Print Page  |  Close Window

Sensata Technologies Holding N.V.'s SEC Filings

S-1/A
SENSATA TECHNOLOGIES HOLDING PLC filed this Form S-1/A on 03/09/2010
Entire Document
 


Table of Contents

Results of Operations

 

The table below presents our historical results of operations in millions of dollars and as a percent of net revenue. We have derived the statement of operations for the years ended December 31, 2007, 2008 and 2009 from the audited consolidated financial statements included elsewhere in this prospectus. Amounts and percentages in the table below have been calculated based on unrounded numbers. Accordingly, certain amounts may not add to the totals due to the effect of rounding.

 

     Sensata Technologies Holding N.V.  
     For the year ended December 31,  
     2007     2008     2009  
(Amounts in millions)    Amount     Percent of
Revenue
    Amount     Percent of
Revenue
    Amount     Percent of
Revenue
 

Net revenue:

            

Sensors segment

   $ 882.5      62.9   $ 867.4      61.0   $ 685.1      60.4

Controls segment

     520.8      37.1        555.3      39.0        449.9      39.6   
                                          

Net revenue

     1,403.3      100.0        1,422.7      100.0        1,134.9      100.0   

Operating costs and expenses:

            

Cost of revenue

     944.8      67.3        951.8      66.9        742.1      65.4   

Research and development

     33.9      2.4        38.3      2.7        16.8      1.5   

Selling, general and administrative

     166.1      11.8        166.6      11.7        127.0      11.2   

Amortization of intangible assets and capitalized software

  

 

131.1

  

 

9.3

  

 

 

148.8

  

 

10.5

  

    153.1      13.5   

Impairment of goodwill and intangible assets

                 13.2      0.9        19.9      1.8   

Restructuring

     5.2      0.4        24.1      1.7        18.1      1.6   
                                          

Total operating costs and expenses

     1,281.0      91.3        1,342.7      94.4        1,076.9      94.9   
                                          

Profit from operations

     122.3      8.7        80.0      5.6        58.1      5.1   

Interest expense

     (191.2   (13.6     (197.8   (13.9     (150.6   (13.3

Interest income

     2.6      0.2        1.5      0.1        0.6      0.1   

Currency translation gain/(loss) and other, net

     (105.4   (7.5     55.5      3.9        107.7      9.5   
                                          

(Loss)/income from continuing operations before income taxes

     (171.7   (12.2     (60.9   (4.3     15.8      1.4   

Provision for income taxes

     62.5      4.5        53.5      3.8        43.0      3.8   
                                          

Loss from continuing operations

     (234.2   (16.7     (114.4   (8.0     (27.3   (2.4

Loss from discontinued operations

     (18.3   (1.3     (20.1   (1.4     (0.4     
                                          

Net loss

   $ (252.5   (18.0 )%    $ (134.5   (9.5 )%    $ (27.7   (2.4 )% 
                                          

 

Year Ended December 31, 2009 (“fiscal year 2009”) Compared to the Year Ended December 31, 2008 (“fiscal year 2008”)

 

Net revenue

 

Net revenue for fiscal year 2009 decreased $287.7 million, or 20.2%, to $1,134.9 million from $1,422.7 million for fiscal year 2008. Net revenue decreased 18.5% due to a reduction in volume, 1.1% due to unfavorable foreign currency exchange rates, primarily the U.S. dollar to Euro exchange rate, and 0.6% due to pricing. Sales during fiscal year 2009 benefited from government incentive programs, such as the “Car Allowance Rebate System” in the U.S. and the “New Countryside Initiative” in China.

 

Sensors business segment net revenue for fiscal year 2009 decreased $182.3 million, or 21.0%, to $685.1 million from $867.4 million for fiscal year 2008. Sensors net revenue decreased 18.2% due to lower volumes,

 

57