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 November 2007
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G. WILLI-FOOD INTERNATIONAL LTD.
(Translation of registrant's name into English)
4 Nahal Harif St., Yavne, Israel 81106
(Address of principal executive offices)
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Indicate by check mark whether registrant files or will file annual reports
under cover of 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):..........
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 registrant 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 [X]
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 issued
by G. Willi-Food International Ltd. ("Registrant") on November 29, 2007.
This report on Form 6-K shall be deemed to be incorporated by reference in the
Registration Statements on Form F-3 (File No. 333-11848 and 333-138200) of the
Registrant.
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: November 29, 2007
By: /s/ Yaron Levy
------------------
Yaron Levy
Chief Financial Officer
 |
News |
G. WILLI-FOOD REPORTS 21% INCREASE IN REVENUES FOR THIRD QUARTER 2007
YAVNE, ISRAEL - NOVEMBER 29, 2007 - G. WILLI-FOOD INTERNATIONAL LTD. (NASDAQ:
WILC) (THE "COMPANY" OR "WILLI FOOD"), one of Israel's largest food importers
and a single-source supplier of one of the world's most extensive range of
quality kosher food products, today announced its unaudited financial results
for the quarter and nine months ended September 30, 2007.
Third quarter 2007 results include consolidated results of Gold Frost Ltd., a
designer, developer and distributor of branded kosher dairy food products, Laish
Israeli, a U.S. importer and distributor of kosher food products acquired by the
Company and the Company's global kosher trade and export joint venture with the
Baron family.
The Company's revenues for the third quarter of 2007 increased 21% to NIS 59.7
million (US$14.9 million) compared to revenues of NIS 49.4 million (US$12.3
million) in the third quarter of 2006. Gross profits declined 13% to NIS 11.8
million (US$2.9 million) compared to gross profits of NIS 13.5 million (US$3.4
million) in the third quarter of 2006. Third quarter gross margin declined to
20% compared to gross margin of 27% in the same period a year ago.
Mr. Zwi Williger, President and COO of Willi-Food commented, "Third quarter
results are in line with our expectations for the period. In this period, nearly
all of our shortfalls can be attributed to gross margin decline in our dairy
business. As previously stated, Willi Food and the global dairy industry
continues to experience cost pressures due to weather related problems, reduced
milk production, cessation of EU dairy export subsidies at the same time that
consumption and demand for dairy has increased in growing emerging markets.
These factors have negatively impacted Willi Food's near term sales and gross
margins on cheeses and other products."
Mr. Williger continued, "While we believe that this trend shall continue through
the remainder of the year, we anticipate that the cost of raw food materials
will stabilize by mid-2008. In the interim, we are successfully leveraging our
infrastructure, hedging our strategic direction through smart acquisitions and
setting the stage for growth in 2008."
Third quarter operating income decreased to NIS 1.2 million (US$0.3 million)
compared to operating income of NIS 5.4 million (US$1.4 million) in the third
quarter of 2006. Third quarter 2007 income before taxes decreased to NIS 462
thousand (US$0.1 million) compared to income before taxes of NIS 6.1 million
(US$1.5 million) recorded in the third quarter of 2006. Income after taxes and
before minority interest was NIS 820 thousand (US$0.2 thousand) compared to
income after taxes and before minority interest of NIS 4.5 million (US$1.1
million) recorded in the third quarter of 2006. Net income for third quarter was
NIS 595 thousand (US$0.1 thousand), or NIS 0.06 (US$0.01) per share compared to
net income of NIS 3.8 million (US$1.0 million), or NIS 0.44 (US$0.10) per share,
recorded in the third quarter of 2006.
Mr. Williger continued, "During the past two months, Willi-Food announced acquisitions in Russia, Denmark, and in Israel. These acquisitions, in addition to Laish Israeli and the Baron Family joint export venture form the foundation for Willi Food's international expansion. In 2008, we expect to further penetrate the worldwide market for our innovative and exciting product lines." NINE-MONTH RESULTS Revenues for the nine months ended September 30, 2007 increased 27% to NIS 186.9 million (US$46.6 million) compared to revenues of NIS 147.2 million (US$36.7 million) in the first nine months of 2006. Gross profits for the period increased 17% to NIS 46.0 million (US$11.5 million) compared to gross profits of NIS 39.4 million (US$9.8 million) in the first nine months of last year. Nine-month gross margins declined to 25% compared to gross margins of 27% in the same period in 2006. Operating income for the first nine months of 2007 was NIS 14.0 million (US$3.5 million) compared to operating income of NIS 13.7 million (US$3.4 million) reported in the comparable period of last year. First nine-month 2007 income before taxes was NIS 15.6 million (US$3.9 million) compared to income before taxes of NIS 34.8 million (US$8.7 million) recorded in the first nine months of 2006. Income after taxes and before minority interest for the nine-month period was NIS 12.4 million (US$3.1 million) compared to income after taxes and before minority interest of NIS 30.6 million (US$7.6 million) for the nine months of 2006. Net income for the nine months of 2007 was NIS 10.0 million (US$2.5 million), or NIS 0.97 (US$0.24) per share compared to net income of NIS 29.1 million (US$7.3 million), or NIS 3.38 (US$0.84) per share, recorded in the nine months of 2006. Mr. Williger concluded, "In this period, we successfully expanded our global footprint while broadening the breadth of our product lines by entering into new verticals. We now have the infrastructure, products and growing customer base for which to cross-market both kosher and healthy lifestyle products on a scale greater than ever before in the Company's history." The Company will host a conference call to discuss results on November 29, at 12:00 PM ET. Interested parties may participate in the conference call by dialing (877) 407-8031 (US), or (201) 689-8031 (International) 5-10 minutes prior to the start of the call. A replay of the conference call will be available from 3:00 PM ET on November 29 through 12:00 PM ET on December 28, by dialing (877) 660-6853 (US), or (201) 612-7415 (International), and entering replay account 286 and then replay ID# 263963. A live and archived webcast of the conference call will be available by following this link: http://investor.shareholder.com/media/eventdetail.cfm?mediaid=28712&c=WILC&media key=4C6DE934559320249F9B37CF3B0A8D9F&e=0 and alternatively on the Willi-Food website at http://www.willi-food.co.il. ABOUT G. WILLI-FOOD INTERNATIONAL LTD. G. Willi-Food International Ltd. is one of Israel's largest food importers and a single-source supplier of one of the world's most extensive ranges of quality kosher food products. It currently imports, markets and distributes more than 400 food products manufactured by some 100 top-tier suppliers throughout the world to more than 1,700 customers. Willi Food excels in identifying changing tastes in its markets and sourcing high-quality kosher products to address them. The Company's Gold Frost Ltd. subsidiary develops and distributes kosher chilled and frozen dairy food products internationally, while its Laish Israeli subsidiary and joint venture with the Baron Family engage in the global import, export and distribution of kosher products worldwide. For more information, please visit the Company's website at http://www.willi-food.co.il.
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 REVENUES, 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: CHANGES AFFECTING CURRENCY EXCHANGE RATES, INCLUDING 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, IN PARTICULAR ARLA FOODS, LOSS OF ONE OR MORE OF OUR PRINCIPAL CLIENTS, 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 RISKS ASSOCIATED WITH PRODUCT LIABILITY CLAIMS. 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, FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. 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. NOTE: CONVENIENCE TRANSLATION TO DOLLARS The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on September 30, 2007: U.S. $1.00 equals NIS 4.013. The translation was made solely for the convenience of the reader. CONTACT: G. WILLI FOOD INTERNATIONAL LTD. Yaron Levy, CFO +972 (8) 932-1000 yaron@willi-food.co.il IR CONTACT: The Global Consulting Group Christopher Chu (646) 284-9426 cchu@hfgcg.com
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
-------- -------- -------- --------
2 0 0 7 2 0 0 6 2 0 0 7 (*) 2 0 0 6 (*)
-------- -------- -------- --------
NIS US DOLLARS
----------------------- -----------------------
I N T H O U S A N D S
----------------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 55,679 91,398 13,875 22,775
Marketable securities 37,634 13,945 9,378 3,475
Trade receivables 67,466 48,163 16,811 12,002
Other receivables and prepaid expenses 6,732 4,499 1,678 1,121
Inventories 25,846 19,101 6,440 4,760
-------- -------- -------- --------
TOTAL CURRENT ASSETS 193,357 177,106 48,182 44,133
-------- -------- -------- --------
FIXED ASSETS
Cost 54,428 49,213 13,563 12,263
Less: accumulated depreciation and
amortization 7,934 6,442 1,977 1,605
-------- -------- -------- --------
46,494 42,771 11,586 10,658
-------- -------- -------- --------
OTHER ASSETS, NET 3,224 94 803 23
======== ======== ======== ========
243,075 219,971 60,571 54,814
======== ======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term loan 6,582 - 1,640 -
Trade payables 30,284 20,137 7,546 5,018
Related parties 3,982 5,677 992 1,415
Other payables and accrued expenses 3,533 6,969 880 1,736
-------- -------- -------- --------
TOTAL CURRENT LIABILITIES 44,381 32,783 11,058 8,169
-------- -------- -------- --------
LONG TERM LIABILITIES
Accrued severance pay 423 347 106 86
-------- -------- -------- --------
WARRANTS TO ISSUE SHARES OF SUBSIDIARY - 348 - 87
-------- -------- -------- --------
MINORITY INTEREST 17,068 14,754 4,253 3,676
-------- -------- -------- --------
SHAREHOLDERS' EQUITY
Ordinary shares NIS 0.10 par value
(authorized - 50,000,000 shares, issued and
outstanding - 10,267,893 shares) 1,113 1,113 277 277
Additional paid-in capital 61,350 61,350 15,288 15,288
Foreign currency translation reserve (533) - (133) -
Retained earnings 119,273 109,276 29,722 27,231
-------- -------- -------- --------
181,203 171,739 45,154 42,796
======== ======== ======== ========
243,075 219,971 60,571 54,814
======== ======== ======== ========
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
NINE MONTHS THREE MONTHS NINE MONTHS
---------------------------- ----------------------------- ----------------------------
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
--------------------------------------------------------------- ----------------------------
2 0 0 7 2 0 0 6 2 0 0 7 2 0 0 6 2 0 0 7 (*) 2 0 0 6 (*)
----------- ----------- ----------- ----------- ----------- -----------
NIS US DOLLARS
--------------------------------------------------------------- ----------------------------
I N T H O U S A N D S (EXCEPT PER SHARE AND SHARE DATA)
-------------------------------------------------------------------------------------------------
Sales 186,913 147,187 59,697 49,442 46,576 36,678
Cost of sales 140,942 107,810 47,946 35,900 35,121 26,865
----------- ----------- ----------- ----------- ----------- -----------
GROSS PROFIT 45,971 39,377 11,751 13,542 11,455 9,813
----------- ----------- ----------- ----------- ----------- -----------
Selling expenses 21,242 14,877 7,312 5,011 5,293 3,707
General and
administrative
expenses 10,715 10,810 3,192 3,101 2,670 2,694
----------- ----------- ----------- ----------- ----------- -----------
Total operating
expenses 31,957 25,687 10,504 8,112 7,963 6,401
----------- ----------- ----------- ----------- ----------- -----------
OPERATING INCOME 14,014 13,690 1,247 5,430 3,492 3,412
Financial income
(expenses), net 1,569 2,042 (785) 662 391 509
Other income 9 19,113 - - 2 4,762
----------- ----------- ----------- ----------- ----------- -----------
Income before taxes on
income 15,592 34,845 462 6,092 3,885 8,683
Taxes on income 3,171 4,247 (358) 1,560 790 1,058
----------- ----------- ----------- ----------- ----------- -----------
Income after taxes on
income 12,421 30,598 820 4,532 3,095 7,625
Minority interest 2,424 1,453 225 718 604 362
----------- ----------- ----------- ----------- ----------- -----------
NET INCOME 9,997 29,145 595 3,814 2,491 7,263
=========== =========== =========== =========== =========== ===========
Earnings per share data:
Earnings per share:
Basic 0.97 3.38 0.06 0.44 0.24 0.84
=========== =========== =========== =========== =========== ===========
Diluted 0.97 3.34 0.06 0.44 0.24 0.83
=========== =========== =========== =========== =========== ===========
Shares used in computing
basic and diluted
earnings per ordinary
share: 10,267,893 8,615,000 10,267,893 8,615,000 10,267,893 8,615,000
=========== =========== =========== =========== =========== ===========
(*) Convenience translation into U.S. dollars.