Willi-Food(WILC) - 2023 Q4 - Annual Report

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]