G. Willi-Food International Ltd.
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By:
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/s/ Yitschak Barabi | |
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Name: Yitschak Barabi
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||
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Title: Chief Financial Officer
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· |
Gross profit decreased 32.2% year-over-year to NIS 14.6 million (US$ 4.2 million).
|
· |
Operating loss of NIS 1.6 million (US$ 0.4 million), or -2.2% of sales, compered to operating profit of NIS 7.9 million in the comparable quarter of 2016.
|
· |
Net profit was NIS 1.6 million (US$ 0.4 million), or 2.1% of sales, a decrease of 79.7% versus the second quarter of 2016.
|
· |
Net cash from operating activities of NIS 7 million (US$ 2 million).
|
· |
Cash and securities balance of NIS 199.7 million (US$ 57.1 million) as of June 30, 2017.
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· |
Earnings per share of NIS 0.12 (US$ 0.03).
|
· |
Sales increased 0.3% to NIS 159.7 million (US$ 45.7 million).
|
· |
Gross profit decreased 13.5% to NIS 36.6 million (US$ 10.4 million), or 22.9% of sales.
|
· |
Operating income decreased 68.4% to NIS 5 million (US$ 1.4 million), or 3.1% of sales.
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· |
Net income decreased 53% to NIS 5.8 million (US$ 1.6 million), or 3.7% of sales.
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· |
Earning per share of NIS 0.44 (US$ 0.13).
|
June 30,
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December 31
|
June 30,
|
December 31
|
|||||||||||||||||||||
2 0 1 7
|
2 0 1 6
|
2016
|
2 0 1 7
|
2 0 1 6
|
2016
|
|||||||||||||||||||
NIS
|
US dollars (*)
|
|||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Current assets
|
||||||||||||||||||||||||
Cash and cash equivalents
|
89,188
|
164,809
|
129,577
|
25,511
|
47,142
|
37,064
|
||||||||||||||||||
Financial assets carried at fair value through profit or loss
|
110,545
|
82,604
|
104,921
|
31,620
|
23,628
|
30,012
|
||||||||||||||||||
Trade receivables
|
92,917
|
90,353
|
80,227
|
26,578
|
25,845
|
22,948
|
||||||||||||||||||
Other receivables and prepaid expenses
|
5,112
|
5,808
|
4,795
|
1,462
|
1,661
|
1,372
|
||||||||||||||||||
Inventories
|
70,927
|
33,060
|
41,877
|
20,288
|
9,457
|
11,979
|
||||||||||||||||||
Current tax assets
|
6,165
|
1,468
|
5,443
|
1,763
|
420
|
1,557
|
||||||||||||||||||
Total current assets
|
374,854
|
378,102
|
366,840
|
107,222
|
108,153
|
104,932
|
||||||||||||||||||
Non-current assets
|
||||||||||||||||||||||||
Property, plant and equipment
|
79,886
|
77,591
|
77,204
|
22,851
|
22,194
|
22,084
|
||||||||||||||||||
Less -Accumulated depreciation
|
37,842
|
33,677
|
34,963
|
10,824
|
9,633
|
10,001
|
||||||||||||||||||
42,044
|
43,914
|
42,241
|
12,027
|
12,561
|
12,083
|
|||||||||||||||||||
Non current financial assets
|
-
|
8,299
|
-
|
-
|
2,374
|
-
|
||||||||||||||||||
Other receivables and prepaid expenses
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Goodwill
|
36
|
36
|
36
|
10
|
10
|
10
|
||||||||||||||||||
Deferred taxes
|
3,128
|
3,334
|
2,354
|
895
|
954
|
673
|
||||||||||||||||||
Total non-current assets
|
45,208
|
55,583
|
44,631
|
12,932
|
15,899
|
12,766
|
||||||||||||||||||
420,062
|
433,685
|
411,471
|
120,154
|
124,052
|
117,698
|
|||||||||||||||||||
EQUITY AND LIABILITIES
|
||||||||||||||||||||||||
Current liabilities
|
||||||||||||||||||||||||
Trade payables
|
16,223
|
15,068
|
14,832
|
4,640
|
4,310
|
4,243
|
||||||||||||||||||
Employees Benefits
|
2,428
|
2,090
|
2,253
|
695
|
598
|
644
|
||||||||||||||||||
Other payables and accrued expenses
|
3,666
|
3,732
|
2,533
|
1,047
|
1,067
|
724
|
||||||||||||||||||
Total current liabilities
|
22,317
|
20,890
|
19,618
|
6,382
|
5,975
|
5,611
|
||||||||||||||||||
Non-current liabilities
|
||||||||||||||||||||||||
retirement benefit obligation
|
875
|
590
|
849
|
250
|
169
|
243
|
||||||||||||||||||
Total non-current liabilities
|
875
|
590
|
849
|
250
|
169
|
243
|
||||||||||||||||||
Shareholders' equity
|
||||||||||||||||||||||||
Share capital NIS 0.1 par value (authorized - 50,000,000 shares, issued and outstanding - 13,240,913 shares at March 31, 2017; and
December 31, 2016)
|
1,424
|
1,425
|
1,424
|
407
|
408
|
407
|
||||||||||||||||||
Additional paid in capital
|
128,354
|
128,354
|
128,354
|
36,715
|
36,715
|
36,715
|
||||||||||||||||||
Capital fund
|
247
|
247
|
247
|
71
|
71
|
71
|
||||||||||||||||||
Remeasurement of the net liability in respect of defined benefit
|
(508
|
)
|
(197
|
)
|
(508
|
)
|
(145
|
)
|
(56
|
)
|
(145
|
)
|
||||||||||||
Retained earnings
|
267,353
|
282,376
|
261,487
|
76,474
|
80,770
|
74,796
|
||||||||||||||||||
Equity attributable to owners of the Company
|
396,870
|
412,205
|
391,004
|
113,522
|
117,908
|
111,844
|
||||||||||||||||||
420,062
|
433,685
|
411,471
|
120,154
|
124,052
|
117,698
|
|||||||||||||||||||
Six months
|
Three months
|
Six months
|
||||||||||||||||||||||
ended
|
ended
|
ended
|
||||||||||||||||||||||
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||||||||
2 0 1 7
|
2 0 1 6
|
2017
|
2016
|
2 0 1 7
|
2 0 1 6
|
|||||||||||||||||||
NIS
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US dollars (*)
|
|||||||||||||||||||||||
In thousands (except per share and share data)
|
||||||||||||||||||||||||
Sales
|
159,730
|
159,228
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76,440
|
76,623
|
45,689
|
45,546
|
||||||||||||||||||
Cost of sales
|
123,104
|
116,908
|
61,838
|
55,086
|
35,213
|
33,441
|
||||||||||||||||||
Gross profit
|
36,626
|
42,320
|
14,602
|
21,537
|
10,476
|
12,105
|
||||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||||||||||
Selling expenses
|
23,036
|
18,542
|
11,183
|
9,528
|
6,589
|
5,304
|
||||||||||||||||||
General and administrative expenses
|
8,876
|
7,921
|
5,327
|
4,122
|
2,539
|
2,266
|
||||||||||||||||||
Other income
|
301
|
11)
|
)
|
262
|
-
|
86
|
(2
|
)
|
||||||||||||||||
Total operating expenses
|
31,611
|
26,474
|
16,249
|
13,650
|
9,042
|
7,572
|
||||||||||||||||||
Operating income (loss)
|
5,015
|
15,846
|
(1,647
|
)
|
7,887
|
1,434
|
4,533
|
|||||||||||||||||
Financial income
|
5,501
|
1,019
|
3,354
|
1,582
|
1,573
|
291
|
||||||||||||||||||
Financial expense
|
3,688
|
172
|
670
|
(910
|
)
|
1,055
|
49
|
|||||||||||||||||
Total financial income
|
1,813
|
847
|
2,684
|
2,492
|
518
|
242
|
||||||||||||||||||
Income before taxes on income
|
6,828
|
16,693
|
1,037
|
10,379
|
1,952
|
4,775
|
||||||||||||||||||
Taxes on income
|
(962
|
)
|
(4,200
|
)
|
535
|
(2,617
|
)
|
(275
|
)
|
(1,201
|
)
|
|||||||||||||
Profit (loss) for the period
|
5,866
|
12,493
|
1,572
|
7,762
|
1,677
|
3,574
|
||||||||||||||||||
Earnings per share:
|
||||||||||||||||||||||||
Basic earnings per share
|
0.44
|
0.94
|
0.12
|
0.55
|
0.13
|
0.27
|
||||||||||||||||||
Diluted earnings per share
|
0.44
|
0.94
|
0.12
|
0.55
|
0.13
|
0.27
|
||||||||||||||||||
Shares used in computation of basic EPS
|
13,240,913
|
13,240,913
|
13,240,913
|
13,940,913
|
13,240,913
|
13,240,913
|
Six months
|
Three months
|
Six months
|
||||||||||||||||||||||
ended
|
ended
|
ended
|
||||||||||||||||||||||
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||||||||
2 0 1 7
|
2 0 1 6
|
2017
|
2016
|
2 0 1 7
|
2 0 1 6
|
|||||||||||||||||||
NIS
|
US dollars (*)
|
|||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
CASH FLOWS - OPERATING ACTIVITIES
|
||||||||||||||||||||||||
Profit from continuing operations
|
5,866
|
12,493
|
1,572
|
7,762
|
1,677
|
3,574
|
||||||||||||||||||
Adjustments to reconcile net profit to net cash used in continuing operating activities (Appendix)
|
(42,136
|
)
|
1,248
|
5,472
|
5,818
|
(12,052
|
)
|
357
|
||||||||||||||||
Net cash used in (used to) continuing operating activities
|
(36,270
|
)
|
13,741
|
7,044
|
13,580
|
(10,375
|
)
|
3,930
|
||||||||||||||||
CASH FLOWS - INVESTING ACTIVITIES
|
||||||||||||||||||||||||
Acquisition of property plant and equipment
|
(1,593
|
)
|
(1,681
|
)
|
(1,282
|
)
|
(803
|
)
|
(456
|
)
|
(481
|
)
|
||||||||||||
Proceeds from sale of property plant and Equipment
|
301
|
68
|
262
|
-
|
86
|
19
|
||||||||||||||||||
Proceeds from purchase of marketable securities, net
|
(3,597
|
)
|
61,492
|
(1,426
|
)
|
51,481
|
(1,029
|
)
|
17,589
|
|||||||||||||||
Short term deposit
|
-
|
20,288
|
-
|
-
|
-
|
5,803
|
||||||||||||||||||
Proceeds (acquisition) of non current financial assets
|
770
|
(8,504
|
)
|
-
|
-
|
220
|
(2,432
|
)
|
||||||||||||||||
Net cash from continuing investing activities
|
(4,119
|
)
|
71,663
|
(2,446
|
)
|
50,678
|
)1,179
|
)
|
20,527
|
|||||||||||||||
CASH FLOWS - FINANCING ACTIVITIES
|
||||||||||||||||||||||||
Short-term bank debt
|
-
|
(16
|
)
|
-
|
-
|
-
|
(5
|
)
|
||||||||||||||||
Net cash used in continuing financing activities
|
-
|
(16
|
)
|
-
|
-
|
-
|
(5
|
)
|
||||||||||||||||
Increase (decrease) in cash and cash equivalents
|
(40,389
|
)
|
85,388
|
4,598
|
64,258
|
(11,554
|
)
|
24,424
|
||||||||||||||||
Cash and cash equivalents at the beginning of the financial period
|
129,577
|
79,421
|
84,590
|
100,551
|
37,065
|
22,718
|
||||||||||||||||||
Cash and cash equivalents of the end of the financial year
|
89,188
|
164,809
|
89,188
|
164,809
|
25,511
|
47,142
|
Six months
|
Three months
|
Six months
|
||||||||||||||||||||||
ended
|
ended
|
ended
|
||||||||||||||||||||||
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||||||||
2 0 1 7
|
2 0 1 6
|
2017
|
2016
|
2 0 1 7
|
2 0 1 6
|
|||||||||||||||||||
NIS
|
US dollars (*)
|
|||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Decrease in deferred income taxes
|
(774
|
)
|
279
|
(1,298
|
)
|
97
|
(221
|
)
|
80
|
|||||||||||||||
Unrealized loss (gain) on marketable securities
|
(2,028
|
)
|
911
|
(766
|
)
|
1
|
(580
|
)
|
261
|
|||||||||||||||
Unrealized loss (gain) from non current financial assets
|
-
|
205
|
-
|
205
|
-
|
59
|
||||||||||||||||||
Depreciation and amortization
|
1,790
|
1,854
|
861
|
953
|
512
|
530
|
||||||||||||||||||
Capital loss (gain) on disposal of property plant and equipment
|
(301
|
)
|
11
|
(262
|
)
|
-
|
(86
|
)
|
3
|
|||||||||||||||
Changes in assets and liabilities:
|
||||||||||||||||||||||||
increase in trade receivables and other receivables
|
(14,499
|
)
|
(5,814
|
)
|
4,598
|
(2,890
|
)
|
(4,147
|
)
|
(1,663
|
)
|
|||||||||||||
increase in inventories
|
(29,051
|
)
|
1,457
|
5,621
|
4,924
|
(8,310
|
)
|
417
|
||||||||||||||||
Increase (decrease) in trade and other payables, and other current liabilities
|
2,727
|
2,345
|
(3,282
|
)
|
2,528
|
780
|
670
|
|||||||||||||||||
(42,136
|
)
|
1,248
|
5,472
|
5,818
|
(12,052
|
)
|
357
|
Six months
|
Three months
|
Six months
|
||||||||||||||||||||||
ended
|
ended
|
ended
|
||||||||||||||||||||||
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||||||||
2 0 1 7
|
2 0 1 6
|
2017
|
2016
|
2 0 1 7
|
2 0 1 6
|
|||||||||||||||||||
NIS
|
US dollars (*)
|
|||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Purchase of property, plant and equipment
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Supplemental cash flow information:
|
||||||||||||||||||||||||
Income tax paid
|
3,719
|
4,734
|
1,069
|
2,361
|
1,063
|
1,354
|