G. Willi-Food Reports Net Income of US$ 2.1 Million for Third Quarter 2010
2010 Q3 Net Cash From Continuing Operating Activities Reached US$ 4.9 Million, or US$ 0.36 per Share; 2010 Q3 Sales 16.1% Over 2009 Q3 Sales
YAVNE, Israel, November 22, 2010 /PRNewswire-FirstCall/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), a global food company specializing in the development, manufacturing, marketing and international distribution of kosher foods, today announced its unaudited financial results for the third quarter and for the first nine months ending September 30, 2010.
Third Quarter Fiscal 2010 Highlights
- Sales increased 16.1% over third quarter of 2009 to NIS 79.7 million
(US$ 21.7 million)
- Gross profit increased 11.1% over third quarter of 2009 to
NIS 24.7 million (US $6.7 million), or 30.9% of sales
- Operating income of NIS 8.3 million (US$ 2.3 million), or
10.4% of sales
- Net income of NIS 7.8 million (US$ 2.1 million), or 9.8% of sales
- Net cash from continuing operating of NIS 17.9 million
(US$ 4.9 million), or NIS 1.32 (US$ 0.36) per share
- Cash and securities balance of NIS 177.4 million (US$ 48.4 million)
as of September 30, 2010
Willi-Food's operating divisions include Willi-Food, 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.
Sales for the third quarter of 2010 increased by 16.1% to NIS 79.7 million (US$ 21.7 million) compared to sales of NIS 68.6 million (US$ 18.7 million) in the third quarter of 2009. The growth in sales in the third quarter was primarily attributed to the introduction of new products as well as increased awareness of the Willi-Food brand in the Israeli market following a national media campaign launched during the first quarter of 2010 and increased sales and promotion activities.
Gross profit for the third quarter of 2010 increased by 11.1% to NIS 24.7 million (US$ 6.7 million) compared to gross profit of NIS 22.2 million (US$ 6.1 million) in the third quarter of 2009. Third quarter gross margin was 30.9% compared to gross margin of 32.3% for the same period in 2009. Willi-Food successfully achieved an increase in gross profit despite the global increase in cost of raw food materials, especially in dairy and bakery products, which affected its inventory purchase prices, by managing the rising costs through smart purchases in advance and wisely managing its inventory levels.
Excluding 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$ 1.4 million) (the "Capital Gain"), Willi-Food's operating income for the third quarter of 2010 decreased 8.2% to NIS 8.3 million (US$ 2.3 million) over the third quarter of 2009. Without excluding the Capital Gain, on a GAAP basis, Willi-Food's operating income for the third quarter of 2010 decreased 41.8% from NIS 14.2 million (US$ 3.9 million) reported in the comparable quarter of last year. Selling expenses increased by 37.1% from the comparable quarter of 2009. Selling expenses as a percentage of sales increased in the third quarter of 2010 to 13.4% compared to 11.4% in the third quarter of 2009 primarily due to increased sales and promotion activities and higher transportation costs resulting from increased sales. General and administrative expenses as a percentage of sales decreased in the third quarter of 2010 to 7.1% from 7.8% in the third quarter of 2009.
Excluding the Capital Gain, Willi-Food's income before taxes for the third quarter of 2010 increased 7.4% to NIS 10.1 million (US$ 2.8 million) over the third quarter of 2009. Without excluding the Capital Gain, on a GAAP basis, Willi-Food's income before taxes for the third quarter of 2010 decreased 30.9% from NIS 14.6 million (US$ 4.0 million) recorded in the third quarter of 2009. Excluding the Capital Gain, Income from continuing operations for the third quarter of 2010 increased 2.1% NIS 7.8 million (US$ 2.1 million) over the third quarter of 2009. Without excluding the Capital Gain, on a GAAP basis, Willi-Food's income from continuing operations for the third quarter of 2010 decreased 39.2% from NIS 12.9 million (US$ 3.5 million) recorded in the third quarter of 2009.
Excluding the Capital Gain, Willi-Food's net income in the third quarter of 2010 increased 25.1% to NIS 7.8 million (US$ 2.1 million) recorded in the third quarter of 2009. Without excluding the Capital Gain, on a GAAP basis, Willi-Food's net income in the third quarter of 2010 decreased 31.7% from NIS 11.5 million (US$ 3.1 million) recorded in the third quarter of 2009.
Willi-Food's net income related to Company Shareholders in the third quarter of 2010 was NIS 7.2 million (US$ 2.0 million), or NIS 0.53 (US$ 0.15) per share compared to NIS 11.1 million (US$ 3.0 million), or NIS 1.08 (US$ 0.29) per share, recorded in the third quarter of 2009.
Willi-Food generated NIS 17.9 million (US $4.9 million), or NIS 1.32 (US $0.36) per share from continuing operating activities in the third quarter of 2010 compared to NIS 4.6 million (US$ 1.2 million), or NIS 0.44 (US$ 0.12) per share generated from continuing operating activities in the third quarter of 2009.
Willi-Food ended the third quarter of 2010 with of NIS 177.4 million in cash and securities (US$ 48.4 million) and NIS 3.9 million (US$ 1.1 million) in short-term debt (51% of the debt of Shamir Salads). Willi-Food's shareholders' equity at the end of 2010 third quarter was NIS 298.7 million (US$ 81.5 million).
First Nine-Months Fiscal 2010 Highlights
- Sales increased 15.0% over first nine months of 2009 to NIS
257.3 million (US$ 70.2 million)
- Gross profit increased 26.4% over first nine months of 2009
to NIS 75.4 million (US $20.6 million)
- Gross margins improved to 29.3% compared to 26.7% in the
first nine month of 2009
- Operating income of NIS 25.6 million (US$ 7.0 million), or
10.0% of sales
- Net income of NIS 22.1 million (US$ 6.0 million), or 8.6% of sales
Sales for the nine months ended September 30, 2010 increased 15.0% to NIS 257.3 million (US$ 70.2 million) compared to sales of NIS 223.7 million (US$ 61.0 million) in the first nine months of 2009. Gross profit for the nine month period increased by 26.4% to NIS 75.4 million (US$ 20.6 million) compared to gross profit of NIS 59.7 million (US$ 16.3 million) in the first nine months of last year. Gross margin in the nine month period improved to 29.3% compared to gross margin of 26.7% in the same period in 2009.
Excluding the Capital Gain, operating income for the first nine months of 2010 increased 17.6% to NIS 25.6 million (US$ 7.0 million) over the first nine months of 2009. Without excluding the Capital Gain, on a GAAP basis, operating income for the first nine months of 2010 decreased 5.1% from NIS 27.0 million (US$ 7.4 million) reported in the comparable period of last year.
Excluding the Capital Gain, Willi-Food's net income for the first nine months of 2010 increased 20.4% to NIS 22.1 million (US$ 6.0 million) over the first nine months of 2009. Without excluding the Capital Gain, on a GAAP basis, net income for the first nine months of 2010 decreased 6.2% from NIS 23.5 million (US$ 6.4 million) recorded in the first nine months of 2009. Willi-Food's net income attributable to Company Shareholders in the first nine months of 2010 was NIS 20.7 million (US$ 5.7 million), or NIS 1.7 (US$ 0.45) per share compared to NIS 22.7 million (US$ 6.2 million), or NIS 2.2 (US$ 0.60) per share, recorded in the first nine months of 2009.
Outlook
Mr. Zwi Williger, President and COO of Willi-Food, commented: "We are pleased with our strong performance in the third quarter of 2010. For the fifth consecutive quarter, Willi-Food continued to achieve improved results in all the P&L parameters, when excluding the one-time unrealized capital gain recorded in the third quarter of 2009, which was not operational. We were successful in increasing sales in the third quarter by 16.1% due to the introduction of great-tasting, higher profit margin food products, which we have developed together with our suppliers, into our product mix lineup. The net income attributable to Company Shareholders in the third quarter of 2010 was US$ 2 million - a margin of 9.1% of sales. We generated in this quarter US $4.9 million in cash from continuing operating activities and our shareholders' equity at the end of the quarter was US$ 81.5 million."
"We achieved 30.9% gross margins in the third quarter of 2010 despite the global increase in cost of raw food materials, especially in dairy and bakery products, which began approximately four months ago, which affected our inventory purchase prices. We anticipated the increase in cost of raw food materials, and so we were able to manage rising costs through smart purchases in advance, wisely managing our inventory levels and utilizing our on hand cash, as we adjusted the sale prices of our products to consumers in accordance with current product prices of our suppliers."
"Our strong financial results for the third quarter of 2010 demonstrate Willi-Food's ability to capitalize on what we believe to be the growing interest of consumers in the kosher market. We are able to differentiate our company through our success at becoming a high margin business in a low margin industry. We are pleased to consistently deliver significantly higher margins than those generated by most other companies in our industry. Willi-Food has taken the appropriate measures to position itself for a stronger fiscal 2011, and we remain focused on maximizing long-term profitability."
"Our line of products includes over 1,000 products exclusively distributed by Willi-Food and Shamir Salads. The dynamics of the industry are driving demand for innovative kosher products, and we believe that Willi-Food has the infrastructure and development expertise to deliver. Our strategy is to leverage Willi-Food's global supplier relationships and expertise in product development and to capitalize on the growing demand for innovative kosher products for both kosher and health minded consumers in the U.S. We believe that the health benefits of eliminating animal fats in the 'kosherizing' process in our dairy products makes our products attractive to consumers looking for better tasting, low-cholesterol and low-fat alternatives."
Mr. Williger concluded, "We are optimistic about the remainder of 2010 and our 2011 results as we continue to work to expand the footprint and brand recognition of Willi-Food globally while diversifying our product base in order to hedge against any single event that might impact our results. We will continue our efforts to expand our reach into targeted retail and wholesale markets in the U.S. This will include strategic distribution partnerships in order to expand the footprint and brand recognition of Willi-Food globally. We remain committed to our strategy of expanding marketing channels for our higher-margin products in the U.S., European and Israeli markets and to promoting our broad selection of kosher products to health-conscious consumers across Europe, Israel and the United States. We are looking for improved results in the future."
Conference Call
The Company will host a conference call to discuss results on Monday, November 22, 2010 at 11:00 AM Eastern time. Interested parties may participate in the conference call by dialing 1-877-941-2069 (US), or 1-480-629-9713 (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=00007E32
A replay of the conference call will be available for 14 days from 2:00 PM EST on November 22, 2010 through 11:59 PM EST on December 6, 2010 by dialing 1-877-870-5176 (US), or 1-858-384-5517 (International), access code 4385649. 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 September 30, 2010, U.S. $1.00 equals NIS 3.665. The translation was made solely for the convenience of the reader.
NOTE B: IFRS
The Company's consolidated financial results for the three-month period ended September 30, 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 from discontinued operations has been re-casted to include those operations classified as discontinued in the current period.
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 who 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
September December September December
30, 31, 30, 31,
2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9
NIS US dollars (*)
(in thousands)
ASSETS
Current assets
Cash and cash equivalents 119,653 87,104 32,647 23,766
Financial assets carried
at fair value through
profit or loss 57,718 11,356 15,748 3,098
Trade receivables 80,799 77,752 22,046 21,215
Other receivables and
prepaid expenses 1,769 1,990 483 543
Inventories 42,110 44,810 11,490 12,226
Total current assets 302,049 223,012 82,414 60,848
Non-current assets
Property, plant and
equipment 71,683 67,120 19,558 18,314
Less Accumulated
depreciation 20,121 17,542 5,490 4,786
51,562 49,578 14,068 13,528
Long term receivables - 760 - 207
Prepaid expenses 2,343 2,384 639 650
Goodwill 1,936 1,936 528 528
Intangible assets 4,217 4,674 1,151 1,275
Deferred taxes 407 375 111 102
Total non-current assets 60,465 59,707 16,497 16,290
362,514 282,719 98,911 77,138
EQUITY AND LIABILITIES
Current liabilities
Short-term bank credit 7,587 10,372 2,070 2,830
Trade payables 36,838 49,382 10,051 13,474
Accruals 268 145 73 40
Current tax liabilities 7,884 2,801 2,151 764
Other payables and accrued
expenses 6,634 8,976 1,810 2,449
Employees Benefits 2,934 2,977 801 812
Total current liabilities 62,145 74,653 16,956 20,369
Non-current liabilities
Long-term bank loans 148 97 40 26
Deferred taxes 373 445 102 121
Employees Benefits 1,121 1,044 306 285
Total non-current
liabilities 1,642 1,586 448 432
Shareholders' equity
Share capital NIS 0.10 par value
(authorized - 50,000,000
shares, issued and
outstanding - 13,573,679
shares at September 30,
2010; 10,267,893 shares at
December 31, 2009) 1,444 1,113 394 304
Additional paid in capital 128,863 59,056 35,160 16,113
Capital fund 247 247 67 67
Foreign currency
translation reserve 673 639 184 174
Retained earnings 162,624 141,883 44,372 38,713
Noncontrolling interest 4,876 3,542 1,330 966
298,727 206,480 81,507 56,337
362,514 282,719 98,911 77,138
(*) Convenience translation into U.S. dollars
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Nine months Three months
ended September 30,
2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9
NIS
In thousands (except per share and share
data)
Sales 257,304 223,704 79,710 68,628
Cost of sales 181,885 164,015 55,051 46,435
Gross profit 75,419 59,689 24,659 22,193
Selling expenses 32,800 23,056 10,714 7,813
General and administrative
expenses 17,019 14,940 5,666 5,367
Other expense (income) (33) (5,312) 3 (5,208)
Total operating expenses 49,786 32,684 16,383 7,972
Operating income 25,633 27,005 8,276 14,221
Financial income 3,218 1,677 2,143 752
Financial expense 890 975 345 387
Income before taxes on
income 27,961 27,707 10,074 14,586
Taxes on income 6,716 4,515 2,246 1,710
Income from continuing
operations 21,245 23,192 7,828 12,876
Income (loss) from
discontinued operations 830 353 - (1,410)
Net income 22,075 23,545 7,828 11,466
Owners of the Company 20,741 22,624 7,247 11,129
Non-controlling interest 1,334 921 581 337
Net income 22,075 23,545 7,828 11,466
Earnings per share data:
Earnings per share:
Basic from continuing
operations 1.57 2.20 0.53 1.23
Basic from discontinued
operations 0.07 - - (0.15)
Basic 1.64 2.20 0.53 1.08
Diluted from continuing
operations 1.57 2.20 0.53 1.23
Diluted from discontinued
operations 0.07 - - (0.15)
Diluted 1.64 2.20 0.53 1.08
Shares used in computing
basic and
diluted earnings per
ordinary share: 12,641,278 10,267,893 13,573,679 10,267,893
Table cont'd.
Nine months
ended September 30,
2 0 1 0 2 0 0 9
US dollars (*)
In thousands (except per
share and share data)
Sales 70,206 61,038
Cost of sales 49,628 44,752
Gross profit 20,578 16,286
Selling expenses 8,950 6,291
General and administrative
expenses 4,644 4,076
Other expense (income) (9) (1,449)
Total operating expenses 13,585 8,918
Operating income 6,993 7,368
Financial income 878 458
Financial expense 243 266
Income before taxes on
income 7,628 7,560
Taxes on income 1,832 1,232
Income from continuing
operations 5,796 6,328
Income (loss) from
discontinued operations 226 96
Net income 6,022 6,424
Owners of the Company 5,659 6,173
Non-controlling interest 363 251
Net income 6,022 6,424
Earnings per share data:
Earnings per share:
Basic from continuing
operations 0.43 0.60
Basic from discontinued
operations 0.02 -
Basic 0.45 0.60
Diluted from continuing
operations 0.43 0.60
Diluted from discontinued
operations 0.02 -
Diluted 0.45 0.60
Shares used in computing
basic and diluted earnings
per ordinary share: 12,641,278 10,267,893
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
(NIS in thousands)
Foreign
Additional currency
Share paid in Capital translation
capital capital fund reserve
Balance - January 1, 2009 1,113 59,056 247 369
Profit for the year - - - -
Currency translation
differences - - - 39
Total comprehensive
income for the year 408
Purchase of
non-controlling interest - - - -
Dividend paid to
non-controlling interests - - - -
Disposal of subsidiary - - - 231
Balance - December 31, 2009 1,113 59,056 247 639
Profit for the year - - - -
Currency translation
differences - - - 34
Total comprehensive
income for the year 673
Public offering 331 69,807 - -
Balance - September 30, 2010 1,444 128,863 247 673
Table cont'd.
Attributable Non- Total
Retained to owners of controlling shareholders'
earnings the parent interest equity
Balance - January 1,
2009 111,447 172,232 13,350 185,582
Profit for the year 30,436 30,436 1,092 31,528
Currency translation
differences - 39 13 52
Total comprehensive
income for the year 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 (3,253) (3,022)
Balance - December 31,
2009 141,883 202,938 3,542 206,480
Profit for the year 20,741 20,741 1,334 22,075
Currency translation
differences - 34 - 34
Total comprehensive
income for the year 162,624 223,713 4,876 228,589
Public offering - 70,138 - 70,138
Balance - September
30, 2010 162,624 293,851 4,876 298,727
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine months Three months
ended September 30,
2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9
NIS
(in thousands)
CASH FLOWS - OPERATING
ACTIVITIES
Profit from continuing
operations 21,245 23,192 7,828 12,876
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation and
amortization 3,623 3,612 1,230 1,311
Deferred expenses 695 605 237 143
Deferred income taxes (104) 809 172 335
Capital Gain on disposal of
property plant and equipment (33) (67) 3 40
Capital Gain on purchase of
additional shares in
subsidiary - (5,245) - (5,245)
Unrealized gain on
marketable securities (1,521) (2,033) (2,058) (429)
Revaluation of loans from
banks and others (11) 27 (8) (25)
Change in value of warrants
to issue shares - (5) - -
Employees benefit, net 77 52 50 41
Changes in assets and
liabilities:
Decrease (Increase) in:
Trade accounts receivable (3,047) (4,501) 4,725 2,755
Receivables and other
current assets 630 3,124 (139) 1,049
Inventory 2,700 6,311 4,139 (7,338)
Decrease in long term
receivables 350 - 209 -
Increase (Decrease) in:
Trade accounts payable (12,481) (394) (875) 2,813
Payables and other current
liabilities 3,628 (1,432) 2,387 (3,771)
Net cash from continuing
operating activities 15,751 24,055 17,900 4,555
Net cash from (used in)
discontinued operating
activities (22) 1,293 - 127
Table cont'd.
Nine months
ended September 30,
2 0 1 0 2 0 0 9
US dollars (*)
(in thousands)
CASH FLOWS - OPERATING
ACTIVITIES
Profit from continuing
operations 5,796 6,328
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation and
amortization 989 942
Deferred expenses 190 209
Deferred income taxes (28) 221
Capital Gain on disposal of
property plant and equipment (9) (18)
Capital Gain on purchase of
additional shares in
subsidiary - (1,431)
Unrealized gain on
marketable securities (415) (555)
Revaluation of loans from
banks and others (3) 7
Change in value of warrants
to issue shares - (1)
Employees benefit, net 21 14
Changes in assets and
liabilities:
Decrease (Increase) in:
Trade accounts receivable (831) (1,228)
Receivables and other
current assets 172 852
Inventory 737 1,722
Decrease in long term
receivables 95 -
Increase (Decrease) in:
Trade accounts payable (3,405) (108)
Payables and other current
liabilities 990 (391)
Net cash from continuing
operating activities 4,299 6,563
Net cash from (used in)
discontinued operating
activities (6) 353
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine months Three months
ended September 30,
2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9
NIS
(in thousands)
CASH FLOWS - INVESTING
ACTIVITIES
Proceeds from realization
(purchase) of marketable
securities, net (44,841) 6,557 (1,120) 7,736
Purchase of additional
shares in subsidiary - (2,314) - (2,314)
Disposal of subsidiary - 2,185 - 2,192
Acquisition of property
plant and equipment (5,545) (1,423) (3,803) (216)
Additions to prepaid
expenses (784) (1,117) (280) (120)
Long term deposit, net 20 (65) 39 (62)
Proceeds from sale of
property plant and
Equipment 427 256 216 51
Net cash from (used in)
continuing investing
activities (50,723) 4,079 (4,948) 7,267
Net cash used in
discontinued investing
activities - (23) - -
CASH FLOWS - FINANCING
ACTIVITIES
Proceeds of Public
offering, net 70,248 - 10 -
Short-term bank credit, net 1,471 (695) 725 (1,077)
Proceeds (Repayment) of
loans (3,250) (836) (1,678) (460)
Net cash from (used in)
continuing financing
activities 68,469 (1,531) (943) (1,537)
Net cash from (used in)
discontinued financing
activities (926) (990) - 111
Increase in cash and cash
equivalents 32,549 26,883 12,009 10,523
Cash and cash equivalents
at the beginning of the
financial period 87,104 78,749 107,644 95,249
Net foreign exchange
difference on cash and cash
equivalents from
discontinued activities - (14) - (154)
Cash and cash equivalents
of the end of the financial
period 119,653 105,618 119,653 105,618
Table cont'd.
Nine months
ended September 30,
2 0 1 0 2 0 0 9
US dollars (*)
(in thousands)
CASH FLOWS - INVESTING
ACTIVITIES
Proceeds from realization
(purchase) of marketable
securities, net (12,235) 1,789
Purchase of additional
shares in subsidiary - (631)
Disposal of subsidiary - 596
Acquisition of property
plant and equipment (1,513) (388)
Additions to prepaid
expenses (214) (305)
Long term deposit, net 5 (18)
Proceeds from sale of
property plant and
Equipment 117 70
Net cash from (used in)
continuing investing
activities (13,840) 1,113
Net cash used in
discontinued investing
activities - (6)
CASH FLOWS - FINANCING
ACTIVITIES
Proceeds of Public
offering, net 19,167 -
Short-term bank credit, net 401 (190)
Proceeds (Repayment )of
loans (887) (228)
Net cash from (used in)
continuing financing
activities 18,681 (418)
Net cash from (used in)
discontinued financing
activities (253) (270)
Increase in cash and cash
equivalents 8,881 7,335
Cash and cash equivalents
at the beginning of the
financial period 23,766 21,487
Net foreign exchange
difference on cash and cash
equivalents from
discontinued activities - (4)
Cash and cash equivalents
of the end of the financial
period 32,647 28,818
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
NON-GAAP FINANCIALS MEASURES AND RECONCILIATION
Nine months Three months
ended September 30,
2 0 1 0 2 0 0 9 2 0 1 0 2 0 0 9
NIS
In thousands (except per share and share
data)
GAAP Operating income 25,633 27,005 8,276 14,221
Other income - capital gain -
teder offer - (5,208) - (5,208)
Non-GAAP Operating income 25,633 21,797 8,276 9,013
GAAP Income before taxes on
income 27,961 27,707 10,074 14,586
Other income - capital gain -
teder offer - (5,208) - (5,208)
Non-GAAP Income before taxes
on income 27,961 22,499 10,074 9,378
GAAP Income from continuing
operations 21,245 23,192 7,828 12,876
Other income - capital gain -
teder offer - (5,208) - (5,208)
Non-GAAP Income from
continuing operations 21,245 17,984 7,828 7,668
GAAP Net income 22,075 23,545 7,828 11,466
Other income - capital gain -
teder offer - (5,208) - (5,208)
Non-GAAP Net income 22,075 18,337 7,828 6,258
Table cont'd.
Nine months
ended September 30,
2 0 1 0 2 0 0 9
US dollars (*)
In thousands (except
per share and share
data)
GAAP Operating income 6,993 7,368
Other income - capital gain -
teder offer - (1,421)
Non-GAAP Operating income 6,993 5,947
GAAP Income before taxes on
income 7,628 7,560
Other income - capital gain -
teder offer - (1,421)
Non-GAAP Income before taxes
on income 7,628 6,139
GAAP Income from continuing
operations 5,796 6,328
Other income - capital gain -
teder offer - (1,421)
Non-GAAP Income from
continuing operations 5,796 4,907
GAAP Net income 6,022 6,424
Other income - capital gain -
teder offer - (1,421)
Non-GAAP Net income 6,022 5,003
(*) 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.
Ety Sabach, CFO
(+972)8-932-1000
[email protected]
SOURCE G Willi Food International
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