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 2019
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 ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________
Attached hereto and incorporated by reference herein is a press release, dated August 14, 2019, titled: "G. Willi-Food International Reports Second Quarter
2019 Sales Crossed NIS 100 Million – the Highest Quarterly Sales Ever".
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/ Amir Kaplan | |
| Name: Amir Kaplan | |||
| Title: Chief Financial Officer | |||
| Date: August 14, 2019 | |||
 |
 |
FOR IMMEDIATE RELEASE
G. WILLI-FOOD INTERNATIONAL REPORTS SECOND QUARTER 2019
SALES CROSSED NIS 100 MILLION –
THE HIGHEST QUARTERLY SALES EVER
THE COMPANY'S SALES, GROSS PROFIT AND OPERATING PROFIT IN THE SECOND
QUARTER OF 2019 INCREASED BY 27.7%, 34.6% AND 30.2% RESPECTIVELY COMPARED TO
ITS SALES, GROSS PROFIT AND OPERATING PROFIT IN THE SECOND QUARTER OF 2018
THE COMPANY'S SALES, GROSS PROFIT AND OPERATING PROFIT IN THE FIRST SIX
MONTHS OF 2019 INCREASED BY 15.2%, 27.8% AND 31.2% RESPECTIVELY COMPARED TO
ITS SALES, GROSS PROFIT AND OPERATING PROFIT IN THE FIRST SIX MONTHS OF 2018
YAVNE, Israel – August 14, 2019 - 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, 2019.
Second Quarter Fiscal Year 2019 Highlights
| • |
Sales increased by 27.7% year-over-year to NIS 100.1 million (US$ 28.1 million).
|
| • |
Gross profit increased by 34.6% year-over-year to NIS 29.8 million (US$ 8.4 million).
|
| • |
Operating profit of NIS 9.9 million (US$ 2.8 million), or 9.8% of sales, compared to operating profit of NIS 7.6 million (US$ 2.1 million) in the comparable quarter of 2018.
|
| • |
Net profit increased by 75% year-over-year to NIS 11.3 million (US$ 3.2 million), or 11.3% of sales.
|
| • |
Net cash from operating activities of NIS 2.4 million (US$ 0.7 million).
|
| • |
Cash and securities balance of NIS 267.9 million (US$ 75.1 million) as of June 30, 2019.
|
| • |
Earnings per share of NIS 0.86 (US$ 0.24).
|
Management Comment
Zwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: "We are pleased to present the second quarter 2019 financial results, which show continued quarterly improvements in
sales, gross profit and operating profit year-over-year for eight quarters in a row. According to retail data analytics provided by StoreNext Ltd1, the Company
recorded a higher growth rate in the first six month of 2019 for "sale out" sales (in other words, sales to the final consumer) than any other Israeli food and beverage company, growing 29.9% compared to the average of such companies, which grew
only by 2.4%.
We are focusing on increasing the Company’s market share in the food sector in Israel and, for the first time, the Company's quarterly sales crossed NIS 100 million. We believe that our growing
business and other Company plans for the coming years will further improve Company results."
1 StoreNext Ltd. has a direct connection to the cash register systems of over 2,200 points of sales, providing information regarding
80% of real time sales data in Israel.
Second Quarter Fiscal 2019 Summary
Sales for the second quarter of 2019 increased by 27.7% to NIS 100.1 million (US$ 28.1 million) from NIS 78.4 million (US$ 22.0 million) recorded in the second quarter of 2018. Sales increased
primarily due to a redirection of resources to increase support for sales activity and an increase in the variety of Company products.
Gross profit for the second quarter of 2019 increased by 34.6% to NIS 29.8 million (US$ 8.4 million) compared to NIS 22.2 million (US$ 6.2 million) recorded in the second quarter of 2018. Second
quarter gross margin increased by 5.4% to 29.8% compared to gross margin of 28.3% for the same period in 2018, primarily due to the increased sales and the Company's strategy of selling a more favorable mix of products which generate a higher
gross margin.
Selling expenses increased by 45.1% to NIS 14.8 million (US$ 4.1 million) compared to NIS 10.2 million (US$ million 2.9) in the second quarter of 2018 primarily due to an increase in advertising
and promotion, manpower and payroll expenses. Selling expenses as a percentage of sales were 14.7%, compared to 13.0% in the second quarter of 2018.
General and administrative expenses increased by 17.9% to NIS 5.2 million (US$ 1.5 million) compared to NIS 4.4 million (US$ million 1.2) in the second quarter of 2018. The increase in general
and administrative expenses was primarily due to an increase in management payroll expenses.
As a result, operating profit for the second quarter of 2019 increased by 30.2% to NIS 9.9 million (US$ 2.8 million) compared to NIS 7.6 million (US$ 2.1 million) in the second quarter of 2018.
Willi-Food’s income before taxes for the second quarter of 2019 was NIS 14.3 million (US$ 4.0 million) compared to income before taxes of NIS 8.0 million (US$ 2.3 million) in the second quarter
of 2018.
Willi-Food's net profit in the second quarter of 2019 was NIS 11.3 million (US$ 3.2 million), or NIS 0.86 (US$ 0.24) per share, compared to NIS 6.5 million (US$ 1.8 million), or NIS 0.49 (US$
0.14) per share, recorded in the second quarter of 2018.
Willi-Food ended the second quarter of 2019 with NIS 267.9 million (US$ 75.1 million) in cash and securities. Net cash from operating activities for the second quarter of 2019 was NIS 2.4 million
(US$ 0.7 million). Willi-Food's shareholders' equity at the end of June 2019 was NIS 467.4 million (US$ 131.1 million).
First Half Fiscal 2019 Highlights
| • |
Sales increased by 15.2% year-over-year to NIS 198.0 million (US$ 55.5 million).
|
| • |
Gross profit increased by 27.8% year-over-year to NIS 60.0 million (US$ 16.8 million).
|
| • |
Operating profit increased by 31.2% year-over-year to NIS 22.5 million (US$ 6.3 million), or 11.4% of sales.
|
| • |
Net profit increased by 98.0% to NIS 27.1 million (US$ 7.6 million), or 13.7% of sales.
|
| • |
Net cash from operating activities of NIS 2.9 million (US$ 0.8 million).
|
| • |
Earning per share of NIS 2.05 (US$ 0.57).
|
First Half Fiscal 2019 Summary
Willi-Food’s sales for the six-month period ending June 30, 2019 increased by 15.2% to NIS 198.0 million (US$ 55.5 million) compared to sales of NIS 171.8 million (US$ 48.2 million) in the first
half of 2018. Sales increased in the first half of 2019 primarily due to a redirection of resources to increase support for sales activity and an increase in the variety of Company products.
Gross profit for the period increased by 27.8% to NIS 60.0 million (US$ 16.8 million) compared to gross profit of NIS 47.0 million (US$ 13.2 million) for the first half of 2018. First half 2019
gross margin was 30.3% compared to a gross margin of 27.3% for the same period in 2018. The increase in gross margin was the result of the increased sales and the Company's continued strategic focus on selling a favorable mix of products which
generate a higher gross margin.
Operating income for the first half of 2019 increased by 31.2% to NIS 22.5 million (US$ 6.3 million) from NIS 17.1 million (US$ 4.8 million) reported in the comparable period of last year
primarily due to the increase of gross profit and decrease of selling expenses.
First half 2019 income before taxes increased by 94.4% to NIS 34.2 million (US$ 9.6 million) compared to NIS 17.6 million (US$ 4.9 million) recorded in the first half of 2018.
Net income for the first half of 2019 increased by 98.0% to NIS 27.1 million (US$ 7.6 million), or NIS 2.05 (US$ 0.58) per share, from NIS 13.7 million (US$ 3.8 million), or NIS 1.03 (US$ 0.29)
per share, recorded in the first half of 2018.
Expiration of Share Repurchase Program
The share repurchase program that the Company announced on November 15, 2018 has expired. The expiration of the share repurchase program was in accordance with the Board of Directors’
authorization that such program would continue for a limited period of six months. Since inception of the program, 23,898 Ordinary Shares of the Company have been repurchased in the amount of approximately US$ 169,800, which represents an average
price of US$ 7.1 per share.
NOTE A: NIS to US$ exchange rate used for convenience only
The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on June 30, 2019, U.S. $1.00 equals NIS 3.566. The translation was 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, 2019 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 1,250 customers and 2,500
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 Gold Frost, a wholly owned subsidiary
who 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: the risk that the potential acquisitions of Bikurei Hasadeh North 1994 Ltd. and Miki Food Industries Fish and Salads (1992) Ltd. will not be completed;
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; 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, 2018, filed with the Securities and Exchange
Commission on March 27, 2019. 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
|
June 30,
|
December 31
|
June 30,
|
December 31
|
|||||||||||||||||||||
|
2 0 1 9
|
2 0 1 8
|
2 0 1 8
|
2 0 1 9
|
2 0 1 8
|
2 0 1 8
|
|||||||||||||||||||
|
NIS
|
US dollars (*)
|
|||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||
|
Current assets
|
||||||||||||||||||||||||
|
Cash and cash equivalents
|
129,889
|
130,882
|
134,287
|
36,424
|
36,703
|
37,658
|
||||||||||||||||||
|
Financial assets carried at fair value through profit or loss
|
137,980
|
139,961
|
137,904
|
38,693
|
39,249
|
38,672
|
||||||||||||||||||
|
Trade receivables
|
120,456
|
97,339
|
98,017
|
33,779
|
27,296
|
27,487
|
||||||||||||||||||
|
Loans to others
|
15,831
|
-
|
-
|
4,439
|
-
|
-
|
||||||||||||||||||
|
Other receivables and prepaid expenses
|
5,359
|
3,155
|
3,744
|
1,503
|
885
|
1,050
|
||||||||||||||||||
|
Inventories
|
55,871
|
44,695
|
49,289
|
15,668
|
12,534
|
13,822
|
||||||||||||||||||
|
Current tax assets
|
-
|
2,572
|
862
|
-
|
721
|
241
|
||||||||||||||||||
|
Total current assets
|
465,386
|
418,604
|
424,103
|
130,506
|
117,388
|
118,930
|
||||||||||||||||||
|
Non-current assets
|
||||||||||||||||||||||||
|
Property, plant and equipment
|
80,198
|
79,176
|
79,611
|
22,490
|
22,203
|
22,325
|
||||||||||||||||||
|
Less -Accumulated depreciation
|
42,042
|
39,225
|
40,219
|
11,790
|
11,000
|
11,278
|
||||||||||||||||||
|
38,156
|
39,951
|
39,392
|
10,700
|
11,203
|
11,047
|
|||||||||||||||||||
|
Right of use asset
|
1,961
|
-
|
-
|
550
|
-
|
-
|
||||||||||||||||||
|
Goodwill
|
36
|
36
|
36
|
10
|
10
|
10
|
||||||||||||||||||
|
Deferred taxes
|
1,337
|
1,306
|
2,882
|
375
|
366
|
807
|
||||||||||||||||||
|
Total non-current assets
|
41,490
|
41,293
|
42,310
|
11,635
|
11,579
|
11,864
|
||||||||||||||||||
|
506,876
|
459,897
|
466,413
|
142,141
|
128,967
|
130,794
|
|||||||||||||||||||
|
EQUITY AND LIABILITIES
|
||||||||||||||||||||||||
|
Current liabilities
|
||||||||||||||||||||||||
|
Current maturities of lease liabilities
|
1,027
|
-
|
-
|
288
|
-
|
-
|
||||||||||||||||||
|
Curremt tax liabilities
|
3,755
|
-
|
-
|
1,053
|
-
|
-
|
||||||||||||||||||
|
Trade payables
|
24,168
|
19,945
|
16,239
|
6,777
|
5,593
|
4,554
|
||||||||||||||||||
|
Employees Benefits
|
2,952
|
2,671
|
2,577
|
828
|
749
|
723
|
||||||||||||||||||
|
Other payables and accrued expenses
|
5,738
|
6,912
|
5,882
|
1,609
|
1,938
|
1,649
|
||||||||||||||||||
|
Total current liabilities
|
37,640
|
29,528
|
24,698
|
10,555
|
8,280
|
6,926
|
||||||||||||||||||
|
Non-current liabilities
|
||||||||||||||||||||||||
|
Lease liabilities
|
946
|
-
|
-
|
265
|
-
|
-
|
||||||||||||||||||
|
Retirement benefit obligation
|
924
|
1,090
|
836
|
259
|
306
|
234
|
||||||||||||||||||
|
Total non-current liabilities
|
1,870
|
1,090
|
836
|
524
|
306
|
234
|
||||||||||||||||||
|
Shareholders' equity
|
||||||||||||||||||||||||
|
Share capital NIS 0.1 par value (authorized - 50,000,000 shares, issued and outstanding - 13,217,014 shares at June 30, 2019; and 13,240,913 at December 31, 2018)
|
1,425
|
1,425
|
1,425
|
400
|
400
|
400
|
||||||||||||||||||
|
Additional paid in capital
|
128,354
|
128,354
|
128,354
|
35,994
|
35,994
|
35,994
|
||||||||||||||||||
|
Capital fund
|
247
|
247
|
247
|
69
|
69
|
69
|
||||||||||||||||||
|
Treasury shares
|
(625
|
)
|
-
|
-
|
(175
|
)
|
-
|
-
|
||||||||||||||||
|
Remeasurement of the net liability in respect of defined benefit
|
(623
|
)
|
(954
|
)
|
(623
|
)
|
(175
|
)
|
(268
|
)
|
(175
|
)
|
||||||||||||
|
Retained earnings
|
338,588
|
300,207
|
311,476
|
94,949
|
84,186
|
87,346
|
||||||||||||||||||
|
Equity attributable to owners of the Company
|
467,366
|
429,279
|
440,879
|
131,062
|
120,381
|
123,634
|
||||||||||||||||||
|
506,876
|
459,897
|
466,413
|
142,141
|
128,967
|
130,794
|
|||||||||||||||||||
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
Six months
|
Three months
|
Six months
|
||||||||||||||||||||||
|
ended
|
ended
|
ended
|
||||||||||||||||||||||
|
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||||||||
|
2 0 1 9
|
2 0 1 8
|
2019
|
2018
|
2 0 1 9
|
2 0 1 8
|
|||||||||||||||||||
|
NIS
|
US dollars (*)
|
|||||||||||||||||||||||
|
In thousands (except per share and share data)
|
||||||||||||||||||||||||
|
Sales
|
197,934
|
171,781
|
100,099
|
78,410
|
55,506
|
48,172
|
||||||||||||||||||
|
Cost of sales
|
137,908
|
124,828
|
70,270
|
56,246
|
38,673
|
35,005
|
||||||||||||||||||
|
Gross profit
|
60,026
|
46,953
|
29,829
|
22,164
|
16,833
|
13,167
|
||||||||||||||||||
|
Operating costs and expenses:
|
||||||||||||||||||||||||
|
Selling expenses
|
27,224
|
20,895
|
14,758
|
10,173
|
7,634
|
5,860
|
||||||||||||||||||
|
General and administrative expenses
|
10,331
|
8,932
|
5,213
|
4,421
|
2,897
|
2,505
|
||||||||||||||||||
|
Total operating expenses
|
37,555
|
29,827
|
19,971
|
14,594
|
10,531
|
8,365
|
||||||||||||||||||
|
Operating profit
|
22,471
|
17,126
|
9,858
|
7,570
|
6,302
|
4,802
|
||||||||||||||||||
|
Financial income
|
12,993
|
(655
|
)
|
4,847
|
(195
|
)
|
3,644
|
(184
|
)
|
|||||||||||||||
|
Financial expense
|
1,290
|
(1,111
|
)
|
356
|
(674
|
)
|
362
|
(312
|
)
|
|||||||||||||||
|
Total financial income
|
11,703
|
456
|
4,491
|
479
|
3,282
|
128
|
||||||||||||||||||
|
Income before taxes on income
|
34,174
|
17,582
|
14,349
|
8,049
|
9,584
|
4,930
|
||||||||||||||||||
|
Taxes on income
|
(7,062
|
)
|
(3,888
|
)
|
(3,002
|
)
|
(1,565
|
)
|
(1,980
|
)
|
(1,090
|
)
|
||||||||||||
|
Profit for the period
|
27,112
|
13,694
|
11,347
|
6,484
|
7,604
|
3,840
|
||||||||||||||||||
|
Earnings per share:
|
||||||||||||||||||||||||
|
Basic earnings per share
|
2.05
|
1.03
|
0.86
|
0.49
|
0.58
|
0.29
|
||||||||||||||||||
|
Diluted earnings per share
|
2.05
|
1.03
|
0.86
|
0.49
|
0.58
|
0.29
|
||||||||||||||||||
|
Shares used in computation of
basic EPS |
13,217,017
|
13,240,913
|
13,217,017
|
13,240,913
|
13,217,017
|
13,240,913
|
||||||||||||||||||
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
Six months
|
Three months
|
Six months
|
||||||||||||||||||||||
|
ended
|
ended
|
ended
|
||||||||||||||||||||||
|
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||||||||
|
2 0 1 9
|
2 0 1 8
|
2 0 1 9
|
2 0 1 8
|
2 0 1 9
|
2 0 1 8
|
|||||||||||||||||||
|
NIS
|
US dollars (*)
|
|||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||
|
CASH FLOWS - OPERATING ACTIVITIES
|
||||||||||||||||||||||||
|
Profit from continuing operations
|
27,112
|
13,694
|
11,347
|
6,484
|
7,604
|
3,840
|
||||||||||||||||||
|
Adjustments to reconcile net profit to net cash used to (used in) continuing operating activities (Appendix)
|
(24,185
|
)
|
(2,573
|
)
|
(8,953
|
)
|
1,341
|
(6,783
|
)
|
(722
|
)
|
|||||||||||||
|
Net cash used in continuing operating activities
|
2,927
|
11,121
|
2,394
|
7,825
|
821
|
3,118
|
||||||||||||||||||
|
CASH FLOWS - INVESTING ACTIVITIES
|
||||||||||||||||||||||||
|
Acquisition of property plant and equipment
|
(586
|
)
|
(578
|
)
|
(375
|
)
|
(521
|
)
|
(165
|
)
|
(162
|
)
|
||||||||||||
|
Proceeds from purchase of marketable securities, net
|
10,190
|
3,307
|
7,196
|
3,402
|
2,858
|
927
|
||||||||||||||||||
|
Loans granted to others
|
(21,650
|
)
|
-
|
(3,650
|
)
|
-
|
(6,071
|
)
|
-
|
|||||||||||||||
|
Proceeds from loans granted to others
|
5,819
|
-
|
5,942
|
-
|
1,632
|
-
|
||||||||||||||||||
|
Proceeds of non current financial assets
|
-
|
3,970
|
-
|
-
|
-
|
1,114
|
||||||||||||||||||
|
Net cash used in (used to) continuing investing activities
|
(6,227
|
)
|
6,699
|
9,113
|
2,881
|
(1,746
|
)
|
1,879
|
||||||||||||||||
|
CASH FLOWS - FINANCING ACTIVITIES
|
||||||||||||||||||||||||
|
Short-term bank debt
|
-
|
-
|
-
|
(20,161
|
)
|
-
|
-
|
|||||||||||||||||
|
Lease liability payments
|
(473
|
)
|
-
|
(259
|
)
|
-
|
(134
|
)
|
-
|
|||||||||||||||
|
Aquisition of treasury shares
|
(625
|
)
|
-
|
-
|
-
|
(175
|
)
|
-
|
||||||||||||||||
|
Net cash used in continuing financing activities
|
(1,098
|
)
|
-
|
(259
|
)
|
(20,161
|
)
|
(309
|
)
|
-
|
||||||||||||||
|
Increase (decrease) in cash and cash equivalents
|
(4,398
|
)
|
17,820
|
11,248
|
(9,455
|
)
|
(1,234
|
)
|
4,997
|
|||||||||||||||
|
Cash and cash equivalents at the beginning of the financial period
|
134,287
|
113,062
|
118,641
|
140,337
|
37,658
|
31,706
|
||||||||||||||||||
|
Cash and cash equivalents of the end of the financial year
|
129,889
|
130,882
|
129,889
|
130,882
|
36,424
|
36,703
|
||||||||||||||||||
(*) Convenience Translation into U.S. Dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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 1 9
|
2 0 1 8
|
2 0 1 9
|
2 0 1 8
|
2 0 1 9
|
2 0 1 8
|
|||||||||||||||||||
|
NIS
|
US dollars (*)
|
|||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||
|
Decrease (increase) in deferred income taxes
|
1,546
|
(803
|
)
|
505
|
(444
|
)
|
433
|
(225
|
)
|
|||||||||||||||
|
Unrealized loss (gain) on marketable securities
|
(10,266
|
)
|
246
|
(3,282
|
)
|
(2,022
|
)
|
(2,879
|
)
|
69
|
||||||||||||||
|
Depreciation and amortization
|
2,308
|
1,836
|
1,167
|
916
|
647
|
515
|
||||||||||||||||||
|
Changes in assets and liabilities:
|
||||||||||||||||||||||||
|
Decrease (increase) in trade receivables and other receivables
|
(23,194
|
)
|
(8,338
|
)
|
(7,526
|
)
|
6,484
|
(6,504
|
)
|
(2,338
|
)
|
|||||||||||||
|
Increase in inventories
|
(6,582
|
)
|
(4,796
|
)
|
(4,764
|
)
|
(5,187
|
)
|
(1,846
|
)
|
(1,345
|
)
|
||||||||||||
|
Increase in trade and other payables, and other current liabilities
|
12,003
|
9,282
|
4,947
|
1,594
|
3,366
|
2,602
|
||||||||||||||||||
|
(24,185
|
)
|
(2,573
|
)
|
(8,953
|
)
|
1,341
|
(6,783
|
)
|
(722
|
)
|
||||||||||||||
B. Significant non-cash transactions:
|
Six months
|
Three months
|
Six months
|
||||||||||||||||||||||
|
ended
|
ended
|
ended
|
||||||||||||||||||||||
|
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||||||||
|
2 0 1 9
|
2 0 1 8
|
2 0 1 9
|
2 0 1 8
|
2 0 1 9
|
2 0 1 8
|
|||||||||||||||||||
|
NIS
|
US dollars (*)
|
|||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||
|
Supplemental cash flow information:
|
||||||||||||||||||||||||
|
Income tax paid
|
4,545
|
3,434
|
4,545
|
1,268
|
1,275
|
963
|
||||||||||||||||||
(*) 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.
Amir Kaplan, Chief Financial Officer
(+972) 8-932-1000
amir.k@willi-food.co.il
###
SOURCE: G. Willi-Food International Ltd.