soda valuation september november 2014

8/10/2019 SODA Valuation September November 2014

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Warning october 7, 2014 q3, 2014 revenue 125 operating income

Current market cap, Oct 7, 2014 451 M market cap Looks like a bottom, if sales go bac

Baseline conditions 2014

Revenue 572 TTM (q2 2014)

Oper margin 10 9.35 (avg 2008-2013)

Op income 57.2

Tax rate 12

Op income x (1-t) 50.336

Year 0 1 2 3

Growth rate revenue (%) 12 11 10

Revenue 640.64 #VALUE! 0.00

Op margin 10 11 12

Effective tax rate 12 12 12

Op income x (1-t) 50.336 56.38 #VALUE! 0.00Op income x (1-t) growth 12.00% #VALUE! #VALUE!ROIC 12.00% 13.00% 14.00%

Reinvestment 56.38 #VALUE! #VALUE!FCFF high growth 0.00 #VALUE! #VALUE!SUM PV FCFF high growth 27.31 0.00 -40.57 -27.42Cost of capital 9.07 8.90 8.70Value operating assets 845,941.10Cash 36,244.00 q2 2014debt 38,619.00 q2 2014

EV should be 843,566.10 Current market capPV of terminal value 818.63 0.00 0.00 0.00

So price per share should be 40.48Price/value 0.82Terminal value calculationOper income (n+1)*(1-t) 0.00stable growth rate 2.00ROIC 10.00Reinvestment rate 0.20Cost of capital 7.69Terminal value n = 0.00

Marginal return on capital is less than 5 %

Terminal value n= EBIT (n+1)*(1-t) x (1-reinvestment rate)/(cost of capital-stable growth rat

Reinvestment rate = g/ROICThus firm with expected growth rate of 4 % and ROIC of 10% will have to reinvest 40% of after tax operating inco

During high growth, reinvestment= growth ebit*(1-t)/ROICYear 0


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Calculating cost of capital

Current risk free rate USD= 2.42 8/10/2014Market equity risk premium 8/2014 5.4 8/1/2014Additional risk premium for company HQ 1Assume SODA has near average risk (consume staple in many countries) so relative risk= 1.1Cost of equity 9.46Cost of debt (%) 6Debt 38,619.00 equity fundingBV equity 303236 debt fundingcost of capital 9.069127437 cost of capital


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8

to 500 M at 12 % operating margin, market cap as is ok

4 5 6 n+1

9 8 6 4

0.00 0.00 0.00 0.00

12 12 12 12

13 14 15 15

0.00 0.00 0.00 0.00#DIV/0! #DIV/0! #DIV/0!

14.00% 13.00% 12.00%

#DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0!

28.32 30.16 36.838.50 8.00 7.69

690,000 8/10/2014 EV market= 687,6250.00 0.00 0.00

e)

e in perpetuity to maintain this growth

Year 6


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2.42511

8.426

70%30%

7.694


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Turning to our 2014 guidance. We now expect revenue to decrease approximately 9% from our 2013

With respect to regional performance, we now expect the Americas to decline in the low 30% range,

Based on lower revenue projections, full year EBITDA is now expected to decrease approximately 25

according to the numbers that we've identified from research, about 4 to 5 million households in America in 2

And we researched consumers who indicated that if they had easier access to sparkling water and flavored

So I dont think that we're going to see a slower build in household penetration, its just a different door into th

Jon Andersen - William Blair

Hi. : Good morning, everybody. Question, I think the guidance for Europe for the year up low-single digits im

Could you talk a little bit about that, Daniel? Is that accurate? And what you're seeing in those markets is cau

Danny Erdreich - Chief Financial Officer

Hi, Jon. Its Danny. Good morning. Yeah, the reason the forecast reduction in Western Europe in their fourth

With those this is all taking into account when we are calculating the numbers in terms of markets in Q4 an

Guthrie - General Manager America's RegionSure, Jon. Obviously its a fairly modest step going on in Orlando and the Tampa region. We're [inaudible] reJon Andersen - William Blair

Is there a defined timeframe subsidy with the test are there other next steps that have been kind of delineateScott Guthrie - General Manager America's RegionWell, its only tax and not limited to go too far forward what next steps are, obviously those partners are [inau

Scott Guthrie - General Manager America's RegionSure, Bill. Its, Scott here. We do all these the packing business for sure and we're in a much better positionOne is we've got a fairly clear fast in success in terms of inventory and also we are closely monitoring our invDaniel Birnbaum - Chief Executive OfficerAnd in Q3 the US represented 20, or the Americas represented 23.5% of our total sales and so just referenc

Daniel Birnbaum - Chief Executive OfficerThe other product that we called the ultimate, thats our internal code name for it because it is an ultimate beGreg McKinley - Dougherty and Company

Okay. Do you think those are is that more of 2016 instruction or that actually be commercialized next year?Daniel Birnbaum - Chief Executive OfficerNo, I thin its more of a 2016 product.

Greg McKinley - Dougherty and Company

Okay. And then I wondered if you could just comment on two things, first of all your guidance for Q4, does thDaniel Birnbaum - Chief Executive Officer

Greg, the charges are excluded from that.Greg McKinley - Dougherty and CompanyExcluded, okay. And then finally Danny, just getting back to Europe for a moment, so I understand you knowDanny Erdreich - Chief Financial OfficerWell, Europe, Western Europe is really a portfolio of markets in different development stages and some like iThere are few material markets within that region, France is one of them, Germany is another one and thoseSo really what we're seeing in Western Europe is some softness in France not a great quarter for the NordicSo I think Western Europe is in a good place, we expect it to continue perform and grow into next year and oGreg McKinley - Dougherty and Company


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Okay. But there is isnt getting back to a prior question about Q4, it does imply or add a dramatic drop in W

Danny Erdreich - Chief Financial OfficerWell, we're doing a right now and we're doing complete change of our products hopefully and globally so oDaniel Birnbaum - Chief Executive OfficerThere is something specific that you should be aware of the filling on as we roll out the new generation of proIn some cases some key accounts, one of the largest American account stopped buying sort of because thBut on a country level really Western Europe has some very strong markets right now, Germany, SwitzerlanGreg McKinley - Dougherty and CompanyThank you.

Operator(Operator Instructions) We'll go next to Jim Chartier of Monness Crespi Hardt

Jim Chartier - Monness Crespi HardtThanks, for taking my question. Just following up on the last question, I mean, how much of the slowdown inDanny Erdreich - Chief Financial OfficerHi, Jim. Let me connect you for 60% of the reduction for both the last forecast was in the Americas. S its mo

See Google drive SODA valuation september november 2014 for additional key comments

see information below from google drive shown above

2014 guidance.

regional

revenue

numbers that

researched

that we're going

William Blairmorning,

little bit about

Chief Financial

Danny. Good

is all taking into

General

Obviously its a

William Blair

definedGeneral

and not limited to

General

Scott here. We

a fairly clear fast


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- Chief Executive

US represented

- Chief Executive

product that we

Dougherty and

think those are - Chief Executive

more of a 2016

Dougherty and

wondered if you

- Chief Executive

charges are

Dougherty and

And then finally

Chief FinancialWestern Europe

material markets

we're seeing in

Western Europe

Dougherty and

is isnt getting

Chief Financial

a right now and

- Chief Executive

somethingsome key

level really

Dougherty and

Thank you.

OperatorInstructions)

Monness Crespi

taking my

Chief Financial

connect you for

water market 35

does that we

taste

been a top


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evenue of $563 million compared to our previous expectations for an increase of approximately 5%.

estern Europe to grow from the low single digit range, Asia Pacific to be up in the mid 20% range an

% over 2013 levels and net income is projected to decrease approximately 42% over 2013 levels.

013 stopped bringing soda into their homes and started bringing water or drinking more water at home.

parkling water they would consume more water. So we're right on target and our goal is to get a good chunk

is into the household.

lies I think if I'm doing the math correctly, a double-digit decline in the fourth quarter in Western Europe.

se for that kind of trend at this point?

quarter and this is also a once a way its also part of their transformation thats right now taking place and o

d going forward. So Western Europe will be impacted and yes there will be some decline also there.

ailers maybe partners who left and we plan to testing of the holiday clearly and we're excited about it. In fact,

d at this point?

ible] we're excited to see some of those offer we'll get on there.

then we were already as this time last year, also most [inaudible] we believe inventory is much better placeentory level. We absolutely are finishing the year [inaudible] with our e-partners for the holiday period.

the inventory situation in the rest of the world, its in pretty good shape, we dont know of any heavy ups and

erage system we'll be able to meet connected to main or not connected to the main depending ones prefere

at include its seems like it does not include the charges that you allude to for restructuring?

product change out will create some sort of transition period in that market, but thats been a relatively stable

in any portfolio some of the players are bigger than others and if a foreman has a bad quarter than its going tare the probably the biggest markets in Western Europe and then there is cluster of kind of mid size marketbut its not something material its not trend its not something that we expect to be sustaining and driving the

f course where its going to be different market within that region but we'll pull stronger than others.


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estern Europe. Overall is that specific to France in the Nordics and is there any additional insight we can und

viously when we're taking such a step and we are enterprising the control and French policy in terms of pr

ducts if that our distributors and our retailers are being very careful in purchasing the old generation of produey really want to work down their inventory and still its a very low levels until we're able to fill their pipeline prare outstanding, Austria and some infra markets in the last quarter France being one of them, Finland, so b

Western Europe and then elsewhere is just kind of do the tough comparisons where you guys almost shippe

stly to Americas, but if you driving the reduction. Going into next year obviously we will have some ramp up p


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rstand why that might be occurring?

duct offering and marketing message, we got to include Western Europe. We've had an impact in Q4 and al

ts which are still its still its what they are selling.bably only in early next year with the new generation of products. And thats a phenomenon we're expectingt thats the nature of the business and as I said, we dont see any major trend its not something that we will

last year and how much of that can you think you can make up in the first half of next year against the easie

riod and eventually we expect to see growth in all regions during the year. Second half will be is will proba


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st year.

em, a third of them, half of them or whatever and then in addition of course we'll appeal to the other greater a

mpacted.

strations in source. We're criticized of the partnership and definitely stay with the you know, the level of partn

eriod and certainly our best selling timeframe we're anticipating a coupe of things.

t year.

erent system its an automatic system its not what we enjoyed now in CAX [ph] or syrup bottles and its very it

duct transitioned for what you're seeing in Europe, I dont know it its country-by-country. However you think o

ic then one quarter a bad quarter.


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so going into next year. But I think the benefit is actually will be will be great and also in markets like Europe

and we're seeing also in Europe. So that some of the softness is coming just from that kind of pipeline transitie reversing in the next few months.

r comparisons?

ly be stronger than the first half after we are up and running with full scale and with the new product line and


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udience.

ership we've been getting from Pepsi themselves..

a new generation. Its where some of consumers we believe will be its not fore everyone, its going to be high

f it from a management standpoint. What has surprised you guys there in the last six months and what is in y


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, where they are offering better products better better user experience better flavor after we come out of thi

on management situation.

of course ability to produce effect.


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er price point, but we believe that as a leader in the category of home carbonation and home beverage, we al

our control to address it over the shorter term?


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s transition period we will figure out high growth in markets whether in Europe, like France, and in Italy that ar


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e lot like now a whole week and we'll see better user experience and better gas refills and more profitability a


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by Michelle JonesOctober 07, 2014, 1:58 pm

ares o o as ream n erna ona p umme e yThis morning Sodastream International Ltd (NASDAQ:SODA) warned that it will disappoint when it releases i

Sodastream International Ltd (NASDAQ:SODA) preannounces negative resuSodastream revealed this morning that it will disappoint on both the top and bottom lines. The companys pre

The soda machine maker said the reason for the especially weak results in the third quarter was because sa

Sodastream is scheduled to release its full third quarter earnings report on Oct. 29.

Sodastream International Ltd (NASDAQ:SODA) JPMorgan slashes SodastIn their report dated Oct. 7, 2014, JPMorgan analysts John Faucher, Peter Grom and Sofya Tsinis noted that

They also note that this is the second time in the last four quarters that Sodastream International has release

Where Sodastream International Ltd (NASDAQ:SODA)s real potential liesThe JPMorgan team stopped just short of writing off Sodastream completely, however. They said if investors

Analysts at Deutsche Bank, William Blair and Stifel also have the equivalent of a Neutral or Hold rating on So

In their report dated Oct. 7, 2014, Deutsche Bank analysts Bill Schmitz Jr. and Faiza Alwy maintained their H

Sodastream International Ltd (SODA): An interesting ideaThe Deutsche Bank team also noted that the companys management talked about plans to rebrand SodastrManagement also said theyre looking into other strategic alternatives, and the Deutsche Bank team believes

Other analysts wait on Sodastreams reportIn their report also dated Oct. 7, 2014, William Blair analysts Jon Anderson, Ryan Sundby and Luke Christia

Management did say this morning that they will release more on their revised plans later this month, so theource: SodaStream

Tags:Analysts Soda Sodastream Sodastream International LtdPromoted Content From The Web:Testosterone Booster Takes GNC By Storm

Anyone's Arrest Record Is Now Viewable OnlineNew GNC Probiotic Melts Fat Like ButterLittle-Known Way To Pay Off Mortgage"Discount Site" Sells Apple Products For $20-$35How To Make Any Woman Obsess Over YouWhat Happens When You Boost TestosteroneNew Multi-Vitamin Stops Grey Hair

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SODASTREAM REPORTS PRELIMINARY THIR


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10/7/2014

7:30 AMAIRPORT CITY, Israel, Oct. 7, 2014 /PRNewswire/ -- SodaStream International Ltd. (NASDAQ: SODA), a leOn a preliminary basis, based on the information currently available, for the quarter ended September 30, 20Revenue to be approximately $125.0 million.Operating income to be approximately $8.5 million.As the Company has not completed the quarter-end close of its third quarter 2014 financial statements, the r"We are very disappointed in our recent performance," said Daniel Birnbaum, Chief Executive Officer of SodMr. Birnbaum concluded, "We have a strong balance sheet and are well positioned with ample liquidity to invThe Company is scheduled to report actual third quarter 2014 results on October 29, 2014.


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s muc as n regu ar ra ng o ayts next earnings report toward the end of this month. Analysts from multiple firms are weighing in, but perhap

lts liminary third quarter results were far below Wall Street estimates. Sodastream expects to report $125 millio

les in the U.S. significantly underperformed expectations. Demand for the companys home soda makers and

reams price targetthey though Sodastream management has been aggressive in its estimates for the year. However, they sai

d a negative preannouncement ahead of its earnings report. The JPMorgan team said that, based on the nu

focus less on U.S. penetration and more on profitability, there would likely be solid value if the company ca

dastream, although they seem to be waiting for more information before passing judgment on the company.

old rating and $32 per share price target on Sodastream International. Like the JPMorgan team, they comme

eam as a health and wellness solution. They think this path seems interesting, but they point out that consthey are also looking for a partner or, potentially, an acquirer.

son said theyre still waiting to hear Sodastreams full earnings report on Oct. 29. They have aMarket Perfor

illiam Blair team said they will update their estimates when they hear more.

QUARTER 2014 RESULTS


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ding manufacturer of home beverage carbonation systems, today announced preliminary results for the third14, the Company expects:

evenue and operating income expectations presented in this press release are estimated and preliminary, anStream. "Our U.S. business underperformed due to lower than expected demand for our soda makers and f

est in the areas of our business that we believe will fuel profitable growth in the years ahead. Despite our curr


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s the harshest view comes from JPMorgan analysts. They cut their price target for the company nearly in half

in revenue, compared to the consensus estimate of $154 million. Operating profits are expected to be $8.5

flavors was especially bad during the quarter.

they were surprised by just how bad it ended up being. As a result, they slashed their price target for the co

bers the company preannounced, it should post earnings of about 31 cents per share for the third quarter, c

return to prprofitability in the U.S. They believe that Sodastream has a small but sustainable platform to se

nted on the companys opportunity in selling canisters. They see considerable margin potential if the compa

umers want credibility and authenticity, which they say the soda machine maker must be aware of.

rating on the companys stock.


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quarter endedSeptember 30, 2014.

d therefore, subject to quarter-end closing adjustments and may change. lavors which was the primary driver of the overall shortfall in the third quarter. While we were successful over

ent challenges, we continue to be very confident in our business model and the global prospects for SodaStr


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.

illion, compared to Wall Streets consensus estimate of about $17 million.

pany from $40 to $25 per share. They have a Neutral rating on Sodastream.

ompared to the consensus estimate of 72 cents per share.

ll its flavor canisters, which are highly profitable.

y turns off the spending spigot and focuses more on refill canisters and flavor syrups, which have higher ma


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rgins.


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g new consumers to our home carbonation system at the rate we believe should be achieved. The third quartposition in the home carbonation category and deliver enhanced shareholder value."


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er results are a clear indication that we must alter our course and improve our execution across the board. W


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e have already begun a strategic shift of the SodaStream brand towards health & wellness, primarily in the U.


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.S., where we believe this message will resonate more strongly with consumers. In addition, we are developin


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g a comprehensive growth plan for the Company that will encompass Marketing, Product and Innovation, Dis


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tribution, Operations and Organization. We intend to share


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Revenue

exchange rate USD/Europe 1.38 1.47 1.4 1.32

2007 2008 2009 2010

euros euros euros euros

Western Europe 69279 81779 74433 99722

revenue growth 18.04% -8.98% 33.98%

CEMEA 10767 10234 13728 19486

-4.95% 34.14% 41.94%

Americas 3177 4937 10924 31562

55.40% 121.27% 188.92%

APAC 2760 2999 5938 9902

8.66% 98.00% 66.76%

euros euros euros euros

Oper. income 2007 2008 2009 2010

Western Europe 10250 18602 20195 20908

oper. margin 14.80% 22.75% 27.13% 20.97%

CEMEA 342 1694 1104 2350oper. margin 3.18% 16.55% 8.04% 12.06%Americas -714 -1335 -2128 -4173

oper. margin -22.47% -27.04% -19.48% -13.22%APAC -1096 46 1205 2213oper. margin -39.71% 1.53% 20.29% 22.35%Oper. income (all)oper. margin (all)


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USD baseline

usd usd usd usd Revenue growth

2011 2012 2013 2014 2013 2014

1H 1H 26.00

153174 204332 268500 140.2 121.3 338,310.00

33.40% 31.40% -99.95% 10.00

30875 31912 32500 19.4 12.8 35,750.00

3.36% 1.84% -99.94% -20.00

83894 157705 218169 75.6 95.7 174,535.20

87.98% 38.34% -99.97% 20.00

21010 42367 43554 24.1 20.2 52,264.80

101.65% 2.80% -99.94% 600,860.00

Revenue 2014

2011 2012 2013

44862 49196 55253 SODA is guiding

29.29% 24.08% 20.58%

6586 4225 2032 Revenues 201321.33% 13.24% 6.25%

409 8565 13681

0.49% 5.43% 6.27%4894 11085 11122

23.29% 26.16% 25.54%13.2 28.3

5.20% 11.20%


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year 1 year 2 year 3 year 4 year 5 year 6

rojection

2015 2016 2017 2018 2019 2020

24.00 22.00 18.00 12.00 6.00 4.00

173.85 147.99 399,205.80 194.71 156.87 415,174.03

8.00 7.00 6.00 4.00 3.00 2.00

20.95 13.70 37,895.00 21.79 14.11 38,652.90

5.00 4.00 4.00 3.00 3.00 2.00

79.38 99.53 181,516.61 81.76 102.51 185,146.94

16.00 12.00 8.00 6.00 4.00 2.00

27.96 22.62 56,445.98 29.63 23.53 57,574.90

Total revenue 696,548.78

% top line revenue growth for 2014 over 2013

5% growth

562723 590,859.151.07


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Op margin Oper income Reportable segments op income Reconciliation

2011 56571 25893

0.20 83,034.81 2012 73071 28474

2013 82088 35406

0.08 3,092.23

Assume that at larger scale consolidate/reportable se

0.08 14,811.76

0.22 12,666.48

Operating income 73,843.43 Assume reportable segments reconciliation in 2020 has same percenta

Oper margin 10.60%


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Revenue

The Americas

Western Europe

Asia-Pacific

Central & Eastern Europe, Middle East, Africa

Total

Q2 2014

Revenue

Soda Maker Starter Kits

ConsumablesOther

TotalProduct Segment Unit Breakdown

Soda Maker Starter KitsCO2 RefillsFlavors

euros

How much revenue do we get perincremental dollar of sales & G&A 2007

Revenue 85983Revenue growthSales & marketing 31449sales & marketing/revenue (SODA guides 10 % for mature markets)Sales & marketing growthG&A 13769G&A growthRevenue growth/sales & marketing growthRevenue growth/G&A growth

Employees 2007Operations and product development 304Sales and marketing 187General and administration 69Management 16Total 576

Key items:Within a few years, unit sales of consumables typically exceeds unit sales by a multiple ofIn July 2008, company paying LIBOR + 3.8%

Second Quarter 2014 Financial Review

Geographical Revenue Breakdown

Product Segment Revenue Breakdown


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Trade receivables are composed of different retailer groups

As a result of higher margins associated with consumables, over time, this change is sale

SodaYOY Revenue growth Percent

2010 532011 38.6

2012 512013 292014 5?

Operating income growth 2010 2014

2010 4.72011 97.6

2012 68.62013 7.5

Number of soda makers and co2 refills is an important indicator of the expansion rate of th

Soda makers sold growth rate2010201120122013

Refills2010201120122013

Operations marginsAmericas

201120122013

Note high margins in Europe deterioriating some, but healthy businessVery profitable APAC


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CEMEA operating margin dropping and low margin in US

RevenueWestern EuropeOn January 2012, change reporting currency to USD

Inventories eurosInventoriesTrade and other receivables (euros)Trade receivablesOther receivablesTrade payables (euros)Trade payables

NCWC (euros)NCWCAverage exchange rate (jan-june)Exchange rate USD/euro

Revenue (euros)Revenue (USD)NCWC/revenueOper. incomeOper. income (euros)Oper. margin (euro data)Oper. marginCash

cash eurosshareholder equity eurosshareholder equitydebtdebt euros

BV capitalIncremental salesIncremental capitalSales/capital ratioROIC = (operating income)*(1-t)/BV of capital

Return on Marginal (incremental) capitalAlso by equivalence of the balance sheet, looking at assetsFixed assets (PP&E)Fixed assets (PP&E) eurosIntangible assetsIntangible assets eurosNCWC

BV capital (assets)net income

net income eurosoutstanding shares

d&a eurosd&acap ex euros (includes intangible)cap exHow much did we reinvest?


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Reinvestment

Reinvestment rateFrom 2012 to 2013, operating income did not increase with investment of capital of 90 MReinvestment rate from 2012 to 2013 of


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euros

2008 2009 2010 2011

99949 136246 208414 28895313966 36297 72168 8053932184 45006 74020 99170

32.20% 33.03% 35.52% 34.32%735 12822 29014 25150

12675 17039 24047 29829-1094 4364 7008 578219.00 2.83 2.49 3.20

-12.77 8.32 10.30 13.93

2008 2009 2010 2011319 492190 205

60 6414 15

583 776

initial purchases


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mix has a positive impact on our operating margins. In mature markets, we typically expect an ove

e business

81.841

29.127.2

q1 q2

21.1 3.3 2.529.1 2.9 3.424.5 3.7 4.229.8 4.8 5.5

5.8 6.5

Percent Europe Percent0.4 2011 29.35.4 2012 24.16.3 2013 20.6


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2007 2008 200916737 20326

18166 19273

14154 17625

20749 21974

1.297301624 1.297296783

85983 99949 105023129664 13624620.76% 20.92%

12839 138799896 10699

9.90% 10.19%9.90% 10.19%

5642 5429

4349 41859310 166569310 16656

29893 24547

33561 357746,582.002,213.00

2.97We assumed 25% for tax rate 22.11% 22.43%

27.21%

15900 18760

11649 125380

688 9252

-1590 530 71325850228 6259393

1833 1976 1641

600 2124 5425


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$ 47.4

68.1

10.8

6.1

$ 132.4

$ 49.9

78.93.6

$ 132.4

9355,5428,505

2012 2013 q2 2014

436316 562723 125000147363 126407153009 18628935.07% 33.10%

53839 3328037767 50353

7938 125862.74 3.80

18.56 10.04

2012 2013

Three Mon6/30/2013

Three Mon

6/30/2013

Three Mon

6/30/2013


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all operating margin in excess of 25%

q3 q4 year

2.8 2.7 11.3 20103.6 3.4 13.3 20114.3 4.3 16.5 20125.8 5.4 21.5 2013

2014

APAC Percent CEMEA Percent2011 23.3 2011 21.32012 26.2 2012 13.22013 25.5 2013 6.25


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2013 2012 Growth %218.2 157.7 27.73

exchange rate: 1.2973 euros/dollar

2010 2011 2012 2013 Avg 2008-20133852376625 76625 112679 1407093880958452 58452 86650 12393620064 20064 28889 222083042539470 47383 86431 90749

115671 107758 141787 1961041.4

1.297300998 1.268155346

160652 227853208414 288953 436316 5627230.00% 0.00% #DIV/0! #DIV/0!14527 28707 45533 48928111986.97%6.97% 9.93% 10.44% 8.69% 0.09354035268627 34769 62068 40885

108122140267 218982 274490 331606

0 0 0 15452

71640 184213 212422 29072172,168.00 80,539.00 147,363.00 126,407.0035,866.00 112,573.00 28,209.00 78,299.00 Avg 2009-2013

2.01 0.72 5.22 1.61 2.5111.72% 11.69% 16.08% 12.62%

1.04% -7.46% 0.00% 0.00%

27954 46434 76906 107132

17390 25358 41978

115671 107758 141787 196104

218693 30323612620 27485 43860 42027

8026701 19553296 20343829

25382954 5950 10124 1499354577079 20744 48726 45822


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72631 85146

199.39% 217.53%

217.53% with increase in operating income of

(net cap ex + change in wc)/ebit (1-t)ROIC

(Cap Ex - Deprec'n + WC - Debt)/net incomenon cash ROE


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247/284


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16 million

q3 2014 q3 2013

125000 145000


250/284

3395


251/284


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262/284

$ 34.8 $

62.5

11.9

9

$ 118.2 $

$ 32.2 $

833

$ 118.2 $

6045,8208,405

In thousandsIncr

ths Ended

In millions USD

3/31/2014

Incr

ths Ended

3/31/2014

3/31/2014

In Millions USD

Increase (

ths Ended


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264/284


265/284


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(13.5 ) (28 %)

9.2 17 0%

2.6 28 0%

2.3 34 0%

0.6 0.5 0%

(10.8 ) (25 %)

11 15 0%0.4 15 0%

0.6 0.5 0%

(172 ) (22 %)1,064 22 0%

670 9 0%

ase0%

Increase

ase Increase

0%

Increase (decrease)decrease)

0%


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269/284


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Q4 2013

Revenue

The Americas $ 62.8

Western Europe 51.9

Asia-Pacific 11.6

Central & Eastern Europe, Middle East, Africa 6.6

Total $ 132.9

Revenue

Soda Maker Starter Kits $ 66.1

Consumables 64.8Other 2

Total $ 132.9Product Segment Unit Breakdow

Soda Maker Starter Kits 1,111CO2 Refills 4,308Flavors 7,362

Three Months Ended12/31/2012

12/31/2012

Product Segment Revenue Breakdown

Geographical Revenue Breakdown

Three Months Ended

12/31/2012

Three Months Ended


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274/284


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277/284

$ 72.7 $ 9.9

71.6 19.7

14.8 3.2

9 2.4

$ 168.1 $ 35.2

$ 77.8 $ 11.7

87.8 232.5 0.5

$ 168.1 $ 35.2

1,542 4315,375 1,0679,751 2,389

Increase12/31/2013In thousands

12/31/2013 Increase

12/31/2013 Increase (decrease)

In Millions USD

In millions USD


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280/284


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16 0%

38 0%

28 0%

36 0%

26 0%

18 0%

35 0%26 0%

26 0%

39 0%25 0%32 0%

Increase0%

0%

Increase (decrease)

0%

Increase


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284/284

TTM

572

soda valuation september november 2014

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