Willi-Food(WILC) - 2024 Q2 - Quarterly Report

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]