AIRPORT CITY, Israel,
May 6, 2015 /PRNewswire/
-- SodaStream International Ltd. (NASDAQ: SODA), a leading
manufacturer of home beverage carbonation systems, announced today
its results for the three month period ended March 31, 2015.
For the first quarter ended March 31,
2015 on an adjusted basis*:
- Adjusted revenue was $91.3
million compared to $118.2
million in the first quarter 2014.
- Adjusted revenue on a constant currency basis was $104.8 million.
- Adjusted operating income was $3.7
million compared to $2.3
million in the first quarter 2014
- Adjusted EBITDA was $7.6 million
compared to $6.5 million in the first
quarter 2014
- Adjusted net income was $8.4
million compared to $1.8
million in the first quarter 2014
- Adjusted diluted earnings per share were $0.40, compared to $0.08 in the first quarter 2014.
*Adjusted revenue, Adjusted operating income, Adjusted net
income and Adjusted diluted earnings per share are non-IFRS
financial measures that eliminate the effect of restructuring
costs, which include $2.3 million of
pre-tax charges incurred as part of the Company's restructuring and
growth plan announced on October 29,
2014. The charges were related to activities associated with
discontinued products, which decreased revenue by $1.0 million and increased cost of revenue by
$1.3 million. Adjusted EBITDA
represents earnings before financial income, income tax,
depreciation and amortization, and further eliminates the effect of
restructuring costs.
"The implementation of the restructuring and growth plan we
announced in October 2014 is
progressing as planned. The first quarter marked the start of a
transitional period as we embarked on our global brand and product
repositioning around health & wellness," said Daniel Birnbaum, Chief Executive Officer of
SodaStream. "We've made good progress preparing for the launch of a
completely new portfolio of great tasting, better for you sparkling
water flavors later this year that we believe will resonate
strongly with our consumer audience. At the same time, the
transformation of our manufacturing base and operating structure is
creating a more efficient organization. We are accelerating the
consolidation of our production activities into our new
state-of-the-art plant in Lehavim. During April, we shut down our
Alon Tavor facility and commenced
plastic injection in Lehavim. Last week we completed the transfer
of our last assembly lines from Mishor Adumim to Lehavim and we no
longer produce sparkling water makers in Mishor Adumin. We will
complete the transition of equipment and exit Mishor Adumim
entirely during the third quarter, ahead of schedule. As our
restructuring and growth plan unfolds and gains traction, and we
move past the challenging foreign currency exchange rate changes,
we believe SodaStream will be well positioned to drive sustainable
sales gains and greater earnings power in the years ahead."
First Quarter 2015
Financial Review
|
(The financial review
relates to the Non-IFRS Consolidated Statements of
Operations)
|
|
Geographical Revenue
Breakdown
|
|
|
|
|
|
|
|
|
Adjusted
Revenue
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
March 31,
2014
|
|
|
March 31,
2015
|
|
|
(Decrease)
|
|
|
(Decrease)
|
|
|
In Millions
USD
|
|
|
%
|
Western
Europe
|
|
$
|
62.5
|
|
|
$
|
54.6
|
|
|
$
|
(7.9)
|
|
|
|
(13%)
|
The
Americas
|
|
|
34.8
|
|
|
|
22.8
|
|
|
|
(12.0)
|
|
|
|
(34%)
|
Asia-Pacific
|
|
|
11.9
|
|
|
|
9.0
|
|
|
|
(2.9)
|
|
|
|
(25%)
|
Central & Eastern
Europe, Middle East, Africa
|
|
|
9.0
|
|
|
|
4.9
|
|
|
|
(4.1)
|
|
|
|
(45%)
|
Total
|
|
$
|
118.2
|
|
|
$
|
91.3
|
|
|
$
|
(26.9)
|
|
|
|
(23%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Segment
Revenue Breakdown
|
|
|
|
|
|
|
|
|
Adjusted
Revenue
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
March 31,
2014
|
|
|
March 31,
2015
|
|
|
(decrease)
|
|
|
(decrease)
|
|
|
In millions
USD
|
|
|
%
|
Soda Maker Starter
Kits
|
|
$
|
32.2
|
|
|
$
|
27.5
|
|
|
$
|
(4.7)
|
|
|
|
(15%)
|
Consumables
|
|
|
83.0
|
|
|
|
63.0
|
|
|
|
(20.0)
|
|
|
|
(24%)
|
Other
|
|
|
3.0
|
|
|
|
0.8
|
|
|
|
(2.2)
|
|
|
|
(73%)
|
Total
|
|
$
|
118.2
|
|
|
$
|
91.3
|
|
|
$
|
(26.9)
|
|
|
|
(23%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Segment Unit
Breakdown
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
March 31,
2014
|
|
|
March 31,
2015
|
|
|
Increase
(decrease)
|
|
|
Increase
(decrease)
|
|
|
In
thousands
|
|
|
%
|
Soda Maker Starter
Kits
|
|
|
604
|
|
|
|
518
|
|
|
|
(86)
|
|
|
|
(14%)
|
CO2
Refills
|
|
|
5,820
|
|
|
|
6,046
|
|
|
|
226
|
|
|
|
4
|
Flavors
|
|
|
8,405
|
|
|
|
4,922
|
|
|
|
3,483
|
|
|
|
(41%)
|
The decrease in Adjusted revenue compared to the first quarter
2014 was mainly due to a $13.4
million reduction in Adjusted revenue from changes in
foreign currency exchange rates, primarily the weakening of the
average Euro/U.S. Dollar exchange rate by 18%, Australian
Dollar/U.S. Dollar by 12% and the Swedish Krona/U.S. Dollar by 23%
versus the same period last year. First quarter 2015 results also
reflect lower demand for sparkling water makers and flavors mainly
in the U.S. and France.
Gross margin for the first quarter 2015 (before the impact of
restructuring costs) remained 52.3% similar to the same period in
2014. First quarter 2015 gross margin was positively impacted by a
higher share of CO2 refills in product mix and negatively impacted
by the changes in foreign currency exchange rates versus the same
period last year.
Sales and marketing expenses for the first quarter 2015 totaled
$32.5 million, or 35.5% of Adjusted
revenue, compared to $46.1 million,
or 39.0% for the comparable period in the prior year. The decrease
was primarily attributable to lower advertising and promotion
expenses, which decreased $8.8
million to 13.8% of revenue from 18.1% of revenue in the
same period in 2014, and lower distribution costs due to the lower
sales volume. Selling and marketing expenses also decreased versus
the same period last year due to the changes in foreign currency
rates, mainly the weakening of the Euro/U.S. Dollar average
exchange rate by 18% and the Israeli Shekel/U.S. Dollar average
exchange rate by 12% versus the same period last year.
General and administrative expenses for the first quarter 2015
were $11.6 million, or 12.7% of
Adjusted revenue, compared to $13.4
million, or 11.3% of revenue in the comparable period of
last year. The decrease was mainly due to a decrease in share-based
payment expenses.
Operating income (before the impact of restructuring costs)
increased 56.2% to $3.7 million, or
4.0% of Adjusted revenue, compared to $2.3
million, or 2.0% of revenue, in the first quarter 2014. The
increase in operating income was driven primarily by reduction in
expenses, mainly the lower advertising and promotion expenses,
partially offset by the decrease in revenue.
The net impact of foreign currency exchange rate changes on
operating income in comparison with the same period in 2014 was
negative at approximately $2.6
million.
Net financial income was $5.7
million compared to net financial expense of $0.2 million in the same period in 2014. The
financial income resulted from currency hedging gains and profit
from a decrease in the value of Euro denominated bank loans.
Tax expense was $1.0 million with
effective tax rate of 13.8%, compared to $0.3 million with effective tax rate of 16.4% in
the first quarter 2014.
Balance Sheet Review
Cash and cash equivalents at
March 31, 2015 were $40.6 million compared to $46.9 million at December
31, 2014. The decrease is primarily attributable to the
investment in the Company's new production facility.
The Company had $45.8 million of
bank debt at March 31, 2015 mainly
for financing the investment in its new production facility,
compared to $43.9 million of bank
debt at December 31, 2014.
Working capital at March 31, 2015,
after the impact of the restructuring, decreased by 3.0% to
$154.1 million compared to
$158.8 million at December 31, 2014. Inventories at March 31, 2015 decreased by 4.4% to $132.3 million compared to $138.4 million at December
31, 2014.
Conference Call and Management Commentary
Detailed CFO commentary and a supplemental slide presentation
have been filed as part of today's 6-K and will be posted on the
Company's website, http://sodastream.investorroom.com.
The Company has scheduled a conference call for 8:30 AM Eastern Standard Time (U.S. time) today
(Wednesday, May 6, 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.
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 revenue, Adjusted net income, Adjusted EBITDA, and
Adjusted diluted earnings per share ("Adjusted diluted EPS").
Adjusted EBITDA represents earnings before financial expense
(income), income tax, depreciation and amortization, and further
eliminates the effect of restructuring costs. Adjusted revenue,
Adjusted net income and Adjusted diluted earnings per share
eliminate the effect of restructuring costs.
The Company believes that the Adjusted revenue, Adjusted net
income, Adjusted EBITDA and Adjusted diluted EPS, as described
above, should be considered in evaluating the Company's operations.
Adjusted revenue, Adjusted net income and Adjusted diluted EPS
exclude restructuring costs because most of this charge 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 financial expenses
(income), 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.
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
|
In thousands
(other than per share amounts)
|
|
For the three
months ended March 31
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
118,172
|
|
|
$
|
90,344
|
|
Cost of
revenue
|
|
|
56,326
|
|
|
|
44,893
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
61,846
|
|
|
|
45,451
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
46,146
|
|
|
|
32,461
|
|
General and
administrative
|
|
|
13,355
|
|
|
|
11,641
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
59,501
|
|
|
|
44,102
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
2,345
|
|
|
|
1,349
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
47
|
|
|
|
34
|
|
Other financial
expense
|
|
|
|
|
|
|
|
|
(income),
net
|
|
|
172
|
|
|
|
(5,702)
|
|
|
|
|
|
|
|
|
|
|
Total financial
(income)
|
|
|
|
|
|
|
|
|
expense,
net
|
|
|
219
|
|
|
|
(5,668)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
2,126
|
|
|
|
7,017
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
348
|
|
|
|
970
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
|
|
1,778
|
|
|
|
6,047
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.09
|
|
|
|
0.29
|
|
Diluted
|
|
|
0.08
|
|
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of Shares
|
|
|
|
|
|
|
|
|
Basic
|
|
|
20,908
|
|
|
|
21,017
|
|
Diluted
|
|
|
21,289
|
|
|
|
21,050
|
|
Consolidated Balance
Sheets as of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
March 31,
|
|
|
|
2014
|
|
|
2015
|
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
|
|
(In
thousands)
|
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
46,880
|
|
|
$
|
40,563
|
|
Inventories
|
|
|
138,392
|
|
|
|
132,281
|
|
Trade
receivables
|
|
|
94,217
|
|
|
|
66,059
|
|
Other
receivables
|
|
|
34,789
|
|
|
|
29,905
|
|
Derivative financial
instruments
|
|
|
1,035
|
|
|
|
3,441
|
|
Total current
assets
|
|
|
315,313
|
|
|
|
272,249
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
|
124,817
|
|
|
|
132,627
|
|
Intangible
assets
|
|
|
44,389
|
|
|
|
42,750
|
|
Deferred tax
assets
|
|
|
2,506
|
|
|
|
4,113
|
|
Other
receivables
|
|
|
273
|
|
|
|
415
|
|
Total non-current
assets
|
|
|
171,985
|
|
|
|
179,905
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
487,298
|
|
|
|
452,154
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Loans and
borrowings
|
|
|
9,239
|
|
|
|
22,984
|
|
Derivative financial
instruments
|
|
|
491
|
|
|
|
-
|
|
Trade
payables
|
|
|
67,011
|
|
|
|
36,047
|
|
Income tax
payable
|
|
|
11,740
|
|
|
|
12,615
|
|
Provisions
|
|
|
2,469
|
|
|
|
2,092
|
|
Other current
liabilities
|
|
|
27,882
|
|
|
|
26,799
|
|
Total current
liabilities
|
|
|
118,832
|
|
|
|
100,537
|
|
|
|
|
|
|
|
|
|
|
Loans and
borrowings
|
|
|
34,645
|
|
|
|
22,789
|
|
Employee
benefits
|
|
|
2,174
|
|
|
|
2,142
|
|
Provisions
|
|
|
122
|
|
|
|
165
|
|
Deferred tax
liabilities
|
|
|
750
|
|
|
|
701
|
|
Total non-current
liabilities
|
|
|
37,691
|
|
|
|
25,797
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
156,523
|
|
|
|
126,334
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Share
capital
|
|
|
3,400
|
|
|
|
3,402
|
|
Share
premium
|
|
|
198,918
|
|
|
|
200,059
|
|
Translation
reserve
|
|
|
(14,908)
|
|
|
|
(27,053)
|
|
Retained
earnings
|
|
|
143,365
|
|
|
|
149,412
|
|
Total shareholders'
equity
|
|
|
330,775
|
|
|
|
325,820
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
487,298
|
|
|
$
|
452,154
|
|
Consolidated
Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
For the
three months ended
|
|
|
|
March 31,
|
|
|
|
2014
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
|
(In
thousands)
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Net income for the
period
|
|
$
|
1,778
|
|
|
$
|
6,047
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
|
512
|
|
|
|
929
|
|
Change in fair value
of derivative financial instruments
|
|
|
408
|
|
|
|
(3,806)
|
|
Exchange rate
differences on Short-term loans and borrowing
|
|
|
-
|
|
|
|
(957)
|
|
Exchange rate
differences on long-term loans and borrowing
|
|
|
-
|
|
|
|
(3,900)
|
|
Depreciation of
property, plant and equipment
|
|
|
3,624
|
|
|
|
3,014
|
|
Restructuring
costs
|
|
|
-
|
|
|
|
2,313
|
|
Share based
payment
|
|
|
2,306
|
|
|
|
1,133
|
|
Interest expense,
net
|
|
|
47
|
|
|
|
34
|
|
Income tax
expense
|
|
|
348
|
|
|
|
970
|
|
|
|
|
9,023
|
|
|
|
5,777
|
|
Decrease (increase) in
inventories
|
|
|
(2,468)
|
|
|
|
1,484
|
|
|
Decrease in trade and
other receivables
|
|
|
24,707
|
|
|
|
23,858
|
|
|
Decrease in trade
payables
|
|
|
(24,072)
|
|
|
|
(29,965)
|
|
|
Increase (decrease) in
employee benefits
|
|
|
(110)
|
|
|
|
106
|
|
|
Increase (decrease) in
provisions and other current liabilities
|
|
|
(3,865)
|
|
|
|
656
|
|
|
|
|
|
3,215
|
|
|
|
1,916
|
|
|
Interest
paid
|
|
|
(36)
|
|
|
|
(41)
|
|
|
Income tax
received
|
|
|
363
|
|
|
|
250
|
|
|
Income tax
paid
|
|
|
(682)
|
|
|
|
(2,056)
|
|
|
Net cash from operating
activities
|
|
|
2,860
|
|
|
|
69
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
Interest
received
|
|
|
5
|
|
|
|
7
|
|
|
Proceeds from
investment grants
|
|
|
-
|
|
|
|
2,252
|
|
|
Proceeds from (payment
for) derivative financial instruments, net
|
|
|
(660)
|
|
|
|
909
|
|
|
Acquisition of
property, plant and equipment
|
|
|
(15,684)
|
|
|
|
(13,741)
|
|
|
Acquisition of
intangible assets
|
|
|
(363)
|
|
|
|
(990)
|
|
|
Net cash used in
investing activities
|
|
|
(16,702)
|
|
|
|
(11,563)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Proceeds from exercise
of employee share options
|
|
|
453
|
|
|
|
10
|
|
Repayments of long-term
loans and borrowings
|
|
|
-
|
|
|
|
(10,684)
|
|
Change in short-term
debt
|
|
|
8,556
|
|
|
|
17,430
|
|
Net cash from financing
activities
|
|
|
9,009
|
|
|
|
6,756
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash
and cash equivalents
|
|
|
(4,833)
|
|
|
|
(4,738)
|
|
Cash and cash
equivalents at the beginning of the period
|
|
|
40,885
|
|
|
|
46,880
|
|
Effect of exchange
rates fluctuations on cash and cash
equivalents
|
|
|
-
|
|
|
|
(1,579)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
$
|
36,052
|
|
|
$
|
40,563
|
|
Information about
Adjusted revenue in reportable segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western
Europe
|
|
|
The
Americas
|
|
|
Asia-Pacific
|
|
|
Central &
Eastern Europe,
Middle East,
Africa
|
|
|
Total
|
|
|
|
(In
thousands)
|
|
Three months
ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2014
(Unaudited)
|
|
$
|
62,550
|
|
|
|
34,758
|
|
|
|
11,906
|
|
|
|
8,958
|
|
|
$
|
118,172
|
|
|
March 31, 2015
(Unaudited)
|
|
|
54,635
|
|
|
|
22,795
|
|
|
|
8,965
|
|
|
|
4,949
|
|
|
|
91,344
|
|
|
EBITDA
|
|
|
|
|
|
|
Three months
ended
|
|
|
March 31,
|
|
|
2014
|
|
2015
|
|
|
(Unaudited)
|
|
|
(In
thousands)
|
|
|
|
|
|
Reconciliation of Net
Income to EBITDA
|
|
|
|
|
Net income
|
|
$
|
1,778
|
|
$
|
6,047
|
Financial expenses
(income), net (*)
|
|
|
219
|
|
|
(5,668)
|
Income tax
expense
|
|
|
348
|
|
|
970
|
Depreciation and
amortization
|
|
|
4,136
|
|
|
3,943
|
EBITDA
|
|
|
6,481
|
|
|
5,292
|
|
|
|
|
|
|
|
Restructuring
|
|
|
-
|
|
|
2,313
|
Adjusted
EBITDA
|
|
|
6,481
|
|
|
7,605
|
(*) Starting in Q1
2015, the Company presents EBITDA excluding total financial expense
(income), net, as opposed to 2014 in which EBITDA was presented
excluding only interest expense. Q1 2014 EBITDA was also adjusted
to exclude total financial expense.
|
The following
tables present the Company's Adjusted revenue, by
product type for the periods presented, as well as such
revenue by product type as a percentage of total
revenue:
|
|
|
|
Three months
ended
|
|
|
|
March 31,
|
|
|
|
2014
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
|
Adjusted
revenue
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
Soda maker starter
kits (including exchange cylinders)
|
|
$
|
32,224
|
|
|
$
|
27,530
|
|
Consumables
|
|
|
82,924
|
|
|
|
62,990
|
|
Other
|
|
|
3,024
|
|
|
|
824
|
|
Total
|
|
$
|
118,172
|
|
|
$
|
91,344
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
March 31,
|
|
|
|
2014
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
|
As a percentage
of
Adjusted revenue
|
|
|
|
|
|
|
|
|
Soda maker starter
kits (including exchange cylinders)
|
|
|
27.3
|
%
|
|
|
30.1
|
%
|
Consumables
|
|
|
70.2
|
%
|
|
|
69.0
|
%
|
Other
|
|
|
2.5
|
%
|
|
|
0.9
|
%
|
Total
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
Logo -
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visit:http://www.prnewswire.com/news-releases/sodastream-reports-first-quarter-fiscal-2015-results-300078519.html
SOURCE SodaStream International Ltd.