UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2015
Commission File Number: 001-34929
SodaStream International Ltd.
(Translation of Registrant’s Name
into English)
Gilboa Street, Airport City
Ben Gurion Airport 70100, Israel
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F: Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes ¨ No x
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes ¨ No x
Indicate by check mark whether the registrant by
furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934: Yes ¨ No x
If “Yes” is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b): 82-_______________.
EXPLANATORY NOTE
On February 25, 2015, SodaStream International
Ltd. (the “Company”) issued a press release announcing its fourth quarter and full fiscal year results for the period
ending December 31, 2014. A copy of the press release is attached to this Form 6-K as Exhibit 99.1.
In conjunction with the conference call
being held on February 25, 2015, the Company also is releasing commentary from its Chief Financial Officer (attached to this Form
6-K as Exhibit 99.2) and a PowerPoint presentation with additional information (attached to this Form 6-K as Exhibit 99.3).
Other than as indicated below, the information
in this Form 6-K (including in Exhibits 99.1, 99.2 and 99.3) shall not be deemed “filed” for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of
that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act.
The condensed consolidated balance sheets,
the International Financial Reporting Standards information contained in the condensed consolidated statements of operations and
the condensed consolidated statement of cash flows contained in the press release attached as Exhibit 99.1 to this Report on Form
6-K are hereby incorporated by reference into the Company’s Registration Statements on Form S-8 (File Nos. 333-195578, 333-190655
and 333-170299).
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
| |
SODASTREAM INTERNATIONAL LTD.
(Registrant)
|
|
| Date: February 25, 2015 |
By: |
/s/ Eyal
Shohat |
|
| |
|
Eyal Shohat |
|
| |
|
Chief Corporate Development Officer |
|
EXHIBIT INDEX
| Exhibit |
Description |
| |
|
| 99.1 |
Press release dated February 25, 2015. |
| |
|
| 99.2 |
Commentary from the Chief Financial Officer of the Registrant. |
| |
|
| 99.3 |
PowerPoint presentation with additional information. |
| |
|
Exhibit 99.1
SODASTREAM
REPORTS 2014 FOURTH QUARTER RESULTS
Revenue
In-Line With Guidance; Adjusted Net Income Ahead of Plan
AIRPORT CITY, Israel – February
25, 2015 – SodaStream International Ltd. (NASDAQ: SODA), a leading manufacturer of sparkling water makers, announced
today its results for the three and twelve month periods ended December 31, 2014.
For the fourth quarter ended December 31,
2014:
| • | Revenue was $126.5 million compared to $168.1 million in the fourth quarter 2013 |
| • | Adjusted EBITDA* was $16.7 million compared to $5.9 million in the fourth quarter 2013 |
| • | Adjusted net income* was $7.5 million compared to net income of $0.7 million in the fourth quarter
2013 |
| • | Adjusted diluted earnings per share* were $0.35 compared to diluted earnings per share of $0.03
in the fourth quarter 2013 |
For the year ended December 31, 2014:
| • | Revenue was $511.8 million compared to $562.7 million in 2013 |
| • | Adjusted EBITDA* was $52.6 million compared to $62.2 million in 2013 |
| • | Adjusted net income* was $27.9 million compared to $42.0 million in 2013 |
| • | Adjusted diluted earnings per share* were $1.31 compared to $1.96 in 2013 |
* 2014 Adjusted
EBITDA represents earnings before interest, income tax, depreciation and amortization, and further eliminates the effect of restructuring
costs and goodwill impairment. Adjusted net income and adjusted diluted earnings per share eliminates the effect of restructuring
costs.
Restructuring & Goodwill Impairment
During the fourth quarter of 2014, the Company recorded non-cash,
pre-tax charges totaling $15.6 million as part of the restructuring and growth plan it announced on October 29, 2014. $3.1 million
of the total charge was associated with the transition to the new plant in Southern Israel and included the elimination and impairment
of fixed assets at the Company’s other production facilities. $12.5 million of the total charge related to the transformation
of the Company’s product lines and included the write-off of fixed assets and inventory associated with discontinued products.
The Company also recorded a goodwill impairment charge of $3.3 million relating to its acquisition of CEM Industries in 2011.
“During the fourth quarter we set a new course for the
company that we believe positions SodaStream to take advantage of the rapidly transforming beverage industry,” said Daniel
Birnbaum, Chief Executive Officer of SodaStream. “We are confident that repositioning the brand around health & wellness
and launching a completely new portfolio of water enhanced flavors fits perfectly with the changing nature of consumer demands
and will reaccelerate participation in our home carbonation system. As we announced, in conjunction with our growth plan, we have
begun to reform our operational and organizational structure to better support our new strategy and drive improved efficiencies.
While our actions will impact our near-term performance, we believe they will put us on stronger footing for delivering long-term
profitable growth and increased shareholder value.”
| Fourth Quarter 2014 Financial Review |
| | |
| | |
| | |
| | |
| |
| Geographical Revenue Breakdown | |
| | |
| | |
| |
| Revenue | |
Three Months Ended | | |
| | |
| |
| | |
December 31, 2013 | | |
December 31, 2014 | | |
Increase (Decrease) | | |
Increase (Decrease) | |
| | |
In Millions USD | | |
% | |
| The Americas | |
$ | 72.7 | | |
$ | 37.2 | | |
$ | (35.5 | ) | |
| (49 | %) |
| Western Europe | |
| 71.6 | | |
| 66.9 | | |
| (4.7 | ) | |
| (7 | %) |
| Asia-Pacific | |
| 14.8 | | |
| 16.4 | | |
| 1.6 | | |
| 11 | % |
| Central & Eastern Europe, Middle East, Africa | |
| 9.0 | | |
| 6.0 | | |
| (3.0 | ) | |
| (33 | %) |
| Total | |
$ | 168.1 | | |
$ | 126.5 | | |
$ | (41.6 | ) | |
| (25 | %) |
| Product Segment Revenue Breakdown | |
| | |
| | |
| |
| Revenue | |
Three Months Ended | | |
| | |
| |
| | |
December 31, 2013 | | |
December 31, 2014 | | |
Decrease | | |
Decrease | |
| | |
In millions USD | | |
% | |
| Sparkling water maker Starter Kits | |
$ | 77.8 | | |
$ | 53.1 | | |
$ | (24.7 | ) | |
| (32 | %) |
| Consumables | |
| 87.8 | | |
| 72.5 | | |
| (15.3 | ) | |
| (17 | %) |
| Other | |
| 2.5 | | |
| 0.9 | | |
| (1.6 | ) | |
| (65 | %) |
| Total | |
$ | 168.1 | | |
$ | 126.5 | | |
$ | (41.6 | ) | |
| (25 | %) |
| Product Segment Unit Breakdown | |
| | |
| | |
| | |
| |
| | |
Three Months Ended | | |
| | |
| |
| | |
December 31, 2013 | | |
December 31, 2014 | | |
Increase (Decrease) | | |
Increase (Decrease) | |
| | |
In thousands | | |
% | |
| Sparkling water maker Starter Kits | |
| 1,542 | | |
| 1,018 | | |
| (524 | ) | |
| (34 | %) |
| CO2 Refills | |
| 5,375 | | |
| 6,289 | | |
| 914 | | |
| 17 | % |
| Flavors | |
| 9,751 | | |
| 6,054 | | |
| (3,697 | ) | |
| (38 | %) |
The decrease in revenue compared to the
fourth quarter 2013 was mainly due to lower demand for sparkling water makers and flavors in the U.S. during the holidays, partially
as a result of the elimination of discounting and promotional activities that took place in the same period in 2013, and also reflects
an adverse foreign currency exchange rate impact of $7.6 million, primarily due to the weakening of the Euro/U.S. Dollar exchange
rate by 7%.
Gross margin for the fourth quarter 2014
(before the impact of restructuring costs) was 50.4% compared to 42.4% for the same period in 2013. The increase compared with
last year was primarily attributable to improved margins on sparkling water makers due to significantly lower discounting and promotional
activities and a higher share of CO2 refills, partially offset by the impact of unfavorable changes in foreign currency exchange
rates.
Sales and marketing expenses for the fourth
quarter 2014 were $42.9 million, or 33.9% of revenue, compared to $56.2 million, or 33.5% of revenue for the same period in 2013.
The decrease was primarily attributable to lower advertising and promotion expenses, which decreased $9.5 million to 14.9% of revenue
from 16.8% of revenue in the same period in 2013 and lower distribution costs due to the lower sales volume. Selling and marketing
expenses also benefited from changes in foreign currency (mainly the weakening of the Israeli Shekel/U.S. Dollar exchange rate
by 7%), partially offset by additional expenses from our Japanese distribution channel, which was acquired in the second quarter
of 2014.
General and administrative expenses for
the fourth quarter 2014 were $9.4 million, or 7.5% of revenue, compared to $12.5 million, or 7.4% of revenue in the same period
in 2013. The decrease was mainly due to a $4.8 million share-based payments provision reversal, partially offset by expenses from
our Japanese distribution channel and the impact of favorable changes in foreign currency exchange rates.
Operating income )before the impact of
restructuring costs) increased to $8.1 million, or 6.4% of revenue, compared to $2.6 million, or 1.6% of revenue in the same period
in 2013. Operating income included $3.3 million impairment (in other expenses) of goodwill related to the acquisition of CEM Industries
SRL in 2011.
The net negative impact of foreign currency
exchange rate changes on operating income in comparison with the same period in 2013 was $2.1 million.
Financial income was $0.5 million compared
to a $1.6 million expense in the same period in 2013 due to profit from reduction in the value of long term, low interest bank
loans the company received in Euro during the second half of 2014 and profit from currency hedging transactions.
Tax expense was $1.2 million compared to
$0.3 million in the same period in 2013.
Balance Sheet Review
Cash and cash equivalents and bank deposits
at December 31, 2014 were $46.9 million compared to $40.9 million at December 31, 2013. The increase was primarily due to positive
cash flow from operating activities and long-term loans partially offset by acquisition of property, plant and equipment, mainly
for our new plant, repayment of short-term debt and the acquisition of our Japanese distribution channel.
Cash flow from operating activities in
2014 was $35.6 million compared to $2.8 million in 2013. The increase in cash flow from operating activities was mainly due to
tighter working capital control that led to a lower increase in working capital in 2014 compared with 2013. Working capital, before
the impact of restructuring, increased $11.7 million in 2014 ($3.4 million including the restructuring impact) compared to $60.3
million increase in 2013.
The Company had $43.9 million of bank debt
at December 31, 2014 compared to $15.5 million at December 31, 2013. The increase in bank debt is due to the long-term, low interest
bank loans obtained to finance the construction of the new plant.
Working capital at December 31, 2014, after
the impact the restructuring, increased 2.2% to $158.8 million compared to $155.4 million at December 31, 2013. Inventories at
December 31, 2014 decreased 1.6% to $138.4 million compared to $140.7 million at December 31, 2013, mainly due to the impact of
restructuring actions, which included inventory write-off of $8.3 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 have been
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 25, 2015) 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 at the above website address.
About SodaStream International
SodaStream is the world's leading manufacturer
and distributor of Sparkling Water Makers, which enable consumers to easily transform ordinary tap water into sparkling water
and flavored sparkling water in seconds. By making ordinary water more exciting and fun to drink, SodaStream helps consumers drink
more water. Sparkling Water Makers offer a highly differentiated and innovative solution to consumers of bottled and canned carbonated
soft drinks. The products promote health and wellness, are environmentally friendly, cost effective, and are customizable and
fun to use. Products are available at more than 70,000 retail stores across 45 countries, including 15,000 retail stores in the
United States. To learn more about how SodaStream makes water exciting and follow SodaStream on Facebook, Twitter, Pinterest,
Instagram and YouTube, visit http://www.sodastream.com.
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 EBITDA represents earnings before
interest, income tax, depreciation and amortization, and further eliminates the effect of restructuring costs and goodwill impairment.
Adjusted net income and adjusted diluted earnings per share eliminates the effect of restructuring costs.
The Company believes that the Adjusted
net income, Adjusted EBITDA and Adjusted diluted EPS, as described above, should be considered in evaluating the Company’s
operations. Adjusted net income and Adjusted diluted EPS exclude restructuring costs 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 depreciation charges 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
within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include information about possible or
assumed future results of our business and financial condition, as well as the results of operations, liquidity, plans and objectives.
In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,”
“continue,” “anticipate,” “intend,” “should,” “plan,” “expect,”
“predict,” “potential,” or the negative of these terms or other similar expressions: 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 and/or 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 discussed under the heading “Risk Factors” in the Annual
Report on the Form 20-F for the year ended December 31, 2014 and other documents filed with or furnished to the Securities
and Exchange Commission. 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
including Reported (Non - IFRS) to IFRS Reconciliation
In thousands (other than per share amounts)
For the twelve months ended December
31
| | |
| | |
| | |
| | |
| |
| | |
2013
IFRS | | |
2014
Non-IFRS | | |
Restructuring | | |
2014
IFRS | |
| | |
(Audited*) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| | |
| | |
| | |
| | |
| |
| Revenue | |
$ | 562,723 | | |
$ | 511,774 | | |
$ | - | | |
$ | 511,774 | |
| Cost of revenue | |
| 277,153 | | |
| 250,379 | | |
| 8,307 | | |
| 258,686 | |
| | |
| | | |
| | | |
| | | |
| | |
| Gross profit | |
| 285,570 | | |
| 261,395 | | |
| (8,307 | ) | |
| 253,088 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating expenses | |
| | | |
| | | |
| | | |
| | |
| Sales and marketing | |
| 186,289 | | |
| 177,668 | | |
| - | | |
| 177,668 | |
| General and administrative | |
| 50,353 | | |
| 49,795 | | |
| - | | |
| 49,795 | |
| Other expenses, net | |
| - | | |
| 3,312 | | |
| 7,342 | | |
| 10,654 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total operating expenses | |
| 236,642 | | |
| 230,775 | | |
| 7,342 | | |
| 238,117 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating income | |
| 48,928 | | |
| 30,620 | | |
| (15,649 | ) | |
| 14,971 | |
| | |
| | | |
| | | |
| | | |
| | |
| Interest expense, net | |
| 551 | | |
| 401 | | |
| - | | |
| 401 | |
| Other financial expense | |
| | | |
| | | |
| | | |
| | |
| (income), net | |
| 1,695 | | |
| (1,593 | ) | |
| - | | |
| (1,593 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Total financial (income) | |
| | | |
| | | |
| | | |
| | |
| expense, net | |
| 2,246 | | |
| (1,192 | ) | |
| - | | |
| (1,192 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Income before income taxes | |
| 46,682 | | |
| 31,812 | | |
| (15,649 | ) | |
| 16,163 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income tax expense | |
| 4,655 | | |
| 3,868 | | |
| - | | |
| 3,868 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income for the period | |
| 42,027 | | |
| 27,944 | | |
| (15,649 | ) | |
| 12,295 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income per share | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 2.02 | | |
| 1.33 | | |
| (0.74 | ) | |
| 0.59 | |
| Diluted | |
| 1.96 | | |
| 1.31 | | |
| (0.73 | ) | |
| 0.58 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of Shares | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 20,791 | | |
| 20,968 | | |
| 20,968 | | |
| 20,968 | |
| Diluted | |
| 21,428 | | |
| 21,251 | | |
| 21,251 | | |
| 21,251 | |
* Derived from 2013 audited financial statements.
Consolidated Statements of Operations
including Reported (Non - IFRS) to IFRS Reconciliation
In thousands (other than per share amounts)
For the three months ended December
31
| | |
2013
IFRS | | |
2014
Non-IFRS | | |
Restructuring | | |
2014
IFRS | |
| | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| | |
| | |
| | |
| | |
| |
| Revenue | |
$ | 168,110 | | |
$ | 126,526 | | |
$ | - | | |
$ | 126,526 | |
| Cost of revenue | |
| 96,781 | | |
| 62,711 | | |
| 8,307 | | |
| 71,018 | |
| Gross profit | |
| 71,329 | | |
| 63,815 | | |
| (8,307 | ) | |
| 55,508 | |
| Operating expenses | |
| | | |
| | | |
| | | |
| | |
| Sales and marketing | |
| 56,242 | | |
| 42,945 | | |
| - | | |
| 42,945 | |
| General and administrative | |
| 12,467 | | |
| 9,437 | | |
| - | | |
| 9,437 | |
| Other expenses, net | |
| - | | |
| 3,312 | | |
| 7,342 | | |
| 10,654 | |
| Total operating expenses | |
| 68,709 | | |
| 55,694 | | |
| 7,342 | | |
| 63,036 | |
| Operating income (loss) | |
| 2,620 | | |
| 8,121 | | |
| (15,649 | ) | |
| (7,528 | ) |
| Interest expense (income), net | |
| 256 | | |
| (151 | ) | |
| - | | |
| (151 | ) |
| Other financial expense | |
| | | |
| | | |
| | | |
| | |
| (income), net | |
| 1,359 | | |
| (383 | ) | |
| - | | |
| (383 | ) |
| Total financial expense (income), net | |
| 1,615 | | |
| (534 | ) | |
| - | | |
| (534 | ) |
| Income (loss) before income tax | |
| 1,005 | | |
| 8,655 | | |
| (15,649 | ) | |
| (6,994 | ) |
| Income tax expense | |
| 324 | | |
| 1,196 | | |
| - | | |
| 1,196 | |
| Net income (loss) for the period | |
| 681 | | |
| 7,459 | | |
| (15,649 | ) | |
| (8,190 | ) |
| Net income per share | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.03 | | |
| 0.36 | | |
| (0.75 | ) | |
| (0.39 | ) |
| Diluted | |
| 0.03 | | |
| 0.35 | | |
| (0.74 | ) | |
| (0.39 | ) |
| Weighted average number of shares | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 20,892 | | |
| 21,007 | | |
| 21,007 | | |
| 21,007 | |
| Diluted | |
| 21,474 | | |
| 21,076 | | |
| 21,076 | | |
| 21,076 | |
| Consolidated Balance Sheets as of | |
| | |
| |
| | |
| | |
| |
| | |
December 31, | | |
December 31, | |
| | |
2013 | | |
2014 | |
| | |
(Audited*) | | |
(Unaudited) | |
| | |
(In thousands) | |
| Assets | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 40,885 | | |
$ | 46,880 | |
| Inventories | |
| 140,709 | | |
| 138,392 | |
| Trade receivables | |
| 123,936 | | |
| 94,217 | |
| Other receivables | |
| 22,208 | | |
| 34,789 | |
| Derivative financial instruments | |
| 538 | | |
| 1,035 | |
| Total current assets | |
| 328,276 | | |
| 315,313 | |
| | |
| | | |
| | |
| Property, plant and equipment | |
| 107,132 | | |
| 124,817 | |
| Intangible assets | |
| 48,104 | | |
| 44,389 | |
| Deferred tax assets | |
| 1,089 | | |
| 2,506 | |
| Other receivables | |
| 398 | | |
| 273 | |
| Total non-current assets | |
| 156,723 | | |
| 171,985 | |
| | |
| | | |
| | |
| Total assets | |
| 484,999 | | |
| 487,298 | |
| | |
| | | |
| | |
| Liabilities | |
| | | |
| | |
| Loans and borrowings | |
| 15,452 | | |
| 9,239 | |
| Derivative financial instruments | |
| 103 | | |
| 491 | |
| Trade payables | |
| 90,749 | | |
| 67,011 | |
| Income tax payable | |
| 9,869 | | |
| 11,740 | |
| Provisions | |
| 1,614 | | |
| 2,469 | |
| Other current liabilities | |
| 29,674 | | |
| 27,882 | |
| Total current liabilities | |
| 147,461 | | |
| 118,832 | |
| Loans and borrowings | |
| - | | |
| 34,645 | |
| Employee benefits | |
| 2,221 | | |
| 2,174 | |
| Provisions | |
| 714 | | |
| 122 | |
| Deferred tax liabilities | |
| 2,997 | | |
| 750 | |
| Total non-current liabilities | |
| 5,932 | | |
| 37,691 | |
| | |
| | | |
| | |
| Total liabilities | |
| 153,393 | | |
| 156,523 | |
| | |
| | | |
| | |
| Shareholders’ equity | |
| | | |
| | |
| Share capital | |
| 3,378 | | |
| 3,400 | |
| Share premium | |
| 193,649 | | |
| 198,918 | |
| Translation reserve | |
| 3,394 | | |
| (14,908 | ) |
| Retained earnings | |
| 131,185 | | |
| 143,365 | |
| Total shareholders’ equity | |
| 331,606 | | |
| 330,775 | |
| | |
| | | |
| | |
| Total liabilities and shareholders’ equity | |
$ | 484,999 | | |
$ | 487,298 | |
* Derived from 2013 audited financial statements.
| Consolidated Statements of Cash Flows |
| | |
For the twelve months ended | | |
For the three months ended | |
| | |
December 31, | | |
December 31, | |
| | |
2013 | | |
2014 | | |
2013 | | |
2014 | |
| | |
(Audited*) | | |
(Unaudited) | | |
(Unaudited) | |
| | |
(In thousands) | |
| Cash flows from operating activities | |
| | | |
| | | |
| | | |
| | |
| Net income (loss) for the period | |
$ | 42,027 | | |
$ | 12,295 | | |
$ | 681 | | |
$ | (8,190 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Adjustments: | |
| | | |
| | | |
| | | |
| | |
| Amortization of intangible assets | |
| 2,253 | | |
| 2,948 | | |
| 484 | | |
| 906 | |
| Change in fair value of derivative financial instruments | |
| (310 | ) | |
| (906 | ) | |
| (43 | ) | |
| 418 | |
| Exchange rate differences on long-term loans and borrowing | |
| - | | |
| (2,986 | ) | |
| - | | |
| (1,956 | ) |
| Depreciation of property, plant and equipment | |
| 12,740 | | |
| 14,099 | | |
| 4,135 | | |
| 4,014 | |
| Share-based payment | |
| 11,019 | | |
| 3,760 | | |
| 2,781 | | |
| (2,972 | ) |
| Restructuring costs | |
| - | | |
| 15,649 | | |
| - | | |
| 15,649 | |
| Goodwill impairment | |
| - | | |
| 3,312 | | |
| - | | |
| 3,312 | |
| Interest expense (income), net | |
| 551 | | |
| 401 | | |
| 256 | | |
| (151 | ) |
| Income tax expense | |
| 4,655 | | |
| 3,868 | | |
| 324 | | |
| 1,196 | |
| | |
| 72,935 | | |
| 52,440 | | |
| 8,618 | | |
| 12,226 | |
| | |
| | | |
| | | |
| | | |
| | |
| Decrease (increase) in inventories | |
| (20,217 | ) | |
| (12,658 | ) | |
| 17,374 | | |
| 2,946 | |
| Decrease (increase) in trade and other receivables | |
| (44,406 | ) | |
| 21,471 | | |
| (8,640 | ) | |
| (1,954 | ) |
| Increase (decrease) in trade payables | |
| 3,259 | | |
| (22,570 | ) | |
| 12,024 | | |
| (1,082 | ) |
| Increase in employee benefits | |
| 111 | | |
| 49 | | |
| 87 | | |
| 119 | |
| Increase (decrease) in provisions and other current liabilities | |
| (9,226 | ) | |
| 1,371 | | |
| (9,804 | ) | |
| (2,562 | ) |
| | |
| 2,456 | | |
| 40,103 | | |
| 19,659 | | |
| 9,693 | |
| Interest paid | |
| (485 | ) | |
| (438 | ) | |
| (196 | ) | |
| (145 | ) |
| Income tax received | |
| 3,769 | | |
| 956 | | |
| - | | |
| 241 | |
| Income tax paid | |
| (2,960 | ) | |
| (5,036 | ) | |
| (673 | ) | |
| (675 | ) |
| Net cash provided by operating activities | |
| 2,780 | | |
| 35,585 | | |
| 18,790 | | |
| 9,114 | |
| | |
| | | |
| | | |
| | | |
| | |
| Cash flows from investing activities | |
| | | |
| | | |
| | | |
| | |
| Interest received | |
| 91 | | |
| 87 | | |
| 3 | | |
| 45 | |
| Proceeds from short term bank deposits, net | |
| - | | |
| - | | |
| 10,000 | | |
| - | |
| Proceeds from sales of property, plant and equipment | |
| 1,628 | | |
| - | | |
| 1,628 | | |
| - | |
| Proceeds from derivative financial instruments, net | |
| 417 | | |
| 797 | | |
| 367 | | |
| 1,324 | |
| Acquisition of subsidiary, net of cash acquired | |
| (1,179 | ) | |
| - | | |
| - | | |
| - | |
| Acquisition of property, plant and equipment | |
| (39,799 | ) | |
| (55,174 | ) | |
| (13,503 | ) | |
| (11,208 | ) |
| Acquisition of intangible assets | |
| (4,844 | ) | |
| (5,684 | ) | |
| (1,301 | ) | |
| (1,630 | ) |
| Net cash used in investing activities | |
| (43,686 | ) | |
| (59,974 | ) | |
| (2,806 | ) | |
| (11,469 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Cash flows from financing activities | |
| | | |
| | | |
| | | |
| | |
| Proceeds from exercise of employee share options | |
| 4,184 | | |
| 860 | | |
| 173 | | |
| 40 | |
| Receipts of long-term loans and borrowings | |
| - | | |
| 49,253 | | |
| - | | |
| 19,043 | |
| Repayments of long-term loans and borrowings | |
| - | | |
| (2,383 | ) | |
| - | | |
| (2,383 | ) |
| Change in short-term debt | |
| 15,452 | | |
| (15,452 | ) | |
| (4,561 | ) | |
| (6,622 | ) |
| Net cash provided by (used in) financing activities | |
| 19,636 | | |
| 32,278 | | |
| (4,388 | ) | |
| 10,078 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net increase (decrease) in cash and cash equivalents | |
| (21,270 | ) | |
| 7,889 | | |
| 11,596 | | |
| 7,723 | |
| Cash and cash equivalents at the beginning of the period | |
| 62,068 | | |
| 40,885 | | |
| 29,211 | | |
| 39,901 | |
| Effect of exchange rates fluctuations on cash and cash equivalents | |
| 87 | | |
| (1,894 | ) | |
| 78 | | |
| (744 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Cash and cash equivalents at the end of the period | |
$ | 40,885 | | |
$ | 46,880 | | |
$ | 40,885 | | |
$ | 46,880 | |
* Derived from 2013 audited financial statements.
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, 2013 (Audited*) | |
$ | 218,169 | | |
| 268,500 | | |
| 43,554 | | |
| 32,500 | | |
$ | 562,723 | |
| December 31, 2014 (Unaudited) | |
$ | 142,301 | | |
| 281,690 | | |
| 53,837 | | |
| 33,946 | | |
$ | 511,774 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Three months ended: | |
| | | |
| | | |
| | | |
| | | |
| | |
| December 31, 2013 (Unaudited) | |
$ | 72,666 | | |
| 71,649 | | |
| 14,816 | | |
| 8,979 | | |
$ | 168,110 | |
| December 31, 2014 (Unaudited) | |
$ | 37,160 | | |
| 66,885 | | |
| 16,441 | | |
| 6,040 | | |
$ | 126,526 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
* Derived from 2013 audited financial statements.
EBITDA and Adjusted EBITDA
| | |
Twelve months ended | | |
Three months ended | |
| | |
December 31, | | |
December 31, | |
| | |
2013 | | |
2014 | | |
2013 | | |
2014 | |
| | |
(Unaudited) | |
| | |
(In thousands) | |
| | |
| | |
| | |
| | |
| |
| Reconciliation of Net Income to EBITDA and Adjusted EBITDA | |
| | | |
| | | |
| | | |
| | |
| Net income | |
$ | 42,027 | | |
$ | 12,295 | | |
$ | 681 | | |
$ | (8,190 | ) |
| Interest expense (income), net | |
| 551 | | |
| 401 | | |
| 256 | | |
| (151 | ) |
| Income tax expense | |
| 4,655 | | |
| 3,868 | | |
| 324 | | |
| 1,196 | |
| Depreciation and amortization | |
| 14,993 | | |
| 17,047 | | |
| 4,619 | | |
| 4,920 | |
| EBITDA | |
| 62,226 | | |
| 33,611 | | |
| 5,880 | | |
| (2,225 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Restructuring | |
| - | | |
| 15,649 | | |
| - | | |
| 15,649 | |
| Impairment of goodwill | |
| - | | |
| 3,312 | | |
| - | | |
| 3,312 | |
| | |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA
| |
$ | 62,226 | | |
$ | 52,572 | | |
$ | 5,880 | | |
$ | 16,736 | |
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, | |
| | |
2013 | | |
2014 | | |
2013 | | |
2014 | |
| | |
(Audited*) | | |
(Unaudited) | | |
(Unaudited) | |
| | |
Revenue | |
| | |
(in thousands) | |
| | |
| | |
| | |
| | |
| |
| Sparkling water maker starter kits (including exchange cylinders) | |
$ | 233,146 | | |
$ | 172,614 | | |
$ | 77,796 | | |
$ | 53,080 | |
| Consumables | |
| 317,798 | | |
| 327,400 | | |
| 87,829 | | |
| 72,565 | |
| Other | |
| 11,779 | | |
| 11,760 | | |
| 2,485 | | |
| 881 | |
| Total | |
$ | 562,723 | | |
$ | 511,774 | | |
$ | 168,110 | | |
$ | 126,526 | |
| | |
Twelve months ended | | |
Three months ended | |
| | |
December 31, | | |
December 31, | |
| | |
2013 | | |
2014 | | |
2013 | | |
2014 | |
| | |
(Audited*) | | |
(Unaudited) | | |
(Unaudited) | |
| | |
As a percentage of revenue | |
| | |
| | |
| | |
| | |
| |
| Sparkling water maker starter kits (including exchange cylinders) | |
| 41.4 | % | |
| 33.7 | % | |
| 46.3 | % | |
| 42.0 | % |
| Consumables | |
| 56.5 | % | |
| 64.0 | % | |
| 52.2 | % | |
| 57.4 | % |
| Other | |
| 2.1 | % | |
| 2.3 | % | |
| 1.5 | % | |
| 0.6 | % |
| Total | |
| 100.0 | % | |
| 100 | % | |
| 100.0 | % | |
| 100 | % |
* Derived from 2013 audited financial statements.
Exhibit 99.2
SodaStream
International Ltd.
Chief
Financial Officer’s Commentary
Fourth
Quarter 2014
Revenue
Fourth quarter revenue decreased 24.7%
to $126.5 million from $168.1 million in the fourth quarter 2013. The decrease included a foreign currency impact of $7.6 million,
primarily reflecting the weakening of the Euro/U.S. dollar exchange rate by 7% in comparison to the fourth quarter 2013.
Americas’ revenue decreased 48.9%
to $37.2 million from $72.7 million; Western Europe revenue decreased 6.6% to $66.9 million from $71.6 million, but excluding the
impact of foreign currency rates change, revenue increased to $72.3 million; Asia-Pacific revenue increased to $16.4 million compared
to $14.8 million in the fourth quarter 2013. CEMEA revenue decreased 32.7% to $6.0 million from $9.0 million in the fourth quarter
2013.
The following table sets forth each region’s
contribution to total revenue and a comparison with the fourth quarter 2013 (percentage):
| Region | |
Portion of the revenue in three months ended | | |
Revenue increase
(decrease) between periods | |
| | |
December 31, 2013 | | |
December 31, 2014 | | |
| |
| The Americas | |
| 43.2 | % | |
| 29.4 | % | |
| (48.9 | )% |
| Western Europe | |
| 42.7 | % | |
| 52.8 | % | |
| (6.6 | )% |
| Asia-Pacific | |
| 8.8 | % | |
| 13.0 | % | |
| 11.0 | % |
| Central & Eastern Europe, Middle East & Africa | |
| 5.3 | % | |
| 4.8 | % | |
| (32.7 | )% |
| Total | |
| 100.0 | % | |
| 100 | % | |
| (24.7 | )% |
The Americas revenue decrease was mainly due to lower demand
for sparkling water makers and flavors in the U.S. during the holidays partially as a result of the elimination of discounting
and promotional activities that took place in the same period in 2013. The decrease in Western Europe revenue was mainly due to
the impact of foreign exchange rates and lower sales in France and Italy partially offset by increased sales in Germany, Switzerland
and Austria. Asia-Pacific revenue increased primarily due to increased sales in Australia. The decrease in CEMEA revenue was due
to lower sales in Czech Republic and Israel.
Sparkling water maker unit sales decreased
34% to 1.0 million from 1.5 million in the same period in 2013 mainly due to the decrease in sales in the U.S and France partially
offset by an increase in sparkling water maker unit sales in Germany and Austria. CO2 refill unit sales increased 17% to 6.3 million
and flavor unit sales decreased 38% to 6.1 million.
Restructuring & Goodwill Impairment
During the fourth quarter of 2014, the Company recorded non-cash,
pre-tax charges totaling $15.6 million as part of the restructuring and growth plan it announced on October 29, 2014. $3.1 million
of the total charge was associated with the transition to the new plant in Southern Israel and included the elimination and impairment
of fixed assets at the Company’s other production facilities. $12.5 million of the total charge related to the transformation
of the Company’s product lines and included the write-off of fixed assets and inventory associated with discontinued products.
The Company also recorded a goodwill impairment charge of $3.3 million relating to its acquisition of CEM Industries in 2011.
Gross Margin
Gross margin (before the impact of restructuring
costs) in the quarter was 50.4% compared to 42.4% for the same period in 2013. The increase was mainly due to a higher portion
of CO2 refills in the sales mix and higher sparkling water makers margin following the elimination of promotional activities in
the U.S. that included discontinuation of bundled promotional packs. This increase was partially offset by the impact of changes
in foreign currency exchange rates.
Sales & Marketing
Sales and marketing expenses were $42.9
million, or 33.9% of revenue, compared to $56.2 million, or 33.5% of revenue for the same period in 2013. The decrease was mainly
due to lower advertising and promotions expenses, which decreased $9.5 million to 14.9% of revenue from 16.8% of revenue in the
same period in 2013, lower distribution expenses as a result of lower sales volume and the impact of changes in foreign currency
exchange rates. This was partially offset by additional expenses associated with our Japanese distribution channel which we acquired
in April 2014.
General & Administrative
General and administrative expenses were
$9.4 million, or 7.5% of revenue, compared to $12.5 million, or 7.4% of revenue in the comparable period of last year. The decrease
was mainly due to the reversal of share-based payments of $4.8 million partially offset by expenses associated with directly managing
our Japanese distribution channel.
Operating Income
Operating income (before the impact of
restructuring costs) increased to $8.1 million, or 6.4% of revenue, compared to $2.6 million, or 1.6% of revenue in the same period
in 2013. Operating income was negatively impacted by an impairment of goodwill in the amount of $3.3 million reported in other
expenses and a negative impact from foreign currency exchange rates of $2.1 million.
Financial income
Financial income was $0.5 million compared
to $1.6 million expense in the fourth quarter last year. Financial income in the quarter resulted mainly from a reduction in the
value of Euro loans.
Tax Expense
Tax expense totaled $1.2 million compared
to tax expense of $0.3 million in the fourth quarter 2013. The increase was mainly due to changes in the distribution of profit
before tax between territories.
Net Income
Fourth quarter 2014 net loss on an IFRS
basis was ($8.2) million, or ($0.39) per share, based on 21.1 million weighted shares outstanding compared to net income on IFRS
basis of $0.7 million, or $0.03 per share, based on 21.5 million weighted shares outstanding in the fourth quarter 2013.
Excluding the impact of restructuring costs,
fourth quarter 2014 adjusted net income was $7.5 million, or $0.35 per diluted share.
Foreign Currency Impact
Changes in foreign currency exchange rates ("FX")
had a negative impact on revenue of $7.6 million mainly due to a weakening of 7% in the Euro exchange rate and 8% in the Australian
dollar exchange rate, in each case, against the U.S. dollar compared to their average rates in the fourth quarter of 2013. Conversely,
FX had a positive impact on cost of revenue and operating expenses as approximately 60% of costs and expenses are denominated in
currencies other than the U.S. dollar, mainly the Israeli Shekel, which the exchange rate vs. the U.S. dollar decreased 7% compared
to its average rate in the same period in 2013. As a result, FX had an overall net negative impact of $2.1 million on operating
income.
Full Year 2014
Revenue
Full year revenue decreased 9.0% to $511.8
million from $562.7 million in 2013. The decrease includes a foreign currency impact of $5.0 million, reflecting mainly the weakening
of the Australian dollar against the U.S. dollar rate by 7% in comparison to its average rate in 2013.
Americas’ revenue decreased 34.8%
to $142.3 million from $218.2 million; Western Europe revenue increased 4.9% to $281.7 million from $268.5 million; Asia-Pacific
revenue increased 23.6% to $53.8 million from $43.6 million; and CEMEA revenue increased 4.4% to $34.0 million from $32.5 million.
The following table sets forth each region’s
contribution to total revenue and a comparison with 2013 (percentage):
| Region | |
Portion of the revenue in year ended | | |
Revenue increase (decrease)
between periods | |
| | |
December 31, 2013 | | |
December 31, 2014 | | |
| |
| The Americas | |
| 38.8 | % | |
| 27.8 | % | |
| (34.8 | )% |
| Western Europe | |
| 47.7 | % | |
| 55.0 | % | |
| 4.9 | % |
| Asia-Pacific | |
| 7.7 | % | |
| 10.5 | % | |
| 23.6 | % |
| Central & Eastern Europe, Middle East & Africa | |
| 5.8 | % | |
| 6.7 | % | |
| 4.4 | % |
| Total | |
| 100.0 | % | |
| 100 | % | |
| (9.0 | )% |
The Americas revenue decrease was mainly due to lower demand
for sparkling water makers and flavors in the U.S. due to reduced demand and sell-through at retail. The increase in Western Europe
revenues was due to mainly to Germany and Austria, partially offset by a decrease in France and Italy. Asia-Pacific revenue increased
due to increased sales in Australia and our newly acquired Japanese distribution channel while the CEMEA revenue increase was due
to increased sales in the Czech Republic.
Sparkling water maker unit sales decreased
27% to 3.2 million from 4.4 million mainly due to a decrease in sales in the U.S and France partially offset by an increase in
sparkling water maker unit sales in Germany. CO2 refill unit sales increased 16% to 25 million and flavor unit sales decreased
8% to 31.4 million.
Gross Margin
Gross margin (before the impact of restructuring
costs) was 51.1% in 2014 compared to 50.7% in the prior year. The increase was mainly due to improved sparkling water makers margin
due to significantly lower discounting activities compared to the prior year, higher portion of CO2 refills in the sales mix. This
increase was partially offset by the impact of changes in foreign currency exchange rate.
Sales & Marketing
Sales and marketing expenses were $177.7
million, or 34.7% of revenue, compared to $186.3 million, or 33.1% of revenue in 2013. The decrease was mainly due to lower advertising
and promotions expenses which decreased $9.6 million to 15.0% of revenue from 15.4% of revenue in the same period in 2013, and
the impact of changes in foreign currency exchange rates. This was partially offset by additional expenses associated with our
Japanese distribution channel which was acquired in April 2014.
General & Administrative
General and administrative expenses were
$49.8 million, or 9.7% of revenue, compared to $50.4 million, or 8.9% of revenue in 2013. The decrease was mainly due to the reversal
of share-based payments of $4.8 million, partially offset by expenses related to IT support and the Japanese distribution channel.
Operating Income
Operating income (before the impact of
restructuring costs) decreased to $30.6 million, or 6.0% of revenue compared to $48.9 million or 8.7% of revenue in 2013. Operating
income was negatively impacted by an impairment of goodwill in the amount of $3.3 million reported in other expenses, and a negative
impact from changes in foreign currency exchange rates of $5.4 million.
Financial income
Financial income was $1.2 million compared to expense of $2.2
million last year. Financial income for the year was generated mainly from a reduction in the value of Euro loans.
Tax Expense
Tax expense was $3.9 million compared to
$4.7 million. The decrease was mainly due to lower income before tax and changes in the distribution of profit before tax between
territories.
Net Income
2014 net income on an IFRS basis was $12.3
million, or $0.58 per share, based on 21.3 million weighted shares outstanding, compared to net income on IFRS basis of $42.0 million,
or $1.96 per share, based on 21.4 million weighted shares outstanding in 2013.
Excluding the impact of restructuring costs,
2014 adjusted net income was $27.9 million, or $1.31 per diluted share.
Foreign Currency Impact
Changes in foreign currency exchange rates
("FX") had a negative impact on revenue of approximately $5.0 million in 2014 compared to 2013, mainly due to the weakening
of 7% in the Australian dollar exchange rate against the U.S. dollar compared to its average rate in 2013. Approximately 73% of
revenue was in non-USD currencies. Conversely, FX had a negative impact on cost of revenue as approximately 69% of cost of revenue
are denominated in currencies other than the U.S. dollar, mainly the Israeli Shekel, the exchange rate of which increased 1% against
the U.S. dollar compared to its average rate in 2013.As a result, FX had an overall negative impact on operating income of approximately
$5.4 million.
Balance Sheet
As of December 31, 2014, the Company had
cash and cash equivalents and bank deposits of $46.9 million compared to $40.9 million at December 31, 2013. The increase is mainly
due to cash flow from operating activities, long term, low interest bank loans obtained during 2014 partially offset by investments
in our new production facility and the purchase of our Japanese distributor’s business. As of December 31, 2014, the Company
had $43.9 million of bank debt mainly for financing the investment of our new production facility, compared to $15.5 million of
bank debt as of December 31, 2013.
Cash flow from operating activities in
2014 was $35.6 million compared to $2.8 million in 2013. The increase in cash flow from operating activities was mainly due to
tighter working capital control that led to a lower increase in working capital in 2014 compared with 2013. Working capital, before
the impact of restructuring, increased $11.7 million in 2014 ($3.4 million including the restructuring impact) compared to $60.3
million increase in 2013.
As of December 31, 2014, working capital
increased by $3.4 million to $158.8 million from $155.4 million as of December 31, 2013. Inventories decreased by $2.3 million
or 1.6% to $138.4 million as of December 31, 2014 from $140.7 million as of December 31, 2013, mainly due to the impact of restructuring
actions. Excluding the impact of restructuring, inventory increased 4.3% to $146.7 million compared to December 2013.
Exhibit 99.3
Q4 2014 % Change Y/Y Total Revenues $126.5 million - 25% Soda Maker Units 1,018,000 - 34% Flavor Units 6.1million - 38% CO 2 Refill Units 6.3 million +17% Net Income Non - IFRS (1) $7.5 million +995% EPS (2) Non - IFRS (1) $0.35 +1,067% Net Income IFRS - $8.2 million NA EPS (2) IFRS - $0.39 NA Financial Highlights Q4 2014 restructuring. Excluding impact of ) 1 ( 4 2013 million weighted shares outstanding in Q 21.5 and 4 2014 million weighted shares outstanding in Q 21.1 Based on ) 2 (
Quarterly Revenue 2009 - 2014 (in $ Million) Quarterly Revenue Change 27.9 31.6 35.9 40.9 39.1 50.0 54.5 64.9 58.5 69.1 75.7 85.7 87.9 103.0 112.5 132.9 117.6 132.4 144.6 168.1 118.2 141.2 125.9 126.5 - 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 Q1 Q2 Q3 Q4 2009 2010 2011 2012 2013 2014
Quarterly Soda Maker Unit Sales 2009 - 2014 (in thousands ) Quarterly Soda Maker Units Change 184 203 285 385 297 463 449 712 592 634 717 767 683 764 940 1,111 776 935 1,196 1,542 604 785 818 1,018 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Q1 Q2 Q3 Q4 2009 2010 2011 2012 2013 2014
Quarterly Refill Unit Sales 2009 - 2014 (in millions) Quarterly CO 2 Refill Units Change 1.9 2.1 2.2 2.3 2.3 2.5 2.8 2.7 2.9 3.4 3.6 3.4 3.7 4.2 4.3 4.3 4.8 5.5 5.8 5.4 5.8 6.5 6.4 6.3 - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Q1 Q2 Q3 Q4 2009 2010 2011 2012 2013 2014
Quarterly Flavor Unit Sales 2009 - 2014 (in millions) Quarterly Flavor Units Change 1.4 1.7 2.0 2.2 3.0 3.1 4.1 3.7 3.8 6.1 4.4 4.6 5.8 7.2 7.7 7.4 7.7 8.5 8.3 9.8 8.4 9.3 7.6 6.1 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Q1 Q2 Q3 Q4 2009 2010 2011 2012 2013 2014
Consolidated Statements of Operations Q 4 - 2014 vs. Q 4 - 2013 Consolidated statements of operations including Reported (Non - IFRS) to IFRS Reconciliation In thousands (other than per share amounts) For the three months ended December 31 2013 2014 Non - IFRS Restructuring 2014 IFRS (Audited) (Unaudited) (Unaudited) (Unaudited) Revenue $ 168,110 $ 126,526 $ - $ 126,526 Cost of revenue 96,781 62,711 8,307 71,018 Gross profit 71,329 63,815 (8,307) 55,508 Operating expenses Sales and marketing 56,242 42,945 - 42,945 General and administrative 12,467 9,437 - 9,437 Other expenses, net - 3,312 7,342 10,654 Total operating expenses 68,709 55,694 7,342 63,036 Operating income 2,620 8,121 (15,649) (7,528) Interest expense (income), net 256 (151) - (151) Other financial expense (income) , net 1,359 (383) - (383) Total financial (income) 1,615 (534) - (534) expense, net 1,005 8,655 (15,649) (6,994) Income before income taxes 324 1,196 - 1,196 Income tax expense Net income for the period 681 7,459 (15,649) (8,190) Net income per share Basic 0.03 0.36 (0.75) (0.39) Diluted 0.03 0.35 (0.74) (0.39) Weighted average number of shares Basic 20,892 21,007 21,007 21,007 Diluted 21,474 21,076 21,076 21,076
Consolidated Statements of Operations FY 2014 vs. FY 2013 Consolidated statements of operations including Reported (Non - IFRS) to IFRS Reconciliation In thousands (other than per share amounts) For the twelve months ended December 31 2013 2014 Non - IFRS Restructuring 2014 IFRS (Audited) (Unaudited) (Unaudited) (Unaudited) Revenue $ 562,723 $ 511,774 $ $ 511,774 Cost of revenue 277,153 250,379 8,307 258,686 Gross profit 285,570 261,395 (8,307) 253,088 Operating expenses Sales and marketing 186,289 177,668 177,668 General and administrative 50,353 49,795 49,795 Other expenses, net - 3,312 7,342 10,654 Total operating expenses 236,642 230,775 15,649 238,117 Operating income 48,928 30,620 (15,649) 14,971 Interest expense (income), net 551 401 401 Other financial expense (income) , net 1,695 (1,593) - (1,593) Total financial (income) expense, net 2,246 (1,192) - (1,192) Income before income taxes 46,682 31,812 (15,649) 16,163 Income tax expense 4,655 3,868 - 3,868 Net income for the period 42,027 27,944 (15,649) 12,295 Net income per share Basic 2.02 1.33 (0.74) 0.59 Diluted 1.96 1.31 (0.73) 0.58 Weighted average number of shares Basic 20,791 20,968 20,968 20,968 Diluted 21,428 21,251 21,251 21,251
Sodastream International Ltd. - Ordinary Shares (delisted) (NASDAQ:SODA)
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