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G. Willi-Food International Ltd.
By: /s/ Yitschak Barabi
Name: Yitschak Barabi
Title: Chief Financial Officer
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•
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Sales increased by 17.0% from fiscal year 2018 to NIS 395.6 million (US$ 114.5 million).
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•
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Gross profit increased by 26.1% from fiscal year 2018 to NIS 123.9 million (US$ 35.8 million).
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•
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Operating profit increased by 25.2% from fiscal year 2018 to NIS 47.3 million (US$ 13.7 million), or 12.0% of sales.
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•
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Income before taxes(Net income) increased by 98.8% from fiscal year 2018 to NIS 65.2 million (US$ 18.9 million).
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•
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Income after taxes increased by 106.3% from fiscal year 2018 to NIS 51.5 million (US$ 14.9 million).
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•
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Cash and securities balance of NIS 263.4 million (US$ 76.2 million) as of December 31, 2019.
|
December 31,
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December 31,
|
|||||||||||||||
2 0 1 9
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2 0 1 8
|
2 0 1 9
|
2 0 1 8
|
|||||||||||||
NIS
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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
|
121,860
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134,287
|
35,260
|
38,856
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||||||||||||
Financial assets at fair value through profit or loss
|
141,543
|
137,904
|
40,956
|
39,903
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||||||||||||
Loans to others
|
17,650
|
-
|
5,107
|
-
|
||||||||||||
Trade receivables
|
133,039
|
98,017
|
38,495
|
28,361
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||||||||||||
Other receivables and prepaid expenses
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9,360
|
3,744
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2,708
|
1,083
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||||||||||||
Inventories
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71,548
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49,289
|
20,703
|
14,263
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||||||||||||
Current tax assets
|
-
|
862
|
-
|
249
|
||||||||||||
Total current assets
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495,000
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424,103
|
143,229
|
122,715
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||||||||||||
Non-current assets
|
||||||||||||||||
Property, plant and equipment
|
81,402
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79,611
|
23,554
|
23,036
|
||||||||||||
Less -Accumulated depreciation
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43,881
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40,219
|
12,697
|
11,638
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||||||||||||
37,521
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39,392
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10,857
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11,398
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|||||||||||||
Right of use asset
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3,860
|
-
|
1,117
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-
|
||||||||||||
Goodwill
|
36
|
36
|
10
|
10
|
||||||||||||
Deferred taxes
|
818
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2,882
|
237
|
834
|
||||||||||||
Total non-current assets
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42,235
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42,310
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12,221
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12,242
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||||||||||||
537,235
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466,413
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155,450
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134,957
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EQUITY AND LIABILITIES
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||||||||||||||||
Current liabilities
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||||||||||||||||
Current maturities of lease liabilities
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1,675
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-
|
485
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-
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||||||||||||
Trade payables
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24,650
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16,239
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7,133
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4,699
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||||||||||||
Employees Benefits
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2,911
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2,577
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842
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746
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||||||||||||
Current tax liabilities
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3,750
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-
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1,085
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-
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||||||||||||
Other payables and accrued expenses
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9,195
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5,882
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2,661
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1,701
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||||||||||||
Total current liabilities
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42,181
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24,698
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12,206
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7,146
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||||||||||||
Non-current liabilities
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||||||||||||||||
Lease liabilities
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2,212
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-
|
640
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-
|
||||||||||||
Retirement benefit obligation
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1,486
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836
|
430
|
242
|
||||||||||||
Total non-current liabilities
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3,698
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836
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1,070
|
242
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||||||||||||
Shareholders' equity
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||||||||||||||||
Share capital NIS 0.1 par value (authorized - 50,000,000 shares, issued and outstanding – 13,217,017 shares at December 31, 2019 and 13,240,913 at December 31, 2018)
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1,425
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1,425
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412
|
412
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||||||||||||
Additional paid in capital
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128,354
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128,354
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37,139
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37,139
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Capital fund
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247
|
247
|
71
|
71
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||||||||||||
Treasury shares
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(628
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)
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-
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(182
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)
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-
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||||||||||
Retained earnings
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362,987
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311,476
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105,031
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90,127
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||||||||||||
Remeasurement of the net liability in respect of defined benefit
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(1,029
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)
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(623
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)
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(297
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)
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(180
|
)
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Equity attributable to owners of the Company
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491,356
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440,879
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142,174
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127,569
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||||||||||||
537,235
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466,413
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155,450
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134,957
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|||||||||||||
(*) |
Convenience translation into U.S. dollars.
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For the year ended
December 31,
|
For the year ended
December 31,
|
|||||||||||||||
2 0 1 9
|
2 0 1 8
|
2 0 1 9
|
2 0 1 8
|
|||||||||||||
NIS
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US dollars (*)
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|||||||||||||||
In thousands (except per share and share data)
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||||||||||||||||
Sales
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395,637
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338,245
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114,478
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97,872
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||||||||||||
Cost of sales
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271,784
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240,032
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78,641
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69,454
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||||||||||||
Gross profit
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123,853
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98,213
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35,837
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28,418
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||||||||||||
Operating costs and expenses:
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Selling expenses
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55,490
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43,823
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16,056
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12,680
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General and administrative expenses
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21,067
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16,686
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6,096
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4,828
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Other income
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-
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(69
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)
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-
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(20
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)
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Total operating expenses
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76,557
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60,440
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22,152
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17,488
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Operating profit
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47,296
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37,773
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13,685
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10,930
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||||||||||||
Financial income
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20,966
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(7,212
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)
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6,067
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(2,087
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)
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Financial expense
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3,016
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(2,256
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)
|
873
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(653
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)
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Total Finance Income
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17,950
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(4,956
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)
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5,194
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(1,434
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)
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Profit before taxes on income
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65,246
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32,817
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18,879
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9,496
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Taxes on income
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(13,735
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)
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(7,850
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)
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(3,975
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)
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(2,271
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)
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Income after taxes on income
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51,511
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24,967
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14,904
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7,225
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Earnings per share:
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Basic / diluted earnings per share
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3.90
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1.89
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1.13
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0.55
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||||||||||||
Shares used in computation of basic and diluted EPS
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13,217,017
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13,240,913
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13,217,017
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13,240,913
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(*) |
Convenience translation into U.S. dollars.
|
For the year ended
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For the year ended
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|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2 0 1 9
|
2 0 1 8
|
2 0 1 9
|
2 0 1 8
|
|||||||||||||
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
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51,511
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24,967
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14,904
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7,224
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||||||||||||
Adjustments to reconcile net profit to net cash from (used to) continuing operating activities (Appendix A)
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(54,077
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)
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2,074
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(15,647
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)
|
600
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||||||||||
Net cash from (used to) continuing operating activities
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(2,566
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)
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27,041
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(743
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)
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7,824
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CASH FLOWS - INVESTING ACTIVITIES
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Acquisition of property plant and equipment
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(1,791
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)
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(2,143
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)
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(518
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)
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(620
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)
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Proceeds from sale of property plant and equipment
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-
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415
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-
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120
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||||||||||||
Loans granted to others
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(43,650
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)
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-
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(12,630
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)
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-
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Proceeds from loans granted to others
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26,000
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-
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7,523
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-
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||||||||||||
Proceeds of non current financial assets
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-
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3,970
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-
|
1,149
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||||||||||||
Proceeds from purchase of marketable securities, net
|
11,336
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(8,058
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)
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3,280
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(2,332
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)
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||||||||||
Net cash used to continuing investing activities
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(8,105
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)
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(5,816
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)
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(2,345
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)
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(1,683
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)
|
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CASH FLOWS - FINANCING ACTIVITIES
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||||||||||||||||
Lease liability payments
|
(1,128
|
)
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-
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(326
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)
|
-
|
||||||||||
Acquisition of treasury shares
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(628
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)
|
-
|
(182
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)
|
-
|
||||||||||
Net cash used to continuing financing activities
|
(1,756
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)
|
-
|
(508
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)
|
-
|
||||||||||
Increase (decrease) in cash and cash equivalents
|
(12,427
|
)
|
21,225
|
(3,596
|
)
|
6,141
|
||||||||||
Cash and cash equivalents at the beginning of the year
|
134,287
|
113,062
|
38,856
|
32,715
|
||||||||||||
Cash and cash equivalents at the end of the year
|
121,860
|
134,287
|
35,260
|
38,856
|
For the year ended
|
For the year ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2 0 1 9
|
2 0 1 8
|
2 0 1 9
|
2 0 1 8
|
|||||||||||||
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 (Increase) in deferred income taxes
|
2,064
|
(2,379
|
)
|
597
|
(688
|
)
|
||||||||||
Unrealized loss (gain) on marketable securities
|
(14,972
|
)
|
13,673
|
(4,332
|
)
|
3,956
|
||||||||||
Depreciation and amortization
|
4,815
|
3,614
|
1,393
|
1,046
|
||||||||||||
Capital gain on disposal of property plant and equipment
|
-
|
(69
|
)
|
-
|
(20
|
)
|
||||||||||
Changes in assets and liabilities:
|
||||||||||||||||
Increase in trade receivables and other receivables
|
(39,775
|
)
|
(7,898
|
)
|
(11,508
|
)
|
(2,285
|
)
|
||||||||
Increase in inventories
|
(22,259
|
)
|
(9,390
|
)
|
(6,441
|
)
|
(2,717
|
)
|
||||||||
Increase in trade and other payables, and other current liabilities
|
16,050
|
4,523
|
4,644
|
1,308
|
||||||||||||
(54,077
|
)
|
2,074
|
(15,647
|
)
|
600
|
|||||||||||
B. Supplemental cash flow information:
|
||||||||||||||||
Income tax paid
|
9,999
|
7,711
|
2,893
|
2,231
|