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 March 2004
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 March 29, 2004, G. Willi-Food International Ltd. (the "Registrant")
announced its audited financial results for the year ended December 31, 2003.
EXHIBITS
The following document is filed herewith as an exhibit to this Form 6-K:
Copy of the Company's press release, dated March 29, 2004.
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: March 30, 2004
By:
-----------------------------
Name: Joseph Williger
Title: Chief Executive Officer
G. WILLI-FOOD INTERNATIONAL LTD.
ANNOUNCES RESULTS FOR THE YEAR ENDING
DECEMBER 31, 2003
SALES INCREASED 7%, OPERATING INCOME DECREASED 24% AND NET INCOME INCREASED 24%
Yavne, Israel, March 29, 2004.
G. Willi-Food International Ltd. (NASDAQ: WILCF) today reported its audited
financial results for the year ending December 31, 2003.
THE YEAR ENDED DECEMBER 31, 2003:
Total sales for the year ended December 31, 2003, increased by 7% to NIS
137,385,000 (US$ 31,374,000) from NIS 128,870,000 (US$ 29,429,000) for the same
period in 2002.
Gross profit for the year ended December 31, 2003, decreased by 2% to NIS
27,225,000 (US$ 6,217,000) from NIS 27,744,000 (US$ 6,336,000) for the same
period in 2002. The gross profit represents 20% of the total sales for the year
ended December 31, 2003 compared to 22% for the same period in 2002.
The decrease in gross profit as a percentage from the total sales for the year
ended December 31, 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.
Operating income for the year ended December 31, 2003 decreased by 24% to NIS
7,228,000 (US$ 1,650,000) from NIS 9,521,000 (US$ 2,174,000) for the same period
in 2002. The decrease in operating income for the year ended December 31, 2003
compared to the same period in 2002 reflects the Company's significant
investment in sales and marketing during 2003 in an effort to increase the
volume of sales.
Financial income for the year ended December 31, 2003 was NIS 4,321,000 (US$
987,000) compared to financial expenses of NIS 239,000 (US$ 55,000) for the same
period in 2002.The increase in financial income was due primarily to an increase
in market value of short-term investments, the higher interest rates that
prevailed throughout 2003 and the reduction in the consumer price index in 2003
by 1.9% compared with an increase of 6.5% in 2002.
Net income for the year ended December 31, 2003 increased by 24% to NIS
8,766,000 (US$ 2,001,000) from NIS 7,057,000 (US$ 1,612,000) for the same period
in 2002.
Basic earnings per share for the year ended December 31, 2003 increased to NIS
2.05 from NIS 1.65 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.
CONSOLIDATED BALANCE SHEETS
December 31,
---------------------------------------
2 0 0 3 2 0 0 2 2 0 0 3 (*)
------- ------- -------
NIS NIS US$
------- ------- -------
(In Thousands) (In Thousands)
----------------------- -------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 12,463 27,155 2,846
Marketable securities 42,298 21,144 9,659
Trade accounts receivable 29,674 24,112 6,777
Other receivables and prepaid expenses 2,892 3,166 660
Inventories 18,823 16,305 4,298
------- ------- -------
Total current assets 106,150 91,882 24,240
------- ------- -------
PROPERTY AND EQUIPMENT
Cost 8,038 6,887 1,836
Less - Accumulated depreciation and
amortization 4,640 4,087 1,060
------- ------- -------
3,398 2,800 776
------- ------- -------
OTHER ASSETS, NET 61 59 14
======= ======= =======
109,609 94,741 25,030
======= ======= =======
LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES
Short term bank credit 45 1,052 10
Trade accounts payable 16,110 11,151 3,679
Due to related parties 1,348 1,189 308
Other payables and accrued expenses 4,796 2,758 1,095
------- ------- -------
Total current liabilities 22,299 16,150 5,092
------- ------- -------
LONG-TERM LIABILITIES
Accrued severance pay, net 170 163 39
Other long-term liabilities - 54 -
------- ------- -------
Total long-term liabilities 170 217 39
------- ------- -------
COMMITMENTS AND CONTINGENT LIABILITIES
SHAREHOLDERS' EQUITY
Share capital:
Ordinary shares NIS 0.10 par value (authorized - 10,000,000 shares, issued
and outstanding - 4,277,500 shares at
December 31, 2003 and 2002) 514 514 117
Additional paid-in capital 19,704 19,704 4,500
Retained earnings 66,922 58,156 15,282
------- ------- -------
87,140 78,374 19,899
======= ======= =======
109,609 94,741 25,030
======= ======= =======
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
--------------------------------------------------------------------
2 0 0 3 2 0 0 2 2 0 0 1 2 0 0 3 (*)
---------- ---------- ---------- ----------
NIS NIS NIS US$
---------- ---------- ---------- ----------
(In Thousands, (In Thousands,
Except Share Data) EXCEPT SHARE DATA)
------------------------------------------------- ----------
Sales 137,385 128,870 133,021 31,374
Cost of sales 110,160 101,126 102,955 25,157
---------- ---------- ---------- ----------
GROSS PROFIT 27,225 27,744 30,066 6,217
---------- ---------- ---------- ----------
Operating expenses:
Sales and marketing 11,662 10,024 10,000 2,663
General and administrative 8,335 8,199 9,054 1,904
---------- ---------- ---------- ----------
Total operating expenses 19,997 18,223 19,054 4,567
========== ========== ========== ==========
OPERATING INCOME 7,228 9,521 11,012 1,650
Financial income (expenses), net 4,321 (239) 1,802 987
Other income , net 101 29 - 23
---------- ---------- ---------- ----------
INCOME BEFORE TAXES ON INCOME 11,650 9,311 12,814 2,660
Taxes on income 2,884 2,254 4,183 659
---------- ---------- ---------- ----------
NET INCOME 8,766 7,057 8,631 2,001
========== ========== ========== ==========
EARNINGS PER SHARE DATA:
Basic earnings per share 2.05 1.65 2.02 0.47
========== ========== ========== ==========
Shares used in computing basic earnings
per ordinary share 4,277,500 4,277,500 4,277,500 4,277,500
========== ========== ========== ==========
Diluted earnings per share 2.05 1.65 2.02 0.47
========== ========== ========== ==========
Shares used in computing diluted
earnings per ordinary share 4,277,500 4,277,500 4,277,500 4,277,500
========== ========== ========== ==========
(*) Convenience translation into U.S. dollars.