SodaStream International Ltd.

CIK:0001502916|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements of Operations
Revenues	$ 543,371	$ 476,065	$ 413,135
Cost of revenues	253,512	231,087	216,364
Gross profit	289,859	244,978	196,771
Operating expenses
Sales and marketing	159,225	144,657	138,641
General and administrative	49,117	43,522	47,258
Other expenses, net	142	2,327	631
Total operating expenses	208,484	190,506	186,530
Operating income	81,375	54,472	10,241
Interest expense (income), net	(421)	523	350
Other financial expense (income), net	(933)	1,597	(5,192)
Total financial expenses (income), net	(1,354)	2,120	(4,842)
Income before income tax	82,729	52,352	15,083
Income tax expense	8,340	7,886	3,006
Net income for the year	$ 74,389	$ 44,466	$ 12,077
Basic (in dollar per share)	$ 3.41	$ 2.10	$ 0.57
Diluted (in dollar per share)	$ 3.29	$ 2.07	$ 0.57

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Net income for the year	$ 74,389	$ 44,466	$ 12,077
Adjustments:
Depreciation of property, plant and equipment	19,336	16,012	13,233
Amortization of intangibles assets	2,952	3,439	3,710
Impairment of goodwill and other intangible assets		1,830	631
Restructuring costs			6,930
Change in fair value of derivative financial instruments	1,629	(448)	(2,678)
Other expenses, net	142
Exchange rate differences on short-term loans and borrowing			(1,386)
Exchange rate differences on long-term loans and borrowing		287	(3,675)
Share-based payment	5,225	4,801	6,471
Interest expense (income), net	(421)	523	350
Income tax expense	8,340	7,886	3,006
Cash flows from operations after adjustments and before changes in operating capital	111,592	78,796	38,669
Decrease (increase) in inventories	(6,644)	22,352	19,860
Decrease (increase) in trade receivables and other receivables	(30,845)	(9,375)	12,211
Increase (decrease) in trade payables and other liabilities	26,466	(3,970)	(24,680)
Increase (decrease) in employee benefits	287	123	(89)
Increase (decrease) in provisions	(44)	239	(62)
Cash flows from operations after changes in operating capital and before interest and income tax	100,812	88,165	45,909
Interest paid	(135)	(616)	(479)
Income tax received	101	348	565
Income tax paid	(5,962)	(5,965)	(5,987)
Net cash from operating activities	94,816	81,932	40,008
Cash flows from investing activities
Interest received	556	93	129
Proceeds from (investment in) bank deposits	7,000	(7,000)
Investment in financial investments	(70,000)
Proceeds from investment grants	6,227	2,828	2,252
Proceeds from sales of property, plant and equipment	2,281
Proceeds from (payment for) derivative financial instruments, net	294	(1,033)	2,591
Acquisition of property, plant and equipment	(21,165)	(25,987)	(49,466)
Acquisition of intangible assets	(2,260)	(1,982)	(4,236)
Net cash used in investing activities	(77,067)	(33,081)	(48,730)
Cash flows from financing activities
Proceeds from exercise of employee share options	14,710	4,328	151
Receipts of long-term loans and borrowings			10,000
Repayments of long-term loans and borrowings		(34,248)	(16,246)
Change in short-term debt, net		(2,861)	4,247
Net cash from (used in) financing activities	14,710	(32,781)	(1,848)
Net increase (decrease) in cash and cash equivalents	32,459	16,070	(10,570)
Cash and cash equivalents at the beginning of the year	50,250	34,534	46,880
Effect of exchange rates fluctuations on cash and cash equivalents	2,459	(354)	(1,776)
Cash and cash equivalents at the end of the year	$ 85,168	$ 50,250	$ 34,534

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 85,168	$ 50,250
Bank deposits		7,000
Financial Investments	70,000
Inventories	97,088	87,986
Trade receivables, net	124,352	87,430
Other receivables	19,250	20,613
Assets classified as held for sale		1,484
Derivative financial instruments	404	2,112
Total current assets	396,262	256,875
Property, plant and equipment	171,543	164,628
Intangible assets	38,365	37,582
Deferred tax assets	6,435	4,154
Other receivables	4,260	2,688
Total non-current assets	220,603	209,052
Total assets	616,865	465,927
Liabilities
Derivative financial instruments	215
Trade payables	61,215	41,643
Income tax payable	14,350	8,312
Provisions	2,602	2,646
Other current liabilities	30,461	22,262
Total current liabilities	108,843	74,863
Employee benefits	2,403	2,306
Other non-current liabilities	164	73
Deferred tax liabilities	4,279	5,166
Total non-current liabilities	6,846	7,545
Total liabilities	115,689	82,408
Shareholders’ equity
Share capital	3,599	3,461
Share premium	234,406	214,609
Translation reserve	(10,738)	(34,161)
Retained earnings	273,909	199,610
Total shareholders’ equity	501,176	383,519
Total liabilities and shareholders’ equity	$ 616,865	$ 465,927