SodaStream Reports Record Third Quarter Results Revenues Increased 39% to Euro 58.3 Million

Adjusted Net Income Increased 108% to Euro 8.8 Million

Net Income Increased 276% to Euro 7.8 Million

Adjusted Diluted EPS Increased 31% to Euro 0.42 or $0.56*

Soda Maker Units Increased 60% to 717,000

Company Raises Fiscal 2011 Outlook

AIRPORT CITY, Israel, Nov. 9, 2011 /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, 2011.

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

Third Quarter 2011 Highlights (comparisons show third quarter 2011 as compared to third quarter 2010)

  • Revenues increased 39% to Euro 58.3 million
  • Americas revenues increased 124% to Euro 18.5 million
  • Adjusted diluted earnings per share was Euro 0.42 or $0.56*
  • Revenue from soda makers increased 54% to Euro 29.1million
  • Revenue from consumables increased 26% to Euro 28.3 million
  • Flavor units increased 8% to 4.4 million
  • CO2 refill units increased 22% to 3.2 million
  • Americas soda maker units increased 155%
  • Americas consumables revenue increased 117%

"Our third quarter operating performance was the highest ever in the history of the Company for sales and profitability. This was led by exceptional growth in the Americas, where we sold 267,000 soda makers, growing our installed base through an expanding network of retail partners," commented Daniel Birnbaum, Chief Executive Officer of SodaStream. Mr. Birnbaum continued, "We also saw strong year-over-year growth in France, Italy and the U.K., markets in which we increased our focus, leading to accelerated demand for our product portfolio. As we approach the holiday season in the U.S. we will leverage our increased distribution, along with heightened brand awareness, allocating greater resources to penetrate additional households and capitalize on this large market opportunity."

Results for the Three Months Ended September 30, 2011:

Total revenues for the third quarter of 2011 were Euro 58.3 million, $78.4 million as per a convenience translation*, an increase of 39% compared to Euro 42.0 million reported in the third quarter of 2010.  Revenues increased in each geographical region, with revenues for Western Europe and the Americas increasing 10% and 124%, respectively, compared to the third quarter of 2010. (See table with geographic breakdown below)

During the third quarter of 2011, revenues of soda makers increased 54% to Euro 29.1 million and revenues of consumables increased 26% to Euro 28.4 million.  On a unit basis, soda makers increased 60% to 717,000, CO2 refills increased 22% to 3.2 million, and flavors increased 8% to 4.4 million.

Gross margin for the third quarter of 2011 was 53.5%, compared to 56.3% for the same period in 2010.  

This decrease was mainly due to the growing portion of soda maker starter kit sales in the revenue mix, as part of management's strategy to increase market penetration.

Sales and marketing expenses for the third quarter of 2011 totaled Euro 17.8 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 spending to capitalize on new distribution opportunities, mainly in the United States. As a percentage of revenues, sales and marketing expenses decreased 320 basis points to 30.6% for the third quarter of 2011 compared to 33.8% for the third quarter of 2010.

General and administrative expenses for the third quarter of 2011 were Euro 5.9 million, compared to Euro 6.1 million in the comparable period of last year. General and administrative expenses for the three months ended September 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 September 30, 2010 include Euro 0.2 million of the Share-Based Compensation Expense and Euro 2.0 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 4.8 million or 8.3% of revenues for the third quarter of 2011, and Euro 3.9 million or 9.3% of revenues for the comparable period of 2010.

Net income for the three months ended September 30, 2011 was Euro 7.8 million, or Euro 0.37 ($0.50 per the convenience translation) per fully diluted share based on 21.0 million weighted average shares, compared to net income of Euro 2.1 million, or Euro 0.16 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 third quarter of 2011 was Euro 8.8 million, or Euro 0.42 ($0.56 per the convenience translation) per fully diluted share, compared to adjusted net income of Euro 4.2 million, or Euro 0.32 per fully diluted share in the third quarter of 2010.

Adjusted EBITDA (as defined below) for the third quarter of 2011 totaled Euro 9.9 million, compared to Euro 5.7 million for the comparable period in 2010. Adjusted EBITDA margin was 16.9% for the third quarter of 2011 as compared to 13.6% for the comparable period in 2010.

Cash flow used in operating activities during the third quarter of 2011 was Euro 2.7 million, compared to Euro 3.0 million during the comparable quarter of 2010.  

Balance Sheet

As of September 30, 2011, cash and cash equivalents and bank deposits increased to Euro 66.4 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 September 30, 2011, loans and borrowings were Euro 0.2 million, compared to Euro 6.8 million as of December 31, 2010. Working capital as of September 30, 2011 was Euro 49.9 million, an increase of 83.8%, compared to Euro 27.2 million as of December 31, 2010, primarily due to an increase in inventory and accounts receivable.

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 2011 revenue to increase by approximately 36% as compared with 2010 revenue of Euro 160.7 million, up from its previous expectation of 30%. The Company now expects net income to increase by approximately 100% as compared with its net income of Euro 9.7 million reported in 2010, up from its previous expectation of 60%. This guidance includes a share-based payment expense of approximately Euro 4.0 million in 2011. On an adjusted basis, excluding the share-based payment expense, fiscal 2011 net income is now expected to be approximately Euro 24 million, up from its previous expectation of approximately Euro 20 million.

For the fourth quarter, the Company expects revenue to increase by approximately 24% as compared with fourth quarter 2010 revenue of Euro 50.0 million. Net income on an adjusted basis for the fourth quarter of 2011 is expected to be in line with the fourth quarter 2010 Adjusted net income of Euro 4.3 million, reflecting an increase in advertising and promotional expenses to support the rollout of new distribution in the United States during the upcoming holiday season.

Conference Call

The Company has scheduled a conference call for 8:30 AM Eastern Standard Time (United States) today (Wednesday, November 9, 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 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.

*As of September 30, 2011, the Euro to U.S. Dollar exchange rate was: Euro 1.00 equaled $1.3449

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

Sep-30

Sep-30


2010

2011

2011


(Audited)

(Unaudited)

(Unaudited)

Assets





euro    

euro

$

Cash and cash equivalents

52,900

26,157

35,179

Bank deposits

-

40,279

54,171

Inventories

38,523

53,096

71,408

Trade and other receivables

38,809

54,187

72,875

Derivative financial instruments

836

138

186

Assets classified as available-for-sale

629

602

810

Total current assets

131,697

174,459

234,629





Property, plant and equipment

21,548

31,257

42,038

Intangible assets

13,405

13,710

18,439

Deferred tax assets

1,248

1,289

1,734

Other receivables

167

113

152

Total non-current assets

36,368

46,369

62,363





Total assets

168,065

220,828

296,992





Liabilities





euro    

euro

$

Loans and borrowings

6,753

171

230

Derivative financial instruments

406

33

44

Trade payables

30,425

35,816

48,169

Income tax payable

6,376

7,839

10,543

Provisions

515

185

249

Other current liabilities

13,911

14,229

19,137

Total current liabilities

58,386

58,273

78,372





Employee benefits

768

763

1,026

Provisions

379

392

527

Deferred tax liabilities

410

258

347

Total non-current liabilities

1,557

1,413

1,900





Total liabilities

59,943

59,686

80,272





Shareholders' equity








Share capital

2,286

2,490

3,349

Share premium

91,870

128,564

172,906

Translation reserve

(53)

(1,017)

(1,368)

Retained earnings

14,019

31,105

41,833

Total shareholders' equity

108,122

161,142

216,720





Total liabilities and shareholders' equity

168,065

220,828

296,992


euro    

euro

$



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 nine

For the nine

For the nine

For the three

For the three

For the three


months ended

months ended

months ended

months ended

months ended

months ended


Sep-30

Sep-30

Sep-30

Sep-30

Sep-30

Sep-30


2010

2011

2011

2010

2011

2011


(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)


euro  

euro  

$

euro  

euro  

$

Revenues

110,650

156,683

210,723

41,974

58,317

78,431

Cost of revenues

51,227

73,118

98,336

18,341

27,096

36,441








Gross profit

59,423

83,565

112,387

23,633

31,221

41,990








Operating expenses







Sales and marketing

38,119

48,360

65,039

14,176

17,830

23,980

General and administrative

13,888

17,272

23,229

6,084

5,862

7,884

Other income, net

(92)

(93)

(125)

(31)

(31)

(42)








Total operating expenses

51,915

65,539

88,143

20,229

23,661

31,822








Operating income

7,508

18,026

24,244

3,404

7,560

10,168








Interest expense (income), net

1,068

(925)

(1,244)

264

(388)

(521)

Other financial expense (income), net

(834)

(499)

(671)

640

(472)

(636)








Total financial expense (income), net

234

(1,424)

(1,915)

904

(860)

(1,157)








Income before income taxes

7,274

19,450

26,159

2,500

8,420

11,325








Income taxes

1,029

2,364

3,179

427

629

846








Net income for the period

6,245

17,086

22,980

2,073

7,791

10,479


euro  

euro  

$

euro  

euro  

$








Net income per share

euro  

euro  

$

euro  

euro  

$

Basic

1.00

0.88

1.18

0.33

0.39

0.52

Diluted

0.49

0.84

1.13

0.16

0.37

0.50








Weighted average  number of shares







Basic

6,263

19,376

19,376

6,263

20,006

20,006

Diluted

13,450

20,452

20,452

13,503

21,002

21,002




Consolidated Statements of Cash Flows







In thousands










Convenience



Convenience




Translation



Translation




into



into




U.S. Dollar



U.S. Dollars


For the nine

For the nine

For the nine

For the three

For the three

For the three


months ended

months ended

months ended

months ended

months ended

months ended


Sep-30

Sep-30

Sep-30

Sep-30

Sep-30

Sep-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

6,245

17,086

22,980

2,073

7,791

10,479

Adjustments:







Amortization of intangible assets

60

368

495

31

63

85

Change in fair value of  derivative financial instruments

(478)

359

483

(260)

(61)

(82)

Depreciation of property, plant  and equipment

1,720

2,411

3,243

741

750

1,009

Gain on sales of property, plant and equipment

(9)

-

-

(5)

-

-

Share based payment

320

3,114

4,188

153

1,039

1,397

Interest expense (income), net

1,068

(925)

(1,244)

264

(388)

(521)

Income tax expense

1,029

2,364

3,179

427

629

846


9,955

24,777

33,324

3,424

9,823

13,213

Increase in inventories

(13,950)

(15,479)

(20,818)

(6,686)

(7,513)

(10,105)

Increase in trade and other receivables

(14,534)

(14,683)

(19,747)

(3,583)

(8,385)

(11,277)

Increase in trade payables

9,429

4,695

6,314

2,669

4,315

5,803

Increase (decrease) in employee benefits

253

(11)

(15)

38

(5)

(7)

Increase in provisions and other current liabilities

6,411

65

87

2,359

179

241


(2,436)

(636)

(855)

(1,779)

(1,586)

(2,132)

Interest paid

(725)

(210)

(282)

(201)

(61)

(82)

Income tax paid

(3,172)

(2,320)

(3,120)

(1,000)

(1,046)

(1,407)

Net cash used in operating activities

(6,333)

(3,166)

(4,257)

(2,980)

(2,693)

(3,621)








Cash flows from investing  activities







Interest received

37

773

1,040

15

170

229

Investment in bank deposits

-

(40,000)

(53,796)

-

(40,000)

(53,796)

Proceeds from sale of property,  plant and equipment

45

-

-

38

-

-

Proceeds from (payments for) derivative financial  instruments, net

541

(34)

(46)

541

(19)

(26)

Acquisition of property, plant  and equipment

(4,534)

(10,843)

(14,583)

(251)

(5,989)

(8,055)

Acquisition of intangible assets

(339)

(501)

(674)

(92)

(307)

(413)

Net cash from (used in) investing  activities

(4,250)

(50,605)

(68,059)

251

(46,145)

(62,061)








Cash flows from financing  activities







Share issuance

-

33,091

44,504

-

-

-

Proceeds from exercise of employee share options

15

693

932

-

63

85

Receipts of long-term loans and borrowings

3,306

-

-

40

-

-

Repayments of long-term loans and borrowings

(2,152)

-

-

(618)

-

-

Repayment of shareholders' loans

(450)

-

-

(145)

-

-

Change in short-term debt

9,842

(6,636)

(8,925)

3,710

153

206

Net cash from financing activities

10,561

27,148

36,511

2,987

216

291








Net increase (decrease) in cash and cash equivalents

(22)

(26,623)

(35,805)

258

(48,622)

(65,391)

Cash and cash equivalents at the beginning of the period

4,185

52,900

71,145

4,111

74,755

100,538

Effect of exchange rates  fluctuations on cash and cash equivalents

164

(120)

(161)

(42)

24

32








Cash and cash equivalents  at the end of the period

4,327

26,157

35,179

4,327

26,157

35,179


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

Nine months ended

euro




euro

September 30, 2011 (Unaudited)

87,456

19,829

40,020

9,378

156,683

September 30, 2010 (Unaudited)

74,312

13,640

17,082

5,616

110,650







Three months ended

euro




euro

September 30, 2011 (Unaudited)

30,589

5,792

18,505

3,431

58,317

September 30, 2010 (Unaudited)

27,745

4,402

8,247

1,580

41,974




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











In thousands (net income per share amounts in units)











Nine months ended September 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

110,650



110,650

156,683



156,683

210,723

Cost of revenues

51,227



51,227

73,118



73,118

98,336











Gross profit

59,423



59,423

83,565



83,565

112,387











Operating expenses










Sales and marketing

38,119



38,119

48,360



48,360

65,039

General and administrative

13,888

(2,201)

(320)

11,367

17,272

-

(3,114)

14,158

19,041

Other income, net

(92)



(92)

(93)



(93)

(125)











Total operating expenses

51,915

(2,201)

(320)

49,394

65,539

-

(3,114)

62,425

83,955











Operating income

7,508

2,201

320

10,029

18,026

-

3,114

21,140

28,432











Interest expense (income), net

1,068



1,068

(925)



(925)

(1,244)

Other financial income, net

(834)



(834)

(499)



(499)

(671)











Total financial expense (income), net

234



234

(1,424)



(1,424)

(1,915)











Income before income taxes

7,274

2,201

320

9,795

19,450

-

3,114

22,564

30,347











Income taxes

1,029



1,029

2,364



2,364

3,179











Net income for the period

6,245

2,201

320

8,766

17,086

-

3,114

20,200

27,168


euro

euro

euro

euro

euro

euro

euro

euro

$











Net income per share

euro



euro

euro



euro

$

Basic

1.00



1.40

0.88



1.04

1.40

Diluted

0.49



0.68

0.84



0.99

1.33











Weighted average  number of shares










Basic

6,263



6,263

19,376



19,376

19,376

Diluted

13,450



13,450

20,452



20,452

20,452











(*) 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 September 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

41,974



41,974

58,317



58,317

78,431

Cost of revenues

18,341



18,341

27,096



27,096

36,441











Gross profit

23,633



23,633

31,221



31,221

41,990











Operating expenses










Sales and marketing

14,176



14,176

17,830



17,830

23,980

General and administrative

6,084

(2,010)

(153)

3,921

5,862

-

(1,039)

4,823

6,486

Other income, net

(31)



(31)

(31)



(31)

(42)











Total operating expenses

20,229

(2,010)

(153)

18,066

23,661

-

(1,039)

22,622

30,424











Operating income

3,404

2,010

153

5,567

7,560

-

1,039

8,599

11,566











Interest expense (income), net

264



264

(388)



(388)

(521)

Other financial expense (income), net

640



640

(472)



(472)

(636)











Total financial expense (income), net

904



904

(860)



(860)

(1,157)











Income before income taxes

2,500

2,010

153

4,663

8,420

-

1,039

9,459

12,723











Income taxes

427



427

629



629

846











Net income for the period

2,073

2,010

153

4,236

7,791

-

1,039

8,830

11,877


euro

euro

euro

euro

euro

euro

euro

euro

$











Net income per share

euro



euro

euro



euro

$

Basic

0.33



0.68

0.39



0.44

0.59

Diluted

0.16



0.32

0.37



0.42

0.56











Weighted average  number of shares










Basic

6,263



6,263

20,006



20,006

20,006

Diluted

13,503



13,503

21,002



21,002

21,002











(*) 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















Nine month ended September 30

Three months ended September 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

6,245

17,086

22,980

2,073

7,791

10,479

Interest expense (income), net

1,068

(925)

(1,244)

264

(388)

(521)

Income taxes

1,029

2,364

3,179

427

629

846

Depreciation and amortization

1,780

2,779

3,738

772

813

1,094

EBITDA

10,122

21,304

28,653

3,536

8,845

11,898


euro

euro

$

euro

euro

$








Management fee

2,201

-

-

2,010

-

-

Share based payment

320

3,114

4,188

153

1,039

1,397

Adjusted EBITDA

12,643

24,418

32,841

5,699

9,884

13,295


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:













Nine month ended

Three months ended

Sep-30

Sep-30



2010

2011

2010

2011



(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)


Revenues


(in thousands)









euro

euro

euro

euro

Soda maker starter kits (including cylinders)


46,952

73,088

18,919

29,137

Consumables


58,769

80,767

22,498

28,350

Other


4,929

2,828

557

830

Total


110,650

156,683

41,974

58,317



euro

euro

euro

euro








Nine month ended

Three months ended

Sep-30

Sep-30



2010

2011

2010

2011



(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)


As a percentage of revenues













Soda maker starter kits (including cylinders)


42.4%

46.6%

45.1%

50.0%

Consumables


53.1%

51.6%

53.6%

48.6%

Other


4.5%

1.8%

1.3%

1.4%

Total


100.0%

100.0%

100.0%

100.0%









SOURCE SodaStream International Ltd.



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