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 2007
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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 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 May 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: May 29, 2007
By: /s/ Joseph Williger
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Joseph Williger
Chief Executive Officer
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FOR IMMEDIATE RELEASE
G. WILLI-FOOD REPORTS RECORD QUARTERLY REVENUES, GROSS
PROFIT AND OPERATING PROFIT FOR FIRST QUARTER 2007
FIRST QUARTER 2007 FINANCIAL HIGHLIGHTS
o 31.0% increase in sales over first quarter 2006
o 44.2% increase in gross profit over first quarter 2006
o 127.5% increase in operating income over first quarter 2006, including
NIS 1.9 million (US$0.5 million) general and administrative expense in
first quarter 2006 related to one-time unrealized capital gain
YAVNE, ISRAEL - MAY 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
first quarter ended March 31, 2007.
First quarter 2007 results include consolidated results of 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.
Revenues for the first quarter of 2007 increased 31.0% to NIS 71.4 million
(US$17.2 million) compared to revenues of NIS 54.5 million (US$13.1 million) in
the first quarter of 2006. This increase was driven by the consolidation of
Laish Israeli and the joint venture with the Baron Family, as well as by a
strong overall Passover holiday season.
Gross profit for the first quarter of 2007 increased by 44.2% to NIS 20.8
million (US$5.0 million) compared to gross profit of NIS 14.4 million (US$3.5
million) in the first quarter of 2006. First quarter gross margins improved to
29.1% compared to gross margins of 26.4% for the same period in 2006. The
continued devaluation of the US dollar compared to the new Israeli shekel had a
significant positive impact on gross profit for the period. Increased sales of
higher margin non-preserved products such as dairy, also contributed to this
increase.
Mr. Zwi Williger, President and COO of Willi-Food commented, "The first quarter
of 2007 was a period of significant progress and expansion for Willi-Food. We
delivered the highest quarterly revenues, gross profit and operating profit in
the Company's history. We increased sales among both new and existing customers
in Israel with our innovative products, and enhanced global penetration with our
newly integrated international activities."
During the quarter, the Company announced an agreement with Arla Foods, Inc. to
import kosher Lurpak butter and Brie and Camembert cheeses into the U.S. for
distribution by the Company's subsidiary Gold Frost. Shipments of these products
to the U.S. may commence once Gold Frost has produced new product labeling in
compliance with USDA regulations.
Willi-Food's operating income for the first quarter of 2007 increased by 127.5% to NIS 10.1 million (US$2.4 million) from NIS 4.4 million (US$1.1 million) reported in the comparable quarter of last year. 2006 first quarter operating income includes the effect of a NIS 1.9 million (US$0.5 million) one-time general and administrative expense due to a management bonus attributed to an unrealized capital gain resulting from the commencement of the trading of shares of the Company's majority-owned subsidiary, Gold Frost Ltd., on London's AIM market on March 9, 2006. Excluding this effect, the Company's operating income for the first quarter of 2007 increased by 59.0% compared to the same quarter last year. First quarter selling expenses as a percentage of revenues decreased slightly compared to the prior year's period, reflecting sales synergies from the newly integrated businesses. In March, Willi-Food announced the completion of a new state of the art logistics center situated in Yavne. Storage and distribution operations are being transitioned to the new facility, and the Company expects to realize future cost savings from consolidation of warehouse operations and implementation of new inventory management systems. The Company's first quarter 2007 net income was NIS 6.5 million (US$1.6 million), or NIS 0.63 (US$0.15) per share compared to a net income of NIS 22.7 million (US$5.5 million), or NIS 2.63 (US$0.63) per share, recorded in the first quarter of 2006. Net income for first quarter of 2006 includes a one-time unrealized capital gain due to the public listing of the shares of Gold Frost, Ltd. Excluding the effect of the unrealized capital gain, the Company's net income for the first quarter of 2007 increased by 32.9% compared to same quarter last year. The Company's Gold Frost subsidiary reported a 38% increase in first quarter 2007 revenues to $3.8 million from $2.7 million in the first quarter of 2006. The subsidiary's gross profit for the quarter increased 36% to $1.9 million, compared to $1.4 million in last year's quarter. First quarter operating income for Gold Frost increased 35% to $1.2 million from $0.9 million in first quarter 2006. Gold Frost's income before taxes increased 35% to $1.4 million, compared to $1.0 million for the prior year's period. First quarter net income for Gold Frost increased 34% to $1.0 million from $0.7 million in first quarter 2006. Willi-Food ended the quarter with $17.6 million in cash and securities and approximately $1.5 million in short-term debt. "2007 is off to a strong start as we lay the foundation for the future," noted Mr. Williger. "We are focused on driving long-term, profitable growth by capitalizing on our expertise in product innovation and expanding distribution channels both domestically and internationally. Strategic assets such as Laish and the Baron joint venture will be a critical part of our execution, and we are working to maximize the potential of these platforms. Included in these efforts are some changes to the product mix and distribution model at Laish to support higher margins in this business going forward and increased awareness of the Willi-Food brand in the U.S. Implementation of these strategic initiatives may result in a near-term reduction in revenues at Laish; however we believe the ultimate rewards of this strategy will be worthwhile. "Given our strong organic growth, intended modifications to the Laish business and initial contributions from the Baron joint venture, we are estimating 2007 revenue growth in the range of 40-50% over the US$45.3 million in reported revenues for 2006. This guidance excludes any potential dairy imports in the U.S. market during this timeframe, since Gold Frost has to complete USDA compliant labeling."
The Company will host a conference call to discuss results today, at 10:00 AM EDT. Interested parties may participate in the conference call by dialing (800) 374-2501 (US), or (706) 634-2468 (International) and giving conference ID# 9139763 5-10 minutes prior to the start of the call. A replay of the conference call will be available from 1:00 PM EDT on May 29 through 12:00 AM EDT on June 6, by dialing (800) 642-1687 (US), or (706) 645-9291 (International), and entering conference ID# 9139763. A live and archived webcast of the conference call will be available 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 1,000 customers. The Company excels in identifying changing tastes in its markets and sourcing high-quality kosher products to address them. For more information, please visit the Company's website at www.willi-food.co.il. EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THE MATTERS SET FORTH IN THIS PRESS 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. Financial reporting from recent acquisitions and joint ventures are consolidated into Willi-Food's financial results and will not be itemized. NOTE A: 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 March 31, 2007: U.S. $1.00 equals NIS 4.155. The translation was made solely for the convenience of the reader. CONTACT: G. Willi Food International Ltd. Chen Shlein, CFO (+972) 8-932-1000 chen@willi-food.co.il IR CONTACT: The Global Consulting Group Christopher Chu (646) 284-9426 cchu@hfgcg.com
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G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, DECEMBER 31, MARCH 31, DECEMBER 31,
-------- -------- -------- --------
2 0 0 7 2 0 0 6 2 0 0 7 2 0 0 6
-------- -------- -------- --------
NIS US DOLLARS (*)
------------------------ ------------------------
(IN THOUSANDS)
-------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 57,261 91,398 13,781 21,997
Marketable securities 15,924 13,945 3,832 3,356
Trade receivables 72,166 48,163 17,368 11,592
Other receivables and prepaid expenses 7,199 4,499 1,732 1,083
Inventories 39,635 19,101 9,539 4,597
-------- -------- -------- --------
TOTAL CURRENT ASSETS 192,185 177,106 46,252 42,625
-------- -------- -------- --------
FIXED ASSETS
Cost 51,791 49,213 12,465 11,844
Less: accumulated depreciation and amortization 6,723 6,442 1,618 1,550
-------- -------- -------- --------
45,068 42,771 10,847 10,294
-------- -------- -------- --------
OTHER ASSETS, NET 4,174 94 1,005 22
======== ======== ======== ========
241,427 219,971 58,104 52,941
======== ======== ======== ========
LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES
Short-term loan 6,233 - 1,500 -
Trade payables 30,456 20,137 7,330 4,846
Related parties 2,820 5,677 679 1,366
Other payables and accrued expenses 6,965 6,969 1,676 1,677
-------- -------- -------- --------
TOTAL CURRENT LIABILITIES 46,474 32,783 11,185 7,889
-------- -------- -------- --------
LONG TERM LIABILITIES
Long term payable 416 - 100 -
Accrued severance pay 378 347 91 84
-------- -------- -------- --------
TOTAL LONG TERM LIABILITIES 794 347 191 84
-------- -------- -------- --------
WARRANTS TO ISSUE SHARES OF SUBSIDIARY - 348 - 84
-------- -------- -------- --------
MINORITY INTEREST 16,055 14,754 3,864 3,551
-------- -------- -------- --------
SHAREHOLDERS' EQUITY
Ordinary shares NIS 0.10 par value
(authorized - 50,000,000 shares,
issued and outstanding
- 10,267,893 shares 1,113 1,113 268 268
Additional paid-in capital 61,350 61,350 14,765 14,765
Foreign currency translation reserve (148) - (36) -
Retained earnings 115,789 109,276 27,867 26,300
-------- -------- -------- --------
178,104 171,739 42,864 41,333
======== ======== ======== ========
241,427 219,971 58,104 52,941
======== ======== ======== ========
(*) Convenience translation into U.S. dollars
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED THREE MONTHS ENDED
MARCH 31 MARCH 31
--------------------------- ---------------------------
2 0 0 7 2 0 0 6 2 0 0 7 2 0 0 6
---------- ---------- ---------- ----------
NIS US DOLLARS (*)
--------------------------- ---------------------------
(IN THOUSANDS, EXCEPT PER SHARE AND SHARE DATA)
-------------------------------------------------------------
Sales 71,445 54,545 17,195 13,128
Cost of sales 50,654 40,127 12,191 9,657
---------- ---------- ---------- ----------
GROSS PROFIT 20,791 14,418 5,004 3,471
---------- ---------- ---------- ----------
Selling expenses 6,615 5,155 1,592 1,241
General and administrative
expenses 4,077 4,824 981 1,161
---------- ---------- ---------- ----------
Total operating expenses 10,692 9,979 2,573 2,402
---------- ---------- ---------- ----------
OPERATING INCOME 10,099 4,439 2,431 1,069
Financial income, net 876 613 210 147
---------- ---------- ---------- ----------
Income before other income 10,975 5,052 2,641 1,216
Other income - 19,113 - 4,600
---------- ---------- ---------- ----------
Income before taxes
on income 10,975 24,165 2,641 5,816
Taxes on income 3,157 1,469 760 354
---------- ---------- ---------- ----------
Income after taxes
on income 7,818 22,696 1,881 5,462
Minority interest 1,305 - 314 -
---------- ---------- ---------- ----------
NET INCOME 6,513 22,696 1,567 5,462
========== ========== ========== ==========
Earnings per share data:
Earnings per share:
Basic 0.63 2.63 0.15 0.63
========== ========== ========== ==========
Diluted 0.63 2.60 0.15 0.63
========== ========== ========== ==========
Shares used in computing
basic and diluted earnings
per ordinary share: 10,267,893 8,615,000 10,267,893 8,615,000
========== ========== ========== ==========
(*) Convenience translation into U.S. dollars