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SodaStream Reports Record Third Quarter Results

Third Quarter Revenue Increased to $112.5 Million

AIRPORT CITY, Israel, Nov. 7, 2012 /PRNewswire/ -- SodaStream International Ltd. (NASDAQ: SODA), a leading manufacturer of home beverage carbonation systems, announced today its results for the three and nine month periods ended September 30, 2012.

(Logo: http://photos.prnewswire.com/prnh/20121107/NY07412LOGO )

For the third quarter ended September 30, 2012:

  • Total revenue increased 48.7% to $112.5 million from $75.7 million in the third quarter 2011. 
  • Net income increased 65.9% to $16.8 million compared to $10.1 million a year ago, and Adjusted net income was $18.2 million compared to $11.5 million last year.
  • Diluted earnings per share increased 66.7% to $0.80, compared to $0.48 in the third quarter 2011 and Adjusted diluted earnings per share were $0.87 compared to $0.55 a year ago.

"We had another very strong quarter highlighted by gains in all geographic regions and product categories with demand well ahead of our expectations" said Daniel Birnbaum, Chief Executive Officer of SodaStream. "Our growth strategies have yielded excellent financial results year-to-date and position the Company for continued expansion in 2013 and beyond. We enter the fourth quarter with strong momentum, especially in the U.S. where we've quickly built a powerful distribution network for our expanding portfolio of soda makers and consumables. Our newest flagship soda maker, the Source, is set to debut at select retailers worldwide. With its modern design and innovative functionality, we believe the Source is a transformational product that will broaden appeal of our entire system and help drive household penetration to a new level. To leverage our enhanced product portfolio and broad distribution, we are launching our first global branding campaign that highlights the revolutionary essence of SodaStream and challenges the traditional beverage industry. The progress we've made leading the growth of our category worldwide has put the Company on track to deliver significant value for our shareholders in the years ahead."

Third Quarter 2012 Financial Review












Geographical Revenue Breakdown









Revenue

Three Months Ended






September 30, 2012


September 30, 2011


 Increase


 Increase


In Millions USD


%

Western Europe

$

52.6


$

39.7


$

12.9


33%

The Americas


38.7



24.0



14.7


61%

Central & Eastern Europe, Middle

East, Africa


10.3



7.5



2.8


37%

Asia-Pacific


10.9



4.5



6.4


145%

Total

$

112.5


$

75.7


$

36.8


49%












Product Segment Revenue Breakdown









Revenue

Three Months Ended






September 30, 2012


September 30, 2011


 Increase


 Increase


In millions USD


%

Soda Maker Starter Kits

$

46.5


$

33.9


$

12.6


37%

Consumables


63.0



40.7



22.3


55%

Other


3.0



1.1



1.9


180%

Total

$

112.5


$

75.7


$

36.8


49%












Product Segment Unit Breakdown












 

Three Months Ended







September 30,

2012


September 30,

2011


 Increase


 Increase


In thousands


%

Soda Maker Starter Kits


941



717



224


31%

CO2 Refills


4,337



3,636



701


19%

Flavors


7,747



4,399



3,348


76%


Gross margin for the third quarter 2012 was 54.2%, compared to 53.5% for the same period in 2011. This increase was primarily due to the increase in direct distribution that accounted for 69% of total revenue in the quarter vs. 56% in the third quarter 2011. This increase is mainly due to growing share of U.S. revenue and the shift to self-distribution in the Nordics. Gross margin was also positively impacted from leveraging fixed production costs on higher revenue, partially offset by a higher percentage of subcontracted manufacturing.

Sales and marketing expenses for the third quarter 2012 totaled $35.8 million, or 31.8% of revenue compared to $23.1 million, or 30.6% of revenue for the comparable period last year. The increase is primarily due to higher advertising and promotion expense, which was in line with the plan to support the growing retail presence, especially in the U.S. This was partially offset by a decrease in other selling expenses as a percent of revenue, despite the aforementioned increase in self-distribution versus a year ago, driven by improved supply chain efficiency and expense leverage on higher revenue.   

General and administrative expenses for the third quarter 2012 were $8.7 million, or 7.8% of revenue, compared to $7.6 million, or 10.1% of revenue in the comparable period of last year. This includes the additional expenses associated with the acquisition of CEM Industries in the fourth quarter 2011 and the acquisition of the distribution activity in the Nordics in the first quarter 2012.

Operating income increased to $16.4 million, or 14.6% of revenue as compared to $9.8 million, or 13.0% of revenue in the third quarter 2011.

Tax benefit was $850,000 compared to a tax expense of $816,000 in the third quarter 2011. This is primarily attributable to an adjustment of tax provision following an agreement with the tax authorities in one of our jurisdictions. Excluding this adjustment the effective tax rate in the third quarter 2012 was approximately 8%, similar to the third quarter 2011.

Balance Sheet Review

  • On August 31, 2012, the Company acquired the SodaStream related assets from its Canadian distributor and started operating its products' distribution in Canada as a self-distribution unit. This had no material impact on the results of operations. The main asset acquired in the transaction was inventory of $5.9 million. The inventory and cash balance at September 30, 2012 reflect this transaction.
  • Cash and cash equivalents and bank deposits at September 30, 2012 were $50.7 million compared to $74.3 million on December 31, 2011. The decrease is primarily attributable to the acquisition of the Nordics and Canadian distribution activities, debt repayment and an increase in working capital.
  • The Company had no outstanding loans and borrowings at September 30, 2012 compared to $4.0 million on December 31, 2011.
  • Working capital at September 30, 2012 increased 29.5% to $101.4 million compared to $78.3 million on December 31, 2011.
  • Inventories at September 30, 2012 increased 44.6% to $110.8 million compared to $76.6 million on December 31, 2011, primarily reflecting the additional inventory associated with the acquisition of the Nordics and Canadian inventory and the Company's business growth, primarily in the U.S. 

Change of reporting currency

Beginning with the quarter ended March 31, 2012, the Company changed its reporting currency to the U.S. dollar (USD).  Previously, the Company presented its annual and quarterly consolidated balance sheets and related consolidated statements of operations and cash flows in Euro (EUR).  In accordance with IFRS, the financial statements for comparative periods were translated into the new reporting currency using the EUR to USD exchange rate at January 1, 2012 of EUR 1.00 = USD 1.2973.

Guidance

Based on third quarter results and current projections for the remainder of the year, the Company is raising its outlook.

  • The Company now expects 2012 revenue to increase approximately 46% over 2011 revenue of $289.0 million, up from its previous guidance of 40%.
  • The Company now expects 2012 net income to increase approximately 59% over 2011 net income of $27.5 million, up from its previous guidance of 55%. This guidance assumes full year gross margin of approximately 54.5% and includes a share-based expense of approximately $5.6 million.
  • Gross margin for the fourth quarter 2012 includes a higher mix of third party manufacturing and additional transportation expenses in order to meet the high demand for several new product launches scheduled for the holiday season.

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, November 7, 2012) 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 manufactures beverage carbonation systems which enable consumers to easily transform ordinary tap water instantly into carbonated soft drinks and sparkling water. Soda makers offer a highly differentiated and innovative solution to consumers of bottled and canned carbonated soft drinks and sparkling water. Our products are environmentally friendly, cost effective, promote health and wellness, and are customizable and fun to use. In addition, our products offer convenience by eliminating the need to carry bottles home from the supermarket, to store bottles at home or to regularly dispose of empty bottles. Our products are available at more than 60,000 retail stores in 45 countries around the world.  For more information on SodaStream, please visit the Company's website: www.sodastream.com.

To download SodaStream's investor relations app, which offers access to SEC documents, press releases, videos, audiocasts and more, please visit http://itunes.apple.com/us/app/soda-ir/id524423001?mt=8 for your iPhone/iPad, or https://play.google.com/store/apps/details?id=com.theirapp.soda for your Android mobile device.

Non-IFRS Financial Measures

This press release contains certain non-IFRS measures, including Adjusted net income ("Adjusted net income"), Adjusted Earnings Before Interest, Income Tax, Depreciation and Amortization ("Adjusted EBITDA"), and Adjusted diluted earnings per share ("Adjusted diluted EPS").

Adjusted net income represents net income calculated in accordance with IFRS as adjusted for the impact of the Share-Based Compensation Expense. Adjusted EBITDA represents earnings before interest, income tax, depreciation and amortization, and further eliminates the effect of the Share-Based Compensation Expense. Adjusted diluted EPS represents earnings per share calculated in accordance with IFRS as adjusted for the impact of the Share-Based Compensation Expense.

The Company believes that the Adjusted net income, Adjusted EBITDA and Adjusted diluted EPS, which excludes the Share-Based Compensation Expense, should be considered in evaluating the Company's operations since they provide a clearer indication of the Company's operating results going forward.

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 in the tables below.

Forward Looking Statements
This release contains forward-looking statements, which express the current beliefs and expectations of management. 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 expand into our target markets, including the United States; our ability to continue to develop or maintain 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; 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 detailed in documents we file from time to time with the United States Securities and Exchange Commission.  Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

Company Contact:
Yonah Lloyd
Chief Corporate Development and Communications Officer
SodaStream International Ltd.
Phone: +972-3-976-2462
[email protected]

Investor Contacts (US):
Brendon Frey
ICR
Phone: + 1 203-682-8200
[email protected]

 

Consolidated Statements of Operations







In thousands (net income per share amounts in units)




















For the nine months ended


For the three months ended


September 30,


September 30,


2011


2012


2011


2012


(Unaudited)


(Unaudited)

Revenue

$

203,265


$

303,369


$

75,655


$

112,482

Cost of revenue


94,858



138,052



35,152



51,531













Gross profit


108,407



165,317



40,503



60,951













Operating expenses












Sales and marketing


62,737



100,176



23,129



35,825

General and administrative


22,408



27,607



7,605



8,741

Other income, net


(121)



(134)



(40)



(54)













Total operating expenses


85,024



127,649



30,694



44,512













Operating income


23,383



37,668



9,809



16,439













Interest expense (income), net


(1,200)



40



(506)



35

Other financial expense (income), net


(647)



642



(609)



488













Total financial expense (income), net


(1,847)



682



(1,115)



523













Income before income taxes


25,230



36,986



10,924



15,916













Income tax expense (tax benefit)


3,067



659



816



(850)













Net income for the period

$

22,163


$

36,327


$

10,108


$

16,766













Net income per share












Basic

$

1.14


$

1.79


$

0.51


$

0.82

Diluted

$

1.08


$

1.73


$

0.48


$

0.80













Weighted average  number of shares












Basic


19,376



20,281



20,006



20,410

Diluted


20,452



20,984



21,002



21,027














 

Consolidated Balance Sheets as of













December 31,


September 30,


2011


2012


(Audited)


(Unaudited)


(In thousands)

Assets






Cash and cash equivalents

$

34,769


$

30,676

Bank deposits


39,485



20,056

Inventories


76,625



110,806

Trade receivables


58,452



80,861

Other receivables


20,064



20,338

Derivative financial instruments


322



235

Assets classified as available-for-sale


837



815

Total current assets


230,554



263,787







Property, plant and equipment


46,434



72,845

Intangible assets


25,358



38,084

Deferred tax assets


1,168



1,774

Other receivables


224



269

Total non-current assets


73,184



112,972







Total assets


303,738



376,759







Liabilities






Loans and borrowings


4,006



-

Derivative financial instruments


-



424

Trade payables


47,383



72,236

Income tax payable


9,171



8,908

Provisions


397



1,515

Other current liabilities


21,071



28,592

Total current liabilities


82,028



111,675







Employee benefits


1,497



1,458

Provisions


514



531

Deferred tax liabilities


717



1,161

Total non-current liabilities


2,728



3,150







Total liabilities


84,756



114,825







Shareholders' equity






Share capital


3,238



3,292

Share premium


168,601



174,458

Translation reserve


1,471



2,185

Retained earnings


45,672



81,999

Total shareholders' equity


218,982



261,934







Total liabilities and shareholders' equity

$

303,738


$

376,759








 

Consolidated Statements of Cash Flows














For the nine months ended


For the three months ended


September 30,


September 30,


2011


2012


2011


2012


(Unaudited)


(Unaudited)



(In thousands)

Cash flows from operating  activities












Net income for the period

$

22,163


$

36,327


$

10,108


$

16,766













Adjustments:












Amortization of intangible assets


477



1,107



81



420

Change in fair value of  derivative financial instruments


466



504



(79)



-

Depreciation of property, plant  and equipment


3,128



6,029



973



2,211

Share based payment


4,040



4,293



1,348



1,458

Interest expense (income), net


(1,200)



40



(506)



35

Income tax expense (tax benefit)


3,067



659



816



(850)



32,141



48,959



12,741



20,040

Increase in inventories


(20,081)



(23,909)



(9,747)



(11,368)

Increase in trade and other receivables


(19,048)



(37,984)



(10,878)



(16,186)

Increase in trade payables


6,091



23,588



5,598



11,124

Decrease in employee benefits


(14)



(28)



(6)



(15)

Increase in provisions and other current liabilities


84



5,824



232



1,365



(827)



16,450



(2,060)



4,960

Interest paid


(272)



(334)



(79)



(97)

Income tax received


-



1,733



-



247

Income tax paid


(3,010)



(3,047)



(1,357)



(756)

Net cash from (used in) operating activities


(4,109)



14,802



(3,496)



4,354













Cash flows from investing  activities












Interest received


1,003



1,181



221



102

Investment in bank deposits


(51,892)



(20,000)



(51,892)



(10,000)

Proceeds from bank deposits


-



38,919



-



-

Proceeds from (payments for) derivative financial  instruments, net


(44)



7



(25)



561

Acquisition of subsidiary, net of cash acquired


-



(10,954)



-



(1,196)

Acquisition of property, plant  and equipment


(14,067)



(23,759)



(7,770)



(9,253)

Acquisition of intangible assets


(650)



(2,125)



(398)



(1,162)

Net cash used in investing  activities


(65,650)



(16,731)



(59,864)



(20,948)













Cash flows from financing  activities












Share issuance


42,929



-



-



-

Proceeds from exercise of employee share options


899



1,618



82



344

Change in short-term debt


(8,609)



(3,873)



198



-

Net cash from (used in) financing activities


35,219



(2,255)



280



344













Net decrease in cash and cash equivalents


(34,540)



(4,184)



(63,080)



(16,250)

Cash and cash equivalents at the beginning of the period


68,627



34,769



96,980



46,593

Effect of exchange rates  fluctuations on cash and cash equivalents


(154)



91



33



333













Cash and cash equivalents  at the end of the period

$

33,933


$

30,676


$

33,933


$

30,676


 

Information about revenue in reportable segments


















Western Europe


The Americas

Central and

Eastern

Europe, Middle

East, Africa


Asia-Pacific


Total


(In thousands)

Nine months ended:











September 30, 2012 (Unaudited)

$

152,336


94,943

25,314


30,776


$

303,369

September 30, 2011 (Unaudited)

$

113,457


51,918

25,724


12,166


$

203,265












Three months ended:











September 30, 2012 (Unaudited)

$

52,611


38,660

10,303


10,908


$

112,482

September 30, 2011 (Unaudited)

$

39,683


24,007

7,514


4,451


$

75,655


 

Reported (IFRS) to Adjusted (non-IFRS) Reconciliation of Consolidated Statements of Operations




















Nine months ended September 30,


2011


2012


Reported


Share based




Reported


Share based




(Unadjusted)


payment


Adjusted


(Unadjusted)


payment


Adjusted


(Unaudited)


In thousands (net income per share amounts in units)

Revenue

$

203,265


$

-


$

203,265


$

303,369


$

-


$

303,369

Cost of revenue


94,858



-



94,858



138,052



-



138,052



















Gross profit


108,407



-



108,407



165,317



-



165,317



















Operating expenses


















Sales and marketing


62,737



-



62,737



100,176



-



100,176

General and administrative


22,408



(4,040)



18,368



27,607



(4,293)



23,314

Other income, net


(121)



-



(121)



(134)



-



(134)



















Total operating expenses


85,024



(4,040)



80,984



127,649



(4,293)



123,356



















Operating income


23,383



4,040



27,423



37,668



4,293



41,961



















Interest expense (income), net


(1,200)



-



(1,200)



40



-



40

Other financial expense (income), net


(647)



-



(647)



642



-



642



















Total financial expense (income), net


(1,847)



-



(1,847)



682



-



682



















Income before income taxes


25,230



4,040



29,270



36,986



4,293



41,279



















Income tax expense


3,067



-



3,067



659



-



659



















Net income for the period

$

22,163


$

4,040


$

26,203


$

36,327


$

4,293


$

40,620



















Net income per share


















Basic

$

1.14





$

1.35


$

1.79





$

2.00

Diluted

$

1.08





$

1.28


$

1.73





$

1.94



















Weighted average  number of shares


















Basic


19,376






19,376



20,281






20,281

Diluted


20,452






20,452



20,984






20,984


 

Reported (IFRS) to Adjusted (non-IFRS) Reconciliation of Consolidated Statements of Operations




















Three months ended September 30,


2011


2012


Reported


Share based




Reported


Share based




(Unadjusted)


payment


Adjusted


(Unadjusted)


payment


Adjusted


(Unaudited)


In thousands (net income per share amounts in units)

Revenue

$

75,655


$

-


$

75,655


$

112,482


$

-


$

112,482

Cost of revenue


35,152



-



35,152



51,531



-



51,531



















Gross profit


40,503



-



40,503



60,951



-



60,951



















Operating expenses


















Sales and marketing


23,129



-



23,129



35,825



-



35,825

General and administrative


7,605



(1,348)



6,257



8,741



(1,458)



7,283

Other income, net


(40)



-



(40)



(54)



-



(54)



















Total operating expenses


30,694



(1,348)



29,346



44,512



(1,458)



43,054



















Operating income


9,809



1,348



11,157



16,439



1,458



17,897



















Interest expense (income), net


(506)



-



(506)



35



-



35

Other financial expense (income), net


(609)



-



(609)



488



-



488



















Total financial expense (income), net


(1,115)



-



(1,115)



523



-



523



















Income before income taxes


10,924



1,348



12,272



15,916



1,458



17,374



















Income tax expense (tax benefit)


816



-



816



(850)



-



(850)



















Net income for the period

$

10,108


$

1,348


$

11,456


$

16,766


$

1,458


$

18,224



















Net income per share


















Basic

$

0.51





$

0.57


$

0.82





$

0.89

Diluted

$

0.48





$

0.55


$

0.80





$

0.87



















Weighted average  number of shares













Basic


20,006






20,006



20,410






20,410

Diluted


21,002






21,002



21,027






21,027


 

EBITDA and Adjusted EBITDA













Nine months ended


Three months ended


September 30,


September 30,


2011


2012


2011


2012


(Unaudited)


(In thousands)













Reconciliation of Net Income to EBITDA

and Adjusted EBITDA












Net income

$

22,163


$

36,327


$

10,108


$

16,766

Interest expense (income), net


(1,200)



40



(506)



35

Income tax expense (tax benefit)


3,067



659



816



(850)

Depreciation and amortization


3,605



7,136



1,054



2,631

EBITDA


27,635



44,162



11,472



18,582













Share based payment


4,040



4,293



1,348



1,458

Adjusted EBITDA

$

31,675


$

48,455


$

12,820


$

20,040


 

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,


2011


2012


2011


2012


(Unaudited)


Revenue


(in thousands)













Soda maker starter kits (including

exchange cylinders)

$

84,912


$

119,800


$

33,868


$

46,486

Consumables


114,684



177,029



40,710



62,979

Other


3,669



6,540



1,077



3,017

Total

$

203,265


$

303,369


$

75,655


$

112,482


























Nine months ended


Three months ended


September 30,


September 30,


2011


2012


2011


2012


(Unaudited)


As a percentage of revenue













Soda maker starter kits (including exchange cylinders)


41.8%



39.5%



44.8%



41.3%

Consumables


56.4%



58.4%



53.8%



56.0%

Other


1.8%



2.1%



1.4%



2.7%

Total


100.0%



100.0%



100.0%



100.0%













(*)The Company reclassified prior periods' data such that revenue from spare cylinders, formerly presented under the "soda maker starter kits" category, are presented under the "consumables" category, as the purchase of a spare cylinder more closely resembles the purchase of other consumables than it does the initial purchase of a soda maker. The effect was an increase in revenue from consumables by $9,905 thousand and $ 3,932 thousand for nine months and three months ended September 30, 2011, respectively  (increase in 480 basis points and 520 basis points of total revenue of these periods, respectively), and the same decrease in revenue from soda maker starter kits for the respective periods (and the same decrease in basis points of total revenue of those periods, respectively)  

 

 

SOURCE SodaStream International Ltd.

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