FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange Act of 1934
For the month of August 2003
G. WILLI-FOOD INTERNATIONAL LTD.
(Translation of registrant's name into English)
3 Nahal Snir St., Yavne, Israel 81224
(Address of principal executive offices)
Indicate by check mark whether registrant files or will file annual reports
under cover Form 20-F or Form 40-F:
FORM 20-F /X/ 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):..........
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of
a Form 6-K if submitted solely to provide an attached annual report to security
holders.
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):............
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of
a Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
YES/_/ NO /X/
If "YES" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-________.
On August 28, 2003, G. Willi-Food International Ltd. (the "Registrant")
announced its unaudited financial results for the second quarter and for the six
months ended June 30, 2003.
EXHIBITS
The following document is filed herewith as an exhibit to this Form 6-K:
Copy of the Company's press release, dated August 28, 2003.
SIGNATURES
In accordance with 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.
Dated: August 28, 2003
By: /s/ Joseph Williger
-------------------------------
Name: Joseph Williger
Title: Chief Executive Officer
G. WILLI-FOOD INTERNATIONAL LTD
ANNOUNCES RESULTS FOR THE SECOND QUARTER
AND FOR THE SIX MONTHS ENDED JUNE 30, 2003
SALES DECREASE OF 8%, NET INCOME DECREASE OF 14%
Yavne, Israel, August 28, 2003.
G. Willi-Food International Ltd. (NASDAQ: WILCF) today reported its unaudited
financial results for the second quarter and the six months ended June 30, 2003.
Total sales for the six months ended June 30, 2003 decreased by 8% to NIS
72,999,000 (US$ 16,929,000) from NIS 79,305,000 (US$ 18,392,000) for the same
period in 2002. The decrease in total sales for the six months ended June 30,
2003 compared to the same period in 2002 reflects the fall in the price of food
products due to the deepening recession in the Israeli market, including the
growth in unemployment and decreased purchasing power in the Israeli market, as
well as an increase in local competition.
Gross profit for the six months ended June 30, 2003, decreased by 28% to NIS
15,495,000 (US$ 3,593,000) from NIS 21,558,000 (US$ 5,000,000) for the same
period in 2002. The gross profit represents 21% of the total sales for the six
months ended June 30, 2003 compared to 27% for the same period in 2002.
Operating income for the six months ended June 30, 2003 decreased by 51% to NIS
5,693,000 (US$ 1,320,000) from NIS 11,704,000 (US$ 2,714,000) for the same
period in 2002.
Net income for the six months ended June 30, 2003 decreased by 14% to NIS
5,444,000 (US$ 1,265,000) from NIS 7,142,000 (US$ 1,656,000) for the same period
in 2002.
The basic earnings per share for the six months ended June 30, 2003 decreased by
14% to NIS 1.27 (US$ 0.30) from NIS 1.67 (US$ 0.39) for the same period in 2002.
G. Willi-Food International Ltd., is engaged in the import, marketing and
distribution of over 400 food products, including canned vegetables, pickled
olives and other pickled vegetables, packaged fruit, canned and frozen fish,
edible oil, dried fruit and nuts, coffee creamers, jams, halva, pasta, tahini,
butter cookies and pastries, certain dairy products and certain frozen or
chilled products. The company believes that it is one of the leading importers
in Israel of such a broad range of imported food products. The company sells
products with widespread demand in the Israeli marketplace, as well as products
that cater to more select groups.
Except for historical information contained herein, the matters set forth in
this release are forward-looking statements that are dependent on certain risks
and uncertainties, including such factors, among others, as market acceptance,
market demand, pricing, competition, changing economic conditions and other risk
factors detailed in the Company's SEC filings.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(ADJUSTED TO NIS OF JUNE 2003)
CONVENIENCE
TRANSLATION
ADJUSTED NEW ISRAELI SHEKELS INTO U.S. DOLLARS
JUNE 30 DECEMBER 31, JUNE 30
2 0 0 3 2 0 0 2 2 0 0 3
I N T H O U S A N D S
ASSETS
CURRENT ASSETS
Cash and cash equivalents 17,797 27,538 4,127
Marketable securities 26,211 21,442 6,079
Trade receivables 35,504 24,451 8,234
Other receivables and prepaid expenses 1,772 3,211 411
Related parties 70 - 16
Inventories 19,163 16,534 4,444
------ ------ -----
TOTAL CURRENT ASSETS 100,517 93,176 23,311
------- ------ ------
PROPERTY AND EQUIPMENT, NET 2,759 2,840 640
OTHER ASSETS, NET 60 60 14
-- -- --
103,336 96,076 23,965
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Payables:
Short term bank credit and other 60 1,067 14
Trade payables 13,608 11,309 3,156
Related parties 907 1,206 210
Other and accrued expenses 3,657 2,797 848
----- ----- ---
TOTAL CURRENT LIABILITIES 18,232 16,379 4,228
------ ------ -----
LONG TERM LIABILITIES
Accrued severance pay 168 165 39
Other 15 55 3
-- -- -
TOTAL LONG TERM LIABILITIES 183 220 42
--- --- --
SHAREHOLDERS' EQUITY 84,921 79,477 19,695
------ ------ ------
103,336 96,076 23,965
======= ====== ======
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(ADJUSTED TO NIS OF JUNE 2003)
CONVENIENCE TRANSLATION
ADJUSTED NEW ISRAELI SHEKELS INTO U.S. DOLLARS
SIX MONTHS THREE MONTHS SIX MONTHS THREE MONTHS
ENDED JUNE 30, ENDED JUNE 30
2 0 0 3 2 0 0 2 2 0 0 3 2 0 0 2 2 0 0 3 2 0 0 3
I N T H O U S A N D S (EXCEPT PER SHARE AND SHARE DATA)
Sales 72,999 79,305 34,776 38,832 16,929 8,065
Cost of sales 57,504 57,747 27,640 29,390 13,336 6,410
------ ------ ------ ------ ------ -----
GROSS PROFIT 15,495 21,558 7,136 9,442 3,593 1,655
------ ------ ----- ----- ----- -----
Selling expenses 5,422 5,127 3,101 2,382 1,257 719
General and administrative
expenses 4,380 4,727 2,166 2,234 1,016 503
----- ----- ----- ----- ----- ---
Total operating expenses 9,802 9,854 5,267 4,616 2,273 1,222
----- ----- ----- ----- ----- -----
OPERATING INCOME 5,693 11,704 1,869 4,826 1,320 433
Financial income
(expenses), net 1,650 (2,228) 1,100 (1,723) 385 255
----- ------ ----- ------ --- ---
Income before taxes
on income 7,343 9,476 2,969 3,103 1,705 688
Taxes on income 1,899 2,334 590 361 440 137
----- ----- --- --- --- ---
NET INCOME 5,444 7,142 2,379 2,742 1,265 551
===== ===== ===== ===== ===== ===
Earnings per share data:
Earnings per share:
Basic 1.27 1.67 0.56 0.64 0.30 0.13
==== ==== ==== ==== ==== ====
Diluted 1.27 1.67 0.56 0.64 0.30 0.13
==== ==== ==== ==== ==== ====
Shares used in computing
basic and diluted earnings
per ordinary share: 4,277,500 4,277,500 4,277,500 4,277,500 4,277,500 4,277,500
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