YAVNE, Israel, Aug.
15, 2016 /PRNewswire/ -- G. Willi-Food International
Ltd. (NASDAQ: WILC) (the "Company" or
"Willi-Food"), a global company that specializes in the
development, marketing and international distribution of kosher
foods, today announced its unaudited financial results for the
second quarter ended June 30,
2016.
Second Quarter Fiscal 2016 Highlights (income
statement highlights compared to same period last year):
- Operating income increased 144.1% from second quarter of 2015
to NIS 7.9 million (US$ 2.1 million), or 10.3% of sales
- Gross profit increased 39% from second quarter of 2015 to
NIS 21.5 million (US$ 5.6 million), or 28.1% of sales
- Net profit increased by NIS 7.9
million (US$ 1.3 million)
to NIS 7.8 million
(US$ 2 million), or 10.1% of sales,
in the second quarter of 2016 from a net loss of NIS 0.2
million (US$ 0.05 million) in the
second quarter of 2015.
- Net cash from operating activities of NIS 13.6 million (US$ 3.5
million).
- Cash and securities balance (net of short-term bank debt) of
NIS 247.4 million (US$ 64.3 million) as of June 30, 2016
- Earning per share of NIS 0.59
(US$ 0.15)
Willi-Food's operating divisions include Willi-Food, a
distributor of a broad variety of kosher foods, and its
wholly-owned subsidiary Gold Frost Ltd. ("Goldfrost"), a
designer, developer and distributor of branded and innovative
kosher dairy food products.
Second Quarter Fiscal 2016 Summary
Sales for the second quarter of 2016 increased by 7.6% to
NIS 76.6 million (US$ 19.9 million) from NIS
71.2 million (US$ 18.5
million) recorded in the second quarter of 2015. Sales
increased in the second quarter of 2016 primarily due to an
effective marketing campaign activities carried out in the second
quarter and the Passover holiday,
which occurred during the reporting period in the second quarter,
while in 2015 the holiday occurred in the first quarter.
Gross profit for the second quarter of 2016 increased by 39% to
NIS 21.5 million (US$ 5.6 million) compared to NIS 15.5 million (US$ 4
million) recorded in the second quarter of 2015. Second
quarter gross margin was 28.1% compared to gross margin of 21.7%
for the same period in 2015. The increase in gross margin was the
result of the Company's strategic focus on selling a favorable mix
of products which generate a higher gross margin in addition to
successful negotiations with its suppliers for improved commercial
terms.
Willi-Food's operating income for the second quarter of 2016
increased by 144.1% to NIS 7.9
million (US$ 2.1 million)
compared to NIS 3.2 million
(US$ 0.8 million) recorded in the
second quarter of 2015 due to the decreased general and
administrative expenses and other expenses as described below.
Selling expenses increased by 7.5% from the comparable quarter of
2015 and the general and administrative expenses decreased by 25.5%
from the second quarter of 2015 to NIS 4.1
million (US$ 1.1 million)
compared to NIS 5.5 million
(US$ 1.4 million) mainly due to a
significant decrease in costs of management salaries of Mr.
Zwi Williger, the Company's former
Co-Chairman of the Board of Directors and president, and Mr.
Joseph Williger, a former director
and president of the Company, which totaled NIS 0.8 million (US$ 0.2
million), and due to a NIS 1.7
million (US$ 0.4 million)
write-off recorded with respect to the Company's estimated exposure
to Mega Retail Ltd. and Eden Briut Teva Market Ltd. debts in the
second quarter of 2015.
Willi-Food's income before taxes for the second quarter of 2016
was NIS 10.3 million (US$ 2.7 million) compared to income before taxes
of NIS 0.2 million (US$ 0.04 million) recorded in the second quarter
of 2015.
Willi-Food's net income in the second quarter of 2016 was
NIS 7.8 million (US$ 2 million), or NIS
0.59 (US$ 0.15) per share,
compared to loss of NIS 0.2 million
(US$ 0.05 million), or NIS 0.2 (US$ 0.01)
loss per share, recorded in the second quarter of 2015.
Willi-Food ended the second quarter of 2016 with NIS 247.4 million (US$
64.3 million) in cash and securities net of short-term bank
debt. Net cash from operating activities for 2016 second quarter
was NIS 13.6 million (US$ 3.5 million). Willi-Food's shareholders'
equity at the end of June 2016 was
NIS 412.5 million (US$ 107.2 million).
First Half Fiscal 2016 Highlights (compared to same
period last year)
- Sales increased 1.2% to NIS 159.3
million (US$ 41.4
million)
- Gross profit increased 30% to NIS 42.3
million (US$ 11 million), or
26.5% of sales
- Operating income increased 199% to NIS
15.8 million (US$ 4.1
million), or 9.9% of sales
- Net income increased 406% to NIS 12.5
million (US$ 3.2 million), or
7.8% of sales
- Earning per share of NIS 0.94
(US$ 0.25)
Six-Month Results
Willi-Food's sales for the six-month period ending June 30, 2016 increased by 1.2% to NIS 159.3 million (US$
41.4 million) compared to sales of NIS 157.4 million (US$
40.9 million) in the first half of 2015. Gross profit for
the period increased by 30% to NIS 42.3
million (US$ 11 million)
compared to gross profit of NIS 32.6
million (US$ 8.5 million) for
the first half of 2015. First half 2016 gross margins were 26.5%
compared to gross margins of 20.1% in the same period of 2015. The
increase in gross margin was the result of the Company's strategic
focus on selling a favorable mix of products which generated a
higher gross margin in addition to successful negotiations with its
suppliers for improved commercial terms.
Operating income for the first half of 2016 increased by 199% to
NIS 15.8 million (US$ 4.1 million) from NIS
5.3 million (US$ 1.4 million)
reported in the comparable period of last year primarily due to the
decrease of general and administrative expenses and other
expenses. First half 2016 income before taxes increased by
355.7% to NIS 16.7 million
(US$ 4.3 million) compared to
NIS 3.7 million (US$ 1 million) recorded in the first half of
2015. Net income for the first half of 2016 increased by 406% to
NIS 12.5 million (US$ 3.2 million), or NIS
0.94 (US$ 0.25) per share,
from NIS 2.5 million (US$ 0.6 million), or NIS
0.19 (US$ 0.043) per share,
recorded in the first half of 2015.
Note regarding the share purchase program announced by
Willi-Food Investments
The Company previously announced that its controlling
shareholder, Willi-Food Investments Ltd. (the "Parent Company"),
had reported that its board of directors had authorized the
purchase of up to US$ 5 million of
the Company's Ordinary Shares, and that the price per Ordinary
Share of the Company to be acquired by the Parent Company would not
exceed the Company's shareholders' equity per Ordinary Share. The
Parent Company informed the Company that the timing and amount of
the share purchases will be determined by management of the Parent
Company based on its evaluation of market conditions, the trading
price of the Company's shares and other factors. The purchase
program may be increased, suspended or discontinued at any time. As
reported in the Company's annual report on Form 20-F filed with the
SEC on April 28, 2016, on
December 15, 2015, the Board of
Directors of the Parent Company had approved additional funds in
the amount of NIS 9.5 million
(US$ 2.4 million) for the purchase of
additional Ordinary Shares of the Company.
Note regarding term of exclusive distribution arrangement
with Arla foods
As previously announced by the Company on June 10, 2016 and June 13,
2016, Goldfrost announced the extension of its Exclusive
Distribution Agreement with the Danish producer of dairy products,
Arla Foods amba ("Arla"), for a term of fifteen months commencing
from the expiration in June 2016 of
the current distribution agreement between the parties.
Under the original agreement, Arla had the right to terminate
the agreement on 18 months' notice if Gold Frost failed to satisfy
the minimum purchase requirements, or on 30 days' notice under
certain circumstances, including but not limited to in the case of
the death or permanent incapacity of Zwi
Williger, the previous Chairman of the board of the Company
or his ceasing to be involved in Gold Frost's business.
Zwi Williger ceased to hold any
positions with the Company as of January 21,
2016.
After the departure of Mr. Zwi
Williger from the Company on January
21, 2016, Arla notified the Company that, among other
changes, it is seeking to reduce the period of exclusivity of the
contract.
Under the extension, Arla granted Goldfrost an exclusive
non-transferable right to import, export, market and distribute in
Israel cheese and butter products
manufactured by Arla. Goldfrost's exclusivity is subject to its
purchase of certain minimum quotas of Arla products. In addition,
Arla has the right to terminate the Agreement under certain
circumstances, including in the case of the death or permanent
incapacity of Mr. Iram Graiver or
his ceasing to be involved in Goldfrost's business.
Note regarding Israeli Securities Authority
Investigation
As previously announced, on February 17,
2016, a search was conducted in the offices of the Company,
the Parent Company, BSD Crown Ltd., and B.G.I Investments Ltd.
(collectively, the "Group"), by the Israeli Securities Authority
(the "ISA"), during which various documents and computers were
taken from the Group's offices. A number of executives in the Group
were investigated by the ISA, and Mr. Gregory Gurtovoy, member of the Company's board
of directors and the indirect controlling shareholder, was detained
for interrogation by the ISA for three days, after which, he was
placed under house arrest for a period of two weeks (which has
since ended), on the suspicion of the crimes of fraudulent
acquisitions under aggravating circumstances, falsifying corporate
documents, fraud, breach of fiduciary duty in a corporation, money
laundering, as well as misleading reporting.
To Company management's knowledge, the investigation by the ISA
relates to an investment of approximately US$ 2.25 million (the "Investment") made during
January 2016 in the form of bonds of a European company,
which allegedly served as a collateral to a loan obtained by the
controlling shareholder or another individual, and which was
unrelated to the Company's operations.
The Investment was carried out by B.H.W.F.I Ltd., a wholly owned
subsidiary of the Company ("BHWFI"), pursuant to subscription forms
to purchase 300 bonds with a nominal value of US$ 10,000 each ("Subscription Forms"). The Bonds
bear an annual interest rate of 6%, payable semi-annually on
June 30 and December 31 of each year as of the issue date
until the final maturity date of 31 December
2018. The issuer has the right to repay the Bonds with prior
notice of 30 days without penalty.
On May 18, 2016, following a
request by BHWFI to the issuer, the issuer confirmed (including by
way of the provision of extracts from the local state Land Registry
and Registrar of Companies) that the issuer fully owns a special
purpose vehicle which holds full title to the primary asset of the
bonds, and that the investment funds were received by the issuer
and registered in favor of BHWFI (the "Response").
In this regard it should be noted that in response to a query
from BHWFI, the issuer clarified that it has no information in its
possession relating to a pledge or undertaking given in connection
with the bonds, and information concerning a pledge or undertaking
with regards to the bonds is not the type of information that the
issuer would typically possess. To the Company's best knowledge and
based on documents in its possession and inquiries it made,
including requests to all officers and authorized signatories of
BHWFI, no pledge and/or undertaking was given in connection with
the bonds, and in any case there is no validity to any obligation,
if any, without the requisite corporate authority. Additionally on
May 25, 2016, BHWFI received
confirmation from Bank Leumi Le-Israel Ltd., the holder of BHWFI's
bank account (the "Account"), that there are no pledges on the
account holding the bonds.
In addition, in the Response, the issuer alleged that BHWFI
supposedly undertook to invest in the bonds in three installments
for a total amount US$5 million and
that a balance of US$ 2.75 million
for the bonds had not yet been paid (the "Demand" or "Alleged
Undertaking"). The issuer provided certain documentation, allegedly
proving the Alleged Undertaking, but BHWFI has claims regarding the
reliability of such documentation. BHWFI has requested several
times, through a local law firm (in the Czech Republic), to receive adequate legal
documentation for the Alleged Undertaking but no adequate legal
documentation or other reference for the Alleged Undertaking
has been provided
To the Company's best knowledge, based on documents in its
possession and inquiries it made, subject to certain restrictions
imposed by the ISA, including requests to all of the officers and
authorized signatories of BHWFI, the Company did not grant issuer
any undertaking to purchase additional bonds beyond the undertaken
amount in accordance with the Subscription Forms, namely 300 bonds
with a nominal value of US$ 10,000
each, and in any event, the Company believes, based on the opinion
of its legal counsel in Israel,
that there is no validity to any obligation, if any, made without
the requisite corporate authority.
On June 30, 2016, the issuer paid
the first interest on account of the bond actually purchased by
BHWFI in accordance with the terms thereof.
As of the date of the balance sheet date, the investments in the
bonds are presented at nominal cost in US dollars, net.
Business Outlook
Mr. Iram Graiver, President of
the Company, commented, "We are very pleased to report another
strong quarter with our new management team. Our financial results
have significantly improved, which resulted from our continued
reduced expenses while continuing to gain traction with new
customers and growing product sales to existing customers as a
direct result of our new strategy to organically grow our customer
base and product line and improving our commercial relations with
our suppliers. Moving forward, we intend to continue to leverage
market demand in order to maximize our revenues and expand margins.
We intend to reinvest in the development of the Company in order to
maximize profitability and increase long-term value for our
shareholders."
NOTE A: Convenience Translation to Dollars
The convenience translation of New Israeli Shekels (NIS) into
U.S. dollars was made at the rate of exchange prevailing on
June 30, 2016, U.S. $1.00 equals NIS
3.846. The translation was made solely for the convenience
of the reader.
NOTE B: IFRS
The Company's consolidated financial results for the three-month
period ended March 31, 2016 are
presented in accordance with International Financial Reporting
Standards ("IFRS").
About G. Willi-Food International Ltd.:
G. Willi-Food International Ltd. (http://www.willi-food.com) is
an Israeli-based company specializing in high-quality,
great-tasting kosher food products. Willi-Food is engaged directly
and through its subsidiaries in the design, import, marketing and
distribution of over 600 food products worldwide. As one of
Israel's leading food importers,
Willi-Food markets and sells its food products to over 1,500
customers in Israel and around the
world including large retail and private supermarket chains,
wholesalers and institutional consumers. The company's operating
divisions include Willi-Food in Israel and Gold Frost, a wholly owned
subsidiary who designs, develops and distributes branded kosher,
dairy-food products.
FORWARD LOOKING STATEMENT
This press release contains forward-looking statements within
the meaning of safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 relating to future events or our
future performance, such as statements regarding trends, demand for
our products and expected sales, operating results, and earnings.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied in those forward-looking
statements. These risks and other factors include but are not
limited to: monetary risks including changes in marketable
securities or changes in currency exchange rates- especially the
NIS/U.S. Dollar exchange rate, payment default by any of our major
clients, the loss of one of more of our key personnel, changes in
laws and regulations, including those relating to the food
distribution industry, and inability to meet and maintain
regulatory qualifications and approvals for our products,
termination of arrangements with our suppliers, in particular Arla
Foods, loss of one or more of our principal clients, increase or
decrease in global purchase prices of food products, increasing
levels of competition in Israel
and other markets in which we do business, changes in economic
conditions in Israel, including in
particular economic conditions in the Company's core markets, our
inability to accurately predict consumption of our products and
changes in consumer preferences, our inability to protect our
intellectual property rights, our inability to successfully
integrate our recent acquisitions, insurance coverage not
sufficient enough to cover losses of product liability claims and
risks associated with product liability claims. We cannot guarantee
future results, levels of activity, performance or achievements.
The matters discussed in this press release also involve risks and
uncertainties summarized under the heading "Risk Factors" in the
Company's Annual Report on Form 20-F for the year ended
December 31, 2013, filed with the
Securities and Exchange Commission on April
28, 2016. These factors are updated from time to time
through the filing of reports and registration statements with the
Securities and Exchange Commission. We do not assume any obligation
to update the forward-looking information contained in this press
release.
{FINANCIAL TABLES TO FOLLOW}
G. WILLI-FOOD
INTERNATIONAL LTD.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
June
30,
|
December
31,
|
June
30,
|
December
31,
|
|
2 0 1
6
|
2 0 1
5
|
2 0 1
5
|
2 0 1
6
|
2 0 1
5
|
2 0 1
5
|
|
NIS
|
US dollars
(*)
|
|
(in
thousands)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
164,809
|
86,178
|
79,421
|
42,852
|
22,407
|
22,783
|
Financial assets
carried at fair value through profit or loss
|
82,604
|
124,416
|
145,007
|
21,478
|
32,349
|
41,597
|
Short term
deposit
|
-
|
19,235
|
20,288
|
-
|
5,001
|
5,820
|
Trade
receivables
|
90,353
|
87,682
|
81,392
|
23,493
|
22,799
|
23,348
|
Other receivables and
prepaid expenses
|
5,808
|
2,485
|
8,451
|
1,510
|
646
|
2,424
|
Inventories
|
33,060
|
46,932
|
34,517
|
8,596
|
12,203
|
9,902
|
Current tax
assets
|
1,468
|
2,463
|
1,833
|
382
|
640
|
526
|
Total current
assets
|
378,102
|
369,391
|
370,909
|
98,311
|
96,045
|
106,400
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Property, plant and
equipment
|
77,591
|
74,798
|
76,040
|
20,173
|
19,448
|
21,813
|
Less -Accumulated
depreciation
|
33,677
|
30,235
|
31,874
|
8,756
|
7,861
|
9,143
|
|
43,914
|
44,563
|
44,166
|
11,417
|
11,587
|
12,670
|
Non current financial
assets
|
8,299
|
-
|
-
|
2,158
|
-
|
-
|
Other receivables and
prepaid expenses
|
-
|
146
|
138
|
-
|
38
|
41
|
Goodwill
|
36
|
36
|
36
|
9
|
9
|
9
|
Deferred
taxes
|
3,334
|
1,725
|
3,614
|
867
|
449
|
1,037
|
Total non-current
assets
|
55,583
|
46,470
|
47,954
|
14,451
|
12,083
|
13,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
433,685
|
415,861
|
418,863
|
112,762
|
108,128
|
120,157
|
|
|
|
|
|
|
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Short-term bank
debt
|
-
|
4
|
16
|
-
|
-
|
5
|
Trade
payables
|
15,068
|
17,072
|
12,863
|
3,918
|
4,440
|
3,690
|
Employees
Benefits
|
2,090
|
2,265
|
1,940
|
543
|
590
|
557
|
Other payables and
accrued expenses
|
3,732
|
3,432
|
3,653
|
970
|
892
|
1,048
|
Total current
liabilities
|
20,890
|
22,773
|
18,472
|
5,431
|
5,922
|
5,300
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
retirement benefit
obligation
|
590
|
594
|
679
|
153
|
154
|
195
|
Total non-current
liabilities
|
590
|
594
|
679
|
153
|
154
|
195
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Share capital NIS 0.1
par value (authorized - 50,000,000 shares, issued and outstanding -
13,240,913 shares at
June 30, 2016; and December 31, 2015)
|
1,425
|
1,420
|
1425
|
371
|
369
|
409
|
Additional paid in
capital
|
128,354
|
125,378
|
128,354
|
33,373
|
32,600
|
36,820
|
Capital
fund
|
247
|
247
|
247
|
64
|
64
|
71
|
Remeasurement of the
net liability in respect of defined benefit
|
(197)
|
(57)
|
(197)
|
(51)
|
(15)
|
(57)
|
Retained
earnings
|
282,376
|
265,506
|
269,883
|
73,421
|
69,034
|
77,419
|
Equity
attributable to owners of the Company
|
412,205
|
392,494
|
399,712
|
107,178
|
102,052
|
114,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
433,685
|
415,861
|
418,863
|
112,762
|
108,128
|
120,157
|
|
|
|
|
|
|
|
(*) Convenience translation into U.S.
dollars.
G. WILLI-FOOD
INTERNATIONAL LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
Six
months
|
Three
months
|
Six
months
|
|
ended June
30,
|
ended June
30,
|
ended June
30,
|
|
2 0 1
6
|
2 0 1
5
|
2 0 1
6
|
2 0 1
5
|
2 0 1
6
|
2 0 1
5
|
|
NIS
|
U.S. dollars
(*)
|
|
In thousands
(except per share and share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
159,228
|
157,350
|
76,623
|
71,174
|
41,401
|
40,913
|
Cost of
sales
|
116,908
|
124,792
|
55,086
|
55,679
|
30,397
|
32,447
|
|
|
|
|
|
|
|
Gross
profit
|
42,320
|
32,558
|
21,537
|
15,495
|
11,004
|
8,466
|
|
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
18,542
|
19,227
|
9,528
|
8,867
|
4,820
|
4,999
|
General and
administrative expenses
|
7,921
|
10,211
|
4,122
|
5,532
|
2,059
|
2,655
|
Other (income)
loss
|
11
|
(2,179)
|
-
|
(2,135)
|
3
|
(567)
|
|
|
|
|
|
|
|
Total operating
expenses
|
26,474
|
27,259
|
13,650
|
12,264
|
6,882
|
7,087
|
|
|
|
|
|
|
|
Operating
income
|
15,846
|
5,299
|
7,887
|
3,231
|
4,122
|
1,379
|
|
|
|
|
|
|
|
Financial (loss)
income
|
1,019
|
1,228
|
1,582
|
(632)
|
265
|
319
|
Financial (income)
expense
|
172
|
2,864
|
(910)
|
2,761
|
45
|
745
|
|
|
|
|
|
|
|
Total financial
(loss) income
|
847
|
(1,636)
|
2,492
|
(3,393)
|
220
|
(426)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes on income
|
16,693
|
3,663
|
10,379
|
162
|
4,342
|
953
|
Taxes on
income
|
(4,200)
|
(1,196)
|
(2,617)
|
(10)
|
(1,092)
|
(311)
|
|
|
|
|
|
|
|
Profit (loss) for
the period
|
12,493
|
2,467
|
7,762
|
(152)
|
3,250
|
642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
Basic earnings per
share
|
0.94
|
0.19
|
0.59
|
(0.01)
|
0.25
|
0.05
|
|
|
|
|
|
|
|
Diluted earnings
per share
|
0.94
|
0.19
|
0.59
|
(0.01)
|
0.25
|
0.05
|
|
|
|
|
|
|
|
Shares used in
computation of
basic EPS
|
13,240,913
|
13,014,245
|
13,240,913
|
13,974,245
|
13,240,913
|
13,014,245
|
|
|
|
|
|
|
|
(*) Convenience translation into U.S.
dollars.
G. WILLI-FOOD
INTERNATIONAL LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
Six
months
|
Three
months
|
Six
months
|
|
ended June
30,
|
ended June
30,
|
ended June
30,
|
|
2 0 1
6
|
2 0 1
5
|
2 0 1
6
|
2 0 1
5
|
2 0 1
6
|
2 0 1
5
|
|
NIS
|
U.S. dollars
(*)
|
|
In thousands
(except per share and share data)
|
|
|
|
|
|
|
|
CASH FLOWS -
OPERATING ACTIVITIES
|
|
|
|
|
|
|
Profit from
continuing operations
|
12,493
|
2,467
|
7,761
|
(152)
|
3,250
|
641
|
Adjustments to
reconcile net profit to net cash used in continuing operating
activities (Appendix)
|
1,248
|
456
|
5,818
|
16,998
|
323
|
116
|
|
|
|
|
|
|
|
Net cash used in
continuing operating activities
|
13,741
|
2,923
|
13,579
|
16,846
|
3,573
|
757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS -
INVESTING ACTIVITIES
|
|
|
|
|
|
|
Acquisition of
property plant and equipment
|
(1,681)
|
(2,232)
|
(803)
|
(712)
|
(437)
|
(580)
|
Proceeds from sale of
property plant and Equipment
|
68
|
560
|
-
|
428
|
18
|
147
|
Proceeds from (used
in) purchase of marketable securities, net
|
61,492
|
(1,435)
|
51,482
|
-
|
15,988
|
(373)
|
Short term
deposit
|
20,288
|
-
|
-
|
-
|
5,275
|
-
|
Acquisition of non
current financial assets
|
(8,504)
|
-
|
-
|
(6,905)
|
(2,211)
|
-
|
|
|
|
|
|
|
|
Net cash from
continuing investing activities
|
71,663
|
(3,107)
|
50,679
|
(7,189)
|
18,633
|
(806)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS -
FINANCING ACTIVITIES
|
|
|
|
|
|
|
Short-term bank
debt
|
(16)
|
4
|
-
|
-
|
(4)
|
1
|
Exercise of options
into shares
|
-
|
3,456
|
-
|
(22)
|
-
|
900
|
|
|
|
|
|
|
|
Net cash from
(used in) continuing financing activities
|
(16)
|
3,460
|
-
|
(22)
|
(4)
|
901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents
|
85,388
|
3,276
|
64,258
|
9,635
|
22,202
|
852
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of the financial
year
|
79,421
|
82,902
|
100,551
|
76,543
|
20,650
|
21,555
|
|
|
|
|
|
|
|
Cash and cash
equivalents of the end of the financial year
|
164,809
|
86,178
|
164,809
|
86,178
|
42,852
|
22,407
|
|
|
|
|
|
|
|
(*) Convenience Translation into U.S.
Dollars.
G. WILLI-FOOD
INTERNATIONAL LTD.
|
APPENDIX TO
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
CASH FLOWS -
OPERATING ACTIVITIES:
|
A. Adjustments to
reconcile net profit to net cash from operating
activities:
|
|
|
Six
months
|
Three
months
|
Six
months
|
|
ended June
30,
|
ended June
30,
|
ended June
30,
|
|
2 0 1
6
|
2 0 1
5
|
2 0 1
6
|
2 0 1
5
|
2 0 1
6
|
2 0 1
5
|
|
NIS
|
U.S. dollars
(*)
|
|
In thousands
(except per share and share data)
|
|
|
|
|
|
|
|
Decrease in deferred
income taxes
|
279
|
(1,220)
|
97
|
(1,512)
|
73
|
(317)
|
Unrealized loss
(gain) on marketable securities
|
911
|
(248)
|
1
|
1,838
|
236
|
(64)
|
Unrealized gain from
short term deposit
|
-
|
210
|
-
|
889
|
-
|
54
|
Unrealized gain from
non current financial assets
|
205
|
-
|
205
|
-
|
53
|
-
|
Depreciation and
amortization
|
1,854
|
1,980
|
953
|
1,003
|
481
|
514
|
Capital loss (gain)
on disposal of property plant and equipment
|
11
|
(220)
|
-
|
(176)
|
3
|
(57)
|
Stock based
compensation reserve
|
-
|
505
|
-
|
220
|
-
|
130
|
|
|
|
|
|
|
|
Changes in assets
and liabilities:
|
|
|
|
|
|
|
Increase in trade
receivables and other receivables
|
(5,814)
|
(881)
|
(2,890)
|
11,832
|
(1,512)
|
(229)
|
Increase in
inventories
|
1,457
|
1,654
|
4,924
|
4,701
|
379
|
429
|
Increase (decrease)
in trade and other payables, and other current
liabilities
|
2,345
|
(1,324)
|
2,528
|
(1,797)
|
610
|
(344)
|
|
|
|
|
|
|
|
|
1,248
|
456
|
5,818
|
16,998
|
323
|
116
|
|
|
|
|
|
|
|
B. Significant
non-cash transactions:
|
|
Six
months
|
Three
months
|
Six
months
|
|
ended June
30,
|
ended June
30,
|
ended June
30,
|
|
2 0 1
6
|
2 0 1
5
|
2 0 1
6
|
2 0 1
5
|
2 0 1
6
|
2 0 1
5
|
|
NIS
|
U.S. dollars
(*)
|
|
In thousands
(except per share and share data)
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
-
|
(596)
|
-
|
15
|
-
|
(154)
|
|
|
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
|
|
|
Income tax
paid
|
4,734
|
4,584
|
2,361
|
2,394
|
1,231
|
(1,191)
|
|
|
|
|
|
|
|
(*) Convenience Translation into U.S.
Dollars.
This information is intended to be reviewed in conjunction
with the Company's filings with the Securities and Exchange
Commission.
Company Contact:
G. Willi - Food International Ltd.
Pavel Buber, Chief Financial Officer
(+972) 8-932-1000
pavel@willi-food.co.il
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/g-willi-food-reports-q2-2016-operating-income-up-1441-from-q2-2015-300313414.html
SOURCE G. Willi-Food International Ltd.