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 August 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 August 16, 2021, titled: " 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.".

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: August 16, 2021


 
 
                  
FOR IMMEDIATE RELEASE

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

NET PROFIT UP 126.1% IN FIRST HALF 2021 COMPARED TO SAME PERIOD 2020

YAVNE, Israel – August 16, 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 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 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)
 
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

###
SOURCE: G. Willi-Food International Ltd.
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