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 March 2011
----------------------------------------
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 ("Press
Release") issued by G. Willi-Food International Ltd. ("Registrant") on March 21,
2011.
The financial tables attached to the Press Release are hereby 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: March 31, 2011
By: /s/ Baruch Shusel
---------------------
Name: Baruch Shusel
Title: Chief Financial Officer
 |
News |
FOR IMMEDIATE RELEASE
G. WILLI-FOOD REPORTS NET INCOME OF US$ 2.3 MILLION FOR
FOURTH QUARTER 2010
2010 Q4 SALES 14.2% OVER 2009 Q4 SALES;
2010 Q4 OPERATING INCOME UP 28.7% OVER 2009 Q4 OPERATING INCOME
YAVNE, ISRAEL - MARCH 21, 2011 -- G. WILLI-FOOD INTERNATIONAL LTD. (NASDAQ:
WILC) (the "COMPANY" or "WILLI-FOOD"), a global company specializing in the
development, manufacturing, marketing and international distribution of kosher
foods, today announced its audited financial results for the fourth quarter and
the fiscal year ending December 31, 2010.
FOURTH QUARTER FISCAL 2010 HIGHLIGHTS
o Sales increased 14.2% over fourth quarter of 2009 to NIS 91.1 million (US$
25.7 million)
o Gross profit of NIS 25.4 million (US$ 7.1 million), or 27.9% of sales
o Operating income increased 28.7% over fourth quarter of 2009 to NIS 7.9
million (US$ 2.2 million), or 8.7% of sales
o Income from continuing operations increased 26.1% over fourth quarter of
2009 to NIS 8.1 million (US$ 2.3 million), or 8.9% of sales
o Net income increased 1.2% over fourth quarter of 2009 to NIS 8.1 million
(US$ 2.3 million), or 8.9% of sales
o Cash and securities balance of NIS 181.5 million (US$ 51.1 million) as of
December 31, 2010
YEAR END FISCAL 2010 HIGHLIGHTS
o Sales increased 14.8% year-over-year to NIS 348.4 million (US$ 98.2
million), the highest annual sales in the history of the Company
o Gross profit for 2010 increased 20.1% year-over-year to NIS 100.8 million
(US$ 28.4 million)
o Gross margin improved to 28.9% compared to 27.6% in 2009, the highest
annual gross margin in the history of the Company
o Non-GAAP operating income increased 20.2% year-over-year to NIS 33.6
million (US$ 9.5 million), or 9.6% of sales
o Non-GAAP income from continuing operations increased 20.4% year-over-year
to NIS 29.3 million (US$ 8.3 million), or 8.4% of sales
o Non-GAAP net income increased 14.7% year-over-year to NIS 30.2 million (US$
8.5 million), or 8.7% of sales
Willi-Food's operating divisions include Willi-Food, a distributor of a broad
variety of kosher foods; 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.
FOURTH QUARTER FISCAL 2010 SUMMARY
Sales for the fourth quarter of 2010 increased by 14.2% to NIS 91.1 million (US$
25.7 million) compared to sales of NIS 79.8 million (US$ 22.5 million) in the
fourth quarter of 2009. The growth in sales in the fourth quarter was primarily
due to the introduction of new products and the impact of a national media
campaign that increased awareness of the Willi-Food brand throughout Israel and
increased sales and promotional activities.
Gross profit for the fourth quarter of 2010 increased by 4.8% to NIS 25.4 million (US$ 7.1 million) compared to gross profit of NIS 24.2 million (US$ 6.8 million) in the fourth quarter of 2009. Fourth quarter gross margin was 27.9% compared to gross margin of 30.3% for the same period in 2009. The Company is mitigating the effects of worldwide inflation in agricultural commodities and dairy products by working closely with suppliers to anticipate adverse price trends, building inventory accordingly and raising prices to its customers. Willi-Food's operating income for the fourth quarter of 2010 increased 28.7% to NIS 7.9 million (US$ 2.2 million) over the fourth quarter of 2009. Selling expenses decreased by 2.3% from the comparable quarter of 2009. Selling expenses as a percentage of sales decreased in the fourth quarter of 2010 to 13.5% compared to 15.7% in the fourth quarter of 2009 primarily due to aggressive expense reduction initiatives. General and administrative expenses decreased by 5.7% from the comparable quarter of 2009. General and administrative expenses as a percentage of sales decreased in the fourth quarter of 2010 to 5.7% from 6.9% in the fourth quarter of 2009. Willi-Food's income before taxes for the fourth quarter of 2010 increased 42.0% to NIS 9.8 million (US$ 2.8 million) over the fourth quarter of 2009. Income from continuing operations for the fourth quarter of 2010 increased 26.1% to NIS 8.1 million (US$ 2.3 million) over the fourth quarter of 2009. Willi-Food's net income in the fourth quarter of 2010 increased 1.2% to NIS 8.1 million (US$ 2.3 million) from NIS 8.0 million (US$ (2.2 million) recorded in the fourth quarter of 2009. Willi-Food's net income related to Company Shareholders in the fourth quarter of 2010 was NIS 7.4 million (US$ 2.1 million), or NIS 0.55 (US$ 0.15) per share, compared to NIS 7.8 million (US$ 2.2 million), or NIS 0.76 (US$ 0.21) per share, recorded in the fourth quarter of 2009. Willi-Food generated NIS 4.7 million (US $1.3 million), or NIS 0.35 (US $0.10) per share from continuing operating activities in the fourth quarter of 2010 compared to net cash used in continuing operating activities of NIS 9.3 million (US$ 2.6 million), or NIS 0.72 (US$ 0.20) per share, recorded in the fourth quarter of 2009. Willi-Food ended the fourth quarter of 2010 with NIS 181.5 million in cash and securities (US$ 51.1 million) and NIS 2.9 million (US$ 0.8 million) in short-term debt (51% of the debt of Shamir Salads). Willi-Food's shareholders' equity at the end of 2010 was NIS 306.9 million (US$ 86.5 million). FISCAL 2010 SUMMARY Sales for fiscal 2010 increased 14.8% to NIS 348.4 million (US$ 98.2 million) compared to sales of NIS 303.5 million (US$ 85.5 million) in fiscal 2009. Gross profit for fiscal 2009 increased by 20.1% to NIS 100.8 million (US$ 28.4 million) compared to gross profit of NIS 83.9 million (US$ 23.6 million) in fiscal 2009. Gross margin in 2009 improved to 28.9% compared to gross margin of 27.6% in 2009 - the highest annual gross margin in the history of Willi-Food. All following non-GAAP calculations exclude 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$ 1.5 million) (the "CAPITAL GAIN"). Non-GAAP operating income for fiscal 2010 increased 20.2% to NIS 33.6 million (US$ 9.5 million) over fiscal 2009. On a GAAP basis (without excluding the Capital Gain), operating income for fiscal 2010 increased 1.2% from NIS 33.2 million (US$ 9.3 million) recorded in fiscal 2009.
Non-GAAP net income for fiscal 2010 increased 14.7% to NIS 30.2 million (US$ 8.5 million) over fiscal 2009. Non-GAAP net income attributable to Company Shareholders for fiscal 2010 increased 11.9% to NIS 28.2 million (US$ 7.9 million), or NIS 2.2 (US$ 0.62) per share, compared to NIS 25.1 million (US$ 7.1 million), or NIS 2.4 (US$ 0.69) per share, recorded in fiscal 2009. On a GAAP basis, net income fiscal 2010 decreased 4.3% from NIS 31.5 million (US$ 8.9 million) recorded in fiscal 2009. GAAP net income attributable to Company Shareholders for fiscal 2010 decreased 7.4% from NIS 30.4 million (US$ 8.6 million), or NIS 3.0 (US$ 0.83) per share, recorded in fiscal 2009. OUTLOOK Mr. Zwi Williger, President and COO of Willi-Food commented: "Fiscal 2010 was a very strong year for Willi Food. For six consecutive quarters, we have grown sales and gross profits while controlling SG&A expense growth. Fourth quarter operating income grew nearly 30%, despite the well-known pressures in commodity costs being felt around the world. Throughout 2010 we introduced great-tasting, higher margin food products, which we develop together with our suppliers. For instance, we recently introduced two new lines of kosher Swiss premium products: our `KAMBLY' fine biscuit and cookie products, and a new line of fine chocolate bar products. These lines build upon categories that we introduced only a few months ago, such as `GELATO' kosher Italian ice-cream products, and other chilled desserts. "Looking forward, we are confident that we can deliver sales and profit growth in 2011. We believe that momentum will continue to build in recently introduced products, and several new product line introductions can further boost sales. The first quarter of 2011 is off to a good start, and the shift of Passover to the second quarter will help drive sales in that period. We are understandably cautious regarding ongoing global commodity price inflation, but are well-positioned to limit any impacts. We will sustain our flexible purchasing strategy, and are highly focused on reducing production costs and SG&A expenses." "We believe that we can continue to benefit from a multi-channel approach and broad kosher product base that addresses a trend toward more health-conscious food choices. We intend to expand our reach to retail and wholesale markets in the U.S., and have previously discussed the potential for a distribution acquisition in the United States. In addition, several other strategic options are under active evaluation." CONFERENCE CALL The Company will host a conference call to discuss results on Monday, March 21, 2011 at 11:00 AM Eastern time. Interested parties may participate in the conference call by dialing 1-877-941-2321 (US), or 1-480-629-9714 (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=000082ce A replay of the conference call will be available for 14 days from 2:00 PM EST on March 21, 2011 through 11:59 PM EST on April 4, 2011 by dialing 1-877-870-5176 (US), or 1-858-384-5517 (International), access code 4423592. 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 December 31, 2010, U.S. $1.00 equals NIS 3.549. The translation was made solely for the convenience of the reader.
NOTE B: IFRS
The Company's consolidated financial results for the three-month and fiscal year
ended December 31, 2010 are presented in accordance with International Financial
Reporting Standards ("IFRS").
NOTE C: DISCONTINUED OPERATIONS
Discontinued operations are measured and presented in accordance with the
provisions of IFRS 5 "Non-current Assets Held for Sale and Discontinued
Operations".
The results of discontinued operations are presented in the income statement in
a separate item below income from continuing operations. The comparative income
(loss) from discontinued operations has been re-casted to include those
operations classified as discontinued in the current period.
NOTE D: USE OF NON-GAAP MEASURES
This press release provides financial measures for operating income, income from
continuing operations, net income, net income attributable to Company
Shareholders and basic earnings per share, which exclude an unrealized one-time
capital gain resulting from the completion of a tender offer for Gold Frost's
shares that was recorded as "Other income" in the third quarter of 2009 in the
amount of NIS 5.4 million (US$ 1.5 million) and is therefore not calculated in
accordance with generally accepted accounting principles (GAAP). Management
believes that these non-GAAP financial measures provide meaningful supplemental
information regarding the performance of the Company because it reflects the
operational results and enhances management's and investors' ability to evaluate
the Company's operating margin and income, income from continuing operations,
net income, net income attributable to Company Shareholders and basic earnings
per share. The presentation of this non-GAAP financial information is not
intended to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP. Management uses both
GAAP and non-GAAP measures when evaluating the business internally and,
therefore, felt it important to make these non-GAAP adjustments available to
investors. A reconciliation of each GAAP to non-GAAP financial measure discussed
in this press release is contained in the accompanying financial tables.
--------------------------------------------------------------------------------
GAAP SEGMENT RESULTS FOR FISCAL 2010 AND 2009 (IN NIS THOUSANDS):
% OF % OF
2010 SALES 2009 SALES
---------- ---------- ---------- ----------
OPERATING EXPENSES 67,218 19.3% 50,719 16.7%
---------- ---------- ---------- ----------
OPERATING INCOME 33,568 9.6% 33,172 10.9%
INCOME BEFORE TAXES ON INCOME 37,810 10.9% 34,643 11.4%
INCOME FROM CONTINUING OPERATIONS 29,327 8.4% 29,600 9.8%
NET INCOME 30,157 8.7% 31,528 10.4%
ATTRIBUTE TO:
OWNERS OF THE COMPANY 28,177 8.1% 30,436 10.0%
NON-CONTROLLING INTEREST 1,980 0.6% 1,092 0.4%
EARNINGS PER SHARE:
BASIC EARNINGS PER SHARE 2.18 2.96
--------------------------------------------------------------------------------
NON-GAAP SEGMENT RESULTS FOR FISCAL 2010 AND 2009 (IN NIS THOUSANDS):
% OF % OF
2010 SALES 2009 SALES
---------- ---------- ---------- ----------
OPERATING EXPENSES 67,218 19.3% 55,964 18.4%
---------- ---------- ---------- ----------
OPERATING INCOME 33,568 9.6% 27,927 9.2%
INCOME BEFORE TAXES ON INCOME 37,810 10.9% 29,398 9.7%
INCOME FROM CONTINUING OPERATIONS 29,327 8.4% 24,355 8.0%
NET INCOME 30,157 8.7% 26,283 8.7%
ATTRIBUTE TO:
OWNERS OF THE COMPANY 28,177 8.1% 25,191 8.3%
NON-CONTROLLING INTEREST 1,980 0.6% 1,092 0.4%
EARNINGS PER SHARE:
BASIC EARNINGS PER SHARE 2.18 2.44
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 which 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
DECEMBER 31,
--------------------------------------------
2 0 1 0 2 0 0 9 2 0 1 0 (*)
---------- ---------- ----------
NIS US DOLLARS
--------------------------- ----------
(IN THOUSANDS)
--------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 113,631 87,104 32,018
Financial assets carried at fair value through profit or loss 67,890 11,356 19,083
Trade receivables 85,902 77,752 24,202
Other receivables 2,307 1,990 697
Inventories 37,614 44,810 10,599
---------- ---------- ----------
TOTAL CURRENT ASSETS 307,344 223,012 86,599
---------- ---------- ----------
NON-CURRENT ASSETS
Property, plant and equipment 71,350 67,120 20,105
Less -accumulated depreciation 20,512 17,542 5,780
---------- ---------- ----------
50,838 49,578 14,325
---------- ---------- ----------
Long term receivables - 760 -
Prepaid expenses 2,405 2,384 678
Goodwill 1,936 1,936 546
Intangible assets, net 4,067 4,674 1,146
Deferred taxes 694 375 195
---------- ---------- ----------
TOTAL NON-CURRENT ASSETS 59,940 59,707 16,890
========== ========== ==========
TOTAL ASSETS 367,284 282,719 103,489
========== ========== ==========
EQUITY AND LIABILITIES
CURRENT LIABILITIES
Short-term bank credit 5,780 10,372 1,629
Trade payables 32,959 49,382 9,285
Accruals 268 145 76
Current tax liabilities 5,910 2,801 1,665
Other payables and accrued expenses 10,326 8,976 2,910
Employees Benefits 3,057 2,977 862
---------- ---------- ----------
TOTAL CURRENT LIABILITIES 58,300 74,653 16,427
---------- ---------- ----------
NON-CURRENT LIABILITIES
Long-term bank loans 309 97 87
Deferred taxes 522 445 147
Employees Benefits 1,281 1,044 361
---------- ---------- ----------
TOTAL NON-CURRENT LIABILITIES 2,112 1,586 595
---------- ---------- ----------
SHAREHOLDERS' EQUITY
Share capital NIS 0.10 par value
(authorized - 50,000,000 shares, issued and outstanding
- 13,573,679 shares at December 31, 2010; 10,267,893
shares at December 31, 2009) 1,444 1,113 407
Additional paid in capital 128,863 59,056 36,310
Capital fund 247 247 70
Foreign currency translation reserve 736 639 207
Retained earnings 170,060 141,883 47,917
Non-controlling interest 5,522 3,542 1,556
---------- ---------- ----------
306,872 206,480 86,467
========== ========== ==========
TOTAL EQUITY AND LIABILITIES 367,284 282,719 103,489
========== ========== ==========
(*) Convenience Translation into U.S. Dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------
2 0 1 0 2 0 0 9 2 0 0 8 2 0 1 0 (*)
---------- ---------- ---------- ----------
NIS US DOLLARS
---------------------------------------------- ----------
IN THOUSANDS (EXCEPT PER SHARE AND SHARE DATA)
----------------------------------------------------------------
Sales 348,358 303,460 289,068 98,156
Cost of sales 247,572 219,569 228,839 69,758
---------- ---------- ---------- ----------
GROSS PROFIT 100,786 83,891 60,229 28,398
---------- ---------- ---------- ----------
Selling expenses 45,048 35,598 31,800 12,693
General and administrative expenses 22,217 20,451 16,863 6,260
Other (income) expenses (47) (5,330) 1,846 (13)
---------- ---------- ---------- ----------
Total operating expenses 67,218 50,719 50,509 18,940
========== ========== ========== ==========
OPERATING INCOME 33,568 33,172 9,720 9,458
Finance income 5,543 2,744 (4,167) 1,562
Finance expense 1,301 1,273 673 368
---------- ---------- ---------- ----------
Finance income (expense), net 4,242 1,471 (4,840) 1,194
========== ========== ========== ==========
Income before taxes on income 37,810 34,643 4,880 10,652
Taxes on income 8,483 5,043 1,117 2,390
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS 29,327 29,600 3,763 8,262
Income (loss) from discontinued operations 830 1,928 (3,496) 234
---------- ---------- ---------- ----------
NET INCOME 30,157 31,528 267 8,496
========== ========== ========== ==========
ATTRIBUTABLE TO:
Owners of the Company 28,177 30,436 (786) 7,939
Non-controlling interest 1,980 1,092 1,053 557
---------- ---------- ---------- ----------
NET INCOME 30,157 31,528 267 8,496
========== ========== ========== ==========
EARNINGS (LOSS) PER SHARE
Basic from continuing operations 2.12 2.81 0.30 0.60
Basic from discontinued operations 0.06 0.15 (0.38) 0.02
BASIC EARNINGS (LOSS) PER SHARE 2.18 2.96 (0.08) 0.62
Diluted from continuing operations 2.12 2.81 0.30 0.60
Diluted from discontinued operations 0.06 0.15 (0.38) 0.02
DILUTED EARNINGS (LOSS) PER SHARE 2.18 2.96 (0.08) 0.62
Shares used in computation of basic EPS 12,876,294 10,267,893 10,267,893 12,876,294
========== ========== ========== ==========
Shares used in computation of diluted EPS 12,876,294 10,267,893 10,267,893 12,876,294
========== ========== ========== ==========
(*) Convenience translation into U.S. Dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
(NIS IN THOUSANDS)
FOREIGN
ADDITIONAL CURRENCY ATTRIBUTABLE NON- TOTAL
SHARE 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 - - - - 28,177 28,177 1,980 30,157
Currency translation differences - - - 97 - 97 - 97
-------- -------- -------- -------- -------- -------- -------- --------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 736 170,060 231,212 5,522 236,734
Public offering 331 69,807 - - - 70,138 - 70,138
-------- -------- -------- -------- -------- -------- -------- --------
BALANCE - DECEMBER 31, 2010 1,444 128,863 247 736 170,060 301,350 5,522 306,872
======== ======== ======== ======== ======== ======== ======== ========
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
YEAR ENDED DECEMBER 31,
--------------------------------------------------
2 0 1 0 2 0 0 9 2 0 0 8 2 0 1 0 (*)
-------- -------- -------- --------
NIS US DOLLARS
------------------------------------ --------
(IN THOUSANDS)
--------------------------------------------------
CASH FLOWS - OPERATING ACTIVITIES
Profit from continuing operations 29,327 29,600 3,763 8,262
Adjustments to reconcile net income to net cash from continuing
operating activities (Appendix) (8,890) (14,803) 11,790 (2,504)
-------- -------- -------- --------
NET CASH FROM CONTINUING OPERATING ACTIVITIES 20,437 14,797 15,553 5,758
-------- -------- -------- --------
NET CASH FROM (USED IN) DISCONTINUED OPERATING ACTIVITIES (21) 2,876 3,346 (6)
-------- -------- -------- --------
CASH FLOWS - INVESTING ACTIVITIES
Acquisition of property plant and equipment (6,206) (1,839) (3,109) (1,749)
Proceeds from sale of property plant and Equipment 717 276 165 202
Additions to intangible assets - - (300) -
Additions to prepaid expenses, net (1,077) (1,086) (1,579) (303)
Long term deposit, net 14 (7) (44) 4
Proceeds from realization (purchase) of marketable securities,
net (53,234) 663 16,714 (15,000)
Purchase of additional shares in subsidiary - (2,314) (9,250) -
Disposal of subsidiary - 2,185 - -
Purchase of subsidiaries - - (5,664) -
-------- -------- -------- --------
NET CASH USED IN CONTINUING INVESTING ACTIVITIES (59,786) (2,122) (3,067) (16,846)
-------- -------- -------- --------
NET CASH USED IN DISCONTINUED INVESTING ACTIVITIES - (30) (36) -
-------- -------- -------- --------
CASH FLOWS - FINANCING ACTIVITIES
Proceeds of Public offering, net 70,248 - - 19,794
Deferred expenses related to Public Offering - (110) - -
Short-term bank credit, net (3,609) (3,362) (1,797) (1,017)
Repayment of loans (1,016) (1,601) (1,369) (286)
Proceeds of loans 1,200 487 6,803 338
-------- -------- -------- --------
NET CASH FROM (USED IN) CONTINUING FINANCING ACTIVITIES 66,823 (4,586) 3,637 18,829
-------- -------- -------- --------
NET CASH USED IN DISCONTINUED FINANCING ACTIVITIES (926) (2,566) (2,312) (261)
======== ======== ======== ========
INCREASE IN CASH AND CASH EQUIVALENTS 26,527 8,369 17,121 7,474
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL
YEAR 87,104 78,749 61,649 24,544
Net foreign exchange difference on cash and cash equivalents
from discontinued activities - (14) (21) -
-------- -------- -------- --------
CASH AND CASH EQUIVALENTS OF THE END OF THE FINANCIAL YEAR 113,631 87,104 78,749 32,018
======== ======== ======== ========
(*) Convenience Translation into U.S. Dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH FROM OPERATING ACTIVITIES
YEAR ENDED DECEMBER 31,
--------------------------------------------------
2 0 1 0 2 0 0 9 2 0 0 8 2 0 1 0 (*)
-------- -------- -------- --------
NIS US DOLLARS
------------------------------------ --------
(IN THOUSANDS)
--------------------------------------------------
Revaluation of loans from banks and others (11) 32 106 (3)
Deferred income taxes 1,343 739 (505) 378
Capital Gain on purchase of additional shares in subsidiary - (5,245) - -
Unrealized loss (gain) on marketable securities (3,300) (2,652) 5,186 (930)
Depreciation and amortization 5,815 5,777 5,022 1,638
Capital gain on disposal of property
plant and equipment (47) (85) (85) (13)
Employees benefit, net 237 50 545 67
Change in value of warrants to issue shares - (5) (1,035) -
CHANGES IN ASSETS AND LIABILITIES:
Increase in trade receivables and other receivables (8,470) (7,196) (4,665) (2,385)
Decrease (Increase) in inventories 7,196 (10,986) (3,789) 2,028
Decrease in long term receivables 760 103 - 214
Increase (Decrease) in trade and other payables, and other
current liabilities (12,413) 4,665 11,010 (3,498)
-------- -------- -------- --------
(8,890) (14,803) 11,790 (2,504)
======== ======== ======== ========
(*) Convenience Translation into U.S. Dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
NON-GAAP FINANCIALS MEASURES AND RECONCILIATION
YEAR ENDED DECEMBER 31 YEAR ENDED DECEMBER 31
--------------------- ---------------------
2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9
-------- -------- -------- --------
NIS US DOLLARS (*)
--------------------- ---------------------
IN THOUSANDS
------------------------------------------------
GAAP Operating income 33,568 33,172 9,458 9,347
Other income - capital gain - tender offer - (5,245) - (1,478)
-------- -------- -------- --------
NON-GAAP OPERATING INCOME 33,568 27,927 9,458 7,869
-------- -------- -------- --------
GAAP Income before taxes on income 37,810 34,643 10,654 9,761
Other income - capital gain - tender offer - (5,245) - (1,478)
-------- -------- -------- --------
NON-GAAP INCOME BEFORE TAXES ON INCOME 37,810 29,398 10,654 8,283
-------- -------- -------- --------
GAAP Income from continuing operations 29,327 29,600 8,263 8,340
Other income - capital gain - tender offer - (5,245) - (1,478)
-------- -------- -------- --------
NON-GAAP INCOME FROM CONTINUING OPERATIONS 29,327 24,355 8,263 6,862
-------- -------- -------- --------
GAAP Net income 30,157 31,528 8,496 8,884
Other income - capital gain - tender offer - (5,245) - (1,478)
-------- -------- -------- --------
NON-GAAP NET INCOME 30,157 26,283 8,496 7,406
-------- -------- -------- --------
(*) 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.
Baruch Shusel, CFO
(+972) 8-932-1000
baruch@willi-food.co.il
###
SOURCE: G. Willi-Food International Ltd.