useh;! lives c•~t1m,1ted by tlw maHaqenH~nt, or
those pre~<ril:>ed 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
cepreciation or its li~Pd assl'ts.
! ...........·-··---~'!.i::tlculars._
:·-v;·hi~1~:-~-
1 - - ·- · - - - - - - - · · - - - - - - · · - · - · · ·---··----i-·
I Tool~ & Equipment~
Lf:.~r._f'lll~E_t?__ ~ f'l.~Ji!_l 1ng_s_
! Oflicl' Equipments
ro'ff<; _~_I: _lJ.l!!J~ni0:i!J_~(~:;;_t!!:i~;-:~~;9_~·;_~:~:2·-
Compute 1->
Lea~etiold improvement~ 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 ii ~lrili\)111 lme tia;is.
A~s\"ts individually costinQ Rs. 5,000 or less are depfec1ateo full)''" th1;- year of purcriase.
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\('<lSLJll:'\J on m>t><ll fl'C.Clijml10n a1 cw,t :·11e CD~\ o! 1n\Ml(Jlbil:' a~set~ ,)cquired m Ml ,1m.:il(j<1rna\con •n tt1e nahHt'
<i! Pllf'r!hl~~ is \ho?1r f,1" value ,ls <i! tlH? <J,1tt> o1 ;imalqMnat:nri f()ll<Jw"I$ md"11 l't'{NJntt'""· 111t.wq1b:,, .i>~eh ar~ c~11ie(I ilt cost I\·~~ .;sc<.\imulJtNI
amort1zat1on .:ir.d accumul3\ed unp;mment 1o~~es. 1f ,-;ny. lrit~1r.aily qen~1atHI :n~;,r•9dilf< as~.t>'.\. eH:h1d1n(J cap•tillii.NI r!{•v!'IDflml'nt coo;t,. ,111' not
c<1p1t3:1.1ed ;ind <'Xpend1ture is rell('ftMI '1\ t!W st<'!t('1l'('•H oi profH <lnil los:; "' llw 'o'h1' m whi(h ttie l'XP!'rld1\,.;1<.· is mcurretl.
intiirn11ble <1'5Ph «IP dn10111;f,(l on ii >hd1qt1t IH•<" IJd>I> ovvr Hw (>;t,ma!<!G c10Flc1I econorn;c Id!'. T!w Company U'"''· a rt>IJ111t.Uih.• pr('sump\!011 that \lw
u~eiul hit><>! ,111 1ntanq•ti1e ,-;s~et w111 l\Ot l'>C('<'ti t(•11 1'c"1rs !1om the (i<Jle wtwn \h<; itS~l.'t ·~ <iv<i•l<Jb1e f(lr tise. If the persuasive ev1Qence exists to tt1e
.:if!ect th,1t usef!JI life of ilr\ intanqit:de <lsset ex~(!<,(!~ ten yl'<l!S. llie Com;iany ;irnorti2e~
:rn: •ll\i!fl()1t!le <Jsse1 over trie l)e"t estlm.>te of its useful i:ie. S\•Ch
11\tanqinle ass<,t~ and rnt<1n9it1I(' a~sets not yet availalJle 101 ,1se air: te\ted for •mpa.imt<n\ ilnnually. l"llhN inWv•dually or at t!w cd~ti·(Jt•nerating unit
le;«i>I. All o\!l.:r 1ntornQibl(' <1~wts Me as5essed tor 1mpa1rrn('rl! whenever thrre is an il"ldicat1(>n that t11r 1Mano1t•le 11sset may be 1mpa1red.
The <Jmort11ation 1w,.oi:l and U11: amort1;at1on method Ml' 1cv1ewcd al l\'d~t ,11 eac!1 !rnilncia! vcM eMi. If th<' ('xpt•cted uselul lifE> 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>? a~set ;md are r>?co9nt2e(! 1n ttw stati:rnent 01 pro!•t antJ lo~~ when the <1s~N LS dC'<'ecoqtHle(!
Goodwill 1.~ <1mort1zed us1nq tne stra1qht-irne me1t1od ovH ii pei;oo of ~'x yeois 01 ba!once estm\a\et:J l:!e as evaluateo by the 1n.Of1il(Jement. Computer
software ht:ld !or use on bu5111e5~ 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<eense. whith('Vl'r is lower.
t. 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> lea~f:'d 1!em. are c!assil1ed as m1<!rat1n9 lease~.
Operntir19 l('<JSe payrnen!s <ire recui1111ied ilS an expr>nS(' in the ~tll\Priwnt o! proht ant110~~ on il straigM·liiw basis over Hie lii>ilSe term.
q. Impairment of t<mglbl;i and intanglble .-issets
TIH'Con1pany '15S('S::.l"S M e,1ch r<.'porlmq da\(' wht:rner ther<; is an maiu1!rnn that 11n ,ns\'t may bP 11np111red. ti any rnd1catmn (',;,sts, or when annual
impairment \i'slillg for ilfl asset is required, the Comp<my est1m.:iles Uw .-isst·t's recover.ibl!' <irnounl. An as-.et"s recoverable a1nount is the hiqher of an
asset·s or cash·generatmq ur11t's iCCUJ riet se111nq price and ns ;<<1lue •11 use. Hie recoverable amount 1s determined !or on intliv1dua1 asset. unless Oie
.:issel (joes not qener,1te c,;-,h tnflows thill Me !arr,eiy <ndeper-u:lent o! those !rorn other assets or <;roups of assets. Where the carryrng amom1t o! an .:isset
or CGU exceeds Its rncoverable amount, the a~set is consid('r('d imp;i1r('C ;rncl is written down to its recoverable amount. In asseSSlflQ value in use. the
E<stim,1tecl future cash !lows are discounted to their presl'nt v.:i!ue uSll'IQ a pr!'·tax discount rate that rC>flects 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<Jbi(', !1110
such tr.:in~actions can be alH1tified, an i!ppropriate vi!luatmn model 1s used.
Altei 1mpilinnt:nt. 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 ma<lt' at eacn 1eµo1tinq date ilS to whet!lt•1 tll!'re is ;my 111d1cJt1on \11<1t µ1evious1y 1ecoq111ied imp.:iirmenl iosses mily no lonQer exist or
m<>y h.:ive <lecre.:ised. II such ind1cat1on eK1sls, the Company estimates th<: .:isset's or cilsh·Q('neratmq urnt's recover.:iblii> 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 wa~ reco()niz(>O. The revers<>I is li1rnteO so that the carryinQ amount o! the asset does not e~ceed its recoverabll' amount. nor
e~cN.•d Ille carrymQ ,1mounl that would have been dt:tern11ned. net of depreciation, h.:rd no impairment 10~~ been reco<,iniied for uw as~et m pnor years.
Such rev('rsal 1s reCOQ111Z('d in tht: stiltemeri\ o! p1o!lt and io~~ 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<ise <1rid other costs mcurr('d in
b<u1qmq th<.> <11vento11es lo their present concl<l•Of"I an(l 10~.:i\ion, Cost is dt:terrnint:C on ii wrHJhled overaoe basis. Net !ea!ililDI<' Villue 1~ uw t'slimated
sell•nCJ price 1n tht: ordinary course 01 businC>~s. less est1milt<"-d co,>ts o1 completion M•rJ e~tim<11f't1co~ts1\f'(('\sary 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:
... :.;:
/'
Sale of Goods
RPV(•f1U(' ,,om ;,;!t• of <j(!<.ld~ ·~ (('((>\)ll'l(\(I wtwn dll tlw ~irplf1ca11t l1~K; ,]O\(j <L'WJI{)~ of OW'l"(~lup of tlw 1.JOO(h !hlV<' Pil5~('(l to !IH: llUYl'f, <,;SU<lil'f on t11e
•.!L'hvcry o( the yoo<ls. lhe Corn(J<lll'f co!leds o..:i!e> 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 <lf•~mq t1,cron(J \111,> yN<r.
Income trom 5Hvices

fl('vt'NH! from iJnlludl rna11ilena:i(<' anct !<'fJdir ~"''ii<'.<'~ <S rl•ccH;nilf'\I as ppr Bw tc>rm~ of the anr1uJI ma1ntenanu• conlro~ts to \hp edent whf:'f<; therf:' i~
<lfl i1herlau\iltJll• ce;\.>111ty dtJout ti\!! rea11zat10'1 of tlw a1111uili m<l>fltenantf:' 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'fll<?nt <>nt.: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<h?t11111der th!.' head "othec income' j(\ th!.' statemNit of profit and loss.
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 <imount th,, !.'xcti;:rnge 1,lte oetwe('n the
reporting currency and the fon'1<Jn currency at ltlf' dil!o;. ol tlw tTilf\SilCt1or..
Conversion
Fore•qn c1Jrrency monet<Jry items <lfl' retransla.ted vsinq the ('xchor1oe rate preva1l1n() at th<.? r!.'pOrt1nq Oate. Non·rnonelary items, wriu::ll are measured in
terms of t"~tor.c,,I cost drnominatl'cl in a f<irpign cu1n•1Ky. a1e ieporh·tl u5HHJ t!H• exchdncil' ra\t~ JI \lw <J.3!e of tn!.' transact•on. Non·rr;onrtilfy •te1n:..
which a1e me<1sured ii\ lair value or other s1rrular vaiucl\ion oenomn1dted in a foie•l)l1 Clll ency. are \rclfl~lclte<I wsinq thr exch<:lnQe rate at the dah~ when
svch value w,H d<?terrnm('ll
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<n~es in the year 111
w11it ri they a1 ise.
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<ar. Actuarial qains and losses are ri:coqn1z€d m lull m th(' period in which they occur in the ~tatement o! pro!il dnd loss.
Accumulated leave, which ls expectrtl to be utilized within the next 12 months, tS treatC!O as short·term employee benelit. Thr Company mea~ures the
expected cost ot such absenco<s as the adOitiona! amo1Jnt that it exp(>t!~ to pay as a r('Su!I of the unvsed ent1tlemrnt that ha~ 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<l to the l<1x .:rnttrnnl,es m
accordance with the lncom!.'-tax Act. 1961 en,1ctrd •n India ano tox lilws prevoil,nq 1n the 1t>wective la~ J1JflS(1!ttt(JllS wner"' nw C.ornpany operates. fhe
t.Jx r,l\€~ 3n(l ton laws \!$l'<l to comput!? the ,1n1ount ilf!? those th;,t ;,re enadet1 01 subslanllveiy ena~h•d, at the n•po!l1ny \late.
Dr!errell iu~orne !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!.'<H and
rl.'ver~.;I 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 recogn1H<I !or all taxable timing dillerences. Deferre.d tax assets are recognized for deductitife limH1Q diHero<nces only to the
rxtrnf that there is reasonable- certainty Uiat sullicient futur!.' taxable income \</;ii lie av,11loble against whiCt\ such deferred tax assl:'t:. con bl• ri>ali7ed. 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(j<iin>t !uturt' t.oxdllll• profits.
c-;,;:::::::l<;-;;--> ,;
(l
Notes to financial statements for the year ended 31 M,1rch 2012
f\ t PMh rl•portinq !l<!\\'. It;<:> Comr,,1ny f e·~'>SE'>~es 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 i!S~.et s to tl1~· l'Xtl:'nt I hd! it
iws t!ecome rea~on,1bly c('ft,w1 or v•rtually ~erldlll, a> t11e CdH' mny ta.'. tri<ll ~uff1t1('nt futu<l' l.Jxahle 1ncorne will !le av,'ltl.itil<' oQ,~m>t whitl1 >uC11
df.'!erred l·1X asseh u1n ht' f<'ili<Li~r5
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!<lllY wr<le>·(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<i~<tblc- 1Moriw w11! be ov<1d<1ble
.:.9,1inst wh<Cll l!<?ft><1nl \<1x .is\P\ i;.w 1Jt• 1e,li11ed Any suct1 w•ite·down b ievr•1~\'ll to H1P !'X\(·nl t!lilt 1! becofn\>s 1ed~cm,1l>ly (<.'rtain or virtu.;illy cert<iiri,
<iS tlw CdS<' rnay tll'. rn<it ~ulf•c1ent fdc11r t.i~~bie rncom\"' will he ill'dlldblO:.
Oef(>r1ed tax assets anr; tJe!erred ta> 11ab1i1t1('S <11(· otf>et. 1f a leqi!lly enforce,1bf<- 11qr't t>xi~t~ to >!'!·off curr1>nt tax i!S~l'b dQiltn~! o;nt-nt tax 11ab1li\1('s
,1110 11W O!'l(>rl{'(j t,lX (l;,~et~ 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<<Jt1011 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<ll ~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<mcial ~tatements
o! the Compony 35 3 whol(>.
n. Earnh'\QS Per Share

Basic t>arninqs pQr share are <alcu!att•d by clivid,nq the rwt profit 01 loss !01 the period attributable to equity share-holders by the wei()hted avera.:ie
numb\'r ot eQ1.J1ty :.hare~ o..ibt<indiny dur111g !!H.• Dl'HOd. Ttie Wl'HJhled averaqe nmntJer cl ec;uily shares out~tandinq d.JfllllJ the period is ddJUStl'd for
events or bonu~ issue; bones element <ll a liQh!s issue, share split, ,1nd reverse sriare split (consolldat<Ofl or Sh<HeS} that have chilnQed the rwmber of
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 obllQ<ltion. Provisions Me not
discounted to the•r present value am1 are detNmm<'d bilsed on the best estimate required to settli' tne obliq<>tion 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 e~1ste-nce will be confirmed by the occurrence or non·on:urrenc(> ot one
or more uncertain future events bi.'yond the control ot the Company or ii prn~ent obli(jat1on t!111t is not rf'co(Jrnzed heu1use it is not prob;.ible tl1at an
outflow of resourtes will lH' r<•quirNI to ~ettle 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 ca~h 11Dw statemo:>nt co1npris(' cash <it banf. and in hand and short-te1rn iiwestrTwnts with ao or1gon.i1
maturity of three months or less.
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?<lsua•ment, lfw Company 1:0e$ no1 '1\(llHle 1:eprec1a\1on a11d omort1zat1on
l'~p(!l1~(>. !:nan<:e co~ts and l<J~ <;Xp(>ll>(!.
Notes to financial statements for the year ended 31March2012
3 Share capita!
Authorized shares
<i0,000 (?011: '10,000) r>quity sh,Jres of 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
(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 31 March 2011
Rs. Re•_·_ __
Amet!!k Sinqapore PTE Limited, the hold!nq company
10.371 (2011: 10.3/l) equity shares of Hs 10 each 103.llO 103, 710
(cl) Detnlls of shareholders holdlnq more than 5% shares in the Company
31 March 2012 31 March 2011

% holding in the
--~?::_______ ----~--~9Jdin9 in the das~ 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 31 March 2011
R•. R•.
Securities premium account
flalance as per the last linancial statements 93,224.578 93,224,578
ClosinQ Balance -~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 {47,823,523) (37,663,120)
Profit/ (loss) for the year {13,319,897} (10,160,403)
Net surplus/ (deficit) in the statement of profit and loss (61,143,420) (4?,82_3,523)
Total reserves and surplus

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 31 March 2012 31 March 2011
Rs. Rs.
Term loans
!nd1an rupee term loan from banks (u11secured) 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

The above amount includes
SetlHed bo1row•ngs
Unsecured borrowin9s 24.000,000 47,000,000 23,000,000 23,000,000
Amount disclosed under the head "ottwr currt.'nt liabil1t1es"
<note 8) (23,000.000) (23.000,000)
Net amount 24,000,000 47,000,000
~ '°""'"-"'-~--=-·-""o·
.. Indian rupee loan from bm1k of Rs 23.000.000 carries interest~ 9% p.a. and is repayable in St'PIC<ml)(~r 2012. lndian rupee loi.ln from bank of Rs
24,000,000 cairit'S 1nk1e::.l@ 9.~)~{ p.<l. irnd 1s ieoayable Hl Seµternber 2013. The loans oie unsecured.
6 Provisions
Lon9-term Short·terrn
R>. Rs.
- -Rs.
------------- Rs.
Provision for employee benefits
Provis.ion for qr.;ituity (note 24) 6,410,270 2,500,307
Provision for leave llt>nef1ts 7,348,750 3,360,940
6,410,270 2,500,307 7,348,750 _3,360,940
Other provision
Provision for taxation (net) 9,403,018 2,222,506
-·
9,403,018 2,222,506
6,410,270 2,500,307 16,751,768 5,583,446
7 Short-term borrowinQS
31 March 2012 31 March 2011
Rs. Rs.
RevolvinQ credit facility (unsecured) 72.200,000 55,000,000

72,200,000 55,000,000
The above amount Includes
Secured borrowings
Unsecured borrowincg, 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

31 March 2012 31 March 2011
R>. R>.
Trade payables (refer note 30 lor details o! dues to micro and small entt•rprises) 30,789.350 38,919,426
Oth~r liabilitles
Current maturities of lonq-term borrowings (note 5) 23,000,000 23,000,000
Unearned revenut> on AMC services 12,618,873 11,363,159
Advance from customers 3,604.690
Deferred rent 2,043,384 364,546
VAT poyab!e 336,188 313,896
Service tax payab!<> 835,504
TDS Payable 3,970,653 2,558,81:-
Professional tax payable 96,933 59,501
Provident rund dues p.:iyable 1,689,080 951,923
Others 2,482.489 815,162
80,631,640 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 ?.,65'.>,1·18 'J,';J9,70'i •l.044,'120 2,359,84} 33,696,616
Allth!IOllS 3,808.014 ),),447,)41 ?.421.680 6,45"1,043 8,880.691 35,006, 769
D1~po>,1I~ (20,COO) (; 5.000) (35.000)
At 31March2011 8,567,198 27.797,35'! 5.056,828 5,519.105 10,<186,763 11,240,534 68,668,385

ACl01t1ons 1,.'.11,0'.>C! 2,8il2.66:' 9,088,148 2,559,612 1'.;,747,472
DlSDO.'u'll~ 1,<155,138 1.455,138
At 31 March 2012 9.184.248 l0,680,019 13,800, 146 82,960,719
Depreciation
Al 1 Aprd ;;010 817.92-2 t:.407.39-( 581.015 l,62'1.344 939,859 558,959 6,932,496
Ch<'lf\J<' for thl' 'fl'M 1.438.875 2.851.051 l,839.718 2,111,0T/ 2.514,591 U.039.664
D1~µv~.i;~
At 31 March 2011 2,256,797 5,258,448 064,567 3,467 ,062 3,051,736 3,073,550 17,9'{2,161
Criar9\> tor !lw yt>ar 2.129.l·H 5,00'.i,4'.)1 410,378 1.611,1-10 S,OJJ.511 <1,106.191 J8.3'_)';.,8S4
D1spo~dl~ (l,138,539) (1,l'.>8,539)
At 31 Marc.h 2012 .4.385,938 10,263,905 1,334,945 3,939,6.?3 B,085,253 7' 11?..•.!.~ l 35,169,475
NE>t Block
-······---·-===-~=~-=~~-~=-=----c~c
At 31 March 2011 =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 2012 .~'-~-~_0_,_3_1~. ·-~·<?.'.~16,114 3,721,603 124,874 ll'...~-~_2,658 {>~_620.405 47,Tfl,244
10 lntanqib!I! assets
--'-'-"·"·'·'-'----"-'-'-'-"-"-'----------------------------cT.ota!
Gross block
At 1 /,pril 2011 1,487,177 123,869,749 125,356,926
Atlclitlon~ 1,455,101 1,455.101
At 31March2011 2,942,278 123,869,749 126.812,027

Additions 8,260.044 8,260,044
At 31 Morch 2012 l LZ02,322 123.869,749 135,072,071...
Amortization
At l AprU 2010 124,206 49.568,339 49.692.545
Ct\arqe !or the year 6&0,6S2 30,96'/,437 31.628,089
At 31 March 2011 784,656 80,535,776 Sl,320.634

Criarqe for the yc-ur 2,751,43& 30,967,4YI 33. 7 l8.873
At 31 March 2012 111,503,213 11$,039,507

· -·· ~-· ·--·--c·o~--c-.o-o-cococccc-.~=---=---·- ---o'-"'-=··-""-·~~='
Net Block
····-····-···----------,,45,-,4c:9c-l,3cc9~3
At 31 March 2011 --~..2.?.?.!.~f_?___ ..'.12.'~.~-~. . ~.?.~ ----··--··-· -· -· ·----··
At 31 March 2012 ·r.666,02s 12,366,536 20,032,564
I
·"'
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 2,412,280 1,175,999
Impact or expi:nditurc• chan}ed to the statement of pro!it and loss in the current year but
ill!owed fort.ax purposes on paynwnt basis 9,334,660 3,155,686
Provisions for doubtful debts and advilnces 1,142,112
---- - ------···----·~·-·-·-·-
Gross deferred tax asset 12, 8 8? ·?~~ -·- - -------~~-~-!~68 5-·
Net deferred ta" asset 4,331,685
12 Loans and advances

~~~~~~~
Non-current~~~~~~~~~~-
Current -
31March2012 31 March 2011 31 March 2012 31 March 2011
Rs. Rs.
Capltal advances
Uns~'curecJ, considered good 43"1,500 378,034
tA) --·-···----·------·-----------~--4~3"1---,s~o'--o~----'3---1"a",o",'--,'-
Security deposit
Unsecured, considered good 17,865,671 14,416,060 150,000 l,212,000
(B) 17,865,671 14,416,060 150,000 1,212,000
Loan and advances to related parties

Unsecured, considered good 2,340,485
<Cl 2,340.485
Advances recoverable in cash or kind

Unsecured considered 9ood 1.167,958 7,343,998 9,178,762
(D) 1,167,958 7,343,998 9,178,762
Other loans and advances

Prepaid expenses 3, 139,705 2,193,210
Advance to suppliers 3,463,221 893.596
loans to employees 450,000 485,424 35,424 64,516
Balances with statutory I government ilU\ horil1es ----"2~5~·'-"0-"0-"0-----~"-""-''-'---~c'-'-"="---~----
50,000 "184,109
(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 -150,000 450,000
Loans and advances to related parties include

Dues from a company under sarne manaqernent 2,340,48$
Notes to financ!a! statements for the year ended 31 March 2012
13 Trade receivables and other assets

13.l Trade receivables
Non-current Current
31 March 2012 31 March 2011 31 March 2012 31March2011
Rs. Rs. Rs. Rs .
.. ··--·····-· ·----···-·---~ --··-··--· .. ·-····--·-·---~··--~-----···--·---
Unsecured, considered qood \rnless st,1ted otherwise

Outstandinq for a period ex<eedinq s•x months from the elate thev are
due lor payment
Unsecure(l, considered qootl l,913.283 225,984
Doubtful 3.520,147 796.354
5,433,430 1,022,338
P1ov1sion for doubtlul f<'"Ceiv.;ib!es (3. 520.14 7) (796,354)
(A) 1,913,283 225,984
Other receivables
Unsccur('d, considc>red good 53,783.467 35,558,349
Doubtful
35,5!".8,349
Provision for douotlu! receivables
(8) 53, 783,46 7 35,558,349
- · · · · . ···-------------~-~-
Total (A+B) 55,696,"150 35,784,333
13.2 Other assets

Non-currE-nt Current
31March2012 31 March 2011 31 March 2012 31 March 2011
"'· "'·
Unbilled revenue 23,27"1,321 55,894,055
Non· current bank balances (note 15) 1,750,000
14 Inventories (valued at lower of cost and net reallzable value)

31 March 2012 31 March 2011
Rs.
---- -Rs.
----
Traded goods (including stock in transit Rs 232,470 (2011: Rs Nil)} 26,762,"l28 9,273, 770
15 Cash and bank balances

Non-current Current
Cash and cash equivall.'nts "'· Rs.
Balances with banks:

On current account::. 7,957,308 1,828,225
Ca$h on hand 6.476 6,359
7,963, 784 1,834,584

Other bank balances
Margin money deposit 1,150,000
1,750,000
Amount disclo~ed under non-curr£>nt assets (note 13.2) (1,750,000)
7,963,?84 1,834,584
AMETEK !nstrun1ents India Private Limited
Notes to financial staten1enls for tt1e year en,jeci 31Marct12012
16 Revenue from operations

3l MMch 2012 31 M<irch 2011
Rs. R>
Hevei\ue from operations
M.;irketinq & Er:qm{'r;rmq SC'rvi<.:l'.'S 36U,032,935 207,466,787
Ar.nu<1I M<>inten;;ince Scivi(l'!: 5.->.332,271 42,292.62b
S,ll(' of tr,)QC'O qoo::~. l'i.1~6,4'i'.'i H,S,~0.094
258,299,507
17 Other income
31 March 2012 31 March 2011
Rs.
"'·
lntere~t inC()frH.' 011 6d11k deposit$ 29,009
Liab1l1bes no longer required wr•tten back 347,342 4,320.020
376,351
18 (Increase)/ decrease in inventories

31 March 2012 31March2011
Inventories at the end of the year

Rs.
"'·
Traded qoods 26.762J2!3 9,273, 170
Inventories at the beqinnmq of the year

Traded qoods
(17,488,958) (4,114,285)
19 Employee benefit expense

31 March 2012 31 March 2011
"'· "'
Salaries. waqes and bonus 182,077,244 98,274,661
Contribution lo providr:nt and other fund 8,610.424 4,438,891
Gratuity expense (note 24) 3.909,963 l,937,980
Staff welfare expens<:s 5,618,394 2,680,995
200,216,025 107 ,332,527
20 Other expenses
31 March 2012 31 March 2011
"'· "'·
Consumption of sic.res and spares 2,853,759 2.025.665
Power and fuel 4,690, 795 2,934,601
Freiqht and forwardinq charqes l.,686.846 2,157,837
Rent 22,039, 709 12, 906, 701
Rates and taxes -1.495, 759 1.350.860
Insurance 164,873 64,319
Repairs and maintenance:
Othe1s 5,045,827 2,743,675
Advert1s1nq i'lnd sales promotion 7.564,288 4,704,069
Travellinq and corweyancr 64.821,262 40,696,194
Cornmunic<.Jtion costs 8.361,197 S.Bl.4.603
Printing crnd ~t,~l,orwry 1.264,033 846,160
Leqal and professional fees 20,256,740 10.412,442
Sta!f Recruitment Charqes 5J37,899 3.425,764
Payment to auditor (Rl'.'ler clet<i.1~ below) 1,286,028 964,800
Provision tor bad dnd doubtful debts 2,723,793 807,960
Provision for slow rnovinq invt•nto1y 1.473,296
Exchange difference (net) 540,021 2,884,150
Loss on sale of fixei:1 <1ssets (net) 8,296
Securtly Charqe~ 973.060 253,525
Misce1ldneous expenses
"--~-'..QQ:~....!_~·~·- 801,2~;2
158, 5l9,367 97,267,B'T3

AMETEK Instruments India Private Li1nited
Notes to financial statcrnents for the year ended 31 March 2012
Payment to auditor
31 March 2012 31 March 2011
As audito1: "'· "'·

Audit fee 1.011.~·~0 772,100
!'<ix iJudit fef! 112.360 I 10,300
Hellr1bursem('~\ of expenses
1,286,028 964,800
21 Depreciation <H'ld amortiiation e:.:pense

31 March 2012 31 Mnrch 2011
"'· "'·
Dt<prec1atiori of tamiible ilsseb Hl,355,854 11, 700,314
Amortization of intangible assets }_3_,_L~.?~?J}___ ---..~~~-?..?.~~.?!._.
52,074,727 42,667,751
22 Finance costs
31 March 2012 31 March 2011
Rs. Rs.
Interest 12,980,450 7,882,901

Bank charqes 226,632 142,"166
13,207 ,082 8,025,667
~·,
;1
/
Notes to financial slalen1ents for tl)e year ended 31 March 2012
All <lmourt\) 111 l?1Jpi:.oes, ;;nle~s o\!ie: w:><' sidled
23 Earnlnqs per s.hore

31March2012 31 March 2011
Net Prof,t/Uoss) for calculMion ot [p~, (l:l, ll9,897) (10, 160,403)

Weightell aveiaqe nurntH•r of emiity s!1Jrl'S 1n caicui.i~1ng EPS 10,]7;> 10,372
24 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 <Jn departure,.,,, 15 a<iys last cir.awn sa!a1y !01·eac11 tompli?le(I vioM ot ;<J1v1ce. rr1e scnemo: :s
unfunded.
The following tables 5urr:m<ir17e me components of net benefit expense recoqn170:;d in the statement or profit and ioss and
,Jmo1111t~ '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 31 Marth 2011,__
Cwn.>nt service co~\ 3,05'/,440 1,709,680

lnt"'rest cost on bt>ne!it otiliqa!ion 200,033 44,980
Expected return Di\ plan <1SSet
Net .:ictu<iri<il ([JJlfl)/ios~ reco<inil('d in nw yc•a1 183,]20
Net benefit expenses 3,909,963
Balance sheet
Benefit <l\s.set/ llabi!ltv

31 M.arch 2012 31 M11rch 2011
Present value of defined benefit obliQ.ltion 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 2,500,307 562,327

Current service cos! 3,057,440 1.709,680
Interest cost 200.033 44,980
Net or.tu.:1rial (qai11)/lo~s 652,490 183,320
C!os.lnq defined benefit obll9;:1tlon 6,410,270 2.500,307.
The principl\? ass11mptions used in d\?\errnining qratc.ity ot·ligations 0!'€ shc .... n bo:!ow.
-- __ }_!__~-"'-~~-~--~Q-~? --- } __1_.. ~ ..;!rEb.~~91 !__. __
Discount r<iti..' 8.6% 8.01'.

ExpecteU rate 01 return on assets NIA NIA
Salary Escalation rate 15,0'>i 15.0%
Employee turnover 10,0'>i 10.0%
The estimate of future salary Increases, considered in actuarial vdlu<ition, tak€ account of inflation. seniority, pron-wtio11 and
other 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 (6,<110,270) (2,500,307) (562,327)
Plan as~eh
Surplus/ (delicit) (6,410,270) (2,500,307)
ExperiP.nc e iH.!justrnvnt~ on pl.:rn li<t\lilit :cs (1,13J.980) (183.32())
f. Xll<.!I iencP. dtliu>lmer1\ s on pl..i11 ..i~;~l'( '>
25 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 l(),011,555 9,127,011

After onl' Vl'M out no: mer(.' thdn 11ve years 3 s. 0311~.'~'~6~--~'~s~.0~'~6~.4~9,,.,1_
_4_!_>,()~t;,,~-~-~- !.i..4,AIJ.,.59.?.
Notes to financial staternent':. for the y1.>or ended 31 Md1ch 2012.
All amocrnt> m Rupl'P<;, "";<:s> oUwrwt>e sta~f'(l
26 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,<J ,)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, revenue~
rt>presentea alonq var101is 9eo9r.1phies lJa-;ed on U1l' !0cat1on of th~ custo1f'1?1 compri~e lhf' primary basis o! segmental inlorm<it•on ~('\ oot ;n
these Jii\dnu<!I st,:itr.'ments.
Geoqr.:iphicat seqments
Second.lry 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 ><lie tJy 9eo9r apl1ical rn<'lrkeb:
Revenues
80,76·1.lf>3
347,757,498
SeQment assets
sunarv debtors UnblHed revenue
:nd1a 16.2"(8.936 2,603,059

E;.;poit s .19Al 7.81,\ 20,674.262
55 696 750 23_..}..!. ?.l~.~-·~

All fix(o'd .:i~sels are situa\l'd in lnd;a.
27 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 Ametek S1n9aporE> l'TE Limited
Ultimate Holdino Company Anwt~·k Ille, USA
Related parties with whom transactions have taken place durlnlJ the year
Kev ManaQemel'1t Personnel 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
Sol<Jtron Metroloyy Lirnite(!, UK
ED/IX Irie. USA
Cam£>c~, 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~ Mate! ial Te~I inq Te(lmoloqy (lnd,a) Pr111ate Lirn•ted
Aua~ 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
.~n <HTIOurth m Rupees. unlt>~s o\h!'rwise s\Jted
!<elated party tran~ac.tions

rhe Tol1owin[j t,1bie r;rov1,1h thr• 101a ,irnm1n: o! llill~~iictmns \hilt t;ilvf' iH~( r. c-nt("Pr1 ,r.t0 w1t'1 ttw relntet1 partie<, tor me relevant fint•flCiil! year:
1------ 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 .8.£ll.'.!ir Expenses 794,254

?2~.£.~alytKal Instruments Gmt>H. Germany Spares Purchase 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)
;
Notes to financial staternenls for tt1e yea1 ended 31 Maf"c:h 2012
All ilrnounts in Rupees, unlESS othef\ViSe ~\Jtc>d
Ye<lr end boll<:rnces
"··-:~})~~::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 lntere~! payabte 1,704,3981
Thelsa Technical SNvices Private Limited Interest Dilyob:e 598.714
Key Manaqement Personnel

••• ·~--··----------------' •m•--]~i~~~~~~~~~~~:=J:~·-~ 4so,ooo I 450.oo~J
(I h15 space> hiJ5 brc>n in/ention<illy left blank)
,,,.
AMETEK Instruments !ndia Private Liniited
Notes to financial statements for the year enCt>d 31 March 2012
28 C<.H1tinQ.,nt lidbil<ti1;s
}) ' _tA_~_r_c_ h__ _l_(}_ ~_ l __
29 Unhed<Jed lr1relqn currency eKpr1swe
Import trad1, payilb;<' {Euro)

f~~~~-;~~~-~~~-.~---~t:m::~-~~~-~:- . .ll.-~~~:~. ?.Q_~_?__ }_1_~-~~~?Q!_l~
, 16,6.?7 1·n.210 1.136.30-i a.29"1.698
Import trade p,w<1bte (G81'i II 39.2'10 :I 143,809 3.209.780 10,344,023
E>nrnt triltk reu·•v.-iblc (GBP) 5l.~i59 105.326 4,217.489 "f.5'/5,983
6
~~~~: l_ ---~-~~~;:~---~:~~~~-:-~-~~---~:-~~~:~~~I
b\)Ol"t :r,we rece1vao:r tlJ50l
Expon tradf' r<'n•1vao;f' (£u101 1..
30 Bas<'d on tho: 1niorrnat1on avilllaOlo: with the C0mpany, there arc no suppi1~,r~ ..,ho ::ire rcq:~tered ,1~ micro. small or rnedwm enterpri~es under "The Micro
Small and Mt>di\1m Entt>rprtses 0f.'veloprnent Act. 2006"' ~$ ~t MM ch )l, 2012 .:irul .:i~ .:it M;;1ch 31, 2011.
31 Value ot Imports c;ilculated on C!F b;isis

:.n March 2011
Compon(•n\:;. and spare ~Mrts ll.469.723 8.936.673

Ot'mo Equ<pments (Customs Dut;1 l",;ym.;nt} 907.155
32 f::xpenditure In forl!iQo currency (Accrual ba~i::.)
Tra.-ellinQ and corweyanu• 14.397.143 12,057.856
33 lmport'l(I <ind lndlqenous spare parts i:;onsu11>11d MMCh 31, <'012 March 31, 2011
\!, ot tot<il .,, ol total
Value
consumption consumptloo
511111~ l)dl l~
Imported 83',-> 6,166,375 83% 4.749,393
mdiQC'flOU~ m ---~'~·'"73,666_ 17'!; - -------··~ 980,2-._81!_
----~M~lc 5 730 300
Jtl f.arninQs in f111~IQn curr~ncy (Accru<1I basis)
14"/,7'i7,498 ?07.460,787
35 Tl,., ( '""IJ<'"Y 1,.,~ << '·'""~" .,r.,..,s,v.;- ~y ~t• ,-,-, (,f .,·,;,ju[(•,.;,.·,.·.;- ,.,f "·,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
99f 01 rhf' Income Tax Act. 1961. The Company n.i~ 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<rndard~ notified undN
the Cmnpames Act, 1956 s.nce the Company h,1d borrow1nqs 1n exce~s DI Rupee~ ter\ crnres ourm(J the •mmediately prec('dlnQ account •nQ year.
fl.ccordmqly, previous year fiqures have not be('n disclosed in ca~e of tilsh flow statenwnt and seqrnent repottinq
37 Pre-vlous vear 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 to
the Company. Th.: Company h.:is reclass1f1ed pre~lo1.;~ ye.:ir l!Qures to con!orrn to this year's classi!icaiion. The ii<loptwn o! rev1~ed Schedule VI ctoc.-s not
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 '~· ·'"~ '"' ''~"·''' ,,, .... h~~·~ "' ~"'"'"'' "'
F«m fkq,,lr~11on l~o: JO'Jlti.'W
ChMtNcd A~cou<">tdnts
I/
~ P" ;:, G~f\~MlhMHl
,:;
l!l:tnDH<ll
~''\
0fUCt'CCI~~
Partner M.in~Q""I Dir~c~or Oir<.'clor
M~mb¥,.t>ip No 221.ur.
P•~ct· 06nQ~lore f-'iH~: 6~1\Q~IOft" Ploc~. Lt'>Ct">lt"r, iJI-\
"''
0
• Ju~ y 271 1012 D.lt<'' Juiy J(,, 20l.? Dat .. ·.July J(,. 2012
FORM 23AC
[See section 220 of the Companies Act,
Form for filing balance sheet and other documents
with the Registrar
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 U29200KA2008PTC047509 Pre-fill
(b) Global location number (GLN) of company
2.(a) Name of the company AMETEK INSTRUMENTS INDIA PRIVATE LIMITED
(b) Address of the Ist Floor, Left Wing, Prestige Featherlite Tech
registered office Park, Plot # 148 EPIP II Phase, Whitefield
of the company Bangalore
Karnataka
INDIA
560066
(c) *e-mail ID of the company manoj.ladi@ametek.com
3.(a) * Financial year to which balance sheet relates
From 01/04/2012 (DD/MM/YYYY) To 31/03/2013 (DD/MM/YYYY)
(b) *Date of Board of directors' meeting in which balance sheet was approved 06/06/2013 (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 Pre-fill Designation Managing director

Name Hirenkumar Vinodchandra Desai
(DD/MM/YYYY)
Date of signing of balance sheet 06/06/2013
(II) DIN or Income-tax PAN 02505008 Pre-fill Designation Director

Name David Bruce Coley
Date of signing of balance sheet 06/06/2013 (DD/MM/YYYY)
(III) DIN or Income-tax PAN Pre-fill Designation

Name
Date of signing of balance sheet (DD/MM/YYYY)
(IV) DIN or Income-tax PAN Pre-fill Designation

Name
Page 1 of 11
(V) DIN or Income-tax PAN Pre-fill Designation
Name
4.(a) *Date of Board of directors' meeting in which Board's report referred (DD/MM/YYYY)
06/06/2013
to under section 217 was approved
(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 Pre-fill Designation Managing director

Name Hirenkumar Vinodchandra Desai
Date of signing of Board's report 06/06/2013 (DD/MM/YYYY)
(II) DIN 02505008 Pre-fill Designation Director

Name David Bruce Coley
Date of signing of Board's report 06/06/2013 (DD/MM/YYYY)
(III) DIN Pre-fill Designation

Name
Date of signing of Board's report (DD/MM/YYYY)
5. *Date of signing of reports on the balance sheet by the auditors 06/06/2013 (DD/MM/YYYY)
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 16/07/2013 (DD/MM/YYYY)
(e) *Whether any extension for financial year or AGM granted Yes 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 No
(b) CIN of the holding company, if applicable Pre-Fill
(c) Name of the holding company 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 Yes No Not Applicable
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 1
(I) (a) *Category of auditor Individual Auditor's firm
(b) *Income-tax PAN of auditor or 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 Bangalore *State Karnataka-KA
Country INDIA *Pin code 560001

(f) Details of the member representing the above firm
Name T.S.Gangadharan
Membership number 22835 (g) *SRN of Form 23B S21027594
(II) (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
upon or supplemented the audit report under section 619(4) of the Companies Act, 1956 Yes No
(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) Yes No
12. (a)*Whether schedule VI of the Companies Act, 1956 is applicable Yes No

(b)*Type of Industry 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
Part -B year commencing on or after 1.4.2011)
Figures as at the end of Figures as at the end of
(Current reporting period) (Previous reporting period)
(in Rs. `) (in Rs. `)
Particulars 31/03/2013 (DD/MM/YYYY) 31/03/2012 (DD/MM/YYYY)
I. EQUITY AND LIABILITIES
(1) Shareholders' funds
(a) Share capital 103,720.00 103,720.00

(b) Reserves and surplus 72,349,420.00 32,081,158.00
(c) Money received against share warrants 0.00 0.00
(2) Share application money 0.00 0.00
pending allotment
(3) Non-current liabilities
(a) Long-term borrowings 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
(d) Long term provisions 22,315,960.00 13,628,568.00
(4) Current liabilities

(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
TOTAL 269,107,715.00 232,178,556.00
II. ASSETS
(1) Non-current assets
(a) Fixed assets

(i) Tangible assets 56,099,237.00 47,771,244.00
(ii) Intangible assets 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
(e) Other non-current assets 1,211,135.00 1,750,000.00
(2) Current assets

(a) Current investments 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
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)
Figures as at the end of Figures for the period
(Current financial year) (Previous financial year)
Particulars (in Rs. `) (in Rs. `)
(DD/MM/YYYY) (DD/MM/YYYY)
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 0.00 0.00
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

Miscellaneous expenditure to the
extent not written off or adjusted
Profit and loss account
Others (Please specify)
TOTAL 0.00 0.00
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 Previous reporting period
Bonds/ debentures 0.00 0.00
Term Loans
- 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

Loans and advances from related parties 17,000,000.00 0.00
Long term maturities of finance lease
0.00 0.00
obligations
Other loans & advances 0.00 0.00
Total long term borrowings (unsecured) 17,000,000.00 24,000,000.00
Out of above total, aggregate amount
guaranteed by directors 0.00 0.00
B. Details of short term borrowings (unsecured)
Loans repayable on demand
- From banks 62,200,000.00 72,200,000.00
- From other parties 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

Total short term borrowings (unsecured) 62,200,000.00 72,200,000.00
Out of above total, aggregate amount
0.00 0.00
guaranteed by directors
C. Details of long term loans and advances (unsecured, considered good)
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

Total long term loan and advances 15,936,006.00 17,958,285.00
Less: Provision/ allowance for bad and

doubtful loans and advances
- From related parties 0.00 0.00
- From others 0.00 0.00
Net long term loan and advances
(unsecured, considered good) 15,936,006.00 17,958,285.00
Loans and advances due by directors/ other

officers of the company (refer note 6.L.(iv) 450,000.00 450,000.00
of Schedule VI)
Page 7 of 11
D. Details of long term loans and advances (doubtful)

Capital advances 0.00 0.00
Security deposits 0.00 0.00
Loans and advances to related parties 0.00 0.00
Total long term loan and advances 0.00 0.00
Less: Provision/ allowance for bad and
doubtful loans and advances
- From related parties 0.00 0.00
- From others 0.00 0.00
Net long term loan and advances (doubtful) 0.00 0.00
Loans and advances due by directors/ other

officers of the company (refer note 6.L.(iv) 0.00 0.00
of Schedule VI)
E. Details of trade receivables
Current reporting period Previous reporting period
Particulars
Exceeding six months Within six months Exceeding six months Within six months
Secured, considered good 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 4,328,578.00 0.00 3,512,047.00 0.00
doubtful debts
Net trade receivables 58,666,397.00 1,913,283.00
1,559,857.00 53,783,467.00
Debt due by directors/ others officers of

the company (refer note 6.m.iii.iii of 0.00 0.00 0.00 0.00
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 103,710.00 99.99 percent
6. *Paid-up capital held by foreign holding company and/ or through its subsidiaries 0.00 0.00 percent
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
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 0.00
39. *Whether any operating lease has been converted to financial lease or vice-a-versa 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 0.00
IV. Share capital raised during the reporting period (Amount in Rs. `)
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

0.00 0.00 0.00
debentures/ preference shares
(e) Other private placement 0.00 0.00 0.00
(f) Preferential allotment arising out of conversion of
0.00 0.00 0.00
debentures/ preference shares
(g) Other preferential allotment 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 0.00 0.00 0.00
reporting period
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)

Yes No
1. Whether Companies (Auditor's Report) Order, 2003 (CARO) applicable
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
Yes No
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
Yes No
under section the 233B of the Companies Act, 1956
3. If yes, names of the product or activity groups under cost audit
Attachments
1. *Copy of balance sheet duly authenticated as per section 215 Attach List of attachments
(including Board's report, auditors' report and other documents) DR-AR-BS- 2013.pdf
(in pdf converted format)
2. Statement of subsidiaries as per section 212 Attach
3. Statement of the fact and reasons for not adopting balance sheet in Attach
the annual general meeting (AGM)
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
Verification Remove attachment
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 dated * 06/06/2013 (DD/MM/YYYY)
to sign and submit this form.
To be digitally signed by Digitally signed by MURALIDHARAN

S MASCARENHAS
Managing Director or director or manager or secretary of the company

DN: c=IN, o=Personal,
postalCode=400069,
MURALIDHARAN S st=MAHARASHTRA,
serialNumber=0e28b665e0bac0b80
MASCARENHAS ed74b7d7371de937d2b5e19f8021b
3f8ffe8c8f1eb4c41e,
cn=MURALIDHARAN S
MASCARENHAS
Date: 2013.08.12 13:58:55 +05'30'
*Designation Director
*DIN of the director or Managing Director; or
Income-tax PAN of the manager; or 00219430
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)
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)
Digitally signed by KRISHNAN
GOVINDAN
DN: c=IN, o=Personal,
KRISHNAN postalCode=400080,
st=Maharashtra,
serialNumber=f41a7050d6ce0a296b
GOVINDAN 10fd14f768d087be56e266e0636bc8
1b2e98ff351b7324, cn=KRISHNAN
GOVINDAN
Date: 2013.08.12 17:33:05 +05'30'
*Whether associate or fellow Associate Fellow
*Membership number or certificate of practice number 21193
Modify Check Form 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
Company profile - Ametek International CV (24408921)

Chamber of Commerce, September 11, 2014 - 23:41
Excerpt
Chamber of Commerce
number 24408921
Grouping
RSIN 817568256
Legal Limited Partnership
Name Ametek International CV
Established 22-12-2006
Duration Indefinite
Number of limited partners 1
Partnership capital
Company
Trade Ametek International CV
Start Date Company 22-12-2006
Activities SIC code: 70102 - Holdings (not financial)
Employment 0
Establishment
Establishment Number 000016021371
Trade Ametek International CV
Visiting address Galen 40, 3941VD Doorn
Phone 0343476812
Fax number 0343476609
Email andante@andantetrust.nl
Date of establishment 22-12-2006
Activities SIC code: 70102 - Holdings (not financial)
Holding, financing and management of other enterprises and companies
Employment 0
Partner
Name Chandler Instruments Company LLC
Visiting address 2001 North Indianwood Ave Tulsa, Oklahoma 74012, United States of America
Registered in Secretary of State
Texas, United States of America
under number 702198922
Date of appointment 22-12-2006
Jurisdiction Unlimited jurisdiction
Data are made on 11-09-2014 at 23:41 PM.
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
Old branch addresses as recorded since 01-10-1993

Address Lucerne Clover 17 3069DS Rotterdam
Date of entry *** Unknown ***
Address Schiekade 830, 3032AL Rotterdam
Date of entry 01-04-2007
Address Schiekade 830, 3032AL Rotterdam
Address Van Galen 40, 3941VD Doorn
Old forms as laid since 01-10-1993

Old business descriptions as laid since 01-10-1993

Company Holding, financing and management of
Description other enterprises and companies
Officer Data Leavers

Other official information Leavers
Filings
There are not (yet) available filings with the selected entry.
l!I Bolagsverket Bevis
Arsredovisning
865 A
851 81 Sundsvall
0771-670 670
vrww. bolagsverket. se
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Harmed intygas att bifogad arsredovisning ar registrerad hos Bolagsverket.
Sundsvall
2014-09-26
Pernilla Wennman
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
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
Nettoomsattning, tkr 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 6457 8 333 6 999 5 138
Soliditet 54% 44% 19% 49% 36%
*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

balanserad vinst 2 405 702
arets vinst 1419125
3 824 827
Styrelsen foresliir att

i ny rakning overfores 3 824 827
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
Not 2013-01-01 2012-01-01
2013-12-31 2012-12-31
Rorelsens intakter
Nettoomsattning 10 252 018 9 240 138
Ovriga rorelseintakter 5 739 241 5 566 872
15 991 259 14 807 010
Rorelsens kostnader
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
Avskrivningar av materiella och immateriella
an!aggningstillgangar -56 452 -262 651
-13616586 -13 078 357
Rorelseresultat 2 374 673 I 728 653
Resultat fran finansiella poster

Ranteintakter 2 589 12 567
2 589 12 567
Resultat efter finansiella poster 2 377 262 I 741 220
Bokslutsdispositioner
A vsattning till periodiseringsfond -550 000 -450 000
Forandring av avskrivningar utover plan 0 55 670
-550 000 -394 330
Resultat fOre skatt I 827 262 I 346 890
Skatt pa arets resultat 2 -408 137 -387611
Arets resultat 1419125 959 279
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
Materiella anHiggningstillgangar
Inventarier, maskiner och datorer 5 148 670 341 427
148 670 341 427
Summa anHiggningstillgangar 148 670 341 427
Omsattningstillgangar
Varulager
Ravaror och fornodenheter 545 524 393 400
545 524 393 400
Kortfristiga fordringar
Kundfordringar 1 072 580 1 522 209
Fordringar hos koncernforetag 356 558 315 524
Aktuell skattefordran 238 542 284 565
Ovriga fordringar 200 493 21 767
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
SUMMA TILLGANGAR 8 646 017 645732tn
Sida 4 av 9
AMETEK NORDIC AB
Org.nr. 556733-9691
BALANSRAKNINGAR
Not 2013-12-31 2012-12-31
EGET KAPITAL OCH SKULDER
Eget kapital 6
Bundet eget kapital

Aktiekapital 7 100 000 100 000
100 000 100 000
Fritt eget kapital

Balanserad vinst 2 405 702 1446422
Arets resultat I 419 125 959 279
3 824 827 2 405 701
Summa eget kapital 3 924 827 2 505 701
Obeskattade reserver
Periodiseringsfond 8 450 000 450 000
Obeskattade reserver 550 000 0
Summa obeskattade reserver I 000 000 450 000
Kortfristiga skulder
Leverantbrsskulder 201 598 517 519
Skulder till koncernforetag 207 732 140 597
6vriga skulder 307 634 349 682
Upplupna kostnader och forutbetalda intakter 3 004 226 2 493 824
Summa kortfristiga skulder 3 721 190 3 501 622
SUMMA EGET KAPITAL OCH SKULDER 8 646 017 6 457 323
POSTER INOM LINJEN
Stallda sakerheter Inga Inga
AnsvarsfOrbindelser Inga
lngl/b
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 <let Jagsta av anskaffningsvardet och nettoforsaljningsvardet.
Kortfristigafordringar och skulder i utliindsk valuta

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<botet otfortlh
Sida 6 av 9
AMETEK NORDIC AB
Org.nr. 556733-9691
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:
Loner och ersattningar 4 436 852 4 290 208

Pensionskostnader 681 599 684 349
Sociala kostnader 1606650 1 564 740
Summa 6 725 101 6 539 297
Not 2 Skatt pa arets resultat 2013 2012
Aktuell skatt 408 137 362 114

Skatt pa grund av andrad taxering 0 25 497
408 137 387 611
Not 3 Handelsrattigheter 2013-12-31 2012-12-31
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
Not 4 Goodwill 2013-12-31 2012-12-31
Ingaende anskaffningsvarde 507 148 507 148

Arets avskrivningar 0 -50714
Utgaende redovisat varde 0 0
Avskrivningar enligt plan beraknas pa en nyttjandeperiod av 5 1ir.
Not 5 Inventarier, rnaskiner och datorer 2013-12-31 2012-12-31
Ingaende anskaffningsvarde 727 808 459 301

Ink op 0 268 508
Forsaljningar/utrangeringar -177 334 0
Arets avskrivningar -56 452 -108 046
Utgaende ackumulerade avskrivningar -401 805 -386 382
Utgaende redovisat varde 148 669 341 427
Avskrivningar enligt plan beraknas pa en nyttjandeperiod av 3-10 ar.
Not6 Eget kapital
Aktiekapital Fritt eget kapital Summa

Belopp vid arets ingang 100 000 2 405 701 2 505 701
Arets resuJtat J 419 J25 1 4J 9 125
BeJopp vid arets utgang JOO 000 3 824 826 3 924 826
Not 7 Upplysningar om aktiekapital
Antal aktier K votvarde per

aktie
Antal/varde vid arets ingang J 000 JOO
Antal/varde vid arets utgang J 000 JOO
Not 8 Periodiseringsfond 2013-12-31 2012-12-31
Periodiseringsfond, taxering 20 J 3 450 000 450 000

Periodiseringsfond 20 J3 550 000 0
I 000 000 450 000
Uppskjuten skatt i obeskattade reserver 220 000 IJ8 35~
Sida 8 av 9
AMETEK NORDIC AB
Org.nr. 556733-9691
00 UPPLYSNINGAR
¢}:,
("I")
0 Stockholm 2014-04-02
['--.
N
l()
-
0
~
0 Bengt Svensson
N
Verkstlillande direktor
Var revisionsberattelse har Iamnats den~pril 2014.
Auktoriserad reviser
Sida 9 av 9
Ametek Nordic AB PROTO KOLL
Org.nr. 556733-9691 Arsstiimma
Rakenskapsaret 2013-01-01 - 2013-12-31 2014-04-02
Plats: Stockholm
O'I
'tj'
O'I
("lj
0
~ § 1. Arsstamman oppnades av Emanuela Speranza som halsade de narvarande valkomna.
N
lf)
0
'd"
........ § 2. Foljande forteckning upprattades over vid stiimman narvarande aktieagare, ombud och
0 bitraden:
C"l
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 2 405 702

Redovisad vinst 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
Ametek Nordic AB PROTOKOLL
Org.nr. 556733-9691 Arsstamma
Rakenskapsaret 2013-01-01 - 2013-12-31 2014-04-02
0
lf') § 11. Val av styrelse
O'I
('l'j
0
I:"-- Intill nasta arsstamma valdes
C"l
lf')
-
0
'tj" till ledamoter av styrelsen Manfred Bergsch
0 Emanuela Speranza
C"l
till styrelsesuppleant 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 <less finansiella resultat for aret enligt arsredovisningslagen. Forvaltningsberiittelsen ar forenlig med
arsredovisningens ovriga delar.
Vi tillstyrker diirfor att arsstamman faststaller resultatrakningen och balansrakningen.
/),
l/!J
Sida 1(2)
Registrerat revisionsbolag
Member ')f Gr3nt Thornton lnternat1ondl ltd
fr@.!uRopians 6\lerenssta.mmelsG
m!ar!'cr .:r'.la!et intygas:
""'/ ,; tz..t(:r_ cz. /-/vorC:~
D:? -s-rciJ -o -~' oo
Grant Thornton
Rapport om andra krav enligt lagar och andra forfattningar

Utover var revision av arsredovisningen har vi aven utfort en revision av forslaget till dispositioner
betraffande bolagets vinst eller forlust samt styrelsens och verkstallande direktorens forvaltning for Ametek
Nordic AB for ar 2013.
Styrelsens och verkstallande direktorens ansvar

Det ar styrelsen som har ansvaret for forslaget till dispositioner betraffande bolagets vinst eller forlust, och
det ar styrelsen och verkstallande direktoren som har ansvaret for forvaltningen enligt aktiebolagslagen.
Revisorns ansvar
Vart ansvar ar att med rimlig sakerhet uttala oss om forslaget till dispositioner betraffande bolagets vinst
eller forlust och om forvaltningen pa grundval av var revision. Vi har utfort revisionen enligt god
revisionssed i Sverige.
Som underlag for vart uttalande om styrelsens forslag till dispositioner betraffande bolagets vinst eller
forlust har vi granskat om forslaget ar forenligt med aktiebolagslagen.
Som underlag for vart uttalande om ansvarsfrihet har vi utover var revision av arsredovisningen granskat
vasentliga beslut, atgarder och forhallanden i bolaget for att kunna bedoma om nagon styrelseledamot eller
verkstallande direktoren ar ersattningsskyldig mot bolaget. Vi har aven granskat om nagon styrelseledamot
eller verkstallande direktoren pa annat satt har handlat i strid med aktiebolagslagen, arsredovisningslagen
eller bolagsordningen.
Vi anser att de revisionsbevis Vi har inhamtat ar tillrackliga och andamalsenliga som grund for vara
uttalanden.
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
Sida 2(2)
Reg1strerat revtsionsbolag
l111c1ntJ<" r1f (JrJnt lhorr1to1• lritf:rrut1a11a1 i tn
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
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

DIRECTORS' REPORT
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 Deemed interest

(1)
At the
At the end of At the At the
beginning of financial beginning of end of
Name of director financial year year financial year financial year
Ultimate holding company

Ametek Inc
Ordinary shares of US$0.01 each
John J. Molinelli 378,227 644,309 81,773 33,306

Frank S. Hermance 1,230,447 1,902,489 409,044 623,360
Lim Meng Kee 18,454 30,839 - -
David A. Zapico 25,957 49,785 23,978 37,881
Serial Number: 256988177538819 3

DIRECTORS' REPORT
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 Deemed interest

(1)
At the
At the end of At the At the
beginning of financial beginning of end of
financial year year financial year financial year

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 - -
401 (k) stock

John J. Molinelli 765 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.
On 29 Jun 2012, a 3-for-2 stock split has been made on the stocks of Ametek Inc, the Company's ultimate
holding company.
Except as disclosed in this report, no director who held office at the end of the financial year had interests in
shares, share options, warrants or debentures of the Company, or of related corporations, either at the beginning
or at the end of the financial year.
Directors' contractual benefits
Except as disclosed in the financial statements, since the end of the previous financial year, no director of the
Company has received or become entitled to receive a benefit by reason of a contract made by the Company
Serial Number: 256988177538819 4

DIRECTORS' REPORT
or a related corporation with the director, or with a firm of which the director is a member, or with a company in
which the director has a substantial financial interest.
Auditor
Ernst & Young LLP have expressed their willingness to accept reappointment as auditor of the Company.
On behalf of the board of directors,
David A. Zapico
Director
Lim Meng Kee

Director
Singapore
DAVID ANTHONY ZAPICO

Director
LIM MENG KEE

Director
21 October 2013
Serial Number: 256988177538819 5

STATEMENT BY DIRECTORS
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.
David A. Zapico
Director
Lim Meng Kee

Director
Singapore
DAVID ANTHONY ZAPICO

Director
Serial Number: 256988177538819 6

STATEMENT BY DIRECTORS
LIM MENG KEE

Director
21 October 2013
Serial Number: 256988177538819 7


To the member of Ametek Singapore Private Limited

Report on the Financial Statements
We have audited the accompanying financial statements of Ametek Singapore Private Limited (the "Company")
set out on pages 7 to 39, which comprise the balance sheet as at 31 December 2012, the income statement,
statement of comprehensive income, statement of changes in equity and cash flow statement of the Company for
the year then ended, and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in
accordance with the provisions of the Singapore Companies Act, Chapter 50 (the "Act") and Singapore Financial
Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to
provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition;
and transactions are properly authorised and that they are recorded as necessary to permit the preparation of
true and fair profit and loss account and balance sheet and to maintain accountability of assets.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted
our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity's preparation of financial statements that
give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements of the Company are properly drawn up in accordance with the provisions
of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of
the Company as at 31 December 2012 and the results, changes in equity and cash flows of the Company for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
Serial Number: 256988177538819 8


In our opinion, the accounting and other records required by the Act to be kept by the Company have been
properly kept in accordance with the provisions of the Act.
Ernst & Young LLP

Public Accountants and Chartered Accountants
Singapore
ERNST & YOUNG LLP

Public Accountants and
Chartered Accountants
Singapore
21 October 2013
Serial Number: 256988177538819 9

INCOME STATEMENT
Note 2012 2011

SGD SGD
Revenue 4 22,176,180 16,566,477
Cost of Sales (15,058,738) (10,925,494)
Gross Profit 7,117,442 5,640,983
Other Items of Income
Other Income 5 10,777,487 17,150,783
Other Items of Expense
Administrative Expenses (3,795,478) (3,343,930)
Other Expenses (141,790)
6
Profit (Loss) Before Tax from Continuing Operations 13,957,661 19,447,836
Income Tax Benefit (Expense) 7 (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
Profit (Loss) Attributable to Owners of the Parent, Net of 13,470,778 19,057,448

Tax
The accompanying notes form an integral part of these financial statements
Serial Number: 256988177538819 10

STATEMENT OF COMPREHENSIVE INCOME

Note 2012 2011

SGD SGD
13,470,778 19,057,448
Profit (Loss) Net of Tax
Total Comprehensive Income 13,470,778 19,057,448
Total Comprehensive Income Attributable to Owners of 13,470,778 19,057,448

the Parent
Serial Number: 256988177538819 11

STATEMENT OF FINANCIAL POSITION

As at 31 December 2012
Note 2012 2011

SGD SGD
ASSETS
Non-Current Assets
Property, Plant and Equipment, Total 9 1,549,060 1,700,875
Investments in Subsidiaries 10 3,035,339 3,035,339
Investments in Associates 11 1,239,275 1,381,065
Total Non-Current Assets 5,823,674 6,117,279
Current Assets
Inventories 15 2,998,446 2,495,197
Trade and Other Receivables, Current 1,598,887 1,616,220
Trade Receivables, Current 12 1,232,612 832,446
Other Receivables, Current 13 366,275 783,774
Amounts due from related companies 14 759,315 15,107,000
Prepayments 189,253 445,408
Cash and Cash Equivalents 16 9,572,292 493,481
Total Current Assets 15,118,193 20,157,306
Total Assets 20,941,867 26,274,585
EQUITY AND LIABILITIES

Equity
Share Capital 20 8,711,094 8,711,094
Retained Earnings (Accumulated Losses) 5,582,962 11,231,374
Other Reserves, Total - -
Total Equity
14,294,056 19,942,468
Non-Current Liabilities
Deferred Tax Liabilities 19 148,873 172,656
Total Non-Current Liabilities 148,873 172,656
Current Liabilities
Income Tax Payable, Current 715,561 400,537
Trade and Other Payables, Current 2,578,547 1,700,697
Trade Payables, Current 18 1,748,480 1,051,170
Serial Number: 256988177538819 12

STATEMENT OF FINANCIAL POSITION

As at 31 December 2012
Note 2012 2011

SGD SGD
Other Payables, Current 18 830,067 649,527
Amounts due to related companies 17 3,204,830 4,058,227
Total Current Liabilities 6,498,938 6,159,461
Total Liabilities 6,647,811 6,332,117
Total Equity and Liabilities 20,941,867 26,274,585
Serial Number: 256988177538819 13

STATEMENT OF CHANGES IN EQUITY

Company
Note Total Equity Equity, Share Capital Retained
Attributable Earnings
to Owners (Accumulated
of the Losses)
Parent, Total
SGD SGD SGD SGD

Opening Balance at 01/01/2012 19,942,468 19,942,468 8,711,094 11,231,374
Profit for the year, net of tax 13,470,778 13,470,778 13,470,778
Total Comprehensive Income for the 13,470,778 13,470,778 13,470,778

Period
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 19,057,448 19,057,448 19,057,448

Period
Dividends on ordinary shares (Note 21) (17,150,783) (17,150,783) (17,150,783)
Closing Balance at 31/12/2011 19,942,468 19,942,468 8,711,094 11,231,374
Serial Number: 256988177538819 14

STATEMENT OF CASH FLOWS

Note 2012 2011

SGD SGD
Cash Flows From Operating Activities
Profit (Loss) before Tax 13,957,661 19,447,836
Total Adjustments 675,683 427,824
Depreciation of Property, Plant and Equipment 533,893 438,584

(gain)/loss on disposal of property, plant and equipment (10,760)
Impairment loss on investment in associates 141,790
Operating Cash Flows before Changes in Working 14,633,344 19,875,660

Capital
Total Changes in Working Capital 14,142,377 (1,749,731)
(Increase)/decrease in trade receivables (400,166) 608,556

Decrease/(increase) in other receivables and 673,654 (662,923)
prepayments
(Increase)/decrease in inventories (503,249) 10,829
Decrease/(increase) in amounts due to related 13,494,288 (2,374,538)
companies, net
Increase in trade payables and accruals 877,850 668,345
Cash Flows From (Used In) Operations 28,775,721 18,125,929

Income Taxes Paid (195,642) (380,514)
Interest income received - -
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 (386,659) (820,023)
Proceeds from disposal of property, plant and equipment 4,581 134,955
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 9,078,811 (90,436)

Cash and Cash Equivalents, Statement of Cash Flows, 493,481 583,917
Beginning Balance
Serial Number: 256988177538819 15

STATEMENT OF CASH FLOWS

Note 2012 2011

SGD SGD
Cash and Cash Equivalents, Statement of Cash Flows, 9,572,292 493,481

Ending Balance
Serial Number: 256988177538819 16


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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The Company has not adopted the following standards and interpretations that have been issued but not
yet effective:
Effective for annual

periods beginning
Description on or after
Amendments to FRS 1 Presentation of Items of Other 1 July 2012

Comprehensive Income
Revised FRS 19 Employee Benefits 1 January 2013
FRS 113 Fair Value Measurement 1 January 2013
Amendments to FRS 107 Disclosures - Offsetting Financial Assets 1 January 2013
and Financial Liabilities
Improvements to FRSs 2012 1 January 2013
- Amendment to FRS 1 Presentation of Financial Statements 1 January 2013
- Amendment to FRS 16 Property, Plant and Equipment 1 January 2013
- Amendment to FRS 32 Financial Instruments: Presentation 1 January 2013
Revised FRS 27 Separate Financial Statements 1 January 2014
Revised FRS 28 Investments in Associates and Joint Ventures 1 January 2014
FRS 110 Consolidated Financial Statements 1 January 2014
FRS 111 Joint Arrangements 1 January 2014
FRS 112 Disclosure of Interests in Other Entities 1 January 2014
Amendments to FRS 32 Offsetting Financial Assets and Financial 1 January 2014
Liabilities
Except for the Amendments to FRS 1 and FRS 112, the directors expect that the adoption of
the standards and interpretations above will have no material impact on the financial statements
in the period of initial application. The nature of the impending changes in accounting policy on
adoption of the Amendments to FRS 1 and FRS 112 are described below.
Amendments to FRS 1 Presentation of Items of Other Comprehensive Income
The Amendments to FRS 1 Presentation of Items of Other Comprehensive Income ("OCI") is

effective for financial periods beginning on or after 1 July 2012.
The Amendments to FRS 1 changes the grouping of items presented in OCI. Items that could be
reclassified to profit or loss at a future point in time would be presented separately from items
which will never be reclassified. As the Amendments only affect the presentations of items that are
already recognised in OCI, the Company does not expect any impact on its financial position or
performance upon adoption of this standard.
FRS 112 Disclosure of Interests in Other Entities
FRS 112 is effective for financial periods beginning on or after 1 January 2014.
FRS 112 is a new and comprehensive standard on disclosure requirements for all forms of
interests in other entities, including joint arrangements, associates, special purpose vehicles and
other off balance sheet vehicles. FRS 112 requires an entity to disclose information that helps
Serial Number: 256988177538819 18


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 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 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.
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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 - 3 - 7 years
Office equipment - 5 years
Furniture and fittings - 5 years
Office renovation - 5 years
Motor vehicles - 4 years
Machinery and equipment - 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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Intangible assets acquired separately are measured initially at cost. The cost of intangible assets
acquired in a business combination is their fair value as at the date of acquisition. Following initial
acquisition, intangible assets are measured at cost less any accumulated amortisation and any
accumulated impairment losses.
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite useful lives are amortised over the estimated useful lives and assessed for
impairment whenever there is an indication that the intangible asset may be impaired. The amortisation
period and the amortisation method are reviewed at least at each financial year-end. Changes in the
expected useful life or the expected pattern of consumption of future economic benefits embodied in the
asset is accounted for by changing the amortisation period or method, as appropriate, and are treated
as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is
recognised in profit or loss in the expense category consistent with the function of the intangible asset.
Each category of intangible assets is amortised over the following periods:
Non-competition payment - 10 years
Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually,
or more frequently if the events and circumstances indicate that the carrying value may be impaired either
individually or at the cash-generating unit level. Such intangible assets are not amortised. The useful life
of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful
life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is
made on a prospective basis.
Gains or losses arising from derecognition of an intangible asset are measured as the difference between
the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when
the asset is derecognised.
2.9 Impairment of non-financial assets
The Company assesses at each reporting date whether there is an indication that an asset may be
impaired. If any such indication exists, or when annual impairment assessment for an asset is required,
the Company makes an estimate of the asset's recoverable amount.
An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less
costs to sell and its value in use and is determined for an individual asset, unless the asset does
not generate cash inflows that are largely independent of those from other assets or group of
assets. Where the carrying amount of an asset or cash-generating unit exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount. In
assessing value in use, the estimated future cash flows expected to be generated by the asset
are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. In determining
fair value less costs to sell, an appropriate valuation model is used. These calculations are
corroborated by valuation multiples or other available fair value indicators.
Impairment losses are recognised in profit or loss except for assets that are previously revalued
where the revaluation was taken to other comprehensive income. In this case, the impairment is
also recognised in other comprehensive income up to the amount of any previous revaluation.
Serial Number: 256988177538819 21


An assessment is made at each reporting date as to whether there is any indication that
previously recognised impairment losses recognised may no longer exist or may have
decreased. If such indication exists, the Company estimates the asset's or cash-generating
unit's recoverable amount. A previously recognised impairment loss is reversed only if there has
been a change in the estimates used to determine the asset's recoverable amount since the last
impairment loss was recognised. If that is the case, the carrying amount of the asset is increased
to its recoverable amount. That increase cannot exceed the carrying amount that would have
been determined, net of depreciation, had no impairment loss be recognised previously. Such
reversal is recognised in profit or loss unless the asset is measured at revalued amount, in which
case the reversal is treated as a revaluation increase.
2.10 Financial assets
Financial assets are recognised on the balance sheet when, and only when, the Company becomes a party
to the contractual provisions of the financial instrument. The Company determines the classification of its
financial assets at initial recognition.
When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial
assets not at fair value through profit or loss, directly attributable transaction costs.
A financial asset is derecognised where the contractual right to receive cash flows from the asset has
expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount
and the sum of the consideration received and any cumulative gain or loss that had been recognised in
other comprehensive income is recognised in profit or loss.
Regular way purchase or sale of a financial asset
All regular way purchases and sales of financial assets are recognised or derecognised on the trade date
i.e. the date that the Company commits to purchase or sell the asset. Regular way purchases or sales are
purchases or sales of financial assets that require delivery of assets within the period generally established
by regulation or convention in the marketplace concerned.
Loans and receivables
Non-derivative financial assets with fixed or determinable payments that are not quoted in an active
market are classified as loans and receivables. Subsequent to initial recognition, loans and receivables are
measured at amortised cost using the effective interest method, less impairment. Gains and losses are
recognised in profit or loss when the loans and receivables are derecognised or impaired and through the
amortisation process.
2.11 Cash and cash equivalents
Cash and cash equivalents comprise cash and bank balances that are readily convertible to known
amount of cash and which are subject to an insignificant risk of changes in value. Cash and cash
equivalents are classified and accounted for as loans and receivables under FRS 39. The accounting
policy for this category of financial assets is stated in Note 2.10.
2.12 Impairment of financial assets
Serial Number: 256988177538819 22


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


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


(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.
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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.
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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) 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.
(b) 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).
3. 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


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


4. Revenue
2012 2011
$ $
Sale of goods 21,887,687 16,280,589

Provision of services 288,493 285,888
22,176,180 16,566,477
5. Other Income
2012 2011
$ $
Dividend income 10,777,487 17,150,783
6. Profit Before Taxation
The following items have been included in arriving at profit before taxation:
2012 2011
$ $
Depreciation of property, plant and equipment 533,893 438,584

Gain on disposal of property, plant and equipment - (10,760)
Impairment loss on investment in associates 141,790 -
Net foreign exchange (gain)/loss (83,539) 86,268
Operating lease expense (Note 22) 340,247 322,946
Staff costs
- Salaries, bonus and other costs 5,171,311 4,761,511
- Employer's contribution to defined contribution plan
including Central Provident Fund 461,770 404,060
Serial Number: 256988177538819 29


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 2011
$ $
Current income tax

- Current income taxation 510,666 295,082
- Over provision in respect of previous years - (77,350)
510,666 217,732
Deferred tax expense

- Original and reversal of temporary differences (23,783) 57,564
- Under provision in respect of previous years - 115,092
(23,783) 172,656
Total income tax expense 486,883 390,388
(b) 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 3,306,132

Income not subject to taxation (1,832,173) (2,915,633)
Under provision to deferred tax in respect of
previous years - 115,092
Serial Number: 256988177538819 30


Over provision in respect of previous years - (77,350)

Effect of partial tax exemption (25,925) (25,925)
Effect of tax relief and tax rebate (168,936) (96,281)
Non-deductible expenses 34,368 86,364
Others 106,747 (2,011)
486,883 390,388
8. Intangible Assets, Total
Non-
competition
payment *
Cost
At 31 December 2011, 1 January 2012 and
31 December 2012 4,560,156
Accumulated amortisation
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


9. Property, Plant and Equipment, Total
Serial Number: 256988177538819 32


Machinery Furniture
and Office and Office Motor
equipment Computers equipment fittings renovation vehicle Total
$ $ $ $ $ $ $
Cost
At 1 January 2011 1,186,390 155,717 76,594 120,356 699,373 191,537 2,429,967
Additions 253,676 204,185 31,180 91,398 3,520 236,064 820,023
Disposals (36,492) (3,201) - (858) - (191,537) (232,088)
At 31 December 2011 and 1 January 2012 1,403,574 356,701 107,774 210,896 702,893 236,064 3,017,902
Additions 73,855 80,746 5,000 204,549 22,509 - 386,659
Disposals - (6,045) (34,861) (8,544) - - (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 298,058 112,935 55,576 71,159 353,417 95,190 986,335
Charge for the year 189,452 49,142 12,294 22,387 139,076 26,233 438,584
Disposals (3,041) (2,856) - (458) - (101,537) (107,892)
At 31 December 2011 and 1 January 2012 484,469 159,221 67,870 93,088 492,493 19,886 1,317,027
Disposals - (1,465) (34,861) (8,543) - - (44,869)
At 31 December 2012 716,648 223,724 48,132 134,729 636,416 46,402 1,806,051
Net carrying amount

Serial Number: 256988177538819 33
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 34


10. Investments in Subsidiaries
2012 2011
$ $
Unquoted shares, at cost 3,035,339 3,035,339
The details of the subsidiaries are as follows:
Proportion
(%) of
Country of ownership
Name of company incorporation Principal activities interest
2012 2011
% %
Held by the Company
Ametek Motors Asia Singapore Investment holding 100 100

Pte Ltd*
Ametek Commercial People's Imports, exports, wholesales 100 100

Enterprise (Shanghai) Republic of and agency of motors and
Co. Ltd.** China ("PRC") 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
Ametek Instruments India Marketing, dealing, providing 100 100

India Pte Ltd # technical assistant and after
sales services and providing
software development
in respect of equipment,
appliances and other
industrial products
Ametek Engineered Malaysia Manufacturing of 100 -

Materials Sdn Bhd## aluminium/copper bonding
wire and ribbon; packaging
of bond pads.
Held through a subsidiary
Serial Number: 256988177538819 35


Ametek Motors People's Manufacturing and assembly 100 100

Shanghai Co., Ltd. ** Republic of of vacuum cleaner motors
China ("PRC")
* Audited by Ernst & Young LLP, Singapore.

** Audited by Ernst & Young, Shanghai.
# Audited by S.V. Ghatalia & Associates.
## Audited by Ernst & Young, Malaysia.
11. Investments in Associates
2012 2011
$ $

Less: Impairment loss (141,790) -
Carrying amount after impairment loss 1,239,275 1,381,065
The details of the associates are as follows:
Proportion
(%) of
Country of ownership
2012 2011
Held by the Company % %
Amekai Singapore Singapore Investment holding 50 50

Pte Ltd (Singapore) #
Amekai Taiwan Co. Ltd Taiwan Importer and exporter of 50 50

(Taiwan) * meter gauges
Held by Amekai
Singapore Pte Ltd
Amekai (Meter) Xiamen People's Republic Manufacturing of gauges 100 100

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


2012 2011
$ $
Assets and liabilities:
Current assets 9,476,726 5,082,526
Non-current assets 1,433,894 1,431,112
Total assets 10,910,620 6,513,638
Current liabilities 11,878,399 8,723,120

Non-current liabilities 980,903 -
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)
12. Trade receivables
2012 2011
$ $
Trade receivables 1,232,612 832,446
Add:
Other receivables (Note
13) 366,275 783,774
Amounts due from related
companies (Note 14) 759,315 15,107,000
Total trade and other

receivables 2,358,202 16,723,220
Add: Cash and cash
equivalents (Note 16) 9,572,292 493,481
Total loans and receivables 11,930,494 17,216,701
Serial Number: 256988177538819 37


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 2011
$ $
Trade receivables past due:

Lesser than 30 days 346,827 372,991
30 to 60 days 41,145 15,053
61 to 90 days 21,617 17,186
91 to 120 days 140,755 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 2011
$ $
Deposits 54,024 74,457

Advances to staff - 2,000
Stamp duty relief recoverable - 288,965
Other receivables 312,251 418,352
366,275 783,774
14. Amounts due from related companies
Serial Number: 256988177538819 38


2012 2011
$ $

- Trade 614,957 14,265,332
Related companies
- Trade 139,714 118,341
Subsidiary companies
- Trade - 126,937
- Non-trade 4,644 596,390
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 2011
$ $
United States Dollar 58,734 58,238
15. Inventories
2012 2011
$ $
Balance sheet:
Finished goods 2,998,446 2,495,197
Income statement:
Inventories recognised as an expense in cost of sales 14,757,701 10,925,494
16. Cash and cash equivalents
Cash and cash equivalents comprise the following as at 31 December:
2012 2011
$ $
Cash at bank and on hand 9,572,292 493,481
Serial Number: 256988177538819 39


Cash and cash equivalents are denominated in the following currencies:
2012 2011
$ $
United States Dollar 9,296,403 294,857

Hong Kong Dollar 18 18
Singapore Dollar 275,871 198,606
9,572,292 493,481
17. Amounts due to related companies
2012 2011
$ $
Related companies
- Trade 210,371 446,694
- Non-trade 44,696 -
Subsidiary company
- Non-trade 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 2011
$ $
United States Dollar 3,148,565 3,999,907

British Pound - 31,869
Euro 11,569 -
18. Trade and other payables
2012 2011
$ $
Serial Number: 256988177538819 40


Trade payables 1,619,951 831,898

Other payables 128,529 219,272
Total trade and other payables 1,748,480 1,051,170

Add:
Amounts due to related companies (Note 17) 3,204,830 4,058,227
Accrued operating expenses 830,067 649,527
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 2011
$ $
United States Dollar 1,566,925 780,965
19. 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 148,873 172,656
20. Share capital
2012 2011
$ $
Issued and fully paid:
At beginning and end of the year -

8,711,094 (2011: 8,711,094) ordinary shares 8,711,094 8,711,094
Serial Number: 256988177538819 41


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 19,119,190 17,150,783
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 $340,247 (2011: $322,946).
Future minimum rental payable under non-cancellable leases as at 31 December are as follows:
2012 2011
$ $
Within one year 57,669 53,824
23. 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 2011
Serial Number: 256988177538819 42


$ $
Service income from:

Ultimate holding company (261,448) (261,241)
Related companies (27,045) (24,647)
Reimbursement of expenses from:

Ultimate holding company (5,135,283) (5,282,015)
Sales of finished goods to related companies (49,352) (814,135)

Sales commission paid to related company (40,048) -
Purchase of raw materials from related
companies 2,483,282 1,414,755
Purchase of property, plant and equipment
from a related company 74,409 295,668
(b) Compensation of key management personnel
2012 2011
$ $
Short-term employee benefits 409,206 393,467

Defined contribution plan 5,751 6,918
Other benefits 51,591 53,347
466,548 453,732
Comprise amounts paid to:

Directors of the Company 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


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


Financial assets:
Trade receivables 1,232,612
Other receivables 366,275
Amounts due from related companies 759,315
Cash and cash equivalents 9,572,292
Total undiscounted financial assets 11,930,494
Financial liabilities:
Amounts due to related companies (3,204,830)
Trade and other payables (1,784,480)
Accrued operating expenses (830,067)
Total undiscounted financial liabilities (5,819,377)
Total net undiscounted financial assets 6,111,117
2011
Financial assets:
Trade receivables 832,446
Amounts due from related companies 15,107,000
Cash and cash equivalents 493,481
(c) Foreign currency risk
Serial Number: 256988177538819 45


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%) (139,189) (89,524)

- weakened 3% (2011: 3%) 139,189 89,524
25. 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


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
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 (appointed on 1 January 2014)

Volker Dreisbach (appointed on 1 January 2014)
Francis Lee Yew Seng (appointed on 1 January 2014)
Frank S. Hermance (resigned on 1 January 2014)
Lim Meng Kee (resigned on 1 January 2014)
David A. Zapico (resigned on 1 January 2014)
John J. Molinelli (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

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 (appointed on 1 January 2014)

Volker Dreisbach (appointed on 1 January 2014)
Francis Lee Yew Seng (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 Deemed interest (1)
At the At the At the At the

beginning end of beginning end of
of financial financial of financial financial
Name of director year year year year

Ametek Inc
Ordinary shares of US$0.01 each
Frank S. Hermance 1,902,489 1,862,683 353,360 360,435

Lim Meng Kee 30,839 16,652 – –
David A. Zapico 49,785 61,899 37,881 39,982
Options to subscribe for

ordinary shares of US$0.01
each
Frank S. Hermance 1,706,661 1,576,984 – –

Lim Meng Kee 43,983 13,781 – –
David A. Zapico 189,239 197,999 – –

Directors’ interests in shares and debentures (cont’d)
Direct interest Deemed interest (1)
At the At the At the At the

beginning end of beginning end of
of financial financial of financial financial
year year year year

Ametek Inc
Restricted stock
Frank S. Hermance 218,910 108,972 – –

Lim Meng Kee 6,032 3,402 – –
David A. Zapico 35,932 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.

Auditor
Ernst & Young LLP have expressed their willingness to accept reappointment as auditor of the
Company.
Francis Lee Yew Seng

Director
Yew Kerk Peng

Director
Singapore
1 August 2014

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.
Francis Lee Yew Seng

Director
Yew Kerk Peng

Director
Singapore
1 August 2014

Independent Auditor’s Report
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.

Independent Auditor’s Report (cont’d)
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

Income Statement for the financial year ended 31 December 2013
Note 2013 2012

$ $
Revenue 4 19,366,152 22,176,180
Cost of sales (11,875,568) (15,058,738)
Gross profit 7,490,584 7,117,442
Other income 5 9,131,398 10,777,487
Administrative expenses (3,831,163) (3,795,478)
Other expenses – (141,790)
Profit before taxation 6 12,790,819 13,957,661
Taxation 7 (524,008) (486,883)
Profit for the year 12,266,811 13,470,778
Profit for the year attributable to:
Owner of the Company 12,266,811 13,470,778

The accompanying accounting policies and explanatory notes form an integral part of the financial
statements.

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
Total comprehensive income attributable to:
Owners of the Company 12,266,811 13,470,778

statements.

Balance Sheet as at 31 December 2013
Note 2013 2012

$ $
Non-current assets
Intangible assets 8 – –
Plant and equipment 9 1,233,274 1,549,060
Investment in subsidiaries 10 7,844,210 3,035,339
Investment in associates 11 1,239,275 1,239,275
10,316,759 5,823,674
Current assets
Trade receivables 12 2,086,356 1,232,612
Other receivables 13 542,194 366,275
Amounts due from related companies 14 976,800 759,315
Inventories 15 3,495,007 2,998,446
Prepayments 151,534 189,253
Cash and cash equivalents 16 1,751,994 9,572,292
9,003,885 15,118,193
Current liabilities
Trade and other payables 18 1,269,122 1,748,480
Amounts due to related companies 17 140,499 3,204,830
Accrued operating expenses 18 661,163 830,067
Provision for taxation 671,517 715,561
2,742,301 6,498,938
Net current assets 6,261,584 8,619,255
Non-current liability
Deferred tax liabilities 19 148,873 148,873
Net assets 16,429,470 14,294,056
Equity attributable to owner of the Company

Share capital 20 8,711,094 8,711,094
Accumulated profits 7,718,376 5,582,962
Total equity 16,429,470 14,294,056

statements.

Statement of Changes in Equity for the financial year ended 31 December 2013
Attributable to owners of the Company

Share
capital Accumulated
(Note 20) profits Total
2013 $ $ $
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
Contributions by and distribution to owners
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
2012
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
Contributions by and distribution to owners
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

statements.

Cash Flow Statement for the financial year ended 31 December 2013
2013 2012
$ $
Operating activities
Adjustments for :
Depreciation of plant and equipment 497,680 533,893
Loss on disposal of plant and equipment 9,187 –
Impairment loss on investment in associates – 141,790
Operating cash flows before changes in working capital 13,297,686 14,633,344

Increase in trade receivables (853,744) (400,166)
(Increase)/decrease in other receivables and prepayments (138,200) 673,654
Increase in inventories (496,561) (503,249)
(Decrease)/increase in amounts due to related companies, net (3,281,816) 13,494,288
(Decrease)/increase in trade and other payables and accrued
operating expenses (648,262) 877,850
Cash flows generated from operating activities 7,879,103 28,775,721

Income tax paid (568,052) (195,642)
Net cash flows generated from operating activities 7,311,051 28,580,079
Investing activities
Purchase of plant and equipment (345,040) (386,659)
Proceeds from disposal of plant and equipment 153,959 4,581
Additional investment in a subsidiary (4,808,871) –
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 (7,820,298) 9,078,811

Cash and cash equivalents at the beginning of year 9,572,292 493,481
Cash and cash equivalents at the end of year (Note 16) 1,751,994 9,572,292

statements.

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.

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
Description on or after
Revised FRS 27 Separate Financial Statements 1 January 2014

Revised FRS 28 Investments in Associates and Joint Ventures 1 January 2014
FRS 110 Consolidated Financial Statements 1 January 2014
FRS 111 Joint Arrangements 1 January 2014
FRS 112 Disclosure of Interests in Other Entities 1 January 2014
Amendments to FRS 32 Offsetting Financial Assets and Financial 1 January 2014
Liabilities
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.

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.

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 - 3 – 7 years
Office equipment - 5 years
Furniture and fittings - 5 years
Office renovation - 5 years
Motor vehicles - 4 years
Machinery and equipment - 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.

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.

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.

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.

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.

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.

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.

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.

2.20 Related parties
A related party is defined as follows:
(a) 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.
(b) 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).

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.

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
2013 2012
$ $
Sale of goods 19,056,275 21,887,687

Provision of services 309,877 288,493
19,366,152 22,176,180
5. Other income
2013 2012
$ $
Dividend income 9,131,398 10,777,487
6. Profit before taxation
The following items have been included in arriving at profit before taxation:
2013 2012
$ $
Depreciation of plant and equipment 497,680 533,893

Loss on disposal of plant and equipment 9,187 –
Impairment loss on investment in associates – 141,790
Net foreign exchange gain (36,563) (83,539)
Operating lease expense (Note 22) 365,237 340,247
Staff costs
- Salaries, bonus and other costs 5,594,190 5,171,311
- Employer’s contribution to defined contribution plan including
Central Provident Fund & AMP 491,896 461,770

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 2012
$ $
Current income tax

 Current income taxation 624,008 510,666
 Over provision in respect of previous years (100,000) –
524,008 510,666
Deferred tax expense

 Original and reversal of temporary differences – (23,783)
– (23,783)
Income tax expense recognised in profit or loss 524,008 486,883
(b) 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
$ $
Tax at 17% 2,174,439 2,372,802

Income not subject to taxation (1,552,338) (1,832,173)
Effect of partial tax exemption (25,925) (25,925)
Effect of tax relief and tax rebate (88,319) (168,936)
Non-deductible expenses 67,828 34,368
Over provision in respect of previous years (100,000) –
Others 48,323 106,747
524,008 486,883

8. Intangible assets
Non-competit
ion payment
*
Cost
31 December 2013 4,560,156
Accumulated amortisation
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.

9. Plant and equipment
Furniture
Machinery and Office and Office Motor
equipment Computers equipment fittings renovation vehicle Total
$ $ $ $ $ $ $
Cost
At 1 January 2012 1,403,574 356,701 107,774 210,896 702,893 236,064 3,017,902
Additions 73,855 80,746 5,000 204,549 22,509 – 386,659
Disposals – (6,045) (34,861) (8,544) – – (49,450)
At 31 December 2012 and 1 January 2013 1,477,429 431,402 77,913 406,901 725,402 236,064 3,355,111
Additions 268,699 20,990 2,241 53,110 – – 345,040
Disposals – (73,780) (6,450) – – (236,064) (316,294)
At 31 December 2013 1,746,128 378,612 73,704 460,011 725,402 – 3,383,857
At 1 January 2012 484,469 159,221 67,870 93,088 492,493 19,886 1,317,027
Disposals – (1,465) (34,861) (8,543) – – (44,869)
At 31 December 2012 and 1 January 2013 716,648 223,724 48,132 134,729 636,416 46,402 1,806,051
Disposals – (73,780) (6,450) – – (72,918) (153,148)
At 31 December 2013 967,789 230,436 52,088 212,497 687,773 – 2,150,583
Net carrying amount

At 31 December 2012 760,781 207,678 29,781 272,172 88,986 189,662 1,549,060
At 31 December 2013 778,339 148,176 21,616 247,514 37,629 – 1,233,274

10. Investment in subsidiaries
2013 2012
$ $
The details of the subsidiaries are as follows:
Proportion (%)
Country of of ownership
2013 2012
% %
Held by the Company
Ametek Motors Asia Singapore Investment holding 100 100

Pte Ltd (1)
Ametek Commercial People’s Republic Imports, exports, wholesales 100 100

Enterprise (Shanghai) Co. of China (“PRC”) and agency of motors and
Ltd. (2) 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
Ametek Instruments India India Marketing, dealing, providing 100 100

Pte Ltd (3) technical assistant and after
sales services and providing
software development in
respect of equipment,
appliances and other
industrial products
Ametek Engineered Malaysia Manufacturing of 100 100

Materials Sdn Bhd aluminium/copper bonding
(4) (5) wire and ribbon; packaging of
bond pads.
Held through a subsidiary
Ametek Motors People’s Republic Manufacturing and assembly of 100 100

Shanghai Co., Ltd. (2) of China (“PRC”) vacuum cleaner motors
(1) Audited by Ernst & Young LLP, Singapore.

(2) Audited by Ernst & Young, Shanghai.
(3) Audited by S.V. Ghatalia & Associates.
(4) Audited by Ernst & Young, Malaysia.
(5) 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.

11. Investment in associates
2013 2012
$ $

Less: Impairment loss (141,790) (141,790)
Carrying amount after impairment loss 1,239,275 1,239,275
The details of the associates are as follows:
Proportion (%)
Country of of ownership
2013 2012
Held by the Company % %
Amekai Singapore Pte Singapore Investment holding 50 50

Ltd (Singapore) (1)
Amekai Taiwan Co. Ltd Taiwan Importer and exporter of 50 50

(Taiwan) (2) meter gauges
Held by Amekai
Singapore Pte Ltd
Amekai (Meter) Xiamen People’s Republic Manufacturing of gauges 100 100

Co., Ltd (2) of China (“PRC”)
(1) Audited by Ernst & Young LLP, Singapore

(2) 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 11,586,199 9,476,726
Non-current assets 1,222,935 1,433,894
Total assets 12,809,134 10,910,620
Current liabilities 12,421,996 11,878,399

Non-current liabilities 1,042,616 980,903
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

12. Trade receivables
2013 2012
$ $
Trade receivables 2,086,356 1,232,612
Other receivables (Note 13) 542,194 366,275

Amounts due from related companies (Note 14) 976,800 759,315
Total trade and other receivables 3,605,350 2,358,202

Add: Cash and cash equivalents (Note 16) 1,751,994 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 2012
$ $
Trade receivables past due:

Lesser than 30 days 461,809 346,827
30 to 60 days 89,519 41,145
61 to 90 days 23,412 21,617
91 to 120 days 28,565 140,755
603,305 550,344
The Company does not have any trade receivables that are impaired as at 31 December
2013 and 31 December 2012.

13. Other receivables
2013 2012
$ $
Deposits 54,024 54,024

Sundry receivables 488,170 312,251
542,194 366,275
14. Amounts due from related companies
2013 2012
$ $

- Trade 864,063 614,957
Related companies
- Trade 101,188 139,714
Subsidiary companies
- Non-trade 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 2012
$ $
United States Dollar 3,692 58,734
15. Inventories
2013 2012
$ $
Balance sheet:
Finished goods 3,495,007 2,998,446
Income statement:
Inventories recognised as an expense in cost of sales 11,561,507 14,757,701

16. Cash and cash equivalents
Cash and cash equivalents comprise the following as at 31 December:
2013 2012
$ $
Cash at bank and on hand 1,751,994 9,572,292
Cash and cash equivalents are denominated in the following currencies:
2013 2012
$ $

Hong Kong Dollar 18 18
Australian Dollar 64,922 –
Singapore Dollar 577,097 275,871
1,751,994 9,572,292
17. Amounts due to related companies
2013 2012
$ $
Related companies
- Trade 136,379 210,371
- Non-trade – 44,696
Subsidiary company
- Non-trade 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 2012
$ $
United States Dollar 140,499 3,148,565

Euro – 11,569

18. Trade and other payables
2013 2012
$ $
Trade payables 1,176,047 1,619,951

Other payables 93,075 128,529
Total trade and other payables 1,269,122 1,748,480

Amounts due to related companies (Note 17) 140,499 3,204,830
Accrued operating expenses 661,163 830,067
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 2012
$ $

Euro 3,560 –
19. 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 148,873 148,873
20. 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.

21. Dividends
2013 2012
$ $
Declared and paid during the financial year:
Dividends on ordinary shares:
- Final exempt (one-tier) dividend for $1.16

(2012: $2.19) per share 10,131,397 19,119,190
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 2012
$ $
Within one year 61,514 57,669
(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 (287,203) (261,448)
Reimbursement of expenses from:

Ultimate holding company (5,696,302) (5,135,283)
Sales of finished goods to related companies (260,765) (49,352)

Sales commission paid to related company – (40,048)
Purchase of raw materials from related companies 2,047,006 2,483,282
Purchase of plant and equipment
from a related company 8,401 74,409

23. Related party transactions (cont’d)
(b) Compensation of key management personnel
2013 2012
$ $
Short-term employee benefits 429,700 409,206

Defined contribution plan 5,951 5,751
Other benefits 54,777 51,591
490,428 466,548
Comprise amounts paid to:

Directors of the Company 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.

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:
Amounts due to related companies (140,499)

(b) Liquidity risk (cont’d)
Within
1 year
$
2012
Financial assets:
(c) 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.

(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.
Profit, net of tax

2013 2012
$ $
USD/SGD - strengthened 3% (2012: 3%) 58,247 (139,189)

- weakened 3% (2012: 3%) (58,247) 139,189
25. 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.

BILAN - ACTIF I DGFiP N° 2050 2012
Fommlaire obligatoire (article 53 A

du Code general des impOts)
Depose au Gre ff ele..........
I , - 6 ..NUV. l012
Designation de l'entreprise SAS ANTAVIA Duree de l'exercice exprimee en nombre de mois* ~
Adresse de I' entreprise 33 route de Toulouse 82170 DIEUPENTALE Duree de l'exercice precedent* ~
Numero SIRET* I 3 I 41 3 I 91 41 61 2 I8 I l I0 I0 I0 I2 I3 I "'° (.?) ?.h'A"~ ~"'~

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- e N clos le,
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Capital souscrit non appele (I) AA ,, ">~ • ,_;i:.;
...-!, - ;::...
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Ul Frais~d'etablissement * AB AC \~ .,. , r..}..Cl:JJ
~ Frais de developpement * ex CQ ~ )/
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u Concessions, brevets et droits similaires AF 47 102 AG
""'-
45
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s
;;;
Fonds commercial (1) AH 19 056 Al 19 056 19 056
.,
d Autres immobilisations incorporelles AJ AK
"'::;:0 Avances et acomptes sur immobilisa-
2'i tions incorporelles AL IAM
"'Ul
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Terrains AN AO
.J
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VJ 0 Constructions AP 662 948 AQ 620 430 42 518 62 100
d
a:l
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0 Installations techniques, materiel et
u AR
0 AS
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outillage industriels
Autr~s immobilisations corporelles AT >
620 692
178 625 AU
.
480 043
136 192
140 648
42 433
130 953
29 880
~ ;;;
b
u d
-< "'
0
Immobilisations en cours AV 68 743 IAW 68 743 14 517
::;:
2'i Avances et acomptes AX AY
E Particig,ations evaluees selon
la met ode de mise en equivalence cs CT -
"'Ul
~
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u Autres participations cu CV
...~ Creances rattachees it des participations BB BC
"'~
f::: Autres titres immobilises BD BE
;;;
d Pre ts BF
.l 578 BG
I 578 I 578
"'0
::;:
2'i Autres immobilisations financieres* BH 18 197 BI 18 197 16 259
TOTAL (II) BJ I 616 946 BK 1 282 461 334 484 274 347
Matieres premieres, approvisionnements BL BM
."' En cours de production de biens BN BO
·~
u
0
En cours de production de services BP 595 424 BQ 133 841 . 461 582 ' 692 205
"'"" Produits intermediaires et finis BR BS
b
z
-< Marchandises BT BU
5
u
Avances et acomptes verses sur commandes BV
. 2 103 884
2 342 BW
239 294 l 864 590 I 530 442
~ 2 342 60666
u
~ BX BY < '·
b
u "'Ul Clients et comptes rattaches (3)* 2 932 161 34 723 2 897 437 2 374 841
-<
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~ Autres creances (3) BZ 222 467 CA 222 467 70 202
u
Capital souscrit et appele, non verse CB cc
Valeurs mobilieres de placement
"' (dont actions propres: ...:....................................... ) CD
~ CE
~ Disponibilites CF 2 797 092 CG 2 797.092 2 060 368
Charges constatees d'avance (3)* CH 24 357 CI 24 357 30 91 l
TOTAL (III) CJ CK
.,,"
0 8 677 728 407 859 8 269 869 6 819 638
00"'
"00 Frais d'emissio~ d'emprunt it etaler (IV) ICW "'I"': ""'
o.:a
s-6b ."~
'"""''- "
0
U-~ Primes de remboursement des obligations CM r~.J
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Ecarts de conversion actifl'
(V)
(VI) CN 10 561
'
" •
...
.
~ ~*~ 10 561 12 318
TOTAL GENERAL (I a VI) co 10 305 236 IA l 690 321 8 614 914 7 106 304
(2) part amains d'un an des
Renvois : (1) Don! droit au bail : immobilisations financieres nettes · CP (3) PaiH plus d'un an ICR
l""' Clause de reserve
de propriete :* llmm~bilisations : Stocks: Creances:
-~ *Des exphcat1ons concernant cette rubnque sont donnees dans la notice n° 2032 " '
u
BILAN - P ASSIF avant repartition DGFiP N° 2051 Z012
Fonnulairc obligatoire (ruticle 53 A

Designation de I' entreprise

SASANTAVlA ' Neant D*
.
·' .
Exercice N ' Exercice N -,- I
Capital social ou individuel ( l )* (Dant verse : ....................................... lOO.. QQQ ..... ) DA 100 000 100 000
Primes d'emission, de fusion, d'apport, ...
Ecarts de reevaluation (2)* (dont ecart d'equivalence IEKI )

DB
DC
36 864 36 864
.
Reserve legale (3) l;>D 10 000 10 000
<Zl
..
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Reserves statutaires ou contractuelles DE
.
~
. . . *( Dant reserve speciale des provisions Bl ) DF
~
~
Reserves reglementees (3) pour fluctuation des cours
>::
;:i
Autres reserves
( Dant reseI'Ve relative it l'achat
d'oeuvres originales d'artistes vivants* EJ ) DG 4 940 658 3 316 767
.,
<
r< Report a nouveau DH
s:::
<
u RESULTAT DE L'EXERCICE (benefice OU perte) ' DI 1442684 1 623 890
Subventions d' investissement DJ
Provisions reglementees * DK
- TOTAL (I) DL 6 530 208 5 087 523
"'
"O
i::"'
Produit des emissions de titres participatifs " DM
tS e
"'Q,
Avances conditionnees DN
:=;~eQ,
< TOTAL (II) DO
"'
<l><!)<I)
i::::::
Provisions pour risques DP 17 342 12 318
.9~e!l
<I)
' ..
.~·;::_g Provisions pour charges DQ
E;""" u
,_,::::~
~:s.<!)
TOTAL {Ill) DR 17 342 12 318
,.
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 ) DV 338 303

<Zl
~
r< Avances et acomptes re9us sur commandes en cours DW 99 605 17 592
r<
~
Q Dettes fournisseurs et comptes rattaches DX I 008 386 882 532
Dettes fiscales et sociales DY 942 668 761 591
.
Dettes sur immobilisations et comptes r·attaches DZ i' 185 I 185
... Autres dettes EA
.,
Compte
Produits constates d'avance (4) . EB
regul.
TOTAL {IV) EC
.. 2 051 845 2 '001 204
.
.
Ecarts de conversion passif* (V) ED 15 518 5 258
TOTAL GENERAL (I ii V) EE 8 614 914 7106 304
(I) E:cart de reevaluation incorpore au capital lB
Reserve speciale de reevaluation (1959) IC
..
rJ'.i
.....
0
>
z
(2) Dant
{ Ecart de reevaluation libre
Reserve de reevaluation (1976)

ID
. IE
r::l (3) Dant reserve speciale des plus-values along terme * EF
(4) Dettes et produits constates d'avance ~mains d'un an EG I 951 055 I 983 612
(5) Dant concours bancaires courants, et soldes crediteurs de banques et CCP EH
* Des exphcahons concemant cette rubnque sont donnees dans la notJ.ce n° 2032
@I COMP'fE DE RESULTAT DE L'EXERCICE (En liste) DGFiP N° 2052 2012.
Fommlaire obligatoire (article 53 A

Design.ation de l'entreprise: SAS ANTA VIA INeant

I
D*
'
Exercice N
Exercice (N -1)
France Exportations et '
livraisons intracommunautaires Total
Ventes de marchandises* FA 3 305 064 FB 4 738 311 FC 8 043 376 8 226 903
biens * FD FE 1 240 FF 1 240 853
Production vendue. { .
FH
6i::: services* FG 1 856 796 3 544 407 FI 5 401 203 5 727 943
,...
<t: Chiffres d'affaires nets * FJ 5 161 861 FK 8 283 959· FL 13 445 820 13 955 .700
0
.-l Production stockee* FM ( 128 114) 244 579
11..
:><
i:Ll Production immobilisee* FN '
b
,...
Ul
Subventions d'exploitation FO
sCl "'
Reprises sur amortissements et provisions, transferts de charges* (9) FP 72 957 39 661
~
11..
'
Autres produits (I) (I I) FQ 134 169
Total des prodnits d'exploitation (2) (I) 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
6i:::: Autres achats et charges extemes (3) (6 bis)* FW 2 861 489 3 323 814
,...
<t:
Imp6ts, taxes et versements assimiles* FX 219 694 203 808
0
.-l
Salaires et traitements* , FY 2 275 590 2 065 495
~
i:Ll
b Charges sociales (IO) ' FZ 939 437 835 748
Ul
i:Ll
0 z ;- dotations aux amortissements* GA 122 699 122 225
~ u:i8
zi- Sur immobilisations{
<t: o<
::r:
u - I-
- dotations aux provisions* GB
I- -
<0
I- >-l Sur actif circulant : dotations aux provisions*
o~
Q'1l
Q Pour risques et charges : dotations aux provisions
GC
GD
209 601
6 781
. 177 725
Autres charges (12) GE 93 64

Total des charges d'exploitation (4).(11) GF 11077026 11469976
1 - RESULTAT D'EXPLOITATION (I - Ii} GG 2313769 2 770 134
~ §
Benefice attribue ou perte transferee* (III) GH
·E §
-~ 8 (IV) GI
g. 5 Perte supportee on benefice transfere*
Produits financiers d.e participations (5) GJ

Ul
~ - ' ..
i:Ll Produits des autres valeurs mobilieres et creances de l'actif immobilise (5) GK
u
~
z
Autres interets et produits assimiles (5) GL 6 982 3 982
r;:
,...
Ul
Reprises sur provisions et transferts de charges GM 62 318 14 927
sCl Differences positives de change GN 109 795 116 735
~
11..
Produits nets sur cessions de valeurs mobilieres de placement GO
Total des prodnits financiers (V) GP 179 096 135 645

Ul
~ . -
Dotations financieres aux amortissements et provisions* GQ 10 561 23 318
"
g µ.,
Inter~ts et charges assimilees (6)
Differences negatives de change

GR'
GS 77 699 163 875

Ul .-
~
<!'.
Charges nettes sur cessions de valeurs mobilieres de placement GT .'
::c:
u Total des charges financieres (VI) GU 88 260 187 194
.
2 - RESUL TAT FINANCIER (V - VI} GV 90 835 ( 51 548)
3 - RESUL TAT COURANT AVANT IM~OTS (I - II+ Ill - IV+ V - VI} GW 2 404 605 2718585
,
(RENVOIS . volf tableau n0 2053) *Des expltcat1ons concernant cette rubnque sont donnees dans la notice n° 2032.
01 COMPTE DE RESULTAT DE L'EXERCICE (suite) DGFiP N° 2053 ·2012
Fotmulaire obligatoire (article 53 A

du Code gCnCral des impOts)
Designation de I' entreprise SASANTAVIA

i
Neant D*
Exercice N Exercice N - 1
if> Produits exceptionnels sur operations de gestion HA 3 840 21 870

...l
if>""
t:~ Produits excepti9nnels sur operations en capital * HB 7 801
~o
o-
oE-
..:"-'
o...t]
x
""
Reprises sur provisions et transferts de charges
Total des produits exceptionnels (7) (VII)

. HC
HD
..
u 641 21 870
if>
""...l Charges exceptionnelles sur operations de gestion (6 bis) HE 4265 20474

if>til
<i.l:z:
O:z: Charges exceptionnelles sur operations en capital * HF 50 142
<><o
<-
::r::E- .,
u"-' Dotations exceptionnelles aux arnortissements et provisions HG
·""x
u
Total des charges exceptionnelles (7) (VIII)
-
"" HH 54 407 20474
4 - RESULTAT EXCEPTIONNEL (VII - VIII) - HI ( 42 765) I 395
Participation des salaries aux resultats de I 'entreprise (IX) HJ 198 489 228 756
lmp6ts sur les benefices * (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
5 - BENEFICE OU PERTE (Total. des produits - total des charges) HN 1442684 1 623 890
Dont produits nets partiels sur operations a long terme
.
' (1) HO
.. -
produits de location immobilieres HY
(2)Dont
produits d'exploitation afferents a des exercices anterieurs (a detailler au (8) ci-dessous)
..
"' ..
JG
- Credit-bail mobilier * HP 5 413
(3) Dont
- Credit-bail immobilier '
HQ
(4) Dont charges d'exploitation afferentes a des exerc\ces anterieurs (a detailler au (8) ci-dessous) . JH •·
(5) Dont produits concernant les entreprises liees lJ

(6) Dont inten':ts concernant les entreprises liees ., lK
~
6bis) Dont dons faits aux organismes d'interet general (art.238 bis du C.G.L) HX
(9) Dont transferts de charges Al 69 670 25 755
(10) Dont cotisations personnelles de l'exploitant (13) A2
(11)
.•
Dont redevances pour concessions de brevets, de licences (produits)
. A3
<:/l
0 (12) Dont redevances pour concessions de brevets, de licences (charges) A4
>
~ (13) Dont primes et cotisations
comolementaires oersonnelles : facultatives A6
I I I
obligatoires A9 I I
(7) Detail des produits et charges exceptionnels (Si le nombre de lignes est insuffisant, reproduire le cadre (7) et le ExerciceN
joindre en annexe) : Charges exceptionnelles Produits exceptionnels
·•
. V oir etat annexe
- ExerciceN
(8) Detail des produits et charges sur exercices anterieurs : Charges ant6rieures Produits anterieurs
,.
<
,.
* Des explic~tions concernant cette rub~que sont donnees dans la n"otlce n° 2032.
I ·:.]
r-'·
I COPIE CERTIFIEE CONFORME

)' Jean AUSSET
i Expert-comptable
I
' . ·:·'. '·•· !
St~phane'~ASSE ; -~
•
Expert~cornptable
" ~::- :. ;..;
lNSCR!T AU ,TABLEAU
DE L'ORDRE ~·~. '•
,
..
""{·: ..~
'~
_, \·~
·:·;:
l
-
DES EXPERTS COMPTABLES' '·
DE LA REGION DE TOULO~§~ ,
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
Periode du 01/01/2011au31/12/2011
/_s_A_S_A_N_T_A_V_IA-_,.--------------~#
.... Comptes Annuels / ..
l: 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.
Les immobilisations corporelles et incorporelles sont evaluees a leur coOt d'acquisition pour les actifs acquis a titre onereux, a leur coOt de
production pour les actifs produits par l'entreprise, a leur "!aleur venale pour les actifs acquis a titre gratuit et par voie, d'echange.
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
place et en etat de fonctionner selon !'utilisation prevue. Les droits de mutation, honoraires ou commissions. et frais d'actes lies a
!'acquisition, sont rattaches a ce coot d'acquisition. Taus les coots qui ne font pas partie du prix d'acquisition de !'immobilisation et qui ne
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
* 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 a 10 ans
* 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
.... ~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--·-···-·---- ------------·------···-'""""-··-- ---------·--·-·-·------··---·-----· ·---·--

'
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.
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.~~~-------------··---. -------------------·--··-.. ·------..···-·--··.. -· . ··-·-..------·-----------

Lors d'acquisition d'actif en monnaie etrangere, le taux de conversion utilise est le taux de change a la date d'Etntree 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 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_ _ _ _ _ _ _ _ _ _ _ _ _ _ ____,§ Comptes Annuels /
C'7 Faits caracteristiques
~!!~!~~-J~lel'!!~~J~-~!gn ~fic~Jlf~------------· ·-------------··--·---------··------· ·----------------------·-··--------·_:__

Les creances douteuses sont provisionnees a hauteur de 100% de leurs montants HT.
La societe ANTAVIA est entree en 2010 dans le perimetre d'integration fiscale du Groupe AMETEK HOLDINGS SA~L.
La societe AJ':ITAVIA fait l'objet d'une consolidation du Groupe AMETEK HOLDINGS SARL.
,,.;
~-~---"--CA_a_m_E_Ts_~_N_~u~~-Nc_E
j __ ~-_,// 64, rue Benjamin Bai/laud 31500 TOULOUSE / / Tel. 05 61 61 61 ao /J@Jii;][5{:1
Periode du 01/01/2011au31/12/2011
,_/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ ____,// _ Comptes Annuels /
I :7 Notes sur le bilan
Actif immobilise
Tableau des immobilisations
Au debut Augmentation Diminution En fin

d'exerclce d'exercice
- Frais d'etablissement et de developpement

- Fonds commercial 19 056 19 056
- Autres postes d'immobilisations incorporelles 37 116 9 987 47103
Immobilisations incorporelles 56172 9 987 66159
-Terrains
- Constructions sur sol propre
- Constructions sur sol d'autrui 149 180 149 180
- Installations generales, agencements et
a,rnenagements des constructions 510 113 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 8422 8422
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
- Emballages recuperables et divers
I, - Immobilisations corporelles en cours '14 517 54 9931 767 68 743
I - Avances et acomptes
I
: Immobilisations corporelles 1415639 171 8201 56448 1 531 010
I- Pamcipot~os .,~i"'es pa• m•e eo -I

'[ equivalence
- Autres participations 50 090 50 000
I
- Autres titres immobllises . 1 579 I 1 579
I - Prets et autres immobilisations financieres 16 259 1 9381 18 1,98
! Immobilisations financieres 67 838 1 938: 50 000 19 777 -
!
ACTIF IMMOBILISE 1 539 649 183 745 106 448 1616946

'
I __________ _
_________ L
·-·- -···· ___ ._ ___ ,,_____ -·· ······--- ··-··-- ·--··-··-·'-· ----··----.,.---·--------..!.______ ,
.....
/ ___c_A_a_1N_E_Ts_...:_N_Au_1A_Nc,...E_ _ ~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_]
Periodedu 01/01/2011au31/12/2011
~/_s_A_S_A_N_T_A_V_IA_________________ff Comptes Annuels /
I 7 Notes sur le bilan
Les .flux s'analysent comme suit :
Immobilisations Immobilisations Immobilisations Total

incorporelles corporelles financleres
I
I Ventilation des augmentations I I

r Vireme~t~ d~ poste a p~~t~ .
I Virements de l'actif circulant
I Acquisitions 9 987 171 820 1 938i 183 745
I Apports
1 Creations
j Reevaluations
I
Augmentations de l'exercice 9 987 171 820 1 938 183 745
I Ventilation des diminutions

I·----------------------·-··--~- ---··----· ----·-
: Virements de poste a poste
I Virements vers l'actif circulant
I
,. Cessions 55 681 i 50 ooo! 105 681
Scissions
1
I Mises hors service
I
Diminutions de l'exercice 56 448 50 000 106 448
i "l'
.. J i .... _.... _
Immobilisations incorporelles
.Fonds commercial
31/1212011
I
I Elements achetes
I Elements reevalues
I Elements re1;us en apport
Total 19 056
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

Periode du 01/01/2011 au 31/1212011
.._/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _~# Comptes Annuels 7

Amortissements des i~mobilisations
Au debut de Augmentation DimiQutions A lafln de

l'exerclce l'exerclce
I
- Fonds commercial
' -Autres postes d'immobilisations incorporelles 37 116 8679 45 795
I Immobilisations incorporelles
1 37116 8 679 45795
I
-Terrains
Constru~~ions sur sol propre
II -- Constructions sur sol d'autrui 140 900 7 150 148 049
'I - Installations general~s. agencements et
· ame.nagements des constructions 456 292
1
16 089 472 381

I· - Installations techniques, materiel et outillage
I industriels '"' ' 440 539 76 44{1 •I
36936 480 044
I - Installations generales, agencements l
I am~nagements divers , 8 422
I 8422
1
- Materiel de transport 49 097 61231 77 55143
, 1 - Materiel de bureau et informatique, "mobilier. • 82 936 8 2171 18 526 72 627
I - Emballages recuperables et divers I
I !
,I Immobilisations corporelles 1 178 186 114 0201 55 539 1236667
!
" II
___.___.L___________ -··------ -- ------ ·-- ·- ·-·· -- ------· ....
--·---·- j
·•
_,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 _ __,// Tel. 05 61 61 61 80 / [fiii@l{s4 __,]
Periode du 01/01/2011 au 31/12/2011
._/_s_A_S_A_N_T_A_V_IA
_ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,// Comptes Annuels /
L I 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 2932161.
Autres 222.467 222 467
Capital souscrit - appele, non verse
Charges constatees d'avance 24 357 24 357
Total 3 197 183 3 178 985 18 198
Prets accordes en cours d'exercice

Prets recuperes en cours d'exercice
' .
Prqduits a recevoir
II Clients Fact A Etablir 8691

I ETAT PRODUITS A RECEVOIR 7 9031
I I"
Total 8 772
'
i
.. -· -------·--------. ·····---···- ·-· .. ·-···--··· . - .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_ __,// Tet. os 61 61 61. ao /Jt~~
Periode du 01/01/2011 au 31/1212011
-
" ~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _~// Comptes Annuels /
I I 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 !
Titres composant le capital social au debut de l'exercice 5 000 20,00 I
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 5 000 20,00
., .
L ••••••••• -····------·-------·---- --·-·-·· ---- --······-· ••• - •• -····----·- ·-·-------·· ------. -- --- -----------------
Affectation du resultat
Decision de l'assemblee generale du 30/06/2011.
'
I
I Report a Nouveau de l'exerc1ce precedent
I Resultat de l'exercice precedent
Prelevements.sur les reseives
===--- •
Montant
1 623 891 :
~]
. :,
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. ·--------· ---- ------------------
....
/_-_ _c_A_B_tN_E_T s_~_N_ALL_tA_Nc_E
__ ~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~~
Periode du 01/0112011 au 31/12/2011
/_s_A....,...s_A_N_T_A_V_IA,...---------------~#
.... Comptes Annuels /
{ · 1 Ne>tes sur le bi Ian

Table~u de variation des capitaux propres
Solde au Affectation Augmentations Diminutions Solde au

01/01/2011 des resultats am212011
I
I
I Capital 1000001 100 000'
!
:
I Primes d'emission 36 865[ 36.865
J Reserve legale · 10 oool 10 000

I Rese,rves generales 3 316 768' 1623891 4 940 658
I Re~ultat de l'exercice 1623891 -1623891 144268ey 1442685
I .l
.I
Total Capitaux Propres 5 087 523 1 442 685 6 530 208
Provisions ·----- --~-------~--
Tableau des provisions
Provisions Dotations Reprises Reprises Provisions

au debut de l'exerclce utillsees non utlllsees a la fin
de l'exerclce de l'exerclce de J'exerclce de l'exercice
i
Litiges 6 781 6 781 !
Garanties ·donnees aux clients

P~rtes sur marches a terme
Amendes et pena!ites
Pertes de change 12 319 .10 561 12 318 10 561 !
Pensions et obligations similaires

Pour impOts !
Renouveilement des immobilisations

.I
'
i .Gros entretien et grandes revisions
, Charges sociales et fiscales
I sur conges a payer
I Autres provisions pour risques
et charges
Total 12 319 17 342 12 318 17 342
Repartition des dotations et des

reprises de l'exercice :
Exploitation 6 781
Financieres 10 561
Exceptionnelles.
Les provisions pour litiges sont liees a des marchandises deteriorees lors du transport .
I CABINET SYNALLJANCE // 64, rue Benjamin Bai/laud 31500 TOULOUSE / / Tel.0561616180 /~~D
Periode du 01/0112011 au 31/1212011
...
/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ __,# Comptes Annuels /
L· 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 Echeances Echeances

brut a moins d'un an a.:plus.d'un an a<plus de 5 ans
i
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 1008387 1008387
Dettes fiscales et sociales 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
'
Total 1 952 241 1 951 056 1 185
I Emprunts souscrits en cours d'exercice

I Emprunts rembourses sur l'exercice dont :
.: I i
l -~- --·--------·-·--·-------·~--·-·------· --·--.---l----·-------~~---1- -----~--- ·---·-·----- , ___ -- --··---·----·----~------·- .. --
'
-·---·--
Charges a payer
_........
r
II
Montant
'
I Fact Non Parvenues 211 081 I
i Conges A Payer 202 3731
Prov. Participat. Salaries 198 489 I
Personnel Charges ·A Payer 121 259 i
, Org.Soc. Charges A Payer 140 375 I
I Etat Autres Ch. A Payer 76 305 I
I
Total 955 888
....
/_;..._ _ _ ~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
.... Comptes Annuels /
L I Notes sur le bilan
Autres informations
Elements concernant les entreprises liees
Entreprises
liees
Entreprlses
avec lien
J·
de participation
Capital souscrit non appele
Avances et acomptes sur immobilisations incorporelles
Avances et acomptes sur immobilisations corporelles
Participations
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
Total Creances 192 913

Disponibi!ites

Autres emprunts convertibles
Emprunts et dettes aupres des etablissements de credit.
Avances et acomptes rec;us sur commandes en cours
Dettes fournisseurs et comptes rattaches 35066
Dettes suUmmobilisations ~t comptes rattaches
Autres dettes
Total Dettes 35066
Les creances concernant les entreprises liees ou avec un lien de participation s'elevent a 192 913€ ; les dettes concernant les
entreprises liees ou avec un lien de participation s'elevent a 35 066€ - leur.repartition est detaillee dans le tableau ci dessus. II n'y a pas
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
Periode du 01/01/2011 au 31/12/2011
._/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,f Comptes Annuels /
~-C?l!!P~~-s___c:!~_r~g-~ larj~_ati<?_r:'___________________________________________________________________
Charges constatees d'avance
Charges Charges Charges

d'exploitation Financieres Exceptlonnelles
I
Ii Charges Constat.D Avance 24 357
'
I
Total 24 357
' I
--. -· ·- ... -----------·-----· -- --- -- - --- -·-· --- -- ---- --- ------ ------ ------ ----------- ~--------------------------J __ --- --- ______ .I
,_/_ _ _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
Ventes de produits finis

Ventes de produits intermediaires 1.240 1 240:
I
Ventes de produits residuels
1
Travaux
I
I
Etudes
Prestations de services 18523,32:
~
3518935[
i
i I
5 371 2671
Ventes de marchandises I 3 305 065! 4 738 3121 8 043 377
, Produits des activites annexes ~I 4465 25 471 i 29 936 !
!
TOTAL 5161 862 8 283 958 13 445 820
l_______ ---- --- -- -- ---- - -- - ---- -------------------- - _ _i _______ -
i
- ... --- --·-----·-·--····--· ...... _.!
Remuneration des commissaires aux comptes .-~
Montant comptabilise au titre des diligences liees 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
Periodedu 01/0112011au31/12/2011
......
/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ __,__ _ _ _ _ __,f Comptes Annuels /
I 7 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
Pr:oduits I
I
I Creances devenues irrecouvrables dans l'exercice 3 2871 1 ·
I Autres charge;s exceptionnelles sur operations de gestion 1831

i Valeurs comptables des elements d'actif cedes 501421 I
; Autres charges 796!
i Autres produits exceptiqnnels sur operations de gestion 8601
I· Produits des cessions d'elements d'actif 7 8011
I Autres produits 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 Im pot Resultat

avant correspondant apres
lmpot Impot
I
I !
I + Resultat courant 2 404 605 734 921 1669684 i
II I
i + Resultat exceptionnel ' -42 765 -14 255 -28 510 I
,,
I - Participations des salari~s -198 489 198 489 I
! I
Resultat comptable 2 163 351 720 666 1 442 685
'-·--·-··------- - - - - - - - - - · · · · - · · · - - - - ·····---·--------·-]__________ ··-----·-·-··---·-·-·-·--·· - - - - · . L-------···-··-···--···-· .. J

'
_,~._1___
L../___c_A_a_1N_E_Ts_Y:_N_AL_L_1A_Nc_E_ _ _ro_u_w_u__,s_E_~//
6_4._ru_e_ae.,..n_lja_m_in_aa_;_11a_ud_3_1s_o_o Tel. 05 61 61 61 BO / ~/jfj
Periode du 01/01/2011 au 31/12/2011
·. ...
/_s_A_S_A_N_T_A_V_IA
_ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,// Comptes Annuels /
I 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

':----- ----·--------·--- -:;-~--~ ---~--~-·----~---- --------- ----------- ----------~-------- --~------ ----·---- --- -· ---·--·-·-· -------~- ---·· -+--·---- ---~----- -------·r·· --~-\
J 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 243 902 1
I -
' i Lies a d'autres eJ.ements
B. Total des bases concourrant a diminuer la dette future 243 902
C. Deficits reportables
D. Moins-values a long terme
Montant de la creance future 81 300,67

I (A- B- c - D) * 33 1/3 %
I _-- -·-- - ______ L _____ ... . ,. . . ... . ,....,.________ . _···--·-- _ i
1.~P-~!~ ~u i:J~_s__ benefic~~ ~J_r.!t~g~~!~P_r:i _fI~~_ale ________________________________________ -·- _-----------------------------·---------------·

A partir de l'exercice ouvert au 01 /01/2010, la societe SAS ANTAVIA est comprise dans le perimetre d'integration f[scale du groupe
AMETEK HOLDINGS SARL.
Au titre de !'integration fiscale, montant compris dans l'impot sur les societes :
Charges de l'exercice : 721 866 euros
L'impot sur les societes comptabilise n'est pas altere par des conventions particulieres au groupe.
j·
,_/____ cA_s_1N_E_r_s~_N_J1L_L_1A_N_cE_ __,hY

....___ 6_4,_ru_e_Be_n_ifa_m_in_Ba_i_11a_ud_3_1s_o_o _ro_u_w_u_s_E_~h Tel. 05 61 61 61 BO
· Periode du 01/0112011au31/1212011
I SAS ANTAVIA // Comptes Annuels /
I ] Autres infprmations
Effectif
Effectif moyen du personnel : 67 personnes dont 1 apprenti.
Personnel Personnel mis

salarle a disposition
l Cadres a/
Agents de maitrise et technicie_ns, 17!
I Employes 17
I Ouvrie~s 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 a la formation (D.l.F) sont considerees
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 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~

Periode du 01/0112011au31/1212011
~/,..,...s_A_S_A_N_T_A_V_IA_·-------....,...._------~// Comptes Annuels /

"
I I Autres informations
---------. ---·--·--·---------·----------------------- · - - - -
Engagements donnes
j
I Effets escomptes non echus
:
.
Montanten
euros
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 Engagement en matiere de retraite 123 879 i
i Autres engagements donnes 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
Exercice clos le 31 decembre 2011

!
Rapport des commissaires aux comptes
sur les comptes annuels
185, avenue Charles-de-Gaulle 1, place Alfonse Jourdain
95524 Neuilly-sur-Seine Cedex B.P. 98536
S.A. au capital de€ 27.200.000 31685 Toulouse Cedex 06
S.A.S. a capital variable
Commissaire aux Comptes Commissaire aux Comptes

Membre de la compagnie Membre de la compagnie
regionale de Versailles regionale de Versailles

A l'Associe Unique,
En execution de la mission qui nous a ete confiee par decision de l'associe unique, nous vous
a
presentons not re rapport re lat if l'exercice clos le 31 decembre 2011, sur :
• 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
a
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.
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
a
annuels, pris dans leur ensemble, et ont done contribue la formation de notre opinion exprimee dans
la premiere partie de ce rapport.
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 a
l'associe unique sur la situation financiere et les comptes annuels.
Toulouse, le 14 juin 2012
Les Commissaires aux Comptes
Antavia
Exe re ice clos le 31 decembre 2011 2
Periode du 01/01/2011 au 31/12/2011
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff Comptes Annuels /
J Bi Ian
,Amortlsseirnmts . ·Ne~ .fl.let8\f

'· DeplSql•t~JJ.§ 31112111 .. ~10.
ACTIF
CAPITAL SOUSCRIT NON APPELE
Frais d'etablissement
Frais de recherche et de developpement
Concessions, brevets et droits assimiles 47 103 45 795· 1 308
Fonds commercial 19 056 19 056 19 056
Autres immobilisations incorporelles
Immobilisations corporelles
Terrains
Constructions 662 949 620 431 42 518 62 101
Installations techniques, materiel et outillage 620 693 480 044. 140 649 130 954
Autres immobilisations corporelles 178 626 136 193 42 433 29 881
lmmob. en cours I Avances & acomptes 68 743 68 743 14 517
Immobilisations financieres
Participations et creances rattachees
Autres titres immobilises 1 579 1 579 1 579
Prets
[rofA. l:..l9i~?!t~§§~,:::::::::
. ___ 18 198 18 198
___..,__..~a481
~::~~-----~1-·~!!!46'·~~--1.-f-,~-J~~,-~-~.--934-4-M
16 259
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
Produits intermediaires et finis
Marchandises 2 103 885 239 295 1 864 590 1530442
Creances
Clients et comptes rattaches 2 932 161 34 723: 2 897 438 2374841
I
Fournisseurs debiteurs
Personnel 5 204 5 204 9 543
Etat, lmpots sur les benefices
Etat, Taxes sur le chiffre d'affaires 66 106 66 106 60 659
Autres creances 151 157 151 157
Divers
Avances et acomptes verses sur commandes 2 342 2 342 60 667
Disponibilites 2 797 092 2 797 092 2 060 369
Charges constatees d'avance 24 357 24 357 30 912
rrorA'.L"A'.criF=<:. 1~cuL.ANT -~- ......--.......,,8....,_ .-._.---.---..• --.. ~~···----· ...-~-· ····rAAR'l
'"'-·-·- ................ ··-------~·~--- ~I!l~-~1~?::!2~~--.J.t~~.~~! 2:~19~~1!.i
Charges a repartir sur plusieurs exercices
Prime de remboursement des obligations
Ecarts de conversion - Actif 10 561 · 12 319
rCOMpri:'s,rijfkrfo~RISATION ·~--- . -- .........--~-1o~s61 1·2~,1~.
TOTAL ACTIF 10 305 236 1 690 322 8 614 915 7 106 305
Periode du 01/01/2011 au 31112/2011
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff
.__/_s_A_S_A_N_T_A_V_IA Comptes Annuels /
,.
l. ___
F "'il''"""'''j
.
Bi Ian
Me~<iu
3111211~
PASSIF
Capital social ou individuel 100 000. 100 000
Primes d'emission, de fusion, d'apport, .., 36 865 36 865
Ecarts de reevaluation
Reserve legale 10 000 10 000
Reserves statutaires ou contractuelles
Reserves reglementees
Autres reserves 4 940 658 3 316 768
Report a nouveau
[@!!!J§l~~,!-~-~e-.~~-,.1.~---e-=----·--~-----------'""-----·-·_1 ~!. ,~~~--______1_6~~t!J]
Subventions d'investissement
Provisions reglementees
[iqi..\[a!e1~Y?<P~9f~.ES_·~----~~~-··--~-----'---~~----·~~i3§.20,_8~~---'-·~1~!1
Produits des emissions de titres participatifs
Avances conditionnees
____.____~---~~------~
[!orAVA!J'1~§'!'~~.!;!!§PR~S~,~~-;_-~
Provisions pour risques 17 342 12 319;
Provisions pour charges
[ro,-~[!-~~~~~ P~.Yif§~es~cij..\~~~~-----::::::_-_-_-_-_-_-_-_~_-_···::_11·~~-.2-.------····--~~!!~
Emprunts
Decouverts et concours bancaires
Emprunts et dettes aupres des etablissements de credits
Emprunts et dettes financieres diverses
Emprunts et dettes financieres diverses - Associes 338 303
Avances et acomptes rei;;us sur commandes en cours 99 605 17 592
Dettes fournisseurs et comptes rattaches 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 76 305. 90 970
Dettes fiscales et sociales 942 668 761 591 '
Dettes sur immobilisations et comptes rattaches 1 186 1 186
Autres dettes
Produits constates d'avance
(§TAt D"tt~s ··~~~-.__.,---·~,~,···--~~~~----.......---~---.......----
--~~2-051846
. . . . .~--
·:ioof ;g4 J
Ecarts de conversion - Passif 15 518 5 258 i
TOTAL PASSIF 8 614 915 7 106 305

Periode du 01/01/2011 au 31/12/2011
~/_s_A_S_A_N_T_A_V_l_A_ _ _ _ _ _ _ _ _ _ _ _ _ _ __,// Comptes Annuels /
Compte de resultat
~----
•r? ~:l
._,
cw 01/MM1 ·% ·Variation.
au·.,1112M1
•4111'1M!O
·au3..:i!.-.11
"·
°' . r'Jaft've
F"·
1:2 lll!JIS ·f2.m(ll$: · $m:ont11nt~ '(%)
~'~~
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
Autres produits 73 091 0,54 39 831 0,29 33 260. 83,50
Total 13390797 99,59 14 240 111 102,04 -849 314 -5,96.
CONSOMMATION MISES & MAT

Achats de marchandises 4 664 275 34,69 4 612 033 33,05 52 241 1, 13
Variation de stock (mises) -422 019 -3,14 -53 375 -0,38 -368 644 690,66
Achats de m.p & aut.approv. 199 386 1,48 182 437 1,31 16 948 9,29
Variation de stock (m.p.)
Autres achats & charges externes 2 861 490 21,28 3 323 814 23,82 -462 325 -13,91
Total 7 303 130 54,32 8 064 910 57,79 -761 779 -9,45
'V"'W'l!',~"i:f03___.,~,,,,.,,,,,
}:YJ7,' /'1i'-:' """'."11';""""'~"""'"~1''.'Jhi!,; '",i~--_, n; ''' • "~~~"'"'!"'<PW'!
6087667
k,· ,,,m:
,''"·
45,28 _s..~.!Rf~H 441 5' ~?.Ja5 -1A21
CHARGES
lmp6ts, taxes et vers. assim. 219 694 1,63 203 808 1,46 15 886 7,79
Salaires et Traitements 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 39 130; 13,05
Autres charges 93 64 29 44,99
Total 3 773 897 28,07 3 405 067 24,40 368 830 10,83
Produits financiers 179 096 1,33 135 646 0,97 43 451 32,03
Charges financieres 88 261 0,66 187 194 1,34 -98 933. -52,85 ;
Resultat financier 90 835 0,68 -51 549 -0,37 142 384 -276,21 ;
Operations en commun
c-r
..i>__,!"
-~2.10.4so5
e ''"&!fl"'"':·''''<('"·~'''""'
1!,88~~2I~!J!6__.1~~1f ~ "-31'39801
+i.~,s, .... U•i"
·:·~!
,,:m@M
Produits exceptionnels 11 642 0,09 21 870 0,16 -10 229 -46,77

Charges exceptionnelles 54 407 0,40 20 474 0,15 33 933 165,73.
Resultat exceptionnel -42 765 ·0,32 1 396 0,01 -44161 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
RESULTAT DE L'EXERCICE 1442 685 10,73 1623891 11,64 ·181 206 -11,16
Periode du 01/01/2011 au 31/12/2011
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,f 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,
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.
Les immobilisations corporelles et incorporelles sont evaluees a leur coOt d'acquisition pour les actifs acquis a titre onereux, a leur coOt de
production pour les actifs produits par l'entreprise, a leur valeur venale pour les actifs acquis a titre gratuit et par voie d'echange.
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
place et en etat de fonctionner selon !'utilisation prevue. Les droits de mutation, honoraires au commissions et frais d'actes lies a
!'acquisition, sont rattaches a ce coot d'acquisition. Taus les coots qui ne font pas partie du prix d'acquisition de !'immobilisation et qui ne
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
•Installations generales, agencements et amenagements 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
* Mobilier: 6 a 10 ans
Periode du 01/01/2011 au 31/12/2011
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
Les stocks sont evalues suivant la methode du coat moyen pondere. Pour des raisons pratiques et sauf ecart significatif, la methode du
Une provision pour depreciation des stocks egale a la difference entre la valeur brute determinee suivant les modalites indiquees ci-dessus
a
superieure 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
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.
Periode du 01/01/2011 au 31/12/2011
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~£ 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.
Periode du 01/01/2011 au 31/12/2011
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~# Comptes Annuels /
i _? Notes sur le bilan
Actif immobilise

- Fonds commercial 19 056: 19 056
- Autres pastes d'immobilisations incorporelles 37 116 9 987 47 103
Immobilisations incorporelles 56 172' 9 987 66159
- Terrains
- Constructions sur sol d'autrui 149 180 149 180
amenagements des constructions 510 113 3 656 513 769
- Installations techniques, materiel et outillage
industriels 571 493 86 136 36 936 620 693
- Installations generales, agencements
amenagements divers 8 422 8 422
- Materiel de transport 66 587 11 545 219. 77 914
- Materiel de bureau et informatique, mobilier 95 327 15 489 18 526 92 290
- Immobilisations corporelles en cours 14 517 54 993 767, 68 743
- Avances et acomptes
Immobilisations corporelles 1 415 639 171 820 56 448 1 531 010
- Participations evaluees par mise en

equivalence
- Autres participations 50 000 50 000
- Autres titres immobilises 1 579 1 579
- Prets et autres immobilisations financieres 16 259 1 938 18 198
Immobilisations financieres 67 838; 1 938 50 000 19 777
ACTIF IMMOBILISE 1 539 649 183 745 106 448 1 616 946
Periode du 01/01/2011 au 31/12/2011
_______________ __,# Comptes Annuels /
L , ..; Notes sur le bi Ian

Les flux s'analysent comme suit :
·'
lmmal:JlllsatJo~ ·1mrnobll1S~tions
J
lm!lloblllsatlons
incorpa~Ues corporeltes ·' fina~leres
Ventilation des augmentations

Virements de poste a poste
Virements de l'actif circulant
Acquisitions 9 987 171 820 1 938 183 745
Apports
Creations
Reevaluations
Augmentations de l'exercice 9 987 171 820 1 938 183 745
Ventilation des diminutions

Virements de poste a poste 767 767
Virements vers l'actif circulant
Cessions 55 681 50 000 105 681
Scissions
Mises hors service
Diminutions de l'exercice 56 448 50 000 106 448
Fonds commercial
----- ----~~-·---~--,•-----------·-Fh;'!
. ~-·--·-'·-·_ _3,'fl'.1~2011 ... J

Elements achetes
Elements reevalues
Elements rec;:us en apport 19 056
Total 19 056
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.
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[
Amdebut cite' A la fhi de ... 1
l'exerclce ,,. } -~' ~!ex'"lc':_j
~~--_.....,...,,n~~..;~;"" ~;!"~--- .
- Fonds commercial
Immobilisations incorporelles 37116 8 679 45 795
- Terrains
- Constructions sur sol d'autrui 140 900 7 150 148 049
industriels 440 539 76441 36 935· 480 044
- Materiel de transport 49 097 i 6 123 77 55 143
- Materiel de bureau et informatique, mobilier 82 936. 8 217 18 526 72 627
Immobilisations corporelles 1178 186 114 020 55 539 1236667

Periode du 01/01/2011 au 31/12/2011
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~//
,_/_s_A_S_A_N_T_A_V_IA Comptes Annuels /
I
-·f Notes sur le bilan
Actif circulant
Stocks
- 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 :
Mo•nt Ecnanees ·Eo:he~Q~es

~mt a rn~lnsdlufi11 clf)IUS d~U- ·

Preis
Autres 18 198 18 198 i

Creances Clients et Comptes rattaches 2 932 161 2 932 161
Autres 222 467 222 467
Charges constatees d'avance 24 357. 24 357
Total 3197183 3178 985 18198
Preis accordes en cours d'exercice

Preis recuperes en cours d'exercice
Produits a recevoir
Ii'
'"-;;
'"' .,.
t
[ . MoqtaRt'l' ··i
--------~----------~----~---~··-----~----~··------:
Clients Fact A Etablir 869

ETAT PRODUITS A RECEVOIR 7 903
Total 8 772
Periode du 01/01/2011 au 31/12/2011
_ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,// Comptes Annuels /
r=---1'
L. ___;) Notes sur le bilan
Capitaux Propres
.
[
·-~:-:;---
. ..~~·----~--------------
Titres composant le capital social au debut de l'exercice 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 5 000 20,00
Report a Nouveau de l'exercice precedent

Resultat de l'exercice precedent 1 623 891
Prelevements sur les reserves
Affectations aux reserves 1 623 891

Distributions
Autres repartitions
Report a Nouveau

Periode du 01/01/2011 au 31/12/2011
,__/_s_A_S_A_N_T_A_V_IA
_______________ .._;ff Comptes Annuels /
Tableau de variation des capitaux propres
Soldeau Affectation AugmeJJtatl<m:$ . Diminutions

0110111011 des resultats
Capital 100 000 100 000'
Primes d'emission 36 865 36 865.
Reserve legale 10 000 10 000

Reserves generales 3 316 768 1 623 891 4 940 658'
Resultat de l'exercice 1 623 891 -1 623 891' 1 442 685, 1442685
Total Capitaux Propres 5 087 523 1 442 685 6 530 208
Provisions

~~
[
Provisions Dotatlems R~es · Reprises '.Pro•ions
au;deb.ut de111'~rctce utills'ees , n:o"D utill$fles $ia fill
f dit..t'exerclce de i•ex«rclce de l'exerclce de 1••;e1ce
Litiges 6 781. 6 781

Garanties donnees aux clients
Pertes sur marches a terme
Amendes et penalites
Pertes de change 12 319 10 561 I 12 318 10 561
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 12 319 17 342 12 318 17 342

Exploitation 6 781
Financieres 10 561' 12 319
Exceptionnelles
Les provisions pour litiqes sont liees a des marchandises deteriorees lors du transport
Periode du 01/01/2011 au 31/12/2011
,_/_s_A_S_A_N_T_A_V_IA
_ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,// Comptes Annuels /
,
r 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:
. ___
.---·----·~
. l!c!*m~• E~ces
L
M'ontaot
. _. brut ammnliJ d'uo~aq il11plu~n1ao
_.____..-....__---.,.--..___.._..__,,,_,_,,,

Emprunts et dettes aupres des
- a 1 an au maximum a l'origine
- a plus de 1 an a l'origine
rattaches 1 008 387 1008387
Dettes fiscales et sociales 942 668 942 668
Dettes sur immobilisations et comptes
rattaches 1 186 1 185'
Autres dettes
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 76 305
Total 955 888

Periode du 01/01/2011 au 31/12/2011
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _// Comptes Annuels /
Notes sur le bilan

J
L _ __:
Autres informations
r--,u·--~-~
·---···--··-·-....,,,---w+'-~ ...,
·• efliil'EniJ~S • ;fki:tfc,l)'rj~e6 •[I
!Illes .a~eoc1llen ·
cm Pa~lelpa"o~ j
·~--~-----~-----~--------~~-~-----........... ~"\_~~ .. ---
Participations
Pre ts
Creances clients et comptes rattacMs 49 659

Autres creances 143 254
Total Creances 192 913

Disponibilites

Emprunts et dettes aupres des etablissements de credit
Avances et acomptes rer;:us sur commandes en cours
Dettes fournisseurs et comptes rattaches 35 066
Dettes sur immobilisations et comptes rattaches
Autres dettes
Total Dettes 35 066
Les creances concernant les entreprises liees ou avec un lien de participation s'elevent a 192 913€; les dettes concernant les
entreprises liees ou avec un lien de participation s'elevent a 35 066€ - leur repartition est detaillee dans le tableau ci dessus. II n'y a pas
eu de charges et produits financiers concernant les entites liees.
Periode du 01/01/2011 au 31/12/2011
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~// Comptes Annuels J
L· 7 Notes sur le bilan
Com(!tes de reg~lllarisation
Ch~r9es
d'exploitatfon
Charges Constat.D Avance 24 357
Total 24 357
Periode du 01/01/2011 au 31/12/2011
Notes sur le compte de resultat
Chiffre d'affaires
France
l
Ventes de produits finis
Ventes de produits intermediaires 1 240 1 240
Travaux
Etudes
Prestations de services 1852332 3 518 935 5 371 267
Ventes de marchandises 3 305 065': 4 738 312 8 043 377
Produits des activites annexes 4 465 25 471 29 936
TOTAL 5 161 862 8 283 958 13 445 820
Remuneration des commissaires aux comptes
Montant comptabilise au titre des diligences liees a la mission de controle legal des comptes annuels : 24 224 euros

'' "•' •, •• N j:
j
N$ture "
~4
-"'--~------"'"-~---------------------~------"'"'
Transfert de charges d'exploitation

Transf.Charges D'Exploit. 53 459
Transf.Charges Ht 16 211
69 670
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
_ _ _ _ _ _ _ _ _ _ _ _ _ _ ___,// Comptes Annuels /
r--"-/
r • 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 €
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

"'~~""'"""' -~""-""~ '" ~- "~"
+ Resultat courant 2 404 605 734 921 1669684'
+ Resultat exceptionnel -42 765 -14 255 -28 510
- Participations des salaries 198 489 198 489

Periode du 01/01/2011 au 31/12/2011
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _~// Comptes Annuels /
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 a reintegrer
Lies 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 a payer non deductibles 243 902
B. Total des bases concourrant a diminuer la dette future 243 902
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
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.
Periode du 01/01/2011 au 31/12/2011
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~// Comptes Annuels /
~'"
t 1 Autres informations
Effectif moyen du personnel : 67 personnes dont 1 apprenti.
----------~~----------------------------JO'-~~
PeJ!SOnnel
salarle
......:..... -· ~]
atdl~poslllD,n ,,
Cadres 8
Agents de maitrise et techniciens 17
Employes 17
Ouvriers 25
Total 67
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
cumulable sur une periode de 6 ans. Les depenses engagees dans le cadre de ce droit individuel a la formation (D.LF) sont considerees
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 a la date de cloture s'eleve a 773 heures dont
6 095 heures n'ont pas fail l'objet d'une demande des salaries.
.. Periode du 01/01/2011 au 31/12/2011
,_/_s_A_S_A_N_T_A_V_IA
_______________ ~ff Comptes Annuels /
/ ..../ Autres informations
e..,g~gements financiers
Engagements donnes
Effets escomptes non echus
Avals et cautions
Engagements de credit-bail mobilier
Engagements de credit-bail immobilier
Engagement en matiere de retraite 123 879

Autres engagements donnes 123 879
Total 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
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
a
de votre Societe ont ete tenus votre disposition dans les delais impartis.
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'elevea 13 445 820 euros contre 13 955 700
euros l'exercice precedent.
- 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 a5 401 203, affichent un leger
a
recul de 5,8 % quant elles par rapport a
201 O et representent 40, 1O % du
chiffre d'affaires.
La societe a realise en 2011, 61,70% de son chiffre d'affaires a l'etranger contre

58,80 % l'exercice precedent.
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
externes » liee notamment a un moindre recours a
la sous-traitance (-384 K€ par
.·
rapport al'exercice precedent) et a !'interim (- 111,7 K€ par rapport a l'exercice

precedent),
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 IMPORTANTS SURVENUS DEPUIS LA CLOTURE DE

L'EXERCICE
Conformement a la decision du Conseil d'administration du 14 mai 2012, le President

a
a ete habilite signer un contrat de pret d'une somme de 2 000 000 €a
la societe
Ametek Material Analysis Holdings GmbH.
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) :
Dettes non echues a la cloture de l'exercice Dettes Factures

Ex. Total dettes echeance a Echeance Echeance echues a non Ecart de
Fournisseurs moins de 30 jours entre 30 et est a plus de la cloture parvenues conversion
60 jours 60 jours a la cloture
2010 882 532 323015,15 266914,43 2857,9 261931,85 12318,87

15 494,09
2011 1 008 386,50 427 025,48 216 358,50 1 794,00 217 087,49 10 561,44
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 DES MANDATS DES MEMBRES DU CONSEIL

D' ADMINISTRATION
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 AU COURS DES TROIS DERNIERS EXERCICES

SOCIAUX
Nous vous rappelons qu'il a ete verse les dividendes suivants au cours des trois
derniers exercices :
Exercice Distribution Abattement de Sans abattement

40%
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 a
expiration lors de votre decision sur !'approbation des comptes clos le 31 decembre
2011.
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
vous proposons de ne pas renouveler
I
le mandat venant a echeance.
PRESENTATION DES COMPTES

Nous vous presentons le~ comptes annuels que nous soumettons a votre
approbation.
1
Les regles de presentation I

et les methodes d'evaluation retenues pour
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.
I
Fait a DIEUPENTALE,
Le 12 juin 2012
LE PRESIDENT
John Smith
5
ANTAVIA

siege Social: 33 Route de Toulouse - 82170 DIEUPENTALE
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 a 1 442 684

euros au paste « autres reserves » comme suit :
- 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 Abattement de Sans abattement

40%
31/12/2008 I
'
31/12/2009 1 500 000 1 500 000
I
31/12/2010 500 000 500 000
Pour extrait conforme
LE DIRECTEUR GENERAL
-~:!~--
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
u~~UlH au Greffe le··---
Bi la n
Brut Amortlss~ments
CAPITAL SOUSCRIT NON APPELE

Frais d'Stablissement
Frais de recherche et de developpement
Concessions, brevets et droits assimiles 504 835 133 883 370 952 433 150
Fonds commercial 19 056 19 056 19 056
Autres immobilisations incorporelles
Immobilisations corporelles
Terrains
Constructions 747011 659 391 87 620 47144
Installations techniques, materiel et outillage 870 032 614 465 255 567 146 012
Autres immobilisations corporeHes 230 760 170 282 60 479 42 863
lmmob. en cours I Avances & acomptes 21 848 21 848 4 036
Immobilisations financieres
Participations et creances rattachees
Autres titres immobilises 1 658 1 658 1 579
Prbts
Autres immobilisations financieres 19 148 19 148 17 638
TOTAL ACTIF IMMOBILISE 2 414 349 1 578 021 836 328 711 477
Stocks
Matieres premieres et autres approv. 2 369 547 496 668 1 872 880 1513167
En cours de production de biens
En cours de production de services 705 105 69 055 636 050 514 435
Produits intermediaires et finis
Marchandises
Creances
Clients et comptes rattaches 2 600 626 96 809 2 503 817 2 623 481
Fournisseurs dGbiteurs 8 865 8 865 24196
Personnel 5 245 5 245 10 118
Etat, lmp6ts sur les benefices
Etat, Taxes sur le chiffre d'affaires 135 249 135 249 138 362
Autres creances 3 500 000 3 500 000 3 532 500
Divers
Avances et acomptes verses sur commandes 17 202 17 202 14 411
Disponibilites 3054818 3 054 818 1 300 266
Charges constatees d'avance 20 389 20 389 31 406
TOTAL ACTIF CIRCULANT 12 417 047 662 532 11 764 515 9 702 343
a
Charges rE!partir sur plusieurs exercices
Prime de remboursement des obligations
Ecarts de conversion - Actif 10 133 10 133 8 803
COMPTES DE REGULARISATION 10133 10133 8 803
TOTAL ACTIF 14 841 528 2 240 553 12 600 976 10 422 623
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 Netllu
31/12/13 31/.12/12
PASSIF
Capital social au individuel 100 000 100 000
Primes d'E!mission, de fusion, d'apport, . 36 865 36 865
Ecarts de reevaluation
Reserve 10gale 10 000 10 000
Reserves statutaires ou contractuelles
Reserves r0glementees
Autres reserves 7 890 170 6 383 343
Report a nouveau
R09ultat de l'exercice 1 883 142 1 506 827
Subventions d'investissement
Provisions rE!glementees
TOTAL CAPITAUX PROPRES 9 900 177 8 037 035
Produits des emissions de titres participatifs
Avances conditionnees
TOTAL AUTRES FONDS PROPRES
Provisions pour risques 10 133 8 803
Provisions pour charges
TOTAL PROVISIONS POUR RISQUES ET CHARGES 10 133 8 803
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 108 612 42 549
Avances et acomptes reyus sur commandes en cours 92 511 120 142
Dettes fournisseurs et comptes rattaches 1 219 074 1 011 989
Personnel 643 409 609 456
Organismes sociaux 452 895 415701
Etat, lmpOts sur Jes benefices
Etat, Taxes sur le chiffre d'affaires
Etat, Obligations cautionnees
Autres dettes fiscales et socia/es 125 905 92 093
Dettes fiscales et sociales 1 222 209 1117 250
Dettes sur immobilisations et comptes rattaches 1 186 1 186
Autres dettes 38 974 80 257
TOTAL DETTES 2 682 587 2 373 374
Ecarts de conversion - Passif 8 099 3 412
TOTAL PASSIF 12 600 976 10 422 623

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 % du 01/01/12 % Variation Var.

au 31/12/13 au 31/12/12 relative rat
12 moia 12 moia (montant) (%)
PRODUITS
Ventas de marchandises
Production vendue 15265852 100,00 13 807 593 100,00 1 458 259 10,56
Production stockee 70 292 0,46 39 388 0,29 30 904 78,46
Subventions d'exploitation
Autres produits 113411 0,74 73 761 0,53 39 650 53,75
Total 15 449 555 101,20 13 920 743 100,82 1 528 812 10,98
CONSOMMATION MISES & MAT

Achats de marchandises
Var'1ation de stock (mises)
Achats de m.p & aut.approv. 6 833 686 44,76 5 857 463 42,42 976 223 16,67
Variation de stock (m.p.) -388 380 -2,54 122 718 0,89 -511 098 -416,48
Autres achats & charges extefnes 1 856 745 12, 16 1 326 327 9,61 530 417 39,99
Total 8 302 050 54,38 7 306 508 52,92 995 542 13,63
MARGE SUR MISES & MAT 7147 504 46,82 6 614 234 47,90 533 270 8,06
CHARGES
lmp6ts, taxes et vers. assim. 243 002 1,59 270 398 1,96 -27 395 -10, 13
Salaires et Traitements 2 600 020 17,03 2 419 960 17,53 180 060 7,44
Charges sociales 1114 899 7,30 1 073 235 7,77 41 665 3,88
Amortissements et provisions 201 793 1,32 435 801 3,16 -234 008 -53,70
Autres charges 32 45 -14 -29,96
Total 4 159 746 27,25 4 199 439 30,41 -39 693 -0,95
RESUL TAT D'EXPLOITATION 2 987 758 19,57 2 414 795 17,49 572 963 23,73
Produits financiers 74478 0,49 47 603 0,34 26 875 56,46

Charges financieres 14 955 0,10 27 747 0,20 -12 792 -46, 10
Resultat financier 59 523 0,39 19 856 0,14 39 667 199,77
Operations en commun
RESUL TAT COURANT 3 047 281 19,96 2434 851 17,83 812 629 25,16
Produits exceptionnels 3 272 0,02 54 616 0,40 -51 343 -94,01

Charges exceptionnelles 5 818 0,04 22 667 0,16 -16 849 -74,33
Resultat exceptionnel -2 546 -0,02 31 948 0,23 -34 494 -107,97
Participation des salaries 238 684 1,56 195 360 1,41 43 324 22,18
lmp6ts sur les benefices 942 909 6,18 764 413 5,54 178 496 23,35
RESULTAT DE L'EXERCICE 1 863142 12,20 1506827 10,91 356 315 23,65

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
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,
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
"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
Periode du 01101/2013 au 31/1212013
I SAS ANTAVIA # Comptes Annuels /
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 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
Une provision pour depreciation des stocks egale a la difference entre la valeur brute determinee suivant les modalitSs indiquees ciRdessus
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
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
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.
Periode du 01/01/2013 au 31/121201
I SAS ANTAVIA ff Comptes Annuels j
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.
Periode du 01/01/2013 au 31/12/201
I SAS ANTAVIA // Comptes Annuels /
Notes sur le bilan
Actif immobilise
Au debut Aug!'!lentatlon Diminutl0-!1 En fin

d'exerclce d'exercice
- Frais d'etablissement et de df!veloppement

- Fonds commercial 19 056 19 056
- Autres postes d'immobilisations incorporelles 494 369 10 467 504 835
Immobilisations incorporelles 513 425 10 467 523 891
- Terra·ins
- Constructions sur sol d'autrui 149180 149180
industriels 700 177 169 855 870 032
- Materiel de transport 77 914 77 914
- Materiel de bureau et informatique, mobilier 106 201 35 328 141 529
- Immobilisations corporelles en cours 4 036 21 847 4 035 21 848
- Avances et acomptes
Immobilisations corporelles 1 585 020 288 666 4 035 1 869 651
- Participations evaluees par mise en

equivalence
- Autres participations
- Autres titres immobilises 1 579 80 1 658
- Prets et autres immobilisations financiE!res 17 638 1 510 19 148
Immobilisations financieres 19 217 1 590 20 807
ACTIF IMMOBILISE 2117 662 300 722 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 lmmoblllsationio lmmoblllsat1011s Total

incorporell"'! corpo~Jles financieres
Ventilation des augmentations

Virements de poste a poste
V1rements de l'actif circulant
Acquisitions 10 467 288 666 1 590 300 722
Apports
creations
Reevaluations
Augmentations de l'exerc1ce 10 467 288 666 1 590 300 722
Ventilation des diminutions

Virements de paste a paste 4 035 4 035
V1rements vers l'actif circulant
Cessions
Scissions
Mises hors service
Diminutions de l'exercice 4 035 4 035
Fonds commercial
31/12/2013
Elements achetes
E1ements reeva1ues
Elements re9us en apport 19 056
Total 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.
Periods du 0110112013 au 311121201
Notes sur le bilan
Amortissements des immobilisations
Au debut de Augmentation Diminutions A la fin de

l'exerclce l'exerclce
- Fonds commercial
Immobilisations incorporelles 61 219 72664 133 883
- Terrains
- Constructions sur sol d'autrui 149 180 149180
industriels 554 165 60 299 614 465
amenagements divers 8 505 434 8 940
- Materiel de transport 61 386 5 962 67 347
- Materiel de bureau et informatique, mobilier 82 679 11 317 93 995
Immobilisations corporelles 1 344 966 99 171 1444137

Periode du 01101/2013 au 31112120
I SAS ANTAVIA II Comptes Annuels 1
Notes sur le bilan
Actif circulant
Stocks
- 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 EchOances

brut a moills q'.un an a plus d'un 'an

Pr~ts
Autres 19 148 19 148

Creances Clients et Comptes rattaches 2 600 626 2 486 503 114 123
Autres 3 649 359 149 359 3 500 000
Total 6 289 523 2 656 251 3 633 271
Pr~ts accord8s en cours d'exercice

Prl!!ts recuperes en cours d'exercice
Periode du 01/01/2013 au 31 /121201:
~/_s_A_S_A_N_T_A_V_IA_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~ff Comptes Annuels J
Notes sur le bilan
Capitaux propres
Montan!
Report a Nouveau de l'exercice pr800dent

Resultat de l'exercice precedent 1 506 827
Pr81Svements sur Jes reserves
Affectations aux reserves 1 506 827

Distributions
Autres repartitions
Report a Nouveau

t-'enoae au u uu-11..::u 1-' au ..:i 11 1Lt Lu 1..:i
/SAS ANTAVIA
~~~~~~~~~~~~~~~~~~~~~~~~~~~
# Comptes Annuels /
Notes sur le bilan
Tableau de variation des capitaux propres
Soldeau AffectaHon : Augn:-entationa --ptrninutions Soldeau

01/01/2013 des resultata 3111212013
Capital 100 000 100 000
Primes d'Smission 36 865 36 865
Reserve 1egale 10 000 10 000

Reserves generales 6 383 343 1 506 827 1 506 827 7 890 170
Resultat de l'exercice 1 506 827 -1 506 827 1 863 142 1 506 827 1863142
Total Capitaux Propres 8 037 035 3 369 969 1 506 827 9 900 177
Provisions
Provisions Dotatlons, ~prises Reprises Provisions

eu debut__ de l'exerclc;:e "-- ;· Utuiaees non utllisees ~ la fin
de l'exerclc·e~:-i~: ": i'.exercice de l'e1Cerclce de l'exerclce
Litiges
Garanties donnees aux clients
Pertes sur marches a terme
Amendes et penalites
Pertes de change 8 803 10 132 8 802 10 133
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 8 803 10 132 8 802 10 133

Exploitation
Financieres 10 133 8 803
Exception netles
Penode du u11u11<::u1J au Jll1Lltu1s
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~#
L/_s_A_S_A_N_T_A_V_IA Comptes Annuels j
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&· •,;',
Ech6anee&
~ plus (l·~n an 'a plus ds 5 ans
"·:-).
Emprunts obligataires convertibles (*)

Autres emprunts obligataires (*)
Emprunts (*)et dettes aupres des
~ a 1 an au maximum a l'origine
~ a plus de 1 an a l'origine
Emprunts et dettes financieres divers (*)
rattaches 1219074 1219074
Dettes fiscales et sociales 1 222 209 1 222 209
Dettes sur immobilisations et comptes
rattaches 1 186 1 185
Autres dettes (.. ) 147 586 147586
Total 2 590 056 2 588 871 1185
{*) Emprunts souscrits en cours d'exercice

{*) Emprunts rembourses sur l'exercice dont:
(**) Dant envers Groupe et associes 108 612
Charges a payer
Montant
Fact Non Parvenues 328 569

Conges A Payer 244218
Prov. Participat Salaries 238 684
Personnel Charges A Payer 160 161
Org.Soc. Charges A Payer 217 285
Etat Autres Ch. A Payer 125 905
Clients Rrr&Av.A Accord. 21 797
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

Notes sur le bilan
Entreprl~s Entreprlses
11ees~ avec lien
de participation
Participations
Pr~ts
Creances clients et comptes rattaches 37 931

Autres creances 3 500 000
Total Creances 3 537 931

Disponibilites

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
Autres dettes
Tota I Dettes 147 030
Les creances concernant les entreprises liees ou avec un lien de participation s'elevent a 3 527 931€; les dettes concernant les
entreprises liees ou avec un lien de participation s'elevent a 147 030€ - leur repartition est d9taillee dans le tableau ci dessus. Les
produits financiers concernant les entites liees s'elevent a 64 996 euros.
Periode du 0110112013 au 3111212013
I SAS ANTAVIA // Comptes Annuels j
Notes sur le bilan
Comptes de regularisation
Charges Charges Charges

d'exploitation Financreres Exceptlonhell~s
Charges Constat.D Avance 20 389
Total 20 389
Chiffre d'affaires
France Etranger Total
Vantes de produits finis

Ventes de produits intermediaires
Travaux
Etudes
Prestations de services 5 977167 9 266 664 15 265 652
Ventas de marchandisas
Produits des activites annexes
TOTAL 5 977 167 9 288 684 15 265 852
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
Nature Exploitation Financier.
Transfert de chargas d'exploitation

Transf.Charges D'Exploit. 55 645
Transf.Charges Ht 6165
62 030
Total 62 030
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 €
Periode du 01/01/2013 au 31/1212013
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _~J
,__/_s_A_S_A_N_T_A_V_IA Comptes Annuels /
- 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
Operations de l'exercice
Charge& Prodults
Penalites sur marches 5 818

Autres produits exceptionnels sur operations de gestion 3 272
TOTAL 5818 3272
Resultat et impots sur les benefices
Resultat lmp6t Resultat

avant cOrrespondant a pres
lmp6t lmp6t
+ R9sultat courant 3 047 281 942 909 2 104 372
+ Resultat exceptionnel -2 546 -2 546
- Participations des salaries 238 684 238 684

Periode du 0110112013 au j1/1i/iUl:J
/ SAS ANTAVIA
~~~~~~~~~~~~~~~~~~~~~~~~~~~
ff Comptes Annuals /
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
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

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
Au titre de !'integration fiscele, montant compris dans l'impOt sur les soci0tes :
- Charges de l'exercice : 942 909 euros
Perioae au u11u11:tu1 J au .j·111L1Lu·1.j
I SAS ANTAVIA ff Comptes Annuels /
Autres informations
Effectif
Effectif moyen du personnel : 74 personnes.
·Personnel Personnel mis

, "•larie ~ disposition ..
'
Cadres 7
Agents de maitrise et techniciens 18
Employes 21
Ouvriers 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
heures minimum par an cumulable sur une periode de 6 ans. Les d6penses engagees dans le cadre de ce droit individuel a la formation
(D.l.F) sent consid0r0es comme des charges de la periode et ne donnent pas lieu a comptabilisation d'une provision sauf situation
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 u·11u·11LU 1-' au .) II I LI.LU I,)
/'-_S_A_S_A_N_T_A_V_IA
_______________ __,# Comptes Annuels /
Autres informations
Engagements financiers
Engagements donnes
Montanten
euros
Effets escomptes non echus
Avals et cautions
Engagements de credit-bail mobilier
Engagements de credit-bail immobilier
Engagement en matiere de retraite 152 845

Autres engagements donnes 152 845
Total 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
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.
ANTAVIA

siege Social: 33 Route de Toulouse - 82170 DIEUPENTALE
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 a 1863142 €,com me
suit:
- 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
I_
Antavia
Rapport du commissaire aux comptes sur les comptes annuels
ERNST & YOUNG t~ud1i

Ernst & Young Audit T'21.: +33 (0) 5 62 15 43 43
EY Le Compans - lmmeuble B
1, place Alfonse Jourdain
BP 98536
31685 Toulouse cedex 6
www.ey.com/fr
Antavia
Rapport du commlssaire aux comptes

A l'Associe Unique,
a
presentons noire rapport relatif l'exercice clos le 31decembre2013, sur:
• le contr61e des comptes annuels de la societe Antavia, tels qu'ils son! joints au present rapport;
Les comptes annuels ont ete arr@tes par le president. II nous appartient, sur la base de noire audit,
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 a
informations figurant dans les comptes annuels. II consiste egalement apprecier les principes a
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.
Nous certifions que les comptes annuels son!, au regard des regles et principes comptables fran~ais,
que de la situation financiere et du patrimoine de la societe la fin de cet exercice. a
ii Lapila! v:wable
SA'.>
344 366 315 R.C S. Nanlerre
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<E's
Membre dLJ reseau Ernst & Yo..,ng Global Limited
Siege SOC'<ll: 1 2. pL3ce d?s Saisons · 9.Ji.00 Courbe-voie - Paris _a IJPfense:
1
EV
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
a
annuels, pris dans leur ensemble, et ont done contribue la formation de not re opinion exprimee dans
111. Verifications et Informations speclflques
a
Toulouse, le 19 mai 2014
Le Commissaire aux Comptes

ERNST & YOUNG Audit
Antavia
Exercice clos le 31decembre2013 2
9/14/2014 Federal Gazette
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Name Area Information V. Date Relevance

ATLAS Material Testing Accounting / Annual financial statements for fiscal year from 08.05.2014 100%
Technology GmbH financial reports 01.01.2012 to 31.12.2012
pottage
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
A. FIXED ASSETS
I. Intangible assets 5,951,690.99 7,194,106.51
II. Tangible assets
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
III. Financial assets
Investments 25,000.00 25,000.00
6,410,454.01 7,699,870.33
B. CURRENT ASSETS
I. Inventories 2,809,319.66 3,170,234.61
II. Receivables and other assets 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: 62,172.94
EUR 69,508.83)
III. Cash and balances with banks 1,601,455.00 2,033,534.72
24,937,886.97 24,012,697.97
C. ACCOUNTS 120,055.15 108,545.69
25,057,942.12 24,121,243.66
LIABILITIES
2012 2011
EUR EUR
A. EQUITY
Subscribed capital 25,000.00 25,000.00
https://www.bundesanzeiger.de/ebanzwww/wexsservlet 1/9
Capital reserve 10,785,145.36 10,785,145.36
Profit / loss carryforward 1,541,535.78 -186277.50
Net income / -Jahresfehlbetrag 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
- Thereof from affiliated companies: EUR 4,148,632.13 (previous year: EUR 3,941,052.16)
25,057,942.12 24,121,243.66
Profit and loss account for the period from January 1 to December 31, 2012
2012 2011
EUR EUR
Gross profit 17,930,705.68 17,522,491.04
Staff costs
Wages and salaries -7914361.55 -6980784.88
Social security contributions and expenses for pensions and other employee benefits -1675612.69 -1223597.10
- Of which for pensions: EUR 269,784.02 (previous year: EUR 122,700.64)
Depreciation and amortization
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
Due to a profit gain obtained 1302.50 0.00
Other interest and similar income 303,857.18 247,353.87
- Thereof from affiliated companies: EUR 302,187.85 (previous year: EUR 238,508.79)
Expenses from loss absorption 0.00 -1645.65
Interest and similar expenses -449009.49 -451512.04
- 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 1,347,100.39 2,764,438.31
Taxes on income and earnings -820192.71 -1027800.71
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.
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.
Equity at July 31,

Shares 2012 Year results 2012
in% EUR EUR
MTL Light Solutions GmbH, Munich 100 25,000 1302.50
2 Inventories
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
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)
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
I. Intangible assets
1 Purchased concessions, industrial and similar 1,250,549.75 9889.31 150,862.19 1,109,576.87
rights and assets and licenses in such rights and
assets
2nd goodwill 12,449,780.65 12,449,780.65
13,700,330.40 9889.31 150,862.19 13,559,357.52
II. Tangible assets
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
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
EUR EUR EUR EUR
1 Purchased concessions, industrial and similar 1,185,084.20 26,234.70 150,833.69 1,060,485.21
rights and assets and licenses in such rights and
assets
2nd goodwill 5,321,139.69 1,226,041.63 6,547,181.32
6,506,223.89 1,252,276.33 150,833.69 7,607,666.53
II. Tangible assets
1 Equipment u. Machines 1,211,788.29 76,541.87 754.00 1,287,576.16
2 Other equipment, factory and office equipment 1,619,675.77 55,452.25 448,778.17 1,226,349.85
2,831,464.06 131,994.12 449,532.17 2,513,926.01
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
1 Purchased concessions, industrial and similar rights and assets and licenses in such 49,091.66 65,465.55
rights and assets
2nd goodwill 5,902,599.33 7,128,640.96
5,951,690.99 7,194,106.51
II. Tangible assets
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
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
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 %
Property
Intangible assets 5952 23.75 7194 29.83 -1242 -17.26
Property and equipment 434 1.73 481 1.99 -47 -9.77
Financial assets 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
Receivables from affiliated companies 10,106 40.33 7485 31.03 2621 35.02
Other assets 977 3.90 262 1.09 715 -
Cash and cash equivalents 1602 6.40 2034 8.43 -432 -21.24
Other assets 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 %
Capital
Equity 12,873 51.37 12,352 51.21 521 4.22
Provisions for pensions 5230 20.87 4923 20.41 307 6.24
Provisions for taxes 0 0.00 561 2.33 -561 -
Other provisions 2292 9.15 1868 7.74 424 22.70
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
Other liabilities 80 0.32 254 1.05 -174 -68.50
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.
Earnings
2012 2011 Change

EUR % EUR % EUR %
Gross profit 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
Operating expenses 15,060 83.99 13,175 75.19 1885 14.31
EBITDA 2870 16.01 4348 24.81 -1478 -33.99
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
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
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
9/14/2014 https://www.kvk.nl/handelsregister/TST-BIN/FP/JRWS002@?BUTT=244229570000RCT2V-DEP&kvknummer=244229570000&product=Jaarre…
Annual accounts - Atlas AcquisitionCo Netherlands Cooperative UA

(24422957)
Chamber of Commerce, September 14, 2014 - 17:33
General information from the financial statements
Financial year: 2009 2008

Fiscal year: 31-12-2009 31-12-2008
Determined: final final
Profit appropriation: after after
Length period in months: 12 12
Employees: 0 0
100% subsidiaries: 4 4
Other interests:
Balance
: Accounts Type company's company's
Profit appropriation: after after
Amount: x1 x1
Currency: EUR EUR
Assets
intangible assets 10,499,599 11,858,831
tangible fixed assets 8512733
financial assets 7263087
FIXED ASSETS 17,762,686 20,371,564
TOTAL ASSETS 17,762,686 20,371,564
Liabilities
and paid up capital 7142336 7142336
other reserves 252 050 608 347
EQUITY 7394386 7750683
current liabilities 10.3683 million 12,620,881

OTHER LIABILITIES 10.3683 million 12,620,881
TOTAL LIABILITIES 17,762,686 20,371,564
There are no statements in the above profit and loss accounts
Key figures
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9/14/2014 https://www.kvk.nl/handelsregister/TST-BIN/FP/JRWS002@?BUTT=244229570000RCT2V-DEP&kvknummer=244229570000&product=Jaarre…
Liquidity
golden balance 2.40 2.63
Solvency
assets / debt 1.71 1.61
equity / total assets 0.42 0.38
equity / debt 0.71 0.61
Profitability
Other key figures

number of employees 0 0
Amount: x1 x1
Currency: EUR EUR
working capital 10.3683 million- 12,620,881-
https://www.kvk.nl/handelsregister/TST-BIN/FP/JRWS002@?BUTT=244229570000RCT2V-DEP&kvknummer=244229570000&product=Jaarrekeningen 2/2
AGREMENT DGFIP C5109.10004
COPIE CERllflff c~
/) DGDIP N' 20S@ 2009
Formulaire cbligaiohc (article .S3 A
du cede ~n!ral d<s impOls). CD I BILAN - ACTIF I ~ ,_ ~
; I .
/
Designation de l'entreprise :
Adresse de I'entreprise 29
SAS QJiECA
OUAI DES GRESILLDNS 92230 GENNEYILLIERS
/>'"""' 'i',Duree
~do mob• LILI
exercice precedent* LJLl
de
Numero SIRET * 141olalol912l2l1l6lololol3l1I I j Neant o·
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Capital souscrit non appel~ (I) AA ? fl I ''l\! "'1f%flfl
~/j ".'
~
Frais d'etablissement * AB AC I - . -a.) I .-11
::! Frais de developpement *
~
ex CQ I DEPOT~ ~ . 11 ,, --
"""'--~
~ Concessions, brevets et droits similaires AF 404 872 AG 366 156 38 715 47 298
!l
0 Fonds commercial (1) AH 12 931 800 Al 12 931 800 12 931 800
~
;:}
g Autres immobilisations incorporelles AJ AK
~ Avanccs et acomptes sur immobilisa- AL Alll
lions incorporellcs
Terrains
.;
AN AO
Constructions AP 223 915 AQ 43 722 180 192 192 123

~ g
8= u0 Installations techniques, materiel et
outillage industriels AR 1 485 113 1\S 708 971 776 142 859 069
~ g Auires immobilisations corporelles AU 265 332
i. ~ AT 455 986 181 809 274 176
8 g Immobilisations en cours AV 71 592 A\\ 71 592 4 625
< ~
Avances et acomptes AX AY
Par1ici~ations
evaluees selon
B Ia met ode de mise en equivalence cs CT
1 Autres participations
~ Creances rattacMes
!l0
ades participations
cu
DD
767 076 CV
BC
31 402 735 674 735 674
Autres titres immobilises DD BE

~
"'0 Pre ts BF 2 248 993 BG 2 248 993 3 150 668
~ Autres Immobilisations financicres * DH 1 265 675 BI 1 265 575 1109 643
TOTAL(ll) 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
0
En cours de production de services BP BQ
~
Produits intermediaires et finis DR 2 301 408 DS 527 179 1 774 228 1 123 226
E-
~ Marchandises DT 143 061 nu 39 035 104 026 84 405
su
u
~ Avances et acomptes \•erses sur commandes DV 38 119 nw 38 119 60 947
~
nx 6 458 254
t<
a Clients et comptes rattach6s (3)* 11 694 498 BY 133 198 11 561 299
~ Capital souscrit et appele, non verse

Autres creances (3) BZ 10 085 615 CA 275 000 9 810 615 3 799 502
CD cc
.,, Valeurs mobllieres de placement
~ (dont actions propres :.......................... )
CD CE
Q Disponibilites CF 3 779 671 CG 3 779 671 2 257 626
Charges constatees d'avance (3)* CH 115 131 CI 115 131 17 196
TOTAL(Ill) CJ 50 669 719 CK 1 904 041 48 765 677 34 920 352
~ .! ·.·
Frais d'emission d'emprunt aetaler
tj (IV) c"
s~ Primes de rcmboursemcnt des obligalions (V) CM
Ecarts de conversion actif* (VI) CN 349 262 349 262 161 459
TOTAL GENERAL (I a VI) co 70 873 907 lA 3 236 104 67 637 803 54 378 047
Renvois : {I) Dom droi1 au bail : (2) PUI lrooltJSd"anaodei
J~li;:a.11.."ICti ftnia::fi!r?i MC~: CP O> P.m ~ plus d'un an : lcR 136 196
Clause de '~""~ !lmmobili'3lions: Stocks: Creances:
de prop<l~1! : •
• Des explicalions conccmant cellc rubrique ront donnfes dans la 1101icc n• 2032.
AGREMENT DGFlP C5109.10004 DGFiP N° 2051 2009
0 I BILAN ~ PASSIF avant repartition I
Foowlaire obligatoite (article S3 A
du c<l<k g~ral des impOu)
msignalion de l'entreprise SAS rAIECA Neant D*

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
Ecarts de reevaluation (2)* (donl ecarl d'equivalence IE[{I ) DC
(I) Reserve legate (3) DD 681 479 681 479

~ Reserves statulaires ou contractuelles DE
~ Reserves reglemenlees (3)* ( Dont reserve. speciale des provisions Bl ) DF 71 828 71 828
x pour fluctuation des cours
::::> ( Dont reserve relative ~ J'achat
~ ~
Autres rtserves d'oeuvres originales d'artistes vivants* EJ ) DG 6 690 944 5 690 944
~ 3 Reporc i'l nouveau DH 7 273 036 1 856 404
;:s RESULTAT DE L'EXERCICE (b6n6fice ou pertel DI 5 416 632
~ 4 147 052
~ Subvemions d'investissement DJ
~
..;i Provisions reglementees * DK 28 865 31 373
~
~ TOTAL (I) DL 35 949 728 31805183
~ ... Produit des emissions de titres par!icipatifs D.M
;::.: "'
~e
Cl ...
~ ..,... ea. Avances condi1iollllees DN 200 000

~ a.
~ <( TOTAL (II) DO 200 ODO
8 w~w Provisions pour risques DP 2 330 839 1 787 943
~ g g. f~
~ :!ii·!:~ Provisions pour charges DQ 3 119 647 1 681 467
~ £> !)a. .,()
0 .,
~~
TOTAL (Ill) DR 6 450 486 3 469 410
~
ttl
Autres empruuts obligataires OT
Empmnts et dettes aupr~s des etablissements de credil (5) DU
,..__
::!.. Empmnts et dettes financihes divers (Dont emprunls participatifs El ) DV 8 086 660 3 921 763
!a Avances et acomptes recus sur commandes en cours DW
4 265 353 3 270 706
E
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
Compte Produits constates d'avance (4) EB
re2ul. 1 971 250 1 865 283
TOTAL (IV) EC 26 011 835 18 819 882
Ecarts de conversion passif * (VJ ED 225 753 83 569
TOTAL GENERAL 11 ll Vl EE 67 637 803 54 378 047
(1) Ecart de rehaluation incorpore au capital lB
{
Reserve speciale de reevaluation (1959) lC
::a (2) Dant Ecart de reevaluation libre ID

0
> Reserve de ree\•alua1ion (1976) m
~ (3) Dant reserve speciale des plus-values ii Jong terme * EF
76 098 75 098
<»
0 (4) Dettes et produits constates d'avance ii mains d'un an EG
24 261 835 17 172 406
~
c:: (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 DGFiP N° 2052 2009
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
l'omJJJaire obligatolre (aiticle S3 A
du Co00 g~riral dts imp6ts)
msignation de l'entreprise: 5"S C6MECA Nfant I I*
E.urdc:e N
E>:porfatl&n et llmalsons
E.urcke (N-1)
France lnlnicommunautaln!s Total
Ventes de marchandises * FA FB FC
{biens * FD 1 774 065 FE 40 123 192 FF 41 897 258 43 316 700

Production vendue
z services* FG
0 1 282 033 FH 2 661 326 Fl 3 943 359 1 724 090
~ Clliffres d'affalres nets * FJ FK FL 45 040 791
!:: 3 056 098 42 784 519 45 840 618
~
~
Production stock~e
Produclion immobilisee
*
*
FM
FN
692 032 3 364 764
7 100
~~ Subventions d'exploitation FO
jl.i
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
)
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 Autres achats et charges externes (3) (6bis)* FW 11 093 130
0 13 612 698
~ Imp()ts, taxes et versements assimiles * FX 1 092 078 1 047 665
!::
0
~ 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
Sur immobilisations
!2 ~
~I:: - dotations aux provisions GB
iSS Sur actif circulant : dotations aux provisions *
8a Q 1
Pour risques et charges : dotations aux provisions
GC
GD
446 405
1 999 418
152 986
550 325
Autres charges (12) GE 63 322 269 219
Total des charges d'exploilatlon (4) (II) GF 40 522 645 40 855 6n
1 - RESULTAT D'EXPLOITATION {I - II) GG 6 497 116 8 769 816
r!" Bfo~fice attrlbu~ ou perte transffo~e * 011) OH
·J! ~
ce
"& 8
0 5 Perte supportee ou benefice transfere * 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
I« Reprises sur provisions et transferts de charges GM 161 459 42 486
~~ Differences posilives de change GN 637 670 642 908

i:>.
Produits nets sur cessions de valeurs mobilieres de placement GO
Total des produits flnancl ers (V) GP 1 293 387 1 210 045
ti)
~u
Dotations financieres aux amortissements et provisions * GQ 349 262 161 459
lnterets et charges assimilees (6) GR
g
s;.. Differences negatives de change GS
158 166
446 852
104 482
617 734
~ Charges nettes sur cessions de valeurs mobilieres de placement GT
~u Total <les cbarges financiercs (VI} GU 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
IRENVOJS : >uir tabkau n• 2053) • D.!s cxplkalioosC<l!UltWll cell• nibricpo soot donnfe•d= la ooke n" 1<132.
AGREMENT DGFIP C5109.10004.--~~~~~~----,,.--~~~~~~~~~~~~~--. DGFIP NC) 2053 2009
@I COMPfE DE RESULTAT DE L'EXERCICE <SuI1e>I
fonrulaill! obligatolre (artlde Sl A
du tode gfolral <ks inlpO(s)
Dhignation de l'entreprise SAS C»IECA Nfant D*

ExcrckeN Exerclce N - 1
Produits excepcionnels sur operations de gestion HA
~j
6
Produits exceptionnels sur operations en capital * HD
8 -
f § Reprises sur provisions et transrerts de charges HC 81 288 113 551
~ (\'II) HD
Total des produits exceptlonnels (7) 81 288 113 558
"'::ll'1 Charges exceptionnelles s11r operations de gestion (6 bis) HE 153 714 15 108
~ Charges exceptionnelles sur operations en capital *
I!
llF
~
""'(
Dotations exceptionnelles aux amortissements et provisions HG 31168 300 446
t3 E Total des charges cxccptlonnclles (7) (VIII) HH 184 883 315 555
~ 4- RESULTAT EXCEPTIONNEL (VII- VIII) HI ( 103 594) ( 201 996)
k:i
~ Participation des salaries aux resultats de l'entreprise IU
~
(IX} 896 525 1 328 838
~ lmp(>ts sur les benefices * (X} HK 1 689 050 2 148 72.0
~ TOTAL DES PRODUITS {I + IIl + V + VII) HJ,

48 394 436 50 949 098
~ TOTAL DES CHARGES {II + IV + VI + VIII + IX + X) HM 44 247 384 45 532 466
~ 5 - BENEFICE OU PERTE (total des produits ·total des charges) HN 4 147 052 5 416 632
8 (1) Dont produits nets partiels sur op~rations a long tenne HO
~
k:i
~
"<!'.
~
(2) Dont
{ produits de locations immobilieres
produits d'exploitation afferents 11 des exercices anterieurs (a detailler au (8) ci-dessous) lG

HY
209 019 114 061

- Credit-bail mobilier *
~
HP
(3) Dont {
~ . 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 107 996
323 186
(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) 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

"'a 39 129 257 002
~ (13) Dont primes et colisations comple-
mcnta1res personnelles : facultatives A6
I f Iobligatoires A9I I
~
D~tail des produits et charges exceptionncls (Si le nombre de lignes est insuftisanl, reproduire te cadre (7) er le E.~ercire N
(7) joindrc en annexe) : Char~s exetpli(llUJ<llts Pi:oduirs except-ls
OAP lliiOS 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 106 835
(8) Detail des produits et charges sur exercices anterieurs : faercke N
Charges anttri<wn Produirs antErieurs
ii'i
§ REPRISE REDEVANCES - BREVET EXPIRE 209 019
c
"'
-~
REGUL COTISATION 21 345
I-
~
a:
.,
z:
.2'
>
0.
0
u
- 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 OU elements d'appareils electroniques et mecaniques de hautes precisions
en particulier d'instruments scientifiques.
1.3. Siege social
Son siege se situe au 29 Quai des Gresillons, 92230 Gennevilliers.
1.4. Exercice social
L'annee sociale commence le !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.
I
Valeur ! Cessions Valeur
(en euros) Acquisitions I
fin d'exercice
debut d'exercice \ Mise au rebut
:I
lmmo. Logiciels 401 967 I
19971 - 17 066 404 872
lncorp. Fonds Commercial 12 931 800 : ' 12 931 800
:
Terrains Batis - I
I
!
I
-
Biltiments - I -
Agencement Amenag. Contruct. 215 411 I 8 503 I
223 915
lmmo. I ;
Materiel Outillage Industriel I 430 271 I 61 695 '- 6 853 I 485 113
Corporel. Materiel de Transport - I
' -
Materiel Bureau et lnformatique 149 259
I
I
43 280 '-
I 881 191658
Mobilier 250 354 I
I
18 774 I
i
- 4 800 264 329
En cours 4 625 71 592 - 4 625 71 592
Autres participations 767076 I 767076
lmmo. I
Financ. Prets 3 150 668 131 955 I - I 033 630 2 248 993
Autres immobilisat. financieres I 109 643 ' 155 956 .' - 23 I 265 575
Total 20 411 078 i 511 727 1 067 878 19 854 926
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 a !'installation dans Jes nouveaux Jocaux et a des
renouvellements de materiels devenus obsoletes.
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
Valeur : :I I Valenr
I
(en euros) Dotations Reprises
debut d'exercice i I
! fin d'exercice
Logiciels 354 669
: 28 554
:... i 366 156
I 17 066
l l
Biitiments l
-
Agencement Amenag. Contruct. 23 288 20 434 i 43 722
l
Materiel Outillage lndustricl 571 202 144 621 ;- 6 853 708 971
Materiel de Transport I
I
-
Materiel Bureau et lnformatique 100 030 26 327 l" 881 125 476
Mobilier 34 250 ! 26 883 ~ 4 800 56 333
;
Total 1 083 440 246 821 >- 29 601 ' 1300 660
Dotations Reprises
Mode d'amortissements
derogatoires derogaloires
Logiciels IO 161 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 :
- Construction 20 ans Lineaire

- Ouvrages d'infrastructure et installations fixes I 0 ans Lineaire
- Machines-outils, materiel et outillages industriels 3 a 10 ans Lineaire
- Materiel de transport S ans Lineaire
- Mobilier et materiel administratif S a 10 ans Lineaire
- Agencements des constructions, installations generales S ans a 10 ans Lineaire
Pour Jes amortissements des biens apportes !ors de la fusion, Jes durees d'amortissements correspondent a la duree restant a
courir dans Jes livres de la societe absorbee.
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) Valeur brute DCprecia ti on Valeur nette

. Matieres premieres 3 854 272 604 389 3 249 883
. En cours de production de biens 18 657 941 325 239 18 332 702
. Produits intermediaires et finis 2 301 408 527 179 I 774 228
. Marchandises 143 061 39 035 104 026
Total 24 956 682 l 495 842 23 460 840
Valeur debut
Provision pour depreciation d'exercice
Augmentations Diminutions Valeur fin d'exercice
Matieres premieres 495 045 109 344 604 389

En cours de production de biens 108 413 216 825 325 238
Produits intermediaires et finis 445 299 81 880 527 179
Marchandises 680 38 354 39 035
Total 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 MontantS

Creances clients et comptes rattaches
Clients 11521453
Clients douteux ou litigieux (!) 136 196
Clients - factures a etablir 36 849
Sous total 11694498
Autres creances
Personnel 34 556
lmpots et taxes (2) 314 341
Comptes courants Groupe (3) 9 711 931
Divers debiteurs 24 787
Sous total 10 085 615
Total 21780113
(1) Les creances douteuses sont depreciees a hauteur de 100 %.

(2) TVA a deduire pour 314 K euros
(3) 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 €
Valeur debut Valeur fin

Augmentations Diminutions
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 A I .an au plus A plus d'un an
~ ~ ~rets 2 248 993 2 248 993

< .§ k\utres immobilisations financieres 1 265 575 1 265 575
k::lients douteux ou litigieux 136 196 136 196
~utres creances clients I 1 558 302 I I 558 302
=
:;os ~ersonnel et comptes rattaches 34 555 34 555
::::
·;; Etat et autres [mpots sur les benefices
...;:: collectivites Ifaxe sur Ia valeur ajoutee 314 342 314 342
..___p_u_b_liq_u_e_s-~!Divers
<"
Proupe et associes 9 711 931 9 711 931
IDebiteurs divers 62 906 62 906
Charges constatees d'avance 115 131 I 15 131
TOTAL 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 3 778 790
Caisses 881
Total 3 779 671
6.3. Comptes de regularisation
6.3.1. Charges constatees d'avance
Nature Mooiaots
Charges d'exploitation
Contrats assistance informatique 32 266
Contrats de maintenance 40 669
Contrats de collaboration 37 500
Deplacements (billets d'avion) 2 728
Assurances I 550
Autres ( Maintenance, Abonnement revues ) 418
Total 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 Augmentation Dhninuti·ons Resultat 2008 Cloture

Capital souscrit verse 6 782 100 6 782100
Prime de fusion 11274 421 ll 274 421
Reserve legale proprement <lite 678 210 678 210
Plus value net. L.T. reserve legale 3 270 3270
Plus value net. L.T res. Reglement. 71 829 71 829
Reserves diverses 5 690 944 5 690 944
Report anouveau I 856 405 5416632 7273 037
Provisions reglementees 31 373 IO 161 -12 669 28865
RESULTAT 2007 5 416 632 -5 416 632 0
Total cloture 2007 31 805 183 5 426 793 -5 429 301 31 802 676
RESULTAT 2008 4 147 052 4 147 052
TOTAL 31 805 183 5 426 793 -5 429 301 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 So/de
Programme N° 3 650 000 € 650 000 450 000 200 000 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.
Provisions Dotations Reprises Provisions
(en euros) Utilisation a la cloture
a I' ouverture de l'exercice sans objet
. Garanties donnees aux clients I 292 503 239 699 I 532 202
. Penalites clients 333 981 18 027 22 200 46 419 283 389
. Pertes de change 161 458 349 262 161 458 349 262
. Autres pour risques 0 165 986 165 986
. Pensions et obligations similaires 975 822 333 834 84 100 I 225 556
. Medaille du travail 535 378 57 864 17262 575 980
. Travaux restant a effectuer 170 268 I 202 035 54 192 1318lll
TOTAL 3469 410 2 366 707 183 658 201 973 5 450 486
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
Financier 349 262 161 458
Exceptionnel 18 027 68 619
Total 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 aIa convention collective de la Metallurgie :
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
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

Participations des salaries (I) I 775 274
Interets courus sur participations (2) 73 474
Dettes Ametek BV (3) 3 500 000
Interets sur dettes Ametek (4) 46 572
Cornptes courants Groupe (5) 2 691 340
Total 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 :
Nature des dettes Montan ts

Fournisseurs et comptes rattacbes
Foumisseurs 3 210 183
Foumisseurs effets it payer 1 771 525
Foumisseurs Factures non parvenues I 806 039
Dettes liscales et sociales
Personnel (1) 2 039 392
Organismes sociaux (2) 1 458 673
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 517K€
a
(3) dont TVA( zone Euro) decaisser 102K€
Tmce professionnelle 16K€
7.4.4. Dettes diverses
Repartition des dettes diverses par nature :
Nature des dettes Montant

Foumisseurs immobilisations 71 592
Sous total 71 592
Autres dettes
Agents commissionnaires I 138 650
Redevances 14 129
Crediteurs divers (1) 37 636
Sous total ] 190 415
Total 1262007
(I) dont cotisations pour 24 K euros.
0 Echeander des dettes
A plus d'l an
(en euros) Montant brut A 1 an au plus
5 ans au plus
Emprunts et dettes financieres divers 5 395 320 3 635 320 l 760 000
Foumisseurs et comptes rattaches 6 787 747 6 787 747
Personnel et comptes rattaches 2 039 392 2 039 392
Securite sociale et autres org. sociaux 1458 673 l 458 673
Etat et autres lmpots sur !es benefices
collectivites Taxe sur la valeur ajoutee 104 223 104 223
publiques
Autres impots, taxes & assi. 36 526 36 526
Dettes sur immobilisations & cptes rattaches 71 592 71 592
Groupe et associes 2 691 340 2 691 340
Autres dettes et avances 5 455 769 5 455 769
Produits constates d'avance I 971 250 I 971 250
TOTAL 26 011 835 24 251 835 1 760 000
10
o Charges a payer incluses dans les postes de bilan
Ci-apres le detail des postes de bilan concemes :

Dettes foumisseurs et comptes rattaches 1 806 039
Dettes sociales 1 981 908
Dettes fiscales 819 335
Autres dettes ( redevances, divers ) 38 059
4 765 387 €
7.5.1. Produits constates d'avance
Nature Montan ts
Produits d'e:xploitation
Contrats de maintenance S.A.V. (1) I 544 070
Marchandises facturees non livrees (2) 427 180
Total 1 971 250
(1) Les contrats de services sont factures aux clients pour une periode a courir exprimee en jours. A la cloture, la part calendaire non echue
est constatee d'avance.
(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 <lite au client, soit des clauses contractuelles des marches.
~ Ventilation du chiffre d'affaires (en milliers d'euros)
Zone geographique 2008 2007 2006

-FRANCE 3 056 1760 4 681
- UNION EUROPEENNE 9201 9 413 8 198
- U.S.A. I CANADA 11 369 11 912 12423
- ASIE I PACIFIQUE 22160 20776 10 425
-AUTRES 55 I 180 I 893
TOTAL 45 841 45 041 37620
Nombre de machines vendues 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 2007 2006
Autres produits 331 556 325 041 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 (!) 3 357 635 2 188 685 2 381 777
Redevances de credit bail (2) I 295 773 1254216 983 355
Locations (3) 143 450 133 966 78 184
Entretien, reparation, maintenance 187 598 135 662 123 160
Primes d'assurance (4) 120 626 189 246 150 210
Etudes et recherches 41 389 83 485
Documentation 35 839 22444 9438
Frais de colloques, seminaires, conferences 22 211 1970 4 309
Sous total 5163 132 3 967 578 3 813 918
Autres services exterieurs
Personnel interimaire 123 231 118 177 188 521
Remuneration d'intermediaires et honoraires (5) 2 312 016 I 814 888 I 542 592
Publicite, publications, relations publiques 15 488 15 754 36966
Transports de biens (6) 942 850 729 096 626 647
Deplacements, missions et receptions (7) I 781 875 I 737 665 I 696 843
Frais postaux et de telecommunications 50 090 58 190 50 927
Services bancaires et assimiles 87 236 110 237 167212
Divers (8) 78 665 42 407 59 458
Sous total 5 391 451 4 626 414 4 369166
Total 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 2006
Redevances 39 129 257 004 190 939
Divers 24 193 12 215 I 768
Total 63 322 269 219 192 707
13
8.5. Resultat de l'exercice
(en euros) 2008 2007 2006
Resultat d'exploitation 6 497 ll6 8 769 816 6 530 681
Resultat financier 339 106 326 369 79 986

- Dividendes et prt!ts (I) 131 936 110 759 221 455
- Charges d'interets (2) -158 090 -86 378 -365 853
- Resultat net de change 190 818 25174 65 810
- Autres charges et produits (3) 362 245 395 787 30465
- Provisions pour risques (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

- Penalites clients -46 427 -1 519
- Penalites fiscales -453
- Provisions pour risques et charges (5) 50121 -186893 55 997
- Autres charges et produits (6) -106 835 -13 584 5 870 319
Participations et interessements -896 525 -1 328 838 -2 057 397

Imp6ts sur Jes benefices de l'exercice -I 689 050 -2 148 720 -5 689 256
Resultat net de l'exercice 4147 052 s 416 632 4 790 331
(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 Bases Taux 34.03 %
Resultat courant 6 836 222 2 326 366
Resultat exceptionnel -103 594 -35 253
9. Operations concernant Jes entreprises liees
Micro
Au 31/12/2008 CAMECA Cameca Cameca Came ca Cameca Came ca Cameca Financiere
Analyse
(en euros) FRANCE USA UK JAPAN KOREA TAIWAN GMBH Cameca
Instruments
Au hi/an
Actif
Prets
Preteur 2 248 994
Emprunteur 2 248 994
Creances d'exploitation
Comptes courants Cameca 9 711 931
Comptes courants partenaires 326 327 210 709 2 079 646 7 095 249
Clients 427 992
Filiales partenaires 291 508 51 038 68 330 200 16 916
Passif
Autres reserves
. Dividendes verses 0
. Societes partenaires
Dettes d'exploitation
Comptes courants Cameca I 002 291
Comptes courants partenaires 1002291
Filiales partenaires 879 517 6 064 555 334 210 720 l 434 661
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
. Prestations facturees aux filiales
. Societes partenaires
Chames d'exoloitation
. Achats aupres des filiales 3 013 462
Societes partenaires 658 177 18 669 134 272 613 799 3 951 I 584 594
. Prestations faites par les filiales 1330 562
. Societes partenaires 107 905 492 540 323 568 406 549
Produits financiers
. lnterets courus a recevoir 298 342
. Societes partenaires 107 092 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 :
- Terrain I 500 000 €
- Constmction 7 840 000 €
- Ageneements 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 Redevances Redevances Engagement
immobilier cumulccs cxcrciee Net
12 340 000 -1 353 538 -623 497 10 362 965
16
A plus d'lan
Echeancier A I an au plus A plus de 5 ans
et 5 ans au plus
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 31
ETAM 89
lngenieurs 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 I 6 2 JO heures
Nombre d'heures de formation consommees au titre du D.I.F. au 31.12.2008 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 a raison
de Jeur fonction
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 270 000 30 000 50 000 50 000 000 1000000 25 000
Reserves 1903958 96 679 55 211 -209 495 077 1 512 925 - 1 487 670
Quote-part de Capital detenu en % 100% 100% 100% 100% 100% 100%
!Valeur d'inventaire des titres detenus

Euros 322 508 46 574 304 730 35496 26 366 0
Devises 395 645 30 000 50 000 50 000 000 1000000
l'rets et avances consentis et non rembourses

Euros 2 169 276
Devises
Chiffres d'affaire (taux moyen)

Euros 9 343 655 191170 9469 691 1 501431 692443 3 618 572
Devises 13 649 591 151 599 1436322 2 571086665 31 064 382 -
Resultat au 31/12/2008 (taux de cloture)

Euros 47068 37 222 232 348 300260 187 721 - 317 705
Devises 582 560 35 630 29 447 529 703 431 8 594 481 -
Dividendes verses
Euros
Devises
Cautions ou avals donnes au benefices de ces societes

Euros
Devises
Date d'ouverture 01/01/2008 01/01/2008 01/01/2008 01/01/2008 01/01/2008 01/01/2008
Date de cloture 31/12/2008 31/12/2008 31/12/2008 31/12/2008 31/12/2008 31/12/2008
19
CONST ANTIN ASSOCIES ERNST & YOUNG et Autres
Came ca

114, rue Marius Aufan 41, rue Ybry
92532 Levallois-Perret 92576 Neuilly-sur-Seine Cedex
S.A. au capital de€ 831.330 S.A.S. acapital variable
Commissaire aux Comptes

Commissaire aux Comptes Membre de la compagnie
Membre de la compagnie regionale de Versailles
regionale de Paris
Cameca
Rapport des commlssalres aux comptes

A l'Associe Unique.
presentons notre rapport relatif al'exercice clos le 31 decembre 2008, sur:
• le controle des comptes annuels de la societe Cameca, tels qu'ils sont joints au present rapport ;
Les comptes annuels ont ete arr~tes par le president. II nous appartient, sur la base de notre audit,
Nous avons effectue not re audit selon les norm es d'exercice professionnel applicables en f ranee : ces
normes requierent la mise en reuvre de diligences permettant d'obtenir !'assurance raisonnable que
les comptes annuels ne comportent pas d'anomalies significatives. Un audit consiste a verifier, par
informations figurant dans les comptes annuels. II consiste egalement aapprecier les principes
notre opinion.
Nous certifions que les comptes annuels sont, au regard des regles et principes comptables fran~ais,
En application des dispositions de !'article L. 823-9 du Code de commerce relatives ala justification de
nos appreciations, nous portons a votre connaissance les elements suivants :
Prlncipes et methodes comptables
• La note 6.2.1 de !'annexe expose les regles et methodes comptables relatives aux modalites de
comptabilisation des stocks. Dans le cadre de note appreciation des regles et principes comptables
suivis par votre societe, nous avons verifie le caractere approprie des methodes comptables
precisees et des informations fournies dans les notes de !'annexe et nous nous sommes assures de
leur correcte application.
Estimations
• Votre societe conserve dans ses comptes un fonds de commerce dont la valeur brute s'eleve a
K€ 12.932 au 31decembre2008. Compte tenu des elements previsionnels, le fonds de commerce
ne fait pas l'objet de depreciation tel que cela est indique dans la note 6.1.1 de !'annexe. Nous
avons procede a !'appreciation des approches retenues par votre societe pour estimer la valeur de
cet actif. Nous nous sommes assures du caractere raisonnable des hypotheses retenues et des
evaluations qui en resultent.
• Votre societe a constitue une provision pour couvrir !'exposition au risque que representent ses
filiales dans ses comptes, tel que cela est decrit dans la note 6.1.3 de !'annexe. Nos travaux ont
consiste a apprecier, sur la base des elements disponibles ace jour, les elements et les hypotheses
sur lesquels se f on de !'estimation de ces provisions, sachant que ces hypotheses ont par nature un
caractere incertain et que leur realisation est susceptible de differer des hypotheses utilisees. Dans
le cadre de nos appreciations, nous nous sommes assures du caractere raisonnable de cette
estimation et du caractere approprie de !'information don nee en annexe acet egard.
• Votre societe constitue des provisions pour risques et charges, tel que cela est decrit dans la note
7.3 de !'annexe. Nos travaux ont consiste a apprecier les donnees et les hypotheses sur lesquelles
se fondent ces estimations, a revoir les calculs effectues par la societe, a comparer les estimations
comptables des periodes precedentes avec les realisations correspondantes et a examiner les
procedures d'approbation de ces estimations par la direction. Dans le cadre de nos appreciations,
nous nous sommes assures du caractere raisonnable de ces estimations.
annuels, pris dans leur ensemble, et ont done contribue a la formation de notre opinion exprimee dans
Ill. Verifications et Informations speclflques
Nous avons egalement procede aux verifications specifiques prevues par la loi.
Cameca
Nous n•avons pas d'observation a formuler sur la sincerite et la concordance avec les comptes annuets
des informations donnees dans le rapport de gestion du president et dans les documents a l'associe
unique sur la situation financiere et les comptes annuels.
Levallois·Perret et Neuilly·sur·Seine, le 15 juin 2009
CONSTANTIN ASSOCIES Get Autres
ean-Paul : : \ Christian Lemaigre Dubreuil
Cameca
Exercice clos le 31 decembre 2008 3
DGFiP N° 2050 2009
f•l:mlll>i:e obli~Gin: {"'1ll:lc Sl A
.tu Code~ dn implls).
CD I BILAN' - ACTIF I
Designation de l'entreprise : _,.SAS=-....:CAHE,,,_,_,:.;r.A::.:----------------- Duree de l'exercice expri.mCc en uombrc de mois • ut..J
Adrcsse de l'en1reprise 29 QUA! DES GRESILLOllS 92230 6EHNEVILLIERS DurU de l'exercicc precedent • uz.._J
Numero SIRET • 4 0 3 0 9 2 2 1 6 0 0 D 3 1 Neant 0*
Brut Nel
l 4
Capiral souscrit non appeli (I) AA
Fnis d'etabli~ment • AB AC
3...
l:! Frais de developpement * ex CQ
2.
8 Concessions, brevets et droits similaires 4F
l!i 404 872 4G 366 156 38 715 47 298
£
~
..
g Fonds commercial (1) AH 12 931 800 Al 12 931 800 12 931 800
ii Autres immobilisations incorporelles AJ Alt
~
3 Avaaces et aco1t1p1es sur immobilisa- AL
tions incorporelles
Terrains AN A.Cl
Constructions u 223 915 AQ 43 722 180 192 192 123

!11S111lations tecl!ajques. martriel et
outillage industriels AR 1485113 AS 708 971 n6142 859 069
Autres immobilisations corporelles AT 455 986 AU 181 809 l14 176 265 332
Immobilisations en cours AV 71 592 71 592 4 625
Avauces et acomptes AX AY
Particcns
me
la
evaluees selon
demise en e uivalence cs CT
Autres participations cu 767 076 CV 31 402 735 674 735 674

Creances ranachCes i des participatioas BB BC
~ Autres titres immobilises BD BE
~
s Pre!S If' z 248 993 RG 2 248 993 3 15() 668
i Autres immobilisations tinanci.Cres • BB l 265 575 Bl 1 265 575 1 109 643
TOTAL an IU 19 864 926 u 1 332 063 18 522 86.1 19 296 234
Malieres premieres, approvisio~ IJL 3 854 271 BM 604 389 3 249 882 2 528 916
. En Wllf1 de production de biens IN 18 f67 941 BO 325.Z. 18 332 702 18 590 378
g En c:ours de production de services IP IQ
t;
Produiu iO!Crmediaircs et finis BR 2 301411S BS 5'1J 179 1 n4 221 1 123 226
...
~
Man::balxf.iscs BT 143 061 JU J9 036 104 026 84 405
~
•
AYaDCeS et ac:ompces venes llW' commandes BV 38 119 • 38 119 60 947
§~
Clien!S et compres rauacbes (3;• BX 11 694 498 BY 13.1198 l 11 561 299 6 458 254
,~
Aucres Cl'Clll'ICCS (3) BZ 10 085 615 CA 275 000 i 9 810 615 3 799 502
:.i
Capital souscnt c:t :ippcl.C, non verse CB cc
.,, 1V.1leun mobilierc:s de placc:mem ----
I~ 11oomM:uons propres..!.:.=:.:.:..:::.:..=···· .J
CD
·~---
CE
i 3 Disp:m1b1lirts er 3 ng 671 CG 3 m 671 2 'l.57 526

Char~es consratees tl'avance (3)• til 115 131 Cl 115 131 ll 196
1
~g
I TOTAL<lll) Cl 50 669 719 CK 1 904 Ml 34 920 352
a2 fr:iis d. <mission d. cmprum a tlaler (fV) Cl\'
)
>
)
t .3
! a~ Primes <le romb<lursemenc des ohligocions (V) CM
··-----
Ecarts de conversion actif~ !VD C:-.0 349 262 349 262 161 459
TOTAL GEN~:RAL If n VI) co /[) 873 907 67 637 803 54 378 C47
I'~' l'art ,\.,.,,nm ·l'l!UllU 1ct
f~envois; rJi lknr 1lroi11u hail: .,..art .. 1;.,., ..1U1r:1¥1c~e•-.~: ti' ·n 136 196
fT.lu:~f'.etf.s.eT\'1:
,~ pmpnrtC ·. • Ir.:i:nobtltlii.Uic...~.s: Stocks: Creances :
• f)CS ~'phc.rious concernant cct!e rubrique >onl donnces dans I• ooricc n" 1012.
AGREMENT OGFIP C5109.10004 DGFiP N" 2051 2UU~
® I BILAN - PASSIF avant repartition I
I'~ cbli111<1R (llU:lc SJ A
du cook &frinl des irr¢ul
Designation de I'entreprisc SAS CAMECA Neant D ..

Enrck:e N Enrctc.N • 1
Capital social OU individucl (l)* (Doru verse : ................ ti.7.92.10.0........ ) DA 6 782 100 6 782 100
Primes d'emission, de fusion, d'appon. .... DB 11 274 420 11 274 420
Ecarts de reevaluation (2)* (dont ecart d'equivalence fEKI ) DC
Cl') Reserve legalc (3) DD 681 479 681 479

f
0
R~serves staMaires ou contracruelles DE
<:.::
tl. • ( Dont reserve speciale des provisiom )
Reserves reglemen~es (3) nour fluctuation des cours Bl DF 71 828 71 828
~ ( Dont ~serve relative <\ l'achat
~ ;< Autrcs r6serves d'ocuvn::s ori1.inales d'axtisll:S vivants*
EJ ) DG 5 690 944 5 690 944
~
ii: Repon l nouveau DH
1( ~ 7 273 036 1 856 404
.....:;
\,,) RESULTAT DE L'EXERCICE [benefice ou pertel DI 4 147 052 5 416 632
t:.i:::
Q Subventions d'investissement DI
"'
~
:.::
Provisions reglementees * DIC
28 865 31 373
Q:; TOTAL Ill DL 35 949 728 31 805 183
~~
.:g Produit des emissions de titres participatifs DM
="'e
.2 ON
"'c..
., 0
AvanccscouditiollllCc:s 200 000
!:! ...
~ <:::i"" TOTAL 1111 DO 200 000
\,,)
ProvisioDS pour risques DP
~ ai :I 2 330 839 1 787 943
e..,, ·-it&.~ .a 0 ~ 00
~ .:!I ·c: Provisions pour charges DQ
g .... (J 3 119 647 1 681 467
~
TOTAL 11111 DR 5 450 486 3 469 410
g Emprunts obligataires convertibles

Autrcs emprunts obligatain::s
OS
DT
Emprunts et dettcs aupres des etablissements de cddit (5) DU

,-.
·::!:- Bmprunrs ct dettes financieres divers <Dont emprunts participatifs Eil ) DV 8 086 660 3 921 763
ffl Avances et acomptes rei;us sur commandes en COUl'S ow 4 265 353 3 270 706
E
Q Deues fournisseurs et comptes rattachCs DX 6 787 747 4 583 438 ~
Dettes fiscates et sociales DY 3 638 815 3 870 362
Dettcs sur immobilisations et comptes ratt.acbes DZ 71 592 36 202 I
Autres detu:s EA 1 190 415 1 272 124
Compte Produirs constates d'avance (4) EB
rc!?ul. 1 971 250 1 865 283
TOTAL llVJ EC 2fj 011 835 18 819 882 ;
I
Ecarts de conversion passif • fVI ED 225 753 83 569 t
TOTAL GENERAL fl a VI EE 67 637 803 54 378 047

(I) Ecart de reevaluation i.acorpore au capital lB
{
Reserve speciale <le reevaluation I 1959) IC
<ll (2) Dont r:cart tie reevaluation libre ID

0
> R.!serve <le reevaluation (l 976) IE
~ (J)
,_____
Dont reserve speciale Jes plus-valuc:s a long terme • EF 75 098 75 098
')
'.)
(4) Dettes ~[ produi!s coustau!s d'.wance ~ moins d'un an EG 24 251 835 17 172 406
'.i
- 15) Dont coacours haacaircs courants, et sold.es cre<liteurs lie banques et CCP EH
• Des explications conc~rnant Celle rubrique sonc dorn1ees Jans 14 notice n• 20J2.
DGI<'iP N° 2052 2009
-- "@jco:MPrE DE REsULTAT DE L'EXERCICE (En liste)I
f<>ltlll.llm lllllipioitt (article S3 A
u ('ode
1 ~des imp&~)
Designation de l'entrcprisc: SAS e»!ECA Neant C:

ExerdceN
~erdce (N.-1)
£xportalloia tt ll•nbo,. Total.
France lutncommoaaautalns
Venres de marchandiscs • FA FB FC
Production venduc riens•

FD i n4 065 FE 40 123 192 FF 41 897 258 43 316 700
z services" FG FH FI
~ 1 282 033 2 661 326 3 943 359 1 724 090
~
Chitfres d'affaires nets • FI 3 056 098 FK 42 784 519 FL 45 840 618 45 040 791
a
Q
Production stockee •
Production immob~e *
FM
FN
692 032 3 364 764
7 100
i:
"'~I:
;:;i Subventions d'exploitation FO
Q
~ ~ Reprises sur amortisse~nts et provisions, transfens de charges "' (9) fP 155 553 887 796
;.... Autres produits (1) ( 11) FQ 331 556 325 041
-~ Total des proclults d'exploltatio11 (2) m FR 47 019 761 49 625 494
~
....; Achats de marchandiscs (y compris droits de douane)* FS
Qc:
~ Variation de stocl:: (marchandiscs)* FT ( 57 975) 7 473
~ Achats de ma~res premieres et auttcs approvisionnements (y cornpris droits de douanc)* FU 10 600 501 14 412 569
~ z
Variation de stoc:k (matiCrcs premi~ et approvisionnements)* FV ( 830 310) 522 715
~ 0 AutreS achats et charges extemes (3) (6bis}* FW 13 612 698 11 093 130
~ ~ Imp6ts, talles et versements wimiles • FX 1 092 078 1 047 665
~ !::
~
=: ~ Salaires et tta itements* FY 8 964 464 8 496 951
"1
~ !3
t;!I 2:
{ - dotations awt amonissements * GA 243 841 197 349
~ ~ ~a Sur immobilisations
t Q o~
i::
<3
- dotations aux provisions GB
se ~
Sur actif circulant : dotations aux provisions •
Pour risques et charges : dotlltions aUA provisions

GC
GD
446 405
1 999 418
152 986
550 325
Auttes charges (12) GE 63 322 269 219
Total des ebarges d'exploiiation (4) (II) GF 40 522 645 40 855 677
1 • RESULTAT D'EXPLOITATION 11-11) GG 6 497 116 8 769 816
!i
"I!
Benefice attribue ou penc transfer6: •
Perte suppo~ ou benefice transfere •

(Un GH
(IV) GI
Produits financ:iers de participatiom (5) GJ
u
~ Produits des autres vale\ll"S mobilieres et creances de l'acrif immobili.sC (5) GK 131 936 110 759
Auues inrerets et produits assimiles (5) GL
~ 362 321 413 892
?i
r.. Reprises sur provisions et transfcrts de charges GM 161 459 42 486
~
ts
~
Differences positives de change GN 637 670 642 908
.
0
~ Produits nets sur cessions de valeurs mobilieres de placement GO
Total ties prodtdts financiers (V) GP 1 293 387 1 210 045
~u
DtJtations fuuincieres au., amortisserneni:s ec provisions " GQ 349 262 161 459
lnterets et charges assimilees (6) GR 158 166 104 48Z
) ~
~
)
I Differences negatives de ~hange GS
! 446 852 617 734
~ Ch3rges nettes sur cessions de valeun; mobilieres ,1e placement GT
"~
:i:: Total des charges financieres (VJ) GU
'-' 954 281 ll83 675
Z - RESULTAT FINANCIER (V - Vt! GV 339 106 326 369
3 - RESULTAT COURANT AVANT fMPOTS (I - U + UI • IV + V • Vil GW 6 836 222 9 096 186
~GREMENT DGPI~ CS109.l0004.--~~~~~~~,,--~~~~~~~~~~~~~---. DGFiP N° 2053 2UU~
@I COI\'IPTE DE RESULTAT DE L'EXERCICE (Suite>!
l'cJnm11aiR ol>lipc>P l"'1iclc Sl A
<1u code gelll!lli d<S ~)
~signation de l'emreprise ~ ra:IECA :'-ifant o·

Exen:ice N Exerdcc N-1
~
Produits exccptionncls sur operations de gcstion HA 6
~ ~ Produits exceprionnels sur operation.s en capital *
5 s HB
~ ~~
II.
Reprises sur provisions ct transfe.rts de charges HC 81 288 113 551
Ill
Total des prodults exceptionoels (7) (Vm RD 81 288 113 558
..
::! Cllargcs exceptioMclles sur operations de gestion (6 bis) HE 153 714 15 108
~ ~ ~ Charees cxceptiot111CUes sur operations en capiau • HF
'~
-.. ~ "'~
~
~· x:.i
Dotations exceptioDDClles aux amortissements et provisions
Total des charges exceptiomielles (7) CVIm

HG
BB
31 168
184 883
300 446
315 555
Q 4 - RESULTAT EXCEPTIONNEL (VII - VIII) m ( 103 594) ( 201 !iJ6)
...
r~
- Participation des salaries aux resultats de I' entreprise (IX) HJ 896 525 l 328 838
2. Im¢ts sur 1es benefices • (X) HK
l 689 050 2 148 720
...~ TOTAL DF.S PRODUITS (I + Ill + V + vm HL 48 394 436 50 949 098
§ TOTAL DFS CHARGES {ll + IV + VI + VIII + IX + X) !ml 44 247 384 45 532 466
~ 5 • BENEFICE OU PERTE !total des prodults ·total des charges) .. HN 4 147 052 5 416 6.12
8
"'(
(I) Dent produits nets paniels sur operations Along temie HO
t-.
{
produits de locations immobililrcs HY
2: (2) Doat
'"I pro<luirs d'cxploi1ation afterents a des exercices anterieun (a detailler au (8) ci-dessous) JG
209 019 114 061
~
~ (3) Dom {
- Credit-bail mobilier * HP
~ - Credit-bail immobilicr HQ 1 295 773 1 254 216

(4) Dont charges d'exploitation afferentcs a des cxercices anterieurs (a de1lliller au (8) ci-dcssous) lH 21 345 4 823
(5) Dont produits conccmant les enucpriscs liees 11 323 186 107 996
(6) Dont inrerets conceraant Jes cntreprises lices IK 96 216
(6bis) Dont dons faits aux organismcs d'inttret general (an. 238 bis du C.G.I) HX
(9) Dont tranSferts de charges Al
(10) Dont cotisadons personncUcs de l'e:itploitant (13) A2
(11) Dont redevanccs pour coacessions de brevets, de liceaces (produits) A3
ill (12) Dont mlcvances pour concessions de brevets, de licences (charges) A4

251 002
39 129
~ (13)
Dont l?rimes et cotisations comple-
mema1res versonnellcs : fJcultativcs A6
I I I
oblis?atoires A9 I I
::!
Detail dci produil& ct char&es exccplionnels (Si le nombre de lignes est iruuffisan1, r!!(Jroduire le cadre (7) et le Exe• ic~ IJ '
(7) joilldre eo annexe) : Charges eJ«<ptiomr!la !~oc!Wa e.<(epio1111<1s
OAP ItMlS 2 980 I

I
PROV. NGT. OEROGATOIRES 10 161 12 669

PROV. PENAlITES DE RETARD 18 027 68 619
I
PENAl.ITES 0£ RETARD DE LIVRAISOH 46 880
f
I AIJTRES CHAAGES PROVISIONNEES 106 835
l (S) I Detail des produits ct charges sur excrcices anierieurs : Owgcs a111tritur~
Exercice N
! F"roJuits .&tkrleiJts
.j
REPRISE REDEVAHCES - iJREVET EXPIRE . I 209 019
----
c:
• REGUL COTISATIOH f 21 345
D
- -· -
- --···-·------- ---- -- --
• D<s explu;alions coucern~nl .. .

eerie rubnquc >Ont donr.ees; rlans la noucc n .l032 .
1. Presentation de la societe
J.l. Historique de la societe

de 50 568 Francs, soit 7 709,04 euros. Le 13 Mai 19%, l'Assemblee des Associes decide de transformer la Societ6 en S.A.
regie par la Joi en vigueur et par Jes statuts au Capital entierement libere de 281 736 Francs, soit 42 950,38 euros.
Conformement aux decisions prises par I' Assemblee Generale Extraordinaire du 20 Juin 1996, M.S.l. (Materiels
La societe M.S.l. a ete acquise par la societe M.A.1. (Micro Analyse Instruments) le 29 juin 2001 dont le premier exercice a
6te dos le 31 decembre 2002.
M.S.I. a absorbe S.P.T.M.-CAMECA par fusion simplifiee suivant la decision de I' Assemblee G6nerale Mixte Ordinaire et
Extraordinaire du 30 novembre 200 I.
La societe M.S.I. (Materiels Scientifiques International) a absorbe CAMECA, sa fifiale op6rationnelle, suivant la decision de
l'Assemblee Generale Mixte Ordinaire et Extraordinaire du 05 aoiit 2002. De plus, M.S.I. a change de denomination sociale
et de fonne et est devenue CAMECA SAS afin de preserver son identite et son nom commercial vis a vis de ses clients.
La societe Micro Analyse Instruments, uetcnue a I00%, a ete acquise par la socicte Financicre Cameca le 06 avril 2005.
Aux tennes d'une deliberation en date du 28 juin 2006, CAMECA, l'associe unique de Biosims SARL. a decide de dissoudre
sa filiale, par transmission universelle du patrimoine (TUP) avec effet retroactif au Ier janvier 2006.
Le 9 aoiit 2007. le fonds Carlyle Europe, actionnaire <le Financiere Cameca. tcte <lu Groupe CAMECA. a cede ses titres au
Groupe AMETEK Inc. La societe Financiere Cameca est detenue i1 100% par la nouvelle holding Ametek Holdings SARL.
1.2. Objet
1.3. Siege social
L'annee sociale commence le ler janvier et finit le 31 decembre.

En date du 5 novembre 2008, une convention d'integration fiscale a ete conclue avec la societe Ametek Holdings SARL en
tant que chef de groupe integre forme par cette societe, la societe Financiere Cameca. Micro Analyse Instruments et
CAMECA.
3. Perimetre d'integration fJScale

Une nouvelle convention d'integration fiscale a ete signee en janvier 2008 entre les membres du Groupe [ CAMECA,
Micro Analyse Instruments, Financiere Cameca] et Ametek Holdings SARL, la nouvelle tete de groupe.

Les comptes annuels de CAMECA sont etablis selon Jes normes definies du plan comptable general de 1999, au PCG
an. 531- I ~I et au Co<le <le Commerce art. R l 23-180.
11 est fait application des recommandations du Conseil National de la comptabilite, de l'Ordre des Experts Comptables et
Comptables Agrees et du Conseil National des Commissaires aux Comptes, ainsi que les autres principes comptables
generalement admis.
Conversion des dettes et creances en devises
Au bilan
Les dettes et creances en monnaies etrangeres qui n'ont pas fait l'objet de couverturc de taux, sont enregistrees au cours du
jour de la transaction. A l'arrete des comptes, elles sont valorisees au taux en vigueur a la date de cloture. Les ecarts
provenant de cette actualisation sont inscrits aux comptes « Ecarts de conversion actif » pour Jes pertes latentes et « Ecarts de
conversion Passif » pour les profits latents.
Cel\es qui sont couvertes par des contrats de change, sont evaluees au cours de la couverture qui leur est affectee. II n' est pas
dans ce cas constat6 de difference de conversion ni a l'actif, ni au passif du bilan.
Au compte de resuJtat
Les methodes d'evaluation et de presentation retenues pour etablir Jes comptes de l'exercice 2008 sont demeurees inchangees
par rapport acelles de l'exercice precedent
6. Explication des postes du bilan - ACTIF
6.1. Adif immobilise
Les immobilisations sont comptabilisees conformement aux reglements CRC 2002-IO et 2004-06.
Valeur ' Cessions Valeur

(en euros) Acquisitions l l
debut d'exercice : Mise au rebut fin d'exercice
'
lmmo. Logiciels 401967 19971 - 17066 'l 404 872
lncom. Fonds Commercial ' 12 931 800
12931 800
Terrains Batis - ' -
Bdtiments - -
Agencement Amenag. Contruct 215411 l
8 503 ' 223 915
lmmo.
Materiel Outillage lndustriel 1430271 61695 ' - 6 853 1485113
Corporal. Materiel de Transport - -
Matmel Bureau et lnforrnatique 149259 43 280 - 881 : 191658
Mobilier 250 354 18 774 . - 4800 264 329
I
En coon; \ 4625 71592 - 4625 71 592
lmmo.
Autres participations I 767 076 l
767 076
Financ. Prets 3 150 668 131955 ' - J 033 630 ' 2 248 99.1
l
Autres inunobilisat financieres I 109643 155 956 .- 23 I 265 575
Total 20411078 511727 .. 1067 878 19854926
6.1.1. Immobilisations incorporelles
Les frais de recherche et de developpement ne sont jamais immobilises et sont comptabilises en charge pour 4 885 K€.
Le fonds de commerce a fait I' objet d'une reevaluation de 12 913 506 € lors de la fusion du 05 aout 2002. Cetre reevaluation
n'a pas subi l'imp6t (4 304 502 €)en application du regime de faveur prevu aI' article 210 du Code General des Imp6ts.
Le fonds de commerce n'est pas amorti et ne fait pas !'objet d'une provision pour depreciation au 31.12.2008 compte tenu
du chiffre d'affaires realise et de I' acquisition par Ametek.
Les acquisitions de !a periode concement exclusivement des achats de logiciels.

6.1.2. Immobilisations corpurelles
Les immobilisations corporelles, acquises apres la fusion du 05 aoOt 2002, sont evaluees a
leur cout d'acquisition
(prix d'achat et frajs accessoires, hors frais d'acquisition des immobilisations) OU a Jeur COUt de production. La valeur des
immobilisations transferees lors de la fusion correspond a leurs valeurs nettes comptables au jour de la fusion.
Les acquisitions de la periode correspondent aux besoins liees a !'installation dans les nouveaux locaux et a des
6.1.3. Immobilisations tinancieres
CAMECA detient les actions des filiales etrangeres (Cameca-USA. Cameca-UK. Cameca-JAPAN, Cameca-KOREA,
Cameca TAIWAN et Cameca Gmbh) a 100 % pour 76-0 674 €.
La valeur brute des titres de participation est constituee par la valeur d'apport ou d'acquisition. Une provision est constituee
si la valeur d'usage d'un titre devient inferieure a sa valeur d'entree. Cette valeur d'usage est determinee en fonction de
l'actif net reestime de la filiale.
visant a transformer cette entite de production (instruments Quad) en structure de ventes et de services de !'ensemble des
produits de Cameca. Cette restructuration devrait permettre a la filiale de degager des profits pour les exercices a venir
d'actif rattachC a cette participation est couverte a hauteur de 300 K€ (Jes titres pour 25 000 et Jes comptes courants
pour 275 000). dans la perspective de la realisation des hypotheses retenues dans le business plan.
Le 6 avril 2006. Carneca a fait un pret de l 967 152 euros a sa filiale Cameca GmbH. pour lui assurer un equilibre bilanciel
suffisant. Ce pret, remunere au taux annuel de 5 %, devra etre rembourse integralement le 6 avril 20!3.
Au 6 avril 2007, le pret a ete capitalise des interets de la periode (6.04.06- 6.04.07), soit 98 627 euros.
Au 6 avril 2008, le pret a ete capitalise des interets de la periode (6.04.07 - 6.04.08), soit I03 497 euros.
Les interets se rapportant au pret courent acompter du 07.04.08 au 31.12.08 pour 79 718 euros.
Le 29 octobre 2007, Cameca a fait un pret de I 000 000 euros a AMETEK Holding BV. Ce pret, remunere au taux annuel
de 5 %, a ete rembourse par anticipation le 26 juin 2008 pour le nominal ainsi que Jes interets (33 630 euros).
Les autres immobilisations financieres concernent :

une avance de 1 million d'euros versee dans le cadre du leasing immobilier, avance remuneree dont Jes interets courus
s'eJevent a 147 066 euros.
des dep6ts de garanties pour 118 510 euros.
6.1.4. Amortissements
(en euros) I
!
Valeur
Dotations Reprises
Valeur
i debut d'exercice : fin d'cxercice
LOS!iciels 354669 28 554 - 17066 . 366 156

Batiments -
Agencement Amenag. Contruct. 23 288 20434 43 722
Materiel Outillage lnduslriel 571 202 144621 - 6 853 708971
Materiel de Transport I
Materiel Bureau et lnformatique 100030 26327 . 881 125 476
Mobilier I 34250 26 883 - 4800 56 333
Total iI 1083440 246821 - 29601 1300660
Oocati-Olll> RoprL<•"
Mode d'amonis.~nient"
f <k:ro2a1oircs Jero2a1oires
l...Dgiciels I 10161 12669

Les immobilisations incorporelles (logiciels) sont immobilisees et amonies au prorata temporis sur l'annee d'acquisition.
Elles sont amorties comptablement sur trois ans. Elles font egalement I' objet d'un amonissement derogatoire.
compte Ia depreciation economique des immobilisations, en tcspectant le cadre defini par les principes comptables et fiscaux.
Les durees et modes habituels d'arnonissements pratiques sont resumes ci-apres :

- Ouvrages d'infrastructure et installations fixes IO ans Lineaire
- Machines-outils. materiel et outillages industriels 3 a 10 ans Lineaire
- Materiel de transport 5 ans Lineaire
- Mobilier et materiel administratif 5 a IO ans Lineaire
- Agencements des constructions, installations generales 5 ans a 10 ans Lineaire
Pour les amortissements des biens apportes lors de la fusion, les durees d'amortissements correspondent a la duree restant a
courir dans Ies livres de Ia societe absorbee.
6.2.l. Stocks
Les stocks, matieres premieres et foumitures, sont evalues aleur cout standard d'achats. Les stocks de produits finis et les
travaux en cours sont evalues a Ieur cout standard de production. Les stocks, valorises en cout standard, sont corriges
annuellement d'une part, de l'ecart sur achat constat6 correspondant a Ia partie non consommee des achats, et d'autre part, de
l'ecart constate sur Ia valeur reelle du cout de Ia main d'ceuvre (pour Ies en-cours ct Ies produits finis).
Les stocks font l'objet d'une depreciation lorsque ce cout devient superieur a la valeur probable de realisation.
Les frais generaux commerciaux, administratifs et financiers, ainsi que Ies frais de recherche et de developpement ne faisant
(en euros) Valeur brute Depredation Valeur nette

. Matiem premieres 3 854272 604389 3 249 883
. En cOW"S de production de bieos 18657941 325 239 18 332 702
. Produits interrnCdiaires et finis 2 301408 527 179 I 774 228
. Marchandises 143061 39035 104026
Total 24956682 1495 842 23460840
Valeur debut
Provision pour depredation Augmentations Diminutions Valeur fm d'exerdce
d'exerdce
Matieres premieres 495 045 109 344 604389
En COW'S de production de biens 108 413 216 825 325 238
Marchandises 680 38354 39035
Total 1049437 446405 1495842
6.2.2. A,·ant'es versees
Les avances versees a nos sous-traitants s'elevent a 38 119 euros.

6.2.3. Creances
Les creances sont enregistrees au bilan pour leur valeur nominale. Certaines creances sont eventuellement depreciees, scion
La creance constatee est depreciee de 50% de son montant hors taxe en fin d'exercice, si elle est superieure a un an
Elle sera depreciee a I00 % si son existence est superieure adeux ans, dans les memes conditions precisees ci-dessus.
Par ailleurs, une depreciation complementaire individualisee peut etre constatee !ors de I' analyse du portefeuille en fonction
Nature des creances Montants

Criances clients et comptes rattacb&
Clients 11 521 453
Clients douteux ou litigieux (I) 136196
Clients • factures a etablir 36849
Sous total 11694498
Autres criancts
Personnel 34 556
hnpOIS et taxes (2) 314 341
Comptes courants Groupe (3) 9711931
Divers dCbiteurs 24787
Sous total 10085 615
Total 21780113
(I) us creancts douteuses sont deprlciits ahauteur de I 00 %.

(2) 7VA adiduire pour 314 K euros
(3) Avancesfaiies auxfilia/es C.Korea pour 326 327 €. C.GmbH pour 210 709 €.
M.A.l. pour Z 079 646 € et Financiere Cameca paur 7 095 249 €
V 1leur debut Valeurfln

Provision pour depredation d'exerdce Augmentatloas Dlmlnutloas
d'exerdce
Clients et comptes rattaches 133198 133 198

Comptes du Groupe 275 000 275000
Cl Echeancier des creances
(en ellrOS) Montant brut A I an au Dlus A plus d'un an

.... 0
: e~ 2 248 993 2 248993
~ .§ ~uttes immobilisations financieres I 265 575 I 265 575
tlients douteux ou lirigieux 136196 136 196
....=
Auttes creances clients
Personnel et comotes rattaches
11558302
34555
11558302
34555
";
~ Etat et auttes ~mp0ts sur les benefices
..." collecrivites Taite sur la valeur ajoutee 314 342 314342
~ publiques Divers
<
Proupe et associes 9 711931 9 711 931
Debit.curs divers 62906 62906
Chanzes constatees d'avance 115 131 115 131
TOTAL 25 447934 21797169 3650765
Q Produits ft ret.'e\'Oir inclos dans les postes de biJan
II s'agit des factures restant aetablir sur !es interventions du S.A.V. pour un montant de 36 849 euros, des interets courus
sur pre ts aCarneca Gmbh pour 79 717 euros et des interets courus sur I' avance de I million pour 147 065 euros.
6.2.4. Tresorerie

Nature des dlsponibllites Montants
Banques 3 778 790
Caisses 881
Total 3779671
Nature Montants
Contrats assistance informatique 32266
Contrats de maintenance 40669
Deplacements (billets d'avion) 2728
Assurances 1550
Autres ( Maintenance, Abonnement revues ) 418
Total ns 131
Les charges payees d'avance telles que les abonnements et Ies contrats ont etc calculees prorata temporis.
lls proviennent essentiellement des creances clients etablies en devises et qui ne font pas l'objet de couvertures par des
contrats de ventes a terme.
A ce titre, une provision pour perte de change a ete constituee pour 349 262 euros.
7. Explication des P6Stes du bilan - PASSIF
7.l. Capitaux pro1>res
;,;. Composition du capital social

Le capital social est fixe a 6 782 I00 euros et est entierement libere.
II est divise en actions de 137,6629 euros cb.acune, de meme categorie, numerotees de I a49 266.
Son capital est detenu a100 % par Micro Analyse Instruments depuis le 29 juin 2001, date de prise de controle du Groupe.
,. Evolution des capitaux propres

(5 416 632.04 euros) au poste « Autres reserves».
( eneuros) Ouvertore Augmentation Diminutions RCsultat 2008 aoture

Capital sooscrit verse 6782100 6 782100
Prime de fusion 11274421 llr74421
Reserve legale proprement dite 678210 67821()
Plus value net. LT. reserve legale 3 270 3270
Plus value net. L.T. res. Reglernent. 71829 71829
Reserves diverses 5690944 5690944
Repon ll nouveau 1 856405 5416632 7273037
Provisions re~lemeotees 31373 10161 -12 669 28865
RESULTAT 2007 5416632 -5 4166n 0
Total c/Oture 2007 31 &OS 183 5 426 793 -5 4~9 301 31802674
RESULTAT 2008 4 147 052 41470SJ
TOTAL 31805183 5426793 -5 429 301 4147052 35949728
7.2. Autres fonds propres
II s'agit des aides de l'ANVAR (Agence Nationale de Valorisation de la Rechercb.e) pour Ia realisation de materiels
innovants sous forme d'avances remboursables. Elles s'elevent a 650 000 euros.
Contrats Aide accordee MonJanJ refu Mt remboune Rembt Exercice
Programme N° 3 650 000 € 650 00'.J 450 00'.J 200 000 0
Le solde de l' avance (200 000 euros) a etc payee au 30 juin 2008.
Les provisions pour risques et cb.arges sont constatees lorsque les risques et cb.arges sont nettement precises quant aleur objet
mais done la realisation est incertaine et que des evenements survenus ou en cours rendent probables.
Provisions DotatioDS Reprises ProvmoDS
(en euros)
al'ouverture Utilisation ala ck'iture
de I' exerc:kie sans obJet
. Garanties donnees aux clients I 292 503 239699 I 532 202
. Penalites clients 333 981 18027 22 200 46419 283 389
. Pettes de change 161458 349 262 161458 349 262
. Autres pour risques 0 165 986 165 986
. Pensions et obligations similaires 97S 822 333 834 84100 I 225 556
. MCdaille du travail 535 378 51864 17 262 575 980
. Travaux restant a effectuer 170 268 l 202 035 54 192 I 318 111
TOTAL 3469410 2 366707 183 658 201973 5450486
Les dotations et reprises des provisions pour risques et charges se repanissent par nature comme suit :
Nature Dotatlons Reprises

Exploitation 1999418 155 554
Financier 349 262 161458
Exceptioonel 18027 68619
Total 2366707 385631
a) Provision pour garantie donnee aux clients

Cette provision est calculee en fin d'exercice, par machine livree et sous garantie, au prorata de la duree restant acourir.
b) Provision pour penalites
ll s'agit des penalites contractuelles apayer pour retard de livraison.
c) Autres provisions pour risques
d) Provisions pour indemnites de depart en retraite
L'indemnite de tin de carriere susceptible d'etre versee est actualisee et ponderee des probabilites de vie et de presence dans
I' entreprise, a la date de cloture.
Ci-apres Jes hypotheses retenues pour le calcul de la provision conformement ala convention collective de la Metallurgic :
o Age previsionnel de depart ala retraite : 65 ans
o Taux d'inflation : 1,8 %
o Table de monalite : Source lnsee 2003-2005
Aucun engagement en matiere de rctraitc n 'a etc constate dans lcs comptcs de la societe a r cgard des dirigeants.
e) Provisions pour medaille du travail
I'entreprise, a la date de cloture.
0 Provision pour travaux restaot aeffectuer

Cette provision, calculee en cout complet, correspond aux couts d'installation non effectuees des machines facturees en 2008.
7.4. Dettes
7.4.l. Dettes tirumcieres
Nature dtos creanus Montants

Emprunts et dettes finanderes divers
Participations des salaries ( I) 1775 274
lnterets courus sur panicipatioos (2) 73474
Dettes Ametek BY (3) 3500000
lnterets sur dettes Ametek (4) 46572
Total 8 086660
(1) Panicipalion dts salariis rela1ifs mu extrcices 2003, 2005, 2006 ti 2007 bloquie en compte couront.
(2) ln1irets courus des panicipations sur la piriode du 01/04/08 au 31112JfJ8.
(3) Emprunts aupres du Groupe Ametek pour financer le BFR.
(4) lnterets sur emprunts Ametek au taux annuel de 5%
(SJ Paiement de l'impbt sur /es sociites, apres imputation du credit impbt recherche de /'exercice 2008 (421 685 ),
iJ la mere Ametek holdings SARL de 1 689 050 euros.
Avances concemanJ Cameco USA Inc pour I 002 290 euros.
7.4.2. Avances rei;;ues sur commandes en cours

Ce sont les avances pef\'.ues des clients pour les livraisons de materiel a realiser pour un montant de 4 265 353 euros.
7.4.3. Dettes d'exploitation
Repartition des dettes d'exploitation par nature:

Nature des dettes Montants
FOW'Jlisseurs et romptes rattac:hes
Foumisseurs effets a payer I 771 525
Foumisseurs Factures non paivenues I 806039
Sous total 6787747
Dettes flscales et sociales
Personnel (I) 2 039 392
Organismes sociaux (2) I 458 673
lmpOts et taxes (3) 140750
Sous total 3638815
Total 10426562
(1) dont dettes pour congis payls et RIT J 029K€
lntiresse~nt et participation 897K€
(2) dont charges socio/es sur congis 517 K€
(3) dont 1VA( zone Euro) adicaisser 102 K€
Taxe professionnelle 16K€

Nature des deUes Montant
Fournisseurs immobilisations 71 592
Sous total 71592
Autres dettes
Agents commissionnaires I 138 650
Redevances 14129
Credi1eurs divers (I) 37 636
Sous total 1190415
Total 1262 007
(I) dont cotisations pour 24 K euros.
CJ Echeander des dettes
Aplusd'l an
(en euros) Montant brut A I an au plus
Sans au plus
Empnmts et dettes financieres divers 5 395 320 3 635 320 I 760000
Foumisseurs et comptes rattaches 6 787 747 6787 747
Personnel e1 comptes rattaches 2 039 392 2 039 392
SCcurite socialc et autres or~. sociaux I 458 673 I 458 673
Etat et autres lmp6ts sur les benefices
collectivttes Taxe sur la valeur ajoutte 104223 104 223
publiques
Autres imoots. taxes & assi. 36526 36 526
Groupe et associes 2691340 2 691 340
Produits constates d'avance I 971 250 I 971 250
TOTAL 26 011835 24 251835 176@000
D Charges a payer incluses dans les postes de bilan

Emprunts et dettes financieres divers 120046
Denes foumisseurs et comptes rattaches I 806039
Denes sociales I 981908
Autres dettes ( redevances, divers ) 38059
4 765 387 €
7.5.1. Produits constates d'avaoce
Nature Montants
Produits d'exvloitation
Contrars de mainlenance S.A. V. (1) 1544070
Total 1971250
(1} Les contrars de services sont factures aux clienrs pour une pmode acourir exprimee en jours. A la cl6ture, la part calendaire non echue
est constatee d' avance.
(2) La provision correspond ades accessoires non livres relaiifs ades machines livrees, facturees.
7.5.2. Eearts de conversion Passif
Les profits latents s'elevent a 225 753 emus. lls proviennent des creances clients en devises pour 216 054 euros,
des factures fournisseurs en devises restant a payer pour 5 777 euros et des commissions en devises a payer aux agents
pour 3 922 euros.
8. Explication des oostes du Compte de Resultat
8.1. Compte de resultat de l'exercice
;.> Fait generateur du chifTre d'alTaires

Le fait generateur du chiffre d'affaires est le transfert de propriete. D'une maniere generate, le transfert de propriete resulte,
soit de la livraison proprement dite au client, soit des clauses contractuelles des marches.
;,. Ventilation du chift.re d'atTaires (en milliers d'euros)
Zone geograpblque 2008 2007 2006

-FRANCE 3056 1760 4681
- UNION EUROPEENNE 9201 9413 8 198
- U.S.A. I CANADA 11369 11912 12 423
-ASIE I PACIFIQUE 22160 20776 10425
-AUTRES 55 I 180 I 893
TOTAL 45841 45041 37620
Nombre de machines vendues 27.5 28,0 23.5
(*)la pan du Service Apres Vente dans le chiffre d'affaires represente 10 %, soit 4 423 milliers d'euros.
ASIE / PACIFIQUE
48,34%
UNION
~---EUROPEENNE
(+FRANCE)
26,74%
USA/ CANADA
24,80%
AUTRES (AFRIQUE)
0,12%
Le graphique met en evidence !'importance des marches asiatiques au detriment du marche americain dans le «business»
deCAMECA.
8.!. Autres produits

Ce poste. pour un total de 331 056 euros, comprend la reprise des redevances (209 K€) pour Jes brevets dont !'utilisation est
devenue gratuite, le remboursement des depenses (100 K€) dans le cadre du contrat Nanobeams, les refacturations des
cotisations de retraite (8 K€) a la filiale amencaine pour le personnel affecte a l'etranger et divers pour 14 K€.
2008 2007 2006
Autrcs eroduits 331 556 325 041 74 642

8.3. Autres achats et charges externes
Le montant des autres achats et charges exlemes, qui s'eJeve a 13 613 milliers d'euros, comprend Jes achats
de sous-trai1ances industrielles (2 671 K€), les achats non stockes de matieres et foumitures (387 K€ ). Jes services exterieurs
(5 163 K€) et des autres services exlerieurs (5 391 K€) detailles ci-dessous:
Autres charges extemes 2008 2007 2006
Services exterieurs
Sous-traitance gCnerale (I) 3 357 635 2 188 685 2381m
Redevances de credit bail (2) I 295 773 I 254 216 983 355
Locations (3) 143450 133 966 78184
Entretien. rCparatioo, maintenance 187 598 135 662 123 160
Primes d'assurance (4) 120 626 189246 150210
Eludes et rechen:hes 41389 83 485
Documentation 35 839 22444 9438
Frais de colloques, sCminaires, conferences 22 211 1970 4309
Sous total s 163132 3%7578 3813918
Autres servias exterieurs
Personnel intCrimaire 123231 118 177 188521
Remunmtion d'incennediaires et hoooraires (5) 2 312 016 1814888 1542592
Pub!icite, publications, relations publiques 15488 15 754 36966
Transports de biens (6) 942 850 729096 626647
DCplacements, missions et receptions (7) I 781 875 I 737 665 1696843
Frais postaux et de telecommunications 50090 58190 50927
Services bancaires el assimi!Cs 87 236 I IO 237 167 212
Divers (8) 78665 42407 59458
Sous total 5391451 4626414 4369166
Total 10554583 8593992 8183084
(I) Prestations pour I 955 K€, autres prestations decentralisees pour 874 K€, exploitation infonnatique pour 151 K€, nettoyage et
(2) Rembowsement du credit bail immobilier que Cameca a souscrit aupres de Fortis Lease pour fmancer le nouveau siege.
(3) Locations de vChicules, de mobiliers et de matCriels infonnatiques.
(4) Couvertures concemant la responsabili~ civile, la multirisque industrielle (y compris la perte d'exploitatioo), le transport des
marchandises, la flotte automobile et Hommes Cles pour le credit bail inunobilier.
(5) Commissions sur ventes pour 2 134 K€ et honoraires pour 177 K€ .
(6) Transports sur achats pour 314 K€, transports et emballages sur ventes pour 612 K€ et divers pour 17 K€.
8.4. Autres charges

II s'agit des redevances versees ades organismes (CNRS, ONERA .. ) pour !'utilisation de !eurs brevets dans nos machines.

Redevances 39129 257 004 190939
Divers 24 193 12 215 I 768
Total 63322 269 219 192 71Y1
(en euros) 2008 2007

Reswtat d'exploltatlon 6497116 8 769816 6530681
Reswtat finander 339106 326369 79986

- Dividendes et prCts (I) 131936 110 759 221455
- Charges d'intatts (2) -158 091) -86378 -365 853
- Resulw net de change 190818 25174 65810
- Autrcs charges et produits (3) 362 245 395 787 30465
- Provisions paur risques (4) -187 803 -118 97.? 128109
Reswtat &Vllllt lmpOts 6836222 9096185 6610667
Reswtat exceptlonnel -103594 -201 996 s 926316

- PCna.lites clients -46-127 -I 519
- Provisions pour risques et charges (5) 50121 -186893 55997
- Autrcs charges et produits (6) -106835 -IJ 584 5 870319
Partidpations et interessements -~96 525 -1 328 838 -2 057 J97

ImpOts sur les benefkes de l'exercice -I 689 050 -2 148 720 -5 689 256
Resultat net de l'exerdce 4147052 5416632 4790331
(I) dont Revenus des prets Cameca GmbH pour la periode 2008 pour l 07 092 euros
Revenus des prets Ametek USA pour la periode (l"' semestre 2008) pour 24 844 euros
(2) dont interets sur participation en compte courant bloque pour < 51 130 > euros
lnterets de la dette Ametek BV pour < 46 571 > euros
Interets de l'avance Cameca USA pour< 49 643 >euros
Agios pour < 10 744 > euros
(3) dont Revenus de I' avance IM dans le cadre du leasing pour 60 895 euros et Swap de taux (Leasing) pour 108 331 euros
Revenus factures a la holding M.A.!. selon la convention de tresorerie pour 43 155 euros
Revenus facrures a la holding Fmanciere Cameca scion la convention de tresorerie pour 148 094 euros
(4) provisions pour risques financiers pour < 187 803 > euros
(5) dont amortissements derogatoires poor 2 508 euros

provisions pour penalites clients poor 50 592 euros
arnortissements sur immobilissations pour <2 980 > euros
(6) autres charges provisionnees poor 106 835 euros
8.6. Participation des salaries & interessements
Un accord d'in!Cressement a ete signe et depose le 13 juillet 2006 aupres de l'inspecteur du travail.
Le monlant total de 896 525 euros se repartit en participa1ion pour 458 400 € el en in1eressemen1 pour 438 125 € au titre
de J'exercice 2008.
8. 7. Impilts sur les benefices.
Le resultat fiscal de l'exercice (6 203 041 €) genere un imp(jt a payer de 2 I 10 735 euros.
Un credit d' imp(jt en faveur de Iii recherche a ete con state dans les comptes de la societe et s•eleve a42 l 685 euros. Ce credit
s'impute sur l'imp(jt sur !es societes, soit un impot net apayer de l 689 050 euros.
Cette somme est transferee chez Ametek Holdings SARL, la tete de groupe. dans le cadre de !'integration fiscale.
Ci-apres la repartition de l'imp6t entre le resultat courant et le resultat exceptioMel:
Repartition de l'impOt Bases Taux 34.03 %
Reswtat courant 6 836 222 2 326366
Resultat exceptionnel -103 594 -35 '.!53
9. OJ>!!rations concemant les entreprises liees
Micro
Au 3111212008 CAMECA Carneca Cameca Cameca Cameca Cameca Cameca
Analyse
Financierc
(en euros) FRANCE USA UK JAPAN KOREA TAIWAN GMBH Instruments Cameca
Au bi/an
Actif
Prits
Piiteur 2248994
Emprunteur 2 248994
Cr&nces d'exploitation
Comptes courants Cameca 9 711931
Comptes courants panenaires 326 327 210 709 2 079646 7095 249
Clients 427 992
Filiales partenaires 291 508 51 038 68 330 200 16916
Passif
Autres reserves
. Dividendes verses c
. Societes panenaires
Comptes courants Cameca I 002 291
Comptes courants partenaires I 002 291
Foumisseur.; JOll6m
Filiales oartenaires 879 517 6064 555 334 210720 143466!
Au campte de resu/Jat
Produits d'emloitation
. Ventes aux filialc.s 11722324
. Sociews panenain:s 4 895 712 41838 6168005 173971 17 778 425 020
. Prestations facturees aux filiales
. Soci~ partenain:s
Charees d'emloitation
. Achats wpm; des filialc.s 3013462
. Societb partenaires 658 177 18669 134272 613 799 3951 1584594
. Prestatioos faites par les filiales 1330562
. Societes pan.enain:s 107 905 492 540 323 568 406549
Produits financiers
. lnt&Cts courus ~ recevoir 2'8342
. Soci~ partenaires 107 ()1)2 43 155 148 005
CbllJ"RS financieres
. lnterets et charges assimi~ 4'644
. Sociews panenain:s 49644
10. Renseignements divers
• Des cautions et avals accordes ades clients par les banques pour notre compte s'elevent a 3 311 895 € :
(Cautions Marches« France»: 974 981 € - Marches« Etranger »: 2 336 914 €)
• PITCH Promotion, a cede par acte notarie du 21/1212005 son terrain - 29 quai des Gresillons a Gennevilliers, et a vendu
en etat futur d'achevement un immeuble ausage de bureaux et d'activites pour une surface de 7 420 m2 a Fonis Lease.
Ce meme jour, devant notaire Fonis Lease a signe un credit immobilier avec Cameca pour
cet ensemble immobilier pour une duree de 12 ans et une valeur de 12 340 000 euros dont une avance de I million euros
a ete versee. Les remboursements ont commence acompter de la livraison.
• 11 n'existe pas de garanties de pa~if. d'engagemenrs de surere et d'act<-s d<- nantissements au 31 ct.,;cembre 2008.
I0.:2. Engagements de credit bail
L:n nouvel immeub!e d'une valeur de 12 340 000 euros acquis. le IJ juil!et 2006. par credit llail aupr(-s de Fortis Lease pour
une dun~e de 12 ans se ventile comme suit:
- Terrain I 500 ()(Xl f
- Constmcrion 7 l'.140 000 f
- Agencemencs 3 0(XJ000€
Les redevances au titr<- de l'exercice s"elevem a I 295 774 euws.
D:ms le ca.~ ou la societe avait acquis l'e bien. l'amortissemenl de l<t nouvelle usine (c'onstruclion et agenc<-mencs>.
dfrnmposcc en 4 grou~s avcc de~ durfrs d1.• \'ie respectivcs de 8 I 10 I 15 ct 30 ans, aurait etc de 468 048 curo.s par an.
Credit bail Redcvanr<.'S Redevanccs Engagement
immobiJier cumutees ewrcke Net
1.2 340 ()()() -I 353 5)8 -623 447 (I) 362 %5

Echeancier A plusd'lan
A I an au plus A plus de 5 ans
et 5 ans au plus
Credit bail immobilier 648 000 2 800000 3 825 000
Le prix d' acquisition a I' expiration du credit bail sera de 3 085 000 euros.
10.3. Eft'ectifs

Ouvriers 31
ETAM 89
lngenieurs 77
195
10.4. Droit individuel ala formation

Nombre d'heures ouvertes au titre du droit individuel a la formation (DIF) au 31.12.2008 16 210 heures
Nombre d 'heures de formation consommees au titre du D.l.F. au 31.12.2008 64 heures
Aucune demande de formation n'ayant ete deposee par les salaries au 31.12.2008, et acceptee par la direction, la societe n'a
pas juge utile de proceder aune provision au titre de cet engagement.
10.5. A vances et credits allouees aux dirigeants sociaux et indications des engagements pris pour leur com1>te
Neant
10.6. Remunerations allouees au titre de l'exercice aux membres des organes d'administration et de direction araison
de leur fonction
Neant
10.7. Dettes garanties par des suretes reelles
!\leant
10.8. Jdentite de la societe Mere consolidant lt'S compt~ des sodetes
Conformement aux anicles L. :!33-16, L. 233-17 et R. 233-15 du Code de Commerce. la societe, dont le capital t>st detenu a
100% p:ir la soci~tc Amerck Holdings SARL depuis le 9 aout 2007, n·ciablit ni ne public de comp1cs consolides pour
J "cxercicc cl<JS le 31 decembrc '.!008, etant precise quc :
- les comptes des socictcs contni!ecs dirc,·teml'!nt ou indirel"lenK'nt par la socie1e Ametek Holdings SARL ~:mt inclus dam; le~
comptcs consolides de l"cnsernhle plus grand d'cntrcprises etahlis par la societe Ametek Inc. societe de droit amerkain.
- ces comptes sont C0mp!etes par la mention dans l'cmne:1.e des cnmptt>~ annuels de la s..xiete Ametek Holdings SARL des
inllmnations significativl.'s vist'cs it l"artick R233-l 5 du Code de Commerce.
Cameca a fait l'objet d'un controle fiscal au cours de l'exercice portant sur les exercices 2006 et 2007. La verification des
comptes n'etant pas tenninee, la societe considere qu'il n'y a pas lieu de constituer une provision ace titre.
Ci-aprcs la liste des filialcs errangeres dC!enues par CAMECA SAS :
CAMECA INSTRUMENTS INC.

91 Mckee Drive
Mahwah NJ 07430
CAMECA UK Ltd
PO box 88
Wilmslow· Cheshire SK95BE
GRANDE-BRETAGNE
CAMECA INSTRUMENTS JAPAN KK

SF, Mikuni-East Bldg
6-13-10, Sotokanda. Shiyoda-ku
Tokyo 101-0021
JAPON
CAMECA KOREA Co., Ltd

#3o<J, 3rr1 Floor, Gyeonggi R&DB center
906-5 lui-dong, Yeongtong-gu, Suwon City
Gyeonggi-do, 443-270
COREE
CAMECA TAlwAN Corp. Ltd

A2, lOF-6, N°.120, Sec.2
GongDaoWu Road
30056 Hsin Chu,
TAIWAN
CAMECA GmbH
Carl-von-Linde Str. 42
ALLEMAGNE
Tableau des flllales et participations au 31.12.2008
CAMECA CAMECA CAMECA CAMECA CAMECA CAMECA

U.S.A U.K. ltd JAPON KOREA TAiWAN GMBH
USO GBP JPY KRW NTO EUR
!CAPITAL 270000 30000 50000 50 000000 1000000 25000
~eserves 1903958 96679 55211 -209 495 077 1 512 925 - 1487670
~te-part de Capital detenu en % 100% 100°k 100% 100% 100% 100°/o
Valeur d'inventaire des titres detenus

IEuros 322508 46574 304 730 35496 26366 0
Devises 395 645 30000 50000 50000000 1000000
Prets et avances coosentis et non rembourses

IEuros 2169276
!Devises
K:bilrres d'atTaire (taux moyen)

Euros 9343655 191170 9469691 1501431 692443 3618572
Devises 13649 591 151 599 1436322 2 571 086665 31064382 .
R&ultat au 31/1212008 (taux de cloture)

IEuros 47068 37222 232348 300260 187 721 • 317 705
[Devises 582 560 35630 29447 529 703 431 8 594481 .
IDividendes verses
~uros
!Devises
!Cautions ou avals donnes au benefices de ces societes

IEuros
!Devises
!Date d'ouverture 01/0112008 01/0112008 01/0112008 01/01/2008 01/01/2008 01/01/2008
Date de clOture 31/12/2008 31/1212008 31/12/2008 31112/2008 31/12/2008 31/12/2008

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

EXERCICE CLOS LE 31/12/2008
Cher Associe unique,

Conformement aux dispositions de la Loi et des statuts de notre Societe, nous avons
l'honneur de vous rendre compte de notre gestion et de soumettre a votre
approbation les comptes de l'exercice clos le 31 decembre 2008.
Tous les documents et pieces prevus par la reglementation en vigueur et les statuts
de votre Societe ont ete tenus a votre disposition dans les delais impartis.
L'exercice 2008 a permis la realisation d'un chiffre d'affaires hors taxes de

45 840 618 euros (dont 42 784 519 a !'exportation) contre 45 040 791 euros pour
l'exercice precedent.
Notre resultat d'exploitation fait ressortir un benefice de 6 497 116 €, apres dotation
aux amortissements de 243 841 €, constitution d'une provision sur actif circulant de
446 405 €et d'une provision sur risques et charges de 1 999 418 €, contre 8 769 816
€de resultat d'exploitation au 31 decembre 2007. La variation a la baisse du resultat
d'exploitation est en particulier due a !'augmentation des provisions pour risques et
charges, savoir 1 999 418 € au 31 decembre 2008 contre 550 325 € l'exercice
precedent. Cette augmentation correspond a un volume important de prestations
prises en compte dans le chiffre d'affaires au 31 decembre 2008 mais qui sont a
servir au cours d'exercices ulterieurs. Cette provision a done pour l'essentiel vocation
a etre reintegree dans le futur.
En raison d'un resultat financier positif de 339 106 €, notre resultat courant avant
impots se traduit par un benefice de 6 836 222 €.
Du fait d'un resultat exceptionnel en perte de - 103 594 €, et apres impot sur les
benefices de 1 689 050 € et participation des salaries pour 896 525 €, le benefice de
a
l'exercice ressort 4 14 7 052 €.
En date du 05 septembre 2008, une convention d'integration fiscale a ete conclue

avec la societe Ametek Holdings SARL en tant que chef du groupe integre forme par
cette societe, la societe FINANCIERE CAMECA, MICRO ANALYSIS
INSTRUMENTS - MAI, et CAMECA.
EVENEMENTS IMPORTANTS SURVENUS DEPUIS LA CLOTURE DE

L'EXERCICE
Certains signes laissent craindre que l'activite soit impactee par la crise.
EVOLUTION PREVISIBLE ET PERSPECTIVES D'AVENIR
Le marche des semi-conducteurs est touche par la crise. Les manufacturiers de

semi-conducteurs, en particulier, sont tres touches et ne tournent pas a plein. Dans
ces conditions ii semble que l'annee 2009 s'annonce difficile. Nous attendons
toutefois avec inten~t de pouvoir evaluer les eventuels effets des politiques de
relance par injection de fonds publiques, notamment en lnde, au Japon, et aux Etats-
Unis, qui pourraient avoir un impact positif sur la commande publique.
RECHERCHE ET DEVELOPPEMENT
Nos principaux investissements ont porte sur les produits Shallow Probe pour 1.4 M
Eur et le LAWATAP pour 700 K Eur.

Le montant des depenses et charges non deductibles fiscalement visees par les
articles 39-4et 39-5 du Code General des lmpots que nous avons engagees au cours
de l'exercice ecoule est nul.
FILIALES ET PARTICIPATIONS (Article L. 233-6 alinea 2 du Code de commerce)
La societe CAMECA INSTRUMENTS INC, societe sise aux USA, controlee a 100 %
par CAMECA SAS, a realise au 31 decembre 2008 un chiffre d'affaires de
13 649 591 $ contre 1O 117 822 $ au 31 decembre 2007, avec un resultat net
comptable de 582 560 $ contre 230 421 $au 31 decembre 2007.
La societe CAMECA UK LIMITED, societe sise au Royaume Uni, controlee a 1oo %

par CAMECA SAS, a realise au 31 decembre 2008 un chiffre d'affaires de 151 599 £
contre 123 480 £au 31 decembre 2007, avec un resultat net comptable de 35 630 £
contre 28 928 £au 31 decembre 2007.
La societe CAMECA INSTRUMENTS JAPAN K.K., societe sise au Japon, controlee

a 100 % par CAMECA SAS, a realise au 31 decembre 2008 un chiffre d'affaires de
1436 322 KY contre 1 420 646 KY au 31 decembre 2007, avec un resultat net
comptable de 29 446 KY contre 39 186 KY au 31 decembre 2007.
La societe CAMECA KOREA., societe sise ne Goree, controlee a 100 % par

CAMECA SAS, a realise au 31 decembre 2008 un chiffre d'affaires de
2 571 086 665 KRW contre 1 771 669 792 KRW au 31 decembre 2007, avec un
resultat net comptable de <529 703 431 KRW> contre 5 584 504 KRW au 31
decembre 2007.
/).·
lfA
2
La societe CAME CA GMBH, societe sise en Allemagne, controlee a
100 % par
CAMECA SAS, a realise au 31 decembre 2008 un chiffre d'affaires de 3 618 572 €
contre 3 832 539 € au 31 decembre 2007, avec un resultat net comptable de
<317 705 € > contre <619 160 €>au 31 decembre 2007.
La societe CAMECA TAiWAN, societe sise a

TAiWAN, controlee a 100 % par
CAMECA SAS, a realise au 31 decembre 2008 un chiffre d'affaires de 31 064 382
$ NTD contre 27 371 709 $NTD au 31 decembre 2007, avec un resultat net
comptable 8 594 481 $NTD de contre 3 252 839 $NTD au 31 decembre 2007.
CONVENTIONS VISEES A L' ARTICLE L 227-10 DU CODE DE COMMERCE
Nous vous donnerons lecture du rapport du Conseil d'administration sur les

conventions visees a !'article L 227-10 qui devraient faire l'objet d'un rapport.
RENOUVELLEMENT DES MANDATS DES MEMBRES DU CONSEIL

D' ADMINISTRATION
Les mandats des membres du conseil d'administration arrivant a expiration ce jour,

nous vous proposons, conformement a !'article 17 des statuts, de les renouveler
pour une nouvelle duree de un an soit jusqu'a la date de l'Assemblee Generale
appelee a statuer sur les comptes de l'exercice 2009.
RESULTAT-AFFECTATION
Nous vous proposons d'affecter le benefice de l'exercice
- s'elevant a 4 147 052 euros
comme suit
- au credit du compte « report a nouveau » : 7 273 036 euros
Total du compte report a nouveau apres affectation : 11 420 088 euros
Nous vous rappelons qu'il a ete procede aux distributions de dividendes suivantes au
titre des trois derniers exercices.
Exercice clos Eligible abattement 40 % Non eligible abattement 40 %

31/12/07 0 0
31/12/06 0 0
31/12/05 0 50,74 €
3
Nous vous presentons les comptes annuels que nous soumettons a votre
approbation.
Les regles de presentation et les methodes d'evaluation retenues pour
a
l'etablissement de ces documents sont conformes la reglementation en vigueur.
Vous trouverez dans l'annexe toutes explications complementaires.
Les commissaires aux comptes de la societe relatent dans leur rapport general
l'accomplissement de leur mission.
Nous vous invitons a adopter les resolutions que nous soumettons a votre vote.
Fait a GENNEVILLIERS,
Le 29 mai 2009
4
« CAMECA »
Societe par actions simplifiee au capital de 6.782.100 euros
92230 Gennevilliers
PROCES-VERBAL DE LA REUNION DE L'ASSEMBLEE GENERALE ORDINAIRE

DU 30 JUIN 2009
EXTRA IT
...........................................................................................................
L'Associee Unique decide d'affecter comme suit le benefice de l'exercice :
L'Associee Unique decide d'affecter comme suit le benefice de l'exercice
- s'elevant a 4 147 052 euros
comme suit
- au credit du compte « report a nouveau » : 7 273 036 euros
L'Associee Unique prend acte que sont intervenues au cours des 3 derniers exercices
les distributions de dividendes suivantes :

31/12/07 0 0

31/12/06 0 0
31/12/05 0 50,74€
'• • • • • '. • • • • • •' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' . ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' I I I I I I' I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I

COPIE CERT/FIEE CONFORME
fl
!
AGREMENT DGFIP CSll0,10003 / / N · 2050 2010 I
Formulaire ®llgat<>ire (ankle ~3 A

du COOe gtnfral lk$ imp&s), CD I BILAN - ACTIF I I
o~ ~ 'i I
Designation de I' entreprise : SAS r.AMECA { Dur1e l'e11er/n:'imee en nombre de mols * lli..J
!
Adresse de l'entreprise 29 OUAI DES GRESILLOHS 92230 GEHNEVILLiiks Duree de l'exercice preceden< * Ul....J
Numero SIRET * 14101310191212111610101013111 ~ Neant O*
Enn:ke N, dos le :
l!Ul220!!~ I .. N - 1-
I

Frais d'etablissement +
(I) AA
AB
Brut
t
li.i'ffil:·~~
AC
Net
3
Net
4
~ Frais de developpemeut * ex CQ
i
j!;
Concessions, bre\•ets et droits similaires AF 379 108 AG 358 339 20 769 38 715
120
Fonds commercial (I) AH 12 931 800 Al 12 931 800 12 931 800
E--.
~ ~ Aulres immobilisations incorporelles AJ AK
~ "' ~ ' "
'<I'. ! Avances et acomptcs sur immobilisa-

tions incorporelles AI. AM
- ,,.- _,/"'\
~
'~
~. ~
Terrains AN AO { (=~~~~r,-
...
-"-1+· I
~~ \:! Constructions AP 225 811 AQ 64 415 161 395 180 192
~-0
~;~ Installations techniques, materiel et

outillage induslriels AR 1 684 242 AS 796 323 887 918 776 142
t\~0
\ j
AT 525 169 AU 317 910
~;.;: ~ Autres immobilisations corporelles 207 258 274 176
~B~ Immobilisations en cours A\' 32 800 AW 32 800 71 592
~<1
~ Avances el acomples AX AY
~
Partic~ations evaluees
selou
8 8 la me mde de mise en equivalence
cs CT
'<I'.
l'l;"l I Autres participations cu 462 346 CV 31 402 430 943 735 674
~
..""~ Autres
Creances rattachees ~des
participations BB nc
~ 0
~
titres immobilises DD BE
~ ;;
a Pre ts DF 2 361 446 BG 2 361 446 2 248 993
~ ~ Autres immobilisations financieres * DH 1 003 852 m 1 003 852 1 265 575
TOTAL(ll) ID 19 606 677 BK 1 457 739 18 148 837 18 522 863
Matieres premieres, approvisionncmcnls DL 3 518 232 BM 687 184 2 831 048 3 249 882
.!2 E11 cours de production de biens BN 16 263 354 no 542 063 15 721 291 18 332 702
En cours de production de services BP BQ
l ~
"' Produits imerm~diaires et finis BR 1 756 748 BS 449 150 1 307 598 1 774 228
~
el
u
Marchandises
Avances et acomptes verses sur commandes 8\'

BT 80 760
41 553
BU
BW
11 200 69 560
41 553
104 026
38 119
!:I
~ e Clients et comptes rattacltes (3)*
~ Autres creances (3)

BX
BZ
4 571 248
12 596 658
BY
CA
91 379
210 000
4 479 868
12 386 658
11 561 299
9 810 615
'B Capital souscril et appele, non verse CB cc
rl Valeurs 1!1obilieres de placement CE
~ (dont acuons propres :..........................) CD
l:l Disponibilit6s CF 2 491 625 CG 2 491 625 3 779 671
Charges constat~es d'avance (3)* CH 115 903 CI 115 903 115 131
TOTAL(llI) CJ 41 436 086 CK 1 990 978 39 445 107 48 765 677
.g .J Frais d'emlssion d'emprunt l ctalcr (I\')
0 ~j c"
~c !~ Primes de remboursement des obligations {\') CM
~
..
.., Ecarts de conversion actif* (VI} CN 215 835 215 835 349 262
£ TOTAL GENERAL a aVI) co 61 258 498 1A 3 448 718 57 809 780 67 637 803
l:
.£>
~ Renvois : (I) Doot droit au bail :
(2) P1.1t 1 mXns d°l:bt a.c1 d:s
~it>UW.1i.."mfitd.n:~teitfft1H! er 668 574 (3) Put l plus d'un an: ~R 91 379
0
(.) Clause do rlsen-.
de proprk!tf : • ltmoxibilisalions : Stocks: Cr~ances:
• Des explications concemant cettc rubrique sonJ donnees dans la notice 11° 2032.
AGREMENT DGFIP CSll0.10003 DGFiP N° 20512010
0 I BILAN - PASSIF avant repal'tition I
Fonrulaire diligatoire (allicle 53 A
du C«I¢ gfa!ral dts lmp\ts)
D~signation de l'enlreprise SAS CN>IECA Nfant D*

Exercice N EurclceN • 1
Capital social ou individuel (!)* (Dont verre :............... JLZ82.lD.Q........ ) DA 6 782 100 6 782 100
Primes d'l!mission, de fusion, d'apport, .... DB
11 274 420 11 274 420
Ecarts de reevalualion (2)* (dont ecart d'equivalcuce IEKI ) DC
CJ'l Reserve legale (3) DD 681 479 681 479

re Reserves statutaires ou contractuclles DE
~ Reserves reglement~es (3)
* ( oour
Dont reserve s¢ciale des provisions
fluc1uation des cours Bl ) OF 71 828 71 828
~ Autres reserves ( Dont r~serve relative a l'achat
d'oeuvres ori2inales d'artistes vivants*
EI ) DG 5 690 944 5 690 944
3 Report anouveau
RESULTAT DE L'EXERCICE (benefice ou pertel
DH
DI
11 420 069
811 181
7 273 036
4 147 052
Subvenrions d'invcstissement DJ
Provisions r~glemem~es * DK
17 207 28 865
TOTAL (I) DL 36 749 251 35 949 728
j
"' Produit des ~missions de titres participatifs DM

][ Avances conditiom1ees ON
~ 2
g"" TOTAL (Ill DO
<
Provisions pour risqucs DP
jg "'
" ~ 1 877 748 2 330 839
0 ~ tQ
:§·c ~ Provisions pone charges DQ 3 278 533 3 119 647
> !3 u
£ &4> TOTAL (Ill) DR
5 156 281 5 450 486
Emprunts obligataires convertibles OS
Autres empruulS obliga1aires DT
Emprunts et dettes aupr~s des etablissements de credit (5) DU

1
,-..
~ Emprunts el deltes financi~res divers (Dont emprunts parlicipatifs El ) DV
ti)
2 837 631 8 086 660
J.Q Avances et acomptes re~us sur commandes en cours ow 2 741 274 4 265 353
~
Q Delles fournisseurs et comptes rattacMs DX
4 082 489 6 787 747
Dettes fiscales et sociales DY 2 433 114 3 638 815
' Denes sur immobilisations et comptes rattacMs DZ
39 228 71 692
Autres dettes EA
l 304 752 1 190 415
Compte Produils constates d'avance (4) EB
re1!UI. 2 397 108 1 971 250
TOTAL (IVJ EC
15 835 600 26 011 835
Ecarts de conversion passlf • IVI ED
68 647 225 753
TOTAL G~N~RAL (I a Vl EE 57 809 780 67 637 803
(I) Ecart de r~~valuation incorpore au capital IB
Reserve s¢clale de reevaluation (1959)
{
lC
~
(2) Dont Ecart de r~evaluation libre lD
~ Reserve de ree1•aluation (1976) JE

~ (3) Dont r~serve spl!ciale des plus-values <\ long terme * EF
75 098 75 098
(4) Denes et produits constates d'avance a moins d'un an EG
13 715 234 24 251 835
(5) Dont concours bancaires courants, et soldes crediteurs de banques el CCP EH
1
• Des explications concemant celte rubnque SQnt donnks dans la notice n• 2032.
AGREMENT DGFIP CSll0.1000~3=-~~~~~~~~~~~~~~~~~~~~~~~, DGFiP N° 2052 2010
G)jcOMPTE DE REsULTAT DE L'EXERCICE (En Uste)I
Formulair< obligatolre (article 53 A
du Code g<'n.' ral de • "impOtS
• )•
D~signation de l'entreprise: SAS r»IECA Neant O*
Ex~rcice N
Ex~rclce (N-1)
Erportallon el lhnlsons
F1-ance ln1r.aca1nmun.au1afres Total
{biens * FD 6 238 891 FE 23 661 505 FF 29 900 397 41 897 258

Production vendue
5 services* FG 828 956 FU 1 299 594 Fl 2 128 551 3 943 359
~ Cbiffres d'affaircs nets * FJ 7 067 848 FK 24 961 100 FL 32 028 948 45 840 618
I::
~
~
Production stock~e *
Production immobilisec *
FM
FN
( 2 939 245)
138 266
692 032
~ ~ Subventions d'exploitation FO
~
'( ~ Reprises sur amortissements et provisions, transferts de charges * (9) FP
1 612 839 155 553
t3r;i;:i Autres produits (I) (ll) FQ 369 694 331 556
~ Total des prodults d'exploitatlon (2) (I) FR 31 210 403 47 019 761
~
~ Acliats de marchandises (y compris droits de douane)* FS
ti::
r
k
.i
Variation de stock (marchandiscs)* Ff 62 300 ( 57 975)
s: Achats de mati~res premi~res ct autres approvisionnemenlS (y compris droits de douane)* FU 6 019 466 10 600 501
~ Variation de slack (mati~res premi~res et approvisionnemcuts)* FV 336 039 ( 830 310)
~ z Autres achats et charges externes (3) (6bis)* FW 9 270 312 13 612 698
g ~
'( ~ ImpOts, taxes et versements assimiles * FX 926 672 1 092 078
~i::l
~ Salaires et traitements* FY 8 606 565 8 964 464
~
Charges sociales (10)
~ FZ 4 378 461 4 388 199
~ ~ z { - dotations aux amortissements * GA 284 536 243 841
~ ~ ~a Sur immobilisations
~ u a~ - dotations aux provisions GB
i'.SS Sur aclif circulant : dotations aux provisions *
sa ~ Pour risqucs ct charges : dotations aux provisions
GC
GD
366 491
1 299 105
446 405
1 999 418
Total des charges d'exploltatlon (4) (II) GF 31 603 602 40 522 645
1 - RESULTAT D'EXPLOITATION (I - Ill GG ( 393 198) 6 497 116
(
!I
ll 8
Benefice attribuc ou perte transferee
Perle supportee ou benefice transfere
*
*
(IIO GH
}g (IV) GI
Produits financiers de participations (5) GJ 546 991
~ Prodnits des autres valeurs mobilieres et creances de l'actif inuuobilise (5) GK 112 452 131 936
I Autrcs interets et produits assimiles (5)

Reprises sur provisions el lransferts de charges
GL
GM
299 362
349 262
362 321
161 459
~
0
Dimrences positives de change GN 539 193 637 670
2: Produits nets sur cessions de valeurs mobili~res de placemelll GO
Total des prndults financiers (V) GP 1 847 261 1 293 387

Dotations financi~res aux amortissements et provisions *
I
GQ 216 835 349 262
Interets et charges assimilees (6) GR 479 810
5
168 166
5 Differences n~gatives de change GS
!.::i 459 075 446 852
c ~ Charges nettes sur cessions de valeurs mobilieres de placement
~.,
GT
...
a:
.<::
-~
~ Total des charges flnancl~res (VI) GU 1 154 721 954 281
2 - RESULTAT FINANCIER (V - VI) GV
692 540
l;: 339 106
0
(.)
3 - R~SULTAT COURANT AVANT JMP0TS 11-11 +Ill-IV+ V·Vll GW 299 341 6 836 222
(RllNVOIS : wlr iabloau n• 2053) • Des ~xpl!cations conmnant «lie rubr!..,. sont ~· dam la DOl!c-e n• 2032.
AGREMENT DGFIP CSll0.10003~~~~~~~~..--~~~~~~~~~~~~~~-,
© I COMPTE DE REsULTAT DE L'EXERCICE (Suite) I
DGFiP N° 2053 2010
-
Form.dairt cbligatoire (ankle 53 A
du .....i. sinlral d<s ln:pirs)
Designation de l'entreprise SAS CM-IE<:A N~ant O*

E."'ercice N Exerclce N - I
Produits exceptionnels sur operations de gestion HA
§
~
i Produits exceptionnels sur operations en capital * HD
375 488
~
iJ
Reprises sur provisions et transferts de charges
Total des prodults excepliounels (7) (Vil)

HC
HD
232 659
608 147
81 288
81 288
~ Charges excepdonnelles sur operations de gestion (6 bis) HE 156 651 153 714
~I~
Charges exceptionnelles sur operations en capital * HF 375 488
Dotations exceptionnelles aux amortissements et provisions llG
94 403 31 168
u
~ Total des charges exceptlonnelles (7) (VllO fill
626 543 184 883
4. RESULTAT EXCEPTJONNEL (VII· VIII) HI ( 18 395) ( 103 594)
Participation des salaries aux r~sultats de l'entrcprise OX> HJ
896 525
Imp6ts sur Jes benefices * (X) UK ( 530 235) 1 689 050
TOTAL DES PRODUITS (I + III + V + VII) HL 33 665 812 48 394 436
TOTAL DES CHARGES (II + IV + VI + VIII + IX + X) Hl\I
32 854 631 44 247 384
5 • BEN~FICE OU PERTE (total des prodults - total des chargss) HN 811 181 4 147 052
(l) Done produits nets partiels sur operations along terme HO
{
produils de locations lmmobilieres HY
(2) Dont
produhs d'exploitation aff~rents Ades exercices anterieurs (a d6tailler au (8) ci-dessous) lG
22 83!l 209 019
- Credit-bail mobilier * HP
(3) Dont {
- Credit-bail inunobllier HQ 938 011 1 295 773
(4) Dont charges d'exploitation afferentes Ades exercices ant~rieurs (a detailler au (8) ci-dessous) 1H
21 345
(5) Dont produils concernant les entreprises liees IJ
934 656 323 186
(6) Dont lntEr!ts concemant Jes entreprises liEes IK
123 141 96 216
(6bis) Dont dons fails aux organismcs d'interet g~n~ral {an. 238 bis du C.G.I) HX

(10) Dont cotisations persom1elles de l'exploitant (13) A2
(11) Dont redevances pour concessions de brevets. de licences (prod11its) Al

(12) Dont rede1•ances pour concessions de brevets, de licences (charges) A4
"' 34 8!l9 39 129
i (13) Don! primes et cotisations comp!6- .
menla1res personnellcs : facultatives A6
(7) joindre en annexe) :
I I I
obli2atoires A9 I I
Detail des produits et charges excepllonnels (Si le nombre de lignes est insuffisanl, reproduire le cadre {7) et le
Chargtstxt~llcs
Exercice N
Produits c•«pliomels
TllRES CAME<:A JAPON K K 375 488 375 488

H!mT. DEROGATOIRES 6 323 16 981
PROV PENAUTES DE RETAAD 39 080 215 678
PROV. POLR LITIGES 50 000
PENALITES DE RETAAO DE LIVRAISON 17 420
(8) Detail des produits et charges sur exercices ant6rieurs : Exercice N
Chac$<S amfriwr<s Produils antlri<ws
REGUL COTISATION 22 839
• Des expllcalions concernant cene rubnque son1 donnees dans la nouce n• 2032.
CAME CA
29 Quai des Gresillons
92230 GENNEVILLIERS
Numero Siret : 40309221600031
ANNEXE
Date d'arrete des comptes: 31decembre2009
1.1. Historiquc de la socictc

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.
La societe M.S.I. a ete acquise par la societe M.A.l. (Micro Analyse Instruments) le 29 juin 2001 dont le premier exercice a
ete clos le 31 decembre 2002.
M.S.l. a absorbe S.P.T.M.-CAMECA par fusion simplifiee suivant la decision de I' Assemblee Generale Mixte Ordinaire et
Extraordinaire du 30 novembre 2001.
La societe M.S.I. (Materiels Scientifiques International) a absorbe CAMECA, sa filiale operationnelle, suivant la decision de
l'Assemblee Generale Mixte Ordinaire et Extraordinaire du 05 aout 2002. De plus, M.S.l. a change de denomination sociale
et de forme et est devenue CAMECA SAS afin de preserver son identite et son nom commercial vis avis de ses clients.
La societe CAME CA est detenue a 100 % par Micro Analyse Instruments, detenue elle-meme a 100 % par la societe
Financiere Cameca depuis le 6 avril 2005.
sa filiale, par transmission universelle du patrimoine (TUP) avec effet retroactif au 1er janvier 2006.
Le 9 aoiit 2007, le fonds Carlyle Europe, actionnaire de Financiere Cameca, tete du Groupe CAMECA, a cede ses titres au
Groupe AMETEK Inc. La societe Financiere Cameca est detenue a 100 % par la nouvelle holding Ametek Holdings SARL.
1.2. Objet

1.3. Siege social


L'annee sociale commence le I er janvier et finit le 31 decembre.

La societe Cameca-JAPAN, filiale detenue a 100% par Cameca, a ete liquidee au 30 novembre 2009.
La crise economique et financiere a fortement touche le marche des semi-conducteurs et a entraine une reduction sensible des
ventes due aux annulations ou aux reports de livraisons. En consequence, un plan d'economies (licenciement, departs
volontaires, baisse des frais generaux et chOmage technique) a ete mis en place par la direction pour passer cette crise.
3. Perimetre d'integration fiscale
Une convention d'integration fiscale a ete signee en janvier 2008 entre Jes membres du Groupe [CAMECA,
Micro Analyse Instruments, Financiere Cameca] et Ametek Holdings SARL , la nouvelle tete de groupe.
2
Les comptes annuels de CAMECA sont etablis selon !es normes definies du plan comptable general de 1999, au PCG
art. 531-1 §1 et au Code de Commerce art. R123-180.
II est fait application des recommandations du Conseil National de la comptabilite, de l'Ordre des Experts Comptables et
Comptables Agrees et du Conseil National des Commissaires aux Comptes, ainsi que les autres principes comptables
generalement admis.
Les comptes de l'actif sont etablis sur la base des couts historiques.
Les coots d'cmprunts nc sont pas incorpores dans la valorisation des actifs corporcls et incorporcls.
Conversion des dettes et crcances en devises
Au bilan
Les dettes et creances en monnaies etrangeres sont enregistrees au cours du jour de la transaction. A I' arrete des comptes,
elles sont valorisees au taux en vigueur a la date de cloture. Les ecarts provenant de cette actualisation sont inscrits aux
comptes « Ecarts de conversion actif » pour !es pertes latentes et « Ecarts de conversion Passif » pour !es profits latents.
Les ecarts de change defavorables sur operations en devises font l'objet de provisions pour risques dotees pour leur totatite
Les methodes d'evaluation et de presentation retenues pour etablir !es comptes de l'exercice 2009 sont demeurees inchangees
par rapport acelles de l'exercice precedent.
6. Explication des postes du bilan -ACTIF
6.1. Actif immobilise
l' Valeur i j Cessions I Valeur

(en euros) Acquisitions
I debut d'exercice I I Mise au rebut ~ fin d'exercice
lmmo. Logiciels 404 872 : 6 500 : - 32 263 ; 379 109
1 I
In corp. Fonds Commercial 12931800 ; '
I 12 931 800
'
Agencement Amenag. Contruct. 223 915 : 1 895 '
l
225 811
Materiel Outillage Jndustriel 1485113 295 156 - 96 027 1 684 242
lmmo.
Materiel de Transport - -
Corp or. Materiel Bureau et lnformatique 191 658 57 882 - 30 568 218 971
Mobilier 264 329 41 869 306 198
En cours 71 592 i 32 800
~
- 71 592 32 800
lmmo. Autres participations 767 076 - 304 730 462 346
Pre ts I 2 248 993
I
I
I
220 698
I
I
I
- !OS 245
!
I
i 2 361 446
Financ. ;
Autres immobilisat. financieres 1 265 575 25 806 - 287 5JO i 1 003 852
Total 19 854 926 :'
I 682 607
I
I - 930 957
I
I 19 606 577
6.1.1. Immobilisations incorporelles
Les frais de recherche et de developpement ne sontjamais immobilises et sont comptabilises en charge pour 4 806 K€.
3
Le fonds de commerce a fait l'objet d'une reevaluation de 12 913 506 € !ors de la fusion du 05 aout 2002. Cette reevaluation
n'a pas subi l'impot (4 304 502 €)en application du regime de faveur prevu a I' article 2JO du Code General des Impots.
Le fonds de commerce n'est pas amorti.

Un test d'impairment a ete realise a la cloture, aucune depreciation ne s'avere necessaire.
Les sorties correspondent a des mises au rebut de logiciels d'ancienne generation non compatibles avec !es systemes
d'exploitation actuels.
6.1.2. Immobilisations corporelles
Les immobilisations corporelles, acquises apres la fusion du 05 aoilt 2002, sont evaluees a leur coilt d'acquisition
(prix d'achat et frais accessoires, hors frais d'acquisition des immobilisations) ou a leur cout de production. La valeur des
immobilisations transferees !ors de la fusion correspond aleurs valeurs nettes comp tables au jour de la fusion.
Les acquisitions de la periode correspondent aux besoins Iiees a !'installation dans !es nouveaux locaux et a des
Les sorties de la periode concernent la mise au rebut de materiels en fin de vie.
6.1.3. Immobilisations financieres
La valeur brute des titres de participation est constituee par la valeur d'apport ou d'acquisition hors ti'ais accessoires.
Les frais d'acquisitions ne sont pas incorpores dans la valorisa!ion des litres.
Une provision est constituee si la valeur d'usage d'un titre devient inferieure a sa valeur d'entree. Cette valeur d'usage est
determinee en function de I' actif net re-estime de la filiale.
CAMECA detient !es actions des filiales etrangeres (Cameca-USA, Cameca-UK, Cameca-KOREA, Cameca TAi'WAN et
Cameca Gmbh) a 100 % pour 455 944 €.
La societe Cameca-JAPAN, detenue a 100% par Cameca, a ete liquidee au 30 novembre 2009. Les titres de Cameca-JAPAN,
50 millions de Yen, ont ete sortis pour la valeur historique, soil 304 730 euros. Compte tenu du taux de change, la conversion
des devises a genere une difference de change positive de 70 758 euros. Un boni de liquidation de 546 992 euros a ete inscrit
dans !es livres de CAMECA.
a
visant transformer cette entite de production (instruments Quad) en structure de ventes et de services de !'ensemble des
produits de Cameca. Cette restructuration devrait permettre a la filiale de degager des profits pour Jes exercices a venir
L'exposition que represente Cameca Gmbh dans !es comptes de Cameca SAS au !ravers d'une situation nette negative et
d'actif rattache a cette participation est couverte a hauteur de 235 K€ (Jes titres pour 25 000 et Jes comptes courants
pour 210 000).
Le 6 avril 2006, Cameca a fait un pret de I 967 152 euros asa filiale Cameca GmbH, pour Jui assurer un equilibre bilanciel
Au 6 avril 2008, le pret a ete capitalise des interets de la periode (6.04.07 -6.04.08), soit 103 497 euros.
Les interets se rapportant au pret courent a compter du 7 .04.09 au 31.12.09 pour 83 925 euros.
Les autres immobilisations financieres :
une avance de 1 million d'euros a ete versee le 21/12/2005 dans le cadre du leasing immobilier, et remuneree au taux
Euribor du contrat majore d'une marge de 0.50 %. Cette avance est remboursee a CAMECA depuis le 1/07/2009 au
moyen de 8 echeances trimestrielles payables aux memes echeances que celles des loyers, par compensation due a
concurrence avec le montant des loyers du credit bail. Le solde de l'avance s'eleve a 883 321 euros au 31.12.2009.
des depots de garanties pour 120 531 euros.
4
6.1.4. Amortissements
I
Valeur ! Valeur
I I
(en euros) Dotat ions Reprises
debut d'exercice 1 fin d'exercice
;' I
Logiciels 366 156 24446 i -32 263 i 358 339
Agencement Amenag. Contruct. 43 722 20692 ' ' 64415
Materiel Outillage Industriel 708 971 183 380 -96 027 796 323
Materiel Bureau et Infonnatique 125 476 28 757 -30 568 123 665
Mobilier 56 333 27 260 83 593
Total 1300 660 284 536 ; -158 859 ; 1 426 337
Dotations Reprises
derogatoires 'i d6rogatoires
Logiciels 5 323 ' 16 981
compte la depreciation economique des immobilisations, en respectant le cadre defini par Jes principes comptables et fiscaux.

- Machines-outils, materiel et outillages industriels 3 a I 0 ans Lineaire
- Mobilier et materiel administratif 5 a 10 ans Lineaire
- Agencements des constructions, installations generales 5 ans a 10 ans Lineaire
courir dans Jes livres de la societe absorbee.
6.2.1. Stocks
Les stocks, matieres premieres et foumitures, sont evalues a leur cout standard d' achats. Les stocks de produits finis et Jes
travaux en cours sont evalues a leur cout standard de production. Les stocks, valorises en cout standard, sont corriges
annuellement d'une part, des ecarts sur achat constate et d'autre part, de l'ecart constate sur la valeur reelle du cout de la
main d' o:uvre ( pour Jes en-cours et Jes produits finis ).
Les stocks font l'objet d'une depreciation lorsque ce cout devient superieur ala valeur probable de realisation.
Les frais generaux commerciaux, administratifs et financiers, ainsi que !es frais de recherche et de developpement ne faisant
{en euros} Valeur brute Valeur brute N-1 Valeur nette Valeur nette N-1
. Matieres premieres 3 518 232 3 854 272 2 831 048 3 249 882
. En cours de production de biens 16 263 354 18657941 15 721 291 18 332 702
. Produits intennediaires et finis I 756 748 2 301 408 1 307 598 I 774 228
. Marchandises 80 760 143 061 69 560 104 026
Total 21619094 24 956 682 19 929 497 23 460840
5
Provision pour depreciation Valeur debut d'exercice Augmentations Diminutions Valeur fin d 'exercice
Matieres premieres 604 389 149 666 66 872 687 184

En cours de production de biens 325 238 216 825 542 063
Marchandises 39 035 27 834 11200
Total l 495 842 366 491 172 735 l 689 597
6.2.2. Avances versees
6.2.3. Creances
Les creances sont enregistrees au bilan pour leur valeur nominale. Certaines creances sont eventuellement depreciees, selon
La creance constatee est depreciee de 50% de son montant hors taxe en fin d'exercice, si elle est superieure un an a
a a
Elle sera depreciee I 00 % si son existence est superieure deux ans, dans Jes memes conditions precisees ci-dessus.
Par ailleurs, une depreciation complementaire individualisee peut etre constatee !ors de I' analyse du portefeuille en fonction

Clients 4 439 862
Clients douteux ou litigieux (1) 91 379
Autres creances
Personnel 34 473
lmpots et taxes (2) 1 281 978
Total 17167906
(1) Les creances douteuses sont depreciees a hauteur de 100 %.

(2) TVA adeduire pour 197 K €. Degrevement Troce professionnel/e pour 241 K €. Remboursement de troce pour 150 K €
Credit lmp6t Recherche pour 568 K €, Jndemnites ch6mage pour 126 K €
(3) Avances faites auxfiliales Cameca GmbH pour 210 709 €,MA.I. pour 3 958 215 €, Financiere-Camecapour 6 103 152 €
Creances sur Ametek Japan pour 922 479 €.

d'exercice
Clients et comptes rattaches 133 198 41 819 91 379
Comptes du Groupe 275 000 65 000 210000
6
O Echeancier des crfauccs
(en euros) Montant brut A 1 an au plus A plus d'un an

.....
·;: s Prets 2 361 446 2 361 446
<.5 Autres immobilisations financieres l 003 852 668 574 335 278
Clients douteux ou litigieux 91 379 91 379
Autres creances clients 4 479 868 4 479 868
=
.
=
Personnel et comptes rattaches
Autres organismes sociaux
34 473
125 612
34 473
125 612
t
...·o Etat et autres Credit impot recherche 567 565 567 565
; collectivites Taxe sur la valeur ajoutee 198 227 198 227
... publiques Autres imp()ts, taxes 390 571 390 571
<
Debiteurs divers 127 206 127 206
TOTAL 20 690 662 17 902 558 2 788104
O Produits a rcccvoir
II s'agit des factures restant a etablir sur !es interventions du S.A.V. pour un montant de 40 007 euros, des interets courus
sur prets a Cameca Gmbh pour 83 925 euros et un remboursement de taxe pour 240 884 euros.
6.2.4. Trcsorcrie
Ce paste comprend uniquement des disponibilites au 3 I decembre 2009 :

Banques 2491515
Caisses 110
Total 2 491 625
6.3. Comptcs de regularisation
Nature Montants
Assurances 5 059
Autres (Locations, Fluides .. ) l 204
Total 115 903
Les charges payees d'avance telles que !es abonnements et !es contrats de maintenance ont ete calculees prorata temporis.
Ils proviennent essentiellement des creances clients etablies en devises. A Ce titre, une provision pour perte de change a ete
constituee pour 215 835 euros.
7
7. Explication des postes du biJan - P ASSIF
> Composition du capital social
Le capital social est fixe a

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

( 4 14 7 052.21 euros) au poste « Report anouveau ».
(en euros) Ouverture Augmentation Dividendes Diminutions Resultat 2009 Cloture

Capital souscrit verse 6 782 100 6 782 100
Prime de fusion 11274420 11274420
Reserve legale proprement dite 678210 678 210
Plus value net. L.T. reserve legale 3 270 3270
Plus value net. L. T. res. Reglement. 71 829 71829
Report a nouveau 7 273 037 4147052 11420 089
Provisions reglementees 28 865 5 323 -16 981 17 207
RESULTAT2008 4 147 052 -4147052 0
Total cloture 2008 35 949 728 4 152 375 0 -4 164 033 35 938 070
RESULT.AT 2009 811 181 811181
TOTAL 35 949 728 4 152 375 0 -4 164 033 811181 36 749 251
Les provisions pour risques et charges sont constatees lorsque !es risques et charges sont nettement precises quant aleur objet
(en euros) Utilisation
a l'ouverture de l'exercice sans objet a la cloture
. Litiges 50 000 50 000
. Garanties donnees aux clients I 532 202 193 066 I 339 136
. Pertes de change 349 262 215 835 349 262 215 835
. Autres risques 165 986 165 986
. Pensions et obligations similaires l 225 556 260 734 79 499 I 406 791
. Medaille du travail 575 980 55 864 14 869 616 975
. Travaux restant a effectuer I 318 111 792 970 I 045 851 l 065 230
. Restructuration 189 537 189 537
TOTAL 5 450 486 t 604 020 547 690 1350535 5 156 281

Exploitation I 299 105 l 333 285
Financier 215 835 349 262
ExceEtionnel 89 080 215 678
Total 1604020 1898225
8
a) Provision pour litiges
II s'agit du risque resultant du plan de restructuration.
b) Provision pour garantie donnee aux clients

c) Provision pour penalites

II s'agit des penalites contractuelles apayer pour retard de livraison.
d) Autres provisions pour risques

e) Provisions pour indemnites de depart en retraite

L'indemnite de fin de carriere susceptible d'etre versee est actualisee et ponderee des probabilites de vie et de presence dans
l'entreprise, a la date de cloture.
Ci-apres Jes hypotheses retenues pour le calcul de la provision conformement a la convention collective de la Metallurgie :
Aucun engagement en matiere de retraite n'a ete constate dans !es comptes de la societe a l'egard des dirigeants.
f) Provisions pour medaille du travail

I' entreprise, ala date de cloture.
g) Provision pour travaux restant a effectuer

Cette provision, calculee en cout complet, correspond aux couts d'installation non effectuees des machines facturees en 2009.
h) Provision pour restructuration

Elle correspond ades indemnites de Jicenciement dont le paiement est prevu sur I' exercice 20 IO.
7.4. Dcttes
7.4.I. Dettcs financicrcs
Les couts d'emprunts ne sont pas incorpores dans la valorisation des actifs corporels et incorporels.

Emprunts et dettes-organismes de credit
Solde crediteurs de banque
Participations des salaries (I) 2 041 935
Part courue des charges d'interets (2) 78 431
Comptes courants Groupe (3) 717 265
Total 2 837 632
(I) Participation des salaries relatifs aux exercices 2005, 2006, 2007 et 2008 bloquee en compte courant.
(2) lnterets courus des participations sur la periode du 01104/09 au 31112109.
(3) avance remuneree concernant CAMECA USA Inc.
7.4.2. Avances rei;ues sur comrnandes en cours

Ce sont Jes avances peri;ues des clients pour Jes livraisons de materiel a realiser pour un montant de 2 741 274 euros.
9
7.4.3. Hettes d'cxploitation
Repartition des dettes d'exploitation par nature :
Nature des dettes Montauts

Fournisseurs et comptes rattaches
Fournisseurs 2 921 546
Fournisseurs effets ii payer 409 508
Fournisseurs Factures non parvenues 751 435
Dettes fiscales et sociales
Total
(1) dont dettes pour conges payes et RTT 892K€
Primes de deplacement 197 Kf
(2) dont autres Taxes 22K€

Dettes sur immobilisatious et comptes rattaches
Fournisseurs immobilisations 39 228
Sous total 39 228
Autres dettes
Agents commissionnaires 1220467
Redevances 35 199
Crediteurs divers (I) 49 086
Sous total I 304 752
Total I 343 980
(1) dont cotisations pour 25 K euros et prestations bancaires pour 9 K euros.
CJ Ecbeancicr des dettcs
A plus d'l an
5 ans au plus
Emprunts et dettes financieres divers 2 120 366 2 120 366
Fournisseurs et comptes rattaches 4 082 489 4 082 489
Personnel et comptes rattaches 1 114 451 1 114451
Securite sociale et autres org. sociaux 1 291 862 1 291 862
Etat et autres Imp6ts sur les benefices
publiques
Autres imp6ts, taxes & assi. 21 913 21 913
Produits constates d'avance 2397108 2 397 108
TOTAL 15 835600 13 715 234 2 120 366
IO
U Charges a payer

Dettes foumisseurs et comptes rattaches 751 433
Dettes fiscales et sociales 1 750 136
2 636 446 €
7.5.l. Produits constates d'avance
Nature Montants
Contrats de maintenance S.A. V. (I) 2212686
Total 2 397108
(I) Les contrats de services sont factures aux clients pour une periode ii courir exprimee en jours. A la cloture, la part calendaire non echue
est constatee d 'avance.
(2) La provision correspond ii des accessoires non livres relatifs ii des machines livrees, facturees.
7.5.2. Ecarts de conversion Passif
Les profits latents s'clevent a 68 647 euros. Us proviennent des avances en devises rei;:ues des clients pour 25 407 euros
et des commissions en devises apayer aux agents pour 43 240 euros.
11
8. Explication des postes du Compte de Resultat
8.1. Compte de resultat de I' cxercicc
~ Fait generatcur du chiffre d'affaires

~ Ventilation du chiffre d'affaires (en milliers d'euros)

-FRANCE 7068 3 056 I 760
- UNION EUROPEENNE 6 749 9201 9 413
- U.S.A. I CANADA 11 778 11 369 11 912
-ASIE I PACIFIQUE 6 434 22 160 20776
-AUTRES 55 l 180
TOTAL 32 029 45 841 45 041
Nombre de machines vendues 16,0 27,5 28,0
(*)La part du Service Apres Vente dans le chiffre d'affaires represente 12,6 %, soit 4 030 milliers d'euros.
UNION
JE:URP
(¥t:'''
43,14%
ASIE I PACIFlQUE
... 20,09% ..
USA,/CANADA
... 36}7%
·---------- - - - · - - -
Le graphique met en evidence !'impact de la crise economique et financiere sur le marche asiatique (20% en 2009 contre
48% en 2008) dans le « business » de CAMECA.
8.2. Autres protluits

Ce poste, pour un total de 369 594 euros, comprend l'annulation de commissions d'agents (98 K€), la reprise de charges
provisionnees (232 K€), le remboursement des organismes de retraite pour le trop verse et divers pour 18 K€.
2009 2008 2007
Autres produits 369 594 331 556 325 041
12
8.3. A utres achats et charges extern es
a
Le montant des autres achats et charges extemes, qui s'eJeve 9 270 milliers d'euros, comprend Jes achats de sous-traitances
industrielles ( 1 302 K€), Jes achats non stockes de matieres et foumitures (352 K€), Jes services exterieurs (3 785 K€) et des
autres services exterieurs (3 831 K€) detailles ci-dessous :
Services exterieurs
Sous-traitance generate (I) 2 397 257 3 357 635 2 188 685
Redevances de credit bail (2) 938 Oil I 295 773 I 254 216
Locations (3) 107 676 143 450 133 966
Etudes et recherches 41 389
Documentation 7 709 35 839 22 444
Frais de colloques, seminaires, conferences 37 119 22211 I 970
Sous total 3 784 530 5 163 132 3 967 578
Remuneration d'intermediaires et honoraires (5) I 621 272 2 312 016 I 814 888
Publicite, publications, relations publiques 4 342 15 488 15 754
Deplacements, missions et receptions (7) 1384071 I 781 875 I 737 665
Services bancaires et assimiles 92 220 87 236 1IO237
Divers (8) 70 122 78 665 42 407
Sous total 3 831180 5 391 451 4 626 414
Total 7 615 710 10 554 583 8 593 992
(I) Prestations pour I 412 K€, autres prestations decentralisees pour 491 K€, exploitation informatique pour 122 K€, nettoyage et
(3) Locations de vehicules, de mobiliers et de materiels informatigues.
(4) Couvertures concernant la responsabilite civile, la multirisque industrielle (y compris la perte d'exploitation), le transport des
marchandises, la flotte automobile et Hommes Cles pour le credit bail immobilier.
(5) Commissions sur ventes pour I 403 K€, honoraires pour 218 K€ .
8.4. Autrcs charges
II s'agit des redevances versees ades organismes (CNRS, ONERA .. ) pour !'utilisation de leurs brevets dans nos machines.
Redevances 34 900 39129 257 004
Divers (*) 18 850 24 193 12 215
Total 53 750 63 322 269 219
(*) dont pertes sur creances irrecouvrables de 17191euros
13
8.5. Rcsullal de l'exercice
(en euros) 2009 2008 2007
Resultat d'exploitation -393 198 6 497 ll6 8 769 816
Resultat financier 692 540 339106 326 369

- Dividendes et prets (I) 659 444 131 936 110 759
- Charges d'interets (2) -23./ 7()7 -158 090 -86 378
- Autres charges et produits (3) 54 258 362 245 395 787
- Provisions pour risques (4) 133 427 -1R7 ROJ -118 ')73
Resultat avant impots 299 341 6 836 222 9 096 185
Resultat exceptionnel -l8 395 -103 594 -201 996

- Penalites clients -17420 -46 427 -1 519
- Provisions pour risques et charges (5) 138 256 50121 -186 893
- Autres charges et produits (6) -139231 -106 835 -13 584
Participations et interessements 0 -896 525 -1 328 838

lmpots sur les benefices de l'exercice 530 235 -l 689 050 -2 148 720
Resultat net de l'exercice 811 181 4147 052 5416632
(I) dont revenus du pret Cameca GmbH pour la periode 2009 pour 112 452 euros
Boni provenant de la liquidation de la filiale Cameca Japan pour 546 992 euros
(2) dont interets sur participation en compte courant bloque pour < I 03 328 > euros
Interets de la dette Ametek BV pour <19 722> euros
Inten~ts de l'avance Cameca USA pour < 38 652 > euros
lnterets de retard sur factures echues pour <64 768> euros
Agios pour< 8 213> euros
(3) dont revenus de l'avance IM Eur dans le cadre du leasing pour 23 786 euros
Revenus factures a la holding M.A.! selon la convention de tresorerie pour 73 543 euros
Revenus factures a la holding Financiere Cameca selon la convention de tresorerie pour 201 671 euros
Swap de taux(Leasing) pour < 234 994 > euros et escomptes accordes pour < 9 860 > euros
(4) Provisions pour risques financiers pour < 133 427 > euros

Provisions pour penalites clients pour 176 598 euros
Provisions pour litiges pour< 50 000 > euros
(6) dont rappel de cotisation de taxe professionnelle 2003/2004 pour 22 838 euros
Autres charges provisionnees pour 116 393 euros
8.6. Participation des salaries & intercsscmcnls

Compte tenu du deficit, ii n'y a ni participation ni interessement sur cet exercice.
14
8. 7. I mpots sur les benefices.
Repartition de l'impot Bases Taux 33,33%

Resultat courant 299 341
Resultat exceptionnel - 18 395
Resultat social 811 181
Reintegrations et Deductions fiscales - 1551 791
Resultat fiscal : (Deficit) - 740 610
Aucun impot n'a ete constate dans Jes comptes de la societe du fait d'un resultat fiscal deficitaire.
Le deficit a ete utilise par la tete de groupe, Ametek Holdings SARL, pour optimiser l'impot groupe dans le cadre de
I' integration fiscale.
Un credit d'impot en faveur de la recherche a ete constate dans Jes comptes de la societe et s'eleve a 567 565 euros.
Son remboursement a ete demande aupres de !'administration du fait d'un impot neant.
La verification des comptes, par !'administration fiscale, des exercices 2006 et 2007 a donne lieu a un redressement de la
a
provision pour depreciation des stocks. La non-deductibilite de cette provision genere un impot payer de 37 330 euros.
9. Operations concernant Jes entreprises Iiees
Micro
Au 31/12/2009 CAME CA Cameca Cameca Cameca Cameca Cameca Cameca Financii:re
Analyse
(en euros) FRANCE USA UK JAPAN KOREA TAIWAN GmbH Cameca
Instruments
Au bi/an
Actif
Prets
Preteur 2 361446
Creances d' exploitation

Comptes courants Cameca IO 272 077
Comptes courants partenaires 210 709 3 958 216 6 103 152
Clients 246 283
Filiales partenaires 147 371 1 953 13493 76 738 6 728
Passif
Comptes courants partenaires 717 265
Filiales partenaires 665 377 12 459 21 438 265 163 1457 2 462 061
15
Micro
Au 31/12/2009 CAME CA Cameca Cameca Cameca Cameca Cameca Cameca
Analyse
Financiere
Instruments
Au compte de risultat
. Ventes aux filiales 4 754 020
Char!!es d'exploitation
. Achats aupres des filiales 225 051
. Prestations faites par les filiales 2 152 203
. Societes partenaires 822 150 23 636 422 802 35 558 848 057
Produits financiers
. Interets courus a recevoir 387 666
Char!!es linancieres
. lnterets et charges assimiles 103 421
. Societes partenaires 38 652 64 769
10. Renseignements divers
• Des cautions et avals accordes a des clients par !es banques pour notre compte s'elevent a 6 427 944 €:
(Cautions Marches« France»: 813 600 € - Marches« Etrangern: 5 614 344 €)
• II n'existe pas de garanties de passif, d'engagements de surete et d'actes de nantissements au 31 decembre 2009.
• PITCH Promotion, a cede par acte notarie du 21/12/2005 son terrain - 29 quai des Gresillons aGennevilliers, et a vendu
en etat futur d'achevement un immeuble a usage de bureaux et d'activites pour une surface de 7 420 m2 a Fortis Lease.
cet ensemble immobilier pour une duree de 12 ans et une valeur de 12 340 000 euros dont une avance de 1 million euros
a ete versee. Les remboursements ont commence acompter de la livraison.
Ci-apres la ventilation de l'immeuble par nature:
Terrain I 500 000€

Construction 7 840 000 €
Agencements 3 000 000 €
Les redevances au titre de l'exercice s'elevent a 938 012 euros.
16
Dans le cas ou la societe avait acquis ce bien, l'amortissernent de la nouvelle usine (construction et agencernents),
decornposee en 4 groupes avec des durees de vie respectives de 8 I 10 I 25 et 30 ans, aurait ete de 468 048 euros par an.

imrnobilier Curnulees Exercice Net
12 340 000 - 1977 035 - 647 304 9 715 661
A plus d'l an
Echeancier Al an au plus A plus de 5 ans
et 5 ans au plus
Le prix d'acquisition a!'expiration du credit bail sera de 3 085 000 euros
10.2. EfTectifs
Les effectifs moyens par categorie se decomposent cornme suit :

Ouvriers 27
ETAM 83
Ingenieurs 71
181
10.3. Droit individuel a la formation

Nombre d'heures ouvertes au titre du droit individuel a la formation (DIF) au 31.12.2009 18 2 82 heures
Nombre d'heures de formation consornmees au titre du D.l.F. au 31.12.2009 254 heures
Aucune demande de formation n'ayant ete deposee par Jes salaries au 31.12.2009, et acceptee par la direction, la societe n'a
pas juge utile de proceder a une provision au titre de cet engagement.
10.4. Avanccs et credits allouccs aux dirigeants sociaux et indications des engagements pris pour lcur eomptc
Neant
10.5. Remunerations allouecs au titre de l'excrcicc aux mcmbrcs des organes d'administration ct de direction it raison
de !cur fonction
Neant
10.6. Hettes garanties par des suretcs rcelles

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

91 McKee Drive
Mahwah NJ 07430
Etats Unis d'Amerique
CAMECA UK
PO box 88, Wilmslow
Cheshire SK95BE
Grande-Bretagne
CAMECA KOREA Co, Ltd

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

A2, IOF-6, N° 120, Sec. 2
GongDaoWu Road
30072 Hsin Chu
Taiwan
CAMECAGmbH
Carl-von Linde Str. 42
Allemagne
18
CAME CA CAME CA CAMECA CAME CA CAME CA
l!.S.A U.K. ltd KOREA TAIWAN GMBH
USD GBP KRW NTD EUR
CAPITAL 270 000 30 000 50 000 000 I 000 000 25 000
lReserves 4 374 694 158 007 346681587 10 101 583 (I 351 125)
Quote-part de Capital detenu en% 100% 100% 100% 100% 100%

~uros 322 508 46 574 35 496 26 366 0
Vevises 395 645 30000 50 000 000 I 000 000
Prets et avances consentis et non rembourses

Euros 2 277 521
Devises

Euros 6 751 915 139 618 I 035 609 248 849 2 567 671
Devises 9 285 211 124 626 1 820 335 268 11 563 035 -
Resultat au 31/1212009 (taux de cloturel

Euros 1345 406 28489 17 128 (80 529) 597 408
Devises I 888 177 25 698 26 473 233 (3651672) -
IDividendes verses
- Euros
- Devises
Cautions ou avals donnes au benefice de ces societes

- Euros
- Devises
Date d'ouverture 01/0112009 0110112009 01/0112009 01/0112009 01101/2009
il>ate de cloture 31112/2009 31112/2009 31112/2009 31112/2009 31112/2009
19
« CAMECA »
92230 Gennevilliers
RAPPORT DE GESTION DU DIRECTEUR GENERAL
EXERCICE CLOS LE 31/12/2009
Cher Associe unique,
Conformement aux dispositions de la Loi et des statuts de la Societe, nous avons l'honneur
a
de vous rendre compte de notre gestion et de soumettre votre approbation les comptes
de l'exercice clos le 31 decembre 2009.
Tous les documents et pieces prevus par la reglementation en vigueur et les statuts de votre
Societe ont ete tenus avotre disposition dans les delais impartis.
L'exercice 2009 a permis la realisation d'un chiffre d'affaires hors taxes de 32 028 948 euros
a
(dent 24 961100 euros I' exportation) centre 45 840 618 euros pour l'exercice precedent.
Notre resultat d'exploitation fait ressortir une perte de <393 198 euros>, centre un benefice
de 6 497 116 €au 31 decembre 2008. Cette perte au 31 decembre 2009 est constatee apres
dotation aux amortissements de 284 536 euros, constitution d'une provision sur actif
circulant de 366 491 euros et d'une provision sur risques et charges de 1 299 105 €
compensee d'une reprise sur provisions de 1140 219 € incluant notamment la provision
a
pour pension et pour travaux restant effectuer sur machines en cours d'installation.
a a
la variation la baisse du resultat d'exploitation est en particulier due la baisse du chiffre
d'affaires de <13 811 670 euros> soit <30,13%>, que n'a pas entierement compense la
a
reduction importante des charges d'exploitation, hauteur de 8 919 043 € representant une
a a
baisse de <22,01 %>par rapport leur niveau la cloture de l'exercice precedent.
En raison d'un resultat financier positif de 692 540 € grace notamment a

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

liquidee au 30 novembre 2009.
EVENEMENTS IMPORTANTS SURVENUS DEPUIS LA CLOTURE DE L'EXERCICE
La filiale americaine, Cameca Inc, a realise !'acquisition d'actifs de la Societe Imago,

domiciliee a Madison (USA) I et realisant une production d'instruments scientifiques sur la
ligne de produit « Atom Probe ».
EVOLUTION PREVISIBLE ET PERSPECTIVES D'AVENIR
Les fonds debloques par les Etats pour le soutien de l'economie dans le contexte de la crise
financiere/economique internationale permettent une reconstitution progressive des
carnets de commande. Le redemarrage lent mais visible du marche du semi-conducteur
pourrait permettre d'envisager favorablement les perspectives d'avenir.
RECHERCHE ET DEVELOPPEMENT
Nos depenses de recherche se sont elevees a environ 4,8 millions€ et ont porte
principalement sur le LAWATAP.
Le montant des depenses et charges non deductibles fiscalement visees par I' article 39-4 du
Code General des lmpots que nous avons engagees au cours de l'exercice ecoule est nul.
FILIALES ET PARTICIPATIONS (Article L. 233-6 alinea 2 du Code de commerce)
a
La societe CAMECA INSTRUMENTS INC, societe sise aux USA, controlee 100 % par CAMECA
SAS, a realise au 31 decembre 2009 un chiffre d'affaires de 9 285 211 $ contre 13 649 591 $
au 31 decembre 2008, avec un resultat net comptable de 1 888 177 $centre 582 560 $au 31
decembre 2008. Les resultats se sont ameliores aux cours des deux dernieres annees apres
une restructuration de l'equipe et une diminution des frais generaux apres le transfert du
siege Social dans les installations d' Ametek.
La societe CAMECA UK LIMITED, societe sise au Royaume Uni, controlee a

100 % par
CAMECA SAS, a realise au 31 decembre 2009 un chiffre d'affaires de 124 626 £ centre
151 599 £ au 31 decembre 2008, avec un resultat net comptable de 25 700 £centre 35 630 £
au 31 decembre 2008.
La societe CAMECA KOREA., societe sise en Con~e, controlee a 100 % par CAMECA SAS, a
realise au 31 decembre 2009 un chiffre d'affaires de 1 820 335 268 KRW contre 2 571
086 665 KRW au 31 decembre 2008, avec un resultat net comptable de 26 473 233 KRW
contre <529 703 431 KRW> au 31 decembre 2008. Les resultats se sont ameliores aux cours
des deux dernieres annees apres une restructuration de l'equipe et une diminution des frais
generaux apres le changement de siege Social.
2
La societe CAMECA GMBH, societe sise en Allemagne, contr61ee a 100 % par CAMECA SAS, a
realise au 31 decembre 2009 un chiffre d'affaires de 2 567 671 € contre 3 618 572 €au 31
decembre 2008, avec un resultat net comptable de 597 408 € contre <317 705 € > au 31
decembre 2008.
La societe CAMECA TAIWAN, societe sise a TAIWAN, contr61ee a 100 % par CAMECA SAS, a
realise au 31 decembre 2009 un chiffre d'affaires de 11 563 025 $ NTD contre 31 064 382 $
NTD au 31 decembre 2008, avec un resultat net comptable de <3 651 672 NT$> de contre 8
594 481 $NTD au 31 decembre 2008.
CONVENTIONS VISEES A L' ARTICLE L 227-10 DU CODE DE COMMERCE
Nous vous donnerons lecture du rapport du Conseil d'administration sur les conventions
visees a !'article L 227-10 qui devraient faire l'objet d'un rapport. II vous incombera de
statuer sur ce rapport.
RENOUVELLEMENT DES MANDATS DES MEMBRES DU CONSEIL D' ADMINISTRATION
Les mandats des membres du conseil d'administration arrivant a

expiration ce jour, nous
vous proposons, conformement a !'article 17 des statuts, de les renouveler pour une
a
nouvelle duree de un an soit jusqu'a la date de I' Assemblee Genera le appelee statuer sur
les comptes de l'exercice 2010, a
!'exception toutefois du mandat de Monsieur Alan
Devenish, qui a demissionne de ses fonctions de President a effet de ce jour. En effet, en
application des statuts de la societe, cette demission met fin a ses fonctions
d'administrateur.
Monsieur Ronald J Oscher ne le 04 avril 1967 en Ohio, Etats-Unis d' Amerique, de nationalite
americaine, s'est porte candidat au paste de President. Si le Conseil d'administration l'elit a
cette fonction ii sera de plein droit administrateur en application des statuts. Nous vous
a
proposons de le confirmer cette fonction.
RESULTAT-AFFECTATION
Nous vous proposons d'affecter le benefice de l'exercice
- s'elevant a 811181 euros
comme suit
- au credit du compte « report a nouveau » de : 11 420 089 euros
Nous vous rappelons qu'il a ete precede aux distributions de dividendes suivantes au titre
des trois derniers exercices.
31/12/08 0 0
3
Exercice dos Eligible abattement 40 % Non eligible abattement 40 %
31/12/07 0 0
Exercice dos Eligible abattement 40 % Non eligible abattement 40 %
31/12/06 0 0
DELAIS DE PAIEMENT DES FOURNISSEURS
Conformement aux articles L. 441-6-1 et D 441-4 du Code de commerce nous vous indiquons
que la decomposition a la cloture des deux derniers exercices du solde des dettes a l'egard
des fournisseurs par date d'echeance est la suivantes :
Fournisseurs et comptes rattaches au 31/12/2009 :
Aun an au plus : 4 082 489 €;
Entre un et cinq ans : 0 € ;
Au-dela de cinq ans : O €.
Fournisseurs et comptes rattaches au 31/12/2008 :
Aun an au plus: 6 787 747€;
Entre un et cinq ans : 0 € ;
Au-dela de cinq ans : O €.
Nous vous presentons les comptes annuels que nous soumettons a votre approbation.
Les regles de presentation et les methodes d'evaluation retenues pour l'etablissement de

ces documents sont conformes a la reglementation en vigueur.
Vous trouverez dans l'annexe toutes explications complementaires.
Les commissaires aux comptes de la societe relatent dans leur rapport general
l'accomplissement de leur mission.
Nous vous invitons a adopteT les resolutions que nous soumettons a votre vote.
Fait a GENNEVILLIERS,
Le 15 juin 2010 LE DIRECTEUR GENERAL
Georges Ary(Jer
I . J;;'
/// I
l /. ·.\. . ;J
I ,·.~1 //
4
,.. - / ' /
_,./
« CAMECA »
92230 Gennevilliers
PROCES-VERBAL DE LA REUNION DE L'ASSEMBLEE GENERALE ORDINAIRE DU 30 JUIN 2010
EXTRAIT
L' Associee Unique decide d'affecter com me suit le benefice de l'exercice
- s'elevant a 811181 euros

comme suit
- au credit du compte « report a nouveau »de : 11 420 089 euros

L' Associee Unique prend acte qu'il n'a pas ete procede a des distributions de dividendes au titre des
trois derniers exercices.
Cameca

CONSTANTIN ASSOCIES ERNST & YOUNG et Autres
114, rue Marius-Aufan 41, rue Ybry
92300 Levallois-Perret Cedex 92576 Neuilly-sur-Seine Cedex
S.A. au capital de€ 831.330 a
S.A.S. capital variable

regionale de Paris regionale de Versailles
Cameca
Exercice clos le 31decembre2009

A l'Associe Unique,
a
presentons notre rapport relatif l'exercice clos le 31 decembre 2009, sur:
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
a
les comptes annuels ne comportent pas d'anomalies significatives. Un audit consiste verifier, par
informations figurant dans les comptes annuels. II consiste egalement aapprecier les principes
notre opinion.

Principes et methodes comptables
• La note 6.2.1 de !'annexe expose les regles et methodes comptables relatives aux modalites de
comptabilisation des stocks. Dans le cadre de notre appreciation des regles et principes
comptables suivis par votre societe, nous avons verifie le caractere approprie des methodes
comptables precisees et des informations fournies dans les notes de !'annexe et nous nous
sommes assures de leur correcte application.
Estimations
K€ 12.932 au 31 decembre 2009. Compte tenu des elements previsionnels, le fonds de
commerce ne fait pas l'objet de depreciation tel que cela est indique dans la note 6.1.1 de
!'annexe. Nous avons procede a !'appreciation des approches retenues par votre societe pour
estimer la valeur de cet actif. Nous nous sommes assures du caractere raisonnable des
hypotheses retenues et des evaluations qui en resultent.
filiales dans ses comptes, tel que cela est decrit dans la note 6.1.3 de !'annexe. Nos travaux ont
a
consiste apprecier, sur la base des elements disponibles ace jour, les elements et les
hypotheses sur lesquels se fonde !'estimation de ces provisions, sachant que ces hypotheses ont
par nature un caractere incertain et que leur realisation est susceptible de differer des
hypotheses utilisees. Dans le cadre de nos appreciations, nous nous sommes assures du
caractere raisonnable de cette estimation et du caractere approprie de !'information donnee en
annexe a cet egard.
• Votre societe constitue des provisions pour risques et charges, tel que cela est decrit dans la note
a
7.3 de !'annexe. Nos travaux ont consiste apprecier les donnees et les hypotheses sur lesquelles
a
se fondent ces estimations, a revoir les calculs effectues par la societe, comparer les
estimations comptables des periodes precedentes avec les realisations correspondantes et a
examiner les procedures d'approbation de ces estimations par la direction. Dans le cadre de nos
appreciations, nous nous sommes assures du caractere raisonnable de ces estimations.
a
Cameca
a
des informations donnees dans le rapport de gestion du president et dans les documents adressesa
Levallois Perret et Neuilly-sur-Seine, le 15 juin 2010
Cameca
'AGREMENT DGFIP CSll0,10003 DGFiP N° 2050 2010
Formulaire obligatoire (anicle 53 A
du ~ode g~ral cits imp6u).
CD I BILAN " ACTIF
Designation de l'entreprise: SAS C»IECA Duree de l'exercice exprim~e en nombre de mois * l1LJ
Adresse de J'entreprise 29 QUAI DES GRESILLOHS 92230 GENHEVILLIERS Dur~e de l'exercice p~cMent * UU
Nnm~ro SIREI' * l4lol3lol9!2l2l1l6lololol3l1I Neant D*
Excrcke N, clos le : N· 1
1~1122009 I 13U22U!J:H I
Net
l11i'"ii:~1 iiii ~
Brut Net
1 3 4
Capital souscrit non appele (I) AA
ta Frais d'~tablissement * AC
An
~ Frais de d~veloppement * ex CQ
g
~ Concessions, brevets et droits similaires AF 379 108 AG 358 339 20 769 38 715
~ Fonds commercial (I)
d Autres immobilisations incorporelles

AU
AJ
12 931 BOO Ar
AK
12 931 BOO 12 931 800
~
~ Avances et acomptes sur immobilisa-
tions incorporelles Al, AM
AO
. ;g
Terrains AN
Constrnctions AP 225 811 AQ 64 415 161 395 180 192

1il
~
0 !2
Installations techniques, mat~riel et
8 outillage industriels AR 1 684 242 AS 796 323 887 918 776 142
i~ Autres immobilisations corporelles AT 525 169 AU 207 258 317 910 274 176
~I Immobilisations en cours
Avances ct acomptes
AV
AX
32 800 A\\
AY
32 BOO 71 592
Particig.acions ~valuees selon cs CT

t'! la m~t ode de mise en ~quivalence
I Autres participations cu 462 346 CV 31 402 430 943 735 674

~ Crfances rattach~es a des participations DB BC
~ Autres titres immobilis~s BD BE
~
;;}
Pre ts BF 2 361 446 BG 2 361 446 2 248 993
i Autres immobilisalions financieres * Bil 1 003 852 DI 1 003 852 1 265 575
TOTAL(ll) BJ 19 606 577 BK 1 457 739 18 148 837 18 522 B63
Matieres premieres, approvisionnements DJ, 3 518 232 BM 687 184 2 831 048 3 249 882
. En cours de production de biens IlN 16 263 354 BO 542 063 15 721 291 18 332 702
B
0
En cours de production de ser\'ices Bl' BQ
!;;
Produits intcrmediaires et fmis BR 1 756 748 BS 449 150 1 307 598 1 774 228
~ Marchandises n·r 80 760 BU 11 200 69 560 104 026
~e: Avances et acomptcs \'Crses sur conunandes BY

DX
41 553 DW
BY
41 553 38 119
t; er; Clients et comptes rattaches (3)* 4 571 248 91 379 4 479 868 11 561 299
<( (j
~ Autres crfances (3) DZ 12 596 658 CA 210 000 12 386 658 9 810 615
11 Capital souscrit et appele, non verse en cc
(dont actions propres :.......................... ) CD CE
~
~ Disponibili1es CF 2 491 625 CG 2 491 625 3 779 671
Charges constac~es d 'avance (3)* CH 115 903 Cl 115 903 115 131
TOTAL(lll) CJ 41 436 086 CK 1 990 978 39 445 107 48 765 677
ii Frais d'emission d'emprunt a elater (IV) C\\
!i Primes de remboursement des obligations (Y) Cl\I

Ecarts de conversion actif* {VI) CN 215 835 215 835 349 262
TOTAL GENERAL (I a VI) co 61 258 498 lA 3 448 718 57 809 780 67 637 803
Renvois : (J) Dl<ll droi1 au bail: (2) Pm la~ i1·uo an Jd
bmrubilu..m.."Uf. runn:~r~ D:'(ftj:: CP 668 574 ClJ Par1 i plus d'1m an: lcR 91 379
Clause de rhm"
dl!propri<!!~:.
llmmobilisatioru: Stocks: Creances:
• Des e.~pbca11ons concemant celte rubrique son! donnees dans /a notice n• 2032.
AGREMgNT DGFIP CSll0.10003 DGFIP N° 2051 2010
® I BILAN - PASSIF avant repartition
FOtlIIJlaire obllga1otre (anlcle H A
du cede g~~r31 des hnp61s)
Designation de l'entreprise SAS CN-IECA Neant O*

K'<erclce N R<tcrdceN-1
Capital social OU individuel (l)* (Dont verse :............... .IU82.l0.0........ ) DA

6 782 100 6 782 100
Primes d'emission, de fusion, d'apport, .... DB 11 274 420 11 274 420
Ecarts de rUvaluation (2)* (dont ecart d'equivalence IEKI ) DC
ti) Reserve legale (3) DD 681 479 681 479

~
0
Reserves statutaires ou contractuelles DE
~ Reserves r~glementees (3)

* ( Dont reserve speciale des provisions
uour flucruation des cours Bl ) DF
x 71 828 71 828
~ Autres reserves ( Dont reserve relative il l'achat
d'oeuvres originales d'artistes vivants* FJ ) DG 5 690 944 5 690 944
~
u
Report anouveau DH 11 420 089 7 273 036
RESULTAT DE L'EXERCICE (benefice ou pertel DI 811 181 4 147 052
Subventions d'iuvestissement DJ
17 207 28 865
TOTAL (I) DL 36 749 251 35 949 728
Produit des emissions de titres participatifs OM
'8 t!
,g
Cl>"' Avances couditionnees DN
1;l 2
::s"' TOTAL (II) DO
<
a ::s..,
o"'
Cl>
Provisions pour risques DP 1 877 748 2 330 839
.s.a-~
.~ .c Provisions pour charges DQ
> l:l 0
3 278 533 3 119 647
£ &~ TOTAL (Ill) DR 5 156 281 5 450 486
'
Autres empruncs obligacaires DT
Emprunts et dettes aupres des elablissements de credit (5) DU
1
€ Emprunts et dectes financieres divers (Dont empru111s pacricipatifs El ) DV
<I)
2 837 631 8 086 660
~
Avances et acomptes re1.:us sur commandes en coucs DW 2 741 274 4 265 353
µ:i
0 Dettes foumisseurs et comptes ranacbes DX 4 082 489 6 787 747
Dettes fiscales et sociales DY
2 433 114 3 638 815
Dettes sur immobilisations et comptes rattaches DZ 39 228 71 592
Autres dettes EA
1 304 752 1 190 415
ComIJle Produits constates d'avance (4) EB
re1rnl. 2 397 108 l 971 250
TOTAL (IV) EC 15 835 600 26 011 835
&acts de conversion passif * {VJ ED 68 647 225 753
TOTAL GENERAL (I a V) EE 57 809 780 67 637 803
(I) Ecart de reevaluation incorpore au capital lB
{
Resef\'e Speciale de reevaluation (1959) lC
~
(2) Dool Ecart de reevaluation libre ID
~
Reserve de ree,•aluation (1976) lE
(3) Dont resen•e speciale des plus-values a long terme * EF 75 098 75 098
(4) Dettes et produits constates.d'avance amoins d'un an EG 13 715 234 24 251 835
(5) Dont concours bancaires courants, et so Ides crediteurs de banques et CCP EH
1
• Des explicalions concernanl ceue rubrique son! donn~es dans la notice n• 2032.
AGREMENT DGFIP cs110.1000~3;;__~~~~~~"7""~~~~~~~~~~~~~~~~, DGFiP N° 2052 2010
G)jcOMPTE DE RESULTAT DE L'EXERCICE (Eu liste)j
Fonrulalr• obligatoire (aJ1icle 53 A
du Code gtnfral !ks irnp6ts. >
Designation de l'entreprise: SAS CAMECA Neant D*
Exerclce N
Exerclce (N·I)
France Ef,\f~!~~~~~~::..ns Toi al
Ventes de marchandises * FA PB FC
{biens * FD FE FF
6 238 891 23 661 505 29 900 397 41 897 258
Production vendue
z services* FG 828 956 FH 1 299 594 FI
2 128 551 3 943 359
~
~ Chiffres d'affaires nets * FJ 7 067 848 FK 24 961100 FL 32 028 948 45 840 618
~ *
Production stockee FM ( 2 939 245) 692 032
i:l Production immobilisee * FN 138 266
~ Subventions d'exploitalion FO
§
Reprises sur amortissemenls et provisions, transferts de charges * (9) FP
~ 1 612 839 155 553
Autres produils (1) (11) FQ 369 594 331 556
Total des prodnits d'exploitatlo11 (2) (I) FR 31 210 403 47 019 761
Achals de marchandises (y compris droits de douaue)* FS
Variation de stock (marchandises)* FT 62 300 ( 57 975)

Acbats de mati~res premi~res et autres approvisionnements (y compris droits de douane)* FU 6 019 466 10 600 501
Variation de stock (matieres premieres et approvisionnements)* FV 336 039 ( 830 310)
z Autres achats et charges extemes (3) (6bis)* FW
9 270 312 13 612 698
~
~ Imp6ts, taxes et versements assimiles * PX 926 572 1 092 078
~
Salaires et traitements* FY
8 606 565 8 964 464
I ~e
o~
es
z
Sur immobilisations
{ - dotations aux amor1issemen1s *
- dolalions au11: provisions
Sur aclif circulant : dotalions au11: provisions *
GA
GB
284 536 243 841
se b Pour risques et charges : dotations au11: provisions

GC
GD
366 491
1 299 105
446 405
1 999 418
Aulres charges (12) GE
53 750 63 322
Total des charges d'explollatlon (4) (II) GF 31 603 602 40 522 645
1 • RESULTAT D'EXPLOITATION (I· Ill GG ( 393 198) 6 497 116
19" Benefice auribue ou perte transferee * (lll) GH
ti
0 5 Perte supportee ou benefice transtere * (IV) GI
Produits financiers de participations (5) GJ 546 991
~
Produi!s des autres valeurs mobilieres et crc!ances de l'actif immobilise (5) GK 112 452 131 936
~ Au1res interets et produils assimlles (5) GL 299 362 362 321
~ Reprises sur provisions el transferts de charges GM 349 262 161 459
§ Differences positives de change GN
539 193 637 670
iII< Produi!s nets sur cessions de nleurs mobili~res de placement GO
Total des prodults financiers (V} GP 1 847 261 1 293 387

~ Do1atioos fioanci~res aux amortissements et provisions * GQ 215 835 349 262
~ Interets et charges assimilees (6) GR 479 810 158 166

~ Differences negatives de change GS 459 075 446 852
13 Charges neues sur cessions de valeurs mobili~res de placement GT
~ Total des charges financlhes (Vl) GU

GV
1 154 721 954 281
2 • RESULTAT FINANCIER IV· Vil 692 540 339 106
3 • RESULTAT COURANT AVANT IMP6TS (I - II + Ill - IV + V - VI) GW
299 341 6 836 222
(RENVOJS: "'" tal>le.iu n• 2053)
.. cooc~mant cette rubnqJI: SOOI doM!<s clan< la nouc• n° 2031.
* O.s c.•phratl(){IS
.
AGRBMENT DGFIP C5110.10003,...._~~~~~~~-.-~~~~~~~~~~~~~~-, DGFiP N° 2053 2010
©I COMPTE DE REsULTAT DE L'EXERCICE CSuite>l
Fonrulaire obligatoire (article 53 A
du codo gfr~ral <ks fmpOls)
Designation de l'entreprise SAS CN-!ECA Nean1 O*

ExerciceN Exerclce N • 1
Produits exceptionnels sue o¢rations de gestion HA

~
~~ Produils exceptionnels sue o¢rations en capital * HB

375 488
g f Reprises sue provisions el transferts de charges HC
fl! {j 232 659 81 288
xw
Total des produits exceptionnels (7) (Vil) HD 608 147 81 288
HE
~ Charges exceptionnelles sur operations de gestion (6 bis) 156 651 153 714
~
Charges exceptionnelles sur o¢rations en capital *
.J
<:> ~ HF
375 488
~ rs
~
Dotations exceptionnelles aux arnortissements et provisions HG 94 403 31 168
u
lol Total des cl1arges exceptloru1elles (7} (Vlll) HH 626 643 184 883
4- RESULTAT EXCEPTIONNEL !VII -VIII) HI ( 18 395) ( 103 594)
' Participation des salaries aux resultats de l'entreprise (IX) HJ
896 525
Imp6ts sue les benefices * (X) HK
( 530 235) 1 689 050
TOTAL DES PRODUITS (1 + lll + V + VII) HI,
33 665 812 48 394 436
TOTAL DES CHARGES (II + IV + VI + VIII + IX + X) HM 32 854 631 44 247 384
5 • BENEFICE OU PERTE (total des produits - total des charges! HN 811 181 4 147 052
(l) Dont produits nets partiels sur operations along terme HO
{
produits de locations immobilieres HY
(2) Dont
produits d'exploitalion afferents a des exercices anterieurs (a dctaillcr au (8) ci·dessous) JG
209 019
- CrMit-bail mobilier * HP
{3} Donl {
- Credit-bail immobilier HQ 938 011 1 295 773
(4) Donl charges d'exploitation afferentes a des exerclces amerieurs {a detailler au {8) ci-dessous) 1H
21 345
(5) Dont produits concernant Jes entreprises liees IJ
934 656 323 186
{6) Donl interets concemant Jes entreprises liees IK
123 141 96 216
(6bis) Dont dons fails aux organismes d'inleret general {art. 238 bis du C.G.l) HX
(10) Dom cotisations personnelles de l'exploitant (13) A2
(11) Dont redevances pour concessions de brevets, de licences (produits) A3
(12) Dont redevances pour concessions de brevets, de licences (charges) A4

"'5 34 899 39 129
I I I
I (13} Dont primes et colisations comple-
menta1res personnelles : facultalives A 6
(7} joindre en annexe) :
obligatoires A 9I I
Derail des produils et charges exceptionnels (Si le nombre de llgnes est insuffisant, reproduire le cadre (7) ct le Ex~r''"A N
Charges exc~peioonell<s Produirs excepcioru>els
TllRES CN-IECA JAPOll K K 375 488 375 488

N-IORT. DEROGATOIRES 5 323 16 981
PROV PENALITES DE RETARD 39 080 215 678
PROV. POIR LITIGES 50 000
AlITRES CHARGES 156 651
(8) Detail des produits et charges sur execcices anterieurs : Exercice N
Charges arntrieUI<s Prod!.tits ant~rieurs
* Des exphcattons concemant celte rubnque sonl donn~ dans la no11ce n 0

2032.
CAME CA
92230 GENNEVILLIERS
Numero Siret : 40309221600031
ANNEXE
Date d'arrete des comptes : 31 decembre 2009
1.1. Historique de la societe

de SO 568 Francs, soit 7 709,04 euros. Le 13 Mai 1996, l'Assemblee des Associes decide de transfonner la Societe en S.A.
La societe M.S.I. a ete acquise par la societe M.A.I. (Micro Analyse Instruments) le 29 juin 2001 dont le premier exercice a
ete clos le 3 I decembre 2002.
M.S.I. a absorbe S.P.T.M.-CAMECA par fusion simplifiee suivant la decision de l'Assemb!ee Generale Mixte Ordinaire et
Extraordinaire du 30 novembre 200 I.
La societe M.S.I. (Materiels Scientifiques International) a absorbe CAMECA, sa filiale operationnelle, suivant la decision de
I' Assemblee Generale Mixte Ordinaire et Extraordinaire du OS aout 2002. De plus, M.S. I. a change de denomination sociale
et de forme et est devenue CAMECA SAS afin de preserver son identite et son nom commercial vis avis de ses clients.
La societe CAMECA est detenue a l 00 % par Micro Analyse Instruments, detenue elle-meme a 100 % par la societe
Financiere Cameca depuis le 6 avril 2005.
sa filiale, par transmission universelle du patrimoine (TUP) avec effet retroactif au 1er janvier 2006.
Le 9 aout 2007, le fonds Carlyle Europe, actionnaire de Financiere Cameca, tete du Groupe CAMECA, a cede ses titres au
Groupe AMETEK Inc. La societe Financiere Cameca est detenue a 100 % par la nouvelle holding Ametek Holdings SARL.
1.2. Objet
1.3. Siege social

l.4. Exercice social

L'annee sociale c01mnence le !er janvier et finit le 31 decembre.
2. Faits marquants de l'cxercice

La societe Cameca-JAP AN, filiale detenue a 100% par Cameca, a ete liquidee au 30 novembre 2009.
La crise economique et financiere a fortement touche le marche des semi-conducteurs et a entraine une reduction sensible des
ventes due aux annulations ou aux reports de livraisons. En consequence, un plan d'economies (licenciement, departs
volontaires, baisse des frais generaux et chomage technique) a ete mis en place par la direction pour passer cette crise.
3. Perirnetre d'intfaration fiscale
Une convention d'integration fiscale a ete signee en janvier 2008 entre Jes membres du Groupe "[CAMECA,
Micro Analyse Instruments, Financiere Cameca ] et Ametek Holdings SARL , la nouvelle tete de groupe.
2
4. PriH£i.pes co.mptables mis en oetnTe
Les comptes annuels de CAMECA sont etablis selon les normes definies du plan comptable general de 1999, au PCG
art. 531-1 § 1 et au Code de Commerce art. Rl 23-180.
Il est fait application des recommandations du Conseil National de la comptabilite, de l'Ordre des Experts Comptables et
Comptables Agrees et du Conseil National des Commissaires aux Comptes, ainsi que !es autres principes comptables
generalement admis.
Les compt.:s de l 'actif sm.ot 6tahlis sur la base des emits historiqucs.
L1e•s col'tts d'crnpnmts nc sont pas incorpores Jan~ la valorisation des ~1ctifa corporels ct incorporcls.
Au bilan
Les dettes et creances en monnaies etrangeres sont enregistrees au cours du jour de la transaction. A l'arrete des comptes,
elles sont valorisees au taux en vigueur a la date de cloture. Les ecarts provenant de cette actualisation sont inscrits aux
comptes « Ecarts de conversion actif » pour Jes pe1ies latentes et « Ecarts de conversion Passif »pour les profits latents.
Les methodes d'evaluation et de presentation retenues pour etablir les comptes de l'exercice 2009 sont demeurees inchangees
6.1. Ar.Hf immobilis.,>
Les immobilisations sont comptabilisees confonnement aux reglements CRC 2002-1 O et 2004-06.
lmmo. Logiciels 404 872 6 500 : - 32 263 : 379 109 I

lncoro. Fonds Commercial 12 931 800 ' ' 12 931 800
I I
Agencement Amenag. Contruct. 223 915 1 895 l 225 811
Materiel Outillage lndustriel 1485113 295 156 l
-960:!7 1684242
j lmmo. l
Materiel de Transport l
Corpor. Materiel Bureau et lnformatique 191 658 57 882 1 218 971

Mobilier 264 329 41 869 : 306 198
En cours 71 592 32 800 : .. 7! 592 32 800
lmmo. Autres participations 767 076 , : - :;04 7'\0 : 462 346
Prets 2 248 993 220 698 : .. l OK '2:\5 ' 2 361 446
-·Fin~~-=~...,~!J'_es_i~~z.b.g}.~.~~;.}i..m. . . .a...n...c...i,.e_r.•e..s.....·-·it.,··-~1_2••6..?...5.Z.5..•___~--- _35 80,~-~-~-···--_:_~il 7~?_3_0._.~:,~.~--.1.....o..o...3.._8...52~,,,,
Total 19 854 926 682 607 i - ~130 957 : 19 606 577
Les frais de recherche et de developpement ne sontjamais immobilises et sont comptabilises en charge pour 4 806 K€.
3
Le fonds de conunerce a fait l 'objet d'une reevaluation de 12 913 506 € !ors de la fusion du 05 aofit 2002. Cette reevaluation
n'a pas subi l'impot (4 304 502 €)en application du regime de faveur prevu a !'article 210 du Code General des Impots.
Le fonds de c01mnerce n' est pas amorti.

Un test d'impainnent a ete realise a la cloture, aucune depreciation ne s'avere necessaire.
Les sorties correspondent a des mises au rebut de logiciels d'ancienne generation non compatibles avec Jes systemes
d'exploitation actuels.
6.l.2. Im.mobilisations corporelles
Les immobilisations corporelles, acquises apres la fusion du 05 aofit 2002, sont evaluees a leur cofit d'acquisition
(prix d'achat et frais accessoires, hors frais d'acquisition des immobilisations) ou a leur coftt de production. La valeur des
immobilisations transferees !ors de la fusion correspond a leurs valeurs nettes comptables au jour de la fusion.
Les acquisitions de la periode correspondent aux besoins liees a ]'installation dans !es nouveaux locaux et a des
Les so1iies de la periode concement la mise au rebut de materiels en fin de vie.
6. l.3. Immobilisatl.ons fimmcieres
La valeur brute des titres de participation est constituee par la valeur d'apport ou d'acquisition hors frais acccssoircs.
Les frais d'acquisitions ne sont pas incorpores dans la valorisation des titres.
Une provision est constituee si la valeur d'usage d'un titre devient inferieure a sa valeur d'entree. Cette valeur d'usage est
detenninee en fonction de l'actifnet re-estime de la filiale.
CAMECA detient les actions des filiales etrangeres (Cameca-USA, Cameca-UK, Cameca-KOREA, Cameca TAIWAN et
Cameca Gmbh) a l 00 % pour 455 944 €.
La societe Cameca-JAPAN, detenue a 100% par Cameca, a ete liquidee au 30 novembre 2009. Les titres de Cameca-JAPAN,
50 millions de Yen, ont ete sortis pour la valeur historique, soit 304 730 euros. Compte tenu du taux de change, la conversion
des devises a genere une difference de change positive de 70 758 euros. Un boni de liquidation de 546 992 euros a ete inscrit
dans les livres de CAMECA.
visant a transfonner cette entite de production (instruments Quad) en structure de ventes et de services de !'ensemble des
produits de Cameca. Cette restructuration devrait permettre a la filiale de degager des profits pour les exercices a venir
confonnement aux hypotheses actuellement retenues dans le business plan.
d'actif rattache a cette participation est couverte a hauteur de 235 K€ (!es titres pour 25 000 et !es comptes courants
pour 210 000).
Le 6 avril 2006, Cameca a fait un pret de I 967 152 euros a sa filiale Cameca GmbH, pour lui assurer un equilibre bilanciel
Au 6 avril 2007, le pret a ete capitalise des interets de la periode (6.04.06- 6.04.07), soit 98 627 euros.
Les interets se rapportant au pret courent acompter du 7 .04.09 au 31.12.09 pour 83 925 euros.
Les autres immobilisations financieres :
une avance de 1 million d 'euros a ete versee le 21/12/2005 dans le cadre du leasing immobilier, et remuneree au taux
Euribor du contrat majore d'une marge de 0.50 %. Cette avance est remboursee a CAMECA depuis le 1/07/2009 au
moyen de 8 echeances trimestrielles payables aux memes echeances que celles des loyers, par compensation a due
concurrence avec le montant des layers du credit bail. Le sol de de l 'avance s'eleve a 883 32 l euros au 31.12.2009.
des depots de garanties pour 120 53 l euros.
4
6. t .4. Amortissements
Valeur Valeur
(en euros) Dotations Rcpriscs
d~but d'excrc.ice fin d'exercice
Logiciels 366 156 24 446 ~32 263 358 339

Agencement Amenag. Contruct. 43 722 20 692 64415
Materiel Outillage Industriel 708 971 183 380 -%027 ' 796 323
Materiel Bureau et lnformatique 125 476 28 757 -30 568 123 665
'
Mobilier 56 333 27 260 ' 83 593
Total 1300 660 i 284 536 -158 859 l 426 337
Dolati~Hls Repri~es
·Mode d1amortbs..;:meuts
dtirogatniri:-~ derop:::iwires
Logiciels 5 323 16 981
compte la depreciation economique des immobilisations, en respectant le cadre defini par Jes principes comptables et fiscaux.

- Mobilier et materiel administratif 5 a I 0 ans Lineaire
- Agencements des constructions, installations generales 5 ans a IO ans Lineaire
courir clans Jes livres de la societe absorbee.
6.2. i. Stocks
Les stocks, matieres premieres et foumitures, sont evalues a leur cout standard d'achats. Les stocks de produits finis et Jes
travaux en cours sont evalues a leur cout standard de production. Les stocks, valorises en cofit standard, sont corriges
annuellement d'une part, des ecarts sur achat constate et d'autre part; de l'ecart constate sur la valeur reelle du cout de la
main d'a:uvre (pour Jes en-cours et Jes produits finis).
Les stocks font l'objet d'une depreciation lorsque ce cout devient superieur ala valeur probable de realisation.
Les frais generaux commerciaux, administratifs et financiers, ainsi que Jes frais de recherche et de developpement ne faisant
pas l'objet d'une c01mnande client, sont directement pris en charge clans l'exercice.
(en euros) Valeur brute Valeur brute N-1 Valeur nette Valeur nette N-1
. Matieres premieres 3 518 232 3 854 272 2831048 3 249 882
. En cours de production de biens 16 263 354 18 657 941 15 721 291 18 332 702
. Produits intermediaires et finis I 756 748 2 301 408 I 307 598 1 774 228
. Marchandises 80 760 143 061 69 560 104 026
Total 21 619 094 24 956 682 19 929 497 23 460 840
5
Provision ponr depreciation Valeur debut d'exercice Augmentations Dimiuutious Valeur fin d' exercice

En cours de production de bi ens 325 238 216 825 542 063
Marchandises 39 035 27 834 11 200
Total 1495842 366 491 172 735 1689597
6.2.2. Avanccs vcrsccs
6.2.3. Crfamccs
Les creances sont enregistrees au bilan pour Ieur valeur nominale. Certaines creances sont eventuellement depreciees, selon
Ia methode suivante :
La creance constatee est depreciee de 50% de son montant hors taxe en fin d'exercice, si elle est superieure un an a
a a
Elle sera depreciee 100 % si son existence est superieure deux 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 conn us specifiques.

Creances clients et comptes rattacbes
Clients 4 439 862
Clients douteux ou litigieux (l) 91 379
Clients - factures it etablir 40007
Sons total 4 571 248
Autres creances
Personnel 34 473
Impots et taxes (2) I 281 978
Total 17167 906
(1) Les creances douteuses sont depreciees ahauteur de JOO%.

(2) TVA a deduire pour 197 K €, Degrevement Taxe professionne/le pour 241 K €, Remboursement de taxe pour 150 K €
Credit lmpot Recherche pour 568 K €, lndemnites chomage pour 126 K €
(3) Avances faites auxfiliales Cameca GmbH pour 210 709 €, MA.l. pour 3 958 215 €, Financiere-Cameca pour 6 103 152 €
Creances sur Ametek Japan pour 922 479 €.

d'exercice
Clients et comptes rattaches 133 198 41 819 91 379
Comptes du Groupe 275 000 65 000 210 000
6
CJ Echeancier des creances

=
.... s 0 Prets 2 361 446 2 361 446
<.5 Autres immobilisations financieres 1 003 852 668 574 335 278
Autres creances clients 4 479 868 4 479 868
....
=
:;
~
Personnel et comptes rattaches
34 473
125 612
34473
125 612
"...
·;; Etat et autres Credit impot recherche 567 565 567 565
...
'::I
<" publiques Autres impots, taxes 390 571 390 571
TOTAL 20 690 662 17 902 558 2 788104
CJ Produits a recevoir
II s'agit des factures restant a etablir sur !es interventions du S.A.V. pour un montant de 40 007 euros, des inten'.!ts courus
sur prets a Cameca Gmbh pour 83 925 euros et un remboursement de taxe pour 240 884 euros.
6.2.4. Tresorerie

Banques 2491515
Caisses 110
Total 2 491 625
Nature Montan ts
Assurances 5 059
Autres (Locations, Fluides .. ) I 204
Total 115 903
Les charges payees d'avance telles que Jes abonnements et Jes contrats de maintenance ont ete calculees prorata temporis.
Ils proviennent essentiellement des creances clients etablies en devises. A ce titre, une provision pour perte de change a ete
7
7. Explication des postes du bilan - PASSIF
).> Composition du capital social

Le capital social est fixe a 6 782 I 00 euros et est entierement libere.
II est di vise en actions de 13 7,6629 euros chacune, de meme categorie, numerotees de 1 a49 266.
Son capital est detenu a I 00 % par Micro Analyse Instruments depuis le 29 juin 2001, date de prise de controle du Groupe.
;... Evolution des capitaux propres

(4 147 052.21 euros) au poste «Report anouveau».
(en euros) Ouverture Augmentation Dividendes Diminutions Resu ltat 2009 CIOture
Capital souscrit verse 6 782 100 6 782 100
Prime de fusion 11 274 420 1 I 274 420
Reserve legate proprement <lite 678 2IO 678 210
Plus value net. L.T. reserve legale 3 270 3 270
Plus value net. L.T. res. Reglement. 71 829 71 829
Report a nouveau 7 273 037 4 147 052 11420089
Provisions reglementees 28 865 5 323 -16 981 17 207
RESULTAT 2008 4 147 052 -4147 !J52 0
Total cloture 2008 35 949 728 4 152 375 0 -4 164 033 35 938 070
RESULTAT 2009 811 181 811 181
TOTAL 35 949 728 4 152 375 0 -.t 164 033 811 181 36 749 251
7.3. Provisions pour risqnes et charges
Les provisions pour risques et charges sont constatees lorsque Jes risques et charges sont nettement precises quant aleur objet
a l'ouverture de l'exercice sans objet a la cloture
. Litiges 50 000 50 000
. Garanties donnees aux clients I 532 202 193 066 1339136
. Pertes de change 349 262 215 835 349 262 215 835
. Autres risques 165 986 165 986
. Pensions et obligations similaires I 225 556 260 734 79 499 I 406 791
. Medaille du travail 575 980 55 864 14 869 616975
. Travaux restant a effectuer I 318 111 792 970 1 045 851 1065230
. Restructuration 189 537 189 537
TOTAL 5 450 486 ] 604 020 547 690 1 350 535 5 156 281
Les dotations et reprises des provisions pour risques et charges se repartissent par nature co1TI1ne suit :

Exploitation l 299 I05 I 333 285
Financier 215 835 349 262
Total I 604 020 I 898 225
8
II s'agit du risque resultant du plan de restructuration.


II s'agit des penalites contractuelles a payer pour retard de livraison.

Elle coITespond a des indemnites de rupture de contrat commercial.

L'indemnite de fin de caITiere susceptible d'etre versee est act11alisee et ponderee des probabilites de vie et de presence dans
Ci-apres !es hypotheses retenues pour le calcul de la provision conformement a la convention collective de la Metallurgie :
o Taux d'actualisation : 3,0 %
Aucun engagement en matiere de retraite n 'a ete constate dans !es comptes de la socicte al'egard des dirigeants.
t) Provisions pour medaille du travail

g) Provision pour travaux restant a effectuer

Cette provision, calculee en cout complet, coITespond aux coil.ts d'installation non effectuees des machines facturees en 2009.
h) Provision pour restructuration

Elle coITespond a des indemnites de licenciement dont le paiement est prevu sur l'exercice 2010.
7.4. Dettes
7.4.1. Hettes limmcieres
Les coftts d'emprunts ne sont pas incorpores dans la valorisation des actifs corJ>orels et incorporels.

Emprunts et dettes-organismes de credit
Solde crediteurs de banque
Part coume des charges d'interets (2) 78 431
Comptes courants Groupe (3) 717 265
Total 2 837 632
(1) Participation des salaries relatifs aux exercices 2005, 2006, 2007 et 2008 bloquee en compte courant.
(2) lnterets courus des participations sur la periode du 01104/09 au 31112/09.
(3) avance remuneree concernant CAMECA USA Inc.
7.4.2. Avances rei;ues sur commandes en cours

Ce sont !es avances per)'.ues des clients pour !es livraisons de materiel a realiser pour un montant de 2 741 274 euros.
9
7.4.3. Dettes d'cxploitation
Repartition des dettes d'exploitation par nature:

Fournisseurs et comptes rattacbes
Foumisseurs effets apayer 409 508
Foumisseurs Factures non parvenues 751 435
Organismes sociaux I 291 862
Total
( l) dont dettes pour conges payes et RTT 892K€
Primes de deplacement 197 K€
(2) dont autres Taxes 22K€
7.4.4. Dettes dh'erscs

Foumisseurs immobilisations 39 228
Sous total 39 228
Autres dettes
Agents commissionnaires 1220467
Redevances 35 199
Sous total 1304752
Total 1343 980
(1) dont cotisations pour 25 K euros et prestations bancaires pour 9 K euros.
Cl Eclleancier des dettes
(en euros) A plus d'l an

Montant brut A 1 an au plus
5 ans au plus
Emprunts et dettes financieres divers 2 120 366 2 120 366
Foumisseurs et comptes rattaches 4 082 489 4 082 489
Personnel et comptes rattaches 1 114 451 1 114 451
Securite sociale et autres org. sociaux 1 291 862 1 291 862
Etat et autres fmpots sur les benefices
publiques
Groupe et associes 717 264 717264
Produits constates d'avance 2 397 108 2 397 108
TOTAL 15 835 600 13 715 234 2120 366
10
O Chargl's a payer

Dettes foumisseurs et comptes rattaches 751 433
Dettes fiscales et sociales 1 750 136
2 636 446 €
7.5. Comptl's de regularisation
7.5.1. Produits constatt'.•s tfav:mce
Nature Montants
Contrats de maintenance S.A.V. (1) 2 212 686
Total 2 397108
(I) Les contrats de services sont factures aux clients pour une periode a courir exprimee en jours. A la cloture, la part calendaire non echue
est constatee d'avance.
(2) La provision correspond a des accessoires non livres relatifs ades machines livrees, facturees.
7.5.2. Ecarts de conversion Pass if
Les profits latents s'elevent a 68 647 euros. Ils proviennent des avances en devises re~ues des clients pour 25 407 euros
et des c01mnissions en devises apayer aux agents pour 43 240 euros.
11
8. L Compte de resnifat de l'e:t.erdce
-,,. Fait genernteur dn chiffre d'affaires

soit de Ia Iivraison proprement <lite au client, soit des clauses contractuelles des marches.
~ Ventilation du chiffre d'affaires (en milhers d'euros)
-FRANCE 7 068 3 056 I 760

- UNION EUROPEENNE 6 749 9 201 9 413
- U.S.A. I CANADA 11 778 11 369 11 912
-ASIE I PACIFIQUE 6 434 22 160 20 776
-AUTRES 55 I 180
TOTAL 32 029 45 841 45 041
(*)La part du Service Apres Vente dans le chiffre d'affaires represente 12,6 %, soit 4 030 milliers d'euros.
Le graphique met en evidence )'impact de la crise economique et financiere sur le marche asiatique (20% en 2009 contre
48% en 2008) dans le « business » de CAMECA.
8.2. Autres produits

Ce poste, pour un total de 369 594 euros, comprend l'annulation de commissions d'agents (98 K€), Ia reprise de charges
provisionnees (232 K€), le remboursement des organismes de retraite pour le trop verse et divers pour 18 K€.
2009 2008 2007
Autres produits 369 594 331 556 325 041
12
8.3. Autres achats et charges extcrnes
Le montant des autres achats et charges externes, qui s'eleve a 9 270 milliers d'euros, comprend les achats de sous-traitances
industrielles (1 302 K€), les achats non stockes de matieres et fournitures (352 K€), !es services exterieurs (3 785 K€) et des
autres services exterieurs (3 831 K€) detailles ci-dessous :
Services exterieurs
Sous-traitance generale (I) 2 397 257 3 357 635 2 188 685
Redevances de credit bail (2) 938 011 I 295 773 I 254 216
Locations (3) 107 676 143 450 133 966
Etudes et recherches 41 389
Documentation 7 709 35 839 22 444
Frais de colloques, seminaires, conferences 37 l 19 22 21 l I 970
Sous total 3 784 530 5 163 132 3 967 578
Remuneration d'intennediaires et honoraires (5) I 621 272 2312016 1814888
Publicite, publications, relations publiques 4 342 15 488 15 754
Transports de bi ens (6) 545 193 942 850 729 096
Deplacements, missions et receptions (7) 1384071 I 781 875 I 737 665
Services bancaires et assimiles 92 220 87 236 110 237
Divers (8) 70 122 78 665 42 407
Sous total 3 831 180 5 391 451 4 626 414
Total 7 615 710 IO 554 583 8 593 992
(I) Prestations pour 1 412 K€, autres prestations decentralisees pour 491 K€, exploitation informatique pour 122 K€, nettoyage et
(4) Couvertures concernant la responsabilite civile, la multirisque industrielle (y compris la perte d'exploitation), le transport des
marchandises, la flotte automobile et Hommes Cles pour le credit bail immobilier.
(5) Commissions sur ventes pour l 403 K€, honoraires pour 218 K€.
8.4. Autres charges

II s'agit des redevances versees ades organismes (CNRS, ONERA .. ) pour !'utilisation de leurs brevets dans nos machines.
Redevances 34 900 39 129 257 004
Divers (*) 18 850 24 193 12 215
Total 53 750 63 322 269 219
(*) dont pertes sur creances irrecouvrables de 17 191 euros
13
(en euros) 2009 2008 2007
Resultat d'exploitation -393 198 6 497 116 8 769 816
Resultat financier 692 540 339106 326 369

- Dividendes et prets (I) 659444 131 936 110 759
- Charges d'interets (2) -·234 707 -158 090 w86 378
- Autres charges et produits (3) 54 258 362 245 395 787
- Provisions pour risques (4) 133 427 -187 803 -I 18 973
Result at avant impots 299 341 6 836 222 9 096 185
Resultat exceptionnel -18 395 -liJ3 59-1 -201 996

- Penalites clients ·-17 420 -46 .f]7 -1 519
- Provisions pour risques et charges (5) 138 256 50 121 -186 893
- Autres charges et produits (6) -139231 -fl)(> 835 -13 58 ..f
Participations et interessements 0 -8% 525 -l 328 8.\8

Impots sur Jes benefices de l'exercice 530 235 -] 689 050 -2 148 720
Resultat net de I'exercice 811 181 4 147 052 5 416 632
(I) dont revenus du pret Cameca GmbH pour la periode 2009 pour 112 452 euros
Boni provenant de la liquidation de la filiale Cameca Japan pour 546 992 euros
(2) dont interets sur participation en compte courant bloque pour < I 03 328 > euros
lnterets de la dette Ametek BV pour< 19 722> euros
Interets de l'avance Cameca USA pour < 38 652 > euros
Jnterets de retard sur factures echues pour <64 768> euros
Agios pour< 8 213> euros
(3) dont revenus de l'avance IM Eur dans le cadre du leasing pour 23 786 euros
Revenus factures a la holding M.A.! selon la convention de tresorerie pour 73 543 euros
Reven us facturcs a la holding Financiere Cameca selon la convention de tresorerie pour 20 I 671 euros
Swap de taux(Leasing) pour < 234 994 > euros et escomptes accordes pour < 9 860 > euros
(4) Provisions pour risques financiers pour < 133 427 > euros

Provisions pour penalites clients pour 176 598 euros
Provisions pour litiges pour< 50 000 > euros
(6) dont rappel de cotisation de taxe professionnelle 2003/2004 pour 22 838 euros
Autres charges provisionnees pour 116 393 euros
8.6. Participation des salaries & interessem.ents

Compte tenu du deficit, il n 'ya ni participation ni interessement sur cet exercice.
14
8. 7. Impots sur les benefices.
Repartition de l'impot Bases Taux33,33%

Resultat courant 299 341
Resultat exceptionnel - 18 395
Resultat social 811 181
Reintegrations et Deductions fiscales - 1551 79!
Resultat fiscal : (Deficit) - 740 610
Aucun impot n'a ete constate dans Jes comptes de la societe du fait d'un resultat fiscal deficitaire.
Le deficit a ete utilise par la tete de groupe, Ametek Holdings SARL, pour optimiser l'impot groupe dans le cadre de
I' integration fiscale.
Un credit d'impot en faveur de la recherche a ete constate dans Jes comptes de la societe et s'eleve a 567 565 euros.
Son remboursement a ete demande aupres de !'administration du fait d'un impot neant.
La verification des comptes, par !'administration fiscale, des exercices 2006 et 2007 a donne lieu a un redressement de la
provision pour depreciation des stocks. La non-deductibilite de cette provision genere un impot apayer de 37 330 euros.
9. Operations concernant les entreprises 1iees
Micro
Au 31/12/2009 CAME CA Cameca Cameca Cameca Cameca Cameca Cameca Financiere
Analyse
Instruments
Au bilan
Actif
Prets
Preteur 2 361446
Comptes courants Cameca 10 272 077
Comptes courants partenaires 210 709 3 958 216 6 103 152
Clients 246 283
Filiales partenaires 147 371 1 953 13 493 76 738 6 728
Passif
Comptes courants partenaires 717 265
Filiales partenaires 665 377 12 459 21 438 265 163 1457 2 462 061
15
Micro
Au 31112/2009 CAMECA Cameca Cameca Cameca Cameca Cameca Cameca Financiere
Analyse
·. Instruments
Produits d'exnloitation
. Ventes aux filiales 4 754 020
. Societes partenaires 2 085 624 11 197 2088518 262 149 33 723 272 809
Charnes d'exnloitation
. Achats aupres des filiales 225 051
. Prestations faites par Jes ti liales 2 152 203
. Societes partenaires 822 150 23 636 422 802 35 558 848 057
Produits financiers
. lnterets courus ii recevoir 387 666
Chare:es financieres
. lnterets et charges assimi !es 103 421
. Societes partenaires 38 652 64 769
HLl. Engagemtnts fimmders horn bihrn.
• Des cautions et avals accordes a des clients par Jes banques pour notre compte s'elevent a 6 427 944 € :
(Cautions Marches« France»: 813 600 € Marches« Etranger »: 5 614 344 €)
• Une assurance Homme Cle a ete souscrite pour un total de 750 000 euros sur 1 personne.
• II n' existe pas de garanties de passif, d' engagements de surete et d' actes de nantissements au 31 decembre 2009.
• PITCH Promotion, a cede par acte notarie du 21/12/2005 son terrain - 29 quai des Gresillons aGennevilliers, et a vendu
en etat futur d'achevement un immeuble ausage de bureaux et d'activites pour une surface de 7 420 m2 a Fortis Lease.
cet ensemble immobilier pour une duree de 12 ans et une valeur de 12 340 000 euros dont une avance de 1 million euros
a ete versee. Les remboursements ont commence a compter de la livraison.
Ci-apres la ventilation de l'immeuble par nature :
Terrain I 500 000 €

Construction 7 840 000 €
Agencements 3 000 000 €
16
Dans le cas ou la societe avait acquis ce bien, l'amortissement de la nouvelle usine (construction et agencements),
decomposee en 4 groupes avec des durees de vie respectives de 8 I 10 I 25 et 30 ans, aurait ete de 468 048 euros par an.

immobilier Cumulees Exercice Net
12 340 000 - 1977 035 - 647 304 9 715 661
A plus d'l an
Echeancier Al an au plus A plus de 5 ans
et 5 ans au plus
Le prix d'acquisition a!'expiration du credit bail sera de 3 085 000 euros
llU. Effectifs

Ouvriers 27
ETAM 83
Ingenieurs 71
181
10.3. Droit individuel a la formation

Nombre d'heures ouvertes au titre du droit individuel a la fonnation (DIF) au 31.12.2009 18 282 heures
Nornbre d'heures de fonnation consornmees au titre du D.I.F. au 3l.l2.2009 254 heures
Aucune demande de fonnation n'ayant ete deposee par Jes salaries au 31.12.2009, et acceptee par la direction, la societe n'a
10.4. Avances et credits allouces aux dirigeants socfaux t•t indieations des engagements pris pour lcur compte
Neant
10.5. Remunerations allouces au titre de l'excrcice aux membres des organes d'administration et de direction a raison
de leur fonction
Neant
10.6. Deltes garanties par des suretes reelles

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

91 McKee Drive
Mahwah NJ 07430
CAMECAUK
PO box 88, Wilmslow
Cheshire SK95BE
Grande-Bretagne

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

A2, lOF-6, N° 120, Sec. 2
GongDao Wu Road
30072 Hsin Chu
Taiwan
CAMECAGmbH
Allemagne
18
CAMECA CAMECA CAMECA CAMECA CAME CA
U.S.A U.K. ltd KOREA TAIWAN GMBH
USD G'BP KRW !VTD EUR
CAPITAL 270 000 30 000 50 000 000 I 000 000 25 000
Reserves 4 374 694 158 007 346 681 587 10101583 (l.151125)
Quote-part de Capital detenu en % 100% 100% 100% 100% 100%

Euros 322 508 46 574 35 496 26 366 0
Devises 395 645 30 000 50 000 000 l 000 000

Euros 2 277 521
Devises

Euros 6 751 915 139 618 t 035 609 248 849 2 567 671
Devises 9 285 211 124 626 l 820 335 268 11 563 035 -
Resultat au 31112/2009 (taux de c/f;ture)

Euros t 345 406 28 489 17128 (80 529) 597 408
Devises 1 888 177 25 698 26 473 233 \3 651 672) -
Dividendes verses
- Euros
- Devises

- Euros
- Devises
Date d'ouverture 01/01/2009 01/01/2009 01/01/2009 01/01/2009 01/01/2009
Date de cloture 31/12/2009 31/12/2009 31/12/2009 31/12/2009 31/12/2009
19
CSll0.10003 DGFiP N° 2054 2010
® IIMMOBILISATIONS I
Designalion de l'entreprise SAS CAMECA I N~antO*
. Valeur bruto des Augmentations
-;;;-
.~
8 ~
CADRE A
I IMMOBILISATIONS
Frais d't!1ablissemcnt et de d6veloppement TOTAL I CZ

Immobilisations au
Mbut de l'exerdce
I
C~whu l t.io=
08
tff-.'llwti«a pnti.p!c
~ao.'W$4"1"~x«,f.."IO~<~wtcl'uzw
mi~eac1qoi\'1.l~.n.~
]
D9
Arqujsitions, cr~alloos, a,ppons
e1 \1t<ments d< posie l poste
~
.g 8
Autres postes d'inunobilisations incorpore!les TOTAL II KD KE KF
~ i5
0
13 336 672 6 500
8 Terrains KG KH Kl
,g
....
~ §"' Sur sol propre [°'""'"""4'....,.. L9 ] KJ KK KL
·a
~ u
Sur sol d'au<rui [!)... ~ Ml ]KM KN KO
6
8.... j Installation> gEn.!rales, ~oe<ments•
tl ani..,gements d<s rooslrutlions
[ I).~
"-"'
M2 ] KP 223 915 KQ KR 1 895
Installations techniques, mat~ciel
et outillage lndustriels
[ O.tt
c~
M3 ] KS 1 485 113 KT KU 295 156
!;
I .gI! ~nag~DYnrs di\"trs *

ln>tallalioos gEn.!rales agenctments,
KV KW KX
~ ~.!! Materiel de transport • KY KZ LA
~
~~
·..~~s
Materiel de bureau LB LC LD
'~ et mobilier informatique 455 986 99 751
~ "'
l:I Emballages 1~upE1ables et LE LP LG
~
~ divers*
~ Inunobilisations corporelles en cours LH 71 592 LI LJ 32 BOO
:; Avances et acomptes LK LL LM
~
f;r: TOTAL III LN 2 236 607 LO LP
429 603
~ Participations evaluces par mise en equivalence 8G 8M 8T
~
8I Autres participations 8U 767 076 sv SW
~ Aulres titres immobilises
~
lP lR IS
~
e:: ~ Preis et autres immobilisations financieres IT 3 514 569 lU IV 246 504
~ TOTAI,JV LQ 4 281 646 LR LS 246 504
~ TOTAL GENERAL (I + JI + III + IV) 0G 19 854 926 0H 0J 682 607
~
CADRE B I IMMOBILISATIONS p.u- 'i"'r'~~do poste
I
Diminullons
~· ~io.u l des ticirs 1;U ml!ei b..'1fs ~r·
n."' ot1 r~Wltd"ane mlse ea~'1tp,;:i:
2
Vakur brute des
immobilisations 1t
la fin de l'exercice
l
R.!o!nlmt:kalfph • (\1.n'1hn1iro
l1lf mis.= oaiqoh2Jm.~
\'atturd·~mhm:o..."tii-
l&..ukmta fm4"c:urd:..,
4
Frais d'.-!tablisscmcnl
~ el de d~vcloppcment TOTAL I
Autrcs posies d 'immobilisations
IN C0 D0 D7
~ incorparelles TOTAJ,JI IO LV
32 263 LW 13 310 908 IX
Terrains IP LX LY LZ
Sur sol propre IQ MA MB MC
Constructions Sur sol d'aulrui IR MD ME MF
lns1. gales, agencts et
am. des constructions IS MO MH Ml
225 811
Installations techniques, mat~riel IT MJ
et outillage industriels 96 027 MK 1 684 242 ML
§ Autres
Inst. gales, agencts,
am~nagements divers
lU MM MN MO
~
~0 immobilisa-
Materiel de transport IV MP MQ MR
u tions de bureau et
Mal~riel
infonnalique, mobilie1 IW MS 30 568 MT 525 169 MU
corporelles Emballages r&up~rables IX MY
et divers* M\\ MX
Immobilisations coiporelles en MY
cours 71 592 MZ NA
32 800 NB
Avances et acomptes NC ND NE NF
TOTAL HI IY NG
71 592 126 596 NH 2 468 022 NI
Participations cvaluees par
a rnise en eauivalcnce IZ 0U M7 em
~c
~.,
i Autres participations
Autres titres immobili~s

10 0X 304 730 0Y 462 346 0Z
~
-0 II 2B 2C 20
a:
1: Preis et autres immobilisations financi~res 12 2E 2F 2G
.2' fa:< 108 245 287 529 3 365 299
>. TOTAL IV
Q.
0 13 108 245 NJ 592 260 NK 2H
u 3 827 645
TOTAL GENERAL (I + II + III + JV) 14 0K
179 837 751 120 0L 19 606 577 '3M
* Des explications concernant cette rubrique sont donnt'es dans la nouce n ° 2032.
DGFJP N° 2055 2010
fomiulalre obligatoite (article 53 A
du C«le g~n.!ral d<s imp61s)
© AMORTISSEMENTS
Designation de l'enlreprlse SAS r.AMfCA I N~antO*

SITUATIONS ET MOUVEMENTS DE l'EXERCICE DES AMORTISSEMENTS TECHNIQUES
CADRE A (OU VENANT EN DIMINUTION DE l'ACTIFl"
Montant des amort!ssemcnls A11gmenlatlons : dotallons Diminutions: amortlswments Montan! des an1ort!sscments
IMMOBIIJSATIONS AMORTISSABLES afferents aux ~lements sortl.!!
au debut de l'e:mdce de I' execcice de l'actlf el reprises a la nn de l'exercke
Frais d'e[ablissement TOTAL I CY EL EM EN
et de develormement
Autres immobilisations TOTAL II PE PF PG PH
incorporelles 366 156 24 446 32 263 358 339
Terrains Pl PJ PK PL
Sur sol propre PM PN PO PQ
Constructions Sur sol d'autrui PR PS Pi PU

Inst.
g~nerales, agencements et
PV PW PX PY
am~nagements des constructions 43 722 20 692 64 415
Installations techniques, materiel et PZ QA QB QC
outillage industriels 708 971 183 380 96 027 796 323
Inst. gen~rales, agencements, QD QE QF QG
am~nagemenls divers
Autres Materiel de transpon QH QI QJ QK
immobilisations Materiel de bureau ct QL QM QN QO

\nformatlquc, mobilier 181 809 56 017 30 568 207 258
Emballages recuperables QR QS QT
corporelles et divers QP
TOTAL III QU QV QW QX
934 503 260 089 126 596 1 057 997
TOTAL GENERAL (I + II + III) 0N 0P 0Q 0R
1 300 660 284 536 158 859 1 426 337
CADRE B VENTILATION DES MOUVEMENTS AFFECTANT LA PROVISION POUR AMORTISSEMENTS DEROGATOIRES
D01'ATIONS llliPRISES
l\fo1n·emenfs nefs
Immobilisations Colonne4
Cnlonne 1 Colonne3 Colonne6 des amortissemcnts
amortlssables Colonne2 ColonneS
Dlffercnticl de durce Amorlissemenl nseal Difffrenticl de d11rre Amortissement fiscal a la fln de l'exerclce
Mode d~gresslf ModeMgre~f
et autres e.~cepUormel el 1mlres exccptlonnel
Frais ~1ablissem<n1s
M9 NI N2 N3 N4 N5 N6
TOTAL I
Autres immob. in:w-
N7 N8 P6 P7 P8 P9 QI
pore Iles TOTAL II 5 323 16 981 ( 11 658)
Terrains Q2 Q3 Q4 Q5 Q6 Q7 Q8
Sur sol propre Q9 RI R2 R3 R4 R5 R6

!!
0
Sur sol d'autrui R7 R8 R9 SI S2 S3 S4

J Tnst.gales,agenc
et am.des CORSI.
SS S6 S7 SS S9 Tl Tl
Inst. techn~iues T3 T4 T5 T6 T7 T8 T9
mat. et outt age
lnst.gales,agene U2 U4 us
UI U3 U6 U7
~ am. divers
"''.~rs Materiel de U8 U9 VI V2 V3 V4 VS
transport
Ii....
..,
Mat. bureau et
inform. mobilier V6 V7 V8 \'9 Wt W2 W3
~ Emballages
recup. ct divers W4 W5 W6 W7 W8 W9 XI
fllll'!NM P'fl!•o
TOTAL III X2 X3 X4 XS X6 X7 X8
Frats d'~ul<lllon de
litrrs de panl<lpatlons NL
TOTAL IV
Total general NP NS NV
(l + II + Ill + IV) ( 11 658)
Tola! genera1 ..,.,,..,iU NW
(NP+ NQ + NR) 5 323 (NS+ NT +NU)
I I
Tola! general""' woliM NY
16 981 {NW - NY)
I
!Total general ...... -.<til,I NZ
( 11 658)
CADRE C
MOUVEMENTS DE L'EXERCICE
AFFECTANT LES CHARGES REPARTIES
llfontant net au d~bul
Augmentations Dotatlons de l'exerclce Montan! net a la
de l'exercice aux amort!ssements nn de l'exercke
SUR PLUSIEURS EXERCICES"
Frais d'~mission d'empront ii ~taler Z9 Z8
Primes de remboursement des obligations SP SR
* Des exphcarions concernant cette rubrique sont donnt!es dans la nolice n° 2032.
DGFiP N° 2056 2010
FO!t!lllalre cbliga!oire (article .S3 A
du Code ~ial &s imp6ts)
(j) IPROVISIONS INSCRITES AU BILAN I
D~signation de l'entreprise SAS C/.HECA N~anrO*
Monlant au debut AUGMENTA'l"fONS : DIMINUTIONS : Montan I

Nature des pr;nisions de l'exerclce Dolatlons de l'exerclce Reprises de l'exercice ala fln de l'excrcleo
I 2 3 4
Provisions pour reconstitution des TB
gisements miniers et petroliers 3T TA TC
Provisions J>OUC inveslissement 3U TD TE TF
(art. 237 bis A-II)
Provisions pour hausse des prix (1) * 3V TG TH Tl
~
.... Amortissements d~rogatoires 3X 28 865 TM 5 323 TN 16 981 TO
11 17 207
Ja0
Dont majorations exceptionnelles
de30 %
Pro\•isions fiscales pour implantaiions ~
D3
l'flranger conslilm!es avant le 1.1.1992 t IA

D4
IB
DS
IC
D6
ID
:!! Pro\·is1ons fis<:ates pour implanta<ions ~
IF IG IH
i l'elranger consti111i!es apr~ le l.1.1992 * IE
Provisions pour prets d'installation II JK IL IM
(art. 39 quinquies H du CG!}
Autres provisions reglerucntees (I) 3Y TP TQ TR
TOTAL I 3Z 28 865 TS 5 323 TI 16 981 TU 17 207

Provisions pour liliges 4A 4D 50 000 4C 4D 50 000
Provisions pour garanties donnees 4E 4F 4G 4H
aux clients 1 532 202 193 066 1 339 135
Pro\•isions pour pertes sur march6s 4J 4K 4L 4M
a lerme
» Provisions pour amendes et penalites 4N 4P 4R 4S
283 389 39 080 215 678
i
ll Provisions pour pertes de change 4T 349 262 4U 215 835 4V 349 262 4W
106 791
215 835
~ Provisions pour pensions et obliga- 4X 4Y 4Z SA
1 801 536 316 598 94 368 2 023 766
·~ tions similaires
i Provisions pour impots (1)

Provisions pour renouvellement des
SB 5C 5D SE
'
immobilisa11ons *
5F 5H SJ SK
Provisions pour gros entretien EO EP EQ ER
£ et grandes revisions
Provisions pour charges sociales et SR 5S SU
fiscales sur cong~s apayer *
ST
Aucres provisions pour nsques et SW SX
charges (I) 5V 1 484 097 982 507 1 045 851 5Y 1 420 753
TOTAL II 5Z 5 450 486 TV 1 604 020 TW 1 898 225 TX 5 156 281
- incorporellcs 6A 6B 6C 6D
- corporelles 6E 6F 6G 6H
<I
sur - titres mis en
~ 02 03 04 05
.!! immobilisations• equivalence
{! - litres de participalion 9U 9V 9W 9X
6 402 6 402
...
.£<
- autres immobilisa-
~ tions financieres ( l)*
06 25 000 07 0& .09 25 000
"' Sur stocks et en cours 6N 6P 6R 6S
:I Sur comptes clients 6T
1 495 842
6U
366 491
6V
172 735
6W
1 689 599
£ 133 198 41 819 91 379
Autres provisions pour 6X 6Y 6Z 7A
d~preciation (1) * 275 000 65 000 210 OOD
TOTAL Ill 7B 1 935 444 TY 366 491 TZ 279 554 UA 2 022 381
TOTAL GENERAL (I + II + Ill) 7C 7 414 796 UB 1 975 835 UC 2 194 761 UD 7 195 870
{ - d •uplo!rarum UE 1 665 596 UF 1 612 839
Dont dotations
et reprises - fwaucieres UG 215 835 UH 349 262
- exceptionnelles UJ 94 403 UK 232 659
Titres mis en ~uinlence: rnomant de la d!precia!ion ~la cloture de l'exercke calcule selon les regles prcvucs ~ l'articlc 39-1-5e du C.G.J. 10
(I) a dt!tailler sur feuillet separe selon l'annee de constitution de ta provision ou selon l'objet de la provision.
NOTA : Les charges a payer nc doi\·ent pas ctre mentionnees sur cc tableau rnais etre vcntilees sur l'elal dCtaille des charges a payer dont la production est pre\'Ue par I'article 38 JI de
!'annexe III au CG!.
• Des explicalions concernanl cette rubrique sont donnees dans la notice n° 2032.
® IDES
DGFiP N° 2057 2010
FonJlJ!aire obligatoire {article 53 A

ETAT DES ECHEAN~ES DES CREANCES ET
du Code glno!Jal d<s imp61s) DETTES A LA CLOTURE DE L'EXERCICE*
Designation de l'entTeprise : SAS CN1ECA mantO*
CADRE A
I ETAT DES CREANCES
Monlant brut
I
A I an au plllS
2
A plus d'un an
3
C~ances rattachees ii des panicipations UL UM UN
ti Prets (I )(2) UP 2 361 446 UR us 2 361 446

I!~~ Autres immobilisations tinanci~res UT 1 003 852 UV 668 574 uw 335 278
Clients douteux ou litigleux VA 91 379 91 379
Autres cnfances clients ux 4 479 868 4 479 868
CrEano:e reprfsoruati>'C de litres
prcth w rtmistn garanii. • mfr""'"""'"'"'- •
fuof
t""~""'°' <Iii<~,..._"' I) ZI
~
~
'<:!'. ~
i~
Personnel et comptes rattacMs
Securite sociale ct autres organismes sociaux
Eta! et autres
lmpbts sur Jes bfoefices
Taxe sur la valeur ajoutee
UY
UZ
VM
VB
34 473
125 612
567 565
34 473
125 612
567 565
198 227 198 227
ts
~
~ collectivites
Autres impOts, taxes et versements assimiles VN 149 687 149 687
~ publiques
Divers VP
~ 240 684 240 684
~ Groupe et associes (2) vc 11 194 556 11 194 556
~ Debiteurs divers (dont creances relatives ii des operations VR
~ de pension de titres) 127 206 127 206
~ Charges constatees d'avance vs 115 903 115 903
~
~ TOTAUX VT 20 690 662 vu 17 902 558 VY
2 786 104
~
c..i la Montan! • Prers accord~ en cours d'excrcice VD
(1)
I
~ des · Remboursements obtenus en cours d'cxercice VE
r;i;:i
e:: (2) Prets et avances consen1is aux associ!s (pcrsonnes physiques) VF
~ CADRE 8
I ETAT DES DETTES
Monlant brut
I
Al 011 au plus
2
A plus d' 1 an el Sans au plus
3
A plus de 5 ans
4
~ Emprunts obligataires convertibles (1) 7Y
~ Autres emprunts obligataires {I) 7Z
Emprunts et dettes a I an maximum al'origine VG

aupr~s des 1 1
etablissements
de credit (I) aplus d' r an al'origine VH
Emprnnts et dettes financieres di,•ers (1) (2) SA 2 120 366 2 120 366
Foumisseurs et comptes rauacMs 88 4 082 489 4 082 489
Personnel et comptes rattaches 8C
l 114 451 1 114 451
Securite sociale et autres organismes sociaux SD
1 291 862 l 291 86l
lmp<its sur Jes Mnefices 8E
Etat et
autres Taxe sur la valeur ajoutee vw 4 886 4 886
collectivites Obligalions caulionnees vx
publiques Autres imp<its, taxes et assimiles VQ 21 913 21 913
Dettes sur immobilisations et comptes rattaches SJ 39 228 39 228
Groupe et associes (2) VI 717 264 717 264
Autres dettes (dont dettes relatives a des 8K
operations de pension de titres) 4 046 026 4 046 026
Dette representative de titres empruntes Z2
ou remis en 2arantie +
Produits constates d'avance 8L 2 397 108
5 2 397 108
0
£i
c
TOTAUX VY 15 835 600 vz 13 715 234 2 120 366
~ l!3 ¥ontant des divers ~mprunts et dettes ~ontrac-1vLI
I- Emprunts souscrits en cours d'exercice VJ (2) tes aupres des assoc1es personnes physiques
""'
a::
...
g> i {l)
Emprunts rembourses en cours
d'exercice VK 3 635 318 • Des explications concemant ce1tc rubrique sont donnees dans la notice n° 2032
COPJE TlrzFORMJ:
. /;p . N' 2050 2012
Formulairc obligatoire (article 53 A
du code general drs imp6ts) CD I BILAN - ACTIF ;7
Designation de l'entreprise : CAME CA ~~~xprimee en nombre de mois * LlLl
Adresse de l'entreprise ~O/?Q OllAI m:<; r.RF<:ll I mis Q??111 r.FNNF\/!Ll JFR<; Duree de l'exercice precedent * lJLJ
Numero SIRET * l 4 1°l 3 l 0 l 9 12 l 2 l 1 l 6 l 0 l 0 1°1 3 11 I Neant D*
tr erc1ce ~naiei"~· -·; ; N-I
31/T"~!lpr:fpt···~,".' (~1122Q10 I
Brut Amortissements, provisions NE r-----··"" Net
1 2 3 I\ .... ',, 4
.. ·.
L 0 , -r. Lii'.L
Ca pita! souscrit non appele (I) AA ... , . ·'
</)
"'-'-' Frais d'etablissement * AB AC

DEPOT 1\1°
- --
.; I <.i .;
"'"'0 Frais de developpement * ex CQ ...::.. 1 l.. } )
0.
"'u
0
Concessions, brevets et droits similaires AF 401 003 AG 360 392 40 611 27 499
"';:::z
</)
0 Fonds commercial (1) AH 12 931 800 AI 12 931 800 12 931 800

<(
</)
:::l Autres immobilisations incorporelles AJ AK
iii
0
2 Avances et acomptes sur immobilisa- AL AM
~ lions incorporelles
</)
Terrains AN AO
"'-'-'
. "'"' Constructions AP 283 406 AQ 107 105 176 302
"";a 0
0. 140 686
.,= u"' 0 Installations techniques, materiel et
outillage industriels AR 1 535 745 AS 800 377 735 368 772 363
0 </)
:.;; z
0
~ ;::: Autres immobilisations corporelles AT 589 757 AU 285 873 303 884 305 609
<(
"'
[::: 22
u -' Immobilisations en cours
<( iii
AV 1 921 AW 1 921
0
2
~ Avances et acomptes AX AY
§: Particic,ations evaluees selon
</)
la met ode de mise en equivalence cs CT
"'
'"'"'zu Autres participations cu 462 347 CV 25 000 437 347 430 944
<(
z
<;: Creances rattachees a des participations BB BC
</)
z
0
;::: Autres titres immobilises BD BE
<(
</)
:::l Pre ts BF 35 055 200 BG 35 055 200 14 650 613
iii
0
2 Autres immobilisations financieres * BH BI
~ 102 950 102 950 414 778
TOTAL(II) BJ 51 364 129 BK 1 578 746 49 785 383 29 674 292
. En cours de production de biens BN 13 135 746 BO 13 135 746 14 545 514

"'u>:: En cours de production de services BP BQ
0
"''"' Produits intermediaires et finis BR 1 141 119 BS 403 141 737 978 1 125 491
'<(z"'
.... Marchandises BT 63 419 BU 1 192 62 227 21 574
;;i
u
0: Avances et acomptes verses sur commandes BV 908 908 BW 908 908 78 021
ti
"'[::: Clients et comptes rattaches (3) * BX 7 216 191 BY 91 379 7 124 812 4 998 097
u
<( "'u"'
z
<( Autres creances (3) BZ 13 786 049 CA 210 000 13 576 049 13 055 401
""u0: Capital souscrit et appele, non verse CB cc
Valeurs mobilieres de placement CE
IQ (dont actions propres :...................... ............ ) CD
"'8
;.
Disponibilites CF 5 009 912 CG 5 009 912 3 216 359
Charges constatees d'avance (3) * CH 43 133 Cl 43 133 165 317
TOTAL (III) CJ 44 148 959 CK 1 413 316 42 735 643 39 202 301
~
"Cl-.;:
=
=
~ ~
Frais d'emission d'emprunt a etaler (IV) cw •,
i:C
e-"! . :
u~
== Primes de remboursemenl des obligations (V) CM
TOTAL GENERAL (I a VI) co 95 873 498 IA 2 992 062 92 881 435 69 145 842
(2) Part amains d'un an des im-
Renvois: (1) Dont droil au bail mobilisations financif're~ nntrs
CP (3) Part a plus d'un an : ~R 96 633
Clause de reserve
J1mmobilisations: Stocks: Creances:
de propriCtC *
* Des explications concernant cette rubrique sont donnees dans la notice n' 2032.
DGFiP N° 2051 2012
0 I BILAN - PASSIF avant repartition I
Fonnulairr. obligatoire (article 53 !\
du code gCnCral des imp6ts)
Designation de l'entreprise CAME CA Neant D*

Capital social au individuel (1)* (Dant verse: ......... ......6.. 182 ..100 ...... ) DA
6 782 100 6 782 100
Primes d'emission, de fusion, d'apport, .... DB
11 274 421 11 274 421
Ecarts de reevaluation (2)* (dont ecart d'equivalence IEKI ) DC
(/") Reserve legale (3) DD

w 681 480 681 480
et::
0... Reserves statutaires au contractuelles DE
0
et::
0... Reserves reglementees (3) * ( Dant reserve speciale des provisions
pour fluctuation des cours Bl ) DF
><: 71 829 71 829
~ ( Dant reserve relative a l'achat
<t: Autres reserves d'oeuvres originales d'artistes vivants * EJ ) DG 5 690 944 5 690 944
t::
0...
-
<t: Report a nouveau DH
u 17 279 940 12 231 270
RESULTAT DE L'EXERCICE (benefice OU perte) DI
4 685 251 5 048 670
Subventions d'investissement DJ
20 620 8 520
TOTAL (I) DL 46 486 584 41 789 234
"O "' Produit des emissions de titres participatifs DM
= Q)"'
'2
a Avances conditionnees DN
Ii"':::> c..
2
<t: TOTAL (II) DO
Provisions pour risques DP
"'~"'
= :::> Q)
2 418 739 2 233 282
.9 ~ 2,D
-~ ·;:: ~ Provisions pour charges DQ
6""" u 3 660 545 3 810 314
..., :::> -
0... 0 '1l
c.. TOTAL (Ill) DR 6 079 284 6 043 596
Autres emprunts obligataires DT
Emprunts et dettes aupres des etablissements de credit (5) OU
~
(/")
Emprunts et dettes financieres divers (Dant emprunts participatifs I EI Ii DY 2 673 565 2 134 087
w Avances et acomptes re~us sur commandes en cours low
f-;
f-;
21 777 534 4 785 500
w
0 Dettes fournisseurs et comptes rattaches ox 5 290 855 3 972 861
Dettes fiscales et sociales DY
3 459 668 6 030 083
Dettes sur immobilisations et comptes rattaches DZ
Autres dettes EA
4 332 151 1 606 633
ComP.te Produits constates d'avance (4) EB
regul. 2 389 547 2 748 669
TOTAL (IV) EC 39 923 319 21 277 832
Ecarts de conversion passif * (V) ED 392 248 35 180
TOTAL GENERAL (I a Vl EE 92 881 435 69 145 842
(1) Ecart de reevaluation incorpore au capital lB
Reserve speciale de reevaluation (1959)
{
IC
c
+'
c
<t (/") (2) Dant Ecart de reevaluation libre ID
!': 0
.,,·51"
(/) >
zw Reserve de reevaluation (1976) IE
u"
et:: (3) Dant reserve speciale des plus-values a long terme * EF
75 098 71 829
N (4) Dettes et produits constates d'avance a mains d'un an EG
0 38 554 706 16 492 332
~
c: (5) Dant concours bancaires courants, et soldes crediteurs de banques et CCP EH
.~
0
' Des exphcat1ons concernam cette rub11que sont donnees dans la nollce n 2032.
DGFiP N° 2052 2012
®I COMPTE DE RESULTAT DE L'EXERCICE (En liste) I
du Code g€nCra1 des imp6ts)
Designation de \'entreprise: CAME CA Neant 0'
Exercice N
Exportation et livraisons Exercice (N-1)
France intracommunautaires Total
{biens * FD 2 764 980 FE 42 216 011 FF 44 980 990

Production vendue 41 200 794
z services* FG Fil FI
~~
1 003 785 2 779 375 3 783 160 2 804 494
Chiffres d'affaires nets * FJ 3 768 765 FK 44 995 385 FL 48 764 150 44 005 288
....0 Production stockee * FM
""
>(
iOl
(2 164 560) (1 578 679)
Q Production immobilisee * FN 247 216
Ill 17 638
~ Subventions d'exploitation FO
;,
Q
0
~ Reprises sur amortissements et provisions, transferts de charges * (9) FP 4 863 298 3 821 806
"" Autres produits (1) (11) FQ 56 360 123 285
Total des produits d'exploitation (2) (I) FR 51 766 463 46 389 339
Achats de marchandises (y compris droits de douane) * FS
Variation de stock (marchandises)* FT (37 228) 54 570
Achats de matieres premieres et autres approvisionnements (y compris droits de douane) * FU 11 816 848 8 511 248
Variation de stock (matieres premieres et approvisionnements)* FV (215 587) 889 338
z Autres achats et charges externes (3) (6bis) * FW
0 12 794 601 10 797 428
~ Impiits, taxes et versements assimiles * FX 1 146 912
~ 1 081 491
....0 Salaires et traitements* FY 9 057 369 8 341 097
""
>(
iOl
Q Charges social es ( l 0) FZ 4 583 562 4 196 110
"'iOl z
'-'
~
<
:r:
u
v:i9
Zf-<
_...,
o<
........
<0
Sur immobilisations
{ - dotations aux amortissements •
- dotations aux provisions

GA
GB
265 378 280 284
........ Sur actif circulant : dotations aux provisions * GC 299 806 667 353
O"-'
Q >(
iOl
Q Pour risques et charges : dotations aux provisions GD 3 789 866 3 605 893
Total des charges d'exploitation (4) (II) GF 43 607 091 38 559 126
1 - RESULTAT D'EXPLOITATION (1-11) GG 8 159 372 7 830 214
~ § Benefice attribue ou perte transferee * (III) CH
u
-t 8 Perle supportee ou benefice transfere * (IV) GI
g. f
Produits financiers de participations (5) GJ 134
"'
~ Produits des autres valeurs mobilieres et creances de l'actif immobilise (5) GK 505 876 189 167
i:l
u GL
z Autres interets et produits assimiles (5) 309 175 278 092
<
~
...
Ill
Reprises sur provisions et transferts de charges GM 275 651 215 836
~ GN
;, Differences positives de change 545 648 681 474
Q
0
~ Produits nets sur cessions de valeurs mobilieres de placement GO
"" Total des produits financiers (V) GP 1 636 485 1 364 568
Ill
iOl Dotations financieres aux amortissements et provisions * GQ 360 410 269 248
- ~
i:l
u lnterets et charges assimilees (6) GR 374 308 437 153
z
<
z Differences negatives de change GS 534 650 339 453
ti:
c:
"' "'
iOl
Charges nettes sur cessions de valeurs mobilieres de placement GT
(!)
":r:
~
< Total des charges financieres (VI) GU 1 269 368 1 045 855
u
~ CV
2 - RESULTAT FINANCIER (V - VI) 367 117 318 713
>.
Q_
0
3 - RESULTAT COURANT AVANT IMPOTS (I - 11 + 111 - IV + V - VI) GW 8 526 489 8 148 927
(RENVOIS voir tableau n° 2053) *Des exphcal!ons conccrnant rettc rub11quf' sonl donnecs dans la nottee n 2032.
DGFiP N° 2053 2012
01 COMPTE DE RESULTAT DE L'EXERCICE (Suite)
Formulaire obligatoire (article 53 A

du code general des imp6ts)
Exercice N Exercice N - I

"' ,_j 54 410
"' '"zz
~ 0 Produits exceptionnels sur operations en capital * HB
251 970
...""<>:: ...u'"
0 E=
Reprises sur provisions et transferts de charges HC
141 084 13 381
~
'" Total des produits exceptionnels (7) (VII) HD

393 054 67 791
'""'
Charges exceptionnelles sur operations de gestion (6 bis) HE
,_j 255 276 6 770
,_j
"' *
"<'" '"E=
zz Charges exceptionnelles sur operations en capital HF
<>::
251 970
0
=
u ...
Dotations exceptionnelles aux amortissements et provisions HG
578 508 107 976
'"
u
~
Total des charges exceptionnelles (7) (VIII) HH
'" 1 085 754 114 746
4 - RESULT AT EXCEPTIONNEL (VII - VIII) HI
(692 700) (46 955)
Participation des salaries aux resultats de I' entreprise (IX) HJ
787 947 835 814
lmp6ts sur les benefices * (X) HK
2 360 591 2 217 488
TOTAL DES PRODUITS (I + III + V + VII) HL
53 796 002 47 821 699
TOTAL DES CHARGES (II+ IV+ VI+ VIII+ IX+ X) HM
49 110 752 42 773 029
5 - BENEFICE OU PERTE (total des produits - total des charges) HN
4 685 251 5 048 670
(1) Dant produits nets partiels sur operations along terme HO
{
produits de locations immobilieres HY
(2) Dant
produits d'exploitation afferents ades exercices anterieurs (a detailler au (8) ci-dessous) lG
13 952
*
{
- Credit-bail mobilier HP
(3) Dant
- Credit-bail immobilier HQ
927 360 863 412
(4) Dant charges d'exploitation afferentes ades exercices anterieurs (a detailler au (8) ci-dessous) 1H
28 046
(5) Dant produits concemant Jes entreprises liees 1J 813 031
(6) Dant interets concernant Jes entreprises liees lK
27 335
(6bis) Dant dons faits aux organismes d'interet general (art. 238 bis du C.G.I) HX
(9) Dant transferts de charges Al
(10) Dant cotisations personnelles de l'exploitant (13) A2
(11) Dant redevances pour concessions de brevets, de licences (produits) A3
(12) Dant redevances pour concessions de brevets, de licences (charges) A4

"'0;.. 97 221
z (13)
Dant primes et cotisations comple-
mentaires personnelles : facultatives AG
I I I obligatoires Ag I I
'"
<>::
Detail des produits et charges exceptionnels (Si le nombre de lignes est insuffisant, reproduire le cadre (7) et le Exercice N
(7) joindre en annexe) : Charges cxceptionncllcs Produits exceptionncls
CESSION IMMOBILISATION COPORELLE 251 969 251 969
AMORTISS. DEROGATOIRES + DAP EXCEPTIONNEL DES IMMOBILISATIONS 18 821 4 084
PROVISION POUR LITIGES 316 000 137 000
PROV PENALITES DE RETARD DE LIVRAISON 243 687
CHARGES PROVISIONNEES 255 276

Exercice N
(8) Detail des produits et charges sur exercices anterieurs : Charges antCrieures Produits anterieurs
COTISATIONS SOCIALES 6 796 13 952
CHARGES DE PERSONNEL 21 250
* Des exp\Jcat10ns concernam cette rubnque sont donnees dans la notice n 2032.0
DGFiP N° 2054 2012
Formulairc obligatoire
(article 53 A du Code
gCneraId cs imoOts)
®I IMMOBILISATIONS I
Designation de l'entreprise CAME CA I Neant O*
Valeur brute des Augmentations
CADRE A IMMOBILISATIONS immobilisations au Consecutives a une reevaluation pratiquee
Acquisitions. creations. apports
ii.;
I debut de I' exercice
1
au cours de l'exercice ou resultant d'une
mise en equivalence
2
et virements de poste a poste
3
~
Frais d'etablissement et de developpement TOTAL I CZ 08 09
0
u Autres pastes d'immobilisations incorporelles TOTAL II KO KE KF
as 13 309 798 27 688
Terrains KG KH KI
"'
"'
.9
Sur sol propre ~ont Composants L9 J KJ KK KL
u
Sur sol d'autrui ~om Composants Ml KN KO
~ ]KM
u"'
Installations gCnfaaks, agcnccmcnts* [ Dont
0
ct amenagemcnts des constructions Composants
M2
JKP 225 811 KQ KR
57 595
Installations techniques. materiel [ Dant
"'..... ,,
~
et outillage industriels Composants
M3
JKS 1 782 797 KT KU
377 998
..... Installations gCn&ralcs agcncrments.
~ .g" amenagements divers "'
KV KW KX
~
0
ii.
il"' ~ Materiel de transport * KY KZ LA
~ ~2
0
u §e
Materiel de bureau
·-" LB 550 170 LC LO
53(_) et mobilier informalique 66 711
15 Emballages recuperables et LE LF LG
<( divers *
Immobilisations corporelles en cours LH LI LJ 1 921
Avances et acomptes LK LL LM
TOTAL III LN 2 558 778 LO LP

504 225
Participations evaluees par mise en equivalence SG BM BT
"'
~
~
Autres participations 8U 462 347 BV SW
·~
t3 Autres titres immobilises
;z;
lP lR IS
<
;z;
ii; Prets et autres immobilisations financieres lT 15 065 391 lU IV 20 404 587
TOTAL IV LQ 15 527 738 LR LS 20 404 587
TOT AL GENERAL (I + II + III + IV) 0G 31 396 314 0H 0J 20 936 500
Diminutions Valeur brute des RCCvaluation legale * OU evaluatior
par misc en Cquivalence
CADRE B IMMOBILISATIONS par vire1J1cnts de poslr par cess1ors a des tiers ?LI mises hors ser- immobilisations a
I
Frais d'etablissement
a postr
l
vice ou resultant d'une mise en equivalence
2
la fin de l'exercice
3
Valeur d'originc des immobi-
lisations ~ fin d'excrcice
ii.; IN C0 00
~ et de developpemem TOTAL I D7
0
u Autres pastes d'immobilisalions
IO LV LW IX
as incorporelles TOTAL II 4 683 13 332 803
Terrains IP LX LY LZ
Sur sol propre IQ MA MB MC
Conslructions Sur sol d'autrui IR MD ME MF

Inst. gales. agencts et IS MG MH MI
am. des constructions 283 406
Installations techniques, materiel IT MJ MK ML
et outillage industriels 625 050 1 535 745
"'.....
~
1nst. gales. agencts.
..... JU MM MN MO
~ Autres amenagements divers
~
0 MP MQ MR
ii. Materiel de transport IV
~ immobilisa-
0 !ions Materiel de bureau et
u IW MS MT MU
informatique. mobilier 27 124 589 757
corporelles Emballages recuperables
IX MV MVI MX
et divers *
Immobilisations corporelles en MY MZ NA NB
cours 1 921
Avances et acomptes NC ND NE NF
TOTAL III IY NG NH NI
652 174 2 410 829
Participations evaluees par 0U M7 0W
mise en equivalence IZ
"'
~
~
Autres participations I0 0X 0Y 462 347 0Z
'~
t3 Autres titres immobilises
;z; 11 2B 2C 20
-
..c::
.!?
<
;z;
ii; Prets el autres immobilisations financieres 12 311 828 2E 2F 35 158 150 2G
~
0
TOTAL IV I3 311 828 NJ NK 35 620 497 2H
u
TOTAL GENERAL (I+ II+ III+ IV) I4 311 828 0K 656 858 0L 51 364 129 0M
* Des exphcahons concernant cette rubnque sont donnees clans la nohce n° 2032.
~ Fonnulaire obligatoire (article 53 A
du Code general des imp6ts)
AMORTISSEMENTS
DGFiP N° 2055 2012
Designation de l'entreprise
SITUATIONS ET MOUVEMENTS DE L'EXERCICE DES AMORTISSEMENTS TECHNIQUES

CADRE A
(OU VENANT EN DIMINUTION DE L'ACTIF)*
Montan! des amortissements Augmentations : dotations Diminutions : amortissements

IMMOBILISATIONS AMORTISSABLES afferents aux elements sortis Montan! des amortissements
au debut de l'exercice de I' exercice
de I' actif et reprises a la fin de l'exercice
Frais d'etablissement TOTALI CY EL EM
et de developpement EN
Autres immobilisations TOTAL II PE PF
incorporelles 350 499 14 575 PG 4 683 PH 360 392
Terrains PI PJ PK PL
Sur so I propre PM PN PO PQ
Constructions Sur sol d'autrui PR PS PT PU

~ Inst. generales, agencements et PV PY
E::: amenagements des constructions 85 125 PW 21 980 PX 107 105
1-=------~"---"-----------l f-----------l
~ Installations techniques, materiel et PZ QC
E--<t-o_ut_il_la~g~e_i_n_du_s_tr_i_elrs:---,.---,--------1 1 010 434 QA 163 024 QB
>-------------<
373 081 800 377
~ Inst. generales, agencements, QD QE QF QC
~ amenagemenls divers
~ Autres Materiel de transport QH QI QJ QK
~ immobilisations Materiel de bureau et QL QM QN QO

~ informatique, mobilier 244 561 68 436 27 124 r-----2_8_5_8_73----1
ro:t: corporelles Emballages recuperables QP QR QS QT
'~1--------~e_t_d_iv_e_rs_ _ _ _ _ _ _---<
~
e-.<
TOTALIII QU 1 340 119 QV 253 440 QW 400 205 QX 1 193 355
f-----'-'-'-'-....:....::-=---.1
~ TOTAL GENERAL (I+ II+ III) 0 N 1 690 619 °P 268 015 (JQ 404 888 (JR 1 553 746
~ ...... ~~~~..-~~~~~~~..._--~~~~~-----~~~~~~..._ ........~~~~~......--~~~~~---1
~ CADRE B VENTILATION DES MOUVEMENTS AFFECTANT LA PROVISION POUR AMORTISSEMENTS DEROGATOIRES

~
~1--~~~~....i....-~~~~~~~~~~~~~~~~...,...~~~~~~~~~~~~~~~~~..-~~~~---1
~ DOTATIONS REPRISES
Mouvements nets
~ Immobilisations Colonne I
Colonne 3 Colonne 4 Colonne 6 des amortissements
~ amortissables 2
Differentiel de duree
Colonne Amortissement fiscal Differentiel de duree Colonne 5 Amortissement fiscal ala fin de l'exercice
;,.. et autres
Mode degressif exceptionnel et autres Mode degressif exceptionnel
~1-~~~~~~-+~..,......;.....;..~~~+---.~~~~~-1-~.....----~~~+-....,~~~~~-t-~..-~~~~~+-....,~--~~~-t-~..-~~~~--1
~ Frais Ctablissements
M9 NI NZ N3 N4 NS N6
TOTAL I
Autres immob. incor- PS pg
N7 NS P6 16 184 P? 4 084 QI
porelles TOTAL II 12 100
f--------l 1--------1
Terrains QZ Q3 Q4 Q5 Q6 Q7 QS
!'! Sur sol propre Q9 Rl R2 R3 R4 R5 R6

.8
I
u
Sur sol d'autrui
Inst.gales,agenc
et am.des canst.
R7
SS
RS
S6
R9
S7
Sl
SS
S2
S9
S3
Tl
S4
TZ
Inst. techniques T3 T4 T5 T6 T7 TS T9
mat. et outillage
Inst.gales,agenc uz U3 U4 us U6 U7
Ul
§ am. divers
2 a; Materiel de liS U9 Vl V2 V3 V4 vs
:S ~ transport
c f---'-----;
~
§ ~ Mat. bureau et V6 V7 vs V9 Wl wz W3
-~
8 inform. mobilier
~ Emballages W4 W5 W6 W7 W8 W9 Xl
u: ~ recup. et divers
~ TOTAL III XZ X3 X4 XS X6 X7 XS
~cl-F-.-.;-,-d'-ac-q-ui-si-tro_n_d_e-+-+--~~-~+---'-7--,;T""~,--,,.~.~+---.~~--+---t-~~----t~-'-7-:--·--~----~·•D:~.--~$ktC~0~~~::;:t~(~tf--~--~[~i--~-~--·-·~.~~--·;~;:+-N-O+-~-------t
<£ 1;1r;~tAti~ions NL 'j
•. · •· . . .·.· . '<M ... ~r:~~.2J;~~~'.~~J:i{~xi~\,;.~~~
~l---T~o~t~a~Jg~•e~'n~e~ra~I,---l-N-P-l-~~~~---l1.,_...,..:....:......:..i.......:......:..,.-...,..~....:..~~~f--+---~~+-N-T.,...:;....:......:......;;;,,,,;.;.,:;:_,....:..u_,;:..""'"'....:..:....:.....:..~....:..-+-~~~~--1
~~(~I~+~Il~+~I~Il~+~I~V~)-+~!--~~~~LN_Q--L~~-i=-:-::.--!--N~R-+-~-,.,1~6'---'-1T84.:_i_'l_S_,_~~~~-"---"-"'::;::;-::z::z::i'-:'-~N--:'::;-;r---,,--:.4~0~8~4~N-V-'-~~~1~2~1~0""i0
], Total general non ventilc NW Total general non vcntile\ NY I otal ge_neral non vcntilel NZ
.,· (NP+ NQ + NR) 16 184 (NS+ NT +NU) 1 · 4 084 \NW -NY) 12 100
u
C\i CADRE C
51-~~~~~~...J~~~~~~~~~~~--.~~~~~~~~~....,.~~~~~~~~~.,.-~~~~~~~~~-,~~~~~~~~~--t
~ MOUVEMENTS DE L'EXERCICE
Montan! net au debut Dotations de I' exercice Montan! net a la
!l AFFECTANT LES CHARGES REPARTIES Augmentations
de I' exerdce aux amortissements fin de l'exercice
i; SUR PLUSIEURS EXERCICES *
~1-----------------------t----------r----------r-,---------;--,--------;
.1::
Frais d'emission d'emprunt etaler Z9a ZS
·~1-----------------------1----------t----------j
~0 Primes de remboursement des obligations SP SR
UL...~~~~~~~~~~~~~~~~--~~~~~~~~....,~~~~""".""~""".""~..._"'."'"'~~""".""~~~~"'."'"'~..._~~~~~~__,
* Des explications concernant cette rubnque sont donnees dans la nobce n° 2032.
~
Formulaire obligaloire (artidP 53 A
du Code general des imp6ts)
0 I PROVISIONS INSCRITES AU BILAN I DGFiP N° 2056 2012
Designation de l'entreprise CAMECA I Neant D*

I
Montan! au debut AUGMENTATIONS: DIMINUTIONS : Montan!
Nature des provisions de l'exercice Dotations de l'exercice Reprises de l'exercice a la fin de l'exercice
l 2 3 4
Provisions pour reconstitution des
gisements miniers et petroliers 3T TA TB TC
Provisions pour investissement 3U TD TE
(art. 237 bis A-II) TF
Provisions pour hausse des prix (1) * 3V TG TH TI

..,~ Amortissements derogatoires
=
e'" Dant majorations exceptionnelles
3X 8 520 TM 16 184 TN
4 084 TO
20 620
D3 04 DS
~...
D6
de30 %
a Provisions fiscales pour implantations a
l'etranger constituees avant le 1.1.1992 * IA IB IC ID
:~ Provisions fiscales pour implantations a IE IF JG IH
::
p..
l'etranger constituees apres le 1.1.1992 *
Provisions pour prets d'installation IK
(art. 39 quinquies H du CG!) IJ lL JM
Autres provisions reglementees (1) 3Y TP TQ TR
TOTAL I 3Z 8 520 TS 16 184 TT 4 084 TU 20 620

Provisions pour litiges 4A 50 000 4B 316 000 4C 4D
57 000 309 000
Provisions pour garanties donnees
4E 1 540 991 4F 1 425 669 4G 1 588 074 4H
aux clients 1 378 586
Provisions pour pertes sur marches
aterme 41 4K 4L 4M
~
'"
..."° Provisions pour amendes et penalites 4N 127 057 4P 243 687 4R 45
370 744
.="'
"
"i; Provisions pour pertes de change 4T 269 248 4U 360 410 4V 269 248 4W
360 410
~
'"= Provisions pour pensions et obliga- 4X 2 070 831 4Y 187 666 4Z SA

.[ lions similaires 118 224 2 140 273
......
Provisions pour imp6ts (1) SB SC SD
"""=
SE
a Provisions pour renouvellement des SF SH 5] SK

immobilisations *
:~ Provisions pour gros entretien
p.."... et grandes revisions
EO EP EQ ER
Provisions pour charges sociales et 5R SS ST 5U
fiscales sur conges apayer *
Autres provisions pour risques et
SV SW SX SY
charges (1) 1 985 469 2 176 530 2 641 728 1 520 272
TOTAL II 5Z 6 043 596 TV 4 709 962 TW 4 674 274 TX
6 079 284
,._ incorporelles 6A 68 6C 6D
- corporelles 6E 6F 6G 6H
=
0 sur - titres mis en 02 03 04 0S
.].,"...
equivalence
immobilisations
- titres de participation 9U 9V 9W 9X
..,..,..."" - autres immobilisa-
6 402 6 402
06 07 08 09
"=
tions financieres (l)* 25 000 25 000
a""
0
Sur stocks et en cours 6:-J
1 407 403
6P
299 806 6R
595 272
6S
1 111 937
:~
6U 6V 6W
p.."... Sur comptes clients 6T
91 379 91 379
Autres provisions pour 6X 6Y 6Z 7A
depreciation (1) * 210 000 210 000
TOTAL Ill 78 1 740 184 TY 299 806 TZ 601 674 UA 1 438 316
TOTAL GENERAL (I + 11 + 1111 7C 7 792 300 UB 5 025 952 cc 5 280 032 UD

7 538 220
UF UF
Dant dotations
et reprises
{ '''"''"''"''°"
- financieres UG
4 089 671
360 410 UH
4 863 298
275 651
- exceptionnelles UJ 575 871 UK

141 084
Titres mis en equivalence montam de la depreciation a la cloture de l'exercice calcule selon !es regles prevues a!'article 39 l-Sc du C.G.I. 10
(1) adetailler sur feuillet separe selon l'annee de constitution de la provision ou selon !'objet de la provision.
NOTA. Les charges a payer ne doivent pas etre mentionnees sur ce tableau mais etre ventilecs sur l'etat detaille des charges a payer dont la production est prevue par !'article 38 II de
!'annexe III au CG!.
*Des explications concernant cette rubrique sont donnees dans la notice n° 2032.
DGFiP N° 2057 2012
formulaire obligatoire (article 53 A
du Code gCnCral drs imp6ts)
® ETAT DES ECHEANCES DES CREANCES ET
DES DETTES A LA CLOTURE DE L'EXERCICE*
I
Designation de l'entreprise : CAME CA T Neant O*
CADRE A ETAT DES CREANCES
Montan! brut A 1 an au plus A plus d'un an
1 2 3
~
Creances rattachees a des participations UL UM
'"'"':l
E==
u-
UN
< CQ
- 0 Prets (1) (2) UP UR us
....i::;; 35 055 200 35 055 200
~::;;
i=l_ Autres immobilisations financieres UT 102 950
GV uw 102 950
Clients douteux ou litigieux VA 96 633 96 633
Autres creances clients ux
,...
Cri:ance representative de titres
prCtt's au remis r.n gararllic "
( Provision pqur deprC- r 1
':1atio.n a'.llent>urtmrnt UO1
consllluee • I) Zl
7 119 558 7 119 558
z
< Personnel et comptes rattaches UY
...l
;, 44 845 44 845
u
i:.: Securite sociale et autres organismes sociaux uz
ti
'"'
E==
u Etat et autres
Imp6ts sur Jes benefices VM 189 447 189 447
< Taxe sur la valeur ajoutec VB
:..i 552 223 552 223
collectivites
'"'
i:l Autres imp6ts, taxes et versements assimiles V\J
22 458 22 458
publiques
Divers VP
Groupe et associes (2) vc 12 853 202 12 853 202

Debiteurs divers (dont creances relatives a des operations \/R
de pension de titres) 123 874 123 874
Charges constatees d'avance VS 43 133 43 133
TOT AUX VT 56 203 524
vu 20 948 740
vv 35 254 783
" Frets accord es en cours d'exercice VD 19 900 000
Montan!
0"' (1)
des
>
z - Remboursernents obtenus en cours d'exercice VE
'"'
i:.: (2) Frets et avances consentis aux associes (personnes physiques) VF
Montan! brut A 1 an au plus A plus d 1l an et 5 ans au plus A plus de 5 ans
CADRE B
I ETAT DES DETTES 1 2 3 4
Emprunts obligataires convertibles (1) 7Y
Autres emprunts obligataires (1) 7Z

Emprunts et dettes
aupres des
a 1 an maximum a l'origine VG
etablissements
de credit (1) a plus d' 1 an a I' origine VH
Emprunts et dettes financieres divers (1) (2) SA

2 673 565 1 304 952 1 368 613
Fournisseurs et comptes rattaches SB
5 290 855 5 290 855
Personnel et comptes rattaches SC
1 829 768 1 829 768
Securite sociale et autres organismes sociaux SD
1 399 884 1 399 884
Imp6ts sur Jes benefices SE
Etatet
autres Taxe sur la valeur ajoutee vw 203 192 203 192
collectivites Obligations cautionnees vx

publiques Autres imp6ts, taxes et assimiles VQ 26 824 26 824
Dettes sur immobilisations et comptes rattaches SJ
c
Groupe et associes (2) VJ 1 264 544 1 264 544
Autres dettes (dont dettes relatives a des
~ operations de pension de titres)
SK
3 067 607 3 067 607
" Dette representative de titres empruntes zz
ou remis en garantie *
°'"' Produits cons tates d' avance SL
2 389 547 2 389 547
TOTAUX VY 18 145 785 vz 16 777 172 1 368 613

c:
-"' "'0 Emprunts souscrits en cours d' exercice VJ (2) tes aupres desdivers
Montan! des emprunts et dettes contrac-
associes personnes physiques VLI
:> (1)
~
" z ~
Emprunts rembourses en cours
d'exercice
VK •Des explications concernant cetie rubrique sont donnees dans la notice n' 2032
~
"'i;:
0
u
DGFiP N° 2058-A 2012
Formulairc obligaloire (article 53 /\

®I DETERMINATION DU RESULTAT FISCAL I
Exercice N, dos le :
Designation de l'entreprise : CAMECA Neant O* I 31122011 I
I. REINTEGRATIONS BENEFICE COMPTABLE DE L'EXERCICE WA 4 685 251
Remuneration de l exploitant ou des associes WB
du travail
(entreprises a l'IR) { de son conJ0111t I Imains part deductible ' I areintegrer: WC
/\vantages personnels non dCduclibks * sauf WD Amortissements excedentaires (art. 39-4 du CG LI WE
amortisscmcnts a porter lignc ci-dessous) et autres amonissements non deductibles XE 3 526
rA,,,_u-tr-es-c~h-a-rg_e_s_e_t_d-ep_e_n_s-es_s_o_m_p_t_u_a1-,re-s-t-\-V-FT--~~~~~~~rT~a-x_e_s_u_r~le_s_v_o_i1-u-re-_s_p_a_rt_ic-u~l-ie-re_s_d~e_s_s_oc-i-et_e_s-t-W-G-+~~~~~~~-1 f,~1;ft' ,a ~
r(~ar_c_3_9-_4_d_u_c_.G_.I~)~~~~~~~-'-~~~~~~~~-'-~(e_n_tr~ep_r_is_es_a_·_l'I_S~)~~~~~~~~~--'~-'-~~~~~3~5-2-16 1~%k~:;h(:j?~~~',:~&~!J~~J~j
Provisions et charges a payer non deductibles (cf tableau 2058 B cad1e Ill)' WI 1 505 348
Charges a pay"r liees a des etats et territoires non cooperatifs non deductibles (cf tableau 2067-BIS-SD) xx
Amendes el penalites (nature , ,, .. ) WJ
~ lmp6t sur !es societes (cf. page 9 de la notice 2032) 17
E::: 2 550 038
t-~~~~~,--~~~~~~~~-.-~-r~~~~~~~~~~~-.-~~~~~~~~~-r~-r-~~~~~~~~~~~~~
~ Quote-part BPnCfires reahsrs par Ullt' sociC!C

~ de per~onncs ou un GIE
jwL I RCsultats bern'Jklair:s . . is(><;
l arliclr 209 B du CCl
I
a L71
K7
E--<i--~--,.~~~~~~~~~_.,.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-1
~ ~ -;: :~ Moi~;,~:lues 0
{--i1_n_po_s_e_e._s_au_ta_u_x_d_e_1_s__'o_o_u_d_e_19_cx_,_(1_6_?_'o_p_o_u_r_1e_s_e_n_tr_e_pr-is_e_s_s_o_un_1_is_e_s_a_l_i1_n_po_·1_s_u_r_1e_r_e_v_en_u_)----1 18
~ &.c~
;:;;: ,§ ~
~ ~ ~
a a
long terme
=t--~~~~~~~~~~~~~~~~~~-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~--J
imposees au taux de 0 % ZN
~ •
..:i :~
n o. '5=
~
Fraclion imposable des plus values realisees au { Plus-values netles a court terme
~-~~~~~~~~-~~~~~~~~---<
WN
~ ~ ,S cours d'exercices arMrieurs * Plus values soumises au regime des fusions WO
'f.<.:11--~--'~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~--I
~ Ecarts de valeurs liquidatives sur OPCVM' (entreprises a l'!S) XR

E--<l-~~~~~~~~~~~~~~~"T'"l_n_tC_re_'IS_c_x-cc-.d-cn-t-ai-rc-s~~--,,..--.-~~~~~~--,~~Z-o_n_c_sd-.-en-tr-cp-r-is-os-,~--,,....._,,~~~~~~--1 t-~~~~~~~~~~-1
~ ~ ~
~ Reintegrations di verses a 1-(a_r_r._39_-_1_3_'_e1_2_1_2_ct_u_c_.c_.1_1-+--+--------+--(a_c_n_v1_1e_.e_x_on_e_re_·.c_l--+---1"-------WQ 661 496
~ detailler sur feuillet separe DONT DC·firi1 rtrangcr antc'ricurcmcnt SX Quotr·part de 5% des
~ deduil par !cs PME (art.209C) plus values a!aux LPro M8
Fl::1-~~~~~~~~~~~~~~~_._,~~'-~~~~~~_._,~._~~~~~~-L,,~'---~~-~~~~--JL---l.~~~~~~--1
"'-i TOTAL! WR
~ 9 405 659
~
""' II. DEDUCTIONS PERTE COMPTABLE DE L'EXERCICE ws
~t--~~~~~~~~~~~~~~~~~~~~~~~~~~~~---t
~ Quote-part dans !es pertes subies par une societe de personnes ou un G.I.E.' WT
l:l;j i--~~~~~~~,
t: Provisions et charges a payer non deductibles, antCrirurrmcnt taxCcs. cl rCintP.grCcs dam. Jes rCsul1a1s comptablrs de l'excrdce (rf !ahlcau 2058-B. cadre lll) WU
.... imposees au taux de 15 % (16 % pour !es entreprises so11mises al'impfit sur le revenu) WV
1 341 774
imposees au taux de 0 q{) WH

Plus-valuesf
nettes imposees au taux de l 9 % WP
long terme
a
l imputees sur les mains-values nettes a long tern1e ant8rieures
imputees sur les deficits anterieurs
WW
XB
Autres plus values imposees au taux de 19 % 16
Fraction des plus-values nettes a court terme de l'exercice dont I' imposition est differee· wz
Regime des societes meres et des tiliales ' quote-part des frais et charges adeduire des
Produit net des actions el parts d'interets · ( produits nets de participation XA
Deduction autorisee au titre des investissements realises dans !es collectivites d'Outre-mer* ZY
Majoration d'amortissement* XD
.._ * t.rmcprises nouvr!lcs Emrrpn<;f"~ nouvPllC's L j('unrs enlrrprnro:;
::I ~ (Rcpmr d"cntrepri_ses en K9 2 mno,·antes LS XF
]
~ fj .E diffkul!Cs 44 sepllcs) 44 'if'.~ies (arl. 44 scxir.s ,.\)
~ ~ ~ P6lc de rompl"'titivi!C f~~~~i{f~~~s~:~~~mrnts

;:; ·~ ·~ (art_ 4'I undccirs)
~-
L
6 (art. 208C)
01-~~~~-'-~~--l-~+-~~~~-1-.;;;;,;;,;;;;-;,;;~""'"'~~t--i~~~~~-r~~~~~~~--i~-t~~~~--t
K3 Zone franchr Corse
(an. 44 dccirs)
OT l'r~~;;fa:~1~ ~-
CL: ~ .!: ~ Zone rranchc urbainr (2jy ~d~~~~-i~~roi a 1F Zone franc-he d'ac!ivitf' XC ~')t:i '-,Fl, ~- , ,-.
~ l-~-~<r:~~~=-i.._(a_1t_.4_4_o_c_li_~_c_1_oc_11_Cs_A_l_._~_._,~~~~--'~(_ar_c_4_4_d_uo_d_cc_i_B~J~~-'-~~~~~~~-(a_r1_.4_4_c~1u_a_te_rd_ec_i_es_)~~~-'-~~~~~-; .".:·.' ·o;:·" ·,c:. :--:··\.c:
Ecarts de valeurs liquidatives sur OPCVM' (entreprises a l'IS) XS

%
'{J I
1--~~~~~~~~~~~~~~-r:::-c;c--:----;::-;c-;--~~~-;---.~,-~~~-,--:;:--,--~-;-;----,-~-;-~.--.~~~~rct
Deficits filiales et succursales Creance degagee par le ZI I I ) I
" Deductions diverses adetailler sur feuillet separe etrangeres. art.209C OT report en amere de deficit (189 447) XG 585 037
~ t-~~~~~~~~---1
Jj Ill. RESULTAT FISCAL TOTALII XH 1 926 811

3;!1-------{~-..------'---l
g. benefice (I moins II) XI 8 848 7 47
U Resultat fiscal avant imputation des deficits reporiables :
~ deficit (II moins I) ;>\ ;,~S;i\~ XJ
~1-~~-~~~~-~~~~~~~~~~~~~~~~~~--=-~~~~~~~~~~~~~~-i ,: ' ~<,;:·:;.; 1--~,~,,,,~;_~~~~~~~..i
'"'-" Deficil de l'exerc ice reµorte en arriere (entrepri.se' a l'IS) ZL ,_-;' -
_ ,;, ,~ , ' ,; ''<~-'
, _,, i;,•\
, _,,
~ 1----------------------------------------i ,. ,_ ,,: ,:,;,,:, ·- XL
-o Deficits anterieurs imputes sur les resultats de l'exerc1ce (enlreprises a l'ISJ , , 2,_::>\~_c',-,".;
~1-~~-~~-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-i ~~~~~~~-~~~--!
~ RESULTAT FISCAL BENEFICE (ligne XN) ou DEFICIT reportable en avant (ligne XO) XN 7 478 848 XO
>L-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ...........~~~~~~~~.......~L-~~~~~~~~--'
cS 'Des explications concernJnl cette rubrique sont donnees dans la notice n' 2032
« CAMECA »
92230 Gennevilliers
PROCES-VERBAL DE LA REUNION DE L'ASSEMBLEE GENERALE ORDINAi RE DU 29 JUIN 2012
EXTRAIT
TROISIEME DECISION
L'Associee Unique decide d'affecter le benefice de l'exercice de 4 685 251 € en totalite du credit du
a a
compte «report nouveau» qui s'eleve, apres affectation du benefice ci-avant, 21965 191 euros.
L'Associee Unique prend acte qu'il n'a pas ete procede a des distributions de dividendes au titre des
CONSTANTIN ASSOCIES ERNST & YOUNG et Autres ,,
Membre de Deloitte Touche Tohmatsu

Membre de Deloitte Touche Tohmatsu 1/2, place des Saisons
185, avenue Charles-de-Gaulle 92400 Courbevoie - Paris-La Defense 1
92524 Neuilly-sur-Seine Cedex S.A.S. a capital variable

regionale de Versailles regionale de Versailles
meca

A l'Associe Unique,
a
presentons notre rapport relatif l'exercice clos le 31 decembre 2011, sur:
• le contr61e des comptes annuels de la societe Cameca, tels qu'ils sont joints au present rapport ;
a
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
a
informations figurant dans les comptes annuels. II consiste egalement apprecier les principes
notre opinion.
a
que de la situation financiere et du patrimoine de la societe la fin de cet exercice.

• La note 6.2.1 de l'annexe expose les regles et les methodes comptables relatives aux modalites de
comptabilisation des stocks. Dans le cadre de notre appreciation des regles et des principes
comptables precisees et des informations fournies dans les notes de l'annexe et nous nous sommes
assures de leur correcte application.
Estimations
K€ 12.932 au 31 decembre 2011. Compte tenu des elements previsionnels, ce fonds de
commerce ne fait pas l'objet d'une depreciation tel que cela est indique dans la note 6.1.1 de
a
l'annexe. Nous avons procede !'appreciation des approches retenues par votre societe pour
estimer la valeur de cet actif. Nous nous sommes assures du caractere raisonnable des hypotheses
retenues et des evaluations qui en resultent.
filiales dans ses comptes, tel que cela est decrit dans la note 6.1.3 de l'annexe. Nos travaux ont
a a
consiste apprecier, sur la base des elements disponibles ce jour, les elements et les hypotheses
sur lesquels se fonde !'estimation de cette provision, sachant que ces hypotheses ont par nature un
caractere incertain et que leur realisation est susceptible de differer des hypotheses utilisees. Dans
le cadre de nos appreciations, nous nous sommes assures du caractere raisonnable de cette
a
estimation et du caractere approprie de !'information donnee en annexe cet egard.
• Votre societe constitue des provisions pour risques et charges, tel que cela est decrit dans la
a
note 7.2 de l'annexe. Nos travaux ont constitue apprecier les donnees et les hypotheses sur
a a
lesquelles se fondent ces estimations, revoir les calculs effectues par la societe, comparer les
estimations comptables des periodes precedentes avec les realisations correspondantes et a
examiner les procedures d'approbation de ces estimations par la direction. Dans le cadre de nos
appreciations, nous nous sommes assures du caractere raisonnable de ces estimations.
a
Cameca
a
des informations donnees dans le rapport de gestion du president et dans les documents adressesa
Neuilly-sur-Seine et Paris-La Defense, le 21 juin 2012

Membre de Deloitte Touche Tohmatsu
/ (( (
Christian Lemaigre Dubreuil
Cameca
p formulaire obligatoire (article 53 A
du code general des irnp6ts).
CD 1
. . . ._B_IL_A_N_-_A_CT_I_F__,
Designation de l'entreprise : CAME CA Duree de l'exercice exprimee en nombre de mois * LlLJ
Adresse de l'entreprise 7117q rn Id. I m:<: r::1n::<: 11 I n~1<: 0??10 (;FNNFV 11 I I rn<: Duree de l'exercice precedent * L1LJ
Numero SIRET * l 4 1°l 3 l 0 l 9 12 l 2 l 1 l 6 l 0 1°1°l 3 11 I Neant O*
1'xerc1ce N, ems 1e : N -1
1~1122011 I 131122Q1Q I
Brut Amortissements, provisions Net Net
I 2 3 4
Capital souscrit non appele (I) AA
VJ
""_,_, Frais d'etablissement * AB AC
"'"'0
~
Frais de developpement * ex CQ
"'
0
u
AF AG
?: Concessions, brevets et droits similaires 401 003 360 392 40 611 27 499
VJ
z0
Fonds commercial (1) AH 12 931 800 AI 12 931 800 12 931 800
b
<
_,
:!l
Autres immobilisations incorporelles AJ AK
53
0
~ Avances et acomptes sur immobilisa- AL AM
~ lions incorporelles
VJ
"'_,_, Terrains AN AO
*
'l.ol "'"'0 Constructions AP 283 406 AQ 107 105 176 302 140 686
[!l ~
="'
<'l
0
0
u
VJ
Installations techniques, materiel et
outillage industriels AR 1 535 745 AS 800 377 735 368 772 363
;:;: z
0
~ b Autres immobilisations corporclles AT 589 757 AU 285 873 303 884 305 609
<
"'f:::
u
VJ
::1
< @ Immobilisations en cours AV 1 921 AW 1 921
0
~
~ Avances et acomptes AX AY
N
ParticiCiations evaluces selon cs CT
VJ
la met ode de mise en equivalence
"'"'
,µo
0 Autres participations cu 462 347 CV 25 000 437 347 430 944
z~ Creances rattachees a des participations BB BC
0::
VJ
z0
Autres titres immobilises BD BE
b
<
VJ
d Pre ts BF 35 055 200 BG 35 055 200 14 650 613
'0°
~ BH BI
Autres immobilisations financieres * 102 950 102 950 414 778
~
TOTAL (II) BJ 51 364 129 BK 1 578 746 49 785 383 29 674 292
En cours de production de biens BN 13 135 746 BO 13 135 746 14 545 514

*
"'
:.:
u En cours de production de services BP BQ
0
"'"" Produits intermediaircs ct finis BR 1 141 119 BS 403 141 737 978 1 125 491
""~_, Marchandises BT 63 419 BU 1 192 62 227 21 574
:;:,
u
I>: Avances et acomptes verses sur commandes BV 908 908 BW 908 908 78 021
ti
"'f::: Clients et comptes rattaches (3)* BX 7 216 191 BY 91 379 7 124 812 4 998 097
< u"'
u ~
z Autres creances (3) BZ 13 786 049 CA 210 000 13 576 049 13 055 401
<
'l.ol
I>:
u Capital souscrit et appele, non verse CB cc
Valeurs mobilieres de placement CD CE
"'I>:
~
{dont actions propres :................................. .)
2: Disponibilites CF CG
~ 5 009 912 5 009 912 3 216 359
Charges constatees d'avance (3) * CH 43 133 CI 43 133 165 317
TOTAL (III) CJ 44 148 959 CK 1 413 316 42 735 643 39 202 301
~
=
=
""'~ Frais d'emission d'emprunt aetaler (IV) cw
'
~ ii
·u
= = Primes de remboursement des obligations (V) CM
u.e
•·.'
TOTAL GENERAL (I a VI) co 95 873 498 IA 2 992 062 92 881 435 69 145 842
(2) Part amains d'un an des irn
Renvois : (I) Dant droit au bail: mobilisations financieres nettes ·
CP (3) Part aplus d'un an : ~R 96 633
Clause de reserve
de propriete : *
IImmobilisations Stocks: Creances:
* Des explications concernant cette rubrique sont donnees dans la notice 0° 2032.
0 I BILAN - PASSIF avant repartition I
Designation de l'cntrcprisc CAME CA Neant D*

Exercice N Exercice N - I
Capital social on individuel (1)* (Dont verse: ............... 6.. 182.1.00 ........ ) DA
6 782 100 6 782 100
Primes d'cmission, de fusion, d'apport, .... DB
11 274 421 11 274 421
Ecarts de reevaluation (2) * (dont ecart d'equivalcnce IEKJ ) DC
(/) Reserve legale (3) DD

w 681 480 681 480
~
0... Reserves statntaires on contractnelles DE
0
~ ( Dont reserve speciale des provisions
0...
>::
Reserves reglementees (3) * ponr flnctuation des cours 81 ) DF 71 829 71 829
~ ( Dont reserve relative al'achat
E':i
J\utres reserves d'ocuvres originales d'artistes vivants* EJ ) DG
5 690 944 5 690 944
s:: Report a nouveau DH
<:t: 17 279 940
u 12 231 270
RESULTAT DE L'EXERCICE (benefice ou pertel DI
4 685 251 5 048 670
20 620 8 520
TOTAL (I) DL
46 486 584 41 789 234
"O
Vl Produit des emissions de titres participatifs OM
t:: Vl
'8 ~
Avances conditionnees DN
Vl 0..
~ 0..2
::l
<:t: TOTAL (II) DO
aJ Provisions pour risqnes DP

V'j
t:: ::l cu
V'j
2 418 739 2 233 282
.9 ~ ~
.~·c E Provisions pour charges DQ
3 660 545
8 ~ ;:cu
0... 0
3 810 314
0.. TOTAL (Ill) DR
6 079 284 6 043 596
Autres emprunts obligataires DT
Emprnnts et dettes anpres des Ctablissements de credit (5) DU
~ Emprunts et dettes financieres divers (Dont emprunts participatifs EI ) DV

2 673 565 2 134 087
(/)
w J\ vances et acomptes re~us sur commandes en cours low
E-< 21 777 534 4 785 500
E-<
w
Ci Delles fournisscurs et comptes rattaches DX
5 290 855 3 972 861
Delles fiscales et sociales DY
3 459 668 6 030 083
Delles sur immobilisations et comptes rallaches DZ
Antres dettes EA
4 332 151 1 606 633
Com2te Produits constates d'avance (4) EB
regul. 2 389 547 2 748 669
TOTAL (IV) EC
39 923 319 21 277 832
Ecarts de conversion passif * (VI ED 392 248 35 180
TOTAL GENERAL (I a VI EE 92 881 435 69 145 842
(1) Ecart de reevalnation incorpore au capital 1B
{
Reserve speciale de reevaluation (1959) IC
0
c (/) (2) Dont Ecart de reevaluation libre ID

1'"'.
0
" z> Reserve de reevaluation (1976) IE
w
°'"
u
~ (3) Dont reserve speciale des pins-values a long terme * EF
75 098 71 829
N
0 (4) Dettes et prodnits constates d'avance a moins d'nn an EG
N
38 554 706 16 492 332
c (5) Dont concours bancaires conrants, et soldes crediteurs de banqnes et CCP EH
"'
-~
f-
"O *Des expl1cat1ons concernant cette rubnque sont donnees dans la notice n 2032.
0
-
a:"
..c
.g>
5:
0
u
G)lcoMPTE DE RESULTAT DE L'EXERCICE (Enliste) I
Designation de l'entreprise: CAME CA Neant 0~
Exercice N
Exportation et livraisons Exercice (N-1)
France inlracommunautaires Total
Ventes de marchandises * FA Fil FC
{biens * PD 2 764 980 FE 42 216 011 FF

Production vcndue 44 980 990 41 200 794
z se1vices * FG FH FI
0 1 003 785 2 779 375 3 783 160 2 804 494
f:::
FK
b
0
Chiffres d'affaires nets * FJ 3 768 765 44 995 385 FL 48 764 150 44 005 288
Production stockee * FM
"""'"
~
~
(2 164 560) (1 578 679)
Q Production immobilisee * FN
247 216 17 638
"',...
s
Q
Subventions d'exploitation FO
0
0::: Reprises sur amortissements et provision~. transforts de charges * (9) FP 4 863 298 3 821 806
"" Autres produits (I) (11) FQ 56 360 123 285
Achats de marchandises (y compris droits de douane)* FS
Variation de stock (marchandises) * FT (37 228) 54 570
Achats de matieres premieres et autres approvisionncments (y compris droits de douane) * FU
11 816 848 8 511 248
Variation de stock (matieres premieres ct approvisionnements) * FV (215 587) 889 338
z Autres achats et charges extemes (3) (6bis)' FW
0 12 794 601 10 797 428
f:::
..:
,... lmp6ts, taxes et verseme11ts assimiles * rx 1 146 912 1 081 491
s Salaires et traitements* FY
"'"
""
~
~
9 057 369 8 341 097
Q Charges socialcs (I 0) FZ 4 583 562 4 196 110
"'
~
z
"'
0:::
..:
:i::
u
vi8
ZE--
_,...
o.i:
,..._
<i:O
Sur immobilisations
{ - dotations aux amortissements *
- dotations aux provisions

GA
GB
265 378 280 284
oi:i.. Sur act if circulant : dotations aux provisions * cc 299 806

'""'"'"
Q~
667 353
~
Q Pour risques ct charges : dotations aux provisions GD 3 789 866 3 605 893
Autres charges (12) GE
105 566 134 313
Total des charges d'exploitation (4) (II) CF 43 607 091 38 559 126
1 - RESULTAT D'EXPLOITATION (I - Ill CG 8 159 372 7 830 214
!! § Benefice attribue ou perte transferee * (III) GH
~ "~
·~ Perle supportee ou benefice transfere * (IV) GI
g. 5
Produits financiers de participations (5) CJ 134
"'0:::
~
Produits des autres valeurs mobilieres et creances de l'actif immobilise (5) GK 505 876 189 167
u
z Autres interets et produits assimiles (5) CL
..: 309 175 278 092
z
t.: Reprises sur provisions et translerts de charges GM 275 651 215 836
"';;;it: Differences positives de change GN
Q 545 648 681 474
0
0::: Produits nets sur cessions de valeurs mobilihes de placement GO
"" Total des produits financiers (V) GP 1 636 485 1 364 568
"'0:::
~ Dotations financieres aux amortissements et provisions * GQ 360 410 269 248
~
u
z lnterets et charges assimilees (6) GR 374 308 437 153
..:
...~ Differences negatives de change GS 534 650 339 453
"'
~
Charges nettes sur cessions de valeurs rnobilieres de placement GT
"'
0:::
..:
:i:: Total des charges frnancieres (VI) GU 1 269 368 1 045 855
u
2 - RESULTAT FINANCIER (V - VI) CV 367 117 318 713
3 - RESUL TAT COURANT AVANT IMPOTS (l - II + Ill - IV + V - VI) cw 8 526 489 8 148 927
..
(RENVOIS · vo!f lableau n· <053) 'Des exphcatwns concernant cette rubnque 'ont donnees dans la notice n 2032 .
p 01 COMPTE DE RESULTAT DE L'EXERCICE (Suite)
FormuJaire obligatoire (artide 53 A



"'""..."'""z 54 410
s 0z Produits exceptionnels sur operations en capital * HB
251 970
i:l
... ......u
0 f:::;
it: Reprises sur provisions et transferts de charges HC
141 084 13 381
...:>< Total des produits exceptionnels (7) (VII) HD
393 054 67 791
..."' Charges exceptionnelles sur operations de gestion (6 bis) HE 255 276 6 770
""
"' ...""zz Charges cxceptionnelles sur operations en capital * HF
"""' 0
it:
251 970
<
= ......u
u
f:::; Dotations cxceptionnelles aux amortissements et provisions HG
578 508 107 976
~ Total des charges exceptionnelles (7) (VIII) HH 1 085 754 114 746
4 - RESULTAT EXCEPTIONNEL (VII - VIII) HI
(692 700) (46 955)
Participation des salaries aux resultats de l'entreprise (IX) HJ 787 947 835 814
Impocs sur Jes benefices * (X) HK
2 360 591 2 217 488
TOTAL DES PRODUITS (I+ III+ V +VII) HL
53 796 002 47 821 699
TOTAL DES CHARGES (II+ IV+ VI+ VIII+ IX+ X) IHM
49 110 752 42 773 029
5 - BENEFICE OU PERTE (total des produits - total des charges) HN 4 685 251 5 048 670
(1) Dont produits nets partiels snr operations along termc HO
(2) Dont
{ produits de locations immobilicres
produits d'exploitation afferents ades exercices antcricurs (a detaillcr au (8) ci-dessous)

HY
IG
13 952
- Credit-bail mobilicr *
(3) Dont
{ - Credit-bail immobilier
HP
HQ
927 360 863 412
(4) Dont charges d'exploitation afferentes ades exercices anterieurs (a delailler au (8) ci-dcssous) 1H
28 046
(5) Dont produits concernant Jes entreprises liecs lJ 813 031
(6) Uont interets conccrnant Jes entrepriscs liees lK
27 335
(6bis) Dont dons fails aux organismcs d'inleret general (art. 238 bis du C. G.l) HX
(9) Dont transferls de charges Al
(10) Dont cotisations personnelles de l'exploitant (13) A2
(11) Dont redevances pour concessions de brevets, de licences (produits) A3
(12) Dont redevanccs pour concessions de brevets, de licences (charges) A4

"'0 97 221
>
...z (13)
Dont primes et cotisations comple-
mentaires personnelles : facullatives
IA5,I I obligatoires A9Il
it:
Detail des produits et charges exceptionnels (Si le nombre de lignes est insuffisant. reproduire le cadre (7) et le Exercice N
(7) joindre en annexe) . Charges exceptionnelles Produits exceptionnels
CESSION IMMOBILISATION COPORELLE 251 969 251 969
AMORTISS. DEROGATOIRES + OAP EXCEPTIONNEL DES IMMOBILISATIONS 18 821 4 084
PROVISION POUR LITIGES 316 000 137 000
PROV PENALITES DE RETARD OE LIVRAISON 243 687
CHARGES PROVISIONNEES 255 276

Exercice N
(8) Detail des produits et charges sur exerciccs anlerieurs : Charges anterieures Produits anterieurs
COTISATIONS SOCIALES 6 796 13 952
CHARGES DE PERSONNEL 21 250
.. concernant ccttc rubnque sont donnees dans la notice n 2032.

* Des exp\Jcat10ns
CAME CA
92230 GENNEVILLIERS
Numero Siret: 40309221600031
ANNEXE
Date d'arrete des comptes : 31 decembre 2011
I.
La Societ6 a 6te creee le 13 Decembre 1995 sous la formc d'une S.A.R.L. au Capital entierement libere
de 50 568 Francs, soit 7 709,04 curos. Le 13 Mai 1996, l'Assemblee des Associes decide de transformer la Societe en S.A.
regie par la loi en vigueur et par les statuts au Capital entieremcnt liberc de 28 l 736 Francs, soit 42 950,38 euros.
Confom1ement aux decisions prises par \' AssembJee Gcnerale Extraordinaire du 20 Juin 1996, M.S.I. (Materiels
Scientifiqucs International) a pris le controle du Groupe S.P.T.M.-CAMECA.
Le 29 juin 2001, la societe M.S.l. a etc acquise par la socicte M.A.!. (Micro Analyse Instruments) dont le premier exercice a
ete clos le 31 dcccmbre 2002.
Le 30 novembre 2001, M.S.I. a absorbe S.P.T.M.-CAMECA par fusion simplifiec suivant la decision de I' Assemblee
Generale Mixtc Ordinaire et Extraordinaire.
Le 5 am1t 2002, la soci6t6 M.S.I.(Materiels Scicntifiques lntemational) a absorbc CAMECA, sa filiale operationnelle, suivant
la decision de l'Assemblcc Generale Mixte Ordinaire et Extraordinaire. De plus, M.S.1. a change de denomination sociale et
de formc et est devenue CAMECA SAS afin de preserver son identite et son nom commercial vis a vis de ses clients.
Le 6 avril 2005, la societe CAMECA est dctenue a l 00 % par Micro Analyse Instruments, detenue elle-meme a 100 % par la
societe Financierc-Camcca.
Aux tern1es d'une deliberation en date du 28 juin 2006, CAMECA, l 'associc unique de Biosims SARL, a decide de dissoudre
sa filiale, par transmission universe\ le du patrimoinc (TUP) avec cffet retroactif au l er janvier 2006.
Le 9 aout 2007, le fonds Carlyle Europe, actionnaire de Financicre-Camcca, tetc du Groupe CAMECA, a cede ses titres au
Groupe AMETEK Inc. La societe Financiere-Camcca est detenue a 100 % par la nouvelle holding Ametek Holdings SARL.
Le l er novcmbrc 2011, la societe CAMECA est detenue a l 00 % par Ametek Holdings SARL suite a la dissolution des
societes Micro Analyse Instruments et Financiere-Cameca.
La societe CAMECA a pour objet:

L'ctude, la fabrication et la vente de tous appareils OU 6kments d'appareils elcctroniques et mecaniques de hautes precisions
en particulier d'instrumcnts scientifiques.
L'annec sociale commence le !er janvier et finit le 3 I decembre.
2.
Dans le but de simplifier la stmcture juridique du groupe de societes controlees par la societe Ametek Holdings SARL,
Ia societe Micro Analyse Instruments a ete dissoute sans liquidation avec effet juridique au I er octobre 2011 par transmission
universelle de son patrimoine au profit de la societe FINANCIERE CAMECA.
La societe Financiere Cameca a egalement ete dissoute sans liquidation avec cffet juridique au l er novembre 2011 par
transmission univcrsclle de son patrimoine au profit de la socicte Ametek Holdings SARL.
Cette operation permet a Ametek Holdings SARL, socicte mere, de dctcnir directement l 00% des actions de la societe
CAMECA.
2
3. Pfrimctre d'int<~gration fiscak
Une convention d'integration fiscale a ete signee en janvier 2008 cntre la societe Ametek Holdings SARL, tetc de groupe,
et la societe CAMECA.
4.
Les comptes annuels de CAMECA sont etablis scion Jes normes definies du plan comptable general de 1999, au PCG
art. 531-l §I et au Code de Commerce art. R 123-180.
II est fait application des recommandations du Conscil National de la cornptabilite, de l'Ordre des Experts Comptables et
Comptables Agrees et du Conseil National des Commissaires aux Comptes, ainsi que Jes autres principes comptables
generalement admis.
Les comptes de l'actifsont Ctablis sur la base des couts historiques.

Les couts d'cmprunts ne sont pas incorpores dans la valorisation des actifs corporels et incorporels.
Au bilan
Les dettes et creanccs en monnaics ctrangeres sont enregistrfos au cours du jour de la transaction. A l'arrete des comptes,
elles sont valorisees au taux en vigueur a la date de cloture. Les ecarts provcnant de cette actualisation sont inscrits aux
comptcs « Ecarts de conversion actif »pour Jes pcrtes latentes et« Ecarts de conversion Passif »pour Jes profits latents.
Les ccarts de change defavorables sur operations en devises font l'objct de provisions pour risques dotees pour leur totalite
5.
Les methodcs d'cvaluation ct de presentation rctenues pour etablir Jes comptes de l'exercice 2011 sont demeurees inchangees
6. Fxplicatfon des postl:'s du hilan - ACTff
Valeur brute Cessions Valeur brute

(en euros) I debut d'cxercicc
Acquisitions
Mise au rebut fin d'exercice
Immo. Logiciels II 377 998 27 688 -4 683 401 003
!Ih
lncorp. Fonds Commercial ii 12 931 800 12 931 800
Agencement Amenag. Contrnct. 225 811 57 595 283 406
II Materiel Outillage lndnstriel I 782 796 377 998 -625 050 I 535 745
Immo.
Corpor. Materiel Bureau et Informatique 237 700 47 667 -27 124 258 243
' Mobilier
En cours (*)
312 470
-
19 044
I 921
331 514
1921
Immo. Autres participations 462 347 462 347

Prets 14 650 6 l 3 20 404 587 35 055 200
Financ. 414 778 -311 828 !02 950
Total 31396314 20 936 500 -968 685 I 51364 129
(*) Immobilisations corporelles recyues partiellement
3
Les frais de reeherche et de developpement ne sont jamais immobilises et sont comptabilises en charge pour 4 982 K€.
Le fonds de commerce a fait l 'obj et d'une reevaluation de 12 913 506 € lors de la fusion du 05 aout 2002. Cette reevaluation
n'a pas subi l'imp6t (4 304 502 €)en application du regime de faveur prevu a ]'article 210 du Code General des Impots.
Le fonds de commerce n'est pas amorti et n'a pas fait l'objet d'une depreciation suite au calcul de valorisation «Impairment
test»
Les sorties correspondent a des mises au rebut de logiciels d'ancienne generation non compatibles avec Jes systemes
d'exploitation actucls.
I •.
Les immobilisations corporelles, acquiscs aprcs la fusion du 05 aofit 2002, sont evaluees a leur cout d'acquisition
immobilisations transferees lors de la fusion correspond a lcurs valeurs nettes comptables aujour de la fusion.
Les acquisitions de la periode correspondent a des rcnouvellements de mat6riels devenus obsoletes.
Les sorties de la periode se dccomposent en cession intra-groupc d'un instrument de mesure (600 K€) et en mise au rebut de
materiels en fin de vie ( 52 K€).
La valeur brute des titres de participation est constituce par la valeur d'apport ou d'acquisition hors frais accessoires.
Une provision est constituee si la valeur d'usage d'un titre dcvient inferieure a sa valeur d'entree. Cette valeur d'usage est
determinee en fonction de l'actifnct re-estime de la filialc.
• CAMECA detient Jes actions des filiales etrangeres (Camcca-USA, Camcca-UK, Cameca-KOREA, Cameca-TAIWAN et
Cameea-Gmbh) a I 00 % pour 455 944 € et Jes autrcs titres pour 6 403 €.
Cameca Gmbh a rencontre des diffieultes dcpuis son acquisition en 2005. Une restructuration de son aetivite a ete decidee
visant a transformer cette entitc de production (instruments Quad) en structure de ventes et de services de l'ensemble des
produits de Cameca. Cette restructuration permet a la filiale de rccouvrer une activite plus equilibree.
• Le 6 avril 2006, Cameea a fait un pret de 1 967 152 euros a sa filiale Cameca GmbH, pour Jui assurer un equilibre bilanciel
suffisant. Ce pret, remunere au taux annuel de 5 %, devra ctre rcmbourse intei,,rralement le 6 avril 2013.
Au 6 avril 2011, le pret a ete capitalise des intcrcts de la periode (6.04.10 - 6.04.11), soit 119 570 euros. Les interets
courus de la peri ode 7 .04. l l au 31.12. l l s' el event a 92 527 euros.
Les intercts eumules capitalises chaque annee a la date anniversaire du contrat (543 815 euros) augmentent le pret
a2 510 967 euros au 31.12.2011.
• Un pret de 32 M euros a ete accorde a Ametek BV corrcspondant a la tresorerie excedentaire apres financement du BFR.
• Les autres immobilisations finaneieres sont eonstituces de depots de garanties pour I 02 950 euros.
4
Valeur Valeur
debut d'cxercicc fin d'exercice
Logiciels 350 499 14 575 ~i (i83 360 392

Agencement Amenag. Contruct. 85 125 21 980 f 107 105
Materiel Ou tillage Industriel I 010434 163 024 Oxl I
800 377
Materiel Bureau et lnformatique 132 211 38 084 124 143 171
Mobilier 112 350 30 353 142 702
Total !i' l 690619 268 015 -404 888 l 553 746
!l I
Dotations Reprise~
Mode J'amortissen1ents 11
1! dCrogatoircs d0rogatoircs
;~
Logiciels I!'· 16 184 4 084
Les immobilisations incorporelles (logiciels) sont immobilisees et amortics au prorata temporis sur l'annee d'acquisition.
Elles sont amorties comptablement sur trois ans. Elles font cgalement I' obj et d'un amortissement derogatoire.
L'amortissement des immobilisations corporelles est calculc suivant le mode lineaire qui permet de mieux prendre en
compte la depreciation economique des immobilisations. en respectant le cadre defini par Jes principes comptables et fiscaux.
Les durees et modes habituels d'amortisscmcnts pratiques sont resumes ci-aprcs :

- Ouvragcs d'infrastructurc ct installations fixes I 0 ans Lineaire
- Mobilier et materiel administratif 5 a I 0 ans Lineaire
- Agencements des constructions, installations generales 5 ans a I 0 ans Lineaire
Pour Jes amortissements des biens apportes lors de la fusion, Jes durees d'amortissements correspondent a la duree restant a
courir dans Jes livrcs de la socicte absorbee.
Les stocks, matieres premieres et foumitures, sont cvalues a leur cofit standard d'achats. Les stocks de produits finis et Jes
travaux en cours sont evalues a leur cofit standard de production. Les stocks, valorises en cofit standard, sont corriges
annuellement d'une part, des ecarts sur achats constate pour Jes matieres premieres et marchandises et d'autre part, de l'ecart
constate sur la valeur reellc du cofit de la main d'ceuvrc (pour Jes en-cours et Jes produits finis).
Les stocks font l'objet d'unc depreciation lorsque le cofit devient superieur a la valeur probable de realisation.
Les frais generaux commerciaux, administratifs ct financiers, ainsi quc Jes frais de rcchcrchc ct de devcloppcmcnt ne faisant
pas l'objct d'unc commandc client, sont dircctcmcnt pris en charge dans l'cxercice.
(en euros} Valeur brute Valeur nette V. brute N-1 V. nette N-1
. Matieres premieres 2 844 481 2 136 877 2 628 894 1 996 528
. En cours de production de biens 13 135 746 13135746 14 879 173 14 545 513
. Produits intermediaires et finis I 141 119 737 978 1 562 250 1 125 491
. Marchandises 63 419 62 227 26 190 21 574
Total 17184 766 16 072 829 19 096 507 17 689106
5
Provision pour depreciation Valeur debut d'exercice Augmentations Diminutions Valeur fin d'exercice

En cours de production de biens 333 660 333 660
Produits intermediaires ct finis 436 760 123 373 490 652 69 481
Marchandises 4 617 8 762 12 187 1 192
Total I 407 403 299 806 595 272 1 111 937
Le solde est compose d'une avance intra-groupe de 875 I 05 curos et des avances a nos sous-traitants de 33 802 euros.
Les creances sont enrcgistrees au bilan pour leur valeur nominale. Certaines crcances sont eventuellement depreciees, selon
la methodc suivante :
La creancc constatee est depreciee de 50% de son montant hors taxc en fin d'exercice, si elle est superieure a un an
d'existencc, ct si elle ne fait pas par ailleurs l'objet d'unc provision cas par cas.
Elle sera deprcciee a I 00 % si son existence est supcricurc a deux ans, dans lcs memes conditions precisees ci-dessus.
Par ailleurs, une depreciation complementaire individualisce pcut etrc constatee !ors de !'analyse du portefeuille en fonction
d'evenements connus specifiqucs.
N aturc des creances Montants

Creances clients et comptcs rattaches
Clients 7 091 401
Clients douteux ou litigieux (1) 96 633
Autres crcances
Personnel 44 845
lmp6ts et taxes (2) 764 128
Total 21002240
(I) Creances douteuses, dont 91 3 79 euros, depreciees a hauteur de 100 %

(2) TVA adeduire pour 413 K €, remhoursement de credit de TVA pour 140 K f'
Credit Impot Recherche pour 189 K f' et autres pour 22 K€
(3) Avances faites aux filial es Cameca GmbH pour 210 709 f',
Creances sur Ametek Holdings sari pour 12 642 493 fi (apport des societes MA.I. et Financiere-Cameca Tuppees)

Provision pour depreciation Augmentations Diminutions
d'exercice d'exercice
Clients et comptes rattachcs 91 379 91 379
Comptes du Groupe 210 000 210 000
6
0 Prets
~ e 35 055 200 35 055 200
<'"' .§ Autres immobilisations financieres I 02 950 102 950
Autres creances clients 7119558 7 119 558
= Personnel et comptes rattacbes 44 845 44 845
=
'"
·o'"'
....
Etat et autres nmpots sur Jes benefices 189 447
-
189 447
-
..... collectivites Taxe sur la valeur ajoutcc 552 223 552 223
".':l
<'"' publiques Autr es i mpots, taxes 22 458 22 458
Groupe et associ es 12 853 202 12 853 202
TOTAL 56 203 524 20 948 740 35 254 783
i,,
Factures restant a etablir sur Jes interventions du S.A.V. 28 158

Interets courus sur Jes prets 544 233
572 391 euros
Ce poste comprend uniquement des disponibilites au 31 decembrc 2011

Banques 5 009 780
Caisses 132
Total 5 009 912
Nature Montants
Assurances 3 938
Autres (Location, Abonnement, Fluides) 2 206
Total 43 133
Les charges payees d'avance sur Jes abonnements ct Jes contrats de service ont etc calculees prorata temporis.
Ils proviennent des creances clients etablies en devises pour 347 978 euros et des factures foumisseurs en devises restant a
payer pour 12 432 euros. A cc titre, une provision pour perte de change a ete constituee pour 360 410 euros.
7
7,
Le capital social est fixe a 6 782 100 euros et est entierement liberc.
II est divise en actions de 137,6629 euros chacune, de meme categoric, numerotccs de 1a49 266.
Son capital est dctenu a 100 % par Ametek Holdings sari depuis le 01 novembre 2011, date des operations de dissolution
sans liquidation des societcs Micro Analyse Instruments ct Financiere-Camcca.
(5 048 669.95 euros) au poste «Report a nouveau».
(en euros) Ouverture Augmentation Dividendes Diminutions Resnltat 2011 Cloture

Capital souscrit verse 6782100 6 782 100
Prime de fusion 11274421 11 274 421
Reserve legale proprement <lite 678 210 678 210
Plus value net. L.T. reserve 16galc 3 270 3 270
Plus value net. L.T. res. reglernentee 71 829 71 829
Report a nouveau 12 231 270 5 048 670 17 279 940
Provisions reglementees 8 520 16 184 -4 0X4 20 620
Resultat cxcrcice 20 I 0 5 048 670 -5 !l4::\ 670 0
Total exercice 2010 41 789 234 5 064 854 0 -5 052 754 41 801 334
RESULT AT exercice 2011 4 685 251 4 685 251
TOTAL 41 789 234 5 064 854 0 -5 052 754 4 685 251 46 486 584
Les provisions pour risques et charges sont constatces lorsque les risques et charges sont nettement precises quanta leur objet
mais dont la realisation est incertaine et que des evcnements survenus ou en cours rendent probables.
al'ouvertnre de l'exercice sans objet a la cloture
. Litigcs (a) 50 000 316 000 57 000 309 000
. Garanti es donnees aux clients (b) I 540 991 I 425 669 I 588 074 1 378 586
. Penalites clients ( c) 127 057 243 687 370 744
. Pertcs de change 269 248 360 410 269 248 360 410
. Autres risques (d) 245 986 47 740 198 246 0
. Pensions et obligations sirnilaires (e) I 490 136 171 869 86 304 I 575 701
. Medaille du travail (f) 580 695 15 797 31 920 564 572
. Travaux restant a effectuer (g) I 739 483 2 176 530 2 395 742 I 520 271
TOTAL 6 043 596 4 709 962 316 988 4 357 286 6 079 284
Exploitation 3 789 865 4 268 026

Financier 360 410 269 248
Total 4 709 962 4 674 274
8
II s'agit des litiges prud'homaux.

Cette provision est calculee en fin d'exercice. par machine livree et sous garantie, au prorata de la duree restant a courir.

ll s'agit des penalites contractuelles apayer pour retard de livraison.

Elle con-espond a des indemnites de rupture de contrat commercial dont le paiemcnt est intervenu sur l'exercice.

L'indemnite de fin de can-ierc susceptible d'etre versee est actualisee ct pondcree des probabilites de vie et de presence dans
l 'entreprise, a la date de cloture.
Ci-apres les hypotheses retenues pour le calcul de la provision conformemcnt a la convention collective de la Metallurgie:
o Taux d'intlation : l ,8 %
o Table de mortalite : Source lnsee 2007-2009
Aucun engagement en ma ti ere de retraite n' a ete constate dans les comptes de la societc aI' egard des dirigeants.
f) Provisions pour medaille du travail

Les mcdailles du travail susccptibles d'etre versecs sont actualisees et pondcrees des probabilites de vie et de presence dans
l'entreprise, a la date de cloture (hypotheses similaires a la provision de depart en retraite).
g) Pro\ision pour travaux restant a effectuer

Cctte provision, calculec en cout complet, con-espond aux couts d'installation non effectuees des machines livrees jusqu'au
31/12/2011.
Les couts d'emprunts nc sont pas incorpores dans la valorisation des actifs corporcls et incorporels.

lnten~ts courus sur p~rticipations (2) 86 157
Total 2 673 565
(1) Participation des salaries relative aux exercices 2006. 2007, 2008 et 2010 hloquee en compte courant.
(2) lntercts courus des participations sur la periode du OJ 104111 au 31112111
Ce sont ks avances peri;ues des clients pour les livraisons de materiel a realiser pour un montant de 21 777 534 euros.
9
Repattition des dettes d'exploitation par nature:

Fournisseurs et comptes rattaches
Fournisscurs effets it payer 433 960
Fournisseurs Facturcs non parvenues I 655 501
Personnel (I) I 829 768
Organismes sociaux I 399 884
lmpots ct taxes (2) 230 016
Total 8 750 523
(I) dont dettes pour conges payes et RTT pour 953 Kf

Dettes pour participation des salaries pour 788 KE
(2) dont TVA collectee pour 203 K€

Autres Taxes pour :!4 K€
Repattition des dettes diverses par nature :

Autres dettes
Comptes courants Grou pc (I) I 264 544
Agents commissionnaires 2 944 044
Redevances 72 221
Total 4 332 151
(1) dettes envcrs la filialc Cameca GmbH(8 l 5 K€) et Ametek Holdings sari(450 K€)
(2) dont cotisations pour 22 K euros ct prestations bancaires pour 13 K euros.
A plus d'l an
( e11 e11ros) Montant brut A 1 an au plus
5 ans au plus
Emprunts et dettes financiercs divers 2 673 565 I 304 952 I 368 613
Fournisseurs et comptes rattaches 5 290 855 5 290 855
Personnel et comptes rattachcs I 829 768 1 829 768
Securite sociale et autres org. sociaux 1 399 884 I 399 884
E tat et autres lmpots sur !es benefices - -
collectivitcs Taxc sur la valeur ajoutee 203 192 203 192
publiques
Dettes sur immobilisations & cptes rattaches
Groupe et associes I 264 544 I 264 544
Autres dettes 3 067 607 3 067 607
Produits constates d'avancc 2 389 547 2 389 547
TOTAL 18 145 785 16 777 152 1 368 613
IO
Dettes foumisseurs et comptcs rattachcs I 655 501
Dettes socialcs l 805 106
Redevances 72 221
Autrcs (cotisations, divers) 36 440
4 351 081 curos
Nature Montants
Contrats de maintenance S.A.V. (I) 2 201 947
Marchandi ses facturees non Ii vrees (2) 187 600
Total 2 389 547
(I) Les contrats de services sont facturcs aux clients pour une periode a courir exprimee en jours. A la cloture, la part calendaire non echue
est constatee d' avancc.
(2) La provision correspond a des accessoires non livres relatifs a des machines livrecs, facturees.
Les profits latents s'elevent a 392 248 euros. Ils provienncnt des creances clients en devises pour 306 66leuros et des
avances en devises versees aux foumisseurs pour 85 587 euros.
11
Le fait gencratcur du chiffrc d'affaircs est le transfcrt de propricte. D'une maniere generale, le transfert de propriete resultc,
soit de la livraison proprement <lite au client, soit des clauses contractuclles des marches.
y Ventilation du chiffre d'affaires (en millicrs d'curos)

-FRANCE 3 769 2 526 7 068
- UNION EUROPEENNE 8 022 8 234 6 749
- U.S.A. - CANADA 11 028 11 343 11 778
- ASIE - PACIFIQUE 25 694 15 486 6 434
-AUTRES 251 6 415
TOTAL 48 764 44 005 32 029
(*)La part du Service Aprcs Vcntc dans le chiffrc d'affaires rcprcscnte 11.8 %, soit 5 765 milliers d'curos.
La zone « Autres » regroupe Jes pays tels quc la Russic, la Norvegc, la Suisse, I' Algerie, I' Afrique du Sud, I' Arabic Saoudite,
la Turquie et I'Israel.
U.S.A. - CANADA
22.G2Y.·0
UNION
EUROPEENNE
(+FRANCE}
24.26%
ASIE • PACIFIQUE
52.69%
AUTRES
0.43%
Le graphiquc met en evidence la part des pays emergents dans le «business »de CAMECA.
12
Cc poste, pour un total de 56 360 euros, comprcnd Jes Debits Non Commerciaux ( 16 K€), la refacturation des frais de
personnel (18 K€) aux entites du Groupe, la regularisation des cotisations sociales pour 7 K€ et divers pour 15 K€.
2011 2010 2009
Autres produits 56 360 123 285 369 594
Le montant des autres achats ct charges extemes, qui s'eleve <'t 12 795 milliers d'euros, comprend Jes achats de
sous-traitances industrielles (I 498 K€), Jes achats non stockcs de matieres et foumitures (437 K€), Jes services exterieurs
(4 841 K€) et Jes autres services cxtcricurs (6 018 K€) detailles ci-dessous:
Services exterieurs
Sous-trnitance generalc (I) 3 437 588 2 990 731 2 397 257
Redevances de credit bail (2) 927 360 863 412 938 011
Locations (3) 66 224 69 045 I 07 676
Entretien. reparation, maintenance 202 927 210 408 212 075
Primes d'assurance (4) 9(1 725 62 182 84 683
Documentation 13 567 12 377 7 709
Frais de col loques, seminaires. conferences 103 091 37 762 37 119
Sous total 4 841 482 4245917 3 784 530
Personnel interimaire 111 587 I 54 444 65 973
Remuneration d'intermediaires et honoraires (5) 3 356 763 2 195 366 I 621 272
Publicite, publications, relations publiques 15 510 117 4 342
Transports de biens (6) 828 524 757015 545 193
Deplacements, missions et receptions (7) I 447 159 I 306 189 1 384 071
Services bancaires et assimiJes 96 221 97 153 92 220
Divers (8) 114 715 88 700 70 122
Sous total 6 018 467 4 634 985 3 831 180
Total 10 859 949 8 880 902 7 615 710
(I) Prestations pour I 431 K€, autres prestations decentralisees pour I 481 K€. exploitation informatique pour 148 K€, nettoyage et
(2) Remboursement du credit bail immobilier que Cameca a souscrit aupres de BNP exFortis Lease pour financer le nouveau siege.
(3) Locations de vehicules, de mobilicrs et de materiels informatiques.
(4) Couvertures conccmant la responsabilite civile, la multirisque industrielle (y compris la perte d'exploitation), le transport des
marchandises, la tlotte automobile et Hommes Cl es pour le credit bail immobilier.
(5) Commissions sur ventcs pour 3 165 K€, honoraires pour 150 K€ et divers pour 42 Kt'.
(6) Transports sur achats pour 293 Kf, transports et emballages sur ventes pour 524 K€ et divers pour 12 K€.
(7) Frais de voyages pour 511 K€, de missions pour 872 K€ et de receptions pour 64 Kt'.
13
Redevanccs (1) 97 221 118 207 34 900
Divers (2) 8 344 16 105 18 850
Total 105 566 134 313 53 750
(1) redevances versees a des organismcs (CNRS, ONERA) pour !'utilisation de leurs brevets dans nos machines
(2) dont regularisation de cotisations socialcs de 6 796 curos
(en euros) 2011 2010 2009
Resultat d'exploitation 8 159 372 7 830 214 -393 198
Resultat financier 367 117 318 713 692 540

- Dividcndcs ct revenus des prets (I) 504 721 189 166 659 444
- Charges d'interC!s (2) -234 707
- Resultat net de change JO 998 342 020 80 118
- Autrcs charges et produits (3) 80 032 54 258
- Provisions pour risques (4) 413 133 427
Resultat avant impots 8 526 489 8 148 927 299 341
Resultat exceptionnel -692 701) -46 9SS -18 395

- Penalites clients -17 420
- Penalites liscales -31!
- Provisions pour risques et charges (5) 138 256
- Autres charges et produits (6) 47 715 -! 39 231
Participations et interessements 0
lmpots sur Jes benefices de l'exercice -37 330
Credit lmpOt Recherchc 189 447 344 260 567 565
Resultat net de l'exercice 4 685 251 5 048 670 811 181
(1) don! Rcvcnus du pret a Cameca GmbH pour 123 976 euros
Revenus du pret a Ametek BV pour 381 900 euros
(2) dont lnterets sur participation en comptc courant bloque pour < 108 919 > euros
Interets de l'avance Camcca Gmbll pour < 14 505 > euros
Interets de retard sur factures echues pour< 1 1 541 > euros
Agios pour< 8 911 > euros
(3) dont Revenus factures aux holdings« Tupees » M.A.! et Financiere-Cameca selon la convention de tresorerie pour 307 156 euros
Autres revenus pour 2 019 euros
Swap de taux(Leasing) pour < 229 143 > euros
(4) Provisions pour risques financiers pour < 84 758 > curos
( 5) dont Amortisscments derogatoires pour < I 2 100 > euros

Amortissements des immobilisations pour< 2 637 > curos
Provisions pour pcnalites clients pour < 243 687 > curos
Provisions pour Iitiges pour< 179 000 > euros
(6) lndemnites de litiges pour< 255 246 > euros
14
Une provision de 787 947 euros a ete constatec dans Jes comptes de la societc au titre de la participation conformement a
!'accord de participation signe le 25 juin 2010.
Repartition de l'impot Bases Taux34,10%

Resultat courant 8 526 489 2 907 249
Resultat social 4 685 251 1 597 514
Reintegrations et Deductions fiscales 2 793 597 952 523
Deficits imputes () 0
Resultat fiscal : Benefice 7 478 848 2 550 038
Le resultat fiscal de l'cxercice (7 478 848 €) generc un imp6t apayer de 2 550 038 euros.
Un credit d'imp6t en faveur de la recherche a etc constate dans Jes comptes de la societe et s'eleve a 189 447 euros.
Ce credit s'impute sur l'imp6t sur Jes societes, soit un imp6t net apayer de 2 360 591 euros.
Cette somme est transferee chez Ametek Holdings SARL, la tete de groupe, dans le cadre de !'integration fiscale.
9.
AMETEK AMETEK
Au 3111212011 CAMECA Came ca Cameca Ametek Cameca Cameca Cameca
Holdings Holdings
(en euros) FRANCE USA UK JAPAN KOREA TAIWAN GmbH
SARL BV
Au bilan
Act if
Prets
Preteur 35 055 200
Emprunteur 2 603 495 32 451 705
Comples courants Cameca 12 853 202
Comptcs courants partenaires 210 709 12 642 493
Clients 4719887
Filiales partcnaires 2 974 682 I 689 298 38 100 17 806
Passif
Comptes courants Camcca 1 264 544
Comptes courants partenaires 814 506 450 038
Fourni sseurs 7 640 006
Filiales partenaires 147 381 2 234 2 781 820 516 538 538 836 3 653 197
15
AMETEK AMETEK
Au 31112/2011 CAMECA Cameca Cameca Ametek Came ca Came ca Cameca
FRANCE USA UK JAPAN Holdings Holdings
(en euros) KOREA TAIWAN GmbH
SARL BV
. V entes aux filial es 13 247 717
. Achats aupres des filiales 1 788 173
. Societes partenaires I 665 327 3 253 18 667 100 926
. Prestations faitcs par !es filiales 4619301
. Societes partenaires 395 317 68 964 869 990 I 496 404 768 800 1 019 826
Produits financiers
. lnterets courus it recevoir 813 032
Char2es financicres
. lnterets et charges assimiles 26 047
. Societes partenaires 26 047
HL
• Des cautions ct avals accordes a des clients par Jes banques pour notre comptc s'elevent a 12 540 368 € :
(Cautions Marches« France»: 93 047 € Marches« Etrangcr »: 12 447 320 €)
• Une assurance Homme Cle a ete souscrite pour un total de 750 000 euros sur l personne.
• 11 n'existe pas de garanties de passif, d'engagements de surete et d'actes de nantissements au 31decembre2011.
• PITCH Promotion, a cede par acte notarie du 21/12/2005 son tenain - 29 quai des Gresillons a Gennevilliers(92),
et a vendu en etat futur d'achevcmcnt un immcublc a usage de bureaux et d'activites pour une surface de 7 420 m2 a
BNP exFortis Lease. La livraison a eu lieu le 13 juillct 2006.
Ce meme jour, devant notaire Fortis Lease a signe un credit immobilicr avec Cameca pour cet ensemble immobilier pour
une duree de 12 ans et une valeur de 12 340 000 curos dont une avance de 1 million euros a ete versee. Les
remboursements ont commence a compter de la livraison.
Ci-apres la ventilation de l'immeuble par nature :
Tenain : l 500 000€

Construction : 7 840 000€
Agencements : 3 000 000€
Les redevances au titre de l'excrcicc s'elevent a 927 360 euros.
16
Dans le cas ou la socicte avait acquis ce bicn, l'amortisscment de la nouvelle usine (construction et agencements),
decomposee en 4 groupes avcc des durees de vie rcspectives de 8 I I 0 I 25 et 30 ans, aurait ete de 468 048 euros par an.
Credit bail Redcvances Redevanccs Engagement

immobilier Cumulees Excrcice Net
12 340 000 - 3 296 358 - 697 679 8 345 963
A plus d'l an
Echeancicr A I an au plus A plus de 5 ans
ct 5 ans au !us
Credit bail immobilier 724 318 3 184 605 I 352 040
Le prix d'acquisition a I' expiration du credit bail scra de 3 085 000 curos
Les effectifs moyens par categoric se decomposent commc suit :
Ouvriers 27
ETAM 84
lngenicurs 68
179
Nombre d'heures ouvertes au titre du droit individuel a la formation (DIF) au 31.12.2011 18 230 heures
Nombre d'heures de formation consommees au titre du D.l.F. au 31.12.2011 84heures
Aucune demande de formation n 'ayant ete deposce par Jes salaries au 31.12.20 I I, et acceptee par la direction, la societe n 'a
,It>
Neant
Neant
Neant
17
Conformcment aux articles L.233-16, L.233-17 et R.233-15 du Code de Commerce, la societe, dont le capital est detenu a
I 00% par la societe Ametek Holdings SARL dcpuis le 9 aout 2007, n' etablit ni ne publie de comptes consolides pour
l'exercicc clos le 31 dcccmbre 2011, etant precise que:
- Jes comptes des societes controlees directement ou indirectement par la sociere Ametek Holdings SARL sont inclus dans
Jes comptes consolidCs de !'ensemble plus grand d'cntreprises etablis par la societe Ametek Inc., societe de droit
arnericain,
- ces comptes sont completes par la mention dans l'annexe des comptes annuels de la societe Ametek Holdings SARL
des informations significatives visees a!'article R233-l 5 du Co<le de Commerce.
IL
Neant
12.
Ci-apres la lisle des filialcs etrangercs detenues par CAMECA SAS :

5500 Nobel Drive
Madison, WI 53711,
Etats Unis d'Ameriquc
CAMECAUK
PO box 88, Wilmslow
Cheshire SK95BE
Grande-Bretagne

3th floor (309), 906-5 Jui-dong,
Youngtong-ku, Su-won City
Kyunggi-do
Conic du Sud

lOF-6, N° 120, Sec. 2
GongDaoWu Road
30072 Hsin Chu
Tai'wan
CAMECAGmbH
D-85716 Unterschleissheirn
Allernagne
18
CAMECA CAMECA CAM EC A CAM EC A CAM EC A

U.S.A lJ.K. ltd KOREA TAIWAN GMBH
CSD GBP ARW NTD EUR
CAPITAL 270 000 30 000 50 000 000 1000000 25 000
!Reserves (inclut Rcsultat de l'exercice) 12 986 387 166 048 1158478521 31 801 184 47 410
~uote-part de Capital detenu en % 100'% 100% 100% 100% 100%
~aleur d'inventaire des titres detenus

Euros 322 508 46 574 35 496 26 366 0
[Devises 395 645 30 000 50 000 000 I 000 000

IEuros 2 603 494
[Devises

Euros 21 758 178 110 014 2 921 301 l 365 384 2 843 308
Devises 30 223 735 96 055 4501512000 55 827 414 -
IResultat au 31/12/2011 (taux de cloture)

Euros 5 090 304 5 228 739 511 509 858 869 142
!Devises 6 597 077 4 359 1112333791 19 998 510 -
[Dividendes verses
Euros
- Devises

Euros
- Devises
Date d'ouverture 01/01/2011 01/01/2011 01/01/2011 01/01/2011 0110112011
Date de cloture 31/12/2011 31/12/2011 31112/2011 31/12/2011 31/12/2011
19
Rapport du commissaire aux comptes sur les comptes annuels

Ernst & Young Audit Tel.: +33 (0) 146 93 60 00
EV Tour First
TSA 14444
92037 Paris - La Defense cedex
www.ey.com/fr
Rapport du commissaire aux comptes

A l'Associe Unique,
En execution de la mission qui nous a ete confiee par votre assemblee generale, nous vous presentons
a
notre rapport relatif l'exercice clos le 31 decembre 2013, sur:
comptes annuels ne comportent pas d'anomalies significatives. Un audit consiste verifier, par a
informations figurant dans les comptes annuels. II consiste egalement apprecier les principes a
notre opinion.
Nous certifions que les comptes annuels sont, au regard des regles et principes comptables frani;ais,
que de la situation financiere et du patrimoine de la societe la fin de cet exercice. a
a
SAS capital variable
Societe de Commissaires aux
Societe comptable au Tableau
de l'Ordre Region Paris· lie-de-France
Membre du reseau Ernst & Young Global Limited
Sii2ge social : 1-2, place des Saisons - 92400 Courbevoie Paris - La Defense 1
EV

a
nos appreciations, nous portons votre connaissance les elements suivants :

• La note 6.2.1 de l'annexe expose les regles et methodes comptables relatives aux modalites de
comptabilisation des stocks. Dans le cadre de notre appreciation des regles et des principes
comptables precisees et des informations fournies dans cette note de l'annexe, et nous nous
sommes assures de leur correcte application.
Estimations
K€ 12.932 au 31 decembre 2013. Compte tenu des elements previsionnels, ce fonds de commerce
ne fait pas l'objet d'une depreciation tel que cela est indique dans la note 6.1.1 de l'annexe. Nous
a
avons procede !'appreciation des approches retenues par votre societe pour estimer la valeur de
cet actif. Nous nous sommes assures du caractere raisonnable des hypotheses retenues et des
evaluations qui en resultent.
• Votre societe constitue des provisions pour risques et charges, tel que cela est decrit dans la
a
note 7 .2 de l'annexe. Nos travaux ant constitue apprecier les donnees et les hypotheses sur
lesquelles se fondent ces estimations, a revoir les calculs effectues par votre societe et a comparer
les estimations par la direction. Dans le cadre de nos appreciations, nous nous sommes assures du
caractere raisonnable de ces estimations.
a
annuels, pris dans leur ensemble, et ant done contribue la formation de notre opinion exprimee dans
France. aux verifications specifiques prevues par la loi.
a
Paris-La Defense, le 13 juin 2014

Le Commissaire aux Comptes
ERNST & YOUNG Audit
Christian Lemaigre Dubreuil
Came ca
DGFiP N° 2050 2013
Designation de l'entreprisc · <'_~A

___M_E_C_A~--· ................... Duree de rexercicc exprimec en nombre de mois* Ll3...J
Adressedel'entreprise .............. CltJl\T DES G_ . . . . . . . s 92230 GSNNEVlLlIERS Duree de l'cxercice precedent* L 1_2 J
Nurncro STRET* I I i :0l [ . 2 i 1 : 6 G i 0 ' 0 i 3 ,1

Exercice N dos le,
INeant 'J *
N-l
I 31122023 I l 31122012
Brut Net
l 3 4
Capital souscrit non appele (I) AA i

·---·····--····-
d'etablissemem * AB AC
, .....................
Frais de developpement * ex CQ
Concessions. brevets et droits similaires AF 448105 AG 385 469 i 62 24 561
"' ~--·~----------~--.... 1---~--
~ Fonds commercial (I) AH 12 931 800 AI 12 931 12 931 800

~ ................ - - --·-·······--·11 <
Z;
-' Autres immobilisations incoqJorelles AJ AK ••
§ ··-··--·-··-·--~··--··-···---·--------i r-~-~--··-~4 t ----·----·-·········~---·-·-··-----~~.---+-----·~-----···--~~~
-" A et acomptcs sur immobilisa-
~ tions H . ." V
1)oreUCs
AL AM
Tenains AN AO
Constructions AP 322443 AQ 168 373 154 070 156 839
lnsta llatiom;·i.ecilniq-uc·s: lnatcricl ct
outillagc industrids - - - - - - - - - - - i A R 1900026 AS 1 045 068 854 958 963 677
Autres immobilisations corporel!cs AT 742 391 AU
~-
430861 1
···················--~--!-:···················
311 530
-·~--···········
I
- ..--
287195
Immobilisations en cours AV IAW
A vances et aeornptes AX AY i
~~~,,_,. .......................... _ .............................
Participations evaluees sdon
;;, la rnethode demise e11 equivalence, cs CT
t:b ···-·········· ·-····
~
Autres pmticipations cu 462 347 CV 462 347 437 347
r·----------··--····--···-··----··--··f-----------~
<
2_
v.
Cr6ances rattachees ades participations BB ! - - · - - - - · · ......
198 844 BC 198 844
.
~
i:: Autrcs titres immobilises BO BE
;a
§ Prets BF 44 911 000 BG 44 911 000 i 41 541
:;;: ,......................................... _35_2_8_2....., BI --· 35 2~;1 23
::iE Autres immobilisations financieres* BH
r-~~~~~~~~~~~~~~~~+--~~~~~~
TOTAL (II) BJ 61 952 237 BK 2 029 771 • 59 922 466 i 56 366 008
Matiercs premieres. approvisionnements BL 2 942 822 BM 550 674 2 392 148 2 597 048
.'J:.
En conrs de production de biens BN 15775451 BO
· · · · - -
,
•
15775451
··-·---· · - «<
13857145
Q En eonrs de production de services BP BQ
~ [---················
Produits inknnediaires et finis BR 1406738 BS 214 912 I 1 131 826 921 328
Marchandises BI 77 983 BU 1 873 : 76 11 54584
.
Avances ct acomptes verses sur cornmandcs BV 181 150 BW 181 150
Clients et comptcs rattaches (3)* BX 9 291 994 BY 75 098 9 216 896 9155
Antres creances (3 l BZ 14 704 173 CA 14 704 173 13467699
.
Capital sonscrit et appclc. non verse CB cc ··-----.......................... ·--
,, 'vaicu1:s·mobihcres de place1·11-en_t_·····.·..····..···· ·.·..·····..··.)1 cot----·------·.............. .... CE,....
$ (don! actwns propres . . . 1--------~-----i r-----------+,~---------...+-----~.-----1
c Disponibilites CF 6 047 232 CG
1--~~~~~~~~.~~~~~~~~-+-~~~~~~~--1
6 047 3 242 636
Charges constatees d'avm1ce (3)* ICH 145 504 Cl 145 504 I 200 209
TOTAL (lll) CJ 50 573 046 CK 902 556 49 670 490 43 560 059
.·
Frais d'emission d'emprunt a etaler (IV) '":W
Primes de remboursement des obligat M

Ecarts de conversion actif* (VI) CN 17 736 17 25 520
1--~~~~~~~-1--.~--~~--~~~'--~~~~~~~-+~~~~~~~~-l
TOTAL GENERAL (Iii VI) ICO 112543019 lA 2 932 327 109 610 692 99 951 587
c.. Renvois : (Ii Dont <lroit au bail: I {2ipaita , ;d'unande; . CP I (3) Part aplus d'un an jcR 75 098
2 Clause de reserve '· --· i
Stocks: •
Creances: [
~ de propriete :* , '
'ib * Des explicatmns conccmJnt- cette rubnque s.ont donnCes dms la notu:e n"' 2032
v
2 BILAN - PASSIF avant repartition DGFiP N° 2051 2013
DGFIP C5113. lOG:_
Designation de l'entreprise Neant

*
Exercicc N Exercice N
Capital social ou individucl ( 1)* {Dont verse : DA 6 782100 6 782 100
Primes d'emission, de fusion, d'appmi, ... DB 11274421 11274421
Ecarts de reevaluation (2)* (dont ecart d'equivalence r) DC

-·---~··
'..t:l'l·'
;;: Reserves statutaires ou contrnctuelles
~
0.
Reserves reglcment~~s(3)*{_~~n; fi~~%v~i~~c~~;l~~t';i~~rovisions Bl
t---t·~~·
) Df' 71 829 71 829
Donr reserve relative aI' achat
3 Amres reserves ( . d'oeuvrcs oricinales d'artistcs vivants* EJ ) 5 690 944
~
0:: Report anouveau 21 965 191
<
v RESULTAT DE L'EXERCICE (benefice ou perte) DI 12 672 906 9 774 275
Provisions reglementees * DK 31 065 23466
TOTAL(I) DL 68 944 211 56 263 705
.-g !/:, Produit des emissions de titres partidpatifs DM

t.2 2
2
;: c..
e A vances conditionnees DN
< TOTAL (II) DO
"" i\'J ,,, Provisions pour risques DP 2 234 149 1 886 742
§&~
:~·t:Jj Provisions pour charges DQ 4 052 226 3 957 466
£g~
c., TOTAL(ll DR 6286 375 5 844 209
Emprunts obligataircs convertibles DS

Autres cmpnmts obligataires DT
Emprunts et dcttes aupres des ctablissemcnts de credit (5) DU
~ Emprunts et dettes financieres divers (Dont emprunts nmiicinatifa DV 2 574 959 1 952 507
!;I')
;.:.:i A vanccs et acomptes rei;us sur commandes en cours DW 15 225 722 18 259 518
t:
;.:.:i
Ci DX 6 211 793 3018361
DY 4 742 568 5 828 331
Dcttes sur immobilisations et comptes rattachcs DZ

Autres dettes EA 2 502 367 6 263 281
Comple
reguL Produits constates d 'avance (4) EB 2 623 533 2 356 853
1---"'~.....;.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~--l
TOTAL (IV) EC 33 880 942 37 678 852

1--~~~~~~~_,;.~~~~~~~~-l
Ecarts de conversion passif"' (V) ED 499 164 164 821

1--~~~~~~~~~~~~~~~~-l
TOTAL GENERAL (I a V) EE 109 610 692 99 951 587
(I) Ecart de reevaluation incorpore au capital 1B

Reserve Speciale de reevaluation ( 1959)
(2) Dont Ecart de reevaluation libre
Reserve de reevaluation ( 1976)
(3) Dont reserve Speciale des plus-values a long terme * EF 75 098 75 098
(4) Dcrtes ct produits constatcs d'avance amoins d'un an EG 17 898 499
(5) Dont concours bancaires courants, et sol des crediteurs de banques et CCP EH
>!". De~ cxplicutio11s conct'mant cctte rubrique Si.mt donnCes dans la notice n° 2032
CO!VlPTE DE.RtSULTAT DE L'EXERCICE (En llst~)l ···········································-··..!
DGViP N° 2052 2013
DGFIP C5113.l 7
'leant
*
Exercice 'l
l::xercice (N l)
France Expo11atioth d Total
. _ _ _ _ _ _.;,_._llv~'raisons intr:ll'01nmunau..t:acic:cr":::.~s..,-,......._. _ _ · - · - - - ········--·-·-···---·-
f biens * FD 5242911 FE 49 111 609 FF 54 354 520 52 318 062

Production vendue '\
z services * FG 1 682485 FH 3 073 139 Fl 4 755 624 3 545 582
§
< Chiffrcs d'affaircs nets * FJ 6 925 396 FK 52 184 748 FL 59 110 144 55 863 644
r-- -------- ----
6....J Production s!\1ckee* Bl 2 098 181 807 143
c..
>< Production immobilisee* FN 38 586 356 538
------
FO
Reprises sur amortissements et provisions. transfet1s de charges* (9) FP 4 003 384 4 902 163
Autrcs produits (l} (11) 358 236 317 967

Aehats de marchandiscs (y compris droits de douanc)* FS

·--~--------~-~-- -------~~~
Variation de stock (marchandises)* FT (15 084) 520
Achats de maticres premieres et autn:s appro' isionnements (y compris droits de douane)* FU 14 845 083 13 387 997
Variation de stock (matieres premieres et approvisionnemems)* F\' 250 628 (348 968)
Autres achato> ct charges extemes (3) (6 bis)* FW 13915170 12 573 142
lrnp6ts, taxes et versements assimiles* f'X 1 814 332 1 363 455
Salaires et traitements* FY 9 631189 9 751 911

___.., ~-----·-----
Charges socialcs n 0) f' Z 4 800 415 4 933 536

.......................
GA 337 410 295 101

! Sur tmmobilisations{
doiations aux provisions* GB
Sur actifcirculant: dotations aux provisions* GC 265 053 676 821
- ····--·-···------·
Pour risques et charges . dotations aux provisions GO 4 068 754 4150916
···-·-·
Autres charge& (12) GE 164 308 87 277

~---------------~--------------~~----! 1--~------~---------l
Total des charges d'exploitation (4) (JI) GF 50 077 257 46 871 707
ULTAT D'EXPLOITATION (I • II) GG 15 531 274
Benefice attribue ou pe1te transferee* (III) GH

Pate supportcc ou benefice transfCre* (IV) GI
Produits finarn:iers de participations ( 5) GJ 2 454 202 226 372
···---··
Produits des autres valeurs mobiliercs et creann:s d.o l'a<:tif immobilise (5) GK 869 861 883 533
v
z
Autrcs intercts et produits a'isimiles ( 5 J GL 237 136 395 073
z<
Reprises sur provisions et transf\:rts de charges G\1 50 520 360 410
••••••www•••••••••••••-••••••••••••••••••••••••www••••••••••••••••••••••
Differences positives de change G.\1 62 567 354 925
Pmduits nets sur cessions de vakurs mobili0rcs de placement GO

Total des produits financiers (V) GP 3 674 287 2 220 313
Dotations financieres aux arnortissements et provisions* GQ 17 736 25 520
lnterC!s et charges assimilees (6) GR 351 083 365 776
Differences negatives de change GS 126 317 541 780

L.•www•-~•-••-•
Charges ncttes sur cessions de valcurs mobilicres de placement GT

1------~~-~~-~~~~~~-l
Total des i:harges financicres (VI) GU 495 135 933 075
"- 2 • RESULTAT FINANCIER (V ·VI) GV 3 179 152 1 287 238

e 1--------------------------~--------------1 f---~------~~---------1
o 3. RESULTAT COURANT AVANT IMPQTS (I· II+ Ill· IV+ V ·VI) GW 18 710 425 16 662 984
~L-~~~~-~-~~~~---IR-F-·N_V_O_IS~1-·oi-rt-ah-k-,a-u-n'~2~0,~~3~)*~D-e-s-ex--p-hc-at-iu-n-sc-o-nc-,em-a-n-rc-,e-tte-r-ub-.ri-qu-e-sl->n-td~o-1m-e-cs~d~an-s-la~n-ot-l~--n-"-2-03-2-.----~---~------l
:,.;
DG:FiP N° 2053 2013
Designation de l'entrcprisc ._;f\!v'.Fi'

Neant LJ *
i
Exercice N Exerclce N • 1
·-··
HA
. Produits exceptionnels sur operations de gestion 109
~1
-··.. ···- ·-·-
, Produits exceptionncls sur operations en capital * HB
~g : Reprises snr provisions et transferts de charges ff(' 84 555 i 313 888
Total des produits exceptionnels (7) (Vil) HD 84 555 i 313 997

'
1f
- Charges exceptionncl !cs sur operations de gcstion ( 6 bis)
---------·-· -----~ -~~---
HE
-~-----
36 822 '
-·----- ·-·
106
1::.. Charges exceptionnelles sur operations en capital
Dotations exceptionnelles aux arnortissements et provisions

*
··------ ·--
HF
HG
31 659
112 607
~
80 062
Total des charges exceptionnelles (7) (VIII) HH 181 088 80 169
4 . RESULTAT EXCEPTIONNEL (VII-VIII) HI (96 532) 233 828
Participation des salaiics aux resultats de l' cnlreprise (IX) HJ 1 369 861 1 748 150
·--·----·--···-·-·-·---- ·------·-· ··-------------··-·· - ---·- ----·---·-- -·--~··- ... ···--- ----·------·
lmpots sur lcs benefices * ·········---· -~~-
(X)
--··..
HK 4 571 126 i 5 374 388
~--··---~~"
TOTAL DES PRODUITS (I+ III+ V +Vil) HL 69 367 373 64 781 764
.....
TOTAL DES CHARGES (II+ IV+ VI+ VIII+ IX+ X) HM 56 694 467 55 007 489
5 . BENEFICE OU PERTE (Total des produits ·total des charges) HN 12 672 906 9 774 275
(1) Dont produits nets particls sur operations a long terrne HO

produits de location immobilieres HY
(2lDon! '~--~--~ ..- - - - -----~" ---~' ' .. .. " .....
produits d' exploitation afferents ades cxcrciees anteri curs (a d6tailler au (8) ci-dcssous) JG 13 291
' '
Credit-ball mobilier * HI' ,...........................
(3) Dont
- Credit-bail immobilier HQ ~·-·
860 615 889 735
i (4) Dont charges d 'exploitation afforentcs ades exercices antericurs (a detailler ao (8) ci-dcssous) IH 33 767
....... ·-"""
i (5) • Dont produits concernant les entreprises liees

. .
lJ ,................ 1503838
··---·· ---- ------·-·-- ~ ~-m---··• ..
(6) i Dont interets concernant les entrepriscs lii;Ses IK 21 750
'(6bis)i Dont dons fails aux organismes d'interet general (art.238 bis du CG.I.) HX
...... ---· .................
, (91 I Dont uansfens de charges Al
'(IO) i Dont cotisations personnelles de I' exploitant ( 13 l '
A2
·····-
(11): Dont redcvances pour concessions de brevets, de licences (produits) A3
1/:
6 i 021 I Dont rcdcvanccs pour concessions de brevets, de licences (charges) A4 ,...................... 51 313
>
z r l' i Dont p;1mes et cotisations '""
..
~
:X : · .J • · nnelks : facultatives obligatoircs A9 I I
(7) ' Detail des produits et charges exceptionnels (Si le nombre de lignes est insuffisanl, reproduire le cadre (7) er le Exercice N
' ioindr~_.en annexe) '. ... cnarges lTOdU11' .,
. ... ' '·'·~··············
' ~------ ..
··---~-- -·· --~-~ ------- ------- ---·--· ......
,... Exerdce :'\I" ......

(8) Detail des produit> et charges sur exercices anterieurs Cliorues <mterieum
·~---
Prodmts antCrii:-un.
'
'"'"'"""""'" ... ~
i
>): Des explications <:onccmant tcttc rubrique sont donnC-es dnns la notke r/ 2032.
CAME CA
92230 GENNEVILLIERS
Numero Siret: 40309221600031
ANNEXE
Date d'arrete des comptes: 31decembre2013
1. Presentation de la socictc
La Societe a etc creee le 13 Decembre 1995 sous la forme d'une S.A.R.L. au Capital enticrement libere
de 50 568 Francs, soit 7 709,04 euros. Le l3 Mai 1996, l'Assemb!ce des Associes decide de transfonner la Societe en S.A.
regie par la Joi en vigueur et par Jes statuts au Capital entierement libere de 28 l 736 Francs, soit 42 950,38 euros.
Confom1ement aux decisions prises par l' Assemblee Generale Extraordinaire du 20 Juin 1996, M.S.I. (Materiels
Scientifiques International) a pris le eontrole du Groupe S.P.T.M.-CM1ECA.
Le 29 juin 2001, la societe M.S.I. a ete acquise par la societe M.A.!. (Micro Analyse Instruments) dont le premier exercice a
etc clos le 31 deeembre 2002.
Le 30 novembre 2001, M.S.I. a absorbC S.P.T.M.-CAMECA par fusion simplifiee suivant la decision de l'Asscmbke
Gcncralc Mixte Ordinaire et Extraordinaire.
Le 5 aout 2002, la societe M.S.l.(Materiels Scientifiques International) a absorbe CM1ECA, sa filiale operationnelle. suivant
la decision de 1' Assembke Generale Mixte Ordinaire et Extraordinaire. De plus, M.SJ. a change de denomination sociale et
de forme et est devenue CAMECA SAS afin de preserver son identite et son nom commercial vis avis de ses clients.
Le 6 avril 2005, la societe CAMECA est detenue a l 00 % par Micro Analyse Instruments, dctenue elle-meme a I 00 % par la
soeiete Financiere-Cameca.
Aux termes d'une deliberation en date du 28 juin 2006, CAMECA, l'associc unique de Biosims SARL, a decide de dissoudre
sa filiale, par transmission universe lie du patrimoine (TUP) avec effet rcrroactif au 1er janvier 2006.
Le 9 aout 2007, le fonds Carlyle Europe, actionnaire de financiere-Carneca, tete du Groupe CMIECA, a cede ses titres au
Groupe Al'v1ETEK Inc. La soeiete Financiere-Cameca est dctenue a l 00 "••par la nouvelle holding Ametek Holdings SARL.
Le I"' novembre 2011, la societe CAMECA est detenue a 100 % par Ametek Holdings SARL suite a la dissolution des
societes Micro Analyse Instruments ct Financiere-Cameea.
La societc CAMECA a pour objet :

L'etude, la fabrication et la vente de tous appareils OU elements d'appareils electroniques et meeaniques de hautes precisions
en paitieulier d'instruments scientifiques.
L'annee soeiale commence le !er janvier et finit le 31 deeembre.
2. Faits margmrnts de l'excrckc

La soeiete CAMECA a poursuivi sa croissanee (- +6% de chilfre d\iffairi.:s) grace a unimportant camel de commandes et a
augmente sa rentabilite par des efforts constants d'amelioration de sa productivite.
3.
Une convention d'integration fiscale a etc signee en janvier 2008 entre la soeiete Ametek Holdings SARL, tetc de groupc,
ct la societe CAMECA.
Page 2sur19
4.
Les comptes annuels de CAMECA sont etablis scion les normes definies du plan comptable general de 1999, au PCG
art. 53 1-1 § l ct au Code de Commerce art. R 123-1 80.
I1 est fait application des recommandations du Conseil National de la comptabilite, de l'Ordre des Experts Comptables et
Cornptables Agrees et du Conseil National des Commissaires aux Comptes, ainsi que Jes autres principes comptables
generalement admis.
Les eomptes de I' actif sont etablis sur la base des couts historiques.
Les couts d' emprunts ne sont pas incorpores dans la valorisation des actifs corporels et incorporels.
Au bilau
Les dettes et creanees en rnonnaies etrangeres sont enregistrees au cours du jour de la transaction. A l'atrete des cornptes,
elles sont valorisees au taux en vigueur a la date de cloture. Les ecarts provenant de cctte actualisation sont inscrits aux
comptcs '' Ecarts de conversion actif »pour les pertes latentes et« Ecarts de conversion Passif »pour les profits latents.
Au compte de rcsultat
Les ecarts de change defavorables sur operations en devises font l'objet de provisions pour risques dotecs pour leur totalite
sur l'exercice de lcur constatation.
5.
Les methodes d'evaluation et de presentation rctenues pour etablir !cs comptes de l'exercice 2013 sont demern·ees inchangees
par rapport accllcs de l'exercice precedent.
6.
Les immobilisations sont comptabilisees conforrnement aux reglements CRC 2002-10 ct 2004-06.
Cessions
Valeur Valeur
(en euros} Acquisitions Diminutions
debut d'excrcicc fin d 'excrcice
Misc au rebut
LogicieLs 403 968 65662 448105

Fonds Commercial 12931800 12 931 800
Teirain s Batis
Biltiments
lmmo. Agencement Amenag. Contruct. 293 745 28698 322443

Materiel Outillage Industriel I 931584 !18 482 -l5U040 I 900026
Corporel.
Materiel de Transport
Materiel Bureau ct lnfornmtique 302 615 86103 -fi310 382408
Mobilicr 344 737 21 046 t\00 359 983
A utres participations 462 347 462 347
lmmo. Creances sur participations l98 844 198 844
Financ. Prets 41541 139 5 369 861 000000 44911000
Autres imrnobilisat. financii:rcs 23450 11 832 35282
Total 58 235 384 5 900 528
Page 3sur19
Les frais de recherche et de developpement ne sont jamais immobilises et sont comptabilises en charge pour 4 870 K€.
Le fonds de commerce a fait I' objet d'une reevaluation de 12 913 506 € !ors de la fusion du 05 aout 2002. Cette reevaluation
n'a pas subi rimp6t (4 304 502 €)en application du regime de faveur prevu a !'article 210 du Code General des !mpots.
Le fonds de commerce n'est pas amorti et n'a pas fait l'objet d'une depreciation suite au calcul de valorisation «Impairment
test»
Les immobilisations corporelles, acquises apres la fusion du 05 aout 2002, sont evaluees a leur cout d'aequisition
immobilisations transferees lors de la fusion correspond a!curs valeurs nettes comptables aujour de la fosion.
Les acquisitions de la penode correspondent ades renouvellements de materiels devenus obsoletes.
Les sorties de la periode correspondent a des mises au rebut de materiel.s en fin de vie.
La valeur brute des titres de participation est eonstituee par la valeur d'appo11 ou d'acquisition hors frais accessoires.
Une provision est constituee si la valeur d'usage d'un titre devient infericure a sa valeur d'entree. Cette valeur d'usage est
determinee en fonction de l'actifnet re-estime de la filiale.
• CAMECA detient les actions des filiales etrangeres (Cameca-USA, Cameca-UK, Cameca-KOREA Cameca-TAIWAN et
Cameca-Gmbh) a 100 % pour 455 944 € ct Jes autres titres pour 6 403 €.
• Un pret total de 42.8 M euros a ete aceorde a Ametek BY pour 40,3 M euros et a Ametek M.A. Holdings Gmbh pour 2.5 M
euros correspondant ala tresorerie excedentaire aprcs financement du BFR.
• Les autres immobilisations financieres sont constitnees de depots de garanties pour 35 282 euros.

debut d'exercice fin d'exercice
Logicicls 379407 27 587 385 469
Agencernent Arnenag. Contract. 136 906 31466 168 373
Materiel Outillage lndustriel 967 908 199 880 1045068
Materiel de Transport 0
Materiel Bureau et lnfonnatique 185 274 44767 228069
Mobilier 174 882 33 710 20"2792
Total 1844377 337 410 -152 016 2 029 771
Dotation;~ -~~~Ir~ Reprises ]

derogaioires derogaroires .1
Logiciels
""=~~~~k-;
I:
23 155 J~~··~1~ 555
Les immobilisations incorporelles (logiciels) sont immobilisecs et amorties au prorata temporis sur l'annee d'acquisition.
Elles sont amorties comptablement sur trois ans. Elles font egalement I' obj et d'un amortisscment derogatoire.
L'amo11issement des immobilisations corporelles est calcule suivant le mode lineaire qui permet de mieux prendre en
compte la depreciation economique des immobilisations, en respectant le cadre defini par Jes prineipes eomptables et fiscaux.
Page 4 sur 19
Les dun~cs ct modes habitucls d'amortissements pratiques sont resumes ci-apres :
- Construction 20 ans Lineairc

- Machines-outils. materiel ct outillages industriels 3 a 10 ans Lineaire
- Mobilier ct materiel administratif a
5 I0 ans Lineaire
- Agcneements des constructions, installations generales 5 ans £1 10 ans Lineairc
Pour Jes amortisscments des bicns app01tes !ors de la fosion, Jes dun~es d'amortissemcnts correspondent a la duree restant a
courir dans lcs livrcs de la societe absorbee.
Les stocks. matiercs premieres ct fournihrrcs, sont evalues a !cur cout standard d'achats. Les stocks de produits finis ct lcs
travaux en coun; sont evalues a !cur cout standard de production. Les stocks, valorises en cout standard, sont corriges
annuellemcnt d'unc pait. des ecarts sur achats constate pour Jes matieres premieres ct marchandises ct d'autre part. de l'ecart
constate sur la valcur recllc du cout de la main d'reuvrc (pour lcs cn-cours ct !cs produits finis).
Les stocks font l'objet d'une depreciation lorsque le cout dcvicnt supericur ala valeur probable de realisation.
Les frais generaux commerciaux, administratifs ct financiers, ainsi que Jes frais de rcchcrche et de dcvcloppcmem nc faisant
pas l'objet d'unc conm1andc client, sont dircctement pris en charge dans l'exercicc.
Valcur brute Vafour uctte V.brute N-J V. nettc N-l

. Matiere s premieres 2 942 822 2 392 148 3 193 450 2 597 048
. En cours de production de bicns 15 775 451 15 775451 13857145 13 857 145
. Produits intennediaircs et finis l 4ll6 738 1 131 826 I 226 863 921 328
. Marchandlscs 77983 76 lll 62900 54 584
Total 20 202 994 19 375 536 18 340 358 17 430 105
Va le ur de but Valeurfin
Provision pour depreciation Augmentations Diminutions
d 'e xe rcic e d'e xe re ice
Matieres premieres 596 402 160 284 206012 550 674

Produits intennediaircs ct finis 305 535 104769 135 392 274912
Marchandises 8 316 6 443 1 873
Total 910 253 265 053 347 847 827 458
Les avanccs vcrsees anos sous-traitants s'elcvcnt a 181 150 curos.
Les creanccs sont cnregistrecs au bilan pour lcur va!eur nominalc. Cc1taines creanccs sont evcnmcllemcnt depreciecs, scion
la methode suivantc :
La ereance constatec est depreciec de 500/o de son montani hors taxe en fin d'cxcrcicc, si clle est supCrieurc a un an
d'cxistence. ct si clle nc fait pas par aillcurs l'objct d'nnc provision cas par cas.
a a
Elle scra depreciee l 00 % si son existence est supericurc dcux ans, dans lcs memes conditions precisees ci-dcssus.
Page 5 sur 19
Par ailleurs, une depreciation complementaire individualisec peut Ctrc constatce !ors de I' analyse du portefcuille en fonction
d'evcnements connus spccifiqucs.
~ature des creanccs Montan ts

Fournisseurs - avances vcrsees
Fmrn1isseurs - avances versees 181 150
Sous total 181 150
Clients 9 120 218
Clients douteux ou litigieux (I) 75 098
Clients - factures aetablir 96 678
Autrcs creances
Personnel 99 154
Impots ct taxes (2) 192 437
Comptes courants groupe (3) 14 369 824
Divers dcbiteurs 42 758
Sous total 14 704173
Total 24 177 316
(! J Cn;ances douteuses dep1«;ciees it hauteur de I()() ~/~
(2! TV,J ii dCduire

(3! Cn'wu:es sw Ametek Holdi11gs sari (appon des societes MAJ ct Finanl'ierc-Cameca TuppeesJ

Pro\ision pour dfprl-eiation Augmentations Diminutions
d'exercice d'exereice
Clients et comptes rattaches 9! 379 16281 75098
.J Fdi(•ander de~ <'n.,~mces
...... Q Creanccs sur participations 198 844 198 844

:;:::
E 44 911 000
<"' E Prets 44 911 000
Autrcs immobilisations financicres 35 282 1] 832 23 450
Clients douteLLx ou litigieux 75 098 75 098
Autres creances clients 9216896 9 216 896
Personnel ct comptes rattaches 99 154 99 154
..
= S6curit6 socialc et autres organismes sociaux
="'...
·u Et at ct autres
fmpots sur !es benefices
T axe sur la valem· ajoutee 192 43 7 192437
=
-
<""
collectivites
publiqucs
Autres impot& taxes
Divers
C1iarges constatees d'avance 145 504 145 504
IDTAL 69 286 796 24 277 248 45 009 548
Page 6 sur 19
Factures restant a etablir Sill' Jes interventions du S.A.V. 96 678
Inten~ts courus sur Jes prets 2111000
2 207 678 euros
Ce poste comprend uniquement des disponibilites au 31decembre2013:

Banques 6()47 169
Caisses 63
Total 6 047 232
Nature Montauts
Contrats de maintenance l 723
Assurances 7 452
Autres ( Location, Abonnement, Fluides ) 93024
Total 145 504
Les charges payees d'avanee sur les abonnements et !es contrats de service ont ete calculees prorata temporis.
Ils proviennent essentiellement des creances clients etablies en devises. A cc titre, nne provision pour perte de change a ete
1.
7.t
a
Le capital social est fixe la somme de six millions sept cent quatre-vingt deux milk cent (6.782.100) euros. II est divise en
quarante-neufmillc dcux cent soixante-six (49.266) actions de meme valeur nominale.
Son capital est detenu a 100 % par Ametek Holdings sari depuis le 01 novembre 2011, date des operations de dissolution
sans liquidation des societes Micro Analyse Instruments et Financiere-Cameca.
Page 7 sur 19
La deliberation de l'associe unique du 28 juin 2013 decide d'affeeter l'integralite du benefice de l'exereice 2012
(9 774 275 euros) au poste «Report a nouveau».
( eneuros) Omerture Augmentation Dhidendes Diminutions Res ultat 2013 Cloture

Capital souscrit verse 6 782100 6 782100
Prime de fusion J 127442! 11274 421
Reserve legale proprcment <lite 678 210 678 210
Phis value net. LT. reserve lcgalc 3 270 3 270
Plus value net. LT. res. Reglement. 71 829 71829
Reserve d!verses 5 690 944 5 690 944
Report anouveau solde creditem· 21 965 19! 9 774 275 31739466
Provisions reolementees 23466 23 155 311165
RESULTAT 2012 9 774275 II
0 56 271304
RESULTAT 2013 12 672 906 12 672 906

TOTAL 56 263 705 9 797 4311 II .9 7!19 830 12 672 9116 68 944 211
Les provisions pour risques et charges sont constatees lorsque Jes risques et charges sont nettement precises quant aleur objet
mais dont la realisation est incertaine et que des evenements survenus ou en eours rendent probables.
Pro·visions Dotations Reprises Prolisions

( eneuros) Utilisation
al'ouvertnre de l'exercice sans objet ala cloture
. Provisions pour litiges (a) ll 6 000 89 298 69 000 136 298
. Garanties donnees aux clients (b) 1418923 I 545 150 l 423 412 I 540 661
. PCnalites clients (e) 326 300 154 326 454
. Pert es de changes 25 520 17 736 25 520 17 736
. Aurres pour risques 0 213 000 213 000
. Pensions et obligations similaires (d) 1883177 168 048 100 768 I 950 457
. Medaillc du travail (e) 583 651 17 387 42 656 558 382
. Travam restant aeffectuer (f) l 490 638 2 125 168 2 072 420 I 543 387
TOTAL 5 844 209 4175 941 25 520 3 708 255 6 286 375
Les dotations et reprises des provisions pour risques et charges se repartissent par nature comrne suit ·

Exploitation 4 068 754 3 708 255
Financier 17 736 25 520
Exceptionnel 89 452
Total 4 175 941 3 733 775
Page 8sur19
TI s'agit des litiges prud'homaux.

Cette provision est calculec en fin d'exercice, par machine linee ct sous garantie, au prorata de la duree restant acourir.

II s' agit des penalites contractuelles apayer pour retard de hvraison.
d) Pro'tisions pour indemnites de depart en retraite

L'indemnite de fin de carricre susceptible d'etre versee est actualisee et ponderee des probabilites de vie et de presence dans
rentreprise, ala date de cloture.
Ci-aprcs !es hypotheses retenues pour le calcul de la provision conformement a la convention collective de Ia :-.1etallurgie :
o Age previsionnel de depart a Ia rctraite : 65 ans
o Taux d'inflation: LOl2 %
o Table de mortalite: Source lnsee 2009-2011
Aucun engagement en maticre de retraite n 'a ete constate dans Ies eomptes de la soeietc al'egard des dhigeants.
e) Pro'tisions pour medaille du travail

Les medailles du travail susceptibles d'etre versees sont aetualisees ct ponderees des probabilites de vie et de presence dans
I' entreprise, ala date de cloture (hypotheses similaires ala provision de depart en retraite).
f) Provision pour travaux restant a effectuer

Cette provision, ealculee en crn1t complet, correspond aux couts d'installation non effectuees des machines livrees jusqu'au
31/12/2013.
Les couts d'empmnts ne sont pas incorpores dans Ia valorisation des aetifa corporels et incorporels.
Nature des creances Montan ts

FJnprunts et dettes financieres <hers
f'anicipations des salaries (!) 2 518 853
lnterets coums sur panicipations (2) 56106
Total 2574 959
(1) Participation des salaries rcla1ive aux exercices 2008, 2010, 2011 et 2012 hloqa<;e en compte eo111w1t
(2) fnt<'rets eourus des participations sur la p<'riode du 01105113 au 31112113
Ce sont Jes avances pen;ues des clients pour !es livTaisons de materiel arealiser pour un montant de 15 225 722 euros.
Page 9sur19
7.:u. Dettcs
Repartition des dettes d' exploitation par nature :
Nature des dettes Montan ts

Clients - avances re1;ues
Clients - avances rq:ues 15 225 722
Fournisseurs et comptes rattachcs
Fournisseurs 4 194 75 l
Fournisseurs effets apayer 466 148
Fournisseurs Facturcs non parvenucs I 550 894
Dettes fiscales et sociale~
Personnel ( 1) 2 583 364
Impots ct taxes t2) 123 257
Total 26180 083
(1) dont dettes pour conges pares el RTT pour 895 Kf

Dcttes pour participation des salarie5 pour I 3 70 Kf
(2) don! TVA collectee pour J.7 Kf

Autres Taxes pour 93 Kl:'
Repaitition des dettes divcrses par nature :

Au tres dettes
Agents commissionnaires 2 308 339
Redevances 150 235
Crediteurs divers ( 1) 43 793
Total 2 502 367
(I) dont cotisations pour 23 K euros et prestations bancaires pour 5 K euros.
:J E:~:;;:;:;:;: ·· des dettes

A plus d'l an
5 ans au plus
Ernprunts ct dettes financiercs divas 2 574 959 315 996 2 258 963
Fournisscurs et comptes rattachcs 6 211 793 6211793
Personnel et cornptes rattache> 2 583 364 2 583 364
SCcurite sociale et autres org. sociaLLx 2 035 947 2035947
Fiat et autres lmpots sur !es benefices
coll ecthites Taxe sur la valeur aJoutee 27 062 27 062
publiques Autrcs impots, taxes & assi. 96 195 96 195
Autres dcttes 2 502 367 2 502 367
Produits constates d'avance 2 623 533 2 623 533
TOTAL 18655221 16 396 257 2 258 963
Page 10 sur 19
Emprunts et dettes financieres divers 56106
Dcttcs foumisseurs et comptes rattaches l 550 894
Dettcs sociales 2 570 841
Dettes fiscales l 133 552
Redevances 150 235
Antrcs (cotisations. divers) 23 268
5 484 896 Euros
Nature Montants
Produit5 d'exploitation
Contrats de maintenance SA V (l) 2 100 931
Marchandises faclurees non livrees (2) 522 602
Total 2 623 533
(I) Les contrats de services sont factures aux clients pour unc pCTiodc a courir exprimcc en jours. A la cl6ture. la part calcndairc non echuc
est constatee d' avancc.
(2) La provision correspond ades accessoires 11011 livres relatifs a des machines livrees. factnrees.
Les profits latents s'elevent a 499 164 Euros. Ils proviennent des avances pen;ues des clients pour 50 692 Euros et des dettes
fournisseurs pour 448 472 Euros.
Page 11 sur 19
8.
Le fait generateur du chiffre d'affaires est le transfert de propriete. D'une maniere generale. le transfert de propriete resulte.
J.- Ventilation du clliffre d'affaires (en milliers d'curos)
-FRANCE 6925 7 780 3 769

- UNION EUROPEEN>JE 15949 4384 8022
-U.S.A. ! CANADA 5 560 4 587 11028
-ASIE ! PACIFJQUE 29625 31272 25694
-AUTRES l 050 7 841 251
TOTAL 59 llO 55 864 48 764
Nb de machines vendues 22.0 23.0 22,0
La part du Service Apres Vente dam; le chitfre d'affaires reprcsente 11. I soit 6 607 milliers d'euros.
La zone« Autres » regroupe Jes pays tels que la Russie, la Norvege, la Suisse. I' Algcrie, I' Afrique du Sud, !'Arabie Saoudite,
la Turquie et l'lsrael.
Page 12 sur 19
Ce poste, pour un total de 358 236 euros, comprend des Debits Non commcrciaux (70 K€), la rcfacturation des frais de
personnel (109 K€), ct des redevances (146 K€) aux entites du Groupe.
2013 2012 201 I
Autres produits 358 236 317 967 56 359
Le montant des autres achats ct charges extemcs, qui s'elevc a 13 915 milliers d'euros, comprend Jes acbats de
sous-traitances industtielles (2 407 K€), !cs achats non stockes de matieres et foumitures (477 K€). !es remiscs sur autres
achats (- 4 K€), les autres charges extemes (l l 035 Kf) detailles ci-dessous :
Autres charges c:xternes 2013 2012 2011
Senices e:xterieurs
Sous-traitancc generale (I) 2 997 676 2 795 978 3 437 588
Redevances de credit bail (2) 860 615 889 735 927 360
Locations (3) 63 995 75 027 66224
Entrctkn, reparation. maintenance 255 321 168 425 202 o/27
Primes d'assunmce (4) 99174 95 627 90 725
Etudes et recherches 105 205 213930
Documentation 8 818 19 953 13 567
Frais de colloques. seminaires. conferences 69 541 49426 103 091
Sous mtal 4 460 345 4 308101 4 841482
Autres senices e:xtericurs
Personnel inteiimaire 442 319 360776 111 587
Remuneration d'intermediaires et honoraires (5) 3 517 473 2 872 607 3 356 763
Publicite, publications. relations publiques 1745 10961 15 510
Deplacements. missions et receptions (7) 1438 283 l 310 975 1447159
Frais postauxet de tClecommunications 55 170 68277 47988
Services bancaires et assimilcs 201394 181 734 96221
Divers (8) 143 031 130 774 114 715
Sous total 6 574 341 5 700 323 6 018 467
Total 11034686 10 008 424 10 859 949
( J) Prestations pour 1 027 KE, autres prestations dccentralisees pour 1 359 KE, exploitation informatique pour 187 KE, nettoyage et
gardiennage des locaux ponr 415 KE.
(2) Remboursement du credit bail immobilier que Camcca a souscrit aupres de BNP ex Fortis Lease pour financcr le nouveau siege.
(4) Couvertures concernant la rcsponsabilite civile, la muhirisque industricllc lY compris la pcrtc d'exploitation}. le transport des
marehandises, la floue automobile et Hommes CJes pour le credit bail immobilicr.
(5) Commissions sur ventes pour 3 340 KE, honoraires pour 174 K€' (dont 81 K€ verses aux commissaires aux comptcs) et
divers pour 4 KE.
(6} Transports sur achats pour 252 K€, transports et emballagcs sur ventes pour 504 KE et divers pour 19 KE.
(7) Frais de voyages pour 512 K€, de missions pour 812 KE ct de receptions pour 115 KE.
(8) Cotisalions des organisations pour 43 Kt. et frais de rccrutcrncnt pour 100 KE.
Page 13 sur 19
Redevances (!) 147198 51313 97221
Divers (2) 17 I JO 35 963 8 345
TotaJ 164 308 87 277 105 566
( 1) redevances versees ades organismes (CNRS, ONERA) pour !'utilisation de !ems brevets dans nos machines
(2) dont pertes sur crcances irrecouvrables de 16 281 Euros
( eneuros) 2013 2012 2011
Res ultat d' exploitation 15531274 15375 746 8159 372
Res ultat financier 3179151 l 287 238 367 117

- Dividendes et revenus des prets (I) 3 324 063 I 1119 906 504 721
- Charges d'interets (2) -IU8 6ll S76
- Res u!tat net de change -ri3' -186 f() 998
-Autres charges et produils (3) 4:!1 137 909 80 032
- Provisions pour risques (4) 32 784 334 890 ,34
Res ultat u~nt impilts 18 710 425 16 662 985 8 526 490
Res ultat excepiionnel 233 828,38 -692 700

- Penalites clients 3
- Penalites fis cales -3fJ
- Provisions pour risques et charges (5) 052 233 825
- Autres charges ct produits (6) -61\ 348
Participations et interessements
lmpfits sur les benefices de l'exercice
Credit Jmpilt recherche 438 257 196 324 189447
Res ultat net de I' exercice 12 672 906 9 774 275 4 685 251
(I) dont Dividendes re9us des filia!es pour 2 454 202 euros
Revenu s du pret a Ametek B V pour 806 000 euros
Revenus du pret a Ametek Gmbh pour 63 861 euros
(2) dont !ntcrels sur participation en compte c-0irrant bloque pour < 77 835 > euros
lnterets de l'avance Cameca GmbH pour l 667 > curos
(3) don! Revenus factures it Ametek Holdings Sari selon la convention de tresorerie pour 237 !35 euros
Swap de taux (Leasing) pour < 271 557 euros
(4) Provisions pour risques financiers pour 32 784 curos
(5) dont Amortissements derogatoires pour < 7 600 > euros

Provisions pour litiges pour 20 298 euros
(6) dont VNC des immobilisations mises au rebut pour 31 659 > euros
Page 14 sur 19
Une provision de I 369 86 l Euros a 6t6 constat6e dans Jes comptes de la societ6 au titre de la participation confonnement a
!'accord de participation signe lc 25 juin 2010.
7.
Repartition de l'inpot Bases Taux34.261%
18 710425 6410401
Res ultat cxceptiouucl _g{, 532 fi73
Resultat social 12 672 906 4 341 880
Deficits imputes () ()
Resultat fiscal: Benefice 14621186 5 009 383
Le resultat fiscal de l'exercice (14 621 186 €) genere 1111 impot a payer de 5 009 383 euros.
Un credit d'imp6t en faveur de la recherche pour 438 257 Euros et un credit d'impot pour la eompetitivit6 pour l'emploi
pour 96 543 euros ont ete constates dans les comptes de la soeiete .Ces credits s'imputent sur l'impot sur Jes soci6tes, soit un
impot net apayer de 4 474 583 Euros.
Cette somme est transferee chez Ametek Holdings SARL, la tete de groupe, dans le cadre de I'integration fiscale.
Au 31/1212013 CAMECA Cameca Olma Airetek Caireca Caea c~ireca Am,1ek Alrelek Airetek Antav~ Airetek Am;tek Ametek AMETEK AMETEK
i en euros) FRANCE USA UK JAPA~ KOREA TAIWAN GMBH SHANGHAI INDIA BRASIL SAS inc USA IJ,IBH Holdings BY
Au bi/an
Aclif
Prets
Pitteur 44911@00
2563 861 42347119
Crell!lces d'ex~oitation
Coqites cuurants Canm 14369824
Coqitcs c{iurams partenaires 14169824
Cl~ms 2530 304
Filraks partenaires 2{);12364 ]18748 19070 106326 19588 7281 3125 3996 9807
Passif
Dettes d' eXfioitation

Fournisseur5 8915 651
Filiales partenaires 6653426 16983 7379 808 !27 770905 ~58737 44 778 i7171 17182 !56S3 5081}
Page 15 sur 19
An 31112/2013 CAM!:'CA Ca11£ea Cam:ca Ametek Ca11£ca Cameca Cameca Anl::tek Am.:tek A1retek A\iETEK A},!ETEK
( cneums} FRA'lCE USA UK JAPAK KORE>\ TA!WAK CMBH SHANGHAI l'lDIA lTALY SHA\lGHAI GMBH SARL Holdings BV
Au L'ompte de resultat
Prodnits <!'exploitation
, Ventes auxfiliaies 7 675 120
. Societes partenaircs 5438421 8512 [ 125 799 316 694 287 762 467 820 7281 19 804 25&J 448
,Prestations facturees aux filial 234 836
. Sociites 2}4 836
Charges <!'exploitation
. Aehats aupres des tlliales 2 332 874
. SociCtCs 22XI077 ·6526 58 323
,Prestatiom faites par Jes filiale 3 964 476
, Societes partenaires 329 341J 83872 ll6 297 1024 71] 1182743 1167 5l3
Prodnits financiers
. Dividendes re~us 2 454 068
.lnterets courus arecevoir l 106 996
. Societes pancnaire> 63~61 237 135 806 000
Charges financieres
,lnterets et charges arnmiles 1667
, Societes panenaires J 66i
10.
• Des cautions ct avals aceordes ades clients par Jes banques pour notre compte s'elevent a 14 082 918 E pour Jes marches
ctrangers.
• Une assurance Homme Cle a ete souscrite pour un total de 750 000 euros sur l personne.
• II n'existe pas de garanties de passif, d'engagements de suretc et d'actes de nantissements au 31 deeembre 2013.
• PITCH Promotion, a cede par acte notarie du 21/l 2i2005 son terrain - 29 quai des Gresillons a Gennevilliers(92).
et a vendu en etat futur d'achevement till immeuble a usage de bureaux et d'activites pour une surface de 7 420 m2 a
BNP exFortis Lease. La livraison a eu lieu le 13 juillet 2006.
Cc meme jour, dcvant notaire Fortis Lease a signe un credit immobilier avec Cameea pour cet ensemble immobilier pour
une duree de 12 ans et une valeur de 12 340 000 euros dont une avance de 1 million euros a ete versee. Les
remboursements ont commence a eompter de la livraison.
Ci-apres la ventilation de l'immeuble par nature:
Terrain : I 500 OOOE

Construction :7840000€
Agencements :3000000€
Page 16 sur 19
Dans le cas oil la societe avait acquis cc bien, l'amortisscment de la nouvelle usine (construction et agcncements),
decomposee en 4 groupes avec des durees de vie respectives de 8 I I 0 I 25 et 30 ans, aurait ete de 468 048 euros par an.
Credit bail Capital amorti Capital amorti Engagement

immobilicr Cumul Exercice Net
12 340 000 - 4 718 355 - 751 975 6 869 670
A an
Echeancier A I an au plus A plm de 5 ans
et 5 ans au lus
Credit bail immobilier 780 688 3 003 982
Le prix d' acquisition a I'expiration du credit bail sera de 3 085 000 euros
Les effectifs moycns par categoric se decomposent comme suit :

Ouvriers 27
ETM1 79
Ingenieurs 72
178
Nombre d'heures ouvertes au titre du droit individuel a la fom1ation (DIF) au 31.12.2013 17 861.50 heures
Nombre d'heures de fonnation consommees au titre du DJ.F. au 31.12.2013 175 heures
Aucune demande de formation n'ayant ete deposee par les salaries au 3 L12.2013, et acceptee par la direction, la societe n 'a
pas juge utile de procedcr aune provision au titre de cet engagement.
et
Neant
de
Neant
Neant
Page 17 sur 19
Confonnement aux articles L.233-16, L.233-17 et R.233-15 du Code de Commerce, la societe, dont le capital est detcnu a
100'% par la societe Ametek Holdings SARL depuis le 9 aoi\t 2007, n'etablit ni ne publie de comptcs consolides pour
I' exercice clos le 31 deccmbre 2013, etant precise que :
- Jes comptes des societes controlecs directemcnt ou indirectement par la societe Ametek Holdings SARL sont inclus dans
Jes eomptes consolides de l'ensemblc plus grand d'entreprises etablis par la societe Ametek lne., soeiete de droit
americain,
- ccs comptes sont completes par la mention dans ]'annexe des comptes annuels de la soeiete Ametek Holdings SARL
des infonnations signifieativcs visees aI' article R233-15 du Code de Commerce.
1.
Neant
2,

5500 Nobel Drive
Madison, WI 5371 L
CAMECA UK
PO box 88, Wilmslow
Cheshire SK95BE
Grande-Bretagne

3th floor (309), 906-5 Jui-dong,
Youngtong-ku, Su-won City
Kyunggi-do
Coree du Sud

IOF-6, N° 120, Sec. 2
GongDao Wu Road
30072 Hsin Chu
Tai'wan
CAl\'IECA GmbH
D-85716 Unterschleisshcim
Allemagne
Page 18 sur 19
CAMECA CAMECA CAMECA CAMECA CAM EC A

l!.S.A U.K.ltd KOREA TAIWA!\ GMBH
USll mw !On! :VrD EUR
CAPITAL 270 000 30 000 50 000 000 1000000 25 000
Reserves (inclut Resultat de l'exercice) 35 489 586 (6281) 1 506 155 919 41544615 2 068 126
Quote--part de Capital detenu en % 100% 100% 100% 100% 100%

Euros 322 508 46 574 35 496 26366 25000
Devises 395 645 30 000 50 000 000 l 000 000

Euros
Devises

Euros 30 266 462 95904 3 656 073 2 061 275 4 021 523
Devises 40 2!0 568 80 985 5315626353 81618 174 -
Resultat au 31/12/2013 (taux de cloture)

Euros 8 822 566 <7 557> 851 255 823 512 I 431 203
Devises 12154092 <6 281> J 238 137 083 33 905638 -
Dhidendes verses
- Euros 198 844 779 299 I 332 018
-Delises 165 275 1 133 478 521 54841888

- Euros
- Devises
Date d'ouverture 01101/2013 01/01/2013 01101/2013 01101/2013 01101/2013
Date de cloture 31/12/2013 31112/2013 31/12/2013 31/1212013 31/l2/2013
Page 19 sur 19
« CAMECA »
92230 Gennevilliers
PROCES-VERBAL OE LA REUNION DE l' ASSEMBLEE GENERALE ORDINAi RE DU 30 JUIN 2014
EX TRAIT
11'••·······...... ,. ..................... i< . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TROISIEME DECISION
l'Assoclee Unique decide d'affecter le benefice de l'exercice s'elevant a 12 672 906 (en totalite
du credit du compte « report a nouveau »qui s'eleve, apres affectation du benefice, a44 412 372
{.
L'Assodee Unique prend acte qu'il n'a pas ete procede a des distributions de dividendes au titre des
1"1 . . . . . . . . . . . . . . . . . . . . . . . . . . ,. • • " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ • • • • ,. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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It is Not possible to perform a full text search of the content of published annual financial statements and publications Pursuant to sections 264 para. 3, 264b
of the Commercial Code (HGB).
Information about filed annual financial statements can be retrieved from the Company Register.
Publication
Name Area Information Relevance
date
Dunker Motors GmbH Accounting / Annual financial statements for fiscal year from 08/26/2013 100%
Bonn village in the finance reports 01.01.2012 to 31.12.2012
Black Forest
Dunker Motors GmbH
Bonn village in the Black Forest
Annual financial statements for fiscal year from 01.01.2012 to 31.12.2012
Auditor's Report
We have audited the annual financial statements - to 31 December 2012, including the accounting and the management report of
Dunkermotoren GmbH, Bonn village, for the business year from January 1 - comprising the balance sheet, profit and loss account and
notes. The accounting and preparation of financial statements and management report in accordance with German commercial law are
the responsibility of the Company's management. Our responsibility is to express an opinion on the basis of on our audit, on the
financial statements, including the accounting and the management report.
We conducted our audit in accordance with § 317 HGB and promulgated by the Institute of Auditors (IDW) and German generally
accepted auditing standards. Those standards require that we plan and perform that misstatements materially affecting the
presentation of operations in the annual financial statements in accordance with principles of proper accounting and in the
management report of the assets, financial and earnings position, with reasonable assurance be detected. In determining the audit
procedures Knowledge of the business activities and the economic and legal environment of the Company and expectations as to
possible misstatements are taken into account. During the audit, the effectiveness of the accounting-related internal control system
and the evidence supporting the disclosures in the annual financial statements and management report are examined primarily on a
test basis. The audit includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements and the management report. We believe that our audit provides a
reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion based on the findings of our audit, the annual financial statements comply with legal requirements and, in compliance
with generally accepted accounting principles give a true and fair view of the assets, financial and earnings position of the company.
The management report is consistent with the financial statements as a whole provides a suitable view of the Company's position and
suitably presents the opportunities and risks of future development.
Stuttgart, April 2, 2013
Ernst & Young GmbH

auditing firm
Matischiok, auditors
Mehnert, auditors
https://www.bundesanzeiger.de/ebanzwww/wexsservlet?global_data.language=en&session.sessionid=f748fcbc0e68ac7f659652f3ddb5c027&page.navid=gotola… 1/16
Balance sheet at 31 December 2012
Assets
31.12.2011
EUR EUR EUR
A. Fixed assets
1 Purchased patents and similar rights and assets and licenses of such 30,333,182.00 37,089,861.00
rights and assets
2nd goodwill 14,302,564.67 21,453,847.07
44,635,746.67 58,543,708.07
II. Tangible assets
1. Land, leasehold rights and buildings, including buildings on third party 3,857,107.54 3,368,862.54
land
2 Plant and machinery 8,220,982.00 8,592,514.00
3 Other equipment, factory and office equipment 2,844,704.22 3,185,603.22
4 Advance payments and construction in progress 1,182,587.77 1,970,125.92
16,105,381.53 17,117,105.68
1 Shares in affiliated companies 4,848,200.42 4,448,200.42
2nd investments 40,000.00 40,000.00

4,888,200.42 4,488,200.42
65,629,328.62 80,149,014.17
B. Current assets
I. Inventories
1 Raw materials and supplies 6,361,906.05 6,361,743.16
2 Work in progress, work in progress 2,069,536.48 2,069,412.91
3 Finished goods and merchandise 5,183,163.82 5,051,556.22
13,614,606.35 13,482,712.29
II. Receivables and other assets
1 Receivables from goods and services 11,979,450.66 11,357,424.73
2 Receivables from affiliated companies 33,713,996.41 13,120,382.13
3 Receivables from companies in which an investment is held 254,406.96 0.00
4 Other assets 153,008.84 4,333,661.36
46,100,862.87 28,811,468.22
III. Cash and balances with banks 4,230,633.94 1,074,170.76
63,946,103.16 43,368,351.27
C. Prepayments and accrued income 64,984.00 248,906.00
129,640,415.78 123,766,271.44
Liabilities
31.12.2011
EUR EUR EUR
A. Capital and reserves
I. Subscribed capital 2,050,000.00 2,050,000.00
II. Paid-in capital 106,034,224.97 70,475,000.00
III. Accumulated loss -5202668.07 -13601256.03
102,881,556.90 58,923,743.97
B. Provisions
1 Provisions for pensions and similar obligations 8,312,174.00 7,582,296.00
2 Tax provisions 0.00 172,663.90
3 Other provisions 8,824,022.44 11,116,739.74
17,136,196.44 18,871,699.64
C. Liabilities
1 Liabilities to banks 0.00 35,450,000.00
Second received on orders 852,508.21 924,077.44
3 liabilities for goods and services 6,853,956.80 7,557,840.18
4 Liabilities to affiliated companies 941,725.75 530,786.76
5 Other liabilities 974,471.68 1,508,123.45
of which taxes EUR 489,411.10 (prior year. TEUR 434)
9,622,662.44 45,970,827.83
129,640,415.78 123,766,271.44
Profit and loss account for 2012
2011
EUR EUR EUR
1 Revenues 136,368,747.36 140,144,302.29
Second increase (PY. Decrease) in inventories of finished goods and 525,245.01 -507971.08
work in progress
3 Other own work capitalized 252,761.27 276,099.14
4 Other operating income 2,292,651.02 1,714,028.75
which income from currency translation EUR 259,316.22 (prior year.
TEUR 266)
139,439,404.66 141,626,459.10
5 Cost of materials
a) Cost of raw materials and supplies and of purchased merchandise 56,527,716.60 57,530,151.03
b) Cost of purchased services 871,518.08 1,115,180.46
6 Staff costs
a) Wages and salaries 35,322,577.51 36,046,853.28
b) Social security contributions and expenses for pensions and other 6,573,008.45 6,523,831.08
employee benefits
of which pension costs EUR 404,729.42 (prior year. TEUR 226)
7 Amortization of intangible fixed assets and tangible assets 18,169,460.24 18,549,429.89
8 Other operating expenses 12,675,150.79 13,547,069.48
which expenses from currency translation EUR 298,741.74 (prior year.
TEUR 295)
130,139,431.67 133,312,515.22
9 Other interest and similar income 344,282.12 156,038.80
thereof from affiliated companies EUR 285,975.11 (prior year. TEUR 107)
10 Interest and similar expenses 1,402,145.99 3,256,631.53
which from the compounding of provisions EUR 661,109.00 (prior year.
TEUR 521)
-1057863.87 -3100592.73
11 Profit from ordinary activities 8,242,109.12 5,213,351.15
12 Taxes on income and earnings -222217.23 12,642,449.37
13 Other taxes 65,738.39 99,832.68
14 Income from loss absorption 0.00 7,528,930.90
15 Net income 8,398,587.96 0.00
16 Vororganschaftlicher loss carryforward 13,601,256.03 13,601,256.03
17 Accumulated deficit -5202668.07 -13601256.03
Notes for the financial year from 1 January to 31 December 2012
A. General Information
The financial statements of the Dunker Motors GmbH, Bonn village, was after the commercial accounting provisions of §§ 242 ff., And
placed §§ 264 ff. HGB as well as the relevant provisions of the Limited Liability Companies Act in EUR. The requirements for large
corporations.
The income statement is presented using the total cost method.
Since 1 January 2011 there is a profit and loss transfer agreement with the parent company Direl GmbH, Bonn village. Since January 1,
2011 was a income tax sharing agreement with Direl GmbH. With effect from 1 January 2012 is due to the agreement signed on
December 7, 2012 profit transfer agreement between the Direl GmbH (former controlling company) and the Direl Holding GmbH, Bonn
village (new controlling company) an income-tax group between the Dunker Motors GmbH (Subsidiary Company) and the Direl Holding
GmbH.
B. Accounting and Valuation Methods
For the preparation of the financial statements, the following accounting and valuation rules were applied.
Acquired intangible fixed assets are stated at acquisition cost and, if subject to wear are amortized over their expected useful lives.
The depreciation is based on a useful life of 3-5 years usually. Impairment losses occur at a permanent impairment of value. In the
fiscal year, however, no impairment losses were recognized. Internally generated intangible assets i. S. d. § 248 para. 2 HGB were not
activated. The goodwill from the merger of Dunkermotoren GmbH on the former Dunkermotoren
Holding GmbH, Bonn village, in fiscal year 2010 will be amortized over a period of 5 years. The amount recognized in the context of this
merger brand name "Dunker Motors" is over five years, customer relationships are amortized over seven to ten years over three to
fourteen years and product-related know-how.
Tangible fixed assets are stated at acquisition or production cost and, if depreciable assets, less scheduled depreciation. In the cost
of self-constructed assets allocable overheads and led by the manufacturing depreciation are included in addition to the direct costs.
The useful life is 2 to 10 years for buildings and land improvements 10 to 50 years, technical equipment and machinery 5 to 10 years
as well as other equipment, factory and office equipment.
Low-value assets up to an individual net value of EUR 150 are fully depreciated in the year of acquisition and expensed as incurred;
their immediate
Disposal being assumed. For the financial year ended 31 December 2009 was for
Acquired fixed assets with an individual net worth of more than EUR 150 to EUR 1,000 of the tax to be formed annually collecting items
for reasons of simplicity in the trade balance. This is a flat rate of 20 percent per annum in the year of acquisition and depreciated the
next four years. Since fiscal year 2010, assets with an individual net worth of more than EUR 150 to EUR 410 including be written off
immediately. Depreciation on additions to property, plant and equipment are made pro rata temporis.
Shares in affiliated companies and participations are stated at cost or at the lower fair value.
Inventories are valued at acquisition cost or at the lower current values.
The inventories of raw materials and supplies are enabled for moving average or lower market prices plus reasonable incidental
acquisition costs on the balance sheet date.
Work in progress and finished goods are valued on the basis of individual calculations based on the management accounts at cost,
which includes directly attributable material costs, manufacturing costs and special costs as well as production and material costs and
depreciation are taken into account. General and administrative costs were gem. § 255 para. 2 3 HGB enabled.
In all cases, was made for loss by deductions for outstanding costs have been made of the likely sales prices.
Trading goods are valued at lower of cost or market prices.
All discernible risks in inventories, arising from above-average storage duration, reduced utility and lower replacement costs are
covered by appropriate devaluations.
Receivables and other assets are stated at nominal value. All risk-bearing items is accounted for by making appropriate allowances for
doubtful debts.
Provisions for pensions and similar obligations were calculated using the declining balance in installments projected unit credit method
("projected unit credit method") using the "mortality tables 2005 G" by Prof. Dr. Klaus Heubeck. For discounting the average market
interest rate for a remaining term of 15 years was used by 5.05% according to the Rückstellungsabzinsungsverordnung of 18 November
2009.
In addition, the provision investigation were based on the following calculation assumptions:
31.12.2012
Probability of dying RT 2005 G
Invalidisierungswahrscheinlichkeit RT 2005 G
Of marriage RT 2005 G
Rate of compensation increase 2.50%
Indexation 1.75%
Dynamic contribution ceiling
statutory pension 2.25%
The calculation of the turnover rate occurs with age-related annual turnover probabilities.
Furthermore, there are defined benefits occupational pension from pension accounts on the basis of employee-funded contributions,
the capital converted into building blocks and be credited corresponding pension accounts (Dunker Motors pension account). It is an
insurance-linked pension plan which according to the December 31, 2012. § 253 para. 1 sentence 3 HGB was measured at the fair
value of the underlying back-cover insurance. The fair value of a back-cover insurance is demanding plus from the so-called business
plan coverage capital of the insurance company. Approximately one existing credit from rebates (so-called. Surplus sharing). The sole
purpose of meeting the pension obligations serving, the all other creditors confiscated assets (plan assets i. S. d. § 246 para. 2
sentence 2 HGB) were charged at their fair value with the provisions.
The provisions for part-time were calculated using the declining balance in installments projected unit credit method ("projected unit
credit method") using the "mortality tables 2005 G" by Prof. Dr. Klaus Heubeck. If an interest was taken into account, the interest rate
was set at 3.81%.
Serving the sole purpose of meeting the retirement obligations, which all other creditors confiscated property (liability insurance,...
Fund assets i p d 2 § 246 sentence 2 HGB) were charged at their fair value with the provisions.
Other provisions account for all contingent liabilities and contingent losses from pending transactions. They are recognized in the
amount dictated by prudent business judgment settlement amount (ie including future cost and price increases). Provisions with a
remaining maturity of more than one year were discounted. As far as the underlying obligation has an interest component or is a
pension obligation without consideration, the provision at present value at an interest rate depending on the estimated utilization
between 3.69% and 4.22% was applied.
Liabilities are carried at their settlement amount.
Foreign currency denominated assets and liabilities were translated at the average spot exchange rate at the balance sheet date.
Gains and losses from exchange rate fluctuations are taken into account at the balance sheet date. With a remaining maturity of more
than one year, the realization principle (1 sentence 1 HGB § 253.) Are (§ 252 para. 1 no. 4 sentence 2 HGB) and the cost principle
observed.
C. Notes to the Balance Sheet
Fixed assets
The development of the individual items of fixed assets is annexed to include depreciation of the financial year.
Intangible assets are mainly found in the past were made from January 2, 2010 Fusion of Dunkermotoren GmbH on the former Dunker
Motors Holding GmbH. In addition to the goodwill (EUR 35,756) 34,200 thousand, the brand name "Dunker Motors" TEUR 6,900 as well
as product-related know-how and development services TEUR 8,653 were recognized for customer relations. At the balance sheet
date, net book values result in the amount of TEUR 14,303 (goodwill) and EUR 29,882 (other items). Intangible assets comprise the
remainder purchased software.
Disclosure of shareholdings
Society Share in% Currency Equity in LW Years result in LW

Dunkermotoren Taicang Co., Ltd., Taicang, China 100.00 CNY 54,053,619.23 4,908,550.36
Dunker Motors USA Inc., Elgin, United States 100.00 USD 695,421.51 60,531.53
Dunker Motors Italia srl, Milan, Italy 100.00 EUR 73,676.32 36,126.66
Dunker Motors UK Ltd, Southampton, UK 100.00 GBP 48,953.71 10,668.39
Dunker Motors Korea, Republic of Korea 100.00 KRW 62,157,388.00 2,757,293.00
Dunker Motors doo Subotica, Subotica, Serbia 100.00 RSD 51,141,946.32 -8573691.70
Dunker Motors Linear Systems Ltd., Basildon, UK 100.00 GBP -4797.20 -237558.77
Dunkermotoren France SAS, Cailloux sur Fontaines, 100.00 EUR -49,352.40 -88,585.51
France
Christian Leuen GmbH Engineering Services for 50.96 EUR -310612.20 -111578.97
Electrical Engineering, Bayreuth, Germany
Receivables and other assets
Receivables from shareholders exist in the amount of TEUR 2,426 (PY. TEUR 10,552).
Receivables from affiliated companies include trade receivables in the amount of TEUR 1,974 (PY. TEUR 2,014).
All receivables and other assets have a residual maturity of up to one year as last year.
Deferred taxes
Due to the tax group, the deferred taxes of a company on organ support Direl Holding GmbH are recognized.
Equity
The share capital of Dunkermotoren GmbH is fully furnished and the balance sheet date EUR 2,050,000.00. The sole shareholder is the
Direl GmbH, Bonn village. Between the Dunker Motors GmbH (ergebnisabführende society) and the Direl GmbH (income recipient
company) is effective as of 1 January 2011, a profit transfer agreement. Because of this contract, the entire net income of the Dunker
Motoren GmbH is paid to the Direl GmbH or taken over an otherwise incurred net loss.
In connection with the acquisition of Dunker Motors Group in fiscal year 2012, the AMETEK Material Analysis Holdings GmbH, Kleve, to
repay the existing loan liabilities of Dunkermotoren GmbH from the syndicated. As a result of the repayment of the syndicated loan by
AMETEK Material Analysis Holdings GmbH, Kleve, was a claim for compensation of AMETEK Material Analysis Holdings GmbH against the
Dunker Motoren GmbH in the amount of 35,559,224.97 EUR. This claim for compensation was filed by the AMETEK Material Analysis
Holdings GmbH indirectly holds Direl Holding GmbH and Direl GmbH in the capital reserve of Dunkermotoren GmbH according to § 272
para. 2 no. 4 HGB.
Provisions
31.12.2012 31.12.2011
EUR EUR
Provisions for pensions and similar obligations 8312 7582
Provisions for taxes 0 173

Warranty provisions 4560 5040
Retirement obligations 598 1117
Personnel-related provisions 1712 2304
Impending losses from pending transactions 295 675
Other 1659 1981
17,136 18,872
Other provisions mainly comprise provisions for outstanding invoices.
Information on transfer pursuant to § 246 paragraph 2 sentence 2 HGB with the provision for the insurance-linked pension commitment
(Dunker Motors pension account).:
EUR
Settlement amount of offset liabilities 2402
Fair value of assets (liability insurance) 2402
Allocated costs 0
Allocated income 0
The fair value of assets equals the origination costs.
Information on transfer pursuant to § 246 paragraph 2 sentence 2 HGB with the provision for partial retirement.:
EUR
Settlement amount of offset liabilities 1724
Fair value of assets (liability insurance) 1126
Allocated costs 0
Allocated income 0
The fair value of assets equals the origination costs.
Liabilities
The remaining terms are shown in the table of liabilities in detail.
31.12.2012 31.12.2011
in EUR thousand in EUR thousand
Residual Residual Residual Residual Residual Residual
maturity <= 1 maturity> 1 maturity> 5 maturity <= 1 maturity> 1 maturity> 5
Total year year years Total year year years
Liabilities to banks 0 0 0 0 35,450 0 35,450 0
Advance payments 853 853 0 0 924 924 0 0
received on orders
Liabilities for goods 6854 6854 0 0 7558 7558 0 0
and services
Liabilities to affiliated 942 942 0 0 531 531 0 0
companies
Otherwise. Liabilities 974 974 0 0 1508 1508 0 0
9623 9623 0 0 45,971 10,521 35,450 0
Liabilities to affiliated companies in the amount of TEUR 942 (PY. TEUR 531) liabilities for goods and services.
The liabilities to banks were fully repaid on 21.05.2012 with all ancillary obligations by AMETEK Material Analysis Holdings GmbH.
Contingencies
As of the date warranty statements for existing and future liabilities to suppliers in favor of the subsidiary Dunker Motors Linear
Systems Ltd., Basildon, in the amount of kGBP 20 There is also a performance guarantee for the rental obligations of the Dunker
Motors Linear Systems Ltd. and the Dunker Motors doo Subotica, Subotica. In favor of the subsidiary pleas- ant Dunker Motors Italia
srl
is an indemnity in the amount of EUR 49 and for Dunkermotoren France SAS in the amount of TEUR 19th
The risk of claims from this warranty statements is considered low due to the expected positive business outlook of subsidiaries.
The company is liable pursuant to § 73 AO for such taxes of the controlling, for which the fiscal unity between the two is fiscally
important.
Off-balance sheet
1) Operating - Leasing:
a) Buildings
31 December 2012 has obligations under operating leases for the logistics center in Bonn village in the amount of TEUR 3,607 (PY.
TEUR 4,083). Purpose is the optimization of cash and cash equivalents. All risks remain with the lessor. Advantages are the
optimization of cash and cash equivalents.
b) IT Equipment
31 December 2012 are obligations from operating leases for computer equipment in the amount of TEUR 611 (PY. TEUR 52). Purpose is
the optimization of cash and cash equivalents. All risks remain with the lessor. Advantages are the optimization of cash and cash
equivalents and the minimize risks regarding aging and failure of computer equipment.
c) Motor vehicles
31 December 2012 are obligations from operating leases for motor vehicles in the amount of TEUR 354 (PY. TEUR 364). Purpose is the
optimization of cash and cash equivalents. All risks remain with the lessor. Advantages are the optimization of cash and cash
equivalents and risk minimization.
Maturity of other financial commitments from lease contracts:
2013 2014 2015 2016 2017 2018ff. Total

EUR EUR EUR EUR EUR EUR EUR
Building 493 484 485 486 448 1211 3607
IT Equipment 194 159 152 106 0 0 611
Motor vehicles 199 118 37 0 0 0 354
Total 886 761 674 592 448 1211 4572
Other financial obligations
In addition to the aforementioned liabilities and off-balance sheet transactions, other financial obligations amounting to TEUR 7,161
(PY. TEUR 8,833). These obligations relate to purchase commitments for investments and production materials in the normal course of
business.
Derivative financial instruments
31.12.2012 There are two interest rate caps in the form of a maximum rate agreement, which was completed on 01/10/2010 with an
original maturity of 15/11/2013. These interest rate caps were used to hedge the interest rate risk of the loans under the syndicated
loan, which was repaid in full 5/21/2012 with all ancillary obligations. The reference amount denominated in each of 25 million euros.
The fair value for each interest rate cap agreement TEUR 0 (previous year:. EUR 6).
The assessment will be based on current market data using market standard valuation methods.
Transactions with related parties
In fiscal 2012, there were no transactions with related persons or companies under normal market conditions.
D. Notes to the profit and loss account
Revenues
Breakdown by business sector
2012 2011
EUR EUR
AC Motors (AC and DC motors) 2866 3194
BRDC motor (DC commutator motors) 79511 82469
BLDC motor (Brushless DC Motors) 36446 34883
Ven. BI-motor (blinds and places drives) 12,382 13,500
Accessories and Miscellaneous 5164 6098
136369 140144
Breakdown by market
2012 2011
EUR EUR
Germany 77660 78668
Rest of Europe 38824 41,322
North America 6730 6194
Other countries 13,155 13,960
136369 140144
Further information on sales are included in the management report.
Other operating income
2012 2011
EUR EUR
Reversal of provisions 1109 473
Foreign exchange gains 259 266
intercompany balances 606 759
Insurance refunds 55 0
Other 264 216
2293 1714
Other operating income (TEUR 473 PY.) Are period income of EUR 1,164 included.
Other operating expenses
2012 2011
EUR EUR
Consulting expenses 1789 2454

Services 1876 1646
Maintenance costs 1493 1592
Commissions 2223 1825
Nietaufwendungen 852 838
Ausgangsfracht- / packing 999 1133
Marketing expenses 513 477
Compensation for sales representatives 0 1525
Other 2930 2057
12,675 13,547
Amortization of intangible fixed assets and tangible assets
Amortization expense for the year amounted to TEUR 18,169 (previous year:. TEUR 18,549). Impairment losses were recognized.
Interest and similar expenses and similar income
The item interest and similar expenses include the interest portion of pension obligations, the retirement obligations, the anniversaries
and the death benefit obligations in the amount of TEUR 641 (PY. TEUR 491) as well as the interest portion of the warranty obligations
of TEUR 20 (PY. TEUR 30).
Taxes on income and earnings
Due to the tax sharing agreement with Direl Holding GmbH are recognized both the effective and the deferred income taxes on the
level of Direl Holding GmbH. The post-tax income and earnings includes a tax refund in the amount of TEUR 235 as well as other income
tax expense of EUR 13 Both of these issues relate to pre-consolidation assessment periods.
E. Other information
Members of the management
Graf, Nicholas, Bonn village in the Black Forest, Chairman of the

Board
Guckelberger, Frank, Huefingen, commercial management
Brunner, Volker, Kirchzarten, technical management
Members of the Supervisory Board
Manfred A. Bergsch, technician (as of 24 May 2012)
Rolf Singendonk, Kaufmann (as of 24 May 2012)
Oswald Rebmann, toolmakers
Dr. Winfried Walzer, Management Consultant (until 21 May

2012)
Claus von Hermann, Investment Manager (until May 21, 2012)
The Supervisory Board received no remuneration during the financial year.
Employees on an annual average
Average number of employees during the financial year employees (full time equivalents):
2012 2011
EUR EUR
General Administration 99.4 84.5

which trainees 44.4 36.0
Direct production employees 366.1 411.7
Manufacturing indirect employees 161.0 167.3
Research and Development 65.3 63.7
Distribution 46.3 48.2
738.1 775.4
Auditors' fees
In the 2012 financial year amounted to the fees of Ernst & Young GmbH auditing firm, Stuttgart, pursuant to § 285. 17 HGB total of
EUR 98 accounted for auditing EUR 52 and EUR Tax on 46th
Group Relationships
The Company is an indirect 100% subsidiary of Ametek Material Analysis Holdings GmbH, Kleve. The financial statements of the
Company in the consolidated financial statements of AMETEK Inc., Berwyn, United States, incorporated (largest scope of
consolidation).
To prepare consolidated financial statements, the Company was not required at December 31, 2012, as the AMETEK Inc. prepares
consolidated financial statements with effect of releasing the company.
The exempting consolidated financial statements of AMETEK Inc. is prepared using the accounting policies of the US-GAAP, is the seat
of AMETEK Inc. in Berwyn, HR no. (USA) IRS 14-1682544 available and is in German language with the Federal Gazette by the Ametek
Material Analysis Holdings GmbH in Kleve, HR no. HRB 9403, disclosed.
The substantially different accounting, valuation and consolidation methods between American (US-GAAP) and German (HGB)
accounting in relation to the consolidated financial statements of AMETEK Inc., Berwyn / USA are set forth below.
Intangible assets / goodwill
Under US-GAAP identified in connection with the acquisition of the Dunker Motors Group by Ametek Material Analysis Holdings GmbH
intangible assets were recognized at their fair value and - unless their useful life is determinable - amortized over its expected useful
life. These relate to the brand "Dunker Motors", customer relationships and product-specific know-how. Customer relationships are
amortized over a useful life of 20 years, the product-specific know-how of over 15 years. The brand name is subject due to the
indefinite useful life not be amortized.
The resulting as part of an acquisition, goodwill is subject to US-GAAP is not amortized but is at least annually tested for impairment
and written down if necessary.
Property and equipment
Under US-GAAP identified in connection with the acquisition of the Dunker Motors Group by Ametek Material Analysis Holdings GmbH
tangible assets are recognized at their fair value and amortized over its expected useful life.
The useful lives according to HGB and U.S. GAAP are as follows:
US-GAAP (fair
Asset HGB new value *) US-GAAP new
Buildings and equipment 10 - 50 years 10 - 25 years 10 - 40 Years
Technical equipment and machinery 5 - 10 years 7 years 7 - 10 years
Other equipment, operating and office equipment 2 - 10 Years 2 - 4 years 2 - 10 Years
Low-value assets Pool depreciation N/A WA
5 years
* Remaining useful life of inventories carried at market value Vermögengsgegenstände new
Provisions for pensions and similar obligations
Both HGB and US-GAAP, provisions under the projected unit credit method ("projected unit credit method") were determined. Actuarial
gains and losses are HGB as income or expense, according to US-GAAP (corridor method) recognized directly in other comprehensive
income (OCI - other comprehensive income).
The calculation parameters according to HGB and U.S. GAAP are as follows:
HGB US-GAAP
31.12.2012 31.12.2012
Market interest rate 5.05% 3.55%
Rate of compensation increase 2.50% 2.50%
Rentend dynamics 1.75% 1.75%
Dynamic contribution ceiling statutory pension insurance 2.25% 2.25%
Other provisions
The possibilities for creating provisions are more restricted in the US GAAP than under HGB. Provisions must be made in accordance
with US-GAAP, when an obligation to a third party, the utilization is probable ("more likely than not") and the anticipated amount of
the settlement amount of the required provision can be reliably estimated. It also discounting is to be considered if this can be
reasonably estimated. Provisions under German GAAP are valued at the expected settlement amount and discounted at a residual
maturity of more than one year. The discount rate is based according to US-GAAP to provide returns that are realized at the balance
sheet date on high quality fixed-income corporate bonds. After HGB this interest is basically a runtime corresponding average market
rate over the past seven years.
Deferred taxes
By the BilMoG a high degree of harmonization in the calculation system and measurement of deferred tax was generated. Pursuant to §
274 HGB tax loss carryforwards are only to be considered if in the next five years, a loss offset is expected. After HGB is an option to
recognize a deferred tax overhang, according to US-GAAP, deferred taxes are reported.
Bonn village, March 28, 2013
Dunker Motors GmbH
The Management
Development of fixed assets for the year 2012
Acquisition and production costs

1.1.2012 Additions Departures Changes 31.12.2012
EUR EUR EUR EUR EUR
1 Purchased patents and similar rights and assets 52,753,508.33 204,855.78 -264730.93 56,175.20 52,749,808.38
and licenses in such rights and assets
2nd goodwill 35,756,411.77 0.00 0.00 0.00 35,756,411.77
88,509,920.10 204,855.78 -264730.93 56,175.20 88,506,220.15
II. Tangible assets
1. Land, leasehold rights and buildings, including 8,596,898.69 202,344.47 -224932.40 618,587.58 9,192,898.34
https://www.bundesanzeiger.de/ebanzwww/wexsservlet?global_data.language=en&session.sessionid=f748fcbc0e68ac7f659652f3ddb5c027&page.navid=gotol… 10/16
buildings on third party land
2 Plant and machinery 36,429,351.36 683,629.27 -2029971.29 887,043.80 35,970,053.14
3 Other equipment, factory and office equipment 24,054,508.47 1,273,133.56 -2396708.41 212,124.18 23,143,057.80
4 Advance payments and construction in progress 1,970,125.92 986,392.61 0.00 -1773930.76 1,182,587.77
71,050,884.44 3,145,499.91 -4651612.10 -56,175.20 69,488,597.05
1 Shares in affiliated companies 4,448,200.42 400,000.00 0.00 0.00 4,848,200.42
2nd investments 40,000.00 0.00 0.00 0.00 40,000.00
4,488,200.42 400,000.00 0.00 0.00 4,888,200.42
164,049,004.96 3,750,355.69 -4916343.03 0.00 162,883,017.62
EUR EUR EUR EUR
1 Purchased patents and similar rights and assets and licenses in 15,663,647.33 7,002,955.98 -249976.93 22,416,626.38
such rights and assets
2nd goodwill 14,302,564.70 7,151,282.40 0.00 21,453,847.10
29,966,212.03 14,154,238.38 -249976.93 43,870,473.48
II. Tangible assets
1. Land, leasehold rights and buildings, including buildings on third 5,228,036.15 332,648.05 -224893.40 5,335,790.80
party land
2 Plant and machinery 27,836,837.36 1,908,167.07 -1995933.29 27,749,071.14
3 Other equipment, factory and office equipment 20,868,905.25 1,774,406.74 -2344958.41 20,298,353.58
4 Advance payments and construction in progress 0.00 0.00 0.00 0.00
53,933,778.76 4,015,221.86 -4565785.10 53,383,215.52
1 Shares in affiliated companies 0.00 0.00 0.00 0.00
2nd investments 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
83,899,990.79 18,169,460.24 -4815762.03 97,253,689.00
Book values
31.12.2012 31.12.2011
EUR EUR
1 Purchased patents and similar rights and assets and licenses in such rights and assets 30,333,182.00 37,089,861.00
2nd goodwill 14,302,564.67 21,453,847.07
44,635,746.67 58,543,708.07
II. Tangible assets
1. Land, leasehold rights and buildings, including buildings on third party land 3,857,107.54 3,368,862.54
2 Plant and machinery 8,220,982.00 8,592,514.00
3 Other equipment, factory and office equipment 2,844,704.22 3,185,603.22
4 Advance payments and construction in progress 1,182,587.77 1,970,125.92
16,105,381.53 17,117,105.68
1 Shares in affiliated companies 4,848,200.42 4,448,200.42
2nd investments 40,000.00 40,000.00
4,888,200.42 4,488,200.42
65,629,328.62 80,149,014.17
Management report for the business year from 1 January to 31 December 2012
I. Business and the Environment
Operations
Subject of the Dunker Motoren GmbH is the development, manufacture and sale of electric drives and controls, especially electric
motors and gear units with associated control electronics including software and the provision of services in this area, especially in
connection with drive designs and commissioning.
The Dunker Motors GmbH supplies actuators for applications in the following market segments (% of direct sales of sales):
• General Automation (19%)
• Door automation (12%)
• Industrial automation (24%)
• Sunscreen (9%)
• Medical and laboratory technology

(12%)
• Motifs (10%)
• Other (14%)
The purpose product portfolio includes mainly used:
• DC collector motors (GR / G)
• Brushless DC motors (BG)
• Phase and three-phase motors (KD / DR)
• Blind and actuators (D)
• Planetary and worm gearboxes (PLG /

SG)
• Control electronics (RS / BGE)
• Brakes (E)
• Servo components (RE / TG

/ ME)
• Linear motors
Corporate law environment
With the parent company Direl GmbH, Bonn village, there is a profit and loss transfer agreement.
The sole shareholder of Direl GmbH is the Direl Holding GmbH, Bonn village. This was May 21, 2012 by AMETEK Material Analysis
Holdings GmbH, Kleve, acquired. The AMETEK Material Analysis Holdings GmbH in turn is a subsidiary of AMETEK Inc., Berwyn / USA.
The financial statements of the Company are included in the consolidated financial statements of AMETEK Inc..
In connection with the acquisition of Dunker Motors Group in fiscal year 2012, AMETEK has Material Analysis Holdings GmbH to repay
the existing loan liabilities of Dunkermotoren GmbH from the previous syndicated. As a result of the repayment of the syndicated loan
by AMETEK Material Analysis Holdings GmbH was a claim for compensation of AMETEK Material Analysis Holdings GmbH against the
Dunker Motoren GmbH in the amount of 35.6 MEUR. This claim for compensation was filed by the AMETEK Material Analysis Holdings
GmbH indirectly holds Direl Holding GmbH and Direl GmbH in the capital reserve of Dunkermotoren GmbH according to § 272 para. 2 no.
4 HGB.
Development of industry and economy as a whole
The short-term nature of the project business and the uncertainty of the overall economic development have caused the 2012
financial year at Dunker Motors for significant fluctuations in capacity utilization. At the beginning of the year increased slightly
compared to the previous year due to stronger project business sales. This was due in particular the demand for drives for industrial
automation and door automation. During the year, the demand decreased and in particular products for the segments door automation,
motives and sun protection were less decreased in the fourth quarter. Regionally, the Asian market has moved significantly below
expectations, while North America could easily grow. Demand in Germany has declined slightly over the previous year.
Impairments caused by supply shortages of the magnetic material from rare earths are not performed in 2012.
II. Earnings
Contract development and sales
In fiscal 2012, the company achieved an order intake of 132.7 MEUR (PY. 148.8 MEUR). In the first quarter the order intake level still
corresponded to the average of the previous year. As of the second quarter, order intake weakened but then significantly and
remained throughout the rest of the year below expectations. The order backlog at year end was 94.4 MEUR (PY. 96.9 MEUR).
Overall, the Dunker Motors GmbH could not reach the turnover of 140.1 MEUR from the previous year in 2012. Sales amounted to
136.4 MEUR, which is about 3% below the planned levels. The good level of the first quarter could not be sustained in the subsequent
quarters. The global economy also influenced the regional distribution of sales. In Germany, sales remained broadly stable. With a slight
decline in the fourth quarter, sales declined in Germany for the year by approx. 1%. Exports to other European countries were about
6% lower than last year, the same applies to exports to Asia. Positive Sales developments in North America, here were 9% increase
was recorded.
The market segment of industrial automation was marked by the reluctance to invest, triggered by the uncertainties in the euro zone.
This resulted in a revenue decline of 7% over the previous year. Also in the general automation segment, a slight decrease of about
1% over the previous year was recorded. A strong construction industry shaped the market segment door automation, resulting in a
growth of 11% in this segment. In sun protection segment addition to the usual seasonal effects a temporary reluctance of a major
customer was recorded. This was until the end no longer be balanced, so that the sales in this market segment by about 8% were
lower than in fiscal year 2011 revenues in the range motives, mainly determined by applications in bus & train, agricultural and
automotive laid, compared slightly to the prior year period. Minor increases were recorded in the medical & laboratory technology. The
Other segment, in which, among other supplies to distributors in selected exporting countries as well as to other companies of the
Group are classified Dunker Motors, declined significantly (down 5%). This was due, among other things developed eg direct delivery to
customers in France and the increasing self-production of the other companies within the group Dunker engines.
Result
The overall performance in the year under review amounted to 137.1 MEUR (PY. 139.9 MEUR). The cost of materials amounted to 57.4
MEUR (PY. 58.6 MEUR), which corresponds to a material expense ratio of 41.9% (prior year. 41.9%). Personnel expenses amounted to
approximately 41.9 MEUR (PY. 42.6 MEUR), which corresponds to a personnel expense ratio of 30.5% (prior year. 30.4%). Depreciation
and amortization include amortization of intangible assets in the amount of 14.2 MEUR (PY. 14.3 MEUR) and tangible fixed assets in the
amount of 4.0 MEUR (PY. 4.2 MEUR). Of this amount 6.6 MEUR (PY. 6.6 MEUR) of intangible assets, which were revealed in connection
with the merger in 2010 and 7.2 MEUR (PY. 7.2 MEUR) on the Business incurred in 2010 in connection with the merger - goodwill. The
goodwill is amortized over five years.
The decrease in other operating expenses resulted primarily from lower consulting expenses and a one-off effect in the previous year
in connection with payment of compensation to sales representatives.
Significant currency effects did not arise. The cash in / out movements in foreign currency (mainly in USD) talked about the balance.
III. Financial
The existing at the beginning of 2012, Bank loan was repaid in full during the course of acquisition by AMETEK Material Analysis
Holdings GmbH with all ancillary obligations totaling MEUR 35.6. In connection with the redemption of this syndicated by AMETEK
Material Analysis Holdings GmbH, a claim for compensation of AMETEK Material Analysis Holdings GmbH against the Company in the
amount of 35.6 MEUR originated. This compensation requirement of AMETEK Material Analysis Holdings GmbH is loaded from the
AMETEK Material Analysis Holdings GmbH indirectly holds Direl Holding GmbH and Direl GmbH in the capital reserve of the Company.
Additionally resulted from ongoing operations is a positive development in liquidity, so that the company has a solid financial position.
At year end, the equity ratio was 79.4% (previous year 47.6%). From operating activities is a positive cash flow of 34.9 MEUR was
achieved during the fiscal year. This compares to a negative cash flow from investing activities in the amount of 31.8 MEUR. To date,
the cash and cash equivalents amounted to 4.2 MEUR. The cash and cash equivalents consists solely of cash.
There is also the leases. We refer to the discussion in the Appendix.
IV. Asset position
The total investment from operating activities in the fiscal year 2012 to 3.8 MEUR (PY. 4.5 MEUR). In intangible assets 0.2 MEUR (.
Previous year 0.4 MEUR) was invested in tangible assets - particularly plant and Geschäftsausstattung- 3.1 MEUR (3.8 MEUR previous
year.). Depreciation of property, plant and equipment are linear. Impairment losses were recognized during the reporting period. The
merger with the parent company in 2010, a goodwill resulted in the amount of 35.8 MEUR. The net book value of goodwill for the year
end is 14.3 MEUR (PY. 21.5 MEUR). Moreover resulted from the merger an addition to intangible assets as part of the disclosure of
hidden reserves total 49.8 MEUR. The recognized intangible assets related to 6.9 MEUR the brand name "Dunker Motors", with 34.2
MEUR existing customer relationships, as well as with 8.7 MEUR production-related know-how and development services. The net book
value thereof is 29.9 MEUR (PY. 36.5 MEUR).
Total assets amounted to 129.6 MEUR (PY. 123.8 MEUR). Of this amount, 65.6 MEUR (PY. 80.1 MEUR) of fixed assets, MEUR 63.9
(previous year:. 43.4 MEUR) for current assets and 0.1 MEUR (PY. 0.2 MEUR) on deferred income. The liability side includes equity in
the amount of 102.9 MEUR (PY. 58.9 MEUR), provisions amounting to 17.1 MEUR (PY. 18.9 MEUR) and liabilities in the amount of 9.6
MEUR (PY. 46, 0 MEUR).
Receivables from affiliated companies include in particular a short-term to the AMETEK Material Analysis Holdings GmbH loan issued in
the amount of EUR 28,000.
Other provisions include provisions for product warranties, other personnel-related provisions, provisions for outstanding invoices,
provisions for partial retirement obligations and provisions for impending losses from pending transactions. The decrease compared with
the previous year is primarily due to a lower provision for variable compensation, warranties and for anticipated losses from pending
transactions.
The exchange rate influences in the fiscal year of minor importance.
V. Employees
Lower demand meant that the number of employees by an average of 775 in fiscal 2011 to 738 has been reduced. Among other things,
temporary contracts were not renewed for adaptation.
The number of places for trainees and students of the Duale Hochschule Baden-Württemberg was contrary to the overall development
in fiscal year 2012 increased significantly from an average of 36 to 44.
To maintain the health of our employees, we build our health management constantly. In fiscal 2012, this is a health educator was
adjusted. In particular, the aim is exercise, nutrition and ergonomics deals to establish the company and expand.
For employees, a health day was offered in collaboration with various health insurance in 2012 again. On this day, people had a whole
day, the opportunity to learn about health issues and safety at work and to seek advice.
To assist in attracting new professionals a number of projects and activities have now established at Dunker engines. Here's
attractiveness as an employer Dunker Motors for (future) employees should also be clarified and further improved:
• Hedu training days, a joint project of HECTRONIC and Dunker Motors Company for the recovery of
trainees
• Educational sponsorships with local schools
• Intensification of cooperation with universities
• Participation in various training and Rekrutingmessen
In fiscal 2012, 5 DHBW students, eight trainee students and 9 trainees were adjusted in order to cover the need in the future for
skilled workers
• The project "winning together" is committed Dunkermotoren or employees for social projects. In this context especially the
charity cycling event to call "ride2live". In the second cycling event of its kind just under 500 participants were there, which
generated approximately 12,000 EURO for a good cause.
VI. Research and Development
Expenditure on research and development remained stable at 6.1 MEUR in 2012. The development activities in Serbia have been
developed. The premises for the development have been expanded and established a laboratory. In addition to developing customized
drives planned strategic new products have been promoted consistently in 2012.
Important topics were:
Development of additional bus interfaces for integrated BLDC motors:
• Drives with EtherCAT bus interface enables integration with networks with control systems from. Beckhoff now available for
45mm brushless drives
• Power-optimized version of the 65mm brushless motor with integrated electronics
• Development of a brushless drive for the Chinese market
The expansion of our range of components to system solutions was further ahead. First configurations were placed.
VII. Supplementary Report
It occurred after the close of the financial year, no events of special importance.
VIII. Risk report
To implement the corporate policy the Dunker Motors GmbH maintains a management system, the 9001 and 14001 satisfied, inter alia,
the requirements of DIN EN ISO. The effectiveness of the management system is regularly reviewed by the management and certified
by external bodies.
Through highly automated production lines and fully automated quality control a consistently high level of quality, regardless of lot
size. We work with clearly defined processes along the value chain. We are committed to continuous improvement of all processes and
compliance with the relevant laws and regulations.
The financial risks primarily include possible price changes bad debts and currency effects.
Due to the very high and volatile commodity prices is expected to further increase in purchase prices. The situation on the market of
rare earth has indeed stabilized somewhat in 2012, however, this area still involves considerable uncertainty. Longer-term contracts
are still not accepted by suppliers, which should lead to further changes in the procurement market. The lead times have stabilized,
but require continuous management unchanged. Through close observation of the suppliers whose supplies and a partial increase in
the stock of critical components, impact on production in width could be prevented. We address these challenges on the one hand by
longer-term and forward-looking contracts and the other by various procurement projects such as substitution or bundling of
requirements. Open and proactive cooperation with our suppliers, we see as an effective means to face the challenges of the market.
We also maintain and build from a broad and global network of suppliers.
The credit risk in accounts receivable area is counteracted by regular credit check prior to order acceptance and agreement of
advance payments. In the ERP system, the credit limit monitoring is established. If the sum of accounts receivable and order backlog,
the authorized credit limit, the approval by the credit manager or by the CFO is required. For any bad debts, there is also a credit
insurance.
Currency risks arising from transactions in foreign currency are reduced by entering into offsetting transactions in foreign currency.
A customer has filed compensation claims for warranties for supplies from previous years to a not inconsiderable extent. As part of the
sale of the Dunker Motors Group to the former owners significant risks arising from this warranty case were taken from the transferor.
The directors anticipate that in the event of a claim on the retained sum, there is a recourse claim against the seller.
To monitor the liquidity a Planning and Reporting tool is established in order to have a sufficient amount of liquidity in the company.
Through close monitoring, we can quickly put emerging risks openly and effectively address these.
By including in the listed in the United States AMETEK Group and the consequent obligation to implement an adequate and effective
internal control environment according to the requirements of Section 404 of the Sarbanes-Oxley Act is more stringent requirements
apply for regulatory compliance in the implementation and documentation of business operations. A quarterly report on the existing
internal control system. This existing process risks can be significantly minimized.
Risks that could jeopardize the continued existence of the company, are not recognizable. The identifiable risks were taken into
account in the preparation of the balance sheet.
IX. Prognosis and chances of future development
Expected development
The global market of automation technology is influenced by the long-term macro trends in the world economy. These trends are
stable and continue to identify the automation technology as a growth market. The increased urbanization requires mass transit. More
flexible supply networks need to be connected and more food must be automatically portioned and packaged. Short-term
macroeconomic uncertainty will influence 2013. For the full year, we expect a slightly positive trend in orders and sales. In addition to
a stable German market, we expect a slight recovery in other European markets. Similarly, we expect a stabilization of the slight
upward trend in the United States.
New product development is pursued further in 2013. Further development capacity is built up gradually in the subsidiary in Serbia.
The shift more production lines to Serbia is planned for 2013. Any costs resulting benefits will improve the competitiveness in cost-
driven market segments.
For fiscal years 2013 and 2014, we expect sales growth to 143.4 MEUR MEUR 153.6 or at a slight increase in earnings from.
Bonn village, March 28, 2013
Dunker Motors GmbH, Bonn village in the Black Forest
Report of the Supervisory Board for the 2012 financial year
the Dunker Motors GmbH
The Supervisory Board regularly, especially at the three board meetings, kept informed by management statements on the situation
and the business development of Dunker Motoren GmbH in 2012. Transactions of considerable importance were discussed in detail with
the management. Main topic of discussion was the economic situation of the company.
The Ernst & Young GmbH auditing firm, Stuttgart, the financial statements presented by management at 31 December 2012 and the
management report of Dunkermotoren GmbH for the fiscal year 2012 and an unqualified audit opinion. The audit reports available.
We have audited the annual financial statements and management report of Dunkermotoren GmbH submitted by the management and
are consistent with the findings of the auditor agreement. After the final results of this review, no objections were raised. We approve
the annual financial statements prepared by management.
The management, the works council and the employees deserve thanks and recognition for their efforts during fiscal year 2012 work.
Bonn village in the Black Forest, the April 25, 2013
Dunker Motors GmbH
The Supervisory Board
Date of observation: May 17, 2013
Registered No 1659383
Land Instruments International Limited
Report and Financial Statements
31 December 2006
11111111111111111111
"l.XMUKUBK"
LD2 30/1012007 398
COMPANIES HOUSE
Land Instruments International L1m1ted
Directors
TG RBeynon
D Chapman
MA Johnston
A Imne
J Mohnelh
DA Zapico
J Pnce
Secretary
D Chilton
KE Sena
Auditor
Ernst & Young LLP
City Gate West
Toll House Hill
Nottmgham
NGI 5FY
Registered office
2 New Star Road
PO Box 36
Leicester
LE4 9JQ
1
Directors' report
The directors present their report and financial statements for the penod from I Apnl 2006 to
31 December 2006
The loss for the penod, after taxation, amounted to £768,000 Particulars of d1v1dends paid are detailed m
note l 0 to the financial statements

The level ofbusmess and the year-end financial pos1t10n were considered to be sattsfactmy
The pnnc1pal act1v1ty of the company dunng the penod continued to be the design, development and
manufacture of instruments and related systems for the measurement of temperature and gaseous and
particulate em1ss10ns usmg predominantly mfra red technologies These are marketed worldwide and across the
mdustrial sector
On 15 June 2006 Land Instruments lnternat10nal L1m1ted was acquired by EMA Holdings UK Ltd, a UK
registered company and a wholly owned subs1d1ary of AMETEK Inc m the U S A and as a consequence has
changed 11' s year end accounting date to the 3 I December
The company's key financial indicators for the penod were as follows -
9 months to Year to
31 December 31 March
2006 2006 Change
£000 £000 %
Turnover 11,037 15,755 -30%

Operatmg profit (before except10nal items) 300 838 -64%
Current Assets as % of Current Liab1ht1es 294% 231% +27%
Shareholders' Funds 7,098 12,334 -42%
Turnover for the 9 month penod ended 31 December 2006 was 30% lower than for the 12 month penod ended
31 March 2006 After adjusting for the different length m reporting penods, turnover for the 9 month penod
ended 31 December 2006 was broadly comparable with the pnor penod
Operating profit before excepllonal items decreased by 64% durmg the penod After adjustmg for the different
length m reporting periods, the operatmg profit before except10nal items was 50% lower than m the pnor
penod, reflectmg reduced margms ansmg from a change of mix in products and pncmg pressure The
Company mcurred except10nal costs of £990,000 m the penod, ar1smg from the write off of a loan to a loss
makmg subs1d1ary (now m hqmdallon), curtailment of the Employee Benefit Trust and redundancy costs,
details of which are set out m note 3 to the financial statements
Shareholders' funds reduced by 42% prirnanly due to the payment ofa £5 m1lhon ordmary d1v1dend durmg the
penod
The directors remain opt1m1st1c about the year ahead and a return to profitab1hty With llght control over
overheads and the company contmumg to develop its products and explore new sales opportun1t1es, the outlook
for 2007 1s strong
Principal Risks and Uncertainties

The company operates m a compet1t1ve global environment Customers can swllch to competitor products 1f
they judge that the competitor product offers better value We continue to focus on the quahty and rehab1hty of
our products to give good value over the product hfe and to monitor competitor acllv1ty to maintain our
compet1t1veness
2
Directors' report

The company's principal financial instruments compnse trade debtor, trade creditor and intercompany
balances and bank loans The company does not enter into denvauve transactions and 11 1s, and has been
throughout the penod under review, the company's pohcy that no trading in financial instruments shall be
undertaken
The main nsks ar1s1ng from the company's financial instruments are foreign currency risk and interest rate
nsk

The company has transactional and translational currency exposures arising from sales and purchases in
foreign currencies It 1s AMETEK group pohcy not to actively hedge against foreign currency transactions
and balances
Interest rate risk

The company has bank borrowings with interest at a vanable rate It 1s AMETEK group pohcy not to enter
into interest rate swaps to fix interest rates
Land and buildings

The freehold properties shown in the accounts at £1,313,000 have, in the opinion of the directors, a market
value of approximately £2,000,000 in excess of the book value

Research and development 1s an important part of the company's operations During the penod the
company spent £1,031,000 (31 March 2006 - £ 1,368,000)
3
Directors' report
Auditor
Durmg the penod Grant Thornton UK LLP resigned as auditors of the company with Ernst & Young LLP
bemg appomted m their place
A resolution to reappomt Ernst & Young LLP as auditor will be put to the members at the Annual General
Meetmg
On behalfofthe board
Ct .
2007
5
Statement of directors' responsibilities in respect of
The drrectors are responsible for preparmg the Annual Report and the financial stalements m accordance
with applicable law and regulations
Company law requrres the directors to prepare financial statements for each financial year Under that law
the drrectors have elected to prepare the financial statements m accordance with United Kmgdom
Generally Accepted Accountmg Pracllce (Umted Kmgdom Accountmg Standards and applicable law) The
financial statements are reqmred by law to give a true and fair view of the state of affairs of the company
and of the profit or loss of the company for that penod In preparmg those financial statements, the
directors are reqmred to
• select smtable accountmg pohc1es and then apply them consistently,
• make Judgements and estimates that are reasonable and prudent, and
• prepare the financial statements on the gomg concern basis unless 111s mappropnate to presume that
the company will contmue m busmess
The directors are responsible for keepmg proper accountmg records which disclose with reasonable
accuracy at any time the financial pos1t1on of the company and to enable them to ensure that the financial
statements comply with the Companies Act 1985 They are also responsible for safeguardmg the assets of
the company and hence for takmg reasonable steps for the prevent10n and detect10n of fraud and other
irregular1t1es
6
Independent auditor's report
to the members of Land Instruments International Limited
We have audited the company's financial statements for the penod ended 31 December 2006 which
comprise the Profit and Loss Account, the Statement of Total Recognised Gams and Losses, the Balance
Sheet and the related notes I to 25 These financial statements have been prepared under the accountmg
pohc1es set out therem
ThlS report 1s made solely to the company's members, as a body, m accordance with Section 235 of the
Companies Act 1985 Our audit work has been undertaken so that we might state to the company's
members those matters we are requITed to state to them man auditor's report and for no other purpose To
the fullest extent permitted by law, we do not accept or assume responSib1hty to anyone other than the
company and the company's members as a body, for our audit work, for this report, or for the opm1ons we
have formed
Respective responsibilities of directors and auditor

The dITectors' responSib1ht1es for preparmg the Annual Report and the financial statements m accordance
with applicable United Kmgdom law and Accountmg Standards (United Kmgdom Generally Accepted
Accountmg Practice) are set out m the Statement of Directors' ResponSib1ht1es
Our responSib1hty IS to audit the financial statements m accordance with relevant legal and regulatory
requITements and International Standards on Aud1tmg (UK and Ireland)
We report to you our opm1on as to whether the financial statements give a true and faIT view and are
properly prepared m accordance with the Companies Act 1985 We also report to you whether m our
opmion the mformauon given m the dITectors' report IS conSistent with the financial statements
In add1t1on we report to you 1f, m our opmion, the company has not kept proper accounting records, 1f we
have not received all the mformat1on and explanations we reqmre for our audit, or 1f mformation specified
by law regardmg drrectors' remuneration and other transactions IS not d1Sclosed
We read the directors' report and conSider the 1mphcat1ons for our report 1f we become aware of any
apparent misstatements w1thm 1t
Basis of audit opinion

We conducted our audit m accordance with International Standards on Aud1tmg (UK and Ireland) 1Ssued
by the Aud1tmg Practices Board An audit mcludes exammat10n, on a test basIS, of evidence relevant to the
amounts and disclosures m the financial statements It also includes an assessment of the sigmficant
estimates and judgements made by the drrectors m the preparation of the financial statements, and of
whether the accountmg pohc1es are appropriate to the company's circumstances, consistently apphed and
adequately d1Sclosed
We plarmed and performed our audit so as to obtam all the mformauon and explanat10ns which we
conSidered necessary m order to provide us with sufficient evidence to give reasonable assurance that the
financial statements are free from material misstatement, whether caused by fraud or other 1rregulanty or
error In formmg our opm10n we also evaluated the overall adequacy of the presentation ofmformat1on m
7
to the members of Land Instruments International Limited (continued)
Opinion
In our op1n1on
• the financial statements give a true and fair view, m accordance with United Kmgdom
Generally Accepted Accounting Practice, of the state of the company's affairs as at 31
December 2006 and of its loss for the period then ended,
• the financial statements have been properly prepared m accordance with the Companies Act
1985,and
• the mfonnat1on given m the directors' report 1s consistent with the financial statements
Er.v.E.t '1~ LL.f

Ernst & Young LLP
Registered Auditor
Nottingham
2. ( Dd;Au- 2007
8
for the period from 1 April 2006 to 31 December 2006
Penodto Year to
2006 2006
Notes £000 £000
(restated)
(note 1)
Tu mover 2 11,037 15,755

Cost of sales 8,474 11,397
D1stnbution costs 1,642 2,471
Admm1strat1ve expenses
Exceptional admm1strat1ve expenses/( income) 3 990 (68)
Other admm1strat1ve expenses 651 1,059
1,641 991
Other operatmg income (30) (IO)
Operating (/oss)/profit 4 (690) 906
Loss on disposal of fixed assets (93)
Income from shares m group undertakings 66 110
Amounts written off investments 12 (114) (747)
Interest receivable and s1m1Iar mcome 7 25 344
Interest payable and s1m1lar charges 8 (62) (119)
(178) (412)
(Loss)/profit on ordinary activities before taxation (868) 494
Tax on (loss)/profit on ordmary act1V1t1es 9 (IOO) IO
(Loss)/proftt for the financial penod transferred (from)lto reserves (768) 484
All amounts relate to continuing operations
9
Statement of total recognised gains and losses
for the period from 1 April 2006 to 31 December 2006
Period to Year to
2006 2006
£000 £000
(restated)
(note I)
(Loss)/profit for the financial penod (768) 484

Actuanal Joss m respect of defined benefit pension scheme (90) (520)
Tax on items taken dtrectly to/from eqmty 27 156
Total gains and losses recognised relating to the period (831) 120
10
Balance sheet
at 31 December 2006
2006 2006
Notes £000 £000
Fixed assets
Investments 12 1,374 4,075
3,243 6,281
Current assets
Stocks 13 3,015 3,331
Debtors 14 2,755 7,727
Investments 15 85
Cash at bank 506 116
6,276 11,259
Creditors amounts falhng due w1thm one year 16 2,135 4,873
Total assets less current l1abi/1t1es 7,384 12,667
Creditors: amounts fallmg due after more than one year 17 286 333
Net assets 7,098 12,334

Other reserves 22 396 262
~ -,Ck,,
NI~~
Director
2007
11
at 31 December 2006
1. Accounting policies
Basis of preparation
The financial statements are prepared under the h1stoncal cost convention and in accordance with
applicable accounting standards
The financial statements of Land Instruments lntematwnal L1m1ted were approved for issue by the Board
of Directors on the date shown on the balance sheet
Pnor year adjustment

The pnor year comparatives have been restated to restnct the "expected return on assets" 1n hne with the
requirements of FRS 17 The effect of this has resulted in a reductwn of £298k to net other finance income
in the profit and loss account and a reductwn m the actuarial loss from £8 I 8k to £520k m the statement of
total recognised gams and losses There has therefore been no impact on net assets The related tax impact
1s £89k and this has been reflected in the statement of total recognised gains and losses
Consolidated financial statements

The financial statements contain mfonnatwn about Land Instruments lntematwnal L1m1ted as an
ind1v1dual company and do not contam consolidated financial mfonnallon as the parent of a group
The company 1s exempt under section 228 of the Companies Act 1985 from the reqmrement to prepare
consolidated financial statements, as 11 and its subs1d1ary undenakmgs are included by full consohdat1on m
the consolidated financial statements of its ultimate parent, AMETEK Inc
Cash flow statement

The directors have taken advantage of the exemptwn m FRS I (revised) from mcludmg a cash flow
statement m the financial statements on the grounds that the company 1s wholly owned and its ultimate
parent publishes consolidated financial statements
Related party transactions

The company 1s a wholly owned subsidiary of AMETEK Inc, the consolidated accounts of which are
publicly available Accordmgly, the company has taken advantage of the exemptwn in FRS 8 from
disclosing transactwns with members or mvestees of the AMETEK Inc group

Research expenditure 1s charged to profits in the penod m which 111s mcurred Developments costs are
written off in the year of expenditure
Fixed assets
All fixed assets are initially recorded at cost Fixed asset carrymg values are reviewed for 1mpa1nnent when
events or changes in circumstances indicate the carrying values may not be recoverable
Investments
Investments are stated at cost, less amounts wntten off
Depreciation
Deprec1atwn 1s provided on all tangible fixed assets, other than freehold land, at rates calculated to write
off the cost, less estimated residual value based on pnces preva1lmg at the date of acqms1twn of each asset
evenly over its expected useful hfe, as follows
Freehold propeny over 50 years

Plant and machmery over 5 years
Fixtures and fittings over 5 years
Motor vehicles over 4 years
Stocks
Stock and work m progress are valued at the lower of cost and net realisable value Cost includes
matenals, direct labour and an attnbutable proponwn of overheads based on nonnal levels of act1v1ty
12
at 31 December 2006
1. Accounting policies (continued)

Deferred taxation
Deferred tax 1s recogmsed in respect of all timing differences that have onginated but not reversed at the
balance sheet date where transactions or events have occurred at that date that will result in an obhgation to
pay more, or a nght to pay less or to receive more tax, with the following exceptions
• deferred tax assets are recogmsed only to the extent that the directors consider that 1t 1s more hkely than
not that there will be smtable taxable profits from which the future reversal of the underlying timing
Deferred tax 1s measured on an und1scounted basis at the tax rates that are expected to apply in the penods
in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the
balance sheet date
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction
Monetary assets and ltab1ht1es denominated in foreign currencies are retranslated at the rate of exchange
ruling at the balance sheet date
All differences are taken to the profit and loss account
Leasing and hire purchase commitments

Assets held under finance leases, which are leases where substantially all the nsks and rewards of
ownership of the asset have passed to the company, and hire purchase contracts are cap1tahsed in the
balance sheet and are depreciated over the1r useful hves The capital elements of future obhgat1ons under
the leases and hire purchase contracts are included as ltab1ltt1es in the balance sheet
The interest elements of the rental obltgations are charged in the profit and loss account over the penods of
the leases and h1re purchase contracts and represent a constant proportion of the balance of capital
repayments outstanding
Rentals payable under operating leases are charged in the profit and loss account on a straight hne basis
over the lease term
Defined contnbution pension scheme

The pension costs charged against operating profits are the contributions payable to the scheme in respect
of the accounting penod
Defined benefit pensmn scheme

Scheme assets are measured at fa1r values Scheme ltab1ht1es are measured on an actuanal basis using the
projected umt method and are discounted at appropnate high quahty corporate bond rates The net surplus
or deficit, adjusted for deferred tax, 1s presented separately from other net assets on the balance sheet A
net surplus 1s recognised only to the extent that 1t is recoverable by the company
The current service costs from settlements and curtailments are charged agamst operating profit Past
service costs are spread over the penod until the benefit increases vest Interest on the scheme ltab1ht1es
and the expected return on scheme assets are included in other finance costs Actuarial gains and losses are
reported m the statement of total recognised gains and losses
13
at 31 December 2006
1. Accounting policies (contrnued)

Financial Instruments
Fmancial hab1hties and eqmty mstruments are classified accordmg to the substance of the contractual
arrangements entered mto An eqmty mstrument 1s any contract where there 1s a residual mterest m the
assets of the entity after deductmg all of its financial hab1ht1es Fmance costs and gams or losses relatmg to
financial hab1ht1es are included m the profit and loss account within interest payable or receivable
Finance costs are calculated so as to produce a constant rate of return on the outstanding hab1hty
D1v1dends and d1stnbut1ons relating to eqmty mstruments are debited to eqmty
Compound instruments compnse both a hab1hty and an eqmty component At date of ISsue, the fa1r value
of the hab1hty component 1s estimated using the prevailing market interest rate for a s1m1lar debt
mstrument The hab1hty component 1s accounted for as a financial hab1hty
The residual 1s the difference between the net proceeds of issue and the hab1hty component (at time of
issue) The residual 1s the eqmty component, which 1s accounted for as an eqmty mstrument
The interest expense on the hab1hty component 1s calculated applying the effective mterest rate for the
hab1hty component of the instrument The difference between this amount and any repayments IS added to
the carrymg amount of the hab1hty in the balance sheet
As at 31 December 2006 the preferred ordmary shareholder has waived 1ts entitlement to all accrued and
future preference d1v1dends and redempt10n for the foreseeable future As a result of this £4 7k has been
released dunng the penod in respect of mterest no longer payable
The farr values of the debt and eqmty components of the preferred ordmary shares have therefore been
frozen at £286k and £441 k respectively to reflect the fact that no further d1v1dends are obliged to be paid
under the terms of the d1V1dend waiver
Employee benefit trust

Shares held by the company's Employee Benefit Trust (EBT) are earned at the lower of cost and net
realisable value and are included m the company's balance sheet as a deduct10n from reserves, until they
are uncond1t1onally d1str1buted to beneficianes at the unfettered d1scret1on of the trustees of the EBT The
cash held by the trust 1s included m the company's balance sheet as a current asset mvestment
2. Turnover
Turnover 1s the net mvo1ced amount ansmg from the sale of goods, excludmg value added tax and trade
discounts Transact10ns are recoverable as sales when delivery of products or performance of services
takes place in accordance with the contract terms of sale
An analysis of turnover by geographical market 1s given below
Period to Year to
2006 2006
£000 £000
Europe 7,048 9,819

Asia 2,171 3,864
USA 1,804 2,072
Amencas (excl USA) 14
---
11,037 15,755
14
at 31 December 2006
3. Exceptional items
Period to Year to
2006 2006
£000 £000
Costs/( income) recognised in arnving at operating profit
Inter-company debt wntten off 346
Bonus paid in respect of Employee Benefit Trust 522
Reversal of tmpamnent (68)
Redundancy costs 122
990 (68)
Except10nal items all relate to continuing operattons
4. Operating (loss)/profit
This ts stated after charging/(crediting)
Perwd to Year to
2006 2006
£000 £000
Auditor's remuneration - audit of the financial statements 21 18

- tax services 25
21 43
Research and development expenditure 1,031 1,368
Deprec1at1on of owned fixed assets 305 447
Net loss on foreign currency translatton 61 17

Redundancy costs 122
Operating lease rentals - plant and machinery 6
5. Staff costs
Period to Year to
2006 2006
£000 £000

Soctal secunty costs 518 642
Other penston costs 145 112
4,631 5,267
All pension costs relate to the defined contr1button pension scheme
15
at 31 December 2006
5. Staff costs (continued)

The monthly average number of employees dunng the penod was as follows
Period to Year to
2006 2006
No No
Productmn staff 113 116
D1stnbut1on staff 21 22
Admm1strat1ve staff 24 29
Management staff 14 15
172 182
6. Directors' emoluments
Perwd to Year to
2006 2006
£000 £000
Emoluments 360 468
Value of company pensmn contr1but1ons to money purchase schemes 53 11
Period to Year to
2006 2006
No No
Members of money purchase penSion schemes 6 5
Members of defined benefit penSion schemes 5 5
The amounts m respect of the highest paid director are as follows

Period to Year to
2006 2006
£000 £000
Emoluments 74 141
Value of company pensmn contr1butmns to money purchase schemes 23 4
One of the directors 1s remunerated by a fellow group company
7. Interest receivable
Period to Year lo
2006 2006
£000 £000
(restated)
(note /)
Bank mterest receivable 25 119

Interest from group undertakmgs 225
25 344
16
Land Instruments International Lrmrted
at 31 December 2006
8. Interest payable and similar charges

Period to Year to
2006 2006
£000 £000
Bank mterest payable 30 73

Fmance charges on shares classed as financial hab1ht1es (24) 46
Interest payable to group undertakmgs 56
62 119
Due to the d1V1dend waiver m place at 31 December 2006, all future and accrued mterest on shares classed
as financial hab1ht1es has been waived This has resulted m a credit to the profit and loss account of £24k
due to the release of amounts previously accrued
9. Taxation
(a) Tax on (loss)/profit on ordmary acuv1t1es
The tax charge/(credit) 1s made up as follows

Perwd to Year to
2006 2006
£000 £000
Current tax
UK corporation tax 27 156

Adjustment m respect of pnor years 1 (198)
---
28 (42)
Foreign tax 20
---
Total current tax (note 9(b)) 48 (42)
---
Deferred tax
Ongmat1on and reversal of tlmmg differences (134)

Adjustment m respect of pnor years (14) 52
---
Total deferred tax (148) 52
---
Tax on (loss)/profit on ordmary actov1t1es (100) 10
17
at 31 December 2006
9. Taxation (continued)
(b) Factors affectmg current tax charge
The tax assessed on the (loss)/profit on ordmary act1v1t1es for the penod 1s lower than the standard rate of
corporatwn tax m the UK of 30% (to 31 March 06 • 30%) The differences are reconciled below
Perwd to Year to
2006 2006
£000 £000
(Loss)/profit on ordmary act1v111es before tax (868) 494
(Loss)/profit on ordmary act1v1t1es mult1phed by the standard rate of

corporation tax (260) 148
Expenses not deductible for tax purposes 90 27
Capital allowances m excess of depreciation (19) 116
Impact of contnbutwns on penswn schemes 27 156
Other t1mmg differences 153 (100)
Foreign tax 14
Loss on disposal of mvestment 28
Losses ansmg m the year not rehevable agamst current tax 14
Surrender of group rehef (144)
Overseas tax (47)
Adjusllnent m respect of pnor years (198)
Total current tax (note 9(a)) 48 (42)
( c) Deferred tax
The deferred tax included m the balance sheet 1s as follows

Period to Year to
2006 2006
£000 £000
Included m debtors (note 14) 244 96
Deferred tax provided m the financial statements 1s analysed as follows
Deprec1atwn m advance of capital allowances 83 93

Other ummg differences 161 3
Deferred tax asset 244 96
1Apnl2006 96
Profit and loss account movement dunng the penod (note 9(a)) 148
18
at 31 December 2006
(d) Factors affectmg future tax charges
On 22 March 2007, proposed changes to UK Corporat10n Tax were announced In outlme, the rate of
Corporation Tax on profits will be reduced from 30% to 28%, the rate of allowances for expenditure on
plant and equipment will be reduced from 25% p a to 20% p a , a new class of fixtures quahfymg for
allowances at 10% pa will be defmed later this year and allowances for industrial bmldmgs will be
reduced over the period I April 2008 to 31 March 2011 and withdrawn with effect from I April 2011
The combmed effect of these changes, which will take effect for accounting purposes when the Finance
Bill 2007 1s substantively enacted, ant1c1pated to be reflected m the 2007 accounts, cannot currently be
estimated until further leg1slat1ve details are made available
10. Dividends
Period to Year to
2006 2006
£000 £000
Paid
DIYldends on 16% cumulative preference shares 44
DIVldends on ordmary shares 5,000 27
5,000 71
11. Tangible fixed assets

Freehold Plant and FIXlures and Motor
property machinery fittings vehicles Total
£000 £000 £000 £000 £000
Cost
At I April 2006 2,116 3,479 95 441 6,131
Transfer (199) 199
Add1t1ons 67 8 30 106
Disposals (274) (274)
---
At 31 December 2006 2,117 3,347 302 197 5,963
--- ---
Depreciation
At 1 April 2006 772 2,833 74 246 3,925
Transfer (172) 172
Provided durmg the period 32 196 14 63 305
Disposals (136) (136)
---
At 31 December 2006 804 2,857 260 173 4,094
---
Net book value
At 31 December 2006 1,313 490 42 24 1,869
At I April 2006 1,344 646 21 195 2,206
Freehold property mcludes land at a cost of £50k (31 March 2006 - £50k) which 1s not depreciated
19

at 31 December 2006
12. Investments
Shares m
Shares m group assoc1a1ed
companies companies Total
£000 £000 £000
Cost
At I Apnl 2006 6,193 45 6,238
Add1t1ons l,074 l,074
Disposals (5,287) (45) (5,332)
At 3 l December 2006 l,980 1,980
Prov1s1on for impairment
At I Apnl 2006 2,163 2,163
Add1t10ns l 14 114
Disposals (1,671) ( 1,671)
At 3 l December 2006 606 606
Net Book Value
At 3 l December 2006 1,374 l,374
At 1 Apnl 2006 4,030 45 4,075
At 3 l December 2006, the company held I 00% of the ordmary share capital of the follow mg
Country of
Name of company 1ncorporat1on Nature of business
Land Instruments S A R L France Marketmg of mdustnal

instruments
Land Instruments s r 1 Italy Marketmg of mdustnal
instruments
Land Instruments GmbH Germany Marketmg of mdustnal
instruments
Land Instruments L1m1ted Japan Marketmg of mdustnal
instruments
Land Instruments Sp zo o Poland Marketmg of mdustnal
instruments
13. Stocks
2006 2006
£000 £000
Raw materials 1,439 1,601
Work m progress 402 469
Fm1shed goods 1,174 1,261
3,015 3,331
20
at 31 December 2006
14. Debtors
2006 2006
£000 £000
Amounts owed by group undertakings 551 5,212
Corporation tax repayable 194
Prepayments and accrued mcome 206 119
Deferred taxation (note 9) 244 96
2,755 7,727
Included withm amounts owed by group undertakings are loans totallmg £ml (31 March 2006 - £3,534k)
These are repayable on demand Interest 1s charged at fixed rates of between 4 5% and 6 75%
15. Investments
2006 2006
£000 £000
Investment m employee benefit trust 85
The cash deposits w1thm the Employee Benefit Trust totalled £ml (31 March 2006 - £85,000) and were
mcluded as a current asset investment m the year ended 31 March 2006
Durmg the year the Employee Benefit Trust came to an end due to the purchase of the shares, held by the
Trust m Land Instruments International L1m1ted, bemg made by EMA Holdmgs UK L1m1ted
Cons1derat1on received for the purchase was d1stnbuted to current employees, along with cash held w1thm
the Employee Benefit Trust and has been mcluded m staff costs durmg the year
16. Creditors: amounts falling due within one year

2006 2006
£000 £000
Trade creditors l,082 l,402
Amounts owed to group undertakings 676 3,153
Other taxation and social security 151 152
Accruals and deferred mcome 196 l l3
2,135 4,873
Included w1thm amounts owed to group undertakings are loans totalhng £676k (31 March 2006 - £ml
These are repayable on demand Interest 1s charged at a fixed rate of 5 5%
17. Creditors: amounts falling due after more than one year
2006 2006
£000 £000
L1ab1hty component of convertible preferred ordmary shares 286 286
Accrued mterest 47
---
286 333
At 31 December 2006 and 31 March 2006, there were 727, 157 of convertible preferred ordmary shares m
issue The hab1hty component of the shares was frozen at 31 December 2006 due to a d1v1dend waiver
bemg m place (see note I)
21
Land Instruments lnternatronal Lrmrted
at 31 December 2006
18. Pension commitments

Defined contr1but1on scheme
The company operates a defined contnbution pension scheme for the benefit of the employees The assets
of the scheme are admm1stered m a fund mdependent from those of the company The pension cost m the
penod was £145,000 (31March2006 -£112,000) and the amount due to the scheme at the penod end was
£30,000 (31 March 2006 - £20,000)

The company operated a defined benefit pension scheme for the benefit of the employees m the UK The
scheme was closed and accrual of additional benefits ceased m October 2003 when all members ceased to
be active The assets of the scheme are admm1stered by trustees m a fund mdependent from those of the
company
A full actuanal valuation was earned out on I December 2004 by a quahfied independent actuary The
mam assumptions used by the actuary were
Mam assumptions
Rate ofretum on investments(% per annum)
Before retirement 65%
After retirement 40%
Rate of salary increases (% per armum) 25%
Rate of pension increases(% per annum) 25%
Market value of scheme's assets (£000) 14,570
Level of fund mg bemg the actuanal value of assets expressed as a
percentage of the benefits accrued to members, after allow mg for future
salary increases 90%
This valuation has been updated by the actuaries to take account of the requirements of FRS 17 m order to
assess the hab1hlles of the scheme at 31 December 2006 Scheme assets are stated at their market values at
the respective balance sheet dates
The main assumptions used by the actuary are

31 Dec 31 Mar 31 Mar
2006 2006 2005
% % %
Rate of increase m pensions in payment 33 25 25

Rate of increase m deferred pensions 33 25 25
Discount rate 5I 50 55
Inflation assumption 33 25 25
The assumptions used by the actuary are best estimates chosen from a range of possible actuanal
assumptions which, due to the timescale covered, may not necessanly be borne out in practice It should
be noted that the methodology and assumptions presented for the purposes of FRS 17 mean that the
disclosures will be inherently volat1le, varying greatly according to investment market conditions at each
accountmg date
22
at 31 December 2006
18. Pension commitments (continued)

The fa1t value of the scheme assets, which are not mtended to be reahsed m the short term and may be
sub;ect to s1gmficant change before they are reahsed, and the present value of the scheme hab1ht1es and the
resultmg surplus which 1s denved from cashflow pro;ect1ons over long penods and thus mherently
uncertain were
31 Dec 31 Mar 31 Mar

2006 2006 2005
Long- Long- Long-
term rate term rate term rate
ofreturn of return ofreturn
expected Value expected Value expected Value
% £000 % £000 % £000
Eqmt1es 83 15,034 80 14,351 7 75 11,467
Bonds 52 3,138 50 3,082 5 75 1,847
Cash 73 1,678 65 1,719 6 00 1,528
Total market value of assets 19,850 19,152 14,842
Present value of scheme hab1ht1es (19,675) (16,929) (14,648)
Surplus m the scheme 175 2,223 194
Surplus restnct10n (175) (2,223) (194)
Net pens10n asset
The surplus has been restncted smce the scheme 1s now closed and therefore no future economic benefit 1s
considered achievable by the d1tectors
Analysis of movements m surplus dunng the penod
2006 2006
£000 £000
(restated)
(note I)
At I Apnl
Net other finance mcome
Actuanal gams and losses (note I) (90) (520)
Contnbut10ns 90 520
At 31 December
23
at 31 December 2006
18. Pension commitments (continued)

An analysis of the defined benefit cost for the penod ended 31 December 1s as follows
2006 2006
£000 £000
Current service cost
Settlement/curtailments
Total operatmg charge
2006 2006
£000 £000
(restated)
(note I)
Expected return on assets m the scheme 622 800

Interest on plan hab1hties (622) (800)
Net other finance income
Analysis of the amounts recogmsed m the statement of total recogmsed gams and losses are
Actual return less expected return on pens10n scheme assets 452 3,197
Expenence gams and losses ansmg on the scheme hab1hhes (61)
Changes m assumptions underlymg the present value of
scheme hab1hhes (2,529) (1,688)
Restnct10n for mecoverable surplus 2,048 (2,029)
Actuanal gams and losses (90) (520)
A history of expenence gams and losses IS shown below
31 December 31 March 31March

2006 2006 2005
(restated)
(note I)
Difference between expected return and actual

return on scheme assets
- amount (£000) 452 3,197 718
- % of scheme assets 23 16 7 48
Expenence losses ansmg on scheme hab1ht1es
- amount (£000) (61) (130)
- % of the present value of scheme hab1hhes (0 3) (0 9)
Total actuarial losses recogmsed m the statement of
total recogmsed gams and losses
- amount (£000) (90) (520) 394
- % of the present value of scheme hab1ht1es (0 5) (3 I) 27
The directors have not obtamed the comparative balance sheet and profit and loss account mfonnauon for
2003 and 2004 as the scheme 1s now closed and they do not believe that the om1Ss1on of this mfonnauon
affects the presentauon of the financial statements
The agreed contnbut10n rate for future years 1s £I 0,000 per month from I April 2006
24
Land Instruments International Lrmrted
at 31 December 2006
19. Commitments under operating leases

At 31 December 2006 the company had annual commitments under non-cancellable operating leases as set
out below
Other than land and
bu1/dmgs
2006 2005
£000 £000
Within one year 35
In two to five years 27
62
20. Contingent liabilities
The company has issued bank guarantees in the ordinary course of business for £64,000 (31 March 2006 -
£74,000)
21. Share capital

Authorised
2006 2006
£000 £000
Ordinary shares of£ I each 950 950
Preferred ordinary shares of£ I each 750 750
16% Cumulative preference shares of£ I each 300 300
2,000 2,000
Alloued, called up and fully patd

3 I December 2006 3 I March 2006
No £000 No £000
Ordinary shares of£ I each 884,321 884 884,321 884

Preferred ordinary shares of£ I each 727,157 727 727,157 727
1,611 1,611
Equity shares
Ordinary shares of£ I each 884,321 884 884,321 884
Preferred ordmary shares of£ I each 727,157 441 727,157 441
1,611,478 1,325 1,611,478 1,325
Shares classed asfinanctal ltablitlles
Preferred ordmary shares of£ I each (element
recognised as debt) 727,157 286 727,157 286
Preferred ordmary shares

The preferred ordinary shares carry a d1v1dend of 11 % of net profit payable annually The shares carry an
entitlement that, at any time, the whole preferred ordinary share capital can be converted on a one for one
basis into ordinary shares The preferred ordinary shares rank second behind the preference shares in the
event of the company being wound up
25
at 31 December 2006
22. Reconciliation of shareholders' funds and movement on reserves

Total
Capital Capital Shares held share-
Share contr1but1on redemption memployee Profit and holders'
capital reserve reserve benefit trust loss account funds
£000 £000 £000 £000 £000 £000
At l Apnl 2005 1,325 281 (19) 11,002 12,589
Profit for the year
(restated see note l) 484 484
Movement of value of shares
classed as financml
habthties smce issue (23) (23)
Equity d1v1dends (71) (71)
Transfer on redemptrnn of
preference shares (281) (281)
Defined pensrnn benefit
scheme (restated see note I) (364) (364)
--- ---
At 31 March 2006
(restated see note l) 1,325 281 (19) 10,747 12,334
Loss for the penod (768) (768)
Movement of value of shares
classed as financial
habiht1es smce issue 23 23
Equity dlVldends (5,000) (5,000)
Transfer m respect of
Employee Benefit Trust 19 (19)
Capital contnbuuon
received 115 115
Sale of shares by EB T 457 457
Defined pension benefit
scheme (63) (63)
--- --- ---
At 31 December 2006 1,325 115 281 5,377 7,098
Of the above reserves at 31 December 2006 and 31 March 2006, no element related to the net pension
surplus
The Employee Benefit Trust came to an end durmg the year when the shares, held by the Trust m Land
Instruments Intematrnnal Limited, were purchased by EMA Holdmgs UK Limited Consideratrnn received
for the purchase has been recogmsed as a profit and loss account reserve movement
23. Capital commitments

Amounts contracted for but not provided m the financml statements amounted to £6,000 (31 March 06-
£26,000)

Durmg the penod the company disposed of the entire issued share capital of Land Pyrometers L1m1ted,
Land Combustrnn L1m1ted, Land Infrared L1m1ted and Land Instruments Intematrnnal Inc to DM Bouch1er,
JM Harfoot and AC Kmghton These md1V1duals had been shareholder directors durmg the penod but had
resigned from office on 15 June 2006 The total consideratrnn received for the transaction was £3,533,000
There were no outstandmg balances m relation to the transaction at the year end
26
at 31 December 2006
25. Ultimate parent company

The company's 1mmed1ate parent company ts EMA Holdmgs UK L1m1ted
In the directors' opmton, the company's ultimate parent company and controlhng party ts AMETEK Inc , a
company mcorporated m America Copies of its group financial statements, which mclude the company
and are the smallest and largest consohdated accounts that the company 1s included m, are available from
the company secretary at PO Box 36, 2 New Star Road, Leicester, LE4 9JQ
27
I
.
Company Registration No 01659383 (England and Wales)
LAND INSTRUMENTS INTERNATIONAL LIMITED
11111111111
LOS
•LZENLRKW'
13/08/2013 #77
COMPANIES HOUSE
•
COMPANY INFORMATION
Directors DB Coley
Almne
J Pnce
KE Sena

2 New Star Road
Leicester
LE4 9JQ

City Gate West
Toll House Hill
Nottingham
NG1 5FY
Business address Stubley Lane,

Dronfield
Derbyshire
S18 1DJ
Bankers NatWest
1 Granby Street
Leicester
LE1 6EJ
Sohc1tors Taylor & Emmet

20 Arundel Gate
Sheffield
South Yorkshire
S1 2PP
CMS Cameron McKenna LLP

160 Aldersgate Street
Mitre House
London
EC1A4DD
•
CONTENTS
Page
Statement of total recognised gams and losses 7
Balance sheet 8
Notes to the financial statements 9 -28

DIRECTORS' REPORT
The directors present their report and financial statements for the year ended 31 December 2012

The pnncopal act1v1ty of the company continued to be that of the design, development and manufacture of
instruments and related systems for the measurement of temperature and gaseous and particulate em1ss1ons
using predominantly infra red technologies These are marketed worldwide and across the ondustnal sector
2012 2011 Change

£'000 £'000 %
Sales 18,689 20,664 (9 55)

Operating profit 2,301 3,126 (26 39)
Operating profit as a % of sales 12 31% 15 13%
Core markets underwenl significant retrenchment dunng 2012 This negatively impacted both volumes and
pncmg These effects were only partially offset by the improved penetration of new market sectors and new
product launches Cost reduction and other commercial act1v1t1es were successfully 1not1ated to address the market
challenges, leaving the business well pos1t1oned to deliver strong performance on 2013 and beyond
The company operates on a competotove global environment and the global recession has increased uncertainty on
the company's key markets Customers can switch to competitor products of they Judge that the compebtor product
offers better value We continue to focus on the quality and reliability of our products and solutions to give good
value and to monitor competitor ac!lv1ty to improve our compet1t1veness

No d1stnbut1on of d1v1dends for the year ended 31 December 2012 was made (2011 £:3,493,000)

The company continues an active programme of research and development on all areas of its act1v1t1es, with the
constant review of existing products and development of new products being an integral part of this programme
Dunng the year, the company spent £1,323,000 (2011 £1,467,000)

The company's holdings on AMETEK SAS and AMETEK GmbH were sold to a fellow subs1d1ary company, EMA
Holdings UK L1m1ted on January 2013 for £1,663,000
The company has declared and paid d1v1dends amounting to £400,000 since 31 December 2012
- 1-

Future developments
The company's core markets now appear to have stab1l1zed, although recovery in these sectors appears some
way off Cost reduction and commercial activities undertaken in 2012 are already driving improved performance 1n
2013 and both the sales order book and the sales order pipeline are now growing as a result of new product
launches The aggressive programme of new product launches will be maintained and will be supplemented by a
close focus on further developing sales channel effectiveness The directors expect that s1grnficantly improved
levels of profitability can be achieved through 2013
Gomg concern
The company's business act1v1t1es, together with the factors likely to affect its future development, its financial
pos1t1on, financial risk management ob1ect1ves and details of the company's exposure to risk are described in this
report
After making enqumes, the directors have a reasonable expectation that the company has adequate resources to
continue in operational existence for the foreseeable future Accordingly, they continue to adopt the going concern
basis in preparing the financial statements
Directors
D BColey
A Imrie
J Price
J J Molinelli (Resigned 1 July 2012)
AMETEK Inc has indemnified one or more directors of the company against liability in respect of proceedings
brought by third parties, sub1ect to the cond1t1ons set out in the Companies Act 2006 Such qualifying third party
indemnity prov1s1on was in force during the year and remains 1n place to the date of this report

The company's principal financial instruments comprise trade debtor, trade creditor and inter-company balances
The company does not enter into derivative transactions and II 1s, and has been throughout the period under
review, the company's policy that no trading in financial instruments shall be undertaken
The main risk arising from the company's financial instruments 1s foreign currency risk

The company has transactional and translational currency exposures arising from sales and purchases 1n foreign
currencies It 1s AMETEK group policy not to actively hedge against foreign currency transactions and balances
Auditors
The auditors, Ernst & Young LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006
-2-

Statement of directors' respons1b1hties

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with
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

disclosed and explained in the financial statements,
- prepare the financial statements on the grnng concern basis unless 1t 1s inappropriate to presume that the
company will continue in business
company's transactions and disclose with reasonable accuracy at any lime the financial pos1t1on of the company
and enable them to ensure that the financial statements comply with the Companies Act 2006 They are also
and detection of fraud and other irregularities

So far as the directors are aware, there 1s no relevant audit information of which the company's auditors are
unaware Add1t1onally, the directors have taken all the necessary steps that they ought to have taken as directors
are aware of that information
-3-

TO THE MEMBERS OF LAND INSTRUMENTS INTERNATIONAL LIMITED
We have audited the financial statements of Land Instruments lnternallonal L1m1ted for the year ended 31
December 2012 set out on pages 6 to 28 The financial reporting framework that has been apphed in their
preparation 1s apphcable law and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice)
members those matters we are required to state to them in an auditors' report and for no other purpose To
the fullest extent permitted by law, we do not accept or assume respons1b1hty to anyone other than the
have formed
Respective respons1biht1es of directors and auditors

As explained more fully in the Statement of Directors' Respons1b1ht1es set out on page 3, the directors are
responsible for the preparation of the financial statements and for being satisfied that they give a true and
fair view Our respons1b1hty 1s to audit and express an opinion on the financial statements in accordance with
applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to

An audit involves obtaining evidence about the amounts and disclosures 1n the financial statements sufficient
caused by fraud or error This includes an assessment of whether the accounting pohc1es are appropriate to
the company's circumstances and have been consistently apphed and adequately disclosed, the
reasonableness of significant accounting estimates made by the directors, and the overall presentatJOn of
the financial statements In add11Jon, we read all the financial and non-financial information in the Directors'
Report to 1dent1fy material incons1stenc1es with the audited financial statements If we become aware of any
apparent material misstatements or incons1stenc1es we consider the 1mphcat1ons for our report

Practice, and
Opinion on other matter prescnbed by the Companies Act 2006

-4-
•
• LAND INSTRUMENTS INTERNATIONAL LIMITED


the financial statements are not 1n agreement with the accounting records and returns, or
we have not received all the 1nformat1on and explanations we require for our audit
~::..:::;~ '-~,,
Ern~ng
for and on ehalf of LLP
Statutory Auditor
Nottingham
-5-

2012 2011
Notes £'000 £'000
Tu mover 2 18,689 20,664
Cost of sales (11,530) (12,258)

--
D1stnbut1on costs (4, 176) (3,802)

Admin1strat1ve expenses (688) (1,488)
Other operating income 6 10
-- --
Interest payable 5 (1,253) (270)
Profit on ordinary act1v1t1es before

Tax on profit on ordinary act1v1t1es 6 759 (755)

--
-6-

Notes 2012 2011

£'000 £'000

Actuarial loss on pension scheme 15 (1,097) (250)
Tax on items taken directly to equity (66) 66

the year 681 1,955
--
-7-
BALANCE SHEET
2012 2011
Notes £'000 £'000 £'000 £'000
Fixed assets
Investments 9 130,109 130,109
132,060 132,092
Current assets
Stocks 10 1,476 1,912
Debtors 11 5,596 4,913
17,348 7,881
one year 12 (12,977) (4,308)
Total assets less current hab1hties 136,431 135,665
Creditors amounts falling due after

105,010 104,244

Share premium account 18 93,487 93,487
Approved by the Board and authorised for issue on 7"A1/4 ,2.0fj
Director
-8 -

1.1 Accounting convention

The company has taken advantage of the exemption m Financial Reporting Standard No 1 (Revised 1996)
where 90 percent or more of the voting rights are controlled within the group
12 Compliance with accounting standards

13 Turnover
excluding VAT and trade discounts In the case of goods, invoices are raised on delivery to and, where
required, formal acceptance by customers

Research expenditure 1s written off to the profit and loss account in the year in which 1t 1s incurred

fixed assets are reviewed for impairment when events or changes 1n circumstances indicate the carrying
Depreciation 1s provided on all tangible fixed assets , other than freehold land, at rates calculated to wnte
off the cost, less estimated residual value based on prices prevailing at the date of acqu1s1t1on of each
asset over its expected useful life as follows
Freehold property Over 50 years

Plant and machinery Over 5 years
Fixtures, fittings & equipment Over 5 years
Motor vehicles Over 4 years
1.6 Leasing
term
17 Investments
Fixed asset investments are stated at cost and are reviewed for 1mpa1rrnent 1f events or changes in
circumstances indicate the carrying value may not be recoverable
18 Stock and work m progress

Stock and work in progress are valued at the lower of cost and net realisable value Cost includes
materials, direct labour and an attributable proportion of overheads based on normal levels of activity
Net realisable value 1s based on estimated selling price less any further costs expected to be incurred to
completion and disposal
-9-

19 Pensions
Defined contribution pension scheme - The pension costs charged against operating profits are the
contributions payable to the scheme in respect of the accounting period
Defined benefit pension scheme - Scheme assets are measured at fair values Scheme liab11it1es are
measured on an actuarial basis using the proiected unit method and are discounted at appropriate high
quality corporate bond rates The net surplus or def1c1t, adiusted for deferred tax, 1s presented separately
from other net assets on the balance sheet A net surplus 1s recognised only to the extent that 11 1s
recoverable by the company
The current service costs from settlements and curtailments are charged against operating profit Past
service costs are spread over the period until the benefit increases vest Interest on the scheme liab11it1es
and the expected return on scheme assets are included in other finance costs Actuarial gains and losses
are reported in the statement of total recognised gains and losses
1 10 Deferred taxation
Deferred tax 1s recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date where transactions or events have occurred at that date that will result in an obligation
to pay more, or a right to pay less or to receive more tax, with the following exception
- deferred tax assets are recognised only to the extent that the directors consider that 1t 1s more likely than
not that there will be suitable taxable profits from which the future reversal of the underlying liming
Deferred tax 1s measured on an und1scounted basis at the tax rates that are expected to apply in the
periods in which the timing differences reverse, based on tax rates and laws enacted or substantively
enacted at the balance sheet date

ruling at the date of the transaction All differences are taken to profit and loss account

the date on which the relevant employees become fully enhtled to the award Fair value 1s determined
of non-market cond1hons that impact on the number of equity instruments that will ultimately vest The
movement in cumulative expense smce the previous balance sheet date 1s recognised m the profit and
and loss reserve
There are no non-equity settled share - based payments
- 10 -

1 Accounting pohc1es (Continued)
1 13 Group accounts
The financial statements present 1nformahon about the company as an 1nd1v1dual undertaking and not
about its group The company has not prepared group accounts as 1t 1s exempt from the requirement to do
so by section 400 of the Companies Act 2006 as 1t 1s a subs1d1ary undertaking of AMETEK Inc , a
company incorporated in the United States of America, and 1s included in the consolidated accounts of
that company

The company 1s a wholly owned subs1d1ary of AMETEK Inc , the consolidated accounts of which are
publicly available Accordingly, the company has taken advantage of the exemption 1n FRS 8 from
1.15 Financial Instruments

Financial liab11it1es and equity instruments are classified according to the substance of the contractual
arrangements entered into An equity instrument 1s any contract where there 1s a residual interest in the
assets of the entity after deducting all of its financial liab11it1es Finance costs and gains or losses relating
to financial liab11it1es are included in the profit and loss account w1th1n interest payable or receivable
Finance costs are calculated so as to produce a constant rate of return on the outstanding liability
D1v1dends and distributions relating to equity instruments are debited to equity
Compound instruments comprise both a liability and an equity component At date of issue, the fair value
of the liability component 1s estimated using the prevailing market interest rate for a s1m1lar debt
instrument The liability component 1s accounted for as a financial liability
The residual 1s the difference between the net proceeds of issue and the liability component (at time of
issue) The residual 1s the equity component, which 1s accounted for as an equity instrument
The interest expense on the liability component 1s calculated applying the effective interest rate for the
liability component of the instrument The difference between this amount and any repayments 1s added to
the carrying amount of the liability 1n the balance sheet
As at 31 December 2012, the preferred ordinary shareholder has waived its entitlement to all accrued and
future preference d1v1dends and redemption for the foreseeable future
The fair values of the debt and equity components of the preferred ordinary shares have therefore been
frozen at £286,000 and £441,000 respectively to reflect the fact that no further d1v1dends are obliged to be
paid under the terms of the d1v1dend waiver
- 11 -

2 Turnover
Geographical market
Turnover
2012 2011
£'000 £'000
Europe 10,907 11,876

Asia 5, 101 6,370
USA 2,681 2,418
18,689 20,664

£'000 £'000
Operating profit 1s staled after charging
Loss on disposal of tangible assets 11 1
Loss on foreign exchange transactions 68 92
Fees payable to the company's auditor for the audit of the company's

£'000 £'000

Other interest 2
37 38

£'000 £'000
Interest payable to group undertakings 1,253 270
- 12 -

6 Taxation
2012 2011
£'000 £'000
U K corporation tax 739
Adjustment for pnor years (739)
Total current tax (739) 739
Deferred tax
Onginatoon and reversal of t1m1ng differences (33) 5
(20) 16
(759) 755

Profit on ordinary act1v1toes before taxation 1,085 2,894
Profit on ordinary actov1t1es before taxation multiplied by standard rate of UK

corporation tax of 24 50% (2011 - 26 49%) 266 767
Effects of
Decelerated I (Accelerated) capital allowances 22 (6)
Ad1ustments to previous periods (739)
Group relief not charged 22
FRS 17 ad1ustment (269)
Research and development enhanced deduction (54) (46)
Other liming differences 11 1
(1,005) (28)
Current tax (credit) I charge for the year (739) 739
The company has surrendered the benefit of tax losses amounting to £87,000 (2011 £N1I) 1n relation to
the year ended 31 December 2012 to certain group undertakings without receiving any payment
- 13 -

6 Taxation (Continued)

The standard rate of Corporation Tax in the UK reduced from 26% to 24% with effect from 1 April 2012
to 23% from 1April2013 and to 22% from 1April2014 The reduction to 23% was enacted during the
year and therefore deferred tax balances are stated at 23% On 5 December 2012, 11 was announced that
the main rate of corporation tax for the year commencing 1 April 2014 will be reduced by a further 1% to
no account has been taken of them in these financial statements The impact of the further changes 1s not
fell to 18% and 8% respectively with effect from 1April2012

£'000 £'000
Ordinary final paid 3,493

Freehold Plant and Fixtures, Motor Total
property machinery fittings & vehicles
equipment
£'000 £'000 £'000 £'000 £'000
Cost
At 1 January 2012 2, 117 3,264 594 12 5,987
Add1t1ons 236 86 2 324
Disposals (95) (95)
At 31 December 2012 2,353 3,255 596 12 6,216
Depreciation
At 1 January 2012 1,019 2,725 248 12 4,004
On disposals (84) (84)
Charge for the year 46 189 110 345
Al 31 December 2012 1,065 2,830 358 12 4,265
Net book value

At 31 December 2012 1,288 425 238 1,951
At 31 December 2011 1,098 539 346 1,983
- 14 -

8 Tangible fixed assets (Continued)
Included in the cost of land and buildings 1s freehold land of £50,000 (2011 £50,000) which 1s not
depreciated
Investments in
subsidiary
undertakings
£'000
Cost
At 1January2012 & at 31 December 2012 130,336
Prov1s1ons for dim1nut1on 1n value

At 1 January 2012 & at 31 December 2012 227
Net book value

At 31 December 2012 130,109
At 31 December 2011 130,109
The company's holdings in AMETEK SAS and AMETEK GmbH were sold to a fellow subs1d1ary company,
EMA Holdings UK L1m1ted, in January 2013 for £1,663,000
- 15 -

9 Fixed asset investments (Continued)
The company has taken advantage of the exemption given within the Companies Act 2006
and has therefore only disclosed principal operating companies as follows
Company Country of registration or Shares held

mcorporat1on Class %
Subs1d1ary undertakings
AMETEKGmbH Germany Ordinary 28 00
AMETEK SAS France Ordinary 26 00
Spectra Analytical Instruments Germany Ordinary
GmbH* 100 00
Spectra Analytical Instruments Hong Kong Ordinary
(Asia - Pacific) L1m1ted* 100 00
Spectra Analytical Instruments USA Ordinary
Inc* 100 00
Spectra Analytical Instruments South Africa Ordinary
(Ply) Ltd* 100 00
Antav1a SAS* France Ordinary 74 00
Cameca SAS* France Ordinary 74 00
AMETEK Korea Co Limited* Korea Ordinary 74 00
Cameca Instruments Inc* USA Ordinary 74 00
Cameca Taiwan Corp Ltd* Taiwan Ordinary 74 00
Cameca GmbH* Germany Ordinary 74 00
EM Test (Switzerland) GmbH* Switzerland Ordinary 100 00
EM Test GmbH* Germany Ordinary 100 00
Dunkermotoren GmbH* Germany Ordinary 100 00
Dunkermotoren USA, Inc• USA Ordinary 100 00
Dunkermotoren Ta1cang Co China Ordinary
Ltd* 100 00
Dunkermotoren Subollca d o o* Serbia Ordinary 100 00
Dunkermotoren Italia s r I* Italy Ordinary 100 00
Dunkermotoren Korea Ltd* Korea Ordinary 100 00
Dunkermotoren France SAS* France Ordinary 100 00
Dunkermotoren India Private India Ordinary
L1m1ted* 100 00
•shares held by a subs1d1ary undertaking
AMETEK SA Sand AMETEK GmbH are involved in the marketing of industrial instruments
The Spectra group of companies 1s involved in the manufacture and sale of atomic
spectroscopic instrumentation, optical em1ss1on or energy d1spers1ve X - ray florescence
measurement techniques
Antav1a SAS 1s involved in the maintenance, repair and overhaul of aircraft
The Cameca group of companies 1s involved in the sale and service of secondary ion mass
spectrometers, electron probe m1croanalys1s and tomographic atom probes
The EM Test group of companies 1s involved in the supply, service and support of EMC test
equipment, calibration and EMC seminars and workshops
The Dunkermotoren group of companies 1s involved in advanced motion control solutions for
a wide range of industrial appl1cat1ons, including factory equipment, office machines, medical
devices and laboratory equipment
- 16 -


£'000 £'000
Raw materials and consumables 604 705

Work in progress 169 259
--
1,476 1,912
--
- -
The difference between purchase price or production cost of stocks and their replacement cost 1s not
material
11 Debtors 2012 2011

£'000 £'000

Amounts owed by group undertakings 3,430 2,616
Corporation tax 477
5,596 4,913
=
12 Creditors amounts fallmg due w1thm one year 2012 2011

£'000 £'000

Corporation tax 609
Other taxes and social security costs 157 176
-- --
12,977 4,308
-- -
---
- 17 -

£'000 £'000
Amounts owed to group undertakings 31, 135 31,135

Preference shares classed as a financial hab1hty 286 286
31,421 31,421
-
---- -
L1ab1hty component of convertible preferred ordinary shares 286 286
= ---
At 31 December 2012 and 31 December 2011, there were 727, 157 of convertible preferred ordinary
shares of £1 each in issue The hab1hty component of the shares, representing 286,000 preferred
ordinary shares of £1 each, was frozen at 31 December 2006 due to a d1v1dend waiver being in place
Amounts owed to group undertakings comprise loans wholly repayable within five years Interest 1s
charged at 4 %
The deferred tax asset (included in debtors, note 11) 1s made up as follows
2012
£'000

2012 2011
£'000 £'000

Other timing differences (3) (4)
---
(158) (138)
= ---
The effect of future changes in tax rates 1s not considered to have a material effect on the deferred tax
balance
The company also has an unrecognised deferred tax asset of £38,000 (2011 £41,000) relating to capital
losses The deferred tax asset has not been recognised due to the uncertainty surrounding the existence
of future suitable profits to set 1t off against
- 18 -

The company operates a defined contribution scheme for the benefit of the employees The assets of the
scheme are administered m a fund independent from those of the company The pension cost m the year
was £200,000 (2011 £200,000) and the amount due to the scheme at the year end was £24,000 (2011
£26,000)
The company operated a defined benefit pension scheme for the benefit of the employees m the UK The
scheme was closed and accrual of add1t1onal benefits ceased 1n October 2003 when all members ceased
to be active The assets of the scheme are administered by the trustees 1n a fund independent from those
of the company
The company expects to contribute approximately £340,000 to the pension scheme m 2013, based on the
ex1stmg schedule of contnbut1ons
The amounts recognised m the balance sheet are as follows
Defined benefit
pension plans
2012 2011
£'000 £'000

Farr value of plan assets (29,728) (26,037)
--- ---
(178) (445)
Present value of unfunded obhgallons
--- ---
Surplus (178) (445)
--- ---
Net asset 178 445
= -
---
- -
The surplus has been restricted as the scheme 1s now closed and therefore no future economic benefit 1s
considered achievable by the directors Therefore the pension asset on the balance sheet 1s nrl
- 19 -

The amounts recognised m the profit and loss are as follows:
Defined benefit
pension plans
2012 2011
£'000 £'000
Included m operating profit

Past service credit (847)
(847)
Included in other finance costs

Interest on obhgat1on 1,212 1,413
Total (847)
The past service credit m respect of the year ended 31 December 2012 represents the impact of the
change m calculation method for pension increases from usmg the Retail Prices Index to usmg the
Consumer Prices Index which reduced the hab1hlles of the scheme
Analysis of amount recognised m the statement of total recognised gains and losses:
Defined benefit
pension plans
2012 2011
£'000 £'000

Effect of asset hm1t 780 883
(1,097) (250)
Cumulative amount of actuarial losses (2,857) (1, 760)
- 20 -

Changes m the present value of the defined benefit obligation are as follows·
Defined benefit
pension plans
2012 2011
£'000 £'000
Opening defined benefit obhgat1on 25,592 25,835

Interest cost 1,212 1,413
Actuarial losses/(gains) 4,498 (922)
Total 29,550 25,592
Changes in fair value of plan assets are as follows:

plans
2012 2011
£'000 £'000

Actuarial gains/(losses) 2,621 (2,054)
Contributions by employer 250 250
29,728 26,037

assets are as follows
2012 2011
Equ1t1es 55 00 57 00
Bonds 16 00 17 00
Property 5 00 6 00
Other assets 24 00 20 00
=
- 21 -

The principal actuanal assumptions at the balance sheet date (expresssed as weighted averages)
were as follows
2012 2011
% %
Rate of increase in pensions in payment (RPI capped at 2 5%) 1 90 1 90

Rate of increase in pensions in payment (RPI capped at 5 0%) 2 84 2 84
Rate of increase in pensions in payment (CPI capped at 3 0%) 1 90 1 73
Rate of increase in pensions in payment (CPI capped at 5 0%) 2 40 n/a
Discount rate 440 4 90
Inflation assumption (RPI) 3 00 3 00
Inflation assumption (CPI) 2 40 2 00
Life expectancy for a male currently aged 65 (in years) 22 10 21 20

Life expectancy for a female currently aged 65 (in years) 24 50 24 00
Life expectancy for a male currently aged 45 (in years) 23 40 23 10
Life expectancy for a female currently aged 45 (in years) 2610 25 90
The post-retirement mortahty disclosures above relate to assumptions based on longevity (in years) The
post-mortahty table used in 2012 was a SAPS normal health base table with CMI 2011 core model with
long term improvement rate of 1% and in 2011 was a SAPS normal health table with medium cohort
pro1ect1on based on year of birth with a 1% underpin on future improvements
payment will 1n future be based on the Consumer Prices Index rather than the Retail Prices Index,
to post April 1988 GMP to be based on the Consumer Prices Index rather than the Retail Prices Index
Amounts for the current and previous four penods are as follows
2012 2011 2010 2009 2008
£'000 £'000 £'000 £'000 £'000
Defined benefit obhgat1on (29,550) (25,592) (25,835) (24,054) (19,943)

Plan assets 29,728 26,037 26,793 24,320 20,580
Surplus 178 445 958 176 637
Experience ad1ustments on
plan hab1ht1es (1,337) 1,518 498 1,916
plan assets 2,621 (2,054) 1,406 2,806 (6,821)
-
---- - -
----
- -
----
- -
----- -
----
-
- 22-

the ultimate parent company, AMETEK Inc_ These share-based payments are settled by the issue of equity
A three for two spilt of the parent company's common stock took place on 29 June 2012 in order to broaden
the stock's marketability and improve its trading hqu1d1ty The new shares were payable to shareholders on
record at 15 June 2012 Where appropriate, further information has been given in the comparatives to
reflect the three for two spilt
Restricted shares
Restricted shares generally vest (1e all restrictions lift) after 4 years This 1s accelerated 1f the share price
increases to double that of the grant at the close of business on 5 consecutive trading days, in which case
poss1b1hty that th1S early vesting could occur but taking into account estimated forfeitures, based on
Share options
111t all vested at the end of this 4 year period but taking into account estimated forfeitures, based on
The following weighted average assumptions were used 1n the Black-Scholes model to estimate the fair
value of options granted during the years 1nd1cated
Expected share volat1hty 28 36% (2011 26 37%)

Expected hie of options (years) 5 06 (2011 5 04)
Expected d1v1dend yield 0 47% (2011 0 54%)
Expected volat1hty 1s based on historical volat1hty of AMETEK Inc's share pnce Historical exercise data for
option holding periods will be s1m1lar to the historical option holding periods The risk-free rate for the penod
within the contractual hie of the option 1s based on the US Treasury yield curve at the time of the grant
The weighted average fair value per option granted during the year was £5 27 (2011 £4 60 for
unapproved options and £4 53 for approved options (spilt adjusted)}
- 23 -

Restricted shares

shares shares
2012 2012 2011 2011
£ £

Effect of three for two split 2,676
Granted 2,265 20 99 1,526 27 16
Vested (1,565) 1091 (4,852) 14 41
Forfeited (1,263) 15 33 (477) 16 39
-- -- -- --
Outstanding at 31 December 7,466 1648 5,353 20 91
--
- - = -
---
Share options
The following table illustrates the number and weighted average exercise price (WAEP) of, and
movements in, share options during the year

options options
2012 2012 2011 2011
£ £

Granted 8,021 20 96 4,110 28 54
Exercised (7,387) 10 59 (3,502) 16 61
Forfeited (3,070) 14 44 (1,173) 15 91
Expired (96) 17 96

--
- -
--
- -
-24-

The weighted average share price at the date of exercise for share options exercised during the year was
£20 28 (2011 £18 29 (spht adiusted))
Options outstanding at the year end have exercise prices ranging from £8 95 to £20 96 (2011 £9 35 to
£19 19 (spht adjusted)) and a weighted average remaining contractual hfe of 4 years and 4 months (2011
4 years and 8 months)

£'000 £'000
441, 157 Preferred ordinary shares of £1 each 441 441
--- ---
6,035 6,035
The preferred ordinary shares carry a d1v1dend of 11 % of net profit payable annually The shares carry an
basis onto ordinary shares The preferred ordinary shares rank second behind the cumulative preference
shares on the event of the company being wound up No cumulative preference shares were on issue as at
31 December 2012
18 Statement of movements on reserves

Share Other Profit and loss
premium reserves account
account (see below)
£'000 £'000 £'000
Balance at 1 January 2012 93,487 396 4,326

Defined benefit pension scheme (1,163)
--- ---
Balance at 31 December 2012 93,487 396 5,092
--- ---
Other reserves
Capital redemption reserve
Balance at 1 January 2012 & at 31 December 2012 281
Capital contribution reserve

-
----
-
- 25 -


£'000 £'000

D1v1dends (3,493)
1,844 (1,354)
Other recognised gains and losses (1,163) (184)
Net add1t1on to/(deplet1on in) shareholders' funds 766 (1,457)

Opening shareholders' funds 104,244 105,701
20 Contmgent hab1ht1es
The company has issued bank guarantees in the ordinary course of business for £102,000 (2011
£87,000)
21 Fmanc1al commitments

2012 2011 2012 2011
£'000 £'000 £'000 £'000
Between two and five years 53 131
In over five yea rs 6
6 6 110 132

£'000 £'000
- 26 -
:


£'000 £'000

Company pension contnbut1ons to defined contnbut1on schemes 15 14
The number of directors for whom retirement benefits are accruing under defined contnbut1on schemes
The number of directors who exercised share options dunng the year was 2 (2011 - 1)
The number of directors who received shares under long term incentive schemes dunng the year was 3
(2011 - 3)
24 Employees
Number of employees
The average monthly number of employees (mcludmg directors) dunng the
year was
2012 2011
Number Number
Production staff 79 81
Engineenng staff 13 14
Sales and marketing staff 16 18
Adm1rnstrat1ve staff 11 12
119 125
-- --

£'000 £'000
Wages and salanes 4,415 4,581

Social secunty costs 502 532
5,365 5,560
Included m wages and salanes 1s a total expense for share-based payments in relation to equity-settled
transactions of £85,000 (2011 £81,000), of which £50,000 (2011 £56,000) relates to restncted shares
and £35,000 (2011 £25,000) relates to share options
- 27 -
'

25 Control
The 1mmed1ate parent company 1s EMA Holdings UK L1m1ted, a company registered in England and Wales
and the ultimate parent company 1s AMETEK Inc , a company incorporated 1n the United States of America
AMETEK Inc prepares group financial statements which include the company and are the smallest and
largest consolidated accounts that the company 1s included in, copies of which can be obtained from P 0
Box 36, 2 New Star Road, Leicester LE4 9JQ
The company's holdings in AMETEK SAS and AMETEK GmbH were sold to a fellow subs1d1ary company,
EMA Holdings UK L1m1ted in January 2013 for £1,663,000
The company has declared and paid d1v1dends amounting to £400,000 since 31December2012
- 28 -
l ,
. (Pi,
Company Registration No. 01659383 (England and Wales)
- 1111111111111111111111111111111111111n1
*A3DP0403*
A19 06/08/2014 #133
. COMPANIES HOUSE .
CONTENTS
Page
Strategic report 1-2
Balance sheet 9

COMPANY INFORMATION
Directors DB Coley
RR Mandos
E Speranza (Appointed 31 March 2014)
KE Sena
Company number 01659383 .·

2 New Star Road
Leicester
LE4 9JQ

No 1 Colmore Square
Birmingham
B46HQ
Business address Stubley Lane,

Dronfield
Derbyshire
S18 1DJ
Bankers NatWest
1 Granby Street
Leicester
LE1 6EJ
Solicitors Taylor& Emmet

20 Arundel Gate
Sheffield
South Yorkshire
S1 2PP
CMS Cameron McKenna LLP

160 Aldersgate Street
Mitre House
London
EC1A4DD
STRATEGIC REPORT

The principal activity of the company continued to be that of the design, development and manufacture of
instruments and related systems for the measurement of temperature and gaseous and particulate emissions using
predominantly infra red technologies. These are marketed worldwide and across the industrial sector.
The company's key financial indicators for the year were as follows:
2013 2012 Change

£'000 £'000 %
Sales 18,270 18,689 (2.24)

Operating profit 1,911 2,301 (16.95)
Net current assets 3,875 4,371 (11.35)
Shareholders' funds 103,687 105,010 (1.26)
The Company's core market business, while stabilizing in 2013, continued to show some sales deterioration against
the previous year. This was partly due to lack of growth in these mature markets, but was also due to a more
selective targeting of sales opportunities, which was a contributing factor to the higher underlying operating profit
performance noted below.
Operating profit fell by £390,000 (16.9%) against prior year. The 2012 operating profit figure however included an
exceptional one-off pension service credit of £847,000, which represented the impact of changing the calculation
method for pension increases from using the Consumer Prices Index instead of the Retail Price Index, which reduced
the calculated liabilities of the Company's defined benefit pension scheme. Removing this adjustment from the prior
year operating profit gives a true measure of the underlying operating profit performance, which shows an increase of
£457,000 (31.4%) over the prior year. This improvement was driven by the implementation of focused commercial
and cost reduction initiatives.
The company's net current assets reduced by 11.35% primarily as a result of movements in the Company's balances
with other Ametek Group companies, offset by increases in external trade debtors and inventory which were needed
to support a large asset monitoring contract that was shipped in 2 installments in December 2013 and January 2014.
The reduction in shareholders'funds was due mainly to dividends totaling £2,569,000 that we.re paid to ordinary
shareholders in the year.

The company operates in a competitive global environment and the global recession has increased uncertainty in the
company's key markets. Customers can switch to competitor products if they judge that the competitor product offers
better value. We continue to focus on the quality and reliability of our products and solutions to give good value and
to monitor competitor activity to improve our competitiveness.
- 1-


The company's principal financial instruments comprise trade debtor, trade creditor and inter-company balances. The
company does not enter into derivative transactions and it is, and has been throughout the period under review, the
company's policy that no trading in financial instruments shall be undertaken.
The main risk arising from the company's financial instruments is foreign currency risk.

The company has transactional and translational currency exposures arising from sales and purchases in foreign
currencies. It is AMETEK group policy not to actively hedge against foreign currency transactions and balances.
~-·
DB Coley
-2-
DIRECTORS' REPORT

The total distribution of dividends for the year ended 31 December 2013 was £2,569,000 (2012: Nil)

The company continues an active programme of research and development in all areas of its activities, with the
constant review of existing products and development of new products being an integral part of this programme.
During the year, the company spent £1,280,000 (2012: £1,323,000).

On 3 January 2014, EM Test (Switzerland) GmbH, an indirect subsidiary of the company, acquired for a
consideration of CHF 83 million an interest in 100% of the issued share capital of Teseq Holding AG, a company
incorporated in Switzerland, which heads a group involved in the manufacture of a broad line of conducted and
radiated EMC compliance testing systems and RF amplifiers for a wide range of industries.
On 3 May 2014, AMETEK Material Analysis Holdings GmbH, a subsidiary of the company, acquired for a
consideration of Euro 11.5 million an interest in 100% of the issued share capital of Luphos GmbH, a company
incorporated in Germany, which is involved in the development of ultra high precision optical distance and
topology measurement technology.
The company has declared and paid dividends amounting to £492,000 since 31 December 2013.
Future developments
The company's core business stabilized during 2013, after the significant retrenchment experienced in 2012.
While demand for existing products remains strong in the core markets of steel and glass, these are relatively
mature markets. Significant future growth will be dependent on the company's ability to penetrate new market
sectors and introduce new product launches and project based solutions successfully into both new and existing
markets. Commercial and cost control initiatives remain a key focus, along with selective investment in sales
channels in high growth markets. The directors expect that continued improvements in profitability can be
achieved in 2014.
Going concern
position, financial risk management objectives and details of the company's exposure to risk are described in the
strategic report on page1.
continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern
basis in preparing the financial statements.
Directors
The following directors have held office since 1 January 2013:
DB Coley
A Imrie (Resigned 31 March 2014)
J Price (Resigned 31 August 2013)
RR Mandos
E Speranza (Appointed 31 March 2014)
-3-
'~' LAND INSTRUMENTS INTERNATIONAL LIMITED

brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party
indemnity provision was in force during the year and remains in place to the date of this report.
Details of financial instruments are provided in the strategic report on pages 1 and 2.
Auditors
The auditors, Ernst & Young LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement 'of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements
in accordance with applicable law and regulations.
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:

- make judgements and accounting estimates that are reasonable and prudent;
disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain 'the

unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors
are aware of that information.
~
..
DB Coley
Director
~.'-?.... ~~~ L.c>\ 'f
-4-
~· LAND INSTRUMENTS INTERNATIONAL LIMITED
INDEPENDENT' AUDITORS' REPORT

We have. audited the financial statements of Land Instruments International Limited for the year ended 31
December 2013 set out on pages 7 to 28. The financial reporting framework that has been applied in their
preparation is applicable Jaw and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice).
members those matters we are required to state to them in an auditors' report and for no other purpose. To
the fullest extent permitted by Jaw, we do not accept or assume responsibility to anyone other than the
have formed.

applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to

An· audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient
the financial statements.
· In addition, we read all the financial and non-financial information in the Annual Report and Financial
misstatements or inconsistencies we consider the implications for our report.

Practice; and

-5-


certain disclosures of directors' remuneration specified by law are not made; or
Birmingham
-6-
.•
'O:: LAND INSTRUMENTS INTERNATIONAL LIMITED
"PROFIT AND LOSS ACCOUNT ...... - .

~·,.
..
_..:...·:--
2013 2012
Notes £'000 £'000
Turnover 2 18,270 18,689
Cost of sales (10,779) (11,530)
Distribution costs (3,899) (4, 176)

Administrative expenses (1,694) (688)
Profit on disposal of investments 4 884

Interest payable 6 (1,245) (1,253)

Tax on profit on ordinary activities 7 (43) 759 ~·.:

--
-7-
·: LAND INSTRUMENTS INTERNATIONAL LIMITED
. --·· ·-sTATEMENTOF TOTAL RECOGNISED GAINS AND LOSSES

Notes 2013 2012

£'000 £'000

Actuarial loss on pension scheme 16 (340) (1,097)
Tax on items taken directly to equity (66)

the year 1,197 681
-8-
BALANCE SHEET
AS AT31DECEMBER2013
2013 2012
Notes £'000 £'000 £'000 £'000
Fixed assets
Investments 10 129,330 130,109
131,233 132,060
Current assets
Stocks 11 1,842 1,476
Debtors 12 3,420 5,596
17,145 17,348
one year 14 (13,270) (12,977)
Creditors: amounts falling due after

more than one year 15 (31,421) (3~ ,421)
103,687 105,010

Share premium account 18 93,487 93,487
Approved by the Board and authorised for issue on .39.. ~~--.2~• \.+
~~-
Director
-9-
.....


where 90 percent or more of the voting rights are controlled .within the group.

1.3 Turnover
excluding VAT and trade discounts. In the case of goods, invoices are raised on delivery to and, where
required, formal acceptance by customers.


Ta~gible fixed assets are stated at cost less accumulated depreciation. The carrying valu~·~· of tangible
Depreciation is provided on all tangible fixed assets , other than freehold land, at rates calculated to write
off the cost, less estimated residual value based on prices prevailing at the date of acquisition of each
asset over its expected useful life as follows:
Freehold property Over 50 years

Plant and machinery Over 5 years
Fixtures, fittings & equipment Over 5 years
Motor vehicles Over 4 years
1.6 Leasing
term.
1.7 Investments
circumstances indicate the carrying value may not be recoverable.

Stock and work in progress are valued at the lower of cost and net realisable value. Cost includes
materials, direct labour and an attributable proportion of overheads based on normal levels of activity.
Net realisable value is based on estimated selling price less any further costs expected to be incurred to
completion and disposal.
- 10 -

1.9 Pensions
Defined contribution pension scheme - The pension costs charged against operating profits are the
contributions payable to the scheme in respect of the accounting period.
Defined benefit pension scheme - Scheme assets are measured at fair values. Scheme liabilities are
measured on an actuarial basis using the projected unit method and are discounted at appropriate high
quality corporate bond rates. The net surplus or deficit, adjusted for deferred tax, is presented separately
from other net assets on the balance sheet. A net surplus is recognised only to the extent that it is
recoverable by the company.
The current service costs from settlements and curtailments are charged against operating profit. Past
service costs are spread over the period until the benefit increases vest. Interest on the scheme liabilities
and the expected return on scheme assets are included in other finance costs. Actuarial gains and losses
are reported in the statement of total recognised gains and losses.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
to pay more, or a right to pay less or to receive more tax, with the following exception:
- deferred tax assets are recognised only to the extent that the directors consider that it is more likely than
differences can be deducted.
periods in which the timing differences reverse, based on tax rates and laws enacted or substantively
enacted at the balance sheet date.

exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate

the date on which the relevant employees become fully entitled to the award. Fair value is determined
using an appropriate pricing model. No expense is recognised for awards that do not ultimately vest.
of non-market conditions that impact on the number of equity instruments that will ultimately vest. The
and loss reserve.
There are no non-equity settled share - based payments.
- 11 -

1.13 Group accounts

The financial statements present information about the company as an individual undertaking and not
about its group. The company has not prepared group accounts as it is exempt from the requirement to do
so by section 401 of the Companies Act 2006 as it is a subsidiary undertaking of AMETEK Inc., a
company incorporated in the United States of America, and is included in the consolidated accounts of
that company.

1.15 Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract where there is a residual interest in the
assets of the entity after deducting all of its financial liabilities. Finance costs and gains or losses relating
to financial liabilities are included in the profit and Joss account within interest payable or receivable.
Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Dividends and distributions relating to equity instruments are debited to equity.
Compound instruments comprise both a liability and an equity component. At date of issue, the fair value
of the liability component is estimated using the prevailing market interest rate for a similar debt
instrument. The liability component is accounted for as a financial liability.
The residual is the difference between the net proceeds of issue and the liability component (at time of
issue). The residual is the equity component, which is accounted for as an equity instrument.
The interest expense on the liability component is calculated applying the effective interest rate for the
liability component of the instrument. The difference between this amount and any repayments is added to
the carrying amount of the liability in the balance sheet.
As at 31 December 2013, the preferred ordinary shareholder has waived its entitlement to all accrued and
future preference dividends and redemption for the foreseeable future.
The fair values of the debt and equity components of the preferred ordinary shares have therefore been
frozen at £286,000 and £441,000 respectively to reflect the fact that no further dividends are obliged to be
paid u.nder the terms of the dividend waiver.
- 12 -
NOTES TO THE FINANCIAL STATEMENTS'(CONTINUED)

2 Turnover
Geographical market
Turnover
2013 2012
£'000 £'000
Europe 10,680 10,907

Asia 4,123 5,101
USA 3,414 2,681
Americas (excl USA) 53
18,270 18,689
--

£'000 £'000
-- --
4 Profit on disposal of investments
The profit on disposal of investments arose on the disposal of the company's holdings in AMETEK SAS
and AMETEK GmbH to a fellow subsidiary (see note 10).

£'000 £'000

-- --

£'000 £'000
Interest payable to group undertakings 1,245 1,253

--
- 13 -

7 Taxation
2013 2012
£'000 £'000
U.K. corporation tax 63
Adjustment for prior years (739)
Total current tax 63 (739)
Deferred tax
(20) (20)
43 (759)


corporation tax of 23.25% (2012 - 24.50%) 367 266
Effects of:
(Income not taxable)/Non deductible expenses (55) 2
Decelerated capital allowances 58 22
Disposal of investments (205)
Group relief not charged 22
FRS 17 adjustment (79) (269)
Research and development enhanced deduction (12) (54)
Other timing differences (11) 11
(304) (1,005)
Current tax charge I (credit) for the year 63 (739)
The company has surrendered the benefit of tax losses amounting to Nil (2012: £87,000) in relation to the
year ended 31 December 2013 to certain group undertakings without receiving any payment. .
- 14 -



£'000 £'000

--

Freehold Plant and Fixtures, Motor Total
property machinery fittings & vehicles
equipment
£'000 £'000 £'000 £'000 £'000
Cost
At 1 January 2013 2,353 3,255 596 12 6,216
Additions 6 234 33 273
Disposals (262) (7) (12) (281)
At 31 December 2013 2,359 3,227 622 6,208
Depreciation
At 1 January 2013 1,065 2,830 358 12 4,265
On disposals (250) (7) (12) (269)
At 31 December 2013 1, 113 2,742 450 4,305
Net book value

At 31 December 2013 1,246 485 172 1,903
-- -- -- --
At 31 December 2012 1,288 425 238 1,951
-- -- --
Included in the cost of land and buildings is freehold land of £50,000 (2012: £50,000) which is not
depreciated.
- 15 -
NOTES TO THE FINANCIAL--STATEMENTS(CONTINUED)

10 Fixed asset invesbnents
lnvesbnents in
subsidiary
undertakings
£'000
Cost
At 1 January 2013 130,336
Disposals (1,006)
At 31 December 2013 129,330
Provisions for diminution in value

On disposals (227)
At 31 December 2013
Net book value

At 31 December 2013 129,330
At 31 December 2012 130,109
The company's holdings in AMETEK SAS and AMETEK GmbH were sold to a fellow subsidiary company,
EMA Holdings UK Limited, in January 2013 for a consideration of £1,663,000, realising a profit of
£884,000.
- 16 -

The company has taken advantage of the exemption given within the Companies Act 2006
and has therefore only disclosed principal operating companies as follows:

incorporation Class %
Subsidiary undertakings
Spectra Analytical Instruments Germany Ordinary
GmbH* 100.00
Spectra - Analytical Instruments Hong Kong Ordinary
(Asia - Pacific) Limited* 100.00
Spectra Analytical Instruments USA Ordinary
Inc* 100.00
Spectre Analytical Instruments South Africa Ordinary
(Pty) Ltd* 100.00
Antavia SAS* France Ordinary 74.00
Cameca SAS* France Ordinary 74.00
AMETEK Korea Co Limited* Korea Ordinary 74.00
Cameca Instruments Inc* USA Ordinary 74.00
Cameca Taiwan Corp. Ltd* . Taiwan Ordinary 74.00
Cameca GmbH* Germany Ordinary 74.00
EM Test (Switzerland) GmbH* Switzerland Ordinary 100.00
EM Test GmbH* Germany Ordinary 100.00
Dunkermotoren GmbH* Germany Ordinary 100.00
Dunkermotoren USA, Inc* USA Ordinary 100.00
Dunkermotoren Taicang Co. China Ordinary
Ltd* 100.00
Dunkermotoren Subotica d.o.o* Serbia Ordinary 100.00
Dunkermotoren Italia s.r.l* Italy Ordinary 100.00
Dunkermotoren Korea Ltd* Korea Ordinary 100.00
Dunkermotoren France SAS* France Ordinary 100.00
* shares held by a subsidiary undertaking
The Spectre group of companies is involved in the manufacture and sale of atomic
spectroscopic instrumentation, optical emission or energy dispersive X - ray florescence
measurement techniques.
Antavia SAS is involved in the maintenance, repair and overhaul of aircraft.
The Cameca group of companies is involved in the sale and service of secondary ion mass
spectrometers, electron probe microanalysis and tomographic atom probes.
The EM Test group of companies is involved in the supply, service and support of EMC test
equipment, calibration and EMC seminars and workshops.
The Dunkermotoren group of companies is involved in advanced motion control solutions for
a wide range of industrial applications, including factory equipment, office machines, medical
devices and laboratory equipment.
-17-
NOTES TO THE ·FINANCIAL STATEMENTS (CONTINUED)


£'QOO £'000

1,842 1,476
-- --
The difference between purchase price or production cost of stocks and their replacement cost is not
material.
12 Debtors 2013 2012

£'000 £'000

3,420 5,596
-- --
- 18 -
..,
NOTES TO~THE FINANCIAL STATEMENTS (CONTINUED)

2013
£'000


--
2013 2012
£'000 £'000

(178) (158)
--
The effect of future changes in tax rates is not considered to have a material effect on the deferred tax
balance.
The company also has an unrecognised deferred tax asset of £32,000 (2012: £38,000) relating to capital
losses. The deferred tax asset has not been recognised due to the uncertainty surrounding the existence
of future suitable profits to set it off against.
14 Creditors: amounts falling due within one year 2013 2012

£'000 £'000

13,270 12,977
--
- 19 -
NOTES-TO THE FINANCIAL STATEMENTS (CONTINUED)

£'000 £'000

Preference shares classed as a financial liability 286 286
31,421 31,421
Liability component of convertible preferred ordinary shares 286 286

--
At 31 December 2013 and 31 December 2012, there were 727,157 of convertible preferred ordinary
shares of £1 each in issue. The liability component of the shares, representing 286,000 preferred
ordinary shares of £1 each, was frozen at 31 December 2006 due to a dividend waiver being in place.
Amounts owed to group undertakings comprise loans wholly repayable within five years. Interest is
charged at 4%.
- 20 -
... NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)

The company operates a defined contribution scheme for the benefit of the employees. The assets of the
scheme are administered in a fund independent from those of the company. The pension cost in the year
was £241,000 (2012: £200,000) and the amount due to the scheme at the year end was £28,000. (2012:
£24,000).
The company operated a defined benefit pension scheme for the benefit of the employees in the UK. The
scheme was closed and accrual of additional benefits ceased in October 2003 when all members ceased
to be active. The assets of the scheme are administered by the trustees in a fund independent from those
of the company.
The company expects to contribute approximately £340,000 to the pension scheme in 2014, based on the
existing schedule of contributions.
The amounts recognised in the balance sheet are as follows:
Defined benefit
pension plans
2013 2012
£'000 £'000
Present value of funded obligations 28,650 29,550

(2,619) (178)
Present value of unfunded obligations
Surplus (2,619) (178)
Net asset 2,619 178

--
The surplus has been restricted as the scheme is now closed and therefore no future economic benefit is
considered achievable by the directors. Therefore the pension asset on the balance sheet is £nil.
- 21 -
(',

The amounts recognised in the profit and loss are as follows:
Defined benefit
pension plans
2013 2012
£'000 £'000

Past service credit · (847)
(847)
Included in other finance costs

Interest on obligation 1,283 1,212
Total (847)
Actual return on plan assets 2,010 4,346
The past service credit in respect of the year ended 31 December 2012 represented the impact of the
change in calculation method for pension increases from using the Retail Prices Index to using the
Consumer Prices Index which reduced the liabilities of the scheme.
Analysis of amount recognised in the statement of total recognised gains and losses:
Defined benefit
pension plans
2013 2012
£'000 £'000
Actuarial gains/ (losses) 1,555 (1,877)

Effect of asset limit (1,895) 780
(340) (1,097)
Cumulative amount of actuarial losses (3, 197) (2,857)

-- --
- 22 -
':i LAND INSTRUMENTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) ·

Changes in the present value of the defined benefit obligation are as follows:
Defined b~nefit
pension plans
2013 2012
£'000 £'000
Opening defined benefit obligation 29,550 25,592

. Interest cost 1,283 1,212
Actuarial (gains)/losses (1,374) 4,498
Total 28,650 29,550

--

plans
2013 2012
£'000 £'000

Actuarial gains 181 2,621
31,269 29,728
The major categories of plan assets as a percentage of total plan

2013 2012
Equities 62.00 55.00
Bonds 15.00 16.00
Property 5.00 5.00
Other assets 18.00 24.00
--
- 23 -
\_, LAND INSTRUMENTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS(CONTINtJED)

The principal actuarial assumptions at the balance sheet date (expresssed as weighted averages)
were as follows:
2013 2012
% %
Rate of increase in pensions in payment (RPI capped at 2.5%) 2.10 1.90

Rate of increase in pensions in payment (RPI capped at 5.0%) 3.20 2.84
Rate of increase in pensions in payment (CPI capped at 3.0%) 2.00 1.90
Rate of increase in pensions in payment (CPI capped at 5.0%) 2.40 2.40
Discount rate 4.45 4.40
Inflation assumption (RPI) 3.40 3.00
Inflation assumption (CPI) 2.40 2.40
Expected return on plan assets 6.75 6.75
-- --
Life expectancy for a male currently aged 65 (in years) 22.00 22.10
Life expectancy for a female currently aged 65 (in years) 24.40 24.50
Life expectancy for a male currently aged 45 (in years) 23.30 23.40
Life expectancy for a female currently aged 45 (in years) 25.90 26.10
-- ·--
The post-retirement mortality disclosures above relate to assumptions based on longevity (in years). The
post-mortality table used in 2013 was a SAPS normal health base table with CMI 2013 core model with
long term improvement rate of 1% per annum and in 2012 was a SAPS normal health base table with
CM I 2011 core model with long term improvement rate of 1% per annum.
to post April 1988 GMP to be based on the Consumer Prices Index rather than the Retail Prices Index.
Amounts for the current and previous four periods are as follows:
2013 2012 2011 2010 2009
£'000 £'000 £'000 £'000 £'000

Plan assets 31,269 29,728 26,037 26,793 24,320
Surplus 2,619 178 445 958 176
plan liabilities 1, 120 (1,337) 1,518 498
plan assets 181 2,621 (2,054) 1,406 2,806
-- -- --
- 24 -


£'000 £'000
441, 157 Preferred ordinary shares of £1 each 441 441
6,035 6,035
--
The preferred ordinary shares carry a dividend of 11 % of net profit payable annually. The shares carry an
basis into ordinary shares. The preferred ordinary shares rank second behind the cumulative preference
shares in the event of the company being wound up. No cumulative preference shares were in issue as at
31 December 2013.

Share Other Profit and loss
premium reserves account
account {see below)
£'000 £'000 £'000
Balance at 1 January 2013 93,487 396 5,092

Defined benefit pension scheme (340)
Balance at 31 December 2013 93,487 396 3,769

-- --
Other reserves
Capital redemption reserve
Capital contribution reserve ·

- 25 -
NOTES TO THE FINANCIAL STATEMENTS'(CONTINUED)


£'000 £'000

Dividends (2,569)
(1,032) 1,844
Other recognised gains and losses (340) (1,163)
Net (depletion in)/addition to shareholders' funds (1,323) 766

The company has issued bank guarantees in the ordinary course of business for £373,000 (2012:
£102,000).
At 31 December 2013 the company was committed to making the following payments under

2013 2012 2013 2012
£'000 £'000 £'000 £'000
Within one year 6 6 19 57
6 6 7:4 110

£'000 £'000
- 26 -
~ LAND INSTRUMENTS INTERNATIONAL LIMITED


£'000 £'000

Compensation for loss of office 47
(2012-3).
R R Mandes is a US based director within the AMETEK group and does not provide any qualifying
services to Land Instruments International Limited.
24 Employees
Number of employees
The average monthly number of employees (including directors) during the
year was:
2013 2012
Number Number
Production staff 73 79
Engineering staff 12 13
Sales and marketing staff 17 16
Administrative staff 11 11
113 119
--
£'000 £'000

5,474 5,365
-- --
transactions of £49,000 (2012: £85,000), of which £16,000 (2012: £50,000) relates to restricted shares
and £33,000 (2012: £35,000) relates to share options.
- 27 -
• -: LAND INSTRUMENTS INTERNATIONAL LIMITED

25 Control
The immediate parent company is EMA Holdings UK Limited, a company registered in England and Wales
and the ultimate parent company is AMETEK Inc., a company incorporated in the United States of
America.
26 Post balanc~ sheet events
On 3 January 2014, EM Test (Switzerland) GmbH, an indirect subsidiary of the company, acquired for a
consideration of CHF 83 million an interest in 100% of the issued share capital of Teseq Holding AG, a
company incorporated in Switzerland, which heads a group involved in the manufacture of a broad line of
conducted and radiated EMC compliance testing systems and RF amplifiers for a wide range of industries.
On 3 May 2014, AMETEK Material Analysis Holdings GmbH, a subsidiary of the company, acquired for a
consideration of Euro 11.5 million an interest in 100% of the issued share capital of Luphos GmbH, a
company incorporated in Germany, which is involved in the development of ultra high precision optical
distance and topology measurement technology.
The company has declared and paid dividends amounting to £492,000 since 31 December 2013.
- 28-
'
Muirhead Aerospace Limited
Report and Financial Statements
31 December 2009
A12 06/08/2010 347

COMPANIES HOUSE
Muirhead Aerospace L1m1ted
Directors
L M Smith
JG Smith
J W Hardm
DB Coley
SK Wells
Secretaries
K Sena
B Coley
Auditor
Ernst & Young LLP
Wessex House
19 Threefield Lane
Southampton
SOl4 3QB
Registered office
PO Box36
2 New Star Road
Leicester
Le1cestersh1re
LE4 9JQ
1
Murrhead Aerospace Lrmrted
Directors' report
The directors present their report and financial statements for the 14 month period ended 31 December
2009

The profit for the period, after taxation, amounted to£ 15,589,000 (year ended 31 October 2008
£3,263,000) A d1v1dend of£ 1,600,000 was paid durmg the penod (year ended 31 October 2008
£3,700,000)
Principal activrtres and review of the business

The prmc1ple activtty of the company dunng the penod was the design and manufacture of specialist prec1smn
and motwn control products and the supply, repair and overhaul of avionics eqmpment for the aerospace and
OJI exploratmn markets
On 3 November 2008 the company was acqmred by AMETEK Inc from Esterline Technologies Corporatwn
AMETEK Inc 1s now considered to be the company's ultimate parent undertaking and controllmg party
On 3 I December 2009, as part of a group re-organisation, the company sold the trade and assets of tts motion
busmess for a cons1dera11on of£ I 8,956,000 to A1rscrew L1m1ted, a fellow subs1d1ary company of AMETEK
Inc Subsequent to this transaction, on 8 January 2010 Airscrew L1m1ted changed 1ts name to AMETEK
A1rtechnology Group L1m1ted
Dunng the penod and to fac1htate this re-orgamsatwn the company extended tis penod of account to December
The company's key financial md1cators for the penod were as follows
14 month
period to 31 Year to 31
December October
2009 2008 Change
£000 £000 %
Sales 31,243 29,314 66%

Operatmg Profit 2,884 3,819 -24 5%
Profit after Tax I 5,589 3,236 3820%
Shareholders' Funds 27,537 I 3,544 1033%
The Company performed well m the I 4 months to 3 I December 2009 despite a d1fficult economic environment
The impact of the global economic downturn however was greater than anticipated and the busmess needed to
ahgn its cost structure with market cond1t1ons as a result This restructurmg, coupled with a rebrandmg exercise
followmg 1ts acqms1t1on by Ametek Inc resulted m operatwnal restructunng costs of £962k Ad1ustmg for this,
operatmg profits for the lengthened penod and the I 4 month financial position were considered to be
satisfactory The company contmues to seek out new opportuntlles m Its repair and overhaul busmess We
contmue to be cautiously opt1m1st1c about the near term economic outlook and our differentiated busmess
continues to enjoy a healthy order book This gives us good reason to be confident that 20 I 0 should be another
good year
Principal Risks and Uncertainties

The company operates m a compet1t1ve global environment Customers can switch to competitor products 1f
they judge that the competitor product offers better value We contmue to focus on the quahty and rehab1hty of
our products to give good value over the product hfe and to monitor competitor act1v1ty to mamtam our
compet1t1veness
The company 1s considered to have acceptable d1vers1ficat1on between 1ts Commercial, Mthtary and Industl'lal
market sectors and therefore unlikely to be overly exposed by a downturn m any one of these markets It
continues to broaden its pos1t1on in these markets by now offering sub systems
2
Directors' report
Principal Rtsks and Uncertainties (continued)
The company does not have a natural hedge m the Euro and USO currencies and 1s therefore impacted by
exchange rate fluctuations. It 1s Ametek group pohcy not to actively hedge agamst foreign currency
transactions and balances

The company's prmc1pal financial mstruments comprise trade debtor, trade creditor and mtercompany
balances and bank loans The company does not enter mto denvat1ve transact10ns and 1t 1s, and has been
throughout the period under review, the company's pohcy that no tradmg in financial instruments shall be
undertaken
The main nsks ar1s1ng from the company's financial instruments are foreign currency risk and interest rate
risk

The company has transact10nal and translational currency exposures arising from sales and purchases in
foreign currencies It 1s AMETEK group pohcy not to actively hedge against foreign currency transactions
and balances
Interest rate rrsk

The company has bank borrowmgs with interest at a variable rate It 1s AMETEK group pohcy not to enter
into interest rate swaps to fix interest rates
Going concern
After makmg enqumes, the directors have a reasonable expectation that the company has adequate
resources to contmue in operational existence for the foreseeable future Accordingly, they contmue to
adopt the going concern basis in preparing the annual report and accounts
Disabled employees
The company gives full cons1derat1on to apphcat10ns for employment from disabled persons where the
reqmrements of the Job can be adequately fulfilled by a handicapped or disabled person Where ex1stmg
employees become disabled, 1t 1s the company's pohcy wherever practicable to provide contmmng
employment under normal terms and cond1t1ons and to provide trammg and career development and
promotion to disabled employees wherever appropriate
Employees are mvolved m 1mprovmg the company performance through the Lean Manufacturing
m1t1at1ves that have been set up throughout the orgamsatmn Commumcat10n with employees 1s
principally viaJOmt consultative meetmgs and quarterly reviews
Directors
The directors who served the company during the year and subsequently were as follows
L M Smith (Managing Director) (appointed 13 November 2008)

JG Smith (appointed 13 November 2008)
J W Hardm (appointed 13 November 2008)
DB Coley (appointed 9 January 2009)
PK Sharma (resigned 30 October 2009)
S K Wells
G Payne (resigned 13 November 2008)
RCremin (resigned I 3 November 2008)
R George (resigned 13 November 2008)
LKring (resigned I 3 November 2008)
R Lawrence (resigned I 3 November 2008)
Directors' liab11it1es
The parent company mdemmfied one or more directors of the company against hab1hty in respect of
proceedings brought by third parties, subject to the cond1t10ns set out m the Companies Act 2006 Such
quahfying third party indemnity prov1s10n was m force durmg the penod and to the date of this report
3
Directors' report
Directors' statement as to disclosure of information to auditors

So far as each person who was a director at the date of approvmg this report 1s aware, there 1s no relevant
audit mfonnat1on, bemg mfonnatmn needed by the auditor m connection with preparmg its report, of
which the auditor IS unaware Havmg made enqumes of fellow directors and the group's auditor, each
director has taken all the steps that he/she 1s obliged to take as a director m order to made himself/herself
aware of any relevant audit mfonnat1on and to establish that the auditor IS aware of that mfonnatwn
Auditor
A resolutmn to reappomt Ernst & Young LLP as auditor will be put to the members at the Annual General
Meetmg
~
Director
tG / o 7 r 2010
4
Statement of directors' responsibilities in respect of
The dtrectors are responsible for preparmg the Directors Report and the financial statements m accordance
with apphcable law and regulations
Company law reqmres the directors to prepare financial statements for each financial year Under that law
the duectors have elected to prepare the financial statements m accordance with United Kmgdom
Generally Accepted Accounting Practice (United Kmgdom Accountmg Standards and apphcable law)
Under company law the directors must not approve the financial statements unless they are sallsfied that
they give a true and fatr view of the state of affairs of the company and of the profit or loss of the company
for that penod In preparing those financial statements, the directors are required to
• select suitable accountmg pohc1es and then apply them consistently,
• make judgements and estimates that are reasonable and prudent,
• state whether apphcable accountmg standards have been followed, subject to any material departures
disclosed and explained m the financial statements, and
• prepare the financial statements on the gomg concern basis unless 1t 1s inappropnate to presume that
the company will contmue m busmess
The directors are responsible for keepmg proper accountmg records that are sufficient to show and explam
the company's transactions and disclose with reasonable accuracy at any time the financial pos1t1on of the
company and to enable them to ensure that the financial statements comply with the Companies Act 2006
They are also responsible for safeguardmg the assets of the company and hence for takmg reasonable steps
for the prevent10n and detect10n of fraud and other 1rregulant1es
5
•
to the members of Muirhead Aerospace Limited
We have audited the company's financial statements for the 14 month penod ended 31 December 2009
which compnse the Profit and Loss Account, the Statement of Total Recogmsed Gams, the Balance Sheet
and the related notes I to 24 The financial reportmg framework that has been applied m the1r preparation
1s applicable law and Umted Kmgdom Accountmg Standards (Umted Kmgdom Generally Accepted
Accountmg Practice)
This report 1s made solely to the company's members, as a body, m accordance with Chapter 3 of Part 16
of the Compames Act 2006 Our audit work has been undertaken so that we might state to the company's
members those matters we are required to state to them 1n an auditor's report and for no other purpose To
the fullest extent penmtted by law, we do not accept or assume respons1b1lity to anyone other than the
company and the company's members as a body, for our audit work, for this report, or for the opm1ons we
have fanned
Respective respons1b11it1es of directors and auditors
As explamed more fully m the Statement of d1rectors' respons1b1lit1es set out on page 5, the d1rectors are
responsible for the preparat10n of the financial statements and for be mg satisfied that they give a true and
fa1r view Our respons1b1lity 1s to audit the financial statements m accordance with apphcable law and
lntemat10nal Standards on Aud1tmg (UK and Ireland) Those standards requ1re us to comply with the
Aud1tmg Practices Board's (APB's) Ethical Standards for Auditors

An audit mvolves obtammg evidence about the amounts and disclosures m the financial statements
sufficient to give reasonable assurance that the financial statements are free from material misstatement,
whether caused by fraud or error This mcludes an assessment of whether the accountmg policies are
appropriate to the company's circumstances and have been consistently applied and adequately disclosed,
the reasonableness of significant accountmg estimates made by the directors, and the overall presentation
of the financial statements
Op1n1on on financial statements

In our opm10n the financial statements
• give a true and fair view of the state of the company's affa1rs as at 31 December 2009 and of1ts
profit for the period then ended,
• have been properly prepared m accordance with Umted Kmgdom Generally Accepted Accountmg
Practice, and
• have been prepared m accordance with the reqmrements of the Compames Act 2006
Opm10n on other matter prescnbed by the Companies Act 2006

In our opm1on the mfonnat10n given m the D1rectors' Report for the financial penod for which the
financial statements are prepared 1s consistent with the financial statements
Matters on which we are reqmred to report by exception

We have nothmg to report m respect of the followmg matters where the Compames Act 2006 reqmres us to
report to you 1f, m our opm1on
• adequate accountmg records have not been kept, or returns adequate for our audit have not been
• the financial statements are not tn agreement with the accounting records and returns, or
• certain disclosures ofd1rectors' remuneration specified by law are not made, or
• we have not received all the mfonnat1on and explanat10ns we require for our audit
Ctw-f -f '1--, w
David Marshall (Senior Statutory Auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
Southampton
z.o /7 / 2010
6

for the 14 month period ended 31 December 2009
14 month
per10d to 31
December Year to 31
2009 October 2008
Notes £000 £000
Turnover 2
Contmumg operations 14,189 13,969
D1sconttnued operations 17,054 15,345
31,243 29,314
Cost of sales 3 16, 167 14,663
Adm1n1strat1ve expenses
Exceptional adm1n1strahve expenses 5 962
Other adm1n1strat1ve expenses 3 11,230 10,832
12,192 10,832
Operating profit 4
Contmumg operations 1,441 2,093
D1scont1nued operations 1,443 1,726
2,884 3,819
Profit on sale ofbusmess 5 13,481

Interest payable and s1m1lar charges 9 (I I)
13,495 320
Profit on ordinary activ1t1es before taxation 16,379 4,139
Tax charge on profit on ordmary act1V1t1es 10 790 876
Profit for the financial period 21 15,589 3,263
Statement of total recognised gains and losses

There are no recognised gams or losses other than the profit of£ 15,589,000 attnbutable to the shareholders
for the penod ended 31 December 2009 (year ended 31 October 2008 £3,263,000)
7
Balance sheet
at 31 December 2009
31 December 31 October
2009 2008
Notes £000 £000
Fixed assets
Intangible assets II 944 1,067
Tangible assets 12 207 2,501
5,386 7,803
Current assets
Stocks 14 1,124 5,155
Debtors 15 21, 782 5,021
Cash at bank 1,249 142
24,155 10,318
Creditors amounts falhng due w1thm one year 16 1,891 4,406
Net cu"ent assets 22,264 5,912
Total assets less current /iab1/1ties 27,650 13,715
Prov1s1ons for l1ab1l1t1es 18 113 171

27,537 13,544

Share capital 20 5,510 5,510
Share premmm 21 901 901
Profit and loss account 21 21,126 7, 133
~
L M Smith
Director
fG(67( 2010
8
•
at 31 December 2009
1. Accounting policies
Basis of preparation
The financial statements are prepared under the h1stoncal cost convent10n and m accordance with UK
GAAP
The financial statements of Muirhead Aerospace L1m1ted were approved for issue by the Board of
DITectors on the date shown on the balance sheet
Cash flow statement

The dITectors have taken advantage of the exempt10n m FRS I (revised) from mcludmg a cash flow
statement m the financial statements on the grounds that the company 1s wholly owned and its parent
publishes consolidated financial statements
Related parties transactions

The company 1s a wholly owned subsidiary of AMETEK Inc, the consolidated accounts of which are
publicly ava1lable Accordmgly, the company has taken advantage of the exemption m FRS 8 from
d1sclosmg transact10ns with members or mvestees of the AMETEK Inc group
Revenue recogn1t1on
Revenue from the sale of goods 1s recogmsed when the nsks and rewards of ownership of the goods has
passed to the buyer This 1s usually detennmed with reference to the !NCO tenns of goods shipped

Research and development expenditure 1s wntten off as mcurred
Goodw1/I
Goodw1ll 1s the difference between the cost of an acquITed entity and the aggregate of the faIT value of that
entity's 1dent1fiable assets and liab1lit1es
Pos1t1ve goodw1ll 1s capitalised, classified as an asset on the balance sheet and amortised on a straight !me
basis over its useful economic life It 1s reviewed for 1mpamnent at the end of the first full financial year
followmg the acqms1t1on and m other penods 1f events or changes m cJTcumstances md1cate that the
carrymg value may not be recoverable
Fixed assets
All fixed assets are m1tially recorded at cost
Deprec1at10n
Depreciat10n 1s provided on all tangible fixed assets, at rates calculated to wnte off the cost, less estimated
residual value based on pnces prevailmg at the date of acqu1S1t10n of each asset evenly over its expected
useful life, as follows
Long leasehold bmldmg over 50 years

Leasehold improvements over I 0 years
Plant and machmery over 5 to 15 years
Fixtures and fittmgs over 3 to 8 years
The carrymg values of tangible fixed assets are reviewed for 1mpa1nnent m penods 1f events or changes m
cJTcumstances md1cate the carrymg value may not be recoverable
Investments
All mvestments are m1tially recorded at costs Carrymg value of mvestments are reviewed for 1mpa1nnent
when events or changes m cJTcumstances md1cate that the carrymg value may not be recoverable
Provisions for /iab1l1ties

Prov1s1ons for the expected costs of mamtenance under guarantees are charged agamst profits when
products have been mv01ced The effect of the time value of money 1s not matenal and therefore the
prov1s1ons are not discounted
9
•
at 31 December 2009
1. Accounting policies (continued)

Stocks
Stocks are stated at the lower of cost and net realisable value Cost rncludes all costs mcurred m brmgmg
each product to its present location and cond1t1on, as follows
Raw materials, consumables and goods for resale purchase cost on a first-in, first-out basts
Work m progress and finished goods cost of direct materials and labour plus
attnbutable overheads based on a nonnal
level ofac!Iv1ty
Net realisable value 1s based on estimated sell mg pnce less any further costs expected to be mcurred to
complet10n and disposal
Deferred taxation
Deferred tax 1s recognised in respect of all t1mmg differences that have ongmated but not reversed at the
balance sheet date where transactions or events have occurred at that date that will result in an obllgat10n to
pay more, or a nght to pay less or to receive more tax, with the following exception
• deferred tax assets are recognised only to the extent that the directors consider that It 1s more likely than
Deferred tax 1s measured on an und1scounted basis at the tax rates that are expected to apply in the penods
m which t1mmg differences reverse, based on tax rates and laws enacted or substantively enacted at the
balance sheet date
Foreign currencies
Transact10ns m foreign currencies are recorded at the rate ruling at the date of the transaction
Monetary assets and llab1llt1es denominated m foreign currencies are retranslated at the rate of exchange
rulmg at the balance sheet date
All differences are taken to the profit and loss account
Operating tease agreements

Rentals payable under operatmg leases are charged m the profit and loss account on a straight lme basis
over the lease tenn
Pension costs
The company operates a defined contr1but1on pension scheme Contnbut1ons are charged m the profit and
loss account as they become payable m accordance with the rules of the scheme
Share-based payments
The cost of eqmty-settled transact10ns with employees 1s measured by reference to the fair value at the date
at which they are granted and IS recognised as an expense over the vesting penod, which ends on the date
on which the relevant employees become fully entitled to the award Fair value 1s detennmed usmg an
appropriate pncmg model No expense 1s recognised for awards that do not ultimately vest
At each balance sheet date before vestmg, the cumulative expense 1s calculated, representing the extent to
which the vestmg penod has expired and management's best estimate of the achievement or otherwise of
non-market cond1t10ns that impact on the number of eqmty mstruments that will ultimately vest The
movement m cumulative expense smce the prev10us balance sheet date 1s recogmsed m the profit and loss
account for the year (as part of wages and salanes) with a corresponding reserve transfer to the profit and
loss reserve
There are no non-eqmty settled share-based payments
10
•
at 31 December 2009
2. Turnover
Turnover, which 1s stated net of value added tax, represents amounts mv01ced to third parties
An analysis of turnover by geographical market 1s given below

14 month
period to 31
December Yearto31
2009 October 2008
£000 £000
Europe 28,560 26,742

Asia 918 1,097
Amencas (excl USA) 199 1,247
USA 1,566 228
31,243 29,314
3. Cost of sales and other administrative expenses
14 month period to 31 December 2009

Cont1nu1ng D1scont1nued Total
£000 £000 £000
Cost of sales 8,576 7,591 16, 167

Other admm1strat1ve expenses 3,978 7,252 11,230
Year to 31 December 2008

ContJnu1ng D1scont1nued Total
£000 £000 £000
Cost of sales 8,648 6,015 14,663

Other admm1strat1ve expenses 3,228 7,604 10,832
4. Operating profit
This 1s stated after charging/(crediting)
14 month
perwd to 31
December Yearto31
2009 October 2008
£000 £000
Auditor's remuneratton - audit of the financial statements 43 50
Depreciation of owned fixed assets 674 624

Amort1satton of goodw11l 123 105
797 729
Operating lease rentals - land and bmldmgs 615 512

- plant and machinery 151 135
Net (gain)/ loss on foreign currency translation (52) 10
11
•
at 31 December 2009
5. Exceptional items
14 month
period to 31
December Year to 31
2009 October 2008
£000 £000
Recognised in arriving at operating profit:
Continuing operations
Redundancy 112
Re branding 81
Discontinued operations
Redundancy 288
Rebranding 481
962
Recognised below operatmg profit:

Profit on sale of business 13,481
On 31 December 2009 the company disposed of1ts motion business at market value to a fellow group
subsidiary, AMETEK A1rtechnology Group L1m1ted Cons1derat1on for the sale was£ 18,956,000 There
1s no tax effect of this exceptional item
6. Staff costs
14 month
period to 31
December Year to 31
2009 October 2008
£000 £000
Wages and salanes 8,489 7,910

Social secunty costs 598 823
Other penswn costs 85 229
9, 172 8,962
Included in wages and salanes 1s a total expense for share-based payments of £4,000 (2008 £60,000)
which all relates to equity-settled transactwns See note 23 for further details
The monthly average number of employees dunng the penod was as follows
14 month
period to 31
December Year to 31
2009 October 2008
No No
Admin1strat1on 16 38
Operattons 240 244
256 282
12
-------------
•
at 31 December 2009
7. Directors' emoluments
14 month
penod to 31
December Year to 31
2009 October 2008
£000 £000
Emoluments 585 436

Compensatwn for loss of office 96 39
Value of company pension contnbutwns to money purchase schemes 8 20
14 month
penod to 31
December Year to 31
2009 October 2008
No No
Members of money purchase pension schemes 2 4
The emoluments shown above are for the d1rectors who are employees ofMuuhead Aerospace L1m1ted
The other directors receive no remuneration for their services of this company
The amounts m respect of the highest paid duector are as follows

14 month
penod to 31
December Yearto31
2009 October 2008
£000 £000
Emoluments 377 169
Value of company penswn contnbut10ns to money purchase schemes 4 12
The highest pmd duector received shares under the group's long term mcent1ve scheme
8. Interest receivable
14 month
per10d to 31
December Yearto31
2009 October 2008
£000 £000
Bank mterest receivable 24 128

Interest receivable from group undertakmgs I 185
Other mterest receivable 7
25 320
13
•
at 31 December 2009
9. Interest payable and similar charges

14 month
perwd to 31
December Year to 31
2009 October 2008
£000 £000
Interest payable to group undertakings 3

Other mterest payable 8
11
10. Taxation
(a) Tax on profit on ordmary act1v1t1es
The tax charge 1s made up as follows

14 month
perwd to 31
December Year to 31
2009 October 2008
£000 £000
Current tax
UK corporatmn tax 913 1,155

Adjustment m respect of pnor year (84) (235)
Total current tax (note I O(b)) 829 920
Deferred tax
Ongmatmn and reversal of t1mmg differences 3 (44)

Adjustment m respect of pnor year (42)
Total deferred tax (note IO(c)) (39) (44)
Tax charge on profit on ordmary act1V1t1es 790 876
14
•
•
at 31 December 2009

(b) Factors affectmg current tax charge
The tax assessed on the profit on ordmary act1V1t1es for the penod 1s higher than the standard rate of
corporation tax m the UK of28% (2008 -28 8%) The differences are reconciled below
14 month
penod to 31
December Yearto31
2009 October 2008
£000 £000
Profit on ordmary act1v1t1es before tax 16,379 4,139
Profit on ordmary act1v1t1es mult1phed by the standard rate of

corporation tax 4,586 1,193
Expenses not deductible for tax purposes 69 51
Decelerated capital allowances 35 44
Gamon transfer of trade not taxable (3, 775)
Other t1mmg differences (2) 3
Adjustment m respect of pnor year (84) (235)
Research and development adjustment (136)
Total current tax (note IO(a)) 829 920
(c) Deferred tax
The deferred tax mcluded m the balance sheet 1s as follows
£000
At I November 2008 15
Profit and loss account movement durmg the year (note 1O(a)) (39)
At 31 December 2009 (24)
2009 2008
£000 £000
(Decelerated)/Accelerated capital allowances (8) 58

Other t1mmg differences (16) (43)
Deferred tax asset (note 15)/Proviswn for deferred taxatwn (note 18) (24) 15
15
•
•
at 31 December 2009
11. Intangible fixed assets

Goodwill
£000
Cost
At 1 November 2008 and 31 December 2009 2.102
Amort1sat1on
At 1 November 2008 1,035
Provided durmg the penod 123
At 31 December 2009 1, 158
Net book value

At 1 November 2008 1,067

Goodw11l relates to the purchase of two avmmcs repa1r and overhaul busmesses durmg 1997 and the
acqu1s1t10ns of the trade and assets of Air Transport Av1001cs m 2003 and of Raytech A vmmcs m 2004
12. Tangible fixed assets

Long
leasehold Leasehold Plant and Frxtures and
bu1ld1ngs improvements machinery fittings Total
£000 £000 £000 £000 £000
Cost
At 1 November 2008 690 599 6,330 2, 181 9,800
Add1t10ns 16 307 7 330
Disposals (53) (3) (56)
Transfer ofbusmess (706) (599) (5,081) (2,004) (8,390)
At 31 December 2009 1,503 181 1,684
Deprecrnt10n
At 1 November 2008 92 373 4,916 1,918 7,299
Reallocat1on 251 (251)
Provided durmg the
penod 15 72 542 45 674
Disposals (53) (3) (56)
Transfer of bus mess (107) (445) (4,348) (1,540) (6,440)
At 31 December 2009 1,308 169 1,477
Net book value

At 31 December 2009 195 12 207
At 1 November 2008 598 226 1,414 263 2,501
16
•
•
at 31 December 2009
13. Investments
Subsidiary
Undertakings
£000
At I November 2008 and at 31 December 2009 4,235
At 31 December 2009, the company held I 00% of the ordmary share capital of the followmg
Country of
Name of company rncorporatron Nature of business
Traxsys Input Products L1m1ted England and Design, manufacture and sale
Wales of track ball and related
products
Norcroft Dynamics L1m1ted England and Donn ant
Wales
On 31 December 2009 Traxsys Input Products L1m1ted transferred all its trade and net assets to AMETEK
A1rtechnology Group L1m1ted and became dorrnant !Tom that date
14. Stocks
2009 2008
£000 £000
Raw matenals and consumables 665 3,386
Work m progress 459 1,712
Fm1shed goods and goods for resale 57
1,124 5,155
15. Debtors
2009 2008
£000 £000
Trade debtors I, 137 4,441

Amounts owed by group undertakmgs 20,477 6
Prepayments and accrued mcome 144 574
Deferred taxat10n (note I 0) 24
21,782 5,021
Amounts owed by group undertakmgs mcludes £18,956,000 (2008 £nil) relatmg to the sale of the
"Motion" busmess to AMETEK A1rtechnology Group L1m1ted This balance 1s expected to fall due more
than one year after the balance sheet date
17
•

at 31 December 2009
16. Creditors: amounts falling due within one year

2009 2008
£000 £000
Trade creditors 564 1,354

Amounts owed to group undertakings 842
Corporatrnn tax 545 308
Other taxation and social secunty 180 373
Accruals and deferred income 602 1,529
1,891 4,406
17. Pensions
The company operates a defined contnbutrnn group personal pens ton scheme for the benefits of the
employees The assets of the scheme are administered in a fund independent from those of the company
All employees are entitled to JOin the plan, to which the company contnbutes a percentage of salary, after
an initial quahfying penod There were no amounts outstanding due to the scheme at the year end (2008
£ml)
18. Provisions for liabilities
Warranty Deferred
prov1s1on Pension taxatron Total
£000 £000 £000 £000
At I November 2008 145 II 15 171

Profit and loss account movement dunng the
penod 418 (II) (15) 392
Transfer of business (450) (450)
At 31 December 2009 113 113
The warranty prov1st0n relates to obhgat1ons on an ongoing basts to repatr or replace products sold by the
company The existing prov1st0n should be used in full dunng the year but be replaced each year with a
prov1S1on based on the expectatrnn of warranty costs based on that year's sales
19. Commitments under operating leases

At 31 December 2009 the company had annual commitments under non-cancellable operating leases as set
out below
31 December 2009 31 October 2008
Land and Land and
buildings Other buildings Other
£000 £000 £000 £000
Operatmg leases which exptre

Within one year IO
In two to five years 161 38 74
161 48 512 74
18
•

at 31 December 2009
20. Share capital

A /lotted, called up and fully paid
3 I December 2009 3 I October 2008
No £000 No £000
Ordinary shares of£1 each 5,510,101 5,510 5,510,101 5,510
21. Reconciliation of shareholders' funds and movement on reserves

Total
Share Profit and shareholders'
Share caprtal premium loss account funds
£000 £000 £000 £000
At 27 October 2007 5,510 7,510 13,020
Profit for the period 3,263 3,263
Eqmty d1v1dends paid (3,700) (3, 700)
Share based payment 60 60
Share issued m the year 901 901
At 31 October 2008 5,510 901 7,133 13,544
Profit for the penod 15,589 15,589
Eqmty d1v1dends paid (1,600) (1,600)
Share based payment 4 4
At 31 December 2009 5,510 901 21,126 27,537
22. Capital commitments

Amounts contracted for but not provided m the financial statements amounted to £10,000 (2008 -
£238,000)
23. Share-based payments

On 3 November 2008 the company was acqmred by AMETEK Inc Up to that date certam employees of
the company were members of the Esterline Technologies Corporation Equity Incentive Plan Entitlement
under this scheme came to an end when the company was acquired by AMETEK Inc
After acqms1t1on on 3 November 2008, certain directors and senior management became ehg1ble to JOin
the AMETEK corporate mcent1ve plan The disclosures below detail the plan m place under the new
parent, AMETEK Inc
Certain directors and members of semor management are granted restricted shares and share options m the
ultimate parent company, AMETEK Inc These share-based payments are settled by the issue of eqmty
shares m AMETEK Inc
The total share-based payment expense recognised m the year m respect of employee services 1s as
follows
14 month
period to 31
December
2009
£000
Restricted shares 2
Share options 2
4
Restricted shares
Restricted shares generally vest (1 e all restr1ct1ons hft) after 4 years This 1s accelerated 1fthe share pnce
mcreases to double that of the grant date at the close of business on 5 consecutive tradmg days, m which
case they vest 1mmed1ately The expense 1s recognised on a stra1ght-lme basis over 4 years 1gnonng the
poss1b1hty that this early vestmg could occur but takmg mto account estimated forfeitures, based on
h1stor1cal experience
19
, •
•
•
at 31 December 2009
23. Share-based payments (continued)

The followmg table illustrates the number and weighted average fatr values (WAFV) of, and movements
m, restncted shares durmg the year
14 month
period to 31
December
2009
No WAFV
Outstandmg as at I November
Granted 1,328 £22 32
Transferred (616) £22 32
Vested (33) £22 32
Forfeited (235) £22 32
Outstandmg as at 31 December 444 £22 32
The fatr values of restncted shares shown above are deterrnmed as the grant date market value
Options
Share option awards generally vest 25% each year for 4 years and exp1re 7 years after the award date
The expense 1s recogmsed on a stra1ght-hne basis over the requ1S1te service penod for the ent1re award as 1f
1t all vested at the end of this 4 year penod but takmg mto account estimated forfeitures, based on h1stoncal
expenence
The fair value of each option 1s estimated on the date of grant usmg a Black-Scholes opt10n pncmg model
The followmg weighted average assumpt10ns were used m the Black-Scholes model to estimate the fair
values of options granted dunng the years md1cated
14 month
period to 31
December
2009
Expected share volat1hty 25 8%
Expected hfe of the opt10ns (years) 49
Risk-free interest rate I 89%
Expected d1v1dend yield 0 73%
Expected volat1hty 1s based on h1stoncal volat1hty of AMETEK Inc's share pnce H1stoncal exercise data
for AMETEK as a whole has been used to estimate the options' expected hfe, which represents the penod
oft1me for which the options granted are expected to be outstandmg Management ant1c1pates that the
future option holdmg penods will be s1m1lar to the h1stoncal option holdmg penods The nsk-free rate for
the penod within the contractual hfe of the option 1s based on the US Treasury yield curve at the time of
grant
The weighted average fatr value per opt10n granted during the year was £5 32
20
•
•'
•
at 31 December 2009
23. Share-based payments (continued)

The following table illustrates the number and weighted average exercise pnces (W AEP) of, and
14 month
period to 31
December
2009
No WAEP
Outstanding as at I November
Granted 4,122 £2024
Transferred (l,910) £2024
Forfeited (832) £2024
Outstanding as at 31 December 1,380 £20 24
Exercisable as at 31 December
Opt10ns outstanding at the year end have an exercise pnce of £20 24 and a weighted average remaining
contract hfe of 6 years and 3 months
Employees connected with the motion business were transferred to AMETEK A1rtechnology Group
L1m1ted on 31 December 2009 The remammg shares and opt10ns outstanding relating to these employees
have been transferred accordingly
24. Ultimate parent company and controlling party

On 3 November 2008 the company was acqmred by AMETEK Inc In the directors' opm1on the
company's ultimate parent undertaking and controlling party 1s now considered to be AMETEK Inc , a
company incorporated m the United States of America Copies of its group financial statements, which
include the company and are the smallest and largest consolidated accounts that the company 1s included
in, are available from the company secretary at PO Box 36, 2 New Star Road, Leicester, LE4 9JQ
21
MUIRHEAD AEROSPACE LIMITED
lll~llll ~ ~lllU ~
A 16
•A1FAC3EH"
14/08/2012 #24
COMPANIES HOUSE
COMPANY INFORMATION
Directors DB Coley
JG Smith
J W Hardin
S KWells
Secretaries KE Sena
DB Coley

2 New Star Road
Leicester
LE4 9JQ

Cambridge
CB40WZ
Business address 3 Square One Heathrow,

Southall Lane
Southall
Middlesex
UB2 5NH
CONTENTS
Page
Balance sheet 7

DIRECTORS' REPORT
Principal act1v1ties and review of the business

The principal act1v1ty of the company continued to be that of the supply, repair and overhaul of avionics equipment
for the aerospace market
2011 2010 Change

£'000 £'000 %
Sales 10,988 11,358 (3 17)
Operating profit 2,361 2,564 (7 91)
Operating profit as a % of sales 21 47% 2257%
Despite the general downturn in the UK economy with particular emphasis on defence spending programme
reductions and curtailments, the operating profits for the company were considered to be good
The company continues to seek out new opportunities in overseas markets Despite the current economic climate
we remain confident, given the actions taken in 2011, that we will continue to see growth and increased profitability
in 2012

The company operates in a compet1t1ve global environment We continue to focus on the quality and reliability of
our services
The company 1s considered to have acceptable d1vers1f1cat1on between its Commercial, Military and Industrial
market sectors and 1s therefore unlikely to be overly exposed by a downturn in any one of these markets
The company does not have a natural hedge in the Euro and USD currencies and 1s therefore impacted by
exchange rate fluctuations It 1s AMETEK group policy not to actively hedge against foreign currency transactions
and balances

The total d1stribut1on of d1v1dends for the year ended 31 December 2011 was £1, 196,000 (2010 £3, 140,000)

researching and adding new capab1llt1es considered strategic to support the markets 1t serves

The company has declared and paid further d1v1dends amounting to £1,600,000 since 31 December 2011
Future developments
The company will continue to expand its facility in Singapore and seek to develop strategic partnerships with other
AMETEK companies
-1-

Going concern
The company's busmess act1v1t1es, together with the factors likely to affect its future development, its financial
pos1t1on, fmanc1al risk management objectives and details of the company's exposure to risk are described above
After makmg enquiries, the directors have a reasonable expectation that the company has adequate resources to
contmue 1n operational existence for the foreseeable future Accordingly, they contmue to adopt the gomg concern
basis m preparmg the fmanc1al statements
Directors
The followmg directors have held office smce 1 January 2011
DB Coley
JG Smith
J WHardm
L M Smith (Resigned 30 April 2012)
S KWells
AMETEK Inc has mdemn1f1ed one or more directors of the company against liability in respect of proceedmgs
brought by third parties, subject to the cond1t1ons set out 1n the Companies Act 2006 Such qualifymg third party
mdemnity prov1s1on was m force during the year and remams m place to the date of this report
Environment
complymg with its respons1b1l1t1es to the environment and current leg1slat1on
Fmanc1al risk management

The company's principal financial mstruments comprise trade debtor, trade creditor and mter-company balances
and bank loans The company does not enter into derivative transactions and 1t 1s, and has been throughout the
period under review, the company's policy that no tradmg m financial mstruments shall be undertaken,
The mam risks arismg from the company's financial mstruments are mterest rate risk and foreign currency risk
Interest rate risk

The company has bank borrowmgs with a variable rate It 1s AMETEK group policy not to enter mto mterest rate
swaps to fix mterest rates

The company has transactional and translational currency exposures arismg from sales and purchases m foreign
currencies It 1s AMETEK group policy not to actively hedge against foreign currency transactions and balances
Auditors
The auditors, Ernst & Young LLP, are deemed to be reappomted under section 487(2) of the Companies Act 2006
-2-

Statement of directors' respons1bilit1es

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with
Accounting Practice (United Kingdom Accounting Standards and applicable law) Under company law the directors
must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of
affairs of the company and of the profit or loss of the company for that period In preparing these financial
statements, the directors are required to
- select suitable accounting pol1c1es and then apply them consistently,

- prepare the financial statements on the going concern basis unless 1t 1s inappropriate to presume that the
company's transactions and disclose with reasonable accuracy at any time the financial pos1t1on of the company
and enable them to ensure that the financial statements comply with the Companies Act 2006 They are also
and detection of fraud and other 1rregularit1es

unaware Add1t1onally, the directors have taken all the necessary steps that they ought to have taken as directors in
order to make themselves aware of all relevant audit information and to establish that the company's auditors are
aware of that information
JG Smith
Director
-3-

TO THE MEMBERS OF MUIRHEAD AEROSPACE LIMITED
We have audited the financial statements of Muirhead Aerospace L1m1ted for the year ended 31 December
2011 set out on pages 6 to 22 The financial reporting framework that has been applied 1n their preparation 1s
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice)
the fullest extent permitted by law, we do not accept or assume respons1b11ity to anyone other than the
have formed

As explained more fully in the Statement of Directors' Respons1b11it1es set out on page 3, the directors are
comply with the Aud1t1ng Practices Board's Ethical Standards for Auditors

caused by fraud or error This includes an assessment of whether the accounting policies are appropriate to
reasonableness of s1gnif1cant accounting estimates made by the directors, and the overall presentat10n of
the financial statements In add1t1on, we read all the financial and non-financial information in the Directors'
Report to 1dent1fy material 1ncons1stenc1es with the audited financial statements If we become aware of any
apparent material misstatements or incons1stenc1es we consider the 1mplicat1ons for our report

Practice, and
have been prepared m accordance with the requirements of the Companies Act 2006

In our opinion the mformat1on given in the Directors' Report for the financial year for which the financial
-4-


-5-

2011 2010
Notes £'000 £'000
Turnover 2 10,988 11,358
Cost of sales (5,480) (5,650)

--
D1stnbut1on costs (937) (907)

Admin1strat1ve expenses (2,210) (2,237)
-- --

-- --
Profit on ordinary act1v1t1es before
Tax on profit on ordinary act1v1t1es 5 (651) (484)

--
Profit for the year 17 1,733 2, 103
-- =
There are no recognised gains and losses other than those passing through the profit and loss account
-6-
BALANCE SHEET
2011 2010
Notes £'000 £'000 £'000 £'000
Fixed assets
Intangible assets 7 734 839
Tangible assets 8 443 223
--
5,412 5,297
Current assets
Stocks 10 1, 119 1,023
Debtors 11 21,058 20,975
-- --
23,852 23,271
one year 12 (2, 195) (2,005)
-- --
--
Total assets less current liab11it1es 27,069 26,563
Prov1s1ons for liabilities 13 (14) (55)

--
27,055 26,508
=
Share premium account 17 901 901
--
-
--- =
Approved by the Board and authorised for issue on 3c. ~'l "l.o "1.-
<rs3\..
JG Smith
Director
Company Reg1strat1on No. 00560015
. 7.

The company has taken advantage of the exemption in F1nanc1al Reporting Standard No 1 (Revised 1996)
where 90 percent or more of the voting rights are controlled w1th1n the group
12 Compliance with accounting standards

The financial statements are prepared 1n accordance with applicable United Kingdom Accounting
13 Turnover
excluding VAT and trade discounts In the case of goods, revenue 1s recognised when the risks and
rewards of ownership of the goods has passed to the buyer This 1s usually determined with referenoe to
the INCO terms of goods shipped
1.4 Goodwill
Goodwill 1s the difference between the cost of an acquired entity and the aggregate of the fair value of that
entity's 1dent1fiable assets and liab1ht1es
Pos1t1ve goodw1ll 1s capitalised, class1f1ed as an asset on the balance sheet and amortised on a straight line
basis over its useful economic life It 1s reviewed for 1mpa1rment at the end of the first full financial year
following the acqu1s1t1on and in other periods 1f events or changes in circumstances indicate that the
carrying value may not be recoverable
15 Research and development

Research expenditure 1s written off to the profit and loss account in the year in which 1t 1s incurred

Deprec1at1on 1s provided on all tangible fixed assets, at rates calculaled to write off the cost, less estimated
residual value based on prices prevailing at the dale of acqu1s1t1on of each asset evenly over its expected
useful life, as follows
Plant and machinery over 5 to 15 years

Fixtures, fittings & equ1pmenl over 3 to 8 years
1.7 Leasing
term
1.8 Investments
All investments are 1n1t1ally recorded at cost Carrying values of investments are reviewed for 1mpa1rment
when events or changes in circumstances 1nd1cate that the carrying value may not be recoverable
-8-

19 Stock and work in progress

Stocks are stated at the lower of cost and net realisable value Cost includes all costs incurred in bnng1ng
each product to its present location and cond1t1on, as follows
Raw materials, consumables and goods for resale are stated at purchase cost on a first-in, first-out basis
Work in progress and finished goods are stated at cost of direct materials and labour plus attributable
overheads based on a normal level of act1v1ty
Net realisable value 1s based on estimated selling pnce less any further costs expected to be incurred to
completion and disposal
1.10 Pensions
The company operates a defined contnbut1on scheme for the benefit of its employees Contnbut1ons
payable are charged to the profit and loss account in the year they are payable in accordance with the
rules of the scheme
to pay more, or a nght to pay less or to receive more tax, with the following exception
- deferred tax assets are recognised only to the extent that the directors consider that 1t 1s more likely than
not that there will be suitable taxable profits from which the future reversal of the underlying t1m1ng
Deferred tax 1s measured on an und1scounted basis at the tax rates that are expected to apply in the

Monetary assets and 11ab1ilt1es denominated in foreign currencies are translated into sterling at the rates of
ruling at the date of the transaction All differences are taken to profit and toss account

date at which they are granted and 1s recognised as an expense over the vesting penod, which ends on the
date on which the relevant employees become fully entitled to the award Fair value 1s determined using
an appropriate pricing model No expense 1s recognised for awards that do not ultimately vest
At each balance sheet date before vesting, the cumulative expense 1s calculated, representing the extent to
which the vesting penod has expired and management's best estimate of the achievement or otherwise of
non-market cond1t1ons that impact on the number of equity instruments that will ultimately vest The
movement in cumulative expense since the previous balance sheet date 1s recognised in the profit and loss
account for the year (as part of wages and salaries) with a corresponding reserve transfer to the profit and
loss reserve
-9-
------ - ---- - ---- -


1.14 Group accounts

The financial statements present information about the company as an ind1v1dual undertaking and not
so by section 400 of the Companies Act 2006 as 1t 1s a subs1d1ary undertaking of AMETEK Inc , a company
incorporated in the United States of America, and 1s included in the consolidated accounts of that company
1 15 Related party transactions

The company 1s a wholly owned subs1d1ary of AMETEK Inc, the consolidated accounts of which are
disclosing transacttons with members or investees of the AMETEK Inc group
1 16 Prov1s1on for hab1ht1es

Prov1s1ons for the expected costs of maintenance under guarantees are charged against profits when
products have been invoiced The effect of the time value of money 1s not material and therefore the
prov1s1ons are not discounted
2 Turnover
Geographical market
Turnover
2011 2010
£'000 £'000
Europe 10,501 11,053

Asia 225 66
Americas (excuding USA) 91 23
USA 171 216
--
10,988 11,358
--
- -

£'000 £'000
Other operating leases 161 161
Auditors' remuneralton for audit services (including expenses) 15 15
--
Redundancy costs amounting to £71,000 were charged in the year
- 10 -

4 Interest receivable and similar mcome 2011 2010

£'000 £'000
• 11 .

5 Taxation 2011 2010

£'000 £'000
U K corporation tax 649 734
Total current tax 649 463
Deferred tax
Origination and reversal of timing differences 2 13
Deferred tax adjustments arising in previous periods 8
2 21
651 484

Profit on ordinary act1v1t1es before taxation 2,384 2,587
Profit on ordinary act1v1!1es before taxation multiplied by standard rate of UK

corporation tax of 26 493% (2010 -28%) 632 724
Effects of
Other t1m1ng differences 2 (13)
17 (261)
Current tax charge for the year 649 463

The standard rate of corporation tax in the UK reduced from 28% to 26% with effect from 1 April 2011
Accordingly the company's profits for this accounting period are taxed at an effective rate of 26 493%
The March 2011 Budget announcement proposed that the main rate of corporation tax would be reduced to
26% from 1 April 2011 and 25% from 1 April 2012 As these changes were substantively enacted at the
balance sheet date, the deferred tax asset has been restated to reflect the reduced tax rate of 25% The
March 2012 Budget announcement included a further proposal to reduce the main rate of corporation tax to
24% from 1 April 2012, with further reductions to reduce the rate to 22% by 1 April 2014 As these changes
had not been substantively enacted at the balance sheet date no account has been taken of them in these
financial statements The impact of the further changes 1s not expected to be material The rate of writing
down allowances on the main pool of plant and machinery and on the special rate pool will fall to 18% and
8% respectively with effect from 1 April 2012
- 12 -


£'000 £'000
Ordinary final paid 1, 196 3,140

Goodw1ll
£'000
Cost
At 1 January 2011 & at 31 December 2011 2,102
Amortisation
At 1 January 2011 1,263
Charge for the year 105
At 31 December 2011 1,368
Net book value


--
Goodw1ll relates to the purchase of two avionics repair and overhaul businesses during 1997 and the
acqu1s1t1ons of the trade and assets of Air Transport Avionics in 2003 and of Raytech Avionics 1n 2004
- 13 -


Plant and Fixtures, Total
machinery fittings &
equipment
£'000 £'000 £'000
Cost
At 1 January 2011 1,564 190 1,754
Add1t1ons 151 154 305
At 31 December 2011 1,715 344 2,059
Depreciation
At 1 January 2011 1,358 173 1,531
At 31 December 2011 1,428 188 1,616
Net book value

At 31 December 2011 287 156 443
At 31 December 2010 206 17 223
- 14 -

Shares in
subsidiary
undertakings
£'000
Cost
Net book value

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies

Traxsys Input Products L1m1ted England and Wales Ordinary 100 00
Norcroft Dynamics L1m1ted England and Wales Ordinary 100 00
These companies are dormant and have not traded during the year

£'000 £'000

Work m progress 257 277
1, 119 1,023
--
- 15 -

11 Debtors 2011 2010

£'000 £'000

Other debtors 29 55
--
21,058 20,975
Amounts falling due after more than one year and included in the debtors above are
2011 2010
£'000 £'000
12 Creditors. amounts falling due within one year 2011 2010

£'000 £'000
Trade creditors 1,064 1, 111

--
2, 195 2,005
--
- -
- 16 -

13 Provisions for hab1hties and deferred tax asset

Warranty
provision
£'000
Balance at 1 January 2011 55

The warranty prov1s1on relates to obl1gat1ons on an ongoing basis to repair or replace products sold by the
company
The deferred tax asset (included m debtors, note 11) 1s made up as follows·
2011
£'000

2011 2010
£'000 £'000
Accelerated capital allowances 4 1

Other t1m1ng differences (5) (4)
(1) (3)
--
The effect of future changes 1n tax rates 1s not considered to have a material effect on the deferred tax
balance

The company operates a defined contnbut1on group personal pension scheme for the benefit of the
employees The assets of the scheme are administered in a fund independent from those of the company
All employees are entitled to Join the plan, to which the company contributes a percentage of salary, after
an 1nit1al qualifying penod There were no amounts outstanding due to the scheme at the year end (2010
£nil)
2011 2010
£'000 £'000
. 17.

Certain directors and members of senior management are granted restricted shares and share options 1n
shares m AMETEK Inc
Restricted shares
Restricted shares generally vest (1e all restrictions lift) after 4 years This 1s accelerated 1f the share price
increases to double that of the grant at the close of business on 5 consecutive trading days, 1n which case
poss1b1hty that this early vesting could occur but taking into account estimated forfeitures, based on
Share options
1f 1t all vested at the end of this 4 year period but taking into account estimated forfeitures, based on
The following weighted average assumptions were used m the Black-Scholes model to estimate the fair
values of options granted during the years indicated
Expected share volat1l1ty 26 37% (2010 25 6%)

Expected hie of options (years) 5 04 (2010 5)
Expected volat1hty 1s based on historical volat1hty of AMETEK Inc 's share price Historical exercise data for
within the contractual life of the option 1s based on the US Treasury yield curve at the time of the grant
The weighted average fair value per option granted during the year was £6 90 for unapproved options and
£6 80 for approved options (2010 £4 95)
- 18 -


Restricted shares
The following table illustrates the number and weighted average fair values (WAFV) of, and movements in,
restricted shares during the year

shares shares
2011 2011 2010 2010
£ £
Outstanding at 1 January 912 16 04 444 22 32

Granted 136 27 16 164 28 76
Vested (666) 14 88
Effect of three for two stock split 304
Outstanding at 31 December 382 22 02 912 16 04

--
Share options
The following table illustrates the number and weighted average exercise prices (WAEP) of, and

options options
2011 2011 2010 2010
£ £

Granted 368 28 46 446 28 25
Exercised (684) 15 22 (345) 20 97
Effect of three for two stock split 740

--
Exercisable at 31 December 643 15 00 388 14 00
--
- 19 -

15 Share-based paymenttransactions (Continued)
The weighted average share price at the date of exercise for share options exercised during the year was
£25 29 (2010 £35 27)
Options outstanding at the year end have exercise prices ranging from £14 08 to £28 79 (2010 £13 98)
and a weighted average remaining contractual life of 4 years and 11 months (2010 5 years and 6 months)

£'000 £'000
5,510,101 Ordinary shares of£1 each 5,510 5,510

Share Profit and loss
premium account
account
£'000 £'000
Balance at 1 January 2011 901 20,097

Balance at 31 December 2011 901 20,644
18 Reconc11iat1on of movements m shareholders' funds 2011 2010

£'000 £'000

D1v1dends (1,196) (3, 140)
--
Net add1t1on to/(deplet1on in) shareholders' funds 547 (1,029)
--
--
- 20 -


2011 2010 2011 2010
£'000 £'000 £'000 £'000
Within one year 16
Between two and five years 161 161 21 40
161 161 37 40

£'000 £'000

(2010 - 0)
Remuneration disclosed above includes the following amounts paid to the highest paid director
Remuneration for qualifying services 108

Company pension contributions to defined contribution schemes 7
No disclosure in respect of emoluments of the highest paid director 1s required in 2011 as aggregate
emoluments in total do not exceed £200,000
- 21 -

21 Employees
Number of employees
The average monthly number of employees (including directors) during the year was
2011 2010
Number Number
Admm1strat1on 6 6
Operations 68 70
74 76
--

£'000 £'000

2,570 2,495
--
Included m wages and salaries 1s a total expense for share-based payments m relation to equity-settled
transactions of £10,000 (2010 £8,000), of which £6,000 (2010 £5,000) relates to restricted shares and
£4,000 (2010 £3,000) relates to share options
22 Control
The 1mmed1ate parent company 1s EMA Holdings UK L1m1ted, a company registered m England and Wales
and the ultimate parent company 1s AMETEK Inc, a company incorporated 1n the United States of America
largest consolidated accounts that the company 1s included m, copies of which can be obtained from PO
The company has declared and paid further d1v1dends amounting to £1,600,000 since 31 December 2011
- 22 -
LD4
II
II 111111 II II 111 111
•L3E39CU8*
12/08/2014
.
#65
r.nMPAf\111:::c:: '-''" 1c::c:
COMPANY INFORMATION
Directors DB Coley
JG Smith
J W Hardin
S KWells
Secretaries KE Sena
DB Coley

2 New Star Road
Leicester
LE4 9JQ

Cambridge
CB4 OWZ
Business address 3 Square One Heathrow

Southall Lane
Southall
Middlesex
UB25NH
Bankers NatWest
1 Granby Street
Leicester
LE1 6EJ
CONTENTS
Page
Balance sheet 8

STRATEGIC REPORT

The principal activity of the company continued to be that of the supply, repair and overhaul of avionics equipment for
the aerospace market.
2013 2012 Change

£'000 £'000 %
Sales 16,384 14,055 16.57
Operating profit 3,428 3, 189 7.49
Net current assets (excluding debtors falling due after
more than one year) 3,453 3,328 3.76
Shareholders' funds 23,295 28,087 (17.06)
Muirhead continued to show strong year on year growth in both sales and operating profit. Operating profit for the 12
month period ended 31 December 2013 showed a net increase of 7% with turnover up by 17%. The increased level of
turnover was largely derived from government contracts.
The company continues to seek out new opportunities in overseas markets and strategic partnerships with its core
customers. Despite 2013 being an exceptional year in terms of both trading and profitability, we remain confident that
2014 will meet corporate expectations of underlying core growth and profitability.

The company operates in a competitive global environment. We continue to focus on the quality and reliability of our
services.
The company is considered to have acceptable diversification between its Commercial, Military and Industrial market
sectors and is therefore unlikely to be overly exposed by a downturn in any one of these markets.
The company does not have a natural hedge in the Euro and USO currencies and is therefore impacted by exchange
rate fluctuations. It is AMETEK group policy not to actively hedge against foreign currency transactions and balances.
Financial risk manage_ment

The company's principal financial instruments comprise trade debtor, trade creditor and inter-company balances. The
company does not enter into derivative transactions and it is, and has been throughout the period under review, the
company's policy that no trading in financial instruments shall be undertaken.
The main risks arising from the company's financial instruments are interest rate risk and foreign currency risk.
Interest rate risk

The company has bank borrowings with a variable rate. It is AMETEK group policy not to enter into interest rate swaps
to fix interest rates.
- 1-


The company has transactional and translational currency exposures arising from sales and purchases in foreign
currencies. It is AMETEK group policy not to actively hedge against foreign currency transactions and balances.
~·
....................;:J..L
JG Smith
Director
............~.:~°)...:.~V l-o\ 4
-2-
DIRECTORS' REPORT

The total distribution of dividends for the year ended 31 December 2013 was £8,517,000 (2012: £2,871,000).

researching and adding new capabilities considered strategic to support the market it serves.

The company has declared and paid further dividends amounting to £3,250,000 since 31 December 2013.
Future developments
The company will continue to expand its presence in the Far East market by utilising the AMETEK MRO facility in
Singapore. Additionally the company is seeking to extend its capability by utilising the AMETEK facility in India.
Going concern
position, financial risk management objectives and details of the company's exposure to its risk are described in
the strategic report on page 1.
continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern
basis in preparing the financial statements.
Directors
DB Coley
JG Smith
J W Hardin
S KWells
brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party
indemnity provision was in force during the year and remains in place to the date of this report.
Environment
complying with its responsibilities to the environment and current legislation.
Details of financial instruments are provided in the strategic report on page1.
Auditors
The auditors, Ernst & Young LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
-3-


The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements
in accordance with applicable law and regulations.
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:

disclosed and explained in the financial statements;

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.
.~1L.
JG Smith
Director
.... ~...~.<:'\~y "2.-v 'L\
-4-

We have audited the financial statements of Muirhead Aerospace Limited for the year ended 31 December
2013 set out on pages 7 to 20. The financial reporting framework that has been applied in their preparation is
Practice).
have formed.


Opinion ori financial statements

In our opinion the financial statements:.
Practice; and

-5-


-6-

2013 2012
Notes £'000 £'000
Turnover 2 16,384 14,055
Cost of sales (9,540) (7,701)
Distribution costs (981) (933)

Administrative expenses (2,435) (2,232)
Investment income 4 4,502

Amounts written off investments 6 (4,235)
Interest payable and similar charges 7 (4)

Tax on profit on ordinary activities 8 9 677
There are no recognised gains and losses other than those passing through the profit and loss account.
-7-
BALANCE SHEET
AS AT31DECEMBER2013
2013 2012
Notes £'000 £'000 £'000 £'000
Fixed assets
Intangible assets 10 524 629
Tangible assets 11 363 440
Investments 12 4,235
887 5,304
Current assets
Stocks 13 1,282 1,277
Debtors 14 26,382 23,318
Cash at bank and in hand 315 176
27,979 24,771
Creditors: amounts falling·due within
one year 16 (5,571) (1,988)
23,295 28,087
--

Share premium account 19 901 901

-- --
Approved by the Board and authorised for issue on .. $.. ..~91~-:?~ ~14-
~~
..............................
JG Smith
Director
-8-


where 90 percent or more of the voting rights are controlled within the group.

1.3 Turnover
excluding VAT and trade discounts. In the case of goods, revenue is recognised when the risks and
rewards of ownership of the goods has passed to the buyer. This is usually determined with reference to
the INCO terms of goods shipped.
1.4 Goodwill
Goodwill is the difference between the cost of an acquired entity and the aggregate of the fair value of that
entity's identifiable assets and liabilities.
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight
line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial
year following the acquisition and in other periods if events or changes in circumstances indicate that the
carrying value may not be recoverable.


Tangible fixed assets are stated at cost less accumulated depreciation. The carrying values of tangible
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated
residual value based on prices prevailing at the date of acquisition of each asset evenly over its expected
useful life, as follows:
Plant and machinery over 5 to 15 years

Fixtures, fittings & equipment over 3 to 8 years
1.7 Leasing
term.
-9-

1.8 Investments
All investments are initially recorded at cost. Carrying values of investments are reviewed for impairment
when events or changes in circumstances indicate that the carrying value may not be recoverable.

Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing
each product to its present location and condition, as follows:
Raw materials, consumables and goods for resale are stated at purchase cost on a first-in, first-out basis.
Work in progress and finished goods are stated at cost of direct materials and labour plus attributable
overheads based on a normal level of activity.
Net realisable value is based on estimated selling price less any further costs expected to be incurred to
completion and disposal.
1.10 Pensions
The company operates a. defined contribution scheme for the benefit of its employees. Contributions
payable are charged to the profit and loss account in the year they are payable in accordance with the
rules of the scheme.


-10 -


movement in cumulative expense since the previous balance sheet date is recognised in .the profit and
and loss reserve.
There are no non-equity settled share-based payments.

2 Turnover
Geographical market
Turnover
2013 2012
£'000 £'000
Europe 15,850 13,610

Asia 330 281
Americas (excluding USA) 115 104
USA 89 60
16,384 14,055
-- --
- 11 -


£'000 £'000
Amortisation of goodwill 105 105
Research and development 40
Other operating leases 161 161

--

£'000 £'000
Income from shares in group undertakings 4,502

-- --
£'000 £'000

-- --
6 Amounts written off investments 2013 2012

£'000 £'000
Amounts written off fixed asset investments:

- loss on liquidation of investments 4,235
-- --

£'000 £'000
Interest payable to group companies 4

-- --
-12°-

8 Taxation
2013 2012
£'000 £'000
Total current tax (649)
Deferred tax
(9) (28)
(9) (677)
-- --
-- --
corporation tax of 23.25% (2012 - 24.50%) 863 788
Effects of:
Depreciation in advance of capital allowances 15 31
Amounts written off investments 985
Dividends and distributions received (1,047)
Group relief not charged (833) (839)
Other timing differences (2)
(863) (1,437)
Current tax credit for the year (649)

-- --
The company has received the benefit of tax losses amounting to £3,585,000 (2012: £3,424,0001) from
certain subsidiary undertakings without making any payment.
- 13 -

8 Taxation


£'000 £'000
Ordinary final paid 8,517 2,871

-- --

Goodwill
£'000
Cost
At 1 January 2013 & at 31 December 2013 2, 102
Amortisation
At 1 January 2013 1,473
Net book value

--
--
Goodwill relates to the purchase of two avionics repair and overhaul businesses during 1997 and the
acquisitions of the trade and assets of Air Transport Avionics in 2003 and of Raytech Avionics in 2004.
- 14 -


Plant and Fixtures, Total
machinery fittings &
equipment
£'000 £'000 £'000
Cost
At 1 January 2013 1,407 390 1,797
Additions 89 15 104
Disposals (39) (39)
At 31 December 2013 1,496 366 1,862
Depreciation
At 1 January 2013 1, 155 202 1,357
At 31 December 2013 1,294 205 1,499
Net book value

At 31 December 2013 202 161 363
-- --
At 31 December 2012 252 188 440
-- -- --
Shares in
subsidiary
undertakings
£'000
Cost
At 1 January 2013 4,235
Disposals (4,235)
At 31 December 2013
Net book value

At 31 December 2013
The company held investments .in Norcroft Dynamics Limited and Traxsys Input Products Limited at 1
January 2013. These companies were liquidated during the year.
-15-


£'000 £'000
Raw materials and consumables 1, 121 1,096

1,282 1,277
-- --
14 Debtors 2013 2012

£'000 £'000

Other debtors 68 62
26,382 23,318
-- --
Amounts falling due after more than one year and included in the debtors above are:
2013 2012
£'000 £'000
- 16 -

2013
£'000


--
2013 2012
£'000 £'000

(38) (29)
-- --
balance.

£'000 £'000
Trade creditors 867 1,281

Amounts owed to group undertakings 4,228 391
5,571 1,988
-- --
Included in accruals and deferred income is £166,000 relating to the relocation of part of the business.
-17-
MUIRHEAD AEROSPACE LIMITED.

The company operates a defined contribution group personal pension scheme for the benefit of the
employees. The assets of the scheme are administered in a fund independent from those of the company.
All employees are entitled to join the plan, to which the company contributes a percentage of salary, after
an initial qualifying period. There were no amounts outstanding due to the scheme at the year end (2012:
£Nil).
2013 2012
£'000 £'000

-- --
£'000 £'000
5,510, 101 Ordinary shares of £1 each 5,510 5,510
-- --

Share Profit and loss
premium account
account
£'000 £'000
Balance at 1 January 2013 901 21,676

Balance at 31 December 2013 901 16,884

-- --

£'000 £'000

Dividends (8,517) (2,871)
Net (depletion in)/addition to shareholders' funds (4,792) 1,032


-- --
- 18 -


2013 2012 2013 2012
£'000 £'000 £'000 £'000
120 129 33 46

£'000 £'000
Contracted for but not provided in the financial statements 100

£'000 £'000

(2012 - 3).
Remuneration disclosed above includes the following amounts paid to the

The highest paid director received shares under a long term incentive scheme during the year.
J W Hardin is a US based director within the AMETEK group and does not provide any qualifying services
to Muirhead Aerospace Limited.
- 19 -

24 Employees
Number of employees
2013 2012
Number Number
Administration 13 13
Sales 14 14
Production 43 44
70 71

£'000 £'000

Social security ~osts 264 263
2,764 2,701
transactions of £4,000 (2012: £10,000), of which £3,000 (2012: £4,000) relates to restricted shares and
£1,000 (2012: £6,000) relates to share options.
25 Control
The immediate parent company is AMETEK Aerospace and Defense Group UK Limited, a company
registered in England and Wales.The ultimate parent company is AMETEK Inc, a company incorporated in
the United States of America.
·Box 36, 2 New Star Road, Leicester LE4 9JQ.
The company has declared and paid further dividends amounting to £3,250,000 since 31 December 2013.
- 20 -
•
... Company Registration No 03230332 (England and Wales)
TAYLOR HOBSON LIMITED
111111111111
"A2ED1KYA"
Ill II
A01 09/08/2013 #243
COMPANIES HOUSE
COMPANY INFORMATION
Directors DB Coley
C Howarth
BP Wilson
Secretanes DB Coley
KE Sena

2 New Star Road
Leicester
LE4 9JQ

City Gate West
Toll House Hill
Nottingham
NG1 SFY
Business address PO Box 36,

2 New Star Road
Leicester
LE4 9JQ
Bankers NatWest
1 Granby Street
Leicester
LE1 6EJ
Solicitors Freethcartwnght LLP

Imperial House
108-110 New Walk
Leicester
LE1 7EA
CONTENTS
Page
Balance sheet 9

DIRECTORS' REPORT

The principal act1v1t1es of the company are the design, manufacture, d1stribut1on and after sales service of
ultra prec1s1on measurement instruments and diamond turning lathes and the design and manufacture of flow
measurement devices for the oil and gas industry
2012 2011 Change

£'000 £'000 %
Sales 54, 113 49,876 849

Operating profit 14,652 11,871 23 42
Operating profit as % of sales 2707% 23 80%
Net current assets 1,814 19,317 (90 61)
Shareholders' funds 29,555 35,822 (17 49)
Financial performance continued to go from strength to strength in 2012, especially in the Leicester d1v1s1on,
with an overall increase in sales of 8 5% Sales to the Far East in particular were strong, driven by higher
sales to our Japanese sister-company By product, our higher end surface instruments and new roundness
instruments were very popular along with much higher service revenues too This shift in product mix helped
improve margins
Distribution costs increased slightly but proportionally less than the increase in turnover Administrative
expenses actually reduced mainly due to a swing in foreign exchange gains/losses year on year
At the operating profit level, we had an excellent 27 1% return on sales, up on the previous year with higher
volumes, better product mix and controlled costs all contributing (2011 23 8%)
Net current assets were vastly reduced mainly due to an intercompany loan balance of £13,918,000
becoming current as a result of group reorganisation act1v1ty that took place in January 2013
The profitable trading and d1v1dend income offset by actuarial losses and d1v1dends paid of £19,651,000
(2011 Nil) resulted in a reduction in shareholders' funds of £6,267,000
Principal.risks and uncertainties

The company operates in a competitive global environment We continue to focus on the quality and reliab1hty
of our products and services to give good value
Results and d1v1dends

D1v1dends amounting to £19,651,000 were distributed for the year ended 31 December 2012 (2011 Nil)
-1-
•

In the opinion of the directors the market value of freehold land and buildings 1s not considered to be
materially different to the net book value as disclosed in the notes to the financial statements

The company continues an active programme of research and development in all areas of its acllv1t1es, with
the constant review of existing products and development of new products being an integral part of the
programme

On 2 January 2013 the company transferred its holding in Taylor Hobson Inc to EMA Holdings UK L1m~ed at
its net book value of £6,724,000
The company has declared and paid d1v1dends amounting to £4,052,000 and has received d1v1dends
amounting to £1,750,000 smce 31 December 2012
Future developments
The 2012 year was exceptionally strong We expect 2013 to be another very good year but the global
economic outlook 1s more uncertain
Gomg concern
The company's business act1v1toes, together with the factors hkely to affect its future development, its financial
pos1t1on, financial risk management ob1ect1ves and details of the company's exposure to nsk are described m
this report
In view of the above and after making enqumes, the directors have a reasonable expectallon that the
company has adequate resources to continue operating for the foreseeable future Accordingly, they continue
to adopt the going concern basis in prepanng the financial statements
Directors
DB Coley
C Howarth
BP Wilson
J J Mohnell1 (Resigned 1 July 2012)
-2-
•
AMETEK Inc has mdemnified one or more directors of the company agamst hab1hty m respect of proceedmgs
brought by third parties, subject to the cond1t1ons set out m the Companies Act 2006 Such quahfying third
party mdemnity prov1s1on was m force during the year and remains m place to the date of this report
It 1s the company's pohcy to keep employees fully mformed of matters affectmg them as employees and to
make them aware of the financial and economic factors influencing company performance
Encouragement 1s given to employees to contribute towards the company's financial performance by means
of an annual bonus scheme for certam employees
Equal opportumt1es and employment of disabled persons

Employment policies are designed to provide equal opportunity, irrespective of age, sex, rehg1on, race or
manta! status Apphca!Jons for employment by disabled persons are given full and fair cons1derat1on and,
where practicable, prov1s1on 1s made for special needs The company apphes the same criteria to disabled
employees for training, career development and promobon as to any other employee If ex1stmg employees
become disabled, every effort 1s made to ensure their contmued employment
Environment
The group 1s fully committed to pursuing the best environment practice and conducting its acbv1t1es m a way
that fully recognises its respons1b1ht1es to the environment As part of this, the company's environmental
management system has obtained ISO 14001 accred1tat1on since 2002
Fmanc1al risk management

The company's principal financial instruments comprise trade debtor, trade creditor and inter-company
balances The company does not enter into derivative transactions and 11 1s, and has been throughout the
period under review, the company's policy that no tradmg m financial mstruments shall be undertaken
The mam risk arising from the company's financial mstruments 1s foreign currency nsk
Foreign currency nsk

The company has transactional and translational currency exposures ansmg from sales and purchases in
foreign currencies It 1s AMETEK group pohcy not to acbvely hedge against foreign currency transactions and
balances
Auditors
The auditors, Ernst & Young LLP, are deemed to be reappointed under secbon 487(2) of the Companies Act
2006
-3-


The directors are responsible for preparing the Directors' Report and the financial statements in accordance
with applicable law and regulations
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

- prepare the financial statements on the grnng concern basis unless 1t 1s inappropriate to presume that the
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain
the company's transactions and disclose with reasonable accuracy at any time the financial pos1t1on of the
company and enable them to ensure that the financial statements comply with the Companies Act 2006 They
are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for
the prevention and detection of fraud and other irregularities

unaware Add1t1onally, the directors have taken all the necessary steps that they ought to have taken as
directors in order to make themselves aware of all relevant audit information and to establish that the
company's auditors are aware of that 1nformat1on
BP Wilson
Director
5 A-<...sv ~ ?._o\ 5
-4-

TO THE MEMBERS OF TAYLOR HOBSON LIMITED
We have audited the financial statements of Taylor Hobson L1m1ted for the year ended 31 December 2012
set out on pages 7 to 30 The financial reporting framework that has been applied in their preparation 1s
Practice)
the fullest extent permitted by law, we do not accept or assume respons1b1l1ty to anyone other than the
company and the company's members as a body, for our audit worl<, for this report, or for the opinions we
have formed

As explained more fully in the Statement of Directors' Respons1b11it1es set out on page 4, the directors are

caused by fraud or error This includes an assessment of whether the accounting pol1c1es are appropriate to
reasonableness of significant accounting estimates made by the directors, and the overall presentaton of
the financial statements In add1t1on, we read all the financial and non-financial mformat1on in the Directors'
Report to 1dent1fy material incons1stenc1es with the audited financial statements If we become aware of any
apparent material misstatements or incons1stenc1es we consider the 1mplicallons for our report

Practice, and

-5-
•

report to you 1f, 1n our opinion
S±t.:;.)~,
for and on ~~a Ernst &~ung LLP
Statutory Auditor
Nottingham
-6-

2012 2011
Notes £'000 £'000
Turnover 2 54,113 49,876
Cost of sales (25,987) (24,828)

--
Gross profit 28, 126 25,048
D1stnbut1on costs (10,881) (10,235)

Adm1rnstrat1ve expenses (2,808) (3, 153)
-- --
Investment income 4 6,821

Interest payable and s1m1lar charges 6 (9) (13)
Profit on ordinary activ1t1es before

taxation 22, 115 12,295
Tax on profit on ordinary act1v1t1es 8 (5,671) (57)

-
---
-7-
•
Notes 2012 2011

£'000 £'000

Actuarial loss on pension scheme 17 (4,094) (3,509)
Tax on items taken directly to equity 776 777
Total recognised gams and losses relating to

the year 13, 126 9,506
-8-
BALANCE SHEET
2012 2011
Notes £'000 £'000 £'000 £'000
Fixed assets
Tangible assets 10 3,496 3, 156
Investments 11 26,655 26,655
--
33,882 33,844
Current assets
Stocks 12 6,579 5,662
Debtors amounts falling due within one
year 13 21,740 11,074
Debtors amounts falling due after more
than one year 13 8,240
--
30,468 30,531
Creditors amounts falling due w1thm
one year 14 (28,654) (11,214)

--
Total assets less current habihlles 35,696 53, 161
Creditors: amounts falhng due after

more than one year 15 (13,997)
Prov1s1ons for hab1ht1es 16 (251) (393)
35,445 38,771
Retirement benefit obligations 17 (5,890) (2,949)
--
29,555 35,822
=
-- --
--
=
Approved by the Board and authorised for issue on 5 ~S ~ ~,.- (_c I:?,
B PW.Ison
Director
Company Registration No 03230332
-9-

The financial statements are prepared under the hostoncal cost convention
from the requirement to produce a cash flow statement on the grounds that ot os a subs1d1ary undertaking
where 90 percent or more of the voting rights are controlled w1th1n the group

13 Turnover and profits

Turnover represents amounts receivable for goods and services net of VAT and trade discounts In the
case of goods, invoices are raised on delivery to and, where required, formal acceptance by customers
Profit os recognised on long-term contracts, of the final outcome can be assessed with reasonable certainty,
by including in the profit and loss account turnover and related costs as contract act1v1ty progresses
Turnover for such contracts os stated at the cost appropriate to the stage of completion plus attributable
profits, less amounts recognised in turnover on previous years Prov1s1on os made for any losses as soon
as they are foreseen
Contract work in progress os stated at costs incurred. less those transferred to the profit and loss account,
after deducting foreseeable losses and payments on account not matched with turnover
14 Goodwill
Purchased goodwill os eliminated by amort1sat1on through the profit and loss account over its useful
economic life of 20 years
15 Research and development

Research expenditure os written off to the profit and loss account in the year in which ot 1s incurred, unless
specifically chargeable to and recoverable from customers under agreed contract terms

Tangible foxed assets other than freehold land are stated at cost less deprec1at1on Deprec1at1on os
provided at rates calculated to wrote off the cost less estimated residual value of each asset over its
expected useful life (straight line basis), as follows
Freehold buildings 40 years

Leasehold improvements 10 to 28 years
Plant and machinery 4 to 10 years
Loose tools 1 to 4 years
1.7 Leasing
term, except in the case of onerous leases
18 Investments
Foxed asset investments are stated at cost and are reviewed for impairment 1f events or changes on
circumstances indicate the carrying value may not be recoverable
- 10 -


Stock and work in progress are valued at the lower of cost and net realisable value Raw materials are
included at purchase invoice cost Work in progress and finished goods are stated at cost of direct
materials and labour plus attributable overheads based upon normal levels of act1v1ty
1 10 Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales
value of the work done after prov1s1on for contingencies and ant1c1pated future losses on contracts, less
amounts received as progress payments on account Excess progress payments are included in creditors
as payments on account
1.11 Pensions
Defined contnbutron scheme
The company operates a defined contnbutoon scheme for the benefit of its employees Contributions
payable are charged to the profit and loss account in the year they are payable The pension cost rs
determined as the contnbutoons payable in the year plus accruals for unfunded pension arrangements to
recognise the cost of a year's service for the relevant employees in defined contnbut1on schemes
Contnbutrons to defined contribution schemes are recognised in the profit and loss account in the period in
which they are payable
Defined benefit scheme

Scheme assets are measured at fair values Scheme liab1lit1es are measured on an actuarial basis using
the projected unit method and are discounted at appropriate high quality corporate bond rates The net
surplus or defier!, adjusted for deferred tax, rs presented separately from other net assets on the balance
sheet A net surplus rs recognised only to the extent that rt 1s recoverable by the company
The current service costs from settlements or curtailments are charged against operating profit Past
service costs are spread over the period untrl the benefit increases vest Interest on scheme liabrlitres and
the expected return on scheme assets are included in other finance costs Actuarial gains and losses are
reported m the statement of total recognised gains and losses
balance sheet date where transactrons or events have occurred at that date that will result rn an obhgatron
to pay more, or a right to pay less or to receive more tax, wrth the following exception
- deferred tax assets are recognised only to the extent that the directors consider that rt 1s more likely than
not that there will be suitable taxable profits from which the future reversal of the underlying liming
Deferred tax rs measured on an undrscounted basis at the tax rates that are expected to apply in the

Monetary assets and liabrlitres denominated in foreign currencies are translated rnto sterling at the rates of
ruling at the date of the transactron All differences are taken to profit and loss account
1.14 Government grants

Revenue grants are recognised rn the profit and loss account rn the penod they become receivable
Capital grants are amortised over the period of the project on a straight line basis
- 11 -
•

the date on which the relevant employees become fully entitled to the award Fair value 1s determined
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
and loss reserve
1 16 Group accounts
The financial statements present information about the company as an ind1v1dual undertaking and not
so by section 400 of the Companies Act 2006 as 1t 1s a subs1d1ary undertaking of AMETEK Inc a company
incorporated in the United States of America, and 1s included in the consolidated accounts of that
company
1 17 Prov1s1ons for hab1ht1es and charges

A prov1s1on 1s recognised when the company has a legal or constructive obligation as a result of a past
event and where 1t 1s probable that an outflow of economic benefits will be required to settle the obligation

The company 1s a wholly owned subs1d1ary of AMETEK Inc , the consolidated accounts of which are
2 Turnover
In the opinion of the directors 1t would be seriously preiud1c1al to the interest of the company to provide an
analysis of turnover by geographic market
- 12 -


£'000 £'000
Hire of plant & machinery 410 392
and after crediting

Rents receivable (177) (152)
Government grants (7)
Profit on disposal of tangible assets ( 1) (6)
Profit on foreign exchange transactions (54) (7)
Release of onerous lease prov1s1on (38) (52)
Auditors' remuneration
Grant claim compliance work 3 3
68 75
--
£'000 £'000
Income from shares in group undertakings 6,821

-- --
5 Interest receivable and similar income 2012 2011

£'000 £'000
Bank interest 6 6
219 79
--
- 13 -

6 Interest payable and similar charges 2012 2011

£'000 £'000
Bank interest payable 2

Unwind of discount on onerous lease prov1s1on 9 11
9 13
--
- -

£'000 £'000
8 Taxation
2012 2011
£'000 £'000
U K corporation tax 3,665 974
Adjustment for pnor years 2, 112 (855)
Overseas taxation 6 5
5,783 124
Foreign corporation tax
Double taxation relief (6) (5)
Total current tax 5,777 119
Deferred tax
Onginat1on and reversal of timing differences (40)
Deferred tax credit (92) (85)
(106) (62)
5,671 57
- 14 -


Profit on ordinary act1v1lles before taxation 22, 115 12,295
Profit on ordinary acliv1t1es before taxation multiplied by standard rate of UK

corporation tax of 24 50% (2011 - 26 49%) 5,418 3,257
--- ---
Effects of
Group relief not charged (2, 184)
Accelerated capital allowances 5 1
Adjustments to previous periods 2,112 (855)
D1v1dend income not taxable (1,671)
Other timing adjustments 35 (1)
---
359 (3, 138)
---
Current tax charge for the year 5,777 119
---
The company has received the benefit of tax losses amounting to £N1I (2011 £8,244,000) from certain
fellow subs1d1ary undertakings without making any payment

The standard rate of Corporation Tax in the UK reduced from 26% to 24% with effect from 1 April 2012
to 23% from 1April2013 and to 22% from 1 April 2014 The reduction to 23% was enacted during the
year and therefore deferred tax balances are stated at 23% On 5 December 2012, 1! was announced that
the main rate of corporation tax for the year commencing 1April2014 will be reduced by a further 1% to
no account has been taken of them in these financial statements The impact of the further changes 1s not
fell to 18% and 8% respectively with effect from 1April2012
- 15 -


Goodwill
£'000
Cost
At 1 January 2012 & at 31 December 2012 5,976
Amortisation
At 1 January 2012 1,945
--
--
Net book value
Al 31 December 2011 4,031

Freehold Short Plant and Total
land and leasehold machinery
bu1ldmgs improve-
ments
£'000 £'000 £'000 £'000
Cost
At 1 January 2012 474 3,124 8,676 12,274
Add1t1ons 294 111 559 964
Disposals (4) (4)
Al 31 December 2012 768 3,235 9,231 13,234
Deprec1at1on
At 1 January 2012 48 1,866 7,202 9, 116
At 31 December 2012 57 2,027 7,652 9,736
Net book value

At 31 December 2012 711 1,208 1,579 3,498
-
-- -
At 31 December 2011 426 1,258 1,474 3, 158
= =
Included m cost of land and buildings 1s freehold land of £169,000 (2011 £169,000) which 1s not
depreciated
- 16 -

Shares in
subsidiary
undertakings
£'000
Cost
Net book value

At 31 December 2012 26,655
At 31 December 2011 26,655

At 31 December 2012 the company held more than 20% of the share capital of the following
companies
Company Country of reg1strat1on or Shares held

Taylor Hobson Inc USA Ordinary 100 00
Solartron Metrology L1m1ted England and Wales Ordinary 100 00
The principal act1v1ty of the subs1d1ary undertakings 1s the design, manufacture and
d1stribut1on of ultra prec1s1on instruments for the measurement of surface finish, form and
roundness and the manufacture and sale of sensor measurement products
On 2 January 2013 the company transferred its holding in Taylor Hobson Inc to EMA
Holdings UK L1m1ted at its net book value of £6,724,000

£'000 £'000

Long term contract balances
- Net cost less foreseeable losses 249 155
- Payments on account (135) (84)
Finished goods and goods for resale 3,084 2,511
6,579 5,662
=
- 17 -

13 Debtors 2012 2011

£'000 £'000

Amounts recoverable on long term contracts 518 880
Corporation tax 831
21,740 19,314
Amounts falling due after more than one year and included in the debtors above are
2012 2011
£'000 £'000
Amounts owed by group undertakings 8,240

-
----
-
Amounts owed by group undertakings due after more than one year in 2011 comprised loans which
earned interest at 2 5% and were repayable within five years By mutual agreement of the loan
part1c1pants these were settled in January 2013
14 Creditors· amounts fallmg due w1thm one year 2012 2011

£'000 £'000
Bank loans and overdrafts 49

Payments received on account 902 805
Corporation tax 3,576
Accruals and deferred income 2,492 3,013
28,654 11,214
15 Creditors amounts falling due after more than one year 2012 2011
£'000 £'000
Amounts owed to group undertakings 13,997

--
- --
- --
- ---
- 18 -

16 Prov1s1on for liabilities and deferred tax asset

Provisions for
hab1hties
£'000

The balance at 31 December 2012 comprises
£'000
Onerous lease 139
Warranty 112
251
The onerous lease provrsron relates to the sub-let of part of the property rn Leicester due to the rental
rncome berng less than the rental charge for th rs property Thrs will reverse over the period to 2017
The warranty prov1s1on relates to oblrgabons on an ongorng basrs to reparr or replace products sold by
the company The exrstrng provrsron should be used rn full during the year but be replaced each year wrth
a prov1s1on based on the expectation of warranty costs based on that year's sales
- 19 -

16 Provision for liab1hties and deferred tax asset (Continued)
The deferred tax asset (included in debtors, note 13) 1s made up as follows
2012
£'000


--
2012 2011
£'000 £'000

(309) (295)
--
The effect of future changes in tax rates 1s not considered to have a material effect on the deferred tax
balance

Employee benefit obligations
The company has established various pension arrangements, both defined benefit and defined
contribution schemes, covering many of its employees
The total pension cost to the company within operating profit 1s analysed below
2012 2011
£'000 £'000
Defined contribution scheme 319 285
Defined benefit scheme 490 473
809 758
--
The amount due to the defined contribution scheme at the year end was £17,000 (2011 £15,000), which
1s included in creditors
The defined benefit scheme, covering the maiority of UK employees (excluding the Solatron ISA
employees), was closed to new employees during the course of 2001
The company expects to contribute 17% of pensionable salaries in add1t1on to £344,000 of deficit funding
contnbut1ons to the pension plan in 2013
- 20 -
•
The amounts recognised in the balance sheet are as follows
Defined benefit
pension plans
2012 2011
£'000 £'000

Fair value of plan assets (32,258) (30, 132)
7,649 3,932
Related deferred tax asset (1, 759) (983)
Net hab1hty 5,890 2,949
The amounts recognised in the profit and loss account are as follows
Defined benefit
pension plans
2012 2011
£'000 £'000
Included m operatmg profit

-- --
477 473
-- --
Included in other finance (income)/costs
Interest on obhgalton 1,657 1,801
Expected return on pension scheme assets (2,089) (2, 159)
-- --
(432) (358)
-- --
Total 45 115
= =
= =
- 21 -
•
Analysis of amount recognised in the statement of total recognised gains and losses.
Defined benefit
pension plans
2012 2011
Cumulative amount of actuarial losses (12,247) (8, 153)

-
-- -
Defined benefit
pension plans
2012 2011
£'000 £'000

Contributions by scheme part1c1pants 124 120
Actuarial losses 4,712 367
Benefits paid (1,127) (1,242)
Other movements -Age related rebates 79
--
Total 39,907 34,064
=
- 22 -
•
Changes m fair value of plan assets are as follows:

plans
2012 2011
£'000 £'000
Opening fair value of plan assets 30, 132 30,654

Actuarial gains I (losses) 618 (3, 142)
Contnbut1ons by employer 422 1,504
Contnbullons from scheme part1c1pants 124 120
Age related rebates 79
---
32,258 30, 132
---

assets are as follows
2012 2011
% %
Equ1t1es 77 00 76 00
Bonds 12 00 13 00
Property 1 00 1 00
Other assets 10 00 10 00
=
as weighted averages)
2012 2011
% %
Discount rate 440 4 90

Future salary increases 3 00 3 00
Pension increases - CPI capped at 3 0% 1 90 1 73
Inflation assumption (Retail Pnces Index) 3 00 3 00
Inflation assumption (Consumer Pnces Index) 2 40 2 00
---
- 23 -
, TAYLOR HOBSON LIMITED


Life expectancy for a female currently aged 65 years (in years) 24 50 24 00
Life expectancy for a male currently aged 45 years (in years) 2340 23 10
Life expectancy for a female currently aged 45 years (in years) 26 10 25 90
The post mortality table used in 2012 was a SAPS Normal Health table for ind1v1dual year of birth with
CMI 2011 core model with long term improvement rate of 1% pa and in 2011 was a SAPS Normal Health
table with a medium cohort projection and a 1 % underpin on future improvements based on year of birth
payment will in future be based on the Consumer Pnces Index rather than the Retail Pnces Index,
to postApnl 1988 GMP to be based on the Consumer Pnces Index rather than the Retail Pnces Index
Amounts for the current and previous four periods are as follows
2012 2011 2010 2009 2008
£'000 £'000 £'000 £'000 £'000
Defined benefit obligation (39,907) (34,064) (32,466) (34,216) (27, 194)

Plan assets 32,258 30, 132 30,654 27,527 23,666
Surplus/( deficit) (7,649) (3,932) (1,812) (6,689) (3,528)
plan hab1ht1es 148 533 (2,495) 542 (864)
plan assets 618 (3, 142) 1,464 3,028 (6, 785)
-----
--- - =

£'000 £'000
5, 150,000 Ordinary shares of £1 each 5,150 5,150
-
-----
- 24 -
I

'

Profit and loss
account
£'000

Actuarial gains or losses on pension scheme assets (4,094)
Movement on tax relating to pension asset 776
--
-
-- -
Profit and loss account excluding pension hab1hty 30,295
Pension hab1hty (5,890)
--
24,405
=
£'000 £'000

D1v1dends (19,651)
-- --
(3,207) 12,238
Other recognised gains and losses (4,094) (3,509)
Movement on tax relating to pension asset 776 777
--
Net (depletion in)/add1t1on to shareholders' funds (6,267) 9,793
-- --
=
- 25 -
I

A three for two spht of the parent company's common stock took place on 29 June 2012 in order to broaden
the stock's marketab1hty and improve its trading hqu1d1ty The new shares were payable to shareholders on
record at 15 June 2012 Where appropriate, further information has been given in the comparatives to
reflect the three for two spht
Restricted shares
Restricted shares generally vest (1e all restnct1ons hf!) after 4 years This 1s accelerated 11 the share price
increases to double that of the grant date at the close of business on 5 consecutive trading days, in which
case they vest 1mmed1ately The expense 1s recognised on a stra1ght-hne basis over 4 years ignoring the
poss1bhlty that this early vesting could occur but taking into account estimated forfe1tures, based on
Share options
Share options generally vest 25% each year for 4 years and expire 7 years after the award date
The expense 1s recognised on a stra1ght-hne basis over the requ1s1te service period for the entire award as
11 1t all vested at the end of this 4 year period but taking into account estimated forfeitures, based on
The fair value of each option 1s estimated at the date of grant using a Black - Scholes option pricing model
The following weighted average assumptions were used in the Black-Scholes model to estimate the fair
values of options granted during the years indicated
Expected share volat1hty 28 36% (2011 26 37%)

Expected hie of options (years) 5 06 (2011 5 04)
Expected volat1hty 1s based on historical volatihty of AMETEK Inc's share price Historical exercise data for
within the contractual hie of the option 1s based on the US Treasury yield curve at the time of the grant
The weighted average fair value per option granted during the year was £5 27 (2011 £4 60 for unapproved
options and £4 53 for approved options (spht adjusted))
- 26 -
I

Restncted shares

shares shares
2012 2012 2011 2011
£ £

Granted 7,986 20 99 4,872 27 15
Vested (6,439) 11 65 (16,630) 14 32
Transfers (375) 15 87
Share options
The following table illustrates the number and weighted average exercise price (WAEP) of, and

options options
2012 2012 2011 2011
£ £

Granted 28,336 20 96 13, 148 28 57
Transfer (1,125) 15 01
Exercised (19,578) 8 45 (4,468) 12 04
- 27 -
I

I

The weighted average share pnce at the date of exercise for the options exercised in the year was £20 36
(2011 £17 71 (spill adjusted))
The options outstanding at 31 December 2012 have exercise pnces ranging from £8 95 to £20 96 (2011
£7 23 to £19 19 (spilt adjusted)) and a weighted average remaining contractual hie of 3 years and 7 months
(2011 3 years and 10 months)
Bank guarantees given in the normal course of business and outstanding at 31 December 2012 amounted
to £2,145,000 (2011 £2,100,000) The guarantee would crystahse If, for example, the company defaulted
on delivery of goods to a customer who had paid in advance This poss1b1hty 1s considered to be remote

2012 2011 2012 2011
£'000 £'000 £'000 £'000
In over five years 653 653 34 37
653 653 238 260

-- --

£'000 £'000
Contracted for but not provided 1n the financial statements 170 3

--
- 28 -
.
.. TAYLOR HOBSON LIMITED
•

£'000 £'000

481 529
(2011 - 3)
Remuneration disclosed above include the following amounts paid to the

highest paid director
The highest paid director has exercised share options during the year
The highest paid director has received shares under a long term incentive scheme during the year
J J Molinelli was a US based director within the AMETEK group and did not provide any qualifying
services to Taylor Hobson L1m1ted
- 29 -
..
••

26 Employees
Number of employees
The average monthly number of employees (mcludmg directors) during the year was
2012 2011
Number Number
Production 104 97
Engineering 41 41
Sales and Marketing 55 52
Adm1rnstrat1on 33 30
---
233 220
-
---
- - -
---
- -

£'000 £'000

Social security costs 1,026 980
--- ---
11,185 10,566
-
----- =
Included m wages and salaries 1s a total expense for share-based payments in relation to equity-settled
transactions of £258,000 (2011 £287,000), of which £147,000 (2011 £197,000) relates to restricted
shares and £111,000 (2011 £90,000) relates to share options
27 Control
At 31 December 2012 the 1mmed1ate parent company was Taylor Hobson Overseas L1m1ted, a company
registered 1n England and Wales On 2 January 2013 the 1mmed1ate parent company became AMETEK
Instruments Group UK L1m1ted, a company registered in England and Wales
The ultimate parent company 1s AMETEK Inc, a company incorporated in the United States Of America
largest consolidated accounts that the company 1s included in, copies of which can be obtained from P O
On 2 January 2013 the company transferred its holding m Taylor Hobson Inc to EMA Holdings UK L1m1ted
at its net book value of £6,724,000
The company has declared and paid d1v1dends amounting to £4,052,000 and has received d1v1dends
amounting to £1,750,000 since 31December2012
- 30 -
r ~, -
TAYLORHOBSON LIMITED
-
' . . .
· IllllllllIllllllllllllllllllllllll lrt/II/II /Ill

. *L3E39CTS*
LD4 12/08/2014 #63
_ COMPANIES HOUSE
COMPANY INFORMATION
Directors DB Coley
C Howarth
BP Wilson
KE Sena

2 New Star Road
Leicester
LE4 9JQ

No 1 Colmore Square
Birmingham
B46HQ
Business address PO Box 36,

2 New Star Road
Leicester
LE4 9JQ
Bankers NatWest
1 Granby Street
Leicester
LE1 6EJ
Solicitors Freethcartwright LLP

Imperial House
108-110 New Walk
Leicester
LE1 7EA
-~J't\J! t·•;o:.=:
..... · - c._7
Page
Balance sheet 10

lllO
STRATEGIC REPORT
The directors present their strategic report and financial statements for the year ended 31 December 2013.
Principal activities and review of business

The principal activities of the company are the design, manufacture, distribution and after sales service of ultra
precision measurement instruments and diamond turning lathes and the design and manufacture of flow
measurement devices for the oil and gas industry.
2013 2012 Change

£'000 £'000 %
Sales 54,819 54,113 1.30

Operating profit 13,223 14,652 (9.75)
Operating profit as % of sales 24.12% 27.07%
Net current assets 10,588 1,814 483.68
Shareholders' funds 34, 152 29,555 15.55
Financial performance in our Leicester division returned to just below 2011 levels with an overall decrease in
sales of 11 % from the peak in 2012. Sales to the Far East in particular were much weaker than last year, the
relative decrease due to the unusually high sales to our Japanese sister-company in 2012. Most product lines
were affected with core surface and roundness products bearing the brunt. Sales in our Solartron ISA division
were up 54% on the previous year as a result of increased activity in all product and geographic sectors. Asia
and the Americas saw particularly strong growth.
We increased investment in research & development projects in 2013, to facilitate future growth and underpin
our position in the market.
Despite the reduced sales in the Leicester division, distribution costs increased slightly. Variable costs, such as
commissions, decreased but this was more than offset by increases to pension costs and increased operating
costs in our China operation. Administrative expenses also increased mainly due to a large swing in foreign
exchange gains/losses year on year. Selling, distribution and administrative costs increased by 24% over the
previous year in our Solartron ISA division as a result of higher activity levels.
At the operating profit level, we made a 24.1% return on sales (2012: 27.1%). Whilst this was down on the
previous year, the return remains very respectable, particularly in the context of reduced volumes, adverse
foreign exchange movements and increased R&D investment.
Net current assets improved significantly following settlement of an intercompany balance in January 2013.
The profitable trading, dividend income and actuarial gains, offset by dividends paid of £14,833,000 (2012:
£19,651,000) resulted in an increase in shareholders' funds of £4,597,000.

The company operates in a competitive global environment. We continue to focus on the quality and reliability of
our products and services to give good value.
-1-
ST~TEGIC REPORT {CONTINUED)


The company's principal financial instruments comprise trade debtor, trade creditor and inter-company balances.
The company does not enter into derivative transactions and it is, and has been throughout the period under
review, the company's policy that no trading in financial instruments shall be undertaken.
The main risk arising from the company's financial instruments is foreign currency risk.

The company has transactional and translational currency exposures arising from sales and purchases in
foreign currencies. It is AMETEK group policy not to actively hedge against foreign currency transactions and
balances.
BP Wilson
Director
s .....~._s.v Lo\'+
··~-i
-2-
TAYLORHOBSON
I
LIMITED
·-~-i '~DIRECTORS' REPORT


Dividends amounting to £14,833,000 were distributed for the year ended 31 December 2013
(2012:£19,651,000).

In the opinion of the directors the market value of freehold land and buildings is not considered to be
materially different to the net book value as disclosed in the notes to the financial statements.

The company continues an active programme of research and development in all areas of its activities, with
the constant review of existing products and development of new products being an integral part of the
programme.

The company has declared and paid dividends amounting to £8,562,000 and has received dividends
amounting to £3,364,000 since 31 December 2013.
Future developments
The global economic outlook is more settled than last year and we expect solid performance again in 2014,
remaining broadly consistent with 2013.
Going concern
position, financial risk management objectives and details of the company's exposure to risk are described in
the strategic report on page 1.
In view of the above and after making enquiries, the directors have a reasonable expectation that .the
company has adequate resources to continue operating for the foreseeable future. Accordingly, they continue
to adopt the going concern basis in preparing the financial statements.
Directors
DB Coley
C Howarth
BP Wilson
-3-

brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third
party indemnity provision was in force during the year and remains in place to the date of this report.
Charitable donations
The recipients, amounts and purpose of charitable donations made during the year are as follows:
The Ark Association £3,200 - Childcare and early learning.
King George's Field, Woodhouse Eaves £3,200 - Provision of recreational land.
Alex's Wish £9,200 - Support for sufferers of Duchenne Muscular Dystrophy.
It is th·e company's policy to keep employees fully informed of matters affecting them as employees and to
make them aware of the financial and economic factors influencing company performance.
Encouragement is given to employees to contribute towards the company's financial performance by means
of an annual bonus scheme for certain employees.
Equal opportunities and employment of disabled persons

Employment policies are designed to provide equal opportunity, irrespective of age, sex, religion, race or
marital status. Applications for employment by disabled persons are given full and fair consideration and,
where practicable, provision is made for special needs. The company applies the same criteria to disabled
employees for training, career development and promotion as to any other employee. If existing employees
become disabled,,every effort is made to ensure their continued employment.
Environment
The group is fully committed to pursuing the best environment practice and conducting its activities in a way
that fully recognises its responsibilities to the environment. As part of this, the company's environmental
management system has obtained ISO 14001 accreditation since 2002.
Details of financial instruments are provided in the strategic report on page 2.
Auditors
The auditors, Ernst & Young LLP, are deemed to be reappointed under section 487(2) of the Companies Act
2006.
-4-


The directors are responsible for preparing the Strategic Report. the Directors' Report and the financial
statements in accordance with applicable law and regulations.
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:

disclosed and explained in the financial statements; and
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.

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.
BP Wilson
Director
c ('"\ .. \[" ~
..:>.......1.:-:t:\.b"-"':~ c._.O \ 'f
-5-

We have audited the financial statements of Taylor Hobson Limited for the year ended 31 December 2013
set out on pages 8 to 28. The financial reporting framework that has been applied in their preparation is
Practice).
have formed.


reasonableness of significant accounting estimates made by the directors; and the overallpresentation of

Practice; and

-6-
INDEPENDENT AUDITORS' REPORT {CONTINUED)

TO THE MEMBERS OF TAYLORHOBSON LIMITED

Ian C Stracha Sen;o

for and on behalf o
Statutory Auditor
Statu~':.~
rnst & Young LLP
Birmingham
-7-
·--v~:: '!...;:..~-:--,
2013 2012
Notes £'000 £'000
Turnover 2 54,819 54,113
Cost of sales (27,469) (25,987)
Distribution costs (11,341) (10,881)

Administrative expenses (3, 142) (2,808)
Investment income 4 6,506 6,821

Interest receivable and similar income 5 5 219
Interest payable and similar charges 6 (2) (9)

taxation 20,155 22,115
:rt· :;i
Tax on profit on ordinary activities 7 (2,678) (5,671)

-- --
-8-
•.
STATEMENT OF TOTAL RECOGNISED'GAINS AND LOSSES

Notes 2013 2012

£'000 £'000

Actuarial gain/(loss) on pension scheme 17 2,631 (4,094)
Tax on items taken directly to equity (894) 776

the year 19,214 13, 126
-9-
•.
BALANCE SHEET
2013 2012.
Notes £'000 £'000 £'000 £'000
Fixed assets
Investments 11 19,931 26,655
27,267 33,882
Current assets
Stocks · 12 6,475 6,579
Debtors: amounts falling due within one
year 13 15,606 21,740
23,537 30,468
one year 15 (12,949) (28,654)
Provisions for liabilities 16 (210) (251)
37,645 35,445
Retirement benefit obligations 17 (3,493) (5,890)
34,152 29,555
-- --

-- --
Approved by the Board and authorised for issue on ... S .. &.~v..<;> v z..o·, 't-
BP Wilson
Director
- 10 -
NOTES TO THE FINANCIAL-STATEMENTS


where 90 percent or more of the voting rights are controlled within the group.

The. financial statements are prepared in accordance with applicable United Kingdom Accounting
1.3 Turnover and profits

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. In the
case of goods, invoices are raised on delivery to and, where required, formal acceptance by customers.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty,
by including in the profit and loss account turnover and related costs as contract activity progresses.
Turnover for such contracts is stated at the cost appropriate to the stage of completion plus attributable
profits, less amounts recognised in turnover in previous years. Provision is made for any losses as soon
as they are foreseen.
Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account,
after deducting foreseeable losses and payments on account not matched with turnover.
1.4 Goodwill
Purchased goodwill is eliminated by amortisation through the profit and loss account over its useful
economic life of 20 years.

Research expenditure is written off to the profit and loss account in the year in which it is incurred, unless
specifically chargeable to and recoverable from customers under agreed contract terms.

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is
·provided at rates calculated to write off the cost less estimated residual value of each asset over its
expected useful life (straight line basis), as follows:
Freehold buildings 40 years

Leasehold improvements 10 to 28 years
Plant and machinery 4 to 10 years
Loose tools 1 to 4 years
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in
1.7 Leasing
term, except in the case of onerous leases.
- 11 -

1.8 lnvesbnents

Stock and work in progress are valued at the lower of cost and net realisable value. Raw materials are
included at purchase invoice cost. Work in progress and finished goods are stated at cost of direct
materials and labour plus attributable overheads based upon normal levels of activity.
1.10 Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales
value of the work done after provision for contingencies and anticipated future losses on contracts, less
amounts received as progress payments on account. Excess progress payments are included in creditors
as payments on account.
1.11 Pensions
Defined contribution scheme
The company operates a defined contribution scheme for the benefit of its employees. Contributions
payable are charged to the profit and loss account in the year they are payable. The pension cost is
determined as the contributions payable in the year plus accruals for unfunded pension arrangements to
recognise the cost of a year's service for the relevant employees in defined contribution schemes.
Contributions to defined contribution schemes are recognised in the profit and loss account in the period in
which they are payable.
Defined benefit scheme

Scheme assets are measured at fair values. Scheme liabilities are measured on an actuarial basis using
the projected unit method and are discounted at appropriate high quality corporate bond rates. The net
surplus or deficit, adjusted for deferred tax, is presented separately from other net assets on the balance
sheet. A net surplus is recognised only to the extent that it is recoverable by the company.
The current service costs from settlements or curtailments are charged against operating profit. Past
service costs are spread over the period until the benefit increases vest. Interest on scheme liabilities and
the expected return on scheme assets are included in other finance costs. Actuarial gains and losses are
reported in the statement of total recognised gains and losses.


- 12 -

1.14 Government grants

Revenue grants are recognised in the profit and loss account in the period they become receivable.
Capital grants are amortised over the period of the project on a straight line basis.
1.15 Sha re-based payments
date at which they are granted and is recognised as an expense over the vesting period, which ends on ,
and loss reserve.
There are no non-equity settled share-based payments.
1.16 Group accounts

The financial statements present information about the company as an individual undertaking and not
about its group. The company has not prepared group accounts as it is exempt from the requirement to do
so by section 401 of the Companies Act 2006 as it is a subsidiary undertaking of AMETEK Inc a company
incorporated in the United States of America, and is included in the consolidated accounts of that
company.
1.17 Provisions for liabilities and charges

A provision is recognised when the company has a legal or constructive obligation as a result of a past
event and where it is probable that an outflow of economic benefits will be required to settle the obligation.

2 Turnover
In the opinion of the directors it would be seriously prejudicial to the interest of the company to provide an
analysis of turnover by geographic market.
.--:_
- 13 -
...
NOTES TO THE FINANCIAL STATEMENTS(CONTINUED) ··~:·:,!J ~~2~

£'000 £'000
Amortisation of goodwill 301 302
Hire of plant & machinery 427 410

Rents receivable (143) (177)
Profit on disposal of tangible assets (20) (1)
Release of onerous lease provision (25) (38)
--
Auditors' remuneration
Grant claim compliance work 3
"";:f· ·-
65 68
-- --
£'000 £'000
Income from shares in group undertakings 6,506 6,821

--
5 Interest receivable and similar income 2013 2012

£'000 £'000
Bank interest 2 6
5 219
-- --
6 Interest payable and similar charges 2013 2012

£'000 £'000
Unwind of discount on onerous lease provision 2 9

-- --
- 14 -
'"'rt!~· ..... ,.--~
NOTES':l"o THE FINANCIAL STATEMENTS (CONTINUED) ~ ... - ·r~
7 Taxation
2013 2012
£'000 £'000
U.K. corporation tax 2,622 3,665
Adjustment for prior years 2,112
Overseas taxation 7 6
2,629 5,783
Foreign corporation tax
Double taxation relief (7) (6)
Total current tax 2,622 5,777
Deferred tax
Origination and reversal of timing differences 24 (40)
Deferred tax re defined benefit pension scheme (8) (92)
56 (106)
·..::f... 2,678 5,671 .. .,.{.

-- --
Profit on ordinary activities before taxation 20,155 22, 115
--
corporation tax of 23.25% (2012 - 24.50%) 4,685 5,418
Effects of:
Patent box deduction (267)
Adjustments to previous periods 2,112
FRS 17 defined benefit adjustment (152)
Dividend income not taxable (1,512) (1,671)
Other timing adjustments (146) 35
(2,063) 359
Current tax charge for the year 2,622 5,777

--
-15-
""'··~f\.IOTES TO THE FINANCIAL STATEMENTS (CONTINUED)



£'000 £'000
Ordinary final paid 14,833 19,651

-- --

Goodwill
£'000
Cost
At 1 January 2013 &·at 31 December 2013 5,976 ..
Amortisation
At 1 January 2013 2,247
Net book value

--
--
- 16 -
'~
., TAYLOR HOBSON LIMITED

-~.o.;;):.:.":W:.~7 .,., ~ 3 ... z=;:_}·

Freehold Short Plant and Total
land and leasehold machinery
buildings improve-
ments
£'000 £'000 £'000 £'000
Cost
At 1 January 2013 768 3,235 9,231 13,234
Additions 28 169 919 1, 116
Disposals (64) (321) (385)
At 31 December 2013 796 3,340 9,829 13,965
Depreciation
At 1 January 2013 57 2,027 7,652 9,736
On disposals (57) (316) (373)
At 31 December 2013 75 2,147 7,835 10,057
Net book value

At 31 December 2013 721 1,193 1,994 3,908
::;}~ -- --.;,a---
At 31 December 2012 711 1,208 1,579 3,498
-- --
Included in cost of land and buildings is freehold land of £169,000 (2012: £169,000) which is not
depreciated.
Additions to plant and machinery include £380,000 (2012: Nil) in respect of assets under construction. _
Shares in
subsidiary
undertakings
£'000
Cost
At 1 January 2013 26,655
Disposals (6,724)
At 31 December 2013 19,931
Net book value

At 31 December 2013 19,931
At 31 December 2012 26,655

--
- 17 -
.


At 31 December 2013 the company held more than 20% of the share capital of the following
companies:

Solartron Metrology Limited England and Wales Ordinary 100.00
The principal activity of the subsidiary undertaking is the manufacture and sale of sensor
measurement products.
During the year, the company transferred its holding in Taylor Hobson Inc to a fellow
subsidiary undertaking, EMA Holdings UK Limited at its net book value of £6,724,000.

£'000 £'000

Work in_ progress 655 ~ ; ... 957
Long term contract balances:
- Net cost less foreseeable losses 718 249
- Payments on account (277) (135)
Finished goods and goods for resale 3,010 3,084
6,475 6,579
-- --
13 Debtors 2013 2012

£'000 £'000

Amounts recoverable on long term contracts 1,030 518
15,606 21,740
-- --
- 18 -
NOTES TO THE FINANCIAL STATEMENTS(CONTINtJED)

2013
£'000


--
2013 2012
£'000 £'000

(245) (309)
=,:~ --
balance.

£'000 £'000
Bank loans and overdrafts 9 49

Payments received on account 782 902
Corporation tax 1,288 3,576
Accruals and deferred income 2,542 2,492
12,949 28,654
-- --
- 19 -

16 Provision for liabilities

Provisions for
liabilities
£'000

The balance at 31 December 2013 comprises:
£'000
Onerous lease 106
Warranty 104
210
The onerous lease provision relates to the sub-let of part of the property in Leicester due to the rental
income being less than the rental charge for this property. This will reverse over the period to 2017.
The warranty provision relates to obligations on an ongoing basis to repair or replace products sold by
the company. The existing provision should be used in full during the year but be replaced each year with
a provision based on the expectation of warranty costs based on that year's sales.
- 20-
NOTES TO THE FINANCIAL STATEMENTS'(CQNTINUED)


Employee benefit obligations
The company has established various pension arrangements, both defined benefit and defined
contribution schemes, covering many of its employees.
The total pension cost to the company within operating profit is analysed below:
2013 2012
£'000 £'000
Defined contribution scheme 332 319
Defined benefit scheme 757 490
1,089 809
-- --
The amount due to the defined contribution scheme at the year end was £17,000 (2012: £17,000), which
is included in creditors.
The defined benefit scheme, covering the majority of UK employees (excluding the Solatron ISA
employees), was closed to new employees during the course of 2001.
The company is currently contributing 17% of pensionable salaries as well as £344,000 to the pension
plan. This may be updated following the completion of the scheme funding valuation which is due to
happen during the year ending 31 December 2014. ..
The amounts recognised in the balance sheet are as follows:
Defined benefit
pension plans
2013 2012
£'000 £'000
Present value of funded obligations 41,984 39,907

4,366 7,649
Related deferred tax asset (873) (1,759)
Net liability 3,493 5,890

-- --
- 21 -
·-· TAYLORHOBSON LIMITED

The amounts recognised in the profit and loss account are as follows:
Defined benefit
pension plans
2013 2012
£'000 £'000

533 477
Included in other finance (income)/costs

Interest on obligation 1,745 1,657
Expected return on pension scheme assets (2, 168) (2,089)
(423) (432)
Total ·110 45
--
Actual return on plan assets 5,638 2,707

--
- 22 -
NOTES TO THE FINANCIAL STJtTcMENTS (CONTINUED)

Analysis of amount recognised in the statement of total recognised gains and losses:
Defined benefit
pension plans
2013 2012
Actuarial gains I (losses) 2,631 (4,094)
Cumulative amount of actuarial losses (9,616) (12,247)
Defined benefit
pension plans
2013 2012
£'000 £'000

Contributions by scheme participants 123 124
Actuarial losses 839 4,712
Total 41,984 39,907

--
plans
2013 2012
£'000 £'000

Expected return 2,168. 2,089
Actuarial gains 3,470 618
Contributions from scheme participants 123 124
37,618 32,258
- 23 -
NOTES TO THE FINANCIA~r: S"FATEMENTS (CONTINUED)
The major categories of plan assets as a percentage of total plan

2013 2012
% %
Equities 77.00 77.00

Bonds 10.00 12.00
Property 1.00 1.00
Other assets 12.00 10.00
-- --
as weighted averages):
2013 2012
% %
Discount rate 4.45 4.40

Expected return on plan assets 6.75 6.75
Future salary increases 3.00 3.00
Pension increases - RPI capped at 2.5% 2.10 1.90
Pensiori increases - RPI capped at 5.0% 3.20 2.84
Pension increases - CPI capped at 3.0% 2.00 1.90
Inflation assumption (Retail Prices Index) 3.40 3.00
Inflation assumption (Consumer Prices Index) 2.40 2.40
Life expectancy for a male currently aged 65 years (in years) 22.00 22.10
Life expectancy for a female currently aged 65 years (in years) 24.40 24.50
Life expectancy for a male currently aged 45 years (in years) 23.30 23.40
Life expectancy for a female currently aged 45 years (in years) 25.90 26.10
--
The post mortality table used in 2013 was a SAPS Normal Health table for individual year of birth with
CMI 2013 core model with long term improvement rate of 1% pa and in 2012 was a SAPS Normal Health
table for individual year of birth with CMI 2011 core model with long term improvement rate of 1% pa.
to post April 1988 GMP to be based on the Consumer Prices Index rather than the Retail Prices Index.
- 24 -
.•.
.. TAYLOR HOBSON LIMITED
NOTES TO THE FINA:NC'IJ\L STATEMENTS(CONTINUED)

Amounts for the current and previous four periods are as follows:
2013 2012 2011 2010 2009
£'000 £'000 £'000 £'000 £'000

Plan assets 37,618 32,258 30,132 30,654 27,527
Surplus/(deficit) (4,366) (7,649) (3,932) (1,812) (6,689)
plan liabilities (500) 148 533 (2,495) 542
plan assets 3,470 618 (3, 142) 1,464 3,028
-- -- -- --

£'000 £'000
5, 150,000 Ordinary shares of£ 1 each 5,150 5,150

Profit and loss
account
£'000

Actuarial gains or losses on pension scheme assets 2,631
Movement on tax relating to pension asset (894)
Profit and loss account excluding pension liability 32,495

Pension liability (3,493)
29,002
- 25 -
•
...
'•
• TAYLORHOBSON LIMITED
NOTES TO THE"flN1(NCIAL STATEMENTS(CONTINUED)


£'000 £'000

Dividends (14,833) (19,651)
2,644 (3,207)
Other recognised gains and losses 2,631 (4,094)
Movement on tax relating to pension asset (894) 776
Net addition to/( depletion in) shareholders' funds 4,597 (6,267)


--
Bank guarantees given in the normal course of business and outstanding at 31 December 2013 amounted
to £2,756,000. (2012: £2,145,000). The guarantee would crystalise if, for example, the company defaulted
on delivery of goods to a customer who had paid in advance. This possibility is considered to be remote.

2013 2012 2013 2012
£'000 £'000 £'000 £'000
In over five years 653 653 37 34
653 653 216 238

-- --

£'000 £'000
--
- 26 -
.. TAYLORHOBSON LIMITED
NOTES TO'',THFFINANCIAL STATEMENTS(CONTINUED)


£'000 £'000

468 481
(2012-2).
Remuneration disclosed above include the following amounts paid to the

The highest paid director has exercised share options during the year.
The highest paid director has received shares under a long term incentive scheme during the year.
- 27 -
.- TAYLOR HOBSON LIMITED
NOTES~TCYTHE FINANCIAL STATEMENTS (CONTINUED)

25 Employees
Number of employees
2013 2012
Number Number
Production 106 104

(
Engineering 42 41
Sales and Marketing 56 55
Administration 32 33
236 233
--
£'000 £'000

Social security costs 1,088 1,026
Other pension costs 1,089 809
11,912 11, 185

--
transactions of £216,000 (2012: £258,000), of which £98,000 (2012: £147,000) relates to restricted
shares and £118,000 (2012: £111,000) relates to share options.
26 Control
The immediate parent company is AMETEK Instruments Group UK Limited, a company registered in
England and Wales.
The ultimate parent company is AMETEK Inc, a company incorporated in the United States Of America.
The company has declared and paid dividends amounting to £8,562,000 and has received dividends
amounting to £3,364,000 since 31 December 2013.
- 28 -

Ame Research Thesis 11-13-2014

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Spruce Point Capital

Business Description $ in mm except per share amounts

Ametek Appears to Have Mislead

“Lower of Cost or Announces Head of Audit

Volume Stock Price 4

SOX Whistleblower Case: Matthews v. Ametek (2009)

Matthews claims Ametek’s Chandler Engineering in

Source: Matthews v. Ametek, legal docket

Beats Meets Misses % % % Avg.

AMETEK 42 1 1 95.5% 2.3% 2.3% 3.4%

Source: Bloomberg Earnings Surprise Analysis: AME<Equity> SURP 15

25.0% FEIC: FEI Company

RXN FEIC RXN: Rexnord

Source: Ametek’s 10K (here) 17

Dynamics of an Effective Roll-up(1) Observations of Ametek’s M&A Strategy

Source: Ametek financials

Source: Ametek financials 20

2013 Management, Discuss and Analysis (MD&A)

Ametek Never Discusses and Omits Factors Affecting its

Gross Margins Starting To Show Stress EBITDA Margins Always Expand

Source: Ametek SEC filings

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

Capital Expenditures / Sales R&D Expense / Sales

2011 2012 2013 Average

Source: Company filings

Current Ametek Job Openings

Just 1 out of 202

Source: Ametek Job Openings (here)

1) Cumulative benefit based on a 16yr amortization period

Source: Ametek Proxy (here) 28

Source: Ametek Proxy (here) 29

Working Capital / Sales Sales, General and Admin Expense / Sales

2011 2012 2013 Average

Working Capital = Inventory + Acct’s Receivable – Acct’s Payable

Last Financials Available in

Asian Head and Director

Source: Company Subsidiary List Ex. 21 (here) 32

Note: Figures in Singapore Dollars

Covenants state that Ametek will not permit:

Source: Private Placement Announcement (here) 36

“Ametek is too short term focused.” -- Jan 27, 2014

SOX Whistleblower Case: Matthews v. Ametek (2009)

Matthews claims Ametek’s Chandler Engineering in

Source: Matthews v. Ametek, legal docket

The Whistleblower Claim The Outcome

Ametek Holdings B.V.

Ametek Spins a Misleading Story to Wall Street

Mr. Burke, a 25 year AMETEK veteran, served in a number of

Source: Proxy filings 46

Philadelphia, 13 June 2014

Frank Hermance - Chairman and Chief Executive Officer, AMETEK, Inc.

Source: E&Y Press Release (here) 47

Ametek is comprised of dozens of

The average revenue of an acquired

Ametek’s structure makes it difficult to

In this deposition from the

In the case of Chandler Engineering, it

Source: Ametek vs. Matthews, deposition document 49

Mr. Amodei joined AMETEK in 1989 as part of its Financial

Mr. Amodei holds a Bachelor of Science degree in Finance with a

Audit Committee Expands From 3 to 5

In India, where Ametek entered in 2009, its financials are audited by a

Q3’2009 Earnings Conference Call To Discuss Move Into India

Unispec Marketing currently represents our SPECTRO Analytical Instruments business in