SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of March 2021

G. Willi-Food International Ltd.

(Translation of registrant’s name into English)

4 Nahal Harif St., Yavne, Israel 81106

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________

Attached hereto and incorporated by reference herein is a press release, dated March 25, 2021, titled:

"G. Willi-Food International reports improvements in major operational parameters in fiscal year 2020 compared to 2019".

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	G. Willi-Food International Ltd.

	By:	/s/ Yitschak Barabi
		Name: Yitschak Barabi
		Title: Chief Financial Officer

Date: March 25, 2021

FOR IMMEDIATE RELEASE

G. WILLI-FOOD INTERNATIONAL REPORTS A RECORD HIGH

YEAR WITH SALES, AND ALL PROFIT PARAMETERS.

FISCAL YEAR 2020 RESULTS SHOW HIGHEST EVER YEAR FOR THE COMPANY IN

SALES, GROSS PROFIT, OPERATING PROFIT, PROFIT BEFORE TAX AND NET PROFIT

YAVNE, Israel - March 25, 2021 - G. Willi-Food International Ltd. (NASDAQ: WILC and 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, 2020.

Fiscal Year 2020 Highlights

•

Sales increased by 14.8% from fiscal year 2019 to NIS 454.1 million (US$ 141.2 million).

•

Gross profit increased by 17.4% from fiscal year 2019 to NIS 145.4 million (US$ 45.2 million), or 32% of sales.

•

Operating profit increased by 21.7% from fiscal year 2019 to NIS 57.6 million (US$ 17.9 million).

•

Profit before tax increased by 3.7% from fiscal year 2019 to NIS 67.7 million (US$ 21.1 million).

•

Cash and securities balance of NIS 356.5 million (US$ 110.9 million) as of December 31, 2020.

Management Comment

Zwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: "We are very pleased to present our fiscal year 2020 financial results which show our highest ever sales, gross profit, operating profit, profit before tax and net profit. Since almost the beginning of fiscal year 2020, the Company has been operating in the COVID-19 pandemic environment, which has led to changes in consumption habits of consumers in parallel with various restrictions imposed on the public. Despite this difficult environment, the Company managed to deliver a record performance with sales and all profit parameters. We believe this performance was driven in part by following our strategy of developing new and profitable products, entering into new categories, improving our visibility in the stores and strengthening our supply chain. We intend to continue to work hard to achieve the goals we have set for the Company over the next few years, and we believe that with our excellent management team we will meet those objectives.”

According to retail data analytics provided by StoreNext Ltd^[^1], the Company recorded a higher growth rate in 2020 for "sale out" sales (i.e., sales to the final consumer) than any other Israeli food and beverage company, growing 25.9% compared to the 9.3% average growth of such companies.

^[1] StoreNext Ltd. has a direct connection to the cash register systems of over 2,200 points of sales, providing information regarding 80% of real time sales data in Israel.

Fiscal 2020 Summary

Revenues for fiscal year 2020 increased by NIS 58.5 million (USD 18.2 million), or 14.8%, to NIS 454.1 million (USD 141.2 million) from NIS 395.6 million (USD 123.1 million) recorded in fiscal year 2019. Revenues increased primarily due to the COVID-19 pandemic, which led to an increase in demand for the Company's line of products, primarily in retail chains, and due to a redirection of resources in favor of sales, increasing the variety of the Company's products, improving the company visibility in the stores and improved inventory management.

Cost of sales for fiscal year 2020 increased by 13.6% to NIS 308.7 million (USD 96.0 million), or 68.0% of revenues, from NIS 271.8 million (USD 84.5 million), or 68.7% of revenues, recorded in fiscal year 2019. The increase in cost of sales was primary due to increase in sales.

Gross profit for fiscal year 2020 increased by 17.4% to NIS 145.4 million (USD 45.2 million), or 32.0% of revenues, from NIS 123.9 million (USD 38.5 million), or 31.3% of revenues, recorded in fiscal year 2019. The increase in gross profit was primary due to increase in sales and the gross margin increase resulting from the Company's strategy of selling a favorable mix of products which generate a higher gross margin.

Selling expenses for fiscal year 2020 increased by 18.9% to NIS 66.0 million (USD 20.5 million), or 14.5% of revenues from NIS 55.5 million (USD 17.3 million), or 14% of revenues, recorded in fiscal year 2019. The increase in selling expenses was primarily due to an increase in payroll expenses in the logistics department as a result of working in two shifts to comply with government workplace restrictions due to the COVID-19 pandemic, and an increase of freight to customers' expenses to support sales growth.

General and administrative expenses for fiscal year 2020 increased by 4.0% to NIS 21.9 million (USD 6.8 million), or 4.8% of revenues, from NIS 21.1 million (USD 6.6 million), or 5.3% of revenues, recorded in fiscal year 2019. The increase in general and administrative expenses was primarily due to an increase in goal - based bonuses in the payroll expenses.

Operating profit for fiscal year 2020 increased by NIS 10.3 million (USD 3.2 million), or by 21.7%, to NIS 57.6 million (USD 17.9 million), or 12.7% of revenues, from NIS 47.3 million (USD 14.7 million), or 12.0% of revenues, recorded in fiscal year 2019. The increase in operating profit was primarily due to increase in gross profit.

Financial income, net, for fiscal year 2020 amounted to NIS 10.1 million (USD 3.1 million) compared to net income of NIS 18.0 million (USD 5.6 million) recorded in fiscal year 2019. The decrease in finance income, net was primarily due to a decrease in interest income and dividends received from the Company's securities portfolio and from decrease in revaluation of the Company's securities portfolio to its fair value.

Willi-Food ended fiscal year 2020 with NIS 356.5 million (US$ 110.9 million) in cash and securities with no short-term debt. Net cash from operating activities in fiscal year 2020 was NIS 64.2 million (US$ 20.0 million). Willi-Food's shareholders' equity at the end of December 2020 was NIS 585.7 million (US$ 182.2 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 as of December 31, 2020, on which USD 1.00 equaled NIS 3.215 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, 2020 are presented in accordance with International Financial Reporting Standards (“IFRS”).

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 1,250 customers and 2,500 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 who designs, develops and distributes branded kosher, dairy-food products.

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 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, 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, 2020, filed with the Securities and Exchange Commission on March 27, 2020. 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 0			2 0 1 9			2 0 2 0			2 0 1 9
	NIS						US dollars (*)
	(in thousands)
ASSETS
Current assets
Cash and cash equivalents		201,822			121,860			62,775			37,904
Financial assets at fair value through profit or loss		154,700			141,543			48,118			44,026
Loans to others		18,707			17,650			5,819			5,490
Trade receivables		131,301			133,039			40,840			41,381
Other receivables and prepaid expenses		6,667			9,360			2,074			2,911
Inventories		59,514			71,548			18,511			22,254
Current tax assets		3,965			-			1,233			-
Total current assets		576,676			495,000			179,370			153,966

Non-current assets
Property, plant and equipment		83,105			81,402			25,849			25,319
Less -Accumulated depreciation		46,460			43,881			14,451			13,649
		36,645			37,521			11,398			11,670

Right of use asset		2,866			3,860			891			1,201
Financial assets at fair value through profit or loss		13,700			-			4,262			-
Goodwill		36			36			11			10
Deferred taxes		-			818			-			254
Total non-current assets		53,247			42,235			16,562			13,135

		629,923			537,235			195,932			167,101
EQUITY AND LIABILITIES
Current liabilities

Current maturities of lease liabilities		1,393			1,675			433			521
Trade payables		23,474			24,650			7,301			7,667
Employees Benefits		3,437			2,911			1,069			905
Current tax liabilities		-			3,750			-			1,166
Other payables and accrued expenses		11,611			9,195			3,612			2,860
Total current liabilities		39,915			42,181			12,415			13,119

Non-current liabilities
Lease liabilities		1,592			2,212			495			688
Deferred taxes		768			-			238			-
Retirement benefit obligation		1,905			1,486			593			462
Total non-current liabilities		4,265			3,698			1,326			1,150

Shareholders' equity
Share capital		1,490			1,425			463			443
Additional paid in capital		170,760			128,354			53,114			39,923
Capital fund		247			247			77			77
Treasury shares		(628	)		(628	)		(195	)		(195	)
Retained earnings		415,196			362,987			129,143			112,904
Remeasurement of the net liability in respect of defined benefit		(1,322	)		(1,029	)		(411	)		(320	)
Equity attributable to owners of the Company		585,743			491,356			182,191			152,832

		629,923			537,235			195,932			167,101

(*)	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 0			2 0 1 9			2 0 2 0			2 0 1 9
	NIS						US dollars (*)
	In thousands (except per share and share data)

Sales		454,094			395,637			141,242			123,060
Cost of sales		308,717			271,784			96,024			84,536

Gross profit		145,377			123,853			45,218			38,524

Operating costs and expenses:
Selling expenses		65,990			55,490			20,526			17,260
General and administrative expenses		21,918			21,067			6,817			6,553
Other income		108			-			34			-
Total operating expenses		87,800			76,557			27,309			23,813

Operating profit		57,577			47,296			17,909			14,711

Financial income		11,348			20,966			3,530			6,521
Financial expense		1,253			3,016			389			938
Total Finance Income		10,095			17,950			3,141			5,583

Profit before taxes on income		67,672			65,246			21,050			20,294
Taxes on income		(15,463	)		(13,735	)		(4,810	)		(4,272	)

Income after taxes on income		52,209			51,511			16,240			16,022

Earnings per share:
Basic / diluted earnings per share		3.89			3.90			1.21			1.21

Shares used in computation of basic/diluted EPS		13,433,684			13,217,017			13,433,684			13,217,017

Actual number of shares		13,867,017			13,217,017			13,867,017			13,217,017

(*)	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 0			2 0 1 9			2 0 2 0			2 0 1 9
	NIS						US dollars (*)
	In thousands (except per share and share data)
CASH FLOWS - OPERATING ACTIVITIES
Profit from continuing operations		52,209			51,511			16,240			16,022
Adjustments to reconcile net profit to net cash from (used to) continuing operating activities (Appendix A)		11,967			(51,948	)		3,722			(16,158	)
Net cash from (used to) continuing operating activities		64,176			(437	)		19,962			(136	)


CASH FLOWS - INVESTING ACTIVITIES
Acquisition of property plant and equipment		(2,903	)		(1,791	)		(903	)		(557	)
Proceeds from sale of property plant and equipment		108			-			34			-
Loans granted to others		(20,000	)		(43,650	)		(6,221	)		(13,577	)
Proceeds from loans granted to others		18,943			26,000			5,892			8,087
Proceeds from sale (purchase) of marketable securities, net		(20,739	)		11,336			(6,451	)		3,526
Net cash used to continuing investing activities		(24,591	)		(8,105	)		(7,649	)		(2,521	)

CASH FLOWS - FINANCING ACTIVITIES
Lease liability payments		(1,819	)		(1,128	)		(566	)		(351	)
Shares issue		42,471			-			13,210			-
Acquisition of treasury shares		-			(628	)		-			(195	)
Net cash used to continuing financing activities		40,652			(1,756	)		12,644			(546	)

Increase (decrease) in cash and cash equivalents		80,237			(10,298	)		24,957			(3,203	)
Cash and cash equivalents at the beginning of the year		121,860			134,287			37,904			41,769
Exchange losses on cash and cash equivalents		(275	)		(2,129	)		(86	)		(662	)
Cash and cash equivalents at the end of the year		201,822			121,860			62,775			37,904

(*) 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 0			2 0 1 9			2 0 2 0			2 0 1 9
	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		1,586			2,064			493			642
Unrealized loss (gain) on marketable securities		(6,115	)		(14,972	)		(1,903	)		(4,657	)
Depreciation and amortization		5,690			4,815			1,770			1,498
Capital gain on disposal of property plant and equipment		(108	)		-			(34	)		-
Exchange (losses)/gains on cash and cash equivalents		275			2,129			86			662

Changes in assets and liabilities:
Decrease (increase) in trade receivables and other receivables		22,029			(29,776	)		6,853			(9,262	)
Increase in inventories		12,034			(22,259	)		3,743			(6,923	)
Increase (decrease) in trade and other payables, and other current liabilities		(1,861	)		16,050			(579	)		4,992
Cash generated from operations		33,530			(41,949	)		10,429			(13,048	)
Income tax paid		(21,563	)		(9,999	)		(6,707	)		(3,110	)
Net cash flows from operating activities		11,967			(51,948	)		3,722			(16,158	)

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

Company Contact:

G. Willi - Food International Ltd.

Yitschak Barabi, Chief Financial Officer

(+972) 8-932-1000

itsik.b@willi-food.co.il

###

SOURCE: G. Willi-Food International Ltd.