YAVNE, Israel, Aug. 16, 2021 /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,
2021.
Second Quarter Fiscal Year
2021 Highlights
- Sales increased by 9.8% year-over-year to NIS 114.3 million (US$
35.1 million).
- Gross profit decreased by 6.5% year-over-year to NIS 36.9 million (US$ 11.3
million).
- Operating profit decreased by 18.8% year-over-year to
NIS 13.7 million (US$ 4.2 million).
- Total financial income increased by 129.0% year-over-year to
NIS 7.6 million (US$ 2.3 million).
- Income before taxes increased by 5.6% year-over-year to
NIS 21.4 million (US$ 6.6 million).
- Net profit increased by 9.0% year-over-year to NIS 16.6 million (US$ 5.1
million), or 14.5% of sales.
- Cash and securities balance of NIS 403.0
million (US$ 123.6 million) as
of June 30, 2021.
- Earnings per share of NIS 1.2
(US$ 0.37).
Management Comment
Zwi Williger &
Joseph Williger, Co-Chairmen of
Willi-Food, commented: "We are pleased to present strong second
quarter 2021 financial results, which show stable
growth in the Company's sales and an increase in net profit
compared to the same period in 2020. As a result of the Covid-19
pandemic, the world is still experiencing a crisis that is
reflecting among other things, in disruptions to international
commercial shipping, which has led to an increase in the demand for
containers and a significant increase in sea freight and commodity
prices.
"Despite the challenging environment, the Company has succeeded
to maintain a high level of sales and operational parametres for
the second quarter of 2021. The Company's strategy for the near
future is to develop new products, enter into new categories with
potential of high gross profit margins, improve the visibility of
its products in the stores and strengthen its brand, supply chain
and sufficient inventory. We believe that our strong performance in
the second quarter was driven from our pursuit of these goals. We
intend to continue to work to further strengthen the Company's
supply chain and product portfolio and maintain sufficient
inventory levels in the future to continue to improve our
results."
Non-bank credit business activity
After three years in the field of the "non-bank credit
business", in light of lack of the company activity in this field
the board of directors has decided to terminate this activity and
focus only on the Company's core business of developing, marketing
and distributing kosher foods.
Second Quarter Fiscal 2021 Summary
Sales for the second quarter of 2021 increased by 9.8% to
NIS 114.3 million (US$ 35.1 million) from NIS
104.2 million (US$ 31.9
million) recorded in the second quarter of 2020. Revenues
increased primarily due to a redirection of resources in favor of
sales, increasing the variety of the Company's products, improved
inventory management and improving the presence of the Company's
line of products on its customers shelves.
Gross profit for the second quarter of 2021 decreased by 6.5% to
NIS 36.9 million (US$ 11.3 million) compared to NIS 39.5 million (US$ 12.1
million) recorded in the second quarter of 2020. Second
quarter gross margin decreased by 14.8% to 32.3% compared to gross
margin of 37.9% for the same period in 2020. The decrease in gross
profit was mainly due to increase costs of the Company's imported
products, increased shipping costs and one-time credits received
from suppliers in the second quarter of 2020.
Selling expenses increased by 7.5% to NIS
17.4 million (US$ 5.3 million)
compared to NIS 16.2 million
(US$ 5.0 million) in the second
quarter of 2020 primarily due to an increase in payroll expenses in
the logistics and sales departments and an increase of
transportation of products to the Company's customers to support
sales growth.
General and administrative expenses decreased by 9.0% to
NIS 5.9 million (US$ 1.8 million) compared to NIS 6.5 million (US$ 2.0
million) in the second quarter of 2020.
As a result of the foregoing, operating profit for the second
quarter of 2021 decreased by 18.8% to NIS
13.7 million (US$ 4.2 million)
compared to NIS 16.9 million
(US$ 5.2 million) in the second
quarter of 2020.
Financial income, net totaled NIS 7.6
million (USD$ 2.3 million)
compared to Financial income, net of NIS 3.3
million (US$ 1.0 million) in
the second quarter of 2020. Financial income, net for the second
quarter of 2021 comprised mainly of interest and dividend income
from the Company's portfolio of securities in the amount of
NIS 4.7 million (US$ 1.4 million), income from revaluation of the
Company's portfolio of securities to fair value in the amount of
NIS 3.3 million (US$ 1.0 million) and management fee of the
Company's portfolio of securities expenses in the amount of
NIS 0.4 million (US$ 0.1 million).
Income before taxes on income for the second quarter of 2021 was
NIS 21.4 million (US$ 6.6 million) compared to income before taxes
on income of NIS 20.2 million
(US$ 6.2 million) in the second
quarter of 2020.
Net profit in the second quarter of 2021 was NIS 16.6 million (US$ 5.1
million), or NIS 1.2
(US$ 0.37) per share, compared to
NIS 15.2 million (US$ 4.7 million), or NIS
1.15 (US$ 0.35) per share,
recorded in the second quarter of 2020.
Willi-Food ended the second quarter of 2021 with NIS 403.0 million (US$
123.6 million) in cash and securities. Net cash from
operating activities for the second quarter of 2021 was
NIS 19.0 million (US$ 5.8 million). Willi-Food's shareholders'
equity at the end of June 2021 was
NIS 622.8 million (US$ 191.0 million).
First Half Fiscal 2021 Highlights
- Sales decreased by 0.9% year-over-year to NIS 231.1 million (US$
70.9 million).
- Gross profit decreased by 9.7% year-over-year to NIS 73.2 million (US$ 22.4
million).
- Operating profit decreased by 19.9% year-over-year to
NIS 28.8 million (US$ 8.8 million).
- Total financial income increased by 235.9% year-over-year to
NIS 19.2 million (US$ 5.9 million).
- Income before taxes increased by 119.6% year-over-year to
NIS 47.9 million (US$ 14.7 million).
- Net profit increased by 126.1% to NIS
37.1 million (US$ 11.4
million), or 16% of sales.
- Basic earnings per share of NIS
2.67 (US$ 0.82).
First Half Fiscal 2021 Summary
Sales for the six-month period ending June 30, 2021 decreased by 0.9% to NIS 231.1 million (US$
70.9 million) compared to sales of NIS 233.3 million (US$
71.6 million) in the first half of 2020. The decrease in the
Company's sales are primarily due to the outbreak of Covid 19 in
the first quarter of 2020 which led to significant increase demand
for the Company's line of products, especially in the retail
chains.
Gross profit for the period decreased by 9.7% to NIS 73.2 million (US$ 22.4
million) compared to gross profit of NIS 81.0 million (US$ 24.9
million) for the first half of 2020. First half 2021 gross
margin was 31.7% compared to a gross margin of 34.7% for the same
period in 2020. The decrease in gross profit was mainly due to
increase costs of the Company's imported products, increase in
shipping costs and one time credits received from suppliers.
Operating profit for the first half of 2021 decreased by 19.9%
to NIS 28.8 million (US$ 8.8 million) from NIS
35.9 million (US$ 11.0
million) reported in the comparable period of last
year primarily due to the decrease of gross profit.
Financial income, net totaled NIS 19.2
million (USD$ 5.9 million)
compared to Financial expense, net of NIS
14.1 million (US$ 4.3 million)
in the first half of 2020. Financial income, net for the first half
of 2021 comprised mainly from interest and dividend income from the
Company's portfolio of securities in the amount of NIS 6.3 million (US$ 1.9
million), income from revaluation of the Company's portfolio
of securities to fair value in the amount of NIS 11.9 million (US$ 3.6
million) and management fee of the Company's portfolio of
securities expenses in the amount of NIS 0.5
million (US$ 0.1
million).
Financial expenses in the first half of 2021 resulted mainly
from the outbreak of COVID-19 pandemic which led to capital markets
sharp declines and, as a result, the Company suffered a decline in
its portfolio of securities.
Income before taxes for the first half 2021 increased by
119.6% to NIS 47.9 million
(US$ 14.7 million) compared to
NIS 21.8 million (US$ 6.7 million) recorded in the first half of
2020.
Net profit for the first half of 2021 increased by 126.1% to
NIS 37.1 million (US$ 11.4 million), or NIS
2.67 (US$ 0.82) per share,
from NIS 16.4 million (US$ 5.0 million), or NIS
1.24 (US$ 0.38) per share,
recorded in the first half of 2020.
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
June 30, 2021, U.S. $1.00 equals NIS
3.26. The translation was made solely for the convenience of
the reader.
NOTE B: IFRS
The Company's consolidated financial results for the three-month
and six-month period ended June 30,
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 1,250 customers and
2,500 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 Europian Dairies (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, 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
|
|
|
June
30,
|
December
31
|
June
30,
|
December
31
|
|
2 0 2
1
|
2 0 2
0
|
2 0 2
0
|
2 0 2
1
|
2 0 2
0
|
2 0 2
0
|
|
NIS
|
US dollars
(*)
|
|
(in
thousands)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
255,510
|
168,689
|
201,822
|
78,377
|
51,745
|
61,909
|
Financial assets
carried at fair value
through profit or loss
|
147,442
|
113,468
|
154,700
|
45,228
|
34,806
|
47,454
|
Trade
receivables
|
133,369
|
140,581
|
131,301
|
40,911
|
43,123
|
40,276
|
Loans to
others
|
-
|
3,650
|
18,707
|
-
|
1,120
|
5,738
|
Other receivables and
prepaid expenses
|
6,268
|
6,516
|
6,667
|
1,923
|
1,999
|
2,045
|
Inventories
|
58,463
|
61,262
|
59,514
|
17,933
|
18,792
|
18,257
|
Current tax
assets
|
5,334
|
-
|
3,965
|
1,636
|
-
|
1,216
|
Total current
assets
|
606,386
|
494,166
|
576,676
|
186,008
|
151,585
|
176,895
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Property, plant and
equipment
|
86,737
|
82,138
|
83,105
|
26,606
|
25,196
|
25,492
|
Less -Accumulated
depreciation
|
48,538
|
45,723
|
46,460
|
14,889
|
14,026
|
14,251
|
|
38,199
|
36,415
|
36,645
|
11,717
|
11,170
|
11,241
|
|
|
|
|
|
|
|
Right of use
asset
|
5,155
|
3,382
|
2,866
|
1,581
|
1,037
|
879
|
Financial assets
carried at fair value
through profit or loss
|
17,916
|
9,273
|
13,700
|
5,496
|
2,845
|
4,202
|
Goodwill
|
36
|
36
|
36
|
11
|
11
|
11
|
Deferred
taxes
|
-
|
4,200
|
-
|
-
|
1,288
|
-
|
Total non-current
assets
|
61,306
|
53,306
|
53,247
|
18,805
|
16,351
|
16,333
|
|
|
|
|
|
|
|
|
667,692
|
547,472
|
629,923
|
204,813
|
167,936
|
193,228
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Current maturities of
lease liabilities
|
1,516
|
1,593
|
1,393
|
465
|
489
|
427
|
Trade
payables
|
21,256
|
20,049
|
23,474
|
6,520
|
6,150
|
7,201
|
Employees
Benefits
|
3,816
|
3,410
|
3,437
|
1,171
|
1,046
|
1,054
|
Current tax
liabilities
|
-
|
1,448
|
-
|
-
|
444
|
-
|
Other payables and
accrued expenses
|
9,480
|
9,728
|
11,611
|
2,908
|
2,984
|
3,562
|
Total current
liabilities
|
36,068
|
36,228
|
39,915
|
11,064
|
11,113
|
12,244
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
Lease
liabilities
|
3,776
|
1,896
|
1,592
|
1,158
|
581
|
488
|
Deferred
taxes
|
3,163
|
-
|
768
|
970
|
-
|
236
|
Retirement benefit
obligation
|
1,872
|
1,596
|
1,905
|
574
|
490
|
584
|
Total non-current
liabilities
|
8,811
|
3,492
|
4,265
|
2,702
|
1,071
|
1,308
|
Shareholders'
equity
|
|
|
|
|
|
|
Share
capital
|
1,490
|
1,425
|
1,490
|
457
|
437
|
457
|
Additional paid in
capital
|
170,760
|
128,354
|
170,760
|
52,380
|
39,372
|
52,380
|
Capital
fund
|
247
|
247
|
247
|
76
|
76
|
76
|
Treasury
shares
|
(628)
|
(628)
|
(628)
|
(193)
|
(193)
|
(193)
|
Remeasurement of the
net liability in
respect of defined benefit
|
(1,322)
|
(1,029)
|
(1,322)
|
(406)
|
(316)
|
(406)
|
Retained
earnings
|
452,266
|
379,383
|
415,196
|
138,733
|
116,376
|
127,362
|
Equity
attributable to owners of the
Company
|
622,813
|
507,752
|
585,743
|
191,047
|
155,752
|
179,676
|
|
|
|
|
|
|
|
|
667,692
|
547,472
|
629,923
|
204,813
|
167,936
|
193,228
|
(*) Convenience
translation into U.S. dollars.
G. WILLI-FOOD
INTERNATIONAL LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Six
months
|
Three
months
|
Six
months
|
|
ended
|
ended
|
ended
|
|
June
30,
|
June
30,
|
June
30,
|
|
2 0 2
1
|
2 0 2
0
|
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
|
231,057
|
233,255
|
114,347
|
104,152
|
70,876
|
71,551
|
Cost of
sales
|
157,897
|
152,232
|
77,422
|
64,651
|
48,435
|
46,697
|
|
|
|
|
|
|
|
Gross
profit
|
73,160
|
81,023
|
36,925
|
39,501
|
22,441
|
24,854
|
|
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
|
|
Selling
expenses
|
32,771
|
32,822
|
17,428
|
16,205
|
10,052
|
10,068
|
General and
administrative expenses
|
11,764
|
12,340
|
5,880
|
6,464
|
3,609
|
3,785
|
Other
income
|
137
|
58
|
100
|
58
|
42
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
44,398
|
45,104
|
23,208
|
22,611
|
13,619
|
13,835
|
|
|
|
|
|
|
|
Operating
profit
|
28,762
|
35,919
|
13,717
|
16,890
|
8,822
|
11,019
|
|
|
|
|
|
|
|
Financial
income
|
19,910
|
2,580
|
8,183
|
3,743
|
6,107
|
791
|
Financial
expense
|
(758)
|
(16,677)
|
(537)
|
(404)
|
(232)
|
(5,116)
|
|
|
|
|
|
|
|
Total financial
income (expense)
|
19,152
|
(14,097)
|
7,646
|
3,339
|
5,875
|
(4,325)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes on income
|
47,914
|
21,822
|
21,363
|
20,229
|
14,697
|
6,694
|
Taxes on
income
|
(10,844)
|
(5,425)
|
(4,774)
|
(5,015)
|
(3,326)
|
(1,664)
|
|
|
|
|
|
|
|
Profit for the
period
|
37,070
|
16,397
|
16,589
|
15,214
|
11,371
|
5,030
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
Basic earnings per
share
|
2.67
|
1.24
|
1.2
|
1.15
|
0.82
|
0.38
|
Diluted earnings
per share
|
2.55
|
1.24
|
1.14
|
1.15
|
0.78
|
0.38
|
|
|
|
|
|
|
|
Shares used in
computation of
basic EPS
|
13,867,017
|
13,217,017
|
13,867,017
|
13,217,017
|
13,867,017
|
13,217,017
|
Shares used in
computation of
diluted EPS
|
14,517,017
|
13,217,017
|
14,517,017
|
13,217,017
|
14,517,017
|
13,217,017
|
Actual number of
shares
|
13,867,017
|
13,217,017
|
13,867,017
|
13,217,017
|
13,867,017
|
13,217,017
|
|
|
|
|
|
|
|
(*) Convenience
translation into U.S. dollars.
G. WILLI-FOOD
INTERNATIONAL LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
Six
months
|
Three
months
|
Six
months
|
|
ended
|
ended
|
ended
|
|
June
30,
|
June
30,
|
June
30,
|
|
2 0 2
1
|
2 0 2
0
|
2 0 2
1
|
2 0 2
0
|
2 0 2
1
|
2 0 2
0
|
|
NIS
|
US dollars
(*)
|
|
(in
thousands)
|
|
|
|
|
|
|
|
CASH FLOWS -
OPERATING ACTIVITIES
|
|
|
|
|
|
|
Profit from
continuing operations
|
37,070
|
16,397
|
16,589
|
15,214
|
11,371
|
5,030
|
Adjustments to
reconcile net profit to net cash used
to (used in) continuing operating activities
(Appendix A)
|
(13,848)
|
(**)15,151
|
2,402
|
(**)8,800
|
(4,248)
|
4,647
|
|
|
|
|
|
|
|
Net cash used in
continuing operating activities
|
23,222
|
31,548
|
18,991
|
24,014
|
7,123
|
9,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS -
INVESTING ACTIVITIES
|
|
|
|
|
|
|
Acquisition of
property plant and equipment
|
(3,633)
|
(736)
|
(2,289)
|
(374)
|
(1,114)
|
(225)
|
Proceeds from sale
(purchase) of marketable
securities, net
|
15,161
|
2,528
|
8,365
|
10,528
|
4,651
|
775
|
Proceeds from sale of
property plant and equipment
|
137
|
58
|
100
|
58
|
42
|
18
|
Proceeds from loans
granted to others
|
18,707
|
14,000
|
11,215
|
14,000
|
5,738
|
4,295
|
|
|
|
|
|
|
|
Net cash used in
(used to) continuing investing
activities
|
30,372
|
15,850
|
17,391
|
24,212
|
9,317
|
4,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS -
FINANCING ACTIVITIES
|
|
|
|
|
|
|
Lease liability
payments
|
(1,004)
|
(828)
|
(532)
|
(404)
|
(308)
|
(254)
|
|
|
|
|
|
|
|
Net cash used in
continuing financing activities
|
(1,004)
|
(828)
|
(532)
|
(404)
|
(308)
|
(254)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents
|
52,590
|
(**)46,570
|
35,850
|
(**)47,822
|
16,132
|
14,286
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of
the financial period
|
201,822
|
121,860
|
218,808
|
121,040
|
61,909
|
37,380
|
|
|
|
|
|
|
|
Exchange losses on
cash and cash equivalents
|
1,098
|
(**)259
|
852
|
(**)(173)
|
336
|
79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents of the end of the
financial year
|
255,510
|
168,689
|
255,510
|
168,689
|
78,377
|
51,745
|
|
|
|
|
|
|
|
(*) Convenience
Translation into U.S. Dollars.
(**) Reclassified
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
|
ended
|
ended
|
|
June
30,
|
June
30,
|
June
30,
|
|
2 0 2
1
|
2 0 2
0
|
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
|
2,395
|
(3,382)
|
1,073
|
901
|
735
|
(1,037)
|
Unrealized loss
(gain) on marketable
securities
|
(12,119)
|
16,272
|
(3,276)
|
(2,433)
|
(3,717)
|
4,991
|
Depreciation and
amortization
|
3,101
|
2,751
|
1,622
|
1,398
|
950
|
844
|
Capital gain on
disposal of property
plant and equipment
|
(137)
|
(58)
|
(100)
|
(58)
|
(42)
|
(18)
|
Exchange losses on
cash and cash
equivalents
|
(1,098)
|
(**) (259)
|
(852)
|
(**) 173
|
(336)
|
(79)
|
|
|
|
|
|
|
|
Changes in assets
and liabilities:
|
|
|
|
|
|
|
Increase (decrease)
in trade
receivables and other receivables
|
(3,038)
|
(4,700)
|
8,276
|
19,991
|
(932)
|
(1,443)
|
Decrease (increase)
in inventories
|
1,051
|
10,286
|
3,888
|
(5,271)
|
322
|
3,155
|
Increase (decrease)
in trade and other
payables, and other current liabilities
|
(4,003)
|
(5,759)
|
(8,229)
|
(5,901)
|
(1,228)
|
(1,766)
|
Net cash flows
from operating
activities
|
(13,848)
|
15,151
|
2,402
|
8,800
|
(4,248)
|
4,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B.
Significant non-cash transactions:
|
|
|
Six
months
|
Three
months
|
Six
months
|
|
ended
|
ended
|
ended
|
|
June
30,
|
June
30,
|
June
30,
|
|
2 0
21
|
2 0
20
|
2 0
21
|
2 0
20
|
2 0
21
|
2 0
20
|
|
NIS
|
US dollars
(*)
|
|
(in
thousands)
|
Supplemental cash
flow
information:
|
|
|
|
|
|
|
Income tax
paid
|
9,758
|
11,060
|
4,866
|
4,580
|
2,993
|
3,393
|
(*) 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
View original
content:https://www.prnewswire.com/news-releases/g-willi-food-international-reports-9-8-increase-in-sales-and-9-0-increase-in-net-profit-in-second-quarter-2021-compared-to-same-period-2020--301355668.html
SOURCE G. Willi-Food International Ltd.