YAVNE, Israel, Aug. 30,
2023 /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,
2023.
Second Quarter Fiscal Year 2023
- Sales increased by 4.9% to NIS 129.2 million (US$ 34.9 million) from NIS
123.2 million (US$ 33.3
million) in the second quarter of 2022.
- Gross profit decreased by 32.8% year-over-year to NIS 26.1 million (US$ 7.1
million).
- Operating profit decreased by 93.3% year-over-year to
NIS 1.0 million (US$ 0.3 million).
- Net profit decreased by 32.6% year-over-year to NIS 4.9
million (US$ 1.3 million).
- Cash and securities balance of NIS 212.1 million
(US$ 57.3 million) as of June 30, 2023.
- Basic earnings per share of NIS 0.4 (US$ 0.1).
Management Comment
Zwi Williger &
Joseph Williger, Chairmen & CEO
of Willi-Food, commented, "In the second quarter of 2023, the
Company experienced increased prices in the products it acquires
and the weakening, by approximately 10%, of the Israeli shekel in
relation to the euro and US$ currencies. Those two factors
negatively affected the Company's profit margins, which was
reflected in the Company's second quarter financial results. The
Company reached its internal sales goals for the second quarter of
2023 and is working hard to improve its financial results by
improving the terms of its commercial arrangements with its
suppliers and customers. The Company is also looking for new
potential markets abroad to sell its products. We believe that the
cost-of-living issue in Israel
become more prominent among the public and as a result we believe
that the public in Israel is
looking for lower cost substitutes for the more familiar food
brands. Since most of our products are substitutes to familiar
brands, we hope the demand for our products to increase."
Second Quarter Fiscal 2023 Summary
Sales for the second quarter of 2023 increased by 4.9% to
NIS 129.2 million (US$ 34.9 million) from NIS
123.2 million (US$ 33.3
million) recorded in the second quarter of 2022. Sales
increased mainly due to increases (i) in the range of the Company's
products, (ii) in our inventory levels and its availability for the
demand of our products, (iii) in the Company's efforts to improve
presence of the Company's line of products in stores and (iv) in
advertising and promotional campaigns.
Gross profit for the second quarter of 2023 decreased by 32.8%
to NIS 26.1 million (US$ 7.1 million), or 20.2% of revenues, compared
to NIS 38.8 million (US$ 10.5 million), or 31.5% of revenues in the
second quarter of 2022. The decrease in gross profit was due to (i)
increased costs of the Company's imported products compared to the
cost of products in the second quarter of 2022, mainly because of
an increase in raw materials and (ii) the weakening of the
Israeli shekel in relation to the euro and US$ currencies.
Selling expenses for the second quarter of 2023 were
NIS 18.8 million (US$ 5.1 million), remaining at the same level
compared to second quarter of 2022.
General and administrative expenses for the second quarter of
2023 were NIS 6.3 million
(US$ 1.7 million), remaining at the
same level as in the second quarter of 2022.
Operating profit for the second quarter of 2023 decreased by
93.3% to NIS 1.0 million
(US$ 0.3 million) compared to
NIS 14.5 million (US$ 3.9 million) in the second quarter of 2022.
The decrease was primarily due to the decrease in gross profit.
Financial income, net for the second quarter of 2023 totaled
NIS 5.3 million (US$ 1.4 million) compared to a loss of
NIS 5.0 million (US$ 1.4 million) in the second quarter of 2022
and provides a positive difference of NIS
10.3 million. Financial income for the second quarter of
2023 was comprised mainly of (i) income from revaluation of
the Company's portfolio of securities to fair value in the amount
of NIS 3.4 million (US$ 0.9 million) and (ii) interest and dividend
income from the Company's portfolio of securities in the amount of
NIS 2.3 million (US$ 0.6 million).
Willi-Food's income before taxes for the second quarter of 2023
was NIS 6.3 million (US$ 1.7 million) compared to NIS 9.5 million (US$ 2.6
million) in the second quarter of 2022.
Willi-Food's net profit in the second quarter of 2023 was
NIS 4.9 million (US$ 1.3 million), or NIS
0.35 (US$ 0.1) per share,
compared to NIS 7.2 million
(US$ 1.9 million), or NIS 0.5 (US$ 0.14)
per share, in the second quarter of 2022.
Willi-Food ended the second quarter of 2023 with NIS 212.1 million (US$
57.3 million) in cash and securities. Net cash from
operating activities for the second quarter of 2023 was
NIS 4.7 million (US$ 1.3 million).
First Half Fiscal 2023 Highlights
- Sales increased by 16.3% to NIS 280.6 million
(US$ 75.8 million) from NIS 241.2 million (US$
65.2 million) in the first half of 2022.
- Gross profit decreased by 9.5% year-over-year to NIS 66.0
million (US$ 17.8 million).
- Operating income decreased by 41.5% year-over-year to NIS
14.0 million (US$ 3.9 million).
- Net profit decreased by 24.7% year-over-year to NIS 15.7 million (US$ 4.2
million), or 5.6% of sales.
- Basic earnings per share of NIS
1.13 (US$ 0.3).
First Half Fiscal 2023 Summary
Sales for the six-month period ending June 30, 2023 increased by 16.3% to NIS 280.6 million (US$
75.8 million) compared to NIS 241.2
million (US$ 65.2 million)
recorded in the first half of 2022. Sales increased mainly due to
increases (i) in the range of the Company's products, (ii) in
inventory levels and its availability for the increasing demand for
our products, (iii) in the Company's efforts to improve presence of
the Company's line of products in stores and (iv) in advertising
and promotional campaigns.
Gross profit for the first half of 2023 decreased by 9.5% to
NIS 66.3 million (US$ 17.9 million), or 23.6% of revenues, compared
to NIS 73.0 million (US$ 19.7 million), or 30.3% of revenues, in the
first half of 2022. The decrease in gross profit was due to (i) an
increase in the costs of the Company's imported products compared
to the cost of products in the second quarter of 2022, mainly
because of an increase in raw materials and (ii) the weakening
of the Israeli shekel in relation to the euro and dollar
currencies. The main effect of the increase in the price of
products occurred in the second quarter of the year.
General and administrative expenses for the first half of 2023
increased by 16.8% to NIS 13.4
million (US$ 3.6 million),
compared General and administrative expenses of NIS 11.5 million (US$ 3.1
million) in the first half of 2022. The increase was
primarily due to an increase in management compensation and options
grants made under the Company's option plan.
Operating profit for the first half of 2023 decreased by 41.5%
to NIS 14.0 million (US$ 3.9 million) from NIS
23.9 million (US$ 6.5 million)
for the first half of 2022. The decrease was primarily due to an
increase in cost of sales and operating costs.
Financial income, net for the first half of 2023 totaled
NIS 5.9 million (US$ 1.6 million) compared to NIS 0.9 million (US$ 0.2
million) in the first half of 2022. Financial income, net
for the first half of 2023 was comprised mainly dividend income
from the Company's portfolio of securities in the amount of
NIS 6.3 million (US$ 1.7 million) and expenses for commissions and
other interest in the amount of NIS 1.0
million (US$ 0.3
million)
Willi-Food's income before taxes for the first half of 2023 was
NIS 19.8 million (US$ 5.4 million) compared to NIS 24.8 million (US$ 6.7
million) in the first half of 2022.
Willi-Food's net profit in the first half of 2023 was
NIS 15.7 million (US$ 4.2 million), or NIS
1.1 (US$ 0.3) per share,
compared to NIS 20.9 million
(US$ 5.6 million), or NIS 1.5 (US$ 0.41)
per share, recorded in the first half of 2022.
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, 2023, with U.S. $1.00 equal to NIS
3.7. The translation is made solely for the convenience of
the reader.
NOTE B: IFRS
The Company's consolidated financial results for the two-month
period ended June 30, 2023 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 650 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, 2022, filed with the
Securities and Exchange Commission on March
23, 2023. 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
3
|
2 0 2
2
|
2 0 2
2
|
2 0 2
3
|
2 0 2
2
|
2 0 2
2
|
|
NIS
|
US dollars
(*)
|
|
(In
thousands)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
110,916
|
171,251
|
150,607
|
29,977
|
46,283
|
40,705
|
|
Financial assets
carried at fair value through profit or loss
|
101,140
|
134,261
|
116,762
|
27,335
|
36,287
|
31,557
|
|
Trade
receivables
|
166,020
|
153,268
|
165,838
|
44,870
|
41,424
|
44,822
|
|
Other receivables and
prepaid expenses
|
3,828
|
2,401
|
4,956
|
1,035
|
649
|
1,339
|
|
Inventories
|
98,302
|
73,877
|
71,929
|
26,568
|
19,967
|
19,440
|
|
Current tax
assets
|
7,086
|
6,253
|
3,117
|
1,916
|
1,690
|
842
|
|
Total current
assets
|
487,292
|
541,311
|
513,209
|
131,701
|
146,300
|
138,705
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
108,217
|
90,621
|
99,216
|
29,248
|
24,492
|
26,815
|
|
Less - Accumulated
depreciation
|
53,708
|
50,631
|
51,533
|
14,516
|
13,684
|
13,928
|
|
54,509
|
39,990
|
47,683
|
14,732
|
10,808
|
12,887
|
|
|
|
|
|
|
|
|
Right of use
asset
|
3,359
|
3,587
|
3,391
|
908
|
969
|
916
|
|
Financial assets
carried at fair value through profit or loss
|
44,252
|
31,836
|
44,113
|
11,960
|
8,605
|
11,923
|
|
Goodwill
|
36
|
36
|
36
|
10
|
10
|
10
|
|
Total non-current
assets
|
102,156
|
75,449
|
95,223
|
27,610
|
20,392
|
25,736
|
|
|
|
|
|
|
|
|
589,448
|
616,760
|
608,432
|
159,311
|
166,692
|
164,441
|
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Current maturities of
lease liabilities
|
2,170
|
781
|
2,194
|
586
|
211
|
593
|
|
Trade
payables
|
22,196
|
21,275
|
24,842
|
5,999
|
5,750
|
6,714
|
|
Employees
Benefits
|
4,050
|
3,944
|
3,756
|
1,095
|
1,066
|
1,015
|
|
Financial liabilities
at fair value through profit or loss
|
-
|
1,310
|
-
|
-
|
354
|
-
|
|
Other payables and
accrued expenses
|
8,329
|
10,401
|
11,836
|
2,252
|
2,811
|
3,199
|
|
Total current
liabilities
|
36,745
|
37,711
|
42,628
|
9,932
|
10,192
|
11,521
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
Lease
liabilities
|
1,482
|
2,986
|
1,284
|
401
|
808
|
347
|
|
Deferred
taxes
|
4,345
|
2,198
|
4,198
|
1,174
|
594
|
1,135
|
|
Retirement benefit
obligation
|
977
|
1,733
|
878
|
264
|
468
|
237
|
|
Total non-current
liabilities
|
6,804
|
6,917
|
6,360
|
1,839
|
1,870
|
1,719
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Share
capital
|
1,490
|
1,490
|
1,490
|
403
|
403
|
403
|
|
Additional paid in
capital
|
172,240
|
170,760
|
171,550
|
46,551
|
46,151
|
46,365
|
|
Remeasurement of the
net liability in respect of
defined benefit
|
(195)
|
(959)
|
(195)
|
(53)
|
(259)
|
(53)
|
|
Capital fund
|
247
|
247
|
247
|
67
|
67
|
67
|
|
Retained
earnings
|
372,745
|
401,222
|
386,980
|
100,742
|
108,438
|
104,589
|
|
Treasury
shares
|
(628)
|
(628)
|
(628)
|
(170)
|
(170)
|
(170)
|
|
Equity attributable
to owners of the Company
|
545,899
|
572,132
|
559,444
|
147,540
|
154,630
|
151,201
|
|
|
|
|
|
|
|
|
589,448
|
616,760
|
608,432
|
159,311
|
166,692
|
164,441
|
|
|
(*)
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
3
|
2 0 2
2
|
2 0 2
3
|
2 0 2
2
|
2 0 2
3
|
2 0 2
2
|
|
NIS
|
US dollars
(*)
|
|
In thousands (except
per share and share data)
|
|
|
|
|
|
|
|
|
Sales
|
280,600
|
241,224
|
129,244
|
123,155
|
75,838
|
65,196
|
|
Cost of
sales
|
214,508
|
168,200
|
103,186
|
84,373
|
57,975
|
45,459
|
|
|
|
|
|
|
|
|
Gross
profit
|
66,092
|
73,024
|
26,058
|
38,782
|
17,863
|
19,737
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Selling
expenses
|
38,700
|
37,597
|
18,781
|
18,359
|
10,460
|
10,161
|
|
General and
administrative expenses
|
13,421
|
11,493
|
6,304
|
5,947
|
3,627
|
3,106
|
|
Other income
|
25
|
-
|
-
|
-
|
7
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
52,096
|
49,090
|
25,085
|
24,306
|
14,079
|
13,267
|
|
|
|
|
|
|
|
|
Operating
profit
|
13,996
|
23,934
|
973
|
14,476
|
3,783
|
6,470
|
|
|
|
|
|
|
|
|
Financial
income
|
6,220
|
8,940
|
5,683
|
4,877
|
1,681
|
2,416
|
|
Financial
expense
|
(370)
|
(8,078)
|
(359)
|
(9,863)
|
(100)
|
(2,183)
|
|
|
|
|
|
|
|
|
Total financial
income (expense)
|
5,850
|
862
|
5,324
|
(4,986)
|
1,581
|
233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
on income
|
19,846
|
24,796
|
6,297
|
9,490
|
5,364
|
6,703
|
|
Taxes on
income
|
(4,132)
|
(3,930)
|
(1,428)
|
(2,268)
|
(1,117)
|
(1,062)
|
|
|
|
|
|
|
|
|
Profit for the
period
|
15,714
|
20,866
|
4,869
|
7,222
|
4,247
|
5,641
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
1.1
|
1.5
|
0.4
|
0.5
|
0.3
|
0.41
|
|
Diluted earnings per
share
|
1.1
|
1.5
|
0.4
|
0.5
|
0.3
|
0.41
|
|
|
|
|
|
|
|
|
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
|
13,867,017
|
13,867,017
|
13,867,017
|
13,867,017
|
13,867,017
|
|
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
3
|
2 0 2
2
|
2 0 2
3
|
2 0 2
2
|
2 0 2
3
|
2 0 2
2
|
|
NIS
|
US dollars
(*)
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
CASH FLOWS -
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Profit from continuing
operations
|
15,714
|
20,866
|
4,869
|
7,222
|
4,247
|
5,641
|
|
Adjustments to
reconcile net profit to net cash used to continuing
operating activities (Appendix A)
|
(32,042)
|
(24,248)
|
(184)
|
(12,900)
|
(8,660)
|
(6,554)
|
|
|
|
|
|
|
|
|
Net cash from (used
in) continuing operating activities
|
(16,328)
|
(3,382)
|
4,685
|
(5,678)
|
(4,413)
|
(913)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS -
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Acquisition of property
plant and equipment
|
(8,976)
|
(3,376)
|
(2,165)
|
(1,059)
|
(2,426)
|
(912)
|
|
Proceeds from sale of
marketable securities, net
|
16,033
|
12,056
|
7,540
|
3,851
|
4,332
|
3,256
|
|
|
|
|
|
|
|
|
Net cash used in
continuing investing activities
|
7,057
|
8,680
|
5,375
|
2,792
|
1,906
|
2,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS -
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Lease liability
payments
|
(954)
|
(1,028)
|
(461)
|
(497)
|
(258)
|
(278)
|
|
Dividend
|
(29,949)
|
(19,966)
|
(29,949)
|
(19,966)
|
(8,094)
|
(5,396)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used to
continuing financing activities
|
(30,903)
|
(20,994)
|
(30,410)
|
(20,463)
|
(8,352)
|
(5,674)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
(40,174)
|
(15,696)
|
(20,350)
|
(23,349)
|
(10,859)
|
(4,243)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of the financial period
|
150,607
|
195,718
|
131,472
|
198,339
|
40,705
|
52,897
|
|
|
|
|
|
|
|
|
Exchange losses
(profit) on cash and cash equivalents
|
483
|
(8,771)
|
(206)
|
(3,739)
|
131
|
(2,371)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents of the end of the financial year
|
110,916
|
171,251
|
110,916
|
171,251
|
29,977
|
46,283
|
|
|
|
|
|
|
|
|
(*)
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
3
|
2 0 2
2
|
2 0 2
3
|
2 0 2
2
|
2 0 2
3
|
2 0 2
2
|
|
NIS
|
US dollars
(*)
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
Decrease (increase) in
deferred income taxes
|
147
|
181
|
682
|
(1,098)
|
40
|
49
|
|
Unrealized loss (gain)
on marketable securities
|
(553)
|
6,993
|
(3,577)
|
9,141
|
(149)
|
1,890
|
|
Depreciation and
amortization
|
3,336
|
3,298
|
1,711
|
1,450
|
902
|
891
|
|
Capital gain on
disposal of property plant and equipment
|
(25)
|
-
|
-
|
-
|
(7)
|
-
|
|
Exchange gain (losses)
on cash and cash equivalents
|
(483)
|
8,771
|
206
|
3,739
|
(131)
|
2,371
|
|
Unrealized gain of
financial liabilities at fair value through profit
or loss
|
-
|
(12,650)
|
-
|
(5,209)
|
-
|
(3,419)
|
|
Stock based
compensation reserve
|
690
|
-
|
264
|
-
|
186
|
-
|
|
|
|
|
|
|
|
|
Changes in assets
and liabilities:
|
|
|
|
|
|
|
|
Increase (decrease) in
trade receivables and other receivables
|
5,395
|
(9,084)
|
16,642
|
(5,858)
|
1,458
|
(2,456)
|
|
increase in
inventories
|
(26,373)
|
(14,349)
|
(2,706)
|
(7,341)
|
(7,128)
|
(3,878)
|
|
Increase (decrease) in
trade and other payables, and other
current liabilities
|
(5,759)
|
693
|
(8,323)
|
(2,470)
|
(1,556)
|
187
|
|
Cash generated from
operations
|
(23,625)
|
(16,147)
|
4,899
|
(7,646)
|
(6,385)
|
(4,365)
|
|
Income tax
paid
|
(8,417)
|
(8,101)
|
(5,083)
|
(5,254)
|
(2,275)
|
(2,189)
|
|
Net cash flows from
operating activities
|
(32,042)
|
(24,248)
|
(184)
|
(12,900)
|
(8,660)
|
(6,554)
|
|
|
|
|
|
|
|
|
B.
Significant non-cash transactions:
|
|
|
|
|
Six months
|
Three months
|
Six months
|
|
ended
|
ended
|
ended
|
|
June 30,
|
June 30,
|
June 30,
|
|
2 0 2
3
|
2 0 2
2
|
2 0 2
3
|
2 0 2
2
|
2 0 2
3
|
2 0 2
2
|
|
NIS
|
US dollars (*)
|
|
(In thousands)
|
|
Dividend
Payable
|
29,949
|
19,966
|
-
|
-
|
8,094
|
5,396
|
|
|
(*)
Convenience Translation into U.S. Dollars.
|
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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SOURCE G. Willi-Food International Ltd.
