Willi-Food(WILC)

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Willi-Food(WILC) - 2024 Q2 - Quarterly Report
2024-08-13 13:30
Financial Performance - Sales increased by 13.5% to NIS 146.7 million (US$ 39.0 million) in Q2 2024, compared to NIS 129.2 million (US$ 34.4 million) in Q2 2023[2] - Gross profit rose by 76.2% year-over-year to NIS 45.9 million (US$ 12.2 million), representing 31.3% of revenues, up from 20.2% in Q2 2023[3] - Operating profit before other expenses surged by 2,080.2% to NIS 21.2 million (US$ 5.6 million) from NIS 1.0 million (US$ 0.3 million) in Q2 2023[4] - Operating profit after other expenses increased by 891.2% to NIS 9.6 million (US$ 2.6 million) compared to NIS 1.0 million (US$ 0.3 million) in Q2 2023[5] - Net profit for Q2 2024 was NIS 6.8 million (US$ 1.8 million), a 40.6% increase from NIS 4.9 million (US$ 1.3 million) in Q2 2023[6] - For the first half of 2024, sales increased by 0.7% to NIS 282.7 million (US$ 75.2 million) compared to NIS 280.6 million (US$ 74.6 million) in the first half of 2023[7] - Gross profit for the first half of 2024 rose by 21.9% to NIS 80.6 million (US$ 21.4 million), or 28.5% of revenues[8] - Operating profit after other expenses for the first half of 2024 increased by 52.0% to NIS 21.3 million (US$ 5.7 million) compared to NIS 14.0 million (US$ 3.7 million) in the first half of 2023[10] - Profit for the period for the six months ended June 30, 2024, was NIS 25,401,000, an increase from NIS 15,714,000 in the previous year, representing a growth of approximately 61.5%[19] - Basic earnings per share for the six months ended June 30, 2024, were NIS 1.8, compared to NIS 1.1 for the same period in 2023[19] Assets and Liabilities - Cash and securities balance stood at NIS 199.6 million (US$ 53.1 million) as of June 30, 2024[6] - Total current assets as of June 30, 2024, amounted to NIS 509,417,000, up from NIS 487,292,000 at the end of 2023[17] - Total non-current assets increased to NIS 136,065,000 as of June 30, 2024, compared to NIS 102,156,000 at the end of 2023[17] - Total current liabilities as of June 30, 2024, were NIS 68,897,000, compared to NIS 36,745,000 at the end of 2023, indicating a significant increase[17] - Shareholders' equity attributable to owners of the Company was NIS 567,943,000 as of June 30, 2024, up from NIS 545,899,000 at the end of 2023[17] Financial Income and Cash Flow - Financial income, net for the first half of 2024 totaled NIS 14.1 million (US$ 3.8 million), significantly up from NIS 5.9 million (US$ 1.6 million) in the first half of 2023[11] - The company reported a total financial income of NIS 14,121,000 for the six months ended June 30, 2024, compared to NIS 5,850,000 in the same period of 2023[19] - Net cash used in continuing operating activities was $(40,352) million for the six months ended June 30, 2024, compared to $(32,042) million for the same period in 2023, indicating a significant increase in cash outflow[23] - The company reported a decrease in cash and cash equivalents of $(43,428) million for the current period, compared to $(40,174) million in the previous period[23] - Cash generated from operations was $(33,791) million, reflecting a decline from $(23,625) million in the prior year[23] Dividends and Investments - The company paid dividends totaling $(9,982) million, consistent with the previous year's dividend payments of $(29,949) million[23] - The acquisition of property, plant, and equipment amounted to $(3,474) million, with an additional $(18,262) million for property, plant, and equipment under construction[23] - Proceeds from the sale of marketable securities, net, were $4,212 million, a decrease from $16,033 million in the previous period[23] - The company experienced unrealized losses on marketable securities of $(6,821) million, compared to $(553) million in the prior year[23] - Depreciation and amortization expenses were $2,644 million, down from $3,336 million in the previous period[23] Trade Receivables and Inventories - The company reported an increase in trade receivables and inventories, leading to a cash flow impact of $(59,433) million and $(26,373) million respectively[23] - Exchange gains on cash and cash equivalents were $934 million, compared to $483 million in the previous period[23]
Willi-Food(WILC) - 2023 Q4 - Annual Report
2024-03-21 13:13
Financial Performance - Revenues for fiscal year 2023 increased by 9.0% to NIS 543.3 million (USD 149.8 million) from NIS 498.3 million (USD 137.4 million) in fiscal year 2022[168] - Cost of sales for fiscal year 2023 increased by 19.0% to NIS 422.6 million (USD 116.5 million), representing 77.8% of revenues, compared to 71.2% of revenues in fiscal year 2022[169] - Gross profit for fiscal year 2023 decreased by 15.7% to NIS 120.6 million (USD 33.3 million), or 22.2% of revenues, down from 28.7% of revenues in fiscal year 2022[170] - Operating profit for fiscal year 2023 decreased by 54.9% to NIS 20.4 million (USD 5.6 million), or 3.7% of revenues, compared to 9.0% of revenues in fiscal year 2022[173] - Net profit for fiscal year 2023 decreased by 23.8% to NIS 31.7 million (USD 8.7 million), or NIS 2.28 (USD 0.63) per share, down from NIS 3.00 (USD 0.83) per share in fiscal year 2022[176] Cash and Receivables - Cash and cash equivalents as of December 31, 2023, were NIS 137.5 million (USD 37.9 million), down from NIS 150.6 million (USD 41.5 million) as of December 31, 2022[178] - Net cash from operating activities for fiscal year 2023 was approximately NIS 33.7 million (USD 9.3 million), compared to NIS 14.1 million (USD 3.9 million) in fiscal year 2022[180] - The Company's trade receivable balance as of December 31, 2023, was NIS 160.4 million (USD 44.2 million), down from NIS 165.8 million (USD 45.7 million) as of December 31, 2022[184] Economic Indicators - The annual rate of inflation in Israel during the year ended December 31, 2023, was 3.4%[186] - The GDP growth rate in Israel is projected to be 2.8% in 2023 and 3.5% in 2024, driven by increased private consumption and export activity[193] - The unemployment rate decreased from 4.3% at the end of 2022 to 3.3% at the end of 2023[194] - The annual inflation rate in Israel for 2023 was 3.4%, which is lower than in most developed countries[195] - The government budget deficit increased to 4.2% of GDP in 2023, up from 0.6% in 2022, with an expected rise to 6.6% in 2024[196] - The Bank of Israel maintained an interest rate of 4.75% in the second half of 2023, reducing it to 4.5% at the beginning of 2024[197] Executive Compensation - The total compensation for the five highest-paid executives in 2023 amounted to NIS 8.31 million (approximately USD 2.3 million)[212] - The maximum annual measurable bonus for co-chairmen is capped at NIS 2.5 million (approximately USD 0.69 million), contingent on achieving a minimum operating profit of NIS 30 million (approximately USD 8.27 million)[218] - The aggregate compensation paid to the Company's directors and officers for fiscal year 2023 was approximately NIS 6.8 million (USD 1.9 million), excluding bonuses of approximately NIS 2.9 million (USD 0.8 million) paid to key executives[235] - The maximum annual bonus for the Chairman/CEO is capped at NIS 2.4 million (USD 661.7 thousand)[228] - The Company's Compensation Policy was last approved by shareholders on March 14, 2023, emphasizing performance-based compensation and the retention of skilled executives[236] Corporate Governance - The Company is classified as a "Controlled Company" under Nasdaq rules, exempting it from certain independence requirements[247] - The Company is required to have at least two external directors on its Board, with specific qualifications in financial and accounting expertise[248] - The audit committee consists of three independent directors, ensuring oversight of the Company's accounting and reporting practices[240] - The terms of service and employment for key executives, including bonuses based on operating profit, are subject to approval by the Company's board and shareholders[245] - The Company has a fiduciary duty to disclose any personal interest related to transactions, ensuring transparency in operations[263] Risk Management and Compliance - The Company is subject to various risks, including market competition, changes in consumer preferences, and potential cyber-attacks[25] - The Company is required to maintain regulatory qualifications for its products, which may impact operations[25] - The Company has established a system of internal controls to mitigate operational risks[25] Employee and Labor Relations - The Company complies with all legal requirements related to labor, including wages, hours, and social benefits[280] - The Company has a pension insurance contribution structure where employees contribute 6% of their insured salary, while the Company contributes between 12.5% and 14.83%[282] - The Company's contributions to the pension fund cover 72% to 100% of its severance liability towards employees, depending on the contribution level[282] - As of December 31, 2023, the Company employed a total of 207 persons, including 7 in management, 43 in accounting and importing, 44 in sales and marketing, and 113 in logistics networks[277] Insurance and Indemnification - The Company has undertaken to indemnify and insure its directors and senior officers against certain liabilities incurred in connection with their duties[253] - The Company decided not to renew the insurance policy for directors and officers for the years 2022-2023[258] - The Company shareholders approved an insurance policy for Messrs. Zwi Williger and Joseph Williger for a three-year period on the same terms as other directors and officers[257] Shareholder Matters - As of March 21, 2024, there are 141,500 ordinary shares available for issuance under the 2022 Share Award Plan[285] - The Options Plan aims to attract and retain personnel by providing incentives through share options and other awards[284] - The Company has a significant concentration of shares held by one shareholder, which may affect governance and decision-making[25]
Willi-Food(WILC) - 2023 Q4 - Annual Report
2024-03-21 13:09
Financial Performance - Sales increased by 9.0% to NIS 543.3 million (USD 149.8 million) from NIS 498.3 million (USD 137.4 million) in fiscal year 2022[5] - Gross profit decreased by 15.9% to NIS 120.6 million (USD 33.3 million), representing 22.2% of revenues, down from 28.7% in fiscal year 2022[7] - Operating profit decreased by 54.9% to NIS 20.4 million (USD 5.6 million), or 3.7% of revenues, compared to 9.0% in fiscal year 2022[10] - Basic earnings per share were NIS 2.28 (USD 0.63)[5] - Gross profit for the year ended December 31, 2023, decreased to NIS 120,567 thousand, down from NIS 143,097 thousand in 2022, reflecting a decline of about 15.7%[20] - Operating profit for the year ended December 31, 2023, was NIS 20,350 thousand, a significant decrease from NIS 45,096 thousand in 2022, indicating a drop of approximately 54.8%[20] - Basic earnings per share for the year ended December 31, 2023, were NIS 2.28, down from NIS 3.00 in 2022, representing a decrease of about 24.0%[20] - The company reported a profit from continuing operations of NIS 31,656 thousand for the year ended December 31, 2023, down from NIS 41,564 thousand in 2022, a decrease of approximately 23.8%[22] Cash and Investments - Cash and cash equivalents balance was NIS 239.6 million (USD 66.1 million) as of December 31, 2023, with no debt[12] - The company reported a decrease in cash and cash equivalents at the end of the year to NIS 137,466 thousand from NIS 150,607 thousand in 2022, a decline of approximately 8.7%[22] - Net cash from continuing operating activities for the year ended December 31, 2023, increased to NIS 33,708 thousand, compared to NIS 14,069 thousand in 2022, marking a rise of about 139.0%[22] - The company experienced a net cash used in investing activities of NIS 5,172 thousand in 2023, contrasting with a net cash inflow of NIS 8,286 thousand in 2022[22] Expenses - Selling expenses remained stable at NIS 74.2 million (USD 20.5 million), or 13.6% of revenues, compared to 14.9% in fiscal year 2022[8] - General and administrative expenses increased by 8.3% to NIS 26.1 million (USD 7.2 million), maintaining 4.8% of revenues[9] Future Plans - The company aims to increase sales by expanding product variety and improving product visibility on shelves in 2024[4] - The new logistics center is under construction and is expected to enhance logistics capabilities and support growth upon completion in 2025[4] Financial Income - Financial income, net, increased to NIS 18.8 million (USD 5.2 million) from NIS 8.9 million (USD 2.5 million) in fiscal year 2022[11] - Total finance income for the year ended December 31, 2023, was NIS 18,842 thousand, an increase from NIS 8,878 thousand in 2022, reflecting a growth of approximately 112.0%[20] Dividends - The company distributed dividends totaling NIS 39,945 thousand in 2023, compared to NIS 54,906 thousand in 2022, indicating a reduction of about 27.2%[22]
Willi-Food(WILC) - 2022 Q4 - Annual Report
2023-03-23 10:29
Financial Performance - 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) in fiscal year 2021[174] - Cost of sales for fiscal year 2022 increased by 12.3% to NIS 355.2 million (USD 100.9 million), representing 71.2% of revenues, compared to 69.6% of revenues in fiscal year 2021[176] - Gross profit for fiscal year 2022 increased by 3.4% to NIS 143.1 million (USD 40.7 million), or 28.7% of revenues, down from 30.4% of revenues in fiscal year 2021[177] - Selling expenses for fiscal year 2022 increased by 12.5% to NIS 74.1 million (USD 21.0 million), or 14.9% of revenues, compared to 14.5% of revenues in fiscal year 2021[178] - Net profit for fiscal year 2022 decreased by 7.8% to NIS 41.6 million (USD 11.8 million), or NIS 3.00 (USD 0.86) per share, down from NIS 45.1 million (USD 12.8 million) or NIS 3.25 (USD 0.92) per share in fiscal year 2021[184] Cash and Receivables - As of December 31, 2022, cash and cash equivalents were NIS 150.6 million (USD 42.8 million), down from NIS 195.7 million (USD 55.6 million) as of December 31, 2021[188] - Trade receivables as of December 31, 2022, were NIS 165.8 million (USD 47.1 million), compared to NIS 134.0 million (USD 38.1 million) as of December 31, 2021[193] - The average collection period for trade receivables was 93 days in 2022, slightly up from 92 days in 2021[193] Economic Environment - The annual inflation rate in Israel for the year ended December 31, 2022, was 5.3%, while the revaluation of the NIS against the U.S. Dollar was approximately 13.2%[194] - Israel's GDP is expected to grow by 2.8% in 2023 and 3.5% in 2024, driven by increased private consumption and export activity[201] - The unemployment rate decreased from 7% at the end of 2021 to 4.3% at the end of 2022[202] - The annual inflation rate in Israel was 5.3% in 2022, which is lower than in most developed countries[203] - The government recorded a surplus of 0.6% of GDP in 2022 due to increased tax collection and reduced spending[204] - The interest rate was raised to 3.25% at the end of 2022 and further increased to 4.75% in early 2023[204] Compensation and Governance - The total compensation for Zwi Williger, the Chairman of the Board, was NIS 3.576 million (approximately USD 1.1 million) for the year ended December 31, 2022[220] - The maximum annual measurable bonus for co-chairmen is capped at NIS 2.5 million (approximately USD 0.8 million), contingent on achieving a minimum operating profit of NIS 30 million (approximately USD 9.33 million)[222][224] - The company has not entered into index-linked loans in 2022, indicating a cautious approach to financial risk management[203] - The management services agreements for co-chairmen include a monthly service fee of NIS 100,000 (approximately USD 31.1 thousand)[223] - The Company approved new service terms for co-Chairmen with monthly fees of NIS 108,300 (USD 31.2 thousand) and a minimum average operating profit requirement of NIS 40 million (USD 11.5 million) for profit-related bonuses[231] - The maximum annual bonus for the Chairman/CEO is capped at NIS 2.4 million (USD 690.8 thousand) based on performance metrics tied to average operating profit[233] - The aggregate compensation for directors and officers in fiscal year 2022 was approximately NIS 5.7 million (USD 1.6 million), excluding bonuses of approximately NIS 4.7 million (USD 1.3 million)[240] - The Company's Compensation Policy was re-approved on March 14, 2023, focusing on performance-based compensation and long-term interests[241] Employment and Insurance - As of December 31, 2022, the Company employed a total of 185 persons, including 6 in management, 41 in accounting and importing, 43 in sales and marketing, and 95 in logistics networks[281] - All employees of the Company are party to written employment contracts[282] - The Company has undertaken to indemnify and insure its directors and senior officers against certain liabilities incurred in connection with their duties[258] - An insurance policy for directors and officers was approved by shareholders on March 14, 2023, for a three-year period[262] - The Company decided not to renew the insurance policy for directors and officers for the years 2021-2023[263] - The Company must re-approve its compensation policy every three years[267] - The Company has a pension insurance contribution structure where employees contribute 6% of their insured salary, while the Company contributes between 12.5% and 14.83%[286] - The Company's contributions to the pension fund cover 72% to 100% of its severance liability towards employees, depending on the contribution level[286] Corporate Structure and Compliance - The Company is classified as a "Controlled Company" under Nasdaq rules, exempting it from certain independence requirements[252] - The Company has two external directors, Ms. Einav Brar and Mr. Idan Ben-Shitrit, who were elected for a three-year term and possess financial and professional expertise respectively[256] - The audit committee consists of three independent directors, ensuring oversight of the Company's accounting and reporting practices[244] - The Company’s compensation committee includes external directors and is responsible for recommending compensation policies and terms of service for office holders[249] - The Company’s management company indemnifies it against claims related to employer/employee relations for the co-Chairman and other executives[230] - The terms of service and engagement of the CEO and directors require approval from the compensation committee, board of directors, and shareholders[266] - The Israeli Companies Law requires that a transaction with an office holder or a transaction in which an office holder has a personal interest may not be approved if it is averse to the company's interest[270] - The Company must disclose any personal interest of an office holder in a transaction promptly, no later than the first board meeting discussing the transaction[269] Risks and Challenges - The Company is subject to various risks including payment defaults by principal clients and increasing competition in Israel and other markets[21] - The Company may face challenges in integrating acquisitions and protecting its intellectual property rights[21] - The Company is not obligated to publicly update or revise any forward-looking statements[22]
Willi-Food(WILC) - 2021 Q4 - Annual Report
2022-03-15 16:06
Financial Performance - Revenues for fiscal year 2021 increased to NIS 454.2 million (USD 146.0 million), a slight increase from NIS 454.1 million (USD 146.0 million) in fiscal year 2020[175] - Cost of sales for fiscal year 2021 increased by 2.3% to NIS 315.9 million (USD 101.6 million), representing 69.6% of revenues, up from 68.0% in fiscal year 2020[176] - Gross profit for fiscal year 2021 decreased by 4.9% to NIS 138.3 million (USD 44.5 million), or 30.4% of revenues, down from 32.0% in fiscal year 2020[177] - Operating profit for fiscal year 2021 decreased by 14.3% to NIS 49.4 million (USD 15.9 million), or 10.9% of revenues, compared to 12.7% in fiscal year 2020[181] - Net income for fiscal year 2021 was NIS 45.1 million (USD 14.5 million), or NIS 3.25 (USD 1.05) per share[185] Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2021, were NIS 195.7 million (USD 62.9 million), a decrease from NIS 201.8 million (USD 64.9 million) as of December 31, 2020[187] - Net cash from operating activities for fiscal year 2021 was approximately NIS 45.5 million (USD 10.6 million), down from NIS 64.2 million (USD 20.6 million) in fiscal year 2020[189] Economic Indicators - The annual rate of inflation in Israel for the year ended December 31, 2021, was 2.8%[195] - The GDP of Israel is expected to grow by 7% in 2021 and 5.5% in 2022, driven by increased private consumption and investment[203] - The unemployment rate decreased from 12.7% at the end of 2020 to 7% at the end of 2021[204] - Annual inflation rate rose to 2.5% in the second half of 2021, slightly moderating to 2.4% towards the end of the year[205] - The fiscal deficit declined to 4.6% in the second half of 2021 due to increased tax collection and reduced government spending[206] - The Bank of Israel maintained the interest rate at 0.1%, its lowest level ever, while also intervening in the foreign exchange market[207] - Inflation expectations for the coming year are in the mid-target range, with forecasts indicating a slight moderation[205] Market Conditions and Risks - The company is evaluating the financial stability of its customers through agreements for business data and inquiries[207] - The capital market saw rising stock prices across various sectors in the second half of 2021[206] - The company faces risks including payment defaults by principal clients and increasing competition in the market[20] - The ongoing COVID-19 pandemic continues to pose risks to the company's operations and market conditions[20] Trade and Receivables - The average time period for trade receivables was 90 days in 2021, compared to 91 days in 2020[194] - The total bank guarantee provided by the company as of December 31, 2021, was NIS 6.5 million[199]
Willi-Food(WILC) - 2021 Q4 - Annual Report
2022-03-15 10:45
Exhibit 99.1 FOR IMMEDIATE RELEASE G. WILLI-FOOD INTERNATIONAL REPORTS ITS FINANCIAL RESULTS FOR THE YEAR 2021 YAVNE, Israel - March 15, 2022 - 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, 2021. Fiscal Year 2021 Highlights Management Comment Zwi Williger & Joseph Williger ...
Willi-Food(WILC) - 2020 Q4 - Annual Report
2021-03-25 10:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ______________ OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTI ...
Willi-Food(WILC) - 2019 Q4 - Annual Report
2020-03-19 19:36
Financial Performance - Revenues for fiscal year 2019 increased by NIS 57,392 thousand (USD 16,606 thousand), or 17.0%, to NIS 395,637 thousand (USD 114,478 thousand) from NIS 338,245 thousand (USD 97,872 thousand) in fiscal year 2018[203] - Cost of sales for fiscal year 2019 increased by 13.2% to NIS 271,784 thousand (USD 78,641 thousand), or 68.7% of revenues, compared to 71.0% of revenues in fiscal year 2018[204] - Gross profit for fiscal year 2019 increased by 26.1% to NIS 123,853 thousand (USD 35,837 thousand), or 31.3% of revenues, from 29.0% of revenues in fiscal year 2018[205] - Operating profit for fiscal year 2019 increased by 25.2% to NIS 47,296 thousand (USD 13,685 thousand), or 12.0% of revenues, compared to 11.2% of revenues in fiscal year 2018[209] - Profit before taxes on income for fiscal year 2019 increased by 98.8% to NIS 65,246 thousand (USD 18,879 thousand) from NIS 32,817 thousand (USD 9,496 thousand) in fiscal year 2018[211] - Net profit for fiscal year 2019 was NIS 51.5 million (USD 14.9 million), or NIS 3.90 (USD 1.13) per share[213] Cash Flow and Working Capital - Cash and cash equivalents decreased from NIS 134.2 million (USD 38.9 million) as of December 31, 2018 to NIS 121.9 million (USD 35.3 million) as of December 31, 2019[215] - The Company generated a negative cash flow from continuing operating activities of NIS 2.6 million (USD 0.7 million) in fiscal year 2019, compared to positive cash flow of NIS 27.0 million (USD 7.8 million) in fiscal year 2018[217] - Working capital as of December 31, 2019 was NIS 452.8 million (USD 131.0 million), compared to NIS 399 million (USD 115.6 million) as of December 31, 2018[220] Market and Economic Environment - In 2019, Israel's inflation rate was 0.3%, below the Bank of Israel's target range of 1%-3%[238] - Israel's GDP grew by 3.5% in 2019, indicating a stable economic environment[239] - The unemployment rate in Israel reached a historically low level of 3.5% by the end of 2019, reflecting a strong labor market[240] - Global economic growth slowed to 3% in 2019, the lowest since the 2008 financial crisis, influenced by factors such as the U.S.-China trade war[241] Regulatory Environment - The Food Law, effective January 15, 2015, aims to enhance competition in the food industry, requiring large retailers to advertise current prices online to facilitate price comparison[232] - The Food Law limits shelf space for large suppliers (annual sales over NIS 1 billion) to 50% in large stores, promoting opportunities for medium and small suppliers like the Company[236] - The Company is not classified as a large supplier under the Anti-Trust Authority, which may benefit its market position[236] - The Company anticipates that the Food Law will positively impact its financial results by increasing shelf space and reducing the influence of larger competitors[237] Risk Management - The Company is actively evaluating the financial stability of its customers through various assessments and inquiries[243] - The Company faces multiple risks, including increased competition, changes in consumer preferences, and potential impacts from international operations[23]
Willi-Food(WILC) - 2018 Q4 - Annual Report
2019-03-27 14:12
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ______________ OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTI ...