FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange Act of 1934
For the month of December 2003
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G. WILLI-FOOD INTERNATIONAL LTD.
(Translation of registrant's name into English)
3 Nahal Snir St., Yavne, Israel 81224
(Address of principal executive offices)
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Indicate by check mark whether registrant files or will file annual reports
under cover Form 20-F or Form 40-F:
FORM 20-F [X] 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):..........
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of
a Form 6-K if submitted solely to provide an attached annual report to security
holders.
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):............
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of
a Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
YES [_] NO [X]
If "YES" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-________.
On November 30, 2003, G. Willi-Food International Ltd. (the "Registrant")
announced its unaudited financial results for the second quarter and for the
nine months ended September 30, 2003.
EXHIBITS
The following document is filed herewith as an exhibit to this Form 6-K:
Copy of the Company's press release, dated November 30, 2003.
SIGNATURES
In accordance with 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.
Dated: November 30, 2003
By: /S/ Joseph Williger
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Name: Joseph Williger
Title: Chief Executive Officer
G. WILLI-FOOD INTERNATIONAL LTD.
ANNOUNCES RESULTS FOR THE THIRD QUARTER
AND FOR THE NINE MONTHS ENDING
SEPTEMBER 30, 2003
Q3 SALES INCREASED 23% AND NET INCOME INCREASED 500%
Yavne, Israel, November 30, 2003.
G. Willi-Food International Ltd. (NASDAQ: WILCF) today reported its unaudited
financial results for the third quarter and the nine months ending September 30,
2003.
THE THREE MONTHS ENDING SEPTEMBER 30, 2003:
Total sales for the three months ending September 30, 2003 increased by 23% to
NIS 30,844,000 (US$ 6,945,000) from NIS 25,115,000 (US$ 5,655,000) for the same
period in 2002. The increase of the total sales for the three months ending
September 30, 2003 reflects the success of the Company's heightened marketing
efforts and the acceptance of new products in the marketplace.
Gross profit for the three months ending September 30, 2003 increased by 33% to
NIS 5,284,000 (US$ 1,190,000) from NIS 3,985,000 (US$ 897,000) for the same
period in 2002, reflecting the increased sales coupled with a slight decrease in
cost of sales. The gross profit represents 17% of the total sales for the three
months ending September 30, 2003 in comparing with 16% for the same period in
2002.
Operating income for the three months ending September 30, 2003 was NIS 574,000
(US$ 129,000) compared with an operating loss of NIS 411,000 (US$ 93,000) for
the same period in 2002.
Net income for the three months ending September 30, 2003 increased by 500% to
NIS 1,499,000 (US$ 338,000) from NIS 250,000 (US$ 56,000) for the same period in
2002.
Basic earnings per share for the three months ending September 30, 2003 were NIS
0.35 (US$ 0.079) compared with NIS 0.06 (US$ 0.013) in the third quarter of
2002.
G. Willi-Food International Ltd., is engaged in the import, marketing and
distribution of over 400 food products, including canned vegetables, pickled
olives and other pickled vegetables, packaged fruit, canned and frozen fish,
edible oil, dried fruit and nuts, coffee creamers, jams, halva, pasta, tahini,
butter cookies and pastries, certain dairy products and certain frozen or
chilled products. The Company believes that it is one of the leading importers
in Israel of such a broad range of imported food products. The Company sells
products with widespread demand in the Israeli marketplace, as well as products
that cater to more select groups.
# # #
Except for historical information contained herein, the matters set forth in
this release are forward-looking statements that are dependent on certain risks
and uncertainties, including such factors, among others, as market acceptance,
market demand, pricing, competition, changing economic conditions and other risk
factors detailed in the Company's SEC filings.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(ADJUSTED TO NIS OF SEPTEMBER 2003)
CONVENIENCE
TRANSLATION
ADJUSTED NEW ISRAELI SHEKELS INTO U.S. DOLLARS
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SEPTEMBER 30 DECEMBER 31, SEPTEMBER 30
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2003 2002 2003
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I N T H O U S A N D S
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ASSETS
CURRENT ASSETS
Cash and cash equivalents 12,983 27,264 2,923
Marketable securities 35,838 21,229 8,070
Trade receivables 30,932 24,209 6,965
Other receivables and prepaid expenses 2,894 3,179 652
Related parties 68 - 15
Inventories 19,555 16,370 4,403
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TOTAL CURRENT ASSETS 102,270 92,251 23,028
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PROPERTY AND EQUIPMENT, NET 2,797 2,811 630
OTHER ASSETS, NET 59 59 13
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105,126 95,121 23,671
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LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES
Payables:
Short term bank credit and other 60 1,056 14
Trade payables 14,403 11,197 3,243
Related parties 1,134 1,194 255
Other and accrued expenses 3,787 2,769 853
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TOTAL CURRENT LIABILITIES 19,384 16,216 4,365
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LONG TERM LIABILITIES
Accrued severance pay 163 163 37
Other - 54 -
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TOTAL LONG TERM LIABILITIES 163 217 37
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SHAREHOLDERS' EQUITY 85,579 78,688 19,269
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105,126 95,121 23,671
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G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(ADJUSTED TO NIS OF SEPTEMBER 2003)
CONVENIENCE TRANSLATION
ADJUSTED NEW ISRAELI SHEKELS INTO U.S. DOLLARS
----------------------------------------------------------- --------------------------
NINE MONTHS THREE MONTHS NINE MONTHS THREE MONTHS
-------------------------- -------------------------- ---------- ----------
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30
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2 0 0 3 2 0 0 2 2 0 0 3 2 0 0 2 2 0 0 3 2 0 0 3
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I N T H O U S A N D S (EXCEPT PER SHARE AND SHARE DATA)
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Sales 103,119 103,630 30,844 25,115 23,220 6,945
Cost of sales 82,494 78,302 25,560 21,130 18,576 5,755
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GROSS PROFIT 20,625 25,328 5,284 3,985 4,644 1,190
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Selling expenses 8,056 7,614 2,688 2,537 1,814 605
General and administrative
expenses 6,358 6,537 2,022 1,859 1,431 456
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Total operating expenses 14,414 14,151 4,710 4,396 3,245 1,061
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OPERATING INCOME (LOSS) 6,211 11,177 574 (411) 1,399 129
Financial income
(expenses), net 3,120 (1,468) 1,486 737 701 335
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Income before other income 9,331 9,709 2,060 326 2,100 464
Other income 8 - 8 - 2 2
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Income before taxes
on income 9,339 9,709 2,068 326 2,102 466
Taxes on income 2,449 2,387 569 76 551 128
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NET INCOME 6,890 7,322 1,499 250 1,551 338
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Earnings per share data:
Earnings per share:
Basic 1.61 1.712 0.35 0.058 0.363 0.079
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Diluted 1.61 1.712 0.35 0.058 0.363 0.079
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Shares used in computing
basic and diluted earnings
per ordinary share: 4,277,500 4,277,500 4,277,500 4,277,500 4,277,500 4,277,500
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