EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1

Exhibit 99.1

 
 
 


FOR IMMEDIATE RELEASE

G. WILLI-FOOD INTERNATIONAL REPORTS THE RESULTS OF FIRST
QUARTER 2025

GROSS PROFIT INCREASED BY 28.8% AND OPERATING PROFIT INCREASED BY 71.7%
OVER COMPARABLE PERIOD IN 2024

YAVNE, Israel – May 18, 2025 - G. Willi-Food International Ltd. (NASDAQ: WILC) (the “Company” or “Willi-Food”), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its unaudited financial results for the first quarter ended March 31, 2025.

First Quarter Fiscal Year 2025

Sales increased by 6.5% to NIS 144.8 million (US$ 38.9 million) from NIS 136.0 million (US$ 36.6 million) in the first quarter of 2024.
Gross profit increased by 28.8% year-over-year to NIS 44.6 million (US$ 12.0 million).
Operating profit increased by 71.7% year-over-year to NIS 20.0 million (US$ 5.4 million).
Net profit increased by 5.1% year-over-year to NIS 19.5 million (US$ 5.2 million).
Basic earnings per share of NIS 1.41 (US$ 0.38).
Cash and cash equivalents balance of NIS 234.0 million (US$ 62.9 million) as of March 31, 2025.

Management Comment

Zwi Williger, Chairman, and Joseph Williger, CEO, commented:
 
“We are pleased to present our financial results for the first fiscal quarter of 2025. During the quarter, the company maintained its growth trajectory, both in sales and profitability.
 
We continue to expand our product portfolio while simultaneously working to strengthen the shelf presence of our traditional core products. We believe these efforts will drive future sales growth.
 
In parallel, the company is working to improve the commercial terms with both its suppliers and customers to further enhance profitability.
 
We are also investing in the development of our new logistics center, which is expected to be completed by the end of the year. We believe this facility will become a key growth engine for the company, enabling continued business expansion — particularly into new categories where we are not yet active, especially chilled and frozen products.
 
We remain optimistic about our path forward and are confident in our ability to sustain improvements and growth throughout 2025 and beyond.”
 


First Quarter Fiscal 2025 Summary
 
Sales for the first quarter of 2025 increased by 6.5% to NIS 144.8 million (US$ 38.9 million) from NIS 136.0 million (US$ 36.6 million) recorded in the first quarter of 2024. The increase in sales was attributed to higher inventory levels and improved product availability for customers.
 
Gross profit for the first quarter of 2025 increased by 28.8% to NIS 44.6 million (US$ 12.0 million), or 30.8% of revenues, from NIS 34.7 million (US$ 9.3 million), or 25.5% of revenues, recorded in the first quarter of 2024. The increases in gross profit and gross margins were driven by the Company’s efforts to improve the commercial terms with its customers and suppliers and its focus on selling a more profitable products portfolio.
 
Selling expenses increased by 3.9% to NIS 17.1 million (US$ 4.6 million), or 11.8% of revenues, compared to NIS 16.5 million (US$ 4.4 million), or 12.1% of revenues, recorded in the first quarter of 2024. The increase was mainly due to an increase in salary and distribution expenses.

General and administrative expenses for the first quarter of 2025 increased by 15.4% to NIS 7.6 million (US$ 2.0 million), or 5.2% of revenues, from NIS 6.6 million (US$ 1.8 million), or 4.8% of revenues, recorded in the first quarter of 2024. The increase was mainly due to the provision for compensation based on profit to senior management resulting from the increase in operating profit.

Operating profit for the first quarter of 2025 increased by 71.7% to NIS 20.0 million (US$ 5.4 million), or 13.8% of revenues, from NIS 11.6 million (US$ 3.1 million), or 8.5% of revenues, recorded in the first quarter of 2024. The increase in operating profit was primarily due to the increase in gross profit.

Financial income, net decreased to NIS 5.2 million (US$ 1.4 million) recorded in the first quarter of 2025 compared to NIS 11.5 million (US$ 3.1 million) in the first quarter of 2024. Financial income, net for the first quarter of 2025 comprised mainly of income from revaluation of the Company’s portfolio of securities to a fair value in an amount of NIS 2.3 million (US$ 0.6 million) and interest and dividend income from the Company’s portfolio of securities in an amount of NIS 2.8 million (US$ 0.8 million).

Income before taxes in the first quarter of 2025 was NIS 25.1 million (US$ 6.8 million) compared to NIS 23.1 million (US$ 6.2 million) in the first quarter of 2024.

Net profit in the first quarter of 2025 was NIS 19.5 million (US$ 5.2 million), or NIS 141.0 (US$ 0.38) per share, compared to NIS 18.6 million (US$ 5.0 million), or NIS 1.34 (US$ 0.4) per share, recorded in the first quarter of 2024.

Willi-Food ended the first quarter of 2025 with NIS 234.0 million (US$ 62.9 million) in cash and securities. Net cash from operating activities for the first quarter of 2025 was NIS 0.3 million (US$ 0.1 million).

Willi-Food’s shareholders’ equity at the end of March 2025 was NIS 603.0 million (US$ 162.2 million).


NOTE A: NIS to US$ exchange rate used for convenience only
The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on March 31, 2024, with U.S. $1.00 equal to NIS 3.718 The translation was made solely for the convenience of the reader.

NOTE B: IFRS
The Company’s consolidated financial results for the three-month period ended March 31, 2025 are presented in accordance with International Financial Reporting Standards (“IFRS”).
 
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 STATEMENT

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 commercial terms with customers and suppliers and 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, inability to sustain improvements and growth in the future; 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 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, 2023, filed with the Securities and Exchange Commission on March 21, 2024. 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

 
March 31,
   
December 31
   
March 31,
   
December 31
 
 
2 0 2 5
   
2 0 2 4
   
2024
   
2 0 2 5
   
2 0 2 4
   
2024
 
 
NIS
   
US dollars (*)
 
   
(in thousands)
 
ASSETS
                                   
                                     
Current assets
                                   
Cash and cash equivalents
   
116,870
     
134,850
     
122,938
     
31,434
     
36,270
     
33,066
 
Financial assets at fair value through profit or loss
   
117,120
     
109,571
     
123,189
     
31,501
     
29,470
     
33,133
 
Trade receivables, Net
   
172,919
     
154,565
     
171,331
     
46,509
     
41,572
     
46,081
 
Other receivables and prepaid expenses
   
7,287
     
13,552
     
7,384
     
1,960
     
3,645
     
1,986
 
Inventories, Net
   
123,152
     
74,882
     
98,234
     
33,123
     
20,140
     
26,421
 
Current tax assets
   
-
     
6,759
     
744
     
-
     
1,818
     
200
 
Total current assets
   
537,348
     
494,179
     
523,820
     
144,527
     
132,915
     
140,887
 
                                                 
Non-current assets
                                               
Property, plant and equipment
   
179,515
     
128,936
     
168,217
     
48,283
     
34,679
     
45,244
 
Less -Accumulated depreciation
   
59,679
     
56,876
     
58,349
     
16,051
     
15,297
     
15,694
 
     
119,836
     
72,060
     
109,868
     
32,232
     
19,382
     
29,550
 
                                                 
Right of use asset
   
4,838
     
3,376
     
4,814
     
1,301
     
908
     
1,295
 
Financial assets at fair value through profit or loss
   
50,332
     
46,159
     
47,842
     
13,537
     
12,415
     
12,868
 
Goodwill
   
36
     
36
     
36
     
10
     
10
     
10
 
Total non-current assets
   
175,042
     
121,631
     
162,560
     
47,080
     
32,715
     
43,723
 
     
712,390
     
615,810
     
686,380
     
191,607
     
165,630
     
184,610
 
EQUITY AND LIABILITIES
                                               
                                                 
Current liabilities
                                               
Current maturities of lease liabilities
   
1,939
     
1,760
     
2,179
     
522
     
473
     
586
 
Trade payables
   
35,047
     
20,728
     
28,203
     
9,426
     
5,575
     
7,586
 
Employees Benefits
   
5,904
     
4,769
     
4,532
     
1,588
     
1,283
     
1,219
 
Other payables and accrued expenses
   
52,916
     
18,617
     
25,015
     
14,233
     
5,007
     
6,728
 
Total current liabilities
   
95,806
     
45,874
     
59,929
     
25,769
     
12,338
     
16,119
 
                                                 
Non-current liabilities
                                               
Lease liabilities
   
2,730
     
1,588
     
2,521
     
734
     
427
     
678
 
Deferred taxes
   
9,706
     
6,287
     
9,888
     
2,611
     
1,691
     
2,659
 
Retirement benefit obligation
   
1,102
     
1,055
     
1,102
     
296
     
284
     
296
 
Total non-current liabilities
   
13,538
     
8,930
     
13,511
     
3,641
     
2,402
     
3,633
 
                                                 
Shareholders' equity
                                               
Share capital
   
1,491
     
1,490
     
1,491
     
401
     
401
     
401
 
Additional paid in capital
   
173,614
     
172,789
     
173,062
     
46,697
     
46,474
     
46,547
 
Remeasurement of the net liability in respect of defined benefit
   
(256
)
   
(154
)
   
(256
)
   
(69
)
   
(41
)
   
(69
)
Capital fund
   
247
     
247
     
247
     
66
     
66
     
66
 
Retained earnings
   
428,578
     
387,262
     
439,024
     
115,271
     
104,159
     
118,082
 
Treasury shares
   
(628
)
   
(628
)
   
(628
)
   
(169
)
   
(169
)
   
(169
)
Equity attributable to owners of the Company
   
603,046
     
561,006
     
612,940
     
162,197
     
150,890
     
164,858
 
     
712,390
     
615,810
     
686,380
     
191,607
     
165,630
     
184,610
 

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


G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 
Three months
   
Three months
 
 
ended
   
ended
 
 
March 31,
   
March 31,
 
 
2 0 2 5
   
2 0 2 4
   
2 0 2 5
   
2 0 2 4
 
 
NIS
   
US dollars (*)
 
   
In thousands (except per share and share data)
 
                         
Sales
   
144,843
     
136,036
     
38,957
     
36,588
 
Cost of sales
   
100,215
     
101,385
     
26,954
     
27,269
 
                                 
Gross profit
   
44,628
     
34,651
     
12,003
     
9,319
 
                                 
Operating costs and expenses:
                               
Selling expenses
   
17,111
     
16,475
     
4,602
     
4,431
 
General and administrative expenses
   
7,558
     
6,550
     
2,033
     
1,762
 
Operating profit
   
19,959
     
11,626
     
5,368
     
3,126
 
                                 
Financial income
   
5,491
     
12,303
     
1,477
     
3,309
 
Financial expense
   
(320
)
   
(822
)
   
(86
)
   
(221
)
                                 
Total financial income
   
5,171
     
11,481
     
1,391
     
3,088
 
                                 
Income before taxes on income
   
25,130
     
23,107
     
6,759
     
6,214
 
Taxes on income
   
(5,625
)
   
(4,554
)
   
(1,513
)
   
(1,225
)
                                 
Profit for the period
   
19,505
     
18,553
     
5,246
     
4,989
 
                                 
Earnings per share:
                               
Basic earnings per share
   
1.41
     
1.34
     
0.38
     
0.36
 
Diluted earnings per share
   
1.39
     
1.34
     
0.37
     
0.36
 
                                 
Shares used in computation of
basic EPS
   
13,877,447
     
13,867,017
     
13,877,447
     
13,867,017
 
Shares used in computation of
diluted EPS
   
13,988,885
     
13,867,017
     
13,988,885
     
13,867,017
 
Actual number of shares
   
13,877,447
     
13,867,017
     
13,877,447
     
13,867,017
 

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


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

 
Three months
ended
   
Three months
ended
 
 
March 31,
   
March 31,
 
 
2 0 2 5
   
2 0 2 4
   
2 0 2 5
   
2 0 2 4
 
 
NIS
   
US dollars (*)
 
   
In thousands (except per share and share data)
 
CASH FLOWS - OPERATING ACTIVITIES
                       
Profit from continuing operations
   
19,505
     
18,553
     
5,246
     
4,989
 
Adjustments to reconcile net profit to net cash from continuing operating activities (Appendix A)
   
(19,194
)
   
(14,781
)
   
(5,163
)
   
(3,976
)
Net cash from continuing operating activities
   
311
     
3,772
     
83
     
1,013
 
                                 
CASH FLOWS - INVESTING ACTIVITIES
                               
Acquisition of property plant and equipment
   
(529
)
   
(2,393
)
   
(142
)
   
(644
)
Acquisition of property plant and equipment under construction
   
(10,769
)
   
(4,321
)
   
(2,896
)
   
(1,162
)
Proceeds from sale of marketable securities, net
   
5,140
     
623
     
1,382
     
168
 
Net cash from continuing investing activities
   
(6,158
)
   
(6,091
)
   
(1,656
)
   
(1,638
)
                                 
CASH FLOWS - FINANCING ACTIVITIES
                               
Lease liability payments
   
(580
)
   
(719
)
   
(156
)
   
(193
)
Net cash used in continuing financing activities
   
(580
)
   
(719
)
   
(156
)
   
(193
)
                                 
Decrease in cash and cash equivalents
   
(6,427
)
   
(3,038
)
   
(1,729
)
   
(817
)
Cash and cash equivalents at the beginning of the year
   
122,938
     
137,466
     
33,066
     
36,973
 
Exchange gains on cash and cash equivalents
   
359
     
422
     
97
     
114
 
Cash and cash equivalents at the end of the year
   
116,870
     
134,850
     
31,434
     
36,270
 

(*) 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:

 
Three months
   
Three months
 
 
ended
   
ended
 
 
March 31,
   
March 31,
 
 
2 0 2 5
   
2 0 2 4
   
2 0 2 5
   
2 0 2 4
 
 
NIS
   
US dollars (*)
 
   
(in thousands)
 
Increase (decrease) in deferred income taxes
   
(182
)
   
1,419
     
(49
)
   
382
 
Unrealized loss (gain) on marketable securities
   
(1,561
)
   
(8,047
)
   
(419
)
   
(2,164
)
Depreciation and amortization
   
1,855
     
1,849
     
499
     
497
 
Stock based compensation reserve
   
552
     
200
     
148
     
54
 
Exchange gains on cash and cash equivalents
   
(359
)
   
(422
)
   
(97
)
   
(114
)
                                 
Changes in assets and liabilities:
                               
Decrease in trade receivables and other receivables
   
1,469
     
7,682
     
395
     
2,066
 
Increase in inventories
   
(24,918
)
   
(12,407
)
   
(6,702
)
   
(3,338
)
Increase (decrease) in trade payables, other payables and other current liabilities
   
6,166
     
(2,537
)
   
1,658
     
(682
)
Cash generated from operations
   
(16,978
)
   
(12,263
)
   
(4,567
)
   
(3,299
)
Income tax paid
   
(2,216
)
   
(2,518
)
   
(596
)
   
(677
)
Net cash flows used in operating activities
   
(19,194
)
   
(14,781
)
   
(5,163
)
   
(3,976
)

(*) 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