Willi-Food(WILC) - 2021 Q4 - Annual Report

Financial Performance - Sales for fiscal year 2021 increased slightly to NIS 454.2 million (USD 146.0 million) from NIS 454.1 million (USD 146.0 million) in fiscal year 2020[4] - Gross profit for fiscal year 2021 decreased by 4.9% to NIS 138.3 million (USD 44.5 million), representing 30.4% of revenues, down from 32.0% in fiscal year 2020[6] - 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[9] - Earnings per share for fiscal year 2021 were NIS 3.25 (USD 1.05), down from NIS 3.89 (USD 1.30) in fiscal year 2020[19] - Profit from continuing operations for the year ended December 31, 2021, was NIS 45,101, a decrease of 13.5% from NIS 52,209 in 2020[21] Cash Flow and Investments - Cash and cash equivalents as of December 31, 2021, were NIS 349.8 million (USD 112.5 million) with no short-term debt[11] - Net cash from continuing operating activities decreased to NIS 45,517 in 2021 from NIS 64,176 in 2020, representing a decline of 29.1%[21] - The company reported a net cash used in continuing investing activities of NIS 15,446 in 2021, compared to a net cash inflow of NIS 24,591 in 2020[21] - Cash and cash equivalents at the end of the year decreased to NIS 195,718 from NIS 201,822 in 2020, reflecting a decline of 3.5%[21] - Cash generated from operations was NIS 13,409 in 2021, down from NIS 33,530 in 2020, indicating a decrease of 60%[22] Expenses and Losses - General and administrative expenses increased by 6.3% to NIS 23.3 million (USD 7.5 million), or 5.1% of revenues, from NIS 21.9 million (USD 7.0 million), or 4.8% of revenues, in fiscal year 2020[8] - Financial income, net for fiscal year 2021 was NIS 8.5 million (USD 2.7 million), down from NIS 10.1 million (USD 3.2 million) in fiscal year 2020[10] - The company experienced an unrealized loss on marketable securities of NIS 19,464 in 2021, compared to a loss of NIS 6,115 in 2020[22] - Income tax paid decreased to NIS 12,993 in 2021 from NIS 21,563 in 2020, a reduction of 39.5%[22] - The company reported a depreciation and amortization expense of NIS 6,200 in 2021, an increase from NIS 5,690 in 2020[22] Strategic Plans and Market Conditions - The company aims to improve commercial conditions with suppliers and customers, develop new products, and strengthen its brand and supply chain[3] - The ongoing conflict between Ukraine and Russia may impact the prices of wheat and oil, affecting the company's operations[3] - The company plans to enter new categories with potentially high gross profit margins and ensure sufficient inventory[3] - Dividend distribution for the year was NIS 59,975, with no dividends distributed in the previous year[21] - The increase in trade receivables and other receivables was NIS 10,190 in 2021, compared to an increase of NIS 22,029 in 2020[22]