AIRPORT CITY, Israel,
Feb. 26, 2014 /PRNewswire/
-- SodaStream International Ltd. (NASDAQ: SODA), a leading
manufacturer of home beverage carbonation systems, announced today
its results for the three and twelve month periods ended
December 31, 2013.
For the fourth quarter ended December 31,
2013:
- Revenue increased 26.4% to $168.1
million from $132.9 million in
the fourth quarter 2012
- EBITDA decreased 45.2% to $5.9
million from $10.7 million,
and Adjusted EBITDA decreased 31.4% to $8.7
million from $12.6 million in
the fourth quarter 2012
- Net income was $0.7 million
compared to $7.5 million in the
fourth quarter 2012, and Adjusted net income was $3.5 million compared to $9.4 million in the fourth quarter 2012
- Diluted earnings per share were $0.03, compared to $0.36 in the fourth quarter 2012 and Adjusted
diluted earnings per share were $0.16
compared to $0.45 in the fourth
quarter 2012
For the year ended December 31,
2013:
- Revenue increased 29.0% to $562.7
million from $436.3 million in
2012
- EBITDA increased 13.4% to $62.2
million from $54.9 million,
and Adjusted EBITDA increased 19.9% to $73.2
million from $61.1 million in
2012
- Net income decreased 4.2% to $42.0
million compared to $43.9
million in 2012, and Adjusted net income increased 6.0% to
$53.0 million compared to
$50.0 million in 2012
- Diluted earnings per share were $1.96, compared to $2.09 in 2012 and Adjusted diluted earnings per
share were $2.48 compared to
$2.39 in 2012
"While the fourth quarter proved to be more challenging than we
expected there were several highlights, along with important
lessons from the past year that give us confidence about the
future," said Daniel Birnbaum, Chief
Executive Officer of SodaStream. "Our ability to grow revenue 29%
to $563 million in 2013, including
selling a record 4.4 million soda makers and increasing gas refill
unit sales 30% to a record 21.5 million, underscores the high level
of consumer interest and activity in home carbonation. Our
plan is to capitalize on our first mover advantage and leadership
position by accelerating investments in brand building and demand
creation in 2014 to capture a greater share of the global
carbonated beverage market. Importantly, we have moved
quickly to implement measures and controls in order to restore
gross margins to historical levels and prevent the issues that
impacted fourth quarter profitability from recurring. I'm
confident we are on the right path towards achieving our primary
goal of increasing household penetration."
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Fourth Quarter
2013 Financial Review
|
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|
|
|
|
|
|
|
|
|
|
Geographical
Revenue Breakdown
|
|
|
|
|
|
|
|
|
Revenue
|
Three Months
Ended
|
|
|
|
|
|
December
31,
2012
|
|
December
31,
2013
|
|
Increase
(decrease)
|
|
Increase
(decrease)
|
|
In Millions
USD
|
|
%
|
The
Americas
|
$
|
62.8
|
|
$
|
72.7
|
|
$
|
9.9
|
|
16%
|
Western
Europe
|
|
51.9
|
|
|
71.6
|
|
|
19.7
|
|
38%
|
Asia-Pacific
|
|
11.6
|
|
|
14.8
|
|
|
3.2
|
|
28%
|
Central & Eastern
Europe, Middle
East,
Africa
|
|
6.6
|
|
|
9.0
|
|
|
2.4
|
|
36%
|
Total
|
$
|
132.9
|
|
$
|
168.1
|
|
$
|
35.2
|
|
26%
|
Product Segment
Revenue Breakdown
|
|
|
|
|
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|
|
|
Revenue
|
Three Months
Ended
|
|
|
|
|
|
December
31,
2012
|
|
December
31,
2013
|
|
Increase
|
Increase
|
|
In millions
USD
|
|
%
|
Soda Maker Starter
Kits
|
$
|
66.1
|
|
$
|
77.8
|
|
$
|
11.7
|
|
18%
|
Consumables
|
|
64.8
|
|
|
87.8
|
|
|
23.0
|
|
35%
|
Other
|
|
2.0
|
|
|
2.5
|
|
|
0.5
|
|
26%
|
Total
|
$
|
132.9
|
|
$
|
168.1
|
|
$
|
35.2
|
|
26%
|
Product Segment
Unit Breakdown
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|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
December
31,
2012
|
|
December
31,
2013
|
|
Increase
|
|
Increase
|
|
In
thousands
|
|
%
|
Soda Maker Starter
Kits
|
1,111
|
|
1,542
|
|
431
|
|
39%
|
CO2
Refills
|
4,308
|
|
5,375
|
|
1,067
|
|
25%
|
Flavors
|
7,362
|
|
9,751
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|
2,389
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32%
|
Gross margin for the fourth quarter 2013 was 42.4%
compared to 53.0% for the same period in 2012. The decline was
primarily attributable to lower average sell-in prices due largely
to year end discounting and promotions, higher costs as the result
of moving product between markets and channels combined with an
increase in bundled promotional packs, a shift in product mix
versus plan including lower CO2 refills and unfavorable changes in
foreign currency exchange rates.
Sales and marketing expenses for the fourth quarter 2013 totaled
$56.2 million, or 33.5% of revenue,
compared to $52.8 million, or 39.7%
of revenue for the comparable period in the prior year. The 620
basis point change in sales and marketing expenses as a percent of
revenue was mainly attributable to a cost reduction in advertising
and promotion expense as a percent of revenue to 16.8% from 22.7%
in the fourth quarter 2012.
General and administrative expenses for the fourth quarter 2013
were $12.5 million, or 7.4% of
revenue, compared to $10.2 million,
or 7.6% of revenue in the comparable period of last year. The
increase was mainly due to higher share-based compensation expense
of $2.8 million in the quarter,
compared to $1.9 million in the
fourth quarter 2012, additional expenses related to our newly
acquired Italian distributer as well as additional infrastructure
to support growth, partially offset by a reduction in all other
general and administrative expenses.
Operating income decreased 66.7% to $2.6
million, or 1.6% of revenue, compared to $7.9 million, or 5.9% of revenue in the fourth
quarter 2012.
Tax expense was $0.3 million
compared to tax expense of $0.1
million in the fourth quarter 2012. The increase in the tax
expense was primarily due to geographic mix.
Balance Sheet Review
- Cash and cash equivalents and bank deposits at December 31, 2013 were $40.9 million compared to $62.1 million at December
31, 2012. The decrease is primarily attributable to the
investment in our new production facility, an increase in working
capital and the purchase of our Italian distributor's
business.
- The Company had $15.5 million of
bank debt at December 31, 2013 mainly
for financing the investment in its new production facility,
compared to no bank debt at December 31,
2012.
- Working capital at December 31,
2013 increased 63.3% to $155.4
million compared to $95.1
million at December 31, 2012.
Inventories at December 31, 2013
increased 24.9% to $140.7 million
compared to $112.7 million at
December 31, 2012, mainly due to the
overall growth of our business.
Guidance
- The Company expects full year 2014 revenue to increase
approximately 15% over 2013 revenue of $562.7 million.
- The Company expects full year 2014 EBITDA to increase
approximately 11% over 2013 EBITDA of $62.2
million. Excluding changes in foreign currency exchange
rates compared to 2013, the Company expects 2014 EBITDA to increase
approximately 25% over 2013.
- The Company expects full year 2014 net income to increase
approximately 3% over 2013 net income of $42.0 million.
Conference Call and Management Commentary
Detailed CFO commentary and a supplemental slide presentation
have been filed as part of today's 6-K and will be posted on the
Company's website, http://sodastream.investorroom.com.
The Company has scheduled a conference call for 8:30 AM Eastern Standard Time (U.S. time) today
(Wednesday, February 26, 2014) to
review the Company's financial results. The conference call will be
broadcast over the Internet as a "live" listen only Webcast. To
listen, please go to: http://sodastream.investorroom.com.
Listeners are urged to login approximately 20 minutes before the
conference call is scheduled to begin in order to register, as well
as download and install any necessary audio software. An
archive of the Webcast will be available for 30 days after the
call.
About SodaStream International
SodaStream manufactures beverage carbonation systems which
enable consumers to easily transform ordinary tap water instantly
into carbonated soft drinks and sparkling water. Soda makers offer
a highly differentiated and innovative solution to consumers of
bottled and canned carbonated soft drinks and sparkling water. Our
products are environmentally friendly, cost effective, promote
health and wellness, and are customizable and fun to use. In
addition, our products offer convenience by eliminating the need to
carry bottles home from the supermarket, to store bottles at home
or to regularly dispose of empty bottles. Our products are
available at more than 60,000 retail stores in 45 countries around
the world. For more information on SodaStream, please visit
the Company's website: www.sodastream.com.
To download SodaStream's investor relations app, which offers
access to SEC documents, press releases, videos, audiocasts and
more, please visit
http://itunes.apple.com/us/app/soda-ir/id524423001?mt=8 for your
iPhone/iPad, or
https://play.google.com/store/apps/details?id=com.theirapp.soda for
your Android mobile device.
Non-IFRS Financial Measures
This press release contains certain non-IFRS measures, including
Adjusted net income, Adjusted Earnings Before Interest, Income Tax,
Depreciation and Amortization ("Adjusted EBITDA"), and Adjusted
diluted earnings per share ("Adjusted diluted EPS").
Adjusted net income represents net income calculated in
accordance with IFRS as adjusted for the impact of the share-based
compensation expense. Adjusted EBITDA represents earnings before
interest, income tax, depreciation and amortization, and further
eliminates the effect of the share-based compensation expense.
Adjusted diluted EPS represents earnings per share calculated in
accordance with IFRS as adjusted for the impact of the share-based
compensation expense.
The Company believes that the Adjusted net income, Adjusted
EBITDA and Adjusted diluted EPS, which exclude share-based
compensation expense, should be considered in evaluating the
Company's operations. Adjusted net income and Adjusted diluted EPS
exclude share-based compensation because it is a non-cash expense
that does not reflect the performance of the Company's underlying
business and operations. Adjusted EBITDA facilitates
operating performance comparisons from period to period and company
to company by backing out potential differences caused by
variations in capital structures (affecting interest expenses,
net), tax positions (such as the impact on periods or companies of
changes in effective tax rates) and the age and book depreciation
and amortization of fixed and intangible assets, respectively
(affecting relative depreciation and amortization expense,
respectively).
These measures should be considered in addition to results
prepared in accordance with IFRS, but should not be considered a
substitute for the IFRS results. The non-IFRS measures included in
this press release have been reconciled to the IFRS results in the
tables below.
Forward Looking Statements
This release contains forward-looking statements, which express
the current beliefs and expectations of management. Such statements
are based on management's current beliefs and expectations and
involve a number of known and unknown risks and uncertainties that
could cause our future results, performance or achievements to
differ significantly from the results, performance or achievements
expressed or implied by such forward-looking statements. Important
factors that could cause or contribute to such differences include
risks relating to: our ability to expand into our target markets,
including the United States; our
ability to continue to develop or maintain our presence in retail
networks; our ability to develop and implement production and
operating infrastructure to effectively support our growth; the
success of our marketing campaigns and media spending in terms of
increased sales or increased product and brand name awareness; our
ability to maintain our customer base in markets where we have an
established presence; the risks associated with our reliance on
exclusive arrangements for the distribution of our beverage
carbonation systems and consumables in each of the markets in which
we use third-party distributors; our ability to compete effectively
with other companies which currently offer, or may offer in the
future, competing products; potential product liability claims if
any component of our beverage carbonation systems is misused; our
ability to protect our intellectual property rights; our being
found to have a dominant position in certain markets which may
place limits on our ability to operate; risks associated with our
being a multinational corporation, including fluctuations in
currency exchange rates; our potential exposure to greater than
anticipated tax liabilities; our products being subject to
extensive governmental regulation in the markets in which we
operate; adverse conditions in the global economy which could
negatively impact our customers' demand for our products; and other
factors detailed in documents we file from time to time with the
United States Securities and Exchange Commission.
Forward-looking statements in this release are made pursuant to the
safe harbor provisions contained in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
made only as of the date hereof, and the company undertakes no
obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or
otherwise.
Company Contact:
Yonah
Lloyd
Chief Corporate Development and Communications Officer
SodaStream International Ltd.
Phone: +972-3-976-2462
yonahl@sodastream.com
Investor Contacts (US):
Brendon Frey
ICR
Phone: + 1 203-682-8200
brendon.frey@icrinc.com
Consolidated
Statements of Operations
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|
|
|
|
|
|
In thousands (other
than per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve
months ended
|
|
For the three
months ended
|
|
December
31,
|
|
December
31,
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenue
|
$
|
436,316
|
|
$
|
562,723
|
|
$
|
132,947
|
|
$
|
168,110
|
Cost of
revenue
|
|
200,491
|
|
|
277,153
|
|
|
62,439
|
|
|
96,781
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
235,825
|
|
|
285,570
|
|
|
70,508
|
|
|
71,329
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
153,009
|
|
|
186,289
|
|
|
52,833
|
|
|
56,242
|
General and
administrative
|
|
37,767
|
|
|
50,353
|
|
|
10,160
|
|
|
12,467
|
Other income,
net
|
|
(484)
|
|
|
-
|
|
|
(350)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
190,292
|
|
|
236,642
|
|
|
62,643
|
|
|
68,709
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
45,533
|
|
|
48,928
|
|
|
7,865
|
|
|
2,620
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
169
|
|
|
551
|
|
|
129
|
|
|
256
|
Other financial
expense, net
|
|
767
|
|
|
1,695
|
|
|
125
|
|
|
1,359
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial
expense, net
|
|
936
|
|
|
2,246
|
|
|
254
|
|
|
1,615
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
44,597
|
|
|
46,682
|
|
|
7,611
|
|
|
1,005
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
737
|
|
|
4,655
|
|
|
78
|
|
|
324
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
$
|
43,860
|
|
$
|
42,027
|
|
$
|
7,533
|
|
$
|
681
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
2.16
|
|
$
|
2.02
|
|
$
|
0.37
|
|
$
|
0.03
|
Diluted
|
$
|
2.09
|
|
$
|
1.96
|
|
$
|
0.36
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
20,344
|
|
|
20,791
|
|
|
20,530
|
|
|
20,892
|
Diluted
|
|
20,968
|
|
|
21,428
|
|
|
21,047
|
|
|
21,474
|
Consolidated
Balance Sheets as of
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
2012
|
|
2013
|
|
(Audited)
|
|
(Unaudited)
|
|
(In
thousands)
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
62,068
|
|
$
|
40,885
|
Inventories
|
|
112,679
|
|
|
140,709
|
Trade
receivables
|
|
86,650
|
|
|
123,936
|
Other
receivables
|
|
28,889
|
|
|
22,208
|
Derivative financial
instruments
|
|
803
|
|
|
538
|
Total current
assets
|
|
291,089
|
|
|
328,276
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
76,906
|
|
|
107,132
|
Intangible
assets
|
|
41,978
|
|
|
48,104
|
Deferred tax
assets
|
|
2,133
|
|
|
1,089
|
Other
receivables
|
|
271
|
|
|
398
|
Total non-current
assets
|
|
121,288
|
|
|
156,723
|
|
|
|
|
|
|
Total
assets
|
|
412,377
|
|
|
484,999
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Loans and
borrowings
|
|
-
|
|
|
15,452
|
Derivative financial
instruments
|
|
261
|
|
|
103
|
Trade
payables
|
|
86,431
|
|
|
90,749
|
Income tax
payable
|
|
8,866
|
|
|
9,869
|
Provisions
|
|
1,304
|
|
|
1,614
|
Other current
liabilities
|
|
37,022
|
|
|
29,674
|
Total current
liabilities
|
|
133,884
|
|
|
147,461
|
|
|
|
|
|
|
Employee
benefits
|
|
1,939
|
|
|
2,221
|
Provisions
|
|
537
|
|
|
714
|
Deferred tax
liabilities
|
|
1,527
|
|
|
2,997
|
Total non-current
liabilities
|
|
4,003
|
|
|
5,932
|
|
|
|
|
|
|
Total
liabilities
|
|
137,887
|
|
|
153,393
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Share
capital
|
|
3,330
|
|
|
3,378
|
Share
premium
|
|
178,338
|
|
|
193,649
|
Translation
reserve
|
|
3,628
|
|
|
3,394
|
Retained
earnings
|
|
89,194
|
|
|
131,185
|
Total
shareholders' equity
|
|
274,490
|
|
|
331,606
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
|
412,377
|
|
$
|
484,999
|
|
|
|
|
|
|
Consolidated
Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve
months ended
|
|
For the
three months ended
|
|
December
31,
|
|
December
31,
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
(audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(In
thousands)
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
$
|
43,860
|
|
$
|
42,027
|
|
$
|
7,533
|
|
$
|
681
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
1,602
|
|
|
2,253
|
|
|
495
|
|
|
484
|
Change in fair value
of derivative financial instruments
|
|
504
|
|
|
(310)
|
|
|
-
|
|
|
(43)
|
Depreciation of
property, plant and equipment
|
|
8,522
|
|
|
12,740
|
|
|
2,493
|
|
|
4,135
|
Gain on sales of
property, plant and equipment
|
|
(766)
|
|
|
-
|
|
|
(766)
|
|
|
-
|
Share based
payment
|
|
6,189
|
|
|
11,019
|
|
|
1,896
|
|
|
2,781
|
Interest expense,
net
|
|
169
|
|
|
551
|
|
|
129
|
|
|
256
|
Income tax
expense
|
|
737
|
|
|
4,655
|
|
|
78
|
|
|
324
|
|
|
60,817
|
|
|
72,935
|
|
|
11,858
|
|
|
8,618
|
Increase in
inventories
|
|
(26,844)
|
|
|
(20,217)
|
|
|
(2,935)
|
|
|
17,374
|
Increase in trade and
other receivables
|
|
(49,431)
|
|
|
(42,778)
|
|
|
(11,447)
|
|
|
(6,986)
|
Increase in trade
payables
|
|
39,957
|
|
|
3,259
|
|
|
16,369
|
|
|
12,024
|
Increase in employee
benefits
|
|
91
|
|
|
111
|
|
|
119
|
|
|
87
|
Increase (decrease)
in provisions and other current
liabilities
|
|
14,891
|
|
|
(9,226)
|
|
|
9,067
|
|
|
(9,804)
|
|
|
39,481
|
|
|
4,084
|
|
|
23,031
|
|
|
21,313
|
Interest
paid
|
|
(454)
|
|
|
(485)
|
|
|
(120)
|
|
|
(196)
|
Income tax
received
|
|
2,191
|
|
|
3,769
|
|
|
458
|
|
|
-
|
Income tax
paid
|
|
(4,041)
|
|
|
(2,960)
|
|
|
(994)
|
|
|
(673)
|
Net cash from
operating activities
|
|
37,177
|
|
|
4,408
|
|
|
22,375
|
|
|
20,444
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Interest
received
|
|
1,303
|
|
|
91
|
|
|
122
|
|
|
(23)
|
Investment in bank
deposits
|
|
(20,000)
|
|
|
(10,000)
|
|
|
-
|
|
|
-
|
Proceeds from bank
deposits
|
|
58,919
|
|
|
10,000
|
|
|
20,000
|
|
|
10,000
|
Proceeds from
derivative financial instruments, net
|
|
(724)
|
|
|
417
|
|
|
(731)
|
|
|
367
|
Acquisition of
subsidiary, net of cash acquired
|
|
(10,954)
|
|
|
(1,179)
|
|
|
-
|
|
|
-
|
Acquisition of
property, plant and equipment
|
|
(34,080)
|
|
|
(39,799)
|
|
|
(10,321)
|
|
|
(13,503)
|
Acquisition of
intangible assets
|
|
(3,692)
|
|
|
(4,844)
|
|
|
(1,567)
|
|
|
(1,301)
|
Net cash from
(used in) investing activities
|
|
(9,228)
|
|
|
(45,314)
|
|
|
7,503
|
|
|
(4,460)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
exercise of employee share options
|
|
2,890
|
|
|
4,184
|
|
|
1,272
|
|
|
173
|
Change in short-term
debt
|
|
(3,873)
|
|
|
15,452
|
|
|
-
|
|
|
(4,561)
|
Net cash from
(used in) financing activities
|
|
(983)
|
|
|
19,636
|
|
|
1,272
|
|
|
(4,388)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash
equivalents
|
|
26,966
|
|
|
(21,270)
|
|
|
31,150
|
|
|
11,596
|
Cash and cash
equivalents at the beginning of the
period
|
|
34,769
|
|
|
62,068
|
|
|
30,676
|
|
|
29,211
|
Effect of exchange
rates fluctuations on cash and
cash
equivalents
|
|
333
|
|
|
87
|
|
|
242
|
|
|
78
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
$
|
62,068
|
|
$
|
40,885
|
|
$
|
62,068
|
|
$
|
40,885
|
Information about
revenue in reportable segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Americas
|
|
Western
Europe
|
Asia-Pacific
|
Central
&
Eastern
Europe,
Middle
East,
Africa
|
|
Total
|
|
(In
thousands)
|
Twelve months
ended:
|
|
|
|
|
|
|
|
|
|
December 31, 2012
(Audited)
|
$
|
157,705
|
|
204,332
|
42,367
|
31,912
|
|
$
|
436,316
|
December 31, 2013
(Unaudited)
|
$
|
218,169
|
|
268,500
|
43,554
|
32,500
|
|
$
|
562,723
|
|
|
|
|
|
|
|
|
|
|
Three months
ended:
|
|
|
|
|
|
|
|
|
|
December 31, 2012
(Unaudited)
|
$
|
62,762
|
|
51,996
|
11,591
|
6,598
|
|
$
|
132,947
|
December 31, 2013
(Unaudited)
|
$
|
72,666
|
|
71,649
|
14,816
|
8,979
|
|
$
|
168,110
|
Reported (IFRS) to
Adjusted (non-IFRS) Reconciliation of Consolidated Statements of
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended December 31,
|
|
2012
|
|
2013
|
|
Reported
|
|
Share
based
|
|
|
|
Reported
|
|
Share
based
|
|
|
|
(Unadjusted)
|
|
payment
|
|
Adjusted
|
|
(Unadjusted)
|
|
payment
|
|
Adjusted
|
|
(Unaudited)
|
|
In thousands (other
than per share amounts)
|
Revenue
|
$
|
436,316
|
|
$
|
-
|
|
$
|
436,316
|
|
$
|
562,723
|
|
$
|
-
|
|
$
|
562,723
|
Cost of
revenue
|
|
200,491
|
|
|
-
|
|
|
200,491
|
|
|
277,153
|
|
|
-
|
|
|
277,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
235,825
|
|
|
-
|
|
|
235,825
|
|
|
285,570
|
|
|
-
|
|
|
285,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
153,009
|
|
|
-
|
|
|
153,009
|
|
|
186,289
|
|
|
-
|
|
|
186,289
|
General and
administrative
|
|
37,767
|
|
|
(6,189)
|
|
|
31,578
|
|
|
50,353
|
|
|
(11,019)
|
|
|
39,334
|
Other income,
net
|
|
(484)
|
|
|
-
|
|
|
(484)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
190,292
|
|
|
(6,189)
|
|
|
184,103
|
|
|
236,642
|
|
|
(11,019)
|
|
|
225,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
45,533
|
|
|
6,189
|
|
|
51,722
|
|
|
48,928
|
|
|
11,019
|
|
|
59,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
169
|
|
|
-
|
|
|
169
|
|
|
551
|
|
|
-
|
|
|
551
|
Other financial
expense, net
|
|
767
|
|
|
-
|
|
|
767
|
|
|
1,695
|
|
|
-
|
|
|
1,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial
expense, net
|
|
936
|
|
|
-
|
|
|
936
|
|
|
2,246
|
|
|
-
|
|
|
2,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income
taxes
|
|
44,597
|
|
|
6,189
|
|
|
50,786
|
|
|
46,682
|
|
|
11,019
|
|
|
57,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
737
|
|
|
-
|
|
|
737
|
|
|
4,655
|
|
|
-
|
|
|
4,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
$
|
43,860
|
|
$
|
6,189
|
|
$
|
50,049
|
|
$
|
42,027
|
|
$
|
11,019
|
|
$
|
53,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
2.16
|
|
|
|
|
$
|
2.46
|
|
$
|
2.02
|
|
|
|
|
$
|
2.55
|
Diluted
|
$
|
2.09
|
|
|
|
|
$
|
2.39
|
|
$
|
1.96
|
|
|
|
|
$
|
2.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number
of
shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
20,344
|
|
|
|
|
|
20,344
|
|
|
20,791
|
|
|
|
|
|
20,791
|
Diluted
|
|
20,968
|
|
|
|
|
|
20,968
|
|
|
21,428
|
|
|
|
|
|
21,428
|
Reported (IFRS) to
Adjusted (non-IFRS) Reconciliation of Consolidated Statements of
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
2012
|
|
2013
|
|
Reported
|
|
Share
based
|
|
|
|
Reported
|
|
Share
based
|
|
|
|
(Unadjusted)
|
|
payment
|
|
Adjusted
|
|
(Unadjusted)
|
|
payment
|
|
Adjusted
|
|
(Unaudited)
|
|
In thousands (other
than per share amounts)
|
Revenue
|
$
|
132,947
|
|
$
|
-
|
|
$
|
132,947
|
|
$
|
168,110
|
|
$
|
-
|
|
$
|
168,110
|
Cost of
revenue
|
|
62,439
|
|
|
-
|
|
|
62,439
|
|
|
96,781
|
|
|
-
|
|
|
96,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
70,508
|
|
|
-
|
|
|
70,508
|
|
|
71,329
|
|
|
-
|
|
|
71,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
52,833
|
|
|
-
|
|
|
52,833
|
|
|
56,242
|
|
|
-
|
|
|
56,242
|
General and
administrative
|
|
10,160
|
|
|
(1,896)
|
|
|
8,264
|
|
|
12,467
|
|
|
(2,781)
|
|
|
9,686
|
Other income,
net
|
|
(350)
|
|
|
-
|
|
|
(350)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
62,643
|
|
|
(1,896)
|
|
|
60,747
|
|
|
68,709
|
|
|
(2,781)
|
|
|
65,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
7,865
|
|
|
1,896
|
|
|
9,761
|
|
|
2,620
|
|
|
2,781
|
|
|
5,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
129
|
|
|
-
|
|
|
129
|
|
|
256
|
|
|
-
|
|
|
256
|
Other financial
expense (income), net
|
|
125
|
|
|
-
|
|
|
125
|
|
|
1,359
|
|
|
-
|
|
|
1,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial
expense (income), net
|
|
254
|
|
|
-
|
|
|
254
|
|
|
1,615
|
|
|
-
|
|
|
1,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
7,611
|
|
|
1,896
|
|
|
9,507
|
|
|
1,005
|
|
|
2,781
|
|
|
3,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(tax benefit)
|
|
78
|
|
|
-
|
|
|
78
|
|
|
324
|
|
|
-
|
|
|
324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
$
|
7,533
|
|
$
|
1,896
|
|
$
|
9,429
|
|
$
|
681
|
|
$
|
2,781
|
|
$
|
3,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.37
|
|
|
|
|
$
|
0.46
|
|
$
|
0.03
|
|
|
|
|
$
|
0.17
|
Diluted
|
$
|
0.36
|
|
|
|
|
$
|
0.45
|
|
$
|
0.03
|
|
|
|
|
$
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
20,530
|
|
|
|
|
|
20,530
|
|
|
20,892
|
|
|
|
|
|
20,892
|
Diluted
|
|
21,047
|
|
|
|
|
|
21,047
|
|
|
21,474
|
|
|
|
|
|
21,474
|
EBITDA and
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
(Unaudited)
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to EBITDA and
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
43,860
|
|
$
|
42,027
|
|
$
|
7,533
|
|
$
|
681
|
Interest expense,
net
|
|
169
|
|
|
551
|
|
|
129
|
|
|
256
|
Income tax expense
(tax benefit)
|
|
737
|
|
|
4,655
|
|
|
78
|
|
|
324
|
Depreciation and
amortization
|
|
10,124
|
|
|
14,993
|
|
|
2,988
|
|
|
4,619
|
EBITDA
|
|
54,890
|
|
|
62,226
|
|
|
10,728
|
|
|
5,880
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based
payment
|
|
6,189
|
|
|
11,019
|
|
|
1,896
|
|
|
2,781
|
Adjusted
EBITDA
|
$
|
61,079
|
|
$
|
73,245
|
|
$
|
12,624
|
|
$
|
8,661
|
The following
tables present the Company's revenue, by
product type for
the periods presented, as well as such revenue
by product type as
a percentage of total revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Revenue
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Soda maker starter
kits (including
exchange
cylinders)
|
$
|
185,875
|
|
$
|
233,146
|
|
$
|
66,075
|
|
$
|
77,796
|
Consumables
|
|
241,922
|
|
|
317,798
|
|
|
64,893
|
|
|
87,829
|
Other
|
|
8,519
|
|
|
11,779
|
|
|
1,979
|
|
|
2,485
|
Total
|
$
|
436,316
|
|
$
|
562,723
|
|
$
|
132,947
|
|
$
|
168,110
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
As a percentage of
revenue
|
|
|
|
|
|
|
|
|
Soda maker starter
kits (including
exchange
cylinders)
|
42.6%
|
|
41.4%
|
|
49.7%
|
|
46.3%
|
Consumables
|
55.4%
|
|
56.5%
|
|
48.8%
|
|
52.2%
|
Other
|
2.0%
|
|
2.1%
|
|
1.5%
|
|
1.5%
|
Total
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Logo: http://photos.prnewswire.com/prnh/20121107/NY07412LOGO
SOURCE SodaStream International Ltd.