6-K 1 zk1211944.htm 6-K zk1211944.htm


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 August 2012 


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 registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

FORM 20-F x    FORM 40-F o

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 o    NO x

If "YES" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  82-________.
 
 
 

 

EXPLANATORY NOTE
 
Attached hereto and incorporated by reference herein is amended and restated financial information for the quarter ended March 31, 2012 issued by G. Willi-Food International Ltd. on August 30, 2012.
 
G. Willi-Food International Ltd. (the “Company”) is submitting this Form 6-K to reflect the amendment and restatement of its consolidated statements of cash flows in its financial information for the quarter ended March 31, 2012. The Company has amended and restated its statements of cash flows for the year ended December 31, 2011 and for the quarter ended March 31, 2012 to reflect the correct classification of the change in the receivable balance related to the sale by the Company of its holdings in Shamir Salads (2006) Ltd. ("Shamir Salads") as a reconciling item to adjust net cash from operating activities.

After submitting its original financial information for the quarter ended March 31, 2012 on Form 6-K on May 31, 2012, the Company determined that in the Company's consolidated statements of cash flows for the year ended December 31, 2011, the Company inadvertently classified the increase in the receivable balance related to the sale of its holdings in Shamir Salads as a reconciling item to reduce net cash from operating activities. As a result, the Company's consolidated statements of cash flow for the quarter ended March 31, 2012 did not include proceeds generated from the sale.  The abovementioned adjustments have no impact on the Company's consolidated statements of financial position or its consolidated statements of income or its consolidated statements of changes in equity.
 
Except as required to reflect the effects of the restatement described above, the Company has not made any modifications or updates to the original financial information for the quarter ended March 31, 2012.
 
This report on Form 6-K is hereby 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:  August 30, 2012
By:
/s/ Baruch Shusel  
   
Name: Baruch Shusel
 
   
Title: Chief Financial Officer
 
       
 
 
 

 
 
 
 
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS

   
March 31,
   
December 31,
   
March 31,
   
December 31,
 
   
2 0 1 2
   
2 0 1 1
   
2 0 1 2
   
2 0 1 1
 
   
NIS
   
US dollars (*)
 
   
(in thousands)
 
ASSETS
                       
                         
Current assets
                       
Cash and cash equivalents
    39,852       34,661       10,727       9,072  
Financial assets carried at fair value through profit or loss
    156,659       163,430       42,169       42,773  
Trade receivables
    71,275       57,628       19,186       15,082  
Other receivables and prepaid expenses
    5,746       15,720       1,547       4,113  
Inventories
    34,133       32,613       9,188       8,535  
Total current assets
    307,665       304,052       82,817       79,575  
                                 
Non-current assets
                               
Property, plant and equipment
    61,526       61,401       16,562       16,069  
Less -Accumulated depreciation
    19,503       18,856       5,250       4,935  
      42,023       42,545       11,312       11,134  
                                 
Prepaid expenses
    114       117       31       31  
Goodwill
    36       36       9       9  
Deferred taxes
    747       933       201       244  
Total non-current assets
    42,920       43,631       11,553       11,418  
                                 
      350,585       347,683       94,370       90,993  
EQUITY AND LIABILITIES
                               
                                 
Current liabilities
                               
Trade payables
    27,734       25,683       7,465       6,722  
Provisions
    1,273       1,164       343       305  
Current tax liabilities
    1,348       3,837       363       1,004  
Other payables and accrued expenses
    3,316       4,551       893       1,190  
Employees Benefits
    1,732       1,613       466       422  
Total current liabilities
    35,403       36,848       9,530       9,643  
                                 
Non-current liabilities
                               
Employees Benefits
    641       518       173       136  
Total non-current liabilities
    641       518       173       136  
                                 
Shareholders' equity
                               
Share capital NIS 0.10 par value
                               
(authorized - 50,000,000 shares, issued and outstanding – 12,974,245 shares at March  31, 2012; 13,020,360 shares at December 31, 2011)
    1,444       1,444       389       378  
Additional paid in capital
    129,846       129,809       34,953       33,972  
Capital fund
    247       247       65       65  
Foreign currency translation reserve
    648       587       174       154  
Treasury shares
    (10,843 )     (10,141 )     (2,919 )     (2,654 )
Retained earnings
    193,199       188,371       52,005       49,299  
      314,541       310,317       84,667       81,214  
                                 
      350,585       347,683       94,370       90,993  
 
(*)           Convenience translation into U.S. dollars
 
 
 

 
 
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
   
Three months ended March 31,
 
   
2 0 1 2
   
2 0 1 1
   
2 0 1 2
   
2 0 1 1
 
   
NIS
   
US dollars (*)
 
   
(in thousands, except per share and share data)
 
                         
Sales
    73,651       70,393       19,825       20,222  
Cost of sales
    57,975       52,407       15,606       15,055  
                                 
Gross profit
    15,676       17,986       4,219       5,167  
                                 
Selling expenses
    6,897       6,792       1,857       1,951  
General and administrative expenses
    4,120       4,893       1,109       1,406  
Other Income
    (66 )     (34 )     (18 )     (10 )
                                 
Total operating expenses
    10,951       11,651       2,948       3,347  
                                 
Operating income
    4,725       6,335       1,271       1,820  
                                 
Financial income
    2,014       1,726       542       496  
Financial expense
    188       219       51       63  
                                 
Income before taxes on income
    6,551       7,842       1,762       2,253  
                                 
Taxes on income
    1,723       1,979       464       569  
                                 
Profit from continuing operations
    4,828       5,863       1,298       1,684  
Profit from discontinued operations
    -       313       -       90  
Profit for the year
    4,828       6,176       1,298       1,774  
                                 
Attributable to:
                               
Owners of the company
    4,828       6,043       1,298       1,736  
                                 
Non - controlling interests
    -       133       -       38  
                                 
Net income
    4,828       6,176       1,298       1,774  
                                 
Earnings per share data:
                               
Earnings per share:
                               
                                 
Earnings per share
                               
Basic from continuing operations
    0.37       0.43       0.10       0.12  
Basic from discontinued operations
    -       0.02       -       0.01  
Basic earnings per share
    0.37       0.45       0.10       0.13  
                                 
Diluted from continuing operations
    0.37       0.43       0.10       0.12  
Diluted from discontinued operations
    -       0.02       -       0.01  
Diluted earnings per share
    0.37       0.45       0.10       0.13  
                                 
Shares used in computation of basic EPS
    12,987,367       13,573,679       12,987,367       13,573,679  

(*)
Convenience translation into U.S. dollars
 
 
 

 
 
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

   
Three months ended March 31,
 
   
2 0 1 2
   
2 0 1 1
   
2 0 1 2
   
2 0 1 1
 
   
NIS
   
US dollars (*)
 
   
(in thousands)
 
                         
Cash flows - operating activities
                       
Profit from continuing operations
    4,828       5,863       1,298       1,684  
Adjustments to reconcile net income to net cash from continuing operating activities (Appendix)
    (19,793 )     (5,805 )     (5,324 )     (1,667 )
                                 
Net cash from (used in) continuing operating activities
    (14,965 )     58       (4,026 )     17  
                                 
Net cash from discontinuing operating activities
    -       687       -       197  
                                 
Cash flows - investing activities
                               
Acquisition of property plant and equipment
    (281 )     (348 )     (76 )     (100 )
Proceeds from sale of property plant and Equipment
    -       146       -       42  
Additions to prepaid expenses, net
    -       (13 )     -       (4 )
Proceeds from (used in) purchase of marketable securities, net
    7,639       (4,443 )     2,056       (1,276 )
                                 
Net cash from (used in) continuing investing activities
    7,358       (4,658 )     1,980       (1,338 )
                                 
Net cash from (used in) discontinued investing activities
    13,500       (840 )     3,634       (241 )
                                 
Cash flows - financing activities
                               
Investment in treasury stocks
    (702 )     -       (189 )     -  
Short-term bank credit, net
    -       (738 )     -       (212 )
                                 
Net cash used in continuing financing activities
    (702 )     (738 )     (189 )     (212 )
Net cash from discontinued financing activities
    -       153       -       44  
                                 
Increase (decrease) in cash and cash equivalents
    5,191       (5,338 )     1,399       (1,533 )
                                 
Cash and cash equivalents  at the beginning of the financial year
    34,661       113,631       9,330       32,643  
                                 
Cash and cash equivalents of the end of the financial year
    39,852       108,293       10,729       31,110  

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

 

G. WILLI-FOOD INTERNATIONAL LTD.
APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Adjustments to reconcile net income to net cash from operating activities
 
   
Three months ended March 31,
 
   
2 0 1 2
   
2 0 1 1
   
2 0 1 2
   
2 0 1 1
 
   
NIS
   
US dollars (*)
 
   
(in thousands)
 
                         
Deferred income taxes
    187       (134 )     50       (38 )
Unrealized loss (gain) on marketable securities
    (868 )     42       (234 )     12  
Depreciation and amortization
    873       690       235       198  
Capital gain on disposal of property
    (66 )     -       (18 )     -  
Employees benefit, net
    123       (4 )     36       (1 )
Stock based compensation reserve
    37       -       9       -  
                                 
Changes in assets and liabilities:
                               
Increase in trade receivables and other receivables
    (17,114 )     (4,444 )     (4,606 )     (1,277 )
Increase in inventories
    (1,520 )     (5,793 )     (408 )     (1,664 )
Decrease (increase) in trade and other payables, and other current liabilities
    (1,445 )     3,838       (388 )     1,103  
                                 
      (19,793 )     (5,805 )     (5,324 )     (1,667 )
 
(*)           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.