AIRPORT CITY, Israel,
Oct. 29, 2014 /PRNewswire/
-- SodaStream International Ltd. (NASDAQ: SODA), a leading
manufacturer of home beverage carbonation systems, announced today
its results for the three and nine month periods ended September 30, 2014.
For the third quarter ended September 30,
2014:
- Revenue was $125.9 million
compared to $144.6 million in the
third quarter 2013
- EBITDA was $15.7 million compared
to $21.9 million in the third quarter
2013
- Net income was $9.5 million
compared to $16.4 million in the
third quarter 2013
- Diluted earnings per share were $0.45, compared to $0.76 in the third quarter 2013
"As we previously announced, our third quarter performance was
pressured by challenging selling conditions for soda makers and
flavors primarily in the U.S.," said Daniel
Birnbaum, Chief Executive Officer of SodaStream. "Our
performance outside the U.S. was mixed during the third quarter
with strength in company operated markets such as Germany, Australia, Canada and Switzerland, partially offset by declines in
distributor markets, namely France
and the Czech Republic. Today, we
are introducing a comprehensive growth plan that will serve as our
blueprint for returning SodaStream to profitable growth. We are
fully committed to getting the company back on track and leverage
the unique opportunity we have to fulfill our role in the
transformation underway in the beverage industry."
The company has posted a copy of its growth plan on the investor
relations section of its corporate website at
http://sodastream.investorroom.com/
Third Quarter 2014
Financial Review
|
|
|
|
|
|
|
|
|
|
|
|
Geographical
Revenue Breakdown
|
|
|
|
|
|
|
|
|
Revenue
|
Three Months
Ended
|
|
|
|
|
|
September 30,
2013
|
|
September 30,
2014
|
|
Increase
(Decrease)
|
|
Increase
(Decrease)
|
|
In Millions
USD
|
|
%
|
The
Americas
|
$
|
49.8
|
|
$
|
29.5
|
|
$
|
(20.3)
|
|
(41%)
|
Western
Europe
|
|
75.5
|
|
|
74.6
|
|
|
(0.9)
|
|
(1%)
|
Asia-Pacific
|
|
8.6
|
|
|
13.3
|
|
|
4.7
|
|
54%
|
Central & Eastern
Europe, Middle East, Africa
|
|
10.7
|
|
|
8.5
|
|
|
(2.2)
|
|
(20%)
|
Total
|
$
|
144.6
|
|
$
|
125.9
|
|
$
|
(18.7)
|
|
(12.9%)
|
Product Segment
Revenue Breakdown
|
|
|
|
|
|
|
Revenue
|
Three Months
Ended
|
|
|
|
|
|
September 30,
2013
|
|
September 30,
2014
|
|
Increase
(Decrease)
|
Increase
(Decrease)
|
|
In millions
USD
|
|
%
|
Soda Maker Starter
Kits
|
$
|
62.5
|
|
$
|
41.5
|
|
$
|
(21.0)
|
|
(34%)
|
Consumables
|
|
79.1
|
|
|
81.2
|
|
|
2.1
|
|
3%
|
Other
|
|
3.0
|
|
|
3.2
|
|
|
0.2
|
|
7%
|
Total
|
$
|
144.6
|
|
$
|
125.9
|
|
$
|
(18.7)
|
|
(12.9%)
|
Product Segment
Unit Breakdown
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
September 30,
2013
|
|
September 30,
2014
|
|
Increase
(Decrease)
|
|
Increase
(Decrease)
|
|
In
thousands
|
|
%
|
Soda Maker Starter
Kits
|
1,196
|
|
818
|
|
(378)
|
|
(32%)
|
CO2
Refills
|
5,806
|
|
6,396
|
|
590
|
|
10%
|
Flavors
|
8,261
|
|
7,607
|
|
(654)
|
|
(8%)
|
Gross margin for the third quarter 2014 was 51.2% compared to
54.1% for the same period in 2013. The decline was primarily due to
deleveraging of fixed costs on lower sales, higher share of lower
margin soda makers in the sales mix and inventory write offs, which
were partially offset by a higher share of CO2 refills.
Sales and marketing expenses for the third quarter 2014 totaled
$41.6 million, or 33.1% of revenue,
compared to $47.5 million, or 32.9%
of revenue for the comparable period in the prior year. The
$5.9 million decline in sales and
marketing expenses was attributable to lower advertising and
promotion expenses which decreased to 12.5% of revenue from 15.5%
of revenue in the third quarter of 2013. This was partially offset
by an increase in selling expenses, including the additional costs
of our newly acquired Japanese distribution channel.
General and administrative expenses for the third quarter 2014
were $13.9 million, or 11.1% of
revenue, compared to $12.7 million,
or 8.8% of revenue in the comparable period of last year. The
increase was due to additional expenses related to our newly
acquired Japanese distribution channel, as well as additional
infrastructure (mainly information technology systems) to support
future growth and operational efficiency. This was partially offset
by lower share-based compensation expenses.
Operating income decreased to $8.9
million, or 7.1% of revenue, compared to $18.0 million, or 12.5% of revenue in the third
quarter of 2013.
Financial income increased to $1.8
million compared to $315,000
in the third quarter of 2013 mainly due to derivative financial
instruments gain following the Euro/U.S. dollar devaluation and
reduction of liabilities in Israeli Shekel following its
devaluation against the U.S. Dollar.
Tax expense decreased to $1.2
million compared to $1.9
million in the third quarter of 2013 due to lower income
before tax. Effective tax rate increased to 11.5% compared to 10.5%
in the third quarter of 2013 due to changes in the distribution of
profit before tax among different jurisdictions.
Balance Sheet Review
- Cash and cash equivalents and bank deposits at September 30, 2014 were $39.9 million compared to $40.9 million at December
31, 2013. The slight decrease is primarily due to the
investment in our new production facility and the acquisition of
our Japanese distributor, offset by cash generated from operating
activities and an increase in bank debt.
- The Company had $35.8 million of
bank debt at September 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 September 30,
2014 increased 11.6% to $173.4
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 September 30, 2014
increased 8.2% to $152.2 million
compared to $140.7 million at
December 31, 2013.
- Operating cash flow for the quarter increased to $22.7 million compared to $5.0 million in third quarter 2013 mainly due to
decrease in working capital.
Guidance
Based on third 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 decrease
approximately 9% over 2013 revenue of $562.7
million.
- The Company now expects full year 2014 EBITDA to decrease
approximately 26% over 2013 EBITDA of $62.2
million.
- The Company now expects full year 2014 net income to decrease
approximately 42% 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, October 29, 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 approximately 70,000 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.
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 maintain or expand sales in our
target markets, including the United
States; our ability to maintain or continue to develop 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
|
|
|
|
|
|
|
In thousands (other
than per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine
months ended
|
|
For the three
months ended
|
|
September
30,
|
|
September
30,
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenue
|
$
|
394,613
|
|
$
|
385,248
|
|
$
|
144,584
|
|
$
|
125,905
|
Cost of
revenue
|
|
180,372
|
|
|
187,668
|
|
|
66,366
|
|
|
61,428
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
214,241
|
|
|
197,580
|
|
|
78,218
|
|
|
64,477
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
130,047
|
|
|
134,723
|
|
|
47,549
|
|
|
41,636
|
General and
administrative
|
|
37,886
|
|
|
40,358
|
|
|
12,660
|
|
|
13,931
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
167,933
|
|
|
175,081
|
|
|
60,209
|
|
|
55,567
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
46,308
|
|
|
22,499
|
|
|
18,009
|
|
|
8,910
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
295
|
|
|
552
|
|
|
141
|
|
|
219
|
Other financial
expense, net
|
|
336
|
|
|
(1,210)
|
|
|
(456)
|
|
|
(2,002)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial
expense, net
|
|
631
|
|
|
(658)
|
|
|
(315)
|
|
|
(1,783)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
45,677
|
|
|
23,157
|
|
|
18,324
|
|
|
10,693
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
4,331
|
|
|
2,672
|
|
|
1,925
|
|
|
1,229
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
$
|
41,346
|
|
$
|
20,485
|
|
$
|
16,399
|
|
$
|
9,464
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.99
|
|
$
|
0.98
|
|
$
|
0.79
|
|
$
|
0.45
|
Diluted
|
$
|
1.93
|
|
$
|
0.96
|
|
$
|
0.76
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
20,757
|
|
|
20,956
|
|
|
20,831
|
|
|
21,000
|
Diluted
|
|
21,383
|
|
|
21,243
|
|
|
21,532
|
|
|
21,193
|
Consolidated
Balance Sheets as of
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
2013
|
|
2014
|
|
(Audited)
|
|
(Unaudited)
|
|
(In
thousands)
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
40,885
|
|
$
|
39,901
|
Inventories
|
|
140,709
|
|
|
152,196
|
Trade
receivables
|
|
123,936
|
|
|
95,275
|
Other
receivables
|
|
22,208
|
|
|
35,405
|
Derivative financial
instruments
|
|
538
|
|
|
2,286
|
Total current
assets
|
|
328,276
|
|
|
325,063
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
107,132
|
|
|
125,792
|
Intangible
assets
|
|
48,104
|
|
|
48,015
|
Deferred tax
assets
|
|
1,089
|
|
|
1,337
|
Other
receivables
|
|
398
|
|
|
464
|
Total non-current
assets
|
|
156,723
|
|
|
175,608
|
|
|
|
|
|
|
Total
assets
|
|
484,999
|
|
|
500,671
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Loans and
borrowings
|
|
15,452
|
|
|
12,458
|
Derivative financial
instruments
|
|
103
|
|
|
-
|
Trade
payables
|
|
90,749
|
|
|
68,496
|
Income tax
payable
|
|
9,869
|
|
|
9,675
|
Provisions
|
|
1,614
|
|
|
2,007
|
Other current
liabilities
|
|
29,674
|
|
|
31,615
|
Total current
liabilities
|
|
147,461
|
|
|
124,251
|
|
|
|
|
|
|
Loans and
borrowings
|
|
-
|
|
|
23,344
|
Employee
benefits
|
|
2,221
|
|
|
2,015
|
Provisions
|
|
714
|
|
|
699
|
Deferred tax
liabilities
|
|
2,997
|
|
|
2,059
|
Total non-current
liabilities
|
|
5,932
|
|
|
28,117
|
|
|
|
|
|
|
Total
liabilities
|
|
153,393
|
|
|
152,368
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Share
capital
|
|
3,378
|
|
|
3,399
|
Share
premium
|
|
193,649
|
|
|
201,180
|
Translation
reserve
|
|
3,394
|
|
|
(7,946)
|
Retained
earnings
|
|
131,185
|
|
|
151,670
|
Total
shareholders' equity
|
|
331,606
|
|
|
348,303
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
|
484,999
|
|
$
|
500,671
|
|
|
|
|
|
|
Consolidated
Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine
months ended
|
|
For the
three months ended
|
|
September
30,
|
|
September
30,
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(In
thousands)
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
$
|
41,346
|
|
$
|
20,485
|
|
$
|
16,399
|
|
$
|
9,464
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
1,769
|
|
|
2,042
|
|
|
629
|
|
|
781
|
Change in fair value
of derivative financial instruments
|
|
(267)
|
|
|
(1,324)
|
|
|
270
|
|
|
(1,588)
|
Exchange rate
differences on long-term loans and borrowing
|
|
-
|
|
|
(1,030)
|
|
|
-
|
|
|
(1,030)
|
Depreciation of
property, plant and equipment
|
|
8,605
|
|
|
10,085
|
|
|
2,828
|
|
|
3,994
|
Share based
payment
|
|
8,238
|
|
|
6,732
|
|
|
2,884
|
|
|
2,195
|
Interest expense,
net
|
|
295
|
|
|
552
|
|
|
141
|
|
|
219
|
Income tax
expense
|
|
4,331
|
|
|
2,672
|
|
|
1,925
|
|
|
1,229
|
|
|
64,317
|
|
|
40,214
|
|
|
25,076
|
|
|
15,264
|
Increase in
inventories
|
|
(37,591)
|
|
|
(15,604)
|
|
|
(12,807)
|
|
|
(11,659)
|
Decrease (increase)
in trade and other receivables
|
|
(35,792)
|
|
|
23,425
|
|
|
(16,423)
|
|
|
9,572
|
Increase (decrease)
in trade payables
|
|
(8,765)
|
|
|
(21,488)
|
|
|
4,467
|
|
|
8,099
|
Increase (decrease)
in employee benefits
|
|
24
|
|
|
(70)
|
|
|
25
|
|
|
(89)
|
Increase in
provisions and other current liabilities
|
|
578
|
|
|
3,933
|
|
|
5,816
|
|
|
2,167
|
|
|
(17,229)
|
|
|
30,410
|
|
|
6,154
|
|
|
23,354
|
Interest
paid
|
|
(289)
|
|
|
(549)
|
|
|
(110)
|
|
|
(220)
|
Income tax
received
|
|
3,769
|
|
|
715
|
|
|
230
|
|
|
5
|
Income tax
paid
|
|
(2,287)
|
|
|
(4,361)
|
|
|
(1,321)
|
|
|
(422)
|
Net cash from
(used in) operating activities
|
|
(16,036)
|
|
|
26,215
|
|
|
4,953
|
|
|
22,717
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Interest
received
|
|
114
|
|
|
42
|
|
|
20
|
|
|
15
|
Investment in bank
deposits
|
|
(10,000)
|
|
|
-
|
|
|
-
|
|
|
-
|
Proceeds from
(payments for) derivative financial instruments,
net
|
|
50
|
|
|
(527)
|
|
|
593
|
|
|
721
|
Acquisition of
subsidiary, net of cash acquired
|
|
(1,179)
|
|
|
-
|
|
|
-
|
|
|
-
|
Acquisition of
property, plant and equipment
|
|
(26,296)
|
|
|
(43,710)
|
|
|
(6,968)
|
|
|
(15,499)
|
Acquisition of
intangible assets
|
|
(3,543)
|
|
|
(4,054)
|
|
|
(1,054)
|
|
|
(1,508)
|
Net cash used in
investing activities
|
|
(40,854)
|
|
|
(48,249)
|
|
|
(7,409)
|
|
|
(16,271)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
exercise of employee share options
|
|
4,011
|
|
|
820
|
|
|
2,179
|
|
|
79
|
Receipts of long-term
loans and borrowings
|
|
-
|
|
|
30,210
|
|
|
-
|
|
|
30,210
|
Change in short-term
debt
|
|
20,013
|
|
|
(8,830)
|
|
|
3,870
|
|
|
(31,997)
|
Net cash from
(used in) financing activities
|
|
24,024
|
|
|
22,200
|
|
|
6,049
|
|
|
(1,708)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(32,866)
|
|
|
166
|
|
|
3,593
|
|
|
4,738
|
Cash and cash
equivalents at the beginning of the period
|
|
62,068
|
|
|
40,885
|
|
|
25,200
|
|
|
36,244
|
Effect of exchange
rates fluctuations on cash and cash equivalents
|
|
9
|
|
|
(1,150)
|
|
|
418
|
|
|
(1,081)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
$
|
29,211
|
|
$
|
39,901
|
|
$
|
29,211
|
|
$
|
39,901
|
Information about
revenue in reportable segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Americas
|
|
Western
Europe
|
Asia-Pacific
|
Central &
Eastern Europe, Middle East,
Africa
|
|
Total
|
|
(In
thousands)
|
Nine months
ended:
|
|
|
|
|
|
|
|
|
|
September 30, 2013
(Unaudited)
|
$
|
145,503
|
|
196,851
|
28,738
|
23,521
|
|
$
|
394,613
|
September 30, 2014
(Unaudited)
|
$
|
105,141
|
|
214,805
|
37,396
|
27,906
|
|
$
|
385,248
|
|
|
|
|
|
|
|
|
|
|
Three months
ended:
|
|
|
|
|
|
|
|
|
|
September 30, 2013
(Unaudited)
|
$
|
49,791
|
|
75,466
|
8,587
|
10,740
|
|
$
|
144,584
|
September 30, 2014
(Unaudited)
|
$
|
29,504
|
|
74,589
|
13,265
|
8,547
|
|
$
|
125,905
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
(Unaudited)
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
41,346
|
|
$
|
20,485
|
|
$
|
16,399
|
|
$
|
9,464
|
Interest expense,
net
|
|
295
|
|
|
552
|
|
|
141
|
|
|
219
|
Income tax expense
(tax benefit)
|
|
4,331
|
|
|
2,672
|
|
|
1,925
|
|
|
1,229
|
Depreciation and
amortization
|
|
10,374
|
|
|
12,127
|
|
|
3,457
|
|
|
4,775
|
EBITDA
|
$
|
56,346
|
|
$
|
35,836
|
|
$
|
21,922
|
|
$
|
15,687
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Revenue
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Soda maker starter
kits (including exchange cylinders)
|
$
|
155,350
|
|
$
|
119,534
|
|
$
|
62,484
|
|
$
|
41,464
|
Consumables
|
|
229,969
|
|
|
254,835
|
|
|
79,076
|
|
|
81,212
|
Other
|
|
9,294
|
|
|
10,879
|
|
|
3,024
|
|
|
3,229
|
Total
|
$
|
394,613
|
|
$
|
385,248
|
|
$
|
144,584
|
|
$
|
125,905
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
As a percentage of
revenue
|
|
|
|
|
|
|
|
|
Soda maker starter
kits (including exchange cylinders)
|
39.4%
|
|
31.0%
|
|
43.2%
|
|
32.9%
|
Consumables
|
58.3%
|
|
66.1%
|
|
54.7%
|
|
64.5%
|
Other
|
2.3%
|
|
2.9%
|
|
2.1%
|
|
2.6%
|
Total
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
Logo -
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SOURCE SodaStream International Ltd.