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