Sensus Management Incentive Plan Fiscal Year 2010



 Exhibit 10.1 
 

 
 Sensus Management Incentive Plan 
 Fiscal Year 2010 
 Plan Framework & Guidelines 
 July 2009 








 

 
  

 PART I – PLAN FRAMEWORK 
  

	1.	Plan Name 

 The Sensus Management Incentive Plan (“The
Plan”). 
  

	2.	Plan Objectives 

  

	 	•	 	 Provide an incentive system that encourages participants to achieve Sensus and the Business Unit, Region and Sub-Region financially defined objectives.



  

	 	•	 	 Provide participants with an opportunity to earn incentive compensation based upon performance of Sensus in total or the Business Unit, Region and Sub-Region.



  

	 	•	 	 Provide focused attention on the most important measures of business success. 


  

	 	•	 	 Provide competitive compensation to attract and retain key employees. 


  

	3.	Plan Term 

 The Plan will commence on the first day of the
2010 fiscal year (April 1, 2009) and end on the last day of the fiscal year (March 31, 2010). 
  

	4.	Plan Eligibility 

 It is intended that those who participate
are management employees whose decisions and performance impact Sensus results. Participation in this program is at the discretion of the Compensation Committee of Sensus. 
  

	5.	Target Incentive Levels 

 A. Business Objectives

 Target incentive levels are determined on an individual basis and communicated to participants early in the plan year. 
 Minimum award is at 90% of the target incentive level for the business objectives with the threshold payment award at 10%. Maximum award, above 100%, is uncapped for the
target incentive level for business objectives. 
 Payments for performance between threshold and target are pro-rated on a straight-line basis at a rate of
10% (results at 90% of target) to 100% (results at 100% of target). Payments above target are pro rated on a less steep straight-line basis at a rate equivalent to 150% (results at 110% of target), 200% (results at 120% of target) and so on.

  


			
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 B. Quarterly Earned Incentive 
 The annual incentive is based on a quarterly earned mechanism which allows for a maximum earned quarterly amount of 100% for reaching or exceeding each quarter’s targets. A participant will not earn a quarterly
amount for a target if performance is less than 90% of that quarter’s target. Each quarterly incentive earned will be banked until the end of the fiscal year. 
  

	 	•	 	 Headquarter Qualifier  


 At the end of the
fiscal year if the full year EBITDA actual is less than 90% of the full year target then the banked quarterly incentive payment for both EBITDA and Cash Flow will be eliminated. 
  

	 	•	 	 Business Unit/Region/Sub-Region Qualifier  


 At
the end of the fiscal year if the full year EBITDA actual is not the greater of prior year’s actual EBITDA* or 85% of this year’s full year target EBITDA for an individual Business Unit, Region or Sub-Region then the banked quarterly
incentive payment for both EBITDA and Cash Flow for the individual Business Unit, Region or Sub-Region will be eliminated. Depending on performance it is possible for a Business Unit to qualify for a payment and individual Regions and Sub-Regions
within the Business Unit to fail to qualify. It is also possible that a Business Unit fails to qualify for a payment but individual Regions and Sub-Regions could still qualify. 
 a. Minimum Payout 
 The minimum year end payout will be based on the banked incentive earned by adding the four
quarters together. If the total fiscal year end results would result in an annual incentive payment that is less than the total of the four quarters incentive earned then the participant will receive the total of the four quarters incentive earned
as their annual incentive payout. This assumes the full year EBITDA actual is at or above the qualifying threshold level (90% of this year’s EBITDA target for Headquarters and the greater of prior year’s EBITDA* or 85% of this year’s
EBITDA target for an individual Business Unit, Region or Sub-Region). 
 b. Maximum Payout 
 The maximum year end payout will be based on total fiscal year end results which exceed the Target level of 100% and are uncapped, provided the fiscal year end payout is
higher than the total of the four quarters incentive earned. 
  

	*	In cases where this year’s target EBITDA is less than prior year’s actual EBITDA the threshold for qualifying will be 90% of this year’s full year target.


  


			
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	6.	Performance Measures, Weightings (Scorecard), & Definitions 

 A. Performance Measures and Weightings (Scorecards). 
 The performance measures and weightings are outlined in the Scorecards below for
Sensus Headquarters participants and Business Unit, Region, or Sub-Region participants. 
 a. i. Headquarters Scorecard 
 Headquarters Level participants are those not tied to any one specific Business Unit, Region or Sub-Region within Sensus. 
 Headquarters Scorecard 
  

																												
	 ($000’s)
	  	Quarterly Incentive	  	Full Year Incentive
	 Measurement
	  	 Weighting
	  	Quarterly
Percent
of Target
Achieved	 	Target
Quarterly
Earned
Payment	 	FY Q1
Target	  	FY Q2
Target	  	FY Q3
Target	  	FY Q4
Target	  	Full Year
Percent
of Target
Achieved	 	 	Full Year
Target
Payment	 	 	Full Year
Target
		  		  		 		 			  			  			  			  	120	%+ 	 	200	%+ 	 		
	 Sensus
	  		  		 		 			  			  			  			  	110	% 	 	150	% 	 		
	 EBITDA
	  	70%	  	>100%	 	100%	 	$	28,071	  	$	27,938	  	$	26,745	  	$	45,369	  	100	% 	 	100	% 	 	$	128,123
	 FY $128,123
	  		  	90%	 	10%	 			  			  			  			  	90	% 	 	10	% 	 		
	 Sensus
	  		  		 		 			  			  			  			  	120	%+ 	 	200	%+ 	 		
	 Operating
	  		  		 		 			  			  			  			  	110	% 	 	150	% 	 		
	 Cash Flow
	  	30%	  	>100%	 	100%	 	$	21,269	  	$	21,968	  	$	4,387	  	$	38,561	  	100	% 	 	100	% 	 	$	86,185
	 FY $86,185
	  		  	90%	 	10%	 			  			  			  			  	90	% 	 	10	% 	 		

  

	 	•	 	 Incentive payments for Headquarters level participants are based strictly on the performance of Sensus as shown above. 



 

	 	•	 	 At the end of the fiscal year if the full year EBITDA actual is less than 90% of the full year target then the banked quarterly incentive payment for both
EBITDA and Cash Flow will be eliminated. 


  


			
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 a. ii. Business Unit Only Scorecard 
 Business Unit only level participants are those with specific responsibilities within a Business Unit within Sensus for which business objectives performance can be
specifically measured. 
 EBITDA and Operating Cash Flow will be based on performance at the Business Unit, level for those not measured on the Headquarters
plan. 
 Business Units: Business Units for incentive purposes are defined as: 
  

	 	•	 	 Conservation Solutions 


  

	 	•	 	 Global Gas 


  

	 	•	 	 Global Water & Heat 


  

	 	•	 	 Sensus Precision Die Casting 


  

	 	•	 	 Smith-Blair Inc. 


 Business Unit Only
Scorecard 
  

																					
	 ($000’s)
	  	Quarterly Incentive	 	Full Year Incentive
	 Measurement
	  	 Weighting
	  	Quarterly
Percent
of Target
Achieved	 	Target
Quarterly
Earned
Payment	 	FY Q1
Target	 	FY Q2
Target	 	FY Q3
Target	 	FY Q4
Target	 	Full Year
Percent
of Target
Achieved	 	Full Year
Target
Payment	 	Full Year
Target
		  		  		 		 		 		 		 		 	120%+	 	200%+	 	120%+
	 Business Unit
	  		  		 		 		 		 		 		 	110%	 	150%	 	110%
	 EBITDA
	  	70%	  	>100%	 	100%	 	Attachment 1	 	Attachment 1	 	Attachment 1	 	Attachment 1	 	100%	 	100%	 	Attachment 1
	 See Attachment 1
	  		  	90%	 	10%	 	90%	 	90%	 	90%	 	90%	 	90%	 	10%	 	90%
		  		  		 		 		 		 		 		 	120%+	 	200%+	 	120%+
	 Business Unit
	  		  		 		 		 		 		 		 	110%	 	150%	 	110%
	 Operating
	  	30%	  	>100%	 	100%	 	Attachment 1	 	Attachment 1	 	Attachment 1	 	Attachment 1	 	100%	 	100%	 	Attachment 1
	 Cash Flow
	  		  	90%	 	10%	 	90%	 	90%	 	90%	 	90%	 	90%	 	10%	 	90%
	 See Attachment 1
	  		  		 		 		 		 		 		 		 		 	

 See “Attachment 1” for individual Business Unit Performance Measurements

  

	 	•	 	 Incentive payments for Business Unit level participants are based strictly on the performance of the Business Unit as shown above.



  

	 	•	 	 At the end of the fiscal year if the full year EBITDA actual for a Business Unit is not the greater of prior year’s actual EBITDA* or 85% of this
year’s full year target EBITDA then the banked quarterly incentive payment for both EBITDA and Cash Flow for the Business Unit will be eliminated. 


  

	*	In cases where this year’s target EBITDA is less than prior year’s actual EBITDA the threshold for qualifying will be 90% of this year’s full year target.


  


			
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 a. iii. Business Unit Region or Sub-Region Scorecard 
 Business Unit participants at either a Region or Sub-Region level are those with specific responsibilities within a Business Unit’s Region or Sub-Region for which
business objectives performance can be specifically measured. 
 EBITDA and Operating Cash Flow will be based on performance at a combination of both the
Business Unit and either the Region’s or Sub-Region’s levels for those not measured on the Headquarters or Business Unit Only plans. 
 Regions
or Sub-Regions: Region or Sub-Regions within a Business Unit for incentive purposes are defined as: 
  

	 	•	 	 Global Gas Regions 


  

	 	•	 	 Asia-Pacific Region 


  

	 	•	 	 North American Region 


  

	 	•	 	 Global Water & Heat Regions & Sub-Regions  


  

	 	•	 	 North American Region 


  

	 	•	 	 EMEAS (Europe Middle-East Africa & South American) Region 


  

	 	•	 	 EMEAS Sub-Regions: 


  

									
	Chile	  	Czech Rep.	  	France	  	Germany	  	Hannover
	Ludwigshafen	  	Service	  	Slovakia	  	S. Africa	  	Spain

  

	 	•	 	 Sensus Precision Die Casting 


  

	 	•	 	 Asia-Pacific Region 


  

	 	•	 	 North American Region 


 Business Unit & Region
or Sub-Region Scorecard 
  

																					
	 ($000’s)
	 	Quarterly Incentive	 	Full Year Incentive
	 Measurement
	  	 Weighting
	 	Quarterly
Percent
of Target
Achieved	 	Target
Quarterly
Earned
Payment	 	FY Q1
Target	 	FY Q2
Target	 	FY Q3
Target	 	FY Q4
Target	 	Full Year
Percent
of Target
Achieved	 	Full Year
Target
Payment	 	Full Year
Target
		  		 		 		 		 		 		 		 	120%+	 	200%+	 	120%+
	 Business Unit
	  		 		 		 		 		 		 		 	110%	 	150%	 	110%
	 EBITDA
	  	35%	 	>100%	 	100%	 	Attachment 1	 	Attachment 1	 	Attachment 1	 	Attachment 1	 	100%	 	100%	 	Attachment 1
		  		 	90%	 	10%	 	90%	 	90%	 	90%	 	90%	 	90%	 	10%	 	90%
	 See Attachment 1
	  		 		 		 		 		 		 		 		 		 	
		  		 		 		 		 		 		 		 	120%+	 	200%+	 	120%+
	 Business Unit
	  		 		 		 		 		 		 		 	110%	 	150%	 	110%
	 Operating
	  	15%	 	>100%	 	100%	 	Attachment 1	 	Attachment 1	 	Attachment 1	 	Attachment 1	 	100%	 	100%	 	Attachment 1
	 Cash Flow
	  		 	90%	 	10%	 	90%	 	90%	 	90%	 	90%	 	90%	 	10%	 	90%
	 See Attachment 1
	  		 		 		 		 		 		 		 		 		 	
		  		 		 		 		 		 		 		 	120%+	 	200%+	 	120%+
	 Region or Sub-Region
	  		 		 		 		 		 		 		 	110%	 	150%	 	110%
	 EBITDA
	  	50%	 	>100%	 	100%	 	Attachment 1	 	Attachment 1	 	Attachment 1	 	Attachment 1	 	100%	 	100%	 	Attachment 1
		  		 	90%	 	10%	 	90%	 	90%	 	90%	 	90%	 	90%	 	10%	 	90%
	 See Attachment 1
	  		 		 		 		 		 		 		 		 		 	

  


			
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 See “Attachment 1” for individual Business Unit & Region or Sub-Region Performance Measurements 

  

	 	•	 	 Incentive payments for Business Unit Region or Sub-Region level participants are based strictly on the performance of the Business Unit and the Region or
Sub-Region as shown above. 


  

	 	•	 	 At the end of the fiscal year if the full year EBITDA actual for a specific Region or Sub-Region is not the greater of prior year’s actual EBITDA* or 85%
of this year’s full year target EBITDA then the banked quarterly incentive payment for both EBITDA and Cash Flow for that Region or Sub-Region, including the Business Unit portion, will be eliminated. 


  

	 	•	 	 If a Region or Sub-Region qualifies for a payment but the Business Unit does not qualify then the Region or Sub-Region will receive a payment based solely on
its performance according to the scorecard as shown above. 


  

	*	In cases where this year’s target EBITDA is less than prior year’s actual EBITDA the threshold for qualifying will be 90% of this year’s full year target.


 B. Definitions. 
 b. i. Adjusted EBITDA 
 This measure is defined as Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for restructuring
expense and management fees. 
 b. ii. Operating Cash Flow 
 This measure is defined as the cash flow from Adjusted EBITDA adjusted for restructuring expense, net capital expenditures and movements in trade working capital, other current assets, other Payables and Accruals
(including restructuring accruals). 
 C. Management Incentive Plan Compensation Committee 
 The Management Incentive Plan Compensation Committee for Sensus consists of the following members: 
  

	 	•	 	 Chief Executive Officer 


  

	 	•	 	 Chief Financial Officer 


  

	 	•	 	 Vice President & General Counsel 


  

	 	•	 	 Executive Vice President, Global Water & Heat 


  

	 	•	 	 Vice President, Human Resources 


  


			
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 Part II – Plan Rules and Administration 
  

	1.	Payment Qualifications 

 Eligibility is
defined in Part I, Section 4 of the Incentive Plan. Each Business Unit Head will submit a list of proposed participants through the Vice President, Human Resources for approval by the Compensation Committee of Sensus. 
 In order to be eligible for any payment due under the Plan, a participant must be employed by the Company on the payment date. Payments will be made no
later than July 15, 2010. 
  

	A.	Leavers: 

 If a participant leaves after the
year-end but before the payment date as a result of retirement at normal retirement age, early retirement, ill health/disability retirement or redundancy, they will be eligible for any payment under the Plan on the normal payment date. 

If a participant leaves for any other reason after the year-end but before the payment date, any payment under the Plan will be at the discretion of
the Compensation Committee of Sensus. 
 Participants who terminate employment during the Plan year will not be eligible for payments unless
termination was caused by: death, retirement at normal retirement age, early retirement with company consent; ill health disability retirement; or redundancy. In such cases, pro rata awards will be made based on the number of complete months worked
during the Plan year. Any payment due a former employee who has died will be paid to the participant’s personal representative. 
  

	B.	Joiners & Transfers: 

 Existing and new employees that join the Plan after the start of the Financial Year will be eligible for any payment due under the Plan based on a pro rata amount. This will be calculated at a rate of  1/4 or 25% of the Plan payment for each complete calendar quarter from the date of joining the Plan to the Plan year end.

 Existing or new employees who join the Plan during the last quarter of the Plan year-end (January 1, 2010 or later) will not
participate in the Plan until the following Financial Year. 
 If an employee transfers from one business unit to another in the middle of a
quarter their incentive for that quarter will be based on the business unit for which they worked at the beginning of that quarter. 
  


			
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	2.	Payment Terms and Timing 

 The incentive will
be paid as soon as practical after the fully audited annual results of the Company have been announced, normally no later than July 15, 2010. All payments are subject to the final approval of the Compensation Committee of the Board of Directors
for Sensus. Any incentive earned will be paid through the payroll system. 
 The participant will be liable for any personal tax due or other
statutory payments due on any part of the incentive. Incentive payments will be treated for pensionable purposes in line with plan rules. 
  

	3.	Plan Framework 

  

	 	•	 	 Participation and target percentage is determined by level of management. 


  

	 	•	 	 The measures, their weighting and performance ranges are set out in Part 1, Sections 6 of the Plan in the relevant incentive scorecards.



  

	 	•	 	 Any “windfall” impacts, either adverse or positive, will be excluded from the calculations. The decision of the Compensation Committee of the Board of
Directors of Sensus as to “windfall” will be final. 


  

	 	•	 	 Any Foreign Exchange (FX) translation or transaction impact, positive or adverse versus budgeted FX rates will be excluded. 


  

	 	•	 	 The calculation of an individual’s actual incentive payment target is based on their salary effective April 1, 2009. 


  

	 	•	 	 Where a promotion occurs during the Plan year and during a quarter the old salary level and incentive target level will not change until the current quarter is
completed, unless the promotion is effective the first day of the quarter otherwise, the new salary level and incentive target level will take effect at the beginning of the first full quarter following the promotion. Any alternative basis for
calculation must be agreed on appointment, and approved by the Compensation Committee of Sensus depending on reporting level. 


  

	 	•	 	 The business objectives will be adjusted for acquisitions or disposals as approved by the Compensation Committee (unless included in the budget).



  

	4.	Decisions regarding Plan Issues 

 The
Compensation Committee of Sensus is authorized to administer the Plan and to resolve questions, ambiguities or disputes under the Plan. The decision of the Committee on any question concerning this Plan, any payments under it, its interpretation and
any individual’s entitlement to a payment under it shall be final. 
  


			
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 Any and all legal disputes arising under, out of, or in relation to this Plan, its implementation or
interpretation, or any question as to the eligibility of a person to receive a payment hereunder or the calculation of any payment hereunder shall be determined by final and binding arbitration under the rules of the American Arbitration Association
(the “Rules”). Such arbitration shall take place in Raleigh, North Carolina before one arbitrator chosen under the Rules. The costs of the arbitrator shall be shared equally between the parties. 
  

	5.	Participation 

 Participation in this Plan is
by invitation from time to time. It is entirely discretionary, and the Management of Sensus may decide: 
  

	 	i.	Whether a particular individual is eligible to participate in the Plan 

  

	 	ii.	The Plan’s design, terms and targets 

  

	 	iii.	The continuation or suspension of the Plan and, 

  

	 	iv.	The amount and timing of any payments from the Plan. 

 No
individual will have any right to receive an incentive payment, and will not acquire such a right by virtue of having received one or more incentive payments during the course of their employment. 
  


			
	Fiscal Year 2010 Management Incentive Plan	  	Page 9 of 9










					
	

	  	  
 SENSUS
 Budget FY 2010 vs. Actual FY 2009
	  	Attachment 1


																																														
	  	  	1st Quarter	 	 	2nd Quarter	 	 	3rd Quarter	 	 	4th Quarter	 	 	Full Year	 
	 ($K)
EBITDA
	  	FY10	 	 	FY09	 	 	% inc
(dec)	 	 	FY10	 	 	FY09	 	 	% inc
(dec)	 	 	FY10	 	 	FY09	 	 	% inc
(dec)	 	 	FY10	 	 	FY09	 	 	% inc
(dec)	 	 	FY10	 	 	FY09	 	 	% inc
(dec)	 
	 Conservation Solutions
	  	13,264	  	 	7,608	  	 	74.3	% 	 	12,074	  	 	10,716	  	 	12.7	% 	 	17,171	  	 	11,795	  	 	45.6	% 	 	21,181	  	 	15,169	  	 	39.6	% 	 	63,690	  	 	45,288	  	 	40.6	% 
	 Global Water
	  	10,559	  	 	14,633	  	 	-27.8	% 	 	11,533	  	 	12,766	  	 	-9.7	% 	 	6,751	  	 	5,151	  	 	31.1	% 	 	20,541	  	 	16,737	  	 	22.7	% 	 	49,384	  	 	49,287	  	 	0.2	% 
	 No. America Region
	  	5,875	  	 	9,065	  	 	-35.2	% 	 	7,193	  	 	7,763	  	 	-7.3	% 	 	4,780	  	 	5,123	  	 	-6.7	% 	 	8,832	  	 	5,784	  	 	52.7	% 	 	26,680	  	 	27,735	  	 	-3.8	% 
	 EMEAS Region
	  	4,684	  	 	5,568	  	 	-15.9	% 	 	4,340	  	 	5,003	  	 	-13.3	% 	 	1,971	  	 	28	  	 	6939.3	% 	 	11,709	  	 	10,953	  	 	6.9	% 	 	22,704	  	 	21,552	  	 	5.3	% 
	 Chile
	  	214	  	 	409	  	 	-47.7	% 	 	213	  	 	290	  	 	-26.6	% 	 	180	  	 	206	  	 	-12.6	% 	 	232	  	 	171	  	 	35.7	% 	 	839	  	 	1,076	  	 	-22.0	% 
	 Czech Rep.
	  	162	  	 	221	  	 	-26.7	% 	 	164	  	 	430	  	 	-61.9	% 	 	164	  	 	217	  	 	-24.4	% 	 	146	  	 	156	  	 	-6.4	% 	 	636	  	 	1,024	  	 	-37.9	% 
	 France
	  	199	  	 	4	  	 	4875.0	% 	 	98	  	 	22	  	 	345.5	% 	 	(90	) 	 	(523	) 	 	-82.8	% 	 	363	  	 	82	  	 	342.7	% 	 	570	  	 	(415	) 	 	-237.3	% 
	 Germany
	  	1,839	  	 	1,722	  	 	6.8	% 	 	1,539	  	 	617	  	 	149.4	% 	 	(544	) 	 	(1,118	) 	 	-51.3	% 	 	8,748	  	 	7,994	  	 	9.4	% 	 	11,582	  	 	9,215	  	 	25.7	% 
	 Hannover
	  	1,010	  	 	1,786	  	 	-43.4	% 	 	2,371	  	 	2,408	  	 	-1.5	% 	 	1,728	  	 	1,788	  	 	-3.4	% 	 	2,491	  	 	3,909	  	 	-36.3	% 	 	7,600	  	 	9,891	  	 	-23.2	% 
	 Ludwigshafen
	  	829	  	 	(64	) 	 	-1395.3	% 	 	(832	) 	 	(1,791	) 	 	-53.5	% 	 	(2,272	) 	 	(2,906	) 	 	-21.8	% 	 	6,257	  	 	4,085	  	 	53.2	% 	 	3,982	  	 	(676	) 	 	-689.1	% 
	 Service
	  	321	  	 	496	  	 	-35.3	% 	 	202	  	 	426	  	 	-52.6	% 	 	140	  	 	409	  	 	-65.8	% 	 	171	  	 	754	  	 	-77.3	% 	 	834	  	 	2,085	  	 	-60.0	% 
	 Slovakia
	  	455	  	 	1,364	  	 	-66.6	% 	 	322	  	 	811	  	 	-60.3	% 	 	493	  	 	547	  	 	-9.9	% 	 	571	  	 	1,061	  	 	-46.2	% 	 	1,841	  	 	3,783	  	 	-51.3	% 
	 So. Africa
	  	479	  	 	616	  	 	-22.2	% 	 	527	  	 	764	  	 	-31.0	% 	 	433	  	 	384	  	 	12.8	% 	 	442	  	 	725	  	 	-39.0	% 	 	1,881	  	 	2,489	  	 	-24.4	% 
	 Spain
	  	140	  	 	110	  	 	27.3	% 	 	176	  	 	116	  	 	51.7	% 	 	97	  	 	(64	) 	 	-251.6	% 	 	113	  	 	149	  	 	-24.2	% 	 	526	  	 	311	  	 	69.1	% 
	 Global Gas
	  	2,021	  	 	2,832	  	 	-28.6	% 	 	2,243	  	 	1,745	  	 	28.5	% 	 	2,902	  	 	1,407	  	 	106.3	% 	 	3,645	  	 	2,027	  	 	79.8	% 	 	10,811	  	 	8,011	  	 	35.0	% 
	 Asia Pacific Region
	  	221	  	 	106	  	 	108.5	% 	 	253	  	 	(678	) 	 	-137.3	% 	 	242	  	 	(140	) 	 	-272.9	% 	 	284	  	 	(139	) 	 	-304.3	% 	 	1,000	  	 	(851	) 	 	-217.5	% 
	 No. America Region
	  	1,800	  	 	2,726	  	 	-34.0	% 	 	1,990	  	 	2,423	  	 	-17.9	% 	 	2,660	  	 	1,547	  	 	71.9	% 	 	3,361	  	 	2,166	  	 	55.2	% 	 	9,811	  	 	8,862	  	 	10.7	% 
	 Smith Blair
	  	2,759	  	 	3,060	  	 	-9.8	% 	 	3,979	  	 	3,518	  	 	13.1	% 	 	2,686	  	 	3,280	  	 	-18.1	% 	 	3,007	  	 	3,828	  	 	-21.4	% 	 	12,431	  	 	13,686	  	 	-9.2	% 
	 Precision Die Casting
	  	2,628	  	 	2,117	  	 	24.1	% 	 	2,760	  	 	1,651	  	 	67.2	% 	 	2,133	  	 	487	  	 	338.0	% 	 	2,550	  	 	1,650	  	 	54.5	% 	 	10,071	  	 	5,905	  	 	70.6	% 
	 Asia Pacific Region
	  	1,620	  	 	1,013	  	 	59.9	% 	 	1,754	  	 	1,302	  	 	34.7	% 	 	1,197	  	 	401	  	 	198.5	% 	 	852	  	 	2,121	  	 	-59.8	% 	 	5,423	  	 	4,837	  	 	12.1	% 
	 No. America Region
	  	1,008	  	 	1,104	  	 	-8.7	% 	 	1,006	  	 	349	  	 	188.3	% 	 	936	  	 	86	  	 	988.4	% 	 	1,698	  	 	(471	) 	 	-460.5	% 	 	4,648	  	 	1,068	  	 	335.2	% 
	 Headquarters
	  	(3,160	) 	 	(2,266	) 	 	NCM	  	 	(4,651	) 	 	(2,785	) 	 	NCM	  	 	(4,898	) 	 	(1,598	) 	 	NCM	  	 	(5,555	) 	 	(3,089	) 	 	NCM	  	 	(18,264	) 	 	(9,738	) 	 	NCM	  
	 Total SMS
	  	28,071	  	 	27,984	  	 	0.3	% 	 	27,938	  	 	27,611	  	 	1.2	% 	 	26,745	  	 	20,522	  	 	30.3	% 	 	45,369	  	 	36,322	  	 	24.9	% 	 	128,123	  	 	112,439	  	 	13.9	% 
						
	 	  	1st Quarter	 	 	2nd Quarter	 	 	3rd Quarter	 	 	4th Quarter	 	 	Full Year	 
	 ($K)
Mgmt Cash Flow
	  	FY10	 	 	FY09	 	 	% inc
(dec)	 	 	FY10	 	 	FY09	 	 	% inc
(dec)	 	 	FY10	 	 	FY09	 	 	% inc
(dec)	 	 	FY10	 	 	FY09	 	 	% inc
(dec)	 	 	FY10	 	 	FY09	 	 	% inc
(dec)	 
	 Conservation Solutions
	  	8,164	  	 	4,139	  	 	97.2	% 	 	7,781	  	 	8,754	  	 	-11.1	% 	 	8,949	  	 	6,328	  	 	41.4	% 	 	15,883	  	 	10,626	  	 	49.5	% 	 	40,777	  	 	29,847	  	 	36.6	% 
	 Global Water
	  	8,685	  	 	10,486	  	 	-17.2	% 	 	6,532	  	 	1,330	  	 	391.1	% 	 	(6,991	) 	 	655	  	 	-1167.3	% 	 	24,358	  	 	18,640	  	 	30.7	% 	 	32,584	  	 	31,111	  	 	4.7	% 
	 No. America Region
	  	3,165	  	 	7,354	  	 	-57.0	% 	 	7,905	  	 	7,922	  	 	-0.2	% 	 	4,622	  	 	4,987	  	 	-7.3	% 	 	9,704	  	 	6,745	  	 	43.9	% 	 	25,396	  	 	27,008	  	 	-6.0	% 
	 EMEAS Region
	  	5,520	  	 	3,132	  	 	76.2	% 	 	(1,373	) 	 	(6,592	) 	 	-79.2	% 	 	(11,613	) 	 	(4,332	) 	 	168.1	% 	 	14,654	  	 	11,895	  	 	23.2	% 	 	7,188	  	 	4,103	  	 	75.2	% 
	 Chile
	  	148	  	 	651	  	 	-77.3	% 	 	181	  	 	(224	) 	 	-180.8	% 	 	232	  	 	360	  	 	-35.6	% 	 	181	  	 	94	  	 	92.6	% 	 	742	  	 	881	  	 	-15.8	% 
	 Czech Rep.
	  	391	  	 	150	  	 	160.7	% 	 	197	  	 	148	  	 	33.1	% 	 	166	  	 	394	  	 	-57.9	% 	 	(54	) 	 	(105	) 	 	-48.6	% 	 	700	  	 	587	  	 	19.3	% 
	 France
	  	300	  	 	(1,044	) 	 	-128.7	% 	 	(1,004	) 	 	(314	) 	 	219.7	% 	 	335	  	 	(21	) 	 	-1695.2	% 	 	424	  	 	(783	) 	 	-154.2	% 	 	55	  	 	(2,162	) 	 	-102.5	% 
	 Germany
	  	230	  	 	3,434	  	 	-93.3	% 	 	(2,057	) 	 	(7,689	) 	 	-73.2	% 	 	(11,937	) 	 	(3,598	) 	 	231.8	% 	 	8,533	  	 	7,116	  	 	19.9	% 	 	(5,231	) 	 	(737	) 	 	609.8	% 
	 Hannover
	  	1,510	  	 	2,382	  	 	-36.6	% 	 	1,520	  	 	501	  	 	203.4	% 	 	1,191	  	 	1,679	  	 	-29.1	% 	 	3,089	  	 	3,705	  	 	-16.6	% 	 	7,310	  	 	8,267	  	 	-11.6	% 
	 Ludwigshafen
	  	(1,280	) 	 	1,052	  	 	-221.7	% 	 	(3,577	) 	 	(8,190	) 	 	-56.3	% 	 	(13,128	) 	 	(5,277	) 	 	148.8	% 	 	5,444	  	 	3,411	  	 	59.6	% 	 	(12,541	) 	 	(9,004	) 	 	39.3	% 
	 Service
	  	850	  	 	926	  	 	-8.2	% 	 	88	  	 	68	  	 	29.4	% 	 	(207	) 	 	225	  	 	-192.0	% 	 	81	  	 	473	  	 	-82.9	% 	 	812	  	 	1,692	  	 	-52.0	% 
	 Slovakia
	  	(174	) 	 	1,236	  	 	-114.1	% 	 	(440	) 	 	(540	) 	 	-18.5	% 	 	(727	) 	 	(301	) 	 	141.5	% 	 	2,802	  	 	2,881	  	 	-2.7	% 	 	1,461	  	 	3,276	  	 	-55.4	% 
	 So. Africa
	  	363	  	 	65	  	 	458.5	% 	 	480	  	 	807	  	 	-40.5	% 	 	701	  	 	523	  	 	34.0	% 	 	323	  	 	700	  	 	-53.9	% 	 	1,867	  	 	2,095	  	 	-10.9	% 
	 Spain
	  	388	  	 	(410	) 	 	-194.6	% 	 	170	  	 	221	  	 	-23.1	% 	 	(97	) 	 	(164	) 	 	-40.9	% 	 	251	  	 	(111	) 	 	-326.1	% 	 	712	  	 	(464	) 	 	-253.4	% 
	 Global Gas
	  	4,089	  	 	2,124	  	 	92.5	% 	 	2,334	  	 	1,012	  	 	130.6	% 	 	3,050	  	 	2,397	  	 	27.2	% 	 	3,492	  	 	1,261	  	 	176.9	% 	 	12,965	  	 	6,794	  	 	90.8	% 
	 Asia Pacific Region
	  	(382	) 	 	(479	) 	 	-20.3	% 	 	210	  	 	(744	) 	 	-128.2	% 	 	374	  	 	(151	) 	 	-347.7	% 	 	925	  	 	128	  	 	622.7	% 	 	1,127	  	 	(1,246	) 	 	-190.4	% 
	 No. America Region
	  	4,471	  	 	2,603	  	 	71.8	% 	 	2,124	  	 	1,756	  	 	21.0	% 	 	2,676	  	 	2,548	  	 	5.0	% 	 	2,567	  	 	1,133	  	 	126.6	% 	 	11,838	  	 	8,040	  	 	47.2	% 
	 Smith Blair
	  	733	  	 	1,747	  	 	-58.0	% 	 	3,573	  	 	3,422	  	 	4.4	% 	 	3,788	  	 	3,766	  	 	0.6	% 	 	2,518	  	 	3,522	  	 	-28.5	% 	 	10,612	  	 	12,457	  	 	-14.8	% 
	 Precision Die Casting
	  	2,620	  	 	(710	) 	 	-469.0	% 	 	1,861	  	 	(401	) 	 	-564.1	% 	 	834	  	 	(1,090	) 	 	176.5	% 	 	2,222	  	 	1,262	  	 	76.1	% 	 	7,537	  	 	(939	) 	 	-902.7	% 
	 Asia Pacific Region
	  	2,024	  	 	(380	) 	 	-632.6	% 	 	1,405	  	 	41	  	 	3326.8	% 	 	654	  	 	2,276	  	 	-71.3	% 	 	933	  	 	(390	) 	 	-339.2	% 	 	5,016	  	 	1,547	  	 	224.2	% 
	 No. America Region
	  	596	  	 	(330	) 	 	-280.6	% 	 	456	  	 	(442	) 	 	-203.2	% 	 	180	  	 	(3,366	) 	 	-105.3	% 	 	1,289	  	 	1,652	  	 	-22.0	% 	 	2,521	  	 	(2,486	) 	 	-201.4	% 
	 Headquarters
	  	(3,022	) 	 	(3,510	) 	 	NCM	  	 	(113	) 	 	(80	) 	 	NCM	  	 	(5,243	) 	 	(2,509	) 	 	NCM	  	 	(9,912	) 	 	(1,057	) 	 	NCM	  	 	(18,290	) 	 	(7,156	) 	 	NCM	  
	 Total SMS
	  	21,269	  	 	14,276	  	 	49.0	% 	 	21,968	  	 	14,037	  	 	56.5	% 	 	4,387	  	 	9,547	  	 	-54.0	% 	 	38,561	  	 	34,254	  	 	12.6	% 	 	86,185	  	 	72,114	  	 	19.5	%