AIRPORT CITY, Israel,
Feb. 18, 2016 /PRNewswire/
-- SodaStream International Ltd. (NASDAQ: SODA), the leading
manufacturer of home beverage carbonation systems, announced today
its results for the three months and year ended December 31, 2015.
For the fourth quarter ended December 31,
2015, on an Adjusted basis (including comparative figures)
*
- Revenue was $112.9 million
compared to $126.5 million in the
fourth quarter 2014; Revenue on a constant currency basis was
$124.4 million
- Adjusted operating income was $6.2
million compared to $8.1
million in the fourth quarter 2014; Adjusted operating
income on a constant currency basis was $11.5 million
- Adjusted operating income excluding shares-based payment and on
a constant currency basis increased 176% to $14.2 million compared to $5.1 million in the fourth quarter 2014
- Adjusted EBITDA was $10.5 million
compared to $16.4 million in the
fourth quarter 2014; Adjusted EBITDA on a constant currency basis
was $15.9 million
- Adjusted net income was $5.0
million compared to $7.5
million in the fourth quarter 2014
- Adjusted diluted earnings per share were $0.24 compared to $0.35 in the fourth 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 $2.2 million of
pre-tax charges incurred as part of the company's restructuring and
growth plan announced on October 29,
2014. These charges represent the final restructuring costs
incurred in connection with this plan and were related primarily to
activities associated with the transition to the new Lehavim plant
in southern Israel which increased
cost of revenue. Adjusted EBITDA represents earnings before
financial expense (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.
Daniel Birnbaum, Chief Executive
Officer of SodaStream, commented, "The past year was a period of
significant change as we sought to set the company on a course for
renewed growth moving forward. We began repositioning SodaStream as
a healthy water brand and launched our new portfolio of enhanced
better-for-you flavors, completed the consolidation of our
manufacturing base in our new state-of-the-art plant in Lehavim,
and reconfigured our regional management structure including new
leadership in key markets. During the fourth quarter, we began to
witness the benefits of our efforts to create a stronger, more
efficient organization and capture the market opportunity as
consumers rapidly shift from sugared soft drinks to healthier
water-based products. Fourth quarter sales were up sequentially and
roughly flat year-over-year on a constant currency basis, while
operating income was ahead of plan as we meaningfully leveraged
selling and marketing expenses. There is still work ahead of us in
order to position the company for consistent profitable growth, but
I am confident that our recent actions have us heading in the right
direction and will create value for shareholders over the
long-term."
Fourth Quarter 2015 Financial Review
(The financial
review relates to the Non-IFRS Consolidated Statements of
Operations. All U.S. dollar values are in accordance with IFRS
unless stated otherwise.)
Geographical Revenue
Breakdown
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
December
31,
2014
|
|
|
December
31,
2015
|
|
|
(Decrease)
|
|
|
(Decrease)
|
|
|
|
In Millions
USD
|
|
|
%
|
|
Western
Europe
|
|
$
|
66.9
|
|
|
$
|
63.2
|
|
|
$
|
(3.7)
|
|
|
|
(5.4)
|
%
|
The
Americas
|
|
|
37.2
|
|
|
|
30.0
|
|
|
|
(7.2)
|
|
|
|
(19.3)
|
%
|
Asia-Pacific
|
|
|
16.4
|
|
|
|
13.7
|
|
|
|
(2.7)
|
|
|
|
(16.8)
|
%
|
Central & Eastern
Europe, Middle East, Africa
|
|
|
6.0
|
|
|
|
6.0
|
|
|
|
(0.0)
|
|
|
|
(0.5)
|
%
|
Total
|
|
$
|
126.5
|
|
|
$
|
112.9
|
|
|
$
|
(13.6)
|
|
|
|
(10.7)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographical Revenue
Breakdown - constant currency basis
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
December 31,
2014
|
|
|
December 31,
2015 - at
Q4-2014
average rates
|
|
|
Increase
(Decrease)
|
|
|
Increase
(Decrease)
|
|
|
|
In Millions
USD
|
|
|
%
|
|
Western
Europe
|
|
$
|
66.9
|
|
|
$
|
71.0
|
|
|
$
|
4.1
|
|
|
|
6.1
|
%
|
The
Americas
|
|
|
37.2
|
|
|
|
31.4
|
|
|
|
(5.8)
|
|
|
|
(15.6)
|
%
|
Asia-Pacific
|
|
|
16.4
|
|
|
|
15.6
|
|
|
|
(0.8)
|
|
|
|
(4.9)
|
%
|
Central & Eastern
Europe, Middle East, Africa
|
|
|
6.0
|
|
|
|
6.4
|
|
|
|
0.4
|
|
|
|
6.7
|
%
|
Total
|
|
$
|
126.5
|
|
|
$
|
124.4
|
|
|
$
|
(2.1)
|
|
|
|
(1.7)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Segment
Revenue Breakdown
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
December
31,
2014
|
|
|
December
31,
2015
|
|
|
(decrease)
|
|
|
(decrease)
|
|
|
|
In millions
USD
|
|
|
%
|
|
Sparkling Water Maker
Starter Kits
|
|
$
|
53.1
|
|
|
$
|
41.5
|
|
|
$
|
(11.6)
|
|
|
|
(22)
|
%
|
Consumables
|
|
|
72.5
|
|
|
|
70.5
|
|
|
|
(2.0)
|
|
|
|
(3)
|
%
|
Other
|
|
|
0.9
|
|
|
|
0.9
|
|
|
|
(0.0)
|
|
|
|
(1)
|
%
|
Total
|
|
$
|
126.5
|
|
|
$
|
112.9
|
|
|
$
|
(13.6)
|
|
|
|
(11)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Segment Unit
Breakdown
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
December
31,
2014
|
|
|
December
31,
2015
|
|
|
Increase
(decrease)
|
|
|
Increase
(decrease)
|
|
|
|
In
thousands
|
|
|
%
|
|
Sparkling Water Maker
Starter Kits
|
|
|
1,018
|
|
|
|
769
|
|
|
|
(249)
|
|
|
|
(24)
|
%
|
CO2
Refills
|
|
|
6,289
|
|
|
|
6,749
|
|
|
|
460
|
|
|
|
7
|
%
|
Flavors
|
|
|
6,054
|
|
|
|
5,573
|
|
|
|
(481)
|
|
|
|
(8)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The decrease in revenue compared to the fourth quarter 2014 was
mainly due to changes in foreign currency exchange rates, which
reduced revenue by $11.5 million.
Since the same period a year ago, several foreign currencies have
weakened compared to the U.S. dollar, including the Euro by 12%,
the Australian dollar by 16% and the Canadian dollar by 14%.
Gross margin (before the impact of restructuring costs) was
48.0% compared to 50.4% for the same period in 2014. Fourth quarter
2015 gross margin was negatively impacted by changes in foreign
currency exchange rates compared to the same period last year,
partially offset by higher share of CO2 refills in the
product mix.
Sales and marketing expenses were $35.0
million, or 31.0% of revenue, compared to $42.9 million, or 33.9% for the fourth quarter
2014. The decrease was primarily attributable to lower advertising
and promotion expenses, which decreased $5.5
million to 11.7% of revenue from 14.9% of revenue in the
same period in 2014, and lower distribution costs driven by lower
sales volume. Sales and marketing expenses also decreased compared
to 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 were $12.4 million, or 11.0% of revenue, compared to
$9.4 million, or 7.5% of revenue, in
the fourth quarter 2014. The increase was mainly due to
$2.1 million of share-based payment
expenses related to the stock options granted to our Chief
Executive Officer in December 2015
and a reversal of share-based payment expenses in the fourth
quarter 2014.
Operating income (before the impact of restructuring costs) was
$6.2 million, or 5.4% of revenue,
compared to $8.1 million, or 6.4% of
revenue, in the fourth quarter 2014. The decrease in operating
income was driven primarily by the negative impact on revenue from
changes in foreign currency exchange rates and the increase in
share-based payments, partially offset by lower operating expenses,
mainly due to a reduction in sales and marketing expenses and
a reduction in expenses deriving from impairment of intangible
assets.
The net negative impact on Adjusted operating income from
changes in foreign currency exchange rates in comparison with the
same period in 2014 was approximately $5.4
million. Adjusted operating income on a constant currency
basis and excluding share-based payments increased 176% to
$14.2 million from $5.1 million in the fourth quarter 2014.
Net financial expense was $0.3
million compared to net financial income of $0.5 million in the same period in 2014.
Financial expense in the fourth quarter 2015 was mainly due to an
increase in hedging expenses.
Tax expense was $0.8 million with
an effective tax rate of 14.5% on a Non-IFRS basis, excluding the
impact of restructuring, compared to $1.2
million with an effective tax rate of 13.8% in the fourth
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 December 31,
2015 were $34.5 million
compared to $46.9 million at
December 31, 2014. The decrease is
mainly due to investments in the new plant and repayment of bank
debt, partially offset by cash generated from operations. The
company generated positive free cash flow, defined as cash flow
from operating activities less cash flow for investment activities,
of $1.5 million compared to negative
free cash flow of $2.4 million in the
fourth quarter 2014. The company had $36.8 million of bank debt at December 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 December 31,
2015 decreased by 11.4% to $140.7
million compared to $158.8
million at December 31, 2014
largely due to rationalization of inventory and the impact of the
restructuring. Inventories at December 31,
2015 decreased by 18.4% to $113.0
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 furnished 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
(Thursday, February 18, 2016) 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 operating income, 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 operating income, Adjusted net income and Adjusted diluted
EPS eliminate the effect of restructuring costs.
The company believes that the Adjusted revenue, Adjusted
operating income, Adjusted net income, Adjusted EBITDA and Adjusted
diluted EPS, as described above, should be considered in evaluating
the company's performance. Adjusted revenue, Adjusted operating
income, 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 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 and 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 press 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 year
ended
|
|
|
For the three months
ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Revenues
|
|
$
|
511,774
|
|
|
$
|
413,135
|
|
|
$
|
126,526
|
|
|
$
|
112,942
|
|
Cost of
revenues
|
|
|
258,686
|
|
|
|
216,364
|
|
|
|
71,018
|
|
|
|
60,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
253,088
|
|
|
|
196,771
|
|
|
|
55,508
|
|
|
|
52,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
177,668
|
|
|
|
138,641
|
|
|
|
42,945
|
|
|
|
35,031
|
|
General and
administrative
|
|
|
49,795
|
|
|
|
47,258
|
|
|
|
9,437
|
|
|
|
12,389
|
|
Other
expenses
|
|
|
10,654
|
|
|
|
631
|
|
|
|
10,654
|
|
|
|
631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
238,117
|
|
|
|
186,530
|
|
|
|
63,036
|
|
|
|
48,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
14,971
|
|
|
|
10,241
|
|
|
|
(7,528)
|
|
|
|
3,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
(income), net
|
|
|
401
|
|
|
|
350
|
|
|
|
(151)
|
|
|
|
286
|
|
Other financial
expenses (income), net
|
|
|
(1,593)
|
|
|
|
(5,192)
|
|
|
|
(383)
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial
expenses (income), net
|
|
|
(1,192)
|
|
|
|
(4,842)
|
|
|
|
(534)
|
|
|
|
306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
|
16,163
|
|
|
|
15,083
|
|
|
|
(6,994)
|
|
|
|
3,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
3,868
|
|
|
|
3,006
|
|
|
|
1,196
|
|
|
|
848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) for
the period
|
|
$
|
12,295
|
|
|
$
|
12,077
|
|
|
$
|
(8,190)
|
|
|
$
|
2,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.59
|
|
|
$
|
0.57
|
|
|
$
|
(0.39)
|
|
|
$
|
0.13
|
|
Diluted
|
|
$
|
0.58
|
|
|
$
|
0.57
|
|
|
$
|
(0.39)
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
20,968
|
|
|
|
21,037
|
|
|
|
21,007
|
|
|
|
21,064
|
|
Diluted
|
|
|
21,251
|
|
|
|
21,117
|
|
|
|
21,076
|
|
|
|
21,151
|
|
Consolidated
Balance Sheets as of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2014
|
|
|
2015
|
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
|
|
(In
thousands)
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
46,880
|
|
|
$
|
34,534
|
|
Inventories
|
|
|
138,392
|
|
|
|
112,973
|
|
Trade
receivables
|
|
|
94,217
|
|
|
|
76,566
|
|
Other
receivables
|
|
|
34,789
|
|
|
|
29,099
|
|
Derivative financial
instruments
|
|
|
1,035
|
|
|
|
631
|
|
Total current
assets
|
|
|
315,313
|
|
|
|
253,803
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
|
124,817
|
|
|
|
155,294
|
|
Intangible
assets
|
|
|
44,389
|
|
|
|
42,095
|
|
Deferred tax
assets
|
|
|
2,506
|
|
|
|
1,106
|
|
Other
receivables
|
|
|
273
|
|
|
|
431
|
|
Total non-current
assets
|
|
|
171,985
|
|
|
|
198,926
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
487,298
|
|
|
|
452,729
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Loans and
borrowings
|
|
|
9,239
|
|
|
|
11,917
|
|
Derivative financial
instruments
|
|
|
491
|
|
|
|
-
|
|
Trade
payables
|
|
|
79,966
|
|
|
|
50,549
|
|
Income tax
payable
|
|
|
11,740
|
|
|
|
7,505
|
|
Provisions
|
|
|
2,469
|
|
|
|
2,407
|
|
Other current
liabilities
|
|
|
14,927
|
|
|
|
18,118
|
|
Total current
liabilities
|
|
|
118,832
|
|
|
|
90,496
|
|
|
|
|
|
|
|
|
|
|
Loans and
borrowings
|
|
|
34,645
|
|
|
|
24,905
|
|
Employee
benefits
|
|
|
2,174
|
|
|
|
2,152
|
|
Other non-current
liabilities
|
|
|
122
|
|
|
|
156
|
|
Deferred tax
liabilities
|
|
|
750
|
|
|
|
832
|
|
Total non-current
liabilities
|
|
|
37,691
|
|
|
|
28,045
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
156,523
|
|
|
|
118,541
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Share
capital
|
|
|
3,400
|
|
|
|
3,414
|
|
Share
premium
|
|
|
198,918
|
|
|
|
205,527
|
|
Translation
reserve
|
|
|
(14,908)
|
|
|
|
(29,993)
|
|
Retained
earnings
|
|
|
143,365
|
|
|
|
155,240
|
|
Total shareholders'
equity
|
|
|
330,775
|
|
|
|
334,188
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
487,298
|
|
|
$
|
452,729
|
|
Consolidated
Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year
ended
|
|
|
For the three months
ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) for
the period
|
|
$
|
12,295
|
|
|
$
|
12,077
|
|
|
$
|
(8,190)
|
|
|
$
|
2,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
|
2,948
|
|
|
|
3,710
|
|
|
|
906
|
|
|
|
945
|
|
Change in fair value
of derivative financial instruments
|
|
|
(906)
|
|
|
|
(2,678)
|
|
|
|
418
|
|
|
|
362
|
|
Exchange rate
differences on short-term loans and borrowing
|
|
|
-
|
|
|
|
(1,386)
|
|
|
|
-
|
|
|
|
-
|
|
Exchange rate
differences on long-term loans and borrowing
|
|
|
(2,986)
|
|
|
|
(3,675)
|
|
|
|
(1,956)
|
|
|
|
(805)
|
|
Depreciation of
property, plant and equipment
|
|
|
14,099
|
|
|
|
13,233
|
|
|
|
4,014
|
|
|
|
3,411
|
|
Restructuring
costs
|
|
|
15,649
|
|
|
|
6,930
|
|
|
|
15,649
|
|
|
|
394
|
|
Impairment of
goodwill and other intangible assets
|
|
|
3,312
|
|
|
|
631
|
|
|
|
3,312
|
|
|
|
631
|
|
Share-based
payments
|
|
|
3,760
|
|
|
|
6,471
|
|
|
|
(2,972)
|
|
|
|
2,706
|
|
Interest expense
(income), net
|
|
|
401
|
|
|
|
350
|
|
|
|
(151)
|
|
|
|
286
|
|
Income tax
expense
|
|
|
3,868
|
|
|
|
3,006
|
|
|
|
1,196
|
|
|
|
848
|
|
|
|
|
52,440
|
|
|
|
38,669
|
|
|
|
12,226
|
|
|
|
11,606
|
|
Decrease (increase)
in inventories
|
|
|
(12,658)
|
|
|
|
19,860
|
|
|
|
2,946
|
|
|
|
9,743
|
|
Decrease (increase)
trade and other receivables
|
|
|
21,471
|
|
|
|
12,211
|
|
|
|
(1,954)
|
|
|
|
(5,162)
|
|
Decrease in trade
payables and other liabilities
|
|
|
(22,054)
|
|
|
|
(24,680)
|
|
|
|
(4,106)
|
|
|
|
(3,637)
|
|
Increase (decrease)
in employee benefits
|
|
|
49
|
|
|
|
(89)
|
|
|
|
119
|
|
|
|
(48)
|
|
Increase (decrease)
in provisions
|
|
|
855
|
|
|
|
(62)
|
|
|
|
462
|
|
|
|
(215)
|
|
|
|
|
40,103
|
|
|
|
45,909
|
|
|
|
9,693
|
|
|
|
12,287
|
|
Interest
paid
|
|
|
(438)
|
|
|
|
(479)
|
|
|
|
(145)
|
|
|
|
(297)
|
|
Income tax
received
|
|
|
956
|
|
|
|
565
|
|
|
|
241
|
|
|
|
16
|
|
Income tax
paid
|
|
|
(5,036)
|
|
|
|
(5,987)
|
|
|
|
(675)
|
|
|
|
(479)
|
|
Net cash from
operating activities
|
|
|
35,585
|
|
|
|
40,008
|
|
|
|
9,114
|
|
|
|
11,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
received
|
|
|
87
|
|
|
|
129
|
|
|
|
45
|
|
|
|
11
|
|
Proceeds from
investment grants
|
|
|
-
|
|
|
|
2,252
|
|
|
|
-
|
|
|
|
-
|
|
Proceeds from
derivative financial instruments, net
|
|
|
797
|
|
|
|
2,591
|
|
|
|
1,324
|
|
|
|
20
|
|
Acquisition of
property, plant and equipment
|
|
|
(55,174)
|
|
|
|
(49,466)
|
|
|
|
(11,208)
|
|
|
|
(8,673)
|
|
Acquisition of
intangible assets
|
|
|
(5,684)
|
|
|
|
(4,236)
|
|
|
|
(1,630)
|
|
|
|
(1,411)
|
|
Net cash used in
investing activities
|
|
|
(59,974)
|
|
|
|
(48,730)
|
|
|
|
(11,469)
|
|
|
|
(10,053)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
exercise of employee share options
|
|
|
860
|
|
|
|
153
|
|
|
|
40
|
|
|
|
-
|
|
Receipts of long-term
loans and borrowings
|
|
|
49,253
|
|
|
|
10,000
|
|
|
|
19,043
|
|
|
|
10,000
|
|
Repayments of
long-term loans and borrowings
|
|
|
(2,383)
|
|
|
|
(16,248)
|
|
|
|
(2,383)
|
|
|
|
(2,222)
|
|
Change in short-term
debt
|
|
|
(15,452)
|
|
|
|
4,247
|
|
|
|
(6,622)
|
|
|
|
(17,766)
|
|
Net cash from (used
in) financing activities
|
|
|
32,278
|
|
|
|
(1,848)
|
|
|
|
10,078
|
|
|
|
(9,988)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
7,889
|
|
|
|
(10,570)
|
|
|
|
7,723
|
|
|
|
(8,514)
|
|
Cash and cash
equivalents at the beginning of the period
|
|
|
40,885
|
|
|
|
46,880
|
|
|
|
39,901
|
|
|
|
43,480
|
|
Effect of exchange
rates fluctuations on cash and cash equivalents
|
|
|
(1,894)
|
|
|
|
(1,776)
|
|
|
|
(744)
|
|
|
|
(432)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
$
|
46,880
|
|
|
$
|
34,534
|
|
|
$
|
46,880
|
|
|
$
|
34,534
|
|
Information about
Adjusted revenue in reportable segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western
Europe
|
|
|
The
Americas
|
|
|
Asia-Pacific
|
|
|
Central & Eastern
Europe, Middle East, Africa
|
|
|
Total
|
|
|
|
(In
thousands)
|
|
Year
ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
(Audited)
|
|
$
|
281,690
|
|
|
|
142,301
|
|
|
|
53,837
|
|
|
|
33,946
|
|
|
$
|
511,774
|
|
December 31, 2015
(Unaudited)
|
|
|
251,496
|
|
|
|
102,104
|
|
|
|
40,711
|
|
|
|
21,644
|
|
|
$
|
415,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
(Unaudited)
|
|
$
|
66,885
|
|
|
|
37,160
|
|
|
|
16,441
|
|
|
|
6,040
|
|
|
$
|
126,526
|
|
December 31, 2015
(Unaudited)
|
|
$
|
63,258
|
|
|
|
30,006
|
|
|
|
13,671
|
|
|
|
6,007
|
|
|
$
|
112,942
|
|
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 Adjusted revenue:
|
|
|
|
Year ended
|
|
|
Three months
ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
Revenue
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sparkling Water Maker
starter kits (including exchange cylinders)
|
|
$
|
172,614
|
|
|
$
|
133,033
|
|
|
$
|
53,080
|
|
|
$
|
41,534
|
|
Consumables
|
|
|
327,400
|
|
|
|
275,645
|
|
|
|
72,565
|
|
|
|
70,512
|
|
Other
|
|
|
11,760
|
|
|
|
7,277
|
|
|
|
881
|
|
|
|
896
|
|
Total
|
|
$
|
511,774
|
|
|
$
|
415,955
|
|
|
$
|
126,526
|
|
|
$
|
112,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
|
Three months
ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
As a percentage of
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sparkling Water Maker
starter kits (including exchange cylinders)
|
|
|
33.7
|
%
|
|
|
32.0
|
%
|
|
|
42.0
|
%
|
|
|
36.8
|
%
|
Consumables
|
|
|
64.0
|
%
|
|
|
66.3
|
%
|
|
|
57.4
|
%
|
|
|
62.4
|
%
|
Other
|
|
|
2.3
|
%
|
|
|
1.7
|
%
|
|
|
0.6
|
%
|
|
|
0.8
|
%
|
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 December 31, 2015:
|
|
|
|
Non-IFRS
|
|
|
Restructuring
|
|
|
IFRS
|
|
|
|
In Thousands
USD
|
|
Revenue
|
|
$
|
112,942
|
|
|
$
|
|
|
|
$
|
112,942
|
|
Cost of
revenue
|
|
|
58,738
|
|
|
|
(2,171)
|
|
|
|
60,909
|
|
Gross
profit
|
|
|
54,204
|
|
|
|
2,171
|
|
|
|
52,033
|
|
Operating
income
|
|
|
6,153
|
|
|
|
2,171
|
|
|
|
3,982
|
|
Net income for the
period
|
|
$
|
4,999
|
|
|
$
|
2,171
|
|
|
$
|
2,828
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted (in
USD)
|
|
|
0.24
|
|
|
|
0.11
|
|
|
|
0.13
|
|
|
The following
table provides a reconciliation of Non-IFRS to IFRS
|
financial data for
the year ended December 31, 2015:
|
|
|
|
Non-IFRS
|
|
|
Restructuring
|
|
|
IFRS
|
|
|
In Thousands
USD
|
Revenue
|
|
$
|
415,955
|
|
|
$
|
2,820
|
|
|
$
|
413,135
|
Cost of
revenue
|
|
|
209,666
|
|
|
|
(6,698)
|
|
|
|
216,364
|
Gross
profit
|
|
|
206,289
|
|
|
|
9,518
|
|
|
|
196,771
|
Operating
income
|
|
|
19,759
|
|
|
|
9,518
|
|
|
|
10,241
|
Net income for the
period
|
|
$
|
21,595
|
|
|
$
|
9,518
|
|
|
$
|
12,077
|
Net income per
share diluted (in USD)
|
|
|
1.02
|
|
|
|
0.45
|
|
|
|
0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
|
Three months
ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
12,295
|
|
|
$
|
12,077
|
|
|
$
|
(8,190)
|
|
|
$
|
2,828
|
|
Financial expense
(income), net (*)
|
|
|
(1,192)
|
|
|
|
(4,842)
|
|
|
|
(534)
|
|
|
|
306
|
|
Income tax
expense
|
|
|
3,868
|
|
|
|
3,006
|
|
|
|
1,196
|
|
|
|
848
|
|
Depreciation and
amortization
|
|
|
17,047
|
|
|
|
16,943
|
|
|
|
4,920
|
|
|
|
4,356
|
|
EBITDA
|
|
$
|
32,018
|
|
|
$
|
27,184
|
|
|
$
|
(2,608)
|
|
|
$
|
8,338
|
|
Restructuring
|
|
|
15,649
|
|
|
|
9,518
|
|
|
|
15,649
|
|
|
|
2,171
|
|
Impairment of
goodwill
|
|
|
3,312
|
|
|
|
-
|
|
|
|
3,312
|
|
|
|
-
|
|
Adjusted
EBITDA
|
|
|
50,979
|
|
|
|
36,702
|
|
|
|
16,353
|
|
|
|
10,509
|
|
(*)
|
Starting in Q1 2015,
the company presents EBITDA excluding total financial expense
(income), net, as compared to 2014, in which EBITDA was presented
excluding only interest expense. The three months ended December
31, 2014 and the year ended December 31, 2014 EBITDA were also
Adjusted to exclude the total financial expense.
|
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SOURCE SodaStream International Ltd.