YAVNE, Israel, Aug. 30, 2022 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its unaudited financial results for the first quarter ended June 30, 2022.
Second Quarter Fiscal Year 2022
- Sales increased by 7.7% to NIS 123.2 million (US$ 35.2 million) from NIS 114.3 million (US$ 32.7 million) in the second quarter of 2021.
- Gross profit increased by 5.0% year-over-year to NIS 38.8 million (US$ 11.1 million).
- Operating income increased by 5.5% year-over-year to NIS 14.5 million (US$ 4.1 million).
- Net profit decreased by 56.6% year-over-year to NIS 7.2 million (US$ 2.1 million).
- Cash and securities balance of NIS 305.5 million (US$ 87.3 million) as of June 30, 2022.
- Basic earnings per share of NIS 0.5(US$ 0.1).
Management Comment
Zwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: "We are pleased to present the second quarter 2022 financial results which show improvements in all operational parameters compared to the second quarter of 2021. Despite a difficult environment, the Company managed to increase sales and improve gross margin and operating income. The Company will work hard to fulfill its strategy for the near future, to improve commercial conditions with its suppliers and customers, develop new products, enter into new categories with potentially high gross profit margins, improve the visibility of its products in stores, strengthen its brand and supply chain and ensure sufficient inventory.
Option Plan
On May 3, 2022, the Company's Board of Directors adopted an options plan for Company officers and employees (the "Options Plan"). As part of the Options Plan the Company granted, in a private placement, a total of 164,000 non-marketable options exercisable to up to 164,000 ordinary shares of the Company, which at the date of this report constitute approximately 1.18% of the Company's capital and voting rights before the grant and approximately 1.17% after the grant. Notwithstanding the foregoing, the number of shares to actually be allocated may be lower than 164,000 since the offerees will be entitled to exercise the options in a "cashless" way, namely an allocation of shares in an amount reflecting the financial benefit inherent in the options. The exercise price of each option is NIS 55.28. The shares resulting from the exercise of the options will be subject to restrictions on resale according to the provisions of Section 15C of the Israeli Securities Law, 5778-1968 (the "Law") and the Securities Regulations (details regarding Sections 15A and -15C of the Law), 5760-2000 (Rule 5 of the aforementioned regulations).
Second Quarter Fiscal 2022 Summary
Sales for the second quarter of 2022 increased by 7.7% to NIS 123.2 million (US$ 35.2 million) from NIS 114.3 million (US$ 32.7 million) in the second quarter of 2021. Sales increased mainly due to (i) increasing the range of the Company's products, (ii) proper inventory management and (iii) improving the presence of the Company's line of products in stores.
Gross profit for the second quarter of 2022 increased by 5.0% to NIS 38.8 million (US$ 11.1 million), or 31.5% of revenues, compared to NIS 36.9 million (US$ 10.6 million), or 32.3% of revenues in the second quarter of 2021. The increase in gross profit was due to increase in sales.
Selling expenses increased by 5.3% to NIS 18.4 million (US$ 5.3 million) compared to NIS 17.4 million (US$ 5.0 million) in the second quarter of 2021. The increase was primarily due to an increase in expenses for advertising and promotion.
General and administrative expenses for the second quarter of 2022 were NIS 5.9 million (US$ 1.7 million), remaining at the substantially the same level as in the second quarter of 2021.
Operating profit for the second quarter of 2022 increased by 5.5% to NIS 14.5 million (US$ 4.1 million) compared to NIS 13.7 million (US$ 3.9 million) in the second quarter of 2021. The increase was primarily due to increase in gross profit.
Financial expenses, net totaled NIS 5.0 million (US$ 1.4 million) compared to Financial income, net of NIS 7.6 million (US$ 2.2 million) in the second quarter of 2021. Financial expenses, were comprised mainly of (i) expenses from revaluation of the Company's portfolio of securities to fair value in the amount of NIS 9.7 million (US$ 2.8 million), (ii) interest and dividend income from the Company's portfolio of securities in the amount of NIS 2.9 million (US$ 0.8 million) and (iii) income from changes in exchange rates in the amount of NIS 2.0 (US$ 0.6 million).
Willi-Food's income before taxes for the second quarter of 2022 was NIS 9.5 million (US$ 2.7 million) compared to NIS 21.4 million (US$ 6.1 million) in the second quarter of 2021. The decrease is primarily due to financial income and a decrease in financial expenses.
Willi-Food's net profit in the second quarter of 2022 was NIS 7.2 million (US$ 2.1 million), or NIS 0.5(US$ 0.1) per share, compared to NIS 16.6 million (US$ 4.7 million), or NIS 1.20(US$ 0.34) per share, in the second quarter of 2021.
Willi-Food ended the second quarter of 2022 with NIS 305.5 million (US$ 87.3 million) in cash and securities. Net cash used in operating activities for the second quarter of 2022 was NIS 5.8 million (US$ 1.7 million).
First Half Fiscal 2022 Highlights
- Sales increased by 4.4% to NIS 241.2 million (US$ 68.9 million) from NIS 231.1 million (US$ 66.1 million) in the second quarter of 2021.
- Gross profit decreased by 0.2% year-over-year to NIS 73.0 million (US$ 20.9 million).
- Operating income decreased by 16.8% year-over-year to NIS 23.9 million (US$ 6.8 million).
- Net profit decreased by 43.6% year-over-year to NIS 20.9 million (US$ 6 million), or 8.7% % of sales.
- Basic earnings per share of NIS 1.5(US$ 0.4).
First Half Fiscal 2022 Summary
Sales for the six-month period ending June 30, 2022 increased by 4.4% to NIS 241.2 million (US$ 68.9 million) compared to NIS 231.1 million (US$ 66.0 million) in the first half of 2021. Sales increased mainly due to (i) increasing the range of the Company's products, (ii) proper inventory management and (iii) improving the presence of the Company's line of products in stores.
Gross profit for the first half of 2022 decreased by 0.2% to NIS 73.0 million (US$ 20.9 million), or 30.3% of revenues, compared to NIS 73.1 million (US$ 20.9 million), or 31.7% of revenues, in the first half of 2021. The decrease in the gross profit margin was mainly due to increased import and shipping costs in the first quarter.
Operating profit for the first half of 2022 decreased by 16.8% to NIS 23.9 million (US$ 6.8 million) from NIS 28.8 million (US$ 8.2 million) for the first half of 2021. The decrease was primarily due to an increase in expenses for advertising and promotion.
Financial income, net totaled NIS 0.9 million (US$ 0.2 million) compared to Financial income, net of NIS 19.2 million (US$ 5.5 million) in the first half of 2021. Financial income, net for the first half of 2022 was comprised mainly income from changes in exchange rates in the amount of NIS 4.6 (US$ 1.3 million), interest and dividend income from the Company's portfolio of securities in the amount of NIS 4.1 million (US$ 1.2 million) and expenses for revaluation of the Company's portfolio of securities to fair value in the amount of NIS 7.8 million (US$ 2.2 million).
Willi-Food's income before taxes for the first half of 2022 was NIS 24.8 million (US$ 7.1 million) compared to NIS 47.9 million (US$ 13.7 million) in the first half of 2021.
Willi-Food's net profit in the first half of 2022 was NIS 20.9 million (US$ 6.0 million), or NIS 1.5(US$ 0.4) per share, compared to NIS 37.1 million (US$ 10.6 million), or NIS 2.67(US$ 0.76) per share, recorded in the first half of 2021.
NOTE A: NIS to US$ exchange rate used for convenience only
Convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on June 30, 2022, with U.S. $1.00 equal to NIS 3.500. The translation is made solely for the convenience of the reader.
NOTE B: IFRS
The Company's consolidated financial results for the three-month period ended June 30, 2022 are presented in accordance with International Financial Reporting Standards ("IFRS").
About G. Willi-Food International Ltd.
G. Willi-Food International Ltd. (http://www.willi-food.com) is an Israeli-based company specializing in high-quality, great-tasting kosher food products. Willi-Food is engaged directly and through its subsidiaries in the design, import, marketing and distribution of over 600 food products worldwide. As one of Israel's leading food importers, Willi-Food markets and sells its food products to over 1,500 customers and 3,000 selling points in Israel and around the world, including large retail and private supermarket chains, wholesalers and institutional consumers. The Company's operating divisions include Willi-Food in Israel and Euro European Dairies, a wholly owned subsidiary that designs, develops and distributes branded kosher, dairy-food products.
FORWARD LOOKING STATEMENT
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products and expected sales, operating results, and earnings. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. These risks and other factors include but are not limited to: war in Ukraine, the COVID-19 pandemic, disruptions to international commercial shipping and disruptions in commodity pricing monetary risks including changes in marketable securities or changes in currency exchange rates- especially the NIS/U.S. Dollar exchange rate, payment default by any of our major clients, the loss of one of more of our key personnel, changes in laws and regulations, including those relating to the food distribution industry, and inability to meet and maintain regulatory qualifications and approvals for our products, termination of arrangements with our suppliers, loss of one or more of our principal clients, increase or decrease in global purchase prices of food products, increasing levels of competition in Israel and other markets in which we do business, changes in economic conditions in Israel, including in particular economic conditions in the Company's core markets, our inability to accurately predict consumption of our products and changes in consumer preferences, our inability to protect our intellectual property rights, our inability to successfully integrate our recent acquisitions, insurance coverage not sufficient enough to cover losses of product liability claims, and risks associated with product liability claims. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission on August 30, 2022. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information contained in this press release.
|
G. WILLI-FOOD INTERNATIONAL LTD.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(unaudited)
|
|
|
June 30,
|
December
31
|
June 30,
|
December
31
|
|
2 0 2 2
|
2 0 2 1
|
2 0 2 1
|
2 0 2 2
|
2 0 2 1
|
2 0 2 1
|
|
NIS
|
US dollars (*)
|
|
(in thousands)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
171,251
|
255,510
|
195,718
|
48,929
|
73,003
|
55,919
|
|
Financial assets carried at fair value through
profit or loss
|
134,261
|
147,442
|
154,090
|
38,360
|
42,126
|
44,026
|
|
Trade receivables
|
153,268
|
133,369
|
134,017
|
43,791
|
38,105
|
39,291
|
|
Other receivables and prepaid expenses
|
2,401
|
6,268
|
4,939
|
686
|
1,791
|
1,411
|
|
Inventories
|
73,877
|
58,463
|
59,528
|
21,108
|
16,704
|
17,008
|
|
Current tax assets
|
6,253
|
5,334
|
5,780
|
1,787
|
1,524
|
1,651
|
|
Total current assets
|
541,311
|
606,386
|
554,072
|
154,660
|
173,253
|
158,306
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
Property, plant and equipment
|
90,621
|
86,737
|
87,245
|
25,892
|
24,782
|
24,927
|
|
Less - Accumulated depreciation
|
50,631
|
48,538
|
48,431
|
14,466
|
13,868
|
13,837
|
|
39,990
|
38,199
|
38,814
|
11,426
|
10,914
|
11,090
|
|
|
|
|
|
|
|
|
Right of use asset
|
3,587
|
5,155
|
4,088
|
1,025
|
1,473
|
1,168
|
|
Financial assets carried at fair value through
profit or loss
|
31,836
|
17,916
|
31,056
|
9,096
|
5,119
|
8,873
|
|
Goodwill
|
36
|
36
|
36
|
10
|
10
|
10
|
|
|
|
|
|
|
|
|
Total non-current assets
|
75,449
|
61,306
|
73,994
|
21,557
|
17,516
|
21,141
|
|
|
|
|
|
|
|
|
616,760
|
667,692
|
628,066
|
176,217
|
190,769
|
179,447
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Current maturities of lease liabilities
|
781
|
1,516
|
1,136
|
223
|
433
|
325
|
|
Trade payables
|
21,275
|
21,256
|
20,386
|
6,078
|
6,073
|
5,825
|
|
Employees Benefits
|
3,944
|
3,816
|
3,442
|
1,127
|
1,090
|
983
|
|
Financial liabilities at fair value through
profit or loss
|
1,310
|
-
|
13,960
|
374
|
-
|
3,989
|
|
Other payables and accrued expenses
|
10,401
|
9,480
|
11,216
|
2,972
|
2,709
|
3,205
|
|
Total current liabilities
|
37,711
|
36,068
|
50,140
|
10,774
|
10,305
|
14,326
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
Lease liabilities
|
2,986
|
3,776
|
3,062
|
853
|
1,079
|
875
|
|
Deferred taxes
|
2,198
|
3,163
|
2,017
|
628
|
904
|
576
|
|
Retirement benefit obligation
|
1,733
|
1,872
|
1,615
|
495
|
535
|
461
|
|
Total non-current liabilities
|
6,917
|
8,811
|
6,694
|
1,976
|
2,517
|
1,913
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
Share capital
|
1,490
|
1,490
|
1,490
|
426
|
426
|
426
|
|
Additional paid in capital
|
170,760
|
170,760
|
170,760
|
48,789
|
48,789
|
48,789
|
|
Capital fund
|
247
|
247
|
247
|
71
|
71
|
71
|
|
Treasury shares
|
(628)
|
(628)
|
(628)
|
(179)
|
(179)
|
(179)
|
|
Retained earnings
|
401,222
|
452,266
|
400,322
|
114,635
|
129,219
|
114,378
|
|
Remeasurement of the net liability in
respect of defined benefit
|
(959)
|
(1,322)
|
(959)
|
(274)
|
(378)
|
(274)
|
|
Equity attributable to owners of the
Company
|
572,132
|
622,813
|
571,232
|
163,466
|
177,947
|
163,209
|
|
|
|
|
|
|
|
|
616,760
|
667,692
|
628,066
|
176,217
|
190,769
|
179,447
|
|
(*) Convenience translation into U.S. dollars.
|
|
G. WILLI-FOOD INTERNATIONAL LTD.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(unaudited)
|
|
|
|
Six months
|
Three months
|
Six months
|
|
ended
|
ended
|
ended
|
|
June 30,
|
June 30,
|
June 30,
|
|
2 0 2 2
|
2 0 2 1
|
2 0 2 2
|
2 0 2 1
|
2 0 2 2
|
2 0 2 1
|
|
NIS
|
US dollars (*)
|
|
In thousands (except per share and share data)
|
|
|
|
|
|
|
|
|
Sales
|
241,224
|
231,057
|
123,155
|
114,347
|
68,921
|
66,016
|
|
Cost of sales
|
168,200
|
157,897
|
84,373
|
77,422
|
48,057
|
45,113
|
|
|
|
|
|
|
|
|
Gross profit
|
73,024
|
73,160
|
38,782
|
36,925
|
20,864
|
20,903
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
Selling expenses
|
37,597
|
32,771
|
18,359
|
17,428
|
10,742
|
9,363
|
|
General and administrative expenses
|
11,493
|
11,764
|
5,947
|
5,880
|
3,284
|
3,361
|
|
Other income
|
-
|
137
|
-
|
100
|
-
|
39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
49,090
|
44,398
|
24,306
|
23,208
|
14,026
|
12,685
|
|
|
|
|
|
|
|
|
Operating profit
|
23,934
|
28,762
|
14,476
|
13,717
|
6,838
|
8,218
|
|
|
|
|
|
|
|
|
Financial income
|
8,940
|
19,910
|
4,877
|
8,183
|
2,554
|
5,689
|
|
Financial expense
|
(8,078)
|
(758)
|
(9,863)
|
(537)
|
(2,308)
|
(217)
|
|
|
|
|
|
|
|
|
Total financial income (expense)
|
862
|
19,152
|
(4,986)
|
7,646
|
246
|
5,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on income
|
24,796
|
47,914
|
9,490
|
21,363
|
7,085
|
13,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on income
|
(3,930)
|
(10,844)
|
(2,268)
|
(4,774)
|
(1,123)
|
(3,098)
|
|
|
|
|
|
|
|
|
Profit for the period
|
20,866
|
37,070
|
7,222
|
16,589
|
5,962
|
10,591
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
Basic earnings per share
|
1.5
|
2.67
|
0.5
|
1.2
|
0.4
|
0.76
|
|
Diluted earnings per share
|
1.5
|
2.55
|
0.5
|
1.14
|
0.4
|
0.72
|
|
|
|
|
|
|
|
|
Shares used in computation of
basic EPS
|
13,867,017
|
13,867,017
|
13,867,017
|
13,867,017
|
13,867,017
|
13,867,017
|
|
Shares used in computation of
diluted EPS
|
13,867,017
|
14,517,017
|
13,867,017
|
14,517,017
|
13,867,017
|
14,517,017
|
|
|
Actual number of shares
|
13,867,017
|
13,867,017
|
13,867,017
|
13,867,017
|
13,867,017
|
13,867,017
|
|
|
|
|
|
|
|
|
(*) Convenience translation into U.S. dollars.
|
|
G. WILLI-FOOD INTERNATIONAL LTD.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(unaudited)
|
|
|
|
Six months
|
Three months
|
Six months
|
|
ended
|
ended
|
ended
|
|
June 30,
|
June 30,
|
June 30,
|
|
2 0 2 2
|
2 0 2 1
|
2 0 2 2
|
2 0 2 1
|
2 0 2 2
|
2 0 2 1
|
|
NIS
|
US dollars (*)
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
CASH FLOWS - OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Profit from continuing operations
|
20,866
|
37,070
|
7,222
|
16,589
|
5,962
|
10,591
|
|
Adjustments to reconcile net profit to net cash used
to continuing operating activities (Appendix A)
|
(24,248)
|
(13,848)
|
(12,900)
|
2,402
|
(6,927)
|
(3,957)
|
|
|
|
|
|
|
|
|
Net cash used in continuing operating activities
|
(3,382)
|
23,222
|
(5,678)
|
18,991
|
(965)
|
6,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS - INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Acquisition of property plant and equipment
|
(3,376)
|
(3,633)
|
(1,059)
|
(2,289)
|
(965)
|
(1,038)
|
|
Proceeds from sale of marketable securities, net
|
12,056
|
15,161
|
3,851
|
8,365
|
3,445
|
4,332
|
|
Proceeds from sale of property plant and equipment
|
-
|
137
|
-
|
100
|
-
|
39
|
|
Proceeds from loans granted to others
|
-
|
18,707
|
-
|
11,215
|
-
|
5,345
|
|
|
|
|
|
|
|
|
Net cash used in continuing investing activities
|
8,680
|
30,372
|
2,792
|
17,391
|
2,480
|
8,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS - FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Lease liability payments
|
(1,028)
|
(1,004)
|
(497)
|
(532)
|
(294)
|
(287)
|
|
Dividend
|
(19,966)
|
-
|
(19,966)
|
-
|
(5,705)
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used to continuing financing activities
|
(20,994)
|
(1,004)
|
(20,463)
|
(532)
|
(5,999)
|
(287)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
(15,696)
|
52,590
|
(23,349)
|
35,850
|
(4,484)
|
15,026
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of
the financial period
|
195,718
|
201,822
|
198,339
|
218,808
|
55,919
|
57,663
|
|
|
|
|
|
|
|
|
Exchange losses (profit) on cash and cash
equivalents
|
(8,771)
|
1,098
|
(3,739)
|
852
|
(2,506)
|
314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents of the end of the
financial year
|
171,251
|
255,510
|
171,251
|
255,510
|
48,929
|
73,003
|
|
|
|
|
|
|
|
|
(*) Convenience Translation into U.S. Dollars.
|
|
G. WILLI-FOOD INTERNATIONAL LTD.
|
|
APPENDIX A TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(unaudited)
|
|
|
CASH FLOWS - OPERATING ACTIVITIES:
|
|
|
A. Adjustments to reconcile net profit to net cash from operating activities:
|
|
|
Six months
|
Three months
|
Six months
|
|
ended
|
ended
|
ended
|
|
June 30,
|
June 30,
|
June 30,
|
|
2 0 2 2
|
2 0 2 1
|
2 0 2 2
|
2 0 2 1
|
2 0 2 2
|
2 0 2 1
|
|
NIS
|
US dollars (*)
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
Decrease (increase) in deferred
|
|
|
|
|
|
|
|
income taxes
|
181
|
2,395
|
(1,098)
|
1,073
|
52
|
684
|
|
Unrealized loss (gain) on marketable
|
|
|
|
|
|
|
|
securities
|
6,993
|
(12,119)
|
9,141
|
(3,276)
|
1,998
|
(3,463)
|
|
Depreciation and amortization
|
3,298
|
3,101
|
1,450
|
1,622
|
942
|
886
|
|
Capital gain on disposal of property
|
|
|
|
|
|
|
|
plant and equipment
|
|
(137)
|
|
(100)
|
|
(39)
|
|
Exchange gain (losses) on cash and cash equivalents
|
8,771
|
(1,098)
|
3,739
|
(852)
|
2,506
|
(314)
|
|
|
|
|
|
|
|
|
|
Unrealized gain of financial liabilities at fair value through profit
|
(12,650)
|
-
|
(5,209)
|
-
|
(3,613)
|
-
|
|
or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
Increase (decrease) in trade
|
|
|
|
|
|
|
|
receivables and other receivables
|
(9,084)
|
(**) 6,720
|
(5,858)
|
(**)13,142
|
(2,595)
|
1,920
|
|
Decrease (increase) in inventories
|
(14,349)
|
1,051
|
(7,341)
|
3,888
|
(4,100)
|
300
|
|
Increase (decrease) in trade and other
|
|
|
|
|
|
|
|
payables, and other current
|
|
|
|
|
|
|
|
liabilities
|
693
|
(4,003)
|
(2,470)
|
(8,229)
|
198
|
(1,144)
|
|
Income tax paid
|
(8,101)
|
(**) (9,758)
|
(5,254)
|
(**) (4,866)
|
(2,315)
|
(2,787)
|
|
Net cash flows from operating
activities
|
(24,248)
|
(13,848)
|
(12,900)
|
2,402
|
(6,927)
|
(3,957)
|
|
|
|
|
(*) Convenience Translation into U.S. Dollars.
|
|
(**) Reclassified
|
|
This information is intended to be reviewed in conjunction with the Company's filings with the Securities and
Exchange Commission.
|
Company Contact:
G. Willi - Food International Ltd.
Yitschak Barabi, Chief Financial Officer
(+972) 8-932-1000
itsik.b@willi-food.co.il
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SOURCE G. Willi-Food International Ltd.
