# EDGAR Filing Document

**Accession Number:** 0001030997
**File Stem:** 0001178913-23-001095
**Filing Date:** 2023-3
**Character Count:** 21693
**Document Hash:** 603f002892a8444142c41e278984afe2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001178913-23-001095.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001178913-23-001095

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20230322

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** G WILLI FOOD INTERNATIONAL LTD
- **CENTRAL INDEX KEY:** 0001030997
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-GROCERIES & GENERAL LINE [5141]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-29256
- **FILM NUMBER:** 23751472

**BUSINESS ADDRESS:**
- **STREET 1:** 24 HAMETSUDA ST INDUSTRIAL ZONE
- **CITY:** AZUR ISRAEL
- **STATE:** L3
- **ZIP:** 58001

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### 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 2023

<u>G. Willi-Food International Ltd.</u>

(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 ☐

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 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 ☒

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

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#### INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
On March 22, 2023, G. Willi-Food International Ltd. (the "Company") issued a press release announcing its financial results for the fiscal year ended December 31, 2022. A copy of the press release is filed herewith as [Exhibit 99.1](exhibit_99-1.htm).

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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.

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| | |
|:---|:---|
| G. Willi-Food International Ltd. | G. Willi-Food International Ltd. |
| By:  | /s/ Yitschak Barabi |
|  | Name: Yitschak Barabi |
|  | Title: Chief Financial Officer |

---

Date: March 22, 2023

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## Exhibit 99.1

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<u>**Exhibit 99.1**</u>

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| | |
|:---|:---|
| ![](image00001.jpg) | ![](image1.jpg) |

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### FOR IMMEDIATE RELEASE
<u>G. WILLI-FOOD INTERNATIONAL REPORTS 9.7% INCREASE IN</u> 

#### SALES AND A RECORD HIGH ANNUAL SALES IN 2022.
**YAVNE, Israel - March 22, 2023 - 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, 2022.

#### Fiscal Year 2022 Highlights
&nbsp;&nbsp;&nbsp;&nbsp;• Sales increased to NIS 498.3 million (US$141.6 million) from NIS 454.2 million (USD 1290. million) in fiscal year 2021.

&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit increased by 3.4% from fiscal year 2021 to NIS 143.1 million (USD 40.7 million) in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• Operating profit decreased by 8.6% from fiscal year 2021 to NIS 45.1 million (USD 12.8 million) in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents balance of NIS 267.4 million (USD 76.0 million) as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• Earnings per share of NIS 3.00 (US$0.86).

#### Management Comment
**Joseph Williger CEO, commented**: "We are very pleased to present our fiscal year 2022 financial results with record sales and strong operational results. Calendar year 2022 was characterized, among other things, by an increase in the rate of interest, an increase in inflation, and as a result an increased public discourse focusing on the increasing cost of living in Israel. Because we import and market high quality substitute food products for the existing strong brands in the Israeli market. we feel an increase in demand for our products and hope that this trend will continue to support our continued growth. In addition, we recently received a construction permit for a new and sophisticated logistics center, through which we plan to significantly upgrade our logistics capabilities, both at the storage and distribution level. We believe this will enable us to enter in to new and profitable categories in the frozen and chilled market and allow us to provide logistics services to other companies in the food sector. The company set itself a growth strategy for the year 2023 that includes supporting our brands through proper advertising, raising the level of inventory and managing it correctly to support sales, developing new products, entering in to new food categories, strengthening existing categories, improving the visibility of products on store shelves and improving logistics capabilities.

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#### Fiscal 2022 Summary
Revenues for fiscal year 2022 increased by 9.7% to NIS 498.3 million (USD 141.6 million) from NIS 454.2 million (USD 129.0 million) recorded in fiscal year 2021. Sales increased mainly due to (i) increasing the range of the Company's products. (ii) proper inventory management. (iii) improving presence of the Company's line of products in stores and (iv) advertising and promotional campaigns.

Gross profit for fiscal year 2022 increased by 3.4% to NIS 143.1 million (USD 40.7 million), or 28.7% of revenues, from NIS 138.3 million (USD 39.3 million), or 30.4% of revenues, recorded in fiscal year 2021. The increase in gross profit was mainly due to increased sales that offset the increased costs of the Company's imported products.

Selling expenses for fiscal year 2022 increased by 12.5% to NIS 74.1 million (USD 21.0 million), or 14.9% of revenues, from NIS 65.9 million (USD 18.7 million), or 14.5% of revenues, recorded in fiscal year 2021. The increase in selling expenses was mainly due to a growth in advertising and sales promotion.

General and administrative expenses for fiscal year 2022 increased by 3.5% to NIS 24.1 million (USD 6.8 million), or 4.8% of revenues, from NIS 23.3 million (USD 6.6 million), or 5.1% of revenues, recorded in fiscal year 2021. The increase in general and administrative expenses was primarily due to an increase in management compensation as a result of grants made under the Company's option plan.

Operating profit for fiscal year 2022 decreased by NIS 4.3 million (USD 1.2 million), to NIS 45.1 million (USD 12.8 million), or 9.0% of revenues, from NIS 49.4 million (USD 14.0 million), or 10.9% of revenues, recorded in fiscal year 2021. The decrease in operating profit was primarily due to an increase in selling expenses.

Financial income, net, for fiscal year 2022 amounted to NIS 8.9 million (USD 2.5 million), compared to NIS 8.5million (USD 2.4 million) recorded in fiscal year 2021. Financial income, net for fiscal year 2022 comprised mainly of income from interest and dividend income from the Company's portfolio of securities in an amount of NIS 9.0 million (USD 2.6 million) and exchange rate differences in an amount of NIS 4.4 million (USD 1.3 million), offset by expenses from revaluation of the Company's portfolio of securities to fair value in an amount of NIS 3.8 million (USD 1.1 million) and other finance expenses in an amount of NIS 0.7 million (USD 0.2 million).

Willi-Food ended fiscal year 2022 with NIS 267.4 million (USD 76.0 million) in cash and cash equivalents with no debt. Net cash from operating activities in fiscal year 2022 was NIS 14.3 million (USD 4.1 million). Willi-Food's shareholders' equity at the end of December 2022 was NIS 559.4 million (USD 158.9 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 USD 1.00 to NIS 3.52 as of December 31, 2022. The use of USD is solely for the convenience of the reader.

#### NOTE B: IFRS
The Company's consolidated financial results for fiscal year ended December 31, 2022 are presented in accordance with International Financial Reporting Standards.

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#### ABOUT G. WILLI-FOOD INTERNATIONAL LTD.
G. Willi-Food International Ltd. (<u>http://www.willi-food.com</u>) 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 and expected sales, 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: monetary risks including changes in marketable securities or changes in currency exchange rates- especially 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, 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 economic conditions in Israel, including in particular economic conditions in the Company's core markets, adverse effects from the ongoing COVID-19 pandemic, disruptions to global shipping, 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, 2022, filed with the Securities and Exchange Commission on March 22, 2022. 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.*

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<u>G. WILLI-FOOD INTERNATIONAL LTD.</u>

#### CONDENSED CONSOLIDATED BALANCE SHEETS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2 0 2 2 | 2 0 2 1 | 2 0 2 2 | 2 0 2 1 |
|  | NIS | NIS | US dollars (\*) | US dollars (\*) |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| **<u>ASSETS</u>** |  |  |  |  |
| **Current assets** |  |  |  |  |
| Cash and cash equivalents | 150607 | 195718 | 42786 | 55602 |
| Financial assets at fair value through profit or loss | 116762 | 154090 | 33171 | 43776 |
| Trade receivables | 165838 | 134017 | 47113 | 38073 |
| Other receivables and prepaid expenses | 4956 | 4939 | 1407 | 1403 |
| Inventories | 71929 | 59528 | 20434 | 16911 |
| Current tax assets | 3117 | 5780 | 886 | 1642 |
| **Total current assets** | 513209 | 554072 | 145797 | 157407 |
| **Non-current assets** |  |  |  |  |
| Property, plant and equipment | 99216 | 87245 | 28186 | 24786 |
| Less - Accumulated depreciation | 51533 | 48431 | 14640 | 13759 |
|  | 47683 | 38814 | 13546 | 11027 |
| Right of use asset | 3391 | 4088 | 963 | 1161 |
| Financial assets at fair value through profit or loss | 44113 | 31056 | 12532 | 8823 |
| Goodwill | 36 | 36 | 10 | 10 |
| **Total non-current assets** | 95223 | 73994 | 27051 | 21021 |
|  | 608432 | 628066 | 172848 | 178428 |
| **<u>EQUITY AND LIABILITIES</u>** |  |  |  |  |
| **Current liabilities** |  |  |  |  |
| Current maturities of lease liabilities | 2194 | 1136 | 623 | 323 |
| Trade payables | 24842 | 20386 | 7056 | 5791 |
| Employees Benefits | 3756 | 3442 | 1067 | 978 |
| Financial liabilities at fair value through profit or loss | - | 13960 | - | 3966 |
| Other payables and accrued expenses | 11836 | 11216 | 3363 | 3186 |
| **Total current liabilities** | 42628 | 50140 | 12109 | 14244 |
| **Non-current liabilities** |  |  |  |  |
| Lease liabilities | 1284 | 3062 | 365 | 870 |
| Deferred taxes | 4198 | 2017 | 1193 | 573 |
| Retirement benefit obligation | 878 | 1615 | 249 | 459 |
| **Total non-current liabilities** | 6360 | 6694 | 1807 | 1902 |
| **Shareholders' equity** |  |  |  |  |
| Share capital | 1490 | 1490 | 423 | 423 |
| Additional paid in capital | 171550 | 170760 | 48735 | 48511 |
| Remeasurement of the net liability in respect of defined benefit | (195) | (959) | (55) | (272) |
| Capital fund | 247 | 247 | 70 | 70 |
| Retained earnings | 386980 | 400322 | 109937 | 113728 |
|  Treasury shares | (628) | (628) | (178) | (178) |
| **Equity attributable to owners of the Company** | 559444 | 571232 | 158932 | 162282 |
|  | 608432 | 628066 | 172848 | 178428 |

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

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<u>G. WILLI-FOOD INTERNATIONAL LTD.</u>

#### CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended**<br> **December 31,** | **For the year ended**<br> **December 31,** | **For the year ended**<br> **December 31,** | **For the year ended**<br> **December 31,** |
|  | 2 0 2 2 | 2 0 2 1 | 2 0 2 2 | 2 0 2 1 |
|  | NIS | NIS | US dollars (\*) | US dollars (\*) |
|  | In thousands (except per share and share data) | In thousands (except per share and share data) | In thousands (except per share and share data) | In thousands (except per share and share data) |
| Sales | 498325 | 454213 | 141570 | 129038 |
| Cost of sales | 355228 | 315920 | 100917 | 89750 |
| **Gross profit** | 143097 | 138293 | 40653 | 39288 |
| **Operating costs and expenses:** |  |  |  |  |
| Selling expenses | 74106 | 65869 | 21053 | 18713 |
| General and administrative expenses | 24117 | 23299 | 6851 | 6619 |
| Other income | (222) | (230) | (63) | (65) |
| Total operating expenses | 98001 | 88938 | 27841 | 25267 |
| **Operating profit** | **45096** | **49355** | **12812** | **14021** |
|  Financial income | 25657 | 28957 | 7289 | 8226 |
|  Financial expense | 16779 | 20492 | 4767 | 5822 |
|  Total Finance income | 8878 | 8465 | 2522 | 2404 |
|  **Profit before taxes on income** | 53974 | 57820 | 15334 | 16426 |
| Taxes on income | 12410 | 12719 | 3526 | 3613 |
| **Income after taxes on income** | 41564 | 45101 | 11808 | 12813 |
|  **Earnings per share:** |  |  |  |  |
|  **Basic / diluted earnings per share** | 3.00 | 3.25 | 0.86 | 0.92 |
|  **Shares used in computation of basic/diluted EPS** | 13867017 | 13867017 | 13867017 | 13867017 |
|  **Actual number of shares** | 13867017 | 13867017 | 13867017 | 13867017 |

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

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<u>G. WILLI-FOOD INTERNATIONAL LTD.</u>

#### CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

#### <br>
<u> </u>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2 0 2 2 | 2 0 2 1 | 2 0 2 2 | 2 0 2 1 |
|  | NIS | NIS | US dollars (\*) | US dollars (\*) |
|  | In thousands (except per share and share data) | In thousands (except per share and share data) | In thousands (except per share and share data) | In thousands (except per share and share data) |
|  **<u>CASH FLOWS - OPERATING ACTIVITIES</u>** |  |  |  |  |
| Profit from continuing operations | 41564 | 45101 | 11808 | 12813 |
|  Adjustments to reconcile net profit to net cash provided (used in) continuing operating activities (Appendix A) | (27495) | 416 | (7812) | 118 |
|  **Net cash from continuing operating activities** | 14069 | 45517 | 3996 | 12931 |
|  **<u>CASH FLOWS - INVESTING ACTIVITIES</u>** |  |  |  |  |
| Acquisition of property plant and equipment | (13350) | (6209) | (3793) | (1764) |
| Proceeds from sale of property plant and equipment | 351 | 230 | 100 | 65 |
| Proceeds from loans granted to others | - | 18707 | - | 5315 |
| Proceeds from sale (purchase) of marketable securities, net | 21285 | 2718 | 6047 | 772 |
| **Net cash provided investing activities** | 8286 | 15446 | 2354 | 4388 |
| **<u>CASH FLOWS - FINANCING ACTIVITIES</u>** |  |  |  |  |
| Lease liability payments | (2180) | (2169) | (619) | (616) |
| Dividend distribution | (54906) | (59975) | (15598) | (17038) |
| **Net cash used in financing activities** | (57086) | (62144) | (16217) | (17655) |
| **Increase (decrease) in cash and cash equivalents** | **(34731)** | **(1181)** | **(9867)** | **(336)** |
| **Cash and cash equivalents at the beginning of the year** | **195718** | **201822** | **55602** | **57336** |
|  Exchange losses on cash and cash equivalents | (10380) | (4923) | (2949) | 1399 |
|  **Cash and cash equivalents at the end of the year** | 150607 | 195718 | 42786 | 55602 |

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<u> </u>

(\*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convenience Translation into U.S. Dollars.

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<u>G. WILLI-FOOD INTERNATIONAL LTD.</u>

#### APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2 0 2 2 | 2 0 2 1 | 2 0 2 2 | 2 0 2 1 |
|  | NIS | NIS | US dollars (\*) | US dollars (\*) |
|  | In thousands (except per share and share data) | In thousands (except per share and share data) | In thousands (except per share and share data) | In thousands (except per share and share data) |
|  **<u>CASH FLOWS - OPERATING ACTIVITIES:</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Adjustments to reconcile net profit to net cash from (used to)** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; continuing operating activities** |  |  |  |  |
| Decrease in deferred income taxes | 2181 | 1249 | 620 | 355 |
| Unrealized loss (gain) on marketable securities | 2985 | (19464) | 848 | (5530) |
| Loss (gain) of financial liabilities at fair value through profit or loss | (13960) | 13960 | (3966) | 3966 |
| Depreciation and amortization | 6508 | 6200 | 1849 | 1761 |
| Share based payment | 790 | - | 224 | - |
| Capital gain on disposal of property plant and equipment | (222) | (230) | (63) | (65) |
| Exchange losses on cash and cash equivalents | 10380 | 4923 | 2949 | 1399 |
| **Changes in assets and liabilities:** |  |  |  |  |
| Decrease (increase) in trade receivables and other receivables | (17151) | 10190 | (4872) | 2895 |
| Increase in inventories | (12401) | (14) | (3523) | (4) |
| Increase (decrease) in trade and other payables, and other current liabilities | 5418 | (3405) | 1539 | (967) |
| Cash generated from operations | (15472) | 13409 | (4395) | 3809 |
| Income tax paid | (12023) | (12993) | (3417) | (3691) |
| **Net cash flows from operating activities** | (27495) | 416 | (7812) | 118 |

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(\*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convenience Translation into U.S. Dollars.

Company Contact:

G. Willi - Food International Ltd.

Yitschak Barabi, Chief Financial Officer

(+972) 8-932-1000

<u>itsik.b@willi-food.co.il</u>

SOURCE: G. Willi-Food International Ltd.

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