G. WILLI-FOOD INTERNATIONAL REPORTS THE RESULTS OF SECOND QUARTER 2024
Second Quarter Fiscal Year 2024
- Sales increased by 13.5% to NIS 146.7 million (
US$ 39.0 million ) fromNIS 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 ofJune 30, 2024 .
Management Comment
Second Quarter Fiscal 2024 Summary
Sales for the second quarter of 2024 increased by 13.5% to
Gross profit for the second quarter of 2024 increased by 76.2% to
Selling expenses for the second quarter of 2024 were
General and administrative expenses for the second quarter of 2024 were
Operating profit before other expenses (income) for the second quarter of 2024 increased by 2,080.2% to
Other expenses for the second quarter of 2024 were
Operating profit after other expenses (income) for the second quarter of 2024 increased by 891.2% to
Financial income, net for the second quarter of 2024 totaled
Willi-Food's income before taxes for the second quarter of 2024 was
Willi-Food's net profit in the second quarter of 2024 was
Willi-Food ended the second quarter of 2024 with
First Half Fiscal 2024 Highlights
- Sales increased by 0.7% to
NIS 282.7 million (US$ 75.2 million ), compared toNIS 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
Gross profit for the first half of 2024 increased by 21.9% to
Selling expenses for the first half of 2024 decreased by 9.4% to
General and administrative expenses for the first half of 2024 decreased by 5.5% to
Operating profit before other expenses (income) for the first half of 2024 increased by 135.0% to
Other expenses for the first half of 2024 were NIS 11.6 million (
Operating profit after other expenses (income) for the first half of 2024 increased by 52.0% to
Financial income, net for the first half of 2024 totaled
Willi-Food's income before taxes for the first half of 2024 was
Willi-Food's net profit in the first half of 2024 was
NOTE A: NIS to US$ exchange rate used for convenience only
Convenience translation of New Israeli Shekels (NIS) into
NOTE B: IFRS
The Company's consolidated financial results for the three-month period ended
ABOUT
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
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/
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(unaudited) |
||||||
|
||||||
|
|
|
|
|
||
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 |
|
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 |
|
(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 |
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||
(unaudited) |
||||||
|
||||||
|
Six months |
Three months |
Six months |
|||
ended |
ended |
ended |
||||
|
|
|
||||
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 |
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 |
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||
(unaudited) |
||||||
|
||||||
|
Six months |
Three months |
Six months |
|||
ended |
ended |
ended |
||||
|
|
|
||||
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 |
||||||
(**) Reclassified |
|
||||||
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 |
||||
|
|
|
||||
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 |
This information is intended to be reviewed in conjunction with the Company's filings with the
Company Contact:
(+972) 8-932-1000
itsik.b@willi-food.co.il
Logo - https://mma.prnewswire.com/media/959267/G_Willi_Food_International_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/g-willi-food-international-reports-the-results-of-second-quarter-2024-302221155.html
SOURCE