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 May 2021

Commission File Number 000-29256

 

(Translation of registrant’s name into English)

  

 (Address of principal executive office)

 

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): ____ 

 

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INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

Attached hereto and incorporated by reference herein is a press release, dated May 12, 2021, titled: "G. Willi-Food international reports the results of first quarter 2021 which show one of the highest ever quarterly net profit.".

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. 

 

Date: May 12, 2021

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YAVNE, Israel – May 12, 2021 - G. Willi-Food International Ltd. (NASDAQ: WILC) (the “Company” or “Willi-Food”), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its unaudited financial results for the first quarter ended March 31, 2021.

General and administrative expenses for the first quarter of 2021 were NIS 5.9 million (US$ 1.7 million), remaining at the same level as in the first quarter of 2020.

operating profit for the first quarter of 2021 decreased by 20.9% to NIS 15.0 million (US$ 4.5 million) compared to NIS 19.0 million (US$ 5.7 million) in the first quarter of 2020, especially due to the decrease with sales.

Finance income, net totaled NIS 11.5 million (US$ 3.5 million) compared to Finance expenses, net of NIS 17.4 million (US$ 5.2 million) in the first quarter of 2020 during the turmoil in the financial markets associated with the COVID-19 pandemic. During the first quarter of 2021 the Company recognized financial income from its portfolio of securities in the amount of NIS 10.3 million (US$ 3.1 million), financial income from exchange rate differences in the amount of NIS 1.4 million (US$ 0.4 million), and financial expenses from bank fees in the amount of NIS 0.2 million (US$ 0.06 million).

Willi-Food’s income before taxes for the first quarter of 2021 was NIS 26.6 million (US$ 8.0 million) compared to income before taxes of NIS 1.2 million (US$ 0.3 million) in the first quarter of 2020.

Willi-Food's net profit in the first quarter of 2021 was NIS 20.5 million (US$ 6.1 million), or NIS 1.48 (US$ 0.44) per share, compared to NIS 1.6 million (US$ 0.5 million), or NIS 0.09 (US$ 0.03) per share, recorded in the first quarter of 2020. Net profit for the first quarter of 2021 increased by 1,634.2% year-over-year. The increase in net profit was mainly due to finance income from revaluation of the Company portfolio of securities in the first quarter of 2021 compared to finance expenses from revaluation of the company portfolio of securities in the first quarter of 2020 due to capital markets sharp declines as a result of the COVID-19 pandemic.

Willi-Food ended the first quarter of 2021 with NIS 371.3 million (US$ 111.4 million) in cash and securities. Net cash from operating activities for the first quarter of 2021 was NIS 4.2 million (US$ 1.3 million). Willi-Food's shareholders' equity at the end of March 2021 was NIS 606.2 million (US$ 181.8 million).

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

The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on March 31, 2021, with U.S. $1.00 equal to NIS 3.334 The translation was made solely for the convenience of the reader.

NOTE B: IFRS

The Company’s consolidated financial results for the three-month period ended March 31, 2021 are presented in accordance with International Financial Reporting Standards (“IFRS”).

 

 

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 1,600 customers and 3,200 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 Ltd., 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, 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 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 25, 2021. 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.

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

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

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

CASH FLOWS – OPERATING ACTIVITIES:

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

Company Contact:

G. Willi - Food International Ltd.

Yitschak Barabi, Chief Financial Officer

(+972) 8-932-1000

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SOURCE: G. Willi-Food International Ltd.

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