G. Willi-Food International Announces Increased Financial Income and Net Profit in Its Annual Report on Form 20-F Filed Today Compared to Its Previous Press Release Announcing 2017 Financial Results
YAVNE, Israel, April 30, 2018 /PRNewswire/ -- 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 the filing of an Annual Report on Form 20-F that includes changes in the Company's 2017 financial results, including increased financial income and net profit, compared to the 2017 financial results described in the Company's press release, dated March 14, 2018.
The changes result from the receipt by the Company on March 26, 2018 of an amount of USD 1,145 thousand received from a non tradeable related to a bond issuer. As required by International Acounting Standard – IAS10 – "Events after the Reporting Period", the Company recorded in its financial statements for the year ended December 31, 2017 financial income in an amount equal to the payment received. For more information regarding this non treadeable bond, see "Item 8. Financial information- Legal Proceedings (8)" in our Annual Report on Form 20-F for the year ended December 31, 2017.
The following table summarizes the material changes in the 2017 financial results reported in the Annual Report on Form 20-F filed today compared to the 2017 financial results described in the Company's press release, dated March 14, 2018:
| Press Release of March, 14, 2018 |
Adjustment
|
2017 Annual Report on Form |
Press Release of March, 14, 2018 |
Adjustment
|
2017 Annual Report on Form |
|
| NIS in thousands (except earnings per share) |
USD in thousands (except earnings per share) |
|||||
| Financial income |
13,967 |
3,970 |
17,937 |
4,028 |
1,145 |
5,173 |
| Financial income, Net |
10,198 |
3,970 |
14,168 |
2,941 |
1,145 |
4,086 |
| Income before taxes |
26,963 |
3,970 |
30,933 |
7,776 |
1,145 |
8,921 |
| Net profit |
21,053 |
3,970 |
25,023 |
6,071 |
1,145 |
7,216 |
| Earnings per share |
1.58 |
0.31 |
1.89 |
0.46 |
0.08 |
0.54 |
NOTE A: NIS to US$ exchange rate used for convenience only
The conversion from New Israeli Shekels (NIS) into U.S. dollars was made at the exchange rate as of December 31, 2017, on which U.S. $1.00 equaled NIS 3.467. The use of US$ is solely for the convenience of the reader.
NOTE B: IFRS
The Company's consolidated financial results for fiscal year ended December 31, 2017 are presented in accordance with International Financial Reporting Standards ("IFRS").
Availability of Form 20-F on the Company's web site
The Company's Annual Report on Form 20-F, containing audited consolidated financial statements for the year ended December 31, 2017, as filed with the Securities and Exchange Commission today, is available on the Company's website (http://www.willi-food.com). Shareholders may receive a hard copy of the annual report free of charge upon request.
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.
Company Contact:
G. Willi - Food International Ltd.
Amir Kaplan, Chief Financial Officer
(+972)-8-932-1000
[email protected]
SOURCE G. Willi-Food International Ltd.
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