YAVNE, Israel, Nov. 20,
2024 /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
third quarter ended September 30,
2024.
Third Quarter Fiscal Year 2024
- Sales increased by 23.3% to NIS 152.8 million
(US$ 41.2 million) from NIS 123.9 million (US$
33.4 million) in the third quarter of 2023.
- Gross profit increased by 78.3% year-over-year to NIS 42.0
million (US$ 11.3 million).
- Operating profit increased by 3,401.4% year-over-year
to NIS 17.6 million (US$ 4.7
million).
- Net profit increased by 323.0% year-over-year to NIS 20.8
million (US$ 5.6 million).
- Basic earnings per share of NIS 1.5 (US$ 0.4).
- Cash and securities balance of NIS 225.7 million
(US$ 60.8 million) as of September 30, 2024.
Management Comment
Zwi Williger &
Joseph Williger, Chairman & CEO,
respectively, of Willi-Food, commented: "We are pleased to
present a strong third quarter 2024 financial results which show
improvements in all operational parameters compared to the third
quarter of 2023 despite the difficulties caused by the war like
restrictions of sailing on the Red Sea and importing from
Turkey. These financial results
were due to the Company successful maintenance of sufficient
inventory level for supporting increasing demands for its products
and its improved commercial terms with its customers and suppliers.
The Company is also continuing the construction of the new
logistics center which is estimated to be completed in the second
half of 2025. We believe that this new logistic center will help us
in achieving our goals for the future by improving logistics and
operational capabilities and supporting increasing product imports
and sales.
Third Quarter Fiscal 2024 Summary
Sales for the third quarter of 2024 increased by 23.3% to
NIS 152.8 million (US$ 41.2 million), compared to NIS 123.9 million (US$
33.4 million) recorded in the third quarter of 2023. Sales
were increased mainly due to increases in our inventory levels and
its availability for the demand of our products.
Gross profit for the second quarter of 2024 increased by 78.3%
to NIS 42.0 million (US$ 11.3 million), or 27.5% of revenues, compared
to NIS 23.5 million (US$ 6.3 million), or 19.0% of revenues in the
third quarter of 2023. The increases in gross profit and gross
margins were due to the Company's efforts to improve its commercial
terms with its customers and suppliers and focusing on selling a
more profitable products portfolio.
Selling expenses for the third quarter of 2024 were
NIS 17.7 million (US$ 4.8
million), remaining at the same level compared to third
quarter of 2023 despite the increase in sales. Distribution
expenses increased due to the increase in sales, but this increase
was offset by a decrease in advertising expenses compared to third
quarter last year.
General and administrative expenses for the third quarter of
2024 increased by 14.2% to NIS 6.7
million (US$ 1.8 million),
compared to NIS 5.9 million (US 1.6
million) in the third quarter of 2023. The increase was mainly due
to the provision for compensation based on profit for senior
management due to the increase in operating profit.
Operating profit for the third quarter of 2024 increased by
3,401.4% to NIS 17.6 million
(US$ 4.7 million), compared to
NIS 0.4 million (US$ 0.1 million) in the third quarter of 2023.
The increase was primarily due to the increase in gross profit.
Financial income, net for the third quarter of 2024 totaled
NIS 9.1 million (US$ 2.5 million), compared to NIS 5.7 million (US$ 1.5
million) in the third quarter of 2023. Financial income for
the third quarter of 2024 was comprised mainly from revaluation of
the Company's portfolio of securities to in the amount of
NIS 6.6 million (US$ 1.8 million) and from interest and dividend
income from the Company's portfolio of securities in an amount of
NIS 2.4 million (US$ 0.6 million)
Willi-Food's income before taxes for the third quarter of 2024
was NIS 26.7 million (US$ 7.2 million), compared to NIS 6.2 million (US$ 1.7
million) in the third quarter of 2023.
Willi-Food's net profit in the third quarter of 2024 was
NIS 20.8 million (US$ 5.6 million), or NIS
1.5 (US$ 0.4) per share,
compared to NIS 4.9 million
(US$ 1.3 million), or NIS 0.4 (US$ 0.1)
per share, in the third quarter of 2023.
Willi-Food ended the third quarter of 2024 with NIS 225.7 million (US$
60.8 million) in cash and securities. Net cash resulted from
operating activities for the third quarter of 2024 was NIS 31.1 million (US$ 8.4
million).
First Nine Months Fiscal 2024 Highlights
- Sales increased by 7.7% to NIS 435.5 million (US$ 117.4 million), compared to NIS 404.5 million (US$
109.0 million) in the first nine months of 2023.
- Gross profit increased by 36.7% year-over-year to NIS
122.5 million (US$ 33.0
million).
- Operating profit before other expenses (income) increased by
251.4% year-over-year to NIS 50.4 million (US$ 13.6 million).
- Operating profit after other expenses (income) increased by
167.9% year-over-year to NIS 38.8 million (US$ 10.5 million).
- Net profit increased by 123.8% year-over-year to NIS 46.2
million (US$ 12.5 million), or 10.6%
of sales.
- Basic earnings per share of NIS 3.4 (US$ 0.9).
First Nine Months Fiscal 2024 Summary
Sales for the nine-month period ending September 30, 2024 increased by 7.7% to
NIS 435.5 million (US$ 117.4 million), compared to NIS 404.5 million (US$
109.0 million) recorded in the first nine months of 2023.
The Company compensated for the decrease in sales in the first
quarter of 2024 that resulted from delays in the arrival of goods
as a result of the war, by increasing inventory balances and
improving the availability of its products for sale to its
customers in the second and third quarter.
Gross profit for the first nine months of 2024 increased by
36.7% to NIS 122.5 million
(US$ 33.0 million), or 28.1% of
revenues, compared to NIS 89.6
million (US$ 24.2 million), or
22.2% of revenues, in the first nine months of 2023. The increases
in gross profit and gross margins were due to the increase in the
Company's sales and due to the Company's efforts to improve its
commercial terms with its customers and suppliers and focusing on
selling a more profitable products portfolio.
Selling expenses for the first nine months of 2024 decreased by
5.8% to NIS 52.8 million
(US$ 14.2 million), compared to
NIS 56.0 million (US$ 15.1 million) in the first nine months of
2023. The decrease was mainly due to reduce in advertising.
General and administrative expenses for the first nine months of
2024 were NIS 19.4 million
(US$ 5.2 million), remaining at the
same level as in the third quarter of 2023.
Operating profit before other expenses (income) for the first
nine months of 2024 increased by 251.4% to NIS 50.4 million (US$ 13.6
million), compared to NIS 14.3
million (US$ 3.9 million) in
the first nine months of 2023. The increase was primarily due to
the increase in gross profit.
Other expenses for the first nine months of 2024 were
NIS 11.5 million (US$ 3.1 million), this was mainly due to the
provision on the second quarter of 2024 made in the amount of
approximately 11.6 million (US$ 3.1
million) in respect of the agreement reached by the Company
with the Israel Competition Authority for the payment of an
administrative fine as disclosed in the Company's Report on Form
6-K submitted to the Securities and Exchange Commission on
July 17, 2024.
Operating profit after other expenses (income) for the first
nine months of 2024 increased by 167.9% to NIS 38.8 million (US$ 10.5
million), compared to NIS 14.5
million (US$ 3.9 million) in
the first nine months of 2023. This increase was primarily due to
the increase in gross profit and reduction in operating expenses
compared to sales offset by the administrative fine of NIS 11.7 million (US$ 3.1
million).
Financial income, net for the first nine months of 2024 totaled
NIS 23.2 million (US$ 6.3 million), compared to NIS 11.6 million (US$ 1.6
million) in the first nine months of 2023. Financial income,
net for the first nine months of 2024 was comprised mainly from
revaluation of the Company's portfolio of securities to in the
amount of NIS 13.4 million
(US$ 3.6 million) and from interest
and dividend income from the Company's portfolio of securities in
an amount of NIS 10.3 million
(US$ 2.8 million).
Willi-Food's income before taxes for the first nine months of
2024 was NIS 62.1 million
(US$ 16.7 million), compared to
NIS 26.1 million (US$ 7.0 million) in the first nine months of
2023.
Willi-Food's net profit in the first nine months of 2024 was
NIS 46.2 million (US$ 12.5 million), or NIS
3.3 (US$ 0.9) per share,
compared to NIS 20.6 million
(US$ 5.6 million), or NIS 1.5 (US$ 0.4)
per share, recorded in the first nine months of 2023.
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 September 30, 2024, with U.S. $1.00 equal to NIS
3.71. 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 September 30, 2024 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, expected sales, operating results, and earnings.
Forward-looking statements include statements regarding the
commercial terms with customers and suppliers and timing of
construction of the Company's new logistics center and its expected
benefits. 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: the inability to improve commercial terms
with customers and suppliers: delays in the construction of the
Company's new logistics center and the risk that its expected
benefits will not be materialized, 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 political, economic and
military conditions in Israel,
particularly the recent war in Israel. Economic conditions in the Company's
core markets, delays and price increases due to the attacks on
global shipping routes in the Red Sea, 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,
2023, filed with the Securities and Exchange Commission on
March 21, 2024. 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)
|
|
|
|
|
|
|
September
30,
|
December 31
|
September
30,
|
December 31
|
|
2 0 2
4
|
2 0 2
3
|
2 0 2
3
|
2 0 2
4
|
2 0 2
3
|
2 0 2
3
|
|
NIS
|
US dollars
(*)
|
|
(in
thousands)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
111,262
|
121,231
|
137,466
|
29,990
|
32,677
|
37,053
|
|
Financial assets
carried at fair value through profit or loss
|
114,437
|
99,895
|
102,163
|
30,846
|
26,926
|
27,537
|
|
Trade
receivables
|
178,047
|
155,857
|
160,379
|
47,990
|
42,010
|
43,229
|
|
Other receivables and
prepaid expenses
|
9,543
|
8,433
|
10,164
|
2,572
|
2,273
|
2,739
|
|
Inventories
|
97,796
|
75,807
|
62,475
|
26,360
|
20,433
|
16,840
|
|
Current tax
assets
|
5,385
|
9,556
|
9,497
|
1,451
|
2,576
|
2,560
|
|
Total current
assets
|
516,470
|
470,779
|
482,144
|
139,209
|
126,895
|
129,958
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
154,438
|
115,789
|
122,222
|
41,627
|
31,210
|
32,944
|
|
Less - Accumulated
depreciation
|
58,035
|
54,750
|
55,636
|
15,642
|
14,757
|
14,996
|
|
96,403
|
61,039
|
66,586
|
25,985
|
16,453
|
17,948
|
|
|
|
|
|
|
|
|
Right of use
asset
|
4,504
|
2,729
|
2,124
|
1,214
|
736
|
573
|
|
Financial assets
carried at fair value through profit or loss
|
45,851
|
44,505
|
46,143
|
12,359
|
11,996
|
12,437
|
|
Goodwill
|
36
|
36
|
36
|
10
|
10
|
10
|
|
Total non-current
assets
|
146,794
|
108,309
|
114,889
|
39,568
|
29,195
|
30,968
|
|
|
|
|
|
|
|
|
663,264
|
579,088
|
597,033
|
178,777
|
156,090
|
160,926
|
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Current maturities of
lease liabilities
|
2,112
|
1,847
|
1,512
|
569
|
498
|
408
|
|
Trade
payables
|
30,968
|
16,873
|
21,622
|
8,347
|
4,548
|
5,828
|
|
Employees
Benefits
|
4,264
|
4,132
|
4,193
|
1,149
|
1,114
|
1,130
|
|
Other payables and
accrued expenses
|
25,932
|
8,342
|
10,854
|
6,990
|
2,249
|
2,926
|
|
Total current
liabilities
|
63,276
|
31,194
|
38,181
|
17,055
|
8,409
|
10,292
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
Lease
liabilities
|
2,684
|
1,079
|
694
|
723
|
291
|
187
|
|
Deferred
taxes
|
7,455
|
4,742
|
4,868
|
2,009
|
1,278
|
1,312
|
|
Retirement benefit
obligation
|
1,055
|
1,030
|
1,055
|
284
|
278
|
284
|
|
Total non-current
liabilities
|
11,194
|
6,851
|
6,617
|
3,016
|
1,847
|
1,783
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Share
capital
|
1,490
|
1,490
|
1,490
|
402
|
402
|
402
|
|
Additional paid in
capital
|
172,981
|
172,477
|
172,589
|
46,626
|
46,490
|
46,520
|
|
Remeasurement of the
net liability in respect of defined benefit
|
(154)
|
(195)
|
(154)
|
(42)
|
(53)
|
(42)
|
|
Capital fund
|
247
|
247
|
247
|
67
|
67
|
67
|
|
Retained
earnings
|
414,858
|
367,652
|
378,691
|
111,822
|
99,097
|
102,073
|
|
Treasury
shares
|
(628)
|
(628)
|
(628)
|
(169)
|
(169)
|
(169)
|
|
Equity attributable
to owners of the Company
|
588,794
|
541,043
|
552,235
|
158,706
|
145,834
|
148,851
|
|
|
|
|
|
|
|
|
663,264
|
579,088
|
597,033
|
178,777
|
156,090
|
160,926
|
|
(*)
Convenience translation into U.S. dollars.
|
|
G. WILLI-FOOD
INTERNATIONAL LTD.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(unaudited)
|
|
|
Nine months
|
Three months
|
Nine months
|
|
ended
|
ended
|
ended
|
|
September 30,
|
September 30,
|
September 30,
|
|
2 0 2
4
|
2 0 2
3
|
2 0 2
4
|
2 0 2
3
|
2 0 2
4
|
2 0 2
3
|
|
NIS
|
US dollars
(*)
|
|
In thousands (except
per share and share data)
|
|
|
|
|
|
|
|
|
Sales
|
435,493
|
404,521
|
152,799
|
123,921
|
117,384
|
109,035
|
|
Cost of
sales
|
312,956
|
314,895
|
110,837
|
100,387
|
84,355
|
84,877
|
|
|
|
|
|
|
|
|
Gross
profit
|
122,537
|
89,626
|
41,962
|
23,534
|
33,029
|
24,158
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Selling
expenses
|
52,758
|
55,982
|
17,707
|
17,282
|
14,220
|
15,089
|
|
General and
administrative expenses
|
19,410
|
19,311
|
6,725
|
5,890
|
5,232
|
5,205
|
|
|
|
|
|
|
|
|
Operating profit
before other expenses (income)
|
50,369
|
14,333
|
17,530
|
362
|
13,577
|
3,864
|
|
|
|
|
|
|
|
|
Other expenses
(income)
|
11,522
|
(165)
|
(47)
|
(140)
|
3,106
|
(44)
|
|
|
|
|
|
|
|
|
Operating profit
after other expenses (income)
|
38,847
|
14,498
|
17,577
|
502
|
10,471
|
3,908
|
|
|
|
|
|
|
|
|
Financial
income
|
24,568
|
12,142
|
9,416
|
5,923
|
6,622
|
3,273
|
|
Financial
expense
|
1,345
|
550
|
314
|
181
|
363
|
148
|
|
|
|
|
|
|
|
|
Total financial
income
|
23,223
|
11,592
|
9,102
|
5,742
|
6,259
|
3,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
on income
|
62,070
|
26,090
|
26,679
|
6,244
|
16,730
|
7,033
|
|
Taxes on
income
|
15,919
|
5,471
|
5,929
|
1,339
|
4,291
|
1,475
|
|
|
|
|
|
|
|
|
Profit for the
period
|
46,151
|
20,619
|
20,750
|
4,905
|
12,439
|
5,558
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
3.33
|
1.49
|
1.50
|
0.35
|
0.90
|
0.40
|
|
Diluted earnings per
share
|
3.33
|
1.49
|
1.50
|
0.35
|
0.90
|
0.40
|
|
|
|
|
|
|
|
|
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)
|
|
|
Nine months
|
Three months
|
Nine months
|
|
ended
|
ended
|
ended
|
|
September 30,
|
September 30,
|
September 30,
|
|
2 0 2
4
|
2 0 2
3
|
2 0 2
4
|
2 0 2
3
|
2 0 2
4
|
2 0 2
3
|
|
NIS
|
US dollars
(*)
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
CASH FLOWS -
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Profit from continuing
operations
|
46,151
|
20,619
|
20,750
|
4,905
|
12,439
|
5,558
|
|
Adjustments to
reconcile net profit to net cash used to continuing
operating
activities (Appendix A)
|
(30,029)
|
(12,225)
|
10,323
|
19,817
|
(8,095)
|
(3,295)
|
|
|
|
|
|
|
|
|
Net cash from
continuing operating activities
|
16,122
|
8,394
|
31,073
|
24,722
|
4,344
|
2,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS -
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Acquisition of property
plant and equipment
|
(4,278)
|
(4,230) (**)
|
(804)
|
(1,891)(**)
|
(1,152)
|
(1,140)
|
|
Acquisition of property
plant and equipment under construction
|
(29,399)
|
(12,318)(**)
|
(11,137)
|
(5,681)(**)
|
(7,923)
|
(3,320)
|
|
Proceeds from sale of
property plant and Equipment
|
143
|
-
|
27
|
-
|
39
|
-
|
|
Proceeds from sale of
marketable securities, net
|
1,074
|
19,772
|
(3,138)
|
3,739
|
289
|
5,329
|
|
|
|
|
|
|
|
|
Net cash used in
(from) continuing investing activities
|
(32,460)
|
3,224
|
(15,052)
|
(3,833)
|
(8,747)
|
869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS -
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Lease liability
payments
|
(1,513)
|
(1,681)
|
(426)
|
(727)
|
(408)
|
(453)
|
|
Dividend
|
(9,982)
|
(39,946)
|
-
|
(9,997)
|
(2,691)
|
(10,767)
|
|
|
|
|
|
|
|
|
Net cash used in
continuing financing activities
|
(11,495)
|
(41,627)
|
(426)
|
(10,724)
|
(3,099)
|
(11,220)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
(27,833)
|
(30,009)
|
15,595
|
10,165
|
(7,502)
|
(8,088)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of the financial period
|
137,466
|
150,607
|
94,972
|
110,916
|
37,053
|
40,595
|
|
|
|
|
|
|
|
|
Exchange gains on cash
and cash equivalents
|
1,629
|
633
|
695
|
150
|
439
|
170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents of the end of the financial year
|
111,262
|
121,231
|
111,262
|
121,231
|
29,990
|
32,677
|
|
(*)
Convenience Translation into U.S. Dollars.
(**) Reclassified
|
|
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:
|
|
|
|
|
|
|
Nine months
|
Three months
|
Nine months
|
|
ended
|
ended
|
ended
|
|
September 30,
|
September 30,
|
September 30,
|
|
2 0 2
4
|
2 0 2
3
|
2 0 2
4
|
2 0 2
3
|
2 0 2
4
|
2 0 2
3
|
|
NIS
|
US dollars
(*)
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
Decrease in deferred
income taxes
|
2,587
|
544
|
1,374
|
397
|
697
|
147
|
|
Unrealized losses
(gains) on marketable securities
|
(13,058)
|
(3,297)
|
(6,237)
|
(2,744)
|
(3,519)
|
(889)
|
|
Depreciation and
amortization
|
5,583
|
5,008
|
2,939
|
1,672
|
1,505
|
1,350
|
|
Stock based
compensation reserve
|
392
|
926
|
101
|
236
|
106
|
250
|
|
Capital gain on
disposal of property plant and equipment
|
(143)
|
(25)
|
(143)
|
-
|
(38)
|
(7)
|
|
Exchange gains on cash
and cash equivalents
|
(1,629)
|
(633)
|
(695)
|
(150)
|
(439)
|
(170)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets
and liabilities:
|
|
|
|
|
|
|
|
Increase (decrease) in
trade receivables and other receivables
|
(1,764)
|
10,882
|
(425)
|
5,487
|
(477)
|
2,933
|
|
Decrease (increase) in
inventories
|
(35,321)
|
(3,878)
|
24,112
|
22,495
|
(9,521)
|
(1,045)
|
|
Increase (decrease) in
trade and other payables, and other current liabilities
|
24,495
|
(10,935)
|
(6,093)
|
(5,176)
|
6,602
|
(2,948)
|
|
Cash generated from
operations
|
(18,858)
|
(1,408)
|
14,933
|
22,217
|
(5,084)
|
(379)
|
|
Income tax
paid
|
(11,171)
|
(10,817)
|
(4,610)
|
(2,400)
|
(3,011)
|
(2,916)
|
|
Net cash flows from
(used in) operating activities
|
(30,029)
|
(12,225)
|
10,323
|
19,817
|
(8,095)
|
(3,295)
|
|
(*)
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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SOURCE G. Willi-Food International Ltd.
