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G. WILLI-FOOD INTERNATIONAL REPORTS THE RESULTS OF SECOND QUARTER 2024

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G. Willi-Food International (NASDAQ: WILC) reported strong financial results for Q2 2024. Sales increased by 13.5% to NIS 146.7 million (US$ 39.0 million), while gross profit surged 76.2% to NIS 45.9 million (US$ 12.2 million). Operating profit before other expenses saw a remarkable 2,080.2% increase to NIS 21.2 million (US$ 5.6 million). Net profit rose 40.6% to NIS 6.8 million (US$ 1.8 million).

The company attributed the improved performance to increased product range and inventory levels. Despite an administrative fine of NIS 11.6 million, Willi-Food maintained strong profitability. The company ended Q2 with a cash and securities balance of NIS 199.6 million (US$ 53.1 million).

G. Willi-Food International (NASDAQ: WILC) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. Le vendite sono aumentate del 13,5% arrivando a NIS 146,7 milioni (39,0 milioni di dollari USA), mentre l'utile lordo è balzato del 76,2% a NIS 45,9 milioni (12,2 milioni di dollari USA). L'utile operativo prima delle altre spese ha visto un incredibile aumento del 2.080,2% a NIS 21,2 milioni (5,6 milioni di dollari USA). L'utile netto è aumentato del 40,6% a NIS 6,8 milioni (1,8 milioni di dollari USA).

La società ha attribuito il miglioramento delle performance all'ampliamento della gamma di prodotti e a livelli elevati di inventario. Nonostante una sanzione amministrativa di NIS 11,6 milioni, Willi-Food ha mantenuto una forte redditività. L'azienda ha concluso il secondo trimestre con un bilancio di liquidità e titoli di NIS 199,6 milioni (53,1 milioni di dollari USA).

G. Willi-Food International (NASDAQ: WILC) reportó resultados financieros sólidos para el segundo trimestre de 2024. Las ventas aumentaron un 13,5% hasta NIS 146,7 millones (39,0 millones de dólares estadounidenses), mientras que el beneficio bruto se disparó un 76,2% hasta NIS 45,9 millones (12,2 millones de dólares estadounidenses). El beneficio operativo antes de otros gastos experimentó un notable aumento del 2.080,2% hasta NIS 21,2 millones (5,6 millones de dólares estadounidenses). El beneficio neto creció un 40,6% hasta NIS 6,8 millones (1,8 millones de dólares estadounidenses).

La empresa atribuyó el rendimiento mejorado a la ampliación de la gama de productos y a niveles de inventario. A pesar de una multa administrativa de NIS 11,6 millones, Willi-Food mantuvo una fuerte rentabilidad. La compañía cerró el segundo trimestre con un saldo de efectivo y valores de NIS 199,6 millones (53,1 millones de dólares estadounidenses).

G. Willi-Food International (NASDAQ: WILC)는 2024년 2분기 강력한 재무 실적을 보고했습니다. 매출이 13.5% 증가하여 NIS 146.7백만 (미국 달러 39.0백만)에 도달했고, 총 이익이 76.2% 급증하여 NIS 45.9백만 (미국 달러 12.2백만)으로 증가했습니다. 기타 비용을 제외한 운영 이익이 놀라운 2,080.2% 증가하여 NIS 21.2백만 (미국 달러 5.6백만)으로 증가했습니다. 순이익은 40.6% 증가하여 NIS 6.8백만 (미국 달러 1.8백만)으로 늘어났습니다.

회사는 제품 종류와 재고 수준 증가에 기인하여 성과가 개선되었다고 밝혔습니다. NIS 11.6백만의 행정적 벌금에도 불구하고, Willi-Food는 강력한 수익성을 유지했습니다. 회사는 2분기에 NIS 199.6백만 (미국 달러 53.1백만)의 현금 및 유가 증권 잔액으로 마감을 했습니다.

G. Willi-Food International (NASDAQ: WILC) a rapporté de solides résultats financiers pour le deuxième trimestre 2024. Les ventes ont augmenté de 13,5% pour atteindre 146,7 millions de NIS (39,0 millions de dollars américains), tandis que le bénéfice brut a grimpé de 76,2% à 45,9 millions de NIS (12,2 millions de dollars américains). Le bénéfice d'exploitation avant autres dépenses a connu une augmentation remarquable de 2 080,2% pour atteindre 21,2 millions de NIS (5,6 millions de dollars américains). Le bénéfice net a augmenté de 40,6% pour atteindre 6,8 millions de NIS (1,8 millions de dollars américains).

L'entreprise a attribué sa performance améliorée à l'élargissement de sa gamme de produits et à des niveaux de stocks accrus. Malgré une amende administrative de 11,6 millions de NIS, Willi-Food a maintenu une forte rentabilité. La société a terminé le deuxième trimestre avec un solde de liquidités et de titres de 199,6 millions de NIS (53,1 millions de dollars américains).

G. Willi-Food International (NASDAQ: WILC) hat für das zweite Quartal 2024 starke Finanzzahlen berichtet. Der Umsatz stieg um 13,5% auf NIS 146,7 Millionen (39,0 Millionen US-Dollar), während der Bruttogewinn um 76,2% auf NIS 45,9 Millionen (12,2 Millionen US-Dollar) anstieg. Der operative Gewinn vor anderen Aufwendungen verzeichnete einen bemerkenswerten Anstieg von 2.080,2% auf NIS 21,2 Millionen (5,6 Millionen US-Dollar). Der Nettogewinn stieg um 40,6% auf NIS 6,8 Millionen (1,8 Millionen US-Dollar).

Das Unternehmen führte die verbesserte Leistung auf die Erweiterung des Produktangebots und höhere Lagerbestände zurück. Trotz einer Verwaltungsbuße von NIS 11,6 Millionen konnte Willi-Food eine starke Rentabilität aufrechterhalten. Das Unternehmen schloss das zweite Quartal mit einem Bargeld- und Wertpapierbestand von NIS 199,6 Millionen (53,1 Millionen US-Dollar) ab.

Positive
  • Sales increased by 13.5% to NIS 146.7 million in Q2 2024
  • Gross profit surged 76.2% year-over-year to NIS 45.9 million
  • Operating profit before other expenses increased by 2,080.2% to NIS 21.2 million
  • Net profit rose 40.6% year-over-year to NIS 6.8 million
  • Cash and securities balance of NIS 199.6 million as of June 30, 2024
  • Gross margin improved from 20.2% to 31.3% year-over-year
Negative
  • Other expenses of NIS 11.6 million due to administrative fine from competition authority
  • Net cash used in operating activities was NIS 18.7 million for Q2 2024
  • Financial income decreased from NIS 5.3 million in Q2 2023 to NIS 2.6 million in Q2 2024

Insights

G. Willi-Food's Q2 2024 results show significant improvements across key financial metrics. Sales increased by 13.5% year-over-year, reaching NIS 146.7 million. More impressively, gross profit surged by 76.2% to NIS 45.9 million, with margins expanding from 20.2% to 31.3%. This margin expansion indicates enhanced operational efficiency and improved purchasing power.

The company's operating profit before other expenses saw a remarkable 2,080.2% increase, reaching NIS 21.2 million. However, an NIS 11.6 million administrative fine impacted the bottom line. Despite this, net profit still grew by 40.6% to NIS 6.8 million. The company maintains a strong liquidity position with NIS 199.6 million in cash and securities.

These results demonstrate Willi-Food's resilience and ability to navigate challenges, particularly in improving gross margins and operational efficiency. The significant growth in profitability metrics is encouraging for investors, although the administrative fine warrants attention to potential regulatory risks.

Willi-Food's Q2 performance reflects a strategic pivot in response to market conditions. The company successfully addressed Q1 sales declines by increasing inventory and product availability, resulting in a 13.5% sales growth. This agile inventory management demonstrates adaptability to market demands and supply chain disruptions.

The expansion of product range, coupled with improved purchase prices for imported goods, has significantly boosted gross margins. This suggests enhanced negotiating power with suppliers and a well-executed product diversification strategy. The kosher food market, particularly in international distribution, appears to be a growth sector for Willi-Food.

The company's ability to maintain selling and administrative expenses while growing sales indicates improving operational leverage. This efficiency, if sustained, could lead to long-term profitability improvements. However, the administrative fine highlights potential regulatory challenges in the competitive landscape of food distribution, which investors should monitor closely.

The NIS 11.7 million administrative fine imposed by the competition authority is a significant legal development for Willi-Food. This fine, while impacting short-term profitability, raises questions about the company's competitive practices and regulatory compliance. Investors should seek clarity on the nature of the violation and steps taken to prevent future occurrences.

The agreement to pay the fine suggests a resolution of the immediate issue, but it's important to monitor for any potential long-term implications on the company's operations or market position. Regulatory scrutiny in the food distribution sector may intensify, potentially affecting industry dynamics.

From a governance perspective, this incident underscores the importance of robust compliance frameworks. Shareholders should expect enhanced disclosures on compliance measures and risk management strategies in future reports. The company's ability to navigate this regulatory challenge while maintaining growth will be a key indicator of its management strength and adaptability to the legal landscape.

YAVNE, Israel, Aug. 13, 2024 /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 its unaudited financial results for the second quarter ended June 30, 2024.

G. Willi-Food International Ltd. Logo

Second Quarter Fiscal Year 2024

  • Sales increased by 13.5% to NIS 146.7 million (US$ 39.0 million) from NIS 129.2 million (US$ 34.4 million) in the second quarter of 2023.
  • Gross profit increased by 76.2% year-over-year to NIS 45.9 million (US$ 12.2 million).
  • Operating profit before other expenses (income) increased by 2,080.2% year-over-year to NIS 21.2 million (US$ 5.6 million).
  • Operating profit after other expenses (income) increased by 891.2% year-over-year to NIS 9.6 million (US$ 2.6 million).
  • Net profit increased by 40.6% year-over-year to NIS 6.8 million (US$ 1.8 million).
  • Basic earnings per share of NIS 0.5 (US$ 0.1).
  • Cash and securities balance of NIS 199.6 million (US$ 53.1 million) as of June 30, 2024.

Management Comment

Zwi Williger & Joseph Williger, Chairmen & CEO of Willi-Food, commented: "We are pleased to present the second quarter 2024 financial results which show improvements in all operational parameters compared to the second quarter of 2023. In the second quarter of this year, the Company compensated for the decrease in sales in the first quarter by increasing the inventory and increasing the availability of its products intended for sale. Despite the recently announced administrative fine of NIS 11.6 (see more details on the other expenses summary), the operational profit results still indicate an improvement in the profit parameters. We hope to continue this evolving trend of improvement and growth in the future as well".

Second Quarter Fiscal 2024 Summary

Sales for the second quarter of 2024 increased by 13.5% to NIS 146.7 million (US$ 39.0 million), compared to NIS 129.2 million (US$ 34.4 million) recorded in the second quarter of 2023. We believe that the sales were increased mainly due to increases (i) in the range of the Company's products and (ii) in our inventory levels and its availability for the demand of our products.

Gross profit for the second quarter of 2024 increased by 76.2% to NIS 45.9 million (US$ 12.2 million), or 31.3% of revenues, compared to NIS 26.1 million (US$ 6.9 million), or 20.2% of revenues in the second quarter of 2023. The increase in gross profit and gross margins was due to the Company's efforts to improve its purchase prices of its imported products.

Selling expenses for the second quarter of 2024 were NIS 18.6 million (US$ 4.9 million), remaining at the same level compared to second quarter of 2023.

General and administrative expenses for the second quarter of 2024 were NIS 6.1 million (US$ 1.6 million), remaining at the same level as in the second quarter of 2023.

Operating profit before other expenses (income) for the second quarter of 2024 increased by 2,080.2% to NIS 21.2 million (US$ 5.6 million), compared to NIS 1.0 million (US$ 0.3 million) in the second quarter of 2023. The increase was primarily due to the increase in gross profit and reduction in operating expenses compare to sales.

Other expenses for the second quarter of 2024 were NIS 11.6 million (US$ 3.1 million), which was mainly due to the provision made in the amount of approximately 11.7 million (US$ 3.1 million) in respect of the agreement reached by the Company with the competition authority for the payment of administrative fine. For further details, please see the Company's report from July 17, 2024.

Operating profit after other expenses (income) for the second quarter of 2024 increased by 891.2% to NIS 9.6 million (US$ 2.6 million), compared to NIS 1.0 million (US$ 0.3 million) in the second quarter of 2023. The increase was primarily due to the increase in gross profit and reduction in operating expenses compare to sales and despite the administrative fine of NIS 11.7 million (US$ 3.1 million).

Financial income, net for the second quarter of 2024 totaled NIS 2.6 million (US$ 0.7 million), compared to NIS 5.3 million (US$ 1.4 million) in the second quarter of 2023. Financial income for the second quarter of 2024 was comprised mainly of interest and dividend income from the Company's portfolio of securities in the amount of NIS 2.3 million (US$ 0.6 million).

Willi-Food's income before taxes for the second quarter of 2024 was NIS 12.3 million (US$ 3.3 million), compared to NIS 6.3 million (US$ 1.7 million) in the second quarter of 2023.

Willi-Food's net profit in the second quarter of 2024 was NIS 6.8 million (US$ 1.8 million), or NIS 0.5 (US$ 0.1) per share, compared to NIS 4.9 million (US$ 1.3 million), or NIS 0.4 (US$ 0.1) per share, in the second quarter of 2023.

Willi-Food ended the second quarter of 2024 with NIS 199.6 million (US$ 53.1 million) in cash and securities. Net cash used in operating activities for the second quarter of 2024 was NIS 18.7 million (US$ 5.0 million).

First Half Fiscal 2024 Highlights 

  • Sales increased by 0.7% to NIS 282.7 million (US$ 75.2 million), compared to NIS 280.6 million (US$ 74.6 million) in the first half of 2023.
  • Gross profit increased by 21.9% year-over-year to NIS 80.6 million (US$ 21.4 million).
  • Operating profit before other expenses (income) increased by 135.0% year-over-year to NIS 32.8 million (US$ 8.7 million).
  • Operating profit after other expenses (income) increased by 52.0% year-over-year to NIS 21.3 million (US$ 5.7 million).
  • Net profit increased by 61.6% year-over-year to NIS 25.4 million (US$ 6.8 million), or 9.0% of sales.
  • Basic earnings per share of NIS 1.8 (US$ 0.5).

First Half Fiscal 2024 Summary

Sales for the six-month period ending June 30, 2024 increased by 0.7% to NIS 282.7 million (US$ 75.2 million), compared to NIS 280.6 million (US$ 74.6 million) recorded in the first half of 2023. The Company compensated for the decrease in sales in the first quarter of 2024 that resulted from delays in the arrival of goods as a result of the war, by increasing inventory balances and improving the availability of its products for sale to its customers in the second quarter of 2024.

Gross profit for the first half of 2024 increased by 21.9% to NIS 80.6 million (US$ 21.4 million), or 28.5% of revenues, compared to NIS 66.0 million (US$ 17.6 million), or 23.6% of revenues, in the first half of 2023. The increase in gross profit and gross margins was due to the increase in the Company's sales and the Company's efforts to improve its buying prices of its imported products.

Selling expenses for the first half of 2024 decreased by 9.4% to NIS 35.1 million (US$ 9.3 million), compared to NIS 38.7 million (US$ 10.3 million) in the first half of 2023, and the decrease was mainly due to reduce in advertising and salaries.

General and administrative expenses for the first half of 2024 decreased by 5.5% to NIS 12.7 million (US$ 3.4 million), compared to NIS 13.4 million (US$ 3.6 million).

Operating profit before other expenses (income) for the first half of 2024 increased by 135.0% to NIS 32.8 million (US$ 8.7 million), compared to NIS 14.0 million (US$ 3.7 million) in the first half of 2023. The increase was primarily due to the increase in gross profit and reduction in operating expenses compare to sales.

Other expenses for the first half of 2024 were NIS 11.6 million (US$ 3.1 million), which was mainly due to the provision made in the amount of approximately 11.7 million (US$ 3.1 million) in respect of the agreement reached by the Company with the competition authority for the payment of administrative fine. For further details, please see the Company's report from July 17, 2024.

Operating profit after other expenses (income) for the first half of 2024 increased by 52.0% to NIS 21.3 million (US$ 5.7 million), compared to NIS 14.0 million (US$ 3.7 million) in the first half of 2023. The increase was primarily due to the increase in gross profit and reduction in operating expenses compare to sales and despite the administrative fine of NIS 11.7 million (US$ 3.1 million).

Financial income, net for the first half of 2024 totaled NIS 14.1 million (US$ 3.8 million), compared to NIS 5.9 million (US$ 1.6 million) in the first half of 2023. Financial income, net for the first half of 2024 was comprised mainly of interest and dividend income from the Company's portfolio of securities in an amount of NIS 7.5 million (US$ 2.0 million) and from revaluation of the Company's portfolio of securities to in the amount of NIS 6.6 million (US$ 1.8 million).

Willi-Food's income before taxes for the first half of 2024 was NIS 35.4 million (US$ 9.4 million), compared to NIS 19.8 million (US$ 5.3 million) in the first half of 2023.

Willi-Food's net profit in the first half of 2024 was NIS 25.4 million (US$ 6.8 million), or NIS 1.8 (US$ 0.5) per share, compared to NIS 15.7 million (US$ 4.2 million), or NIS 1.1 (US$ 0.3) per share, recorded in the first half of 2023.

NOTE A: NIS to US$ exchange rate used for convenience only
Convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on June 30, 2024, with U.S. $1.00 equal to NIS 3.759. The translation is made solely for the convenience of the reader.

NOTE B: IFRS
The Company's consolidated financial results for the three-month period ended June 30, 2024 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 650 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 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, expected sales, operating results, and earnings. Forward-looking statements include statements regarding the commercial terms with customers and suppliers and timing of construction of the Company's new logistics center and its expected benefits. 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: the inability to improve commercial terms with customers and suppliers: delays in the construction of the Company's new logistics center and the risk that its expected benefits will not be materialized, 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 political, economic and military conditions in Israel, particularly the recent war in Israel. Economic conditions in the Company's core markets, delays and price increases due to the attacks on global shipping routes in the Red Sea, 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, 2023, filed with the Securities and Exchange Commission on March 21, 2024. 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

(unaudited)



June 30,

December 31

June 30,

December 31

2 0 2 4

2 0 2 3

2 0 2 3

2 0 2 4

2 0 2 3

2 0 2 3

NIS

US dollars (*)

(in thousands)

ASSETS














Current assets







Cash and cash equivalents

94,972

110,916

137,466

25,265

29,507

36,570

Financial assets carried at fair value through profit or loss

104,600

101,140

102,163

27,827

26,906

27,178

Trade receivables

168,733

166,020

160,379

44,888

44,166

42,665

Other receivables and prepaid expenses

14,019

3,828

10,164

3,729

1,018

2,704

Inventories

121,908

98,302

62,475

32,431

26,151

16,620

Current tax assets

5,185

7,086

9,497

1,379

1,885

2,526

Total current assets

509,417

487,292

482,144

135,519

129,633

128,263








Non-current assets







Property, plant and equipment

144,840

108,217

122,222

38,531

28,789

32,514

Less - Accumulated depreciation

58,161

53,708

55,636

15,472

14,288

14,801


86,679

54,509

66,586

23,059

14,501

17,713








Right of use asset

3,035

3,359

2,124

807

893

565

Financial assets carried at fair value through profit or loss

46,315

44,252

46,143

12,321

11,772

12,275

Goodwill

36

36

36

10

10

10

Total non-current assets

136,065

102,156

114,889

36,197

27,176

30,563









645,482

589,448

597,033

171,716

156,809

158,826

EQUITY AND LIABILITIES














Current liabilities







Current maturities of lease liabilities

1,640

2,170

1,512

436

577

402

Trade payables

41,136

22,196

21,622

10,943

5,905

5,752

Employees Benefits

4,537

4,050

4,193

1,207

1,077

1,115

Other payables and accrued expenses

21,584

8,329

10,854

5,742

2,216

2,887

Total current liabilities

68,897

36,745

38,181

18,328

9,775

10,156








Non-current liabilities







Lease liabilities

1,506

1,482

694

401

394

185

Deferred taxes

6,081

4,345

4,868

1,617

1,156

1,295

Retirement benefit obligation

1,055

977

1,055

281

260

280

Total non-current liabilities

8,642

6,804

6,617

2,299

1,810

1,760

Shareholders' equity







Share capital

1,490

1,490

1,490

396

396

396

Additional paid in capital

172,880

172,240

172,589

45,991

45,821

45,914

Remeasurement of the net liability in respect of defined benefit

(154)

(195)

(154)

(41)

(52)

(41)

Capital fund

247

247

247

66

66

66

Retained earnings

394,108

372,745

378,691

104,844

99,160

100,742

Treasury shares

(628)

(628)

(628)

(167)

(167)

(167)

Equity attributable to owners of the Company

567,943

545,899

552,235

151,089

145,224

146,910









645,482

589,448

597,033

171,716

156,809

158,826


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

 

 

G. WILLI-FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)



Six months

Three months

Six months

ended

ended

ended

June 30,

June 30,

June 30,

2 0 2 4

2 0 2 3

2 0 2 4

2 0 2 3

2 0 2 4

2 0 2 3

NIS

US dollars (*)

In thousands (except per share and share data)








Sales

282,694

280,600

146,658

129,244

75,205

74,648

Cost of sales

202,119

214,508

100,734

103,186

53,769

57,065








Gross profit

80,575

66,092

45,924

26,058

21,436

17,583








Operating costs and expenses:







Selling expenses

35,051

38,700

18,576

18,781

9,325

10,295

General and administrative expenses

12,685

13,421

6,135

6,304

3,374

3,570

Operating profit before other

expenses (income)

32,839

13,971

21,213

973

8,737

3,718








Other expenses (income)

11,569

(25)

11,569

-

3,078

(7)








Operating profit after other
expenses (income)

21,270

13,996

9,644

973

5,659

3,725








Financial income

15,152

6,220

4,188

5,683

4,031

1,655

Financial expense

(1,031)

(370)

(1,549)

(359)

(275)

(98)








Total financial income

14,121

5,850

2,639

5,324

3,756

1,557















Income before taxes on income

35,391

19,846

12,283

6,297

9,415

5,282

Taxes on income

(9,990)

(4,132)

(5,436)

(1,428)

(2,658)

(1,099)








Profit for the period

25,401

15,714

6,847

4,869

6,757

4,183








Earnings per share:







Basic earnings per share

1.8

1.1

0.5

0.4

0.5

0.3

Diluted earnings per share

1.8

1.1

0.5

0.4

0.5

0.3








Shares used in computation of basic EPS

13,867,017

13,867,017

13,867,017

13,867,017

13,867,017

13,867,017

Shares used in computation of diluted EPS

13,867,017

13,867,017

13,867,017

13,867,017

13,867,017

13,867,017

Actual number of shares

13,867,017

13,867,017

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

(unaudited)



Six months

Three months

Six months

ended

ended

ended

June 30,

June 30,

June 30,

2 0 2 4

2 0 2 3

2 0 2 4

2 0 2 3

2 0 2 4

2 0 2 3

NIS

US dollars (*)

(in thousands)








CASH FLOWS - OPERATING ACTIVITIES







Profit from continuing operations

25,401

15,714

6,847

4,869

6,757

4,183

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

(40,352)

(32,042)

(25,571)

(184)

(10,735)

(8,524)








Net cash from (used in) continuing operating activities

(14,951)

(16,328)

(18,724)

4,685

(3,978)

(4,341)















CASH FLOWS - INVESTING ACTIVITIES







Acquisition of property plant and equipment

(3,474)

(2,339)(**)

(1,081)

(1,695)(**)

(924)

(622)

Acquisition of property plant and equipment under construction

(18,262)

(6,637)(**)

(13,941)

(470)(**)

(4,859)

(1,766)

Proceeds from sale of property plant and Equipment

116

-

116

-

31

-

Proceeds from sale of marketable securities, net

4,212

16,033

3,589

7,540

1,121

4,265








Net cash used in (from) continuing investing activities

(17,408)

7,057

(11,317)

5,375

(4,631)

1,877















CASH FLOWS - FINANCING ACTIVITIES







Lease liability payments

(1,087)

(954)

(367)

(461)

(289)

(254)

Dividend

(9,982)

(29,949)

(9,982)

(29,949)

(2,655)

(7,967)








Net cash used in continuing financing activities

(11,069)

(30,903)

(10,349)

(30,410)

(2,944)

(8,221)















Decrease in cash and cash equivalents

(43,428)

(40,174)

(40,390)

(20,350)

(11,553)

(10,685)








Cash and cash equivalents at the beginning of the financial period

137,466

150,607

134,850

131,472

36,570

40,066








Exchange gains (loss) on cash and cash equivalents

934

483

512

(206)

248

128















Cash and cash equivalents of the end of the financial year

94,972

110,916

94,972

110,916

25,265

29,509








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

(**)     Reclassified

 

 

G. WILLI-FOOD INTERNATIONAL LTD.

APPENDIX A TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


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 2 4

2 0 2 3

2 0 2 4

2 0 2 3

2 0 2 4

2 0 2 3

NIS

US dollars (*)

(in thousands)








Increase (decrease) in deferred income taxes

1,213

147

(206)

682

323

39

Unrealized losses (gain) on marketable securities

(6,821)

(553)

1,226

(3,577)

(1,815)

(147)

Depreciation and amortization

2,644

3,336

795

1,711

703

887

Stock based compensation reserve

291

690

91

264

77

184

Capital gain on disposal of property plant and equipment

-

(25)

-

-

-

(7)

Exchange losses (gains) on cash and cash equivalents

(934)

(483)

(512)

206

(248)

(128)















Changes in assets and liabilities:







Increase (decrease) in trade receivables and other receivables

(1,339)

5,395

(9,021)

16,642

(356)

1,435

increase in inventories

(59,433)

(26,373)

(47,026)

(2,706)

(15,811)

(7,016)

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

30,588

(5,759)

33,125

(8,323)

8,137

 

(1,532)

Cash generated from operations

(33,791)

(23,625)

(21,528)

4,899

(8,990)

(6,285)

Income tax paid

(6,561)

(8,417)

(4,043)

(5,083)

(1,745)

(2,239)

Net cash flows used in operating activities

(40,352)

(32,042)

(25,571)

(184)

(10,735)

(8,524)








(*)        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

Logo -  https://mma.prnewswire.com/media/959267/G_Willi_Food_International_Logo.jpg

 

Cision View original content:https://www.prnewswire.com/news-releases/g-willi-food-international-reports-the-results-of-second-quarter-2024-302221155.html

SOURCE G. Willi-Food International Ltd.

FAQ

What was G. Willi-Food's (WILC) revenue for Q2 2024?

G. Willi-Food's revenue for Q2 2024 was NIS 146.7 million (US$ 39.0 million), representing a 13.5% increase from the same period in 2023.

How much did G. Willi-Food's (WILC) net profit increase in Q2 2024?

G. Willi-Food's net profit increased by 40.6% year-over-year to NIS 6.8 million (US$ 1.8 million) in Q2 2024.

What was G. Willi-Food's (WILC) gross margin in Q2 2024?

G. Willi-Food's gross margin in Q2 2024 was 31.3%, compared to 20.2% in Q2 2023, showing a significant improvement.

How much was the administrative fine G. Willi-Food (WILC) received in Q2 2024?

G. Willi-Food received an administrative fine of approximately NIS 11.7 million (US$ 3.1 million) from the competition authority in Q2 2024.

G Willi-Food International Ltd

NASDAQ:WILC

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WILC Stock Data

227.70M
3.37M
75.73%
13.13%
0.03%
Food Distribution
Consumer Defensive
Link
United States of America
Yavne