AIRPORT CITY, Israel,
Aug. 5, 2015 /PRNewswire/
-- SodaStream International Ltd. (NASDAQ: SODA), the leading
manufacturer of home beverage carbonation systems, announced today
its results for the three and six month periods ended June 30, 2015.
For the second quarter ended June 30,
2015, on an adjusted basis*
- Adjusted revenue was $101.7
million compared to $141.2
million in the second quarter 2014; Adjusted revenue on a
constant currency basis was $118.6
million
- Adjusted operating income was $4.5
million compared to $11.2
million in the second quarter 2014; Adjusted operating
income on a constant currency bases was $9.0
million.
- Adjusted EBITDA was $8.9 million
compared to $14.5 million in the
second quarter 2014
- Adjusted net income was $3.5
million compared to $9.2
million in the second quarter 2014
- Adjusted diluted earnings per share were $0.17 compared to $0.43 in the second quarter 2014
- CO2 refills reached an all-time quarterly record of 6.9
million
*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 $2.6 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 $1.8 million and increased cost of revenue by
$0.3 million. An additional expense
of $0.5 million was associated with
the transition to the new plant in Southern Israel which increased cost of
revenue. Adjusted EBITDA represents earnings before financial
income, income tax, depreciation and amortization, and further
eliminates the effect of restructuring costs.
"Our second quarter performance was in-line with our
expectations. As we previously discussed, the first half of 2015
would be a challenging period due to implementation of our global
restructuring and growth plan combined with changes in foreign
currency exchange rates. That said, we are proud to have achieved
an all-time record of CO2 refills, which is a testimony of our
consumers' loyalty and our overall Q2 performance masks the ongoing
strength of our business in key markets led by Germany, Switzerland and Austria" said Daniel
Birnbaum, Chief Executive Officer of SodaStream. "We are
making tremendous progress toward repositioning as a "water brand"
behind a health and wellness positioning. Our new portfolio of
better-for-you sparkling water flavors is currently rolling out to
retailers around the world and we are testing a new marketing
campaign "Sparkling Waters – Made by You", including TV in
several cities in the United
States. At the same time the consolidation of our production
activities into our new state-of-the-art plant in Lehavim continues
ahead of schedule. We are confident that our new strategic
direction supported by a terrific and unique product portfolio and
marketing plan, will fuel increased household penetration and user
activity and deliver sustainable growth and increased profitability
in the years ahead."
Second Quarter
2015 Financial Review
(The financial review
relates to the Non-IFRS Consolidated Statements of Operations. All
USD values are in accordance with IFRS unless stated
otherwise.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographical Revenue
Breakdown
|
|
|
|
|
|
|
|
Adjusted
Revenue
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
|
June 30,
2015
|
|
|
(Decrease)
|
|
|
(Decrease)
|
|
|
|
In Millions
USD
|
|
|
%
|
|
Western
Europe
|
|
$
|
77.7
|
|
|
$
|
65.1
|
|
|
$
|
(12.6)
|
|
|
|
(16)
|
%
|
The
Americas
|
|
|
40.9
|
|
|
|
23.1
|
|
|
|
(17.8)
|
|
|
|
(44)
|
%
|
Asia-Pacific
|
|
|
12.2
|
|
|
|
9.1
|
|
|
|
(3.1)
|
|
|
|
(26)
|
%
|
Central & Eastern
Europe, Middle East, Africa
|
|
|
10.4
|
|
|
|
4.4
|
|
|
|
(6.0)
|
|
|
|
(58)
|
%
|
Total
|
|
$
|
141.2
|
|
|
$
|
101.7
|
|
|
$
|
(39.5)
|
|
|
|
(28)
|
%
|
Product Segment
Revenue Breakdown
|
|
|
|
|
|
|
|
|
|
Adjusted
Revenue
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
|
June 30,
2015
|
|
|
(decrease)
|
|
|
(decrease)
|
|
|
|
In millions
USD
|
|
|
%
|
|
Sparkling Water Maker
Starter Kits
|
|
$
|
45.8
|
|
|
$
|
29.7
|
|
|
$
|
(16.1)
|
|
|
|
(35)
|
%
|
Consumables
|
|
|
90.8
|
|
|
|
68.3
|
|
|
|
(22.5)
|
|
|
|
(25)
|
%
|
Other
|
|
|
4.6
|
|
|
|
3.7
|
|
|
|
(0.9)
|
|
|
|
(21)
|
%
|
Total
|
|
$
|
141.2
|
|
|
$
|
101.7
|
|
|
$
|
(39.5)
|
|
|
|
(28)
|
%
|
Product Segment Unit
Breakdown
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
|
June 30,
2015
|
|
|
Increase
(decrease)
|
|
|
Increase
(decrease)
|
|
|
|
In
thousands
|
|
|
%
|
|
Sparkling Water Maker
Starter Kits
|
|
|
785
|
|
|
|
491
|
|
|
|
(294)
|
|
|
|
(37)
|
%
|
CO2
Refills
|
|
|
6,507
|
|
|
|
6,939
|
|
|
|
432
|
|
|
|
7
|
%
|
Flavors
|
|
|
9,297
|
|
|
|
5,075
|
|
|
|
(4,222)
|
|
|
|
(45)
|
%
|
The decrease in Adjusted revenue compared to the second quarter
2014 was mainly due to changes in foreign currency exchange rates
which reduced revenue by $16.9
million. Since the same period a year ago, several foreign
currencies have weakened versus the U.S. dollar including the Euro
by 19%, the Australian Dollar by 17% and the Swedish Krona by 22%.
Second quarter 2015 results also reflect lower demand for sparkling
water makers and flavors mainly in the U.S. and France.
Gross margin for the second quarter 2015 (before the impact of
restructuring costs) was 50.3% compared to 50.5% for the same
period in 2014. Second quarter 2015 gross margin benefitted from
higher share of CO2 refills in product mix, offset by the negative
impact from changes in foreign currency exchange rates versus the
same period last year.
Sales and marketing expenses for the second quarter 2015 totaled
$35.1 million, or 34.5% of Adjusted
revenue, compared to $46.9 million,
or 33.3% for the comparable period in the prior year. The decrease
was primarily attributable to lower advertising and promotion
expenses, which decreased $7.5
million to 13.3% of Adjusted revenue from 14.9% 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 19% and the Israeli Shekel/U.S. Dollar
average exchange rate by 11% versus the same period last year.
General and administrative expenses for the second quarter 2015
were $11.5 million, or 11.3% of
Adjusted revenue, compared to $13.1
million, or 9.3% 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)
decreased to $4.5 million, or 4.5% of
Adjusted revenue, compared to $11.2
million, or 8.0% of revenue, in the second quarter 2014. The
decrease in operating income was driven primarily by the decrease
in revenue and the negative impact from changes in foreign currency
exchange rates, offset by lower operating expenses, mainly a
reduction in advertising and promotion expenses.
The net negative impact on operating income from changes in
foreign currency exchange rates in comparison with the same period
in 2014 was approximately $4.5
million.
Net financial expense was $0.6
million compared to net financial expense of $0.9 million in the same period in 2014.
Financial expense in the second quarter 2015 was derived mainly
from an increase in the value of Euro denominated bank loans.
Tax expense was $0.4 million with
an effective tax rate of 29.5%, compared to $1.1 million with an effective tax rate of 10.6%
in the second quarter 2014.
Balance Sheet Review
Cash and cash equivalents at
June 30, 2015 were $33.4 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 $39.3 million of
bank debt at June 30, 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 June 30, 2015,
after the impact of the restructuring, decreased by 7.9% to
$146.2 million compared to
$158.8 million at December 31, 2014. Inventories at June 30, 2015 decreased by 7.0% to $128.8 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, August 5, 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
approximately 13,000 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, Adjusted EBITDA 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 six months
ended
|
|
|
For the three months
ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Revenues
|
|
$
|
259,343
|
|
|
$
|
190,178
|
|
|
$
|
141,171
|
|
|
$
|
99,834
|
|
Cost of
revenues
|
|
|
126,240
|
|
|
|
96,200
|
|
|
|
69,914
|
|
|
|
51,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
133,103
|
|
|
|
93,978
|
|
|
|
71,257
|
|
|
|
48,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
93,087
|
|
|
|
67,579
|
|
|
|
46,941
|
|
|
|
35,118
|
|
General and
administrative
|
|
|
26,427
|
|
|
|
23,097
|
|
|
|
13,072
|
|
|
|
11,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
119,514
|
|
|
|
90,676
|
|
|
|
60,013
|
|
|
|
46,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
13,589
|
|
|
|
3,302
|
|
|
|
11,244
|
|
|
|
1,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
333
|
|
|
|
126
|
|
|
|
286
|
|
|
|
92
|
|
Other financial
expense (income), net
|
|
|
792
|
|
|
|
(5,202)
|
|
|
|
620
|
|
|
|
500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial
expense (income), net
|
|
|
1,125
|
|
|
|
(5,076)
|
|
|
|
906
|
|
|
|
592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
12,464
|
|
|
|
8,378
|
|
|
|
10,338
|
|
|
|
1,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
1,443
|
|
|
|
1,371
|
|
|
|
1,095
|
|
|
|
401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
|
$
|
11,021
|
|
|
$
|
7,007
|
|
|
$
|
9,243
|
|
|
$
|
960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.53
|
|
|
$
|
0.33
|
|
|
$
|
0.44
|
|
|
$
|
0.05
|
|
Diluted
|
|
$
|
0.52
|
|
|
$
|
0.33
|
|
|
$
|
0.43
|
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
20,933
|
|
|
|
21,025
|
|
|
|
20,958
|
|
|
|
21,032
|
|
Diluted
|
|
|
21,274
|
|
|
|
21,095
|
|
|
|
21,271
|
|
|
|
21,138
|
|
Consolidated Balance
Sheets as of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
June 30,
|
|
|
|
2014
|
|
|
2015
|
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
|
|
(In
thousands)
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
46,880
|
|
|
$
|
33,418
|
|
Inventories
|
|
|
138,392
|
|
|
|
128,756
|
|
Trade
receivables
|
|
|
94,217
|
|
|
|
69,361
|
|
Other
receivables
|
|
|
34,789
|
|
|
|
30,098
|
|
Derivative financial
instruments
|
|
|
1,035
|
|
|
|
2,641
|
|
Total current
assets
|
|
|
315,313
|
|
|
|
264,274
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
|
124,817
|
|
|
|
144,416
|
|
Intangible
assets
|
|
|
44,389
|
|
|
|
43,240
|
|
Deferred tax
assets
|
|
|
2,506
|
|
|
|
3,872
|
|
Other
receivables
|
|
|
273
|
|
|
|
442
|
|
Total non-current
assets
|
|
|
171,985
|
|
|
|
191,970
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
487,298
|
|
|
|
456,244
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Loans and
borrowings
|
|
|
9,239
|
|
|
|
17,658
|
|
Derivative financial
instruments
|
|
|
491
|
|
|
|
-
|
|
Trade
payables
|
|
|
67,011
|
|
|
|
39,278
|
|
Income tax
payable
|
|
|
11,740
|
|
|
|
11,801
|
|
Provisions
|
|
|
2,469
|
|
|
|
2,706
|
|
Other current
liabilities
|
|
|
27,882
|
|
|
|
30,835
|
|
Total current
liabilities
|
|
|
118,832
|
|
|
|
102,278
|
|
|
|
|
|
|
|
|
|
|
Loans and
borrowings
|
|
|
34,645
|
|
|
|
21,639
|
|
Employee
benefits
|
|
|
2,174
|
|
|
|
1,965
|
|
Other non-current
liabilities
|
|
|
122
|
|
|
|
161
|
|
Deferred tax
liabilities
|
|
|
750
|
|
|
|
718
|
|
Total non-current
liabilities
|
|
|
37,691
|
|
|
|
24,483
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
156,523
|
|
|
|
126,761
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Share
capital
|
|
|
3,400
|
|
|
|
3,405
|
|
Share
premium
|
|
|
198,918
|
|
|
|
201,497
|
|
Translation
reserve
|
|
|
(14,908)
|
|
|
|
(25,791)
|
|
Retained
earnings
|
|
|
143,365
|
|
|
|
150,372
|
|
Total shareholders'
equity
|
|
|
330,775
|
|
|
|
329,483
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
487,298
|
|
|
$
|
456,244
|
|
Consolidated
Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months
ended
|
|
|
For the three months
ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
|
$
|
11,021
|
|
|
$
|
7,007
|
|
|
$
|
9,243
|
|
|
$
|
960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
|
1,261
|
|
|
|
1,858
|
|
|
|
749
|
|
|
|
929
|
|
Change in fair value
of derivative financial instruments
|
|
|
264
|
|
|
|
(3,840)
|
|
|
|
(144)
|
|
|
|
(34)
|
|
Exchange rate
differences on Short-term loans and borrowing
|
|
|
-
|
|
|
|
(1,340)
|
|
|
|
-
|
|
|
|
(383)
|
|
Exchange rate
differences on long-term loans and borrowing
|
|
|
-
|
|
|
|
(3,235)
|
|
|
|
-
|
|
|
|
665
|
|
Depreciation of
property, plant and equipment
|
|
|
6,091
|
|
|
|
6,470
|
|
|
|
2,467
|
|
|
|
3,456
|
|
Restructuring
costs
|
|
|
-
|
|
|
|
4,533
|
|
|
|
-
|
|
|
|
2,220
|
|
Share based
payment
|
|
|
4,537
|
|
|
|
2,431
|
|
|
|
2,231
|
|
|
|
1,298
|
|
Interest expense,
net
|
|
|
333
|
|
|
|
126
|
|
|
|
286
|
|
|
|
92
|
|
Income tax
expense
|
|
|
1,443
|
|
|
|
1,371
|
|
|
|
1,095
|
|
|
|
401
|
|
|
|
|
24,950
|
|
|
|
15,381
|
|
|
|
15,927
|
|
|
|
9,604
|
|
Decrease (increase) in
inventories
|
|
|
(3,945)
|
|
|
|
5,056
|
|
|
|
(1,477)
|
|
|
|
3,572
|
|
Decrease (increase)
trade and other receivables
|
|
|
13,853
|
|
|
|
19,223
|
|
|
|
(10,854)
|
|
|
|
(4,635)
|
|
Increase (decrease) in
trade payables
|
|
|
(29,587)
|
|
|
|
(26,818)
|
|
|
|
(5,515)
|
|
|
|
3,147
|
|
Increase (decrease) in
employee benefits
|
|
|
19
|
|
|
|
(115)
|
|
|
|
129
|
|
|
|
(221)
|
|
Increase in provisions
and other liabilities
|
|
|
1,766
|
|
|
|
4,456
|
|
|
|
5,631
|
|
|
|
3,800
|
|
|
|
|
7,056
|
|
|
|
17,183
|
|
|
|
3,841
|
|
|
|
15,267
|
|
Interest
paid
|
|
|
(329)
|
|
|
|
(165)
|
|
|
|
(293)
|
|
|
|
(124)
|
|
Income tax
received
|
|
|
710
|
|
|
|
266
|
|
|
|
347
|
|
|
|
16
|
|
Income tax
paid
|
|
|
(3,939)
|
|
|
|
(3,205)
|
|
|
|
(3,257)
|
|
|
|
(1,149)
|
|
Net cash from operating
activities
|
|
|
3,498
|
|
|
|
14,079
|
|
|
|
638
|
|
|
|
14,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
received
|
|
|
27
|
|
|
|
39
|
|
|
|
22
|
|
|
|
32
|
|
Proceeds from
investment grants
|
|
|
-
|
|
|
|
2,252
|
|
|
|
-
|
|
|
|
-
|
|
Proceeds from (payment
for) derivative financial instruments, net
|
|
|
(1,248)
|
|
|
|
1,743
|
|
|
|
(588)
|
|
|
|
834
|
|
Acquisition of
property, plant and equipment
|
|
|
(28,211)
|
|
|
|
(28,585)
|
|
|
|
(12,527)
|
|
|
|
(14,844)
|
|
Acquisition of
intangible assets
|
|
|
(2,546)
|
|
|
|
(1,851)
|
|
|
|
(2,183)
|
|
|
|
(861)
|
|
Net cash used in
investing activities
|
|
|
(31,978)
|
|
|
|
(26,402)
|
|
|
|
(15,276)
|
|
|
|
(14,839)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise
of employee share options
|
|
|
741
|
|
|
|
153
|
|
|
|
288
|
|
|
|
143
|
|
Repayments of long-term
loans and borrowings
|
|
|
-
|
|
|
|
(12,352)
|
|
|
|
-
|
|
|
|
(1,668)
|
|
Change in short-term
debt
|
|
|
23,167
|
|
|
|
12,340
|
|
|
|
14,611
|
|
|
|
(5,090)
|
|
Net cash from (used
in) financing activities
|
|
|
23,908
|
|
|
|
141
|
|
|
|
14,899
|
|
|
|
(6,615)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash
and cash equivalents
|
|
|
(4,572)
|
|
|
|
(12,182)
|
|
|
|
261
|
|
|
|
(7,444)
|
|
Cash and cash
equivalents at the beginning of the period
|
|
|
40,885
|
|
|
|
46,880
|
|
|
|
36,052
|
|
|
|
40,563
|
|
Effect of exchange
rates fluctuations on cash and cash equivalents
|
|
|
(69)
|
|
|
|
(1,280)
|
|
|
|
(69)
|
|
|
|
299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
$
|
36,244
|
|
|
$
|
33,418
|
|
|
$
|
36,244
|
|
|
$
|
33,418
|
|
Information about
Adjusted revenue in reportable segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western
Europe
|
|
|
The
Americas
|
|
|
Asia-Pacific
|
|
|
Central &
Eastern Europe,
Middle East,
Africa
|
|
|
Total
|
|
|
|
(In
thousands)
|
|
Six months
ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2014
(Unaudited)
|
|
$
|
140,216
|
|
|
|
75,637
|
|
|
|
24,131
|
|
|
|
19,359
|
|
|
$
|
259,343
|
|
|
June 30, 2015
(Unaudited)
|
|
|
119,733
|
|
|
|
45,864
|
|
|
|
18,043
|
|
|
|
9,358
|
|
|
$
|
192,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2014
(Unaudited)
|
|
$
|
77,666
|
|
|
|
40,879
|
|
|
|
12,225
|
|
|
|
10,401
|
|
|
$
|
141,171
|
|
|
June 30, 2015
(Unaudited)
|
|
$
|
65,098
|
|
|
|
23,069
|
|
|
|
9,078
|
|
|
|
4,409
|
|
|
$
|
101,654
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
|
Three months
ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
Adjusted
revenue
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sparkling Water Maker
starter kits (including exchange cylinders)
|
|
$
|
78,070
|
|
|
$
|
57,265
|
|
|
$
|
45,846
|
|
|
$
|
29,735
|
|
Consumables
|
|
|
173,623
|
|
|
|
131,251
|
|
|
|
90,699
|
|
|
|
68,261
|
|
Other
|
|
|
7,650
|
|
|
|
4,482
|
|
|
|
4,626
|
|
|
|
3,658
|
|
Total
|
|
$
|
259,343
|
|
|
$
|
192,998
|
|
|
$
|
141,171
|
|
|
$
|
101,654
|
|
|
|
Six months
ended
|
|
|
Three months
ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
As a percentage of
adjusted revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sparkling Water Maker
starter kits (including exchange cylinders)
|
|
|
30.1
|
%
|
|
|
29.7
|
%
|
|
|
32.5
|
%
|
|
|
29.3
|
%
|
Consumables
|
|
|
66.9
|
%
|
|
|
68.0
|
%
|
|
|
64.2
|
%
|
|
|
67.2
|
%
|
Other
|
|
|
3.0
|
%
|
|
|
2.3
|
%
|
|
|
3.3
|
%
|
|
|
3.5
|
%
|
Total
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
The following
table provides a reconciliation of Non-IFRS to
IFRS financial data for the three months ended June 30,
2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS
|
|
|
Restructuring
|
|
|
IFRS
|
|
|
|
In Thousands
USD
|
|
Revenue
|
|
$
|
101,654
|
|
|
$
|
(1,820)
|
|
|
$
|
99,834
|
|
Cost of
revenue
|
|
|
50,548
|
|
|
|
759
|
|
|
|
51,307
|
|
Gross
profit
|
|
|
51,106
|
|
|
|
(2,579)
|
|
|
|
48,527
|
|
Operating
income
|
|
|
4,532
|
|
|
|
(2,579)
|
|
|
|
1,953
|
|
Net income for the
period
|
|
$
|
3,539
|
|
|
$
|
(2,579)
|
|
|
$
|
960
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted (in
USD)
|
|
|
0.17
|
|
|
|
(0.12)
|
|
|
|
0.05
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
|
Three months
ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
|
(Unaudited)
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
11,021
|
|
|
$
|
7,007
|
|
|
$
|
9,243
|
|
|
$
|
960
|
|
|
Financial expenses
(income), net (*)
|
|
|
1,125
|
|
|
|
(5,076)
|
|
|
|
906
|
|
|
|
592
|
|
|
Income tax expense
(tax benefit)
|
|
|
1,443
|
|
|
|
1,371
|
|
|
|
1,095
|
|
|
|
401
|
|
|
Depreciation and
amortization
|
|
|
7,352
|
|
|
|
8,328
|
|
|
|
3,216
|
|
|
|
4,385
|
|
|
EBITDA
|
|
$
|
20,941
|
|
|
$
|
11,630
|
|
|
$
|
14,460
|
|
|
$
|
6,338
|
|
|
Restructuring
|
|
|
-
|
|
|
|
4,892
|
|
|
|
-
|
|
|
|
2,579
|
|
|
Adjusted
EBITDA
|
|
|
20,941
|
|
|
|
16,522
|
|
|
|
14,460
|
|
|
|
8,917
|
|
|
(*) 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. Three months
ended June 30, 2014 and six months
ended June 30, 2014 EBITDA were also
adjusted to exclude total financial expense.
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SOURCE SodaStream International Ltd.