SodaStream Reports Record Fourth Quarter Results Revenues Increased 32% to Euro 66.1 Million

Adjusted Net Income Increased 21% to Euro 5.1 Million

Adjusted Diluted EPS was Euro 0.25 or $0.32*

AIRPORT CITY, Israel, Feb. 29, 2012 /PRNewswire/ -- SodaStream International Ltd. (NASDAQ: SODA), a leading manufacturer of home beverage carbonation systems announced today its results for the three and twelve month periods ended December 31, 2011.

(Logo: http://photos.prnewswire.com/prnh/20100903/NY58941LOGO-b )

Fourth Quarter Fiscal 2011 Highlights

  • Revenues increased 32% to Euro 66.1 million
  • Americas revenues increased 70% to Euro 24.6 million
  • Adjusted diluted earnings per share was Euro 0.25 or $0.32*
  • Unit sales of soda makers increased 8% to 767,000
  • Unit sales of flavors increased 24% to 4.6 million
  • Unit sales of CO2 refills increased 27% to 3.4 million

Full Year Fiscal 2011 Highlights

  • Revenues increased 39% to Euro 222.7 million
  • Americas revenues increased 105% to Euro 64.7 million
  • Adjusted diluted earnings per share was Euro 1.23 or $1.60*
  • Unit sales of soda makers increased 41% to 2.7 million
  • Unit sales of flavors increased 36% to 18.9 million
  • Unit sales of CO2 refills increased 29% to 13.3 million

"This has been a defining year for SodaStream with strong top and bottom line growth in each of the four quarters, driven by robust soda maker and consumable sales," commented Daniel Birnbaum, CEO of SodaStream.  "Our U.S. business experienced strong growth in 2011 driven by our launch of new products, retail expansion, and ramped up marketing efforts, including our first TV commercial.  The U.S. is now our largest single market with sales growth at 104% for the year, unit sales of soda makers up 113% and CO2 refills and flavors up 98% and 132%, respectively. This is a clear indication that consumers are embracing our brand as we continue to bring our revolution to every household in America.

Worldwide, we recently entered new markets in Japan and Brazil and are experiencing accelerated growth in France, Australia, and the U.K.  The recent acquisition of our Nordics business enables us to further grow in this important region as well," stated Mr. Birnbaum.  "Looking ahead, we continue to invest in product innovation and strategic partnerships, consumer education and brand building, retail and geographic expansion, and capacity increase ahead of demand. With these key components in place, we look to 2012 and beyond with great anticipation."

Results for the Three Months Ended December 31, 2011:

Total revenues for the fourth quarter of 2011 were Euro 66.1 million, $85.7 million as per a convenience translation*, an increase of 32.1% compared to Euro 50.0 million reported in the fourth quarter of 2010. Revenues for Western Europe and the Americas increased 20.5% and 70.2%, respectively, compared to the fourth quarter of 2010. (See table with geographic breakdown below)

During the fourth quarter of 2011, revenues of soda maker starter kits, which include a soda maker, a CO2 cylinder and a bottle, increased 24.4% to Euro 31.4 million and revenues of consumables increased 37.8% to Euro 32.6 million. On a unit basis, soda maker starter kits increased 7.7% to 767,000, CO2 refills increased 26.6% to 3.4 million, and flavors increased 24.2% to 4.6 million.

Gross margin for the fourth quarter of 2011 was 57.3%, compared to 54.3% for the same period in 2010.  This increase was primarily due to the growing portion of higher-margin U.S. sales, leveraging the fixed portion of the production costs to achieve higher revenue, and a positive currency exchange rate impact.

Sales and marketing expenses for the fourth quarter of 2011 totaled Euro 28.1 million compared to Euro 18.9 million for the comparable period last year. The increase is primarily due to an increase in marketing spending to capitalize on new distribution opportunities, mainly in the United States. As a percentage of revenues, sales and marketing expenses excluding advertising and promotions decreased to 17.4% for the fourth quarter of 2011 compared to 20.3% for the fourth quarter of 2010.

General and administrative expenses for the fourth quarter of 2011 were Euro 5.7 million, compared to Euro 4.6 million in the comparable period of last year. General and administrative expenses for the three months ended December 31, 2011 include Euro 1.0 million of non-cash share-based compensation expense (the "Share-Based Compensation Expense") while general and administrative expenses for the three months ended December 31, 2010 include Euro 0.7 million of the Share-Based Compensation Expense and Euro 88,000 related to a previous management fee that was cancelled effective as of November 2010.

Adjusted general and administrative expenses exclude the Share-Based Compensation Expense as well as the discontinued management fees. Such adjusted general and administrative expenses were Euro 4.7 million or 7.1% of revenues for the fourth quarter of 2011, and Euro 3.9 million or 7.8% of revenues for the comparable period of 2010.

Net income for the three months ended December 31, 2011 was Euro 4.1 million, or Euro 0.20 ($0.26 per the convenience translation) per fully diluted share based on 20.8 million weighted average shares, compared to net income of Euro 3.5 million, or Euro 0.21 per fully diluted share based on 17.1 million weighted average shares, in the comparable period in 2010. Excluding the Share-Based Compensation Expense and the discontinued management fees, Adjusted net income (as defined below) for the fourth quarter of 2011 was Euro 5.1 million, or Euro 0.25 ($0.32 per the convenience translation) per fully diluted share, compared to Adjusted net income of Euro 4.3 million, or Euro 0.25 per fully diluted share, in the fourth quarter of 2010.

Adjusted EBITDA (as defined below) for the fourth quarter of 2011 totaled Euro 6.9 million, compared to Euro 6.2 million for the comparable period in 2010. Adjusted EBITDA margin was 10.5% for the fourth quarter of 2011 as compared to 12.3% for the comparable period in 2010.

Cash flow used in operating activities during the fourth quarter of 2011 was Euro 3.1 million, compared to Euro 1.9 million during the comparable quarter of 2010.  

*As of December 31, 2011, the Euro to U.S. Dollar exchange rate was: Euro 1.00 equaled $1.2973

Balance Sheet

As of December 31, 2011, cash and cash equivalents and bank deposits increased to Euro 57.2 million from Euro 52.9 million as of December 31, 2010. The increase is attributable mainly to the Euro 33.1 million raised from the secondary offering that closed on April 19, 2011, less cash used for operating activities (mainly increase in working capital), capital investments and debt repayment. As of December 31, 2011, loans and borrowings were Euro 3.1 million, compared to Euro 6.8 million as of December 31, 2010. Working capital as of December 31, 2011 was Euro 60.3 million, an increase of 122.1%, compared to Euro 27.2 million as of December 31, 2010, primarily due to an increase in inventory and accounts receivable.

Change in Reporting Currency

Beginning with the first quarter ending March 31, 2012, the Company will change its reporting currency to the U.S. dollar (USD).  To date, the Company has presented its annual and quarterly consolidated balance sheets and related consolidated statements of operations and cash flows in Euro (EUR).  The change in reporting currency is to better reflect the importance of the U.S. market for the Company's current and future business plans.

In accordance with IFRS, the financial statements for comparative periods will be translated (restated) into the new reporting currency using the exchange rate as of January 1, 2012.

Full Year 2012 Guidance

The Company expects full year 2012 revenue to increase approximately 28% over 2011 revenue of Euro 222.7 million ($289.0 million per the convenience translation of 1.2973).  The Company also expects net income to increase by approximately 42% as compared with its net income of Euro 21.2 million ($27.5 million per the convenience translation of 1.2973) reported in 2011. This guidance includes a share-based payment expense of approximately Euro 4.1 million in 2012 compared to share-based payment expense of Euro 4.2 million in 2011. On an adjusted basis, excluding the share-based payment expense, 2012 net income is expected to increase approximately 35% over the Adjusted net income of Euro 25.3 million ($32.9 million per the convenience translation of 1.2973) reported in 2011. 

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, February 29, 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 50,000 retail stores in 42 countries around the world.  For more information on SodaStream, please visit the Company's website: www.sodastream.com.

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

The Company believes that the Adjusted net income, Adjusted EBITDA and Adjusted diluted EPS, which excludes the Share-Based Compensation Expense and the discontinued management fees, 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 operate; risks associated with our being subject to 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
Executive Director, Corporate Development and Communication
SodaStream International Ltd.
Phone: +972-3-976-2462
yonahl@sodastream.com

Investor Contacts (US):
Brendon Frey
ICR
Phone: + 1 203-682-8200
brendon.frey@icrinc.com


Consolidated Balance Sheets as of




In thousands







Convenience




translation into




U.S. Dollar


Dec-31

Dec-31

Dec-31


2010

2011

2011


(Audited)

(Unaudited)

(Unaudited)

Assets





euro    

euro

$

Cash and cash equivalents

52,900

26,801

34,769

Bank deposits

-

30,436

39,485

Inventories

38,523

59,065

76,625

Trade receivables(*)

32,017

45,057

58,452

Other receivables(*)

6,792

15,466

20,064

Derivative financial instruments

836

248

322

Assets classified as available-for-sale

629

645

837

Total current assets

131,697

177,718

230,554





Property, plant and equipment

21,548

35,793

46,434

Intangible assets

13,405

19,547

25,358

Deferred tax assets

1,248

900

1,168

Other receivables

167

173

224

Total non-current assets

36,368

56,413

73,184





Total assets

168,065

234,131

303,738





Liabilities





euro    

euro

$

Loans and borrowings

6,753

3,088

4,006

Derivative financial instruments

406

-

-

Trade payables

30,425

36,524

47,383

Income tax payable

6,376

7,069

9,171

Provisions

515

306

397

Other current liabilities

13,911

16,242

21,071

Total current liabilities

58,386

63,229

82,028





Employee benefits

768

1,154

1,497

Provisions

379

396

514

Deferred tax liabilities

410

553

717

Total non-current liabilities

1,557

2,103

2,728





Total liabilities

59,943

65,332

84,756





Shareholders' equity








Share capital

2,286

2,496

3,238

Share premium

91,870

129,963

168,601

Translation reserve

(53)

1,134

1,471

Retained earnings

14,019

35,206

45,672

Total shareholders' equity

108,122

168,799

218,982





Total liabilities and shareholders' equity

168,065

234,131

303,738


euro    

euro

$





(*) presented in comparative periods under one line item "trade and other receivables"






Consolidated Statements of Operations














In thousands (net income per share amounts in units)

















Convenience



Convenience




Translation



Translation




into



into




U.S. Dollar



U.S. Dollars


For the twelve

For the twelve

For the twelve

For the three

For the three

For the three


months ended

months ended

months ended

months ended

months ended

months ended


Dec-31

Dec-31

Dec-31

Dec-31

Dec-31

Dec-31


2010

2011

2011

2010

2011

2011


(Audited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)


euro  

euro  

$

euro  

euro  

$

Revenues

160,652

222,734

288,953

50,002

66,051

85,688

Cost of revenues

74,059

101,291

131,405

22,832

28,173

36,549








Gross profit

86,593

121,443

157,548

27,170

37,878

49,139








Operating expenses







Sales and marketing

57,057

76,443

99,170

18,938

28,083

36,432

General and administrative

18,536

22,993

29,829

4,648

5,721

7,422

Other income, net

(198)

(122)

(158)

(106)

(29)

(38)








Total operating expenses

75,395

99,314

128,841

23,480

33,775

43,816








Operating income

11,198

22,129

28,707

3,690

4,103

5,323








Interest expense (income), net

1,467

(1,176)

(1,526)

399

(251)

(326)

Other financial expense (income), net

(1,766)

(482)

(625)

(932)

17

22








Total financial income, net

(299)

(1,658)

(2,151)

(533)

(234)

(304)








Income before income taxes

11,497

23,787

30,858

4,223

4,337

5,627








Income taxes

1,769

2,600

3,373

740

236

306








Net income for the period

9,728

21,187

27,485

3,483

4,101

5,321


euro  

euro  

$

euro  

euro  

$








Net income per share

euro  

euro  

$

euro  

euro  

$

Basic

1.21

1.08

1.40

0.26

0.20

0.26

Diluted

0.69

1.03

1.34

0.21

0.20

0.26








Weighted average  number of shares







Basic

8,026

19,553

19,553

13,417

20,081

20,081

Diluted

14,680

20,572

20,572

17,128

20,826

20,826





Consolidated Statements of Cash Flows







In thousands










Convenience



Convenience




Translation



Translation




into



into




U.S. Dollar



U.S. Dollars


For the twelve

For the twelve

For the twelve

For the three

For the three

For the three


months ended

months ended

months ended

months ended

months ended

months ended


Dec-31

Dec-31

Dec-31

Dec-31

Dec-31

Dec-31


2010

2011

2011

2010

2011

2011


(Audited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)


euro

euro

$

euro

euro

$

Cash flows from operating  activities







Net income for the period

9,728

21,187

27,485

3,483

4,101

5,321

Adjustments:







Amortization of intangible assets

117

722

937

57

354

459

Change in fair value of  derivative financial instruments

(144)

302

392

334

(57)

(74)

Depreciation of property, plant  and equipment

2,421

3,864

5,013

701

1,453

1,885

Gain on sales of property, plant and equipment

(72)

-

-

(63)

-

-

Share based payment

1,004

4,154

5,389

684

1,040

1,349

Interest expense (income), net

1,467

(1,176)

(1,526)

399

(251)

(326)

Income tax expense

1,769

2,600

3,373

740

236

306


16,290

31,653

41,063

6,335

6,876

8,920

Increase in inventories

(18,313)

(19,696)

(25,552)

(4,363)

(4,217)

(5,471)

Increase in trade and other receivables

(18,979)

(17,502)

(22,705)

(4,445)

(2,819)

(3,657)

Increase (decrease) in trade payables

12,404

3,308

4,291

2,975

(1,387)

(1,799)

Increase in employee benefits

687

101

131

434

112

145

Increase (decrease) in provisions and other current liabilities

4,594

(625)

(811)

(1,817)

(690)

(895)


(3,317)

(2,761)

(3,583)

(881)

(2,125)

(2,757)

Interest paid

(1,118)

(325)

(422)

(393)

(115)

(149)

Income tax paid

(3,764)

(3,224)

(4,182)

(592)

(904)

(1,173)

Net cash used in operating activities

(8,199)

(6,310)

(8,187)

(1,866)

(3,144)

(4,079)








Cash flows from investing  activities







Interest received

146

972

1,261

109

199

258

Investment in bank deposits

-

(70,000)

(90,811)

-

(30,000)

(38,919)

Proceeds from bank deposits

-

40,000

51,892

-

40,000

51,892

Proceeds from sale of property,  plant and equipment

108

-

-

63

-

-

Payments for derivative financial  instruments, net

(164)

(120)

(156)

(705)

(86)

(112)

Acquisition of subsidiary, net of cash acquired

-

(790)

(1,025)

-

(790)

(1,025)

Acquisition of property, plant  and equipment

(4,709)

(14,407)

(18,690)

(175)

(3,564)

(4,624)

Acquisition of intangible assets

(856)

(793)

(1,029)

(517)

(292)

(379)

Net cash from (used in) investing  activities

(5,475)

(45,138)

(58,558)

(1,225)

5,467

7,091








Cash flows from financing  activities







Share issuance

69,864

33,091

42,929

69,864

-

-

Proceeds from exercise of employee share options

129

861

1,117

114

168

218

Receipts of long-term loans and borrowings

3,994

-

-

688

-

-

Repayments of long-term loans and borrowings

(8,347)

-

-

(6,195)

-

-

Repayment of shareholders' loans

(1,603)

-

-

(1,153)

-

-

Change in short-term debt

(1,926)

(8,612)

(11,172)

(11,768)

(1,976)

(2,563)

Net cash from (used in) financing activities

62,111

25,340

32,874

51,550

(1,808)

(2,345)








Net increase (decrease) in cash and cash equivalents

48,437

(26,108)

(33,871)

48,459

515

667

Cash and cash equivalents at the beginning of the period

4,185

52,900

68,627

4,327

26,157

33,933

Effect of exchange rates  fluctuations on cash and cash equivalents

278

9

13

114

129

169








Cash and cash equivalents  at the end of the period

52,900

26,801

34,769

52,900

26,801

34,769


euro

euro

$

euro

euro

$





Information about revenue in reportable segments












In thousands




















Central and






Eastern Europe,






Middle East and





Western Europe

Africa

The Americas

Asia-Pacific

Total

Twelve months ended

euro




euro

December 31, 2011 (Unaudited)

118,071

23,800

64,668

16,195

222,734

December 31, 2010 (Audited)

99,722

19,466

31,562

9,902

160,652







Three months ended

euro




euro

December 31, 2011 (Unaudited)

30,615

3,971

24,648

6,817

66,051

December 31, 2010 (Unaudited)

25,410

5,826

14,480

4,286

50,002





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


In thousands (net income per share amounts in units)











Twelve months ended December 31








Convenience








Translation

into








U.S. Dollars


2010

2011

2011


Reported

Management

Share based


Reported

Management

Share based




(Unadjusted)

fee(*)

payment

Adjusted

(Unadjusted)

fee(*)

payment

Adjusted

Adjusted


(Audited)

(Audited)

(Audited)

(Audited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)


euro

euro

euro

euro

euro

euro

euro

euro

$

Revenues

160,652



160,652

222,734



222,734

288,953

Cost of revenues

74,059



74,059

101,291



101,291

131,405











Gross profit

86,593



86,593

121,443



121,443

157,548











Operating expenses










Sales and marketing

57,057



57,057

76,443



76,443

99,170

General and administrative

18,536

(2,290)

(1,004)

15,242

22,993

-

(4,154)

18,839

24,440

Other income, net

(198)



(198)

(122)



(122)

(158)











Total operating expenses

75,395

(2,290)

(1,004)

72,101

99,314

-

(4,154)

95,160

123,452











Operating income

11,198

2,290

1,004

14,492

22,129

-

4,154

26,283

34,096











Interest expense (income), net

1,467



1,467

(1,176)



(1,176)

(1,526)

Other financial income, net

(1,766)



(1,766)

(482)



(482)

(625)











Total financial income, net

(299)



(299)

(1,658)



(1,658)

(2,151)











Income before income taxes

11,497

2,290

1,004

14,791

23,787

-

4,154

27,941

36,247











Income taxes

1,769



1,769

2,600



2,600

3,373











Net income for the period

9,728

2,290

1,004

13,022

21,187

-

4,154

25,341

32,874


euro

euro

euro

euro

euro

euro

euro

euro

$











Net income per share

euro



euro

euro



euro

$

Basic

1.21



1.62

1.08



1.30

1.69

Diluted

0.69



0.92

1.03



1.23

1.60











Weighted average  number of shares










Basic

8,026



8,026

19,553



19,553

19,553

Diluted

14,680



14,680

20,572



20,572

20,572











(*) Fortissimo Capital was entitled to receive management fee from the Company. The aforementioned entitlement was terminated as of the closing of the IPO (November 8, 2010).







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











In thousands (net income per share amounts in units)
















Three months ended December 31






















Convenience









Translation

into








U.S. Dollars


2010

2011

2011


Reported

Management

Share based


Reported

Management

Share based




(Unadjusted)

fee(*)

payment

Adjusted

(Unadjusted)

fee(*)

payment

Adjusted

Adjusted


(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)


euro

euro

euro

euro

euro

euro

euro

euro

$

Revenues

50,002



50,002

66,051



66,051

85,688

Cost of revenues

22,832



22,832

28,173



28,173

36,549











Gross profit

27,170



27,170

37,878



37,878

49,139











Operating expenses










Sales and marketing

18,938



18,938

28,083



28,083

36,432

General and administrative

4,648

(88)

(684)

3,876

5,721

-

(1,040)

4,681

6,073

Other income, net

(106)



(106)

(29)



(29)

(38)











Total operating expenses

23,480

(88)

(684)

22,708

33,775

-

(1,040)

32,735

42,467











Operating income

3,690

88

684

4,462

4,103

-

1,040

5,143

6,672











Interest expense (income), net

399



399

(251)



(251)

(326)

Other financial expense (income), net

(932)



(932)

17



17

22











Total financial income, net

(533)



(533)

(234)



(234)

(304)











Income before income taxes

4,223

88

684

4,995

4,337

-

1,040

5,377

6,976











Income taxes

740



740

236



236

306











Net income for the period

3,483

88

684

4,255

4,101

-

1,040

5,141

6,670


euro

euro

euro

euro

euro

euro

euro

euro

$











Net income per share

euro



euro

euro



euro

$

Basic

0.26



0.32

0.20



0.26

0.34

Diluted

0.21



0.25

0.20



0.25

0.32











Weighted average  number of shares










Basic

13,417



13,417

20,081



20,081

20,081

Diluted

17,128



17,128

20,826



20,826

20,826











(*) Fortissimo Capital was entitled to receive management fee from the Company. The aforementioned entitlement was terminated as of the closing of the IPO (November 8, 2010).






EBITDA and Adjusted EBITDA







In thousands








Twelve months ended December 31

Three months ended December 31


2010

2011

2011

2010

2011

2011




Convenience translation into



Convenience translation into




U.S. Dollars



U.S. Dollars


(Audited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)








Reconciliation of Net Income to EBITDA and Adjusted EBITDA







euro

euro

$

euro

euro

$

Net income

9,728

21,187

27,485

3,483

4,101

5,321

Interest expense (income), net

1,467

(1,176)

(1,526)

399

(251)

(326)

Income taxes

1,769

2,600

3,373

740

236

306

Depreciation and amortization

2,538

4,586

5,950

758

1,807

2,344

EBITDA

15,502

27,197

35,282

5,380

5,893

7,645


euro

euro

$

euro

euro

$








Management fee

2,290

-

-

88

-

-

Share based payment

1,004

4,154

5,389

684

1,040

1,349

Adjusted EBITDA

18,796

31,351

40,671

6,152

6,933

8,994


euro

euro

$

euro

euro

$








The following tables present the Company's revenues, by product type for the periods presented, as well as such revenues by product type as a percentage of total revenues  (*):















Twelve months ended

Three months ended


Dec-31

Dec-31




2010

2011

2010

2011




(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)



Revenues



(in thousands)











euro

euro

euro

euro


Soda maker starter kits (including exchange cylinders)


67,199

96,812

25,215

31,360


Consumables


87,375

120,990

23,642

32,587


Other


6,078

4,932

1,145

2,104


Total


160,652

222,734

50,002

66,051




euro

euro

euro

euro














Twelve months ended

Three months ended


Dec-31

Dec-31




2010

2011

2010

2011




(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)



As a percentage of revenues
















Soda maker starter kits (including exchange cylinders)


41.8%

43.5%

50.4%

47.5%


Consumables


54.4%

54.3%

47.3%

49.3%


Other


3.8%

2.2%

2.3%

3.2%


Total


100.0%

100.0%

100.0%

100.0%









(*)The Company reclassified prior periods data such that revenue from spare cylinders, formerly presented under "Soda maker starter kits" category, are presented under "Consumables" category, as the purchase of a spare cylinder is more like a purchase of other consumables vs. the initial purchase of soda makers. The effect was increase in revenue from Consumables by euro thousand 7,024 and euro thousand 2,057 for twelve month and for three month ended Dec-31, 2010, respectively (increase in 440 percentage points and 410 percentage points of total revenues of those periods, respectively), and same decrease in revenue from Soda maker starter kits for the respective periods (and same decrease in percentage points of total revenues of those periods, respectively)  





SOURCE SodaStream International Ltd.



RELATED LINKS
http://www.sodastream.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.