SodaStream International (SODA) 20-F 22 Mar 18 2017 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2017shares
Document and Entity Information [Abstract]
Entity Registrant Name	SodaStream International Ltd.
Entity Central Index Key	1,502,916
Document Type	20-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	22,122,935
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

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

Consolidated Statements of Oper

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 Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements of Comprehensive Income (Loss)
Net income for the year	$ 74,389	$ 44,466	$ 12,077
Foreign currency translation differences of foreign operations	23,423	(4,168)	(15,085)
Items that will never be reclassified to profit or loss
Defined benefit plan remeasurements, net of tax	(90)	(96)	(202)
Total comprehensive income (loss) for the year	$ 97,722	$ 40,202	$ (3,210)

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders’ Equity - USD ($) $ in Thousands		Share capital	Share Premium.	Translation reserve	Retained earnings.	Total
Balance at the beginning of the year at Dec. 31, 2014		$ 3,400	$ 198,918	$ (14,908)	$ 143,365	$ 330,775
Net income for the year					12,077	12,077
Other comprehensive income (loss) for the year				(15,085)	(202)	(15,287)
Total comprehensive income (loss) for the year				(15,085)	11,875	(3,210)
Share-based payment			6,471			6,471
RSU vested in connection with business combination (1)	[1]	1				1
Exercise of employee equity awards		13	138			151
Balance at the end of the year at Dec. 31, 2015		3,414	205,527	(29,993)	155,240	334,188
Net income for the year					44,466	44,466
Other comprehensive income (loss) for the year				(4,168)	(96)	(4,264)
Total comprehensive income (loss) for the year				(4,168)	44,370	40,202
Share-based payment			4,801			4,801
Exercise of employee equity awards		47	4,281			4,328
Balance at the end of the year at Dec. 31, 2016		3,461	214,609	(34,161)	199,610	383,519
Net income for the year					74,389	74,389
Other comprehensive income (loss) for the year				23,423	(90)	23,333
Total comprehensive income (loss) for the year				23,423	74,299	97,722
Share-based payment			5,225			5,225
Exercise of employee equity awards		138	14,572			14,710
Balance at the end of the year at Dec. 31, 2017		$ 3,599	$ 234,406	$ (10,738)	$ 273,909	$ 501,176
[1]	See Note 12(A)(1).

Consolidated Statements of Cash

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

General

General	12 Months Ended
	Dec. 31, 2017
General
General	Note 1 - General A. Reporting entity SodaStream International Ltd. (hereinafter - the Company) is incorporated in Israel. The address of the Company’s registered office is Gilboa Street, Airport City 7019900, Israel. The consolidated financial statements of the Company as of and for the year ended December 31, 2017 comprise the Company and its subsidiaries (together referred to as the “Group” and individually as “Group companies” or “Group entities”). The Group is engaged in developing, manufacturing and marketing sparkling water makers and related products. The Group’s operational activities are managed by its wholly owned subsidiary, SodaStream International B.V., registered in the Netherlands. Most of the Group’s products are manufactured in Israel by SodaStream Industries Ltd., a wholly owned subsidiary. Marketing support and services are carried out by wholly owned subsidiaries and third-party distributors located in various countries. Such subsidiaries primarily purchase finished goods directly from other Group companies for marketing in their specific geographic areas. The ordinary shares of the Company were listed on the NASDAQ Global Select Market in connection with the Company’s initial public offering (hereinafter - the IPO) on November 3, 2010, and starting from December 15, 2015 on the Tel-Aviv Stock Exchange. On April 14, 2011, the Company issued additional shares to the public in a follow-on offering. As of the reporting date, to the best of the Company’s knowledge, the Company has no shareholder with a controlling interest. B. Definitions In these consolidated financial statements - 1. 2. 3. 4. Related Party Disclosures .

Basis of preparation

Basis of preparation	12 Months Ended
	Dec. 31, 2017
Basis of preparation
Basis of preparation	Note 2 - Basis of preparation A. Statement of compliance The consolidated financial statements have been prepared in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements were authorized for issue by the Board of Directors on March 19, 2018. B. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for financial investments, inventories, assets classified as held for sale, derivative financial instruments, defined employee benefit liabilities, provisions and deferred tax assets and liabilities. For further information regarding the measurement of these assets and liabilities see Note 3 regarding significant accounting policies. C. Functional and presentation currency These consolidated financial statements are presented in USD (“$”), which is the Company’s functional currency, and have been rounded to the nearest thousand, except where otherwise indicated. The USD is the currency that represents the principal economic environment in which the Company operates. D. Use of estimates and judgments The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The preparation of accounting estimates used in the preparation of the Group’s financial statements requires the Company’s management to make assumptions regarding circumstances and events that involve considerable uncertainty. The Company’s management prepares the estimates on the basis of past experience, various facts, external circumstances, and reasonable assumptions according to the pertinent circumstances of each estimate. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about assumptions and estimations made by the Group with respect to the future and other reasons for uncertainty with respect to estimates that have a significant risk of resulting in a material adjustment to carrying amounts of assets and liabilities in the next financial year are included in the following notes:  Note 7, Property, plant and equipment.  Note 8, Intangible assets.  Note 9, Inventories.  Note 15, Provisions.  Note 21, Income tax, regarding the utilization of tax losses, deferred taxes and tax assessments.  Note 24, Contingencies.  Note 26, Share based payments.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2017
Significant accounting policies
Significant accounting policies	Note 3 - Significant accounting policies The accounting policies set out below have been applied consistently in all periods presented in these consolidated financial statements and have been applied consistently by Group entities. A. 1. Subsidiaries Subsidiaries are entities controlled by the Company. Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect these returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. 2. Transactions eliminated on consolidation Intra-Group balances and transactions, and any unrealized income and expense arising from intra-Group transactions, are eliminated in preparing the consolidated financial statements. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. B. 1. Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currency of the Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the respective functional currency at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognized in the statement of operations. 2. Foreign operations The assets and liabilities of foreign operations, including goodwill are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at the average exchange rate for the period. Foreign currency differences are recognized in other comprehensive income, and presented in the foreign currency translation reserve (hereinafter - the translation reserve) in equity. When a foreign operation is disposed of such that control is lost, the cumulative amount in the translation reserve related to that foreign operation is transferred to the statement of operations as part of the gain or loss on disposal. Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains and losses arising from a monetary item receivable from or payable to foreign operations, the settlement of which is neither planned nor likely in the foreseeable future, are considered to be as part of a net investment in a foreign operation and are recognized in other comprehensive income, and are presented in the translation reserve in equity. C. 1. Non-derivative financial assets The Group initially recognizes receivables and deposits on the date that they are originated. All other financial assets are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Financial assets and liabilities are offset and the net amount is presented in the balance sheet when the Group has a legal right to offset the amount and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The Group has the following non-derivative financial assets: Receivables, deposits and cash and cash equivalents Receivables and deposits are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, receivables are measured at amortized cost using the effective interest method, less any impairment losses. Receivables consist of trade and other receivables. Cash and cash equivalents comprise cash balances and deposits with original maturities of three months or less. Financial investments The Group has entered into financial investments, which consist of investments in government, corporate and government sponsored enterprises debentures. The Group's investments policy limits the credit rating and the amount that the Group may invest in any one type of investment or issuer and, thereby the credit risk is reduced. Financial investments are recognized initially at fair value. Subsequent to initial recognition, financial investments are measured at fair value, and changes therein are recognized immediately in the statement of operations, as financing items. 2. Non-derivative financial liabilities The Group has the following non-derivative financial liabilities: trade payables and other payables. Trade payables and all other financial liabilities are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. Financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. 3. Derivative financial instruments The Group has entered into currency derivative contracts to moderate its global currency risk on the basis of planned transactions. These contracts generally cover a period of less than one year. The Group’s hedging activities currently do not meet the criteria for hedge accounting. Derivative financial instruments are recognized initially at fair value; attributable transaction costs are recognized in the statement of operations as incurred. Subsequent to initial recognition, derivative financial instruments are measured at fair value, and changes therein are recognized immediately in the statement of operations, as either operating or financing items depending on the nature of the item being economically hedged. 4. Share capital All shares are classified as equity. Incremental costs directly attributable to the issuance of shares and options are recognized as a deduction from equity, net of any tax effects. D. 1. Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the asset to a working condition for its intended use and the estimated cost of dismantling and removing the item and restoring the site on which it is located, when such an obligation exists, and capitalized borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. When parts of an item of property, plant and equipment (including costs of major periodic inspections) have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The cost of assets in respect of which investment grants are received is stated net of the amount of the grant. Changes in the obligation to dismantle and remove the items and to restore the site, on which they are located, other than changes deriving from the passage of time, are added to or deducted from the cost of the asset in the period in which they are first calculated or changes occur. The amount deducted from the cost of the asset shall not exceed the balance of the carrying amount, and the remaining balance is recognized immediately in the statement of operations. Exchangeable CO2 cylinders that are loaned to distributors and exchangeable CO2 cylinders that are used by the Group to facilitate the exchange program are considered property, plant and equipment. 2. Subsequent costs The cost of replacing components of an item of property, plant and equipment and other subsequent costs are recognized in the carrying amount of property, plant and equipment if it is probable that the future economic benefits embodied within them will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced item of property, plant and equipment is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in the statement of operations as incurred. 3. Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset less its residual value. Items of property, plant and equipment are depreciated from the date they are installed and are ready for use in the manner intended by management, or in respect of internally constructed assets, from the date that the asset is complete and ready for use. Depreciation is recognized in the statement of operations on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land owned by the group is not depreciated. The estimated useful lives for the current and comparative periods are as follows: - Leasehold improvements the shorter of lease term or useful life - Machinery and equipment 5‑10 years - Office furniture and equipment 3‑5 years - Vehicles 5‑7 years - Cylinders 20‑50 years - Buildings 50 years Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate. E. 1. Goodwill Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. 2. Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and accumulated impairment losses. 3. Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditures on internally generated goodwill and brands, are recognized in the statement of operations as incurred. 4. Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset less its residual value. Amortization is recognized in the statement of operations on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. Goodwill and intangible assets that have an indefinite useful life are not systematically amortized but are tested for impairment at least once a year. The estimated useful lives for the current and comparative periods are as follows: - Software licenses 3‑10 years - Customer relations 5‑8 years - Technology 8 years - Trademarks Indefinite Amortization methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate. The Group examines the useful life of an intangible asset that is not periodically amortized at least once a year in order to determine whether events and circumstances continue to support the decision that the intangible asset has an indefinite useful life. F. Leased assets At inception or upon reassessment of an arrangement, the Group determines whether such an arrangement is or contains a lease. Leases under the terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Upon initial recognition, the leased asset is measured and a liability is recognized at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Future payments for exercising an option to extend the lease from the Israel Land Authority are not recognized as part of an asset and corresponding liability since they constitute contingent lease payments that are derived from the fair value of the land on the future dates of renewing the lease agreement. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset. Other leases are classified as operating leases and are not recognized on the balance sheet. When a lease includes both a land component and a buildings component, each component is considered separately for the purpose of classifying the lease, with the principal consideration regarding the classification of land being the fact that land normally has an indefinite useful life. G. Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out (FIFO) principle and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overhead based on standard operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. H. Capitalization of borrowing costs Specific and non-specific borrowing costs are capitalized to qualifying assets throughout the period required for completion and construction until they are ready for their intended use. Non-specific borrowing costs are capitalized in the same manner to the same investment in qualifying assets, or portion thereof, which was not financed with specific credit by means of a rate which is the weighted-average cost of the credit sources which were not specifically capitalized. Foreign currency differences from credit in foreign currency are capitalized if they are considered an adjustment of interest costs. Other borrowing costs are expensed as incurred. Income earned on the temporary investment of specific credit received for investing in a qualifying asset is deducted from the borrowing costs eligible for capitalization. I. 1. Non-derivative financial assets A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Objective evidence that financial assets are impaired can include, among others, default or delinquency by a debtor, restructuring of an amount due to the Group on terms that the Group would not otherwise consider, indications that a debtor will enter bankruptcy, adverse changes in the payment status of borrowers, changes in the economic environment that correlate with insolvency of issuers or the disappearance of an active market for a security. The Group considers evidence of impairment for receivables at both an individual asset and a collective level. All individually significant receivables are individually assessed for impairment. All individually significant receivables found not to be impaired are then collectively assessed for any impairment that has been incurred but not yet identified. An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognized in the statement of operations and reflected in an allowance account against receivables. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost the reversal is recognized in the statement of operations. 2. Non-financial assets The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The Group estimates the recoverable amount of goodwill and intangible assets that have indefinite useful lives once a year and on the same date for each asset, or more frequently if there are indications of impairment. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). The recoverable amount of an asset or cash-generating unit (hereinafter - CGU) is the greater of its value in use and its fair value less costs of disposals. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU, for which the estimated future cash flows from the asset or cash-generating unit were not adjusted. The Groups’ corporate assets do not generate separate cash inflows and are utilized by more than one cash-generating unit. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its estimated recoverable amount. Impairment losses are recognized in the statement of operations. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. J. Non-current assets and disposal groups held for sale Non-current assets are classified as held for sale if it is highly probable that they will be recovered primarily through a sale transaction and not through continuing use. The assets are measured at the lower of their carrying amount and fair value less cost to sell. Impairment losses recognized on initial classification as held for sale, and subsequent gains or losses on re-measurement, are recognized in profit or loss. Gains are not recognized in excess of any cumulative impairment loss. In subsequent periods, depreciable assets classified as held for sale are not periodically depreciated. K. 1. Post-employment benefits The Group has a number of post-employment benefit plans. The plans are usually financed by deposits with insurance companies or with funds managed by a trustee, and they are classified as defined contribution plans or defined benefit plans. a. Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an expense in the statement of operations in the periods during which related services are rendered by employees. b. Defined benefit plans A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability. The discount rate is the yield at the reporting date on high quality corporate bonds that have maturity dates approximating the terms of the Group’s obligations and that are denominated in the currency in which the benefits are expected to be paid. The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a net asset for the Group, the recognized asset is limited to the present value of economic benefits available in the form of a refund from the plan or a reduction in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Group. An economic benefit is considered available to the Group if it is realizable during the life of the plan, or on settlement of the plan obligations. Remeasurements of the net defined benefit liability (asset) which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest) are recognized in other comprehensive income. Other expenses related to defined benefit plans and employee benefit expenses are recognized in the statement of operations. 2. Other long-term benefits The Group’s obligation in respect of long-term employee benefits other than post-employment benefit plans is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The discount rate is the yield at the reporting date on high quality corporate bonds that have maturity dates approximating the terms of the Group’s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is based on the projected unit credit method. Any remeasurements are recognized in the statement of operations as they occur. 3. Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided or upon the actual absence of the employee when the benefit is not accumulated. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past events and a reliable estimate of the obligation can be made. On the balance sheet, the employee benefits are classified as short-term benefits or as other long-term benefits according to the time the liability is expected to be settled. 4. Termination benefits Termination benefits are recognized as an expense at the earlier of when the Group can no longer withdraw the offer of those benefits or when the Group recognizes costs for a restructuring that involves the payment of termination benefits. 5. Share-based payment transactions The grant date fair value of share-based payment awards (equity awards), which include stock options and restricted share units (hereinabove and hereinafter - RSU) granted to employees is recognized as salary expense, with a corresponding increase in equity, over the vesting periods of the awards. The amount recognized as an expense in respect of share-based payment awards that are conditional upon meeting employee service is adjusted to reflect the number of awards that are expected to vest. For share-based payment awards with market performance vesting conditions, the grant date fair value of the share-based payment awards is measured to reflect such conditions, and therefore the Group recognizes an expense in respect of the awards whether or not the conditions have been met. When the Company reduces the exercise price of options granted during the vesting period, the incremental fair value granted, which is the difference between the fair value of the re-priced options and the original options, both estimated as at the date of modification, is included in the measurement of the amount recognized for services received over the period from the modification date until the date when the modified options vest, in addition to the amount based on the grant date fair value of the original options, which is recognized over the remainder of the original vesting period. When a modification includes a reduction in exercise price and a reduction in the number of granted instruments, the fair value of the re-priced options is based on the reduced number of granted instruments. L. A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and of the risks specific to the liability without adjustment for the Company’s credit risk. The unwinding of the discount is recognized as a financial expense. 1. Warranties A provision for warranties is recognized when the underlying products are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities. 2. Legal claims A provision for legal claims is recognized if, as a result of a past event, the Group has a present legal or constructive obligation and it is more likely than not that an outflow of economic benefits will be required to settle that obligation and the amount of obligation can be estimated reliably. 3. Right of return A provision for estimated product returns is recognized when there is an obligation to provide a refund upon the return of products (see also Note 3(M)). 4. Machinery and plant dismantling A provision for machinery and plant dismantling is recognized when there is a contractual obligation for such activities. M. Revenue from the sale of goods in the ordinary course of business is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates. When the credit period is short and constitutes the accepted credit in the industry, the future consideration is not discounted. Revenue is recognized when persuasive evidence exists (usually in the form of an executed sales agreement) that the significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. If it is probable that discounts will be granted and the amount can be measured reliably, then the discount is recognized as a reduction of revenue as the sales are recognized. The timing of the transfer of risks and rewards varies depending on the individual terms of the sale agreement. For sales of products in domestic markets, transfer usually occurs when the product is received at the customer’s warehouse, but for most international shipments transfer occurs upon loading the goods onto the relevant carrier. The Group recognizes the supply of exchangeable CO2 cylinders to customers, for which in certain circumstances, there is an obligation to provide a refund upon their return, as a final sale. The amount of the refund varies by country and customer (retailer, distributor and end-consumer) and may also change over time as market conditions vary in a particular country. As a result, a provision is recorded for estimated returns based on historical return patterns of customers, and the refundable amounts are recorded as a reduction of revenue. N. The Group has entered into an approved investment program initiated by the State of Israel. Government grants are recognized initially at fair value when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Unconditional government grants are recognized when the Group is entitled to receive them. Grants that compensate the Group for the cost of an asset are presented as a deduction from the related assets and are recognized in the statement of operations on a systematic basis over the useful life of the asset. O. Payments made under operating leases are recognized in the statement of operations on a straight-line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease. P. Financial income consists mainly of interest income on funds invested and fair value gains of financial assets and liabilities at fair value through profit and loss. Interest income is recognized as it accrues in the statement of operations using the effective interest method. Financial expenses consist mainly of borrowing costs, unwinding of the discount on provisions and deferred consideration and fair value losses of financial assets and liabilities at fair value through profit and loss. Borrowing costs which are not capitalized to qualifying assets are recognized in the statement of operations using the effective interest method. In the statements of cash flows, interest received is presented within cash flows from investing activities. Interest paid is presented within cash flows from operating activities. Foreign currency gains and losses on financial assets and liabilities are reported on a net basis as either financial income or financial expenses depending on whether foreign currency movements are in a net gain or net loss position. Q. Income tax expense comprises of current and deferred tax expenses. Income tax expense is recognized in the statement of operations or is recognized directly in equity or in other comprehensive income to the extent it relates to items recognized directly in equity or in other comprehensive income, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and there is intent to settle current tax liabilities and assets on a net basis or the tax assets and liabilities will be realized simultaneously. When determining the taxable profit (loss), tax bases, unused tax losses, unused tax credits and tax rates when there is uncertainty over income tax treatments, the Company assesses whether it is probable that the tax authority will accept its tax position. Insofar as it is

Determination of fair values

Determination of fair values	12 Months Ended
	Dec. 31, 2017
Determination of fair values
Determination of fair values	Note 4 - Determination of fair values A number of the Group’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. When determining the fair value of an asset or liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels of fair value hierarchy based on the inputs used in the valuation techniques as follows: · Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. · Level 2: inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly · Level 3: inputs that are not based on observable market data (unobservable inputs). A. Trade and other receivables The fair value of trade and other receivables is estimated at the present value of future cash flows, discounted at the market rate of interest at the measurement date. Short-term receivables with no stated interest rate are measured at the original invoice amount if the effect of discounting is immaterial. Fair value is determined at initial recognition at each annual reporting date. B. Derivative financial instruments The fair value of foreign exchange options is based on bank/broker quotes. If a quoted price is not available, then fair value is calculated based on the Black-Scholes model. For further information regarding the fair value hierarchy, see Note 23. C. Financial investments The fair value of financial investments is based on model utilizing market observable inputs or alternative pricing sources. For further information regarding fair value hierarchy, see Note 23. D. Non-derivative financial liabilities Non-derivative financial liabilities are measured at fair value, at initial recognition, and for disclosure purposes, at each annual reporting date. Fair value of bank loans is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the measurement date. Trade and other payables with no stated interest rate are measured at the original invoice amount if the effect of discounting is immaterial. E. Share-based payment transaction The fair value of employee options is measured using the Black-Scholes formula. Measurement inputs include share price on the measurement date, the exercise price of the instrument, expected volatility, expected life of the instruments, expected dividends, and the risk-free interest rate. Service and non-market performance conditions attached to the transactions are not taken into account in determining fair value. The Company estimates the fair value of awards with market conditions using a Monte Carlo simulation in order to take into account the probability of satisfying the market condition. This approach involves generating random stock price paths through a lattice type structure. Each path results in a certain financial outcome, such as accelerated vesting or specific option payout. The Company makes this estimate using the conditions that exist at the grant date. The derived service period, which may be the requisite service period, is also determined at this time. Compensation cost for the Company’s awards with a market condition is recognized ratably using the accelerated attribution method if the award is subject to graded vesting over the requisite service period. The compensation cost for the Company’s awards with a market condition is not reversed if the market condition is not satisfied. The Company has estimated the expected term of the awards granted to the Company’s chief executive officer which were approved in December 2015 based on the contractual terms of such awards.

Financial risk management

Financial risk management	12 Months Ended
	Dec. 31, 2017
Financial risk management
Financial risk management	Note 5 - Financial risk management Overview The Group has exposure to the following risks from its use of financial instruments: · Credit risk · Liquidity risk · Market risk (including currency, interest, commodity price and other market price risks) This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and processes for measuring and managing risk, and the Group’s management of capital. Further quantitative disclosures are included throughout these consolidated financial statements. The Group’s risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities. The Group, through its training and management standards, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. Risk management framework The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework. The Company’s economic department is in charge of risk management in three primary levels: currency, interest and commodity. The Group’s strategy is to minimize its exposure to currency risk by using derivative instruments such as plain vanilla options, and other various instruments. The Group’s tendency is not to enter into derivative transactions that can increase its exposure and not to protect immaterial activity amounts. The Group does not enter into derivative transactions for trading or speculative purposes. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group’s receivables from customers. The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Group’s customer base, including the default risk of the industry and country, in which customers operate, has less of an influence on credit risk. The Group’s exposure to credit risk relating to trade receivables is further disclosed in Note 23(A). The Group has established a credit policy under which each new customer is analyzed individually for creditworthiness before the Group’s standard payment and delivery terms and conditions are offered. The Group’s review includes external ratings, when available, and in some cases bank references. Purchase limits are established for each customer, which represents the maximum open amount without requiring specific approval from the management. These limits are reviewed periodically. The majority of the balances are secured by letters of credit, bank guarantees or insurance. Customers that fail to meet the Group’s benchmark creditworthiness may transact with the Group only on a prepayment basis. The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade receivables. The main component of this allowance is a specific loss component that relates to individual exposures. All individually significant receivables found not to be impaired are collectively assessed for any impairment that has been incurred but not identified. The Group's financial investments are managed by third-party money managers who manage our investment portfolio in a risk-controlled framework. Our third-party money managers invest in high-credit-quality counterparties and, by policy, limit the amount of credit exposure to any one counterparty. Liquidity risk Liquidity risk is the risk of inability or difficulty in connection with meeting the obligations associated with the Group’s financial liabilities that are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. The Group ensures that it has sufficient cash on demand to meet expected operational expenses for a period of approximately 60 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. In addition, the Group maintains secured lines of credit in the amount of $3.0 million with certain Israeli banks. To the extent such lines of credit are utilized, interest is payable at a rate of LIBOR (or Prime, with respect to credit lines denominated in NIS) plus between 40 and 200 basis points. The Group’s exposure to liquidity risk is further disclosed in Note 23(B). Market risk Market risk is the risk of changes in market prices, such as foreign exchange rates, interest rates and commodity prices affecting the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. The Group buys and sells derivative financial instruments in order to manage market risks. Generally, the Group seeks to moderate its exposure to market risks and manage volatility in the statement of operations. Currency risk The Group is exposed to currency risk on sales and purchases that are denominated in a currency other than the respective functional currencies of Group entities, primarily the USD and the Euro, but also the Australian Dollar (AUD), Swedish Krona (SEK), Swiss Francs (CHF), Sterling (GBP), New Israeli Shekel (NIS), Canadian Dollar (CAD), South African Rand (ZAR), Danish Krona (DKK), Norwegian Krona (NOK), Japanese Yen (JPY), New Zealand Dollar (NZD) and Argentine Peso (ARS). The Group is primarily exposed to fluctuations of the Euro and the NIS against the U.S. Dollar. Revenue is primarily denominated in U.S. Dollar and Euro. Significant material purchasing, production costs and operational expenses are denominated in U.S. Dollar, Euro and NIS. The Group uses derivative instruments in order to reduce the exposure to currency risks. Interest rate risk The Group’s bank deposits and bank overdrafts are subject to fluctuating interest rates, which depend on the loan period and the currency involved. The Group's financial investments are affected by changes in interest rates. Interest rates are highly sensitive to many factors, including governmental monetary policies and domestic and international economic and political conditions. Management closely monitors the Group’s interest rate exposures on an on-going basis. Commodity price risk The Group is exposed to change in prices of commodities used during the manufacturing process of its products, primarily aluminum and other metals, as well as plastic components, and sugar prices. The Group uses hedging from time to time and for certain commodities, in order to reduce the exposure. The Group’s exposure to market risks is further disclosed in Note 23(C). Capital management The Board of Directors’ policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain future development of the business.

Operating segments

Operating segments	12 Months Ended
	Dec. 31, 2017
Operating segments
Operating segments	Note 6 - Operating segments The Group’s segment performance is assessed periodically by the Group’s management and reported to the Board of Directors, which acts as the Group’s Chief Operating Decision Maker (CODM). These segments are represented by geographical regions. Each region has similar characteristics relevant to the Group business and usually includes several markets in which it sells its products. The sales of the Group’s products in the markets are managed either by wholly owned subsidiaries or by external third-party distributors. The reported performance of these markets is provided periodically and is consolidated in the Group’s headquarters for the purpose of presentation to the CODM. Segment information Segment information is based on the geographical location of customers as reported to the CODM. CODM business decisions are primarily based on the market data of the various markets in which the Group operates. The data received by the CODM consists of revenues from external customers and segment results by market, which include items directly attributable to each market as well as those that can be allocated on a reasonable basis. The operating segments’ accounting policies are identical to the accounting policies applied in these financial statements. Inter-company transactions are not reported in the management reports and thus not presented in the segment information. Assets and liabilities data is not reported in the operating segment information since it is not reviewed by the CODM. The Company aggregates the different markets in which the Group operates into four main reportable geographical segments as set forth below: - - - - The Group’s management aggregates the different markets based on consumer characteristics and geographical proximity. Segment results are calculated in accordance with the management reports reported to the CODM and as follows: 1. For markets in which marketing is performed by third-party distributors, segment results represent revenues from external customers, less direct cost of revenues and less participation in advertising expenses for that market. 2. For markets in which marketing is performed by the Group’s wholly owned subsidiaries, segment results represent revenues from external customers, less direct cost of revenues and less other operating expenses (general and administrative and sales and marketing expenses). Reconciliation to consolidated financial statements The reconciliation amounts include all other operating and financial expenses that were not related directly to the Group’s sales and distribution activities and were not included in the expenses allocated to specific segments in the reports to the CODM. A Year ended December 31, 2017 Central and Eastern Europe, Western Middle East Reportable The Americas Europe (1) Asia-Pacific and Africa Segments Reconciliation (2) Consolidated (in thousands) Revenues 127,370 325,315 61,902 28,784 543,371 — 543,371 Depreciation and amortization 949 1,126 544 119 2,738 19,550 22,288 Segments Results 18,864 93,275 16,032 5,711 133,882 (52,507) 81,375 Financial income, net (1,354) Reportable income before income tax 82,729 (1) Revenues from one customer of the Group’s Western Europe segment represents approximately $39.1 million of the Group’s total revenues. (2) Reconciling items are recurring items that are not related directly to the Group’s sales and distribution activities and were not allocated to the different segments by the Company’s Chief Operating Decision Maker. Such items include primarily unallocated operating overhead costs and share based payments. Year ended December 31, 2016 Central and Eastern Europe, Western Middle East Reportable The Americas Europe (1) Asia-Pacific and Africa Segments Reconciliation (2) Consolidated (in thousands) Revenues 114,747 286,512 49,614 25,192 476,065 — 476,065 Depreciation and amortization 1,993 2,110 649 239 4,991 14,460 19,451 Segments Results 17,433 71,983 10,308 3,678 103,402 (48,930) 54,472 Financial expense, net 2,120 Reportable income before income tax 52,352 (1) Revenues from one customer of the Group’s Western Europe segment represents approximately $40.0 million of the Group’s total revenues. (2) Reconciling items include impairment of other intangible assets in the amount of $1.8 million recorded under other expense in the statement of operations in 2016. Other reconciling items are recurring items that are not related directly to the Group’s sales and distribution activities and were not allocated to the different segments by the Company’s Chief Operating Decision Maker. Such items include primarily unallocated operating overhead costs and share based payments. Year ended December 31, 2015 Central and Eastern Europe, Western Middle East Reportable The Americas Europe (1) Asia-Pacific and Africa Segments Reconciliation (2) Consolidated (in thousands) Revenues 102,104 251,496 40,711 21,644 415,955 (2,820) 413,135 Depreciation and amortization 2,233 2,219 528 241 5,221 11,722 16,943 Segments Results 6,485 48,444 5,232 3,272 63,433 (53,192) 10,241 Financial income, net (4,842) Reportable income before income tax 15,083 (1) Revenue from one customer of the Group’s Western Europe segment represents approximately $37.3 million of the Group’s total revenues. (2) Reconciling items include restructuring costs of $9.5 million comprised of charges to revenue of $2.8 million, impairment of inventory of $3.2 million, impairment of property, plant and equipment of $1.0 million, employee benefits of $1.9 million and operating expenses of $0.6 million. Other reconciling items are recurring items that are not related directly to the Group’s sales and distribution activities and were not allocated to the different segments by the Company’s Chief Operating Decision Maker. Such items include primarily unallocated operating overhead costs and share based payments. B. Entity level disclosures Information on geographical segments Information regarding the assets of each geographical segment is detailed below. The information includes non-current assets data, of which the depreciated cost of property, plant and equipment is allocated to each of the geographical segments, and the intangible assets’ amortized cost, deferred tax asset and other receivables are not allocated to the geographical segments. Central and Eastern Europe, Western Middle East Reportable The Americas Europe Asia-Pacific and Africa (1) Segments Reconciliation (2) Consolidated (in thousands) December 31, 2017 10,424 18,883 6,561 135,675 171,543 38,365 209,908 December 31, 2016 8,879 16,418 4,947 134,384 164,628 37,582 202,210 December 31, 2015 10,364 13,757 6,713 124,460 155,294 42,095 197,389 (1) Includes the depreciated cost of property, plant and equipment of the manufacturing facilities as of December 31, 2017 in the amount of $134.8 million (2016 and 2015: $133.6 million and $122.8 million, respectively). (2) Refer to Note 8 for additional information with respect to an impairment of other intangible assets in the amount of $1.8 million recorded under other expense in the statement of operations in 2016. Reconciliation of geographical segments to total non-current assets: Year ended December 31, (in thousands) Geographical segments non-current assets 155,294 164,628 171,543 Intangible assets 42,095 37,582 38,365 Other non-current assets 1,537 6,842 10,695 Consolidated non-current assets 198,926 209,052 220,603 Major customers During 2017, 2016 and 2015 a distributor, located in Western Europe represented 7.2%, 8.4%, 9.0%, respectively, of the total revenue of the Group. Information about products Year ended December 31, Revenues (In thousands) Sparkling water makers and exchangeable CO 2 cylinders 131,749 170,790 212,293 Consumables 272,276 297,011 323,449 Other 9,110 8,264 7,629 Total 413,135 476,065 543,371

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2017
Property plant and equipment
Property, plant and equipment	Note 7 - Property, plant and equipment Office Land and buildings Leasehold Machinery and equipment furniture and (in thousands) Cost Grants improvements Cost Grants equipment Cylinders Vehicles Total Cost Balance as of January 1, 2016 65,887 (6,487) 15,637 135,905 (12,394) 18,300 33,272 1,231 251,351 Additions 8,596 — 274 15,849 — 1,669 — 49 26,437 Reclassification to assets held for sale (1,702) — — — — — — — (1,702) Disposals — — (156) (2,753) — (7,327) (987) (391) (11,614) Reclassification from Inventories — — — — — — 1,635 — 1,635 Effect of changes in exchange rates — — (52) (227) — (96) (655) 5 (1,025) Balance as of December 31, 2016 72,781 (6,487) 15,703 148,774 (12,394) 12,546 33,265 894 265,082 Additions 6,543 (319) 403 13,475 (798) 2,406 — 1 21,711 Disposals — — (75) (11,069) — (1,268) (61) (411) (12,884) Reclassification from Inventories — — — — — — 2,448 — 2,448 Effect of changes in exchange rates — — 326 878 — 737 2,804 23 4,768 Balance as of December 31, 2017 79,324 (6,806) 16,357 152,058 (13,192) 14,421 38,456 507 281,125 Accumulated depreciation Balance as of January 1, 2016 927 (86) 11,836 66,050 (5,793) 14,569 7,447 1,107 96,057 Depreciation for the year 983 (120) 236 12,154 (1,027) 2,086 1,635 65 16,012 Reclassification to assets held for sale (218) — — — — — — — (218) Disposals — — (150) (2,574) — (7,388) (485) (348) (10,945) Effect of changes in exchange rates — — (39) (125) — (131) (163) 6 (452) Balance as of December 31, 2016 1,692 (206) 11,883 75,505 (6,820) 9,136 8,434 830 100,454 Depreciation for the year 1,010 (136) 879 17,423 (1,377) 1,627 (114) 24 19,336 Disposals — — (65) (10,489) — (1,265) (16) (396) (12,231) Effect of changes in exchange rates — — 233 507 — 636 624 23 2,023 Balance as of December 31, 2017 2,702 (342) 12,930 82,946 (8,197) 10,134 8,928 481 109,582 Carrying amounts As of January 1, 2016 64,960 (6,401) 3,801 69,855 (6,601) 3,731 25,825 124 155,294 As of December 31, 2016 71,089 (6,281) 3,820 73,269 (5,574) 3,410 24,831 64 164,628 As of December 31, 2017 76,622 (6,464) 3,427 69,112 (4,995) 4,287 29,528 26 171,543 Depreciation of machinery equipment (cost and grants), cylinders and vehicles is charged to cost of revenues. Depreciation of other categories of property, plant and equipment is charged to departments that utilize the relevant assets, primarily in cost of revenues and general and administrative expenses. A. Property, plant and equipment under finance leases The Group leases certain property, plant and equipment under a finance lease agreement. As of December 31, 2017, the net carrying amount of the leased land and buildings is $2.0 million (2016: $2.1 million). B. Property, plant and equipment fully depreciated and still in use The Group has assets that have been fully depreciated and are still in use. As of December 31, 2017, the original cost of such assets is $53 million (2016: $45 million).

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2017
Intangible assets
Intangible assets	Note 8 - Intangible assets Trademarks, patents and other intellectual (in thousands) property(1) Software Total Cost Balance as of January 1, 2016 50,452 23,101 73,553 Additions 50 1,932 1,982 Disposals — (2,133) (2,133) Impairment of other intangible assets (3,478) (50) (3,528) Effect of changes in exchange rates (809) (101) (910) Balance as of December 31, 2016 46,215 22,749 68,964 Additions 72 2,221 2,293 Disposals — (1,496) (1,496) Effect of changes in exchange rates 1,472 585 2,057 Balance as of December 31, 2017 47,759 24,059 71,818 Accumulated amortization Balance as of January 1, 2016 19,456 12,002 31,458 Amortization for the year 527 2,912 3,439 Disposals — (1,740) (1,740) Impairment of other intangible assets (1,659) (39) (1,698) Effect of changes in exchange rates 29 (106) (77) Balance as of December 31, 2016 18,353 13,029 31,382 Amortization for the year 295 2,657 2,952 Disposals — (1,478) (1,478) Effect of changes in exchange rates 76 521 597 Balance as of December 31, 2017 18,724 14,729 33,453 Carrying amounts As of January 1, 2016 30,996 11,099 42,095 As of December 31, 2016 27,862 9,720 37,582 As of December 31, 2017 29,035 9,330 38,365 (1) Other intellectual property includes mainly goodwill, customer relations and technology. Amortization of intangible assets is charged to the departments which utilize the relevant assets (i.e., cost of revenues, sales and marketing expenses or general and administrative expenses). A. Intangible assets with indefinite useful life Other than goodwill, the Group has intangible assets with indefinite useful life. Indefinite-lived intangible assets are comprised of trademarks in the amount of $15 million (2016: $15 million) for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These are considered to have an indefinite life given the strength and durability of the Group’s brands and the level of marketing support. B. Impairment of Goodwill For the purpose of impairment testing, goodwill is allocated to the Group’s operating divisions which represent the lowest level within the Group at which goodwill is monitored for internal management purposes, which is not higher than the operating segments, before the aggregation of segments, reported in Note 6 regarding operating segments. C. Impairment of other intangible assets During 2016, the Company recorded an impairment of $1.8 million in regard to other intellectual property originated from an acquisition of a subsidiary.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2017
Inventories
Inventories	Note 9 – Inventories As of December 31, (in thousands) Raw materials and work in process 31,540 37,282 Finished goods 49,722 51,459 Refill cylinder inventory 6,724 8,347 Total 87,986 97,088 During the current year, the write-down of inventories to net realizable value, which was recorded in cost of revenues, amounted to $7.2 million (2016: $6.5 million).

Other receivables

Other receivables	12 Months Ended
	Dec. 31, 2017
Other receivables
Other receivables	Note 10 - Other receivables As of December 31, (in thousands) VAT refundable 2,879 8,729 Customs receivable 2,123 1,389 Advances to suppliers 1,431 1,250 Government grants receivables 8,906 3,882 Prepaid expenses 2,875 2,443 Other 2,399 1,557 Total 20,613 19,250

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2017
Cash and cash equivalents
Cash and cash equivalents	Note 11 - Cash and cash equivalents Cash and cash equivalents As of December 31, (in thousands) Bank balances 32,670 46,885 Bank deposits (1) 17,580 38,283 Total 50,250 85,168 (1) Deposit in New Israeli Shekel (NIS) and USD. Bears nominal interest rate of 0.17%‑1.54% as at December 31, 2017 (2016: 0.13%-0.75%). The Group’s exposure to credit and market risks related to cash and cash equivalents is disclosed in Note 23.

Capital and reserves

Capital and reserves	12 Months Ended
	Dec. 31, 2017
Capital and reserves
Capital and reserves	Note 12 - Capital and reserves A. Share capital Ordinary Shares In thousands of shares On issue at January 1 21,003 21,090 21,361 RSU vested during the period (1) 7 — — Exercise of employee equity awards (2) 80 271 762 On issue at December 31, 21,090 21,361 22,123 Authorized (3) 54,000 54,000 54,000 In USD thousands Issued and fully paid on December 31 3,414 3,461 3,599 (1) The RSU relate to a deferred consideration with respect to the shares of an acquired subsidiary, which was accounted for as a compound instrument. (2) See Note 26. (3) Par value NIS 0.645 each. Shareholders’ rights Holders of ordinary shares are entitled to participate equally in the payment of cash dividends and in stock dividend distributions. Each ordinary share is entitled to one vote on all matters to be voted on by shareholders. Shares reserved for share option plan See Note 26. B. Translation reserve for foreign operations The translation reserve consists of all foreign currency differences arising from the translation of the financial statements of foreign operations.

Loans and borrowings

Loans and borrowings	12 Months Ended
	Dec. 31, 2017
Loans and borrowings
Loans and borrowings	Note 13 - Loans and borrowings As of December 31, 2017, the Group has no outstanding debt. Pledges and guarantees In order to secure fulfillment of the conditions related to the receipt of government grants, a floating lien was registered in favor of the State of Israel on substantially all of the assets of the Company’s manufacturing subsidiary. In addition, the Group has agreed that in the event it will create or undertake to create any pledge or charge on its assets in favor of any financial institutions, it shall grant the same collateral in equal rank to its existing financial institutions.

Employee benefits

Employee benefits	12 Months Ended
	Dec. 31, 2017
Employee benefits
Employee benefits	Note 14 - Employee benefits Employee benefits include post-employment benefits, other long-term benefits, short-term benefits and share-based payments. The Group’s liability for employee severance benefits in respect of its Israeli employees is in accordance with the Israeli Severance Pay Law - 1963 (hereinafter - the Severance Law). For employment periods from July 2010 onwards, with respect to most of its Israeli employees, the Group has a defined contribution plan for which under Section 14 of the Severance Law, contributions to the plan are in lieu of payments of severance pay. For employment periods before July 2010, with respect to its Israeli employees, and for employment periods after July 2010 regarding some of its Israeli employees, the Group has defined benefit plans for which it makes contributions to central severance pay funds and appropriate insurance policies. The Group has an additional reserve deposited in the Group’s name in a recognized compensation fund. Withdrawal of the reserve accruals is contingent upon fulfillment of detailed provisions in the Severance Law. Other long-term benefits consist of seniority grant obligations. Short-term benefits consist of salary and related expenses and liability for holiday pay. For information regarding share-based payments, see Note 26. December 31, (in thousands) Post-employment benefits Present value of funded obligations 5,458 5,583 Less fair value of plan assets (3,994) (4,157) Recognized liability for defined benefit plan 1,464 1,426 Other long-term benefits Liability for seniority grant obligations 747 872 Short-term benefits Salary and related expenses 10,897 14,982 Liability for holiday pay 2,330 3,561 Total short-term benefits 13,227 18,543 Total employee benefits liabilities 15,438 20,841 December 31, (in thousands) Presented under the following items: Other current liabilities 13,227 18,543 Employee benefits (non-current liabilities) 2,306 2,403 Other receivables (non-current assets) (95) (105) A. 1. Movement in the present value of the defined benefit obligations December 31, (in thousands) Defined benefit obligations as of January 1 5,960 5,458 Benefits paid by the plan (779) (553) Current service cost and interest cost 402 418 Changes in respect of foreign exchange differences (85) 186 Remeasurements: - Experience adjustments 153 53 - Actuarial (gains) losses from changes in financial assumptions (193) 21 Defined benefit obligations as of December 31 5,458 5,583 2. Movement in plan assets December 31, (in thousands) Fair value of plan assets as of January 1 4,415 3,994 Contributions paid into the plan 389 74 Benefits paid by the plan (539) (79) Changes in respect of foreign exchange differences (42) 180 Interest income 38 14 Return on plan assets, excluding interest income (267) (26) Fair value of plan assets as of December 31 3,994 4,157 3. Expense recognized in the statement of operations Year ended December 31, (in thousands) Current service costs including foreign exchange differences 397 318 412 Net interest on net defined liability 15 2 (2) Total 412 320 410 4. Actual return on plan assets Year ended December 31, (in thousands) Actual return on plan assets (28) (228) (25) 5. Actuarial assumptions Principal actuarial assumptions at the reporting date (expressed as weighted averages): Discount rate as of December 31 Future salary nominal increases (1) (1) Based on management assessment. Assumptions regarding future mortality are based on published statistics and mortality tables. 6. Plan assets December 31, (in thousands) Plan assets comprise Equity instruments 441 460 Debt instruments 584 610 Real estate funds 383 400 Investment funds 2,586 2,687 Total 3,994 4,157 7. Sensitivity analysis The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table summarizes the impact of changes in the respective assumptions on the defined benefit obligation at the end of the reporting period. Defined benefit obligation December 31, 2017 0.5% increase 0.5% decrease (in thousands) Discount rate (27) 31 Future salary nominal increases 28 (32) The above sensitivities are based on the average duration of the benefit obligation determined at the reporting date and are applied to adjust the defined benefit obligation for the assumption concerned. 8. Expected contributions in 2018 The Group contribution to its funded defined benefit plan is expected to be $343,000 in 2018. B. Post-employment benefit plans - defined contribution plan The Group has a defined contribution plan in respect of the Group’s liability to pay the saving component of provident funds and in respect of certain of its employees who are subject to Section 14 of the Severance Law. Year ended December 31, (in thousands) Amount recognized as expense in respect of defined contribution plan 2,626 2,394 3,694

Provisions

Provisions	12 Months Ended
	Dec. 31, 2017
Provisions
Provisions	Note 15 - Provisions Legal Right of claims return Warranty Total (in thousands) Balance as of January 1, 2017 282 394 1,970 2,646 Provision made during the period 350 454 178 982 Provisions used during the period (170) (51) (1,012) (1,233) Changes in respect of foreign exchange differences 20 44 143 207 Balance as of December 31, 2017 482 841 1,279 2,602 Legal claims See Note 24. Right of return The Group sells certain specific products with an unlimited right of return that entitle customers to a refund. In the opinion of the management of the Company, appropriate provisions have been included in the financial statements to cover the estimated refund obligations. The estimation was based on previous experience and relevant management assumptions. Warranties The Group provides a limited warranty for products sold to customers.

Other current liabilities

Other current liabilities	12 Months Ended
	Dec. 31, 2017
Other current liabilities
Other current liabilities	Note 16 - Other current liabilities As of December 31, (in thousands) Employees and payroll-related accruals 13,227 18,543 VAT payable 3,944 5,302 Customer prepayments 4,230 5,904 Other 861 712 Total 22,262 30,461

Sales and marketing

Sales and marketing	12 Months Ended
	Dec. 31, 2017
Sales and marketing
Sales and marketing	Note 17 - Sales and marketing For the year ended December 31, (in thousands) Wages and salaries 33,093 30,938 35,847 Advertising and promotions 55,133 64,890 76,687 Distribution costs 22,322 21,451 23,445 Commissions 6,975 8,218 3,958 Travel expenses 2,409 2,379 2,827 Storage expenses 6,388 6,849 8,024 Depreciation 524 374 251 Other 11,797 9,558 8,186 Total sales and marketing expenses 138,641 144,657 159,225

General and administrative

General and administrative	12 Months Ended
	Dec. 31, 2017
General and administrative
General and administrative	Note 18 - General and administrative For the year ended December 31, (in thousands) Wages and salaries 18,115 18,519 20,177 Share-based compensation 6,471 4,801 5,225 Communication and support costs 4,008 3,521 3,773 Rental and building maintenance 3,230 3,038 3,511 Professional advisors 1,439 1,225 1,096 Legal 2,085 2,176 4,761 Audit & review 1,111 988 1,029 Depreciation 4,858 5,034 4,104 Travel expenses 725 623 709 Other 5,216 3,597 4,732 Total general and administrative 47,258 43,522 49,117

Other expenses, net

Other expenses, net	12 Months Ended
	Dec. 31, 2017
Other expense
Other expense	Note 19 - Other expenses, net For the year ended December 31, (in thousands) Impairment of other intangible assets 631 1,830 — Other expenses, net — 497 142 Total other expenses, net 631 2,327 142

Financial expenses (income), ne

Financial expenses (income), net	12 Months Ended
	Dec. 31, 2017
Financial expense (income), net
Financial expense (income), net	Note 20 - Financial expense (income), net For the year ended December 31, (in thousands) Interest expense related to loans and borrowings 468 550 128 Interest income on bank balances and bank deposits (102) (91) (556) Interest expense (income) related to tax authorities, net (16) 64 7 Total interest expense (income), net 350 523 (421) Foreign exchange differences, net — 1,490 — Bank charges 392 341 358 Other — — 945 Other financial expenses 392 1,831 1,303 Foreign exchange differences, net 4,245 — 2,236 Other 1,339 234 — Other financial income 5,584 234 2,236 Total other financial expense (income), net (5,192) 1,597 (933) Total financial expense (income), net (4,842) 2,120 (1,354)

Income tax

Income tax	12 Months Ended
	Dec. 31, 2017
Income tax
Income tax	Note 21 - Income tax A. 1. General The Group subsidiaries are incorporated in various countries where income is generally taxed at statutory rates. Certain subsidiaries benefit from tax incentives or are subject to specific tax rulings. The regular corporate tax rate in Israel in 2017 is 24% (2016: 25%; 2015: 26.5%). Tax incentives to the Israeli subsidiaries are described below. Non-Israeli subsidiaries are taxed according to the tax laws in their respective country of residence. On January 4, 2016, the Israeli parliament (the Knesset) passed the Law for the Amendment of the Income Tax Ordinance (Amendment 216) - 2016, pursuant to which, inter alia, the corporate tax rate was reduced by 1.5% to a rate of 25% as of January 1, 2016. Furthermore, on December 21, 2016 the Knesset plenum passed the Economic Efficiency Law (Legislative Amendments for Achieving Budget Objectives in the Years 2017 and 2018) - 2016, pursuant to which, inter alia, the corporate tax rate was reduced from 25% to 23% in two steps. The first step was to a rate of 24% as of January 2017 and the second step will be to a rate of 23% as of January 2018. As a result of the reduction in the tax rate to 23% in two steps, the deferred tax balances as at December 31, 2017 were calculated according to the new tax rate specified in the Economic Efficiency Law (Legislative Amendments for Achieving Budget Objectives in the Years 2017 and 2018), at the tax rate expected to apply on the date of reversal. The U.S. Tax Cuts and Jobs Act (hereinafter - the Tax Act) was enacted on December 22, 2017. This legislation makes significant changes to the U.S. Internal Revenue Code. Such changes include a reduction in the corporate tax rate and limitations on certain corporate deductions and credits, among other changes. The Tax Act impacted the Company's tax benefit in the amount of approximately $0.8 million. 2. Benefits under the Law for the Encouragement of Capital Investments - 1959 An Israeli subsidiary of the Company was granted “Approved Enterprise” status in accordance with the Law for the Encouragement of Capital Investments - 1959 (hereinafter - the Encouragement Law). The subsidiary received grants and was entitled to tax benefits relating to investment programs that were subject to Approved Enterprise certificates under the Encouragement Law prior to its 2011 amendment. A company having an approved enterprise that distributes a dividend from exempt income, will be required in the tax year of the dividend distribution to pay company tax on the amount of the dividend distributed (including the company tax required as a result of the distribution) at the company tax rate that would have been applicable to it in the year the income was produced if it had not been exempt from tax. 3. Amendment to the Law for the Encouragement of Capital Investments - 1959 On December 29, 2010, the Knesset approved the Economic Policy Law for 2011‑2012, which includes an amendment to the Law for the Encouragement of Capital Investments - 1959 (hereinafter - the Amendment). The Amendment is effective from January 1, 2011 and its provisions apply to preferred income derived or accrued in 2011 and thereafter by a preferred company, per the definition of these terms in the Amendment. The Amendment provides that only companies in Development Area A will be entitled to the grants track and that they will be entitled to receive benefits under this track and under the tax benefits track at the same time. In addition, the existing tax benefit tracks were eliminated (the tax exempt track, the “Ireland” track and the “Strategic” track) and two new tax tracks were introduced in their place, a preferred enterprise and a special preferred enterprise, which mainly provide a uniform and reduced tax rate for all the company’s income entitled to benefits. On August 5, 2013, the Knesset passed the Law for Changes in National Priorities (Legislative Amendments for Achieving Budget Objectives in the Years 2013 and 2014) - 2013, which raised the tax rates on preferred income as from the 2014 tax year as follows: 9% for Development Area A and 16% for the rest of the country (compared with 7% for Development Area A and 12.5% for the rest of the country in 2013). On December 21, 2016, the Knesset passed the Economic Efficiency Law (Legislative Amendments for Achieving Budget Objectives in the Years 2017 and 2018) – 2016, which reduced the tax rate on preferred income for a preferred enterprise in Development Area A from 9% to 7.5% as from 2017. The Amendment also provides that no tax will apply to a dividend distributed out of preferred income to a shareholder that is an Israeli resident company. A tax rate of 20% shall apply to a dividend distributed out of preferred income to an individual shareholder or foreign resident, subject to double taxation prevention treaties. Furthermore, the Amendment provides relief with respect to the non-payment of tax on a dividend received by an Israeli resident company from profits of an approved/alternative/beneficiary enterprise that accrued in the benefits period according to the version of the law before its amendment, if the company distributing the dividend notifies the tax authorities by June 30, 2015 that it is applying the provisions of the Amendment and the dividend is distributed after the date of the notice (hereinafter -the relief). Furthermore, a distribution from profits of the exempt enterprise will be subject to tax by the distributing company. The abovementioned Israeli subsidiary of the Company, whose enterprise is located in Development Area A, elected to be included in the scope of the amendment of the law as a preferred company as of the 2011 tax year. The subsidiary’s entitlement to be included in the scope of the amendment is subject to fulfillment of certain conditions. The subsidiary is also qualified as “Industrial Companies” as defined in the Law for the Encouragement of Industry (Taxes) - 1969 and accordingly, among other benefits, is entitled to higher rates of depreciation. B. Composition of income tax expense Year ended December 31, (in thousands) Current tax expense (income) Current period (1) 2,189 6,262 11,790 Adjustments for prior periods, net (648) 325 (298) 1,541 6,587 11,492 Deferred tax expense (income) Origination and reversal of temporary differences 1,342 1,895 (2,364) Change in tax rate 123 (596) (788) 1,465 1,299 (3,152) Income tax expense 3,006 7,886 8,340 Year ended December 31, (in thousands) (1) Including benefits arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period (for which deferred taxes were not recognized) that was used to reduce current tax expense 1,283 1,383 697 C. Reconciliation between the theoretical tax on the income before income tax and the income tax expense Year ended December 31, (in thousands) Income before income tax 15,083 52,352 82,729 Primary tax rate of the Company 26.5 % 25.0 % 24.0 % Income tax using the Company’s primary tax rate 3,997 13,088 19,855 Additional tax (tax saving) in respect of: Different tax rate, subsidiaries (5,658) (6,753) (9,773) Tax exempt income (167) (11) (1,853) Non-deductible expenses 4,006 1,915 840 Utilization of tax losses and benefits from prior periods for which deferred taxes were not recognized (1,283) (1,383) (697) Current year tax losses and benefits for which deferred taxes were not recognized 2,156 325 699 Reversal of prior periods deferred tax losses and tax benefits 283 1,097 143 Taxes in respect of prior periods, net (649) 325 (298) Effect of change in tax rate 123 (596) (788) Other differences 198 (121) 212 Income tax expense 3,006 7,886 8,340 D. 1. Recognized deferred tax assets and liabilities Deferred taxes are calculated according to the tax rate anticipated to be in effect on the expected date of reversal. Deferred tax assets and liabilities are attributable to the following items: Property, Carry-forward Unrealized Tax deductible plant and Employee tax losses intra- provisions for Inventories equipment Intangibles benefits and deductions Group profits product returns Total (in thousands) Net balance at January 1, 2017 293 (6,542) (53) 231 2,373 3,506 (820) (1,012) Changes recognized in the statement of operations: Origination and reversal of temporary differences (56) 94 14 160 190 2,016 (54) 2,364 Effect of change in tax rate — 1,467 — — (679) — — 788 Changes recognized in other comprehensive income: Changes in respect of foreign exchange differences 37 1 (4) 16 21 — (55) 16 Net balance at December 31, 2017 274 (4,980) (43) 407 1,905 5,522 (929) 2,156 Presented under assets 234 — — 255 424 5,522 — 6,435 Presented under liabilities 40 (4,980) (43) 152 1,481 — (929) (4,279) Property, Carry-forward Unrealized Tax deductible plant and Employee tax losses intra- provisions for Inventories equipment Intangibles benefits and deductions Group profits product returns Total (in thousands) Net balance at January 1, 2016 352 (6,824) (522) 187 7,385 259 (563) 274 Changes recognized in the statement of operations: Origination and reversal of temporary differences (41) (299) 472 64 (5,053) 3,247 (285) (1,895) Effect of change in tax rate (6) 581 — (17) 38 — — 596 Changes recognized in other comprehensive income: Changes in respect of foreign exchange differences (12) — (3) (3) 3 — 28 13 Net balance at December 31, 2016 293 (6,542) (53) 231 2,373 3,506 (820) (1,012) Presented under assets 262 47 — 147 192 3,506 — 4,154 Presented under liabilities 31 (6,589) (53) 84 2,181 — (820) (5,166) 2. Unrecognized deferred tax assets Total accumulated tax losses available for carry forward as of December 31, 2017 amounted to $13.6 million (2016: $20 million). The Group has not recognized $2.7 million (2016: $4.7 million) of the potential future tax benefits since it is not probable that future taxable profit will be available against which the Group can utilize the benefits therefrom. E. Tax assessments During 2015, the Company has reached an agreement with the Israeli tax authority for finalizing its tax assessments and for one of its subsidiaries until and including 2013. During 2017, the Company completed an assessment by the United States Internal Revenue Service for finalizing its tax assessments until and including 2013. Tax authorities may have different interpretations than the Group’s interpretations with regard to various tax issues. In the opinion of the Group’s management, appropriate provisions have been included in the financial statements to cover estimated tax obligations.

Operational leases

Operational leases	12 Months Ended
	Dec. 31, 2017
Operational leases
Operational leases	Note 22 - Operational leases The Group leases its headquarters facility, distribution facilities, one of the manufacturing facilities, sales offices and vehicles under long-term non-cancelable operating leases, certain of which provide for renewal options. Leasing expenses for the year 2017 were $8.6 million (2016: $7.4 million; 2015: $5.0 million). Future minimum lease payments for all existing long-term, non-cancelable operating leases as of December 31, 2017 are as follows: (in thousands) 2018 7,451 2019 5,369 2020 3,294 2021 1,816 2022 1,425 2023 and thereafter 1,020 Total 20,375

Financial instruments

Financial instruments	12 Months Ended
	Dec. 31, 2017
Financial instruments
Financial instruments	Note 23 - Financial instruments A. 1. Exposure to credit risk The financial assets’ carrying amount represents the maximum credit exposure. The Group’s maximum credit risk exposure, as of the reporting date, was as follows: December 31, (in thousands) Cash and cash equivalents 50,250 85,168 Bank deposits 7,000 — Financial investments — 70,000 Derivative financial instruments 2,112 404 Government grants receivables 8,906 3,882 Trade receivables 87,430 124,352 2. Trade receivables The Group’s trade receivables are composed mainly of different retailers or retailer groups in various countries. The Group’s management considers that there is no significant concentration of credit risk. The aging of trade receivables at the reporting date was: December 31, (in thousands) Not past due 75,196 100,767 Past due 1‑30 days 10,430 20,386 Past due 31‑90 days 1,805 3,213 Past due more than 90 days 1,418 649 88,849 125,015 Allowance for uncollected receivables (1,419) (663) Total 87,430 124,352 Allowance for uncollected receivables during the year: December 31, (in thousands) Balance as of January 1 1,881 1,419 Provision for non-collection, net (202) (233) Write-offs charged against the allowance (260) (523) Balance as of December 31 1,419 663 The maximum exposure to credit risk for trade receivables at the reporting date by geographic region and currency is as follows: As of December 31, Currency (in thousands) United States Dollar 12,632 15,657 Euro countries (1) € 47,026 72,297 Israel NIS 4,246 5,094 Switzerland CHF 2,099 3,300 Australia AUD 8,991 10,106 South Africa ZAR 1,246 1,701 United Kingdom GBP 1,601 1,804 Sweden SEK 2,968 3,502 Denmark DKK 242 440 Norway NOK 691 935 Canada CAD 2,006 4,421 New Zealand NZD 81 110 Japan JPY 2,919 3,564 Argentina ARS — 288 Others 682 1,133 Total 87,430 124,352 (1) Includes Euro-zone countries and other countries that have sales denominated in Euros. The Group’s most significant customer, a retailer located in Western Europe, accounts for $11.3 million of the trade and other receivables carrying amount at December 31, 2017 (December 31, 2016: $5.6 million). The maximum exposure to credit risk for trade receivables at the reporting date by type of counterparty was as follows: As of December 31, (in thousands) Wholesale customers 76,694 111,408 Distributors 10,190 12,223 End-user customers 546 721 Total 87,430 124,352 Credit enhancements Most of the Group’s trade receivables are insured by credit insurance policy provided by an international insurer. The insurance coverage is up to a cumulative credit limit of $312 million, providing an indemnification up to a cumulative of the maximum between $21.6 million or 40 times the current insurance year premium, per annum. B. Liquidity risk The Group maintains credit facilities in order to meet its obligations. As of December 31, 2017, the Group had no outstanding debt. As of December 31, 2017, the Company had short-term credit facilities with a total borrowing capacity of $3.0 million, of which none was outstanding as of such date. In addition, as at December 31, 2017, the Group entered into agreements in principle with financial institutions to receive additional credit in the total amount of up to $ 132.4 million (2016: $47 million). The following tables present the Group’s financial liabilities’ contractual payment schedule, including an estimate of interest payments. This disclosure is based, where relevant, on interest rates and exchange rates as of the reporting date: December 31, 2017 Carrying Expected Within Within Within Within amount cash flow 1-6 months 7‑12 months 1‑3 years 3‑5 years (in thousands) Non-derivative financial liabilities Trade payables 61,215 61,215 61,215 — — — Other current liabilities 695 695 642 53 — — Total non-derivative financial liabilities 61,910 61,910 61,857 53 — — December 31, 2016 Carrying Expected Within Within Within Within amount cash flow 1‑6 months 7‑12 months 1‑3 years 3‑5 years (in thousands) Non-derivative financial liabilities Trade payables 41,643 41,643 41,626 17 — — Other current liabilities 859 859 859 — — — Total non-derivative financial liabilities 42,502 42,502 42,485 17 — — C. 1. Foreign currency risk i. Exposure to foreign currency risk The Group’s exposure to foreign currency risk as of the reporting date was as follows: December 31, 2017 (in thousands) Dollar € NIS CHF AUD ZAR GBP SEK DKK NOK CAD NZD JPY ARS Total Current assets Cash and cash equivalents 30,814 23,104 21,148 960 1,331 505 1,619 988 324 369 2,812 270 905 19 85,168 Trade receivables 16,790 72,297 5,094 3,300 10,106 1,701 1,804 3,502 440 935 4,421 110 3,564 288 124,352 Other receivables — — 3,882 — — — — — — — — — — — 3,882 Derivative financial instruments 404 — — — — — — — — — — — — — 404 Financial investments 70,000 — — — — — — — — — — — — — 70,000 Total assets 118,008 95,401 30,124 4,260 11,437 2,206 3,423 4,490 764 1,304 7,233 380 4,469 307 283,806 Current liabilities Trade payables 11,140 19,805 24,397 207 1,356 780 569 573 142 125 1,238 44 698 141 61,215 Other current liabilities — 475 97 — 70 — — — — — — — 53 — 695 Derivative financial instruments 215 — — — — — — — — — — — — — 215 Total liabilities 11,355 20,280 24,494 207 1,426 780 569 573 142 125 1,238 44 751 141 62,125 Total assets, net 106,653 75,121 5,630 4,053 10,011 1,426 2,854 3,917 622 1,179 5,995 336 3,718 166 221,681 December 31, 2016 (in thousands) Dollar € NIS CHF AUD ZAR GBP SEK DKK NOK CAD NZD JPY ARS Total Current assets Cash and cash equivalents 9,087 13,670 19,367 2,064 370 308 1,105 1,238 301 392 1,381 426 541 — 50,250 Bank deposits 7,000 — — — — — — — — — — — — — 7,000 Trade receivables 13,314 47,026 4,246 2,099 8,991 1,246 1,601 2,968 242 691 2,006 81 2,919 — 87,430 Other receivables — — 8,906 — — — — — — — — — — — 8,906 Derivative financial instruments 2,112 — — — — — — — — — — — — — 2,112 Total assets 31,513 60,696 32,519 4,163 9,361 1,554 2,706 4,206 543 1,083 3,387 507 3,460 — 155,698 Current liabilities Trade payables 8,541 9,762 18,856 818 1,267 154 512 264 75 188 693 51 462 — 41,643 Other current liabilities — 772 87 — — — — — — — — — — — 859 Non-current liabilities Total liabilities 8,541 10,534 18,943 818 1,267 154 512 264 75 188 693 51 462 — 42,502 Total assets (liabilities), net 22,972 50,162 13,576 3,345 8,094 1,400 2,194 3,942 468 895 2,694 456 2,998 — 113,196 During 2017 and 2016, the Group held a number of derivative contracts to offset specific risks resulting from a difference in the currency in which Group entities generate their revenues and the currency in which part of the raw-material purchases are made. As of December 31, 2017, the Group’s notional investment in currency derivatives is $125.3 million (2016: $111.4 million) with fair value of $0.2 million (2016: $2.1 million). Information regarding significant exchange and spot rates applied during the year: Year ended December 31, Annual change Reporting date spot rate 1 EUR % % 1.05 1.20 1 NIS % % 0.26 0.29 1 CHF % % 0.98 1.02 1 AUD % % 0.72 0.78 1 ZAR % % 0.07 0.08 1 GBP % % 1.23 1.35 1 SEK % % 0.11 0.12 1 DKK % % 0.14 0.16 1 NOK % % 0.12 0.12 1 CAD % % 0.74 0.80 1 NZD % % 0.69 0.71 1 JPY % % 0.01 0.01 1 ARS (18.36) % % 0.06 0.05 ii. Sensitivity analysis A strengthening or weakening of the U.S. Dollar, as indicated below, against the following currencies as of December 31, 2017 would have increased (decreased) equity and net income by the amounts shown below. This analysis is based on foreign currency exchange rate variances that the Group considered to be reasonably possible at the end of the reporting period. This analysis assumes that all other variables, in particular interest rates, remain constant. December 31, 2017 Devaluation Revaluation Equity Net income Equity Net income (in thousands) Change of 10% in: EUR (6,925) 1,088 7,326 (687) NIS (653) (348) 789 484 CHF 304 689 135 (250) AUD (468) 527 746 (249) ZAR (143) — 143 — GBP (15) 250 180 (85) SEK (149) 237 247 (139) DKK (62) — 62 — NOK (118) — 118 — CAD 91 694 323 (281) NZD (34) — 34 — JPY (25) 338 201 (162) ARS (17) 23 17 (23) December 31, 2016 Devaluation Revaluation Equity Net income Equity Net income (in thousands) Change of 10% in: EUR (3,943) 637 4,474 (106) NIS (2,397) (2,068) 4,436 4,107 CHF 226 510 43 (242) AUD (469) 340 662 (147) ZAR (140) — 140 — GBP 58 267 46 (163) SEK (229) 126 280 (75) DKK (47) — 47 — NOK (90) — 90 — CAD 225 510 4 (281) NZD (46) — 46 — JPY (145) 155 170 (130) 2. Interest rate risk Interest rate risk profile As of the reporting date, the interest rate profile of the Group’s interest-bearing financial instruments was as follows: December 31, Carrying amount (in thousands) Fixed rate instruments Financial assets 24,580 38,283 Variable rate instruments Financial assets — 70,000 3. Fair value versus carrying amounts The carrying amounts of certain financial assets and liabilities, including cash and cash equivalents, bank deposits, financial investments, trade receivables, derivative financial instruments, trade payables and other current liabilities are the same or proximate to their fair value. For further information regarding determination of fair values see Note 4. Fair value hierarchy The table below analyzes financial instruments carried at fair value by the valuation method. The different hierarchy levels have been defined in Note 4: December 31, 2017 Level 1 Level 2 Level 3 Total (in thousands) Financial assets Financial investments — 70,000 — 70,000 Derivative financial instruments — 404 — 404 Total assets — 70,404 — 70,404 Financial Liabilities Derivative financial instruments — 215 — 215 Total non-derivative financial liabilities — 215 — 215 December 31, 2016 Level 1 Level 2 Level 3 Total (in thousands) Financial assets Derivative financial instruments — 2,112 — 2,112 Total assets — 2,112 — 2,112

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2017
Contingencies
Contingencies	Note 24 - Contingencies Legal proceedings From time to time, the Group is a party to various legal proceedings (both as claimant and defendant) in the ordinary course of its business. In the opinion of the management of the Company, which is based on, among other things, the opinion of its legal counsels, appropriate provisions have been included in the financial statements (see Note 15), where warranted, to cover the exposure resulting from such claims. Legal claims and proceedings (excluding claims with no specified amount, claims fully covered by the Group’s insurance policy and claims where the likelihood of an outflow of resources is considered to be remote) amounted to $28.5 million as of December 31, 2017 in respect of two separate legal proceedings, with Mineracqua – the Federation of Natural Mineral Water Industries, Spring Waters and Soft Drinks in Italy and the Histadrut (General Federation of Labor in Israel) in Israel. Most of the amount is attributed to the Mineracqua claim. The provision included in the financial statements for legal claims and proceedings totaled $0.5 million as of December 31, 2017. The Group is also a party to various personal injury claims (of employees and consumers), as a direct party or a third party. These claims are handled by the Group’s insurers. Contractual Obligations The Company’s significant contractual obligations and commitments as of December 31, 2017 amount to $48.4 million. The amount includes purchase obligations for raw material, services and property plant and equipment for a period of less than 1 year.

Net income per share

Net income per share	12 Months Ended
	Dec. 31, 2017
Net income per share
Net income per share	Note 25 - Net income per share Year ended December 31, (in thousands) Net income for the year ended December 31 12,077 44,466 74,389 Opening balance at January 1 21,003 21,090 21,361 RSU Adjustment (see note 12A‑1) 7 — — Effect of employee options exercised (1) 27 93 447 Weighted average number of shares at December 31 - basic 21,037 21,183 21,808 Effect of employee options (1) 80 333 769 Weighted average number of shares at December 31 - diluted 21,117 21,516 22,577 Net income per share (In $) Basic 0.57 2.10 3.41 Diluted 0.57 2.07 3.29 (1) See Note 26. The average market value of the Company’s shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the period that the options were outstanding. At December 31, 2017, 155 thousand options (in 2016 and 2015: 236 thousand and 1,765 thousand, respectively) were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive.

Share-based payments

Share-based payments	12 Months Ended
	Dec. 31, 2017
Share-based payments
Share-based payments	Note 26 - Share-based payments In December 2007 and in October 2010, the Group established two employee share option plans (hereinafter - the 2007 Option Plan and the 2010 Option Plan, respectively). The 2007 Option Plan and the 2010 Option Plan entitle key management personnel and senior employees to purchase the Company’s shares. Each option entitles the option holder to purchase one ordinary share of the Company at the exercise price. The 2007 Option Plan and the 2010 Option Plan are intended to provide an incentive to retain employees and to attract new employees that the Board of Directors determines provide services that are valuable to the Group. The administration of the 2007 Option Plan and the 2010 Option Plan is under the responsibility of a committee appointed by the Board of Directors. The use of the term options in this note includes both share options and RSU unless stated otherwise. As of December 31, 2017, 1,309,121 ordinary shares were available for issuance under our option plans of which options to purchase 1,022,830 ordinary shares have been granted and are outstanding. The options granted as of February 23, 2012, will expire ten years after the grant date. Options granted on or after February 23, 2012, but prior to February 26, 2013 will expire six years after the grant. Options granted on or after February 26, 2013, will expire five years after the grant date. The basic terms of the 2007 and the 2010 Option Plans: 25% or 33.3% of the equity awards will vest one year after the date of grant and the remainder will vest in equal portions at the end of each three-month period thereafter over four or three years, respectively. Equity awards to non-employees directors under the 2010 Option Plan prior to November 2017, vest annually in three equal installments on the first, second and third anniversaries of the date of grant. In December 2015, the annual general meeting approved a grant of 600,000 options to the CEO out of which 300,000 options immediately vested at grant date and 300,000 options were subject to market condition of which 150,000 options became exercisable once the Company’s price per share exceeded $22, for certain consecutive trading days, following the first anniversary of date of grant and the remaining 150,000 options became exercisable once the Company’s price per share exceeded $27, for certain consecutive trading days, following the second anniversary of date of grant. In December 2015, the annual general meeting approved to grant to the CEO 100,000 options under the 2010 option plan and a cash bonus in the event of a strategic investment in the Company. The cash bonus will be equal to 1% of the cash amount invested in the Company at the closing of the strategic investment up to a maximum bonus amount of $500,000. The strategic investment will be in the aggregate amount of not less than $25 million and the identity of the investor would make a contribution to the Company beyond the actual sum of the purchase of share of the Company. In November 2017, our shareholders approved an Equity-Based Compensation Framework to our non-employees directors. Under the terms of the Equity-Based Compensation Framework, upon first becoming a member of our board of directors and on each anniversary thereafter, provided the director is still in office, each of our non-employee directors, will receive a grant of options to purchase up to 2,500 ordinary shares of the Company and 2,500 RSUs. The options and RSUs will fully vest on the first anniversary of the date of grant. In addition, three of the Company’s directors received an aggregate grant of 5,504 RSUs. Such RSUs will vest annually, in two equal installments, over a two-year period, on the first and second anniversaries of the grant. The grants to employees and to some non-employees are pursuant to section 102(b) of the Israeli Income Tax Ordinance (capital gain option). The grants to certain non-employees are pursuant to section 3(i) of the Israeli Income Tax Ordinance (taxed as ordinary income). The option holder’s rights to purchase shares will be adjusted upon certain events described in the 2007 Option Plan or in the 2010 Option Plan, subject to the approval of the applicable tax authority. The terms and conditions of the grants are as follows; all options are to be settled by physical delivery of shares: Options grant Number of Vesting conditions Period options (1) (2) (3) (4) (5) (6) (7) (8) (9) Quarter 4, 2007 660,211 144,962 29,965 — — — — — 485,284 — Quarter 1, 2008 92,470 — 92,470 — — — — — — — Quarter 2, 2008 90,332 54,264 36,068 — — — — — — — Quarter 3, 2008 147,816 3,876 52,658 — — — — — 91,282 — Quarter 4, 2008 82,171 32,558 — — — — — — 49,613 — Quarter 1, 2009 8,616 — 8,616 — — — — — — — Quarter 3, 2009 34,109 34,109 — — — — — — — — Quarter 4, 2009 29,457 29,457 — — — — — — — — Quarter 1, 2010 26,356 26,356 — — — — — — — — Quarter 2, 2010 94,186 94,186 — — — — — — — — Quarter 4, 2010 727,450 547,450 — 180,000 — — — — — — Quarter 3, 2011 63,000 63,000 — — — — — — — — Quarter 4, 2011 183,000 183,000 — — — — — — — — Quarter 1, 2012 40,400 40,400 — — — — — — — — Quarter 2, 2012 9,000 9,000 — — — — — — — — Quarter 3, 2012 97,500 97,500 — — — — — — — — Quarter 4, 2012 457,500 7,500 — — 135,000 315,000 — — — — Quarter 1, 2013 328,000 328,000 — — — — — — — — Quarter 2, 2013 92,100 92,100 — — — — — — — — Quarter 3, 2013 5,000 5,000 — — — — — — — — Quarter 4, 2013 110,000 110,000 — — — — — — — — Quarter 1, 2014 147,300 122,300 — — — — 25,000 — — — Quarter 3, 2014 13,500 13,500 — — — — — — — — Quarter 4, 2014 179,500 — — — — — — 179,500 — — Modification (i) (133,139) — — — — — — (133,139) — Quarter 2, 2015 61,000 26,000 — — — — — 35,000 — — Quarter 3, 2015 60,500 60,500 — — — — — — — — Quarter 4, 2015 813,000 123,000 — 90,000 — — — — — 600,000 Modification (ii) (190,000) — — — — — — — — (190,000) Quarter 1, 2016 78,000 78,000 — — — — — — — — Quarter 2, 2016 13,000 13,000 — — — — — — — — Quarter 4, 2016 17,000 17,000 — — — — — — — — Quarter 2, 2017 250,250 250,250 — — — — — — — — Quarter 4, 2017 52,004 26,500 — — 20,000 — — — 5,504 — Total options Granted 4,740,589 (1) 25% - vests one year after grant date and an additional 6.25% vests at the end of each quarter beginning one year after the grant date (2) Fully vested at grant date. (3) 33.33% - vests one year after grant date and an additional 33.33% vests at the end of each year beginning one year after the grant date. (4) Vests one year after the grant date. (5) Vests three years after the grant date, subject to performance condition as detailed above. (6) Vests 11 months after the grant date. (7) 33% - vests one year after grant date and an additional 8.33% vests at the end of each quarter beginning one year after the grant date. (8) Other than (1) - (7) above (mainly - quarterly-based, ten to twelve quarters). (9) 300,000 options fully vested at grant date out of which 190,000 were granted in lieu of 190,000 options which were cancelled. See sub note 9(ii) below. The remaining 300,000 options were subject to market condition with a service period of one year from grant date for 50% of the options, and a service period of two years from grant date for the remaining 50% of the options. (i) In November 2014, the Company modified the terms of part of the above grants by cancelling 494,496 outstanding options and granting in return 361,357 new options with a lower exercise price. The new options include new vesting conditions as described in sub note 7 above. (ii) In December 2015, the Company modified the terms of part of the above grants by cancelling 190,000 outstanding options and granting in return 190,000 options, fully vested, with lower exercise price. See sub note 9 above. A. The number and weighted average exercise prices of options are as follows: Number of options and RSUs Weighted average exercise price ($) (*) Outstanding at January 1 1,813,591 2,273,499 1,520,887 29.11 22.21 19.07 Forfeited and expired during the period (204,332) (589,617) (38,132) 38.04 22.60 15.68 Exercised during the period (80,260) (270,995) (762,179) 15.80 20.32 20.19 Granted during the period 934,500 108,000 302,254 15.50 16.61 53.56 Modification during the period (190,000) — — 15.00 — — Outstanding at December 31, 2,273,499 1,520,887 1,022,830 22.21 19.07 24.48 Exercisable at December 31, 959,339 1,019,031 595,136 21.00 20.07 18.21 Weighted average remaining contractual life (years) (*) 4.15 3.60 3.08 Weighted average contractual life (years) (*) 6.07 6.07 5.11 (*) The options outstanding as at December 31, 2017 have an exercise price of NIS 0.645, €4.84, €10.32, and $13 - $64 (2016: NIS 0.645, €1.61, €4.84, €10.32, and $13 - $52 ; 2015: NIS 0.645, €1.61, €4.84, €10.32, and $15 - $52). The weighted average share price at the date of exercise for options exercised in 2017 was $56.74 (2016: $30.30; 2015: $16.75). B. Information on measurement of fair value of share-based payment plans The grant date fair value of the options granted through the employee share option plans was measured based on the Black-Scholes formula for options with non-market conditions and based on Monte Carlo model for options with market conditions. See Note 4E. The inputs used in the measurement of the fair values at grant date of the share-based payment plans were as follows: Year ended December 31, Weighted average fair value at grant date (in USD) 8.08 7.18 39.15 The parameters used to calculate fair value: Share price (on grant date) (weighted average) (in USD) 17.26 16.47 57.43 Exercise price (weighted average) (in USD) 15.50 16.61 53.56 Expected volatility (weighted average) 45 % - 58 % 42 % - 56 % 42 % - 48 % Option life (years) 5 5 5 Expected dividends % % % Risk-free interest rate 0.38 % - 1.72 % 0.47 % - 1.38 % 1.10 % - 2.06 % C. Remuneration expenses in respect of share-based payments and additional details The annual pre-vesting forfeiture rate is 3.32% for management (including non-employees) and 3.05% for other employees based on the Company’s assessment. Remuneration expenses Year ended December 31, (in thousands) Expenses arising from share-based payment grants settled by the Company’s equity instruments 6,471 4,801 5,225 See Note 27 regarding options that were granted to key management personnel.

Related parties

Related parties	12 Months Ended
	Dec. 31, 2017
Related parties
Related parties	Note 27 - Related parties A. Key management personnel compensation In addition to their remuneration, the Group also provides non-cash benefits (such as vehicles) to key management personnel. Key management personnel are also entitled to post-employment benefits (for which the Group contributes to a defined benefit plan on their behalf) and participate in the Company’s share option plan (see Note 14 and Note 26, respectively). Compensation to key management personnel: Year ended December 31, 2015 2016 2017 Number of Number of Number of people Amount people Amount people Amount (in thousands) (in thousands) (in thousands) Short-term employee benefits 16 2,586 16 2,519 15 3,362 Long-term employee benefits(*) 1 412 — — — — Post-employment benefits 9 119 8 95 7 109 Share-based payments 16 16 3,578 14 2,242 Total 7,267 6,192 5,713 (*) B. Exculpation, insurance and indemnification of key management personnel The Group’s key management personnel and directors are covered by a directors’ and officers’ liability insurance policy. In addition, the Company has entered into agreements with each of its key management personnel and directors exculpating them, to the fullest extent permitted by law, from liability to the Company for damages caused to the Company as a result of a breach of duty of care, and undertaking to indemnify them to the fullest extent permitted by law. The insurance is subject to our discretion depending on its availability, effectiveness and cost. Effective as of the date of our IPO, the maximum amount set forth in such agreement is (1) with respect to indemnification in connection with a public offering of the Company’s securities, the gross proceeds raised by the Company and/or any selling shareholder in such public offering, and (2) with respect to all permitted indemnification, including a public offering of the Company’s securities, the greater of (a) an amount equal to 50% of the shareholders’ equity on a consolidated basis, based on the Company’s recent financial statements made publicly available before the date on which the indemnity payment is made and (b) $50 million.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2017
Subsequent events
Subsequent events	Note 28 - Subsequent events In February 2018, the Company has completed the acquisition of 100% of the share capital of OPM France SAS, its exclusive distributor in France, in order to utilize further synergies and efficiencies. The purchase price was €17.5 million, subject to customary post-closing price adjustments.

Significant accounting polici35

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2017
Significant accounting policies
Basis of consolidation	Basis of consolidation 1. Subsidiaries Subsidiaries are entities controlled by the Company. Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect these returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. 2. Transactions eliminated on consolidation Intra-Group balances and transactions, and any unrealized income and expense arising from intra-Group transactions, are eliminated in preparing the consolidated financial statements. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.
Foreign currency	Foreign currency 1. Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currency of the Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the respective functional currency at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognized in the statement of operations. 2. Foreign operations The assets and liabilities of foreign operations, including goodwill are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at the average exchange rate for the period. Foreign currency differences are recognized in other comprehensive income, and presented in the foreign currency translation reserve (hereinafter - the translation reserve) in equity. When a foreign operation is disposed of such that control is lost, the cumulative amount in the translation reserve related to that foreign operation is transferred to the statement of operations as part of the gain or loss on disposal. Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains and losses arising from a monetary item receivable from or payable to foreign operations, the settlement of which is neither planned nor likely in the foreseeable future, are considered to be as part of a net investment in a foreign operation and are recognized in other comprehensive income, and are presented in the translation reserve in equity.
Financial instruments	Financial instruments 1. Non-derivative financial assets The Group initially recognizes receivables and deposits on the date that they are originated. All other financial assets are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Financial assets and liabilities are offset and the net amount is presented in the balance sheet when the Group has a legal right to offset the amount and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The Group has the following non-derivative financial assets: Receivables, deposits and cash and cash equivalents Receivables and deposits are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, receivables are measured at amortized cost using the effective interest method, less any impairment losses. Receivables consist of trade and other receivables. Cash and cash equivalents comprise cash balances and deposits with original maturities of three months or less. Financial investments The Group has entered into financial investments, which consist of investments in government, corporate and government sponsored enterprises debentures. The Group's investments policy limits the credit rating and the amount that the Group may invest in any one type of investment or issuer and, thereby the credit risk is reduced. Financial investments are recognized initially at fair value. Subsequent to initial recognition, financial investments are measured at fair value, and changes therein are recognized immediately in the statement of operations, as financing items. 2. Non-derivative financial liabilities The Group has the following non-derivative financial liabilities: trade payables and other payables. Trade payables and all other financial liabilities are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. Financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. 3. Derivative financial instruments The Group has entered into currency derivative contracts to moderate its global currency risk on the basis of planned transactions. These contracts generally cover a period of less than one year. The Group’s hedging activities currently do not meet the criteria for hedge accounting. Derivative financial instruments are recognized initially at fair value; attributable transaction costs are recognized in the statement of operations as incurred. Subsequent to initial recognition, derivative financial instruments are measured at fair value, and changes therein are recognized immediately in the statement of operations, as either operating or financing items depending on the nature of the item being economically hedged. 4. Share capital All shares are classified as equity. Incremental costs directly attributable to the issuance of shares and options are recognized as a deduction from equity, net of any tax effects.
Property, plant and equipment	Property, plant and equipment 1. Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the asset to a working condition for its intended use and the estimated cost of dismantling and removing the item and restoring the site on which it is located, when such an obligation exists, and capitalized borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. When parts of an item of property, plant and equipment (including costs of major periodic inspections) have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The cost of assets in respect of which investment grants are received is stated net of the amount of the grant. Changes in the obligation to dismantle and remove the items and to restore the site, on which they are located, other than changes deriving from the passage of time, are added to or deducted from the cost of the asset in the period in which they are first calculated or changes occur. The amount deducted from the cost of the asset shall not exceed the balance of the carrying amount, and the remaining balance is recognized immediately in the statement of operations. Exchangeable CO2 cylinders that are loaned to distributors and exchangeable CO2 cylinders that are used by the Group to facilitate the exchange program are considered property, plant and equipment. 2. Subsequent costs The cost of replacing components of an item of property, plant and equipment and other subsequent costs are recognized in the carrying amount of property, plant and equipment if it is probable that the future economic benefits embodied within them will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced item of property, plant and equipment is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in the statement of operations as incurred. 3. Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset less its residual value. Items of property, plant and equipment are depreciated from the date they are installed and are ready for use in the manner intended by management, or in respect of internally constructed assets, from the date that the asset is complete and ready for use. Depreciation is recognized in the statement of operations on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land owned by the group is not depreciated. The estimated useful lives for the current and comparative periods are as follows: - Leasehold improvements the shorter of lease term or useful life - Machinery and equipment 5‑10 years - Office furniture and equipment 3‑5 years - Vehicles 5‑7 years - Cylinders 20‑50 years - Buildings 50 years Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.
Intangible assets	Intangible assets 1. Goodwill Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. 2. Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and accumulated impairment losses. 3. Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditures on internally generated goodwill and brands, are recognized in the statement of operations as incurred. 4. Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset less its residual value. Amortization is recognized in the statement of operations on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. Goodwill and intangible assets that have an indefinite useful life are not systematically amortized but are tested for impairment at least once a year. The estimated useful lives for the current and comparative periods are as follows: - Software licenses 3‑10 years - Customer relations 5‑8 years - Technology 8 years - Trademarks Indefinite Amortization methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate. The Group examines the useful life of an intangible asset that is not periodically amortized at least once a year in order to determine whether events and circumstances continue to support the decision that the intangible asset has an indefinite useful life.
Leased assets	F. Leased assets At inception or upon reassessment of an arrangement, the Group determines whether such an arrangement is or contains a lease. Leases under the terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Upon initial recognition, the leased asset is measured and a liability is recognized at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Future payments for exercising an option to extend the lease from the Israel Land Authority are not recognized as part of an asset and corresponding liability since they constitute contingent lease payments that are derived from the fair value of the land on the future dates of renewing the lease agreement. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset. Other leases are classified as operating leases and are not recognized on the balance sheet. When a lease includes both a land component and a buildings component, each component is considered separately for the purpose of classifying the lease, with the principal consideration regarding the classification of land being the fact that land normally has an indefinite useful life.
Inventories	F. Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out (FIFO) principle and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overhead based on standard operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.
Capitalization of borrowing costs	F. Capitalization of borrowing costs Specific and non-specific borrowing costs are capitalized to qualifying assets throughout the period required for completion and construction until they are ready for their intended use. Non-specific borrowing costs are capitalized in the same manner to the same investment in qualifying assets, or portion thereof, which was not financed with specific credit by means of a rate which is the weighted-average cost of the credit sources which were not specifically capitalized. Foreign currency differences from credit in foreign currency are capitalized if they are considered an adjustment of interest costs. Other borrowing costs are expensed as incurred. Income earned on the temporary investment of specific credit received for investing in a qualifying asset is deducted from the borrowing costs eligible for capitalization.
Impairment	Impairment 1. Non-derivative financial assets A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Objective evidence that financial assets are impaired can include, among others, default or delinquency by a debtor, restructuring of an amount due to the Group on terms that the Group would not otherwise consider, indications that a debtor will enter bankruptcy, adverse changes in the payment status of borrowers, changes in the economic environment that correlate with insolvency of issuers or the disappearance of an active market for a security. The Group considers evidence of impairment for receivables at both an individual asset and a collective level. All individually significant receivables are individually assessed for impairment. All individually significant receivables found not to be impaired are then collectively assessed for any impairment that has been incurred but not yet identified. An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognized in the statement of operations and reflected in an allowance account against receivables. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost the reversal is recognized in the statement of operations. 2. Non-financial assets The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The Group estimates the recoverable amount of goodwill and intangible assets that have indefinite useful lives once a year and on the same date for each asset, or more frequently if there are indications of impairment. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). The recoverable amount of an asset or cash-generating unit (hereinafter - CGU) is the greater of its value in use and its fair value less costs of disposals. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU, for which the estimated future cash flows from the asset or cash-generating unit were not adjusted. The Groups’ corporate assets do not generate separate cash inflows and are utilized by more than one cash-generating unit. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its estimated recoverable amount. Impairment losses are recognized in the statement of operations. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
Non-current assets and disposal groups held for sale	J. Non-current assets and disposal groups held for sale Non-current assets are classified as held for sale if it is highly probable that they will be recovered primarily through a sale transaction and not through continuing use. The assets are measured at the lower of their carrying amount and fair value less cost to sell. Impairment losses recognized on initial classification as held for sale, and subsequent gains or losses on re-measurement, are recognized in profit or loss. Gains are not recognized in excess of any cumulative impairment loss. In subsequent periods, depreciable assets classified as held for sale are not periodically depreciated.
Employee benefits	Employee benefits 1. Post-employment benefits The Group has a number of post-employment benefit plans. The plans are usually financed by deposits with insurance companies or with funds managed by a trustee, and they are classified as defined contribution plans or defined benefit plans. a. Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an expense in the statement of operations in the periods during which related services are rendered by employees. b. Defined benefit plans A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability. The discount rate is the yield at the reporting date on high quality corporate bonds that have maturity dates approximating the terms of the Group’s obligations and that are denominated in the currency in which the benefits are expected to be paid. The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a net asset for the Group, the recognized asset is limited to the present value of economic benefits available in the form of a refund from the plan or a reduction in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Group. An economic benefit is considered available to the Group if it is realizable during the life of the plan, or on settlement of the plan obligations. Remeasurements of the net defined benefit liability (asset) which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest) are recognized in other comprehensive income. Other expenses related to defined benefit plans and employee benefit expenses are recognized in the statement of operations. 2. Other long-term benefits The Group’s obligation in respect of long-term employee benefits other than post-employment benefit plans is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The discount rate is the yield at the reporting date on high quality corporate bonds that have maturity dates approximating the terms of the Group’s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is based on the projected unit credit method. Any remeasurements are recognized in the statement of operations as they occur. 3. Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided or upon the actual absence of the employee when the benefit is not accumulated. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past events and a reliable estimate of the obligation can be made. On the balance sheet, the employee benefits are classified as short-term benefits or as other long-term benefits according to the time the liability is expected to be settled. 4. Termination benefits Termination benefits are recognized as an expense at the earlier of when the Group can no longer withdraw the offer of those benefits or when the Group recognizes costs for a restructuring that involves the payment of termination benefits. 5. Share-based payment transactions The grant date fair value of share-based payment awards (equity awards), which include stock options and restricted share units (hereinabove and hereinafter - RSU) granted to employees is recognized as salary expense, with a corresponding increase in equity, over the vesting periods of the awards. The amount recognized as an expense in respect of share-based payment awards that are conditional upon meeting employee service is adjusted to reflect the number of awards that are expected to vest. For share-based payment awards with market performance vesting conditions, the grant date fair value of the share-based payment awards is measured to reflect such conditions, and therefore the Group recognizes an expense in respect of the awards whether or not the conditions have been met. When the Company reduces the exercise price of options granted during the vesting period, the incremental fair value granted, which is the difference between the fair value of the re-priced options and the original options, both estimated as at the date of modification, is included in the measurement of the amount recognized for services received over the period from the modification date until the date when the modified options vest, in addition to the amount based on the grant date fair value of the original options, which is recognized over the remainder of the original vesting period. When a modification includes a reduction in exercise price and a reduction in the number of granted instruments, the fair value of the re-priced options is based on the reduced number of granted instruments.
Provisions	Provisions A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and of the risks specific to the liability without adjustment for the Company’s credit risk. The unwinding of the discount is recognized as a financial expense. 1. Warranties A provision for warranties is recognized when the underlying products are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities. 2. Legal claims A provision for legal claims is recognized if, as a result of a past event, the Group has a present legal or constructive obligation and it is more likely than not that an outflow of economic benefits will be required to settle that obligation and the amount of obligation can be estimated reliably. 3. Right of return A provision for estimated product returns is recognized when there is an obligation to provide a refund upon the return of products (see also Note 3(M)). 4. Machinery and plant dismantling A provision for machinery and plant dismantling is recognized when there is a contractual obligation for such activities.
Revenue	Revenue Revenue from the sale of goods in the ordinary course of business is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates. When the credit period is short and constitutes the accepted credit in the industry, the future consideration is not discounted. Revenue is recognized when persuasive evidence exists (usually in the form of an executed sales agreement) that the significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. If it is probable that discounts will be granted and the amount can be measured reliably, then the discount is recognized as a reduction of revenue as the sales are recognized. The timing of the transfer of risks and rewards varies depending on the individual terms of the sale agreement. For sales of products in domestic markets, transfer usually occurs when the product is received at the customer’s warehouse, but for most international shipments transfer occurs upon loading the goods onto the relevant carrier. The Group recognizes the supply of exchangeable CO2 cylinders to customers, for which in certain circumstances, there is an obligation to provide a refund upon their return, as a final sale. The amount of the refund varies by country and customer (retailer, distributor and end-consumer) and may also change over time as market conditions vary in a particular country. As a result, a provision is recorded for estimated returns based on historical return patterns of customers, and the refundable amounts are recorded as a reduction of revenue.
Government grants	Government grants The Group has entered into an approved investment program initiated by the State of Israel. Government grants are recognized initially at fair value when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Unconditional government grants are recognized when the Group is entitled to receive them. Grants that compensate the Group for the cost of an asset are presented as a deduction from the related assets and are recognized in the statement of operations on a systematic basis over the useful life of the asset.
Lease payments	Lease payments Payments made under operating leases are recognized in the statement of operations on a straight-line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease.
Financial income and expenses	Financial income and expenses Financial income consists mainly of interest income on funds invested and fair value gains of financial assets and liabilities at fair value through profit and loss. Interest income is recognized as it accrues in the statement of operations using the effective interest method. Financial expenses consist mainly of borrowing costs, unwinding of the discount on provisions and deferred consideration and fair value losses of financial assets and liabilities at fair value through profit and loss. Borrowing costs which are not capitalized to qualifying assets are recognized in the statement of operations using the effective interest method. In the statements of cash flows, interest received is presented within cash flows from investing activities. Interest paid is presented within cash flows from operating activities. Foreign currency gains and losses on financial assets and liabilities are reported on a net basis as either financial income or financial expenses depending on whether foreign currency movements are in a net gain or net loss position.
Income tax	Income tax Income tax expense comprises of current and deferred tax expenses. Income tax expense is recognized in the statement of operations or is recognized directly in equity or in other comprehensive income to the extent it relates to items recognized directly in equity or in other comprehensive income, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and there is intent to settle current tax liabilities and assets on a net basis or the tax assets and liabilities will be realized simultaneously. When determining the taxable profit (loss), tax bases, unused tax losses, unused tax credits and tax rates when there is uncertainty over income tax treatments, the Company assesses whether it is probable that the tax authority will accept its tax position. Insofar as it is probable that the tax authority will accept the Company’s tax position, the Company recognizes the tax effects on the financial statements according to that tax position. On the other hand, if it is not probable that the tax authority will accept the Company’s tax position, the Company is required to reflect the uncertainty in its accounts. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future and differences arising on the initial recognition of goodwill. The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which it can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred tax assets that were not recognized are reevaluated at each reporting date and recognized if it has become probable that future taxable profits will be available against which they can be utilized. Deferred tax in respect of intra-Group transactions in the consolidated financial statements is recorded according to the tax rate applicable to the buying company. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. The Group may be required to pay additional tax if a dividend is distributed by Group companies. This additional tax was not included in the consolidated financial statements since the Group’s policy is not to distribute a dividend that creates an additional tax liability for the Group.
Net income per share	Net income per share The Group presents basic and diluted net income per share data. Basic net income per share is calculated by dividing the net income attributable to shareholders of the Company by the weighted average number of shares outstanding during the year. Diluted net income per share is determined by adjusting the net income attributable to shareholders and the weighted average number of shares outstanding for the effects of all dilutive potential shares, which consist of the exercise of options and RSUs granted to employees and others.
New standards and interpretations not yet adopted	New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations are not yet in effect for the year ended December 31, 2017 and have not been applied in preparing these consolidated financial statements: 1. IFRS 9 (2014) Financial Instruments IFRS 9 (2014) is a final version of the standard, which includes revised guidance on the classification and measurement of financial instruments, and a new model for measuring impairment of financial assets. This guidance is in addition to IFRS 9 (2013) which was issued in 2013. In accordance with IFRS 9 (2014), there are three principal categories for measuring financial assets: amortized cost, fair value through profit and loss and fair value through other comprehensive income. The basis of classification for debt instruments is the entity’s business model for managing financial assets and the contractual cash flow characteristics of the financial asset. Investments in equity instruments are to be measured at fair value through profit and loss (unless the entity elected at initial recognition to present fair value changes in other comprehensive income). IFRS 9 (2014) requires that changes in fair value of financial liabilities designated at fair value through profit or loss that are attributable to changes in its credit risk, should usually be recognized in other comprehensive income. Impairment of financial assets IFRS 9 (2014) presents a new ‘expected credit loss’ model for calculating impairment. For most financial assets, the new model presents a dual measurement approach for impairment: if the credit risk of a financial asset has not increased significantly since its initial recognition, an impairment provision will be recorded in the amount of the expected credit losses that result from default events that are possible within the twelve months after the reporting date. If the credit risk has increased significantly, in most cases the impairment provision will increase and be recorded at the level of lifetime expected credit losses of the financial asset. IFRS 9 (2014) is effective for annual periods beginning on or after January 1, 2018 with early adoption being permitted. It will be applied retrospectively with some exemptions. The Group has examined the effects of applying IFRS 9 (2014) and in its opinion the effect on the financial statements will be immaterial. 2. IFRS 15 Revenue from contracts with customers IFRS 15 replaces the current guidance regarding recognition of revenues and presents a new model for recognizing revenue from contracts with customers. IFRS 15 provides two approaches for recognizing revenue: at a point in time or over time. The model includes five steps for analyzing transactions so as to determine when to recognize revenue and in what amount. Furthermore, IFRS 15 provides new and more extensive disclosure requirements than those that exist under current guidance. IFRS 15 is applicable for annual periods beginning on or after January 1, 2018 and earlier application is permitted. IFRS 15 includes various alternative transitional provisions, so that companies can choose between one of the following alternatives at initial application: full retrospective application, full retrospective application with practical expedients, or application as from the mandatory effective date, with an adjustment to the balance of retained earnings at that date in respect of transactions that are not yet complete (the cumulative effect method). The Group has examined the effects of applying IFRS 15, and in its opinion the effect on the financial statements will be immaterial. 3. IFRS 16 Leases The standard replaces International Accounting Standard 17 - Leases (IAS 17) and its related interpretations. The standard’s instructions annul the existing requirement from lessees to classify leases as operating or finance leases. Instead of this, for lessees, the new standard presents a unified model for the accounting treatment of all leases according to which the lessee has to recognize an asset (right-of-use) and a lease liability in its financial statements. Nonetheless, IFRS 16 includes two exceptions to the general model whereby a lessee may elect to not apply the requirements for recognizing a right-of-use asset and a liability with respect to short-term leases of up to one year or leases where the underlying asset has a low value. IFRS 16 is applicable for annual periods as of January 1, 2019, with the possibility of early adoption, so long as the Group has also early adopted IFRS 15, Revenue from Contracts with Customers . The Group does not plan to apply IFRS 16 before the effective date. IFRS 16 includes various alternative transitional provisions, so that companies can choose between one of the following alternatives at initial application: full retrospective application or recognizing a cumulative effect, which means application (with the possibility of certain practical expedients) as from the mandatory effective date, with an adjustment to the balance of retained earnings at that date. The Group is in a process of gathering all the information on its lease arrangements and evaluating the impact of implementing this standard on the consolidated financial statements. The standard is expected to impact the following matters: (1) An increase in non-current assets and financial liabilities; (2) A change in financial ratios. 4. IFRIC 22 Foreign Currency Transactions and Advance Consideration The interpretation provides that date of the transaction for the purpose of determining the exchange rate for recording a foreign currency transaction that includes advance consideration is the date of initial recognition of the non-monetary asset/liability from the prepayment. If there are multiple payments or receipts in advance, a date of transaction is established for each payment or receipt. IFRIC 22 is applicable for annual periods beginning on or after January 1, 2018 and earlier application is permitted. IFRIC 22 includes various alternative transitional provisions, so that companies can choose between one of the following alternatives at initial application: retrospective application; prospective application from the first reporting period the entity initially applied IFRIC 22; or prospective application from the first reporting period presented in the comparative data in the financial statements for the period the entity initially applied IFRIC 22. The Group has examined the effects of applying IFRIC 22, and in its opinion the effect on the financial statements will be immaterial.

Operating segments (Tables)

Operating segments (Tables)	12 Months Ended
	Dec. 31, 2017
Operating segments
Schedule of information about reportable segments	Year ended December 31, 2017 Central and Eastern Europe, Western Middle East Reportable The Americas Europe (1) Asia-Pacific and Africa Segments Reconciliation (2) Consolidated (in thousands) Revenues 127,370 325,315 61,902 28,784 543,371 — 543,371 Depreciation and amortization 949 1,126 544 119 2,738 19,550 22,288 Segments Results 18,864 93,275 16,032 5,711 133,882 (52,507) 81,375 Financial income, net (1,354) Reportable income before income tax 82,729 (1) Revenues from one customer of the Group’s Western Europe segment represents approximately $39.1 million of the Group’s total revenues. (2) Reconciling items are recurring items that are not related directly to the Group’s sales and distribution activities and were not allocated to the different segments by the Company’s Chief Operating Decision Maker. Such items include primarily unallocated operating overhead costs and share based payments. Year ended December 31, 2016 Central and Eastern Europe, Western Middle East Reportable The Americas Europe (1) Asia-Pacific and Africa Segments Reconciliation (2) Consolidated (in thousands) Revenues 114,747 286,512 49,614 25,192 476,065 — 476,065 Depreciation and amortization 1,993 2,110 649 239 4,991 14,460 19,451 Segments Results 17,433 71,983 10,308 3,678 103,402 (48,930) 54,472 Financial expense, net 2,120 Reportable income before income tax 52,352 (1) Revenues from one customer of the Group’s Western Europe segment represents approximately $40.0 million of the Group’s total revenues. (2) Reconciling items include impairment of other intangible assets in the amount of $1.8 million recorded under other expense in the statement of operations in 2016. Other reconciling items are recurring items that are not related directly to the Group’s sales and distribution activities and were not allocated to the different segments by the Company’s Chief Operating Decision Maker. Such items include primarily unallocated operating overhead costs and share based payments. Year ended December 31, 2015 Central and Eastern Europe, Western Middle East Reportable The Americas Europe (1) Asia-Pacific and Africa Segments Reconciliation (2) Consolidated (in thousands) Revenues 102,104 251,496 40,711 21,644 415,955 (2,820) 413,135 Depreciation and amortization 2,233 2,219 528 241 5,221 11,722 16,943 Segments Results 6,485 48,444 5,232 3,272 63,433 (53,192) 10,241 Financial income, net (4,842) Reportable income before income tax 15,083 (1) Revenue from one customer of the Group’s Western Europe segment represents approximately $37.3 million of the Group’s total revenues. (2) Reconciling items include restructuring costs of $9.5 million comprised of charges to revenue of $2.8 million, impairment of inventory of $3.2 million, impairment of property, plant and equipment of $1.0 million, employee benefits of $1.9 million and operating expenses of $0.6 million. Other reconciling items are recurring items that are not related directly to the Group’s sales and distribution activities and were not allocated to the different segments by the Company’s Chief Operating Decision Maker. Such items include primarily unallocated operating overhead costs and share based payments.
Schedule of information about geographical segments	Central and Eastern Europe, Western Middle East Reportable The Americas Europe Asia-Pacific and Africa (1) Segments Reconciliation (2) Consolidated (in thousands) December 31, 2017 10,424 18,883 6,561 135,675 171,543 38,365 209,908 December 31, 2016 8,879 16,418 4,947 134,384 164,628 37,582 202,210 December 31, 2015 10,364 13,757 6,713 124,460 155,294 42,095 197,389 (1) Includes the depreciated cost of property, plant and equipment of the manufacturing facilities as of December 31, 2017 in the amount of $134.8 million (2016 and 2015: $133.6 million and $122.8 million, respectively). (2) Refer to Note 8 for additional information with respect to an impairment of other intangible assets in the amount of $1.8 million recorded under other expense in the statement of operations in 2016. Reconciliation of geographical segments to total non-current assets: Year ended December 31, (in thousands) Geographical segments non-current assets 155,294 164,628 171,543 Intangible assets 42,095 37,582 38,365 Other non-current assets 1,537 6,842 10,695 Consolidated non-current assets 198,926 209,052 220,603
Schedule of information about products	Year ended December 31, Revenues (In thousands) Sparkling water makers and exchangeable CO 2 cylinders 131,749 170,790 212,293 Consumables 272,276 297,011 323,449 Other 9,110 8,264 7,629 Total 413,135 476,065 543,371

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2017
Property plant and equipment
Disclosure of detailed information about property, plant and equipment	Office Land and buildings Leasehold Machinery and equipment furniture and (in thousands) Cost Grants improvements Cost Grants equipment Cylinders Vehicles Total Cost Balance as of January 1, 2016 65,887 (6,487) 15,637 135,905 (12,394) 18,300 33,272 1,231 251,351 Additions 8,596 — 274 15,849 — 1,669 — 49 26,437 Reclassification to assets held for sale (1,702) — — — — — — — (1,702) Disposals — — (156) (2,753) — (7,327) (987) (391) (11,614) Reclassification from Inventories — — — — — — 1,635 — 1,635 Effect of changes in exchange rates — — (52) (227) — (96) (655) 5 (1,025) Balance as of December 31, 2016 72,781 (6,487) 15,703 148,774 (12,394) 12,546 33,265 894 265,082 Additions 6,543 (319) 403 13,475 (798) 2,406 — 1 21,711 Disposals — — (75) (11,069) — (1,268) (61) (411) (12,884) Reclassification from Inventories — — — — — — 2,448 — 2,448 Effect of changes in exchange rates — — 326 878 — 737 2,804 23 4,768 Balance as of December 31, 2017 79,324 (6,806) 16,357 152,058 (13,192) 14,421 38,456 507 281,125 Accumulated depreciation Balance as of January 1, 2016 927 (86) 11,836 66,050 (5,793) 14,569 7,447 1,107 96,057 Depreciation for the year 983 (120) 236 12,154 (1,027) 2,086 1,635 65 16,012 Reclassification to assets held for sale (218) — — — — — — — (218) Disposals — — (150) (2,574) — (7,388) (485) (348) (10,945) Effect of changes in exchange rates — — (39) (125) — (131) (163) 6 (452) Balance as of December 31, 2016 1,692 (206) 11,883 75,505 (6,820) 9,136 8,434 830 100,454 Depreciation for the year 1,010 (136) 879 17,423 (1,377) 1,627 (114) 24 19,336 Disposals — — (65) (10,489) — (1,265) (16) (396) (12,231) Effect of changes in exchange rates — — 233 507 — 636 624 23 2,023 Balance as of December 31, 2017 2,702 (342) 12,930 82,946 (8,197) 10,134 8,928 481 109,582 Carrying amounts As of January 1, 2016 64,960 (6,401) 3,801 69,855 (6,601) 3,731 25,825 124 155,294 As of December 31, 2016 71,089 (6,281) 3,820 73,269 (5,574) 3,410 24,831 64 164,628 As of December 31, 2017 76,622 (6,464) 3,427 69,112 (4,995) 4,287 29,528 26 171,543

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2017
Intangible assets
Schedule of information about intangible assets	Trademarks, patents and other intellectual (in thousands) property(1) Software Total Cost Balance as of January 1, 2016 50,452 23,101 73,553 Additions 50 1,932 1,982 Disposals — (2,133) (2,133) Impairment of other intangible assets (3,478) (50) (3,528) Effect of changes in exchange rates (809) (101) (910) Balance as of December 31, 2016 46,215 22,749 68,964 Additions 72 2,221 2,293 Disposals — (1,496) (1,496) Effect of changes in exchange rates 1,472 585 2,057 Balance as of December 31, 2017 47,759 24,059 71,818 Accumulated amortization Balance as of January 1, 2016 19,456 12,002 31,458 Amortization for the year 527 2,912 3,439 Disposals — (1,740) (1,740) Impairment of other intangible assets (1,659) (39) (1,698) Effect of changes in exchange rates 29 (106) (77) Balance as of December 31, 2016 18,353 13,029 31,382 Amortization for the year 295 2,657 2,952 Disposals — (1,478) (1,478) Effect of changes in exchange rates 76 521 597 Balance as of December 31, 2017 18,724 14,729 33,453 Carrying amounts As of January 1, 2016 30,996 11,099 42,095 As of December 31, 2016 27,862 9,720 37,582 As of December 31, 2017 29,035 9,330 38,365 (1) Other intellectual property includes mainly goodwill, customer relations and technology.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2017
Inventories
Schedule of inventories	As of December 31, (in thousands) Raw materials and work in process 31,540 37,282 Finished goods 49,722 51,459 Refill cylinder inventory 6,724 8,347 Total 87,986 97,088

Other receivables (Tables)

Other receivables (Tables)	12 Months Ended
	Dec. 31, 2017
Other receivables
Schedule of other receivables	As of December 31, (in thousands) VAT refundable 2,879 8,729 Customs receivable 2,123 1,389 Advances to suppliers 1,431 1,250 Government grants receivables 8,906 3,882 Prepaid expenses 2,875 2,443 Other 2,399 1,557 Total 20,613 19,250

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2017
Cash and cash equivalents
Schedule of cash and cash equivalents	As of December 31, (in thousands) Bank balances 32,670 46,885 Bank deposits (1) 17,580 38,283 Total 50,250 85,168 (1) Deposit in New Israeli Shekel (NIS) and USD. Bears nominal interest rate of 0.17%‑1.54% as at December 31, 2017 (2016: 0.13%-0.75%).

Capital and reserves (Tables)

Capital and reserves (Tables)	12 Months Ended
	Dec. 31, 2017
Capital and reserves
Schedule of share capital	Ordinary Shares In thousands of shares On issue at January 1 21,003 21,090 21,361 RSU vested during the period (1) 7 — — Exercise of employee equity awards (2) 80 271 762 On issue at December 31, 21,090 21,361 22,123 Authorized (3) 54,000 54,000 54,000 In USD thousands Issued and fully paid on December 31 3,414 3,461 3,599 (1) The RSU relate to a deferred consideration with respect to the shares of an acquired subsidiary, which was accounted for as a compound instrument. (2) See Note 26. (3) Par value NIS 0.645 each.

Employee benefits (Tables)

Employee benefits (Tables)	12 Months Ended
	Dec. 31, 2017
Employee benefits
Schedule of employee benefit	December 31, (in thousands) Post-employment benefits Present value of funded obligations 5,458 5,583 Less fair value of plan assets (3,994) (4,157) Recognized liability for defined benefit plan 1,464 1,426 Other long-term benefits Liability for seniority grant obligations 747 872 Short-term benefits Salary and related expenses 10,897 14,982 Liability for holiday pay 2,330 3,561 Total short-term benefits 13,227 18,543 Total employee benefits liabilities 15,438 20,841 December 31, (in thousands) Presented under the following items: Other current liabilities 13,227 18,543 Employee benefits (non-current liabilities) 2,306 2,403 Other receivables (non-current assets) (95) (105)
Schedule of movement in defined benefit obligations	December 31, (in thousands) Defined benefit obligations as of January 1 5,960 5,458 Benefits paid by the plan (779) (553) Current service cost and interest cost 402 418 Changes in respect of foreign exchange differences (85) 186 Remeasurements: - Experience adjustments 153 53 - Actuarial (gains) losses from changes in financial assumptions (193) 21 Defined benefit obligations as of December 31 5,458 5,583
Schedule of movement in plan assets	December 31, (in thousands) Fair value of plan assets as of January 1 4,415 3,994 Contributions paid into the plan 389 74 Benefits paid by the plan (539) (79) Changes in respect of foreign exchange differences (42) 180 Interest income 38 14 Return on plan assets, excluding interest income (267) (26) Fair value of plan assets as of December 31 3,994 4,157
Schedule of plan expenses	Year ended December 31, (in thousands) Current service costs including foreign exchange differences 397 318 412 Net interest on net defined liability 15 2 (2) Total 412 320 410
Schedule of return on plan assets	Year ended December 31, (in thousands) Actual return on plan assets (28) (228) (25)
Schedule of actuarial assumptions	Discount rate as of December 31 Future salary nominal increases (1)
Schedule of plan assets	December 31, (in thousands) Plan assets comprise Equity instruments 441 460 Debt instruments 584 610 Real estate funds 383 400 Investment funds 2,586 2,687 Total 3,994 4,157
Schedule of impact of changes in the respective assumptions on the defined benefit obligation	December 31, 2017 0.5% increase 0.5% decrease (in thousands) Discount rate (27) 31 Future salary nominal increases 28 (32)
Schedule of post-employment benefits expense	Year ended December 31, (in thousands) Amount recognized as expense in respect of defined contribution plan 2,626 2,394 3,694

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2017
Provisions
Schedule of provisions	Legal Right of claims return Warranty Total (in thousands) Balance as of January 1, 2017 282 394 1,970 2,646 Provision made during the period 350 454 178 982 Provisions used during the period (170) (51) (1,012) (1,233) Changes in respect of foreign exchange differences 20 44 143 207 Balance as of December 31, 2017 482 841 1,279 2,602

Other current liabilities (Tabl

Other current liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Other current liabilities
Schedule of other current liabilities	As of December 31, (in thousands) Employees and payroll-related accruals 13,227 18,543 VAT payable 3,944 5,302 Customer prepayments 4,230 5,904 Other 861 712 Total 22,262 30,461

Sales and marketing (Tables)

Sales and marketing (Tables)	12 Months Ended
	Dec. 31, 2017
Sales and marketing
Summary of sales and marketing expenses	For the year ended December 31, (in thousands) Wages and salaries 33,093 30,938 35,847 Advertising and promotions 55,133 64,890 76,687 Distribution costs 22,322 21,451 23,445 Commissions 6,975 8,218 3,958 Travel expenses 2,409 2,379 2,827 Storage expenses 6,388 6,849 8,024 Depreciation 524 374 251 Other 11,797 9,558 8,186 Total sales and marketing expenses 138,641 144,657 159,225

General and administrative (Tab

General and administrative (Tables)	12 Months Ended
	Dec. 31, 2017
General and administrative
Schedule of general and administrative expenses	For the year ended December 31, (in thousands) Wages and salaries 18,115 18,519 20,177 Share-based compensation 6,471 4,801 5,225 Communication and support costs 4,008 3,521 3,773 Rental and building maintenance 3,230 3,038 3,511 Professional advisors 1,439 1,225 1,096 Legal 2,085 2,176 4,761 Audit & review 1,111 988 1,029 Depreciation 4,858 5,034 4,104 Travel expenses 725 623 709 Other 5,216 3,597 4,732 Total general and administrative 47,258 43,522 49,117

Other expenses, net (Tables)

Other expenses, net (Tables)	12 Months Ended
	Dec. 31, 2017
Other expense
Schedule of other expenses	For the year ended December 31, (in thousands) Impairment of other intangible assets 631 1,830 — Other expenses, net — 497 142 Total other expenses, net 631 2,327 142

Financial expenses (income) (Ta

Financial expenses (income) (Tables)	12 Months Ended
	Dec. 31, 2017
Financial expense (income), net
Schedule of financial expense (income) net	For the year ended December 31, (in thousands) Interest expense related to loans and borrowings 468 550 128 Interest income on bank balances and bank deposits (102) (91) (556) Interest expense (income) related to tax authorities, net (16) 64 7 Total interest expense (income), net 350 523 (421) Foreign exchange differences, net — 1,490 — Bank charges 392 341 358 Other — — 945 Other financial expenses 392 1,831 1,303 Foreign exchange differences, net 4,245 — 2,236 Other 1,339 234 — Other financial income 5,584 234 2,236 Total other financial expense (income), net (5,192) 1,597 (933) Total financial expense (income), net (4,842) 2,120 (1,354)

Income tax (Tables)

Income tax (Tables)	12 Months Ended
	Dec. 31, 2017
Income tax
Schedule of composition of income tax expense	Year ended December 31, (in thousands) Current tax expense (income) Current period (1) 2,189 6,262 11,790 Adjustments for prior periods, net (648) 325 (298) 1,541 6,587 11,492 Deferred tax expense (income) Origination and reversal of temporary differences 1,342 1,895 (2,364) Change in tax rate 123 (596) (788) 1,465 1,299 (3,152) Income tax expense 3,006 7,886 8,340 Year ended December 31, (in thousands) (1) Including benefits arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period (for which deferred taxes were not recognized) that was used to reduce current tax expense 1,283 1,383 697
Schedule of reconciliation of theoretical tax on income before income tax and income tax expense	Year ended December 31, (in thousands) Income before income tax 15,083 52,352 82,729 Primary tax rate of the Company 26.5 % 25.0 % 24.0 % Income tax using the Company’s primary tax rate 3,997 13,088 19,855 Additional tax (tax saving) in respect of: Different tax rate, subsidiaries (5,658) (6,753) (9,773) Tax exempt income (167) (11) (1,853) Non-deductible expenses 4,006 1,915 840 Utilization of tax losses and benefits from prior periods for which deferred taxes were not recognized (1,283) (1,383) (697) Current year tax losses and benefits for which deferred taxes were not recognized 2,156 325 699 Reversal of prior periods deferred tax losses and tax benefits 283 1,097 143 Taxes in respect of prior periods, net (649) 325 (298) Effect of change in tax rate 123 (596) (788) Other differences 198 (121) 212 Income tax expense 3,006 7,886 8,340
Schedule of deferred tax assets and liabilities	Property, Carry-forward Unrealized Tax deductible plant and Employee tax losses intra- provisions for Inventories equipment Intangibles benefits and deductions Group profits product returns Total (in thousands) Net balance at January 1, 2017 293 (6,542) (53) 231 2,373 3,506 (820) (1,012) Changes recognized in the statement of operations: Origination and reversal of temporary differences (56) 94 14 160 190 2,016 (54) 2,364 Effect of change in tax rate — 1,467 — — (679) — — 788 Changes recognized in other comprehensive income: Changes in respect of foreign exchange differences 37 1 (4) 16 21 — (55) 16 Net balance at December 31, 2017 274 (4,980) (43) 407 1,905 5,522 (929) 2,156 Presented under assets 234 — — 255 424 5,522 — 6,435 Presented under liabilities 40 (4,980) (43) 152 1,481 — (929) (4,279) Property, Carry-forward Unrealized Tax deductible plant and Employee tax losses intra- provisions for Inventories equipment Intangibles benefits and deductions Group profits product returns Total (in thousands) Net balance at January 1, 2016 352 (6,824) (522) 187 7,385 259 (563) 274 Changes recognized in the statement of operations: Origination and reversal of temporary differences (41) (299) 472 64 (5,053) 3,247 (285) (1,895) Effect of change in tax rate (6) 581 — (17) 38 — — 596 Changes recognized in other comprehensive income: Changes in respect of foreign exchange differences (12) — (3) (3) 3 — 28 13 Net balance at December 31, 2016 293 (6,542) (53) 231 2,373 3,506 (820) (1,012) Presented under assets 262 47 — 147 192 3,506 — 4,154 Presented under liabilities 31 (6,589) (53) 84 2,181 — (820) (5,166)

Operational leases (Tables)

Operational leases (Tables)	12 Months Ended
	Dec. 31, 2017
Operational leases
Future minimum lease payments	(in thousands) 2018 7,451 2019 5,369 2020 3,294 2021 1,816 2022 1,425 2023 and thereafter 1,020 Total 20,375

Financial instruments (Tables)

Financial instruments (Tables)	12 Months Ended
	Dec. 31, 2017
Financial instruments
Schedule of maximum credit exposure	December 31, (in thousands) Cash and cash equivalents 50,250 85,168 Bank deposits 7,000 — Financial investments — 70,000 Derivative financial instruments 2,112 404 Government grants receivables 8,906 3,882 Trade receivables 87,430 124,352
Schedule of aging of receivables	December 31, (in thousands) Not past due 75,196 100,767 Past due 1‑30 days 10,430 20,386 Past due 31‑90 days 1,805 3,213 Past due more than 90 days 1,418 649 88,849 125,015 Allowance for uncollected receivables (1,419) (663) Total 87,430 124,352
Schedule of allowance for uncollected receivables	December 31, (in thousands) Balance as of January 1 1,881 1,419 Provision for non-collection, net (202) (233) Write-offs charged against the allowance (260) (523) Balance as of December 31 1,419 663
Schedule of maximum credit exposure for trade receivables by geographic region and currency	As of December 31, Currency (in thousands) United States Dollar 12,632 15,657 Euro countries (1) € 47,026 72,297 Israel NIS 4,246 5,094 Switzerland CHF 2,099 3,300 Australia AUD 8,991 10,106 South Africa ZAR 1,246 1,701 United Kingdom GBP 1,601 1,804 Sweden SEK 2,968 3,502 Denmark DKK 242 440 Norway NOK 691 935 Canada CAD 2,006 4,421 New Zealand NZD 81 110 Japan JPY 2,919 3,564 Argentina ARS — 288 Others 682 1,133 Total 87,430 124,352 (1) Includes Euro-zone countries and other countries that have sales denominated in Euros.
Schedules of maximum exposure to credit risk for trade receivables by counterparty	As of December 31, (in thousands) Wholesale customers 76,694 111,408 Distributors 10,190 12,223 End-user customers 546 721 Total 87,430 124,352
Non-derivative Financial liabilities contractual payment schedule	December 31, 2017 Carrying Expected Within Within Within Within amount cash flow 1-6 months 7‑12 months 1‑3 years 3‑5 years (in thousands) Non-derivative financial liabilities Trade payables 61,215 61,215 61,215 — — — Other current liabilities 695 695 642 53 — — Total non-derivative financial liabilities 61,910 61,910 61,857 53 — — December 31, 2016 Carrying Expected Within Within Within Within amount cash flow 1‑6 months 7‑12 months 1‑3 years 3‑5 years (in thousands) Non-derivative financial liabilities Trade payables 41,643 41,643 41,626 17 — — Other current liabilities 859 859 859 — — — Total non-derivative financial liabilities 42,502 42,502 42,485 17 — —
Schedule of exposure to foreign currency risk	December 31, 2017 (in thousands) Dollar € NIS CHF AUD ZAR GBP SEK DKK NOK CAD NZD JPY ARS Total Current assets Cash and cash equivalents 30,814 23,104 21,148 960 1,331 505 1,619 988 324 369 2,812 270 905 19 85,168 Trade receivables 16,790 72,297 5,094 3,300 10,106 1,701 1,804 3,502 440 935 4,421 110 3,564 288 124,352 Other receivables — — 3,882 — — — — — — — — — — — 3,882 Derivative financial instruments 404 — — — — — — — — — — — — — 404 Financial investments 70,000 — — — — — — — — — — — — — 70,000 Total assets 118,008 95,401 30,124 4,260 11,437 2,206 3,423 4,490 764 1,304 7,233 380 4,469 307 283,806 Current liabilities Trade payables 11,140 19,805 24,397 207 1,356 780 569 573 142 125 1,238 44 698 141 61,215 Other current liabilities — 475 97 — 70 — — — — — — — 53 — 695 Derivative financial instruments 215 — — — — — — — — — — — — — 215 Total liabilities 11,355 20,280 24,494 207 1,426 780 569 573 142 125 1,238 44 751 141 62,125 Total assets, net 106,653 75,121 5,630 4,053 10,011 1,426 2,854 3,917 622 1,179 5,995 336 3,718 166 221,681 December 31, 2016 (in thousands) Dollar € NIS CHF AUD ZAR GBP SEK DKK NOK CAD NZD JPY ARS Total Current assets Cash and cash equivalents 9,087 13,670 19,367 2,064 370 308 1,105 1,238 301 392 1,381 426 541 — 50,250 Bank deposits 7,000 — — — — — — — — — — — — — 7,000 Trade receivables 13,314 47,026 4,246 2,099 8,991 1,246 1,601 2,968 242 691 2,006 81 2,919 — 87,430 Other receivables — — 8,906 — — — — — — — — — — — 8,906 Derivative financial instruments 2,112 — — — — — — — — — — — — — 2,112 Total assets 31,513 60,696 32,519 4,163 9,361 1,554 2,706 4,206 543 1,083 3,387 507 3,460 — 155,698 Current liabilities Trade payables 8,541 9,762 18,856 818 1,267 154 512 264 75 188 693 51 462 — 41,643 Other current liabilities — 772 87 — — — — — — — — — — — 859 Non-current liabilities Total liabilities 8,541 10,534 18,943 818 1,267 154 512 264 75 188 693 51 462 — 42,502 Total assets (liabilities), net 22,972 50,162 13,576 3,345 8,094 1,400 2,194 3,942 468 895 2,694 456 2,998 — 113,196
Schedule of significant exchange and spot rates applied during the year	Year ended December 31, Annual change Reporting date spot rate 1 EUR % % 1.05 1.20 1 NIS % % 0.26 0.29 1 CHF % % 0.98 1.02 1 AUD % % 0.72 0.78 1 ZAR % % 0.07 0.08 1 GBP % % 1.23 1.35 1 SEK % % 0.11 0.12 1 DKK % % 0.14 0.16 1 NOK % % 0.12 0.12 1 CAD % % 0.74 0.80 1 NZD % % 0.69 0.71 1 JPY % % 0.01 0.01 1 ARS (18.36) % % 0.06 0.05
Sensitivity analysis of U.S. Dollar on foreign currencies	December 31, 2017 Devaluation Revaluation Equity Net income Equity Net income (in thousands) Change of 10% in: EUR (6,925) 1,088 7,326 (687) NIS (653) (348) 789 484 CHF 304 689 135 (250) AUD (468) 527 746 (249) ZAR (143) — 143 — GBP (15) 250 180 (85) SEK (149) 237 247 (139) DKK (62) — 62 — NOK (118) — 118 — CAD 91 694 323 (281) NZD (34) — 34 — JPY (25) 338 201 (162) ARS (17) 23 17 (23) December 31, 2016 Devaluation Revaluation Equity Net income Equity Net income (in thousands) Change of 10% in: EUR (3,943) 637 4,474 (106) NIS (2,397) (2,068) 4,436 4,107 CHF 226 510 43 (242) AUD (469) 340 662 (147) ZAR (140) — 140 — GBP 58 267 46 (163) SEK (229) 126 280 (75) DKK (47) — 47 — NOK (90) — 90 — CAD 225 510 4 (281) NZD (46) — 46 — JPY (145) 155 170 (130)
Schedule of interest rate profile of interest-bearing financial instruments	December 31, Carrying amount (in thousands) Fixed rate instruments Financial assets 24,580 38,283 Variable rate instruments Financial assets — 70,000
Schedule of financial instruments carried at fair value by the valuation method	December 31, 2017 Level 1 Level 2 Level 3 Total (in thousands) Financial assets Financial investments — 70,000 — 70,000 Derivative financial instruments — 404 — 404 Total assets — 70,404 — 70,404 Financial Liabilities Derivative financial instruments — 215 — 215 Total non-derivative financial liabilities — 215 — 215 December 31, 2016 Level 1 Level 2 Level 3 Total (in thousands) Financial assets Derivative financial instruments — 2,112 — 2,112 Total assets — 2,112 — 2,112

Net income per share (Tables)

Net income per share (Tables)	12 Months Ended
	Dec. 31, 2017
Net income per share
Schedule of net income per share	Year ended December 31, (in thousands) Net income for the year ended December 31 12,077 44,466 74,389 Opening balance at January 1 21,003 21,090 21,361 RSU Adjustment (see note 12A‑1) 7 — — Effect of employee options exercised (1) 27 93 447 Weighted average number of shares at December 31 - basic 21,037 21,183 21,808 Effect of employee options (1) 80 333 769 Weighted average number of shares at December 31 - diluted 21,117 21,516 22,577 Net income per share (In $) Basic 0.57 2.10 3.41 Diluted 0.57 2.07 3.29 (1) See Note 26.

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
	Dec. 31, 2017
Share-based payments
Schedule of the terms and conditions of grants	Options grant Number of Vesting conditions Period options (1) (2) (3) (4) (5) (6) (7) (8) (9) Quarter 4, 2007 660,211 144,962 29,965 — — — — — 485,284 — Quarter 1, 2008 92,470 — 92,470 — — — — — — — Quarter 2, 2008 90,332 54,264 36,068 — — — — — — — Quarter 3, 2008 147,816 3,876 52,658 — — — — — 91,282 — Quarter 4, 2008 82,171 32,558 — — — — — — 49,613 — Quarter 1, 2009 8,616 — 8,616 — — — — — — — Quarter 3, 2009 34,109 34,109 — — — — — — — — Quarter 4, 2009 29,457 29,457 — — — — — — — — Quarter 1, 2010 26,356 26,356 — — — — — — — — Quarter 2, 2010 94,186 94,186 — — — — — — — — Quarter 4, 2010 727,450 547,450 — 180,000 — — — — — — Quarter 3, 2011 63,000 63,000 — — — — — — — — Quarter 4, 2011 183,000 183,000 — — — — — — — — Quarter 1, 2012 40,400 40,400 — — — — — — — — Quarter 2, 2012 9,000 9,000 — — — — — — — — Quarter 3, 2012 97,500 97,500 — — — — — — — — Quarter 4, 2012 457,500 7,500 — — 135,000 315,000 — — — — Quarter 1, 2013 328,000 328,000 — — — — — — — — Quarter 2, 2013 92,100 92,100 — — — — — — — — Quarter 3, 2013 5,000 5,000 — — — — — — — — Quarter 4, 2013 110,000 110,000 — — — — — — — — Quarter 1, 2014 147,300 122,300 — — — — 25,000 — — — Quarter 3, 2014 13,500 13,500 — — — — — — — — Quarter 4, 2014 179,500 — — — — — — 179,500 — — Modification (i) (133,139) — — — — — — (133,139) — Quarter 2, 2015 61,000 26,000 — — — — — 35,000 — — Quarter 3, 2015 60,500 60,500 — — — — — — — — Quarter 4, 2015 813,000 123,000 — 90,000 — — — — — 600,000 Modification (ii) (190,000) — — — — — — — — (190,000) Quarter 1, 2016 78,000 78,000 — — — — — — — — Quarter 2, 2016 13,000 13,000 — — — — — — — — Quarter 4, 2016 17,000 17,000 — — — — — — — — Quarter 2, 2017 250,250 250,250 — — — — — — — — Quarter 4, 2017 52,004 26,500 — — 20,000 — — — 5,504 — Total options Granted 4,740,589 (1) 25% - vests one year after grant date and an additional 6.25% vests at the end of each quarter beginning one year after the grant date (2) Fully vested at grant date. (3) 33.33% - vests one year after grant date and an additional 33.33% vests at the end of each year beginning one year after the grant date. (4) Vests one year after the grant date. (5) Vests three years after the grant date, subject to performance condition as detailed above. (6) Vests 11 months after the grant date. (7) 33% - vests one year after grant date and an additional 8.33% vests at the end of each quarter beginning one year after the grant date. (8) Other than (1) - (7) above (mainly - quarterly-based, ten to twelve quarters). (9) 300,000 options fully vested at grant date out of which 190,000 were granted in lieu of 190,000 options which were cancelled. See sub note 9(ii) below. The remaining 300,000 options were subject to market condition with a service period of one year from grant date for 50% of the options, and a service period of two years from grant date for the remaining 50% of the options. (i) In November 2014, the Company modified the terms of part of the above grants by cancelling 494,496 outstanding options and granting in return 361,357 new options with a lower exercise price. The new options include new vesting conditions as described in sub note 7 above. (ii) In December 2015, the Company modified the terms of part of the above grants by cancelling 190,000 outstanding options and granting in return 190,000 options, fully vested, with lower exercise price. See sub note 9 above.
Schedule of the number and weighted average exercise prices of options	Number of options and RSUs Weighted average exercise price ($) (*) Outstanding at January 1 1,813,591 2,273,499 1,520,887 29.11 22.21 19.07 Forfeited and expired during the period (204,332) (589,617) (38,132) 38.04 22.60 15.68 Exercised during the period (80,260) (270,995) (762,179) 15.80 20.32 20.19 Granted during the period 934,500 108,000 302,254 15.50 16.61 53.56 Modification during the period (190,000) — — 15.00 — — Outstanding at December 31, 2,273,499 1,520,887 1,022,830 22.21 19.07 24.48 Exercisable at December 31, 959,339 1,019,031 595,136 21.00 20.07 18.21 Weighted average remaining contractual life (years) (*) 4.15 3.60 3.08 Weighted average contractual life (years) (*) 6.07 6.07 5.11 (*)
Schedule of inputs used in the measurement of the fair values of share-based payment plans	Year ended December 31, Weighted average fair value at grant date (in USD) 8.08 7.18 39.15 The parameters used to calculate fair value: Share price (on grant date) (weighted average) (in USD) 17.26 16.47 57.43 Exercise price (weighted average) (in USD) 15.50 16.61 53.56 Expected volatility (weighted average) 45 % - 58 % 42 % - 56 % 42 % - 48 % Option life (years) 5 5 5 Expected dividends % % % Risk-free interest rate 0.38 % - 1.72 % 0.47 % - 1.38 % 1.10 % - 2.06 %
Schedule of expenses from share-based payment grants	Year ended December 31, (in thousands) Expenses arising from share-based payment grants settled by the Company’s equity instruments 6,471 4,801 5,225

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2017
Related parties
Schedule of compensation to key management personnel	Year ended December 31, 2015 2016 2017 Number of Number of Number of people Amount people Amount people Amount (in thousands) (in thousands) (in thousands) Short-term employee benefits 16 2,586 16 2,519 15 3,362 Long-term employee benefits(*) 1 412 — — — — Post-employment benefits 9 119 8 95 7 109 Share-based payments 16 16 3,578 14 2,242 Total 7,267 6,192 5,713 (*)

General (Details)

General (Details)	Dec. 31, 2017item
General
The number of shareholders with controlling interest	0

Significant accounting polici57

Significant accounting policies - Financial Instruments (Details)	12 Months Ended
	Dec. 31, 2017
Significant accounting policies
The maximum duration of currency derivative contracts.	1 year

Significant accounting polici58

Significant accounting policies - Depreciation (Details)	12 Months Ended
	Dec. 31, 2017
Machinery and equipment | Minimum
Estimated useful lives of property, plant and equipment
Estimated useful lives	5 years
Machinery and equipment | Maximum
Estimated useful lives of property, plant and equipment
Estimated useful lives	10 years
Office furniture and equipment | Minimum
Estimated useful lives of property, plant and equipment
Estimated useful lives	3 years
Office furniture and equipment | Maximum
Estimated useful lives of property, plant and equipment
Estimated useful lives	5 years
Vehicle | Minimum
Estimated useful lives of property, plant and equipment
Estimated useful lives	5 years
Vehicle | Maximum
Estimated useful lives of property, plant and equipment
Estimated useful lives	7 years
Cylinder | Minimum
Estimated useful lives of property, plant and equipment
Estimated useful lives	20 years
Cylinder | Maximum
Estimated useful lives of property, plant and equipment
Estimated useful lives	50 years
Buildings
Estimated useful lives of property, plant and equipment
Estimated useful lives	50 years

Significant accounting polici59

Significant accounting policies - Amortization (Details)	12 Months Ended
	Dec. 31, 2017
Technology
Detailed information about intangible assets
Estimated useful lives	8 years
Minimum | Software licenses
Detailed information about intangible assets
Estimated useful lives	3 years
Minimum | Customer relations
Detailed information about intangible assets
Estimated useful lives	5 years
Maximum | Software licenses
Detailed information about intangible assets
Estimated useful lives	10 years
Maximum | Customer relations
Detailed information about intangible assets
Estimated useful lives	8 years

Financial risk management - Liq

Financial risk management - Liquidity risk (Details) - Secured lines of credit with certain Israeli banks $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Liquidity risk
Face amount of loan	$ 3
Variable rate instruments
Liquidity risk
Interest rate basis	LIBOR
Variable rate instruments | Minimum
Liquidity risk
Interest rate spread	0.40%
Variable rate instruments | Maximum
Liquidity risk
Interest rate spread	2.00%

Operating segments - Informatio

Operating segments - Information about reportable and geographical segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)segment	Dec. 31, 2015USD ($)segment
Operating segments
Number of reportable geographical segments | segment	4	4	4
Revenues	$ 543,371	$ 476,065	$ 413,135
Depreciation and amortization	22,288	19,451	16,943
Segments Results	81,375	54,472	10,241
Financial (income) expense, net	(1,354)	2,120	(4,842)
Reportable income before income tax	82,729	52,352	15,083
Impairment of other intangible assets		1,830	631
Write down inventories to net realizable value	7,200	6,500
Operating expenses	208,484	190,506	186,530
Reconciliation	38,365	37,582	42,095
Consolidated non-current assets excluding deferred tax asset and other receivables	209,908	202,210	197,389
Geographical segments non-current assets	171,543	164,628	155,294
Property, plant and equipment	171,543	164,628	155,294
Intangible assets	38,365	37,582	42,095
Total non-current assets	220,603	209,052	198,926
Operating segment
Operating segments
Revenues	543,371	476,065	415,955
Depreciation and amortization	2,738	4,991	5,221
Segment Results	133,882	103,402	63,433
Non-current assets excluding intangible assets, deferred tax asset and other receivables	171,543	164,628	155,294
Geographical segments non-current assets	171,543	164,628	155,294
Property, plant and equipment	171,543	164,628	155,294
Reconciliation
Operating segments
Revenues			(2,820)
Depreciation and amortization	19,550	14,460	11,722
Segments Results	(52,507)	(48,930)	(53,192)
Impairment of other intangible assets		1,800
Restructuring costs			9,500
Charges to revenue			2,800
Write down inventories to net realizable value			3,200
Impairment of property, plant and equipment			1,000
Employee benefits			1,900
Operating expenses			600
Reconciliation	38,365	37,582	42,095
Intangible assets	38,365	37,582	42,095
Other non-current assets	10,695	6,842	1,537
The Americas | Operating segment
Operating segments
Revenues	127,370	114,747	102,104
Depreciation and amortization	949	1,993	2,233
Segment Results	18,864	17,433	6,485
Non-current assets excluding intangible assets, deferred tax asset and other receivables	10,424	8,879	10,364
Western Europe | One customer
Operating segments
Revenues	39,100	40,000	37,300
Western Europe | Operating segment
Operating segments
Revenues	325,315	286,512	251,496
Depreciation and amortization	1,126	2,110	2,219
Segment Results	93,275	71,983	48,444
Non-current assets excluding intangible assets, deferred tax asset and other receivables	18,883	16,418	13,757
Asia-Pacific | Operating segment
Operating segments
Revenues	61,902	49,614	40,711
Depreciation and amortization	544	649	528
Segment Results	16,032	10,308	5,232
Non-current assets excluding intangible assets, deferred tax asset and other receivables	6,561	4,947	6,713
Central and Eastern Europe, Middle East and Africa | Operating segment
Operating segments
Revenues	28,784	25,192	21,644
Depreciation and amortization	119	239	241
Segment Results	5,711	3,678	3,272
Non-current assets excluding intangible assets, deferred tax asset and other receivables	135,675	134,384	124,460
Manufacturing | Central and Eastern Europe, Middle East and Africa
Operating segments
Geographical segments non-current assets	134,800	133,600	122,800
Property, plant and equipment	$ 134,800	$ 133,600	$ 122,800

Operating segments - Major cust

Operating segments - Major customers (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Western Europe
Major customers
Distributor revenue to the total revenue (in percent)	7.20%	8.40%	9.00%

Operating segments - Informat63

Operating segments - Information about products (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Information about products
Revenues	$ 543,371	$ 476,065	$ 413,135
Sparkling water makers and exchangeable CO2 cylinders
Information about products
Revenues	212,293	170,790	131,749
Consumables
Information about products
Revenues	323,449	297,011	272,276
Other
Information about products
Revenues	$ 7,629	$ 8,264	$ 9,110

Property, plant and equipment64

Property, plant and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	$ 164,628	$ 155,294
Balance at the end of the period	171,543	164,628
Property, plant and equipment fully depreciated and still in use	53,000	45,000
Land and buildings
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	71,089	64,960
Grants at beginning of the period	(6,281)	(6,401)
Grants at end of the period	(6,464)	(6,281)
Balance at the end of the period	76,622	71,089
Leasehold improvement
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	3,820	3,801
Balance at the end of the period	3,427	3,820
Machinery and equipment
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	73,269	69,855
Grants at beginning of the period	(5,574)	(6,601)
Grants at end of the period	(4,995)	(5,574)
Balance at the end of the period	69,112	73,269
Office furniture and equipment
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	3,410	3,731
Balance at the end of the period	4,287	3,410
Cylinder
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	24,831	25,825
Balance at the end of the period	29,528	24,831
Vehicle
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	64	124
Balance at the end of the period	26	64
Property, plant and equipment under finance leases
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	2,100
Balance at the end of the period	2,000	2,100
Cost
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	265,082	251,351
Additions	21,711	26,437
Reclassification to assets held for sale		(1,702)
Disposals	(12,884)	(11,614)
Reclassification from (to) Inventories	2,448	1,635
Effect of changes in exchange rates	4,768	(1,025)
Balance at the end of the period	281,125	265,082
Cost | Land and buildings
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	72,781	65,887
Grants at beginning of the period	(6,487)	(6,487)
Grant Additions	(319)
Additions	6,543	8,596
Reclassification to assets held for sale		(1,702)
Grants at end of the period	(6,806)	(6,487)
Balance at the end of the period	79,324	72,781
Cost | Leasehold improvement
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	15,703	15,637
Additions	403	274
Disposals	(75)	(156)
Effect of changes in exchange rates	326	(52)
Balance at the end of the period	16,357	15,703
Cost | Machinery and equipment
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	148,774	135,905
Grants at beginning of the period	(12,394)	(12,394)
Grant Additions	(798)
Additions	13,475	15,849
Disposals	(11,069)	(2,753)
Effect of changes in exchange rates	878	(227)
Grants at end of the period	(13,192)	(12,394)
Balance at the end of the period	152,058	148,774
Cost | Office furniture and equipment
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	12,546	18,300
Additions	2,406	1,669
Disposals	(1,268)	(7,327)
Effect of changes in exchange rates	737	(96)
Balance at the end of the period	14,421	12,546
Cost | Cylinder
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	33,265	33,272
Disposals	(61)	(987)
Reclassification from (to) Inventories	2,448	1,635
Effect of changes in exchange rates	2,804	(655)
Balance at the end of the period	38,456	33,265
Cost | Vehicle
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	894	1,231
Additions	1	49
Disposals	(411)	(391)
Effect of changes in exchange rates	23	5
Balance at the end of the period	507	894
Accumulated depreciation
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	(100,454)	(96,057)
Depreciation for the year	19,336	16,012
Reclassification to assets held for sale		218
Disposals	12,231	10,945
Effect of changes in exchange rates	(2,023)	452
Balance at the end of the period	(109,582)	(100,454)
Accumulated depreciation | Land and buildings
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	(1,692)	(927)
Grants at beginning of the period	206	86
Depreciation for the year	1,010	983
Depreciation of grants	(136)	(120)
Reclassification to assets held for sale		218
Grants at end of the period	342	206
Balance at the end of the period	(2,702)	(1,692)
Accumulated depreciation | Leasehold improvement
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	(11,883)	(11,836)
Depreciation for the year	879	236
Disposals	65	150
Effect of changes in exchange rates	(233)	39
Balance at the end of the period	(12,930)	(11,883)
Accumulated depreciation | Machinery and equipment
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	(75,505)	(66,050)
Grants at beginning of the period	6,820	5,793
Depreciation for the year	17,423	12,154
Depreciation of grants	(1,377)	(1,027)
Disposals	10,489	2,574
Effect of changes in exchange rates	(507)	125
Grants at end of the period	8,197	6,820
Balance at the end of the period	(82,946)	(75,505)
Accumulated depreciation | Office furniture and equipment
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	(9,136)	(14,569)
Depreciation for the year	1,627	2,086
Disposals	1,265	7,388
Effect of changes in exchange rates	(636)	131
Balance at the end of the period	(10,134)	(9,136)
Accumulated depreciation | Cylinder
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	(8,434)	(7,447)
Depreciation for the year	(114)	1,635
Disposals	16	485
Effect of changes in exchange rates	(624)	163
Balance at the end of the period	(8,928)	(8,434)
Accumulated depreciation | Vehicle
Estimated useful lives of property, plant and equipment
Balance at the beginning of the period	(830)	(1,107)
Depreciation for the year	24	65
Disposals	396	348
Effect of changes in exchange rates	(23)	(6)
Balance at the end of the period	$ (481)	$ (830)

Intangible assets (Details)

Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in intangible assets and goodwill
Balance at beginning of year	$ 37,582	$ 42,095
Balance at end of year	38,365	37,582
Software
Reconciliation of changes in intangible assets and goodwill
Balance at beginning of year	9,720	11,099
Balance at end of year	9,330	9,720
Trademarks
Reconciliation of changes in intangible assets and goodwill
Indefinite-lived intangible assets	15,000	15,000
Intellectual property
Reconciliation of changes in intangible assets and goodwill
Impairment of other intangible assets		1,800
Cost
Reconciliation of changes in intangible assets and goodwill
Balance at beginning of year	68,964	73,553
Additions	2,293	1,982
Disposals	(1,496)	(2,133)
Impairment of other intangible assets		(3,528)
Effect of changes in exchange rates	2,057	(910)
Balance at end of year	71,818	68,964
Cost | Software
Reconciliation of changes in intangible assets and goodwill
Balance at beginning of year	22,749	23,101
Additions	2,221	1,932
Disposals	(1,496)	(2,133)
Impairment of other intangible assets		(50)
Effect of changes in exchange rates	585	(101)
Balance at end of year	24,059	22,749
Accumulated amortization
Reconciliation of changes in intangible assets and goodwill
Balance at beginning of year	(31,382)	(31,458)
Amortization for the year	2,952	3,439
Disposals	1,478	1,740
Impairment of other intangible assets		1,698
Effect of changes in exchange rates	(597)	77
Balance at end of year	(33,453)	(31,382)
Accumulated amortization | Software
Reconciliation of changes in intangible assets and goodwill
Balance at beginning of year	(13,029)	(12,002)
Amortization for the year	2,657	2,912
Disposals	1,478	1,740
Impairment of other intangible assets		39
Effect of changes in exchange rates	(521)	106
Balance at end of year	(14,729)	(13,029)
Trademarks, patents and other intellectual property
Reconciliation of changes in intangible assets and goodwill
Balance at beginning of year	27,862	30,996
Balance at end of year	29,035	27,862
Trademarks, patents and other intellectual property | Cost
Reconciliation of changes in intangible assets and goodwill
Balance at beginning of year	46,215	50,452
Additions	72	50
Impairment of other intangible assets		(3,478)
Effect of changes in exchange rates	1,472	(809)
Balance at end of year	47,759	46,215
Trademarks, patents and other intellectual property | Accumulated amortization
Reconciliation of changes in intangible assets and goodwill
Balance at beginning of year	(18,353)	(19,456)
Amortization for the year	295	527
Impairment of other intangible assets		1,659
Effect of changes in exchange rates	(76)	(29)
Balance at end of year	$ (18,724)	$ (18,353)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Inventories
Raw materials and work in process	$ 37,282	$ 31,540
Finished goods	51,459	49,722
Refill cylinder inventory	8,347	6,724
Inventories	97,088	87,986
Write down inventories to net realizable value	$ 7,200	$ 6,500

Other receivables (Details)

Other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Other receivables
VAT refundable	$ 8,729	$ 2,879
Customs receivable	1,389	2,123
Advances to suppliers	1,250	1,431
Government grants receivables	3,882	8,906
Prepaid expenses	2,443	2,875
Other	1,557	2,399
Other current receivables	$ 19,250	$ 20,613

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash and cash equivalents
Bank balances	$ 46,885	$ 32,670
Bank deposits	38,283	17,580
Cash and cash equivalents	$ 85,168	$ 50,250	$ 34,534	$ 46,880
Minimum
Cash and cash equivalents
Nominal interest rate on deposit	0.17%	0.13%
Maximum
Cash and cash equivalents
Nominal interest rate on deposit	1.54%	0.75%

Capital and reserves (Details)

Capital and reserves (Details) - Ordinary shares shares in Thousands, EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2017Voteshares	Dec. 31, 2016Voteshares	Dec. 31, 2015EquityInstrumentsVoteshares	Dec. 31, 2017₪ / sharesshares	Dec. 31, 2016₪ / sharesshares	Dec. 31, 2015₪ / sharesshares
Capital and reserves
On issue at January 1,	21,361	21,090	21,003
On issue at December 31,	21,361	21,090	21,003	22,123	21,361	21,090
Authorized (3)				54,000	54,000	54,000
Issued and fully paid on December 31				3,599	3,461	3,414
Par value per share | ₪ / shares				₪ 0.645	₪ 0.645	₪ 0.645
Number of votes per shareholder | Vote	1	1	1
RSU
Capital and reserves
Increase (decrease) in shares issued | EquityInstruments			7
Employee equity awards
Capital and reserves
Increase (decrease) in shares issued	762	271	80

Loans and borrowings (Details)

Loans and borrowings (Details)	Dec. 31, 2017USD ($)
Loans and borrowings
Total loans and borrowings	$ 0

Employee benefits - Liabilities

Employee benefits - Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefits
Post-employment benefits	$ 1,426	$ 1,464
Liability for seniority grant obligations	872	747
Current provisions for employee benefits	18,543	13,227
Employee benefits	20,841	15,438
Employee benefits (non-current liabilities)	2,403	2,306
Other receivables (non-current assets)	105	95
Salary and related expenses
Employee benefits
Current provisions for employee benefits	14,982	10,897
Liability for holiday pay
Employee benefits
Current provisions for employee benefits	3,561	2,330
Present value of defined benefit obligation
Employee benefits
Post-employment benefits	5,583	5,458	$ 5,960
Fair value of plan assets
Employee benefits
Post-employment benefits	$ (4,157)	$ (3,994)	$ (4,415)

Employee benefits - Movement (D

Employee benefits - Movement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefits
Balance at the beginning of year	$ 1,464
Actual return on plan assets	(25)	$ (228)	$ (28)
Balance at the end of year	1,426	1,464
Present value of defined benefit obligation
Employee benefits
Balance at the beginning of year	5,458	5,960
Benefits paid by the plan	553	779
Current service cost and interest cost	418	402
Changes in respect of foreign exchange differences	(186)	85
Experience adjustments	53	153
Actuarial (gains) losses from changes in financial assumptions	21	(193)
Balance at the end of year	5,583	5,458	5,960
Fair value of plan assets
Employee benefits
Balance at the beginning of year	(3,994)	(4,415)
Benefits paid by the plan	(79)	(539)
Changes in respect of foreign exchange differences	180	(42)
Contributions paid into the plan	74	389
Interest income	14	38
Actual return on plan assets	(26)	(267)
Balance at the end of year	$ (4,157)	$ (3,994)	$ (4,415)

Employee benefits - Expenses (D

Employee benefits - Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefits
Current service costs including foreign exchange differences	$ 412	$ 318	$ 397
Net interest on net defined liability	(2)	2	15
Total	$ 410	$ 320	$ 412

Employee benefits - Return on p

Employee benefits - Return on plan assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefits
Actual return on plan assets	$ (25)	$ (228)	$ (28)

Employee benefits - Actuarial a

Employee benefits - Actuarial assumptions (Details)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefits
Discount rate as of December 31	2.82%	1.34%	1.12%
Future salary nominal increases	3.63%	2.27%	2.06%

Employee benefits - Plan assets

Employee benefits - Plan assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefits
Total	$ 1,426	$ 1,464
Fair value of plan assets
Employee benefits
Equity instruments	460	441
Debt instruments	610	584
Real estate funds	400	383
Investment funds	2,687	2,586
Total	$ (4,157)	$ (3,994)	$ (4,415)

Employee benefits - Sensitivity

Employee benefits - Sensitivity analysis (Details) $ in Thousands	Dec. 31, 2017USD ($)
Discount rate
Employee benefits
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption	$ (27)
Decrease in actuarial assumption	$ 31
Future salary nominal increases
Employee benefits
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption	$ 28
Decrease in actuarial assumption	$ (32)

Employee benefits - Other discl

Employee benefits - Other disclosures (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefits
Expected defined benefit plan contributions for 2018	$ 343,000
Amount recognized as expense in respect of defined contribution plan		$ 3,694,000	$ 2,394,000	$ 2,626,000

Provisions (Details)

Provisions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Provisions
Balance as of beginning of period	$ 2,646
Provision made during the period	982
Provisions used during the period	(1,233)
Changes in respect of foreign exchange differences	207
Balance as of end of period	2,602
Legal claims
Provisions
Balance as of beginning of period	282
Provision made during the period	350
Provisions used during the period	(170)
Changes in respect of foreign exchange differences	20
Balance as of end of period	482
Right of return
Provisions
Balance as of beginning of period	394
Provision made during the period	454
Provisions used during the period	(51)
Changes in respect of foreign exchange differences	44
Balance as of end of period	841
Warranty
Provisions
Balance as of beginning of period	1,970
Provision made during the period	178
Provisions used during the period	(1,012)
Changes in respect of foreign exchange differences	143
Balance as of end of period	$ 1,279

Other current liabilities (Deta

Other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Other current liabilities
Employees and payroll-related accruals	$ 18,543	$ 13,227
VAT payable	5,302	3,944
Customer prepayments	5,904	4,230
Other	712	861
Other current liabilities	$ 30,461	$ 22,262

Sales and marketing (Details)

Sales and marketing (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Sales and marketing
Wages and salaries	$ 35,847	$ 30,938	$ 33,093
Advertising and promotions	76,687	64,890	55,133
Distribution costs	23,445	21,451	22,322
Commissions	3,958	8,218	6,975
Travel expenses	2,827	2,379	2,409
Storage expenses	8,024	6,849	6,388
Depreciation	251	374	524
Other	8,186	9,558	11,797
Total sales and marketing expenses	$ 159,225	$ 144,657	$ 138,641

General and administrative (Det

General and administrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
General and administrative
Wages and salaries	$ 20,177	$ 18,519	$ 18,115
Share-based compensation	5,225	4,801	6,471
Communication and support costs	3,773	3,521	4,008
Rental and building maintenance	3,511	3,038	3,230
Professional advisors	1,096	1,225	1,439
Legal	4,761	2,176	2,085
Audit and review	1,029	988	1,111
Depreciation	4,104	5,034	4,858
Travel expenses	709	623	725
Other	4,732	3,597	5,216
Total general and administrative	$ 49,117	$ 43,522	$ 47,258

Other expenses, net (Details)

Other expenses, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other expense
Impairment of other intangible assets		$ 1,830	$ 631
Other expenses, net	$ 142	497
Total other expense	$ 142	$ 2,327	$ 631

Financial expense (income), net

Financial expense (income), net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financial expense (income), net
Interest expense related to loans and borrowings	$ 128	$ 550	$ 468
Interest income on bank balances and bank deposits	(556)	(91)	(102)
Interest expense (income) related to tax authorities, net	7	64	(16)
Total interest expense, net	(421)	523	350
Foreign exchange differences, net		1,490
Bank charges	358	341	392
Other	945
Other financial expenses	1,303	1,831	392
Foreign exchange differences, net	2,236		4,245
Other		234	1,339
Other financial income	2,236	234	5,584
Total other financial expense (income), net	(933)	1,597	(5,192)
Total financial expenses (income), net	$ (1,354)	$ 2,120	$ (4,842)

Income tax - General (Details)

Income tax - General (Details) - USD ($) $ in Millions	Jan. 04, 2016	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Corporate tax rate
Applicable tax rate			24.00%	25.00%	26.50%
Reduction in Applicable Tax Rate	1.50%
Tax benefit due to reduction tax rate			$ 0.8
Tax rate in Development Area A						9.00%	7.00%
Tax rate in country other than Development Area A						16.00%	12.50%
Tax rate for preferred enterprise in Development Area A			7.50%	9.00%
Dividend distribution tax, Israeli resident			0.00%
Dividend distribution tax rate for individual shareholder or foreign resident (as a percent)			20.00%
2,018
Corporate tax rate
Applicable tax rate		23.00%

Income tax - Composition of inc

Income tax - Composition of income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current tax expense (income)
Current period	$ 11,790	$ 6,262	$ 2,189
Adjustments for prior periods, net	(298)	325	(648)
Total current tax expense (income) and adjustments for current tax of prior periods	11,492	6,587	1,541
Deferred tax expense (income)
Origination and reversal of temporary differences	(2,364)	1,895	1,342
Change in tax rate	(788)	(596)	123
Deferred tax expense (income)	(3,152)	1,299	1,465
Total tax expense (income)	8,340	7,886	3,006
Including benefits arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period (for which deferred taxes were not recognized) that was used to reduce current tax expense	$ 697	$ 1,383	$ 1,283

Income tax - Reconciliation bet

Income tax - Reconciliation between the theoretical tax on the income before income tax and the income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income tax
Income before income tax	$ 82,729	$ 52,352	$ 15,083
Primary tax rate of the Company	24.00%	25.00%	26.50%
Income tax using the Company’s primary tax rate	$ 19,855	$ 13,088	$ 3,997
Additional tax (tax saving) in respect of:
Different tax rate, subsidiaries	(9,773)	(6,753)	(5,658)
Tax effect of revenues exempt from taxation	(1,853)	(11)	(167)
Non-deductible expenses	840	1,915	4,006
Utilization of tax losses and benefits from prior periods for which deferred taxes were not recognized	(697)	(1,383)	(1,283)
Current year tax losses and benefits for which deferred taxes were not recognized	699	325	2,156
Reversal of prior periods deferred tax losses and tax benefits	143	1,097	283
Taxes in respect of prior periods, net	(298)	325	(649)
Effect of change in tax rate	(788)	(596)	123
Other differences	212	(121)	198
Total tax expense (income)	$ 8,340	$ 7,886	$ 3,006

Income tax - Deferred tax asset

Income tax - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Recognized deferred tax assets and liabilities
Net balance, Beginning of period	$ (1,012)	$ 274
Changes recognized in the statement of operations:
Origination and reversal of temporary differences	2,364	(1,895)	$ (1,342)
Effect of change in tax rate	788	596	(123)
Changes recognized in other comprehensive income:
Changes in respect of foreign exchange differences	16	13
Net balance, End of period	2,156	(1,012)	274
Presented under assets	6,435	4,154
Presented under liabilities	(4,279)	(5,166)
Accumulated tax losses	13,600	20,000
Potential future tax benefits	2,700	4,700
Inventories
Recognized deferred tax assets and liabilities
Net balance, Beginning of period	293	352
Changes recognized in the statement of operations:
Origination and reversal of temporary differences	(56)	(41)
Effect of change in tax rate		(6)
Changes recognized in other comprehensive income:
Changes in respect of foreign exchange differences	37	(12)
Net balance, End of period	274	293	352
Presented under assets	234	262
Presented under liabilities	40	31
Property, plant and equipment
Recognized deferred tax assets and liabilities
Net balance, Beginning of period	(6,542)	(6,824)
Changes recognized in the statement of operations:
Origination and reversal of temporary differences	94	(299)
Effect of change in tax rate	1,467	581
Changes recognized in other comprehensive income:
Changes in respect of foreign exchange differences	1
Net balance, End of period	(4,980)	(6,542)	(6,824)
Presented under assets		47
Presented under liabilities	(4,980)	(6,589)
Intangible assets other than goodwill
Recognized deferred tax assets and liabilities
Net balance, Beginning of period	(53)	(522)
Changes recognized in the statement of operations:
Origination and reversal of temporary differences	14	472
Changes recognized in other comprehensive income:
Changes in respect of foreign exchange differences	(4)	(3)
Net balance, End of period	(43)	(53)	(522)
Presented under liabilities	(43)	(53)
Employee benefits
Recognized deferred tax assets and liabilities
Net balance, Beginning of period	231	187
Changes recognized in the statement of operations:
Origination and reversal of temporary differences	160	64
Effect of change in tax rate		(17)
Changes recognized in other comprehensive income:
Changes in respect of foreign exchange differences	16	(3)
Net balance, End of period	407	231	187
Presented under assets	255	147
Presented under liabilities	152	84
Carry-forward tax losses and deductions
Recognized deferred tax assets and liabilities
Net balance, Beginning of period	2,373	7,385
Changes recognized in the statement of operations:
Origination and reversal of temporary differences	190	(5,053)
Effect of change in tax rate	(679)	38
Changes recognized in other comprehensive income:
Changes in respect of foreign exchange differences	21	3
Net balance, End of period	1,905	2,373	7,385
Presented under assets	424	192
Presented under liabilities	1,481	2,181
Unrealized intra-Group profits
Recognized deferred tax assets and liabilities
Net balance, Beginning of period	3,506	259
Changes recognized in the statement of operations:
Origination and reversal of temporary differences	2,016	3,247
Changes recognized in other comprehensive income:
Net balance, End of period	5,522	3,506	259
Presented under assets	5,522	3,506
Tax deductible provisions for product returns
Recognized deferred tax assets and liabilities
Net balance, Beginning of period	(820)	(563)
Changes recognized in the statement of operations:
Origination and reversal of temporary differences	(54)	(285)
Changes recognized in other comprehensive income:
Changes in respect of foreign exchange differences	(55)	28
Net balance, End of period	(929)	(820)	$ (563)
Presented under liabilities	$ (929)	$ (820)

Operational leases (Details)

Operational leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating leases
Lease expense	$ 8,600	$ 7,400	$ 5,000
Minimum future lease payments	20,375
2,018
Operating leases
Minimum future lease payments	7,451
2,019
Operating leases
Minimum future lease payments	5,369
2,020
Operating leases
Minimum future lease payments	3,294
2,021
Operating leases
Minimum future lease payments	1,816
2,022
Operating leases
Minimum future lease payments	1,425
2023 and thereafter
Operating leases
Minimum future lease payments	$ 1,020

Financial instruments - Exposur

Financial instruments - Exposure to credit risk (Details) - Credit risk - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Cash and cash equivalents
Financial instruments
Maximum credit exposure	$ 85,168	$ 50,250
Bank deposits
Financial instruments
Maximum credit exposure		7,000
Financial investment
Financial instruments
Maximum credit exposure	70,000
Derivative financial instruments
Financial instruments
Maximum credit exposure	404	2,112
Government grants receivables
Financial instruments
Maximum credit exposure	3,882	8,906
Trade receivables
Financial instruments
Maximum credit exposure	$ 124,352	$ 87,430

Financial instruments - Trade r

Financial instruments - Trade receivables (Details) - Credit risk - Trade receivables - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financial instruments
Financial assets	$ 124,352	$ 87,430
Cost
Financial instruments
Financial assets	125,015	88,849
Allowance for uncollected receivables
Financial instruments
Financial assets	(663)	(1,419)
Not past due | Cost
Financial instruments
Financial assets	100,767	75,196
Past due 1 - 30 days | Cost
Financial instruments
Financial assets	20,386	10,430
Past due 31 - 90 days | Cost
Financial instruments
Financial assets	3,213	1,805
Past due more than 90 days | Cost
Financial instruments
Financial assets	$ 649	$ 1,418

Financial instruments - Allowan

Financial instruments - Allowance for uncollected receivables (Details) - Credit risk - Trade receivables - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Financial instruments
Balance as of beginning of period	$ 1,419	$ 1,881
Provision for non-collection, net	(233)	(202)
Write-offs charged against the allowance	(523)	(260)
Balance as of end of period	$ 663	$ 1,419

Financial instruments - Credit

Financial instruments - Credit risk for trade receivables by geographic region and currency (Details) - Credit risk - Trade receivables - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financial instruments
Maximum exposure to credit risk	$ 124,352	$ 87,430
Dollar | United States
Financial instruments
Maximum exposure to credit risk	15,657	12,632
Euro | Euro countries
Financial instruments
Maximum exposure to credit risk	72,297	47,026
NIS | Israel
Financial instruments
Maximum exposure to credit risk	5,094	4,246
CHF | Switzerland
Financial instruments
Maximum exposure to credit risk	3,300	2,099
AUD | Australia
Financial instruments
Maximum exposure to credit risk	10,106	8,991
ZAR | South Africa
Financial instruments
Maximum exposure to credit risk	1,701	1,246
GBP | United Kingdom
Financial instruments
Maximum exposure to credit risk	1,804	1,601
SEK | Sweden
Financial instruments
Maximum exposure to credit risk	3,502	2,968
DKK | Denmark
Financial instruments
Maximum exposure to credit risk	440	242
NOK | Norway
Financial instruments
Maximum exposure to credit risk	935	691
CAD | Canada
Financial instruments
Maximum exposure to credit risk	4,421	2,006
NZD | New Zealand
Financial instruments
Maximum exposure to credit risk	110	81
JPY | Japan
Financial instruments
Maximum exposure to credit risk	3,564	2,919
ARS | Argentina
Financial instruments
Maximum exposure to credit risk	288
Others | Others
Financial instruments
Maximum exposure to credit risk	$ 1,133	$ 682

Financial instruments - Signifi

Financial instruments - Significant customer (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Credit risk | Trade receivables | Retailer
Information about major customers
Trade and other receivables	$ 11.3	$ 5.6

Financial instruments - Credi95

Financial instruments - Credit risk for trade receivables by type of counterparty (Details) - Credit risk - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financial instruments
Cumulative credit limit	$ 312,000
Multiple of current insurance year premium (as a percent)	4000.00%
Maximum
Financial instruments
Indemnification amount	$ 21,600
Trade receivables
Financial instruments
Maximum credit exposure	124,352	$ 87,430
Trade receivables | Wholesale customers
Financial instruments
Maximum credit exposure	111,408	76,694
Trade receivables | Distributor
Financial instruments
Maximum credit exposure	12,223	10,190
Trade receivables | End-user customers
Financial instruments
Maximum credit exposure	$ 721	$ 546

Financial instruments - Liquidi

Financial instruments - Liquidity risk (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Financial instruments
Debt	$ 0
Liquidity risk
Financial instruments
Debt	0
Liquidity risk | Credit facilities
Financial instruments
Debt	0
Borrowings capacity	3,000,000
Liquidity risk | Financial institutions
Financial instruments
Borrowings capacity in principle	$ 132,400,000	$ 47,000,000

Financial instruments - Financi

Financial instruments - Financial liabilities contractual payment schedule (Details) - Liquidity risk - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financial instruments
Carrying amount	$ 61,910	$ 42,502
Expected cash flow	61,910	42,502
Trade payables
Financial instruments
Carrying amount	61,215	41,643
Expected cash flow	61,215	41,643
Other current liabilities
Financial instruments
Carrying amount	695	859
Expected cash flow	695	859
Within 1 - 6 months
Financial instruments
Expected cash flow	61,857	42,485
Within 1 - 6 months | Trade payables
Financial instruments
Expected cash flow	61,215	41,626
Within 1 - 6 months | Other current liabilities
Financial instruments
Expected cash flow	642	859
Within 7 - 12 months
Financial instruments
Expected cash flow	53	17
Within 7 - 12 months | Trade payables
Financial instruments
Expected cash flow		$ 17
Within 7 - 12 months | Other current liabilities
Financial instruments
Expected cash flow	$ 53

Financial instruments - Foreign

Financial instruments - Foreign currency risk (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financial instruments
Fair value	$ 70,404	$ 2,112
Foreign currency risk | Currency options
Financial instruments
Notional amount	125,300	111,400
Foreign currency risk | Derivatives
Financial instruments
Fair value	200	2,100
Foreign currency risk | Total assets, net
Financial instruments
Net Financial instruments	221,681	113,196
Foreign currency risk | Total assets, net | Dollar
Financial instruments
Net Financial instruments	106,653	22,972
Foreign currency risk | Total assets, net | Euro
Financial instruments
Net Financial instruments	75,121	50,162
Foreign currency risk | Total assets, net | NIS
Financial instruments
Net Financial instruments	5,630	13,576
Foreign currency risk | Total assets, net | CHF
Financial instruments
Net Financial instruments	4,053	3,345
Foreign currency risk | Total assets, net | AUD
Financial instruments
Net Financial instruments	10,011	8,094
Foreign currency risk | Total assets, net | ZAR
Financial instruments
Net Financial instruments	1,426	1,400
Foreign currency risk | Total assets, net | GBP
Financial instruments
Net Financial instruments	2,854	2,194
Foreign currency risk | Total assets, net | SEK
Financial instruments
Net Financial instruments	3,917	3,942
Foreign currency risk | Total assets, net | DKK
Financial instruments
Net Financial instruments	622	468
Foreign currency risk | Total assets, net | NOK
Financial instruments
Net Financial instruments	1,179	895
Foreign currency risk | Total assets, net | CAD
Financial instruments
Net Financial instruments	5,995	2,694
Foreign currency risk | Total assets, net | NZD
Financial instruments
Net Financial instruments	336	456
Foreign currency risk | Total assets, net | JPY
Financial instruments
Net Financial instruments	3,718	2,998
Foreign currency risk | Total assets, net | ARS
Financial instruments
Net Financial instruments	166
Foreign currency risk | Total assets
Financial instruments
Financial instruments	283,806	155,698
Foreign currency risk | Total assets | Dollar
Financial instruments
Financial instruments	118,008	31,513
Foreign currency risk | Total assets | Euro
Financial instruments
Financial instruments	95,401	60,696
Foreign currency risk | Total assets | NIS
Financial instruments
Financial instruments	30,124	32,519
Foreign currency risk | Total assets | CHF
Financial instruments
Financial instruments	4,260	4,163
Foreign currency risk | Total assets | AUD
Financial instruments
Financial instruments	11,437	9,361
Foreign currency risk | Total assets | ZAR
Financial instruments
Financial instruments	2,206	1,554
Foreign currency risk | Total assets | GBP
Financial instruments
Financial instruments	3,423	2,706
Foreign currency risk | Total assets | SEK
Financial instruments
Financial instruments	4,490	4,206
Foreign currency risk | Total assets | DKK
Financial instruments
Financial instruments	764	543
Foreign currency risk | Total assets | NOK
Financial instruments
Financial instruments	1,304	1,083
Foreign currency risk | Total assets | CAD
Financial instruments
Financial instruments	7,233	3,387
Foreign currency risk | Total assets | NZD
Financial instruments
Financial instruments	380	507
Foreign currency risk | Total assets | JPY
Financial instruments
Financial instruments	4,469	3,460
Foreign currency risk | Total assets | ARS
Financial instruments
Financial instruments	307
Foreign currency risk | Cash and cash equivalents
Financial instruments
Financial instruments	85,168	50,250
Foreign currency risk | Cash and cash equivalents | Dollar
Financial instruments
Financial instruments	30,814	9,087
Foreign currency risk | Cash and cash equivalents | Euro
Financial instruments
Financial instruments	23,104	13,670
Foreign currency risk | Cash and cash equivalents | NIS
Financial instruments
Financial instruments	21,148	19,367
Foreign currency risk | Cash and cash equivalents | CHF
Financial instruments
Financial instruments	960	2,064
Foreign currency risk | Cash and cash equivalents | AUD
Financial instruments
Financial instruments	1,331	370
Foreign currency risk | Cash and cash equivalents | ZAR
Financial instruments
Financial instruments	505	308
Foreign currency risk | Cash and cash equivalents | GBP
Financial instruments
Financial instruments	1,619	1,105
Foreign currency risk | Cash and cash equivalents | SEK
Financial instruments
Financial instruments	988	1,238
Foreign currency risk | Cash and cash equivalents | DKK
Financial instruments
Financial instruments	324	301
Foreign currency risk | Cash and cash equivalents | NOK
Financial instruments
Financial instruments	369	392
Foreign currency risk | Cash and cash equivalents | CAD
Financial instruments
Financial instruments	2,812	1,381
Foreign currency risk | Cash and cash equivalents | NZD
Financial instruments
Financial instruments	270	426
Foreign currency risk | Cash and cash equivalents | JPY
Financial instruments
Financial instruments	905	541
Foreign currency risk | Cash and cash equivalents | ARS
Financial instruments
Financial instruments	19
Foreign currency risk | Bank deposits
Financial instruments
Financial instruments		7,000
Foreign currency risk | Bank deposits | Dollar
Financial instruments
Financial instruments		7,000
Foreign currency risk | Trade receivables
Financial instruments
Financial instruments	124,352	87,430
Foreign currency risk | Trade receivables | Dollar
Financial instruments
Financial instruments	16,790	13,314
Foreign currency risk | Trade receivables | Euro
Financial instruments
Financial instruments	72,297	47,026
Foreign currency risk | Trade receivables | NIS
Financial instruments
Financial instruments	5,094	4,246
Foreign currency risk | Trade receivables | CHF
Financial instruments
Financial instruments	3,300	2,099
Foreign currency risk | Trade receivables | AUD
Financial instruments
Financial instruments	10,106	8,991
Foreign currency risk | Trade receivables | ZAR
Financial instruments
Financial instruments	1,701	1,246
Foreign currency risk | Trade receivables | GBP
Financial instruments
Financial instruments	1,804	1,601
Foreign currency risk | Trade receivables | SEK
Financial instruments
Financial instruments	3,502	2,968
Foreign currency risk | Trade receivables | DKK
Financial instruments
Financial instruments	440	242
Foreign currency risk | Trade receivables | NOK
Financial instruments
Financial instruments	935	691
Foreign currency risk | Trade receivables | CAD
Financial instruments
Financial instruments	4,421	2,006
Foreign currency risk | Trade receivables | NZD
Financial instruments
Financial instruments	110	81
Foreign currency risk | Trade receivables | JPY
Financial instruments
Financial instruments	3,564	2,919
Foreign currency risk | Trade receivables | ARS
Financial instruments
Financial instruments	288
Foreign currency risk | Other receivables
Financial instruments
Financial instruments	3,882	8,906
Foreign currency risk | Other receivables | NIS
Financial instruments
Financial instruments	3,882	8,906
Foreign currency risk | Derivative financial instruments
Financial instruments
Financial instruments	404	2,112
Foreign currency risk | Derivative financial instruments | Dollar
Financial instruments
Financial instruments	404	2,112
Foreign currency risk | Financial investment
Financial instruments
Financial instruments	70,000
Foreign currency risk | Financial investment | Dollar
Financial instruments
Financial instruments	70,000
Foreign currency risk | Total liabilities
Financial instruments
Financial instruments	62,125	42,502
Foreign currency risk | Total liabilities | Dollar
Financial instruments
Financial instruments	11,355	8,541
Foreign currency risk | Total liabilities | Euro
Financial instruments
Financial instruments	20,280	10,534
Foreign currency risk | Total liabilities | NIS
Financial instruments
Financial instruments	24,494	18,943
Foreign currency risk | Total liabilities | CHF
Financial instruments
Financial instruments	207	818
Foreign currency risk | Total liabilities | AUD
Financial instruments
Financial instruments	1,426	1,267
Foreign currency risk | Total liabilities | ZAR
Financial instruments
Financial instruments	780	154
Foreign currency risk | Total liabilities | GBP
Financial instruments
Financial instruments	569	512
Foreign currency risk | Total liabilities | SEK
Financial instruments
Financial instruments	573	264
Foreign currency risk | Total liabilities | DKK
Financial instruments
Financial instruments	142	75
Foreign currency risk | Total liabilities | NOK
Financial instruments
Financial instruments	125	188
Foreign currency risk | Total liabilities | CAD
Financial instruments
Financial instruments	1,238	693
Foreign currency risk | Total liabilities | NZD
Financial instruments
Financial instruments	44	51
Foreign currency risk | Total liabilities | JPY
Financial instruments
Financial instruments	751	462
Foreign currency risk | Total liabilities | ARS
Financial instruments
Financial instruments	141
Foreign currency risk | Trade payables
Financial instruments
Financial instruments	61,215	41,643
Foreign currency risk | Trade payables | Dollar
Financial instruments
Financial instruments	11,140	8,541
Foreign currency risk | Trade payables | Euro
Financial instruments
Financial instruments	19,805	9,762
Foreign currency risk | Trade payables | NIS
Financial instruments
Financial instruments	24,397	18,856
Foreign currency risk | Trade payables | CHF
Financial instruments
Financial instruments	207	818
Foreign currency risk | Trade payables | AUD
Financial instruments
Financial instruments	1,356	1,267
Foreign currency risk | Trade payables | ZAR
Financial instruments
Financial instruments	780	154
Foreign currency risk | Trade payables | GBP
Financial instruments
Financial instruments	569	512
Foreign currency risk | Trade payables | SEK
Financial instruments
Financial instruments	573	264
Foreign currency risk | Trade payables | DKK
Financial instruments
Financial instruments	142	75
Foreign currency risk | Trade payables | NOK
Financial instruments
Financial instruments	125	188
Foreign currency risk | Trade payables | CAD
Financial instruments
Financial instruments	1,238	693
Foreign currency risk | Trade payables | NZD
Financial instruments
Financial instruments	44	51
Foreign currency risk | Trade payables | JPY
Financial instruments
Financial instruments	698	462
Foreign currency risk | Trade payables | ARS
Financial instruments
Financial instruments	141
Foreign currency risk | Other current liabilities
Financial instruments
Financial instruments	695	859
Foreign currency risk | Other current liabilities | Euro
Financial instruments
Financial instruments	475	772
Foreign currency risk | Other current liabilities | NIS
Financial instruments
Financial instruments	97	$ 87
Foreign currency risk | Other current liabilities | AUD
Financial instruments
Financial instruments	70
Foreign currency risk | Other current liabilities | JPY
Financial instruments
Financial instruments	53
Foreign currency risk | Derivative financial instrument
Financial instruments
Financial instruments	215
Foreign currency risk | Derivative financial instrument | Dollar
Financial instruments
Financial instruments	$ 215

Financial instruments - Signi99

Financial instruments - Significant exchange and spot rates applied (Details) - Foreign currency risk - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Euro
Financial instruments
Annual change (as a percent)	14.00%	(3.72%)
Reporting date spot rate	1.20	1.05
NIS
Financial instruments
Annual change (as a percent)	10.95%	1.18%
Reporting date spot rate	0.29	0.26
CHF
Financial instruments
Annual change (as a percent)	4.44%	(2.77%)
Reporting date spot rate	1.02	0.98
AUD
Financial instruments
Annual change (as a percent)	8.51%	(1.20%)
Reporting date spot rate	0.78	0.72
ZAR
Financial instruments
Annual change (as a percent)	11.30%	12.07%
Reporting date spot rate	0.08	0.07
GBP
Financial instruments
Annual change (as a percent)	9.53%	(16.76%)
Reporting date spot rate	1.35	1.23
SEK
Financial instruments
Annual change (as a percent)	10.94%	(7.87%)
Reporting date spot rate	0.12	0.11
DKK
Financial instruments
Annual change (as a percent)	13.85%	(3.35%)
Reporting date spot rate	0.16	0.14
NOK
Financial instruments
Annual change (as a percent)	5.31%	1.25%
Reporting date spot rate	0.12	0.12
CAD
Financial instruments
Annual change (as a percent)	7.19%	3.14%
Reporting date spot rate	0.80	0.74
NZD
Financial instruments
Annual change (as a percent)	2.74%	1.09%
Reporting date spot rate	0.71	0.69
JPY
Financial instruments
Annual change (as a percent)	3.90%	3.01%
Reporting date spot rate	0.01	0.01
ARS
Financial instruments
Annual change (as a percent)	(15.08%)	(18.36%)
Reporting date spot rate	0.05	0.06

Financial instruments - Sensiti

Financial instruments - Sensitivity analysis (Details) - Foreign currency risk - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financial instruments
Decrease in percent (as a percent)	10.00%	10.00%
Increase in percent (as a percent)	10.00%	10.00%
Euro
Financial instruments
Equity change	$ (6,925)	$ (3,943)
Equity change	7,326	4,474
Net income change	1,088	637
Net income change	(687)	(106)
NIS
Financial instruments
Equity change	(653)	(2,397)
Equity change	789	4,436
Net income change	(348)	(2,068)
Net income change	484	4,107
CHF
Financial instruments
Equity change	304	226
Equity change	135	43
Net income change	689	510
Net income change	(250)	(242)
AUD
Financial instruments
Equity change	(468)	(469)
Equity change	746	662
Net income change	527	340
Net income change	(249)	(147)
ZAR
Financial instruments
Equity change	(143)	(140)
Equity change	143	140
GBP
Financial instruments
Equity change	(15)	58
Equity change	180	46
Net income change	250	267
Net income change	(85)	(163)
SEK
Financial instruments
Equity change	(149)	(229)
Equity change	247	280
Net income change	237	126
Net income change	(139)	(75)
DKK
Financial instruments
Equity change	(62)	(47)
Equity change	62	47
NOK
Financial instruments
Equity change	(118)	(90)
Equity change	118	90
CAD
Financial instruments
Equity change	91	225
Equity change	323	4
Net income change	694	510
Net income change	(281)	(281)
NZD
Financial instruments
Equity change	(34)	(46)
Equity change	34	46
JPY
Financial instruments
Equity change	(25)	(145)
Equity change	201	170
Net income change	338	155
Net income change	(162)	$ (130)
ARS
Financial instruments
Equity change	(17)
Equity change	17
Net income change	23
Net income change	$ (23)

Financial instruments - Interes

Financial instruments - Interest rate risk profit (Details) - Interest rate risk - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fixed rate instruments
Financial instruments
Financial assets	$ 38,283	$ 24,580
Variable rate instruments
Financial instruments
Financial assets	$ 70,000

Financial instruments - Fair va

Financial instruments - Fair value by the valuation method (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivative financial assets
Financial Assets	$ 70,404	$ 2,112
Financial Liabilities	215
Level 2
Derivative financial assets
Financial Assets	70,404	2,112
Financial Liabilities	215
Financial investment
Derivative financial assets
Financial Assets	70,000
Financial investment | Level 2
Derivative financial assets
Financial Assets	70,000
Derivative financial instruments
Derivative financial assets
Financial Assets	404	2,112
Financial Liabilities	215
Derivative financial instruments | Level 2
Derivative financial assets
Financial Assets	404	$ 2,112
Financial Liabilities	$ 215

Contingencies (Details)

Contingencies (Details) $ in Millions	Dec. 31, 2017USD ($)
Contingencies
Legal claims and proceedings	$ 28.5
Current legal proceedings provision	0.5
Contractual obligations	$ 48.4

Net income per share (Details)

Net income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2017	Jan. 01, 2016	Jan. 01, 2015
Net income per share
Net income for the year	$ 74,389	$ 44,466	$ 12,077
Opening balance at January 1				21,361	21,090	21,003
RSU Adjustment			7
Effect of employee options exercised	447	93	27
Weighted average number of shares at December 31 - basic	21,808	21,183	21,037
Effect of employee options	769	333	80
Weighted average number of shares at December 31 - diluted	22,577	21,516	21,117
Basic (in dollar per share)	$ 3.41	$ 2.10	$ 0.57
Diluted (in dollar per share)	$ 3.29	$ 2.07	$ 0.57
Anti dilutive securities excluded from the calculation	155	236	1,765

Share-based payments - General

Share-based payments - General (Details)	Feb. 26, 2013	Feb. 23, 2012	Nov. 30, 2017EquityInstrumentsitem	Dec. 31, 2015USD ($)EquityInstruments$ / sharesshares	Dec. 31, 2017planshares	Feb. 25, 2013
Disclosure of terms and conditions of share-based payment arrangement [line items]
The number of share option plans | plan					2
Number of shares per option					1
CEO
Disclosure of terms and conditions of share-based payment arrangement [line items]
Bonus percentage				1.00%
Maximum bonus amount | $				$ 500,000
Minimum strategic investment amount | $				$ 25,000,000
Ordinary Shares | Non Employee Directors
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares granted | EquityInstruments			2,500
Restricted Stock Units | Three company directors
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares granted | EquityInstruments			5,504
Number of equal installments for vesting | item			2
Vesting period			2 years
Number of directors that received additional grants | item			3
Restricted Stock Units | Non Employee Directors
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares granted | EquityInstruments			2,500
Share option plans
Disclosure of terms and conditions of share-based payment arrangement [line items]
Shares available for issuance					1,309,121
Number of shares granted and outstanding					1,022,830
Expiration period	5 years	10 years				6 years
Share option plans | CEO
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares granted | EquityInstruments				600,000
Number of options that vest on the grant date				300,000
Number of options that vest and become exercisable subject to market conditions				300,000
Share option plans | CEO | Share price exceeds $22
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options that vest and become exercisable subject to market conditions				150,000
Price per share | $ / shares				$ 22
Share option plans | CEO | Share price exceeds $27
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options that vest and become exercisable subject to market conditions				150,000
Price per share | $ / shares				$ 27
2007 option plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage, one year after grant date					25.00%
Vesting period					4 years
2010 option plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage, one year after grant date					33.30%
Vesting period					3 years
2010 option plan | CEO
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments approved for future grant in the event of strategic investment				100,000

Share-based payments - Terms an

Share-based payments - Terms and conditions of the grants (Details) - EquityInstruments	1 Months Ended		3 Months Ended																																12 Months Ended			123 Months Ended
	Dec. 31, 2015	Nov. 30, 2014	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2009	Sep. 30, 2009	Mar. 31, 2009	Dec. 31, 2008	Sep. 30, 2008	Jun. 30, 2008	Mar. 31, 2008	Dec. 31, 2007	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options																																			302,254	108,000	934,500	4,740,589
Modification
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options cancelled	190,000	494,496
Number of options granted in connection with modification or repricing action	190,000	361,357
Number of options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options			52,004	250,250	17,000	13,000	78,000	813,000	60,500	61,000	179,500	13,500	147,300	110,000	5,000	92,100	328,000	457,500	97,500	9,000	40,400	183,000	63,000	727,450	94,186	26,356	29,457	34,109	8,616	82,171	147,816	90,332	92,470	660,211
Number of options | Modification
Disclosure of terms and conditions of share-based payment arrangement [line items]
The number of options modified or repriced	190,000	133,139
Vesting condition 1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options			26,500	250,250	17,000	13,000	78,000	123,000	60,500	26,000		13,500	122,300	110,000	5,000	92,100	328,000	7,500	97,500	9,000	40,400	183,000	63,000	547,450	94,186	26,356	29,457	34,109		32,558	3,876	54,264		144,962
Vesting percentage, one year after grant date			25.00%																																25.00%			25.00%
Quarterly vesting percentage, one year after grant date			6.25%																																6.25%			6.25%
Vesting condition 2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options																													8,616		52,658	36,068	92,470	29,965
Vesting condition 3
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options								90,000																180,000
Vesting percentage, one year after grant date			33.33%																																33.33%			33.33%
Annual vesting percentage, one year after grant date			33.33%																																33.33%			33.33%
Vesting condition 4
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options			20,000															135,000
Vesting period																																			1 year
Vesting condition 5
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options																		315,000
Vesting period																																			3 years
Vesting condition 6
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options													25,000
Vesting period																																			11 months
Vesting condition 7
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options										35,000	179,500
Vesting percentage, one year after grant date			33.00%																																33.00%			33.00%
Quarterly vesting percentage, one year after grant date			8.33%																																8.33%			8.33%
Vesting condition 7 | Modification
Disclosure of terms and conditions of share-based payment arrangement [line items]
The number of options modified or repriced		133,139
Vesting condition 8
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options			5,504																											49,613	91,282			485,284
Vesting condition 8 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of quarters			10																																10			10
Vesting condition 8 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of quarters			12																																12			12
Vesting condition 9
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options								600,000
Number of options fully vested								300,000
Number of options cancelled								190,000
Number of options granted in connection with modification or repricing action								190,000
Number of options subject to market conditions								300,000
Service period, initial 50% of options								1 year
Service period, remaining 50% of options								2 years
Vesting condition 9 | Modification
Disclosure of terms and conditions of share-based payment arrangement [line items]
The number of options modified or repriced	190,000

Share-based payments - Weighted

Share-based payments - Weighted averages (Details)	12 Months Ended			123 Months Ended
	Dec. 31, 2017USD ($)YEquityInstruments	Dec. 31, 2016USD ($)YEquityInstruments	Dec. 31, 2015USD ($)YEquityInstruments	Dec. 31, 2017USD ($)EquityInstruments	Dec. 31, 2017ILS (₪)YEquityInstruments	Dec. 31, 2017EUR (€)YEquityInstruments	Dec. 31, 2017USD ($)YEquityInstruments	Dec. 31, 2016ILS (₪)YEquityInstruments	Dec. 31, 2016EUR (€)YEquityInstruments	Dec. 31, 2016USD ($)YEquityInstruments	Dec. 31, 2015ILS (₪)YEquityInstruments	Dec. 31, 2015EUR (€)YEquityInstruments	Dec. 31, 2015USD ($)YEquityInstruments
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at January 1 | EquityInstruments	1,520,887	2,273,499	1,813,591
Forfeited and expired during the period | EquityInstruments	(38,132)	(589,617)	(204,332)
Exercised during the period | EquityInstruments	(762,179)	(270,995)	(80,260)
Granted during the period | EquityInstruments	302,254	108,000	934,500	4,740,589
Modification during the period | EquityInstruments			(190,000)
Outstanding at December 31 | EquityInstruments	1,022,830	1,520,887	2,273,499	1,022,830
Exercisable at December 31 | EquityInstruments					595,136	595,136	595,136	1,019,031	1,019,031	1,019,031	959,339	959,339	959,339
Weighted average exercise price - outstanding at January 1	$ 19.07	$ 22.21	$ 29.11
Weighted average exercise price - forfeited and expired during the period	15.68	22.60	38.04
Weighted average exercise price - exercised during the period	20.19	20.32	15.80
Weighted average exercise price - granted during the period	53.56	16.61	15.50
Weighted average exercise price - modification during the period			15
Weighted average exercise price - outstanding at December 31	$ 24.48	$ 19.07	$ 22.21	$ 24.48
Weighted average exercise price - exercisable at December 31							$ 18.21			$ 20.07			$ 21
Weighted average remaining contractual life | Y					3.08	3.08	3.08	3.60	3.60	3.60	4.15	4.15	4.15
Weighted average contractual life | Y	5.11	6.07	6.07
Weighted average share price at date of exercise	$ 56.74	$ 30.30	$ 16.75
Exercise price NIS 0.645
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | ₪					₪ 0.645			₪ 0.645			₪ 0.645
Exercise price Euro 1.61
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | €									€ 1.61			€ 1.61
Exercise price Euro 4.84
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | €						€ 4.84			4.84			4.84
Exercise price Euro 10.32
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | €						€ 10.32			€ 10.32			€ 10.32
Exercise price US Dollars | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price							$ 13			$ 13			$ 15
Exercise price US Dollars | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price							$ 64			$ 52			$ 52

Share-based payments - Fair val

Share-based payments - Fair value inputs (Details)	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)item
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value at grant date	$ 39.15	$ 7.18	$ 8.08
Share price (on grant date) (weighted average)	57.43	16.47	17.26
Exercise price (weighted average)	$ 53.56	$ 16.61	$ 15.50
Option life (years) | item	5	5	5
Expected dividends	0.00%	0.00%	0.00%
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (weighted average)	42.00%	42.00%	45.00%
Risk-free interest rate	1.10%	0.47%	0.38%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (weighted average)	48.00%	56.00%	58.00%
Risk-free interest rate	2.06%	1.38%	1.72%

Share-based payments - Addition

Share-based payments - Additional details (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based payments
Pre-vesting forfeiture rate - management	3.32%
Pre-vesting forfeiture rate - employees	3.05%
Expenses arising from share-based payment grants settled by the Company's equity instruments	$ 5,225	$ 4,801	$ 6,471

Related parties - General (Deta

Related parties - General (Details) $ in Thousands	Dec. 20, 2012USD ($)	Apr. 30, 2016	Dec. 31, 2017USD ($)employee	Dec. 31, 2016USD ($)employee	Dec. 31, 2015USD ($)employee	Dec. 31, 2014USD ($)
Key management personnel compensation
Short-term employee benefits, number | employee			15	16	16
Long-term employee benefits, number | employee					1
Post-employment benefits, number | employee			7	8	9
Share-based payments, number | employee			14	16	16
Short-term employee benefits			$ 3,362	$ 2,519	$ 2,586
Long-term employee benefits					412	$ 750
Post-employment benefits			109	95	119
Share-based payments			2,242	3,578	4,150
Key management personnel compensation			$ 5,713	$ 6,192	$ 7,267
CEO
Key management personnel compensation
Long-term employee benefits include a cash bonus	$ 1,200
Percentage of deferred bonus on operating income target		50.00%

Related parties - Exculpation,

Related parties - Exculpation, insurance and indemnification (Details) $ in Millions	Dec. 31, 2017USD ($)
Related parties
Percentage of shareholders equity to calculate directors and officers liability insurance	50.00%
Threshold limit for directors and officers liability insurance	$ 50

Subsequent events (Details)

Subsequent events (Details) - OPM France SAS € in Millions	1 Months Ended
	Feb. 28, 2018EUR (€)
Subsequent events
Ownership (as a percent)	100.00%
Purchase price	€ 17.5