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 November 2010
----------------------------------------
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 registrant files or will file annual reports
under cover of 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):..........
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 registrant 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 [X]
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 issued
by G. Willi-Food International Ltd. ("Registrant") on November 22, 2010.
This report on Form 6-K shall be deemed to be incorporated by reference in the
Registration Statements on Form F-3 (File No. 333-11848 and 333-138200) of the
Registrant.
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 22, 2010
By: /s/ Ety Sabach
------------------
Ety Sabach
Chief Financial Officer
 |
News |
FOR IMMEDIATE RELEASE
G. WILLI-FOOD REPORTS NET INCOME OF US$ 2.1 MILLION FOR
THIRD QUARTER 2010
2010 Q3 NET CASH FROM CONTINUING OPERATING ACTIVITIES REACHED
US$ 4.9 MILLION, OR US$ 0.36 PER SHARE;
2010 Q3 SALES 16.1% OVER 2009 Q3 SALES
YAVNE, ISRAEL - NOVEMBER 22, 2010 - G. WILLI-FOOD INTERNATIONAL LTD. (NASDAQ:
WILC) (the "COMPANY" or "WILLI-FOOD"), a global food company specializing in the
development, manufacturing, marketing and international distribution of kosher
foods, today announced its unaudited financial results for the third quarter and
for the first nine months ending September 30, 2010.
THIRD QUARTER FISCAL 2010 HIGHLIGHTS
o Sales increased 16.1% over third quarter of 2009 to NIS 79.7 million
(US$ 21.7 million)
o Gross profit increased 11.1% over third quarter of 2009 to NIS 24.7
million (US $6.7 million), or 30.9% of sales
o Operating income of NIS 8.3 million (US$ 2.3 million), or 10.4% of
sales
o Net income of NIS 7.8 million (US$ 2.1 million), or 9.8% of sales
o Net cash from continuing operating of NIS 17.9 million (US$ 4.9
million), or NIS 1.32 (US$ 0.36) per share
o Cash and securities balance of NIS 177.4 million (US$ 48.4 million) as
of September 30, 2010
Willi-Food's operating divisions include Willi-Food, its wholly owned Gold Frost
- a designer, developer and distributor of branded kosher dairy food products,
and Shamir Salads - an Israeli distributor and manufacturer of Mediterranean
style salads.
Sales for the third quarter of 2010 increased by 16.1% to NIS 79.7 million (US$
21.7 million) compared to sales of NIS 68.6 million (US$ 18.7 million) in the
third quarter of 2009. The growth in sales in the third quarter was primarily
attributed to the introduction of new products as well as increased awareness of
the Willi-Food brand in the Israeli market following a national media campaign
launched during the first quarter of 2010 and increased sales and promotion
activities.
Gross profit for the third quarter of 2010 increased by 11.1% to NIS 24.7
million (US$ 6.7 million) compared to gross profit of NIS 22.2 million (US$ 6.1
million) in the third quarter of 2009. Third quarter gross margin was 30.9%
compared to gross margin of 32.3% for the same period in 2009. Willi-Food
successfully achieved an increase in gross profit despite the global increase in
cost of raw food materials, especially in dairy and bakery products, which
affected its inventory purchase prices, by managing the rising costs through
smart purchases in advance and wisely managing its inventory levels.
Excluding an unrealized one-time capital gain resulting from the completion of a
tender offer for Gold Frost's shares that was recorded as "Other income" in the
third quarter of 2009 in the amount of NIS 5.2 million (US$ 1.4 million) (the
"CAPITAL GAIN"), Willi-Food's operating income for the third quarter of 2010
decreased 8.2% to NIS 8.3 million (US$ 2.3 million) over the third quarter of
2009. Without excluding the Capital Gain, on a GAAP basis, Willi-Food's
operating income for the third quarter of 2010 decreased 41.8% from NIS 14.2
million (US$ 3.9 million) reported in the comparable quarter of last year.
Selling expenses increased by 37.1% from the comparable quarter of 2009. Selling
expenses as a percentage of sales increased in the third quarter of 2010 to
13.4% compared to 11.4% in the third quarter of 2009 primarily due to increased
sales and promotion activities and higher transportation costs resulting from
increased sales. General and administrative expenses as a percentage of sales
decreased in the third quarter of 2010 to 7.1% from 7.8% in the third quarter of
2009.
Excluding the Capital Gain, Willi-Food's income before taxes for the third
quarter of 2010 increased 7.4% to NIS 10.1 million (US$ 2.8 million) over the
third quarter of 2009. Without excluding the Capital Gain, on a GAAP basis,
Willi-Food's income before taxes for the third quarter of 2010 decreased 30.9%
from NIS 14.6 million (US$ 4.0 million) recorded in the third quarter of 2009.
Excluding the Capital Gain, Income from continuing operations for the third
quarter of 2010 increased 2.1% NIS 7.8 million (US$ 2.1 million) over the third
quarter of 2009. Without excluding the Capital Gain, on a GAAP basis,
Willi-Food's income from continuing operations for the third quarter of 2010
decreased 39.2% from NIS 12.9 million (US$ 3.5 million) recorded in the third
quarter of 2009.
Excluding the Capital Gain, Willi-Food's net income in the third quarter of 2010
increased 25.1% to NIS 7.8 million (US$ 2.1 million) recorded in the third
quarter of 2009. Without excluding the Capital Gain, on a GAAP basis,
Willi-Food's net income in the third quarter of 2010 decreased 31.7% from NIS
11.5 million (US$ 3.1 million) recorded in the third quarter of 2009.
Willi-Food's net income related to Company Shareholders in the third quarter of
2010 was NIS 7.2 million (US$ 2.0 million), or NIS 0.53 (US$ 0.15) per share
compared to NIS 11.1 million (US$ 3.0 million), or NIS 1.08 (US$ 0.29) per
share, recorded in the third quarter of 2009.
Willi-Food generated NIS 17.9 million (US $4.9 million), or NIS 1.32 (US $0.36)
per share from continuing operating activities in the third quarter of 2010
compared to NIS 4.6 million (US$ 1.2 million), or NIS 0.44 (US$ 0.12) per share
generated from continuing operating activities in the third quarter of 2009.
Willi-Food ended the third quarter of 2010 with of NIS 177.4 million in cash and
securities (US$ 48.4 million) and NIS 3.9 million (US$ 1.1 million) in
short-term debt (51% of the debt of Shamir Salads). Willi-Food's shareholders'
equity at the end of 2010 third quarter was NIS 298.7 million (US$ 81.5
million).
FIRST NINE-MONTHS FISCAL 2010 HIGHLIGHTS
o Sales increased 15.0% over first nine months of 2009 to NIS 257.3
million (US$ 70.2 million)
o Gross profit increased 26.4% over first nine months of 2009 to NIS
75.4 million (US $20.6 million)
o Gross margins improved to 29.3% compared to 26.7% in the first nine
month of 2009
o Operating income of NIS 25.6 million (US$ 7.0 million), or 10.0% of
sales
o Net income of NIS 22.1 million (US$ 6.0 million), or 8.6% of sales
Sales for the nine months ended September 30, 2010 increased 15.0% to NIS 257.3 million (US$ 70.2 million) compared to sales of NIS 223.7 million (US$ 61.0 million) in the first nine months of 2009. Gross profit for the nine month period increased by 26.4% to NIS 75.4 million (US$ 20.6 million) compared to gross profit of NIS 59.7 million (US$ 16.3 million) in the first nine months of last year. Gross margin in the nine month period improved to 29.3% compared to gross margin of 26.7% in the same period in 2009. Excluding the Capital Gain, operating income for the first nine months of 2010 increased 17.6% to NIS 25.6 million (US$ 7.0 million) over the first nine months of 2009. Without excluding the Capital Gain, on a GAAP basis, operating income for the first nine months of 2010 decreased 5.1% from NIS 27.0 million (US$ 7.4 million) reported in the comparable period of last year. Excluding the Capital Gain, Willi-Food's net income for the first nine months of 2010 increased 20.4% to NIS 22.1 million (US$ 6.0 million) over the first nine months of 2009. Without excluding the Capital Gain, on a GAAP basis, net income for the first nine months of 2010 decreased 6.2% from NIS 23.5 million (US$ 6.4 million) recorded in the first nine months of 2009. Willi-Food's net income attributable to Company Shareholders in the first nine months of 2010 was NIS 20.7 million (US$ 5.7 million), or NIS 1.7 (US$ 0.45) per share compared to NIS 22.7 million (US$ 6.2 million), or NIS 2.2 (US$ 0.60) per share, recorded in the first nine months of 2009. OUTLOOK Mr. Zwi Williger, President and COO of Willi-Food commented: "We are pleased with our strong performance in the third quarter of 2010. For the fifth consecutive quarter, Willi-Food continued to achieve improved results in all the P&L parameters, when excluding the one-time unrealized capital gain recorded in the third quarter of 2009, which was not operational. We were successful in increasing sales in the third quarter by 16.1% due to the introduction of great-tasting, higher profit margin food products, which we have developed together with our suppliers, into our product mix lineup. The net income attributable to Company Shareholders in the third quarter of 2010 was US$ 2 million - a margin of 9.1% of sales. We generated in this quarter US $4.9 million in cash from continuing operating activities and our shareholders' equity at the end of the quarter was US$ 81.5 million." "We achieved 30.9% gross margins in the third quarter of 2010 despite the global increase in cost of raw food materials, especially in dairy and bakery products, which began approximately four months ago, which affected our inventory purchase prices. We anticipated the increase in cost of raw food materials, and so we were able to manage rising costs through smart purchases in advance, wisely managing our inventory levels and utilizing our on hand cash, as we adjusted the sale prices of our products to consumers in accordance with current product prices of our suppliers." "Our strong financial results for the third quarter of 2010 demonstrate Willi-Food's ability to capitalize on what we believe to be the growing interest of consumers in the kosher market. We are able to differentiate our company through our success at becoming a high margin business in a low margin industry. We are pleased to consistently deliver significantly higher margins than those generated by most other companies in our industry. Willi-Food has taken the appropriate measures to position itself for a stronger fiscal 2011, and we remain focused on maximizing long-term profitability."
"Our line of products includes over 1,000 products exclusively distributed by
Willi-Food and Shamir Salads. The dynamics of the industry are driving demand
for innovative kosher products, and we believe that Willi-Food has the
infrastructure and development expertise to deliver. Our strategy is to leverage
Willi-Food's global supplier relationships and expertise in product development
and to capitalize on the growing demand for innovative kosher products for both
kosher and health minded consumers in the U.S. We believe that the health
benefits of eliminating animal fats in the `kosherizing' process in our dairy
products makes our products attractive to consumers looking for better tasting,
low-cholesterol and low-fat alternatives."
Mr. Williger concluded, "We are optimistic about the remainder of 2010 and our
2011 results as we continue to work to expand the footprint and brand
recognition of Willi-Food globally while diversifying our product base in order
to hedge against any single event that might impact our results. We will
continue our efforts to expand our reach into targeted retail and wholesale
markets in the U.S. This will include strategic distribution partnerships in
order to expand the footprint and brand recognition of Willi-Food globally. We
remain committed to our strategy of expanding marketing channels for our
higher-margin products in the U.S., European and Israeli markets and to
promoting our broad selection of kosher products to health-conscious consumers
across Europe, Israel and the United States. We are looking for improved results
in the future."
CONFERENCE CALL
The Company will host a conference call to discuss results on Monday, November
22, 2010 at 11:00 AM Eastern time. Interested parties may participate in the
conference call by dialing 1-877-941-2069 (US), or 1-480-629-9713
(International), approximately 10 minutes prior to the scheduled start time.
Interested parties can also listen via a live Internet webcast, which will be
available on the day of the call through the following link:
http://viavid.net/dce.aspx?sid=00007e32
A replay of the conference call will be available for 14 days from 2:00 PM EST
on November 22, 2010 through 11:59 PM EST on December 6, 2010 by dialing
1-877-870-5176 (US), or 1-858-384-5517 (International), access code 4385649. In
addition, a recording of the call will be available via the the link shown above
for one year.
NOTE A: CONVENIENCE TRANSLATION TO DOLLARS
The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was
made at the rate of exchange prevailing on September 30, 2010, U.S. $1.00 equals
NIS 3.665. 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
September 30, 2010 are presented in accordance with International Financial
Reporting Standards ("IFRS").
NOTE C: DISCONTINUED OPERATIONS
Discontinued operations are measured and presented in accordance with the
provisions of IFRS 5 "Non-current Assets Held for Sale and Discontinued
Operations".
The results of discontinued operations are presented in the income statement in
a separate item below income from continuing operations. The comparative income
from discontinued operations has been re-casted to include those operations
classified as discontinued in the current period.
ABOUT G. WILLI-FOOD INTERNATIONAL LTD.
G. Willi-Food International Ltd. (http://www.willi-food.co.il) 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, manufacture, marketing and distribution of over 1,000 food
products worldwide. As one of Israel's leading food importers, Willi-Food
markets and sells its food products to over 1,500 customers 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; Gold Frost, a wholly owned subsidiary who designs, develops and
distributes branded kosher, dairy-food products; and Shamir Salads, an Israeli
manufacturer and distributor of a broad line of over 400 Mediterranean-style
chilled salads.
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: MONETARY RISKS INCLUDING 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, IN PARTICULAR ARLA
FOODS, 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, 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, 2009, FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JUNE 28,
2010. 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.
{FINANCIAL TABLES TO FOLLOW}
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
-------- -------- -------- --------
2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9
-------- -------- -------- --------
NIS US DOLLARS (*)
---------------------- ----------------------
(IN THOUSANDS)
--------------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 119,653 87,104 32,647 23,766
Financial assets carried at fair value through profit
or loss 57,718 11,356 15,748 3,098
Trade receivables 80,799 77,752 22,046 21,215
Other receivables and prepaid expenses 1,769 1,990 483 543
Inventories 42,110 44,810 11,490 12,226
-------- -------- -------- --------
TOTAL CURRENT ASSETS 302,049 223,012 82,414 60,848
-------- -------- -------- --------
NON-CURRENT ASSETS
Property, plant and equipment 71,683 67,120 19,558 18,314
Less -Accumulated depreciation 20,121 17,542 5,490 4,786
-------- -------- -------- --------
51,562 49,578 14,068 13,528
-------- -------- -------- --------
Long term receivables - 760 - 207
Prepaid expenses 2,343 2,384 639 650
Goodwill 1,936 1,936 528 528
Intangible assets 4,217 4,674 1,151 1,275
Deferred taxes 407 375 111 102
-------- -------- -------- --------
Total non-current assets 60,465 59,707 16,497 16,290
-------- -------- -------- --------
362,514 282,719 98,911 77,138
======== ======== ======== ========
EQUITY AND LIABILITIES
CURRENT LIABILITIES
Short-term bank credit 7,587 10,372 2,070 2,830
Trade payables 36,838 49,382 10,051 13,474
Accruals 268 145 73 40
Current tax liabilities 7,884 2,801 2,151 764
Other payables and accrued expenses 6,634 8,976 1,810 2,449
Employees Benefits 2,934 2,977 801 812
-------- -------- -------- --------
TOTAL CURRENT LIABILITIES 62,145 74,653 16,956 20,369
-------- -------- -------- --------
NON-CURRENT LIABILITIES
Long-term bank loans 148 97 40 26
Deferred taxes 373 445 102 121
Employees Benefits 1,121 1,044 306 285
-------- -------- -------- --------
TOTAL NON-CURRENT LIABILITIES 1,642 1,586 448 432
-------- -------- -------- --------
SHAREHOLDERS' EQUITY
Share capital NIS 0.10 par value
(authorized - 50,000,000 shares, issued
and outstanding - 13,573,679 shares at September
30, 2010; 10,267,893 shares at December 31, 2009) 1,444 1,113 394 304
Additional paid in capital 128,863 59,056 35,160 16,113
Capital fund 247 247 67 67
Foreign currency translation reserve 673 639 184 174
Retained earnings 162,624 141,883 44,372 38,713
Noncontrolling interest 4,876 3,542 1,330 966
-------- -------- -------- --------
298,727 206,480 81,507 56,337
======== ======== ======== ========
362,514 282,719 98,911 77,138
======== ======== ======== ========
(*) Convenience translation into U.S. dollars
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
NINE MONTHS THREE MONTHS NINE MONTHS
-------------------------- ------------------------- --------------------------
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
--------------------------------------------------------- --------------------------
2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9
---------- ---------- ---------- ---------- ---------- ----------
NIS US DOLLARS (*)
--------------------------------------------------------- --------------------------
IN THOUSANDS (EXCEPT PER SHARE AND SHARE DATA)
-----------------------------------------------------------------------------------------
Sales 257,304 223,704 79,710 68,628 70,206 61,038
Cost of sales 181,885 164,015 55,051 46,435 49,628 44,752
---------- ---------- ---------- ---------- ---------- ----------
GROSS PROFIT 75,419 59,689 24,659 22,193 20,578 16,286
---------- ---------- ---------- ---------- ---------- ----------
Selling expenses 32,800 23,056 10,714 7,813 8,950 6,291
General and administrative expenses 17,019 14,940 5,666 5,367 4,644 4,076
Other expense (income) (33) (5,312) 3 (5,208) (9) (1,449)
---------- ---------- ---------- ---------- ---------- ----------
Total operating expenses 49,786 32,684 16,383 7,972 13,585 8,918
---------- ---------- ---------- ---------- ---------- ----------
OPERATING INCOME 25,633 27,005 8,276 14,221 6,993 7,368
Financial income 3,218 1,677 2,143 752 878 458
Financial expense 890 975 345 387 243 266
---------- ---------- ---------- ---------- ---------- ----------
Income before taxes on income 27,961 27,707 10,074 14,586 7,628 7,560
Taxes on income 6,716 4,515 2,246 1,710 1,832 1,232
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS 21,245 23,192 7,828 12,876 5,796 6,328
Income (Loss) from discontinued
operations 830 353 - (1,410) 226 96
---------- ---------- ---------- ---------- ---------- ----------
NET INCOME 22,075 23,545 7,828 11,466 6,022 6,424
========== ========== ========== ========== ========== ==========
Owners of the Company 20,741 22,624 7,247 11,129 5,659 6,173
Non-controlling interest 1,334 921 581 337 363 251
---------- ---------- ---------- ---------- ---------- ----------
NET INCOME 22,075 23,545 7,828 11,466 6,022 6,424
========== ========== ========== ========== ========== ==========
Earnings per share data:
Earnings per share:
Basic from continuing operations 1.57 2.20 0.53 1.23 0.43 0.60
========== ========== ========== ========== ========== ==========
Basic from discontinued operations 0.07 - - (0.15) 0.02 -
========== ========== ========== ========== ========== ==========
Basic 1.64 2.20 0.53 1.08 0.45 0.60
========== ========== ========== ========== ========== ==========
Diluted from continuing operations 1.57 2.20 0.53 1.23 0.43 0.60
========== ========== ========== ========== ========== ==========
Diluted from discontinued operations 0.07 - - (0.15) 0.02 -
========== ========== ========== ========== ========== ==========
Diluted 1.64 2.20 0.53 1.08 0.45 0.60
========== ========== ========== ========== ========== ==========
Shares used in computing basic and
diluted earnings per ordinary share: 12,641,278 10,267,893 13,573,679 10,267,893 12,641,278 10,267,893
========== ========== ========== ========== ========== ==========
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
(NIS IN THOUSANDS)
FOREIGN
CURRENCY ATTRIBUTABLE NON- TOTAL
SHARE ADDITIONAL PAID CAPITAL TRANSLATION RETAINED TO OWNERS OF CONTROLLING SHAREHOLDERS'
CAPITAL IN CAPITAL FUND RESERVE EARNINGS THE PARENT INTEREST EQUITY
-------- -------- -------- -------- -------- -------- -------- --------
BALANCE - JANUARY 1, 2009 1,113 59,056 247 369 111,447 172,232 13,350 185,582
Profit for the year - - - - 30,436 30,436 1,092 31,528
Currency translation differences - - - 39 - 39 13 52
-------- -------- -------- -------- -------- -------- -------- --------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 408 141,883 202,707 14,455 217,162
Purchase of non-controlling interest - - - - - - (7,559) (7,559)
Dividend paid to non-controlling interests - - - - - - (101) (101)
Disposal of subsidiary - - - 231 - 231 (3,253) (3,022)
-------- -------- -------- -------- -------- -------- -------- --------
BALANCE - DECEMBER 31, 2009 1,113 59,056 247 639 141,883 202,938 3,542 206,480
Profit for the year - - - - 20,741 20,741 1,334 22,075
Currency translation differences - - - 34 - 34 - 34
-------- -------- -------- -------- -------- -------- -------- --------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 673 162,624 223,713 4,876 228,589
Public offering 331 69,807 - - - 70,138 - 70,138
-------- -------- -------- -------- -------- -------- -------- --------
BALANCE - SEPTEMBER 30, 2010 1,444 128,863 247 673 162,624 293,851 4,876 298,727
======== ======== ======== ======== ======== ======== ======== ========
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS THREE MONTHS NINE MONTHS
---------------------- ---------------------- ----------------------
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
-------------------------------------------------- ----------------------
2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9
-------- -------- -------- -------- -------- --------
NIS US DOLLARS (*)
-------------------------------------------------- ----------------------
(IN THOUSANDS)
------------------------------------------------------------------------------
CASH FLOWS - OPERATING ACTIVITIES
Profit from continuing operations 21,245 23,192 7,828 12,876 5,796 6,328
ADJUSTMENTS TO RECONCILE NET INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation and amortization 3,623 3,451 1,230 1,150 989 942
Deferred expenses 695 766 237 304 190 209
Deferred income taxes (104) 809 172 335 (28) 221
Capital Gain on disposal of property
plant and equipment (33) (67) 3 40 (9) (18)
Capital Gain on purchase of additional
shares in subsidiary - (5,245) - (5,245) - (1,431)
Unrealized gain on marketable securities (1,521) (2,033) (2,058) (429) (415) (555)
Revaluation of loans from banks and others (11) 27 (8) (25) (3) 7
Change in value of warrants to issue
shares - (5) - - - (1)
Employees benefit, net 77 52 50 41 21 14
CHANGES IN ASSETS AND LIABILITIES:
Decrease (Increase) in:
Trade accounts receivable (3,047) (4,501) 4,725 2,755 (831) (1,228)
Receivables and other current assets 630 3,124 (139) 1,049 172 852
Inventory 2,700 6,311 4,139 (7,338) 737 1,722
Decrease in long term receivables 350 - 209 - 95 -
Increase (Decrease) in:
Trade accounts payable (12,481) (394) (875) 2,813 (3,405) (108)
Payables and other current liabilities 3,628 (1,432) 2,387 (3,771) 990 (391)
-------- -------- -------- -------- -------- --------
NET CASH FROM CONTINUING OPERATING
ACTIVITIES 15,751 24,055 17,900 4,555 4,299 6,563
-------- -------- -------- -------- -------- --------
NET CASH FROM (USED IN) DISCONTINUED
OPERATING ACTIVITIES (22) 1,293 - 127 (6) 353
-------- -------- -------- -------- -------- --------
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS THREE MONTHS NINE MONTHS
---------------------- ---------------------- ----------------------
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
-------------------------------------------------- ----------------------
2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9
-------- -------- -------- -------- -------- --------
NIS US DOLLARS (*)
-------------------------------------------------- ----------------------
(IN THOUSANDS)
------------------------------------------------------------------------------
CASH FLOWS - INVESTING ACTIVITIES
Proceeds from realization (purchase) of
marketable securities, net (44,841) 6,557 (1,120) 7,736 (12,235) 1,789
Purchase of additional shares in
subsidiary - (2,314) - (2,314) - (631)
Disposal of subsidiary - 2,185 - 2,192 - 596
Acquisition of property plant and
equipment (5,545) (1,423) (3,803) (216) (1,513) (388)
Additions to prepaid expenses (784) (1,117) (280) (120) (214) (305)
Long term deposit, net 20 (65) 39 (62) 5 (18)
Proceeds from sale of property plant and
Equipment 427 256 216 51 117 70
-------- -------- -------- -------- -------- --------
NET CASH FROM (USED IN) CONTINUING
INVESTING ACTIVITIES (50,723) 4,079 (4,948) 7,267 (13,840) 1,113
-------- -------- -------- -------- -------- --------
NET CASH USED IN DISCONTINUED INVESTING
ACTIVITIES - (23) - - - (6)
-------- -------- -------- -------- -------- --------
CASH FLOWS - FINANCING ACTIVITIES
Proceeds of Public offering, net 70,248 - 10 - 19,167 -
Short-term bank credit, net 1,471 (695) 725 (1,077) 401 (190)
Proceeds (Repayment )of loans (3,250) (836) (1,678) (460) (887) (228)
-------- -------- -------- -------- -------- --------
NET CASH FROM (USED IN) CONTINUING
FINANCING ACTIVITIES 68,469 (1,531) (943) (1,537) 18,681 (418)
-------- -------- -------- -------- -------- --------
NET CASH FROM (USED IN) DISCONTINUED
FINANCING ACTIVITIES (926) (990) - 111 (253) (270)
-------- -------- -------- -------- -------- --------
INCREASE IN CASH AND CASH EQUIVALENTS 32,549 26,883 12,009 10,523 8,881 7,335
-------- -------- -------- -------- -------- --------
Cash and cash equivalents at the
beginning of the financial period 87,104 78,749 107,644 95,249 23,766 21,487
NET FOREIGN EXCHANGE DIFFERENCE ON CASH
AND CASH EQUIVALENTS FROM DISCONTINUED
ACTIVITIES - (14) - (154) - (4)
======== ======== ======== ======== ======== ========
CASH AND CASH EQUIVALENTS OF THE END OF
THE FINANCIAL PERIOD 119,653 105,618 119,653 105,618 32,647 28,818
======== ======== ======== ======== ======== ========
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
NON-GAAP FINANCIALS MEASURES AND RECONCILIATION
NINE MONTHS THREE MONTHS NINE MONTHS
--------------------- --------------------- ---------------------
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
----------------------------------------------- ---------------------
2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9
-------- -------- -------- -------- -------- --------
NIS US DOLLARS (*)
----------------------------------------------- ---------------------
IN THOUSANDS (EXCEPT PER SHARE AND SHARE DATA)
--------------------------------------------------------------------------
GAAP Operating income 25,633 27,005 8,276 14,221 6,993 7,368
Other income - capital gain - teder offer - (5,208) - (5,208) - (1,421)
-------- -------- -------- -------- -------- --------
NON-GAAP OPERATING INCOME 25,633 21,797 8,276 9,013 6,993 5,947
-------- -------- -------- -------- -------- --------
GAAP Income before taxes on income 27,961 27,707 10,074 14,586 7,628 7,560
Other income - capital gain - teder offer - (5,208) - (5,208) - (1,421)
-------- -------- -------- -------- -------- --------
NON-GAAP INCOME BEFORE TAXES ON INCOME 27,961 22,499 10,074 9,378 7,628 6,139
-------- -------- -------- -------- -------- --------
GAAP Income from continuing operations 21,245 23,192 7,828 12,876 5,796 6,328
Other income - capital gain - teder offer - (5,208) - (5,208) - (1,421)
-------- -------- -------- -------- -------- --------
NON-GAAP INCOME FROM CONTINUING OPERATIONS 21,245 17,984 7,828 7,668 5,796 4,907
-------- -------- -------- -------- -------- --------
GAAP Net income 22,075 23,545 7,828 11,466 6,022 6,424
Other income - capital gain - teder offer - (5,208) - (5,208) - (1,421)
-------- -------- -------- -------- -------- --------
NON-GAAP NET INCOME 22,075 18,337 7,828 6,258 6,022 5,003
-------- -------- -------- -------- -------- --------
(*) 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.
Ety Sabach, CFO
(+972) 8-932-1000
ety@willi-food.co.il
###
SOURCE: G. Willi-Food International Ltd.