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24.02.17
ROUNDUP/Aktien New York Schluss: Kaum Veränderung nach Rekordserie

SodaStream Reports Fourth Quarter and Fiscal 2016 Results

Mittwoch, 15.02.2017 13:35 von

PR Newswire

AIRPORT CITY, Israel, Feb. 15, 2017 /PRNewswire/ -- SodaStream International Ltd. (NASDAQ: SODA), the world's leading manufacturer of home beverage carbonation systems, announced today its results for the three months and year ended December 31, 2016.

For the fourth quarter ended December 31, 2016, compared to adjusted fourth quarter 2015 results*:

  • Revenue increased 16.7% to $131.8 million compared to $112.9 million in the fourth quarter 2015
  • EBITDA increased 122.3% to $24.8 million compared to $11.1 million adjusted EBITDA in the fourth quarter 2015
  • Net income increased 213.0% to $15.6 million compared to $5.0 million in the fourth quarter 2015
  • Diluted earnings per share increased 201.2% to $0.71 compared to $0.24 in the fourth quarter 2015

For the year ended December 31, 2016, compared to adjusted full year 2015 results*:

  • Revenue increased 14.5% to $476.1 million compared to $416.0 million in 2015
  • Adjusted EBITDA increased 102.9% to $75.8 million compared to $37.3 million adjusted EBITDA in 2015
  • Net income increased 105.9% to a record $44.5 million compared to $21.6 million in 2015
  • Diluted earnings per share increased 102.1% to $2.07 compared to $1.02 in 2015

"I am very pleased with the strong momentum we built throughout the year which continued in the fourth quarter with robust revenue growth and record high operating income," commented Daniel Birnbaum, Chief Executive Officer of SodaStream. "Our 2016 full year performance underscores that the strategies we've implemented to build a global brand franchise and accelerate household penetration of our home carbonation system are working successfully. Consumers are responding positively to our messaging around health & wellness, convenience, and the environment and are using SodaStream to produce sparkling water in record numbers. At the same time, we are growing our business in a highly efficient manner following expense optimization efforts and the recent consolidation of our manufacturing, logistics and distribution activities in Israel. This has resulted in an all-time record operating and net income year, strong free cash flow and $57 million in cash and deposits with zero financial debt. There are meaningful growth opportunities still ahead of us and we are committed to consistently deliver increased earnings and shareholder value over the long-term."

Fourth Quarter 2016 Financial Reviews

Geographical Revenue Breakdown












Three Months Ended










December 31,
2015



December 31,
2016



Increase



Increase





In Millions USD







%


Western Europe


$

63.2



$

74.8



$

11.6




18

%

The Americas



30.0




36.1




6.1




20

%

Asia-Pacific



13.7




14.9




1.2




9

%

Central & Eastern Europe, Middle East, Africa



6.0




6.0




-




0

%

Total


$

112.9



$

131.8



$

18.9




17

%

 

* The comparable fourth quarter 2015 gross margin, operating and net income, EBITDA and diluted earnings per share on pages 1-2 and 8-9 of this press release relate to Adjusted Non-IFRS measures. See "Non-IFRS Financial measures" on page 3. See also "IFRS to Non-IFRS Bridge" in CFO's commentary for explanations of differences between the two periods and relevant adjustments.

 

Product Segment Revenue Breakdown












Three Months Ended










December 31,
2015



December 31,
2016



Increase



Increase





In millions USD







%


Sparkling Water Maker Starter Kits


$

41.5



$

56.7



$

15.2




37

%

Consumables



70.5




74.0




3.5




5

%

Other



0.9




1.1




0.2




23

%

Total


$

112.9



$

131.8



$

18.9




17

%

 

 

Product Segment Unit Breakdown


Three Months Ended










December 31,
2015



December 31,
2016



Increase

(decrease)



Increase

(decrease)





In thousands







%


Sparkling Water Maker Starter Kits



769




941




172




22

%

CO2 Refills



6,749




7,413




664




10

%

Flavors



5,573




5,235




(338)




(6)

%

Revenue increased $18.9 million, or 16.7%, to $131.8 million compared to $112.9 million in the same period in 2015 driven by increased consumer demand for sparkling water makers and consumables mainly in Germany, Canada, the U.S., the Nordics, Switzerland and Japan.

Gross margin* increased 440 basis points to 52.4% compared to 48.0% for the same period in 2015 mainly due to production optimization in the Lehavim plant and price increases partially offset by a higher portion of sparkling water makers in the product mix.

Sales and marketing expenses were $39.0 million, or 29.6% of revenue, compared to $35.0 million, or 31.0% in the same period in 2015. Advertising and promotion expenses increased $4.7 million to $18.0 million, or 13.7% of revenue, compared to $13.3 million, or 11.7% of revenue, in the same period in 2015. Other selling expenses decreased $0.8 million to $21.0 million, or 15.9% of revenue, compared to $21.8 million, or 19.3% of revenue, in the same period in 2015.

General and administrative expenses decreased $1.3 million to $11.1 million, or 8.5% of revenue, compared to $12.4 million, or 11.0% of revenue in the same period in 2015.

Operating income* increased 206.2% to $18.8 million, or 14.3% of revenue, compared to $6.2 million, or 5.4% of revenue, in the fourth quarter 2015.

Currency exchange rates had no material impact in comparison with the same period in 2015. 

Net financial expense was $0.8 million compared to net financial expense of $0.3 million in the same period in 2015.

Tax expense was $2.4 million with an effective tax rate of 13.2%, compared to $0.8 million with an effective tax rate of 14.5% in the same period in 2015.

Balance Sheet and Cash Flow Review

At December 31, 2016, the company had cash and bank deposits totaling $57.3 million and no bank debt compared to $34.5 million in cash and $36.8 million in bank debt at December 31, 2015, representing a $59.6 million improvement in its net cash position.

Free cash flow (net cash from operating activities minus capital expenditures) was positive $11.5 million for the fourth quarter 2016 compared to $1.4 million in the fourth quarter 2015 and was positive $56.8 million for 2016 compared to a negative free cash flow of $11.4 million for 2015.

Working capital decreased 11.3% or $15.9 million, to $124.8 million, compared to $140.7 million at December 31, 2015. Inventories decreased 22.1%, or $25.0 million, to $88.0 million compared to $113.0 million at December 31, 2015 driven by increase in demand for company's products and operational efficiency.

General

The Company also announced that effective February 7, 2017, the board of directors appointed Torsten Koster as a member of its audit committee and Jonathan Kolodny stepped down as a member of the audit committee effective as of the same date. Following the appointment, the company's audit committee consists of Ms. Hanover and Messrs. Koster, Hunter and Ofir, each of whom has been determined by the board of directors to be independent under The Nasdaq Stock Exchange rules, including the additional independence requirements applicable to members of audit committees.

Conference Call and Management Commentary

A detailed CFO commentary and a supplemental slide presentation have been furnished as exhibits to today's report of a foreign private issuer on a Form 6-K, available on the SEC's website, sec.gov, and will be posted on the Company's website, http://sodastream.investorroom.com.

The Company has scheduled a conference call for 8:30 AM Eastern Standard Time (U.S. time) today (Wednesday, February 15, 2016) 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 is the #1 sparkling water brand in volume in the world and the leading manufacturer and distributor of Sparkling Water Makers. We enable consumers to easily transform ordinary tap water into sparkling water and flavored sparkling water in seconds. By making ordinary water fun and exciting to drink, SodaStream helps consumers drink more water. Sparkling Water Makers offer a highly differentiated and innovative solution to consumers of bottled and canned carbonated soft drinks. The products promote health and wellness, are environmentally friendly, cost effective, and are customizable and fun to use. Products are available at more than 70,000 retail stores across 45 countries. To learn more about how SodaStream makes water exciting and follow SodaStream on Facebook, Twitter, Pinterest, Instagram and YouTube, visit http://www.sodastream.com.

Non-IFRS Financial Measures

This press release contains the following Non-IFRS measures: Adjusted revenue, Adjusted gross margin, Adjusted operating income, Adjusted net income, Adjusted EBITDA, Adjusted diluted earnings per share ("Adjusted diluted EPS") and free cash flow.

Adjusted EBITDA represents earnings before financial expense (income), income tax, depreciation and amortization, and further eliminates the effect of restructuring costs and impairment of other intangible assets. Adjusted revenue, Adjusted gross margin, Adjusted operating income, Adjusted net income and Adjusted diluted earnings per share eliminate the effect of restructuring costs.

The Company believes that the Adjusted revenue, Adjusted gross margin, Adjusted operating income, Adjusted net income, Adjusted EBITDA and Adjusted diluted EPS, as described above, should be considered in evaluating the Company's operations. Adjusted revenue, Adjusted gross margin, Adjusted operating income, Adjusted net income and Adjusted diluted EPS exclude restructuring costs and Adjusted EBITDA exclude restructuring costs and impairment of other intangible assets because most of this charge is a non-cash expense and does not reflect the performance of the Company's underlying business and operations. In addition, Adjusted EBITDA facilitates operating performance comparisons from period to period by backing out potential differences caused by variations in capital structures (affecting financial expenses (income), net), tax positions (such as the impact on periods or companies of changes in effective tax rates), the age and depreciation charges and amortization of fixed and intangible assets (affecting relative depreciation and amortization expense, respectively).

These measures should be considered in addition to results prepared in accordance with IFRS, and 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, see "IFRS to Non-IFRS Bridge" in CFO's commentary.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include information about possible or assumed future results of our business and financial condition, as well as the results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "potential," or the negative of these terms or other similar expressions: 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 maintain or expand sales in our target markets, including the United States; our ability to maintain or continue to develop 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 discussed under the heading "Risk Factors" in the Annual Report on the Form 20-F for the year ended December 31, 2015 and other documents filed with or furnished to the Securities and Exchange Commission. 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
brendon.frey@icrinc.com

 

 

Consolidated Statements of Operations





In thousands (other than per share amounts)














For the year ended



For the three months ended




December 31,



December 31,




2015



2016



2015



2016




(Audited)




(Unaudited)



(Unaudited)


Revenues


$

413,135



$

476,065



$

112,942



$

131,800


Cost of revenues



216,364




231,087




60,909




62,802



















Gross profit



196,771




244,978




52,033




68,998



















Operating expenses

















Sales and marketing



138,641




144,657




35,031




39,021


General and administrative



47,258




43,522




12,389




11,139


Other expenses



631




2,327




631




-



















Total operating expenses



186,530




190,506




48,051




50,160



















Operating income



10,241




54,472




3,982




18,838



















Interest expense, net



350




523




286




154


Other financial expense (income), net



(5,192)




1,597




20




652



















Total financial expense (income), net



(4,842)




2,120




306




806



















Income before income taxes



15,083




52,352




3,676




18,032



















Income tax expense



3,006




7,886




848




2,384



















Net income for the period


$

12,077



$

44,466



$

2,828



$

15,648



















Net income per share

















Basic


$

0.57



$

2.10



$

0.13



$

0.73


Diluted


$

0.57



$

2.07



$

0.13



$

0.71



















Weighted average number of shares

















Basic



21,037




21,183




21,064




21,297


Diluted



21,117




21,516




21,151




21,978




















 

 

Consolidated Balance Sheets as of
















December 31,



December 31,




2015



2016




(Audited)



(Unaudited)




(In thousands)


Assets







Cash and cash equivalents


$

34,534



$

50,250


Bank deposits



-




7,000


Inventories



112,973




87,986


Trade receivables



76,566




87,430


Other receivables



29,099




20,613


Assets classified as held for sale



-




1,484


Derivative financial instruments



631




2,112


Total current assets



253,803




256,875











Property, plant and equipment



155,294




164,628


Intangible assets



42,095




37,582


Deferred tax assets



1,106




4,154


Other receivables



431




2,688


Total non-current assets



198,926




209,052











Total assets



452,729




465,927











Liabilities









Loans and borrowings



11,917




-


Trade payables



50,549




41,643


Income tax payable



7,505




8,312


Provisions



2,407




2,646


Other current liabilities



18,118




22,262


Total current liabilities



90,496




74,863











Loans and borrowings



24,905




-


Employee benefits



2,152




2,306


Other non-current liabilities



156




73


Deferred tax liabilities



832




5,166


Total non-current liabilities



28,045




7,545











Total liabilities



118,541




82,408











Shareholders' equity









Share capital



3,414




3,461


Share premium



205,527




214,609


Translation reserve



(29,993)




(34,161)


Retained earnings



155,240




199,610


Total shareholders' equity



334,188




383,519











Total liabilities and shareholders' equity


$

452,729



$

465,927


 

 

Consolidated Statements of Cash Flows




























For the year ended



For the three months ended




December 31,



December 31,




2015



2016



2015



2016




(Audited)



(Unaudited)



(Unaudited)



(Unaudited)


Cash flows from operating activities

















Net income for the period


$

12,077



$

44,466



$

2,828



$

15,648



















Adjustments:

















Depreciation of property, plant and equipment



13,233




16,012




3,411




5,086


Amortization of intangible assets



3,710




3,439




945




843


Impairment of other intangible assets



631




1,830




631




-


Restructuring costs



6,930




-




394




-


Change in fair value of derivative financial instruments



(2,678)




(448)




362




(1,074)


Exchange rate differences on Short-term loans and borrowing



(1,386)




-




-




-


Exchange rate differences on long-term loans and borrowing



(3,675)




287




(805)




(355)


Share based payment



6,471




4,801




2,706




1,288


Interest expense, net



350




523




286




154


Income tax expense



3,006




7,886




848




2,384





38,669




78,796




11,606




23,974


Decrease in inventories



19,860




22,352




9,743




10,527


Decrease (increase) in trade receivables and other receivables



12,211




(9,375)




(5,162)




(11,990)


Decrease in trade payables and other liabilities



(24,680)




(3,970)




(3,637)




(5,237)


Increase (decrease) in employee benefits



(89)




123




(48)




(92)


Increase (decrease) in provisions



(62)




239




(215)




(255)





45,909




88,165




12,287




16,927


Interest paid



(479)




(616)




(297)




(188)


Income tax received



565




348




16




141


Income tax paid



(5,987)




(5,965)




(479)




(740)


Net cash from operating activities



40,008




81,932




11,527




16,140



















Cash flows from investing activities

















Interest received



129




93




11




33


Investment in bank deposits



-




(7,000)




-




-


Proceeds from investment grants



2,252




2,828




-




-


Proceeds from (payment for) derivative financial instruments, net



2,591




(1,033)




20




10


Acquisition of property, plant and equipment



(49,466)




(25,987)




(8,673)




(4,159)


Acquisition of intangible assets



(4,236)




(1,982)




(1,411)




(457)


Net cash used in investing activities



(48,730)




(33,081)




(10,053)




(4,573)



















Cash flows from financing activities

















Proceeds from exercise of employee share options



151




4,328




-




2,410


Receipts of long-term loans and borrowings



10,000




-




10,000




-


Repayments of long-term loans and borrowings



(16,246)




(34,248)




(2,222)




(16,555)


Change in short-term debt



4,247




(2,861)




(17,766)




-


Net cash used in financing activities



(1,848)




(32,781)




(9,988)




(14,145)



















Net increase (decrease) in cash and cash equivalents



(10,570)




16,070




(8,514)




(2,578)



















Cash and cash equivalents at the beginning of the period



46,880




34,534




43,480




53,857


Effect of exchange rates fluctuations on cash and cash equivalents



(1,776)




(354)




(432)




(1,029)



















Cash and cash equivalents at the end of the period


$

34,534



$

50,250



$

34,534



$

50,250


 

 

Information about revenue in reportable segments


























Western Europe



The Americas



Asia-Pacific



Central &
Eastern Europe,
Middle East,
Africa



Total





(In thousands)






Year ended:

















December 31, 2015* (Audited)


$

251,496




102,104




40,711




21,644



$

415,955



December 31, 2016 (Unaudited)



286,512




114,747




49,614




25,192



$

476,065

























Three months ended:






















December 31, 2015 (Unaudited)


$

63,258




30,006




13,671




6,007



$

112,942



December 31, 2016 (Unaudited)


$

74,837




36,053




14,880




6,030



$

131,800































 

 

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:








Year ended



Three months ended




December 31,



December 31,




2015*



2016



2015



2016




(Audited)

(Unaudited)



(Unaudited)

(Unaudited)




Revenue




(in thousands)















Sparkling Water Maker starter kits (including exchange
cylinders)


$

**131,749



$

170,790



$

41,534



$

56,700


Consumables



**275,096




297,011




70,512




73,997


Other



**9,110




8,264




896




1,103


Total


$

415,955



$

476,065



$

112,942



$

131,800




*  The comparable revenue for the year ended December 31, 2015 related to Adjusted Non-IFRS measures.


** Reclassified 


 

 



Year ended



Three months ended




December 31,



December 31,




2015



2016



2015



2016




(Audited)



(Unaudited)



(Unaudited)

(Unaudited)




As a percentage of revenue















Sparkling Water Maker starter kits (including
exchange cylinders)



31.7

%



35.9

%



36.8

%



43.0

%

Consumables



66.1

%



62.4

%



62.4

%



56.2

%

Other



2.2

%



1.7

%



0.8

%



0.8

%

Total



100.0

%



100.0

%



100.0

%



100.0

%



















 

 

EBITDA















Year months ended



Three months ended




December 31,



December 31,




2015



2016



2015



2016




(Audited)

(Unaudited)

(Unaudited)

(Unaudited)




(In thousands)















Reconciliation of Net Income to EBITDA

















Net income


$

12,077



$

44,466



$

2,828



$

15,648


Financial expense (income), net



(4,842)




2,120




306




806


Income tax expense



3,006




7,886




848




2,384


Depreciation and amortization



16,943




19,451




4,356




5,929


EBITDA


$

27,184



$

73,923



$

8,338



$

24,767


Restructuring



9,518




-




2,171




-


Impairment of other intangible asset



*631




1,830




*631




-


Adjusted EBITDA



37,333




75,753




11,140




24,767





















* Reclassified 



















 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sodastream-reports-fourth-quarter-and-fiscal-2016-results-300407848.html

SOURCE SodaStream International Ltd.