G. Willi-Food international Reports the results of first quarter 2024
![G. Willi-Food International Ltd. Logo G. Willi-Food International Ltd. Logo](https://mma.prnewswire.com/media/959267/G_Willi_Food_International_Logo.jpg)
First Quarter Fiscal Year 2024
- Sales decreased by 10.1% to NIS 136.0 million (
USD 37.0 million ) fromNIS 151.4 million (USD 41.1 million ) in the first quarter of 2023. - Gross profit decreased by 13.5% year-over-year to
NIS 34.7 million (USD 9.4 million ). - Operating profit decreased by 10.7% year-over-year to NIS 11.6 million (
USD 3.2 million ). - Basic earnings per share of
NIS 1.34 (USD 0.36 ). - Cash and securities balance of
NIS 244.4 million (USD 66.4 million ) as ofMarch 31, 2024 .
Management Comment
First Quarter Fiscal 2024 Summary
Sales for the first quarter of 2024 decreased by 10.1% to
Gross profit for the first quarter of 2024 decreased by 13.5% to
Selling expenses decreased by 17.3% to
General and administrative expenses for the first quarter of 2024 decreased by 8.0% to
Operating profit for the first quarter of 2024 decreased by 10.7% to NIS 11.6 million (
Financial income, net increased to
Willi-Food's income before taxes in the first quarter of 2024 increased to
Willi-Food's net profit in the first quarter of 2024 was
Willi-Food ended the first quarter of 2024 with
NOTE A: NIS to USD exchange rate used for convenience only
The convenience translation of New Israeli Shekels (NIS) into
NOTE B: IFRS
The Company's consolidated financial results for the three-month period ended
About
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 |
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2024 |
2023 |
2023 |
2024 |
2023 |
2023 |
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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 |
134,850 |
131,472 |
137,466 |
36,634 |
35,716 |
37,345 |
Financial assets at fair value through |
109,571 |
105,272 |
102,163 |
29,767 |
28,599 |
27,754 |
Trade receivables, Net |
154,565 |
177,648 |
160,379 |
41,990 |
48,261 |
43,570 |
Other receivables and prepaid expenses |
13,552 |
8,113 |
10,164 |
3,682 |
2,204 |
2,761 |
Inventories, Net |
74,882 |
95,596 |
62,475 |
20,343 |
25,970 |
16,972 |
Current tax assets |
6,759 |
2,732 |
9,497 |
1,836 |
742 |
2,580 |
Total current assets |
494,179 |
520,833 |
482,144 |
134,252 |
141,492 |
130,982 |
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Non-current assets |
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Property, plant and equipment |
128,936 |
106,052 |
122,222 |
35,027 |
28,811 |
33,203 |
Less -Accumulated depreciation |
56,876 |
52,593 |
55,636 |
15,451 |
14,288 |
15,114 |
|
72,060 |
53,459 |
66,586 |
19,576 |
14,523 |
18,089 |
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Right of use asset |
3,376 |
3,289 |
2,124 |
917 |
894 |
577 |
Financial assets at fair value through |
46,159 |
44,084 |
46,143 |
12,540 |
11,976 |
12,535 |
|
36 |
36 |
36 |
10 |
10 |
10 |
Total non-current assets |
121,631 |
100,868 |
114,889 |
33,043 |
27,403 |
31,211 |
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615,810 |
621,701 |
597,033 |
167,295 |
168,895 |
162,193 |
EQUITY AND LIABILITIES |
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Current liabilities |
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Current maturities of lease liabilities |
1,760 |
2,243 |
1,512 |
478 |
609 |
411 |
Trade payables |
20,728 |
27,242 |
21,622 |
5,631 |
7,401 |
5,874 |
Employees Benefits |
4,769 |
4,590 |
4,193 |
1,296 |
1,247 |
1,139 |
Other payables and accrued expenses |
18,617 |
41,068 |
10,854 |
5,058 |
11,157 |
2,949 |
Total current liabilities |
45,874 |
75,143 |
38,181 |
12,463 |
20,414 |
10,373 |
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Non-current liabilities |
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Lease liabilities |
1,588 |
1,205 |
694 |
431 |
327 |
189 |
Deferred taxes |
6,287 |
3,663 |
4,868 |
1,708 |
995 |
1,322 |
Retirement benefit obligation |
1,055 |
924 |
1,055 |
287 |
251 |
287 |
Total non-current liabilities |
8,930 |
5,792 |
6,617 |
2,426 |
1,573 |
1,798 |
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Shareholders' equity |
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Share capital |
1,490 |
1,490 |
1,490 |
405 |
405 |
405 |
Additional paid in capital |
172,789 |
171,976 |
172,589 |
46,941 |
46,720 |
46,886 |
Remeasurement of the net liability in |
(154) |
(195) |
(154) |
(42) |
(53) |
(42) |
Capital fund |
247 |
247 |
247 |
67 |
67 |
67 |
Retained earnings |
387,262 |
367,876 |
378,691 |
105,206 |
99,940 |
102,877 |
|
(628) |
(628) |
(628) |
(171) |
(171) |
(171) |
Equity attributable to owners of the |
561,006 |
540,766 |
552,235 |
152,406 |
146,908 |
150,022 |
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615,810 |
621,701 |
597,033 |
167,295 |
168,895 |
162,193 |
(*) Convenience translation into |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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Three months |
Three months |
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ended |
ended |
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2024 |
2023 |
2024 |
2023 |
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NIS |
US dollars (*) |
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In thousands (except per share and share data) |
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Sales |
136,036 |
151,356 |
36,956 |
41,118 |
Cost of sales |
101,385 |
111,322 |
27,542 |
30,242 |
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Gross profit |
34,651 |
40,034 |
9,414 |
10,876 |
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Operating costs and expenses: |
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Selling expenses |
16,475 |
19,919 |
4,476 |
5,411 |
General and administrative expenses |
6,550 |
7,117 |
1,779 |
1,933 |
Other income |
- |
(25) |
- |
(7) |
Total operating expenses |
23,025 |
27,011 |
6,255 |
7,337 |
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Operating profit |
11,626 |
13,023 |
3,159 |
3,539 |
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Financial income |
12,303 |
4,606 |
3,226 |
1,251 |
Financial expenses |
(822) |
(4,080) |
(107) |
(1,108) |
Total financial income, net |
11,481 |
526 |
3,119 |
143 |
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Income before taxes on income |
23,107 |
13,549 |
6,278 |
3,682 |
Taxes on income |
(4,554) |
(2,704) |
(1,237) |
(735) |
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Income after taxes on income |
18,553 |
10,845 |
5,041 |
2,947 |
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Earnings per share: |
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Basic / diluted earnings per share |
1.34 |
0.78 |
0.36 |
0.21 |
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Shares used in computation of |
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 |
(*) Convenience translation into
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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Three months ended |
Three months ended |
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2024 |
2023 |
2024 |
2023 |
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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 |
18,553 |
10,845 |
5,041 |
2,947 |
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Adjustments to reconcile net profit to net cash from continuing |
(14,781) |
(31,858) |
(4,017) |
(8,655) |
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Net cash from (used in) continuing operating activities |
3,772 |
(21,013) |
1,024 |
(5,708) |
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CASH FLOWS - INVESTING ACTIVITIES |
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Acquisition of property plant and equipment |
(2,393) |
(**) (644) |
(650) |
(175) |
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Acquisition of property plant and equipment under construction |
(4,321) |
(**) (6,167) |
(1,174) |
(1,675) |
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Proceeds from sale of marketable securities, net |
623 |
8,493 |
169 |
2,307 |
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Net cash used in (from) continuing investing activities |
(6,091) |
1,682 |
(1,655) |
457 |
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CASH FLOWS - FINANCING ACTIVITIES |
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Lease liability payments |
(719) |
(493) |
(195) |
(134) |
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Net cash used in continuing financing activities |
(719) |
(493) |
(195) |
(134) |
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Decrease in cash and cash equivalents |
(3,038) |
(19,824) |
(826) |
(5,385) |
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Cash and cash equivalents at the beginning of the year |
137,466 |
150,607 |
37,345 |
40,915 |
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Exchange gains on cash and cash equivalents |
422 |
689 |
115 |
187 |
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Cash and cash equivalents at the end of the year |
134,850 |
131,472 |
36,634 |
35,717 |
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(*) Convenience Translation into (**) Reclassified. |
APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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CASH FLOWS – OPERATING ACTIVITIES :
A. Adjustments to reconcile net profit to net cash from continuing operating activities: |
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Three months |
Three months |
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ended |
ended |
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2024 |
2023 |
2024 |
2023 |
|
NIS |
US dollars (*) |
||
|
(in thousands) |
|||
Increase (decrease) in deferred income taxes |
1,419 |
(535) |
385 |
(145) |
Unrealized loss (gain) on marketable securities |
(8,047) |
3,024 |
(2,186) |
822 |
Depreciation and amortization |
1,849 |
1,625 |
502 |
441 |
Stock based compensation reserve |
200 |
426 |
54 |
116 |
Capital gain on disposal of property plant and equipment |
- |
(25) |
- |
(7) |
Exchange gains on cash and cash equivalents |
(422) |
(689) |
(115) |
(187) |
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Changes in assets and liabilities: |
|
|
|
|
Decrease (Increase) in trade receivables and other receivables |
7,682 |
(11,247) |
2,087 |
(3,055) |
Increase in inventories |
(12,407) |
(23,667) |
(3,371) |
(6,431) |
Increase (decrease) in trade payables, other payables and |
(2,537) |
2,564 |
(689) |
697 |
Cash generated from operations |
(12,263) |
(28,524) |
(3,333) |
(7,749) |
Income tax paid |
(2,518) |
(3,334) |
(684) |
(906) |
Net cash flows used in operating activities |
(14,781) |
(31,858) |
(4,017) |
(8,655) |
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(*) Convenience Translation into
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This information is intended to be reviewed in conjunction with the Company's filings with the Securities and |
Company Contact:
(+972) 8-932-1000
itsik.b@willi-food.co.il
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