2014

SodaStream Reports Record Second Quarter Results Revenues Increased 38% to Euro 53.3 Million

Adjusted Net Income Increased 161% to Euro 6.1 Million

Net Income Increased 138% to Euro 5.1 Million

Adjusted Diluted EPS Increased 61% to Euro 0.29 or $0.42*

Company Reports Record Consumable Sales and Record Consumable Unit Volumes

AIRPORT CITY, Israel, Aug. 11, 2011 /PRNewswire/ -- SodaStream International Ltd. (NASDAQ: SODA), a leading manufacturer of home beverage carbonation systems, announced today its results for the three and six month periods ended June 30, 2011.

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

Second Quarter 2011 Highlights (comparisons show second quarter 2011 as compared to second quarter 2010)

  • Revenues increased 38% to Euro 53.3 million
  • Americas revenues increased 136% to Euro 11.3 million
  • Adjusted diluted earnings per share was Euro 0.29 or $0.42*
  • Revenue from soda makers increased 36% to Euro 22.7 million
  • Revenue from consumables increased 54% to a record Euro 29.8 million
  • Flavor units increased 96% to a record 6.1 million
  • CO(2) refill units increased 34% to a record 3.2 million
  • Americas soda maker units increased 224%
  • Americas consumables revenue increased 203%

"We are very pleased with our overall performance, particularly the marked improvement in our bottom line, which demonstrates the earnings power of our business model. These record results were fueled by strong consumer adoption, which is reflected in all-time high sales of our CO2 refills and flavor consumables," stated Daniel Birnbaum, Chief Executive Officer of SodaStream. 

The company experienced a 54% increase in consumable sales during the second quarter of 2011 and a 31% increase compared to the first quarter this year.  Each geographic region reported strong growth, led by the Americas where consumer activity recently outpaced other global regions.  Mr. Birnbaum continued, "Key indicators of American consumer adoption are very positive, with all measures of unit growth showing significant increases:  soda makers up 224%, CO2 refills up 184% and flavors up 298%.  We also saw triple digit growth in many of our other newer markets.  Going forward, we are well positioned to extend our global footprint into additional households, markets and channels."

Results for the Three Months Ended June 30, 2011:

Total revenues for the second quarter of 2011 were Euro 53.3 million, $77.4 million as per a convenience translation*, an increase of 38% compared to Euro 38.5 million reported in the second quarter of 2010.  Revenues increased in each geographical region, with revenues for Western Europe and the Americas increasing 22% and 136%, respectively, compared to the second quarter of 2010. (See table with geographic breakdown below)

During the second quarter of 2011, revenues of soda makers increased 36% to Euro 22.7 million and revenues of consumables increased 54% to Euro 29.8 million. On a unit basis, soda makers increased 37% to 634,000, CO(2) refills increased 34% to 3.2 million, and flavor units increased 96% to 6.1 million.

Gross margin for the second quarter of 2011 was 53.0%, compared to 50.7% for the same period in 2010.  The increase was mainly due to the consumable sales and production volumes growth, foreign currency exchange impact, and a trade-in promotion during the second quarter of 2010 that negatively impacted gross margins. The positive impact was partially offset by the higher share of sales through distributors and the increase in raw material costs.

Sales and marketing expenses for the second quarter of 2011 totaled Euro 17.3 million compared to Euro 14.2 million for the comparable period last year. The increase is primarily due to investments in the Company's sales and distribution platform and an increase in marketing spend to capitalize on new distribution opportunities, mainly in the United States. As a percentage of revenues, sales and marketing expenses decreased 420 basis points to 32.5% for the second quarter of 2011 compared to 36.7% for the second quarter of 2010.

General and administrative expenses for the second quarter of 2011 were Euro 5.6 million, compared to Euro 3.9 million in the comparable period of last year. General and administrative expenses for the three months ended June 30, 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 June 30, 2010 include Euro 124,000 of the Share-Based Compensation Expense and Euro 78,000 related to a previous management fee that was cancelled effective as of November 2010.

Adjusted general and administrative expenses exclude the Shared-Based Compensation Expense as well as the discontinued management fees. Such adjusted general and administrative expenses were Euro 4.6 million or 8.6% of revenues for the second quarter 2011, and Euro 3.7 million or 9.7% of revenues for the comparable period of 2010.

Net income for the three months ended June 30, 2011 was Euro 5.1 million, or 24 Euro cents, $0.35 per the convenience translation, per fully diluted share based on 20.8 million weighted average shares, compared to net income of Euro 2.1 million, or 17 Euro cents per fully diluted share based on 13.5 million weighted average shares, in the comparable period in 2010. Excluding the Shared-Based Compensation Expense and the discontinued management fees, Adjusted net income (as defined below) for the second quarter of 2011 was Euro 6.1 million, or 29 Euro cents, $0.42 per the convenience translation per fully diluted share, compared to Adjusted net income of Euro 2.3 million, or 18 Euro cents per fully diluted share in the second quarter of 2010.

Adjusted EBITDA (as defined below) for the second quarter of 2011 totaled Euro 7.7 million, compared to Euro 3.7 million for the comparable period in 2010.  Adjusted EBITDA margin was 14.5% for the second quarter of 2011 as compared to 9.7% for the comparable period in 2010.

Cash flow from operating activities during the second quarter of 2011 was Euro 1.6 million, compared to Euro 1.3 million during the comparable quarter of 2010.  Excluding temporary changes in assets and liabilities, cash flow from operating activities was Euro 7.0 million, compared to Euro 2.8 million in the comparable period of 2010.

Balance Sheet

As of June 30, 2011, cash and cash equivalents increased to Euro 74.8 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. As of June 30, 2011, loans and borrowings were Euro 14,000, compared to Euro 6.8 million as of December 31, 2010. Working capital as of June 30, 2011 was Euro 37.8 million, an increase of 39.3%, compared to  Euro 27.2 million as of December 31, 2010, primarily due to an increase in inventory and accounts receivable reflecting demand and revenue growth.

Guidance

The Company continues to expect full-year 2011 revenue to increase by approximately 30% as compared with 2010 revenue of Euro 160.7 million and full-year net income to increase by approximately 60% as compared with its net income of Euro 9.7 million reported in 2010. This guidance now includes a Share-Based Compensation Expense of approximately Euro 4.3 million in 2011, up from the previous expectation of Euro 3.7 million due to additional equity grants. On an adjusted basis, excluding the Share-Based Compensation Expense, fiscal 2011 net income is now expected to be approximately Euro 20 million, up from the previous expectation of Euro 19 million.

Conference Call

The Company has scheduled a conference call for 8:30 AM Eastern Daylight Time (United States) today (Thursday, August 11, 2011) 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 home 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 40,000 retail stores in 41 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 home 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 home 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.

* As of June 30, 2011, the Euro to U.S. Dollar exchange rate was: Euro 1.00 equaled $1.4523

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 / Joe Teklits
ICR
Phone: + 1 203-682-8200
brendon.frey@icrinc.com / joseph.teklits@icrinc.com


Consolidated Balance Sheets as of








In thousands







Convenience




translation into




U.S. Dollar


Dec-31

Jun-30

Jun-30


2010

2011

2011


(Audited)

(Unaudited)

(Unaudited)

Assets





euro    

euro

$

Cash and cash equivalents

52,900

74,755

108,567

Inventories

38,523

44,857

65,146

Trade and other receivables

38,809

44,321

64,367

Derivative financial instruments

836

109

158

Assets classified as available-for-sale

629

614

892

Total current assets

131,697

164,656

239,130





Property, plant and equipment

21,548

25,368

36,842

Intangible assets

13,405

13,351

19,390

Deferred tax assets

1,248

1,370

1,990

Other receivables

167

121

176

Total non-current assets

36,368

40,210

58,398





Total assets

168,065

204,866

297,528





Liabilities








Loans and borrowings

6,753

14

20

Derivative financial instruments

406

84

122

Trade payables

30,425

30,514

44,317

Income tax payable

6,376

7,719

11,210

Provisions

515

185

269

Other current liabilities

13,911

13,550

19,679

Total current liabilities

58,386

52,066

75,617





Employee benefits

768

758

1,101

Provisions

379

371

539

Deferred tax liabilities

410

412

598

Total non-current liabilities

1,557

1,541

2,238

Total liabilities

59,943

53,607

77,855





Shareholders' equity








Share capital

2,286

2,487

3,612

Share premium

91,870

127,465

185,117

Translation reserve

(53)

(2,007)

(2,915)

Retained earnings

14,019

23,314

33,859

Total shareholders' equity

108,122

151,259

219,673





Total liabilities and shareholders' equity

168,065

204,866

297,528


euro    

euro

$





Consolidated Statements of Operations













In thousands (net income per share amounts in units)
















Convenience



Convenience




Translation



Translation




into



into




U.S. Dollars



U.S. Dollars


For the six

For the six

For the six

For the three

For the three

For the three


months ended

months ended

months ended

months ended

months ended

months ended


Jun-30

Jun-30

Jun-30

Jun-30

Jun-30

Jun-30


2010

2011

2011

2010

2011

2011


(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)


euro  

euro  

$

euro  

euro  

$

Revenues

68,676

98,366

142,857

38,517

53,267

77,360

Cost of revenues

32,886

46,022

66,838

18,992

25,044

36,371








Gross profit

35,790

52,344

76,019

19,525

28,223

40,989








Operating expenses







Sales and marketing

23,943

30,530

44,339

14,150

17,319

25,152

General and administrative

7,804

11,410

16,571

3,924

5,619

8,160

Other income, net

(61)

(62)

(90)

(38)

(30)

(44)








Total operating expenses

31,686

41,878

60,820

18,036

22,908

33,268








Operating income

4,104

10,466

15,199

1,489

5,315

7,721








Interest expense (income), net

804

(537)

(781)

510

(397)

(577)

Other financial income, net

(1,474)

(27)

(38)

(1,470)

(307)

(445)








Total financial income, net

(670)

(564)

(819)

(960)

(704)

(1,022)








Income before income taxes

4,774

11,030

16,018

2,449

6,019

8,743








Income taxes

602

1,735

2,520

318

955

1,387








Net income for the period

4,172

9,295

13,498

2,131

5,064

7,356


euro  

euro  

$

euro  

euro  

$








Net income per share

euro  

euro  

$

euro  

euro  

$

Basic

0.67

0.49

0.71

0.34

0.26

0.38

Diluted

0.33

0.46

0.67

0.17

0.24

0.35








Weighted average  number of shares







Basic

6,259

19,055

19,055

6,259

19,647

19,647

Diluted

13,503

20,122

20,122

13,503

20,772

20,772





Consolidated Statements of Cash Flows



In thousands










Convenience



Convenience




Translation



Translation




into



into




U.S. Dollars



U.S. Dollars


For the six

For the six

For the six

For the three

For the three

For the three


months ended

months ended

months ended

months ended

months ended

months ended


Jun-30

Jun-30

Jun-30

Jun-30

Jun-30

Jun-30


2010

2011

2011

2010

2011

2011


(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)


euro

euro

$

euro

euro

$

Cash flows from operating  activities







Net income for the period

4,172

9,295

13,498

2,131

5,064

7,356

Adjustments:







Amortization of intangible assets

29

305

443

15

268

389

Change in fair value of  derivative financial instruments

(218)

420

610

6

92

134

Depreciation of property, plant  and equipment

979

1,661

2,412

555

839

1,218

Gain on sales of property, plant and equipment

(4)

-

-

-

-

-

Share based payment

167

2,075

3,014

124

1,018

1,479

Interest expense (income), net

804

(537)

(781)

510

(397)

(577)

Income tax expense

602

1,735

2,520

318

955

1,387


6,531

14,954

21,716

3,659

7,839

11,386

Increase in inventories

(7,264)

(7,966)

(11,568)

(2,135)

(4,313)

(6,263)

Increase in trade and other receivables

(10,951)

(6,298)

(9,146)

(5,730)

(8,954)

(13,004)

Increase in trade payables

6,760

380

552

4,306

5,522

8,020

Increase (decrease) in employee benefits

215

(6)

(8)

231

1

2

Increase (decrease) in provisions and other current liabilities

4,052

(114)

(166)

1,913

2,350

3,412


(657)

950

1,380

2,244

2,445

3,553

Interest paid

(524)

(149)

(216)

(320)

(63)

(91)

Income tax paid

(2,172)

(1,274)

(1,850)

(581)

(795)

(1,155)

Net cash from (used in) operating activities

(3,353)

(473)

(686)

1,343

1,587

2,307








Cash flows from investing  activities







Interest received

22

603

876

15

377

548

Proceeds from sale of property,  plant and equipment

7

-

-

-

-

-

Payments for derivative financial  instruments, net

-

(15)

(22)

-

(51)

(74)

Acquisition of property, plant  and equipment

(4,283)

(4,854)

(7,049)

(3,604)

(2,914)

(4,232)

Acquisition of intangible assets

(247)

(194)

(282)

(141)

(72)

(105)

Net cash used in investing  activities

(4,501)

(4,460)

(6,477)

(3,730)

(2,660)

(3,863)








Cash flows from financing  activities







Share issuance

-

33,091

48,058

-

33,091

48,058

Proceeds from exercise of employee share options

15

630

915

15

602

874

Receipts of long-term loans and borrowings

3,266

-

-

-

-

-

Repayments of long-term loans and borrowings

(1,534)

-

-

(1,358)

-

-

Repayment of shareholders' loans

(305)

-

-

(161)

-

-

Change in short-term debt

6,132

(6,789)

(9,860)

(257)

(330)

(479)

Net cash from (used in)  financing activities

7,574

26,932

39,113

(1,761)

33,363

48,453








Net increase (decrease) in cash and cash equivalents

(280)

21,999

31,950

(4,148)

32,290

46,897

Cash and cash equivalents at the beginning of the period

4,185

52,900

76,827

8,175

42,528

61,763

Effect of exchange rates  fluctuations on cash and cash equivalents

206

(144)

(210)

84

(63)

(93)








Cash and cash equivalents  at the end of the period

4,111

74,755

108,567

4,111

74,755

108,567


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

Six months ended

euro




euro

June 30, 2011 (Unaudited)

56,867

14,037

21,515

5,947

98,366

June 30, 2010 (Unaudited)

46,567

9,238

8,835

4,036

68,676







Three months ended

euro




euro

June 30, 2011 (Unaudited)

33,347

6,334

11,295

2,291

53,267

June 30, 2010 (Unaudited)

27,385

4,705

4,790

1,637

38,517





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














In thousands (net income per share amounts in units)

















Six months ended June 30
























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

68,676



68,676

98,366



98,366

142,857

Cost of revenues

32,886



32,886

46,022



46,022

66,838











Gross profit

35,790



35,790

52,344



52,344

76,019











Operating expenses










Sales and marketing

23,943



23,943

30,530



30,530

44,339

General and administrative

7,804

(192)

(167)

7,445

11,410

-

(2,075)

9,335

13,557

Other income, net

(61)



(61)

(62)



(62)

(90)











Total operating expenses

31,686

(192)

(167)

31,327

41,878

-

(2,075)

39,803

57,806











Operating income

4,104

192

167

4,463

10,466

-

2,075

12,541

18,213











Interest expense (income), net

804



804

(537)



(537)

(781)

Other financial income, net

(1,474)



(1,474)

(27)



(27)

(38)











Total financial income, net

(670)



(670)

(564)



(564)

(819)











Income before income taxes

4,774

192

167

5,133

11,030

-

2,075

13,105

19,032











Income taxes

602



602

1,735



1,735

2,520











Net income for the period

4,172

192

167

4,531

9,295

-

2,075

11,370

16,512


euro

euro

euro

euro

euro

euro

euro

euro

$











Net income per share

euro



euro

euro



euro

$

Basic

0.67



0.72

0.49



0.60

0.87

Diluted

0.33



0.35

0.46



0.56

0.81











Weighted average  number of shares










Basic

6,259



6,259

19,055



19,055

19,055

Diluted

13,503



13,503

20,122



20,122

20,122











(*) 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 June 30























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

38,517



38,517

53,267



53,267

77,360

Cost of revenues

18,992



18,992

25,044



25,044

36,371











Gross profit

19,525



19,525

28,223



28,223

40,989











Operating expenses










Sales and marketing

14,150



14,150

17,319



17,319

25,152

General and administrative

3,924

(78)

(124)

3,722

5,619

-

(1,018)

4,601

6,682

Other income, net

(38)



(38)

(30)



(30)

(44)











Total operating expenses

18,036

(78)

(124)

17,834

22,908

-

(1,018)

21,890

31,790











Operating income

1,489

78

124

1,691

5,315

-

1,018

6,333

9,199











Interest expense (income), net

510



510

(397)



(397)

(577)

Other financial income, net

(1,470)



(1,470)

(307)



(307)

(445)











Total financial income, net

(960)



(960)

(704)



(704)

(1,022)











Income before income taxes

2,449

78

124

2,651

6,019

-

1,018

7,037

10,221











Income taxes

318



318

955



955

1,387











Net income for the period

2,131

78

124

2,333

5,064

-

1,018

6,082

8,834


euro

euro

euro

euro

euro

euro

euro

euro

$











Net income per share

euro



euro

euro



euro

$

Basic

0.34



0.37

0.26



0.31

0.45

Diluted

0.17



0.18

0.24



0.29

0.42











Weighted average  number of shares










Basic

6,259



6,259

19,647



19,647

19,647

Diluted

13,503



13,503

20,772



20,772

20,772











(*) 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















Six month ended June 30

Three months ended June 30


2010

2011

2011

2010

2011

2011




Convenience translation into



Convenience translation into




U.S. Dollars



U.S. Dollars


(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)








Reconciliation of Net Income to EBITDA and Adjusted EBITDA








euro

euro

$

euro

Euro

$

Net income

4,172

9,295

13,498

2,131

5,064

7,356

Interest expense (income), net

804

(537)

(781)

510

(397)

(577)

Income taxes

602

1,735

2,520

318

955

1,387

Depreciation and  amortization

1,008

1,966

2,855

570

1,107

1,607

EBITDA

6,586

12,459

18,092

3,529

6,729

9,773


euro

euro

$

euro

Euro

$








Management fee

192

-

-

78

-

-

Share based payment

167

2,075

3,014

124

1,018

1,479

Adjusted EBITDA

6,945

14,534

21,106

3,731

7,747

11,252


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:








Six month ended

Three months ended

Jun-30

Jun-30



2010

2011

2010

2011



(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)


Revenues


(in thousands)









euro

euro

euro

Euro

Soda maker starter kits


28,156

43,951

16,676

22,669

Consumables


36,271

52,417

19,389

29,768

Other


4,249

1,998

2,452

830

Total


68,676

98,366

38,517

53,267



euro

euro

euro

Euro








Six month ended

Three months ended

Jun-30

Jun-30



2010

2011

2010

2011



(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)


As a percentage of revenues













Soda maker starter kits


41.0%

44.7%

43.3%

42.6%

Consumables


52.8%

53.3%

50.3%

55.8%

Other


6.2%

2.0%

6.4%

1.6%

Total


100.0%

100.0%

100.0%

100.0%




SOURCE SodaStream International Ltd.



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http://www.sodastream.com

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