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 2004
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G. WILLI-FOOD INTERNATIONAL LTD.
(Translation of registrant's name into English)
3 Nahal Snir St., Yavne, Israel 81224
(Address of principal executive offices)
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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 4, 2004, G. Willi-Food International Ltd. (the "Registrant")
announced its unaudited financial results for the second quarter and for the six
months ended June 30, 2004.
EXHIBITS
The following document is filed herewith as an exhibit to this Form 6-K:
Copy of the Company's press release, dated August 4, 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: August 4, 2004
By: /S/ Joseph Williger
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Joseph Williger
Chief Executive Officer
G. WILLI-FOOD INTERNATIONAL LTD
REPORTS RECORD SALES, OPERATING INCOME AND NET INCOME IN Q2
SALES INCREASE OF 34%, OPERATING INCOME INCEASE OF
237%, NET INCOME INCREASE OF 87%
Yavne, Israel, August 4, 2004.
G. Willi-Food International Ltd. (NASDAQ: WILCF) today reported its unaudited
financial results for the second quarter and the six months ended June 30, 2004.
THE THREE MONTHS ENDING JUNE 30, 2004:
Total sales for the three months ending June 30, 2004 INCREASED BY 34% to NIS
45,882,000 (US$ 10,203,000) from NIS 34,295,000 (US$ 7,626,000) for the same
period in 2003. The increase of the total sales for the three months ending June
30, 2004 was due primarily to expanded advertising efforts under the Company's
"WILLI FOOD" label during the first quarter of 2004 and reflects the success of
the Company's heightened marketing efforts and the acceptance of new products in
the marketplace.
Gross profit for the three months ending June 30, 2004 INCREASED BY 79% to NIS
12,563,000 (US$ 2,794,000) from NIS 7,037,000 (US$ 1,565,000) for the same
period in 2003. The gross profit represents 27% of the total sales for the three
months ending June 30, 2004 in comparing with 21% for the same period in 2003.
The increase is primarily attributable to the increased sales, change of
products' variety, improvement of purchasing terms and an increase of the sales
to the wholesalers and institutional consumers and decrease of the sales to the
Supermarket Chains.
Operating income for the three months ending June 30, 2004 INCREASED BY 237% to
NIS 6,205,000 (US$ 1,380,000) from NIS 1,843,000 (US$ 410,000) for the same
period in 2003.
Net income for the three months ending June 30, 2004 INCREASED BY 87% to NIS
4,385,000 (US$ 975,000) from NIS 2,346,000 (US$ 522,000) for the same period in
2003.
Basic earnings per share for the three months ending June 30, 2004 increased to
NIS 1.02 (US$ 0.23) from NIS 0.55 (US$ 0.12) in the same period in 2003.
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
CONVENIENCE
ADJUSTED NEW TRANSLATION
ISRAELI SHEKELS(1) INTO U.S. DOLLARS
------- ------------- -------------
JUNE 30 DECEMBER 31, JUNE 30
------- ------- -------
2 0 0 4 2 0 0 3 2 0 0 4
------- ------- -------
I N T H O U S A N D S
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ASSETS
CURRENT ASSETS
Cash and cash equivalents 37,561 12,463 8,352
Marketable securities 7,248 42,298 1,612
Trade receivables 42,623 29,674 9,478
Receivables and other current assets 2,194 2,902 488
Related parties 467 - 104
Inventories 23,434 18,823 5,211
------- ------- -------
TOTAL CURRENT ASSETS 113,527 106,160 25,245
------- ------- -------
PROPERTY AND EQUIPMENT, NET 3,197 3,398 711
OTHER ASSETS, NET 59 61 13
------- ------- -------
116,783 109,619 25,969
======= ======= =======
LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES
Payables:
Current maturity 15 45 3
Trade payables 15,763 16,110 3,504
Related parties 1,663 1,348 371
Payables and other current liabilities 5,720 4,796 1,272
------- ------- -------
TOTAL CURRENT LIABILITIES 23,161 22,299 5,150
------- ------- -------
LONG TERM LIABILITIES
Accrued severance pay, net 196 170 44
Other long term liabilities - - -
------- ------- -------
TOTAL LONG TERM LIABILITIES 196 170 44
------- ------- -------
SHAREHOLDERS' EQUITY 93,426 87,150 20,775
------- ------- -------
116,783 109,619 25,969
======= ======= =======
(1) Adjusted to NIS as of December 2003
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
ADJUSTED ADJUSTED
NEW NEW
ISRAELI ISRAELI CONVENIENCE TRANSLATION
SHEKELS(1) SHEKELS(1) INTO U.S. DOLLARS
--------- --------- ----------------------
SIX MONTHS THREE MONTHS SIX MONTHS THREE MONTHS
---------------------- ---------------------- --------- ---------
ENDED JUNE 30, ENDED JUNE 30
------------------------------------------------ ----------------------
2 0 0 4 2 0 0 3 2 0 0 4 2 0 0 3 2 0 0 4 2 0 0 4
--------- --------- --------- --------- --------- ---------
I N T H O U S A N D S (EXCEPT PER SHARE AND SHARE DATA)
--------------------------------------------------------------------------
Sales 90,313 71,989 45,882 34,295 20,084 10,203
Cost of sales 69,352 56,708 33,319 27,258 15,422 7,409
--------- --------- --------- --------- --------- ---------
GROSS PROFIT 20,961 15,281 12,563 7,037 4,662 2,794
--------- --------- --------- --------- --------- ---------
Selling expenses 8,586 5,347 3,545 3,058 1,909 788
General and administrative
expenses 4,647 4,319 2,813 2,136 1,034 626
--------- --------- --------- --------- --------- ---------
Total operating expenses 13,233 9,666 6,358 5,194 2,943 1,414
--------- --------- --------- --------- --------- ---------
OPERATING INCOME 7,728 5,615 6,205 1,843 1,719 1,380
Financial income, net 694 1,626 148 1,085 154 33
Other income 34 - - - 8 -
--------- --------- --------- --------- --------- ---------
Income before taxes
on income 8,456 7,241 6,353 2,928 1,881 1,413
Taxes on income 2,734 1,872 1,968 582 608 438
--------- --------- --------- --------- --------- ---------
NET INCOME 5,722 5,369 4,385 2,346 1,273 975
========= ========= ========= ========= ========= =========
Earnings per share data:
Earnings per share:
Basic 1.33 1.25 1.02 0.55 0.3 0.23
========= ========= ========= ========= ========= =========
Diluted 1.33 1.25 1.02 0.55 0.3 0.23
========= ========= ========= ========= ========= =========
Shares used in computing
basic and diluted earnings
per ordinary share: 4,292,500 4,277,500 4,307,500 4,277,500 4,292,500 4,307,500
========= ========= ========= ========= ========= =========
(1) Adjusted to NIS as of December 2003