FOR IMMEDIATE RELEASE
G. WILLI-FOOD INTERNATIONAL REPORTS THE RESULTS OF FIRST
QUARTER 2021 WHICH SHOW ONE OF THE HIGHEST EVER QUARTERLY
NET PROFIT.
YAVNE, Israel – May 12, 2021 - 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 first quarter ended March
31, 2021.
First Quarter Fiscal Year 2021
•
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Sales decreased by 9.6% year-over-year to NIS 116.7 million (US$ 35.0 million).
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•
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Gross profit decreased by 12.7% year-over-year to NIS 36.2 million (US$ 10.9 million).
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•
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Operating profit decreased by 20.9% year-over-year to NIS 15.0 million (US$ 4.5 million).
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•
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Total financial income increased by 166.1% year-over-year to NIS 11.5 million (US$ 3.5 million).
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•
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Income before taxes increased by 1,566.8% year-over-year to NIS 26.6 million (US$ 8.0 million).
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•
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Net profit increased by 1,634.2% year-over-year to NIS 20.5 million (US$ 6.1 million).
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•
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Cash and securities balance of NIS 371.3 million (US$ 111.4 million) as of March 31, 2020.
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•
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Basic earnings per share of NIS 1.48 (US$ 0.03) and diluted earning per share of 1.41 (US$ 0.42).
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Management Comment
Zwi Williger & Joseph
Williger, Co-Chairmen of Willi-Food, commented: “We are pleased to present strong first quarter 2021 financial results with one of the highest ever
quarterly net profit, which resulted from strong operating profit and increases in our investment portfolio. Except for results of the first quarter of 2020, which experienced exceptional sales associated with the start of
the COVID-19 pandemic, the Company experienced its highest quarterly sales ever, and showed stable growth in sales. The strategy of the Company for the near future is to develop new products and enter new food categories, combined with
improving our visibility in the retail stores and strengthening our supply chain. We believe that with our excellent management team and hard work, we will meat the goals that we have set for the Company, and keep improving
the Company’s results.”
First Quarter Fiscal 2021 Summary
Sales for the first quarter of 2021 decreased by 9.6% to NIS 116.7 million (US$ 35.0 million) from NIS 129.1 million (US$ 38.7
million) recorded in the first quarter of 2020. Sales decreased mainly due to the exceptional increase in demand for the Company's products that occurred in the first quarter of 2020 associated with the COVID-19 pandemic.
Gross profit for the first quarter of 2021 decreased by 12.7% to NIS 36.2 million (US$ 10.9 million) compared to NIS 41.5
million (US$ 12.5 million) recorded in the first quarter of 2020. The decrease in gross profit was mainly due to the decrease in sales and increase in external storage cost.
Selling expenses decreased by 7.7% to NIS 15.3 million (US$ 4.6 million) compared to NIS 16.6 million (US$ 5.0 million) in the
first quarter of 2020. The decrease in selling expenses was mainly due to a decrease in advertising expenses.
General and administrative expenses for the first quarter of 2021 were NIS 5.9 million (US$ 1.7 million), remaining at the same level as in the first quarter of 2020.
operating profit for the first quarter of 2021 decreased by 20.9% to NIS 15.0 million (US$ 4.5 million) compared to NIS 19.0 million (US$ 5.7 million) in the first quarter of 2020, especially due
to the decrease with sales.
Finance income, net totaled NIS 11.5 million (US$ 3.5 million) compared to Finance expenses, net of NIS 17.4 million (US$ 5.2 million) in the first quarter of 2020 during the turmoil in the
financial markets associated with the COVID-19 pandemic. During the first quarter of 2021 the Company recognized financial income from its portfolio of securities in the amount of NIS 10.3 million (US$ 3.1 million), financial income from exchange
rate differences in the amount of NIS 1.4 million (US$ 0.4 million), and financial expenses from bank fees in the amount of NIS 0.2 million (US$ 0.06 million).
Willi-Food’s income before taxes for the first quarter of 2021 was NIS 26.6 million (US$ 8.0 million) compared to income before taxes of NIS 1.2 million (US$ 0.3 million) in the first quarter of
2020.
Willi-Food's net profit in the first quarter of 2021 was NIS 20.5 million (US$ 6.1 million), or NIS 1.48 (US$ 0.44) per share, compared to NIS 1.6 million (US$ 0.5 million), or NIS 0.09 (US$
0.03) per share, recorded in the first quarter of 2020. Net profit for the first quarter of 2021 increased by 1,634.2% year-over-year. The increase in net profit was mainly due to finance income from revaluation of the Company portfolio of
securities in the first quarter of 2021 compared to finance expenses from revaluation of the company portfolio of securities in the first quarter of 2020 due to capital markets sharp declines as a result of the COVID-19 pandemic.
Willi-Food ended the first quarter of 2021 with NIS 371.3 million (US$ 111.4 million) in cash and securities. Net cash from operating activities for the first quarter of 2021 was NIS 4.2 million
(US$ 1.3 million). Willi-Food's shareholders' equity at the end of March 2021 was NIS 606.2 million (US$ 181.8 million).
NOTE A: NIS to US$ exchange rate used for convenience only
The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on March 31, 2021, with U.S. $1.00 equal to NIS 3.334 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, 2021 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 1,600 customers and 3,200
selling points 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 Euro European Dairies Ltd., 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, 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, risks associated with product liability claims and risks
associated with the start of credit extension activity. 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, 2020, filed with the Securities and Exchange Commission on March 25, 2021. 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.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
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ASSETS
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Current assets
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Cash and cash equivalents
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218,808
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121,040
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|
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201,822
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65,629
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36,305
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60,534
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Financial assets carried at fair value through profit or loss
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152,531
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121,564
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154,700
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45,750
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36,462
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46,401
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Trade receivables
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142,124
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160,396
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18,707
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42,628
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48,109
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5,611
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Loans to others
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11,215
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17,650
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131,301
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3,364
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5,294
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39,382
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Other receivables and prepaid expenses
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7,084
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|
|
|
6,695
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|
|
|
6,667
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|
|
|
2,125
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|
|
|
2,008
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|
|
2,000
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Inventories
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62,351
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55,991
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59,514
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18,702
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16,794
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17,851
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Current tax assets
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Total current assets
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Non-current assets
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Property, plant and equipment
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84,449
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81,765
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83,105
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25,330
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24,524
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24,926
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Less -Accumulated depreciation
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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
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|
Right of use asset
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|
|
3,941
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|
|
|
3,710
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|
|
|
2,866
|
|
|
|
1,182
|
|
|
|
1,113
|
|
|
|
860
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Financial assets carried at fair value through profit or loss
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|
|
17,916
|
|
|
|
9,273
|
|
|
|
13,700
|
|
|
|
5,374
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|
|
|
2,781
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|
|
|
4,109
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|
Goodwill
|
|
|
36
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|
|
|
36
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|
|
|
36
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|
|
|
11
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|
|
|
11
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|
|
11
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Deferred taxes
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
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Total non-current assets
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EQUITY AND LIABILITIES
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Current liabilities
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Current maturities of lease liabilities
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|
1,781
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1,708
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1,393
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|
534
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512
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|
418
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Trade payables
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23,279
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20,420
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23,474
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6,982
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6,125
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7,041
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Employees Benefits
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4,495
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3,876
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3,437
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1,348
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1,163
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1,031
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Curremt tax liabilities
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-
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3,410
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-
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-
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1,023
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-
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Other payables and accrued expenses
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Total current liabilities
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Non-current liabilities
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|
|
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|
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|
|
|
|
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Lease liabilities
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|
|
2,258
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|
|
|
2,035
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|
1,592
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|
|
|
677
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|
|
|
610
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|
|
|
478
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Deferred taxes
|
|
|
2,090
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-
|
|
|
|
768
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|
627
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-
|
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|
|
230
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Retirement benefit obligation
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|
|
|
|
|
|
|
|
Total non-current liabilities
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Shareholders' equity
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|
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Share capital
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|
|
1,490
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|
|
|
1,425
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|
|
|
1,490
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|
|
|
447
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|
|
|
427
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|
|
|
447
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|
Additional paid in capital
|
|
|
170,760
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|
|
|
128,354
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|
|
|
170,760
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|
|
|
51,218
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|
|
|
38,499
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|
|
|
51,218
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|
Capital fund
|
|
|
247
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|
|
|
247
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|
|
|
247
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|
|
|
74
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|
|
|
74
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|
|
|
74
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|
Treasury shares
|
|
|
(628
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)
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|
|
(628
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)
|
|
|
(628
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)
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|
|
(188
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)
|
|
|
(188
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)
|
|
|
(188
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)
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Retained earnings
|
|
|
435,677
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|
|
|
364,171
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|
|
|
415,196
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|
|
|
130,677
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|
|
|
109,229
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|
|
|
124,534
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|
Remeasurement of the net liability in respect of defined benefit
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|
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|
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|
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|
|
|
|
|
|
|
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|
Equity attributable to owners of the Company
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|
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|
|
|
|
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|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
|
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|
|
|
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|
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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|
Three months
|
|
|
Three months
|
|
|
|
ended
|
|
|
ended
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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In thousands (except per share and share data)
|
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|
|
|
|
|
|
|
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|
|
|
Sales
|
|
|
116,710
|
|
|
|
129,103
|
|
|
|
35,006
|
|
|
|
38,723
|
|
Cost of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
Operating costs and expenses:
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
|
15,343
|
|
|
|
16,617
|
|
|
|
4,601
|
|
|
|
4,984
|
|
General and administrative expenses
|
|
|
5,884
|
|
|
|
5,876
|
|
|
|
1,765
|
|
|
|
1,762
|
|
Other income
|
|
|
37
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|
|
|
-
|
|
|
|
11
|
|
|
|
-
|
|
Total operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income
|
|
|
11,727
|
|
|
|
1,460
|
|
|
|
3,517
|
|
|
|
438
|
|
Financial expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
Total financial income (expenses), net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on income
|
|
|
26,551
|
|
|
|
1,593
|
|
|
|
7,964
|
|
|
|
478
|
|
Taxes on income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computation of basic EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computation of diluted EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
Three months
ended
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands (except per share and share data)
|
|
CASH FLOWS - OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit from continuing operations
|
|
|
20,481
|
|
|
|
1,181
|
|
|
|
6,143
|
|
|
|
354
|
|
Adjustments to reconcile net profit to net cash from (used to) continuing operating activities (Appendix A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash from continuing operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS - INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property plant and equipment
|
|
|
(1,344
|
)
|
|
|
(362
|
)
|
|
|
(403
|
)
|
|
|
(109
|
)
|
Proceeds from sale of property plant and equipment
|
|
|
37
|
|
|
|
(8,000
|
)
|
|
|
11
|
|
|
|
(2,400
|
)
|
Proceeds from loans granted to others
|
|
|
7,492
|
|
|
|
-
|
|
|
|
2,247
|
|
|
|
-
|
|
Proceeds from sale (purchase) of marketable securities, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used to continuing investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS - FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease liability payments
|
|
|
(472
|
)
|
|
|
(425
|
)
|
|
|
(142
|
)
|
|
|
(127
|
)
|
Net cash used to continuing financing activities
|
|
|
(472
|
)
|
|
|
(425
|
)
|
|
|
(142
|
)
|
|
|
(127
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
16,740
|
|
|
|
(**) (1,252
|
)
|
|
|
5,021
|
|
|
|
(376
|
)
|
Cash and cash equivalents at the beginning of the year
|
|
|
201,822
|
|
|
|
121,860
|
|
|
|
60,534
|
|
|
|
36,551
|
|
Exchange losses on cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Convenience Translation into U.S. Dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
CASH FLOWS – OPERATING ACTIVITIES:
|
2.
|
Adjustments to reconcile net profit to net cash from operating activities:
|
|
|
Three months
|
|
|
Three months
|
|
|
|
ended
|
|
|
ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in deferred income taxes
|
|
|
1,322
|
|
|
|
(4,283
|
)
|
|
|
397
|
|
|
|
(1,285
|
)
|
Unrealized loss (gain) on marketable securities
|
|
|
(8,843
|
)
|
|
|
18,707
|
|
|
|
(2,653
|
)
|
|
|
5,612
|
|
Depreciation and amortization
|
|
|
1,479
|
|
|
|
1,353
|
|
|
|
444
|
|
|
|
406
|
|
Capital gain on disposal of property plant and equipment
|
|
|
(37
|
)
|
|
|
-
|
|
|
|
(11
|
)
|
|
|
-
|
|
Exchange losses on cash and cash equivalents
|
|
|
(246
|
)
|
|
|
(**) (432
|
)
|
|
|
(75
|
)
|
|
|
(130
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in trade receivables and other receivables
|
|
|
(6,422
|
)
|
|
|
(**) (18,212
|
)
|
|
|
(1,926
|
)
|
|
|
(5,463
|
)
|
Decrease (increase) in inventories
|
|
|
(2,837
|
)
|
|
|
15,556
|
|
|
|
(851
|
)
|
|
|
4,666
|
|
Increase in trade and other payables, and other current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash generated from operations
|
|
|
(11,358
|
)
|
|
|
12,834
|
|
|
|
(3,407
|
)
|
|
|
3,849
|
|
Income tax paid
|
|
|
(4,892
|
)
|
|
|
(**) (6,480
|
)
|
|
|
(1,467
|
)
|
|
|
(1,943
|
)
|
Net cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) 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.
Yitschak Barabi, Chief Financial Officer
(+972) 8-932-1000
itsik.b@willi-food.co.il
###
SOURCE: G. Willi-Food International Ltd.