G. WILLI-FOOD INTERNATIONAL REPORTS 9.0% INCREASE IN SALES AND A RECORD HIGH ANNUAL SALES IN 2023
Fiscal Year 2023 Highlights
- Sales increased by 9.0% to NIS 543.3 million (
US$ 149.8 million ) fromNIS 498.3 million (USD 1374 . million) in fiscal year 2022. - Gross profit decreased by 15.9% from fiscal year 2022 to
NIS 120.6 million (USD 33.3 million ) in 2023. - Operating profit decreased by 54.9% from fiscal year 2022 to NIS 20.4 million (
USD 5.6 million ) in 2023. - Cash and cash equivalents balance of NIS 239.6 million (
USD 66.1 million ) as ofDecember 31, 2023 . - Basic earnings per share of NIS 2.28 (
US$ 0.63 ).
Management Comment
Fiscal 2023 Summary
Revenues for fiscal year 2023 increased by 9.0% to
Gross profit for fiscal year 2023 decreased by 15.7% to
Selling expenses for fiscal year 2023 were
General and administrative expenses for fiscal year 2023 increased by 8.3% to NIS 26.1 million (
Operating profit for fiscal year 2023 decreased by 54.9% to NIS 20.4 million (
Financial income, net, for fiscal year 2023 amounted to
Willi-Food ended fiscal year 2023 with
NOTE A: NIS to US$ exchange rate used for convenience only
The conversion from New Israeli Shekels (NIS) into
NOTE B: IFRS
The Company's consolidated financial results for fiscal year 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 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 include statements regarding the 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: 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/
G. WILLI–FOOD INTERNATIONAL LTD.
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2 0 2 3 |
2 0 2 2 |
2 0 2 3 |
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NIS |
US dollars (*) |
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(in thousands) |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
137,466 |
150,607 |
37,901 |
41,524 |
Financial assets at fair value through profit or loss |
102,163 |
116,762 |
28,167 |
32,192 |
Trade receivables, Net |
160,379 |
165,838 |
44,218 |
45,723 |
Other receivables and prepaid expenses |
10,164 |
4,956 |
2,802 |
1,366 |
Inventories, Net |
62,475 |
71,929 |
17,225 |
19,832 |
Current tax assets |
9,497 |
3,117 |
2,618 |
859 |
Total current assets |
482,144 |
513,209 |
132,931 |
141,496 |
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Non-current assets |
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Property, plant and equipment |
122,222 |
99,216 |
33,698 |
27,355 |
Less -Accumulated depreciation |
55,636 |
51,533 |
15,339 |
14,208 |
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66,586 |
47,683 |
18,359 |
13,147 |
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Right of use asset |
2,124 |
3,391 |
586 |
935 |
Financial assets at fair value through profit or loss |
46,143 |
44,113 |
12,722 |
12,162 |
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36 |
36 |
10 |
10 |
Total non-current assets |
114,889 |
95,223 |
31,677 |
26,254 |
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597,033 |
608,432 |
164,608 |
167,750 |
EQUITY AND LIABILITIES |
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Current liabilities |
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Current maturities of lease liabilities |
1,512 |
2,194 |
417 |
605 |
Trade payables |
21,622 |
24,842 |
5,961 |
6,849 |
Employees Benefits |
4,193 |
3,756 |
1,156 |
1,036 |
Other payables and accrued expenses |
10,854 |
11,836 |
2,993 |
3,264 |
Total current liabilities |
38,181 |
42,628 |
10,527 |
11,754 |
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Non-current liabilities |
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Lease liabilities |
694 |
1,284 |
191 |
354 |
Deferred taxes |
4,868 |
4,198 |
1,342 |
1,156 |
Retirement benefit obligation |
1,055 |
878 |
291 |
242 |
Total non-current liabilities |
6,617 |
6,360 |
1,824 |
1,752 |
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Shareholders' equity |
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Share capital |
1,490 |
1,490 |
411 |
411 |
Additional paid in capital |
172,589 |
171,550 |
47,585 |
47,298 |
Remeasurement of the net liability in respect of defined benefit |
(154) |
(195) |
(42) |
(54) |
Capital fund |
247 |
247 |
68 |
68 |
Retained earnings |
378,691 |
386,980 |
104,408 |
106,694 |
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(628) |
(628) |
(173) |
(173) |
Equity attributable to owners of the Company |
552,235 |
559,444 |
152,257 |
154,244 |
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597,033 |
608,432 |
164,608 |
167,750 |
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(*) Convenience translation into |
G. WILLI–FOOD INTERNATIONAL LTD.
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For the year ended
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For the year ended
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NIS |
US dollars (*) |
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In thousands (except per share and share data) |
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Sales |
543,262 |
498,325 |
149,783 |
137,393 |
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Cost of sales |
422,695 |
355,228 |
116,541 |
97,940 |
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Gross profit |
120,567 |
143,097 |
33,242 |
39,453 |
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Operating costs and expenses: |
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Selling expenses |
74,216 |
74,106 |
20,462 |
20,432 |
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General and administrative expenses |
26,110 |
24,117 |
7,199 |
6,649 |
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Other income |
(109) |
(222) |
(30) |
(61) |
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Total operating expenses |
100,217 |
98,001 |
27,631 |
27,020 |
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Operating profit |
20,350 |
45,096 |
5,611 |
12,433 |
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Financial income |
20,363 |
13,417 |
5,614 |
3,699 |
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Financial expense |
1,521 |
4,539 |
419 |
1,251 |
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Total Finance income |
18,842 |
8,878 |
5,195 |
2,448 |
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Income before taxes on income |
39,192 |
53,974 |
10,806 |
14,881 |
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Taxes on income |
7,536 |
12,410 |
2,078 |
3,422 |
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Income after taxes on income |
31,656 |
41,564 |
8,728 |
11,459 |
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Earnings per share: |
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Basic / diluted earnings per share |
2.28 |
3.00 |
0.63 |
0.83 |
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Shares used in computation of |
13,867,017 |
13,867,017 |
13,867,017 |
13,867,017 |
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Actual number of shares |
13,867,017 |
13,867,017 |
13,867,017 |
13,867,017 |
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(*) Convenience translation into |
G. WILLI–FOOD INTERNATIONAL LTD.
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For the year ended |
For the year ended |
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NIS |
US dollars (*) |
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In thousands (except per share and share data) |
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CASH FLOWS - OPERATING ACTIVITIES |
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Profit from continuing operations |
31,656 |
41,564 |
8,728 |
11,460 |
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Adjustments to reconcile net profit to net cash from continuing |
2,052 |
(27,495) |
566 |
(7,581) |
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Net cash from continuing operating activities |
33,708 |
14,069 |
9,294 |
3,879 |
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CASH FLOWS - INVESTING ACTIVITIES |
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Acquisition of property plant and equipment |
(4,605) |
(**)(6,006) |
(1,270) |
(1,656) |
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Acquisition of property plant and equipment under construction |
(18,941) |
(**)(7,344) |
(5,222) |
(2,025) |
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Proceeds from sale of property plant and Equipment |
208 |
351 |
57 |
97 |
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Proceeds from sale of marketable securities, net |
18,166 |
21,285 |
5,009 |
5,868 |
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Net cash used in (from) continuing investing activities |
(5,172) |
8,286 |
(1,426) |
2,284 |
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CASH FLOWS - FINANCING ACTIVITIES |
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Lease liability payments |
(2,408) |
(2,180) |
(664) |
(601) |
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Dividend distribution |
(39,945) |
(54,906) |
(11,012) |
(15,138) |
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Net cash used to continuing financing activities |
(42,353) |
(57,086) |
(11,676) |
(15,739) |
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Decrease in cash and cash equivalents |
(13,817) |
(34,731) |
(3,808) |
(9,576) |
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Cash and cash equivalents at the beginning of the year |
150,607 |
195,718 |
41,523 |
53,961 |
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Exchange gains (losses) on cash and cash equivalents |
676 |
(10,380) |
186 |
(2,862) |
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Cash and cash equivalents at the end of the year |
137,466 |
150,607 |
37,901 |
41,523 |
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(*) Convenience Translation into |
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(**) Reclassified |
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For the year ended |
For the year ended |
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NIS |
US dollars (*) |
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In thousands (except per share and share data) |
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CASH FLOWS - OPERATING ACTIVITIES :
A.
Adjustments to reconcile net profit to net cash from |
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Decrease in deferred income taxes |
670 |
2,181 |
185 |
601 |
Unrealized loss (gain) on marketable securities |
(5,597) |
2,985 |
(1,543) |
823 |
Loss (gain) of financial liabilities at fair value through profit or loss |
- |
(13,960) |
- |
(3,849) |
Depreciation and amortization |
6,950 |
6,508 |
1,916 |
1,794 |
Stock based compensation reserve |
1,039 |
790 |
286 |
218 |
Capital gain on disposal of property plant and equipment |
(109) |
(222) |
(30) |
(61) |
Exchange (losses) gains on cash and cash equivalents |
(676) |
10,380 |
(186) |
2,862 |
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Changes in assets and liabilities: |
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Decrease (Increase) in trade receivables and other receivables |
7,527 |
(17,151) |
2,075 |
(4,729) |
Decrease (increase) in inventories |
9,454 |
(12,401) |
2,607 |
(3,419) |
Increase (decrease) in trade payables, other payables and other |
(3,547) |
5,418 |
(978) |
1,494 |
Cash generated from operations |
15,711 |
(15,472) |
4,332 |
(4,266) |
Income tax paid |
(13,659) |
(12,023) |
(3,766) |
(3,315) |
Net cash flows from (used in) operating activities |
2,052 |
(27,495) |
566 |
(7,581) |
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(*) Convenience Translation into |
Logo: https://mma.prnewswire.com/media/959267/G_Willi_Food_International_Logo.jpg
Company Contact:
(+972) 8-932-1000
itsik.b@willi-food.co.il
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