SodaStream(SODA) Reports Record Fourth Quarter Results

SodaStream Reports Record Fourth Quarter Results

Revenues Increased 32% to Euro 66.1 Million

Adjusted Net Income Increased 21% to Euro 5.1 Million

Adjusted Diluted EPS was Euro 0.25 or $0.32*

Feb 29, 2012
6:30am

AIRPORT CITY, Israel, Feb. 29, 2012 /PRNewswire/ -- SodaStream International Ltd. (NASDAQ: SODA), a leading manufacturer of home beverage carbonation systems announced today its results for the three and twelve month periods ended December 31, 2011.

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

Fourth Quarter Fiscal 2011 Highlights

  • Revenues increased 32% to Euro 66.1 million
  • Americas revenues increased 70% to Euro 24.6 million
  • Adjusted diluted earnings per share was Euro 0.25 or $0.32*
  • Unit sales of soda makers increased 8% to 767,000
  • Unit sales of flavors increased 24% to 4.6 million
  • Unit sales of CO2 refills increased 27% to 3.4 million

Full Year Fiscal 2011 Highlights

  • Revenues increased 39% to Euro 222.7 million
  • Americas revenues increased 105% to Euro 64.7 million
  • Adjusted diluted earnings per share was Euro 1.23 or $1.60*
  • Unit sales of soda makers increased 41% to 2.7 million
  • Unit sales of flavors increased 36% to 18.9 million
  • Unit sales of CO2 refills increased 29% to 13.3 million

"This has been a defining year for SodaStream with strong top and bottom line growth in each of the four quarters, driven by robust soda maker and consumable sales," commented Daniel Birnbaum, CEO of SodaStream.  "Our U.S. business experienced strong growth in 2011 driven by our launch of new products, retail expansion, and ramped up marketing efforts, including our first TV commercial.  The U.S. is now our largest single market with sales growth at 104% for the year, unit sales of soda makers up 113% and CO2 refills and flavors up 98% and 132%, respectively. This is a clear indication that consumers are embracing our brand as we continue to bring our revolution to every household in America.

Worldwide, we recently entered new markets in Japan and Brazil and are experiencing accelerated growth in France, Australia, and the U.K.  The recent acquisition of our Nordics business enables us to further grow in this important region as well," stated Mr. Birnbaum.  "Looking ahead, we continue to invest in product innovation and strategic partnerships, consumer education and brand building, retail and geographic expansion, and capacity increase ahead of demand. With these key components in place, we look to 2012 and beyond with great anticipation."

Results for the Three Months Ended December 31, 2011:

Total revenues for the fourth quarter of 2011 were Euro 66.1 million, $85.7 million as per a convenience translation*, an increase of 32.1% compared to Euro 50.0 million reported in the fourth quarter of 2010. Revenues for Western Europe and the Americas increased 20.5% and 70.2%, respectively, compared to the fourth quarter of 2010. (See table with geographic breakdown below)

During the fourth quarter of 2011, revenues of soda maker starter kits, which include a soda maker, a CO2 cylinder and a bottle, increased 24.4% to Euro 31.4 million and revenues of consumables increased 37.8% to Euro 32.6 million. On a unit basis, soda maker starter kits increased 7.7% to 767,000, CO2 refills increased 26.6% to 3.4 million, and flavors increased 24.2% to 4.6 million.

Gross margin for the fourth quarter of 2011 was 57.3%, compared to 54.3% for the same period in 2010.  This increase was primarily due to the growing portion of higher-margin U.S. sales, leveraging the fixed portion of the production costs to achieve higher revenue, and a positive currency exchange rate impact.

Sales and marketing expenses for the fourth quarter of 2011 totaled Euro 28.1 million compared to Euro 18.9 million for the comparable period last year. The increase is primarily due to 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 excluding advertising and promotions decreased to 17.4% for the fourth quarter of 2011 compared to 20.3% for the fourth quarter of 2010.

General and administrative expenses for the fourth quarter of 2011 were Euro 5.7 million, compared to Euro 4.6 million in the comparable period of last year. General and administrative expenses for the three months ended December 31, 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 December 31, 2010 include Euro 0.7 million of the Share-Based Compensation Expense and Euro 88,000 related to a previous management fee that was cancelled effective as of November 2010.

Adjusted general and administrative expenses exclude the Share-Based Compensation Expense as well as the discontinued management fees. Such adjusted general and administrative expenses were Euro 4.7 million or 7.1% of revenues for the fourth quarter of 2011, and Euro 3.9 million or 7.8% of revenues for the comparable period of 2010.

Net income for the three months ended December 31, 2011 was Euro 4.1 million, or Euro 0.20 ($0.26 per the convenience translation) per fully diluted share based on 20.8 million weighted average shares, compared to net income of Euro 3.5 million, or Euro 0.21 per fully diluted share based on 17.1 million weighted average shares, in the comparable period in 2010. Excluding the Share-Based Compensation Expense and the discontinued management fees, Adjusted net income (as defined below) for the fourth quarter of 2011 was Euro 5.1 million, or Euro 0.25 ($0.32 per the convenience translation) per fully diluted share, compared to Adjusted net income of Euro 4.3 million, or Euro 0.25 per fully diluted share, in the fourth quarter of 2010.

Adjusted EBITDA (as defined below) for the fourth quarter of 2011 totaled Euro 6.9 million, compared to Euro 6.2 million for the comparable period in 2010. Adjusted EBITDA margin was 10.5% for the fourth quarter of 2011 as compared to 12.3% for the comparable period in 2010.

Cash flow used in operating activities during the fourth quarter of 2011 was Euro 3.1 million, compared to Euro 1.9 million during the comparable quarter of 2010.

*As of December 31, 2011, the Euro to U.S. Dollar exchange rate was: Euro 1.00 equaled $1.2973

Balance Sheet

As of December 31, 2011, cash and cash equivalents and bank deposits increased to Euro 57.2 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, less cash used for operating activities (mainly increase in working capital), capital investments and debt repayment. As of December 31, 2011, loans and borrowings were Euro 3.1 million, compared to Euro 6.8 million as of December 31, 2010. Working capital as of December 31, 2011 was Euro 60.3 million, an increase of 122.1%, compared to Euro 27.2 million as of December 31, 2010, primarily due to an increase in inventory and accounts receivable.

Change in Reporting Currency

Beginning with the first quarter ending March 31, 2012, the Company will change its reporting currency to the U.S. dollar (USD).  To date, the Company has presented its annual and quarterly consolidated balance sheets and related consolidated statements of operations and cash flows in Euro (EUR).  The change in reporting currency is to better reflect the importance of the U.S. market for the Company's current and future business plans.

In accordance with IFRS, the financial statements for comparative periods will be translated (restated) into the new reporting currency using the exchange rate as of January 1, 2012.

Full Year 2012 Guidance

The Company expects full year 2012 revenue to increase approximately 28% over 2011 revenue of Euro 222.7 million ($289.0 million per the convenience translation of 1.2973).  The Company also expects net income to increase by approximately 42% as compared with its net income of Euro 21.2 million ($27.5 million per the convenience translation of 1.2973) reported in 2011. This guidance includes a share-based payment expense of approximately Euro 4.1 million in 2012 compared to share-based payment expense of Euro 4.2 million in 2011. On an adjusted basis, excluding the share-based payment expense, 2012 net income is expected to increase approximately 35% over the Adjusted net income of Euro 25.3 million ($32.9 million per the convenience translation of 1.2973) reported in 2011.

Conference Call and Management Commentary

Detailed CFO commentary and a supplemental slide presentation have been filed as part of today's 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, February 29, 2012) 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.

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
ICR
Phone: + 1 203-682-8200
brendon.frey@icrinc.com

Consolidated Balance Sheets as of
In thousands
Convenience
translation into
U.S. Dollar
Dec-31Dec-31Dec-31
201020112011
(Audited)(Unaudited)(Unaudited)
Assets
euroeuro$
Cash and cash equivalents52,90026,80134,769
Bank deposits-30,43639,485
Inventories38,52359,06576,625
Trade receivables(*)32,01745,05758,452
Other receivables(*)6,79215,46620,064
Derivative financial instruments836248322
Assets classified as available-for-sale629645837
Total current assets131,697177,718230,554
Property, plant and equipment21,54835,79346,434
Intangible assets13,40519,54725,358
Deferred tax assets1,2489001,168
Other receivables167173224
Total non-current assets36,36856,41373,184
Total assets168,065234,131303,738
Liabilities
euroeuro$
Loans and borrowings6,7533,0884,006
Derivative financial instruments406--
Trade payables30,42536,52447,383
Income tax payable6,3767,0699,171
Provisions515306397
Other current liabilities13,91116,24221,071
Total current liabilities58,38663,22982,028
Employee benefits7681,1541,497
Provisions379396514
Deferred tax liabilities410553717
Total non-current liabilities1,5572,1032,728
Total liabilities59,94365,33284,756
Shareholders' equity
Share capital2,2862,4963,238
Share premium91,870129,963168,601
Translation reserve(53)1,1341,471
Retained earnings14,01935,20645,672
Total shareholders' equity108,122168,799218,982
Total liabilities and shareholders' equity168,065234,131303,738
euroeuro$
(*) presented in comparative periods under one line item "trade and other receivables"
Consolidated Statements of Operations
In thousands (net income per share amounts in units)
ConvenienceConvenience
TranslationTranslation
intointo
U.S. DollarU.S. Dollars
For the twelveFor the twelveFor the twelveFor the threeFor the threeFor the three
months endedmonths endedmonths endedmonths endedmonths endedmonths ended
Dec-31Dec-31Dec-31Dec-31Dec-31Dec-31
201020112011201020112011
(Audited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)
euroeuro$euroeuro$
Revenues160,652222,734288,95350,00266,05185,688
Cost of revenues74,059101,291131,40522,83228,17336,549
Gross profit86,593121,443157,54827,17037,87849,139
Operating expenses
Sales and marketing57,05776,44399,17018,93828,08336,432
General and administrative18,53622,99329,8294,6485,7217,422
Other income, net(198)(122)(158)(106)(29)(38)
Total operating expenses75,39599,314128,84123,48033,77543,816
Operating income11,19822,12928,7073,6904,1035,323
Interest expense (income), net1,467(1,176)(1,526)399(251)(326)
Other financial expense (income), net(1,766)(482)(625)(932)1722
Total financial income, net(299)(1,658)(2,151)(533)(234)(304)
Income before income taxes11,49723,78730,8584,2234,3375,627
Income taxes1,7692,6003,373740236306
Net income for the period9,72821,18727,4853,4834,1015,321
euroeuro$euroeuro$
Net income per shareeuroeuro$euroeuro$
Basic1.211.081.400.260.200.26
Diluted0.691.031.340.210.200.26
Weighted average  number of shares
Basic8,02619,55319,55313,41720,08120,081
Diluted14,68020,57220,57217,12820,82620,826
Consolidated Statements of Cash Flows
In thousands
ConvenienceConvenience
TranslationTranslation
intointo
U.S. DollarU.S. Dollars
For the twelveFor the twelveFor the twelveFor the threeFor the threeFor the three
months endedmonths endedmonths endedmonths endedmonths endedmonths ended
Dec-31Dec-31Dec-31Dec-31Dec-31Dec-31
201020112011201020112011
(Audited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)
euroeuro$euroeuro$
Cash flows from operating  activities
Net income for the period9,72821,18727,4853,4834,1015,321
Adjustments:
Amortization of intangible assets11772293757354459
Change in fair value of  derivative financial instruments(144)302392334(57)(74)
Depreciation of property, plant  and equipment2,4213,8645,0137011,4531,885
Gain on sales of property, plant and equipment(72)--(63)--
Share based payment1,0044,1545,3896841,0401,349
Interest expense (income), net1,467(1,176)(1,526)399(251)(326)
Income tax expense1,7692,6003,373740236306
16,29031,65341,0636,3356,8768,920
Increase in inventories(18,313)(19,696)(25,552)(4,363)(4,217)(5,471)
Increase in trade and other receivables(18,979)(17,502)(22,705)(4,445)(2,819)(3,657)
Increase (decrease) in trade payables12,4043,3084,2912,975(1,387)(1,799)
Increase in employee benefits687101131434112145
Increase (decrease) in provisions and other current liabilities4,594(625)(811)(1,817)(690)(895)
(3,317)(2,761)(3,583)(881)(2,125)(2,757)
Interest paid(1,118)(325)(422)(393)(115)(149)
Income tax paid(3,764)(3,224)(4,182)(592)(904)(1,173)
Net cash used in operating activities(8,199)(6,310)(8,187)(1,866)(3,144)(4,079)
Cash flows from investing  activities
Interest received1469721,261109199258
Investment in bank deposits-(70,000)(90,811)-(30,000)(38,919)
Proceeds from bank deposits-40,00051,892-40,00051,892
Proceeds from sale of property,  plant and equipment108--63--
Payments for derivative financial  instruments, net(164)(120)(156)(705)(86)(112)
Acquisition of subsidiary, net of cash acquired-(790)(1,025)-(790)(1,025)
Acquisition of property, plant  and equipment(4,709)(14,407)(18,690)(175)(3,564)(4,624)
Acquisition of intangible assets(856)(793)(1,029)(517)(292)(379)
Net cash from (used in) investing  activities(5,475)(45,138)(58,558)(1,225)5,4677,091
Cash flows from financing  activities
Share issuance69,86433,09142,92969,864--
Proceeds from exercise of employee share options1298611,117114168218
Receipts of long-term loans and borrowings3,994--688--
Repayments of long-term loans and borrowings(8,347)--(6,195)--
Repayment of shareholders' loans(1,603)--(1,153)--
Change in short-term debt(1,926)(8,612)(11,172)(11,768)(1,976)(2,563)
Net cash from (used in) financing activities62,11125,34032,87451,550(1,808)(2,345)
Net increase (decrease) in cash and cash equivalents48,437(26,108)(33,871)48,459515667
Cash and cash equivalents at the beginning of the period4,18552,90068,6274,32726,15733,933
Effect of exchange rates  fluctuations on cash and cash equivalents278913114129169
Cash and cash equivalents  at the end of the period52,90026,80134,76952,90026,80134,769
euroeuro$euroeuro$
Information about revenue in reportable segments
In thousands
Central and
Eastern Europe,
Middle East and
Western EuropeAfricaThe AmericasAsia-PacificTotal
Twelve months endedeuroeuro
December 31, 2011 (Unaudited)118,07123,80064,66816,195222,734
December 31, 2010 (Audited)99,72219,46631,5629,902160,652
Three months endedeuroeuro
December 31, 2011 (Unaudited)30,6153,97124,6486,81766,051
December 31, 2010 (Unaudited)25,4105,82614,4804,28650,002
Reported (IFRS) to Adjusted (non-IFRS) Reconciliation of Consolidated Statements of Operations
In thousands (net income per share amounts in units)
Twelve months ended December 31
Convenience
Translation

into

U.S. Dollars
201020112011
ReportedManagementShare basedReportedManagementShare based
(Unadjusted)fee(*)paymentAdjusted(Unadjusted)fee(*)paymentAdjustedAdjusted
(Audited)(Audited)(Audited)(Audited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)
euroeuroeuroeuroeuroeuroeuroeuro$
Revenues160,652160,652222,734222,734288,953
Cost of revenues74,05974,059101,291101,291131,405
Gross profit86,59386,593121,443121,443157,548
Operating expenses
Sales and marketing57,05757,05776,44376,44399,170
General and administrative18,536(2,290)(1,004)15,24222,993-(4,154)18,83924,440
Other income, net(198)(198)(122)(122)(158)
Total operating expenses75,395(2,290)(1,004)72,10199,314-(4,154)95,160123,452
Operating income11,1982,2901,00414,49222,129-4,15426,28334,096
Interest expense (income), net1,4671,467(1,176)(1,176)(1,526)
Other financial income, net(1,766)(1,766)(482)(482)(625)
Total financial income, net(299)(299)(1,658)(1,658)(2,151)
Income before income taxes11,4972,2901,00414,79123,787-4,15427,94136,247
Income taxes1,7691,7692,6002,6003,373
Net income for the period9,7282,2901,00413,02221,187-4,15425,34132,874
euroeuroeuroeuroeuroeuroeuroeuro$
Net income per shareeuroeuroeuroeuro$
Basic1.211.621.081.301.69
Diluted0.690.921.031.231.60
Weighted average  number of shares
Basic8,0268,02619,55319,55319,553
Diluted14,68014,68020,57220,57220,572
(*) 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 December 31
Convenience
Translation

into

U.S. Dollars
201020112011
ReportedManagementShare basedReportedManagementShare based
(Unadjusted)fee(*)paymentAdjusted(Unadjusted)fee(*)paymentAdjustedAdjusted
(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)
euroeuroeuroeuroeuroeuroeuroeuro$
Revenues50,00250,00266,05166,05185,688
Cost of revenues22,83222,83228,17328,17336,549
Gross profit27,17027,17037,87837,87849,139
Operating expenses
Sales and marketing18,93818,93828,08328,08336,432
General and administrative4,648(88)(684)3,8765,721-(1,040)4,6816,073
Other income, net(106)(106)(29)(29)(38)
Total operating expenses23,480(88)(684)22,70833,775-(1,040)32,73542,467
Operating income3,690886844,4624,103-1,0405,1436,672
Interest expense (income), net399399(251)(251)(326)
Other financial expense (income), net(932)(932)171722
Total financial income, net(533)(533)(234)(234)(304)
Income before income taxes4,223886844,9954,337-1,0405,3776,976
Income taxes740740236236306
Net income for the period3,483886844,2554,101-1,0405,1416,670
euroeuroeuroeuroeuroeuroeuroeuro$
Net income per shareeuroeuroeuroeuro$
Basic0.260.320.200.260.34
Diluted0.210.250.200.250.32
Weighted average  number of shares
Basic13,41713,41720,08120,08120,081
Diluted17,12817,12820,82620,82620,826
(*) 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
Twelve months ended December 31Three months ended December 31
201020112011201020112011
Convenience translation intoConvenience translation into
U.S. DollarsU.S. Dollars
(Audited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
euroeuro$euroeuro$
Net income9,72821,18727,4853,4834,1015,321
Interest expense (income), net1,467(1,176)(1,526)399(251)(326)
Income taxes1,7692,6003,373740236306
Depreciation and amortization2,5384,5865,9507581,8072,344
EBITDA15,50227,19735,2825,3805,8937,645
euroeuro$euroeuro$
Management fee2,290--88--
Share based payment1,0044,1545,3896841,0401,349
Adjusted EBITDA18,79631,35140,6716,1526,9338,994
euroeuro$euroeuro$
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  (*):
Twelve months endedThree months ended
Dec-31Dec-31
2010201120102011
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Revenues
(in thousands)
euroeuroeuroeuro
Soda maker starter kits (including exchange cylinders)67,19996,81225,21531,360
Consumables87,375120,99023,64232,587
Other6,0784,9321,1452,104
Total160,652222,73450,00266,051
euroeuroeuroeuro
Twelve months endedThree months ended
Dec-31Dec-31
2010201120102011
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
As a percentage of revenues
Soda maker starter kits (including exchange cylinders)41.8%43.5%50.4%47.5%
Consumables54.4%54.3%47.3%49.3%
Other3.8%2.2%2.3%3.2%
Total100.0%100.0%100.0%100.0%
(*)The Company reclassified prior periods data such that revenue from spare cylinders, formerly presented under "Soda maker starter kits" category, are presented under "Consumables" category, as the purchase of a spare cylinder is more like a purchase of other consumables vs. the initial purchase of soda makers. The effect was increase in revenue from Consumables by euro thousand 7,024 and euro thousand 2,057 for twelve month and for three month ended Dec-31, 2010, respectively (increase in 440 percentage points and 410 percentage points of total revenues of those periods, respectively), and same decrease in revenue from Soda maker starter kits for the respective periods (and same decrease in percentage points of total revenues of those periods, respectively)  

SOURCE SodaStream International Ltd.

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2 thoughts on “SodaStream(SODA) Reports Record Fourth Quarter Results”

  1. Picked up a bunch of March 50’s today JB. For some reason I have a good feeling about SODA. probably should have gone with April calls but with 2 1/2 weeks left on the March calls……anything can happen.
    Has an AAPL feel about it. Down after ER’s then boooooom.

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