YAVNE, Israel, Aug. 30,
2022 /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
first quarter ended June 30,
2022.
Second Quarter Fiscal Year 2022
- Sales increased by 7.7% to NIS 123.2
million (US$ 35.2 million)
from NIS 114.3 million (US$ 32.7 million) in the second quarter of
2021.
- Gross profit increased by 5.0% year-over-year to NIS 38.8 million (US$ 11.1
million).
- Operating income increased by 5.5% year-over-year to
NIS 14.5 million (US$ 4.1 million).
- Net profit decreased by 56.6% year-over-year to NIS 7.2 million (US$ 2.1
million).
- Cash and securities balance of NIS 305.5
million (US$ 87.3 million) as
of June 30, 2022.
- Basic earnings per share of NIS
0.5 (US$ 0.1).
Management Comment
Zwi Williger &
Joseph Williger, Co-Chairmen of
Willi-Food, commented: "We are pleased to present the
second quarter 2022 financial results which show
improvements in all operational parameters compared to the second
quarter of 2021. Despite a difficult environment, the Company
managed to increase sales and improve gross margin and operating
income. 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 stores, strengthen its brand and supply chain and
ensure sufficient inventory.
Option Plan
On May 3, 2022, the Company's
Board of Directors adopted an options plan for Company officers and
employees (the "Options Plan"). As part of the Options Plan the
Company granted, in a private placement, a total of 164,000
non-marketable options exercisable to up to 164,000 ordinary shares
of the Company, which at the date of this report constitute
approximately 1.18% of the Company's capital and voting rights
before the grant and approximately 1.17% after the grant.
Notwithstanding the foregoing, the number of shares to actually be
allocated may be lower than 164,000 since the offerees will be
entitled to exercise the options in a "cashless" way, namely an
allocation of shares in an amount reflecting the financial benefit
inherent in the options. The exercise price of each option is
NIS 55.28. The shares resulting from
the exercise of the options will be subject to restrictions on
resale according to the provisions of Section 15C of the Israeli
Securities Law, 5778-1968 (the "Law") and the Securities
Regulations (details regarding Sections 15A and -15C of the Law),
5760-2000 (Rule 5 of the aforementioned regulations).
Second Quarter Fiscal 2022 Summary
Sales for the second quarter of 2022 increased by 7.7% to
NIS 123.2 million (US$ 35.2 million) from NIS
114.3 million (US$ 32.7
million) in the second quarter of 2021. Sales increased
mainly due to (i) increasing the range of the Company's products,
(ii) proper inventory management and (iii) improving the presence
of the Company's line of products in stores.
Gross profit for the second quarter of 2022 increased by 5.0% to
NIS 38.8 million (US$ 11.1 million), or 31.5% of revenues, compared
to NIS 36.9 million (US$ 10.6 million), or 32.3% of revenues in the
second quarter of 2021. The increase in gross profit was due to
increase in sales.
Selling expenses increased by 5.3% to NIS
18.4 million (US$ 5.3 million)
compared to NIS 17.4 million
(US$ 5.0 million) in the second
quarter of 2021. The increase was primarily due to an increase in
expenses for advertising and promotion.
General and administrative expenses for the second quarter of
2022 were NIS 5.9 million
(US$ 1.7 million), remaining at the
substantially the same level as in the second quarter of 2021.
Operating profit for the second quarter of 2022 increased by
5.5% to NIS 14.5 million
(US$ 4.1 million) compared to
NIS 13.7 million (US$ 3.9 million) in the second quarter of 2021.
The increase was primarily due to increase in gross profit.
Financial expenses, net totaled NIS 5.0
million (US$ 1.4 million)
compared to Financial income, net of NIS 7.6
million (US$ 2.2 million) in
the second quarter of 2021. Financial expenses, were comprised
mainly of (i) expenses from revaluation of the Company's portfolio
of securities to fair value in the amount of NIS 9.7 million (US$ 2.8
million), (ii) interest and dividend income from the
Company's portfolio of securities in the amount of NIS 2.9 million (US$ 0.8
million) and (iii) income from changes in exchange rates in
the amount of NIS 2.0 (US$ 0.6 million).
Willi-Food's income before taxes for the second quarter of 2022
was NIS 9.5 million (US$ 2.7 million) compared to NIS 21.4 million (US$ 6.1
million) in the second quarter of 2021. The decrease is
primarily due to financial income and a decrease in financial
expenses.
Willi-Food's net profit in the second quarter of 2022 was
NIS 7.2 million (US$ 2.1 million), or NIS
0.5 (US$ 0.1) per share,
compared to NIS 16.6 million
(US$ 4.7 million), or NIS 1.20 (US$ 0.34)
per share, in the second quarter of 2021.
Willi-Food ended the second quarter of 2022 with NIS 305.5 million (US$
87.3 million) in cash and securities. Net cash used in
operating activities for the second quarter of 2022 was
NIS 5.8 million (US$ 1.7 million).
First Half Fiscal 2022 Highlights
- Sales increased by 4.4% to NIS 241.2
million (US$ 68.9 million)
from NIS 231.1 million (US$ 66.1 million) in the second quarter of
2021.
- Gross profit decreased by 0.2% year-over-year to NIS 73.0 million (US$ 20.9
million).
- Operating income decreased by 16.8% year-over-year to
NIS 23.9 million (US$ 6.8 million).
- Net profit decreased by 43.6% year-over-year to NIS 20.9 million (US$ 6
million), or 8.7% % of sales.
- Basic earnings per share of NIS
1.5 (US$ 0.4).
First Half Fiscal 2022 Summary
Sales for the six-month period ending June 30, 2022 increased by 4.4% to NIS 241.2 million (US$
68.9 million) compared to NIS 231.1
million (US$ 66.0 million) in
the first half of 2021. Sales increased mainly due to (i)
increasing the range of the Company's products, (ii) proper
inventory management and (iii) improving the presence of the
Company's line of products in stores.
Gross profit for the first half of 2022 decreased by 0.2% to
NIS 73.0 million (US$ 20.9 million), or 30.3% of revenues, compared
to NIS 73.1 million (US$ 20.9 million), or 31.7% of revenues, in the
first half of 2021. The decrease in the gross profit margin was
mainly due to increased import and shipping costs in the first
quarter.
Operating profit for the first half of 2022 decreased by 16.8%
to NIS 23.9 million (US$ 6.8 million) from NIS
28.8 million (US$ 8.2 million)
for the first half of 2021. The decrease was primarily due to an
increase in expenses for advertising and promotion.
Financial income, net totaled NIS 0.9
million (US$ 0.2 million)
compared to Financial income, net of NIS
19.2 million (US$ 5.5 million)
in the first half of 2021. Financial income, net for the first half
of 2022 was comprised mainly income from changes in exchange rates
in the amount of NIS 4.6
(US$ 1.3 million), interest and
dividend income from the Company's portfolio of securities in the
amount of NIS 4.1 million
(US$ 1.2 million) and expenses for
revaluation of the Company's portfolio of securities to fair value
in the amount of NIS 7.8 million
(US$ 2.2 million).
Willi-Food's income before taxes for the first half of 2022 was
NIS 24.8 million (US$ 7.1 million) compared to NIS 47.9 million (US$ 13.7
million) in the first half of 2021.
Willi-Food's net profit in the first half of 2022 was
NIS 20.9 million (US$ 6.0 million), or NIS
1.5 (US$ 0.4) per share,
compared to NIS 37.1 million
(US$ 10.6 million), or NIS 2.67 (US$ 0.76)
per share, recorded in the first half of 2021.
NOTE A: NIS to US$ exchange rate used for convenience
only
Convenience translation of New Israeli Shekels (NIS)
into U.S. dollars was made at the rate of exchange prevailing on
June 30, 2022, with U.S. $1.00 equal to NIS
3.500. The translation is made solely for the convenience of
the reader.
NOTE B: IFRS
The Company's consolidated financial
results for the three-month period ended June 30, 2022 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 1,500 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 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: war in Ukraine, the
COVID-19 pandemic, disruptions to international commercial shipping
and disruptions in commodity pricing 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, and risks associated with
product liability claims. 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, 2021, filed with the
Securities and Exchange Commission on August
30, 2022. 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
|
|
(unaudited)
|
|
|
June 30,
|
December
31
|
June 30,
|
December
31
|
|
2 0 2
2
|
2 0 2
1
|
2 0 2
1
|
2 0 2
2
|
2 0 2
1
|
2 0 2
1
|
|
NIS
|
US dollars
(*)
|
|
(in
thousands)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
171,251
|
255,510
|
195,718
|
48,929
|
73,003
|
55,919
|
|
Financial assets
carried at fair value through
profit or loss
|
134,261
|
147,442
|
154,090
|
38,360
|
42,126
|
44,026
|
|
Trade
receivables
|
153,268
|
133,369
|
134,017
|
43,791
|
38,105
|
39,291
|
|
Other receivables and
prepaid expenses
|
2,401
|
6,268
|
4,939
|
686
|
1,791
|
1,411
|
|
Inventories
|
73,877
|
58,463
|
59,528
|
21,108
|
16,704
|
17,008
|
|
Current tax
assets
|
6,253
|
5,334
|
5,780
|
1,787
|
1,524
|
1,651
|
|
Total current
assets
|
541,311
|
606,386
|
554,072
|
154,660
|
173,253
|
158,306
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
90,621
|
86,737
|
87,245
|
25,892
|
24,782
|
24,927
|
|
Less - Accumulated
depreciation
|
50,631
|
48,538
|
48,431
|
14,466
|
13,868
|
13,837
|
|
39,990
|
38,199
|
38,814
|
11,426
|
10,914
|
11,090
|
|
|
|
|
|
|
|
|
Right of use
asset
|
3,587
|
5,155
|
4,088
|
1,025
|
1,473
|
1,168
|
|
Financial assets
carried at fair value through
profit or loss
|
31,836
|
17,916
|
31,056
|
9,096
|
5,119
|
8,873
|
|
Goodwill
|
36
|
36
|
36
|
10
|
10
|
10
|
|
|
|
|
|
|
|
|
Total non-current
assets
|
75,449
|
61,306
|
73,994
|
21,557
|
17,516
|
21,141
|
|
|
|
|
|
|
|
|
616,760
|
667,692
|
628,066
|
176,217
|
190,769
|
179,447
|
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Current maturities of
lease liabilities
|
781
|
1,516
|
1,136
|
223
|
433
|
325
|
|
Trade
payables
|
21,275
|
21,256
|
20,386
|
6,078
|
6,073
|
5,825
|
|
Employees
Benefits
|
3,944
|
3,816
|
3,442
|
1,127
|
1,090
|
983
|
|
Financial liabilities
at fair value through
profit or loss
|
1,310
|
-
|
13,960
|
374
|
-
|
3,989
|
|
Other payables and
accrued expenses
|
10,401
|
9,480
|
11,216
|
2,972
|
2,709
|
3,205
|
|
Total current
liabilities
|
37,711
|
36,068
|
50,140
|
10,774
|
10,305
|
14,326
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
Lease
liabilities
|
2,986
|
3,776
|
3,062
|
853
|
1,079
|
875
|
|
Deferred
taxes
|
2,198
|
3,163
|
2,017
|
628
|
904
|
576
|
|
Retirement benefit
obligation
|
1,733
|
1,872
|
1,615
|
495
|
535
|
461
|
|
Total non-current
liabilities
|
6,917
|
8,811
|
6,694
|
1,976
|
2,517
|
1,913
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Share
capital
|
1,490
|
1,490
|
1,490
|
426
|
426
|
426
|
|
Additional paid in
capital
|
170,760
|
170,760
|
170,760
|
48,789
|
48,789
|
48,789
|
|
Capital fund
|
247
|
247
|
247
|
71
|
71
|
71
|
|
Treasury
shares
|
(628)
|
(628)
|
(628)
|
(179)
|
(179)
|
(179)
|
|
Retained
earnings
|
401,222
|
452,266
|
400,322
|
114,635
|
129,219
|
114,378
|
|
Remeasurement of the
net liability in
respect of defined benefit
|
(959)
|
(1,322)
|
(959)
|
(274)
|
(378)
|
(274)
|
|
Equity attributable
to owners of the
Company
|
572,132
|
622,813
|
571,232
|
163,466
|
177,947
|
163,209
|
|
|
|
|
|
|
|
|
616,760
|
667,692
|
628,066
|
176,217
|
190,769
|
179,447
|
|
(*) Convenience
translation into U.S. dollars.
|
|
G. WILLI-FOOD
INTERNATIONAL LTD.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(unaudited)
|
|
|
|
Six months
|
Three months
|
Six months
|
|
ended
|
ended
|
ended
|
|
June 30,
|
June 30,
|
June 30,
|
|
2 0 2
2
|
2 0 2
1
|
2 0 2
2
|
2 0 2
1
|
2 0 2
2
|
2 0 2
1
|
|
NIS
|
US dollars
(*)
|
|
In thousands (except
per share and share data)
|
|
|
|
|
|
|
|
|
Sales
|
241,224
|
231,057
|
123,155
|
114,347
|
68,921
|
66,016
|
|
Cost of
sales
|
168,200
|
157,897
|
84,373
|
77,422
|
48,057
|
45,113
|
|
|
|
|
|
|
|
|
Gross
profit
|
73,024
|
73,160
|
38,782
|
36,925
|
20,864
|
20,903
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Selling
expenses
|
37,597
|
32,771
|
18,359
|
17,428
|
10,742
|
9,363
|
|
General and
administrative expenses
|
11,493
|
11,764
|
5,947
|
5,880
|
3,284
|
3,361
|
|
Other income
|
-
|
137
|
-
|
100
|
-
|
39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
49,090
|
44,398
|
24,306
|
23,208
|
14,026
|
12,685
|
|
|
|
|
|
|
|
|
Operating
profit
|
23,934
|
28,762
|
14,476
|
13,717
|
6,838
|
8,218
|
|
|
|
|
|
|
|
|
Financial
income
|
8,940
|
19,910
|
4,877
|
8,183
|
2,554
|
5,689
|
|
Financial
expense
|
(8,078)
|
(758)
|
(9,863)
|
(537)
|
(2,308)
|
(217)
|
|
|
|
|
|
|
|
|
Total financial
income (expense)
|
862
|
19,152
|
(4,986)
|
7,646
|
246
|
5,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
on income
|
24,796
|
47,914
|
9,490
|
21,363
|
7,085
|
13,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
(3,930)
|
(10,844)
|
(2,268)
|
(4,774)
|
(1,123)
|
(3,098)
|
|
|
|
|
|
|
|
|
Profit for the
period
|
20,866
|
37,070
|
7,222
|
16,589
|
5,962
|
10,591
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
1.5
|
2.67
|
0.5
|
1.2
|
0.4
|
0.76
|
|
Diluted earnings per
share
|
1.5
|
2.55
|
0.5
|
1.14
|
0.4
|
0.72
|
|
|
|
|
|
|
|
|
Shares used in
computation of
basic EPS
|
13,867,017
|
13,867,017
|
13,867,017
|
13,867,017
|
13,867,017
|
13,867,017
|
|
Shares used in
computation of
diluted EPS
|
13,867,017
|
14,517,017
|
13,867,017
|
14,517,017
|
13,867,017
|
14,517,017
|
|
|
Actual number of
shares
|
13,867,017
|
13,867,017
|
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
|
|
(unaudited)
|
|
|
|
Six months
|
Three months
|
Six months
|
|
ended
|
ended
|
ended
|
|
June 30,
|
June 30,
|
June 30,
|
|
2 0 2
2
|
2 0 2
1
|
2 0 2
2
|
2 0 2
1
|
2 0 2
2
|
2 0 2
1
|
|
NIS
|
US dollars
(*)
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
CASH FLOWS -
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Profit from continuing
operations
|
20,866
|
37,070
|
7,222
|
16,589
|
5,962
|
10,591
|
|
Adjustments to
reconcile net profit to net cash used
to continuing operating activities (Appendix
A)
|
(24,248)
|
(13,848)
|
(12,900)
|
2,402
|
(6,927)
|
(3,957)
|
|
|
|
|
|
|
|
|
Net cash used in
continuing operating activities
|
(3,382)
|
23,222
|
(5,678)
|
18,991
|
(965)
|
6,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS -
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Acquisition of property
plant and equipment
|
(3,376)
|
(3,633)
|
(1,059)
|
(2,289)
|
(965)
|
(1,038)
|
|
Proceeds from sale of
marketable securities, net
|
12,056
|
15,161
|
3,851
|
8,365
|
3,445
|
4,332
|
|
Proceeds from sale of
property plant and equipment
|
-
|
137
|
-
|
100
|
-
|
39
|
|
Proceeds from loans
granted to others
|
-
|
18,707
|
-
|
11,215
|
-
|
5,345
|
|
|
|
|
|
|
|
|
Net cash used in
continuing investing activities
|
8,680
|
30,372
|
2,792
|
17,391
|
2,480
|
8,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS -
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Lease liability
payments
|
(1,028)
|
(1,004)
|
(497)
|
(532)
|
(294)
|
(287)
|
|
Dividend
|
(19,966)
|
-
|
(19,966)
|
-
|
(5,705)
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used to
continuing financing activities
|
(20,994)
|
(1,004)
|
(20,463)
|
(532)
|
(5,999)
|
(287)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
(15,696)
|
52,590
|
(23,349)
|
35,850
|
(4,484)
|
15,026
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of
the financial period
|
195,718
|
201,822
|
198,339
|
218,808
|
55,919
|
57,663
|
|
|
|
|
|
|
|
|
Exchange losses
(profit) on cash and cash
equivalents
|
(8,771)
|
1,098
|
(3,739)
|
852
|
(2,506)
|
314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents of the end of the
financial year
|
171,251
|
255,510
|
171,251
|
255,510
|
48,929
|
73,003
|
|
|
|
|
|
|
|
|
(*) Convenience Translation into
U.S. Dollars.
|
|
G. WILLI-FOOD
INTERNATIONAL LTD.
|
|
APPENDIX A TO
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(unaudited)
|
|
|
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
2
|
2 0 2
1
|
2 0 2
2
|
2 0 2
1
|
2 0 2
2
|
2 0 2
1
|
|
NIS
|
US dollars
(*)
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
Decrease (increase) in deferred
|
|
|
|
|
|
|
|
income taxes
|
181
|
2,395
|
(1,098)
|
1,073
|
52
|
684
|
|
Unrealized loss (gain) on marketable
|
|
|
|
|
|
|
|
securities
|
6,993
|
(12,119)
|
9,141
|
(3,276)
|
1,998
|
(3,463)
|
|
Depreciation and amortization
|
3,298
|
3,101
|
1,450
|
1,622
|
942
|
886
|
|
Capital gain on disposal of property
|
|
|
|
|
|
|
|
plant and equipment
|
|
(137)
|
|
(100)
|
|
(39)
|
|
Exchange gain (losses) on cash and cash
equivalents
|
8,771
|
(1,098)
|
3,739
|
(852)
|
2,506
|
(314)
|
|
|
|
|
|
|
|
|
|
Unrealized gain of financial liabilities at fair value
through profit
|
(12,650)
|
-
|
(5,209)
|
-
|
(3,613)
|
-
|
|
or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
Increase (decrease) in trade
|
|
|
|
|
|
|
|
receivables and other
receivables
|
(9,084)
|
(**)
6,720
|
(5,858)
|
(**)13,142
|
(2,595)
|
1,920
|
|
Decrease (increase) in inventories
|
(14,349)
|
1,051
|
(7,341)
|
3,888
|
(4,100)
|
300
|
|
Increase (decrease) in trade and other
|
|
|
|
|
|
|
|
payables, and other current
|
|
|
|
|
|
|
|
liabilities
|
693
|
(4,003)
|
(2,470)
|
(8,229)
|
198
|
(1,144)
|
|
Income tax paid
|
(8,101)
|
(**) (9,758)
|
(5,254)
|
(**) (4,866)
|
(2,315)
|
(2,787)
|
|
Net cash flows from operating
activities
|
(24,248)
|
(13,848)
|
(12,900)
|
2,402
|
(6,927)
|
(3,957)
|
|
|
|
|
(*) 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
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