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 August 2017
 
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 the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ☒          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 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 ☒
 
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________   
 
G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), a global company that specializes in the development, marketing and international distribution of kosher foods, reports second quarter 2017 results.
 
This report on Form 6-K is hereby incorporated by reference in the Registration Statements on Form F-3 (File No. 333-11848 and 333-138200) of the Registrant.
 


Signatures 
 
Pursuant to 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.
 
 
 
  
 
 
By:
/s/ Yitschak Barabi  
 
 
Name: Yitschak Barabi
 
 
 
Title:   Chief Financial Officer
 
 
Date: August 30, 2017
 


 
 
 
 
 
                  
FOR IMMEDIATE RELEASE

G. WILLI-FOOD INTERNATIONAL REPORTS
SECOND QUARTER 2017 RESULTS
 
YAVNE, Israel – August 30, 2017 - G. Willi-Food International Ltd. (NASDAQ: WILC) (the “Company” or “Willi-Food”), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its unaudited financial results for the second quarter ended June 30, 2017.
 
Willi-Food’s operating divisions include Willi-Food, a distributor of a broad variety of kosher foods, and its wholly-owned Gold Frost, a designer, developer and distributor of branded kosher innovative dairy food products.
 
Second Quarter Fiscal 2017 Highlights (income statement highlights compared to same period last year):
 
·
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.
·
Earnings per share of NIS 0.12 (US$ 0.03).
 
Management Comment
 
Tim Cranko, CEO of Willi-Food, commented, "The Israeli retail market has been undergoing a period of consolidation, leading to more competitive purchasing on the part of retail chains and the resulting reduction in sales margins. In addition, during the first half of fiscal 2017, while our sales remained approximately the same, inventories increased by NIS 30 million (US$ 8.6 million) (+71). Our focus is now on reverting to optimal inventory levels and mix, and at the same time integrating new senior management who are tasked with growing our sales and improving the profitability of our product mix, together with tightening control over the corporate expenses. The task of stabilizing and optimizing the inventory levels and mix is expected to take another 2 quarters during which time we will be required to reduce slow moving and short expiry time items at the expense of sales margins."
 
Second Quarter Fiscal 2017 Summary

Sales for the second quarter of 2017 remained substantially unchanged year-over-year, with a decrease of sales of 0.2% to NIS 76.4 million (US$ 21.8 million) from NIS 76.6 million (US$ 21.9 million) recorded in the second quarter of 2016.

Gross profit for the second quarter of 2017 decreased by 32.2% to NIS 14.6 million (US$ 4.2 million) compared to NIS 21.5 million (US$ 6.1 million) recorded in the second quarter of 2016. Second quarter 2017 gross margin decreased by 32% to 19.1% compared to gross margin of 28.1% for the same period in 2016. The decrease in gross margin was primarily due to reductions in the prices of certain of our products as a result of continued expectations from our customers for reduced prices and from the impact of the massive inventory increase.
 


Willi-Food’s operating income for the second quarter of 2017 decreased by 120.9% to an operating loss of NIS 1.6 million (US$ 0.4 million) compared to operating income of NIS 7.9 million (US$ 2.2 million) in the second quarter of 2016. Selling expenses increased by 15.9% from the comparable quarter of 2016 primarily due to a sharp increase in promotional expenses that included an approximately NIS 1.5 million (US$ 0.4 million) expense that was part of the annual budget and related to a nationwide campaign aimed at broadening market awareness of Willi-Food's brands and products. Selling expenses as a percentage of sales were 14.4%, compared to 12.4% in the second quarter of 2016.

General and administrative expenses were NIS 5.4 million (US$ 1.3 million) in the second quarter of 2017, an increase of 32.6% compared to NIS 4.1 million (US$ 1.1 million) in second quarter of 2016, mainly due to an increase of the reserve for doubtful debts.

Willi-Food’s income before taxes for the second quarter of 2017 was NIS 1 million (US$ 0.3 million) compared to income before taxes of NIS 10.3 million (US$ 2.9 million) recorded in the second quarter of 2016.

Willi-Food's net profit in the second quarter of 2017 was NIS 1.6 million (US$ 0.4 million), or NIS 0.12 (US$ 0.03) per share, compared to NIS 7.7 million (US$ 2.2 million), or NIS 0.58 (US$ 0.16) per share, recorded in the second quarter of 2016.

Willi-Food ended the second quarter of 2017 with NIS 199 million (US$ 57 million) in cash and securities. Net cash from operating activities for 2017 second quarter was NIS 7 million (US$ 2 million). Willi-Food's shareholders' equity at the end of June 2017 was NIS 397.8 million (US$ 117.9 million).

First Half Fiscal 2017 Highlights (compared to same period last year)

·
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.
·
Net income decreased 53% to NIS 5.8 million (US$ 1.6 million), or 3.7% of sales.
·
Earning per share of NIS 0.44 (US$ 0.13).
 
Six-Month Results

Willi-Food’s sales for the six-month period ending June 30, 2017 decreased by 0.3% to NIS 159.7 million (US$ 45.7 million) compared to sales of NIS 159.2 million (US$ 45.5 million) in the first half of 2016.  Gross profit for the period decreased by 13.5% to NIS 36.6 million (US$ 10.4 million) compared to gross profit of NIS 42.3 million (US$ 12.1 million) for the first half of 2016. First half 2017 gross margin was 22.9% compared to a gross margin of 26.6% for the same period in 2016.

Operating income for the first half of 2017 decreased by 68.4% to NIS 5 million (US$ 1.4 million) from NIS 15.8 million (US$ 4.5 million) reported in the comparable period of last year primarily due to the decrease of gross profit and increase of selling expenses.  First half 2017 income before taxes decreased by 59% to NIS 6.8 million (US$ 1.9 million) compared to NIS 16.7 million (US$ 4.8 million) recorded in the first half of 2016. Net income for the first half of 2017 decreased by 53% to NIS 5.8 million (US$ 1.6 million), or NIS 0.44 (US$ 0.13) per share, from NIS 12.5 million (US$ 3.5 million), or NIS 0.94 (US$ 0.27) per share, recorded in the first half of 2016.
 


 
Note regarding Israeli Securities Authority Investigation

As previously announced, on February 17, 2016, a search was conducted in the offices of the Company, the Parent Company, BSD Crown Ltd., and B.G.I Investments Ltd. (collectively, the “Group”), by the Israeli Securities Authority (the “ISA”), during which various documents and computers were taken from the Group's offices. A number of executives in the Group were investigated by the ISA, and Mr. Gregory Gurtovoy, a former member of the Company's board of directors and the former indirect controlling shareholder, was detained for interrogation by the ISA for three days, after which, he was placed under house arrest for a period of two weeks, on the suspicion of the crimes of fraudulent acquisitions under aggravating circumstances, falsifying corporate documents, fraud, breach of fiduciary duty in a corporation, money laundering, as well as misleading reporting.

To Company management's knowledge, the investigation by the ISA with regards to the Company, relates to an investment of approximately US$ 2.25 million (the “Investment”) made during January 2016  in the form of bonds of a European company, which allegedly served as a collateral to a loan obtained by the former controlling shareholder or another individual, and which was unrelated to the Company's operations.
 
The Investment was carried out by B.H.W.F.I Ltd., a wholly owned subsidiary of the Company (“BHWFI”), pursuant to subscription forms to purchase 300 bonds with a nominal value of US$ 10,000 each (the “Subscription Forms”). The Bonds bear an annual interest rate of 6%, payable semi-annually on June 30 and December 31 of each year as of the issue date until the final maturity date of 31 December 2018. The issuer has the right to repay the Bonds with prior notice of 30 days without penalty.

On December 30, 2016, BHWFI and the issuer signed an agreement (the “Agreement”) for an early redemption of the bonds for a total of US$ 1.8 million to be paid by February 15, 2017.  As part of the Agreement, the issuer waived all its claims against BHWFI, including an alleged obligation to make an additional investment in bonds up to an aggregate amount of US$ 5 million (as stated above, an amount of US$ 2.25 million was invested in the past).

On March 21, 2017, a first payment in the amount of US$ 200 thousand was received and on July 6, 2017, a second payment in the amount of US$ 400 thousand was received.

 As of the financial results reporting date, due to uncertainty related to the collection of the remaining US$1.5 million debt, the company kept a non-cash provision in the amount of the unpaid debt.

Note regarding our controlling shareholder, B.S.D. Crown Ltd.

On May 5, 2017, following a court proceeding in the District Court of Tel-Aviv in which the court permitted the trustee to vote the B.S.D Trustee Shares independently at his discretion, a special meeting of the shareholders of B.S.D appointed three directors to the Board of Directors of B.S.D as nominated by Yoseph Williger and the termination of the term of office of all then current directors of B.S.D other than the external director who remained in office. After such appointments, Yoseph Williger gained effective control of the Board of Directors of B.S.D. The trustee did not vote the B.S.D Trustee Shares at such meeting. There is currently an ongoing court proceeding to determine whether the trustee has a permanent right to vote the B.S.D Trustee Shares at his discretion.

On June 11, 2017, following a court proceeding in the District Court of Tel-Aviv in which the court ordered that a shareholders meeting be held in the parent company prior to the convening of a shareholders meeting of the Company, a special meeting of the parent company shareholders approved the appointment of the following B.S.D nominated directors: Mr. Zwi Williger, Mr. Yoseph Williger, Mr. Kobi Navon and Mr. Benzi Sao; and the termination of the term of office of all then current directors of the parent company (Mr. Gregory Gurtovoy, Mr. Ilan Admon, Ms. Shalhevet Hasdiel, Mr. Eli Arad and Arik Safran) other than the external directors of the parent company (Mrs. Ronit Zalman Malach and Mr. Ziv Ironi) who remained in office.

On June 20, 2017, an Annual and Special Meeting of Shareholders of the Company approved the appointment of the following directors: Mr. Yoseph Williger, Mr. Zwi Williger, Mr. Gil Hochboim and Mr. David Donin. and the termination of the term of office of all then current directors of the company (Mr. Gregory Gurtovoy, Mr. Ilan Admon, Mr. Ilan Cohen, and Mr. Emil Bodilovski) other than the external directors of the parent company (Mrs. Sigal Grinboim and Mr. Menashe Arnon) who remained in office.
 
On june 20, 2017 the board of directors aprproved the appointment of Mr. Victor Bar as a director.


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 June 30, 2017, U.S. $1.00 equals NIS 3.496. The translation was made solely for the convenience of the reader.

NOTE B: IFRS

The Company’s consolidated financial results for the six-month period ended June 30, 2017 are presented in accordance with International Financial Reporting Standards (“IFRS”).
 
ABOUT G. WILLI-FOOD INTERNATIONAL LTD.:

G. Willi-Food International Ltd. (http://www.willi-food.com) 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, marketing and distribution of over 600 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 and Gold Frost, a wholly owned subsidiary who designs, develops and distributes branded kosher, dairy-food products.
 
FORWARD LOOKING STATEMENT

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 marketable securities or 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 and changes in consumer preferences, our inability to protect our intellectual property rights, 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, 2016, filed with the Securities and Exchange Commission on April 27, 2017. 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

   
June 30,
   
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
 
                                                 
(*) Convenience translation into U.S. dollars.
 

 
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
   
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 (except per share and share data)
 
                                     
Sales
   
159,730
     
159,228
     
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
 
 
(*) Convenience translation into U.S. dollars.
 



G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
   
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
 
 
(*) Convenience Translation into U.S. Dollars.
 

 
G. WILLI-FOOD INTERNATIONAL LTD.
APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
CASH FLOWS - OPERATING ACTIVITIES:

A. Adjustments to reconcile net profit to net cash from operating activities:

   
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
 
 
B. Significant non-cash transactions:
 
   
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
 
 
        (*) 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.
Yitschak Barabi, Chief Financial Officer
 (+972) 8-932-1000
itsik.b@willi-food.co.il

###

SOURCE: G. Willi-Food International Ltd.