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G. Willi-Food Reports Q3 2012 Net Income up 179% from Q3 2011

YAVNE, Israel, November 28, 2012 /PRNewswire/ --

G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), a global company specializing in the development, marketing and international distribution of kosher foods, today announced its unaudited financial results for the third quarter and the nine-months ended September 30, 2012.

Third Quarter Fiscal 2012 Highlights

  • Sales increased 8.0% from third quarter of 2011 to NIS 70.1 million (US$ 17.9 million)
  • Gross profit increased 5.4% from third quarter of 2011 to NIS 16.3 million (US$ 4.2 million), or 23.2% of sales
  • Operating income increased 34.7% from third quarter of 2011 to NIS 5.7 million (US$ 1.5 million), or 8.1% of sales
  • Net income increased 179.1% from third quarter of 2011 to NIS 6.3 million (US$ 1.6 million), or 9.0% of sales
  • Cash and securities balance of NIS 216.1 million (US$ 55.2 million) as of September 30, 2012

Willi-Food's operating divisions include Willi-Food, a distributor of a broad variety of kosher foods, and its wholly-owned Gold Frost, a designer, developer and distributor of branded kosher dairy food products.

Third Quarter Fiscal 2012 Summary

Sales for the third quarter of 2012 increased by 8.0% to NIS 70.1 million (US$ 17.9 million) from NIS 64.9 million (US$ 16.6 million) recorded in the third quarter of 2011. The increase in sales in the third quarter of 2012 was mostly driven by the introduction of new products in the third quarter and the increased awareness of the Company's new products following increased sales activities initiated during the past year.

Gross profit for the third quarter of 2012 increased by 5.4% to NIS 16.3 million (US$ 4.2 million) compared to NIS 15.4 million (US$ 3.9 million) recorded in the third quarter of 2011. Third quarter gross margin was 23.2% compared to gross margin of 23.8% for the same period in 2011. The decrease in gross margins was primarily due to the continued pressure from our customers to reduce prices as a result of the ongoing national protest against the cost of food products.

Willi-Food's operating income for the third quarter of 2012 increased by 34.7% to NIS 5.7 million (US$ 1.5 million) compared to NIS 4.2 million (US$ 1.1 million) recorded in the third quarter of 2011. Selling expenses decreased by 7.3% from the comparable quarter of 2011, primarily due to a decrease in vehicles and transport expenses. Selling expenses as a percentage of sales decreased in the third quarter of 2012 to 9.7% compared to 11.3% in the third quarter of 2011. General and administrative expenses increased by 1.3% from the comparable quarter of 2011, primarily due to an increase in management profit-related bonuses. General and administrative expenses as a percentage of sales decreased in the third quarter of 2012 to 5.5% from 5.9% in the third quarter of 2011.

Willi-Food's income before taxes for the third quarter of 2012 increased by 125.4% to NIS 8.1 million (US$ 2.1 million) compared to NIS 3.6 million (US$ 0.9 million) recorded in the third quarter of 2011. Willi-Food's profit from continuing operations for the third quarter of 2012 increased by 157.5% to NIS 6.3 million (US$ 1.6 million) from NIS 2.4 million (US$ 0.6 million) recorded in the third quarter of 2011.

Willi-Food's net income in the third quarter of 2012 increased by 179.1% to NIS 6.3 million (US$ 1.6 million) from NIS 2.3 million (US$ 0.6 million) recorded in the third quarter of 2011. Willi-Food's net income attributed to the owners of the Company in the third quarter of 2012 increased by 168.2% to NIS 6.3 million (US$ 1.6 million), or NIS 0.49 (US$ 0.13) per share, compared to NIS 2.3 million (US$ 0.6 million), or NIS 0.17 (US$ 0.04) per share, recorded in the third quarter of 2011.

Willi-Food generated NIS 12.6 million (US$ 3.2 million), or NIS 0.97 (US$ 0.25) per share from continuing operating activities in the third quarter of 2012.

Willi-Food ended the third quarter of 2012 with NIS 216.1 million (US$ 55.2 million) in cash and securities and with no short-term debt. Willi-Food's shareholders' equity at the end of September 2012 was NIS 324.9 million (US$ 83.0 million).

Nine-Month Results

Willi-Food's sales for the nine-month period ending September 30, 2012 increased by 2.3% to NIS 210.1 million (US$ 53.7 million) compared to sales of NIS 205.4 million (US$ 52.5 million) in the first nine-month of 2011. Gross profit for the period decreased by 10.9% to NIS 48.5 million (US$ 12.4 million) compared to gross profit of NIS 54.4 million (US$ 13.9 million) for the nine-month period in 2011. First nine-month gross margins in 2012 were 23.1% compared to gross margins of 26.5% in the same period of 2011.

Operating income for the first nine months of 2012 decreased by 24.8% to NIS 16.0 million (US$ 4.1 million) from NIS 21.2 million (US$ 5.4 million) reported in the comparable period of last year.  Income before taxes for the first nine months of 2012 increased by 0.9% to NIS 20.1 million (US$ 5.1 million) compared to NIS 19.9 million (US$ 5.1 million) recorded in the first nine months of 2011. Net income for the first nine months of 2012 decreased by 3.2% to NIS 15.2 million (US$ 3.9 million) from NIS 15.7 million (US$ 4.0 million) in the first nine months of 2011. Net income attributable to the owners of the Company for the first nine months of 2012 decreased by 0.9% to NIS 15.2 million (US$ 3.9 million), or NIS 1.17 (US$ 0.30) per share compared to net income attributable to the owners of the Company for the first nine months of 2011 of NIS 15.4 million (US$ 3.9 million), or NIS 1.13 (US$ 0.29) per share.

Business Outlook

Mr. Zwi Williger, Chairman of Willi-Food commented, "We are pleased with our overall performance and our third quarter 2012 results, especially in the current challenging environment of increased competition resulting from customer demand to reduce prices despite the global inflation in the purchase prices of food commodities . We grew sales and gross profits while controlling SG&A expense growth. Third quarter operating income increased by nearly 35% and net income increased by nearly 180%, despite pressure imposed on the Company by the supermarket chains to reduce prices and despite the well-known pressures in commodity costs inflicted worldwide. Throughout 2011 and 2012 we have introduced great-tasting, higher margin food products developed together with our suppliers. We implemented our plan to increase the awareness to our newly added products, by initiating promotion and hard sale activities that we believe created broad awareness to our new and old products and broaden our customer base. This plan has helped us achieve our goals to strengthen our position in the market, due to our broad range of quality food products."

Mr. Williger concluded, "Looking forward, we are confident that we can deliver sales and profit growth in the fourth quarter of 2012 and in 2013 compared to the comparable periods.  The fourth quarter of 2012 is off to a good start, and we believe that the positive momentum will continue in recently introduced products, and that several new product line introductions can further boost sales. We are understandably cautious regarding ongoing global commodity price inflation and the impact of the ongoing national protest against the cost of food products, but we believe we are well-positioned to limit any impacts. We will sustain our flexible purchasing strategy and are highly focused on reducing production costs and SG&A expenses. We continue to look for opportunities to create additional value for our shareholders."  

Conference Call

The Company will host a conference call to discuss results on Wednesday, November 28, 2012 at 10:00 AM Eastern time. Interested parties may participate in the conference call by dialing 1-877-941-2068 (US), or 1-480-629-9712 (International), approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which will be available on the day of the call through the following link:

  http://public.viavid.com/index.php?id=102717

A replay of the conference call will be available for 14 days from 1:00 PM EST on November 28, 2012 through 11:59 PM EST on December 12, 2012 by dialing 1-877-870-5176 (US), or 1-858-384-5517 (International), access code 4577670.  In addition, a recording of the call will be available via the following link for one year:

http://public.viavid.com/reports/eventparticipantreporttab.php?id=o5akppie

NOTE A: Convenience Translation to Dollars

The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on September 30, 2012, U.S. $1.00 equals NIS 3.912. The translation was made solely for the convenience of the reader.

NOTE B: IFRS

The Company's consolidated financial results for the three-month and nine-month ended September 30, 2012 are presented in accordance with International Financial Reporting Standards ("IFRS").

NOTE C: Discontinued Operations

Discontinued operations are measured and presented in accordance with the provisions of IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations". The results of discontinued operations are presented in the income statement in a separate item below income from continuing operations.

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 600 food products worldwide. As one of Israel's leading food importers, Willi-Food markets and sells its food products to over 1,500 customers 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 Gold Frost, a wholly owned subsidiary who designs, develops and distributes branded kosher, dairy-food products.

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, in particular Arla Foods, 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, our inability to accurately predict consumption of our products, our inability to successfully integrate our recent acquisitions, insurance coverage not sufficient enough to cover losses of product liability claims and risks associated with product liability claims. 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, 2011, filed with the Securities and Exchange Commission on April 30, 2012 and its amendment, filed with the Securities and Exchange Commission on August 30, 2012. 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.

{FINANCIAL TABLES TO FOLLOW}


G. WILLI-FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

                                 September December   September    December
                                    30,      31,         30,          31,
                                   2012     2011        2012         2011
                                        NIS               US dollars (*)
                                                (in thousands)
     ASSETS
     Current assets
     Cash and cash equivalents      65,558   34,661  16,758         8,860
     Financial assets carried at
     fair value through profit
     or loss                       150,546  163,430  38,483        41,777
     Trade receivables              63,767   57,628  16,300        14,731
     Other receivables and
     prepaid expenses                6,175   15,720   1,578         4,018
     Inventories                    28,265   32,613   7,225         8,337
     Total current assets          314,311  304,052  80,344        77,723
 
     Non-current assets
     Property, plant and
     equipment                      62,056   61,401  15,863        15,696
     Less -Accumulated
     depreciation                   20,756   18,856   5,306         4,820
                                    41,300   42,545  10,557        10,876
 
     Prepaid expenses                  117      117      31            31
     Goodwill                           36       36       9             9
     Deferred taxes                  1,130      933     289           238
     Total non-current assets       42,583   43,631  10,886        11,154
                                   356,894  347,683  91,230        88,877
     EQUITY AND LIABILITIES
     Current liabilities
     Trade payables                 24,527   25,683   6,270         6,565
     Employees Benefits              1,602    1,613     410           412
     Accruals                          833    1,164     213           298
     Current tax liabilities            95    3,837      24           981
     Other payables and accrued
     expenses                        4,535    4,551   1,159         1,163
     Total current liabilities      31,592   36,848   8,076         9,419
 
     Non-current liabilities
     Retirement benefit
     obligation                        447      518     114           132
     Total non-current
     liabilities                       447      518     114           132
 
     Shareholders' equity
     Share capital NIS 0.10 par
     value                           1,444    1,444     369           369
     (authorized - 50,000,000
     shares, issued
     and outstanding -
     12,974,245 shares at
     September 30, 2012;
     13,020,360 shares at
     December 31, 2011)
     Additional paid in capital    129,875  129,809  33,199        33,182
     Capital fund                      247      247      63            63
     Foreign currency
     translation reserve               541      587     138           152
     Retained earnings             203,591  188,371  52,043        48,152
     Treasury shares              (10,843) (10,141) (2,772)       (2,592)
                                   324,855  310,317  83,040        79,326
 
                                   356,894  347,683  91,230        88,877
 


(*)    Convenience translation into U.S. dollars

G. WILLI-FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                       Nine-months           Three months              Nine-months
                                 ended September 30,               ended September 30,
                        2012         2011        2012       2011       2012       2011
                                         NIS                         US dollars (*)
                              In thousands (except per share and share data)
 
    Sales              210,111      205,433     70,127     64,905     53,709     52,514
    Cost of sales      161,640      51,0291     53,876     49,486     41,319     38,607
 
    Gross profit        48,471       54,404     16,251     15,419     12,390     13,907
 
    Selling
    expenses            20,684       20,331      6,801      7,338      5,287      5,197
    General and
    administrative
    expenses            11,991       13,053      3,882      3,834      3,065      3,337
    Other income         (160)        (186)      (113)         29       (41)       (48)
 
    Total operating
    expenses            32,515       33,198     10,570     11,201      8,311      8,486
 
    Operating
    income              15,956       21,206      5,681      4,218      4,079      5,421
 
    Financial
    income               4,432        (940)      2,698      (580)      1,133      (240)
    Financial
    expense                293          350        238         26         75         90
    Total financial
    income
    (expenses)           4,139      (1,290)      2,460      (606)      1,058      (330)
 
    Income before
    taxes on income     20,095       19,916      8,141      3,612      5,137      5,091
    Taxes on income      4,875        4,931      1,848      1,168      1,246      1,260
 
    Income from
    continuing
    operations          15,220       14,985      6,293      2,444      3,891      3,831
    Income from
    discontinued
    operations               -          743          -      (189)          -        190
 
    Net income          15,220       15,728      6,293      2,255      3,891      4,021
 
    Owners of the
    Company             15,220       15,363      6,293      2,346      3,891      3,928
    Non-controlling
    interest                 -          365          -       (91)          -         93
    Net income          15,220       15,728      6,293      2,255      3,891      4,021
 
    Earnings per
    share data:
    Earnings per
    share:
    Basic from
    continuing
    operations            1.17         1.10       0.49       0.18       0.30       0.28
    Basic from
    discontinued
    operations               -         0.03          -     (0.01)          -       0.01
    Basic                 1.17         1.13       0.49       0.17       0.30       0.29
    Diluted from
    continuing
    operations            1.17         1.10       0.49       0.18       0.30       0.28
    Diluted from
    discontinued
    operations               -         0.03          -     (0.01)          -       0.01
    Diluted               1.17         1.13       0.49       0.17       0.30       0.29
 
    Shares used in
    computing basic
    and diluted
    earnings per
    ordinary share: 12,978,723   13,573,679 12,974,245 13,573,679 12,978,723 13,573,679
 


(*)    Convenience translation into U.S. dollars

G. WILLI-FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                       Nine-months       Three months         Nine-months
                            ended September 30,           ended September 30,
                                 
                    2012      2011       2012     2011     2012      2011
                                    NIS                     US dollars (*)
                                         (in thousands)
    CASH FLOWS -
    OPERATING
    ACTIVITIES
    Profit from
    continuing
    operations     15,220    14,985     6,293    2,444    3,891      3,831
    Adjustments to
    reconcile net
    income to net
    cash provided
    by operating 
    activities:    (8,889)    2,469     6,303    5,054   (2,272)       631
    Net cash from
    continuing
    operating
    activities      6,331    17,454    12,596    7,498    1,619      4,462
    Net cash from
    discontinued
    operating
    activities          -     2,345         -    2,093        -        599
    CASH FLOWS -
    INVESTING
    ACTIVITIES
    Long term
    deposit, net        -       (47)        -        3        -        (12)
    Acquisition of
    property plant
    and equipment  (1,247)     (456)   (1,048)    (101)    (319)      (117)
    Proceeds from
    sale of
    property plant
    and Equipment     698       216       656        2      178         55
    Proceeds from
    disposal of
    subsidiary     13,500         -         -        -    3,451          -
    Proceeds from
    (used in)
    purchase of
    marketable
    securities,
    net            12,317  (106,949)  (19,450) (48,347)   3,149    (27,339)
    Net cash from
    (used in)
    continuing
    investing
    activities     25,268  (107,236)  (19,842) (48,443)   6,459    (27,413)
    Net cash used
    in
    discontinued
    investing
    activities          -    (1,787)        -     (518)       -       (457)
 
    CASH FLOWS -
    FINANCING
    ACTIVITIES
    Investment
    used in
    treasury
    stocks           (702)        -         -        -     (180)         -
    Net cash used
    in continuing
    financing
    activities       (702)        -         -        -     (180)         -
    Net cash from
    (used in)
    discontinued
    financing
    activities          -       459         -   (1,445)       -        118
    Increase
    (decrease) in
    cash and cash
    equivalents    30,897   (88,765)   (7,246) (40,815)   7,898    (22,691)
    Cash and cash
    equivalents at
    the beginning
    of the
    financial
    period         34,661   113,631    72,804   65,681    8,860     29,047
 
    Cash and cash
    equivalents of
    the end of the
    financial
    period         65,558    24,866    65,558   24,866   16,758      6,356
 


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


G. WILLI-FOOD INTERNATIONAL LTD.

APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                           Nine-months       Three months   Nine-months
                                                               Ended
                              Ended September 30,          September 30,
                           2012       2011   2012     2011    2012     2011
                                                             US dollars
                                      NIS                       (*)
                                           (in thousands)
 
    Adjustments to
    reconcile net
    income to net
    cash from
    operating
    activities
 
    Depreciation and
    amortization          1,894      2,376    (77)      789     484      607
    Deferred income
    taxes                 (197)    (1,259)      55    (140)    (49)    (322)
    Capital Gain
    (Loss) on
    disposal of
    property plant
    and equipment         (100)      (187)    (40)       27    (26)     (48)
    Unrealized Gain
    (loss) on
    marketable
    securities              567      5,482   (161)    2,188     145    1,401
    Stock based
    compensation
    reserve                  66          -      19        -      17        -
    Employees
    benefit, net           (71)        (5)      18      (5)    (18)      (1)
 
    Changes in assets
    and liabilities:
    Decrease
    (Increase) in
    trade receivables
    and other
    receivables        (10,140)      1,326   1,058    4,242 (2,592)      339
    Decrease
    (Increase) in
    inventories           4,348    (5,957)   4,716  (1,651)   1,111  (1,523)
    Increase
    (Decrease) in
    payables and
    other current
    liabilities         (5,256)        693     715    (396) (1,344)      178
                        (8,889)      2,469   6,303    5,054 (2,272)      631
 


(*)    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.
Raviv Segal, CFO
 (+972) 8-932-1000
[email protected]


SOURCE G. Willi-Food International Ltd.

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