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 November 2004
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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 8, 2004, G. Willi-Food International Ltd. (the "Registrant")
announced its unaudited financial results for the third quarter and for the nine
months ended September 30, 2004.
EXHIBITS
The following document is filed herewith as an exhibit to this Form 6-K:
Copy of the Company's press release, dated November 8, 2004.
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 8, 2004
By: /s/ Joseph Williger
-----------------------
Joseph Williger
Chief Executive Officer
WILLI FOOD News
CONTACT:
Gil Hochboim, CFO
(+972) 8-932-2233
gil@willi-food.co.il
FOR IMMEDIATE RELEASE
G. WILLI-FOOD REPORTS 57% GROWTH IN NET INCOME FOR Q3 2004
--5TH STRAIGHT QUARTER OF RECORD REVENUES--UP 32% --
YAVNE, ISRAEL - NOVEMBER 7, 2004 -- G. WILLI-FOOD INTERNATIONAL LTD. (NASDAQ:
WILCF) today announced its unaudited financial results for the third quarter and
nine months ended September 30, 2004.
Revenues for the quarter increased by 32% to NIS 40.5 million (US$ 9.0 milliona)
from NIS 30.7 million in the third quarter of 2003. Gross profit for the period
increased by 68%, resulting in a gross margin of 22% compared to 17% in the
comparable quarter of 2003. Operating income increased by 518% to NIS 3.5
million (US$ 0.8 million) from NIS 0.6 million in the third quarter of 2003. Net
income for the three month period increased by 67% to NIS 2.3 million (US$ 0.5
million), or NIS 0.54 (US$ 0.12) per share compared to NIS 1.5 million, or NIS
0.35 per share, in the same period of 2003.
"We are pleased to report another quarter of strong revenue growth, the
reflection of our expanded marketing and advertising efforts, a continuously
expanding product line and an improving Israeli economy," said Mr. Zvi Williger,
President and COO of Willi-Food. "The improvement in our profitability
demonstrates continous close control of expenses, improved purchasing terms and
an increasing proportion of sales to wholesalers and institutional customers.
Our strategies for 2005 include the continued introduction of new products in
Israel together with the massive expansion of our logistical capabilities, and
the launch of exciting new sales channels in the U.S."
Revenues for the nine month period increased by 27% to NIS 130.8 million (US$
29.2 million) from NIS 102.7 million in the first three quarters of 2003. Gross
profit for the period increased by 45%, resulting in a gross margin of 23%
compared to 20% in the first nine months of 2003. Operating income increased by
82% to NIS 11.3 million (US$ 2.5 million) from NIS 6.2 million in the first
three quarters of 2003. Net income for the period increased by 18% to NIS 8.1
million (US$ 1.8 million), or NIS 1.88 (US$ 0.42) per share compared to NIS 6.9
million, or NIS 1.61 per share, in the same period of 2003.
Willi-Food International is one of Israel's largest food importers and a
single-source supplier of one of the world's most extensive ranges of quality
Kosher food products. It currently imports, markets and distributes more than
400 food products manufactured by some 100 top-tier suppliers throughout the
world to more than 1,000 customers. The Company excels in identifying changing
tastes in its markets and sourcing high-quality kosher products to address them.
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.
NOTE A: CONVENIENCE TRANSLATION TO DOLLARS
The convenience translation of the Adjusted New Israeli Shekel (NIS) into U.S.
dollars was made at the rate of exchange prevailing at September 30, 2004: U.S.
$1.00 equals NIS 4.482. The translation was made solely for the convenience of
the reader.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
CONVENIENCE
ADJUSTED NEW TRANSLATION
ISRAELI SHEKELS(1) INTO U.S. DOLLARS
------- ------- -------
SEPTEMBER 30 DECEMBER 31, SEPTEMBER 30
------- ------- -------
2 0 0 4 2 0 0 3 2 0 0 4
------- ------- -------
I N T H O U S A N D S
---------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 48,796 12,463 10,887
Marketable securities 2,232 42,298 498
Trade receivables 39,374 29,674 8,785
Receivables and other current assets 2,881 2,902 643
Related parties 537 - 120
Inventories 23,611 18,823 5,268
------- ------- -------
TOTAL CURRENT ASSETS 117,431 106,160 26,201
------- ------- -------
PROPERTY AND EQUIPMENT, NET 3,285 3,398 733
------- ------- -------
OTHER ASSETS, NET 58 61 13
======= ======= =======
120,774 109,619 26,947
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LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES
Payables:
Short term debt 720 - 161
Current maturity - 45 -
Trade payables 16,384 16,110 3,654
Related parties 1,806 1,348 404
Payables and other current liabilities 5,901 4,796 1,317
------- ------- -------
TOTAL CURRENT LIABILITIES 24,811 22,299 5,536
------- ------- -------
LONG TERM LIABILITIES
Accrued severance pay, net 194 170 43
Other long term liabilities - - -
------- ------- -------
TOTAL LONG TERM LIABILITIES 194 170 43
------- ------- -------
SHAREHOLDERS' EQUITY 95,769 87,150 21,368
======= ======= =======
120,774 109,619 26,947
======= ======= =======
(1) Adjusted to NIS as of December 2003
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
ADJUSTED ADJUSTED
NEW NEW
ISRAELI ISRAELI CONVENIENCE TRANSLATION
SHEKELS (1) SHEKELS (1) INTO U.S. DOLLARS
----------- --------- -------------------------
NINE MONTHS THREE MONTHS NINE MONTHS THREE MONTHS
------------------------- ------------------------- --------- ---------
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30
--------------------------------------------------------- -------------------------
2 0 0 4 2 0 0 3 2 0 0 4 2 0 0 3 2 0 0 4 2 0 0 4
--------- --------- --------- --------- --------- ---------
I N T H O U S A N D S (EXCEPT PER SHARE AND SHARE DATA)
------------------------------------------------------------------------------------------
Sales 130,789 102,706 40,476 30,721 29,182 9,030
Cost of sales 101,006 82,162 31,654 25,458 22,536 7,062
--------- --------- --------- --------- --------- ---------
GROSS PROFIT 29,783 20,544 8,822 5,263 6,646 1,968
--------- --------- --------- --------- --------- ---------
Selling expenses 11,532 8,024 2,946 2,677 2,573 657
General and administrative
expenses 6,997 6,334 2,350 2,015 1,561 524
--------- --------- --------- --------- --------- ---------
Total operating expenses 18,529 14,358 5,296 4,692 4,134 1,181
--------- --------- --------- --------- --------- ---------
OPERATING INCOME 11,254 6,186 3,526 571 2,512 787
Financial income, net 902 3,107 208 1,480 201 46
Other income 34 8 - 8 8 -
--------- --------- --------- --------- --------- ---------
Income before taxes
on income 12,190 9,301 3,734 2,059 2,721 833
Taxes on income 4,124 2,439 1,390 567 920 310
--------- --------- --------- --------- --------- ---------
NET INCOME 8,066 6,862 2,344 1,492 1,801 523
========= ========= ========= ========= ========= =========
Earnings per share data:
Earnings per share:
Basic 1.88 1.61 0.54 0.35 0.39 0.12
========= ========= ========= ========= ========= =========
Diluted 1.88 1.61 0.54 0.35 0.39 0.12
========= ========= ========= ========= ========= =========
Shares used in computing
basic and diluted earnings
per ordinary share: 4,297,500 4,277,500 4,307,500 4,277,500 4,297,500 4,307,500
========= ========= ========= ========= ========= =========
(1) Adjusted to NIS as of December 2003