Skip to content
  • Image
  • Facebook
  • Twitter
  • Youtube
  • Podcasts
  • Email
  • Contact
  • Home
  • Opinion
  • News
  • Features
  • Comment
  • Store
The Arab Daily News

The Arab Daily News

Original news, features, opinions from Chicago to Jerusalem

  • About
    • About
    • Our Writers
    • Subscribe to Ray’s Columns
    • Book Store
    • Contact
    • Submit Book Reviews, Press Releases
    • Advertise
    • Privacy Corrections Policy
    • Profile on Ray Hanania
  • Features
    • Food
    • Book Review
    • Humor
    • Movies
    • Travel
  • Arab Stores Targeted
  • Arab Community Network Page
    • Arab Community Network Page
    • Arab Heritage America resources
    • Directory
      • Groups & Organizations
      • Mosques, Churches
      • Restaurants
      • 2008 & 2014 Arab Media Directories
    • National Arab Heritage Month
    • Video: Chicago Arab History
    • Video: Photo Array of Chicago Arabs
    • Overview of Arabs in America
    • Hanania standup comedy
    • Arabs on the Titanic
    • Obituaries
  • Podcasts
    • Arab News Ray Hanania Radio
    • Ray Hanania on Politics Podcast
    • Podcast Info
    • Hanania Podcast intro
    • Live Arab Radio
  • Your Views
  • Submit Press Release
  • Toggle search form
  • The American Foundation for Relief and Reconciliation in the Middle East (American FRRME) helping Christians in Iraq
    New report on Christians in Iraq shows desperate situation and needs Arab World
  • Winter in Bekaa Lebanon January 2015 Photo courtesy of NRC Lebanon. January 7, 2015 in Bekaa valley Lebanon. Heavy snowfall in Lebanon January 7, 2015. Yesterday staff from NRC Lebanon’s Bekaa office were working with refugees to put in place flood mitigation measures in advance of the forecast harsh storm which hit overnight. Field teams distributed 1,205 plywood sheets and 885 bricks as floor-raising kits for tents in two settlements in the town of Sarain, and 250 wooden pallets to ensure a clear pathway in five settlements in the town at risk of flooding. Niamh Murnaghan, NRC’s Country Director in Lebanon said, “This morning residents of these informal settlements awoke to a knee-deep blanket of snow. With roads impassable in Bekaa, our staff have not been able to reach refugee settlements, but refugees have sent photos of themselves clearing the snow from their tents.” Photo credit: NRC Lebanon/Syrian refugees in Lebanon. January 7, 2015 in Bekaa valley Lebanon. Heavy snowfall in Lebanon January 7, 2015. Yesterday staff from NRC Lebanon’s Bekaa office were working with refugees to put in place flood mitigation measures in advance of the forecast harsh storm which hit overnight. Field teams distributed 1,205 plywood sheets and 885 bricks as floor-raising kits for tents in two settlements in the town of Sarain, and 250 wooden pallets to ensure a clear pathway in five settlements in the town at risk of flooding. Niamh Murnaghan, NRC’s Country Director in Lebanon said, “This morning residents of these informal settlements awoke to a knee-deep blanket of snow. With roads impassable in Bekaa, our staff have not been able to reach refugee settlements, but refugees have sent photos of themselves clearing the snow from their tents.” Photo credit: NRC Lebanon/Syrian refugees in Lebanon.
    AHRC Observes World Refugee Day American Arabs
  • Endorsements: Democrats in the Illinois June 28, 2022 Primary election Activism
  • The Arab Daily News candidate endorsements: Cook County, Illinois American Arabs
  • Endorsements: Republicans in the Illinois Republican Primary Election June 28, 2022 Election
  • Joseph Gutman was appointed by Gov. Pritzker to serve as a Member of the University of Illinois Board of Trustees. Gutman was a Partner at BDT & Company from 2017 until retiring in January 2020 where he remains a consultant today.
    Gov Pritzker makes more appointments to state commissions, boards but no Arabs American Arabs
  • World Jewish Congress Chairman Ronald S. Lauder
    WJC President Ronald S. Lauder Receives France’s Top Distinction  Activism
  • Project DYNAMO rescues more than 600 people from Mariupol, Ukraine over the last week Major Mariupol rescue operation conducted by Project DYNAMO, more than 480 people from Mariupol as city under violent siege falling to Russian forces. 
    Project DYNAMO rescues more than 600 people from Mariupol, Ukraine over the last week Human Rights
  • US Congressman Sean Casten, 6th District, Illinois
    Congressman Sean Casten joins Ray Hanania Radio Show American Arabs
  • The U.S.S. Liberty photo courtesy of the USS Liberty Veterans.
    Survivors of Israel’s strike on USS Liberty commemorate 55th year June 6 – 8 American Arabs
  • Imad Hamad Director American Human Rights Council
    AHRC Calls for Moral Consistency on Human Rights, Urges President Biden to Pause His Trip to Israel: American Arabs
  • AHRC Logo new Feb 2021
    AHRC hosts an open meeting with TSA & community Activism
  • Former City Hall reporter Ray Hanania, ShawnTe Raines-Welch and Nick Kantas, candidates for Judge in the 4th SubCircuit, and Cook County Commissioner Frank Aguilar.
    Nearly 100 candidates, officials address Arab Democratic Club forum Sunday American Arabs
  • Citgo Gas Station and Quik Mart at 3759 W. Chicago Ave in Chicago ordered closed by Mayor Lori Lightfoot because a street gang member with an AK-47 killed someone in front of the store. Only Arab and Muslim stores are being closed by the Mayor
    Arabs and Muslim blast Mayor lightfoot for racist store closings American Arabs
  • Closure notice posted on the doors and windows of Arab American businesses during Mayor Lori Lightfoot's closure of Arab owned stores in June - Sept. 2021. Photo courtesy of Ray Hanania
    Chicago aldermen to host “forum” to explore Mayor Lightfoot’s racist crackdown on Arab stores Activism

SodaStream reports 28 percent drop in sales

Posted on August 5, 2015June 12, 2019 By rayhanania No Comments on SodaStream reports 28 percent drop in sales
SHARE ...
          
 
  

  • Tweet

The Israeli company SodaStream, which is based in Airport City adjacent to Ben Gurion Airport in Tel Aviv, reported a significant loss in revenue for the first half of 2015. The Israeli owned company became a legitimate of non-violence protestors and activists when it launched a factory in the Occupied West Bank in the industrial zone of Mishor Adumim – adjacent to the large Israeli settlement of Maale Adumim between Jerusalem and Jericho. SodaStream officials announced they would close the factory by late 2015.

By Ray Hanania

SodaStream, the Israel owned company that became the target of non-violent protestors after launching in 2010 and establishing its principle factory in the Occupied West Bank on lands stolen by the Israeli government from Christian and Muslim civilians, again reported a major loss in revenue.

The downslide in the Israeli company’s economic forecasts began when it was targeted by the BDS (Boycott, Divest, Sanction) non-violent movement of activists around the world after it pushed itself in front of the world in a controversial ad during the 2014 Superbowl, featuring American actress Scarlett Johansson.

Johansson eventually stepped down as the face of SodaStream after Oxfam, which fights against injustice and poverty around the world, removed Johansson as a brand ambassador after her association with SodaStream. SodaStream announced that it would close the factory in either late 2015 or in 2016.

SodaStream is criticized because it built its factory on lands illegally seized by Israel for “Jewish only use.” Johansson defended SodaStream, stepped down in the face of the controversy.

SodaStream photo
Photo by JeepersMedia

The protests from BDS raised awareness of SodaStream’s role in exploiting Palestinian civilians — the company claimed it employed more than 500 Palestinians, but human rights activists said that a company that is a part of a system that expels civilians because of their religion (being Christian and Muslim) and then provides them with jobs on that stolen land, is hypocritical and a part of the injustice that the world seek to eradicate.

Johansson is Jewish.

Daniel Birnbaum, the company founder, said that his company sought to remain neutral in the political battle between Israel and the Palestinians and stressed that his company tried to provide jobs to Palestinians. But Birnbaum also had the choice to not open the factory in the occupied West Bank and not on lands that were illegally stolen from non-Jews to permit exploitation by Jews in Israel and the occupied territories.

The world has condemned Israel’s policies of confiscating lands from Christians and Muslims and giving those lands to Jews for use as Jewish-only settlements or Jewish-only businesses that pillage the oppressed population.

According to the Israeli human rights group B’Tselem, and many civil rights and human rights organizations, the Mishor Adumim factory is built on lands taken from five Palestinian towns. Two Bedouin tribes were evicted by the Israeli army, facts that Johansson and SodaStream tried to down play in their response to the worldwide protests.

SodaStream wanted controversy and sought to blast Coke and Pepsi in its Superbowl commercials, but the attacks were rejected by the Superbowl, forcing SodaStream to make it more provocative by including Johansson.

It got the controversy, but the controversy has not helped the company grow.

Here is the Johansson Superbowl commercial that was finally aired in 2014.

The BDS movement clearly has notched a victory in the fight against injustice. The protest movement against SodaStream has been extremely effective, holding down sales around the world.

Here is the revenue report issued by SodaStream on its revenue slide.

SodaStream International Ltd. (NASDAQ: SODA), the leading manufacturer of home beverage carbonation systems, announced today its results for the three and six month periods ended June 30, 2015.

For the second quarter ended June 30, 2015, on an adjusted basis*

  • Adjusted revenue was $101.7 million compared to $141.2 million in the second quarter 2014; Adjusted revenue on a constant currency basis was $118.6 million
  • Adjusted operating income was $4.5 million compared to $11.2 million in the second quarter 2014; Adjusted operating income on a constant currency bases was $9.0 million.
  • Adjusted EBITDA was $8.9 million compared to $14.5 million in the second quarter 2014
  • Adjusted net income was $3.5 million compared to $9.2 million in the second quarter 2014
  • Adjusted diluted earnings per share were $0.17 compared to $0.43 in the second quarter 2014
  • CO2 refills reached an all-time quarterly record of 6.9 million

*Adjusted revenue, Adjusted operating income, Adjusted net income and Adjusted diluted earnings per share are non-IFRS financial measures that eliminate the effect of restructuring costs, which include $2.6 million of pre-tax charges incurred as part of the Company’s restructuring and growth plan announced on October 29, 2014. The charges were related to activities associated with discontinued products, which decreased revenue by $1.8 million and increased cost of revenue by $0.3 million. An additional expense of $0.5 million was associated with the transition to the new plant in Southern Israel which increased cost of revenue. Adjusted EBITDA represents earnings before financial income, income tax, depreciation and amortization, and further eliminates the effect of restructuring costs.

SodaStream press conference
SodaStream press conference

“Our second quarter performance was in-line with our expectations. As we previously discussed, the first half of 2015 would be a challenging period due to implementation of our global restructuring and growth plan combined with changes in foreign currency exchange rates. That said, we are proud to have achieved an all-time record of CO2 refills, which is a testimony of our consumers’ loyalty and our overall Q2 performance masks the ongoing strength of our business in key markets led by Germany, Switzerland and Austria” said Daniel Birnbaum, Chief Executive Officer of SodaStream. “We are making tremendous progress toward repositioning as a “water brand” behind a health and wellness positioning. Our new portfolio of better-for-you sparkling water flavors is currently rolling out to retailers around the world and we are testing a new marketing campaign “Sparkling Waters – Made by You“, including TV in several cities in the United States. At the same time the consolidation of our production activities into our new state-of-the-art plant in Lehavim continues ahead of schedule. We are confident that our new strategic direction supported by a terrific and unique product portfolio and marketing plan, will fuel increased household penetration and user activity and deliver sustainable growth and increased profitability in the years ahead.”

 

Second Quarter 2015 Financial Review

(The financial review relates to the Non-IFRS Consolidated Statements of Operations. All USD values are in accordance with IFRS unless stated otherwise.)

Geographical Revenue Breakdown

Adjusted Revenue

Three Months Ended

June 30, 2014

June 30, 2015

(Decrease)

(Decrease)

In Millions USD

%

Western Europe

$

77.7

$

65.1

$

(12.6)

(16)

%

The Americas

40.9

23.1

(17.8)

(44)

%

Asia-Pacific

12.2

9.1

(3.1)

(26)

%

Central & Eastern Europe, Middle East, Africa

10.4

4.4

(6.0)

(58)

%

Total

$

141.2

$

101.7

$

(39.5)

(28)

%

Product Segment Revenue Breakdown

Adjusted Revenue

Three Months Ended

June 30, 2014

June 30, 2015

(decrease)

(decrease)

In millions USD

%

Sparkling Water Maker Starter Kits

$

45.8

$

29.7

$

(16.1)

(35)

%

Consumables

90.8

68.3

(22.5)

(25)

%

Other

4.6

3.7

(0.9)

(21)

%

Total

$

141.2

$

101.7

$

(39.5)

(28)

%

Product Segment Unit Breakdown

Three Months Ended

June 30, 2014

June 30, 2015

Increase

(decrease)

Increase

(decrease)

In thousands

%

Sparkling Water Maker Starter Kits

785

491

(294)

(37)

%

CO2 Refills

6,507

6,939

432

7

%

Flavors

9,297

5,075

(4,222)

(45)

%

 

The decrease in Adjusted revenue compared to the second quarter 2014 was mainly due to changes in foreign currency exchange rates which reduced revenue by $16.9 million. Since the same period a year ago, several foreign currencies have weakened versus the U.S. dollar including the Euro by 19%, the Australian Dollar by 17% and the Swedish Krona by 22%. Second quarter 2015 results also reflect lower demand for sparkling water makers and flavors mainly in the U.S. and France.

Gross margin for the second quarter 2015 (before the impact of restructuring costs) was 50.3% compared to 50.5% for the same period in 2014. Second quarter 2015 gross margin benefitted from higher share of CO2 refills in product mix, offset by the negative impact from changes in foreign currency exchange rates versus the same period last year.

Sales and marketing expenses for the second quarter 2015 totaled $35.1 million, or 34.5% of Adjusted revenue, compared to $46.9 million, or 33.3% for the comparable period in the prior year. The decrease was primarily attributable to lower advertising and promotion expenses, which decreased $7.5 million to 13.3% of Adjusted revenue from 14.9% of revenue in the same period in 2014, and lower distribution costs due to the lower sales volume. Selling and marketing expenses also decreased versus the same period last year due to the changes in foreign currency rates, mainly the weakening of the Euro/U.S. Dollar average exchange rate by 19% and the Israeli Shekel/U.S. Dollar average exchange rate by 11% versus the same period last year.

General and administrative expenses for the second quarter 2015 were $11.5 million, or 11.3% of Adjusted revenue, compared to $13.1 million, or 9.3% of revenue in the comparable period of last year. The decrease was mainly due to a decrease in share-based payment expenses.

Operating income (before the impact of restructuring costs) decreased to $4.5 million, or 4.5% of Adjusted revenue, compared to $11.2 million, or 8.0% of revenue, in the second quarter 2014. The decrease in operating income was driven primarily by the decrease in revenue and the negative impact from changes in foreign currency exchange rates, offset by lower operating expenses, mainly a reduction in advertising and promotion expenses.

The net negative impact on operating income from changes in foreign currency exchange rates in comparison with the same period in 2014 was approximately $4.5 million.

Net financial expense was $0.6 million compared to net financial expense of $0.9 million in the same period in 2014. Financial expense in the second quarter 2015 was derived mainly from an increase in the value of Euro denominated bank loans.

Tax expense was $0.4 million with an effective tax rate of 29.5%, compared to $1.1 million with an effective tax rate of 10.6% in the second quarter 2014.

Balance Sheet Review
Cash and cash equivalents at June 30, 2015 were $33.4 million compared to $46.9 million at December 31, 2014. The decrease is primarily attributable to the investment in the Company’s new production facility.

The Company had $39.3 million of bank debt at June 30, 2015 mainly for financing the investment in its new production facility, compared to $43.9 million of bank debt at December 31, 2014.

Working capital at June 30, 2015, after the impact of the restructuring, decreased by 7.9% to $146.2 millioncompared to $158.8 million at December 31, 2014. Inventories at June 30, 2015 decreased by 7.0% to $128.8 million compared to $138.4 million at December 31, 2014.

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, August 5, 2015) 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 world’s leading manufacturer and distributor of Sparkling Water Makers, which enable consumers to easily transform ordinary tap water into sparkling water and flavored sparkling water in seconds. By making ordinary water more exciting and fun 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, including approximately 13,000 retail stores in the United States. 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 certain non-IFRS measures, including Adjusted revenue, Adjusted net income, Adjusted EBITDA, and Adjusted diluted earnings per share (“Adjusted diluted EPS”).

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

The Company believes that the Adjusted revenue, Adjusted net income, Adjusted EBITDA and Adjusted diluted EPS, as described above, should be considered in evaluating the Company’s operations. Adjusted revenue, Adjusted net income, Adjusted EBITDA and Adjusted diluted EPS exclude restructuring costs because most of this charge is a non-cash expense that does not reflect the performance of the Company’s underlying business and operations. Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company 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) and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively).

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.

Forward Looking Statements
This 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, 2014 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 six months ended

For the three months ended

June 30,

June 30,

2014

2015

2014

2015

(Unaudited)

(Unaudited)

Revenues

$

259,343

$

190,178

$

141,171

$

99,834

Cost of revenues

126,240

96,200

69,914

51,307

Gross profit

133,103

93,978

71,257

48,527

Operating expenses

Sales and marketing

93,087

67,579

46,941

35,118

General and administrative

26,427

23,097

13,072

11,456

Total operating expenses

119,514

90,676

60,013

46,574

Operating income

13,589

3,302

11,244

1,953

Interest expense, net

333

126

286

92

Other financial expense (income), net

792

(5,202)

620

500

Total financial expense (income), net

1,125

(5,076)

906

592

Income before income taxes

12,464

8,378

10,338

1,361

Income tax expense

1,443

1,371

1,095

401

Net income for the period

$

11,021

$

7,007

$

9,243

$

960

Net income per share

Basic

$

0.53

$

0.33

$

0.44

$

0.05

Diluted

$

0.52

$

0.33

$

0.43

$

0.05

Weighted average number of shares

Basic

20,933

21,025

20,958

21,032

Diluted

21,274

21,095

21,271

21,138

 

Consolidated Balance Sheets as of

December 31,

June 30,

2014

2015

(Audited)

(Unaudited)

(In thousands)

Assets

Cash and cash equivalents

$

46,880

$

33,418

Inventories

138,392

128,756

Trade receivables

94,217

69,361

Other receivables

34,789

30,098

Derivative financial instruments

1,035

2,641

Total current assets

315,313

264,274

Property, plant and equipment

124,817

144,416

Intangible assets

44,389

43,240

Deferred tax assets

2,506

3,872

Other receivables

273

442

Total non-current assets

171,985

191,970

Total assets

487,298

456,244

Liabilities

Loans and borrowings

9,239

17,658

Derivative financial instruments

491

–

Trade payables

67,011

39,278

Income tax payable

11,740

11,801

Provisions

2,469

2,706

Other current liabilities

27,882

30,835

Total current liabilities

118,832

102,278

Loans and borrowings

34,645

21,639

Employee benefits

2,174

1,965

Other non-current liabilities

122

161

Deferred tax liabilities

750

718

Total non-current liabilities

37,691

24,483

Total liabilities

156,523

126,761

Shareholders’ equity

Share capital

3,400

3,405

Share premium

198,918

201,497

Translation reserve

(14,908)

(25,791)

Retained earnings

143,365

150,372

Total shareholders’ equity

330,775

329,483

Total liabilities and shareholders’ equity

$

487,298

$

456,244

 

Consolidated Statements of Cash Flows

For the six months ended

For the three months ended

June 30,

June 30,

2014

2015

2014

2015

(Unaudited)

(Unaudited)

Cash flows from operating  activities

Net income for the period

$

11,021

$

7,007

$

9,243

$

960

Adjustments:

Amortization of intangible assets

1,261

1,858

749

929

Change in fair value of  derivative financial instruments

264

(3,840)

(144)

(34)

Exchange rate differences on Short-term loans and borrowing

–

(1,340)

–

(383)

Exchange rate differences on long-term loans and borrowing

–

(3,235)

–

665

Depreciation of property, plant  and equipment

6,091

6,470

2,467

3,456

Restructuring costs

–

4,533

–

2,220

Share based payment

4,537

2,431

2,231

1,298

Interest expense, net

333

126

286

92

Income tax expense

1,443

1,371

1,095

401

24,950

15,381

15,927

9,604

Decrease (increase) in inventories

(3,945)

5,056

(1,477)

3,572

Decrease (increase) trade and other receivables

13,853

19,223

(10,854)

(4,635)

Increase (decrease) in trade payables

(29,587)

(26,818)

(5,515)

3,147

Increase (decrease) in employee benefits

19

(115)

129

(221)

Increase in provisions and other liabilities

1,766

4,456

5,631

3,800

7,056

17,183

3,841

15,267

Interest paid

(329)

(165)

(293)

(124)

Income tax received

710

266

347

16

Income tax paid

(3,939)

(3,205)

(3,257)

(1,149)

Net cash from operating activities

3,498

14,079

638

14,010

Cash flows from investing activities

Interest received

27

39

22

32

Proceeds from investment grants

–

2,252

–

–

Proceeds from (payment for) derivative financial instruments, net

(1,248)

1,743

(588)

834

Acquisition of property, plant and equipment

(28,211)

(28,585)

(12,527)

(14,844)

Acquisition of intangible assets

(2,546)

(1,851)

(2,183)

(861)

Net cash used in investing activities

(31,978)

(26,402)

(15,276)

(14,839)

Cash flows from financing activities

Proceeds from exercise of employee share options

741

153

288

143

Repayments of long-term loans and borrowings

–

(12,352)

–

(1,668)

Change in short-term debt

23,167

12,340

14,611

(5,090)

Net cash from (used in) financing activities

23,908

141

14,899

(6,615)

Net decrease in cash and cash equivalents

(4,572)

(12,182)

261

(7,444)

Cash and cash equivalents at the beginning of the period

40,885

46,880

36,052

40,563

Effect of exchange rates fluctuations on cash and cash equivalents

(69)

(1,280)

(69)

299

Cash and cash equivalents  at the end of the period

$

36,244

$

33,418

$

36,244

$

33,418

 

Information about Adjusted revenue in reportable segments

Western Europe

The Americas

Asia-Pacific

Central &
Eastern Europe,
Middle East,
Africa

Total

(In thousands)

Six months ended:

June 30, 2014 (Unaudited)

$

140,216

75,637

24,131

19,359

$

259,343

June 30, 2015 (Unaudited)

119,733

45,864

18,043

9,358

$

192,998

Three months ended:

June 30, 2014 (Unaudited)

$

77,666

40,879

12,225

10,401

$

141,171

June 30, 2015 (Unaudited)

$

65,098

23,069

9,078

4,409

$

101,654

 

The following tables present the Company’s Adjusted 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,

2014

2015

2014

2015

(Unaudited)

(Unaudited)

Adjusted revenue

(in thousands)

Sparkling Water Maker starter kits (including exchange cylinders)

$

78,070

$

57,265

$

45,846

$

29,735

Consumables

173,623

131,251

90,699

68,261

Other

7,650

4,482

4,626

3,658

Total

$

259,343

$

192,998

$

141,171

$

101,654

 

Six months ended

Three months ended

June 30,

June 30,

2014

2015

2014

2015

(Unaudited)

(Unaudited)

(Unaudited)

As a percentage of adjusted revenue

Sparkling Water Maker starter kits (including exchange cylinders)

30.1

%

29.7

%

32.5

%

29.3

%

Consumables

66.9

%

68.0

%

64.2

%

67.2

%

Other

3.0

%

2.3

%

3.3

%

3.5

%

Total

100.0

%

100.0

%

100.0

%

100.0

%

 

The following table provides a reconciliation of Non-IFRS to IFRS
financial data for the three months ended June 30, 2015:

Non-IFRS

Restructuring

IFRS

In Thousands USD

Revenue

$

101,654

$

(1,820)

$

99,834

Cost of revenue

50,548

759

51,307

Gross profit

51,106

(2,579)

48,527

Operating income

4,532

(2,579)

1,953

Net income for the period

$

3,539

$

(2,579)

$

960

Net income per share

Basic and diluted (in USD)

0.17

(0.12)

0.05

 

EBITDA

Six months ended

Three months ended

June 30,

June 30,

2014

2015

2014

2015

(Unaudited)

(In thousands)

Reconciliation of Net Income to EBITDA

Net income

$

11,021

$

7,007

$

9,243

$

960

Financial expenses (income), net (*)

1,125

(5,076)

906

592

Income tax expense (tax benefit)

1,443

1,371

1,095

401

Depreciation and amortization

7,352

8,328

3,216

4,385

EBITDA

$

20,941

$

11,630

$

14,460

$

6,338

Restructuring

–

4,892

–

2,579

Adjusted EBITDA

20,941

16,522

14,460

8,917

 

(*) Starting in Q1 2015, the Company presents EBITDA excluding total financial expense (income), net, as opposed to 2014 in which EBITDA was presented excluding only interest expense. Three months ended June 30, 2014 and six months ended June 30, 2014 EBITDA were also adjusted to exclude total financial expense.

  • Author
  • Recent Posts
rayhanania
rayhanania
Op-Ed writer, author, radio host, podcaster at The Arab Daily News
RAY HANANIA — Op-Ed writer, author, radio host, podcaster

Ray Hanania is an award winning political and humor columnist who analyzes American and Middle East politics, and life in general. He is an author of several books.

Hanania covered Chicago Politics and Chicago City Hall from 1976 through 1992 at the Daily Southtown and the Chicago Sun-Times. He began writing in 1975 publishing The Middle Eastern Voice newspaper in Chicago (1975-1977). He later published “The National Arab American Times” newspaper (2004-2007).

Hanania writes weekly columns on Middle East and American Arab issues as Special US Correspondent for the Arab News ArabNews.com, at TheArabDailyNews.com, and at SuburbanChicagoland.com. He has published weekly columns in the Jerusalem Post newspaper, YNetNews.com, Newsday, the Orlando Sentinel, Houston Chronical, and Arlington Heights Daily Herald.

Hanania is the recipient of four (4) Chicago Headline Club “Peter Lisagor Awards” for Column writing. In November 2006, he was named “Best Ethnic American Columnist” by the New American Media. In 2009, Hanania received the prestigious Sigma Delta Chi Award for Writing from the Society of Professional Journalists. He is the recipient of the MT Mehdi Courage in Journalism Award. He was honored for his writing skills with two (2) Chicago Stick-o-Type awards from the Chicago Newspaper Guild. In 1990, Hanania was nominated by the Chicago Sun-Times editors for a Pulitzer Prize for his four-part series on the Palestinian Intifada.

His writings have also been honored by two national Awards from ADC for his writing, and from the National Arab American Journalists Association.

Hanania is the US Special Correspondent for the Arab News Newspaper, covering Middle East and Arab American issues. He writes for the Southwest News newspaper group writing on mainstream American issues.

Click here to send Ray Hanania email.

Follow RayHanania on Gettr.com, the uncensored Twitter Ray Hanania on Gettr, the new Twitter
rayhanania
Latest posts by rayhanania (see all)
  • New report on Christians in Iraq shows desperate situation and needs - June 20, 2022
  • AHRC Observes World Refugee Day - June 20, 2022
  • Gov Pritzker makes more appointments to state commissions, boards but no Arabs - June 17, 2022

  • Tweet

SHARE ...
          
 
  
 
          
 
 Tweet 
Arab World, Bloggers, Commentary, Editors Picks, Israel, Palestine & Jordan, Ray Hanania Tags:BDS< boycott, Civil Rights, Human rights, illegal Settlements, injustice, Israel, non-violence, non-violent protests, Occupied West Bank, Scarlett Johansson, SodaStream

Post navigation

Previous Post: Israel struggles with racist underground
Next Post: Obama argues the Iraq war only helped strengthen Iran

Related Posts

  • Representatives Omar and Tlaib Terrorize Trump and My Interview with Underground Fatah American Arabs
  • Israeli campaign to spread lies exposed by prestigious British group Arab World
  • Place Charles-de-Gaulle, Prissier, France. Photo courtesy of Abdennour Toumi
    From a Social Movement to an Urban Insurgency in France Abdennour Toumi
  • Palestinian, Israeli, and International Activists March for Justice for Harun Abu Aram Arab World
  • The Christian community in Jerusalem celebrates the century old traditions in honor of the Holy Mother of God. Thousand crowded the entrance to the Church of her Empty Tomb lighting candles all the way down descending the stairs into the crypt. This magnificent church was built in the 5th century and destroyed in the 7th century by Chosroes the Persian. Only the crypt of the church was preserved and the Crusaders erected the existing building over the crypt. Photo Courtesy of Maria Khoury
    Extreme Christian Zionists not helping America or Israel Activism
  • Ramadan Kareem from AHRC Arab World

More Related Articles

“A Thousand and One Journeys: The Arab Americans” Chicago premiere American Arabs
USS Liberty Remembrance Day 2019 Arab World
Podcast: Sam Rasoul discusses Arab political empowerment; Rateb Rabie discusses fate of Middle East Christians American Arabs
J.B. Pritzker from his election campaign Facebook Page at UFCW union endorsement. Pritzker, Brannigan and the “politics” of apologies American Arabs
Imam Izzedin Elzir (Imam of Florence), Rabbi Marc Schneier, Dr Al Issa and Rav Lev Jewish and Muslim Partnership  commemorate Anniversary of Pittsburgh Synagogue shooting Arab World
The city and harbor of Algiers, Algeria (Photo credit: Wikipedia) Algiers’ African Migrants “Partially Open Door” Policy Abdennour Toumi

Leave a Reply Cancel reply

You must be logged in to post a comment.

  • OPINION COLUMNS
  • Illinois Gov. J.B. Pritzker. Photo courtesy of Wikipedia
    Nearly four years in office, Pritzker fails to deliver on promises to Arab Americans
    June 12, 2022
  • Palestinian refugees forced to flee their homes at gunpoint by Jewish terrorist groups operating in Palestine in the 1930s, 1940s and after Israel was created on May 14, 1948. Photo courtesy of the United Nations
    Unresolved status of Palestinian rights makes UNRWA essential
    May 7, 2022
  • The Ray Hanania Radio Show Live Wed 5 PM EST in Detroit, Washington DC, Ontario and on Thursday in Chicago. Watch the program live at Facebook.com/ArabNews
    Second Season of “The Ray Hanania Show” Arab American radio launches April 6
    April 4, 2022
  • Hollywood Sign
    Will Smith violence takes Oscar protests to dangerous level
    March 31, 2022
  • NEWS
  • The American Foundation for Relief and Reconciliation in the Middle East (American FRRME) helping Christians in Iraq
    New report on Christians in Iraq shows desperate situation and needs
    June 20, 2022
  • Winter in Bekaa Lebanon January 2015 Photo courtesy of NRC Lebanon. January 7, 2015 in Bekaa valley Lebanon. Heavy snowfall in Lebanon January 7, 2015. Yesterday staff from NRC Lebanon’s Bekaa office were working with refugees to put in place flood mitigation measures in advance of the forecast harsh storm which hit overnight. Field teams distributed 1,205 plywood sheets and 885 bricks as floor-raising kits for tents in two settlements in the town of Sarain, and 250 wooden pallets to ensure a clear pathway in five settlements in the town at risk of flooding. Niamh Murnaghan, NRC’s Country Director in Lebanon said, “This morning residents of these informal settlements awoke to a knee-deep blanket of snow. With roads impassable in Bekaa, our staff have not been able to reach refugee settlements, but refugees have sent photos of themselves clearing the snow from their tents.” Photo credit: NRC Lebanon/Syrian refugees in Lebanon. January 7, 2015 in Bekaa valley Lebanon. Heavy snowfall in Lebanon January 7, 2015. Yesterday staff from NRC Lebanon’s Bekaa office were working with refugees to put in place flood mitigation measures in advance of the forecast harsh storm which hit overnight. Field teams distributed 1,205 plywood sheets and 885 bricks as floor-raising kits for tents in two settlements in the town of Sarain, and 250 wooden pallets to ensure a clear pathway in five settlements in the town at risk of flooding. Niamh Murnaghan, NRC’s Country Director in Lebanon said, “This morning residents of these informal settlements awoke to a knee-deep blanket of snow. With roads impassable in Bekaa, our staff have not been able to reach refugee settlements, but refugees have sent photos of themselves clearing the snow from their tents.” Photo credit: NRC Lebanon/Syrian refugees in Lebanon.
    AHRC Observes World Refugee Day
    June 20, 2022
  • Joseph Gutman was appointed by Gov. Pritzker to serve as a Member of the University of Illinois Board of Trustees. Gutman was a Partner at BDT & Company from 2017 until retiring in January 2020 where he remains a consultant today.
    Gov Pritzker makes more appointments to state commissions, boards but no Arabs
    June 17, 2022
  • Endorsements: Republicans in the Illinois Republican Primary Election June 28, 2022
    June 16, 2022
  • NEWSWIRE
  • Imad Hamad Director American Human Rights Council
    AHRC Calls for Moral Consistency on Human Rights, Urges President Biden to Pause His Trip to Israel:
    May 24, 2022
  • The U.S.S. Liberty photo courtesy of the USS Liberty Veterans.
    Survivors of Israel’s strike on USS Liberty commemorate 55th year June 6 – 8
    May 23, 2022
  • AHRC Logo new Feb 2021
    AHRC hosts an open meeting with TSA & community
    May 19, 2022
  • Closure notice posted on the doors and windows of Arab American businesses during Mayor Lori Lightfoot's closure of Arab owned stores in June - Sept. 2021. Photo courtesy of Ray Hanania
    Chicago aldermen to host forum on Arab businesses closed by Mayor Lightfoot
    April 15, 2022

The Tabboun Column

The Political Grapevine Political Tabboun. Original photo by tim-mossholder-KX1BBNY69Ao-unsplash
  • Tabboun
  • The Political Grapevine Political Tabboun. Original photo by tim-mossholder-KX1BBNY69Ao-unsplash
    The Political Grapevine/The Tabboun, Friday Dec. 16, 2021
    December 16, 2021
  • The Political Grapevine Political Tabboun. Original photo by tim-mossholder-KX1BBNY69Ao-unsplash
    Tabboun: Chicago remains strongest Palestine voice
    September 7, 2016
  • The Tabboun: Israeli human rights violations hit
    June 30, 2016
  • The Political Grapevine Political Tabboun. Original photo by tim-mossholder-KX1BBNY69Ao-unsplash
    Tabboun: Himes questions troop deployment to Syria
    November 3, 2015
  • The Political Grapevine Political Tabboun. Original photo by tim-mossholder-KX1BBNY69Ao-unsplash
    The Tabboun: Dearborn removes statue of racist former mayor
    September 29, 2015

Creative Commons License
All work on this website is licensed under a Creative Commons Attribution 4.0 International License. Do not edit original work. Give credit to the original source.

  • 08-09-21-Ziyad-Sices-Ad.jpg
  • ZiyadBrandLogo-2016BlackRedBackgrnd.jpg
  • 08-09-21-Ziyad-Ad-Pantry-essentials.jpg
  • HANANIA Arab News Op-Eds
  • Ukraine conflict gives Palestinians chance to redefine their conflict
    March 9, 2022
  • Mishmeshan PHC medical center destroyed in Syrian Government assaults. Photo courtesy of UOSSM Union of Medical Care and Relief Organizations
    President Biden’s dyslexic policy in Syria is a mess
    October 20, 2021
  • Annissa Essaibi George and family
    Annissa Essaibi George faces “race hypocrisy” in campaign to be Boston Mayor
    October 20, 2021
  • Jerusalem image of Jews and Arabs walking together. Shutterstock. Courtesy of Arab News Newspaper
    Jewish Michigan lawmaker leads push for Two State Solution
    October 7, 2021
  • BOOK REVIEWS
  • Stories My Father Told Me by author and artist Helen Zughaib, book cover. Photo courtesy of Cune Press
    Stories My Father Told Me by author and artist Helen Zughaib
    November 1, 2021
  • Girl Fighters, new book on Yemen Book Cune Press
    New Book: Girl Fighters: Break Tradition in Yemen 
    October 25, 2021
  • ENTERTAINMENT
  • The Ray Hanania Radio Show Live Wed 5 PM EST in Detroit, Washington DC, Ontario and on Thursday in Chicago. Watch the program live at Facebook.com/ArabNews
    Second Season of “The Ray Hanania Show” Arab American radio launches April 6
    April 4, 2022
  • American Arab CHamber President HassanNijem accepts the Proclamation from Chicago Ald. Roderick Sawyer at the Chamber dinner March 30, 2022
    Chicagoland celebrates Arab American Heritage Month
    March 31, 2022
  • Hollywood Sign
    Will Smith violence takes Oscar protests to dangerous level
    March 31, 2022
  • 03-30-22 Arab Chamber Heritage Month Flyer
    Arab Chamber to host Arab Heritage Month dinner March 30
    March 14, 2022
  • “Rupture”, the psychological thriller produced by MBC STUDIOS, has won Best Saudi Film at the 2021 Red Sea International Film Festival (RSIFF).
    MBC GROUP’s Rupture wins Best Saudi Film at the inaugural Red Sea International Film Festival
    December 15, 2021
  • New-iTunes-1400-x-1400-The-Ray-Hanania-Show-Podcast-Icon-300-x-300.jpg
  • The-Kings-Pawn-Book-300-x-300.png
  • Podcast-iTunes-Logo-Chi-City-Hall-1985.jpg
  • terroristbookcover-300-x-300.jpg
  • powerpr300x300ad.jpg
Arab News Newspaper Logo
Read the Arab News, the leading English language newspaper in the MIddle East

Follow Ray Hanania at Gab.com, MeWe.com and IDobbinate.com, the alternatives to Facebook and Twitter Censorship.

Click here to get information on The Ray Hanania Radio Show and its podcasts

Copyright © 2022 The Arab Daily News.

Powered by PressBook Premium theme