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6-K 1 zk2532844.htm 6-K

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 March 2025

G. Willi-Food International Ltd.

(Translation of registrant’s name into English)

4 Nahal Harif St., Yavne, Israel 81106

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

On March 11 2025, G. Willi-Food International Ltd. (the “Company”) issued a press release announcing its financial results for the fiscal year ended December 31, 2024. A copy of the press release is filed herewith as Exhibit 99.1.

Signatures

Pursuant to 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.

By: /s/ Yitschak Barabi

Name: Yitschak Barabi

Title: Chief Financial Officer

Date: March 11, 2025

EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

G. WILLI-FOOD INTERNATIONAL REPORTS RECORD HIGH

ANNUAL SALES AND NET PROFIT IN 2024.

THE COMPANY REPORT RECORD HIGH ANNUAL PROFIT BEFORE TAX OF NIS 92.7

MILLION (US$ 25.4 MILLION)

YAVNE, Israel - March 11, 2025 - G. Willi-Food International Ltd. (NASDAQ: WILC and TASE: WILF) (the “Company” or “Willi-Food”), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its financial results for the fiscal year ended December 31, 2024.

Fiscal Year 2024 Highlights

•

Sales increased by 6.0% to NIS 575.8 million (US$ 157.9 million) from NIS 543.3 million (US$ 149.0 million) in fiscal year 2023.

•

Gross profit increased by 33.8% year-over-year to NIS 161.3 million (US$ 44.2 million).

•

Operating profit before other expenses (income) increased by 228.2% year-over-year to NIS 66.3 million (US$ 18.2 million).

•

Operating profit increased by 169.1% year-over-year to NIS 54.9 million (US$ 15.1 million).

•

Net profit increased by 121.8% year-over-year to NIS 70.3 million (US$ 19.3 million).

•

Basic earnings per share of NIS 5.07 (US$ 1.39).

•

Cash and cash equivalents balance of NIS 246.1 million (US$ 67.5 million) as of December 31, 2024.

Management Comment

Zwi Williger Chairman and Joseph Williger CEO, commented: "We are very pleased to present our fiscal year 2024 financial results with record annual sales and improvements with major operational and financial parameters. The year 2024 was marked by significant challenges for the company due to the "Iron Sword" war in Israel. These challenges included delays in the arrival of goods caused by shipping restrictions through the Suez Canal and supply disruptions from Turkey. Despite these obstacles, the company successfully imported sufficient inventory and maintained a high level inventory to meet the demand for its products in Israel. Additionally, it focused on a more profitable product mix, expanded its product portfolio, and improved commercial terms with its suppliers and customers to improve its profits”.

Mr. Zwi Williger and Mr. Joseph Williger continued: “Furthermore, the company has made significant progress in the construction of its new advanced logistics center, which is expected to be completed by the end of 2025. The company is aiming for the new logistics center to serve as a cornerstone and a key growth driver, enhancing its logistical capabilities, such as transportation and storage, while enabling expansion into new product categories, especially frozen and chilled products in which the company has not yet operated”.

“We remain optimistic about continuing our path of improvement and growth in 2025 and beyond”.

Fiscal 2024 Summary

Sales for fiscal year 2024 increased by 6.0% to NIS 575.8 million (US$ 157.9 million) from NIS 543.3 million (US$ 149.0 million) recorded in fiscal year 2023. The increase in sales was due to increasing inventory levels and improving the availability of its products for sale to its customers.

Gross profit for fiscal year 2024 increased by 33.8% to NIS 161.3 million (US$ 44.2 million), or 28.0% of revenues, from NIS 120.6 million (US$ 33.1 million), or 22.2% of revenues, recorded in fiscal year 2023. The increases in gross profit and gross margins were due to the Company’s efforts to improve its commercial terms with its customers and suppliers and focusing on selling a more profitable products portfolio.

Selling expenses for fiscal year 2024 decreased by 6.7% to NIS 68.9 million (US$ 18.9 million), or 12.0% of revenues, from NIS 73.9 million (US$ 20.3 million), or 13.6% of revenues recorded in fiscal year 2023. The decrease was mainly due to decrease in advertising.

General and administrative expenses for fiscal year 2024 were NIS 26.2 million (US$ 7.2 million), or 4.6% of revenues, remaining at the same level compared to fiscal year 2023, despite the increased sales and profitability.

Operating profit before other expenses (income) for fiscal year 2024 increased by 228.2% to NIS 66.3 million (US$ 18.2 million), or 11.5% of revenues, from NIS 20.2 million (US$ 5.5 million), or 3.7% of revenues, recorded in fiscal year 2023. The increase was primarily due to the increase in gross profit.

Other expenses for fiscal year 2024 were NIS 11.4 million (US$ 3.1 million), resulted from settlement reached by the Company with the Israel Competition Authority for the payment of administrative fine. For further details, please see Company’s report on Form 6-K submitted to the Securities and Exchange Commission on July 17, 2024.

Operating profit for fiscal year 2024 increased by 169.1% to NIS 54.9 million (US$ 15.1 million), or 9.5% of revenues, from NIS 20.4 million (US$ 5.6 million), or 3.7% of revenues, recorded in fiscal year 2023. This increase was primarily due to the increase in gross profit and reduction in operating expenses compared to sales offset by the administrative fine of NIS 11.6 million (US$ 3.2 million).

Financial income, net for fiscal year 2024 totaled NIS 37.8 million (US$ 10.4 million), compared to NIS 18.8 million (US$ 5.2 million) recorded in fiscal year 2023. Financial income, net for the fiscal year 2024 was comprised mainly from revaluation of the Company’s portfolio of securities to in the amount of NIS 25.6 million (US$ 7.0 million) and from interest and dividend income from the Company’s portfolio of securities in an amount of NIS 13.7 million (US$ 3.8 million).

Income before taxes for fiscal year 2024 was NIS 92.7 million (US$ 25.4 million), compared to NIS 39.2 million (US$ 10.7 million) in fiscal year 2023.

Net profit in fiscal year 2024 was NIS 70.3 million (US$ 19.3 million), or NIS 5.07 (US$ 1.39) per share, compared to NIS 31.7 million (US$ 10.7 million), or NIS 2.3 (US$ 0.6) per share, recorded in fiscal year 2023.

Willi-Food ended fiscal year 2024 with NIS 246.1 million (US$ 67.5 million) in cash and cash equivalents. Net cash from operating activities in fiscal year 2024 was NIS 43.0 million (US$ 11.8 million). Willi-Food's shareholders' equity at the end of December 2024 was NIS 612.9 million (US$ 168.1 million).

NOTE A: NIS to US$ exchange rate used for convenience only

The conversion from New Israeli Shekels (NIS) into U.S. dollars was made at the exchange rate of US$ 1.00 to NIS 3.647 as of December 31, 2024. The use of US$ is solely for the convenience of the reader.

NOTE B: IFRS

The Company’s consolidated financial results for fiscal year ended December 31, 2024 are presented in accordance with International Financial Reporting Standards.

ABOUT G. WILLI-FOOD INTERNATIONAL LTD.

G. Willi-Food International Ltd. (http://www.willi-food.com) is an Israeli-based company specializing in high-quality, great-tasting kosher food products. Willi-Food is engaged directly and through its subsidiaries in the design, import, marketing and distribution of over 650 food products worldwide. As one of Israel's leading food importers, Willi-Food markets and sells its food products to over 1,500 customers and 3,000 selling points in Israel and around the world, including large retail and private supermarket chains, wholesalers and institutional consumers. The Company's operating divisions include Willi-Food in Israel and Euro European Dairies, a wholly owned subsidiary that designs, develops and distributes branded kosher, dairy-food products.

FORWARD LOOKING STATEMENTS

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, expected sales, operating results, and earnings. Forward-looking statements include statements regarding the timing of construction of the Company’s new logistics center and its expected benefits. 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: the inability to improve commercial terms with customers and suppliers: delays in the construction of the Company’s new logistics center and the risk that its expected benefits will not be materialized, monetary risks including changes in marketable securities or changes in currency exchange rates- especially the NIS/U.S. Dollar exchange rate, delays in arrival of goods from outside Israel due to shipping restrictions or other factors, 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, loss of one or more of our principal clients, increase or decrease in global purchase prices of food products, increasing levels of competition in Israel and other markets in which we do business, changes in political, economic and military conditions in Israel, particularly the recent war in Israel. Economic conditions in the Company's core markets, delays and price increases due to the attacks on global shipping routes in the Red Sea, our inability to accurately predict consumption of our products and changes in consumer preferences, our inability to protect our intellectual property rights, our inability to successfully integrate our recent acquisitions, insurance coverage not sufficient enough to cover losses of product liability claims, risks associated with product liability claims and risks associated with the start of credit extension activity. 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 for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 11, 2025. 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.

G. WILLI‑FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31,						December 31,
	2 0 2 4			2 0 2 3			2 0 2 4			2 0 2 3
	NIS						US dollars (*)
	(in thousands)
ASSETS
Current assets
Cash and cash equivalents		122,938			137,466			33,709			37,693
Financial assets at fair value through profit or loss		123,189			102,163			33,778			28,013
Trade receivables, Net		171,331			160,379			46,979			43,976
Other receivables and prepaid expenses		7,384			10,164			2,025			2,787
Inventories, Net		98,234			62,475			26,936			17,131
Current tax assets		744			9,497			204			2,604
Total current assets		523,820			482,144			143,631			132,204

Non-current assets
Property, plant and equipment		168,217			122,222			46,125			33,513
Less -Accumulated depreciation		58,349			55,636			15,999			15,255
		109,868			66,586			30,126			18,258

Right of use asset		4,814			2,124			1,320			582
Financial assets at fair value through profit or loss		47,842			46,143			13,118			12,652
Goodwill		36			36			10			10
Total non-current assets		162,560			114,889			44,574			31,502

		686,380			597,033			188,205			163,706
EQUITY AND LIABILITIES
Current liabilities
Current maturities of lease liabilities		2,179			1,512			597			415
Trade payables		28,203			21,622			7,734			5,929
Employees Benefits		4,532			4,193			1,243			1,150
Other payables and accrued expenses		25,015			10,854			6,859			2,976
Total current liabilities		59,929			38,181			16,433			10,470

Non-current liabilities
Lease liabilities		2,521			694			691			190
Deferred taxes		9,888			4,868			2,711			1,335
Retirement benefit obligation		1,102			1,055			302			289
Total non-current liabilities		13,511			6,617			3,704			1,814

Shareholders' equity
Share capital		1,491			1,490			409			409
Additional paid in capital		173,062			172,589			47,453			47,323
Remeasurement of the net liability in respect of defined benefit		(256	)		(154	)		(70	)		(42	)
Capital fund		247			247			68			68
Retained earnings		439,024			378,691			120,380			103,836
Treasury shares		(628	)		(628	)		(172	)		(172	)
Equity attributable to owners of the Company		612,940			552,235			168,068			151,422

		686,380			597,033			188,205			163,706

(*)	Convenience translation into U.S. dollars.

G. WILLI‑FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	For the year ended December 31,					For the year ended December 31,
	2 0 2 4		2 0 2 3			2 0 2 4		2 0 2 3
	NIS					US dollars (*)
	In thousands (except per share and share data)

Sales		575,795		543,262			157,882		148,961
Cost of sales		414,461		422,695			113,644		115,902

Gross profit		161,334		120,567			44,238		33,059
Operating costs and expenses:
Selling expenses		68,893		74,216			18,890		20,350
General and administrative expenses		26,165		26,110			7,174		7,159
Operating profit before other expenses (income)		66,276		20,241			18,174		5,550

Other expenses (income)		11,402		(109	)		3,126		(30	)

Operating profit		54,874		20,350			15,048		5,580

Financial income		39,741		20,363			10,897		5,583
Financial expense		1,933		1,521			530		417
Total Finance income		37,808		18,842			10,367		5,166

Income before taxes on income		92,682		39,192			25,415		10,746
Taxes on income		22,367		7,536			6,133		2,066

Profit for the period		70,315		31,656			19,282		8,680

Earnings per share:
Basic / diluted earnings per share		5.07		2.28			1.39		0.63

Shares used in computation of basic/diluted EPS		13,874,334		13,867,017			13,874,334		13,867,017

Actual number of shares		13,874,334		13,867,017			13,874,334		13,867,017

(*)	Convenience translation into U.S. dollars.

G. WILLI‑FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the year ended						For the year ended
	December 31,						December 31,
	2 0 2 4			2 0 2 3			2 0 2 4			2 0 2 3
	NIS						US dollars (*)
	In thousands
CASH FLOWS - OPERATING ACTIVITIES
Profit from continuing operations		70,315			31,656			19,282			8,680
Adjustments to reconcile net profit to net cash from continuing operating activities (Appendix A)		(27,342	)		2,052			(7,497	)		563
Net cash from continuing operating activities		42,973			33,708			11,785			9,243

CASH FLOWS - INVESTING ACTIVITIES
Acquisition of property plant and equipment		(5,414	)		(4,605	)		(1,485	)		(1,263	)
Acquisition of property plant and equipment under construction		(43,332	)		(18,941	)		(11,881	)		(5,193	)
Proceeds from sale of property plant and Equipment		552			208			151			57
Proceeds from sale of marketable securities, net		2,482			18,166			680			4,981
Net cash used in (from) continuing investing activities		(45,712	)		(5,172	)		(12,535	)		(1,418	)

CASH FLOWS - FINANCING ACTIVITIES
Lease liability payments		(2,322	)		(2,408	)		(637	)		(660	)
Dividend		(9,982	)		(39,945	)		(2,737	)		(10,953	)
Net cash used to continuing financing activities		(12,304	)		(42,353	)		(3,374	)		(11,613	)

Decrease in cash and cash equivalents		(15,043	)		(13,817	)		(4,124	)		(3,788	)
Cash and cash equivalents at the beginning of the year		137,466			150,607			37,693			41,296
Exchange gains on cash and cash equivalents		515			676			140			185
Cash and cash equivalents at the end of the year		122,938			137,466			33,709			37,693

(*) Convenience Translation into U.S. Dollars.

G. WILLI-FOOD INTERNATIONAL LTD.

APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

CASH FLOWS - OPERATING ACTIVITIES:

A. Adjustments to reconcile net profit to net cash from continuing operating activities:

	For the year ended						For the year ended
	December 31,						December 31,
	2 0 2 4			2 0 2 3			2 0 2 4			2 0 2 3
	NIS						US dollars (*)
	In thousands

Increase in deferred income taxes		5,020			670			1,376			184
Unrealized gains on marketable securities		(25,207	)		(5,597	)		(6,912	)		(1,535	)
Depreciation and amortization		7,302			6,950			2,002			1,906
Stock based payment		473			1,039			130			285
Capital gain on disposal of property plant and equipment		(263	)		(109	)		(72	)		(30	)
Exchange gains on cash and cash equivalents		(515	)		(676	)		(140	)		(185	)

Changes in assets and liabilities:
Decrease in trade receivables and other receivables		18,047			7,527			4,949			2,064
Decrease (increase) in inventories		(35,759	)		9,454			(9,805	)		2,592
Increase (decrease) in trade payables, other payables and other current liabilities		21,026			(3,547	)		5,765			(973	)
Cash generated from (used in) operations		(9,876	)		15,711			(2,707	)		4,308
Income tax paid		(17,466	)		(13,659	)		(4,790	)		(3,745	)
Net cash flows from (used in) operating activities		(27,342	)		2,052			(7,497	)		563

(*) Convenience Translation into U.S. Dollars.

This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.

Company Contact:

G. Willi - Food International Ltd.

Yitschak Barabi, Chief Financial Officer

(+972) 8-932-1000

itsik.b@willi-food.co.il

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