YAVNE, Israel, March 15, 2022 /PRNewswire/ -- G.
Willi-Food International Ltd. (NASDAQ: WILC) (TASE: WILF) (the
"Company" or "Willi-Food"), a global company that
specializes in the development, marketing and international
distribution of kosher foods, today announced its financial results
for the fiscal year ended December 31, 2021.
Fiscal Year 2021 Highlights
- Sales increased to NIS 454.2
million (US$ 146.0 million)
from NIS 454.1 million (US$
146.0 million) in fiscal year 2020.
- Gross profit decreased by 4.9% from fiscal year
2020 to NIS 138.3
million (US$ 44.5
million).
- Operating profit decreased by 14.3% from fiscal year 2020 to
NIS 49.4 million (US$
15.9 million).
- Cash and cash equivalents balance of NIS
349.8 million (US$ 112.5
million) as of December 31,
2021.
- Earnings per share of NIS 3.25
(US$ 1.05).
Management Comment
Zwi Williger &
Joseph Williger, Co-Chairmen of
Willi-Food, commented: "We are very pleased to present our
fiscal year 2021 financial results. As a result of the Covid-19
pandemic and its variants, 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. The Company cannot predict how long this
"shipping crisis" will last. Despite this difficult environment,
the Company managed to maintain the same level of sales and a
strong level of gross margin and other operational parameters. In
addition, recently armed conflict opened between Ukraine
and Russia which are major
producers of wheat and oil in the world. if this war
continues it will affect the price of wheat and oil and
its related products. Despite this difficulties and
uncertainty The Company will work hard to fulfill its strategy for
the near future, to improve commercial conditions with its
suppliers and customers, develop new products, enter into new
categories with potentially high gross profit margins, improve the
visibility of its products in the stores, strengthen its brand and
supply chain and ensure sufficient inventory. We intend to work
hard to achieve the goals we have set for the Company."
Fiscal 2021 Summary
Revenues for fiscal year 2021 increased to NIS 454.2 million (USD
146.0 million) from NIS 454.1
million (USD 146.0 million) recorded in
fiscal year 2020.
Gross profit for fiscal year 2021 decreased by 4.9% to
NIS 138.3 million (USD 44.5 million), or 30.4% of revenues, from
NIS 145.4 million (USD 46.7 million), or 32.0% of revenues, recorded
in fiscal year 2020. The decrease in gross profit was mainly due to
increased costs of the Company's imported products and significant
increases in shipping costs starting second half of 2021.
Selling expenses for fiscal year 2021 amounted to NIS 65.9 million (USD 21.2
million), or 14.5% of revenues, and were substantially the
same as in fiscal 2020.
General and administrative expenses for fiscal year
2021 increased by 6.3% to NIS
23.3 million (USD 7.5
million), or 5.1% of revenues, from NIS 21.9 million (USD 7.0
million), or 4.8% of revenues, recorded in fiscal year 2020.
The increase in General and administrative expenses was mainly due
to changes in the provision for doubtful debts in the amount of
NIS 0.7 million (USD 0.3 million) and an increase in stock
exchange fees and donations in the amount of 0.5 million
(USD 0.16 million).
Operating profit for fiscal year 2021 decreased by NIS 8.2
million (USD 2.6 million), or by
14.3%, to NIS 49.4 million (USD 15.9
million), or 10.9% of revenues, from NIS 57.6 million
(USD 18.5 million), or 12.7% of
revenues, recorded in fiscal year 2020. The decrease in operating
profit was primarily due to a decrease in gross profit.
Financial income, net, for fiscal year 2021 amounted to
NIS 8.5 million (USD 2.7 million), compared to
NIS 10.1 million (USD 3.2
million) recorded in fiscal year 2020. Financial
income, net for fiscal year 2021 comprised mainly of income from
revaluation of the Company's portfolio of securities to fair value
in an amount of NIS 19.5 million
(USD 6.3 million) and interest and
dividend income from the Company's portfolio of securities in an
amount of NIS 9.5 million
(USD 3.1 million), offset by from
expenses from changes in fair value of liabilities assets at
fair values in an amount of NIS 14.0
(USD 4.5 million), exchange rate
differences in an amount of NIS 5.2
million (USD 1.7 million) and
other finance expenses in an amount of NIS 1
million (USD 0.3 million).
Willi-Food ended fiscal year 2021 with NIS 349.8 million (USD
112.3 million) in cash and cash equivalents with no
short-term debt. Net cash from operating activities in fiscal year
2021 was NIS 45.7 million
(USD 14.7 million). Willi-Food's
shareholders' equity at the end of December
2021 was NIS 568.9 million
(USD 182.9 million).
NOTE A: NIS to US$ exchange rate used for convenience
only
The conversion from New Israeli Shekels (NIS) into U.S. dollars
was made at the exchange rate of USD
1.00 to NIS 3.11 as of
December 31, 2021. The use of USD is
solely for the convenience of the reader.
NOTE B: IFRS
The Company's consolidated financial results for fiscal year
ended December 31, 2021 are presented
in accordance with International Financial Reporting Standards.
About G. Willi-Food International Ltd.
G. Willi-Food International
Ltd. (http://www.willi-food.com) is an Israeli-based company
specializing in high-quality, great-tasting kosher food products.
Willi-Food is engaged directly and through its subsidiaries in the
design, import, marketing and distribution of over 600 food
products worldwide. As one of Israel's leading food importers, Willi-Food
markets and sells its food products to over 1,500
customers and 3,000 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, a wholly owned subsidiary that designs,
develops and distributes branded kosher, dairy-food products.
FORWARD LOOKING STATEMENTS
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, adverse effects from the
ongoing COVID-19 pandemic, disruptions to global shipping, 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
27, 2020. 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
|
|
|
December
31,
|
December
31,
|
|
2 0 2
1
|
2 0 2
0
|
2 0 2
1
|
2 0 2
0
|
|
NIS
|
US dollars
(*)
|
|
(in
thousands)
|
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
195,718
|
201,822
|
62,932
|
64,895
|
|
Financial assets at
fair value through profit or loss
|
154,090
|
154,700
|
49,547
|
49,742
|
|
Loans to
others
|
-
|
18,707
|
-
|
6,015
|
|
Trade
receivables
|
134,017
|
131,301
|
43,092
|
42,219
|
|
Other receivables and
prepaid expenses
|
4,939
|
6,667
|
1,588
|
2,144
|
|
Inventories
|
59,528
|
59,514
|
19,141
|
19,136
|
|
Current tax
assets
|
5,780
|
3,965
|
1,859
|
1,275
|
|
Total current
assets
|
554,072
|
576,676
|
178,158
|
185,426
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Property, plant and
equipment
|
87,245
|
83,105
|
28,053
|
26,722
|
|
Less -Accumulated
depreciation
|
48,431
|
46,460
|
15,573
|
14,939
|
|
38,814
|
36,645
|
12,480
|
11,783
|
|
|
|
|
|
|
Right of use
asset
|
4,088
|
2,866
|
1,314
|
922
|
|
Financial assets at
fair value through profit or loss
|
31,056
|
13,700
|
9,986
|
4,405
|
|
Goodwill
|
36
|
36
|
12
|
12
|
|
Total non-current
assets
|
73,994
|
53,247
|
23,792
|
17,122
|
|
|
|
|
|
|
628,066
|
629,923
|
201,950
|
202,548
|
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Current maturities of
lease liabilities
|
1,136
|
1,393
|
365
|
448
|
|
Trade
payables
|
20,386
|
23,474
|
6,555
|
7,548
|
|
Employees
Benefits
|
3,442
|
3,437
|
1,107
|
1,105
|
|
Financial liabilities
at fair value through profit or loss
|
13,960
|
-
|
4,489
|
-
|
|
Other payables and
accrued expenses
|
11,216
|
11,611
|
3,606
|
3,733
|
|
Total current
liabilities
|
50,140
|
39,915
|
16,122
|
12,834
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Lease
liabilities
|
3,062
|
1,592
|
985
|
512
|
|
Deferred
taxes
|
2,017
|
768
|
648
|
247
|
|
Retirement benefit
obligation
|
1,615
|
1,905
|
519
|
613
|
|
Total non-current
liabilities
|
6,694
|
4,265
|
2,152
|
1,372
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Share
capital
|
1,490
|
1,490
|
479
|
479
|
|
Additional paid in
capital
|
170,760
|
170,760
|
54,907
|
54,907
|
|
Capital
fund
|
247
|
247
|
79
|
79
|
|
Treasury
shares
|
(628)
|
(628)
|
(202)
|
(202)
|
|
Retained
earnings
|
400,322
|
415,196
|
128,721
|
133,504
|
|
Remeasurement of the
net liability in respect of defined benefit
|
(959)
|
(1,322)
|
(308)
|
(425)
|
|
Equity
attributable to owners of the Company
|
571,232
|
585,743
|
183,676
|
188,342
|
|
|
|
|
|
|
628,066
|
629,923
|
201,950
|
202,548
|
|
(*)
Convenience translation into U.S. dollars.
|
|
G. WILLI–FOOD
INTERNATIONAL LTD.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
For the year
ended
December
31,
|
For the year
ended
December
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
|
454,213
|
454,094
|
146,049
|
146,011
|
|
Cost of
sales
|
315,920
|
308,717
|
101,582
|
99,266
|
|
|
|
|
|
|
Gross
profit
|
138,293
|
145,377
|
44,467
|
46,745
|
|
Operating costs
and expenses:
|
|
|
|
|
|
Selling
expenses
|
65,869
|
65,990
|
21,180
|
21,219
|
|
General and
administrative expenses
|
23,299
|
21,918
|
7,491
|
7,048
|
|
Other
income
|
(230)
|
(108)
|
(74)
|
(35)
|
|
Total operating
expenses
|
88,938
|
87,800
|
28,597
|
28,232
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
49,355
|
57,577
|
15,870
|
18,513
|
|
|
|
|
|
|
Financial
income
|
28,957
|
11,348
|
9,311
|
3,649
|
|
Financial
expense
|
20,492
|
1,253
|
6,589
|
403
|
|
Total Finance
Income
|
8,465
|
10,095
|
2,722
|
3,246
|
|
|
|
|
|
|
Profit
before taxes on income
|
57,820
|
67,672
|
18,592
|
21,759
|
|
Taxes on
income
|
12,719
|
15,463
|
4,090
|
4,972
|
|
|
|
|
|
|
Income after taxes
on income
|
45,101
|
52,209
|
14,502
|
16,787
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Basic / diluted
earnings per share
|
3.25
|
3.89
|
1.05
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computation of
basic/diluted EPS
|
13,867,017
|
13,433,684
|
13,867,017
|
13,433,684
|
|
|
|
|
|
|
Actual number of
shares
|
13,867,017
|
13,867,017
|
13,867,017
|
13,867,017
|
|
(*)
Convenience translation into U.S. dollars.
|
|
G. WILLI‑FOOD INTERNATIONAL
LTD.
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
For the year ended
|
For the year ended
|
|
|
December 31,
|
December 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
|
45,101
|
52,209
|
14,502
|
16,787
|
|
|
Adjustments to
reconcile net profit to net cash from continuing operating
activities (Appendix A)
|
416
|
11,967
|
133
|
3,848
|
|
|
Net cash from (used to) continuing operating
activities
|
45,517
|
64,176
|
14,635
|
20,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS - INVESTING
ACTIVITIES
|
|
|
|
|
|
|
Acquisition of
property plant and equipment
|
(6,209)
|
(2,903)
|
(1,996)
|
(933)
|
|
|
Proceeds from sale of
property plant and equipment
|
230
|
108
|
74
|
35
|
|
|
Loans granted to
others
|
-
|
(20,000)
|
-
|
(6,431)
|
|
|
Proceeds from loans
granted to others
|
18,707
|
18,943
|
6,015
|
6,091
|
|
|
Proceeds from sale
(purchase) of marketable securities, net
|
2,718
|
(20,739)
|
874
|
(6,668)
|
|
|
Net cash used to continuing investing
activities
|
15,446
|
(24,591)
|
4,967
|
(7,906)
|
|
|
|
|
|
|
|
|
CASH FLOWS - FINANCING
ACTIVITIES
|
|
|
|
|
|
|
Lease liability
payments
|
(2,169)
|
(1,819)
|
(697)
|
(585)
|
|
|
Shares
issue
|
-
|
42,471
|
-
|
13,656
|
|
|
Dividend
distribution
|
(59,975)
|
-
|
(285,19)
|
|
|
|
Net cash used to continuing financing
activities
|
(62,144)
|
40,652
|
(19,982)
|
13,071
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash
equivalents
|
(1,181)
|
80,237
|
(380)
|
25,800
|
|
|
Cash and cash equivalents at the beginning of the
year
|
201,822
|
121,860
|
64,895
|
39,183
|
|
|
Exchange losses on
cash and cash equivalents
|
(4,923)
|
(275)
|
(1,583)
|
(88)
|
|
|
Cash and cash equivalents at the end of the
year
|
195,718
|
201,822
|
62,932
|
64,895
|
|
|
(*)
Convenience Translation into U.S. Dollars.
|
|
G. WILLI-FOOD
INTERNATIONAL LTD.
|
|
APPENDIX TO
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
For the year
ended
|
For the year
ended
|
|
December
31,
|
December
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:
A.
Adjustments to reconcile net profit to net cash from (used to)
continuing operating activities
|
|
|
|
|
|
Decrease (Increase)
in deferred income taxes
|
1,249
|
1,586
|
402
|
510
|
|
Unrealized loss
(gain) on marketable securities
|
(19,464)
|
(6,115)
|
(6,258)
|
(1,966)
|
|
Loss of financial
liabilities at fair value through profit or loss
|
13,960
|
-
|
4,489
|
-
|
|
Depreciation and
amortization
|
6,200
|
5,690
|
1,993
|
1,830
|
|
Capital gain on
disposal of property plant and equipment
|
(230)
|
(108)
|
(74)
|
(35)
|
|
Exchange
(losses)/gains on cash and cash equivalents
|
4,923
|
275
|
1,583
|
88
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets
and liabilities:
|
|
|
|
|
|
Decrease (increase)
in trade receivables and other receivables
|
10,190
|
22,029
|
3,277
|
7,083
|
|
Increase
(Increase) in inventories
|
(14)
|
12,034
|
(5)
|
3,869
|
|
Increase (decrease)
in trade and other payables, and other current
liabilities
|
(3,405)
|
(1,861)
|
(1,096)
|
(598)
|
|
Cash generated from
operations
|
13,409
|
33,530
|
4,311
|
10,781
|
|
Income tax
paid
|
(12,993)
|
(21,563)
|
(4,178)
|
(6,933)
|
|
Net cash flows
from operating activities
|
416
|
11,967
|
133
|
3,848
|
|
(*)
Convenience Translation into U.S. Dollars.
|
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-its-financial-results-for-the-year-2021-301502720.html
SOURCE G. Willi-Food International Ltd.
