6-K
G WILLI FOOD INTERNATIONAL LTD (WILC)
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 2024
G. Willi-Food International Ltd.
(Translation of registrant’s name into English)
4 Nahal Harif St., Yavne, Israel 81106
(Address of principal executive offices)
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 ☐
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
On August 13, 2024, G. Willi-Food International Ltd. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2024. A copy of the press release is filed herewith as Exhibit 99.1.
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 13, 2024
Exhibit 99.1
FOR IMMEDIATE RELEASE
G. WILLI-FOOD INTERNATIONAL REPORTS THE RESULTS OF SECOND QUARTER 2024
YAVNE, Israel – August 13, 2024 - 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, 2024.
Second Quarter Fiscal Year 2024
| • | Sales increased by 13.5% to NIS 146.7 million (US$ 39.0 million) from NIS 129.2 million (US$ 34.4 million) in the second quarter of 2023. |
|---|---|
| • | Gross profit increased by 76.2% year-over-year to NIS 45.9 million (US$ 12.2 million). |
| --- | --- |
| • | Operating profit before other expenses (income) increased by 2,080.2% year-over-year to NIS 21.2 million (US$ 5.6 million). |
| --- | --- |
| • | Operating profit after other expenses (income) increased by 891.2% year-over-year to NIS 9.6 million (US$ 2.6 million). |
| --- | --- |
| • | Net profit increased by 40.6% year-over-year to NIS 6.8 million (US$ 1.8 million(. |
| --- | --- |
| • | Basic earnings per share of NIS 0.5 (US$ 0.1). |
| --- | --- |
| • | Cash and securities balance of NIS 199.6 million (US$ 53.1 million) as of June 30, 2024. |
| --- | --- |
Management Comment
Zwi Williger & Joseph Williger, Chairmen & CEO of Willi-Food, commented: "We are pleased to present the second quarter 2024 financial results which show improvements in all operational parameters compared to the second quarter of 2023. In the second quarter of this year, the Company compensated for the decrease in sales in the first quarter by increasing the inventory and increasing the availability of its products intended for sale. Despite the recently annuonced administrative fine of NIS 11.6 (see more details on the other expenses summary) ,the operational profit results still indicate an improvement in the profit parameters, We hope to continue this evolving trend of improvement and growth in the future as well".
Second Quarter Fiscal 2024 Summary
Sales for the second quarter of 2024 increased by 13.5% to NIS 146.7 million (US$ 39.0 million), compared to NIS 129.2 million (US$ 34.4 million) recorded in the second quarter of 2023. We believe that the sales were increased mainly due to increases (i) in the range of the Company’s products and (ii) in our inventory levels and its availability for the demand of our products.
Gross profit for the second quarter of 2024 increased by 76.2% to NIS 45.9 million (US$ 12.2 million), or 31.3% of revenues, compared to NIS 26.1 million (US$ 6.9 million), or 20.2% of revenues in the second quarter of 2023. The increase in gross profit and gross margins was due to the Company’s efforts to improve its purchase prices of its imported products.
Selling expenses for the second quarter of 2024 were NIS 18.6 million (US$ 4.9 million), remaining at the same level compared to second quarter of 2023.
General and administrative expenses for the second quarter of 2024 were NIS 6.1 million (US$ 1.6 million), remaining at the same level as in the second quarter of 2023.
Operating profit before other expenses (income) for the second quarter of 2024 increased by 2,080.2% to NIS 21.2 million (US$ 5.6 million), compared to NIS 1.0 million (US$ 0.3 million) in the second quarter of 2023. The increase was primarily due to the increase in gross profit and reduction in operating expenses compare to sales.
Other expenses for the second quarter of 2024 were NIS 11.6 million (US$ 3.1 million), which was mainly due to the provision made in the amount of approximately 11.7 million (US$ 3.1 million) in respect of the agreement reached by the Company with the competition authority for the payment of administrative fine. For further details, please see the Company’s report from July 17, 2024.
Operating profit after other expenses (income) for the second quarter of 2024 increased by 891.2% to NIS 9.6 million (US$ 2.6 million), compared to NIS 1.0 million (US$ 0.3 million) in the second quarter of 2023. The increase was primarily due to the increase in gross profit and reduction in operating expenses compare to sales and despite the administrative fine of NIS 11.7 million (US$ 3.1 million).
Financial income, net for the second quarter of 2024 totaled NIS 2.6 million (US$ 0.7 million), compared to NIS 5.3 million (US$ 1.4 million) in the second quarter of 2023. Financial income for the second quarter of 2024 was comprised mainly of 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 2024 was NIS 12.3 million (US$ 3.3 million), compared to NIS 6.3 million (US$ 1.7 million) in the second quarter of 2023.
Willi-Food’s net profit in the second quarter of 2024 was NIS 6.8 million (US$ 1.8 million), or NIS 0.5 (US$ 0.1) per share, compared to NIS 4.9 million (US$ 1.3 million), or NIS 0.4 (US$ 0.1) per share, in the second quarter of 2023.
Willi-Food ended the second quarter of 2024 with NIS 199.6 million (US$ 53.1 million) in cash and securities. Net cash used in operating activities for the second quarter of 2024 was NIS 18.7 million (US$ 5.0 million).
First Half Fiscal 2024 Highlights
| • | Sales increased by 0.7% to NIS 282.7 million (US$ 75.2 million), compared to NIS 280.6 million (US$ 74.6 million) in the first half of 2023. |
|---|---|
| • | Gross profit increased by 21.9% year-over-year to NIS 80.6 million (US$ 21.4 million). |
| --- | --- |
| • | Operating profit before othe expenses (income) increased by 135.0% year-over-year to NIS 32.8 million (US$ 8.7 million). |
| --- | --- |
| • | Operating profit after other expenses (income) increased by 52.0% year-over-year to NIS 21.3 million (US$ 5.7 million). |
| --- | --- |
| • | Net profit increased by 61.6% year-over-year to NIS 25.4 million (US$ 6.8 million), or 9.0% of sales. |
| --- | --- |
| • | Basic earnings per share of NIS 1.8 (US$ 0.5). |
| --- | --- |
First Half Fiscal 2024 Summary
Sales for the six-month period ending June 30, 2024 increased by 0.7% to NIS 282.7 million (US$ 75.2 million), compared to NIS 280.6 million (US$ 74.6 million) recorded in the first half 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 quarter of 2024.
Gross profit for the first half of 2024 increased by 21.9% to NIS 80.6 million (US$ 21.4 million), or 28.5% of revenues, compared to NIS 66.0 million (US$ 17.6 million), or 23.6% of revenues, in the first half of 2023. The increase in gross profit and gross margins was due to the increase in the Company’s sales and the Company’s efforts to improve its buying prices of its imported products.
Selling expenses for the first half of 2024 decreased by 9.4% to NIS 35.1 million (US$ 9.3 million), compared to NIS 38.7 million (US$ 10.3 million) in the first half of 2023, and the decrease was mainly due to reduce in advertising and salaries.
General and administrative expenses for the first half of 2024 decreased by 5.5% to NIS 12.7 million (US$ 3.4 million), compared to NIS 13.4 million (US$ 3.6 million).
Operating profit before other expenses (income) for the first half of 2024 increased by 135.0% to NIS 32.8 million (US$ 8.7 million), compared to NIS 14.0 million (US$ 3.7 million) in the first half of 2023. The increase was primarily due to the increase in gross profit and reduction in operating expenses compare to sales.
Other expenses for the first half of 2024 were NIS 11.6 million (US$ 3.1 million), which was mainly due to the provision made in the amount of approximately 11.7 million (US$ 3.1 million) in respect of the agreement reached by the Company with the competition authority for the payment of administrative fine. For further details, please see the Company’s report from July 17, 2024.
Operating profit after other expenses (income) for the first half of 2024 increased by 52.0% to NIS 21.3 million (US$ 5.7 million), compared to NIS 14.0 million (US$ 3.7 million) in the first half of 2023. The increase was primarily due to the increase in gross profit and reduction in operating expenses compare to sales and despite the administrative fine of NIS 11.7 million (US$ 3.1 million).
Financial income, net for the first half of 2024 totaled NIS 14.1 million (US$ 3.8 million), compared to NIS 5.9 million (US$ 1.6 million) in the first half of 2023. Financial income, net for the first half of 2024 was comprised mainly of interest and dividend income from the Company’s portfolio of securities in an amount of NIS 7.5 million (US$ 2.0 million) and from revaluation of the Company’s portfolio of securities to in the amount of NIS 6.6 million (US$ 1.8 million).
Willi-Food’s income before taxes for the first half of 2024 was NIS 35.4 million (US$ 9.4 million), compared to NIS 19.8 million (US$ 5.3 million) in the first half of 2023.
Willi-Food’s net profit in the first half of 2024 was NIS 25.4 million (US$ 6.8 million), or NIS 1.8 (US$ 0.5) per share, compared to NIS 15.7 million (US$ 4.2 million), or NIS 1.1 (US$ 0.3) per share, recorded in the first half 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 June 30, 2024, with U.S. $1.00 equal to NIS 3.759. 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, 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)
| June 30, | December 31 | June 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 | 94,972 | 110,916 | 137,466 | 25,265 | 29,507 | 36,570 | ||||||||||||
| Financial assets carried at fair value through profit or loss | 104,600 | 101,140 | 102,163 | 27,827 | 26,906 | 27,178 | ||||||||||||
| Trade receivables | 168,733 | 166,020 | 160,379 | 44,888 | 44,166 | 42,665 | ||||||||||||
| Other receivables and prepaid expenses | 14,019 | 3,828 | 10,164 | 3,729 | 1,018 | 2,704 | ||||||||||||
| Inventories | 121,908 | 98,302 | 62,475 | 32,431 | 26,151 | 16,620 | ||||||||||||
| Current tax assets | 5,185 | 7,086 | 9,497 | 1,379 | 1,885 | 2,526 | ||||||||||||
| Total current assets | 509,417 | 487,292 | 482,144 | 135,519 | 129,633 | 128,263 | ||||||||||||
| Non-current assets | ||||||||||||||||||
| Property, plant and equipment | 144,840 | 108,217 | 122,222 | 38,531 | 28,789 | 32,514 | ||||||||||||
| Less - Accumulated depreciation | 58,161 | 53,708 | 55,636 | 15,472 | 14,288 | 14,801 | ||||||||||||
| 86,679 | 54,509 | 66,586 | 23,059 | 14,501 | 17,713 | |||||||||||||
| Right of use asset | 3,035 | 3,359 | 2,124 | 807 | 893 | 565 | ||||||||||||
| Financial assets carried at fair value through profit or loss | 46,315 | 44,252 | 46,143 | 12,321 | 11,772 | 12,275 | ||||||||||||
| Goodwill | 36 | 36 | 36 | 10 | 10 | 10 | ||||||||||||
| Total non-current assets | 136,065 | 102,156 | 114,889 | 36,197 | 27,176 | 30,563 | ||||||||||||
| 645,482 | 589,448 | 597,033 | 171,716 | 156,809 | 158,826 | |||||||||||||
| EQUITY AND LIABILITIES | ||||||||||||||||||
| Current liabilities | ||||||||||||||||||
| Current maturities of lease liabilities | 1,640 | 2,170 | 1,512 | 436 | 577 | 402 | ||||||||||||
| Trade payables | 41,136 | 22,196 | 21,622 | 10,943 | 5,905 | 5,752 | ||||||||||||
| Employees Benefits | 4,537 | 4,050 | 4,193 | 1,207 | 1,077 | 1,115 | ||||||||||||
| Other payables and accrued expenses | 21,584 | 8,329 | 10,854 | 5,742 | 2,216 | 2,887 | ||||||||||||
| Total current liabilities | 68,897 | 36,745 | 38,181 | 18,328 | 9,775 | 10,156 | ||||||||||||
| Non-current liabilities | ||||||||||||||||||
| Lease liabilities | 1,506 | 1,482 | 694 | 401 | 394 | 185 | ||||||||||||
| Deferred taxes | 6,081 | 4,345 | 4,868 | 1,617 | 1,156 | 1,295 | ||||||||||||
| Retirement benefit obligation | 1,055 | 977 | 1,055 | 281 | 260 | 280 | ||||||||||||
| Total non-current liabilities | 8,642 | 6,804 | 6,617 | 2,299 | 1,810 | 1,760 | ||||||||||||
| Shareholders’ equity | ||||||||||||||||||
| Share capital | 1,490 | 1,490 | 1,490 | 396 | 396 | 396 | ||||||||||||
| Additional paid in capital | 172,880 | 172,240 | 172,589 | 45,991 | 45,821 | 45,914 | ||||||||||||
| Remeasurement of the net liability in respect of defined benefit | (154 | ) | (195 | ) | (154 | ) | (41 | ) | (52 | ) | (41 | ) | ||||||
| Capital fund | 247 | 247 | 247 | 66 | 66 | 66 | ||||||||||||
| Retained earnings | 394,108 | 372,745 | 378,691 | 104,844 | 99,160 | 100,742 | ||||||||||||
| Treasury shares | (628 | ) | (628 | ) | (628 | ) | (167 | ) | (167 | ) | (167 | ) | ||||||
| Equity attributable to owners of the Company | 567,943 | 545,899 | 552,235 | 151,089 | 145,224 | 146,910 | ||||||||||||
| 645,482 | 589,448 | 597,033 | 171,716 | 156,809 | 158,826 |
(*) 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 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 | 282,694 | 280,600 | 146,658 | 129,244 | 75,205 | 74,648 | ||||||||||||
| Cost of sales | 202,119 | 214,508 | 100,734 | 103,186 | 53,769 | 57,065 | ||||||||||||
| Gross profit | 80,575 | 66,092 | 45,924 | 26,058 | 21,436 | 17,583 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||||
| Selling expenses | 35,051 | 38,700 | 18,576 | 18,781 | 9,325 | 10,295 | ||||||||||||
| General and administrative expenses | 12,685 | 13,421 | 6,135 | 6,304 | 3,374 | 3,570 | ||||||||||||
| Operating profit before other expenses (income) | 32,839 | 13,971 | 21,213 | 973 | 8,737 | 3,718 | ||||||||||||
| Other expenses (income) | 11,569 | (25 | ) | 11,569 | - | 3,078 | (7 | ) | ||||||||||
| Operating profit after other expenses (income) | 21,270 | 13,996 | 9,644 | 973 | 5,659 | 3,725 | ||||||||||||
| Financial income | 15,152 | 6,220 | 4,188 | 5,683 | 4,031 | 1,655 | ||||||||||||
| Financial expense | (1,031 | ) | (370 | ) | (1,549 | ) | (359 | ) | (275 | ) | (98 | ) | ||||||
| Total financial income | 14,121 | 5,850 | 2,639 | 5,324 | 3,756 | 1,557 | ||||||||||||
| Income before taxes on income | 35,391 | 19,846 | 12,283 | 6,297 | 9,415 | 5,282 | ||||||||||||
| Taxes on income | (9,990 | ) | (4,132 | ) | (5,436 | ) | (1,428 | ) | (2,658 | ) | (1,099 | ) | ||||||
| Profit for the period | 25,401 | 15,714 | 6,847 | 4,869 | 6,757 | 4,183 | ||||||||||||
| Earnings per share: | ||||||||||||||||||
| Basic earnings per share | 1.8 | 1.1 | 0.5 | 0.4 | 0.5 | 0.3 | ||||||||||||
| Diluted earnings per share | 1.8 | 1.1 | 0.5 | 0.4 | 0.5 | 0.3 | ||||||||||||
| Shares used in computation of<br><br> 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<br><br> 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 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 | 25,401 | 15,714 | 6,847 | 4,869 | 6,757 | 4,183 | ||||||||||||
| Adjustments to reconcile net profit to net cash used to continuing operating activities (Appendix A) | (40,352 | ) | (32,042 | ) | (25,571 | ) | (184 | ) | (10,735 | ) | (8,524 | ) | ||||||
| Net cash from (used in) continuing operating activities | (14,951 | ) | (16,328 | ) | (18,724 | ) | 4,685 | (3,978 | ) | (4,341 | ) | |||||||
| CASH FLOWS - INVESTING ACTIVITIES | ||||||||||||||||||
| Acquisition of property plant and equipment | (3,474 | ) | (**) (2,339 | ) | (1,081 | ) | (**) (1,695 | ) | (924 | ) | (622 | ) | ||||||
| Acquisition of property plant and equipment under construction | (18,262 | ) | (**) (6,637 | ) | (13,941 | ) | (**) (470 | ) | (4,859 | ) | (1,766 | ) | ||||||
| Proceeds from sale of property plant and Equipment | 116 | - | 116 | - | 31 | - | ||||||||||||
| Proceeds from sale of marketable securities, net | 4,212 | 16,033 | 3,589 | 7,540 | 1,121 | 4,265 | ||||||||||||
| Net cash used in (from) continuing investing activities | (17,408 | ) | 7,057 | (11,317 | ) | 5,375 | (4,631 | ) | 1,877 | |||||||||
| CASH FLOWS - FINANCING ACTIVITIES | ||||||||||||||||||
| Lease liability payments | (1,087 | ) | (954 | ) | (367 | ) | (461 | ) | (289 | ) | (254 | ) | ||||||
| Dividend | (9,982 | ) | (29,949 | ) | (9,982 | ) | (29,949 | ) | (2,655 | ) | (7,967 | ) | ||||||
| Net cash used in continuing financing activities | (11,069 | ) | (30,903 | ) | (10,349 | ) | (30,410 | ) | (2,944 | ) | (8,221 | ) | ||||||
| Decrease in cash and cash equivalents | (43,428 | ) | (40,174 | ) | (40,390 | ) | (20,350 | ) | (11,553 | ) | (10,685 | ) | ||||||
| Cash and cash equivalents at the beginning of the financial period | 137,466 | 150,607 | 134,850 | 131,472 | 36,570 | 40,066 | ||||||||||||
| Exchange gains (loss) on cash and cash equivalents | 934 | 483 | 512 | (206 | ) | 248 | 128 | |||||||||||
| Cash and cash equivalents of the end of the financial year | 94,972 | 110,916 | 94,972 | 110,916 | 25,265 | 29,509 | ||||||||||||
| (*) | Convenience Translation into U.S. Dollars. | |||||||||||||||||
| --- | --- | |||||||||||||||||
| (**) | Reclasified | |||||||||||||||||
| --- | --- |
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 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) | ||||||||||||||||||
| Increase (decrease) in deferred income taxes | 1,213 | 147 | (206 | ) | 682 | 323 | 39 | |||||||||||
| Unrealized losses (gain) on marketable securities | (6,821 | ) | (553 | ) | 1,226 | (3,577 | ) | (1,815 | ) | (147 | ) | |||||||
| Depreciation and amortization | 2,644 | 3,336 | 795 | 1,711 | 703 | 887 | ||||||||||||
| Stock based compensation reserve | 291 | 690 | 91 | 264 | 77 | 184 | ||||||||||||
| Capital gain on disposal of property plant and equipment | - | (25 | ) | - | - | - | (7 | ) | ||||||||||
| Exchange losses (gains) on cash and cash equivalents | (934 | ) | (483 | ) | (512 | ) | 206 | (248 | ) | (128 | ) | |||||||
| Changes in assets and liabilities: | ||||||||||||||||||
| Increase (decrease) in trade receivables and other receivables | (1,339 | ) | 5,395 | (9,021 | ) | 16,642 | (356 | ) | 1,435 | |||||||||
| increase in inventories | (59,433 | ) | (26,373 | ) | (47,026 | ) | (2,706 | ) | (15,811 | ) | (7,016 | ) | ||||||
| Increase (decrease) in trade and other payables, and other current liabilities | 30,588 | (5,759 | ) | 33,125 | (8,323 | ) | 8,137 | (1,532 | ) | |||||||||
| Cash generated from operations | (33,791 | ) | (23,625 | ) | (21,528 | ) | 4,899 | (8,990 | ) | (6,285 | ) | |||||||
| Income tax paid | (6,561 | ) | (8,417 | ) | (4,043 | ) | (5,083 | ) | (1,745 | ) | (2,239 | ) | ||||||
| Net cash flows used in operating activities | (40,352 | ) | (32,042 | ) | (25,571 | ) | (184 | ) | (10,735 | ) | (8,524 | ) |
(*) 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