AIRPORT CITY, Israel,
July 30, 2014 /PRNewswire/
-- SodaStream International Ltd. (NASDAQ: SODA), a leading
manufacturer of home beverage carbonation systems, announced today
its results for the three and six month periods ended June 30, 2014.
For the second quarter ended June 30,
2014:
- Revenue was $141.2 million
compared to $132.4 million in the
second quarter 2013
- EBITDA was $13.8 million compared
to $18.0 million in the second
quarter 2013
- Net income was $9.2 million
compared to $12.9 million in the
second quarter 2013
- Diluted earnings per share were $0.43, compared to $0.60 in the second quarter 2013
"The second quarter was highlighted by record gas refills
including unit growth in all regions underscoring the global appeal
and stickiness of our home carbonation system. Our total business
in our Western Europe,
Asia Pacific, and CEMEA regions
all posted solid increases in the second quarter as our product and
marketing strategies are leading to increased household penetration
and user activity." said Daniel
Birnbaum, Chief Executive Officer of SodaStream. "In the
U.S., soda maker volumes remained under pressure as we struggled to
drive consumer demand and retailers worked through excess inventory
carried over from the holiday season. We are lowering our U.S. soda
maker sales projections for the back half of the year while we
reposition our brand behind health & wellness and refine our
product line and marketing message to better promote this important
consumer benefit. We are confident this strategy will have a
positive long-term impact on our U.S. performance. Our revised plan
for 2014 also includes operating expense reductions aimed at
protecting profitability until growth trends improve."
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Second Quarter
2014 Financial Review
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Geographical
Revenue Breakdown
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Revenue
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Three Months
Ended
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June 30,
2013
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June 30,
2014
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Increase
(decrease)
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Increase
(decrease)
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In Millions
USD
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%
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The
Americas
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$
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47.4
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$
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40.9
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$
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(6.5)
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(14%)
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Western
Europe
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68.1
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77.7
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9.6
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14%
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Asia-Pacific
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10.8
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12.2
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1.4
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13%
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Central & Eastern
Europe, Middle East, Africa
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6.1
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10.4
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4.3
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71%
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Total
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$
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132.4
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$
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141.2
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$
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8.8
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6.6%
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Product Segment
Revenue Breakdown
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Revenue
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Three Months
Ended
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June 30,
2013
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June 30,
2014
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Increase
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Increase
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In millions
USD
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%
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Soda Maker Starter
Kits
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$
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49.9
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$
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45.8
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$
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(4.1)
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(8%)
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Consumables
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78.9
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90.8
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11.9
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15%
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Other
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3.6
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4.6
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1.0
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27%
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Total
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$
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132.4
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$
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141.2
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$
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8.8
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6.6%
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Product Segment
Unit Breakdown
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Three Months
Ended
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June 30,
2013
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June 30,
2014
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Increase
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Increase
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In
thousands
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%
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Soda Maker Starter
Kits
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935
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785
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(150)
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(16%)
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CO2
Refills
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5,542
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6,507
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965
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17%
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Flavors
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8,505
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9,297
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792
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9%
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Gross margin for the second quarter 2014 was 50.5% compared to
54.3% for the same period in 2013. The decline was primarily due to
unfavorable changes in foreign currency exchange rates, increased
penetration of lower margin soda makers in the sales mix and
inventory write offs, which were partially offset by a higher share
of CO2 refills in product mix.
Sales and marketing expenses for the second quarter 2014 totaled
$46.9 million, or 33.3% of revenue,
compared to $43.6 million, or 33.0%
of revenue for the comparable period in the prior year. The 30
basis point change in sales and marketing expenses as a percent of
revenue was mainly attributable to an increasing in selling expense
as a result of expenses related to the newly acquired Italian and
Japanese distribution channels. This was partially offset by a
decrease in advertising and promotion expense as a percent of
revenue to 14.9% from 15.1% in the second quarter 2013.
General and administrative expenses for the second quarter 2014
were $13.1 million, or 9.3% of
revenue, compared to $13.6 million,
or 10.3% of revenue in the comparable period of last year. The
decrease was partially due to lower share-based compensation
expenses which were mostly offset by additional expenses related to
our newly acquired Italian and Japanese distribution channels,
as well as additional infrastructure (mainly information technology
systems) to support future growth.
Operating income decreased to $11.2
million, or 8.0% of revenue, compared to $14.7 million, or 11.1% of revenue in the second
quarter 2013.
Tax expense remained the same at $1.1 million with an increase in effective tax
rate to 10.6%, from 7.9% in the second quarter 2013. The
increase in the effective tax rate was primarily due to the
geographical distribution of income before tax and the
difference in local tax rates.
Balance Sheet Review
- Cash and cash equivalents and bank deposits at June 30, 2014 were $36.2
million compared to $40.9
million at December 31, 2013.
The decrease is primarily due to the investment in our new
production facility, the acquisition of our
Japanese distributor and an increase in working capital.
- The Company had $38.6 million of
bank debt at June 30, 2014 mainly for
financing the investment in its new production facility, compared
to $15.5 million of bank debt at
December 31, 2013.
- Working capital at June 30, 2014
increased 15.4% to $179.4 million
compared to $155.4 million at
December 31, 2013, mainly due
to a decrease in trade payables and an increase in
inventory from our newly acquired Japanese distribution
channel. Inventories at June 30, 2014
increased 2.8% to $144.7 million
compared to $140.7 million at
December 31, 2013.
Guidance
Based on second quarter results and current
projections for the remainder of the year, the Company is revising
its outlook:
- The Company now expects full year 2014 revenue to increase
approximately 5% over 2013 revenue of $562.7
million.
- The Company now expects full year 2014 EBITDA to increase
approximately 5% 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 17% over 2013.
- The Company now expects full year 2014 net income to decrease
approximately 5% over 2013 net income of $42.0 million
Conference Call and Management Commentary
Detailed CFO commentary and a supplemental slide presentation
have been filed with the Securities and Exchange Commission
today under the cover of Form 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, July 30, 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
Beginning with this press release, the company will no longer
provide certain non-IFRS measures that were provided in past
quarterly press releases, including Adjusted Net Income, Adjusted
Earnings Before Interest, Income Tax, Depreciation and Amortization
("Adjusted EBITDA") and Adjusted diluted earnings per share
("Adjusted diluted EPS").
The Company believes that these measures no longer provide
material additional information that should be considered in
evaluating the Company's operations.
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; our ability to maintain margins due to decline
in product selling price andor rising costs; 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.
Investor Contact:
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)
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For the six months
ended
|
|
For the three
months ended
|
|
June
30,
|
|
June
30,
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenue
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$
|
250,029
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$
|
259,343
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|
$
|
132,390
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$
|
141,171
|
Cost of
revenue
|
|
114,006
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|
126,240
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|
60,452
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|
|
69,914
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|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
136,023
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|
133,103
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|
|
71,938
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71,257
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|
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|
|
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|
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|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
82,498
|
|
|
93,087
|
|
|
43,639
|
|
|
46,941
|
General and
administrative
|
|
25,226
|
|
|
26,427
|
|
|
13,617
|
|
|
13,072
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
107,724
|
|
|
119,514
|
|
|
57,256
|
|
|
60,013
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
28,299
|
|
|
13,589
|
|
|
14,682
|
|
|
11,244
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
154
|
|
|
333
|
|
|
129
|
|
|
286
|
Other financial
expense, net
|
|
792
|
|
|
792
|
|
|
582
|
|
|
620
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial
expense, net
|
|
946
|
|
|
1,125
|
|
|
711
|
|
|
906
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
27,353
|
|
|
12,464
|
|
|
13,971
|
|
|
10,338
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
2,406
|
|
|
1,443
|
|
|
1,108
|
|
|
1,095
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
$
|
24,947
|
|
$
|
11,021
|
|
$
|
12,863
|
|
$
|
9,243
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.20
|
|
$
|
0.53
|
|
$
|
0.62
|
|
$
|
0.44
|
Diluted
|
$
|
1.17
|
|
$
|
0.52
|
|
$
|
0.60
|
|
$
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
20,719
|
|
|
20,933
|
|
|
20,756
|
|
|
20,958
|
Diluted
|
|
21,318
|
|
|
21,274
|
|
|
21,416
|
|
|
21,271
|
Consolidated
Balance Sheets as of
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
June
30,
|
|
2013
|
|
2014
|
|
(Audited)
|
|
(Unaudited)
|
|
(In
thousands)
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
40,885
|
|
$
|
36,244
|
Inventories
|
|
140,709
|
|
|
144,711
|
Trade
receivables
|
|
123,936
|
|
|
109,158
|
Other
receivables
|
|
22,208
|
|
|
27,753
|
Derivative financial
instruments
|
|
538
|
|
|
1,419
|
Total current
assets
|
|
328,276
|
|
|
319,285
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
107,132
|
|
|
124,397
|
Intangible
assets
|
|
48,104
|
|
|
49,121
|
Deferred tax
assets
|
|
1,089
|
|
|
1,217
|
Other
receivables
|
|
398
|
|
|
493
|
Total non-current
assets
|
|
156,723
|
|
|
175,228
|
|
|
|
|
|
|
Total
assets
|
|
484,999
|
|
|
494,513
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Loans and
borrowings
|
|
15,452
|
|
|
38,619
|
Derivative financial
instruments
|
|
103
|
|
|
-
|
Trade
payables
|
|
90,749
|
|
|
61,567
|
Income tax
payable
|
|
9,869
|
|
|
9,033
|
Provisions
|
|
1,614
|
|
|
2,033
|
Other current
liabilities
|
|
29,674
|
|
|
31,034
|
Total current
liabilities
|
|
147,461
|
|
|
142,286
|
|
|
|
|
|
|
Employee
benefits
|
|
2,221
|
|
|
2,232
|
Provisions
|
|
714
|
|
|
752
|
Deferred tax
liabilities
|
|
2,997
|
|
|
2,093
|
Total non-current
liabilities
|
|
5,932
|
|
|
5,077
|
|
|
|
|
|
|
Total
liabilities
|
|
153,393
|
|
|
147,363
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Share
capital
|
|
3,378
|
|
|
3,397
|
Share
premium
|
|
193,649
|
|
|
198,908
|
Translation
reserve
|
|
3,394
|
|
|
2,639
|
Retained
earnings
|
|
131,185
|
|
|
142,206
|
Total
shareholders' equity
|
|
331,606
|
|
|
347,150
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
|
484,999
|
|
$
|
494,513
|
|
|
|
|
|
|
Consolidated
Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months
ended
|
|
For the
three months ended
|
|
June
30,
|
|
June
30,
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(In
thousands)
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
$
|
24,947
|
|
$
|
11,021
|
|
$
|
12,863
|
|
$
|
9,243
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
1,140
|
|
|
1,261
|
|
|
712
|
|
|
749
|
Change in fair value
of derivative financial instruments
|
|
(537)
|
|
|
264
|
|
|
(537)
|
|
|
(144)
|
Depreciation of
property, plant and equipment
|
|
5,777
|
|
|
6,091
|
|
|
3,224
|
|
|
2,467
|
Share based
payment
|
|
5,354
|
|
|
4,537
|
|
|
2,960
|
|
|
2,231
|
Interest expense,
net
|
|
154
|
|
|
333
|
|
|
129
|
|
|
286
|
Income tax
expense
|
|
2,406
|
|
|
1,443
|
|
|
1,108
|
|
|
1,095
|
|
|
39,241
|
|
|
24,950
|
|
|
20,459
|
|
|
15,927
|
Increase in
inventories
|
|
(24,784)
|
|
|
(3,945)
|
|
|
(14,982)
|
|
|
(1,477)
|
Decrease (increase)
in trade and other receivables
|
|
(19,369)
|
|
|
13,853
|
|
|
(30,558)
|
|
|
(10,854)
|
Increase (decrease)
in trade payables
|
|
(13,232)
|
|
|
(29,587)
|
|
|
6,001
|
|
|
(5,515)
|
Increase (decrease)
in employee benefits
|
|
(1)
|
|
|
19
|
|
|
(15)
|
|
|
129
|
Increase (decrease)
in provisions and other current liabilities
|
|
(5,238)
|
|
|
1,766
|
|
|
6,860
|
|
|
5,631
|
|
|
(23,383)
|
|
|
7,056
|
|
|
(12,235)
|
|
|
3,841
|
Interest
paid
|
|
(179)
|
|
|
(329)
|
|
|
(125)
|
|
|
(293)
|
Income tax
received
|
|
3,539
|
|
|
710
|
|
|
91
|
|
|
347
|
Income tax
paid
|
|
(966)
|
|
|
(3,939)
|
|
|
(256)
|
|
|
(3,257)
|
Net cash from
(used in) operating activities
|
|
(20,989)
|
|
|
3,498
|
|
|
(12,525)
|
|
|
638
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Interest
received
|
|
94
|
|
|
27
|
|
|
36
|
|
|
22
|
Investment in bank
deposits
|
|
(10,000)
|
|
|
-
|
|
|
(10,000)
|
|
|
-
|
Proceeds from
derivative financial instruments, net
|
|
(543)
|
|
|
(1,248)
|
|
|
562
|
|
|
(588)
|
Acquisition of
subsidiary, net of cash acquired
|
|
(1,179)
|
|
|
-
|
|
|
(1,179)
|
|
|
-
|
Acquisition of
property, plant and equipment
|
|
(19,328)
|
|
|
(28,211)
|
|
|
(8,724)
|
|
|
(12,527)
|
Acquisition of
intangible assets
|
|
(2,489)
|
|
|
(2,546)
|
|
|
(1,380)
|
|
|
(2,183)
|
Net cash used in
investing activities
|
|
(33,445)
|
|
|
(31,978)
|
|
|
(20,685)
|
|
|
(15,276)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
exercise of employee share options
|
|
1,832
|
|
|
741
|
|
|
681
|
|
|
288
|
Change in short-term
debt
|
|
16,143
|
|
|
23,167
|
|
|
8,070
|
|
|
14,611
|
Net cash from
financing activities
|
|
17,975
|
|
|
23,908
|
|
|
8,751
|
|
|
14,899
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash
equivalents
|
|
(36,459)
|
|
|
(4,572)
|
|
|
(24,459)
|
|
|
261
|
Cash and cash
equivalents at the beginning of the period
|
|
62,068
|
|
|
40,885
|
|
|
49,888
|
|
|
36,052
|
Effect of exchange
rates fluctuations on cash and cash equivalents
|
|
(409)
|
|
|
(69)
|
|
|
(229)
|
|
|
(69)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the
period
|
$
|
25,200
|
|
$
|
36,244
|
|
$
|
25,200
|
|
$
|
36,244
|
Information about
revenue in reportable segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Americas
|
|
Western
Europe
|
Asia-Pacific
|
Central &
Eastern
Europe,
Middle East,
Africa
|
|
Total
|
|
(In
thousands)
|
Six months
ended:
|
|
|
|
|
|
|
|
|
|
June 30, 2013
(Unaudited)
|
$
|
95,712
|
|
121,385
|
20,151
|
12,781
|
|
$
|
250,029
|
June 30, 2014
(Unaudited)
|
$
|
75,637
|
|
140,216
|
24,131
|
19,359
|
|
$
|
259,343
|
|
|
|
|
|
|
|
|
|
|
Three months
ended:
|
|
|
|
|
|
|
|
|
|
June 30, 2013
(Unaudited)
|
$
|
47,373
|
|
68,087
|
10,832
|
6,098
|
|
$
|
132,390
|
June 30, 2014
(Unaudited)
|
$
|
40,879
|
|
77,666
|
12,225
|
10,401
|
|
$
|
141,171
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
Three months
ended
|
|
June
30,
|
|
June
30,
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
(Unaudited)
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
24,947
|
|
$
|
11,021
|
|
$
|
12,863
|
|
$
|
9,243
|
Interest expense,
net
|
|
154
|
|
|
333
|
|
|
129
|
|
|
286
|
Income tax expense
(tax benefit)
|
|
2,406
|
|
|
1,443
|
|
|
1,108
|
|
|
1,095
|
Depreciation and
amortization
|
|
6,917
|
|
|
7,352
|
|
|
3,936
|
|
|
3,216
|
EBITDA
|
$
|
34,424
|
|
$
|
20,149
|
|
$
|
18,036
|
|
$
|
13,840
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
Three months
ended
|
|
June
30,
|
|
June
30,
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Revenue
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Soda maker starter
kits (including exchange cylinders)
|
$
|
92,866
|
|
$
|
78,070
|
|
$
|
49,914
|
|
$
|
45,846
|
Consumables
|
|
150,893
|
|
|
173,623
|
|
|
78,831
|
|
|
90,699
|
Other
|
|
6,270
|
|
|
7,650
|
|
|
3,645
|
|
|
4,626
|
Total
|
$
|
250,029
|
|
$
|
259,343
|
|
$
|
132,390
|
|
$
|
141,171
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
Three months
ended
|
|
June
30,
|
|
June
30,
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
As a percentage of
revenue
|
|
|
|
|
|
|
|
|
Soda maker starter
kits (including exchange cylinders)
|
37.1%
|
|
30.1%
|
|
37.7%
|
|
32.5%
|
Consumables
|
60.4%
|
|
66.9%
|
|
59.5%
|
|
64.2%
|
Other
|
2.5%
|
|
3.0%
|
|
2.8%
|
|
3.3%
|
Total
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
Logo -
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SOURCE SodaStream International Ltd.