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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
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Table of Contents

Liquidity and Capital Resources

 

Cash Flows

 

The table below summarizes our primary sources and uses of cash for the years ended December 31, 2007, 2008 and 2009. We have derived the summarized statements of cash flows for the years ended December 31, 2007, 2008 and 2009 from the audited consolidated financial statements included elsewhere in this prospectus. Amounts in the table have been calculated based on unrounded numbers. Accordingly, certain amounts may not add to the totals due to the effect of rounding.

 

     For the years ended December 31,  
(Amounts in millions)        2007             2008             2009      

Net cash provided by/(used in):

      

Operating activities:

      

Continuing operations:

      

Net (loss), adjusted for non-cash items

   $ 127.1      $ 73.0      $ 128.2   

Changes in operating assets and liabilities

     41.0        (11.1     59.7   
                        

Continuing operations

     168.1        61.9        188.0   

Discontinued operations

     (12.8     (14.4     (0.4
                        

Operating activities

     155.3        47.5        187.6   

Investing activities:

      

Continuing operations

     (343.7     (38.5     (15.4

Discontinued operations

     (12.0     (0.2     0.4   
                        

Investing activities

     (355.7     (38.7     (15.1

Financing activities

     175.7        8.9        (101.7
                        

Net change

   $ (24.7   $ 17.7      $ 70.8   
                        

 

Operating activities

 

Net cash provided by operating activities during fiscal year 2009 totaled $187.6 million compared to $47.5 million during fiscal year 2008. Changes in operating assets and liabilities for fiscal years 2009 and 2008 totaled $59.7 million and $(11.1) million, respectively. The most significant components to the change in operating assets and liabilities of $59.7 million for fiscal year 2009 was an increase in accounts payable and accrued expenses of $61.6 million and a decrease in inventories of $13.9 million, offset by an increase in accounts receivable of $35.1 million. The increase in accounts payable and accrued expenses was due to our initiative to migrate certain strategic vendors to 60-day payment terms. The increase in accounts receivable was due to higher sales in the fourth quarter of 2009 as compared to the fourth quarter of 2008. The decrease in inventory was due to initiatives we implemented to minimize the days of inventory on hand given the rapid decline in net revenue during the fourth quarter of fiscal year 2008.

 

The most significant component to the change in operating assets and liabilities of $(11.1) million for fiscal year 2008 was the decrease in accounts payable and accrued expenses of $(108.1) million, partially offset by the decrease in accounts receivable of $66.5 million and the decrease in inventories of $26.7 million. The decrease in accounts payable and accrued expenses was due to interest pre-payments on our U.S. dollar and Euro-denominated term loan facilities and 11.25% Senior Subordinated Notes that were due in January 2009 and payments to certain strategic vendors who agreed to migrate to 60-day payment terms. The decrease in accounts receivable reflects the decline in net revenue that occurred during the fourth quarter of fiscal year 2008, specifically the month of December. During December 2008, many of our facilities and the facilities of our largest customers were closed due to the economic environment. The decrease in inventory reflects actions we took to lower inventories given the decline in net revenue that occurred during the fourth quarter of fiscal year 2008.

 

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