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G. Willi-Food international Reports its financial results for the year 2021

G Willi Food International Logo

News provided by

G. Willi-Food International Ltd.

Mar 15, 2022, 07:00 ET

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YAVNE, Israel, March 15, 2022 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (TASE: WILF) (the "Company" or "Willi-Food"), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its financial results for the fiscal year ended December 31, 2021.

Fiscal Year 2021 Highlights

  • Sales increased to NIS 454.2 million (US$ 146.0 million) from NIS 454.1 million (US$ 146.0 million) in fiscal year 2020.
  • Gross profit decreased by 4.9% from fiscal year 2020 to NIS 138.3 million (US$ 44.5 million).
  • Operating profit decreased by 14.3% from fiscal year 2020 to NIS 49.4 million (US$ 15.9 million).
  • Cash and cash equivalents balance of NIS 349.8 million (US$ 112.5 million) as of December 31, 2021.
  • Earnings per share of NIS 3.25 (US$ 1.05).

Management Comment

Zwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: "We are very pleased to present our fiscal year 2021 financial results. As a result of the Covid-19 pandemic and its variants, the world is still experiencing a crisis that is reflecting among other things, in disruptions to international commercial shipping, which has led to an increase in the demand for containers and a significant increase in sea freight and commodity prices. The Company cannot predict how long this "shipping crisis" will last. Despite this difficult environment, the Company managed to maintain the same level of sales and a strong level of gross margin and other operational parameters. In addition, recently armed conflict opened between Ukraine and Russia which are major producers of wheat and oil  in the world. if this war continues it will affect the price of wheat and oil and its related products. Despite this difficulties and uncertainty The Company will work hard to fulfill its strategy for the near future, to improve commercial conditions with its suppliers and customers, develop new products, enter into new categories with potentially high gross profit margins, improve the visibility of its products in the stores, strengthen its brand and supply chain and ensure sufficient inventory. We intend to work hard to achieve the goals we have set for the Company."

Fiscal 2021 Summary

Revenues for fiscal year 2021 increased to NIS 454.2 million (USD 146.0 million) from NIS 454.1 million (USD 146.0 million) recorded in fiscal year 2020.

Gross profit for fiscal year 2021 decreased by 4.9% to NIS 138.3 million (USD 44.5 million), or 30.4% of revenues, from NIS 145.4 million (USD 46.7 million), or 32.0% of revenues, recorded in fiscal year 2020. The decrease in gross profit was mainly due to increased costs of the Company's imported products and significant increases in shipping costs starting second half of 2021.

Selling expenses for fiscal year 2021 amounted to NIS 65.9 million (USD 21.2 million), or 14.5% of revenues, and were substantially the same as in fiscal 2020.

General and administrative expenses for fiscal year 2021 increased by 6.3% to NIS 23.3 million (USD 7.5 million), or 5.1% of revenues, from NIS 21.9 million (USD 7.0 million), or 4.8% of revenues, recorded in fiscal year 2020. The increase in General and administrative expenses was mainly due to changes in the provision for doubtful debts in the amount of NIS 0.7 million (USD 0.3 million) and an increase in stock exchange fees and donations in the amount of 0.5 million (USD 0.16 million).

Operating profit for fiscal year 2021 decreased by NIS 8.2 million (USD 2.6 million), or by 14.3%, to NIS 49.4 million (USD 15.9 million), or 10.9% of revenues, from NIS 57.6 million (USD 18.5 million), or 12.7% of revenues, recorded in fiscal year 2020. The decrease in operating profit was primarily due to a decrease in gross profit.

Financial income, net, for fiscal year 2021 amounted to NIS 8.5 million (USD 2.7 million), compared to NIS 10.1 million (USD 3.2 million) recorded in fiscal year 2020. Financial income, net for fiscal year 2021 comprised mainly of income from revaluation of the Company's portfolio of securities to fair value in an amount of NIS 19.5 million (USD 6.3 million) and interest and dividend income from the Company's portfolio of securities in an amount of NIS 9.5 million (USD 3.1 million), offset by from  expenses from changes in fair value of liabilities assets at fair values in an amount of NIS 14.0 (USD 4.5 million), exchange rate differences in an amount of NIS 5.2 million (USD 1.7 million) and other finance expenses in an amount of NIS 1 million (USD 0.3 million).

Willi-Food ended fiscal year 2021 with NIS 349.8 million (USD 112.3 million) in cash and cash equivalents with no short-term debt. Net cash from operating activities in fiscal year 2021 was NIS 45.7 million (USD 14.7 million). Willi-Food's shareholders' equity at the end of December 2021 was NIS 568.9 million (USD 182.9 million).

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 of USD 1.00 to NIS 3.11 as of December 31, 2021. The use of USD is solely for the convenience of the reader.

NOTE B: IFRS

The Company's consolidated financial results for fiscal year ended December 31, 2021 are presented in accordance with International Financial Reporting Standards.

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 and 3,000 selling points 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 Euro European Dairies, a wholly owned subsidiary that designs, develops and distributes branded kosher, dairy-food products.

FORWARD LOOKING STATEMENTS

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, 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, adverse effects from the ongoing COVID-19 pandemic, disruptions to global shipping, 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, risks associated with product liability claims and risks associated with the start of credit extension activity. 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, 2020, filed with the Securities and Exchange Commission on March 27, 2020. 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.

G. WILLI–FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS



December 31,

December 31,


2 0 2 1

2 0 2 0

2 0 2 1

2 0 2 0


NIS

US dollars (*)


(in thousands)

ASSETS





Current assets





Cash and cash equivalents

195,718

201,822

62,932

64,895

Financial assets at fair value through profit or loss

154,090

154,700

49,547

49,742

Loans to others

-

18,707

-

6,015

Trade receivables

134,017

131,301

43,092

42,219

Other receivables and prepaid expenses

4,939

6,667

1,588

2,144

Inventories

59,528

59,514

19,141

19,136

Current tax assets

5,780

3,965

1,859

1,275

Total current assets

554,072

576,676

178,158

185,426






Non-current assets





Property, plant and equipment

87,245

83,105

28,053

26,722

Less -Accumulated depreciation

48,431

46,460

15,573

14,939


38,814

36,645

12,480

11,783






Right of use asset

4,088

2,866

1,314

922

Financial assets at fair value through profit or loss

31,056

13,700

9,986

4,405

Goodwill

36

36

12

12

Total non-current assets

73,994

53,247

23,792

17,122







628,066

629,923

201,950

202,548

EQUITY AND LIABILITIES





Current liabilities










Current maturities of lease liabilities

1,136

1,393

365

448

Trade payables

20,386

23,474

6,555

7,548

Employees Benefits

3,442

3,437

1,107

1,105

Financial liabilities at fair value through profit or loss

13,960

-

4,489

-

Other payables and accrued expenses

11,216

11,611

3,606

3,733

Total current liabilities

50,140

39,915

16,122

12,834






Non-current liabilities





Lease liabilities

3,062

1,592

985

512

Deferred taxes

2,017

768

648

247

Retirement benefit obligation

1,615

1,905

519

613

Total non-current liabilities

6,694

4,265

2,152

1,372






Shareholders' equity 





Share capital

1,490

1,490

479

479

Additional paid in capital

170,760

170,760

54,907

54,907

Capital fund

247

247

79

79

Treasury shares

(628)

(628)

(202)

(202)

Retained earnings

400,322

415,196

128,721

133,504

Remeasurement of the net liability in respect of defined benefit

(959)

(1,322)

(308)

(425)

Equity attributable to owners of the Company

571,232

585,743

183,676

188,342







628,066

629,923

201,950

202,548

 

(*)        Convenience translation into U.S. dollars.

G. WILLI–FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS



For the year ended

December 31,

For the year ended

December 31,


2 0 2 1

2 0 2 0

2 0 2 1

2 0 2 0


NIS

US dollars (*)


In thousands (except per share and share data)






Sales

454,213

454,094

146,049

146,011

Cost of sales

315,920

308,717

101,582

99,266






Gross profit

138,293

145,377

44,467

46,745

 

Operating costs and expenses:





 Selling expenses

65,869

65,990

21,180

21,219

 General and administrative expenses

23,299

21,918

7,491

7,048

 Other income

(230)

(108)

(74)

(35)

Total operating expenses

88,938

87,800

28,597

28,232











Operating profit

49,355

57,577

15,870

18,513






Financial income

28,957

11,348

9,311

3,649

Financial expense

20,492

1,253

6,589

403

Total Finance Income

8,465

10,095

2,722

3,246






 Profit before taxes on income

57,820

67,672

18,592

21,759

 Taxes on income

12,719

15,463

4,090

4,972






Income after taxes on income

45,101

52,209

14,502

16,787











Earnings per share:





Basic / diluted earnings per share

3.25

3.89

1.05

1.3











Shares used in computation of
basic/diluted EPS

13,867,017

13,433,684

13,867,017

13,433,684






Actual number of shares

13,867,017

13,867,017

13,867,017

13,867,017

 

(*)        Convenience translation into U.S. dollars.

G. WILLI‑FOOD INTERNATIONAL LTD.


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS







For the year ended

For the year ended



December 31,

December 31,



2 0 2 1

2 0 2 0

2 0 2 1

2 0 2 0



NIS

US dollars (*)



In thousands (except per share and share data)


CASH FLOWS - OPERATING ACTIVITIES






Profit from continuing operations

45,101

52,209

14,502

16,787


Adjustments to reconcile net profit to net cash from continuing operating activities (Appendix A)

416

11,967

133

3,848


Net cash from (used to) continuing operating activities 

45,517

64,176

14,635

20,635














CASH FLOWS - INVESTING ACTIVITIES






Acquisition of property plant and equipment

(6,209)

(2,903)

(1,996)

(933)


Proceeds from sale of property plant and equipment

230

108

74

35


Loans granted to others

-

(20,000)

-

(6,431)


Proceeds from loans granted to others

18,707

18,943

6,015

6,091


Proceeds from sale (purchase) of marketable securities, net

2,718

(20,739)

874

(6,668)


Net cash used to continuing investing activities

15,446

(24,591)

4,967

(7,906)








CASH FLOWS - FINANCING ACTIVITIES






Lease liability payments

(2,169)

(1,819)

(697)

(585)


Shares issue

-

42,471

-

13,656


Dividend distribution

(59,975)

-

(285,19)



Net cash used to continuing financing activities

(62,144)

40,652

(19,982)

13,071








Increase (decrease) in cash and cash equivalents

(1,181)

80,237

(380)

25,800


Cash and cash equivalents at the beginning of the year

201,822

121,860

64,895

39,183


Exchange losses on cash and cash equivalents

(4,923)

(275)

(1,583)

(88)


Cash and cash equivalents at the end of the year

195,718

201,822

62,932

64,895


 

(*)           Convenience Translation into U.S. Dollars.

G. WILLI-FOOD INTERNATIONAL LTD.

APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



For the year ended

For the year ended


December 31,

December 31,


2 0 2 1

2 0 2 0

2 0 2 1

2 0 2 0


NIS

US dollars (*)


In thousands (except per share and share data)






CASH FLOWS - OPERATING ACTIVITIES:

A.  Adjustments to reconcile net profit to net cash from (used to) continuing operating activities





Decrease (Increase) in deferred income taxes

1,249

1,586

402

510

Unrealized loss (gain) on marketable securities

(19,464)

(6,115)

(6,258)

(1,966)

Loss of financial liabilities at fair value through profit or loss

13,960

-

4,489

-

Depreciation and amortization

6,200

5,690

1,993

1,830

Capital gain on disposal of property plant and equipment

(230)

(108)

(74)

(35)

Exchange (losses)/gains on cash and cash equivalents

4,923

275

1,583

88











Changes in assets and liabilities:





Decrease (increase) in trade receivables and other receivables

10,190

22,029

3,277

7,083

Increase (Increase)  in inventories

(14)

12,034

(5)

3,869

Increase (decrease) in trade and other payables, and other current liabilities

(3,405)

(1,861)

(1,096)

(598)

Cash generated from operations

13,409

33,530

4,311

10,781

Income tax paid

(12,993)

(21,563)

(4,178)

(6,933)

Net cash flows from operating activities

416

11,967

133

3,848

 

(*)           Convenience Translation into U.S. Dollars.

Company Contact:
G. Willi - Food International Ltd.
Yitschak Barabi, Chief Financial Officer
(+972) 8-932-1000
[email protected]

SOURCE G. Willi-Food International Ltd.

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G. WILLI-FOOD INTERNATIONAL ANNOUNCES DIVIDEND DISTRIBUTION OF NIS 20 MILLION (US$5.8 MILLION)

G. WILLI-FOOD INTERNATIONAL ANNOUNCES DIVIDEND DISTRIBUTION OF NIS 20 MILLION (US$5.8 MILLION)

G. Willi-Food International Ltd. (NASDAQ: WILC) (TASE: WILF) (the "Company" or "Willi-Food"), a global company that specializes in the development,...

G. WILLI-FOOD INTERNATIONAL REPORTS THE RESULTS OF FIRST QUARTER 2025

G. WILLI-FOOD INTERNATIONAL REPORTS THE RESULTS OF FIRST QUARTER 2025

G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), a global company that specializes in the development, marketing and...

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