AIRPORT CITY, Israel,
Nov. 4, 2015 /PRNewswire/
-- SodaStream International Ltd. (NASDAQ: SODA), the leading
manufacturer of home beverage carbonation systems, announced today
its results for the three and nine month periods ended September 30, 2015.
For the third quarter ended September 30,
2015, on an adjusted basis*
- Revenue was $110.0 million
compared to $125.9 million in the
third quarter 2014; Revenue on a constant currency basis was
$126.0 million
- Adjusted operating income was $5.4
million compared to $8.9
million in the third quarter 2014; Adjusted operating income
on a constant currency basis was $10.5
million
- Adjusted EBITDA was $9.7
million compared to $13.7
million in the third quarter 2014; Adjusted EBITDA on a
constant currency basis was $14.8
million
- Adjusted net income was $4.7
million compared to $9.5
million in the third quarter 2014
- Adjusted diluted earnings per share were $0.22 compared to $0.45 in the third quarter 2014
- CO2 refills reached an all-time quarterly record of 7.0
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 $2.5 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 inventory and fixed assets
by $1.9 million and increased cost of
revenue by $1.9 million. An
additional expense of $0.6 million
was associated with the transition to the new Lehavim 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.
Reconciliations of the non-IFRS measures included in this press
release to the IFRS results are included at the end of this press
release.
"Our operating results were similar to the year ago period on a
constant currency basis as the growth plan we announced a year ago
continues to gain traction. Our recent performance included a
number of highlights that underscore the strength of our brand and
business model" said Daniel
Birnbaum, Chief Executive Officer of SodaStream. "Third
quarter CO2 refills increased 10% to an all-time record 7 million,
a great indication that our global user base is increasing
consumption. We believe usage rates will continue to grow as
existing and new consumers embrace our repositioning as a healthy
"water brand" provided by our enhanced better-for-you product
portfolio, which we recently launched in the U.S. and other select
countries. As we accelerate production in our new, state-of-the-art
plant in Lehavim, and continue the launch of our new Waters line
and strategic repositioning, we believe we are poised to start
delivering improved financial results and greater shareholder value
beginning in 2016."
Third Quarter 2015
Financial Reviews
|
(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
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
|
September 30,
2015
|
|
|
(Decrease)
|
|
|
(Decrease)
|
|
|
|
In Millions
USD
|
|
|
%
|
|
Western
Europe
|
|
$
|
74.6
|
|
|
$
|
68.5
|
|
|
$
|
(6.1)
|
|
|
|
(8)
|
%
|
The
Americas
|
|
|
29.5
|
|
|
|
26.2
|
|
|
|
(3.3)
|
|
|
|
(11)
|
%
|
Asia-Pacific
|
|
|
13.3
|
|
|
|
9.0
|
|
|
|
(4.3)
|
|
|
|
(32)
|
%
|
Central & Eastern
Europe, Middle East, Africa
|
|
|
8.5
|
|
|
|
6.3
|
|
|
|
(2.2)
|
|
|
|
(27)
|
%
|
Total
|
|
$
|
125.9
|
|
|
$
|
110.0
|
|
|
$
|
(15.9)
|
|
|
|
(13)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Segment
Revenue Breakdown
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
|
September 30,
2015
|
|
|
(decrease)
|
|
|
(decrease)
|
|
|
|
In millions
USD
|
|
|
%
|
|
Sparkling Water Maker
Starter Kits
|
|
$
|
41.5
|
|
|
$
|
34.2
|
|
|
$
|
(7.3)
|
|
|
|
(17)
|
%
|
Consumables
|
|
|
81.2
|
|
|
|
73.9
|
|
|
|
(7.3)
|
|
|
|
(9)
|
%
|
Other
|
|
|
3.2
|
|
|
|
1.9
|
|
|
|
(1.3)
|
|
|
|
(41)
|
%
|
Total
|
|
$
|
125.9
|
|
|
$
|
110.0
|
|
|
$
|
(15.9)
|
|
|
|
(13)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Segment Unit
Breakdown
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
|
September 30,
2015
|
|
|
Increase
(decrease)
|
|
|
Increase
(decrease)
|
|
|
|
In
thousands
|
|
|
%
|
|
Sparkling Water Maker
Starter Kits
|
|
|
818
|
|
|
|
639
|
|
|
|
(179)
|
|
|
|
(22)
|
%
|
CO2
Refills
|
|
|
6,396
|
|
|
|
7,021
|
|
|
|
625
|
|
|
|
10
|
%
|
Flavors
|
|
|
7,607
|
|
|
|
6,726
|
|
|
|
(881)
|
|
|
|
(12)
|
%
|
The decrease in revenue year-over-year was mainly due to changes
in foreign currency exchange rates which reduced revenue by
$16.0 million. Since the same period
a year ago, several foreign currencies have weakened versus the
U.S. dollar, including the Euro by 17%, the Australian Dollar by
22% and the Swedish Krona by 18%.
Gross margin for the third quarter 2015 (before the impact of
restructuring costs) was 48.4% compared to 51.2% for the same
period in 2014. Third quarter 2015 gross margin was negatively
impacted by changes in foreign currency exchange rates versus the
same period last year, partially offset by higher share of CO2
refills in the product mix.
Sales and marketing expenses for the third quarter 2015 totaled
$36.0 million, or 32.8% of revenue,
compared to $41.6 million, or 33.1%
for the comparable period last year. The decrease was primarily
attributable to lower distribution costs driven by lower sales
volume. Sales and marketing expenses also decreased versus the same
period last year due to changes in foreign currency rates, mainly
the weakening of the Euro and the Australian dollar.
General and administrative expenses for the third quarter 2015
were $11.8 million, or 10.7% of
revenue, compared to $13.9 million,
or 11.1% 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) was
$5.4 million, or 4.9% of revenue,
compared to $8.9 million, or 7.1% of
revenue, in the third quarter 2014. The decrease in operating
income was driven primarily by negative impact on revenue from
changes in foreign currency exchange rates, offset by lower
operating expenses, mainly a reduction in sales and marketing
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 $5.1
million.
Net financial income was $0.1
million compared to net financial income of $1.8 million in the same period in 2014.
Financial income in the third quarter 2015 was mainly due to a
reduction of liabilities in Israeli Shekels following its
devaluation against the U.S. dollar.
Tax expense was $0.8 million with
an effective tax rate of 26.0%, compared to $1.2 million with an effective tax rate of 11.5%
in the third quarter 2014. The increase in the effective tax rate
is due to the geographical allocation of profit before income
tax.
Balance Sheet Review
Cash and cash equivalents at September
30, 2015 were $43.5 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, partially offset by cash generated from
operations.
The Company had $47.6 million of
bank debt at September 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 September 30,
2015 decreased by 12.9% to $138.3
million compared to $158.8
million at December 31, 2014
largely due to the impact of the restructuring. Inventories at
September 30, 2015 decreased by 12.4%
to $121.2 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 annexed as Exhibits 99.2 and 99.3 to the Form 6-K
furnished to the Securities and Exchange Commission and will be
posted on the Company's website,
http://sodastream.investorroom.com.
The Company has scheduled a conference call for 8:30 a.m. Eastern Standard Time (U.S. time) today
(Wednesday, November 4, 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
The 6-K-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 nine months
ended
|
|
|
For the three months
ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Revenues
|
|
$
|
385,248
|
|
|
$
|
300,193
|
|
|
$
|
125,905
|
|
|
$
|
110,015
|
|
Cost of
revenues
|
|
|
187,668
|
|
|
|
155,455
|
|
|
|
61,428
|
|
|
|
59,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
197,580
|
|
|
|
144,738
|
|
|
|
64,477
|
|
|
|
50,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
134,723
|
|
|
|
103,610
|
|
|
|
41,636
|
|
|
|
36,031
|
|
General and
administrative
|
|
|
40,358
|
|
|
|
34,869
|
|
|
|
13,931
|
|
|
|
11,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
175,081
|
|
|
|
138,479
|
|
|
|
55,567
|
|
|
|
47,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
22,499
|
|
|
|
6,259
|
|
|
|
8,910
|
|
|
|
2,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
(income), net
|
|
|
552
|
|
|
|
64
|
|
|
|
219
|
|
|
|
(62)
|
|
Other financial
income, net
|
|
|
(1,210)
|
|
|
|
(5,212)
|
|
|
|
(2,002)
|
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial
income, net
|
|
|
(658)
|
|
|
|
(5,148)
|
|
|
|
(1,783)
|
|
|
|
(72)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
23,157
|
|
|
|
11,407
|
|
|
|
10,693
|
|
|
|
3,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
2,672
|
|
|
|
2,158
|
|
|
|
1,229
|
|
|
|
787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
|
$
|
20,485
|
|
|
$
|
9,249
|
|
|
$
|
9,464
|
|
|
$
|
2,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.98
|
|
|
$
|
0.44
|
|
|
$
|
0.45
|
|
|
$
|
0.11
|
|
Diluted
|
|
$
|
0.96
|
|
|
$
|
0.44
|
|
|
$
|
0.45
|
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
20,956
|
|
|
|
21,030
|
|
|
|
21,000
|
|
|
|
21,041
|
|
Diluted
|
|
|
21,243
|
|
|
|
21,111
|
|
|
|
21,193
|
|
|
|
21,118
|
|
Consolidated
Balance Sheets as of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
|
2014
|
|
|
2015
|
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
|
|
(In
thousands)
|
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
46,880
|
|
|
$
|
43,480
|
|
Inventories
|
|
|
138,392
|
|
|
|
121,231
|
|
Trade
receivables
|
|
|
94,217
|
|
|
|
70,928
|
|
Other
receivables
|
|
|
34,789
|
|
|
|
29,493
|
|
Derivative financial
instruments
|
|
|
1,035
|
|
|
|
1,013
|
|
Total current
assets
|
|
|
315,313
|
|
|
|
266,145
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
|
124,817
|
|
|
|
152,080
|
|
Intangible
assets
|
|
|
44,389
|
|
|
|
43,169
|
|
Deferred tax
assets
|
|
|
2,506
|
|
|
|
3,809
|
|
Other
receivables
|
|
|
273
|
|
|
|
437
|
|
Total non-current
assets
|
|
|
171,985
|
|
|
|
199,495
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
487,298
|
|
|
|
465,640
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Loans and
borrowings
|
|
|
9,239
|
|
|
|
27,374
|
|
Derivative financial
instruments
|
|
|
491
|
|
|
|
-
|
|
Trade
payables
|
|
|
67,011
|
|
|
|
46,919
|
|
Income tax
payable
|
|
|
11,740
|
|
|
|
10,044
|
|
Provisions
|
|
|
2,469
|
|
|
|
2,622
|
|
Other current
liabilities
|
|
|
27,882
|
|
|
|
24,779
|
|
Total current
liabilities
|
|
|
118,832
|
|
|
|
111,738
|
|
|
|
|
|
|
|
|
|
|
Loans and
borrowings
|
|
|
34,645
|
|
|
|
20,241
|
|
Employee
benefits
|
|
|
2,174
|
|
|
|
2,051
|
|
Other non-current
liabilities
|
|
|
122
|
|
|
|
157
|
|
Deferred tax
liabilities
|
|
|
750
|
|
|
|
700
|
|
Total non-current
liabilities
|
|
|
37,691
|
|
|
|
23,149
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
156,523
|
|
|
|
134,887
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Share
capital
|
|
|
3,400
|
|
|
|
3,405
|
|
Share
premium
|
|
|
198,918
|
|
|
|
202,830
|
|
Translation
reserve
|
|
|
(14,908)
|
|
|
|
(28,096)
|
|
Retained
earnings
|
|
|
143,365
|
|
|
|
152,614
|
|
Total shareholders'
equity
|
|
|
330,775
|
|
|
|
330,753
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
487,298
|
|
|
$
|
465,640
|
|
Consolidated
Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months
ended
|
|
|
For the three months
ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
|
$
|
20,485
|
|
|
$
|
9,249
|
|
|
$
|
9,464
|
|
|
$
|
2,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
|
2,042
|
|
|
|
2,765
|
|
|
|
781
|
|
|
|
907
|
|
|
Change in fair value
of derivative financial instruments
|
|
|
(1,324)
|
|
|
|
(3,040)
|
|
|
|
(1,588)
|
|
|
|
800
|
|
|
Exchange rate
differences on Short-term loans and borrowing
|
|
|
-
|
|
|
|
(1,386)
|
|
|
|
-
|
|
|
|
(46)
|
|
|
Exchange rate
differences on long-term loans and borrowing
|
|
|
(1,030)
|
|
|
|
(2,870)
|
|
|
|
(1,030)
|
|
|
|
365
|
|
|
Depreciation of
property, plant and equipment
|
|
|
10,085
|
|
|
|
9,822
|
|
|
|
3,994
|
|
|
|
3,352
|
|
|
Restructuring
costs
|
|
|
-
|
|
|
|
6,536
|
|
|
|
-
|
|
|
|
2,003
|
|
|
Share based
payment
|
|
|
6,732
|
|
|
|
3765
|
|
|
|
2,195
|
|
|
|
1,334
|
|
|
Interest expense
(income), net
|
|
|
552
|
|
|
|
64
|
|
|
|
219
|
|
|
|
(62)
|
|
|
Income tax
expense
|
|
|
2,672
|
|
|
|
2,158
|
|
|
|
1,229
|
|
|
|
787
|
|
|
|
|
|
40,214
|
|
|
|
27,063
|
|
|
|
15,264
|
|
|
|
11,682
|
|
|
Decrease (increase)
in inventories
|
|
|
(15,604)
|
|
|
|
10,117
|
|
|
|
(11,659)
|
|
|
|
5,061
|
|
|
Decrease (increase)
trade and other receivables
|
|
|
23,425
|
|
|
|
17,373
|
|
|
|
9,572
|
|
|
|
(1,850)
|
|
|
Increase (decrease)
in trade payables and other liabilities
|
|
|
(17,933)
|
|
|
|
(21,078)
|
|
|
|
10,345
|
|
|
|
1,560
|
|
|
Increase (decrease)
in employee benefits
|
|
|
(70)
|
|
|
|
(41)
|
|
|
|
(89)
|
|
|
|
74
|
|
|
Increase (decrease)
in provisions
|
|
|
378
|
|
|
|
188
|
|
|
|
(79)
|
|
|
|
(88)
|
|
|
|
|
|
30,410
|
|
|
|
33,622
|
|
|
|
23,354
|
|
|
|
16,439
|
|
|
Interest
paid
|
|
|
(549)
|
|
|
|
(182)
|
|
|
|
(220)
|
|
|
|
(17)
|
|
|
Income tax
received
|
|
|
715
|
|
|
|
549
|
|
|
|
5
|
|
|
|
283
|
|
|
Income tax
paid
|
|
|
(4,361)
|
|
|
|
(5,508)
|
|
|
|
(422)
|
|
|
|
(2,303)
|
|
|
Net cash from
operating activities
|
|
|
26,215
|
|
|
|
28,481
|
|
|
|
22,717
|
|
|
|
14,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
received
|
|
|
42
|
|
|
|
118
|
|
|
|
15
|
|
|
|
79
|
|
|
Proceeds from
investment grants
|
|
|
-
|
|
|
|
2,252
|
|
|
|
-
|
|
|
|
-
|
|
|
Proceeds from
(payment for) derivative financial instruments,
net
|
|
|
(527)
|
|
|
|
2,571
|
|
|
|
721
|
|
|
|
828
|
|
|
Acquisition of
property, plant and equipment
|
|
|
(43,710)
|
|
|
|
(40,793)
|
|
|
|
(15,499)
|
|
|
|
(12,208)
|
|
|
Acquisition of
intangible assets
|
|
|
(4,054)
|
|
|
|
(2,825)
|
|
|
|
(1,508)
|
|
|
|
(974)
|
|
|
Net cash used in
investing activities
|
|
|
(48,249)
|
|
|
|
(38,677)
|
|
|
|
(16,271)
|
|
|
|
(12,275)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
exercise of employee share options
|
|
|
820
|
|
|
|
153
|
|
|
|
79
|
|
|
|
-
|
|
|
Receipts of long-term
loans and borrowings
|
|
|
30,210
|
|
|
|
-
|
|
|
|
30,210
|
|
|
|
-
|
|
|
Repayments of
long-term loans and borrowings
|
|
|
-
|
|
|
|
(14,026)
|
|
|
|
-
|
|
|
|
(1,674)
|
|
|
Change in short-term
debt
|
|
|
(8,830)
|
|
|
|
22,013
|
|
|
|
(31,997)
|
|
|
|
9,673
|
|
|
Net cash from (used
in) financing activities
|
|
|
22,200
|
|
|
|
8,140
|
|
|
|
(1,708)
|
|
|
|
7,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
166
|
|
|
|
(2,056)
|
|
|
|
4,738
|
|
|
|
10,126
|
|
|
Cash and cash
equivalents at the beginning of the period
|
|
|
40,885
|
|
|
|
46,880
|
|
|
|
36,244
|
|
|
|
33,418
|
|
|
Effect of exchange
rates fluctuations on cash and cash
equivalents
|
|
|
(1,150)
|
|
|
|
(1,344)
|
|
|
|
(1,081)
|
|
|
|
(64)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
$
|
39,901
|
|
|
$
|
43,480
|
|
|
$
|
39,901
|
|
|
$
|
43,480
|
|
|
Information about
Adjusted revenue in reportable segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western
Europe
|
|
|
The
Americas
|
|
|
Asia-Pacific
|
|
|
Central &
Eastern Europe,
Middle East,
Africa
|
|
|
Total
|
|
|
|
|
(In
thousands)
|
|
Nine months
ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014
(Unaudited)
|
|
$
|
214,805
|
|
|
|
105,141
|
|
|
|
37,396
|
|
|
|
27,906
|
|
|
$
|
385,248
|
|
|
September 30, 2015
(Unaudited)
|
|
|
188,238
|
|
|
|
72,098
|
|
|
|
27,040
|
|
|
|
15,637
|
|
|
$
|
303,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014
(Unaudited)
|
|
$
|
74,589
|
|
|
|
29,504
|
|
|
|
13,265
|
|
|
|
8,547
|
|
|
$
|
125,905
|
|
|
September 30, 2015
(Unaudited)
|
|
$
|
68,505
|
|
|
|
26,234
|
|
|
|
8,997
|
|
|
|
6,279
|
|
|
$
|
110,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
Three months
ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
Revenue
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sparkling Water Maker
starter kits (including exchange cylinders)
|
|
$
|
119,534
|
|
|
$
|
91,499
|
|
|
$
|
41,464
|
|
|
$
|
34,234
|
|
Consumables
|
|
|
254,835
|
|
|
|
205,133
|
|
|
|
81,212
|
|
|
|
73,882
|
|
Other
|
|
|
10,879
|
|
|
|
6,381
|
|
|
|
3,229
|
|
|
|
1,899
|
|
Total
|
|
$
|
385,248
|
|
|
$
|
303,013
|
|
|
$
|
125,905
|
|
|
$
|
110,015
|
|
|
|
Nine months
ended
|
|
|
Three months
ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
As a percentage of
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sparkling Water Maker
starter kits (including exchange cylinders)
|
|
|
31.0
|
%
|
|
|
30.2
|
%
|
|
|
32.9
|
%
|
|
|
31.1
|
%
|
Consumables
|
|
|
66.1
|
%
|
|
|
67.7
|
%
|
|
|
64.5
|
%
|
|
|
67.2
|
%
|
Other
|
|
|
2.9
|
%
|
|
|
2.1
|
%
|
|
|
2.6
|
%
|
|
|
1.7
|
%
|
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 September 30, 2015:
|
|
|
|
Non-IFRS
|
|
|
Restructuring
|
|
|
IFRS
|
|
|
|
In Thousands
USD
|
|
Revenue
|
|
$
|
110,015
|
|
|
$
|
|
|
|
$
|
110,015
|
|
Cost of
revenue
|
|
|
56,800
|
|
|
|
2,455
|
|
|
|
59,255
|
|
Gross
profit
|
|
|
53,215
|
|
|
|
(2,455)
|
|
|
|
50,760
|
|
Operating
income
|
|
|
5,412
|
|
|
|
(2,455)
|
|
|
|
2,957
|
|
Net income for the
period
|
|
$
|
4,697
|
|
|
$
|
(2,455)
|
|
|
$
|
2,242
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted (in
USD)
|
|
|
0.22
|
|
|
|
(0.11)
|
|
|
|
0.11
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
Three months
ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
20,485
|
|
|
$
|
9,249
|
|
|
$
|
9,464
|
|
|
$
|
2,242
|
|
Financial income, net
(*)
|
|
|
(658)
|
|
|
|
(5,148)
|
|
|
|
(1,783)
|
|
|
|
(72)
|
|
Income tax
expense
|
|
|
2,672
|
|
|
|
2,158
|
|
|
|
1,229
|
|
|
|
787
|
|
Depreciation and
amortization
|
|
|
12,127
|
|
|
|
12,587
|
|
|
|
4,775
|
|
|
|
4,259
|
|
EBITDA
|
|
$
|
34,626
|
|
|
$
|
18,846
|
|
|
$
|
13,685
|
|
|
$
|
7,216
|
|
Restructuring
|
|
|
-
|
|
|
|
7,347
|
|
|
|
-
|
|
|
|
2,455
|
|
Adjusted
EBITDA
|
|
|
34,626
|
|
|
|
26,193
|
|
|
|
13,685
|
|
|
|
9,671
|
|
(*) 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 September 30, 2014 and nine
months ended September 30, 2014
EBITDA were also adjusted to exclude total financial expense.
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SOURCE SodaStream International Ltd.