AIRPORT CITY, Israel,
Nov. 10, 2016 /PRNewswire/
-- SodaStream International Ltd. (NASDAQ: SODA), the world's
leading manufacturer of home beverage carbonation systems,
announced today its results for the three and nine month periods
ended September 30, 2016.
For the third quarter ended September 30,
2016, compared to adjusted third quarter 2015 results*:
- Revenue increased 12.9% to $124.2
million compared to $110.0
million in the third quarter 2015
- EBITDA increased 140.6% to $23.3
million compared to $9.7
million adjusted EBITDA in the third quarter 2015
- Net income increased 217.4% to $14.9
million compared to $4.7
million in the third quarter 2015
- Diluted earnings per share increased to $0.69 compared to $0.22 in the third quarter 2015
"We delivered very strong third quarter results highlighted by
double digit revenue growth and record high operating income,"
commented Daniel Birnbaum, Chief
Executive Officer of SodaStream. "Our top-line performance included
a 23% increase in sparkling water maker unit sales to 788,000, our
highest quarterly figure in nearly two years, underscoring the
growing strength of our business. We believe that repositioning the
SodaStream brand around sparkling water combined with effective
marketing programs is setting the foundation for an acceleration in
household penetration in each of our geographic regions. During the
third quarter, our home carbonation system was used to produce and
consume more sparkling water than any other brand worldwide, which
resulted in an all-time quarterly record 7.7 million gas refills.
Importantly, we are driving growth in a highly profitable manner
and generating strong free cash flow following the recent
consolidation of our manufacturing, logistics and distribution
activities and expense optimization efforts. With significant
growth opportunities ahead of us, we are very excited about the
future of the business."
Third Quarter 2016
Financial Reviews
|
|
Geographical Revenue
Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
September 30,
2015
|
|
|
September 30,
2016
|
|
|
Increase
|
|
|
Increase
|
|
|
|
In Millions
USD
|
|
|
%
|
|
Western
Europe
|
|
$
|
68.5
|
|
|
$
|
74.7
|
|
|
$
|
6.2
|
|
|
|
9
|
%
|
The
Americas
|
|
|
26.2
|
|
|
|
29.8
|
|
|
|
3.6
|
|
|
|
14
|
%
|
Asia-Pacific
|
|
|
9.0
|
|
|
|
12.9
|
|
|
|
3.9
|
|
|
|
43
|
%
|
Central & Eastern
Europe, Middle East, Africa
|
|
|
6.3
|
|
|
|
6.8
|
|
|
|
0.5
|
|
|
|
9
|
%
|
Total
|
|
$
|
110.0
|
|
|
$
|
124.2
|
|
|
$
|
14.2
|
|
|
|
13
|
%
|
Product Segment
Revenue Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
September 30,
2015
|
|
|
September 30,
2016
|
|
|
Increase
(decrease)
|
|
|
Increase
(decrease)
|
|
|
|
In millions
USD
|
|
|
%
|
|
Sparkling Water Maker
Starter Kits
|
|
$
|
34.2
|
|
|
$
|
45.5
|
|
|
$
|
11.3
|
|
|
|
33
|
%
|
Consumables
|
|
|
73.9
|
|
|
|
76.9
|
|
|
|
3.0
|
|
|
|
4
|
%
|
Other
|
|
|
1.9
|
|
|
|
1.8
|
|
|
|
(0.1)
|
|
|
|
(4)
|
%
|
Total
|
|
$
|
110.0
|
|
|
$
|
124.2
|
|
|
$
|
14.2
|
|
|
|
13
|
%
|
|
* The comparable
third quarter 2015 gross margin, operating and net income data,
EBITDA and diluted earnings per share on pages 1-2 and 7-8 of this
press release relate to Adjusted Non-IFRS measures. See "Non-IFRS
Financial measures" on page 3. See also "IFRS to Non-IFRS Bridge"
in CFO's commentary for explanations of differences between the two
periods and relevant adjustments.
|
Product Segment Unit
Breakdown
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
September 30,
2015
|
|
|
September 30,
2016
|
|
|
Increase
(decrease)
|
|
|
Increase
(decrease)
|
|
|
|
In
thousands
|
|
|
%
|
|
Sparkling Water Maker
Starter Kits
|
|
|
639
|
|
|
|
788
|
|
|
|
149
|
|
|
|
23
|
%
|
CO2
Refills
|
|
|
7,021
|
|
|
|
7,673
|
|
|
|
652
|
|
|
|
9
|
%
|
Flavors
|
|
|
6,726
|
|
|
|
5,463
|
|
|
|
(1,263)
|
|
|
|
(19)
|
%
|
Revenue increased $14.2 million,
or 12.9%, to $124.2 million compared
to $110.0 million in the same period
in 2015 driven by increased consumer demand for sparkling water
makers and consumables mainly in Germany, Japan, Australia, the Nordics, the U.S. and
Canada.
Gross margin* increased 340 basis points to 51.8% compared to
48.4% for the same period in 2015 mainly due production
optimization in the Lehavim plant and price increases partially
offset by a higher portion of sparkling water makers in the product
mix.
Sales and marketing expenses were $34.9
million, or 28.1% of revenue, compared to $36.0 million, or 32.8% in the same period in
2015. Advertising and promotion expenses decreased by $0.6 million to $15.2
million, or 12.2% of revenue, compared to $15.8 million, or 14.3% of revenue, in the same
period in 2015. Other selling expenses decreased by $0.5 million to $19.7
million, or 15.9% of revenue, compared to $20.3 million, or 18.4% of revenue, in the same
period in 2015, primarily driven by ongoing expenses optimization
activities.
General and administrative expenses decreased $0.9 million to $10.8
million, or 8.7% of revenue, compared to $11.8 million, or 10.7% of revenue in the same
period in 2015.
Operating income* increased 243.0% to $18.6 million, or 14.9% of revenue, compared to
$5.4 million, or 4.9% of revenue, in
the third quarter 2015.
Currency exchange rates had no material impact in comparison
with the same period in 2015.
Net financial expense was $0.2
million compared to net financial income of $0.1 million in the same period in 2015.
Tax expense was $3.4 million with
an effective tax rate of 18.8%, compared to $0.8 million with an effective tax rate of 26.0%
in the same period in 2015. The effective tax rate results from the
earnings distribution between the taxable entities of the
group.
Balance Sheet and Cash Flow Review
Cash and short-term deposits less bank debt at September 30, 2016 increased $46.2 million to a net cash position of
$43.9 million compared to a net debt
position of $2.3 million at
December 31, 2015.
Net cash from operating activities minus capital expenditures
was positive at $26.2 million in the
third quarter 2016 compared to $1.2
million in the same period in 2015. Free cash flow for the
nine months ended September 30, 2016
was positive at $45.3 million
compared to a negative free cash flow of $12.9 million for the same period in 2015.
Working capital decreased 13.3% to $122.0
million compared to $140.7
million at December 31, 2015.
Inventories decreased 9.4% to $102.3
million compared to $113.0
million at December 31,
2015.
Conference Call and Management Commentary
A detailed CFO commentary and a supplemental slide presentation
have been furnished as exhibits to today's report of a foreign
private issuer on a Form 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
(Thursday, November 10, 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 #1 sparkling water brand in volume in the
world and the leading manufacturer and distributor of Sparkling
Water Makers. We enable consumers to easily transform ordinary tap
water into sparkling water and flavored sparkling water in seconds.
By making ordinary water fun and exciting 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. 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 the following Non-IFRS measures:
Adjusted revenue, Adjusted gross margin, 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 and impairment of
other intangible assets. Adjusted revenue, Adjusted gross margin,
Adjusted operating income, Adjusted net income and Adjusted diluted
earnings per share eliminate the effect of restructuring costs.
The Company believes that the Adjusted revenue, Adjusted gross
margin, Adjusted operating income, Adjusted net income, Adjusted
EBITDA and Adjusted diluted EPS, as described above, should be
considered in evaluating the Company's operations. Adjusted
revenue, Adjusted gross margin, Adjusted operating income, Adjusted
net income and Adjusted diluted EPS exclude restructuring costs and
Adjusted EBITDA exclude restructuring costs and impairment of other
intangible assets because most of this charge is a non-cash expense
and does not reflect the performance of the Company's underlying
business and operations. In addition, Adjusted EBITDA facilitates
operating performance comparisons from period to period 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), the age and depreciation charges and
amortization of fixed and intangible assets (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, see
"IFRS to Non-IFRS Bridge" in CFO's commentary.
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, 2015 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,
|
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Revenues
|
|
$
|
300,193
|
|
|
$
|
344,265
|
|
|
$
|
110,015
|
|
|
$
|
124,228
|
|
Cost of
revenues
|
|
|
155,455
|
|
|
|
168,285
|
|
|
|
59,255
|
|
|
|
59,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
144,738
|
|
|
|
175,980
|
|
|
|
50,760
|
|
|
|
64,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
103,610
|
|
|
|
105,636
|
|
|
|
36,031
|
|
|
|
34,943
|
|
General and
administrative
|
|
|
34,869
|
|
|
|
32,383
|
|
|
|
11,772
|
|
|
|
10,833
|
|
Other
expenses
|
|
|
-
|
|
|
|
2,327
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
138,479
|
|
|
|
140,346
|
|
|
|
47,803
|
|
|
|
45,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
6,259
|
|
|
|
35,634
|
|
|
|
2,957
|
|
|
|
18,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
(income), net
|
|
|
64
|
|
|
|
369
|
|
|
|
(62)
|
|
|
|
115
|
|
Other financial
expense (income), net
|
|
|
(5,212)
|
|
|
|
945
|
|
|
|
(10)
|
|
|
|
95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial
expense (income), net
|
|
|
(5,148)
|
|
|
|
1,314
|
|
|
|
(72)
|
|
|
|
210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
11,407
|
|
|
|
34,320
|
|
|
|
3,029
|
|
|
|
18,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
2,158
|
|
|
|
5,502
|
|
|
|
787
|
|
|
|
3,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
|
$
|
9,249
|
|
|
$
|
28,818
|
|
|
$
|
2,242
|
|
|
$
|
14,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.44
|
|
|
$
|
1.36
|
|
|
$
|
0.11
|
|
|
$
|
0.70
|
|
Diluted
|
|
$
|
0.44
|
|
|
$
|
1.35
|
|
|
$
|
0.11
|
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
21,030
|
|
|
|
21,145
|
|
|
|
21,041
|
|
|
|
21,198
|
|
Diluted
|
|
|
21,111
|
|
|
|
21,297
|
|
|
|
21,118
|
|
|
|
21,701
|
|
Consolidated
Balance Sheets as of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
|
2015
|
|
|
2016
|
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
|
|
(In
thousands)
|
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
34,534
|
|
|
$
|
53,857
|
|
Bank
deposits
|
|
|
-
|
|
|
|
7,000
|
|
Inventories
|
|
|
112,973
|
|
|
|
102,323
|
|
Trade
receivables
|
|
|
76,566
|
|
|
|
74,042
|
|
Other
receivables
|
|
|
29,099
|
|
|
|
25,767
|
|
Assets classified as
held for sale
|
|
|
-
|
|
|
|
1,484
|
|
Derivative financial
instruments
|
|
|
631
|
|
|
|
1,048
|
|
Total current
assets
|
|
|
253,803
|
|
|
|
265,521
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
|
155,294
|
|
|
|
167,042
|
|
Intangible
assets
|
|
|
42,095
|
|
|
|
38,859
|
|
Deferred tax
assets
|
|
|
1,106
|
|
|
|
4,016
|
|
Other
receivables
|
|
|
431
|
|
|
|
2,930
|
|
Total non-current
assets
|
|
|
198,926
|
|
|
|
212,847
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
452,729
|
|
|
|
478,368
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Loans and
borrowings
|
|
|
11,917
|
|
|
|
5,637
|
|
Trade
payables
|
|
|
50,549
|
|
|
|
50,161
|
|
Income tax
payable
|
|
|
7,505
|
|
|
|
9,036
|
|
Provisions
|
|
|
2,407
|
|
|
|
2,901
|
|
Other current
liabilities
|
|
|
18,118
|
|
|
|
20,599
|
|
Total current
liabilities
|
|
|
90,496
|
|
|
|
88,334
|
|
|
|
|
|
|
|
|
|
|
Loans and
borrowings
|
|
|
24,905
|
|
|
|
11,273
|
|
Employee
benefits
|
|
|
2,152
|
|
|
|
2,420
|
|
Other non-current
liabilities
|
|
|
156
|
|
|
|
185
|
|
Deferred tax
liabilities
|
|
|
832
|
|
|
|
2,733
|
|
Total non-current
liabilities
|
|
|
28,045
|
|
|
|
16,611
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
118,541
|
|
|
|
104,945
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Share
capital
|
|
|
3,414
|
|
|
|
3,438
|
|
Share
premium
|
|
|
205,527
|
|
|
|
210,934
|
|
Translation
reserve
|
|
|
(29,993)
|
|
|
|
(25,007)
|
|
Retained
earnings
|
|
|
155,240
|
|
|
|
184,058
|
|
Total shareholders'
equity
|
|
|
334,188
|
|
|
|
373,423
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
452,729
|
|
|
$
|
478,368
|
|
Consolidated
Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months
ended
|
|
|
For the three months
ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
|
$
|
9,249
|
|
|
$
|
28,818
|
|
|
$
|
2,242
|
|
|
$
|
14,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of
property, plant and equipment
|
|
|
9,822
|
|
|
|
10,926
|
|
|
|
3,352
|
|
|
|
3,930
|
|
Amortization of
intangible assets
|
|
|
2,765
|
|
|
|
2,596
|
|
|
|
907
|
|
|
|
775
|
|
Impairment of other
intangible assets
|
|
|
-
|
|
|
|
1,830
|
|
|
|
-
|
|
|
|
-
|
|
Restructuring
costs
|
|
|
6,536
|
|
|
|
-
|
|
|
|
2,003
|
|
|
|
-
|
|
Change in fair value
of derivative financial instruments
|
|
|
(3,040)
|
|
|
|
626
|
|
|
|
800
|
|
|
|
58
|
|
Exchange rate
differences on Short-term loans and borrowing
|
|
|
(1,386)
|
|
|
|
-
|
|
|
|
(46)
|
|
|
|
-
|
|
Exchange rate
differences on long-term loans and borrowing
|
|
|
(2,870)
|
|
|
|
642
|
|
|
|
365
|
|
|
|
243
|
|
Share based
payment
|
|
|
3,765
|
|
|
|
3,513
|
|
|
|
1,334
|
|
|
|
1,032
|
|
Interest expense
(income), net
|
|
|
64
|
|
|
|
369
|
|
|
|
(62)
|
|
|
|
115
|
|
Income tax
expense
|
|
|
2,158
|
|
|
|
5,502
|
|
|
|
787
|
|
|
|
3,443
|
|
|
|
|
27,063
|
|
|
|
54,822
|
|
|
|
11,682
|
|
|
|
24,506
|
|
Decrease in
inventories
|
|
|
10,117
|
|
|
|
11,825
|
|
|
|
5,061
|
|
|
|
3,037
|
|
Decrease (increase)
trade receivables and other receivables
|
|
|
17,373
|
|
|
|
2,615
|
|
|
|
(1,850)
|
|
|
|
(1,159)
|
|
Increase (decrease)
in trade payables and other liabilities
|
|
|
(21,043)
|
|
|
|
1,267
|
|
|
|
1,556
|
|
|
|
3,214
|
|
Increase (decrease)
in employee benefits
|
|
|
(41)
|
|
|
|
215
|
|
|
|
74
|
|
|
|
39
|
|
Increase (decrease)
in provisions
|
|
|
153
|
|
|
|
494
|
|
|
|
(84)
|
|
|
|
748
|
|
|
|
|
33,622
|
|
|
|
71,238
|
|
|
|
16,439
|
|
|
|
30,385
|
|
Interest
paid
|
|
|
(182)
|
|
|
|
(428)
|
|
|
|
(17)
|
|
|
|
(135)
|
|
Income tax
received
|
|
|
549
|
|
|
|
207
|
|
|
|
283
|
|
|
|
162
|
|
Income tax
paid
|
|
|
(5,508)
|
|
|
|
(5,225)
|
|
|
|
(2,303)
|
|
|
|
(413)
|
|
Net cash from
operating activities
|
|
|
28,481
|
|
|
|
65,792
|
|
|
|
14,402
|
|
|
|
29,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
received
|
|
|
118
|
|
|
|
60
|
|
|
|
79
|
|
|
|
21
|
|
Investment in bank
deposits
|
|
|
-
|
|
|
|
(7,000)
|
|
|
|
-
|
|
|
|
(7,000)
|
|
Proceeds from
investment grants
|
|
|
2,252
|
|
|
|
2,828
|
|
|
|
-
|
|
|
|
2,828
|
|
Proceeds from
(payment for) derivative financial instruments,
net
|
|
|
2,571
|
|
|
|
(1,043)
|
|
|
|
828
|
|
|
|
(168)
|
|
Acquisition of
property, plant and equipment
|
|
|
(40,793)
|
|
|
|
(21,828)
|
|
|
|
(12,208)
|
|
|
|
(6,049)
|
|
Acquisition of
intangible assets
|
|
|
(2,825)
|
|
|
|
(1,525)
|
|
|
|
(974)
|
|
|
|
(561)
|
|
Net cash used in
investing activities
|
|
|
(38,677)
|
|
|
|
(28,508)
|
|
|
|
(12,275)
|
|
|
|
(10,929)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
exercise of employee share options
|
|
|
153
|
|
|
|
1,918
|
|
|
|
-
|
|
|
|
1,199
|
|
Repayments of
long-term loans and borrowings
|
|
|
(14,026)
|
|
|
|
(17,693)
|
|
|
|
(1,674)
|
|
|
|
(7,529)
|
|
Change in short-term
debt
|
|
|
22,013
|
|
|
|
(2,861)
|
|
|
|
9,673
|
|
|
|
-
|
|
Net cash from (used
in) financing activities
|
|
|
8,140
|
|
|
|
(18,636)
|
|
|
|
7,999
|
|
|
|
(6,330)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
(2,056)
|
|
|
|
18,648
|
|
|
|
10,126
|
|
|
|
12,740
|
|
Cash and cash
equivalents at the beginning of the period
|
|
|
46,880
|
|
|
|
34,534
|
|
|
|
33,418
|
|
|
|
40,943
|
|
Effect of exchange
rates fluctuations on cash and cash
equivalents
|
|
|
(1,344)
|
|
|
|
675
|
|
|
|
(64)
|
|
|
|
174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
$
|
43,480
|
|
|
$
|
53,857
|
|
|
$
|
43,480
|
|
|
$
|
53,857
|
|
Information about
revenue in reportable segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western
Europe
|
|
|
The
Americas
|
|
|
Asia-Pacific
|
|
|
Central &
Eastern Europe,
Middle East,
Africa
|
|
|
Total
|
|
|
(In
thousands)
|
Nine months
ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015*
(Unaudited)
|
|
$
|
188,238
|
|
|
|
72,098
|
|
|
|
27,040
|
|
|
|
15,637
|
|
|
$
|
303,013
|
September 30, 2016
(Unaudited)
|
|
|
211,676
|
|
|
|
78,694
|
|
|
|
34,733
|
|
|
|
19,162
|
|
|
$
|
344,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015
(Unaudited)
|
|
$
|
68,505
|
|
|
|
26,234
|
|
|
|
8,997
|
|
|
|
6,279
|
|
|
$
|
110,015
|
September 30, 2016
(Unaudited)
|
|
$
|
74,675
|
|
|
|
29,831
|
|
|
|
12,893
|
|
|
|
6,829
|
|
|
$
|
124,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
tables present the Company's revenue, by
product type for
the periods presented, as well as such revenue
by product type as
a percentage of total revenue:
|
|
|
|
|
|
Nine months
ended
|
|
|
Three months
ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2015*
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
Revenue
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sparkling Water Maker
starter kits
(including exchange cylinders)
|
|
$
|
**90,215
|
|
|
$
|
114,090
|
|
|
$
|
34,234
|
|
|
$
|
45,463
|
|
Consumables
|
|
|
**204,584
|
|
|
|
223,014
|
|
|
|
73,882
|
|
|
|
76,938
|
|
Other
|
|
|
**8,214
|
|
|
|
7,161
|
|
|
|
1,899
|
|
|
|
1,827
|
|
Total
|
|
$
|
303,013
|
|
|
$
|
344,265
|
|
|
$
|
110,015
|
|
|
$
|
124,228
|
|
|
|
* The comparable
revenue for the nine months ended September 30, 2015 relate to
Adjusted Non-IFRS measures.
**
Reclassified
|
|
|
|
Nine months
ended
|
|
|
Three months
ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
As a percentage of
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sparkling Water Maker
starter kits
(including exchange cylinders)
|
|
|
29.8
|
%
|
|
|
33.1
|
%
|
|
|
31.1
|
%
|
|
|
36.6
|
%
|
Consumables
|
|
|
67.5
|
%
|
|
|
64.8
|
%
|
|
|
67.2
|
%
|
|
|
61.9
|
%
|
Other
|
|
|
2.7
|
%
|
|
|
2.1
|
%
|
|
|
1.7
|
%
|
|
|
1.5
|
%
|
Total
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
Three months
ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
|
(Unaudited)
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
9,249
|
|
|
$
|
28,818
|
|
|
$
|
2,242
|
|
|
$
|
14,910
|
|
Financial income,
net
|
|
|
(5,148)
|
|
|
|
1,314
|
|
|
|
(72)
|
|
|
|
210
|
|
Income tax
expense
|
|
|
2,158
|
|
|
|
5,502
|
|
|
|
787
|
|
|
|
3,443
|
|
Depreciation and
amortization
|
|
|
12,587
|
|
|
|
13,522
|
|
|
|
4,259
|
|
|
|
4,705
|
|
EBITDA
|
|
$
|
18,846
|
|
|
$
|
49,156
|
|
|
$
|
7,216
|
|
|
$
|
23,268
|
|
Restructuring
|
|
|
7,347
|
|
|
|
-
|
|
|
|
2,455
|
|
|
|
-
|
|
Impairment of other
intangible asset
|
|
|
-
|
|
|
|
1,830
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted
EBITDA
|
|
|
26,193
|
|
|
|
50,986
|
|
|
|
9,671
|
|
|
|
23,268
|
|
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SOURCE SodaStream International Ltd.