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SodaStream Reports Second Quarter Results

AIRPORT CITY, Israel, July 30, 2014 /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, 2014.

SodaStream Logo.

For the second quarter ended June 30, 2014:

  • Revenue was $141.2 million compared to $132.4 million in the second quarter 2013
  • EBITDA was $13.8 million compared to $18.0 million in the second quarter 2013
  • Net income was $9.2 million compared to $12.9 million in the second quarter 2013
  • Diluted earnings per share were $0.43, compared to $0.60 in the second quarter 2013

"The second quarter was highlighted by record gas refills including unit growth in all regions underscoring the global appeal and stickiness of our home carbonation system. Our total business in our Western Europe, Asia Pacific, and CEMEA regions all posted solid increases in the second quarter as our product and marketing strategies are leading to increased household penetration and user activity." said Daniel Birnbaum, Chief Executive Officer of SodaStream. "In the U.S., soda maker volumes remained under pressure as we struggled to drive consumer demand and retailers worked through excess inventory carried over from the holiday season. We are lowering our U.S. soda maker sales projections for the back half of the year while we reposition our brand behind health & wellness and refine our product line and marketing message to better promote this important consumer benefit. We are confident this strategy will have a positive long-term impact on our U.S. performance. Our revised plan for 2014 also includes operating expense reductions aimed at protecting profitability until growth trends improve."

 













Second Quarter 2014 Financial Review












Geographical Revenue Breakdown









Revenue

Three Months Ended






June 30, 2013


June 30, 2014


 Increase
(decrease)


 Increase
(decrease)


In Millions USD


%

The Americas

$

47.4


$

40.9


$

(6.5)


(14%)

Western Europe


68.1



77.7



9.6


14%

Asia-Pacific


10.8



12.2



1.4


13%

Central & Eastern Europe, Middle East, Africa


6.1



10.4



4.3


71%

Total

$

132.4


$

141.2


$

8.8


6.6%

 

Product Segment Revenue Breakdown









Revenue

Three Months Ended






June 30, 2013


June 30, 2014


 Increase

 Increase


In millions USD


%

Soda Maker Starter Kits

$

49.9


$

45.8


$

(4.1)


(8%)

Consumables


78.9



90.8



11.9


15%

Other


3.6



4.6



1.0


27%

Total

$

132.4


$

141.2


$

8.8


6.6%

 

Product Segment Unit Breakdown









Three Months Ended






June 30, 2013


June 30, 2014


 Increase


 Increase


In thousands


%

Soda Maker Starter Kits

935


785


(150)


(16%)

CO2 Refills

5,542


6,507


965


17%

Flavors

8,505


9,297


792


9%

Gross margin for the second quarter 2014 was 50.5% compared to 54.3% for the same period in 2013. The decline was primarily due to unfavorable changes in foreign currency exchange rates, increased penetration of lower margin soda makers in the sales mix and inventory write offs, which were partially offset by a higher share of CO2 refills in product mix.

Sales and marketing expenses for the second quarter 2014 totaled $46.9 million, or 33.3% of revenue, compared to $43.6 million, or 33.0% of revenue for the comparable period in the prior year. The 30 basis point change in sales and marketing expenses as a percent of revenue was mainly attributable to an increasing in selling expense as a result of expenses related to the newly acquired Italian and Japanese distribution channels. This was partially offset by a decrease in advertising and promotion expense as a percent of revenue to 14.9% from 15.1% in the second quarter 2013.

General and administrative expenses for the second quarter 2014 were $13.1 million, or 9.3% of revenue, compared to $13.6 million, or 10.3% of revenue in the comparable period of last year. The decrease was partially due to lower share-based compensation expenses which were mostly offset by additional expenses related to our newly acquired Italian and Japanese distribution channels, as well as additional infrastructure (mainly information technology systems) to support future growth.

Operating income decreased to $11.2 million, or 8.0% of revenue, compared to $14.7 million, or 11.1% of revenue in the second quarter 2013.

Tax expense remained the same at $1.1 million with an increase in effective tax rate to 10.6%, from 7.9% in the second quarter 2013. The increase in the effective tax rate was primarily due to the geographical distribution of income before tax and the difference in local tax rates.

Balance Sheet Review

  • Cash and cash equivalents and bank deposits at June 30, 2014 were $36.2 million compared to $40.9 million at December 31, 2013. The decrease is primarily due to the investment in our new production facility, the acquisition of our Japanese distributor and an increase in working capital.
  • The Company had $38.6 million of bank debt at June 30, 2014 mainly for financing the investment in its new production facility, compared to $15.5 million of bank debt at December 31, 2013.
  • Working capital at June 30, 2014 increased 15.4% to $179.4 million compared to $155.4 million at December 31, 2013, mainly due to a decrease in trade payables and an increase in inventory from our newly acquired Japanese distribution channel. Inventories at June 30, 2014 increased 2.8% to $144.7 million compared to $140.7 million at December 31, 2013.

Guidance
Based on second quarter results and current projections for the remainder of the year, the Company is revising its outlook:

  • The Company now expects full year 2014 revenue to increase approximately 5% over 2013 revenue of $562.7 million.
  • The Company now expects full year 2014 EBITDA to increase approximately 5% over 2013 EBITDA of $62.2 million. Excluding changes in foreign currency exchange rates compared to 2013, the Company expects 2014 EBITDA to increase approximately 17% over 2013.
  • The Company now expects full year 2014 net income to decrease approximately 5% over 2013 net income of $42.0 million

Conference Call and Management Commentary

Detailed CFO commentary and a supplemental slide presentation have been filed with the Securities and Exchange Commission today under the cover of Form 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, July 30, 2014) to review the Company's financial results. The conference call will be broadcast over the Internet as a "live" listen only Webcast. To listen, please go to: http://sodastream.investorroom.com. Listeners are urged to login approximately 20 minutes before the conference call is scheduled to begin in order to register, as well as download and install any necessary audio software. An archive of the Webcast will be available for 30 days after the call.

About SodaStream International

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

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

Non-IFRS Financial Measures

Beginning with this press release, the company will no longer provide certain non-IFRS measures that were provided in past quarterly press releases, including Adjusted Net Income, Adjusted Earnings Before Interest, Income Tax, Depreciation and Amortization ("Adjusted EBITDA") and Adjusted diluted earnings per share ("Adjusted diluted EPS").

The Company believes that these measures no longer provide material additional information that should be considered in evaluating the Company's operations.

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; our ability to maintain margins due to decline in product selling price and\or rising costs; potential product liability claims if any component of our beverage carbonation systems is misused; our ability to protect our intellectual property rights; our being found to have a dominant position in certain markets which may place limits on our ability to operate; risks associated with our being a multinational corporation, including fluctuations in currency exchange rates; our potential exposure to greater than anticipated tax liabilities; our products being subject to extensive governmental regulation in the markets in which we operate; adverse conditions in the global economy which could negatively impact our customers' demand for our products; and other factors detailed in documents we file from time to time with the United States Securities and Exchange Commission.  Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:
Brendon Frey
ICR
Phone: + 1 203-682-8200 
[email protected]



Consolidated Statements of Operations







In thousands (other than per share amounts)




















For the six months ended


For the three months ended


June 30,


June 30,


2013


2014


2013


2014


(Unaudited)


(Unaudited)

Revenue

$

250,029


$

259,343


$

132,390


$

141,171

Cost of revenue


114,006



126,240



60,452



69,914













Gross profit


136,023



133,103



71,938



71,257













Operating expenses












Sales and marketing


82,498



93,087



43,639



46,941

General and administrative


25,226



26,427



13,617



13,072













Total operating expenses


107,724



119,514



57,256



60,013













Operating income


28,299



13,589



14,682



11,244













Interest expense, net


154



333



129



286

Other financial expense, net


792



792



582



620













Total financial expense, net


946



1,125



711



906













Income before income taxes


27,353



12,464



13,971



10,338













Income tax expense


2,406



1,443



1,108



1,095













Net income for the period

$

24,947


$

11,021


$

12,863


$

9,243













Net income per share












Basic

$

1.20


$

0.53


$

0.62


$

0.44

Diluted

$

1.17


$

0.52


$

0.60


$

0.43













Weighted average  number of shares












Basic


20,719



20,933



20,756



20,958

Diluted


21,318



21,274



21,416



21,271

 


Consolidated Balance Sheets as of













December 31,


June 30,


2013


2014


(Audited)


(Unaudited)


(In thousands)

Assets






Cash and cash equivalents

$

40,885


$

36,244

Inventories


140,709



144,711

Trade receivables


123,936



109,158

Other receivables


22,208



27,753

Derivative financial instruments


538



1,419

Total current assets


328,276



319,285







Property, plant and equipment


107,132



124,397

Intangible assets


48,104



49,121

Deferred tax assets


1,089



1,217

Other receivables


398



493

Total non-current assets


156,723



175,228







Total assets


484,999



494,513







Liabilities






Loans and borrowings


15,452



38,619

Derivative financial instruments


103



-

Trade payables


90,749



61,567

Income tax payable


9,869



9,033

Provisions


1,614



2,033

Other current liabilities


29,674



31,034

Total current liabilities


147,461



142,286







Employee benefits


2,221



2,232

Provisions


714



752

Deferred tax liabilities


2,997



2,093

Total non-current liabilities


5,932



5,077







Total liabilities


153,393



147,363







Shareholders' equity






Share capital


3,378



3,397

Share premium


193,649



198,908

Translation reserve


3,394



2,639

Retained earnings


131,185



142,206

Total shareholders' equity


331,606



347,150







Total liabilities and shareholders' equity

$

484,999


$

494,513







 


Consolidated Statements of Cash Flows














For the six months ended


For the three months ended


June 30,


June 30,


2013


2014


2013


2014


(Unaudited)


(Unaudited)



(In thousands)

Cash flows from operating  activities












Net income for the period

$

24,947


$

11,021


$

12,863


$

9,243













Adjustments:












Amortization of intangible assets


1,140



1,261



712



749

Change in fair value of  derivative financial instruments


(537)



264



(537)



(144)

Depreciation of property, plant  and equipment


5,777



6,091



3,224



2,467

Share based payment


5,354



4,537



2,960



2,231

Interest expense, net


154



333



129



286

Income tax expense


2,406



1,443



1,108



1,095



39,241



24,950



20,459



15,927

Increase in inventories


(24,784)



(3,945)



(14,982)



(1,477)

Decrease (increase) in trade and other receivables


(19,369)



13,853



(30,558)



(10,854)

Increase (decrease) in trade payables


(13,232)



(29,587)



6,001



(5,515)

Increase (decrease) in employee benefits


(1)



19



(15)



129

Increase (decrease) in provisions and other current liabilities


(5,238)



1,766



6,860



5,631



(23,383)



7,056



(12,235)



3,841

Interest paid


(179)



(329)



(125)



(293)

Income tax received


3,539



710



91



347

Income tax paid


(966)



(3,939)



(256)



(3,257)

Net cash from (used in) operating activities


(20,989)



3,498



(12,525)



638













Cash flows from investing  activities












Interest received


94



27



36



22

Investment in bank deposits


(10,000)



-



(10,000)



-

Proceeds from derivative financial  instruments, net


(543)



(1,248)



562



(588)

Acquisition of subsidiary, net of cash acquired


(1,179)



-



(1,179)



-

Acquisition of property, plant  and equipment


(19,328)



(28,211)



(8,724)



(12,527)

Acquisition of intangible assets


(2,489)



(2,546)



(1,380)



(2,183)

Net cash used in investing  activities


(33,445)



(31,978)



(20,685)



(15,276)













Cash flows from financing  activities












Proceeds from exercise of employee share options


1,832



741



681



288

Change in short-term debt


16,143



23,167



8,070



14,611

Net cash from financing activities


17,975



23,908



8,751



14,899













Net increase (decrease) in cash and cash
equivalents


(36,459)



(4,572)



(24,459)



261

Cash and cash equivalents at the beginning of the period


62,068



40,885



49,888



36,052

Effect of exchange rates  fluctuations on cash and cash equivalents


(409)



(69)



(229)



(69)













Cash and cash equivalents  at the end of the
period

$

25,200


$

36,244


$

25,200


$

36,244

 


Information about revenue in reportable segments
















The Americas


Western
Europe

Asia-Pacific

Central &
Eastern
Europe,
Middle East,
Africa


Total


(In thousands)

Six months ended:










June 30, 2013 (Unaudited)

$

95,712


121,385

20,151

12,781


$

250,029

June 30, 2014 (Unaudited)

$

75,637


140,216

24,131

19,359


$

259,343











Three months ended:










June 30, 2013 (Unaudited)

$

47,373


68,087

10,832

6,098


$

132,390

June 30, 2014 (Unaudited)

$

40,879


77,666

12,225

10,401


$

141,171

 


EBITDA













Six months ended


Three months ended


June 30,


June 30,


2013


2014


2013


2014


(Unaudited)


(In thousands)













Reconciliation of Net Income to EBITDA












Net income

$

24,947


$

11,021


$

12,863


$

9,243

Interest expense, net


154



333



129



286

Income tax expense (tax benefit)


2,406



1,443



1,108



1,095

Depreciation and amortization


6,917



7,352



3,936



3,216

EBITDA

$

34,424


$

20,149


$

18,036


$

13,840

 

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
































Six months ended


Three months ended


June 30,


June 30,


2013


2014


2013


2014


(Unaudited)


(Unaudited)


Revenue


(in thousands)













Soda maker starter kits (including exchange cylinders)

$

92,866


$

78,070


$

49,914


$

45,846

Consumables


150,893



173,623



78,831



90,699

Other


6,270



7,650



3,645



4,626

Total

$

250,029


$

259,343


$

132,390


$

141,171

 










Six months ended


Three months ended


June 30,


June 30,


2013


2014


2013


2014


(Audited)


(Unaudited)


(Unaudited)


As a percentage of revenue









Soda maker starter kits (including exchange cylinders)

37.1%


30.1%


37.7%


32.5%

Consumables

60.4%


66.9%


59.5%


64.2%

Other

2.5%


3.0%


2.8%


3.3%

Total

100.0%


100.0%


100.0%


100.0%

Logo - http://photos.prnewswire.com/prnh/20121107/NY07412LOGO

SOURCE SodaStream International Ltd.

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