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G. Willi-Food International Ltd. Reports 9.7% Increase In Sales And A Record High Annual Sales In 2022

YAVNE, Israel, March 22, 2023 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (TASE: WILF) (the "Company" or "Willi-Food"), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its financial results for the fiscal year ended December 31, 2022 .

Fiscal Year 2022 Highlights

  • Sales increased to NIS 498.3 million ( US$ 141.6 million ) from NIS 454.2 million ( USD 129.0 million) in fiscal year 2021.
  • Gross profit increased by 3.4% from fiscal year 2021 to NIS 143.1 million ( USD 40.7 million ) in 2022.
  • Operating profit decreased by 8.6% from fiscal year 2021 to NIS 45.1 million ( USD 12.8 million ) in 2022.
  • Cash and cash equivalents balance of NIS 267.4 million ( USD 76.0 million ) as of December 31, 2022 .
  • Earnings per share of NIS 3.00 (US$ 0.86) .

Management Comment

Joseph Williger CEO, commented: "We are very pleased to present our fiscal year 2022 financial results with record sales and strong operational results. Calendar year 2022 was characterized, among other things, by an increase in the rate of interest, an increase in inflation, and as a result an increased public discourse focusing on the increasing cost of living in Israel . Because we import and market high quality substitute food products for the existing strong brands in the Israeli market. we feel an increase in demand for our products and hope that this trend will continue to support our continued growth. In addition, we recently received a construction permit for a new and sophisticated logistics center, through which we plan to significantly upgrade our logistics capabilities, both at the storage and distribution level. We believe this will enable us to enter in to new and profitable categories in the frozen and chilled market and allow us to provide logistics services to other companies in the food sector. The company set itself a growth strategy for the year 2023 that includes supporting our brands through proper advertising, raising the level of inventory and managing it correctly to support sales, developing new products, entering in to new food categories, strengthening existing categories, improving the visibility of products on store shelves and improving logistics capabilities.

Fiscal 2022 Summary

Revenues for fiscal year 2022 increased by 9.7% to NIS 498.3 million ( USD 141.6 million ) from NIS 454.2 million ( USD 129.0 million ) recorded in fiscal year 2021. Sales increased mainly due to (i) increasing the range of the Company's products. (ii) proper inventory management. (iii) improving presence of the Company's line of products in stores and (iv) advertising and promotional campaigns.

Gross profit for fiscal year 2022 increased by 3.4% to NIS 143.1 million ( USD 40.7 million ), or 28.7% of revenues, from NIS 138.3 million ( USD 39.3 million ), or 30.4% of revenues, recorded in fiscal year 2021. The increase in gross profit was mainly due to increased sales that offset the increased costs of the Company's imported products.

Selling expenses for fiscal year 2022 increased by 12.5% to NIS 74.1 million ( USD 21.0 million ), or 14.9% of revenues, from NIS 65.9 million ( USD 18.7 million ), or 14.5% of revenues, recorded in fiscal year 2021. The increase in selling expenses was mainly due to a growth in advertising and sales promotion.

General and administrative expenses for fiscal year 2022 increased by 3.5% to NIS 24.1 million ( USD 6.8 million ), or 4.8% of revenues, from NIS 23.3 million ( USD 6.6 million ), or 5.1% of revenues, recorded in fiscal year 2021. The increase in general and administrative expenses was primarily due to an increase in management compensation as a result of grants made under the Company's option plan.

Operating profit for fiscal year 2022 decreased by NIS 4.3 million ( USD 1.2 million ), to NIS 45.1 million ( USD 12.8 million ), or 9.0% of revenues, from NIS 49.4 million ( USD 14.0 million ), or 10.9% of revenues, recorded in fiscal year 2021. The decrease in operating profit was primarily due to an increase in selling expenses.

Financial income, net, for fiscal year 2022 amounted to NIS 8.9 million ( USD 2.5 million ), compared to NIS 8.5million ( USD 2.4 million ) recorded in fiscal year 2021. Financial income, net for fiscal year 2022 comprised mainly of income from interest and dividend income from the Company's portfolio of securities in an amount of NIS 9.0 million ( USD 2.6 million ) and exchange rate differences in an amount of NIS 4.4 million ( USD 1.3 million ), offset by expenses from revaluation of the Company's portfolio of securities to fair value in an amount of NIS 3.8 million ( USD 1.1 million ) and other finance expenses in an amount of NIS 0.7 million ( USD 0.2 million ).

Willi-Food ended fiscal year 2022 with NIS 267.4 million ( USD 76.0 million ) in cash and cash equivalents with no debt. Net cash from operating activities in fiscal year 2022 was NIS 14.3 million ( USD 4.1 million ). Willi-Food's shareholders' equity at the end of December 2022 was NIS 559.4 million ( USD 158.9 million ).

NOTE A: NIS to US$ exchange rate used for convenience only

The conversion from New Israeli Shekels (NIS) into U.S. dollars was made at the exchange rate of USD 1.00 to NIS 3.52 as of December 31, 2022 . The use of USD is solely for the convenience of the reader.

NOTE B: IFRS

The Company's consolidated financial results for fiscal year ended December 31, 2022 are presented in accordance with International Financial Reporting Standards.

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 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 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 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 economic conditions in Israel, including in particular economic conditions in the Company's core markets, adverse effects from the ongoing COVID-19 pandemic, disruptions to global shipping, 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, 2022, filed with the Securities and Exchange Commission on March 22, 2022 . 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

December 31,

December 31,

2 0 2 2

2 0 2 1

2 0 2 2

2 0 2 1

NIS

US dollars (*)

(in thousands)

ASSETS

Current assets

Cash and cash equivalents

150,607

195,718

42,786

55,602

Financial assets at fair value through
profit or loss

116,762

154,090

33,171

43,776

Trade receivables

165,838

134,017

47,113

38,073

Other receivables and prepaid expenses

4,956

4,939

1,407

1,403

Inventories

71,929

59,528

20,434

16,911

Current tax assets

3,117

5,780

886

1,642

Total current assets

513,209

554,072

145,797

157,407

Non-current assets

Property, plant and equipment

99,216

87,245

28,186

24,786

Less -Accumulated depreciation

51,533

48,431

14,640

13,759

47,683

38,814

13,546

11,027

Right of use asset

3,391

4,088

963

1,161

Financial assets at fair value through
profit or loss

44,113

31,056

12,532

8,823

Goodwill

36

36

10

10

Total non-current assets

95,223

73,994

27,051

21,021

608,432

628,066

172,848

178,428

EQUITY AND LIABILITIES

Current liabilities

Current maturities of lease liabilities

2,194

1,136

623

323

Trade payables

24,842

20,386

7,056

5,791

Employees Benefits

3,756

3,442

1,067

978

Financial liabilities at fair value through
profit or loss

-

13,960

-

3,966

Other payables and accrued expenses

11,836

11,216

3,363

3,186

Total current liabilities

42,628

50,140

12,109

14,244

Non-current liabilities

Lease liabilities

1,284

3,062

365

870

Deferred taxes

4,198

2,017

1,193

573

Retirement benefit obligation

878

1,615

249

459

Total non-current liabilities

6,360

6,694

1,807

1,902

Shareholders' equity

Share capital

1,490

1,490

423

423

Additional paid in capital

171,550

170,760

48,735

48,511

Remeasurement of the net liability
in respect of defined benefit

(195)

(959)

(55)

(272)

Capital fund

247

247

70

70

Retained earnings

386,980

400,322

109,937

113,728

Treasury shares

(628)

(628)

(178)

(178)

Equity attributable to owners of the Company

559,444

571,232

158,932

162,282

608,432

628,066

172,848

178,428

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

G. WILLI-FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the year ended

December 31,

For the year ended

December 31,

2 0 2 2

2 0 2 1

2 0 2 2

2 0 2 1

NIS

US dollars (*)

In thousands (except
per share and share data)

Sales

498,325

454,213

141,570

129,038

Cost of sales

355,228

315,920

100,917

89,750

Gross profit

143,097

138,293

40,653

39,288

Operating costs and expenses:

Selling expenses

74,106

65,869

21,053

18,713

General and administrative expenses

24,117

23,299

6,851

6,619

Other income

(222)

(230)

(63)

(65)

Total operating expenses

98,001

88,938

27,841

25,267

Operating profit

45,096

49,355

12,812

14,021

Financial income

25,657

28,957

7,289

8,226

Financial expense

16,779

20,492

4,767

5,822

Total Finance income

8,878

8,465

2,522

2,404

16,779

Profit before taxes on income

53,974

57,820

15,334

16,426

Taxes on income

12,410

12,719

3,526

3,613

Income after taxes on income

41,564

45,101

11,808

12,813

Earnings per share:

Basic / diluted earnings per share

3.00

3.25

0.86

0.92

Shares used in computation of
basic/diluted EPS

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 U.S. dollars.

G. WILLI-FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the year ended

For the year ended

December 31,

December 31,

2 0 2 2

2 0 2 1

2 0 2 2

2 0 2 1

NIS

US dollars (*)

In thousands (except
per share and share data)

CASH FLOWS - OPERATING ACTIVITIES

Profit from continuing operations

41,564

45,101

11,808

12,813

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

(27,495)

416

(7,812)

118

Net cash from continuing operating activities

14,069

45,517

3,996

12,931

CASH FLOWS - INVESTING ACTIVITIES

Acquisition of property plant and equipment

(13,350)

(6,209)

(3,793)

(1,764)

Proceeds from sale of property plant and equipment

351

230

100

65

Proceeds from loans granted to others

-

18,707

-

5,315

Proceeds from sale (purchase) of marketable securities, net

21,285

2,718

6,047

772

Net cash provided (used in) continuing investing activities

8,286

15,446

2,354

4,388

CASH FLOWS - FINANCING ACTIVITIES

Lease liability payments

(2,180)

(2,169)

(619)

(616)

Dividend distribution

(54,906)

(59,975)

(15,598)

(17,038)

Net cash used in continuing financing activities

(57,086)

(62,144)

(16,217)

(17,655)

Increase (decrease) in cash and cash equivalents

(34,731)

(1,181)

(9,868)

(336)

Cash and cash equivalents at the beginning of the year

195,718

201,822

55,602

57,336

Exchange losses on cash and cash equivalents

(10,380)

(4,923)

(2,949)

1,399

Cash and cash equivalents at the end of the year

150,607

195,718

42,786

55,602

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

G. WILLI-FOOD INTERNATIONAL LTD.

APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the year ended

For the year ended

December 31,

December 31,

2 0 2 2

2 0 2 1

2 0 2 2

2 0 2 1

NIS

US dollars (*)

In thousands (except per
share and share data)

CASH FLOWS - OPERATING ACTIVITIES:

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

Decrease in deferred income taxes

2,181

1,249

620

355

Unrealized loss (gain) on marketable securities

2,985

(19,464)

848

(5,530)

Loss (gain) of financial liabilities at fair value
through profit or loss

(13,960)

13,960

(3,966)

3,966

Depreciation and amortization

6,508

6,200

1,849

1,761

Share based payment

790

-

224

-

Capital gain on disposal of property plant and equipment

(222)

(230)

(63)

(65)

Exchange losses on cash and cash equivalents

10,380

4,923

2,949

1,399

Changes in assets and liabilities:

Decrease (increase) in trade receivables and
other receivables

(17,151)

10,190

(4,872)

2,895

Increase in inventories

(12,401)

(14)

(3,523)

(4)

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

5,418

(3,405)

1,539

(967)

Cash generated from operations

(15,472)

13,409

(4,395)

3,809

Income tax paid

(12,023)

(12,993)

(3,417)

(3,691)

Net cash flows from operating activities

(27,495)

416

(7,812)

118

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

Company Contact:
G. Willi - Food International Ltd.
Yitschak Barabi, Chief Financial Officer
(+972) 8-932-1000
[email protected]

SOURCE G. Willi-Food International Ltd.

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