• |
Sales for the third quarter of 2023 were NIS 123.9 million (US$ 32.4 million) remain at the same level as in the third quarter of 2022.
|
• |
Gross profit decreased by 30.9% year-over-year to NIS 23.5 million (US$ 6.1 million).
|
• |
Operating profit decreased by 94.7% year-over-year to NIS 0.5 million (US$ 0.13 million).
|
• |
Net profit decreased by 35.6% year-over-year to NIS 4.9 million (US$ 1.3 million(.
|
• |
Cash and securities balance of NIS 221.1 million (US$ 57.9 million) as of September 30, 2023.
|
• |
Basic earnings per share of NIS 0.35 (US$ 0.1).
|
• |
Sales increased by 10.8% to NIS 404.5 million (US$ 105.9 million) from NIS 365.1 million (US$ 95.6 million) in the first nine months of 2022.
|
• |
Gross profit decreased by 16.3% year-over-year to NIS 89.6 million (US$ 23.5 million).
|
• |
Operating income decreased by 56.7% year-over-year to NIS 14.5 million (US$ 3.8 million).
|
• |
Net profit decreased by 27.6% year-over-year to NIS 20.6 million (US$ 5.4 million), or 5.1% of sales.
|
• |
Basic earnings per share of NIS 1.49 (US$ 0.39).
|
September 30,
|
December 31
|
September 30,
|
December 31
| |||||||||||||||||||||
2 0 2 3
|
2 0 2 2
|
2 0 2 2
|
2 0 2 3
|
2 0 2 2
|
2 0 2 2
| |||||||||||||||||||
NIS
|
US dollars (*)
| |||||||||||||||||||||||
(in thousands)
| ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets
| ||||||||||||||||||||||||
Cash and cash equivalents
|
121,231
|
158,016
|
150,607
|
31,736
|
41,365
|
39,426
| ||||||||||||||||||
Financial assets carried at fair value through profit or loss
|
99,895
|
134,506
|
116,762
|
26,151
|
35,211
|
30,566
| ||||||||||||||||||
Trade receivables
|
155,857
|
147,053
|
165,838
|
40,800
|
38,496
|
43,413
| ||||||||||||||||||
Other receivables and prepaid expenses
|
8,433
|
3,161
|
4,956
|
2,208
|
827
|
1,297
| ||||||||||||||||||
Inventories
|
75,807
|
71,811
|
71,929
|
19,845
|
18,799
|
18,830
| ||||||||||||||||||
Current tax assets
|
9,556
|
6,042
|
3,117
|
2,502
|
1,582
|
816
| ||||||||||||||||||
Total current assets
|
470,779
|
520,589
|
513,209
|
123,242
|
136,280
|
134,348
| ||||||||||||||||||
Non-current assets
| ||||||||||||||||||||||||
Property, plant and equipment
|
115,789
|
92,067
|
99,216
|
30,311
|
24,101
|
25,973
| ||||||||||||||||||
Less - Accumulated depreciation
|
54,750
|
51,689
|
51,533
|
14,332
|
13,531
|
13,490
| ||||||||||||||||||
61,039
|
40,378
|
47,683
|
15,979
|
10,570
|
12,483
| |||||||||||||||||||
Right of use asset
|
2,729
|
3,679
|
3,391
|
714
|
963
|
888
| ||||||||||||||||||
Financial assets carried at fair value through profit or loss
|
44,505
|
31,922
|
44,113
|
11,651
|
8,357
|
11,548
| ||||||||||||||||||
Goodwill
|
36
|
36
|
36
|
9
|
9
|
9
| ||||||||||||||||||
Total non-current assets
|
108,309
|
76,015
|
95,223
|
28,353
|
19,899
|
24,928
| ||||||||||||||||||
579,088
|
596,604
|
608,432
|
151,595
|
156,179
|
159,276
| |||||||||||||||||||
EQUITY AND LIABILITIES | ||||||||||||||||||||||||
Current liabilities
| ||||||||||||||||||||||||
Current maturities of lease liabilities
|
1,847
|
569
|
2,194
|
484
|
149
|
574
| ||||||||||||||||||
Trade payables
|
16,873
|
16,985
|
24,842
|
4,417
|
4,446
|
6,503
| ||||||||||||||||||
Employees Benefits
|
4,132
|
3,744
|
3,756
|
1,082
|
980
|
983
| ||||||||||||||||||
Other payables and accrued expenses
|
8,342
|
8,045
|
11,836
|
2,184
|
2,106
|
3,098
| ||||||||||||||||||
Total current liabilities
|
31,194
|
29,343
|
42,628
|
8,167
|
7,681
|
11,158
| ||||||||||||||||||
Non-current liabilities
| ||||||||||||||||||||||||
Lease liabilities
|
1,079
|
3,310
|
1,284
|
282
|
866
|
336
| ||||||||||||||||||
Deferred taxes
|
4,742
|
1,997
|
4,198
|
1,241
|
523
|
1,099
| ||||||||||||||||||
Retirement benefit obligation
|
1,030
|
1,811
|
878
|
270
|
474
|
230
| ||||||||||||||||||
Total non-current liabilities
|
6,851
|
7,118
|
6,360
|
1,793
|
1,863
|
1,665
| ||||||||||||||||||
Shareholders' equity
| ||||||||||||||||||||||||
Share capital
|
1,490
|
1,490
|
1,490
|
390
|
390
|
390
| ||||||||||||||||||
Additional paid in capital
|
172,477
|
171,115
|
171,550
|
45,151
|
44,794
|
44,909
| ||||||||||||||||||
Remeasurement of the net liability in respect of defined benefit
|
(195
|
)
|
(959
|
)
|
(195
|
)
|
(51
|
)
|
(251
|
)
|
(51
|
)
| ||||||||||||
Capital fund
|
247
|
247
|
247
|
65
|
65
|
65
| ||||||||||||||||||
Retained earnings
|
367,652
|
388,878
|
386,980
|
96,244
|
101,801
|
101,304
| ||||||||||||||||||
Treasury shares
|
(628
|
)
|
(628
|
)
|
(628
|
)
|
(164
|
)
|
(164
|
)
|
(164
|
)
| ||||||||||||
Equity attributable to owners of the Company
|
541,043
|
560,143
|
559,444
|
141,635
|
146,635
|
146,453
| ||||||||||||||||||
579,088
|
596,604
|
608,432
|
151,595
|
156,179
|
159,276
|
Nine months
|
Three months
|
Nine months
| ||||||||||||||||||||||
ended
|
ended
|
ended
| ||||||||||||||||||||||
September 30,
|
September 30,
|
September 30,
| ||||||||||||||||||||||
2 0 2 3
|
2 0 2 2
|
2 0 2 3
|
2 0 2 2
|
2 0 2 3
|
2 0 2 2
| |||||||||||||||||||
NIS
|
US dollars (*)
| |||||||||||||||||||||||
In thousands (except per share and share data)
| ||||||||||||||||||||||||
Sales
|
404,521
|
365,124
|
123,921
|
123,900
|
105,896
|
95,582
| ||||||||||||||||||
Cost of sales
|
314,895
|
258,029
|
100,387
|
89,829
|
82,433
|
67,547
| ||||||||||||||||||
Gross profit
|
89,626
|
107,095
|
23,534
|
34,071
|
23,462
|
28,035
| ||||||||||||||||||
Operating costs and expenses:
| ||||||||||||||||||||||||
Selling expenses
|
55,982
|
56,275
|
17,282
|
18,678
|
14,655
|
14,732
| ||||||||||||||||||
General and administrative expenses
|
19,311
|
17,349
|
5,890
|
5,856
|
5,055
|
4,541
| ||||||||||||||||||
Other income
|
165
|
-
|
140
|
-
|
43
|
-
| ||||||||||||||||||
Total operating expenses
|
75,128
|
73,624
|
23,032
|
24,534
|
19,667
|
19,273
| ||||||||||||||||||
Operating profit
|
14,498
|
33,471
|
502
|
9,537
|
3,795
|
8,762
| ||||||||||||||||||
Financial income
|
12,142
|
11,194
|
5,923
|
2,616
|
3,179
|
2,930
| ||||||||||||||||||
Financial expense
|
550
|
10,296
|
181
|
2,580
|
144
|
2,695
| ||||||||||||||||||
Total financial income
|
11,592
|
898
|
5,742
|
36
|
3,035
|
235
| ||||||||||||||||||
Income before taxes on income
|
26,090
|
34,369
|
6,244
|
9,573
|
6,830
|
8,997
| ||||||||||||||||||
Taxes on income
|
5,471
|
5,881
|
1,339
|
1,951
|
1,432
|
1,539
| ||||||||||||||||||
Profit for the period
|
20,619
|
28,488
|
4,905
|
7,622
|
5,398
|
7,458
| ||||||||||||||||||
Earnings per share:
| ||||||||||||||||||||||||
Basic / Diluted earnings per share
|
1.49
|
2.05
|
0.35
|
0.55
|
0.39
|
0.54
| ||||||||||||||||||
Shares used in computation of basic / 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
|
Nine months
|
Three months
|
Nine months
| ||||||||||||||||||||||
ended
|
ended
|
ended
| ||||||||||||||||||||||
September 30,
|
September 30,
|
September 30,
| ||||||||||||||||||||||
2 0 2 3
|
2 0 2 2
|
2 0 2 3
|
2 0 2 2
|
2 0 2 3
|
2 0 2 2
| |||||||||||||||||||
NIS
|
US dollars (*)
| |||||||||||||||||||||||
(in thousands)
| ||||||||||||||||||||||||
CASH FLOWS - OPERATING ACTIVITIES | ||||||||||||||||||||||||
Profit from continuing operations
|
20,619
|
28,488
|
4,905
|
7,622
|
5,398
|
7,458
| ||||||||||||||||||
Adjustments to reconcile net profit to net cash used to continuing operating activities (Appendix A)
|
(12,225
|
)
|
(18,996
|
)
|
19,817
|
5,251
|
(3,200
|
)
|
(4,973
|
)
| ||||||||||||||
Net cash from continuing operating activities
|
8,394
|
9,492
|
24,722
|
12,873
|
2,198
|
2,485
| ||||||||||||||||||
CASH FLOWS - INVESTING ACTIVITIES | ||||||||||||||||||||||||
Acquisition of property plant and equipment
|
(16,548
|
)
|
(4,823
|
)
|
(7,572
|
)
|
(1,447
|
)
|
(4,332
|
)
|
(1,263
|
)
| ||||||||||||
Proceeds from sale of marketable securities, net
|
19,772
|
9,833
|
3,739
|
(2,223
|
)
|
5,176
|
2,574
| |||||||||||||||||
Net cash used in (from) continuing investing activities
|
3,224
|
5,010
|
(3,833
|
)
|
(3,670
|
)
|
844
|
1,311
| ||||||||||||||||
CASH FLOWS - FINANCING ACTIVITIES | ||||||||||||||||||||||||
Lease liability payments
|
(1,681
|
)
|
(1,611
|
)
|
(727
|
)
|
(583
|
)
|
(440
|
)
|
(422
|
)
| ||||||||||||
Dividend
|
(39,946
|
)
|
(39,932
|
)
|
(9,997
|
)
|
(19,965
|
)
|
(10,457
|
)
|
(10,453
|
)
| ||||||||||||
Net cash used to continuing financing activities
|
(41,627
|
)
|
(41,543
|
)
|
(10,724
|
)
|
(20,548
|
)
|
(10,897
|
)
|
(10,875
|
)
| ||||||||||||
Increase (decrease) in cash and cash equivalents
|
(30,009
|
)
|
(27,041
|
)
|
10,165
|
(11,345
|
)
|
(7,856
|
)
|
(7,079
|
)
| |||||||||||||
Cash and cash equivalents at the beginning of the financial period
|
150,607
|
195,718
|
110,916
|
171,251
|
39,426
|
51,235
| ||||||||||||||||||
Exchange losses (profit) on cash and cash equivalents
|
633
|
(10,661
|
)
|
150
|
(1,890
|
)
|
166
|
(2,791
|
)
| |||||||||||||||
Cash and cash equivalents of the end of the financial year
|
121,231
|
158,016
|
121,231
|
158,016
|
31,736
|
41,365
|
Nine months
|
Three months
|
Nine months
| ||||||||||||||||||||||
ended
|
ended
|
ended
| ||||||||||||||||||||||
September 30,
|
September 30,
|
September 30,
| ||||||||||||||||||||||
2 0 2 3
|
2 0 2 2
|
2 0 2 3
|
2 0 2 2
|
2 0 2 3
|
2 0 2 2
| |||||||||||||||||||
NIS
|
US dollars (*)
| |||||||||||||||||||||||
(in thousands)
| ||||||||||||||||||||||||
Decrease (increase) in deferred income taxes
|
544
|
(20
|
)
|
397
|
(201
|
)
|
142
|
(5
|
)
| |||||||||||||||
Unrealized loss (gain) on marketable securities
|
(3,297
|
)
|
8,885
|
(2,744
|
)
|
1,892
|
(863
|
)
|
2,326
| |||||||||||||||
Depreciation and amortization
|
5,008
|
4,958
|
1,672
|
1,660
|
1,311
|
1,298
| ||||||||||||||||||
Capital gain on disposal of property plant and equipment
|
(25
|
)
|
-
|
-
|
-
|
(7
|
)
|
-
| ||||||||||||||||
Exchange gain (losses) on cash and cash equivalents
|
(633
|
)
|
10,661
|
(150
|
)
|
1,890
|
(166
|
)
|
2,791
| |||||||||||||||
Unrealized gain of financial liabilities at fair value through profit or loss
|
-
|
(13,960
|
)
|
-
|
(1,310
|
)
|
-
|
(3,654
|
)
| |||||||||||||||
Stock based compensation reserve
|
926
|
355
|
236
|
355
|
242
|
93
| ||||||||||||||||||
Changes in assets and liabilities:
| ||||||||||||||||||||||||
Increase (decrease) in trade receivables and other receivables
|
10,882
|
(496
|
)
|
5,487
|
8,588
|
2,849
|
(130
|
)
| ||||||||||||||||
Decrease (increase) in inventories
|
(3,878
|
)
|
(12,283
|
)
|
22,495
|
2,066
|
(1,015
|
)
|
(3,215
|
)
| ||||||||||||||
Decrease in trade and other payables, and other current liabilities
|
(10,935
|
)
|
(6,073
|
)
|
(5,176
|
)
|
(6,767
|
)
|
(2,863
|
)
|
(1,590
|
)
| ||||||||||||
Cash generated used in (from) operations
|
(1,408
|
)
|
(7,973
|
)
|
22,217
|
8,173
|
(370
|
)
|
(2,087
|
)
| ||||||||||||||
Income tax paid
|
(10,817
|
)
|
(11,023
|
)
|
(2,400
|
)
|
(2,922
|
)
|
(2,832
|
)
|
(2,886
|
)
| ||||||||||||
Net cash flows from (used in) operating activities
|
(12,225
|
)
|
(18,996
|
)
|
19,817
|
5,251
|
(3,202
|
)
|
(4,973
|
)
|
Attachments
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Disclaimer
G. Willi-Food International Ltd. published this content on 21 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 December 2023 12:23:16 UTC.