SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K
  
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of May 2021

Commission File Number 000-29256
 
G. Willi-Food International Ltd.
(Translation of registrant’s name into English)
  
4 Nahal Harif St., Yavne, Israel 81106
 (Address of principal executive office)
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ☒   Form 40-F ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____ 
 


INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

Attached hereto and incorporated by reference herein is a press release, dated May 12, 2021, titled: "G. Willi-Food international reports the results of first quarter 2021 which show one of the highest ever quarterly net profit.".

This Report on Form 6-K is hereby incorporated by reference into the Company's Registration Statement on Form S-8 (File No. 333-199295).


Signatures 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 
 
 
G. Willi-Food International Ltd.
 
 
     
 
By:
/s/ Yitschak Barabi  
 
 
Name: Yitschak Barabi
 
   
Title: Chief Financial Officer
 

Date: May 12, 2021


 
                    
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

Sales decreased by 9.6% year-over-year to NIS 116.7 million (US$ 35.0 million).
Gross profit decreased by 12.7% year-over-year to NIS 36.2 million (US$ 10.9 million).
Operating profit decreased by 20.9% year-over-year to NIS 15.0 million (US$ 4.5 million).
Total financial income increased by 166.1% year-over-year to NIS 11.5 million (US$ 3.5 million).
Income before taxes increased by 1,566.8% year-over-year to NIS 26.6 million (US$ 8.0 million).
Net profit increased by 1,634.2% year-over-year to NIS 20.5 million (US$ 6.1 million).
Cash and securities balance of NIS 371.3 million (US$ 111.4 million) as of March 31, 2020.
Basic earnings per share of NIS 1.48 (US$ 0.03) and diluted earning per share of 1.41 (US$ 0.42).

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

   
March 31,
   
December 31
   
March 31,
   
December 31
 
   
2 0 2 1
   
2 0 2 0
   
2020
   
2 0 2 1
   
2 0 2 0
   
2020
 
   
NIS
   
US dollars (*)
 
   
(in thousands)
 
ASSETS
                                   
                                     
Current assets
                                   
Cash and cash equivalents
   
218,808
     
121,040
     
201,822
     
65,629
     
36,305
     
60,534
 
Financial assets carried at fair value through profit or loss
   
152,531
     
121,564
     
154,700
     
45,750
     
36,462
     
46,401
 
Trade receivables
   
142,124
     
160,396
     
18,707
     
42,628
     
48,109
     
5,611
 
Loans to others
   
11,215
     
17,650
     
131,301
     
3,364
     
5,294
     
39,382
 
Other receivables and prepaid expenses
   
7,084
     
6,695
     
6,667
     
2,125
     
2,008
     
2,000
 
Inventories
   
62,351
     
55,991
     
59,514
     
18,702
     
16,794
     
17,851
 
Current tax assets
   
4,039
     
-
     
3,965
     
1,211
     
-
     
1,189
 
Total current assets
   
598,152
     
483,336
     
576,676
     
179,409
     
144,972
     
172,968
 
                                                 
Non-current assets
                                               
Property, plant and equipment
   
84,449
     
81,765
     
83,105
     
25,330
     
24,524
     
24,926
 
Less -Accumulated depreciation
   
47,488
     
44,802
     
46,460
     
14,244
     
13,438
     
13,935
 
     
36,961
     
36,963
     
36,645
     
11,086
     
11,086
     
10,991
 
                                                 
Right of use asset
   
3,941
     
3,710
     
2,866
     
1,182
     
1,113
     
860
 
Financial assets carried at fair value through profit or loss
   
17,916
     
9,273
     
13,700
     
5,374
     
2,781
     
4,109
 
Goodwill
   
36
     
36
     
36
     
11
     
11
     
11
 
Deferred taxes
   
-
     
5,101
     
-
     
-
     
1,530
     
-
 
Total non-current assets
   
58,854
     
55,083
     
53,247
     
17,653
     
16,521
     
15,971
 
                                                 
     
657,006
     
538,419
     
629,923
     
197,062
     
161,493
     
188,939
 
EQUITY AND LIABILITIES
                                               
                                                 
Current liabilities
                                               
Current maturities of lease liabilities
   
1,781
     
1,708
     
1,393
     
534
     
512
     
418
 
Trade payables
   
23,279
     
20,420
     
23,474
     
6,982
     
6,125
     
7,041
 
Employees Benefits
   
4,495
     
3,876
     
3,437
     
1,348
     
1,163
     
1,031
 
Curremt tax liabilities
   
-
     
3,410
     
-
      -
     
1,023
     
-
 
Other payables and accrued expenses
   
15,074
     
12,862
     
11,611
     
4,522
     
3,858
     
3,482
 
Total current liabilities
   
44,629
     
42,276
     
39,915
     
13,386
     
12,681
     
11,972
 
                                                 
Non-current liabilities
                                               
Lease liabilities
   
2,258
     
2,035
     
1,592
     
677
     
610
     
478
 
Deferred taxes
   
2,090
     
-
     
768
     
627
     
-
     
230
 
Retirement benefit obligation
   
1,805
     
1,568
     
1,905
     
541
     
470
     
571
 
Total non-current liabilities
   
6,153
     
3,603
     
4,265
     
1,845
     
1,080
     
1,279
 
                                                 
Shareholders' equity
                                               
Share capital
   
1,490
     
1,425
     
1,490
     
447
     
427
     
447
 
Additional paid in capital
   
170,760
     
128,354
     
170,760
     
51,218
     
38,499
     
51,218
 
Capital fund
   
247
     
247
     
247
     
74
     
74
     
74
 
Treasury shares
   
(628
)
   
(628
)
   
(628
)
   
(188
)
   
(188
)
   
(188
)
Retained earnings
   
435,677
     
364,171
     
415,196
     
130,677
     
109,229
     
124,534
 
Remeasurement of the net liability in respect of defined benefit
   
(1,322
)
   
(1,029
)
   
(1,322
)
   
(397
)
   
(309
)
   
(397
)
Equity attributable to owners of the Company
   
606,224
     
492,540
     
585,743
     
181,831
     
147,732
     
175,688
 
                                                 
     
657,006
     
538,419
     
629,923
     
197,062
     
161,493
     
188,939
 

(*)          Convenience translation into U.S. dollars.



G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

   
Three months
   
Three months
 
   
ended
   
ended
 
   
March 31,
   
March 31,
 
   
2 0 2 1
   
2 0 2 0
   
2 0 2 1
   
2 0 2 0
 
   
NIS
   
US dollars (*)
 
   
In thousands (except per share and share data)
 
                         
Sales
   
116,710
     
129,103
     
35,006
     
38,723
 
Cost of sales
   
80,475
     
87,581
     
24,138
     
26,269
 
                                 
Gross profit
   
36,235
     
41,522
     
10,868
     
12,454
 
                                 
Operating costs and expenses:
                               
                                 
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
     
-
     
11
     
-
 
Total operating expenses
   
21,190
     
22,493
     
6,355
     
6,746
 
                                 
Operating income
   
15,045
     
19,029
     
4,513
     
5,708
 
                                 
Financial income  
   
11,727
     
1,460
     
3,517
     
438
 
Financial expenses
   
(221
)
   
(18,896
)
   
(66
)
   
(5,668
)
                                 
Total financial income (expenses), net
   
11,506
     
(17,436
)
   
3,451
     
(5,230
)
                                 
Income before taxes on income
   
26,551
     
1,593
     
7,964
     
478
 
Taxes on income
   
(6,070
)
   
(412
)
   
(1,821
)
   
(124
)
                                 
Profit for the period
   
20,481
     
1,181
     
6,143
     
354
 
                                 
Earnings per share:
                               
Basic earnings per share
   
1.48
     
0.09
     
0.44
     
0.03
 
Diluted earnings per share
   
1.41
     
0.09
     
0.42
     
0.03
 
                                 
Shares used in computation of basic EPS
   
13,867,017
     
13,217,014
     
13,867,017
     
13,217,014
 
Shares used in computation of diluted EPS
   
14,517,017
     
13,217,014
     
14,276,006
     
13,217,014
 
                                 
Actual number of shares
   
13,867,017
     
13,217,014
     
13,867,017
     
13,217,014
 

(*)          Convenience translation into U.S. dollars.



G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

   
Three months
ended
   
Three months
ended
 
   
March 31,
   
March 31,
 
   
2 0 2 1
   
2 0 2 0
   
2 0 2 1
   
2 0 2 0
 
   
NIS
   
US dollars (*)
 
   
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)
   
(16,250
)
   
(**) 6,354

   
(4,874
)
   
1,906
 
Net cash from continuing operating activities
   
4,231
     
7,535
     
1,269
     
2,260
 
                                 
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
   
6,796
     
-
     
2,039
     
-
 
Net cash used to continuing investing activities
   
12,981
     
(8,362
)
   
3,894
     
(2,509
)
                                 
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
   
246
     
(**) 432

   
74
     
130
 
Cash and cash equivalents at the end of the year
   
218,808
     
121,040
     
65,629
     
36,305
 

(*)          Convenience Translation into U.S. Dollars.
(**)        reclassified

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
 
   
March 31,
   
March 31,
 
   
2 0 2 1
   
2 0 2 0
   
2 0 2 1
   
2 0 2 0
 
   
NIS
   
US dollars (*)
 
   
(in thousands)
 
                         
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
   
4,226
     
145
     
1,268
     
43
 
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
   
(16,250
)
   
6,354
     
(4,874
)
   
1,906
 

(*)     Convenience Translation into U.S. Dollars.
(**)   reclassified

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.


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